Document:

exv10w17wd

 

Exhibit 10.17 (d)

CHICAGO BRIDGE & IRON COMPANY

WAIVER AND CONSENT IN LIEU OF

A MEETING OF DIRECTORS

     The undersigned, being all of the duly elected and acting directors of Chicago Bridge & Iron
Company, a Delaware corporation (“Company”), hereby unanimously waive all requirements, whether
pursuant to applicable Delaware law or the By-Laws of the Company, of notice of or the holding of a
meeting of the directors of the company, and in lieu thereof, hereby unanimously consent to the
adoption of, and hereby adopt, the following resolutions, pursuant to all applicable provisions of
the Delaware General Corporation Law:

     RESOLVED, that the Chicago Bridge & Iron Savings Plan, as amended and restated effective
January 1, 1997, and previously amended (“Plan”), shall be and it is hereby amended as set forth in
Exhibit A attached and incorporated herein as a part of this resolution, to be effective as
specified therein, which shall constitute the Eleventh Amendment of the Plan and which adoption may
be evidenced by the execution of such Eleventh Amendment by any of the undersigned directors.

     RESOLVED FURTHER, that the Eleventh Amendment be incorporated into the amended and restated
Plan document.

	 	 	 
	 
	 	/s/ Philip K. Asherman
	 

	 	 
	 

	 	Philip K. Asherman
	 
 
	 	/s/ Ronald A. Ballschmiede
	 

	 	 
	 

	 	Ronald A. Ballschmiede
	 
	 	 
	 
	 	 
	Dated:
December 18, 2007
	 	 

 

 

Exhibit A

CHICAGO BRIDGE & IRON

SAVINGS PLAN

Eleventh Amendment

     Pursuant to resolution of the Board of Directors of Chicago Bridge & Iron Company, a Delaware
corporation (“Company”) dated December 18, 2007, the Chicago Bridge & Iron Savings Plan, as amended
and restated effective January 1, 1997, and previously amended (“Plan”), is hereby further amended
in this Eleventh Amendment as follows:

1. Subsection 2.13(a) of the Plan is amended to read as follows:

     (a) Compensation. Except as provided in subsection
(b), Compensation means the total cash salary and wages paid by the
Employer through the U.S. payroll system of an Employer to a
Participant while an Eligible Employee, or paid by the Employer
through its payroll system for U.S. Expatriate Employees (as defined
in Section 2.19) to a Participant while an Eligible Employee or a
U.S. Expatriate Employee, (i) including short-term disability
payments made directly from the assets of the Employer, overtime,
and cash bonuses under any annual or other short-term incentive pay
or bonus plan, (ii) excluding long-term incentives, stock options,
restricted stock, similar non-cash benefits, contributions or
benefits under any employee benefit plan and special allowances
provided to U.S. Expatriate Employees for the purpose of equalizing
their salary and wages, (iii) increased by the amount of any
Elective Deferrals under this Plan and any other elective
contributions or deferrals made by an Employer on behalf of an
Employee that are excluded from the Participant’s income by Section
125, Section 132(f), Section 402(e)(3), Section 402(h)(1)(B),
Section 403(b), Section 408(p)(2)(A)(i) or Section 457 of the Code,
and (iv) excluding all compensation in excess of the Compensation
Limit. Compensation for a Plan Year shall also include compensation
paid by the later of 2 1/2 months after a Participant’s Termination
of Employment or the end of the Plan Year that includes the
Participant’s Termination of Employment, if:

     (1) the payment is regular compensation for services
during the Participant’s regular working hours, or
compensation for services outside the Participant’s regular
working hours (such as overtime or shift differential),
commissions, bonuses, or other similar payments, and, absent
a Termination of Employment, the payments would have been
paid to the Participant while the Participant continued in
employment with the Employer; or

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     (2) the payment is for unused accrued bona fide sick,
vacation, or other leave that the Participant would have
been able to use if employment had continued.

     Any payments not described above shall not be considered
Compensation if paid after Termination of Employment, even if they
are paid by the later of 2 1/2 months after the date of Termination
of Employment or the end of the Plan Year that includes the date of
Termination of Employment.

     Back pay, within the meaning of Treasury Regulation Section
1.401(c)-2(g)(8), shall be treated as Compensation for the Plan Year
to which the back pay relates to the extent the back pay represents
wages and compensation that would otherwise be included under this
definition.

2. Section 2.27(a) of the Plan is amended to read as follows:

     (a) Medical Expenses. Expenses for medical care
described in Section 213(d) of the Code previously incurred by the
Participant, the Participant’s Spouse, any dependents of the
Participant (as defined in Section 152 of the Code), or the
Participant’s Beneficiary or amounts necessary for these persons to
obtain medical care described in Section 213(d) of the Code.

3. Section 2.27(c) of the Plan is amended to read as follows:

     (c) Educational Expenses. Payment of tuition, related
educational fees and room and board expenses for the next 12 months
of post-secondary education for the Participant, the Participant’s
Spouse, the Participant’s children, any dependents of the
Participant (as defined in Section 152 of the Code), or the
Participant’s Beneficiary.

4. Section 2.27(f) of the Plan is amended to read as follows:

     (f) Funeral. Payments for burial or funeral expenses
for the Participant’s deceased parents, spouse, children, dependents
(as defined in Section 152 of the Code, without regard to Sections
152(b)(1), (b)(2) and (d)(1)(B) of the Code), or the Participant’s
deceased Beneficiary.

5. Section 3.01(b) is amended to read as follows:

     (b) Except as provided in subsections (c) and (d), each other
Eligible Employee shall become a Participant on the first day on
which he or she is an Eligible Employee.

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6. Section 3.01 of the Plan is amended to add the following new subsection (d) immediately
following subsection (c) to reads as follows:

     (d) An Eligible Employee who was an employee of ABB Lummus
Global Inc. when such company was acquired shall become a
Participant (i) for purposes of making Elective Deferrals (and
receiving an allocation of Matching Contributions) on January 1,
2008; and (ii) for all other purposes of this Plan on the first day
on which he or she is an Eligible Employee. An Eligible Employee
who was an employee of ABB Lummus Global Inc. shall be deemed to be
an Active Employee, as defined in Section 2.04(iii), for purposes of
receiving a Company Contributions under Section 4.03 for the Plan
Year ending December 31, 2007.

7. Section 8.09(2) of the Plan is amended to read as follows:

     (2) “Eligible Retirement Plan” means an individual
retirement account described in Section 408(a) of the Code, an
individual retirement annuity described in Section 408(b) of the
Code, an annuity plan described in Section 403(a) of the Code, or a
qualified trust described in Section 401(a) of the Code, that
accepts the Distributee’s Eligible Rollover Distributions. However,
in the case of an Eligible Rollover Distribution to a Participant’s
surviving spouse or surviving former spouse who is a Distributee
pursuant to a Qualified Domestic Relations Order (as defined in
Section 13.03), an Eligible Retirement Plan is an individual
retirement account or individual retirement annuity. For purposes
of this Section an Eligible Retirement Plan shall also mean an
annuity contract described in section 403(b) of the Code and an
eligible plan under section 457(b) of the Code which is maintained
by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state and
which agrees to separately account for amounts transferred into such
plan from this plan. The definition of Eligible Retirement Plan
shall also apply in the case of a distribution to a surviving
spouse, or to a spouse or former spouse who is the alternate payee
under a qualified domestic relation order, as defined in section
414(p) of the Code. Notwithstanding any provisions of this Plan to
the contrary, a nonspouse Beneficiary may elect to have all or any
portion of the benefits payable to such Distributee which
constitutes an eligible rollover distribution as defined in Section
402(c)(4) of the Code transferred directly to (A) an individual
retirement account described in Section 408(a) of the Code or (B) an
individual retirement annuity described in Section 408(b) of the
Code (other than an endowment contract) that was established for the
purpose of receiving the benefits on behalf of the nonspouse
Beneficiary.

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8. Section 8.09(3) of the Plan is amended to read as follows:

     (3) “Distributee” means a Participant. In addition, a
Participant’s surviving spouse, former spouse who is an alternative
payee under a Qualified Domestic Relations Order, and a nonspouse
Beneficiary are Distributees with regard to the interest of the
spouse, former spouse, or nonspouse Beneficiary.

9. The second paragraph of Section A-1 of Appendix A of the Plan is amended to read as follows:

     For purposes of this Appendix A, a “Qualified Joint and
Survivor Annuity”, for a Participant who is legally married on his
or her Annuity Starting Date, is an immediate installment refund
annuity for the life of the Participant with a survivor annuity for
the life of such spouse (if such spouse survives the Participant)
that is 50% or 75%, as selected by the Participant prior to the
Annuity Starting Date, of the amount of the annuity which is payable
during the joint lives of the Participant and the spouse, and which
is the amount of such benefit that can be purchased with the vested
balance of the Participant’s Restricted Accounts. If the
Participant does not select a Qualifying Joint and Survivor Annuity
of 50% or 75%, then the default distribution shall be a 50% survivor
annuity. If the Participant is not married on his or her Annuity
Starting Date, a “Qualified Joint and Survivor Annuity” is an
immediate installment refund annuity for the life of such
Participant, which is the amount of such benefit that can be
purchased with the vested balance of the Participant’s Restricted
Accounts. The “Annuity Starting Date” is the first day of the first
period for which an amount is paid as an annuity or any other form.

     10. Section A-2 of Appendix A of the Plan is amended to read as follows:

     A-2. Election and Revocation of Joint and Survivor Annuity
Form. If a Participant is married on his or her Annuity
Starting Date, his or her Restricted Account balances shall be paid
in the form of a Qualified Joint and Survivor Annuity, subject to
the following provisions of this subsection. Within 180 days, but
not less than 30 days, preceding the Participant’s Annuity Starting
Date, the Plan Administrator will provide, by a means reasonably
calculated to reach the Participant and his or her spouse, election
information consisting of:

     (a) a written description of the Qualified Joint and
Survivor Annuity and the relative financial effect of
payment of his or her Restricted Account balances in that
form;

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     (b) a notification of the right to waive payment in
that form, the rights of his or her spouse with respect to
such waiver and the right to revoke such waiver, and the
effect of such revocation; and

     (c) the relative values of the various optional forms
of benefit under the plan as provided in Treasury Regulation
Section 1.417(a)-3.

During an election period commencing on the date the Participant
receives such election information and ending on the later of the
180th day thereafter or the Annuity Starting Date, a Participant may
waive payment in the Qualified Joint and Survivor Annuity form and
elect payment in such another form permitted by Section A-1;
provided that, the Participant’s surviving spouse, if any, has
consented in writing to such waiver and the spouse’s consent
acknowledges the effect of such revocation and is witnessed by a
notary public. A Participant may, at any time during his or her
election period, revoke any prior waiver of the Qualified Joint and
Survivor Annuity form. However, the consent of his or her spouse
once given shall be irrevocable unless and until the Participant
revokes his or her prior waiver of the Joint and Survivor Annuity
form. A Participant may request, by writing filed with the Plan
Administrator during his or her election period, an explanation,
written in nontechnical language, of the terms, conditions and
financial effect (in terms of dollars per monthly benefit payment)
of payment in the Qualified Joint and Survivor Annuity form. If not
previously provided to the Participant, the Plan Administrator shall
provide him or her with such explanation within 30 days of his or
her request by a method reasonably calculated to reach the
Participant and his or her spouse, and the Participant’s election
period will be extended, if necessary, to include the 180th day next
following the date on which he or she receives such explanation. No
distribution shall be made from a Participant’s Restricted Accounts
until his or her election period has terminated. Notwithstanding
the foregoing, if the Participant’s total distributable Account
balances (not just Restricted Account balances) are less than $1,000
as of his or her date of Termination, the Trustee shall immediately
distribute such benefits in a lump sum without such Participant’s
consent pursuant to Section 8.03 of the Plan.

11. Section A-3 of Appendix A of the Plan is amended to read as follows:

     A-3. Pre-Retirement Survivor Annuity. The term
“Pre-Retirement Survivor Annuity” means an installment refund
annuity for the life of the Participant’s surviving spouse, the
payments under which are equal to the amount of benefit which can be
purchased with the Participant’s Restricted Accounts as of the date

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of his or her death. Payment of such benefits will commence as
soon as practicable after the date of the Participant’s death,
unless the surviving spouse elects a later date. Any election to
waive the Pre-Retirement Survivor Annuity must be made by the
Participant in writing during the election period described herein
and shall require the spouse’s consent in the same manner provided
for in Section A-2. The election period to waive the Pre-Retirement
Survivor Annuity shall begin on the first day of the Plan Year in
which the Participant attains age 35 and end on the date of the
Participant’s death. In the event a Participant separates from
service prior to the beginning of the election period, the election
period shall begin on the data of such separation from service. In
connection with the election, the Plan Administrator shall provide
each Participant within the period beginning with the first day of
the Plan Year in which the Participant attains age 32 and ending
with the close of the Plan Year preceding the Plan Year in which the
Participant attains age 35, a written explanation of the
Pre-Retirement Survivor Annuity containing comparable information to
that required pursuant to the provisions of subsections A-2(a), (b),
and (c). If the Participant enters the Plan after the first day of
the Plan Year in which the Participant attained age 32, the Plan
Administrator shall provide notice no later than the close of the
second Plan Year following the entry of the Participant into the
Plan. In the case of a Participant who has a Termination of
Employment before the Plan Year in which age 35 is attained, the
written explanation shall be provided within the two year period
beginning one year prior to Termination of Employment and ending one
year after Termination of Employment. If such a Participant
thereafter returns to employment with the Employer, the applicable
period for providing the written explanation shall be redetermined.
If the total distributable balance of the Participant’s Accounts
(not just Restricted Accounts) is less than $1,000 as of his or her
date of Termination, the Trustees shall provide for the immediate
distribution of such Accounts to the Participant’s spouse. If the
value exceeds $1,000, an immediate distribution of the entire amount
may be made to the surviving spouse, provided such surviving spouse
consents in writing to such distribution.

12. The amendments made by paragraphs 5 and 6 above shall be effective November 19, 2007. The
amendments made by the remaining paragraphs above shall be effective January 1, 2008.

	 	 	 	 	 
	Dated: December 18, 2007
	 	 	 	 
	 

	 	By:	 	/s/ Ronald A. Ballschmiede
	 

	 	 	 	 
	 

	 	 	 	Director, Chicago Bridge & Iron Company

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EXHIBIT 10.A.1

AMENDMENT NO. 1 TO THE

EL PASO CORPORATION 

1995 COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

     WHEREAS, El Paso Corporation (the “Company”) maintains the El Paso Corporation 1995
Compensation Plan for Non-Employee Directors (the “Plan”), amended and restated effective as of
December 4, 2003; and

     WHEREAS, Section 9.7 of the Plan permits the Board of Directors or the Management Committee
(as defined in the Plan) from time to time to amend the Plan, in whole or in part; and

     WHEREAS, it is intended hereby to amend the Plan to comply with Section 409A of the Internal
Revenue Code of 1986, as amended.

     NOW, THEREFORE, the Plan is amended as follows:

     1. Section 5.5 is hereby added to the Plan to read as follows:

     “5.5 Deferrals During 2005

     Notwithstanding anything herein to the contrary, any deferrals made pursuant to
Section 5.2 during the calendar year 2005 (and any Conversion Premium set forth in
Section 6.2(a) thereon) shall be deemed to be made under the 2005 Compensation Plan
for Non-Employee Directors (“2005 Plan”) and any such deferrals (and Conversion
Premium) shall subject to the corresponding provisions, including the payment
features, of the 2005 Plan.”

     2. Section 7.3 is hereby added to the Plan to read as follows:

     “7.3 Long- Term Equity Credit During 2005

     Notwithstanding anything herein to the contrary, any Long-Term Equity Credit
made pursuant to Section 7.1 during the calendar year 2005 shall be deemed to be
made under the 2005 Plan, and such Long-Term Equity Credit shall be subject to the
corresponding provisions, including the payment features, of the 2005 Plan.”

     IN WITNESS WHEREOF, this amendment has been executed by the undersigned, thereunto duly
authorized, effective as of January 1, 2007.

	 	 	 	 	 
	 	EL PASO CORPORATION

 	 
	 	By:  	   /s/ Susan B. Ortenstone
 	 
	 	 	 	 
	 	 	 	 
	 

     ATTEST:

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Marguerite Woung-Chapman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Corporate Secretary

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