Document:

exv4w2

 

Exhibit 4.2

BLUELITHIUM, INC.

2007 RESTRICTED STOCK UNIT PLAN

	1.	 	Purposes of the Plan. The purposes of this 2007 Restricted Stock Unit Plan are to attract
and retain the best available personnel for positions of substantial responsibility, to
provide additional incentive to Employees and certain Consultants of the Company and its
Subsidiaries and to promote the success of the Company’s business. To accomplish the
foregoing, the Plan provides that the Company may grant Restricted Stock Units (as hereinafter
defined) to Employees and Consultants of the Company and its Subsidiaries.
	 
	2.	 	Definitions. As used herein, the following definitions shall apply:

“Administrator” means the Board or any of its Committees appointed pursuant to Section 4 of the
Plan.

“Applicable Laws” means any legal requirements of all state, federal and, where applicable, foreign
laws, including without limitation securities laws and the Code, relating to the establishment and
administration of stock incentive plans such as the Plan.

“Award” means an award of Restricted Stock Units (as defined below).

“Board” means the Board of Directors of the Company.

“Code” means the Internal Revenue Code of 1986, as amended.

“Committee” means the Committee appointed by the Board of Directors in accordance with Section 4(a)
of the Plan.

“Common Stock” means the common stock of the Company.

“Company” means BlueLithium, Inc., a Delaware corporation.

“Consultant” means any person, but not including a Non-Employee Director, who is engaged by the
Company, Parent or Subsidiary to render services and is compensated for such services.

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“Continuous Status as an Employee or Consultant” means the absence of any interruption or
termination of service as an Employee or Consultant. Continuous Status as an Employee or Consultant
shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; (iii) any
other leave of absence approved by the Administrator, provided that such leave is for a period of
not more than ninety (90) days, unless reemployment upon the expiration of such leave is guaranteed
by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time
to time; or (iv) in the case of transfers between locations of the Company or between the Company,
Parent and Subsidiaries or their respective successors. For purposes of this Plan, a change in
status from an Employee to a Consultant or from a Consultant to an Employee will not constitute an
interruption of Continuous Status as an Employee or Consultant. If an entity ceases to be a
Subsidiary, an interruption of Continuous Status as an Employee or Consultant shall not be deemed
to have occurred with respect to each Employee or Consultant in respect of such Subsidiary who
immediately becomes an Employee or Consultant of the Company, Parent or another Subsidiary that
does not cease to be a Subsidiary after giving effect to the transaction or other event giving rise
to the change in status.

“Director” means a member of the Board.

“Employee” means any person, including Officers and Directors, employed by the Company, Parent or
Subsidiary, with the status of employment determined based upon such minimum number of hours or
periods worked as shall be determined by the Administrator in its discretion, subject to any
requirements of the Code. The payment of a director’s fee by the Company to a Director shall not
be sufficient to constitute “employment” of the Director by the Company.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Fair Market Value” means, as of any date, the fair market value of Common Stock determined as
follows:

	 	(i)	 	If the Common Stock is listed on any Stock Exchange including without
limitation the Nasdaq Global Market and Nasdaq Global Select Market, its Fair Market
Value shall be the closing sales price for such stock as quoted on such Stock Exchange
on the date of determination (if for a given day no sales were reported, the closing
bid on that day shall be used), as such price is reported in The Wall Street Journal or
such other source as the Administrator deems reliable;
	 
	 	(ii)	 	If the Common Stock is listed on The Nasdaq Stock Market (but not on the Nasdaq
Global Market or Nasdaq Global Select Market thereof) or regularly quoted by a
recognized securities dealer but selling prices are not reported, its Fair Market Value
shall be the mean between the bid and asked prices for the Common Stock on the date of
determination, as reported in The Wall Street Journal or such other source as the
Administrator deems reliable; or

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	 	(iii)	 	In the absence of an established market for the Common Stock, the Fair Market
Value thereof shall be determined in good faith by the Administrator in compliance with
any applicable legal, tax (including, without limitation, Section 409A of the Code) and
accounting requirements.

“Non-Employee Director” means a Director who is not an Employee.

“Officer” means an officer of the Company, Parent or Subsidiary.

“Parent” means a “parent corporation” of the Company, whether now or hereafter existing, as defined
in Section 424(e) of the Code, or any successor provision.

“Plan” means this 2007 Restricted Stock Unit Plan, as amended from time to time.

“Reporting Person” means an Officer, Director, or greater than ten percent stockholder of the
Company, Parent or Subsidiary within the meaning of Rule 16a-2 under the Exchange Act, who is
required to file reports pursuant to Rule 16a-3 under the Exchange Act.

“Restricted Stock Unit” means the right to receive in cash or Shares the Fair Market Value of a
Share granted pursuant to Section 8 of the Plan.

“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act, as the same may be amended from
time to time, or any successor provision.

“Share” means a share of the Common Stock, as adjusted in accordance with Section 10 of the Plan.

“Stock Exchange” means any stock exchange or consolidated stock price reporting system on which
prices for the Common Stock are quoted at any given time.

“Subsidiary” means a “subsidiary corporation” of the Company (“Subsidiaries” meaning more than one
“subsidiary corporation”) whether now or hereafter existing, as defined in Section 424(f) of the
Code, or any successor provision.

	3.	 	Stock Subject to the Plan. The Shares may be authorized, but unissued, or reacquired Common
Stock. The maximum aggregate number of Shares that may be issued
under the Plan is 3,931,118 Shares. The foregoing numerical
limit is subject to adjustment as contemplated by Section 10.

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	4.	 	Administration of the Plan.

	 	(a)	 	The Administrator. The Plan shall be administered by and all Awards under the
Plan shall be authorized by the Administrator. The “Administrator” means the Board or
one or more committees appointed by the Board or another committee (within its
delegated authority) to administer all or certain aspects of the Plan. Any such
committee shall be comprised solely of one or more Directors or such number of
Directors as may be required under Applicable Law. A committee may delegate some or
all of its authority to another committee so constituted. The Board or a committee
comprised solely of Directors may also delegate, to the extent permitted by Section
157(c) of the Delaware General Corporation Law and any other Applicable Law, to one or
more Officers of the Company or Parent, its powers under the Plan (a) to designate the
Employees other than an Officer who is a Reporting Person who will receive grants of
Awards under the Plan, and (b) to determine the number of Shares subject to, and the
other terms and conditions of, such Awards. The Board may delegate different levels of
authority to different committees with administrative and grant authority under the
Plan. Unless otherwise provided in the Bylaws of the Company or the applicable charter
of any Administrator: (a) a majority of the members of the acting Administrator shall
constitute a quorum, and (b) the vote of a majority of the members present assuming the
presence of a quorum or the unanimous written consent of the members of the
Administrator shall constitute action by the acting Administrator.

With respect to awards intended to satisfy the requirements for performance based
compensation under Section 162(m) of the Code, the Plan shall be administered by a
committee consisting solely of two or more outside directors (as this requirement is
applied under Section 162(m) of the Code); provided, however, that the failure to
satisfy such requirement shall not affect the validity of the action of any other
committee otherwise duly authorized and acting in the matter. Award grants, and
transactions in or involving Awards, intended to be exempt under Rule 16b-3
promulgated under the Exchange Act, must be duly and timely authorized by the Board
or a committee consisting solely of two or more non-employee directors (as this
requirement is applied under Rule 16b-3 promulgated under the Exchange Act). To the
extent required by any applicable Stock Exchange, the Plan shall be administered by
a committee composed entirely of independent directors (within the meaning of the
applicable Stock Exchange rules).

	 	(b)	 	Powers of the Administrator. Subject to the provisions of the Plan and in the
case of a Committee, the specific duties delegated by the Board to such Committee, and
subject to the approval of any relevant authorities, including the approval, if
required, of any Stock Exchange, the Administrator shall have the authority, in its
discretion:

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	 	(i)	 	to determine the Fair Market Value of the Common Stock, in
accordance with the definition of such term set forth above;
	 
	 	(ii)	 	to select the Consultants and Employees to whom Awards may from
time to time be granted hereunder;
	 
	 	(iii)	 	to determine whether and to what extent Awards are granted
hereunder;
	 
	 	(iv)	 	to determine the number of Shares of Common Stock, if any, to
be covered by each Award granted hereunder;
	 
	 	(v)	 	to approve forms of agreements, not inconsistent with the terms
of the Plan, for use under the Plan;
	 
	 	(vi)	 	to determine the terms and conditions, not inconsistent with
the terms of the Plan, of any Award granted hereunder, including, but not
limited to, the Share price and any restriction or limitation, the vesting of
any Award or the acceleration of vesting or waiver of a forfeiture restriction,
based in each case on such factors as the Administrator shall determine, in its
sole discretion;
	 
	 	(vii)	 	to determine whether and under what circumstances an Award may
be settled in cash or other consideration instead of Common Stock;
	 
	 	(viii)	 	to adjust the number of Shares subject to any Award or change previously
imposed terms and conditions; in such circumstances as the Administrator may
deem appropriate, in each case subject to Sections 3 and 13;
	 
	 	(ix)	 	to construe and interpret the terms of the Plan and Awards
granted pursuant to the Plan; and
	 
	 	(x)	 	in order to fulfill the purposes of the Plan and without
amending the Plan, to modify Awards to participants who are foreign nationals
or employed outside of the United States in order to recognize differences in
applicable local law, tax policies or customs.

	 	(c)	 	Effect of Administrator’s Decision. All decisions, determinations and
interpretations of the Administrator shall be final and binding on all holders of any
Award.

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	5.	 	Eligibility.

	 	(a)	 	Recipients of Grants. Awards may be granted to eligible Employees and
Consultants. An Employee or Consultant who has been granted an Award may, if he or she
is otherwise eligible, be granted additional Awards.
	 
	 	(b)	 	No Employment Rights. The Plan shall not confer upon any Award recipient any
right with respect to continuation of employment or consulting relationship with the
Company, nor shall it interfere in any way with such recipient’s right or the Company’s
right to terminate his or her employment or consulting relationship at any time, with
or without cause.

	6.	 	Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by
the Board or its approval by the stockholders of the Company as described in Section 17 of the
Plan. It shall continue in effect until October 12, 2017, unless sooner terminated under
Section 13 of the Plan.

	7.	 	Term of Awards. The term of each Award shall be the term stated in the written agreement
evidencing such Award.

	8.	 	Restricted Stock Units.

	 	(a)	 	General. Restricted Stock Units may be issued either alone, in addition to, or
in tandem with cash awards made outside of the Plan. After the Administrator
determines that it will grant Restricted Stock Units under the Plan, it shall advise
the recipient in writing of the terms, conditions and restrictions related to the offer
(which may include restrictions based on performance criteria, passage of time or other
factors or a combination thereof), and the number of Restricted Stock Units that such
person shall be entitled to receive. The offer shall be accepted by execution of a
Restricted Stock Units Award agreement in the form determined by the Administrator.
	 
	 	(b)	 	Rights as a Stockholder. A recipient who is awarded Restricted Stock Units
shall possess no incidents of ownership with respect to the Shares represented by such
Restricted Stock Units, unless and until the same are transferred to the recipient
pursuant to the terms of the Restricted Stock Unit.
	 
	 	(c)	 	Other Provisions. The Restricted Stock Units Award agreement shall contain
such other terms, provisions and conditions not inconsistent with the Plan as may be
determined by the Administrator in its sole discretion. In addition, the

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provisions of Restricted Stock Units Award agreements need not be the same with
respect to each Award or each recipient who is awarded Restricted Stock Units.

	9.	 	Tax Withholding. Upon any vesting or payment of an Award, the Company, Parent or Subsidiary
shall have the right at its option to:

	 	(a)	 	require the Award recipient (or the recipient’s personal representative or
beneficiary, as the case may be) to pay or provide for payment of the minimum amount of
any taxes which the Company, Parent or Subsidiary may be required to withhold with
respect to such vesting or payment; or
	 
	 	(b)	 	deduct from any amount otherwise payable in cash to the Award recipient (or the
recipient’s personal representative or beneficiary, as the case may be) the minimum
amount of any Award recipient’s taxes which the Company, Parent or Subsidiary may be
required to withhold with respect to such cash payment.

In any case where a tax is required to be withheld in connection with the delivery
of Shares under the Plan, the Administrator may in its sole discretion (subject to
Applicable Laws) grant (either at the time of the Award or thereafter) to the Award
recipient the right to elect, pursuant to such rules and subject to such conditions
as the Administrator may establish, to (i) have the Company reduce the number of
Shares to be delivered by (or otherwise reacquire from the recipient) the
appropriate number of Shares, valued in a consistent manner at their Fair Market
Value or at the sales price in accordance with authorized procedures for cashless
exercises, necessary to satisfy the minimum applicable withholding obligation on
vesting or payment, or (ii) surrender to the Company Shares which (A) in the case of
Shares initially acquired from the Company, have been owned by the Award recipient
for such period of time (if any) as may be required to avoid a charge to the
Company’s earnings, and (B) have a Fair Market Value equal to the minimum amount
required to be withheld. For these purposes, the Fair Market Value of the Shares to
be withheld or repurchased, as applicable, shall be determined on the date that the
amount of tax to be withheld is to be determined pursuant to the Code (the “Tax
Date”).

Any surrender by a Reporting Person of previously owned Shares to satisfy tax
withholding obligations incurred in connection with an Award granted under the Plan
must comply with the applicable provisions of Rule 16b-3.

All elections by an Award recipient to have Shares withheld to satisfy tax
withholding obligations shall be made in writing in a form acceptable to the
Administrator and shall be subject to the following restrictions: (i) the election
must be made on or prior to the applicable Tax Date; (ii) once made, the election

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shall be irrevocable as to the particular Shares for which the election is made; and
(iii) all elections shall be subject to the consent or disapproval of the
Administrator.

	10.	 	Adjustments Upon Changes in Capitalization, Corporate Transactions.

	 	(a)	 	Changes in Capitalization. Subject to any required action by the stockholders
of the Company, (i) the number and type of shares of Common Stock (or other securities)
covered by each outstanding Award, (ii) the number and type of shares of Common Stock
(or other securities) that have been authorized for issuance under the Plan but as to
which no Awards have yet been granted or that have been returned to the Plan upon
cancellation or expiration of an Award or otherwise and/or (iii) the maximum number of shares of Common Stock for which Awards may be granted to any Employee or Consultant
under the Plan, shall be equitably and proportionately adjusted for any increase or
decrease in the number of issued shares of Common Stock resulting from a stock split,
reverse stock split, stock dividend, combination, recapitalization or reclassification
of the Common Stock, or any other increase or decrease in the number of issued shares
of Common Stock effected without receipt of consideration by the Company; provided,
however, that conversion of any convertible securities of the Company shall not be
deemed to have been “effected without receipt of consideration.” Such adjustment shall
be made by the Board, whose determination in that respect shall be final, binding and
conclusive. Except as expressly provided herein, no issuance by the Company of shares
of stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to, the
number or price of shares of Common Stock (or other securities) subject to an Award.

It is intended that, if possible, any adjustments contemplated by the preceding
paragraph be made in a manner that satisfies applicable legal, tax (including,
without limitation, Section 409A of the Code) and accounting (so as not to trigger
any charge to earnings with respect to such adjustment) requirements. Without
limiting the generality of the preceding sentence or of Section 4(c), any good faith
determination by the Administrator as to whether an adjustment is required pursuant
to this Section 10(a), and the extent and nature of any such adjustment, shall be
conclusive and binding on all persons.

	 	(b)	 	Corporate Transactions. In the event of the proposed dissolution or
liquidation of the Company, each Award will terminate immediately prior to the
consummation of such proposed action, unless otherwise provided by the Administrator.
Additionally, the Administrator may, in the exercise of its sole discretion in such
instances, declare that any Award shall terminate as of a date fixed by the
Administrator. In the event of a proposed sale of all or substantially all of the
assets of the Company, or the merger of the Company with or into another

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corporation, each Award shall be assumed or an equivalent Award shall be substituted
by such successor corporation or a parent or subsidiary of such successor
corporation.

	11.	 	Non-transferability of Awards. An Award may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of descent or
distribution. Except as otherwise provided by the Administrator, an Award may only be
purchased during the lifetime of the recipient of the Award.

	12.	 	Time of Granting of an Award. The date of grant of an Award shall, for all purposes, be the
date on which the Administrator makes the determination granting such Award, or such other
later date as is determined by the Administrator in compliance with applicable legal, tax
(including, without limitation, Section 409A of the Code) and accounting requirements. Notice
of the grant determination shall be given to each Employee or Consultant to whom an Award is
so granted within a reasonable time after the date of such grant.

	13.	 	Amendment and Termination of the Plan.

	 	(a)	 	Amendment and Termination. Subject to 13(c) below, the Board may amend, alter,
suspend, discontinue, or terminate the Plan or any portion thereof at any time;
provided, that no such amendment, alteration, suspension, discontinuation or
termination shall be made without stockholder approval if such approval is necessary to
comply with any tax, securities or regulatory law or requirement or any applicable
Stock Exchange requirement with which the Board intends the Plan to comply or if such
amendment constitutes a “material amendment.” For purposes of the Plan, a “material
amendment” shall mean an amendment that (i) materially increases the benefits accruing
to participants under the Plan, (ii) materially increases the number of securities that
may be issued under the Plan, (iii) materially modifies the requirements for
participation in the Plan, or (iv) is otherwise deemed a material amendment by the
Administrator pursuant to any Applicable Law or applicable accounting or Stock Exchange
rules.
	 
	 	(b)	 	Amendments to Awards. Without limiting any other express authority of the
Administrator under (but subject to) the express limits of the Plan, the Administrator
by agreement or resolution may waive conditions of or limitations on Awards that the
Administrator in the prior exercise of its discretion has imposed, without the consent
of the Award recipient, and (subject to the requirements of Section 13(c)) may make
other changes to the terms and conditions of Awards.

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	 	(c)	 	Limitations on Amendments to Plan and Awards. No amendment, suspension or
termination of the Plan or change of or affecting any outstanding Award shall, without
written consent of the Award recipient, affect in any manner substantially adverse to
such recipient any rights or benefits of such recipient or obligations of the Company
under any Award granted under the Plan prior to the effective date of such change.
Changes, settlements and other actions contemplated by Section 10 shall not be deemed
to constitute changes or amendments for purposes of this Section 13(c).

	14.	 	Compliance with Laws. The Plan, the granting and vesting of Awards under the Plan, the
offer, issuance and delivery of shares of Common Stock, and/or the payment of money under the
Plan or under Awards are subject to compliance with all applicable federal, state and, where
applicable, foreign laws, rules and regulations (including but not limited to state and
federal securities law and federal margin requirements) and to such approvals by any listing,
regulatory or governmental authority as may, in the opinion of counsel for the Company, be
necessary or advisable in connection therewith. The person acquiring any securities under the
Plan will, if requested by the Company, Parent or a Subsidiary, provide such assurances and
representations to the Company, Parent or Subsidiary as the Administrator may deem necessary
or desirable to assure compliance with all Applicable Law and accounting requirements.

	15.	 	Reservation of Shares. The Company, during the term of this Plan, will at all times reserve
and keep available such number of Shares as shall be sufficient to satisfy the requirements of
the Plan. The inability of the Company to obtain authority from any regulatory body having
jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful
issuance and sale of any Shares hereunder and which Company has made a commercially reasonable
effort to obtain, shall relieve the Company of any liability in respect of the failure to
issue or sell such Shares as to which such requisite authority shall not have been obtained.

	16.	 	Agreements. Awards shall be evidenced by written agreements in such form as the
Administrator shall approve from time to time and which shall not be inconsistent with the
terms of this Plan.

	17.	 	Stockholder Approval. Continuance of the Plan shall be subject to approval by the
stockholders of the Company within twelve (12) months before or after the date the Plan is
adopted. Such stockholder approval shall be obtained in the manner and to the degree required
under applicable federal and state law and the rules of any stock exchange upon which the
Shares are listed.

	18.	 	Unfunded Status of Plan. The Plan is intended to constitute an “unfunded” plan for incentive
compensation. With respect to any payments not yet made to a participant by

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the Company, nothing contained herein shall give any such participant any rights that are
greater than those of a general creditor of the Company.

	19.	 	Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall
be governed by the laws of the State of Delaware, without giving effect to the conflict of
laws principles thereof.

11exv10w49

 

Exhibit 10.49

WATERS

RETIREMENT RESTORATION PLAN

Amended and Restated

Effective January 1, 2008

Except as otherwise provided herein

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	PREAMBLE
	 	 	1	 
	 
	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II ELIGIBILITY
	 	 	4	 
	 
	 	 	 	 
	2.1      Generally
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III PARTICIPANT ACCOUNTS
	 	 	5	 
	 
	 	 	 	 
	3.1      Generally
	 	 	5	 
	3.2       Amount Credited to Participant
	 	 	5	 
	3.3       Termination of Account
	 	 	6	 
	 
	 	 	 	 
	ARTICLE IV FORM AND TIMING OF BENEFITS
	 	 	7	 
	 
	 	 	 	 
	4.1       Distributable Events
	 	 	7	 
	4.2      Form of Benefit
	 	 	7	 
	4.3      Timing of Distribution
	 	 	8	 
	4.4       Small Payments
	 	 	8	 
	4.5      Restriction on Timing of Distributions
	 	 	9	 
	 
	 	 	 	 
	ARTICLE V VESTING
	 	 	10	 
	 
	 	 	 	 
	ARTICLE VI ADMINISTRATION, AMENDMENT/TERMINATION AND FUNDING
	 	 	11	 
	 
	 	 	 	 
	6.1      Administration
	 	 	11	 
	6.2      Right to Amend or Terminate
	 	 	11	 
	6.3       Funding
	 	 	11	 
	 
	 	 	 	 
	ARTICLE VII GENERAL PROVISIONS
	 	 	12	 
	 
	 	 	 	 
	7.1      Compliance with Section 409A
	 	 	12	 
	7.2       Payment to Minors and Incompetents
	 	 	12	 
	7.3      No Contract
	 	 	12	 
	7.4       Use of Masculine and Feminine; Singular and Plural
	 	 	12	 
	7.5      Non-Alienation of Benefits
	 	 	12	 
	7.6      Governing Law
	 	 	12	 
	 
	 	 	 	 
	APPENDIX A PROVISIONS APPLICABLE TO CERTAIN EMPLOYEES OF WATERS-TA INSTRUMENTS LLC
	 	 	1	 
	 
	 	 	 	 
	INTRODUCTION
	 	 	2	 
	ARTICLE A1 DEFINITIONS
	 	 	3	 
	ARTICLE A2 ELIGIBILITY
	 	 	4	 
	ARTICLE A3 AMOUNT OF BENEFIT
	 	 	5	 

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PREAMBLE

Effective January 1, 1995, Waters Technologies Corporation (the “Corporation”) established this
non-qualified defined benefit pension plan referred to as the Waters Retirement Restoration Plan
(the “Plan”). The Plan is intended to provide participants in the Waters Retirement Plan (the
“Basic Plan”), and their designated beneficiaries, with the benefits which cannot be paid under the
Basic Plan because of the benefit restrictions of Section 415 of the Internal Revenue Code (the
“Code”) and regulations thereunder and the compensation limitations of Section 401(a)(17) of the
Code and regulations thereunder.

Effective January 1, 2008, the Basic Plan was amended to provide that no further Annual Pay Credits
were to be made to the Basic Plan for Plan Years beginning after December 31, 2007, except as
otherwise provided for certain non-highly compensated Employees of Waters-TA Instruments LLC. The
Basic Plan was also amended on that date to close the Basic Plan to new participants as of January
1, 2008.

The Plan is amended and restated effective January 1, 2008 to incorporate by reference certain
changes in the structure of the Basic Plan, and to close the Plan to new Participants effective as
of January 1, 2008, except as otherwise provided herein, in accordance with the closure of the
Basic Plan to new participants. Additionally, the Plan has been revised to comply with current
laws and regulations, including, but not limited to, Section 409A of the Code and its accompanying
regulations.

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ARTICLE I

DEFINITIONS

The following words and phrases when used in the Plan shall have the meanings indicated in this
Article I unless a different meaning is plainly required by the context:

	1.1	 	“Affiliate” means any corporation which is a member of a controlled group of
corporations (as defined in Section 414(b) of the Code) which includes the Corporation; any
trade or business (whether or not incorporated) which is under common control (as defined in
Section 414(c) of the Code) with the Corporation; any organization (whether or not
incorporated) which is a member of an affiliated service group (as defined in Section 414(m)
of the Code) which includes the Corporation; and any other entity required to be aggregated
with the Corporation pursuant to regulations under Section 414(o) of the Code.
	 
	1.2	 	“Account” means the notional account described in Section 3.1 maintained for each
Participant.
	 
	1.3	 	“Basic Plan” means the Waters Retirement Plan as in effect from time to time.
	 
	1.4	 	“Beneficiary” means the individual designated by a Participant to receive benefits
under this Plan in the event of the Participant’s death. In the event that no Beneficiary has
been effectively designated, the Participant’s spouse shall be deemed the designated
Beneficiary, or if the Participant has no spouse, his children, if any, per stirpes, and if
none, the estate of the Participant shall be deemed the designated Beneficiary.
	 
	1.5	 	“Board” means the Board of Directors of Waters Technologies Corporation.
	 
	1.6	 	“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any
regulations issued thereunder.
	 
	1.7	 	“Committee” means the persons appointed pursuant to Article IX of the Basic Plan to
administer the Basic Plan.
	 
	1.8	 	“Corporation” means Waters Technologies Corporation, a corporation organized and
existing under the laws of the State of Delaware, or its successor or successors.
	 
	1.9	 	“Disability” means a physical or mental incapacity that entitles a Participant to
benefits under the Corporation’s group long-term disability (LTD) plan and either (i) the
Participant is unable to engage in any substantial gainful activity by reason of such
incapacity that can be expected to result in death or can be expected to last for a continuous
period not less than twelve (12) months or (ii) such incapacity is expected to result in death
or can be expected to last for a continuous period of not less than twelve (12) months and the
Participant has been receiving benefits under the group LTD plan for at least six (6) months.

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	1.10	 	“Effective Date” means January 1, 1995, except that this amendment and restatement
shall be effective January 1, 2008.
	 
	1.11	 	“Employee” means any person employed on a regular full-time or a regular part-time
basis by a Participating Employer.
	 
	1.12	 	“Participant” means an Employee participating in the Plan pursuant to Article II.
	 
	1.13	 	“Participating Employer” means Waters Technologies Corporation and any Affiliate
which has been authorized by the Board to participate in the Plan and has elected to do so.
	 
	1.14	 	“Pay” means the annual compensation that would otherwise be recognized under the
Basic Plan for benefit accrual purposes without regard to the limit on pensionable
compensation under Code Section 401(a)(17).
	 
	1.15	 	“Plan” means the Waters Retirement Restoration Plan as set forth in this document and
as it may be amended from time to time.
	 
	1.16	 	“Plan Year” means each twelve-month period beginning on January 1 and ending on the
following December 31.
	 
	1.17	 	“Separation from Service” means a termination of employment as defined in Treas.
Regs. § 1.409A-1(h)(1).
	 
	1.18	 	“Specified Employee” means a Participant who is a key employee (as defined in Section
416(i) of the Code without regard to paragraph (5) thereof). A Participant will be considered
a key employee for the period commencing April 1 and ending on the March 31 thereafter if he
or she was a key employee on the previous December 31 and such designation shall be effective
solely for that period.

3

 

ARTICLE II

ELIGIBILITY

	2.1	 	Generally.
	 
	 	 	A Basic Plan participant shall become a Participant hereunder if either:

	 	(a)	 	his Basic Plan retirement benefit is restricted or reduced by the Code Section
415 limitations on maximum pensions; or
	 
	 	(b)	 	his Pay is not fully recognized under the Basic Plan because of the limitations
imposed by Code Section 401(a)(17), and his annual base salary as of November 1, 2007
is at least $130,232.35 for 2008 Plan Year eligibility (increased each November 1st
thereafter to reflect increases in the Consumer Price Index for the twelve-month period
ending on the immediately preceding September 30 under section 215(i)(2)(A) of the
Social Security Act).

Notwithstanding the foregoing, in no event will any Employee become a Participant on or
after January 1, 2008 except as otherwise provided in Section A2.1 of the Plan.

4

 

ARTICLE III

PARTICIPANT ACCOUNTS

	3.1	 	Generally.
	 
	 	 	A notional Account shall be established and maintained for each Participant. A
Participant’s Account shall be credited with Annual Pay Credits and Interest Credits, as
defined in the Basic Plan, in accordance with Sections 3.2 and 3.3. Notwithstanding the
foregoing, in no event will a Participant’s Account be credited with Annual Pay Credits for
any Plan Year beginning on or after December 31, 2007.
	 
	3.2	 	Amount Credited to Participant.

	 	(a)	 	For Plan Years commencing prior to January 1, 2008, the amount credited to a
Participant’s Account each Plan Year shall be equal to the sum of (i) and (ii), where
(i) and (ii) are:

	 	(i)	 	An Annual Pay Credit equal to the excess, if any, of (A) over
(B), where:

	 	(A)	 	is the Annual Pay Credit (as that term is
defined under the Basic Plan) which would have been accrued by such
Participant under the Basic Plan, if the provisions of the Basic Plan
were administered without regard to the benefit limitations of Code
Section 415 and regulations thereunder and the compensation limitations
of Code Section 401(a)(17) and regulations thereunder; and
	 
	 	(B)	 	is the Annual Pay Credit (as that term is
defined under the Basic Plan) which is accrued by such Participant
under the Basic Plan.

	 	(ii)	 	An Interest Credit based on the amount of the Participant’s
Account as of the first day of each Plan Year. The Interest Credit shall be
added to each Participant’s Account as of the last day of the Plan Year.

	 	(b)	 	For Plan Years commencing on or after January 1, 2008, an Interest Credit shall
be credited to each Participant’s Account. Such Interest Credit shall be based on the
amount of the Participant’s Account as of the first day of each Plan Year, and shall be
added to each Participant’s Account as of the last day of the Plan Year.
	 
	 	(c)	 	Except as otherwise provided in paragraph (d), for any year in which a Plan
distribution is made to a Participant, his or her Interest Credit shall be based on the
amount of the Participant’s Account as of the first day of the Plan Year for the period
from the first day of such Plan Year to the end of the month preceding the month in
which he or she receives a distribution from this Plan. In no event will Interest
Credits continue after benefits have commenced.

5

 

	 	(d)	 	If a Participant elects to receive his or her Account in installments as set
forth in Section 4.2(a)(ii), he or shall continue to receive Interest Credits until the
year in which the final installment is paid. For such year, the Participant’s Interest
Credit shall be based on the amount of the Participant’s Account as of the first day of
the Plan Year for the period from the first day of such Plan Year to the end of the
month preceding the month in which he or she receives the final installment payment
from the Plan. In no event will Interest Credits continue after the final installment
payment has been made.
	 
	 	(e)	 	The rate of interest used to determine the amount of the Interest Credit shall
be the one year constant maturity treasury yield on all actively traded U.S. Treasury
Securities that have one year left to maturity as of the first business day in November
preceding the Plan Year (as published in the Wall Street Journal) plus 1/2%. In no
event will the interest rate be less than 5% nor more than 10% for any twelve-month
Plan Year. For the purposes of this paragraph, the constant maturity Treasury Bill
rate shall be determined by calculating the yields on all actively traded U.S. Treasury
securities and interpolating the yield for a Treasury Bill with exactly one year to
maturity.

	3.3	 	Termination of Account.
	 
	 	 	Upon the payment of a Participant’s Account in full in either a lump sum or installment
payments, such Account shall cease to exist.

6

 

ARTICLE IV

FORM AND TIMING OF BENEFITS

	4.1	 	Distributable Events.
	 
	 	 	Benefits shall only be distributable from the Plan upon the occurrence of one of the
following events:

	 	(a)	 	the Participant’s Separation from Service;
	 
	 	(b)	 	the Participant’s death; or
	 
	 	(c)	 	the Participant’s Disability.

	 	 	Benefits shall continue to be paid under this Plan regardless of whether the Participant is
reemployed by the Corporation or an Affiliate.
	 
	4.2	 	Form of Benefit.

	 	(a)	 	Except as otherwise provided in Section A3.2, a Participant’s Account shall be
distributed in one of the following forms:

	 	(i)	 	a single lump sum payment equal to the value of the
Participant’s Account or the Actuarial Equivalent (as that term is defined in
the Basic Plan) of the benefits provided in Appendix A; or
	 
	 	(ii)	 	a series of annual installment payments where a Participant can
choose to receive between two (2) and ten (10) such payments.

	 	 	 	If a Participant elects to receive his or her Account in the form described in
paragraph (ii), he or she shall receive an initial installment payment equal to the
balance of his or her Account multiplied by a ratio, the numerator of which is one
and the denominator of which is the number of installments elected under
subparagraph (ii) above. For each following year for which an installment payment
is due, the amount of a Participant’s installment payment shall be equal to the
remaining amount in his or her Account, plus the Interest Credit credited for such
year, multiplied by a ratio, the numerator of which is one and the denominator of
which is equal to the denominator used to calculate the first installment payment
reduced by one for each installment payment that has previously been made to the
Participant.
	 
	 	(b)	 	A Participant shall make a written election concerning the form of payment for
the distribution of his or her Account or Accrued Benefit (as that term is defined in
the applicable appendix of the Basic Plan) no later than December 31, 2008. In the
event that a Participant fails to make such written election, the Participant shall be
deemed to have elected a single lump sum payment following Separation from Service.

7

 

	 	(c)	 	A Participant may elect to change the form of his or her distribution, or the
timing of such distribution, or both, at the times permitted by the Committee, provided
that:

	 	(i)	 	such election shall not take effect for a period of twelve (12)
months from the date such election is submitted to Committee in the form
required by Committee; and
	 
	 	(ii)	 	the Participant’s Account shall not be distributed earlier than
the fifth (5th) anniversary of the date the Participant’s Account
would have been distributed based on his or her initial election, or, in the
absence of an initial election, the default election made on his or her behalf.
Notwithstanding the foregoing, a Participant’s Account shall be payable upon
the Participant’s earlier death or Disability.

	 	(d)	 	Notwithstanding any provision of the Plan to the contrary, upon payment of a
Participant’s Account, no other benefit shall be payable hereunder to the Participant
or his Beneficiary.

	4.3	 	Timing of Distribution.
	 
	 	 	Except as otherwise provided under Section 4.4 or Section 4.5, a
Participant’s distribution shall occur at the following time:

	 	(a)	 	Lump Sum Payment. Lump sum distributions shall be made on or before
the ninetieth (90th) day immediately following the date on which the
Participant incurs a Separation from Service with the Participating Employer. The
exact date of such payment within the ninety-day period shall be determined by the
Corporation in its discretion.
	 
	 	(b)	 	Installment Payments. Annual installment payments shall commence
within 90 days after the date of the Participant’s date of Separation from Service, and
shall be made on each subsequent anniversary of the date of the Participant’s
Separation from Service until all installment payments have been made.

	4.4	 	Small Payments.
	 
	 	 	Notwithstanding Section 4.2 above, if the value of a Participant’s Account under this Plan
is not greater than the applicable amount under Section 402(g)(1)(B) ($15,500 for 2007),
determined as of the date of the Participant’s Separation from Service with the
Participating Employer, an automatic lump sum payment of such amount shall be made to the
Participant (or his Beneficiary in the event of the Participant’s death before commencement
of his retirement benefit) on or before the ninetieth (90th) day immediately
following the date of the Participant’s Separation from Service.
	 
	 	 	Notwithstanding any provision of the Plan to the contrary, upon payment of such lump sum
distribution, no other benefit shall be payable hereunder to the Participant or his
Beneficiary.

8

 

	4.5	 	Restriction on Timing of Distributions.
	 
	 	 	In the event that any stock of the Corporation or any entity within the same controlled
group (as defined in Section 414(b) of the Code), is publicly traded on an established
securities market as defined in Section 1.409A-1(i) of the regulations under Section 409A of
the Code, distributions to a Specified Employee may not commence before the date that is six
(6) months after the Specified Employee’s date of Separation from Service, or, if earlier
than the end of the six-month period, the date of the death of the Specified Employee.
	 
	 	 	If a Participant’s distribution is restricted under this Section 4.5, such distribution
shall be made on the earlier of the first day of the seventh month following the date of the
Participant’s Separation from Service or the date of the Specified Employee’s death. All
subsequent distributions shall be paid in the manner specified in Section 4.2.

9

 

ARTICLE V

VESTING

Subject to Article VI, a Participant has a non-forfeitable interest in his Account under this Plan
beginning at the same time and under the same conditions as the vesting of his Basic Plan benefit.

10

 

ARTICLE VI

ADMINISTRATION, AMENDMENT/TERMINATION AND FUNDING

	6.1	 	Administration.
	 
	 	 	This Plan shall be administered by the Corporation through the Committee in a manner
consistent with the administration of the Basic Plan as set forth in the Basic Plan, except
as specifically provided herein.
	 
	 	 	The Committee shall have full discretion to interpret and administer this Plan and its
decision in any matter involving the interpretation and application of this Plan shall be
final and binding on all parties.
	 
	6.2	 	Right to Amend or Terminate.
	 
	 	 	The Corporation reserves the right to amend, modify, suspend or terminate this Plan in whole
or in part at any time by action of its Board or the Board’s duly appointed delegate. No
amendment shall reduce a Participant’s Account under this Plan as of the amendment date,
except to the extent that the Participant agrees in writing to such reduction.
	 
	6.3	 	Funding.
	 
	 	 	This Plan is unfunded. Benefits under this Plan will be paid from the general assets of the
Participating Employer. The rights of a Participant or Beneficiary shall be those of an
unsecured creditor of the Corporation and the Participating Employers.

11

 

ARTICLE VII

GENERAL PROVISIONS

	7.1	 	Compliance with Section 409A.
	 
	 	 	This Plan is intended to be operated in good faith compliance with the requirements of
Section 409A of the Code and its accompanying regulations, and any additional guidance
issued under Section 409A. To the extent that any provision of this Plan violates Section
409A, such provision shall be deemed inoperative and the remaining provisions of the Plan
shall continue to be fully effective.
	 
	7.2	 	Payment to Minors and Incompetents.
	 
	 	 	If any Participant or Beneficiary entitled to receive any benefits hereunder is a minor or
is deemed by the Committee or is adjudged to be legally incapable of giving valid receipt
and discharge for such benefits, they will be paid to such person or institution as the
Committee may designate or to the, duly appointed guardian. Such payment shall, to the
extent made, be deemed a complete discharge of any such payment under the Plan.
	 
	7.3	 	No Contract.
	 
	 	 	This Plan shall not be deemed a contract of employment with any Participant, nor shall any
provision of the Plan affect the right of the Corporation or any Affiliate to terminate a
Participant’s employment.
	 
	7.4	 	Use of Masculine and Feminine; Singular and Plural.
	 
	 	 	Wherever used in this Plan, the masculine gender will include the feminine gender and the
singular will include the plural, unless the context indicates otherwise.
	 
	7.5	 	Non-Alienation of Benefits.
	 
	 	 	No amount payable to, or held under the Plan for the account of, any Participant or
Beneficiary shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell,
transfer, assign, pledge, encumber, or charge the same shall be void; nor shall any amount
payable to, or held under the Plan for the account of, any Participant be in any manner
liable for his debts, contracts, liabilities, engagements, or torts, or be subject to any
legal process to levy upon or attach.
	 
	7.6	 	Governing Law.
	 
	 	 	The provisions of the Plan shall be interpreted, construed, and administered in accordance
with the laws of the Commonwealth of Massachusetts.

12

 

	7.7	 	Captions.
	 
	 	 	The captions contained in the Plan are inserted only as a matter of convenience and for
reference and in no way define, limit, enlarge, or describe the scope or intent of the Plan,
nor in any way affect the construction of any provision of the Plan.

13

 

APPENDIX A

PROVISIONS APPLICABLE TO CERTAIN EMPLOYEES OF

WATERS-TA INSTRUMENTS LLC

A-1

 

INTRODUCTION

The purpose of this Appendix A is to document the terms of the Plan as they apply to certain
employees of Waters-TA Instruments LLC (“TA”). The provisions of this Appendix A shall apply
notwithstanding any other provision of the Plan to the contrary. Except as otherwise provided by
this Appendix A, the terms of the Plan shall apply.

A-2

 

ARTICLE A1

DEFINITIONS

	A1.1 	 	“Frozen TA Participant” means a Grandfathered TA Participant (as that
term is defined in the Basic Plan) who was a participant in the Basic
Plan on December 31, 2007 and who ceased to accrue a benefit under
the Basic Plan for Plan Years commencing after December 31, 2007 as a
result of the freeze of the Basic Plan.
	 
	A1.2	 	 “Special TA Participant” means a Protected TA Participant (as that
term is defined in the Basic Plan) who was designated by the
Corporation to be eligible to participate in the Plan pursuant to
Section A2.1(a) and is entitled to a benefit as described in Section
A3.2.
	 
	A1.3	 	 “TA” means the TA Instruments division of Waters-TA Instruments LLC
or its successor or successors.
	 
	A1.4	 	 “TA Plan” means the TA Instruments, Inc. Employees Pension Plan in
effect as of December 31, 1996.

A-3

 

ARTICLE A2

ELIGIBILITY

	A2.1	 	 Eligibility.

	 	(a)	 	A Protected TA Participant (as that term is defined in the Basic Plan) shall
become a Participant hereunder if he or she is designated as a Participant hereunder by
the Corporation pursuant to a certification signed by the Committee.
	 
	 	(b)	 	A Frozen TA Participant shall be eligible to participate in the Plan effective
January 1, 2008 pursuant to a certification signed by the Committee.

A-4

 

ARTICLE A3

AMOUNT OF BENEFIT

	A3.1 	 	Special TA Participant Benefits.
	 
	 	 	The benefit payable under this Plan to a Special TA Participant shall equal the excess, if
any, of (a) over (b) where:

	 	(a)	 	is the benefit such Participant would have been entitled to under the TA
Instruments, Inc. Employees Pension Plan as in effect as of December 31, 1996 had he
continued to actively participate in such plan until the date he terminates employment
with TA and determined as if the provisions of such plan were administered without
regard to the benefit limitations of Code Section 415 and regulations thereunder and,
solely with respect to Pay earned on and after January 1, 1997, the compensation
limitations of Code Section 401(a)(17) and regulations thereunder; and
	 
	 	(b)	 	is the Accrued Benefit which is payable to such Participant under the Basic
Plan.

	A3.2	 	 Frozen TA Participant Benefits.
	 
	 	 	The benefit payable under this Plan to a Frozen TA Participant shall equal the excess, if
any, of (a) over (b) where:

	 	(a)	 	is the Accrued Benefit (as that term is defined under the Basic Plan) which
would have been paid to such Participant under the Basic Plan under the terms of the
Basic Plan as if such terms continued to be in effect after December 31, 2007, if the
provisions of the Basic Plan were administered without regard to the benefit
limitations of Code Section 415 and regulations thereunder and, solely with respect to
Pay earned on and after January 1, 1997, the compensation limitations of Code Section
401(a)(17) and regulations thereunder; and
	 
	 	(b)	 	is the Accrued Benefit which is payable to such Participant under the Basic
Plan.

Notwithstanding any provision of this Plan to the contrary, a Frozen TA Participant shall
only be eligible to receive his benefit from this Plan in the form of a single lump sum
payment and payable as provided in Section 4.3(a).

A-5

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