COLUMBUS MCKINNON CORPORATION THRIFT 401(K) PLAN
AMENDMENT NO. 8 OF THE 1998 PLAN RESTATEMENT
Columbus McKinnon Corporation (the "Corporation") hereby amends the
Columbus McKinnon Corporation Thrift 401(K) Plan (the "Plan"), as amended and
restated in its entirety effective January 1, 1998, and as further amended by
Amendment Nos. 1through 7, as permitted under Section 14.1 of the Plan, as
follows:
1. Section 9.3, entitled "Required Minimum Distributions", is amended
effective January 1, 2003 to read as follows:
"9.3 REQUIRED MINIMUM DISTRIBUTIONS.
(A) GENERAL RULES
(1) EFFECTIVE DATE. THE PROVISIONS OF THIS SECTION 9.3 SHALL
APPLY FOR PURPOSES OF DETERMINING REQUIRED MINIMUM DISTRIBUTIONS FOR
CALENDAR YEARS BEGINNING WITH THE 2003 CALENDAR YEAR.
(2) PRECEDENCE. THE REQUIREMENTS OF THIS SECTION 9.3 SHALL
TAKE PRECEDENCE OVER ANY INCONSISTENT PROVISIONS OF THE PLAN.
(3) REQUIREMENTS OF TREASURY REGULATIONS INCORPORATED. ALL
DISTRIBUTIONS REQUIRED UNDER THIS SECTION 9.3 SHALL BE DETERMINED AND
MADE IN ACCORDANCE WITH THE TREASURY REGULATIONS UNDER SECTION
401(A)(9) OF THE INTERNAL REVENUE CODE.
(4) THIS SECTION DOES NOT GRANT RIGHTS. THE PROVISIONS OF THIS
SECTION 9.3 ARE INCLUDED IN THE PLAN AS LIMITATIONS REQUIRED BY THE
CODE, AND NO PROVISION HEREOF SHALL BE CONSTRUED TO EXPAND THE
AVAILABILITY OF FORMS OF DISTRIBUTION, WHICH SHALL BE DETERMINED
EXCLUSIVELY UNDER SECTION 9.2.
(B) TIME AND MANNER OF DISTRIBUTION.
(1) REQUIRED BEGINNING DATE. THE PARTICIPANT'S ENTIRE INTEREST
SHALL BE DISTRIBUTED, OR BEGIN TO BE DISTRIBUTED, TO THE PARTICIPANT NO
LATER THAN THE PARTICIPANT'S REQUIRED BEGINNING DATE.
(2) DEATH OF PARTICIPANT BEFORE DISTRIBUTIONS BEGIN. IF THE
PARTICIPANT DIES BEFORE DISTRIBUTIONS BEGIN, THE PARTICIPANT'S ENTIRE
INTEREST SHALL BE DISTRIBUTED, OR BEGIN TO BE DISTRIBUTED, NO LATER
THAN AS FOLLOWS:
Columbus McKinnon Corporation Thrift 401(k) Plan
Page 2 of Amendment No. 8 of the 1998 Plan Restatement
(A) IF THE PARTICIPANT'S SURVIVING SPOUSE IS THE
PARTICIPANT'S SOLE DESIGNATED BENEFICIARY, THEN DISTRIBUTIONS
TO THE SURVIVING SPOUSE SHALL BEGIN BY DECEMBER 31 OF THE
CALENDAR YEAR IMMEDIATELY FOLLOWING THE CALENDAR YEAR IN WHICH
THE PARTICIPANT DIED, OR BY DECEMBER 31 OF THE CALENDAR YEAR
IN WHICH THE PARTICIPANT WOULD HAVE ATTAINED AGE 70 1/2, IF
LATER.
(B) IF THE PARTICIPANT'S SURVIVING SPOUSE IS NOT THE
PARTICIPANT'S SOLE DESIGNATED BENEFICIARY, THEN DISTRIBUTIONS
TO THE DESIGNATED BENEFICIARY SHALL BEGIN BY DECEMBER 31 OF
THE CALENDAR YEAR IMMEDIATELY FOLLOWING THE CALENDAR YEAR IN
WHICH THE PARTICIPANT DIED.
(C) IF THERE IS NO DESIGNATED BENEFICIARY AS OF
SEPTEMBER 30 OF THE YEAR FOLLOWING THE YEAR OF THE
PARTICIPANT'S DEATH, THE PARTICIPANT'S ENTIRE INTEREST SHALL
BE DISTRIBUTED BY DECEMBER 31 OF THE CALENDAR YEAR CONTAINING
THE FIFTH ANNIVERSARY OF THE PARTICIPANT'S DEATH.
(D) IF THE PARTICIPANT'S SURVIVING SPOUSE IS THE
PARTICIPANT'S SOLE DESIGNATED BENEFICIARY AND THE SURVIVING
SPOUSE DIES AFTER THE PARTICIPANT BUT BEFORE DISTRIBUTIONS TO
THE SURVIVING SPOUSE BEGIN, THIS SECTION 9.3(B), OTHER THAN
SECTION 9.3(B)(1), SHALL APPLY AS IF THE SURVIVING SPOUSE WERE
THE PARTICIPANT.
FOR PURPOSES OF THIS SECTION 9.3(B)(2) AND SECTION 9.3(D), UNLESS
SECTION 9.3(B)(2)(D) APPLIES, DISTRIBUTIONS ARE CONSIDERED TO BEGIN ON
THE PARTICIPANT'S REQUIRED BEGINNING DATE. IF SECTION 9.3(B)(2)(D)
APPLIES, DISTRIBUTIONS ARE CONSIDERED TO BEGIN ON THE DATE
DISTRIBUTIONS ARE REQUIRED TO BEGIN TO THE SURVIVING SPOUSE UNDER
SECTION 9.3(B)(2)(A). IF DISTRIBUTIONS UNDER AN ANNUITY PURCHASED FROM
AN INSURANCE COMPANY IRREVOCABLY COMMENCE TO THE PARTICIPANT BEFORE THE
PARTICIPANT'S REQUIRED BEGINNING DATE (OR TO THE PARTICIPANT'S
SURVIVING SPOUSE BEFORE THE DATE DISTRIBUTIONS ARE REQUIRED TO BEGIN TO
THE SURVIVING SPOUSE UNDER SECTION 9.3(B)(2)(A)), THE DATE
DISTRIBUTIONS ARE CONSIDERED TO BEGIN IS THE DATE DISTRIBUTIONS
ACTUALLY COMMENCE.
(3) FORMS OF DISTRIBUTION. UNLESS THE PARTICIPANT'S INTEREST
IS DISTRIBUTED IN THE FORM OF AN ANNUITY PURCHASED FROM AN INSURANCE
COMPANY OR IN A SINGLE SUM ON OR BEFORE THE REQUIRED BEGINNING DATE, AS
OF THE FIRST DISTRIBUTION CALENDAR YEAR DISTRIBUTIONS SHALL BE MADE IN
ACCORDANCE WITH SUBSECTIONS (C) AND (D) OF THIS SECTION 9.3. IF THE
PARTICIPANT'S INTEREST IS DISTRIBUTED IN THE FORM OF AN ANNUITY
PURCHASED FROM AN INSURANCE COMPANY, DISTRIBUTIONS THEREUNDER SHALL BE
MADE IN ACCORDANCE WITH THE REQUIREMENTS OF SECTION 401(A)(9) OF THE
CODE AND THE TREASURY REGULATIONS.
(C) REQUIRED MINIMUM DISTRIBUTIONS DURING PARTICIPANT'S LIFETIME.
Columbus McKinnon Corporation Thrift 401(k) Plan
Page 3 of Amendment No. 8 of the 1998 Plan Restatement
(1) AMOUNT OF REQUIRED MINIMUM DISTRIBUTION FOR EACH
DISTRIBUTION CALENDAR YEAR. DURING THE PARTICIPANT'S LIFETIME, THE
MINIMUM AMOUNT THAT SHALL BE DISTRIBUTED FOR EACH DISTRIBUTION CALENDAR
YEAR IS THE LESSER OF:
(A) THE QUOTIENT OBTAINED BY DIVIDING THE
PARTICIPANT'S ACCOUNT BALANCE BY THE DISTRIBUTION PERIOD IN
THE UNIFORM LIFETIME TABLE SET FORTH IN SECTION 1.401(A)(9)-9
OF THE TREASURY REGULATIONS, USING THE PARTICIPANT'S AGE AS OF
THE PARTICIPANT'S BIRTHDAY IN THE DISTRIBUTION CALENDAR YEAR;
OR
(B) IF THE PARTICIPANT'S SOLE DESIGNATED BENEFICIARY
FOR THE DISTRIBUTION CALENDAR YEAR IS THE PARTICIPANT'S
SPOUSE, THE QUOTIENT OBTAINED BY DIVIDING THE PARTICIPANT'S
ACCOUNT BALANCE BY THE NUMBER IN THE JOINT AND LAST SURVIVOR
TABLE SET FORTH IN SECTION 1.401(A)(9)-9 OF THE TREASURY
REGULATIONS, USING THE PARTICIPANT'S AND SPOUSE'S ATTAINED
AGES AS OF THE PARTICIPANT'S AND SPOUSE'S BIRTHDAYS IN THE
DISTRIBUTION CALENDAR YEAR.
(2) LIFETIME REQUIRED MINIMUM DISTRIBUTIONS CONTINUE THROUGH
YEAR OF PARTICIPANT'S DEATH. REQUIRED MINIMUM DISTRIBUTIONS SHALL BE
DETERMINED UNDER THIS SECTION 9.3(C) BEGINNING WITH THE FIRST
DISTRIBUTION CALENDAR YEAR AND UP TO AND INCLUDING THE DISTRIBUTION
CALENDAR YEAR THAT INCLUDES THE PARTICIPANT'S DATE OF DEATH.
(D) REQUIRED MINIMUM DISTRIBUTIONS AFTER PARTICIPANT'S DEATH.
(1) DEATH ON OR AFTER DATE DISTRIBUTIONS BEGIN.
(A) PARTICIPANT SURVIVED BY DESIGNATED BENEFICIARY.
IF THE PARTICIPANT DIES ON OR AFTER THE DATE DISTRIBUTIONS
BEGIN AND THERE IS A DESIGNATED BENEFICIARY, THE MINIMUM
AMOUNT THAT SHALL BE DISTRIBUTED FOR EACH DISTRIBUTION
CALENDAR YEAR AFTER THE YEAR OF THE PARTICIPANT'S DEATH IS THE
QUOTIENT OBTAINED BY DIVIDING THE PARTICIPANT'S ACCOUNT
BALANCE BY THE LONGER OF THE REMAINING LIFE EXPECTANCY OF THE
PARTICIPANT OR THE REMAINING LIFE EXPECTANCY OF THE
PARTICIPANT'S DESIGNATED BENEFICIARY, DETERMINED AS FOLLOWS:
(I) THE PARTICIPANT'S REMAINING LIFE
EXPECTANCY IS CALCULATED USING THE AGE OF THE
PARTICIPANT IN THE YEAR OF DEATH, REDUCED BY ONE FOR
EACH SUBSEQUENT YEAR.
(II) IF THE PARTICIPANT'S SURVIVING SPOUSE
IS THE PARTICIPANT'S SOLE DESIGNATED BENEFICIARY, THE
REMAINING LIFE EXPECTANCY OF THE SURVIVING SPOUSE IS
CALCULATED FOR EACH DISTRIBUTION CALENDAR YEAR AFTER
THE YEAR OF THE PARTICIPANT'S DEATH USING THE
SURVIVING SPOUSE'S AGE AS OF THE SPOUSE'S BIRTHDAY IN
THAT YEAR. FOR DISTRIBUTION CALENDAR YEARS AFTER THE
Columbus McKinnon Corporation Thrift 401(k) Plan
Page 4 of Amendment No. 8 of the 1998 Plan Restatement
YEAR OF THE SURVIVING SPOUSE'S DEATH, THE REMAINING
LIFE EXPECTANCY OF THE SURVIVING SPOUSE IS CALCULATED
USING THE AGE OF THE SURVIVING SPOUSE AS OF THE
SPOUSE'S BIRTHDAY IN THE CALENDAR YEAR OF THE
SPOUSE'S DEATH, REDUCED BY ONE FOR EACH SUBSEQUENT
CALENDAR YEAR.
(III) IF THE PARTICIPANT'S SURVIVING SPOUSE
IS NOT THE PARTICIPANT'S SOLE DESIGNATED BENEFICIARY,
THE DESIGNATED BENEFICIARY'S REMAINING LIFE
EXPECTANCY IS CALCULATED USING THE AGE OF THE
BENEFICIARY IN THE YEAR FOLLOWING THE YEAR OF THE
PARTICIPANT'S DEATH, REDUCED BY ONE FOR EACH
SUBSEQUENT YEAR.
(B) NO DESIGNATED BENEFICIARY. IF THE PARTICIPANT
DIES ON OR AFTER THE DATE DISTRIBUTIONS BEGIN AND THERE IS NO
DESIGNATED BENEFICIARY AS OF SEPTEMBER 30 OF THE YEAR AFTER
THE YEAR OF THE PARTICIPANT'S DEATH, THE MINIMUM AMOUNT THAT
SHALL BE DISTRIBUTED FOR EACH DISTRIBUTION CALENDAR YEAR AFTER
THE YEAR OF THE PARTICIPANT'S DEATH IS THE QUOTIENT OBTAINED
BY DIVIDING THE PARTICIPANT'S ACCOUNT BALANCE BY THE
PARTICIPANT'S REMAINING LIFE EXPECTANCY CALCULATED USING THE
AGE OF THE PARTICIPANT IN THE YEAR OF DEATH, REDUCED BY ONE
FOR EACH SUBSEQUENT YEAR.
(2) DEATH BEFORE DATE DISTRIBUTIONS BEGIN.
(A) PARTICIPANT SURVIVED BY DESIGNATED BENEFICIARY.
IF THE PARTICIPANT DIES BEFORE THE DATE DISTRIBUTIONS BEGIN
AND THERE IS A DESIGNATED BENEFICIARY, THE MINIMUM AMOUNT THAT
SHALL BE DISTRIBUTED FOR EACH DISTRIBUTION CALENDAR YEAR AFTER
THE YEAR OF THE PARTICIPANT'S DEATH IS THE QUOTIENT OBTAINED
BY DIVIDING THE PARTICIPANT'S ACCOUNT BALANCE BY THE REMAINING
LIFE EXPECTANCY OF THE PARTICIPANT'S DESIGNATED BENEFICIARY,
DETERMINED AS PROVIDED IN SECTION 9.3(D)(1).
(B) NO DESIGNATED BENEFICIARY. IF THE PARTICIPANT
DIES BEFORE THE DATE DISTRIBUTIONS BEGIN AND THERE IS NO
DESIGNATED BENEFICIARY AS OF SEPTEMBER 30 OF THE YEAR
FOLLOWING THE YEAR OF THE PARTICIPANT'S DEATH, DISTRIBUTION OF
THE PARTICIPANT'S ENTIRE INTEREST SHALL BE COMPLETED BY
DECEMBER 31 OF THE CALENDAR YEAR CONTAINING THE 5TH
ANNIVERSARY OF THE PARTICIPANT'S DEATH.
(C) DEATH OF SURVIVING SPOUSE BEFORE DISTRIBUTIONS TO
SURVIVING SPOUSE ARE REQUIRED TO BEGIN. IF THE PARTICIPANT
DIES BEFORE THE DATE DISTRIBUTIONS BEGIN, THE PARTICIPANT'S
SURVIVING SPOUSE IS THE PARTICIPANT'S SOLE DESIGNATED
BENEFICIARY, AND THE SURVIVING SPOUSE DIES BEFORE
DISTRIBUTIONS ARE REQUIRED TO BEGIN TO THE SURVIVING SPOUSE
UNDER SECTION 9.3(B)(2)(A), THIS SECTION 9.3(D)(2) SHALL APPLY
AS IF THE SURVIVING SPOUSE WERE THE PARTICIPANT.
Columbus McKinnon Corporation Thrift 401(k) Plan
Page 5 of Amendment No. 8 of the 1998 Plan Restatement
(E) DEFINITIONS.
(1) DESIGNATED BENEFICIARY. THE INDIVIDUAL WHO IS DESIGNATED
AS THE BENEFICIARY UNDER SECTION 9.3 OF THE PLAN AND IS THE DESIGNATED
BENEFICIARY UNDER SECTION 401(A)(9) OF THE INTERNAL REVENUE CODE AND
SECTION 1.401(A)(9)-1, Q&A-4, OF THE TREASURY REGULATIONS.
(2) DISTRIBUTION CALENDAR YEAR. A CALENDAR YEAR FOR WHICH A
MINIMUM DISTRIBUTION IS REQUIRED. FOR DISTRIBUTIONS BEGINNING BEFORE
THE PARTICIPANT'S DEATH, THE FIRST DISTRIBUTION CALENDAR YEAR IS THE
CALENDAR YEAR IMMEDIATELY PRECEDING THE CALENDAR YEAR WHICH CONTAINS
THE PARTICIPANT'S REQUIRED BEGINNING DATE. FOR DISTRIBUTIONS BEGINNING
AFTER THE PARTICIPANT'S DEATH, THE FIRST DISTRIBUTION CALENDAR YEAR IS
THE CALENDAR YEAR IN WHICH DISTRIBUTIONS ARE REQUIRED TO BEGIN UNDER
SECTION 9.3(B)(2). THE REQUIRED MINIMUM DISTRIBUTION FOR THE
PARTICIPANT'S FIRST DISTRIBUTION CALENDAR YEAR SHALL BE MADE ON OR
BEFORE THE PARTICIPANT'S REQUIRED BEGINNING DATE. THE REQUIRED MINIMUM
DISTRIBUTION FOR OTHER DISTRIBUTION CALENDAR YEARS, INCLUDING THE
REQUIRED MINIMUM DISTRIBUTION FOR THE DISTRIBUTION CALENDAR YEAR IN
WHICH THE PARTICIPANT'S REQUIRED BEGINNING DATE OCCURS, SHALL BE MADE
ON OR BEFORE DECEMBER 31 OF THAT DISTRIBUTION CALENDAR YEAR.
(3) LIFE EXPECTANCY. LIFE EXPECTANCY AS COMPUTED BY USE OF THE
SINGLE LIFE TABLE IN SECTION 1.401(A)(9)-9 OF THE TREASURY REGULATIONS.
(4) PARTICIPANT'S ACCOUNT BALANCE. THE ACCOUNT BALANCE AS OF
THE LAST VALUATION DATE IN THE CALENDAR YEAR IMMEDIATELY PRECEDING THE
DISTRIBUTION CALENDAR YEAR (VALUATION CALENDAR YEAR) INCREASED BY THE
AMOUNT OF ANY CONTRIBUTIONS MADE AND ALLOCATED OR FORFEITURES ALLOCATED
TO THE ACCOUNT BALANCE AS OF DATES IN THE VALUATION CALENDAR YEAR AFTER
THE VALUATION DATE AND DECREASED BY DISTRIBUTIONS MADE IN THE VALUATION
CALENDAR YEAR AFTER THE VALUATION DATE. THE ACCOUNT BALANCE FOR THE
VALUATION CALENDAR YEAR INCLUDES ANY AMOUNTS ROLLED OVER OR TRANSFERRED
TO THE PLAN EITHER IN THE VALUATION CALENDAR YEAR OR IN THE
DISTRIBUTION CALENDAR YEAR IF DISTRIBUTED OR TRANSFERRED IN THE
VALUATION CALENDAR YEAR.
(5) REQUIRED BEGINNING DATE.
(A) EXCEPT AS PROVIDED IN PARAGRAPH (B) OF THIS
SECTION 9.3(F)(4) WITH RESPECT TO A 5-PERCENT OWNER, AS
DEFINED IN PARAGRAPH (C) OF THIS SECTION 9.3(F)(4), THE TERM
REQUIRED BEGINNING DATE MEANS APRIL 1 OF THE CALENDAR YEAR
FOLLOWING THE LATER OF THE CALENDAR YEAR IN WHICH THE EMPLOYEE
ATTAINS AGE 701/2 OR THE CALENDAR YEAR IN WHICH THE EMPLOYEE
RETIRES FROM EMPLOYMENT WITH THE EMPLOYER MAINTAINING THE
PLAN.
Columbus McKinnon Corporation Thrift 401(k) Plan
Page 6 of Amendment No. 8 of the 1998 Plan Restatement
(B) IN THE CASE OF AN EMPLOYEE WHO IS A 5-PERCENT
OWNER, THE TERM REQUIRED BEGINNING DATE MEANS APRIL 1 OF THE
CALENDAR YEAR FOLLOWING THE CALENDAR YEAR IN WHICH THE
EMPLOYEE ATTAINS AGE 701/2.
(C) FOR PURPOSES OF THIS SECTION 9.3, A 5-PERCENT
OWNER IS, IF THE EMPLOYER IS A CORPORATION, ANY PERSON WHO
OWNS (OR IS CONSIDERED AS OWNING WITHIN THE MEANING OF CODE
SECTION 318) MORE THAN 5 PERCENT OF THE OUTSTANDING STOCK OF
THE CORPORATION OR STOCK POSSESSING MORE THAN 5 PERCENT OF THE
TOTAL COMBINED VOTING POWER OF ALL STOCK OF THE CORPORATION
AND, IF THE EMPLOYER IS NOT A CORPORATION, ANY PERSON WHO OWNS
MORE THAN 5 PERCENT OF THE CAPITAL OR PROFITS INTEREST IN THE
EMPLOYER."
IN WITNESS WHEREOF, this instrument of amendment has been executed by a
duly authorize officer of the Corporation this 19th day of December, 2003, to be
effective as of the dates recited herein.
COLUMBUS McKINNON CORPORATION
By /S/ Robert L. Montgomery
-------------------------------
Title: Executive Vice President