LCUT » Topics » 401(K) Savings Plans

This excerpt taken from the LCUT 8-K filed Jul 12, 2006.

401(K) Savings Plans

The Company has three 401(k) savings plans (the “Plans”). The Plans cover substantially all employees of its domestic and Puerto Rican subsidiaries, and are subject to certain minimum age and length of employment requirements. Under two of the Plans, the Company matched 50% of the first five hundred twenty dollars contributed by the participants to the Plan and 30% of the remaining contributions made by the participants to the Plan up to a maximum of 6% of compensation. Under the third Plan, the Company matched 35% of contributions up to 6% of compensation. The Company also has a savings plan, established in 1991, covering substantially all employees of the Company’s Hong Kong subsidiary. Under the Hong Kong plan, the Company contributed up to 10% of the participants’ compensation. The Company contributed an aggregate of $458 and $396 to all of these plans in 2004 and 2003, respectively.

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