Attached files
Exhibit 10.118
AMENDMENT NO. 2
TO THE HAMILTON BEACH BRANDS, INC.
UNFUNDED BENEFIT PLAN
(As Amended and Restated Effective as of December 1, 2007)
TO THE HAMILTON BEACH BRANDS, INC.
UNFUNDED BENEFIT PLAN
(As Amended and Restated Effective as of December 1, 2007)
Hamilton Beach Brands, Inc. hereby adopts this Amendment No. 2 to the Hamilton Beach Brands,
Inc. Unfunded Benefit Plan (As Amended and Restated Effective as of December 1, 2007) (the Plan),
effective January 1, 2010. Words used herein with initial capital letters which are defined in the
Plan are used herein as so defined.
Section 1
Section 2.12 of the Plan is hereby deleted in its entirety without renumbering the remaining
provisions of Article II.
Section 2
Section 2.21 of the Plan is hereby amended in its entirety to read as follows:
Section 2.21 ROTCE shall mean the consolidated return on total capital employed of
NACCO Industries, Inc. (NACCO) as determined by NACCO for a particular Plan Year.
Section 3
Sections 2.22 and 2.23 of the Plan are each hereby deleted in their entirety without
renumbering the remaining provisions of Article II.
Section 4
Section 4.2(c) of the Plan is hereby amended in its entirety to read as follows:
(c) Other Sub-Accounts of Covered Employees. Except as otherwise described in the
Plan, for periods on and after January 1, 2010, at the end of each calendar month during a Plan
Year, all Sub-Accounts of the Covered Employees shall be credited with an amount determined by
multiplying such Covered Employees average Sub-Account balance during such month by 5%.
Notwithstanding the foregoing:
(i) no earnings shall be credited for the month in which the Covered Employee receives the
distribution of the principle amount of his Sub-Accounts.
(ii) In the event that the ROTCE determined for such Plan Year exceeds 5%, the Excess Profit
Sharing Sub-Account, Basic Excess 401(k) Sub-Account and Excess Matching Sub-Account shall each
retroactively be credited with an additional amount (if any) determined by multiplying the
Participants average Sub-Account balance during each month of such Plan Year by the ROTCE rate
over 5% for such Plan Year, compounded monthly. This ROTCE calculation shall be made during the
month in which a Covered Employee incurs a Termination of Employment and shall be based on the
year-to-date ROTCE for the month ending prior to the date the Participant incurred a Termination of
Employment, as calculated by NACCO. For any subsequent month following such Termination, such
ROTCE calculation shall not apply.
EXECUTED this 10th day of November, 2009.
HAMILTON BEACH BRANDS, INC. |
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By: | /s/ Charles A. Bittenbender | |||
Title: Assistant Secretary | ||||
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