Document:

EXHIBIT
4.5

 

FIFTH AMENDMENT

TO THE

MAYTAG CORPORATION SALARY SAVINGS PLAN

 

[This amendment revises the Plan to: (i) provide for cash matching
contributions, (ii) replace the Maytag Stock Fund with a Whirlpool Stock Fund;
(iii) provide for the investment of cash received by the stock fund as a result
of the merger of Maytag and Whirlpool, and (iv) provide for a blackout in order
to accomplish the transition.]

 

WHEREAS, Maytag Corporation (the “Corporation”) previously adopted the
Maytag Corporation Salary Savings Plan (As amended and Restated Effective
September, 1, 2004) (the “Plan”) for the benefit of its eligible employees; and

 

WHEREAS, under Section 16.1 of the Plan, the Corporation has reserved
the right to amend the Plan, with amendment authority in this instance resting
with the ERISA Executive Committee; and

 

WHEREAS, the Corporation entered into an Agreement and Plan of Merger,
dated August 22, 2005, among the Corporation, Whirlpool Corporation, a Delaware
corporation (“Whirlpool”), and Whirlpool Acquisition Co., a Delaware
corporation and wholly owned subsidiary of Whirlpool (the “Merger Agreement”);
and

 

WHEREAS, pursuant to the Merger Agreement, shares of Maytag common
stock shall be exchanged for the Merger Consideration (as defined in the Merger
Agreement) and result in cash and shares of common stock of Whirlpool becoming
held in the Plan’s Maytag Stock Fund; and

 

WHEREAS, the Corporation now desires to amend the Plan effective at the
Effective Time (as defined in the Merger Agreement) to (i) provide for cash
matching contributions, (ii) replace the Maytag Stock Fund with a Whirlpool
Stock Fund; (iii) provide for the investment of cash received by the stock fund
as a result of the merger of Maytag and Whirlpool, and (iv) provide for a
blackout in order to accomplish the transition;

 

NOW, THEREFORE, BE IT RESOLVED, that effective at the Effective Time
(as defined in the Merger Agreement), and only effective if the transaction
contemplated by the Merger Agreement is effectuated, the Plan is hereby amended
as follows:

 

1.             The phrase “Maytag
Stock” is hereby replaced with the phrase “Whirlpool Stock” wherever it appears
in the Plan.

 

2.             Section 2.1.19 is
hereby deleted in its entirety and replaced with the following:

 

2.1.19 
“Whirlpool Stock” means the common stock of Whirlpool Corporation, a
Delaware corporation.

 

 

3.             A new subsection
5.1.1 (c) is hereby added as follows:

 

(c)           Notwithstanding
anything in the Plan to the contrary, the provisions of (a) and (b) above shall
not apply for contributions made on or after the Effective Time (as defined in
the Merger Agreement) and ending at such time as is determined by the ERISA
Executive Committee.  During such period,
Maytag and its Participating Affiliates will make Matching Contributions on
behalf of each Participant described in Section 5.1.3 in cash in an amount
determined in accordance with the applicable formula set forth in Appendix A
(with different formulas applying to different eligible employee groups with
different formulas applying to Cash Balance Formula Participants).  The Matching Contribution will be determined
each calendar month based on the Before-Tax Contributions (disregarding
Before-Tax Contributions made under Section 4.1.3) and Compensation for payroll
periods ending within the month.

 

Any Forfeiture Account balance may be used to offset the Matching
Contribution required for a calendar month if so directed by Maytag.

 

4.             The second paragraphs
of each of Section 5.2 and Section 8.1.1 are hereby amended as follows:

 

Matching Contributions under Section 5.1.1(c) are made under the Profit
Sharing Component of the Plan and shall be invested in the Fidelity Retirement
Money Market Portfolio and will thereafter be subject to the investment
direction provisions of Section 8.2.  All
other Matching Contributions are made under the ESOP Component of the Plan, and
will be invested in Maytag Stock, subject to subsequent diversification at the
direction of the Participant or Beneficiary under Section 8.1.2.

 

5.             A new third paragraph
is hereby added to Section 8.1.1 as follows:

 

Notwithstanding any provision of the Plan to the contrary, any cash
received by the Plan as Merger Consideration (as defined in the Merger
Agreement) pursuant to the Agreement and Plan of Merger dated August 22, 2005
among the Corporation, Whirlpool Corporation, a Delaware corporation and
Whirlpool Acquisition Co. a Delaware corporation and wholly owned Subsidiary of
Whirlpool Corporation (the “Merger Agreement”) shall be invested in the Money
Market Fund – Temporary and will thereafter be subject to the investment
direction provisions of Section 8.2.

 

6.             Section 8.2.6 is
hereby amended by deleting the words “Maytag (acting in its corporate capacity),”
and substituting therefore the words “Maytag or Whirlpool Corporation (each
acting in its corporate capacity) and that is made applicable to the Plan,.”

 

7.             Notwithstanding any
provision in the Plan to the contrary, beginning at such time during the week
of March 26, 2006 as is determined by Maytag and ending at such time during the
week of April 2, 2006 as is determined by Maytag, or beginning and ending at such
other times as are reasonably determined by Maytag, no distributions,
withdrawals or loans that otherwise would have been allowed under the Plan may
be made from that portion of a Participant’s or Beneficiary’s account which is
invested in Maytag Stock or Whirlpool Stock or cash invested in the Money
Market Fund – Temporary pursuant to the provisions of the new third paragraph

 

 

added to Section 8.1.1 by Section 5 above.  Further, notwithstanding any provision in the
Plan to the contrary, beginning at such time during the week of March 26, 2006 as
is determined by Maytag and ending at such time during the week of April 2,
2006 as is determined by Maytag, or beginning and ending at such other times as
are reasonably determined by Maytag, no investment transfers or changes in
future investment contribution allocations involving Maytag Stock or Whirlpool
Stock or cash invested in the Money Market Fund – Temporary pursuant to the
provisions of the new third paragraph added to Section 8.1.1 by Section 5 above
shall be allowed.

 

IN WITNESS WHEREOF, the Corporation has caused this Fifth Amendment to
be executed by written action of its ERISA Executive Committee this 30th day of
March, 2006.

 

 

	
  /s/ Ralph F. Hake

  	
   

  
	
  Ralph F. Hake

  
	
  Chairman and Chief Executive Officer

  
	
   

  
	
  /s/ George C. Moore

  	
   

  
	
  George C. Moore

  
	
  Executive Vice President and Chief Financial Officer

  
	
   

  
	
  /s/ Mark W. Krivoruchka

  	
   

  
	
  Mark W. Krivoruchka

  	
   

  
	
  Senior Vice President, Human Resources

  
	
   

  
	
  /s/ Roger K. Scholten

  	
   

  
	
  Roger K. Scholten

  
	
  Senior Vice President, General CounselEXHIBIT 4.7

 

EIGHTH
AMENDMENT

 

TO

 

THE
MAYTAG CORPORATION

 

DEFERRED
COMPENSATION PLAN I

 

WHEREAS, Maytag Corporation (the “Corporation”)
maintains the Maytag Corporation Deferred Compensation Plan I (the “Plan”), as
adopted effective January 1, 2003, and as amended through the Seventh
Amendment; and

 

WHEREAS, the Corporation has entered into an Agreement
and Plan of Merger, dated August 22, 2005, among the Corporation, Whirlpool
Corporation, a Delaware corporation (“Whirlpool”), and Whirlpool Acquisition Co.,
a Delaware corporation and wholly owned subsidiary of Whirlpool (the “Merger
Agreement”); and

 

WHEREAS, pursuant to the Merger Agreement all shares
of the common stock of the Corporation will be exchanged for Whirlpool
Corporation common stock and cash under the terms of the Merger Agreement; and

 

WHEREAS, Section 10.1 of the Plan provides that the
ERISA Executive Committee of the Corporation (the “Committee”) may amend the
Plan provided the amendment does not have a material cost impact to the
Corporation or its participating affiliates; and

 

WHEREAS, the Committee deems it appropriate to amend
certain provisions of the Plan to remove a fund investing in the common stock
of the Corporation as a hypothetical investment alternative under the Plan and
to provide that a fund investing in the common stock of Whirlpool will be
available as a hypothetical investment alternative; and

 

NOW, THEREFORE, BE IT RESOLVED, that the Committee has
determined that this amendment will not have a material cost impact on the Corporation
or its participating affiliates; and

 

FURTHER RESOLVED, the Committee hereby amends the Plan
as follows effective immediately prior to the Closing (as defined in the Merger
Agreement):

 

1.             Section
4.3.2 of the Plan is hereby deleted in its entirety and replaced with the
following:

 

4.3.2        Earnings
Credits. The Company will establish a procedure by which a Participant (or
Beneficiary following the death of a Participant) may elect to have his/her
Earnings Credits determined based on the performance of one or more investment
options deemed to be available under the Plan. The Investment Committee of the
Company, in its sole discretion, will determine the investment options that
will be available as benchmarks for determining the Earnings Credit, which may
include mutual funds, common or commingled investment funds or any other
investment option deemed appropriate by the Company, and will include a fund
that invests

 

 

in common stock of Whirlpool Corporation. The
Investment Committee of the Company may at any time and from time to time add
to or remove from the investment options deemed to be available under the Plan.

 

A Participant (or Beneficiary following the death of
the Participant) will be allowed on a hypothetical basis to direct the
investment of his/her Account among the investment options available under the
Plan. Hypothetical investment directions may be given with such frequency as is
deemed appropriate by the Company, and must be made in such percentage or
dollar increments, in such manner and in accordance with such rules as may be
prescribed for this purpose by the Company (including by means of a voice
response or other electronic system under circumstances so authorized by the
Company). If an investment option has a loss, the Earnings Credit attributable
to such investment option will serve to reduce the Account; similarly, if an
investment option has a gain, the Earnings Credit attributable to such
investment option will serve to increase the Account.

 

Any Company Make-Whole
Match Account will be invested on the hypothetical basis in common stock of
Whirlpool Corporation or, prior to the Closing (as defined in the Merger
Agreement), in common stock of Maytag; provided
that, effective as of the Closing, a Participant (or Beneficiary
following the death of a Participant) will be allowed to diversify the
investment of such Account in the investment options available under the Plan.

 

Any Company Performance Match Account and the Elective
Deferral Account that reflects the Elective Deferral Credits that resulted in
the Company Performance Match Credit will be hypothetically invested in common
stock of Whirlpool Corporation or, prior to the Closing, in common stock of
Maytag, provided that, a
Participant (or Beneficiary following the death of the Participant) will be
allowed to diversify the investment of such Account in the investment options
available under the Plan.

 

With respect to any Elective Deferral Account, if the
Participant fails to make an investment election, the Earnings Credit on such
Account will be based on a money market investment option or such other
investment option as may be selected for this purpose by the Investment
Committee of Maytag.

 

Notwithstanding any contrary provision, hypothetical
investments in common stock of the Company will be converted into hypothetical
investments in common stock of Whirlpool Corporation and cash credits in the
same manner that actual stock of the Company is converted into the merger
consideration under the terms of the Agreement and Plan of Merger dated August
22, 2005 among the Corporation, Whirlpool Corporation, a Delaware corporation
and Whirlpool Acquisition Co. a Delaware corporation and wholly owned
subsidiary of Whirlpool Corporation (the “Merger Agreement”). The resulting
hypothetical

 

2

 

cash credits shall be invested in a money market
investment option available under this Plan and will thereafter be subject to
the hypothetical investment direction provisions of this Sec. 4.3.2.

 

IN WITNESS WHEREOF, the Committee has caused this
Amendment to be executed this 30th day of March, 2006.

 

 

	
   

  	
  /s/ Ralph F. Hake

  	
   

  
	
   

  	
  Ralph F. Hake, Chairman and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ George C. Moore

  	
   

  
	
   

  	
  George C. Moore, Executive Vice President and Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Mark W. Krivoruchka

  	
   

  
	
   

  	
  Mark W. Krivoruchka, Senior Vice President, Human
  Resources

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Roger K. Scholten

  	
   

  
	
   

  	
  Roger K. Scholten, Senior Vice President, General
  Counsel

  
						

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}]]