First Amendment to BNS Co. Savings and Retirement Plan

Summary

This amendment, effective January 1, 1998, modifies the BNS Co. Savings and Retirement Plan to clarify how certain health coverage amounts are treated under the plan, in line with IRS guidance. It specifies that amounts related to group health coverage, which are not available as cash to participants lacking other health coverage, are included under Section 125 of the tax code, provided the employer does not collect information about other health coverage during enrollment. The amendment is executed by BNS Co.'s President and CEO.

EX-10.37 5 dex1037.txt FIRST AMENDMENT TO BNS CO. SAVINGS AND RETIREMENT PLAN EXHIBIT 10.37 THE BNS CO. SAVINGS AND RETIREMENT PLAN Amendment No. 1 WHEREAS the BNS Co. Savings and Retirement Plan (the "Plan") was amended to include "good faith EGTRRA plan amendments" within the meaning of Notice 2001-57, but did not incorporate the recent changes described in Revenue Ruling 2002-27; NOW, THEREFORE, pursuant to Section 12.1 of the Plan, the Board of Directors of BNS Co. hereby amend the Plan as follows, effective January 1, 1998: Section 2.41 is hereby amended by adding the following sentence to the end thereof: "For purposes of this Section, amounts under Code Section 125 include any amounts not available to a Participant in cash in lieu of group health coverage because the Participant is unable to certify that he or she has other health coverage. To the extent required by applicable law or IRS guidance, an amount will be treated as an amount under Code Section 125 pursuant to this Section only if the Employer does not request or collect information regarding the Participant's other health coverage as part of the enrollment process for the health plan." IN WITNESS WHEREOF, BNS Co. has caused this amendment to be executed by its duly authorized officer this 20th day of December, 2002. BNS Co. By: /s/ Andrew C. Genor -------------------------- Andrew C. Genor President and CEO