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WHEREAS , pursuant to the authority delegated by the
Board of Directors of Sonoco Products Company (the
“Company”) at its meeting on April 15, 2009, the
Sonoco Savings Plan is hereby amended as follows:
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1.
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Effective January 1, 2009,
Section 3.1(a)(2) shall be amended by adding the following
paragraph to the end thereof:
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“Notwithstanding any provision
in this Plan to the contrary:
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(A)
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the
Employer shall not provide Matching Contributions with respect to
Before-Tax Contributions made by a Participant from Compensation
earned on or after June 1, 2009; and
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(B)
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the
“true up” Matching Contribution for the Plan Year
ending December 31, 2009 shall equal the difference (if any)
between (i) the sum of 100 percent of the first
3 percent and 50 percent of the next 2 percent of
Compensation contributed on behalf of the Participant as Before-Tax
Contributions for the period beginning January 1, 2009 and
ending May 31, 2009, and (ii) the amount of Matching
Contributions made for the same five-month period on a pay period
by pay period basis.”
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2.
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Effective June 1, 2009,
Section 3.2(a) shall be amended by adding the following
sentence to the end thereof:
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“Effective June 1, 2009,
the Employer shall not provide Matching Contributions with respect
to Before-Tax Contributions made on behalf of a Participant from
Compensation earned on or after June 1,
2009.”
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3.
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Effective June 1, 2009,
Section 7.2 shall be amended by deleting the second paragraph
thereof and replacing it with the following:
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“Notwithstanding the above,
satisfaction of the ADP Test described in Section 7.2(a) shall
not be required for any Plan Year in which the amount of Matching
Contributions available throughout the entire Plan Year to
Participants who are NHCEs is equal to the Matching Contributions
available under Section 3.1(a)(2) as in effect on
January 1, 2002. In addition, Matching Contributions shall not
be subject to the ACP Test described in Section 7.2(b) for any
Plan Year in which the amount of Matchi
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