Exhibit 10.11B
FIRST AMENDMENT TO THE
RECOTON CORPORATION CODE SECTION 401(K) PROFIT SHARING
PLAN AND TRUST AGREEMENT
Recoton Corporation, a New York corporation (the "Employer"), and
Xxxxxxx X. Xxxxxxxxx, Xxxxxx X. Xxxxxxxxx and Xxxxxx Xxxxxx (collectively
referred to as the "Trustee") agree and consent to amend the Recoton Corporation
Code section 401(k) Profit Sharing Plan and Trust Agreement effective the 1st
day of January, 1995, as follows:
1. Section 9.11 of Article IX of the Plan is amended by adding the
following provision as paragraph (D):
(D) SPECIAL RULE FOR CERTAIN CONTRIBUTIONS. To apply Section 9.11(A)
to the allocation of net income, gain or loss with respect to Deferral
Contributions, the Advisory Committee will apply the weighted average
method. The "weighted average allocation" method treats a weighted
portion of the Deferral Contributions made during the valuation period
as if includible in the Participant's Account as of the beginning of
the valuation period. The weighted portion is a fraction, the
numerator of which is the number of days in the valuation period,
excluding each day in the valuation period which begins prior to the
contribution date of the applicable contributions, and the denominator
of which is the number of days in the valuation period.
2. Subparagraph A.(2) of Section 5.03 is deleted in its entirety and
the following inserted in lie thereof:
(2) MATCHING CONTRIBUTIONS ACCOUNT AND EMPLOYEE CONTRIBUTIONS
ACCOUNT. Except as provided in Section 5.01 and 5.02, for each Year of
Service, a Participant's Nonforfeitable percentage of his Matching
Contributions Account and Employer Contributions Account equals the
percentage in the following vesting schedule:
PERCENT OF
YEARS OF SERVICE NONFORFETIBABLE
WITH THE EMPLOYER ACCRUED BENEFIT
----------------- ----------------
Less than 3 None
3 20%
4 40%
5 60%
6 80%
7 or more 100%
Effective for any Plan Year for which the Plan is top heavy, the
Advisory Committee will calculate a Participant's Nonforfeitable
Percentage under the following schedule:
PERCENT OF
YEARS OF SERVICE NONFORFETIBABLE
WITH THE EMPLOYER ACCRUED BENEFIT
----------------- ----------------
Less than 2 None
2 20%
3 40%
4 60%
5 80%
6 or more 100%
The Advisory Committee will apply the top heavy schedule to
Participants who earn at least one Hour of Service after the top heavy
schedule becomes effective. A shift between vesting schedules under
this Section 5.03 is an amendment to the vesting schedule and the
Advisory Committee must apply the rules of Section 7.05 accordingly. A
shift to a new vesting schedule under this Section 5.03 is effective
on the first day of the Plan Year for which the top heavy status of
the Plan changes.
Except as hereinabove amended, the Recoton Corporation Code Section
401(k) Profit Sharing Plan and Trust Agreement shall remain unchanged and shall
continue in full force and effect, provided, however, that no amendment hereto
shall retroactively eliminate an option form of benefit that is a protected
benefit under Code Section 411(d)(6) and applicable Treasury Regulations.
Signed, sealed and delivered
in the presence of: EMPLOYER:
RECOTON CORPORATION
By: /s/ XXXXXX XXXXXX
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Xxxxxx Xxxxxx, Vice President
and Treasurer
-----------------------------
As to Employer
TRUSTEE:
/s/ XXXXXXX X. XXXXXXXXX
----------------------------- -----------------------------
Xxxxxxx X. Xxxxxxxxx
-----------------------------
As to Trustee
/s/ XXXXXX X. XXXXXXXXX
----------------------------- -----------------------------
Xxxxxx X. Xxxxxxxxx
-----------------------------
As to Trustee
/s/ XXXXXX XXXXXX
----------------------------- -----------------------------
Xxxxxx Xxxxxx
-----------------------------
As to Trustee
