Document:

Exhibit 10.5

 

Exhibit 10.5

AMENDMENT NO. 4

TO THE

R. G. BARRY CORPORATION

ASSOCIATES’ RETIREMENT PLAN

     WHEREAS, R. G. Barry Corporation (“Sponsor”) has adopted the R. G. Barry Corporation
Associates’ Retirement Plan (“Plan”); and

     WHEREAS, the Plan provides that the Sponsor may amend the Plan from time to time; and

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

     NOW, THEREFORE, the Plan is amended as follows:

     1. Section 4.14 shall be deleted in its entirety and the following shall be substituted:

     4.14 Payment of Small Amounts

Notwithstanding the foregoing provisions of this Article IV, effective for
distributions from the Plan on or after March 28, 2005, if the Actuarial Equivalent
value of all benefits earned as a Salaried Employee and a Nonsalaried Employee
payable under the Plan (including a benefit payable in a form as described in
Sections 4.7, 4.8 or 4.9) is less than or equal to $1,000, such benefit shall be
paid in a single sum payment as soon as administratively practicable following the
Member’s termination of service. For purposes of this Section 4.14, the lump sum
present value shall be computed according to the interest rate and mortality
assumptions used to calculate the Actuarial Equivalent.

     2. Section 5.1(a)(6) shall be deleted in its entirety and the following shall be substituted:

	 	(6)	 	Payment of Small Amounts. Notwithstanding any Plan provisions
to the contrary, effective for distributions from the Plan on or after March
28, 2005, if the Actuarial Equivalent value of a Member’s total benefit earned
as a Salaried Employee and as a Nonsalaried Employee payable under the Plan
(including a benefit payable in a form as described in Sections 4.8 or 4.9) is
less than or equal to $1,000, such benefit shall automatically be distributed
as provided under Section 4.14; provided, however, that prior
to January 1, 1997, the distribution shall not be automatic but the Member

 

 

	 	 	 	may elect to have such benefit paid to him in a single lump sum payment as
soon as administratively practicable following such Member’s termination of
employment as an Employee. For purposes of this Section 5.1(a), the lump
sum present value shall be computed according to the interest rate and
mortality assumptions used to calculate the Actuarial Equivalent.

     IN WITNESS WHEREOF, the undersigned has executed this amendment to be effective as of the date
set forth above.

	 	 	 	 	 	 	 
	 	 	R. G. BARRY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Harry Miller	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:
	 	Harry Miller	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	Vice President,	 	 
	 

	 	 	 	Human Resources	 	 

Date: 9/16/05

2Exhibit 10.11

 

Exhibit 10.11

Amendment No. 4

to the

R. G. Barry Corporation Supplemental Retirement Plan

(Effective January 1, 2005)

     WHEREAS, R. G. Barry Corporation (“Sponsor”) adopted the R. G. Barry Corporation Supplemental
Retirement Plan, as amended and restated, effective January 1, 1997, and further amended through
March 31, 2004 (the “Plan”); and

     WHEREAS, pursuant to Section 5.06 of the Plan, the Sponsor may terminate or amend the Plan
from time to time by action of its Board of Directors; and

     WHEREAS, effective March 31, 2004, the Sponsor “froze” the Plan; and

     WHEREAS, the Sponsor wants to amend the Plan to (1) “unfreeze” the Plan, effective January 1,
2005, for certain participants and (2) change the benefit calculations for those participants;

     NOW, THEREFORE, the Plan is hereby amended as follows:

	1.	 	The Preamble of the Plan is deleted and replaced in its entirety to read as follows:

     R.G. Barry Corporation (the “Sponsor”) adopted a deferred compensation plan effective
January 1, 1978 in order to provide supplemental retirement benefits to certain officers and
other management or highly compensated employees of the Sponsor and its Affiliates. The
Plan was subsequently amended and, effective as of January 1, 1989, the Sponsor adopted an
amended and restated version of the Plan. Effective as of January 1, 1997, the Sponsor
hereby adopts this amended and restated Plan as set forth herein as a continuation of the
Plan, as originally adopted and later amended. The provisions of this amended and restated
Plan shall apply only to Participants who terminate employment with an Employer on or after
January 1, 1997. The rights and benefits, if any, of a former Participant shall be
determined in accordance with the provisions of the Plan as in effect on the date his
employment terminated.

     Effective March 31, 2004 (“Freeze Date”), the Plan was frozen. However, effective as
of January 1, 2005, the Plan is unfrozen with respect to Reactivated Participants. On and
after the Freeze Date, (a) no individual may become a Participant, (b) except with respect
to Reactivated Participants, no additional benefits will accrue and (c) benefits will begin
to be distributed no earlier than the date a Participant terminates employment with the
Sponsor and all Affiliates. Benefits accrued by Participants (other than Reactivated
Participants) before the Freeze Date will be calculated as otherwise provided in the Plan as
modified by Amendment No. 3, effective March 31, 2004. Benefits accrued by Reactivated Participants will be calculated as otherwise provided
in the Plan as modified by this Amendment No. 4.”

 

 

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	2.	 	Section 1.01 of the Plan is amended to read, in its entirety, as follows:

1.01 Accrued Retirement Pension

     “Accrued Retirement Pension” shall mean:

     (a) With respect to Participants other than Reactivated Participants, the pension each
Participant had accrued as of the Freeze Date under the terms of the Plan as in effect
immediately before the Freeze Date, as modified by Amendment No. 3 to the Plan.

     (b) With respect to Reactivated Participants, the pension to which the Reactivated
Participant would have been entitled under the Plan at his Normal Retirement Date had he
remained in the full-time employ of the Employer until his Normal Retirement Date and using
in the calculation his current Final Average Compensation, multiplied by a fraction, the
numerator of which is his Salaried Benefit Service up to the date of determination and the
denominator of which is the Salaried Benefit Service he would have had if he had remained in
the employ of the Employer accruing Salaried Benefit Service at the maximum annual rate
until his Normal Retirement Date. In determining the Accrued Retirement Pension of a
Reactivated Participant who has not attained his Normal Retirement Date, the amount of his
Primary Social Security Benefit shall be estimated based on the provisions of the Social
Security Act in effect on the first day of the Plan Year during which such determination is
made, assuming that his Compensation will continue at its most recent rate. For purposes of
this Section 1.01(b), the term “Salaried Benefit Service” does not include service during
the period beginning on the Freeze Date and ending on December 31, 2004.

	3.	 	Article I of the Plan is amended to add the following Section 1.07:

1.07 Reactivated Participant

     “Reactivated Participant” shall mean an individual who (a) was a Participant in the
Plan prior to the Freeze Date and (b) is an officer or other management or Highly
Compensated Employee of an Employer who is designated by the Board of Directors of the
Sponsor as being a Reactivated Participant. The selection of Reactivated Participants for
the Plan shall be within the sole and absolute discretion of the Board of Directors of the
Sponsor. Unless otherwise specifically provided herein, a Reactivated Participant shall be
treated in the same manner as any other Plan Participant.

	4.	 	Section 3.03 of the Plan is amended to read, in its entirety, as follows:

3.03 Late Retirement

     (a) Participants other than Reactivated Participants. Each Participant (other than a
Reactivated Participant) who continues as an employee of an Employer beyond the date he is
eligible for a Normal Retirement Benefit under Section 3.01 and has completed

 

 

3

at least five
years of Vesting Service before the Freeze Date shall be entitled to receive a Late
Retirement Benefit as provided in Section 4.03. Such Late Retirement Benefit shall commence
on the Participant’s actual retirement date regardless of the date benefits commence under
the Base Plan.

     (b) Reactivated Participants. Each Reactivated Participant who continues as an
employee of an Employer beyond the date he is eligible for a Normal Retirement Benefit under
Section 3.01 and has completed at least five years of Vesting Service shall be entitled to
receive a Late Retirement Benefit as provided in Section 4.03. Such Late Retirement Benefit
shall commence on the Reactivated Participant’s actual retirement date regardless of the
date benefits commence under the Base Plan. For purposes of this Section 3.03(b), the term
“Vesting Service” does not include service during the period beginning on the Freeze Date
and ending on December 31, 2004.

	5.	 	Section 4.01 of the Plan is deleted and replaced in its entirety as follows:

4.01 Normal Retirement Benefit

     (a) Participants other than Reactivated Participants.

     (1) Each Participant (other than a Reactivated Participant) shall upon
retirement at his Normal Retirement Age (determined as of the Freeze Date) be
entitled to a pension, payable monthly for his life, in the amount of (i) minus (ii)
minus (iii), where (i), (ii) and (iii) have the following meanings:

(i) 2-1/2% of his Final Average Compensation determined on the Freeze Date,
minus 2-1/12% of his Primary Social Security Benefit determined on his
Normal Retirement Date, the difference multiplied by his Salaried Benefit
Service determined on the Freeze Date up to a maximum of 24 years;

(ii) the monthly pension payable on a life only basis under the Base Plan;
and

(iii) the monthly benefit payable on a life only basis under the R.G. Barry
Corporation Restoration Plan.

     (2) Notwithstanding any provision contained herein, each Original Participant
shall upon retirement at his Normal Retirement Age be entitled to a pension, payable
monthly for his life, in an amount equal to the greater of (i) the
benefit described in paragraph (a) of this Section 4.01 and (ii) 60% of his
Final Average Compensation determined on the Freeze Date reduced by (A) the monthly
pension payable on a life only basis under the Base Plan; and (B) 50% of his Primary
Social Security Benefit determined at his Normal Retirement Age.

 

 

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     (b) Reactivated Participants.

     (1) Each Reactivated Participant shall upon retirement at his Normal Retirement
Age be entitled to a pension, payable monthly for his life, equal to the greater of
the amount produced under Section 4.01(a) or the amount of (i) minus (ii) minus
(iii) minus (iv), where (i), (ii), (iii), and (iv) have the following meanings:

(i) 2-1/2% of his Final Average Compensation determined on his Normal
Retirement Date, minus 2-1/12% of his Primary Social Security Benefit
determined on his Normal Retirement Date, the difference multiplied by his
Salaried Benefit Service determined on his Normal Retirement Date up to a
maximum of 24 years;

(ii) the monthly pension payable on a life only basis under the Base Plan
determined on the Freeze Date;

(iii) the monthly benefit payable on a life only basis under the R.G. Barry
Corporation Restoration Plan; and

(iv) the monthly benefit that would be payable under an annuity for the life
of the Participant only and which is the Actuarial Equivalent of the
account balance of the 3% non-elective employer contributions under the R.G.
Barry Corporation 401(k) Savings determined on his Normal Retirement Date.
Only for purposes of this Section 4.01 (b)(1)(iv), Actuarial Equivalent
shall be determined using the interest rate and mortality table used to
determine single sum benefits under the Base Plan.

For purposes of making benefit calculations under this Section 4.01(b), the term
“Salaried Benefit Service” does not include service during the period beginning on
the Freeze Date and ending on December 31, 2004.

     (2) Notwithstanding any provision contained herein, each Original Participant
who is a Reactivated Participant shall upon retirement at his Normal Retirement Age
be entitled to a pension, payable monthly for his life, in an amount equal to the
greater of (i) the benefit described in paragraph (b)(1) of this Section 4.01 and
(ii) 60% of his Final Average Compensation determined on his Normal Retirement Age
reduced by (A) the monthly pension payable on a life only basis under the Base Plan;
and (B) 50% of his Primary Social Security Benefit determined at his Normal
Retirement Age.

     (c) For purposes of making benefit calculations under Sections 4.01(a)(2) and
4.01(b)(2), “Compensation” shall have the meaning contained in Section 1.04 except that
“Compensation” shall include cash bonuses.

 

 

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	6.	 	Section 4.03 of the Plan is deleted and replaced in its entirety as follows:

4.03 Late Retirement Benefit

     (a) Participants other than Reactivated Participants. The monthly pension benefit
payable to a Participant (other than a Reactivated Participant) who became eligible for a
Late Retirement Benefit under Section 3.03 before the Freeze Date shall be the benefit
accrued on the day before the Freeze Date under Section 4.03 as in effect immediately before
the Freeze Date. The monthly pension benefit payable to a Participant (other than a
Reactivated Participant) who became eligible for a Late Retirement Benefit under Section
3.03 after the Freeze Date shall be the monthly benefit calculated under Section 4.01, with
no actuarial increase to reflect the later starting date thereof or the value of payments
not made to the Participant between his Normal Retirement Age and actual retirement date.

     (b) Reactivated Participants. The monthly pension benefit payable to a Reactivated
Participant who is eligible for a Late Retirement Benefit under Section 3.03 shall be an
amount determined in the same manner as set forth in Section 4.01 as of his Normal
Retirement Age, actuarially increased to reflect the later starting date thereof.

	7.	 	Article V of this Plan is amended to add the following Section 5.12 as follows:

5.12 Section 409A

     Nothing in this Amendment 4 is intended to amend or materially modify the Plan with
respect to any amounts that were earned and vested under the Plan before January 1, 2005 (as
determined in accordance with Section 409A of the Internal Revenue Code of 1986, as amended
– “Section 409A”)) (“Pre-AJCA Benefits”). All Pre-AJCA Benefits will be distributed under
the terms of the Plan as in effect on October 3, 2004.

     Regardless of any other provision of this amendment and in addition to other reserved
rights, the Sponsor retains the right to further amend the Plan to the extent necessary to
avoid penalties under Section 409A even of those amendments affect the manner, time, form
and amount of benefits payable under this Plan and as a condition of reactivating this Plan,
each Reactivated Participant is deemed to have consented to any such amendment without the
payment of additional compensation.

     IN WITNESS WHEREOF, the undersigned has executed this amendment effective as of January 1,
2005.

	 	 	 	 	 	 	 
	 	 	R. G. BARRY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas Von Lehman	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	Chief Executive Officer

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