Document:

Exhibit 10.9

 

EXHIBIT 10.9

Amendment

to

Argo-Tech Corporation Trust Agreement

and

Michael S. Lipscomb Stay Pay Agreement

     This Amendment (the “Amendment”) to the Argo-Tech Corporation Trust Agreement dated October
28, 1994, as amended November 22, 2002 (the “Rabbi Trust”), and to the Stay Pay Agreement dated
February 13, 1989 (the “Stay Pay Agreement”) between Argo-Tech Corporation (HBP), formerly known as
Argo-Tech Corporation (“Argo-Tech”), and Michael S. Lipscomb (the “Beneficiary”) is by and between
Argo-Tech and the Beneficiary.

     WHEREAS, the Beneficiary and Argo-Tech entered into the Stay Pay Agreement;

     WHEREAS, Argo-Tech executed the Rabbi Trust which trust was intended to secure amounts due
under the Stay Pay Agreement;

     WHEREAS, AT Holdings Corporation (“Holdings”), the parent of Argo-Tech, has entered into an
Agreement and Plan of Merger dated as of September 13, 2005 (the “Merger Agreement”) by and among
Holdings, Argo-Tech Corporation, GreatBanc Trust Company, in its capacity as trustee for the
Argo-Tech Corporation Employee Stock Ownership Plan, V.G.A.T. Investors, LLC (“Parent”), and Vaughn
Merger Sub, Inc. (“Acquisition Sub”), as amended, whereby Parent is to acquire Holdings through the
merger of Acquisition Sub with and into Holdings; and

     WHEREAS, Argo-Tech and the Beneficiary wish to amend the Rabbi Trust and the Stay Pay
Agreement so that the amount of assets held under the Rabbi Trust shall be paid to Beneficiary at
the Closing under the Merger Agreement and, upon such payment, the Rabbi Trust shall immediately
terminate.

          NOW THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

	 	1.1	 	Amendment. The Stay Pay Agreement and the Rabbi Trust are hereby
amended to provide for a payment to the Beneficiary or Successor from the assets of the
Trust in an amount equal to the amount of assets then held under the Trust upon the
occurrence of the Closing under the Merger Agreement. Such payment shall be made as
soon as reasonably possible after the Trustee’s receipt of an affidavit executed by an
officer of Argo-Tech other than the Beneficiary stating that such Closing has occurred.
Immediately upon Beneficiary’s receipt of such payment,

 

 

	 	 	 	the Rabbi Trust and the Stay Pay Agreement shall be terminated without any further
action of the parties.
	 
	 	1.2	 	Effective Date. This Amendment shall be effective October 25, 2005.
	 
	 	1.3	 	Cancellation. If the Trustee shall not have made the payment described
in Section 1.2 above prior to December 20, 2005, this Amendment shall be of no further
force and effect whatsoever.
	 
	 	1.4	 	Force and Effect. Except as provided for herein, the Stay Pay
Agreement and the Rabbi Trust shall remain in full force and effect in accordance with
their terms until their termination in accordance with the last sentence of Section 1.1
above.

	 	 	 	 	 	 	 
	 	 	ARGO-TECH CORPORATION (HBP)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Paul R. Keen 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	Vice President 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	ARGO-TECH CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Frances S. St.Clair 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	Vice President 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NATIONAL CITY BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Christian Brown 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	Vice President 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	BENEFICIARY	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Michael S. Lipscomb	 	 
	 	 	   	 	 
	 	 	Michael S. LipscombExhibit 10.16

 

EXHIBIT 10.16

FOURTH AMENDMENT TO THE

ARGO-TECH CORPORATION

EMPLOYEE STOCK OWNERSHIP PLAN

AND TRUST AGREEMENT

As Amended and Restated

Effective November 1, 2001

     Pursuant to Section 13.02 of the Argo-Tech Corporation Employee Stock Ownership Plan and Trust
Agreement, as amended and restated effective November 1, 2001 (the “Plan”), the Plan is hereby
amended, effective September 15, 2005, as follows:

     (1) Effective September 15, 2005, the following definitions are added to Section 1 of the
Plan:

1.74 “Interim Allocation Date” means September 15, 2005, and such
other date, other than the last date of the Plan Year, designated by
the Plan Administrator, in its sole discretion, as a date for the
allocation of Employer contributions and forfeitures pursuant to
Section 3.04.

1.75 “Interim Allocation Period” means the period of time beginning
on the first day of the Plan Year and ending on an Interim
Allocation Date.

     (2) Effective September 15, 2005, Section 3.04(A) of the Plan is amended and restated in its
entirety to read as follows:

     3.04 Contribution Allocation.

(A) Method of Allocation. Subject to any restoration allocation
required under Section 5.04 and to Section 8.03(B), the Plan shall
allocate and credit each Employer contribution, and Participant
forfeitures, if any, to the Account on the last day of the Plan Year
and each Interim Allocation Date of each Participant who satisfies
the conditions of Section 3.06. The Plan shall make this allocation
in the same ratio that each Participant’s Compensation for the Plan
Year or for the Interim Allocation Period, if applicable, bears to
the total Compensation of all Participants for the Plan Year or the
Interim Allocation Period. For purposes of this Section 3.04(A),

 

 

“Participant” means, in addition to a Participant who satisfies the
requirements of Section 3.06 for the Plan Year, any other
Participant entitled to a top heavy minimum allocation under Section
3.04(B), but such Participant’s allocation shall not exceed 3% of
his Compensation for the Plan Year.

     (3) Effective September 15, 2005, Section 3.06(B) of the Plan is amended and restated in its
entirety to read as follows:

(B) Employment Requirement: A Participant for a particular Plan
Year shall share in the allocation of Employer contributions and
Participant forfeitures, if any, for that Plan Year or for any
applicable Interim Allocation Period only if he is actively employed
by the Employer as an Employee (other than an Excluded Employee) on
the last day of such Plan Year or on the applicable Interim
Allocation Date, or his employment terminates during such Plan Year
or during the Interim Allocation Period as a result of his death, or
his Disability, or after he has attained age 55 with 10 or more
years of Continuous Service.

EXECUTION OF FOURTH AMENDMENT

     To record the adoption of this Fourth Amendment to the Plan, Argo-Tech Corporation has
executed this Amendment this 22nd day of September, 2005.

ARGO-TECH CORPORATION

By: /s/ Frances S. St. Clair

Title: Vice President

By: /s/ Paul R. Keen

Title: Vice President

-2-

 

CONSENT OF THE

ARGO-TECH CORPORATION

EMPLOYEE STOCK OWNERSHIP PLAN

PLAN ADMINISTRATIVE COMMITTEE

Pursuant to the requirements of Section 13.02 of the Argo-Tech Corporation Employee Stock Ownership
Plan (the “Plan”), the undersigned members of the Plan Administrative Committee hereby consent to
the Fourth Amendment to the Amended and Restated Argo-Tech Corporation Employee Stock Ownership
Plan and Trust Agreement:

	 	 	 	 	 
	Signature:

	 	/s/ Frances S. St. Clair
	 	 
	 
	 	 	 	 
	Print Name:

	 	Frances S. St. Clair	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 25, 2005	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Signature:

	 	/s/ James M. Cunningham	 	 
	 
	 	 	 	 
	Print Name:

	 	James M. Cunningham	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 26, 2005	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Signature:

	 	/s/ Paul R. Keen	 	 
	 
	 	 	 	 
	Print Name:

	 	Paul R. Keen	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 25, 2005	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Signature:

	 	/s/ Paul A. Sklad	 	 
	 
	 	 	 	 
	Print Name:

	 	Paul A. Sklad	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 25, 2005	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Signature:

	 	/s/ Michelle L. McCormick	 	 
	 
	 	 	 	 
	Print Name:

	 	Michelle L. McCormick	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 26, 2005	 	 

-3-Exhibit 10.17

 

EXHIBIT 10.17

FIFTH AMENDMENT TO THE

ARGO-TECH CORPORATION

EMPLOYEE STOCK OWNERSHIP PLAN

AND TRUST AGREEMENT

As Amended and Restated

Effective November 1, 2001

     Pursuant to Section 13.02 of the Argo-Tech Corporation Employee Stock Ownership Plan and Trust
Agreement, as amended and restated effective November 1, 2001 (the “Plan”), the Plan is hereby
amended as follows:

     (1) Effective on the Merger Effective Date (as defined below), Section 1 of the Plan shall be
amended by adding the following definitions:

1.71 “Argo Tracker Payment” means the payment of additional
consideration, if any, payable to AT Holdings Corporation
stockholders pursuant to Section 2.12 of the Merger Agreement.

1.72 “Employer Securities Ownership Percentage” means each
Participant’s percentage ownership of the Employer Securities held
by the Trust on the Merger Effective Date as set forth on Appendix A
hereto.

1.73 “Escrow Account” means the account established pursuant to the
escrow agreement provided for in the Merger Agreement to hold a
portion of the merger consideration as provided for in the Merger
Agreement.

1.76 “Merger Agreement” means the Agreement and Plan of Merger
dated as of September 13, 2005, by and among AT Holdings
Corporation, Argo-Tech Corporation, the Trustee, V.G.A.T. Investors,
LC, and Vaughn Merger Sub, Inc.

1.77 “Merger Effective Date” means the effective date of the merger
provided for in the Merger Agreement.

     (2) Effective on the Merger Effective Date, a new Section 6.03(c), which reads as follows, is
added to the Plan:

 

 

6.03(c) Special Allocations.

Amounts may be allocated to Participant General Investment Account
as the result of the payment of additional consideration to
stockholders pursuant to the Merger Agreement.

(1) Escrow Account. In the event any amounts are
paid to the Trust from the Escrow Account, such amounts
shall immediately, be allocated to Participants’ General
Investment Accounts in accordance with the Employer
Securities Ownership Percentage. Such allocation shall be
made to a Participant’s Account even if the Participant is
not an Employee of the Company on the date of such
allocation.

(2) Argo Tracker. In the event any amount is paid
to the Trust as an Argo Tracker Payment, such amount shall
immediately, be allocated to Participant(s) General
Investment Accounts, in accordance with the Employer
Securities Ownership Percentage. Such allocation shall be
made to a Participant’s Account even if the Participant is
not an Employee of the Company on the date of such
allocation.

     (3) Effective on the Merger Effective Date, the second and third sentences of Section 7.02 of
the Plan shall be deleted from the Plan.

     (4) Effective on the Merger Effective Date, the first sentence of the second paragraph of
Section 7.03 of the Plan shall be deleted from the Plan.

     (5) Effective on the Merger Effective Date, Article VII of the Plan is amended by adding the
following Section 7.11 thereto:

“7.11. Distribution of Special Allocations”

Any amounts allocated to a Participant’s Account pursuant to Section
6.03(c) shall be distributed to the Participants as soon as
practical after allocation. Such distribution shall be in the form
of a lump sum cash payment.

     (6) Effective on the Merger Effective Date, the first paragraph of Section 8.03(A) is amended
and restated in its entirety to read as follows:

(A) Trustee Powers. Subject to the investment policy provided to
the Trustee by the Plan Administrative Committee, the Trustee has
full discretion and authority with regard to the investment of the
Trust Fund.

-2-

 

     (7) Effective on the Merger Effective Date, Section 8.03 of the Plan is amended by addition
thereto of a new 8.03(A)(r) which reads as follows:

“To take any and all action the Trustee determines as necessary or
appropriate to protect or enforce the Trust’s rights under the
Merger Agreement and the Escrow Agreement.”

     (8) Effective on the Merger Effective Date, the Plan shall no longer be an “employee stock
ownership plan” within the meaning of Section 4975(e)(7) of the Code and the second “Whereas”
clause of the introductory page of the Plan shall be deleted.

     (9) Effective immediately prior to the Merger Effective Date, Article XIII of the Plan shall
be amended by adding a Section 13.07 to the Plan which reads as follows:

13.07 Terminated Plan. The Plan is terminated and all
Accrued Benefits shall be fully vested and nonforfeitable.

     (10) Effective on the Merger Effective Date, Article XIII of the Plan shall be amended by
adding a Section 13.08 to the Plan which reads as follows:

     13.08 Employee Stock Ownership Plan Provisions. Effective on the Merger Effective
Date, the Plan shall constitute a profit sharing plan, any Plan provisions resulting from, or
relating to, the Plan’s former status as an “employee stock ownership plan” within the meaning of
Section 4975(e)(7) of the Code shall be deleted from the Plan, and no distributions of Employer
Securities or any other “qualifying employer security” (within the meaning of Section 4975(e)(8) of
the Code) shall be provided.

EXECUTION OF FIFTH AMENDMENT

     To record the adoption of this Fifth Amendment to the Plan, Argo-Tech Corporation has executed
this Amendment this 25 day of October, 2005.

ARGO-TECH CORPORATION

By: /s/ Paul R. Keen

Title: Vice President

By: /s/ Frances S. St. Clair

Title: Vice President

-3-

 

CONSENT OF THE

ARGO-TECH CORPORATION

EMPLOYEE STOCK OWNERSHIP PLAN

PLAN ADMINISTRATIVE COMMITTEE

Pursuant to the requirements of Section 13.02 of the Argo-Tech Corporation Employee Stock Ownership
Plan (the “Plan”), the undersigned members of the Plan Administrative Committee hereby consent to
the Fifth Amendment to the Amended and Restated Argo-Tech Corporation Employee Stock Ownership Plan
and Trust Agreement:

	 	 	 	 	 
	Signature:

	 	/s/ Frances S. St. Clair
	 	 
	 
	 	 	 	 
	Print Name:

	 	Frances S. St. Clair	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 25, 2005	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Signature:

	 	/s/ James M. Cunningham	 	 
	 
	 	 	 	 
	Print Name:

	 	James M. Cunningham	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 25, 2005	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Signature:

	 	/s/ Paul R. Keen	 	 
	 
	 	 	 	 
	Print Name:

	 	Paul R. Keen	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 25, 2005	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Signature:

	 	/s/ Paul A. Sklad	 	 
	 
	 	 	 	 
	Print Name:

	 	Paul A. Sklad	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 25, 2005	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Signature:

	 	/s/ Michelle L. McCormick	 	 
	 
	 	 	 	 
	Print Name:

	 	Michelle L. McCormick	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date: October 26, 2005	 	 

-4-

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