Document:

ex10-2.htm

    
      

    

    Exhibit 10.2

     

    

      KAMAN
CORPORATION

       

      POST-2004

       

      DEFERRED
COMPENSATION PLAN

       

      

       

      Section
1

      Background

       

      1.1 Establishment
of the Plan. Kaman Corporation has established this Kaman Corporation
Post-2004 Deferred Compensation Plan (the “Plan”) effective January 1,
2005.  Capitalized terms used in the Plan are defined in Section 11
below.

       

      1.2 Coverage. The Plan applies only to
individuals who are actively employed by the Corporation on or after January 1,
2005. Amounts accrued but not vested under the Prior Plan as of December 31,
2004 shall be subject to the terms of the Plan (and shall not be subject to the
terms of the Prior Plan).

       

      1.3 Purposes.  The Corporation
maintains the Plan to:

       

      (a) provide a
select group of management and highly compensated employees an opportunity to
defer a portion of their Base Salary and Bonus on a tax-advantaged basis and
receive a matching contribution in the form of Additional Deferred Compensation;
and

       

      (b) provide
Participants in the Plan who do not participate in the SERP during a Plan Year
an additional annual benefit in the form of Supplemental Deferred
Compensation.

       

      1.4 Section
409A.

       

      (a) The Plan
is intended to comply, and shall be interpreted and construed in a manner
consistent, with the provisions of Section 409A. Any provision under the Plan
that would cause any benefit hereunder to be subject to Federal income tax prior
to payment shall be void as of the Effective Date without the necessity of
further action by the Board.

       

      (b) There
shall be no acceleration or subsequent deferral of the time or schedule of any
payment under the Plan except as permitted under Section 409A and the express
terms of the Plan.

       

      (c) All
references to “Section 409A” in the Plan shall refer to Section 409A of the
Code, Notice 2006-79 (with respect to periods before January 1, 2008) and the
final regulations issued under Section 409A (as applicable to periods after
December 31, 2007).

       

      (d) The
provisions of the Plan shall not apply to the Prior Plan nor constitute a
material modification of the Prior Plan.

       

      
        
          
          

        

        
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      Section
2

      Eligibility and
Enrollment

       

      2.1 Selection
by Board.  Participation in the Plan shall be limited to a
select group of management or highly compensated employees of the Corporation
whose eligibility to participate in the Plan is approved by the Board on its own
initiative, or upon the recommendation of the Committee.  The Board
may terminate an employee's eligibility to participate in the Plan at any time
in its sole discretion.

       

      2.2 Enrollment
Requirements. As a condition to participation, an eligible employee must
complete, execute and return to the Committee no later than December 31st prior
to the beginning of the applicable Plan Year a Plan Agreement, an Election Form
and a Beneficiary Designation Form. The Committee may establish from time to
time such other enrollment requirements as it determines in its sole discretion
are necessary or appropriate for purposes of administering the
Plan.  Notwithstanding the foregoing, in the case of the first Plan
Year in which an employee becomes eligible to participate in the Plan, such Plan
Agreement and Election Form must be completed, executed and returned no later
than thirty (30) days after the first date of such eligibility and shall only be
effective for services to be performed subsequent to the
election.  For this purpose, the first day of eligibility shall be the
earlier of (i) the first business day that an employee first satisfies the
criteria set forth in Section 2.1 or (ii) the date on which the employee is
first eligible to participate in any agreement, method, program or other
arrangement of the Corporation with respect to which deferrals of compensation
are treated, together with deferrals of compensation under the Plan, as having
been deferred under a single nonqualified deferred compensation plan under
Treasury Regulation Section 1.409A-1(c)(2).

       

      2.3 Commencement
of Participation. An employee shall commence participation in the Plan
upon the timely completion of all enrollment requirements (which may, but need
not be done, through an on-line enrollment program) and the Committee’s
acceptance of all submitted documents (through such on-line enrollment program
or through such other means as the Committee determines). Eligible employees who
wish to participate in the Plan for any particular Plan Year must satisfy the
enrollment requirements prior to the commencement of the Plan Year; provided,
however, that in the first year in which an employee first becomes eligible to
participate in the Plan, the newly eligible employee must satisfy the enrollment
requirements within thirty (30) days after the date on which he became eligible.
If an eligible employee does not meet all enrollment requirements within the
time prescribed, that employee shall not be allowed to participate in the Plan
until the first day of the Plan Year following the completion of all enrollment
requirements.

       

      Section
3

       

      Deferral
Commitments/Interest Crediting

       

      3.1 Maximum
Deferral. For each Plan Year, a Participant may elect to defer up to 50%
of Base Salary and up to 100% of Bonus.

       

      
        
          
          

        

        
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      3.2 Election
to Defer; Effect of Election Form. In order to make a Deferral Election
for any Plan Year a Participant must deliver a completed Election Form to the
Committee prior to the commencement of the Plan Year to which it relates. In the
case of a newly admitted Participant, the Deferral Election must be made within
the thirty (30) day period provided for in Sections 2.2 and 2.3, and shall not
apply to any Base Salary or Bonus earned prior to the commencement of his
participation. A separate Election Form is required for each Plan Year. The Election Form must
specify the percentage of the Base Salary and/or Bonus that the Participant has
elected to defer. Except as otherwise expressly provided for herein, each
Deferral Election shall be irrevocable for the Plan Year for which it is made,
and shall be deemed to apply to any salary increases occurring during that year.
No Election Form shall be effective unless accepted by the
Committee.

       

      3.3 Additions
to Account Balances. The percentage of a Participant's Base Salary
deferred pursuant to Section 3.2 shall be credited to the Participant's Account
Balance as of the last day of each month in which the deferred portion of the
Base Salary would have been paid if not deferred. The percentage of a
Participant's Bonus deferred pursuant to Section 3.2 shall be credited to the
Participant's Account Balance as of the last day of each month in which the
deferred portion of the Bonus would have been paid if not deferred.

       

      3.4 Interest
Crediting. Interest shall be credited on a daily, weekly or monthly
basis, as determined by the Committee from time to time, and shall be compounded
daily, weekly or monthly, as determined by the Committee from time to time, on
all Deferral Amounts credited to a Participant’s Account Balance. Interest shall
be credited only with respect to amounts in the Account Balance at the time such
interest is credited, and no interest shall be credited with respect to any
portion of an Account Balance withdrawn or distributed from an Account Balance
at the time such interest is credited. The rate of interest shall be the
applicable Crediting Rate.

       

      3.5 Payroll
Taxes. The Corporation shall ratably withhold from that portion of the
Participant's Base Salary or Bonus that is not being deferred, any Payroll Taxes
imposed on the Participant with respect to any Deferral Amount, Additional
Deferred Compensation or Supplemental Deferred Compensation. If necessary, the
Committee shall reduce the Deferral Amount in any Plan Year to pay the Federal
Insurance Contributions Act (“FICA”) tax imposed under Section 3101, Section
3121(a), and Section 3121(v)(2) on compensation deferred under the plan and any
income tax withholding related to such FICA amount.

       

      3.6 Suspension
of Election upon Unforeseeable Emergency. If a Participant believes he
has experienced an Unforeseeable Emergency, the Participant may request the
Committee to cancel (but not postpone or delay) the Participant's Deferral
Election for the remainder of the Plan Year in which the Unforeseeable Emergency
occurs.  The Committee shall grant the request only if the Committee
determines that the Participant has experienced an Unforeseeable
Emergency.

       

      3.7 Suspension
of Election Upon Disability. In the event of the Disability of a
Participant, the Committee shall automatically cancel the Participant’s Deferral
Election for the remainder of the Plan Year in which the Disability occurs
effective upon the determination of Disability.

       

      
        
          
          

        

        
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      Section
4

      Distributions Upon
Retirement

       

      4.1 Form of
Payment. The Account Balance of a Participant who Retires shall be
distributed in a lump sum or in monthly installments over a period of 5, 10 or
15 years, as the Participant shall have elected pursuant to Section 4.2;
provided, however, that for purposes of the plan established by Section 6A, the
Participant may elect only between receiving distributions in monthly
installments over a period of 10 years or 15 years.  Any payment
required to be made under this Plan may be made by the Company at any time
within sixty (60) days of the payment date specified herein.

       

      4.2 Initial
Payment Election. Each Participant, in connection with his commencement
of participation in the Plan, must elect the manner in which he wishes to have
his Account Balance distributed upon Retirement. As part of this election, the
Participant shall indicate whether he wishes the lump sum payment to be made or
the installment payments to commence (i) on the first business day of the sixth
month following the date the Participant Retires, or (ii) on the later of (A)
the first business day of the sixth month following the date the Participant
Retires or (B) on the second business day of the January next following the date
the Participant Retires.  The election shall be made on the form
prescribed by the Committee. A Participant must make a separate election with
respect to the payment of supplemental deferred compensation pursuant to Section
6A.

       

      4.3 Subsequent
Payment Election.  A Participant may change his or her election
to an allowable alternative method of payment any time or any number of times
for the purpose of further deferring or lengthening the period of distribution
under this Section 4 provided the following requirements are met:

       

      (a) the
election will not take effect until at least twelve months after the date on
which the election is made and will not be recognized with respect to payments
that would otherwise have commenced during such twelve-month period;
and

       

      (b) except
for payments made pursuant to Section 5.2 or Section 5.4, the first payment with
respect to which such election is made shall be deferred for a period of not
less than five years from the date such payment would otherwise have been
made.

       

      For
purposes of this Section 4.3 and Treasury Regulation Section
1.409A-2(b)(3)(iii), installment payments shall be treated as a series of
separate payments.  Any election made under this Section 4.3 shall be
irrevocable; provided, however, that it may subsequently be changed by again
complying with the requirements of this Section 4.3.

       

      4.4 Calculation
of Monthly Distributions. If a Participant elects to receive
distributions in the form of monthly installments, the distribution shall be
made in the form of equal monthly installments adjusted on an annual basis at
the beginning of each Plan Year to provide for annual amortization of the
remaining Account Balance over the remaining payment period with interest at the
Crediting Rate determined in accordance with Section 11.12 hereof for the Plan
Year. Each monthly installment shall be one-twelfth of the annual
payment.

       

      
        
          
          

        

        
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      Section
5          

      Distributions Other than
Upon Retirement

       

      5.1 Distributions
After Lapse of Years.  In connection with each Deferral
Election, a Participant may also elect to receive a distribution of that portion
of his Account Balance equal to the Deferral Amount for that Plan Year plus any
interest credited thereon after the lapse of three or more Plan Years as
specified in the Election Form.  Any distribution under Section 5.1
shall be made in a lump sum no later than thirty (30) days after the lapse of
the number of Plan Years specified in the Election Form [(or, if earlier, at the
time provided in Section 4.2, 5.2 or 5.3 of the Plan, as applicable];1 provided, however, that no interest shall be
credited on the Account Balance for any period after the last day of the last
Plan Year in the lapse period.  [A Participant who has made a “lapse
of years” election pursuant to this Section 5.1 may change his election to an
election to have his Account Balance distributed upon Retirement under Section
4, in a lump sum or in installments as permitted thereunder. As part of such
election, the Participant shall indicate whether he wishes the lump sum payment
to be made or the installment payments to commence (i) on the first business day
of the sixth month following the date the Participant Retires, or (ii) on the
later of (A) the first business day of the sixth month following the date the
Participant Retires or (B) on the second business day of the January next
following the date the Participant Retires. Any change in payment election under
this Section 5.1 shall be made on the form prescribed by the Committee not less
than twelve months prior to the date on which such payments would otherwise have
commenced and shall also comply with the subsequent payment election rules under
Section 4.3.]

       

      5.2 Distributions
Upon Disability or Death of Participant. Upon the Disability or death of
a Participant, including a Participant who has commenced receiving distributions
of his Account Balance, the Participant’s entire Account Balance shall be
distributed to the Participant or, in the case of a deceased Participant, to the
Participant’s Beneficiary, in a lump sum. The lump sum distribution shall be
paid on the first day of the third month following the determination of the
Participant’s Disability or death, as applicable.

       

      5.3           Distributions
Upon Termination of Service. In the case of a Participant who has
experienced a Termination of Service not occasioned by Retirement, Disability or
death, the entire Account Balance of the Participant shall be distributed to the
Participant on the later of (A) the first business day of the sixth month
following the date on which the Termination of Service occurs or (B) on the
second business day of the January next following the date on which the
Termination of Service occurs.  Notwithstanding the foregoing, for
purposes of the plan established by Section 6A, the Account Balance of a
Participant who has experienced a Termination of Service not occasioned by
Retirement, Disability or death, shall be distributed in monthly installments
over a period of 10 years or 15 years (as elected by the Participant) commencing
on the later of (A) the first business day of the sixth month following the date
on which the Termination of Service occurs or (B) on the second business day of
the January next following the date on which the Termination of Service
occurs.

       

       

         

      

      
        
          
          

        

        
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      5.4           In-Service
Distributions Upon Unforeseeable Emergency.  At any time prior
to the time an amount is otherwise payable hereunder, a Participant may request
a cash distribution of all or a portion of his or her Account Balance on account
of the Participant’s Unforeseeable Emergency, subject to the following
requirements:

       

      (a) A
distribution may only be made under this Section 5.4 if the Committee or its
delegate determines in its sole discretion that the Participant has incurred an
Unforeseeable Emergency consistent with the requirements of Section
409A.

       

      (b) The
circumstances that will constitute an Unforeseeable Emergency will depend upon
the facts of each case and be based on the information supplied by the
Participant, in writing, pursuant to procedures prescribed by the Committee or
its delegate.

       

      (c) Distributions
made on account of an Unforeseeable Emergency shall in all events be limited to
the extent reasonably needed to satisfy the emergency need.

       

      (d) Payment
under this Section 5.4 may not be made to the extent that such hardship is or
may be relieved:

       

      (i) through
reimbursement or compensation by insurance or otherwise,

       

      (ii) by
liquidation of the Participant’s assets, to the extent the liquidation of such
assets would not itself cause severe financial hardship, or

       

      (iii) by
cessation of deferrals under the Plan.

       

      In
addition to the foregoing, distributions under this Section 5.4 shall not be
allowed for purposes of sending a child to college or the Participant’s desire
to purchase a home or other residence.

       

      (e) All
distributions under this Section shall be made in cash as soon as practicable
after the Committee or its delegate has approved the distribution and determined
that the requirements of this Section 5.4 have been met.

       

      
        
          
          

        

        
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      Section
6

      Additional Deferred
Compensation

       

      6.1 Additional
Deferred Compensation. The Corporation shall pay Additional Deferred
Compensation to each Participant in an amount equal to 25% of the Participant's
Deferral Amount for such Plan Year, provided, however,
that the Additional Deferred Compensation payable to a Participant for any Plan
Year shall not exceed an amount equal to 2.5% of the Participant's Base Salary
and Bonus (or such lower percentage as the Corporation shall determine) reduced
by an amount equal to the maximum matching contribution allowed for the
Participant's benefit under the Thrift Plan determined on the assumption that
the Participant makes or has made the maximum elective contribution that he is
allowed to make under Section 402(g) of the Code and the terms of the Thrift
Plan as in effect at the beginning of such Plan Year.  Any Additional
Deferred Compensation shall be credited to the Account Balance of the
Participant and shall be treated as a Deferral Amount with respect to the Plan
Year to which it relates, and, as such, shall be governed by the Deferral
Election in effect for that Plan Year. The Additional Deferred Compensation
shall be calculated within ninety (90) days after the close of the Plan Year and
shall be credited to the Participant’s Account Balance as of January 1 of the
succeeding Plan Year to each such Participant employed on said date. Interest
shall be credited on said amount thereafter in accordance with Section
3.4.

       

      6.2 Other
Benefits. This Plan shall supplement and shall not supersede, modify or
amend any other plan or program maintained by the Corporation except as may
otherwise be expressly provided.

       

      Section
6A

      Supplemental Deferred
Compensation

       

      6A.1                      Supplemental
Deferred Compensation. The Corporation shall pay Supplemental Deferred
Compensation to each Participant who is not also a participant in the SERP. The
amount of the Supplemental Deferred Compensation shall be ten percent (10%) of
the amount by which the Participant’s “W-2 Earnings” (as defined in the Pension
Plan) for the most recently concluded fiscal year of the Pension Plan exceed the
“Compensation Limit” set forth in Section 401(a)(17) of the Code, as in effect
for such year.  The Supplemental Deferred Compensation shall be
calculated within ninety (90) days after the close of the Plan Year and shall be
credited to the Participant’s Account Balance as of January 1 of the succeeding
Plan Year to each such Participant employed on said date. Interest shall be
credited on said amount thereafter in accordance with Section 3.4.

       

      6A.2                      Separate
Treatment. This Section 6A establishes a separate and distinct plan for
the payment of nonqualified deferred compensation, which Plan shall be governed
by and administered in accordance with the provisions of this Section and
Sections 2.1, 3.4, 3.5, 4.1, 4.2, 4.3, 4.4. 5.2, 5.3, 8, 9, 10, 11, 12 and 13
hereof. By way of example, and not by way of limitation: Supplemental Deferred
Compensation and the interest credited on such Compensation shall be credited to
a separate account; a Participant shall be entitled to make a separate election
as to the distribution of his Account Balance attributable to Supplemental
Deferred Compensation.  A Participant in this Supplemental Plan will
not be entitled to receive a distribution of his Account Balance attributable to
this Plan until the time provided for in Section 4.1, 5.2 or 5.3.  A
Participant who is otherwise eligible to receive Supplemental Deferred
Compensation hereunder shall be entitled to continue to receive such
compensation even though the Participant does not elect to make deferrals in
accordance with Section 3 hereof.

       

      
        
          
          

        

        
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      Section
7

      Cash Out of Account Balances
under the Plan

      

      Notwithstanding
any election by a Participant under the Plan to receive distributions in monthly
installments, if the entire Account Balance of a Participant under the Plan
(including any Account Balance established under Section 6A of the Plan) is
equal to or less than $50,000 at the time of the Participant’s Termination of
Service, the entire Account Balance of such Participant shall be distributed in
a single lump sum to such Participant on the first business day of the sixth
month following the date on which the Termination of Service
occurs.

       

      Section
8

      Beneficiary
Designation

       

      8.1 Beneficiary.
Each Participant shall have the right, at any time, to designate a Beneficiary
(both primary as well as contingent) to receive any distributions of the
Participant's Account Balance upon the death of the Participant.

       

      8.2 Beneficiary
Designation. A Participant shall designate his Beneficiary by completing
the Beneficiary Designation Form, and returning it to the Committee. A
Participant shall have the right to change his Beneficiary Designation by
completing and otherwise complying with the terms of the Beneficiary Designation
Form and the Committee's rules and procedures. Upon the acceptance by the
Committee of a new Beneficiary Designation Form, all prior Beneficiary
designations shall be cancelled. No designation or change in designation of a
Beneficiary shall be effective until received and accepted by the Committee. The
Committee shall be entitled to rely on the last Beneficiary Designation Form
filed by the Participant and accepted by the Committee prior to his death except
to the extent superseded by any applicable law or court order.  For
purposes of the Plan, an electronic transmission shall constitute a
writing.

       

      8.3 Failure
to Designate Beneficiary. If a Participant fails to designate a
Beneficiary as provided above or, if all designated Beneficiaries predecease the
Participant or die prior to complete distribution of the Participant’s Account
Balance, then the Participant’s designated Beneficiary shall be deemed to be his
surviving spouse. If the Participant has no surviving spouse, the Participant’s
Account Balance shall be distributed to the executor or personal representative
of the Participant's estate.

       

      8.4 Doubt as
to Beneficiary. If reasonable doubt exists as to who is the Beneficiary
(or Beneficiaries) to receive payments pursuant to this Plan, the Committee
shall have the right to pay the Account Balance into escrow or to file an
interpleader action to determine who should receive payment of the Account
Balance.

       

      
        
          
          

        

        
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      Section
9

      Termination or
Amendment

       

      9.1 Termination.
The Board reserves the right, at any time, to terminate the Plan as to any
future deferrals or to terminate the Plan in its entirety.  In the
event that the Plan is terminated, (a) all Account Balances shall be distributed
in the manner and at the time prescribed in Sections 4 and 5 above, (b) Kaman
Corporation shall establish the trust referred to in Section 13.1 and (c) such
trust such be funded in an amount not less than the aggregate Account Balances
of all Participants on the date of the plan termination. To the extent
applicable, such distribution may be made pursuant to a termination and
liquidation of the Plan in accordance with the appropriate provisions of
Treasury Regulation Section 1.409A-3(j)(4)(ix).

       

      9.2 Amendment.
The Board may amend the Plan at any time, in whole or in part; provided,
however, that no amendment shall be effective to (i) reduce a Participant’s
Account Balance in existence on the effective date of the amendment or the
Corporation's obligation to fund or distribute such Account Balance in the event
of a termination of the Plan, or (ii) reduce the Crediting Rate on any Account
Balance existing on the effective date of the amendment. A change in the time
for determining the Crediting Rate shall not be considered to be a reduction in
the Crediting Rate. In the event of a Change in Control, the additional
restrictions on amendment set forth in Section 13.2 shall also apply. The Board
may delegate the authority to amend the Plan to a committee of the Board or to
the Committee.

       

      Section
10

      Administration

       

      10.1 Committee
Duties. This Plan shall be administered by the Committee, which shall
have the discretion and authority to make, amend, interpret, and enforce all
appropriate rules and regulations for the administration of this Plan and decide
or resolve any and all questions including interpretations of this Plan, as may
arise in connection with the Plan. Members of the Committee may be Participants
under this Plan, provided, however, that no Committee member shall participate
in any decision in which he has an interest other than an interest as a
participant in the Plan generally. The decision or action of the Committee with
respect to any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations
promulgated hereunder shall be final, conclusive and binding upon all persons
having any interest in the Plan.

       

      10.2 Agents.
The Committee may, from time to time, (i) employ agents and delegate to them
such administrative duties as it sees fit and (ii) consult with counsel who may
be counsel to the Corporation.  Where appropriate, references in the
Plan to the Committee include references to the Committee’s agents and
designees.

       

      
        
          
          

        

        
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      10.3 Indemnity
of Committee. The Corporation shall indemnify and hold harmless the
members of the Committee, or any of its agents, against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to
act with respect to this Plan, except in the case of willful
misconduct.

       

      10.4 Information
Requirement. The Corporation shall supply full and timely information to
the Committee on all matters relating to the compensation of its Participants,
the date and circumstances of the Retirement, Disability, death or Termination
of Service of any Participant, and such other pertinent information as the
Committee may reasonably require in order to enable the Committee to perform its
functions.

       

      10.5 Claims
Procedures. A Participant shall only be entitled to make a claim for
benefits under the Plan in accordance with the procedures set forth in Appendix
A to the Plan.  A determination or action of the Committee with
respect to the administration of the Plan shall be final, conclusive and binding
on all persons interested herein.

       

      Section
11

      Definitions

       

      For
purposes of this Plan, the following phrases or terms shall have the following
indicated meanings, unless the context requires otherwise:

       

      11.1 “Account
Balance” means, as to each Participant, the sum of (i) all amounts of Base
Salary and/or Bonus deferred by the Participant pursuant to this Plan plus (ii)
any additional deferred compensation payable pursuant to Section 6.1, plus (iii)
all interest credited thereon in accordance with the applicable interest
crediting provisions of the Plan, less (iv) any distributions to the Participant
or his Beneficiary. For purposes of the Plan established by Section 6A, “Account
Balance” means the sum of (i) all amounts of Supplemental Deferred Compensation,
plus (ii) all interest credited thereon in accordance with the applicable
interest crediting provisions of the Plan, less (iii) any distributions to the
Participant or his Beneficiary. These accounts shall be bookkeeping entries only
and shall be utilized solely as a device for the measurement and determination
of the amounts to be paid to Participant-pursuant to this Plan.

       

      11.2 “Additional
Deferred Compensation” means the deferred compensation payable to a Participant
pursuant to Section 6.1.

       

      11.3 “Base
Salary” means a Participant's salary from the Corporation, inclusive of any
elective deferrals made under this Plan or any other plan of the
Corporation.

       

      11.4 “Beneficiary”
means one or more persons, trusts, estates or other entities, designated in
accordance with Section 8, that are entitled to receive payments under this Plan
after the death of a Participant.

       

      11.5 “Beneficial
Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange
Act.

       

      
        
          
          

        

        
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      11.6 “Beneficiary
Designation Form” means the form established from time to time by the Committee
that a Participant completes, signs and returns to the Committee to designate
one or more Beneficiaries.

       

      11.7 “Board”
means the Board of Directors of Kaman Corporation.

       

      11.8 “Bonus”
means the cash incentive compensation that may be awarded to a Participant under
the Kaman Corporation Cash Bonus Plan or any successor plan, inclusive of any
elective deferrals made under this Plan or any other plan of the
Corporation.

       

      11.9 “Code”
means the Internal Revenue Code of 1986, as amended from time to
time.

       

      11.10 “Committee”
means a committee of persons appointed by the Board or the Personnel and
Compensation Committee of the Board to administer the Plan from time to time,
which Committee shall initially consist of the Chief Executive Officer, Chief
Financial Officer, and Vice President - Human Resources of the
Corporation.

       

      11.11 “Corporation”
means Kaman Corporation, a Connecticut corporation, and, where the context
requires, each of its Subsidiaries or the particular corporation that employs
the Participant.

       

      11.12 “Crediting
Rate” means, for each Plan Year, that rate of interest equal to 120% of the
applicable federal long-term rate compounded monthly (as prescribed under
Section 1274(d) of the Code) in effect for the month of October prior to the
beginning of the applicable Plan Year.

       

      11.13 “Deferral
Amount” means that portion of a Participant's Base Salary and/or Bonus that the
Participant elects to defer in accordance with Section 3.

       

      11.14 “Deferral
Election” means a Participant’s election to defer a portion of his Base Salary
and/or Bonus as provided in Section 3 for a particular Plan Year.

       

      11.15 “Disability”
means a condition: (a) which causes a Participant to be unable to engage in any
substantial gainful activity by reason of any medically determinable physical or
mental impairment that can be expected to result in death or which can be
expected to last for a continuous period of not less than twelve months; or (b)
which results in a Participant receiving, by reason of any medically
determinable physical or mental impairment that can be expected to result in
death or which can be expected to last for a continuous period of not less than
twelve months, income replacement benefits for a period of not less than three
months under an accident and health plan covering employees of the
Corporation.  Disability shall be deemed to exist only when a written
application has been filed with the Committee by or on behalf of the Participant
and, with respect to a condition described in subsection (a) above, when such
Disability is certified to the Committee by a licensed physician approved by the
Committee.  The existence of a Disability shall be determined in
accordance with the requirements of Section 409A.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      11.16 “Effective
Date” means January 1, 2005.

       

      11.17 “Election
Form” means the form prescribed from time to time by the Committee that a
Participant must use to make a Deferral Election under the Plan.

       

      11.18 “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

       

      11.19 “Merger”
means a merger, share exchange, consolidation or similar business combination
under applicable law.

       

      11.20 “Participant”
means any employee of the Corporation (i) who is selected to participate in the
Plan by the Board in accordance with Section 2.1, (ii) who elects to participate
in the Plan, (iii) who signs a Plan Agreement, an Election Form, and a
Beneficiary Designation Form, (iv) whose signed Plan Agreement, Election Form
and Beneficiary Designation Form are accepted by the Committee, (v) who
satisfies any other enrollment requirements that may be established by the
Committee, (vi) who commences participation in the Plan, and (vii) whose Plan
Agreement has not terminated. “Participant,” with respect to the Supplemental
Plan established by Section 6A, means any employee of the Corporation who is
selected to participate in the Supplemental Plan by the Board in accordance with
Section 2.1 and who satisfies any other enrollment requirements that may be
established by the Committee; provided, however, that the term shall not include
any person who is entitled by contract to receive a payment in lieu of the
supplemental deferred compensation provided for in Section 6A, including, but
not limited to, retirement benefits in addition to those provided under the
Pension Plan.  Nevertheless, “Participant” in the Supplemental Plan
established by Section 6A shall also include an employee who terminates
participation in the SERP without being eligible after such termination to again
participate in the SERP and who then participates in the Plan.  Where
the context requires, the term “Participant” shall also mean an employee or
former employee who previously participated on an active basis and who still has
a positive Account Balance.

       

      11.21 “Payroll
Taxes” means any tax imposed on compensation paid to a Participant that an
employer is required to collect from the Participant including, but not limited
to, any employee contributions for old age, survivors and disability insurance
or hospital insurance.

       

      11.22 “Pension
Plan” means the Kaman Corporation Employees Pension Plan, as amended from time
to time.

       

      11.23 “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified
and used in Sections 13(d) and 14(d) thereof, except that such term shall not
include (i) Kaman Corporation or any of its direct or indirect Subsidiaries,
(ii) a trustee or other fiduciary holding securities under an employee benefit
plan of Kaman Corporation or its Subsidiaries, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, or (iv) a
corporation owned, directly or indirectly, by the stockholders of Kaman
Corporation in substantially the same proportions and with substantially the
same voting rights as their ownership and voting rights with respect to Kaman
Corporation.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      11.24 “Plan”
means the Kaman Corporation Post-2004 Deferred Compensation Plan.

       

      11.25 “Plan
Agreement” means the written agreement, as it may be amended from time to time,
that is entered into by and between the Corporation and a Participant. Each Plan
Agreement executed by a Participant shall provide for the entire benefit to
which such Participant is entitled to under the Plan, and the Plan Agreement
bearing the latest date of acceptance by the Committee shall govern such
entitlement.

       

      11.26 “Plan
Year” means the calendar year.

       

      11.27 “Prior
Plan” means the Kaman Corporation Deferred Compensation Plan, as amended on
November 12, 2002.

       

      11.28 “Retirement”,
“Retires” or “Retired” means a Participant’s Termination of Service on or after
attaining age 55.

       

      11.29 “SERP”
means the Kaman Corporation Post-2004 Supplemental Employees' Retirement Plan,
as amended.

       

      11.30 “Subsidiary”
shall mean any corporation within the meaning of Section 424(f) of the
Code.

       

      11.31 “Supplemental
Deferred Compensation” means the deferred compensation payable to a Participant
pursuant to Section 6A.1.

       

      11.32 “Termination
of Service” means the termination of the Participant’s employment with the
Corporation.  For avoidance of doubt, “Corporation” for purposes of
this definition means Kaman Corporation and each of its
Subsidiaries.  Whether a Separation from Service takes place is
determined in accordance with the requirements of Section 409A based on the
facts and circumstances surrounding the termination of the Participant’s
employment and whether the Corporation and the Participant intended for the
Participant to provide significant services for the Corporation following such
termination. A Separation from Service will not have occurred if the Participant
continues to provide services as an employee of the Corporation at an annual
rate that is fifty percent or more of the services rendered, on average, during
the immediately preceding three full calendar years of employment (or, if
employed less than three years, such lesser period) and the annual remuneration
for such services is twenty percent or more of the average annual remuneration
earned during the final three full calendar years of employment (or, if less,
such lesser period).

       

      The
Participant’s employment relationship will be treated as continuing intact while
the Participant is on military leave, sick leave, or other bona fide leave of
absence if the period of such leave of absence does not exceed six months, or if
longer, so long as the Participant’s right to reemployment with the Corporation
is provided either by statute or by contract. If the period of leave exceeds six
months and there is no right to reemployment, a Termination of Service will be
deemed to have occurred as of the first date immediately following such six
month period.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      11.33 “Thrift
Plan” means the Kaman Corporation Thrift and Retirement Plan.

       

      11.34 “Unforeseeable
Emergency” means an unanticipated emergency that is caused by an event beyond
the control of the Participant and that would result in severe financial
hardship to the Participant resulting from a sudden and unexpected illness or
accident of the Participant or of a Participant’s dependent (as defined in
Section 152 of the Code without regard to Section 152(b)(1), (b)(2), and
(d)(1)(B) of the Code), loss of the Participant’s property due to casualty, or
other similar extraordinary and unforeseeable circumstances arising as a result
of events beyond the Participant’s control.

       

      Section
12

       

      Miscellaneous

       

      12.1 Unsecured
General Creditor. Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interest or claims in any
property or assets of the Corporation. Any and all of the Corporation’s assets
shall be, and remain, the general, unpledged, unrestricted assets of the
Corporation. The Corporation’s obligation under the Plan shall be merely that of
an unfunded and unsecured promise to pay money in the future. The Corporation
intends to establish a trust for the purposes of providing Participants with
assurance that the Corporation's obligations under this Plan will be honored.
Under the terms of the trust, however, any assets placed in trust shall continue
to be available to the creditors of the Corporation in the event of the
Corporation's bankruptcy or insolvency, and, accordingly, the rights of
Participants, and their Beneficiaries, heirs, successors and any other person
claiming by or through them, shall be and remain those of an unsecured general
creditor notwithstanding the establishment of such a trust. It is the intention
of the Corporation that the Plan be unfunded for tax purposes and for purposes
of Title I of the Employee Retirement Income Security Act of 1974, as amended
(”ERISA”).

       

      12.2 Corporation’s
Liability. The Corporation shall have no obligation to a Participant or
his Beneficiary under the Plan except as expressly provided in the Plan and the
Participant’s Plan Agreement.

       

      12.3 Nonassignability.
A Participant’s rights, and the rights of any Beneficiary or other person
hereunder, to benefit payments under the Plan are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors of the Participant, the Participant's
Beneficiary, or any such other person. Accordingly, neither a Participant nor
any other person shall have any right to commute, sell, assign, transfer,
pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or
convey in advance of actual receipt, the amounts, if any, payable hereunder, or
any part thereof, which are, and all rights to which are expressly declared to
be unassignable and non-transferable. No part of the amounts payable shall,
prior to actual payment, be subject to seizure or sequestration for the payment
of any debts, judgments, alimony or separate maintenance owed by a Participant
or any other person, nor be transferable by operation of law in the event of a
Participant's or any other person's bankruptcy or insolvency.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      12.4 Not a
Contract of Employment. The terms and conditions of this Plan shall not
be deemed to constitute a contract of employment between the Corporation and the
Participant. Such employment is hereby acknowledged to be an “at will”
employment relationship that can be terminated at any time unless expressly
provided in a written employment agreement. Nothing in this Plan shall be deemed
to give a Participant the right to be retained in the service of the
Corporation, or to interfere with the right of the Corporation to discipline or
discharge the Participant at any time.

       

      12.5 Furnishing
Information. As a condition to participation, each
Participant  agrees to cooperate with the Committee by furnishing any
and all information requested by the Committee and take such other actions as
may be requested in order to facilitate the administration of the Plan,
including but not limited to taking such physical examinations as the Committee
may deem necessary.

       

      12.6 Terms.
Whenever any words are used herein in the singular or in the plural, they shall
be construed as though they were used in the plural or the singular, as the case
may be, in all cases where they would so apply. Any reference to the masculine
gender shall be deemed to include the feminine gender as well.

       

      12.7 Captions.
The captions in the articles, sections and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of
any of its provisions.

       

      12.8 Governing
Law. The provisions of this Plan shall be construed and interpreted
according to the laws of the State of Connecticut.

       

      12.9 Notice.
Any notice or filing required or permitted to be given to a Participant under
this plan shall be sufficient if in writing and hand delivered or sent by mail
to the last known address of the Participant. Any notice or filing required or
permitted to be given to the Committee under this Plan shall be sufficient if in
writing and hand delivered, or sent by registered or certified mail,
to:

       

      Kaman
Corporation

      P.O. Box
1

      Bloomfield,
CT 06002

       

      Attention:
Deferred Compensation Plan Committee

       

      Such
notice shall be deemed given as of the date of hand delivery or, if delivery is
made by mail, as of the date shown on the postmark on the receipt for
registration or certification.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      12.10 Successors.
The provisions of this Plan shall bind and inure to the benefit of the
Corporation and its successors and assigns and the Participant, the
Participant's Beneficiaries, and their permitted successors and
assigns.

       

      12.11 Validity.
In case any provision of this Plan shall be illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts hereof, but
this Plan shall be construed and enforced as if such illegal or invalid
provision had never been inserted herein.

       

      12.12 Incompetency.
If a distribution under this Plan is payable (i) to a minor, or (ii) to a person
the Committee determines in its discretion to be incompetent or incapable of
handling the disposition of that person’s property, the Committee may direct
payment of such benefit to the guardian, legal representative or person having
the care and custody of such minor, incompetent or incapable
person.

       

      12.13 Distribution
in the Event of Taxation. If, for any reason, all or any portion of a
Participant’s benefit under this Plan becomes taxable to the Participant prior
to receipt due to noncompliance with Section 409A, a Participant may request
that the Committee distribute a portion of the Participant's Account Balance not
exceed the amount required to be included in income as a result of the failure
to comply with the requirements of Section 409A.

       

      12.14 Effect of
Payment. The full payment of a Participant’s Account Balance to the
person the Committee determines is the proper person to receive the distribution
shall completely discharge all obligations to the Participant under this Plan
and the Participant's Plan Agreement shall terminate.

       

      Section
13

      Change in
Control

       

      13.1 Contributions
to Rabbi Trust.  In the event of a Change in Control, as
defined herein, the Corporation shall have the obligation to make contributions
to the Kaman Corporation Deferred Compensation Plan Trust Agreement Number 2,
and shall make contributions to the Trust in cash, in an amount sufficient to
cause the Trust Fund to equal at least the amount of all benefits accrued under
the Plan for Participants and beneficiaries thereof as of the Change in Control.
Such contribution shall be made on or before the occurrence of such Change in
Control.  Thereafter, on at least an annual basis (the “valuation
date”), the Corporation shall have the obligation to make additional
contributions to the Kaman Corporation Deferred Compensation Plan Trust
Agreement Number 2, and shall make such additional contributions to the Trust in
cash, in an amount sufficient to cause the Trust Fund to equal at least the
amount of all benefits accrued under the Plan for Participants and beneficiaries
thereof as of such valuation date. Any such contribution shall be made within
ten (10) days of such valuation date. The first valuation date must be at or
within twelve (12) months of the date the Change in Control
occurred.

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      13.2 Restrictions
on Amendment. In the event of a Change in Control, as defined herein,
then in addition to any other protections provided in Section 9.2, the Plan may
not be amended in any way that would have an adverse effect upon the calculation
or payment of the benefits hereunder of any current Participant or any
Participant receiving distributions which have accrued as of the date of such
amendment.

       

      13.3 Change in
Control Defined.  For purposes of this Plan, “Change in
Control” shall mean the first to occur of the following events:2

       

      (a) any
Person is or becomes the Beneficial Owner directly or indirectly, of securities
of the Corporation representing thirty-five (35%) or more of the combined voting
power of the Corporation’s then outstanding voting securities generally entitled
to vote in the election of directors of the Corporation; provided, however, that
no Change in Control will be deemed to have occurred as a result of a change in
ownership percentage resulting solely from an acquisition of securities by the
Corporation or a transaction described in paragraph (i) of subsection (c)
below;

       

      (b) during
any period of two consecutive years, individuals who, as of the beginning of
such period, constitute the Board (the “Incumbent Board”) cease to constitute at
least a majority of the Board; provided, that any person becoming a director of
the Corporation subsequent to the beginning of such period whose election, or
nomination for election by the Corporation’s shareholders, was approved by a
vote of at least a majority of the directors then comprising the Incumbent Board
shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of either an actual or threatened
election contest, including but not limited to a consent solicitation, relating
to the election of directors of the Corporation and whose appointment or
election was not approved by at least a majority of the directors of the
Corporation in office immediately before any such contest;

       

      (c) there is
consummated a Merger of the Corporation with any other business entity, other
than (i) a Merger which would result in the securities of the Corporation
generally entitled to vote in the election of directors of the Corporation
outstanding immediately prior to such Merger continuing to represent (either by
remaining outstanding or by being converted into such securities of the
surviving entity or any parent thereof), in combination with the ownership of
any trustee or other fiduciary holding such securities under an employee benefit
plan of the Corporation or any Subsidiary, at least 50% of the combined voting
power of the voting securities of the Corporation or such surviving entity or
any parent thereof outstanding immediately after such Merger, generally entitled
to vote in the election of directors of the Corporation or such surviving entity
or any parent thereof and, in the case of such surviving entity or any parent
thereof, of a class registered under Section 12 of the Exchange Act, or (ii) a
Merger effected to implement a recapitalization of the Corporation (or similar
transaction) in which no Person is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Corporation representing 35% or more of the
combined voting power of the Corporation’s then outstanding voting securities
generally entitled to vote in the election of directors of the Corporation;
or

       

      
         

      

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      (d) the
stockholders of the Corporation approve a plan of complete liquidation or
dissolution of the Corporation or there is consummated the sale or disposition
by the Corporation of all or substantially all of the Corporation’s assets,
other than a sale or disposition by the Corporation of all or substantially all
of the Corporation’s assets to an entity where the outstanding securities
generally entitled to vote in the election of directors of the Corporation
immediately prior to the transaction continue to represent (either by remaining
outstanding or by being converted into such securities of the surviving entity
or any parent thereof) 50% or more of the combined voting power of the
outstanding voting securities of such entity generally entitled to vote in such
entity ’s election of directors immediately after such sale and of a class
registered under Section 12 of the Exchange Act.

       

      “Corporation”
for purposes of this Section 13.3 shall refer only to Kaman
Corporation.  Notwithstanding anything to the contrary in this Section
13.3, any event or transaction that is treated as a “management buyout” in any
agreement between Kaman Corporation and any of its executive officers shall not
be treated as a Change in Control under this Plan.

       

      IN
WITNESS WHEREOF, Kaman Corporation has caused the Kaman Corporation Post-2004
Deferred Compensation Plan to be executed on its behalf by its duly authorized
officer this 27th day of February, 2008.

       

      

        
          	
                  ATTEST:

                	 
      	 
      	
                  KAMAN
      CORPORATION

                	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                  /s/
      Candace A. Clark

                	 
      	
                  By:

                	
                  /s/ Robert M. Garneau

                	 
      
	
                  Candace
      A. Clark

                	 
      	 
      	
                  Robert
      M. Garneau

                	 
      
	
                  Senior
      Vice President, Chief Legal

                  Officer
      and Secretary

                	 
      	
                  Its:

                	
                  Executive
      Vice President

                   and
      Chief Financial Officer

                	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

        

      

      

        

      

        
         

      

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      APPENDIX
A

       

      CLAIMS
PROCEDURE

       

       

      1. Application for
Benefits. The Participant (or, in the case of the Participant’s death,
the Participant’s Beneficiary) shall apply in writing to the Committee for
benefits under the Plan.

       

      2. Review of Application for
Benefits. The Committee shall notify a Participant in writing, within 90
days of the receipt of a written application for benefits, of such Participant’s
eligibility or ineligibility for benefits under the Plan.

       

      3. Review of Denied
Claim. If the Committee determines that a Participant is not eligible for
any benefits or for full benefits, the notice described in paragraph 2 above
shall set forth the following:

       

      (a)           the
specific reasons for such denial;

       

      (b)           a
specific reference to the provisions of the Plan on which the denial is based; a
description of any additional information or material necessary for the claimant
to perfect a claim and a description of why it is needed; and

       

      (c)           an
explanation of the Plan’s claim review procedure and other appropriate
information as to the steps to be taken if the Participant or Beneficiary wishes
to have the claim reviewed.

       

      The
Participant shall have the right to review pertinent documents.

       

      If the
Committee determines that there are special circumstances requiring additional
time to make a decision, the Committee shall notify the Participant of the
special circumstances and the date by which a decision is expected to be made
and may extend the time for up to an additional 90 days.

       

      If a
Participant is determined by the Committee to be ineligible for benefits, or if
the Participant believes that he or she is entitled to greater or different
benefits, the Participant shall have the opportunity to have such claim reviewed
by the Committee by filing a petition for review with the Committee within 60
days after receipt of the notice issued by the Committee. Such petition shall
state the specific reasons the Participant believes he or she is entitled to
greater or different benefits. Within 60 days after receipt by the Committee of
such petition, the Committee shall afford the Participant an opportunity to
present his or her position to the Committee orally or in writing. The Committee
shall notify the Participant of its decision in writing within the 60-day
period, stating specifically the basis of its decision written in a manner
calculated to be understood by the Participant and the specific provisions of
the Plan on which the decision is based. If, because of the need for a hearing,
the 60-day period is not sufficient, such period may be extended for up to
another 60 days, but notice of this extension must be given to the Participant
within the first 60-day period.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      4.           Exhaustion/Limitation of
Actions. A claimant shall comply with the claims procedure set forth in
paragraph 3 above prior to filing any action in federal or state court with
respect to a claim. Any provision of the Plan to the contrary notwithstanding, a
claimant shall be barred from filing any action in federal or state court with
respect to a claim if such action is not filed within one year from the date the
Committee denies, or is deemed to deny, the claim on review in accordance with
paragraph 3 above.

       

      
        
           

        

        
          20srexecpensionamend.htm

    Exhibit
10(b)

    

     

    
      	
               
      

            	 

    

    BENEFIT
PLAN REVIEW COMMITTEE OF OLIN CORPORATION

     

     

    AMENDMENT
TO THE

    OLIN
SENIOR EXECUTIVE PENSION PLAN

    (As
amended and restated effective July 27, 2000)

     

    

    Olin
Corporation (the “Company”) currently maintains the Olin Senior Executive
Pension Plan (the “Plan”).  In Section 7.1 of the Plan, the Company
reserved the right to amend the Plan.  Pursuant to the authority of
the Benefit Plan Review Committee of Olin Corporation (“the Committee”), the
Committee consents to the amendment of the Plan in the following
manner:

     

    
      	
              1.

            	
              Section
      3.2(a) of the Plan is amended by revising the last sentence to read as
      follows:

            

    

    

    “In the
case of Participants who transfer directly to Arco Chemical Company
("Arco"), Primex (or who, in the case of Primex only, transfer directly to
Primex within five (5) years of the spin-off of Primex), or Global Brass
and Copper Acquisition Co. (“Global”), and in the case of Arch only, who
transfer directly to Arch after the Arch Spin-off Date and on or before
February 8, 2000, (i) "actual retirement" shall be construed to
mean retirement or termination of service from Arco, Primex, Global or Arch
and their affiliates, as the case may be, and (ii) service with Primex,
Arco, Global or Arch (and their affiliates) shall be credited in enabling
the Participant to attain his early retirement age (but not in determining
Years of Benefit Service) under this Plan.”

    

    
      	
              2.

            	
              Section
      3.2(b) of the Plan is amended by revising the second sentence thereof to
      read as follows:

            

    

    

    “In the
case of Participants who transfer directly to Arco, Global or to Primex
within five (5) years of the spin-off of Primex, and in the case of Arch
only, who transfer directly to Arch after the Arch Spin-off Date and on or
before February 8, 2000, service with Arco, Global, Primex, and Arch,
respectively, shall be credited in determining whether the Participant has
reached age 55 under this paragraph (b).”

    

    
      	
              3.

            	
              Section
      3.3 of the Plan is amended by revising the first sentence thereof to read
      as follows:

            

    

    

    “Any
Participant who terminates active service with all Employing Companies
prior to having reached age fifty-five (55) may commence benefits under
this Plan only after having reached age sixty-five (65); provided however
that, in the case of Participants who transfer directly to Global, Primex,
Arco, or Arch within the timeframes specified above, service with those
respective companies and their affiliates shall be counted in enabling such
Participants to retire on or after attaining age fifty-five (55) and
actually retiring from Global, Primex, Arco, or Arch as the case may be, in
accordance with Section 3.2 above.”

    

    

    
      	
              4.

            	
              Section
      4.2(a) of the Plan is amended by revising the last two sentences thereof
      to read as follows:

            

    

    

    “In the
case of Participants who transfer directly to Global, Primex or Arco (or who, in
the case of Primex only, transfer directly to Primex within five (5) years of
the spin-off of Primex), and in the case of Arch only, who transfer directly to
Arch after the Arch Spin-off Date and on or before February 8, 2000, "actual
retirement" shall be construed to mean retirement or termination of service from
the transferee employer. Service with Global, Primex, Arco or Arch (and their
affiliates) shall be credited in enabling the Participant to attain his early
retirement age (but not in determining his Years of Benefit Service) under this
Plan.”

    

    
      	
              5.

            	
              Section
      4.2(b) of the Plan is amended by revising the first sentence thereof to
      read as follows:

            

    

    

    “In the
event that an actively employed Participant has elected to receive Accelerated
Benefits, regular monthly benefits shall commence to be paid upon such
Participant's actual retirement in accordance with Section 4.3 until such
Participant reaches his Accelerated Benefit Commencement Date, at which time
"Accelerated Benefits" shall be paid in a single lump sum;  provided,
however, that no monthly benefits shall be paid to Participants who transfer to
Global, Primex, Arco or Arch until they separate from service with Global,
Primex, Arco, or Arch, respectively.”

    

    
      	
              6.

            	
              Section
      4.3(b) of the Plan is amended by revising the second sentence thereof to
      read as follows:

            

    

    

    “In the
case of Participants who transfer directly to Global, Primex, Arco, or
Arch within the timeframes previously specified in this Plan, service with
those respective companies and their affiliates shall be counted in
enabling such Participants to retire on or after attaining age fifty-five
(55).”

    

    
      	
              7.

            	
              Section
      4.6(a) of the Plan is amended by revising the first sentence thereof to
      read as follows:

            

    

    

    “The
spin-off of the Olin Brass division, Chase Brass and Copper Company, Primex and
Arch from Olin shall not be deemed to be a change of control entitling any
Participant herein to benefits under this Plan.”

    

    [Remainder
of page intentionally left blank]

    

    

    

     

    APPROVED:
11/13/07

    

    /s/ S. C.
Curley

    S. C. Curley

    

    

    /s/ S. E.
Doughty

    S. E. Doughty

    

    

    /s/ D. R.
McGough

    D. R. McGough

    

    

    /s/ G. H.
Pain

    G. H. Pain

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