Document:

EX-10.8

 Exhibit 10.8 

CRANE CO. 
 PENSION
BENEFIT EQUALIZATION PLAN 
 Adopted February 25, 2008 

 PREAMBLE 

On February 25, 2008, Crane Co., a Delaware corporation (the “Company”), established this nonqualified deferred compensation plan referred to
as the Crane Co. Pension Benefit Equalization Plan (the “Plan”) for the benefit of designated employees of the Company. 
 It is intended that the
Plan be exempt from the reporting, disclosure, participation, vesting, funding and fiduciary responsibility requirements of Title I of the Employee Retirement Income Security Act of 1974 because it is an unfunded plan maintained by an employer for
the purpose of providing benefits for a select group of management or highly compensated employees. 
 ARTICLE I 

DEFINITIONS 
 The following words and
phrases when used in the Plan shall have the meanings indicated in this Article I. Unless indicated otherwise, references herein to articles and sections are to articles and sections of the Plan. 

“Accrued Benefit” has the same meaning as set forth in the Pension Plan. 

“Actuarial Equivalent” has the same meaning as set forth in the Pension Plan. 

“Beneficiary” means the Participant’s surviving spouse or such other individual entitled to receive a survivor or death benefit
with respect to the Participant’s Accrued Benefit under the Pension Plan. 
 “Board” means the Board of Directors of the
Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means a committee appointed by the Board to act as the Plan Administrator of the Plan. If a Committee is not appointed,
then the Board shall be the Committee. 
 “Company” means Crane Co., and any entity that acquires or succeeds to all or
substantially all of the Company’s business or assets and any successor to any such entity. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the regulations thereunder. 
 “Participant” means an employee of the
Company who is designated for participation in accordance with Section 2.1. 

 “Pension Plan” means the Pension Plan for All Eligible Employees of Crane Co., as
effective January 1, 2003 and as amended from time to time, and any successor defined benefit plan. 
 “Plan” means this
Crane Co. Pension Benefit Equalization Plan, as set forth herein and as amended from time to time. 
 “Retirement Benefit” means
the applicable Single Life Annuity benefit described in Article III. 
 “Retirement Shares” is defined in Section 3.1 of the
Plan. 
 “Separation from Service” means a Participant’s death, disability, retirement or other termination of employment
with the Company and its subsidiaries; provided, however, that, for purposes of this definition, the employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide
leave of absence (such as temporary employment by the government) if the period of such leave does not exceed six months, or if longer, so long as the Participant’s right to reemployment with the Company is provided either by statute or by
contract. If the period of leave exceeds six months and the Participant’s right to reemployment is not provided either by statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. The term “Separation from Service” shall be interpreted and applied in accordance with Section 409A of the Code and any regulations or other guidance thereunder. 

“Single Life Annuity” means, with respect to a Participant, a form of payment under which the benefit is paid in monthly
installments commencing as set forth in Section 4.1 and continuing for the lifetime of the Participant. 
 “Term Certain Life
Annuity” means, with respect to a Participant, a form of payment that is the Actuarial Equivalent of a Participant’s Retirement Benefit and under which the benefit is paid in monthly installments commencing as set forth in Section 4.1
and continuing for the longer of (a) the lifetime of the Participant or (b) a specified term, denoted as a number of months equivalent to either 5 years, 10 years or 15 years. In the event that the Participant dies before having received
payment for the specified term, the remaining installment payments that would have been paid to the Participant had the Participant survived to the end of the specified term shall be payable to such Participant’s Beneficiary. 

“50% Joint and Survivor Annuity” means, with respect to a Participant, a form of payment that is the Actuarial Equivalent of a
Participant’s Retirement Benefit and under which the benefit is paid in monthly installments commencing as set forth in Section 4.1 and continuing for the lifetime of the Participant, with 50% of such amount being paid to the
Participant’s Beneficiary for so long as the Beneficiary survives after the Participant’s death. 

  
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 “75% Joint and Survivor Annuity” means, with respect to a Participant, a form of
payment that is the Actuarial Equivalent of a Participant’s Retirement Benefit and under which the benefit is paid in monthly installments commencing as set forth in Section 4.1 and continuing for the lifetime of the Participant, with 75%
of such amount being paid to the Participant’s Beneficiary for so long as the Beneficiary survives after the Participant’s death. 

“100% Joint and Survivor Annuity” means, with respect to a Participant, a form of payment that is the Actuarial Equivalent of a
Participant’s Retirement Benefit and under which the benefit is paid in monthly installments commencing as set forth in Section 4.1 and continuing for the lifetime of the Participant, with 100% of such amount being paid to the
Participant’s Beneficiary for so long as the Beneficiary survives after the Participant’s death. 
 ARTICLE II 

PARTICIPATION AND DISTRIBUTION ELECTIONS 
  

	2.1	 Participation. The Participants in the Plan shall consist of the individuals set forth on the attached
Schedule A, and such other employees of the Company who are selected by the Committee from time to time for participation. After the Committee approves participation for an individual, the Company shall provide the individual with a notice of
participation. 

  

	2.2	 Initial Distribution Elections. 

 

	 	(a)	 General Rule. Within thirty (30) days of commencing participation in the Plan, or at such later
date and under such conditions as may be permitted under Section 409A of the Code and any guidance of the Internal Revenue Service thereunder, the Participant may elect, in such form or by such method as may be authorized by the Committee,
(i) a form of distribution of the Participant’s Retirement Benefit in one of the optional forms of benefit described in Section 4.1(c) instead of the normal form of distribution as set forth in Section 4.1(b), and (ii) to
designate a different commencement date, subject to compliance with Section 409A’s payment date requirements, for payment of the Participant’s Retirement Benefit than the date specified in Section 4.1(a). 

 

	 	(b)	 New Payment Elections by December 31, 2008. Notwithstanding the provisions of Section 2.2(a),
a Participant may file the election described in Section 2.2(a) at any time on or before December 31, 2008 and such election shall be immediately effective; provided, that no election made under this Section 2.2(b) shall
(i) affect any payment that would otherwise be made under the terms of the Plan during the 2008 calendar year, or (ii) cause any payment that would otherwise be payable later than the 2008 calendar year to be made during the 2008 calendar
year. 

  
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	2.3	 Subsequent Elections. 

A Participant may elect, in such form or by such method as may be authorized by the Committee, (a) to change the form of payment provided
under Section 4.1(b) or as previously-elected by the Participant in accordance with Section 4.1(c), and (b) to change the commencement date provided under Section 4.1(a) or as previously-elected by the Participant to a later
commencement date; provided, however, that, except as may be otherwise permitted by the Committee consistent with the requirements of Section 409A of the Code and any guidance of the Internal Revenue Service thereunder, any
election by a Participant under (b) above to change the commencement date of his or her Retirement Benefit shall be subject to the following requirements: (i) the election must not take effect until at least 12 months after the date on
which the election is made; (ii) the commencement date elected must be at least 5 years later than the commencement date otherwise applicable under Section 4.1 (a) or the existing election; and (iii) the election may not be made
less than 12 months prior to the commencement date otherwise applicable under Section 4.1(a) or the existing election. 

ARTICLE III 
 RETIREMENT
AND DEATH BENEFITS 
  

	3.1	 Normal Retirement Benefit 

A Participant who has a Separation from Service for any reason other than death shall receive a Retirement Benefit, payable at the time and in
the form set forth in Article IV, equal to (i), reduced by (ii) and (iii), where: 
  

	 	(i)	 equals the Participant’s monthly Accrued Benefit, in the form of a Single Life Annuity, as of the
Participant’s Separation from Service, determined in accordance with the provisions of the Pension Plan but without applying the limitations imposed by Sections 401(a)(17) and 415 of the Code; 

 

	 	(ii)	 equals the Participant’s monthly Accrued Benefit, in the form of a Single Life Annuity, as of the
Participant’s Separation from Service, determined in accordance with the provisions of the Pension Plan; and 

  

	 	(iii)	 equals the credited value of certain shares of the Company’s common stock, which were awarded to the
Participant for service prior to the Effective Date of this Plan and subject to certain forfeiture and other restrictions (the “Retirement Shares”), as set forth opposite such Participant’s name in the attached Schedule B;
provided, however, that if, on or prior to the date the Participant’s Retirement Benefit is determined hereunder, the Participant forfeits 

  
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 some or all of such Retirement Shares under the terms of the applicable award agreements,
the amount of the credited value attributed to the Participant for such Retirement Shares under Schedule B shall be reduced by the Committee in an appropriate and equitable manner to reflect such forfeiture. 

 

	3.2	 Death Benefit 

If a Participant dies prior to commencing a distribution of the Participant’s Retirement Benefit, the Participant’s Beneficiary shall
receive a death benefit under this Plan in lieu of any benefit payable under Section 3.1. Such death benefit shall be payable at the time and in the form set forth in Article IV and shall be equal to
one-half (1/2) of the Retirement Benefit calculated under Section 3.1 and determined as of the date of the Participant’s death, or if the Participant had incurred a Separation from Service prior
to his or her death, the date of such Separation from Service. 
  

	3.3	 Assumptions 

For purposes of the Plan, all actuarial calculations shall be based on the same actuarial assumptions and methods used for purposes of the
Pension Plan at the time such calculations are performed. 
 ARTICLE IV 

TIMING AND FORM OF RETIREMENT BENEFIT 
  

	4.1	 Timing and Form of Payment 

 

	 	(a)	 Timing of Distribution. Unless the Participant has elected, in accordance with Article II, a different
commencement date, the Participant’s Retirement Benefit under Section 3.1 shall be paid or commenced as soon as practicable on the later of (a) the first day of the seventh calendar month following the month that includes the date of
the Participant’s Separation from Service, and (b) the first day of the month following the month in which the Participant attains age sixty-five (65). 

 

	 	(b)	 Normal Form of Benefit. Unless the Participant has elected, in accordance with Article II, an optional
form of distribution provided under Section 4.1(c), and subject to the provisions of Section 4.2, the applicable Retirement Benefit shall be paid as a Single Life Annuity. 

 

	 	(c)	 Optional Forms of Benefit. In accordance with the election requirements of Article II, a Participant may
file a written election to receive the Participant’s Retirement Benefit in one of the following optional forms in lieu of the Single Life Annuity set forth in Section 4.1(b): 

 

	 	(i)	 a 100% Joint and Survivor Annuity; 

  
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	 	(ii)	 a 75% Joint and Survivor Annuity; 

 

	 	(iii)	 a 50% Joint and Survivor Annuity; or 

 

	 	(iv)	 a Term Certain Life Annuity, with a specified term of either 5 years, 10 years or 15 years.

  

	4.2	 Death Benefit. 

A benefit paid under Section 3.2 as a result of the death of a Participant shall commence as soon as practicable following the
Participant’s death. Such death benefit shall be paid in a Single Life Annuity to the Participant’s Beneficiary. 
  

	4.3	 Certain Accelerated Payments. Notwithstanding the foregoing, the provisions of Section 4.1 shall
not be applicable to a payment that becomes due under the following circumstances: 

  

	 	(a)	 QDROs 

The time or schedule of a payment of a vested Retirement Benefit to an individual other than the Participant may be accelerated as may be
necessary to fulfill the requirements of a domestic relations order (as defined in Code Section 414(p)(1)(B)). 
  

	 	(b)	 Payments Upon Income Inclusion Under Section 409A 

The time or schedule of a payment of a vested Retirement Benefit to a Participant may be accelerated if at any time the Plan fails to meet the
requirements of Section 409A of the Code and regulations and other guidance promulgated thereunder; provided, however, that any such payment shall not exceed the amount required to be included in income as a result of the failure
to comply with the requirements of Section 409A of the Code and the regulations and other guidance. 
  

	4.4.	 Vesting 

A Participant shall have a fully vested interest in the Participant’s Retirement Benefit to the same extent and at the same time as the
Participant attains full vesting of the Participant’s Accrued Benefit under the terms of the Pension Plan. To the extent a Participant is not vested in the Participant’s Retirement Benefit as of the date of the Participant’s
Separation from Service in accordance with this provision, such Retirement Benefit shall be forfeited and the Participant shall have no further right or interest in such Retirement Benefit. 

 

	4.5	 Effect of Separation from Service 

If the Participant incurs a Separation from Service for any reason, the Participant shall cease to accrue any additional benefits under this
Plan or to be an active participant in the Plan. The Participant’s reemployment with the Company following commencement of the Participant’s Retirement Benefit hereunder shall have no effect on payment of the Participant’s Retirement
Benefit. 

  
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 ARTICLE V 

ADMINISTRATION 
  

	5.1	 Committee 

  

	 	(a)	 Responsibilities. The Plan shall be administered by the Committee. The Committee (and its delegates)
shall have full discretionary authority to interpret and administer the Plan, make factual findings and determine the amount, if any, payable to any person under the Plan. The Committee’s (and its delegates) decision in any matter involving the
interpretation and application of this Plan shall be final and binding on all parties; provided that the Committee may override any decision of a delegate within thirty business days of such decision. The Committee, the Company or any employee,
officer or director of the Company or any of its affiliates shall not be liable for any action or determination made in good faith with respect to the Plan or the rights of any person under the Plan. 

 

	 	(b)	 Authority of Members. The Committee may authorize one or more of their number to execute or deliver any
instrument, make any payment or perform any other act that the Plan authorizes or requires the Committee to do, including, without limitation, the retention of counsel and other agents as it may require in carrying out the provisions of the Plan.

  

	 	(c)	 Authority to Delegate. Any responsibility or authority assigned to the Committee under this Article V
may be delegated to any other person or persons, by name or in the case of a delegation to an employee of the Company or any of its affiliates by title or position with the Company, consistent with the by-laws
or other procedures of the Committee, provided that such delegation is revocable by the Committee at any time, in its discretion. 

  

	 	(d)	 Records and Expenses. The Committee or its designees shall keep such records as may be necessary for the
administration of the Plan and shall furnish such periodic information to Participants as it deems necessary or desirable, in the sole discretion of the Committee. All expenses of administering the Plan shall be paid by the Company and shall not
affect a Participant’s right to, or the amount of, benefits. 

  
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	5.2	 Claims Procedures 

 

	 	(a)	 General. All claims for benefits under the Plan shall be submitted to, and within 90 days thereafter
decided in writing by, the Committee. If the Committee determines that an extension of time for processing the claim is required, the Committee may extend the date by which a decision is required to 180 days after the claim is submitted provided
that the Committee provides written notice of the extension to the claimant prior to the termination of the initial 90-day period, including the special circumstances requiring an extension of time and the
date by which the Committee expects to render a decision. 

  

	 	(b)	 Information Provided Upon Denial of a Claim. Written notice of the decision on each claim shall be
furnished reasonably promptly to the claimant. If the claim is wholly or partially denied, such written notice shall set forth (i) the specific reason or reasons for the denial, (ii) reference to the specific Plan provisions on which the
denial is based, (iii) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary, and (iv) a description of the Plan’s
review procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA, as amended, following the denial of a claim on review.

  

	 	(c)	 Appeals Procedure. A claimant may request a review by the Committee of a decision denying a claim in
writing within 60 days following receipt of the denial. All such reviews shall be decided in writing by the Committee within 60 days after receipt of the request for review. If the Committee determines that an extension of time for processing the
review is required, the Committee may extend the date by which a decision is required to 120 days after the request for review is submitted provided that the Committee provides written notice of the extension to the claimant prior to the termination
of the initial 60-day period, including the special circumstances requiring an extension of time and the date by which the Committee expects to render a decision. 

 

	 	(d)	 Review of Denied Claim. In connection with a review of a denied claim for benefits, a claimant shall
(i) have the opportunity to submit written comments, documents, records, and other information relating to the claim for benefits, and (ii) be provided, upon request, reasonable access to, and copies of all documents, records, and other
information relevant to the claimant’s claim for benefits. The review of a denied claim shall take into account all comments, documents, records, and other information submitted by the claimant related to the claim, without regard to whether
such information was submitted or considered in the initial review of the claim. If a claim is denied upon review, the written notice of the denial shall specify (i) the specific reason or reasons for the denial, (ii) reference to the
specific Plan provisions upon which the denial is based, and (iii) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant
to the claimant’s claim for benefits. 

  
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	 	(e)	 Authorized Representative. The claimant may, at his or her own expense, have an authorized
representative to act on the claimant’s behalf in pursuing a benefit claim or appeal of the denial of the benefit. In order for a representative to be recognized as acting on behalf of the claimant, the claimant must provide in writing to the
Committee the name, address and phone number of the claimant’s authorized representative and a statement that the representative is authorized to act in the claimant’s behalf concerning the claim for benefit, and if applicable, an appeal
of the denial of the benefit. 

  

	 	(f)	 Limitations on Claims, Overpayments. No legal action with respect to a Participant’s or
Beneficiary’s claim for benefits under the Plan may be commenced later than one year after the date of the final determination regarding the Participant’s or Beneficiary’s claim as provided under this Section. If there has been an
overpayment of a benefit to a Participant or Beneficiary, such person, upon receipt of a written notice and explanation, shall promptly return the amount of the overpayment to the Company. 

ARTICLE VI 
 FUNDING

 The Plan is an unfunded arrangement. No portion of any funds of the Company or any of its subsidiaries shall be required to be set apart for a
Participant or Beneficiary. The rights of a Participant or Beneficiary to the payment of the Retirement Benefit shall be limited to those of a general, unsecured creditor of the Company who has a claim equal to the value of the Participant’s
Retirement Benefit. Retirement Benefits shall be payable from the general assets of the Company, and/or from any grantor trust or other funding vehicle that the Company, in its discretion, may establish consistent with the tax deferral objective of
this Plan; provided, however, that no Participant or Beneficiary shall at any time have any right to all or any portion of the assets of or associated with any such trust or other funding vehicle. 

ARTICLE VII 
 AMENDMENT
AND TERMINATION 
  

	7.1	 Amendment 

The Committee shall have the right to amend the Plan for any reason, at any time and from time to time. No amendment of the Plan shall cause,
without the Participant’s written consent, a reduction in the vested Retirement Benefit to which the Participant or the Participant’s Beneficiary would have been entitled as of the effective date of such amendment under the terms of this
Plan absent such amendment. Furthermore, no amendment may result in an acceleration of benefit payment (except as may be permitted by Section 409A of the Code). 

  
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	7.2	 Termination 

The Company may, by action of the Board, terminate the Plan subject to the following provisions: 

Upon termination of the Plan, Retirement Benefits accrued and vested as of the date of termination of the Plan shall be held, administered and
distributed in accordance with the terms and conditions of the Plan as in effect on the date of Plan termination, except that: Retirement Benefits under the Plan may be distributed prior to the time required under Article V if all nonqualified
deferred compensation arrangements sponsored by the Company and any company required to be aggregated with the Company under Section 414(b) and (c) of the Code that are treated, together with the Plan, as one arrangement under
Section 409A of the Code, are terminated, subject to the following requirements: (i) no payments other than payments that would be payable under the terms of the Plan and such other arrangements if the termination had not occurred are made
within 12 months of the termination of the Plan and such other arrangements, (ii) all payments under the Plan and such other arrangements are made within 24 months of the date of such termination, and (iii) neither the Company nor any
company required to be aggregated with the Company under Section 414(b) or (c) of the Code adopts a new arrangement that would, with the Plan or any such other terminated arrangement, be treated as a single arrangement under
Section 409A of the Code, at any time within three (3) years following the date of termination of the Plan and such other arrangements. 

ARTICLE VIII 
 GENERAL
PROVISIONS 
  

	8.1	 Payments to Minors and Incompetents 

If the Participant or any Beneficiary entitled to receive any benefits hereunder is a minor or is deemed by the Board or is adjudged to be
legally incapable of giving valid receipt and discharge for such benefits, they will be paid to such person or institution as the Board may designate or to a duly appointed guardian. Such payment shall, to the extent made, be deemed a complete
discharge of any such payment under the Plan. 
  

	8.2	 No Contract 

This Plan shall not be deemed a contract of employment with the Participant, and no provision hereof shall affect the right of the Company to
terminate the Participant’s employment. 
  

	8.3	 Non-Alienation of Benefits 

No amount payable to, or held under the Plan for the account of, the Participant or any Beneficiary shall be subject, in any manner, to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void. No amount payable to, or held under the Plan
for the account of, the Participant shall be subject to any legal process of levy or attachment. 

  
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	8.4	 Income Tax Withholding 

The Company may withhold from any payments hereunder such amount as it may be required to withhold under applicable federal, state or other
income tax law, and transmit such withheld amounts to the appropriate taxing authority. In lieu thereof, the Company shall have the right, to the extent permitted by law, to withhold the amount of such taxes from any other sums due from the Company
to the Participant upon such terms and conditions as the Committee may prescribe. 
  

	8.5	 Governing Law 

The provisions of the Plan shall be interpreted, construed and administered under the laws of the State of New York applicable to contracts
entered into and performed in such state, without regard to the choice of law provisions thereof and to the extent that ERISA and other federal laws do not apply. 
  

	8.6	 Captions 

The captions contained in the Plan are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge or
describe the scope or intent of the Plan or in any way affect the construction of any provision of the Plan. 
  

	8.7	 Severability 

If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the
Plan, and the Plan will be construed and enforced as if such provision had not been included. 
  

	8.8	 Notices 

The Participant shall be responsible for furnishing the Committee with the current and proper address for the mailing of notices and delivery
of agreements and payments. Any notice required or permitted to be given shall be deemed given if directed to the person to whom addressed at such address and mailed by regular United States first class mail, postage prepaid. If any item mailed to
such address is returned as undeliverable to the addressee, mailing shall be suspended until the Participant furnishes the proper address. 

  
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	8.9	 Binding Nature; Assignability 

This Plan shall be binding upon the successors and assigns of the Company. The rights or obligations of the Company under this Plan may be
assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or a sale, liquidation or other disposition of all or substantially all of the assets of the Company, provided that the assignee or
transferee is the successor to all or substantially all of the assets of the Company and assumes the liabilities, obligations and duties of the Company under this Plan, either contractually or as a matter of law. 

 

	8.10	 Gender, Singular and Plural 

All pronouns and variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person(s) requires.
As the context may require, the singular may be read as the plural and the plural as the singular. 
  

	8.11	 409A Compliance 

The Plan is intended to comply with the requirements of Section 409A of the Code. Consistent with that intent, the Plan shall be
interpreted in a manner consistent with Section 409A and in the event that any provision that is necessary for the Plan to comply with Section 409A is determined by the Board, in its sole discretion, to have been omitted, such omitted
provision shall be deemed included herein and is hereby incorporated as part of the Plan. 
 IN WITNESS WHEREOF, the Company has caused this instrument to
be executed by its duly authorized officer as of the 25th day of February, 2008. 
  

			
	 CRANE CO.

		
	 By:
	 	 /s/ Augustus I. duPont

	 Title:
	 	 Vice President, General Counsel and Secretary

  
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 CRANE CO. 

Pension Benefit Equalization Plan 

Schedule A 
 The following individuals are
the participants of the Plan as of the Effective Date: 
 Augustus I. duPont 

Bradley L. Ellis 
 Eric C. Fast

 Elise M. Kopczick 
 Thomas M.
Noonan 

  
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 CRANE CO. 

Pension Benefit Equalization Plan 

Schedule B 
 Credits for
Retirement Shares Awarded to Participants 
 Prior to the Effective Date of the Pension Benefit Equalization Plan 

 

					
	 Participant
	  	Credited Value of Retirement Shares ($)*	 
	 Augustus I. duPont
	  	 	5,214.00	 
	 Bradley L. Ellis
	  	 	2,141.21	 
	 Eric C. Fast
	  	 	16,527.63	 
	 Elise M. Kopczick
	  	 	7,356.46	 
	 Thomas M. Noonan
	  	 	2,337.61	 

  

	*	 Subject to reduction by the Committee to reflect forfeiture of some or all of such credited retirement shares
under the terms of the applicable award agreements. 

  
 - 14 -EX-10.9

 Exhibit 10.9 

CRANE CO. 
 BENEFIT
EQUALIZATION PLAN 
 Adopted February 25, 2008 

As Amended and Restated Effective January 1, 2013 

 PREAMBLE 

On February 25, 2008, Crane Co., a Delaware corporation (the “Company”), established a nonqualified deferred compensation plan referred to as
the Crane Co. Pension Benefit Equalization Plan (the “Original Plan”) for the benefit of designated employees of the Company. Thereafter, the Board approved the amendment and restatement of the Original Plan as set forth herein, with the
Original Plan being renamed the Crane Co. Benefit Equalization Plan, effective January 1, 2013 (the “Restated Effective Date”). This amended and restated version of the Plan completely replaces the Original Plan. Notwithstanding the
foregoing, the rights and interests of any Participant whose Retirement Benefit distribution has commenced prior to the Restated Effective Date shall be determined in accordance with and subject to the terms of the Original Plan as in effect prior
to the Restated Effective Date. 
 It is intended that the Plan be exempt from the reporting, disclosure, participation, vesting, funding and fiduciary
responsibility requirements of Title I of the Employee Retirement Income Security Act of 1974 because it is an unfunded plan maintained by an employer for the purpose of providing benefits for a select group of management or highly compensated
employees. 
 ARTICLE I 

DEFINITIONS 
 The following words and
phrases when used in the Plan shall have the meanings indicated in this Article I. Unless indicated otherwise, references herein to articles and sections are to articles and sections of the Plan. 

“Accrued Benefit” has the same meaning as set forth in the Pension Plan, except that such Benefit shall be
determined using the Participant’s Credited Service instead of actual Years of Service. 
 “Actuarial
Equivalent” has the same meaning as set forth in the Pension Plan. 
 “Affiliate” means an entity in which
the Company has a controlling interest or such entity has a controlling interest (as defined under Treasury Regulation Sec. 1.409A-1(b)(5)(iii)(E)(1)) in the Company, in either case directly or indirectly
through one or more intermediaries. 
 “Beneficiary” means the Participant’s surviving spouse or such other
individual or individuals entitled to receive a survivor or death benefit with respect to (i) in the case of the Participant’s Part A Retirement Benefit, all or any portion of the Participant’s Accrued Benefit under the Pension Plan,
and (ii) in the case of the Participant’s Part B Retirement Benefit, all or any portion of the Participant’s vested account balance under the Savings Plan. 

  
 1 

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

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

“Committee” means the Management Organization and Compensation Committee of the Board. 

“Company” means Crane Co., and any entity that acquires or succeeds to all or substantially all of the
Company’s business or assets and any successor to any such entity. 
 “Credited Service” means the number of
Years of Service credited to a Participant for purposes of determining his or her Part A Retirement Benefit, as set forth next to such Participant’s name in Schedule A hereto, which may be different from the Participant’s Years of Service
as determined under the Pension Plan. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended, and the regulations thereunder. 
 “Excess Compensation” means the Participant’s
“Compensation” (as defined in the Savings Plan) for the applicable Plan Year, reduced by the amount of the compensation limit under Section 401(a)(17) of the Code in effect for the applicable Plan Year ($255,000 for 2013). 

“Participant” means an employee of the Company who is designated for participation in accordance with
Section 2.1. 
 “Part A Retirement Benefit” means the applicable Single Life Annuity benefit described in
Article III. 
 “Part B Retirement Account” means a bookkeeping account maintained by the Company to record the
Company’s payment obligation to a Participant with respect to his or her accrued Part B Retirement Benefit under Article IV of the Plan. 

“Part B Retirement Benefit” means the applicable lump sum benefit described in Article IV. 

“Pension Plan” means the Pension Plan for All Eligible Employees of Crane Co., as effective January 1, 2003 and
as amended from time to time, and any successor defined benefit plan. 
 “Permanent Disability” means a disability
by bodily injury or disease, either occupational or nonoccupational in cause, for which the Participant qualifies and actually receives disability income benefits due to a permanent and total disability under either (i) the Federal Social
Security Act or (ii) a long-term disability plan or policy sponsored by the Company or an Affiliate and that is issued, maintained or otherwise administered by a non-affiliated insurance company or other
party. 

  
 2 

 “Plan” means this Crane Co. Benefit Equalization Plan, as amended
and restated herein and as amended from time to time. 
 “Plan Year” means the calendar year. 

“Retirement Benefit” means the aggregate benefits payable or which may be payable to a Participant under the Plan,
consisting of any applicable Part A Retirement Benefit and any applicable Part B Retirement Benefit. 
 “Retirement
Shares” is defined in Section 3.1 of the Plan. 
 “Savings Plan” means the Amended and Restated Crane
Co. Savings and Investment Plan, as effective January 1, 2013 and as amended from time to time, and any successor plan. 

“Separation from Service” means a Participant’s death, disability, retirement or other termination of
employment with the Company and its subsidiaries; provided , however , that, for purposes of this definition, the employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other
bona fide leave of absence (such as temporary employment by the government) if the period of such leave does not exceed six months, or if longer, so long as the Participant’s right to reemployment with the Company is provided either by statute
or by contract. If the period of leave exceeds six months and the Participant’s right to reemployment is not provided either by statute or by contract, the employment relationship is deemed to terminate on the first date immediately following
such six-month period. The term “Separation from Service” shall be interpreted and applied in accordance with Section 409A of the Code and any regulations or other guidance thereunder. 

“Single Life Annuity” means, with respect to a Participant, a form of payment under which the benefit is paid in
monthly installments commencing as set forth in Section 3.4 and continuing for the lifetime of the Participant. 

“Term Certain Life Annuity” means, with respect to a Participant, a form of payment that is the Actuarial Equivalent
of a Participant’s Part A Retirement Benefit and under which the benefit is paid in monthly installments commencing as set forth in Section 4.1 and continuing for the longer of (a) the lifetime of the Participant or (b) a
specified term, denoted as a number of months equivalent to either 5 years, 10 years or 15 years. In the event that the Participant dies before having received payment for the specified term, the remaining installment payments that would have been
paid to the Participant had the Participant survived to the end of the specified term shall be payable to such Participant’s Beneficiary. 

  
 3 

 “Vesting Service” means “Years of Service” credited to a
Participant under the Savings Plan. 
 “Year of Service” has the same meaning as set forth in the Pension Plan.

 “50% Joint and Survivor Annuity” means, with respect to a Participant, a form of payment that is the Actuarial
Equivalent of a Participant’s Part A Retirement Benefit and under which the benefit is paid in monthly installments commencing as set forth in Section 3.4 and continuing for the lifetime of the Participant, with 50% of such amount being
paid to the Participant’s Beneficiary for so long as the Beneficiary survives after the Participant’s death. 

“75% Joint and Survivor Annuity” means, with respect to a Participant, a form of payment that is the Actuarial
Equivalent of a Participant’s Part A Retirement Benefit and under which the benefit is paid in monthly installments commencing as set forth in Section 3.4 and continuing for the lifetime of the Participant, with 75% of such amount being
paid to the Participant’s Beneficiary for so long as the Beneficiary survives after the Participant’s death. 

“100% Joint and Survivor Annuity” means, with respect to a Participant, a form of payment that is the Actuarial
Equivalent of a Participant’s Part A Retirement Benefit and under which the benefit is paid in monthly installments commencing as set forth in Section 3.4 and continuing for the lifetime of the Participant, with 100% of such amount being
paid to the Participant’s Beneficiary for so long as the Beneficiary survives after the Participant’s death. 
 ARTICLE II

 PARTICIPATION AND DISTRIBUTION ELECTIONS 
  

	2.1	 Participation. The Participants in the Plan shall consist of the individuals eligible to receive a Part
A Retirement Benefit, as set forth on the attached Schedule A, and individuals eligible to receive a Part B Retirement Benefit, as set forth on the attached Schedule B. In addition, the Committee may designate other employees of the Company or any
Affiliate from time to time for participation and the names of such employees shall be added to the applicable Schedule. After the Committee approves participation for an individual, the Company shall provide the individual with a notice of
participation. 

  

	2.2	 Initial Distribution Elections. 

 

	 	(a)	 General Rule. Within thirty (30) days of commencing participation in the Plan with respect to
either a Part A Retirement Benefit or a Part B Retirement Benefit, or at such later date and under such conditions as may be permitted under Section 409A of the Code and any guidance of the Internal Revenue Service thereunder, the
Participant may elect, in such form or by such method as may be authorized by the Committee, (i) 

  
 4 

	 	
with respect to any Part A Retirement Benefit to which the Participant may be entitled, (A) a form of distribution of the Participant’s Part A Retirement Benefit in one of the optional
forms of benefit described in Section 3.4(c) instead of the normal form of distribution as set forth in Section 3.4(b), and (B) to designate a different commencement date, subject to compliance with Section 409A’s payment
date requirements, for payment of the Participant’s Part A Retirement Benefit than the date specified in Section 3.4(a), and (ii) with respect to any Part B Retirement Benefit to which the Participant may be entitled, to designate a
different commencement date, subject to compliance with Section 409A’s payment date requirements, for payment of the Participant’s Part B Retirement Benefit than the date specified in Section 4.4. 

 

	 	(b)	 Existing Payment Elections Not Affected. Notwithstanding the provisions of Section 2.2(a), a
Participant who was eligible to receive a Part A Retirement Benefit under this Plan prior to the Restated Effective Date shall not have any right to file a new election as described in Section 2.2(a)(i) due solely to the restatement of the Plan
and his or her existing elections shall not otherwise be affected by the restatement of the Plan. 

  

	2.3	 Subsequent Elections. 

A Participant may elect, in such form or by such method as may be authorized by the Committee, (a) to change the form of payment with
respect to a Part A Retirement Benefit provided under Section 3.4(b) or as previously-elected by the Participant in accordance with Section 3.4(c), and (b) to change the commencement date with respect to a Part A Retirement Benefit
provided under Section 3.4(a) or as previously-elected by the Participant to a later commencement date, and (c) to change the commencement date with respect to a Part B Retirement Benefit provided under Section 4.4 or as
previously-elected by the Participant to a later commencement date; provided, however, that, except as may be otherwise permitted by the Committee consistent with the requirements of Section 409A of the Code and any guidance of
the Internal Revenue Service thereunder, any election by a Participant under (b) or (c) above to change the commencement date of his or her Part A or Part B Retirement Benefit shall be subject to the following requirements: (i) the
election must not take effect until at least 12 months after the date on which the election is made; (ii) the commencement date elected must be at least 5 years later than the commencement date otherwise applicable under the Plan or an existing
election; and (iii) the election may not be made less than 12 months prior to the commencement date otherwise applicable under the Plan or an existing election. 

  
 5 

 ARTICLE III 

PART A RETIREMENT BENEFITS 
  

	3.1	 Part A Retirement Benefit 

(a) Normal Retirement Benefit. An eligible Participant who has a Separation from Service for any reason other than death shall receive a
Part A Retirement Benefit, payable at the time and in the form set forth in Section 3.4, equal to (i), reduced by (ii) and (iii), where: 
  

	 	(i)	 equals the Participant’s monthly Accrued Benefit, in the form of a Single Life Annuity, as of the
Participant’s Separation from Service, determined in accordance with the provisions of the Pension Plan but without applying the limitations imposed by Sections 401(a)(17) and 415 of the Code; 

 

	 	(ii)	 equals the Participant’s monthly Accrued Benefit, in the form of a Single Life Annuity, as of the
Participant’s Separation from Service, determined in accordance with the provisions of the Pension Plan; and 

  

	 	(iii)	 equals the credited value of certain shares of the Company’s common stock, which were awarded to the
Participant for service prior to the Effective Date of this Plan and subject to certain forfeiture and other restrictions (the “Retirement Shares”), as set forth opposite such Participant’s name in the attached Schedule A;
provided, however, that if, on or prior to the date the Participant’s Part A Retirement Benefit is determined hereunder, the Participant forfeits some or all of such Retirement Shares under the terms of the applicable award
agreements, the amount of the credited value attributed to the Participant for such Retirement Shares under Schedule A shall be reduced by the Committee in an appropriate and equitable manner to reflect such forfeiture. 

(b) Alternative Retirement Date. Notwithstanding the provisions of Section 3.1(a), if a Participant’s Separation from Service
occurs (i) prior to the date the Participant is eligible to commence an unreduced normal retirement benefit under the Pension Plan, and (ii) on or after the date that the Participant has (A) attained age
sixty-two (62), and (B) completed at least ten (10) Years of Service, the Participant’s Part A Retirement Benefit shall be calculated in accordance with the formula in Section 3.1(a),
except that (x) the Participant’s monthly Accrued Benefit under Section 3.1(a)(i) will be determined without applying any early retirement reduction factor applicable under the Pension Plan, (y) the Participant’s monthly
Accrued Benefit under Section 3.1(a)(ii) will be determined after applying any early retirement reduction factor applicable under the Pension Plan (provided, that no offset for the Pension Plan benefit will be applied under 

  
 6 

 Section 3.1(a)(ii) for purposes of the benefit payable under this Section 3.1(b)
until the date that Participant becomes entitled to commence a distribution of his or her Accrued Benefit under the terms of the Pension Plan), and (z) the Retirement Shares benefit under Section 3.1(a)(iii) will be determined by applying
the same early retirement reduction factor that would be applicable under the Pension Plan. 
 (c) Benefit Freeze. Notwithstanding any
other provision of this Plan, all Participants shall cease to accrue any additional Part A Retirement Benefit after December 31, 2012, in connection with the freezing of accrued benefits under the Pension Plan. 

 

	3.2	 Death Benefit 

If a Participant dies prior to commencing a distribution of the Participant’s Part A Retirement Benefit, the Participant’s
Beneficiary shall receive a death benefit under this Plan in lieu of any benefit payable under Section 3.1. The death benefit shall be equal to one-half (1/2) of the Part A Retirement Benefit calculated
under Section 3.1 and determined as of the date of the Participant’s death, or if the Participant had incurred a Separation from Service prior to his or her death, the date of such Separation from Service. Such death benefit shall be
payable as soon as practicable following the Participant’s death in the form of a Single Life Annuity to the Participant’s Beneficiary. 
  

	3.3	 Assumptions 

For purposes of the Plan, all actuarial calculations shall be based on the same actuarial assumptions and methods used for purposes of the
Pension Plan at the time such calculations are performed. 
  

	3.4	 Timing and Form of Payment 

 

	 	(a)	 Timing of Distribution. Unless the Participant has elected, in accordance with Article II, a different
commencement date, the Participant’s Part A Retirement Benefit under Section 3.1 shall be paid or commenced as soon as practicable on the later of (i) the first day of the seventh calendar month following the month that includes the
date of the Participant’s Separation from Service, and (ii) the first day of the month following the month in which the Participant attains age sixty-five (65). 

 

	 	(b)	 Normal Form of Benefit. Unless the Participant has elected, in accordance with Article II, an optional
form of distribution provided under Section 3.4(c), and subject to the provisions of Section 3.2, the applicable Part A Retirement Benefit shall be paid as a Single Life Annuity. 

  
 7 

	 	(c)	 Optional Forms of Benefit. In accordance with the election requirements of Article II, a Participant may
file a written election to receive the Participant’s Part A Retirement Benefit in one of the following optional forms in lieu of the Single Life Annuity set forth in Section 3.4(b): 

(i) a 100% Joint and Survivor Annuity; 

(ii) a 75% Joint and Survivor Annuity; 

(iii) a 50% Joint and Survivor Annuity; or 

(iv) a Term Certain Life Annuity, with a specified term of either 5 years, 10 years or 15 years. 

 

	3.5	 Vesting 

As of the Restated Effective Date, each eligible Participant shall have a fully vested interest in such Participant’s Part A Retirement
Benefit. 
  

	3.7	 Effect of Separation from Service 

If a Participant incurs a Separation from Service for any reason, the Participant shall cease to accrue any additional benefits under this Plan
or to be an active participant in the Plan. The Participant’s reemployment with the Company following commencement of the Participant’s Part A Retirement Benefit hereunder shall have no effect on payment of the Participant’s Part A
Retirement Benefit. 
 ARTICLE IV 

PART B RETIREMENT BENEFIT 
  

	4.1	 Part B Retirement Account 

The Part B Retirement Account is equal to the sum of Part B benefit credits allocated under Section 4.2, plus Interest
Credits accumulated to the date of determination. 
  

	4.2	 Part B Benefit Credits 

 

	(a)	 2013 Plan Year Credits. For the Plan Year beginning on January 1, 2013, each Participant who is
eligible under Schedule B to participate in the Part B Retirement Benefit program shall be entitled to a benefit credit under the Participant’s Part B Retirement Account equal to 2% of the Participant’s Excess Compensation for such Plan
Year. 

  
 8 

	 	(b)	 Subsequent Plan Years. For Plan Years beginning after December 31, 2013, each Participant who is
eligible under Schedule B to participate in the Part B Retirement Benefit program for such Plan Year shall be entitled to a benefit credit under the Participant’s Part B Retirement Account equal to three percent (3%) of the Participant’s
Excess Compensation for such Plan Year. 

  

	 	(c)	 Allocation of Benefit Credits. Except in the case of a Separation from Service, benefit credits to a
Participant’s Part B Retirement Account shall be deemed to be allocated as of December 31 of the Plan Year to which the credit relates. Following a Separation from Service, and subject to the provisions of Section 4.6, benefit credits
to a Participant’s Part B Retirement Account for the year in which the Separation from Service occurs shall be deemed to be allocated as of the date of the Participant’s Separation from Service. 

 

	4.3	 Death Benefit 

If a Participant dies prior to a distribution of the Participant’s Part B Retirement Benefit, the Participant’s Beneficiary shall
receive a distribution of the balance allocated to the Participant’s Part B Retirement Account as of the date of the Participant’s death in lieu of any benefit payable under Section 4.1. For purposes of any such distribution, the
balance allocated to Participant’s Part B Retirement Account shall include any credits to which the Participant would be entitled under Section 4.1 for the Plan Year in which the Participant dies. The distribution to the Participant’s
Beneficiary shall be made no later than sixty (60) days following the date of Participant’s death. 
  

	4.4	 Interest Credits 

Each Participant’s Part B Retirement Account shall be credited with interest, compounded monthly, accrued at a rate equal to the average 10-year Treasury Constant Maturities for the month of December immediately preceding such Plan Year. Interest shall be credited each year until the earlier of the date of distribution and the end of such Plan Year.

  

	4.5	 Timing and Form of Payment 

 

	 	(a)	 Timing of Distribution. Unless the Participant has elected, in accordance with Article II, a later
commencement date, the vested balance allocated to the Participant’s Part B Retirement Account shall be paid on the first day of the seventh calendar month following the month that includes the date of the Participant’s Separation from
Service. 

  

	 	(b)	 Form of Benefit. The applicable Part B Retirement Benefit shall be paid in a single lump sum cash
payment. 

  
 9 

	4.6	 Vesting 

A Participant’s vested interest in his or her Part B Retirement Account shall be determined in accordance with the following table: 

 

			
	 Participant’s Vesting Service
	  	Vested Interest
	 Less than 1 year
	  	0%
	 1 year but fewer than 2
	  	20%
	 2 years but fewer than 3
	  	40%
	 3 years but fewer than 4
	  	60%
	 4 years but fewer than 5
	  	80%
	 5 years or more
	  	100%

 Notwithstanding the foregoing, if a Participant has a Separation from Service by reason of death or Permanent
Disability, the Participant shall be deemed to be fully vested in his or her Part B Retirement Account regardless of his or her Vesting Service. 
  

	4.7	 Effect of Separation from Service 

If a Participant incurs a Separation from Service for any reason, the unvested portion of the Participant’s Part B Retirement Account
shall be forfeited as of the date of the Participant’s Separation from Service and the Participant shall have no further rights or interest with respect to such amounts. The Participant’s reemployment with the Company following
distribution of the Participant’s Part B Retirement Benefit hereunder shall have no effect on payment of the Participant’s Part B Retirement Benefit. 

ARTICLE V 

ADMINISTRATION 
  

	5.1	 Committee 

  

	 	(a)	 Responsibilities. The Plan shall be administered by the Committee. The Committee (and its delegates)
shall have full discretionary authority to interpret and administer the Plan, make factual findings and determine the amount, if any, payable to any person under the Plan. The Committee’s (and its delegates) decision in any matter involving the
interpretation and 

  
 10 

	 	application of this Plan shall be final and binding on all parties; provided that the Committee may override any decision of a delegate within thirty business days of such decision. The Committee, the Company or any
employee, officer or director of the Company or any of its affiliates shall not be liable for any action or determination made in good faith with respect to the Plan or the rights of any person under the Plan. 

 

	 	(b)	 Authority of Members. The Committee may authorize one or more of their number to execute or deliver any
instrument, make any payment or perform any other act that the Plan authorizes or requires the Committee to do, including, without limitation, the retention of counsel and other agents as it may require in carrying out the provisions of the Plan.

  

	 	(c)	 Authority to Delegate. Any responsibility or authority assigned to the Committee under this Article V
may be delegated to any other person or persons, by name or in the case of a delegation to an employee of the Company or any of its affiliates by title or position with the Company, consistent with the by-laws
or other procedures of the Committee, provided that such delegation is revocable by the Committee at any time, in its discretion. 

  

	 	(d)	 Records and Expenses. The Committee or its designees shall keep such records as may be necessary for the
administration of the Plan and shall furnish such periodic information to Participants as it deems necessary or desirable, in the sole discretion of the Committee. All expenses of administering the Plan shall be paid by the Company and shall not
affect a Participant’s right to, or the amount of, benefits. 

  

	5.2	 Claims Procedures 

 

	 	(a)	 General. All claims for benefits under the Plan shall be submitted to, and within 90 days thereafter
decided in writing by, the Committee. If the Committee determines that an extension of time for processing the claim is required, the Committee may extend the date by which a decision is required to 180 days after the claim is submitted provided
that the Committee provides written notice of the extension to the claimant prior to the termination of the initial 90-day period, including the special circumstances requiring an extension of time and the
date by which the Committee expects to render a decision. 

  

	 	(b)	 Information Provided Upon Denial of a Claim. Written notice of the decision on each claim shall be
furnished reasonably promptly to the claimant. If the claim is wholly or partially denied, such written notice shall set forth (i) the specific reason or reasons for the denial, (ii) reference to the specific Plan provisions on which the
denial is based, (iii) a description of any additional material or information necessary for the claimant to 

  

  
 11 

	 	perfect the claim and an explanation of why such material or information is necessary, and (iv) a description of the Plan’s review procedures and the time limits applicable to such procedures, including a
statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA, as amended, following the denial of a claim on review. 

  

	 	(c)	 Appeals Procedure. A claimant may request a review by the Committee of a decision denying a claim in
writing within 60 days following receipt of the denial. All such reviews shall be decided in writing by the Committee within 60 days after receipt of the request for review. If the Committee determines that an extension of time for processing the
review is required, the Committee may extend the date by which a decision is required to 120 days after the request for review is submitted provided that the Committee provides written notice of the extension to the claimant prior to the termination
of the initial 60-day period, including the special circumstances requiring an extension of time and the date by which the Committee expects to render a decision. 

 

	 	(d)	 Review of Denied Claim. In connection with a review of a denied claim for benefits, a claimant shall
(i) have the opportunity to submit written comments, documents, records, and other information relating to the claim for benefits, and (ii) be provided, upon request, reasonable access to, and copies of all documents, records, and other
information relevant to the claimant’s claim for benefits. The review of a denied claim shall take into account all comments, documents, records, and other information submitted by the claimant related to the claim, without regard to whether
such information was submitted or considered in the initial review of the claim. If a claim is denied upon review, the written notice of the denial shall specify (i) the specific reason or reasons for the denial, (ii) reference to the
specific Plan provisions upon which the denial is based, and (iii) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant
to the claimant’s claim for benefits. 

  

	 	(e)	 Authorized Representative. The claimant may, at his or her own expense, have an authorized
representative to act on the claimant’s behalf in pursuing a benefit claim or appeal of the denial of the benefit. In order for a representative to be recognized as acting on behalf of the claimant, the claimant must provide in writing to the
Committee the name, address and phone number of the claimant’s authorized representative and a statement that the representative is authorized to act in the claimant’s behalf concerning the claim for benefit, and if applicable, an appeal
of the denial of the benefit. 

  
 12 

	 	(f)	 Limitations on Claims; Overpayments. No legal action with respect to a Participant’s or
Beneficiary’s claim for benefits under the Plan may be commenced later than one year after the date of the final determination regarding the Participant’s or Beneficiary’s claim as provided under this Section. If there has been an
overpayment of a benefit to a Participant or Beneficiary, such person, upon receipt of a written notice and explanation, shall promptly return the amount of the overpayment to the Company. 

 

	5.3	 Certain Accelerated Payments. Notwithstanding any other provisions of the Plan to the contrary, the
provisions of Sections 3.4 and 4.4 shall not be applicable to a payment that becomes due under the following circumstances: 

  

	 	(a)	 QDROs 

The time or schedule of a payment of any Retirement Benefit to an individual other than the Participant may be accelerated as may be necessary
to fulfill the requirements of a domestic relations order (as defined in Code Section 414(p)(1)(B)). 
  

	 	(b)	 Payments Upon Income Inclusion Under Section 409A 

The time or schedule of a payment of any Retirement Benefit to a Participant may be accelerated if at any time the Plan fails to meet the
requirements of Section 409A of the Code and regulations and other guidance promulgated thereunder; provided, however, that any such payment shall not exceed the amount required to be included in income as a result of the failure
to comply with the requirements of Section 409A of the Code and the regulations and other guidance. 
 ARTICLE VI 

FUNDING 
 The Plan is an unfunded
arrangement. No portion of any funds of the Company or any of its subsidiaries shall be required to be set apart for a Participant or Beneficiary. The rights of a Participant or Beneficiary to the payment of a Retirement Benefit shall be limited to
those of a general, unsecured creditor of the Company who has a claim equal to the value of the Participant’s Retirement Benefit. Retirement Benefits shall be payable from the general assets of the Company, and/or from any grantor trust or
other funding vehicle that the Company, in its discretion, may establish consistent with the tax deferral objective of this Plan; provided, however, that no Participant or Beneficiary shall at any time have any right to all or any
portion of the assets of or associated with any such trust or other funding vehicle. 

  
 13 

 ARTICLE VII 

AMENDMENT AND TERMINATION 
  

	7.1	 Amendment 

The Committee shall have the right to amend the Plan for any reason, at any time and from time to time. No amendment of the Plan shall cause,
without the Participant’s written consent, a reduction in the vested Retirement Benefit to which the Participant or the Participant’s Beneficiary would have been entitled as of the effective date of such amendment under the terms of this
Plan absent such amendment. Furthermore, no amendment may result in an acceleration of benefit payment (except as may be permitted by Section 409A of the Code). 
  

	7.2	 Termination 

The Company may, by action of the Board, terminate the Plan subject to the following provisions: 

Upon termination of the Plan, Retirement Benefits accrued and vested as of the date of termination of the Plan shall be held, administered and
distributed in accordance with the terms and conditions of the Plan as in effect on the date of Plan termination, except that: Retirement Benefits under the Plan may be distributed prior to the time required under either Article III or IV,
respectively, if all nonqualified deferred compensation arrangements sponsored by the Company and any company required to be aggregated with the Company under Section 414(b) and (c) of the Code that are treated, together with either the
Part A Retirement Benefit or the Part B Retirement Benefit, as applicable, as one arrangement under Section 409A of the Code, are terminated, subject to the following requirements: (i) no payments other than payments that would be payable
under the terms of the Plan and such other arrangements if the termination had not occurred are made within 12 months of the termination of the Plan and such other arrangements, (ii) all payments under the Plan and such other arrangements are
made within 24 months of the date of such termination, and (iii) neither the Company nor any company required to be aggregated with the Company under Section 414(b) or (c) of the Code adopts a new arrangement that would, with the Plan
or any such other terminated arrangement, be treated as a single arrangement under Section 409A of the Code, at any time within three (3) years following the date of termination of the Plan and such other arrangements. 

ARTICLE VIII 
 GENERAL
PROVISIONS 
  

	8.1	 Payments to Minors and Incompetents 

If the Participant or any Beneficiary entitled to receive any benefits hereunder is a minor or is deemed by the Board or is adjudged to be
legally incapable of giving valid receipt and discharge for such benefits, they will be paid to such person or institution as the Board may designate or to a duly appointed guardian. Such payment shall, to the extent made, be deemed a complete
discharge of any such payment under the Plan. 

  
 14 

	8.2	 No Contract 

This Plan shall not be deemed a contract of employment with the Participant, and no provision hereof shall affect the right of the Company to
terminate the Participant’s employment. 
  

	8.3	 Non-Alienation of Benefits 

No amount payable to, or held under the Plan for the account of, the Participant or any Beneficiary shall be subject, in any manner, to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void. No amount payable to, or held under the Plan
for the account of, the Participant shall be subject to any legal process of levy or attachment. 
  

	8.4	 Tax Withholding 

The Company may withhold from any payments hereunder such amount as it may be required to withhold under applicable federal, state or other tax
law or regulation, and transmit such withheld amounts to the appropriate taxing authority. In lieu thereof, the Company shall have the right, to the extent permitted by law, to withhold the amount of such taxes from any other sums due from the
Company to the Participant upon such terms and conditions as the Committee may prescribe. 
  

	8.5	 Governing Law 

The provisions of the Plan shall be interpreted, construed and administered under the laws of the State of New York applicable to contracts
entered into and performed in such state, without regard to the choice of law provisions thereof and to the extent that ERISA and other federal laws do not apply. 
  

	8.6	 Captions 

The captions contained in the Plan are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge or
describe the scope or intent of the Plan or in any way affect the construction of any provision of the Plan. 

  
 15 

	8.7	 Severability 

If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the
Plan, and the Plan will be construed and enforced as if such provision had not been included. 
  

	8.8	 Notices 

The Participant shall be responsible for furnishing the Committee with the current and proper address for the mailing of notices and delivery
of agreements and payments. Any notice required or permitted to be given shall be deemed given if directed to the person to whom addressed at such address and mailed by regular United States first class mail, postage prepaid. If any item mailed to
such address is returned as undeliverable to the addressee, mailing shall be suspended until the Participant furnishes the proper address. 
  

	8.9	 Binding Nature; Assignability 

This Plan shall be binding upon the successors and assigns of the Company. The rights or obligations of the Company under this Plan may be
assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or a sale, liquidation or other disposition of all or substantially all of the assets of the Company, provided that the assignee or
transferee is the successor to all or substantially all of the assets of the Company and assumes the liabilities, obligations and duties of the Company under this Plan, either contractually or as a matter of law. 

 

	8.10	 Gender, Singular and Plural 

All pronouns and variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person(s) requires.
As the context may require, the singular may be read as the plural and the plural as the singular. 
  

	8.11	 409A Compliance 

The Plan is intended to comply with the requirements of Section 409A of the Code. Consistent with that intent, the Plan shall be
interpreted in a manner consistent with Section 409A and in the event that any provision that is necessary for the Plan to comply with Section 409A is determined by the Board, in its sole discretion, to have been omitted, such omitted
provision shall be deemed included herein and is hereby incorporated as part of the Plan. 
  

	8.12	 Recovery of Retirement Benefits in Certain Circumstances 

Notwithstanding any other provision of this Plan, if the Committee determines that the Company is required to restate its financial statements
due to material noncompliance with any financial reporting requirement under the law, whether such noncompliance is the result of misconduct or other circumstances, the 
  

  
 16 

 Participant’s Retirement Benefits shall be offset, or the Participant shall be required
to reimburse the Company, for any amounts credited, earned or payable with respect to any Retirement Benefits to the extent required by and otherwise in accordance with applicable law and any Company policies. 

IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officer effective as of the 9th day of December, 2013. 

 

			
	CRANE CO.
		
	By:	 	 Augustus I. duPont

	Title: Vice President, General Counsel and Secretary

  

  
 17 

 CRANE CO. 

Benefit Equalization Plan 

Schedule A 
 The following individuals are
the Participants eligible to receive a Part A Retirement Benefit as of the Restated Effective Date, and such Part A Retirement Benefit shall be determined using the Credited Service and Credited Value of Retirement Shares as set forth next to each
Participant’s name: 
  

					
	 Participant
	  	Credited Service	  	Credited Value of Retirement Shares ($)*
	 Augustus I. duPont
	  	17.000	  	5,214.00
	 Bradley L. Ellis
	  	15.5000	  	2,141.21
	 Eric C. Fast
	  	13.3333	  	16,527.63
	 Elise M. Kopczick
	  	34.3333	  	7,356.46
	 Max Mitchell
	  	5.0000	  	0.00

 *Subject to reduction by the Committee to reflect forfeiture of some or all of such credited retirement shares
under the terms of the applicable award agreements. 
  

  
 18 

 CRANE CO. 

Benefit Equalization Plan 

Schedule B 
 The following individuals are
the Participants eligible to receive a Part B Retirement Benefit for Plan Years beginning on and after January 1, 2013: 
  

					
	Alejandro A. Alcala	  	Eric C. Fast	  	Max H. Mitchell
	Curtis A. Baron, Jr.	  	Andrea L. Frohning	  	Thomas J. Perlitz
	Thomas J. Craney	  	Kurt F. Gallo	  	Louis V. Pinkham
	Brendan J. Curran	  	Kirk D. Kelhofer	  	Tazewell S. Rowe
	Augustus I. duPont	  	Elise M. Kopczick	  	Kristian R. Salovaara
	Bradley L. Ellis	  	James A. Lavish	  	Edward S. Switter
		  	Richard A. Maue	  	Robert E. Tavares

  
 19

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