UNIFI, INC. SUPPLEMENTAL KEY
EMPLOYEE RETIREMENT PLAN
WHEREAS, Unifi,
Inc. established the Unifi, Inc. Supplemental Key Employee
Retirement Plan (the “Plan”), an unfunded supplemental
retirement plan for a select group of management employees for the
purpose of providing supplemental retirement benefits;
WHEREAS, the Plan
was effective as of July 26, 2006;
WHEREAS, Unifi,
Inc. has intended that the Plan comply, and has administered the
Plan to comply, with section 409A of the Internal Revenue Code of
1986, as amended (the “Code”); and
WHEREAS, Unifi,
Inc. now desires to amend the Plan to make a ministerial amendment
so as to continue the Plan’s compliance with section 409A of
the Code.
NOW, THEREFORE,
Unifi, Inc. does hereby amend the Plan, effective as of
January 1, 2009, as follows:
1. Article I
is amended to include the following definition:
“Separation
from Service” means a Participant’s death, retirement,
or other termination of employment with the Participating Employers
and all Subsidiaries, as determined in accordance with the
requirements of Section 1.409A-1(h) of the Treasury
Regulations, applying the default terms thereof.
2. Sections 4.3,
4.4, and 4.5(a) are amended in their entirety to specify the dates
on which distributions will commence, as follows:
Section 4.3
Benefits Upon Separation from Service . In the event a
Partic
