Third Amendment to H.B. Fuller Company Key Employee Deferred Compensation Plan (2005 Amendment and Restatement)
This amendment, effective December 1, 2020, modifies the H.B. Fuller Company Key Employee Deferred Compensation Plan, which is a nonqualified, unfunded deferred compensation plan for select employees. The amendment removes Section 7.5.2 of the plan in response to changes in tax law under the Tax Cuts and Jobs Act of 2017. All other provisions of the plan remain unchanged. The amendment is executed by H.B. Fuller Company and signed by its President and CEO.
Exhibit 10.11
THIRD AMENDMENT
OF
H.B. FULLER COMPANY
KEY EMPLOYEE DEFERRED COMPENSATION PLAN
(2005 Amendment and Restatement, as amended)
H.B. Fuller Company (H.B. Fuller) and certain affiliated companies (Employers or Employer, as applicable) maintains a nonqualified, unfunded deferred compensation plan (the Plan) for the benefit of a select group of employees which is currently embodied in a document entitled H.B. Fuller Company Key Employee Deferred Compensation Plan (2005 Amendment and Restatement) as amended by a First Amendment adopted on January 24, 2008 (the Plan Statement) and a Second Amendment adopted on October 8, 2008. In response to changes made to section 162(m) of the Code by the Tax Cuts and Jobs Act of 2017, the Plan Statement is hereby amended as follows:
| 1. | CODE §162 DELAY. Effective December 1, 2020, Section 7.5.2 of the Plan Statement is deleted in its entirety. |
| 2. | SAVINGS CLAUSE. Save and except as hereinabove expressly amended, the Plan Statement shall continue in full force and effect. |
| Dated: December 1, 2020 | H.B. Fuller Company |
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| By: | /s/ Jim Owens |
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| Its: | President and Chief Executive Officer |
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