First Amendment to 2008 Electro Rent Corporation Supplemental Executive Retirement Plan

Summary

This amendment, effective August 10, 2016, modifies the 2008 Electro Rent Corporation Supplemental Executive Retirement Plan. Electro Rent Corporation, represented by its Chief Financial Officer, is removing the requirement for employer matching contributions to the plan, in compliance with a merger agreement involving Elecor Intermediate Holding II Corporation and Elecor Merger Corporation. The employer may still make matching contributions at its discretion, but is no longer obligated to do so. Any such contributions will follow the same vesting rules as the company's Savings Plan.

EX-10.1 4 d205399dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

First Amendment to the

2008 Electro Rent Corporation Supplemental Executive Retirement Plan

This amendment (Amendment) to the 2008 Electro Rent Corporation Supplemental Executive Retirement Plan (Plan) is made effective as August 10, 2016.

WHEREAS, Electro Rent Corporation (Electro Rent) maintains the Plan;

WHEREAS, Article VII of the Plan permits Electro Rent to amend the Plan at any time;

WHEREAS, the undersigned has the authority to act on behalf of Electro Rent with respect to amending the Plan;

WHEREAS, Electro Rent has entered into that certain Agreement and Plan of Merger by and among Elecor Intermediate Holding II Corporation, Elecor Merger Corporation and Electro Rent (Merger Agreement);

WHEREAS, Section 3.7(b) of the Merger Agreement requires Electro Rent to amend the Plan “to remove the requirement for employer matching contributions,” prior to the closing of the merger contemplated by the Merger Agreement; and

WHEREAS, the undersigned, on behalf of Electro Rent, has determined that it is in the best interest of Electro Rent and its shareholders to comply with Section 3.7(b) of the Merger Agreement.

NOW THEREFORE, the Plan is amended by replacing Section 4.1(b) in its entirety with the following:

Employer may (but shall not be required to) make matching contributions under this Plan in any amount determined by Employer. Employer matching contributions made to this Plan, if any, shall be subject to the same vesting provisions as the Savings Plan.

This Amendment is executed this 10th day of August, 2016.

 

Electro Rent Corporation
By:   /s/ Allen Sciarillo
Name:   Allen Sciarillo
Title:   Chief Financial Officer

 

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