Amendment No. 1 to Safety Components International, Inc. Executive Deferral Program

Summary

This amendment updates the Safety Components International, Inc. Executive Deferral Program, which allows executives to defer a portion of their compensation. The changes clarify the investment options available, how participant accounts are valued, and how investments are allocated. The amendment also introduces a new schedule listing approved investment options, including certain mutual funds, stocks, bonds, and commercial paper. The Compensation Committee retains discretion over investment decisions. The amendment is effective as of June 27, 2001, and is executed by members of the Compensation Committee.

EX-10.18 4 d27261_ex10-18.txt AMENDMENT NO. 1 Exhibit 10.18 AMENDMENT NO. 1 TO THE SAFETY COMPONENTS INTERNATIONAL, INC. EXECUTIVE DEFERRAL PROGRAM (Effective June 27, 2001) THIS AMENDMENT to the Safety Components International, Inc. Executive Deferral Program (the "Plan") is made and executed this 25th day of September, 2001. 1. Section 2.12 of the Plan is hereby amended in its entirety to read as follows: 2.12 Investment Options The mutual funds or other investment alternatives designated by the Committee. The Investment Options available from time to time under the Program are listed on Schedule A attached hereto. 2. Section 5.3 of the Plan is hereby amended in its entirety to read as follows: 5.3 Valuation of Accounts Each Participant's Account will be valued by the Committee at its fair market value as of the last day of each calendar month. Each Participant's Account will reflect the amount credited pursuant to Section 5.2 and earnings (or losses) attributable to such amounts, and will be reduced by administrative, investment, and other fees necessary for the administration of the Program which are not otherwise paid pursuant to the provisions of Section 5.8. 3. Section 5.4 of the Plan is hereby amended in its entirety to read as follows: 5.4 Investments A Participant may request that the portion of his Compensation subject to a Deferral Commitment be allocated among the Investment Options designated on the Deferral Commitment. A Participant may change his investment allocation in accordance with procedures established by the Committee from time to time. Such changes will be effective as soon as administratively feasible. Although the Committee intends to invest amounts subject to a Deferral Commitment according to the Participant's request, it reserves the right to invest such amounts without regard to such request. 4. A new Schedule A is hereby added to the Program to read in its entirety as follows: Schedule A Safety Components International, Inc. Executive Deferral Program Investment Options Mutual Funds: MLIM mutual funds Individual Securities: Common Stocks rated B+ or higher Preferred Stocks rated BBB or higher Debt securities rated BBB or higher Commercial Paper rated A-2 or higher IN WITNESS WHEREOF, the Compensation Committee of the Board of Directors of Safety Components International, Inc. hereby adopts this Amendment No. 1 to the Safety Components International, Inc. Executive Deferral Program, effective as of the date first indicated above. - ------------------------------ ------------------------------ Andy Goldfarb Ben E. Waide - ------------------------------ Carroll R. Wetzel, Jr. Dated: ------------------------