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EXHIBIT 4(E)    
  

PRECISION CASTPARTS CORP.
  Guarantee of Subsidiaries dated July 1, 2001 

GUARANTEE  

        GUARANTEE (this "Guarantee"), dated as of July 1, 2001, is executed by each of the undersigned subsidiaries (each a "Guarantor") of Precision Castparts
Corp. (the "Parent"), for the benefit of Parent, the "Trustee" the "Lenders," "Agent" and holders of the "Securities" and the "Commercial Paper," each as defined herein. Reference is made to the
Indenture dated December 17, 1997 between the Parent and The First National Bank of Chicago ("Trustee") (the "Indenture" and notes issued under the Indenture, together, the "Securities"), the
Credit Agreement dated as of July 30, 1999 ("Credit Agreement") among Parent, Bank of America, N.A. and other lenders defined therein (the "Lenders"), notes issued under the Commercial Paper
program of Parent ("Commercial Paper"), with Bank One N.A. (as successor to The First National Bank of Chicago) as issuing and paying agent ("Agent"), evidenced by a master note dated
September 22, 1998 and available to be drawn for the benefit of Parent (the indebtedness evidenced by the Credit Agreement and the Commercial Paper, the "Indebtedness"). The terms "Holder" and
"Person" shall have the meanings ascribed to them in the Indenture. 

RECITALS  

        WHEREAS, the Parent desires to enhance its creditworthiness by obtaining guarantees of the Securities and the Indebtedness from certain of its subsidiaries; and 

        WHEREAS,
it is in the best interest of each of the Guarantors to execute this Guarantee inasmuch as such Guarantors will derive benefit from the Securities and the Indebtedness; and 

        NOW,
THEREFORE, in consideration of the foregoing, each Guarantor hereby agrees as follows: 

AGREEMENT  

        1.    Unconditional Guarantee.    Each of the undersigned Guarantors hereby unconditionally guarantees, for the
benefit of Parent, the Trustee, the Lenders, Agent and holders of the Securities and the Commercial Paper, jointly and severally, (i) the due and punctual payment of the principal of and
interest on the Securities and the Indebtedness, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal and interest, if any, on the
Securities and the Indebtedness, to the extent lawful and (ii) in case of any extension of time of payment or renewal of any Securities or the Indebtedness or any of such other obligations that
the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise, subject, however, in
the case of clauses (i) and (ii) above, to the limitations set forth in Section 2 below. Each Guarantor hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Securities or the Indebtedness, the absence of any action to enforce the same, any waiver or consent by any Holder of the Securities
or Lender with respect to any provisions of the Indenture or the documents evidencing the Indebtedness, the recovery of any judgment against the Parent, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a
court in the event of insolvency or bankruptcy of the Parent, any right to require a proceeding first against the Parent, protest, notice and all demands whatsoever and covenants that, subject to the
release of a Guarantor described in Section 4, this Guarantee will not be discharged except by complete performance of the obligations contained in the Securities, the documents evidencing the
Indebtedness, the Indenture and in this Guarantee, as the case may be. If any Holder of the Securities, any Lender or the Trustee is required by any court or otherwise to return to the Parent, any
Guarantor, or any custodian, trustee, liquidator or other similar 

 

official acting in relation to the Parent or any Guarantor, any amount paid by the Parent or any Guarantor to the Trustee or such Holder or Lender, this Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders, Lenders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as provided in the Indenture or the documents evidencing the Indebtedness, as the case may be, for the purposes of this
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of
such obligations as provided in the Indenture or the documents evidencing the Indebtedness, such obligations (whether or not due
and payable) shall forthwith become due and payable by each Guarantor for the purpose of this Guarantee. 

        2.    Limitation of a Guarantor's Liability.    Each Guarantor hereby confirms that it is the intention of such
parties that the guarantee by such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar Federal or state law. To effectuate the foregoing intention, each Guarantor hereby irrevocably agrees that the obligations of such Guarantor under the
Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections or rights with
respect thereto from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to Section 3 hereof, result in
the obligations of such Guarantor under the Guarantee not constituting such fraudulent transfer or conveyance. 

        3.    Contribution.    In order to provide for just and equitable contribution among the Guarantors, the Guarantors
agree, inter se, that in the event any payment or distribution is made by any Guarantor (a "Funding Guarantor") under the Guarantee, such Funding
Guarantor shall be entitled to a contribution from all other Guarantors in a pro rata amount based on the Adjusted Net Assets of each Guarantor (including the Funding Guarantor) for all payments,
damages and expenses incurred by that Funding Guarantor in discharging the Parent's obligations with respect to any Securities or the Indebtedness or any other Guarantor's obligations with respect to
this Guarantee. "Adjusted Net Assets" of such Guarantor at any date shall mean the lesser of the amount by which (x) the fair value of the property of such Guarantor exceeds the total amount of
liabilities, including, without limitation, contingent liabilities (after giving effect to all other fixed and contingent liabilities incurred or assumed on such date and after giving effect to any
collection from any other subsidiary of the Guarantor in respect of the obligations of its Guarantee), but excluding liabilities under the Guarantee of such Guarantor at such date and (y) the
present fair salable value of the assets of such Guarantor at such date exceeds the amount that will be required to pay the probable liability of such Guarantor on its debts (after giving effect to
all other fixed and contingent liabilities incurred or assumed on such date and after giving effect to any collection from any other subsidiary of the Parent in respect of the obligations of such
Guarantor under its Guarantee), excluding debt in respect of the Guarantee of such Guarantor, as they become absolute and matured. 

        4.    Release of a Guarantor.    (a) Upon the sale or disposition (whether by merger, stock purchase, asset
sale or otherwise) of a Guarantor (or all or substantially all its assets) to a Person which is not a subsidiary of Parent, and which sale or disposition is otherwise in compliance with the terms of
the Indenture and the Indebtedness, then such Guarantor (in the event of a sale or other disposition of such Guarantor) or the Person acquiring such assets (in the event of a sale or other disposition
of all or substantially all of the assets of such Guarantor) shall be deemed automatically and unconditionally released and discharged from all obligations under this Guarantee without any further
action required on the part of the Agent, the Trustee, any Lender or any Holder. 

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        (b)  Parent
may cause a Guarantor to be released from this Guarantee if, after 30 days' prior written notice to each of the Agent, the Bank of America, N.A. as agent
to the Lenders, the Trustee, Standard & Poor's and Moody's, Standard & Poor's provides written evidence to the effect that it has reviewed the proposed release and determined that such
release will not, by itself, result in a reduction, suspension or withdrawal of its ratings of the guaranteed Indenture and the Indebtedness. Upon Parent's receipt of Standard & Poor's written
confirmation, such Guarantor shall be deemed automatically and unconditionally released and discharged from all obligations under this Guarantee without any further action required on the part of the
Agent, the Trustee, any Lender or any Holder. 

        Any
Guarantor not released in accordance with this Section 4 remains liable for the full amount of principal of and interest on the Securities and the Indebtedness as provided in
this Guarantee. 

        5.    Additional Guarantors.    If Parent or any of the Guarantors transfers or causes to be transferred, in one
transaction or a series of related transactions, any property to any subsidiary of Parent that is not a Guarantor, or if Parent or any of the Guarantors shall organize, acquire or otherwise invest in
another Person that becomes a subsidiary of Parent, then Parent may cause such transferee or acquired or other subsidiary, as applicable, to execute and deliver to the Trustee and Lenders a
supplemental signature page to this Guarantee in the form of Exhibit A. Thereafter, such subsidiary shall be a Guarantor for all purposes of this
Guarantee. 

        In
addition to the foregoing, at any time in the sole discretion of Parent, Parent may cause any subsidiary of Parent that is not a Guarantor to become a Guarantor hereunder by executing
and delivering to the Trustee and Lenders a supplemental signature page to this Guarantee in the form of Exhibit A. Thereafter, such subsidiary
shall be a Guarantor for all purposes of this Guarantee. 

        6.    Guarantors May Consolidate, etc., on Certain Terms.    Nothing contained in the Indenture, the documents
relating to the Indebtedness, this Guarantee or in any of the Securities shall prevent any consolidation or merger of a Guarantor with or into the Parent, another Guarantor or a
non-Guarantor subsidiary of Parent, or shall prevent any sale of assets or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Parent, another
Guarantor or a non-Guarantor subsidiary of Parent. Upon any such consolidation, merger, sale or conveyance, the Guarantee given by such Guarantor shall no longer have any force or effect. 

        7.    Waiver of Subrogation.    Until all guaranteed obligations under the Indenture, the Indebtedness and with
respect to all Securities are paid in full, each Guarantor hereby irrevocably waives any claim or other rights which it may now or hereafter acquire against Parent that arise from the existence,
payment, performance or enforcement of such Guarantor's obligations under this Guarantee, the Indenture and the Indebtedness, including, without limitation, any right of subrogation, reimbursement,
exoneration, indemnification, and any right to participate in any claim or remedy of any Lender or Holder of Securities against Parent whether or not such claim, remedy or right arises in equity, or
under contract, statute or common law, including, without limitation, the right to take or receive from Parent, directly or indirectly, in cash or other property or by set-off or in any
other manner, payment or security on account of such claim or other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Securities or Indebtedness, as
the case may be, shall not have been paid in
full, such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Lenders or the Holders of the Securities, as the case may be,
and shall forthwith be paid to the Lenders or the Trustee for the benefit of such Holders to be credited and applied upon the Securities or the Indebtedness, whether matured or unmatured, in
accordance with the terms of the Indenture or the documents relating to the Indebtedness, as the case may be. Each Guarantor acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by the Indenture and the Indebtedness and that the waiver set forth in this Section 7 is knowingly made in contemplation of such benefits. 

3

 

        8.    Obligations Reinstated.    Except as provided in Section 4, the obligations of each Guarantor shall
continue to be effective or shall be reinstated, as the case may be, if at any time any payment which would otherwise have reduced the obligations of any Guarantor (whether such payment shall have
been made by or on behalf of Parent or by or on behalf of a Guarantor) is rescinded or reclaimed from any of the Lenders or Holders upon the insolvency, bankruptcy, liquidation or reorganization of
Parent or any Guarantor or otherwise, all as though such payment had not been made. If demand for, or acceleration of the time for, payment by Parent is stayed upon insolvency, bankruptcy, liquidation
or reorganization of Parent. All such indebtedness otherwise subject to demand for payment or acceleration shall nonetheless be payable by each Guarantor as provided herein. 

        9.    No Obligation to Take Action Against Parent.    None of the Lenders, the Trustee nor any other Person shall have
any obligation to enforce or exhaust any rights or remedies or to take any other steps under any security for the obligations under the Indenture or Indebtedness or against Parent or any other Person
or any property of Parent or any other Person before the Lenders or the Trustee, as the case may be, is entitled to demand payment and performance by any or all Guarantors of their liabilities and
obligations under their Guarantees or under the Indenture or the Indebtedness. 

        10.    Limited Liability of Others.    No past, present or future stockholder, officer, director, employee or
incorporator, as such, of a Guarantor shall have any liability under the Guarantee by reason of such person's status as a stockholder, officer, director, employee or incorporator. 

        11.    Severability.    In case any provision of this Guarantee shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

        12.    Termination of Guarantee.    Each Guarantor shall have no further liability with respect to its Guarantee of
the obligations evidenced by the Indenture or the Indebtedness if the Parent ceases to be liable in respect of the corresponding obligations evidenced by the Indenture or the Indebtedness, as the case
may be. 

        13.    Governing Law.    This Guarantee, and the rights of the parties hereto, shall be governed by and construed in
accordance with the laws of the State of Oregon, exclusive of choice of law rules. 

        14.    Counterparts.    This Guarantee may be executed in one or more counterparts, each of which will be deemed an
original but all of which together shall constitute one and the same agreement. 

        [SIGNATURE
PAGE FOLLOWS] 

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        IN
WITNESS WHEREOF, the undersigned have caused this Guarantee to be executed and delivered as of the date first above written. 

	 	 	PCC Structurals, Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	
 Name:

Its:
	 	 	 	 
	 	 	 	 
	 	 	PCC Airfoils, Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	
 Name:

Its:
	 	 	 	 
	 	 	 	 
	 	 	Wyman-Gordon Company
	 	 	 	 
	 	 	By:	 
	 	 	 	
 Name:

Its:
	 	 	 	 
	 	 	 	 
	 	 	Wyman Gordon (Cleveland) Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	
 Name:

Its:
	 	 	 	 
	 	 	 	 
	 	 	Wyman-Gordon Investment Castings, Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	
 Name:

Its:
	 	 	 	 
	 	 	 	 
	 	 	Precision Founders, Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	
 Name:

Its:

5

 

	 	 	 	 
	 	 	 	 
	 	 	Wyman-Gordon Forgings, Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	
 Name:

Its:

6

 
Exhibit A  

 SUPPLEMENTAL SIGNATURE PAGE TO GUARANTEE  

	GUARANTOR:	 	 
	 	 	

	 	 	 	 
	 	 	By:	 
	 	 	 	

	 	 	Name:	 
	 	 	 	

	 	 	Its:	 
	 	 	 	

	 	 	Date:	 
	 	 	 	

7

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EXHIBIT 4(E)QuickLinks
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Exhibit 10(D)    
  

CONFORMED COPY  

       

       

 
 

PRECISION CASTPARTS CORP.    
    
    NONEMPLOYEE DIRECTORS' DEFERRED COMPENSATION PLAN    
    
    2001 RESTATEMENT    
    
    January 1, 2001    
  

       

       

	Precision Castparts Corp.

an Oregon corporation

4650 SW Macadam, Suite 300

Portland, OR 97201	 	Company

  

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	1.	 	PLAN ADMINISTRATION	 	1
	2.	 	ELIGIBILITY; DEFERRAL ELECTIONS	 	1
	3.	 	EXECUTIVE DEFERRED COMPENSATION ACCOUNTS	 	1
	4.	 	TIME AND MANNER OF PAYMENT	 	2
	5.	 	DEATH	 	3
	6.	 	TERMINATION; AMENDMENT	 	4
	7.	 	CLAIMS PROCEDURE	 	4
	8.	 	GENERAL PROVISIONS	 	5
	9.	 	DEFINITION OF CHANGE OF CONTROL	 	5
	10.	 	EFFECTIVE DATE	 	6

i

 
 

PRECISION CASTPARTS CORP.    
    
    NONEMPLOYEE DIRECTORS' DEFERRED COMPENSATION PLAN    
    
    2001 RESTATEMENT    
    
    January 1, 2001    
  

	Precision Castparts Corp.

an Oregon corporation

4650 SW Macadam, Suite 300

Portland, OR 97201	 	Company

        Precision
Castparts Corp. (the Company) adopted the Nonemployee Directors' Deferred Compensation Plan (the plan) to create a deferred compensation arrangement for members of the Board of
Directors of the Company (the Board) who are not employees (Nonemployee Directors). In order to make a number of changes in the operation of the plan, the Company adopts this 2001 Restatement as an
amendment to the plan on the terms set forth below. 

1.    Plan Administration  

        The Chief Executive Officer (CEO) of the Company shall appoint one or more employees of the Company as Administrator of the plan. The Administrator shall
interpret and administer the plan and
for that purpose may make, amend or revoke rules and regulations at any time. The Administrator shall have absolute discretion to carry out responsibilities established under this plan. 

2.    Eligibility; Deferral Elections  

        2.1        A Nonemployee Director may elect as provided below to defer all or a specified part of the Directors' Fees
payable to the Director. An election shall be in writing on a form prescribed by the Administrator and shall specify the time and manner of payment of the deferred amounts in accordance with other
provisions of this plan. 

        2.2        An election to defer Directors' Fees received by the Administrator on or before December 31 of any
year shall be effective for fees payable for the succeeding calendar year. A new fee deferral election must be made for each calendar year. 

        2.3        In the first year in which a Director becomes eligible to participate in the Plan, the newly eligible
Director may make an election to defer Directors' Fees payable to the Director for services to be performed subsequent to the election by submitting the election to the Administrator on or before the
date of the next regular or special Board meeting after the Director first becomes eligible. The election shall be effective as of the date of the regular or special Board meeting on or next after the
date the election is made. 

        2.4        The Company may withhold from any deferral, or from nondeferred fees payable at the same time, any amounts
required by applicable law and regulations. 

3.    Deferred Fee Accounts  

        3.1        The Company shall deduct from Directors' Fees and credit to a Directors' Fee Deferral Account (the Account)
each Directors' Fee amount deferred under this plan. The Account shall be credited as of the day the deferred Directors' Fee would otherwise have been paid to the Director. 

 

        3.2        Until full payment of an Account balance has been made to the Director or beneficiaries entitled to the
amount identified by the Account (the Participant), the Company shall adjust the Account for investment performance as follows: 

        (a)  The
investment result shall be determined by the Performance Option(s) selected by the Participant. A Participant may select more than one Performance Option in
accordance with procedures designated by the Administrator. 

        (b)  Participants
may select Performance Options under 3.2(c), and may change an existing selection, on any business day, such change to be effective on the next business
day. A change in a Participant's selection of one or more Performance Options shall apply only to the existing amounts in the Participant's Account, only to future deferral amounts, or to both, as
selected by the Participant. Selections shall be made in a manner prescribed by the Administrator. 

        (c)  The
Performance Options shall be as follows: 

          (i)  The
commercial prime lending rate of the Bank of America or its successor, plus 2 percentage points, as in effect from time to time (Prime Rate plus 2 Percent). 

        (ii)  Other
Performance Options shall be those listed in Appendix A and shall be the same as for the Executive Deferred Compensation Plan. The CEO shall have authority
to add new Performance Options to the list in Appendix A and to remove Performance Options from the list, subject to 6.2(b). 

        (d)  When
the Prime Rate plus 2 Percent Performance Option has been selected, Accounts shall be adjusted daily based on the current rate in effect. 

        (e)  When
any of the Performance Options listed in Appendix A has been selected, amounts deferred shall be credited as equivalent shares at the closing price on the
day of the deferral. All equivalent shares shall be revalued up or down daily to the closing price. 

        (f)    Upon
a change of selection from a Performance Option listed in Appendix A, the Account shall be adjusted based on the value of the equivalent shares at the
closing price on the business day preceding the day on which the change takes effect. 

        3.3        Each Participant's Account shall be maintained on the books of the Company until full payment has been made
to the Participant entitled to the amount identified by the Account. No assets shall be set aside or earmarked to fund the Account, which shall be purely a bookkeeping device. 

4.    Time and Manner of Payment  

        4.1        Subject to 4.4, 4.5, 5.1 and 6.3, the Account shall be paid or payment commenced after one of the following
dates as selected under 4.3(a): 

        (a)  The
date the Director's service on the Company's Board ends, or 

        (b)  The
date that is from 1 to 20 whole years (as elected by the Director) after the end date of the Director's service on the Company's Board. 

        4.2        Subject to 4.4, 4.5, 5.1 and 6.3, the manner of payment of the Account shall be in one or a combination of
the following, as selected under 4.3(b): 

        (a)  In
a single lump sum as soon as practicable after the next December 31 following the date described in 4.1(a) or (b), whichever applies. 

        (b)  In
2 to 20 substantially equal annual installments (as elected by the Director), subject to the following. If a Director postpones commencement of payment by selecting a
date under 4.1(b), the number of years of postponement elected under 4.1(b) plus the number of installments elected 

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under this 4.2(b) shall not total more than 20. Installments shall be payable as soon as practicable after each December 31, commencing with the December 31 following the date described
in 4.1(a) or (b), whichever applies. The size of installments shall be fixed so as to be substantially equal based on an assumed return on the Performance Options in the Account over the payment
period. The Administrator shall select the assumed rate, which may be changed each year to reflect actual experience and variations in expected future investment returns. 

        4.3        The time and manner of payment under 4.1 and 4.2 shall be selected by the Director as follows: 

        (a)  The
selection of payment time under 4.1 shall be made in writing on a form prescribed by the Administrator, which may be part of the deferral election. The selection may
be changed by a subsequent selection, which shall be effective if delivered to the Administrator at least 12 months prior to the date on which the Director's service on the Company's Board
ends. If the Director's Board service ends prior to 12 months after a changed selection is delivered, the prior selection shall apply. 

        (b)  The
selection of the manner of payment under 4.2 shall be made in writing on a form prescribed by the Administrator, which may be part of the deferral election. The
selection may be changed by a subsequent selection, provided payment under the prior selection had not already commenced. The changed selection shall be effective if delivered to the Administrator at
least 12 months prior to the date in 4.1(a) or (b), whichever applies to the Director. Until the changed selection becomes effective, the prior selection shall remain in effect. 

        4.4        A Director or surviving spouse may withdraw the Director's entire Account at any time before the Account
otherwise would be payable. The amount paid on such a withdrawal shall be discounted ten percent from the stated balance of the Account. The ten percent discount shall be forfeited as a penalty for
early withdrawal. 

        4.5        If a Director's service on the Company's Board ends involuntarily (by removal of the Director or by
expiration of the Director's term without reappointment) within 24 months after a Change in Control as defined in 9, the Director's Account shall be paid in one lump sum within 30 days
after the Director's service on the Company's Board ends, regardless of the otherwise applicable election. 

        4.6        The Company may withhold from payments to a Director any income tax or other amounts as required by law. 

5.    Death  

        5.1        A Director's Account shall be payable under 5.3 on the Director's death regardless of the provisions of 4. 

        5.2        On death of a Director the Account shall be paid in the following order of priority: 

        (a)  To
the surviving beneficiaries designated by the Director in writing to the Administrator on a form prescribed by the Administrator for that purpose, or if none then 

        (b)  To
the Director's surviving spouse, or if none then 

        (c)  To
the Director's surviving children in equal shares, or if none then 

        (d)  To
the Director's estate. 

        5.3        The manner of payment under 5.1 shall be as follows: 

        (a)  If
the beneficiary is the surviving spouse and the Director elected installments but died before starting to receive payments, the spouse's payments shall begin as soon
as practicable after 

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the following December 31 and the period selected under 4.2(b) for the Director's payments shall govern. If the Director had already started receiving installments, the surviving spouse shall
receive the installments for the remainder of the term selected by the Director. 

        (b)  If
the beneficiary is the surviving spouse and the Director did not elect installments, or if the beneficiary is not the surviving spouse, a lump sum shall be paid as
soon as practicable to the beneficiary. 

        5.4        On death of a surviving spouse receiving installments under 5.3(a), the Account shall be paid in a single
sum to the spouse's estate as soon as practicable after death. 

6.    Termination; Amendment  

        6.1        The Board may terminate this plan effective the first day of any calendar year after notice to the
Nonemployee Directors. On termination, amounts in an Account shall remain to the credit of the Account, shall continue to be adjusted and shall be paid in accordance with 4, 5 or 6, as applicable. 

        6.2        The plan may be amended at any time by any of the following methods: 

        (a)  The
Board may adopt any amendment to the plan. 

        (b)  The
CEO may amend this plan to make any change that does not result in a material increase in the Company's costs. 

        (c)  The
CEO may amend this plan to make technical, editorial or operational changes on advice of counsel to comply with applicable law or to simplify or clarify the plan.
The CEO may delegate this amendment authority. 

        6.3        If the Internal Revenue Service rules that any amounts deferred under this plan will be subject to current
income tax, all amounts to which the ruling is applicable shall be paid within 30 days to all Participants with Accounts. 

7.    Claims Procedure  

        7.1        Any Participant claiming a benefit, requesting an interpretation or ruling under the plan, or requesting
information under the plan shall present the request in writing to the Administrator, who shall respond in writing as soon as practicable. 

        7.2        If the claim or request is denied, the written notice of denial shall state the following: 

        (a)  The
reasons for denial, with specific reference to the plan provisions on which the denial is based. 

        (b)  A
description of any additional material or information required and an explanation of why it is necessary. 

        (c)  An
explanation of the plan's review procedure. 

        7.3        The initial notice of denial shall normally be given within 90 days after receipt of the claim. If
special circumstances require an extension of time, the claimant shall be so notified and the time limit shall be 180 days. 

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

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

8.    General Provisions  

        8.1        The Company's promise to pay amounts deferred under this plan shall be an unfunded, unsecured obligation,
except as follows. The Company maintains a trust with a financial institution for payment of benefits under this and other nonqualified plans. The trust is a grantor trust for tax purposes and
provides that any assets contributed to the trustee shall be used exclusively for payment of benefits under the nonqualified plans except in the event the Company becomes insolvent, in which case the
trust fund shall be held for payment of the Company's obligations to its general creditors. 

        8.2        Any notice under this plan shall be in writing or by electronic means and shall be received when actually
delivered or, if mailed, when deposited postpaid as first class mail. Mail should be directed to the Company at the address stated in this plan, to a Director at the address stated in the Director's
election, to a beneficiary entitled to benefits at the address stated in the Director's beneficiary designation, or to such other address as the Director or beneficiary may specify by notice to the
Administrator. 

        8.4        The interests of a Participant under this plan are personal and no such interest may be assigned, seized by
legal process or in any way subjected to the claims of any creditor. The foregoing limitation prohibits, for example, any alienation, anticipation, sale, transfer, assignment, pledge, encumbrance,
attachment or garnishment by creditors of the Participant. 

9.    Definition of Change in Control  

        For purposes of this plan, a "change in control of the Company" shall be deemed to have occurred if: 

        (a)  Any
"person," as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (other than the Company, any
trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company), is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 20 percent or more of the combined voting power of the Company's then outstanding securities; 

        (b)  During
any period of two consecutive years, individuals who at the beginning of such period constituted a majority of the Board cease for any reason to constitute a
majority thereof unless the nomination or election of such new directors was approved by a vote of at least two-thirds of the directors then still in office who were directors at the
beginning of such period; 

        (c)  The
stockholders of the Company approve a merger or consolidation of the Company with any other company or statutory plan of exchange involving the Company (Merger),
other than (1) a Merger which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than 50 percent of the combined voting power of the voting securities of the Company or such surviving entity outstanding
immediately after the Merger or (2) a Merger effected to implement a recapitalization of the Company (or similar transaction) in which no "person" (as
hereinabove defined) acquires more than 20 percent of the combined voting power of the Company's then outstanding securities; or 

5

 

        (d)  The
stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale, lease, exchange or other transfer (in one transaction
or a series of related transactions) or disposition by the Company of all or substantially all of the Company's assets. 

10.  Effective Date  

        This 2001 Restatement shall be effective January 1, 2001. Procedures for changes from provisions of the plan as in effect before this Restatement shall be
implemented according to a schedule established by the Administrator. 

	 	 	PRECISION CASTPARTS CORP.
	

 	
 	

By	
 	

/s/  WILLIAM D. LARSSON      
 Name of signer:    William D. Larsson

Date signed    September 5, 2001

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APPENDIX A    
    
    LIST OF PERFORMANCE OPTIONS    
  

        In addition to the Prime Rate plus 2 Percent Performance Option, the following Performance Options shall be available: 

	(a)
	Fidelity
Aggressive Growth Fund

	(b)
	Fidelity
Growth Company Fund

	(c)
	Fidelity
Equity-Income Fund

	(d)
	Fidelity
Contrafund

	(e)
	MSDW
Small Company Growth Fund B

	(f)
	Fidelity
Low-Priced Stock Fund

	(g)
	U.S.
Equity Indexed Commingled Pool

	(h)
	Fidelity
Diversified International Fund

	(i)
	Fidelity
Intermediate Government Income Fund 

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QuickLinks

Exhibit 10(D)

PRECISION CASTPARTS CORP. NONEMPLOYEE DIRECTORS' DEFERRED COMPENSATION PLAN 2001 RESTATEMENT January 1, 2001

TABLE OF CONTENTS

PRECISION CASTPARTS CORP. NONEMPLOYEE DIRECTORS' DEFERRED COMPENSATION PLAN 2001 RESTATEMENT January 1, 2001

APPENDIX A LIST OF PERFORMANCE OPTIONS

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