Document:

Executive Deferred Compensation Plan

 Exhibit 10.1 
 PRECISION CASTPARTS CORP. 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 2005 RESTATEMENT 
 January 1,
2005 
  

			
	 Precision Castparts Corp.,
 an Oregon
corporation
 4650 SW Macadam, Suite 440
 Portland,
OR 97239
	  	Company

 

 
 STANDARD INSURANCE CENTER 
 900 SW FIFTH AVENUE, SUITE 2600 
 PORTLAND, OREGON 97204-1268 
 phone (503) 224-3380 Fax (503) 220-2480 
 TDD (503) 221-1045 
 Internet: www.stoel.com 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	Plan Administration	  	1
			
	2.	  	Eligibility; Deferral Elections	  	1
			
	3.	  	Executive Deferred Compensation Accounts	  	3
			
	4.	  	Phantom Stock Fund	  	4
			
	5.	  	Time and Manner of Payment	  	6
			
	6.	  	Death	  	9
			
	7.	  	Termination; Amendment	  	10
			
	8.	  	Claims Procedure	  	10
			
	9.	  	General Provisions	  	11
			
	10.	  	Definition of Change in Control	  	12
			
	11.    	  	Effective Date	  	15
		
	Appendix A List of Performance Options	  	

  

 PRECISION CASTPARTS CORP 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 2005 RESTATEMENT 
 January 1, 2005 
  

			
	 Precision Castparts Corp.,
 an Oregon
corporation
 4650 SW Macadam, Suite 440
 Portland,
OR 97239
	  	Company

 Precision Castparts Corp. (the “Company”) adopted the Executive Deferred Compensation
Plan (the “plan”) to create a deferred compensation arrangement for a select group of management or highly compensated employees (“Executives”) whose deferred compensation under the Company’s other retirement plans may be
restricted by law or otherwise may not provide fully for their retirement benefit needs. In order to conform to new requirements for nonqualified deferred compensation established by Section 409A of the Internal Revenue Code, the Company adopts
this 2005 Restatement as an amendment to the plan on the terms set forth below. This 2005 Restatement provides for maintenance of separate Subaccounts for Participants with deferred amounts earned and vested as of December 31, 2004, to which
the requirements of Section 409A do not apply. 
  

	 	1.	Plan Administration 

 1.1 The plan shall
apply to the Company and to any Affiliate that employs an eligible employee. “Affiliate” means a corporation or other entity that is more than 50% owned by the Company. 
 1.2 The Chief Executive Officer (the “CEO”) of the Company shall appoint one or more employees of the Company as Administrator of the
plan. The Administrator shall interpret and administer the plan and for that purpose may make, amend or revoke rules and regulations at any time. The Administrator shall have absolute discretion to carry out responsibilities established under this
plan. 
  

	 	2.	Eligibility; Deferral Elections 

 2.1 The
following employees of the Company or an Affiliate will be eligible to participate in the plan, subject to Section 2.2: 
 (a) Executives covered under the Company’s Supplemental Executive Retirement Program. 
 (b) Any additional
Executives designated by the CEO. 

 2.2 Executives may be removed from eligibility prospectively by the CEO. 
 2.3 An eligible Executive may elect as provided below to defer a whole number percentage of the Executive’s salary or bonuses or both
(“Compensation”). The maximum deferral percentage is 100% for salary and 100% for bonuses. The CEO may change the maximum deferral percentage on or before December 31 to be effective for succeeding calendar years. An eligible
Executive may elect to defer a stated dollar amount of bonus, which shall apply if the actual bonus is larger than the stated dollar amount. If the actual bonus is smaller than the stated dollar amount, 100% of the bonus shall be deferred. An
election shall be in writing on a form prescribed by the Administrator. 
 2.4 An election to defer Compensation shall be effective as
follows: 
 (a) Except as provided in (b), (c), and (d), a deferral election received by the Administrator on or before
December 31 of any year shall be effective for Compensation earned in the succeeding calendar year. A new deferral election must be made for each calendar year. 
 (b) An election to defer a bonus earned in a period of 12 months or more shall be effective if received by the Administrator no later
than six months before the end of such period. 
 (c) In the first year in which an Executive becomes eligible to participate
in the Plan, the newly eligible Executive may make an election to defer salary for services to be performed subsequent to the election within 30 days after the date the Executive first becomes eligible. The election shall be effective for
salary earned beginning with the next calendar month beginning after the election is received by the Administrator. 
 (d) If
the Executive becomes eligible to participate in the Plan during a calendar year and will earn a bonus over a period of less than 12 months that falls partially or entirely in that calendar year, the Executive may elect to defer up to a
percentage of the total bonus earned in such period by submitting the election to the Administrator within 30 days after the eligibility date. The maximum percentage of the bonus shall be determined by dividing the number of months remaining in such
period as of the end of the month in which the election is submitted by the total number of months over which the bonus is earned. 
 (e) A deferral election shall become irrevocable after the date it is due under (a) through (d). 
 2.5 The Company may
reduce the amount of deferred Compensation by any FICA or other tax withholding to which the deferred amount is subject or may take the withholding from the Executive’s non-deferred Compensation. 
  

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	 	3.	Executive Deferred Compensation Accounts 

 3.1 The Company shall deduct from an Executive’s Compensation as applicable and credit to an Executive Deferred Compensation Account (the “Account”) each Compensation amount deferred under this plan. The Account shall
be credited as of the day the Compensation would otherwise have been paid to the Executive. Deferred amounts earned and vested as of December 31, 2004 shall be maintained as a separate Pre-2005 Subaccount within the Account and adjusted for
investment performance under 3.2 in order to measure the amounts not subject to the restrictions of Section 409A. The balance of the Account shall be a Post-2004 Subaccount. 
 3.2 Until full payment of an Account balance has been made to the Executive or beneficiaries entitled to the amount identified by the Account (the
“Participant”), the Company shall credit or debit the Account, as the case may be, for investment performance as follows: 
 (a) The investment result shall be determined by the Performance Option(s) selected by the Participant. A Participant may select more than one Performance Option in accordance with procedures designated by the Administrator. 
 (b) Participants may select Performance Options under Section 3.2(c), and, except for selections made with respect to the Phantom
Stock Fund, may change an existing selection, on any business day and in a manner prescribed by the Administrator, such change to be effective on the next business day. Except for selections made with respect to the Phantom Stock Fund, a change in a
Participant’s selection of one or more Performance Options shall apply only to the existing amounts in the Participant’s Account, only to future deferral amounts, or to both, as selected by the Participant. Changes by a Participant with
respect to the Phantom Stock Fund Performance Option (other than changes relating to the settlement of Phantom Stock Units, as defined below, in shares of Company Common Stock) shall be governed by Section 4.4. 
 (c) The Performance Options shall be as follows: 
 (i) The commercial prime lending rate of the Bank of America or its successor, plus 2 percentage points, as in effect from time to
time (“Prime Rate plus 2 percent”). 
 (ii) The Phantom Stock Fund (as described in Part 4). 
 (iii) Other Performance Options shall be those listed in Appendix A. The CEO shall have authority to add new Performance Options to the
list in Appendix A and to remove Performance Options from the list, subject to Section 7.2(b). 
  

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 (d) When the Prime Rate plus 2 percent Performance Option has been selected,
Accounts shall be revalued daily based on the current rate in effect. 
 (e) When the Phantom Stock Fund Performance Option
has been selected, Accounts shall be credited, debited and revalued as provided in Section 4.2 
 (f) When any of the
Performance Options listed in Appendix A has been selected, amounts deferred shall be credited as equivalent shares at the closing price on the day of the deferral. All equivalent shares shall be revalued up or down daily to the closing price.

 (g) Upon a change of selection from a Performance Option listed in Appendix A, the Account shall be credited or debited, as
the case may be, based on the value of the equivalent shares at the closing price on the business day preceding the day on which the change takes effect. 
 3.3 Each Participant’s Account shall be maintained on the books of the Company until full payment has been made to the Participant entitled to the amount identified by the Account. No assets shall be set
aside or earmarked to fund the Account, which shall be purely a bookkeeping device. 
  

	 	4.	Phantom Stock Fund 

 4.1 (a) “Phantom
Stock Fund” refers to a Performance Option tied to the performance of the Company’s Common Stock, as described more specifically in this Part 4. 
 (b) “Current Executive” refers to an Executive who is currently a Company employee, officer or director or has been a Company employee or officer or served on the Company’s Board in the previous six
months. “Former Executive” refers to an Executive who has not been a Company employee or officer or served on the Company’s Board in the previous six months. 
 (c) Provisions of this Part 4 contain special rules applicable to the Phantom Stock Fund. However, unless otherwise expressly provided,
the Phantom Stock Fund is subject to all of the plan provisions applicable to other Performance Options. 
 4.2 (a) (i) The part
of a Participant’s Account that is allocated to the Phantom Stock Fund, if any, shall be credited or debited, as the case may be, as if it were 100% invested in Common Stock of the Company. Each amount credited to the Phantom Stock Fund shall
be credited in units (“Phantom Stock Units”), which Phantom Stock Units shall be calculated by dividing the amount credited to the Phantom Stock Fund by the closing price of the Company’s Common Stock on the New York Stock Exchange on
the date of crediting. Fractional Phantom Stock Units shall be credited to three decimal points. 
  

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 (ii) Phantom Stock Units in a Participant’s Account shall be revalued up or down
daily to the closing price of the Company’s Common Stock on the New York Stock Exchange. 
 (iii) If a Former Executive
(or a beneficiary entitled to the amount identified by such Former Executive’s Account) changes a Performance Option selection such that existing amounts in the Former Executive’s Account are debited from the Phantom Stock Fund, the
Account shall be adjusted based on the value of Phantom Stock Units on the last business day prior to the date of debiting, as determined by the closing price of the Company’s Common Stock on the New York Stock Exchange on such date. Fractional
Phantom Stock Units shall be debited to three decimal points. 
 (b) To the extent cash dividends are paid on the
Company’s Common Stock, a Participant’s Account shall be credited with phantom dividends, which shall equal the per-share dividend paid on the Company’s Common Stock multiplied by the number of Phantom Stock Units in a
Participant’s Account on the record date for the dividend. Phantom dividends shall be credited to an Account in the form of additional Phantom Stock Units (calculated in the manner described in Section 4.2(a)). 
 (c) In the event of any change in the Company’s Common Stock by reason of a recapitalization, reclassification, stock split, reverse
stock split, combination of shares or similar transaction, the number of Phantom Stock Units held by a Participant under the plan shall be proportionately adjusted. 
 4.3 No voting or other rights of any kind associated with ownership of the Company’s Common Stock shall inure to a Participant by virtue of the allocation of all or any part of an Account to the Phantom
Stock Fund. 
 4.4 (a) An Executive may select the Phantom Stock Fund Performance Option to apply to future deferrals of bonuses.
Under no circumstances may an Executive select the Phantom Stock Fund Performance Option to apply to future deferrals of salary. 
 (b) One time each calendar year, on a date set by the Administrator, a Participant who is currently a Company employee or officer or serving on the Company’s Board may change his or her Performance Option selection applicable to the
existing amounts in his or her Account to provide for all or a part of such existing amounts to be credited to the Phantom Stock Fund. A Current Executive may not under any circumstances change his or her Performance Option selection with respect to
the existing amounts in his or her Account to provide for any part of such existing amounts to be debited from the Phantom Stock Fund. 
  

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 (c) On any business day, a Former Executive (or a beneficiary entitled to the amount
identified by such Former Executive’s Account) may, in a manner prescribed by the Administrator, change a Phantom Stock Fund Performance Option selection such that existing amounts in the Former Executive’s Account are debited from the
Phantom Stock Fund. Such a change will be effective on the next business day. Neither a Former Executive nor a beneficiary entitled to the amount identified by such Former Executive’s Account may under any circumstances change a Phantom Stock
Fund Performance Option selection to provide for any existing amounts in the Former Executive’s Account to be credited to the Phantom Stock Fund. 
 4.5 (a) Subject only to Sections 6.1 and 4.5(b), payments or withdrawals with respect to the Phantom Stock Units in a Current Executive’s Account may not be made or commence under any circumstances (and
regardless of the manner of payment selected under Sections 5.2 and 5.3) until the Executive becomes a Former Executive. 
 (b) With respect to any Executive, the CEO may waive in writing the provisions of Sections 4.5(a), 5.1(a), 5.2(a) and 5.2(b) that restrict the date or dates on which cash payments may be made on account of Phantom Stock Units. 

 

	 	5.	Time and Manner of Payment 

 5.1 Subject to
Sections 5.4, 5.5, 6.1 and 7.3, the Account shall be paid or payment commenced after one of the following dates as selected under Section 5.3(a): 
 (a) The date the Executive has a separation from service with the Company under 5.7, provided, however, that, subject only to Sections 6.1 and 4.5(b), no cash payments shall be payable with respect to Phantom
Stock Units until the date that is two days after the date on which the Executive becomes a Former Executive; or 
 (b) The
date that is from 1 to 20 whole years (as elected by the Executive) after the Executive’s separation from service in Section 5.1(a). 
 5.2 The manner of payment of the Account shall be in one or a combination of the following, as selected under Section 5.3(b): 
 (a) (i) In the case of payments with respect to Performance Options other than the Phantom Stock Fund, in a single lump sum as soon as practicable after the next December 31 following the date described in Section 5.1(a) or
5.1(b), whichever applies (subject to Sections 5.4, 5.5, 6.1 and 7.3); or 
 (ii) In the case of cash payments with respect to
Phantom Stock Units, in a single lump sum as soon as practicable after the next December 31 following the date described in Section 5.1(a) or 5.1(b), whichever applies, provided, however, that no payment with respect to Phantom
Stock Units shall be made before the date that is two days after the date on which the Executive becomes a Former Executive (subject only to Sections 6.1 and 4.5(b)); or 
  

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 (iii) In the case of shares of the Company’s Common Stock paid on account of the
value of Phantom Stock Units (excluding fractional Phantom Stock Units), in a single lump sum of shares of Company Common Stock within a period of time set by the Administrator and measured from the end date of the Executive’s service as a
Company employee or officer or member of the Company’s Board (which period shall not exceed 30 days), provided, however, that payments with respect to any fractional Phantom Stock Units in a Current Executive’s Account shall be
governed by Sections 4.5, 5.1 and 5.2(a)(ii). 
 (b) In 2 to 20 substantially equal annual installments (as elected by the
Executive), subject to the following. If an Executive postpones commencement of payment by selecting a date under Section 5.1(b), the number of years of postponement elected under Section 5.1(b) plus the number of installments elected
under this Section 5.2(b) shall not total more than 20. The size of installments shall be fixed so as to be substantially equal based on an assumed return on the Performance Options in the Account over the payment period. The Administrator
shall select the assumed rate, which may be changed each year to reflect actual experience and variations in expected future investment returns. 
 (i) Installment payments with respect to Performance Options other than the Phantom Stock Fund shall be payable as soon as practicable after each December 31, commencing with the December 31 following the
date described in Section 5.1(a) or 5.1(b), whichever applies (subject to Sections 5.4, 5.5, 6.1 and 7.3). 
 (ii)
Installment payments with respect to Phantom Stock Units shall be payable as soon as practicable after each December 31, commencing with the December 31 following the date described in Section 5.1(a) or 5.1(b), whichever applies,
provided, however, that no initial installment payment with respect to Phantom Stock Units shall be made before the date that is two days after the date on which the Executive becomes a Former Executive (subject only to Sections 6.1 and
4.5(b)). 
 5.3 The time and manner of payment under Sections 5.1 and 5.2 shall be selected by the Executive as follows: 

(a) The selection of payment time under Section 5.1 shall be made in writing on a form prescribed by the Administrator. Subject to
5.4, the selection may be changed by a subsequent selection, which shall be effective if delivered to the Administrator at least 12 months prior to the Executive’s separation from service with the Company. If the Executive’s
separation from service occurs prior to 12 months after a changed selection is delivered, the prior selection shall apply. 
  

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 (b) The selection of the manner of payment under Section 5.2 shall be made in
writing on a form prescribed by the Administrator. Subject to 5.4, the selection may be changed by a subsequent selection, provided payment under the prior selection had not already commenced. The changed selection shall be effective if delivered to
the Administrator at least 12 months prior to the date in Section 5.1(a), 5.1(b) or 5.2(a)(iii), whichever applies to the Executive. Until the changed selection becomes effective, the prior selection shall remain in effect. 
 5.4 If the selection of payment time under 5.3(a) or of manner of payment under 5.3(b) is changed after the later of the due date for the election
to defer such amounts or December 31, 2006, the payment time shall be at least five years later than the payment time previously in effect and the change shall not accelerate the time of payment. The preceding sentence shall not apply to a
Pre-2005 Subaccount. An Executive with Subaccounts may limit the change in selection of payment time or manner of payment to the Pre-2005 Subaccount or may select different changes with respect to the two Subaccounts. 
 5.5 An Executive or surviving spouse may withdraw the Executive’s entire Pre-2005 Subaccount at any time before it otherwise would be payable
(except for cash withdrawals of amounts in the Executive’s Account that are allocated to the Phantom Stock Fund, which withdrawals shall be governed by Section 4.5). The amount paid on such a withdrawal shall be discounted ten percent from
the stated balance of the Pre-2005 Subaccount. The ten percent discount shall be forfeited as a penalty for early withdrawal. 
 5.6 If an Executive’s employment with the Company ends involuntarily by separation from service within 24 months after a Change in Control as defined in Section 10.1, the Executive’s Pre-2005 Subaccount, except for
amounts that are allocated to the Phantom Stock Fund, shall be paid in one lump sum within 30 days after termination of employment, regardless of the otherwise applicable election. Upon a Change in Control as defined in Section 10.2, an
Executive’s Post-2004 Subaccount, except for amounts that are allocated to the Phantom Stock Fund, shall be paid in one lump sum within 60 days after the Change in Control is consummated, regardless of the otherwise applicable election. Payment
of amounts in an Executive’s Account that are allocated to the Phantom Stock Fund shall be governed by Sections 4.5, 5.2(a)(ii) and 5.2(a)(iii). 
 5.7 Separation from service shall occur upon termination of all the Executive’s employment with the Company or any entity that is a member, with the Company, of a controlled group of corporations or
commonly controlled trades or businesses, as defined in Sections 414(b) and (c) of the Code (an “Affiliate”). The Executive shall not be regarded as having a separation from service if: 
 (a) The Executive is on leave from the employer for up to six months or for longer with reemployment rights protected by statute or
contract; or 
  

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 (b) The Executive provides services to the employer in a capacity other than as an
employee at a rate of 50 percent or more of the level before termination and for remuneration at an annual rate of 50 percent or more of the Executive’s average rate of remuneration as an employee in the last three years of employment or all
years if fewer than three. 
 5.8 If the Executive is a Specified Employee and the Company or any Affiliate has publicly traded stock,
the Executive’s Account shall not be paid to the Executive upon a separation from service until six months following the separation date. All amounts due during such six months shall be paid as soon as practicable after the six months has
expired. The preceding two sentences shall not apply to a Pre-2005 Subaccount. “Specified Employee” means a “key employee” as defined in Section 416(i) of the Code, determined without regard to Section 416(i)(5). The
definition of key employee shall be applied by identifying the highest paid 50 employees of the Company and Affiliates during the preceding calendar year. 
 5.9 The Company may withhold from payments to an Executive any income tax or other amounts as required by law. 
  

	 	6.	Death 

 6.1 An Executive’s Account shall
be payable under Section 6.3 on the Executive’s death regardless of the provisions of Part 5 or Section 4.5. 
 6.2 On death of an Executive the Account shall be paid in the following order of priority: 
 (a) To the
surviving beneficiaries designated by the Executive in writing to the Administrator on a form prescribed by the Administrator for that purpose, or if none then 
 (b) To the Executive’s surviving spouse, or if none then 
 (c) To the Executive’s surviving children in equal shares, or if none then 
 (d) To the Executive’s estate. 
 6.3 The manner of payment under Section 6.1 shall be as follows: 
 (a) If the beneficiary is the
surviving spouse and the Executive elected installments but died before starting to receive payments, the spouse’s payments shall begin as soon as practicable after the following December 31 and the period selected under
Section 5.2(b) for the Executive’s payments shall govern. If the Executive had already started receiving installments, the surviving spouse shall receive the installments for the remainder of the term selected by the Executive. 

 

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 (b) If the beneficiary is the surviving spouse and the Executive did not elect
installments, or if the beneficiary is not the surviving spouse, a lump sum shall be paid as soon as practicable to the beneficiary. 
 6.4 On death of a surviving spouse receiving installments under Section 6.3(a), the Account shall be paid in a single sum to the spouse’s estate as soon as practicable after death. 
  

	 	7.	Termination; Amendment 

 7.1 The Board of
Directors of the Company (the “Board”) may terminate this plan effective the first day of any calendar year after notice to the eligible Executives. On termination, amounts in an Account shall remain to the credit of the Account, shall
continue to be adjusted and shall be paid in accordance with Parts 4, 5, 6, or 7, as applicable. 
 7.2 The plan may be
amended at any time by any of the following methods: 
 (a) The Board may adopt any amendment to the plan. 
 (b) The CEO may amend this plan to make any change that does not result in a material increase in the Company’s costs. 
 (c) The CEO may amend this plan to make technical, editorial or operational changes on advice of counsel to comply with applicable law or
to simplify or clarify the plan. The CEO may delegate this amendment authority. 
 7.3 If the Internal Revenue Service rules that any
amounts deferred under this plan will be subject to current income tax, all amounts to which the ruling is applicable shall be paid within 30 days to all Participants with Accounts (except for amounts allocated to the Phantom Stock Fund, which
payment of such amounts shall be governed by Sections 4.5, 5.2(a)(ii) and 5.2(a)(iii)). 
  

	 	8.	Claims Procedure 

 8.1 Any Participant
claiming a benefit, requesting an interpretation or ruling under the plan, or requesting information under the plan shall present the request in writing to the Administrator, who shall respond in writing as soon as practicable. 
 8.2 If the claim or request is denied, the written notice of denial shall state the following: 
 (a) The reasons for denial, with specific reference to the plan provisions on which the denial is based. 
 (b) A description of any additional material or information required and an explanation of why it is necessary. 
 (c) An explanation of the plan’s review procedure. 
  

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 8.3 The initial notice of denial shall normally be given within 90 days after receipt of the
claim. If special circumstances require an extension of time, the claimant shall be so notified and the time limit shall be 180 days. 
 8.4 Any person whose claim or request is denied or who has not received a response within 30 days may request review by notice in writing to the Administrator. The original decision shall be reviewed by the Administrator which
may, but shall not be required to, grant the claimant a hearing. On review, whether or not there is a hearing, the claimant may have representation, examine pertinent documents and submit issues and comments in writing. 
 8.5 The decision on review shall ordinarily be made within 60 days. If an extension of time is required for a hearing or other special
circumstances, the claimant shall be so notified and the time limit shall be 120 days. The decision shall be in writing and shall state the reasons and the relevant plan provisions. All decisions on review shall be final and bind all parties
concerned. 
  

	 	9.	General Provisions 

 9.1 The promise to pay
amounts deferred under this plan shall be an unfunded, unsecured obligation of the Company, except as follows. The Company maintains a trust with a financial institution for payment of benefits under this and other nonqualified plans. The trust is a
grantor trust for tax purposes and provides that any assets contributed to the trustee shall be used exclusively for payment of benefits under the nonqualified plans except in the event the Company becomes insolvent, in which case the trust fund
shall be held for payment of the Company’s obligations to its general creditors. 
 9.2 The plan is intended to be unfunded for
tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. Even if specific assets are set aside or earmarked for Company financial planning purposes or for other reasons, that shall not cause this
plan to be a funded employee benefit plan for tax purposes or for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. 
 9.3 Any notice under this plan shall be in writing or by electronic means and shall be received when actually delivered or, if mailed, when deposited postpaid as first class mail. Mail should be directed to the
Company at the address stated in this plan, to an Executive at the address stated in the Executive’s election, to a beneficiary entitled to benefits at the address stated in the Executive’s beneficiary designation, or to such other address
as the Executive or beneficiary may specify by notice to the Administrator. 
 9.4 The interests of a Participant under this plan are
personal and no such interest may be assigned, seized by legal process or in any way subjected to the claims of any creditor. The foregoing limitation prohibits, for example, any alienation, anticipation, sale, transfer, assignment, pledge,
encumbrance, attachment or garnishment by creditors of the Participant. 
  

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	 	10.	Definition of Change in Control 

 10.1 For
purposes of payment of the Pre-2005 Subaccount, a “Change in Control” of the Company shall be deemed to have occurred if: 
 (a) Any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any trustee or other fiduciary holding securities
under an employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 20 percent or more of the combined voting power of the Company’s then outstanding securities; 
 (b) During any period of two consecutive years, individuals who at the beginning of such period constituted a majority of the Board cease
for any reason to constitute a majority thereof unless the nomination or election of such new directors was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period;

 (c) The stockholders of the Company approve a merger or consolidation of the Company with any other company or statutory
plan of exchange involving the Company (“Merger”), other than (1) a Merger which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) more than 50 percent of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after the Merger or (2) a Merger
effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as hereinabove defined) acquires more than 20 percent of the combined voting power of the Company’s then outstanding
securities; or 
 (d) The stockholders of the Company approve a plan of complete liquidation of the Company or an agreement
for the sale, lease, exchange or other transfer (in one transaction or a series of related transactions) or disposition by the Company of all or substantially all of the Company’s assets. 
 10.2 For purposes of payment of the Post-2004 Subaccount a “Change in Control” of the Company shall be deemed to have occurred if there
has been a change in ownership of the Company under (a), a change in effective control of the Company under (b), or a change in the ownership of a substantial portion of the Company’s assets under (c): 
 (a) A change in ownership occurs on the date that any one person or more than one person acting as a group acquires ownership of stock of
the Company that, together with stock already held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the Company’s stock. 
 (i) A change in ownership will not be deemed to occur if, before the person or group acquires additional Company stock, the person or
group acquiring Company stock owned, or is treated as owning, more than 50 percent of the total fair market value or total voting power of Company stock. 
  

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 (ii) An increase in the ownership percentage of the person or group as a result of a
transaction in which the Company redeems its stock for cash or other property will be treated as an acquisition by the person or group. 
 (iii) Ownership of stock will be determined by applying the rules in Code section 318(a) and by treating stock underlying a vested option as owned by the individual who holds the vested option, unless the stock to
which the option applies is not substantially vested as defined in Treasury regulation section 1.83-3(b) and (j). 
 (iv)
Persons will be considered as acting as a group to acquire or hold Company stock or effective control of the Company to the extent provided by applicable regulations or other written guidance published by the Internal Revenue Service. 
 (b) A change in effective control of the Company shall occur, regardless whether a change in ownership occurs under (a), on the date that
an event described in (i) or (ii) occurs, subject to (iii). 
 (i) A change in effective control occurs on the date
that any one person or more than one person acting as a group acquires (or has acquired during the 12-month period that ends on the date of the most recent acquisition by such person or group) ownership of Company stock possessing more than
35-percent of the total voting power of the Company’s stock. 
 (ii) A change in effective control also occurs on the
date that a majority of the Company’s board of directors is replaced during any 12-month period by directors whose election is not endorsed by a majority of the Company’s board members prior to the date of election or appointment.

 (iii) A change in effective control will not result from the acquisition of additional control of the company by any person
or group that, immediately before such acquisition, owned more than 35 percent of the total voting power of the Company’s stock. 
  

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 (c) A change in ownership of a substantial portion of the Company’s assets occurs on
the date that any person or more than one person acting as a group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) Company assets with a total gross fair market value
equal to 40 percent or more of the total gross fair market value of all of the Company’s assets immediately prior to the acquisition (or series of acquisitions). 
 (i) Gross fair market value for this purpose means the value of the Company’s assets or the value of the assets being disposed of,
without regard to any liabilities associated with such assets. 
 (ii) No Change in Control occurs solely because the Company
transfers assets to an entity controlled by the Company’s shareholders immediately after the transfer. 
 (iii) No change
in ownership of the Company’s assets is deemed to occur solely by reason of a transfer of the Company’s assets to any of the following: 
 (A) A shareholder of the Company (immediately before the asset transfer) in exchange for the Company’s stock. 
 (B) An entity, half or more of whose total value or voting power is owned by he Company (directly or indirectly). 
 (C) A person or group that owns (directly or indirectly) 50 percent or more of the value or voting power of all of the Company’s outstanding shares. 
 (D) An entity, half or more of whose total value or voting power is owned (directly or indirectly) by a person who owns 50 percent or
more of the value or voting power of the Company’s outstanding shares. 
  

 14 

	 	11.	Effective Date 

 This 2005 Restatement shall be
effective January 1, 2005. Except as specifically provided in this 2005 Restatement for Pre-2005 Subaccounts, its provisions shall apply to all amounts held under the plan. Procedures for changes from provisions of the plan as in effect before
this 2005 Restatement shall be implemented according to a schedule established by the Administrator. 
  

			
	PRECISION CASTPARTS CORP.
		
	 By:
	 	/s/ William D. Larsson
	 Name:
	 	William D. Larsson
	 Title:
	 	 Senior Vice President and
 Chief Financial
Officer

	
	Date signed: December 18, 2006

  

 15 

 APPENDIX A 
 LIST OF PERFORMANCE OPTIONS 
 In addition to the Prime Rate plus 2 percent and Phantom Stock
Fund Performance Options, the following Performance Options shall be available: 
  

	 	(a)	Fidelity Aggressive Growth Fund 

  

	 	(b)	Fidelity Growth Company Fund 

  

	 	(c)	Fidelity Equity-Income Fund 

  

	 	(d)	Fidelity Contrafund 

  

	 	(e)	MSDW Small Company Growth Fund B 

  

	 	(f)	Fidelity Low-Priced Stock Fund 

  

	 	(g)	U.S. Equity Indexed Commingled Pool 

  

	 	(h)	Fidelity Diversified International Fund 

  

	 	(i)	Fidelity Intermediate Government Income FundFrozen Supplemental Executive Retirement Program

 Exhibit 10.2 
 PRECISION CASTPARTS CORP. 
 FROZEN SUPPLEMENTAL EXECUTIVE RETIREMENT PROGRAM 
 December 31, 2004 Restatement 
  

			
	 Precision Castparts Corp.,
 an Oregon
corporation
 4650 SW Macadam Avenue, Suite 440
 Portland, OR 97239
	  	Company

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	Eligibility and Participation	  	2
			
	2.	  	Supplemental Benefits	  	3
			
	3.	  	Payment of Benefits	  	9
			
	4.	  	Surviving Spouse Death Benefit	  	12
			
	5.	  	No Advance Funding	  	13
			
	6.	  	Amendment and Termination	  	13
			
	7.	  	Not Contract of Employment	  	14
			
	8.	  	Claims Procedure	  	14
			
	9.	  	General Provisions	  	15
			
	10.	  	Definition of Change in Control	  	16
			
	11.    	  	Effective Date; 409A Compliance	  	17

 PRECISION CASTPARTS CORP. 
 FROZEN SUPPLEMENTAL EXECUTIVE RETIREMENT PROGRAM 
 December 31, 2004
Restatement 
  

			
	 Precision Castparts Corp.,
 an Oregon
corporation
 4650 SW Macadam Avenue, Suite 440
 Portland, OR 97239
	  	Company

 Precision Castparts Corp., an Oregon corporation (the Company), adopted the Precision Castparts
Corp. Supplemental Executive Retirement Program (the Program) effective February 1, 1989 to provide supplemental retirement benefits for certain key employees as an incentive for them to develop careers with the Company and to perform with a
degree of excellence that would promote the best interests of the Company. Effective January 1, 1998 the Program was divided into two plans: the Precision Castparts Corp. Supplemental Executive Retirement Program - Level One Plan (SERP - Level
One) and the Precision Castparts Corp. Supplemental Executive Retirement Program - Level Two Plan (SERP - Level Two) (collectively referred to herein as the Prior Plans). Several amendments to the Prior Plans were adopted prior to October 3,
2004. No amendments to either of the Prior Plans were adopted during the period from October 3, 2004 through December 31, 2004. 
 The Company adopts the following restatement of the Prior Plans effective immediately upon the close of the Prior Plans’ 2004 plan year (December 31, 2004) to limit eligibility to participants who had a vested accrued benefit
under the Prior Plans on December 31, 2004 and are not designated for participation with respect to ongoing employment in 2005 or afterward in a defined benefit-type executive deferred compensation plan other than this Plan maintained by the
Company or an Affiliate of the Company to preserve the Prior Plans’ terms for vested accrued benefits as of December 31, 2004 to the extent permitted by Internal Revenue Code (Code) Section 409A (409A), to provide (without modifying
the Prior Plans’ terms except as required by 409A) for ongoing accruals for participants in ongoing Plan-covered employment after December 31, 2004, and to change the Prior Plans’ name in this restatement consolidating the Prior Plans
to Precision Castparts Corp. Frozen Supplemental Executive Retirement Program (this Plan). 
 This Plan is designed only for benefits that
were both vested and accrued as of December 31, 2004 and for additional benefits accrued on 409A-compliant terms with respect to employment after December 31, 2004 by any executives continuing in Plan-covered employment after
December 31, 2004 as provided in the attached 409A Supplement. It is intended that all vested, accrued benefits as of December 31, 2004 provided in this Plan qualify for exemption from requirements under 409A. If any such benefits for a
participant are enhanced such that they do not qualify for exemption from 409A requirements, the enhancement must provide entirely for the affected participant’s benefits outside this Plan, including compliance with 409A, and no benefits will
be provided to the participant under this Plan. 

	1.	Eligibility and Participation 

  

	 	1.1	Participation as of January 1, 2005 

 1.1-1 As of January 1, 2005, this Plan covers the following persons who were participants under SERP - Level One as of December 31, 2004: 
 (a) Persons who were retired and receiving benefits as of that date, and 
 (b) Persons who were receiving benefits as of that date as a surviving spouse of a previously-retired participant, and 
 (c) Persons (if any) who, as of that date, were in ongoing Plan-covered employment and eligible for early retirement but had not yet
started to receive benefits because they had not yet retired, but only if such persons are not designated for participation as of that date in a defined benefit plan like this one that is maintained by the Company or by an Affiliate of the Company.
“Affiliate” means a corporation or other business that is more than 50 percent owned by the Company. 
 1.1-2 As of January 1, 2005, this Plan covers one person who was a participant under SERP - Level Two as of December 31, 2004. That individual retired and started receiving benefits prior to December 31, 2004. His
benefit has been determined with reference to the formula in SERP – Level Two plan document as in effect when he retired. This Plan provides for continuing payment of his benefit. The benefit formula under this Plan does not alter the benefit
payable to him. 
  

	 	1.2	Participation After January 1, 2005 

 No employees shall newly become eligible for participation under this Plan after December 31, 2004, and no participants in any other retirement benefit plan shall have their accrued benefits transferred into this Plan after
December 31, 2004. As of January 1, 2005, this Plan covers only the following persons: 
 (a) Persons identified in
1.1, and 
 (b) Persons (if any) becoming qualified to receive benefits as the surviving spouse of a person identified in
(a) above. 
  

	 	1.3	Removal from Participation 

 1.3-1 The Committee may remove an employed participant from this Plan on a prospective basis, with or without cause. Removal does not apply to participants who have retired and started receiving benefits. The
“Administrator” for this Plan appointed by the Committee shall notify the participant in writing within 30 days after Committee action establishing the removal. The effective date of removal shall be the date of adoption of the
Committee action. Retirement shall cause a participant to be removed from participation in the sense of no longer accruing any Plan-credited service, and Compensation received after retirement shall not be counted for purposes of Plan benefits. A
rehired retiree may resume such service accruals and pay recognition only if approved for future participation by the Committee at or after rehire. 
  

 2 

 1.3-2 Following any removal under 1.3-1, the following shall apply: 
 (a) The removal, in itself, shall not cause an immediate commencement of benefits or a forfeiture of benefits. 
 (b) No further Years of Benefit Service shall be counted following the date of removal. 
 (c) The amounts described in 2.1-5(a) and (b) shall not change after removal, but the amounts described in 2.1-5(c) may change due to
further accruals or other increases in the Retirement Plan Benefit and Primary Social Security Benefit. 
 (d) The
pre-retirement spousal death benefit, if applicable under 4.1-3, shall end 30 days after notice of removal is given. 
 (e) If the participant is married at removal and remains married until the benefit start date, the Company-paid survivor annuity under 2.1-2, as well as any election under 3.2-2 to increase the survivor annuity from 50% to 100% shall
continue to apply. If the participant is married at removal and is unmarried or married to a different spouse at the benefit start date, the Company-paid survivor annuity under 2.1-2 shall not apply. If the participant is unmarried at removal but
becomes married prior to the benefit start date, the Company-paid survivor annuity under 2.1-2 shall not apply, but the participant may elect within 30 days after marriage an actuarially equivalent spousal survivor annuity at 50% or 100%
determined with reference to the otherwise payable normal benefit for the participant’s life only. 
  

	 	1.4	Plan Year. 

 The plan year is a
calendar year. 
  

	2.	Supplemental Benefits 

  

	 	2.1	Normal Retirement Benefit 

 2.1-1 Subject to 2.1-2, 2.1-3, 2.1-6 and 11 below, the basic supplemental benefit on normal retirement with 20 Years of Benefit Service (YBS) shall be a monthly pension for life equal to 60 percent of Final Average Pay (FAP)
minus the Retirement Plan Benefit (RPB) and the Primary Social Security Benefit (PSSB). 
 2.1-2 For a participant who
is married at the time retirement benefit payments start, the benefit shall include a survivor annuity for the participant’s spouse under which, after the participant’s death, ongoing benefits shall be paid to the participant’s
surviving 

  

 3 

 
spouse for life at a monthly rate equal to half the monthly rate paid to the participant. The married participant’s normal retirement benefit shall not
be reduced to provide for this survivor annuity. As provided in 3.2-2, a married participant may elect to have the surviving spouse’s survivor annuity increased to provide for continuation of benefits in full after the participant’s death,
in which case the participant’s normal retirement benefit shall be reduced on an actuarially equivalent basis to provide for the increase in the survivor annuity amount. The survivor annuity, if applicable, shall only be payable to the spouse
to whom the participant is married on the benefit starting date. Actuarial equivalency shall be determined based on the assumptions applicable to determining comparable annuity benefits under the Precision Castparts Corp. Retirement Plan (Retirement
Plan). Before a participant’s death, a spouse has no enforceable right under this provision. After a surviving spouse starts benefits under this provision, the cash-out provisions in 3.2-6 and 6.2 shall apply. 
 2.1-3 The basic supplemental benefit for any participant who is a Five Percent Shareholder of the Company shall be half the amount
otherwise provided under 2.1-1 and related provisions. If a participant stops being a Five Percent Shareholder, the foregoing restriction shall not apply to additional benefits for Benefit Service after the Five Percent Shareholder status ends. A
participant shall be considered a “Five Percent Shareholder” if: 
 (a) The person owns, directly or indirectly,
securities of the Company representing 5 percent or more of the combined voting power of the Company’s then outstanding securities, and 
 (b) The person has owned securities meeting the requirements of (a) for 20 or more years while an employee of the Company. 
 2.1-4 For a participant with less than 20 Years of Benefit Service at normal retirement, the 60 percent factor in 2.1-1 shall
be reduced by 1/20th for each year less than 20. The benefit for each Year of Benefit Service over 20 shall be one-half of 1 percent (.5 percent) of Final Average Pay, minus any portion of the Retirement Plan Benefit and Primary Social
Security Benefit that exceeds the basic benefit under 2.1-1 for the first 20 Years of Benefit Service. The benefit for a partial year at the end of a participant’s period of service shall be prorated based on the number of months in which the
participant performs services during the year. 
 2.1-5 The basic supplemental benefit can be expressed as follows:

  

	 	(a)	(60% of FAP) ((YBS up to 20)/20) 

                     PLUS 
  

	 	(b)	(.5% of FAP) (YBS over 20) 

                     MINUS 
  

	 	(c)	(RPB + PSSB) 

  

 4 

 2.1-6 If a participant has a period of Benefit Service transferred to this Plan
from the SERP—Level Two Prior Plan, an election under 3.2-2 of SERP - Level Two Prior Plan shall continue to apply to the transferred benefit obligations as provided in this Plan. 
  

	 	2.2	Definitions 

 2.2-1
“Final Average Pay” means the participant’s average monthly compensation in the highest three calendar years of Compensation out of five consecutive calendar years of employment during a period of Eligibility Service by the Company or
an Affiliate. Years separated by a period of one or more calendar years when the participant has no such employment shall be treated as consecutive. Additional compensation paid at retirement or other termination of employment, such as for periods
of unused vacation or sick leave, shall be attributed to calendar years by assuming that employment continued during the period based on which the Compensation is measured. Severance pay shall be disregarded, except severance pay in lieu of service.

 2.2-2 “Compensation” shall be determined as follows: 
 (a) Total direct pay reportable on Form W-2 under Code section 3401(a), disregarding limitations based on the nature or location of
employment, shall be counted, subject to the following provisions: 
  

	 	(i)	Bonuses shall be included in full. 

  

	 	(ii)	Commissions and cost-of-living allowances shall be excluded. 

  

	 	(iii)	Any reimbursements or other expense allowances, fringe benefits, moving expenses, severance or disability pay and other deferred compensation (other than as specified in
(b) below) and welfare benefits shall be excluded. 

  

	 	(iv)	Gains realized from the exercise of nonqualified stock options shall be excluded. 

 (b) Total direct pay shall be determined without reduction by elective deferral of otherwise currently taxable compensation under any
qualified cash or deferred arrangement under Code section 401(k), any elective welfare benefit arrangement under Code section 125 or a nonqualified deferred compensation plan. 
 (c) During periods of reduced Compensation because of such causes as illness, disability or leave of absence, compensation shall be
figured at the last regular rate before the start of the period. 
  

 5 

 2.2-3 “Primary Social Security Benefit” means the primary insurance
amount estimated for the participant on retirement at or after age 65 under the federal Social Security Act, determined as follows: 
 (a) The amount may be estimated from the regular pay rate under rules established by the Administrator assuming a standard pay progression over a full working career. 
 (b) The amount shall not be changed by amendments to the Social Security Act or cost-of-living index adjustments after the
participant’s actual termination date or age 65, whichever is first. 
 (c) If a participant retires early, the Primary
Social Security Benefit shall be the amount that would be received at age 65 assuming level earnings at the participant’s final rate of pay and no change in the Social Security Act. 
 2.2-4 “Retirement Plan Benefit” means the sum of the following amounts: 
 (a) The monthly benefit (excluding any Prior Profit Sharing Plan Benefit) under the Retirement Plan for the participant upon normal
retirement at age 65 in the form determined under 2.2-5. 
 (b) The monthly benefit for the participant under any defined
benefit pension plan other than the Retirement Plan from service counted for benefits under this Plan, as well as any service following removal from participation, and disregarding any benefit derived from rollovers to such plan derived from a
source other than employer contributions relating to the period of service counted for benefits under this Plan. The benefit shall be expressed as a normal retirement benefit at age 65 in the form determined under 2.2-5 using the actuarial
equivalency factors applicable under that plan. If benefits are provided for a participant under the foregoing sentences with respect to more than one plan, all such benefits shall be combined. 
 (c) The monthly benefit for the participant under a defined contribution retirement plan relating to service counted for benefits under
this Plan, as well as any service following removal from participation, and disregarding any benefit derived from employee pre-tax or employee after-tax contributions to such plan or rollovers to such plan derived from a source other than employer
contributions relating to the period of service counted for benefits under this Plan. The amount of the benefit shall be based on each employer contribution for the participant with respect to the relevant period of service, with the contributions
carried forward at an interest rate of 8 percent. The actual rate of return in the plan and any interim distributions or withdrawals shall be disregarded. The resulting benefit shall be expressed as a normal retirement benefit at age 65 in the
form determined under 2.2-5 using the actuarial equivalency factors applicable to the Retirement Plan for determining equivalent benefits other than a lump sum. If benefits are provided for a participant under 

  

 6 

 
the foregoing sentences with respect to more than one plan, all such benefits shall be combined. If the defined contribution plan is a plan under which
employer contributions are made to match, wholly or partly, employee pre-tax or after-tax contributions under the plan, then the offset for the defined contribution plan shall be calculated assuming the employee’s account has been credited with
the maximum matching contributions the employee could have had credited by making employee contributions (without regard to any operational limitations imposed by discrimination testing), carried forward at an interest rate of 8 percent.

 2.2-5 In determining the Retirement Plan Benefit under 2.2-4, the monthly benefit shall be calculated based on the
following form of benefit: 
 (a) For a participant who is married when benefit payments start under this Plan, in a
contingent annuity with half payments continued to the spouse. 
 (b) For a participant who is unmarried when benefit payments
start under this Plan, in a straight life annuity. 
 2.2-6 “Normal Retirement” means retirement under the
Retirement Plan at or after age 65 with 10 Years of Eligibility Service. 
 2.2-7 Subject to the 409A Supplement,
“Year of Benefit Service” means a period of 12 months based on the anniversary of the date the employee first performs an hour of service as an employee of the Company or an Affiliate. No service for a business before the date it
becomes an Affiliate shall be counted as Benefit Service. Except for periods of disability as described below, periods of employment other than as a regular full-time employee shall be disregarded and service credit shall be reduced accordingly. If
a person becomes totally and permanently disabled while a participant accruing Benefit Service and qualifies for disability income payments under Social Security, the participant shall continue to accrue Years of Benefit Service during disability up
to age 65 or earlier retirement if: 
 (a) The disability was directly related to and arose from the participant’s
employment, or 
 (b) The participant had 10 Years of Eligibility Service before the disability occurred. 
 2.2-8 “Years of Eligibility Service” means Years of Benefit Service as defined in 2.2-7 plus Years of Service (as defined
in the Retirement Plan), if any, approved by the Committee and performed before 2005 for a business before the date the business became an Affiliate. 
  

	 	2.3	Early Retirement Benefit 

 2.3-1 An early retirement supplemental benefit shall be payable for a participant who terminates employment before normal retirement but after age 55 with at least 10 Years of Eligibility Service. The benefit shall be the normal
retirement basic 

  

 7 

 
supplemental benefit, as adjusted under 2.1-4, if applicable, and reduced as described in 2.3-2 by 6 percent for each year by which the early retirement
date precedes the date the participant would have first qualified for normal retirement as defined in 2.2-6. The reduction for partial years shall be prorated monthly, based on calendar months with a partial month at the beginning or end of the
period disregarded if the affected portion of the month is less than 15 days. 
 2.3-2 The early retirement
reduction described in 2.3-1 shall be applied after calculating a participant’s benefit as for normal retirement, based on service and compensation to actual retirement, as follows: 
  

	 	(a)	(60% of FAP) ((YBS up to 20)/20) 

                     PLUS 
 (.5% of FAP) (YBS over 20) - (RPB + PSSB) 
                     TIMES 
  

	 	(b)	(1 - .06(65 - age at actual retirement)) 

 2.3-3 No benefit shall be paid with respect to a participant whose employment terminates before early retirement except under 4. 
 2.3-4 A participant may not elect to defer the start of early retirement benefits. 
  

	 	2.4	Forfeiture of Benefit 

 2.4-1
No benefit (other than a surviving spouse’s death benefit under 4, if applicable) shall be payable with respect to a participant who terminates employment, regardless of cause, before qualifying for a normal retirement benefit, an early
retirement benefit or an accelerated vested benefit, or to any participant whose employment is terminated for Misconduct during employment. Moreover, no normal or early retirement benefit or spouse’s death benefit shall be payable with respect
to any participant who, after termination, engages in Competition with the Company or an Affiliate, as determined by the Committee in accordance with 2.4-3. 
 2.4-2 “Misconduct during employment” means: 
 (a) Committing a fraudulent or otherwise dishonest act related to employment; 
 (b) Making an unauthorized disclosure of confidential information related to the Company or any Affiliate if the information was obtained
during employment; or 
 (c) Engaging in competition while employed. 
  

 8 

 2.4-3 “Competition” means doing either of the following within three
years after termination of employment: 
 (a) Making an unauthorized disclosure of confidential information related to the
Company or any Affiliate if the information was obtained during employment; or 
 (b) Engaging as an employee, partner,
proprietor or otherwise, in a business in competition with the Company or any Affiliate in the manufacture or sale of investment castings or any other business conducted by the Company or an Affiliate at any time during the participant’s period
of employment. No forfeiture or absence of a forfeiture shall constitute a waiver of or bar any other remedy that may be available to the Company or an Affiliate under applicable law on account of the Misconduct or Competition. 
  

	 	2.5	Deferred Retirement Benefit 

 If a
participant’s employment with the Company or an Affiliate continues past age 65, Years of Benefit Service shall continue to accrue and Final Average Pay shall be adjusted to actual retirement. The benefit shall be based on the regular formula
for normal retirement, and no actuarial adjustment shall be made for starting benefits after age 65. 
  

	 	2.6	Accruals During Disability 

 2.6-1 “Disability” means a condition that makes a person eligible for disability income payments under Social Security for total, permanent disability. 
 2.6-2 A participant who terminates covered employment on account of disability shall continue to accrue Eligibility Service and
Benefit Service while disabled until retirement or earlier recovery from disability if either of the following applies: 
 (a)
The disability was directly related to the participant’s employment. 
 (b) The participant had at least 10 Years of
Eligibility Service before the disability occurred. 
 2.6-3 A disabled participant shall be retired at normal
retirement date and may retire at early retirement date if eligible. Benefits shall be determined on the basis of Benefit Years, Final Average Pay (calculated as if pay rate was frozen at the date of disability), Primary Social Security Benefit and
Retirement Plan Benefit at retirement. 
  

	3.	Payment of Benefits 

  

	 	3.1	Start of Benefits 

 Benefits shall
start with the month that begins after termination of employment, in the case of normal, deferred, accelerated vested or early retirement benefits, and with the month that begins after the participant’s death in the case of a spouse’s
death benefit under 4. The benefit starting date shall be as of the first day of the first month for which benefits are paid under this provision. Benefit payments shall be made by the end of the month to which they apply in accordance with the
Company’s regular payroll processing schedule. 
  

 9 

	 	3.2	Form of Benefit 

 3.2-1 For a
participant who is unmarried at the benefit starting date, the normal form for payment of benefits shall be a monthly annuity for the life of the participant. For a participant who is married at the benefit starting date, the normal form of benefit
shall include a survivor annuity for the participant’s spouse as provided in 2.1-2. 
 3.2-2 A married participant
may elect under 3.2-4 to receive a reduced monthly benefit for life in order to have payments continued to the participant’s surviving spouse in full (rather than at one-half as provided in 2.1-2). 
 3.2-3 The reduction under 3.2-2 in the participant’s monthly benefit shall be the actuarial equivalent of the increase
selected for the spouse’s survivor benefit. Actuarial equivalency shall be determined with reference to the otherwise payable normal benefit and shall be based on the assumptions applicable to determining comparable benefits under the
Retirement Plan. 
 3.2-4 Subject to 3.2-6, a benefit election under 3.2-2 may be made upon enrollment in this Plan or
within 30 days following the marriage of a participant that occurs before the participant’s benefit starting date under 3.1 or at any other time that is more than 12 months before the participant’s benefit starting date under
3.1. The election shall be by written notice mailed or delivered to the Administrator. An election under 3.2-2 shall no longer be effective if the participant and spouse do not stay married throughout the period from the election date to the benefit
starting date or if the participant revokes the election at least 12 months before the benefit starting date or elects to receive a lump-sum payment under 3.2-6(a), (b) or (c), if applicable. 
 3.2-5 A participant may elect to receive benefits in the form of an actuarially equivalent lump sum, as follows: 
 (a) The election to receive benefits in a lump sum may be made in writing on a form prescribed by the Administrator. Except as provided in
(b) and (c) below, the election must be delivered to the Administrator at least 12 months before the participant’s benefit starting date under 3.1. If a participant makes a lump-sum election designed to qualify under this clause
but has a benefit starting date before 12 months have passed, that election shall be void, but the participant may elect a reduced lump sum by submitting an election under (b) or (c) below. 
 (b) A reduced lump-sum payment of an entire benefit may be irrevocably elected during the 12-month period before the benefit starting
date. The reduced lump-sum payment amount shall be calculated as provided in 3.2-6, and then reduced by 10 percent. 
  

 10 

 (c) Subject to 6.4, a reduced lump-sum payment of the remaining portion of a benefit in
pay status may be irrevocably elected by a participant or surviving spouse any time after the benefit starting date, except as provided below. The payment shall be made as soon as practicable after the election is received by the Administrator. The
reduced lump-sum payment amount shall be calculated as provided in 3.2-6, and then reduced by 10 percent. If a participant starts benefits when married, a later election to receive a lump-sum benefit may not apply to the spouse’s
contingent survivorship benefit if made after the participant and spouse have divorced unless authorized by the divorce decree or other court order. If such a divorce has occurred and a participant elects to receive a reduced lump-sum benefit under
this provision without such authorization, the reduced lump-sum benefit shall be calculated with reference only to monthly amounts otherwise payable to the participant and shall not affect the spouse’s contingent survivorship benefit.

 (d) A lump-sum election shall apply to the participant’s entire benefit, regardless of whether the service to which
the participant’s benefit relates is performed before or after the election is made. Partial lump-sum payment elections shall not be allowed except as provided in (c) above. 
 (e) A lump-sum election under (a) above may not be revoked, but it may be replaced by a spousal annuity election after a later
marriage as described in (f) below. If that happens, but the spousal annuity election becomes void under 3.2-4 because the marriage ends before the benefit starting date under 3.1, the applicable benefit form shall automatically change to the
normal form for payment of benefits under 3.2-1 and the participant shall have a new opportunity to make a lump-sum election if the 12-month lead time requirement under (a) above is met. 
 (f) A participant who has made a lump-sum election under (a) above and then becomes married may elect to change the applicable
benefit form to an actuarially equivalent contingent annuity with payment continued to the participant’s spouse in full as described in 3.2-2 or at one-half as described in 2.1-2. An election under this clause may not be made later than
12 months before the benefit starting date. 
 (g) A participant’s election to receive a lump-sum payment under (a),
(b) or (c) above shall constitute an irrevocable agreement by the participant to return the amount received if the electing participant engages in Competition under 2.5-3 within three years after termination of employment or the date of
the election if later. The amount to be returned shall be the full amount distributed plus interest at 7 percent per annum minus the monthly amounts that would have been paid to the participant in the normal benefit form up to the date the
Competition began. 
  

 11 

 3.2-6 If a lump-sum payment election under 3.2-5 applies to a participant’s
benefit, the following shall apply: 
 (a) Subject to (b) below and 3.2-5(c), the amount of the lump-sum payment shall be
based on the basic supplemental benefit on normal retirement under 2.1 using Final Average Pay and Years of Benefit Service and other pertinent benefit formula factors as of the benefit starting date under 3.1. For a benefit starting date before
normal retirement, the 6 percent adjustment factor in 2.3 shall apply. The resulting monthly retirement benefit shall then be converted to an actuarially equivalent present value including the interest rate and mortality assumptions specified
in 6.1. 
 (b) For a participant who is married on the benefit starting date, the amount of the lump-sum payment shall include
the Company-paid survivor annuity at 50 percent under 2.1-2. If a participant is unmarried on the benefit starting date, in determining the lump-sum payment no value will be attributed to the Company-paid survivor annuity under 2.1-2 even if
the participant had been married for some of the time while the lump sum election is in effect. 
 (c) A lump-sum payment
shall constitute complete satisfaction of the benefit obligation under the Plan to the participant, and the Plan’s postretirement death benefit provisions shall not apply. However, the payback obligation under 3.2-5(g) above shall remain in
effect. 
 (d) If participant dies before starting to receive benefits with a lump-sum payment election in effect and a
surviving spouse qualifies for preretirement death benefits under 4.1-3, the surviving spouse benefit shall be the actuarially equivalent value of the remaining portion of the benefit calculated under 4.1-3(b), payable in a lump sum. If the
participant is unmarried on the date of death, there is no preretirement death benefit and 4.1-3 shall not apply. The actuarial equivalency shall be determined in a manner consistent with (a) above. 
  

	4.	Surviving Spouse Death Benefit 

 4.1-1 Subject to 2.5, if a participant dies after starting to receive benefits, or dies after retiring under 2.2-6 or 2.3-1 but before starting benefits under 3.1, a death benefit shall be paid only as provided under the
spouse’s survivor benefit form. A spouse’s post-retirement death benefit shall only be paid to the spouse to whom the participant was married on the participant’s benefit starting date, even if the participant is married to another
spouse on the date of death. 
 4.1-2 Except as provided in 4.1-3, if a participant dies before starting to receive
benefits or qualifying under 4.1-1, no benefit shall be paid. The surviving spouse benefits under this Plan shall only be payable if the participant and spouse are legally married on the date of death. 
  

 12 

 4.1-3 Subject to 1.2-2(e), 3.2-7(d) and 4.1-2, the surviving spouse of a
participant who dies while employed in covered employment after accruing 10 Years of Eligibility Service, or whose death while so employed is directly related to the participant’s employment, shall receive a death benefit as follows:

 (a) The benefit shall be a monthly payment for the surviving spouse’s life, starting on the first day of the month
after the participant’s death. 
 (b) Subject to (c), the benefit shall be one-half of the amount determined as though
the participant had retired on the date of death with benefits payable to the surviving spouse under the survivor annuity in 2.1-2. In determining the amount of the benefit, the participant’s actual Years of Benefit Service, Final Average Pay
and Primary Social Security Benefit shall be used. The Retirement Plan Benefit described in 2.2-4(a) will include the actuarial value of any subsidy provided to actual pre-retirement death benefits that commence prior to age 55. Early retirement
adjustment factors as described in Section 2.3-2 shall apply. On death before age 55, the participant shall be assumed to be age 55 in determining the early retirement adjustment factor. 
 (c) If a participant elected under 3.2-2 to have payments continued to the surviving spouse in full, then the amount under (b) shall
be determined using that benefit form. 
  

	5.	No Advance Funding 

 Benefits shall
be paid from the general assets of the Company. The Company may, but shall not be required to, set aside funds in advance for payment of benefits under this Plan. Even if funds are set aside, that shall not cause this to be a funded employee benefit
plan. Participants’ rights under this Plan shall be only as general creditors of the Company. 
  

	6.	Amendment and Termination 

  

	 	6.1	Regular Procedure 

 Subject to 6.4,
the Board of Directors of the Company may amend or terminate this Plan on the first day of any month by notice to the participants but may not revoke any participant’s benefit under this Plan (a) without adequate compensation or
(b) after the occurrence of a Change in Control of the Company. If the Board of Directors decides to revoke benefits for some or all participants, the benefits of all affected participants shall be revoked in exchange for adequate compensation,
and such participants shall have no right to defer receipt of such compensation. No cash-out value shall be attributed to any spousal survivor benefit for a participant who has not already retired and commenced benefits or to the cash-out benefit
payment option for any participant regardless of retirement status. Subject to 6.2, the value of an unvested benefit shall be zero. “Adequate compensation” shall be determined based on the actuarially equivalent present value of the
accrued straight life normal retirement (age 65) benefit as of the Plan termination date, using the following mortality and interest rate assumptions: 
 (a) The mortality table shall be the RP2000 Healthy Annuitant mortality tables (100 percent male for retirees and 100 percent female for spouses) projected to 2010 by scale AA. 
 (b) The interest rate for each year shall be determined by using the 24-month average of the Moody’s Long-Term Corporate Bond Yield
composite index, ending with the November of the preceding year, less 110 basis points. Each year’s interest rate shall remain in effect for distributions that occur at any time during the year. 
  

 13 

	 	6.2	Total Plan Termination 

 In the
event of a total termination, all affected participants shall receive adequate compensation as described in 6.1 above. 
  

	 	6.3	Technical, Editorial or Operational Changes 

 The chief executive officer of the Company may amend this Plan to make technical, editorial or operational changes on advice of counsel to comply with applicable law or to simplify or clarify the Plan. The Committee is also authorized to
adopt changes under this provision, and shall be the only authorized party to adopt such a change if it affects the benefit of the chief executive officer without having the same effect on substantially all other similarly situated participants. The
chief executive officer and the Committee may each delegate amendment authority under this provision to one or more executive officers of the Company, except that no officer to whom authority is delegated may adopt a change if it affects the benefit
of that officer without having the same effect on substantially all other similarly situated participants. For example, if applicable tax laws, regulations, revenue rulings or revenue procedures would require a participant to report taxable income
due to a benefit under this Plan before the benefit is payable to the participant, the Plan may be amended under this provision to prevent such premature taxation. The Company, the Committee, the chief executive officer and their employees,
officers, agents and others acting on their behalf shall not have any liability to any Plan participant or beneficiary with respect to such premature taxation, regardless of whether or not an amendment has been made under this provision. 

 

	 	6.4	No Benefit Improvements 

 This Plan
may not be amended after 2004 to improve any benefit for any participant or for a surviving spouse of any participant. 
  

	7.	Not Contract of Employment 

 This
Plan shall not be a contract of employment between the Company or an Affiliate and any participant. No participant may object to termination of this Plan. This Plan shall not prevent the Company or an Affiliate from discharging any participant from
employment at any time. 
  

	8.	Claims Procedure 

  

	 	8.1	Filing Procedure 

 Any person
claiming a benefit, requesting an interpretation or ruling under this Plan or requesting information under this Plan shall present the request to the Administrator who shall respond in writing as soon as practicable. Verbal claims must be confirmed
in writing by the claimant within a reasonable time. If no written confirmation is received within two weeks of a verbal claim, the Administrator may state the claim in writing communicated to the claimant and then proceed on that basis. 

 

 14 

	 	8.2	Notice of Denial 

 If the claim or
request is denied, the written notice of denial shall state: 
 (a) The reasons for the denial, with specific reference to the
Plan provisions on which the denial is based; 
 (b) A description of any additional material or information required and an
explanation of why it is necessary; and 
 (c) An explanation of this Plan’s claim review procedure. 
  

	 	8.3	Review Procedure 

 Any person whose
claim or request is denied or who has not received a response within 30 days may request review by notice in writing to the Administrator, who shall inform the Committee. The original decision shall be reviewed by the Committee, which may, but
shall not be required to, grant the claimant a hearing. On review, whether or not there is a hearing, the claimant may have representation, examine pertinent documents and submit issues and comments in writing. 
  

	 	8.4	Decision on Review 

 The decision on
review shall ordinarily be made within 60 days. If an extension of time is required for a hearing or other special circumstance, the claimant shall be so notified and the time shall be 120 days. The decision shall be expressed in writing
and shall state the reasons and the relevant Plan provisions. All decisions on review shall be final and bind all parties concerned. 
  

	9.	General Provisions 

 9.1-1 If
suit or action is instituted to enforce any rights under this Plan, the prevailing party may recover from the other party reasonable attorneys’ fees at trial and on any appeal. 
 9.1-2 Any notice under this Plan shall be in writing and shall be effective when actually delivered or, if mailed, when deposited
as registered or certified mail directed to the Company at the address stated in the Statement of Participation or to such other address as either party may specify by notice to the other party. Unless otherwise designated, notices to the Committee
or the Administrator shall be sent to the address specified for the Company. 
 9.1-3 The rights of a participant
under this agreement are personal. Except for amounts owing to or claimed by the Company or an Affiliate and except for the limited provisions of 3.2 above, no interest of a participant or spouse or representative of a participant may be directly or
indirectly transferred, encumbered, seized by legal process or in any other way subjected to the claims of any creditor. 
  

 15 

 9.1-4 Following termination of employment, a participant shall not be an employee
of the Company or an Affiliate for any purpose, and payments under 3 shall not constitute salary or wages. A participant shall receive such payments as retirement benefits, not as compensation for performance of any substantial services. 

9.1-5 Except as provided in 9.1-3 above, this Plan shall be binding on and inure to the benefit of the parties, their successors
and assigns. If the Company or an Affiliate merges, consolidates or otherwise reorganizes, or its business or assets are acquired by another company, this Plan shall be binding on the successor company and shall apply to any employment of
participants by the successor company. 
 9.1-6 This Plan shall be construed according to the laws of Oregon, except as
preempted by federal law. 
 9.1-7 The Company may withhold from payments to a participant or surviving spouse any
income tax or other amounts as required by law. 
  

	10.	Definition of Change in Control 

 For purposes of this Plan, a “Change in Control of the Company” shall be deemed to have occurred if: 
 (a)
Any “person,” as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan
of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), is or becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 20 percent or more of the combined voting power of the Company’s then outstanding securities; 
 (b) During any period of two consecutive years (not including any period prior to the effective date of this Plan), individuals who at
the beginning of such period constitute the Board of Directors of the Company (the Board), and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in
clause (a), (c) or (d) of this section) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds 2/3 of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof; 
  

 16 

 (c) The stockholders of the Company approve a merger or consolidation of the Company with
any other company, other than (1) a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) more than 50 percent of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or (2) a merger or
consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as defined above) acquires more than 20 percent of the combined voting power of the Company’s then outstanding
securities; or 
 (d) The stockholders of the Company approve a plan of complete liquidation of the Company or an agreement
for the sale or disposition by the Company of all or substantially all of the Company’s assets. 
  

	11.	Effective Date; 409A Compliance 

 The restatement of the Prior Plans (this Restatement) shall be effective immediately upon the close of the 2004 plan year, December 31, 2004. This Restatement is designed to preserve all benefits vested and accrued as of
December 31, 2004 as 409A-exempt benefits, and to provide for ongoing accruals for post-2004 covered employment by eligible participants on all relevant terms that apply to pre-2005 accruals except to the extent those terms and the related
accruals must be restricted to avoid violating applicable requirements of 409A. The 409A Supplement accompanying this Restatement is designed to provide for the post-2004 accruals in compliance with 409A requirements. 
  

									
	 COMPANY
	 		 	PRECISION CASTPARTS CORP.
					
		 		 		 	 By:
	 	/s/ William D. Larsson
		 		 		 	 Name:
	 	William D. Larsson
		 		 		 	 Title:
	 	 Senior Vice President and
 Chief Financial
Officer

				
		 		 		 	Date signed: December 18, 2006

  

 17 

 PRECISION CASTPARTS CORP. 
 FROZEN SUPPLEMENTAL EXECUTIVE RETIREMENT PROGRAM 
 409A Supplement

 This Supplement relates to the Plan document (the Main Plan Document) for the Frozen Supplemental Executive Retirement Program (the
Plan) as described in section 11 of the Main Plan Document. 
 Ongoing accrual of benefits under the Plan for post-2004 covered employment by
eligible participants (Post-2004 Accruals) occurs only as described in this Supplement. 
 All Post-2004 Accruals are subject to restrictions
necessary to comply with requirements of Internal Revenue Code section 409A (409A) and applicable regulations (409A Requirements), incorporated herein by this reference. 
 Except as restricted by this Supplement to achieve compliance with 409A Requirements, Post-2004 Accruals occur on the same terms, and with the same
benefit rights, options and features, as accruals for covered employment before 2005 by eligible participants (Pre-2005 Accruals). Pre-2005 Accruals are exempt from 409A Requirements as grandfathered benefits to the extent permitted by 409A and
applicable regulations. Pre-2005 Accruals for a participant who has Post-2004 Accruals shall be determined as though the participant terminated employment on December 31, 2004, with the resulting benefit adjusted actuarially to reflect the
later benefit starting date upon actual retirement in accordance with applicable 409A Requirements. 
  

 18

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