exv10w1



 







Exhibit 10.1(a)




CHICAGO BRIDGE & IRON

SAVINGS PLAN




Eighth Amendment




     Pursuant to resolution of the Board of Directors of Chicago Bridge & Iron Company, a Delaware
corporation (“Company”) dated August ___, 2006, the Chicago Bridge & Iron Savings Plan, as amended
and restated effective January 1, 1997, and previously amended (“Plan”), is hereby further amended
in this Eighth Amendment as follows:



     1. Section 2.27 of the Plan is amended by redesignating subsection (e) as subsection (f) and
adding a new subsection (e) to read as follows:




     (e) Home Damage Repair. Repair of damage to the Participant’s
principal residence that would qualify for the casualty deduction under Section 165
of the Code (determined without regard to whether the loss exceeds 10% of adjusted
gross income), to the extent creating an immediate and heavy financial need on the
basis of all the relevant facts and circumstances.



     2. Section 4.12(f) of the Plan is amended to read as follows:




     (f) The Plan Administrator may specify rules from time to time governing
Catch Up Deferrals, including, but not limited to, rules regarding (i) the timing,
method, and implementation dates of Catch Up Deferral elections, (ii) the return or
recharacterization of Catch Up Deferrals as Elective Deferrals, and (iii) the
recharacterization of Elective Deferrals of an Eligible Active Participant as
Catch-up Deferrals, to the extent the Elective Deferrals of the Eligible Active
Participant would otherwise exceed the limitations of Article V and the total
Catch-Up Deferrals of the Participant (after recharacterization) do not exceed the
limits of subsection (b) above. Such rules shall be in compliance with any
applicable guidance issued by the Secretary of the Treasury, and, to the extent
deemed advisable by the Plan Administrator in order to comply with such guidance;
such rules may override any of the preceding provisions of this Section 4.12.



     3. The last sentence of Section 8.02 of the Plan is amended to read as follows:




Notwithstanding the foregoing, if for any reason no election of a form of
benefit is on file with the Plan Administrator when payment of the Participant’s
Accrued Benefit is required under Section 8.03, or if the Participant’s vested
Accrued Benefit does not exceed $1,000 at the time of the Participant’s Termination
of Employment, the Trustee will pay the Participant’s vested Accrued Benefit in a
single lump sum.



     4. The first sentence of Section 8.03(b) of the Plan is amended to read as follows:




If the Participant’s distributable Account balance is more than $1,000, and if
the Participant is living but has not attained age 65, distribution will not be made
without the Participant’s prior written consent before the Participant attains age
65 or dies.



     5. Section 8.04 of the Plan is amended to read as follows:



 









 






     8.04 Lump Sum Payment Without Election. Notwithstanding any other
provision of this Article VIII, if a Participant (or the Beneficiary of a deceased
Participant) is entitled to a distribution (including distributions with respect to
Participants who had a Termination of Employment prior to January 1, 1997) and if
the value of a Participant’s vested Accrued Benefit does not exceed $1,000, the Plan
Administrator shall direct the immediate distribution of such benefit in a single
lump sum regardless of any election or consent of the Participant, his or her spouse
or other Beneficiary; provided, however, that no cash-out payment under this
subsection shall be made after distribution of benefits has begun without the
consent of the Participant or (if the Participant has died and his or her surviving
spouse is his or her Beneficiary) his or her surviving spouse.



     6. The last sentence of Section 13.18 of the Plan is amended to read as follows:




For this purpose the GUST Amendments are the Uniformed Services Employment and
Reemployment Rights Act of 1994, P.L. 103-353; the Uruguay Round Agreements Act,
P.L. 103-465; the Small Business Job Protection Act of 1996, P.L. 104-188; and the
Taxpayer Relief Act of 1997, P.L. 105-34; and the Applicable Plan Sections are
Section 2.13(b) (relating to the definition of Statutory Compensation); Section
2.19(b) (relating to the definition of leased employees within the meaning of
Section 414(n)(2) of the Code); Section 2.28 (relating to the definition of Highly
Compensated Employee and repeal of family aggregation); Section 2.49 (relating to
the Required Distribution Date); Sections 2.44 and 2.54 (relating to Qualified
Military Leave); Sections 5.02 and 5.03 (relating to the computation and
distribution of excess contributions, excess aggregate contributions and satisfying
the multiple use test); Section 5.07(d) (relating to repeal of the combined
limitation on certain benefits); and Sections 8.02, 8.03, 8.04, A-2, and A-3
(relating to the threshold for certain mandatory distributions) of this Plan.



     7. The last sentence of Section A-2 in Appendix A is amended to read as follows:




Notwithstanding the foregoing, if the Participant’s total distributable Account
balances (not just Restricted Account balances) are less than $1,000 as of his or
her date of Termination, the Trustee shall immediately distribute such benefits in a
lump sum without such Participant’s consent pursuant to Section 8.03 of the Plan.



     8. The two sentences of Section A-3 in Appendix A are amended to read as follows:




If the total distributable balance of the Participant’s Accounts (not just
Restricted Accounts) is less than $1,000 as of his or her date of Termination, the
Trustees shall provide for the immediate distribution of such Accounts to the
Participant’s spouse. If the value exceeds $1,000, an immediate distribution of the
entire amount may be made to the surviving spouse, provided such surviving spouse
consents in writing to such distribution.



     9. The amendments made by paragraphs 1 and 2 shall be effective as of January 1, 2005.
The amendments made by paragraphs 3, 4, 5, 6, 7 and 8 shall be effective March 28, 2005.



Dated: August ___, 2006




	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Director, Chicago Bridge & Iron Company 	 
	 	 	 	 
	 




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