Exhibit 10.3
SECOND AMENDMENT
OF
JBT CORPORATION SAVINGS AND
INVESTMENT PLAN
WHEREAS , John Bean Technologies Corporation (the
“Company”) maintains the JBT Corporation Savings and
Investment Plan (the “Plan”);
WHEREAS , the Company now deems it necessary and
desirable to amend the Plan in certain respects; and
WHEREAS , this Second Amendment shall supersede the
provisions of the Plan to the extent those provisions are
inconsistent with the provisions of the amendment;
NOW, THEREFORE
, by virtue of the authority
reserved to the Company by Section 12.1 of the Plan, the Plan
is hereby amended as follows, effective January 1,
2010:
1. The definition of
“Account” set forth in Article I of the Plan is
hereby amended in its entirety to read as follows:
“Account”
means any Pre-Tax Contribution
Account, After-Tax Contribution Account, Company Contribution
Account, Company Safe Harbor Nonelective Contribution Account,
Contingent Account and Rollover Contribution Account established on
behalf of a Participant.
2. The defined term
“Company Safe Harbor Nonelective Contributions”
is hereby added to Article I of the Plan and shall read as
follows:
Company Safe Harbor Nonelective
Contributions means the
contributions made by the Participating Employer to eligible
Participants under Section 3.4A of the Plan.
3. The defined term
“Company Safe Harbor Nonelective Contribution
Account” is hereby added to Article I of the Plan and
shall read as follows:
Company Safe Harbor Nonelective
Contribution Account means the account maintained as to each eligible
Participant, to which Company Safe Harbor Nonelective Contributions
are made for each eligible Participant, and to which all earnings
and losses attributable thereto it, are allocated.
4. The defined term “ Safe
Harbor 401(k) Plan” is hereby added to Article I of the
Plan and shall read as follows:
Safe Harbor 401(k)
Plan means the period
during which the Plan satisfies the safe harbor provisions of
Section 401(k) and 401(m) and related Treasury regulations and
other guidance promulgated by the Internal Revenue Service for
purposes of meeting the actual deferral percentage and actual
contribution percentage tests.
5. The defined term “ Safe
Harbor Notice” is hereby added to Article I of the Plan
and shall read as follows:
Safe Harbor Notice
means a notice of eligible
Participants’ rights and obligations under the Plan, with
respect to the Plan’s Safe Harbor 401(k) Plan status, which
notice is written in a manner calculated to be understood by the
average eligible Participant and which satisfies the requirements
Treasury regulations 1.401(k)-3(d).
6. Section 3.3.6 is hereby
added to the Plan and shall read as follows:
Notwithstanding anything in this
Section 3.3 to the contrary, effective for Plan Years
beginning on or after January 1, 2010, a non-union Participant
shall have at least 30 days after receipt of the Safe Harbor Notice
in which to make or change a salary deferral election.
7. Sections 3.4A and 3.4B are hereby
added to the Plan and shall read as follows:
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3.4A
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Company Safe Harbor Nonelective Contributions
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(a) General Requirements for
Allocation : Effective January 1, 2010, the Plan shall be
maintained as a Safe Harbor 401(k) Plan. For each Plan Year for
which the Company has elected to maintain that status by making
Company Safe Harbor Nonelective Contributions, then, for each such
Plan Year, such Company Safe Harbor Nonelective Contributions shall
be allocated to the Company Safe Harbor Nonelective Contribution
Account for each non-union Participant who is a Participant at any
time during the Plan Year.
(b) Allocation Formula :
Where the provisions of subsection (a) above apply for a Plan
Year, the Company Safe Harbor Nonelective Contributions for all
otherwise eligible Participants under this portion of the Plan (as
determined in accordance with the applicable eligibility provisions
of Article II) who have satisfied the eligibility requirements
under Section 3.4A for the Plan Year, shall be equal to three
percent (3%) of each such eligible Participant’s
Compensation for the Plan Year. All Company Safe Harbor Nonelective
Contributions for a Plan Year will be allocated to an eligible
Participant’s Company Safe Harbor Nonelective Contribution
Account no later than the due date (including all extensions) of
the Company’s federal t
