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What is an Amendatory Agreement?
An amendatory agreement is any legal agreement created with the intent of modifying the terms and conditions of an existing legal contract. This type of agreement can be used for any contract modification, no matter how big or small. It is intended to ensure that when changes are made to the original signed agreement, they are properly documented and recorded for legal purposes. This allows both parties to keep a record of their roles and responsibiltiies. It is also helpful to provide vital legal support if dispute resolution is needed.
Common Sections in Amendatory Agreements
Below is a list of common sections included in Amendatory Agreements. These sections are linked to the below sample agreement for you to explore.
Amendatory Agreement Sample
EXHIBIT 10.4
AMENDATORY AGREEMENT #3
Premiere Global Services, Inc., as Employer (“Employer”) and Wells Fargo Bank, N.A., as Trustee (“Trustee”) make this Amendatory Agreement to the Premiere Global Services, Inc. 401(k) Plan (“Plan”).
WITNESSETH
WHEREAS, it is necessary to make amendment to the Plan in order to add a mandatory distribution provision.
WHEREAS, Section 11.02 of the Wells Fargo Defined Contribution Prototype Plan and Trust Agreement gives the Employer the authority to amend the Plan.
NOW THEREFORE, in consideration of the above premises, the Employer and Trustee agree to amend the Plan as follows:
1. The Employer’s selection under Adoption Agreement Item 44 is hereby amended as follows:
44. MANDATORY DISTRIBUTION. (6.01(A)(1)/6.08(D)). The Plan provides or does not provide for Mandatory Distribution of a Participant’s Vested Account Balance following Severance from Employment, as follows:
| (b) | [X] | Mandatory Distribution. The Plan will make a Mandatory Distribution following Severance from Employment.: | ||
| (1) | Amount limit. As to a Participant who incurs a Severance from Employment and who will receive distribution before attaining the later of age 62 or Normal Retirement Age, the Mandatory Distribution maximum amount is equal to: | |||
| [X] | $5,000. | |||
| (2) | Application of Rollovers to amount limit. In determining whether a Participant’s Vested Account Balance exceeds the Mandatory Distribution dollar limit in Election 44(b)(1), the Plan: | |||
| a. | [X] | Disregards Rollover Contribution Account. | ||
| (3) | [X] | Amount of Mandatory Distribution subject to Automatic Rollover. A Mandatory Distribution to a Participant before attaining the later of age 62 or Normal Retirement Age is subject to Automatic Rollover under Section 6.08(D): | ||
| a. | [X] | Only if exceeds $1,000. Only if the amount of the Mandatory Distribution exceeds $1,000, which for this purpose must include any Rollover Contributions Account. | ||
This Amendatory Agreement shall be effective as of January 1, 2010. In all other respects, the Plan and Adoption Agreement shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the Employer and Trustee have executed this Amendatory Agreement this 16th day of February, 2010.
| Premiere Global Services, Inc. | |||
| Witness: | /s/ Jennifer McGahey | By: | /s/ Alison Shehan |
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| “EMPLOYER” | |||
| Wells Fargo Bank, N.A. | |||
| Accepted: | 2/16/2010 | By: | /s/ David Stidger |
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| Date | “TRUSTEE” |
Reference:
Security Exchange Commission - Edgar Database, EX-10.4 5 e39620ex10_4.htm AMENDATORY AGREEMENT #3, Viewed September 18, 2022, View Source on SEC.
Who Helps With Amendatory Agreements?
Lawyers with backgrounds working on amendatory agreements work with clients to help. Do you need help with an amendatory agreement?
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Meet some of our Amendatory Agreement Lawyers
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Having more than ten (10) years of experience in commercial law, I have garnered both relevant in-house and law firm experience. With more than a combined seven (7) years in-house experience, I have gained valuable insight in balancing the business needs with the legal risks and applying the legal skills I have acquired to various fields. I have specific experience with SaaS, vendor contracts, customer contracts, and general marketing agreements. Moreover, my law firm background has taught me to be detail-oriented and to be an effective negotiator in all types of commercial dealings.
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