EXPONENT INC
FOURTH AMENDMENT TO EXPONENT, INC. 401(K) SAVINGS PLAN
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<TYPE>EX-10.16
<SEQUENCE>3
<FILENAME>dex1016.htm
<DESCRIPTION>FOURTH AMENDMENT TO EXPONENT, INC. 401(K) SAVINGS PLAN
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<TITLE>Fourth Amendment to Exponent, Inc. 401(k) Savings Plan</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.16 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>FOURTH AMENDMENT TO THE EXPONENT, INC. 401(k) SAVINGS PLAN </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(AS AMENDED AND RESTATED JANUARY 2, 1999) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, Exponent, Inc. (the &#147;Company&#148;) adopted an amended and restated 401(k) Savings Plan effective January 2, 1999 (the &#147;Plan&#148;);
and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, as a result of recent changes to the Internal
Revenue Code that permit employees to contribute more compensation to the Plan on a pre-tax basis, the Company wishes to amend the Plan to increase the maximum percentage of compensation that may be contributed as salary deferral contributions; and
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Plan must be amended to reflect the provisions of
recently issued Treasury regulations regarding required minimum distributions; and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">WHEREAS, the Company wishes to authorize ballots for Committee member elections to be distributed to employees and returned to the Committee via electronic mail; and </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Company wishes to make certain other changes to the Plan; and
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Company retains the right to amend the Plan under
Section 11.1(a) thereof; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, effective January 1,
2003, except as otherwise provided, the Plan is amended as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">1.
Effective January 1, 2004, Subsection (a) of Section 4.1 <U>Salary Deferral Contributions</U> shall read in full as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">&#147;(a) Subject to the limitations of Sections 5.4 and 5.5, an Eligible Employee who has satisfied the age requirement in Section 3.1 may elect, in accordance with the
procedures established from time to time by the Administrator, to have a portion of his or her Compensation contributed to his or her Salary Deferral Contributions Account. The Participant&#146;s election shall specify the amount of his or her
Compensation to be contributed, which amount shall not be less than one percent (1%) and not more than sixty percent (60%) of the Participant&#146;s Compensation for payroll period; provided, however, in no event shall the dollar amount contributed
on behalf of such Participant for any calendar year exceed the limit prescribed under Code Section 402(g) (Thirteen Thousand Dollars ($13,000) in 2004). A Participant may elect to increase, decrease or discontinue Salary Deferral Contributions in
such manner and at such time as the Administrator shall specify from time to time.&#148; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">2. Section 6.12 shall read in full as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">&#147;6.12 <U>Minimum Distribution Requirements</U>. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Definitions</U>. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(i) <U>Designated Beneficiary</U>. &#147;Designated Beneficiary&#148; means the individual who is designated as the Participant&#146;s Beneficiary and is
the designated beneficiary under Code Section 401(a)(9) and Section 1.401(a)(9)-1, Q&amp;A-4, of the Treasury regulations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(ii) <U>Distribution Calendar Year</U>. &#147;Distribution Calendar Year&#148; means a calendar year for which a minimum distribution is required.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(iii) <U>Five Percent Owner</U>. &#147;Five Percent
Owner&#148; means a Participant who is a five percent owner as defined in Code Section 416(i) at any time during the Plan Year ending with or within the calendar year in which such owner attains age 70 &#189;. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(iv) <U>Life Expectancy</U>. &#147;Life Expectancy&#148; means life
expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(v) <U>Participant&#146;s Benefit</U>. Participant&#146;s Benefit means the Participant&#146;s Account balance as of the last Valuation Date in the
calendar year immediately preceding the Distribution Calendar Year (&#147;Valuation Calendar Year&#148;) increased by the amount of any contributions made and allocated or forfeitures allocated to the Account balance as of dates in the Valuation
Calendar Year after the Valuation Date and decreased by distributions made in the Valuation Calendar Year after the Valuation Date. The Account balance for the Valuation Calendar Year includes any amounts rolled over or transferred to the Plan
either in the Valuation Calendar Year or in the Distribution Calendar Year if distributed or transferred in the Valuation Calendar Year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(vi) <U>Required Beginning Date</U>. &#147;Required Beginning Date&#148; means for Five Percent Owners, the first day of April following the later of the
calendar year in which the Participant attains age 70 &#189;. Once begun, distributions to a Five Percent Owner under this Section must continue to be distributed, even if the Participant ceases to be a Five Percent Owner in a subsequent year. For
Non-Five Percent Owners, &#147;Required Beginning Date&#148; means: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman"
SIZE="2">(A) <U>Participants who are not Five Percent Owners, but who Attain Age 70 &#189; prior to January 1, 1996</U>. The first day of April in the calendar year following the calendar year in which the Participant attains age 70 &#189;.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(B) <U>Participants who are not Five Percent Owners and who Attain Age 70 &#189; between January 1, 1996
and December 31, 1998</U>. The first day of April in the calendar year following the calendar year in which the later of attainment of age 70 &#189; or the Participant&#146;s Severance Date occurs; provided, however, that an Employee whose Severance
Date has not occurred may irrevocably elect, in writing, to defer distribution until that Employee&#146;s Severance Date. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(C) <U>Participants who are not Five Percent Owners and who Attain Age 70 &#189; after December 31, 1998</U>. The date on which occurs the
Participant&#146;s Severance Date. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Time and Manner of Distribution</U>. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(i) <U>Required Beginning Date</U>. The Participant&#146;s entire interest will be distributed, or begin to be distributed, to the Participant no later
than the Participant&#146;s Required Beginning Date. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(ii)
<U>Death of Participant Before Distributions Begin</U>. If the Participant dies before distributions begin, the Participant&#146;s entire interest will be distributed, or begin to be distributed, no later than as follows: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(A) If the Participant&#146;s Surviving Spouse is the Participant&#146;s
sole Designated Beneficiary, then except as provided in Section 6.12(e), distributions to the Surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of
the calendar year in which the Participant would have attained age 70<FONT SIZE="1"><SUP>&nbsp;1</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">2</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">, if later. </FONT></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(B) If the Participant&#146;s Surviving Spouse is not the
Participant&#146;s sole Designated Beneficiary, then except as provided in Section 6.12(e), distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Participant
died. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(C) If there is no Designated Beneficiary as of
September 30 of the year following the year of the Participant&#146;s death, the Participant&#146;s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant&#146;s death. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(D) If the Participant&#146;s Surviving Spouse is the Participant&#146;s
sole Designated Beneficiary and the Surviving Spouse dies after the Participant but before distributions to the Surviving Spouse begin, this Section 6.12(b)(ii), other than Section 6.12(b)(ii)(A), will apply as if the Surviving Spouse were the
Participant. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">If distributions under an annuity purchased from an insurance company irrevocably commence to the
Participant before the Participant&#146;s Required Beginning Date (or to the Participant&#146;s Surviving Spouse before the date distributions are required to begin to the Surviving Spouse under Section 6.12(b)(ii)(A)), the date distributions are
considered to begin is the date distributions actually commence. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman"
SIZE="2">(iii) <U>Forms of Distribution</U>. Unless the Participant&#146;s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning Date, as of the first
Distribution Calendar Year distributions will be made in accordance with Sections 6.12(c) and 6.12(d). If the Participant&#146;s interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be
made in accordance with the requirements of Code Section 401(a)(9) and the Treasury regulations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Required Minimum Distributions During Participant&#146;s Lifetime</U>. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(i) <U>Amount of Required Minimum Distribution For Each Distribution Calendar Year</U>. During the Participant&#146;s lifetime, the minimum amount that
will be distributed for each Distribution Calendar Year is the lesser of the quotient obtained by dividing the Participant&#146;s Benefit by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury
regulations, using the Participant&#146;s age as of the Participant&#146;s birthday in the Distribution Calendar Year, or if the Participant&#146;s sole Designated Beneficiary for the Distribution Calendar Year is the Participant&#146;s Spouse, the
quotient obtained by dividing the Participant&#146;s Benefit by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant&#146;s and Spouse&#146;s attained ages as of the
Participant&#146;s and Spouse&#146;s birthdays in the Distribution Calendar Year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT
FACE="Times New Roman" SIZE="2">(ii) <U>Lifetime Required Minimum Distributions Continue Through Year of Participant&#146;s Death</U>. Required minimum distributions will be determined under this Section 6.12(c) beginning with the first Distribution
Calendar Year and up to and including the Distribution Calendar Year that includes the Participant&#146;s date of death. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Required Minimum Distributions After Participant&#146;s Death</U>. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(i) <U>Death On or After Date Distributions Begin &#150; Participant Survived by Designated Beneficiary</U>. If the Participant dies on or after the date
distributions begin and there is a Designated Beneficiary, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant&#146;s death is the quotient obtained by dividing the Participant&#146;s
Benefit by the longer of the remaining Life Expectancy of the </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Participant or the remaining Life Expectancy of the Participant&#146;s Designated Beneficiary, determined
as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(A) The Participant&#146;s remaining Life
Expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(B) If the Participant&#146;s Surviving Spouse is the Participant&#146;s sole Designated Beneficiary, the remaining Life Expectancy of the Surviving
Spouse is calculated for each Distribution Calendar Year after the year of the Participant&#146;s death using the Surviving Spouse&#146;s age as of the Spouse&#146;s birthday in that year. For Distribution Calendar Years after the year of the
Surviving Spouse&#146;s death, the remaining Life Expectancy of the Surviving Spouse is calculated using the age of the Surviving Spouse as of the Spouse&#146;s birthday in the calendar year of the Spouse&#146;s death, reduced by one for each
subsequent calendar year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(C) If the Participant&#146;s
Surviving Spouse is not the Participant&#146;s sole Designated Beneficiary, the Designated Beneficiary&#146;s remaining Life Expectancy is calculated using the age of the Beneficiary in the year following the year of the Participant&#146;s death,
reduced by one for each subsequent year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(ii) <U>Death On or
After Date Distributions Begin &#150; No Designated Beneficiary</U>. If the Participant dies on or after the date distributions begin and there is no Designated Beneficiary as of September 30 of the year after the year of the Participant&#146;s
death, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant&#146;s death is the quotient obtained by dividing the Participant&#146;s Benefit by the Participant&#146;s remaining Life
Expectancy calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(iii) <U>Death Before Date Distributions Begin &#150; Participant Survived by Designated Beneficiary</U>. Except as provided in Section 6.12(e), if the
Participant dies before the date distributions begin and there is a Designated Beneficiary, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant&#146;s death is the quotient obtained by
dividing the Participant&#146;s Benefit by the remaining Life Expectancy of the Participant&#146;s Designated Beneficiary, determined as provided in Sections 6.12(d)(i) and (ii). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(iv) <U>Death Before Date Distributions Begin &#150; No Designated Beneficiary</U>. If the Participant dies before the date
distributions begin and there is no Designated Beneficiary as of September 30 of the year following the year of the Participant&#146;s death, distribution of the </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Participant&#146;s entire interest will be completed by December 31 of the calendar year containing the
fifth anniversary of the Participant&#146;s death. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(v)
<U>Death Before Date Distributions Begin &#150; Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin</U>. If the Participant dies before the date distributions begin, the Participant&#146;s Surviving Spouse is the
Participant&#146;s sole Designated Beneficiary, and the Surviving Spouse dies before distributions are required to begin to the Surviving Spouse under Section 6.12(b)(ii)(A), Section 6.12(d)(iii) will apply as if the Surviving Spouse were the
Participant. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Election to Allow Participants or Beneficiaries to Elect 5-Year Rule</U>. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Participants or Beneficiaries may elect on an individual basis whether the 5-year rule or the life expectancy rule in Sections 6.12(b)(ii)(A),
6.12(b)(ii)(B), 6.12(d)(iii) and 6.12(d)(iv) applies to distributions after the death of a Participant who has a Designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution
would be required to begin under Section 6.12(b)(ii), or by September 30 of the calendar year which contains the fifth anniversary of the Participant&#146;s (or, if applicable, Surviving Spouse&#146;s) death. If neither the Participant nor
Beneficiary makes an election, distributions will be made in accordance with Sections 6.12(b)(ii)(A), 6.12(b)(ii)(B), 6.12(d)(iii) and 6.12(d)(iv).&#148; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">3. Effective January 1, 2004, Subsection (3)(ii) of Section 7.6 <U>Committee Appointment and Governance</U> shall read in full as follows: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">&#147;(ii) The Committee shall distribute the ballots to those Participants eligible to vote
either by personal delivery, by electronic mail to the Participant&#146;s work-related electronic mail address, or by first class mail addressed to the Participant&#146;s last known address. The ballot shall include a statement stating the location
where ballots will be received and the deadline for casting ballots. The deadline shall be a date selected by the Committee which falls not less than ten (10) nor more than fifteen (15) days after the date of distribution. In the case of ballots
distributed by electronic mail, distribution shall be deemed to occur when the ballots are transmitted via electronic mail. In the case of ballots distributed by mail, distribution shall be deemed to occur on the date of mailing. A ballot shall be
deemed to be cast on the date and at the time of its actual receipt by the Committee in the manner and at the location designated on the ballot.&#148; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">4. Effective January 1, 2002, a new Section 13.4 is added at the end of Article XIII <U>Claims Procedure</U> to read as follows: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">&#147;13.4 <U>Claims Procedure for Disability Benefits from the Merged Exponent, Inc.
Employee Pension Plan</U>. Notwithstanding the above, a Participant claim for Disability benefits attributable to the Account balances merged into the Plan from the Exponent, Inc. Employee Pension Plan shall be administered in conformance with the
claims procedures for disability benefits set forth in Section 2560.503-1 of the Department of Labor regulations.&#148; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">5. Sections A.1(c) <U>Joint and Last Survivor Life Expectancy</U> and A.1(d) <U>Life Expectancy</U> are deleted and the
remaining Sections of Section A.1 <U>Definitions</U> are renumbered accordingly. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">6. Section A.6 <U>Timing of Death Distribution</U> is deleted and Section A.7 <U>Spousal Consent</U> is renumbered accordingly. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Company has caused this Fourth Amendment to be executed by its duly authorized officer. </FONT></P> <P
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Dated: December 18, 2003</FONT></P></TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">EXPONENT, INC.</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Richard L. Schlenker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">CFO, Corporate Secretary</FONT></TD></TR>
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