Exhibit 10.7
Amendment #1 to the
American Retirement Corporation 401(k) Plan
Pursuant to Article XVI, Section 16.1, of the ▇▇▇▇▇▇▇ Prototype Plan Document
for the American Retirement Corporation 401(k) Plan (the "Plan"), American
Retirement Corporation (the "Employer"), hereby amends the adoption agreement,
effective October 1, 2003 as follows:
This amendment applies for those employees hired on or after October 1, 2003.
Employees who are employed prior to October 1, 2003 are required to meet the
Service Eligibility of 6 months elapsed time Service in effect on their initial
date of employment with American Retirement Corporation.
The adoption agreement is amended for the respective sections below:
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Method to Determine Service D.9. Service will be determined for eligibility purposes using the...[check one]:
for Eligibility Purposes:
[Plan Sec. 2.64] a. [X] hour count method...[complete as necessary][NOTE: This option
should be elected if the hour count method is used to determine
[complete only if a service Service under any Component.]
requirement is imposed
on participation in one or
more Components]
1. An Employee must complete at least 1,000 [1,000 or less] Hours of Service during
an eligibility computation period for it to count as a year of Service.
2. The eligibility computation period is the twelve-consecutive month period
beginning on the Service Commencement Date and each...[check one]:
a. [X] Plan Year beginning after the Service Commencement Date.
b. [ ] anniversary of the Service Commencement Date.
3. An Employee will have satisfied the service requirement as of the...[check one]:
a. [X] end of the eligibility computation period during which
b. [ ] date during the eligibility computation period as of which
...he/she has completed the required Hours of Service.
4. The hour count method applies to...[check one]:
a. [X] all Employees.
b. [ ] Employees who are...[check each that applies]:
1. [ ] classified as "full-time"
2. [ ] classified as "part-time"
3. [ ] classified as "temporary" or "seasonal"
4. [ ] paid on an hourly-wage basis
5. [ ] paid on a salaried basis
6. [ ] employed with the following Participating Employers
[specify]: ___
...and the elapsed time method applies to all other Employees.
b. [ ] elapsed time method.
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Age and Service F.2. For an Employee to participate in the Employee Pre-Tax Component, he/she
Requirements: must have attained age...[check one]:
[Plan Sec. 3.1(a)]
a. [X] 21 [21 or less].
b. [ ] N/A - there is no age requirement.
F.3 For an Employee to participate in the Employee Pre-Tax Component,
he/she must have completed...[check one]:
a. [X] one year of Service (determined under D.9.).
b. [ ] ___ [12 or less] months of Service determined using the elapsed time
method (irrespective of the election in D.9.).
[ ] N/A - there is no service requirement.
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Age and Service I.3. For an Employee to participate in the Employer Regular Matching Component, he/she
Requirements: must have attained age...[check one]:
[Plan Sec. 3.1(a)]
a. [X] 21 [21 or less].
b. [ ] N/A - there is no age requirement.
I.4. For an Employee to participate in the Employer Regular Matching
Component, he/she must have completed...[check one]: [NOTE:
If more than one year of Service (12 months of elapsed time
Service) is required for eligibility, the Plan must provide
for full and immediate vesting of Employer Regular Matching
Contribution Accounts.]
a. [X] one year of Service (determined under D.9.).
b. [ ] two years of Service (determined under D.9.).
c. [ ] ___ [24 or less] months of Service determined using the elapsed time
method (irrespective of the election in D.9.).
d. [ ] N/A - there is no service requirement.
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Age and Service J.3. For an Employee to participate in the Employer Regular Profit Sharing Component, he/she
Requirements: must have attained age...[check one]:
[Plan Sec. 3.1(a)]
a. [X] 21 [21 or less].
b. [ ] N/A - there is no age requirement.
J.4. For an Employee to participate in the Employer Regular Profit Sharing
Component, he/she must have completed...[check one]: [NOTE: If more
than one year of Service (12 months of elapsed time Service) is
required for eligibility, the Plan must provide for full and immediate
vesting of Employer Regular Profit Sharing Contribution Accounts.]
a. [X] one year of Service (determined under D.9.).
b. [ ] two years of Service (determined under D.9.).
c. [ ] ___ [24 or less] months of Service determined using the elapsed time
method (irrespective of the election in D.9.).
d. [ ] N/A - there is no service equirement.
American Retirement Corporation ▇▇▇▇▇▇▇ Trust Company
By:/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Print Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Print Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇
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Title: Sr. V.P. Human Resources Title: Clerk
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Date: 10/8/03 Date: 10/20/03
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AMERICAN RETIREMENT CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
