CURTISS-WRIGHT CORPORATION RETIREMENT PLANEmployee Benefits Plan Agreement |
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CURTISS-WRIGHT CORPORATION
RETIREMENT PLAN
As Amended and Restated effective January 1,
2001
TWELFTH 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
and appropriate to further amend the Plan to revise certain benefit
provisions of the Plan.
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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, by action
of the Committee established in accordance with Section 11.01 of
the Plan.
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Amendment to the Plan:
For
the reasons set forth in the Recitals to this Instrument of
Amendment, the Plan is hereby amended in the following
respects, to be effective as specified herein:
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1.
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Section
6.01 is amended, effective as of January 1, 2007 ,
by adding at the end thereof the following new subsection
(f):
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(f)
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Effective
January 1, 2007 , in addition to the benefit
described in Section 4.02 and paragraphs (a), (b), (c), (d), and
(e) of this Section, the Normal Retirement Benefit of certain
participants shall be increased. Participants described
in Schedule I 4 shall receive the increase set forth in
subparagraphs (i) through (iii) herein.
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(i)
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The
sum of the benefits described in Section 6.01(a), 6.01(c)(i),
6.01(d)(i) and 6.01(e)(i) shall be increased by the sum of (A) and
(B) below:
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(A)
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the
applicable factor in Schedule I 4, multiplied by the employer
accrued benefit under Section 6.01(a), 6.01(c)(i), 6.01(d)(i) and
6.01(e)(i) as of the date of determination, but in no event later
than December 31, 2009 ,
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(B)
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the
applicable factor in Schedule I 4, multiplied by the employer
accrued benefit under Section 6.01(a), 6.01(c)(i), 6.01(d)(i) and
6.01(e)(i) as of the date of determination, but in no event later
than December 31, 2009 , multiplied by a
Participant’s Years of Credited Service after
December 31, 2006 and before
January 1, 2010 .
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(ii)
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The
benefit described in Section 6.01(b), 6.01(c)(ii), 6.01(d)(ii) and
6.01(e)(ii) shall be increased by the sum of (A) and (B)
below:
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(A)
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the
product of the applicable factor in Schedule I 4, multiplied by
three (3.0), multiplied by the sum of:
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(I)
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one
and one-half percent (1½%) of Average Compensation in excess
of Covered Compensation, with Average Compensation determined as of
the date of determination, but in no event later than
December 31, 2009 , and Covered Compensation
determined as of December 31, 2006 ,
plus
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(II)
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one
percent (1%) of Average Compensation, as determined in accordance
with subparagraph (I) above, up to Covered Compensation, with
Covered Compensation determined as of December 31,
2006 , plus
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(III)
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the
accrued benefit provided under Section 6.01(c)(ii)(A),
6.01(c)(ii)(B), 6.01(d)(ii)(A), 6.01(d)(ii)(B), 6.01(e)(ii)(A) and
6.01(e)(ii)(B).
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(B)
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the
product of the applicable factor in Schedule I 4, multiplied by a
Participant’s Years of Credited Service after
December 31, 2006 and before January
1, 2010 , multiplied by the sum of:
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(I)
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one
and one-half percent (1½%) of Average Compensation in excess
of Covered Compensation, with Average Compensation and Covered
Compensation determined as of the date of determination, but in no
event later than December 31, 2009 ,
plus
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(II)
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one
percent (1%) of Average Compensation up to Covered Compensation,
with Covered Compensation and Average Compensation determined in
accordance with subparagraph (I) above.
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(iii)
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The
benefit described in Section 4.02, 6.01(c)(iii), 6.01(d)(iii) and
6.01(e)(iii) shall be increased by the sum of (A) to (D)
below:
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(A)
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the
applicable factor described in Schedule I 4, multiplied by the
Participant’s Cash Balance Account as of December 31,
2006 .
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(B)
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the
applicable factor described in Schedule I 4, multiplied by the
credit to the Participant’s Cash Balance Account for the
2007 Plan Year.
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