Amendment No. 9 to Columbus McKinnon Corporation Employee Stock Ownership Plan (1989 Restatement)
This amendment, executed by Columbus McKinnon Corporation, updates the Employee Stock Ownership Plan originally restated in 1989. The changes, effective January 1, 2003, modify the rules for diversification of participants' stock accounts, specifically extending the minimum Qualified Election Period to six years and increasing the allowable diversification percentage from 25% to 50% after the sixth year. The amendment is signed by an authorized corporate officer.
EXHIBIT 10.32
COLUMBUS McKINNON CORPORATION
EMPLOYEE STOCK OWNERSHIP PLAN
AMENDMENT NO. 9 OF THE 1989 PLAN RESTATEMENT
Columbus McKinnon Corporation (the Corporation) hereby amends the Columbus McKinnon Corporation Employee Stock Ownership Plan (the Plan), as amended and restated in its entirety effective April 1, 1989, and as further amended by Amendment Nos. 1 through 8, as permitted under Section 11.1 of the Plan, as follows:
1. Section 8.4, entitled Diversification of Investment of Stock Account, is amended effective January 1, 2003 by changing Section 8.4(a)(4) to read as follows:
(4) Qualified Election Period means the period beginning with and including the Plan Year in which a Participant first becomes a Qualified Participant and ending on the date of the Participants termination of employment provided, however, that in no event will the Qualified Election Period be less than six consecutive Plan Years.
2. Section 8.4, entitled Diversification of Investment of Stock Account, is amended effective January 1, 2003 by changing Section 8.4(c)(2) to read as follows:
(2) Diversification Following the Sixth Year. In the case of a Diversification Election filed after the sixth Plan Year included in the Participants Qualified Election Period (or any year thereafter), the term 25 percent used in Section 8.4(c)(1) shall be changed to 50 percent.
IN WITNESS WHEREOF, this instrument of amendment has been executed by a duly authorized officer of the Corporation this 27th day of March, 2003.
COLUMBUS McKINNON CORPORATION | ||
By | /S/ ROBERT L. MONTGOMERY |
Title
| Executive Vice President |