EXHIBIT 4.24
FIRST AMENDMENT TO
DRYPERS CORPORATION 401(K) PLAN
WITNESSETH:
WHEREAS, on June 28, 1994, the Sponsor executed the Plan Agreement known as
"Drypers Corporation 401(k) Plan" (the "Plan"); and
WHEREAS, the Sponsor retained the right in Section 11.1 of the Plan to
amend the Plan from time to time; and
WHEREAS, the Board of Directors of the Sponsor approved resolutions on the
8th day of July 1996, to amend the Plan;
NOW, THEREFORE, the Plan is hereby amended as follows:
1. Section 3.1 of the Plan is amended in its entirety effective August 1,
1996, to read as follows:
3.1 ELIGIBILITY REQUIREMENTS. Effective August 1, 1996, each
Employee shall be eligible to participate in this Plan beginning on the
first day of the month which starts with or next follows the later of (a)
the effective date of the adoption of this Plan by the Employer, (b) the
date the Employee attains age 18 or (c) the date during the Computation
Period on which the Employee completes 1,000 Hours of Employment in that
Computation Period, but in no event less than six months from the
Employee's first day of employment. However, all Employees who are
included in a unit of Employees covered by a collective bargaining
agreement between the Employees' representative and the Employer shall be
excluded, even if they have met the requirements for eligibility, if there
has been good faith bargaining between the Employer and the Employees'
representative and the collective bargaining agreement does not require the
Employer to include those Employees in this Plan.
2. Section 4.10 of the Plan is amended effective January 1, 1991, by
deleting the last paragraph thereof and substituting the following:
If the limitation would be exceeded for any Plan Year, before the
close of the following Plan Year the Actual Deferral Percentage or
Contribution Percentage of the eligible Highly Compensated Employees, or a
combination of both, shall be reduced by distributions made in the manner
described in the Regulations. These distributions shall be in addition to
and not in lieu of distributions required for Excess 401(k) Contributions
and Excess Aggregate 401(m) Contributions.
IN WITNESS WHEREOF, the Sponsor has executed this Agreement this
8th day of July, 1996.
DRYPERS CORPORATION
By /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
Chairman and Co-Chief Executive Officer
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