Document:

Exhibit

Exhibit 10.1

AMENDMENT NO. 4
TO
PRECISION CASTPARTS CORP.
SUPPLEMENTAL EXECUTIVE RETIREMENT PROGRAM
LEVEL TWO PLAN—ONGOING

Precision Castparts Corp.
an Oregon corporation
4650 SW Macadam, Suite 200
Portland, OR  97239    Company

The 2005 Restatement of the Precision Castparts Corp. Supplemental Executive Retirement Program - Level Two Plan—Ongoing (the “Plan”), as amended through Amendment No. 3, is further amended pursuant to Plan section 6.3 as follows:

		
	1.
	Limited Amount Cash-outs

In order to allow for limited amount cash-outs as permitted by Treasury Regulation 1.409A-3(j)(4)(v), the following changes are made to the Plan:

1.1    The first sentence of section 3.1 is amended to add reference to “3.3-6” between “2” and “3.4-2(c)”.

1.2    Section 3.2-2 is amended to add the phrase “Except as provided in 3.3-6,” at the beginning of the first sentence.

1.3    A new section 3.3-6 is added to the Plan:

3.3-6    Notwithstanding any election made by a Participant under 3.3 or 3.4, the Company may distribute a Participant’s benefit from the Plan in a single lump sum payment if the value of the Participant’s vested benefit does not exceed the applicable dollar amount under Code section 402(g)(1)(B) as of the date of the distribution and the distribution results in the termination and liquidation of the entirety of the Participant’s interest under the Plan and any other agreements, methods, programs or other arrangements treated as deferred under a single nonqualified deferred compensation plan with the Plan under Treasury Regulation 1.409A-1(c)(2).  

		
	2.
	Effective Date

This amendment shall be effective August 1, 2015.

PRECISION CASTPARTS CORP.

By:      /s/ Steven C. Blackmore        
    
Name of signer:  Steven C. Blackmore    
                            
Date signed:      August 25        , 2015Exhibit

        

Exhibit 10.2

PRECISION CASTPARTS CORP. 
LONG-TERM INCENTIVE PLAN

1.Purpose.  The purpose of this Long-Term Incentive Plan (the “Plan”) is to enable Precision Castparts Corp. (the “Company”) to attract and retain the services of selected employees (including officers who are employees) of the Company or any corporation or other entity that is more than 50% owned by the Company (each, an “Affiliate”).  For purposes of the Plan, a person is considered to be employed by the Company if the person is employed by any entity (the “Employer”) that is either the Company or an Affiliate.
2.    Plan Administration.  The Plan shall be administered by the Chief Executive Officer of the Company (“CEO”) or an officer designated by the CEO (the CEO or his or her designee, the “Administrator”).  The Administrator may adopt and amend rules and regulations relating to administration of the Plan and make all other determinations in his or her judgment necessary or desirable for the administration of the Plan.  The interpretation and construction of the provisions of the Plan and related award agreements by the Administrator shall be final and conclusive.  The Administrator may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any related award agreement in the manner and to the extent the Administrator deems expedient to carry the Plan into effect, and the Administrator shall be the sole and final judge of such expediency. 
3.    Eligibility.  Employees of the Company selected by the Administrator shall be eligible to receive awards under the Plan.  An employee who has been selected for participation in the Plan and granted an award under the Plan is referred to as a “Participant.”
4.    Awards.  During the term of the Plan, the Administrator may establish performance periods (each, a “Performance Period”) and grant awards for each Performance Period.  Unless otherwise determined by the Administrator, each Performance Period shall be 12 fiscal quarters.   For each Performance Period, the Administrator shall determine:
(a)the target amounts of net income and return on capital or the target amounts for any other financial measures relating to the Company selected by the Administrator (the “Financial Measures”) and how the Financial Measures are defined and calculated;
(b)the Participants for that Performance Period and the target cash amount for each Participant if the Company achieves the target amounts under the Financial Measures, subject to the other conditions of the award;
(c)the method or formula for determining cash amounts to be paid to Participants if the results under the Financial Measures during the Performance Period are more or less than the target amounts;
(d)the minimum amount under one or more of the Financial Measures that must be achieved during the Performance Period for any payments to be made to Participants and any limitations on the maximum amount that may be paid to Participants; 

(e)the vesting date of the awards; and
(f)any other terms and conditions of the awards.
All determinations are subject to adjustment at any time at the discretion of the CEO.
5.    Award Agreements.  The terms of each award shall be set forth in an award agreement to be executed by the Company and accepted by the Participant to evidence the award.  
6.    Employment Condition.  In order to receive a cash payment under an award, a Participant must be employed by the Company on the vesting date applicable to the award, except as otherwise provided in the award agreement.  Payments under an award may be subject to any other terms and conditions approved by the Administrator and set forth in the applicable award agreement.   
7.    Payment of Awards.  Following the availability of the Company’s consolidated financial statements for the final fiscal quarter of each Performance Period and prior to the applicable vesting date for awards during that Performance Period, the Administrator shall make all calculations necessary to determine amounts achieved for the Performance Period under the applicable Financial Measures and the corresponding amounts to be paid to the Participants.  Payments for a Performance Period shall be made to Participants as soon as practicable following the applicable vesting date for the awards.
8.    Taxes.  
(a)    All payments under the Plan shall be reduced by applicable income and employment taxes as determined by the Administrator. 
(b)    The terms of the Plan and any related award agreement shall be applied and interpreted in a manner consistent with the requirements of Code Section 409A and related regulations and guidance of general applicability issued thereunder.  For purposes of the Plan, a payment is treated as made upon the date specified under the Plan even if actually paid after the specified date, to the extent permitted by applicable regulations and other guidance of general applicability under Code Section 409A. 
9.    Termination; Amendment.  The CEO may amend or terminate this Plan at any time.  Termination shall not affect any outstanding award.  The Plan and all related awards are conditional upon the closing of the Berkshire transaction and will automatically terminate if the Berkshire transaction is not completed on or before September 30, 2016.  
10.    Effective Date
This Plan shall be effective __________________________, 2016.
    

2Exhibit

        

Exhibit 10.3

PRECISION CASTPARTS CORP.
BRIDGE RETENTION AWARD AGREEMENT 

This Agreement is entered into as of November 11, 2015, between Precision Castparts Corp., an Oregon corporation (the “Company”), and ____________ (“Recipient”).
The Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) has granted a bridge cash retention award to Recipient.  Recipient desires to accept the award subject to the terms and conditions of this Agreement.  For purposes of this Agreement, Recipient is considered to be employed by the Company if Recipient is employed by the Company or any parent or subsidiary of the Company.
NOW, THEREFORE, the parties agree as follows:  
1.Grant of Bridge Award.  Subject to the terms and conditions of this Agreement, the Company hereby grants to the Recipient a bridge retention award in the amount of $___________ (the “PBA”).  On the first regular Company pay date following the vesting of any portion of the PBA, the Company shall pay the vested amount to Recipient, subject to applicable tax withholding.
2.    Vesting; Forfeiture.
2.1    Vesting Schedule.   The PBA shall initially be unvested.  Subject to Sections 2.2, 2.3, 2.4 and 2.5, the PBA shall vest as follows:
(a)    50% of the PBA amount shall vest on September 30, 2016;
(b)    the remaining 50% of the PBA amount shall vest on September 30, 2017.
2.2    Acquisition Closing.  No portion of the PBA shall vest unless the acquisition of the Company by Berkshire Hathaway Inc. is completed on or before September 30, 2016.
2.3    Acceleration on Death or Total Disability.
(a)    If Recipient’s employment by the Company terminates because of death or Total Disability (as defined below), the unvested portion of the PBA shall immediately vest; provided, however, that if Recipient’s death or Total Disability occurs before the completion of the acquisition of the Company by Berkshire Hathaway Inc., vesting shall occur at the time of completion of that acquisition.
(b)    The term “Total Disability” means a mental or physical impairment which is expected to result in death or which has lasted or is expected to last for a continuous period of 12 months or more and which causes the Recipient to be unable, in the 

opinion of the Company and two independent physicians, to perform his or her duties as an employee of the Company and to be engaged in any substantial gainful activity.  Total Disability shall be deemed to have occurred on the first day after the Company and the two independent physicians have furnished their opinion of Total Disability to the Company.
2.4    Forfeiture.  If Recipient ceases to be employed by the Company for any reason or for no reason, with or without cause, prior to the date of payment of a PBA amount, other than as a result of death or Total Disability, the PBA amount shall be forfeited to the Company.  If the acquisition of the Company by Berkshire Hathaway Inc. is not completed on or before September 30, 2016, the PBA shall be forfeited to the Company. 
2.5    Accuracy of Certain Statements.  To be eligible and entitled to a PBA, Recipients must not knowingly falsify any financial or other certifications (including quality, safety and legal certifications) or knowingly provide false information relied on by others in a financial or other certification or engage in other fraudulent activity or knowingly fail to report such conduct by others.  Any Recipient who does so, as determined by the Company, will not have earned a PBA and will be subject to sanctions, including termination or other disciplinary action.  The Recipient may also face legal action to recover any PBA improperly received and/or criminal prosecution.
3.    No Right to Employment.  Nothing contained in this Agreement shall confer upon Recipient any right to be employed by the Company or to continue to provide services to the Company or to interfere in any way with the right of the Company to terminate Recipient’s services at any time for any reason, with or without cause.  A PBA is totally separate from all other Company benefits, and will not be used as a basis for determining levels of any other benefit such as vacation pay, life insurance coverage, etc.
4.    Miscellaneous.
4.1    Entire Agreement; Amendment.  This Agreement constitutes the entire agreement of the parties with regard to the subjects hereof and may be amended only by written agreement between the Company and Recipient.
4.2    Notices.  Any notice required or permitted under this Agreement shall be in writing and shall be deemed sufficient when delivered personally to the party to whom it is addressed or when deposited into the United States Mail as registered or certified mail, return receipt requested, postage prepaid, addressed to the Company, Attention:  Corporate Secretary, at its principal executive offices or to Recipient at the address of Recipient in the Company’s records, or at such other address as such party may designate by ten (10) days’ advance written notice to the other party.
4.3    Assignment; Rights and Benefits.  Recipient shall not assign this Agreement or any rights hereunder to any other party or parties without the prior written consent of the Company.  The rights and benefits of this Agreement shall inure to the benefit of and be enforceable by the Company’s successors and assigns and, subject to the foregoing restriction on assignment, be binding upon Recipient’s heirs, executors, administrators, successors and assigns.

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4.4    Further Action.  The parties agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.
4.5    Applicable Law.  The terms and conditions of this Agreement shall be governed by the laws of the State of Oregon.
4.6    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.  
PRECISION CASTPARTS CORP.

By        

Title        

RECIPIENT

    

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