"[T]here is no empirical data linking the use of broad-based, equity-based grants below the top tier of executives to a company's performance.... In the bright light of the new compensation disclosure rules, the traditional reasons for implementing a SERP -- whether based on a defined contribution or defined benefit concept -- lack appeal for compensation committees because of the absence of a relationship between the performance of the company and benefit design to the financial performance of the business unit or company."

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