Delaware
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52-2314475
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(State
or other jurisdiction
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(I.R.S.
Employer
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of
incorporation or organization)
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Identification
No.)
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400
Collins Road NE
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52498
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Cedar
Rapids, Iowa
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(Zip
Code)
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(Address
of principal executive offices)
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Rockwell
Collins Retirement
Savings
Plan for Bargaining
Unit
Employees
Financial
Statements as of and for the
Years
Ended December 31, 2008 and 2007,
Supplemental
Schedule as of
December
31, 2008 and Report of Independent
Registered
Public Accounting Firm
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Page
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REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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1
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FINANCIAL
STATEMENTS:
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Statements
of Net Assets Available for Benefits
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December
31, 2008 and 2007
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2
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Statements
of Changes in Net Assets Available for Benefits
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Years
Ended December 31, 2008 and 2007
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3
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Notes
to Financial Statements
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4
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SUPPLEMENTAL
SCHEDULE:
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Form
5500, Schedule H, Part IV, Line 4i
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Schedule
of Assets (Held at End of Year) as of December 31, 2008
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13
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2008
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2007
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|||||||
ASSETS:
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||||||||
Investments
at fair value:
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||||||||
Rockwell
Collins Defined Contribution Master Trust:
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||||||||
Participant-directed
investments
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$ | 28,715,229 | $ | 35,667,780 | ||||
Partially nonparticipant-directed investment - Rockwell
Collins Stock Fund
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9,297,569 | 14,572,905 | ||||||
Participant
loan fund
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2,086,864 | 1,608,900 | ||||||
NET
ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
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40,099,662 | 51,849,585 | ||||||
Adjustment
from fair value to contract value for
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||||||||
fully
benefit-responsive stable value fund
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277,141 | 50,987 | ||||||
NET
ASSETS AVAILABLE FOR BENEFITS
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$ | 40,376,803 | $ | 51,900,572 |
2008
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2007
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|||||||
Investment
income (loss):
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||||||||
Plan
interest in net investment income (loss) of
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||||||||
Rockwell
Collins Defined Contribution Master Trust
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$ | (18,629,280 | ) | $ | 3,231,723 | |||
Interest
from participant loan fund
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142,103 | 113,849 | ||||||
Total
investment income (loss)
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(18,487,177 | ) | 3,345,572 | |||||
Contributions:
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||||||||
Participants
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6,823,238 | 5,704,122 | ||||||
Employer
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1,815,514 | 952,922 | ||||||
Rollovers
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268,812 | 337,076 | ||||||
Total
contributions
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8,907,564 | 6,994,120 | ||||||
Total
investment income (loss) and contributions
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(9,579,613 | ) | 10,339,692 | |||||
Deductions:
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||||||||
Payments
to participants or beneficiaries
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(1,715,742 | ) | (1,959,835 | ) | ||||
Deemed
distributions and loan defaults
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(47,139 | ) | (54,641 | ) | ||||
Total
deductions
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(1,762,881 | ) | (2,014,476 | ) | ||||
NET
TRANSFERS BETWEEN AFFILIATED PLANS
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(181,275 | ) | (848,549 | ) | ||||
INCREASE
(DECREASE) IN NET ASSETS
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(11,523,769 | ) | 7,476,667 | |||||
NET
ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR
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51,900,572 | 44,423,905 | ||||||
NET
ASSETS AVAILABLE FOR BENEFITS, END OF YEAR
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$ | 40,376,803 | $ | 51,900,572 |
1.
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DESCRIPTION
OF THE PLAN
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2.
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SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
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3.
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DEFINED
CONTRIBUTION MASTER TRUST
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·
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A
failure of the Plan or its trust to qualify for exemption from federal
income taxes or any required prohibited transaction exemption under
ERISA
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·
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Any
communication given to Plan participants designed to influence a
participant not to invest in the Fund or to transfer assets out of the
Fund
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·
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Any
transfer of assets from the Fund directly into a competing investment
option
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·
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The
establishment of a defined contribution plan that competes with the Plan
for employee contributions
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·
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Complete
or partial termination of the Plan or its merger with another
plan
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·
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Any
substantive modification of the Fund or the administration of the Fund
that is not consented to by the wrap
issuer
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·
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Any
change in law, regulation, or administrative ruling applicable to a plan
that could have a material adverse effect on the Fund’s cash
flow
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·
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Employer-initiated
transactions by participating plans as described
above
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2008
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2007
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Mutual
funds
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$ | 591,517,245 | $ | 816,489,773 | ||||
Rockwell
Collins Stock Fund
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252,802,111 | 438,294,053 | ||||||
Common
collective trust funds
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202,567,289 | 184,145,673 | ||||||
Total
assets at fair value
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1,046,886,645 | 1,438,929,499 | ||||||
Adjustment
from fair value to contract value for
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||||||||
fully
benefit responsive investment contracts
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6,152,312 | 1,132,429 | ||||||
Net
assets
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$ | 1,053,038,957 | $ | 1,440,061,928 | ||||
Plan's
interest in Master Trust net assets
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$ | 38,289,939 | $ | 50,291,672 | ||||
Plan's
percentage interest in Master Trust net assets
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3.6 | % | 3.5 | % |
2008
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2007
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Net
appreciation (depreciation) of investments:
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Mutual
funds
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$ | (342,714,757 | ) | $ | (16,349,129 | ) | ||
Rockwell
Collins Stock Fund
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(199,696,170 | ) | 52,893,001 | |||||
Common
collective trust funds
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(28,894,070 | ) | 3,597,520 | |||||
Net
appreciation (depreciation)
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(571,304,997 | ) | 40,141,392 | |||||
Interest
and dividends
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44,701,218 | 68,191,519 | ||||||
Net
investment income (loss)
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$ | (526,603,779 | ) | $ | 108,332,911 |
Description
of Investment
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2008
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2007
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Rockwell
Collins Stock Fund*
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$ | 252,802,111 | $ | 438,294,053 | ||||
Fidelity
Managed Income Portfolio Fund II *
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150,417,007 | 113,057,177 | ||||||
Fidelity
Dividend Growth Fund*
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85,815,832 | 150,715,664 | ||||||
Fidelity
U.S. Bond Index Fund*
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74,603,229 | - | ||||||
Fidelity
U.S. Equity Index Commingled Pool*
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58,302,594 | - | ||||||
Fidelity
Mid-Cap Stock Fund*
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55,221,466 | 103,474,392 | ||||||
*Represents
a party-in-interest to the Master Trust.
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2008
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2007
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Net
Assets - Rockwell Collins Stock Fund - Beginning
of year
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$ | 438,294,053 | $ | 385,332,007 | ||||
Change
in Net Assets:
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Net
appreciation (depreciation) in fair value of investments
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(199,696,170 | ) | 52,893,001 | |||||
Dividends
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5,428,709 | 3,862,735 | ||||||
Contributions
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63,897,385 | 58,598,507 | ||||||
Benefit
payments
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(14,539,612 | ) | (22,024,008 | ) | ||||
Transfers
to participant-directed investments
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(40,582,254 | ) | (40,368,189 | ) | ||||
Net
change
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(185,491,942 | ) | 52,962,046 | |||||
Net
Assets - Rockwell Collins Stock Fund - End
of year
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$ | 252,802,111 | $ | 438,294,053 |
4.
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Fair
Value Measurements
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Level 1 - | quoted prices (unadjusted) in active markets for identical assets or liabilities |
Level
2 -
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quoted
prices for similar assets and liabilities in active markets or inputs that
are observable for the asset or liability, either directly or indirectly
through market corroboration, for substantially the full term of the
financial instrument
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Level
3 -
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unobservable
inputs based on the Plan’s own assumptions used to measure assets and
liabilities at fair value
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Fair
Value Measurements
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||||||||||||||||
at
December 31, 2008, using
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||||||||||||||||
Significant
other
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Significant
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|||||||||||||||
Quoted
prices in
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observable
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unobservable
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||||||||||||||
active
markets
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inputs
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inputs
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(Level
1)
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(Level
2)
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(Level
3)
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Total
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Mutual
funds
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$ | 591,517,245 | $ | - | $ | - | $ | 591,517,245 | ||||||||
Rockwell
Collins Stock Fund
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252,802,111 | - | - | 252,802,111 | ||||||||||||
Common
collective trust funds
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- | 202,567,289 | - | 202,567,289 | ||||||||||||
Total
Master Trust assets
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at
fair value
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$ | 844,319,356 | $ | 202,567,289 | $ | - | $ | 1,046,886,645 | ||||||||
Participant
loans
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$ | - | $ | 2,086,864 | $ | - | $ | 2,086,864 |
5.
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FEDERAL
INCOME TAX STATUS
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6.
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EXEMPT
PARTY-IN-INTEREST TRANSACTIONS
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Description
of Investment
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||||||
Identity
of Issue,
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including
Collateral, Rate
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|||||
Borrower,
Lessor
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of
Interest, Maturity Date,
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Current
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||||
or
Similar Party
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Par
or Maturity Value
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Value
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Various
participants*
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Participant
loans; (interest rates of
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|||||
5.0%
- 9.25%) due 2009 to 2018
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$ | 2,086,864 | ||||
*Represents
a party-in-interest to the Plan.
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/s/ Samuel
E. Wood
III
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Date: June 24,
2009
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Samuel E. Wood III
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Plan Administrator
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/s/ Marsha
A.
Schulte
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Date: June 25,
2009
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Marsha A. Schulte
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Vice President, Finance &
Controller
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