Document:

exv10w5

Exhibit 10.5

MINIMUM DISTRIBUTION REQUIREMENTS

AMENDMENT TO THE

WORTHINGTON INDUSTRIES, INC.

DEFERRED PROFIT SHARING PLAN

ARTICLE I

GENERAL RULES

	1.1	 	Effective Date. The provisions of this Amendment will apply for purposes of
determining required minimum distributions for calendar years beginning with the 2002 calendar
year.

	1.2	 	Coordination with Minimum Distribution Requirements Previously in Effect. Required
minimum distributions for 2002 under this Amendment will be determined as follows. If the
total amount of 2002 required minimum distributions under the Plan made to the distributee
prior to the effective date of this Amendment equals or exceeds the required minimum
distributions determined under this Amendment, then no additional distributions will be
required to be made for 2002 on or after such date to the distributee. If the total amount of
2002 required minimum distributions under the Plan made to the distributee prior to the
effective date of this Amendment is less than the amount determined under this Amendment, then
required minimum distributions for 2002 on and after such date will be determined so that the
total amount of required minimum distributions for 2002 made to the distributee will be the
amount determined under this Amendment.

	1.3	 	Precedence. The requirements of this Amendment will take precedence over any
inconsistent provisions of the Plan.

	1.4	 	Requirements of Treasury Regulations Incorporated. All distributions required under
this Amendment will be determined and made in accordance with the Treasury regulations under
Section 401(a)(9) of the Internal Revenue Code.

	1.5	 	TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this
Amendment, distributions may be made under a designation made before January 1, 1984, in
accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and
the provisions of the Plan that relate to Section 242(b)(2) of TEFRA.

 

 

ARTICLE II

TIME AND MANNER OF DISTRIBUTION

	2.1	 	Required Beginning Date. A Participant’s entire interest will be distributed, or
begin to be distributed, to the Participant no later than the Participant’s Required Beginning
Date.

	2.2	 	Death of Participant Before Distributions Begin. If the Participant dies before
distributions begin, the Participant’s entire interest will be distributed, or begin to be
distributed, no later than as follows:

(a) If the Participant’s surviving spouse is the Participant’s sole designated
beneficiary, then, except as provided in Article VI, distributions to the surviving
spouse will begin by December 31 of the calendar year immediately following the
calendar year in which the Participant died, or by December 31 of the calendar year
in which the Participant would have attained age 701/2, if later.

(b) If the Participant’s surviving spouse is not the Participant’s sole designated
beneficiary, then, except as provided in Article VI, distributions to the
designated beneficiary will begin by December 31 of the calendar year immediately
following the calendar year in which the Participant died.

(c) If there is no designated beneficiary as of September 30 of the year following
the year of the Participant’s death, the Participant’s entire interest will be
distributed by December 31 of the calendar year containing the fifth anniversary of
the Participant’s death.

(d) If the Participant’s surviving spouse is the Participant’s sole designated
beneficiary and the surviving spouse dies after the Participant but before
distributions to the surviving spouse begin, this Section 2.2, other than Section
2.2(a), will apply as if the surviving spouse were the Participant.

For purposes of this Section 2.2 and Article IV, unless Section 2.2(d) applies,
distributions are considered to begin on the Participant’s Required Beginning Date. If
Section 2.2(d) applies, distributions are considered to begin on the date distributions are
required to begin to the surviving spouse under Section 2.2(a). If distributions under an
annuity purchased from an insurance company (to the extent permitted by the Plan)
irrevocably commence to the Participant before the Participant’s Required Beginning Date
[or to the Participant’s surviving spouse before the date distributions are required to
begin to the surviving spouse under Section 2.2(a)], the date distributions are considered
to begin is the date distributions actually commence.

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	2.3	 	Forms of Distribution. Unless the Participant’s interest is distributed in the form
of an annuity purchased from an insurance company (but only to the extent permitted by the
provisions of the Plan other than this amendment) or in a single sum on or before the Required
Beginning Date, as of the first distribution calendar year, distributions will be made in
accordance with Articles 3 and 4 of this Amendment. If the Participant’s interest is
distributed in the form of an annuity purchased from an insurance company, distributions
thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code
and the Treasury regulations.

ARTICLE III

REQUIRED MINIMUM DISTRIBUTIONS DURING PARTICIPANT’S LIFETIME

	3.1	 	Amount of Required Minimum Distribution for Each Distribution Calendar Year. During
the Participant’s lifetime, the minimum amount that will be distributed for each distribution
calendar year is the lesser of:
	 
	 	 	(a) the quotient obtained by dividing the Participant’s account balance by the distribution
period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury
regulations, using the Participant’s age as of the Participant’s birthday in the
distribution calendar year; or
	 
	 	 	(b) if the Participant’s sole designated beneficiary for the distribution calendar year is
the Participant’s spouse, the quotient obtained by dividing the Participant’s account
balance by the number in the Joint and Last Survivor Table set forth in Section
1.401(a)(9)-9 of the Treasury regulations, using the Participant’s and spouse’s attained
ages as of the Participant’s and spouse’s birthdays in the distribution calendar year.
	 
	3.2	 	Lifetime Required Minimum Distributions Continue Through Year of Participant’s Death.
Required minimum distributions will be determined under this Article 3 beginning with the
first distribution calendar year and up to and including the distribution calendar year that
includes the Participant’s date of death.

ARTICLE IV

REQUIRED MINIMUM DISTRIBUTIONS AFTER PARTICIPANT’S DEATH

	4.1	 	Death On or After Date Distributions Begin.
	 
	 	 	(a) Participant Survived by Designated Beneficiary. If the Participant dies on or
after the date distributions begin and there is a designated beneficiary, the minimum
amount that will be distributed for each distribution calendar year after

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	 	 	the year of the Participant’s death is the quotient obtained by dividing the Participant’s
account balance by the longer of the remaining life expectancy of the Participant or the
remaining life expectancy of the Participant’s designated beneficiary, determined as
follows:

(1) The Participant’s remaining life expectancy is calculated using the age of the
Participant in the year of death, reduced by one for each subsequent year.

(2) If the Participant’s surviving spouse is the Participant’s sole designated
beneficiary, the remaining life expectancy of the surviving spouse is calculated
for each distribution calendar year after the year of the Participant’s death using
the surviving spouse’s age as of the spouse’s birthday in that year. For
distribution calendar years after the year of the surviving spouse’s death, the
remaining life expectancy of the surviving spouse is calculated using the age of
the surviving spouse as of the spouse’s birthday in the calendar year of the
spouse’s death, reduced by one for each subsequent calendar year.

(3) If the Participant’s surviving spouse is not the Participant’s sole designated
beneficiary, the designated beneficiary’s remaining life expectancy is calculated
using the age of the beneficiary in the year following the year of the
Participant’s death, reduced by one for each subsequent year.

	 	 	(b) No Designated Beneficiary. If the Participant dies on or after the date
distributions begin and there is no designated beneficiary as of September 30 of the year
after the year of the Participant’s death, the minimum amount that will be distributed for
each distribution calendar year after the year of the Participant’s death is the quotient
obtained by dividing the Participant’s account balance by the Participant’s remaining life
expectancy calculated using the age of the Participant in the year of death, reduced by one
for each subsequent year.
	 
	4.2	 	Death Before Date Distributions Begin.
	 
	 	 	(a) Participant Survived by Designated Beneficiary. Except as provided in Article
VI, if the Participant dies before the date distributions begin and there is a designated
beneficiary, the minimum amount that will be distributed for each distribution calendar
year after the year of the Participant’s death is the quotient obtained by dividing the
Participant’s account balance by the remaining life expectancy of the Participant’s
designated beneficiary, determined as provided in Section 4.1.
	 
	 	 	(b) No Designated Beneficiary. If the Participant dies before the date
distributions begin and there is no designated beneficiary as of September 30 of the year
following the year of the Participant’s death, distribution of the

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	 	 	Participant’s entire interest will be completed by December 31 of the calendar year
containing the fifth anniversary of the Participant’s death.

(c) Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to
Begin. If the Participant dies before the date distributions begin, the Participant’s
surviving spouse is the Participant’s sole designated beneficiary, and the surviving spouse
dies before distributions are required to begin to the surviving spouse under Section
2.2(a), this Section 4.2 will apply as if the surviving spouse were the Participant.

ARTICLE V

DEFINITIONS

	5.1	 	Designated beneficiary. The individual who is designated as the Beneficiary under
the Plan and is the designated beneficiary under Section 401(a)(9) of the Internal Revenue
Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

	5.2	 	Distribution calendar year. A calendar year for which a minimum distribution is
required. For distributions beginning before the Participant’s death, the first distribution
calendar year is the calendar year immediately preceding the calendar year which contains the
Participant’s Required Beginning Date. For distributions beginning after the Participant’s
death, the first distribution calendar year is the calendar year in which distributions are
required to begin under Section 2.2. The required minimum distribution for the Participant’s
first distribution calendar year will be made on or before the Participant’s Required
Beginning Date. The required minimum distribution for other distribution calendar years,
including the required minimum distribution for the distribution calendar year in which the
Participant’s Required Beginning Date occurs, will be made on or before December 31 of that
distribution calendar year.

	5.3	 	Life expectancy. Life expectancy as computed by use of the Single Life Table in
Section 1.401(a)(9)-9 of the Treasury regulations.

	5.4	 	Participant’s account balance. The account balance as of the last valuation date in
the calendar year immediately preceding the distribution calendar year (valuation calendar
year) increased by the amount of any contributions made and allocated or forfeitures allocated
to the account balance as of dates in the valuation calendar year after the valuation date and
decreased by distributions made in the valuation calendar year after the valuation date. The
account balance for the valuation calendar year includes any amounts rolled over or
transferred to the Plan either in the valuation calendar year or in the distribution calendar
year if distributed or transferred in the valuation calendar year.

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	5.5	 	Required Beginning Date. “Required Beginning Date” means, for a Participant who is
not a 5% Owner, the April 1 of the calendar year following the later of (i) the calendar year
in which the Participant attains age 701/2; or (ii) the calendar year in which the Participant
retires. The Required Beginning Date of a Participant who is a 5% Owner means the April 1 of
the calendar year following the calendar year in which the Participant attains age 701/2.
Notwithstanding the provisions of this paragraph, distribution may also be made to a
Participant in accordance with a valid election made by the Participant pursuant to Section
242(b)(2) of the Tax Equity and Fiscal Responsibility Act of 1982

ARTICLE VI

ELECTION

	6.1	 	Election to Apply 5-Year Rule to Distributions to Designated Beneficiaries. If the
Participant dies before distributions begin and there is a designated beneficiary, distribution to
the designated beneficiary is not required to begin by Section 2.2, but the Participant’s entire
interest will in all cases be distributed to the designated beneficiary by December 31 of the
calendar year containing the fifth anniversary of the Participant’s death if the Plan provides
solely for lump sum distributions or installment distributions over a period not greater than over
5 years.

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     This amendment has been executed this 23rd day of December, 2003.

	 	 	 	 	 
	 	WORTHINGTON INDUSTRIES, INC.

 	 
	 	By:  	/s/ John S. Christie
 	 
	 	 	Print Name:  	 John S. Christie 	 
	 	 	Title:  	President 	 
	 

7exv10w6

Exhibit 10.6

THIRD AMENDMENT TO THE

WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN

     WHEREAS, Worthington Industries, Inc. (the “Company”) has adopted the Worthington
Industries, Inc. Deferred Profit Sharing Plan (the “Plan”); and

     WHEREAS, the Plan provides that it may be amended from time to time; and

     WHEREAS, the Plan has been amended and restated to comply with the Economic Growth &
Tax Relief Reconciliation Act of 2001 (“EGTRRA”); to comply with the final Treasury
regulations under Section 401(a)(9) of the Internal Revenue Code of 1986, as amended; and
by a First and Second Amendment; and

     WHEREAS, the Company desires to amend the Plan in order to comply with Code Section
401(a)(31)(B) and applicable regulations thereunder, and for certain other reasons;

	 	 	NOW, THEREFORE, the Plan is amended as follows:

     1. The following shall be added to Section 14.2 at the end thereof:

In addition, effective for distributions from the Plan on and after March 28,
2005, if the value of a terminated Participant’s Account is more than $1,000
but not more than $5,000, such Participant shall be provided with a written
notice informing the Participant that if he or she does not either (a) elect
to receive a cash payment from the Plan of his or her entire Account, or (b)
elect to roll over his or her entire Account in accordance with Section 14.5
of the Plan, then the value of the terminated Participant’s entire Account
will be rolled over into an Individual Retirement Account selected by the
Company. The Company shall select the Individual Retirement Account to which
the rollover will be made and shall transfer the affected Participant’s
Account to the IRA in accordance with Employee Benefits Security
Administration Regulation 2550.404a-2, and applicable guidance thereunder.

     2. Section 2 shall be deleted in its entirety and shall be restated effective January 1,
2005 as follows:

          Section 2. Employer Contribution.

     2.1. Regular Employer Profit Sharing Contributions. Effective
January 1, 2005, the Employer shall contribute an amount equal to 3 percent
of an eligible Participant’s Compensation (including profit sharing
compensation), or such greater or lesser amount as the Employer in its
discretion shall determine. The Employer, subject to the right to terminate
or amend this Plan, may also

 

 

contribute and pay to the Trustee a share of the net profits of the Employer. The
amount of such share of the profits of the Employer to be paid to the Trustee shall
be set from time to time by the Employer.

     Notwithstanding the foregoing, for any Plan Year during which the notification
of a safe-harbor plan described in Section 9.4 is provided to Participants, the
Employer shall make an additional contribution necessary to provide for the minimum
allocation set forth in the last paragraph of Section 8.1.

     2.2. Allocation of Employer Contributions. Employer contributions
made pursuant to Section 2.1 hereof shall be allocated as provided in Section 8
hereof and shall be referred to as Regular Employer Contributions.

     2.3. Vesting. All Regular Employer Contributions shall be credited to
their Regular Employer Contribution Accounts and (as adjusted by fund increases
or decreases pursuant to Section 8) shall be fully vested and nonforfeitable at
all times.

     3. Section 8.1 shall be deleted in its entirety and shall be restated effective January 1,
2005, as follows.

     8.1. Allocation of Regular Employer Contributions. A Participant who
satisfied the eligibility requirements for Regular Employer Contributions shall be
eligible to receive a Regular Employer Contribution for a month provided that he is
credited with at least 1,000 Hours of Service during the 12-month period ending on
the last day of a preceding month. Such Regular Employer Contribution shall be
contributed to the Plan’s Trust for each period in which such Participant is paid a
salary or is credited with profit sharing compensation. Additional profit sharing
contributions shall be allocated to eligible Participants who are employed on the
last day of the Plan Year.

     In addition, to the extent that during the Plan Year the Plan is a safe-harbor
plan, a minimum allocation equal to the difference between (a) the allocation of
Regular Employer Contributions made for the benefit of an eligible Participant for
the Plan Year and (b) 3% of such eligible Participant’s Compensation earned during
the Plan Year (excluding Compensation earned prior to satisfying the eligibility
requirements for Regular Employer Contributions set forth in Section 1.1) shall be
made to the Plan’s Trust. To the extent such minimum allocation is required to be
made, the allocation date for such contributions shall be the last day of the Plan
Year and such contributions shall be made to the Plan by the Employer not later
than a reasonable time after such Plan Year end.

     4. The following shall be added to Section 8.4 of the EGTRRA Amendment,
effective on and after January 1, 2005, as follows.

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A Participant shall be eligible to receive a Matching Contribution for a month
provided that he is credited with at least 1,000 Hours of Service during the
12-month period ending on the last day of a preceding month.

          IN WITNESS WHEREOF, this amendment shall be effective as of the date set forth above.

	 	 	 	 	 
	 	WORTHINGTON INDUSTRIES, INC.
 	 
	 	By:  	/s/ Dale T. Brinkman 	 
	 	 	Name (Print): 	DALE T. BRINKMAN 
	 	 	Title:  	VICE PRESIDENT 	 
	 

Date: 12/15/05

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