EXHIBIT
10.13


AMENDMENT TO THE TENNANT
COMPANY PENSION PLAN


 


Pursuant to the authority
delegated to the undersigned by the Board of Directors of TENNANT Company (the
“Company”), the undersigned hereby authorizes the amendment of the Tennant
Company Pension Plan (the “Plan”) effective as of December 31, 2002.


WHEREAS, the Company has authority to amend the
Plan pursuant to the provisions of Section 11.1 of the Plan at such time and in
such a manner as the Company may desire; and


WHEREAS, the Company wishes to amend the Plan to
adopt a Model Amendment issued by the Service to conform the Plan to Revenue
Ruling 2001-62 issued by the Internal Revenue Service, and


WHEREAS, the Company wishes to amend the Plan to
reflect certain provision of the Economic Growth and Tax Relief Reconciliation
Act of 2001 (“EGTRRA”).


NOW,
THEREFORE, BE IT RESOLVED, that the amendment set forth in Exhibit A, attached hereto, to amend
the Plan to comply with Internal Revenue Code Sections 415 and 417(e) as
required under Revenue Ruling 2001-62 is hereby approved and adopted as of the
effective date set forth on Exhibit A.


FURTHER
RESOLVED, that
the amendments set forth on Exhibit B, attached hereto, to amend the Plan
reflect certain provision of the Economic Growth and Tax Relief Reconciliation
Act of 2001 (“EGTRRA”) is hereby approved and adopted as of the effective dates
set forth on Exhibit B.


 


	
  Dated: December 26, 2002

  	
  TENNANT Company

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Janet Dolan

  	 

	
   

  	
  Its President

  	
   

  
					



 


 

















EXHIBIT A


 


 


TENNANT Company Pension Plan


 


Amendment of Plan to Comply with


Sections 415 and 417(e), as Required Under Revenue Ruling
2001-62


 


1.             This amendment shall apply to distributions with annuity
starting dates on or after December 31, 2001.


2.             Notwithstanding any other Plan provisions to the
contrary, the applicable mortality table used for purposes of adjusting any
benefit or limitation under Section 415(b)(2)(B), (C), or (D) of the Internal
Revenue Code as set forth in Section 6.11 of the Plan and the applicable
mortality table used for purposes of satisfying the requirements of Section
417(e) of the Internal Revenue Code as set forth in Section 2.3(b) and (c) of
the Plan is the table prescribed in Revenue Ruling 2001-62.


3.             For any distribution with an annuity starting date on or
after the effective date of this amendment and before the adoption of this
amendment, if application of the amendment as of the annuity starting date
would have caused a reduction in the amount of any distribution, such reduction
is not reflected in any payment made before the adoption date of this
amendment.  However, the amount of any
such reduction that is required under Section 415(b)(2)(B) must be reflected
actuarially over any remaining payments to the Participant.


 


 


 

















EXHIBIT B


 


TENNANT Company Pension Plan


Amendment of the Plan for EGTRRA


 


PREAMBLE


Adoption and effective
date of amendment.  This amendment of
the Plan is adopted to reflect certain provisions of the Economic Growth and
Tax Relief Reconciliation Act of 2001 (“EGTRRA”).  This amendment is intended as good faith compliance with the
requirements of EGTRRA and is to be construed in accordance with EGTRRA and
guidance issued thereunder.  Except as
otherwise provided, this amendment shall be effective as of the first day of
the first Plan Year beginning after December 31, 2001.


Supersession of inconsistent provisions.  This amendment shall supersede the
provisions of the Plan to the extent those provisions are inconsistent with the
provisions of this amendment.


SECTION
1.  MODIFICATION OF TOP-HEAVY RULES


1.1.         Effective date.  This section shall apply for purposes of
determining whether the Plan is a top-heavy plan under Code Section 416(g) for
Plan Years beginning after December 31, 2001, and whether the Plan satisfies the
minimum benefits requirements of Code Section 416(c) for such years.  This section amends Article 12 of the Plan.


1.2.         Determination of
top-heavy status.


(a)           Key
Employee.  Key Employee means any
Employee or former Employee (including any deceased Employee) who at any time
during the Plan Year that includes the Determination Date was an officer of the
Employer having 415 Compensation greater than $130,000 (as adjusted under Code
Section 416(i)(1) for Plan Years beginning after December 31, 2002), a
5-percent owner of the Employer, or a 1-percent owner of the Employer having
415 Compensation of more than $150,000. 
The determination of who is a Key Employee will be made in accordance
with Code Section 416(i)(1) and the applicable regulations and other guidance
of general applicability issued thereunder.


(b)           Determination
of present values and amounts.  This
paragraph (b) shall apply for purposes of determining the present values of
Accrued Benefits and the amounts of account balances of Employees as of the
determination date.


(i)            Distributions
during year ending on the Determination Date. 
The present values of Accrued Benefits and the amounts of account
balances of an Employee as of the Determination Date shall be increased by the
distributions made with respect to the Employee under the Plan and any plan
aggregated with the Plan under Code Section 416(g)(2) during the 1-year period
ending on the Determination Date.  The
preceding sentence shall also apply to distributions under a terminated plan
which, had it not been terminated, would have been aggregated with the Plan
under Code Section 416(g)(2)(A)(i).  In
the case of a distribution made for a reason other than separation from
service, death, or disability, this provision shall be applied by substituting
“5-year period” for “1-year period.”


(ii)           Employees
not performing services during year ending on the Determination Date.  The Accrued Benefits and accounts of any
individual who has not performed services for the Employer during the 1-year
period ending on the Determination Date shall not be taken into account.


1.3          Minimum benefits.  For purposes of satisfying the minimum
benefit requirements of Code Section 416(c)(1) and the Plan, in determining
years of Service with the Employer, any service with the Employer shall be
disregarded to the extent that such Service occurs during a Plan Year when the
Plan benefits (within the meaning of Code Section 410(b)) no Key Employee or
former Key Employee.


SECTION
2.  DIRECT ROLLOVERS OF PLAN
DISTRIBUTIONS


2.1          Effective date.  This section shall apply to distributions
made after December 31, 2001.


2.2          Modification of
definition of eligible retirement plan. 
For purposes of the direct rollover provisions in Section 6.2 of the
Plan, an eligible retirement plan shall also mean an annuity contract described
in Code Section 403(b) and an eligible plan under Code Section 457(b) which is
maintained by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state and which agrees
to separately account for amounts transferred into such plan from this
Plan.  The definition of eligible
retirement plan shall also apply in the case of a distribution to a surviving
spouse, or to a spouse or former spouse who is the Alternate Payee under a
Qualified Domestic Relation Order, as defined in section Code Section 414(p).