Exhibit 10.41
FIRST AMENDMENT
TO THE
CARAUSTAR INDUSTRIES, INC.
EMPLOYEES’ SAVINGS PLAN
(As Amended and Restated
Effective January 1, 2008)
Pursuant to Section 9.1 of the
Caraustar Industries, Inc. Employees’ Savings Plan, as
amended and restated effective January 1, 2008 (the
“Plan”), Caraustar Industries, Inc. (the
“Company”) does hereby amend the Plan in the following
respects:
The Company wishes to incorporate
language required by the final regulations under Section 415
of the Internal Revenue Code of 1986 (the
“Code”).
THEREFORE:
1. Effective as of January 1,
2008, this 415 Appendix is added to and made an integral part of
the Plan document:
415 APPENDIX TO
CARAUSTAR INDUSTRIES, INC.
EMPLOYEES’ SAVINGS PLAN
A.1. Applicability of
Appendix. This Appendix is effective for Plan Years and
Limitation Years beginning on or after January 1,
2008.
A.2. Supersession of Inconsistent
Provisions. This Appendix supersedes any inconsistent
provisions of the Plan.
A.3 Definition of Compensation
for Code Section 415. For purposes of this Appendix, the
definition of Compensation for purposes of Code Section 415
(referred to in this Appendix as “415 Compensation”)
shall be adjusted for the following types of compensation paid
after a Participant’s severance from employment with the
Employer maintaining the Plan (or any other entity that is treated
as the Employer pursuant to Code Section 414(b), (c),
(m) or (o)); provided, however, that amounts paid after a
Participant’s severance from employment may only be included
in a Participant’s 415 Compensation to the extent such
amounts are paid by the later of 2-1/2 months after severance from
employment or by the end of the limitation year that includes the
date of such severance from employment.
(a) Post-Severance Compensation
Included in 415 Compensation . 415 Compensation shall include
regular pay after severance of employment from the Employer
if:
(1) The payment is regular
compensation for services during the Participant’s regular
working hours, or compensation for
1
services outside the
participant’s regular working hours (such as overtime or
shift differential), commissions, bonuses, or other similar
payments; and
(2) The payment would have been paid
to the Participant prior to a severance from employment if the
Participant had continued in employment with the
Employer.
(b) Post-Severance Compensation
Excluded From 415 Compensation . Except as provided in
subsection (a) above, all other types of compensation paid to
the Participant after the Participant’s
