Attached files
FOURTH
AMENDMENT TO THE
FROZEN
FOOD EXPRESS INDUSTRIES, INC. 401(K) SAVINGS PLAN
This
Amendment is adopted by FROZEN
FOOD EXPRESS INDUSTRIES, INC. (the “Company”), a Texas Corporation,
having its principal office in Dallas, Texas.
R
e c i t a l s:
WHEREAS, the Company has
previously established the Frozen Food Express Industries, Inc. 401(k) Savings
Plan, as amended and restated, effective January 1, 2007 (the “Plan”), for the
benefit of those employees who qualify thereunder and for their beneficiaries;
and
WHEREAS, the Company desires
to amend the Plan to reflect the provisions of the Pension Protection Act of
2006;
NOW, THEREFORE, pursuant to
Section 15.1 of the Plan, the Plan is hereby amended as follows, effective on
the dates set forth below:
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1.
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Section
11.5(b)(ii) of the Plan is hereby amended to be and read as follows,
effective January 1, 2010:
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“(ii) Eligible Retirement
Plan. An
eligible retirement plan is an individual retirement account described in Code
Section 408(a), an individual retirement annuity described in Code Section
408(b), an annuity plan described in Code Section 403(a), or a qualified trust
described in Code Section 401(a), that will accept the eligible rollover
distribution, as specified by the recipient; provided, however, that a recipient
who is a surviving spouse or a non-spouse
beneficiary may elect a direct rollover to an individual retirement
account or individual retirement annuity only. [copy balance of the
section]”
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2.
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Section
10.1(a)(i)(A) is amended to be and read as follows, effective June 1,
2007:
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“(A)
A distribution under the Plan is hereby deemed to be on account of an immediate
and heavy financial need of an Employee if the distribution is for one of the
following or any other item permitted under Regulation Section
1.401(k)-1(d)(3)(iii)(B):
(a) Expenses
for (or necessary to obtain) medical care that would be deductible under Code
Section 213(d) (determined without regard to whether the expenses exceed 7.5% of
adjusted gross income) for the Employee and members
of the Employee’s immediate family, which includes a spouse and children,
including non-custodial children, and, effective June 1, 2007, the
primary designated beneficiary;
(b) Costs
directly related to the purchase of a principal residence for the Employee
(excluding mortgage payments);
(c) Payment
of tuition, related educational fees, and room and board expenses, for up to the
next twelve (12) months of post secondary education for the Employee, the
Employee's spouse, children, dependents (as defined in Code Section 152, and,
for taxable years beginning on or after January 1, 2005, without regard to Code
Section 152(b)(1), (b)(2), and (d)(1)(B)), and, effective June 1, 2007,
for the primary designated beneficiary;
(d) Payments
necessary to prevent the eviction of the Employee from the Employee's principal
residence or foreclosure on the mortgage on that residence;
(e) Effective
January 1, 2007, payments for burial or funeral expenses for the Employee's
deceased parent, spouse, children or dependents (as defined in Code Section 152,
and, for taxable years beginning on or after January 1, 2005, without regard to
Code Section 152(d)(1)(B)) and, effective June 1,
2007, for the primary designated beneficiary; or
(f) Effective
January 1, 2007, expenses for the repair of damage to the Employee's principal
residence that would qualify for the casualty deduction under Code Section 165
(determined without regard to whether the loss exceeds 10% of adjusted gross
income).”
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3.
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New
Section 10.1(f) is added to the Plan, to provide as
follows:
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“(e) Effective
September 11, 2001, the Plan permits “Qualified Reservist
Distributions.” A Qualified Reservist Distribution from the Plan is a
withdrawal of Savings Contributions by a person who, because he or she is a
member of a reserve component, was ordered or called to active duty for more
than 179 days (or for an indefinite period), and is made during the period that
begins on the date of the order or call to duty and ends at the close of the
active-duty period.”
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4.
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New
Section 4.9 is added to the Plan, to provide as
follows:
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“Notwithstanding
any provision of this Article Four to the contrary, in determining the amount of
a corrective distribution of excess contributions, excess Savings Contributions,
and Excess Matching Contributions, an adjustment for income for the
period between the end of the Plan Year and the date of the distribution (the
“gap period”) shall be made with respect to Plan Years beginning January 1, 2007
or earlier, in the manner specified in this Article Four. No
adjustment for income (gain or loss) shall be made for gap period income with
respect to Plan Years beginning January 1, 2008 or later.”
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5.
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All
references in Article Eleven to a ninety (90)-day maximum notice period
are amended to refer to one hundred eighty (180) days, with respect to any
distribution notice issued on or after July 1,
2008.
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IN WITNESS WHEREOF, FROZEN FOOD EXPRESS INDUSTRIES,
INC. has caused this Fourth Amendment to be executed this 31st day
of December, 2009, effective as of the dates set forth herein, by the
undersigned duly appointed and authorized officer.
FROZEN
FOOD EXPRESS INDUSTRIES, INC.
By: /s/Stoney M. Stubbs,
Jr.
Name:
Stoney M. Stubbs,
Jr
Title:
Chairman and Chief
Executive Officer