AMENDMENT to the Agreement dated November 12,
1992, as previously amended by agreements dated May 27,
1993 and January 1, 1995 (hereafter referred to as the
"Agreement") , between CLARK EQUIPMENT COMPANY ("CLARK")
and THOMAS C. CLARKE ("Mr. Clarke").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, Mr. Clarke and CLARK have agreed to this
Amendment as a clarification of the terms of the Agreement;
and
WHEREAS, legislative changes to Section 411 of
the Internal Revenue Code of 1986 have resulted in the
deletion of the statutory reference to the interest rate to
be used for certain calculations under the Agreement.
NOW, THEREFORE, in consideration of the premises
and mutual agreements of the parties herein contained, it
is agreed that certain provisions of the Agreement be
amended to clarify the meaning of such provisions:
Section 9.5 of the Agreement is hereby revised to
read in its entirety as follows:
9.5 Present Value Calculation. For purposes of
-------------------------
paragraphs (a) and (b) of Section 9.4, "present
value," will be calculated using the interest rate
that would be used by the Pension Benefit Guaranty
Corporation for
purposes of determining the present value of a lump
sum distribution on the termination of a plan subject
to Title IV of the Employee Retirement Income Security
Act of 1974, as amended, formerly referred to in
Section 411(a)(11)(B)(ii) of the Internal Revenue Code
of 1986, as of the date of such termination and the
1983 Group Annuitants Mortality Table, or the
mortality table (if it is different) then being used
by CLARK's actuaries for valuation purposes with
respect to CLARK's qualified pension plans. All
calculations for the purposes of Sections 9.4 and 9.7
shall be made, at the expense of CLARK, by the
independent auditors of CLARK. As soon as practicable
after the need for such calculation arises, CLARK
shall provide to its auditors all information needed
to perform such calculations.
-2-
IN WITNESS WHEREOF, CLARK and Mr. Clarke have
caused this Amendment to the Agreement to be executed as of
the 28th day of March, 1995.
CLARK EQUIPMENT COMPANY
/s/ Thomas C. Clarke By: /s/ Frank M. Sims
-------------------- ----------------------
Thomas C. Clarke Frank M. Sims
Senior Vice President
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AMENDMENT No. 1 to the Agreement dated
November 12, 1992 (hereafter referred to as the
"Agreement"), between CLARK EQUIPMENT COMPANY ("CLARK") and
THOMAS L. DOEPKER (the "Executive").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the Executive remains in the employ of
CLARK and the Executive and CLARK have agreed to this
Amendment No. 1 as a clarification of the terms of the
Agreement; and
WHEREAS, legislative changes to Section 411 of
the Internal Revenue Code of 1986 have resulted in the
deletion of the statutory reference to the interest rate to
be used for certain calculations under the Agreement.
NOW, THEREFORE, in consideration of the premises
and mutual agreements of the parties herein contained, it
is agreed that certain provisions of the Agreement be
amended to clarify the meaning of such provisions:
Section 14.5 of the Agreement is hereby revised
to read in its entirety as follows:
14.5 Present Value Calculation For purposes of
-------------------------
paragraphs (a) and (b) of Section 14.4, "present
value" will be calculated using the interest rate that
would be used by the Pension Benefit Guaranty
Corporation for
purposes of determining the present value of a lump
sum distribution on the termination of a plan subject
to Title IV of the Employee Retirement Income Security
Act of 1974, as amended, formerly referred to in
Section 411(a)(11)(B)(ii) of the Internal Revenue Code
of 1986, as of the date of such termination and the
1983 Group Annuitants Mortality Table, or the
mortality table (if it is different) then being used
by CLARK's actuaries for valuation purposes with
respect to CLARK's qualified pension plans. All
calculations for the purposes of Sections 14.4 and
14.7 shall be made, at the expense of CLARK, by the
independent auditors of CLARK. As soon as practicable
after the need for such calculation arises, CLARK
shall provide to its auditors all information needed
to perform such calculations.
-2-
IN WITNESS WHEREOF, CLARK and the Executive have
caused this Amendment No. 1 to the Agreement to be executed
as of the 28th day of March, 1995.
CLARK EQUIPMENT COMPANY
/s/ Thomas L. Doepker By: /s/ Leo J. McKernan
----------------------- ------------------------
Thomas L. Doepker Leo J. McKernan
Chairman, President and
Chief Executive officer
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AMENDMENT No. 1 to the Agreement dated November
12, 1992 (hereafter referred to as the "Agreement"),
between CLARK EQUIPMENT COMPANY ("CLARK") and WILLIAM N.
HARPER (the "Executive").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the Executive remains in the employ of
CLARK and the Executive and CLARK have agreed to this
Amendment No. 1 as a clarification of the terms of the
Agreement; and
WHEREAS, legislative changes to Section 411 of
the Internal Revenue Code of 1986 have resulted in the
deletion of the statutory reference to the interest rate to
be used for certain calculations under the Agreement.
NOW, THEREFORE, in consideration of the premises
and mutual agreements of the parties herein contained, it
is agreed that certain provisions of the Agreement be
amended to clarify the meaning of such provisions:
Section 14.5 of the Agreement is hereby revised
to read in its entirety as follows:
14.5 Present Value Calculation. For purposes of
-------------------------
paragraphs (a) and (b) of Section 14.4, "present
value" will be calculated using the interest rate that
would be used by the Pension Benefit Guaranty
Corporation for
purposes of determining the present value of a lump
sum distribution on the termination of a plan subject
to Title IV of the Employee Retirement Income Security
Act of 1974, as amended, formerly referred to in
Section 411(a)(11)(B)(ii) of the Internal Revenue Code
of 1986, as of the date of such termination and the
1983 Group Annuitants Mortality Table, or the
mortality table (if it is different) then being used
by CLARK's actuaries for valuation purposes with
respect to CLARK's qualified pension plans. All
calculations for the purposes of Sections 14.4 and
14.7 shall be made, at the expense of CLARK by the
independent auditors of CLARK. As soon as practicable
after the need for such calculation arises, CLARK
shall provide to its auditors all information needed
to perform such calculations.
-2-
IN WITNESS WHEREOF, CLARK and the Executive have
caused this Amendment No. 1 to the Agreement to be executed
as of the 28th day of March, 1995.
CLARK EQUIPMENT COMPANY
/s/ William N. Harper By:/s/ Leo J. McKernan
------------------------ -----------------------
William N. Harper Leo J. McKernan
Chairman, President and
Chief Executive Officer
-3-
AMENDMENT No. 1 to the Agreement dated November
12, 1992 (hereafter referred to as the "Agreement"),
between CLARK EQUIPMENT COMPANY ("CLARK") and BERNARD D.
HENELY (the "Executive").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS the Executive remains in the employ of
CLARK and the Executive and CLARK have agreed to this
Amendment No. 1 as a clarification of the terms of the
Agreement; and
WHEREAS, legislative changes to Section 411 of
the Internal Revenue Code of 1986 have resulted in the
deletion of the statutory reference to the interest rate to
be used for certain calculations under the Agreement.
NOW, THEREFORE, in consideration of the premises
and mutual agreements of the parties herein contained, it
is agreed that certain provisions of the Agreement be
amended to clarify the meaning of such provisions:
Section 14.5 of the Agreement is hereby revised to
read in its entirety as follows:
14.5 Present Value Calculation. For purposes of
-------------------------
paragraphs (a) and (b) of Section 14.4, "present
value" will be calculated using the interest rate that
would be used by the Pension Benefit Guaranty
Corporation for
purposes of determining the present value of a lump
sum distribution on the termination of a plan subject
to Title IV of the Employee Retirement Income Security
Act of 1974, as amended, formerly referred to in
Section 411(a)(11)(B)(ii) of the Internal Revenue Code
of 1986, as of the date of such termination and the
1983 Group Annuitants Mortality Table, or the
mortality table (if it is different) then being used
by CLARK's
actuaries for valuation purposes with respect to
CLARK's qualified pension plans. All calculations for
the purposes of Sections 14.4 and 14.7 shall be made,
at the expense of CLARK, by the independent auditors
of CLARK. As soon as practicable after the need for
such calculation arises, CLARK shall provide to its
auditors all information needed to perform such
calculations.
-2-
IN WITNESS WHEREOF, CLARK and the Executive have
caused this Amendment No. 1 to the Agreement to be executed
as of the 28th day of March, 1995.
CLARK EQUIPMENT COMPANY
/s/ Bernard D. Henely By:/s/ Leo J. McKernan
------------------------ -------------------------
Bernard D. Henely Leo J. McKernan
Chairman, President and
Chief Executive Officer
-3-
AMENDMENT No. 1 to the Agreement dated November
12, 1992 (hereafter referred to as the Agreement), between
CLARK EQUIPMENT COMPANY ("CLARK") and LEO J. McKERNAN (the
"Executive")
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the Executive remains in the employ of
CLARK and the Executive and CLARK have agreed to this
Amendment No. 1 as a clarification of the terms of the
Agreement; and
WHEREAS, legislative changes to Section 411 of
the Internal Revenue Code of 1986 have resulted in the
deletion of the statutory reference to the interest rate to
be used for certain calculations under the Agreement.
NOW, THEREFORE, in consideration of the premises
and mutual agreements of the parties herein contained, it
is agreed that certain provisions of the Agreement be
amended to clarify the meaning of such provisions:
Section 12.5 of the Agreement is hereby revised
to read in its entirety as follows:
12.5 Present Value Calculation. For purposes of
-------------------------
paragraphs (a) and (b) of Section 12.4, "Present
value" will be calculated using the interest rate that
would be used by the Pension Benefit Guaranty
Corporation for
purposes of determining the present value of a lump
sum distribution on the termination of a plan subject
to Title IV of the Employee Retirement Income Security
Act of 1974, as amended, formerly referred to in
Section 411(a)(11)(B)(ii) of the Internal Revenue Code
of 1986, as of the date of such termination and the
1983 Group Annuitants Mortality Table, or the
mortality table (if it is different) then being used
by CLARK's actuaries for valuation purposes with
respect to CLARK's qualified pension plans. All
calculations for the purposes of Sections 12.4 and
12.7 shall be made, at the expense of CLARK, by the
independent auditors of CLARK. As soon as practicable
after the need for such calculation arises, CLARK
shall provide to its auditors all information needed
to perform such calculations.
-2-
IN WITNESS WHEREOF, CLARK and the Executive have
caused this Amendment No. 1 to the Agreement to he executed
as of the 28th day of March, 1995.
CLARK EQUIPMENT COMPANY
/s/ Leo J. McKernan By:/s/ Frank M. Sims
---------------------- ---------------------
Leo J. McKernan Frank M. Sims
Senior Vice President
-3-
AMENDMENT No. 1 to the Agreement dated February
15, 1995 (hereafter referred to as the "Agreement"),
between CLARK EQUIPMENT COMPANY ("CLARK") and FRANK M. SIMS
(the "Executive").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the Executive remains in the employ of
CLARK and the Executive and CLARK, have agreed to this
Amendment No. 1 as a clarification of the terms of the
Agreement; and
WHEREAS, legislative changes to Section 411 of
the Internal Revenue Code of 1986 have resulted in the
deletion of the statutory reference to the interest rate to
be used for certain calculations under the Agreement.
NOW, THEREFORE, in consideration of the premises
and mutual agreements of the parties herein contained, it
is agreed that certain provisions of the Agreement be
amended to clarify the meaning of such provisions:
Section 9.5 of the Agreement is hereby revised to
read in its entirety as follows:
9.5 Present Value Calculation. For purposes of
-------------------------
paragraphs (a) and (b) of Section 9.4, "present value"
will be calculated using the interest rate that would
be used by the Pension Benefit Guaranty Corporation
for
purposes of determining the present value of a lump
sum distribution on the termination of a plan subject
to Title IV of the Employee Retirement Income Security
Act of 1974, as amended, formerly referred to in
Section 411(a)(11)(B)(ii) of the Internal Revenue Code
of 1986, as of the date of such termination and the
1983 Group Annuitants Mortality Table, or the
mortality table (if it is different) then being used
by CLARK's actuaries for valuation purposes with
respect to CLARK's qualified pension plans. All
calculations for the purposes of Sections 9.4 and 9.7
shall be made, at the expense of CLARK, by the
independent auditors of CLARK. As soon as practicable
after the need for such calculation arises, CLARK
shall provide to its auditors all information needed
to perform such calculations.
-2-
IN WITNESS WHEREOF, CLARK and the Executive have
caused this Amendment No. 1 to the Agreement to be executed
as of the 28th day of March, 1995.
CLARK EQUIPMENT COMPANY
/s/ Frank M. Sims /s/ Leo J. McKernan
---------------------- --------------------------
Frank M. Sims Leo J. McKernan
Chairman, President and
Chief Executive Officer
-3-
AMENDMENT No. 1 to the Agreement dated September 1,
1992, (hereafter referred to as the Agreement") , between
CLARK EQUIPMENT COMPANY ("CLARK") and ROBERT N. SPOLUM
("Mr. Spolum")
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, Mr. Spolum and CLARK have agreed to this
Amendment No. 1 as a clarification of the terms of the
Agreement; and
WHEREAS, legislative changes to Section 411 of the
Internal Revenue Code of 1986 have resulted in the deletion
of the statutory reference to the interest rate to be used
for certain calculations under the Agreement.
NOW, THEREFORE, in consideration of the premises and
mutual agreements of the parties herein contained, it is
agreed that certain provisions of the Agreement be amended
to clarify the meaning of such provisions:
1. Section 17.5 of the Agreement is hereby revised
to read in its entirety as follows:
17.5 Present Value Calculation. For purposes of
-------------------------
paragraphs (a) and (b) of Section 17.4, "present value"
will be calculated using the interest rate that would be
used by the Pension Benefit Guaranty Corporation for
purposes of determining the present value of a lump sum
distribution on the termination of a plan subject to
Title IV of the Employee Retirement Income Security Act
of 1974, as amended, formerly referred to in Section
411(a)(11)(B) (ii) of the Internal Revenue Code of 1986,
as of the date of such termination and the 1983 Group
Annuitants Mortality Table. All calculations for the
purposes of Sections 17.4 and 17.7 shall be made, at the
expense of CLARK, by the independent auditors of CLARK.
As soon as practicable after the need for such
calculation arises, CLARK shall provide to its auditors
all information needed to perform such calculations.
2. Section 3.5 of the Agreement is hereby revised
by replacing the phrase "calculated using the interest
rate specified in Section 411(a)(11)(B)(ii) of the
Internal Revenue Code of 1986 as of the date of such
termination and the 1983 Group Annuitants Mortality
Table" with the phrase "calculated as described in
Section 17.5".
-2-
IN WITNESS WHEREOF, CLARK and Mr. Spolum have caused
this Amendment No. 1 to the Agreement to be executed as of
the 28th day of March, 1995.
CLARK EQUIPMENT COMPANY
/s/ Robert N. Spolum By:/s/ Frank R. Sims
------------------------ ----------------------
Robert N. Spolum Frank R. Sims
Senior Vice President
-3-