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Exhibit
10.15
CURTISS-WRIGHT CORPORATION
RETIREMENT PLAN
As Amended and Restated effective January 1, 2001
FOURTEENTH INSTRUMENT OF
AMENDMENT
Recitals:
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1.
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Curtiss-Wright
Corporation (“the Company”) has heretofore adopted the
Curtiss-Wright Corporation Retirement Plan (“the
Plan”).
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2.
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The Company
caused the Plan to be amended and restated in its entirety,
effective as of January 1, 2001, and has since caused the Plan to
be further amended.
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3.
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Subsequent to
the most recent amendment of the Plan, it has become necessary to
further amend the Plan for updates to Union benefit rates rollovers
to Roth IRAs and to reflect new, accelerated vesting schedule for
Union employees.
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4.
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Sections 12.01
and 12.02 of the Plan permit the Company to amend the Plan, by
written instrument, at any time and from time to time.
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Amendment to
the Plan:
For the reason
set forth in the Recitals to this Instrument of Amendment, the Plan
is hereby amended in the following respects:
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1.
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Section 1.15 is
amended to accelerate eligibility for an Early Retirement Benefit
from five years of service to three years of service as
follows:
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The phrase
“or three (3) Years of Credited Service, effective January 1,
2008” is inserted immediately following the phrase “at
least five (5) Years of Credited Service”.
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2.
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The last
sentence of Section 2.03(b) is amended to reflect the acceleration
of eligibility for a disability pension from five vesting years of
service to three vesting years of service as follows:
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A Participant
who is entitled to Disability Payments and who is credited with at
least five Vesting Years of Service (three Vesting Years of Service
effective January 1, 2008) may elect at any time by written advance
application to the Committee to cease further accruals under the
provisions of this paragraph (b) and in lieu thereof to commence
receipt of payments under the applicable provisions of the
Plan.
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3.
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Section 5.03 is
amended by adding a new paragraph (vii) to the end
thereof:
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(vii)
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For
Participants who terminate employment after January 1, 2008, three
Years of Vesting Service shall be substituted for five Years of
Vesting Service in paragraphs (i), (iii), (iv) and (v)
above.
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4.
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Section 7.08(b)
is amended to permit rollover of an eligible rollover distribution
as described in Section 7.08(a) to a Roth IRA under Section 408A of
the Code as follows:
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The phrase
“a Roth individual retirement account described in Section
408A of the C
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