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Exhibit 10.1(w)
Post-retirement care agreement
A pension arrangement was granted in ss. 7 of the employment contract of 18
December 1981 between Xxxxx Getriebe AG and Xx. Xxxxx Xxxxxxx. In a letter of 30
December 1986, which was countersigned by Xx. Xxxxxxx, the transfer of this
arrangement to Xxxxx-Sundstrand GmbH & Co was agreed to.
The supervising authority of the sole shareholder of Xxxxx-Sundstrand GmbH & Co,
Xxxxx Inc., with seat in Ames, Iowa, which is responsible, is the Compensation
Committee, which is a subcommittee of the Board of Directors of Xxxxx Inc. On
the recommendation of the Compensation Committee, the Board of Directors, in a
meeting of 12 December 1995, agreed to a change in the pension arrangement. In
this change Xx. Xxxxxxx relinquished claim for index-linking of his pension in
exchange for the cancellation of the previous limitation of the monthly payment
to an amount of DM 26.500 and its replacement with an agreement to "60% of the
final salary".
The post-retirement agreement is hereby as part of the contract extension of the
employment contract of Xx. Xxxxxxx for Xxxxx Inc., adapted and clarified as
follows:
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Xxxxx-Sundstrand GmbH & Co hereby pledges itself to accord to Xx. Xxxxx Xxxxxxx,
born on 3 January 1932, from the time at which the employment contract between
Xxxxx Inc. and Xx. Xxxxxxx, dated 19 September 1996, terminates, the following
pension:
1. The pension amounts to 60% of the pensionable salary. The pensionable
salary is deemed to be the final annual salary received from Xxxxx Inc. at
the time of retirement.
2. The wife or Xx. Xxxxxxx, Dr. Xxx. Xxxxxxxxx Xxxxxxx, born Xxxxxxx, will
receive from the time of your death until her death a pension of 60% of
the pension which Xx. Xxxxxxx had claim to or held a qualifying status in
at the time of his death.
3. -repealed-
4. -repealed-
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5. Pension and survivor's pension are to be paid monthly (1/12) in advance.
6. Claims to pension or survivor's pension are neither capable of being
assigned nor pledged. Any such assignments or pledges are non-operative
against the company.
There is unanimous agreement that this agreement is subject to the laws of the
Federal Republic of Germany.
Xx. Xxxxxxx has been informed that this agreement has no security from the
possibility of insolvency as the emphasis of the employment of relationship,
upon which this agreement is based, does not lie in the German Federal Republic.
In addition the employer of Xx. Xxxxxxx has its seat of business abroad.
19 September 1996
Xxxxx-Sundstrand GmbH & Co
(signed Xx. Xxxxxxx)
I assent to the contents of this agreement.
(signed Xx. Xxxxx Xxxxxxx)
