Exhibit 10.1
EIGHTH AMENDMENT
TO THE
PSS WORLD MEDICAL,
INC.
SAVINGS PLAN
FOR THE FINAL SECTION 415
REGULATIONS
This EIGHTH Amendment to the PSS
World Medical, Inc. Savings Plan is made and entered into by PSS
World Medical, Inc. (the “Company”) this
day of
,
2008, and is effective as of April 1, 2008, except as
otherwise expressly set forth herein.
WITNESSETH:
WHEREAS , the Company has previously adopted the PSS
World Medical, Inc. Savings Plan (the “Plan”);
and
WHEREAS , the Company is authorized and empowered to
amend the Plan; and
WHEREAS , the Company desires to amend the Plan to make
the changes required by the Final Treasury Regulations under
Section 415 of the Internal Revenue Code.
NOW, THEREFORE
, the Plan is hereby amended as
follows:
I.
Section 1.10 of Article I of
the Plan is hereby deleted in its entirety and the following is
substituted in lieu thereof:
1.10 “ Annual
Additions ” shall mean, with respect to a Participant
for each Limitation Year, the sum of:
(a) the amount of employer
contributions (including elective contributions) allocated to the
Participant under any defined contribution plan maintained by an
Employer or an Affiliate; provided, however, that catch-up
contributions made pursuant to section 6.2 (and any other
contribution subject to Section 414(v) of the Code and made to
any defined contribution plan maintained by an Employer or an
Affiliate) and restorative payments (where a restorative payment is
a payment made to restore losses to the Plan resulting from actions
by a fiduciary for which there is reasonable risk of liability for
breach of a fiduciary duty under ERISA or under other applicable
federal or state law) shall not be taken into account.
(b) the amount of the
Participant’s contributions (other than rollover
contributions, transfer contributions or Participant loan
repayments, if any) to any contributory defined contribution plan
maintained by an Employer or an Affiliate;
(c) any forfeitures separately
allocated to the Participant under any defined contribution plan
maintained by an Employer or an Affiliate; and
(d) amounts allocated to an
individual medical account, as defined in Section 415(l)(2) of
the Code, that is part of a pension or annuity plan maintained by
an Employer or an Affiliate, and amounts derived from contributions
that are attributable to post-retirement medical benefits allocated
to the separate account of a Key Employee (as defined in
Section 419A(d)(3) of the Code) under a welfare benefit plan
(as defined in Section 419(e) of the Code) maintained by an
Employer or an Affiliate; provided, however, the percentage
limitation set forth in section 7.5(a) shall not apply to
(1) any contribution for medical benefits (within the meaning
of Section 419A(f)(2) of the Code) after severance from
employment which is otherwise treated as an “Annual
Addition,” or (2) any amount otherwise treated as an
“Annual Addition” under Section 415(l)(1) of the
Code.
II.
Subsection (a) of
Section 1.16 of Article I of the Plan is hereby deleted in its
entirety and the following is substituted in lieu
thereof:
(a) The term
“Compensation” shall mean the regular salaries and
wages, overtime pay, bonuses, commissions and other amounts paid by
an Employer and taxable to the Employee, as well as elective
contributions made on behalf of the Employee to this Plan pursuant
to Section 401(k) of the Code, elective contributions made on
behalf of the Employee to any cafeteria plan maintained by an
Employer pursuant to Section 125 of the Code, and elective
amounts on behalf of the Employee that are not includable in his
gross income by reason of Section 132(f)(4) of the Code. The
term “Compensation” shall also include amounts that are
paid within 2 1 / 2 months following severance from
employment, if the amounts are (1) payments that, absent a
severance from employment, would have been paid to the Employee
while the Employee continued in employment with an Employer and
that are regular compensation for service during the
Employee’s regular working hours, compensation for services
outside the Employee’s regular working hours (such as
overtime or shift differential), commissions, bonuses or other
similar compensation, and (2) payments for accrued bona fide
sick, vacation, or other leave, but only if the Employee would have
been able to use the leave if his employment had continued. The
term “Compensation” shall not include third party
disability payments, tax deferred stock options, deductible
relocation expense payments, credits or benefits under this Plan,
any amount contributed to any pension, employee welfare, life
insurance or health insurance plan or arrangement (other than
elective contributions to this Plan and any cafeteria plan), or any
other tax-favored fringe benefits, and any amounts paid after the
date of severance from employment, except as specifically provided
for hereinabove.
III.
The following new section 1.57A is
hereby added to Article I of the Plan:
1.57A “
Post-Sev
