Amendment No. 9 to the Amended and Restated BearingPoint, Inc. 401(k) Plan
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Summary
This amendment, effective May 1, 2009, updates the BearingPoint, Inc. 401(k) Plan. It clarifies that payments made to employees or former employees in lieu of paid time off are not considered compensation under the plan. It also allows participants who leave BearingPoint due to a business sale and immediately join the buyer to directly roll over outstanding plan loans to the buyer’s qualified retirement plan, subject to committee procedures. The amendment was executed by BearingPoint, Inc. and signed by the Vice President, Global Human Resources.
EX-10.35 4 c48743exv10w35.htm EX-10.35 EX-10.35
Exhibit 10.35
AMENDMENT NO. 9
TO THE
AMENDED AND RESTATED
BEARINGPOINT, INC. 401(k) PLAN
TO THE
AMENDED AND RESTATED
BEARINGPOINT, INC. 401(k) PLAN
WHEREAS, BearingPoint, Inc. (the Company) maintains the Amended and Restated BearingPoint, Inc. 401(k) Plan (the Plan);
WHEREAS, pursuant to Section 12.1 of the Plan, the Company appointed a Committee as the administrator of the Plan (Committee);
WHEREAS, pursuant to its authority under Section 16.1 of the Plan, the Committee acted on April 29, 2009, to adopt an amendment to the Plan, effective as of May 1, 2009, to clarify that amounts paid in lieu of paid time off to any Employee or former Employee are not Compensation, as such term is defined in Article 2 of the Plan; and
WHEREAS, pursuant to its authority under Section 16.1 of the Plan, the Committee acted on April 29, 2009, to amend the Plan, effective as of May 1, 2009, to permit the direct rollover of outstanding Plan loans following a Participants severance from employment with the Company and immediate employment with the buyer in connection with certain corporate transactions.
NOW, THEREFORE, to implement the Committees action, the Plan is hereby amended, effective as set forth herein, in the following respects:
1. Article 2 of the Plan is amended, effective May 1, 2009, by the addition of the following sentence to the end of Section (9):
Notwithstanding the foregoing or any provision of the Plan to the contrary, Compensation shall not include any amount paid to an Employee or former Employee in lieu of paid time off.
2. Section 9.5 of the Plan is amended, effective May 1, 2009, by the addition of the following sentence to the end thereof:
Notwithstanding the foregoing or any provision of the Plan to the contrary, in accordance with procedures and timing specified by the Committee, in the event that a loan made to a Participant in accordance with Section 9.2 is outstanding on the date such Participant has a severance from employment with the Company and such Participant accepts immediate employment with the purchaser of a business segment of the Company, the Committee may permit the Participant to elect to have the loan paid directly to a tax qualified defined contribution plan of the purchaser of such business segment by means of a direct rollover.
IN WITNESS WHEREOF, this amendment has been executed on behalf of the Corporation by the undersigned duly authorized officer of the Corporation, effective as set forth herein.
BEARINGPOINT, INC. | ||||||
Date: April 29, 2009 | By: | /s/ Sean Huurman | ||||
Its: | 401(k) Committee Chair |
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