First Amendment to the Owens Corning Deferred Compensation Plan
This amendment, effective January 1, 2008, modifies the Owens Corning Deferred Compensation Plan to comply with IRS Notice 2007-86. It clarifies that deferral elections under the plan can only be changed as allowed by Section 409A of the Internal Revenue Code and the related IRS transition rules. The amendment is executed by Owens Corning's Senior Vice President of Human Resources.
Exhibit 10.33
FIRST AMENDMENT TO THE
OWENS CORNING
DEFERRED COMPENSATION PLAN
WHEREAS, Owens Corning (the “Company”) maintains Owens Corning Deferred Compensation Plan, effective as of January 1, 2007 (the “Plan”);
WHEREAS, the Company wishes to amend the Plan to reflect the application of transition relief provisions of IRS Notice 2007-86 under the Plan.
NOW, THEREFORE, by virtue and in exercise of the amending power reserved by Sections 7 and 9 of the Plan and designated to the undersigned officer of the Company by resolution of the Company’s Board of Directors, the Plan is hereby amended as follows:
1. Effective as of January 1, 2008, Section 1.8 is amended to add the following provision at the end thereof:
Notwithstanding the foregoing, deferral elections shall be permitted to be modified only to the extent permitted under Section 409A of the Code and pursuant to and consistent with the transition rules under IRS Notice 2007-86.
IN WITNESS WHEREOF, the aforementioned amendment is executed by the undersigned duly authorized officer this 22nd day of December, 2008.
| Owens Corning | ||
| By | /s/ Joseph C. High | |
| Joseph C. High | ||
| Senior Vice President – Human Resources | ||
