Exhibit 10.2
 
FIRST AMENDMENT
TO THE
INGERSOLL-RAND COMPANY
ESTATE ENHANCEMENT PROGRAM

WHEREAS, Ingersoll-Rand Company, a New Jersey corporation, adopted the
Ingersoll-Rand Company Estate Enhancement Program (the “Plan”) which was
originally effective on September 2, 1997, and subsequently amended and restated
effective June 1, 1998; and

WHEREAS, Ingersoll-Rand Company reserved the right at any time and from time to
time to amend the Plan in accordance with Section 16.01 of the Plan; and

WHEREAS, Ingersoll-Rand Company, acting on authority of its Board of Directors
and shareholders, desires to amend the Plan.

NOW, THEREFORE, the Plan shall be amended in the following respects effective as
of the date hereof or such other dates as noted below:

1.       Section 2.05 of the Plan, “Change in Control”, is hereby amended by
adding the following to the end thereof:

“Notwithstanding the foregoing provisions of this Section 2.05, or any other
provision in this Plan or the Company’s Incentive Stock Plan of 1995, as
amended, to the contrary, none of the transactions contemplated by the Merger
Agreement that are undertaken by (i) Ingersoll-Rand Company or its affiliates
prior to or as of the Effective Time or (ii) Ingersoll-Rand Company Limited or
its affiliates on and after the Effective Time, shall trigger, constitute or be
deemed a ‘Change in Control’. On and after the Effective Time the term ‘Change
in Control’ shall refer solely to a ‘Change in Control’ of Ingersoll-Rand
Company Limited.”

2.       Section 2 of the Plan is hereby amended to include the following new
definitions in proper alphabetical progression:

“2.09A Effective Time means the Effective Time as such term is defined in the
Merger Agreement.”

“2.11A Merger Agreement means that certain Agreement and Plan of Merger among
the Company, Ingersoll-Rand Company Limited, and IR Merger Corporation dated as
of October 31, 2001, pursuant to which the Company will become an indirect
wholly-owned subsidiary of Ingersoll-Rand Company Limited.”

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                    3.       Except as specifically set forth herein, all other
terms of the Plan shall remain in full force and effect and are hereby ratified
in all respects.
 
IN WITNESS WHEREOF, the Company has had its duly authorized representatives sign
this Amendment on December 31, 2001.

        INGERSOLL-RAND COMPANY  
   
   
    By:   /s/ Ronald G. Heller  

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Ronald G. Heller
Vice President and Secretary
   

 

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