EXHIBIT 4.8
Non-Standardized Profit Sharing/Thrift Plan With 401(k) Feature
Adoption Agreement Number 001-03
This Adoption Agreement, when executed by the Employer and accepted by the Plan
Administrator, and the Trustee, if applicable, and accepted by Connecticut
General Life Insurance Company, establishes the Employer's Plan and Trust, if
applicable, for the benefit of its eligible Employees and their Beneficiaries.
The terms of the Connecticut General Life Insurance company Defined Contribution
Plan are expressly incorporated therein and shall form a part hereof as fully as
if set forth herein except that if more than one election is provided, only the
election made by the Employer shall be so incorporated. The terms of the Plan so
incorporated together with the terms of this Adoption Agreement shall constitute
the sole terms of the Employer's Plan and Trust, if applicable, and no further
trust instrument or other instrument of any nature whatsoever shall be required.
The Employer's participation under the Plan shall be subject to all the terms
set forth therein and in this Adoption Agreement.
* Note: Section 414(d) governmental plans and section 414(e) nonelecting church
plans that do not wish to provide ERISA-required benefits should not adopt this
document.
Plan Document GENERAL INFORMATION
Section
Legal Name of Employer: VTEL Corporation
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Address: 000 Xxxx Xxxxx Xxxx
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City: Austin State: TX Zip: 78746
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Plan Name: VTEL Corporation 401(k) Plan
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Plan Number: 001
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*To be assigned by the Employer. For example: 001, 002,
and so on.
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Employer's EIN: 7402415696
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Classification of Business:
|X| C Corporation |_| S Corporation |_| Partnership
|_| Sole Proprietorship |_| Tax-Exempt/Nonprofit
Organization
|_| Other:
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September 24, 1997
Plan Document GENERAL INFORMATION
Section
Employer Tax Status:
Tax Year Ends (MM/DD): 12/31
Tax Basis: |X| Cash |_| Accrual
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1.20 Effective Date
The adoption of the CONNECTICUT GENERAL LIFE INSURANCE
COMPANY Non-Standardized Profit Sharing/Thrift Plan with
401(k) Feature shall:
|_| A. Establish a new Plan effective as of (MM/DD/YY):
|X| B. Constitute an amendment and restatement in its
entirety of a previously established Qualified
Plan of the Employer which was effective 1 / 1 /
90 (hereinafter called the "Effective Date"). The
effective date of this amendment and restatement
is 12 / 31 / 97.
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Merger Data
This Plan includes funds from a prior or coincidental
merger of a:
|_| A. Money Purchase Plan
|_| B. Target Benefit Plan
|X| C. Not Applicable
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Sponsoring Organization:
Connecticut General Life Insurance Company
X.X. Xxx 0000
Xxxxxxxx, XX 00000
(000) 000-0000
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September 24, 1997
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Table of Contents
Article Page
I. NONTRUSTEED, TRUST AND TRUSTEE................................. 4
II. PLAN ADMINISTRATOR............................................. 4
III. PLAN YEAR...................................................... 5
IV. COMPENSATION................................................... 6
V. HIGHLY COMPENSATED EMPLOYEE.................................... 7
VI. SERVICE........................................................ 8
VII. ELIGIBILITY REQUIREMENTS....................................... 10
VIII. ENTRY DATE..................................................... 13
IX. VESTING........................................................ 15
X. CONTRIBUTIONS.................................................. 18
XI. CONTRIBUTION PERIOD............................................ 28
XII. ALLOCATION OF CONTRIBUTIONS.................................... 29
XIII. LIMITATIONS ON ALLOCATION...................................... 31
XIV. INVESTMENT OF PARTICIPANT'S ACCOUNTS........................... 32
XV. LIFE INSURANCE................................................. 32
XVI. EMPLOYER STOCK................................................. 33
XVII. WITHDRAWALS PRECEDING TERMINATION.............................. 34
XVIII. LOANS TO PARTICIPANTS, BENEFICIARIES AND PARTIES-IN-INTEREST... 38
XIX. RETIREMENT AND DISABILITY...................................... 39
XX. DISTRIBUTION OF BENEFITS....................................... 40
XXI. QUALIFIED PRERETIREMENT SURVIVOR ANNUITY....................... 41
XXII. AMENDMENT TO THE PLAN.......................................... 41
XXIII. TOP-HEAVY PROVISIONS........................................... 42
XXIV. OTHER ADOPTING EMPLOYER........................................ 44
September 24, 1997
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Plan Document I. NONTRUSTEED, TRUST AND TRUSTEE.
Section
* The Plan must have a Trustee if the Employer has elected Employer Stock,
Loans, investment in Life Insurance, and/or any investment other than through a
contract with Connecticut General Life Insurance Company.
* If the plan is trusteed, the Employer must apply for a Trust Tax
Identification Number, unless the Trust already has obtained one, even if CG
Trust Company has been appointed as the Plan's Trustee.
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The Plan is:
1.39 |_| A. Nontrusteed.
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1.73, 1.74 |_| B. Trusteed and Trustees are:
Trustee(s)
Name(s):
----------------------------------------
Address:
----------------------------------------
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City: St: Zip:
--------------- --------- ----------
Trust EIN:
----------------------------------------
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1.73, 1.74 |X| C. Trustee and CG Trust Company has been appointed
as the Plan's Trustee.
Trust
Name: CG Trust Company
Address: 000 Xxxx Xxxxxx Xx., Xxxxx 0000
Xxxxxxx, XX 00000-0000
Employer's Trust EIN: 362-755954
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Plan Document II. PLAN ADMINISTRATOR
Section
1.50 The Plan Administrator is:
Name: Xxxxxx Xxxxx
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Address: VTEL Corporation
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000 Xxxx Xxxxx Xxxx
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City: Austin State: TX Zip: 78746
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September 24, 1997
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Plan Document III. PLAN YEAR
Section
1.51 A. The Plan Year will mean:
|_| 1. The 12-consecutive-month period commencing
on (MM/DD/YY) / / and each anniversary
-- -- --
thereof except that the first plan year will
commence on (MM/DD/YY) / / .
-- -- --
*This election may be made only for new
plans.
|X| 2. The 12-consecutive-month period commencing
on (MM/DD/YY) 1/ 1/98 and each anniversary
-- -- -- thereof.
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September 24, 1997
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Plan Document IV. COMPENSATION
Section
* (i) Election of options 1-6 below does not require a separate nondiscrimi-
nation test.
* (ii) If option 1, 2, or 3 is elected, you must elect the same definition of
Compensation in Section XIII, Limitations on Allocations.
* (iii) Options 1-6 include lump sum amounts and/or cash bonuses. These
amounts are included in compensation in the year in which paid.
* (iv) This compensation definition is for purposes of allocating g contribu-
tions under the Plan. For nondiscrimination testing, the Employer may
use any definition of compensation that is based upon Code section
414(s) or 415(c)(3). Use of options 7, 8, or 9 for nondiscrimination
testing requires that the employer satisfy a separate compensation
nondiscrimination test.
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A. Indicate the number of the Compensation definition
that will be used for allocating each type of
contribution.
Elective Deferral Contributions: 4
---------
Matching Contributions: 4
---------
Nonelective Contributions: 4
---------
Employee Contributions: 4
---------
1.12 For purposes of allocating contributions, Compensa-
tion means:
1.12(a) 1. Wages, Tips and Other Compensation Box on Form
W-2.
1.12(b) 2. Section 3401(a) wages.
1.12(c) 3. 415 safe-harbor compensation.
1.12(d) 4. Modified Wages, Tips, and Other Compensation Box
on Form W-2.
1.12(e) 5. Modified section 3401(a) wages.
1.12(f) 6. Modified 415 safe-harbor compensation.
1.12(g) 7. Regular or base salary or wages.
1.12(h) 8. Regular or base salary or wages plus |_| over-
time and/or |_| bonuses.
1.12(i) 9. A "reasonable alternative definition of Compen-
sation," as that term is used under Code section
414(s)(3) and the regulations thereunder.
The definition of Compensation is:
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* Lump sum amounts and/or cash bonuses may be
excluded only if specified in this definition.
Also see note (v) above.
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September 24, 1997
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Plan Document IV. COMPENSATION
Section
1.12 B. Compensation shall be determined over the following
determination period:
|X| 1. The Plan Year.
|_| 2. A 12-consecutive-month period beginning
on (MM/DD) / and ending with or within the
-- --
Plan Year. For Employees whose date of hire
is less than 12 months before the end of the
designated 12-month period, Compensation
will be determined over the Plan Year.
|_| 3. The Plan Year. However, for the Plan Year
in which an Employee's participation begins,
the application period is the portion of the
Plan Year during which the Employee is
eligible to participate in the Plan.
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1.12 C. Compensation shall/shall not include Employer con-
tributions made pursuant to a salary reduction
agreement, which are not includable in the gross
income of the Employee under Code section 125, 402
(e)(3), 402(h)(1)(B) or 403(b).
|_| Shall |X| Shall Not
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1.12 C. The highest annual Compensation to be used in deter-
mining allocations to a Participant's Account shall
be:
$ 160,000
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* Enter an amount if less than the $150,000 (as indexed)
limitation on compensation.
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Plan Document V. HIGHLY COMPENSATED EMPLOYEE
Section
1.29 A. Highly Compensation Employees shall be determined
using:
1.29(a) |X| 1. The Traditional Method.
1.29(b) |_| 2. The Simplified Method for Employers in more
than one geographical area.
1.29(c) |_| 3. The alternative Simplified Method.
1.29(d) |_| 4. The alternative Simplified Method with
Snapshot Day basis.
The Snapshot Day is (fill in).
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September 24, 1997
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Plan Document V. HIGHLY COMPENSATED EMPLOYEE
Section
1.29(a) B. If A.1. or A.2. is chosen above, the Look-Back Year
shall be:
|X| 1. The 12-month period immediately preceding
the Determination Year.
|_| 2. The calendar year ending with or within the
Determination Year.
* If B.2. is selected and the Determination Year
(Plan Year) is the calendar year, then the LookBack
Year is the same 12-month period as the
Determination Year. This avoids having to look back
at data from a prior year.
However, if the Determination Year is not the
calendar year, the Determination Year calculation
must be made on the basis of a lag period (the
period running from the end of the Look-Back Year to
the end of the Determination Year), with the
applicable dollar amounts adjusted on a pro rata
basis for the number of months in the lag period.
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Plan Document VI. SERVICE
Section
* Check off appropriate basis for determining service.
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2A.3, 2A.9 A. Hours of Service or Elapsed Time
1. Years of Service shall be determined on the
following basis:
a. Eligibility: |_| Hours of
Service
|_| Elapsed
Time
b. Vesting: |X| Hours of
Service
|_| Elapsed
Time
c. Allocation of Contributions: |X| Hours of
Service
|_| Elapsed
Time
2. If service is based on Hours of Service, Hours
shall be determined on the basis of:
|X| a. Actual hours for which paid or entitled
to payment.
|_| b. Days Worked (10 Hours of Service).
|_| c. Weeks Worked (45 Hours of Service).
|_| d. Semimonthly payroll periods (95 Hours
or Service).
|_| e. Months Worked (190 Hours of Service).
* For options b, c, d, and e: If the Employee would
be credited with 1 Hour of Service during the
period, the Employee shall be credited with the
number of Hours of Service indicated in parentheses.
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September 24, 1997
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Plan Document VI. SERVICE
Section
1.24 B. Service with other employers.
1. Service with members of the Employer's
controlled group of corporations, affiliated
service group, or group of business under common
control ("controlled group").
* Service for an employer while the employer is part
of the controlled group must be taken into account.
a. Service with a member of the controlled
group prior to it becoming part of the
controlled group will be included for all
purposes.
|_| Yes |_| No
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2A.5 2. Service with a predecessor organization.
* Service with a predecessor organization of the
Employer must be taken into account if the Employer
maintains the Plan of the predecessor organization.
a. Service with a predecessor organization will
be included for all purposes even if the
Employer does not maintain the plan of the
predecessor organization.
|X| Yes |_| No
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2A.6 3. Service with the following subsidiary(ies) or
affiliated organization, not related to the
Employer under the rules of Code sections
414(b), (c) or (m), shall be considered Service
for all purposes of this plan:
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------------------------------------------------
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* Service credited under 1.a, 2.a and 3 must apply
to all similarly situated Employees, must be
credited for a legitimate business reason, and must
not be design or operation discriminate
significantly in favor of Highly Compensated
Employees.
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September 24, 1997
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Plan Document VII. ELIGIBILITY REQUIREMENTS
Section
* Check or fill out appropriate requirements for each type of contribution in
the Plan.
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2A.5(a), 2B.1 A. Eligibility Requirements
1. If Employer is a Partnership or Sole Proprietor-
ship: Self-Employed Individuals are eligible to
participate in the Plan.
|_| Yes |X| No
2. Immediate Participation.
* No age or service requirement.
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
3. Service Requirement.
* Not to exceed 1 year if graded vesting; not to
exceed 2 years if 100% immediate vesting. Not to
exceed 1/2 year if graded vesting or 1 1/2 years
if 100% immediate vesting if annual Entry Date
is chosen in Section VIII "Entry Date." Not to
exceed 1 year for Elective Deferral
Contributions.
|X| Elective Deferral Contributions: 0
----
(indicate number of years)
|X| Matching Contributions: 1
------
(indicate number of years)
|X| Nonelective Contributions: 1
---
(indicate number of years)
|_| Employee Contributions:
----
(indicate number of years)
4. Age Requirement.
* Not greater than 21 years. If annual entry
date is chosen in Section VIII "Entry Date," not
greater than 20 1/2 years.
|X| Elective Deferral Contributions: 21
----
(indicate number of years)
|X| Matching Contributions: 21
-----
(indicate number of years)
|X| Nonelective Contributions: 21
----
(indicate number of years)
|_| Employee Contributions:
----
(indicate number of years)
5. Employees who were employed on or before the
initial Effective Date of the Plan or the
Effective Date of the amendment and restatement
of the Plan, as indicated on page 2, shall/shall
not be immediately eligible without regard to
any Age and/or Service requirements specified in
2 or 3 above.
|_| Shall |X| Shall Not
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September 24, 1997
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Plan Document VII. ELIGIBILITY REQUIREMENTS
Section
2B.1 B. Job Class Requirements
An Employee must be a member of one or more of the
following selected classifications:
1. No Job Class Requirements:
|X| Elective Deferral Contributions
|X| Matching Contributions
|X| Nonelective Contributions
|_| Employee Contributions
2. Salaried:
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
3. Hourly:
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
4. Clerical:
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
5. Employees whose employment is governed by a
collective bargaining agreement represented by
the following union:
----------------------------
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
6. Other (fill in):
------------------------------
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
* "Part-time" Employees may not be excluded.
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September 24, 1997
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Plan Document VII. ELIGIBILITY REQUIREMENTS
Section
2B.1 C. Additional Requirements
An Employee must be in the following designated
division(s) of the Employer:
----------------------------------------------------
----------------------------------------------------
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
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2B.1 D. An Employee must not be a member of any one of the
following groups:
1. Union.
* Employees who are members of a union are
defined as: Employees included in a unit of
Employees covered by a collective bargaining
agreement between the Employer and employee
representatives, if retirement benefits were the
subject of good faith bargaining and if two
percent or less of the employees of the Employer
who are covered pursuant to that agreement are
professional employees as defined in section
1.410(b)-9 of the regulations. For this purpose,
the term "employee representatives" does not
include any organization more than half of whose
members are Employees who are owners, officers,
or executives of the Employer, unless the
collective bargaining agreement provides for
coverage under the Plan.
|X| Elective Deferral Contributions
|X| Matching Contributions
|X| Nonelective Contributions
|_| Employee Contributions
2. Nonresident aliens (within the meaning of Code
section 7701(b)(1)(B)) who receive no earned
income (within the meaning of Code section
911(d)(2)) from the Employer that constitutes
income from sources within the United States
(within the meaning of Code section 861(a)(3)).
|X| Elective Deferral Contributions
|X| Matching Contributions
|X| Nonelective Contributions
|_| Employee Contributions
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September 24, 1997
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Plan Document VII. ELIGIBILITY REQUIREMENTS
Section
3. Employees covered by the following designated
qualified employee benefit plans:
------------------------------------------------
------------------------------------------------
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
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1.15 E. The Plan covers Employees whose conditions of
employment are mandated under the Xxxxx-Xxxxx Act.
|_| Yes |X| No
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Plan Document VIII. ENTRY DATE
Section
* Check the appropriate requirement for Entry Date.
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1.25 A. Immediately.
|X| Elective Deferral Contributions
|X| Matching Contributions
|X| Nonelective Contributions
|_| Employee Contributions
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1.25 B. The first day of any month.
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
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1.25 C. Quarterly (that is, three months apart) on each:
(MM/DD) / , or (MM/DD) / , or
--- --- --- ---
(MM/DD) / , or (MM/DD) / .
--- --- --- ---
*o Fill in dates.
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
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September 24, 1997
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Plan Document VIII. ENTRY DATE
Section
1.25 D. Semiannually (that is, six months apart) on each:
(MM/DD) / , or (MM/DD) / .
--- --- --- ---
* Fill in dates.
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
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1.25 E. Annually, on each (MM/DD) / .
----- -----
* Fill in dates.
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
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1.25 F. The first day nearest to the date(s) selected in B,
C, D or E above, whether before or after that date,
that the Participant meets the Eligibility Require-
ments.
|_| Elective Deferral Contributions
|_| Matching Contributions
|_| Nonelective Contributions
|_| Employee Contributions
* Allows retroactive entry into the Plan. This may have
an effect on various nondiscrimination tests for the
Plan.
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September 24, 1997
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Plan Document IX. VESTING
Section
1.76 A. Vesting Percentage.
The Vesting Schedule, based on number of Years or
Periods of Service, shall be as indicated below.
Indicate the number of the vesting schedule that
applies to any Nonelective Contributions, Matching
Contributions, and Prior Employer Contributions. The
vesting schedules are depicted in 1 through 8,
below.
Nonelective Contributions are subject to vesting
schedule: 3
---
Matching Contributions are subject to vesting
schedule: 3
---
Prior Employer Contributions are subject to
vesting schedule: 2, 7
------
1. Immediately = 100%
2. 0-3 Years = 0%
3 Years = 100%
3. 1 Year = 20%
2 Years = 40%
3 Years = 60%
4 Years = 80%
5 Years = 100%
4. 0-3 Years = 0%
3 Years = 20%
4 Years = 40%
5 Years = 60%
6 Years = 80%
7 Years = 100%
5. 0-2 Years = 0%
2 Years = 20%
3 Years = 40%
4 Years = 60%
5 Years = 80%
6 Years = 100%
6. 0-5 Years = 0%
5 Years = 100%
7. 1 Year = 25%
2 Years = 50%
3 Years = 75%
4 Years = 100%
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September 24, 1997
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Plan Document IX. VESTING
Section
8. Other. Must be at least as liberal as #4 or #6
above.
=
------------------- --------------------
=
------------------- --------------------
=
------------------- --------------------
=
------------------- --------------------
=
------------------- --------------------
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2A.5(b) B. The vesting computation period shall be based on the
Employee's service in the:
|X| Plan Year |_| Employment year
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2A.7, 2A.10 C. Excluded Years or Periods of Service.
The vesting percentage shall be based on all Years
of Service (i.e., completing 1000 Yours of Service)
or Periods of Service (i.e., Elapsed Time), EXCEPT
that the following shall be excluded:
Years or Periods of Service:
|_| 1. Prior to the time the Participant attained
age 18.
|_| 2. During which the Employer did not maintain
the plan or predecessor plan.
|_| 3. During which the Participant elected not to
contribute to a plan which required Employee
Contributions.
|_| 4. Rule of Parity (Elapsed Time).
* Rule of Parity (Elapsed Time): IN the
event a reemployed Employee has no vested
interest in Employer Contributions at the
time the break occurred, and has since
incurred 5 consecutive 1-year Breaks-in-
Service, and has a Period of Severance
which equals or exceeds his prior Period of
Service, such prior Service may be disre-
garded.
|_| 5. Rule of Parity (Hours of Service).
* Rule of Parity (Hours of Service): Years
of Service prior to a Break-in-Service may
be disregarded if the participant had no
vested interest in Employer Contributions at
the time the break occurred, and the
Participant has since incurred 5 consecutive
1-year Breaks-inService, and the number of
consecutive 1-year Breaks-in-Service is at
least as great as the Years of Service
before the break occurred.
|_| 6. Prior to any 1-Year Break-in-Service until
the Employee completes a Year of Service
following reemployment.
|X| 7. None of the above.
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September 24, 1997
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Plan Document IX. VESTING
Section
3D.1, 3D.2, D. Forfeitures.
2A.7, 2A.10
1. Forfeitures will occur:
|_| a. Immediately.
|_| (1Optional Payback Method.
|_| (2Required Payback Method.
|X| b. Upon a 1-Year Break-in-Service.
|X| (1) Optional Payback Method.
|_| (2Required Payback Method.
|_| c. Upon 5 consecutive 1-Year Breaks-in-
Service.
2. Forfeitures will be:
|X| a. Used as an Employer Credit.
|_| b. Reallocated to Participants' Accounts.
|_| c. Used as an Employer Credit and then, to
the extent any Forfeitures remain, re-
allocated to Participants' Accounts.
* If choice IX.D.2.b or c is selected and the
Plan provides Matching Contributions, the
Actual Contribution Percentage (ACP) Test will
be affected.
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September 24, 1997
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Plan Document X. CONTRIBUTIONS
Section
2C.1(k)(1) A. Elective Deferral Contributions
1. Availability/Amount
|_| Not Available under the Plan.
|X| Available under the Plan (complete the
following).
Each Participant MAY elect to have his
Compensation actually paid during the
Plan Year reduced by:
|_| a. %.
---
|_| b. up to %.
---
|X| c. from 1 % to 20 %
------- --------
|_| d. up to the maximum percent-
age allowable, not to
exceed the limits of Code
sections 402(g) and 415.
* Lump sum amounts and/or cash bonuses
must be subject to the salary deferral
election unless the definition of
compensation in Section IV.A.9 has been
elected and these amounts have been
specifically excluded from that
compensation definition. Lump sum
amounts and cash bonuses are deferred
upon and tested in the Plan Year in
which paid.
2. Modification
A Participant may change the amount of
Elective Deferral contrigu5ions the
Participant makes to the Plan (complete a and
b):
|_| a. per calendar year (may not be less
---- frequent than once).
|X| b. As of the following date(s) (MM/DD):
Daily
--------------------------
--------------------------
--------------------------
--------------------------
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September 24, 1997
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Plan Document X. CONTRIBUTIONS
Section
2C.1(b) B. Required Employee Contributions
1. Availability/Amount
|X| Not Available under the Plan.
|_| Available under the Plan and must
be made as a condition of receiving an
Employer Contribution.
* Required Employee Contributions are NOT
AVAILABLE unless Elective Deferral
Contributions are available.
Required Contributions shall be in the amount
of:
|_| a. % of Compensation actually paid
-----
during the Contribution Period.
|_| b. Not less than % nor more than
--------
% of Compensation actually paid during
the Contribution Period.
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2C.1(k)(1) 2. Modification
A Participant may suspend Required Employee
Contributions for a minimum period of:
|_| a. 1 month
|_| b. 2 months
|_| c. 3 months
* The suspension period may be of indefinite
duration. A Participant's reentry into the Plan
shall be as of the first Entry Date following the
end of the suspension period.
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September 24, 1997
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Plan Document X. CONTRIBUTIONS
Section
2C.1 C. Matching Contributions
Availability/Amount
|_| Not Available Under the Plan.
|X| Available under the Plan (elect one from
option 1 and, if applicable, elect one from
option 2).
1. |X| a. Matching Contributions SHALL be based
upon a percentage of Considered Net
Profits.
|_| b. Matching Contributions SHALL NOT be
based upon a percentage of Considered
Net Profits.
2. Partnership Plans.
|_| a. The Employer SHALL make Matching Con-
tributions to Partners.
* Matching Contributions to Partners
are treated in all respects as
Elective Deferral Contributions.
|_| b. The Employer SHALL NOT make Matching
Contributions to Partners.
For each $1.00 of either Elective Deferral
Contributions or Required Employee Contributions, as
selected above, the Employer will contribute and
allocate to each Participant's Matching Contribution
Account an amount equal to:
|_| 1.$ (e.g., $.50).
-----------------
|X| 2.A discretionary percentage, to be determined
by the Employer.
* If option 2 is elected, the amount of the
discretionary percentage should be determined
by an annual Board of Directors resolution
setting the percentage.
|_| 3.Graded Match.
* If a or b is elected, the minimum and
maximum percentages must be within the
parameters of the Elective Deferral election
in Section X.A or the Required Employee
Contribution election in Section X.B of this
Adoption Agreement.
* Percentages for higher amounts must be lower
than the percentages for lower amounts. For
example: 100% of the first $500, plus 75% of
the next $500, plus 50% of the next $500.
|_| a. Graded based upon the dollar
amount of each Participant's
Elective Deferral Contribu-
tions or Required Employee
Contributions as follows:
% of the first $ plus
---- ----
% of the first $ plus
---- ----
% of the first $ plus
---- ----
% of the first $ .
---- ----
-------------------------------------------------------------------------------
September 24, 1997
- 20 -
Plan Document X. CONTRIBUTIONS
Section
|_| b. Graded based upon the
percentage of Compensation of
each participant's Elective
Deferral Contribution or Required
Employee Contribution as follows:
% of the first $ plus
---------- ----------
% of the first $ plus
---------- ----------
% of the first $ plus
---------- ----------
% of the first $
----------
* If 3.a or b is elected, additional
testing will be required to prove that
the different contributions are
available on a nondiscriminatory basis.
|_| 4. Separate specific dollar amounts for
different employees (e.g., employees in
different job classifications):
* This option is available only for
Plans covering Employees whose
conditions of employment are mandated
under the Xxxxx-Xxxxx Act.
$ (e.g., $.50) to employees in (fill in)
---------- ------------------
$ (e.g., $.50) to employees in (fill in)
---------- ------------------
$ (e.g., $.50) to employees in (fill in)
---------- ------------------
$ (e.g., $.50) to employees in (fill in)
---------- ------------------
$ (e.g., $.50) to employees in (fill in)
---------- ------------------
Additional Formulas (fill in below):
* Formulas must be the same type as above.
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
* If 4 is selected, additional testing will be required to prove
that the different contributions are available on a nondiscrimina-
tory basis.
--------------------------------------------------------------------------------
September 24, 1997
- 21 -
Plan Document X. CONTRIBUTIONS
Section
|_|5. Different graded matches for different
employees (e.g., employees in different job
classifications, divisions, organizations,
members of a controlled group of corporations,
etc.):
* This option is available only for Plans
covering Employees whose conditions of
employment are mandated under the Xxxxx-Xxxxx
Act.
* Percentages for higher amounts must be lower
than the percentages for lower amounts. For
example: 100% of the first $500, plus 75% of
the next $500, plus 50% of the next $500.
|_| a. Graded based upon the dollar amount
of Elective Deferral Contributions or
Required Contributions of each
Participant as follows:
Employees in (fill in)
-----------------
% of the first $ plus
----- -------
% of the next $ plus
----- --------
% of the next $ plus
----- --------
% of the next $
----- --------
Employees in (fill in)
-----------------
% of the first $ plus
----- -------
% of the next $ plus
----- --------
% of the next $ plus
----- --------
% of the next $
----- --------
Employees in (fill in)
-----------------
% of the first $ plus
----- -------
% of the next $ plus
----- --------
% of the next $ plus
----- --------
% of the next $
----- --------
Additional Formulas (fill in below):
* Formulas must be the same type as
above.
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
--------------------------------------------------------------------------------
September 24, 1997
- 22 -
Plan Document X. CONTRIBUTIONS
Section
|_| b. Graded based upon the percentage of
compensation of the Elective Deferral
Contributions or Required Contributions
of each Participant as follows:
* This option is available only for
Plans covering Employees whose
conditions of employment are mandated
under the Xxxxx-Xxxxx Act.
* Matching percentages for higher
compensation percentages must be lower
than matching percentages for lower
compensation percentages. For example:
100% of the first 100% of the first 3%,
plus 75% of the next 2%, plus 50% of
the next 2%.
Employees in (fill in)
-----------------
% of the first $ plus
----- -------
% of the next $ plus
----- --------
% of the next $ plus
----- --------
% of the next $
----- --------
Employees in (fill in)
-----------------
% of the first $ plus
----- -------
% of the next $ plus
----- --------
% of the next $ plus
----- --------
% of the next $
----- --------
Employees in (fill in)
-----------------
% of the first $ plus
----- -------
% of the next $ plus
----- --------
% of the next $ plus
----- --------
% of the next $
----- --------
Additional Formulas (fill in below):
* Formulas must be the same type as
above.
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
--------------------------------------------------------------------------------
September 24, 1997
- 23 -
Plan Document X. CONTRIBUTIONS
Section
The Elective Deferral or Required Employee
Contributions, upon which Matching Contributions are
made by the Employer, shall not exceed:
|_| 1. $ for the Plan Year.
--------
|_| 2. % of Participant's Compensation
---------
for the Contribution Period.
|X| 3. N/A.
True-Up Contributions:
The Employer may/may not contribute a True-Up
Contribution for each Participant at the end of the
Plan Year so that the total Matching Contribution
for each Participant is calculated on an annual
basis.
|X| May |_| May not
Additional Matching Contributions:
In addition, at the end of the Plan Year, the
Employer may contribute Additional Matching
Contributions to be allocated in the same proportion
that the Matching Contribution made on behalf of
each Participant during the Plan year bears to the
Matching Contribution made on behalf of all
Participants during the Plan Year.
|X| Yes |_| No
--------------------------------------------------------------------------------
September 24, 1997
- 24 -
Plan Document X. CONTRIBUTIONS
Section
2C.1 D. Nonelective Contributions
* If you choose to make a Nonelective Contribution ,
each Employee eligible to participate in the Plan
and who satisfies the Annual Allocation Requirement
of Section XII.A or XII.B MUST be given an
allocation, regardless of whether they make Elective
Deferral Contributions.
Availability/Amount
|_| Not Available under the Plan.
|X| Available under the Plan (complete the
following).
The Contribution for each Contribution Period shall
be:
|_| 1. % of Considered Net Profits.
|_| 2. % of Compensation of each Participant.
|_| 3.The Employer will contribute an amount equal
to $ for each Participant.
-----------
|X| 4.Discretionary.
* If option 4 is elected, the amount of the
discretionary contribution should be determined by
an annual Board of Directors resolution setting a
fixed amount of contribution or a formula by which a
fixed amount can be determined.
|_| 5.The Employer will contribute an amount equal
to $ /hour or unit of each participant
-------
(indicate dollar or cents amount).
* Option 5 may be chosen ONLY for Employees who are
subject to a Collective Bargaining Agreement.
|_| 6. % of Considered Net Profits to (fill in)
-- -----
% of Considered Net Profits to (fill in)
-- -----
% of Considered Net Profits to (fill in)
-- -----
% of Considered Net Profits to (fill in)
-- -----
% of Considered Net Profits to (fill in)
-- -----
* Fill in job classification.
--------------------------------------------------------------------------------
September 24, 1997
- 25 -
Plan Document X. CONTRIBUTIONS
Section
Additional Formulas (fill in below):
* Formulas must be the same type as above.
----------------------------------------------
----------------------------------------------
----------------------------------------------
----------------------------------------------
|_| 7. % of Compensation to each
---------------------
Participant in (fill in)
-----------
% of Compensation to each
---------------------
Participant in (fill in)
-----------
% of Compensation to each
---------------------
Participant in (fill in)
-----------
% of Compensation to each
---------------------
Participant in (fill in)
-----------
% of Compensation to each
---------------------
Participant in (fill in)
-----------
* Fill in job classification.
Additional Formulas (fill in below):
* Formulas must be the same type as above.
----------------------------------------------
----------------------------------------------
----------------------------------------------
----------------------------------------------
* Options 6 and 7 may be selected ONLY when a
Plan covers Employees whose conditions of
employment are mandated under the Xxxxx-Xxxxx
Act.
* If option 6 or 7 is selected, subsection A.1
(Compensation to Compensation allocation) MUST
be chosen in Section XIII, "Allocation of
Contributions."
* If option 6 or 7 is selected, additional
testing will be required to prove that the
different contributions are available on a
nondiscriminatory basis.
Nonelective Contributions shall/shall not be based
on Considered Net Profits.
* "Shall" must be chosen if option 1 is selected.
|X| Shall |_| Shall not
--------------------------------------------------------------------------------
September 24, 1997
- 26 -
Plan Document X. CONTRIBUTIONS
Section
2.C.1(b) E. Voluntary Employee Contributions
Availability/Amount
|X| Not Available under the Plan.
|_| Available under the Plan (complete the
following).
|_| Voluntary Employee Contributions
SHALL be permitted up to % of
Compensation actually paid during
the Plan Year.
|_| Voluntary Employee Contributions
made in a Lump Sum SHALL be
permitted.
* Voluntary Employee Contributions are NOT
AVAILABLE unless Elective Deferral
Contributions are available.
--------------------------------------------------------------------------------
2.C.3 F. Rollover Contributions
Availability
|X| 1. Rollover Contributions out of the Plan are
always available.
|X| Cash only.
|_| Cash and Loan Notes from this and/or a
prior plan.
|X| 2. Rollover Contributions into the Plan:
|_| Not Available under the Plan.
|X| Available under the Plan (complete the
following).
Cash Only or Cash and Loan Notes:
|X| Cash only.
|_| Cash and Loan Notes from prior
plan.
Rollover contributions into the Plan
may be made by:
|X| Both eligible Employees and
Employees who would be xxx-
gible except they do not
yet meet the Plan's age
and/or service requirement.
|_| Eligible Employees only.
--------------------------------------------------------------------------------
September 24, 1997
- 27 -
Plan Document X. CONTRIBUTIONS
Section
7B.8, 7B.9 G. Transfers of Account Balances
Availability
|X| 1. Transfers of account balances out of the Plan
are always available.
|X| 2. Transfers of Account Balances into the Plan:
|_| Not Available under the Plan.
|X| Available under the Plan.
--------------------------------------------------------------------------------
Plan Document XI. CONTRIBUTION PERIOD
Section
1.14 a. The regular Contribution Period (by contribution type)
shall be:
* For 1 and 2 below, "Other" Contribution Period may not be
longer than annual, but may be shorter than 4-weekly.
* For 3 below, "Other" Contribution Period may not be
longer than monthly, but may be shorter than 4- weekly.
1. Matching Contributions:
|X| Annual |_| 4-Weekly
|_| Monthly |_| Other (specify)
2. Nonelective Contributions:
|X| Annual |X| 4-Weekly
|X| Monthly |X| Other (specify)
3. Elective Deferral Contributions, Required
Employee Contributions, and/or Voluntary
Employee Contributions:
* Annual contribution period is not available for
contributions in #3.
|_| Monthly |_| 4-Weekly
|X| Other (specify) Semi-monthly
-----------------
--------------------------------------------------------------------------------
September 24, 1997
- 28 -
Plan Document XII. ALLOCATION OF CONTRIBUTIONS
Section
2C.1(f) A. Allocation Formula for Nonelective Contribution
Complete the following ONLY if Section X.D is 1, 4,
6 or 7.
* If Section X.D is 6 or 7, the Compensation to
Compensation allocation formula (1 below) must be
chosen.
The Nonelective Contribution will be allocated to
Participants who meet the requirements of Section
XII.B or C as follows:
|X| 1. Compensation to Compensation:
In the same ratio as each Participant's
Compensation bears to the total Compensation
of all Participants.
|_| 2. Integrated with Social Security:
a. Choose one of the following methods:
|_| Step-Rate Method
For each Plan Year, the Employer
will contribute an amount equal
to % of each Participant's
Compensation up to the Social
Security Integration Level, plus
% of each Participant's
Compensation in excess of the
Social Security Integration
Level. However, in no event will
the Excess Contribution
percentage exceed the amount
specified in Section
2C.1(f)(2)(B) of the Plan.
|_| Maximum Disparity Method
For each Plan Year, the
Employer's Nonelective
Contribution shall be allocated
in the manner stated in Section
2C.1(f)(3) of the Plan in order
to maximize permitted disparity.
b. Social Security Integration Level:
|_| i. $ (not to exceed the Social
----- Security Taxable Wage
Base).
|_| ii. The Social Security Taxable
Wage Base in effect on the
first day of the Plan Year.
|_| iii. % of the Social Security
------- Taxable Wage Base (not
to exceed 100%).
--------------------------------------------------------------------------------
September 24, 1997
- 29 -
Plan Document XII. ALLOCATION OF CONTRIBUTIONS
Section
2C.1(g) B. Annual Allocation Requirements
An allocation of the annual Nonelective
Contribution, annual Matching Contribution, and/or
Additional matching Contribution made by the
Employer will be made to each Participant who:
|_|1. Is a Participant on ANY day during the Plan
year regardless of Service credited during the
Plan Year.
|_|2. Is credited with a Year of Service in the
Plan Year for which the contribution is made.
|_|3. Is a participant on the last day of the Plan
Year.
|X|4. Is credited with a Year of Service in the
Plan Year for which the contribution is made
and is a Participant on the last day of the
Plan Year.
In addition, an allocation will be made by the
Employer on behalf of any Participant who retires,
dies or becomes disabled during the Plan Year,
regardless of the number of Hours of Service
credited to such Participant and regardless of
whether such Participant is a participant on the
last day of the Plan Year.
Annual Nonelective Contribution |X| Yes |_| No
Annual Matching Contribution |X| Yes |_| No
Annual Matching Contribution |X| Yes |_| No
--------------------------------------------------------------------------------
2C.1(g) C. Nonannual Allocation Requirement
An allocation of the nonannual Matching Contribution
or nonannual Nonelective Contribution made by the
Employer will be made to each Participant who:
|_|1. Is a Participant on any day of the Contribu-
tion Period.
|_|2. Is a Participant as of the last day of the
Contribution Period.
In addition, an allocation will be made by the
Employer on behalf of any Participant who retires,
dies, or becomes disabled during the Contribution
Period, regardless of whether such Participant is a
Participant as of the last day of the Contribution
Period.
Nonannual Nonelective Contribution |_| Yes |_| No
Nonannual Matching Contribution |_| Yes |_| No
--------------------------------------------------------------------------------
September 24, 1997
- 30 -
Plan Document XIII. LIMITATIONS ON ALLOCATION
Section
4B A. If any Participant is covered by another qualified
defined contribution plan maintained by the Employer,
other than a Master or Prototype plan:
* Complete part A if you: (1) maintain, or at any time
maintained, another qualified retirement plan in which any
Participant in this Plan is, was, or could be, a
participant; or (2) maintain a Code section 415(l)(2)
individual medical account, for which amounts are treated
as Annual Additions for any Participant in this Plan.
|X| 1. N/A. The Employer has no other defined
contribution plan(s).
|_| 2. The provisions of Section 4B.5 of the Plan
will apply, as if the other plan were a
Master or Prototype plan.
|_| 3. The plans will limit total Annual Additions
to the Maximum Permissible Amount, and will
reduce any Excess Amounts in a manner that
precludes Employer discretion, in the
following manner:
--------------------------------------------
--------------------------------------------
--------------------------------------------------------------------------------
4B B. If any Participant is or ever has been a Participant in
a qualified defined benefit plan maintained by the
Employer:
* Complete part B if you maintain, or at any time
maintained, another qualified retirement plan in which any
Participant in this Plan is, was, or could be a
participant.
|X|1. N/A. The Employer has no defined plan(s).
|_|2. In any Limitation Year, the Annual Additions
credited to the Participant under this Plan
may not cause the sum of the Defined Benefit
Plan Fraction and the Defined Contribution
Fraction to exceed 1.0. If the Employer
contributions that would otherwise be
allocated to the Participant's account during
such year would cause the 1.0 limitation to be
exceeded, the allocation will be reduced so
that the sum of the fraction equals 1.0. Any
contributions not allocated because of the
preceding sentence will be allocated to the
remaining Participants according to the Plan's
allocation formula. If the 1.0 limitation is
exceeded because of an Excess Amount, such
Excess Amount will be reduced in accordance
with Section 4B.4 of the Plan.
|_|3. Provide the method under which the Plan
involved will satisfy the 1.0 limitation in a
manner that precludes Employer discretion.
----------------------------------------------
----------------------------------------------
--------------------------------------------------------------------------------
September 24, 1997
- 31 -
Plan Document XIII. LIMITATIONS ON ALLOCATION
Section
C. Compensation will mean all of each Participant's:
* Everyone must complete Section C. If option 1, 2, or 3
was selected in Section IV.A., you must make the same
selection here.
4B.1(b)(1) |X|1. Wages, Tips, and Other Compensation Box on Form
W-2.
4B.1(b)(2) |_|2. Section 3401(a) wages.
4B.1(b)(3) |_|3. 415 safe harbor compensation.
--------------------------------------------------------------------------------
4B.1(h) D. The Limitation Year shall be:
* Everyone must complete Section D.
|X|1. The Calendar Year.
|_|2. The 12-month period coinciding with the Plan
Year.
|_|3. The 12-month period beginning on (MM/DD): / .
-- --
--------------------------------------------------------------------------------
Plan Document XIV. INVESTMENT OF PARTICIPANT'S ACCOUNTS
Section
5A.1 A. The Participant shall/shall not have the authority to
direct the Investment of Contributions made by the
Employer.
|X| Shall |_| Shall Not
--------------------------------------------------------------------------------
5A.1 B. If SHALL is elected above, complete the following.
Those having authority to direct the investment of the
Participant's Account are (choose all that apply):
|X|1. Participants who are active Employees.
|X|2. Participants who are former employees and
continue to maintain an account in the Plan or
Trust.
|X|3. Beneficiaries.
|X|4. Alternate Payees.
--------------------------------------------------------------------------------
Plan Document XV. LIFE INSURANCE
Section
5B.1 A. Available as a Participant investment:
|_| Yes |X| No
--------------------------------------------------------------------------------
September 24, 1997
- 32 -
Plan Document XV. LIFE INSURANCE
Section
B. If yes is elected above, Life Insurance shall be
available to:
|_|1. All Participants.
|_|2. Only to the specified group of Participants
(fill in below):
------------------------------------------------
------------------------------------------------
------------------------------------------------
* If subsection 2 is checked, separate nondiscrimina-
tion testing will be required.
--------------------------------------------------------------------------------
Plan Document XVI. EMPLOYER STOCK
Section
* Before electing Employer Stock as an investment option, you should consult
your legal counsel on any federal or state securities law requirements arising
from offering Employer Stock as an investment option under your Plan and whether
use of this document is appropriate for you under those laws. Neither
Connecticut General Life Insurance Company nor any of its employees can advise
you on these matters.
--------------------------------------------------------------------------------
1.45 A. Investment in Employer Stock is:
|X| Permitted
|_| Not Permitted.
* You must complete the following subsections B and
C if investment in Employer Stock is permitted and
Participants have the authority to direct the
investment of Employer Contributions.
--------------------------------------------------------------------------------
1.45 B. Investment in Employer Stock within the Plan by
officers or directors of the Employer or by an
individual who owns more than 10% of the Employer's
Stock is:
|X| Permitted
|_| Not Permitted.
--------------------------------------------------------------------------------
1.45 C. The Trustee:
|_|1. Will vote the shares of the Employer Stock.
|X|2. Will vote the shares of the Employer Stock in
accordance with any instructions received by the
Trustee from the Participant.
* Option 2 must be selected if CG Trust Company
is the Trustee.
|_|3. May request voting instructions from the Partici-
pants.
--------------------------------------------------------------------------------
September 24, 1997
- 33 -
Plan Document XVII. WITHDRAWALS PRECEDING TERMINATION
Section
* Complete only the sections for the type of contributions in your plan.
--------------------------------------------------------------------------------
3E.1(a) A. Withdrawal of Required Employee Contributions.
* Withdrawal may be for any reason.
|X| Not Available under the Plan.
|_| Available under the Plan.
If available, Required Employee Contributions may
be withdrawn:
|_| Once each 6 months.
|_| Once each 12 months.
|_| Other (specify)
-------------------------
The Contribution suspension period following a
withdrawal of Required Employee Contributions shall
be:
* You must choose one of the suspension periods
shown. Related Employer Contributions will be
suspended for the same period.
|_| 6 Months.
|_| 12 months.
|_| 24 Month.
3E.1(b) B. Withdrawal of Voluntary Employee Contributions.
* Withdrawal may be for any reason.
|X| Not Available under the Plan.
|_| Available under the Plan.
If available, Voluntary Employee Contributions
may be withdrawn:
|_| Once each 6 months.
|_| Once each 12 months.
|_| Other (specify)
--------------------
--------------------------------------------------------------------------------
September 24, 1997
- 34 -
Plan Document XVII. WITHDRAWALS PRECEDING TERMINATION
Section
C. Withdrawal of Elective Deferral Contributions.
|_| Not Available under the Plan.
|X| Available under the Plan.
If available, select the conditions for withdrawal:
3E.2 |X| Withdrawal upon Participant's attainment
of age 59 1/2.
3E.5 |X| Withdrawal for Serious Financial Hard-
ship.
* If a Participant makes a withdrawal of Elective
Deferral Contributions due to a Serious Financial Hard-
ship, the Participant must be suspended from making any
additional Elective Deferral Contributions for a period
of 12 months.
D. Withdrawal of Employer Contributions (Matching, Non-
elective and/or Prior Employer Contributions).
|_| Not Available under the Plan.
|X| Available under the Plan.
* If Prior Employer Contributions are money purchase
plan contributions, they may not be withdrawn.
If available, select the conditions for withdrawal:
|X|1. Withdrawal upon Participant's attainment
of age 59 1/2.
Available from:
|X|a. Matching Contributions.
|X|b. Nonelective Contributions.
|X|c. Prior Employer Contributions.
--------------------------------------------------------------------------------
September 24, 1997
- 35 -
Plan Document XVII. WITHDRAWALS PRECEDING TERMINATION
Section
3E.3 |_|2. Withdrawals to active Participants who have been
Participants for a minimum of 60 consecutive
months.
Available from:
|_|a. Matching Contributions.
|_|b. Nonelective Contributions
|_|c. Prior Employer Contributions.
Frequency of withdrawal:
|_| Once each 6 months.
|_| Once each 12 months.
|_| Other (specify)
Suspension Period following withdrawal:
|X| N/A
|_| 6 months.
|_| 12 months.
|_| 24 months.
3E.4 |X|3. Withdrawals for Serious Financial Hardship.
Available from:
|X|a. Matching Contributions.
|X|b. Nonelective Contributions
|X|c. Prior Employer Contributions.
Prior Employer Contributions:
Prior Employer Contributions are contributions made to the
Plan by the Employer prior to the Plan's original conver-
sion and/or restatement on
--------------------------------
(fill in date).
-------------
--------------------------------------------------------------------------------
September 24, 1997
- 36 -
Plan Document XVII. WITHDRAWALS PRECEDING TERMINATION
Section
3E.6 E. Withdrawal of Rollover Contributions:
|_| Not Available under the Plan.
|X| Available under the Plan.
If available, Rollover Contributions may be
withdrawn:
|_| Once per Plan Year.
|_| Every 6 Months.
|_| Every 3 Months.
|_| Every Month.
|X| Anytime.
--------------------------------------------------------------------------------
3E.6 F. Withdrawal of Qualified Voluntary Employee Contribu-
tions (QVEC Contributions)
* Applicable only if this is a readoption of an existing
plan. If selected, Contributions may be withdrawn for
any reason.
|X| Not Available under the Plan.
|_| Available under the Plan.
If available, Qualified Voluntary Employee Con-
tributions may be withdrawn:
|_| Once per Plan Year.
|_| Every 6 Months.
|_| Every 3 Months.
|_| Every Month.
|_| Anytime.
--------------------------------------------------------------------------------
September 24, 1997
- 37 -
Plan Document XVII. WITHDRAWALS PRECEDING TERMINATION
Section
3E.1(c) G. Withdrawal of Prior Required Employee Contributions.
* Withdrawal may be for any reason.
|X| Not Available under the Plan.
|_| Available under the Plan.
If available, Prior Required Employee Contribu-
tions may be withdrawn:
|_| Once each 6 months.
|_| Once each 12 months.
|_| Other (specify)
--------------
Prior Required Employee Contributions are posttax
contributions made by Employees in order to receive
an Employer contribution and which were made before
the Plan's original conversion and/or restatement on
(fill in date).
--------------
--------------------------------------------------------------------------------
3E.1(d) H. Withdrawal of Prior Voluntary Employee Contributions.
* Withdrawal may be for any reason and may be taken at any
time.
|X| Not Available under the Plan.
|_| Available under the Plan.
Prior Voluntary Employee Contributions are voluntary
contributions made by Employees prior to these types of
contribution being eliminated as a plan option on
(fill in date).
-------------------
--------------------------------------------------------------------------------
Plan Document XVIII. LOANS TO PARTICIPANTS, BENEFICIARIES AND
Section PARTIES-IN-INTEREST
5C A. Loans are permitted.
|X| Yes
* If yes, Plan must be trusteed.
|_| No
--------------------------------------------------------------------------------
September 24, 1997
- 38 -
Plan Document XVIII. LOANS TO PARTICIPANTS, BENEFICIARIES AND
Section PARTIES-IN-INTEREST
5C B. Loans are available only from the following sources:
* Qualified Voluntary Employee Contributions (QVEC
Contributions) may not be taken in a loan.
|X| All Sources.
|_| List Sources:
----------------------------------------------
----------------------------------------------
----------------------------------------------
--------------------------------------------------------------------------------
Plan Document XIX. RETIREMENT AND DISABILITY
Section
1.40 A. Normal Retirement Age is:
|X|1. The date the Participant attains age 65 (not
--------
to exceed 65).
|_|2. The later of:
a. The date the Participant attains age
--------
(not to exceed 65), or
b. The (not to exceed 5th) anniver-
------------
sary of the Participation Commencement Date.
* Note regarding 2.b above: If, for Plan Years
beginning before January 1, 1988, Normal Retire-
ment Age was deter mined with reference to the
anniversary of the Participation Commencement
Date (more than 5 but not to exceed 10 years),
the anniversary date for Participants who first
commenced participation under the Plan before the
first Plan Year beginning on or after January 1,
1988 shall be the earlier of (A) the tenth anni-
versary of the date the Participant commenced
participation in the Plan (or such anniversary as
had been elected by the Employer, if less than
10) or (B) the fifth anniversary of the first day
of the first Plan Year beginning on or after
January 1, 1988. The Participation Commencement
Date is the first day of the first Plan Year in
which the Participant commenced participation in
the Plan.
--------------------------------------------------------------------------------
September 24, 1997
- 39 -
Plan Document XIX. RETIREMENT AND DISABILITY
Section
1.18 B. Early Retirement by Participants
1. Early Retirement by Participants is:
|X| a. Not Permitted.
|_| b. Permitted. Subject to the following condi-
tions:
|_| i. Age (not to exceed 65).
-------------
|_| ii. Years of Service .
|_| iii. Age (not to exceed 65) and
----------
Years of Service.
|_| iv, Age (not to exceed 65) and
----------
Years of Participation.
--------------------------------------------------------------------------------
1.16 C. Disability
1. The Employer shall/shall not make contributions on
behalf of disabled Participants who are Nonhighly
Compensated Employees on the basis of the Compensa-
tion each such Participant would have received for
the Limitation Year if the Participant had been
paid at the rate of Compensation paid immediately
before becoming permanently and totally disabled.
|X| Shall |_| Shall Not
*All such contributions are 100% vested and nonfor-
feitable when made.
--------------------------------------------------------------------------------
Plan Document XX. DISTRIBUTION OF BENEFITS
Section
3A.1 A. Distribution of benefits should be in the form of
(check all that apply):
|X|1. Single Sum.
|X|2. Life Annuity.
|X|3. Installment Payments.
|X|4. Installment Refund Annuity.
[X|5. Employer Stock, to the extent the Participant is
invested therein.
--------------------------------------------------------------------------------
B. Distribution Timing
[X|1. All Participants may elect to defer their dis-
tributions.
|_|2. Participants who terminate employment and whose
account balances never exceeded $3,500 shall
receive an immediate, lump sum cash distribu-
tion.
--------------------------------------------------------------------------------
September 24, 1997
- 40 -
Plan Document XX. DISTRIBUTION OF BENEFITS
Section
C. Expenses - Deferred Participants.
1. Participants who elect to defer distribution of
their benefits shall/shall not pay for all fees
associated with administration of their deferral
payment.
|X| Shall |_| Shall Not
--------------------------------------------------------------------------------
Plan Document XXI. QUALIFIED PRERETIREMENT SURVIVOR ANNUITY
Section
3C.4 The Qualified Preretirement Survivor Annuity shall be:
* 100% is required for Plans allowing only single sum dis-
tribution.
|X| 100% to the surviving spouse.
|_| 50% to the surviving spouse.
--------------------------------------------------------------------------------
Plan Document XXII. AMENDMENT TO THE PLAN
Section
7B A. The party having the authority to amend the Adoption
Agreement is the:
|_|1. Trustee(s).
*Trustee(s) cannot be chosen if the Trustee is CG
Trust.
|X|2. Plan Administrator.
|_|3. Plan Committee.
|_|4. Designated Representative of the Employer.
--------------------------------------------------------------------------------
September 24, 1997
- 41 -
Plan Document XXIII. TOP-HEAVY PROVISIONS
Section
7A.1(i) A. Method to be used to avoid duplication of Top-Heavy
Minimum benefits when a non-Key Employee is a Partici-
pant in both this Plan and a defined benefit plan main-
tained by the Employer (select one response):
|_|1. N/A. The Employer has no other plan(s).
|X|2. Single Plan Minimum Top-Heavy Allocation. A
minimum Top-Heavy contribution will be allocated
to each non-Key Employee's Participant Account
in an amount equal to:
|_|a. The lesser of 3% of Compensation or the
highest percentage allocated to any Key
Employee.
|X|b. 3 % of Compensation (must be at least
------
3%).
|_|3. Multiple Plans Top-Heavy Allocation. In order
to satisfy Code sections 415 and 416, and
because of the required aggregation of multiple
plans, a minimum Top-Heavy contribution will be
allocated to each non-Key Employee in an amount
equal to:
|_|a. Not Applicable. No other plan was in
existence prior to the Effective Date of
this Adoption Agreement.
|_|b. 5% of Compensation, to be provided in a
defined contribution plan of the
Employer.
|_|c. 7 1/2% of Compensation, to be noninte-
grated, and provided in this Plan.
*If c is chosen, for all Plan Years in which
this Plan is Top-Heavy (but not Super Top-
Heavy), the Defined Benefit and Defined Contri-
bution fractions shall be computed using 125%.
|_|4. Enter the name of the plan(s) and specify the
method under which the plan(s) will provide Top-
Heavy Minimum Benefits to non-Key Employees
[include any adjustments required under Code
section 415(c)]:
------------------------------------------------
------------------------------------------------
* If 4 is selected, the method specified must preclude
Employer discretion and inadvertent omissions.
--------------------------------------------------------------------------------
September 24, 1997
- 42 -
Plan Document XXIII. TOP-HEAVY PROVISIONS
Section
7A.1 B. Present Value: In order to establish the present value
to compute the Top-Heavy Ratio, any benefit shall be
discounted only for mortality and interest, based on:
* Complete B only if response to A is 2, 3, or 4. Fill in
all blanks.
|_|1. Interest Rate %.
--------------
|_|2. Mortality Table .
-----------
|_|3. Valuation Date .
-----------
--------------------------------------------------------------------------------
7A.2 C. Where a non-Key Employee is a Participant in this and
another defined contribution plan(s) of the Employer,
choose which plan will provide the minimum Top-Heavy
contribution:
|X|1. N/A. The Employer has no other plan.
|_|2. The minimum allocation will be met in this Plan.
|_|3. The minimum allocation will be met in the other
defined contribution plan. Enter the name of
the plan:
------------------------------------------------
------------------------------------------------
--------------------------------------------------------------------------------
7A.3 D. Top-Heavy Vesting Schedule. In the event the plan
becomes Top-Heavy, the vesting schedule shall be:
*Must meet one of the schedules below and must be at
least as liberal as the vesting schedule elected in
Section IX.A.
|_|1. 100% vesting after (not to exceed 3)
-------------
years of Service.
|_|2. %vesting after 1 Years of Service
----------
%(not less than 20) vesting after 2 Years
------- of Service
%(not less than 40) vesting after 2 Years
------- of Service
%(not less than 60) vesting after 2 Years
------- of Service
%(not less than 80) vesting after 2 Years
------- of Service
100% vesting after 6 Years of Service
|_|3. Same vesting schedule(s) as elected in Adoption
Agreement Section IX (already meets Top-Heavy
minimum vesting requirements).
*If the vesting schedule under the Plan shifts into the
above schedule for any Plan Year because of the Plan's Top-
Heavy status, such shift is an amendment to the vesting
schedule and the election provisions in Section 7B.1 of the
Plan shall apply.
*The Top-Heavy vesting schedule will remain in effect even
if the Plan ceases to be Top Heavy.
--------------------------------------------------------------------------------
September 24, 1997
- 43 -
Plan Document XXIV. OTHER ADOPTING EMPLOYER
Section
6E.1, 6E.2 A. The following Adopting Employer(s) also adopt this plan
and have executed this Adoption Agreement:
*Fill in below the names and the Employer Identification
Numbers (EINs) of Adopting Employers.
*Must meet requirements of Plan definition of Employer,
Plan Section 1.24
------------------------------------------------------------
------------------------------------------------------------
------------------------------------------------------------
--------------------------------------------------------------------------------
September 24, 1997
- 44 -
The Employer hereby adopts the Connecticut General Life Insurance Company
Defined Contribution Prototype Profit Sharing/Thrift Plan with 401(k) Feature,
including all elections made in this Non-Standardized Adoption Agreement, and
the Employer agrees to be bound by all terms of the Plan and by all the terms of
this Adoption Agreement and of the Annuity Contract. The Employer further agrees
that it will furnish promptly all information required by the Trustee, if
applicable, the Plan Administrator and the Insurance Company in order to carry
out their functions. The Employer shall notify the Trustee, if applicable, the
Plan Administrator and the Insurance Company promptly of any changes in the
status of the Employer which might affect the Employer's duties and
responsibilities hereunder.
The elections under this Adoption Agreement may be changed by the Employer from
time to time by a written instrument signed by the Employer, the Plan
Administrator and the Trustee, if applicable, and accepted by the Plan Sponsor.
The Employer consents to the exercise by the Plan Sponsor of the right to amend
the Plan and the Annuity Contract from time to time as it may deem necessary or
advisable.
By signing this Adoption Agreement, the Employer specifically acknowledges that
the Insurance Company has no authority: (1) to answer legal questions and that
all such questions shall be answered by legal counsel for the Employer; and (2)
to make determinations involved in the administration of the Plan and that all
such determination shall be answered by the Employer's Plan Administrator or
other designated representative.
Upon execution of this Adoption Agreement by the Employer, the Plan shall be
effective with respect to that Employer as of the Effect Date specified herein,
provided the Plan Administrator and the Trustee, if applicable, shall then or
thereafter execute this Adoption Agreement to signify their acceptance of their
duties and responsibilities hereunder and provided further, the Plan Sponsor
will indicate its acceptance of their duties and responsibilities hereunder and
provided further, the Plan Sponsor will indicate its acceptance of the Employer
in accordance with its usual rules and practices.
The Adopting Employer may not rely on an opinion letter issued by the National
Office of the Internal Revenue Service as evidence that the Plan is qualified
under Internal Revenue Code section 401. In order to obtain reliance with
respect to plan qualification, the Employer must apply to the appropriate key
district office for a determination letter.
Connecticut General Life Insurance Company will inform the Employer of any
amendments made to the Plan or of the discontinuance or abandonment of such
Plan.
CAUTION: You should very carefully examine the elections you have made in this
Adoption Agreement and discuss them with your legal counsel. Failure to properly
fill out the Adoption Agreement may result in disqualification of your plan.
This Adoption Agreement may only be used in conjunction with Basic Plan Document
Number 03.
(Note: The Employer, Plan Administrator and Trustee, if applicable, must all
sign below.)
Executed at this day of , 19 .
------------- ----- -------------- -----
Employer's Exact Name:
------------------------------
Witness: By:
----------------------- ----------------------------------------
Title:
--------------------------------------
Additional Adopting Employer's Exact Name:
-------------------------
Witness: By:
----------------------- ----------------------------------------
Title:
--------------------------------------
September 24, 1997
- 45 -
Additional Adopting Employer's Exact Name:
-------------------------
Witness: By:
----------------------- ----------------------------------------
Title:
--------------------------------------
Additional Adopting Employer's Exact Name:
-------------------------
Witness: By:
----------------------- ----------------------------------------
Title:
--------------------------------------
Additional Adopting Employer's Exact Name:
-------------------------
Witness: By:
----------------------- ----------------------------------------
Title:
--------------------------------------
ACCEPTED this day of , 19 .
----------- ---------------------------- ----
Witness: By (Plan Administrator):
----------------------- --------------------
Witness: By (Plan Administrator):
----------------------- --------------------
Witness: By (Plan Administrator):
----------------------- --------------------
Witness: By (Trustee):
----------------------- ------------------------------
Witness: By (Trustee):
----------------------- ------------------------------
Witness: By (Trustee):
----------------------- ------------------------------
ACCEPTED this day of , 19 .
-------- ------------------------ ----------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By (Authorized Representative):
-------------------------------
September 24, 1997
- 46 -
