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EXHIBIT 10.24
AMENDMENT TO THE
LKQ CORPORATION 401(K) PLUS PLAN
WHEREAS, LKQ Corporation ("Company") previously adopted the LKQ
Corporation 401(k) Plus Plan ("Plan"); and
WHEREAS, the Company reserved the right to amend the Plan in Section
10.3 thereof; and
WHEREAS, effective January 1, 2002, the Company desires to amend the
Plan to revise the claims procedure therein;
NOW, THEREFORE, effective January 1, 2002, Section 9 of the Plan is
deleted in its entirety and replaced to read as follows:
9. DETERMINATION OF BENEFITS, CLAIMS PROCEDURE AND ADMINISTRATION
9.1 CLAIMS.
A Participant, beneficiary or other person who believes that he or she
is being denied a benefit to which he or she is entitled (hereinafter
referred to as "Claimant"), or his or her duly authorized representative,
may file a written request for such benefit with the Committee setting
forth his or her claim. The request must be addressed to the Committee at
the Company at its then principal place of business.
9.2 CLAIM DECISION.
Upon receipt of a claim, the Committee shall advise the Claimant that
a reply will be forthcoming within a reasonable period of time, but
ordinarily not later than ninety days, and shall, in fact, deliver such
reply within such period. However, the Committee may extend the reply
period for an additional ninety days for reasonable cause. If the reply
period will be extended, the Committee shall advise the Claimant in writing
during the initial 90-day period indicating the special circumstances
requiring an extension and the date by which the Committee expects to
render the benefit determination.
If the claim is denied in whole or in part, the Committee will render
a written opinion, using language calculated to be understood by the
Claimant, setting forth:
(a) the specific reason or reasons for the denial;
(b) the specific references to pertinent Plan provisions on which
the denial is based;
(c) a description of any additional material or information
necessary for the Claimant to perfect the claim and an explanation as
to why such material or such information is necessary;
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(d) appropriate information as to the steps to be taken if the
Claimant wishes to submit the claim for review, including a statement
of the Claimant's right to bring a civil action under Section 502(a)
of ERISA following an adverse benefit determination on review; and
(e) the time limits for requesting a review of the denial under
Section 9.3 and for the actual review of the denial under Section 9.4.
9.3 REQUEST FOR REVIEW.
Within sixty days after the receipt by the Claimant of the written
opinion described above, the Claimant may request in writing that the
Secretary of the Company ("Secretary") review the Committee's prior
determination. Such request must be addressed to the Secretary at the
Company at its then principal place of business. The Claimant or his or her
duly authorized representative may submit written comments, documents,
records or other information relating to the denied claim, which such
information shall be considered in the review under this Section without
regard to whether such information was submitted or considered in the
initial benefit determination.
The Claimant or his or her duly authorized representative shall be
provided, upon request and free of charge, reasonable access to, and copies
of, all documents, records and other information which (i) was relied upon
by the Committee in making its initial claims decision, (ii) was submitted,
considered or generated in the course of the Committee making its initial
claims decision, without regard to whether such instrument was actually
relied upon by the Committee in making its decision or (iii) demonstrates
compliance by the Committee with its administrative processes and
safeguards designed to ensure and to verify that benefit claims
determinations are made in accordance with governing Plan documents and
that, where appropriate, the Plan provisions have been applied consistently
with respect to similarly situated claimants. If the Claimant does not
request a review of the Committee's determination within such sixty-day
period, he or she shall be barred and estopped from challenging such
determination.
9.4 REVIEW OF DECISION.
Within a reasonable period of time, ordinarily not later than sixty
days, after the Secretary's receipt of a request for review, it will review
the Committee's prior determination. If special circumstances require that
the sixty-day time period be extended, the Secretary will so notify the
Claimant within the initial 60-day period indicating the special
circumstances requiring an extension and the date by which the Secretary
expects to render its decision on review, which shall be as soon as
possible but not later than 120 days after receipt of the request for
review. In the event that the Secretary extends the determination period on
review due to a Claimant's failure to submit information necessary to
decide a claim, the period for making the benefit determination on review
shall not take into account the period beginning on the date on
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which notification of extension is sent to the Claimant and ending on the
date on which the Claimant responds to the request for additional
information.
Benefits under the Plan will be paid only if the Secretary decides in
its discretion that the Claimant is entitled to such benefits. The decision
of the Secretary shall be final and non-reviewable, unless found to be
arbitrary and capricious by a court of competent review. Such decision will
be binding upon the Employer and the Claimant.
If the Secretary makes an adverse benefit determination on review, the
Secretary will render a written opinion, using language calculated to be
understood by the Claimant, setting forth:
(a) the specific reason or reasons for the denial;
(b) the specific references to pertinent Plan provisions on which
the denial is based;
(c) a statement that the Claimant is entitled to receive, upon
request and free of charge, reasonable access to, and copies of, all
documents, records and other information which (i) was relied upon by
the Secretary in making its decision, (ii) was submitted, considered
or generated in the course of the Secretary making its decision,
without regard to whether such instrument was actually relied upon by
the Secretary in making its decision or (iii) demonstrates compliance
by the Secretary with its administrative processes and safeguards
designed to ensure and to verify that benefit claims determinations
are made in accordance with governing Plan documents, and that, where
appropriate, the Plan provisions have been applied consistently with
respect to similarly situated claimants; and
(d) a statement of the Claimant's right to bring a civil action
under Section 502(a) of ERISA following the adverse benefit
determination on such review.
9.5 DISCRETIONARY AUTHORITY.
The Committee and Secretary shall both have discretionary authority to
determine a Claimant's entitlement to benefits upon his claim or his
request for review of a denied claim, respectively.
IN WITNESS WHEREOF, the Company has caused this Amendment to be
executed by a duly authorized officer this 4th day of November, 2002.
LKQ CORPORATION
By: /s/ Victor M. Casini
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Title: Vice President and
General Counsel
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