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EXHIBIT 10B
AMENDMENT TO
SYNTEX U.S. EMPLOYEES
SUPPLEMENTAL RETIREMENT SAVINGS PLAN
(Effective as of January 1, 1994)
Section 2.1(k) of the Plan is hereby amended to read as follows:
(k) "Eligible Employee" means for any Plan Year (i) an Employee who
on the Entry Date for such Plan Year is a participant in the
ERSP, and who on such Entry Date the Company anticipates will
have Covered Compensation in excess of the ERSP Compensation
Limit for the Plan Year commencing on such Entry Date; (ii) an
Employee who on the Entry Date for such Plan Year is not a
participant in the ERSP, but who on such Entry Date is scheduled
to have an ERSP Entry Date within such Plan Year and who the
Company anticipates will have Covered Compensation in excess of
the ERSP Compensation Limit during the portion of the Plan Year
commencing on such ERSP Entry Date; and (iii) a former Employee
who is not an Employee on the Entry Date for such Plan Year, but
who becomes an Employee again during such Plan Year and who at
the time of such reemployment is scheduled to have an ERSP Entry
Date within such Plan Year and who the Company anticipates will
have Covered Compensation in excess of the ERSP Compensation
Limit during the portion of the Plan Year commencing on such
ERSP Entry Date.
Section 2.1(o) of the Plan is hereby deleted and replaced by the following:
(o) "ERSP Compensation Limit" means for each Plan Year the maximum
amount of Covered Compensation permitted to be taken into
account under Section 401(a)(17) of the Code for purposes of
making contributions to the ERSP for any Participant for such
Plan Year. For 1994, the ERSP Contribution Limit is $150,000.
Section 2.1(p) of the Plan is hereby deleted and replaced by the following:
(p) "ERSP Entry Date" means the date during a Plan Year on which an
Employee first becomes eligible to participate or to resume
participation in the ERSP.
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Section 2.1(r) of the Plan is hereby amended to read as follows:
(r) "Participant" means for any Plan Year an Eligible Employee who
on or before the Entry Date for such Plan Year executes and
delivers to the Company a Salary Reduction Agreement for such
Plan Year pursuant to Section 4.2, or, if such Eligible Employee
is a former Employee on such Entry Date, who on or before his
ERSP Entry Date during such Plan Year executes and delivers to
the Company a Salary Reduction Agreement for such Plan Year
pursuant to Section 4.2.
Section 3.1 of the Plan is hereby amended to read as follows:
3.1 Start of Participation. An Employee who is an Eligible Employee
for a Plan Year shall become a Participant in the Plan on the Entry Date for
such Plan Year, and a former Employee who becomes an Eligible Employee during a
Plan Year shall become a Participant on his ERSP Entry Date during such Plan
Year; provided that the Eligible Employee executes and delivers to the Company
a Salary Reduction Agreement pursuant to Section 4.2 on or before such Entry
Date or, if applicable, such ERSP Entry Date.
Section 4.1 of the Plan is hereby amended to read as follows:
4.1 Salary Reduction Amounts. Each Eligible Employee may elect to
have the Company credit his Participant's Account under the Plan for any Plan
Year any whole percentage, up to fifteen percent (15%) (or such lower
percentage as the Company may establish from time to time as the maximum salary
reduction percentage under the ERSP) of the excess of his Covered Compensation
for such Plan Year (excluding any Covered Compensation received prior to his
ERSP Entry Date during such Plan Year if the individual is not a participant in
the ERSP on the Entry Date for such Plan Year) over the ERSP Compensation Limit
for such Plan Year. Each such election shall be made by execution and delivery
of a Salary Reduction Agreement pursuant to Section 4.2 in accordance with such
rules and procedures as the Company may from time to time prescribe.
Section 4.2 of the Plan is hereby amended to read as follows:
4.2 Salary Reduction Agreements. Each Eligible Employee who makes
an election described in Section 4.1 for any Plan Year shall enter into a
Salary Reduction Agreement with the Company on or before the Entry Date for
such Plan Year, or, if the Eligible Employee is a former Employee on such Entry
Date who is subsequently reemployed, on or before his ERSP Entry Date during
such Plan Year, under which the Participant shall
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agree to have his Covered Compensation for such Plan Year reduced by an amount
equal to his Salary Reduction Amount for such Plan Year.
Section 5.1 of the Plan is hereby amended to read as follows:
5.1 Company Matching Amounts. Each Participant for whom a Salary
Reduction Amount is credited for a pay period shall be entitled to be credited
with a Company Matching Amount on the last day of such pay period. The first
five percent (5%) of Covered Compensation in excess of the ERSP Compensation
Limit for each Plan Year that is credited as a Salary Reduction Amount on
behalf of each Participant hereunder will be matched in accordance with the
schedule set forth below:
Percentage of Salary
Years of Service Reduction Amount Matched
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1 but less than 2 50%
2 but less than 4 75%
4 or more 100%
This Amendment is adopted by the chief administrative officer of the Company on
February 23, 1994, pursuant to Section 11.1 of the Plan.
SYNTEX CORPORATION
By PAUL E. FREIMAN
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Paul E. Freiman, Chief Executive Officer
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