FOR
NORDSON EMPLOYEES’
SAVINGS TRUST PLAN
(January 1, 2006 Restatement)
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ARTICLE I DEFINITIONS | 2 | |||||
1.1 | Definitions | 2 | ||||
1.2 | Construction | 10 | ||||
ARTICLE II EMPLOYEE ELIGIBILITY AND PARTICIPATION | 11 | |||||
2.1 | Election to Participate | 11 | ||||
2.2 | Notice of Eligibility | 11 | ||||
2.3 | Service | 11 | ||||
2.4 | Changes in Employment Status | 12 | ||||
2.5 | Reemployment of a Participant | 12 | ||||
ARTICLE III EMPLOYER CONTRIBUTIONS | 14 | |||||
3.1 | Type and Amount of Contributions | 14 | ||||
3.2 | Payment of Contributions | 14 | ||||
3.3 | Limitation on Amount | 15 | ||||
3.4 | Finality of Determination | 15 | ||||
3.5 | Effect of Plan Termination | 15 | ||||
3.6 | Limitation on Employer Matching Contributions and Taxable Employee Contributions of Highly Compensated Employees | 16 | ||||
3.7 | Forfeiture or Distribution of Excess Contributions | 18 | ||||
3.8 | Determination of Allocable Income | 19 | ||||
ARTICLE IV PARTICIPANT CONTRIBUTIONS | 20 | |||||
4.1 | Tax Deferred Contributions | 20 | ||||
4.2 | Limitation on Tax Deferred Contributions of Highly Compensated Employees | 22 | ||||
4.3 | Distribution of Excess Tax Deferred Contributions | 24 | ||||
4.4 | Taxable Employee Contributions | 25 | ||||
4.5 | Lump-sum Contributions | 25 | ||||
4.6 | Administration | 25 | ||||
4.7 | Changes in Contribution Authorization | 26 | ||||
4.8 | Suspension of Contributions by a Participant | 26 | ||||
4.9 | Resumption of Contributions by a Participant | 26 | ||||
4.10 | Withdrawal of Taxable Employee Contributions | 27 | ||||
4.11 | Withdrawal of Tax Deferred and Rollover Contributions | 27 | ||||
4.12 | Overriding Limitation | 30 | ||||
4.13 | Election Adjustments | 30 | ||||
4.14 | Catch-Up Contributions | 30 |
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ARTICLE V DEPOSIT AND INVESTMENT OF CONTRIBUTIONS | 32 | |||||
5.1 | Deposit of Contributions | 32 | ||||
5.2 | Investment Elections of Current Contributions | 32 | ||||
5.3 | Election to Change Investment of Prior Contributions | 33 | ||||
5.4 | Diversification Elections | 34 | ||||
ARTICLE VI ESTABLISHMENT OF FUNDS AND PARTICIPANTS’ ACCOUNTS | 35 | |||||
6.1 | Establishment of Commingled Funds | 35 | ||||
6.2 | Separate Accounts | 35 | ||||
6.3 | Rollover Contributions | 35 | ||||
6.4 | ESOP Diversification | 37 | ||||
ARTICLE VII ALLOCATIONS TO ACCOUNTS AND VALUATIONS | 38 | |||||
7.1 | Transmittal of Information Concerning Contributions | 38 | ||||
7.2 | Allocation of Employer Matching Contributions and of Any Additional Employer Contributions | 38 | ||||
7.3 | Allocation and Crediting of Forfeitures | 40 | ||||
7.4 | Readjustments of Participants’ Accounts | 40 | ||||
7.5 | Valuation of Investment Funds and Separate Accounts | 41 | ||||
7.6 | Limitation on Crediting of Contributions | 41 | ||||
7.7 | Determinations of Trustee | 44 | ||||
7.8 | Notification | 44 | ||||
ARTICLE VIII LOANS TO PARTICIPANTS | 45 | |||||
8.1 | Approval of Loan | 45 | ||||
8.2 | Terms and Conditions | 46 | ||||
8.3 | Repayment of Loan | 46 | ||||
ARTICLE IX TERMINATION OF PARTICIPATION AND DISTRIBUTION | 48 | |||||
9.1 | Termination of Participation | 48 | ||||
9.2 | Vesting Schedule | 49 | ||||
9.3 | Separate Accounting for Non-Vested Amounts | 49 | ||||
9.4 | Years of Vested Service | 50 | ||||
9.5 | Election of Former Vesting Schedule | 50 | ||||
9.6 | Distribution | 50 | ||||
9.7 | Time of Distribution | 52 | ||||
9.8 | Effect of Committee’s Determination | 54 | ||||
9.9 | Investment of Separate Accounts | 54 | ||||
9.10 | Reemployment of Former Participant | 54 | ||||
9.11 | Restrictions on Alienation | 55 | ||||
9.12 | Facility of Payment | 55 | ||||
9.13 | Disposition of Forfeited Balances | 56 | ||||
9.14 | Buy Back Provisions | 56 |
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9.15 | Special Rules Relating to Distribution Upon Termination of Plan | 57 | ||||
9.16 | Direct Rollover Election | 58 | ||||
9.17 | Transition Rules for Required Commencement of Distribution | 59 | ||||
ARTICLE X SPECIAL ESOP FEATURE PROVISIONS | 60 | |||||
10.1 | Merger of ESOP | 60 | ||||
10.2 | Participation in the ESOP Feature | 60 | ||||
10.3 | Employer Contributions under the ESOP Feature | 61 | ||||
10.4 | Payment of Contributions | 61 | ||||
10.5 | Transition Fund | 62 | ||||
10.6 | ESOP Fund | 62 | ||||
10.7 | Suspense Fund | 62 | ||||
10.8 | Dividend Fund | 63 | ||||
10.9 | Separate ESOP Accounts | 63 | ||||
10.10 | Allocation of Employer ESOP Contributions and Forfeitures Among Participants | 64 | ||||
10.11 | Crediting of Employer ESOP Contributions and Forfeitures | 65 | ||||
10.12 | Valuation of Assets and Adjustment of Separate ESOP Accounts | 65 | ||||
10.13 | Payment and Reinvestment of Dividends on Shares | 66 | ||||
10.14 | Distribution of Separate ESOP Accounts | 67 | ||||
10.15 | Special Diversification Election | 67 | ||||
10.16 | Sale or Repurchase of Shares | 68 | ||||
10.17 | Administrative Simplification | 69 | ||||
10.18 | Special Valuation Provision | 69 | ||||
10.19 | Spin-Off of ESOP Feature | 69 | ||||
ARTICLE XI THE COMMITTEE | 70 | |||||
11.1 | Membership | 70 | ||||
11.2 | Rules and Regulations | 70 | ||||
11.3 | Authority of Committee and Company | 70 | ||||
11.4 | Action of Committee | 71 | ||||
11.5 | Claims Review Procedure | 72 | ||||
11.6 | Resignation, Removal, and Designation of Successors | 76 | ||||
11.7 | Records | 77 | ||||
11.8 | Compensation | 77 | ||||
11.9 | Indemnification | 77 | ||||
11.10 | Qualified Domestic Relations Orders | 78 | ||||
ARTICLE XII BENEFICIARIES | 79 | |||||
12.1 | Designation of Beneficiary | 79 | ||||
12.2 | Beneficiary in Absence of a Designated Beneficiary | 79 | ||||
12.3 | Spousal Consent to Beneficiary Designation | 79 |
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ARTICLE XIII POWERS AND DUTIES OF THE TRUSTEE | 80 | |||||
13.1 | Trustee Service Agreement | 80 | ||||
13.2 | Investment Guidelines | 81 | ||||
13.3 | Claims Against Trust | 82 | ||||
13.4 | Borrowing | 82 | ||||
13.5 | Voting Rights | 83 | ||||
13.6 | Company Directions; Investment Manager | 83 | ||||
13.7 | Registration of Securities; Nominees | 84 | ||||
13.8 | Agents, Attorneys, Actuaries, and Accountants | 84 | ||||
13.9 | Deposit of Funds | 85 | ||||
13.10 | Legal Advice | 85 | ||||
13.11 | Other Authority | 85 | ||||
13.12 | Court Action Not Required | 85 | ||||
13.13 | Trustee’s Performance | 86 | ||||
13.14 | Directions to the Trustee | 86 | ||||
13.15 | Payment of Taxes; Indemnity | 86 | ||||
13.16 | Compensation and Expenses of Trustee | 86 | ||||
13.17 | Records and Statements | 87 | ||||
13.18 | Voting of Shares | 87 | ||||
13.19 | Tenders and Exchanges | 88 | ||||
13.20 | The Company shall be responsible for complying with applicable federal and state securities laws and regulations | 91 | ||||
ARTICLE XIV SUCCESSOR TRUSTEE | 92 | |||||
14.1 | Resignation or Removal of the Trustee | 92 | ||||
14.2 | Appointment of the Successor Trustee | 92 | ||||
ARTICLE XV AMENDMENT AND TERMINATION | 93 | |||||
15.1 | Amendment | 93 | ||||
15.2 | Limitation on Amendment | 93 | ||||
15.3 | Termination | 93 | ||||
15.4 | Adoption by Related Corporation | 94 | ||||
15.5 | Extension to New Business Operations | 95 | ||||
15.6 | Special Provisions Regarding Eligibility and Benefits | 95 | ||||
15.7 | Changes in Corporate Organization | 95 | ||||
15.8 | Participation of U.S. Citizens Employed by Foreign Subsidiaries | 96 | ||||
ARTICLE XVI TOP-HEAVY PLAN PROVISIONS | 97 | |||||
16.1 | Applicability | 97 | ||||
16.2 | Top-heavy Definitions | 97 | ||||
16.3 | Accelerated Vesting | 99 | ||||
16.4 | Minimum Employer Contribution | 99 |
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ARTICLE XVII MISCELLANEOUS PROVISIONS | 101 | |||||
17.1 | No Commitment as to Employment | 101 | ||||
17.2 | Benefits | 101 | ||||
17.3 | No Guarantees | 101 | ||||
17.4 | Precedent | 101 | ||||
17.5 | Duty to Furnish Information | 101 | ||||
17.6 | Withholding | 101 | ||||
17.7 | Merger, Consolidation, or Transfer of Plan Assets | 102 | ||||
17.8 | Condition on Employer Contributions | 102 | ||||
17.9 | Back Pay Awards | 102 | ||||
17.10 | Validity of Agreement | 104 | ||||
17.11 | Parties Bound | 104 | ||||
17.12 | Payment of Expenses | 104 | ||||
17.13 | Profit-Sharing Plan | 105 | ||||
17.14 | Qualified Military Service | 105 | ||||
17.15 | Leased Employees | 105 | ||||
ARTICLE XVIII TRANSFER OF CERTAIN ASSETS AND LIABILITIES BETWEEN THE NORDSON HOURLY-RATED EMPLOYEES’ SAVINGS TRUST PLAN AND THE PLAN | 107 | |||||
18.1 | Transfer of Certain Assets and Liabilities to the Plan | 107 | ||||
18.2 | Protected Benefits | 107 | ||||
18.3 | Transfer of Certain Assets and Liabilities to the Hourly NEST | 107 | ||||
ARTICLE XIX | 109 | |||||
EFFECTIVE DATE | 109 | |||||
19.1 | Effective Date of Amendment and Restatement | 109 | ||||
19.2 | Merged Plans | 109 | ||||
ARTICLE XX MERGER WITH MELTEX CORPORATION EMPLOYEE SAVINGS PLAN | 110 | |||||
20.1 | Merger of Plans | 110 | ||||
20.2 | Protection of Code Section 411(d)(6) Protected Benefits | 110 | ||||
ARTICLE XXI TRANSFER OF CERTAIN ASSETS AND LIABILITIES FROM THE NORDSON CORPORATION HOURLY-RATED EMPLOYEES’ RETIREMENT PLAN AND TRUST | 111 | |||||
21.1 | Transfer of Certain Assets and Liabilities | 111 | ||||
21.2 | Crediting of Separate Accounts | 111 | ||||
21.3 | Vesting and Protected Benefits | 111 |
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ARTICLE XXII MERGER WITH MOUNTAINGATE ENGINEERING, INC. 401(K) PLAN | 113 | |||||
22.1 | Merger of Plans | 113 | ||||
22.2 | Nonforfeitable Interest | 113 | ||||
22.3 | Protection of Code Section 411(d)(6) Protected Benefits | 113 | ||||
ARTICLE XXIII MERGER WITH ELECTROSTATIC TECHNOLOGY, INC. 401(k) PROFIT SHARING PLAN | 114 | |||||
23.1 | Merger of Plans | 114 | ||||
23.2 | Nonforfeitable Interest | 114 | ||||
23.3 | Protection of Code Section 411(d)(6) Protected Benefits | 114 | ||||
ARTICLE XXIV MERGER WITH ASYMPTOTIC TECHNOLOGIES, INC. EMPLOYEE RETIREMENT & SAVINGS BENEFIT PLAN | 115 | |||||
24.1 | Merger of Plans | 115 | ||||
24.2 | Nonforfeitable Interest | 115 | ||||
24.3 | Plan Loans | 115 | ||||
24.4 | Protection of Code Section 411(d)(6) Protected Benefits | 115 | ||||
ARTICLE XXV MERGER WITH VERITEC TECHNOLOGIES, INC. PROFIT SHARING PLAN | 116 | |||||
25.1 | Definitions | 116 | ||||
25.2 | Merger of Plans | 116 | ||||
25.3 | Nonforfeitable Interest | 116 | ||||
25.4 | Participation by Transfer Participants | 116 | ||||
25.5 | Plan Loans | 117 | ||||
25.6 | Code Section 411(d)(6) Protected Benefits | 117 | ||||
ARTICLE XXVI MERGER WITH TEGAL SCIENTIFIC, INC. PROFIT SHARING 401(K) PLAN | 118 | |||||
26.1 | Definitions | 118 | ||||
26.2 | Merger of Plans | 118 | ||||
26.3 | Nonforfeitable Interest | 118 | ||||
26.4 | Separate Accounts | 118 | ||||
26.5 | Participation by Transfer Participants | 118 | ||||
26.6 | Code Section 411(d)(6) Protected Benefits | 118 | ||||
ARTICLE XXVII MERGER WITH J & M LABORATORIES, INC. RETIREMENT PLAN | 120 | |||||
27.1 | Definitions | 120 | ||||
27.2 | Merger of Plans | 120 | ||||
27.3 | Nonforfeitable Interest | 120 |
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Page | ||||||
27.4 | Separate Accounts | 120 | ||||
27.5 | Participation by Transfer Participants | 120 | ||||
27.6 | Plan Loans | 121 | ||||
27.7 | Code Section 411(d)(6) Protected Benefits | 121 | ||||
ARTICLE XXVIII MERGER WITH EFD, INC. PROFIT SHARING PLAN AND TRUST | 122 | |||||
28.1 | Definitions | 122 | ||||
28.2 | Merger of Plans | 122 | ||||
28.3 | Nonforfeitable Interest | 122 | ||||
28.4 | Separate Accounts | 122 | ||||
28.5 | Participation by Transfer Participants | 122 | ||||
28.6 | Plan Loans | 122 | ||||
28.7 | Code Section 411(d)(6) Protected Benefits | 123 | ||||
ARTICLE XXIX MERGER WITH ADVANCED PLASMA SYSTEMS SAVINGS AND RETIREMENT PLAN | 124 | |||||
29.1 | Definitions | 124 | ||||
29.2 | Merger of Plans | 124 | ||||
29.3 | Nonforfeitable Interest | 124 | ||||
29.4 | Separate Accounts | 124 | ||||
29.5 | Participation by Transfer Participants | 124 | ||||
29.6 | Plan Loans | 124 | ||||
29.7 | Code Section 411(d)(6) Protected Benefits | 125 | ||||
ARTICLE XXX MERGER WITH SLAUTTERBACK CORPORATION 401(K) PROFIT SHARING PLAN | 126 | |||||
30.1 | Definitions | 126 | ||||
30.2 | Merger of Plans | 126 | ||||
30.3 | Nonforfeitable Interest | 126 | ||||
30.4 | Separate Accounts | 126 | ||||
30.5 | Participation by Transfer Participants | 126 | ||||
30.6 | Plan Loans | 127 | ||||
30.7 | Code Section 411(d)(6) Protected Benefits | 127 | ||||
ARTICLE XXXI MERGER WITH HP SOLUTIONS, INC. 401(k) PROFIT SHARING PLAN | 128 | |||||
31.1 | Definitions | 128 | ||||
31.2 | Merger of Plans | 128 | ||||
31.3 | Nonforfeitable Interest | 128 | ||||
31.4 | Separate Accounts | 128 | ||||
31.5 | Participation by Transfer Participants | 128 | ||||
31.6 | Plan Loans | 128 | ||||
31.7 | Code Section 411(d)(6) Protected Benefits | 129 |
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Page | ||||
ADDENDUM | 130 | |||
Re: Slautterback Corporation | 130 | |||
ADDENDUM | 131 | |||
Re: Mountaingate Engineering, Inc. | 131 | |||
ADDENDUM | 132 | |||
Re: March Instruments, Inc. | 132 | |||
ADDENDUM | 133 | |||
Re: Horizon Lamps, Inc. | 133 | |||
ADDENDUM | 134 | |||
Re: J and M Laboratories, Inc. | 134 | |||
ADDENDUM | 137 | |||
Re: EFD, Inc. | 137 | |||
ADDENDUM | 138 | |||
Re: March Plasma Systems, Inc. | 138 | |||
ADDENDUM | 139 | |||
Re: Annuity Form Of Payment | 139 | |||
Appendix A | 148 |
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FOR
NORDSON EMPLOYEES’
SAVINGS TRUST PLAN
(January 1, 2006 Restatement)
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Years of Vested Service | Percentage | |||
Less than one | 0 | |||
One but less than two | 20 | |||
Two but less than three | 40 | |||
Three but less than four | 60 | |||
Four but less than five | 80 |
Years of Vested Service | Percentage | |||
Less than one | 0 | |||
One but less than two | 33 1/3 | |||
Two but less than three | 66 2/3 |
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(A) | 30-day extension. If, in connection with a claim for disability benefits, the Committee determines that an extension of time for processing the claim is necessary due to matters beyond the control of the Plan, a written notice of the extension which indicates the special circumstances requiring an extension of time and the date by which the Plan expects to render the benefit determination shall be provided to the claimant within the initial 45-day benefit determination period. In no event shall the extension exceed a period of 30 days from the end of the initial 45-day period. |
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(B) | Second 30-day extension. If, prior to the end of the first 30-day extension period, the Committee determines that, due to matters beyond the control of the Plan, a decision cannot be rendered within that extension period, a written notice of a further extension of up to 30 days which indicates the special circumstances requiring a further extension of time and the date by which the Plan expects to render the benefit determination shall be provided to the claimant prior to the end of the 30-day extension period. In no event shall the extension exceed a period of 30 days from the end of the first 30-day extension period. | ||
(C) | Notice of extension(s). Any notice required under (A) or (B) above shall specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim from being made, and the additional information needed to resolve those issues. | ||
(D) | Additional information required by Plan. If additional information is needed by the Plan to make a benefit decision (as described in (C) above), the claimant shall have at least 45 days within which to provide the specified information. |
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(i) | to acquire Shares, | ||
(ii) | to reduce the Loan, or | ||
(iii) | to repay a prior Loan; |
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(a) | In the event an offer shall be received by the Trustee (including a tender offer for Shares subject to Section 14(d)(1) of the Securities Exchange Act of 1934 or subject to Rule 13e-4 promulgated under that Act, as those provisions may from time to time be amended) to purchase or exchange any Shares held by the Trust, the Trustee will |
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advise each Participant who has Shares credited to such Participant’s accounts in writing of the terms of the offer as soon as practicable after its commencement and will furnish each Participant with a form by which he may instruct the Trustee confidentially whether or not to tender or exchange Shares allocated to such Participant’s Separate Accounts and Separate ESOP Accounts and separately (based on Shares attributable to Matching Employer Contributions and Employer ESOP Contributions allocated to his accounts) a proportionate share of any unallocated Shares (including fractional shares to 1/1000th of a Share). The materials furnished to the Participants shall include (i) a notice from the Trustee that, except as provided in paragraph (i) of this Section 13.19, the Trustee will not tender or exchange any Shares for which timely instructions are not received by the Trustee and (ii) such related documents as are prepared by any person and provided to the shareholders of the Company pursuant to the Securities Exchange Act of 1934. The Committee and the Trustee may also provide Participants with such other material concerning the tender or exchange offer as the Trustee or the Committee in its discretion determines to be appropriate; provided, however, that prior to any distribution of materials by the Committee, the Trustee shall be furnished with sufficient numbers of complete copies of all such materials. The Company and the Committee will cooperate with the Trustee to ensure that Participants receive the requisite information in a timely manner. |
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Years of Vested Service | Percentage | |||
Less than one | 0 | |||
One but less than two | 20 | |||
Two but less than three | 40 | |||
Three but less than four | 60 | |||
Four but less than five | 80 | |||
Five or more 100 |
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THE NORDSON HOURLY-RATED EMPLOYEES’ SAVINGS
TRUST PLAN AND THE PLAN
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EMPLOYEE SAVINGS PLAN
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FROM THE NORDSON CORPORATION HOURLY-RATED EMPLOYEES’
RETIREMENT PLAN AND TRUST
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401(K) PLAN
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401(k) PROFIT SHARING PLAN
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EMPLOYEE RETIREMENT & SAVINGS BENEFIT PLAN
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PROFIT SHARING PLAN
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PROFIT SHARING 401(K) PLAN
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RETIREMENT PLAN
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401(K) PROFIT SHARING PLAN
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NEW YORK LIFE TRUST COMPANY Trustee | NORDSON CORPORATION | |||||
By | /s/ Mary Ann Aull | By | /s/ Beverly J. Coen | |||
Name: Mary Ann Aull Title: Vice President | Name: Bevery J. Coen Title: Assistant Controller | |||||
And | /s/ Robert E. Veillette | |||||
Name: Robert E. Veillette Title: Secretary |
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DEFINITIONS
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GENERAL RULES
TIME AND MANNER OF DISTRIBUTION
(a) | If the Participant’s surviving spouse is the Participant’s sole “designated beneficiary”, then, except as provided in Section VI of this Amendment, distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant would have attained age 701/2, if later. | ||
(b) | If the Participant’s surviving spouse is not the Participant’s sole “designated beneficiary”, then, except as provided in Section VI of this Amendment, distributions to the “designated beneficiary” will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died. | ||
(c) | If there is no “designated beneficiary” as of September 30 of the year following the year of the Participant’s death, the Participant’s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. |
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(d) | If the Participant’s surviving spouse is the Participant’s sole “designated beneficiary” and the surviving spouse dies after the Participant but before distributions to the surviving spouse begin, this Section 3.2, other than Section 3.2(a), will apply as if the surviving spouse were the Participant. |
REQUIRED MINIMUM DISTRIBUTIONS DURING PARTICIPANT’S LIFETIME
(a) | the quotient obtained by dividing the “Participant’s account balance” by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s age as of the Participant’s birthday in the “distribution calendar year”; or | ||
(b) | if the Participant’s sole “designated beneficiary” for the “distribution calendar year” is the Participant’s spouse, the quotient obtained by dividing the “Participant’s account balance” by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s and spouse’s attained ages as of the Participant’s and spouse’s birthdays in the “distribution calendar year”. |
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REQUIRED MINIMUM DISTRIBUTIONS AFTER PARTICIPANT’S DEATH
(a) | If there is a “designated beneficiary”, the minimum amount that will be distributed for each “distribution calendar year” after the year of the Participant’s death is the quotient obtained by dividing the “Participant’s account balance” by the longer of the remaining “life expectancy” of the Participant or the remaining “life expectancy” of the Participant’s “designated beneficiary”, determined as follows: |
(1) | The Participant’s remaining “life expectancy” is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. | ||
(2) | If the Participant’s surviving spouse is the Participant’s sole designated beneficiary, the remaining “life expectancy” of the surviving spouse is calculated for each “distribution calendar year” after the year of the Participant’s death using the surviving spouse’s age as of the spouse’s birthday in that year. For “distribution calendar years” after the year of the surviving spouse’s death, the remaining “life expectancy” of the surviving spouse is calculated using the age of the surviving spouse as of the spouse’s birthday in the calendar year of the spouse’s death, reduced by one for each subsequent calendar year. | ||
(3) | If the Participant’s surviving spouse is not the Participant’s sole “designated beneficiary”, the “designated beneficiary’s” remaining “life expectancy” is calculated using the age of the beneficiary in the year following the year of the Participant’s death, reduced by one for each subsequent year. |
(b) | If there is no “designated beneficiary” as of September 30 of the year after the year of the Participant’s death, the minimum amount that will be distributed for each “distribution calendar year” after the year of the Participant’s death is the quotient obtained by dividing the “Participant’s account balance” by the Participant’s remaining “life expectancy” calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. |
(a) | Except as provided in Section VI of this Amendment, if there is a “designated beneficiary”, the minimum amount that will be distributed for each “distribution calendar year” after the year of the Participant’s death is the quotient obtained by dividing the “Participant’s account balance” by the remaining “life expectancy” of |
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the Participant’s “designated beneficiary”, determined as provided in Section 5.1 of this Amendment. |
(b) | If there is no “designated beneficiary” as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. | ||
(c) | If the Participant dies before the date distributions begin, the Participant’s surviving spouse is the Participant’s sole “designated beneficiary”, and the surviving spouse dies before distributions are required to begin to the surviving spouse under Section 3.2(a), this Section 5.2 will apply as if the surviving spouse were the Participant. |
SPECIAL RULES
o | Select and complete the following Amendment Sections 6.1 and 6.2 only if the final and temporary regulations are to be used for determining minimum required distributions for distributions made prior to January 1, 2003. |
þ | Select and complete the following Amendment Section 6.3 only if the Plan uses the 5-year rule for distributions to beneficiaries instead of the life expectancy rule. |
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o | All distributions. | |
or | ||
þ | The following distributions: All distributions, unless distribution is to be made over the lifetime of the Beneficiary or over a period certain no greater than the life expectancy of the Beneficiary. | |
o | Select the following Amendment Section 6.4 only if the Plan permits a Participant or his Beneficiary to elect the 5-year rule for distributions to Beneficiaries instead of the life expectancy rule. |
o | Select the following Amendment Section 6.5 only if the Plan permits a Beneficiary who is receiving distribution under the 5-year rule to change to distribution under the life expectancy rule instead. |
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Covered | Covered | |||
Covered Unit | Location | Employees | ||
Nordson Corporation | All Locations | Non-Union Salaried | ||
Asymptotic Technologies, Inc. | All Locations | Salaried | ||
EFD, Inc. | All Locations | Salaried | ||
March Plasma Systems, Inc. | All Locations | Salaried | ||
Horizon Lamps, Inc. | All Locations | Salaried |
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