AMENDMENT NUMBER SIX GEORGIA-PACIFIC CORPORATION KEY SALARIED EMPLOYEES GROUP INSURANCE PLAN/ POST 1986 GROUPInsurance Agreement |
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Exhibit 10.38(iii)
AMENDMENT NUMBER SIX
TO THE
GEORGIA-PACIFIC CORPORATION
KEY SALARIED EMPLOYEES GROUP INSURANCE PLAN/
POST 1986 GROUP
(Effective January 1, 1987)
Pursuant to the authority granted to Georgia-Pacific Corporation (the “Company”) to amend the Georgia-Pacific Corporation Key Salaried Employees Group Insurance Plan/Post 1986 Group (the “Plan”) under Section 6.2 of the Plan, the Plan has been amended, effective as of January 1, 2002, to update the eligibility rules and to clarify certain provisions of the Plan as follows:
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1) |
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Section 2.1a. of the Plan is amended and restated as follows: |
“a. Eligibility Criteria. All salaried employees of the Company and its affiliates who meet the following qualifications on their respective participation effective dates as specified in subparagraph b. below shall become Participants in this Plan on such date:
i. The employee is actively at work.
ii. The employee’s combined annual base salary and target bonus (determined as of October 1 of a given year) equals or exceeds the compensation cap under Internal Revenue Code Section 401(a)(17).
iii. The employee is not eligible to participate in the Georgia-Pacific Key Salaried Employees Group Insurance Plan/Pre-1987 Group.”
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2) |
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Section 2.2b. of the Plan is amended and restated to read as follows: |
“b. Maximum Coverage. The maximum coverage for any Participant to be issued under this Plan shall be $1,000,000. A Participant of this Plan may elect additional life insurance coverage under the Georgia-Pacific Corporation LifeChoices Plus Benefits Program (the ‘LifeChoices Plan’); provided, however, the combined maximum coverage for any Participant under this Plan and the LifeChoices Plan shall be $2,000,000.”
