Document:

exv10w9

Exhibit 10.9

SEVERANCE AGREEMENT

          THIS AGREEMENT, dated December 30, 2008 the “Effective Date”), is made by and between Starwood
Hotels and Resorts Worldwide, Inc., a Maryland corporation (the “Company”), and Simon Turner (the
“Executive”).

          WHEREAS, the Executive is employed by the Company as President — Global Development; and

          WHEREAS, the Company considers it essential to the best interests of its stockholders to
foster the continued employment of key management personnel; and

          WHEREAS, the Board recognizes that, as is the case with many publicly held corporations, the
possibility of a Change in Control exists and that such possibility, and the uncertainty and
questions which it may raise among management, may result in the departure or distraction of senior
management personnel to the detriment of the Company and its stockholders; and

          WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of members of the Company’s senior management,
including the Executive, to their assigned duties without distraction in the face of potentially
disturbing circumstances arising from the possibility of a Change in Control; and

          WHEREAS, the Company and the Executive entered into an employment agreement (the “Original
Agreement”) dated April 15, 2008; and

          WHEREAS, the Company and the Executive hereby amend and restate the Original Agreement in its
entirety (the “Agreement”) in order to evidence documentary compliance with section 409A of
Code and the guidance thereunder (collectively “Section 409A”);

          NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and the Executive hereby agree as follows:

     1. Defined Terms. The definitions of capitalized terms used in this Agreement are
provided in Section 16 hereof.

     2. Term of Agreement. The Term of this Agreement shall commence on the Effective Date
and shall continue in effect through the third anniversary of the Effective Date; provided,
however, that on each anniversary of the Effective Date during the Term of this Agreement,
the Term shall automatically be extended for one additional year unless, not later than 90 days
prior to any such anniversary, the Company or the Executive shall have given notice not to extend
the Term; and further provided, however, that if a Change in Control or a
Potential Change in Control shall have occurred during the Term, the Term shall expire no

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earlier than twenty-four (24) months beyond the month in which such Change in Control or a
Potential Change in Control occurred.

     3. Company’s Covenants Summarized. In order to induce the Executive to remain in the
employ of the Company and in consideration of the Executive’s covenants set forth in Section 4
hereof, the Company agrees, under the conditions described herein, to pay the Executive the
Severance Payments and the other payments and benefits described herein. Except as provided in
Section 10 hereof, no Severance Payments shall be payable under this Agreement unless during the
Term there shall have been (or, under the terms of the second sentence of Section 6 hereof, there
shall be deemed to have been) a termination of the Executive’s employment with the Company
following a Change in Control. This Agreement shall not be construed as creating an express or
implied contract of employment and, except as otherwise agreed in writing between the Executive and
the Company, the Executive shall not have any right to be retained in the employ of the Company.

     4. The Executive’s Covenants. The Executive agrees that, subject to the terms and
conditions of this Agreement, in the event a Potential Change in Control occurs during the Term,
the Executive will remain in the employ of the Company until the earliest of (i) a date which is
six (6) months from the date of such Potential Change of Control, (ii) the date of a Change in
Control, (iii) the date of termination by the Executive of the Executive’s employment for Good
Reason or by reason of death, Disability or Retirement, or (iv) the termination by the Company of
the Executive’s employment for any reason.

     5. Compensation Other Than Severance Payments.

          a. Payment of Salary During Disability. Following a Change in Control and during the
Term, during any period that the Executive is unable to perform the Executive’s full-time duties
with the Company as a result of:

          (1) a period of 409A Disability, the Executive shall continue to receive his base
salary in accordance with the Company’s standard payroll practices at the rate in effect at
the commencement of any such period, together with any compensation payable to the Executive
under the Company’s short-term and long-term disability plans for salaried employees during
such period and any benefit coverages customarily provided to disabled salaried employees,
until the Executive’s employment is terminated on account of the Executive’s General
Disability; or

          (2) a period of General Disability, the Executive shall receive any compensation
payable to the Executive under the Company’s short-term and long-term disability plans for
salaried employees during such period, as well as any benefit coverages customarily provided
to disabled salaried employees, until the Executive’s employment is terminated on account of
the Executive’s General Disability.

Thereafter the Executive’s benefits shall be determined under the Company’s retirement, insurance
and other compensation programs then in effect in accordance with the terms of such programs.

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          b. Accrued Salary. If the Executive’s employment shall be terminated for any reason
following a Change in Control and during the Term, the Company shall pay to the Executive such
Executive’s full salary through the Date of Termination at the rate in effect immediately prior to
the Date of Termination or, if higher, the rate in effect immediately prior to the first occurrence
of an event or circumstance constituting Good Reason, together with all compensation and benefits
payable to the Executive through the Date of Termination under the terms of the Company’s
compensation and benefit plans, programs or arrangements as in effect immediately prior to the Date
of Termination or, if more favorable to the Executive, as in effect immediately prior to the first
occurrence of an event or circumstance constituting Good Reason.

          c. Post-Termination Benefits. If the Executive’s employment shall be terminated for
any reason following a Change in Control and during the Term, the Company shall pay to the
Executive the Executive’s normal post-termination compensation and benefits as such payments become
due. Such post-termination compensation and benefits shall be determined under, and paid in
accordance with, the Company’s retirement, insurance and other compensation or benefit plans,
programs and arrangements as in effect immediately prior to the Date of Termination or, if more
favorable to the Executive, as in effect immediately prior to the occurrence of the first event or
circumstance constituting Good Reason.

          d. Time of Payment. Upon termination of the Executive’s employment following a Change
in Control and during the Term, the Executive shall receive the payments or benefits to which he
may be entitled under Section 5(b) and 5(c) and which constitute deferred compensation subject to
Section 409A either (A) at the time when due hereunder, or (B) if a payment date sufficient to
satisfy Section 409A is not otherwise stated for such payment or benefit, on the date of
Executive’s termination of employment, except as provided in Section 14 below.

     6. Severance Payments.

          a. If the Executive’s employment is terminated following a Change in Control and during the
Term, other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the
Executive without Good Reason, then, the Company shall pay the Executive the amounts, and provide
the Executive the benefits, described in this Section 6 (“Severance Payments”) and Section 7, in
addition to any payments and benefits to which the Executive is entitled under Section 5 hereof.
For purposes of this Agreement, the Executive’s employment shall be deemed to have been terminated
following a Change in Control by the Company without Cause or by the Executive with Good Reason, if
(i) the Executive’s employment is terminated by the Company without Cause prior to a Change in
Control (whether or not a Change in Control ever occurs) and such termination was at the request or
direction of a Person who has entered into an agreement with the Company the consummation of which
would constitute a Change in Control (an “Acquiring Person”), (ii) the Executive terminates his
employment for Good Reason prior to a Change in Control (whether or not a Change in Control ever
occurs) and the circumstance or event which constitutes Good Reason occurs at the request or
direction of an Acquiring Person, or (iii) the Executive’s employment is terminated by the Company
without Cause or by the Executive for Good Reason and such termination or the circumstance or event
which constitutes Good Reason is otherwise in connection with or in

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anticipation of a Change in Control (whether or not a Change in Control ever occurs). For
purposes of any determination regarding the applicability of the immediately preceding sentence,
any position taken by the Executive shall be presumed to be correct unless the Company establishes
to the Board by clear and convincing evidence that such position is not correct.

          (1) Lump Sum Payment. In lieu of any further salary payments to the Executive
for periods subsequent to the Date of Termination and in lieu of any severance benefit
otherwise payable to the Executive under the terms of his offer letter from the Company, the
Company shall pay to the Executive a lump sum severance payment, in cash, equal to two times
the sum of (i) the Executive’s base salary as in effect immediately prior to the Date of
Termination or, if higher, in effect immediately prior to the first occurrence of an event
or circumstance constituting Good Reason, and (ii) the average of the annual bonuses earned
by the Executive in the three fiscal years ending immediately prior to the fiscal year in
which occurs the Date of Termination or, if higher, immediately prior to the fiscal year in
which occurs the first event or circumstance constituting Good Reason. For purposes of the
preceding sentence, in determining any bonus amount for any fiscal year, bonuses paid with
respect to any year in which employment of the Executive commenced shall be annualized based
on the number of days employed by the Company during such year. In the event the date of
the Executive’s termination of employment occurs on or within two years following an event
that constitutes a change in the ownership or effective control of the Company or in the
ownership of a substantial portion of the assets of the Company within the meaning of
section 409A(a)(2)(a)(vi) of the Code, such amount will be paid in a lump sum within 30 days
following the date of the Executive’s termination of employment, except as set forth in
Section 14 below; otherwise, such amount will be paid 53 days following the date of the
Executive’s termination of employment, except as provided by Section 14 below.

          (2) Continuation of Welfare Benefits. Subject to Paragraph 15 in the case of
any benefits that are not exempt from Section 409A, for the twenty-four (24) month period
immediately following the Date of Termination, the Company shall arrange to provide the
Executive and his dependents life, disability, and accident insurance benefits and other
benefits and perquisites (including employee stay rates) substantially similar to those
provided to the Executive and his dependents immediately prior to the Date of Termination
or, if more favorable to the Executive, those provided to the Executive and his dependents
immediately prior to the first occurrence of an event or circumstance constituting Good
Reason, at no greater cost to the Executive than the cost to the Executive immediately prior
to such date or occurrence. Benefits otherwise receivable by the Executive pursuant to this
Section 6(a)(2) shall be reduced to the extent benefits of the same type are received by the
Executive from another employer during the twenty-four (24) month period following the
Executive’s termination of employment; provided, however, that the Company
shall reimburse the Executive for the excess, if any, of the cost of such benefits to the
Executive over such cost immediately prior to the Date of Termination or, if more favorable
to the Executive, the first occurrence of an event or circumstance constituting Good Reason.

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          (3) Health Benefits. For the twenty-four (24) month period immediately
following the Date of Termination, the Company shall arrange to provide the Executive with
group health coverage substantially similar to that which the Executive was receiving
immediately prior to the Notice of Termination. The premium charge to the Executive for each
month of such coverage will equal the Company’s monthly COBRA charge for such coverage in
which the Executive, his spouse and covered dependents (as applicable) is enrolled from time
to time (less the amount of any administrative charge typically assessed by the Company as
part of its COBRA charge) and the Executive will be required to pay such monthly premium
charge in accordance with the Company’s standard COBRA premium payment requirements. The
Company will pay Executive a lump sum in cash equal to an initial multiple that is increased
by a percentage. For this purpose, the initial multiple is 24 times the difference that
results from calculating (i) the Company’s monthly COBRA charge on the Date of Termination
for family coverage with respect to the highest value health coverage provided to salaried
employees, minus (ii) the amount the Company charges active salaried employees for such
coverage on Executive’s Date of Termination. In addition, for this purpose, the percentage
is the sum of (I) 1% for each month in the 24-month period that will fall in the calendar
year following Executive’s Date of Termination, plus (II) 2% for each month in the 24-month
period that will fall in the second calendar year following Executive’s Date of Termination.
The Company will make such payment within 30 days following the date of the Executive’s
termination of employment, except as provided by Section 14 below.

          (4) Incentive Compensation. Notwithstanding any provision of any annual or
long-term incentive plan to the contrary, the Company shall pay to the Executive in cash the
following amounts:

          (A) A lump sum equal to any unpaid incentive compensation which has been
allocated or awarded to the Executive for a completed fiscal year or other measuring
period preceding the Date of Termination under any such plan and which, as of the
Date of Termination, is contingent only upon the continued employment of the
Executive to a subsequent date, paid during the fiscal year of termination when
bonuses for such completed fiscal year are paid to senior executives (but not later
than 2-1/2 months after such completed fiscal year, except as provided by Section 14
below; and

          (B) the value of each contingent incentive compensation award allocated or
awarded to the Executive for a then uncompleted period under any such plan that the
Executive would have earned on the last day of the performance award period, assuming
the achievement, at the target level, of the individual and corporate performance
goals established with respect to such award, paid in the year following the end of
such performance period when awards for such performance period are paid to senior
executives (but not later than 2-1/2 months after the end of such performance period,
except as provided by Section 14 below. Awards for uncompleted periods shall be
prorated based upon the number of days the Executive is employed by the Company
during such year.

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          (5) Accelerated Vesting of Stock Options. All stock options and restricted
stock held by the Executive under any stock option or incentive plan maintained by the
Company (including the Company’s 2004 Long-Term Incentive Plans) shall immediately vest and
become exercisable as of the Date of Termination, to be exercised in accordance with the
terms of the applicable plan

          (6) Outplacement Services. The Company shall provide the Executive with
outplacement services suitable to the Executive’s position for a period of two (2) years
following the date of the Executive’s termination of employment or, if earlier, until the
first acceptance by the Executive of an offer of employment. The cost of such outplacement
services shall not exceed twenty percent (20%) of the Executive’s base salary in effect on
the Date of Termination.

          (7)  401(k) Contributions. The Company shall pay the Executive an amount equal
to the unvested portion (if any) of the Executive’s account balance under the Company’s
401(k) Plan that is forfeited by reason of the Executive’s termination of employment. Such
payment shall be made within 30 days following the date of the Executive’s termination of
employment, except as provided by Section 14 below.

     7. 280G Cap.

          a. Notwithstanding any other provisions of this Agreement, in the event that any payment or
benefit received or to be received by the Executive in connection with a change in the ownership or
effective control of the Company or in the ownership of a substantial portion of the assets of the
Company (within the meaning of section 280G(b)(2)(A)(i) of the Code (whether pursuant to the terms
of this Agreement or any other plan, arrangement or agreement with the Company, any Person whose
actions result in such change in ownership or effective control or in the ownership of Company
assets or any Person affiliated with the Company or such Person) (all such payments and benefits,
including the Severance Payments, being hereinafter called “Total Payments”) would not be
deductible (in whole or part), by the Company, an affiliate or Person making such payment or
providing such benefit as a result of section 280G of the Code, then, the Total Payments shall be
reduced (with the cash Severance Payments being reduced first (if necessary, to zero) in the order
in which they appear in Section 6 above, and all other Severance Payments shall thereafter be
reduced (if necessary, to zero) in the order in which they appear in Section 6 above provided that
extended health benefits will be reduced last to the minimum extent necessary such that, after
deducting the amount of any Excise Tax imposed on such Total Payments (as so reduced) from such
Total Payments (as so reduced), the amount of the Total Payments (after such reduction) will be
greater if such reduction is made than it would be without such reduction. All determinations,
including the order and timing of any such reduction shall be determined by the accounting firm
which was, immediately prior to the Change in Control, the Company’s independent auditor (the
“Auditor”).

          b. For purposes of this limitation, (i) no portion of the Total Payments the receipt or
enjoyment of which the Executive shall have waived at such time and in such manner as not to
constitute a “payment” within the meaning of section 280G(b) of the Code shall be taken into
account, (ii) no portion of the Total Payments shall be taken into account which, in the opinion of
tax counsel (“Tax Counsel”) reasonably acceptable to the Executive and selected by

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the Auditor, does not constitute a “parachute payment” within the meaning of section
280G(b)(2) of the Code, including by reason of section 280G(b)(4)(A) of the Code and (iii) the
value of any noncash benefit or any deferred payment or benefit included in the Total Payments
shall be determined by the Auditor in accordance with the principles of sections 280G(d)(3) and (4)
of the Code.

     8. Termination Procedures and Compensation During Dispute.

          a. Notice of Termination. After a Change in Control and during the Term, any
purported termination of the Executive’s employment (other than by reason of death) shall be
communicated by written Notice of Termination from one party hereto to the other party hereto in
accordance with Section 12 hereof. For purposes of this Agreement, a “Notice of Termination” shall
mean a notice which shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provisions indicated. Further, a Notice of
Termination for Cause is required to include a copy of a resolution duly adopted by the affirmative
vote of not less than three-quarters (3/4) of the entire membership of the Board at a meeting of
the Board which was called and held for the purpose of considering such termination (after
reasonable notice to the Executive and an opportunity for the Executive, together with the
Executive’s counsel, to be heard before the Board) finding that, in the good faith opinion of the
Board, the Executive was guilty of conduct set forth in clause (i) or (ii) of the definition of
Cause herein, and specifying the particulars thereof in detail.

          b. Date of Termination. “Date of Termination,” with respect to any purported
termination of the Executive’s employment after a Change in Control and during the Term, shall mean
(1) if the Executive’s employment is terminated for Disability, thirty (30) days after Notice of
Termination is given (provided that the Executive shall not have returned to the full-time
performance of the Executive’s duties during such thirty (30) day period), and (ii) if the
Executive’s employment is terminated for any other reason, the date specified in the Notice of
Termination (which, in the case of a termination by the Company, shall not be less than thirty (30)
days (except in the case of a termination for Cause) and, in the case of a termination by the
Executive, shall not be less than fifteen (15) days nor more than sixty (60) days, respectively,
from the date such Notice of Termination is given).

          c. Dispute Concerning Termination. If the Executive reasonably believe in good faith
the Company is not providing the Executive with a benefit or payment to which the Executive is
entitled under the terms of this Agreement, the Executive may notify the Company, within forty-five
(45) days after the Date of Termination or, if any such payment or benefit is due after such 45-day
period, within 45 days following such payment date, that a dispute exists concerning the
termination and/or the amount of such payment or benefit. In this event, the Company shall act
within fifteen (15) days to restore fully the disputed benefits and payments (so that all benefits
and payments are provided as of such date as would have been provided had there been no delay in
providing such benefits and payments) and to continue to provide such benefits and payments as
contemplated by this Agreement thereafter (provided, however, that in all events any payment or
benefit shall not be paid or provided to the Executive before the payment date set forth in this
Agreement or any applicable document), but subject to termination

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and recapture from the Executive of these disputed benefits and payments in accordance with
the terms of a mutual written agreement of the parties or by a final judgment, order or decree of
an arbitrator or a court of competent jurisdiction (which is not appealable or with respect to
which the time for appeal therefrom has expired and no appeal has been perfected).

     9. No Mitigation. The Company agrees that, if the Executive’s employment with the
Company terminated during the Term, the Executive is not required to seek other employment or to
attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to
Section 6 hereof or Section 8(d) hereof. Further, the amount of any payment or benefit provided
for in this Agreement (other than Section 6(a)(2) hereof) shall not be reduced by any compensation
earned by the Executive as the result of employment by another employer, by retirement benefits, by
offset against any amount claimed to be owed by the Executive to the Company, or otherwise.

     10. Successors; Binding Agreement.

          a. In addition to any obligations imposed by law upon any successor to the Company, the
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of the Company to expressly
assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place. Failure of the
Company to obtain such assumption and agreement prior to the effectiveness of any such succession
shall be a breach of this Agreement and shall entitle the Executive to terminate his employment
with the Company and receive compensation from the Company in the same amount and on the same terms
as the Executive would be entitled to hereunder if the Executive were to terminate the Executive’s
employment for Good Reason after a Change in Control, except that, for purposes of implementing the
foregoing, the date on which any such succession becomes effective shall be deemed the Date of
Termination.

          b. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal
or legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees. If the Executive shall die while any amount would still be payable to the Executive
hereunder (other than amounts which, by their terms, terminate upon the death of the Executive) if
the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to the executors, personal representatives or
administrators of the Executive’s estate.

     11. Indemnification. The Company shall indemnify and hold Executive harmless for acts
and omissions in his capacity as an officer, director or employee of the Company to the maximum
extent permitted under applicable law. The Company shall maintain a Director’s and Officer’s
Liability Insurance Policy, which shall provide liability coverage for Executive’s benefit, and the
Executive shall remain covered under such policy for a period of at least six (6) years following
the earlier of termination of employment or the occurrence of a Change in Control.

     12. Notices. For the purpose of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given

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when delivered or mailed by United States registered mail, return receipt requested, postage
prepaid, addressed, if to the Executive, to the address inserted below the Executive’s signature on
the final page hereof and, if to the Company, to the address set forth below, or to such other
address as either party may have furnished to the other in writing in accordance herewith, except
that notice of change of address shall be effective only upon actual receipt:

To the Company:

Starwood Hotels and Resorts Worldwide, Inc.

1111 Westchester Avenue

White Plains, NY 10604

Attention: Chief Administrative Officer and General Counsel

     13. Miscellaneous. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the
Executive and such officer as may be specifically designated by the Board. No waiver by either
party hereto at any time of any breach by the other party hereto of, or of any lack of compliance
with, any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. This Agreement supersedes any other agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof which have been made by
either party; provided, however, that this Agreement shall supersede any agreement setting forth
the terms and conditions of the Executive’s employment with the Company only in the event that the
Executive’s employment with the Company is terminated on or following a Change in Control, by the
Company other than for Cause or by the Executive for Good Reason. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of New
York. All references to sections of the Exchange Act or the Code shall be deemed also to refer to
any successor provisions to such sections. Any payments provided for hereunder shall be paid net
of any applicable withholding required under federal, state or local law and any additional
withholding to which the Executive has agreed. The obligations of the Company and the Executive
under this Agreement which by their nature may require either partial or total performance after
the expiration of the Term (including, without limitation, those under Sections 6, 7, 8, and 9
hereof) shall survive such expiration.

     14. Code Section 409A. This Agreement will be construed and administered to preserve
the exemption from Section 409A of payments that qualify as short-term deferrals pursuant to Treas.
Reg. §1.409A-1(b)(4) or that qualify for the two-times compensation exemption of Treas. Reg.
§1.409A-1(b)(9)(iii). With respect to any amounts that are subject to Section 409A, it is
intended, and this Agreement will be so construed, that such amounts and the Company’s and the
Executive’s exercise of authority or discretion hereunder shall comply with the provisions of
Section 409A so as not to subject the Executive to the payment of interest and additional tax that
may be imposed under Section 409A. For purposes of any payment in this Agreement that is subject
to Section 409A and triggered by the Executive’s “termination of employment”, (i) “termination of
employment” shall have the same meaning as “separation from service” under Section 409A(a)(2)(A)(i)
of the Code, and (ii) in the event the Executive is a “specified employee” on the date of the
Executive’s termination of employment (with such status determined by the Company in accordance
with rules established by the Company in writing in

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advance of the “specified employee identification date” that relates to the date of the
Executive’s termination of employment or, if later, by December 31, 2008, or in the absence of such
rules established by the Company, under the default rules for identifying specified employees under
Section 409A), any payment that is subject to Section 409A, such payment shall not be paid earlier
than six months after such termination of employment (if the Executive dies after the date of the
Executive’s termination of employment but before any payment has been made, such remaining payments
that were or could have been delayed will be paid to the Executive’s estate without regard to such
six-month delay). The Executive acknowledges and agrees that the Company has made no
representation to the Executive as to the tax treatment of the compensation and benefits provided
pursuant to this Agreement.

     15. Expense Reimbursements. To the extent that any expense reimbursement provided for
by this Agreement does not qualify for exclusion from Federal income taxation, except as specified
otherwise in this Agreement, the Company will make the reimbursement only if the Executive incurs
the corresponding expense during the term of this Agreement and submits the request for
reimbursement no later than two months prior to the last day of the calendar year following the
calendar year in which the expense was incurred so that the Company can (and it thereby will) make
the reimbursement on or before the last day of the calendar year following the calendar year in
which the expense was incurred. In the case of any such expense reimbursement and any in-kind
benefit provided for by this Agreement that does not qualify for exclusion from Federal income
taxation, the amount of expenses eligible for such reimbursement (and the amount of in-kind
benefits provided) during a calendar year will not affect the amount of expenses eligible for such
reimbursement (or benefits provided) in another calendar year; and the right to such reimbursement
or in-kind benefit is not subject to liquidation or exchange for another benefit from the Company.

     16. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

     17. Settlement of Disputes: Arbitration.

          a. All claims by the Executive for benefits under this Agreement shall be directed to and
determined by the Board and shall be in writing. Any denial by the Board of a claim for benefits
under this Agreement shall be delivered to the Executive in writing and shall set forth the
specific reasons for the denial and the specific provisions of this Agreement relied upon. The
Board shall afford a reasonable opportunity to the Executive for a review of the decision denying a
claim and shall further allow the Executive to appeal to the Board a decision of the Board within
sixty (60) days after notification by the Board that the Executive’s claim has been denied.

          b. Any further dispute or controversy arising under or in connection with this Agreement shall
be settled exclusively by arbitration in New York, in accordance with the rules of the American
Arbitration Association then in effect; provided, however, that the evidentiary
standards set forth in this Agreement shall apply. Judgment may be entered on the arbitrator’s
award in any court having jurisdiction. Notwithstanding any provision of this Agreement to the
contrary, the Executive shall be entitled to seek specific performance of the Executive’s
right to

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be paid until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement.

     18. Definitions. For purposes of this Agreement, the following terms shall have the
meanings indicated below:

          a. “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of
the Exchange Act.

          b. “Auditor” shall have the meaning set forth in Section 7 hereof.

          c. “Base Amount” shall have the meaning set forth in section 280G(b)(3) of the Code.

          d. “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

          e. “Board” shall mean the Board of Directors of the Company.

          f. “Cause” for termination by the Company of the Executive’s employment shall mean (i) the
willful and continued failure by the Executive to substantially perform the Executive’s duties with
the Company after a written demand for substantial performance is delivered to the Executive by the
Board, which demand specifically identifies the manner in which the Board believes that the
Executive has not substantially performed the Executive’s duties, and Executive has not cured any
such failure that is capable of being cured in all material respects within ten (10) days of
receiving such written demand, or (ii) the willful engaging by the Executive in conduct which is
demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise.
For purposes of clauses (i) and (ii) of this definition, (x) no act, or failure to act, on the
Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive not
in good faith and without reasonable belief that the Executive’s act, or failure to act, was in the
best interest of the Company and (y) in the event of a dispute concerning the application of this
provision, no claim by the Company that Cause exists shall be given effect unless the Company
establishes to the Board by clear and convincing evidence that Cause exists.

          g. A “Change in Control” shall be deemed to have occurred if the event set forth in any one of
the following paragraphs shall have occurred:

          (1) any Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company (not including in the securities beneficially owned by such Person
any securities acquired directly from the Company or its affiliates) representing 25% or
more of the combined voting power of the Company’s then outstanding securities, excluding
any Person who becomes such a Beneficial Owner in connection with a transaction described in
clause (i) of paragraph (3) below; or

          (2) the following individuals cease for any reason to constitute a majority of the
number of directors then serving: individuals who, on the date hereof,

11

 

constitute the Board
and any new director (other than a director whose initial assumption of office is in
connection with an actual or threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the Company’s
stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors on the date hereof or whose
appointment, election or nomination for election was previously so approved or recommended;
or

          (3) there is consummated a merger or consolidation of the Company or any direct or
indirect subsidiary of the Company with any other corporation, other than (i) a merger or
consolidation which would result in the voting securities of the Company outstanding
immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity
or any parent thereof), in combination with the ownership of any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any subsidiary of the
Company, at least 70% of the combined voting power of the securities of the Company or such
surviving entity or any parent thereof outstanding immediately after such merger or
consolidation and in proportion to their relative voting power immediately prior to such
merger or consolidation, or (ii) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no Person is or becomes
the Beneficial Owner, directly or indirectly, of securities of the Company representing 25%
or more of the combined voting power of the Company’s then outstanding securities; or

          (4) the stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company or there is consummated an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets, other than a sale or
disposition by the Company of all or substantially all of the Company’s assets to an entity,
at least 70% of the combined voting power of the voting securities of which are owned by
stockholders of the Company in substantially the same proportions as their ownership of the
Company immediately prior to such sale. Notwithstanding the foregoing, a “Change in
Control” shall not be deemed to have occurred by virtue of the consummation of any
transaction or series of integrated transactions immediately following which the record
holders of the common stock of the Company immediately prior to such transaction or series
of transactions continue to have substantially the same proportionate ownership in an entity
which owns all or substantially all of the assets of the Company immediately following such
transaction or series of transactions.

          h. “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

          i. “Company” shall mean Starwood Hotels and Resorts Worldwide, Inc., and, except in
determining under Section 17(g) hereof whether or not any Change in Control of

12

 

the Company has
occurred, shall include any successor to its business and/or assets which assumes and agrees to
perform this Agreement by operation of law, or otherwise.

          j. “Date of Termination” shall have the meaning set forth in Section 8 hereof.

          k. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

          l. “Excise Tax” shall mean any excise tax imposed under section 4999 of the Code.

          m. “Executive” shall mean the individual named in the first paragraph of this Agreement.

          n. The Executive will be deemed to have a “409A Disability” if (A) the Executive is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, (B) the Executive is, by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, receiving income replacement
benefits for a period of not less than three (3) months under an accident and health plan covering
Company employees; or (C) the Executive is determined to be totally disabled by the Social Security
Administration.

          o. “General Disability” shall be deemed the reason for the termination by the Company of the
Executive’s employment, if, as a result of the Executive’s incapacity due to physical or mental
illness, the Executive shall have been absent from the full-time performance of the Executive’s
duties with the Company for a period of six (6) consecutive months, the Company shall have given
the Executive a Notice of Termination for Disability, and, within thirty (30) days after such
Notice of Termination is given, the Executive shall not have returned to the full-time performance
of the Executive’s duties.

          p. “Good Reason” for termination by the Executive of the Executive’s employment shall mean the
occurrence (without the Executive’s express written consent) after any Change in Control, or prior
to a Change in Control under the circumstances described in clauses (ii) and (iii) of the second
sentence of Section 6(a) hereof (treating all references in paragraphs (1) through (7) below to a
“Change in Control” as references to a “Potential Change in Control”), of any one of the following
acts by the Company, or failures by the Company to act, unless, in the case of any act or failure
to act described in paragraph (1), (5), (6) or (7) below, such act or failure to act is corrected
prior to the Date of Termination specified in the Notice of Termination given in respect thereof:

          (1) the assignment to the Executive of any duties inconsistent with the Executive’s
status as a senior executive officer of the Company or a substantial
adverse alteration in the nature or status of the Executive’s responsibilities from those in
effect immediately prior to the Change in Control;

13

 

          (2) a reduction by the Company in the Executive’s annual base salary as in effect on
the date hereof or as the same may be increased from time to time;

          (3) the relocation of the Executive’s principal place of employment to a location more
than 35 miles from the Executive’s principal place of employment immediately prior to the
Change in Control or the Company’s requiring the Executive to be based anywhere other than
such principal place of employment (or permitted relocation thereof) except for required
travel on the Company’s business to an extent substantially consistent with the Executive’s
present business travel obligations;

          (4) the failure by the Company to pay to the Executive any portion of the Executive’s
current compensation, or to pay to the Executive any portion of an installment of deferred
compensation under any deferred compensation program of the Company, within seven (7) days
of the date such compensation is due;

          (5) the failure by the Company to continue in effect any compensation plan in which the
Executive participates immediately prior to the Change in Control which is material to the
Executive’s total compensation, including but not limited to the Company’s stock option,
bonus and other plans or any substitute plans adopted prior to the Change in Control, unless
an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been
made with respect to such plan, or the failure by the Company to continue the Executive’s
participation therein (or in such substitute or alternative plan) on a basis not materially
less favorable, both in terms of the amount or timing of payment of benefits provided and
the level of the Executive’s participation relative to other participants, as existed
immediately prior to the Change in Control;

          (6) the failure by the Company to continue to provide the Executive with benefits
substantially similar to those enjoyed by the Executive under any of the Company’s pension,
savings, life insurance, medical, health and accident, or disability plans in which the
Executive was participating immediately prior to the Change in Control, the taking of any
other action by the Company which would directly or indirectly materially reduce any of such
benefits or deprive the Executive of any material fringe benefit enjoyed by the Executive at
the time of the Change in Control, or the failure by the Company to provide the Executive
with the number of paid vacation days to which the Executive is entitled on the basis of
years of service with the Company in accordance with the Company’s normal vacation policy or
any employment agreement in effect at the time of the Change in Control; or

          (7) any purported termination of the Executive’s employment which is not effected
pursuant to a Notice of Termination satisfying the requirements of Section 8(a) hereof; for
purposes of this Agreement, no such purported termination shall be effective.

     The Executive’s right to terminate the Executive’s employment for Good Reason shall not be
affected by the Executive’s incapacity due to physical or mental illness. The Executive’s
continued employment shall not constitute consent to, or a waiver of rights with respect to, any
act or failure to act constituting Good Reason hereunder.

14

 

     For purposes of any determination regarding the existence of Good Reason, any claim by the
Executive that Good Reason exists shall be presumed to be correct unless the Company establishes to
the Board by clear and convincing evidence that Good Reason does not exist.

          q. “Notice of Termination” shall have the meaning set forth in Section 8 hereof.

          r. “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified
and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the
Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, or (iv) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their ownership of stock of the Company.

          s. “Potential Change in Control” shall be deemed to have occurred if the event set forth in
any one of the following paragraphs shall have occurred:

	 	(1).	 	the Company enters into an
agreement, the consummation of which would result in the
occurrence of a Change in Control;
	 
	 	(2).	 	the Company or any Person
publicly announces an intention to take or to consider taking
actions which, if consummated, would constitute a Change in
Control;
	 
	 	(3).	 	any Person becomes the Beneficial
Owner, directly or indirectly, of securities of the Company
representing 15% or more of either the then outstanding shares
of common stock of the Company or the combined voting power of
the Company’s then outstanding securities (not including in the
securities beneficially owned by such Person any securities
acquired directly from the Company or its affiliates); or
	 
	 	(4).	 	the Board adopts a resolution to
the effect that, for purposes of this Agreement, a Potential
Change in Control has occurred.

          t. “Retirement” shall be deemed the reason for the termination by the Executive of the
Executive’s employment if such employment is terminated in accordance with the Company’s retirement
policy, including early retirement, generally applicable to its salaried employees.

          u. “Severance Payments” shall have the meaning set forth in Section 6 hereof.

          v. “Tax Counsel” shall have the meaning set forth in Section 7 hereof.

15

 

          w. “Term” shall mean the period of time described in Section 2 hereof (including any
extension, continuation or termination described therein).

          x. “Total Payments” shall mean those payments so described in Section 7 hereof.

[Signature Page Follows)

16

 

          IN WITNESS WHEREOF, the parties have caused this Supplement to be duly executed as of the date
first written above.

	 	 	 	 	 
	 	STARWOOD HOTELS AND RESORTS

WORLDWIDE, INC.

 	 
	 	By  	 	 
	 	 	NAME: Jeffrey Cava 	 
	 	 	TITLE: EVP — Human Resources 
Dated:  December 30, 2008 	 
	 
	 	EXECUTIVE

 	 
	 	  	
 	 
	 	 	Simon Turner 	 
	 	 	
Dated:  December 30, 2008 	 
	 

17exv10w77

Exhibit 10.77

Qualified Automatic Contribution Arrangement, Qualified Default Investment Alternative and Maximum

Elective Deferral Amendment

Section 1. General Information and General Provisions

	 	1.1	 	Plan Name: Herbalife International of America, Inc. Employees’ 401(k) Profit Sharing Plan (the “Plan”).
	 
	 	1.2	 	Plan Sponsor: Herbalife International of America, Inc. (the “Sponsoring Employer”).
	 
	 	1.3	 	Enactment Date. This Amendment is entered into as of January 1, 2009, by the Sponsoring Employer.
	 
	 	1.4	 	Supersedure. This Amendment supersedes any conflicting provisions of the Plan, any
administrative policy regarding Elective Deferrals, and/or the Plan’s funding policy.
Furthermore, this Amendment supersedes any State (or Commonwealth) law that would directly or
indirectly prohibit or restrict the inclusion of an Automatic Contribution Arrangement in the
Plan, pursuant to ERISA §514(e)(1) and Department of Labor Regulation §2550.404c–5(f).
	 
	 	1.5	 	Good Faith Compliance. This document is an Amendment to the Plan, any administrative policy
regarding Elective Deferrals, and/or the Plan’s funding policy; is intended as good faith
compliance with all current guidance with respect to Automatic Contribution Arrangements; and
will incorporate any subsequent guidance with respect to Automatic Contribution Arrangements,
even to the extent that such subsequent guidance would modify the terms of this Amendment.

Section 2. Characteristic of Elective Deferrals

	 	2.1	 	Characteristic of Elective Deferrals. The Elective Deferrals that are withheld under the
Automatic Contribution Arrangement will be treated as follows:

	 	þ	 	Entirely Pre-Tax. All of the Elective Deferrals will be Pre-Tax Elective Deferrals.
	 
	 	o	 	Entirely Roth. All of the Elective Deferrals will be Roth Elective Deferrals.
	 
	 	o	 	A Portion Pre-Tax and a Portion Roth. ___% of the Elective Deferrals will be Pre-Tax
Elective Deferrals; ___% of the Elective Deferrals will be Roth Elective Deferrals.

Section 3. Eligible Participants

	 	3.1	 	Eligible Participants. The following classes of participants are Eligible Participants and
will be subject to the Automatic Contribution Arrangement:

	 	þ	 	New Participants. New participants who are eligible to make Elective Deferrals and who are
entering the Elective Deferral component of the Plan.
	 
	 	þ	 	Participants Who Did Not Return Election. Participants in the Elective Deferral component
of the Plan who have not returned an election form with respect to Elective Deferrals.
	 
	 	þ	 	Participants Who Elected Zero Rate of Deferrals before November 12, 2008. Participants in
the Elective Deferral component of the Plan who have elected not to have Elective Deferrals
made on their behalf except for (a) participants precluded from deferring due to financial
hardship distribution rules and (b) participants who have been previously automatically
enrolled that have affirmatively elected not to have Elective Deferrals made on their
behalf.
	 
	 	o	 	Participants Who Elected Lower Rate of

1

 

Deferrals. Participants in the Elective Deferral component of the Plan whose contribution
rate of their Elective Deferrals are less than the applicable Automatic Contribution
Percentage or Qualified Percentage as of the Effective Date of the Automatic Contribution
Arrangement.

	 	o	 	Other                                                             .

Section 4. Duration/Expiration of Automatic Contribution Overriding Election

	 	4.1	 	Duration/Expiration of Automatic Contribution Overriding Election. An Eligible Participant’s
Automatic Contribution Overriding Election shall expire in accordance with the following
provisions:

	 	(a)  þ	 	Election Does Not Expire. The Automatic Contribution Overriding Election will not
expire, but will remain in force until changed by the Eligible Participant. An Eligible
Participant need not execute a subsequent Automatic Contribution Overriding Election in
order to have the prior Automatic Contribution Overriding Election apply to the Automatic
Contribution Percentage or Qualified Percentage of a subsequent Plan Year. Any subsequent
change to the Automatic Contribution Overriding Election will be made in accordance with
the terms and conditions of the Plan relating to the modification of Elective Deferrals.
	 
	 	(b)  o	 	Election Expires. If a Eligible Participant’s Automatic Contribution Overriding
Election reduces the contribution rate of his or her Elective Deferrals to a level that
is less than the Automatic Contribution Percentage or Qualified Percentage that is in
effect as of the date selected below, then such Eligible Participant’s Automatic
Contribution Overriding Election will expire as of:

	 	o	 	The first day of each Plan Year.
	 
	 	o	 	Each anniversary date of an Eligible Participant’s Entry Date into the Elective
Deferral component of the Plan.
	 
	 	o	 	Other:                                                             .

	 	4.2	 	Eligible Participants Affected by Expiration of Automatic Contribution Overriding Election.
If Section 4.1(b) is checked, then Section 4.1(b) shall apply to the following Eligible
Participants:

	 	o	 	Zero Contribution Rate. Any Eligible Participant who has elected pursuant to his or her
Automatic Contribution Overriding Election not to have Elective Deferrals made on their
behalf and whose contribution rate of his or her Elective Deferrals is zero as of the
expiration date of Section 4.1(b).
	 
	 	o	 	Lower Contribution Rate. Any Eligible Participant who has elected pursuant to his or her
Automatic Contribution Overriding Election to have a contribution rate of his or her
Elective Deferrals that is less than the applicable Automatic Contribution Percentage or
Qualified Percentage as of the expiration date of Section 4.1(b).
	 
	 	o	 	Other:                                                             .

	 	4.3	 	Reenrollment. If Section 4.1(b) is checked, then to the extent that any Eligible
Participant’s Automatic Contribution Overriding Election expires in accordance with Section
4.1(b), any Eligible Participant as set forth in Section 4.2 will be reenrolled in the
Automatic Contribution Arrangement at the Automatic Contribution Percentage or Qualified
Percentage that applies to such Eligible Participant as of the expiration date of Section
4.1(b).

Section 5. Type of Automatic Contribution Arrangement

	 	5.1	 	Type of Automatic Contribution Arrangement. The type of Automatic Contribution Arrangement
which this Amendment reflects is as follows:

	 	(a)  þ	 	Qualified Automatic Contribution Arrangement. The Automatic Contribution
Arrangement is a Qualified Automatic Contribution Arrangement as

2

 

	 	 	 	described in PPA §902(a), which added Code §401(k)(13).
	 
	 	(b)  o	 	Eligible Automatic Contribution Arrangement. The Automatic Contribution Arrangement
is an Eligible Automatic Contribution Arrangement as described in PPA §902(d), which
added Code §414(w).
	 
	 	(c)  o	 	Traditional Automatic Contribution Arrangement. The Automatic Contribution
Arrangement does not incorporate the provisions set forth in PPA §902.

Section 6. Qualified Automatic Contribution Arrangement

	 	6.1	 	o Not Applicable. The Plan does not include a Qualified Automatic Contribution Arrangement.
	 
	 	6.2	 	þ Effective Date. The Qualified Automatic Contribution Arrangement is effective January 1, 2009.

	 	6.3	 	Initial Qualified Percentage. If Section 6.2 is checked, then an Eligible Participant will be
treated as having elected to have the Employer make Elective Deferrals to the Plan in an
amount equal to 3% of Compensation as the Qualified Percentage in the first Applicable Plan
Year.
	 
	 	6.4	 	Qualified Percentage for Subsequent Applicable Plan Years. If Section 6.2 is checked, then an
Eligible Participant will be treated as having elected to have the Employer make Elective
Deferrals to the Plan in the amounts equal to the following percentages of Compensation as the
Qualified Percentages in subsequent Applicable Plan Years after the first Applicable Plan
Year:

4% of Compensation as the Qualified Percentage in the second Applicable Plan Year.

5% of Compensation as the Qualified Percentage in the third Applicable Plan Year.

6%
of Compensation as the Qualified Percentage in any subsequent Applicable Plan Year after the third Applicable Plan Year.

	 	6.5	 	Non-Elective Contribution or Matching Contribution Requirement. If Section 6.2 is checked,
then the Employer will make the following contribution:

	 	(a)  o	 	Non-Elective Contribution. The Employer will make a non-elective contribution equal
to at least 3% of Compensation. Such non-elective contribution will be made on behalf of:

	 	o	 	Any participant in the Elective Deferral component of the Plan who is a non-highly
compensated employee, regardless of whether such participant makes Elective
Deferrals or after-tax employee contributions.
	 
	 	o	 	Any participant in the Elective Deferral component of the Plan, regardless of
whether such participant makes Elective Deferrals or after-tax employee
contributions.
	 
	 	o	 	Other:                                                             .

	 	(b)  þ	 	Matching Contribution.

	 	(1)	 	The Employer will make a matching contribution equal to either:

	 	þ	 	Basic Matching Contribution. The sum of (1) 100% of a participant’s Elective
Deferrals that do not exceed 1% of Compensation;

3

 

	 	 	 	plus (2) 50% of such participant’s Elective Deferrals that exceed 1% of
Compensation but do not exceed 6% of Compensation.
	 
	 	o	 	Enhanced Matching Contribution. The sum of (1) 100% of the participant’s
Elective Deferrals that do not exceed ___% of Compensation; plus, if
applicable, (2) ___% of the participant’s Elective Deferrals that exceed
___% of Compensation but do not exceed ___%.

	 	(2)	 	If Section 6.5(b) is checked, then such matching contribution will be
made on behalf of:

	 	o	 	Any participant in the Elective Deferral component of the Plan who is a
non-highly compensated employee and who makes Elective Deferrals.
	 
	 	þ	 	Any participant in the Elective Deferral component of the Plan who makes
Elective Deferrals.
	 
	 	o	 	Other:                                                             .

	 	(3)	 	If Section 6.5(b) is checked, then the ratio of such matching
contributions to Elective Deferrals of a participant who is a highly compensated
employee must not exceed the ratio of such matching contributions to Elective
Deferrals of any participant who is a non-highly compensated employee with
Elective Deferrals at the same percentage of Compensation as any highly
compensated employee. Furthermore, the ratio of a participant’s matching
contributions to the participant’s Elective Deferrals may not increase as the
amount of a participant’s Elective Deferrals increases.

	 	(c)	 	Plan to Which Contribution Will Be Made. The non-elective contribution of Section
6.5(a) or the matching contribution of Section 6.5(b) will be made to:

	 	þ	 	This Plan.
	 
	 	o	 	The following plan, so long as the plan meets the requirements of Code §401(k)(12)(F)
and the Treasury Regulations 

thereunder:                                         .

	 	(d)	 	Compensation. The term “Compensation” means, for purposes of the non-elective
contribution of Section 6.5(a) or the matching contribution of Section 6.5(b), the
following:

	 	(1)	 	Definition. Compensation is defined as:

	 	þ	 	Form W-2 compensation
	 
	 	o	 	Code §3401 compensation
	 
	 	o	 	Code §415 safe harbor compensation

	 	(2)	 	Non-taxable Amounts. Non-taxable amounts under Code §125, §132(f)(4),
§401(k), §402(h), §403(b), §457(b) and §414(h)(2) will:

	 	þ	 	Be included as Compensation
	 
	 	o	 	Not be included as Compensation

	 	(3)	 	Compensation Measuring Period. The Compensation measuring period is the:

	 	þ	 	Plan Year
	 
	 	o	 	Fiscal year ending on or within the Plan Year
	 
	 	o	 	Calendar year ending on or within the Plan Year

	 	(4)	 	þ Exclusions. The following categories of remuneration will not be counted as Compensation:

	 	o	 	Compensation received prior to becoming a participant
	 
	 	o	 	Compensation received while an ineligible employee
	 
	 	þ	 	All items in Treasury Regulation §1.414(s)-1(c)(3) (i.e., expense allowances,
fringe benefit, moving expenses, etc.)

4

 

	 	o	 	Post-severance compensation
	 
	 	o	 	Deemed 125 compensation
	 
	 	þ	 	Bonuses
	 
	 	o	 	Overtime
	 
	 	o	 	Commissions
	 
	 	o	 	Other                                                             
	 
	 	 	 	 

	 	(5)	 	Compensation must comply with Code §414(s). Compensation for purposes of the
non-elective contribution of Section 6.5(a) or the matching contribution of Section
6.5(b) must qualify as a nondiscriminatory definition of compensation under Code
§414(s) and the Treasury Regulations thereunder.

	 	(e)     	 	Contribution Subject to Withdrawal Restrictions. The non-elective contribution of
Section 6.5(a) or the matching contribution of Section 6.5(b) is subject to the
withdrawal restrictions set forth in Code §401(k)(2)(B) and Treasury Regulation
§1.401(k)-1(d).
	 
	 	(f)     	 	Contribution Must Not Be Used for Permitted Disparity Purposes. The non-elective
contribution of Section 6.5(a) or the matching contribution of Section 6.5(b) will be met
without regard to Code §401(l), and, for purposes of Code §401(l), the non-elective
contribution of Section 6.5(a) or the matching contribution of Section 6.5(b) will not be
taken into account.

	6.6	 	Vesting Schedule. If Section 6.2 is checked, then a participant’s sub-account that holds the
non-elective contribution of Section 6.5(a) or the matching contribution of Section 6.5(b)
will be subject to the following vesting schedule:

	 	(a)  o	 	100% Full and Immediate Vesting. A participant’s sub-account will be 100% fully and
immediately vested.
	 
	 	(b)  þ	 	2-Year Cliff Vesting Schedule.

1 Year of Vesting Service             0% Vested

2 Years of Vesting Service             100% Vested

	 	(c)  o	 	Modified 2-Year Cliff Vesting Schedule.

1 Year of Vesting Service             _____% Vested

2 Years of Vesting Service             100% Vested

	6.7	 	Usage of Forfeitures. If Section 6.2 and either Section 6.6(b) or 6.6(c) are checked, then
with respect to any forfeiture of the non-vested interest in a participant’s sub-account that
contains the non-elective contribution of Section 6.5(a) or the matching contribution of
Section 6.5(b), the Administrator may elect to use all or any portion of the forfeitures to
pay administrative expenses incurred by the Plan. Forfeitures that are not used to pay
administrative expenses will be used first to restore previous forfeitures of participants’
accounts as necessary and permitted pursuant to the provisions of the Plan. Forfeitures that
are not used to pay administrative expenses and are not used to satisfy the provisions of the
previous sentence will then be allocated/used:

	 	o	 	Not Applicable. Section 6.6(a) is checked; the participant’s sub-account that contains the
non-elective contribution of Section 6.5(a) and/or the matching contribution of Section
6.5(b), as applicable, will be 100% fully and immediately vested, and forfeiture of such
sub-account will not occur.
	 
	 	þ	 	Forfeitures Used to Reduce Any Employer Contributions. Forfeitures will be used to reduce
any Employer contributions.
	 
	 	o	 	Forfeitures Added to Any Employer Contributions. Forfeitures will be added to any Employer
contributions and will be allocated pursuant to the terms of the Plan.
	 
	 	o	 	Other:

5

 

	6.8	 	Exemption from ADP Test. If Section 6.2 is checked, then notwithstanding anything in the Plan
to the contrary, the Plan will be treated as meeting the ADP test as set forth in Code
§401(k)(3)(A)(ii) in any Plan Year in which the Plan includes a Qualified Automatic
Contribution Arrangement pursuant to PPA §902(a), which added Code §401(k)(13)(A).

	6.9	 	Limited Exemption from ACP Test. If Section 6.2 is checked, then notwithstanding anything in
the Plan to the contrary, the Plan shall be treated as having satisfied the ACP test as set
forth in Code §401(m)(2) only with respect to the matching contribution set forth in Section
6.5(b) in any Plan Year in which the Plan includes a Qualified Automatic Contribution
Arrangement pursuant to PPA §902(b), which revised Code §401(m)(12).

	6.10	 	Limited Exemption from Top Heavy. If Section 6.2 is checked, then notwithstanding anything in
the Plan to the contrary, in any Plan Year in which the Plan consists solely of: (a) Elective
Deferrals under a Qualified Automatic Contribution Arrangement which meets the requirements of
Code §401(k)(13) as set forth in Sections 6.3 and 6.4; and (b) Employer contributions
consisting of either (1) non-elective contributions which meet the requirements of Code
§401(k)(13) as set forth in Section 6.5(a), or (2) matching contributions which meet the
requirements of Code §401(m)(12) as set for the in Section 6.5(b), then such Plan will not be
treated as a top heavy Plan and will be exempt from the top heavy requirements of Code §416.
Furthermore, if the Plan (but for the prior sentence) would be treated as a top heavy Plan
because the Plan is a member of an aggregation group which is a top heavy group, then the
contributions under the Plan may be taken into account in determining whether any other plan
in the aggregation group meets the top heavy requirements of Code §416.

Section 7. Elimination/Modification of Non-Safe Harbor Contribution Provisions

	 	 	 	 	 
	7.1

	 	o
	 	Not Applicable. The Plan does not have or does not make any Employer contributions to a
non-safe harbor matching contribution component or a non-safe harbor non-elective contribution
component of the Plan.
	 
	 	 	 	 
	7.2

	 	o
	 	Not Applicable. The Plan’s existing non-safe harbor matching contribution component and/or
non-safe harbor non-elective contribution component are being retained.
	 
	 	 	 	 
	7.3

	 	þ
	 	Effective Date. Notwithstanding the Effective Date of the Automatic Contribution Arrangement,
the provisions set forth in this Section 7 are effective as of January 1, 2009.
	 
	 	 	 	 
	7.4 	 	Type of Employer Contributions Being Eliminated. If Section 7.3 is checked, then by executing this Amendment:

	 	o	 	Not Applicable. No Employer contributions and related allocations will cease or will be eliminated.
	 
	 	þ	 	Employer Contributions and Related Allocations. The following Employer contributions
(except for receivables) and related allocations will cease and will be eliminated as of
the Effective Date set forth in Section 7.3:

	 	þ	 	Matching Contributions. Non-safe harbor matching contributions.
	 
	 	o	 	Non-Elective Contributions. Non-safe harbor non-elective contributions.

	7.5	 	Modification/Addition of Employer Contributions. If Section 7.3 is checked, then by executing
this Amendment, the following Employer contributions and related allocations are modified
and/or added as of the Effective Date set forth in Section 7.3, in accordance with the
following provisions:

	 	o	 	Not Applicable. No Employer contributions and related allocations (other than the
elimination of those Employer contributions and related allocations of Section 7.4) are
being modified and/or added.
	 
	 	þ	 	Modification/Addition. 75% of pay is the maximum Employee Elective Deferral Contribution.

6

 

Section 8. Default Investment

	 	8.1	 	Default Investment. If a participant or beneficiary has the opportunity to direct the
investment of the assets in his or her account (but does not direct the investment of such
assets), then such assets in his or her account will be invested as follows:

	 	(a)  o	 	Not Applicable. Participants and/or beneficiaries are not permitted to direct the
investment of the assets in their accounts; the Plan’s trustee or investment manager
makes the investment decisions with respect to the Plan’s assets.
	 
	 	(b)  þ	 	Qualified Default Investment Alternative. The assets in his or her account will be
invested in a Qualified Default Investment Alternative.
	 
	 	(c)  o	 	Non-Qualified Default Investment Alternative. The assets in his or her account will
subject to the following provisions:

	 	(1)	 	Type of Investment. The assets in his or her account will be invested
in:

	 	o	 	A selected “default investment” which is expected to produce a favorable rate of
return and which minimizes the overall risk of losing money.
	 
	 	o	 	Other:                                                             .

	 	(2)	 	Transfer from the Non-Qualified Default Investment Alternative.
Transfers by participants from the non-qualified default investment alternative
will be permitted on the following date(s) of the Plan Year:
	 
	 	 	 	 
.

	 	8.2	 	Transfer from Qualified Default Investment Alternative. If Section 8.1(b) is checked, then
any participant or beneficiary on whose behalf assets are invested in a Qualified Default
Investment Alternative may transfer, in whole or in part, such assets to any other investment
alternative available under the Plan with a frequency consistent with that afforded to a
participant or beneficiary who elected to invest in the Qualified Default Investment
Alternative, but not less frequently than once within any 3-month period.

	 	(a)	 	No Fees during First 90 Days. Any participant’s or beneficiary’s election to make
such transfer during the 90 day period beginning on the date of the first elective
deferral or first investment in a Qualified Default Investment Alternative will not be
subject to any restrictions, fees or expenses (including surrender charges, liquidation
or exchange fees, redemption fees and similar expenses charged in connection with the
liquidation of, or transfer from, the investment), except as permitted in Department of
Labor Regulation §2550.404c–5(c)(5)(ii)(B).
	 
	 	(b)	 	Limited Fees after First 90 Days. Following the end of the 90-day period described
in paragraph (a), any transfer from the Qualified Default Investment Alternative will not
be subject to any restrictions, fees or expenses not otherwise applicable to a
participant or beneficiary who elected to invest in that Qualified Default Investment
Alternative.

	 	8.3	 	Broad Range of Investment Alternatives. If Section 8.1(b) is checked, then the Plan must
offer a ‘‘broad range of investment alternatives’’ within the meaning of Department of Labor
Regulation §2550.404c–1(b)(3).
	 
	 	8.4	 	Materials Must Be Provided. If Section 8.1(b) is checked, then a fiduciary must provide to a
participant or beneficiary the materials set forth in Department of Labor Regulation
§2550.404c-1(b)(2)(i)(B)(1)(viii) and (ix) and Department of Labor Regulation
§404c-1(b)(2)(i)(B)(2) relating to a participant’s or beneficiary’s investment in a Qualified
Default Investment Alternative.

Section 9. Notice Requirements

7

 

	 	9.1	 	Content and Timing of Notice for Automatic Contribution Arrangement. Within a reasonable
period before the beginning of each Plan Year, Eligible Participants to whom the Automatic
Contribution Arrangement applies for such Plan Year must receive a sufficiently accurate and
comprehensive written notice of their rights and obligations under the Automatic Contribution
Arrangement. Such notice will be written in a manner calculated to be understood by the
average Eligible Participant to whom the Automatic Contribution Arrangement applies. The
notice must explain (a) under the Automatic Contribution Arrangement, the Eligible
Participant’s right pursuant to a Automatic Contribution Overriding Election to elect either
(1) not to have Elective Deferrals made on the Eligible Participant’s behalf, or (2) to have
Elective Deferrals made at a different percentage; and (b) how contributions made under the
Automatic Contribution Arrangement will be invested in the absence of any investment election
by the Eligible Participant (the default investment(s)). After receipt of the notice
described in this paragraph, any Eligible Participant to whom the Automatic Contribution
Arrangement relates must have a reasonable period of time before the first Elective Deferral
is made to exercise the rights set forth within the notice including, but not limited to,
executing an Automatic Contribution Overriding Election.
	 
	 	9.2	 	Content and Timing of Notice for Qualified Default Investment Alternative. If Section 8.1(b)
is checked, then the following provisions apply to the notice required by a Qualified Default
Investment Alternative:

	 	(a)	 	Manner. Such notice will be written in a manner calculated to be understood by the
average Plan participant.
	 
	 	(b)	 	Content. Such notice will contain the following:

	 	(1)	 	A description of the circumstances under which assets in the individual
account of a participant or beneficiary may be invested on behalf of the participant
or beneficiary in a Qualified Default Investment Alternative; and, if applicable, an
explanation of the circumstances under which Elective Deferrals will be made on behalf
of a participant, the percentage of such Elective Deferrals, and the right of the
participant to elect not to have such Elective Deferrals made on the participant’s
behalf (or to elect to have such Elective Deferrals made at a different percentage);
	 
	 	(2)	 	An explanation of the right of participants and beneficiaries to direct the
investment of assets in their individual accounts;
	 
	 	(3)	 	A description of the Qualified Default Investment Alternative, including a
description of the investment objectives, risk and return characteristics (if
applicable), and fees and expenses attendant to the Qualified Default Investment
Alternative;
	 
	 	(4)	 	A description of the right of the participants and beneficiaries on whose
behalf assets are invested in a Qualified Default Investment Alternative to direct the
investment of those assets to any other investment alternative under the Plan,
including a description of any applicable restrictions, fees or expenses in connection
with such transfer; and
	 
	 	(5)	 	An explanation of where the participants and beneficiaries can obtain
investment information concerning the other investment alternatives available under
the Plan.

	 	(c) 	 	Timing. The participant or beneficiary on whose behalf an investment in a Qualified
Default Investment Alternative may be made must be furnished such notice during the
following periods:

	 	(1)	 	Either:

	 	(A)	 	At least 30 days in advance of the participant’s Entry Date of the
Elective Deferral component of the Plan (or such other component of the Plan in
which a participant’s account may be invested in a Qualified Default Investment
Alternative), or at least 30 days in advance of the date of any first investment
in a Qualified Default Investment Alternative on behalf of a participant or
beneficiary; or
	 
	 	(B)	 	If the Plan is an Eligible Automatic Contribution Arrangement and the
participant has the opportunity to receive a Permissible Withdrawal, on or before
the participant’s Entry Date of the Elective Deferral component of the Plan; and

8

 

	 	(2)	 	Within a reasonable period of time of at least 30 days in advance of each subsequent Plan Year;

Section 10. Definitions

	 	10.1	 	Applicable Plan Year. The term “Applicable Plan Year” means, for purposes of determining the
Qualified Percentage that applies to a specific Eligible Participant, a specific Plan Year.
The first Applicable Plan Year is the Plan Year that contains the date upon which an Eligible
Participant could first have had Elective Deferrals withheld under the Qualified Automatic
Contribution Arrangement, regardless of whether the Eligible Participant executes an Automatic
Contribution Overriding Election. Subsequent Applicable Plan Years are based upon the number
of Plan Years after the first Applicable Plan Year, regardless of whether the Eligible
Participant executes an Automatic Contribution Overriding Election.
	 
	 	10.2	 	Automatic Contribution Arrangement. The term “Automatic Contribution Arrangement” means any
arrangement under which (a) a participant may elect to have the Employer make payments as
Elective Deferrals under the Plan on his or her behalf, or to receive such payments directly
in cash, and (b) an Eligible Participant is treated as having elected to have the Employer
make Elective Deferrals to the Plan, in an amount equal to a uniform percentage of
Compensation until such Eligible Participant executes an Automatic Contribution Overriding
Election; such percentage may be set forth in either this Amendment or such other Plan
documentation as permitted by law. An Automatic Contribution Arrangement includes a Qualified
Automatic Contribution Arrangement, an Eligible Automatic Contribution Arrangement, or a
Traditional Automatic Contribution Arrangement, as applicable.
	 
	 	10.3	 	Automatic Contribution Percentage. The term “Automatic Contribution Percentage” means, with
respect to an Eligible Automatic Contribution Arrangement or a Traditional Automatic
Contribution Arrangement, as applicable, the percent of Compensation that an Eligible
Participant is treated as having elected to have the Employer make as Elective Deferrals to
the Plan, as set forth in this Amendment or such other Plan documentation as permitted by law.
	 
	 	10.4	 	Automatic Contribution Overriding Election. The term “Automatic Contribution Overriding
Election” means an affirmative election by an Eligible Participant to override the Automatic
Contribution Percentage or Qualified Percentage that is applicable to such Eligible
Participant. The Automatic Contribution Overriding Election will provide either (a) to not
have Elective Deferrals made under the Automatic Contribution Arrangement, or (b) to have
Elective Deferrals made at a percentage of Compensation different than the Automatic
Contribution Percentage or Qualified Percentage, at the percentage of Compensation specified
in the Automatic Contribution Overriding Election.
	 
	 	10.5	 	Compensation. The term “Compensation” means, except for purposes of the non-elective
contribution of Section 6.5(a) or the matching contribution of Section 6.5(b), compensation as
defined in the Plan for the component or the purpose for which the compensation relates.
However, if the Plan is a Qualified Automatic Contribution Arrangement, then the term
“Compensation” means, for purposes of the non-elective contribution of Section 6.5(a) or the
matching contribution of Section 6.5(b), compensation as defined in Section 6.5(d).
	 
	 	10.6	 	Effective Date of the Automatic Contribution Arrangement. The term “Effective Date of the
Automatic Contribution Arrangement” means the effective date set forth in Section 6.2.
	 
	 	10.7	 	Eligible Automatic Contribution Arrangement. The term “Eligible Automatic Contribution
Arrangement” means an Automatic Contribution Arrangement that meets all of the requirements of
Code §414(w)(3) including, but limited to, a Qualified Default Investment Alternative and the
applicable notice requirements.
	 
	 	10.8	 	Elective Deferral. The term “Elective Deferral” means an Employer contribution as described
in Code §402(g)(3).
	 
	 	10.9	 	Eligible Participant. The term “Eligible Participant” means a participant in the Plan subject
to the Automatic Contribution Arrangement.
	 
	 	10.10	 	Employer. The term “Employer” shall mean the Sponsoring Employer as set forth in Section
1.2, and any other entity that adopts the Plan.
	 
	 	10.11	 	Entry Date. The term “Entry Date” means the date or dates on which an employee who is
eligible to participate in the Elective Deferral component of the Plan becomes a participant
in such component of the Plan, or, if applicable, the date or dates on which an employee who
is eligible

9

 

	 	 	 	to participate in another component of the Plan becomes a participant in such other component
of the Plan.

	 	10.12	 	Excess Aggregate Contributions. The term “Excess Aggregate Contributions” means amounts as
described in Code §4979(d).
	 
	 	10.13	 	Excess Contributions. The term “Excess Contributions” means amounts as described in Code
§4979(c).
	 
	 	10.14	 	Permissible Withdrawal. The term “Permissible Withdrawal” means any withdrawal from an
Eligible Automatic Contribution Arrangement which meets the following requirements:

	 	(a)	 	Employee’s Election and Timing. The distribution is made pursuant to an election by
an Eligible Participant, and such election is made no later than 90 days after the date
of the first Elective Deferral with respect to the Eligible Participant under the
Eligible Automatic Contribution Arrangement;
	 
	 	(b)	 	Only Elective Deferrals and Earnings. The distribution consists of only Elective
Deferrals (and earnings attributable thereto);
	 
	 	(c)	 	Amount of Distribution. The amount of the distribution is equal to the amount of
Elective Deferrals made with respect to the first payroll period to which the Eligible
Automatic Contribution Arrangement applies to the Eligible Participant and any succeeding
payroll period beginning before the effective date of the election pursuant to paragraph
(a) (and earnings attributable thereto).

	 	10.15	 	Plan Year. The term “Plan Year” means computation period as set forth in the Plan document.
	 
	 	10.16	 	PPA. The term “PPA” means the Pension Protection Act of 2006.
	 
	 	10.17	 	Pre-Tax Elective Deferral. The term “Pre-Tax Elective Deferral” means an Elective Deferral
that is not includible in the participant’s gross income at the time that the Elective
Deferral is deferred.
	 
	 	10.18	 	Qualified Automatic Contribution Arrangement. The term “Qualified Automatic Contribution
Arrangement” means an Automatic Contribution Arrangement that meets all of the requirements
set forth in Code §401(k)(13)(B) including, but not limited to, the applicable Qualified
Percentage for the Applicable Plan Year, the required Employer contributions of the
non-elective contributions of Section 6.5(a) or the matching contributions of Section 6.5(b),
and the applicable notice requirements.
	 
	 	10.19	 	Qualified Default Investment Alternative. The term “Qualified Default Investment
Alternative” means an investment alternative available to participants and beneficiaries,
subject to the following rules:

	 	(a)	 	No Employer Securities. The Qualified Default Investment Alternative does not hold
or permit the acquisition of Employer securities, except as permitted by Department of
Labor Regulation §2550.404c–5(e)(1)(ii);
	 
	 	(b)	 	Transfer Permitted. The Qualified Default Investment Alternative permits a
participant or beneficiary to transfer, in whole or in part, his or her investment from
the Qualified Default Investment Alternative to any other investment alternative
available under the Plan, pursuant to the rules of Department of Labor Regulation
§2550.404c–5(c)(5);
	 
	 	(c)	 	Management. The Qualified Default Investment Alternative is:

	 	(1)	 	Managed by: (A) an investment manager, within the meaning of ERISA §3(38);
(B) a Plan trustee that meets the requirements of ERISA §3(38)(A), (B) and (C); or (C)
the Sponsor Employer who is a named fiduciary within the meaning of ERISA §402(a)(2);
	 
	 	(2)	 	An investment company registered under the Investment Company Act of 1940; or
	 
	 	(3)	 	An investment product or fund described in Department of Labor Regulation
§2550.404c–5(e)(4)(iv) or (v); and

	 	(d)	 	Types of Permitted Investments. The Qualified Default Investment Alternative is one
of the following:

10

 

	 	(1)	 	An investment fund product or model portfolio that applies generally accepted
investment theories, is diversified so as to minimize the risk of large losses and
that is designed to provide varying degrees of long-term appreciation and capital
preservation through a mix of equity and fixed income exposures based on the
participant’s age, target retirement date (such as normal retirement age under the
Plan) or life expectancy, but is not required to take into account risk tolerances,
investments or other preferences of an individual participant or beneficiary.
	 
	 	(2)	 	An investment fund product or model portfolio that applies generally
accepted investment theories, is diversified so as to minimize the risk of large
losses and that is designed to provide long-term appreciation and capital
preservation through a mix of equity and fixed income exposures consistent with a
target level of risk appropriate for participants of the Plan as a whole, but is not
required to take into account the age, risk tolerances, investments or other
preferences of an individual participant or beneficiary.
	 
	 	(3)	 	An investment management service with respect to which a fiduciary, within
the meaning of Department of Labor Regulation §2550.404c–5(e)(3)(i), applying
generally accepted investment theories, allocates the assets of a participant’s
individual account to achieve varying degrees of long-term appreciation and capital
preservation through a mix of equity and fixed income exposures, offered through
investment alternatives available under the plan, based on the participant’s age,
target retirement date (such as normal retirement age under the Plan) or life
expectancy, but is not required to take into account risk tolerances, investments or
other preferences of an individual participant.
	 
	 	(4)	 	An investment product or fund designed to preserve principal and provide a
reasonable rate of return, whether or not such return is guaranteed, consistent with
liquidity. Such investment product shall: (A) Seek to maintain, over the term of the
investment, the dollar value that is equal to the amount invested in the product; and
(B) Be offered by a State or federally regulated financial institution. Such
investment product or fund described in this paragraph shall constitute a Qualified
Default Investment Alternative for not more than 120 days after the date of the
participant’s first Elective Deferral as determined under Code §414(w)(2)(B) or other
first investment.
	 
	 	(5)	 	An investment product or fund designed to guarantee principal and a rate of
return generally consistent with that earned on intermediate investment grade bonds,
while providing liquidity for withdrawals by participants and beneficiaries, including
transfers to other investment alternatives. Such investment product must meet the
following requirements: (A) There are no fees or surrender charges imposed in
connection with withdrawals initiated by a participant or beneficiary; and (B)
Principal and rates of return are guaranteed by a State or federally regulated
financial institution. Such investment product or fund described in this paragraph
will constitute a Qualified Default Investment Alternative solely for purposes of
assets invested in such product or fund before December 24, 2007.

An investment fund product or model portfolio that meets the requirements of this paragraph
(d) may be offered through variable annuity or similar contracts, common or collective
trust funds, or pooled investment funds without regard to whether such contracts or funds
provide annuity purchase rights, investment guarantees, death benefit guarantees, or other
features ancillary to the investment fund product or model portfolio.

	 	10.20	 	Qualified Percentage. The term “Qualified Percentage” means the uniform percentage of
Compensation that an Eligible Participant is treated as having elected to have the Employer
make to the Plan as Elective Deferrals under a Qualified Automatic Contribution Arrangement.
Under no circumstances can the Qualified Percentage exceed 10%.
	 
	 	10.21	 	Roth Elective Deferral. The term “Roth Elective Deferral” means a participant’s Elective
Deferral that is includible in the participant’s gross income at the time that the Elective
Deferral is deferred.
	 
	 	10.22	 	Safe Harbor 401(k) and/or 401(m) Plan. The term “Safe Harbor 401(k) and/or 401(m) Plan”
means a 401(k) plan which meets all of the requirements of Code §401(k)(12) and/or a 401(m)
plan which meets all of the requirements of Code §401(m)(11) for a Plan Year.
	 
	 	10.23	 	Traditional Automatic Contribution Arrangement. The term “Traditional Automatic Contribution
Arrangement” means an Automatic Contribution Arrangement that is neither a Qualified Automatic
Contribution Arrangement nor an Eligible Automatic Contribution Arrangement.
	 
	 	10.24	 	Year of Vesting Service. The term “Year of Vesting

11

 

	 	 	 	Service” means either (a) if used for vesting purposes, a year of service (as defined in the
Plan); (b) if used for vesting purposes, a whole year (or 1-year) period of service (as
defined in the Plan); or (c) any other one year period that is used for vesting purposes in
the Plan.

Section 11. Signature Provisions

	 	11.1	 	Signature of the Authorized Representative of the Sponsoring Employer:

	 	 	 	 	 	 	 	 
	 	By

	 	 	 	Date	 	 
	 	 

	 	 
	 	 	 	 
	 	 
	 	 	 	 	 	 
	 	Print Name

	 	 	 	Title	 	 
	 	 

	 	 
	 	 	 	 

12

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