Boart Longyear 401(k) match, vesting and fees

Participants are vested immediately in their contributions and the Company's matching and discretionary contributions, plus actual earnings or losses thereon.

The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate. Automatically enrolled participants have their deferral rate set at 6% of eligible compensation, which is increased by 1% each year thereafter up to a maximum of 9% of eligible compensation, and their contributions invested in a designated balanced fund until changed by the participant.

Roth 401(k) contributions are not excluded from the participant’s taxable income for federal income tax purposes, but withdrawals of contributions and earnings thereon at retirement are tax free.

Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of one-half of the vested account balance or $50,000. The loans are secured by an assignment of a participant’s vested interest in the Plan, and bear interest at a rate commensurate with local prevailing rates at the time funds are borrowed as determined by the Plan Administrator. Principal and interest are paid ratably through payroll deductions or as a lump sum for the outstanding loan balance. Loan terms range from one to five years; however, terms may exceed five years for the purchase of a primary residence. As of December 31, 2024, participant loans had maturities through 2033 at interest rates ranging from 4.25% to 9.50%.