Minute: Qualified Domestic Relations Order Seadrill American Inc 401)k) Retirement Savings Plan - Minute of the Court October 10, 2018 (2024)

On October 02, 2017 aMinute: Qualified Domestic Relations Order Seadrill American Inc 401)k) Retirement Savings Plan - Minute of the Courtwas filedinvolving a dispute betweenFoster, Robert Vernon,andFoster, Shana Kaye,for Divorce with Childrenin the District Court of Montgomery County.

 
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 CAUSE NO: 17-10-11950 IN THE MATTER OF IN THE DISTRICT COURT THE MARRIAGE OF ROBERT VERNON SHANA KAYE FOSTER AND IN THE INTEREST OF MADISON KAYE FOSTER, MAE SUN AUDREY FOSTER, ROBERT FORD FOSTER, CHILDREN MONTGOMERY COUNTY, TEXAS QUALIFIED DOMESTIC RELATIONS ORDER Seadrill Americas Inc. 401(k) Retirement Savings Plan this Court has jurisdiction over the parties and the subject matter WHEREAS, the parties and the Court intend that this Order shall be a Qualified Domestic Relations Order (hereinafter referred to as a "QDRO") as defined in Section 206(d)(3) Employee Retirement Income Security Act as amended ("ERISA") and Section Internal Revenue Code as amended; and, WHEREAS, pursuant to the referenced statutes, the Plan ator shall make a the qualified status of this Order; and WHEREAS, following approval by the Plan Administrator, this Order shall constitute a Qualified Domestic Order; and WHEREAS, the parties have stipulated that the Court enter this Order; pursuant to this state's Domestic Relations IT IS HEREBY ORDERED BY THE COURT as follows: As used in this Order, the following terms shall (a) "Participant" shall mean whose current address is 17098 Deepwood Conroe, TX 77302. (b) "Alternate Payee" shall mean whose current address is 11829 Twin Deer Road, Conroe, TX 77385 (c) "Plan" shall mean Seadrill Americas Inc. 401(k) Savings Plan. 2. The Order relates to marital property rights The date marriage was 4. The date of divorce is The Alternate Payee is the former spouse of the Participant. With respect to marital alimony or spousal support awards, the Participant and the Alternate Payee considered married for federal income tax purposes. The Alternate Payee's award will be calculated as the date the award is segregated into the Alternate Payee's account. The Date Segregation shall hereinafter be referred to as the "Valuation Date." The Alternate Payee's interest in the Plan shall be the Participant's total vested account balance under the Plan as the Valuation The Alternate Payee's award is not entitled to earnings (defined as losses, dividends and interest) from the Valuation Date to the date that the award is segregated from the Participant's account. From and after the Date the Alternate Payee's award shall be held in an account under the Plan and shall be entitled to all earnings attributable to the In the event there is an outstanding loan balance as the Valuation Date, the loan balance will be included for purposes calculating the total vested account balance to be divided. In the event the Plan does not allow loans this language will be disregarded. The Alternate Payee's award will be transferred proportionately from all contribution sources as the Valuation Date and all standard plan investment options in which the Participant's account is invested as the Date The Alternate Payee shall have the right to select from the available benefit forms provided under the terms the Plan at the time the Alternate Payee becomes eligible and elects a The Alternate Payee shall initiate the distribution in accordance with the terms the Plan and the administrative procedures that have been established by the Plan The amount distributed to the Alternate Payee will be based on the value Alternate Payee's account on the date the distribution is processed. ement Saving The Alternate Payee will have the right to designate a the event that the Alternate Payee dies without designating a the beneficiary predeceases the the Alternate Payee's award will be paid to the Alternate Payee's estate. All beneficiary designations must be made after qualification of the Order and segregation of a separate account for the Alternate Payee pursuant to the administrative procedures established for the Plan and cannot be accepted in the Order. Neither Party shall accept any benefits from the Plan which are the property the other Party. In the event that the Plan Administrator inadvertently pays to the Participant any benefits that are assigned to the Alternate Payee pursuant to the terms of this Order, the Participant shall forthwith return such benefits to the In the event that the Plan Administrator inadvertently pays to the Alternate Payee any benefits that are not assigned to the Alternate Payee pursuant to the terms of this Order, the Alternate Payee shall forthwith return such benefits to the Plan For purposes of Sections 402 and 72 of the Internal Revenue Code, any Alternate Payee who is the spouse or former spouse of the Participant will be treated as the distributee of any distributions or payments made to the Alternate Payee under the terms of this Or- der and as will be required to pay the appropriate federal or state income taxes on such distribution. If the Alternate Payee is a child or other dependent the Participant, the Participant will be responsible for any federal or state income taxes on any such The Alternate Payee is responsible for the one-time fee for review of the domestic relations order. The fee will be deducted from the Alternate Payee's account after qualification of the Order and segregation of the Alternate Payee's award into a separate account in the Alternate Payee's name. The fee will be deducted from the investment options in the applicable account(s) according to the Plan-level fee method in effect as the date the fee is deducted. If the Order is determined to be non-qualified following the first review, the review fee will be deducted from the Participant's account. If applicable the Participant will be reimbursed from the Alternate Payee's account following qualification of a subsequent Amended Order. Such fee adjustment will be a current transaction as the date Signed on this the day of No. 17-10-11950 Seadrill Americas Inc. 401(k) Retirement APPROVED AS TO Alfred Ted Ruemke State Bar No: 24044470 Attorney at Law 406 N. Conroe, Texas 77301 Telephone: (936) 441-4833 mile: (936) 539-4841 Attorney for Robert Shana K. Alternate Payee