Regional Prototype
Profit-Sharing
Plan # 001
STANDARDIZED
ADOPTION AGREEMENT
REGIONAL
PROTOTYPE PROFIT-SHARING PLAN AND TRUST
Sponsored by
XXXXXXX & ASSOCIATES, INC.
The Employer named below hereby establishes a Profit-Sharing Plan for eligible
Employees as provided in this Adoption Agreement and the accompanying Regional
Prototype Plan and Trust Basic Plan Document TR1.
1. EMPLOYER INFORMATION
NOTE: If multiple Employers are adopting the Plan, complete this section
based on the lead Employer. Additional Employers may adopt this Plan
by xxxxxxxxx executed signature pages to the back of the Employer's
Adoption Agreement.
(a) NAME AND ADDRESS:
National Paintball Supply Co., Inc.
000 Xxxxxx Xxxx
Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000
(b) TELEPHONE NUMBER: (000) 000-0000
(c) TAX ID NUMBER: 00-0000000
(d) FORM OF BUSINESS:
[ ] (i) Sole Proprietor
[ ] (ii) Partner ship
[X] (iii) Corporation
[ ] (iv) "S" Corporation (formerly known as Subchapter S)
[ ] (v) Other:
(e) NAME(S) OF INDIVIDUAL(S) AUTHORIZED TO ISSUE
INSTRUCTIONS TO THE TRUSTEE:
Xxxxxxx X. Xxxxxxxxx
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Profit-Sharing Plan #001
National Paintball Supply Co., Inc.
(f) NAME OF PLAN: Profit Sharing Plan
(g) THREE DIGIT PLAN NUMBER
FOR ANNUAL RETURN/REPORT: 001.
2. EFFECTIVE DATE
(a) This is a new Plan having an effective date of ______.
(b) This is an amended Plan.
The effective date of the original Plan was
January 1, 1988.
The effective date of the amended Plan is January
1, 1989 with the exception of Sections 6(d),
7(b), 7(c) and 11 herein which shall be effective
as of the first day of the 1989 Plan Year.
3. DEFINITIONS
(a) "Collective or Commingled Funds"
[X] (i) Not Applicable - Non-Institutional Trustee.
[ ] (ii) Investment in collective or commingled
funds as permitted at paragraph 13.3(b) of the
Basic Plan Document. #R1 shall only be made to
the following specifically named fund(s):
Funds made available after the execution of this
Adoption Agreement will be listed on schedules
attached to the end of this Adoption Agreement.
(b) "Compensation" [paragraph 1.12]
(i) Compensation Measurement Period - Compensation
shall be determined on the basis of the:
[ ] (1) Plan Year.
[ ] (2) Employer's Taxable Year.
[ ] (3) Calendar Year:
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Profit-Sharing
Plan #001
(ii) Application of Salary Savings Agreements:
Compensation shall exclude Employer
contributions made pursuant to a Salary
Savings Agreement under:
[X] (1) Not applicable, no such agreement
exists.
[ ] (2) A Cash or Deferred Profit-Sharing
Plan under Code Section
401(k) or Simplified Employee Pension
under Code Section 402(h)(1)(B).
[ ] (3) A flexible benefit plan under Code
Section 125.
[ ] (4) A tax deferred annuity under Code
Section 403(b).
(iii) Maximum Compensation
For purposes of the Plan, Compensation
shall be limited to $N/A, the maximum
amount which will be considered for
Plan purposes. [If an amount is
specified, it will limit the amount of
contributions allowed on behalf of
higher compensated Employees.
Completion of this section is not
intended to coordinate with the
$200,000 limit of Code Section.
415(d), thus the amount should be less
than the $200,000 limit as adjusted
for cost-of-living increases.]
(c) "Entry Date" [paragraph 1.30]
[ ](i) The first day of the Plan Year during which
an Employee meets the eligibility
requirements.
[X](ii) The first day of the Plan Year nearest
the date on which an Employee meets the
eligibility requirements.
[ ](iii) The first day of the month coinciding
with or following the date on which an
Employee meets the eligibility requirements.
[ ](iv) The earlier of the first day of the
Plan Year or the first day of the seventh
month of the Plan Year coinciding with or
following the date on which an Employee
meets the eligibility requirements.
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Plan #001
[ ](v) The first day of the Plan Year following
the date on which the Employee meets
the eligibility requirements. If this
election is made, the Service requirement at
4(a)(ii) may not exceed 1/2 year and the
age requirement at 4(b)(ii) may not
exceed 20-1/2.
[ ](vi) The first day of the Plan Year, or the first
day of the fourth month, the seventh month
or the tenth month of the Plan Year
coinciding with or following the date on
which an Employee meets the eligibility
requirements.
(d) "Hour of Service" [paragraph 1.41] .
Shall be determined on the basis of the method
selected below. Only one method may be selected.
The method selected shall be applied to all
Employees covered under the Plan as follows:
[XX](i) On the basis of actual hours for which
an Employee is paid or entitled to payment.
[ ](ii) On the basis of days worked. An Employee
shall be credited with ten (10) Hours of
Service if under paragraph 1.41 of the
Basic Plan Document #R1 such Employee would
be credited. With at least one (1) Hour of
Service during the day.
[ ](iii) On the basis of weeks worked An
Employee shall be credited with forty-five
(45) Hours of Service if under paragraph
1.41 of the Basic Plan Document #R1 such
Employee would be credited with at least
one (1) Hour of Service during the week.
[ ](iv) On the basis of semi-monthly payroll
periods. An Employee shall be with
ninety-five (95) Hours of Service if
under paragraph 1.41 of the Basic Plan
Document #R1 such Employee would be
credited with at least one (1) Hour of
Service during the semi-monthly payroll
period.
[ ](v) On the basis of months worked. An Employee
shall be credited with one hundred-ninety
(190) Hours of Service if under paragraph
1.41 of the Basic Plan Document #R1 such
Employee would be credited with at least
one (1) Hour of Service during the month.
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(e) "Limitation Year" [paragraph 1.44]
The 12-consecutive month period commencing on January 1,
and ending on December 31.
(f) "Net Profit"
[X] (i) Not applicable (profits will not be required
for contributions to the Plan).
[ ] (ii) As defined in paragraph 1.48 of the Basic
Plan Document #R1.
[ ] (iii) Shall be defined as:
(Only use if definition in paragraph 1.48 of the
Basic Plan Document #R1 is to be superseded.)
(g) "Plan Year" [paragraph 1.57]
The 12-consecutive month period commencing on
January 1 and ending December 31.
If applicable, the first Plan Year will be a short
Plan Year commencing on __________ and ending
on___________________. Thereafter, the Plan Year
shall be as above.
(h) "Qualified Early Retirement Age"
For purposes of making distributions under the
provisions of a Qualified Domestic Relations Order,
the Plan's Qualified Early Retirement Age with
regard to the Participant against whom the order is
entered [x] shall [ ] shall not be the date the
order is determined to be qualified. If "shall" is
elected, this will only allow payout to the
alternate payee(s).
(i) Qualified Joint and Survivor Annuity"
The safe-harbor provisions of paragraph 8.7 of the
Basic Plan Document #Rl [ ]are [X] are not
applicable. If not applicable, the survivor
annuity shall be 50% (50%, 66-2/3%, 75% or 100%)
of the annuity payable during the lives of the
Participant and Spouse. If no answer is specified,
50% will be used.
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(j) "Taxable Wage Base" [paragraph 1.79]
[X](i) Not Applicable - Plan is not integrated with
Social Security.
[ ](ii) The maximum earnings considered wages for
such Plan Year under Code Section 3121(x).
[ ] (iii) _____% (not more than 100%) of the
amount considered wages for such Plan Year
under Code Section 3121(x).
[ ] (iv) $ provided that such amount is not in excess
of the amount determined under paragraph 3(j)
(ii) above.
[ ] (v) For the 1989 Plan Year $10,000. For all
subsequent Plan Years, 20% of the maximum
earnings considered wages for such Plan Year
under Code Section 3121(x).
NOTE: Using less than the maximum may result in a change
in the allocation formula in Section 7 hereof.
(k) "Valuation Date(s)"
Allocations to Participant Accounts will be done
in accordance with Article V of the Basic Plan
Document #R1:
[ ] (i) Daily
[ ] (ii) Weekly
[ ] (iii) Monthly
[ ] (iv) Bi-Monthly
[ ] (v) Quarterly
[ ] (vi) Semi-Annually
[X](vii) Annually
(1) "Year of Service"
For Eligibility Purposes: The 12-consecutive
month period during which an Employee is
credited with 1000 (not more than 1,000) Hours
of Service.
For Allocation Accrual Purposes: The
12-consecutive month period during which an
Employee is credited with 1000 (not more than
1,000) Hours of Service. (For Plan Years beginning
in 1990 and thereafter, if a number greater than
501 is specified, it will be deemed to be 501.)
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For Vesting Purposes: The 12-consecutive month
period during which an Employee is credited with
1000 (not more than 1,000) Hours of Service.
4. ELIGIBILITY REQUIREMENTS [Article II]
(a) Service:
[ ] (i) The Plan shall have no service requirement.
[X] (ii) The Plan shall cover only Employees
having completed at least 1 [not more than three
(3)] Years of Service. If three is specified, it
will automatically be deemed to be 2 for all
Plan Years beginning in 1989 and later.
NOTE: If the eligibility period exceeds one (1) Year
of Service, the vesting provisions at Section
11 herein must be completed to provide a 100%
vested and nonforfeitable benefit upon
participation. If the Year(s) of Service
selected is or includes a fractional year, an
Employee will not be required to complete any
specified number of Hours of Service to receive
credit for such fractional year.
(b) Age:
[ ] (i) The Plan shall have no minimum age requirement.
[X] (ii) The Plan shall cover only Employees having
attained age 21 (not more than age 21).
(c) Classification:
The Plan shall cover all Employees who have met the age and
service requirements with the following exceptions:
[ ] (i) No exceptions.
[X] (ii) The Plan shall exclude Employees included in a
unit of Employees covered by a collective
bargaining agreement between the Employer and
Employee Representatives, if retirement benefits
were the subject of good faith bargaining. For
this purpose, the term
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"Employee Representative" does not include any
organization more than half of whose members
are Employees who are owners, officers, or
executives of the Employer.
[X] (iii) The Plan shall exclude Employees who are
nonresident aliens and who receive no earned
income from the Employer which constitutes income
from sources within the United States.
(d) Employees on Effective Date:
[ ] (i) Employees employed on the Plan's Effective Date
do not have to satisfy the Service requirements
specified above.
[ ] (ii) Employees employed on the Plan's Effective Date
do not have to satisfy the age requirements
specified above.
5. RETIREMENT AGES
(a) Normal Retirement Age:
If the Employer imposes a requirement that Employees retire
upon reaching a specified age, the Normal Retirement Age
selected below may not exceed the Employer imposed mandatory
retirement age.
[X] (i) Normal Retirement Age shall be 65 (not to exceed
age 65).
[ ] (ii) Normal Retirement Age shall be the later of
attaining age (not to exceed age 65) or
the (not to exceed the 5th) anniversary of
the first day of the first Plan Year in which
the Participant commenced participation in the
Plan.
(b) Early Retirement Age:
[X] (i) Not Applicable.
[ ] (ii) The Plan shall have an Early Retirement Age of
(not less than 55) and completion of Years of
Service.
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6. EMPLOYER CONTRIBUTIONS [Article III]
[X] (a) An amount fixed by appropriate action of the
Employer as of the time prescribed by law.
[ ] (b) ______% of the Employer's Net Profit. (The
allocation to any one Participant shall not
exceed the Maximum Permissible Amount).
[ ] (c) ______% of Compensation of eligible Participants
for the Plan Year.
[ ] (d) ______% of each eligible Participant's
Compensation plus _____% of Compensation in
excess of the Taxable Wage Base defined at
Section 3(j) hereof. The percentage on excess
compensation may not exceed the lesser of (i)
the amount first specified in this paragraph
or (ii) the greater of 5.7% or the percentage
rate of tax under Code Section 3111(a) as in
effect on the first day of the Plan Year
attributable to the Old Age (OA) portion of the
OASDI provisions of the Social Security Act.
If the Employer specifies a Taxable Wage Base in
Section 3(j) which is lower than the Taxable
Wage Base for Social Security purposes (SSTWB)
in effect as of the first day of the Plan Year,
the percentage contributed with respect to
excess Compensation must be adjusted. If the
Plan's Taxable Wage Base is greater than the
larger of $10,000 or 20% of the SSTWB but not
more than 80% of the SSTWB, the excess
percentage is 4.3%. If the Plan's Taxable Wage
Base is greater than 80% of the SSTWB but less
than 100% of the SSTWB, the excess percentage
is 5.4%.
NOTE: Employer contributions shall be subject to the
limitations of Article X of the Basic Plan
Document #R1. For this purpose, a contribution
for a Plan Year shall be limited for the
Limitation Year which ends with or within such
Plan Year.
7. ALLOCATION OF EMPLOYER CONTRIBUTION
NOTE: The integrated allocation formulas below are for
Plan Years beginning in 1989 and later. The
Employer's allocation for earlier, years shall
be as specified in its Plan prior to Amendment
for the Tax Reform Act of 1986.
[X] (a) Non-Integrated Allocation Formula [See Minimum
Contribution Under Top-Heavy Plans at Section
7(e)]
The Employer's contribution for any Plan Year
plus any forfeitures (only if they are
reallocated to Participants under Section 9),
shall be allocated to the accounts of eligible
Participants in direct proportion to their
respective Compensation for such Plan Year.
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[ ] (b) Integrated Allocation Formula [See Minimum
Contributions Under Top-Heavy Plans at Section
7(e)]. The Employer's contribution for the Plan
Year plus any forfeitures (only if they are
reallocated to Participants under Section 9
herein), shall be allocated to the accounts of
eligible Participants as follows:
(i) First, to the extent contributions and
forfeitures are sufficient, all
Participants will receive an allocation
equal to 3% of their Compensation.
(ii) Next, any remaining Employer Contributions
and forfeitures will be allocated to
Participants who have Compensation in
excess of the Taxable Wage Base (excess
Compensation). Each such Participant will
receive an allocation in the ratio that
his or her excess compensation bears to
the excess Compensation of all
Participants. Participants may only receive
an allocation of 3% of excess Compensation.
(iii) Next, any remaining Employer
contributions and forfeitures will be
allocated to all Participants in the ratio
that their Compensation plus excess
Compensation bears to the total
Compensation plus excess Compensation of
all Participants. Participants may only
receive an allocation of up to 2.7% of
their Compensation plus excess
Compensation, under this allocation method.
If the Taxable Wage Base is defined at
Section 3(j) above is less than the
maximum, but more than the greater of
$10,000 or 20% of the maximum, then the
2.7% must be reduced. If the amount
specified is greater than 80% but less
than 100% of the maximum Taxable Wage
Base, the 2.7% must be reduced to
2.4%. If the amount specified is greater
than the greater of $10,000 or 20% of the
maximum Taxable Wage Base, but not more
than 80%, 2.7% must be reduced to 1.3%.
NOTE: If the Plan is not Top-Heavy, sub-paragraphs (i)
and (ii) above may be disregarded and 5.7%, 5.4% or
4.3% may be substituted for 2.7%, 2.4% or 1.3%
where it appears in (iii) above.
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(iv) Next, any remaining Employer contributions and
forfeitures will be allocated to all Participants
(whether or not they received an allocation under
the preceding paragraphs) in the ratio that each
Participant's Compensation bears to all
Participants' Compensation.
[ ] (c) Alternative Integrated Allocation Formula
[See Minimum Contributions under Top-Heavy
Plans at Section 7(e)]
The Employer's Contribution for any Plan Year
plus any forfeitures (only if they are reallocated
to Participants under Section 9 below), shall be
allocated to the accounts of eligible Participants
based on the Contribution formula described in
Section 6(d) above. If this allocation formula is
used for Top-Heavy Plans the first blank may not
be less than 3%.
NOTE: Only one plan maintained by the Employer may be
integrated with Social Security.
(d) Allocation of Excess Amounts (Annual Additions)
In the event that the allocation formula above results in
an Excess Amount, such excess shall be:
[ ] (i) placed in a suspense account accruing no gains or
losses for the benefit of the Participant.
[ ] (ii) reallocated as additional Employer contributions
to all other Participants to the extent that they
do not have an Excess Amount.
If no answer is specified, the suspense account method
will be used.
(e) Minimum Contributions Under Top-Heavy Plans
Notwithstanding any other provision herein, the
Employer shall make a minimum contribution for each
eligible Participant with respect to any Plan Year
for which the Plan is Top-Heavy. The minimum
contribution shall be determined in accordance with
paragraph 14.2 of Basic Plan Document #R1 for:
[X] (i) all eligible Participants.
[ ] (ii) only eligible non-Key Employees who are
Participants.
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8. ALLOCATIONS TO TERMINATED EMPLOYEES [paragraph 5.31
(a) For Plan Years beginning prior to 1990:
[X] (i) For Plan Years beginning prior to 1990, the Employer will not
allocate Employer related contributions to any Participant who
terminates employment during the Plan Year.
[ ] (ii) The Employer will allocate Employer related contributions to
Employees who terminate during the Plan Year as a result of:
[ ] (1) retirement.
[ ] (2) Disability.
[ ] (3) death.
[ ] (4) other termination provided that the Participant has
completed a Year of Service.
[ ] (5) other termination.
(b) For Plan Years beginning in 1990 and thereafter, the Employer will
allocate Employer related contributions to any Participant who is
credited with more than 500 Hours of Service or is employed on the
last day of the Plan Year without regard to the number of Hours of
Service.
The Employer will also allocate Employer related contributions to any
Participant who terminates during the Plan Year without accruing the
necessary Hours of Service if they terminate as a result of:
[X] (i) retirement.
[X] (ii) Disability.
[X[ (iii) death.
9. ALLOCATION OF FORFEITURES
(a) Allocation Alternatives:
[X] (i) Forfeitures shall be allocated to Participants in the same
manner as the Employer's contribution.
[ ] (ii) Forfeitures shall be applied to reduce the Employer's
contribution for such Plan Year.
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[ ] (iii) Forfeitures shall be applied to offset administrative
expenses of the Plan. If forfeitures exceed these expenses (ii)
above will apply.
(b) Date for Reallocation:
NOTE:If no distribution has been made to a former Participant, subsection
(i) below will apply to such Participant even if the Employer elects
(ii) or (iii) below as its normal administrative policy.
[ ] (i) Forfeitures shall be reallocated at the end of the Plan
Year during which the former Participant incurs his or her fifth
consecutive one year Break In Service.
[ ] (ii) Forfeitures will be reallocated immediately (as of the
next Valuation Date):
[X] (iii) Forfeitures shall be reallocated at the end of the Plan
Year during which the former Participant incurs his or her 1st
(1st, 2nd, 3rd, or 4th) consecutive one year Break In Service.
(c) Restoration of Forfeitures:
If amounts are forfeited prior to five consecutive 1-year
Breaks in Service, the Funds for restoration of account
balances will be obtained from the following resources in
the order indicated (fill in the appropriate number):
[1] (i) Current year's forfeitures.
[2] (ii) Additional Employer contribution.
[3] (iii) Income or gain to the Plan.
10. LIMITATIONS ON ALLOCATIONS [Article X]
[X] This is the only Plan the Employer maintains or ever maintained;
therefore, this Section is not applicable.
[ ] The Employer does maintain or has maintained another Plan (including
a Welfare Benefit Fund or an individual medical account [as defined in
Code Section 415(1)(2)], under which amounts are treated as Annual
Additions) and has completed the proper sections below.
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Complete (a) if you maintain Paired Plan #R1002 (Regional Prototype Money
Purchase Pension Plan) or #R1003 (Regional Prototype Cash or Deferred
Profit-Sharing Plan).
(a) The minimum contribution required under paragraph 14.2 of Basic Plan
Document #R1 shall be made to:
[ ] (i) This Plan.
[ ] (ii) Paired Plan #________.
NOTE:If you maintain Defined Contribution Paired Plan #R1002 it is
suggested that you list that Plan number above.
Complete (b), (c) and (d) only if you maintain or ever maintained another
qualified plan (other than Paired Plan #R1002 or #R1003), including a Welfare
Benefit Fund or an individual medical account [as defined in Code Section
415(1)(2)], in which any Participant in this Plan is (or was) a participant
or could possibly become a participant.
(b) If the Participant is covered under another qualified Defined
Contribution Plan maintained by the Employer, other than a Regional
Prototype Plan:
[ ] (i) The provisions of Article X of the Basic Plan Document #R1
will apply, as if the other plan were a Regional Prototype
Plan.
[ ] (ii) Attach provisions stating the method under which the plans
will limit total Annual Additions to the Maximum Permissible
Amount, and will properly reduce any Excess Amounts, in a
manner that precludes Employer discretion.
(c) If a Participant is or ever has been a participant in a Defined
Benefit Plan maintained by the Employer:
Attach provisions which will satisfy the 1.0 limitation of Code
Section 415(e). Such language must preclude Employer discretion. The
Employer must also specify the interest and mortality assumptions used
in determining Present Value in the Defined Benefit Plan.
(d) The minimum contribution or benefit required under Code Section 416
relating to Top-Heavy Plans shall be satisfied by:
[ ] (i) This Plan.
[ ] (ii)
(Name of other: qualified plan of the Employer).
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[ ] (iii) Attach provisions stating the method under which the minimum
contribution and benefit provisions of Code Section 416
will be satisfied. If a Defined Benefit Plan is or was
maintained, an attachment must be provided showing interest
and mortality assumptions used in determining the Top-Heavy
Ratio.
11. VESTING [Article IX]
Each Participant shall acquire a vested and nonforfeitable percentage in
his or her account balance attributable to Employer contributions and the
earnings thereon under the procedures selected below except with respect to
any Plan Year during which the Plan is Top-Heavy, in which case the
Two-twenty vesting schedule [option (b)(iv)J shall automatically apply
unless the Employer has already elected a faster vesting schedule. If the
Plan is switched to option (b)(iv), because of its Top-Heavy status, that
vesting schedule will remain in effect even if the Plan later becomes
non-Top-Heavy until the Employer executes an amendment of this Adoption
Agreement indicating otherwise.
(a) Computation Period:
The computation period for purposes of determining Years of Service
and Breaks in Service for purposes of computing a Participant's
nonforfeitable right to his or her account balance derived from
Employer contributions:
[ ] (i) shall not be applicable since Participants are always fully
vested.
[ ] (ii) shall commence on the date on which an Employee first
performs an Hour of Service for the Employer and each
subsequent 12-consecutive month period shall commence on
the anniversary thereof, or [X] (iii) shall commence on the
first day of the Plan Year during which an Employee first
performs an Hour of Service for the Employer and each
subsequent 12-consecutive month period shall commence on the
anniversary thereof.
A Participant shall receive credit for a Year of Service if he or she
completes at least 1,000 Hours of Service [or if lesser, the number of
hours specified at 3(1)(iii) of this Adoption Agreement] at any time
during the 12-consecutive month computation period. Consequently, a
Year of Service may be earned prior to the end of the 12-consecutive
month computation period and the Participant need not be employed at
the end of the 12-consecutive month computation period to receive
credit for a Year of Service.
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(b) Vesting Schedules:
NOTE: The vesting schedules below only apply to a Participant who has at least
one hour of Service during or after the 1989 Plan Year. If applicable,
Participants who separated from Service prior to the 1989 Plan Year will remain
under the vesting schedule as in effect in the Plan prior to amendment for the
Tax Reform Act of 1986.
[ ] (i) Full and immediate vesting.
Years of Service
1 2 3 4 5 6 7
- - - - - - -
[ ] (ii) % 100%
[ ] (iii) % % 100%
[X] (iv) 0% 20% 40% 60% 80% 100%
[ ] (v) % % 20 % 40% 60% 80% 100%
[ ] (vi) 10% 20% 30% 40% 60% 80% 100%
[ ] (vii) % % % % 100%
[ ] (viii) % % % % % % 100%
NOTE:The percentages selected for schedule (viii) may not be less for any year
than the percentages shown at schedule. (v).
(c) Service disregarded for Vesting:
[ ] ( i )Service prior to the Effective Date of this Plan or a predecessor
plan shall be disregarded when computing a Participant's vested and
nonforfeitable interest.
[ ] (ii) Service prior to a Participant having attained age 18 shall be
disregarded when computing a Participant's vested and nonforfeitable
interet.
12. SERVICE WITH PREDECESSOR ORGANIZATION
For purposes of satisfying the Service requirements for eligibility, Hours of
Service shall include Service with the following predecessor organization(s):
(These hours will also be used for vesting purposes.)
Fairbanks Company
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13. ROLLOVER/TRANSFER CONTRIBUTIONS
(a) Rollover Contributions, as described at paragraph 4.3 of the Basic
Plan Document #R1, [ ]shall [x] shall not be permitted. If permitted,
Employees [ ] may [ ] may not make Rollover Contributions prior to
meeting the eligibility requirements for participation in the Plan.
(b) Transfer Contributions, as described at paragraph 4.4 of the Basic
Plan Document #R1 [ ] shall [x] shall not be permitted. If permitted,
Employees [ ] may [ ] may not make Transfer Contributions prior to
meeting the eligibility requirements for participation in the Plan.
NOTE:Even if available, the Employer may refuse to accept such
contributions if its Plan meets the safe-harbor rules of paragraph 8.7
of the Basic Plan Document #R1.
14. HARDSHIP WITHDRAWALS
Hardship withdrawals, as provided for in paragraph 6.9 of the Basic Plan
Document #R1, [ ] are [x] are not permitted.
15. PARTICIPANT- LOANS
Participant loans, as provided for in paragraph 13.4 of the Basic Plan
Document #R1, [x] are [ ] are not permitted. If permitted, repayments of
principal and interest shall be repaid to [ ] the Participant's segregated
account or xx] the general Fund.
16. 1NSURANCE POLICIES
The insurance provisions of paragraph 13.5 of the Basic Plan Document #Rl,
[x] shall [ ] shall not be applicable.
17. EMPLOYER INVESTMENT DIRECTION
The Employer investment direction provisions, as set forth in paragraph
13.6 of the Basic Plan Document #R1 [x] shall [ ] shall not be applicable.
18. EMPLOYEE INVESTMENT DIRECTION
The Employee investment direction provisions, as set forth in paragraph
13.7 of the Basic Plan Document #R1, [ ] shall [x] shall not be applicable.
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If applicable, Participants may direct their investments:
[ ] (i) among funds offered by the Trustee.
[ ] (ii) among any allowable investments.
Participants may direct the following kinds of contributions and the
earnings thereon (check all applicable):
[ ] (i) All Contributions.
[ ] (ii) Employer Contributions.
[ ] (iii)Voluntary Contributions.
[ ] (iv) Mandatory Contributions.
[ ] (v) Rollover Contributions.
[ ] (vi) Transfer Contributions.
[ ] (vii)All above which are checked, but only to the extent that
Participant is vested in those contributions.
NOTE:To the extent that Employee investment direction was previously
allowed, it shall continue to be allowed on those amounts and the
earnings thereon.
19. EARLY PAYMENT OPTION
(a) A Participant who separates from Service prior to retirement death or
Disability [x] may [ ] may not make application to the Employer
requesting an early payment of his or her vested account balance.
(b) A Participant who has not separated from Service [ ] may [X] may not
obtain a distribution of his or her vested Employer contributions.
Distribution can only be made if the Participant is 100% vested.
(c) A Participant who has attained the Plan's Normal Retirement Age and
who has not separated from Service [X] may [ ] may not receive a
distribution of his or her vested account balance.
NOTE:If the Participant has had the right to withdraw his or her account
balance in the past, this right may not be taken away. Notwithstanding
the above, to the contrary, required minimum distributions will be
paid. For timing of distribution see item 20(a) below.
Regional Prototype
Profit-Sharing Plan #001
20. DISTRIBUTION OPTIONS
(a) Timing of Distributions:
In cases of termination for other than death, Disability or retirement,
benefits shall be paid:
[X] (i) As soon as administratively feasible following the close of the
Plan Year during which a distribution is requested or is otherwise
payable.
[ ] (ii) As soon as administratively feasible, following the date on
which a distribution is requested or is otherwise payable.
[ ] (iii) As soon as administratively feasible, after the close of the
Plan Year during which the Participant incurs __________consecutive
one-year Breaks in Service.
[ ] (iv) Only after the Participant has achieved the Plan's Normal
Retirement Age, or Early Retirement Age, if applicable.
In cases of death, Disability or retirement, benefits shall be paid:
[ ] (v) As soon as administratively feasible following the close of the
Plan Year during which a distribution is requested or is otherwise
payable.
[x] (vi) As soon as administratively feasible, following the date on which
a distribution is requested or is otherwise payable.
[ ] (vii) As soon as administratively feasible, after the close of the
Plan Year during which the Participant incurs consecutive one-year
Breaks in Service.
[ ] (viii) Only after the Participant has achieved the Plan's Normal
Retirement Age, or Early Retirement Age, if applicable.
(b) Optional Forms of Payment:
[X] (i) Lump Sum.
[X] (ii) Installment Payments.
[X] (iii) Life Annuity*.
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Profit-Sharing Plan #001
[ ] (iv) Life Xxxxxxx Xxxx Xxxxxxx*.
Life Annuity with payments guaranteed for ______________ period
(not to exceed 20 years, specify all applicable).
[X] (v) Joint and [X] 50%, [ ] 66-2/3%, [ ] 75% or [ ] 100% survivor
annuity* (specify all applicable).
[ ] (vi) Other form(s) as specified:
*Not available in Plan meeting provisions of paragraph 8.7 of Basic Plan
document #R1.
(c) Recalculation of Life Expectancy:
In determining required distributions under the Plan, Participants and/or
their Spouse (Surviving Spouse)[X] shall [ ] shall not have the right to
have their life expectancy recalculated annually.
If "shall",
[ ] only the Participant shall be recalculated.
[ ] both the Participant and Spouse shall be recalculated.
[X] who is recalculated shall be determined by the Participant.
Regional Prototype
Profit-Sharing
Plan #001
21. SIGNATURES
(a) EMPLOYER:
Name and address of Employer if different than specified in item 1 above.
SAME
----
This agreement and the corresponding provisions of the Plan and Trust Basic
Plan Document #R1 were adopted by the Employer the 26th day of December,
1990.
Signed for the Employer by: Xxxxxxx X. Xxxxxxxxx
Title: President
Signature: /s/ Xxxxxxx X. Xxxxxxxxx
The Employer understands that its failure to properly complete the Adoption
Agreement may result in disqualification of its Plan.
Employer's Reliance: An Employer who maintains or has ever maintained or
who later adopts any Plan [including, after December 31, 1985, a Welfare
Benefit Fund, as defined in Code Section 419(e) which provides
post-retirement medical benefits allocated to separate accounts for Key
Employees, as defined in Section 419A(d)(3)] or an individual medical
account, as defined in Code Section 4150)(2), in addition to this Plan
(other than Paired Plan #R1002 or #R1003) may not rely on the notification
letter issued by the National Office of the Internal Revenue Service as
evidence that this Plan is qualified under Section 401 of the Code. If the
Employer who adopts or maintains multiple Plans or who may not rely on this
notification letter pursuant to the preceding sentence, wishes to obtain
reliance that such Plan(s) are qualified, application for a determination
letter should be made to the appropriate Key District Director of Internal
Revenue. The Employer understands That its failure to properly complete the
Adoption Agreement may result in disqualification of its Plan.
This Adoption Agreement may only be used in conjunction with Basic Plan
Document #R1.
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Profit-Sharing Plan #001
(b) TRUSTEE:
Name of Trustee(s):
Xxxxxxx X. Xxxxxxxxx
The Employer's Plan as contained herein was accepted by the
Trustee(s) The 26th day of December, 1990.
Signed for the Trustee by:
Title:
Signature: /s/ Xxxxxxx X. Xxxxxxxxx
(c) SPONSOR:
The Employer's Agreement and the corresponding provisions of the
Plan and Trust Basic Plan Document #R1 were accepted by the
Sponsor The 2nd day of January 1991.
Signed for the Sponsor by: Xxxxxxx X. Xxxxxxx
Title: President
Signature: /s/ Xxxxxxx X. Xxxxxxx
Regional Prototype
Profit-Sharing Plan #001
21. SIGNATURES
(a) EMPLOYER:
Name and address of Employer if different than specified in item 1 above.
The Fairbanks Company
---------------------
This agreement and the corresponding provisions of the Plan and Trust Basic
Plan Document #R1 were adopted by the Employer the 6th day of March, 1991.
Signed for the Employer by: Xxxxxxx X. Xxxxxxxxx
Title:
Signature:
The Employer understands that its failure to properly
complete the Adoption Agreement may result in
disqualification of its Plan.
Employer's Reliance: An Employer who maintains or has ever
maintained or who later adopts any Plan (including, after
December 31, 1985, a Welfare Benefit Fund, as defined in
Code Section 419(e) which provides post-retirement medical
benefits allocated to separate accounts for Key Employees,
as defined in Section 419A(d)(3)] or an individual medical
account, as defined in Code Section 415(1)(2), in addition
to this Plan (other than Paired Plan #R1002 or #R1003) may
not rely on the notification letter issued by the National
Office of the Internal Revenue Service as evidence that this
Plan is qualified under Section 401 of the Code. If the
Employer who adopts or maintains multiple Plans or who may
not rely on this notification letter pursuant to the
preceding sentence, wishes to obtain reliance that such
Plan(s) are qualified, application for a determination
letter, should be made to the appropriate Key District
Director of Internal Revenue. The Employer understands that
its failure to properly complete the Adoption Agreement may
result in disqualification of its Plan.
This Adoption Agreement may only be used in conjunction
with Basic Plan Document #Rl.
Regional Prototype
Profit-Sharing Plan #001
(b) TRUSTEE:
Name of Trustee(s):
Xxxxxxx X. Xxxxxxxxx
The Employer's Plan as contained herein was accepted by the Trustee(s)
the 6th day of March, 1991.
Signed for the Trustee by:
Title:
Signature: /s/ Xxxxxxx X. Xxxxxxxxx
(c) SPONSOR:
The Employer's Agreement and the corresponding provisions of the Plan
and Trust Basic Plan Document #Rl were accepted by the Sponsor
the day of 19_____
Signed for the Sponsor by: Xxxxxxx X. Xxxxxxx
Title: President
Signature: /s/ Xxxxxxx X. Xxxxxxx
FIRST AMENDMENT
FOR
NATIONAL PAINTBALL SUPPLY CO., INC.
PROFIT SHARING PLAN
WHEREAS, The Employer desires to amend the above referenced retirement plan
effective January 1, 1994; incorporating the Model Amendment referencing Section
401(a) Limitation that defines the OBRA '93 annual compensation limit as
$150,000.
NOW THEREFORE, Be it resolved that the Employer hereby adopts, and makes as an
integral part of the Plan, the Model Amendment as attached hereto.
IN WITNESS WHEREOF, This Agreement has been executed this 4th day of October,
1994.
Witnesses NATIONAL PAINTBALL SUPPLY CO., INC.
Employer
By: /s/ Xxxxxxx X. Xxxxxxxxx
Trustees
PART I -SECTION 401(a) (17) LIMITATION
[MAY BE ADOPTED BY DEFINED CONTRIBUTION
AND DEFINED BENEFIT PLANS]
In addition to other applicable limitations set forth in the Plan, and
notwithstanding any other provision of the Plan to the contrary, for Plan Years
beginning on or after January 1, 1994, the annual Compensation of each Employee
taken into account under the Plan shall not exceed the OBRA '93 annual
compensation limit. The OBRA '93 annual compensation limit is $150,000, as
adjusted by the Commissioner for increases in the cost of living in accordance
with Section 401 (a) (17) (B) of the Internal Revenue Code. The cost-of-living
in effect for a calendar year applies to any period, not exceeding 12 months,
over which Compensation is determined (determination period) beginning in such
calendar year. If a determination period consists of fewer than 12 months, the
OBRA '93 annual compensation limit will be multiplied by a fraction, the
numerator of which is the number of months in the determination period, and the
denominator of which is 12.
For Plan Years beginning on or after January 1, 1994, any reference in
this Plan to the limitation under Section 401(a) (17) of the Code shall mean the
OBRA '93 annual compensation limit set forth in this provision.
If Compensation for any prior determination period is taken into
account in determining an Employee's benefits accruing in the current Plan Year,
the Compensation for that prior determination period is subject to the OBRA '93
annual compensation limit in effect for that prior determination period. For
this purpose, for determination periods beginning before the first day of the
first Plan Year beginning on or after January 1, 1994, the OBRA '93 annual
compensation limit is $150,000.
SECOND AMENDMENT
FOR
NATIONAL PAINTBALL SUPPLY CO., INC.
PROFIT SHARING PLAN
WHEREAS, The Employer desires to amend the above referenced retirement plan
effective December 1, 1994; in order to add Xxxxxxx X. Xxxxx as Trustee; and
NOW THEREFORE, Be it resolved that effective as of December 1, 1994, the
Trustees of the Plan shall be Xxxxxxx X. Xxxxxxxxx and Xxxxxxx X. Xxxxx. Said
Trustees shall indicate their acceptance of trusteeship by their signature
below; and
BE IT RESOLVED, That the Employer hereby adopts, and makes as an integral part
of the Plan, this Amendment.
IN WITNESS WHEREOF, This Agreement has been executed this 5th day of December,
1994.
Witness: NATIONAL PAINTBALL SUPPLY CO., INC.
Employer
By: /s/ Xxxxxxx X. Xxxxxxxxx
Trustees
THIRD AMENDMENT
FOR
NATIONAL PAINTBALL SUPPLY CO., INC.
PROFIT SHARING PLAN
WHEREAS, The Employer desires to amend the above referenced retirement plan
effective October 1, 1998; to permit service with Powerball, Inc. to satisfy the
service requirements for Eligibility and Vesting.
NOW THEREFORE, Be it resolved that the Employer hereby deletes the original Page
16 in its entirety and replaces it with the attached Page 16.
IN WITNESS WHEREOF, This Agreement has been executed this 1st day of December,
1998.
Witnesses: NATIONAL PAINTBALL SUPPLY CO., INC.
Employer
By: /s/ Xxxxxxx X. Xxxxxxxxx
Trustees
