Exhibit 4.3(iii)
ECOLAB SAVINGS PLAN AND ESOP 2017 RESTATEMENT
SECOND AMENDMENT
WHEREAS, Ecolab Inc. (“Company”) sponsors the Ecolab Savings Plan and ESOP – 2017 Restatement, as amended and restated effective January 1, 2017, and as further amended (“Plan”); and
WHEREAS, pursuant to Section 10.2 of the Plan, the Company has the right to amend the Plan at any time, to any extent that it may deem advisable; and
WHEREAS, effective as of January 1, 2018, the Company desires to amend the Plan in accordance with proposed Internal Revenue Service (“IRS”) regulations to clarify that a participant may receive a hardship withdrawal on account of expenses for the repair of damage to a participant’s principal residence that qualify for a casualty deduction under Section 165 of the Internal Revenue Code (the “Code”), determined without regard to Code Section 165(h)(5) except for hardship withdrawals made between March 14, 2018 and December 31, 2018; and
WHEREAS, effective as of January 1, 2019, the Company desires to amend the Plan in accordance with proposed IRS regulations to reflect that a participant may receive a hardship withdrawal on account of expenses incurred following a federally declared disaster that occurs in an area designated by the Federal Emergency Management Agency for individual assistance with respect to the disaster; and
WHEREAS, effective as of January 1, 2019, the Company desires to amend the Plan in accordance with the Bipartisan Budget Act of 2018 to (i) eliminate the requirement that a participant request a loan under the Plan before taking a hardship withdrawal and the requirement that a participant be suspended from making elective deferral contributions for the six-month period following a hardship withdrawal and (ii) reflect that earnings on elective deferral contributions from after December 31, 1988 may be distributed upon a hardship withdrawal; and
WHEREAS, effective as of January 1, 2019, the Company desires to amend the Plan to clarify that a plan loan may not be made to a participant who is unable repay such loan via payroll deduction from a United States payroll.
NOW THEREFORE, the Plan is hereby amended in the following respects, effective as of the dates set forth below:
“(9)Elective Deferral Contributions for a Participant who makes a hardship withdrawal pursuant to Section 6.2 will be automatically suspended for the six-month period beginning on the date of the withdrawal distribution.
1
Following the suspension period the Participant may again elect Eligible Earnings reductions in accordance with this subsection. Notwithstanding the foregoing, effective January 1, 2019, a Participant who makes a hardship withdrawal pursuant to Section 6.2 will no longer be suspended from making Elective Deferral Contributions under the Plan. Any Participant who made a hardship withdrawal prior to January 1, 2019 and was in a suspension period as of December 31, 2018 will have such suspension removed effective as of January 1, 2019.”
“(6)payment of expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under Code Section 165 (determined without regard to whether the loss exceeds 10% of adjusted gross income and, except for hardship withdrawals made between March 14, 2018 and December 31, 2018, without regard to Code Section 165(h)(5)); and”
“Section 6.2Hardship Withdrawals from Elective Deferral Funds
“(5)No loan will be made to any person who is unable to repay such loan via payroll deduction from a United States payroll or who fails to satisfy uniform, commercially reasonable standards, related solely to ability to repay, established by Plan Rules.”
***
IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its authorized officers and its corporate seal to be affixed, on the date written below.
Dated: December 20, 2018
| | | | |
| | | ECOLAB INC. | |
| | | | |
| | | | |
| | By: | /s/ Daniel J. Schmechel | |
| | | | Daniel J. Schmechel |
| | | | Chief Financial Officer |
| | | | |
Attest: | /s/ Michael C. McCormick | | | |
| Michael C. McCormick | | | |
| Executive Vice President, General Counsel, | | | |
| and Secretary | | | |
4