The CORPORATEplan forRetirementSM
BASIC PLAN DOCUMENT
This document has not been approvedby the Department of Labor, the Internal Revenue Service or any other governmental entity.An Adopting Employer must determine whether the plan is subject to the Federal securitieslaws and the securities laws of the various states. An Adopting Employer may not rely onthis document to ensure any particular tax consequences or to ensure that the Plan isunfunded and maintained primarily for the purpose of providing deferred compensationto a select group of management or highly compensated employees under the EmployeeRetirement Income Security Act with respect to the Employers particular situation.Fidelity Management Trust Company, its affiliates and employees cannot provide you withlegal advice in connection with the execution of this document. This document should bereviewed by the Employers attorney prior to execution.
BASIC PLAN DOCUMENT
3.01 Date of Participation
3.02 Resumption of Participation Following Re employment
3.03 Cessation or Resumption of Participation Following a Change in Status
4.01 Deferral Contributions
4.02 Matching Contributions
4.03 Employer Contributions
4.04 Time of Making Contributions
5.01 Individual Accounts
6.01 Manner of Investment
6.02 Investment Decisions
7.01 Normal or Early Retirement
7.03 Other Termination of Employment
7.04 Separate Account
7.06 Adjustment for Investment Experience
7.07 Unforeseeable Emergency Withdrawals
7.08 Change in Control
DISTRIBUTIONOF BENEFITS PAYABLE AFTER TERMINATION OF SERVICE
8.01 Distribution of Benefits to Participants and Beneficiaries
8.02 Determination of Method of Distribution
8.03 Notice to Trustee
8.04 Time of Distribution
AMENDMENT AND TERMINATION
9.01 Amendment by Employer
9.02 Retroactive Amendments
9.04 Distribution Upon Termination ofthe Plan
10.01 Communication to Participants
10.02 Limitation of Rights
10.03 Nonalienability of Benefits
10.04 Facility of Payment
10.05 Information between Employer and Trustee
10.07 Governing Law
11.01 Powers and responsibilities of the Administrator
11.02 NondiscriminatoryExercise of Authority
11.03 Claims and Review Procedures
It is the intention of the Employerto establish herein an unfunded plan maintained solely for the purpose of providingdeferred compensation for a select group of management or highly compensated employees asprovided in ERISA.
Article 1. Adoption Agreement.
Article 2. Definitions.
|(a) Whereverused herein, the following terms have the meanings set forth below, unless a differentmeaning is clearly required by the context:|
|(1) Account means an account established on the books of the Employer for the purpose of recording amounts credited on behalf of a Participant and any income, expenses, gains or losses included thereon.|
|(2) Administrator means the Employer adopting this Plan, or other person designated by the Employer in Section 1.01(b).|
|(3) Adoption Agreement means Article 1, under which the Employer establishes and adopts or amends the Plan and designates the optional provisions selected by the Employer. The provisions of the Adoption Agreement shall be an integral part of the Plan.|
|(4) Beneficiary means the person or persons entitled under Section 7.02 to receive benefits under the Plan upon the death of a Participant.|
|(5); Bonus means any performance-based Compensation based on services performed for the Employer over a period of at least 12 months.|
|(6) Change of Control means a change in the ownership or effective control of the Employer, or a substantial portion of the Employers assets as defined in the regulations under Code Section 409A.|
|(7) Code means the Internal Revenue Code of 1986, as amended from time to time.|
|(8) Compensation means for purposes of Article 4 (Contributions) wages as defined in Section 3401(a) of the Code and all other payments of compensation to an employee by the Employer (in the course of the Employers trade or business) for which the Employer is required to furnish the employee a written statement under Section 6041(d) and 6051(a)(3) of the Code, excluding any items elected by the Employer in Section 1.04, reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, deferred compensation and welfare benefits, but including amounts that are not includable in the gross income of the Participant under a salary reduction agreement by reason of the application of Sections 125, 132(f)(4), 402(e)(3), 402(h) or 403(b) of the Code. Compensation shall be determined without regard to any rules under Section 3401(a) of the Code that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Section 3401(a)(2) of the Code).|
|Compensationshall also include amounts deferred pursuant to an election under Section 4.01.|
|Inthe case of any Self-Employed Individual or an Owner-Employee, Compensation means theSelf-Employed Individuals Earned Income.|
|(9) Earned Income means the net earnings of a Self-Employed Individual derived from the trade or business with respect to which the Plan is established and for which the personal services of such individual are a material income-providing factor, excluding any items not included in gross income and the deductions allocated to such items, except that for taxable years beginning after December 31, 1989 net earnings shall be determined with regard to the deduction allowed under Section 164(f) of the Code, to the extent applicable to the Employer. Net earnings shall be reduced by contributions of the Employer to any qualified plan, to the extent a deduction is allowed to the Employer for such contributions under Section 404 of the Code.|
|(10) Employee means any employee of the Employer, Self-Employed Individual or Owner-Employee.|
|(11) Employer means the employer named in Section 1.02(a) and any Related Employers designated in Section 1.02(b).|
|(12) Employment Commencement Date means the date on which the Employee first performs an Hour of Service.|
|(13) Entry Date means the date(s) designated in Section 1.03(b).|
|(14) ERISA means the Employee Retirement Income Security Act of 1974, as from time to time amended.|
|(15) Fund Share means the share, unit, or other evidence of ownership in a Permissible Investment.|
|(16) Hour of Service means, with respect to any Employee,|
|(A) Each hour for which the Employee is directly or indirectly paid, or entitled to payment, for the performance of duties for the Employer or a Related Employer, each such hour to be credited to the Employee for the computation period in which the duties were performed;|
|(B) Each hour for which the Employee is directly or indirectly paid, or entitled to payment, by the Employer or Related Employer (including payments made or due from a trust fund or insurer to which the Employer contributes or pays premiums) on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity, disability, layoff, jury duty, military duty, or leave of absence, each such hour to be credited to the Employee for the Eligibility Computation Period in which such period of time occurs, subject to the following rules:|
|(i) No more than 501 Hours of Service shall be credited under this paragraph (B) on account of any single continuous period during which the Employee performs no duties;|
|(ii) Hours of Service shall not be credited under this paragraph (B) for a payment which solely reimburses the Employee for medically-related expenses, or which is made or due under a plan maintained solely for the purpose of complying with applicable workmens compensation, unemployment compensation or disability insurance laws; and|
|(iii) If the period during which the Employee performs no duties falls within two or more computation periods and if the payment made on account of such period is not calculated on the basis of units of time, the Hours of Service credited with respect to such period shall be allocated between not more than the first two such computation periods on any reasonable basis consistently applied with respect to similarly situated Employees; and|
|(C) Each hour not counted under paragraph (A) or (B) for which back pay, irrespective of mitigation of damages, has been either awarded or agreed to be paid by the Employer or a Related Employer, each such hour to be credited to the Employee for the computation period to which the award or agreement pertains rather than the computation period in which the award agreement or payment is made.|
|Forpurposes of determining Hours of Service, Employees of the Employer and of all RelatedEmployers will be treated as employed by a single employer. For purposes of paragraphs (B)and (C) above, Hours of Service will be calculated in accordance with the provisions ofSection 2530.200b-2(b) of the Department of Labor regulations, which are incorporatedherein by reference.|
|Solelyfor purposes of determining whether a break in service for participation purposes hasoccurred in a computation period, an individual who is absent from work for maternity orpaternity reasons shall receive credit for the hours of service which would otherwise beencredited to such individual but for such absence, or in any case in which such hourscannot be determined, 8 hours of service per day of such absence. For purposes of thisparagraph, an absence from work for maternity reasons means an absence (1) by reason ofthe pregnancy of the individual, (2) by reason of a birth of a child of the individual,(3) by reason of the placement of a child with the individual in connection with theadoption of such child by such individual, or (4) for purposes of caring for such childfor a period beginning immediately following such birth or placement. The hours of servicecredited under this paragraph shall be credited (1) in the computation period in which theabsence begins if the crediting is necessary to prevent a break in service in that period,or (2) in all other cases, in the following computation period.|
|(17) Key Employee means a Participant who is key employee pursuant to Code Section 416(i), without regard to paragraph (5) thereof. A Participant will not be considered a Key Employee unless the Employer is a corporation which has any of its stock publicly traded according to Code Section 409A and regulations thereunder.|
|(18) Normal Retirement Age means the normal retirement age specified in Section 1.07(f) of the Adoption Agreement.|
|(19) Owner-Employee means, if the Employer is a sole proprietorship, the individual who is the sole proprietor, or, if the Employer is a partnership, a partner who owns more than 10 percent of either the capital interest or the profits interest of the partnership.|
|(20) Participant means any Employee who participates in the Plan in accordance with Article 3 hereof.|
|(21) Permissible Investment means the investments specified by the Employer as available for investment of assets of the Trust and agreed to by the Trustee. The Permissible Investments under the Plan shall be listed in the Service Agreement.|
|(22) Plan means the plan established by the Employer as set forth herein as a new plan or as an amendment to an existing plan, by executing the Adoption Agreement, together with any and all amendments hereto.|
|(23) Plan Year means the 12-consecutive-month period designated by the Employer in Section 1.01(c).|
|(24) Related Employer means any employer other than the Employer named in Section 1.02(a), if the Employer and such other employer are members of a controlled group of corporations (as defined in Section 414(b) of the Code) or an affiliated service group (as defined in Section 414(m)), or are trades or businesses (whether or not incorporated) which are under common control (as defined in Section 414(c)), or such other employer is required to be aggregated with the Employer pursuant to regulations issued under Section 414(o).|
|(25) Self-Employed Individual means an individual who has Earned Income for the taxable year from the Employer or who would have had Earned Income but for the fact that the trade or business had no net profits for the taxable year.|
|(26) Service Agreement means the agreement between the Employer and Trustee regarding the arrangement between the parties for recordkeeping services with respect to the Plan.|
|(27) Trust means the trust created by the Employer.|
|(28) Trust Agreement means the agreement between the Employer and the Trustee, as set forth in a separate agreement, under which assets are held, administered, and managed subject to the claims of the Employers creditors in the event of the Employers insolvency, until paid to Plan Participants and their Beneficiaries as specified in the Plan.|
|(29) Trust Fund means the property held in the Trust by the Trustee.|
|(30) Trustee means the corporation or individual(s) appointed by the Employer to administer the Trust in accordance with the Trust Agreement.|
|(31) Years of Service for Vesting means, with respect to any Employee, the number of whole years of his periods of service with the Employer or a Related Employer (the elapsed time method to compute vesting service), subject to any exclusions elected by the Employer in Section 1.07(c). An Employee will receive credit for the aggregate of all time period(s) commencing with the Employees Employment Commencement Date and ending on the date a break in service begins, unless any such years are excluded by Section 1.07(c). An Employee will also receive credit for any period of severance of less than 12 consecutive months. Fractional periods of a year will be expressed in terms of days.|
|Inthe case of a Participant who has 5 consecutive 1-year breaks in service, all years ofservice after such breaks in service will be disregarded for the purpose of vesting theEmployer-derived account balance that accrued before such breaks, but both pre-break andpost-break service will count for the purposes of vesting the Employer-derived accountbalance that accrues after such breaks. Both accounts will share in the earnings andlosses of the fund.|
|Inthe case of a Participant who does not have 5 consecutive 1-year breaks in service, boththe pre-break and post-break service will count in vesting both the pre-break andpost-break employer-derived account balance.|
|Abreak in service is a period of severance of at least 12 consecutive months. Period ofseverance is a continuous period of time during which the Employee is not employed by theEmployer. Such period begins on the date the Employee retires, quits or is discharged, orif earlier, the 12-month anniversary of the date on which the Employee was otherwise firstabsent from service.|
|Inthe case of an individual who is absent from work for maternity or paternity reasons, the12-consecutive month period beginning on the first anniversary of the first date of suchabsence shall not constitute a break in service. For purposes of this paragraph, anabsence from work for maternity or paternity reasons means an absence (1) by reason of thepregnancy of the individual, (2) by reason of the birth of a child of the individual, (3)by reason of the placement of a child with the individual in connection with the adoptionof such child by such individual, or (4) for purposes of caring for such child for aperiod beginning immediately following such birth or placement.|
|Ifthe Plan maintained by the Employer is the plan of a predecessor employer, anEmployees Years of Service for Vesting shall include years of service with suchpredecessor employer. In any case in which the Plan maintained by the Employer is not theplan maintained by a predecessor employer, service for such predecessor shall be treatedas service for the Employer to the extent provided in Section 1.08.|
|(b) Pronouns used in the Plan are in the masculine gender but include the feminine gender unless the context clearly indicates otherwise.|
Article 3. Participation.
3.01. Date of Participation. An eligible Employee (as set forth in Section 1.03(a)) who has filed an election pursuant to Section 4.01 will become a Participant in the Plan on the first Entry Date coincident with or following the date on which such election would otherwise become effective, as determined under Section4.01.
3.02. Resumption of Participation Following Reemployment. If a Participant ceases to be an Employee and thereafter returns to the employ of the Employer he will again become a Participant as of an Entry Date following the date on which he completes an Hour of Service for the Employer following his reemployment, if he is an eligible Employee as defined in Section 1.03(a), and has filed an election pursuant to Section 4.01.
3.03. Cessation or Resumption of Participation Following a Change in Status. If any Participant continues in the employ of the Employer or Related Employer but ceases to be an eligible Employee as defined in Section 1.03(a), the individual shall continue to be a Participant until the entire amount of his benefit is distributed; however, the individual shall not be entitled to make Deferral Contributions or receive an allocation of Matching or Employer Contributions during the period that he is not an eligible Employee. Such Participant shall continue to receive credit for service completed during the period for purposes of determining his vested interest in his Accounts. In the event that the individual subsequently again becomes an eligible Employee, the individual shall resume full participation in accordance with Section 3.01.
Article 4. Contributions.
4.01. Deferral Contributions. Each Participant may elect to execute a salary reduction agreement with the Employer to reduce his Compensation by a specified percentage, not exceeding the percentage set forth in Section 1.05(a) and equal to a whole number multiple of one (1) percent, per payroll period, subject to any election regarding Bonuses, as set out in Subsection 1.05(a)(2). Such agreement shall become effective on the first day of the period as set forth in the Participants election. The election will be effective to defer Compensation relating to all services performed in a calendar year subsequent to the filing of such an election, subject to any election regarding Bonuses, as set out in Subsection 1.05(a)(2). An election once made will remain in effect until a new election is made; provided, however that such an election choosing a distribution date pursuant to 1.06(b)(1)(B) will only be effective for the Plan Year indicated. A new election will be effective as of the first day of the following calendar year and will apply only to Compensation payable with respect to services rendered after such date, except that a separate election made pursuant to Section 1.05(a)(2) will be effective immediately if made no later than 6 months before the end of the period during which the services on which the Bonus is based are performed. If the Employer has selected 1.05(a)(2), no amount will be deducted from Bonuses unless the Participant has made a separate election. Amounts credited to a Participants account prior to the effective date of any new election will not be affected and will be paid in accordance with that prior election. The Employer shall credit an amount to the account maintained on behalf of the Participant corresponding to the amount of said reduction. Under no circumstances may a salary reduction agreement be adopted retroactively. To the extent permitted in regulations under Code Section 409A, a Participant may revoke a salary reduction agreement for a calendar year during that year, provided, however, that such revocation shall apply only to Compensation not yet earned. In that event, the Participant shall be precluded from electing to defer future Compensation hereunder during the calendar year to which the revocation applies. Notwithstanding the above, in the calendar year in which the Plan first becomes effective or in the year in which the Participant first becomes eligible to participate, an election to defer compensation may be made within 30 days after the Participant is first eligible or the Plan is first effective, which election shall be effective with respect to Compensation payable with respect to services rendered after the date of the election.
4.02. Matching Contributions. If so provided by the Employer in Section 1.05(b), the Employer shall make a Matching Contribution to be credited to the account maintained on behalf of each Participant who had Deferral Contributions pursuant to Section 4.01 made on his behalf during the year and who meets the requirement, if any, of Section 1.05(b)(3). The amount of the Matching Contribution shall be determined in accordance with Section 1.05(b).
4.03. Employer Contributions. If so provided by the Employer in Section 1.05(c)(1), the Employer shall make an Employer Contribution to be credited to the account maintained on behalf of each Participant who meets the requirement, if any, of Section 1.05(c)(3) in the amount required by Section 1.05(c)(1). If so provided by the Employer in Section 1.05(c)(2), the Employer may make an Employer Contribution to be credited to the account maintained on behalf of any Participant in such an amount as the Employer, in its sole discretion, shall determine. In making Employer Contributions pursuant to Section 1.05(c)(2), the Employer shall not be required to treat all Participants in the same manner in determining such contributions and may determine the Employer Contribution of any Participant to be zero.
4.04. Time of Making Contributions. The Employer shall remit contributions deemed made hereunder to the Trust as soon as practicable after such contributions are deemed made under the terms of the Plan.
Article 5. ParticipantsAccounts.
5.01. Individual Accounts. The Administrator will establish and maintain an Account for each Participant, which will reflect Matching, Employer and Deferral Contributions credited to the Account on behalf of the Participant and earnings, expenses, gains and losses credited thereto, and deemed investments made with amounts in the Participants Account. The Administrator will establish and maintain such other accounts and records as it decides in its discretion to be reasonably required or appropriate in order to discharge its duties under the Plan. Participants will be furnished statements of their Account values at least once each Plan Year. The Administrator shall provide the Trustee with information on the amount credited to the separate account of each Participant maintained by the Administrator in its records.
Article 6. Investment ofContributions.
6.01. Manner of Investment. All amounts credited to the Accounts of Participants shall be treated as though invested and reinvested only in eligible investments selected by the Employer in the Service Agreement.
6.02. Investment Decisions. Investments in which the Accounts of Participants shall be treated as invested and reinvested shall be directed by the Employer or by each Participant, or both, in accordance with the Employers election in Section 1.11(a).
|(a) Alldividends, interest, gains and distributions of any nature that would be earned in respectof Fund Shares in which the Account is treated as investing shall be credited to theAccount as though reinvested in additional shares of that Permissible Investment.|
|(b) Expensesthat would be attributable to the acquisition of investments shall be charged to theAccount of the Participant for which such investment is treated as having been made.|
Article 7. Right to Benefits.
7.01. Normal or Early Retirement. If provided by the Employer in Section 1.07(e), each Participant who attains his Normal Retirement Age or Early Retirement Age will have a nonforfeitable interest in his Account in accordance with the vesting schedule(s) elected in Section 1.07. If a Participant retires on or after attainment of Normal or Early Retirement Age, such retirement is referred to as a normal retirement. On or after his normal retirement, the balance of the Participants Account, plus any amounts thereafter credited to his Account, subject to the provisions of Section 7.06, will be distributed to him in accordance with Article 8.
Ifprovided by the Employer in Section 1.07, a Participant who separates from service beforesatisfying the age requirements for early retirement, but has satisfied the servicerequirement will be entitled to the distribution of his Account, subject to the provisionsof Section 7.06, in accordance with Article 8, upon satisfaction of such age requirement.
7.02. Death. If a Participant dies before the distribution of his Account has commenced, or before such distribution has been completed, his Account shall become vested in accordance with the vesting schedule(s) elected in Section 1.07 and his designated Beneficiary or Beneficiaries will be entitled to receive the balance or remaining balance of his Account, plus any amounts thereafter credited to his Account, subject to the provisions of Section 7.06. Distribution to the Beneficiary or Beneficiaries will be made in accordance with Article 8. A distribution to a beneficiary of a Key Employee is not considered to be a distribution to a Key Employee for purposes of Sections 1.06 and 7.08.
AParticipant may designate a Beneficiary or Beneficiaries, or change any prior designationof Beneficiary or Beneficiaries, by giving notice to the Administrator on a formdesignated by the Administrator. If more than one person is designated as the Beneficiary,their respective interests shall be as indicated on the designation form.
Acopy of the death certificate or other sufficient documentation must be filed with andapproved by the Administrator. If upon the death of the Participant there is, in theopinion of the Administrator, no designated Beneficiary for part or all of theParticipants Account, such amount will be paid to his surviving spouse or, if none,to his estate (such spouse or estate shall be deemed to be the Beneficiary for purposes ofthe Plan). If a Beneficiary dies after benefits to such Beneficiary have commenced, butbefore they have been completed, and, in the opinion of the Administrator, no person hasbeen designated to receive such remaining benefits, then such benefits shall be paid tothe deceased Beneficiarys estate.
7.03. Other Termination of Employment. If provided by the Employer in Section 1.07, if a Participant terminates his employment for any reason other than death or normal retirement, he will be entitled to a termination benefit equal to (i) the vested percentage(s) of the value of the Matching and Employer Contributions to his Account, as adjusted for income, expense, gain, or loss, such percentage(s) determined in accordance with the vesting schedule(s) selected by the Employer in Section 1.07, and (ii) the value of the Deferral Contributions to his Account as adjusted for income, expense, gain or loss. The amount payable under this Section 7.03 will be subject to the provisions of Section 7.06 and will be distributed in accordance with Article 8. For purposes of the Plan, a termination of employment is a separation from service as defined pursuant to Code Section 409A and regulations thereunder.
7.04. Separate Account. If a distribution from a Participants Account has been made to him at a time when he has a nonforfeitable right to less than 100 percent of his Account, the vesting schedule in Section 1.07 will thereafter apply only to amounts in his Account attributable to Matching and Employer Contributions allocated after such distribution. The balance of his Account immediately after such distribution will be transferred to a separate account that will be maintained for the purpose of determining his interest therein according to the following provisions.
Atany relevant time prior to a forfeiture of any portion thereof under Section 7.05, aParticipants nonforfeitable interest in his Account held in a separate accountdescribed in the preceding paragraph will be equal to P(AB + (RxD))-(RxD), where P is thenonforfeitable percentage at the relevant time determined under Section 7.05; AB is theaccount balance of the separate account at the relevant time; D is the amount of thedistribution; and R is the ratio of the account balance at the relevant time to theaccount balance after distribution. Following a forfeiture of any portion of such separateaccount under Section 7.05 below, any balance in the Participants separate accountwill remain fully vested and nonforfeitable.
7.05. Forfeitures. If a Participant terminates his employment, any portion of his Account (including any amounts credited after his termination of employment) not payable to him under Section 7.03 will be forfeited by him.
7.06. Adjustment for Investment Experience. If any distribution under this Article 7 is not made in a single payment, the amount remaining in the Account after the distribution will be subject to adjustment until distributed to reflect the income and gain or loss on the investments in which such amount is treated as invested and any expenses properly charged under the Plan to such amounts.
7.07. Unforeseeable Emergency Withdrawals. Subject to the provisions of Article 8, a Participant shall not be permitted to withdraw his Account (and earnings thereon) prior to retirement or termination of employment, except that, to the extent permitted under Section 1.09, a Participant may apply to the Administrator to withdraw some or all of his Account if such withdrawal is made on account of an unforeseeable emergency as determined by the Administrator in accordance with the requirements of and subject to the limitations provided within Code Section 409A and regulations thereunder.
7.08. Change in Control Distributions. If the Employer has elected to apply Section 1.06(c), then, upon a Change in Control, notwithstanding any other provision of the Plan to the contrary, all Participants shall have a nonforfeitable right to receive the entire amount of their account balances under the Plan. All distributions due to a Change in Control shall be paid out to Participants as soon as administratively practicable, except that any such distribution to a Key Employee who has terminated employment pursuant to Section 7.03 shall not be earlier than the 1st day of the seventh month following that Key Employees termination of employment.
Article 8. Distribution of Benefits.
8.01. Form of Distribution of Benefits to Participants and Beneficiaries. The Plan provides for distribution as a lump sum to be paid in cash on the date specified by the Employer in Section 1.06 pursuant to the method provided in Section 8.02. If elected by the Employer in Section 1.10 and specified in the Participants deferral election, the distribution will be paid through a systematic withdrawal plan (installments) for a time period not exceeding 10 years beginning on the date specified by the Employer in Section 1.06.
8.02. Events Requiring Distribution of Benefits to Participants and Beneficiaries.
|(a) If elected by the Employer in Section 1.06(a), the Participant will receive a distribution upon the earliest of the events specified by the Employer in Section 1.06(a), subject to the provisions of Section 7.08, and at the time indicated in Section 1.06(a)(2). If the Participant dies before any event in Section 1.06(a) occurs, the Participant shall be considered to have terminated employment and the Participants benefit will be paid to the Participants Beneficiary in the same form and at the same time as it would have been paid to the Participant pursuant to this Article 8.|
|(b) If elected by the Employer in Section 1.06(b), the Participant will receive a distribution of all amounts not deferred pursuant to Section 1.06(b)(1)(B) (and earnings attributable to those amounts) upon termination of employment, subject to the delay applicable to Key Employees described therein, as applicable. If elected by the Employer in Section 1.06(b)(1)(B), the Participant shall have the election to receive distributions of amounts deferred pursuant to Section 4.01 (and earnings attributable to those amounts) after a date specified by the Participant in his deferral election which is at least 12 months after the first day of the calendar year in which such amounts would be earned. Amounts distributed to the Participant pursuant to Section 1.06(b) shall be distributed at the time indicated in Section 1.06(b)(2). Subject to the provisions of Section 7.08, the Participant shall receive a distribution in the form provided in Section 8.01. If the Participant dies before any event in Section 1.06(a) occurs, the Participant shall be considered to have terminated employment and the Participants benefit will be paid to the Participants Beneficiary in the same form and at the same time as it would have been paid to the Participant pursuant to this Article 8. However, if the Participant dies before the date specified by the Participant in an election pursuant to Section 1.06(b)(1)(B), then the Participants benefit shall be paid to the Participants Beneficiary in the form provided in Section 8.01 as if the Participant had elected to be paid at termination of employment.|
8.03. Determination of Method of Distribution. The Participant will determine the method of distribution of benefits to himself and his Beneficiary, subject to the provisions of Section 8.02. Such determination will be made at the time the Participant makes a deferral election. A Participants election cannot be altered, except, if elected by the Employer in Section 1.10(b), if the Participants balance falls below the level described in regulations under Code Section 409A, the Participants benefit payable due to termination of employment will be distributed in a lump sum rather than installments.
|(a) When Section 1.06(a) has been elected by the Employer. The distribution period specified in a Participants first deferral election specifying distribution under a systematic withdrawal plan shall apply to all subsequent elections of distributions under a systematic withdrawal plan made by the Participant. Once a Participant has made an election for the method of distribution, that election shall be effective for all contributions made on behalf of the Participant attributable to any Plan Year after that election was made and before the Plan Year for which that election has been altered in the manner prescribed by the Administrator. If the Participant does not designate in the manner prescribed by the Administrator the method of distribution, such method of distribution shall be a lump sum at termination of employment.|
|(b) When Section 1.06(b) has been elected by the Employer. The distribution period for distributions under a systematic withdrawal plan shall be specified in each Participants contribution election selecting payments under a systematic withdrawal plan. If the Participant does not designate in the manner prescribed by the Administrator the method of distribution, such method of distribution for all such contributions shall be a lump sum at termination of employment.|
8.04. Notice to Trustee. The Administrator will notify the Trustee, pursuant to the method stated in the Trust Agreement for providing direction, whenever any Participant or Beneficiary is entitled to receive benefits under the Plan. The Administrators notice shall indicate the form, amount and frequency of benefits that such Participant or Beneficiary shall receive.
8.05. Time of Distribution. In no event will distribution to a Participant be made later than the date specified by the Participant in his salary reduction agreement. All distributions will be made as soon as administratively feasible following the distribution date specified in Section 1.06 or Section 7.08, if applicable.
Article 9. Amendment and Termination.
9.01 Amendment by Employer. TheEmployer reserves the authority to amend the Plan by filing with the Trustee an amendedAdoption Agreement, executed by the Employer only, on which said Employer has indicated achange or changes in provisions previously elected by it. Such changes are to be effectiveon the effective date of such amended Adoption Agreement. Any such change notwithstanding,no Participants Account shall be reduced by such change below the amount to whichthe Participant would have been entitled if he had voluntarily left the employ of theEmployer immediately prior to the date of the change. The Employer may from time to timemake any amendment to the Plan that may be necessary to satisfy the Code or ERISA. TheEmployers board of directors or other individual specified in the resolutionadopting this Plan shall act on behalf of the Employer for purposes of this Section 9.01.
9.02 Retroactive Amendments. Anamendment made by the Employer in accordance with Section 9.01 may be made effective on adate prior to the first day of the Plan Year in which it is adopted if such amendment isnecessary or appropriate to enable the Plan and Trust to satisfy the applicablerequirements of the Code or ERISA or to conform the Plan to any change in federal law orto any regulations or ruling thereunder. Any retroactive amendment by the Employer shallbe subject to the provisions of Section 9.01.
9.03. Termination. The Employer has adopted the Plan with the intention and expectation that contributions will be continued indefinitely. However, said Employer has no obligation or liability whatsoever to maintain the Plan for any length of time and may discontinue contributions under the Plan or terminate the Plan at any time by written notice delivered to the Trustee without any liability hereunder for any such discontinuance or termination.
9.04. Distribution upon Termination of the Plan. Upon termination of the Plan, no further Deferral, Employer or Matching Contributions shall be made under the Plan, but Accounts of Participants maintained under the Plan at the time of termination shall continue to be governed by the terms of the Plan until paid out in accordance with the terms of the Plan.
Article 10. Miscellaneous.
10.01. Communication to Participants. The Plan will be communicated to all Participants by the Employer promptly after the Plan is adopted.
10 02. Limitation of Rights. Neitherthe establishment of the Plan and the Trust, nor any amendment thereof, nor the creationof any fund or account, nor the payment of any benefits, will be construed as giving toany Participant or other person any legal or equitable right against the Employer,Administrator or Trustee, except as provided herein; and in no event will the terms ofemployment or service of any Participant be modified or in any way affected hereby.
10.03. Nonalienability of Benefits. The benefits provided hereunder will not be subject to alienation, assignment, garnishment, attachment, execution or levy of any kind, either voluntarily or involuntarily, and any attempt to cause such benefits to be so subjected will not be recognized, except to such extent as may be required by law.
10 04. Facility of Payment. In theevent the Administrator determines, on the basis of medical reports or other evidencesatisfactory to the Administrator, that the recipient of any benefit payments under thePlan is incapable of handling his affairs by reason of minority, illness, infirmity orother incapacity, the Administrator may disburse such payments, or direct the Trustee todisburse such payments, as applicable, to a person or institution designated by a courtwhich has jurisdiction over such recipient or a person or institution otherwise having thelegal authority under State law for the care and control of such recipient. The receipt bysuch person or institution of any such payments shall be complete acquittance therefore,and any such payment to the extent thereof, shall discharge the liability of the Trust forthe payment of benefits hereunder to such recipient.
10.05. Information between Employer and Trustee. The Employer agrees to furnish the Trustee, and the Trustee agrees to furnish the Employer with such information relating to the Plan and Trust as may be required by the other in order to carry out their respective duties hereunder, including without limitation information required under the Code or ERISA and any regulations issued or forms adopted thereunder.
10.06. Notices. Any notice or other communication in connection with this Plan shall be deemed delivered in writing if addressed as provided below and if either actually delivered at said address or, in the case of a letter, three business days shall have elapsed after the same shall have been deposited in the United States mails, first-class postage prepaid and registered or certified:
|(a) If to the Employer or Administrator, to it at the address set forth in the Adoption Agreement, to the attention of the person specified to receive notice in the Adoption Agreement;|
|(b) If to the Trustee, to it at the address set forth in the Trust Agreement;|
or, in each case at such otheraddress as the addressee shall have specified by written notice delivered in accordancewith the foregoing to the addressors then effective notice address.
10.07. Governing Law. The Plan and the accompanying Adoption Agreement will be construed, administered and enforced according to ERISA, and to the extent not preempted thereby, the laws of the Commonwealth of Massachusetts, without regard to its conflicts of law principles.
Article 11. Plan Administration.
11.01. Powers and responsibilities of the Administrator. The Administrator has the full power and the full responsibility to administer the Plan in all of its details, subject, however, to the applicable requirements of ERISA. The Administrators powers and responsibilities include, but are not limited to, the following:
|(a) To make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan;|
|(b) To interpret the Plan, its interpretation thereof in good faith to be final and conclusive on all persons claiming benefits under the Plan;|
|(c) To decide all questions concerning the Plan and the eligibility of any person to participate in the Plan;|
|(d) To administer the claims and review procedures specified in Section 11.03;|
|(e) To compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the provisions of the Plan;|
|(f) To determine the person or persons to whom such benefits will be paid;|
|(g) To authorize the payment of benefits;|
|(h) To comply with any applicable reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA;|
|(i) To appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan;|
|(j) By written instrument, to allocate and delegate its responsibilities, including the formation of an Administrative Committee to administer the Plan;|
11.02. Nondiscriminatory Exercise of Authority. Whenever, in the administration of the Plan, any discretionary action by the Administrator is required, the Administrator shall exercise its authority in a nondiscriminatory manner so that all persons similarly situated will receive substantially the same treatment.
11.03. Claims and Review Procedures.
|(a) Claims Procedure. If any person believes he is being denied any rights or benefits under the Plan, such person may file a claim in writing with the Administrator. If any such claim is wholly or partially denied, the Administrator will notify such person of its decision in writing. Such notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim and an explanation of why such material or information is necessary, and (iv) information as to the steps to be taken if the person wishes to submit a request for review, including a statement of the such persons right to bring a civil action under Section 502(a) of ERISA following as adverse determination upon review. Such notification will be given within 90 days after the claim is received by the Administrator (or within 180 days, if special circumstances require an extension of time for processing the claim, and if written notice of such extension and circumstances is given to such person within the initial 90-day period).|
|Ifthe claim concerns disability benefits under the Plan, the Plan Administrator must notifythe claimant in writing within 45 days after the claim has been filed in order to deny it.If special circumstances require an extension of time to process the claim, the PlanAdministrator must notify the claimant before the end of the 45-day period that the claimmay take up to 30 days longer to process. If special circumstances still prevent theresolution of the claim, the Plan Administrator may then only take up to another 30 daysafter giving the claimant notice before the end of the original 30-day extension. If thePlan Administrator gives the claimant notice that the claimant needs to provide additionalinformation regarding the claim, the claimant must do so within 45 days of that notice.|
|(b) Review Procedure. Within 60 days after the date on which a person receives a written notice of a denied claim (or, if applicable, within 60 days after the date on which such denial is considered to have occurred), such person (or his duly authorized representative) may (i) file a written request with the Administrator for a review of his denied claim and of pertinent documents and (ii) submit written issues and comments to the Administrator. This written request may include comments, documents, records, and other information relating to the claim for benefits. The claimant shall be provided, upon the claimants request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits. The review will take into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The Administrator will notify such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person and will contain specific reasons for the decision as well as specific references to pertinent Plan provisions. The decision on review will be made within 60 days after the request for review is received by the Administrator (or within 120 days, if special circumstances require an extension of time for processing the request, such as an election by the Administrator to hold a hearing, and if written notice of such extension and circumstances is given to such person within the initial 60-day period). The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the determination on review.|
|Ifthe initial claim was for disability benefits under the Plan and has been denied by thePlan Administrator, the claimant will have 180 days from the date the claimant receivednotice of the claims denial in which to appeal that decision. The review will behandled completely independently of the findings and decision made regarding the initialclaim and will be processed by an individual who is not a subordinate of the individualwho denied the initial claim. If the claim requires medical judgment, the individualhandling the appeal will consult with a medical professional whom was not consultedregarding the initial claim and who is not a subordinate of anyone consulted regarding theinitial claim and identify that medical professional to the claimant.|
|ThePlan Administrator shall provide the claimant with written notification of a plansbenefit determination on review. In the case of an adverse benefit determination, thenotification shall set forth, in a manner calculated to be understood by the claimant the specific reason or reasons for the adverse determinations, reference to thespecific plan provisions on which the benefit determination is based, a statement that theclaimant is entitled to receive, upon the claimants request and free of charge,reasonable access to, and copies of, all documents, records, and other informationrelevant to the claim for benefits.|