Amendment Number One to Georgia-Pacific Corporation Economic Value Incentive Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment, approved by the Compensation Committee of Georgia-Pacific Corporation, modifies the Economic Value Incentive Plan effective January 29, 2001. It increases the maximum allowable discretionary and quantitative bonuses for participants from 100% to 125% of base salary, and for the CEO from 200% to 220% of base salary. The amendment reflects the company's decision to enhance incentive compensation limits for eligible employees and the CEO.

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EX-10.5 5 0005.txt GEORGIA-PACIFIC CORP. ECONOMIC VALUE INCENTIVE PLAN Exhibit 10.5 AMENDMENT NUMBER ONE TO THE GEORGIA-PACIFIC CORPORATION ECONOMIC VALUE INCENTIVE PLAN (As Amended and Restated by Action of the Compensation Committee on January 29, 2001) WHEREAS, pursuant to Section V of the Georgia-Pacific Corporation Economic Value Incentive Plan ("Plan") the Board of Directors of Georgia-Pacific Corporation ("Corporation"), by action of the Compensation Committee, has reserved the right to amend the Plan at any time; and WHEREAS, the Compensation Committee approved the adoption of this Amendment Number One at its February 15, 2001 meeting; NOW THEREFORE, the Plan is amended effective as of January 29, 2001, as follows: 1. Subsection 11 of Section I of the Plan (the definition of "Discretionary Bonus Limit") is amended to substitute "125% of the Participant's Base Salary" for "100% of the Participant's Base Salary" wherever such phrase appears in such subsection and to substitute "220% of the CEO's Base Salary" for "200% of the CEO's Base Salary" wherever such phrase appears in such subsection. 2. Subsection 21(i)(B) of Section I of the Plan (the definition of "Quantitative Bonus Limit") is amended to substitute "125% of the Participant's Base Salary" for "100% of the Participant's Base Salary" wherever such phrase appears in such subsection and Subsection 21(ii)(B) is amended to substitute "220% of the CEO's Base Salary" for "200% of the CEO's Base Salary" wherever such phrase appears in such subsection.