Amendment Three to the
CompSavings Plan for Employees of CompUSA Inc. and Trust
WHEREAS, CompUSA Inc. (the "Company") approved and adopted the CompSavings Plan
for Employees of CompUSA Inc. (the "Plan") and Trust Agreement (the "Trust")
which were originally effective January 1, 1995 and most recently restated
January 1, 1998;
WHEREAS, Section 19.1 of the Plan and Trust provides that the Company reserves
the right to amend the Plan and Trust; and
WHEREAS, the Company now desires to amend the Plan as set forth below;
NOW, THEREFORE, the Plan is amended as follows:
EFFECTIVE JANUARY 1, 1997:
1. Section 12 is amended to restate Subsection 12.1, item (i) as follows:
12.1 Contribution Limitation Definitions
(i) "HCE" or "Highly Compensated Employee". With respect to all Related
Companies, an Employee who (in accordance with Code section 414(q)):
(1) was a more than 5% Owner (within the meaning of Code section
414(q)(2)) at any time during the Plan Year or the preceding Plan
Year; or
(2) received Compensation during the preceding Plan Year in excess of
$80,000 (as adjusted for such Year pursuant to Code sections
414(q)(1) and 415(d)).
A former Employee shall be treated as an HCE if (1) such former
Employee was an HCE when he or she separated from service, or (2) such
former Employee was an HCE in service at any time after attaining age
55.
For purposes of the above, the reference to preceding Plan Year shall
mean the 12 months preceding January 1, 1997 with regard to the Plan
Year commencing January 1, 1997.
EFFECTIVE JANUARY 1, 1998:
1. Section 11 is amended to restate Subsection 11.4 in its entirety as
follows:
11.4 Distribution of Small Amounts
If after a Participant's employment with all Related Companies ends,
the Participant's vested Account balance is $5,000 or less, the
Participant's benefit shall be paid as a single lump sum as soon as
administratively feasible in accordance with procedures prescribed by
the Administrator.
Amendment Three to the
CompSavings Plan for Employees of CompUSA Inc. Page 1
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2. Section 13 is amended to change the reference in subsection 13.2 from
"Taxable Income" to "Compensation".
3. Section 14 is amended to change the reference in subsection 14.2 from
"Taxable Income" to "Compensation".
EFFECTIVE JANUARY 1, 1999:
1. Section 1 is amended to restate subsection 1.21 in its entirety as follows:
1.21 "Eligible Rollover Distribution". A distribution of all or any
portion of the balance to the credit of a Distributee, excluding (i) a
distribution that is one of a series of substantially equal periodic
payments (not less frequently than annually) made for the life (or
life expectancy) of the Distributee or the joint lives (or joint life
expectancies) of the Distributee and the Distributee's designated
Beneficiary, or for a specified period of ten years or more; (ii) a
distribution to the extent such distribution is required under Code
section 401(a)(9); (iii) the portion of a distribution that is not
includible in gross income (determined without regard to the exclusion
for net unrealized appreciation with respect to Employer securities);
and (iv) Hardship Withdrawal amounts from a Participant's Pre-Tax
Account. Notwithstanding the foregoing, the Distributee may determine
a Hardship Withdrawal amount to be an Eligible Rollover Distribution
using the definition in effect prior to January 1, 1999.
EFFECTIVE APRIL 1, 1999:
1. Section 3 is amended to restate subsection 3.2 by deleting from the first
sentence the reference to frequency of changes in the contribution
election:
3.2 Changing a Contribution Election
A Participant who is an Eligible Employee may change his or her
Pre-Tax Contribution election at any time, in such manner and with
such advance notice as prescribed by the Administrator, and such
election change shall be effective with the first payroll paid after
such date. A Participant's Contribution election made as a percentage
of Pay shall automatically apply to Pay increases or decreases.
2. Section 5 is amended to restate subsection 5.1 by deleting item (a)(2) as
follows:
5.1 Company Matching Contributions
"was credited with at least 1,000 Hours of Service for the Plan Year."
3. Section 8 is amended to restate Section 8.4 in its entirety as follows:
8.4 Forfeitures of Non-Vested Account Balances
A Terminated Participant shall forfeit his or her non-vested Account
balance as soon as administratively feasible after the earliest of the
date he or she:
Amendment Three to the
CompSavings Plan for Employees of CompUSA Inc. Page 2
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(a) is determined to be a Terminated Participant if his or her
vested Account balance is zero;
(b) receives a complete distribution of his or her vested
Account balance; or
(c) incurs a Break in Service.
4. Appendix B is amended to restate item III, to delete item IV and to
re-designate item V as item IV and to restate item V as follows:
Appendix B - Payment of Plan Fees and Expenses
III. Loan Fees: For loans set-up prior to April 1, 1999, a $3.50 per month
fee shall be assessed and collected quarterly from the Account of each
Participant who has an existing loan balance. For loans set-up on or
after April 1, 1999, a one-time fee of $40 shall be assessed and
collected from the Account of a Participant at loan inception.
IV. Additional Fees Paid by Employer. All other Plan related fees and
expenses shall be paid by the Employer. To the extent that the
Administrator later elects that any such fees shall be borne by
Participants, estimates of the fees shall be determined and
reconciled, at least annually, and the fees shall be assessed monthly
and collected from Accounts quarterly. In addition, administrative
fees attributable to former Participants shall be charged to accounts
of former Participants.
EFFECTIVE JANUARY 1, 2000:
1. Section 13 is amended to delete Subsections 13.6, 13.7 and 13.8.
2. Section 14 is amended to delete Subsection 14.3.
SIGNED on this 22 day of DECEMBER, 1999
CompUSA Inc.
s/ Xxx XxXxxx
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Xxx XxXxxx
Senior Vice President - Human Resources
Amendment Three to the
CompSavings Plan for Employees of CompUSA Inc. Page 3
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The provisions of the above amendment that relate to the Trustee are hereby
approved and executed.
Date: _____________, 1999 Xxxxxxx Xxxxx Trust Company, FSB
By:
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Its:
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Amendment Three to the
CompSavings Plan for Employees of CompUSA Inc. Page 4
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