Amendment to K-Swiss Inc. 401(k) and Profit Sharing Plan (December 31, 2007)

Summary

This amendment updates the K-Swiss Inc. 401(k) and Profit Sharing Plan to comply with recent federal regulations and laws, including the Internal Revenue Code, the Katrina Emergency Tax Relief Act, and the Gulf Opportunity Zone Act. It also adds provisions for a new vesting schedule and allows for automatic enrollment of employees. The changes are effective for plan years beginning on or after January 1, 2006, or July 1, 2007, depending on the specific amendment.

EX-10.15 2 dex1015.htm AMENDMENT TO K-SWISS INC. 401(K) AND PROFIT SHARING PLAN Amendment to K-Swiss Inc. 401(k) and Profit Sharing Plan

EXHIBIT 10.15

Amendments to the K•Swiss 401(k) and Profit Sharing Plan dated December 31, 2007

(1)

An amendment to reflect the Internal Revenue Code sections 401(k) and ###-###-#### Final Regulations, the Katrina Emergency Tax Relief Act of 2005, generally effective for plan years and limitation years beginning on and after July 1, 2007, and the Gulf Opportunity Zone Act of 2005 (the “415 Amendment”); and

(2)

An amendment to add a technical provision from the final 401(k) and 401(m) regulations, to facilitate the addition of a Pension Protection Act compliant vesting schedule applicable to nonelective employer contributions and to provide employers with the opportunity to add an automatic enrollment feature to their plans, generally effective for plan years beginning on and after January 1, 2006 (the “Automatic Enrollment Amendment”).