MELAMINE CHEMICALS, INC.
RETIREMENT PLAN
AMENDMENT NO. 1
WHEREAS, the Retirement Plan for Employees of Melamine Chemicals,
Inc. was amended and restated in its entirety on September 9, 1996;
WHEREAS, the Board of Directors reserved the right to amend the
Plan; and
WHEREAS, the Board of Directors has authorized the amendment of
the Plan in order to set forth the rules that apply if a Participant
eligible for an early retirement benefit does not elect to commence
receiving the benefit immediately, and to make it clear that a
Participant who is otherwise not eligible for an immediate
distribution can elect to receive an immediate benefit if he elects to
so within 90 days following the termination of employment;
NOW, THEREFORE, the Plan is hereby amended as follows, effective
immediately:
I.
Section 2.2(C) of the Plan is hereby amended and restated to read
in its entirety as follows:
(C) Payment of Retirement Income: The retirement income
payable in the event of early retirement will be payable on
the first day of the month. The payments will normally be
made as follows: the first payment will be made on the
Participant's Early Retirement Date and the last payment
will be the payment due immediately preceding the retired
Participant's death; except that, in the event the
Participant dies before he has received retirement income
payments for a period of 10 years, the same monthly benefit
that was payable to the Participant will be paid for the
remainder of such 10-year period to the Beneficiary
designated by the Participant or, if no designated
Beneficiary is surviving, the same monthly benefit will be
paid for the remainder of such 10-year period as provided in
Sections 5.2 and 5.3 hereof. Instead of an immediate
benefit, a Participant can elect to defer the commencement
of retirement income payments, in which event the provisions
of Section 2.4(A) (other than Section 2.4(A)(1)) shall
apply, except that all references therein to Section
2.4(A)(1) shall be deemed to be references to Section
2.2(B). If the benefit commences after Early Retirement
Date the benefit shall be the actuarial equivalent of the
benefit that would have been paid commencing at Early
Retirement Date.
II.
The is hereby added to Section 2.4(A) of the Plan a new paragraph
(9) which shall read in its entirety as follows:
(9) If A Participant terminates employment under
circumstances that would not otherwise allow him to receive
an immediate distribution of his benefit under the Plan, the
Participant can elect, no later than 90 days following
termination of employment, to receive an immediate
distribution of his benefit, in the form described at
Section 2.4(A)(2) or any of the optional forms described at
Section 3.1.
IN WITNESS WHEREOF, MELAMINE CHEMICALS, INC. has caused this
instrument to be executed in multiple originals by its duly authorized
officer on this 7th day of August, 1997.
WITNESSES: MELAMINE CHEMICALS, INC.
/s/ Keely B. Landry BY /s/ Frederic R. Huber
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/s/ Nila N. Jordan TITLE: PRESIDENT AND CEO
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ACKNOWLEDGEMENT
STATE OF LOUISIANA
PARISH OF ASCENSION
BEFORE ME, the undersigned Notary Public, personally came and
appeared FREDERIC R. HUBER, President and CEO, of Melamine Chemicals,
Inc., who being by me sworn did depose and state that he signed the
foregoing restated Retirement Plan for Employees of Melamine
Chemicals, Inc. as his free act and deed on behalf of Melamine
Chemicals, Inc. for the purposes therein set forth.
/s/ Frederic R. Huber
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SWORN TO AND SUBSCRIBED BEFORE ME
THIS 7TH DAY OF AUGUST, 1997.
/s/ Notary Public
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NOTARY PUBLIC