Amendment No. 1 to the Alpharma Inc. Supplemental Savings Plan (Amended and Restated as of January 1, 2005)

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment updates the Alpharma Inc. Supplemental Savings Plan, effective March 31, 2006. It clarifies that employees who move to an unrelated employer due to the sale of company assets or subsidiaries will be considered separated from service, unless the new employer takes over the plan. These employees will then be eligible for plan distributions according to existing terms.

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EX-10.42A 27 exhibit10_42a.htm AMENDMENT NO. 1 SUPPLEMENTAL SAVINGS PLAN _

AMENDMENT NO. 1 TO THE
ALPHARMA INC. SUPPLEMENTAL SAVINGS PLAN
(Amended and Restated as of January 1, 2005)

 

The Alpharma Inc. Supplemental Savings Plan (the "Plan") is hereby amended effective as of March 31, 2006, as follows:

    1. Section 8.1 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 Sections 8.1 through 8.4."

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