Covanta Energy Corp – ‘10-K’ for 12/31/93 – EX-10.8(W)

As of:  Tuesday, 3/29/94   ·   For:  12/31/93   ·   Accession #:  73902-94-2   ·   File #:  1-03122

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         59±   244K 
 3: EX-3.2      Amended By-Laws                                        7±    31K 
 4: EX-10.2     Revolving Credit Agreement                            84    315K 
 5: EX-10.8(O)  Scott Mackin Employment Agreement                      9±    46K 
 6: EX-10.8(P)(I)  Ogden Profit Sharing Plan                          47±   208K 
 7: EX-10.8(W)  Ogden Projects Pension/Profit Sharing Amendments       2     11K 
 8: EX-11       Computation of Earnings Applicable to Common Stock     2     10K 
 9: EX-13       Parts of Annual Report Incorporated by Reference      27    158K 
10: EX-21       Subsidiary List                                        8±    31K 
11: EX-24       Independent Auditors' Consent                          1      7K 
 2: EX-99       Exhibit Index                                          6     25K 

EX-10.8(W)   —   Ogden Projects Pension/Profit Sharing Amendments

EX-10.8(W)
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EXHIBIT NO. 10.8(w)               

FORM OF AMENDMENTS TO THE OGDEN PROJECTS, INC.              
PENSION PLAN AND PROFIT SHARING PLANS               
EFFECTIVE JANUARY 1, 1994               

WHEREAS, the Corporation is the sponsor of the Ogden Projects         
Pension Plan (the "Pension Plan") and the Ogden Projects Profit                 
Sharing Plan (the "Profit Sharing Plan") and their related trusts,              
said Pension Plan and Profit Sharing Plan and underlying trusts                 
being qualified and tax-exempt under Section 401(a) and 501(a) (of              
the Internal Revenue Code (the "IRC"); and                                      

WHEREAS, the Corporation has determined that the Pension Plan         
and Profit Sharing Plan should be amended and modified in certain               
respects, so that the Corporation will be able to meet the IRC                  
rules and regulations concerning the employer-wide non-                         
discriminatory classification test (the "Test") necessary to                    
maintain the qualified and tax-exempt status of the Corporation's               
Pension Plan and Profit Sharing Plan, effective as of January 1,                
1994; and                                                                       

WHEREAS, the Corporation has determined that it is in the best        
interest of the Corporation and its employees that effective as of              
January 1, 1994, and in order to satisfy the Test, all benefits                 
under the Pension Plan be frozen and that the Profit Sharing Plan               
be amended to enable the Corporation to remove from coverage as                 
many highly paid employees as is necessary to satisfy the Test; NOW             
THEREFORE                                                                       

BE IT RESOLVED, that the Board of Directors hereby authorizes,        
upon advice of counsel, that the Pension Plan be amended, effective             
as of January 1, 1994, as follows:  (i) all additional benefit                  
accruals under the Pension Plan shall cease effective as of the                 
close of business on December 31, 1993; (ii) all accrued benefits               
under the Pension Plan shall be frozen as of the close of business              
on December 31, 1993, and (iii) subject to the foregoing                        
amendments, the Pension Plan shall continue in existence as a                   
qualified and tax-exempt plan under Section 401(a) and 501(a) of                
the IRC in accordance with its terms and applicable law, regulation             
and governmental guidelines; and it is further                                  

RESOLVED, that the Board of Directors hereby authorizes, upon         
advice of counsel, that the Profit Sharing Plan shall be amended,               
effective as of January 1, 1994, to provide that a certain number               
of highly paid employees of the Corporation shall no longer be                  
eligible to participate in the Profit Sharing Plan as shall be                  
determined by the Administrative Committee from time to time as may             
be necessary for the Profit Sharing Plan to meet the Test and                   
maintain its qualified and tax-exempt status, and to provide that               
the account balances of any highly paid employees who are                       
determined to be ineligible to participate in the Profit Sharing                
Plan shall be ineligible to receive future contributions; and it is             
further                                                                         

EX-10.8(W)
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RESOLVED, that effective as of January 1, 1993, the Profit            
Sharing Plan is further amended to comply with the Unemployment                 
Compensation Act of 1993 by applying a 20% Federal income tax                   
withholding to the taxable portion of any distribution unless the               
participant requests a direct rollover of the distribution to an                
eligible retirement plan; and it is further                                     

RESOLVED, that the fiduciaries of the Pension Plan and Profit         
Sharing Plan and the officers of this Corporation and each of them              
be and hereby is authorized, upon advice of counsel, to execute,                
deliver and file any and all documents and instruments which, upon              
advice of counsel, are desirable, necessary or appropriate to                   
effect the purpose and intent of the foregoing Resolutions.                     

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
Filed on:		3/29/94
		1/1/94		1
For Period End:		12/31/93		1					11-K
		1/1/93		2
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