Document:

Exhibit
      10.1

     

    Ingersoll-Rand
      Company

    Estate
      Enhancement Program

    Amended
      and Restated as of June 1, 1998

    

    
      	
              1.

            	
              Purpose

            

    

    

    The
      purpose of the Ingersoll-Rand Company Estate Enhancement Program (the “Plan”) is
      to provide Executives of Ingersoll-Rand Company (the “Company”) the ability to
      elect life insurance coverage pursuant to a split-dollar life insurance
      arrangement.

    

    
      	
              2.

            	
              Definitions

            

    

    

    For
      purposes of this Plan, the following terms have the meanings set forth
      below:

    

    2.01   Agreement
      means
      the Agreement executed by the Participant (or Assignee) and the Company
      implementing the terms of this Plan.

    

    
      	 	
              2.02

            	
              Alternative
                Death Benefit Amount
                means, with respect to a Participant, an amount that, after subtracting
                any Company federal, state, and local income tax savings resulting
                from
                the deductibility of the payment for corporate tax purposes, is equal
                to
                the Participant’s Coverage Amount (determined without regard to the
                Alternative Death Benefit Election under Section 11). The Alternative
                Death Benefit Amount shall be determined at the time the payment
                is to be
                made, based on Company’s federal, state and local income tax rate
                (calculated at the highest marginal tax rate then applicable to Company,
                but net of any federal deduction for state and local taxes) at the
                time of
                the payment, and shall be determined by the Committee or its
                designee.

            

    

    

    
      	 	
              2.03

            	
              Assignee
                means that person or entity designated as such in the
                Agreement.

            

    

    

    
      	 	
              2.04

            	
              Board
                of Directors
                means the Board of Directors of the
                Company.

            

    

    

    
      	 	
              2.05

            	
              Change
                in Control
                shall have the same meaning as a “change in control of the Company” as set
                forth in the Company’s Incentive Stock Plan of 1995, unless a different
                definition is used for purposes of any severance of employment agreement
                or change of control arrangement between the Company and the Participant,
                in which event such definition shall
                apply.

            

    

    
      	 	
                  

                            
                 2.06

            	
               

              Committee
                means the Compensation and Nominating Committee, or any successor
                committee, of the Board of Directors of the
                Company.

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

       
      2.07   Company
      Death Benefit
      means
      the portion of the Policy’s death benefit payable to Company as provided in
      Section 10.

    

      
      2.08   Compensation
      means
      all or a portion of: (i) the Participant’s annual incentive bonus income; (ii)
      any vested benefits to which the Participant is entitled under any nonqualified
      supplemental retirement plan maintained by the Company, as long as such plan
      is
      included in Appendix A attached to and made a part of this Plan; (iii)
      performance shares which may be earned under an outstanding stock award grant;
      and, (iv) any other amounts deemed by the Committee to constitute Compensation
      for the purpose of this Plan. Previously deferred bonuses and previously
      deferred performance shares will not be considered Compensation for the purpose
      of this Plan.

    

      
      2.09    Effective
      Date
      means
      September 2, 1997.

    

       
      2.10   Executive
      means
      any elected officer of Ingersoll-Rand who, at the time of enrollment in the
      Plan, has satisfied the Share Ownership Guidelines applicable to such
      officer.

    

      
      2.11    Insurer
      means,
      with respect to a Participant’s Policy, the insurance company issuing the Policy
      on the Participant’s life (or on the lives of the Participant and the
      Participant’s spouse, in the case of a Survivorship Policy) pursuant to the
      provisions of the Plan; provided, however, that in order to qualify as an
      Insurer under the Plan, an insurance company must, at the time a Policy is
      issued under this Plan, be assigned one of the top three ratings by one of
      the
      major rating agencies, including A.M. Best, Moody’s, Standard & Poor’s and
      Duff and Phelps.

    

       
      2.12   Participant
      means an
      Executive who elects to participate in the Plan.

    

      
      2.13   Participant’s
      Coverage Amount
      means
      the portion of the Policy’s death benefit payable to the beneficiary(ies) of the
      Participant (or Assignee) as provided in Section 10.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

      
      2.14   Participant
      Special Contribution means
      the
      amount of additional premium payment a participant may elect to contribute,
      pursuant to Section 5.02, in order to maintain the Policy death benefit if
      the
      Compensation the Participant elected to forego is more than the actual amount
      foregone.

    

      
      2.15   Performance
      Share Payment Date means
      the
      date on which foregone performance shares would have been issued absent the
      Participant’s election to forego such shares.

    

      
      2.16   Plan
      Administrator
      means
      the Committee or its designee.

    

      
      2.17   Policy
      means
      the life insurance coverage acquired on the life of the Participant (or on
      the
      lives of the Participant and the Participant’s spouse, in the case of a
      Survivorship Policy) by Company.

    

       
      2.18   Policy
      Owner
      means
      the Company.

    

      
      2.19    Premium
      means,
      with respect to a Policy on the life of a Participant (or the lives of a
      Participant and a Participant’s spouse, if the Policy is a Survivorship Policy),
      the amount Company is obligated, pursuant to the terms of the Plan, to pay
      to
      the Insurer with respect to such Policy.

    

      
      2.20   Share
      Ownership Guidelines
      means
      the guidelines established by the Company relative to ownership of Company
      common stock by officers of the Company, and contained in the Executive Deferred
      Compensation and Stock Bonus Plan.

    

      
      2.21   Survivorship
      Policy
      means a
      Policy insuring the lives of the Participant and a Participant’s spouse, with
      the death benefit payable at the death of the last survivor of the Participant
      and his or her spouse.

    

      
      2.22   Termination
      of Service (or Terminates Service)
      means
      any termination from active service.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

      
      2.23   Termination
      for Cause
      means a
      determination made by the Board of Directors
      that a Participant has been terminated for cause, as that term is defined
      in any written employment agreement existing between the Company (or any
      subsidiary or affiliate of the Company) and the Participant; absent any such
      agreement, or absent a definition of the term in the agreement, the term shall
      mean the termination of the Participant’s employment with the Company (or any
      subsidiary or affiliate of the Company) due to: (i) fraud, misappropriation
      or
      intentional material damage to the property or business of the Company (or
      any
      subsidiary or affiliate of the Company); (ii) commission of a felony; or (iii)
      continuance of either willful and repeated failure or grossly negligent and
      repeated failure by the Participant to perform his or her duties.

    

      3.
             Participation

    

    

    
      	 	
                
                3.01

            	
              Eligibility.
                All Executives of the Company shall be eligible to participate in
                the
                Plan. An Executive shall become a Participant by completing such
                forms,
                documents and procedures as specified by the Plan Administrator.
                The
                Participant (and, in the case of a Survivorship Policy, the Participant’s
                spouse) shall cooperate with the Insurer by furnishing any and all
                information requested by the Insurer in order to facilitate the issuance
                of the Policy, including furnishing such medical information and
                taking
                such physical examinations as the Insurer may deem necessary. In
                the
                absence of such cooperation, the Company shall have no further obligation
                to the Participant to allow him or her to participate in the
                Plan.

            

    

    

      
      3.02   Election
      to Forego Compensation.
      As a
      condition of participating in the Plan, each Participant shall be required
      to
      make an election in which the Participant shall commit to forego the receipt
      of
      specified types and amounts of Compensation, with such election to remain in
      effect until the date on which the Participant Terminates Service with Company,
      or the date on which the Participant has foregone a total amount equal to the
      amount elected to be foregone by the Participant.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    The
      Participant shall make an election to forego Compensation by execution of an
      “Enrollment and Election to Forego Compensation Form” prior to the Policy
      effective date, and the terms of such Form are hereby incorporated by reference
      in this PIan. The amounts that a Participant agrees to forego pursuant to such
      election, unless precluded by tax or other laws to the contrary, shall be
      included in determining a Participant’s compensation for purposes of any benefit
      plans maintained by Company to the same extent as if such Compensation had
      not
      been foregone; provided, however, that such Compensation that is taken into
      account with respect to an employee benefit plan of the Company shall be reduced
      by an amount equal to the amount of imputed income from the insurance coverage
      provided hereunder that is taken into account under such employee benefit
      plan.

    
An
      Executive’s election to participate in the Plan shall be irrevocable when the
      Executive completes an Enrollment and Election to Forego Compensation Form
      and
      submits it to the Company. However, the Executive may opt out of the Plan if,
      due to health or medical history issues, the insurance benefits available to
      the
      Executive under the Plan are materially less than those projected to be
      available absent the health or medical history issues. If the Executive opts
      out
      of the Plan in accordance with the terms of the preceding sentence, the Company
      shall immediately pay to the Executive (or credit to the Executive’s applicable
      deferral account, if a deferral election would apply to any such amount absent
      an election to forego such amount to participate in this Plan) any foregone
      Compensation amount of cash that would have been paid to the Executive (or
      deferred) or the number of performance shares that would have been awarded
      to
      the Executive (or deferred) prior to the time the Executive opts out of the
      Plan. The Company shall not be obligated to pay interest on (or credit any
      deferred account earnings on) any amount paid (or deferred) pursuant to the
      preceding sentence.

    

    
      	
              4.

            	
              Amount
                and Type of Coverage

            

    

    

    The
      Company shall cause the Policy to be issued by the Insurer. The amount and
      type
      of coverage provided under the Policy shall be that amount and type specified
      in
      the Agreement. The amount of coverage for which a Participant is eligible shall
      be set forth in the Agreement and shall be based upon the Participant’s election
      to forego compensation.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    
      	
              5.

            	
              Payment
                of Premiums

            

    

    

    
      	 	
              5.01

            	
              Company
                Payments.
                The Company shall pay Premiums equal to the Compensation actually
                foregone
                by a Participant in accordance with the Participants election made
                pursuant to Section 3.02. With respect to any foregone vested benefits
                under a Company nonqualified supplemental retirement plan, the Premiums
                shall be paid no later than thirty (30) days after the initial premium
                for
                the Participant’s Policy becomes due, or, if later, within thirty (30)
                days after the Participant vests in the amount foregone by the
                Participant. With respect to any foregone annual bonus income, the
                Premiums shall be paid no later than thirty (30) days following the
                date
                such amounts would otherwise have been paid to the Participant, but
                for
                the Participant’s election to forego such Compensation, or, if later,
                within thirty (30) days after the Company receives the initial premium
                invoice for the Participant’s Policy. With respect to any foregone
                performance shares, the Premiums shall be paid no later than thirty
                (30)
                days following the Performance Share Payment Date, or, if later,
                within
                thirty (30) days after the Company receives the initial premium invoice
                for the Participant’s Policy.

            

    

    

    
      	 	
              5.02

            	
              Participant
                Payments.
                Unless otherwise provided in an Agreement, a Participant (or Assignee)
                shall not be required to pay any portion of the Premium due on the
                Policy.
                However, if the Participant’s Election to Forego Compensation is no longer
                in effect under Section 3.02 because of the Participant’s Termination of
                Service, then the Participant (or Assignee) may, within sixty (60)
                days of
                the Participant’s Termination of Service, elect to pay to the Insurer as a
                premium payment the difference (or some portion thereof) between
                the
                Compensation the Participant elected to forego and the Compensation
                actually foregone by the Participant up to the date of
                termination.

            

    

    

       
      5.03   Termination
      Events.
      Company’s obligation to pay Premiums with respect to a Policy shall
      terminate:

    

    
      	 	
              a.

            	
              Automatically
                upon the death of the Participant (or upon the death of the survivor
                of
                the Participant and the Participant’s spouse, if the Policy is a
                Survivorship Policy).

            

    

    

    
      	 	
              b.

            	
              Automatically
                upon a Participant’s Termination of Service, except as provided in Section
                12.

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    6.     
       Policy
      Ownership

    

    
      	 	
              6.01

            	
              Ownership.
                The Company shall be the owner of any Policy and shall be entitled
                to
                exercise the rights of ownership, except that the following rights
                shall
                be exercisable by the Participant (or Assignee if one is designated
                in the
                Agreement): (i) the right to designate the beneficiary(ies) to receive
                payment of that portion of the death benefit under such Policy equal
                to
                the Participant’s Coverage Amount unless there is an election for an
                Alternative Death Benefit in effect; and (ii) the right to assign
                any part
                or all of the Participant’s rights under the Policy to any person, entity
                or trust. The Company shall not borrow from, hypothecate, withdraw
                cash
                value from, surrender in whole or in part, cancel, or in any other
                manner
                encumber a Policy without the prior written consent of the Participant
                (or
                Assignee if one is designated in the Agreement). The Company shall
                not
                take any other action with respect to a Policy that may reduce the
                Participant’s Coverage Amount without the prior written consent of the
                Participant (or Assignee).

            

    

    

        6.02
        Possession
      of Policy. The
      Company shall keep possession of the Policy. The Company agrees to make the
      Policy available to the Participant (or Assignee) or to the Insurer at such
      times, and on such terms as the Company determines for the sole purposes of
      endorsing or filing any change of beneficiary or assignment on the
      Policy.

    

      
      6.03   Investment
      of Policy Cash Values.
      If the
      Policy provides the Policy Owner with a choice of investment funds for the
      Policy cash values, the Company shall invest the cash values in the funds
      selected by and in the proportions specified by the Assignee (or the
      Participant, if there is no Assignee), unless otherwise specified in the
      Participant’s Agreement. The Company agrees to submit an investment election to
      the Insurer within thirty (30)
      days
      after a written investment request by the Participant (or Assignee) or other
      person or entity designated in the Participant’s Agreement.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    
      	
              7.

            	
              Termination
                of Service

            

    

    

    If
      a
      Participant Terminates Service with the Company, then:

    

    
      	 	
              a.

            	
              Company’s
                obligation to pay Premiums with respect to a Participant’s Policy shall
                terminate as provided in Section
                5.03.

            

    

    

    
      	 	
              b.

            	
              Participant’s
                obligation to forego Compensation pursuant to an election made under
                Section 3.02 shall terminate with respect to Compensation not foregone
                as
                of the date of Termination of
                Service.

            

    

    

    
      	
              8.

            	
              Election
                to Reduce Policy Face
                Amount

            

    

    

    The
      Participant (or Assignee) may elect to reduce the Policy face amount, except
      that the Policy face amount shall not be reduced to an amount less than the
      Company Death Benefit. Within sixty (60) days of receipt of a written request
      from the Participant (or Assignee), the Company shall complete and submit the
      necessary forms to the Insurer to reduce the Policy face amount in accordance
      with the Participant’s (or Assignee’s) request.

    

    
      	
              9.

            	
              Adjustment
                of Policy

            

    

    

    If
      a
      Participant Special Contribution becomes payable under Section 5.02 and the
      Participant (or Assignee) elects not to pay such amount (or elects to pay less
      than the total amount payable) within the time allowed for such payment, then
      the Participant’s Policy face amount shall be reduced by an amount determined by
      multiplying the initial face amount of the Participant’s Policy by a fraction,
      the numerator of which is the amount of Participant Special Contribution payable
      (less any portion paid), and the denominator of which is the total amount of
      Compensation the Participant elected to forego. Provided, however, that the
      face
      amount reduction determined pursuant to the preceding sentence shall be reduced
      by the amount of any face amount reduction already applied pursuant to Section
      8. The Participant (or Assignee) and the Company agree to execute an amendment
      to the Agreement and to complete any forms required by the Insurer to implement
      these changes.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    
      	
              10.

            	
              Death
                Benefit

            

    

    

    Upon
      the
      death of the Participant (or the death of the survivor of the Participant and
      the Participant’s spouse, if the Policy is a Survivorship Policy), the death
      benefit under the Policy shall be divided as follows:

    

    
      	 	
              a.

            	
              Company
                shall be entitled to receive as the Company Death Benefit an amount
                equal
                to the greater of: (i) the Policy cash surrender value immediately
                prior
                to the death of the Participant (or the death of the survivor of
                the
                Participant and the Participant’s spouse, if the Policy is a Survivorship
                Policy) and before any surrender charges; or (ii) the cumulative
                Premiums
                paid by the Company under the Policy. If the Policy provides for
                a death
                benefit equal to the sum of the face amount of the Policy and any
                cash
                account or accumulation value, any Company Death Benefit should first
                be
                paid from the cash account or accumulation value portion of the death
                benefit.

            

    

     

    
      b.    The
        beneficiary(ies) of the Participant (or Assignee) shall be entitled to
 receive
        the Participant’s Coverage Amount, which shall consist of the  excess,
        if any, of the Policy’s death benefit over the Company Death
        Benefit.

    Company
      agrees to execute an endorsement to the Policy issued to it by the Insurer
      providing for the division of the Policy death benefit in accordance with the
      provisions of this Section.

    

    Notwithstanding
      the provisions of this Section, if the Policy death benefit becomes payable
      while there is an Alternative Death Benefit Election in effect for the
      Participant (or Assignee if one is designated in the Agreement) pursuant to
      Section 11, then the entire Policy death benefit shall be paid to
      Company.

    

    
      	
              11.

            	
              Alternative
                Death Benefit Election.

            

    

    

    A
      Participant (or Assignee, if one is designated in the Agreement) may elect
      to
      receive an Alternative Death Benefit in lieu of the insurance benefit provided
      under the Plan. Any such election shall be filed with the Committee in such
      form
      as may be prescribed by such Committee. The Alternative Death Benefit shall
      be
      paid by the Company from the general funds of the Company, and shall not
      constitute an insurance benefit. It shall be paid by the Company to the
      Participant’s (or Assignee’s) beneficiary(ies) at the time the Participant’s
      death benefit would have been paid (at the Participant’s death for single life
      coverage, or at the death of the survivor of the Participant and the
      Participant’s spouse for survivorship coverage). The amount of the payment shall
      be equal to the Alternative Death Benefit Amount. As long as an Alternative
      Death Benefit Election is in effect, the beneficiary(ies) of the Participant
      (or
      Assignee) shall receive only the Alternative Death Benefit, and shall not be
      entitled to receive any portion of any death benefits that would become payable
      under the Participant’s Policy, and the Participant (or Assignee) shall
      cooperate with Company in effecting a change of beneficiary of the Participant’s
      Policy to achieve such result.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    
      	
              12.

            	
              Change
                in Control

            

    

    

    If
      there
      is a Change in Control:

    

    
      	 	
              a.

            	
              the
                Plan and the Company’s obligation to pay Policy Premiums hereunder equal
                to a Participant’s foregone Compensation (including Compensation to be
                foregone after the Change in Control pursuant to an Enrollment and
                Election to Forego Compensation Form that becomes effective before
                the
                Change in Control) shall become irrevocable for all Participants
                in the
                Plan at the time of the Change in
                Control;

            

    

    

    
      	 	
              b.

            	
              a
                Participant’s election to forego Compensation shall remain in effect in
                accordance with the original terms thereof, and the Change in Control
                will
                not affect the amount or timing of Compensation to be foregone by
                a
                Participant after the Change in
                Control.

            

    

    

    
      	 	
              c.

            	
              the
                Company immediately shall transfer the ownership of all Participants’
                Policies to an irrevocable trust created by the Company to: (i) pay
                any
                Premiums projected to be payable on all Policies after the Change
                in
                Control (including Premiums to be paid in connection with Compensation
                to
                be foregone by Participants after the Change in Control), which shall
                be
                paid by the trustee as they become payable under Section 5.01 of
                the Plan,
                and (ii) pay any Alternative Death Benefit that becomes payable under
                Section 11 of this Plan; and

            

    

    

    
      	 	
              d.

            	
              the
                Company immediately shall fund such irrevocable trust with an amount
                sufficient to pay all necessary projected future Premiums for all
                Participants’ Policies (including Premiums to be paid in connection with
                Compensation to be foregone by Participants after the Change in Control
                pursuant to an Enrollment and Election to Forego Compensation Form
                that
                becomes effective before the Change in Control);
                and

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    
      	 	
              e.

            	
              except
                as otherwise provided in this Section the provisions of the Plan
                shall
                continue to apply as if there had been no Change in
                Control.

            

    

     

    Notwithstanding
      the creation and funding of an irrevocable trust in accordance with the
      provisions of this Section, the Company or its successor shall continue to
      be
      responsible for the Premium costs associated with the Participants’ Policies and
      any Alternative Death Benefits payable under Section 11 if such amounts are
      not
      paid by the trust for any reason, or if the trust’s assets become insufficient
      to pay any required amounts.

    

    
      	
              13.

            	
              Company
                Default

            

    

    

    
      	 	
              13.01

            	
              Company
                Default.
                A
                Company Default shall be deemed to have occurred with respect to
                a Policy
                if Company fails to pay a Premium on the Policy as required under
                the
                terms of the Agreement within sixty (60) days after the due date
                for such
                Premium, or if Company processes or attempts to process a policy
                loan, or
                a complete or partial surrender, or a cash value withdrawal without
                prior
                written approval from Participant (or
                Assignee).

            

    

    

    
      	 	
              13.02

            	
              Rights
                upon Company Default. In
                the event
                of Company Default as described in Section 13.01, the Participant
                (or
                Assignee if one is designated) shall have the right to require the
                Company
                to cure the Company Default by notifying the Company in writing within
                sixty (60) days after the Company Default occurs, or if later, within
                thirty (30) days after the Participant (or Assignee) becomes aware
                of the
                Company Default. If the Company fails to cure the Company Default
                within
                sixty (60) days after being notified by the Participant (or Assignee)
                of
                the Company Default, the Participant (or Assignee) shall have the
                right to
                require the Company to transfer its interest in the Participant’s Policy
                to the Participant (or Assignee). The Participant (or Assignee) may
                exercise this right by notifying Company, in writing, within sixty
                (60)
                days after the Company Default occurs. Upon receipt of such notice,
                the
                Company shall immediately transfer its rights in the Policy to the
                Participant (or Assignee) and the Company shall thereafter have no
                rights
                with respect to such Policy. A Participant’s (or Assignee’s) failure to
                exercise its rights under this Section shall not be deemed to release
                the
                Company from any of its obligations under the Plan, and shall not
                preclude
                the Participant (or Assignee) from seeking other remedies with respect
                to
                the Company Default. Also, a Participant’s (or Assignee’s) failure to
                exercise its rights under this Section will not preclude the Participant
                (or Assignee) from exercising such rights upon later Company
                Default.

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    
      	
              14.

            	
              Governing
                Laws and Notices

            

    

    

    
      	 	
              14.01

            	
              Governing
                Law. This
                Plan shall be governed by and construed in accordance
                with the substantive law of New Jersey without giving effect to the
                choice
                of law rules of New Jersey.

            

    

    

    
      	 	
              14.02

            	
              Notices.
                All notices hereunder shall be in writing and sent by first class
                mail
                with postage prepaid. Any notice to Company shall be addressed to
                the
                principal office of the Company at 200 Chestnut Ridge Road, Woodcliff
                Lake, NJ 07675. Any notice to the Participant (or Assignee) shall
                be
                addressed to the Participant (or Assignee) at the address following
                such
                party’s signature on his or her Agreement. Any party may change its
                address by giving written notice of such change to the other party
                pursuant to this Section.

            

    

    

    
      	
              15.

            	
              Miscellaneous
                Provisions

            

    

    

    
      	 	
              15.01

            	
              This
                Plan and any Agreement executed hereunder shall not be deemed to
                constitute a contract of employment between an Executive and Company,
                or a
                Participant and Company, nor shall any provision restrict the right
                of
                Company to discharge an Executive or Participant, or to restrict
                the right
                of an Executive or Participant to terminate
                services.

            

    

    

    
      	 	
              15.02

            	
              The
                masculine pronoun includes the feminine and the singular includes
                the
                plural where appropriate for valid
                construction.

            

    

    

    
      	 	
              15.03

            	
              In
                order to be eligible to participate in this Plan, the Participant
                (and, in
                the case of a Survivorship Policy, the Participant’s spouse) shall
                cooperate with the Insurer by furnishing any and all information
                requested
                by the Insurer in order to facilitate the issuance of the policy,
                including furnishing such medical information and taking such physical
                examinations as the Insurer may deem necessary. In the absence of
                such
                cooperation, Company shall have no further obligation to the Participant
                to allow him or her to participate in the
                Plan.

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

          
      15.04   If,
      due
      to Policy provisions related to the suicide of the Participant (or the
      participant’s spouse, if the Policy is a Survivorship Policy) or to a material
      misstatement of information or nondisclosure of medical history, or due to
      any
      other similar Policy provision, no death benefit is payable under the Policy,
      then no benefits shall be payable to the beneficiary(ies) of such Participant
      (or Assignee, where applicable). In such case, the Participant’s election to
      forego Compensation which has not yet become payable shall be void. Also, the
      Company shall pay to the Participant (or the Participant’s estate, if the
      Participant has died) an amount equal to the Compensation already foregone
      by
      the Participant in accordance with the Participant’s election under Section
      3.02, or, if less, the amount the Company receives from the Insurer upon
      cancellation of the Participant’s Policy.

    

    
      	 	
              15.05

            	
              In
                the event of any inconsistency between the terms of this Plan as
                described
                herein and the terms of any Policy purchased hereunder or any related
                Agreement, the terms of such Policy or Agreement shall be controlling
                as
                to that Participant, his or her Assignee (if any), his
                successor-in-interest (if any) and his or her beneficiary or
                beneficiaries.

            

    

    

    
      	
              16.

            	
              Amendment,
                Termination, Administration, and
                Successors

            

    

    

    
      	 	
              16.01

            	
              Amendment/Termination.
                The Company, by action of the Committee, may amend, modify or terminate
                the Plan at any time, but any such amendment, modification or termination
                will not affect the rights of any Participant (or Assignee) under
                any
                Agreement entered into with the Company prior to the date of such
                amendment, modification or termination without the Participant’s (or
                Assignee’s) written consent.

            

    

    

     
      16.02   Administration.
      This
      Planshall
      be
      administered by the Plan administrator. The Plan Administrator shall have the
      authority to make, amend, interpret, and enforce all rules and regulations
      for
      the administration of the Plan and decide or resolve any and all questions,
      including interpretations of the Plan, as may arise in connection with the
      Plan
      in the Plan Administrator’s sole discretion. In the administration of this Plan,
      the Plan Administrator from time to time may employ agents and delegate to
      them
      or to others (including Executives) such administrative duties as it sees fit.
      The Plan Administrator from time to time may consult with counsel, who may
      be
      counsel to the Company. The decision or action of the Plan Administrator (or
      its
      designee) with respect to any question arising out of or in connection with
      the
      administration, interpretation and application of this Plan shall be final
      and
      conclusive and binding upon all persons having any interest in the Plan. The
      Company shall indemnify and hold harmless the Plan Administrator and any
      Executives to whom administrative duties under this Plan are delegated, against
      any and all claims, loss, damage, expense or liability arising from any action
      or failure to act with respect to this Plan, except in the case of gross
      negligence or willful misconduct by the Plan Administrator.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    

    
      	 	
              16.03

            	
              Successors.
                The terms and conditions of this Plan shall inure to the benefit
                of and
                bind Company and the Participant and their successors, assignees
                (including any Assignee), and representatives. The Employer shall
                have the
                right to absolutely and irrevocably assign its rights, title and
                interest
                in a Policy without the consent of the Participant (or
                Assignee).

            

    

    

    
      	
              17.

            	
              Claims
                Procedure

            

    

    

    Any
      controversy or claim arising out of or relating to this Plan shall be filed
      with
      the Committee or its designee which shall make all determinations concerning
      such claim. Any decision by the Committee denying such claim shall be in writing
      and shall be delivered to all parties in interest in accordance with the notice
      provisions of Section 14.02 herein. Such decision shall set forth the reasons
      for denial in plain language. Pertinent provisions of the Plan shall be cited
      and, where appropriate, an explanation as to how the claimant can perfect the
      claim will be provided. This notice of denial of benefits will be provided
      within ninety (90) days of the Committee’s receipt of the claim for benefits. If
      the Committee fails to notify the claimant of its decision regarding the claim,
      the claim shall be considered denied, and the claimant then shall be permitted
      to proceed with an appeal as provided for in this Section.

    

    A
      claimant who has been completely or partially denied a benefit shall be entitled
      to appeal this denial of his or her claim by filing a written statement of
      his
      or her position with the Committee no later than sixty (60) days after receipt
      of the written notification of such denial. The Committee shall schedule an
      opportunity for a full and fair review of the issue within thirty (30) days
      of
      receipt of the appeal. The decision on review shall set forth specific reasons
      for the decision, and shall cite specific references to the pertinent Plan
      provisions on which the decision is based.

    

    Following
      the review of any additional information submitted by the claimant, either
      through the hearing process or otherwise, the Committee shall render a decision
      on the review of the denied claim in the following manner:

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    

      
        	 	
                  
                  a.

              	
                The
                  Committee shall make its decision regarding the merits of the denied
                  claim
                  within sixty (60) days following receipt of the request for review
                  (or
                  within 120 days after such receipt, in a case where there are special
                  circumstances requiring extension of time for reviewing the appealed
                  claim). The Committee shall deliver the decision to the claimant
                  in
                  writing. If an extension of time for reviewing the appealed claim
                  is
                  required because of special circumstances, written notice of the
                  extension
                  shall be furnished to the claimant prior to the commencement of
                  the
                  extension. If the decision on review is not furnished within the
                  prescribed time, the claim shall be deemed denied on
                  review.

              

      

      

      b.   
           The
        decision on review shall set forth specific reasons for the decision, and
        shall
        cite specific references to the pertinent Plan provisions on which the decision
        is based.

       

      
         

        
          
             

          

          
            
            

            
              

            

          

          
             

          

        

        
           

        

      

      Appendix
        A

    

    

    Section
      2.08 Compensation

    

    Non-qualified
      Supplemental Retirement Plans

    

    

    

    

    Ingersoll-Rand
      Company Elected Officers Supplemental Program

     

    Ingersoll-Rand
      Company Supplemental Retirement Account Plan

     

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    

    Ingersoll-Rand
      Company

    Estate
      Enhancement Program

    

    Agreement

    

    

    An
      Agreement is hereby entered into between Ingersoll-Rand Company (the “Company”),
      and ________________ (the “Participant”), by and through [Participant’s
      Assignee] (the “Assignee”), to be effective _____________. The Agreement is
      incident to Participant’s election for coverage under the Ingersoll-Rand Company
      Estate Enhancement Program (the “Plan”). Assignee and the Company hereby
      certify, acknowledge and agree as follows:

    

    

    1. 
           The
      Participant has agreed to forego Compensation as specified in the Participant’s
      Schedule of Foregone Compensation.

    

    
      	
              2.

            	
              The
                Company and the Assignee shall cause to be issued by the Insurer
                [a
                Policy] [a Survivorship Policy] (the “Policy”) insuring the [life] [lives]
                of the Participant [and the Participant’s spouse] pursuant to the
                provisions of the Plan.

            

    

    

    
      	
              3.

            	
              The
                Policy shall be owned by the Company as provided in the
                Plan.

            

    

    

    4.      
       The
      Policy shall be issued by ___________________ with an “Option B” death benefit
      and an initial base face amount of $_______________.

    

    5.       
      The
      Policy effective date shall be _________________.

    

    6.     
        Subject
      to the terms of the Plan, the Company agrees to pay Policy Premiums equal to
      the
      amounts of Compensation actually foregone by the Participant. 

    

    7.    
  The
      Company Death Benefit shall be the portion of the Policy death benefit payable
      to the Company upon [the death of the Participant] [the death of the last
      survivor of the Participant and the Participant’s spouse], and shall be an
      amount equal to the greater of: (i) the Policy cash surrender value immediately
      prior to the death of [the Participant] [the last survivor of the Participant
      and the Participant’s spouse] and before any surrender charges; or, (ii) the
      cumulative Policy Premiums paid by the Company.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

    

    8.      
       The
      Participant’s Coverage Amount shall be the portion of the Policy death benefit
      payable to the Assignee’s beneficiary(ies), and shall be equal to the amount by
      which the Policy death benefit exceeds the Company Death Benefit.

    

    9.      
       Unless
      and until changed by the Assignee, the Assignee’s beneficiary shall be
      [____________________].

    

    
      	
              10.

            	
              Assignee
                agrees that all terms and conditions specified in the Plan are hereby
                incorporated by reference as though fully set forth herein and form
                a part
                of this Agreement.

            

    

     

     

    
      	 	 	 
	 Name of Assignee	 	  Signature
              of Assignee
	 	 	 
	 	 	 
	 	 	
            
	 	 	 Date
	 	 	 
	
               Address
                of Assignee:

            	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 Name of Company
              Representative 	 	 Signature of Company
              Representative
	 	 	 
	 	 	 
	 	 	 Date
	 	 	 

    

     

    Consent
      and Acknowledgment of Participant:

    

    The
      undersigned Participant has read and understands the terms of the Plan and
      this
      Agreement, consents to the terms of this Agreement and agrees to be bound by
      and
      subject to the terms of this Agreement to the same extent as if Participant
      had
      been a party to this Agreement.

    

    
      
        	 	 	 
	 Date	 	  Signature

      

    

    
       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      
         

      

    Ingersoll-Rand
      Company

    

    Estate
      Enhancement Program

    

    Schedule
      of Foregone Compensation

    

    for
      [Participant]

    

    

    

    

    This
      Schedule is made as part of the Estate Enhancement Program Agreement between
      the
      Company and [____________________] (the “Participant”). As a condition of
      participating in the Estate Enhancement Program, the Participant has agreed
      to
      forego Compensation as follows:

    

    
      	
              Date

            	 	
              Source

            	 	
              Amount

            
	
              [list
                when amounts are 

              payable]

            	 	
              [source
                of foregone 

              compensation]

            	 	
              [list
                amounts]

            

    

    

    

    

    

    

    

    

    

    
      	 	 	 
	
               Total
                Foregone Compensation $

            	 	 

    

    

     

    

    

    
      	 	 	 
	 Signature of Participant	 	 Signature of Company
              Representative

    

    
       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      
         

      
Single Life
      Coverage

     

    Death
      Benefit Agreement

     

    WHEREAS,
      Ingersoll-Rand
      Company (the “Company”) desires to acquire life insurance coverage on the life
      of _________________ (the “Participant”); and

    

    WHEREAS,
      the
      Participant has been and continues to be a valued key employee of the Company;
      and

    

    WHEREAS,
      the
      Company desires to provide a death benefit to the beneficiaries designated
      by
      the Participant; and

    

    WHEREAS,
      the
      Participant has agreed to provide any medical history information to the
      insurance company or to submit to any medical exams or tests as required by
      the
      insurance company for the coverage to be issued.

    

    NOW,
      THEREFORE, in
      consideration of the promises and representations of the parties as herein
      recited, and in recognition of other good and valuable consideration, the
      receipt and sufficiency of which is acknowledged, the parties hereby agree
      as
      follows, effective _________________.

    

    The
      Company is designated as a beneficiary under Policy number ____________ issued
      by _______________ insuring the life of the Participant (the “Policy”). Upon the
      Company’s receipt of the portion of the Policy death benefit payable to the
      Company at the death of the Participant (the “Company Death Benefit”), the
      Company shall pay to the Participant’s beneficiary an amount equal to the
      Company Death Benefit.

    

    Any
      amount payable under this Agreement shall be paid from the general funds of
      the
Company,
      and neither the Participant nor the Participant’s beneficiary shall have, as
      a

    result
      of
      this Agreement, any rights or interest in the Policy referred to in this
      Agreement or any other assets of the Company.

    

    The
      Participant’s beneficiary shall be _______________________. [This designation of
      beneficiary shall be revocable.] [This designation of beneficiary shall be
      irrevocable.]

     

    
      	 	 	 
	 	
              Ingersoll-Rand
                Company

            
	 
 	 
 	 
 
	 	 	By: 

    

      

    
      
        	
                 

              	 	 
	 Participant
                Signature	 	
                 Signature
                  of Company Representative

              

      

    

    
 

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      
        Survivorship
          Coverage

         

      

    

    Death
      Benefit Agreement

    

    WHEREAS,
      Ingersoll-Rand
      Company (the “Company”) desires to acquire life insurance coverage on the life
      of _________________ (the “Participant”) and the Participant’s spouse;
      and

    

    WHEREAS,
      the
      Participant has been and continues to be a valued key employee of the Company;
      and

    

    WHEREAS,
      the
      Company desires to provide a death benefit to the beneficiaries designated
      by
      the Participant; and

    

    WHEREAS,
      the
      Participant and the Participant’s spouse have agreed to provide any medical
      history information to the insurance company or to submit to any medical exams
      or tests as required by the insurance company for the coverage to be
      issued.

    

    NOW,
      THEREFORE, in
      consideration of the promises and representations of the parties as herein
      recited, and in recognition of other good and valuable consideration, the
      receipt and sufficiency of which is acknowledged, the parties hereby agree
      as
      follows, effective _________________.

    

    The
      Company is designated as a beneficiary under Policy number ______________ issued
      by ________________ insuring the lives of the Participant and the Participant’s
      spouse (the “Policy”). If the amount received by the Company (the “Company Death
      Benefit”) exceeds the total amount of Premiums paid by the Company for such
      Policy, then the Company shall pay to the Participant’s beneficiary an amount
      equal to the excess of the Company Death Benefit over the total amount of
      Premiums paid by the Company for such Policy.

    

    Any
      amount payable under this Agreement shall be paid from the general funds of
      the
      Company, and neither the Participant nor the Participant’s beneficiary shall
      have, as a result of this Agreement, any rights or interest in the Policy
      referred to in this Agreement or any other assets of the Company.

    

    The
      Participant’s beneficiary shall be _______________________. [This designation of
      beneficiary shall be revocable.] [This designation of beneficiary shall be
      irrevocable.]

     

    
      	 	 	 	
               Ingersoll-Rand Company

               

            
	 By:	 	 	 
	 	 Participant Signature	 	 Signature of Company
              RepresentativeExhibit
        10.2

    

     

    FIRST
      AMENDMENT

    TO
      THE

    INGERSOLL-RAND
      COMPANY

    ESTATE
      ENHANCEMENT PROGRAM

    

    

    WHEREAS,
      Ingersoll-Rand Company, a New Jersey corporation, adopted the Ingersoll-Rand
      Company Estate Enhancement Program (the “Plan”) which was originally effective
      on September 2, 1997, and subsequently amended and restated effective June
      1,
      1998; and

    

    WHEREAS,
      Ingersoll-Rand Company reserved the right at any time and from time to time
      to
      amend the Plan in accordance with Section 16.01 of the Plan; and

    

    WHEREAS,
      Ingersoll-Rand Company, acting on authority of its Board of Directors and
      shareholders, desires to amend the Plan.

    

    NOW,
      THEREFORE,
      the
      Plan shall be amended in the following respects effective as of the date hereof
      or such other dates as noted below:

    

    1.     
       Section
      2.05 of the Plan, “Change in Control”, is hereby amended by adding the following
      to the end thereof:

    

    “Notwithstanding
      the foregoing provisions of this Section 2.05, or any other provision in this
      Plan or the Company’s Incentive Stock Plan of 1995,
      as
      amended, to the contrary, none of the transactions contemplated by the Merger
      Agreement that are undertaken by (i) Ingersoll-Rand Company or its affiliates
      prior to or as of the Effective Time or (ii) Ingersoll-Rand Company Limited
      or
      its affiliates on and after the Effective Time, shall trigger, constitute or
      be
      deemed a ‘Change in Control’. On and after the Effective Time the term ‘Change
      in Control’ shall refer solely to a ‘Change in Control’ of Ingersoll-Rand
      Company Limited.”

    

    2.       Section
      2
      of the Plan is hereby amended to include the following new definitions in proper
      alphabetical progression:

    

    “2.09A
      Effective
      Time
      means
      the Effective Time as such term is defined in the Merger
      Agreement.”

    

    “2.11A
      Merger
      Agreement
      means
      that certain Agreement and Plan of Merger among the Company, Ingersoll-Rand
      Company Limited, and IR Merger Corporation dated as of October 31, 2001,
      pursuant to which the Company will become an indirect wholly-owned subsidiary
      of
      Ingersoll-Rand Company Limited.”

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

                         
        3.       Except
        as
        specifically set forth herein, all other terms of the Plan shall remain in
        full
        force and effect and are hereby ratified in all respects.

    

     

    IN
      WITNESS WHEREOF, the
      Company has had its duly authorized representatives sign this Amendment on
      December 31, 2001.

    

    
      	 	 	 
	 	INGERSOLL-RAND
              COMPANY
	 
 	 
 	 
 
	 	By:  	/s/ Ronald
              G.
              Heller
	 	
              
                

              

              Ronald G. Heller

              Vice
                President and Secretary

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