EXHIBIT 4.8
AMENDMENT NO. 1
TO THE
ASHLAND INC.
EMPLOYEE SAVINGS PLAN
As Restated Effective January 1, 2003
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WHEREAS, Ashland Inc. established the Ashland Inc.
Employee Savings Plan (known as the Ashland Inc. Employee Thrift Plan
before October 1, 1995) originally effective June 1, 1964 for the benefit
of employees eligible to participate therein;
WHEREAS, the aforesaid Plan was amended from time to time
and, as so amended, was completely amended and restated effective October
1, 1976 to comply with the provisions of the Employee Retirement Income
Security Act of 1974;
WHEREAS, the aforesaid amended and restated Plan was
further amended from time to time and was completely amended and restated
effective on October 1, 1980, on October 1, 1983, on October 1, 1985, on
October 1, 1989, on October 1, 1995 on January 1, 1997 and on January 1,
2003;
WHEREAS, Article 20 of the aforesaid amended and restated
Plan, reserves to Ashland Inc. the right to further amend the Plan; and
WHEREAS, Ashland Inc. desires to make further amendments
to the Plan;
NOW, THEREFORE, Ashland Inc. does hereby further amend
the Ashland Inc. Employee Savings Plan, effective January 1, 2003, except
to the extent otherwise noted, in accordance with the following terms and
conditions:
1. Effective as of January 1, 2003, paragraph (b) of Section 7.1 of
the Plan is changed in its entirety as follows:
(b) After June 30, 2003. Effective with respect to an eligible
Member's Basic Contributions made to the Plan from Compensation
processed after June 30, 2003, the Participating Companies shall
contribute to the Trust, in cash or in kind, on behalf of each
Member for whom there are Member Basic Contributions, the amount
derived from the following table:
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Column 1 Column 2
Successive Levels of Member Basic Contributions, as a Participating Company Contributions as a Percentage of each
Percentage of Compensation, to which Levels of Level of Member Basic Contributions in Column 1
Participating Company Contributions Relate
- --------------------------------------------------------------- -------------------------------------------------------------
1. at least 1% and not greater than 5% 1. 110%, to a maximum of 5.5% of Compensation
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Any forfeitures under the Plan shall be used to reduce the amount
of the Participating Companies' contributions that would otherwise
be contributed under this Section 7.1. The determination of the
amount of the aggregate Participating Company contributions, and
the payment thereof, for each payment of Compensation for which a
contribution is to be made shall be made as soon as practicable
after the payment of such Compensation, as arranged, from time to
time, between the Sponsoring Company and the Trustee. Subject to
the limitations of Section 7.2 and Section 7.3 of the Plan, the
Participating Company contributions made with regard to each
Member's Basic Contributions shall be allocated to the Account of
each such Member for the period for which such allocation is being
made with a portion of such contribution invested in Fund A -
Ashland Common Stock Fund and the remainder invested pursuant to
the Member's investment election for contributions of the Member
under Articles 5 and 6 as determined under the following table:
- -------------------------------- ------------------------------ ------------------------------ ------------------------------
Column 1 Column 2 Column 3 Column 4
Member Basic Contributions in Participating Company Portion of Participating Portion of Participating
1 Percentage Point Increments Contributions for each $1 of Company Contributions in Company Contributions in
Member Basic Contributions Column 2 Allocated to the Column 2 Invested on behalf
in Column 1 Member's Account of the Member in Fund A -
Ashland Common Stock Fund
- -------------------------------- ------------------------------ ------------------------------ ------------------------------
1. first 1% of 1. $1.10 1. $ .50 1. $ .60
Compensation
- -------------------------------- ------------------------------ ------------------------------ ------------------------------
2. second 1% of 2. $1.10 2. $ .50 2. $ .60
Compensation
- -------------------------------- ------------------------------ ------------------------------ ------------------------------
3. third 1% of 3. $1.10 3. $ .50 3. $ .60
Compensation
- -------------------------------- ------------------------------ ------------------------------ ------------------------------
4. fourth 1% of 4. $1.10 4. $ .50 4. $ .60
Compensation
- -------------------------------- ------------------------------ ------------------------------ ------------------------------
5. fifth 1% of 4. $1.10 4. $ .50 4. $ .60
Compensation
- -------------------------------- ------------------------------ ------------------------------ ------------------------------
Each Participating Company's share of the aggregate Participating
Company contributions for any period for which an allocation is
made shall equal the sum of the allocations pursuant to this
Section 7.1 of such aggregate Participating Company contributions
to the Accounts of the Members employed by such Participating
Company during such period.
IN WITNESS WHEREOF, the Sponsoring Company has caused this
Amendment No. 1 to the Plan to be executed this 1st day of
April, 2003.
ATTEST: ASHLAND INC.
/s/ Richard Thomas By: /s/ Susan B. Esler
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Secretary Title: Vice President,
Human Resources