Document:

1st Amendment to 2001 PS Plan

BMC INDUSTRIES, INC.

SAVINGS AND PROFIT SHARING PLAN

2001 REVISION

 

First Declaration of Amendment

 

 

Pursuant to the retained power of amendment contained in Section 11.2
of the BMC Industries, Inc. Savings and Profit Sharing Plan - 2001 Revision,
the undersigned hereby amends the Plan by adding a new Exhibit A thereto in the
form attached hereto.

 

The foregoing
amendment is effective as of December 31, 2001.

 

IN WITNESS
WHEREOF, the undersigned
has caused this instrument to be executed this 26th day of December,
2001.

 

 

                                                                                    BMC
INDUSTRIES, INC.

 

Attest:  /s/Jon A. Dobson                                            By:  /s/Bradley D. Carlson

            Secretary                                                         Its:  Treasurer

 

 

BMC INDUSTRIES, INC.

SAVINGS AND PROFIT SHARING PLAN

2001 REVISION

 

EXHIBIT A

 

Special Provisions Applicable
to

Vision-Ease Lens Azusa, Inc.
and Buckbee-Mears Cortland in 2001

 

Pursuant to Section 14.1(f), this Exhibit A sets forth special
provisions of the Plan applicable only to an Active Participant in the Plan who
is a Qualified Employee of Vision-Eae Lens Azusa, Inc. or Buckbee-Mears
Cortland, a unit of BMC Industries, Inc. and classified by the Participating
Employer as being on an unpaid leave of absence on December 31, 2001 (a
"Vision-Ease Lens Azusa/Buckbee-Mears Cortland Participant").

 

	
 Notwithstanding
     Section 3.3(a)(i), a Vision-Ease Lens Azusa/Buckbee-Mears Cortland
     Participant will be eligible to share in the Participating Employer's
     Matching Contribution for the calendar quarter ending on December 31, 2001
     pursuant to the provisions set forth in Section 3.3(a).

	
 Notwithstanding
     Section 3.3(b)(i), a Vision-Ease Lens Azusa/Buckbee-Mears Cortland
     Participant, will be eligible to share in the Participating Employer's
     Matching Contribution (if any) for the Plan Year ending on December 31,
     2001 pursuant to the provisions set forth in Section 3.3(b).

	
 Notwithstanding
     Section 3.4(b)(i), a Vision-Ease Lens Azusa/Buckbee-Mears Cortland
     Participant who completed at least 1000 Hours of Service during the Plan
     Year ending on December 31, 2001, will be eligible to share in the Participating
     Employer's Profit Sharing Contribution for the Plan Year ending on
     December 31, 2001 pursuant to the provisions set forth in Section 3.4(b).2nd Amend to 2001 PS Plan

   

BMC
INDUSTRIES, INC.

SAVINGS
AND PROFIT SHARING PLAN

2001
revision

 

Second Declaration of Amendment

 

Pursuant to the retained power of amendment contained in
Section 11.2 of the BMC Industries, Inc. Savings and Profit Sharing Plan - 2001
Revision, the undersigned hereby amends the Plan as described below:

 

1.              
Section 3.3 of the Plan is amended effective January 1, 2002,
to read as follows:

"3.3     Matching Contributions.  

 

(a)       Subject to Subsections (b) and (d) and
the limitations described in Article 9, the Participating Employer of an
eligible Active Participant will make a Matching Contribution on behalf of the
Active Participant for a calendar quarter in an amount equal to:

  

(i)        100 percent of the amount of the Active
Participant's 401(k) Contributions for each calendar quarter up to three
percent of the Participant's Eligible Earnings for such calendar quarter, and

 

(ii)      
50 percent of the amount of the Active Participant's 401(k) Contributions for
each calendar quarter that exceeds three percent of the Active Participant's
Eligible Earnings for such calendar quarter and that does not exceed five
percent of the Active Participant's Eligible Earnings for such calendar quarter.

  

It is intended that such Matching
Contributions will be used by the Participating Employer to satisfy the safe
harbor provisions of Code sections 401(k)(12) and 401(m)(11).

 

(b)       To be eligible to share in the
Participating Employer's Matching Contribution for a given calendar quarter, a
Participant must have, on or before the last day of the calendar quarter,
entered the Plan as a Participant for the purposes of having Matching
Contributions made on his or her behalf, received Eligible Earnings for the
calendar quarter from the Participating Employer and made 401(k) Contributions.

 

(c)       A Participating Employer's Matching
Contributions for a Plan Year will be paid to the Trustee on such date or dates
during or following such Plan Year as the Participating Employer may elect but
in no case more than 12 months after the end of the Plan Year.  A Participating Employer's Matching
Contributions for a calendar quarter that are used to satisfy the safe harbor
provisions of Code sections 401(k)(12) and 401(m)(11) will be paid to the
Trustee no later than the last day of the following calendar quarter.

 

(d)       No Matching Contribution will be made
with respect to any portion of a Participant's 401(k) Contributions returned to
the Participant pursuant to Article 9. 
For this purpose, 401(k) Contributions with respect to which no Matching
Contributions are made for a Plan Year will be deemed to be the first such
contributions returned to the Participant. 
If the Administrator determines that Matching Contributions that have
been added to a Participant's Account should not have been added by reason of
this subsection, the contributions, increased by Fund earnings or decreased by
Fund losses attributable to the contributions, as determined under Section 9.5,
will be subtracted from the Account as soon as administratively practicable
after the determination is made and will be applied to satisfy the contribution
obligations of the Participating Employer that made the excess contributions
for the Plan Year for which the excess contributions were made.  If, because of the passage of time, the
excess cannot be applied in this way, the excess will be allocated, in the
discretion of the Administrator:

  

(i)        among the Matching Contribution Accounts
of all Participants who made 401(k) Contributions for the Plan Year as
Qualified Employees of the Participating Employer in proportion to such 401(k)
Contributions up to six percent of Eligible Earnings; or 

 

(ii)       as a corrective contribution pursuant to
Section 3.6.

  

(e)       Notwithstanding any other provision of
this section to the contrary, a Participant covered by a collective bargaining
agreement between his or her bargaining representative and a Participating
Employer is eligible for Matching Contributions only if and to the extent
provided in the collective bargaining agreement.

 

(f)        No Matching Contributions will be made
with respect to After-Tax Contributions."

2.              
Section 3.4(a) of the Plan is amended effective January 1,
2002, to read as follows:

"(a)      Each Participating Employer may make a
Profit Sharing Contribution for a Plan Year on behalf of a Participant who has
satisfied the eligibility conditions specified in Subsection (b) for a Plan
Year in an amount (if any) equal to the sum of:

  

(i)        a percentage (if any) determined by the
Participating Employer's Board for the Plan Year of the aggregate Eligible
Earnings for the Plan Year of all Participants eligible to share in the
contribution for the Plan Year plus

 

(ii)       an additional amount, if any, separately
determined by the Participating Employer's Board for each of its Participating
Business Units based on the annual profit performance of each Participating
Business Unit."

  

3.              
Section 3.4(c) of the Plan is amended effective January 1,
2002, to read as follows:

"(c)      Subject to the limitations described in
Article 9, a Participating Employer's Profit Sharing Contribution for a Plan
Year will be allocated among the Profit Sharing Contribution Accounts of
Participants who have satisfied the eligibility conditions under Subsection (b)
for the Plan Year as follows:

  

(i)        The Participating Employer's
contribution described in Subsection (a)(i) will be allocated to each eligible
Participant as follows:

    

(1)       a dollar amount equal to 5.7% of the sum
of each Participant's Eligible Earnings plus his or her Excess Eligible
Earnings; or

 

(2)       if the Employer contribution is less than
the amount in Clause (1) above, then each eligible Participant will be
allocated a share of the Participating Employer's Profit Sharing Contribution
in the same proportion that the sum of such Participant's Eligible Earnings
plus his or her Excess Eligible Earnings for the Plan Year bears to the sum of
the Eligible Earnings plus Excess Eligible Earnings of all such eligible
Participants; or

 

(3)       any remaining contribution will be
allocated among eligible Participants in the same proportion that each
Participant's Eligible Earnings for the Plan Year bears to the total amount of
all eligible Participants' Eligible Earnings for that Plan Year.

    

(ii)       The Participating Employer's contribution
described in Subsection (a)(ii) with respect to a given Participating Business
Unit will be allocated to each eligible Participant who received Eligible
Earnings for the Plan Year with respect to services for the Participating
Business Unit (other than administrative services with respect to which he or
she is included in the Corporate Participating Business Unit unless the
contribution relates to the Corporate Participating Business Unit) in the same
manner as under Subsection (c)(i) provided the allocations under this
Subsection (c)(ii) are determined after aggregating the contributions allocated
under (c)(i) to those participants who are eligible to receive an allocation
under this Subsection (c)(ii) and the contributions to be allocated hereunder."

  

4.              
Section 4.1(a)(iii) of the Plan is amended effective January
1, 2002, to read as follows:

"(iii)    A Matching Contribution Account, which will
include the balance of his or her employer contribution account under prior
provisions of the Plan and to which there will be added any Matching
Contributions made on the Participant's behalf, together with a subaccount
established and maintained for a Participant in connection with any Matching
Contributions made pursuant to Section 3.3(a) that are used to satisfy the
designed-based safe harbor alternative described in Code section 401(k)(12)
and/or the designed-based safe harbor alternative described in Code section
401(m)(11), as provided under Sections 9.2, 9.3, and 9.4;"

5.              
Section 5.1 of the Plan is amended effective February 1, 2002,
to read as follows:

"5.1     Establishment
of Investment Funds.

(a)       In order to allow each Participant to
determine the manner in which his or her Accounts will be invested, the Trustee
will maintain, within the Trust, an investment fund designated as the BMC
Common Stock Fund and three or more separate investment funds of such nature
and possessing such characteristics as the Committee may specify from time to
time.  Subject to Section 5.4(b), each
Participant's Accounts will be invested in the investment funds in the
proportions directed by the Participant in accordance with the procedures set
forth in Sections 5.2 and 5.3.  The
Committee may, from time to time, direct the Trustee to establish additional
investment funds or to terminate any existing investment fund.

 

(b)       Notwithstanding any other provision of
the Plan to the contrary, the Committee may direct the Trustee to suspend
Participant investment activity (including such activity in connection with the
withdrawals, loans and distributions) in any or all investment funds, or impose
special rules or restrictions of uniform application, for a period determined
by the Committee to be necessary in connection with:

  

(i)        the establishment or termination of any
investment fund;

 

(ii)       the receipt by the Trustee from, or
transfer by the Trustee to, another trust of account balances in connection
with an acquisition or divestiture or otherwise;

 

(iii)      a change of Trustee, investment manager or
recordkeeper; or

 

(iv)      such other circumstances determined by the
Committee as making such suspension or special rules or restrictions necessary
or appropriate."

  

6.              
Section 5.4 of the Plan is amended effective February 1, 2002,
to read as follows:

"5.4     BMC
Common Stock Fund.

(a)       The Trustee will establish, as one of the
investment funds under Section 5.1, a fund, designated as the BMC Common Stock
Fund, which will be invested in shares of Company Stock except for such amounts
of cash as the Committee determines to be necessary to satisfy short-term
liquidity requirements and cash held pending acquisition of shares of Company
Stock.

 

(b)       Subject to Subsection (c), all amounts
credited to a Participant's Matching Contribution Account prior to January 1,
2002 will be invested only in the BMC Common Stock Fund.

 

(c)       Notwithstanding Subsection (b) -

  

(i)        Not more than once each calendar
quarter, a Participant who has attained age 55 may elect to transfer all or any
portion of his or her Matching Contribution Account from the BMC Common Stock
Fund to one or more of the investment funds maintained pursuant to Section 5.1
other than the BMC Common Stock Fund.  The
election must be made in accordance with and is subject to Plan Rules and will
be effective as soon as administratively practicable after it is received by
the Administrator or the Administrator's designate.

 

(ii)       Not more than once each calendar quarter,
a Participant who is an Employee and is not eligible to make directions
pursuant to Subsection (c)(i) may elect to transfer up to 25 percent of his or
her Matching Contribution Account from the BMC Common Stock Fund to one or more
of the investment funds maintained pursuant to Section 5.1 other than the BMC
Common Stock Fund.  A Participant may
only make an election pursuant to this Subsection (c)(ii) if the portion of
the  Participant's Matching Contribution
Account, excluding the Matching Contribution subaccount established pursuant to
Section 4.1(a)(iii),invested in the
BMC Common Stock Fund equals or exceeds 20 percent of the aggregate balance of
the Participant's 401(k) Contribution Account, Matching Contribution Account,
After-Tax Contribution Account and Rollover Account.  The election must be made in accordance with and is subject to
Plan Rules and will be effective as soon as administratively practicable after
it is received by the Administrator or the Administrator's designate.

  

(d)       The
BMC Qualified Benefits Plan Committee will direct the manner in which the
shares of Company Stock represented by Participants' interests in the BMC
Common Stock Fund will be voted in connection with any action at which holders
of Company Stock are entitled to vote. 
In the event of a public tender or exchange offer for shares of Company
Stock, the BMC Qualified Benefits Plan Committee will direct whether or not the
shares of Company Stock represented by the Participants' interests in the BMC
Common Stock Fund will be tendered or exchanged.

 

(e)       A
Participant who is subject to the reporting requirements of section 16 of the
Securities Exchange Act of 1934 (the "Exchange Act") with respect to
Company Stock may elect to make a transfer pursuant to Section 5.3, a withdrawal
or plan loan pursuant to Article 6, a distribution pursuant to Article 8or any other "discretionary
transaction," as that term is defined under the Exchange Act, from the
portion of his or her Account invested in Company Stock only if both of the following
conditions are satisfied.

  

(i)        The
election to make such transfer or application for the withdrawal or
distribution must be made within the period between the third and twelfth days,
inclusive, following the Company's release of its quarterly or annual financial
data in the manner described in Rule 16b-3(e)(1)(ii) of the Exchange Act.  Such election or application will be given
effect at the same time as would other elections or applications made at the
same time.

 

(ii)       Such
Participant has not made any election to transfer any portion of his or her
Account balance from Company Stock or received a withdrawal or distribution
from the portion of his or her Account invested in Company Stock within the
six-month period immediately preceding the date on which such election is made."

  

7.              
Section 7.1 of the Plan is amended effective January 1, 2002,
to read as follows:

"7.1     Vesting.  

(a)       A Participant always has a fully vested
nonforfeitable interest in his or her 401(k) Contribution Account, After-Tax
Contribution Account, Matching Contribution Account, Rollover Account, Profit
Sharing Plan Rollover Account and in the portion of his or her Profit Sharing
Contribution Account credited to a subaccount described in Section 3.6.

 

(b)       A Participant will acquire a fully vested
nonforfeitable interest in the portion of his or her Profit Sharing
Contribution Account not described in Subsection (a) upon attaining his or her
Normal Retirement Date while he or she is, or before he or she became, an
Employee.

 

(c)       A Participant will acquire a fully vested
nonforfeitable interest in the portion of his Profit Sharing Contribution
Account not described in Subsection (a) if he or she dies or becomes Disabled
while he or she is an Employee.

 

(d)       A Participant will acquire a fully vested
nonforfeitable interest in the portion of his or her Profit Sharing Account not
described in Subsection (a) upon the Participant's Termination of Employment
following the Participant's attainment of age 60 if the sum of his or her age
and full years of Vesting Service is at least 65.

 

(e)       A Participant will acquire a fully vested
nonforfeitable interest in the portion of his or her Profit Sharing
Contribution Account not described in Subsection (a) if the Affiliated
Organization, Participating Business Unit, business unit, location or division
at which the Participant is employed, permanently ceases operations or is sold
or otherwise transferred through sale of stock or of business and assets, in
such manner that it no longer is, or is no longer owned by, an Affiliated
Organization.

(f)        A Participant will acquire a fully
vested nonforfeitable interest in the portion of his or her Profit Sharing
Contribution Account not described in Subsection (a) upon a Change in Control
with respect to the Company, which for purposes of this subsection means any of
the following:

  

(i)        The sale, lease, exchange, or other
transfer of all or substantially all of the assets of the Company, in one
transaction or in a series of related transactions, to any Person;

 

(ii)       The approval by the stock holders of the
Company of any plan or proposal for the liquidation or dissolution of the
Company;

 

(iii)      Any Person is or becomes the "beneficial
owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of 50 percent or more of the combined voting power of the Company's
outstanding securities ordinarily having the right to vote at elections of
directors;

 

(iv)      Individuals who constitute the Company's
Board of Directors on January 1, 1998 (the "Incumbent Board") cease
for any reason to constitute at least a majority thereof, provided that any
person becoming a director subsequent to January 1, 1998 whose election, or
nomination for election, by the Company's stockholders, was approved by a vote
of at least a majority of the directors comprising the Incumbent Board (either
by a specific vote or by approval of the proxy statement of the Company in
which such person is named as a nominee for director, without objection to such
nomination) will, for purposes of this clause (iv), be deemed to be a member of
the Incumbent Board; or

  

  

(v)       A change in control of a nature that is
determined by independent legal counsel to the Company to be required to be
reported (assuming such event has not been "previously reported") in
response to Item 1(a) of the Current Report on Form 8-K, as in effect on
January 1, 1994, pursuant to section 13 or 15(d) of the Exchange Act, whether
or not the Company is then subject to such reporting requirement.

  

For purposes of applying the
foregoing, the term "Person" means and includes any individual,
corporation, partnership, group, association or other "person," as
such term is used in section 14(d) of the Exchange Act, other than the Company,
a wholly-owned subsidiary of the Company or any employee benefit plan(s)
sponsored by the Company or a wholly-owned subsidiary of the Company.

(g)       A Participant whose Profit Sharing
Contribution Account is not otherwise fully vested will acquire a vested
nonforfeitable interest in the portion of his or her Profit Sharing
Contribution Account not described in Subsection (a) to the extent provided in
the following schedule:

  

	
  

  Full Years of Vesting Service

   

  Less than Five Years

  Five or More Years

  	
  Vested

  Interest

  
  0%

  100 %"

  

  

 

8.              
Section 7.2 of the Plan is amended effective January 1, 2002,
to read as follows:

"7.2     Forfeiture
Upon Distribution.

(a)       If a Participant receives a distribution
of the entire vested balance of his or her Accounts after Termination of
Employment and before he or she incurs five consecutive One-Year Breaks in
Service, the nonvested portions of the Participant's Profit Sharing
Contribution Account will, at the time of such distribution, be forfeited.  A Participant who has no vested interest in
his or her Profit Sharing Contribution Account when he or she terminates
employment will be deemed to have received a distribution of the entire vested
balance of the Account at the time of his or her Termination of Employment.

 

(b)       If a Participant described in Subsection
(a) received a distribution of less than the entire balance of his or her
Accounts, resumes employment as a Qualified Employee and repays to the Trustee
the full amount distributed, other than the portion of the distribution
attributable to his or her After-Tax Contribution Account, Rollover Account and
Profit Sharing Plan Rollover Account balances, before the earlier of (1) five
years following the date of reemployment as a Qualified Employee or (2) the
date on which he or she incurs five consecutive One-Year Breaks in Service
following the distribution, then, the amount of any forfeitures will be
restored to the Participant's Profit Sharing Contribution Account, unadjusted
for interest or any change in value occurring after the distribution.  Such restoration will be made from
forfeitures that arise for the Plan Year for which such restoration is to be
made.  To the extent such forfeitures
are insufficient for such purpose, the Participating Employer with whom the
Participant was last employed as a Qualified Employee will contribute the amount
required to restore the Account.  A
Participant described in the last sentence of Subsection (a) who is reemployed
before incurring five consecutive One-Year Breaks in Service following the date
of his or her Termination of Employment will be deemed to have repaid his or
her deemed distribution upon his or her reemployment as a Qualified Employee."

9.              
Section 7.3 of the Plan is amended effective January 1, 2002,
to read as follows:

"7.3     Other
Forfeitures.

(a)       Except as provided in Section 7.2, the
nonvested portions of a Participant's Profit Sharing Contribution Account will
continue to be held in a separate subaccount of such Account until the
Participant incurs five consecutive One-Year Breaks in Service, at which time
the subaccount balance will be forfeited. 
If the Participant resumes employment with an Affiliated Organization
prior to incurring five consecutive One-Year Breaks in Service, such subaccount
will be disregarded and its balance will be included in the Profit Sharing
Contribution Account.

 

(b)       A Participant's vested interest in his or
her Profit Sharing Contribution Account balance following a resumption of
employment in accordance with Subsection (a) at any given time will not be less
than the amount "X" determined by the formula: X = P(AB + (R x D)) -
(R x D), where P is the Participant's vested percentage at the time of
determination; AB is the Account balance at the time of determination; D is the
amount of the distribution; and R is the ratio of the Account balance at the
time of determination, to the subaccount balance immediately following the
distribution."

10.           
Section 8.1(a)(v) of the Plan is amended effective February 1,
2002, to read as follows:

"(v)      All distributions will be made in the form
of a check drawn on the Trust and, if applicable, a canceled note evidencing
any Plan loan; provided, that if the vested portion of the Account balance of a
Participant or Beneficiary of a deceased Participant is credited with the
equivalent of at least 10 full shares of Company Stock, at the election of the
Participant or Beneficiary, distribution of the vested portion of the Account
balance invested in the BMC Common Stock Fund may be distributed in full shares
of Company Stock and cash in lieu of any fractional share."

11.           
Section 9.2(a) of the Plan is amended effective January 1,
2002, to read as follows:

"(a)      For each Plan Year that the designed-based
safe harbor alternative described in Code section 401(k)(12) has not been
satisfied, the Plan must satisfy the requirements of Code section 401(k)(3)."

12.           
Section 9.2 of the Plan is amended effective January 1, 2002,
by adding a new Subsection (g) that reads as follows:

"(g)      It is intended that the Plan will satisfy
the design-based safe harbor alternative described in Code section 401(k)(12)
to satisfy the Code section 401(k) nondiscrimination test."

13.           
Section 9.3(a) of the Plan is amended effective January 1,
2002, to read as follows:

"(a)      For each Plan Year that the designed-based
safe harbor alternative described in Code section 401(m)(11) has not been
satisfied, the Plan must satisfy the requirements of Code section 401(m)(2)."

14.           
Section 9.3 of the Plan is amended effective January 1, 2002,
by adding a new Subsection (g) that reads as follows:

"(g)      It is intended that the Plan will satisfy
the design-based safe harbor alternative described in Code section 401(m)(11)
to satisfy the Code section 401(m) nondiscrimination test.  Notwithstanding the foregoing, After-Tax
Contributions made by Participants will satisfy the nondiscrimination tests
described in Section 9.3(a)."

 

IN WITNESS
WHEREOF, the undersigned has caused this instrument to be executed this
26th day of December, 2001.

 

                                                                                    BMC
INDUSTRIES, INC.

 

Attest:/s/Jon A. Dobson                                                By: 
/s/Bradley D. Carlson

            Secretary                                                          Its:
Treasurer

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