Second Amendment to Sixth Amended and Restated Savings and Investment Plan (Sterling Chemicals, Inc.)

Contract Categories: Human Resources › Retirement Agreements
Summary

Sterling Chemicals, Inc. amends its Sixth Amended and Restated Savings and Investment Plan to ensure that employees of its subsidiaries—Sterling Fibers, Inc., Sterling Pulp Chemicals US, Inc., and Sterling Pulp Chemicals, Inc.—who are active on the payroll at the time these subsidiaries are sold in December 2002 will be fully vested in their plan benefits as of the sale date. This amendment is effective upon execution and is intended to protect the retirement benefits of affected employees during the sale.

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EX-10.6 14 h02973exv10w6.txt 2ND AMEND.TO 6TH AMENDED SAVINGS & INVESTMENT PLAN EXHIBIT 10.6 SECOND AMENDMENT TO THE SIXTH AMENDED AND RESTATED SAVINGS AND INVESTMENT PLAN WHEREAS, Sterling Chemicals, Inc. (the "Corporation") currently maintains its Sixth Amended and Restated Saving and Investment Plan (the "Existing Plan"); WHEREAS, Section 16.01 of the Existing Plan reserves the right of the Corporation 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 Existing Plan is hereby amended, effective as of the execution date, as follows: Section 1. Amendment of definition of "Vesting Percentage" in Section 1.03 of the Existing Plan. The definition of "Vesting Percentage" in Section 1.03 is amended to add the following paragraph at the end: "Notwithstanding the vesting schedule described above, each Eligible 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, this amendment has been executed on this _______ day of _________, 2002. STERLING CHEMICALS, INC. _______________________________________ David G. Elkins, President and Co-Chief Executive Officer