Document:

Exhibit 10.4

 

Exhibit 10.4

Sixth Amendment to the

Bowater Incorporated

Retirement Plan for Outside Directors

As Amended and Restated Effective February 26, 1999

     WHEREAS, Bowater Incorporated (the “Corporation”) previously amended and restated the
Retirement Plan for Outside Directors as of February 26, 1999 (the “Plan”);

     WHEREAS, Section 8.06 of the Plan permits the Corporation to amend the Plan;

     WHEREAS, pursuant to the Fourth Amendment, the Plan was frozen to new participants and
benefits were frozen effective May 11, 2005 for all participants except those participants who were
permitted to make an election, and so elected, to continue participating in the Plan; and

     WHEREAS, the Board desires to amend the Plan to provide that: (1) no retirement benefits shall
be payable under the Plan with respect to participants whose benefits were frozen as of May 11,
2005, and (2) all benefits for participants who continue to participate in the Plan shall be
distributed in a lump sum when a participant incurs a separation from service (within the meaning
of Internal Revenue Code Section 409A).

     NOW, THEREFORE, the Plan is amended, effective as of the dates set forth below, in the
following respects:

     1. The Preamble is amended, effective as of January 1, 2005, by adding a new paragraph at the
end thereto to read as follows:

	 	 	“Code Section 409A
	 
	 	 	Notwithstanding any other provision of the Plan to the contrary, effective as of January 1,
2005, all benefits payable under the Plan shall be subject to Internal Revenue Code Section
409A (‘Code Section 409A’) and the Treasury Regulations promulgated thereunder. For such
amounts, the Plan shall be interpreted and administered consistent with Code Section 409A
and the Treasury Regulations promulgated thereunder.”

     2. Section 1.15 of the Plan is amended, effective as of January 1, 2005, to read as follows:

	 	“1.15	 	RETIRE: A ‘separation from service’ (within the meaning of Code Section 409A
and the Treasury Regulations promulgated thereunder) for any reason other than death.
A change in status which does not interrupt Continuous Service under Section 1.06 shall
not constitute a separation from service for purposes of this Section.”

 

 

     3. Article 3 is amended and restated in its entirety, effective as of January 1, 2005, to read
as follows:

	 	 	“ARTICLE 3: COMMENCEMENT OF RETIREMENT INCOME
	 
	 	 	A Participating Director shall receive a lump sum payment of his retirement income benefits
(determined in accordance with Article 4) as soon as administratively possible following the
date on which the Participating Director Retires. Notwithstanding anything in the Plan to
the contrary, effective as of August 31, 2006, no retirement income benefits shall be
payable to any Participating Director who began participation in the Outside Directors’
Stock-Based Deferred Fee Plan, effective as of May 11, 2005 (the ‘Stock-Based Plan’)
(including any Participating Director who elected to participate in such plan). The value
of the retirement income benefits for such Participating Directors and related Stock Units
(as defined in the Stock-Based Plan) shall be determined, credited to and payable under the
Stock-Based Plan pursuant to the terms of such plan.”

     4. Article 4 is amended and restated in its entirety, effective as of January 1, 2005, to read
as follows:

	 	 	“ARTICLE 4: AMOUNT AND FORM OF RETIREMENT INCOME DISTRIBUTION

	 	4.01	 	NORMAL RETIREMENT BENEFITS: If the Participating Director Retires on the first
day of the month following his attainment of age sixty-five (65), the retirement income
benefit payable under this Plan shall equal ten percent (10%) of the Participating
Director’s Final Average Earnings multiplied by the Participating Director’s years of
Service in Continuous Service up to a maximum of 10 with proportionate credit for
completed months.
	 
	 	4.02	 	EARLY RETIREMENT BENEFITS: If the Participating Director Retires on or after
the first day of the month following his attainment of age fifty-five (55) but prior to
the first day of the month following his attainment of age sixty-five (65), his
retirement benefits will be based on his accrued benefit determined under Section 4.01
as of the date of his early retirement. Such benefits shall be actuarially reduced for
the period (if any) by which the commencement of benefits precedes the first day of the
month following the Participating Director’s sixty-fifth (65th) birthday.
The mortality table used for purposes of calculating the actuarial reduction hereunder
shall be the Unisex Pension Table, 1984 (set forward one year) and the assumed interest
rate shall be eight percent (8%) per annum.
	 
	 	4.03	 	POSTPONED RETIREMENT BENEFITS: If the Participating Director Retires after the
first day of the month following his attainment of age sixty-five (65), the retirement
benefit will be based on his accrued benefit determined under Section 4.01 as of the
date of his termination of Service. Such benefits shall not be actuarially increased
to reflect commencement subsequent to the attainment of age sixty-five (65).

2

 

	 	4.04	 	LUMP SUM PAYMENT: The benefit payable shall be distributed in a single lump
sum payment computed using the applicable mortality table defined in Internal Revenue
Code Section 417(e)(3)(A)(ii)(I) and an interest rate to be the same as established
under the Supplemental Benefit Plan for Designated Employees of Bowater Incorporated
and Affiliated Companies prior to the commencement of each calendar year for the
calendar year in which the distribution occurs.”

     5. Section 6.02 is deleted effective as of January 1, 2005.

* * *

     IN WITNESS WHEREOF, the Board has caused this Sixth Amendment to the Plan to be executed by a
duly authorized officer this 10th day of October, 2006.

	 	 	 	 	 
	 

	 	BOWATER INCORPORATED
	 

	 

	 	By:
	 	/s/ James T. Wright
	 

	 	 	 	 
	 

	 	 	 	James T. Wright

Executive Vice President — Human Resources

3Exhibit 10.5

 

Exhibit 10.5

Third Amendment to the

Bowater Incorporated Compensatory Benefits Plan

As Amended and Restated Effective February 26, 1999

     WHEREAS, Bowater Incorporated (the “Company”) previously amended and restated the Bowater
Incorporated Compensatory Benefits plan as of February 26, 1999 (the “Plan”);

     WHEREAS, Section 10 of the Plan permits the Human Resources and Compensation Committee of the
Board of Directors of the Company (the “HRCC”) to amend the Plan; and

     WHEREAS, the HRCC desires to amend the Plan to provide that no new employees will participate
in the Plan effective as of January 1, 2005.

     NOW, THEREFORE, the Plan is amended, effective as of January 1, 2005, in the following
respects:

     1. Section 1 is amended by adding a new paragraph at the end thereto to read as follows:

     “Effective as of January 1, 2005, the Company established the Bowater Incorporated
Supplemental Retirement Savings Plan (the ‘Supplemental Savings Plan’) as a new nonqualified
deferred compensation plan and as a replacement plan for the portion of the Plan that maintained
account balances during the 409A transition period that are subject to provisions of Code Section
409A. As a result, no new employees shall participate in the Plan effective as of January 1, 2005,
but shall begin participation in the Supplemental Savings Plan if otherwise eligible pursuant to
the terms of the Supplemental Savings Plan.”

     2. Section 3 is amended by adding the following to the end thereto to read as follows:

     “Notwithstanding anything in the Plan to the contrary, effective as of January 1, 2005, no new
Eligible Employees shall participate in the Plan.”

* * *

     IN WITNESS WHEREOF, the HRCC has caused this Third Amendment to the Plan to be executed by a
duly authorized officer this 10th day of October, 2006.

	 	 	 	 	 
	 

	 	BOWATER INCORPORATED
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James T. Wright
	 

	 	 	 	 
	 

	 	 	 	James T. Wright

Title: Executive Vice President — Human ResourcesExhibit 10.6

 

Exhibit 10.6

Fourth Amendment to the

Bowater Incorporated Benefits Equalization Plan

As Amended and Restated Effective February 26, 1999

     WHEREAS, Bowater Incorporated (the “Company”) previously amended and restated the Bowater
Incorporated Benefits Equalization Plan as of February 26, 1999 (the “Plan”);

     WHEREAS, Section 9 of the Plan permits the Human Resources and Compensation Committee of the
Board of Directors of the Company (the “HRCC”) to amend the Plan; and

     WHEREAS, the HRCC desires to amend the Plan to: (1) freeze participation and Plan benefits as
of January 1, 2007 for those participants who are younger than age 55 and whose age plus years of
service total less than 70 (“non-grandfathered participants”) and (2) provide that no new employees
shall be eligible to participate in the Plan after December 31, 2006.

     NOW, THEREFORE, the Plan is amended, effective as of January 1, 2007, in the following
respects:

     1. Section 1 is amended by adding a new paragraph at the end thereto to read as follows:

     “Effective as of January 1, 2007, the Plan will be frozen to new, otherwise eligible employees
and to active participants who are less than age 55 and whose age plus years of service total less
than 70 (determined as of December 31, 2006). The Plan, as may be amended from time to time, will
continue for participants who are age 55 or older or whose age plus years of service equal or
exceed 70 (determined as of December 31, 2006).”

     2. Section 3 is amended by adding the following at the end thereto to read as follows:

     “Notwithstanding anything in the Plan to the contrary, effective as of January 1, 2007,
Participants who are less than age 55 and whose age plus Years of Service (determined under the
Funded Plans) total less than 70 (determined as of December 31, 2006) shall cease to actively
participate in the Plan, and all benefits shall cease to accrue for such Participants. No
additional compensation (within the meaning of the Funded Plans) or Years of Service earned by such
a Participant after December 31, 2006 shall be applied to determine the amount of the Participant’s
benefits pursuant to Section 4. In addition, effective as of January 1, 2007, no new Eligible
Employees shall be eligible to participate in the Plan.”

* * *

[signature page follows]

 

 

     IN WITNESS WHEREOF, the HRCC has caused this Fourth Amendment to the Plan to be executed by a
duly authorized officer this 10th day of October, 2006.

	 	 	 	 	 
	 

	 	BOWATER INCORPORATED
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James T. Wright
	 

	 	 	 	 
	 

	 	 	 	James T. Wright

Title: Executive Vice President — Human Resources

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