First Amendment to Lear Corporation Pension Equalization Program
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Summary
This amendment, effective January 1, 2007, modifies the Lear Corporation Pension Equalization Program by freezing all benefit amounts and stopping the accrual of future benefits. However, employees will continue to vest in their existing benefits beyond 2006. All other terms of the original plan remain unchanged. The amendment was authorized by the Compensation Committee and signed by a senior executive of Lear Corporation.
EX-10.45 10 k12678exv10w45.htm FIRST AMENDMENT TO PENSION EQUALIZATIN PROGRAM exv10w45
Exhibit 10.45
AMENDMENT TO THE
LEAR CORPORATION
PENSION EQUALIZATION PROGRAM
LEAR CORPORATION
PENSION EQUALIZATION PROGRAM
THIS AMENDMENT to the Lear Corporation Pension Equalization Program (the “Plan”) made by the undersigned pursuant to authority delegated by the Compensation Committee of the Board of Directors of Lear Corporation, effective as of January 1, 2007 (unless otherwise provided);
WITNESSETH THAT:
| 1. | Notwithstanding anything in the Plan to the contrary, effective as of January 1, 2007, all benefits under the Plan are frozen in amount and no future benefits shall accrue under the Plan. |
| 2. | Vesting under Section 5 shall continue beyond 2006. |
3. Except to the extent hereby amended, this Plan shall remain in full force and effect.
IN WITNESS WHEREOF, this Amendment to the Plan is adopted on the 21st day of December, 2006.
/s/ Roger Jackson | ||
Senior Vice President – Human Resources |
