Tenth Amendment to Sterling Chemicals, Inc. Amended and Restated Salaried Employees' Pension Plan

Contract Categories: Human Resources › Retirement Agreements
Summary

Sterling Chemicals, Inc. is amending its existing pension plan for salaried employees. The amendment clarifies that an employee's date of hire is when they first perform work and updates the vesting rules so that participants are fully vested after five years of service or upon reaching normal retirement age. These changes are made to comply with IRS requirements. The amendment is effective as of May 1, 1996.

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EX-10.2 5 h08220exv10w2.txt 10TH AMEND.TO AMENDED SALARIED EMPLOYEES PENSION EXHIBIT 10.2 TENTH AMENDMENT TO THE STERLING CHEMICALS, INC. AMENDED AND RESTATED SALARIED EMPLOYEES' PENSION PLAN WHEREAS, Sterling Chemicals, Inc. (the "Corporation") currently maintains its Amended and Restated Salaried Employees' Pension Plan (as amended, the "Existing Plan"); WHEREAS, Section 15.1 reserves to the Corporation the right to amend the Existing Plan; and WHEREAS, the Corporation desires to amend the Existing Plan in order to meet the requirements of the IRS for a determination letter; NOW, THEREFORE, the Plan is hereby amended as follows: Section 1. Amendment of Section 2.1 of the Existing Plan. Effective May 1, 1996, Section 2.1 is amended to add the following sentence after the first sentence of the third paragraph: "An employee's date of hire is the date on which he first performs an Hour of Service." Section 2. Amendment of Section 2.2 of the Existing Plan. Effective May 1, 1996, the first paragraph of Section 2.2 is amended to read as follows: "A participant shall be fully vested and have a Vested Percentage of 100% in this Plan on his Normal Retirement Date or on any date as of which he has completed at least five years of Vesting Service with the Employers and the Subsidiaries as defined in Section 17.1." IN WITNESS WHEREOF, the Corporation has executed this instrument this ______ day of ___________ , 2003. STERLING CHEMICALS, INC. ----------------------------- Wayne R. Parker Senior Vice President, Human Resources and Administration 1