EXHIBIT 10.7
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ADOPTION AGREEMENT #005
NONSTANDARDIZED CODE ss 401(K) PROFIT SHARING PLAN
The undersigned, DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. ("Employer"), by
executing this Adoption Agreement, elects to become a participating Employer in
the BANK OF OKLAHOMA, N.A. Defined Contribution Master Plan (basic plan document
#01) by adopting the accompanying Plan and Trust in full as if the Employer were
a signatory to that Agreement. The Employer makes the following elections
granted under the provisions of the Master Plan.
ARTICLE I
DEFINITIONS
1.02 TRUSTEE. The Trustee executing this Adoption Agreement is: (CHOOSE
(A) OR (B))
[X] (a) A discretionary Trustee. See Section 10.03[A] of the Plan.
[ ] (b) A nondiscretionary Trustee. See Section 10.03[B] of the Plan.
[NOTE: THE EMPLOYER MAY NOT ELECT OPTION (B) IF A CUSTODIAN EXECUTES
THE ADOPTION AGREEMENT.]
1.03 PLAN. The name of the Plan as adopted by the Employer is DOLLAR
THRIFTY AUTOMOTIVE GROUP, INC. RETIREMENT SAVINGS PLAN.
1.07 EMPLOYEE. The following Employees are not eligible to participate
in the Plan: (CHOOSE (A) OR AT LEAST ONE OF (B) THROUGH (G))
[ ] (a) No exclusions.
[X] (b) Collective bargaining employees(as defined in Section 1.07 of the
Plan). [NOTE: IF THE EMPLOYER EXCLUDES UNION EMPLOYEES FROM THE PLAN,
THE EMPLOYER MUST BE ABLE TO PROVIDE EVIDENCE THAT RETIREMENT BENEFITS
WERE THE SUBJECT OF GOOD FAITH BARGAINING.]
[ ] (c) Nonresident aliens who do not receive any earned income (as
defined in Code '911(d)(2)) from the Employer which constitutes United
States source income (as defined in Code '861(a)(3)).
[ ] (d) Commission Salesmen.
[ ] (e) Any Employee compensated on a salaried basis.
[ ] (f) Any Employee compensated on an hourly basis.
[ ] (g) (SPECIFY) _____________________________.
LEASED EMPLOYEES. Any Leased Employee treated as an Employee under Section 1.31
of the Plan, is: (CHOOSE (H) OR (I))
[X] (h) Not eligible to participate in the Plan.
[ ] (i) Eligible to participate in the Plan, unless excluded by reason
of an exclusion classification elected under this Adoption Agreement
Section 1.07.
RELATED EMPLOYERS. If any member of the Employer's related group (as defined in
Section 1.30 of the Plan) executes a Participation Agreement to this Adoption
Agreement, such member's Employees are eligible to participate in this Plan,
unless excluded by reason of an exclusion classification elected under this
Adoption Agreement Section 1.07. In addition: (CHOOSE (J) OR (K))
[X] (j) No other related group member's Employees are eligible to
participate in the Plan.
[ ] (k) The following nonparticipating related group member's Employees
are eligible to participate in the Plan unless excluded by reason of
an exclusion classification elected under this Adoption Agreement
Section 1.07:_______________________________________.
1.12 COMPENSATION.
TREATMENT OF ELECTIVE CONTRIBUTIONS. (CHOOSE (A) OR (B))
[X] (a) "Compensation" includes elective contributions made by the
Employer on the Employee's behalf.
[ ] (b) "Compensation" does not include elective contributions.
MODIFICATIONS TO COMPENSATION DEFINITION. (CHOOSE (C) OR AT LEAST ONE OF (D)
THROUGH (J))
[ ] (c) No modifications other than as elected under Options (a) or (b).
[ ] (d) The Plan excludes Compensation in excess of $ .
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[ ] (e) In lieu of the definition in Section 1.12 of the Plan,
Compensation means any earnings reportable as W-2 wages for Federal
income tax withholding purposes, subject to any other election under
this Adoption Agreement Section 1.12.
[ ] (f) The Plan excludes bonuses.
[ ] (g) The Plan excludes overtime.
[ ] (h) The Plan excludes Commissions.
[X] (i) Compensation will not include Compensation from a related employer
(as defined in Section 1.30 of the Plan) that has not executed a
Participation Agreement in this Plan unless, pursuant to Adoption
Agreement Section 1.07, the Employees of that related employer are
eligible to participate in this Plan.
[X] (j) (SPECIFY) THE PLAN EXCLUDES REIMBURSEMENTS OR OTHER EXPENSE
ALLOWANCES, FRINGE BENEFITS (CASH AND NONCASH), MOVING EXPENSES,
DEFERRED COMPENSATION, AND WELFARE BENEFITS.
If, for any Plan Year, the Plan uses permitted disparity in the contribution or
allocation formula elected under Article III, any election of Options (f), (g),
(h) or (j) is ineffective for such Plan Year with respect to any Nonhighly
Compensated Employee.
SPECIAL DEFINITION FOR MATCHING CONTRIBUTIONS. "Compensation" for purposes of
any matching contribution formula under Article III means: (CHOOSE (K) OR (L)
ONLY IF APPLICABLE)
[X] (k) Compensation as defined in this Adoption Agreement Section 1.12.
[ ] (l) (SPECIFY) __________________________________________________.
SPECIAL DEFINITION FOR SALARY REDUCTION CONTRIBUTIONS. An Employee's salary
reduction agreement applies to his Compensation determined prior to the
reduction authorized by that salary reduction agreement, with the following
exceptions: (CHOOSE (M) OR AT LEAST ONE OF (N) OR (O), IF APPLICABLE)
[X] (m) No exceptions.
[ ] (n) If the Employee makes elective contributions to another plan
maintained by the Employer, the Advisory Committee will determine the
amount of the Employee's salary reduction contribution for the
withholding period: (CHOOSE (1) OR (2))
[ ] (1) After the reduction for such period of elective contributions
to the other plan(s).
[ ] (2) Prior to the reduction for such period of elective
contributions to the other plan(s).
[ ] (o) (SPECIFY) _____________________________________________.
1.17 PLAN YEAR/LIMITATION YEAR.
PLAN YEAR. Plan Year means: (CHOOSE (A) OR (B))
[ ] (a) The 12 consecutive month period ending every _______.
[X] (b) (SPECIFY) THE 12-MONTH PERIOD ENDING EACH DECEMBER 31, EXCEPT FOR
JULY 1, 199H WILL BE A SHORT PLAN YEAR..
LIMITATION YEAR. The Limitation Year is: (CHOOSE (C) OR (D))
[X] (c) The Plan Year.
[ ] (d) The 12 consecutive month period ending every _________.
1.18 EFFECTIVE DATE.
NEW PLAN. The "Effective Date" of the Plan is ______________________.
RESTATED PLAN. The restated Effective Date is JULY 1, 1987.
This Plan is a substitution and amendment of an existing retirement plan(s)
originally established JUNE 27, 1986. [NOTE: SEE THE EFFECTIVE DATE ADDENDUM.]
1.27 HOUR OF SERVICE. The crediting method for Hours of Service is:
(CHOOSE (A) OR (B))
[X] (a) The actual method.
[ ] (b) The ____ equivalency method, except:
[ ] (1) No exceptions.
[ ] (2) The actual method applies for purposes of: (CHOOSE AT
LEAST ONE)
[ ] (i) Participation under Article II.
[ ] (ii) Vesting under Article V.
[ ] (iii)Accrual of benefits under Section 3.06.
[NOTE:ON THE BLANK LINE,INSERT "DAILY," "WEEKLY," "SEMI-MONTHLY PAYROLL PERIODS"
OR "MONTHLY."]
1.29 SERVICE FOR PREDECESSOR EMPLOYER. In addition to the predecessor
service the Plan must credit by reason of Section 1.29 of the Plan, the Plan
credits Service with the following predecessor employer(s): THRIFTY RENT-A-CAR
SYSTEM, INC., SNAPPY CAR RENTAL, INC., DOLLAR RENT A CAR SYSTEMS, INC., DOLLAR
SYSTEMS, INC., DOLLAR OPERATIONS, INC., SCAMP AUTO RENTAL I, INC., AND CHRYSLER
CORPORATION . Service with the designated predecessor employer(s) applies:
(CHOOSE AT LEAST ONE OF (A) OR (B); (C) IS AVAILABLE ONLY IN ADDITION TO (A) OR
(B))
[X] (a) For purposes of participation under Article II.
[X] (b) For purposes of vesting under Article V.
[X] (c) Except the following Service: FOR SCAMP AUTO RENTAL I, INC., ONLY
SERVICE WHILE A WHOLLY OWNED SUBSIDIARY OF CHRYSLER CORPORATION .
[NOTE: IF THE PLAN DOES NOT CREDIT ANY PREDECESSOR SERVICE UNDER THIS PROVISION,
INSERT "N/A" IN THE FIRST BLANK LINE. THE EMPLOYER MAY ATTACH A SCHEDULE TO THIS
ADOPTION AGREEMENT, IN THE SAME FORMAT AS THIS SECTION 1.29, DESIGNATING
ADDITIONAL PREDECESSOR EMPLOYERS AND THE APPLICABLE SERVICE CREDITING
ELECTIONS.]
1.31 LEASED EMPLOYEES. If a Leased Employee is a Participant in the Plan
and also participates in a plan maintained by the leasing organization: (CHOOSE
(A) OR (B))
[X] (a) The Advisory Committee will determine the Leased Employee's
allocation of Employer contributions under Article III without taking
into account the Leased Employee's allocation, if any, under the
leasing organization's plan.
[ ] (b) The Advisory Committee will reduce a Leased Employee's
allocation of Employer nonelective contributions (other than
designated qualified nonelective contributions) under this Plan by the
Leased Employee's allocation under the leasing organization's plan,
but only to the extent that allocation is attributable to the Leased
Employee's service provided to the Employer. The leasing
organization's plan:
[ ] (1) Must be a money purchase plan which would satisfy the
definition under Section 1.31 of a safe harbor plan,
irrespective of whether the safe harbor exception applies.
[ ] (2) Must satisfy the features and, if a defined benefit
plan, the method of reduction described in an addendum to this
Adoption Agreement, numbered 1.31.
ARTICLE II
EMPLOYEE PARTICIPANTS
2.01 ELIGIBILITY.
ELIGIBILITY CONDITIONS. To become a Participant in the Plan, an Employee must
satisfy the following eligibility conditions: (CHOOSE (A) OR (B) OR BOTH; (C)
IS OPTIONAL AS AN ADDITIONAL ELECTION)
[X] (a) Attainment of age 21 (SPECIFY AGE, NOT EXCEEDING 21).
[X] (b) Service requirement. (CHOOSE ONE OF (1) THROUGH (3))
[X] (1) One Year of Service.
[ ] (2) __months (not exceeding 12) following the Employee's
Employment Commencement Date.
[ ] (3) One Hour of Service.
[ ] (c) Special requirements for non-401(k) portion of plan. (MAKE
ELECTIONS UNDER (1) AND UNDER (2))
(1) The requirements of this Option (c) apply to participation in:
(CHOOSE AT LEAST ONE OF (I) THROUGH (III))
[ ] (i) The allocation of Employer nonelective contributions
and Participant forfeitures.
[ ] (ii) The allocation of Employer matching contributions
(including forfeitures allocated as matching
contributions).
[ ] (iii) The allocation of Employer qualified nonelective
contributions.
(2) For participation in the allocations described in (1), the
eligibility conditions are: (CHOOSE AT LEAST ONE OF (I) THROUGH
(IV))
[ ] (i) (one or two) Year(s) of Service, without an
intervening Break in Service (as described in Section
2.03(A) of the Plan) if the requirement is two Years of
Service.
[ ] (ii) ____ months (not exceeding 24) following the
Employee's Employment Commencement Date.
[ ] (iii) One Hour of Service.
[ ] (iv) Attainment of age ____. [SPECIFY AGE, NOT EXCEEDING
21).
PLAN ENTRY DATE. "Plan Entry Date" means the Effective Date and: (CHOOSE (D),
(E) OR (F))
[ ] (d) Semi-annual Entry Dates. The first day of the Plan Year and the
first day of the seventh month of the Plan Year.
[ ] (e) The first day of the Plan Year.
[X] (f) (SPECIFY ENTRY DATES) THE FIRST DAY OF ANY MONTH (EFFECTIVE
7-1-93).
TIME OF PARTICIPATION. An Employee will become a Participant (and, if
applicable, will participate in the allocations described in Option (c)(1)),
unless excluded under Adoption Agreement Section 1.07, on the Plan Entry Date
(if employed on that date): (CHOOSE (G), (H) OR (I))
[X] (g) immediately following
[ ] (h) immediately preceding
[ ] (i) nearest
the date the Employee completes the eligibility conditions described in Options
(a) and (b) (or in Option (c)(2) if applicable) of this Adoption Agreement
Section 2.01. [NOTE: THE EMPLOYER MUST COORDINATE THE SELECTION OF (G), (H) OR
(I) WITH THE "PLAN ENTRY DATE" SELECTION IN (D), (E) OR (F). UNLESS OTHERWISE
EXCLUDED UNDER SECTION 1.07, THE EMPLOYEE MUST BECOME A PARTICIPANT BY THE
EARLIER OF: (1) THE FIRST DAY OF THE PLAN YEAR BEGINNING AFTER THE DATE THE
EMPLOYEE COMPLETES THE AGE AND SERVICE REQUIREMENTS OF CODE '410(A); OR (2) 6
MONTHS AFTER THE DATE THE EMPLOYEE COMPLETES THOSE REQUIREMENTS.]
DUAL ELIGIBILITY. The eligibility conditions of this Section 2.01 apply to:
(CHOOSE (J) OR (K))
[X] (j) All Employees of the Employer, except: (CHOOSE (1) OR (2))
[X] (1) No exceptions.
[ ] (2) Employees who are Participants in the Plan as of the
Effective Date.
[ ] (k) Solely to an Employee employed by the Employer after_____. If the
Employee was employed by the Employer on or before the specified date,
the Employee will become a Participant: (CHOOSE (1), (2) OR (3))
[ ] (1) On the latest of the Effective Date, his Employment
Commencement Date or the date he attains age___ (not to
exceed 21).
[ ] (2) Under the eligibility conditions in effect under the
Plan prior to the restated Effective Date. If the restated
Plan required more than one Year of Service to participate,
the eligibility condition under this Option (2) for
participation in the Code '401(k) arrangement under this Plan
is one Year of Service for Plan Years beginning after December
31, 1988. [FOR RESTATED PLANS ONLY]
[ ] (3) (SPECIFY)___________________________________.
2.02 YEAR OF SERVICE - PARTICIPATION.
HOURS OF SERVICE. An Employee must complete: (CHOOSE (A) OR (B))
[X] (a) 1,000 Hours of Service
[ ] (b) _____ Hours of Service
during an eligibility computation period to receive credit for a Year of
Service. [NOTE: THE HOURS OF SERVICE REQUIREMENT MAY NOT EXCEED 1,000.]
ELIGIBILITY COMPUTATION PERIOD. After the initial eligibility computation
period described in Section 2.02 of the Plan, the Plan measures the eligibility
computation period as: (CHOOSE (C) OR (D))
[ ] (c) The 12 consecutive month period beginning with each anniversary
of an Employee's Employment Commencement Date.
[X] (d) The Plan Year, beginning with the Plan Year which includes the
first anniversary of the Employee's Employment Commencement Date.
2.03 BREAK IN SERVICE - PARTICIPATION. The Break in Service rule
described in Section 2.03(B) of the Plan: (CHOOSE (A) OR (B))
[X] (a) Does not apply to the Employer's Plan.
[ ] (b) Applies to the Employer's Plan.
2.06 ELECTION NOT TO PARTICIPATE. The Plan: (CHOOSE (A) OR (B))
[X] (a) Does not permit an eligible Employee or a Participant to elect
not to participate.
[ ] (b) Does permit an eligible Employee or a Participant to elect not to
participate in accordance with Section 2.06 and with the following
rules: (COMPLETE (1), (2), (3) AND (4))
(1) An election is effective for a Plan Year if filed no later than
___________________________.
(2) An election not to participate must be effective for at least Plan
Year(s).
(3) Following a re-election to participate, the Employee or
Participant:
[ ] (i) May not again elect not to participate for any subsequent
Plan Year.
[ ] (ii) May again elect not to participate, but not earlier
than the _____ Plan Year following the Plan Year in which
the re-election first was effective.
(4) (SPECIFY) ________________[INSERT "N/A" IF NO OTHER RULES APPLY].
ARTICLE III
EMPLOYER CONTRIBUTIONS AND FORFEITURES
3.01 AMOUNT.
PART I. [OPTIONS (A) THROUGH (G)] AMOUNT OF EMPLOYER'S CONTRIBUTION. The
Employer's annual contribution to the Trust will equal the total amount of
deferral contributions, matching contributions, qualified nonelective
contributions and nonelective contributions, as determined under this Section
3.01. (CHOOSE ANY COMBINATION OF (A), (B), (C) AND (D), OR CHOOSE (E))
[X] (a) DEFERRAL CONTRIBUTIONS (CODE '401(K) ARRANGEMENT). (CHOOSE (1) OR
(2) OR BOTH)
[X] (1) Salary reduction arrangement. The Employer must contribute
the amount by which the Participants have reduced their
Compensation for the Plan Year, pursuant to their salary
reduction agreements on file with the Advisory Committee. A
reference in the Plan to salary reduction contributions is a
reference to these amounts.
[X] (2) Cash or deferred arrangement. The Employer will contribute
on behalf of each Participant the portion of the Participant's
proportionate share of the cash or deferred contribution which
he has not elected to receive in cash. See Section 14.02 of
the Plan. The Employer's cash or deferred contribution is the
amount the Employer may from time to time deem advisable which
the Employer designates as a cash or deferred contribution
prior to making that contribution to the Trust.
[X] (b) MATCHING CONTRIBUTIONS. The Employer will make matching
contributions in accordance with the formula(s) elected in Part II of
this Adoption Agreement Section 3.01.
[X] (c) DESIGNATED QUALIFIED NONELECTIVE CONTRIBUTIONS. The Employer, in
its sole discretion, may contribute an amount which it designates as a
qualified nonelective contribution.
[X] (d) NONELECTIVE CONTRIBUTIONS. (CHOOSE ANY COMBINATION OF (1)
THROUGH (4))
[X] (1) Discretionary contribution. The amount (or additional
amount) the Employer may from time to time deem advisable.
[ ] (2) The amount (or additional amount) the Employer may
from time to time deem advisable, separately determined for
each of the following classifications of Participants: (CHOOSE
(I) OR (II))
[ ] (i) Nonhighly Compensated Employees and Highly
Compensated Employees.
[ ] (ii) (SPECIFY CLASSIFICATIONS) ____________________ .
Under this Option (2), the Advisory Committee will allocate the
amount contributed for each Participant classification in
accordance with Part II of Adoption Agreement Section 3.04, as
if the Participants in that classification were the only
Participants in the Plan.
[ ] (3) ______% of the Compensation of all Participants under
the Plan, determined for the Employer's taxable year for
which it makes the contribution. [NOTE: THE PERCENTAGE
SELECTED MAY NOT EXCEED 15%.]
[ ] (4) _____% of Net Profits but not more than $______________.
[ ] (e) FROZEN PLAN. This Plan is a frozen Plan effective ________ . The
Employer will not contribute to the Plan with respect to any period
following the stated date.
NET PROFITS. The Employer: (CHOOSE (F) OR (G))
[X] (f) Need not have Net Profits to make its annual contribution under
this Plan.
[ ] (g) Must have current or accumulated Net Profits exceeding $____ to
make the following contributions: (CHOOSE AT LEAST ONE)
[ ] (1) Cash or deferred contributions described in Option(a)(2).
[ ] (2) Matching contributions described in Option (b), except:_.
[ ] (3) Qualified nonelective contribution described in Option
(c).
[ ] (4) Nonelective contributions described in Option (d).
The term "Net Profits" means the Employer's net income or profits for any
taxable year determined by the Employer upon the basis of its books of account
in accordance with generally accepted accounting practices consistently applied
without any deductions for Federal and state taxes upon income or for
contributions made by the Employer under this Plan or under any other employee
benefit plan the Employer maintains. The term "Net Profits" specifically
excludes N/A . [NOTE: ENTER "N/A" IF NO EXCLUSIONS APPLY.]
If the Employer requires Net Profits for matching contributions and the Employer
does not have sufficient Net Profits under Option (g), it will reduce the
matching contribution under a fixed formula on a prorata basis for all
Participants. A Participant's share of the reduced contribution will bear the
same ratio as the matching contribution the Participant would have received if
Net Profits were sufficient bears to the total matching contribution all
Participants would have received if Net Profits were sufficient. If more than
one member of a related group (as defined in Section 1.30) execute this Adoption
Agreement, each participating member will determine Net Profits separately but
will not apply this reduction unless, after combining the separately determined
Net Profits, the aggregate Net Profits are insufficient to satisfy the matching
contribution liability. "Net Profits" includes both current and accumulated Net
Profits.
PART II. [OPTIONS (H) THROUGH (J)] MATCHING CONTRIBUTION FORMULA. [NOTE: IF
THE EMPLOYER ELECTED OPTION (B), COMPLETE OPTIONS (H), (I) AND (J).]
[X] (h) AMOUNT OF MATCHING CONTRIBUTIONS. For each Plan Year, the
Employer's matching contribution is: (CHOOSE ANY COMBINATION OF (1),
(2), (3), (4) AND (5))
[ ] (1) An amount equal to ______% of each Participant's eligible
contributions for the Plan Year.
[ ] (2) An amount equal to__ % of each Participant's first tier
of eligible contributions for the Plan Year,plus the following
matching percentage(s) for the following subsequent tiers of
eligible contributions for the Plan _____________________.
[X] (3) Discretionary formula.
[X] (i) An amount (or additional amount) equal to a
matching percentage the Employer from time to time
may deem advisable of the Participant's eligible
contributions for the Plan Year.
[ ] (ii) An amount (or additional amount) equal to a
matching percentage the Employer from time to time
may deem advisable of each tier of the Participant's
eligible contributions for the Plan Year.
[ ] (4) An amount equal to the following percentage of each
Participant's eligible contributions for the Plan Year, based
on the Participant's Years of Service:
NUMBER OF YEARS OF SERVICE MATCHING PERCENTAGE
-------------------------- -------------------
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--- ---
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The Advisory Committee will apply this formula by determining Years of
Service as follows:___________________________________.
[ ] (5) A Participant's matching contributions may not: (CHOOSE
(I) OR (II))
[ ] (i) Exceed ______________________.
[ ] (ii) Be less than_________________.
RELATED EMPLOYERS. If two or more related employers (as defined in
Section 1.30) contribute to this Plan, the related employers may elect
different matching contribution formulas by attaching to the Adoption
Agreement a separately completed copy of this Part II. NOTE: SEPARATE
MATCHING CONTRIBUTION FORMULAS CREATE SEPARATE CURRENT BENEFIT
STRUCTURES THAT MUST SATISFY THE MINIMUM PARTICIPATION TEST OF CODE
ss 401(A)(26).]
[X] (i) DEFINITION OF ELIGIBLE CONTRIBUTIONS. Subject to the requirements
of Option (j), the term "eligible contributions" means: (CHOOSE ANY
COMBINATION OF (1) THROUGH (3))
[X] (1) Salary reduction contributions.
[X] (2) Cash or deferred contributions (including any part of the
Participant's proportionate share of the cash or deferred
contribution which the Employer defers without the
Participant's election).
[ ] (3) Participant mandatory contributions, as designated in
Adoption Agreement Section 4.01.See Section 14.04 of the Plan.
[X] (j) AMOUNT OF ELIGIBLE CONTRIBUTIONS TAKEN INTO ACCOUNT. When
determining a Participant's eligible contributions taken into account
under the matching contributions formula(s), the following rules
apply: (CHOOSE ANY COMBINATION OF (1) THROUGH (4))
[ ] (1) The Advisory Committee will take into account all
eligible contributions credited for the Plan Year.
EFFECTIVE
7-1-98 [X] (2) The Advisory Committee will disregard eligible
contributions exceeding 6% OF A PARTICIPANT'S ELIGIBLE
COMPENSATION FOR EACH PAY PERIOD. THE ADVISORY COMMITTEE AT
ITS DISCRETION MAY DETERMINE THAT UPPER LEVEL PAY GRADE
EMPLOYEES WILL RECEIVE A LOWER LEVEL OF MATCHING CONTRIBUTION.
[ ] (3) The Advisory Committee will treat as the first tier of
eligible contributions, an amount not exceeding: __________.
The subsequent tiers of eligible contributions are: ______.
[ ] (4) (SPECIFY)______________________________.
PART III. [OPTIONS (K) AND (L)]. SPECIAL RULES FOR CODE ss 401(K) ARRANGEMENT.
(CHOOSE (K) OR (L), OR BOTH, AS APPLICABLE)
[X] (k) SALARY REDUCTION AGREEMENTS. The following rules and restrictions
apply to an Employee's salary reduction agreement: (MAKE A SELECTION UNDER (1),
(2), (3) AND (4))
(1) Limitation on amount. The Employee's salary reduction
contributions: (CHOOSE (I) OR AT LEAST ONE OF (II) OR (III))
[ ] (i) No maximum limitation other than as provided in the
Plan.
EFFECTIVE
4/1/97 [X] (ii) May not exceed *** 15% *** of Compensation for
the Plan Year, subject to the annual additions limitation
described in Part 2 of Article III and the 402(g) limitation
described in Section 14.07 of the Plan.
[X] (iii) Based on percentages of Compensation must equal at
least 1%.
(2) An Employee may revoke, on a prospective basis, a salary reduction
agreement: (CHOOSE (I), (II), (III) OR (IV))
[ ] (i) Once during any Plan Year but not later than_______
of the Plan Year.
[ ] (ii) As of any Plan Entry Date.
[ ] (iii) As of the first day of any month.
[X] (iv) (SPECIFY, BUT MUST BE AT LEAST ONCE PER PLAN YEAR)
AS OF THE NEXT PAY PERIOD PROVIDING 10 DAYS ADVANCE
NOTICE.
(3) An Employee who revokes his salary reduction agreement may file a
new salary reduction agreement with an effective date: (CHOOSE (I),
(II), (III) OR (IV))
[ ] (i) No earlier than the first day of the next Plan
Year.
[ ] (ii) As of any subsequent Plan Entry Date.
[ ] (iii) As of the first day of any month subsequent to
the month in which he revoked an Agreement.
EFFECTIVE
10-1-98 [X] (iv) (SPECIFY, BUT MUST BE AT LEAST ONCE PER PLAN
YEAR FOLLOWING THE PLAN YEAR OF REVOCATION) AS OF THE
FIRST REASONABLE PAY PERIOD ON OR AFTER JANUARY 1, APRIL
1, JULY 1, OR OCTOBER 1 .
(4) A Participant may increase or may decrease, on a prospective
basis, his salary reduction percentage or dollar amount: (CHOOSE (I),
(II), (III) OR (IV))
[ ] (i) As of the beginning of each payroll period.
[ ] (ii) As of the first day of each month.
[ ] (iii) As of any Plan Entry Date.
EFFECTIVE
10-1-98 [X] (iv) (SPECIFY, BUT MUST PERMIT AN INCREASE OR A
DECREASE AT LEAST ONCE PER PLAN YEAR) AS OF THE FIRST
REASONABLE PAY PERIOD ON OR AFTER JANUARY 1, APRIL 1,
JULY 1 OR OCTOBER 1.
[X] (l) CASH OR DEFERRED CONTRIBUTIONS. For each Plan Year for which the
Employer makes a designated cash or deferred contribution, a
Participant may elect to receive directly in cash not more than the
following portion (or, if less, the 402(g) limitation described in
Section 14.07 of the Plan) of his proportionate share of that cash or
deferred contribution: (CHOOSE (1) OR (2))
[X] (1) All or any portion.
[ ] (2) __________________%.
3.04 CONTRIBUTION ALLOCATION. The Advisory Committee will allocate
deferral contributions, matching contributions, qualified nonelective
contributions and nonelective contributions in accordance with Section 14.06 and
the elections under this Adoption Agreement Section 3.04.
PART I. [OPTIONS (A) THROUGH (D)]. SPECIAL ACCOUNTING ELECTIONS. (CHOOSE
WHICHEVER ELECTIONS ARE APPLICABLE TO THE EMPLOYER'S PLAN)
[X] (a) MATCHING CONTRIBUTIONS ACCOUNT. The Advisory Committee will
allocate matching contributions to a Participant's:(CHOOSE (1) OR (2);
(3) IS AVAILABLE ONLY IN ADDITION TO (1))
[X] (1) Regular Matching Contributions Account.
[ ] (2) Qualified Matching Contributions Account.
[ ] (3) Except, matching contributions under Option(s) of
Adoption Agreement Section 3.01 are allocable to the Qualified
Matching Contributions Account.
[X] (b) SPECIAL ALLOCATION DATES FOR SALARY REDUCTION CONTRIBUTIONS. The
Advisory Committee will allocate salary reduction contributions as of
the Accounting Date and as of the following additional allocation
dates: AS OF EACH BUSINESS DAY OF THE PLAN YEAR (EFFECTIVE 9-1-93).
[X] (c) SPECIAL ALLOCATION DATES FOR MATCHING CONTRIBUTIONS. The Advisory
Committee will allocate matching contributions as of the Accounting
Date and as of the following additional allocation dates: AS OF EACH
BUSINESS DAY OF THE PLAN YEAR (EFFECTIVE 9-1-93).
[X] (d) DESIGNATED QUALIFIED NONELECTIVE CONTRIBUTIONS - DEFINITION OF
PARTICIPANT. For purposes of allocating the designated qualified
nonelective contribution, "Participant" means: (CHOOSE (1), (2) OR
(3))
[ ] (1) All Participants.
[X] (2) Participants who are Nonhighly Compensated Employees for
the Plan Year.
[ ] (3) (SPECIFY) __________________.
PART II. METHOD OF ALLOCATION - NONELECTIVE CONTRIBUTION. Subject to any
restoration allocation required under Section 5.04, the Advisory Committee will
allocate and credit each annual nonelective contribution (and Participant
forfeitures treated as nonelective contributions) to the Employer Contributions
Account of each Participant who satisfies the conditions of Section 3.06, in
accordance with the allocation method selected under this Section 3.04. If the
Employer elects Option (e)(2), Option (g)(2) or Option (h), for the first 3% of
Compensation allocated to all Participants, "Compensation" does not include any
exclusions elected under Adoption Agreement Section 1.12 (other than the
exclusion of elective contributions), and the Advisory Committee must take into
account the Participant's Compensation for the entire Plan Year. (CHOOSE AN
ALLOCATION METHOD UNDER (E), (F), (G) OR (H); (I) IS MANDATORY IF THE EMPLOYER
ELECTS (F), (G) OR (H); (J) IS OPTIONAL IN ADDITION TO ANY OTHER ELECTION.)
[X] (e) NONINTEGRATED ALLOCATION FORMULA. (CHOOSE (1) OR (2))
[X] (1) The Advisory Committee will allocate the annual
nonelective contributions in the same ratio that each
Participant's Compensation for the Plan Year bears to the
total Compensation of all Participants for the Plan Year.
[ ] (2) The Advisory Committee will allocate the annual
nonelective contributions in the same ratio that each
Participant's Compensation for the Plan Year bears to the
total Compensation of all Participants for the Plan Year. For
purposes of this Option (2), "Participant" means, in addition
to a Participant who satisfies the requirements of Section
3.06 for the Plan Year, any other Participant entitled to a
top heavy minimum allocation under Section 3.04(B), but such
Participant's allocation will not exceed 3% of his
Compensation for the Plan Year.
[ ] (f) TWO-TIERED INTEGRATED ALLOCATION FORMULA - MAXIMUM DISPARITY.
First, the Advisory Committee will allocate the annual Employer
nonelective contributions in the same ratio that each Participant's
Compensation plus Excess Compensation for the Plan Year bears to the
total Compensation plus Excess Compensation of all Participants for
the Plan Year. The allocation under this paragraph, as a percentage of
each Participant's Compensation plus Excess Compensation, must not
exceed the applicable percentage (5.7%, 5.4% or 4.3%) listed under the
Maximum Disparity Table following Option (i).
The Advisory Committee then will allocate any remaining nonelective
contributions in the same ratio that each Participant's Compensation
for the Plan Year bears to the total Compensation of all Participants
for the Plan Year.
[ ] (g) THREE-TIERED INTEGRATED ALLOCATION FORMULA. First, the Advisory
Committee will allocate the annual Employer nonelective contributions
in the same ratio that each Participant's Compensation for the Plan
Year bears to the total Compensation of all Participants for the Plan
Year. The allocation under this paragraph, as a percentage of each
Participant's Compensation may not exceed the applicable percentage
(5.7%, 5.4% or 4.3%) listed under the Maximum Disparity Table
following Option (i). Solely for purposes of the allocation in this
first paragraph, "Participant" means, in addition to a Participant who
satisfies the requirements of Section 3.06 for the Plan Year: (CHOOSE
(1) OR (2))
[ ] (1) No other Participant.
[ ] (2) Any other Participant entitled to a top heavy minimum
allocation under Section 3.04(B), but such Participant's
allocation under this Option (g) will not exceed 3% of his
Compensation for the Plan Year.
As a second tier allocation, the Advisory Committee will allocate the
nonelective contributions in the same ratio that each Participant's
Excess Compensation for the Plan Year bears to the total Excess
Compensation of all Participants for the Plan Year. The allocation
under this paragraph, as a percentage of each Participant's Excess
Compensation, may not exceed the allocation percentage in the first
paragraph.
Finally, the Advisory Committee will allocate any remaining
nonelective contributions in the same ratio that each Participant's
Compensation for the Plan Year bears to the total Compensation of all
Participants for the Plan Year.
[ ] (h) FOUR-TIERED INTEGRATED ALLOCATION FORMULA. First, the Advisory
Committee will allocate the annual Employer nonelective contributions
in the same ratio that each Participant's Compensation for the Plan
Year bears to the total Compensation of all Participants for the Plan
Year, but not exceeding 3% of each Participant's Compensation. Solely
for purposes of this first tier allocation, a "Participant" means, in
addition to any Participant who satisfies the requirements of Section
3.06 for the Plan Year, any other Participant entitled to a top heavy
minimum allocation under Section 3.04(B) of the Plan.
As a second tier allocation, the Advisory Committee will allocate the
nonelective contributions in the same ratio that each Participant's
Excess Compensation for the Plan Year bears to the total Excess
Compensation of all Participants for the Plan Year, but not exceeding
3% of each Participant's Excess Compensation.
As a third tier allocation, the Advisory Committee will allocate the
annual Employer contributions in the same ratio that each
Participant's Compensation plus Excess Compensation for the Plan Year
bears to the total Compensation plus Excess Compensation of all
Participants for the Plan Year. The allocation under this paragraph,
as a percentage of each Participant's Compensation plus Excess
Compensation, must not exceed the applicable percentage (2.7%, 2.4% or
1.3%) listed under the Maximum Disparity Table following Option (i).
The Advisory Committee then will allocate any remaining nonelective
contributions in the same ratio that each Participant's Compensation
for the Plan Year bears to the total Compensation of all Participants
for the Plan Year.
[ ] (i) EXCESS COMPENSATION. For purposes of Option (f), (g) or
(h), "Excess Compensation" means Compensation in excess of the
following Integration Level: (CHOOSE (1) OR (2))
[ ] (1) ___% (not exceeding 100%) of the taxable wage base, as
determined under Section 230 of the Social Security Act, in
effect on the first day of the Plan Year: (CHOOSE ANY
COMBINATION OF (I) AND (II) OR CHOOSE (III))
[ ] (i) Rounded to ____________ (but not exceeding the
taxable wage base).
[ ] (ii) But not greater than $________.
[ ] (iii)Without any further adjustment or limitation.
[ ] (2) $ _________ [NOTE: NOT EXCEEDING THE TAXABLE WAGE
BASE FOR THE PLAN YEAR IN WHICH THIS ADOPTION AGREEMENT
FIRST IS EFFECTIVE.]
MAXIMUM DISPARITY TABLE.For purposes of Options (f), (g) and (h), the applicable
percentage is:
Integration Level (as Applicable Percentages for Applicable Percentages
percentage of taxable wage base) Option (f) or Option (g) for Option (h)
-------------------------------- -------------------------- ----------------------
100% 5.7% 2.7%
More than 80% but less than 100% 5.4% 2.4%
More than 20% (but not less than $10,001)
and not more than 80% 4.3% 1.3%
20% (or $10,000, if greater) or less 5.7% 2.7%
[ ] (j) ALLOCATION OFFSET. The Advisory Committee will reduce a
Participant's allocation otherwise made under Part II of this
Section 3.04 by the Participant's allocation under the following
qualified plan(s) maintained by the Employer: __________________ .
The Advisory Committee will determine this allocation reduction:
(CHOOSE (1) OR (2))
[ ] (1) By treating the term "nonelective contribution" as
including all amounts paid or accrued by the Employer during
the Plan Year to the qualified plan(s) referenced under this
Option (j). If a Participant under this Plan also participates
in that other plan, the Advisory Committee will treat the
amount the Employer contributes for or during a Plan Year on
behalf of a particular Participant under such other plan as
an amount allocated under this Plan to that Participant's
Account for that Plan Year. The Advisory Committee will make
the computation of allocation required under the immediately
preceding sentence before making any allocation of nonelective
contributions under this Section 3.04.
[ ] (2) In accordance with the formula provided in an addendum
to this Adoption Agreement, numbered 3.04(j).
TOP HEAVY MINIMUM ALLOCATION - METHOD OF COMPLIANCE. If a Participant's
allocation under this Section 3.04 is less than the top heavy minimum allocation
to which he is entitled under Section 3.04(B): (CHOOSE (K) OR (L))
[X] (k) The Employer will make any necessary additional contribution to
the Participant's Account, as described in Section 3.04(B)(7)(a) of
the Plan.
[ ] (l) The Employer will satisfy the top heavy minimum allocation
under the following plan(s) it maintains: ________________________.
However, the Employer will make any necessary additional contribution
to satisfy the top heavy minimum allocation for an Employee covered
only under this Plan and not under the other plan(s) designated in
this Option (l). See Section 3.04(B)(7)(b) of the Plan.
If the Employer maintains another plan, the Employer may provide in an addendum
to this Adoption Agreement, numbered Section 3.04, any modifications to the Plan
necessary to satisfy the top heavy requirements under Code ss 416.
RELATED EMPLOYERS. If two or more related employers (as defined in Section 1.30)
contribute to this Plan, the Advisory Committee must allocate all Employer
nonelective contributions (and forfeitures treated as nonelective contributions)
to each Participant in the Plan, in accordance with the elections in this
Adoption Agreement Section 3.04: (CHOOSE (M) OR (N))
[ ] (m) Without regard to which contributing related group member employs
the Participant.
[X] (n) Only to the Participants directly employed by the contributing
Employer. If a Participant receives Compensation from more than one
contributing Employer, the Advisory Committee will determine the
allocations under this Adoption Agreement Section 3.04 by prorating
among the participating Employers the Participant's Compensation and,
if applicable, the Participant's Integration Level under Option (i).
3.05 FORFEITURE ALLOCATION. Subject to any restoration allocation
required under Sections 5.04 or 9.14, the Advisory Committee will allocate a
Participant forfeiture in accordance with Section 3.04: (CHOOSE (A) OR (B); (C)
AND (D) ARE OPTIONAL IN ADDITION TO (A) OR (B))
[ ] (a) As an Employer nonelective contribution for the Plan Year in
which the forfeiture occurs, as if the Participant forfeiture were an
additional nonelective contribution for that Plan Year.
[X] (b) To reduce the Employer matching contributions and nonelective
contributions for the Plan Year: (CHOOSE (1) OR (2))
[ ] (1) in which the forfeiture occurs.
[X] (2) immediately following the Plan Year in which the
forfeiture occurs.
[X] (c) To the extent attributable to matching contributions:(CHOOSE (1),
(2) OR (3))
[X] (1) In the manner elected under Options (a) or (b).
[ ] (2) First to reduce Employer matching contributions for the
Plan Year: (CHOOSE (I) OR (II))
[ ] (i) in which the forfeiture occurs,
[ ] (ii) immediately following the Plan Year in which the
forfeiture occurs,
then as elected in Options (a) or (b).
[ ] (3) As a discretionary matching contribution for the Plan
Year in which the forfeiture occurs, in lieu of the manner
elected under Options (a) or (b).
[X] (d) First to reduce the Plan's ordinary and necessary administrative
expenses for the Plan Year and then will allocate any remaining
forfeitures in the manner described in Options (a), (b) or (c),
whichever applies. If the Employer elects Option (c), the forfeitures
used to reduce Plan expenses:
(CHOOSE (1) OR (2))
[ ] (1) relate proportionately to forfeitures described in Option
(c) and to forfeitures described in Options (a) or (b).
[X] (2) relate first to forfeitures described in Option C.
ALLOCATION OF FORFEITED EXCESS AGGREGATE CONTRIBUTIONS. The Advisory Committee
will allocate any forfeited excess aggregate contributions (as described in
Section 14.09): (CHOOSE (E), (F) OR (G))
[X] (e) To reduce Employer matching contributions for the Plan Year:
(CHOOSE (1) OR (2))
[X] (1) in which the forfeiture occurs.
[ ] (2) immediately following the Plan Year in which the
forfeiture occurs.
[ ] (f) As Employer discretionary matching contributions for the Plan
Year in which forfeited, except the Advisory Committee will not
allocate these forfeitures to the Highly Compensated Employees who
incurred the forfeitures.
[ ] (g) In accordance with Options (a) through (d), whichever applies,
except the Advisory Committee will not allocate these forfeitures
under Option (a) or under Option (c)(3) to the Highly Compensated
Employees who incurred the forfeitures.
3.06 ACCRUAL OF BENEFIT.
COMPENSATION TAKEN INTO ACCOUNT. For the Plan Year in which the Employee first
becomes a Participant, the Advisory Committee will determine the allocation of
any cash or deferred contribution, designated qualified nonelective contribution
or nonelective contribution by taking into account: (CHOOSE (A) OR (B))
[ ] (a) The Employee's Compensation for the entire Plan Year.
[X] (b) The Employee's Compensation for the portion of the Plan Year in
which the Employee actually is a Participant in the Plan.
ACCRUAL REQUIREMENTS. Subject to the suspension of accrual requirements of
Section 3.06(E) of the Plan, to receive an allocation of cash or deferred
contributions, matching contributions, designated qualified nonelective
contributions, nonelective contributions and Participant forfeitures, if any,
for the Plan Year, a Participant must satisfy the conditions described in the
following elections: (CHOOSE (C) OR AT LEAST ONE OF (D) THROUGH (F))
[ ] (c) SAFE HARBOR RULE. If the Participant is employed by the Employer
on the last day of the Plan Year, the Participant must complete at
least one Hour of Service for that Plan Year. If the Participant is
not employed by the Employer on the last day of the Plan Year, the
Participant must complete at least 501 Hours of Service during the
Plan Year.
[X] (d) HOURS OF SERVICE CONDITION. The Participant must complete the
following minimum number of Hours of Service during the Plan Year:
(CHOOSE AT LEAST ONE OF (1) THROUGH (5))
[X] (1) 1,000 Hours of Service.
[ ] (2) (SPECIFY, BUT THE NUMBER OF HOURS OF SERVICE MAY NOT
EXCEED 1,000) _____________________________.
[X] (3) No Hour of Service requirement if the Participant
terminates employment during the Plan Year on account of:
(CHOOSE (I), (II) OR (III))
[X] (i) Death.
[X] (ii) Disability.
[X] (iii)Attainment of Normal Retirement Age in the
current Plan Year or in a prior Plan Year.
[ ] (4) __ Hours of Service (not exceeding 1,000) if the
Participant terminates employment with the Employer during the
Plan Year, subject to any election in Option (3).
[X] (5) No Hour of Service requirement for an allocation of
the following contributions: EMPLOYER MATCHING CONTRIBUTIONS.
[X] (e) EMPLOYMENT CONDITION. The Participant must be employed by the
Employer on the last day of the Plan Year, irrespective of whether he
satisfies any Hours of Service condition under Option (d), with the
following exceptions: (CHOOSE (1) OR AT LEAST ONE OF (2) THROUGH (5))
[ ] (1) No exceptions.
[X] (2) Termination of employment because of death.
[X] (3) Termination of employment because of disability.
[X] (4) Termination of employment following attainment of Normal
Retirement Age.
[X] (5) No employment condition for the following contributions:
EMPLOYER MATCHING CONTRIBUTIONS.
[ ] (f) (SPECIFY OTHER CONDITIONS, IF APPLICABLE): _______________.
SUSPENSION OF ACCRUAL REQUIREMENTS. The suspension of accrual requirements
of Section 3.06(E) of the Plan: (CHOOSE (G), (H) OR (I))
[X] (g) Applies to the Employer's Plan.
[ ] (h) Does not apply to the Employer's Plan.
[ ] (i) Applies in modified form to the Employer's Plan, as described in
an addendum to this Adoption Agreement, numbered Section 3.06(E).
SPECIAL ACCRUAL REQUIREMENTS FOR MATCHING CONTRIBUTIONS. If the Plan allocates
matching contributions on two or more allocation dates for a Plan Year, the
Advisory Committee, unless otherwise specified in Option (l), will apply any
Hours of Service condition by dividing the required Hours of Service on a
prorata basis to the allocation periods included in that Plan Year. Furthermore,
a Participant who satisfies the conditions described in this Adoption Agreement
Section 3.06 will receive an allocation of matching contributions (and
forfeitures treated as matching contributions) only if the Participant satisfies
the following additional condition(s):
(CHOOSE (J) OR AT LEAST ONE OF (K) OR (L))
[X] (j) No additional conditions.
[ ] (k) The Participant is not a Highly Compensated Employee for the
Plan Year. This Option (k) applies to: (CHOOSE (1) OR (2))
[ ] (1) All matching contributions.
[ ] (2) Matching contributions described in Option(s) of Adoption
Agreement Section 3.01.
[ ] (l) (SPECIFY)_____________________.
3.15 MORE THAN ONE PLAN LIMITATION. If the provisions of Section
3.15 apply, the Excess Amount attributed to this Plan equals: (CHOOSE (A), (B)
OR (C))
[ ] (a) The product of:
(i) the total Excess Amount allocated as of such date
(including any amount which the Advisory Committee would have
allocated but for the limitations of Code ss 415), times
(ii) the ratio of (1) the amount allocated to the Participant
as of such date under this Plan divided by (2) the total
amount allocated as of such date under all qualified defined
contribution plans (determined without regard to the
limitations of Code ss 415).
[X] (b) The total Excess Amount.
[ ] (c) None of the Excess Amount.
3.18 DEFINED BENEFIT PLAN LIMITATION.
APPLICATION OF LIMITATION. The limitation under Section 3.18 of the Plan:
(CHOOSE (A) OR (B))
[X] (a) Does not apply to the Employer's Plan because the Employer does
not maintain and never has maintained a defined benefit plan covering
any Participant in this Plan.
[ ] (b) Applies to the Employer's Plan. To the extent necessary to
satisfy the limitation under Section 3.18, the Employer will reduce:
(CHOOSE (1) OR (2))
[ ] (1) The Participant's projected annual benefit under the
defined benefit plan under which the Participant participates.
[ ] (2) Its contribution or allocation on behalf of the
Participant to the defined contribution plan under which the
Participant participates and then, if necessary, the
Participant's projected annual benefit under the defined
benefit plan under which the Participant participates.
[NOTE: IF THE EMPLOYER SELECTS (A), THE REMAINING OPTIONS IN THIS SECTION 3.18
DO NOT APPLY TO THE EMPLOYER'S PLAN.]
COORDINATION WITH TOP HEAVY MINIMUM ALLOCATION. The Advisory Committee will
apply the top heavy minimum allocation provisions of Section 3.04(B) of the Plan
with the following modifications: (CHOOSE (C) OR AT LEAST ONE OF (D) OR (E))
[ ] (c) No modifications.
[ ] (d) For Non-Key Employees participating only in this Plan, the top
heavy minimum allocation is the minimum allocation described in
Section 3.04(B) determined by substituting __% (not less than 4%) for
"3%," except: (CHOOSE (I) OR (II))
[ ] (i) No exceptions.
[ ] (ii) Plan Years in which the top heavy ratio exceeds 90%.
[ ] (e) For Non-Key Employees also participating in the defined
benefit plan, the top heavy minimum is: (CHOOSE (1) OR (2))
[ ] (1) 5% of Compensation (as determined under Section 3.04(B)
or the Plan) irrespective of the contribution rate of any Key
Employee, except: (CHOOSE (I) OR (II))
[ ] (i) No exceptions.
[ ] (ii) Substituting "7 1/2%" for "5%" if the top heavy
ratio does not exceed 90%.
[ ] (2) 0%. [NOTE: THE EMPLOYER MAY NOT SELECT THIS OPTION (2)
UNLESS THE DEFINED BENEFIT PLAN SATISFIES THE TOP HEAVY
MINIMUM BENEFIT REQUIREMENTS OF CODE '416 FOR THESE NON-KEY
EMPLOYEES.]
ACTUARIAL ASSUMPTIONS FOR TOP HEAVY CALCULATION. To determine the top heavy
ratio, the Advisory Committee will use the following interest rate and mortality
assumptions to value accrued benefits under a defined benefit plan: ___________.
If the elections under this Section 3.18 are not appropriate to satisfy the
limitations of Section 3.18, or the top heavy requirements under Code '416, the
Employer must provide the appropriate provisions in an addendum to this Adoption
Agreement.
ARTICLE IV
PARTICIPANT CONTRIBUTIONS
4.01 PARTICIPANT NONDEDUCTIBLE CONTRIBUTIONS. The Plan: (CHOOSE (A) OR
(B); (C) IS AVAILABLE ONLY WITH (B))
[X] (a) Does not permit Participant nondeductible contributions.
[ ] (b) Permits Participant nondeductible contributions, pursuant to
Section 14.04 of the Plan.
[ ] (c) The following portion of the Participant's nondeductible
contributions for the Plan Year are mandatory contributions under
Option (i)(3) of Adoption Agreement Section 3.01: (CHOOSE (1) OR (2))
[ ] (1) The amount which is not less than:___________________________.
[ ] (2) The amount which is not greater than:________________________.
ALLOCATION DATES. The Advisory Committee will allocate nondeductible
contributions for each Plan Year as of the Accounting Date and the following
additional allocation dates: (CHOOSE (D) OR (E))
[ ] (d) No other allocation dates.
[X] (e) (SPECIFY) _N/A__.
As of an allocation date, the Advisory Committee will credit all nondeductible
contributions made for the relevant allocation period. Unless otherwise
specified in (e), a nondeductible contribution relates to an allocation period
only if actually made to the Trust no later than 30 days after that allocation
period ends.
4.05 PARTICIPANT CONTRIBUTION - WITHDRAWAL/DISTRIBUTION. Subject to the
restrictions of Article VI, the following distribution options apply to a
Participant's Mandatory Contributions Account, if any, prior to his Separation
from Service: (CHOOSE (A) OR AT LEAST ONE OF (B) THROUGH (D))
[ ] (a) No distribution options prior to Separation from Service.
[ ] (b) The same distribution options applicable to the Deferral
Contributions Account prior to the Participant's Separation from
Service, as elected in Adoption Agreement Section 6.03.
[ ] (c) Until he retires, the Participant has a continuing election to
receive all or any portion of his Mandatory Contributions Account if:
(CHOOSE (1) OR AT LEAST ONE OF (2) THROUGH (4))
[ ] (1) No conditions.
[ ] (2) The mandatory contributions have accumulated for at
least __ Plan Years since the Plan Year for which contributed.
[ ] (3) The Participant suspends making nondeductible
contributions for a period of __ months.
[ ] (4) (SPECIFY)________________________________.
[X] (d) (SPECIFY) _N/A___________________________________ .
ARTICLE V
TERMINATION OF SERVICE - PARTICIPANT VESTING
5.01 NORMAL RETIREMENT. Normal Retirement Age under the Plan is:
(CHOOSE (A) OR (B))
[X] (a) SIXTY-FIVE (65) [STATE AGE, BUT MAY NOT EXCEED AGE 65].
[ ] (b) The later of the date the Participant attains__ years of age or
the__ anniversary of the first day of the Plan Year in which the
Participant commenced participation in the Plan. [THE AGE SELECTED MAY
NOT EXCEED AGE 65 AND THE ANNIVERSARY SELECTED MAY NOT EXCEED THE
5TH.]
5.02 PARTICIPANT DEATH OR DISABILITY. The 100% vesting rule under
Section 5.02 of the Plan: (CHOOSE (A) OR CHOOSE ONE OR BOTH OF (B) AND (C))
[ ] (a) Does not apply.
[X] (b) Applies to death.
[X] (c) Applies to disability.
5.03 VESTING SCHEDULE.
DEFERRAL CONTRIBUTIONS ACCOUNT/QUALIFIED MATCHING CONTRIBUTIONS
ACCOUNT/QUALIFIED NONELECTIVE CONTRIBUTIONS ACCOUNT/MANDATORY CONTRIBUTIONS
ACCOUNT. A Participant has a 100% Nonforfeitable interest at all times in his
Deferral Contributions Account, his Qualified Matching Contributions Account,
his Qualified Nonelective Contributions Account and in his Mandatory
Contributions Account.
REGULAR MATCHING CONTRIBUTIONS ACCOUNT/EMPLOYER CONTRIBUTIONS ACCOUNT. With
respect to a Participant's Regular Matching Contributions Account and Employer
Contributions Account, the Employer elects the following vesting schedule:
(CHOOSE (A) OR (B); (C) AND (D) ARE AVAILABLE ONLY AS ADDITIONAL OPTIONS)
[ ] (a) Immediate vesting. 100% Nonforfeitable at all times. [NOTE: THE
EMPLOYER MUST ELECT OPTION (A) IF THE ELIGIBILITY CONDITIONS UNDER
ADOPTION AGREEMENT SECTION 2.01(C) REQUIRE 2 YEARS OF SERVICE OR MORE
THAN 12 MONTHS OF EMPLOYMENT.]
[X] (b) Graduated Vesting Schedules.
TOP HEAVY SCHEDULE
(MANDATORY)
------------------
Years of Nonforfeitable
SERVICE PERCENTAGE
------- --------------
Less than 1 0%
1 20%
2 40%
3 60%
4 80%
5 100%
6 or more 100%
NON TOP HEAVY SCHEDULE
(OPTIONAL)
----------------------
Years of Nonforfeitable
SERVICE PERCENTAGE
------- --------------
Less than 1 %
1 %
2 %
3 %
4 %
5 %
6 %
7 or more 100%
[ ] (c) Special vesting election for Regular Matching Contributions
Account. In lieu of the election under Options (a) or (b), the
Employer elects the following vesting schedule for a Participant's
Regular Matching Contributions Account: (CHOOSE (1) OR (2))
[ ] (1) 100% Nonforfeitable at all times.
[ ] (2) In accordance with the vesting schedule described in
the addendum to this Adoption Agreement, numbered 5.03(c).
[NOTE: IF THE EMPLOYER ELECTS THIS OPTION (C)(2), THE ADDENDUM
MUST DESIGNATE THE APPLICABLE VESTING SCHEDULE(S) USING THE
SAME FORMAT AS USED IN OPTION (B).]
[NOTE: UNDER OPTIONS (B) AND (C)(2), THE EMPLOYER MUST COMPLETE A TOP HEAVY
SCHEDULE WHICH SATISFIES CODE ss 416. THE EMPLOYER, AT ITS OPTION, MAY COMPLETE
A NON TOP HEAVY SCHEDULE.THE NON TOP HEAVY SCHEDULE MUST SATISFY CODE ss
411(A)(2). ALSO SEE SECTION 7.05 OF THE PLAN.]
[ ] (d) The Top Heavy Schedule under Option (b) (and, if applicable,
under Option (c)(2)) applies: (CHOOSE (1) OR (2))
[ ] (1) Only in a Plan Year for which the Plan is top heavy.
[ ] (2) In the Plan Year for which the Plan first is top heavy
and then in all subsequent Plan Years. [NOTE: THE EMPLOYER
MAY NOT ELECT OPTION (D) UNLESS IT HAS COMPLETED A NON TOP
HEAVY SCHEDULE.]
MINIMUM VESTING. (CHOOSE (E) OR (F))
[X] (e) The Plan does not apply a minimum vesting rule.
[ ] (f) A Participant's Nonforfeitable Accrued Benefit will never be
less than the lesser of $__ or his entire Accrued Benefit, even if the
application of a graduated vesting schedule under Options (b) or (c)
would result in a smaller Nonforfeitable Accrued Benefit.
LIFE INSURANCE INVESTMENTS. The Participant's Accrued Benefit attributable to
insurance contracts purchased on his behalf under Article XI is: (CHOOSE (G) OR
(H))
[X] (g) Subject to the vesting election under Options (a), (b) or (c).
[ ] (h) 100% Nonforfeitable at all times, irrespective of the vesting
election under Options (b) or (c)(2).
5.04 CASH-OUT DISTRIBUTIONS TO PARTIALLY-VESTED PARTICIPANTS/
RESTORATION OF FORFEITED ACCRUED BENEFIT. The deemed cash-out rule described in
Section 5.04(C) of the Plan: (CHOOSE (A) OR (B))
[ ] (a) Does not apply.
[X] (b) Will apply to determine the timing of forfeitures for 0% vested
Participants. A Participant is not a 0% vested Participant if he has a
Deferral Contributions Account.
5.06 YEAR OF SERVICE - VESTING.
VESTING COMPUTATION PERIOD. The Plan measures a Year of Service on the basis
of the following 12 consecutive month periods: (CHOOSE (A) OR (B))
(EFFECTIVE 8-1-93)
[ ] (a) Plan Years.
[X] (b) Employment Years. An Employment Year is the 12 consecutive month
period measured from the Employee's Employment Commencement Date and
each successive 12 consecutive month period measured from each
anniversary of that Employment Commencement Date.
HOURS OF SERVICE. The minimum number of Hours of Service an Employee must
complete during a vesting computation period to receive credit for a Year of
Service is: (CHOOSE (C) OR (D))
[X] (c) 1,000 Hours of Service.
[ ] (d) _____ Hours of Service. [NOTE: THE HOURS OF SERVICE REQUIREMENT
MAY NOT EXCEED 1,000.]
5.08 INCLUDED YEARS OF SERVICE - VESTING. The Employer specifically
excludes the following Years of Service: (CHOOSE (A) OR AT LEAST ONE OF (B)
THROUGH (E))
[X] (a) None other than as specified in Section 5.08(a) of the Plan.
[ ] (b) Any Year of Service before the Participant attained the age
of ________ . Note: The age selected may not exceed age 18.]
[ ] (c) Any Year of Service during the period the Employer did not
maintain this Plan or a predecessor plan.
[ ] (d) Any Year of Service before a Break in Service if the number of
consecutive Breaks in Service equals or exceeds the greater of 5 or
the aggregate number of the Years of Service prior to the Break. This
exception applies only if the Participant is 0% vested in his Accrued
Benefit derived from Employer contributions at the time he has a Break
in Service. Furthermore, the aggregate number of Years of Service
before a Break in Service do not include any Years of Service not
required to be taken into account under this exception by reason of
any prior Break in Service.
[ ] (e) Any Year of Service earned prior to the effective date of ERISA
if the Plan would have disregarded that Year of Service on account of
an Employee's Separation from Service under a Plan provision in effect
and adopted before January 1, 1974.
ARTICLE VI
TIME AND METHOD OF PAYMENTS OF BENEFITS
CODE ss 411(D)(6) PROTECTED BENEFITS. The elections under this Article VI may
not eliminate Code ss 411(d)(6) protected benefits. To the extent the elections
would eliminate a Code ss 411(d)(6) protected benefit, see Section 13.02 of the
Plan. Furthermore, if the elections liberalize the optional forms of benefit
under the Plan, the more liberal options apply on the later of the adoption date
or the Effective Date of this Adoption Agreement.
6.01 TIME OF PAYMENT OF ACCRUED BENEFIT.
DISTRIBUTION DATE. A distribution date under the Plan means THE FIRST DAY ANY
MONTH . [NOTE: THE EMPLOYER MUST SPECIFY THE APPROPRIATE DATE(S). THE SPECIFIED
DISTRIBUTION DATES PRIMARILY ESTABLISH ANNUITY STARTING DATES AND THE NOTICE AND
CONSENT PERIODS PRESCRIBED BY THE PLAN. THE PLAN ALLOWS THE TRUSTEE AN
ADMINISTRATIVELY PRACTICABLE PERIOD OF TIME TO MAKE THE ACTUAL DISTRIBUTION
RELATING TO A PARTICULAR DISTRIBUTION DATE.]
NONFORFEITABLE ACCRUED BENEFIT NOT EXCEEDING $3,500. Subject to the limitations
of Section 6.01(A)(1), the distribution date for distribution of a
Nonforfeitable Accrued Benefit not exceeding $3,500 is: (CHOOSE (A), (B), (C),
(D) OR (E))
[ ] (a) ______ of the _______ Plan Year beginning after the Participant's
Separation from Service.
[X] (b) THE FIRST DISTRIBUTION DATE SUBSEQUENT TO THE ALLOCATION DATE
following the Participant's Separation from Service.
[ ] (c)_____of the Plan Year after the Participant incurs ____ Break(s) in
Service (as defined in Article V).
[ ] (d)__________ following the Participant's attainment of Normal
Retirement Age,but not earlier than ____ days following his Separation
from Service.
[ ] (e) (SPECIFY) ___________________________.
NONFORFEITABLE ACCRUED BENEFIT EXCEEDS $3,500. See the elections under Section
6.03.
DISABILITY. The distribution date, subject to Section 6.01(A)(3), is: (CHOOSE
(F), (G) OR (H))
[ ] (f)_______________ after the Participant terminates employment because
of disability.
[X] (g) The same as if the Participant had terminated employment without
disability.
[ ] (h) (SPECIFY) ______________________.
HARDSHIP. (CHOOSE (I) OR (J))
[X] (i) The Plan does not permit a hardship distribution to a Participant
who has separated from Service.
[ ] (j) The Plan permits a hardship distribution to a Participant who
has separated from Service in accordance with the hardship
distribution policy stated in: (CHOOSE (1), (2) OR (3))
[ ] (1) Section 6.01(A)(4) of the Plan.
[ ] (2) Section 14.11 of the Plan.
[ ] (3) The addendum to this Adoption Agreement, numbered Section
6.01.
DEFAULT ON A LOAN. If a Participant or Beneficiary defaults on a loan made
pursuant to a loan policy adopted by the Advisory Committee pursuant to Section
9.04, the Plan: (CHOOSE (K), (L) OR (M))
[X] (k) Treats the default as a distributable event. The Trustee, at the
time of the default, will reduce the Participant's Nonforfeitable
Accrued Benefit by the lesser of the amount in default (plus accrued
interest) or the Plan's security interest in that Nonforfeitable
Accrued Benefit. To the extent the loan is attributable to the
Participant's Deferral Contributions Account, Qualified Matching
Contributions Account or Qualified Nonelective Contributions Account,
the Trustee will not reduce the Participant's Nonforfeitable Accrued
Benefit unless the Participant has separated from Service or unless
the Participant has attained age 592.
[ ] (l) Does not treat the default as a distributable event. When an
otherwise distributable event first occurs pursuant to Section 6.01 or
Section 6.03 of the Plan, the Trustee will reduce the Participant's
Nonforfeitable Accrued Benefit by the lesser of the amount in default
(plus accrued interest) or the Plan's security interest in that
Nonforfeitable Accrued Benefit.
[ ] (m) (SPECIFY)____________________________________ .
6.02 METHOD OF PAYMENT OF ACCRUED BENEFIT. The Advisory Committee will
apply Section 6.02 of the Plan with the following modifications: (CHOOSE (A) OR
AT LEAST ONE OF (B), (C), (D) AND (E))
[ ] (a) No modifications.
[ ] (b) Except as required under Section 6.01 of the Plan, a lump sum
distribution is not available:__________________.
[ ] (c) An installment distribution:(CHOOSE (1) OR AT LEAST ONE OF (2) OR
(3))
[ ] (1) Is not available under the Plan.
[ ] (2) May not exceed the lesser of __years or the maximum period
permitted under Section 6.02.
[ ] (3) (SPECIFY)__________________.
[ ] (d) The Plan permits the following annuity options:________.
Any Participant who elects a life annuity option is subject to the
requirements of Sections 6.04(A), (B), (C) and (D) of the Plan. See
Section 6.04(E). [NOTE: THE EMPLOYER MAY SPECIFY ADDITIONAL ANNUITY
OPTIONS IN AN ADDENDUM TO THIS ADOPTION AGREEMENT, NUMBERED 6.02(D).]
[X] (e) If the Plan invests in qualifying Employer securities, as
described in Section 10.03(F), a Participant eligible to elect
distribution under Section 6.03 may elect to receive that distribution
in Employer securities only in accordance with the provisions of the
addendum to this Adoption Agreement, numbered 6.02(e).
6.03 BENEFIT PAYMENT ELECTIONS.
PARTICIPANT ELECTIONS AFTER SEPARATION FROM SERVICE. A Participant who is
eligible to make distribution elections under Section 6.03 of the Plan may elect
to commence distribution of his Nonforfeitable Accrued Benefit: (CHOOSE AT LEAST
ONE OF (A) THROUGH (C))
[ ] (a) As of any distribution date, but not earlier than ______of the
________ Plan Year beginning after the Participant's Separation from
Service.
[ ] (b) As of the following date(s): (CHOOSE AT LEAST ONE OF OPTIONS (1)
THROUGH (6))
[ ] (1) Any distribution date after the close of the Plan Year
in which the Participant attains Normal Retirement Age.
[ ] (2) Any distribution date following his Separation from
Service with the Employer.
[ ] (3) Any distribution date in the ____Plan Year(s) beginning
after his Separation from Service.
[ ] (4) Any distribution date in the Plan Year after the
Participant incurs _________Break(s) in Service (as defined in
Article V).
[ ] (5) Any distribution date following attainment of age ___ and
completion of at least ___ Years of Service (as defined in
Article V).
[ ] (6) (SPECIFY) _____________________.
[X] (c) (SPECIFY) AS OF ANY DISTRIBUTION DATE SUBSEQUENT TO THE ALLOCATION
DATE FOLLOWING A PARTICIPANT'S SEPARATION FROM SERVICE .
The distribution events described in the election(s) made under Options
(a), (b) or (c) apply equally to all Accounts maintained for the Participant
unless otherwise specified in Option (c).
PARTICIPANT ELECTIONS PRIOR TO SEPARATION FROM SERVICE - REGULAR MATCHING
CONTRIBUTIONS ACCOUNT AND EMPLOYER CONTRIBUTIONS ACCOUNT. Subject to the
restrictions of Article VI, the following distribution options apply to a
Participant's Regular Matching Contributions Account and Employer Contributions
Account prior to his Separation from Service: (CHOOSE (D) OR AT LEAST ONE OF (E)
THROUGH (H))
[ ] (d) No distribution options prior to Separation from Service.
[X] (e) Attainment of Specified Age. Until he retires, the Participant
has a continuing election to receive all or any portion of his
Nonforfeitable interest in these Accounts after he attains: (CHOOSE
(1) OR (2))
[X] (1) Normal Retirement Age.
[ ] (2) ___ years of age and is at least _____% vested in
these Accounts. [NOTE: IF THE PERCENTAGE IS LESS THAN 100%,
SEE THE SPECIAL VESTING FORMULA IN SECTION 5.03.]
[X] (f) After a Participant has participated in the Plan for a period
of not less than 5 years and he is 100% vested in these Accounts,
until he retires, the Participant has a continuing election to receive
all or any portion of the Accounts. [NOTE: THE NUMBER IN THE BLANK
SPACE MAY NOT BE LESS THAN 5.]
[ ] (g) Hardship. A Participant may elect a hardship distribution prior
to his Separation from Service in accordance with the hardship
distribution policy: (CHOOSE (1), (2) OR (3); (4) IS AVAILABLE ONLY AS
AN ADDITIONAL OPTION)
[ ] (1) Under Section 6.01(A)(4) of the Plan.
[ ] (2) Under Section 14.11 of the Plan.
[ ] (3) Provided in the addendum to this Adoption Agreement,
numbered Section 6.03.
[ ] (4) In no event may a Participant receive a hardship
distribution before he is at least ________% vested in these
Accounts. [NOTE: IF THE PERCENTAGE IN THE BLANK IS LESS THAN
100%, SEE THE SPECIAL VESTING FORMULA IN SECTION 5.03.]
[ ] (h) (SPECIFY) ____________________.
[NOTE: THE EMPLOYER MAY USE AN ADDENDUM, NUMBERED 6.03, TO PROVIDE ADDITIONAL
LANGUAGE AUTHORIZED BY OPTIONS (B)(6), (C), (G)(3) OR (H) OF THIS ADOPTION
AGREEMENT SECTION 6.03.]
PARTICIPANT ELECTIONS PRIOR TO SEPARATION FROM SERVICE - DEFERRAL CONTRIBUTIONS
ACCOUNT, QUALIFIED MATCHING CONTRIBUTIONS ACCOUNT AND QUALIFIED NONELECTIVE
CONTRIBUTIONS ACCOUNT. Subject to the restrictions of Article VI, the following
distribution options apply to a Participant's Deferral Contributions Account,
Qualified Matching Contributions Account and Qualified Nonelective Contributions
Account prior to his Separation from Service: (CHOOSE (I) OR AT LEAST ONE OF (J)
THROUGH (L))
[ ] (i) No distribution options prior to Separation from Service.
[X] (j) Until he retires, the Participant has a continuing election to
receive all or any portion of these Accounts after he attains: (CHOOSE
(1) OR (2))
[X] (1) The later of Normal Retirement Age or age 59 1/2.
[ ] (2) Age ______ (at least 59 1/2).
[X] (k) Hardship. A Participant, prior to this Separation from Service,
may elect a hardship distribution from his Deferral Contributions
Account in accordance with the hardship distribution policy under
Section 14.11 of the Plan.
[ ] (l) (SPECIFY)______________________. [NOTE: OPTION (L) MAY NOT PERMIT
IN SERVICE DISTRIBUTIONS PRIOR TO AGE 59 1/2 (OTHER THAN HARDSHIP)
AND MAY NOT MODIFY THE HARDSHIP POLICY DESCRIBED IN SECTION 14.11.]
SALE OF TRADE OR BUSINESS/SUBSIDIARY. If the Employer sells substantially all of
the assets (within the meaning of Code ss 409(d)(2)) used in a trade or business
or sells a subsidiary (within the meaning of Code ss 409(d)(3)), a Participant
who continues employment with the acquiring corporation is eligible for
distribution from his Deferral Contributions Account, Qualified Matching
Contributions Account and Qualified Nonelective Contributions Account: (CHOOSE
(M) OR (N))
[ ] (m) Only as described in this Adoption Agreement Section 6.03 for
distributions prior to Separation from Service.
[X] (n) As if he has a Separation from Service. After March 31, 1988, a
distribution authorized solely by reason of this Option (n) must
constitute a lump sum distribution, determined in a manner consistent
with Code ss 401(k)(10) and the applicable Treasury regulations.
6.04 ANNUITY DISTRIBUTIONS TO PARTICIPANTS AND SURVIVING SPOUSES. The
annuity distribution requirements of Section 6.04: (CHOOSE (A) OR (B))
[X] (a) Apply only to a Participant described in Section 6.04(E) of the
Plan (relating to the profit sharing exception to the joint and
survivor requirements).
[ ] (b) Apply to all Participants.
ARTICLE IX
ADVISORY COMMITTEE - DUTIES WITH RESPECT TO PARTICIPANTS' ACCOUNTS
9.10 VALUE OF PARTICIPANT'S ACCRUED BENEFIT. If a distribution (other
than a distribution from a segregated Account and other than a corrective
distribution described in Sections 14.07, 14.08, 14.09 or 14.10 of the Plan)
occurs more than 90 days after the most recent valuation date, the distribution
will include interest at: (CHOOSE (A), (B) OR (C))
[X] (a) -0-% per annum. [NOTE: THE PERCENTAGE MAY EQUAL 0%.]
[ ] (b) The 90 day Treasury xxxx rate in effect at the beginning of the
current valuation period.
[ ] (c) (SPECIFY)____________________.
9.11 ALLOCATION AND DISTRIBUTION OF NET INCOME GAIN OR LOSS. Pursuant to
Section 14.12, to determine the allocation of net income, gain or loss:
(COMPLETE ONLY THOSE ITEMS, IF ANY, WHICH ARE APPLICABLE TO THE EMPLOYER'S PLAN)
[X] (a) For salary reduction contributions, the Advisory Committee will:
(CHOOSE (1), (2), (3), (4) OR (5))
[X] (1) Apply Section 9.11 without modification.
[ ] (2) Use the segregated account approach described in Section
14.12.
[ ] (3) Use the weighted average method described in Section
14.12, based on a ______________weighting period.
[ ] (4) Treat as part of the relevant Account at the beginning
of the valuation period ____________ % of the salary reduction
contributions: (CHOOSE (I) OR (II))
[ ] (i) made during that valuation period.
[ ] (ii) made by the following specified time: ______.
[ ] (5) Apply the allocation method described in the addendum to
this Adoption Agreement numbered 9.11(a).
[X] (b) For matching contributions, the Advisory Committee will: (CHOOSE
(1), (2), (3) OR (4))
[X] (1) Apply Section 9.11 without modification.
[ ] (2) Use the weighted average method described in Section
14.12, based on a____________weighting period.
[ ] (3) Treat as part of the relevant Account at the beginning
of the valuation period ___ % of the matching contributions
allocated during the valuation period.
[ ] (4) Apply the allocation method described in the addendum to
this Adoption Agreement numbered 9.11(b).
[ ] (c) For Participant nondeductible contributions, the Advisory
Committee will: (CHOOSE (1), (2), (3), (4) OR (5))
[ ] (1) Apply Section 9.11 without modification.
[ ] (2) Use the segregated account approach described in Section
14.12.
[ ] (3) Use the weighted average method described in Section
14.12, based on a _________ weighting period.
[ ] (4) Treat as part of the relevant Account at the beginning
of the valuation period ___ % of the Participant nondeductible
contributions: (CHOOSE (I) OR (II))
[ ] (i) made during that valuation period.
[ ] (ii) made by the following specified time: _________.
[ ] (5) Apply the allocation method described in the addendum to
this Adoption Agreement numbered 9.11(c).
ARTICLE X
TRUSTEE AND CUSTODIAN, POWERS AND DUTIES
10.03 INVESTMENT POWERS. Pursuant to Section 10.03[F] of the Plan, the
aggregate investments in qualifying Employer securities and in qualifying
Employer real property: (CHOOSE (A) OR (B))
[X] (a) May not exceed 10% of Plan assets.
[ ] (b) May not exceed _____% of Plan assets. [NOTE: THE PERCENTAGE MAY
NOT EXCEED 100%.]
10.14 VALUATION OF TRUST. In addition to each Accounting Date, the
Trustee must value the Trust Fund on the following valuation date(s):(CHOOSE (A)
OR (B))
[ ] (a) No other mandatory valuation dates.
[X] (b) (SPECIFY) AS OF EACH BUSINESS DAY OF THE PLAN YEAR (EFFECTIVE
9-1-93) .
EFFECTIVE DATE ADDENDUM
(RESTATED PLANS ONLY)
The Employer must complete this addendum only if the restated Effective
Date specified in Adoption Agreement Section 1.18 is different than the restated
effective date for at least one of the provisions listed in this addendum. In
lieu of the restated Effective Date in Adoption Agreement Section 1.18, the
following special effective dates apply: (CHOOSE WHICHEVER ELECTIONS APPLY)
[X] (a) COMPENSATION DEFINITION. The Compensation definition of Section
1.12 (other than the $200,000 limitation) is effective for Plan Years
beginning after JUNE 30, 1991. [NOTE: MAY NOT BE EFFECTIVE LATER THAN
THE FIRST DAY OF THE FIRST PLAN YEAR BEGINNING AFTER THE EMPLOYER
EXECUTES THIS ADOPTION AGREEMENT TO RESTATE THE PLAN FOR THE TAX
REFORM ACT OF 1986, IF APPLICABLE.]
[ ] (b) ELIGIBILITY CONDITIONS. The eligibility conditions specified
in Adoption Agreement Section 2.01 are effective for Plan Years
beginning after __________.
[ ] (c) SUSPENSION OF YEARS OF SERVICE. The suspension of Years of
Service rule elected under Adoption Agreement Section 2.03 is
effective for Plan Years beginning after _____________ .
[X] (d) CONTRIBUTION/ALLOCATION FORMULA. The contribution formula elected
under Adoption Agreement Section 3.01 and the method of allocation
elected under Adoption Agreement Section 3.04 is effective for Plan
Years beginning after JUNE 30, 1991.
[ ] (e) ACCRUAL REQUIREMENTS. The accrual requirements of Section 3.06
are effective for Plan Years beginning after ___________.
[ ] (f) EMPLOYMENT CONDITION. The employment condition of Section
3.06 is effective for Plan Years beginning after _________________.
[X] (g) ELIMINATION OF NET PROFITS. The requirement for the Employer not
to have net profits to contribute to this Plan is effective for Plan
Years beginning after JUNE 30, 1991. [NOTE: THE DATE SPECIFIED MAY
NOT BE EARLIER THAN DECEMBER 31, 1985.]
[X] (h) VESTING SCHEDULE. The vesting schedule elected under Adoption
Agreement Section 5.03 is effective for Plan Years beginning after
JUNE 30, 1991.
[ ] (i) ALLOCATION OF EARNINGS. The special allocation provisions
elected under Adoption Agreement Section 9.11 are effective for Plan
Years beginning after ___________ .
[X] (j) (SPECIFY) THE FORFEITURE PROVISIONS OF SECTION 3.05 AND THE SALARY
DEFERRAL PROVISIONS OF SECTION 3.01(A) ARE EFFECTIVE FOR PLAN YEARS
BEGINNING AFTER 6-30-91. SECTIONS 2.01(K) AND 5.06 (B) ARE EFFECTIVE
7-1-93. SECTIONS 3.04(B) & (C) AND 10.L4 ARE EFFECTIVE 9-1-93. SECTION
6.01 (K) IS EFFECTIVE 10-1-93. SECTIONS 3.01(A)(2), (I)(2) AND (L)(1)
ARE EFFECTIVE FOR THE PLAN YEAR BEGINNING 1-1-95. ITEM (K)(1)(II) OF
PART III OF SECTION 3.01 ARE 4-1-97. SECTION 3.01(J)(2) IS EFFECTIVE
7-1-98. SECTION 3.01(K)(3)&(4) IS EFFECTIVE 10-1-98.
For Plan Years prior to the special Effective Date, the terms of the
Plan prior to its restatement under this Adoption Agreement will control for
purposes of the designated provisions. A special Effective Date may not result
in the delay of a Plan provision beyond the permissible Effective Date under any
applicable law requirements.
EXECUTION PAGE
The Trustee (and Custodian, if applicable), by executing this Adoption
Agreement, accepts its position and agrees to all of the obligations,
responsibilities and duties imposed upon the Trustee (or Custodian) under the
Master Plan and Trust. The Employer hereby agrees to the provisions of this Plan
and Trust, and in witness of its agreement, the Employer by its duly authorized
officers, has executed this Adoption Agreement, and the Trustee (and Custodian,
if applicable) signified its acceptance, on this 31ST day of DECEMBER , 1997 .
Name and EIN of Employer: DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. EIN: 00-0000000
Signed: /s/ XXXXXX X. XXXXXXXXXX
-------------------------
Name(s) of Trustee: BANK OF OKLAHOMA, N.A., XXX XXXXXXXX XXXXXX, X.X. XXX 000,
XXXXX, XX 00000-0000
Signed: /s/ XXXXXXXX X. XXXXXX
-----------------------
Name of Custodian: N/A
Signed: _________________________________
[NOTE: A TRUSTEE IS MANDATORY, BUT A CUSTODIAN IS OPTIONAL. SEE SECTION 10.03 OF
THE PLAN.]
PLAN NUMBER. The 3-digit plan number the Employer assigns to this Plan for ERISA
reporting purposes (Form 5500 Series) is: 002.
USE OF ADOPTION AGREEMENT. Failure to complete properly the elections in this
Adoption Agreement may result in disqualification of the Employer's Plan. The
3-digit number assigned to this Adoption Agreement (see page 1) is solely for
the Master Plan Sponsor's recordkeeping purposes and does not necessarily
correspond to the plan number the Employer designated in the prior paragraph.
MASTER PLAN SPONSOR. The Master Plan Sponsor identified on the first page of the
basic plan document will notify all adopting employers of any amendment of this
Master Plan or of any abandonment or discontinuance by the Master Plan Sponsor
of its maintenance of this Master Plan. For inquiries regarding the adoption of
the Master Plan, the Master Plan Sponsor's intended meaning of any plan
provisions or the effect of the opinion letter issued to the Master Plan
Sponsor, please contact the Master Plan Sponsor at the following address and
telephone number: X.X. XXX 000, XXXXX, XXXXXXXX 00000-0000 1-800-285-9559 OR
918) 588-6573.
RELIANCE ON OPINION LETTER. The Employer may not rely on the Master Plan
Sponsor's opinion letter covering this Adoption Agreement. For reliance on the
Plan's qualification, the Employer must obtain a determination letter from the
applicable IRS Key District office.
DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.
RETIREMENT SAVINGS PLAN
ADDENDUM 6.02(e) TO
ADOPTION AGREEMENT #005
NONSTANDARDIZED CODE ss. 401(k) PROFIT SHARING PLAN
Additional Provisions Concerning
Qualifying Employer Securities
The following additional provisions concerning qualifying Employer
securities are included as part of the Adoption Agreement completed by the
Employer, DOLLAR THRIFTY AUTOMOTIVE GROUP, INC., in accordance with Section
6.02(e) of the Adoption Agreement:
(A) COMMON STOCK AS QUALIFYING EMPLOYER SECURITIES. The investment options in
Section 10.03[F] of the Plan include the ability to invest in "qualifying
employer securities", as defined in Section 407(d)(5) of ERISA, which
specifically includes the common stock of the Employer, DOLLAR THRIFTY
AUTOMOTIVE GROUP, INC., (hereinafter referred to as "Common Stock"). The Trustee
is expressly authorized to invest so much of the Trust Fund (up to 100% thereof
as provided in Section 10.03 of the Adoption Agreement) in Common Stock as is
necessary to invest all contributions in Common Stock in accordance with the
directions of the Employer, Participants and/or Advisory Committee under Section
10.03[A] of the Plan. Purchases of Common Stock shall be on the open market, in
a private placement or from the Employer or a Participating Employer. Any
contribution by the Employer or a Participating Employer required or permitted
under the Plan may be made in Common Stock in accordance with Section 3.03 of
the Plan. If Common Stock is purchased or transferred in-kind from the Employer
or a Participating Employer, the sales price (or value, if the Common Stock is
contributed in-kind) shall be no greater than the lesser of, as reported on the
NEW YORK STOCK EXCHANGE or other national securities exchange registered with
the United States Securities and Exchange Commission, (i) the closing price of
the Common Stock on the trading day on which the Common Stock is acquired by the
Plan, or (ii) the average of the closing prices of the Common Stock for the
twenty (20) consecutive trading days immediately preceding the date as of which
the Common Stock is acquired by the Plan. No commissions or other fees shall be
payable with respect to any transaction with the Employer or a Participating
Employer.
(B) VOTING OF COMMON STOCK. At the time of mailing of notice of each annual or
special stockholders' meeting, the Employer or its soliciting agent shall send a
copy of such notice and all proxy solicitation material to each Participant,
together with a voting instruction form for return to the Trustee or its
designee. Such form shall provide the number of full and fractional shares of
Common Stock allocated to such Participant's Accounts. For this purpose, the
number of shares of Common Stock deemed "allocated" to any Participant's
Accounts shall be determined as of the most recent preceding allocation date for
which allocation to and adjustment of Accounts has been completed in accordance
with Section 14.06 of the Plan. The Employer or its soliciting agent shall
provide the Trustee with a copy of all materials provided to Participants and
shall certify to the Trustee that all such materials have been mailed or
otherwise sent to all Participants.
Each Participant shall have the right to instruct the Trustee as to the
manner in which the Trustee is to vote that number of shares of Common Stock
allocated to such Participant's Accounts. Instructions from a Participant to the
Trustee concerning the voting of Common Stock shall be communicated in writing,
or by Datagram or similar means. Upon its receipt of such instructions, the
Trustee shall vote such shares of Common Stock as instructed by the Participant.
Any instruction or other communication by a Participant to the Trustee
concerning any voting matter shall be held in confidence by the Trustee and
shall not be divulged to the Employer or to any officer or employee thereof nor
to any other person.
(C) TENDER OFFERS FOR COMMON STOCK. Upon commencement of a tender offer of
Common Stock, the Employer shall notify each Participant of such tender offer.
The Employer shall utilize its best efforts to distribute or cause to be
distributed to each Participant all such information as is distributed to
holders of Common Stock in connection with such tender offer and shall provide a
means by which each Participant can confidentially instruct the Trustee
concerning the Common Stock allocated to such Participant's Accounts. For this
purpose, the number of shares of Common Stock deemed "allocated" to any
Participant's Accounts shall be determined as of the most recent preceding
allocation date for which allocation to and adjustment of Accounts has been
completed in accordance with Section 14.06 of the Plan. The Employer or its
soliciting agent shall provide the Trustee with a copy of all materials provided
to Participants and shall certify to the Trustee that all such materials have
been mailed or otherwise sent to all Participants.
Each Participant, whether or not such Participant is then fully vested
in his Accounts, shall have the right to instruct the Trustee as to the manner
in which the Trustee is to respond to the tender offer for any or all of the
Common Stock then allocated to such Participant's Accounts. Instructions from a
Participant to the Trustee concerning the tender of Common Stock shall be
communicated in writing, or by Datagram or similar means. The Trustee shall
respond to the tender offer with respect to such Common Stock as instructed by
the Participant. The Trustee shall not tender Common Stock then allocated to a
Participant's Accounts for which it has received no instructions from the
Participant.
The Trustee shall tender that number of shares of Common Stock not then
allocated to Participant's Accounts which is determined by multiplying the total
number of shares of Common Stock not then allocated to Participant's Accounts by
a fraction, the numerator of which is the number of shares of Common Stock then
allocated to Participant's Accounts for which the Trustee has received
instructions from Participants to tender (and such instructions have not been
withdrawn as of the date of determination) and the denominator of which is the
total number of shares of Common Stock then allocated to Participant's Accounts.
A Participant who has directed the Trustee to tender any or all of the
shares of Common Stock credited to such Participant's Accounts may, at any time
prior to the tender offer withdrawal deadline instruct the Trustee to withdraw,
and the Trustee shall withdraw, such shares from the tender offer prior to the
tender offer withdrawal deadline. Prior to such withdrawal deadline, if any
Common Stock not credited to Participant's Accounts has been tendered, the
Trustee shall redetermine the number of shares of Common Stock which would be
tendered if the date of such withdrawal were the date of determination as
described in the immediately preceding paragraph, and withdraw the number of
shares of Common Stock not credited to Participant's Accounts necessary to
reduce the number of tendered shares of Common Stock not credited to
Participant's Accounts to the number so redetermined. A Participant shall not be
limited as to the number of instructions to tender or withdraw that the
Participant may give to the Trustee.
An instruction by a Participant to the Trustee to tender the shares of
Common Stock credited to such Participant's Accounts shall not be considered a
written election by the Participant to withdraw, or have distributed, any or all
of his Accounts which are subject to withdrawal. The Trustee shall advise the
Advisory Committee to credit, to the Participant's Accounts from which the
tendered shares were taken, the proceeds received by the Trustee in exchange for
the shares of Common Stock, if any, so tendered from each such Account.
Any instruction or other communication by a Participant to the Trustee
concerning any tender offer matter shall be held in confidence by the Trustee
and shall not be divulged to the Employer or to any officer or employee thereof
nor to any other person.
(D) DISTRIBUTION OF COMMON STOCK. A Participant's Accrued Benefit payable under
Article VI shall be distributed entirely in cash, or, if distributed as a lump
sum and if elected by the Participant (or his Beneficiary), in whole shares of
Common Stock to the extent the Participant's Accrued Benefit is invested in
Common Stock at the date of such election, with the balance of his Accrued
Benefit distributed in cash.
