Document:

Exhibit 10.1(aj)

 

FIFTH AMENDMENT

TO

THE
SAUER-DANFOSS

EMPLOYEES’ SAVINGS PLAN

(Formerly the Sauer-Sundstrand Employees’ Savings

and Retirement Plan, As Amended and Restated,

Effective January 1, 1997

and Renamed As of January 1, 2001)

 

By virtue and in exercise of
the amending power reserved to Sauer Danfoss Company (the “Company”) by
subsection 14.1 of the Sauer-Danfoss Employees’ Savings Plan (formerly, the
Sauer-Sundstrand Employees’ Savings and Retirement Plan), Amended and Restated
as of January 1, 1997 and Renamed as of January 1, 2001 (the “Plan” and pursuant to the authority delegated
to the undersigned officer of the Company by the Employe  Benefit Committee of the Company, the Plan
is hereby amended, effective as of January 1, 2001, in the following
particulars:

 

1.                                       By substituting the following for the
parenthetical phrase in the first paragraph of Section 1.8 of the Plan: 

 

“(including any amounts that
are excluded from the Participant’s taxable income pursuant to Sections, 125,
402(g)(3), and effective January 1, 2001, Section 132(f)(4)of the Code.)”

 

2.                                       By deleting the second paragraph of Section
6.3(e)(ii) of the Plan and replacing it with the following:

 

“Notwithstanding the
foregoing, effective January 1, 1998, a Participant’s Section 415 Compensation
shall also include elective deferrals, as defined in Sections 402(g)(3) and 125
of the Code. Effective, January 1, 2001, a Participant’s Section 415
Compensation shall also include amounts excluded from income under Section
132(f)(4) of the Code.”

 

IN WITNESS WHEREOF, the above amendment is adopted this 25th day of February,
2002.

 

 

	
   

  	
  SAUER
  DANFOSS (US) COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth P. McCuskey

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Vice President FinanceExhibit 10.1 (ak)

 

AMENDMENT NUMBER 6

TO

THE SAUER-DANFOSS EMPLOYEES’

SAVINGS PLAN

(As Amended and Restated Effective January 1, 1997)

 

By virtue and
in exercise of the amending power reserved to Sauer-Danfoss (US) Company (the
“Company”) by Section 14.1 of Sauer-Danfoss Employees’ Savings Plan as amended
and restated effective January 1, 1997 (the “Plan”) and pursuant to the
authority delegated to the undersigned officer of the Company by the Employee
Benefits Committee of the Company, the Plan is hereby amends and, effective as
of January 1, 2002, by adding the following sentence to Section 13.5 of the
Plan to follow immediately after paragraph (e) thereof:

 

“The Plan
Benefit Committee may designate certain transactions to be effected through a
telephonic or other electronic medium, in which case notice shall be given, or
an election shall be made, when the required information is properly entered by
the Participant in the telephonic or electronic system, and an application
shall be deemed approved, where necessary, when amounts are disbursed to the
Participant or Beneficiary in accordance with such system.”

 

IN WITNESS
WHEREOF, the Company has authorized the execution on its behalf this Amendment
Number 6, this 24 day of July,
2002.

 

 

	
   

  	
  SAUER
  DANFOSS (US) COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth P. McCuskey

  	
   

  
	
   

  	
   

  	
  Kenneth P. McCuskey

  
	
   

  	
   

  	
  Vice President FinanceExhibit 10.1 (al)

 

AMENDMENT NUMBER 7

TO THE

SAUER-DANFOSS EMPLOYEES’

SAVINGS PLAN

(As Amended and Restated Effective January 1, 1997)

 

By virtue and
in exercise of the amending power reserved to Sauer-Danfoss (US) Company (the
“Company”) by Section 14.1 of Sauer-Danfoss Employees’ Savings Plan as amended
and restated effective January 1, 1997 (the “Plan”) and pursuant to the
authority delegated to the undersigned officer of the Company by the Employee
Benefits Committee of the Company, the Plan is hereby amended and, effective as
of February 1, 2003, by adding the following new Section A-10 to follow
immediately after Section A-9 of the Appendix A entitled “Application of the
Economic Growth and Tax Relief Reconciliation Act of 2001:”

 

“A-10. Catch-up
Contributions.    All Employees who
are eligible to make elective deferrals under the Plan and who have attained
age 50 before the close of the Plan Year shall be eligible to make “Catch-up
Contributions” in accordance with, and subject to the limitations of, Section
4l4(v) of the Code. Such Catch-up Contributions shall not be taken into account
for purposes of the provisions of the Plan implementing the required
limitations of Sections 402(g) and 415 of the Code or for purposes of the
Matching Contribution provisions of Section 5.1(b) of the Plan. The Plan shall
not be treated as failing to satisfy the provisions of the plan implementing
the requirements of Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416
of the Code, as applicable, by reason of the making of such Catch-up
Contributions.”

 

IN WITNESS
WHEREOF, the Company has authorized the execution on its behalf this Amendment
Number 7, this 20th day of January, 2003.

 

 

	
   

  	
  SAUER
  DANFOSS (US) COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth D. McCuskey

  	
   

  
	
   

  	
   

  	
  Kenneth D. McCuskey

  
	
   

  	
   

  	
  Vice President FinanceExhibit 10.1 (am)

 

AMENDMENT NUMBER EIGHT

TO

THE SAUER-DANFOSS EMPLOYEES’ SAVINGS PLAN

(As Amended and Restated Effective January 1, 1997)

 

WHEREAS, Sauer-Danfoss (US) Company (formerly known as Sauer-Danfoss, Inc. and
Sauer-Sundstrand Company) (the “Company”) sponsors the Sauer-Danfoss Employees’
Savings Plan (As Amended and Restated Effective January 1, 1997) (the “Plan”);

 

WHEREAS, the Board of Directors of the Company (the “Board”), pursuant to
Section 14.1 of the Plan, reserved the right to amend the Plan at any time;

 

WHEREAS, the Board now deems it desirable to amend the Plan; and

 

NOW, THEREFORE, pursuant to the authority in Section 14.1 of the Plan, the Company
hereby amends the Plan as follows, effective as of the dates set forth below:

 

1.             Section 3.1 of the Plan is hereby amended, effective as
of January 1, 2002, by deleting the last sentence thereof and inserting the
following new sentence in its place:

 

‘‘Notwithstanding any other
provision of this Plan, Employees who accrue any benefit under the final
average pay benefit formula under the Sauer-Danfoss Employee’s Retirement Plan
(rather than the new cash balance formula which became effective January 1,
2001 under Appendix D of that plan) after December 31, 2000 shall not be eligible to receive Employer and
Matching Contributions under Section 5.1; provided, however, if an Employee did
accrue a benefit under the final average pay benefit formula after December 31,
2000 under the Employee’s Retirement Plan but due to such Employee’s
termination of employment and subsequent reemployment by the Company the
Employee is required to be automatically covered under the cash balance formula
of the Employee’s Retirement Plan following his or her reemployment by the
Company, then upon the Employee’s reemployment, such Employee shall again be
eligible to receive Employer and Matching Contributions under Section 5.1.”

 

2.             Section 5.11 of the Plan is hereby amended, effective as
of January 1, 2001, in its entirety to read as follows:

 

“5.1.       Employer
and Matching Contributions, With respect to each Participant eligible under Section 3.1 to
receive Employer and Matching Contributions, the Employer shall contribute to
the Trust Fund during the Plan Year:

 

(a)                                  An “Employer Contribution” in an amount equal
to two percent (2%) of the Compensation earned by such Participant (while a
Participant) during such Plan Year; plus

 

(b)                                 A “Matching Contribution” in an amount equal
to fifty percent (50%) of the Participant Contribution of each such Participant
under Section 5.2, provided that in no event will a Matching Contribution to
any such

 

 

Participant exceed two
percent (2%) of such Participant’s Compensation for such Plan Year.

 

Employer and Matching
Contributions shall be subject to the limitations described in Article VI.”

 

IN WITNESS WHEREOF, the Company has authorized the execution on its behalf of this
Amendment Number Eight this 24th day of January, 2003.

 

 

	
   

  	
  SAUER-DANFOSS (US) COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth D. McCuskey

  	
   

  
	
   

  	
   

  	
  Kenneth D. McCuskey

  	
   

  
	
   

  	
   

  	
  Vice President, Finance

  	
   

  

 

2Exhibit 10.1 (an)

 

AMENDMENT
NUMBER 9

TO THE

SAUER-DANFOSS EMPLOYEES’

SAVINGS PLAN

(As Amended and Restated Effective January 1, 1997)

 

By virtue and in exercise of
the amending power reserved to Sauer-Danfoss (US) Company (the “Company”) by
Section 14.1 of Sauer-Danfoss Employees’ Savings Plan as amended and restated
effective January 1, 1997 (the “Plan”) and pursuant to the authority delegated
to the undersigned officer of the Company by the Employee Benefits Committee of
the Company, the Plan is hereby amended, effective as of January 1, 2003, as
follows:

 

1.                                       The Plan is amended by deleting the last two
sentences in Section 12.8(b) of the Plan, which begin “All distribution” and
“Any Plan provisions.”

 

2.                                       The Plan is amended by deleting Section
12.8(f) in its entirety and substituting the following 12.8(f) in its place:

 

“(f)                              If a Participant dies before distribution of
his interest has begun, distribution of his entire interest shall be completed
by December 31 of the calendar year containing the fifth anniversary of his
death. However, if a portion of the Participant’s interest is to be paid to a
Beneficiary designated by him, that portion may, if the other provisions of
this Plan so provide, be distributed over the life or life expectancy of the
Beneficiary. In that case, distribution must begin not later than December 31
of the calendar year following the calendar year of the Participant’s death. If
the Beneficiary is the Participant’s surviving spouse, and other provisions of
the Plan so provide, distribution need not begin until December 31 of the
calendar year in which the Participant would have attained age 70l/2.
If the surviving Spouse dies before distribution to her begins, then for
purposes of the requirements of this and the preceding subsections (concerning
the latest date a distribution may begin and the longest period of time over
which payments may be made), the surviving spouse shall be treated as if she
were the Participant.”

 

3.                                       The Plan is amended by adding the following
new Section I2.8(g):

 

“(g)                           Notwithstanding any provision of the Plan to
the contrary, with respect to distributions under the Plan for calendar years
beginning on or after January 1, 2003, the Plan will apply the minimum
distribution requirements of Section 401(a)(9) of the Code in accordance with
the final regulations under Section 401(a)(9) of the Code that were published
in the Federal Register on April 17, 2002 and in accordance with revenue
rulings, notices and other guidance published in the Internal Revenue Bulletin
reflecting Section 401(a)(9) of the Code. In addition, any distribution
required under the incidental death benefit rule of Section 401(a)(9)(G) of the
Code shall be treated as a distribution required under this paragraph.”

 

 

IN WITNESS
WHEREOF, the Company has authorized the execution on its behalf this Amendment
Number 9, this 18th day of December, 2003.

 

 

	
   

  	
  SAUER DANFOSS (US) COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James T.
  Remus

  	
   

  
	
   

  	
   

  	
  James T.
  Remus

  	
   

  
	
   

  	
   

  	
  Director -
  Global Compensation and Benefits

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