Document:

ex4-4.htm

EXHIBIT 4.4

 

URS CORPORATION

 

THIRD AMENDMENT TO CREDIT AGREEMENT

 

This  THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of February 25, 2011 and entered into by and among URS CORPORATION, a Delaware corporation (“Company”), the financial institutions party thereto from time to time (“Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for Lenders (“Administrative Agent”), and, for purposes of Section 3 hereof, the Credit Support Parties (as defined hereof) listed on the signature pages hereof, and is made with reference to that certain Credit Agreement dated as of November 15, 2007, as amended by the First Amendment to Credit Agreement dated as of June 19, 2008 and the Second Amendment to Credit Agreement dated as of August 25, 2010 (as so amended, the “Credit Agreement”), by and among Company, Lenders, Morgan Stanley Senior Funding, Inc., as a joint-lead arranger and syndication agent for Lenders, Wells Fargo Bank, National Association, as a joint-lead arranger, Bank of America, N.A., BNP Paribas and The Royal Bank of Scotland plc, as co-documentation agents for Lenders, and Administrative Agent.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement.

 

RECITALS

 

WHEREAS, Company and Lenders desire to amend the Credit Agreement as set forth below;

 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

Section 1.  AMENDMENT TO THE CREDIT AGREEMENT

 

Subsection 7.5(viii) of the Credit Agreement is hereby amended to read in its entirety as follows:

 

“(viii) Company may purchase up to (1) 8,000,000 shares of Capital Stock of Company in Fiscal Year 2011 and (2) 3,000,000 shares of Capital Stock of Company in any other Fiscal Year, in each case at prices available from third parties in an arm’s length transaction; provided that the number of shares permitted to be purchased in any Fiscal Year shall be increased by an amount (not to exceed 3,000,000) equal to the excess, if any, of the number of shares permitted to be purchased in the previous Fiscal Year (without giving effect to any adjustment in accordance with this proviso) over the actual number of shares purchased during such previous Fiscal Year with the share purchases in such following Fiscal Year to be applied first to such unused amount;”

 

Section 2.  COMPANY’S REPRESENTATIONS AND WARRANTIES

 

In order to induce Lenders to enter into this Amendment and to amend the Credit Agreement in the manner provided herein, Company represents and warrants to each Lender that the following statements are true, correct and complete:

 

 

  

i

  

A. Corporate Power and Authority.  Company has all requisite power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (the “Amended Agreement”).

 

B. Authorization of Agreements.  The execution and delivery of this Amendment and the performance of the Amended Agreement have been duly authorized by all necessary action on the part of Company.

 

C. No Conflict.  The execution and delivery by Company of this Amendment  and the performance by Company of the Amended Agreement do not and will not (i) violate any provision of any law or any governmental rule or regulation applicable to Company or any of its Subsidiaries, the Organizational Documents of Company or any of its Subsidiaries or any order, judgment or decree of any court or other Government Authority binding on Company or any of its Subsidiaries, (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Company or any of its Subsidiaries in any manner that would be likely to result in a Material Adverse Effect, (iii) result in or require the creation or imposition of any Lien upon any of the properties or assets of Company or any of its Subsidiaries (other than Liens created under any of the Loan Documents in favor of Administrative Agent on behalf of Lenders or Permitted Encumbrances), or (iv) require any approval of stockholders or any approval or consent of any Person under any Contractual Obligation of Company or any of its Subsidiaries, except for such approvals or consents which will be obtained on or before the date hereof and disclosed in writing to Lenders.

 

D. Governmental Consents.  The execution and delivery by Company of this Amendment and the performance by Company of the Amended Agreement do not and will not require any Governmental Authorization, except as have been obtained.

 

E. Binding Obligation.  This Amendment has been duly executed and delivered by Company and this Amendment and the Amended Agreement are the legally valid and binding obligations of Company, enforceable against Company in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

F. Incorporation of Representations and Warranties From Credit Agreement.  The representations and warranties contained in Section 5 of the Credit Agreement (i) that do not contain a materiality qualification are and will be true, correct and complete in all material respects on and as of the date hereof to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such earlier date and (ii) that contain a materiality qualification are and will be true, correct and complete on and as of the date hereof to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete on and as of such earlier date.

 

G. Absence of Default.  No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment that would constitute an Event of Default or a Potential Event of Default.

 

  

ii

  

 

Section 3.  ACKNOWLEDGEMENT AND CONSENT

 

Each guarantor, grantor or pledgor listed on the signatures pages hereof (each, a “Credit Support Party”) hereby acknowledges and agrees that any of the Subsidiary Guaranty and Collateral Documents (each, a “Credit Support Document”) to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment.  Each Credit Support Party represents and warrants that all representations and warranties contained in the Amended Agreement and the Credit Support Documents to which it is a party or otherwise bound (i) that do not contain a materiality qualification are and will be true, correct and complete in all material respects on and as of the date hereof to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such earlier date and (ii) that contain a materiality qualification are and will be true, correct and complete on and as of the date hereof to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete on and as of such earlier date.

 

Each Credit Support Party acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Credit Support Party is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Credit Support Party to any future amendments to the Credit Agreement.

 

Section 4.  MISCELLANEOUS

 

A. Reference to and Effect on the Credit Agreement and the Other Loan Documents.

 

(i) On and after the date hereof, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Agreement.

 

(ii) Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.

 

(iii) The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit Agreement or any of the other Loan Documents.

 

B. Fees and Expenses.  Company acknowledges that all costs, fees and expenses as described in subsection 10.2 of the Credit Agreement incurred by Administrative Agent and

 

 

  

iii

  

its counsel with respect to this Amendment and the documents and transactions contemplated hereby shall be for the account of Company.

 

C. Headings.  Section and subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

 

D. Applicable Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF ANOTHER LAW.

 

E. Counterparts; Effectiveness.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  This Amendment shall become effective as of the date hereof upon the execution of a counterpart hereof by Company, Requisite Lenders and each of the Credit Support Parties and receipt by Company and Administrative Agent of written or telephonic notification of such execution and authorization of delivery thereof.

 

[Remainder of page intentionally left blank]

  

iv

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

 

	 	
Company:

	 
	 	 	 
	 	
URS Corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	H. Thomas Hicks	 
	 	 	Vice President and CFO	 
	 	 	 	 

 

 

	 	
Lenders:

	 
	 	 	 
	 	
Wells Fargo Bank, National Association, individually and as Administrative Agent

	 
	 	 	 	 
	
 

	
By: 

	/s/ John Quick	 
	 	 	John Quick	 
	 	 	Senior Vice President	 
	 	 	 	 

	 	 	 	 
	 	Abu Dhabi International Bank Inc, as Lender	 
	
 

	
By: 

	/s/ David J. Young	 
	 	 	

David J. Young

	 
	 	 	Vice President	 
	 	 	 

	
 

	
By: 

	/s/ Hien Luc	 
	 	 	

Hien Luc

	 
	 	 	Asst. Vice President	 
	 	 	 

	 	 	 	 
	 	Allied Irish Banks p.l.c., as Lender	 
	
 

	
By: 

	/s/ Jean Pierre Knight	 
	 	 	

Jean Pierre Knight

	 
	 	 	Vice President	 
	 	 	 

	
 

	
By: 

	/s/ Mia Bolin	 
	 	 	

Mia Bolin

	 
	 	 	Assistant Vice President	 
	 	 	 

 

 

  

v

  

 

	 	American Savings Bank, as Lender	 
	
 

	
By: 

	/s/ Rian DuBach	 
	 	 	

Rian DuBach

	 
	 	 	Vice President	 
	 	 	 

	 	 	 	 
	 	Australia and New Zealand Banking Group Limited, as Lender	 
	
 

	
By: 

	/s/ John W. Wade	 
	 	 	

John W. Wade

	 
	 	 	
Head of Operations and Infrastructure

	 
	 	 	 

	 	 	 	 

	 	Bank of America, N.A., as Lender	 
	
 

	
By: 

	/s/ Mathew Griesbach	 
	 	 	

Mathew Griesbach

	 
	 	 	
Director

	 
	 	 	 

	 	 	 	 

	 	The Bank of Nova Scotia, as Lender	 
	
 

	
By: 

	/s/ Teresa Wu	 
	 	 	

Teresa Wu

	 
	 	 	
Director

	 
	 	 	 

	 	 	 	 
	 	Barclays Bank PLC, as Lender	 
	
 

	
By: 

	/s/ Allen Huang	 
	 	 	

Allen Huang

	 
	 	 	
AVP

	 
	 	 	 

	 	Bayerische Landesbank, NY Branch, as Lender	 
	
 

	
By: 

	/s/ Rolf Siebert	 
	 	 	

Rolf Siebert

	 
	 	 	Senior Vice President	 
	 	 	 

	
 

	
By: 

	/s/ Suyash Upreti	 
	 	 	

Suyash Upreti

	 
	 	 	Vice President	 
	 	 	 

	 	 	 

 

  

vi

  

 

	 	
Big Sky III Senior Loan Trust

By:  Eaton Vance Management as Investment Advisor, as Lender

	 
	
 

	
By: 

	/s/ Michael B. Botthof	 
	 	 	

Michael B. Botthof

	 
	 	 	Vice President	 
	 	 	 

	 	 	 

	 	BMO Capital Markets Financing, Inc., as Lender	 
	
 

	
By: 

	/s/ John Armstrong	 
	 	 	

John Armstrong

	 
	 	 	
Director

	 
	 	 	 

	 	 	 	 
	 	BNP Paribas, as Lender	 
	
 

	
By: 

	/s/ Jamie Dillon	 
	 	 	

Jamie Dillon

	 
	 	 	Managing Director	 
	 	 	 

	
 

	
By: 

	
/s/ Mary-Ann Wong

	 
	 	 	Mary-Ann Wong	 
	
 

	 	Vice President	 
	
 

	 	 

	
 

	 	 	 

	 	Capital One Leverage Finance Corporation, as Lender	 
	
 

	
By: 

	/s/ Paul Dellova	 
	 	 	

Paul Dellova

	 
	 	 	
SVP

	 
	 	 	 

	 	 	 	 
	 	Citibank, N.A., as Lender	 
	
 

	
By: 

	/s/ Christopher M. Hartzell	 
	 	 	

Christopher M. Hartzell

	 
	 	 	
Vice President

	 
	 	 	 

	 	 	 	 
	 	Commerzbank AG, New York and Grand Cayman Branches, as a Lender	 
	
 

	
By: 

	/s/ Patrick Hartweger	 
	 	 	

Patrick Hartweger

	 
	 	 	
Managing Director

	 
	 	 	 

	
 

	
By: 

	
/s/ Peter Wesemeier

	 
	 	 	Peter Wesemeier	 
	
 

	 	Vice President	 
	
 

	 	 

 

  

vii

  

 

	 	
Eaton Vance CDO VII PLC

By:  Eaton Vance Management as Interim Investment Advisor, as Lender

	 
	
 

	
By: 

	/s/ Michael B. Botthof	 
	 	 	

Michael B. Botthof

	 
	 	 	
Vice President

	 
	 	 	 
	 	 	 

	 	
Eaton Vance CDO VIII 

By:  Eaton Vance Management as Interim Investment Advisor, as Lender

	 
	
 

	
By: 

	/s/ Michael B. Botthof	 
	 	 	

Michael B. Botthof

	 
	 	 	
Vice President

	 
	 	 	 

	 	 	 	 

	 	
Eaton Vance CDO IX Ltd. 

By:  Eaton Vance Management as Interim Investment Advisor, as Lender

	 
	
 

	
By: 

	/s/ Michael B. Botthof	 
	 	 	

Michael B. Botthof

	 
	 	 	
Vice President

	 
	 	 	 

	 	 	 	 

	 	
Eaton Vance CDO X PLC

By:  Eaton Vance Management as Interim Investment Advisor, as Lender

	 
	
 

	
By: 

	/s/ Michael B. Botthof	 
	 	 	

Michael B. Botthof

	 
	 	 	
Vice President

	 
	 	 	 

	 	 	 	 

	 	
Eaton Vance Institutional Senior Loan Fund

By:  Eaton Vance Management as Interim Investment Advisor, as Lender

	 
	
 

	
By: 

	/s/ Michael B. Botthof	 
	 	 	

Michael B. Botthof

	 
	 	 	
Vice President

	 
	 	 	 

	 	 	 	 

	 	
Eaton Vance 

VT Floating-Rate Income Fund

By:  Eaton Vance Management as Interim Investment Advisor, as Lender

	 
	
 

	
By: 

	/s/ Michael B. Botthof	 
	 	 	

Michael B. Botthof

	 
	 	 	
Vice President

	 
	 	 	 

	 	 	 	 

 

  

viii

  

 

	 	Fifth Third Bank, as Lender	 
	
 

	
By: 

	/s/ Gary S. Losey	 
	 	 	

Gary S. Losey

	 
	 	 	
VP – Corporate Banking

	 
	 	 	 

	 	 	 	 
	 	General Electric Capital Corporation, as Lender	 
	
 

	
By: 

	/s/ James R. Persico	 
	 	 	

James R. Persico

	 
	 	 	Duly Authorized Signatory	 
	 

	 	 	 	 
	 	HSBC Bank USA, National Association, as Lender	 
	
 

	
By: 

	/s/ David Hants	 
	 	 	

David Hants

	 
	 	 	Senior Vice President	 
	 

	 	 	 
	 	M&T Bank. as Lender	 
	
 

	
By: 

	/s/ Sue Ann O’Malley	 
	 	 	

Sue Ann O’Malley

	 
	 	 	
Vice President

	 
	 

 

	 	 	 	 
	 	MB Financial Bank, N.A., as Lender	 
	
 

	
By: 

	/s/ Henry Wessel	 
	 	 	

Henry Wessel

	 
	 	 	Vice President	 
	 

	 	 	 	 
	 	Mizuho Corporate Bank, Ltd., as Lender	 
	
 

	
By: 

	/s/ Leon Mo	 
	 	 	

Leon Mo

	 
	 	 	Authorized Signatory	 
	 

	 	 	 	 
	 	Morgan Stanley Bank, N.A.,  as Lender	 
	
 

	
By: 

	/s/ S. E. Saxe	 
	 	 	

S.E. Saxe

	 
	 	 	Authorized Signatory	 
	 

	 	 	 	 
	 	Morgan Stanley Senior Funding, Inc., as Lender	 
	
 

	
By: 

	/s/ S. E. Saxe	 
	 	 	

S. E. Saxe

	 
	 	 	Authorized Signatory	 
	 

 

  

ix

  

 

	 	The Royal Bank of Scotland, plc as Lender	 
	
 

	
By: 

	/s/ L. Peter Yetman	 
	 	 	

L. Peter Yetman

	 
	 	 	Director	 
	 

	 	 	 	 
	 	Sumitomo Mitsui Banking Corporation, as Lender	 
	
 

	
By: 

	/s/ Yasuhiko Imai	 
	 	 	

Yasuhiko Imai

	 
	 	 	Group Head	 
	 

	 	 	 	 
	 	SunTrust Bank, as Lender	 
	
 

	
By: 

	/s/ Baerbel Freudenthaler	 
	 	 	

Baerbel Freudenthaler

	 
	 	 	Director	 
	 	 	 	 
	 

	 	UBS Loan Finance, LLC, as Lender	 
	
 

	
By: 

	/s/ Irja R. Otsa	 
	 	 	

Irja R. Otsa

	 
	 	 	Associate Director	 
	 	 	 

	
 

	
By: 

	/s/ Mary E. Evans	 
	 	 	Mary E. Evans	 
	 	 	Associate Director	 
	 

	 	 	 	 
	 	U.S. Bank National Association, as Lender	 
	
 

	
By: 

	/s/ Conan Schleicher	 
	 	 	

Conan Schleicher

	 
	 	 	Vice President 	 
	 

	 	 	 	 
	 	Union Bank N.A., as Lender	 
	
 

	
By: 

	/s/ Ian Ritchie	 
	 	 	

Ian Ritchie

	 
	 	 	Assistant Vice President 	 
	 

	 	 	 	 
	 	United Overseas Bank Limited, New York Agency, as Lender	 
	
 

	
By: 

	/s/ K. Jin Koh	 
	 	 	

K. Jin Koh

	 
	 	 	Senior Vice President & General Manager	 
	 	 	 

	
 

	
By: 

	/s/ Mario Sheng	 
	 	 	Mario Sheng	 
	 	 	
Assistant Vice President

	 
	 

 

  

x

  

 

	 	
Venture III CDO Limited

By its investment advisor, MJX Asset Managment LLC, as Lender

	 
	
 

	
By: 

	/s/ Martin Davey	 
	 	 	

Martin Davey

	 
	 	 	Managing Director	 
	 

	 	 	 	 
	 	
Venture IV CDO Limited

By its investment advisor, MJX Asset Managment LLC, , as Lender

	 
	
 

	
By: 

	/s/ Martin Davey	 
	 	 	

Martin Davey

	 
	 	 	Managing Director	 
	 

	 	 	 
	 	
Venture V CDO Limited

By its investment advisor, MJX Asset Managment LLC, as Lender

	 
	
 

	
By: 

	/s/ Martin Davey	 
	 	 	

Martin Davey

	 
	 	 	Managing Director	 
	 

	 	 	 
	 	
Venture VI CDO Limited

By its investment advisor, MJX Asset Managment LLC, as Lender

	 
	
 

	
By: 

	/s/ Martin Davey	 
	 	 	

Martin Davey

	 
	 	 	Managing Director	 

	 	 	 

	 	 	 
	 	
Venture VII CDO Limited

By its investment advisor, MJX Asset Managment LLC, as Lender

	 
	
 

	
By: 

	/s/ Martin Davey	 
	 	 	

Martin Davey

	 
	 	 	Managing Director	 

	 	 	 
	 	 	 
	 	
Venture VIII CDO Limited

By its investment advisor, MJX Asset Managment LLC, as Lender

	 
	
 

	
By: 

	/s/ Martin Davey	 
	 	 	

Martin Davey

	 
	 	 	Managing Director	 

	 	 	 
	 	 	 
	 	
Venture IX CDO Limited

By its investment advisor, MJX Asset Managment LLC, as Lender

	 
	
 

	
By: 

	/s/ Martin Davey	 
	 	 	

Martin Davey

	 
	 	 	Managing Director	 
	 	 	 	 

	 	 	 
	 	
Vista Leveraged Income Fund

By its investment advisor, MJX Asset Managment LLC, as Lender

	 
	
 

	
By: 

	/s/ Martin Davey	 
	 	 	

Martin Davey

	 
	 	 	Managing Director	 

 

  

xi

  

 

	 	Guarantors:	 
	 	 	 	 
	 	
Aman Environmental Construction, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	URS E&C Holdings, Inc. [f.k.a. Washington Holdings, Inc.] [f.k.a. Bear Merger Sub, Inc.]	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 
	 	 	 
	 	Cleveland Wrecking Company

	
 

	
By: 

	/s/ Aaron Fetzer	 
	 	 	

Aaron Fetzer

	 
	 	 	Director	 
	 	 	 
	 	 	 

	 	

EG&G Defense Materials, Inc.

	 
	
 

	
By: 

	/s/ William F. Neeb	 
	 	 	

William F. Neeb

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	URS Federal Technical Services, Inc. [f.k.a. EG&G Technical Services, Inc.]	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 
	 	 	 
	 	 

 

  

xii

  

 

	 	E.C. Driver & Associates, Inc.	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 

	 	 	 
	 	

Lear Siegler Logistics International, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	URS Federal Support Services, Inc. [f.k.a. Lear Siegler Services, Inc.]	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 
	 	 
	 	Washington California, Inc. [f.k.a. Pomeroy Corporation]

	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 

	 	 	 	 
	 	Rust Constuctors Puerto Rico, Inc.	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 	 	 

 

  

xiii

  

 

	 	Rust Constuctors, Inc.	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 

	 	 	 	 
	 	Signet Testing Laboratories, Inc.	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 	 	 	 
	 

	 	

URS Caribe, L.L.P.

	 
	
 

	
By: 

	/s/ Rene Purcell	 
	 	 	

Rene Purcell

	 
	 	 	Authorized Representative	 
	 	 	 

	 	 	 	 
	 	URS Construction Services, Inc.	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 
	 	 	 
	 	URS Corporation

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

 

  

xiv

  

 

	 	

URS Corporation AES

	 
	
 

	
By: 

	/s/ Paul F. Schmidt	 
	 	 	

Paul F. Schmidt

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	URS Corporation - New York	 
	
 

	
By: 

	/s/ Francis J. Geran	 
	 	 	

Francis J. Geran

	 
	 	 	Director	 
	 	 	 
	 	 
	 	URS Corporation - North Carolina

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 

	 	 	 	 
	 	URS Corporation- Ohio	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	URS Corporation Great Lakes	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 

 

  

xv

  

 

	 	 	 	 
	 	URS Corporation Southern	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 	 
	 

	 	

URS District Services, P.C.

	 
	
 

	
By: 

	/s/ James R. Linthicum	 
	 	 	

James R. Linthicum

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	URS Greiner Woodward-Clyde Consultants, Inc.	 
	
 

	
By: 

	/s/ Francis J. Geran	 
	 	 	

Francis J. Geran

	 
	 	 	Director	 
	 	 	 
	 	 	 
	 	URS Group, Inc.

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 

	 	 	 
	 	

URS Holdings, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 

 

  

xvi

  

 

	 	 	 	 
	 	
URS International, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 
	 	 
	 	URS Operating Services, Inc.

	
 

	
By: 

	/s/ Charles Baker	 
	 	 	

Charles Baker

	 
	 	 	Vice President	 
	 

	 	 	 	 
	 	URS Resources, LLC	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	CFO, Member representative & VP	 
	 	 	 

	 	 	 	 
	 	Washington Demilitarization Company, LLC	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 

	 	 	 	 
	 	Washington Government Environmental Services Company LLC	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Vice President and Assistant Secretary	 
	 

  

xvii

  

 

	 	

Washington Group Holdings Limited

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	
URS Energy & Construction, Inc. [f.k.a. Washington Group International, Inc.]

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 	 	 
	 	 	 
	 	Washington Group Latin America, Inc.

	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 

	 	 	 
	 	

URS International Projects, Inc. [f.k.a. Washington International, Inc.]

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	
Washington Midwest LLC

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Assistant Secretary	 
	 	 	 
	 	 

 

  

xviii

  

 

	 	
WGI Middle East Inc.

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 

	 	 	 	 
	 	Badger Energy, Inc.	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	
Badger Middle East, Inc.

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 

	 	 	 	 
	 	Banshee Construction Company, Inc.	 
	
 

	
By: 

	/s/ Aaron Fetzer	 
	 	 	

Aaron Fetzer

	 
	 	 	Director	 
	 

	 	

Clay Street Properties

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 

 

  

xix

  

 

	 	
D&M Consulting Engineers, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 
	 	 	 
	 	Dames & Moore Group (NY), Inc.

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

	 	 	 
	 	

WD Global, Inc. [f.k.a. Ebasco International Corporation]

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

	 	 	 	 
	 	
Energy Overseas International, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 
	 	 
	 	
Geotesting Services, Inc.

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 

 

  

xx

  

 

	 	 	 	 
	 	
Harbert-Yeargin Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

	 	 	 	 
	 	
National Projects, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

	 	 	 	 
	 	Radian Engineering, Inc.	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 

	 	

Raytheon-Ebasco Overseas, Ltd.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

	 	 	 	 
	 	
The Leasing Corporation

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 	 	 
	 	 	 
	 	United Engineers Far East, Ltd.

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

	 	 	 

 

  

xxi

  

 

	 	

United Engineers International, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 
	 	 	 

	 	
United Mid-East, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 
	 	 
	 	
URS Architects/Engineers, Inc.

	
 

	
By: 

	/s/ Francis J. Geran	 
	 	 	

Francis J. Geran

	 
	 	 	Director	 
	 

	 	 	 	 
	 	
URS Architecture - Oregon, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

	 	 	 	 
	 	
URS Corporation Architecture, P.C.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

 

  

xxii

  

 

	 	 	 	 
	 	URS Corporation Design	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 	 
	 

	 	

URS Corporation - Maryland

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	
URS Corporation Services

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Director	 
	 	 	 
	 	 	 
	 	URS Corporation Southeast

	
 

	
By: 

	/s/ Steven R. Flukinger	 
	 	 	

Steven R. Flukinger

	 
	 	 	Director	 
	 

	 	 	 
	 	

URS-Stevenson Architecture, P.C.

	 
	
 

	
By: 

	/s/ Ronald R. Henry	 
	 	 	

Ronald R. Henry

	 
	 	 	Director	 
	 	 	 

 

  

xxiii

  

 

	 	 	 	 
	 	
Washington Architects, LLC

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Assistant Secretary	 
	 	 	 
	 	 
	 	
Washington-Catalytic, Inc.

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

	 	 	 	 
	 	
Washington Construction Corporation

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

	 	 	 	 
	 	
Targhee International LLC [f.k.a. Washington Group Argentina, Inc.]

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 

	 	 	 	 
	 	Washington Global Services, Inc.	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

  

xxiv

  

 

	 	

Washington Group Transit Management Company

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

	 	 	 	 
	 	
Washington Infrastructure Corporation

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 
	 	 	 
	 	Washington Infrastructure Services, Inc.

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

	 	 	 
	 	

Washington Ohio Services LLC

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

	 	 	 	 
	 	
Washington Quality Inspection Company

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 
	 	 

 

  

xxv

  

 

	 	
West Valley Nuclear Services Company LLC

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Sr. Vice President of Legal and Assistant Secretary	 
	 

	 	 	 	 
	 	
WGCI, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

	 	 	 	 
	 	
URS Asia, Inc. [f.k.a. WGI Asia, Inc.]

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

	 	 	 	 
	 	WGI Global Inc.	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 	 
	 

	 	

URS Global Opportunities LLC [f.k.a. WGI Global Opportunities LLC]

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

  

xxvi

  

 

	 	

WGI Industrial Services, Ltd.

	 
	
 

	
By: 

	/s/ Frank S. Finlayson	 
	 	 	

Frank S. Finlayson

	 
	 	 	Vice President and Treasurer	 
	 	 	 
	 	 	 
	 	URS Overseas Operations LLC [f.k.a. WGI Overseas Operations LLC]

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

	 	 	 
	 	

Wisconsin Power Constructors, LLC

	 
	
 

	
By: 

	/s/ Randolph J. Hill	 
	 	 	

Randolph J. Hill

	 
	 	 	Director	 
	 	 	 

	 	 	 	 
	 	
LopezGarcia Group, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 
	 	 
	 	
URS Alaska, LLC

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

 

  

xxvii

  

 

	 	

URS Federal Services, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 

	 	 	 	 
	 	
URS Federal Services International, Inc.

	 
	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 	 	 
	 	 
	 	
URS Global Holdings Inc.

	
 

	
By: 

	/s/ H. Thomas Hicks	 
	 	 	

H. Thomas Hicks

	 
	 	 	Vice President and CFO	 
	 

 

 

xxex10-58.htm

EXHIBIT 10.58

 

	
 

URS E&C HOLDINGS, INCORPORATED

RESTORATION PLAN

 

Amended and Restated Effective as of January 1, 2011

 

 

 

 

 

  

i

  

TABLE OF CONTENTS

PAGE

 

	 	 	 PAGE
	 ARTICLE I	 PURPOSE OF PLAN	 1
	 ARTICLE II 	 DEFINITIONS	 1
	 ARTICLE III	 ELIGIBILITY; RESTORATION AMOUNTS	 3
	 ARTICLE IV	 ESTABLISHMENT AND MAINTENANCE OF ACCOUNTS 	 4
	 ARTICLE V	 DISTRIBUTION OF ACCOUNTS	 4
	 ARTICLE VI 	 ADMINISTRATION	 6
	 ARTICLE VII	 BENEFICIARY DESIGNATION	 8
	 ARTICLE VIII	 AMENDMENT OR TERMINATION	 8
	 ARTICLE IX	 MISCELLANEOUS	 8

 

  

ii

  

 

ARTICLE I

 

PURPOSE OF PLAN

 

Effective as of January 1, 2003, Washington Group International, Inc. established the Washington Group International Restoration Plan, which was subsequently amended and restated on August 14, 2003 (the “Prior Plan”).  Effective as of January 1, 2009, the Prior Plan was amended and restated in order to comply with Code Section 409A and for certain other purposes.  Effective as of January 1, 2011, the Plan is further amended and restated as set forth in this document.  Amounts earned and vested as of December 31, 2004 under the Prior Plan shall remain subject to the terms and conditions of the Prior Plan.  Amounts earned or vested under this Plan or the Prior Plan after December 31, 2004 (except for interest accrued on amounts earned and vested as of December 31, 2004) shall be subject to the terms and conditions of this Plan.

 

The purpose of the Plan is to restore Company matching contributions that have been limited under a Company 401(k) Plan due to certain restrictions imposed on the compensation that may be deferred by participants in such Company 401(k) Plan.  The restoration of such Company matching contributions is accomplished by crediting a restoration account maintained under this Plan.  This Plan is intended to qualify under Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA as an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees.

 

 

ARTICLE II

 

DEFINITIONS

 

Section 2.1          Definitions.  Whenever used in this instrument the following terms shall have the following respective meanings set forth in this Section 2.1:

 

“Account” means the restoration account maintained for a Participant pursuant to Article IV.

 

“Administrative Committee” means an administrative committee designated by the Committee for the purpose of overseeing the day-to-day administration and operation of the Plan in accordance with Section 6.1.

 

“Beneficiary” means the person designated, or deemed designated, by the Participant pursuant to Article VII, who will receive payments as provided under the Plan in the event of the Participant’s death.

 

“Board” means the Board of Directors of the Plan Sponsor.

 

“Code” means the Internal Revenue Code of 1986, as amended.

 

 

  

iii

  

“Committee” means (a) the Compensation Committee, which committee shall be responsible for administering and operating the Plan in accordance with Article VI, or (b) the Administrative Committee as acting pursuant to authority delegated to it under this Plan.

 

“Company” means the Plan Sponsor and each affiliate of the Plan Sponsor.

 

“Company 401(k) Plan” means a 401(k) Plan sponsored by a Company.  As applicable with respect to a Participant, such term shall refer to the Company 401(k) Plan in which he participates.

 

“Compensation Committee” means the Compensation Committee of the Board.

 

“Deferred Compensation Plan” means the URS E&C Holdings, Incorporated Voluntary Deferred Compensation Plan, as amended and restated effective as of January 1, 2011 and as further amended from time to time.

 

“Designated Company 401(k) Plan” means a 401(k) Plan sponsored by a Company and designated by the Compensation Committee as an eligible plan for purposes of determining Participants under this Plan.

 

 “Division” means the URS Energy & Construction business of URS Corporation.

 

“Eligible 401(k) Compensation” means, with respect to a Participant, the compensation that may be deferred for a Plan Year under the Company 401(k) Plan.  However the term “Eligible 401(k) Compensation” shall not include any amounts designated by the Company as not being eligible compensation under this Plan.

 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 

“401(a)(17) Limit” means the maximum amount of annual compensation taken into account pursuant to Section 401(a)(17)(A) of the Code as in effect from time to time.

 

 “Incentive Compensation” means, with respect to a Participant, cash incentive compensation of a type that could be deferred under a Company 401(k) Plan.  However, the term “Incentive Compensation” shall not include any amounts designated by the Company as not being eligible compensation under this Plan.

 

“Participant” means an employee who has been selected for participation in this Plan pursuant to Section 3.1.  Subject to Section 3.3, once an employee of a Company becomes a Participant, he shall continue to be a Participant until the entire balance credited to his Account is paid in full in accordance with Article V

 

“Plan” means the URS E&C Holdings, Incorporated Restoration Plan, as amended and restated effective as of January 1, 2011, as set forth herein, and as further amended from time to time.

 

“Plan Sponsor” means URS Corporation and its successors and assigns.

 

  

iv

  

“Plan Year” means the calendar year.

 

“Qualifying Position” has the meaning ascribed to such term in Section 3.1(a).

 

“Separation from Service” has the meaning ascribed to such term under Code Section 409A and the final regulations thereunder.

 

Section 2.2            Rules of Construction.  Unless the context otherwise requires (i) a term shall have the meaning assigned to it in Section 2.1; (ii) all references to “Section” and “Article” shall be to sections and articles of this instrument; (iii) words in the singular shall include the plural, and vice-versa; and (iv) words in the masculine gender shall include the feminine and neuter, and vice-versa.

 

 

ARTICLE III

 

ELIGIBILITY; RESTORATION AMOUNTS

 

Section 3.1            Eligibility.

 

(a)           Requirements for Eligibility.  An employee of a Company shall become a Participant on the later of the date (i) the employee becomes a participant in a Designated Company 401(k) Plan and elects to defer the minimum percentage required in order to be eligible to receive the maximum Company 401(k) match, (ii) the employee attains a position within a Company having an “X” pay grade, as classified by the Company (any such position a “Qualifying Position”), (iii) the employee is selected for participation in this Plan as directed by the Compensation Committee or the President of the Division, and (iv) the employee is notified by the Committee of such selection.  The notice of selection shall be in such form and shall be provided in such manner as the Committee may determine.

 

(b)           Mid-Year Eligibility.  In the event an employee becomes eligible to commence participation in the Plan after the first day of a Plan Year, such employee shall commence participation on the date specified in the notice of selection sent by the Committee pursuant to Section 3.1(a).

 

(c)           Continuation of Participant Status.  Subject to Section 3.3, once an employee of a Company becomes a Participant, he shall continue to be a Participant until the entire balance credited to his Account is paid in full in accordance with Article V.

 

Section 3.2            Restoration Amount.  The Account of a Participant shall be credited pursuant to this Plan for a particular Plan Year with a percentage, equal to the actual Company match percentage, if any, for such Plan Year under the Designated Company 401(k) Plan in which he participates for such Plan Year, multiplied by the sum of following amounts for such Plan Year: (i) the amount by which the Participant’s Eligible 401(k) Compensation exceeds the 401(a)(17) Limit, (ii) the amount of the Participant’s cash incentive compensation that is not Eligible 401(k) Compensation, and (iii) the amount of compensation deferred under the Voluntary Deferred Compensation Plan (the sum of the amounts described in clauses (i), (ii) and (iii) are referred to in this Plan as the “Restoration Amount”).

 

  

v

  

Section 3.3             Termination of Crediting of Restoration Amounts.  In the event a Participant ceases to hold any Qualifying Position, no longer participates in any Designated Company 401(k) Plans, or no longer defers the minimum percentage in order to be eligible to receive a maximum Company 401(k) match under a Designated Company 401(k) Plan, the Participant shall no longer be eligible to have amounts credited to his Account under Section 3.2.  The Committee shall so notify the Participant, and the crediting of amounts under Section 3.2, as applicable, on behalf of such Participant shall cease as of the date specified in such notice.

 

Section 3.4             Post-Separation Match.  Notwithstanding Section 3.3, if (i) a Participant’s loss of eligibility pursuant to Section 3.3 is due to the Participant’s Separation from Service, and (ii) following the Participant’s Separation from Service the Committee determines that the Participant meets the eligibility requirements for a post-separation Company match contribution under the URS Corporation 401(k) Retirement Plan (or would have met such requirements if the Participant was a participant in the URS Corporation 401(k) Retirement Plan), and (iii) a Company match contribution is in fact authorized and paid under the URS Corporation 401(k) Retirement Plan for the Plan Year in which the Separation from Service occurs, then the Participant shall be eligible to receive a cash payment equal to the Company match percentage, if any, for such Plan Year under the Designated Company 401(k) Plan in which he participates for such Plan Year multiplied by the Restoration Amount earned by participant prior to the date of his or her Separation from Service, for the Plan Year in which the Separation from Service occurs (a “Post-Separation Match”).  Any such Post-Separation Match shall be not be credited to the Participant’s Account but instead shall be paid to the Participant on or prior to March 15 of the year following the Plan Year in which the Separation from Service occurs.  Any such Post-Separation Match shall not be eligible for deferral under the Plan.

 

 

ARTICLE IV

 

ESTABLISHMENT AND MAINTENANCE OF ACCOUNTS

 

Section 4.1            Establishment of Accounts.  The Committee shall establish a separate bookkeeping account for each Participant that shall be designated as the Participant’s “Account” under the Plan.  The Plan Sponsor shall credit to such Account the amounts under Section 3.2, and shall charge such Account for any distributions under the Plan with respect to the Participant or his Beneficiaries.  Unless otherwise determined by the Committee, the amounts under Section 3.2 shall be credited, on an annual basis, on the same date that the Company match under the URS Corporation 401(k) Retirement Plan is credited to the accounts of participants under such plan.

 

Section 4.2            Interest Credits.  Each Account shall be credited with interest commencing on the date the Account is established and up until the date of a Participant’s Separation from Service.  The interest rate credited for any Plan Year shall be the Moody’s Average Corporate Bond Rate for August of the immediately preceding year, and the Plan Sponsor shall notify each Participant of such rate prior to commencement of a Plan Year.  Such interest shall be credited monthly and compounded monthly.  Following a Participant’s Separation from Service, interest shall be credited at such rate and in such manner as the Administrative Committee determines is 

  

vi

  

 

consistent with the rate at which interest is credited and the manner in which interest is credited hereunder prior to such Separation from Service.

 

Section 4.3            Account Valuation; Participant Statements.  For each Plan Year or more frequently as the Committee may determine, the Committee shall provide a written statement to each Participant setting forth as of a date specified in such statement: (i) the amount credited to his Account under Section 3.2, (ii) the rate at which interest was credited to his Account and the aggregate amount of interest credited to the Account since the last such statement, and (iii) his total Account balance.

 

ARTICLE V

 

DISTRIBUTION OF ACCOUNTS

 

Section 5.1             Form and Timing of Payment.

 

(a)           Deferred Payment Date.  Not later than thirty (30) days following the date a Participant is notified of his selection by the Board under Section 3.1, he shall elect the form and timing of payment of his Account to occur following his Separation from Service.  A Participant is permitted to choose payment in the form of either a lump sum as soon as practical after his Separation from Service (a “Separation Distribution”), a lump sum as soon as practical after the end of the Plan Year in which his Separation from Service occurs (a “Year Following Separation Distribution”), annual installments over a period of five (5), ten (10) or fifteen (15) years starting as soon as practical after his Separation from Service (a “Separation Installment Distribution”), or annual installments over a period of five (5), ten (10) or fifteen (15) years starting as soon as practical after the end of the Plan Year in which his Separation from Service occurs (a “Year Following Separation Installment Distribution”); provided, however, that notwithstanding any such election, if a Participant’s Account balance is less than Fifty Thousand Dollars ($50,000) on the date of his Separation from Service, his Account shall be paid as if he had elected to receive a lump sum distribution (payable as a Separation Distribution if the Participant elected a Separation Installment Distribution, and payable as a Year Following Separation Distribution if the Participant elected a Year Following Separation Installment Distribution).  Similarly, if a Participant fails to make a payment election, his Account shall be paid as if he had elected a Separation Distribution.

 

Notwithstanding anything in the Participant’s election or in this Plan to the contrary:

 

(i)           Any amount payable pursuant to a Separation Distribution shall be paid in a lump sum during the seventh month following the Participant’s Separation from Service;

 

(ii)          Any amount payable pursuant to a Year Following Separation Distribution shall be paid during January following the year in which the Participant’s Separation from Service occurred; provided that in the event such payment would occur during the six-month period immediately following the Participant’s Separation from Service, the payment will be delayed until the seventh month following the Participant’s Separation from Service;

 

  

vii

  

(iii)           the first installment payment of any amount payable pursuant to a Separation Installment Distribution shall be paid during the seventh month following the Participant’s Separation from Service, and the remaining installments shall be paid during each subsequent January following the payment of the first installment payment, over the period elected by the Participant; and

 

(iv)           the first installment payment of any amount payable pursuant to a Year Following Separation Installment Distribution shall be paid during January following the year in which the Participant’s Separation from Service occurred; provided that in the event the first installment payment would occur during the six-month period immediately following the Participant’s Separation from Service, the payment will be delayed during the seventh month following the Participant’s Separation from Service; and, in either event, the remaining installments shall be paid during each subsequent January following the payment of the first installment payment, over the period elected by the Participant.

 

A Participant may change such elections to extend the payment date or change the form of payment; provided, however, that the new election must be submitted at least twelve (12) months prior to the Participant’s Separation from Service, must defer the commencement of payment for a period of at least five (5) years from the date such payment would otherwise have paid (or in the case of installments, five (5) years from the date the first installment was scheduled to be paid), and may not become effective less than twelve (12) months after the date on which the election is made.

 

(b)           Payment Upon Death.  Notwithstanding Section 5.1(a), in the event of the Participant’s death, any unpaid portion of the Participant’s Account shall be distributed in a lump sum to his Beneficiary(ies).  A distribution pursuant to this Section 5.1(b) shall be made as soon as practical, and not later than 60 days, after the Participant’s death.

 

Section 5.2            Committee Action.  The Compensation Committee may, in its sole and absolute discretion, accelerate the payment of all or any portion of the balance credited to a Participant’s Account in the event the Compensation Committee determines that the Plan fails to meet the requirements of Code Section 409A and the final regulations thereunder; provided that such payment may not exceed the amount required to be included in income as a result of such failure.  In no event shall any Participant have a direct or indirect election as to whether the Committee’s discretion will be exercised in such an event.

 

 

ARTICLE VI

 

ADMINISTRATION

 

Section 6.1            Authority and Duties of Administrator.  The Compensation Committee shall be responsible for administering the Plan and shall have the authority and absolute discretion to (i) determine the eligibility of employees to participate in the Plan (which authority is shared with the President of the Division), (ii) interpret, construe and make determinations under the Plan, (iii) establish such rules as may be necessary or appropriate for the administration of the Plan, (iv) maintain Accounts, books and records with respect to the Plan, (v) calculate the amount determined under Section 3.2(b), (c) or (d) and the amount of interest credited under the 

 

 

  

viii

  

 

Plan, (vi) delegate to an Administrative Committee authority to take certain actions on behalf of the Committee and to oversee the day-to-day operation of the Plan, and (iv) take such other action in the administration of the Plan as the Committee deems necessary or appropriate in furtherance hereof.  Any interpretation, construction or determination made or action taken by the Committee with respect to the Plan shall be conclusive and binding on all persons interested therein.

 

Section 6.2             Manner of Taking Action.  All actions permitted or required to be taken hereunder by a person who is an eligible employee under Section 3.1 or a Participant shall be effective only if such action is taken at the time and in the manner prescribed by the Committee and in accordance with the terms of the Plan.  All actions permitted or required to be taken hereunder by the Committee may be taken by a majority of its members at a meeting in person or by telephone, or by unanimous written consent of such members.  The Committee may delegate to any one or more of its members authority to individually take any action the Committee is authorized to take hereunder.

 

Section 6.3            Plan Expenses.  All expenses of administering the Plan shall be borne by the Company.

 

Section 6.4            Indemnification of Administrator.  To the extent permitted by law, the Plan Sponsor shall indemnify and save harmless any person serving as a member of the Compensation Committee or the Administrative Committee, or both, from claims for liability, loss or damage (including payment of expenses in connection with defense against any such claim) which result from such person’s good faith exercise or failure to exercise any responsibilities with respect to the Plan.

 

Section 6.5            Claims Procedure.

 

(a)           Benefit Claims.  A Participant (or his legal representative in the event of the Participant’s disability or his Beneficiaries in the event of the Participant’s death) may file a claim with respect to amounts asserted to be due hereunder by filing a written claim with the Committee specifying the nature of such claim in detail.  Such a claim shall not be permitted unless submitted within two years from (i) in the case of a lump sum payment, the date on which the payment was made, (ii) in the case of installment payments, the date on which the first in the series of payments was made, or (iii) in the case of all other claims, the date on which the action complained of occurred or the inaction complained of should have occurred.  The Committee shall notify the claimant within ninety (90) days as to whether the claim is allowed or denied, unless the claimant receives written notice from the Committee prior to the end of the ninety (90) day period stating that special circumstances require an extension of time for a decision on the claim, in which case the period shall be extended by an additional sixty (60) days.  Notice of the Committee’s decision shall be in writing, sent by mail to the Participant’s or Beneficiary’s last known address and, if the claim is denied, such notice shall (i) state the specific reasons for denial, (ii) refer to the specific provisions of the Plan upon which such denial is based, and (iii) describe any additional information or material necessary to perfect the claim, an explanation of why such information or material is necessary, and an explanation of the review procedure in Section 6.5(b), including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse determination on review.

 

  

ix

  

(b)           Review Procedure.  A claimant is entitled to request a review of any denial of his claim under Section 6.5(a).  The request for review must be submitted to the Committee in writing within sixty (60) days of mailing by the Committee of notice of the denial.  Absent a request for review within the sixty (60) day period, the claim shall be deemed extinguished in its entirety.  The claimant or his representative shall be entitled to submit issues and comments orally and in writing as well as other relevant documents to the Committee.  The claimant shall also be entitled to receive from the Committee, upon request and free of charge, reasonable access to and copies of all documents, records and other information relating to his claim.  The review shall be conducted by the Committee, which shall afford the claimant a hearing and which shall render a decision in writing within sixty (60) days of a request for a review, provided that, if the Committee determines prior to the end of such sixty (60) day review period that special circumstances require an extension of time for the review and decision of the denial, the period for review and decision on the denial shall be extended by an additional sixty (60) days.  The review shall take account of all comments, documents, records and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination under Section 6.5(a).  The claimant shall receive written notice of the Committee’s review decision, together with specific reasons for the decision and reference to the pertinent provisions of the Plan.  The claimant shall also be notified that, upon request and free of charge, the claimant can have reasonable access to and copies of all documents, records and other information relevant to his claim.

 

 

ARTICLE VII

 

BENEFICIARY DESIGNATION

 

A Participant may, on a form prescribed by and filed with the Committee, designate one or more Beneficiaries to receive the balance credited to the Participant’s Account, if any, in the event of the Participant’s death prior to full payment thereof.  If the designated Beneficiary is not the spouse of the Participant, the spouse must consent to the nonspousal Beneficiary designation, acknowledging his or her waiver of rights to the benefit, by providing the spouse’s notarized consent on the signature form. Such beneficiary designation may be changed by the Participant at any time without the consent of any prior Beneficiary (other than the spouse) upon receipt by the Committee of a new designation to that effect; provided, however, that no such designation shall be effective unless received by the Committee prior to the Participant’s death.  If a Participant fails to designate a Beneficiary hereunder, or if no Beneficiary survives the Participant, the Participant’s estate shall be deemed to be the Beneficiary.

 

 

ARTICLE VIII

 

AMENDMENT OR TERMINATION

 

The Compensation Committee may amend the Plan from time to time or suspend or terminate the Plan at any time; provided, however, that no amendment, suspension or termination shall reduce the Participant’s Account balance immediately prior to such amendment, suspension or termination.  In the event the Plan is suspended, payment of Accounts shall not be accelerated, and the terms of the Plan shall continue to apply until full payment thereof is made to the 

 

 

  

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Participant or Beneficiary. In the event the Plan is terminated, the balance credited to a Participant’s Account shall be paid in a lump sum; provided that (i) the Company terminates at the same time any other arrangement that would be aggregated with the Plan under Section 409A; (ii) the Company does not adopt any other arrangement that would be aggregated with the Plan under Section 409A for three (3) years; (iii) the payments upon such termination shall not commence until twelve (12) months after the date of termination (other than payments already scheduled to be made); (iv) all payments upon such termination are made within twenty-four (24) months after the date of termination; and (v) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company.

 

 

 

ARTICLE IX

 

MISCELLANEOUS

 

Section 9.1             Liability of Company; Nature of Obligation.  Nothing herein shall be deemed to constitute the creation of a trust or other fiduciary relationship between a Company and any of its employees or between a Company and any other person.  Neither the Plan Sponsor nor any Company shall be considered a trustee by reason of this Plan.  Participants, Beneficiaries and any other person who may have rights hereunder shall be mere unsecured general creditors of the Company with respect to a Participant’s Account and any amounts under Section 3.2 or interest credited hereunder, and all amounts deferred or credited to an Account shall be payable solely from the general assets of the Company.

 

Section 9.2             Right of Set-Off.  Notwithstanding any provision of the Plan to the contrary, the Plan Sponsor shall have the right to reduce and offset any payment a Participant or Beneficiary is entitled to receive hereunder by the amount of any debt or other amount owed to a Company by the Participant at the time of such payment.

 

Section 9.3             No Guarantee of Employment.  Nothing contained herein shall require the Plan Sponsor or any Company to continue the employment of any person, and the Plan Sponsor and any Company shall have the right to terminate the employment of any person at any time notwithstanding the terms of the Plan.

 

Section 9.4             Benefits Not Assignable.  The Account of a Participant and any right or interest in any Salary or Incentive Compensation deferred or interest credited hereunder shall not be subject to alienation, transfer, assignment, garnishment, execution or levy of any kind or nature, or claim for alimony or support pursuant to a divorce decree or other court order, and any attempt to accomplish the foregoing shall be null and void.

 

Section 9.5             Severability.  If any particular provision of the Plan shall be found by final judgment of a court or administrative tribunal of competent jurisdiction to be illegal, invalid or unenforceable, such illegal, invalid or unenforceable provision shall not affect any other provision of the Plan and the other provisions of the Plan shall remain in full force and effect.

 

Section 9.6              Tax Withholding.  Any amounts payable hereunder shall be subject to all applicable federal, state and local tax withholding.

 

  

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Section 9.7              Headings.  The headings of the several Articles and Sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms of the provisions hereof.

 

Section 9.8               Governing Law.  To the extent not subject to ERISA, the Plan shall be governed by and construed and enforced in accordance with the laws of the State of Idaho, without regard to conflicts of laws principles thereof.

 

IN WITNESS WHEREOF, the undersigned has adopted this Amended and Restated Plan on the date noted hereunder, to be effective as of January 1, 2011.

 

 

URS CORPORATION

 

 

	 	Company Name	 
	 	 	 	 
	
Date: __________________, ____

	
By: 

	/s/ Tom Zarges	 
	 	 	Tom Zarges	 
	 	 	President - Washington E&C Holdings, Inc.	 
	 	 	 	 

xii

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