1
Exhibit 10(e)(v)
AMENDMENT NO. 8
TO THE
LIZ CLAIBORNE SAVINGS PLAN
(As Amended and Restated Effective January 1, 1987)
The Liz Claiborne Savings Plan as amended and restated
effective January 1, 1987 (the "Plan") is hereby further amended in the
following respects:
(1) The fourth sentence of Section 3.10 is restated to read as
follows:
"Notwithstanding the provisions of Sections 4.3 or 4.4, at the time the Rollover
Account is first established, the Member may elect to have his Rollover Account
allocated among the Investment Funds provided for in Section 4.2 in such
increments as the Plan Administrator may from time to time permit (in 10%
increments from July 1, 1994 to December 31, 1996 and in 25% increments prior to
July 1, 1994), without regard to the manner in which his other Accounts are
invested, provided any requirements or restrictions, if any, that from time to
time the Committee may prescribe in connection with one or more Investment Funds
on an equitable and practicable basis, are satisfied; thereafter, reallocation
of account balances (including the Rollover Account) may be made only in
accordance with the provisions of Section 4.3."
(2) Section 4.3 is restated, other than Section 4.3.1, to read as
follows:
"A Member may, by giving notice on the Appropriate Form within such time as, and
reflecting those requirements or restrictions, if any, that from time to time,
the Committee may prescribe, designate the proportion of the then existing
balance of his Accounts which shall be invested in each Investment Fund as of
any Valuation Date (Entry Date prior to July 1, 1994), with a single designation
to control for all of his Accounts; provided that the percentage of such
interest to be invested in any such Investment Fund as of such date shall be in
such increments as the Plan Administrator may from time to time permit (in 10%
increments from July 1, 1994 to December 31, 1996 and in 25% increments prior to
July 1, 1994). A Member may change his election as of any Valuation Date (Entry
Date prior to July 1, 1994) by filing a new designation on the Appropriate Form,
at such time as, and reflecting those requirements or restrictions, if any, that
from time to time, the Committee may prescribe."
(3) Section 4.4 is restated to read as follows:
"A Member may, by giving notice on the Appropriate Form within such time as, and
reflecting those requirements or restrictions, if any, that from time to time,
the Committee
2
may prescribe, designate the proportion of his share in contributions for each
Plan Year which shall be allocated to and invested in each Investment Fund, with
a single designation to control for his Tax-Saver and Matching Contributions
(and any Qualified Nonelective Contributions which may be made for him);
provided that the percentage of such share to be invested in any such Investment
Fund shall be in such increments as the Plan Administrator may from time to time
permit (in 10% increments from July 1, 1994 to December 31, 1996 and in 25%
increments prior to July 1, 1994). Any election under this Section 4.4 shall
continue in effect until changed by filing a new designation. A Member may
change his election as of any Valuation Date (Entry Date prior to July 1, 1994)
by filing a new designation on the Appropriate Form prior to such date, within
such time as, and reflecting those requirements or restrictions, if any, that
from time to time, the Committee may prescribe. If a Member shall fail to give
timely and complete written instructions, his Tax-Saver and Matching
Contributions (and his Qualified Nonelective Contributions, if any) shall be
invested, in such Investment Fund as the Committee may direct (in the Money
Market Fund prior to July 7, 1994)."
(4) A new sentence is added at the end of Section 4.7.3 to read as
follows:
"The Committee may proscribe any one or more Investment Funds from being subject
to such allocation in order to conform to the practices and provisions of any
such Investment Fund, or on any other basis so long as it is equitable and
practicable."
(5) A new Section is added at the end of Section 7.3 to read as
follows:
" 7.3.5 Allocation Among Investment Funds. Any withdrawal from
a Member's Account pursuant to this Article VII shall be allocated among the
Investment Funds in which any such Account is invested in accordance with
Section 4.7.3."
(6) A new sentence is added at the end of Section 16.5 to read as
follows:
"The Committee may proscribe any one or more Investment Funds from being subject
to such allocation in order to conform to the practices and provisions of any
such Investment Fund, or on any other basis so long as it is equitable and
practicable."
2
3
IN WITNESS WHEREOF, the Company has caused this instrument to
be executed by its duly authorized officer the 12th day of March, 1998.
LIZ CLAIBORNE, INC.
By: /s/ Samuel Miller
------------------------
ATTEST: Senior Vice President Finance
Chief Financial Officer
/s/ Nicholas J. Rubino
- -------------------------------
Vice President-Deputy General Counsel
3