EXHIBIT 10(l)
XXXXXX FLEXIBLE 401K AND PROFIT SHARING PLAN
PLAN AGREEMENT #001
This is the Plan Agreement for a Xxxxxx non-standardized prototype 401(k) plan
with optional profit sharing plan provisions. Please consult a tax or legal
advisor and review the entire form before you sign it. If you fail to fill out
this Xxxxxx Plan Agreement properly, the Plan may be disqualified. By executing
this Plan Agreement, the Employer establishes a 401(k) and profit sharing plan
and trust upon the terms and conditions of Xxxxxx Basic Plan Document #07, as
supplemented and modified by the provisions elected by the Employer in this Plan
Agreement. This Plan Agreement must be accepted by Xxxxxx in order for the
Employer to receive future amendments to the Xxxxxx Flexible 401(k) and Profit
Sharing Plan.
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1. Employer Information. The Employer adopting this Plan is:
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A. Employer Name: CRIIMI MAE Management, Inc.
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B. Employer Identification Number: 00-0000000
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C. Employer Address: 00000 Xxxxxxxxx Xxxx
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Xxxxxxxxx, XX 00000
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D. SIC Code: 8999
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E. Employer Contact: Name: Xxxxx Xxxxxx
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Title: Assistant Controller Phone #: 000-000-0000
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F. Fiscal Year: 1/1 through 12/31
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(month/day) (month/day)
G. Type of Entity (check one):
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X Corporation Partnership Subchapter S Corporation
Sole Proprietorship Other
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H. Plan Name: CRIIMI MAE Management, Inc. Retirement Plan
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I. Plan Number: 001 (complete)
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2. Plan Information.
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A. Plan Year. Check one:
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X (1) The Calendar Year
(2) The Plan Year will be the same as the Fiscal Year of
the Employer shown in I.F. above. If the Fiscal Year
of the Employer changes, the Plan Year will change
accordingly.
(3) The Plan Year will be the period of 12 months
beginning on the first day of (month) and ending on
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the last day of (month).
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(4) A short Plan Year commencing on (month/day/year)
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and ending on (month/day/year) and immediately
thereafter the 12-consecutive month period commencing
on (month/day).
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The Plan Year will also be your Plan's Limitation Year for purposes of
the contribution limitation rules in Article 6 of the Plan.
B. Effective Date of Adoption of Plan.
(1) Are you adopting this Plan to replace an existing plan?
X (a) Yes (b) No
(2) If you answered Yes in 2.B (1) above, the Effective Date of
your adoption of this Replacement Plan will be the first day
of the current Plan Year unless you elect a later date in
(2)(b) below. Please complete the following:
(a) 7/1/95
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Original effective Date of the Plan you are Replacing
(b) 9/1/97
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Effective Date of this Replacement Plan
(3) If you answered No in 2B(1) above, the Effective Date of your
adoption of this Plan will be the day you select below (not
before the first day of the current Plan Year, and not before
the day your Business began):
(a) The Effective Date is:
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month/day/year
C. Identifying Highly Compensated Employees. Check either (1) or (2)
X (1) The Plan will use the regular method under Plan
Section 2.58(a) for identifying Highly Compensated
Employees.
If you selected this option and your Plan Year is the
calendar year, do you wish to make the regular
method's "calendar year election" for identifying
your Highly Compensated Employees?
X (a) Yes (b) No
(2) The Plan will use the simplified method under
Plan Section 2.58(b) for identifying Highly
Compensated Employees.
3. Eligibility for Plan Participation (Plan Section 3.1). Employees will
be eligible to participate in the Plan when they complete the
requirements you select in A, B, C and D below.
A. Classes of Eligible Employees. The plan will cover all employees who
have met the age and service requirements with the following
exclusions:
(1) No exclusions. All job classifications will be
eligible.
X (2) The Plan will exclude employees in a unit of
Employees covered by a collective bargaining
agreement with respect to which retirement benefits
were the subject of good faith bargaining, with the
exception of the following collective bargaining
units, which will be included: .
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X (3) The Plan will exclude employees who are non-resident
aliens without U.S. source income.
X (4) Employees of the following Affiliated Employers
(specify):
CRIIMI MAE, Inc.
CRIIMI, Inc.
CRI Liquidating REIT, Inc.
CRIIMI MAE Financial Corp.
CRIIMI MAE Financial III
CRIIMI MAE Financial II
CRIIMI MAE Services, Inc.
(5) Leased Employees
(6) Employees in the following other classes (specify):
B. Age Requirement (check and complete (1) or (2)):
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(1) No minimum age required for participation
X (2) Employees must reach age 21 (not over 21) to
participate
C. Service Requirements.
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(1) Elective Deferrals. To become eligible, an employee
must complete (choose one):
X (a) No minimum service required.
(b) One 6-month Eligibility Period
(c) One-month Eligibility Period (must
be less than 12)
(d) One 12-month Eligibility Period
(2) Employer Matching Contributions. To become
eligible, an employee must complete (choose one):
X (a) No minimum service required
(b) One 6-month Eligibility Period
(c) One-month Eligibility Period (must
be less than 12)
(d) One 12-month Eligibility Period
(e) Two 12-month Eligibility Periods
(may only be chosen if you adopt the
vesting schedule under item 9.A (3)
(a) to provide 100% full and
immediate vesting of Employer
Matching Contributions).
(f) Not applicable. The Employer will
not make Employer Matching
Contributions.
(3) Profit Sharing Contributions. To become eligible,
an employee must complete (choose one):
X (a) No minimum service required.
(b) One 6-month Eligibility Period
(c) One-month Eligibility Period (must be
less than 12)
(d) One 12-month Eligibility Period
(e) Two 12-month Eligibility Periods (may
only be chosen if you adopt the
vesting schedule under item 9.A (3)
(a) to provide for 100% full and
immediate vesting of Profit Sharing
Contributions.)
(f) Not applicable. The Employer will
not make Profit Sharing
Contributions.
(4) If the Employer acquired a business on or before the
Effective Date of this Plan and the Eligibility
Periods selected in (1), (2) and (3) for former
employees of that acquired business will include the
former employees' periods of employment with that
business, list the business below. Any acquired
business which had a plan which the Employer now
maintains must be listed below.
(5) If the Employer acquires a business after the
Effective Date, the Eligibility Periods for an
employee of the acquired business will be the
periods selected in (1), (2) and (3) beginning on
(check (a) or (b)):
(a) the date the employee began work with
the acquired business.
X (b) the date of the acquisition (i.e.,
the date the employee begins work for
the Employer).
(6) Hours of Service for Eligibility Periods.
(a) 6-Month Eligibility Period. To
receive credit for a 6-month
Eligibility Period, an employee must
complete 6 months of service, during
which he completes at least:
(i) 500 Hours of service
(ii) Hours of Service
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(under 500)
(b) 12-Month Eligibility Period. To
receive credit for a 12-month
Eligibility Period, an employee must
complete 6 months of service, during
which he completes at least:
X (i) 1,000 Hours of Service
(ii) Hours of Service
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(under 1,000)
(c) Other Eligibility Period. To receive
credit for the Eligibility Period
selected in 3.C (1)(c), 3.C (2)(c)
and/or 3.C (3)(c) above, an employee
must complete during it at least:
X (i) 1 Hours of Service
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(under 1000)
(7) Method of Crediting Hours of Service for Eligibility
and Vesting. Hours of service will be credited to
an employee by the following method (check one):
X (a) Actual hours for which an employee is
paid
(b) Any employee who has one actual paid
hour in the following period will be
credited with the number of Hours of
Service indicated (check one)
(i) Day (10 Hours of Service)
(ii) Week (45 Hours of Service)
(iii) Semi-monthly payroll period
(95 Hours of Service)
(iv) Month (190 Hours of Service)
(8) Entry Dates. Each employee is an eligible class who
completes the age and service requirements specified
above will begin to participate in the Plan on
(check one):
(a) The first day of the month in which he
fulfills the requirements.
X (b) The first of the following dates
occurring after he fulfills the
requirements (check one):
(i) The first day of the month
following the date he fulfills
the requirements (monthly).
(ii) The first day of the first,
fourth, seventh and tenth
months in a Plan Year
(quarterly).
X (iii) The first day of the first
month and the seventh month in
Plan Year (semiannually).
(c) Other: (May be no later than
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(i) the first day of the Plan Year
after which he fulfills the
requirements, and
(ii) the date six months after the
date on which he fulfills the
requirements, which ever occurs
first.)
D. (For New Plans Only) Will all eligible Employees as of Effective Date
be required to meet the age and service requirements for participation
specified in B and C above?
(a) Yes
(b) No. Eligible Employees will be
eligible to become Participants as of
the Effective Date even if they have
not satisfied (check one or both):
(i) the age requirement
(ii) the service requirement
4. Contributions:
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A. Effective Deferrals (Plan Section 5.2). Your Plan will allow
employees to elect pre-tax contributions under Section 401(k) of the
Code. You must complete this part A.
(1) A Participant may make Elective Deferrals for each
year in an amount not to exceed (check one):
X (a) 15% of his Earnings
(b) % of his Earnings not to exceed $
---- ---
(specify a dollar amount)
(c) $ (specify a dollar amount)
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(2) Will a participant be required to make a minimum
Elective Deferral in order to make Elective
Deferrals under the Plan? (check one and complete as
applicable)
X (a) No.
(b) Yes. The minimum Elective Deferral will
be % of the Participant's Earnings.
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(3) A Participant may begin to make Elective Deferrals,
or change the amount of his Elective Deferrals, as
of the following dates (check one):
(a) First business day of each month
(monthly).
(b) First business day of the first, fourth,
seventh and tenth months of the Plan Year
(quarterly).
(c) First business day of the first and
seventh months of the Plan Year
(semi-annually).
X (d) First business day of the Plan Year only
(annually).
X (e) Other: An employee who first becomes a
participant on July 1 shall be permitted
to make elective deferrals on 7/1 of the
year he or she becomes eligible to
participate in the plan.
(4) Will Participants be permitted to make separate
Elective Deferrals of bonuses, even if bonuses have
otherwise been excluded from Compensation for the
purpose of Elective Deferrals under 7.A (1)?
X (a) Yes (b) No
B. Employer Matching Contributions. (Plan Section 5.8) Complete this part
B only if you will make Employer Matching Contributions under the Plan.
(1) The Employer will contribute and will allocate to
each Qualified Participant's Employee Matching
Account an Employer Matching Contribution on the
basis set forth below:
X (a) Discretionary matching contributions.
(The Employer may select this option in
addition to option (b) if the Employer
wishes to have the option to make
discretionary matching contributions in
addition to fixed matching contributions.)
(b) Fixed matching contributions.
(i) Based on Elective Deferrals:
(A) % of Elective Deferrals
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(B) % of Elective Deferrals
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up to % of Earnings.
(C) % of Elective Deferrals
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up to % of Earnings and
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% of Elective Deferrals
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over that percentage of
Earnings up to % of
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Earnings. (The third
percentage number must be
less than the first percentage
number.)
(D) % of Elective Deferrals
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up to $ of Elective
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Deferrals.
(E) % of Elective Deferrals
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up to $ of Elective
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Deferrals over that dollar
amount and up to $ of
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Elective Deferrals. (the
last percentage must be less
than the first percentage).
(ii) based on after-tax Participant
Contributions:
(A) % of Participant
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Contributions
(B) % of Participant
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Contributions up to % of
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Earnings.
(C) % of Participant
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Contributions up to % of
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Earnings and % of
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Participant Contributions over
that percentage of Earnings
and up to % of Participant
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Contributions. (The third
percentage must be less than
the first percentage).
(D) % of Participant
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Contributions up to $ of
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Participant Contributions.
(E) % of Participant
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Contributions up to $ of
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Participant Contributions and
% of Participant
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Contributions over that dollar
amount and up to $ of
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Participant Contributions.
(The last percentage must be
less than the first
percentage).
(2) Qualified Participant. In order to receive an allocation of
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Employer
Matching Contributions for a Plan Year, an Employee must be a
Qualified Participant for that purpose. Select below either
(a) alone, or any combination of (b), (c) and (d).
(a) To be a Qualified Participant eligible to
receive Employer Matching Contributions
for a Plan Year, an Employee must (check
(i) or (ii)):
(i) Either be employed on the last
day of the Plan Year, complete
more than 500 Hours of Service
in the Plan Year, or retire,
die or become disabled in the
Plan Year.
(ii) Either be employed on the last
day of the Plan Year or
complete more than 500 Hours
of Service in the Plan Year.
Stop here if you checked (a). If you
did not check (a), check (b), (c) or
(d), or any combination of (b), (c)
and (d).
To be a Qualified Participant eligible
to receive Employer Matching
Contributions for a Plan Year, an
Employee must:
X (b) Be credited with 1 (choose 1, 501, or
1,000) Hours of Service in the Plan
Year.
X (c) Be an Employee on the last day of the
Plan Year.
X (d) Retire, die or become disabled during the Plan Year.
(3) Will the Employer have the option of making all or any portion of
its Employer Matching Contributions in Employer Stock?
X (a) Yes (b) No
C. Profit Sharing Contributions. (Plan Sections 4.1 and 4.2)
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(1) Profit Limitation. Will Profit Sharing
Contributions to the Plan be limited to the current
and accumulated profits of your Business? Check
one:
(a) Yes X (b) No
(2) Amount. The Employer will contribute to the Plan
for each Plan Year (check one):
X (a) An amount chosen by the Employer from
year to year
(b) % of the Earnings of all
----
Qualified Participants for the Plan
Year
(c) $ for each Qualified
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Participant per (enter time
----
period, e.g. payroll period, plan
year)
(3) Allocations to Participants
(a) Allocations to Participants. Profit
Sharing Contributions will be
allocated:
(i) Pro rata (percentage based on
compensation)
(ii) Uniform Dollar amount
X (iii) Integrated With Social
Security (complete (b) and (c)
below)
(b) Integration with Social Security.
(Complete only if you have elected in
4.C (3)(a) to integrate your Plan with
Social Security.) Profit Sharing
Contributions will be allocated to
Qualified Participants as you check
below:
(i) Profit Sharing Contributions
will be allocated according to
the Top-Heavy Integration
Formula in Plan Section
4.2(c)(1) in every Plan Year,
whether or not the Plan is
top-heavy.
X (ii) Profit Sharing Contributions
will be allocated according to
the Top-Heavy Integration
Formula in Plan Section
4.2(c)(1) only in Plan Years
in which the Plan is
top-heavy. In all other Plan
Years, contributions will be
allocated according to the
Non-Top-Heavy Integration
Formula in Plan Section
4.2(c)(2).
(c) Integration Level. (Complete only if
you have elected in 4.C (3)(a) to
integrate your Plan with Social
Security.) The Integration Level will
be (check one) :
X (i) The Social Security Wage Base
in effect at the beginning of
the Plan Year.
(ii) % (not more than 100%) of
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the Social Security Wage Base
in effect at the beginning of
the Plan Year.
(iii) $ (not more than the
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Social Security Wage Base).
Note: The Social Security Wage
Base is indexed annually to
reflect increases in the cost
of living.
(4) Qualified Participants. In order to receive an
allocation of Profit Sharing Contributions for a
Plan Year, an Employee must be a Qualified
Participant for this purpose. Select below either
(a) alone, or any combination of (b), (c) and (d).
(a) To be a Qualified Participant
eligible to receive an allocation of
Profit Sharing Contributions for a
Plan Year, an Employee must (check
(i) or (ii)):
(i) Either be employed on the
last day of the Plan Year,
complete more than 500 Hours
of Service in the Plan Year,
or retire, die or become
disabled in the Plan Year.
(ii) Either be employed on the last
day of the Plan Year or
complete more than 500 Hours
of Service in the Plan Year.
Stop here if you checked (a). If you did not check
(a), check (b), (c) or (d), or any combination of
(b), (c) and (d).
To be Qualified Participant eligible to receive an
allocation of Profit Sharing Contributions for a Plan
Year, an Employee must:
X (b) Be credited with 1 (choose 1, 501 or
1,000) Hours of Service in the Plan
Year.
X (c) Be an Employee on the last day of the
Plan Year.
X (d) Retire, die or become disabled during
the Plan Year.
D. Participant contributions (Plan Section 4.6). Will your Plan allow
Participants to make after-tax contributions?
(1) Yes X (2) No
E. Qualified Matching Contributions (Plan Section 2.61). Skip this part E
if you will not make Qualified Matching Contributions.
(1) Qualified Matching Contributions will be made
with respect to (check one):
X (a) Elective Deferrals made by all Qualified
Participants (as defined in 4.2B(2))
(b) Elective Deferrals made only by
Qualified Participants (as defined in
4.B (2)) who are not highly Compensated
Participants.
(2) The Amount of Qualified Matching Contributions
made with respect to a Participant will be:
X (a) Discretionary
(b) Fixed (check and complete (i), (ii) or
(iii))
(i) % of Elective Deferrals
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(ii) % of Elective Deferrals
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that do not exceed % of
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Earnings
(iii) % of Elective Deferrals
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that do not exceed $ .
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F. Qualified Non-elective Contributions (Plan Section 2.62): Skip this
part F if you will not make Qualified Non-elective Contributions.
(1) Qualified Non-elective Contributions will be
made on behalf of (check either (a) or (b) and
either (c) or (d)):
X (a) All Participants
(b) Only Participants who are not Highly
Compensated Employees who also, for the
Plan Year for which the Qualified
Non-elective Contributions are made:
X (c) Are Qualified Participants (as defined in
4.C(4))
(d) Made Elective Deferrals
(2) The Amount of Qualified Non-elective
Contributions for a Plan Year will be (check
one):
(a) % (not over 15%) of the Earnings of
----
Participants on whose behalf Qualified
Non-elective Contributions are made
X (b) An amount determined by the Employer from
year to year, to be shared in proportion
to their Earnings by Participants on
whose behalf Qualified Non-elective
Contributions are made
G. Forfeitures
(1) Employer Matching Contributions.
Forfeitures or Employer Matching
Contributions will be used as follows
(check and complete (a) or (b)):
X (a) Applied to reduce the following
contributions required of the Employer
(check (i) and /or (ii)):
X (i) Employer Matching Contributions
(ii) Profit Sharing Contributions
(b) Reallocated as follows (check (i) or
(ii)):
(i) As additional Employer Matching
Contributions
(ii) As additional Profit Sharing
Contributions
(2) Profit Sharing Contributions. Forfeitures
of Profit Sharing Contributions will be
used as follows (check (a) or (b)):
(a) Applied to reduce the following
Contributions required of the Employer
(check (i) and/or (ii)):
(i) Profit Sharing Contributions
(ii) Employer Matching Contributions
X (b) Reallocated as additional Profit Sharing
Contributions
5. Top-Heavy Minimum Contributions (Plan Section 14.3). Skip paragraphs A
and B if you do not maintain any other qualified plan in addition to this
Plan.
A. For any Plan Year in which the Plan is Top-Heavy, the Top-Heavy
minimum contribution (or benefit) for Non-Key employees participating
both in this Plan and another qualified plan maintained by the Employer
will be provided in (check one):
(1) This Plan (2) The other qualified plan
B. If you maintain in a defined benefit plan in addition to this Plan, and
the Top-Heavy Ratio (as defined in Plan Section 14.2(c)) for the
combined plans is between 60% and 90%, you may elect to provide an
increased minimum allocation or benefit pursuant to Plan Section 14.4.
Specify your election by completing the statement below:
The Employer will provide an increased (specify contribution or
benefit) in its (specify defined contribution or defined benefit)
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plan as permitted under Plan Section 14.4.
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6. Other Plans. You must complete this section if you maintain or ever
maintained another qualified plan in which any Participant is (or was) a
participant or could become a participant. The Plan and your other
plan(s) combined will meet the contribution limitation rules in Article 6
of the Plan as you specify below:
A. If a Participant in the Plan is covered under another qualified defined
contributions plan maintained by your Business, other than a master or
prototype plan (check one):
(1) The provisions of Section 6.2 of the Plan will apply as if the
other plan were a master or prototype plan.
(2) The plans will limit total annual additions to the maximum
permissible amount, and will properly reduce any excess amounts,
in the manner you describe below.
B. If a Participant in the Plan is or has ever been a participant in a
defined plan maintained by your Business, the plans will meet the
limits of Article 6 in the manner you describe below:
If your Business has ever maintained a defined benefit plan, state
below the interest rate and mortality table to be used in establishing
the present value of any benefit under the defined benefit plan for
purposes of computing the top-heavy ratio:
Interest rate: %
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Mortality Table:
7. Compensation (Plan Section 2.8).
A. Amount.
(1) Elective Deferrals and Employer Matching Contributions.
Compensation for the purposes of determining the amount and
allocation of Elective Deferrals and Employer Matching
Contributions will be determined as follows (choose either
(a) or (b), and (c) and /or (d) as applicable).
X (a) Compensation will include Form W-2 earnings as
defined in Section 2.8 of the Plan.
(b) Compensation will include all compensation
included in the definition of Code Section 415
Compensation in Plan Section 6.5(b) of the Plan.
X (c) In addition to the amount provided in either
(a) or (b) above, Compensation will also include
any amounts withheld from the employee under
a 401(k) plan, cafeteria plan, SARSEP, tax
sheltered 403(b) arrangement, or Code Section 457
deferred compensation plan, and contributions
described in Code Section 414(h)(2) that are
picked up by a governmental employer.
(d) Compensation will also exclude the following
amount (choose each that applies):
(i) overtime pay.
(ii) bonuses.
(iii) commissions.
(iv) other pay (describe):
(v) compensation in excess of $
(2) Profit Sharing Contributions. Compensation for the purposes of
determining the amount and allocation of Profit Sharing
Contributions shall be determined as follows (choose either
(a) or (b), and (c) and /or (d), as applicable).
X (a) Compensation will include Form W-2 earnings as
defined in Section 2.8 of the Plan.
(b) Compensation will include all compensation
included in the definition of Code Section 415
Compensation in Section 6.5(b) of the Plan.
X (c) In addition to the amount provided in either
(a) or (b) above, compensation will also include
any amounts withheld from the employee under
a 401(k) plan, cafeteria plan, SARSEP, tax
sheltered 403(b) arrangement, or Code Section
457 deferred compensation plan, and
contributions described in Code Section
414(h)(2) that are picked up by a government
employer.
(d) Compensation will also exclude the following
amounts (choose each that applies):
(i) overtime pay
(ii) bonuses
(iii) commissions
(iv) other pay describe:
(v) compensation in excess of $
Note: No exclusion under (d) may be selected if
Profit Sharing Contributions will be integrated with
Social Security under 4.C (3)(a)(iii). In addition,
no exclusion under (d) will apply for purposes of
determining the top-heavy minimum contribution if the
Plan is top-heavy.
B. Measuring Period. Compensation will be based on the Plan Year. However,
for an Employee's initial year of participation in the Plan,
Compensation will be recognized as of:
X (1) the first day of the Plan Year.
(2) the date the Participant enters the Plan.
8. Distributions and Withdrawals.
A. Retirement Distributions.
(1) Normal Retirement Age (plan Section 7.1). Normal
retirement age will be the later of 65 (not over 65) or
(not more than 5) years of participation in the
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Plan.
(2) Early Retirement (Plan Section 7.1). Select one:
X (a) No early retirement will be permitted.
(b) Early retirement will be permitted at
age .
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(c) Early retirement will be permitted at
age with at least Years of Service.
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(3) Annuities (Plan Section 9.3). Will your Plan permit
distribution in the form of a life annuity? You must
check Yes if this Plan replaces or serves as a
transferee plan for an existing Plan that permits
distribution in a life annuity form.
X (a) Yes (b) No
B. Hardship Distributions (Plan Section 12.2). Will your Plan permit
hardship distributions?
(1) No
X (2) Yes. Indicate below from which Accounts hardship
withdrawals will be permitted (check all that apply):
X (a) Elective Deferral Account
X (b) Roll over Account
(c) Employer Matching Account
(d) Employer Contribution Account (i.e.
Profit Sharing Contributions)
C. Withdrawals after Age 59 1/2(Plan Section 12.3). Will your Plan permit
employees over age 59 1/2to withdraw amounts upon request? You must
check Yes if this Plan replaces an existing Plan that permits
withdrawals after age 59 1/2.
X (1) Yes (2) No
D. Withdrawals following Five Years of Participation or Two Years after
Contribution (Plan Section 12.4). Will your Plan permit employees to
withdraw amounts from the vested portion of their Employer Matching
Contribution Accounts and Employer Contribution Accounts (i.e., Profit
Sharing Contributions) if either (i) the Participant has been a
Participant for at least five years, or (ii) the amount withdrawn from
each of these Accounts is limited to the amounts that were credited to
that Account prior to the date two years before the withdrawal? You
must check yes if this Plan replaces a Plan, which permits withdrawals
in these circumstances.
(1) Yes X (2) No
E. Loans (Plan Section 12.5). Will your Plan permit loans to employees
from the vested portion of their Accounts?
(1) No
X (2) Yes. Indicate below whether loans will be permitted
for any reason or only on account of hardship:
X (a) Any reason.
(b) Hardship only.
F. Automatic Distribution of Small Accounts (Plan Section 9.1). Will your
Plan automatically distribute vested account balances not exceeding
$3,500, within 60 days after the end of the Plan Year in which a
Participant separates from employment?
X (1) Yes (2) No
9. Vesting (Plan Article 8).
-------------------------
A. Time of Vesting (select (1) or (2) below and complete vesting
schedule).
X (1) Single Vesting Schedule:
The vesting schedule selected below will apply to
both Employer Matching Contributions and Profit
Sharing Contributions.
(2) Dual Vesting Schedules:
The vesting schedule marked with an "MC" below will
apply to Employer Matching Contributions and the
vesting schedule marked with a "PS" below will apply
to Profit Sharing Contributions.
(2) Vesting Schedules:
(a) 100% vesting immediately upon participation in
the Plan.
(b) Five-Year Graded Schedule:
Vested Percentage 20% 40% 60% 80% 100%
Years of Service 1 2 3 4 5
(c) Seven-Year Graded Schedule:
Vested Percentage 20% 40% 60% 80% 100%
Years of Service 3 4 5 6 7
X (d) Six-Year Graded Schedule:
Vested Percentage 20% 40% 60% 80% 100%
Years of Service 2 3 4 5 6
(e) Three-Year Cliff Schedule:
Vested Percentage 0% 100%
Years of Service 0-2 3
(f) Five-Year Cliff Schedule:
Vested Percentage 0% 100%
Years of Service 0-4 5
(g) Other Schedule (must be at least as favorable
as Seven-Year Graded Schedule or Five-Year
Cliff Schedule):
(i) Vested Percentage % % % % %
-- -- -- -- --
(ii) Years of Service
-- -- -- -- --
(4) Top Heavy Schedule:
(a) If you selected above an "Other Schedule,"
specify in the space below the schedule that
will apply in Plan Years that the Plan is
top-heavy. The schedule you specify must be at
least as favorable to employees, at all years
of service, as either the Six-Year Schedule or
the Three-Year Cliff Schedule. The
top- heavy vesting schedule will be:
(i) The same "Other Schedule" selected
above
(ii) The following schedule:
Vested Percentage % % % % %
-- -- -- -- --
Years of Service
-- -- -- -- --
(iii) Six-Year Graded Schedule
(iv) Three-Year Cliff Schedule
(b) If the Plan becomes top-heavy in a Plan Year,
will the top-heavy vesting schedule apply for
all subsequent Plan Years?
(i) Yes (ii) No
B. Service for Vesting (select (1) or (2) and complete (3)).
X (1) All of an employee's service will be used to determine
his Years or Service for purposes of vesting.
(2) An employee's Years of Service for vesting will include
all years except (check all that apply):
(a) (New plan) service before the effective date of
the plan
(b) (Existing plan) service before the effective date
of the existing plan
(c) Service before the Plan Year in which an employee
reached age 18.
(3) Will an employee's service for a business acquired by the
Employer that was performed before the acquisition be
included in determining an employee's Years of Service
for vesting?
(a) Yes X (b) No
List below any business acquired on or before the
Effective Date for which an employee's service will be
included in determining an employee's Years of
Service for vesting. Service of an employee for a
predecessor employer (which includes an acquired
business) whose plan the Employer maintains must be
included as service for the Employer under this Plan.
Therefore, also list below any predecessor employer whose
plan the Employer maintains:
C. Hours of Service for Vesting. The number of Hours of Service required
for crediting a Year of Service for vesting will be (check one):
X (1) 1,000 Hours of Service
(2) Hours of Service
-----
(under 1,000)
Hours of Service for vesting will be credited according to the
method selected under 3.C (6).
D. Year of Service Measuring Period for Vesting (Plan Section 2.52). The
periods of 12 months used for measuring Years of Service will be
(check one):
X (1) Plan Years
(2) 12-Month Eligibility Periods
Note: If you are adopting this Plan to replace an existing plan,
employees will be credited under this Plan with all service credited
to them under the plan you are replacing.
10. Investments (Plan Sections 13.2 and 13.3).
----------------------------------------
A. Available Investment Products (Plan Section 13.2). The investment
options available under the Plan are identified in the Service
Agreement or such other written instructions between the Employer and
Xxxxxx, as the case may be. All investment Products must be sponsored,
underwritten, managed or expressly agreed to in writing by Xxxxxx. If
there is any amount in the Trust Fund for which no instructions or
unclear instructions are delivered, it will be invested in the default
option selected by the Employer in its Service Agreement with Xxxxxx,
or such other written instructions as the case may be, until
instructions are received in good order,
and the Employer will be deemed to have selected the option indicated
in its Service Agreement, or such other written instructions as the
case may be, as an available Investment Product for that purpose.
B. Instructions (Plan Section 13.3). Investment instructions for amounts
held under the Plan generally will be given by each Participant for
his own Accounts and delivered to Xxxxxx as indicated in the Service
Agreement between Xxxxxx and the Employer. Check below only if the
Employer will make investment decisions under the Plan with respect
to the following contributions made to the Plan. (Check all
applicable options)
(1) The Employer will make all investment decisions with
respect to all employee contributions, including Elective
Deferral, Participant Contributions, Deductible Employee
Contributions and Rollover Contributions.
(2) The Employer will make all investment decisions with
respect to all Employer contributions, including Profit
Sharing Contributions, Employer Matching Contributions,
Qualified Matching Contributions and Qualified
Non-elective Contributions.
(3) The Employer will make investment decisions with respect
to Employer Matching Contributions and Qualified Matching
Contributions.
(4) The Employer will make investment decisions with respect
to Qualified Non-elective Contributions.
(5) The Employer will make investment decisions with respect
to Profit Sharing Contributions.
(6) Other (Describe. An Employer may elect to make
investment decisions with respect to a specified portion
of a specific type of contribution to the Plan.):
C. Changes. Investment instructions may be changed (check one):
X (1) On any Valuation Date (daily)
(2) On the first day of the month (monthly)
(3) On the first day of the first, fourth, seventh and tenth
months in a Plan Year (quarterly)
D. Employer Stock. (Skip this paragraph if you did not designate Employer
Stock as an investment under the Service Agreement.)
(1) Voting. Employer Stock will be voted as follows:
X (a) In accordance with the Employer's
instructions.
(b) In accordance with the Participant's
instructions. Participants are hereby
appointed named fiduciaries for the purpose
of the voting of Employer Stock in
accordance with Plan Section 13.8.
(2) Tendering. Employer Stock will be tendered as follows:
X (a) In accordance with the Employer's
instructions.
(b) In accordance with the Participant's
instructions. Participants are hereby
appointed named fiduciaries for the purpose
of the tendering of Employer Stock in
accordance with Plan Section 13.8.
11. Administration.
A. Plan Administrator (Plan Section 15.1). You may appoint a person or
a committee to serve as Plan Administrator. If you do not appoint a
Plan Administrator, the Plan provides that the Employer will be the
Plan Administrator.
The initial Plan Administrator will be (check one):
This person:
A committee composed of these people:
B. Recordkeeper (Plan Section 15.4). Under Xxxxxx expressly permits
otherwise, you must appoint Xxxxxx as Recordkeeper to perform certain
routine services determined upon execution of a written Service
Agreement between Xxxxxx and the Employer.
The initial Record keeper will be:
Xxxxxx Fiduciary Trust Company
(Name)
Xxxxxx Retail 401(k) B-2-B
000 Xxxxxxx Xx.
Xxxxxx, XX 00000-0000
(Address)
12. Determination Letter Required. You may rely on an opinion letter issued
to Xxxxxx by the National Office of the Internal Revenue Service as
evidence that the Plan is qualified under Section 401 of the Internal
Revenue Code. In order to obtain reliance with respect to qualification
of the Plan, you must receive a determination letter from the appropriate
Key District Office of Internal Revenue. Xxxxxx will prepare an
application for such a letter upon your request at a fee agreed upon by
the parties.
Xxxxxx will inform you of all amendments it makes to the prototype plan.
If Xxxxxx ever discontinues or abandons the prototype plan, Xxxxxx will
inform you. This Plan Agreement #001 may be used only in conjunction with
Xxxxxx'x Basic Plan Document #07.
*****
If you have any questions regarding this Plan Agreement, contact
Xxxxxx at:
Xxxxxx Defined Contribution Plans
One Xxxxxx Place B2B
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Phone: 0-000-000-0000
District Office of Internal Revenue. Xxxxxx will prepare an application
for such a letter upon your request at a fee agreed upon by the
parties.
Xxxxxx will inform you of all amendments it makes to the prototype
plan. If Xxxxxx ever discontinues or abandons the prototype plan,
Xxxxxx will inform you. This Plan Agreement #001 may be used only in
conjunction with Xxxxxx'x Basic Plan Document #07.
* * * * *
If you have any questions regarding the Plan Agreement, contact Xxxxxx
at:
Xxxxxx Defined Contribution Plans
One Xxxxxx Place B2B
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Phone: 0-000-000-0000
* * * * *
EMPLOYER'S ADOPTION OF XXXXXX
FLEXIBLE 401(K) AND PROFIT SHARING PLAN
The Employer named below hereby adopts a XXXXXX FLEXIBLE 401(k) AND PROFIT
SHARING PLAN, and appoints Xxxxxx Fiduciary Trust Company to serve as trustee of
the Plan. The Employer acknowledges that it has received copies of the current
prospectus for each Investment Product available under the Plan, and represents
that it will deliver copies of the then current prospectus for each such
Investment Product to each Participant before each occasion on which the
Participant makes an investment instruction as to his Account. The Employer
further acknowledges that the Plan will be acknowledged by Xxxxxx as a Xxxxxx
Flexible 401(k) and Profit Sharing Plan only upon Xxxxxx'x acceptance of this
Plan Agreement.
Investment Options
The Employer hereby elects the following as the investment options available
under the Plan:
Xxxxxx Money Market Fund Xxxxxx International Growth and Income
Fund
Xxxxxx Income Fund Xxxxxx Global Growth Fund
The Xxxxxx Fund For Growth and Income Xxxxxx Investors Fund
Xxxxxx New Opportunities Fund CRIIMI MAE Inc. Common Stock
The following investment option shall be the default option: Xxxxxx Money Market
Fund (select the default option from among the investment options listed above).
CRIIMI MAE Management, Inc.
Employer signature(s) to adopt Plan: Date of signature:
/s/ Xxxxxxx X. Xxxxxx July 7, 1997
--------------------------- ------------------
Please print name(s) of authorized person(s) signing above:
Xxxxxxx X. Xxxxxx
SVP/Chief Financial Officer
CRIIMI MAE, Inc.
Employer signature(s) to adopt Plan:
/s/ Xxxxxxx X. Xxxxxx July 7, 1997
--------------------------- -----------------
Please print name (s) of authorized person(s) signing above:
Xxxxxxx X. Xxxxxx
SVP/Chief Financial Officer
CRIIMI MAE Services, L.P.
Employer signature(s) to adopt Plan:
/s/ Xxxxxxx X. Xxxxxx July 7, 1997
--------------------------- -----------------
Please print name(s) of authorized person(s) signing above:
Xxxxxxx X. Xxxxxx
SVP/Chief Financial Officer
A new Plan must be signed by the last day of the Plan Year in which the Plan is
to be effective.
* * * * *
ACCEPTANCE OF XXXXXX FIDUCIARY TRUST COMPANY AS TRUSTEE
The Trustee accepts appointment in accordance with the terms and conditions of
the Plan, effective as of the date of execution by the Employer set forth above.
Xxxxxx Fiduciary Trust Company, Trustee
By: /s/ Xxxx X. Xxxxxx
-----------------------
* * * * *
ACCEPTANCE BY XXXXXX
Xxxxxx hereby accepts this Employer's Plan as a prototype established under
Xxxxxx Basic Plan Document #07.
Xxxxxx Mutual Funds Corp.
By: /s/ Xxxxxxx X. Xxxxx
----------------------
