Attached files
Exhibit
10.6
SECOND AMENDMENT
OF
JOHN BEAN TECHNOLOGIES
CORPORATION
SALARIED EMPLOYEES’
EQUIVALENT RETIREMENT PLAN
WHEREAS, John Bean
Technologies Corporation (the “Company”) maintains the John Bean Technologies
Corporation Salaried Employees’ Equivalent Retirement Plan (the
“Plan”);
WHEREAS, the Company now deems
it necessary and desirable to amend the Plan in certain respects;
and
WHEREAS, this Second Amendment
shall supersede the provisions of the Plan to the extent those provisions are
inconsistent with the provisions of the amendment;
NOW, THEREFORE, by virtue and
in exercise of the powers reserved to the Company under Section 9 Amendment and
Termination of the Plan, the Plan is hereby amended in the following
respects, effective January 1, 2010:
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1.
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Section
5 of the Plan is hereby amended in its entirety to read as
follows:
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5.
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Establishment of
Trust. The Company may, in its sole discretion,
establish a rabbi trust in order to accumulate assets to pay Plan
obligations. Such trust, if established, shall be an
irrevocable trust subject to the jurisdiction of U.S. federal courts that
may hold an insurance contract or contracts and/or such other assets as
determined by the Company. The assets and income of the trust,
if established, will be subject to the claims of the Company's creditors
in the event of the Company's bankruptcy or insolvency. Any
establishment or maintenance of a rabbi trust will not affect the
Company's liability to pay Excess Benefits, except that the liability
shall be reduced to the extent assets of the trust are used to pay Excess
Benefits. A Participant will have no claim in any asset of the
trust, if established, or in specific assets of the Company or any
Employer, and will have the status of a general unsecured creditor for any
amounts due under this Plan.
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2.
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The
first paragraph of Section 6 of the Plan is hereby amended to add the
following sentence to the end thereof which shall read as
follows:
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Notwithstanding
any provision of the Plan to the contrary, except for the application of the
“specified employee” rule set forth below, if the actuarial equivalent present
value of a separated Participant’s Excess Benefit is not greater than $10,000,
then such Excess Benefit shall be paid to the Participant in a lump sum within
90 days following the Participant’s separation from service.
IN WITNESS WHEREOF, the
Company has caused this amendment to be executed by a duly authorized
representative this _______ day of ________________ 2009.
JOHN BEAN TECHNOLOGIES
CORPORATION
By:__________________________________
Its:__________________________________