Note 1 – Description of Plan
The following description of the Henry Schein, Inc. 401(k) Savings Plan (the
“Plan”) provides only general information.
Participants
should refer to the Plan document or Summary Plan Description for a more complete description
of the Plan’s provisions.
(a) Nature of Operations
The Plan is a contributory defined contribution 401(k) plan originally effective
January 1, 1970.
The Plan was amended effective
December 26, 1993, to include an
Internal Revenue Code Section 401(k) feature.
The Plan is subject to
the provisions of the Employee
Retirement Income Security Act of 1974 (“ERISA”).
The third-party administrator is Fidelity Investments Institutional Operations
Company, Inc., (the
“Administrator”).
The Plan trustee is Fidelity Management Trust Company
(the “Trustee”).
Eligible employees
are those employed by Henry Schein, Inc. (the “Plan Sponsor” or the “Company”) and certain of the Company’s affiliates (collectively,
the “Employer”).
All employees (other than temporary employees) are eligible to make
salary reduction contributions to the Plan upon hire and become
eligible to be credited with Profit Sharing Contributions and the Employer Match (each
as described below) upon completion of a
one
year
period of service.
Temporary employees are eligible
to make salary reduction contributions to the Plan and to be credited with
Profit Sharing Contributions and the Employer Match on the first July 1
or January 1 following the completion of a
twelve
month period during which the temporary employee is credited with at least
one thousand hours
of service or the completion of
three
consecutive plan years starting on or after January 1, 2021 in each of which
the temporary employee is credited with at least
five hundred hours
of service.
If an individual is initially classified as a temporary employee and then is reclassified as a regular
participant, the participant is immediately eligible to make salary reduction contributions
to the Plan, and is eligible to be credited with
Profit Sharing Contributions and the Employer Match upon the earlier of a completion of a
one year
period of service or when he or she
would have been eligible to be credited with Profit Sharing Contributions
and the Employer Match if he or she would have remained a
temporary employee.
Effective for plan years beginning
after December 31, 2023,
the Plan was amended
to incorporate certain provisions
of the Setting Every
Community Up for Retirement Enhancement Act of 2022 (“SECURE 2.0”),
including provisions relating to required minimum
distributions and additional distribution options for
participants, such as personal
emergency expense distributions and qualified disaster
expense distributions.
In connection with an operational restructuring of certain subsidiaries of Henry Schein,
Inc., the account balances of certain participants
in the Ace Surgical Supply Co., Inc. 401(k) Plan were transferred
into the Plan effective August 12, 2024, and the account balances
of
certain participants in the SAS, Inc. 401(k) Plan were transferred into the Plan effective
September 3, 2024.
The remaining assets and
liabilities of the SAS, Inc. 401(k) Plan were transferred into the Plan effective
May 19, 2025.
Effective April 28, 2025, the Henry
Schein Medical Systems, Inc. 401(k) Plan was merged into
the Plan and the assets and liabilities associated with the accounts of
participants in that plan were transferred into the Plan.
On December 18, 2024, the Plan was amended to (i) change the calculation of matching
contributions from a quarterly to an annual
basis, effective January 1, 2025; and (ii) require that a participant be employed on the last Friday of the Plan Year,
or have retired, died,
or become disabled during the year, in order
to be eligible for a matching contribution for that Plan Year.
(b) Contributions
The Plan provides for a discretionary Employer contribution (the “Profit
Sharing Contribution”) of a percentage of a participant’s
base
compensation, as defined under the Plan.
There were
no
discretionary Profit Sharing Contributions for the years ended December 31,
2025 and 2024.