Third Amendment to Fremont General Corporation Supplemental Retirement Plan

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment, effective January 26, 2001, terminates the Fremont General Corporation Supplemental Retirement Plan. All active participants as of that date become fully vested in their accounts. No further contributions will be made after January 26, 2001, but account balances will continue to reflect earnings or losses until final valuation. After February 8, 2001, participants will receive their account balances in cash or, if invested in company stock, in shares of stock (with cash for fractional shares).

View More
EX-10.1(D) 3 v70618ex10-1d.txt EXHIBIT 10.1(D) 1 EXHIBIT 10.1(d) THIRD AMENDMENT TO THE FREMONT GENERAL CORPORATION SUPPLEMENTAL RETIREMENT PLAN Effective January 26, 2001, the Fremont General Corporation Supplemental Retirement Plan (the "Supplemental Plan"), originally effective September 30, 1990 and last restated, in its entirety, effective January 1, 1997, and as amended thereafter, is further amended as follows: Section 6.3 is amended in its entirety to read as follows: 6.3 Termination. The Plan shall terminate effective as of January 26, 2001 and all active participants on that date shall become 100% vested in their Accounts. No contributions (as described in Article 4) shall be made to any Participant's Account after January 26, 2001. However, earnings and losses shall continue to be credited to a Participant's Account until such Account is finally valued as follows. At the close of business on February 8, 2001, or as soon as reasonably practicable thereafter, the assets in each Participant's Account (excluding Company common stock) shall be sold and the net proceeds shall be paid to the Participant as soon as reasonably practicable thereafter in cash. To the extent a Participant's Account is deemed invested in Company common stock, the Participant shall receive payment in shares of Company common stock (with fractional shares in cash). DATED: January ____, 2001 FREMONT GENERAL CORPORATION By: -----------------------------