Summary of Terms for Company Contribution to 401(k) Excess Program for Certain Participants
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Summary
This document outlines the approval by the Compensation Committee of the Board of Directors for special company contributions to employees, including executive officers, participating in the 401(k) Excess Program under the Executive Deferred Compensation Plan. Due to changes in IRS regulations, some employees could not defer certain performance-based bonuses in 2006 and would have missed out on matching contributions. To address this, the company will make contributions to affected employees' accounts as if the deferrals had been allowed, ensuring they receive the intended benefits.
EX-10.II 3 bol10k2006e10ii.htm EXHIBIT (10)-II Exhibit (10)-ii
Exhibit (10)-ii
Summary of Terms For Company Contribution For Certain Participants in the 401(k) Excess Program
On February 26, 2007, the Compensation Committee of the Board of Directors (the “Compensation Committee”) approved limited contributions to be made for the benefit of employees, including named executive officers of the Company, participating in the 401(k) Excess Program (Excess Program) under the Company’s non-qualified Executive Deferred Compensation Plan. As a standard feature of the Excess Program, the Company makes a matching contribution based on a percentage of the employee’s salary and level of contribution into that program. The contributions are being made as a technical correction in the administration of the Excess Program, because recent IRS regulations under Code Section 409A do not allow previously elected deferrals of certain performance-based bonuses for 2006, and affected employees would not be entitled to receive the expected benefits of the Company matching contribution on those deferrals. In order to preserve the intended matching contribution, the Compensation Committee has authorized affected employees to receive Company contributions into their Excess Program deferral accounts in the amounts they would have received if the Company had been able to permit deferral of performance-based bonus compensation into the Excess Program under their elections.
