Amendment No. 3 to the R. G. Barry Corporation Associates' Retirement Plan

Summary

This amendment, effective March 31, 2004, is between R. G. Barry Corporation and its retirement plan participants. It freezes the Associates' Retirement Plan, meaning no new employees can join after this date and no additional benefits will accrue based on service or compensation earned after March 31, 2004. Existing participants keep their accrued benefits up to that date, and vesting service for retirement eligibility continues. The amendment also clarifies how benefits are handled for reemployed retirees.

EX-10.4 4 l05791aexv10w4.txt EXHIBIT 10.4 EXHIBIT 10.4 AMENDMENT NO. 3 TO THE R. G. BARRY CORPORATION ASSOCIATES' RETIREMENT PLAN WHEREAS, R. G. Barry Corporation ("Sponsor") has adopted the R. G. Barry Corporation Associates' Retirement Plan ("Plan"); and WHEREAS, the Plan provides that the Sponsor may amend the Plan from time to time; and WHEREAS, the Sponsor desires to amend the Plan to freeze Participants' accrued benefits and participation in the Plan effective as of the close of business on March 31, 2004; NOW, THEREFORE, the Plan is amended as follows: 1. The following new Section 1.3 shall be added to Section 1 of the Plan: 1.3 FREEZE OF THE PLAN Notwithstanding any provision of this Plan to the contrary, effective March 31, 2004, the Plan is frozen. To this end, a Participant's accrued benefit shall only be based on Benefit Service and Compensation earned as a result of such person's employment with the Employer on or prior to March 31, 2004. In addition, a Participant's retirement benefit shall be determined in accordance with Article IV, as modified by this amendment. Participation in the Plan is also limited to only those Eligible Employees who became Participants on or prior to March 31, 2004. However, the determination of a Participant's service for the purpose of determining such person's Vesting Service or eligibility for retirement benefits (e.g., early retirement) shall not be limited by this amendment. 2. The following paragraph shall be added to Section 2.1(j) at the end thereof: Notwithstanding any provision of this Plan to the contrary, Compensation paid for employment periods commencing after March 31, 2004, shall not be used in determining a Participant's accrued benefit. 3. The following paragraph shall be added to Section 3.1 at the end thereof: Notwithstanding any provision of this Plan to the contrary, no Eligible Employee shall become a Participant in the Plan after March 31, 2004. 4. The following paragraph shall be added to Sections 3.5(b) and (c) at the end thereof: Notwithstanding any provision of this Plan to the contrary, a Participant's Benefit Service shall not include a Participant's period of Vesting Service credited to such Participant after March 31, 2004. 5. Section 5.3 and 5.4 shall be restated as follows: Effective on and after March 31, 2004, if a Participant whose retirement benefits have commenced is reemployed as an Eligible Employee either before or after attaining his Normal Retirement Age, his retirement benefits shall continue to be paid by the Plan. IN WITNESS WHEREOF, the undersigned has executed this amendment to be effective as of the date it is executed. R. G. BARRY CORPORATION By: /s/ Daniel D. Viren ------------------------------------ Name: Daniel D. Viren Title: Senior Vice President - Finance, Chief Financial Officer Date: February 20, 2004