First Amendment to the Piper Impact 401(k) Plan by Quanex Corporation
Quanex Corporation amends its Piper Impact 401(k) Plan to update the terms of matching contributions. Effective immediately, each participating employer will match 25% of the first 6% of an employee's eligible compensation contributed to the plan through salary deferrals or after-tax contributions. This amendment formalizes the new matching formula for employee retirement savings under the plan.
Exhibit 10.6
FIRST AMENDMENT TO
THE PIPER IMPACT 401(K) PLAN
THIS AGREEMENT by Quanex Corporation, a Delaware corporation, (the “Sponsor”),
WITNESSETH:
WHEREAS, on December 30, 2002, the Sponsor executed the amendment and restatement of the plan agreement known as the “Piper Impact 401(k) Plan” (the “Plan”); and
WHEREAS, the Sponsor retained the right in Section 10.31 of the Plan to amend the Plan from time to time; and
WHEREAS, the Sponsor desires to amend the Plan;
NOW, THEREFORE, the Sponsor agrees that effective as of the date hereof Section 3.04 is amended and restated in its entitety to provide as follows:
3.04 Matching Contributions. Each Employer will make a Matching Contribution on behalf of each of its Employees who is a Participant in an amount equal to 25 percent of the first six percent of such Participant’s Considered Compensation for the Plan Year contributed to the Plan pursuant to such Participant’s Salary Deferral Contributions and/or After-Tax Contributions.
IN WITNESS WHEREOF, the Sponsor has caused this Agreement to be executed this day of September, 2003.
|
| QUANEX CORPORATION | ||
|
|
| ||
|
|
| ||
|
| By |
| |
|
| Title: |
| |
