FIRST AMENDMENT TO THE
RUSSELL CORPORATION FLEXIBLE DEFERRAL PLAN EXHIBIT (10f)
THIS FIRST AMENDMENT to the Russell Corporation Flexible Deferral Plan
(the "Plan") is made as of the 28th day of December, 2001, by Russell
Corporation (the "Company".)
W I T N E S S E T H :
WHEREAS, the Company maintains the Plan for the benefit of the
Company's key management and highly compensated employees and the key management
and highly compensated employees of its affiliates; and
WHEREAS, pursuant to Section 11.2 of the Plan, the Company has the
right to amend the Plan at any time; and
WHEREAS, the Company desires to make certain changes to the Plan as set
forth herein, and the Company's Board of Directors has authorized and approved
these changes;
NOW, THEREFORE, the Plan hereby is amended as follows:
1. Effective January 1, 2002, Section 3.2 is hereby amended by
adding thereto, immediately following the language therein, the following new
sentence:
A Participant may revoke any deferral election made for a Plan Year for
the remainder of that Plan Year and, in such case, may make a new
deferral election for any subsequent Plan Year.
2. Effective January 1, 2002, Section 3.5 is hereby amended by
deleting said Section in its entirety and by substituting in lieu thereof the
following:
3.5 Vesting. A Participant shall at all times be 100%
vested in his or her Deferral Account. A Participant shall be vested in
his or her Employer Matching Account, as follows:
Participant's Years of Service Vesting Percentage
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LESS THAN 3 0%
3 OR MORE 100%
provided, however, a Participant shall be 100% vested in his Employer
Matching Account upon either his or her attainment of age sixty-five
(65) or death.
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3. Effective January 1, 2002, the first paragraph of Section 5.2
is hereby amended by deleting said paragraph in its entirety and by substituting
in lieu thereof the following:
5.2 Payment of Retirement Benefit. A Participant, in
connection with his or her commencement of participation in the Plan,
shall elect on an Election Form to receive the Retirement Benefit in a
lump sum or pursuant to the Monthly Installment Method over a period of
60, 120, 180 or 240 months; provided, if such Monthly Installment
Payments are less than $250 (or any other amount as determined by the
Committee), the remainder of the Participant's Account Balance will be
paid in a single lump-sum payment. The Participant may annually change
his or her election to an allowable alternative payout period by
submitting a new Election For to the Committee, provided that any such
Election Form is submitted at least 1 year prior to the Participant's
Retirement and is accepted by the Committee at least 1 year prior to
the Participant's Retirement shall govern the payout of the Retirement
Benefit. If a Participant does not make any election with respect to
the payment of the Retirement Benefit, then such benefits shall be
payable in a lump sum. The lump sum payment shall be made (i) within 60
days of when the Participant Retires or (ii) upon the determination
that the Monthly Installment Payments are less than $250, or the
Monthly Installment Payments shall be made in accordance with Section
1.24 above. Any payment made shall be subject to the Deduction
Limitation.
4. Except as otherwise specified herein, the Plan shall remain in
full force and effect.
IN WITNESS WHEREOF, the Company has caused its duly authorized officer
to execute this First Amendment on the date first above written.
RUSSELL CORPORATION
By: /s/ Floyd G. Hoffman
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Title: Senior Vice President
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