Document:

exv4w6

 

EXHIBIT 4.6

FIRST AMENDMENT TO THE

GROUP 1 AUTOMOTIVE, INC. 401(K) SAVINGS PLAN,

AS RESTATED SEPTEMBER 1, 2001

This is the FIRST AMENDMENT to the Group 1 Automotive, Inc. 401(k) Savings Plan
(the “Plan”), as restated effective September 1, 2001. This Amendment is
effective January 1, 2002, except as otherwise specifically provided herein.
The terms of provisions 1-6 and 8-12 are also applicable to the pertinent parts
of the Miller Automotive Group 401(k) Profit Sharing Plan (the “Miller Plan”)
as it existed prior to the merger of the Miller Plan into this Plan, effective
October 1, 2002. All provisions of the Miller Plan which are inconsistent with
this First Amendment are hereby superceded effective January 1, 2002.

PREAMBLE

This Amendment to the Plan is adopted to reflect certain provisions of the
Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). This
amendment is intended as a good faith compliance with the requirements of
EGTRRA and is to be construed in accordance with EGTRRA and guidance issued
thereunder. This Amendment shall supersede the provisions of the Plan to the
extent those provisions are inconsistent with the provisions of this Amendment.

1.

Amend Section 1.1(19), “Eligible Retirement Plan,” by adding the following at
the end of the section:

Effective January 1, 2002, an “Eligible Retirement Plan” is an individual
retirement account described in Code Section 408(a), an individual retirement
annuity described in Code Section 408(b), an annuity contract described in Code
Section 403(b), a qualified trust described in Code Section 401(a), and an
eligible plan under Code Section 457(b) which is maintained by a state,
political subdivision of a state, or any agency or instrumentality of a state
or political subdivision of a state, or a qualified annuity plan described in
Code Section 403(a), and which agrees to accept and separately account for
amounts transferred into such plan from this Plan. The definition of “Eligible
Retirement Plan” shall also apply in the case of a distribution to a surviving
spouse, or to a spouse or former spouse who is the alternate payee under a
qualified domestic relations order, as described in Code Section 414(p).

2.

Amend Section 1.1(20), “Eligible Rollover Distribution,” by adding the
following at the end of the section:

Effective January 1, 2002, a portion of a distribution shall not fail to be an
Eligible Rollover Distribution merely because the portion consists of a
Participant’s After-Tax Account which is

1

 

not included in gross income. However, such portion may be transferred to an
individual retirement account or annuity described in Code Sections 408(a) or
408(b), or to a qualified defined contribution plan described in Code Section
401(a) or 403(a) that agrees to separately account for amounts so transferred,
including separately accounting for the portion of such distribution which is
includible in gross income and the portion of such distribution which is not so
includible.

3.

Amend Section 3.1(e) by deleting the language after the end of the second
sentence.

4.

Amend Section 3.7, “Rollover Contributions,” by inserting the following
language after the end of the first sentence:

Effective January 1, 2002, the Plan will accept rollovers of an Eligible
Rollover Distribution from a qualified plan described in Code Section 401(a) or
an annuity plan described in Code Section 403(a), including after-tax employee
contributions from a Transferor Plan, an annuity contract described in Code
Section 403(b), excluding after-tax employee contributions, an eligible plan
under Code Section 457(b) which is maintained by a state, political subdivision
of a state, or any agency or instrumentality of a state or political
subdivision of a state, and the portion of a distribution from an individual
retirement account or annuity described in Code Sections 408(a) or 408(b) that
is eligible to be rolled over and would otherwise be includible in gross
income.

5.

Amend Section 4.5(a)(4) by changing “$30,000” to “40,000” and by changing “25%”
to “100%.”

6.

Amend Section 10.1(b) by adding the following language after the term “$5,000”:

     (effective January 1, 2002, determined without regard to that portion
attributable to rollover contributions, and allocable earnings, within the
meaning of Code Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(iii) and
457(e)(16)),

7.

Amend Section 10.1(d) by adding the following language at the end of the first
paragraph:

     the later of

2

 

8.

Amend Section 11.1(c) by changing “twelve” to “six” and deleting the last
sentence of the Section.

9.

Amend Section 20.2(a) by deleting the phrase “a five-year period” and inserting
in its place the phrase “the one-year period (except, in the case of a
distribution made for a reason other than separation from service, death or
disability, the one-year period shall be a five-year period),”.

10.

Amend Section 20.2(b) by deleting the phrase “a five-year period” and inserting
in its place the phrase “the one-year period (except, in the case of a
distribution made for a reason other than separation from service, death or
disability, the one-year period shall be a five-year period),”.

11.

Amend Section 20.3(a) by changing reference to “five-year” to “one-year.”

12.

Amend Section 20.3(b)(2) by adding the following language at the end of the
section:

     and Employer Matching Contributions, if any, allocated to such Member’s
Accounts pursuant to Section 3.2 for such Plan Year

13.

All other provisions of the Plan not inconsistent herewith are hereby confirmed
and ratified.

3exv4w7

 

EXHIBIT 4.7

SECOND AMENDMENT TO THE

GROUP 1 AUTOMOTIVE, INC. 401(K) SAVINGS PLAN,

AS RESTATED SEPTEMBER 1, 2001

This is the SECOND AMENDMENT to the Group 1 Automotive, Inc. 401(k) Savings
Plan (the “Plan”), as restated effective September 1, 2001. This Amendment is
effective as stated herein.

1.

Effective January 1, 2003, amend Section 3.1(e) by adding “For the Plan Year
beginning on January 1, 2000,” to the beginning of the second sentence of the
subsection and by adding the following sentence after the second sentence of
the subsection:

     For Plan Years beginning on or after January 1, 2004, such testing shall
utilize the current year testing method as such term is defined in Internal
Revenue Service Notice 98-1.

2.

Effective January 1, 2003, amend Section 3.3 by capitalizing “safe harbor
contribution” where it appears in the first sentence of the subsection; putting
a close parentheses sign, “),” at the end of the first sentence; deleting the
second sentence of the subsection; and deleting the phrase “Sections 4.2(d) and
(e)” from the third sentence and replacing it with the phrase “Sections 4.2(c),
(d), (e) and (f).”

3.

Effective January 1, 2003, amend Section 3.4 by adding “For the Plan Year
beginning on January 1, 2000,” to the beginning of the second sentence of the
subsection and by adding the following sentence after the second sentence of
the subsection:

     For Plan Years beginning on or after January 1, 2004, such testing shall
utilize the current year testing method as such term is defined in Internal
Revenue Service Notice 98-1.

4.

Effective January 1, 2003, amend Section 4.2(c) by deleting the section in its
entirety and replacing it with the following:

The Employer Safe Harbor Contribution made pursuant to Section 3.3 for a Plan
Year in order to satisfy the restrictions set forth in Section 3.1(e) shall be
allocated to the Before-Tax Account of individuals who were not Highly
Compensated Employees for such Plan Year. At the discretion of the Committee,
such allocation shall be made (i) in the ratio that the Compensation of each
such Employee for the Plan Year bears to the total Compensation of all
Employees for the Plan Year, (ii) in equal dollar amounts, or (iii) using
another method of allocation selected by the Committee. The Committee, in its
sole discretion, may limit the allocation of Employer Safe Harbor Contributions
to individuals who are not Highly Compensated Employees or to a specific

 

 

group of individuals who are not Highly Compensated Employees. Employer Safe
Harbor Contributions shall be treated as Before-Tax Contributions for all
purposes under the Plan to the extent used to satisfy the actual deferral
percentage test described in Section 3.1(e).

5.

Effective January 1, 2003, amend Section 4.2(d) by deleting the section in its
entirety and replacing it with the following:

The Employer Safe Harbor Contribution made pursuant to Section 3.3 for a Plan
Year in order to satisfy the restrictions set forth in Section 3.4 shall be
allocated to the Employer Contribution Account of individuals who were not
Highly Compensated Employees for such Plan Year. At the discretion of the
Committee, such allocation shall be made (i) in the ratio that each
Participant’s Before-Tax Contributions bear to the total Before-Tax
Contributions contributed for all Participants for the Plan Year, (ii) in equal
dollar amounts, or (iii) using another method of allocation selected by the
Committee. The Committee, in its sole discretion, may limit the allocation of
Employer Safe Harbor Contributions to individuals who are not Highly
Compensated Employees or to a specific group of individuals who are not Highly
Compensated Employees. Employer Safe Harbor Contributions shall be treated as
Before-Tax Contributions for all purposes under the Plan to the extent used to
satisfy the actual contribution percentage test described in Section 3.4.

6.

Effective September 1, 2001, amend Section 8.3(c) by adding the following
sentence at its end:

     Also, Section 8.3(b) above notwithstanding, a Member shall have a 100%
Vested Interest in the portion, if any, of his or her Employer Contribution
Account which consists of any Employer Safe Harbor Contributions.

7.

Effective January 1, 2003, amend Section 11.1(c) by changing “Employer
Contributions” to “Employer Safe Harbor Contributions” and by adding “and 3.4”
after “3.1(e)” in the first sentence of the last paragraph of the subsection.

8.

Effective October 1, 2003, amend Section 14.3 by adding “Unless paid by the
Employer, in its discretion,” to the beginning of the first sentence of the
Section and by adding a new second sentence as follows:

 

 

Notwithstanding the above, all administrative expenses related to the share of
reasonable Plan expenses of a separated Participant shall be assessed to the
separated Participant and shall be paid from such Participant’s Account.

9.

Effective January 1, 2003, amend the Plan by adding a new Article XXI as
follows:

Article XXI. MINIMUM DISTRIBUTION REQUIREMENTS.

Section 1. General Rules

1.1 Effective Date. The provisions of this Article will apply for purposes of
determining required minimum distributions for calendar years beginning with
the 2003 calendar year.

1.2 Precedence. The requirements of this article will take precedence over any
inconsistent provisions of the Plan.

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

1.4 TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of
this article, 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.

Section 2. Time and Manner of Distribution

2.1 Required Beginning Date. The Member’s entire interest will be distributed,
or begin to be distributed, to the Member no later than the Member’s required
beginning date.

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

	 	(a)	 	If the Member’s surviving spouse is the Member’s sole
designated beneficiary, then, except as provided in Section 6 of
this article, distributions to the surviving spouse will begin by
December 31 of the calendar year immediately following the calendar
year in which the Member died, or by December 31 of the calendar
year in which the Member would have attained age 70 1/2, if later.
	 
	 	(b)	 	If the Member’s surviving spouse is not the Member’s sole
designated beneficiary, then, except as provided in Section 6 of
this article, distributions to the designated beneficiary will begin
by December 31 of the calendar year immediately following the
calendar year in which the Member died.

 

 

	 	(c)	 	If there is no designated beneficiary as of September 30 of
the year following the year of the Member’s death, the Member’s
entire interest will be distributed by December 31 of the calendar
year containing the fifth anniversary of the Member’s death.
	 
	 	(d)	 	If the Member’s surviving spouse is the Member’s sole
designated beneficiary and the surviving spouse dies after the
Member 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 Member.

For purposes of this section 2.2 and section 4, unless section 2.2(d) applies,
distributions are considered to begin on the Member’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
irrevocably commence to the Member before the Member’s required beginning date
(or to the Member’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.

2.3 Forms of Distribution. Unless the Member’s interest is distributed in the
form of an annuity purchased from an insurance company 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 sections 3 and 4 of this article.
If the Member’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.

Section 3. Required Minimum Distributions During Member’s Lifetime

3.1 Amount of Required Minimum Distribution For Each Distribution Calendar
Year. During the Member’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 Member’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 Member’s age as of the Member’s birthday in the distribution
calendar year; or
	 
	 	(b)	 	if the Member’s sole designated beneficiary for the
distribution calendar year is the Member’s spouse, the quotient
obtained by dividing the Member’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 Member’s and spouse’s
attained ages as of the Member’s and spouse’s birthdays in the
distribution calendar year.

 

 

3.2 Lifetime Required Minimum Distributions Continue Through Year of Member’s
Death. Required minimum distributions will be determined under this section 3
beginning with the first distribution calendar year and up to and including the
distribution calendar year that includes the Member’s date of death.

Section 4. Required Minimum Distributions After Member’s Death

4.1 Death On or After Date Distributions Begin.

	 	(a)	 	Member Survived by Designated Beneficiary. If the Member 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 the year of the Member’s death is
the quotient obtained by dividing the Member’s account balance by
the longer of the remaining life expectancy of the Member or the
remaining life expectancy of the Member’s designated beneficiary,
determined as follows:

	 	(1)	 	The Member’s remaining life expectancy is
calculated using the age of the Member in the year of death,
reduced by one for each subsequent year.
	 
	 	(2)	 	If the Member’s surviving spouse is the Member’s
sole designated beneficiary, the remaining life expectancy of
the surviving spouse is calculated for each distribution
calendar year after the year of the Member’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 Member’s surviving spouse is not the
Member’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 Member’s death, reduced by one for each subsequent year.

	 	(b)	 	No Designated Beneficiary. If the Member 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 Member’s death,
the minimum amount that will be distributed for each distribution
calendar year after the year of the Member’s death is the quotient
obtained by dividing the Member’s account balance by the Member’s
remaining life expectancy calculated using the age of the Member in
the year of death, reduced by one for each subsequent year.

4.2 Death Before Date Distributions Begin.

 

 

	 	(a)	 	Member Survived by Designated Beneficiary. Except as provided
in Section 6 of this article, if the Member 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 Member’s death is the quotient
obtained by dividing the Member’s account balance by the remaining
life expectancy of the Member’s designated beneficiary, determined
as provided in section 4.1.
	 
	 	(b)	 	No Designated Beneficiary. If the Member dies before the date
distributions begin and there is no designated beneficiary as of
September 30 of the year following the year of the Member’s death,
distribution of the Member’s entire interest will be completed by
December 31 of the calendar year containing the fifth anniversary of
the Member’s death.
	 
	 	(c)	 	Death of Surviving Spouse Before Distributions to Surviving
Spouse Are Required to Begin. If the Member dies before the date
distributions begin, the Member’s surviving spouse is the Member’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 Member.

Section 5. Definitions

5.1 Designated beneficiary. The individual who is designated as the beneficiary
under section 9.2 of 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 Member’s
death, the first distribution calendar year is the calendar year immediately
preceding the calendar year which contains the Member’s required beginning
date. For distributions beginning after the Member’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
Member’s first distribution calendar year will be made on or before the
Member’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 Member’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 Member’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.

5.5 Required beginning date. The Benefit Commencement Date specified in section
1.1(5) of the Plan.

Section 6. Election to Apply 5-Year Rule to Distributions to Designated
Beneficiaries

If the Member dies before distributions begin and there is a designated
beneficiary, distribution to the designated beneficiary is not required to
begin by the date specified in section 2.2 of this article of the Plan, but the
Member’s entire interest will be distributed to the designated beneficiary by
December 31 of the calendar year containing the fifth anniversary of the
Member’s death. If the Member’s surviving spouse is the Member’s sole
designated beneficiary and the surviving spouse dies after the Member but
before distributions to either the Member or the surviving spouse begin, this
election will apply as if the surviving spouse were the Member. This election
will apply to all distributions.

10.

All other provisions of the Plan not inconsistent herewith are hereby confirmed
and ratified.

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