ex10_36.htm


    
      

    

    Exhibit
10.36

    


    COLUMBUS
McKINNON CORPORATION THRIFT 401(K) PLAN

    AMENDMENT
NO. 14 OF THE 1998 PLAN RESTATEMENT

    


    Columbus
McKinnon Corporation (the "Corporation") hereby amends the Columbus McKinnon
Corporation Thrift 401(K) Plan (the "Plan"), as amended and restated in its
entirety effective January 1, 1998, and as further amended by Amendment Nos.
1through 13, as permitted under Section 14.1 of the Plan, as
follows:

    


    1.         
   Section 1.6, entitled “Base Pay,” is amended effective January
1, 2008 by revising the portion of Section 1.6(a) prior to Section 1.6(a)(1) to
read as follows:

    


    “(a)           In
General.  “Base Pay” means, with
respect to a Participant for a pay period or other period, the Participant’s
compensation as defined in Code Section 415(c)(3) and Treasury Regulation
§1.415(c)-2(d)(4) (“wages” reported on Form W-2),
which is paid to the Participant on any pay day with respect to such pay period
or other period by one or more Employers.  Effective
January 1, 2008, an amount is not Base Pay if it is paid after the Participant’s
severance from employment unless (i) the Participant is in qualified military
service (as defined in Code Section 414(u)), (ii) the Participant is permanently
and totally disabled (as defined in Code Section 22(e)(3)), or (iii) the amount
is paid by the later of 2-1/2 months after severance from employment or the end
of the year that includes the date of severance from employment and is described
in Treasury Regulation §1.415(c)-2(e)(3)(ii) or (iii).  The phrase “aggregate
Base Pay” with respect to a Plan Year or other period means the sum of the
periodic payments of Base Pay made to a Participant during such Plan Year or
other period.”  (The emphasis is not included in the
amendment.)

    


    


    2.          
  Section 1.14, entitled “Eligible Employee,” is amended effective
June 1, 2007 by revising Section 1.14(a) to read as follows:

    


    “(a)           In
General.  “Eligible Employee”
means (i) any Employee who is employed by an Employer and who is regularly
employed at a facility located inside the United States of America and (ii)
effective June 1, 2007, any Employee who is a US citizen or US permanent
resident  and who employed by an Employer outside the United States of
America.”

    


    


    3.         
   Section 1.38, entitled “Year of Vesting Service,” is amended
effective January 1, 1998 to include new Section 1.38(c) to read as
follows:

    


    (c)           Potential Leased Employee
Who Becomes an Employee.  If the employment status of an
employee, who was employed other than as a common law employee and who was not a
Leased Employee but who would have become a Leased Employee upon the expiration
of time, e.g., the employee of a temp agency, is changed so that he becomes an
employee at common law, he shall be given credit for his service prior to such
change in status for vesting as if he had been an Employee during such prior
service.


    
      
         


      

      
         


        
          

        

      

      
         


      

    


    Columbus
McKinnon Corporation Thrift 401(k) Plan

    Page  of
Amendment No. 14 of the 1998 Plan Restatement

    


    


    4.          
  Section 4.4, entitled “Distribution of Excess Contributions,” is
amended effective January 1, 2008 by revising the second sentence of Section
4.4(d)(1) to read as follows:

    


    “ The income or loss allocable to
Excess Contributions is the sum of: (i) the income or loss allocable to the
Participant’s Salary Reduction Contribution Account for the taxable year
multiplied by a fraction, the numerator of which is Excess Contribution for the
year and the denominator of which is the Participant’s Account balance
attributable to Salary Reduction Contributions without regard to any income or
loss occurring during such taxable year, and, for Plan
Years beginning before January 1, 2008 only, (ii) 10 percent of the amount
determined under “(i)” multiplied by the number of whole calendar months
between the end of the Participant’s taxable year and the date of distribution,
counting the month of distribution if distribution occurs after the 15th day of
such month.”  (The emphasis is not included in the
amendment.)

    


    


    5.         
   Section 5.2, entitled “Definitions,” is amended effective
January 1, 2008 by revising Section 5.2(c) to read as follows:

    


    (c)           “Taxable
Compensation” means,
with respect to a Limitation Year, compensation as defined under Code Section
415(c)(3) and the Treasury Regulations thereunder.  For more
specificity, “Section 415 Compensation” shall mean compensation reported on Form
W-2 within the meaning of Treasury Regulation §1.415(c)-2(d)(4) increased by elective deferrals and
other amounts required under Code Section 415(c)(3)(D) to be included in
compensation except that amounts excluded from the employee’s gross income under
Code Section 132(f)(4) shall not be included in “Taxable Compensation” before
the Limitation Year beginning on January 1, 2001.  Effective
January 1, 2008, an amount is not Taxable Compensation if it is paid after the
Participant’s severance from employment unless (i) the Participant is in
qualified military service (as defined in Code Section 414(u)), (ii) the
Participant is permanently and totally disabled (as defined in Code Section
22(e)(3)), or (iii) the amount is paid by the later of 2-1/2 months after
severance from employment or the end of the year that includes the date of
severance from employment and is described in Treasury Regulation
§1.415(c)-2(e)(3)(ii) or (iii).  In no event shall a
Participant’s Taxable Compensation for a Limitation Year beginning on or after
January 1, 1989 exceed the applicable Code Section 401(a)(17) Limit set
forth in Section 1.6(b). .”  (The emphasis is not included in
the amendment.)

    


    


    6.          
  Section 5.3, entitled “Adjustment to Reduce Annual Additions,” is
amended effective January 1, 2008 to read as follows:

    


    5.3           Adjustment
to Reduce Annual Addition.  A Participant’s
Annual Addition under the Plan shall be reduced if necessary to satisfy the
limitation of Section  5.1 at such times and in such manner as may be
provided in Revenue Procedure 2006-27 or similar guidance issued by the Internal
Revenue Service.”


    
      
         


      

      
         


        
          

        

      

      
         


      

    


    Columbus
McKinnon Corporation Thrift 401(k) Plan

    Page 3 of
Amendment No. 14 of the 1998 Plan Restatement

    


    


    7.          
  Section 9.1, entitled “Time of Distribution,” is amended effective
January 1, 2007 to change “90 days” to “180 days” in Section
9.1(c)(1).

    


    


    8.         
   Section 9.4, entitled “Eligible Rollover Distributions,” is
amended effective January 1, 2008 by adding the following sentence at the end of
Section 9.4(a)(3):

    


    “
Effective with respect to distributions made after December 31, 2007, a
“distributee” includes a nonspouse beneficiary but only if the direct rollover
is paid to an inherited individual retirement plan within the meaning of Code
Section 402(c)(11).”

    


    


    9.         
   Section 11.9, entitled “Administration Expenses,” is amended
effective January 1, 2007 to read as follows:

    


    “11.9      Administration
Expenses.  Each Employer shall share in the expenses of the
Plan in such proportions as the Committee shall determine.  The
Employers shall pay directly the expenses of administering the Plan, including
the fees and disbursements of the Trustee (exclusive of brokerage commissions,
transfer taxes and similar costs of acquiring and disposing of securities)
except that administrative expenses charged by the sponsor of an Investment Fund
against such Fund shall be paid from such Fund and not be the
Employers.  The Employers shall also pay the fees of any attorney,
advisor, or other expert engaged by the Committee to assist it in the operation
and administration of the Plan.  Notwithstanding the foregoing, the
Committee may determine to have some or all of the administrative expenses of
the Plan charged against Participant Accounts on a uniform basis or, where an
expense item is for the exclusive benefit of one Participant, charged against
that Participant’s account.”

    


    10.           Section
15.2, entitled “Definitions”, is amended effective January 1, 2008 by
substituting “1.415(c)-2(d)” for “1.415-2(d)” where it appears in Section
15.2(i).

    


    


    WITNESS
WHEREOF, this instrument of amendment has been executed by a duly authorized
officer of the Corporation this 21st day of
December, 2007.

    


    
      	 
      	
              COLUMBUS
      McKINNON CORPORATION

            
	 
      	 
      	 
      
	 
      	
              By

            	
              /s/ Timothy Harvey

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Title

            	
              Corporate
  Secretary