Document:

Exhibit 10.7

 Exhibit 10.7 
 COLFAX CORPORATION 
 EXCESS BENEFIT PLAN 
 Effective December 1, 2005 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE 1 DEFINITIONS
	  	1
		
	 ARTICLE 2 SELECTION, ENROLLMENT, ELIGIBILITY
	  	5
		
	 ARTICLE 3 DEFERRAL ELECTIONS
	  	5
		
	 ARTICLE 4 SHORT-TERM PAYOUT; UNFORESEEABLE FINANCIAL EMERGENCIES
	  	11
		
	 ARTICLE 5 BENEFITS
	  	12
		
	 ARTICLE 6 BENEFICIARY DESIGNATION
	  	14
		
	 ARTICLE 7 LEAVE OF ABSENCE
	  	15
		
	 ARTICLE 8 TERMINATION, AMENDMENT OR MODIFICATION
	  	15
		
	 ARTICLE 9 ADMINISTRATION
	  	16
		
	 ARTICLE 10 OTHER BENEFITS AND AGREEMENTS
	  	17
		
	 ARTICLE 11 CLAIMS PROCEDURES
	  	17
		
	 ARTICLE 12 TRUST
	  	18
		
	 ARTICLE 13 MISCELLANEOUS
	  	18

  

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 COLFAX CORPORATION EXCESS BENEFIT PLAN 
 Effective December 1, 2005 
 Purpose 
 This Colfax Corporation Excess Benefit Plan (the “Plan”) is established to provide specified benefits to a select group of management and
highly compensated Employees of Colfax Corporation for the purpose of providing maximum compensation deferrals, matching contributions and a three percent (3%) company contribution to enhance retirement savings. The Plan is hereby adopted
effective December 1, 2005, with respect to pay received on or after January 1, 2006. The Plan is intended to provide benefits similar, but in addition, to benefits under the Colfax Corporation 401(k) Savings Plan Plus (the “401(k)
Plan”). The Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA. 
 ARTICLE 1 
 Definitions 
 For purposes of
the Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated meanings: 
  

	1.1	“Account Balance” shall mean, with respect to a Participant, a credit on the records of the Company equal to the sum of (i) the Deferral Account balance
(ii) the Three Percent Company Contribution Account balance and (iii) the Company Matching Contribution Account balance. The Account Balance, and each other specified account balance, shall be a bookkeeping entry only and shall be utilized
solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her Beneficiary, pursuant to the Plan. 

  

	1.2	“Annual Installment Method” shall be an annual installment payment over the number of years selected by the Participant in accordance with the Plan, calculated as
follows: (i) for the first annual installment, the vested Account Balance of the Participant shall be calculated as of the close of business on or around the last business day of the month preceding the month in which distribution commences,
and (ii) for remaining annual installments, the vested Account Balance of the Participant shall be calculated on or around each applicable anniversary date thereafter. Each annual installment shall be calculated by multiplying this balance by a
fraction, the numerator of which is one and the denominator of which is the remaining number of annual payments due the Participant. By way of example, if the Participant elects a ten (10) year Annual Installment Method, the first payment shall
be 1/10 of the vested Account Balance, calculated as described in this definition. The following year, the payment shall be 1/9 of the vested Account Balance, calculated as described in this definition. 

  

	1.3	“Beneficiary” shall mean the person or persons, designated in accordance with Article 6, that are entitled to receive benefits under the Plan upon the death of a
Participant. 

  

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	1.4	“Beneficiary Designation Form” shall mean the form established from time to time by the Company that a Participant completes, signs and returns to the Company to
designate one or more Beneficiaries. 

  

	1.5	“Bonus Compensation” shall mean, with respect to a Participant, (i) the Participant’s annual incentive bonus payable during the calendar year with respect
to services as an Employee during the prior year or (ii) the Participant’s long-term incentive bonus, if applicable, payable during the calendar year with respect to services as an Employee during a prior period longer than a year.

  

	1.6	“Change in Control” shall mean an event that constitutes a “Change of Control Event” for purposes of Code Section 409A. 

  

	1.7	“Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time. 

  

	1.8	“Company” shall mean Colfax Corporation, a Delaware Corporation, and any successor to all or substantially all of the Company’s assets or business.

  

	1.9	“Company Matching Contribution Account” shall mean Company Matching Contribution Amounts, plus (i) amounts credited in accordance with all the applicable
crediting provisions of the Plan that relate to the Participant’s Company Matching Contribution Account, less (ii) all distributions made to the Participant or his or her Beneficiary pursuant to the Plan that relate to the
Participant’s Company Matching Contribution Account. 

  

	1.10	“Company Matching Contribution Amount” shall mean, with respect to each Plan Year, the Company’s contribution to a Participant’s Company Matching
Contribution Account equal to the amount determined by applying the rate of matching contribution applied under the 401(k) Plan to the Participant’s Net Deferral Amount under the Plan for such year, and reducing that amount by the matching
contribution to be credited to the Participant under the 401(k) Plan. Notwithstanding any provision to the contrary herein, the Company reserves the right to adjust the rate of matching contribution to be applied under the Plan for subsequent years,
without notice. 

  

	1.11	“Compensation” shall be defined in the same manner as it is under Article 1.1, "Compensation," in the 401(k) Plan, but excluding any Bonus Compensation.

  

	1.12	“Deferral Account” shall mean (i) the sum of all of a Participant’s Net Deferral Amounts, plus (ii) amounts credited in accordance with all the
applicable crediting provisions of the Plan that relate to the Participant’s Deferral Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to the Plan that relate to his or her Deferral Account.

  

	1.13	“Disability Benefit” shall mean the benefit set forth in Section 5.3. 

  

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	1.14	“Disabled” shall mean a Participant can no longer continue in the service of his of her employer because of a mental or physical condition that is likely to result
in death or is expected to continue for a period of at least twelve (12) months. A Participant shall be considered Disabled only if he or she meets one or more of the following criteria: 

  

	 	(a)	He or she is eligible to receive a disability benefit under the terms of the Social Security Act. 

  

	 	(b)	He or she is eligible to receive a benefit under his or her employer's long term disability plan. 

  

	 	(c)	The Company determines he or she is Disabled based on a written certificate of a physician acceptable to it. 

  

	1.15	“Election Form” shall mean the form established from time to time by the Company that a Participant completes, signs and returns to the Company to make a deferral
election with respect to Compensation or Bonus Compensation under the Plan. 

  

	1.16	“Employee” shall mean a person who is an employee of the Company. 

  

	1.17	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time. 

  

	1.18	“401(k) Plan” shall mean the Colfax Corporation 401(k) Savings Plan Plus. 

  

	1.19	“Key Employee” shall mean, in the event that the Company has stock which is publicly traded on an established securities market or otherwise, “key
employee” within the meaning of Code Section 409A, unless otherwise stated in this Plan. 

  

	1.20	“Net Deferral Amount” shall have the meaning set forth in Section 3.3. 

  

	1.21	“Participant” shall mean any Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who signs an
Election Form and a Beneficiary Designation Form, (iv) whose signed Election Form and Beneficiary Designation Form are accepted by the Company, and (v) who commences participation in the Plan. A spouse or former spouse of a Participant
shall not be treated as a Participant in the Plan or have an account balance under the Plan, even if he or she has an interest in the Participant’s benefits under the Plan as a result of applicable law or property settlements resulting from
legal separation or divorce. 

  

	1.22	“Plan” shall mean the Colfax Corporation Excess Benefit Plan, as amended from time to time. 

  

	1.23	“Plan Benefit” shall mean the benefit set forth in Section 5.1. 

  

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	1.24	“Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing through December 31 of such calendar year.

  

	1.25	“Pre-Retirement Survivor Benefit” shall mean the benefit set forth in Section 5.2. 

  

	1.26	“Regular Separation from Service” means a Separation from Service for a reason other than death or becoming Disabled. 

  

	1.27	“Separation from Service” means termination of a Participant’s employment with the Company by reason of death, Retirement, becoming Disabled, resignation or
discharge. Transfer to employment with an affiliate shall not be treated as a Separation from Service. 

  

	1.28	“Short-Term Payout” shall mean the payout set forth in Section 4.1. 

  

	1.29	“Termination Date” means the date the Participant has a Separation from Service. 

  

	1.30	“Three Percent Company Contribution Account” shall mean Three Percent Company Contribution Amounts, plus (i) amounts credited in accordance with all the
applicable crediting provisions of the Plan that relate to the Participant’s Three Percent Company Contribution Account, less (ii) all distributions made to the Participant or his or her Beneficiary pursuant to the Plan that relate to the
Participant’s Three Percent Company Contribution Account. 

  

	1.31	“Three Percent Company Contribution Amount” shall mean, with respect to each Plan Year, the Company’s contribution to a Participant’s Three Percent
Company Contribution Account equal to (i) three percent (3%) of the amount of the Participant’s Compensation and Bonus Compensation payable during such year, minus (ii) the amount credited for the year to the Participant’s
account under Article VI of the 401(k) Plan as a non-elective employer contribution. 

  

	1.32	“Total Deferral Amount” shall mean that portion of a Participant’s Compensation and Bonus Compensation, if any, that a Participant elects to have deferred
under the Plan and the 401(k) Plan for any one Plan Year. The Total Deferral Amount shall equal the sum of all amounts of Compensation and Bonus Compensation to be deferred under the Plan and the 401(k) Plan for a Plan Year.

  

	1.33	“Trust” shall mean one or more rabbi trusts established by the Company in accordance with Article 12 of the Plan as amended from time to time.

  

	1.34	“Unforeseeable Financial Emergency” shall mean a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the
Participant’s spouse, or a dependent (as defined in Code Section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant. 

  

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 ARTICLE 2 
 Selection, Enrollment, Eligibility 
  

	2.1	Selection by Company. Participation in the Plan shall be limited to those Employees who (i) are officers or other select managerial employees and (ii) are, upon
recommendation of the Company, approved for such participation by the Company, in its sole discretion. 

  

	2.2	Enrollment Requirements. As a condition to participation, each selected Employee shall complete, execute and return to the Company, an Election Form and a Beneficiary
Designation Form, all within 30 days (or such shorter time as the Company may determine) after he or she is selected to participate in the Plan, in accordance with the requirements of this Article 2 and Section 3.1(a). In addition, the Company
shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary. 

  

	2.3	Eligibility; Commencement of Participation. Provided an Employee selected to participate in the Plan has met all enrollment requirements set forth in the Plan and
required by the Company, including returning all required documents to the Company within thirty (30) days (or such shorter time as the Company may determine) after he or she is selected to participate in the Plan, in accordance with the
requirements of this Article 2 and Section 3.1(a), that Employee shall commence participation in the Plan on the first day of the month following the month in which the Employee completes all enrollment requirements. If an Employee fails to
meet all such requirements within the period required, that Employee shall not be eligible to participate in the Plan until the first day of the Plan Year following the delivery to and acceptance by the Company of the required documents.

  

	2.4	Termination of Deferrals. If the Company determines in good faith that a Participant no longer qualifies as a member of a select group of management or highly
compensated employees, as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Company shall have the right, in its sole discretion, to prevent the Participant from making future deferral
elections. 

 ARTICLE 3 
 Deferral Elections 
  

	3.1	Elections to Defer Compensation. 

  

	 	(a)	Deferral Election for Compensation. In connection with a Participant’s commencement of participation in the Plan, a Participant may elect to defer Compensation by
filing with the Company an Election Form that conforms with the requirements of Article 2 within the time period specified in Section 2.3. If a Participant does not make a deferral election with respect to the first Plan Year with respect to
which the Participant is eligible to participate in the Plan, the Participant may elect to defer Compensation for any subsequent Plan year by filing with the Company an Election Form that conforms with the requirements of Article 2 before the start
of that Plan Year. 

  

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	 	(b)	Amount of Deferral. Subject to Section 3.3, the amount of Compensation that a Participant may elect to defer is such Compensation received after the date on which
the deferral election is effective, and may be an integral percentage, as selected by the Participant, which shall not exceed fifty percent (50%) of the Participant’s Compensation; provided that the total amount deferred by a Participant
shall be limited in any calendar year, if necessary, to satisfy FICA, income tax, and employee benefit plan withholding requirements as determined in the sole and absolute discretion of the Company. 

  

	 	(c)	Duration of Compensation Deferral Election. A Participant’s election to defer Compensation is effective only with respect to Compensation earned after the date on
which the election is effective and is irrevocable with respect to Compensation earned in the Plan Year for which the election is made. A Participant’s election to defer Compensation shall remain in effect for subsequent Plan Years until the
election is changed or revoked. A Participant may change or revoke a deferral election for any subsequent Plan Year by filing a new Election Form with the Company prior to the beginning of such Plan Year, at such time as the Company may require,
which election shall be effective on the first day of the next following Plan Year. 

  

	3.2	Elections to Defer Bonus Compensation. Subject to Section 3.3, in connection with a Participant’s commencement of participation in the Plan, and subject to
the final sentence of this Section 3.2, a Participant may elect to defer up to fifty percent (50%) of his or her Bonus Compensation payable during a calendar year, by completing and filing an Election Form with the Company during the
enrollment period established by the Company for deferral of that Bonus Compensation; provided that the total amount deferred by a Participant shall be limited in any calendar year, if necessary, to satisfy FICA, income tax, and employee benefit
plan withholding requirements as determined in the sole and absolute discretion of the Company. For any performance-based Bonus Compensation (within the meaning of Code Section 409A), the enrollment period shall end no later than six
(6) months prior to the end of the performance measurement period and, to the extent required by Code Section 409A, deferral elections for Bonus Compensation that is not performance-based shall be made no later than the year prior to the
year in which the services relating to the Bonus Compensation are performed. Furthermore, pursuant to transition relief provided in Notice 2005-1 (December 20, 2004) and the preamble to the proposed Treasury Department regulations under
Section 409A of the Code published in the Federal Register on October 4, 2005, and subject to the next sentence hereof, a deferral election in place as of December 31, 2005 shall apply to any Bonus Compensation payable during 2006 on
or prior to March 15, 2006, and a deferral election in place as of December 31, 2006, shall apply to any Bonus Compensation payable during 2007 on or prior to March 15, 2007. 

  

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 A Bonus Compensation deferral election made by a Participant shall become irrevocable as of the close of
the enrollment period applicable to such Bonus Compensation and established by the Company in accordance with the preceding paragraph. The Bonus Compensation deferral election may be revoked in writing up to the end of the applicable enrollment
period by completing and submitting a revocation prior to the enrollment-period close. 
  

	3.3	Net Deferral Amount. Notwithstanding anything to the contrary in this Article 3, the actual amount that will be deferred from a Participant’s Compensation and
Bonus Compensation, if any, under the Plan in any Plan Year is the Participant’s Net Deferral Amount. The Net Deferral Amount for any Plan Year shall be equal to the Total Deferral Amount that a Participant elects to defer for such year,
reduced by the amount of elective deferrals credited to the Participant’s account under the 401(k) Plan for such year. In the event of a Participant’s Separation from Service prior to the end of a Plan Year, such year’s Net Deferral
Amount shall be the actual amount withheld prior to such event. 

  

	3.4	Withholding of Net Deferral Amounts. For each Plan Year, the Net Deferral Amount shall be withheld from each regularly scheduled payroll in equal amounts, as adjusted
from time to time for increases and decreases in Compensation, and from each payment of Bonus Compensation for which an Election Form has been filed with the Company. In accordance with Sections 3.1 and 3.2, a Participant must complete separate
Election Forms for the deferral of Compensation and Bonus Compensation, except with respect to amounts payable in 2006 and 2007, for which separate elections for the deferral of Compensation and Bonus Compensation may be made, in the Company's sole
discretion, on the same Election Form, or as otherwise provided by the Company. 

  

	3.5	Annual Company Contributions. For each Plan Year, the Company will credit (a) each Participant’s Company Matching Contribution Account with the Company
Matching Contribution Amount and (b) each Participant’s Three Percent Company Contribution Account with the Three Percent Company Contribution Amount. 

  

	3.6	Vesting. 

  

	 	(a)	A Participant shall at all times be 100% vested in his or her Deferral Account. 

  

	 	(b)	A Participant’s benefit under his or her Three Percent Company Contribution Account shall at all times be 100% vested. 

  

	 	(c)	A Participant’s benefit under his or her Company Matching Contribution Account shall vest in accordance with the following schedule based on his or her years of vesting service
under the 401(k) Plan: 

  

				
	 Years of Vesting Service
	  	Vested Percentage	 
	 Less than 2
	  	0	%
	 At least 2, but less than 3
	  	20	%
	 At least 3, but less than 4
	  	40	%
	 At least 4, but less than 5
	  	60	%
	 5 or more
	  	100	%

  

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 However, if a Participant was hired on or before February 28, 1999, his or her vested interest in
his or her Company Matching Contribution Account shall be at all times 100%. 
  

	 	(d)	Notwithstanding the foregoing, if a Participant is employed by the Company on his or her Normal Retirement Date as defined under the 401(k) Plan, the date he or she becomes
Disabled, or the date he or she dies, his or her vested interest in his or her Company Matching Contribution Account shall be 100%. 

  

	 	(e)	Notwithstanding anything to the contrary contained in this Section, in the event of a Change in Control, a Participant’s Company Matching Contribution Account shall immediately
become 100% vested (if not already vested in accordance with the above vesting schedule). 

  

	 	(f)	Notwithstanding the previous subsections, the vesting schedule for a Participant’s Company Matching Contribution Account shall not be accelerated to the extent that the Company
determines that such acceleration would cause the deduction limitations of Code Section 280G to become effective. In the event that all of a Participant’s Company Matching Contribution Account is not vested pursuant to such a
determination, the Participant may request independent verification of the Company’s calculations with respect to the application of Code Section 280G. In such case, the Company must provide to the Participant within fifteen
(15) business days of such a request an opinion from a nationally recognized accounting firm selected by the Participant (the “Accounting Firm”). If the Accounting Firm’s opinion is in agreement with the Company’s
determination, the opinion shall state that any limitation in the vested percentage hereunder is necessary to avoid the limits of Code Section 280G and contain supporting calculations. The cost of such opinion shall be paid for by the Company.

  

	3.7	Deferral Accounts and Company Contribution Accounts. The Company shall establish a Deferral Account, a Three Percent Company Contribution Account and a Company
Matching Contribution Account for each Participant under the Plan. Each Participant’s Deferral Account, Three Percent Company Contribution Account and Company Matching Contribution Account shall be further divided into separate subaccounts
(“investment fund subaccounts”), each of which corresponds to an investment fund elected by the Participant. A Participant’s Deferral Account, Three Percent Company Contribution Account and Company Matching Contribution Account shall
be credited as follows: 

  

	 	(a)	After amounts are withheld and deferred from a Participant’s Compensation and/or Bonus Compensation, the Company shall credit the investment fund subaccounts of the
Participant’s Deferral Account with an amount equal to the amount of Compensation and/or Bonus Compensation deferred by the Participant as of the date that the Compensation or Bonus Compensation would have been paid to the Participant, and the
portion of the Participant’s deferred Compensation and/or Bonus Compensation that the Participant has deemed to be invested in a certain type of investment fund shall be credited to the investment fund subaccount corresponding to that
investment fund. 

  

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	 	(b)	The Company shall credit the investment fund subaccounts of the Participant’s Three Percent Company Contribution Account and Company Matching Contribution Account with the
amounts equal to the Three Percent Company Contribution Amount and Company Matching Contribution Amount, respectively, if any, for that Participant, on the date or dates to be determined by the Company in its sole discretion, and the portion of such
amounts so credited that the Participant has deemed to be invested in a certain type of investment fund shall be credited to the investment fund subaccount corresponding to that investment fund. 

  

	 	(c)	Each business day, each of the Participant’s investment fund subaccounts shall be credited with earnings or losses in an amount equal to that determined by multiplying the
balance credited to such investment fund subaccount as of the prior day plus contributions allocated to the investment fund subaccount that day by the rate of net gain or loss for the corresponding investment fund for that day.

  

	 	(d)	Each of the Participant’s investment fund subaccounts shall be reduced pro rata by the amount of any distributions made to the Participant, as of the date of the distribution.

  

	3.8	Investment Elections. 

  

	 	(a)	The Company shall select from time to time, in its sole and absolute discretion, commercially available investment funds to be used to determine the amount of earnings or losses to
be credited to the Participant’s Accounts under Section 3.7. 

  

	 	(b)	 At the time of making a deferral election, a Participant shall designate, on a form provided by the Company, the investment fund or funds in which the
Participant’s Deferral Account attributable to deferrals of Compensation and/or Bonus Compensation and the Participant’s Three Percent Company Contribution Account and Company Matching Contribution Account attributable to the annual Three
Percent Company Contribution Amount and Company Matching Contribution Amount, if any, for the Plan Year to which the deferral election relates will be deemed to be invested for purposes of determining the amount of earnings or losses to be allocated
to that Account. The Participant may specify the deemed 

  

 -9- 

	 	 
investment, in whole percentage increments, in one or more of the investment Funds as communicated from time to time by the Company. A Participant may change
this investment designation by filing a change of election and making a new designation with the Company at such time as provided by the Company and in accordance with the procedures established by the Company from time to time.

  

	 	(c)	Notwithstanding any other provision of the Plan that may be interpreted to the contrary, the investment funds selected by the Company or designation of investment funds by a
Participant shall not be considered or construed in any manner as an actual investment of the Participant. In the event that the Company or the Trustee, in its sole and absolute discretion, shall invest funds in any or all of the selected investment
funds, no Participant shall have any rights in or to such investments. Without limiting the foregoing, a Participant’s Account Balance shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her
behalf by the Company or the Trust; the Participant shall remain at all times an unsecured creditor of the Company. 

  

	3.9	FICA and Other Taxes. 

  

	 	(a)	Deferral Amounts. For each Plan Year in which a Net Deferral Amount is being withheld from a Participant, the Company shall withhold from that portion of the
Participant’s Compensation and Bonus Compensation that is not being deferred, in a manner determined by the Company, the Participant’s share of FICA and other employment taxes on such Net Deferral Amount. If necessary, the Company may
reduce the Net Deferral Amount in order to comply with this subsection (a). 

  

	 	(b)	Company Contributions. When a Participant becomes vested in a portion of his or her Three Percent Company Contribution Account or Company Matching Contribution
Account, the Company shall withhold from the Participant’s Compensation and Bonus Compensation that is not deferred, in a manner determined by the Company, the Participant’s share of FICA and other employment taxes. If necessary, the
Company may reduce the vested portion of the Participant’s Three Percent Company Contribution Account or Company Matching Contribution Account in order to comply with this subsection (b). 

  

	 	(c)	Distributions. The Company, or the trustee of the Trust, shall withhold from any payments made to a Participant under the Plan all federal, state and local income,
employment and other taxes required to be withheld by the Company, or the trustee of the Trust, in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Company and the trustee of the Trust.

  

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 ARTICLE 4 
 Short-Term Payout; Unforeseeable Financial Emergencies 
  

	4.1	Short-Term Payout. In connection with each deferral election under the Plan, a Participant may elect to receive a Short-Term Payout from the Plan with respect to all
or a portion of the Net Deferral Amount. The Short-Term Payout shall be a lump sum payment in an amount that is equal to the portion of the Net Deferral Amount that the Participant elected to have distributed as a Short-Term Payout, plus amounts
credited or debited in the manner provided in Section 3.7 above on that amount, calculated as of the close of business on or around the date on which the Short-Term Payout becomes payable, as determined by the Company in its sole discretion.
Subject to the terms and conditions of the Plan, each Short-Term Payout elected shall be paid out during a sixty (60) day period commencing immediately after the last day of any Plan Year designated by the Participant. The Plan Year designated
by the Participant must be at least five (5) Plan Years after the Plan Year in which the Net Deferral Amount is actually deferred. By way of example, if a Short-Term Payout is elected for Net Deferral Amounts that are deferred in the Plan Year
commencing January 1, 2006, the Short-Term Payout would become payable during a sixty (60) day period commencing January 1, 2011. 

  

	4.2	Other Benefits Take Precedence Over Short-Term. Should an event occur that triggers a benefit under Article 5, any Net Deferral Amount, plus amounts credited or
debited thereon, that is subject to a Short-Term Payout election under Section 4.1 shall not be paid in accordance with Section 4.1 but shall be paid in accordance with Article 5. 

  

	4.3	Payout/Cancellation for Unforeseeable Financial Emergencies. If the Participant experiences an Unforeseeable Financial Emergency, the Participant may petition the
Company to receive a partial or full payout from the Plan. The payout shall not exceed the lesser of the Participant’s Account Balance, calculated as if such Participant were receiving a Plan Benefit, or the amount reasonably needed to satisfy
the Unforeseeable Financial Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the payout, after taking into account the extent to which such Unforeseeable Financial Emergency is or may be relieved through
reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent such liquidation would not itself cause severe financial hardship). A Participant experiencing an Unforeseeable Financial
Emergency may also petition for a cancellation of his or her deferral election in effect under the Plan. If, subject to the sole discretion of the Company, the petition for a cancellation and/or payout is approved, cancellation shall take effect
upon the date of approval and any payout shall be made within sixty (60) days of the date of approval. In the event of any such cancellation, the deferral election under the Plan made by the Participant next following the cancellation of his or
her deferral election due to an Unforeseeable Financial Emergency shall be treated as an initial deferral election, subject to Article 3 and Article 5. 

  

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 ARTICLE 5 
 Benefits 
  

	5.1	Plan Benefit. A Participant who experiences a Regular Separation from Service shall receive, as the Plan benefit, his or her Account Balance (the “Plan
Benefit”). 

  

	 	(a)	Payment Commencement Date for a Regular Separation from Service. A Participant, in connection with his or her commencement of participation in the Plan, shall
designate on an Election Form the time as of which payment of his or her Plan Benefit is to commence in the event of a Regular Separation from Service as one of the following alternatives. The Participant either may select: 

 

	 	(1)	The last day of the month following the Participant’s Termination Date, except that, in the case of a Key Employee, that date shall be the last day of the month in which occurs
the six (6) month anniversary of his or her Termination Date; or 

  

	 	(2)	January 31 of any of the five (5) calendar years following the year that includes the Participant’s Termination Date, except that, in the case of a Key Employee, the
first payment shall be made as of the later of (x) the selected January 31, or (y) the last day of the month in which occurs the six (6) month anniversary of his or her Termination Date. 

 In addition, if a payment commencement date under this Section is not established at the time a Participant submits the initial deferral Election Form,
his or her Plan Benefit shall be paid as a lump sum as of the last day of the month in which occurs the six (6) month anniversary of the Participant’s Termination Date. 
  

	 	(b)	Form of Benefit for a Regular Separation from Service. A Participant, in connection with his or her commencement of participation in the Plan, shall elect on an
Election Form to receive the Plan Benefit with respect to the compensation deferred pursuant to such Election Form in a lump sum or pursuant to an Annual Installment Method over 2 years to 10 years. If a Participant does not make any election with
respect to the payment of the Plan Benefit, then such benefit shall be payable in a lump sum. 

  

	 	(c)	Death Prior to Completion of Benefit Payment. If a Participant dies after his or her Regular Separation from Service but before the Plan Benefit is paid in full, the
Participant’s unpaid Plan Benefit payments shall continue and shall be paid to the Participant’s Beneficiary over the remaining number of years and in the same amounts as that benefit would have been paid to the Participant had the
Participant survived. 

  

	 	(d)	Small Plan Benefit. Notwithstanding any provision to the contrary in this Plan, if the Participant’s Account Balance at the time of his or her Regular Separation
from Service is less than $10,000, payment of his or her Plan Benefit shall be paid in a lump sum on or before the later of (i) December 31 of the calendar year in which occurs the Participant’s Separation from Service or
(ii) the date 2-1/2 months after the Participant’s Separation from Service. 

  

 -12- 

	5.2	Pre-Retirement Survivor Benefit. The Participant’s Beneficiary shall receive a Pre-Retirement Survivor Benefit equal to the Participant’s Account Balance if
the Participant dies before he or she experiences a Regular Separation from Service or becomes Disabled. A Participant’s Beneficiary shall receive the Pre-Retirement Survivor Benefit in a lump sum. The lump sum payment shall be made no later
than 60 days after the last day of the Plan Year in which the Company is provided with proof that is satisfactory to the Company of the Participant’s death. 

  

	5.3	Disability Benefit. A Participant who is deemed Disabled shall, for benefit purposes under the Plan, be deemed to have experienced a Separation from Service as soon as
practicable after such Participant is determined to be Disabled, in which case the Participant shall receive a Disability Benefit equal to his or her Account Balance. The Disability Benefit shall be paid in a lump sum within sixty (60) days of
the Participant’s deemed Separation from Service, or, if the Participant is a Key Employee, as of the last day of the month in which occurs the six (6) month anniversary of the date of the Participant’s Separation from Service.

  

	5.4	Change in Time or Form of Payment. Notwithstanding the method of payment for the Plan Benefit elected by a Participant on an Election Form with respect to the
Compensation or Bonus Compensation deferred pursuant to such Election Form, the Participant may elect to change the time or form of such payment under a subsequent election that meets the following requirements: 

  

	 	(a)	The subsequent election may not take effect until at least twelve (12) months after the date on which the subsequent election is made. 

  

	 	(b)	The subsequent election may not be made less than twelve (12) months prior to the date of the first scheduled payment under the current election. 

  

	 	(c)	The first payment with respect to which the subsequent election is made must be deferred for a period of not less than five (5) years from the date such payment would otherwise
have been made. 

  

	 	(d)	The subsequent election may not accelerate the time of any payment. 

 The form of payment elected in a subsequent election also must be an election of the form and timing of payment that could have been made under Section 4.1 or Section 5.1 by the Participant at the time of
original election. For purposes of this Section 5.4, installment payments elected by a Participant under the Plan shall be treated as a single payment to be made on the payment date for the first installment payment. 
  

 -13- 

	5.5	Limitation on Key Employees. Notwithstanding any other provision of the Plan to the contrary, the payment of a Plan Benefit or Disability Benefit with respect to a
“key employee” of the Company, within the meaning of Code Section 416(i)(1), if at that time any stock of the Company is publicly traded on an established securities market or otherwise, shall not be made within six (6) months
following his or her Separation from Service with the Company, except in the event of death. 

 ARTICLE 6 
 Beneficiary Designation 
  

	6.1	Beneficiary. Each Participant shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as well as contingent) to receive any benefits
payable under the Plan to a Beneficiary upon the death of a Participant. The Beneficiary designated under the Plan may be the same as or different from the Beneficiary designation under any other plan of the Company in which the Participant
participates. 

  

	6.2	Beneficiary Designation; Change. A Participant shall designate his or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to
the Company. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Company’s rules and procedures, as in effect from time to time.
Upon the acceptance by the Company of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled. The Company shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and
accepted by the Company prior to his or her death. 

  

	6.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received and acknowledged in writing by the Company.

  

	6.4	No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided in Sections 6.1, 6.2 and 6.3 above or, if all Beneficiaries predecease the
Participant or die prior to complete distribution of the Participant’s benefits, then the Participant’s Beneficiary shall be deemed to be his or her surviving spouse. If the Participant has no surviving spouse, the benefits remaining under
the Plan to be paid to a Beneficiary shall be payable to the Participant’s estate. 

  

	6.5	Doubt as to Beneficiary. If the Company has any doubt as to the proper Beneficiary to receive payments pursuant to the Plan, the Company shall have the right,
exercisable in its discretion, to cause the Company to withhold such payments until this matter is resolved to the Company’s satisfaction. 

  

	6.6	Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge the Company from all further obligations under
the Plan with respect to the Participant. 

  

 -14- 

 ARTICLE 7 
 Leave of Absence 
  

	7.1	Paid Leave of Absence. If a Participant is authorized by the Company for any reason to take a paid leave of absence from the employment of the Company, the Participant
shall continue to be considered employed by the Company and the Net Deferral Amount shall continue to be withheld during such paid leave of absence in accordance with Sections 3.1 and 3.2. 

  

	7.2	Unpaid Leave of Absence. If a Participant is authorized by the Company for any reason to take an unpaid leave of absence from the employment of the Company, the
Participant shall continue to be considered employed by the Company and the Participant shall be excused from making deferrals until the Participant returns to a paid employment status. Upon such return, deferrals shall resume for the remaining
portion of the Plan Year in which the return occurs, based on the deferral election, if any, made for that Plan Year. If no election was made for that Plan Year, no deferral shall be withheld. 

 ARTICLE 8 
 Termination, Amendment
or Modification 
  

	8.1	Termination. Although the Company anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that the Company will continue the
Plan or will not terminate the Plan at any time in the future. Accordingly, the Company reserves the right to terminate the Plan, in its sole discretion, in whole or in part, and for any reason, by action of the Company. The Company may terminate
the Plan with respect to the Participants employed or formerly employed by the Company, as follows: 

  

	 	(a)	Partial Termination. The Company, in its sole discretion, may partially terminate the Plan by not accepting any additional deferral elections under this Plan. If such
a partial termination occurs, the Plan shall continue to operate and be effective with regard to deferral elections properly completed and filed prior to the effective date of such partial termination. 

  

	 	(b)	Complete Termination. The Company, in its sole discretion, may completely terminate the Plan by not accepting any additional deferral elections, and by terminating all
existing Plan deferrals. In the event of complete termination, the Plan shall cease to operate and, to the extent permitted by Section 409A of the Code, the Company shall distribute each Account Balance to the appropriate Participant.

  

	8.2	 Amendment. The Company may, at any time, amend or modify the Plan in whole or in part by the action of the Company; provided, however, that:
(i) no amendment or modification shall be effective to decrease or restrict the value of a Participant’s Account Balance in existence at the time the amendment or modification is made, calculated as if 

  

 -15- 

	 	 
the Participant had experienced a Regular Separation from Service as of the effective date of the amendment or modification, except that the Company may
change the investment funds to be applied prospectively, and (ii) no amendment or modification of this Section 8.2 of the Plan shall be effective. The amendment or modification of the Plan shall not affect any Participant or Beneficiary
who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification. The Company specifically reserves the right to amend the Plan to conform the provisions of the Plan to the guidance issued by the
Secretary of the Treasury with respect to Code Section 409A, in accordance with such guidance. 

  

	8.3	Effect of Payment. The full payment of the applicable benefit under Articles 4 or 5 of the Plan shall completely discharge all obligations to a Participant and his or
her Beneficiaries under the Plan. 

 ARTICLE 9 
 Administration 
  

	9.1	Administrative Duties. To the extent that ERISA applies to the Plan, the Company shall be the “named fiduciary” of the Plan and the “plan
administrator” of the Plan. The Company shall be responsible for the general administration of the Plan. The Company will, subject to the terms of the Plan, have the authority to: (i) approve for participation employees who are recommended
for participation by the President and Chief Executive Officer of the Company, (ii) adopt, alter, and repeal administrative rules and practices governing the Plan, (iii) interpret the terms and provisions of the Plan, and
(iv) otherwise supervise the administration of the Plan. All decisions by the Company will be made with the approval of not less than a majority of the members of its Board of Directors. The Company may delegate any of its authority to any
other person or persons that it deems appropriate. 

  

	9.2	Agents. In the administration of the Plan, the Company may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including
acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to the Company. 

  

	9.3	Binding Effect of Decisions. All decisions by the Company, and by any other person or persons to whom the Company has delegated authority, shall be final and
conclusive and binding upon all persons having any interest in the Plan. 

  

	9.4	Indemnity of Company. The Company shall indemnify and hold any Employee to whom the duties of the Company may be delegated against any and all claims, losses, damages,
expenses or liabilities arising from any action or failure to act with respect to the Plan, except in the case of willful misconduct by the Company or any such Employee. 

  

	9.5	Information. To perform its functions, any person or persons who the Company has deemed appropriate to administer the Plan shall supply full and timely information on
all matters relating to the compensation of its Participants, the date and circumstances of the Retirement, the Disabled status, death or other Separation from Service of its Participants, and such other pertinent information as the Company may
reasonably require. 

  

 -16- 

 ARTICLE 10 
 Other Benefits and Agreements 
  

	10.1	Coordination with Other Benefits. The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits
available to such Participant under any other plan or program for employees of the Company. The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

 ARTICLE 11 
 Claims Procedures 
  

	11.1	Initial Claim. If a Participant believes he or she is entitled to payments under the Plan which have not been paid or have been paid in a lesser amount, the
Participant may submit a written claim to the Senior Vice President of Human Resources for the Company. If the Senior Vice President of Human Resources determines that the claim should be denied, written notice of the decision will be furnished to
the Participant within a reasonable period of time. This notice will set forth in clear and precise terms the specific reasons for the denial, specific reference to pertinent Plan provisions on which the denial is based, a description of additional
material or information necessary for the Participant to perfect the claim, and an explanation of the Plan’s review procedure. The written notice shall be given to the Participant within ninety (90) days after receipt of the claim, unless
special circumstances require an extension of time for processing the claim, in which case a decision will be rendered and written notice furnished within one hundred eighty (180) days after receipt of the claim. A written notice of such
extension of time indicating the special circumstances and expected date of decision will be furnished to the Participant within the initial ninety (90) day period. 

  

	11.2	Claims Appeal. The Participant may, within sixty (60) days after receiving notice denying the claim, request a review of the decision by written application to
the committee established by the Company to review appeals under this Plan (the “Review Panel”). The Participant may also review pertinent documents and submit issues and comments in writing. A written decision on the appeal will be made
by the Review Panel not later than sixty (60) days after receipt of the appeal, unless special circumstances require an extension of time, in which case a decision will be rendered within a reasonable period of time, but in no event later than
one hundred twenty (120) days after receipt of the appeal. A written notice of such extension of time will be furnished to the Participant before such extension begins. The decision will include the specific reason(s) for the decision and the
specific reference(s) to the pertinent plan provisions on which the decision is based. The decision will be final. The Participant’s Beneficiary also may use the claim procedures set forth in Section 11.1 and this Section.

  

 -17- 

 ARTICLE 12 
 Trust 
  

	12.1	Establishment of the Trust. The Company may establish one or more irrevocable Trusts to which the Company may transfer such assets as the Company determines in its
sole discretion to assist in meeting its obligations under the Plan. 

  

	12.2	Interrelationship of the Plan and the Trust. The provisions of the Plan shall govern the rights of a Participant to receive distributions pursuant to the Plan. The
provisions of the Trust shall govern the rights of the Company, Participants and the creditors of the Company to the assets transferred to the Trust. 

  

	12.3	Distributions from the Trust. The Company’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any
such distribution shall reduce the Company’s obligations under the Plan. 

 ARTICLE 13 
 Miscellaneous 
  

	13.1	Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and that “is unfunded and is maintained by
an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. The Plan shall be administered
and interpreted to the extent possible in a manner consistent with that intent. 

  

	13.2	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any
property or assets of the Company. For purposes of the payment of benefits under the Plan, any and all of the Company’s assets shall be, and remain, the general, unpledged unrestricted assets of the Company. The Company’s obligation under
the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 

  

	13.3	Company’s Liability. The Company’s liability for the payment of benefits shall be defined only by the Plan. The Company shall have no obligation to a
Participant under the Plan except as expressly provided in the Plan. 

  

	13.4	 Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or
otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and
non-transferable. No part of the amounts payable shall, 

  

 -18- 

	 	 
prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate
maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement
or otherwise. 

  

	13.5	Not a Contract of Employment. The terms and conditions of the Plan shall not be deemed to constitute a contract of employment between the Company and the Participant,
either expressed or implied. Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, unless
expressly provided in a written employment agreement. Nothing in the Plan shall be deemed to give a Participant the right to be retained in the service of the Company, or to interfere with the right of the Company to discipline or discharge the
Participant at any time. 

  

	13.6	Furnishing Information. A Participant or his or her Beneficiary will cooperate with the Company by furnishing any and all information requested by the Company and take
such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as the Company may deem necessary.

  

	13.7	Terms. Whenever any words are used herein in the masculine, they shall be construed as though they were in the feminine in all cases where they would so apply; and
whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply. 

  

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

  

	13.9	Governing Law. Subject to ERISA, the provisions of the Plan shall be construed and interpreted according to the internal laws of the State of Delaware without regard
to its conflicts of laws principles. 

  

	13.10	Notice. Any notice or filing required or permitted to be given to the Company under the Plan shall be sufficient if in writing and hand-delivered, or sent by
registered or certified mail, to the address below: 

 Colfax Corporation 
 8730 Stony Point Parkway 
 Suite 150

 Richmond, VA 23235 
 Attn:
Senior Vice President of Human Resources 
  

 -19- 

 Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the
date shown on the postmark on the receipt for registration or certification. 
 Any notice or filing required or permitted to be given to a
Participant under the Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant. 
  

	13.11	Successors. The provisions of the Plan shall bind and inure to the benefit of the Company and its successors and assigns and the Participant and the Participant’s
Beneficiaries. 

  

	13.12	Spouse’s Interest. The interest in the benefits hereunder of a spouse of a Participant who has predeceased the Participant shall automatically pass to the
Participant and shall not be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass under the laws of intestate succession. 

  

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

  

	13.14	Incompetent. If the Company determines in its discretion that a benefit under the Plan is to be paid to a minor, a person declared incompetent or to a person incapable
of handling the disposition of that person’s property, the Company may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person. The Company may
require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Participant and the Participant’s
Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount. 

  

	13.15	Court Order. The Company is authorized to make any payments directed by court order in any action in which the Plan or the Company has been named as a party. In
addition, if a court determines that a spouse or former spouse of a Participant has an interest in the Participant’s benefits under the Plan in connection with a property settlement or otherwise, the Company, in its sole discretion, shall have
the right, notwithstanding any election made by a Participant, to immediately distribute the spouse’s or former spouse’s interest in the Participant’s benefits under the Plan to that spouse or former spouse. 

 

	13.16	Insurance. The Company, on its own behalf or on behalf of the trustee of the Trust, and, in its sole discretion, may apply for and procure insurance on the life of the
Participant, in such amounts and in such forms as the Trust may choose. The Company or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such insurance. The Participant shall have no interest whatsoever in
any such policy or policies, and at the request of the Company shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for
insurance. 

  

 -20- 

	13.17	No Acceleration of Benefits. The acceleration of the time or schedule of any payment under the Plan is not permitted, except as provided in regulations by the
Secretary of the Treasury. 

  

	13.18	Compliance with Code Section 409A. The Plan is intended to provide for the deferral of compensation in accordance with Code Section 409A for compensation
earned, vested, or deferred after December 31, 2004. Notwithstanding any provisions of the Plan or any Election Form to the contrary, no otherwise permissible election under the Plan shall be given effect that would result in the taxation of
any amount under Code Section 409A. 

 IN WITNESS WHEREOF, the Company has signed this Colfax Corporation Excess Benefit
Plan, effective December 1, 2005, on December 21, 2005. 
  

			
	COLFAX CORPORATION
		
	By:	 	/s/ Steven Weidenmuller
		
	Title:	 	Senior Vice President, Human Resources

  

 -21-Exhibit 10.8

 Exhibit 10.8 
 ALLWEILER AG Company Pension Plan 

 Company-wide Agreement 
 No. 02/2001 
 The following company-wide agreement regarding the company pension plan is hereby executed between
ALLWEILER AG (hereinafter referred to as “Company”) and the ALLWEILER AG Central Works Council. 
 Based on the company pension plan, company
employees and former company employees at all locations within the Federal Republic of Germany as well as their relatives are granted one-time and ongoing pension payments according to the following provisions in the event of certain types of
emergencies, disability, age, or death, provided there is nothing regulated that deviates therefrom based on other agreements. 
 § 1 Types of
pension payments 
  

			
	 1)      The following is provided:
	  	
		
	 a)      Retirement pensions
	  	(§ 6)
		
	 b)      Early retirement pensions
	  	(§ 7)
		
	 c)      Disability pensions
	  	(§ 8)
		
	 d)      Widow/widower pensions
	  	(§ 9)
		
	 e)      Orphan pensions
	  	(§ 10)
		
	 f)      One-time payments for emergencies
	  	(§ 19)

  

	2)	The pension payments are financed according to the provisions of § 16 and paid directly by the Company, with the exception of one-time payments for emergencies according to
§19. 

 § 2 Qualifying period 
  

	1)	The granting of all pensions requires that the company employee be employed by the Company for a qualifying period of at least 10 years. Once this qualifying period has been
satisfied, the amount of the pension is calculated according to §§ 3, 4, and 5. 

  

	2)	If the occurrence of the support case is based on a work-related accident in terms of the provisions of statutory accident insurance, the qualifying period is 5 years.

 § 3 Allowable service years 
  

	1)	Applicable allowable service years include those times that the company employee has worked at the Company, after attainment of age 16 up to attainment of age 63, without any
interruptions. 

 If early retirement pension is applied for according to § 7, the date of the employee’s
retirement/exit from the Company is used instead of age 63. 
  

	2)	Time periods that are considered to be applicable for company employment by statute are counted within the scope of the statutory provisions. 

  

	3)	If the length of service is interrupted for other reasons, an earlier service period can be counted if the respectively valid company agreements permit the inclusion using earlier
service periods. 

  

	4)	In the event of discrepancies, the company employee shall provide verification regarding the existence of allowable service years. 

  

	5)	A fractional part of a service year that is more than 6 months long shall be calculated as a complete service year. 

 § 4 Allowable retirement income 
  

	1)	Applicable allowable retirement income is the monthly average of the regular gross employment income that the company employee was paid by the Company in the last allowable year of
service (§ 3). The allowable income is limited to the amount of the respectively applicable upper income limit for statutory pension insurance. 

  

	2)	Overtime pay, vacation and end-of-year bonus pay, asset-forming payments, one-time bonuses and allowances, premiums, commissions and profit-based bonuses, and other payments that
are compensation for work performed are not included in the determination of allowable retirement income. 

  

	3)	If a bonus payment/profit-based bonus/premium granted during the last 3 allowable years of service represents more than 50% of the total emolument without Section 2, the basic
income and bonus payment/profit-based bonus/premium are added to the allowable income of the last 3 allowable service years, at half their value. 

 § 5 Pension amount 
  

	1)	The amount of pensions is based on the allowable years of service (§ 3) and the allowable income (§ 4); these amounts are calculated according to the same principle for
both wage and salaried employees. 

  

	2)	The amount of the monthly pensions is 0.17% of the allowable retirement income multiplied by the allowable years of service. 

 For disability pensions (§ 8), the years of service still outstanding up to age 55 are counted to increase the pension. 
  

	3)	Odd amounts less than one euro (cents) are round up or down to 0.50 euro for the pensions. 

 § 6 Retirement pensions 
 Retirement pensions are granted to company employees who have attained age 63 and have retired from the Company. 
 §
7 Early retirement pensions 
  

	1)	Early retirement pensions are granted to company employees who have retired from company service before attaining age 63 based on the election of early retirement as full retirement
in the statutory pension insurance, provided the other prerequisites for payment are met. 

  

	2)	The amount of the early retirement pension is based on the claims acquired according to § 5 in the granting of the social security pension. The resulting early retirement
pension shall be reduced by 0.5% for each month remaining until the employee has attained age 63. However, this reduction shall not exceed 12% in total. 

 § 8 Disability pensions 
  

	1)	Disability pensions are granted to company employees who are totally occupationally disabled in terms of §43 SBG [Social Security Code] VI, as a result of illness or
disability, and who have left the Company, if and as long as the company employees are receiving a corresponding pension from Social Security. 

  

	2)	A disability pension must be applied for in writing with enclosure of the ruling on the pension application from the social insurance carrier. If the company employee is not subject
to compulsory social insurance, a medical certificate indicating total occupational disability in terms of SBG VI must be enclosed 

  

	3)	Any person who intentionally causes his/her own total occupational disability shall not receive any pension. § 103 SGB VI applies accordingly. 

  

	4)	If there is any doubt whether the employee is completely occupationally disabled, the Company can require that the employee be examined by an independent physician; the costs for
the examination shall be covered by the Company. 

 Any change in the determination of total occupational disability must be
reported immediately; otherwise, the pension can be withdrawn and/or repayment required. 
  

	5)	If the social insurance carrier or independent physician determines that total occupational disability is no longer indicated, the payment of the disability pension shall cease at
the end of the month in which the corresponding determination was made. The entitlement to a pension then remains in existence up to the occurrence of the final support case as long as the person concerned remains employed by the Company.

 § 9 Widow/widower pensions 
  

	1)	Widows/widowers of company employees or of those receiving company pensions shall receive a widow’s/widower’s pension provided that the marriage was valid at the time of
death of the spouse. 

  

	2)	The widow’s/widower’s pension is 60% of the pension that the former company employee received at the time of death or that the employee would have received if disabled.

	3)	The widow’s/widower’s pension shall cease at the end of the month in which the widow/widower dies or remarries. 

  

	4)	No claim to widow’s/widower’s pension shall exist in the following cases: 

  

	 	a)	If the marriage to the company employee is less than one year old and if the marriage was entered into after attainment of age 60 for the company employee, 

 

	 	b)	If the marriage took place after the occurrence of the support case, or 

  

	 	c)	If one spouse has lived separately from the other spouse without an alimony claim. 

 § 10 Orphan pensions 
  

	1)	Orphan pensions shall be granted to marital children (and those children having the same the legal standing) of company employees and pensioners who have died.

  

	2)	The orphan’s pension is 20% of the pension that the former company employee received at the time of death or that the employee would have received if disabled.

  

	3)	The orphan’s pension shall cease at the end of the month in which the orphan turns age 18; if the orphan is undergoing further education, the pension shall continue until no
later than the attainment of age 25. 

  

	4)	The orphan pensions combined with the widow’s/widower’s pension cannot exceed the pension upon which they are based. In this case, a proportional reduction shall be
applied. 

  

	5)	If no widow’s/widower’s pension is paid in addition to the orphan’s pension, the orphan’s pension will be 30% of the pension that the former company employee
received at the time of death or that the employee would have received if disabled. 

 § 11 Granting of pensions 
  

	1)	The appropriate rulings on pension applications from the Social Security Department and/or the life insurance policy must be presented for a pension to be granted.

  

	2)	All pensions are paid monthly. They are paid out on the last day of each month. The notification regarding granting of pensions occurs in writing. Pensions are granted at the end of
the month in which their prerequisites are met, provided all documents required for payment are submitted within 3 months. They are then paid no sooner than the time at which the documents for calculation are presented. If entitlement to benefits
ceases, the payments shall be set for the first of the following calendar month. 

 § 12 Adjusting ongoing pensions 
 Every 3 years, the Company makes a decision regarding an adjustment to the ongoing pensions in compliance with § 16 BetrAVG [Company-provided Pension Act]
according to what is right and good. 

 § 13 Non-forfeitable benefits 
  

	1)	If a company employee ends employment with the Company, the employee retains a non-forfeitable entitlement to pension payments as long as the employee meets the requirements of
statutory non-forfeitable benefits according to the respectively valid provisions of the law on improving company pension plans. 

  

	2)	A former company employee (who left the Company before the support case occurred) and the employee’s heirs shall retain an entitlement amounting to at least that benefit to
which they would have been receiving without the early resignation and which corresponds to the ratio of the length of employment at the time the company employee started up to the attainment of age 63 (§2 Section 1 BetrAVG).

 § 14 Pledging and transfer 
 The benefits cannot be pledged or transferred to third parties unless statutory provisions permit this. 
 § 15 Part-time employees 

 For company employees who were employed part-time for more than 6 months of the allowable service period (§3), the average gross
employment income that would have resulted from full-time employment for an assumed full-time position in the last allowable year of service, reduced in proportion to the actual work time during the entire allowable service time for the full fixed
work time during the same timeframe, shall be considered the allowable retirement income in terms of § 4. 
 § 16 Financing 
  

	1)	All of the pension benefits for the company employee shall be paid directly by the Company, with the exception of the one-time payments for certain emergencies (§ 19).

  

	2)	A legal claim to the benefits exists. 

 § 17 Data protection 

 In connection with the pension plan, the Company and/or the pension association transfers protected data to third parties provided it is
required for proper execution of the plan. The regulations of the Federal Data Protection Act on Data Transmission are observed with respect to data transmission. The addresses of the respective data recipients will be provided, upon request, by the
Company’s Human Resources Department. 
 § 18 Insurance policies 
 The Company shall be authorized to take out life insurance policies on company employees to secure the benefits provided for in this pension plan. Company
employees are required to provide their written permission for this in accordance with § 159 VVG [Insurance Policy Act], which is enclosed as an appendix to this pension plan document. Failure to provide this permission will mean that the
company employee in question will lose the entitlement to the corresponding benefits if such an insurance policy is executed. 

 § 19 One-time payments for certain emergencies 
  

	1)	Company employees who have worked for the Company for at least two 2 years as well as former company employees who are receiving a pension payment from the Pension Association or
the Company and their widows/widowers can be granted a one-time support payment in the event of certain emergencies. 

 The
amount of the support payment is at the discretion of the Pension Association Board, but it should normally not exceed €160.00 per company employee/relative. 
  

	2)	All employees who meet the qualifying time according to § 2, shall receive a one-time payment for accidents as follows: 

  

			
	€1,600.00	  	In case of death
	€3,100.00	  	In case of total occupational disability according to § 43 SGB VI
		
	€6.00	  	Per diem starting on the 43rd day of the occupational disability due to workplace injury
up to the end of the year after which the accident occurs.

 § 20 Provisos 
 The Company or the Pension Association reserves the right to reduce or adjust payments in the following cases: 
  

	1)	The financial situation of the Company subsequently becomes significantly worse to the extent that it can no longer reasonably maintain the benefits promised;

  

	2)	The group of beneficiaries, the contributions, the benefits, or the retirement age for the statutory social insurance or other support institutions where a legal claim exists
significantly change; 

  

	3)	The legal, particularly with respect to the tax situation, treatment of expenses incurred by the Company or that have been incurred by the Company for the planned financing of the
benefits has changed so significantly that the Company can no longer reasonably maintain the promised benefits; or 

  

	4)	The party entitled to a pension engages in practices that grossly infringe upon the requirements of good faith or that would justify immediate termination from the Company.

 § 21 Regulation on vested rights (addendum to company-wide agreement of 30 June 1989) 
 The addendum to the company-wide agreement of 30 June 1989 also becomes inapplicable once the company-wide agreement of 30 June 1989 is no
longer valid. The addendum is worded as follows: 
  

	 	1)	This addendum applies to all company employees who became employed at ALLWEILER AG before 30 June 1989, and who are covered by the scope of regulation of the company-wide
agreement of 6 December 1982 as well as the addendums from 3 June 1986, 29 December 1987, and 19 May 1988, as well as those who are considered to be actively employed at the time the company-wide agreement takes effect.

	 	2)	The company-wide agreement of 30 June 1989 also supersedes the aforementioned benefits plan for these company employees for the future with the following provisions:

  

	 	3)	To maintain the vested rights achieved by the company employees as of 31 December 1988, the following benefits will be granted for a support case: 

 3.1) The retirement pension is calculated from the retirement pension achievable according to the benefits plan of 28 October 1976 and the addendums
based on the allowable retirement income in terms of the aforementioned benefits plan upon occurrence of the support case, multiplied by the factor resulting from the ratio of the period of company employment up to 30 June 1982 and the period
of company employment up to attainment of age 65 (men)/60 (women) (= pension part A) plus the part of the retirement pension that was obtained based on the number of service years worked starting from 30 June 1982 subject to the company-wide
agreement of 6 December 1982 up to 31 December 1988 (= pension part B) as well as the part of the retirement pension that is achieved based on the years of service worked starting from 1 January 1989 subject to the company-wide
agreement of 18 December 2001 (= pension part C). 
 3.2) For men who elect early retirement in relation to pension part A, the reduction
occurs according to §7 of the benefits plan of 28 October 1976 (wording from 28 October 1976: “The resulting early retirement pension shall be reduced by an actuarial amount of 0.5% for each month before attainment of age 65. For
severely disabled persons who have already left employment by virtue of law at age 62, the actuarial deduction shall be limited to the attainment of age 63.”); with respect to pension parts B and C, §7 Section 2 of this company-wide
agreement shall apply. For the election of early retirement pension, women who started employment before 1 July 1982 shall receive pension part A calculated according to Item 3.1. plus the claim to pension part B and C based on the
allowable service years worked up to the time of retirement, without any reduction. 
 In the determination of disability pension, the
aforementioned Item 3.1. applies accordingly, wherein the pension-increasing years of service still outstanding according to §5 Section 2, last paragraph of the company-wide agreement, up to age 55 are assessed at 0.17% of the
allowable retirement income per year of service. 
 3.3) For the employees at the Aschaffenburg and Bottrop plants, the following addendums, B
and C, to the company-wide agreement from 6 December 1982 up to 31 December 1988 apply. 
 Part B: Aschaffenburg plant (formerly Allweiler
Gentil Maschinenfabrik GmbH) 
  

	1)	The company-wide agreement of 6 December 1982 replaces the agreement for the company employees of the Aschaffenburg plant (formerly: ALLWEILER GENTIL MASCHINENFABRIK GMBH) who
were covered by the scope of regulation of “Public Support and Pensions Regulations of A. Gentil Maschinenfabrik” and who were actively employed on the day that the company-wide agreement took effect, with the following provisions:

 1.1) The retirement pension is the total from pension part A and pension part B. 
 Pension part A is calculated according to the promised fixed pension in the amount of DM 200.00 in accordance with the “Public Support and Pensions
Regulations of A. Gentil Maschinenfabrik” multiplied by the factor resulting from the ratio of the period of company employment up to 30 June 1982 and the period of company employment up to attainment of age 65 (men)/60 (women), multiplied
by the factor resulting from the ratio of the 

 
allowable retirement income in terms of §4 of the company-wide agreement of 6 December 1982 for a support case occurring for the allowable
retirement income in terms of the aforementioned §4 as of 30 June 1982. Pension part B is the part of retirement pension that is acquired based on the years of service worked starting on 30 June 1982 subject to the company-wide
agreement of 6 December 1982. 
 1.2) For men who elect early retirement only in relation to pension part B, the reduction occurs
according to §7 Section 2 of the company-wide agreement. Pension part A, on the other hand, is not reduced. With the election of an early retirement pension, women shall receive pension part A calculated according to Item 1.1. plus
the claim to pension part B based on the allowable service years worked up to the time of retirement, without any reduction. 
  

	 	2)	Disability and survivors’ benefits are only acquired based on the years of service worked starting from 30 June 1982 subject to the company-wide agreement of
6 December 1982. 

  

	 	3)	For those company employees who are covered by the scope of regulation of the Public Support and Pensions Regulations listed in Item 1 but whose work relationship ended on the
date the company-wide agreement took effect, they shall continue to be subject to the regulation previously definitive for them with the proviso that any benefits that may be due after the support case occurred shall be transferred to the
Association and paid by the Association. 

  

	 	4)	On the other hand, pensions already being paid and pension benefits from entitlements that are non-forfeitable by statute according to §§ 1 and 2 BetrAVG shall (continue)
to be paid directly by Allweiler AG provided that the years of service ended before the merger. 

 Part C: Bottrop plant
(formerly Allweiler Seeberg Pumpen GmbH) 
 The provisions of the addendum to the company agreement of 30 June 1989, which are
specified in Items 1 through 3.2, are accordingly applicable in relation to company employees at the Bottrop plant (formerly: ALLWEILER SEEBERG PUMPEN GMBH), as is the “Pension directive of Seeberg Pumpen GmbH dated 23 December 1975.”

 The claims acquired due to years of service worked as of 1 January 1989 are based on the company-wide agreement of 30 June 1989.

 Disability and survivors’ benefits are determined as is described in Item 3.2 of this addendum. 
  

	4)	For employees who currently have a commitment based on § 5 Section 2b of the company-wide agreement of 6 December 1982, these commitments shall remain in effect.
(Wording of § 5 Section 2b dated 6 December 1982: “For years of service in which the allowable retirement income was in excess of the respective upper income limit, the amount of the annual pensions is an additional 1.2% of the
total of the ratios from the part of the respective allowable retirement income that exceeds the respective upper income limit, added to the respective allowable retirement income, multiplied by the last allowable retirement income.”)

	5)	Hardship cases resulting from this company-wide agreement shall be regulated by the association board. 

 § 22 Effective date 
  

	1)	This company-wide agreement shall take effect on 1 January 2002 and replaces the company-wide agreement regarding the company pension plan of 30 June 1989 as well as the
addendums from 30 June 1989, 19 December 1997, and 16 September 1998. 

  

	2)	All retirement, disability, widow, widower, and orphan pensions that are already being paid at the time this company-wide agreement takes effect will continue to be paid, in their
entirety, according to the guidelines of the previous company-wide agreement of 30 June 1989 and the addendums from 30 June 1989, 19 December 1997, and 16 September 1998. 

  

	3)	This company-wide agreement is valid for an unlimited period of time and can be canceled with a notification period of 3 months before the end of the year. 

Radolfzell, 18 December 2001 
  

					
	ALLWEILER AG	  		  	ALLWEILER AG
		
	 - On behalf of the Management Board -
	  	- On behalf of the Central Works Council -
			
	 /s/ Dr. R.
Niemeyer                    
	  	/s/ K. Stahlmann                    	  	        /s/ H. Buhl        
			
	Dr. R. Niemeyer	  	K. Stahlmann	  	H. Buhl

 Appendix 1 
 §
159 VVG (Insurance Policy Act) 
 Insured party 
  

	 	1)	The life-insurance policy can be taken out on the policyholder or on someone else. 

  

	 	2)	If the policy is taken out to cover the death of another person and the benefit amount exceeds that which would be required for normal burial costs, the written permission of the
other party is required for the policy to have validity. If the other party is occupationally disabled or partially occupationally disabled and the policyholder has power of attorney, then the policyholder cannot represent the other party in
granting the permission. 

  

	 	3)	If the father or mother takes out an insurance policy on a minor child, the permission of the child is only required if, according to the policy, the insurance provider will be
obligated to pay out the benefit even if death occurs before attainment of age 7 and the amount of the benefit in this case exceeds the amount required for normal burial costs. 

  

	 	4)	If the regulatory authorities have specified a certain maximum amount for normal burial costs, this amount shall be definitive. 

 Appendix 2 
 §1b BetrAVG (act regarding the improvement of company-provided pensions) 
 Non-forfeiture and implementation of
company-provided pensions 
 (applies to commitments that have been granted after 1 January 2001) 
  

	(1)	An employee who has been promised benefits from the company-provided pension plan shall retain the entitlement if the work relationship ended before the support case occurred but
after attainment of age 30 and the support commitment has been in existence for at least five years at that point in time (non-forfeitable entitlement). An employee also retains his/her entitlement if the employee leaves the Company due to an early
retirement plan and would have been able to meet the qualifying time and the other prerequisites for the payment of benefits from the company-provided retirement plan without the early retirement. A change in the support commitment or its transfer
to another party shall not interrupt the qualifying periods according to Clause 1. The obligation based on a support commitment is the same as support obligations that are based on company practice or the principle of equal treatment. The sequence
of a planned qualifying time is not affected by the ending of the work relationship after the prerequisites of Clauses 1 and 2 are met. If an employee changes from the scope of application of this law by moving to another member state of the
European Union, the entitlement shall remain in the same scope as it would be for persons who remain within the scope of application of this law after the work relationship ends. 

 §30 f BetrAVG (act regarding the improvement of company-provided pensions) 
 If company-provided retirement pension benefits have been committed before 1 January 2001, §1b Section 1 shall be applicable with the proviso that the entitlement shall remain in effect if the work
relationship ends before the support case occurs but after the attainment of age 35 and the support commitment at this time has been existence for 
 1. at
least 10 years or 
 2. at least three years for company employees who have been with the Company at least 12 years 
 (non-forfeitable entitlement); in these cases, the entitlement also remains in effect if the commitment has been in existence for 5 years starting with 1 January
2001 and the employee has reached age 30 when the work relationship ends. § 1b Section 5 is not applicable to entitlements from these commitments.

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