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Exhibit 10.9
FIRST AMENDMENT TO THE
TUSCARORA INCORPORATED AND SUBSIDIARY
COMPANIES SALARIED EMPLOYEES'
MONEY PURCHASE PENSION PLAN
(As amended and restated effective as of September 1, 1989)
WHEREAS, Tuscarora Incorporated (the "Employer") maintains the
Tuscarora Incorporated and Subsidiary Companies Salaried Employees' Money
Purchase Pension Plan, as amended and restated effective as of September 1,
1989 (the "Plan"); and
WHEREAS, the Employer desires to amend the Plan to provide an
additional quarterly contribution for certain employees of the Employer; and
WHEREAS, pursuant to Plan Section 7.1, the Employer has reserved the
right to amend the Plan at any time.
NOW, THEREFORE, the Plan is hereby amended, effective September 1,
1996, as follows:
1. Section 3.1 of the Plan is hereby amended in its entirety to read
as follows:
"3.1 EMPLOYER CONTRIBUTION. As of each quarterly Valuation Date, each
Employer shall contribute to the Trust an amount equal to:
(a) beginning September 1, 1976, four percent (4%);
(b) beginning September 1, 1977, five percent (5%); and
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(c) beginning September 1, 1988, five and one-half percent
(5-1/2%)
of the aggregate Compensation of all Participants during the Plan's fiscal
quarter ending on such Valuation Date; provided, that effective September
1, 1996, each Employer shall contribute, to extent permitted under the Code
and applicable regulations, an additional amount as of each such Valuation
Date equal to the percentage of Compensation of the Participants listed in
Appendix A for the fiscal quarter ending on such date. Employer
contributions made pursuant to subsections (a), (b) and (c) shall be
allocated to each Participant's account in the ratio that each
Participant's Compensation bears to all Participants' Compensation during
the fiscal quarter ending on such Valuation Date. The additional Employer
contribution provided pursuant to Appendix A shall be allocated to each
affected Participant's account based on the percentage of the Participant's
Compensation specified in the Appendix for the quarter. Forfeitures arising
during any Plan Year (including any forfeiture arising by reason of Plan
Section 4.8) which are attributable to contributions made by an Employer
shall be applied to reduce the contribution of such Employer."
2. A new Appendix A is hereby added to the Plan to read as follows:
"APPENDIX A
ADDITIONAL PLAN CONTRIBUTIONS
Effective September 1, 1996, an additional Employer Contribution shall be
made in accordance with Section 3.1 for the following Participants at the
rate of the Participant's Compensation for the fiscal quarter specified
below:
Name of Percentage of
Participant Compensation
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J. O'Leary 7-1/2%
B. Mullins 7-1/2%
J. Brakebill 7-1/2%
D. O'Leary 5-1/2%
R. Margeson 4-1/2%
B. Buettin 1-1/2%"
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3. This Amendment is hereby adopted subject to the condition that the
Plan, as so amended, shall continue to be a tax-qualified retirement plan,
within the meaning of Sections 401(a) and 501(a) of the Internal Revenue Code
of 1986, as amended. In the event it is finally determined that this Amendment
would adversely affect the qualified status of the Plan, then it shall be
deemed null, void and of no effect, as if it had never been adopted.
4. The Plan is hereby ratified and affirmed in all other respects.
IN WITNESS WHEREOF, Tuscarora Incorporated has caused this document to
be executed by its duly authorized officer, this 11th day of October, 1996.
TUSCARORA INCORPORATED
By: /s/ BRIAN C. MULLINS
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Brian C. Mullins,
Vice President and Treasurer
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