Amendment No. 1 to A.L. Pharma Inc. Supplemental Pension Plan (Effective March 31, 2006)
This amendment updates the A.L. Pharma Inc. Supplemental Pension Plan, effective March 31, 2006. It clarifies that if a participant becomes employed by an unrelated employer due to the sale of company assets or a subsidiary, they are considered to have separated from service just before joining the new employer, unless the buyer takes over the plan. In such cases, the participant is eligible for a pension distribution as outlined in the plan.
AMENDMENT NO. 1 TO THE
A. L. PHARMA INC. SUPPLEMENTAL PENSION PLAN
(Amended and Restated as of January 1, 2005)
The A. L. Pharma Inc. Supplemental Pension Plan (the "Plan") is hereby amended effective as of March 31, 2006, as follows:
1. Section 2.2 of the Plan is hereby amended by adding the following to the end thereof:
"A participant who becomes employed by an unrelated employer upon the sale of (i) all or substantially all the assets used by the Company in the employing trade or business, or (ii) the Company's interest in the employing subsidiary, shall be deemed to have separated from service on the date immediately preceding the date that such participant becomes an employee of the purchaser, unless the purchaser agrees in connection with the sale to be substituted for the Company as the sponsor of Plan. Such participant shall be entitled to a distribution in accordance with the terms of Section 2.4."
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