Fourth Amendment to the Hawker Beechcraft Savings and Investment Plan

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment, effective October 4, 2010, updates the employer matching contribution terms for the Hawker Beechcraft Savings and Investment Plan. For employees covered by a collective bargaining agreement, the company will match 100% of the first 4% of compensation contributed. For all other eligible employees, the match is 50% of the first 4% contributed. Matching contributions are made per pay period and are not guaranteed until actually contributed. The company retains the right to change or end contributions at any time.

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EX-10.1 2 dex101.htm FOURTH AMENDMENT TO THE HAWKER BEECHCRAFT SAVINGS AND INVESTMENT PLAN Fourth Amendment to the Hawker Beechcraft Savings and Investment Plan

 

Exhibit 10.1

FOURTH AMENDMENT TO THE

HAWKER BEECHCRAFT SAVINGS AND INVESTMENT PLAN

This Fourth Amendment to the Hawker Beechcraft Savings and Investment Plan is made this 27th day of September, 2010.

WHEREAS, Hawker Beechcraft Corporation (the “Company”) maintains the Hawker Beechcraft Savings and Investment Plan (the “Plan”); and

WHEREAS, the Company has reserved the right to amend the Plan.

NOW, THEREFORE in consideration of the foregoing premises, effective October 4, 2010, Section 4.03 of the Plan is amended and restated to read as follows:

Section 4.03. Employer Matching Contribution. Subject to the terms and conditions hereinafter provided, the Employer will make a matching contribution for each eligible Participant (as defined in Article II) as follows:

For each eligible participant who is covered under the provisions of a collective bargaining agreement the matching contribution will be equal to 100% of the first 4% of Compensation contributed by such Participant as an elective before-tax or after-tax contribution pursuant to Section 4.04.

For all other eligible participants the matching contribution will be equal to 50% of the first 4% of Compensation contributed by such Participant as an elective before-tax or after-tax contribution pursuant to Section 4.04.

Notwithstanding anything herein to the contrary, no Participant will accrue or be entitled to any matching contribution hereunder unless and until such contribution is contributed to the Trust.

The amount of the Employer Matching Contribution for each eligible Participant will be determined based on the amount or percentage contributed as a salary reduction contribution for each pay period and not on the total percentage contributed throughout the year.

The amount of the Employer’s matching contribution made for each Participant pursuant to this Section 4.03 will be allocated to the Participant’s Matching Account.

The Company reserves, by action of its governing body, the right to terminate, suspend, or modify contributions at any time and from time to time.

 

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IN WITNESS WHEREOF, the foregoing amendment is executed as of the day, month, and year first appearing above.

 

HAWKER BEECHCRAFT CORPORATION
By:  

/s/ Sharad B. Jiwanlal

  Name:   Sharad B. Jiwanlal
  Title:   Vice President, Human Resources

 

ATTEST:

Cynthia L. Norman

 

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