Exhibit 10.2
FIRST
AMENDMENT
TO THE
MIDAS EXECUTIVE RETIREMENT
PLAN ACCOUNT BALANCE COMPONENT
(AS AMENDED AND RESTATED
EFFECTIVE NOVEMBER 11, 2008)
THIS FIRST AMENDMENT (this “
Amendment ”) to the Midas Executive Retirement Plan
Account Balance Component (as amended and restated effective
November 11, 2008) (the “ Plan ”) is
effective as of February 22, 2009.
RECITALS
WHEREAS, Midas, Inc., (the “
Company ”) maintains the Midas Executive Retirement
Plan, documentation of which consists of the Plan and the Midas
Executive Retirement Plan Defined Benefit Retirement Component and
any election forms referred to thereunder; and
WHEREAS, the Board of Directors of
the Company (the “ Board ”) has delegated the
power and authority to [ officers of the Company ] to adopt
and agree to this first amendment to the Plan in the name of and on
behalf of the Company 1 ;
and
WHEREAS, the [ Board ] deems
it to be in the best interests of the Company to amend the Plan,
effective as of February 22, 2009, to reduce matching
contributions provided under the Plan on and after
February 22, 2009 in a manner consistent with a corresponding
change in the matching contribution provided under the Midas
Retirement Savings Plan for Salaried Employees effective
February 22, 2009; and
WHEREAS, the Amendment does not
reduce or relieve the Company of any obligation with respect to any
Account balance maintained under the Plan that was outstanding as
of the date of this Amendment set forth below;
NOW, THEREFORE, by virtue and in
exercise of the reserved power set forth within Section 7.1 of
the Plan, the Plan is hereby amended, effective February 22,
2009, in the following particulars:
1. Section 4.3 of the Plan is
hereby deleted in its entirety and replaced with the
following:
“Section 4.3 Employer
Matching Credits .
(a) Prior to February 22,
2009 . On each payroll date (with respect to Compensation)
prior to February 22, 2009 and each date on which an Incentive
Payment earned prior to February 22, 2009 is paid (or would
have been payable but for an election pursuant to
Section 4.2(a)) (each, a “crediting date”), the
Employer shall credit a Participant’s Account with a matching
credit equal to (i) minus (ii), where:
(i) is equal to the cumulative
total, determined as of the crediting date, of all salary reduction
contributions made by the Participant under the RSP plus all
elective contributions to this Plan pursuant to Section 4.1(a)
and Section 4.2(a) during the Plan Year; provided that such
cumulative total shall be subject to a maximum equal to the product
of (x) and (y), where (x) is equal to the highest
percentage of compensation with resp
