Amendment No. 3 to International Paper Company Unfunded Supplemental Retirement Plan for Senior Managers

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment updates the International Paper Company's Unfunded Supplemental Retirement Plan for Senior Managers. Effective December 8, 2008, for employees who terminate employment on or after this date, the plan now specifies that retirement benefits will be paid as a lump sum. Payment will be made on the later of the employee's retirement date or six months after their separation from service.

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EX-10.20 4 dex1020.htm AMENDMENT NO. 3 TO THE UNFUNDED SUPPLEMENTAL RETIREMENT PLAN FOR SENIOR MANAGERS Amendment No. 3 to the Unfunded Supplemental Retirement Plan for Senior Managers

EXHIBIT 10.20

AMENDMENT NO. 3

INTERNATIONAL PAPER COMPANY

UNFUNDED SUPPLEMENTAL RETIREMENT PLAN

FOR SENIOR MANAGERS

The International Paper Company Unfunded Supplemental Retirement Plan for Senior Managers, as amended and restated January 1, 2008 (the “SERP”), is hereby amended effective the 8th day of December 2008, with respect to terminations of employment occurring on or after such date, as follows:

1. By deleting Section 6(A) in its entirety and inserting the following language in lieu thereof:

 

“6.

Form of Benefit Payment.

 

  (A)

Payment Form. The form of payment of the Supplemental Benefit is a lump sum payment. Payment of the Supplemental Benefit to an Eligible Employee shall be made on the later of the Eligible Employee’s Retirement Date or the date six months following the Eligible Employee’s separation from service (the “Normal Payment Date”).”