Document:

EX-10.15

 

 

 

 

 

 

 

CURTISS-WRIGHT CORPORATION

 

EXECUTIVE DEFERRED COMPENSATION PLAN

 

 

Originally Effective November 18, 1997

 

Amended and Restated Effective 

with respect to 

Compensation Earned after December 31, 2006 

 

 

(As Amended Through November 18, 2006)

 

 

 TABLE OF CONTENTS

 

 

 

	Section	 	Page

	 	 	 
	
            Article 1
 	
            Definitions
 	
            1
 
	 	 	        

	Article 2	Eligibility and Participation	        3
        

	 	 	        

	Article 3	Deferrals and Deferral Accounts	        5
        

	 	 	        

	Article 4	Payment of Deferral Accounts	        7
        

	 	 	        

	Article 5	General Provisions	        11
        

	 	 	        

	Article 6	Administration	        13
        

	 	 	        

	Article 7	Amendment or Termination	        14
        

  

   

 

 

FOREWORD

 

This Curtiss-Wright Corporation Executive Deferred Compensation Plan (herein, "the Plan") was authorized by the Board of Directors of Curtiss-Wright Corporation (herein, "the Company") to be effective as of November 18, 1997 and was thereafter amended.  

 

The purpose of the Plan is to provide to certain employees of the Company the opportunity to defer a portion of their salary, annual bonus, or payments under the Company's long term incentive program, in accordance with the terms of the Plan as herein set forth. 

 

The Plan is not intended to be qualified under Sec. 401(a) of the Internal Revenue Code (“the Code”) and is intended to constitute an unfunded deferred compensation plan for a select group of management or highly compensated employees, within the meaning of Secs 201(2), 301(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended.

 

All payments made in accordance with the terms of the Plan shall be made from the general assets of the Company, provided, however, that the Company may establish and fund a trust in order to aid it in providing payments due under the terms of the Plan.

 

The Plan as herein restated shall apply to elections with respect to compensation earned after December 31, 2004 and shall be deemed to be a new plan for purposes of Sec. 409A of the Code and Sec. 885 of the American Jobs Creation Act of 2004.

 

 

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ARTICLE 1

 

DEFINITIONS

  

1.01       Board shall mean the Board of Directors of the Company.

 

1.02       Beneficiary shall mean the person or entity designated by a Participant to receive the proceeds of his Deferral Account in the event of his death prior to the complete distribution thereof.

 

1.03       Bonus shall mean the amount that would become payable to an Eligible Employee with respect to a calendar year under a Participating Employer’s annual bonus arrangement applicable to such Eligible Employee, on the basis of performance and such other factors as might be taken into account under such arrangement, prior to any reduction of such amount on account of a Deferral Election.

  

1.04       Code shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

1.05       Committee shall mean the individuals designated by the Chief Executive Officer of the Company to administer the Plan.

 

1.06       Company shall mean Curtiss-Wright Corporation or any successor, by merger, purchase, or otherwise, with respect to its employees.

 

1.07       Deferral Account shall mean the account maintained on behalf of a Participant under Section 3.02, to which shall be credited the Participant's Deferral Amounts and all earnings attributable to such Deferral Amounts.

 

1.08       Deferral Amount shall mean, with respect to each Participant, the total amount of Salary, Bonus, and Long Term Incentive Award that is subject to his Deferral Election for a Plan Year.

 

1.09       Deferral Election shall mean the irrevocable election made by a Participant to defer a portion of his Salary, Bonus or Long Term Incentive Award for a Plan year, in accordance with Section 3.01.

 

1.10       Eligible Employee shall mean an employee of a Participating Employer who satisfies the requirements of Section 2.01 for participation in the Plan, provided, however, that in no event shall a non-resident alien employee of a Participating Employer be an eligible Employee.

 

1.11       Effective Date shall mean November 18, 1997, provided however, that the first Deferral Elections permitted under the Plan related to Salary, Bonus, or Long Term Incentive Awards for 1998, and provided further, however, that the effective date of this Restated Plan shall be December 1, 2004 and the first Deferral Elections permitted under this Restated Plan shall relate to Salary, Bonus, or Long Term Incentive Awards for 2005.

 

 

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1.12       ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

1.13       Long Term Incentive Award  shall mean the amount that would become payable to an Eligible Employee with respect to any award period, under a Participating Employer’s long term incentive plan, on the basis of performance and such other factors as may be taken into account under the long term incentive plan for such period, determined without regard to any amount that is payable in the form of stock in the Company or options to buy stock in the Company, prior to any reduction of such amount on account of a Deferral Election.

 

1.14       Participant shall mean an Eligible Employee who has made one or more Deferral Elections in accordance with Section 3.01 and on whose behalf a Deferral Account has been established.

 

1.15.      Participating Employer shall mean the Company and any corporation of which the Company owns at least a majority of the capital stock and which, with the approval of the Company, adopts the Plan with respect to its own employees.

 

1.16       Plan shall mean this Curtiss-Wright Corporation Executive Deferred Compensation Plan, as in effect from time to time.  For purposes of Sec. 409A of the Code and Sec. 885 of the American Jobs Creation Act of 2004, this Restated Plan shall be deemed to be a new Plan.

  

1.17       Plan Year shall mean the calendar year.

 

1.18       Salary  shall mean the salary and any sales commission payable to an Eligible Employee by a Participating Employer for a calendar year, determined without regard to any reduction thereof in accordance with Sec. 125 or Sec. 401(k) of the Code, prior to any reduction of such amount on account of a Deferral Election.  The term Salary shall not include any amount paid as a retainer or as payment for services as an independent contractor.

 

 

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ARTICLE 2 

 

ELIGIBILITY AND PARTICIPATION

 

2.01 Eligibility.

 

An employee of a Participating Employer shall be an Eligible Employee and shall be eligible to participate in the Plan for a Plan Year if the sum of his Salary, Bonus, and other compensation taken into account under Sec. 415(c)(3) of the Code for the preceding Plan Year exceeds the amount specified in Sec. 414(q)(1)(B)(i) of the Code.  For purposes of this section, any compensation paid to an employee by an entity that has become a Participating Employer or has been acquired by a Participating Employer shall be taken into account in the same manner as compensation paid by a Participating Employer.

 

2.02 Participation.

 

(a)          An Eligible Employee shall become a Participant in the Plan upon his completion of a Deferral Election in accordance with Section 3.01.  Each Deferral Election shall remain in effect for the Plan Year to which it relates and shall cease to be effective at the end of such Plan Year, provided, however, that the portion of Deferral Election that applies to a Long Term Incentive Award shall remain in effect throughout the period to which such Long Term Incentive Award relates.

 

(b)          A Participant who has made a Deferral Election for a Plan Year shall be eligible to make a Deferral Election for a subsequent Plan Year if and only if he is then an Eligible Employee.

 

(c)          An Eligible Employee who has made a Deferral Election shall continue to be a Participant in the Plan until the entire balance of his Deferral Account has been distributed to him.

 

2.03 Suspension of Deferral Elections.

 

(a)          Notwithstanding the provisions of Sections 2.02(a) and 3.01, a Participant may, in the event of an unforeseeable emergency, request a suspension of his Deferral Election under the Plan.  The request shall be made in the time and manner specified by the Committee and shall be effective as specified by the Committee.

 

(b)          In the event that a Participant's Deferral Election is suspended during a Plan Year, on account of an unforeseeable emergency, such suspension shall remain in effect for the remainder of such Plan Year, provided, however, that, in no event shall the amount payable to the Participant as a result of the suspension of his Deferral Election exceed the amount necessary to satisfy such emergency.

 

 

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(c)          For purposes of this Section, the term "unforeseeable emergency" shall have the meaning specified in Section 4.05(b). 

 

2.04 Designation of Beneficiary.

 

(a)          Each Eligible Employee shall designate a Beneficiary who shall be entitled to receive the amount, if any, payable under the Plan in the event of his death.  The designation shall be made in the manner specified by the Committee.  In the event that an Eligible Employee fails to designate a Beneficiary, or in the event that no designated Beneficiary survives an Eligible Employee, his estate shall be deemed to be his Beneficiary.

 

(b)          A Participant may, from time to time, revoke or change his designation of Beneficiary, without the consent of any prior Beneficiary, by filing a new designation with the Committee.  The last such designation received by the Committee shall be controlling, provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant's death.     

 

ARTICLE 3

 

DEFERRALS AND DEFERRAL ACCOUNTS

 

3.01 Deferral Elections.

 

(a)          Prior to the first day of each Plan Year, each Eligible Employee shall be permitted to make an irrevocable Deferral Election.  Such Deferral Election shall be in writing, on forms provided by the Committee, or by such electronic means as the Committee may authorize, and shall be filed at the time specified by the Committee.

 

(b)          An Eligible Employee's Deferral Election shall specify the percentage of Salary or Bonus otherwise payable to him in or with respect to such Plan Year and the percentage of the Long Term Incentive Award otherwise payable to him with respect to an award period commencing in such Plan Year that he wishes to defer, provided, however, that:

 

(i) the percentage of his Salary that an Eligible Employee may elect to defer shall not exceed 25%;

 

(ii) the percentage of his Bonus that an Eligible Employee may elect to defer shall not exceed 50%; and 

 

(iii) the percentage of his Long Term Incentive Award that an Eligible Employee may elect to defer shall not exceed 50%.

 

 

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(c)          The Deferral Election shall specify that the Company will reduce the amounts of Salary, Bonus, or Long Term Incentive Award otherwise payable to the Eligible Employee by the percentage specified in such Deferral Election and that the Deferral Amounts shall instead be credited to his Deferral Account under the Plan.

 

(d)          The Deferral Amounts specified in a Participant’s Deferral Election shall be payable as provided in Article 4.

 

3.02 Deferral Accounts.

  

(a)          The Company shall establish on its books a Deferral Account for each Participant.

 

(b)          A Participant's Deferral Account shall be credited with a Deferral Amount equal to the percentage of his Salary, Bonus, or Long Term Incentive Award, as applicable, specified in his Deferral Election.  Such Deferral Amounts shall be credited as of the first day of the calendar quarter that includes the date on which the specified percentages of Salary, Bonus, or Long Term Incentive Award would have been paid to the Participant in the absence of a Deferral Election, provided, however, that for purposes of Section 3.03, the portion of a Participant’s Bonus that is subject to a Deferral Election shall be credited as of the first day of the Plan Year following the Plan Year to which such Bonus relates and the portion of a Participant’s Long Term Incentive Award that is subject to a Deferral Election
    shall be credited as of the first day of the Plan Year following the latest calendar year to which such Long Term Incentive Award relates.

 

3.03 Crediting of Earnings to Deferral Accounts.

 

(a)          Each Participant's Deferral Account shall be credited with an annual rate of earnings equal to the sum of (i) the average annual rate of interest payable on United States Treasury Bonds of 30 years maturity, as of the last month of the preceding calendar year, as determined by the Federal Reserve Board, plus (ii) 2%.  Earnings shall be credited to Deferral Accounts on a quarterly basis and shall be based on the balance of the Deferral Account as of the first day of the calendar quarter.

 

(b)          The Committee may, in its discretion, modify the rate of earnings to be credited to Deferral Accounts.  Any such modification shall apply only to Deferral Amounts attributable to Deferral Elections for Plan Years beginning subsequent to the date on which the Committee provides notice to the Eligible Employees of such modification.

 

3.04 Records and Statements of Deferral Accounts.

 

The Committee shall maintain, or cause to be maintained, records showing the balances of each Participant's Deferral Account.  At least once a year, a Participant shall be furnished with a statement setting forth the balance of his Deferral Account. 

 

 

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ARTICLE 4

 

PAYMENT OF DEFERRAL ACCOUNTS

 

4.01 Options for Time and Form of Payment of Deferral Account.

 

(a)        Subject to the provisions of subsection (c), a Participant may irrevocably specify in any Deferral Election under the Plan that the Deferral Amount resulting from such Deferral Election, plus any earnings attributable thereto, in accordance with Section 3.03, shall be paid to him in a single sum in the first quarter of either the third calendar year or the fifth calendar year following the Plan Year to which such Deferral Election relates.

 

(b)        Subject to the provisions of subsection (c), a Participant may irrevocably specify in a Deferral Election under the Plan that the Deferral Amount resulting from such Deferral Election shall be paid to him upon his retirement or termination of employment from the Company, at or after his attainment of age 55, in accordance with the provisions of Section 4.02. 

 

(c)        In the event that (i) a Participant who has made an election in accordance with subsection (a) terminates from the employ of the Company, or dies, before payment is made pursuant thereto, or (ii) a Participant who has made an election in accordance with subsection (b) terminates from the employ of the Company prior to the attainment of age 55, then, notwithstanding the terms of his election made in accordance with subsection (a) or subsection (b), payment of his Deferral Account shall be made in accordance with Section 4.03, or 4.04, as applicable.

 

(d)         A Participant who has made a Deferral Election with respect to a Plan Year beginning after December 31, 2004, that included a specification in accordance with subsection (a) of the year in which the Deferral Amount resulting from such Deferral Election shall be paid may make a subsequent election to extend the period of such deferral by 5 years.  An election in accordance with this subsection shall be effective only if made prior to the first day of the calendar year preceding the calendar year in which payment was scheduled to be made pursuant to his specification in accordance with subsection (a); for purposes of subsection (c) and for purposes of Sections 4.02 and 4.03, such election shall be deemed to be an election in accordance with subsection (a).

 

 

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4.02 Payment at Retirement.

 

(a)          A Participant who makes a Deferral Election pursuant to Section 4.01(b) that the Deferral Amount resulting from such Deferral Election shall be paid to him upon retirement or termination from the employ of the Company at or after his attainment of age 55, may further irrevocably elect that such amount shall be paid to him in annual installments over a specified period of 5, 10, or 15 years, or will be paid to him in a single sum, in the first quarter of the calendar year following the year in which he retires or terminates, provided, however, that the first election made by a Participant under this subsection shall apply to all later elections made by the Participant under Section 4.01(b) and to the Deferral Amount resulting from any Deferral Election made prior to January 1, 2004 in which the Participant
did not make an election in accordance with Section 4.01(a).

 

(b)          A Participant who has specified the installment form of payment described in subsection (a) and who retires from the employ of the Company at or after his attainment of age 55 shall receive in the first quarter of each calendar year, beginning with the year following the year in which he retired, an amount determined by dividing the balance of his Deferral Account as of the last day of the calendar year preceding the year of payment, by the number of years remaining in the installment payment period, provided, however, that the amount of the initial installment shall be determined after subtracting from the Deferral Account any portion thereof which is not subject to an installment payment election under subsection (a) and provided further, however, that no payment shall  be made earlier than the time
permitted by Section 4.06.

 

(c)          In the event of the death of a Participant who is in receipt of installment payments in accordance with subsection (b), the remaining balance of his Deferral Account shall be paid to his Beneficiary in a single sum.

 

(d)          The Deferral Account of a Participant who has elected the installment form of payment shall continue to be credited with earnings, in accordance with Section 3.03 during such installment payment period.

 

4.03 Payment upon Termination of Employment.

 

(a) In the event that a Participant terminates from the employ of the Company prior to attaining age 55 the balance of his Deferral Account would be payable to him in accordance with his or her election under Section 4.01(a) or 4.01(b), the balance of his Deferral Account shall be paid to him in a single sum in the calendar quarter following the quarter in which occurred his termination of employment, except as may be otherwise required in accordance with Section 4.06.

 

(b) In the event that a Participant terminates from the employ of the Company at or after attaining age 55 the balance of his Deferral Account would be payable to him in accordance with his or her election under Section 4.01(a), the balance of his Deferral Account shall be paid to him in a 

 

 

Page 8

 

single sum in the first quarter of the calendar year following the year in which he or she retires or terminates, except as may be otherwise required in accordance with Section 4.06.

 

4.04 Payment upon Death.

 

In the event of the death of a Participant prior to his receipt of the payment of his Deferral Account, the balance of his Deferral Account shall be paid to his Beneficiary in a single sum in the calendar quarter following the quarter in which his death occurred.

 

4.05 Payment upon Incurrence of Unforeseeable Emergency.

 

(a)          If, upon the application of a Participant, the Committee determines that he has incurred a unforeseeable emergency, the Committee may direct the payment of all or a portion of the balance of his Deferral Account.  The amount paid shall not exceed the amount reasonably necessary to meet the unforeseeable emergency, plus amounts necessary to pay taxes reasonably anticipated as a result of the payment, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the Participant's assets, to the extent that such liquidation itself would not cause a severe financial hardship, or by cessation of deferrals in accordance with Section 2.03(a).

 

(b)          For purposes of this Section, the term "unforeseeable emergency" shall mean a severe financial hardship resulting from the unexpected illness or accident of the Participant or a dependent, within the meaning of Sec. 152(a) of the Code, loss of the Participant's property due to casualty, or other similar extraordinary circumstances arising as a result of events beyond the control of the participant.

 

4.06 Special Rule for Key Employees.

 

Notwithstanding any provision hereof, in no event shall any portion of the Deferral Account of a Participant who is a “key employee” within the meaning of Sec. 416(i) of the Code for the year in which occurs his termination of employment or the immediately preceding year be paid prior to six months after the date of his termination of employment. 

 

ARTICLE 5

 

GENERAL PROVISIONS

 

5.01 Funding.

 

(a)          All amounts payable in accordance with the Plan shall constitute general, unsecured obligations of the Company.  Such amounts, as well as any administrative expenses related to the Plan, shall be paid out of the general assets of the Company, except to the extent that they may be paid from a trust fund described in subsection (c).

 

 

Page 9

 

(b)          The Company shall have no obligation to invest any portion of its assets in any type of investment or investment fund, notwithstanding any reference to specific rates for crediting earnings on Deferral Account in accordance with Section 3.03.

 

(c)          The Company may, in its sole discretion, establish a grantor trust to facilitate payment to Participants under the Plan.  Any assets of any such trust shall be held separate and apart from other assets of the Company and shall be used exclusively for the purposes set forth in the applicable trust agreement, subject to the following conditions:

 

(i) The creation or any such trust or the contribution of assets thereto shall not cause the Plan to be other than "unfunded" for purposes of Secs. 201(2), 301(3), and 401(a)(1) of ERISA.

 

(ii) The company shall be treated as the "grantor" of any such trust for purposes of Sec. 677 of the Code.

 

(iii) The trust agreement shall specify that the assets of any such trust may be used to satisfy claims of the Company's general creditors.

 

5.02 No Contract of Employment.

 

The establishment of the Plan, and any elections made by Eligible Employees hereunder, shall not be construed as conferring any legal rights upon any person for continuation of employment, nor shall the establishment of the Plan interfere with the rights of the Company to discharge any employee and to treat him without regard to the effect which such treatment might have upon him as a Participant in the Plan.

 

5.03 Tax Withholding.

 

(a)  The Company shall have the right to deduct from each payment made under the Plan any amount required to be withheld for taxes.

 

(b)   Notwithstanding any provision hereof, the Company may, to extent permitted or required by the Code, take into account any amount that is the subject of a Participant’s Deferral Election in determining the amount to be withheld from the Participant’s compensation for taxes.

 

5.04 Facility of Payment.

 

In the event that the Committee shall find that a Participant is unable to care for his affairs because of illness or accident, the Committee may direct that any payment due him, unless claim shall have been made therefor by a duly appointed legal representative, be paid to his spouse, a child, a parent, or other blood relative, or to a person with whom he resides, and any such payment shall be a complete discharge of the liabilities of the Plan.

 

 

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5.05 Nonalienation.

 

No amount due under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void, nor shall any such amount be in any manner liable for or subject to garnishment, attachment, execution or levy, or liable to or subject to the debts, contracts, liabilities, engagements or torts of any Participant, except to the extent required by applicable law.

 

5.06 Rules of Construction.

 

(a)          The Plan shall be governed and construed in accordance with the laws of the State of New Jersey, without regard to its rules on conflicts of laws.

 

(b)          The masculine pronoun shall include the feminine and the singular number shall include the plural, except to the extent that the context otherwise requires. 

 

ARTICLE 6

 

ADMINISTRATION

 

6.01 Appointment of Committee.

 

The Chief Executive Officer of the Company shall appoint the Committee that shall be responsible for the administration of the Plan.  The Chief Executive Officer, in his sole discretion, may remove any member of the Committee and may appoint a new member or members to the Committee.

 

6.02 Authority and Duties of Committee.

 

In addition to the specific authority granted to and the specific duties imposed upon the Committee hereunder, the Committee shall have the exclusive authority to establish rules for the operation of the Plan, which rules shall be in writing and shall have the exclusive authority to interpret the Plan.  The decision of the Committee on any disputed question shall be final. 

 

6.03 Claims Procedure.

 

The Committee shall establish a procedure for claims to benefits under the Plan, which procedure shall comply with the requirements of Sec. 503 of ERISA.

 

 

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ARTICLE 7

 

AMENDMENT OR TERMINATION

 

7.01 Authority of the Board.

 

The Board reserves the right to modify or amend, in whole or in part, or to terminate the Plan at any time.  However, no modification or termination of the Plan shall adversely affect the right of any Participant to receive the amounts credited to his Deferral Account in accordance with the terms of the Plan as in effect prior to the date of modification, amendment, or termination.

 

7.02 Authority of the Committee.

 

The Board hereby delegates authority to the Committee to modify or amend, in whole or in part, the Plan provided such amendment or amendments are required by changes in the law or have no material financial impact on the Corporation.EX-10.33

CURTISS-WRIGHT CORPORATION 

  RETIREMENT PLAN 

  As Amended and Restated effective January 1, 2001 

EIGHTH INSTRUMENT OF AMENDMENT 

Recitals: 

	
1.          	
Curtiss-Wright Corporation ("the Company") has heretofore adopted the Curtiss-Wright Corporation Retirement Plan (“the Plan").

  
	 
	
2.	
The Company caused the Plan to be amended and restated in its entirety, effective as of January 1, 2001, and has since caused the Plan to be further amended.

  
	 
	
3.	
Subsequent to the most recent amendment of the Plan, it has become necessary to further amend the Plan to revise the Plan’s disability benefit and transfer provisions and to clarify certain
other provisions of the Plan.

  
	 
	
4.	
Sections 12.01 and 12.02 of the Plan permit the Company to amend the Plan, by written instrument, at any time and from time to time, by action of the Board of Directors.

  

Amendment to the Plan: 

NOW, THEREFORE, be it

RESOLVED, that for the reasons set forth in the Recitals to this Instrument of Amendment, the Plan is hereby amended in the following respects, to be effective as of July 1, 2006: 

	
1.          	
Section 1.04 is amended by deleting the words “Section 6.05 or 9.02(c)” in the last sentence thereof and replacing them with the words “Section 9.02(c)”.
  
	 
	
2.	
Section 1.13 is amended by deleting the penultimate paragraph thereof and by adding a new paragraph (d) to read as follows:
  
	 	 	 
	 	“(d)          	  For
        a continuous period up to two years while an Employee is in receipt of
    Disability Payments as provided in Section 2.03(b) .” 

	 	 	 
	
3.	
Article 1 is amended by deleting Sections 1.14 and 1.15, by renumbering Sections 1.16 through 1.51 as Sections 1.15 through 1.50, respectively, and by adding a new Section 1.14 to read as
follows:

  
	 
	 	
“1.14 “Disability Payments” means payments received under the Company’s long-term or short-term
disability plans, payments received under the workers’ compensation law (excluding statutory payments for loss of any physical or bodily member such as a leg, arm or finger), or solely with respect to an Employee who is not covered by the
Company’s long-term disability plan,

  
	 

1

	 	
payments of a Social Security disability pension received on account of a disability incurred while an Employee.”

  
	 
	
4.          	
Section 1.24, as renumbered, is amended by revising the last sentence thereof to read as follows:

  
	 
	 	
“In the case of any person who is a Leased Employee before or after a period of service as an Employee, the period during which he has performed services as a Leased Employee for the Employer or
Affiliated Employer shall be counted solely for purposes of determining eligibility to participate in the Plan and vesting in the Plan to the extent such service would be recognized for other Employees; however, the Leased Employee shall not, by
reason of that status, become a Participant in the Plan or accrue any benefit under the plan for the period during which he was a Leased Employee.”

  
	 
	
5.	
Section 1.25, as renumbered, is amended by adding the following words at the end thereof “,but shall specifically exclude any period during which the Employee is in receipt of Disability
Payments”.

  
	 
	
6.	
Section 1.40, as renumbered, is amended by deleting the last sentence thereof.

  
	 
	
7.	
Article 2 is amended by deleting Section 2.03 therefrom and by renumbering Section 2.04 as Section 2.03.

  
	 
	
8.	
Section 2.03, as renumbered, is amended to read as follows:

  
	 
	 	
“2.03 Treatment of Periods of Military Service, Disability and other Leaves of Absence

  
	 
	 	
(a)          	
Notwithstanding any provision hereof, a Participant’s Service, as taken into account under the Plan for purposes of vesting and for purposes of determining eligibility for and the amount of his
retirement benefits hereunder, in accordance with Article 4, Article 6 and Article 9, shall include, to the extent required by law, any period of absence from service with the Employer due to a period of service in the uniformed services of the
United States which occurs after the date the Participant meets the eligibility requirements for membership in the Plan. If he shall have returned to the service of the Employer after having applied to return while his reemployment rights were
protected by law, the Participant shall be deemed to have earned Compensation during the period of absence at the rate he would have received had he remained employed as an Employee for that period or, if such rate is not reasonably certain, on the
basis of the Participant’s rate of compensation during the 12-month period immediately preceding such period of absence (or if shorter, the period of employment immediately preceding such period).

  
	 
	 	
(b)	
In the event a Participant incurs a disability while an Employee and becomes entitled to Disability Payments on account of such disability, the Participant shall continue to accrue benefits under the
provisions of Articles 4 and 6 and shall continue to be credited with Vesting Years of

  
	 

2

	 	 	 Service for the period he
        is in receipt of the Disability Payments, up to a maximum continuous period
        of twenty-four months (including any applicable waiting period for such
        Disability Payments provided that after the expiration of such waiting
        period the Participant becomes entitled to Disability Payments). For purposes
        of computing the benefit accrued by a Participant under this paragraph
        (b), a Participant shall be deemed to have earned Compensation during the
        period he is accruing a benefit under this paragraph (b) at the rate of
        Compensation he was receiving immediately prior to the date he ceased active
        employment on account of the disability. A Participant who is entitled
        to Disability Payments and who is credited with at least five Vesting Years
        of Service may elect at any time by written advance application to the
        Committee to cease further accruals under the provisions of this paragraph
        (b) and in lieu thereof to commence receipt of payments under the applicable
    provisions of the Plan. 

	 	 	

	 	(c)          	  Notwithstanding
        any provisions of the Plan to the contrary, an Employee’s period
        of Leave of Absence not otherwise included under paragraph (a) or (b)
        above, shall be included for purposes of determining vesting and for
        purposes of determining the amount of his retirement benefits hereunder
        in accordance with Articles 5, 6, and 9, provided that the Employee returns
        to the employ of the Employer at or before the expiration of the Leave
        of Absence. If the Employee receives credit for service under the preceding
        sentence, the Employee shall be deemed to have earned Compensation during
        the Leave of Absence at the rate of pay he was receiving immediately
    prior to his Leave of Absence.” 

	 	 
	9.	  Section 4.05(a)
    is amended by revising clause (i) to read as follows: 
	 	 	 
	 	“(i) 	 retirement on his Normal Retirement Date
    or Early Retirement Date, as the case may be,” 
	 	 	 
	
10.          	
Section 4.06(b) is amended by adding the following sentence at the end thereof:

  
	 
	 	
“In the event the Beneficiary is the Participant’s estate, the death benefit shall automatically be paid to the estate in one lump sum.”

  
	 
	
11.	
Article 6 is amended by deleting Sections 6.05 and 6.08, by renumbering Sections 6.06 and 6.07 as Sections 6.05 and 6.06, respectively, and by renumbering Sections 6.09 through 6.14 as Sections 6.07
through 6.12, respectively.

  
	 
	
12.	
Article 6 is amended by adding a new Section 6.13 to read as follows:

  
	 
	 	
“6.13 Reemployment Following Commencement of Annuity Payments

  
	 
	 	
Notwithstanding any provisions of the Plan to the contrary, in the event a Participant who is in receipt of annuity payments is reemployed by the Company or an Affiliated Employer, payment of such
benefit payments shall continue.

  
	 

3

	 	 Upon the
        Participant’s
        subsequent termination of employment with the Company and all Affiliated
        Employers, the Participant shall be entitled to an additional benefit
        based on the formula then in effect and his Years of Credited Service
        and Compensation earned after his date of reemployment and such additional
        benefit shall be subject to and payable in accordance with the provisions
    of Article 7.

	 	 
	 	 In the
        event a Participant dies while in active service, the additional benefit
        shall be payable in accordance with Section 4.06 or Article 8 or 9, as
    applicable.” 

	 	 	 
	13.	  Section 7.02(a) is amended by adding a
    new paragraph (iii) to read as follows: 
	 	 	 
	 	“(iii)	 The Participant elects an annuity form
    under subsection (b)(ii) below with his spouse as Beneficiary.”  
	 	 	 
	
14.          	
Section 7.02(b) is amended by adding the following sentence after the last sentence thereof:

  
	 
	 	
“However, both benefits together, as provided under Articles 4 and 6, must commence simultaneously.”

  
	 
	
15.	
Section 7.10(a) is amended by adding the following sentence at the end thereof:

  
	 
	 	
“For purposes of this paragraph (a), Actuarial Equivalent shall be determined in the same manner as provided in Section 6.07(b).”

  
	 
	
16.	
Section 8.01(a) is amended by deleting the words “or if a Participant in receipt of payments under Section 6.05 dies prior to his Normal Retirement Date” from the first sentence thereof and
by deleting the last sentence thereof.

  
	 
	
17.	
Section 8.01 is amended by adding a new paragraph (d) to read as follows:

  
	 
	 	“(d)          	  In the
        event a Participant entitled to a death benefit under paragraph (a) dies
        in active employment with his estate as his Beneficiary, the death benefit
        shall be calculated assuming the beneficiary is the same age as the Participant
        and, in lieu of the annuity form of payment, the death benefit shall
    be paid in one lump sum under Section 8.03. ” 

	 	 	 
	18.	  The Plan is amended
    by adding a new Article 16 to read as follows: 

 

4

“ARTICLE 16: TRANSFERS 

If an Employee during his period of employment with the Company and all Affiliated Employers is transferred to or from a position eligible to accrue benefits under the provisions of Article 4, 6 or 9 to a position that
is ineligible for benefits under the applicable Article, the following provisions shall apply: 

	
(a)          	
Vesting Service. An Employee’s Vesting Years of Service shall be determined on the basis of his period of employment with the Company and all
Affiliated Employers (unless otherwise specified in Schedule J).

  
	 
	
(b)	
Credited Service for Purposes of Determining Eligibility for Benefits. For purposes of determining an Employee’s eligibility for benefits under the
Plan (but not the amount of any benefit unless otherwise specified in paragraph (d) below), an Employee’s years of Credited Service shall be determined on the basis of his period of employment with the Company and all Affiliated
Employers.

  
	 
	
(c)	
Eligibility for Benefits. Upon an Employee’s termination of employment with the Company and all Affiliated Employers, an Employee shall be entitled
to a Normal, Early, Disability or Vested Retirement Benefit under the applicable provisions of the Plan if, at the time of his termination of employment, he has satisfied the age, service, and any other requirements of the Plan for such
benefit.

  
	 
	
(d)	
Rules for Determining the Amount of Benefit.

  
	 
	 	
(i)          	
If an Employee who is accruing benefits under the provisions of Article 6 is transferred to a position with the Company or to an Affiliated Employer and on account of such transfer the Employee would
be ineligible to accrue further benefits under the provisions of Article 6, the following provisions shall apply:

  
	 
	 	 	
(A)          	
Credited Service for Benefit Accrual Purposes. All service with the Company or an Affiliated Employer in such transferred position shall be included in
determining the Employee’s years of Credited Service for purposes of determining the amount of the Employee’s benefit under Article 6 except that any service rendered while the Employee is eligible to accrue benefits under Article 9 or is
eligible to participate in another qualified defined benefit pension plan shall be excluded.

  
	 
	 	 	
(B)	
Average Compensation. Compensation (as defined in Section 1.11) paid by the Company or an Affiliated Employer to the Employee while employed in such
transferred position shall be included in determining an Employee’s Average Compensation.

  
	 
	 	
(ii)	
If an Employee who is accruing benefits under the provisions of Article 4 is transferred to a position with the Company or to an Affiliated Employer and on account of such transfer the Employee would
be ineligible to

  
	 

5

	 	
accrue further benefits under the provisions of Article 4, benefits shall continue to accrue under the provisions of Article 4 after the date of transfer except that if the Employee is transferred to
a position in which he is eligible to participate in a qualified defined contribution plan which provides for employer contributions (other than salary deferrals under Section 401(k) of the Code) the Employee shall cease to accrue benefits under
Section 4.02 based on Compensation paid to the Employee by the Company or an Affiliated Employer while in the transferred position.

  
	 
	 	
(iii)          	
If an Employee who is accruing benefits under the provisions of Article 9 is transferred to a position with the Company or to an Affiliated Employer in which he is ineligible to accrue further
benefits under the provisions of Article 9, the Employee’s service rendered while in such ineligible position shall not be included in his Credited Service for purposes of determining the amount of his benefit under Article 9. Accordingly, If a
participant transfers to a position where he is no longer eligible to participate in Article 9, he will not earn Credited Service under Article 9 while in that ineligible position.

  
	 
	 	
(iv)	
If an Employee is transferred from a position that is ineligible to accrue benefits under the provisions of Article 4, 6 or 9 to a position that is eligible to accrue benefits under one of those
Articles, the following provisions shall apply:

  
	 
	 	 	
(A)          	
Compensation paid to such Employee prior to the date of transfer shall be disregarded in determining the amount of the Employee’s benefit under Article 4 or 6, as applicable, unless the Employee
is transferred from a position eligible to accrue benefits under Article 9 in which case Compensation paid to the Employee while covered by Article 9 shall be recognized in determining the Employee’s Average Compensation under Article 6, if
applicable.

  
	 
	 	 	
(B)	
For purposes of determining the amount of an Employee’s benefit under Article 4, 6 or 9, service rendered prior to the date the Employee became employed in a position eligible to accrue benefits
under Article 4, 6 or 9 shall be disregarded in determining the Employee’s Credited Service under the applicable Article.

  
	 
	
(e)          	
Transfers Involving a Non-U.S Affiliated Employer. Notwithstanding the preceding provisions of this Article 16, any period of employment with a
non-U.S. Affiliated Employer shall be recognized solely for the purpose of determining an Employee’s Vesting Years of Service under subparagraph (i) above [and for purposes of determining an
Employee’s eligibility for benefits under subparagraph (ii)]. Such period of employment shall be excluded in determining the amount of a Participant’s benefit under paragraph (d) and any Compensation paid during such period of employment
shall likewise be excluded.”

  
	 
	 19.	
  Schedule J, Item 22 is amended, effective as of September 1, 2005, to read as follows:

	 

6

	               	“22.          	Collins, Long Island (formerly referred
    to as Novatronics, Inc.) 
	 	 	 
	 	
(a)	
Notwithstanding any provision hereof to the contrary, no Employee who is employed at operations or facilities acquired by the Employer in its acquisition of Novatronics, Inc. shall be eligible to
become a Participant in this Plan prior to September 1, 2005.

  
	 
	 	
(b)	
Effective as of September 1, 2005, an Employee at the operations and facilities acquired by the Employer in its acquisition of Novatronics, Inc. shall be eligible to become a Participant in
accordance with Section 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4.02. In computing the benefits accrued under Article 4.02, only Compensation earned on and after September
1, 2005 shall be counted.

  
	 
	 	
(c)	
For purposes of determining an Employee’s Vesting Years of Service, the Employee’s period of prior service with Novatronics, Inc. rendered prior to the date of acquisition shall be
included. In computing such prior service, an Employee who is credited with at least one Hour of Service prior to July 1 of a calendar year shall receive one full Vesting Year of Service for that calendar year; otherwise no credit shall be credited
for that calendar year.”

  

Except to the extent amended by this Instrument of Amendment, the Plan shall remain in full force and effect. 

7

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