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HBI » Topics » 5.02 Annual Company Contribution

This excerpt taken from the HBI 8-K filed Sep 5, 2006.

5.02 Annual Company Contribution

For each Plan Year ending after the Effective Date, the Employers shall contribute to the Plan as follows:

 

  (i) For Participants who are exempt and non-exempt salaried employees, an amount equal to four percent (4%) of such Participants’ Compensation for that portion of the Plan Year during which he or she was a salaried employee and a Participant in the Plan.

 

  (ii) For Participants who are hourly, non-union employees or are New York based sample department union Employees, an amount determined by the Company each year in its discretion, which amount shall not be in excess of two percent (2%) of such Participant’s Compensation for that portion of the Plan Year during which he or she was an hourly employee and a Participant in the Plan. Notwithstanding the foregoing, and subject to the conditions and limitations of the Plan, for that portion of the first Plan Year ending December 31, 2006 that precedes the Spin-Off Date , the Annual Company Contribution under this Subparagraph 5.02(b) shall be equal to two percent (2%) of each such eligible Participant’s Compensation for that portion of such Plan Year.

 

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The Annual Company Contributions under this Subsection 5.02 will be funded in cash and shall be invested in accordance with a Participant’s investment elections. Notwithstanding the foregoing, Participants shall be eligible to receive a contribution under this Subsection only if they are employed with the Employer on the last day of the Plan Year, or if their employment ended during the plan year as a result of retirement (Separation Date after age fifty-five (55) with ten (10) Years of Service, or after age sixty-five (65)), death or Total Disability.

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