Exhibit 10(u)(1)
AMENDMENT TO
ALCOA SUPPLEMENTAL PENSION PLAN FOR SENIOR
EXECUTIVES
1. Effective
January 1, 2009, the following new definitions are added as
follows:
“Specified Employee”
means an employee as defined under written guidelines adopted by
the Company, which comply with Section 409A of the Internal
Revenue Code and any regulations promulgated thereunder.
“Retirement” or
“Retires” means the termination of employment after
becoming eligible for a Normal or Early Retirement type under Rule
IC or Excess B. Notwithstanding the foregoing, to the extent a
Participant is eligible for a Disability Retirement, such
disability must also comply with Section 409A of the Internal
Revenue Code and the regulations promulgated thereunder for
purposes of this Plan. “Retirement” shall also mean any
retirement as may be defined under any executive severance
agreement entered into between the Company and a
Participant.
“Short Term Applicable Rate of
Interest” shall mean the rate prescribed for January of the
year of retirement under Section 1274(d) of the Internal
Revenue Code.
2. Section 2.1 is
restated as follows:
2.1 All Excess Pensions will be
payable to a Participant, or Surviving Spouse as described in
Section 2.2.
3. Section 2.2 is
amended by adding the following after the first
paragraph:
Effective January 1, 2009, all
Excess Pensions not in pay status, will be payable in monthly
installments as provided below:
a. Excess Pensions will be payable
commencing on the last day
