Common use of ESTABLISHMENT OF TELEDYNE TECHNOLOGIES PENSION PLAN AND TRUST Clause in Contracts

ESTABLISHMENT OF TELEDYNE TECHNOLOGIES PENSION PLAN AND TRUST. The Teledyne Technologies Pension Plan, established by Teledyne Technologies pursuant to Section 2.2, (i) shall be a qualified defined benefit pension plan within the meaning of Code Section 401(a), (ii) shall contain provisions, terms and conditions substantially similar to the provisions, terms and conditions of the ATI Pension Plan, (iii) shall provide coverage to and assume the benefit payment obligations of the ATI Pension Plan with respect to the Teledyne Technologies Pension Plan Participants, (iv) shall provide a benefit formula which shall accrue benefits for eligible Teledyne Technologies Individuals at a rate substantially similar to the rate at which benefits are accrued under the ATI Pension Plan and (v) shall provide that the Teledyne Technologies Pension Plan cannot be amended to increase the rate of benefit accrual until January 1, 2001 without the prior written consent of ATI. The trust related to the Teledyne Technologies Pension Plan, established by Teledyne Technologies pursuant to Section 2.2, is intended to be exempt from taxation under Code Section 501(a) and Teledyne Technologies shall take all steps necessary or appropriate to cause such trust to meet the requirements for tax exemption under Code Section 501(a).