AMENDMENT TO THE WORTHINGTON INDUSTRIES, INC. NON-QUALIFIED DEFERRED COMPENSATION PLAN
Exhibit 10.8
AMENDMENT TO THE
WORTHINGTON INDUSTRIES, INC.
NON-QUALIFIED DEFERRED COMPENSATION PLAN
This Amendment to the Worthington Industries, Inc. Non-Qualified Deferred Compensation Plan (this Amendment) is effective as of the 1st day of September, 2011.
WHEREAS, Worthington Industries, Inc. (the Company) previously adopted the Worthington Industries, Inc. Non-Qualified Deferred Compensation Plan (the Pre-2005 Employee Plan) effective as of January 1, 2000; and
WHEREAS, the Pre-2005 Employee Plan is grandfathered from the application of Section 409A of the Internal Revenue Code of 1986, as amended (the Code); and
WHEREAS, the Pre-2005 Employee Plan may be amended by the Companys Board of Directors (the Board) from time to time; and
WHEREAS, in accordance with the requirements of Treasury Regulation §1.409A-3(j)(4)(v), the Board desires to amend the Pre-2005 Employee Plan to allow the Company to distribute small Accounts (as defined in the Pre-2005 Employee Plan) in a lump sum, notwithstanding a participants election to have payments made from such Account in installments; and
WHEREAS, the Board does not intend for the amendment described above to cause the Pre-2005 Employee Plan to lose its grandfathered status under Section 409A of the Code;
NOW, THEREFORE, the Article VII of the Pre-2005 Employee Plan is hereby amended by inserting the following at the end thereof:
Section 7.6 Distributions of Small Accounts
Notwithstanding any provision in this Article VII to the contrary, if the total of the Participants Account under the Plan and his Account under all other arrangements that, with this Plan, would be treated as a single nonqualified deferred compensation plan (within the meaning of Treasury Regulation §1.409A-1(c)(2)) is less than the limit described in Code Section 402(g)(1)(B) for the Plan Year in which the Deferral Date occurs, such Participants Account may be distributed in a lump sum, but only if payment results in the termination and liquidation of the Participants entire interest in this Plan and all other arrangements that, along with this Plan, would be treated as a single nonqualified deferred compensation plan (as determined under Treasury Regulation §1.409A-1(c)(2)).
[signature page attached]
IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer effective as of the date first set forth above.
WORTHINGTON INDUSTRIES, INC. | ||
By: | s/Dale Brinkman | |
Its: | Vice President-Secretary |
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