SEC Contract Filing

Filing Date: 2019-02-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>3
<FILENAME>kai2018ex109serp.htm
<DESCRIPTION>KADANT INC 10-K 12-29-2018 EXHIBIT 10.9 SERP
<TEXT>
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<div><a name="sf250fd254b6f4b9c80a620e5402caa0b"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:6px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.9</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">KADANT INC. RESTORATION PLAN</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment to Terminate Plan</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">Kadant Inc. (the &#8220;Company&#8221;) hereby amends, freezes and terminates the Kadant Inc. Restoration Plan, as amended (the &#8220;Plan&#8221;), pursuant to the resolution freezing and terminating the Plan approved by the Compensation Committee of the Company&#8217;s Board of Directors on October 29, 2018.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1. </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">A new paragraph is added to the end of Article 1 to read in its entirety as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;The Plan is frozen for new benefit accruals and is terminated effective December 29, 2018 (the &#8220;Plan Termination Date&#8221;). A Participant&#8217;s Plan Benefit shall be determined as of the Plan Termination Date and the Participant shall not thereafter accrue any additional Plan Benefit. Distribution of Plan Benefits on account of plan termination shall be made at such date as the Company determines but in all events in accordance with the timing specified under Treasury Regulation section 1.409A-3(j)(4)(ix)(C).&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2. </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">A new Section 2.12A is added immediately following Section 2.12 to read in its entirely as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;2.12A </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Plan Termination Date</font><font style="font-family:inherit;font-size:12pt;">&#32;has the meaning ascribed to it in Article 1 (December 29, 2018).&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3. </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Section 2.14 is amended in its entirety to read as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;2.14 </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Qualified Plan Benefit</font><font style="font-family:inherit;font-size:12pt;">&#32;means the annual benefit payable under the Qualified Plan in the form of a single-life annuity at a Participant&#8217;s Normal Retirement Date or, if later, at the Participant&#8217;s Separation from Service. Notwithstanding the foregoing, in the case of a Participant who has not had a Separation from Service prior to the Plan Termination Date, the Participant&#8217;s Qualified Plan Benefit shall be determined as of the Plan Termination Date. For the avoidance of doubt, in the case of a Participant who is employed by the Company on October 29, 2018, the Participant&#8217;s Qualified Plan Benefit shall be calculated giving effect to any benefit enhancement under Section 3.1A of the Qualified Plan pursuant to the amendment to the Qualified Plan adopted in connection with its termination.&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">So much of Section 5.1 as precedes subparagraph (a) is amended in its entirety to read as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:1