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EXHIBIT 10.2
AMENDMENT NO. 6
TO THE
H&R BLOCK DEFERRED COMPENSATION PLAN FOR DIRECTORS
H&R BLOCK, INC. (the "Company") adopted the H&R Block Deferred Compensation
Plan for Directors (the "Plan") effective as of August 1, 1987. The Company
amended said Plan by Amendment No. 1 effective May 1, 1995; by Amendment No. 2
effective December 11, 1996; by Amendment No. 3 effective May 1, 1997; by
Amendment No. 4 effective January 1, 1998; and by Amendment No. 5 effective in
part on March 1, 1998 and in part on April 1, 1998. The Company continues to
retain the right to amend the Plan pursuant to action by the Company's Board of
Directors. The Company hereby exercises that right. This Amendment No. 6 is
effective as of December 8, 1999.
AMENDMENT
1. Section 6.2.3 of the Plan, as previously amended, is further
amended by replacing it with the following new Section 6.2.3:
"6.2.3 The amount of each level payment for the Initial
Payment Period, if any, shall be calculated using the balance
in the Account as of the beginning of the Initial Payment
Period and amortizing such balance over the remaining Overall
Payment Period (a) using an assumed interest rate equal to the
rate of one-year United States Treasury notes for each
Participant receiving payments of benefits prior to December
8, 1999, said rate to be determined once each Plan Year and to
be the rate in effect as of the September 30 immediately
preceding the payment period to which it applies, as published
by Solomon Smith Barney Inc., or any successor thereto, or as
determined by the Chief Financial Officer of the Company (the
"Assumed Interest Rate"), and (b) using an assumed interest
rate of zero percent (0%) for all other Participants. The
amount of each level payment for each Calendar Year Payment
Period shall be calculated by taking the balance in the
Account as of November 30 of the calendar year immediately
prior to such Calendar Year Payment Period, subtracting the
benefit payments made during the portion of such preceding
calendar year following November 30, and amortizing the
difference over the remaining Overall Payment Period (x) using
the Assumed Interest Rate for each participant receiving
payments of benefits prior to December 8, 1999, and (y) using
an assumed interest rate of zero percent (0%) for all other
Participants. The amount of each level payment for the
Remainder Payment Period, if any, shall be calculated by
taking the balance in the Account as of November 30 of the
calendar year immediately prior to the Remainder Payment
Period, subtracting the benefit payments made during the
portion of such preceding
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calendar year following November 30, and amortizing the
difference over the Remainder Payment Period using an assumed
interest rate of zero percent (0%) per annum. If the actual
crediting rate for the Remainder Payment Period is more
than zero percent, the additional gain resulting from the
difference shall be paid to the Participant in a single
payment within six months after the last day of the Remainder
Payment Period."
2. Except as modified in this Amendment No. 6, the Plan, as
previously amended, shall remain in full force and effect, including the
Company's right to amend or terminate the Plan as set forth in Article 9 of the
Plan.
H&R BLOCK, INC.
By: /s/Frank L. Salizzoni
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Its: Chief Executive Officer
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