EXHIBIT 10.10
ASTRONICS CORPORATION
First Amendment of the Astronics Corporation Supplemental Retirement Plan
FIRST AMENDMENT
of the
ASTRONICS CORPORATION SUPPLEMENTAL RETIREMENT PLAN
Under the Astronics Corporation Supplemental Retirement Plan (the “Plan”), Astronics
Corporation (the “Corporation”) reserved the right to amend the Plan. The Corporation wishes to
amend the Plan to reflect certain changes to its terms, and to comply with the written plan
requirements of the final regulations issued under Internal Revenue Code Section 409A.
The Corporation hereby amends the Plan in the following respects:
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Article IV is amended by the addition of the following at
the end thereof: |
Notwithstanding any other provision in the Plan to the contrary,
benefits will distributable upon a Participant’s separation from service
with the Company on account of the death, retirement, or other
termination of employment determined consistent with the provisions of
Section 409A of the Code (a “Separation”) and will commence as soon as
practicable on or after the later of the Separation or the date the
Participant’s would attain age 60. If a benefit is payable solely
because a Participant who is a “specified employee”, within the meaning
of Section 409A of the Code, has “separated from service”, within the
meaning of Section 409A of the Code, no benefits will be paid prior to
the date that is six months after the date of separation from service
(or, if earlier, the date of death of the Participant). Payments to
which a Participant would otherwise be entitled during the first six
months following the date of separation from service will be accumulated
and paid on the day that is six months after the date of separation from
service. For this purpose, a benefit payable will be paid as the amount
calculated at the time of separation from service (without adjustment
for delay in payment).
Unless otherwise indicated, the effective date of this First Amendment is January 1, 2005. In
all other respects, the Plan remains unchanged.
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ASTRONICS CORPORATION |
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January 1, 2005
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By: |
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Date
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Kevin T. Keane,
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Chairman of the Board |
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