Ninth Amendment to Univar USA Inc. Supplemental Retirement Plan (Effective December 31, 2009)
This amendment, executed by Univar USA Inc., modifies the company's Supplemental Retirement Plan to freeze accrued benefits for participants whose benefits under the main Retirement Plan are also frozen as of December 31, 2009. After this date, no additional benefits will accrue for these participants. The amendment ensures the Supplemental Retirement Plan aligns with changes made to the main Retirement Plan.
Exhibit 10.38
UNIVAR USA INC. SUPPLEMENTAL RETIREMENT PLAN
(As Amended and Restated Effective July 1, 2004)
Ninth Amendment
WHEREAS, Univar USA Inc. (the Company) sponsors and maintains the Univar USA Inc. Supplemental Retirement Plan, as amended and restated effective July 1, 2004 and as thereafter amended (the Plan); and
WHEREAS, the Company desires to amend the Plan to reflect the freeze of accrued benefits and cessation of benefit accruals on December 31, 2009 for all active participants under the Univar USA Inc. Retirement Plan; and
NOW, THEREFORE, effective December 31, 2009, Section 3 of the Plan, Participation, is hereby amended by adding the following new paragraph to the end thereof:
Notwithstanding any other provision of the Plan to the contrary, effective December 31, 2009, accrued benefits under this Plan are frozen for those Participants whose benefits under the Retirement Plan are frozen as of December 31, 2009 pursuant to the terms of the Retirement Plan (including, without limitation, the terms of Appendix T of the Retirement Plan), and no additional benefits shall accrue for such Participants under this Plan after December 31, 2009.
This Ninth Amendment is executed this 21st day of December, 2009.
UNIVAR USA INC. | ||
By | /s/ Dave Strizzi | |
Its President |