Document:

2008 Employee Stock Purchase Plan

 Exhibit 10.9 
 PRECISION CASTPARTS CORP. 
 2008 EMPLOYEE STOCK PURCHASE PLAN 
 1. Purpose of the Plan. Precision Castparts Corp. (the “Company”) believes that ownership of shares of its common stock by its
employees, and by the employees of its subsidiaries, is desirable as an incentive to better performance and improvement of profits, and as a means by which employees may share in the Company’s growth and success. The purpose of the Precision
Castparts Corp. 2008 Employee Stock Purchase Plan (the “Plan”) is to provide a convenient means for employees of the Company and its subsidiaries to purchase the Company’s stock. The Company intends that the Plan qualify as an
employee stock purchase plan under section 423 of the Internal Revenue Code of 1986, as amended (the “IRC”), and the Plan shall be construed in a manner consistent with that intent. 
 2. Shares Reserved for the Plan. There are 3,000,000 shares of the Company’s authorized but unissued Common Stock (the “Common
Stock”) reserved for the Plan. The number of shares reserved is subject to adjustment in the event of stock dividends, stock splits, combinations of shares, recapitalizations or other changes in the outstanding Common Stock. The determination
of whether an adjustment shall be made and the manner of any adjustment shall be made by the Board of Directors of the Company (the “Board of Directors”) without any further approval from the shareholders, which determination shall be
conclusive. 
 3. Administration of the Plan. The Plan shall be administered by the Employee Stock Purchase Plan Committee (the
“Committee”), which shall consist of three or more employees appointed by the Board of Directors. The Board of Directors may at any time remove any member of the Committee, with or without cause, fill vacancies and appoint new members of
Committee. The Committee shall have authority to promulgate rules and regulations for the operation of the Plan, to adopt forms for use in connection with the Plan, to decide any question of interpretation of the Plan or rights arising under the
Plan and generally to supervise the administration of the Plan. The Committee may consult with counsel for the Company on any matter arising under the Plan. All determinations and decisions of the Committee on administrative matters shall be
conclusive. 
 4. Eligible Employees. Except as provided below, all full-time employees of the Company and all full-time employees of
any domestic or foreign subsidiary of the Company that is designated by the Board of Directors as a participant in the Plan (a “Participating Subsidiary”) are eligible to participate in the Plan. Any employee who, after receiving an option
pursuant to the Plan, would own or be deemed under IRC section 424(d) to own stock (including stock that may be purchased under any outstanding options) possessing five percent or more of the total combined voting power or value of all classes of
stock of the Company or, if applicable, its parent or subsidiaries, shall be ineligible to participate in the Plan. A full-time employee is one who is an employee of the Company or of any Participating Subsidiary on the date an option is granted
pursuant to the Plan, excluding, however, any employee whose customary employment is fewer than 20 hours per week or whose customary employment is for not more than five months per calendar year. An employee shall be treated as employed continuously
for all purposes of the Plan during any period not exceeding three months during which he or she is on sick, military or other bona fide leave of absence, including layoff, or, if longer, so long as the 

 
employee’s right to reemployment is provided either by statute or by contract. If the period of leave exceeds three months and the employee’s right
to reemployment is not provided either by statute or by contract, the employment relationship shall, for purposes of the Plan, be deemed to terminate on the first day immediately following the three-month period. 
 5. Participation in the Plan. The Board of Directors may make an option grant under the Plan to all, but not fewer than all, eligible employees as
of a specific date during the first month of each calendar year (the “Offer Date”). In addition, in connection with an acquisition of a subsidiary that is designated as a Participating Subsidiary, or an acquisition of assets and related
employees by the Company or a Participating Subsidiary, the Board of Directors may make an option grant under the Plan to all, but not fewer than all, eligible employees of the subsidiary or eligible employees hired in connection with the asset
acquisition, as the case may be, as of a specific date (the “Special Offer Date”), provided that the Board of Directors shall have determined that such option grant is consistent with the requirements of IRC section 423. Shares subject to
the options, to the extent of exercise of the options by eligible employees, shall be purchased on December 31 of the year in which the Offer Date or Special Offer Date, as applicable, occurs (the “Purchase Date”). To the extent
options granted under the Plan are not exercised by the Purchase Date, the options shall expire and be of no further force or effect. 
 Options granted pursuant to the Plan in any calendar year shall give each eligible employee the right to purchase shares of Common Stock at the Purchase Price with payroll deductions up to 10 percent of eligible compensation, which shall
mean base pay, overtime, shift differential, bonus, vacation, holiday, salary continuation and other leave paid by PCC to the Plan participant. The maximum number of shares that can be purchased by any eligible employee in any calendar year is the
lesser of 2,000 shares or shares with a fair market value of $25,000 on the Offer Date or Special Offer Date, as applicable. 
 No options
may be granted pursuant to the Plan that would allow an employee’s right to purchase shares under all stock purchase plans of the Company and its subsidiaries, to which IRC section 423 applies, to accrue at a rate that exceeds $25,000 of fair
market value of shares (determined on the Offer Date or Special Offer Date, as applicable) for the calendar year in which the Offer Date or Special Offer Date, as applicable, occurs. For this purpose, the right to purchase shares pursuant to an
option accrues on the Purchase Date. 
 An employee may participate in the Plan with respect to all or a portion of the shares covered by the
option by submitting to the Company, on a form supplied by the Company, a subscription and payroll deduction authorization. The payroll deduction authorization will authorize the employer to deduct a specific amount from each of the employee’s
paychecks beginning with the payroll period after which the payroll deduction authorization was submitted and continuing until the last payroll period before the Purchase Date or until the employee amends or terminates the payroll deduction
authorization. With respect to each applicable pay period, an employee may specify a payroll deduction percentage that is at least 1 percent and not greater than 10 percent of such employee’s eligible compensation for the pay period. The
payroll deduction percentage applicable to any pay period shall also apply to any non-recurring payment of eligible compensation (e.g., a bonus payment) made during that pay period. After an employee has begun participating in the Plan by
initiating payroll deductions, the employee may 

  

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change the authorized payroll deduction percentage at each pay period, and the change will be effective in the next payroll period. An employee may suspend
the deduction at any time, and the suspension will be effective in the next payroll period after the deduction is suspended. Accumulated deductions will be refunded, without interest, within 30 days upon written request. Otherwise, the accumulated
amount will be used to purchase shares as described below. After suspension, deduction may be resumed by submitting a new subscription and payroll deduction authorization. If (i) an employee’s employer ceases to be a Participating
Subsidiary, or (ii) an employee’s employment with the Company or a Participating Subsidiary is terminated, other than on account of death, accumulated payroll deductions will be refunded, without interest, within 30 days. On termination
due to death, the representative of the estate of the deceased employee may elect to have the accumulated payroll deductions refunded as described above. Otherwise, the accumulated amount will be used to purchase shares as described below.

 6. Purchase of Shares. All amounts withheld from an employee’s pay pursuant to Section 5 shall be credited to an account
established for the employee under the Plan (the “employee’s account”). No interest will be paid on the accounts. The total amount credited to an employee’s account on the Purchase Date will be used to purchase full and
fractional shares under the Plan, subject to the applicable limits on available shares. If the total amount in any employee’s account, or the aggregate of all employees’ accounts, would purchase shares in excess of the applicable limits,
the excess will be refunded, without interest, to the employees affected by the limits. Notwithstanding any of the foregoing, (A) no shares may be purchased under the Plan until the Plan has been approved by the holders of a majority of the
Common Stock voted on the Plan at a validly held meeting of shareholders, and (B) all accumulated deductions will be refunded, without interest, if the Plan has not been so approved before December 31, 2008. 
 7. Purchase Price. The price at which a share of Common Stock may be purchased pursuant to the Plan shall be specified by the Board of Directors
at the time of option grant, but shall not be less than the lower of (i) 85 percent of the fair market value of a share of Common Stock on the Offer Date or Special Offer Date, as applicable, or (ii) 85 percent of the fair market value of
a share of Common Stock on the Purchase Date. Unless otherwise specified by the Board of Directors, the fair market value of a share of Common Stock shall be the closing price of a share of Common Stock on the New York Stock Exchange for such date,
as published in The Wall Street Journal. In the event that the Common Stock is no longer listed on the New York Stock Exchange, then the Board of Directors or the Committee shall substitute a comparable source of closing price information.

 8. Delivery and Custody of Shares. Full and fractional shares determined as of the Purchase Date will be credited to each
employee’s account within 30 days after the Purchase Date. Shares purchased by employees pursuant to the Plan shall be held by Fidelity Investments, Fidelity Stock Plan Services or a successor custodian approved by the Committee (the
“Custodian”). By appropriate instructions to the Custodian on forms to be provided for the purpose, an employee may obtain electronic or physical delivery into the employee’s own name, or the employee’s brokerage account, of all
or part of the whole shares held by the Custodian for the employee’s account, and delivery of those shares to the employee. Any fractional shares held by the Custodian for the employee’s account will be settled for cash. Upon an
employee’s 

  

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written, telephonic or electronic request to the Custodian, all or part of the employee’s full and fractional shares credited to an employee’s
account shall be sold by the Custodian’s discount brokerage company. The employee shall pay the brokerage company’s charges for such sale. 
 9. Records and Statements. The Company shall keep records of payroll deductions during the year and transmit the records to the Custodian on a timely basis. Active Plan participants shall receive a quarterly
statement within 30 days after the end of each quarter which shows the share value and activity in the employee’s account, unless electronic delivery of Plan activity has been selected. Participants will be furnished such other reports and
statements, and at such intervals, as the Committee shall determine from time to time. 
 10. Expenses of the Plan. The Company will
pay all expenses, except brokerage fees on sales of shares and any fees specific to an employee’s individual account with the Custodian, incident to operation of the Plan, including costs of record keeping, accounting fees, legal fees,
commissions and issue or transfer taxes on purchases of Common Stock pursuant to the Plan. 
 11. Rights Not Transferable. Rights to
purchase shares under the Plan shall not be transferable or assignable by the employee except by will or by the laws of descent and distribution of the state or country of the employee’s domicile at the time of death and shall be exercisable
during the employee’s lifetime only by the employee. 
 12. Limitations on Rights to Purchase Shares. 
 (a) Except as provided in Section 12(b) of the Plan, no shares may be purchased under the Plan unless the purchaser is employed by
the Company or a Participating Subsidiary on the Purchase Date and shall have been so employed continuously since the Offer Date or Special Offer Date, as applicable. 
 (b) If the employee’s employment by the Company or a Participating Subsidiary is terminated by death, any shares available for
purchase by the employee shall be purchased on the Purchase Date (although, as described above, the representative of the estate of the deceased employee may elect before the Purchase Date to have the accumulated payroll deductions refunded without
interest). 
 13. Dividends and Other Distributions. Dividends and other distributions, if any, on shares held by the Custodian shall
be paid to the Custodian and held by it for the account of the respective employees entitled to them. Cash dividends or distributions paid to the Custodian shall be in proportion to the number of shares held in the employees’ accounts.
Dividends and other distributions, if any, on shares held directly by employees shall be issued currently to the employees entitled to them. 
 14. Voting and Shareholder Communications. In connection with voting on any matter submitted to the shareholders of the Company, the Custodian shall vote the shares it holds for each employee’s account in accordance with
instructions from the employee or, if requested by an employee, shall furnish to the employee a proxy authorizing the employee to vote the shares. Copies of all general communications to shareholders of the Company shall be sent to employees
participating in the Plan. 
  

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 15. Responsibility. Neither the Company, the Board of Directors, any Participating Subsidiary, nor
any officer or employee of any of them shall be liable to any employee under the Plan for any mistake of judgment or for any omission or wrongful act unless resulting from willful misconduct or intentional misfeasance. 
 16. Conditions and Approvals. The obligations of the Company under the Plan shall be subject to compliance with all applicable state and federal
laws and regulations, the rules of any stock exchange on which the Company’s securities may be listed, and the approval of federal and state authorities or agencies with jurisdiction in the matter. The Company shall use its best efforts to
comply with such laws, regulations, and rules and to obtain required approvals. 
 17. Amendment of the Plan. The Board of Directors
may from time to time amend the Plan in any and all respects, except that without the affirmative vote of the holders of a majority of the shares of the Company voting on the amendment at a validly held meeting of shareholders, the Board of
Directors may not (a) increase the number of shares reserved for the Plan (except for adjustments in the event of stock dividends, stock splits, combinations of shares, recapitalizations, or other changes in the outstanding Common Stock) or
(b) modify the eligibility requirements under the Plan. 
 18. Termination of the Plan. The Plan shall terminate when all of the
shares reserved for purposes of the Plan have been purchased, provided that the Board of Directors in its sole discretion may at any time terminate the Plan without any obligation on account of such termination, except that such termination shall
not affect outstanding rights to purchase shares on the Purchase Date. With the consent of the shareholders, additional Common Stock may be reserved for the Plan. Notwithstanding anything in the Plan to the contrary, in the event of a change in
control of the Company, if the Board of Directors determines that the operation or administration of the Plan could prevent participating employees from obtaining the benefit of the timely exercise of their options under the Plan, the Plan may be
terminated in any manner deemed by the Board of Directors to provide equitable treatment to participating employees. Equitable treatment may include, but is not limited to, (i) the setting by the Board of Directors of an interim purchase date
or (ii) the payment to each participating employee of the amount of contributions standing to such participating employee’s account as of the date of the change in control, plus, except in the case of a participating employee who is
subject to Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), an additional amount equal to the product of (A) the number of full shares of Common Stock that could have been purchased for the
participating employee immediately prior to the change in control with the contributions standing to such participating employee’s account as of the date of the change in control at the purchase price (determined under Section 7) as of the
Offer Date or Special Offer Date, as applicable (the “Purchase Price”) and (B) the excess, if any, of the highest price paid per share of Common Stock in connection with the change in control of the Company over the Purchase Price.

  

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 For purposes of the Plan, a “change in control” of the Company shall have occurred if:

 (a) any “person,” as such term is used in Sections 13(d) and 14(d) of 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 shareholders 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 more than 20 percent 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
execution of this Agreement), individuals who at the beginning of such period constitute the Board of Directors, 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 of Directors or nomination for election by the Company’s shareholders 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; 
 (c) the shareholders of the Company approve a merger or consolidation of the Company with any other company, other than (1) a merger
or consolidation 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 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 hereinabove defined) acquires more than 20 percent of the combined voting power of the Company’s then outstanding securities; or 
 (d) the shareholders 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. 
 19. Tax Withholding. Each participant who has purchased
shares under the Plan shall immediately upon notification of the amount due, if any, pay to the Company in cash amounts necessary to satisfy any applicable federal, state and local tax withholding determined by the Company to be required. If the
Company determines that additional withholding is required beyond any amount deposited at the time of purchase, the participant shall pay such amount to the Company on demand. If the participant fails to pay the amount demanded, the Company may
withhold that amount from other amounts payable by the Company to the participant, including salary, subject to applicable law. 
 20.
Effective Date. This Plan shall become effective January 1, 2008 (the “Effective Date”) provided that no options granted under the Plan may be exercised until the Plan has been approved by the holders of a majority of the
Common Stock voted on the Plan at a validly held meeting of shareholders. 
  

 6Executive Deferred Compensation Plan, 2005 Restatement as amended

 Exhibit 10.15 
 CONFORMED COPY 
 PRECISION CASTPARTS CORP. 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 2005 RESTATEMENT 
 January 1, 2005 
 (As Amended Through Amendment No. 1) 
 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	  	16

  

 PRECISION CASTPARTS CORP 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 2005 RESTATEMENT 
 January 1, 2005 
 (As Amended
Through Amendment No. 1) 
  

			
	 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 
  

 6 

 (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. 
  

 7 

 (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, 2007, 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. A subsequent
change in the selection of the time and manner of payment made by an Executive no later than December 31, 2007, shall not be subject to the requirement that the payment time be at least five years later than the payment time previously in
effect and that the change not accelerate the time of payment and shall take effect immediately with respect to the Executive’s Post-2004 Subaccount without the 12-month waiting period required by 5.3(a) and (b). 
 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 
  

 8 

 (b) The Executive will continue performing services for the employer and the Executive
and the Company reasonably anticipate that the level of such continuing services, whether as an employee or an independent contractor, will be at a rate of 20 percent or more of the average level during the immediately preceding 36-month period.

 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. 

 

 9 

 (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. 
  

 10 

 (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. 
 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. 

 

 11 

	 	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. 
  

 12 

 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. 
 (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. 
  

 13 

 (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 the 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. 
 2005 RESTATEMENT EXECUTED AS FOLLOWS EFFECTIVE
JANUARY 1, 2005: 
  

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

			
		
	Date signed: 	 	December 18, 2006

 AMENDMENT NO. 1 EXECUTED AS FOLLOWS EFFECTIVE AS PROVIDED IN THE AMENDMENT: 
  

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

			
		
	Date signed: 	 	August 29, 2007

  

 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 Fund 

  

 16

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