Third Amendment to Retirement Plan for Directors of H.B. Fuller Company (1994 Revision)
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Summary
H.B. Fuller Company has amended its Retirement Plan for Directors, effective April 19, 2002. The amendment updates how the present value of retirement installment payments is calculated, specifying that the discount rate will be based on the interest rate for 30-year U.S. Treasury securities as determined by the IRS. The amendment also clarifies that lump sum amounts will not be recalculated if payment is delayed. These changes apply to all eligible directors whose benefit payments had not yet started as of the amendment date.
EX-10.1 3 dex101.txt THIRD DECLARATION OF AMENDMENT Exhibit 10.1 RETIREMENT PLAN FOR DIRECTORS OF H.B. FULLER COMPANY 1994 REVISION Third Declaration of Amendment ------------------------------ Pursuant to Section 9 of the Retirement Plan for Directors of H.B. Fuller Company--1994 Revision, the Company hereby amends the Plan as follows: 1. The last sentence of Section 4 is amended, and an additional sentence is added at the end of Section 4, to read as follows: "The present value of a Director's installment payments will be determined by discounting the payments at a rate equal to the rate of interest on 30-year U.S. Treasury securities, as determined by the Internal Revenue Service pursuant to Notice 2002-26 or any successor thereto, for the second month preceding the month in which the installment payments described in this section would otherwise begin. A lump sum amount will not be recalculated or otherwise adjusted by reason of any election by the Administrator to delay the payment thereof." 2. Section 5(e) of the Plan is amended in its entirety, to read as follows: "(e) Present Value The present value of installment payments will be determined by discounting the payments at a rate equal to the rate of interest on 30-year U.S. Treasury securities, as determined by the Internal Revenue Service pursuant to Notice 2002-26 or any successor thereto, for the second month preceding the month in which the lump sum payment is made." This amendment shall be effective as of the date of this instrument, and it shall apply to all eligible Directors whose benefit payments had not commenced on that date. IN WITNESS WHEREOF, the Company has caused this instrument to be executed this 19th day of April, 2002. H.B. FULLER COMPANY /s/ Albert P.L. Stroucken --------------------------------------- Chairman of the Board, President and Chief Executive Officer /s/ Lee R. Mitau -------------------------------------- Chairman, Compensation Committee