First Amendment to Otter Tail Corporation Executive Survivor and Supplemental Retirement Plan (2005 Restatement)
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Summary
This amendment updates the Otter Tail Corporation Executive Survivor and Supplemental Retirement Plan, originally established in 1983 and restated in 2005. Effective January 1, 2006, the calculation of normal retirement benefits for the Chief Executive Officer and Corporate Secretary will use 'Final Average Earnings' instead of 'Final Annual Salary.' All other provisions of the plan remain unchanged.
EX-10.N.2A 3 c12560exv10wnw2a.htm EXHIBIT 10.N.2A exv10wnw2a
EXHIBIT 10-N-2a
FIRST AMENDMENT
OF
OTTER TAIL CORPORATION EXECUTIVE SURVIVOR AND
SUPPLEMENTAL RETIREMENT PLAN (2005 Restatement)
OF
OTTER TAIL CORPORATION EXECUTIVE SURVIVOR AND
SUPPLEMENTAL RETIREMENT PLAN (2005 Restatement)
The “OTTER TAIL CORPORATION EXECUTIVE SURVIVOR AND SUPPLEMENTAL RETIREMENT PLAN” established as of November 1, 1983, by the Board of Directors of OTTER TAIL CORPORATION, a Minnesota corporation, as amended and rested in a document entitled “Otter Tail Corporation Executive Survivor and Supplemental Retirement Plan (2005 Restatement) (hereinafter referred to as the “Plan Statement”), is hereby further amended in the following respects:
1. NORMAL RETIREMENT BENEFIT. Effective January 1, 2006, Section 5.2 of the Plan Statement shall be amended by the adding the following new paragraph to the end of such Section:
Notwithstanding the foregoing, Final Annual Salary shall be replaced with Final Average Earnings when determining the Normal Retirement Benefit for the Chief Executive Officer and the Corporate Secretary of Otter Tail Corporation.
2. SAVINGS CLAUSE. Save and except as hereinabove expressly amended, the Plan Statement shall continue in full force and effect.
Approved 12/19/06
