This excerpt taken from the ATU 10-Q filed Jan 8, 2009.
Explanation: this particular clarifies that any discretion exercised by the Committee will only be in compliance with 409A.
8. By substituting the reference Section 6.5 for the reference Section 5.3 where the latter reference appears in Section 6.4 of the Plan.
Explanation: this particular changes an internal Plan reference. This particular allows the Company to change the timing and form of payment of distributions of participants benefits in the event the Company decides to terminate the Plan (e.g., the Company can pay benefits out in a lump sum rather than installments to expedite the termination process, etc.).
9. By adding the following new Sections 6.5 and 6.6 to the Plan, immediately after Section 6.4 thereof:
Explanation: this particular provides for rules in Section 6.5 for how the Company can terminate the Plan, in compliance with 409A. This particular also adds an indemnification provision in Section 6.6 that mirrors a similar provision in the employees deferred compensation plan, which is an additional best practices provision.
* * *
IN WITNESS WHEREOF, Actuant Corporation has caused this amendment to be executed by its officer thereunto duly authorized this 25 day of December, 2008.