ex10_47.htm


    
      

    

    Exhibit
10.47

    


    COLUMBUS
McKINNON CORPORATION

    MONTHLY
RETIREMENT BENEFIT PLAN

    


    Amendment
No. 9 of the 1998 Plan Restatement

    


    


    Columbus
McKinnon Corporation (the "Company") hereby amends the Columbus McKinnon
Corporation Monthly Retirement Benefit Plan (the "Plan"), as amended and
restated in its entirety effective April 1, 1998, and as further amended by
Amendment Nos. 1through 9, as permitted under Section 10.1 of the Plan, in order
to comply with Section 1004 of the Pension Protection Act  of 2006, as
follows:

    


    


    1.          
  Section 5.2, entitled “Form of Benefit”, is amended effective April
1, 2008 by revising Section 5.2(c)(2) to read as follows:

    


    “(2)        (A)  Option
2A -- 75% Joint and
Survivor.   A benefit similar to the 50% Joint and
Survivor benefit described as Option 1, except that the survivor annuity is
equal to 75% of the annuity payable to the Participant.

    


    (B)  Option
2B-- 66-2/3% Joint and
Survivor.   A benefit similar to the 50% Joint and
Survivor benefit described as Option 1, except that the survivor annuity is
equal to 66-2/3% of the annuity payable to the Participant.”

    


    


    2.         
   Appendix A, Table 1, entitled “Table of Actuarial Equivalent
Factors to Be Used in Converting the Normal Life Annuity Form of Payment to a
Joint and Survivor Form”, is amended effective April 1, 2008 by adding a new
column under “Actuarial Equivalent Factors” containing the actuarial equivalent
factors for a 75% Joint and Survivor Annuity which shall be based on the same
mortality table and interest rate assumption as the actuarial equivalent factors
for a 50% Joint and Survivor Annuity.

    


    


    3.      
      Section 5.2, entitled “Form of Benefit”, is
amended effective November 1, 2008 by revising Section 5.2(c)(2) to read as
follows:

    


    “(2)         Option
2 -- 75% Joint and
Survivor.   A benefit similar to the 50% Joint and
Survivor benefit described as Option 1, except that the survivor annuity is
equal to 75% of the annuity payable to the Participant.”

    


    


    4.         
   Section 5.8.3 of Schedule 5 (Plan for Salaried Employees of
Yale Hoists), entitled “Optional Form of Payment”, is amended effective April 1,
2008 by revising Section 5.8.3(a) to read as follows:


    
      
         


      

      
         


        
          

        

      

      
         


      

    


    Columbus
McKinnon Corporation Monthly Retirement Benefit Plan

    Page  of
Amendment No. 9 of 1998 Plan Restatement

    


    


    “(a)           Inactive Yale
Participants.  Subject to the provisions of Article V of the
MRB Plan, an Inactive Yale Participant may elect, in lieu of his normal form of
payment provided under Section 5.8.2, any of the following optional form of
payment available under Section 5.2(c) of the MRB Plan, where the benefit
is first calculated as a Straight Life Annuity under this Schedule 5 and then
converted into an optional form of payment [1] using the actuarial factors set
forth in Appendix S5-A attached to this Schedule 5 in the case of a 50%, 75% or
100% Joint and Survivor annuity:

    


    
      	
               
      

            	
              (1)           a
      Straight Life Annuity,

            


    

    


    
      	
               
      

            	
              (2)           a
      50% Joint and Survivor Annuity, or

            


    

    


    
      	
               
      

            	
              (3)           a
      75% Joint and Survivor Annuity.

            


    

    


    
      	
               
      

            	
              (4)           a
      100% Joint and Survivor Annuity.”

            


    

    


    


    IN
WITNESS WHEREOF, this instrument of amendment has been executed by a duly
authorize officer of the Corporation this 21st day of
April, 2008, to be effective as of the dates recited herein.

    


    


    
      	 
      	
              COLUMBUS
      McKINNON CORPORATION

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By

            	
              /s/  Richard A.
      Steinberg

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Title:

            	
              Vice President – Human
      Resources