AMENDMENT NO. 1 TO THE BADGER PAPER MILLS, INC.
PROFIT SHARING PLAN AND TRUST FOR NON-UNION EMPLOYEES
This Amendment, executed at Peshtigo, Wisconsin, is by and between Badger
Paper Mills, Inc. ("Principal Employer"), Plas-Techs, Inc., and Norwest
Bank Minnesota, N.A. ("Trustee"), the Trustee of the Badger Paper Mills,
Inc. Profit Sharing Plan and Trust for Non-Union Employees ("Plan"):
WHEREAS, the Principal Employer and Plas-Techs, Inc. (collectively the
"Employer") and the Trustee are parties to the Plan which was most
recently restated effective July 1, 1994;
WHEREAS, the Employer now adopts Amendment No. 1 to the restated Plan,
which amendment is stated below; and
WHEREAS, the Trustee approves of said amendment to the restated Plan;
NOW, THEREFORE, the Employer and the Trustee adopt the following
amendment, effective as of November 6, 1995, as follows:
FIRST: Section 3.1 is amended by restating the last sentence of the
penultimate paragraph to read as follows:
To implement the foregoing, the Principal Employer will instruct
the Trustee to effectuate a direct trustee-to-trustee transfer
of the Participant's benefits in accordance with Section 6.7 and
the Principal Employer shall establish other uniformly applied
procedures it deems appropriate to administer this Plan to
coordinate the Participant's change in status from union to non-
union or from non-union to union.
SECOND: Chapter 6 is amended by adding a new Section 6.7 to read as
follows:
Section 6.7 - Trustee-to-Trustee Transfer: This Section
6.7 shall apply to each Employee or former Employee whose
employment status with the Employer changes or changed from
union to non-union or from non-union to union ("change in
status").
(a) If an Employee who is a Participant hereunder ceases to
remain eligible to receive allocations of contributions and
Forfeitures pursuant to Section 3.1 on account of a change in
status and becomes a participant in the Badger Paper Mills, Inc.
Profit Sharing Plan and Trust for Union Employees ("Union
Plan"), or if the provisions of Subsection 6.7(c)(i) below
apply, then the Trustee of this Plan shall transfer to the
trustee of the Union Plan all of the benefits hereunder credited
to the Account(s) of such Participant (whether or not the
Participant is fully vested in such Account(s)). Upon the date
of such transfer, the Participant shall no longer be a
Participant under this Plan (until such time, if ever, that the
Employee again becomes a Participant on account of subsequent
allocations to his/her Account(s)). The Trustee shall
effectuate the transfer upon the direction of the Principal
Employer, and the transfer shall occur as soon as
administratively practicable after such direction is given,
giving due regard to administrative concerns, such as Plan
valuation and allocations. All optional forms of benefit and
other protected benefits under Code Section 411(d)(6) with
respect to the transferred benefits, and also the applicable
distribution limitations of Code Section 401(k)(2)(B) with
respect to the transferred benefits, shall be preserved under
the Union Plan.
(b) If an Employee becomes a Participant eligible to receive
allocations of contributions and Forfeitures who was a
participant in the Union Plan and who has benefits credited to
his/her account(s) under the Union Plan, or if the provisions of
Subsection 6.7(c)(ii) below apply, then the Trustee shall accept
from the trustee of the Union Plan the transfer of benefits
credited to the account(s) of such participant under the Union
Plan. The transferred account(s) maintained for the participant
under the Union Plan will retain their character under this Plan
and shall be credited to identical Account(s) under this Plan
(e.g., if a participant has amounts credited to his/her 401(k)
contribution account under the Union Plan, then such amounts
will be credited to the Participant's existing 401(k)
Contribution Account under this Plan or to a new 401(k)
Contribution Account if the Participant does not at the time of
the transfer have benefits credited to such Account), and all
optional forms of benefits and other protected benefits under
Code Section 411(d)(6) under the Union Plan with respect to the
transferred benefits, and also the applicable distribution
limitations of Code Section 401(k)(2)(B), shall be preserved
under this Plan.
(c) If a Participant no longer is an Employee of the Employer
but has benefits credited to his/her Account(s) under this Plan
and also has benefits credited to his/her account(s) under the
Union Plan, then the provisions of this Subsection 6.7(c) shall
apply.
(i) If the Union Plan is the qualified plan
maintained by the Employer in which the Participant
most recently received allocations of contributions
and/or Forfeitures, then the provisions of Subsection
6.7(a) above shall apply.
(ii) If this Plan is the qualified plan maintained by
the Employer in which the Participant most recently
received allocations of contributions and/or
Forfeitures, then the provisions of Subsection 6.7(b)
above shall apply.
(iii) The provisions of this Subsection 6.7(c) shall
equally apply to any Beneficiary of a Participant who
satisfies the requirements of this Subsection.
(d) A transfer pursuant to this Section 6.7 shall not
accelerate or otherwise change the Participant's or
Beneficiary's vested percentage with respect to any of the
Participant's benefits in this Plan or the Union Plan.
(e) With respect to Participants or Beneficiaries who have
amounts credited to their Account(s) as of the date of this
Amendment, any transfer required under this Section 6.7 shall
occur as of November 30, 1995.
IN ALL OTHER RESPECTS, the Plan is hereby ratified and approved.
IN WITNESS WHEREOF, the Employer and the Trustee have caused this
Amendment to be signed by their duly authorized officers on the 13th
day of November, 1995.
BADGER PAPER MILLS, INC.
By: /s/ Edwin A. Meyer, Jr.
Edwin A. Meyer, Jr.
Chairman of the Board & CEO
and also on behalf of Plas-Techs, Inc.
TRUSTEE: Norwest Bank Minnesota, N.A.
By: /s/
Title: _______________________________