First Amendment to Ferro Corporation Deferred Compensation Plan for Non-Employee Directors
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Summary
This amendment, effective July 1, 2001, modifies the Ferro Corporation Deferred Compensation Plan for Non-Employee Directors. It changes how stock credited to a participant's account is distributed after a director leaves the board or passes away. The amendment allows the corporation, after consulting with the participant or their beneficiary, to distribute the stock either in a single payment or in installments over up to ten years. The amendment is executed by Ferro Corporation in Cleveland, Ohio.
EX-10.11.2 9 l24249aexv10w11w2.htm EX-10.11.2 EX-10.11.2
EXHIBIT 10.11.2
FIRST AMENDMENT
TO
FERRO CORPORATION DEFERRED COMPENSATION PLAN
FOR NON-EMPLOYEE DIRECTORS
TO
FERRO CORPORATION DEFERRED COMPENSATION PLAN
FOR NON-EMPLOYEE DIRECTORS
WHEREAS, Ferro Corporation (the “Corporation”) established the Ferro Corporation Deferred Compensation Plan for Non-Employee Directors effective as of January 1, 1995 (the “Plan”); and
WHEREAS, pursuant to Article IV of the Plan, the Corporation reserved the right to amend the Plan; and
WHEREAS, the Corporation desires to amend the Plan;
NOW, THEREFORE, effective as of July 1, 2001, the Corporation amends Section 2.3(a) of the Plan to read as follows:
| (a) | The Stock then credited to a Participant’s Account and allocated to the Trust’s separate account thereto shall, as determined by the Corporation in its sole discretion after consultation with the Participant (or, if applicable, with the Participant’s Beneficiary), be distributed in kind (i.e., in shares of Stock) to the Participant (or, if applicable, to the Participant’s Beneficiary) EITHER (1) in a single distribution as soon as administratively feasible after (i) the nine (9) month anniversary of the date on which the Participant ceases to be a Director, or (ii) the date of the Participant’s death, OR (2) in substantially equal monthly, or semiannual, or annual installments over a period not in excess of ten (10) years commencing as soon as administratively feasible. |
IN WITNESS WHEREOF, the Corporation has executed this First Amendment to Ferro Corporation Deferred Compensation Plan for Non-Employee Directors in multiple counterparts at Cleveland, Ohio, effective as of July 1, 2001, but on the date indicated below.
| FERRO CORPORATION | ||||||
| By: | ||||||
| Title: | ||||||
| Date: | ||||||
