Exhibit 10.2

 

 

SECOND AMENDMENT TO THE
QUANEX CORPORATION 401(k) SAVINGS PLAN FOR HOURLY EMPLOYEES

 

THIS AMENDMENT by QUANEX CORPORATION (the “Sponsor”),

 

WITNESSETH:

 

WHEREAS, on February 22, 2002, the Sponsor executed the amendment and
restatement of the Plan known as the “Quanex Corporation 401(k) Savings Plan for
Hourly Employees” (the “Plan”);

 

WHEREAS, pursuant to Section 13.01 of the Plan, the Sponsor has the right to
amend the Plan; and

 

WHEREAS, the Sponsor desires to amend the Plan to exclude interns and students
from the eligibility provisions of the Plan;

 

NOW, THEREFORE, the Sponsor agrees that, effective as of July 1, 2003, Section
1.17 of the Plan is amended to provide as follows:

 

1.17         Eligible Employee.  means an Employee who is (1) compensated by the
Sponsor on an hourly basis and (2) is included in a unit of employees covered by
the Teamsters Collective Bargaining Agreement.  Effective July 1, 1999,
“Eligible Employee” also means an Employee who (1) is compensated on an hourly
basis by Nichols Aluminum Alabama, Inc., a Delaware corporation, and (2) is
included in a unit of employees covered by the Steelworkers Collective
Bargaining Agreement.  Effective July 1, 2001, “Eligible Employee” also means an
Employee who (1) is compensated on an hourly basis by Temroc Metals, Inc., a
Minnesota corporation, and (2) is included in a unit of employees covered by the
UAW Collective Bargaining Agreement.  During any period in which an individual
is classified by an Employer as an intern or student with respect to such
Employer, the individual is not eligible to participate in the Plan.

 

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IN WITNESS WHEREOF, the Sponsor has executed this Amendment this 2nd day of
June, 2003, effective as of July 1, 2003.

 

 

 

QUANEX CORPORATION

 

 

 

 

 

By  :

  /s/ Paul Giddens

 

 

 

 

Title: 

   Vice President – Human Resources

 

 

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