WHEREAS, in compliance with the Bipartisan Budget Act of 2018, each of the 401(k) Plans has been amended, or is in the process of being amended, to eliminate the 6-Month Suspension Requirement, effective January 1, 2019; and
AMENDMENT TO THE
NEWELL RUBBERMAID INC.
2008 DEFERRED COMPENSATION PLAN
WHEREAS, NBI sponsors and maintains the Newell Rubbermaid Inc. 2008 Deferred Compensation Plan (the 2008 DCP), which, in part, allows eligible employees of NBI and certain of its affiliates to defer a portion of their base salary and incentive compensation; and
WHEREAS, under Section 8.1 of the 2008 DCP, the BAC may amend the 2008 DCP at any time to ensure that the 2008 DCP complies with the requirements of Section 409A of the Code, provided that such amendment does not materially increase the benefit costs of the 2008 DCP to NBI; and
WHEREAS, under Section 3.5(b)(ii) of the 2008 DCP, to comply with the 6-Month Suspension Requirement, the BAC may, in its sole discretion, cancel a participants deferral election under the 2008 DCP due to a hardship distribution to the participant from any one or more 401(k) Plans; and
WHEREAS, to ensure that the 2008 DCP complies with Section 409A of the Code, in connection with the elimination of the 6-Month Suspension Requirement under the 401(k) Plans, the BAC now desires to amend the 2008 DCP so that a participants deferral election under the 2008 DCP cannot be cancelled for any period on or after January 1, 2019, on account of a hardship distribution.
NOW, THEREFORE, BE IT RESOLVED, that the BAC hereby amends the 2008 DCP as follows, effective January 1, 2019:
Section 3.5(b)(ii) of the 2008 DCP is amended to read, in its entirety, as follows:
(ii) The Committee may, in its sole discretion, cancel a Participants Deferral Election due to an Unforeseeable Emergency.
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