Document:

Exhibit 10.27

 

AMENDMENT ONE TO THE

ADVANCEPIERRE FOODS INC. 401(K) RETIREMENT PLAN

 

AdvancePierre Foods Inc. (the “Employer”) makes this Amendment, effective as of October 1, 2012.

 

WHEREAS, the Employer has previously established the AdvancePierre Foods Inc. 401(k) Retirement Plan (the “Plan”) for the benefit of eligible employees and their beneficiaries; and

 

WHEREAS, pursuant to Section 7.1 of the Plan, the Employer is authorized to amend the Plan;

 

NOW, THEREFORE, pursuant to Section 7.1 of the Plan, the following amendments are hereby made and shall be effective October 1, 2012:

 

1.                                      Section 1.32, “Eligible Employee,” is hereby amended in its entirety to read as follows:

 

1.32                        “Eligible Employee” means any Employee, except as provided below, and except as provided in any other particular provision for the limited purposes of that provision (e.g., ADP test). The following Employees shall not be eligible to participate in this Plan:

 

(a)                                 Employees of Affiliated Employers, unless such Affiliated Employers have specifically adopted this Plan in writing.

 

(b)                                 An individual shall not be an Eligible Employee if such individual is not reported on the payroll records of the Employer as a common law employee. In particular, it is expressly intended that individuals not treated as common law employees by the Employer on its payroll records and out-sourced workers, are neither Employees nor Eligible Employees, and are excluded from Plan participation even if a court or administrative agency determines that such individuals are common law employees and not independent contractors. However, this paragraph shall not apply to partners or other Self-Employed Individuals unless the Employer treats them as independent contractors.

 

(c)                                  Unless or until otherwise provided, Employees who became Employees as the result of a “Code Section 410(b)(6)(C) transaction” will not be Eligible Employees until the expiration of the transition period beginning on the date of the transaction and ending on the last day of the first Plan Year beginning after the date of the transaction. A Code Section 410(b)(6)(C) transaction is an asset or stock acquisition, merger, or similar transaction involving a change in the Employer of the Employees of a trade or business that is subject to the special rules set forth in Code Section 410(b)(6)(C).

 

(d)                                 Employees who are Leased Employees.

 

(e)                                  Employees whose employment is governed by the terms of a collective bargaining agreement between Employee representatives (within the meaning of Code Section 7701(a)(46)) and the Employer under which retirement benefits

 

 

were the subject of good faith bargaining between the parties, unless such agreement expressly provides for coverage in this Plan.

 

(f)                                   Employees classified by the Employer as part-time, temporary or seasonal Employees who have not completed one (1) Period of Service.

 

2.                                      Section 3.1, Conditions of Eligibility, subsection (a), Eligibility, is hereby amended in its entirety to read as follows:

 

(a)  Eligibility. For all Plan purposes, any Eligible Employee who has completed 30 days of Service and has attained age 18 shall be eligible to participate hereunder as of the date such Employee has satisfied such requirements.

 

Any Employee who is classified by the Employer as part-time, temporary or seasonal and who has completed one (1) Period of Service shall be an Eligible Employee and shall be eligible to participate hereunder as of the date such Employee has satisfied such requirements and has attained age 18.

 

However, any Employee who was a Participant in the Plan prior to the effective date of this amendment and restatement shall continue to participate in the Plan.

 

IN WITNESS WHEREOF, the Employer, has caused this instrument to be executed as of the date specified below.

 

	
 
    	
 
    	
ADVANCEPIERRE FOODS INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Dated: 
    	
9/7/2012
    	
 
    	
By:
    	
/s/ Bryan Hayden
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Its:
    	
VP of People Services
    
					

 

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ADOPTING RESOLUTION

 

The undersigned authorized representative of AdvancePierre Foods Inc. (the “Employer”) hereby certifies that the following resolutions were duly adopted by the Employer on 9/7/2012 and that such resolutions have not been modified or rescinded as of the date hereto.

 

RESOLVED, that Amendment One to the AdvancePierre Foods Inc. 401(k) Retirement Plan, effective as of October 1, 2012, presented to this meeting is hereby approved and adopted and that an authorized representative of the Employer is hereby authorized and directed to execute and deliver to the Administrator of the Plan one or more counterparts of the amendment.

 

The undersigned further certifies that attached hereto as Exhibit A is a true copy of the Amendment One to the AdvancePierre Foods Inc. 401(k) Retirement Plan which is hereby approved and adopted.

 

 

	
 
    	
Date: 
    	
9/7/2012
    
	
 
    	
 
    	
 
    
	
 
    	
Signed: 
    	
/s/ Brian Hayden
    
	
 
    	
Brian Hayden, VP of People   Services
    
	
 
    	
[print name/title]
    

 

3Exhibit 10.28

 

AMENDMENT TWO TO THE

ADVANCEPIERRE FOODS INC. 401(K) RETIREMENT PLAN

 

AdvancePierre Foods Inc. (the “Employer”) makes this Amendment, effective as of January 1, 2014.

 

WHEREAS, the Employer has previously established the AdvancePierre Foods Inc. 401(k) Retirement Plan (the “Plan”) for the benefit of eligible employees and their beneficiaries; and

 

WHEREAS, pursuant to Section 7.1 of the Plan, the Employer is authorized to amend the Plan;

 

NOW, THEREFORE, pursuant to Section 7.1 of the Plan, the following amendment is hereby made and shall be effective for Plan Years beginning on or after January 1, 2014:

 

1.                                      Section 1.20, “Compensation”, is hereby amended in its entirety to read as follows:

 

1.20                        “Compensation” means, with respect to any Participant and except as otherwise provided herein, such Participant’s wages as defined in Code Section 3401(a) and all other payments of compensation by the Employer (in the course of the Employer’s trade or business) for a Plan Year (the “determination period”) for which the Employer is required to furnish the Participant a written statement under Code Sections 6041(d), 6051(a)(3) and 6052 (Form W-2 wages). Compensation must be determined without regard to any rules under Code Section 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code Section 3401(a)(2)). Compensation for any Self-Employed Individual shall be equal to such individual’s Earned Income.

 

For purposes of this Section, the determination of Compensation shall be made by:

 

(a)  excluding (even if includible in gross income) reimbursements or other expense allowances, fringe benefits (cash or noncash), moving expenses, deferred compensation (equity and non equity), welfare benefits.

 

(b)  including amounts which are contributed by the Employer pursuant to a salary reduction agreement and which are not includible in the gross income of the Participant under Code Sections 125, 132(f)(4), 402(e)(3), 402(h)(1)(B), 403(b) or 457(b), and employee contributions described in Code Section 414(h)(2) that are treated as Employer contributions. For this purpose, amounts not includible in gross income under Code Section 125 shall be deemed to include any amounts not available to a Participant in cash in lieu of group health coverage because the Participant is unable to certify that the Participant has other health coverage, provided the Employer does not request or collect information regarding the Participant’s other health coverage as part of the enrollment process for the health plan.

 

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(c)  excluding pre-participation Compensation paid during the Plan Year while not a Participant in the component of the Plan for which Compensation is being used.

 

(d)  excluding Post-Severance Compensation for purposes of Elective Deferrals and Matching Contributions.

 

Compensation in excess of $200,000 (or such other amount provided in the Code) shall be disregarded for all purposes other than for purposes of salary deferral elections pursuant to Section 4.2. Such amount shall be adjusted for increases in the cost-of-living in accordance with Code Section 401(a)(17)(B), except that the dollar increase in effect on January 1 of any calendar year shall be effective for the Plan Year beginning with or within such calendar year. For any “determination period” of less than twelve (12) months, the Compensation limit shall be an amount equal to the Compensation limit for the calendar year in which the “determination period” begins multiplied by the ratio obtained by dividing the number of full months in the short “determination period” by twelve (12), A “determination period” is not less than twelve (12) months solely because a Participant’s Compensation does not include Compensation paid during a “determination period” while the Participant was not a Participant in the Plan (or a component of the Plan).

 

If any Employees are excluded from the Plan (or from any component of the Plan), then Compensation for any such Employees who become eligible or cease to be eligible to participate in the Plan (or in the component of the Plan) during a Plan Year shall only include Compensation while such Employees are Eligible Employees of the Plan (or of such component of the Plan).

 

For purposes of this Section, if the Plan is a plan described in Code Section 413(c) or 414(f) (a plan maintained by more than one Employer), the limitation applies separately with respect to the Compensation of any Participant from each Employer maintaining the Plan.

 

If, in connection with the adoption of any amendment, the definition of Compensation has been modified, then, except as otherwise provided herein, for Plan Years prior to the Plan Year which includes the adoption date of such amendment, Compensation means compensation determined pursuant to the terms of the Plan then in effect.

 

2.                                      Effective January 1, 2014, the paragraph of Section 4.2(a) titled “Deferral elections of bonuses” is amended in its entirety to read as follows:

 

Deferral elections of bonuses. Additionally, each Participant may elect to defer up to 100% of any cash bonus to be paid by the Employer during the Plan Year. A deferral election may not be made with respect to cash bonuses that are currently available on or before the date the Participant executes such deferral election. However, if an opportunity to make a deferral election is given to a Participant with respect to a cash bonus but such Participant fails to make such a deferral election, then the

 

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Participant’s bonus shall not be subject to the deferral election in effect on the day before the day that such a Participant’s bonus becomes currently available. For purposes of this paragraph, a cash bonus shall include only a bonus under a management incentive or sales incentive plan.

 

IN WITNESS WHEREOF, the Employer has caused this instrument to be executed as of the date specified below.

 

	
 
    	
 
    	
ADVANCEPIERRE FOOD INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Dated:
    	
12/23/2013
    	
 
    	
By:
    	
/s/ Charles J. Aardema
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Its:
    	
SVP Human Resources
    
					

 

3

 

ADOPTING RESOLUTION

 

The undersigned authorized representative of AdvancePierre Foods Inc. (the “Employer”) hereby certifies that the following resolutions were duly adopted by the Employer on December 23, 2013 and that such resolutions have not been modified or rescinded as of the date hereof:

 

RESOLVED, that Amendment Two to the AdvancePierre Foods Inc. 401(k) Retirement Plan, effective as of January 1, 2014, presented to this meeting is hereby approved and adopted and that an authorized representative of the Employer is hereby authorized and directed to execute and deliver to the Administrator of the Plan one or more counterparts of the amendment.

 

The undersigned further certifies that attached hereto as Exhibit A is a true copy of the Amendment Two to the AdvancePierre Foods Inc. 401(k) Retirement Plan which is hereby approved and adopted.

 

	
 
    	
Date: 
    	
12/23/2013
    
	
 
    	
 
    	
 
    
	
 
    	
Signed: 
    	
/s/ Charles J.   Aardema
    
	
 
    	
 
    
	
 
    	
SVP Human Resources
    
	
 
    	
[print name/title]
    

 

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