AMENDMENT NO. 1 TO THE BADGER PAPER XXXXX, INC.
PROFIT SHARING PLAN AND TRUST FOR UNION EMPLOYEES
This Amendment, executed at Peshtigo, Wisconsin, is by and between Badger
Paper Xxxxx, Inc. ("Employer") and Norwest Bank Minnesota, N.A.
("Trustee"), the Trustee of the Badger Paper Xxxxx, Inc. Profit Sharing
Plan and Trust for Union Employees ("Plan"):
WHEREAS, the Employer and the Trustee are parties to the Plan which was
most recently restated effective July 1, 1994;
WHEREAS, the Employer now adopts Amendment No. 1 to the restated Plan,
which amendment is stated below; and
WHEREAS, the Trustee approves of said amendment to the restated Plan;
NOW, THEREFORE, the Employer and the Trustee adopt the following
amendment, effective as of November 6, 1995, as follows:
FIRST: Section 3.1 is amended by restating the last sentence of the
penultimate paragraph to read as follows:
To implement the foregoing, the Principal Employer will instruct
the Trustee to effectuate a direct trustee-to-trustee transfer
of the Participant's benefits in accordance with Section 6.7 and
the Principal Employer shall establish other uniformly applied
procedures it deems appropriate to administer this Plan to
coordinate the Participant's change in status from union to non-
union or from non-union to union.
SECOND: Chapter 6 is amended by adding a new Section 6.7 to read as
follows:
Section 6.7 - Trustee-to-Trustee Transfer: This Section
6.7 shall apply to each Employee or former Employee whose
employment status with the Employer changes or changed from
union to non-union or from non-union to union ("change in
status").
(a) If an Employee who is a Participant hereunder ceases to
remain eligible to receive allocations of contributions and
Forfeitures pursuant to Section 3.1 on account of a change in
status and becomes a participant in the Badger Paper Xxxxx, Inc.
Profit Sharing Plan and Trust for Non-Union Employees ("Non-
Union Plan"), or if the provisions of Subsection 6.7(c)(i) below
apply, then the Trustee of this Plan shall transfer to the
trustee of the Non-Union Plan all of the benefits hereunder
credited to the Account(s) of such Participant (whether or not
the Participant is fully vested in such Account(s)). Upon the
date of such transfer, the Participant shall no longer be a
Participant under this Plan (until such time, if ever, that the
Employee again becomes a Participant on account of subsequent
allocations to his/her Account(s)). The Trustee shall
effectuate the transfer upon the direction of the Principal
Employer, and the transfer shall occur as soon as
administratively practicable after such direction is given,
giving due regard to administrative concerns, such as Plan
valuation and allocations. All optional forms of benefit and
other protected benefits under Code Section 411(d)(6) with
respect to the transferred benefits, and also the applicable
distribution limitations of Code Section 401(k)(2)(B) with
respect to the transferred benefits, shall be preserved under
the Non-Union Plan.
(b) If an Employee becomes a Participant eligible to receive
allocations of contributions and Forfeitures who was a
participant in the Non-Union Plan and who has benefits credited
to his/her account(s) under the Non-Union Plan, or if the
provisions of Subsection 6.7(c)(ii) below apply, then the
Trustee shall accept from the trustee of the Non-Union Plan the
transfer of benefits credited to the account(s) of such
participant under the Non-Union Plan. The transferred
account(s) maintained for the participant under the Non-Union
Plan will retain their character under this Plan and shall be
credited to identical Account(s) under this Plan (e.g., if a
participant has amounts credited to his/her 401(k) contribution
account under the Non-Union Plan, then such amounts will be
credited to the Participant's existing 401(k) Contribution
Account under this Plan or to a new 401(k) Contribution Account
if the Participant does not at the time of the transfer have
benefits credited to such Account), and all optional forms of
benefits and other protected benefits under Code Section
411(d)(6) under the Non-Union Plan with respect to the
transferred benefits, and also the applicable distribution
limitations of Code Section 401(k)(2)(B), shall be preserved
under this Plan.
(c) If a Participant no longer is an Employee of the Employer
but has benefits credited to his/her Account(s) under this Plan
and also has benefits credited to his/her account(s) under the
Non-Union Plan, then the provisions of this Subsection 6.7(c)
shall apply.
(i) If the Non-Union Plan is the qualified plan
maintained by the Employer in which the Participant
most recently received allocations of contributions
and/or Forfeitures, then the provisions of Subsection
6.7(a) above shall apply.
(ii) If this Plan is the qualified plan maintained by
the Employer in which the Participant most recently
received allocations of contributions and/or
Forfeitures, then the provisions of Subsection 6.7(b)
above shall apply.
(iii) The provisions of this Subsection 6.7(c) shall
equally apply to any Beneficiary of a Participant who
satisfies the requirements of this Subsection.
(d) A transfer pursuant to this Section 6.7 shall not
accelerate or otherwise change the Participant's or
Beneficiary's vested percentage with respect to any of the
Participant's benefits in this Plan or the Non-Union Plan.
(e) With respect to Participants or Beneficiaries who have
amounts credited to their Account(s) as of the date of this
Amendment, any transfer required under this Section 6.7 shall
occur as of November 30, 1995.
IN ALL OTHER RESPECTS, the Plan is hereby ratified and approved.
IN WITNESS WHEREOF, the Employer and the Trustee have caused this
Amendment to be signed by their duly authorized officers on the 13th
day of November, 1995.
BADGER PAPER XXXXX, INC.
By: /s/ Xxxxx X. Xxxxx, Xx.
Xxxxx X. Xxxxx, Xx.
Chairman of the Board & CEO
TRUSTEE: Norwest Bank Minnesota, N.A.
By: /s/
Title: _______________________________
