Document:

Exhibit 4.9.13.1

 

EXECUTION VERSION

 

AMENDMENT NO. 1 (this “Amendment”) dated as of January 30,
2009, to the AMENDED AND RESTATED MASTER EXCHANGE AGREEMENT dated as of January 26,
2007 (the “Master Exchange Agreement”), among THE HERTZ CORPORATION, a
Delaware corporation (“Hertz”), HERTZ VEHICLE FINANCING LLC, a special
purpose limited liability company established under the laws of Delaware (“HVF”),
HERTZ GENERAL INTEREST LLC, a Delaware limited liability company (“HGI”),
HERTZ CAR EXCHANGE INC., a Delaware corporation (the “QI”) and DB
SERVICES TENNESSEE, INC., a Delaware corporation (“Deutsche Bank”).

 

WITNESSETH:

 

WHEREAS, HVF, HGI, Hertz, the QI and Deutsche Bank
desire to amend the Master Exchange Agreement as herein set forth.

 

WHEREAS, Section 8.03 of
the Master Exchange Agreement permits the Master Exchange Agreement to be
amended by written instrument executed by all parties thereto upon satisfaction
of the Rating Agency Condition with respect to each Series of Notes
Outstanding;

 

WHEREAS, Section 8.7(b) of the Second Amended and
Restated Base Indenture, dated as of August 1, 2006, between HVF and The Bank
of New York Mellon Trust Company, N.A., a national banking association (as
successor to BNY Midwest Trust Company, an Illinois trust company), as trustee
(together with its successors in trust thereunder as provided in the Base
Indenture, the “Trustee”) (as amended, modified or supplemented as of
the date hereof, exclusive of Series Supplements, the “Base Indenture”)
requires that HVF obtain the written consent of the Trustee, acting at the
direction of the Requisite Investors, prior to effecting any amendment to a
Related Document;

 

WHEREAS, pursuant to Section
6.06 of the Second Amended and Restated Series 2004-1 Supplement to the Base
Indenture, dated as of August 1, 2006, between HVF and the Trustee (as amended,
modified or supplemented as of the date hereof the “Series 2004-1 Supplement”),
MBIA Insurance Corporation (“MBIA”) is deemed to be the holder of 100%
of the Series 2004-1 Notes for the purpose of giving direction to the Trustee
pursuant to the Base Indenture;

 

WHEREAS, pursuant to Section 6.6
of the Amended and Restated Series 2005-1 Supplement to the Base Indenture,
dated as of August 1, 2006, between HVF and the Trustee (as amended, modified
or supplemented as of the date hereof, the “Series 2005-1 Supplement”),
MBIA is deemed to be the holder of 100% of the Class A Notes relating to the
Series 2005-1 Supplement for the purpose of giving direction to the Trustee
pursuant to the Base Indenture;

 

WHEREAS, pursuant to Section 6.6
of the Amended and Restated Series 2005-2 Supplement  to the Base Indenture, dated as of August 1,
2006, between HVF and the Trustee (as amended, modified or supplemented as of
the date hereof, the “Series

 

 

2005-2
Supplement”), Ambac
Assurance Corporation (“Ambac”) is deemed to be the holder of 100% of
the Class A Notes relating to the Series 2005-2 Supplement for the
purpose of giving direction to the Trustee pursuant to the Base Indenture;

 

WHEREAS, pursuant to Section 7.7
of the Amended and Restated Series 2005-3 Supplement to the Base Indenture,
dated as of August 1, 2006, between HVF and the Trustee (as amended, modified
or supplemented as of the date hereof, the “Series 2005-3 Supplement”),
Ambac is deemed to be the holder of 100% of the Class A Notes relating to the
Series 2005-3 Supplement for the purpose of giving direction to the Trustee
pursuant to the Base Indenture;

 

WHEREAS, pursuant to Section 7.7
of the Amended and Restated Series 2005-4 Supplement to the Base Indenture,
dated as of August 1, 2006, between HVF and the Trustee (as amended, modified
or supplemented as of the date hereof, the “Series 2005-4 Supplement”),
MBIA is deemed to be the holder of the 100% of the Class A Notes relating to
the Series 2005-4 Supplement for the purpose of giving direction to the Trustee
pursuant to the Base Indenture;

 

WHEREAS, Section 8.01(b) of the
Series 2008-1 Note Purchase Agreement relating to the Amended and Restated
Series 2008-1 Supplement to the Base Indenture, dated as of September 12, 2008,
between HVF and the Trustee (as amended, modified or supplemented as of the
date hereof, the “Series 2008-1 Supplement” and, together with the
Series 2004-1 Supplement, the Series 2005-1 Supplement, the Series 2005-2 Supplement,
the Series 2005-3 Supplement and the Series 2005-4 Supplement, the “Series
Supplements” or each a “Series Supplement”), provides that HVF and
Hertz will not enter into certain amendments to any Series 2008-1 Related
Document unless such amendment is consented to by Series 2008-1 Noteholders
holding more than 50% of the Series 2008-1 Principal Amount, such amendment is
in writing and made in accordance with the terms of the Base Indenture and the
applicable Series 2008-1 Related Document and the Series 2008-1 Rating
Condition is satisfied in respect of such amendment;

 

WHEREAS, in connection with this
Amendment, the Rating Agency Condition has been satisfied with respect to each Series of
Notes Outstanding;

 

NOW, THEREFORE, based upon the mutual promises and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned,
intending to be legally bound, hereby agree as follows:

 

AGREEMENTS

 

1.  Defined
Terms.  All capitalized terms not
otherwise defined herein shall have the meanings assigned thereto in the Master
Exchange Agreement or, if not defined therein, the Base Indenture or the
applicable Series Supplement.

 

 

2.  Trustee
Direction.  By agreeing, acknowledging
and consenting to this Amendment  Ambac
(as deemed holder of the Class A Notes relating to the Series 2005-2
Supplement and the Class A Notes relating to the Series 2005-3
Supplement), MBIA (as deemed holder of the Series 2004-1 Notes, the Class A
Notes relating to the Series 2005-1 Supplement and the Class A Notes
relating to the Series 2005-4 Supplement) and the Series 2008-1
Noteholders, together constituting the Requisite Investors, hereby direct the
Trustee to consent in writing to this Amendment.

 

3.  Amendments
to the Master Exchange Agreement.

 

(a) The definition
of “Owner” shall be deleted in its entirety and replaced with the following:

 

(i) ““Owner” shall mean DB Services
Tennessee, Inc., or any other entity that acquires all of the issued and
outstanding shares of the QI pursuant to Section 6.10 hereof.”

 

(b) The definition
of “QI Parent Downgrade Event” shall be deleted in its entirety and replaced
with the following:

 

(i) ““QI Parent Downgrade Event” shall
mean, on any date of determination, either (i) Deutsche Bank AG (or any
entity that becomes the ultimate parent of the QI) shall have a short-term
credit rating of below “A-1” from S&P or below “P-1” from Moody’s or (ii) if
at any time Deutsche Bank AG (or any entity that becomes the ultimate parent of
the QI) does not have a short-term credit rating, Deutsche Bank AG (or any
entity that is a successor to Deutsche Bank AG as the ultimate parent of the
QI) shall have a long-term credit rating of below “AA-” from S&P or below “Aa3”
from Moody’s.”

 

(c) The number “ten
(10)” in Section 2.10 of the Master Exchange Agreement shall be deleted
and replaced with the number “seven (7)”.

 

4.  Effectiveness.  This Amendment shall be effective as of the
date hereof upon delivery of executed signature pages by all parties
hereto; provided, that if the QI fails to amend the definition of
“Independent Director” in each of its certificate of incorporation and its
by-laws within thirty (30) days of the date hereof so that each such definition
refers to the ultimate parent of the QI (as of the date of any such amendment)
in lieu of “JPMorgan Chase Bank, N.A.”, then this Amendment shall cease to be
of any further force and effect on the fifth Business Day after written notice
of such failure is given to each of Hertz and HVF by Ambac, MBIA or Series 2008-1 Noteholders holding more than 50% of the Series 2008-1
Principal Amount.  Each of the parties hereto hereby agrees that
the sole effect of such failure shall be the termination of the effectiveness
of this Amendment (if such notice is provided), and that no other remedy at law
or in equity shall be available to any party hereto as a result of such
failure; provided, that, for the avoidance of doubt, no

 

 

party
hereto waives any consequence that may arise under the Master Exchange
Agreement or any other Related Document if this amendment is no longer
effective or ceases to be in existence or if the QI fails to amend the
definition of “Independent Director” in its certificate of incorporation and/or
its by-laws.

 

5.  Reference to and Effect on the Master
Exchange Agreement; Ratification.

 

(a) Except as
specifically amended above, the Master Exchange Agreement is and shall continue
to be in full force and effect and is hereby ratified and confirmed in all
respects.

 

(b) The
execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of any party hereto under the Master
Exchange Agreement, or constitute a waiver of any provision of any other
agreement.

 

(c) Upon the
effectiveness hereof, each reference in the Master Exchange Agreement to “Master
Exchange Agreement”, “hereto”, “hereunder”, “hereof” or words of like import
referring to the Master Exchange Agreement, and each reference in any other
Related Document to “the Master Exchange Agreement”, “thereto”, “thereof”, “thereunder”
or words of like import referring to the Master Exchange Agreement, shall mean
and be a reference to the Master Exchange Agreement as amended hereby.

 

6.  Counterparts;
Facsimile Signature.  This Amendment
may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same instrument.  Any signature page to this Amendment
containing a manual signature may be delivered by facsimile transmission or
other electronic communication device capable of transmitting or creating a
printable written record, and when so delivered shall have the effect of delivery
of an original manually signed signature page.

 

7.  Governing Law.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

 

8.  Headings.  The descriptive headings of the various
sections of this Amendment are inserted for convenience of reference only and
shall not be deemed to affect the meaning or construction of any of the
provisions thereof.

 

9.  Severability.  The failure or unenforceability of any
provision hereof shall not affect the other provisions of this Amendment.  Whenever possible each provision of this
Amendment shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Amendment shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Amendment.

 

 

10.  Interpretation.  Whenever the context and construction so
require, all words used in the singular number herein shall be deemed to have
been used in the plural, and vice versa, and the masculine gender shall include
the feminine and neuter and the neuter shall include the masculine and
feminine.

 

 

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

 

	
   

  	
  THE HERTZ CORPORATION

  
	
   

  	
   

  
	
   

  	
  by:

  	
  /s/ R. Scott Massengill

  
	
   

  	
   

  	
        Name:

  	
  R. Scott Massengill

  
	
   

  	
   

  	
        Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTZ VEHICLE FINANCING LLC

  
	
   

  	
   

  
	
   

  	
  by:

  	
  /s/ R. Scott Massengill

  
	
   

  	
   

  	
        Name:

  	
  R. Scott Massengill

  
	
   

  	
   

  	
        Title:

  	
  VP and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HERTZ GENERAL INTEREST LLC

  
	
   

  	
   

  
	
   

  	
  by:

  	
  /s/ R. Scott Massengill

  
	
   

  	
   

  	
        Name:

  	
  R. Scott Massengill

  
	
   

  	
   

  	
        Title:

  	
  VP and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HERTZ CAR EXCHANGE INC.

  
	
   

  	
   

  
	
   

  	
  by:

  	
  /s/ Daniel Feehan

  
	
   

  	
   

  	
        Name:

  	
  Daniel Feehan

  
	
   

  	
   

  	
        Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  by:

  	
  /s/ Vickie Chaplin

  
	
   

  	
   

  	
        Name:

  	
  Vickie Chaplin

  
	
   

  	
   

  	
        Title:

  	
  Associate

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  DB SERVICES TENNESSEE, INC.

  
	
   

  	
   

  
	
   

  	
  by:

  	
  /s/ Alec Singh

  
	
   

  	
   

  	
        Name:

  	
  Alec Singh

  
	
   

  	
   

  	
        Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  by:

  	
  /s/ Joe Kemble

  
	
   

  	
   

  	
        Name:

  	
  Joe Kemble

  
	
   

  	
   

  	
        Title:

  	
  Vice President

  

 

 

AGREED, ACKNOWLEDGED AND
CONSENTED:

 

 

AMBAC ASSURANCE CORPORATION,

 

 

	
  By:

  	
  /s/ Anthony
  Nocera

  	
   

  
	
  Name:

  	
  Anthony Nocera

  
	
  Title:

  	
  First Vice
  President

  

 

 

MBIA INSURANCE
CORPORATION

 

 

	
  By:

  	
  /s/ Brian J.
  Cooney

  	
   

  
	
  Name:

  	
  Brian J. Cooney

  
	
  Title:

  	
  Director

  

 

 

THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., as successor

to BNY MIDWEST TRUST COMPANY,

as Trustee

 

	
  By:

  	
  /s/ John D. Ask

  	
   

  
	
  Name:

  	
  John D. Ask

  	
   

  
	
  Title:

  	
  Assistant Treasurer

  	
   

  
				

 

 

SHEFFIELD RECEIVABLES CORPORATION,

as a Conduit Investor

 

 

By: Barclays Bank PLC, as Attorney-in-Fact

 

 

	
  By:

  	
  /s/ Jason D. Muncy

  	
   

  
	
  Name:

  	
  Jason D. Muncy

  	
   

  
	
  Title:

  	
  Associate Director

  	
   

  
				

 

 

SHEFFIELD RECEIVABLES CORPORATION,

as a Committed Note Purchaser

 

 

By: Barclays Bank PLC, as Attorney-in-Fact

 

 

	
  By:

  	
  /s/ Jason D. Muncy

  	
   

  
	
  Name:

  	
  Jason D. Muncy

  	
   

  
	
  Title:

  	
  Associate Director

  	
   

  
				

 

 

BARCLAYS BANK PLC., as a Funding Agent

 

 

	
  By:

  	
  /s/ Jeffrey Goldberg

  	
   

  
	
  Name:

  	
  Jeffrey Goldberg

  	
   

  
	
  Title:

  	
  Associate Director

  	
   

  
				

 

 

Representing 36.36% of
the Series 2008-1 Notes

 

 

NANTUCKET FUNDING CORP., LLC,

as a Conduit Investor

 

 

	
  By:

  	
  /s/ Philip A. Martone

  	
   

  
	
  Name:

  	
  Philip A. Martone

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
				

 

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Committed Note Purchaser

 

 

	
  By:

  	
  /s/ Daniel Gerber

  	
   

  
	
  Name:

  	
  Daniel Gerber

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
				

 

	
  By:

  	
  /s/ Robert Sheldon

  	
   

  
	
  Name:

  	
  Robert Sheldon

  	
   

  
	
  Title:

  	
  Director

  	
   

  
				

 

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Funding Agent

 

 

	
  By:

  	
  /s/ Daniel Gerber

  	
   

  
	
  Name:

  	
  Daniel Gerber

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
				

 

	
  By:

  	
  /s/ Robert Sheldon

  	
   

  
	
  Name:

  	
  Robert Sheldon

  	
   

  
	
  Title:

  	
  Director

  	
   

  
				

 

 

Representing 36.36%
of the Series 2008-1 Notes

 

 

MERRILL LYNCH MORTGAGE CAPITAL INC.,

as a Committed Note Purchaser

 

 

	
  By:

  	
  /s/ Joseph Magnus

  	
   

  
	
  Name:

  	
  Joseph Magnus

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
				

 

 

MERRILL LYNCH MORTGAGE CAPITAL INC.,

as a Funding Agent

 

 

	
  By:

  	
  /s/ Joseph Magnus

  	
   

  
	
  Name:

  	
  Joseph Magnus

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
				

 

 

Representing 27.27%
of the Series 2008-1 NotesExhibit 10.7

 

AMENDMENT OF

THE HERTZ CORPORATION

SUPPLEMENTAL RETIREMENT AND
SAVINGS PLAN

(as amended effective as of December 31,
2008)

 

The Hertz Corporation
Supplemental Retirement and Savings Plan (the “Plan”), effective as of July 1,
1987 and including amendments through July 6, 1995, is hereby further
amended as follows, effective as of January 1, 2005.

 

The purpose of this
Amendment to the Plan is to conform the Plan to the requirements of Section 409A
of the Internal Revenue Code with respect to the Post-2004 Retirement Benefit,
and the provisions of this Amendment shall apply only to the Post-2004
Retirement Benefit.  This Amendment has
no force or effect with respect to benefits other than the Post-2004 Retirement
Benefit, and shall not constitute a material modification of the Plan, as in
effect on October 3, 2004, with respect to the Grandfathered Retirement
Benefit.  The Grandfathered Retirement
Benefit shall continue to be payable in accordance with the Plan as in effect
prior to this Amendment including, if applicable, by reference to the
provisions of The Hertz Corporation Account Balance Defined Benefit Plan (the “Retirement
Plan”).

 

For purposes of this
Amendment, (i) the “Post-2004 Retirement Benefit” means the portion
of the supplemental retirement benefit determined under Section 3 of the
Plan which is in excess of the Grandfathered Retirement Benefit, and (ii) the
“Grandfathered Retirement Benefit” means the present value of the amount to
which a Participant would have been entitled under Section 3 of the Plan if
the Participant voluntarily terminated his services without cause on December 31,
2004, and received a payment of his Supplemental Retirement Benefit under the
Plan on the earliest possible date allowed under the Plan to receive a payment
of benefits following the termination of services, and received the benefits in
the form with the maximum value, in the 

 

 

case of clause (ii), as
determined under Treas. Reg. § 1.409A-6(a)(3) and as permitted to be
increased under such regulation following December 31, 2004.

 

1.                                       A new Article 3A (“Distribution of
Supplemental Retirement Benefits Accrued or Vested after December 31, 2004”)
is added after Article 3 (“Supplemental Retirement Benefits”) to read as
follows:

 

ARTICLE 3A. – DISTRIBUTION OF THE POST-2004
RETIREMENT BENEFIT

 

3A.1                       If no election is made in accordance with
Section 3A.2, the Post-2004 Retirement Benefit shall be paid in a lump sum
within 90 days following the later of the Participant’s attainment of age 55 or
his separation from service.

 

3A.2                       If the Participant, subject to Sections
3A.3 and 3A.4, so elects in writing and in accordance with such rules and
procedures as established by the Committee, his Post-2004 Retirement Benefit
will be distributed as follows:

 

(a)                                  on the date selected by the Participant
for payments to be made (or commence), but not earlier than the later of his
attainment of age 55 or his separation from service, nor later than the April 1st of the calendar year immediately following the
calendar year in which he attains age 701⁄2; and

 

(b)                                 in the form of any option available under
the Retirement Plan that the Participant selects.

 

Such election must be made by December 31,
2005.  Any Participant who fails to make
a timely election under this Section 3A.2 will be deemed to have elected
the time and method of payment specified in Section 3A.1.

 

A Participant who made a timely election under this Section 3A.2,
or whose time and method of distribution is determined pursuant to Section 3A.1,
may elect to delay the date 

 

2

 

of distribution to another date permitted under (a) above
or change the form of distribution to another form permitted under (b) above
(such election, a “Subsequent Deferral Election”), provided that:

 

(c)                                  such election will not take effect until
at least 12 months after the date on which the election is made;

 

(d)                                 such election must be made not less than 12
months prior to the date on which payment of such distribution would otherwise
have been made or commenced (in the absence of such election); and

 

(e)                                  the payment (commencement) date chosen
must be not less than five years after the date that the distribution would
have otherwise been made (or commenced).

 

Such Subsequent Deferral Election must be made in the
manner specified by the Committee and in accordance with the subsequent
deferral and anti-acceleration provisions of Internal Revenue Code Section 409A(a)(4)(C) and
related regulations.  A Participant’s
election among actuarially equivalent annuity forms available under the Plan
(determined as permitted under the regulations promulgated under Section 409A)
prior to the commencement date shall not be treated as a Subsequent Deferral
Election and shall instead be immediately effective.  In no event shall a Participant’s Subsequent
Deferral Election result in a change to the time and method of distribution of
benefits to the Participant under the Company’s Benefit Equalization Plan or
Supplemental Executive Retirement Plan, or the amount of the Participant’s
Grandfathered Benefit.

 

3A.3                       Notwithstanding any other provision of
the Plan to the contrary, if at the time a Participant separates from service
he is a “specified employee” of the Company, as 

 

3

 

defined in Section 409A(a)(2)(B) and related regulations,
payment to him of his Post-2004 Retirement Benefit cannot commence (or be paid)
until the latest of:

 

(i)                                     the lapse of six months following his
separation from service (the “Six-Month Delay”);

 

(ii)                                  his attainment of age 55; or

 

(iii)                               the date selected under Section 3A.2(a).

 

To give effect to the Six Month Delay, all payments otherwise payable
to the Participant during such six-month period shall be retained by the
Company and shall be paid within 30 days following the expiration of such
six-month period.

 

3A.4                       Notwithstanding anything in this Plan or
the Retirement Plan to the contrary, in the event of the Participant’s death,
the Participant’s Post-2004 Retirement Benefit shall be paid to the Participant’s
Beneficiary under the Retirement Plan in the form of a lump sum distribution within
90 days following the Participant’s death.

 

2.                                       [intentionally omitted]

 

3.                                       A new Article 7A (“Compliance
Actions with Respect to Benefits Accrued or Vested after December 31, 2004
and Satisfaction of Obligation”) is added after Article 7 (“Amendment and
Termination”) to read as follows:

 

ARTICLE 7A. – COMPLIANCE ACTIONS WITH RESPECT TO THE
POST-2004 RETIREMENT BENEFIT AND SATISFACTION OF OBLIGATION

 

7A.1                       With respect to the Post-2004 Retirement Benefit,
references herein to a Participant’s “separation from service” or “termination
of employment” (and corollary terms) with the Company shall be construed to
refer to a Participant’s “separation from service” (as determined under Treas.
Reg. Section 1.409A-1(h), as uniformly applied by 

 

4

 

the Company) with the Company. 
For avoidance of doubt, whenever a provision under this Plan specifies a
payment period with reference to a number of days, the actual date of payment
within the specified period shall be within the sole discretion of the
Company.  In the event that the Company
reasonably determines that any provision of this Plan is subject to and does
not comply Section 409A of the Code, the Company shall have the right to
adopt such amendments to this Plan or adopt other policies or procedures
(including amendments, policies and procedures with retroactive effect), or
take any other commercially reasonable actions necessary or appropriate to
comply with the requirements of Section 409A of the Code and related
Department of Treasury guidance; provided, that in no event shall any provision
of this Plan be construed to constitute an indemnification of any Participant
by the Company for a violation of Section 409A of the Code.  In addition, with respect to the Post-2004 Retirement
Benefit, the Company reserves the right, after additional guidance is issued
with respect to Section 409A of the Internal Revenue Code and on a uniform
basis, by amendment or otherwise, to permit new or modified Participant
elections, to declare Participant elections void or to take any other actions
the Company deems necessary or desirable in order to conform such Participant
elections to guidance issued pursuant to Section 409A of the Internal
Revenue Code or to achieve the goals of the Plan without having an adverse tax
impact on Participants under Section 409A of the Internal Revenue Code.

 

7A.2                       After Participants and their
Beneficiaries are paid the Post-2004 Retirement Benefit to which they are
entitled, the obligations therewith of the Company shall be satisfied and
Participants and their Beneficiaries shall have no further claims against the
Plan or the Company with respect thereto.

 

5

 

4.                                       A new Article 10 (“Claim and Appeal
Procedures for Benefits Accrued or Vested after December 31, 2004”) is
added after Article 9 (“General Provisions”) to read as follows:

 

ARTICLE 10. - CLAIM AND APPEAL PROCEDURES FOR THE
POST-2004 RETIREMENT BENEFIT

 

10.1         Claims for Post-2004
Retirement Benefit shall be submitted in writing to the Committee (or its
delegate) on a form prescribed for such purpose.  Within 90 days after its receipt of any claim
for such a benefit under the Plan, the Committee (or its delegate) shall give
written notice to the claimant of its decision on the claim unless the
Committee (or its delegate) determines that special circumstances require an
extension of time for processing the claim. 
If an extension of time for processing the claim is needed, a written
notice shall be furnished to the claimant within the 90-day period referred to
above which states the special circumstances requiring the extension and the
date by which a decision can be expected, which shall be no more than 180 days
from the date the claim was filed.  If a
claim for such benefits is being denied, in whole or in part, such notice shall
be written in a manner calculated to be understood by the claimant and shall
include:

 

(a)                                  the specific reason or reasons for such
denial;

 

(b)                                 specific references to Plan provisions
upon which the denial is based;

 

(c)                                  a description of any additional material
or information which may be needed to perfect the request, including an
explanation of why such material or information is necessary; and

 

(d)                                 an explanation of the Plan’s claim review
procedures and the time limits applicable to such procedures, including a
statement of the claimant’s 

 

6

 

right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on appeal.

 

10.2                           Any claimant whose claim for Post-2004
Retirement Benefit has been denied by the Committee (or its delegate) may
appeal to the Committee for a review of the denial by making a written request
therefor within 60 days of receipt of a notification of denial.  Any such request may include any written
comments, documents, records and other information relating to the claim and
may include a request for “relevant” documents to be provided free of
charge.  The claimant may, if he chooses,
request a representative to make such written submissions on his behalf.  The claimant will be afforded a full and fair review that takes into account all such
comments, documents, records and other information, whether or not they were
submitted or considered in the initial benefit determination and without
deference to the initial benefit determination.

 

Within 60 days after receipt of a request for an
appeal, the Committee shall notify the claimant in writing of its final
decision.  If the Committee determines
that special circumstances require additional time for processing, the
Committee may extend such 60-day period, but not by more than an additional 60
days, and shall notify the claimant in writing of such extension.  If the period of time is extended due to a
claimant’s failure to submit information necessary to decide a claim, the
period for making the benefit determination on appeal shall be tolled from the
date on which the notification of the extension is sent to the claimant until
the date on which the claimant responds to the request for additional
information.

 

7

 

In the case of an adverse benefit determination on
appeal, the Committee will provide written notification to the claimant, set
forth in a manner calculated to be understood by the claimant, of:

 

(a)                                  the specific reason or reasons for the
adverse determination on appeal;

 

(b)                                 the specific Plan provisions on which the
denial of the appeal is based;

 

(c)                                  a statement that the claimant is entitled
to receive, upon request and free of charge, reasonable access to, and copies
of all documents, records, and other information “relevant” to the claimant’s claim
for benefits; and

 

(d)                                 a statement of the claimant’s right to
bring a civil action under ERISA Section 502(a).

 

For purposes of this Section, a document, record or
other information shall be considered “relevant” to a claimant’s claim if such
document, record or other information:  (i) was
relied upon in making the benefit determination; (ii) was submitted,
considered, or generated in the course of making the benefit determination,
without regard to whether such document, record, or other information was
relied upon in making the benefit determination; or (iii) demonstrates
compliance with the administrative processes and safeguards required in making
the benefit determination.

 

5.                                       If the Committee determines that a
Participant while an Employee of the Company has, without the consent of the
Committee, engaged in any activity or occupation which is adverse to or in
competition with the Company, after notice by registered mail directed to the
Participant’s last known address, and after having given the Participant the
opportunity to cease such activity or occupation to the satisfaction of the
Committee, the Committee may cause the Participant’s 

 

8

 

Post-2004 Retirement
Benefit to be forfeited.  This Section 5
shall replace Section 8.2 of the Plan with respect to each Participant’s Post-2004
Retirement Benefit.

 

Except as
specifically provided herein, the Plan remains in full force and effect.

 

9

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