-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MHFvLEcYpcAxvUpIXbge+zqyvTmUrIZs2Wi5F1+44BwBvEdnmVZVdID+gf6Ey9I4 MFwcuKBXHAn2mlZJhRZY7Q== 0000950135-06-007372.txt : 20061212 0000950135-06-007372.hdr.sgml : 20061212 20061212130202 ACCESSION NUMBER: 0000950135-06-007372 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20061208 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061212 DATE AS OF CHANGE: 20061212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL DENTEX CORP /MA/ CENTRAL INDEX KEY: 0000913616 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HEALTH SERVICES [8000] IRS NUMBER: 042762050 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23092 FILM NUMBER: 061270881 BUSINESS ADDRESS: STREET 1: 526 BOSTON POST ROAD CITY: WAYLAND STATE: MA ZIP: 01778 BUSINESS PHONE: 5083584422 MAIL ADDRESS: STREET 1: 526 BOSTON POST ROAD CITY: WAYLAND STATE: MA ZIP: 01778 8-K 1 b63403nde8vk.htm NATIONAL DENTEX CORPORATION e8vk
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 8, 2006
Date of Report (date of earliest event reported)
NATIONAL DENTEX CORPORATION
(Exact name of registrant as specified in its charter)
Commission file number 000-23092
     
MASSACHUSETTS
(State or Other
Jurisdiction of
Incorporation or
Organization)
  04-2762050
(I.R.S. Employer
Identification No.)
     
526 Boston Post Road,
Wayland, MA

(Address of Principal
Executive Offices)
  01778
(Zip Code)
(508) 358-4422
(Registrant’s Telephone No., including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


TABLE OF CONTENTS

Item 5.02 Departure of Directors or Certain Officers, Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
Item 9.01 Financial Statements and Exhibits
SIGNATURES
Exhibit Index
EX-10.1 Supplemental Executive Retirement Plan
EX-10.2 Amendment No. 2 Supplemental Executive Plan
EX-10.3 Supplemental Laboratory Executive Retirement Plan
EX-10.4 Amendment No. 1 Supplemental Laboratory Executive Plan


Table of Contents

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 17, 2006, the Board of Directors of National Dentex Corporation (“National Dentex”) approved amendments (the “Amendments”) to the National Dentex Corporation Supplemental Executive Retirement Plan and the National Dentex Corporation Supplemental Laboratory Executive Retirement Plan (the “Plans”). The Amendments were adopted by the required consent of the Plans’ participants effective December 8, 2006. The purpose of the Amendments is to clarify the benefits payable under the Plan upon the death of a Plan participant who continues to work past age 65. Participants in the Plans include the following executive officers of National Dentex: David L. Brown, Richard F. Becker, Jr., Arthur B. Champagne, Wayne M. Coll, Lynn D. Dine, Richard G. Mariacher, Donald E. Merz and Dean A. Ribeiro.
The Plans and the Amendments are attached hereto as Exhibits 10.1 through 10.4, respectively, and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
     (d) Exhibits
     
10.1
  National Dentex Corporation Supplemental Executive Retirement Plan, dated April 4, 1995.
 
   
10.2
  Amendment No. 2 to National Dentex Corporation Supplemental Executive Retirement Plan, dated January 17, 2006, effective as of December 8, 2006.
 
   
10.3
  National Dentex Corporation Supplemental Laboratory Executive Retirement Plan, dated January 1, 1996.
 
   
10.4
  Amendment No. 1 to National Dentex Corporation Supplemental Laboratory Executive Retirement Plan, dated January 17, 2006, effective as of December 8, 2006.

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Table of Contents

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
  NATIONAL DENTEX CORPORATION
(Registrant)


 
December 8, 2006  By:   /s/ Richard F. Becker, Jr.    
    Richard F. Becker, Jr.   
    Executive Vice President, Treasurer and
Chief Financial Officer
 
 

3


Table of Contents

         
Exhibit Index
     
10.1
  National Dentex Corporation Supplemental Executive Retirement Plan dated April 4, 1995.
 
   
10.2
  Amendment No. 2 to National Dentex Corporation Supplemental Executive Retirement Plan dated January 17, 2006, effective as of December 8, 2006.
 
   
10.3
  National Dentex Corporation Supplemental Laboratory Executive Retirement Plan, dated January 1, 1996.
 
   
10.4
  Amendment No. 1 to National Dentex Corporation Supplemental Laboratory Executive Retirement Plan, dated January 17, 2006, effective as of December 8, 2006.

4

EX-10.1 2 b63403ndexv10w1.txt EX-10.1 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN EXHIBIT 10.1 NATIONAL DENTEX CORPORATION SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN This Plan is effective as of the 4th day of April 1995, and is established by National Dentex Corporation, organized and existing under the laws of the Commonwealth of Massachusetts (hereinafter referred to as the "Company"), and is binding upon the Company and those persons who are eligible to become participants hereunder and have elected to do so by executing a Participation Agreement (hereinafter referred to as "Participant" and collectively as the "Participants"). WITNESSETH THAT: WHEREAS, the Participants are employed by the Company; and WHEREAS, the Participants have performed their duties in a capable and efficient manner, resulting in growth and progress of the Company; and WHEREAS, the experience of each Participant is such that assurance of his continued service is desirous to further growth of the Company; and WHEREAS, the parties hereto desire to arrange compensation in a different manner to more effectively provide for each Participant's retirement or death. NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements hereinafter contained, and other good and valuable consideration, receipt of which is hereby acknowledged, the Company hereby establishes the National Dentex Corporation Supplemental Executive Retirement Plan as follows: ARTICLE I DEFINITIONS 1.1 "Beneficiary" shall mean any person, corporation, trust or other combination of these, last designated in writing by a Participant to receive benefits provided under this Plan. Such designation shall be filed with the Company and shall be revocable at any time through written instruments similarly filed without consent of any "Beneficiary." In the absence of any designation, the benefits payable hereunder shall be delivered by the Company to the Executor(s) or Administrator(s) of the Participant's estate. 1.2 "Board of Directors" shall mean the Board of Directors of the Company. 1.3 "Clerk" shall mean the Clerk of the Company. 1.4 "Committee" shall mean the Executive Compensation Committee of the Board of Directors. 1.5 "Company" shall mean National Dentex Corporation. 1.6 "Participant" shall mean any person designated by the Committee who elects to participate in the Plan through execution of the Participation Agreement. 1.7 "Participation Agreement" shall mean the form of written agreement, attached hereto as Schedule A, which is entered into by and between the Company and a Participant as a condition to participation in the Plan. 1.8 "Retirement," "Retire" and "Retirement Date" shall mean the date on which a Participant attains the age sixty-five (65) or such later date as may be acceptable to the Company. 1.9 "Service" shall mean work performed by the Participant for the Company. 1.10 "Construction" The masculine gender when used herein shall be deemed to include the feminine gender, and the singular may include the plural unless the context clearly indicates to the contrary. 1.11 "After Tax Cost" shall mean the actual costs less an amount equal to the combined federal and state income tax savings relating to the deduction of said costs for federal and state tax purposes in the years such costs are incurred. 1.12 "Policy" shall mean any policy of insurance purchased by the Company to provide benefits with respect to a Participant under the Plan. 1.13 "Pre-Retirement" shall mean the voluntary or involuntary termination of service by a Participant prior to his Retirement Date. 1.14 "Agreement" or "Plan" shall mean and include this Supplemental Executive Retirement Plan and attached Schedules A and B. 1.15 "Cash Value" shall mean the cash surrender value of the Policy acquired by the Company on a Participant's life, after reduction of all Policy loans used to pay premiums and the After Tax Cost of interest, as provided herein. 1.16 "Grossed-Up Cash Value" means the Cash Value of the policy acquired by the Company on a Participant's life divided by an amount equal to one minus the Company's marginal tax rate. 1.17 "Termination Benefit" shall mean the benefit a Participant receives, as provided in Article III, Section 2. 2 ARTICLE II RETIREMENT/PRE-RETIREMENT BENEFITS (1) The Company agrees that each Participant may terminate his Service because of Retirement upon the first day of the month following his 65th birthday, or such later date as may be acceptable to the Company. (2) Upon the date of a Participant's Retirement, such Participant shall elect to: (i) Retire and immediately receive benefits due; or (ii) Continue his employment and defer benefits which will accrue interest at the actual interest rate credited by the insurer. Upon electing to receive benefits, the Participant shall receive 120 equal monthly installments in an aggregate amount equal to the Grossed-Up Cash Value of the Policy as of the date of Retirement, plus the projected Grossed-Up Cash Value increase over the next nine consecutive Policy Years after the date of Retirement, or at his election a lump sum amount equal to the Grossed-Up Cash Value of the Policy as of the date of Retirement, payable within 30 days of the Retirement Date. (3) In the event a Participant shall cease rendering Service to the Company prior to his date of Retirement, the Company shall stop paying annual premiums on the Policy and the Retirement Benefit paid the Participant at Retirement Date shall be 120 equal monthly installments, in an aggregate amount equal to the Grossed-Up Cash Value of the Policy as of the date of Retirement, plus the projected Grossed-Up Cash Value increase over the next nine consecutive Policy Years after the date of Retirement, or at his election a lump sum amount equal to the Grossed-Up Cash Value of the Policy as of the date of Retirement, payable within 30 days of Retirement Date. (4) In the event a Participant should die prior to Retirement then: (a) Survivor Income Benefit Election. If the Participant elects the survivor income benefit on the Participation Agreement and dies prior to termination of his Service to the Company or his Retirement, the Company will pay to the Participant's Beneficiary a sum equal to the Pre-Retirement amount set forth on Schedule B, such amount to be payable in 120 monthly equal installments to commence as soon as practicable following the Participant's death. (b) Lump Sum Insurance Benefit Election. If the Participant elects the lump sum benefit on the Participation Agreement and dies prior to termination of his Service to the Company or Retirement, the Company shall promptly take any action necessary to cause the death benefit provided under the Policy of life insurance purchased by the Company hereunder on that Participant's life to be paid. The amount of death benefit so payable to the Beneficiary shall be the amount provided in Schedule B as a Pre-Retirement insurance death benefit. The balance payable under the Policy shall be retained by the Company. 3 (5) Notwithstanding anything herein to the contrary the Participant shall be entitled to the full amount which he would have been entitled to receive hereunder if he were rendering Service to the Company on the Retirement Date, as set forth in Section (2) of this Article II (or his Beneficiary shall be entitled to the full amount set forth in Section (4) of this Article II as a Survivor Income Benefit or as a Lump Sum Insurance Benefit in the event of the death of a Participant prior to the Retirement Date) at such time as the Company, its business or substantially all of its assets is sold, or acquired by merger, consolidation or otherwise. (6) Estimated Retirement Benefits and the Policy and Pre-Retirement death benefits are set forth in Schedule B attached. (7) Each Participant shall cooperate with the Company by furnishing any and all information requested by the Company in order to facilitate the payment of benefits hereunder, taking such physical examination as the Company may deem necessary and taking such other relevant action as may be requested by the Company. If a Participant refuses to cooperate, the Company shall have no further obligation to the Participant under the Plan. (8) For purposes of this Plan, a Participant or his Beneficiary shall have an absolute right as an unsecured general creditor of the Company to payment of all amounts and benefits including but not limited to Pre-Retirement Benefits. ARTICLE III RETIREMENT DATE The Company agrees that the Participant may terminate his Service because of Retirement upon the earlier of (i) the first day of the month following his 65th birthday, or (ii) upon such later date as may be acceptable to the Company. ARTICLE IV DEATH PRIOR TO RETIREMENT If the participant dies prior to termination of his Service to the Company or his Retirement Date, the Company will pay to his Beneficiary the amount provided in Section (4) of Article II. ARTICLE V DEATH AFTER RETIREMENT Upon the death of the Participant after Retirement, the Company will pay to the Participant's Beneficiary a sum equal to the balance of that amount which would have been payable after Retirement, under the terms of Article II, Section (2). 4 ARTICLE VI DISABILITY If the Participant becomes disabled prior to Retirement, on the basis of any standard established by the Board of Directors, and prior to termination of his Service, the Company shall incur no obligation to commence benefit payments immediately. In such event, the Company's obligation to pay benefits hereunder will begin at Participant's reaching age 65. In the event of death of a disabled Participant after commencement of retirement payments, the provisions of Article V will apply. Notwithstanding the foregoing, in the event a disabled Participant dies prior to Retirement, then the provisions of Article IV shall apply as though at the time he died he was serving as a Participant who died prior to Retirement. ARTICLE VII NO GUARANTEE OF AMOUNT OF RETIREMENT BENEFITS The Company does not guarantee the payment of the amount of projected retirement benefits reflected on Schedule B, but does agree to pay an amount equal to the Grossed-Up Cash Value as of the date of Retirement, or, in the event the Participant elects 120 monthly payments under Article II, Section (2), the projected Grossed-Up Cash Value increase over the next nine consecutive Policy Years after the date of Retirement. ARTICLE VIII TERMINATION OF SERVICES If the Company terminates the Service of the Participant, or if the Participant terminates his Service prior to reaching Retirement Age, the Company's obligation to the Participant shall remain in full force and effect. The Company shall pay the Participant or his Beneficiary the termination benefits set forth in Section (3) of Article II. ARTICLE IX ASSIGNMENT It is agreed that neither the Participant nor his Spouse nor any Beneficiary shall have any right to convey, sell, assign, transfer, or otherwise convey the right to receive any payments hereunder, which payments and rights thereto are expressly declared to be nonassignable and nontransferable. ARTICLE X RETENTION OF SERVICES The benefits payable under this Agreement shall be independent of, and in addition to, any other arrangement that may exist from time to time between the parties hereto, or any other 5 compensation payable by the Company to the Participant. This Agreement shall not be deemed to constitute an employment contract between the parties hereto, nor shall any provision hereof restrict the right of the Company to terminate the Service of the Participant, or restrict the right of the Participant to terminate his Service to the Company. ARTICLE XI RIGHTS OF PARTICIPANT The rights of the Participant under this Agreement and of any Beneficiary of the Participant shall be solely those of an unsecured creditor of the Company. Any Policy or any other asset acquired or hold by the Company in connection with the liabilities assumed by it hereunder shall not be deemed to be held under any trust for the benefit of the Participant or his Beneficiary or to be a security for the performance of the obligations of the Company, but shall be, and remain, a general, unpledged, unrestricted asset of the Company. ARTICLE XII OWNERSHIP OF INSURANCE CONTRACTS The Company shall be the sole owner of any insurance contract or contracts acquired on the life of a Participant, with incidents of ownership therein, including, but not limited to, the right to cash and loan values, dividends, if any, death benefits, and the right to termination thereof. The Participant shall have the right to name on the Participation Agreement a Beneficiary for the amount of the Pre-Retirement Death Benefit described herein. ARTICLE XIII REORGANIZATION The Company agrees that it will not merge or consolidate with any other corporation or organization, or permit its business activities to be taken over by another organization, unless and until the succeeding or continuing corporation or other organization shall expressly assume the rights and obligations of the Company herein set forth and as amended from time to time. The Company further agrees that it will not cease business activities or terminate its existence, other than as heretofore set forth in this paragraph, without having made adequate provision for the fulfilling of its obligations hereunder. ARTICLE XIV AMENDMENTS This Plan may be revoked or be amended in whole or in part by a written agreement signed by the Company and Participants. 6 ARTICLE XV APPLICABLE LAW This Plan shall be construed and governed in all respects under and by the laws of the Commonwealth of Massachusetts. ARTICLE XVI HEADINGS Headings and subheadings in this Agreement are inserted for convenience and reference only and constitute no part of this Plan. ARTICLE XVII COUNTERPARTS This Plan may be executed in an original and any number of counterparts, each of which shall constitute an original of one and the same instrument. ARTICLE XVIII CLAIMS PROCEDURE Claims made under this plan shall be submitted to the Committee, which shall establish such claims procedures as may be required by ERISA, to the extent applicable, and other applicable laws. In the event of a dispute, the Company and Participant shall submit the matter to binding arbitration to be conducted under the rules of the American Arbitration Association in Boston, Massachusetts. Each party shall have the right to designate an arbitrator and the two arbitrators so designated shall select a third arbitrator. ARTICLE XIX BINDING EFFECT The provisions of this Plan shall be binding upon the parties. If any provisions herein are deemed invalid or unenforceable, the remaining provisions shall remain in full force and effect. ARTICLE XX EFFECTIVE DATE The effective date of this Plan shall be April 4, 1995. 7 IN WITNESS WHEREOF, the said Company has caused this Plan to be signed in its corporate name by its duly authorized officers. NATIONAL DENTEX CORPORATION By: /s/ William M. Mullahy ------------------------------------- William M. Mullahy President and Chief Executive Officer 8 EX-10.2 3 b63403ndexv10w2.txt EX-10.2 AMENDMENT NO. 2 SUPPLEMENTAL EXECUTIVE PLAN EXHIBIT 10.2 NATIONAL DENTEX CORPORATION AMENDMENT NO. 2 TO SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN This Amendment No. 2 to the National Dentex Corporation Supplemental Executive Retirement Plan (as amended hereby, the "Plan") is dated as of the 17th day of January, 2006, is adopted by National Dentex Corporation, a Massachusetts corporation (the "Company"), and is binding upon the Company and the Participants. Capitalized terms used in this Amendment No. 2 and not defined herein shall have the respective meanings ascribed to them in the Plan. WHEREAS, the Plan was first effective as of April 4, 1995; and WHEREAS, the Company desires that the Plan continue to serve as an incentive for its officers and other key employees to continue their Service beyond the attainment of age 65, if the Company and such employees mutually agree to such continuation; and WHEREAS, the Company and the Participants now desire to amend certain provisions of the Plan in order to clarify the benefits payable under the Plan upon the death of a Participant who, with the consent of the Company, continues in Service after attaining age 65; and WHEREAS, Article XIV of the Plan provides that it may be amended by a written agreement signed by the Company and the Participants; and WHEREAS, as of the date hereof, the Board of Directors of the Company (the "Board"), upon the recommendation of the Compensation Committee of the Board, has approved and adopted this Amendment No. 2; and WHEREAS, each of the Participants has adopted this Amendment No. 2 by executing and delivering to the Company an adoption agreement in substantially the form attached as Exhibit A hereto. NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Plan is hereby amended as follows: 1. AMENDMENT TO DEATH BENEFIT IN CASE OF DEFERRED RETIREMENT. Article IV of the Plan is deleted in its entirety and replaced by the following: "If the Participant dies prior to termination of his Service to the Company and prior to the attainment of age 65, the Company will pay to his Beneficiary the amount provided in Section (4) of Article II. Should the Participant elect to defer retirement and continue to work after age 65, he shall have the option of continuing the pre-retirement death benefit provided for in Section (4) of Article II or electing to have his beneficiary receive, upon his death, the payments that would otherwise have been payable to the Participant after Retirement in accordance with Section (2) of Article II, payable in installments or a lump sum as elected by such Beneficiary in accordance with such Section (2). Upon his retirement only the payments in accordance with Section (2) of Article II, payable in installments or a lump sum as elected by such Beneficiary in accordance with Section (2) shall be applicable." 2. REMAINDER OF PLAN UNAFFECTED. In all other respects, the provisions of the Plan shall remain in full force and effect. IN WITNESS WHEREOF, the Company has caused this Amendment No. 2 to the Plan to be signed its corporate name by its duly authorized officer. NATIONAL DENTEX CORPORATION By: /s/ David L. Brown ------------------------------------ Name: David L. Brown Title: President & CEO 2 Exhibit A ADOPTION AGREEMENT FOR AMENDMENT NO. 2 FOR USE BY PARTICIPANTS IN THE NATIONAL DENTEX CORPORATION SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN THE UNDERSIGNED, being a Participant under and as defined in the National Dentex Corporation Supplemental Executive Retirement Plan (the "Plan"), hereby adopts and agrees to the terms and provisions of Amendment No. 2 to the Plan dated as of the 17th day of January, 2006, in the form to which this Adoption Agreement has been attached, and agrees that this Adoption Agreement shall serve as the undersigned's counterpart signature page to such Amendment No. 2. ---------------------------------------- [Signature of Participant] ---------------------------------------- [Print or Type Name] [Signed by last required Participant on December 8, 2006.] 3 EX-10.3 4 b63403ndexv10w3.txt EX-10.3 SUPPLEMENTAL LABORATORY EXECUTIVE RETIREMENT PLAN EXHIBIT 10.3 NATIONAL DENTEX CORPORATION SUPPLEMENTAL LABORATORY EXECUTIVE RETIREMENT PLAN This Plan is effective as of the 1st day of January 1996, and is established by National Dentex Corporation, organized and existing under the laws of the Commonwealth of Massachusetts (hereinafter referred to as the "Company"), and is binding upon the Company and those persons who are eligible to become participants hereunder and have elected to do so by executing a Participation Agreement (hereinafter referred to as "Participant" and collectively as the "Participants"). WITNESSETH THAT: WHEREAS, the Participants are employed by the Company; and WHEREAS, the Participants have performed their duties in a capable and efficient manner, resulting in growth and progress of the Company; and WHEREAS, the experience of each Participant is such that assurance of his continued service is desirous to further growth of the Company; and WHEREAS, the parties hereto desire to arrange compensation in a different manner to more effectively provide for each Participant's retirement or death. NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements hereinafter contained, and other good and valuable consideration, receipt of which is hereby acknowledged, the Company hereby establishes the National Dentex Corporation Supplemental Executive Retirement Plan as follows: ARTICLE I DEFINITIONS 1.1 "Beneficiary" shall mean any person, corporation, trust or other combination of these, last designated in writing by a Participant to receive benefits provided under this Plan. Such designation shall be filed with the Company and shall be revocable at any time through written instruments similarly filed without consent of any "Beneficiary." In the absence of any designation, the benefits payable hereunder shall be delivered by the Company to the Executor(s) or Administrator(s) of the Participant's estate. 1.2 "Board of Directors" shall mean the Board of Directors of the Company. 1.3 "Clerk" shall mean the Clerk of the Company. 1.4 "Committee" shall mean the Executive Compensation Committee of the Board of Directors. 1.5 "Company" shall mean National Dentex Corporation. 1.6 "Participant" shall mean any person designated by the Committee who elects to participate in the Plan through execution of the Participation Agreement. 1.7 "Participation Agreement" shall mean the form of written agreement, attached hereto as Schedule A, which is entered into by and between the Company and a Participant as a condition to participation in the Plan. 1.8 "Retirement," "Retire" and "Retirement Date" shall mean the date on which a Participant attains the age sixty-five (65) or such later date as may be acceptable to the Company. 1.9 "Service" shall mean work performed by the Participant for the Company. 1.10 "Construction" The masculine gender when used herein shall be deemed to include the feminine gender, and the singular may include the plural unless the context clearly indicates to the contrary. 1.11 "After Tax Cost" shall mean the actual costs less an amount equal to the combined federal and state income tax savings relating to the deduction of said costs for federal and state tax purposes in the years such costs are incurred. 1.12 "Policy" shall mean any policy of insurance purchased by the Company to provide benefits with respect to a Participant under the Plan. 1.13 "Pre-Retirement" shall mean the voluntary or involuntary termination of service by a Participant prior to his Retirement Date. 1.14 "Agreement" or "Plan" shall mean and include this Supplemental Executive Retirement Plan and attached Schedules A and B. 1.15 "Cash Value" shall mean the cash surrender value of the Policy acquired by the Company on a Participant's life, after reduction of all Policy loans used to pay premiums and the After Tax Cost of interest, as provided herein. 1.16 "Grossed-Up Cash Value" means the Cash Value of the policy acquired by the Company on a Participant's life divided by an amount equal to one minus the Company's marginal tax rate. 2 1.17 "Termination Benefit" shall mean the benefit a Participant receives, as provided in Article III, Section 2. ARTICLE II RETIREMENT/PRE-RETIREMENT BENEFITS (1) The Company agrees that each Participant may terminate his Service because of Retirement upon the first day of the month following his 65th birthday, or such later date as may be acceptable to the Company. (2) Upon the date of a Participant's Retirement, such Participant shall elect to: (i) Retire and immediately receive benefits due; or (ii) Continue his employment and defer benefits which will accrue interest at the actual interest rate credited by the insurer. Upon electing to receive benefits, the Participant shall receive 120 equal monthly installments in an aggregate amount equal to the Grossed-Up Cash Value of the Policy as of the date of Retirement, plus the projected Grossed-Up Cash Value increase over the next nine consecutive Policy Years after the date of Retirement, or at his election a lump sum amount equal to the Grossed-Up Cash Value of the Policy as of the date of Retirement, payable within 30 days of the Retirement Date. (3) In the event a Participant shall cease rendering Service to the Company prior to ten (10) years from the date hereof, the Company shall stop paying annual premiums on the Policy and the Participant will forfeit all benefits under this Plan. (4) In the event a Participant shall cease rendering Service to the Company after ten (10) years from the date hereof but prior to his date of retirement, the Participant shall receive benefits as in Section (2) above. (5) In the event a Participant should die prior to Retirement then: (a) Survivor Income Benefit Election. If the Participant elects the survivor income benefit on the Participation Agreement and dies prior to termination of his Service to the Company or his Retirement, the Company will pay to the Participant's Beneficiary a sum equal to the Pre-Retirement amount set forth on Schedule B, such amount to be payable in 120 monthly equal installments to commence as soon as practicable following the Participant's death. (b) Lump Sum Insurance Benefit Election. If the Participant elects the lump sum benefit on the Participation Agreement and dies prior to termination of his Service to the Company or Retirement, the Company shall promptly take any action necessary to cause the death benefit provided under the Policy of life insurance purchased by the Company hereunder on that 3 Participant's life to be paid. The amount of death benefit so payable to the Beneficiary shall be the amount provided in Schedule B as a Pre-Retirement insurance death benefit. The balance payable under the Policy shall be retained by the Company. (6) Notwithstanding anything herein to the contrary the Participant shall be entitled to the full amount which he would have been entitled to receive hereunder if he were rendering Service to the Company on the Retirement Date, as set forth in Section (2) of this Article II (or his Beneficiary shall be entitled to the full amount set forth in Section (5) of this Article II as a Survivor Income Benefit or as a Lump Sum Insurance Benefit in the event of the death of a Participant prior to the Retirement Date) at such time as the Company, its business or substantially all of its assets is sold, or acquired by merger, consolidation or otherwise. (7) Estimated Retirement Benefits and the Policy and Pre-Retirement death benefits are set forth in Schedule B attached. (8) Each Participant shall cooperate with the Company by furnishing any and all information requested by the Company in order to facilitate the payment of benefits hereunder, taking such physical examination as the Company may deem necessary and taking such other relevant action as may be requested by the Company. If a Participant refuses to cooperate, the Company shall have no further obligation to the Participant under the Plan. (9) For purposes of this Plan, a Participant or his Beneficiary shall have an absolute right as an unsecured general creditor of the Company to payment of all amounts and benefits including but not limited to Pre-Retirement Benefits. ARTICLE III RETIREMENT DATE The Company agrees that the Participant may terminate his Service because of Retirement upon the earlier of (i) the first day of the month following his 65th birthday, or (ii) upon such later date as may be acceptable to the Company. ARTICLE IV DEATH PRIOR TO RETIREMENT If the participant dies prior to termination of his Service to the Company or his Retirement Date, the Company will pay to his Beneficiary the amount provided in Section (5) of Article II. ARTICLE V DEATH AFTER RETIREMENT 4 Upon the death of the Participant after Retirement, the Company will pay to the Participant's Beneficiary a sum equal to the balance of that amount which would have been payable after Retirement, under the terms of Article II, Section (2). ARTICLE VI DISABILITY If the Participant becomes disabled prior to Retirement, on the basis of any standard established by the Board of Directors, and prior to termination of his Service, the Company shall incur no obligation to commence benefit payments immediately. In such event, the Company's obligation to pay benefits hereunder will begin at Participant's reaching age 65. In the event of death of a disabled Participant after commencement of retirement payments, the provisions of Article V will apply. Notwithstanding the foregoing, in the event a disabled Participant dies prior to Retirement, then the provisions of Article IV shall apply as though at the time he died he was serving as a Participant who died prior to Retirement. ARTICLE VII NO GUARANTEE OF AMOUNT OF RETIREMENT BENEFITS The Company does not guarantee the payment of the amount of projected retirement benefits reflected on Schedule B, but does agree to pay an amount equal to the Grossed-Up Cash Value as of the date of Retirement, or, in the event the Participant elects 120 monthly payments under Article II, Section (2), the projected Grossed-Up Cash Value increase over the next nine consecutive Policy Years after the date of Retirement. ARTICLE VIII TERMINATION OF SERVICES If the Company terminates the Service of the Participant, or if the Participant terminates his Service prior to ten (10) years from the date hereof, any Company obligation to the Participant shall cease. If the Company terminates the Service of the Participant, or if the Participant terminates his Service after ten (10) years from the date hereof, the Company shall pay the Participant or his Beneficiary the termination benefits set forth in Section (4) of Article II. ARTICLE IX ASSIGNMENT It is agreed that neither the Participant nor his Spouse nor any Beneficiary shall have any right to convey, sell, assign, transfer, or otherwise convey the right to receive any payments hereunder, which payments and rights thereto are expressly declared to be nonassignable and nontransferable. 5 ARTICLE X RETENTION OF SERVICES The benefits payable under this Agreement shall be independent of, and in addition to, any other arrangement that may exist from time to time between the parties hereto, or any other compensation payable by the Company to the Participant. This Agreement shall not be deemed to constitute an employment contract between the parties hereto, nor shall any provision hereof restrict the right of the Company to terminate the Service of the Participant, or restrict the right of the Participant to terminate his Service to the Company. ARTICLE XI RIGHTS OF PARTICIPANT The rights of the Participant under this Agreement and of any Beneficiary of the Participant shall be solely those of an unsecured creditor of the Company. Any Policy or any other asset acquired or held by the Company in connection with the liabilities assumed by it hereunder shall not be deemed to be held under any trust for the benefit of the Participant or his Beneficiary or to be a security for the performance of the obligations of the Company, but shall be, and remain, a general, unpledged, unrestricted asset of the Company. ARTICLE XII OWNERSHIP OF INSURANCE CONTRACTS The Company shall be the sole owner of any insurance contract or contracts acquired on the life of a Participant, with incidents of ownership therein, including, but not limited to, the right to cash and loan values, dividends, if any, death benefits, and the right to termination thereof. The Participant shall have the right to name on the Participation Agreement a Beneficiary for the amount of the Pre-Retirement Death Benefit described herein. ARTICLE XIII REORGANIZATION The Company agrees that it will not merge or consolidate with any other corporation or organization, or permit its business activities to be taken over by another organization, unless and until the succeeding or continuing corporation or other organization shall expressly assume the rights and obligations of the Company herein set forth and as amended from time to time. The Company further agrees that it will not cease business activities or terminate its existence, other than as heretofore set forth in this paragraph, without having made adequate provision for the fulfilling of its obligations hereunder. 6 ARTICLE XIV AMENDMENTS This Plan may be revoked or be amended in whole or in part by a written agreement signed by the Company and Participants. ARTICLE XV APPLICABLE LAW This Plan shall be construed and governed in all respects under and by the laws of the Commonwealth of Massachusetts. ARTICLE XVI HEADINGS Headings and subheadings in this Agreement are inserted for convenience and reference only and constitute no part of this Plan. ARTICLE XVII COUNTERPARTS This Plan may be executed in an original and any number of counterparts, each of which shall constitute an original of one and the same instrument. ARTICLE XVIII CLAIMS PROCEDURE Claims made under this plan shall be submitted to the Committee, which shall establish such claims procedures as may be required by ERISA, to the extent applicable, and other applicable laws. In the event of a dispute, the Company and Participant shall submit the matter to binding arbitration to be conducted under the rules of the American Arbitration Association in Boston, Massachusetts. Each party shall have the right to designate an arbitrator and the two arbitrators so designated shall select a third arbitrator. ARTICLE XIX BINDING EFFECT The provisions of this Plan shall be binding upon the parties. If any provisions herein are deemed invalid or unenforceable, the remaining provisions shall remain in full force and effect. 7 ARTICLE XX EFFECTIVE DATE The effective date of this Plan shall be January 1, 1996. IN WITNESS WHEREOF, the said Company has caused this Plan to be signed in its corporate name by its duly authorized officers. NATIONAL DENTEX CORPORATION By: /s/ David L. Brown ------------------------------------ David L. Brown President & Chief Executive Officer 8 EX-10.4 5 b63403ndexv10w4.txt EX-10.4 AMENDMENT NO. 1 SUPPLEMENTAL LABORATORY EXECUTIVE PLAN EXHIBIT 10.4 NATIONAL DENTEX CORPORATION AMENDMENT NO. 1 TO SUPPLEMENTAL LABORATORY EXECUTIVE RETIREMENT PLAN This Amendment No. 1 to the National Dentex Corporation Supplemental Laboratory Executive Retirement Plan (as amended hereby, the "Plan") is dated as of the 17th day of January, 2006, is adopted by National Dentex Corporation, a Massachusetts corporation (the "Company"), and is binding upon the Company and the Participants. Capitalized terms used in this Amendment No. 1 and not defined herein shall have the respective meanings ascribed to them in the Plan. WHEREAS, the Plan was first effective as of January 1, 1996; and WHEREAS, the Company desires that the Plan continue to serve as an incentive for the Participants to continue their Service beyond the attainment of age 65, if the Company and such employees mutually agree to such continuation; and WHEREAS, the Company and the Participants now desire to amend certain provisions of the Plan in order to clarify the benefits payable under the Plan upon the death of a Participant who, with the consent of the Company, continues in Service after attaining age 65; and WHEREAS, Article XIV of the Plan provides that it may be amended by a written agreement signed by the Company and the Participants; and WHEREAS, as of the date hereof, the Board of Directors of the Company (the "Board"), upon the recommendation of the Compensation Committee of the Board, has approved and adopted this Amendment No. 1; and WHEREAS, each of the Participants has adopted this Amendment No. 1 by executing and delivering to the Company an adoption agreement in substantially the form attached as Exhibit A hereto. NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Plan is hereby amended as follows: 1. AMENDMENT TO DEATH BENEFIT IN CASE OF DEFERRED RETIREMENT. Article IV of the Plan is deleted in its entirety and replaced by the following: "If the Participant dies prior to termination of his Service to the Company and prior to the attainment of age 65, the Company will pay to his Beneficiary the amount provided in Section (5) of Article II. Should the Participant elect to defer retirement and continue to work after age 65, he shall have the option of continuing the pre-retirement death benefit provided for in Section (5) of Article II or electing to have his beneficiary receive, upon his death, the payments that would otherwise have been payable to the Participant after Retirement in accordance with Section (2) of Article II, payable in installments or a lump sum as elected by such Beneficiary in accordance with such Section (2). Upon his retirement only the payments in accordance with Section (2) of Article II, payable in installments or a lump sum as elected by such Beneficiary in accordance with Section (2) shall be applicable." 2. REMAINDER OF PLAN UNAFFECTED. In all other respects, the provisions of the Plan shall remain in full force and effect. IN WITNESS WHEREOF, the Company has caused this Amendment No. 1 to the Plan to be signed its corporate name by its duly authorized officer. NATIONAL DENTEX CORPORATION By: /s/ David L. Brown ------------------------------------ Name: David L. Brown Title: President & CEO 2 Exhibit A ADOPTION AGREEMENT FOR AMENDMENT NO. 1 FOR USE BY PARTICIPANTS IN THE NATIONAL DENTEX CORPORATION SUPPLEMENTAL LABORATORY EXECUTIVE RETIREMENT PLAN THE UNDERSIGNED, being a Participant under and as defined in the National Dentex Corporation Supplemental Laboratory Executive Retirement Plan (the "Plan"), hereby adopts and agrees to the terms and provisions of Amendment No. 1 to the Plan dated as of the 17th day of January, 2006, in the form to which this Adoption Agreement has been attached, and agrees that this Adoption Agreement shall serve as the undersigned's counterpart signature page to such Amendment No. 1. ---------------------------------------- [Signature of Participant] ---------------------------------------- [Print or Type Name] [Singed by last required Participant on December 8, 2006.] 3
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