Document:

exv10w72

 

EXHIBIT
10.72

THE DURIRON COMPANY, INC.

DEFERRED COMPENSATION PLAN

- for -

EXECUTIVES

     1. PURPOSE OF THE PLAN. The purpose of this Deferred Compensation Plan for
Executives (the “Plan”) is to provide a procedure whereby an executive (the “Executive”) of The
Duriron Company, Inc. (the “Company”) may defer the payment of all or a specified part of the base
salary payable to him for services as an employee. This Plan is an unfunded program established for
the purpose of providing deferred compensation to a select group of management employees, and it is
exempt from Parts 1 through 4 of the Employee Retirement Income Security Act of 1974, as amended.

     2. ELIGIBILITY. Only those Executives who participate in the Company’s Long-Term
Incentive Plan, or its successor as designated by the Compensation Committee of the Company’s Board
of Directors, shall be eligible to participate in the Plan. If the Executive ceases participation
in Long-Term Incentive Plan, his ability to defer additional amounts under this Plan shall
automatically and simultaneously cease.

     3. AGREEMENT TO DEFER.

     (a) An Executive may execute an agreement with the Company to defer the payment of all or
a specified part of the salary payable for services as an Executive. An agreement to defer
compensation shall be effective as of the first day of the Company’s first full biweekly salaried
payroll period of the next succeeding calendar quarter. Under any such agreement, the Executive may
elect to defer salary in an amount of not less than five percent (5%) of base salary and in whole
dollar increments thereafter. Any such deferred salary amount shall be rounded upward to the next
whole dollar. The agreement shall apply only to compensation payable for services rendered on or
after the effective date of the agreement. The agreement to defer shall remain in effect until
terminated or changed as provided in this Plan for so long as the Executive remains eligible to
participate under Section 2 above.

     (b) An Executive may terminate any agreement to defer the payment of compensation relating to
future services by giving notice of termination to the Company. An Executive may change any
agreement to defer the payment of compensation relating to future services either in the manner
provided in the agreement or by executing a new agreement with the Company. Any such termination
or change in the amount to be deferred shall be effective only with respect to compensation payable
for services as an Executive on or after the first day of the first biweekly Company’s salaried
payroll period of the next succeeding calendar quarter.

 

 

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     4. EXECUTIVES’ ACCOUNTS.

     (a) The Company shall establish and maintain a separate account for each Executive who has
elected to so defer salary, in which shall be recorded the amount of the Executive’s deferred
salary pursuant to this Plan, The Company shall credit to each such account, as of the first day
of each calendar quarter, interest on the amount then credited to such account (including all
previous credits to such account by operation of this subparagraph (a)) computed at an annual rate
which is equal to the composite bond yield for single A bonds, rounded to the nearest 1/10 of 1%,
as published in the Standard & Poor’s Indexes of the Security Markets for the month last preceding
the beginning of such calendar quarter.

     (b) Each Executive’s account shall be solely a memorandum account, and title to and beneficial
ownership of any amounts credited thereto shall at all times remain in the Company. The effect of
an Executive’s agreement to defer salary is simply to create an unfunded and unsecured promise to
pay deferred salary to the Executive, his estate or the Executive’s beneficiaries, in accordance
with the terms of the Plan, Nothing contained in the Plan and no deferral of payment pursuant to
the Plan shall by itself create or be construed to create a trust of any kind, or a fiduciary
relationship of any kind between the Company and any Executive, his estate, or any beneficiary of
such Executive designated pursuant to paragraph 5 (e), or any other person. No right or benefit
under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance
or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge the
same shall be void.

     5. PAYMENT OF DEFERRED COMPENSATION.

     (a) An Executive may receive payment of the total credited to his account (i) in one lump sum
payment at the time he ceases to be an employee, or (ii) in equal annual installments during no
more than the 10 calendar years commencing with the calendar year next following the calendar year
in which he ceases to be an employee, or (iii) in a combination of such lump sum and annual
installments, provided that the Executive terminates service after age 55. If the Executive
terminates prior to age 55, his account shall only be payable as a single lump sum. The method of
receiving the amount credited to an Executive’s account shall be specified in the agreement
executed pursuant to paragraph 3.

     (b) Unless a different manner of payment is selected pursuant to (a) above, payment of the
total amount credited to an Executive’s account at the time he ceases to be an employee after age
55 shall be paid to him in 10 equal annual installments.

     (c) If applicable, the first annual installment payment, whether made pursuant to (a) or (b)
above, shall be paid before the fifteenth business day of the calendar year first following the
year in which the Executive ceases to be an employee, and subsequent installments shall be paid
before the fifteenth business day of each succeeding calendar year until the entire amount credited
to the Executive’s account shall have been paid.

 

 

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	(d)	 	To each installment payment there shall be added, and paid to the former Executive, an
amount equal to the interest credited, since the date of the last previous installment payment, to
the former Executive’s account pursuant to paragraph 4 (a).
	 
	(e)	 	If all of the payments required by this paragraph 5 shall not have been fully made to a
former Executive prior to his death, then, after his death, the balance in his account shall be
paid to such beneficiary or beneficiaries as he shall have designated by written notice delivered
to the Secretary or Treasurer of the Company prior to his death or, failing such written notice, to
his estate in a single lump sum.
	 
	(f)	 	Notwithstanding the preceding provisions of this paragraph 5, if the total amount credited
to an Executive’s account at the time he ceases to be an employee is less than $10,000, payment of
such amount shall be made to him in one lump sum at the time he
ceases to be an employee.
	 
	(g)	 	Notwithstanding the above, the Executive may apply to the Compensation Committee of the
Board of Directors (the “Committee”) for an early distribution of all or a part of the deferred
amount in his Plan account in the event of unforeseen circumstances which create hardship for the
Executive and which are beyond the Executive’s control. The Committee may, in its absolute
discretion, grant or deny such application upon its findings of such hardship.
	 
	6.	 	ADMINISTRATION. This Plan shall be
administered by the Committee. The decision
of the Committee shall be final and binding with respect to the interpretation, construction or
application of the Plan.
	 
	7.	 	AMENDMENT OR TERMINATION. The Board of Directors may amend or terminate the Plan
at any time. No amendment or termination of the Plan shall void an agreement already in effect for
the then current calendar quarter or any preceding calendar quarter, nor adversely affect the right
of a former Executive, his estate or designated beneficiaries to payments in accordance with
paragraph 5 of amounts credited to his account prior to such amendment or termination together with
amounts credited thereto subsequent to such amendment or termination pursuant to paragraph 4 (a).

 

 

THE DURIRON COMPANY, INC.

DEFERRED COMPENSATION PLAN FOR EXECUTIVES

Executive’s Election

     In accordance with the provisions of the Deferred Compensation Plan for Executives (the
“Plan”) of The Duriron Company, Inc. (the “Company”), I elect:

	 	1.	 	To defer ____ % (at least 5%) of all salary, rounded to the next highest whole dollar, payable
to me for my services as an Executive, which are rendered beginning with the first day of the
first biweekly salaried payroll period at the calendar quarter beginning           
          , 19 ___ and continuing through
succeeding calendar quarters.
	 
	 	2.	 	If I terminate service as an employee after age 55, to receive payment of the
amount credited to my deferred salary account in the following manner (and I have marked
the applicable method):

	 	 	 	 	 	 	 	 	 
	 	 	—	 	a.	 	In equal annual
installments during the _______ (not to exceed 10) calendar years
commencing with the calendar year next following the calendar year in
which I cease to be an employee of the Company.
	 
	 	 	 	 	 	 	 	 
	 	 	—	 	b.	 	In one lump sum payment at the time I cease to be an Executive.
	 
	 	 	 	 	 	 	 	 
	 	 	—	 	c.	 	In the following combination of (i) a lump sum at the time I cease to
be an employee and (ii) annual installments commencing with the calendar year next
following the calendar year which I cease to be an employee.
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	•
	 	$ ___ in a lump sum.
	 

	 	 	 	 	 	•
	 	the balance in ___ (not to exceed 10) equal annual installments.
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Notwithstanding the above election, I understand that I will
automatically receive payment of my account as a single lump sum if I
terminate service as an employee prior to age 55.

	 	3.	 	To have any payments required by paragraph 2 above which have not been
made to me prior to my death, paid after my death in a lump sum to:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Date
	 	Signature of Executive
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	The undersigned, Treasurer of the Company, acknowledges receipt of the above election on                     , 19
      .

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	Treasurer
	 	 

 

 

THE DURIRON COMPANY, INC.

EXECUTIVE

DEFERRED COMPENSATION AGREEMENT

          THIS
AGREEMENT, made and entered into this ___ day of                     , 19___
and effective the first day of the Company’s first full biweekly salaried payroll period of next
immediately following full calendar quarter (the “First Day”), by and between THE DURIRON COMPANY,
INC. (the “Company”) and                                          (the “Executive”), is hereby executed under the following
circumstances:

     A. Under the Company’s Deferred Compensation Plan for Executives (the “Plan”), an
Executive may defer payment of all or a specified part of the salary payable to him for
services as an Executive (“Executive’s Salary”).

     B. The Executive desires to defer Executive’s Salary in accordance with the Plan.

          NOW, THEREFORE, the parties hereto agree as follows:

          1. Election to Defer. The Executive hereby elects to defer that percentage of the
Executive’s Salary indicated on the election (the “Election”) attached hereto. (Executive’s
Salary heretofore or hereafter deferred is hereinafter referred to as “Deferred Salary.”) The
Executive may, by delivery of a revised Election to the Secretary of the Company, change the
percentage to be deferred of Executive’s Salary payable for services rendered on or after the First
Day next succeeding delivery of the revised Election.

          2. Payment of Deferred Compensation. Payment of the Deferred Salary shall be made,
after the Executive ceases to be an employee, in the manner indicated on the Election. The
Executive may, by delivery of a revised Election to the Secretary or Treasurer of the Company,
change the manner of payment of Executive’s Salary payable for services rendered on or after the
First Day next succeeding delivery of such revised Election. The Executive may change his Election
with respect to the manner of payment of Deferred Salary which shall have been earned prior to the
change only with the consent of the Compensation Committee of the Board of Directors in its
absolute discretion in the event of hardship as described in the Plan.

          3. Payments upon Death. Any Deferred Salary payable after the death of the Executive
shall be paid in a lump sum to the payee indicated on the Election. The Executive may, by delivery
of a revised Election to the Secretary of the Company, change the payee to whom such payment is to
be made.

          4. Incorporation by Reference. The terms of the Plan are incorporated herein by
reference and made a part of this Agreement.

          IN WITNESS WHEREOF, the parties hereto have duly executed this Executive Deferred
Compensation Agreement as of the day and year first written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	THE EXECUTIVE	 	 	 	THE DURIRON COMPANY, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Signature:
	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 	 	 	 
	 

	 	Date:
	 	 	 	 	 	Title:exv10w73

 

EXHIBIT
10.73

THE DURIRON COMPANY, INC.

DEFERRED COMPENSATION PLAN

-for-

DIRECTORS

(AS AMENDED DECEMBER 9, 1987,

EFFECTIVE DECEMBER 31, 1987)

     1. PURPOSE OF THE PLAN. The purpose of this Deferred Compensation Plan (the
“Plan”) is to provide a procedure whereby a member of the Board of Directors (a “Director”) of The
Duriron Company, Inc. (the “Company”) may defer the payment of all or a specified part of the
compensation payable to him for services as a Director (which, for the purpose of the Plan, shall
include compensation for services as a member of a committee of the Board of Directors).

     2. AGREEMENT TO DEFER.

     (a) A Director may execute an agreement with the Company to defer the payment of all or a
specified part of the compensation payable for services as a Director. An agreement to defer
compensation shall be effective as of the first day of the next succeeding calendar quarter. In
the case, however, of a person who has been elected to serve as a Director but whose term has not
yet commenced, the agreement to defer shall be effective as of such date as may be specified in the
agreement. In either such case, the agreement shall apply only to compensation payable for services rendered
on or after the effective date of the agreement. The agreement to defer shall remain in effect
until terminated or changed as provided in this Plan.

     (b) A Director may terminate any agreement to defer the payment of compensation relating to
future services by giving notice of termination to the Company. A Director may change any agreement
to defer the payment of compensation relating to future services either in the manner provided in
the agreement or by executing a new agreement with the Company. Any such termination or

 

 

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change in the amount to be deferred shall be effective only with respect to compensation payable
for services as a Director on or after the first day of the next succeeding calendar quarter.

     (c) A Director who has in effect an election to defer compensation under the Plan as in
effect prior to January 1, 1988 and who desires to defer compensation relating to services on and
after January 1, 1988, shall execute with the Company an
agreement to defer.

     3. DIRECTORS’ ACCOUNTS.

     (a) The Company shall establish and maintain a separate account for each Director who has
elected to defer compensation in which shall be recorded the amount of the Director’s deferred
compensation pursuant to this Plan. The Company shall credit to each such account, as of the first
day of each calendar quarter, interest on the amount then credited to such account (including all
previous credits to such account by operation of this subparagraph (a)) computed at an annual rate
which is equal to the composite bond yield for single A bonds, rounded to the nearest 1/10 of 1%,
as published in the Standard & Poor’s Indexes of the Security Markets for the month last preceding
the beginning of such calendar quarter.

     (b) Each Director’s account shall be solely a memorandum account, and title to and beneficial
ownership of any amounts credited thereto shall at all times remain
in the Company. The effect of
a Director’s agreement to defer compensation is simply to create an unfunded and unsecured promise
to pay deferred compensation to the Director, his estate or the Director’s beneficiaries, in
accordance with the terms of the Plan. Nothing contained in the Plan and no deferral of payment
pursuant to the Plan shall by itself create or be construed to create a trust of any kind, or a
fiduciary relationship of any kind between the Company and any Director, his estate, or any
beneficiary of such Director designated pursuant to paragraph 4(e), or any other person. No right
or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge,
encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, or
charge the same shall be void.

     4. PAYMENT OF DEFERRED COMPENSATION.

     (a) A Director may receive payment of the total credited to his account (i) in one lump
sum payment at

 

 

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the time he ceases to be a Director, or (ii) in equal annual installments during no more than the
10 calendar years commencing with the calendar year next following the calendar year in which he
ceases to be a Director, or (iii) in a combination of such lump sum and annual installments. The
method of receiving the amount credited to a Director’s account shall be specified in the
agreement executed pursuant to paragraph 2.

     (b) Unless a different manner of payment is selected pursuant to (a) above, payment of the
total amount credited to a Director’s account at the time he ceases to be a Director shall be paid
to him in 10 equal annual installments.

     (c) The first annual installment payment, whether made pursuant to (a) or (b) above, shall be
paid before the fifteenth business day of the calendar year first following the year in which the
Director ceases to be a Director, and subsequent installments shall be paid before the fifteenth
business day of each succeeding calendar year until the entire amount credited to the Director’s
account shall have been paid.

     (d) To each installment payment there shall be added, and paid to the former Director, an
amount equal to the interest credited, since the date of the last previous installment payment, to
the former Director’s account pursuant to paragraph 3(a).

     (e) If all of the payments required by this paragraph 4 shall not have been made to a former
Director prior to his death, then after his death such payments shall be made to such beneficiary
or beneficiaries as he shall have designated by written notice delivered to the Secretary of the
Company prior to his death or, failing such written notice, to his estate.

     (f) Notwithstanding the preceding provisions of this paragraph 4, if the total amount
credited to a Director’s account at the time he ceases to be a Director is less than
$10,000, payment of such amount shall be made to him in one lump sum at the time he ceases
to be a Director.

     5. ADMINISTRATION. This Plan shall be administered by the Executive Committee of the
Board of Directors. The decision of the Executive committee shall be final and binding with
respect to the interpretation, construction or application of the Plan.

 

 

-4-

     6. AMENDMENT
OR TERMINATION. The Board of Directors may amend or terminate the Plan
at any time. No amendment or termination of the Plan shall void an agreement already in effect for
the then current calendar quarter or any preceding calendar quarter, nor adversely affect the right
of a former Director, his estate or designated beneficiaries to payments in accordance with
paragraph 4 of amounts credited to his account prior to such amendment or termination together with
amounts credited thereto subsequent to such amendment or termination pursuant to paragraph 3(a).

 

 

12-3-87
 FORM 1

THE DURIRON COMPANY, INC.

DEFERRED COMPENSATION AGREEMENT

          THIS AGREEMENT, made and entered into this                     
day of December                     , 1987 and effective as of December 31,
1987, by and between THE DURIRON COMPANY, INC. (the “Company”)
and
                                                             (the “Director”), is hereby
executed under the following circumstances:

     A. Under the Company’s Deferred Compensation Plan for Directors (the “Plan”) a director
may defer payment of all or a specified part of the compensation payable to him for services
as a director (“Director’s Compensation”).

     B. The Director has deferred and desires to continue to defer Director’s Compensation in
accordance with the Plan.

     NOW, THEREFORE, the parties hereto agree as follows:

            1.
Prior Deferrals. The Director has heretofore deferred Director’s Compensation with
respect to the following periods of service:

	 	 	 
	Period
	 	Method of
	of Service
	 	Payment Selected
	 
	 	 

          2.
Election to Defer. The Director hereby elects to defer that percentage of the
Director’s Compensation indicated on the election (the “Election”) attached hereto. (Director’s
Compensation heretofore or hereafter deferred is hereinafter referred to as “Deferred
Compensation.”) The Director may, by delivery of a revised Election to the Secretary of the
Company, change the percentage to be deferred of Director’s Compensation payable for services
rendered on or after the first day of the calendar quarter next succeeding delivery of the revised
Election.

 

 

          3.
Payment of Deferred Compensation. Payment of the Deferred Compensation shall be
made, after the Director ceases to be a director, in the manner indicated on the Election, except
that amounts referred to in Section 1 shall be paid as indicated therein. The Director may, by
delivery of a revised Election to the Secretary of the Company, change the manner of payment of
Director’s Compensation payable for services rendered on or after the first day of the calendar
quarter next succeeding delivery of such revised Election. The Director may change his election
with respect to the manner of payment of Deferred Compensation which shall have been earned prior
to the change only with the consent of the Executive Committee of the Board of Directors in the
event of unforeseen circumstances creating an economic hardship for the Director from events beyond
the control of the Director.

          4.
Payments upon Death. Any Deferred Compensation payable after the death of the
Director shall be paid to the payee indicated on the Election. The Director may, by delivery of a
revised Election to the Secretary of the Company, change the payee to whom such payment is to be
made.

          5.
Incorporation by Reference. The terms of the Plan are incorporated herein by
reference and made a part of this Agreement.

          IN WITNESS WHEREOF, the parties hereto have duly executed this Deferred Compensation Agreement
as of the day and year first written above.

	 	 	 	 	 	 	 
	 	 	THE DURIRON COMPANY, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Director	 	 

 

 

12-3-87

THE DURIRON COMPANY, INC.

DEFERRED COMPENSATION PLAN FOR DIRECTORS

Director’s Election

          In accordance with the provisions of the Deferred Compensation Plan for Directors (the
“Plan”) of The Duriron Company, Inc. (the “Company”), I elect:

     1. To defer                      % of all compensation payable to
me for my services as a Director and as a member of a Committee of the Board of
Directors of the Company which are rendered during the calendar quarter
beginning                                          , 19                     and succeeding calendar
quarters.

     2. To receive payment of the amount credited to my deferred compensation
account in the following manner (I have lined out the methods not applicable):

     a.
In equal annual installments during the
______  (not to exceed 10) calendar years commencing
with the calendar year next following the calendar year in which I cease to
be a Director.

     b. In one lump sum payment at the time I cease to be a Director.

     c. In the following combination of (i) a lump sum at the time I cease
to be a Director and (ii) annual installments commencing with the calendar
year next following the calendar year in which I cease to be a Director:

— $
                                        
in a lump sum.

— the balance in                      (not to exceed 10)
equal annual installments.

     3. To have any payments required by paragraph 2 above which have not been made to
me prior to my death, paid after my death to:

	 	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Date
	 	 	 	Signature of Director

             The undersigned, Secretary of the Company,
acknowledges receipt of the above election on                                          , 19            
        .

	 	 	 	 	 
	 

	 	 

Secretary

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