First Amendment to Minntech Corporation Supplemental Executive Retirement Plan
This amendment updates the Minntech Corporation Supplemental Executive Retirement Plan, effective September 27, 2000. It changes the timing for lump sum and installment payments to plan participants, specifying that lump sum distributions will be paid as soon as administratively possible after a qualifying event, while installment payments will begin on the 15th day of the first calendar quarter following the event and continue quarterly. All other terms of the plan remain unchanged. The amendment is executed by Minntech Corporation's Chairman and CEO.
EXHIBIT 10(t)
FIRST AMENDMENT
TO
MINNTECH CORPORATION
SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN
THIS FIRST AMENDMENT to the Minntech Corporation Supplemental Executive Retirement Plan restated as of April 1, 2000 shall be effective as of September 27, 2000.
Pursuant to Section 10.3 of the Plan, the Plan is hereby amended as follows:
Section 5.2(b) shall be amended by deleting "Lump sum distributions shall be paid on the 15th day of the first calendar quarter immediately following the date the applicable event specified in subsection (a) occurs. Installment payments shall also commence on the same date, with succeeding amounts paid on the 15th day of each calendar quarter thereafter until paid in full." and substituting the following therefor:
"Lump sum distributions shall be paid as soon as administratively possible immediately following the date the applicable event specified in subsection (a) occurs. The first of any installment payment shall be paid on the 15th day of the first calendar quarter immediately following the date the applicable event specified in subsection (a) occurs, with succeeding amounts paid on the 15th day of each calendar quarter thereafter until paid in full."
The remainder of the Plan shall remain in full force and effect.
MINNTECH CORPORATION | |||
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By | /s/ William Hope | ||
| Its | | Chairman & CEO |
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FIRST AMENDMENT TO MINNTECH CORPORATION SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN