Exhibit 10(x)(1)
FIRST AMENDMENT
TO
OGLEBAY NORTON COMPANY
CAPITAL ACCUMULATION PLAN
WHEREAS, the Oglebay Norton Company Capital Accumulation Plan was
established effective as of January 1, 2000; and
WHEREAS, it is desired to amend the Plan for the purpose of modifying
provisions relating to deferral elections and for other purposes;
NOW, THEREFORE, the Plan is hereby amended, effective as of January 1,
2001, in the respects hereinafter set forth.
1. Section 3.01(b) of the Plan is amended and restated to provide as
follows:
b) Acknowledgment of Eligibility and Election to Participate. Each
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eligible employee shall acknowledge his or her eligibility to
participate in the Plan at such time and in such form as the
Committee may require or permit. An eligible employee may elect to
become a Participant with respect to a Plan Year and subsequent
Plan Years by filing a properly completed Agreement with the
Committee no later than December 1st ( or such other date not
later than December 31st as the Committee may permit) of the
calendar year preceding such initial Plan Year. An eligible
employee shall become a Participant with respect to a Plan Year
and subsequent Plan Years upon acceptance of his or her Agreement
by the Committee. An Agreement, once accepted by the Committee,
shall be irrevocable with respect to any Plan Year after such Plan
Year has begun, but may be revoked or modified by December 1st (or
other such other date not later than December 31st as the
Committee may permit) of the calendar year preceding the Plan Year
in which the Participant desires a new Agreement to take effect or
desires to revoke his Agreement.
2. Section 3.02 of the Plan is amended and restated to provide as
follows:
3.02 Deferral of Salary, Bonus, and/or LTIP Payment. A Participant
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may elect to defer between zero percent (0%) and fifty percent
(50%) of his or her Salary in ten percent (10%) increments
during a Plan Year. In addition, a Participant may elect to
defer between zero percent (0%) and one hundred percent (100%)
of his or her Bonus payable during a Plan Year in ten percent
(10%) increments. In addition, a Participant may elect to defer
between zero percent (0%) and one hundred percent (100%) of his
or her LTIP Payment payable during a Plan Year in ten percent
(10%) increments. At the time of election, a Participant may
elect to defer a different percentage of his or her Salary,
Bonus, and/or LTIP Payment for each Plan Year and may also elect
not to defer any portion of his or her Salary, Bonus, and/or
LTIP Payment in a Plan Year.
A Participant may make an annual election for an upcoming Plan
Year no more than once per Plan Year, and by December 1st (or
other such other date not later than December 31st as the
Committee may permit) of the year preceding the Plan Year for
which the election is being made. If no such election is made by
the Participant, the prior Plan Year's election will continue to
be effective for the next Plan Year. Except as provided in
Sections 4.04, 4.07 and 4.10, any election made by a Participant
shall be irrevocable with respect to Salary, Bonus, and LTIP
Payment applicable to the Plan Year. A Participant who does not
file an Agreement for a Plan Year may file an Agreement for any
subsequent Plan Year for which he or she is eligible to
participate in the Plan.
3. Section 4.03 of the Plan is amended and restated to provide as
follows:
4.03 Distribution on Termination of Service. Upon the Termination of
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Service of a Participant prior to his or her Retirement Date for
reasons other than death or Disability, distribution of the
Participant's Deferred Compensation Account shall be made as
soon as practicable and in any event within ninety (90) days
after such Termination of Service, in a single lump-sum,
notwithstanding the provisions of Section 4.05. Upon a
Termination of Service prior to his or her Retirement Date or
death or Disability, the Participant shall immediately cease to
be eligible for any other benefit provided under this Plan.
4. Section 8.05 of the Plan is amended and restated to provide as
follows:
8.05 Protective Provisions. In order to facilitate the payment of
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benefits hereunder, each employee designated eligible to
participate in the Plan, shall cooperate with the Company by
furnishing any and all information requested by the Company,
including taking such actions as may be reasonably requested by
the Company. If an employee refuses to cooperate, he or she
shall not become a Participant in the Plan and the Company shall
have no further obligation to him or her under the Plan. In the
event a Participant has a balance in his or her Deferred
Compensation Account, the Participant or his or her Beneficiary
shall receive a benefit equal to his or her Deferred
Compensation Account determined pursuant to Section 3.08 and
paid in accordance with Section 4.03.
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EXECUTED this ________ day of January, 2001.
OGLEBAY NORTON COMPANY
By: Ronald J. Compiseno
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Title: Vice President, Human Resources