EX-10.1



 Exhibit 10.1 

[logo] winterthur 
 Occupational
benefits 
 Occupational benefits fund regulations 
 Pension
scheme for 
 BVG-basic benefits 
 Valid from
01.09.2010 
 Glatfelter 
 Switzerland.S.a.r.l. 

c/o KPMG SA 
 1206 Geneve 

Employee 
 Contract no. 2/203422/DD 

AXA 
 LPP Foundation 

Lausanne 








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	1.	Fundamentals 

  

	1.1.	Pension fund regulations 

 The occupational benefits fund regulations contain the basic principles and the
general provisions relating to the occupational benefits plan. 
  

	1.2.	Occupational benefits plan 

 The occupational benefits plan is an integral part of the occupational benefits
fund regulations. It contains the individual provisions with respect to benefits and how the occupational benefits plan will be financed. 
  

	1.3.	Eligibility 

 All employees shall be admitted to the occupational benefits insurance plan. 

Enrollment is effective if an insured person draws an annual AHV/AVS salary above 3/4 of the maximum AHV/AVS retirement pension and the employment contract is
open-ended or limited to a period of more than three months. 
 Furthermore, enrollment in the fund takes place if several consecutive engagements with the
same employer last more than three months in total and if none of the interruptions exceeds three months. 
 The minimum salary with which part-time
employees qualify for enrollment in the fund is reduced in proportion to the number of normal working hours. 
  

	1.4.	Date of enrollment 

 Enrollment in the occupational benefits plan takes place when the prerequisites according
to BVG are fullfilled. 
  

	1.5.	Retirement age 

 Retirement age is reached on the first day of the month following the 65th birthday (men) or
64th birthday (women). 
  

	1.6.	Annual salary 

 Annual salary is the last known AHV/AVS salary including any changes to date in the current
year. 








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	1.7.	Pensionable salary 

 The pensionable salary equals the annual salary minus a co-ordination deduction. 

The co-ordination deduction from the annual salary is 7/8 of the maximum AHV/AVS retirement pension. 

The co-ordination deduction for part-time employees is reduced in relation to the number of normal working hours. 

The pensionable salary equals at least the BVG/LPP minimum salary. 

An insured person who also works for one or more other employers may not insure the income received from these external employers under these regulations.

  

	1.8.	Notification requirements 

 In particular, the insured are required to notify their employer (for the attention
of the foundation) of any change in marital status. 
 If the insured belongs to more than one pension fund and the sum of his/her salaries and income
subject to AHV/AVS contributions is more than ten times the upper BVG/LPP limit, he/she must inform the foundation of all his/her pension fund memberships and the salary and income insured with each fund. 








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	2.	Pension fund benefits 

  

	2.1.	Retirement benefits 

  

	2.1.1.	Retirement pension 

 The amount of the annual retirement pension is based on the accrued retirement assets on
the retirement date and is calculated using the currently valid pension conversion rates. 
 If additional benefits were purchased to finance early
retirement, the resulting retirement pension is paid out in addition. 
 The statutory conversion rate applies to the benefits prescribed by the BVG/LPP.
The conversion rate for extra-mandatory benefits is determined by the Board of Trustees. 
 The Foundation informs the insured of the applicable conversion
rates every year. 
  

	2.1.2.	Retirement credits 

 Annual retirement credits are determined according to the following rates: 

 

							
	Age (women)	  	Age (men)	  	Rate in % of the
pensionable salary	 
			
	 25- 34
	  	25- 34	  	 	13	  
	 35- 44
	  	35- 44	  	 	17	  
	 45- 54
	  	45- 54	  	 	21	  
	 55- 64
	  	55- 65	  	 	25	  

 The Board of Trustees determines the interest rates for retirement assets by taking into account the minimum BVG/LPP interest
rate. 
 The Foundation shall inform annually about the interest rates that apply. 
  


	2.1.3.	Pensioner’s child’s pension 

 The annual pensioner’s child’s pension equals 20% of the
retirement pension. 
 The final age at which an individual is still eligible for a pension is 20. 

Children shall be eligible for benefits while they go to school and for as long as they have not completed their education or are at least 70% disabled but
not later than their 25th birthday. 








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	2.2.	Disability benefits 

  

	2.2.1.	Disability pension 

 The full annual disability pension equals 67% of the annual salary. 

The waiting period is 24 months. 
  

	2.2.2.	Disabled person’s child’s pension 

 The full annual disabled person’s child’s pension
equals the amount of the orphan’s pension. The waiting period is 24 months. 
 The final age at which an individual is still eligible for a pension is
20. 
 Children shall be eligible for benefits while they go to school and for as long as they have not completed their education or are at least 70%
disabled, but not later than their 25th birthday. 
  

	2.2.3.	Waiver of contributions 

 Entitlement to the waiver of contributions arises after a waiting period of 3 months.

  

	2.2.4.	Retirement assets purchased to finance early retirement 

 The retirement assets accumulated through purchases
of additional benefits to finance early retirement and the resulting prospective retirement pension/prospective retirement capital are not taken into account when calculating the disability benefits. 

 

	2.3.	Benefits payable at death 

  

	2.3.1.	Surviving spouse’s pension (Extended coverage) 

 The annual surviving spouse’s pension equals 

 

	•	 	before reaching retirement age 40% of the annual salary. 

  

	•	 	after reaching retirement age 60% of the retirement pension. 

 Entitlement to a surviving spouse’s pension
expires either at death of the eligible person or if he/she remarries before the age of 45. 








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	2.3.2.	Surviving partner’s pension 

 The annual surviving partner’s pension is 100% of the surviving
spouse’s pension. 
 Entitlement to a surviving partner’s pension expires at death, unless the eligible person marries before the age of 45. 

 

	2.3.3.	Orphan’s pension 

 The annual orphan’s pension equals 

 

	•	 	before reaching retirement age 20% of the disability pension, 

  

	•	 	20% of the current retirement pension after reaching retirement age. 

 The final age at which an individual is
still eligible for a pension is 20. 
 Children shall be eligible for benefits while they go to school and for as long as they have not completed their
education or are at least 70% disabled, but not later than their 25th birthday. 
  

	2.3.4.	Lump sum payable at death 

 The lump sum payable at death equals the accrued retirement assets at the end of
the insurance year in which death occurs, reduced by the amount required to finance the surviving partner’s pension. In the case of married insured the lump sum payable at death is reduced by the amount required to finance the surviving
spouse’s pension. 
 If additional benefits were purchased to finance early retirement, the resulting retirement assets are paid out in the form of an
additional lump sum payable at death. 
  

	2.3.5.	Retirement assets purchased to finance early retirement 

 The retirement assets accumulated through purchases
of additional benefits to finance early retirement and the resulting prospective retirement pension/prospective retirement capital are not taken into account when calculating the survivors’ pensions. 

 

	2.4.	Co-ordination with the accident and military insurance 

 In co-ordination with the accident or military
insurance, the occupational pension scheme provides at most the statutory minimum benefits in the case of an accident. 
 Entitlement to the waiver of
contributions, the surviving partner’s pension and the lump sum payable at death is independent of whether disability or death was caused by illness or accident. 








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	2.5.	Lump sum payment 

 The insured person may choose to draw part or all of the retirement pension in the form of a
lump sum. A corresponding declaration must be submitted before the first pension payment is due. 
 If additional service years were purchased, the
retirement benefits purchased with this sum may be drawn only in the form of a pension during the next three years. 
 In the case of a partial lump sum
withdrawal, the extra-mandatory portion of retirement assets is used first; the mandatory portion is used only if extra-mandatory assets are insufficient. Retirement assets of benefits purchased within the last three years are not taken into
account. 
 Any claims to pension benefits shall lapse to the extent of the lump-sum payment. 

If the insured person is married, the lump sum withdrawal of the retirement pension, in part or in full, must be approved in writing by the spouse. The
insured may appeal to the court if consent cannot be obtained or if it is refused. 
 A lumpwsum payment is possible instead of a surviving spouse’s or
surviving partner’s pension. 
  

	2.6.	Registered partnership 

 Within the meaning of the Federal Law on the Registration of Partnerships for Same-Sex
Couples of 18.06.04, registered partnerships and partners have equal status as marriages and spouses. 
  

	3.	Vested benefits 

 Members leaving the pension scheme before becoming eligible for a pension are entitled
to vested benefits. The total vested benefits are equal to the retirement assets accrued. Vested benefits are transferred to the new pension scheme. 
  

	4.	Financing 

  

	4.1.	Total outlay 

 Total expenses include contributions for retirement benefits, contributions for risk benefits,
expense loadings and contributions to the Security Fund. 
 The risk contributions are composed of the contributions for disability benefits and death
benefits. The risk contributions also include the costs for adjusting the statutory disability and survivors’ pensions to inflation. 








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	4.2.	Contributions 

 The staff pension scheme is collectively financed by insured and employer contributions. 

Annual member contributions equal: 
 50% of
contributions for retirement benefits 
 50% of contributions for risk benefits 

50% of expense loadings 
 50% of
contributions to the Security Fund 
 Contributions are deducted directly from salary by the employer. The level of contributions is indicated on the
personal insurance certificate. 
 The employer contributes annually: 
  

	•	 	the balance of the total outlay minus contributions by the insured. 

  

	5.	Entry into force 

 The pension scheme comes into force on 01.09.2010.