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

Summary

Sterling Chemicals, Inc. amends its Salaried Employees' Pension Plan to ensure that employees of its subsidiaries—Sterling Fibers, Inc., Sterling Pulp Chemicals US, Inc., and Sterling Pulp Chemicals, Inc.—who are still employed at the time these subsidiaries are sold in December 2002 will be fully vested in their pension benefits as of the sale date. This amendment guarantees these employees receive full pension rights regardless of the plan's original vesting schedule.

EX-10.2 10 h02973exv10w2.txt 8TH AMEND.TO AMENDED SALARIED EMPLOYEES' PENSION EXHIBIT 10.2 EIGHTH 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 to fully vest certain participants who will be transferred to an unrelated third party; NOW, THEREFORE, the Plan is hereby amended as follows: Section 1. Amendment of Section 2.2 of the Existing Plan. Section 2.2 of the Existing Plan is amended to add the following paragraph at the end: "Notwithstanding the vesting schedule stated in this Section 2.2, the accrued benefit of each employee who is active on the payroll of Sterling Fibers, Inc., Sterling Pulp Chemicals US, Inc., or Sterling Pulp Chemicals, Inc. (collectively, the "Subsidiaries"), on the date in December 2002 that the Subsidiaries are sold to an unrelated third party, shall be fully vested as of the sale date." IN WITNESS WHEREOF, the Corporation has executed this instrument this ______ day of ___________, 2002. STERLING CHEMICALS, INC. _______________________________________ David G. Elkins, President and Co-Chief Executive Officer 1