MERGER OF THE COOPER CAMERON CORPORATION SAVINGS-INVESTMENT PLANEmployee Benefits Plan Agreement |
|
|
|
You are currently viewing: This Employee Benefits Plan Agreement involves
COOPER CAMERON CORPORATION. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Employee Benefits Plan Agreement by:
Exhibit 10.11
MERGER OF THE
COOPER CAMERON CORPORATION
SAVINGS-INVESTMENT PLAN FOR HOURLY EMPLOYEES
WITH AND INTO THE
COOPER CAMERON CORPORATION
RETIREMENT SAVINGS PLAN
WHEREAS, Cooper Cameron Corporation (the Company) sponsors the Cooper Cameron Corporation Retirement Savings Plan (the Retirement Savings Plan) and the Cooper Cameron Corporation Savings-Investment Plan for Hourly Employees (the Brookshire Plan); and
WHEREAS, the Company desires that the Brookshire Plan be merged with and into the Retirement Savings Plan, effective as of February 1, 2005;
NOW, THEREFORE, effective as of February 1, 2005 (the Plan Merger Date), in consideration of the foregoing and notwithstanding any provisions of the Brookshire Plan and the Retirement Savings Plan to the contrary, the Brookshire Plan shall be merged with and into the Retirement Savings Plan as follows:
1. The Brookshire Plan is hereby amended, restated, and merged with and into the Retirement Savings Plan, with the result that the provisions of the Retirement Savings Plan, as modified herein, replace in their entirety the provisions of the Brookshire Plan. Any provisions of the Retirement Savings Plan required to have an earlier effective date by applicable statute and/or regulation shall be effective as of the required effective date in such statute and/or regulation and shall apply, as of such required effective date, to the Brookshire Plan as if included therein.
2. Each Participant of the Brookshire Plan as of the Plan Merger Date (Brookshire Participant), shall become a Member of the Retirement Savings Plan as of such date (if such Brookshire Participant is not already a Member of the Retirement Savings Plan as of such date).
3. The trustee of the Brookshire Plan shall be directed to transfer the assets of the Brookshire Plan to the trustee of the Retirement Savings Plan as soon as administratively feasible after the Plan Merger Date. All assets shall be transferred in kind. In order to ensure an orderly transition with respect to the transferred assets of the Brookshire Plan, the Plan Administrator may, in its discretion, temporarily prohibit or restrict withdrawals, loans, execution of, change to, or revocation of a compensation deferral election, change of investment designation of plan account balances, or transfer of amounts in accounts from one investment fund to another investment fund, or other activity as the Plan Administrator deems appropriate; provided that any such temporary cessation or restriction of such activity shall be in compliance with applicable law. Amounts transferred shall remain invested in such investment fund or funds available under the Brookshire Plan in which they were invested immediately prior to the Plan Merger Date. Such transferred amounts shall remain invested in such fund or funds until the Brookshire Participants make new investment designations with respect to such amounts in accordance with
the provisions of the Retirement Savings Plan as in effect on the date of such investment designations.
4. Amounts credited to Brookshire Participants accounts under the Brookshire Plan shall be credited to corresponding accounts under the Retirement Savings Plan as follows:
| (i) | Amounts, if any, credited to a Brookshire Participants Employee Before-Tax Contributions subaccount under his Separate Account under the Brookshire Plan shall be credited to such participants Basic Account under the Retirement Savings Plan; | |||
| (ii) | Amounts, if any, credited to a Brookshire Participants
Employer Matching Contributions subaccount under his Participant Account
under the Brookshire Plan shall be credited to such participants Matching
Account under the Retirement Savings Plan; and<
| |||






