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SECURITIES AND EXCHANGE COMMISSION


WASHINGTON, D.C. 20549

FORM 10-K
(Mark One)
˛ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2008 or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission file number 1-5353

TELEFLEX INCORPORATED
(Exact nam e of re gistrant as s pecifie d in its charter)

Delaware 23-1147939
(State or other jurisdiction of (I.R.S. e m ployer identification no.)
incorporation or organization)

155 South Limerick Road, Limerick, 19468


Pennsylvania
(Addres s of principal e xe cutive office s ) (Zip Code )

Registrant’s telephone number, including area code: (610) 948-5100


Securities registered pursuant to Section 12(b) of the Act:
Nam e of Each Exchange
Title of Each Class On Which Re gistere d
Common Stock, par value $1 per share New York Stock Exchange
Preference Stock Purchase Rights New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
NONE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ˛ No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes o No ˛
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ˛ No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting
company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ˛ Accelerated filer o Non-accelerated filer o Smaller reporting company o
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No ˛
The aggregate market value of the Common Stock of the registrant held by non-affiliates of the registrant
(37,416,803 shares) on June 27, 2008 (the last business day of the registrant’s most recently completed fiscal second
quarter) was $2,090,476,784(1). The aggregate market value was computed by reference to the closing price of the
Common Stock on such date.
The registrant had 39,543,393 Common Shares outstanding as of February 17, 2009.
Document Incorporated By Reference: certain provisions of the registrant’s definitive proxy statement in connection with
its 2009 Annual Meeting of Shareholders, to be filed within 120 days of the close of the registrant’s fiscal year are
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incorporated by reference in Part III hereof.

(1) For the purposes of this definition only, the registrant has defined “affiliate” as including executive officers and directors
of the registrant and owners of more than five percent of the common stock of the registrant, without conceding that all
such persons are “affiliates” for purposes of the federal securities laws.
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TELEFLEX INCORPORATED
ANNUAL REPORT ON FORM 10-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2008
TABLE OF CONTENTS

Page
PART I
ITEM 1: BUSINESS 3
ITEM 1A: RISK FACTORS 13
ITEM 1B: UNRESOLVED STAFF COMMENTS 19
ITEM 2: PROPERTIES 19
ITEM 3: LEGAL PROCEEDINGS 20
ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 21

PART II
ITEM 5: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 22
ITEM 6: SELECTED FINANCIAL DATA 24
ITEM 7: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS 26
ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 49
ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 51
ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE 51
ITEM 9A: CONTROLS AND PROCEDURES 51
ITEM 9B: OTHER INFORMATION 51

PART III
ITEM 10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 51
ITEM 11: EXECUTIVE COMPENSATION 52
ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS 52
ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE 52
ITEM 14: PRINCIPAL ACCOUNTING FEES AND SERVICES 52

PART IV
ITEM 15: EXHIBITS, FINANCIAL STATEMENT SCHEDULES 52
SIGNATURES 53
Subsidiaries of the Company
Consent of Independent Registered Public Accounting Firm
CERTIFICATION OF CHIEF EXECUTIVE OFFICER, PURSUANT TO SECTION 302 OF THE SARBANES-
OXLEY ACT OF 2002
CERTIFICATION OF CHIEF FINANCIAL OFFICER, PURSUANT TO SECTION 302 OF THE SARBANES-
OXLEY ACT OF 2002
CERTIFICATION OF CHIEF EXECUTIVE OFFICER, PURSUANT TO SECTION 906 OF THE SARBANES-
OXLEY ACT OF 2002
CERTIFICATION OF CHIEF FINANCIAL OFFICER, PURSUANT TO SECTION 906 OF THE SARBANES-
OXLEY ACT OF 2002
Exhibit 10.2
Exhibit 10.3
Exhibit 10.4
Exhibit 10.9
Exhibit 10.10
Exhibit 10.11
Exhibit 10.12
Exhibit 10.13
Exhibit 10.14
Exhibit 10.15
Exhibit 10.18
Exhibit 10.19
Exhibit 10.20
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Exhibit 10.21
Exhibit 10.22
Exhibit 10.23
Exhibit 10.24
Exhibit 21
Exhibit 23
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2

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Information Concerning Forward-Looking Statements


All statements made in this Annual Report on Form 10-K, other than statements of historical fact, are forward-
looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,”
“should,” “guidance,” “potential,” “continue,” “project,” “forecast,” “confident,” “prospects” and similar expressions
typically are used to identify forward-looking statements. Forward-looking statements are based on the then-
current expectations, beliefs, assumptions, estimates and forecasts about our business and the industry and
markets in which we operate. These statements are not guarantees of future performance and involve risks,
uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or implied by these forward-looking statements due to a number of factors,
including changes in business relationships with and purchases by or from major customers or suppliers,
including delays or cancellations in shipments; demand for and market acceptance of new and existing products;
our ability to integrate acquired businesses into our operations, particularly Arrow International Inc., realize
planned synergies and operate such businesses profitably in accordance with expectations; our ability to
effectively execute our restructuring programs; competitive market conditions and resulting effects on revenues
and pricing; increases in raw material costs that cannot be recovered in product pricing; global economic factors,
including currency exchange rates and interest rates; difficulties entering new markets; and general economic
conditions. For a further discussion of the risks that our business is subject to, see “Item 1A. Risk Factors” of this
Annual Report on Form 10-K. We expressly disclaim any intent or obligation to update these forward-looking
statements, except as otherwise specifically stated by us.

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PART I

ITEM 1. BUSINESS
Overview
Teleflex Incorporated (referred to herein as “we,” “us,” “our,” “Teleflex” and the “Company”) is a diversified
company specializing in the design, manufacture and distribution of quality engineered products and services. The
Company serves a wide range of customers in segments of the medical, aerospace and commercial industries.
The Company’s products include: medical devices used in critical care and anesthesia applications, surgical
instruments and devices, cardiac assist devices for hospitals and healthcare providers and instruments and
devices delivered to medical device manufacturers; aerospace engine repair products and services and cargo-
handling systems and equipment used in commercial aircraft; and marine driver controls, engine assemblies and
drive parts, power and fuel management systems and rigging products and services for commercial industries.
For more than 65 years, we have provided specialty-engineered products that help our customers meet their
business requirements. We have grown through an active program of development of new products, introduction of
products into new geographic or end-markets and through acquisitions of companies with related market,
technology or industry expertise. We serve a diverse customer base in over 150 countries through our own
operations and through local direct sales and distribution networks.
We are focused on achieving consistent and sustainable growth through our internal growth initiatives which
include the development of new products, expansion of market share, moving existing products into new
geographies, and through selected acquisitions which enhance or expedite our development initiatives and our
ability to grow market share. We continually evaluate the composition of the portfolio of our businesses to ensure
alignment with our overall objectives.
We strive to maintain a portfolio of businesses that provide consistency of performance, improved profitability
and sustainable growth. To this end, in 2007 we significantly changed the composition of our portfolio through
acquisitions in all three business segments and divestitures in both our Commercial and Aerospace segments.
Specifically, in our Medical Segment, we completed the acquisition of Arrow International, a medical products
company with annual net revenues of over $500 million, which significantly expanded the segment. We also
completed the acquisition of a small orthopedic device manufacturer to expand our capability to serve medical
device manufacturers. In our Commercial Segment, we acquired a rigging services business with annual net
revenues of approximately $25 million. At the end of 2007, we completed the divestiture of our automotive and
industrial businesses (“GMS”) with 2007 net revenues of over $860 million, significantly reducing the size of our
Commercial Segment. In our Aerospace Segment, we acquired a cargo equipment business with annual net
revenues of approximately $55 million and divested a precision — machined components business with
approximately $130 million in annual net revenues. These measures were taken to improve margins, reduce
cyclicality and focus our resources on the development of our core businesses. We continually evaluate the
composition of the portfolio of our businesses to ensure alignment with our overall objectives.

Our Business Segments


We organize our business into three business segments — Medical, Aerospace and Commercial. For 2008,
the percentages of our consolidated net revenues represented by our segments were as follows: Medical —
62 percent, Aerospace — 21 percent and Commercial — 17 percent.
Further detail and additional information regarding our segments and geographic areas is presented in Note 16
to our consolidated financial statements included in this Annual Report on Form 10-K.

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Discontinued Operations
At the end of 2007, we completed the sale of our business units that design and manufacture automotive and
industrial driver controls, motion systems and fluid handling systems to Kongsberg Automotive Holding ASA for
$560 million in cash. On June 29, 2007, we completed the sale of a precision-machined components business in
our Aerospace Segment for approximately $134 million in cash and in 2006, we sold a small medical business.
These businesses met the criteria for reporting discontinued operations under Statement of Financial
Accounting Standards (“SFAS”) No. 144. “Accounting for the Impairment or Disposal of Long-Lived Assets.” In
compliance with SFAS No. 144, the Company has reported results of operations, cash flows and gains (losses)
on the disposition of these businesses as discontinued operations for all periods presented. See Note 17 to our
consolidated financial statements included in this Annual Report on Form 10-K for further information regarding
divestiture activity and accounting for discontinued operations.
The following business segment and product category information reflects businesses in continuing
operations as of December 31, 2008.

Business Segment Overview


Medical
The businesses in our Medical Segment design, manufacture and distribute medical products primarily used
in critical care, surgical applications and cardiac care. Additionally, we design, manufacture and supply devices
and instruments for medical device manufacturers. We are focused on providing disposable or single use medical
products for critical care and surgery that enhance patient outcomes by providing products that are less invasive,
reduce infection and improve patient safety.
Our products are largely sold and distributed to hospitals and healthcare providers and are most widely used
in the acute care setting for a range of diagnostic and therapeutic procedures and in general and specialty surgical
applications. Major manufacturing operations are located in Czech Republic, Germany, Malaysia, Mexico and the
United States. Approximately 50 percent of our segment net revenues are derived from customers outside the
United States.
In the fourth quarter of 2007, we acquired Arrow International, a leading global supplier of catheter-based
medical technology products used for vascular access and cardiac care. This acquisition significantly expanded
our disposable medical product offerings for critical care, enhanced our global footprint and added to our research
and development capabilities.
Disposable Medical Products for Critical Care: This is the largest product category in the Medical Segment,
representing 64 percent of segment net revenues in 2008. Disposable medical products are used in a wide range
of critical care procedures for vascular access, respiratory care, anesthesia and airway management, treatment of
urologic conditions, as well as other specialty procedures. Disposable medical products for critical care are
generally marketed under the brand names of Arrow, Rüsch, HudsonRCI, Gibeck and Sheridan. The large majority
of sales for disposable medical products are made to the hospital/healthcare provider market, with a smaller
percentage sold to alternate sites.
Vascular Access Products: Our vascular access products are generally catheter-based products used in a
variety of clinical procedures to facilitate multiple critical care therapies including the administration of intravenous
medications, other therapies, and the measurement of blood pressure and taking of blood samples through a
single puncture site.
Vascular access catheters and related devices consist principally of central venous access catheters (“CVC”)
such as the following: the Arrow-Howe’sTM Multi-Lumen Catheter, a catheter equipped with three or four channels,
or lumens; double-and single-lumen catheters, which are designed for use in a variety of clinical

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procedures; the Arrow Pressure Injectable CVC, which gives clinicians who perform CT scans the option of using
an indwelling pressure injectable Arrow CVC without having to insert another catheter for their scan; and
percutaneous sheath introducers, which are used as a means for inserting cardiovascular and other
catheterization devices into the vascular system during critical care procedures.
We also provide a range of peripherally inserted central catheters, which are soft, flexible catheters inserted in
the upper arm and advanced into the superior vena cava and are accessed for various types of intravenous
medications and therapies, and radial artery catheters, which are used for measuring arterial blood pressure and
taking blood samples. Our offerings include a pressure injectable peripherally inserted catheter which addresses
the therapeutic need for a catheter that can withstand the higher pressures required by the injection of contrast
media for CT scans.
Our vascular access products also include specialty catheters and related products used in a range of other
procedures and include percutaneous thrombolytic devices, which are designed for clearance of thrombosed
hemodialysis grafts in chronic hemodialysis patients; and hemodialysis access catheters, including the Cannon®
Catheter, which is used to facilitate dialysis treatment.
Many of our vascular access catheters are treated with the ARROWg+ard®, or ARROWg+ard Blue Plus®,
antiseptic surface treatments to reduce the risk of catheter related infection. ARROWg+ard Blue Plus, is a newer,
longer lasting formulation of ARROWg+ard and provides antimicrobial treatment of the interior lumens and hubs of
each catheter.
As part of our ongoing efforts to meet physicians’ needs for safety and management of risk of infection in the
hospital setting, we sell a Maximal Barrier Precautions central venous access kit, which includes a full body
drape, a catheter treated with the ARROWg+ard antimicrobial technology, and other accessories. The features of
this kit were created to address recent guidelines for reducing catheter-related bloodstream infections that were
set by a variety of health regulatory agencies, such as the Centers for Disease Control and Prevention and the
Joint Commission on the Accreditation of Healthcare Organizations, among others.
Related products include custom tubing sets used to connect central venous catheters to blood pressure
monitoring devices and drug infusion systems, and the Arrow InView portable ultrasound machine designed to
support placement and administration of vascular access products.
Respiratory Care: Respiratory care products principally consist of devices used in aerosol and medication
delivery, oxygen therapy and ventilation management. We offer an extensive range of aerosol therapy products,
including the Micromist® Nebulizer, the Neb-U-Mask® System and the Opti-Neb ProTM Compressor. We are also
a global provider of oxygen supplies, offering a broad range of products to deliver oxygen therapy safely and
comfortably. These include masks, cannulas, tubing and humidifiers. The full range of these products are used in
a variety of clinical settings including hospitals, long-term care facilities, rehabilitation centers and patients’ homes
to treat respiratory ailments such as chronic lung disease, pneumonia, cystic fibrosis and asthma.
Our ventilation management solutions promote patient safety and maximize clinician efficiency. These
products include ventilator circuits with an extended life to support clinical practice guidelines, high efficiency
particulate air (HEPA) filters with 99.9999% efficiency against the transmission of bacteria and viruses, heat and
moisture exchangers that reduce circuit manipulation and cross-contamination risk, and heated humidifiers that
promote patient compliance to non-invasive respiratory strategies, like Non-Invasive Ventilation (“NIV”) and High
Flow Oxygen Therapy.
The ConchaTherm® Neptune® is a heated humidification solution. It is designed to allow the caregiver to
customize patient treatment to meet specific clinical goals. This results in advanced patient outcomes without
sacrificing clinician efficiency.
Anesthesia and Airway Management: Anesthesiologists depend on our highly recognized brands of Hudson,
Sheridan and Rüsch products that include endotracheal tubes, laryngeal masks, airways and face

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masks to deliver anesthetic agents and oxygen. To assist in the placement of endotracheal tubes, we provide a
comprehensive and unique line of laryngoscope blades and handles, including standard halogen and fiber optic
light sources. Fiber optic light sources offer a high intensity, cool white light without generating the same level of
heat that comes from standard halogen bulbs.
Regional anesthesia products include epidural and peripheral nerve block catheters. Nerve blocks provide pain
relief after surgical procedures and help clinicians better manage each patient’s pain. We offer the first stimulating
continuous nerve block catheter, the Arrow StimuCath, which confirms the positive placement of the catheter next
to the nerve. The Flex Tip Plus continuous epidural catheter features a soft, flexible tip that helps reduce the
incidence of complications, such as transient paresthesia and inadvertent cannulation of blood vessels or the dura,
while improving the clinician’s ability to thread the catheter into the epidural space. Our Arrow TheraCath® epidural
catheter, with high compression strength for direction-ability and enhanced radiopacity, was designed for pain
management procedures where increased steer-ability is important. Additional integral components create a range
of standard and custom procedural kits.
Urology: Our line of urology products provides bladder management products for patients in the hospital and
home care markets. Our product portfolio consists principally of catheters (including Foley, intermittent, external
and suprapubic), urine collectors, catheterization accessories and products for operative endurology. Teleflex
Medical today has significant market share in Foley catheters in the EMEA markets (Europe, the Middle East and
Africa). The intermittent catheter market for home care is growing quickly, and Medical Service, our specialist in
intermittent catheterization, has a leading share of the German healthcare market with Liquick Base and mobile
catheters. Teleflex Medical in Italy has also significantly increased its sales of intermittent catheters in the year
2008.
We also design our urine collectors, catheterization accessories and kits with Teleflex Medical’s overall
infection prevention strategy in mind. For example, the Rüsch MMG Closed System intermittent catheter is used
in the treatment of spinal cord injury patients. Our Teleflex Medical Team in North America successfully
introduced a new version of the MMG H2O to the market in 2008.
Surgical Instruments and Medical Devices: Products in this category represented 20 percent of Medical
Segment net revenues in 2008. Our surgical instrument and medical device products include: ligation and closure
products including appliers, clips, and sutures used in a variety of surgical procedures, hand-held instruments for
general and specialty surgical procedures, access ports used in minimally invasive surgical procedures including
robotic surgery, and fluid management products used for chest drainage. In addition, we provide instrument
management services. We market surgical instruments and medical devices under the Deknatel, Pleur-evac,
Pilling, Taut and Weck brand names.
Hem-o-lok is the world’s only patented locking polymer ligation clip, and is a growing part of the Weck
portfolio. Hem-o-lok clips have special applications in robotic, laparoscopic, and cardiovascular surgery, and
provide surgeons with a unique level of security and performance.
In 2009, we plan to introduce the Taut® Universal Seal designed for use with the ADAPtTM line of bladeless
laparoscopic access devices. The new Taut seal eclipses other options by providing surgeons the ability to
perform laparoscopic procedures without flimsy diaphragm seals, lubricants that can smudge cameras, or the
need for reducer caps. Coupled with the new universal seal, Taut provides a complete line of ports from 3mm to
15mm, including balloon ports and bariatric and pediatric versions. Taut ports were designed around the patented
ADAPt asymmetrical dilating access tip that dilates through tissue without metal or plastic blades. The ADAPt tip
has been shown to produce a fascial defect 58 percent smaller than typical bladed trocars and avoids exposing
any anatomical structures to a blade of any kind.
Devices for Original Equipment Manufacturers (“OEM”): Customized medical instruments, implants and
components sold to medical device manufacturers represented 10 percent of Medical Segment revenues in 2008.
Under the well-regarded brand names of Beere Medical®, KMedic®, Specialized Medical DevicesTM, Deknatel®
and TFX OEM® we provide specialized product development services, which include design

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engineering, prototyping and testing, manufacturing, assembly and packaging. Our OEM product development and
manufacturing facilities are located in Germany, Ireland, Mexico and the United States.
The OEM category includes custom extrusion, catheter fabrication, introducer systems, sheath/dilator sets,
specialty sutures, resins and performance fibers. We also provide machined and forged instrumentation for general
and specialty procedures, Ortho-Grip® instrument handles and fixation devices used primarily for orthopedic
procedures.
Cardiac Care Devices: Cardiac care products accounted for approximately 5 percent of revenues in fiscal
2008. Products in this category range from diagnostic catheters, such as thermodilution and wedge pressure
catheters, specialized angiographic catheters, such as Berman and Reverse Berman catheters, therapeutic
delivery catheters, such as temporary pacing catheters and intra-aortic balloon (IAB) catheters to capital
equipment, such as intra-aortic balloon pump (IABP) consoles. IABP products are used to augment oxygen
delivery to the cardiac muscle and reduce the oxygen demand after cardiac surgery, serious heart attack or
interventional procedures. The IAB and IABP product lines feature the AutoCAT 2 WAVE® console and the
FiberOptixTM catheter, which together utilize fiber optic technology for arterial pressure signal acquisition and allow
the patented WAVE® timing algorithm to support the broadest range of patient heart rhythms, including severely
arrhythmic patients.
The following table sets forth net revenues for 2008, 2007 and 2006 by product category for the Medical
Segment.
2008 2007 2006
(Dollars in thous ands)
Medical Products for Critical Care $957,129 $578,097 $485,924
Surgical Instruments and Devices $295,992 $294,501 $234,964
Devices for Original Equipment Manufacturers $158,343 $138,142 $137,788
Devices for Cardiac Care $ 72,871 $ 18,154 $ —
Other $ 14,772 $ 12,455 $ —
The following table sets forth the percentage of net revenues by end market for the Medical Segment.
2008 2007
Hospitals / Healthcare Providers 84% 78%
Medical Device Manufacturers 10% 13%
Home Health 6% 9%
Markets for these products are influenced by a number of factors including demographics, utilization and
reimbursement patterns in the worldwide healthcare markets. Our products are sold through direct sales or
distribution in over 140 countries. The following table sets forth the percentage of net revenues for 2008 derived
from the major geographic areas we serve.
2008 2007
North America 53% 54%
Europe, Middle East and Africa 37% 38%
Asia, Latin America 10% 8%
Sales and Marketing: Medical products are sold directly to hospitals, healthcare providers, distributors and to
original equipment manufacturers of medical devices through our own sales forces and through independent
representatives and independent distributor networks.
Backlog: Most of our medical products are sold to hospitals or healthcare providers on orders calling for
delivery within a few days or weeks with a longer order time for products sold to medical device manufacturers.
Therefore, the backlog of such orders is not indicative of probable revenues in any future 12-month period.

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Aerospace
Our Aerospace Segment businesses provide engine repair products and services for flight turbine engines,
cargo handling systems and equipment for wide body and narrow body aircraft, cargo containment devices for air
cargo and passenger baggage, and actuators for applications in commercial and military aircraft. Engine repair
products and services are provided for all major engine suppliers and we serve most of the world’s leading
commercial airlines. Our market leading brand names, Airfoil Technologies International, Telair International, and
Nordisk are well known and respected on a global basis.
Sales to customers in commercial aviation markets represent 99 percent of revenues in this segment.
Markets for these products are influenced by the level of general economic activity, investment patterns in new
aircraft, both passenger and cargo, cargo market trends, flight hours, and age and type of engines in use. Major
locations for manufacturing and service are located in Singapore, Germany, Norway, the United States, the United
Kingdom, and Sweden.
Engine Repair Products and Services: The largest single product category in the Aerospace Segment, repair
products and services represented 50 percent of Aerospace Segment revenues in 2008. This category includes
engine repair technologies and services primarily for critical components of flight turbines, including fan blades,
compressors and airfoils. We utilize advanced reprofiling and adaptive-machining techniques to improve efficiency
of aircraft engine performance and reduce turnaround time for maintenance and repairs. Our repair products and
services business is conducted through a consolidated, fifty-one percent owned venture with GE Aircraft Engines,
called Airfoil Technologies International (ATI). In 2007, ATI signed a joint venture and management agreement with
Snecma Services to expand the range of repair services provided to our customers.
Cargo-handling Systems and Equipment: Products in this category represented 50 percent of Aerospace
Segment revenues in 2008. Our cargo-handling systems include on-board cargo-loading systems for wide-body
aircraft, baggage-handling systems for narrow body aircraft, aftermarket spare parts and repair services. Marketed
under the Telair International brand name, our wide-body cargo-handling systems are sold to aircraft original
equipment manufacturers or to airlines and air freight carriers as “seller and/or buyer furnished equipment” for
original installations or as retrofits for existing equipment. Cargo-handling systems require a high degree of
engineering sophistication and are often custom-designed.
In addition to the design and manufacture of cargo systems, we provide customers with aftermarket spare
parts and repair services for their Telair systems. We also design, manufacture and repair cargo containers. In
November 2007, we acquired Nordisk Aviation Products, expanding our customer base and global manufacturing
and service capacity for cargo equipment. All of our cargo containers and pallets are now marketed to commercial
airlines and freight companies under the Nordisk name.
We also manufacture and repair components for our systems and other related aircraft controls, including
canopy and door actuators, cargo winches and flight controls.
The following table sets forth net revenues for 2008, 2007 and 2006 by product category for the Aerospace
Segment.
2008 2007 2006
(Dollars in thous ands)
Engine Repair Products and Services $257,428 $253,975 $250,519
Cargo-handling Systems and Equipment $253,818 $197,813 $154,853
The following table sets forth the percentage of net revenues by end market for the Aerospace Segment.
2008 2007
Commercial Aviation 99% 97%
Military, Industrial and Other 1% 3%

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Backlog: As of December 31, 2008, our backlog of firm orders for our Aerospace Segment was $78 million,
of which we expect approximately 91 percent to be filled in 2009. Our backlog for our Aerospace Segment on
December 31, 2007 was $141 million.
Sales and Marketing: Products sold to the aerospace market are sold through our own field representatives
and distributors.

Commercial
Our Commercial Segment businesses principally design, manufacture and distribute driver controls and
engine and drive assemblies for the marine market, power and fuel systems for truck, rail, automotive and
industrial vehicles and rigging products and services. Our products are used in a range of markets including:
recreational marine, heavy truck, bus, industrial vehicles, rail, oil and gas, marine transportation and industrial.
Major manufacturing operations are located in Canada, Europe, Singapore and the United States.
Marine Driver Controls and Engine Assemblies and Drive Parts: This is the largest single product category in
the Commercial Segment, representing 48 percent of the Commercial Segment revenues in 2008. Products in this
category include: shift and throttle cables, mechanical and hydraulic steering systems, throttle controls,
instrumentation and engine drive parts.
We are a leading global provider of both mechanical and hydraulic steering systems for recreational
powerboats. We are also a leading distributor of engine assemblies and drive parts. Our marine products are sold
to original equipment manufacturers (OEMs) and to the aftermarket through distributors, dealers and retail outlets.
Our major product brands include Teleflex Marine, TFXtreme, SeaStar, BayStar, Sierra and Proheat.
Power and Fuel Systems: Products in this category represented 27 percent of Commercial Segment
revenues in 2008. Our major products in this category include auxiliary power units used for power in heavy-duty
trucks and locomotives, climate control systems used in trucks, buses and other industrial vehicles and
components and systems for the use of alternative fuels in industrial vehicles and passenger cars. These products
generally address the need for greater fuel efficiency, reduced emissions and access to mobile power. Our major
product brands in this category are ComfortPro and Teleflex GFI.
Rigging Products and Services: Products in this category represented 25 percent of Commercial Segment
revenues in 2008. Products include heavy-duty cables and hoisting and rigging equipment used in oil drilling,
marine transportation and other industrial markets. We also help our customers meet new legislation and safety
regulations for moorings. In 2007, Teleflex Commercial enhanced its offerings when it acquired Southern Wire
Corporation, a prominent wholesale provider of rigging services.
The following table sets forth net revenues for 2008, 2007 and 2006 by product category for the Commercial
Segment.
2008 2007 2006
(Dollars in thous ands)
Marine Driver Controls and Engine and Drive Parts $198,987 $240,092 $229,250
Power and Fuel Systems $110,153 $119,026 $129,116
Rigging Products and Services $101,454 $ 82,077 $ 68,395
The following table sets forth the percentage of net revenues by end market for the Commercial Segment.
2008 2007
Recreational Marine 41% 48%
Truck and Rail 9% 15%
Automotive and Industrial Vehicle 25% 18%
Rigging Products and Services 25% 19%

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Backlog: Standard Commercial segment products are typically shipped between a few days and three
months after receipt of order. Therefore, the backlog of such orders is not indicative of probable revenues in any
future 12-month period.
Sales and Marketing: The majority of our Commercial Segment products are sold through a direct sales force
of field representatives and technical specialists. Marine driver controls and engine and drive parts are sold directly
to boat builders and engine manufacturers as well as through distributors, dealers and retail outlets to reach
recreational boaters.
Auxiliary power units are primarily sold in the North American truck market through an agreement with a
distributor and to the rail market using a direct sales force and distributors. Fuel systems and components include
custom applications sold globally directly to industrial equipment manufacturers and to the automotive aftermarket
principally in Europe and Latin America. Rigging products and services includes both a retail business and a
wholesale business, both of which sell through a direct sales force.

Government Regulation
Government agencies in a number of countries regulate our products and the products sold by our customers
utilizing our products. The U.S. Food and Drug Administration and government agencies in other countries
regulate the approval, manufacturing, and sale and marketing of many of our healthcare products. The
U.S. Federal Aviation Administration and the European Aviation Safety Agency regulate the manufacture and sale
of some of our aerospace products and license the operation of our repair stations. For more information, see
ITEM 1A. “Risk Factors”.

Competition
Given the range and diversity of our products and markets, no one competitor offers competitive products for
all the markets and customers that we serve. In general, all of our segments and product lines face significant
competition from competitors of varying sizes, although the number of competitors in each market tends to be
limited. We believe that our competitive position depends on the technical competence and creative ability of our
engineering personnel, the know-how and skill of our manufacturing personnel, and the strength and scope of our
sales, service and distribution networks.

Patents and Trademarks


We own a portfolio of patents, patents pending and trademarks. We also license various patents and
trademarks. Patents for individual products extend for varying periods according to the date of patent filing or grant
and the legal term of patents in the various countries where patent protection is obtained. Trademark rights may
potentially extend for longer periods of time and are dependent upon national laws and use of the marks. All
capitalized product names throughout this document are trademarks owned by, or licensed to, us or our
subsidiaries. Although these have been of value and are expected to continue to be of value in the future, we do
not consider any single patent or trademark, except for the Teleflex brand and the Arrow brand, to be essential to
the operation of our business.

Suppliers and Materials


Materials used in the manufacture of our products are purchased from a large number of suppliers in diverse
geographic locations. We are not dependent on any single supplier for a substantial amount of the materials used
or components supplied for our overall operations. Most of the materials and components we use are available
from multiple sources, and where practical, we attempt to identify alternative suppliers. Volatility in commodity
markets, particularly steel and plastic resins, can have a significant impact on the cost of producing certain of our
products. We cannot be assured of successfully passing these cost increases through to all of our customers,
particularly original equipment manufacturers.

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Seasonality
Portions of our revenues, particularly in the Commercial and Medical segments, are subject to seasonal
fluctuations. Revenues in the marine aftermarket generally increase in the second quarter as boat owners prepare
their watercraft for the upcoming season. Incidence of flu and other disease patterns as well as the frequency of
elective medical procedures affect revenues related to disposable medical products.

Employees
We employed approximately 14,200 full-time and temporary employees at December 31, 2008. Of these
employees, approximately 4,100 were employed in the United States and 10,100 in countries outside of the
United States. Less than 8 percent of our employees in the United States were covered by union contracts. We
have government-mandated collective-bargaining arrangements or union contracts that cover employees in other
countries. We believe we have good relationships with our employees.

Investor Information
We are subject to the informational requirements of the Securities Exchange Act of 1934. Therefore, we file
reports, proxy statements and other information with the Securities and Exchange Commission (SEC). Such
reports, proxy and information statements, and other information may be obtained by visiting the Public Reference
Room of the SEC at 100 F Street, NE, Washington, DC 20549 or by calling the SEC at 1-800-SEC-0330. In
addition, the SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information
statements and other information regarding issuers that file electronically.
You can access financial and other information in the Investors section of our website. The address is
www.teleflex.com. We make available through our website, free of charge, copies of our annual report on Form 10-
K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or
furnished under Section 13(a) or 15(d) of the Securities Exchange Act as soon as reasonably practicable after
filing such material electronically or otherwise furnishing it to the SEC. The information on our website is not part
of this annual report on Form 10-K. The reference to our website address is intended to be an inactive textual
reference only.
We are a Delaware corporation organized in 1943. Our executive offices are located at 155 South Limerick
Road, Limerick, PA 19468. Our telephone number is (610) 948-5100.

EXECUTIVE OFFICERS
The names and ages of all of our executive officers as of February 24, 2009 and the positions and offices held
by each such officer are as follows:
Nam e Age Pos itions and Office s w ith Com pany

Jeffrey P. Black 49 Chairman, Chief Executive Officer and Director


Kevin K. Gordon 46 Executive Vice President and Chief Financial Officer
Laurence G. Miller 54 Executive Vice President, General Counsel and
Secretary
R. Ernest Waaser 52 President — Medical
John Suddarth 49 President — Aerospace
Vince Northfield 45 Executive Vice President, Global Operations - Medical
Randall P. Gaboriault 39 Senior Vice President and Chief Information Officer

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Mr. Black has been Chairman since May 2006, Chief Executive Officer since May 2002 and President since
December 2000. He has been a Director since November 2002. Mr. Black was President of the Teleflex Industrial
Group from July 2000 to December 2000 and President of Teleflex Fluid Systems from January 1999 to July 2000.
Mr. Gordon has been Executive Vice President and Chief Financial Officer since March 2007. From June
2005 until March 2007, he was Senior Vice President — Corporate Development. From December 2000 to June
2005, Mr. Gordon was Vice President — Corporate Development. Prior to December 2000, Mr. Gordon was
Director of Business Development.
Mr. Miller has been Executive Vice President, General Counsel and Secretary since February 2008. From
November 2004 to February 2008, Mr. Miller was Senior Vice President, General Counsel and Secretary. From
November 2001 until November 2004, he was Senior Vice President and Associate General Counsel for the
Food & Support Services division of Aramark Corporation, a diversified management services company providing
food, refreshment, facility and other support services for a variety of organizations. From June 1994 until November
2001, Mr. Miller was Senior Vice President and General Counsel for Aramark Uniform Services.
Mr. Waaser has been the President of Teleflex Medical since October 2006. Prior to joining Teleflex,
Mr. Waaser served as President and Chief Executive Officer of Hill-Rom, Inc., a manufacturer and provider of
products and services for the healthcare industry, including patient room equipment, therapeutic wound and
pulmonary care products, biomedical equipment services and communications systems, from 2001 to 2005. Prior
to 2001, Mr. Waaser served as Senior Vice President of AGFA Corporation, a producer of analog and digital
imaging products for medical, industrial, graphics and consumer applications.
Mr. Suddarth has been the President of Teleflex Aerospace since July 2004. From 2003 to 2004,
Mr. Suddarth was the President of Techsonic Industries Inc., a former subsidiary of Teleflex that manufactured
underwater sonar and video viewing equipment which was divested in 2004. Mr. Suddarth was the Chief Operating
Officer of AMF Bowling Products, Inc., a bowling equipment manufacturer, from 2001 to 2003. Prior to 2001,
Mr. Suddarth was President of Morse Controls, a manufacturer of performance and control systems and
aftermarket parts for marine and industrial applications, which was acquired by Teleflex in 2001.
Mr. Northfield has been the Executive Vice President for Global Operations, Teleflex Medical since
September 2008. From 2005 to 2008, Mr. Northfield was the President of Teleflex Commercial. From 2004 to
2005, Mr. Northfield was the President of Teleflex Automotive and the Vice President of Strategic Development.
Mr. Northfield held the position of Vice President of Strategic Development from 2001 to 2004. Prior to 2001,
Mr. Northfield was Vice President and General Manager of North American operations of Morse Controls, a
manufacturer of performance and control systems and aftermarket parts for marine and industrial applications,
which was acquired by Teleflex in 2001.
Mr. Gaboriault has been Senior Vice President and Chief Information Officer since February 2008. From 2005
to 2008, he was Chief Information and Strategic Development Officer. From 2004 to 2005, he was Chief Information
Officer. From 1998 to 2004, Mr. Gaboriault was the Director of Information Technology.
Our officers are elected annually by the Board of Directors. Each officer serves at the pleasure of the Board
until their respective successors have been elected.

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ITEM 1A. RISK FACTORS


We are subject to certain risks that could adversely affect our business, financial condition and results of
operations. These risks include, but are not limited to the following:
Our inability to resolve issues related to the FDA corporate warning letter issued to Arrow could have an
adverse impact on our business, financial condition and results of operations.
On October 11, 2007, Arrow received a corporate warning letter from the U.S. Food and Drug Administration
(“FDA”), which expresses concerns with Arrow’s quality systems, including complaint handling, corrective and
preventive action, process and design validation and inspection and training procedures. While we are working with
the FDA to resolve these issues, this work has required and will continue to require the dedication of significant
internal and external resources. There can be no assurances regarding the length of time or cost it will take us to
resolve these issues to the satisfaction of the FDA. In addition, if our remedial actions are not satisfactory to the
FDA, we may need to devote additional financial and human resources to our efforts, and the FDA may take
further regulatory actions against us. These actions may include seizing our product inventory, obtaining a court
injunction against further marketing of our products, assessing civil monetary penalties or imposing a consent
decree on us, which could in turn have a material adverse effect on our business, financial condition and results of
operations.
A prolonged global economic recession combined with a continuation of volatile global credit markets could
adversely impact our operating results, financial condition and liquidity.
Current global economic and financial market conditions, including severe disruptions in the credit markets
and the potential for a significant and prolonged global economic recession, may materially and adversely affect
our results of operations and financial condition. This could include future charges to recognize impairment in the
carrying value of our goodwill and other intangible assets. The amount of goodwill and other intangible assets on
our consolidated balance sheet have increased significantly in recent years, primarily as a result of the acquisition
of Arrow International in 2007. These economic conditions may also materially impact our customers, suppliers
and other parties with which we do business. Economic and financial market conditions that adversely affect our
customers may cause them to terminate existing purchase orders or to reduce the volume of products or services
they purchase from us in the future. The impact of the difficult economic environment was felt mostly in our
Commercial segment during 2008, as the markets served by our marine and auxiliary power unit products were
adversely impacted. We expect the marine market to remain weak for most, if not all, of 2009. In addition,
hospitals in some regions of the United States have seen a decline in admissions and a reduction in elective
procedures and have limited their capital spending. More than 80 percent of our Medical revenues come from
disposable products used in critical care and surgical applications and our sales volume could be negatively
impacted by declines in admission. Adverse economic and financial market conditions may also cause our
suppliers to be unable to meet their commitments to us or may cause suppliers to make changes in the credit
terms they extend to us, such as shortening the required payment period for outstanding accounts receivable or
reducing the maximum amount of trade credit available to us. Changes of this type could significantly affect our
liquidity and could have a material adverse effect on our results of operations and financial condition. If we are
unable to successfully anticipate changing economic and financial market conditions, we may be unable to
effectively plan for and respond to those changes, and our business could be negatively affected.
We may not be able to successfully complete the integration of Arrow or to achieve the anticipated benefits
of the Arrow acquisition.
The integration of Arrow into our Medical Segment involves a number of risks and presents financial,
managerial and operational challenges. In particular, we may have difficulty with, and may incur unanticipated
expenses related to:
• consolidating manufacturing and administrative functions;
• complying with legal requirements applicable to certain aspects of the integration;

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• retaining key employees;


• consolidating infrastructures and systems;
• coordinating sales and marketing functions;
• preserving our and Arrow’s customer, supplier and other important relationships; and
• minimizing the diversion of management’s attention from ongoing business concerns.
The success of the Arrow acquisition will depend, in part, on our ability to realize the anticipated benefits and
cost savings from successfully combining the businesses of Arrow and of Teleflex Medical in the time frame we
anticipate. If we are not able to achieve these objectives, the anticipated benefits, synergies and cost savings of
the business combination may not be realized fully or at all or may take longer to realize than expected.
Failure to successfully complete the integration of Arrow or achieve the anticipated benefits of the acquisition
of Arrow may have a material adverse effect on our business, financial condition and results of operations.
We have substantial debt obligations that could adversely impact our business, results of operations and
financial condition.
We incurred significant indebtedness to fund a portion of the consideration for our acquisition of Arrow. As of
December 31, 2008, our outstanding indebtedness was approximately $1.5 billion. We will be required to use a
significant portion of our operating cash flow to reduce our indebtedness over the next few years, resulting in a
reduction of the cash flow available to fund working capital, capital expenditures, acquisitions, investments and
dividends. Our indebtedness may also subject us to greater vulnerability to general adverse economic and industry
conditions and increase our vulnerability to increases in interest rates because a portion of our indebtedness bears
interest at floating rates.
Our senior credit facility and agreements with the holders of our senior notes, which we refer to as our senior
debt facilities, impose certain operating and financial covenants that limit our ability to, among other things:
• incur debt;
• create liens;
• consolidate, merge or dispose of assets;
• make investments;
• engage in acquisitions
• pay dividends on, repurchase or make distributions in respect of our capital stock; and
• enter into derivative agreements to manage exposure to changes in interest rates.
In addition, the terms of our senior credit facilities require us to satisfy and maintain specified financial ratios.
Our ability to meet those financial ratios can be affected by events beyond our control, and in the event of a
significant deterioration of our economic performance, we cannot assure that we will be able to satisfy those
ratios. A breach of any of these covenants could result in a default under our senior credit facilities. If we fail to
maintain compliance with these covenants and cannot obtain a waiver from the lenders under the senior credit
facilities, the lenders could elect to declare all amounts outstanding under the senior secured credit facilities to be
immediately due and payable and terminate all commitments to extend further credit under such facilities. If the
lenders under the senior credit facilities accelerate the repayment of borrowings and we are not able to obtain
financing to satisfy this obligation, we likely would have to liquidate significant assets which nevertheless may not
be sufficient to repay our borrowings.

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We may incur material losses and costs as a result of product liability, warranty and recall claims that may
be brought against us.
Our businesses expose us to potential product liability risks that are inherent in the design, manufacture and
marketing of our products. In particular, our medical device products are often used in surgical and intensive care
settings with seriously ill patients. Many of these products are designed to be implanted in the human body for
varying periods of time, and component failures, manufacturing flaws, design defects or inadequate disclosure of
product-related risks with respect to these or other products we manufacture or sell could result in an unsafe
condition or injury to, or death of, the patient. Although the Company carries product liability insurance we may be
exposed to product liability and warranty claims in the event that our products actually or allegedly fail to perform
as expected or the use of our products results, or is alleged to result, in bodily injury and/or property damage.
Accordingly, we could experience material warranty or product liability losses in the future and incur significant
costs to defend these claims. In addition, if any of our products are, or are alleged to be, defective, we may be
required to participate in a recall of that product if the defect or the alleged defect relates to safety and experience
lost sales, and be exposed to legal and reputational risk. Product liability, warranty and recall costs may have a
material adverse effect on our financial condition and results of operations.
We are subject to risk s associated with our non-U.S. operations.
Although no material concentration of our manufacturing operations exists in any single country, we have
significant manufacturing operations outside the United States, including operations conducted through entities
that are not wholly-owned and other alliances. As of, and for the year ended, December 31, 2008, approximately
44% of our total fixed assets and 53% of our total net revenues were attributable to products directly distributed
from our operations outside the U.S. Our international operations are subject to varying degrees of risk inherent in
doing business outside the U.S., including:
• exchange controls, currency restrictions and fluctuations in currency values;
• trade protection measures;
• import or export requirements;
• subsidies or increased access to capital for firms who are currently or may emerge as competitors in
countries in which we have operations;
• potentially negative consequences from changes in tax laws;
• differing labor regulations;
• differing protection of intellectual property;
• unsettled political conditions and possible terrorist attacks against American interests; and
• regional and national tenders (which may be exclusive).
These and other factors may have a material adverse effect on our international operations or on our business,
results of operations and financial condition generally.
Customers in our Medical Segment depend on third party reimbursement and the failure of healthcare
programs to provide reimbursement or the reduction in levels of reimbursement for our medical products could
adversely affect our Medical Segment.
Demand for some of our medical products is impacted by the reimbursement to our customers of patients’
medical expenses by government healthcare programs and private health insurers in the countries where we do
business. Internationally, medical reimbursement systems vary significantly, with medical centers in some
countries having fixed budgets, regardless of the level of patient treatment. Other countries require application for,
and approval of, government or third party reimbursement. Without both favorable coverage

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determinations by, and the financial support of, government and third party insurers, the market for some of our
medical products could be adversely impacted.
We cannot be sure that third party payors will maintain the current level of reimbursement to our customers
for use of our existing products. Adverse coverage determinations or any reduction in the amount of this
reimbursement could harm our business. In addition, as a result of their purchasing power, these payors often
seek discounts, price reductions or other incentives from medical products suppliers. Our provision of such pricing
concessions could negatively impact our revenues and product margins.
Uncertainties regarding future healthcare policy, legislation and regulations, as well as private market
practices, could affect our ability to sell our products in acceptable quantities at profitable prices.
Foreign currency exchange rate, commodity price and interest rate fluctuations may adversely affect our
results.
We are exposed to a variety of market risks, including the effects of changes in foreign currency exchange
rates, commodity prices and interest rates. We expect revenue from products manufactured in, and sold into, non-
U.S. markets to continue to represent a significant portion of our net revenue. Our consolidated financial
statements reflect translation of financial statements denominated in non-U.S. currencies to U.S. dollars, our
reporting currency. When the U.S. dollar strengthens or weakens in relation to the foreign currencies of the
countries where we sell or manufacture our products, such as the euro, our U.S. dollar-reported revenue and
income will fluctuate. Although we have entered into forward contracts with several major financial institutions to
hedge a portion of projected cash flows in order to reduce the effects of this fluctuation, changes in the relative
values of currencies may, in some instances, have a significant effect on our results of operations.
Many of our products have significant steel and plastic resin content. We also use quantities of other
commodities, including copper and zinc. Although we monitor our exposure to these commodity price increases
as an integral part of our overall risk management program, volatility in the prices of these commodities could
increase the costs of our products and services. We may not be able to pass on these costs to our customers
and this could have a material adverse effect on our results of operations and cash flows.
Our failure to successfully develop new products could adversely affect our results.
The future success of our business will depend, in part, on our ability to design and manufacture new
competitive products and to enhance existing products, particularly in the medical device industry, which is
characterized by rapid product development and technological advances. This product development may require
substantial investment by us. There can be no assurance that unforeseen problems will not occur with respect to
the development, performance or market acceptance of new technologies or products, such as the inability to:
• identify viable new products;
• obtain adequate intellectual property protection;
• gain market acceptance of new products; or
• successfully obtain regulatory approvals.
Moreover, we may not otherwise be able to successfully develop and market new products. Our failure to
successfully develop and market new products could reduce our revenues and margins, which would have an
adverse effect on our business, financial condition and results of operations.
Our technology is important to our success, and our failure to protect this technology could put us at a
competitive disadvantage.
Because many of our products rely on proprietary technology, we believe that the development and protection
of these intellectual property rights is important, though not essential, to the future success of our business. In
addition to relying on our patents, trademarks and copyrights, we rely on confidentiality

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agreements with employees and other measures to protect our know-how and trade secrets. Despite our efforts to
protect proprietary rights, unauthorized parties or competitors may copy or otherwise obtain and use these
products or technology. The steps we have taken may not prevent unauthorized use of this technology, particularly
in foreign countries where the laws may not protect our proprietary rights as fully as in the U.S. Moreover, there
can be no assurance that others will not independently develop the know-how and trade secrets or develop better
technology than ours or that current and former employees, contractors and other parties will not breach
confidentiality agreements, misappropriate proprietary information and copy or otherwise obtain and use our
information and proprietary technology without authorization or otherwise infringe on our intellectual property rights.
Our inability to protect our proprietary technology could result in competitive harm that could adversely affect our
business.
We depend upon relationships with physicians and other health care professionals.
The research and development of some of our products is dependent on our maintaining strong working
relationships with physicians and other health care professionals. We rely on these professionals to provide us
with considerable knowledge and experience regarding our products and the development of our products.
Physicians assist us as researchers, product consultants, inventors and as public speakers. If we fail to maintain
our working relationships with physicians and receive the benefits of their knowledge, advice and input, our
products may not be developed and marketed in line with the needs and expectations of the professionals who
use and support our products, which could have a material adverse effect on our business, financial condition and
results of operations.
In the course of our business, we are subject to a variety of litigation that could have a material adverse
effect on our results of operations and financial condition.
We are a party to various lawsuits and claims arising in the normal course of business. These lawsuits and
claims include actions involving product liability, contracts, intellectual property, import and export regulations,
employment and environmental matters. The defense of these lawsuits may divert our management’s attention,
and we may incur significant expenses in defending these lawsuits. In addition, we may be required to pay
damage awards or settlements, or become subject to injunctions or other equitable remedies, that could have a
material adverse effect on our financial condition and results of operations.
While we do not believe that any litigation in which we are currently engaged would have such an adverse
effect, the outcome of these legal proceedings may differ from our expectations because the outcomes of
litigation, including regulatory matters, are often difficult to reliably predict and we cannot assure that the outcome
of pending or future litigation will not have a material adverse effect on our business, financial condition and results
of operations.
Much of our business is subject to extensive government regulation, and our failure to comply with those
regulations could have a material adverse effect on our results of operations and financial condition and we may
incur significant expenses to comply with these regulations.
Numerous national and local government agencies in a number of countries regulate our products. The FDA
and government agencies in other countries regulate the approval, manufacturing and sale and marketing of many
of our medical products. The U.S. Federal Aviation Administration and the European Aviation Safety Agency
regulate the manufacture and sale of some of our aerospace products and licenses the operation of our repair
stations.
Failure to comply with applicable regulations and quality assurance guidelines could lead to manufacturing
shutdowns, product shortages, delays in product manufacturing, product seizures, recalls, operating restrictions,
withdrawal of required licenses, prohibitions against exporting of products to countries outside the United States,
importing products from manufacturing facilities outside the U.S., and civil and criminal penalties, including
exclusion under Medicaid or Medicare, any one or more of which could have a material adverse effect on our
business, financial condition and results of operations.

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The process of obtaining regulatory approvals to market a medical device, particularly from the FDA and
certain foreign governmental authorities, can be costly and time consuming, and approvals might not be granted
for future products on a timely basis, if at all, resulting in delayed realization of product revenues or in substantial
additional costs, which could have material adverse effects on our financial condition and results of operations. Our
Medical Segment facilities are subject to periodic inspection by the FDA and numerous other federal, state and
foreign governmental authorities, which require manufacturers of medical devices to adhere to certain regulations,
including testing, quality control and documentation procedures.
We are also subject to various federal and state laws pertaining to healthcare pricing and fraud and abuse,
including anti-kickback and false claims laws. Violations of these laws may be punishable by criminal or civil
sanctions, including substantial fines, imprisonment and exclusion from participation in federal and state
healthcare programs.
In addition, we are subject to numerous foreign, federal, state and local environmental protection and health
and safety laws governing, among other things:
• the generation, storage, use and transportation of hazardous materials;
• emissions or discharges of substances into the environment; and
• the health and safety of our employees.
These laws and government regulations are complex, change frequently and have tended to become more
stringent over time. We cannot provide assurance that our costs of complying with current or future environmental
protection and health and safety laws, or our liabilities arising from past or future releases of, or exposures to,
hazardous substances will not exceed our estimates or will not adversely affect our financial condition and results
of operations. Moreover, we may be subject to additional environmental claims, which may include claims for
personal injury or cleanup, in the future based on our past, present or future business activities, which could also
adversely affect our financial condition and results of operations.
Our acquisitions and strategic alliances may not meet revenue or profit expectations.
As part of our strategy for growth, we have made and may continue to make acquisitions and divestitures and
enter into strategic alliances such as joint ventures and joint development agreements. However, we may not be
able to identify suitable acquisition candidates, complete acquisitions or integrate acquisitions successfully, and
our strategic alliances may not prove to be successful. In this regard, acquisitions involve numerous risks,
including difficulties in the integration of the operations, technologies, services and products of the acquired
companies and the diversion of management’s attention from other business concerns. Although our management
will endeavor to evaluate the risks inherent in any particular transaction, there can be no assurance that we will
properly ascertain all such risks. In addition, prior acquisitions have resulted, and future acquisitions could result,
in the incurrence of substantial additional indebtedness and other expenses. Future acquisitions may also result
in potentially dilutive issuances of equity securities. There can be no assurance that difficulties encountered with
acquisitions will not have a material adverse effect on our business, financial condition and results of operations.
Our work force covered by collective bargaining and similar agreements could cause interruptions in our
provision of services.
Approximately 17% of our manufacturing net revenues are produced by operations for which a significant part
of our workforce is covered by collective bargaining agreements and similar agreements in foreign jurisdictions. It
is likely that a portion of our workforce will remain covered by collective bargaining and similar agreements for the
foreseeable future. Strikes or work stoppages could occur that would adversely impact our relationships with our
customers and our ability to conduct our business.

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ITEM 1B. UNRESOLVED STAFF COMMENTS


None.

ITEM 2. PROPERTIES
Our operations have approximately 134 owned and leased properties consisting of plants, engineering and
research centers, distribution warehouses, offices and other facilities. We believe that the properties are
maintained in good operating condition and are suitable for their intended use. In general, our facilities meet
current operating requirements for the activities currently conducted therein.
Our major facilities are as follows:
Square Ow ned or
Location Footage Leas e d
Medical Segment
Haslet, TX 304,000 Leased
Nuevo Laredo, Mexico 277,000 Leased
Asheboro, NC 206,000 Owned
Durham, NC 199,000 Leased
Reading, PA 166,000 Owned
Chihuahua, Mexico 154,000 Owned
Wyomissing, PA 147,000 Owned
Research Triangle Park, NC 147,000 Owned
Kernen, Germany 142,000 Leased
Tongeren, Belgium 131,000 Leased
Zdar nad Sazavou, Czech Republic 108,000 Owned
Kamunting, Malaysia 102,000 Owned
Tecate, Mexico 96,000 Leased
Hradec Kralove, Czech Republic 92,000 Owned
Arlington Heights, IL 86,000 Leased
Kenosha, WI 77,000 Owned
Kamunting, Malaysia 77,000 Leased
Kernen, Germany 73,000 Owned
Wyomissing, PA 66,000 Leased
Jaffrey, NH 65,000 Owned
Everett, MA 61,000 Leased
Betschdorf, France 54,000 Owned
Bad Liebenzell, Germany 53,000 Leased
Commercial Segment
Litchfield, IL 169,000 Owned
Richmond, BC, Canada 161,000 Leased
Singapore 118,000 Owned
Houston, TX 117,000 Owned
Limerick, PA 113,000 Owned
Kitchener, Ont., Canada 104,000 Owned
Gorinchem, Netherlands 87,000 Leased
Sarasota, FL 83,000 Owned
Olive Branch, MS 80,000 Leased
Hagerstown, MD 77,000 Leased
Aerospace Segment
Holmestrand, Norway 171,000 Leased
Simi Valley, CA 122,000 Leased
Singapore 122,000 Owned
Miesbach, Germany 112,000 Leased
Ripley, England 82,000 Leased

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In addition to the properties listed above, we own or lease approximately 1.0 million square feet of
warehousing, manufacturing and office space located in the United States, Canada, Mexico, South America,
Europe, Australia, Asia and Africa. We also own or lease certain properties that are no longer being used in our
operations. We are actively marketing these properties for sale or sublease. At December 31, 2008, the unused
owned properties were classified as held for sale.

ITEM 3. LEGAL PROCEEDINGS


On October 11, 2007, the Company’s subsidiary, Arrow International, Inc. (“Arrow”), received a corporate
warning letter from the U.S. Food and Drug Administration (FDA). The letter cites three site-specific warning
letters issued by the FDA in 2005 and subsequent inspections performed from June 2005 to February 2007 at
Arrow’s facilities in the United States. The letter expresses concerns with Arrow’s quality systems, including
complaint handling, corrective and preventive action, process and design validation, inspection and training
procedures. It also advises that Arrow’s corporate-wide program to evaluate, correct and prevent quality system
issues has been deficient. Limitations on pre-market approvals and certificates of foreign goods had previously
been imposed on Arrow based on prior inspections and the corporate warning letter does not impose additional
sanctions that are expected to have a material financial impact on the Company.
In connection with its acquisition of Arrow, completed on October 1, 2007, the Company developed an
integration plan that includes the commitment of significant resources to correct these previously-identified
regulatory issues and further improve overall quality systems. Senior management officials from the Company have
met with FDA representatives, and a comprehensive written corrective action plan was presented to FDA in late
2007. The Company has begun implementing its corrective action plan, which it expects to complete, for most
facilities and procedures, by the end of March 2009.
While the Company believes it can remediate these issues, there can be no assurances regarding the length
of time or expenditures required to resolve these issues to the satisfaction of the FDA. If the Company’s remedial
actions are not satisfactory to the FDA, the Company may have to devote additional financial and human
resources to its efforts, and the FDA may take further regulatory actions against the Company, including, but not
limited to, seizing its product inventory, obtaining a court injunction against further marketing of the Company’s
products, assessing civil monetary penalties or imposing a consent decree on us.
In June 2008, HM Revenue and Customs (“HMRC”) assessed Airfoil Technologies International UK Limited
(“ATI-UK”), a consolidated United Kingdom venture in which the Company has a 60% economic interest,
approximately $10 million for customs duty for the period from July 1, 2005 through March 31, 2008. HMRC had
previously assessed ATI-UK approximately $737,000 for customs duty for the first and second quarters of 2004.
Additionally, for the above periods, ATI-UK was assessed a value added tax (“VAT”) of approximately $68 million,
for which HMRC has advised ATI-UK that, to the extent it is due and payable, it has until March 2010 to fully
recover such VAT. The assessments were imposed because HMRC concluded that ATI-UK did not provide the
necessary documentation for which reliance on Inland Processing Relief status (duty and VAT) was claimed by
ATI-UK.
ATI-UK has filed appeals and been granted hardship applications (to avoid payment of the assessment while
the appeal is pending) regarding each of the assessments. ATI-UK provided certain documentation to HMRC with
regard to the first quarter of 2004, and as a result, the HMRC reduced the assessment for customs duties for that
quarter by 97%, from approximately $17,860 to $450, and reduced the assessment for VAT for that quarter by
99%, from approximately $117,540 to $1,650, which amounts have been paid and all VAT recovered. ATI-UK has
provided essentially the same types of supporting documentation to HMRC for the remaining quarters for which it
was assessed. Based on discussions between ATI-UK and the HMRC inspector with regard to the assessments
for the remaining periods, ATI-UK is hopeful that it will obtain reductions in the assessments that are
proportionately similar to those obtained for the first quarter of 2004. However, the Company cannot assure
whether or the extent to which the HMRC will reduce its assessments for these periods. In the event ATI-UK is not

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successful in a favorable resolution of the remaining assessments, such outcome would have a material adverse
effect on the business of ATI-UK. The Company has a net investment in ATI-UK of approximately $11 million.
In addition, we are a party to various lawsuits and claims arising in the normal course of business. These
lawsuits and claims include actions involving product liability, intellectual property, import and export regulations,
employment and environmental matters. Based on information currently available, advice of counsel, established
reserves and other resources, we do not believe that any such actions are likely to be, individually or in the
aggregate, material to our business, financial condition, results of operations or liquidity. However, in the event of
unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar
matters, if unfavorable, may be materially adverse to our business, financial condition, results of operations or
liquidity.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS


No matters were submitted to a vote of our stockholders during the quarter ended December 31, 2008.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the New York Stock Exchange, Inc. (symbol “TFX”). Our quarterly high and
low stock prices and dividends for 2008 and 2007 are shown below.

Price Range and Dividends of Common Stock


2008 High Low Dividends
First Quarter $63.60 $47.82 $ 0.320
Second Quarter $60.18 $47.21 $ 0.340
Third Quarter $68.23 $51.00 $ 0.340
Fourth Quarter $65.64 $40.00 $ 0.340

2007 High Low Dividends


First Quarter $68.94 $64.01 $ 0.285
Second Quarter $83.66 $67.59 $ 0.320
Third Quarter $87.00 $60.74 $ 0.320
Fourth Quarter $81.17 $56.86 $ 0.320
Various senior and term note agreements provide for the maintenance of certain financial ratios and limit the
repurchase of our stock and payment of cash dividends. Under the most restrictive of these provisions, on an
annual basis $99 million of retained earnings was available for dividends and stock repurchases at December 31,
2008. On February 24, 2009, the Board of Directors declared a quarterly dividend of $0.34 per share on our
common stock, which is payable on March 17, 2009 to holders of record on March 5, 2009. As of February 24,
2009, we had approximately 846 holders of record of our common stock.
On June 14, 2007, the Company’s Board of Directors authorized the repurchase of up to $300 million of
outstanding Company common stock. Repurchases of Company stock under the program may be made from time
to time in the open market and may include privately-negotiated transactions as market conditions warrant and
subject to regulatory considerations. The stock repurchase program has no expiration date and the Company’s
ability to execute on the program will depend on, among other factors, cash requirements for acquisitions, cash
generation from operations, debt repayment obligations, market conditions and regulatory requirements. In
addition, under the senior loan agreements entered into October 1, 2007, the Company is subject to certain
restrictions relating to its ability to repurchase shares in the event the Company’s consolidated leverage ratio
exceeds certain levels, which further limit the Company’s ability to repurchase shares under this program. Through
December 31, 2008, no shares have been purchased under this plan.
On July 25, 2005, our Board of Directors authorized the repurchase of up to $140 million of outstanding
Teleflex common stock over twelve months ended July 2006. In June 2006, our Board of Directors extended for an
additional six months, until January 2007, its authorization for the repurchase of shares. Under the Board’s
authorization, we repurchased a total of 2,317,347 shares on the open market during 2005 and 2006 for an
aggregate purchase price of $140.0 million, and aggregate fees and commissions of $0.1 million.

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The following graph provides a comparison of five year cumulative total stockholder returns of Teleflex common
stock, the Standard & Poor (S&P) 500 Stock Index and the S&P MidCap 400 Index. We have selected the S&P
MidCap 400 Index because, due to the diverse nature of our businesses, we do not believe that there exists a
relevant published industry or line-of-business index and do not believe we can reasonably identify a peer group.
The annual changes for the five-year period shown on the graph are based on the assumption that $100 had been
invested in Teleflex common stock and each index on December 31, 2003 and that all dividends were reinvested.

MARKET PERFORMANCE
Comparison of Cumulative Five Year Total Return
(PERFORMANCE GRAPH)

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ITEM 6. SELECTED FINANCIAL DATA


The selected financial data in the following table includes the results of operations for acquired companies
from the respective date of acquisition, including Arrow International from October 1, 2007. See note (2) below for a
description of special charges included in the 2007 financial results.
2008 2007 2006 2005 2004
(Dollars in thous ands, e xcept pe r s hare)
Statement of Income Data:
Net revenues(1) $2,420,949 $ 1,934,332 $1,690,809 $1,561,872 $1,469,563
Income from continuing operations
before interest, taxes and minority
interest $ 339,989 (2) $ 173,742 (2) $ 187,141 $ 173,947 $ 77,638
Income (loss) from continuing
operations $ 133,980 (2) $ (42,368)(2) $ 96,088 $ 87,648 $ 30,625
Per Share Data:
Income (loss) from continuing
operations — basic $ 3.38 $ (1.08) $ 2.42 $ 2.16 $ .76
Income (loss) from continuing
operations — diluted $ 3.36 $ (1.08) $ 2.40 $ 2.14 $ .76
Cash dividends $ 1.34 $ 1.245 $ 1.105 $ 0.97 $ 0.86
Balance Sheet Data:
Total assets $3,926,744 $ 4,187,997 $2,361,437 $2,403,048 $2,691,734
Long-term borrowings, less current
portion $1,437,538 $ 1,540,902 $ 487,370 $ 505,272 $ 685,912
Shareholders’ equity $1,246,455 $ 1,328,843 $1,189,421 $1,142,074 $1,109,733
Statement of Cash Flows Data:
Net cash provided by operating
activities from continuing
operations $ 176,788(4) $ 283,088 $ 198,463 $ 238,385 $ 163,400
Net cash provided by (used in)
financing activities from
continuing operations $ (218,009) $ 1,090,348 $ (240,768) $ (268,244) $ (266,354)
Net cash provided by (used in)
investing activities from
continuing operations $ (39,451) $(1,522,491) $ (77,930) $ 79,079 $ (435,660)
Free cash flow(3) $ 84,474 $ 189,425 $ 113,595 $ 160,502 $ 101,120

Certain reclassifications have been made to the prior year condensed consolidated financial statements to
conform to current period presentation, including the reclassification of approximately $41.8 million of
borrowings under the revolving credit agreement from current borrowings to long-term borrowings at
December 31, 2007. Certain financial information is presented on a rounded basis, which may cause minor
differences.

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(1) Amounts exclude the impact of certain businesses sold or discontinued, which have been presented in our
consolidated financial results as discontinued operations.
(2) The table below sets forth unusual items impacting the Company’s results for 2008 and 2007. These are (i) the
write-off of in-process R&D acquired in connection with the Arrow acquisition, (ii) the write-off of a fair value
adjustment to inventory acquired in the Arrow acquisition, (iii) a tax adjustment related to repatriation of cash
from foreign subsidiaries and a change in position regarding untaxed foreign earnings, and (iv) the write-off of
deferred financing costs in connection with the pay-down of long-term debt.
2008 Im pact 2007 Im pact
Incom e from
Continuing Incom e from
Operations Continuing
Before Inte re s t, Incom e (Los s ) Operations Incom e (Los s )
Taxe s and from Before Inte re s t, from
M inority Continuing Taxe s and Continuing
Inte re s t Operations M inority Intere s t Operations
(In thousands)
(i) In-process R&D write-off $ — $ — $ 30,000 $ 30,000
(ii) Write-off of inventory fair
value adjustment $ 6,936 $ 4,449 $ 28,916 $ 18,550
(iii) Tax adjustment related to
untaxed unremitted
earnings of foreign
subsidiaries $ — $ — $ — $ 91,815
(iv) Write-off of deferred
financing costs $ — $ — $ 4,803 $ 3,405
(3) Free cash flow is calculated by reducing cash provided by operating activities from continuing operations by
capital expenditures and dividends. Free cash flow is considered a non-GAAP financial measure. We use this
financial measure for internal managerial purposes, when publicly providing guidance on possible future
results, and as a means to evaluate period-to-period comparisons. This financial measure is used in addition
to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the
exclusion of GAAP financial measures. This financial measure reflects an additional way of viewing an aspect
of our operations that, when viewed with our GAAP results and the accompanying reconciliation to the
corresponding GAAP financial measure, provides a more complete understanding of factors and trends
affecting our business. Management believes that free cash flow is a useful measure to investors because it
provides an indication of the amount of our cash flow currently available to support our ongoing operations.
Management strongly encourages investors to review our financial statements and publicly-filed reports in their
entirety and to not rely on any single financial measure. The following is a reconciliation of free cash flow to the
nearest GAAP measure as required under Securities and Exchange Commission rules.
2008 2007 2006 2005 2004
(Dollars in thous ands)
Free cash flow $ 84,474 $189,425 $113,595 $160,502 $101,120
Capital expenditures 39,267 44,734 40,772 38,563 27,705
Dividends 53,047 48,929 44,096 39,320 34,575
Net cash provided by operating
activities from continuing
operations $176,788 $283,088 $198,463 $238,385 $163,400
(4) The lower cash flow from continuing operations during 2008 is principally attributable to $90.2 million of
estimated tax payments made in connection with the businesses divested in 2007.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF


OPERATIONS
Overview
Teleflex strives to maintain a portfolio of businesses that provide consistency of performance, improved
profitability and sustainable growth. To this end, in 2007 we significantly changed the composition of our portfolio
through acquisitions and divestitures to improve margins, reduce cyclicality and focus our resources on the
development of our core businesses. We continually evaluate the composition of the portfolio of our businesses to
ensure alignment with our overall objectives.
We are focused on achieving consistent and sustainable growth through our internal growth initiatives which
include the development of new products, expansion of market share, moving existing products into new
geographies, and through selected acquisitions which enhance or expedite our development initiatives and our
ability to grow market share.
In 2007, the Company completed acquisitions in all three business segments and significant divestitures in
both Commercial and Aerospace. These portfolio actions resulted in a significant expansion of our Medical
Segment operations and a significant reduction in our Commercial Segment operations. The following bullet points
summarize our more significant acquisitions and divestitures in 2007, and the results for the acquired businesses
are included in the respective segments. See Notes 3 and 17 to our consolidated financial statements included in
this Annual Report on Form 10-K for additional information regarding our significant acquisitions and divestitures.

Medical Segment
• October 2007 — Acquired Arrow International, Inc., a leading global supplier of catheter-based medical
technology products used for vascular access and cardiac care, with annual revenues of over
$500 million, for approximately $2.1 billion.
• April 2007 — Acquired substantially all of the assets of HDJ Company, Inc., providers of engineering
and manufacturing services to medical device manufacturers with annual revenues of approximately
$15 million, for approximately $25 million.

Commercial Segment
• December 2007 — Divested business units that design and manufacture automotive and industrial
driver controls, motion systems and fluid handling systems (the “GMS Businesses” with 2007 revenues
of over $860 million, for $560 million in cash.
• April 2007 — Acquired substantially all of the assets of Southern Wire Corporation, a wholesale
distributor of wire rope cables and related hardware with annual revenues of approximately $25 million,
for approximately $20 million.

Aerospace Segment
• November 2007 — Acquired Nordisk Aviation Products A/S, a global leader in developing,
manufacturing, and servicing containers and pallets for air cargo with annual revenues of approximately
$55 million, for approximately $32 million.
• June 2007 — Divested Teleflex Aerospace Manufacturing Group (“TAMG”), precision-machined
components business with annual revenues of approximately $130 million, for approximately
$134 million in cash.
We incurred significant indebtedness to fund a portion of the consideration for our October 2007 acquisition of
Arrow. As of December 31, 2008, our outstanding indebtedness was approximately $1.5 billion,

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down from $1.7 billion as of December 31, 2007. For additional information regarding our indebtedness, please see
“Liquidity and Capital Resources” below and Note 8 to our consolidated financial statements included in this
Annual Report on Form 10-K.

Global Economic Conditions


We operated in an increasingly challenging global economic environment in 2008. Recent unprecedented
turbulence in the global financial and commodities markets and the downturn in the business cycle have had an
adverse impact on market activities including, among other things, failure of financial institutions, falling asset
values, diminished liquidity, and reduced demand for products and services, particularly in the fourth quarter of
2008. The impact of the difficult economic environment was felt mostly in the Commercial Segment during 2008
and we adjusted production levels and took new restructuring actions in response to the current environment.
Although, on a consolidated basis, the economic conditions have not had a significant adverse impact to our
financial position, results of operations or liquidity during 2008, the continuation of the broad economic trends
could adversely affect our operations in the future, as described, below. The potential effect of these factors on our
current and future liquidity is discussed in “Liquidity and Capital Resources” in this “Management’s Discussion
and Analysis of Financial Condition and Results of Operations.”
• Medical — Our Medical Segment serves a diverse base of hospitals and healthcare providers in more
than 140 countries. Healthcare policies and practice trends vary by country and the impact of the
global economic downturn appears to have been limited in 2008. However reimbursement changes and
cost pressures created by the economic slowdown could adversely effect the financial health of some
of our hospital customers in 2009.
Hospitals in some regions of the United States have seen a decline in admissions and a reduction in
elective procedures and have limited their capital spending. More than 80 percent of our Medical
revenues come from disposable products used in critical care and surgical applications and our sales
volume could be negatively impacted by declines in admissions. In addition, a small percentage of our
revenues could be impacted by changes in capital spending or a decline in elective procedures.
At the same time, future changes in government funding patterns or regulation could have an impact on
our business. In the United States, a number of states have enacted or proposed reduced funding for
Medicaid programs and higher rates of unemployment are increasing the percentage of uninsured
patients who do not have the ability to pay for care. This could create further cost pressure on
hospitals and consequently on our business. Our business could also be impacted by healthcare
reform legislation enacted by Congress. Although the impact of the economic downturn on hospitals
outside the United States has been less pronounced to date, funding to these healthcare institutions
could be affected in the future as governments make further spending adjustments.
• Aerospace — Sudden and significant increases in fuel costs in mid-2008 resulted in reductions in
capacity for passenger and cargo traffic, and accelerated retirement of older, less fuel efficient aircraft.
These trends have continued even though fuel prices have decreased from these record levels. The
sharp drop in fuel costs toward the end of 2008 has been a positive development for airlines as it has
offset somewhat the recession related drop in revenues for both passenger and cargo traffic. Lower
traffic overall makes it more difficult to sell cargo containment equipment due to reduced demand, but
new aircraft and weight and greenhouse gas reduction objectives create some opportunities in these
markets. Lower overall aircraft utilization will reduce demand for spare parts for our installed base of
equipment and for our jet engine component repair services. Nevertheless, we are well positioned on
certain new Airbus and Boeing airframes and deliveries of cargo handling systems are expected to
continue at previously expected levels overall, albeit on a slightly longer time horizon from earlier
forecasts.

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• Commercial — The markets served by our Commercial Segment are largely affected by the general
state of the economy and by consumer confidence. Factors such as housing starts, home values, fuel
costs, transportation, environmental and other regulatory matters all affect the market outlook for the
businesses in this segment. In 2008, our Commercial Segment experienced a significant decrease in
sales of recreational marine products and auxiliary power units sold into the North American truck
market due to softness in these markets caused by a weak economic environment during 2008. We
expect that growth will be a challenge in our Commercial Segment until there is improvement in
consumer confidence and there is a return to global economic growth.

Results of Operations
Discussion of growth from acquisitions reflects the impact of a purchased company for up to twelve months
beyond the date of acquisition. Activity beyond the initial twelve months is considered core growth. Core growth
excludes the impact of translating the results of international subsidiaries at different currency exchange rates
from year to year and the comparable activity of divested companies within the most recent twelve-month period.
The following comparisons exclude the impact of the operations of TAMG, the GMS Businesses, and a small
medical business which have been presented in our consolidated financial results as discontinued operations (see
Note 17 to our consolidated financial statements included in this Annual Report on Form 10-K for discussion of
discontinued operations).

Revenues
2008 2007 2006
(Dollars in m illions)
Net revenues $2,420.9 $1,934.3 $1,690.8
Net revenues increased approximately 25% to $2.42 billion from $1.93 billion in 2007. Businesses acquired in
the past twelve months accounted for all of this increase in revenues as foreign currency translation contributed
1% to revenue growth, while revenues from core business declined 1% compared to 2007. Core revenue growth in
the Medical Segment (2%) and Aerospace (2%) was offset by a 9% decline in core revenues in the Commercial
Segment, which was primarily due to a significant decrease in sales of recreational marine products and auxiliary
power units sold into the North American truck market due to softness in these markets caused by a weak
economic environment during 2008.
Revenues increased 14% in 2007 to $1.93 billion from $1.69 billion in 2006, entirely due to acquisitions and
foreign currency movements. Overall, there was no core revenue growth in 2007 as compared to 2006. Core growth
in our Aerospace Segment was 7%, and our Medical and Commercial segments declined 1% and 5%,
respectively year over year.

Gross profit
2008 2007 2006
(Dollars in m illions)
Gross profit $964.2 $680.4 $585.2
Percentage of sales 39.8% 35.2% 34.6%
Gross profit as a percentage of revenues increased to 39.8% in 2008 from 35.2% in 2007. This trend is driven
by increases in the Medical and Aerospace segments as the gross profit percentage in the Commercial Segment
was unchanged from 2007. Improved margins in the Medical Segment were largely due to the inclusion of higher
margin Arrow critical care product lines for the full year in 2008 compared to only the fourth quarter in 2007 and
volume related manufacturing efficiencies in the Medical OEM product line. Improved

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margins in the Aerospace Segment are principally due to a shift in sales favoring engine repair services and away
from sales of lower margin replacement parts in the engine repairs business.
Gross profit as a percentage of revenues improved to 35.2% in 2007 from 34.6% in 2006, due primarily to cost
and productivity improvements in our Medical Segment and the benefits of restructuring initiatives and other cost
reduction efforts which offset the negative impact of a $29 million charge related to a fair value adjustment to
inventory acquired in the Arrow acquisition, which was sold during 2007.

Selling, engineering and administrative


2008 2007 2006
(Dollars in m illions)
Selling, engineering and administrative $596.8 $445.3 $375.0
Percentage of sales 24.7% 23.0% 22.2%
Selling, engineering and administrative expenses (operating expenses) as a percentage of revenues were
24.7% in 2008 compared to 23.0% in 2007, principally due to approximately $25 million higher amortization
expense related to the Arrow acquisition and approximately $20 million higher expenses in the Medical Segment
related to the remediation of FDA regulatory issues.
Selling, engineering and administrative expenses as a percentage of revenues increased to 23.0% in 2007
compared with 22.2% in 2006, due primarily to approximately $7 million higher amortization expense from the
Arrow acquisition.

Goodwill impairment and in-process R&D charge


2008 2007 2006
(Dollars in m illions)
Goodwill impairment $— $18.9 $1.0
In-process R&D charge $— $30.0 $—
In 2007, during our annual test for goodwill impairment we determined $16.4 million of goodwill attributable to
our businesses that manufacture and sell auxiliary power units in the North American heavy truck and rail
markets, as well as components and systems for use of alternative fuels in industrial vehicles and passenger cars
was impaired. Softness in certain of these markets at that time negatively impacted the valuation of goodwill
resulting in the impairment charge. The remaining $2.5 million goodwill impairment is related to a write-down to the
agreed selling price of one our variable interest entities in the Commercial Segment.
The $30.0 million write-off of in-process research and development costs is related to in-process R&D projects
acquired in the Arrow acquisition which we determined had no alternative future use in their current state.

Interest income and expense


2008 2007 2006
(Dollars in m illions)
Interest expense $121.6 $ 74.9 $41.2
Average interest rate on debt during the year 6.13% 6.33% 7.20%
Interest income $ (2.6) $(10.5) $ (6.3)
Interest expense increased significantly in 2008 compared to 2007 principally as a result of the full year
impact of the debt incurred in connection with the Arrow acquisition in October 2007. Interest income decreased in
2008 compared to 2007 primarily due to lower amounts of invested funds combined with lower average interest
rates.

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Interest expense increased from $41.2 million to $74.9 million in 2007 principally as a result of higher debt
levels since October 1, 2007 incurred in connection with the Arrow acquisition. Interest income increased in 2007
compared to 2006 primarily due to higher average cash balances during the first three quarters of 2007.

Taxes on income from continuing operations


2008 2007 2006
Effective income tax rate 23.6% 112.3% 21.6%
The effective tax rate in 2007 was 112.3% compared to 23.6% in 2008 and 21.6% in 2006. Taxes on income
from continuing operations of $122.8 million in 2007 include discrete income tax charges incurred in connection
with the Arrow acquisition. Specifically, in connection with funding the acquisition of Arrow, the Company
(i) repatriated approximately $197.0 million of cash from foreign subsidiaries which had previously been deemed to
be permanently reinvested in the respective foreign jurisdictions; and (ii) changed its position with respect to
certain additional previously untaxed foreign earnings to treat these earnings as no longer permanently reinvested.
These items resulted in a discrete income tax charge in 2007 of approximately $91.8 million. The Company did
not incur similar charges in 2008 or 2006.

Restructuring and other impairment charges


2008 2007 2006
(Dollars in m illions)
2008 Commercial restructuring program $ 1.9 $ — $ —
2007 Arrow integration program 22.1 0.9 —
2006 restructuring programs — 3.4 3.5
2004 restructuring and divestiture program — 0.7 10.4
Impairment charges 3.7 6.3 7.4
Total $27.7 $11.3 $21.3

In December 2008, we began certain restructuring initiatives that affect the Commercial Segment. These
initiatives involve the consolidation of operations and a related reduction in workforce at three of our facilities in
Europe and North America. We determined to undertake these initiatives to improve operating performance and to
better leverage our existing resources. These costs amounted to approximately $1.9 million during 2008. As of
December 31, 2008, we estimate that the aggregate of future restructuring charges that we will incur in connection
with this program are approximately $3.3 — $4.5 million in 2009. Of this amount, $2.8 — $3.1 million relates to
employee termination costs, $0.2 — $1.0 million to facility closure costs and $0.3 — $0.4 million to contract
termination costs, primarily relating to leases. We expect to have realized annual pre-tax savings of between $4 —
$5 million in 2010 when these restructuring actions are complete.
In connection with the acquisition of Arrow during 2007, we formulated a plan related to the future integration
of Arrow and our other Medical businesses. The integration plan focuses on the closure of Arrow corporate
functions and the consolidation of manufacturing, sales, marketing, and distribution functions in North America,
Europe and Asia. Costs related to actions that affect employees and facilities of Arrow have been included in the
allocation of the purchase price of Arrow. Costs related to actions that affect employees and facilities of Teleflex
are charged to earnings and included in restructuring and impairment charges within the consolidated statement of
operations. These costs amounted to approximately $22.1 million during 2008. As of December 31, 2008, we
estimate that the aggregate of future restructuring and impairment charges that we will incur in connection with the
Arrow integration plan are approximately $18.0 — $21.0 million in 2009 and 2010. Of this amount, $7.5 —
$8.5 million relates to employee termination costs, $1.2 — $1.7 million relates to facility closure costs, $9.2 —
$10.5 million relates to contract termination costs associated with the termination of leases and certain
distribution agreements and $0.1 — $0.3 million relates to other restructuring costs. We also have incurred
restructuring related costs in the Medical Segment which do not qualify for

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classification as restructuring costs. In 2008 these costs amounted to $7.0 million and are reported in the Medical
Segment’s operating results in selling, engineering and administrative expenses. We expect to have realized
annual pre-tax savings of between $70-75 million in 2010 when these integration and restructuring actions are
complete.
In June 2006, we began certain restructuring initiatives that affected all three of our operating segments.
These initiatives involved the consolidation of operations and a related reduction in workforce at several of our
facilities in Europe and North America. We took these initiatives as a means to improving operating performance
and to better leverage our existing resources and these activities are now complete.
During the fourth quarter of 2004, we commenced implementation of a restructuring and divestiture program
designed to improve future operating performance and position us for future earnings growth. The actions included
exiting or divesting non-core or low performing businesses, consolidating manufacturing operations and
reorganizing administrative functions to enable businesses to share services and these activities are now
complete.
For additional information regarding our restructuring programs, see Note 4 to our consolidated financial
statements included in this Annual Report on Form 10-K.
Impairment charges in 2008 are composed of $2.7 million related to five of our minority held investments
precipitated by the deteriorating economic conditions in the fourth quarter of 2008, $0.8 million impairment of an
intangible asset in the Commercial Segment that was identified during the annual impairment testing process, and
a $0.2 million reduction in the carrying value of a building held for sale. In 2007, we determined that two minority-
held investments, certain intangible assets and a building held for sale were impaired and recorded an aggregate
charge of $6.4 million. In 2006, we determined that three minority-held investments and a building held for sale
were impaired and recorded an aggregate charge of $7.4 million.

Segment Review
Year Ende d De ce m ber 31 % Incre as e /(De cre as e )
2008 2007 2006 2008 vs 2007 2007 vs 2006
(Dollars in m illions)
Segment data:
Medical $1,499.1 $1,041.3 $ 858.7 44 21
Aerospace 511.2 451.8 405.4 13 11
Commercial 410.6 441.2 426.7 (7) 3
Net revenues $2,420.9 $1,934.3 $1,690.8 25 14
Medical $ 286.3 $ 182.6 $ 161.7 57 13
Aerospace 61.8 47.0 40.2 32 17
Commercial 27.5 23.0 30.5 19 (25)
Segment operating profit $ 375.6 $ 252.6 $ 232.4 49 9

The percentage increases or (decreases) in revenues during the years ended December 31, 2008 and 2007
compared to the respective prior years were due to the following factors:
% Incre as e / (De cre as e )
2008 vs 2007 2007 vs 2006
M e dical Ae rospace Com m e rcial Total M e dical Ae rospace Com m e rcial Total
Core growth 2 2 (9) (1) (1) 7 (5) —
Currency impact 2 1 1 1 4 1 3 3
Acquisitions 40 10 1 25 18 3 5 11
Total Change 44 13 (7) 25 21 11 3 14

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The following is a discussion of our segment operating results. Additional information regarding our segments,
including a reconciliation of segment operating profit to income from continuing operations before interest, taxes
and minority interest, is presented in Note 16 to our consolidated financial statements included in this Annual
Report on Form 10-K.

Medical
Comparison of 2008 and 2007
Medical Segment net revenues grew 44% in 2008 to $1,499.1 million, from $1,041.3 million in 2007. The
acquisition of Arrow accounted for 40% of this increase in revenues. Of the remaining 4% increase in net
revenues, 2% was due to foreign currency fluctuations and 2% was due to core revenue growth. Medical Segment
core revenue growth in 2008 reflects higher sales volume for critical care and surgical products in Europe and
Asia/Latin America of approximately $13 million and $8 million, respectively, and a $17 million increase in sales of
specialty medical devices to OEMs, partially offset by $23 million lower sales volumes for critical care and surgical
products in North America.
Net sales by product group are comprised of the following:
Year Ende d De ce m ber 31 % Incre as e /(De cre as e )
2008 2007 2006 2008 vs 2007 2007 vs 2006
(Dollars in m illions)
Critical Care $ 957.1 $ 578.1 $485.9 66 19
Surgical 296.0 294.5 235.0 1 25
Cardiac Care 72.9 18.2 — 300 100
OEM 158.3 138.1 137.8 15 —
Other 14.8 12.4 — 19 100
Net Revenues $1,499.1 $1,041.3 $858.7 44 21

The following table sets forth the percentage of net revenues by end market for the Medical Segment.
2008 2007
Hospitals / Healthcare Providers 84% 78%
Medical Device Manufacturers 10% 13%
Home Health 6% 9%
Medical Segment’s net revenues are geographically comprised of the following:
2008 2007
North America 53% 54%
Europe, Middle East and Africa 37% 38%
Asia and Latin America 10% 8%
The increase in critical care product sales during 2008 compared to 2007 was almost entirely due to the
acquisition of Arrow in the fourth quarter of 2007, which expanded our vascular access and regional anesthesia
product lines and contributed an incremental $360 million of sales to the critical care category in 2008 over 2007.
Favorable currency fluctuations added $14 million to sales and higher sales of vascular access products in Europe
contributed another $5 million in core revenue growth.
Surgical product sales were essentially flat in 2008 compared to 2007 as the benefit of favorable foreign
currency movements in Europe ($6 million) and higher volume in European and Asia/Latin American markets
($6 million) was offset by $12 million lower volumes in North America. This decline in North America was primarily
in the chest drainage and instrumentation product lines.
Cardiac care product sales increased as a result of the Arrow acquisition in the fourth quarter of 2007.

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In 2008, sales to OEMs increased primarily as a result of higher sales of orthopedic instrumentation,
specialty sutures and other devices of approximately $17 million and an acquisition in the orthopedic product line
in early 2007 (approximately $3 million).
Operating profit in the Medical Segment increased 57% in 2008 to $286.3 million, from $182.6 million in 2007,
principally due to the addition of higher margin Arrow critical care product lines. Other factors that contributed to
the higher operating profit were improved cost and operational efficiencies in North America, higher volumes in
Europe and Asia/Latin America, lower fair value adjustment to inventory acquired in the Arrow acquisition
($7 million in 2008 versus $29 million in 2007) and the favorable impact from the stronger Euro. The impact of
these factors was partially offset by the impact of approximately $25 million higher amortization expense related to
the Arrow acquisition and $20 million in higher costs incurred in 2008 in connection with a plan to remediate FDA
regulatory issues.

Comparison of 2007 and 2006


Medical Segment net revenues increased 21% in 2007 to $1,041.3 million from $858.7 million in 2006, entirely
due to acquisitions and currency movements. Revenues related to the acquisition of Arrow International
contributed $133.8 million, or 16% of this increase. Increased sales of disposable medical products for airway
management, respiratory care, urology, and surgical devices to European hospital markets and to Asian hospital
markets, was more than offset by a decline in sales of orthopedic specialty devices sold to medical device
manufacturers, the phase out of some product lines for medical device manufacturers and a decline in sales of
products for alternate sites in North America.
Medical Segment operating profit increased 13% in 2007 to $182.6 million from $161.7 million in 2006
primarily due to the increase in volume from the Arrow acquisition, the positive impact from the full year effect of
cost and productivity improvements that began in the second half of 2006 following completion of significant
restructuring activities, and currency movements, which more than offset the negative impact from a $29 million
charge in 2007 related to the fair value adjustment to inventory acquired in the Arrow acquisition, which was sold in
2007. During the first half of 2006, operating profit was negatively impacted by costs associated with operational
inefficiencies and the consolidation of facilities and distribution centers.

Aerospace
Comparison of 2008 and 2007
Aerospace Segment net revenues grew 13% in 2008 to $511.2 million, from $451.8 million in 2007. The
expansion of the cargo containers product line due to the acquisition of Nordisk Aviation Products accounted for
10% of this increase. The 2% increase in core growth is primarily attributable to increased sales of narrow body
cargo loading systems and wide body and narrow body cargo spare components and repairs.
Segment operating profit increased 32% in 2008 to $61.8 million, from $47.0 million in 2007. The increase
was principally due to the impact of the Nordisk acquisition and favorable product mix of repair versus replacement
in the engine repair services business as a result of technology investments we have made. Consolidation of
operations and phasing out of lower margin product lines in the engine repair services business during 2007 also
had a positive impact on operating profit in 2008.

Comparison of 2007 and 2006


Aerospace Segment net revenues increased 11% in 2007 to $451.8 million from $405.4 million in 2006. This
increase was due to increases of 7% from core growth, 3% from acquisitions and 1% from foreign currency
movements. Core growth was primarily attributable to increased sales of wide body cargo handling systems and
narrow body cargo loading systems, combined with steady increases in sales volume for aftermarket spares and
repairs throughout the year.

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Aerospace Segment operating profit increased 17% to $47.0 million from $40.2 million in 2006 as a result of
higher volume, productivity improvements, and cost control efforts in both the cargo handling systems and engine
repair businesses, as well as the positive impact of restructuring in engine repair services.

Commercial
Comparison of 2008 and 2007
Commercial Segment net revenues declined approximately 7% in 2008 to $410.6 million, from $441.2 million
in 2007. Core revenue declined 9% as a result of a 16% decline in sales of marine products for the recreational
boat market and a 22% decline in sales of auxiliary power units for the North American truck market which was
partially offset by a 12% increase in sales of alternate fuel systems and an 11% increase in sales of rigging
services products. Extreme volatility in fuel costs, accompanied by deterioration in the general state of the global
economy in the second half of 2008 adversely impacted the markets served by our marine and auxiliary power unit
products and we expect the marine market to remain weak for most, if not all, of 2009. As a result, we adjusted
production levels and took new restructuring actions in response to the current environment. Conversely, high fuel
prices in 2008 increased demand for alternate fuel systems and we successfully penetrated a large emerging
compressed natural gas market in South America during the year.
In 2008, segment operating profit increased 19% to $27.5 million compared to $23.0 million in 2007. This
increase was principally due to favorable product mix and an acquisition during 2007 in the rigging services
business. Favorable currency impact of approximately $3 million, cost reductions and lower warranty expenses in
the power systems business offset the lower operating profit in the marine business resulting from lower sales in
2008.

Comparison of 2007 and 2006


Commercial Segment revenues increased 3% in 2007 to $441.2 million from $426.8 million in 2006. The
favorable impact of acquisitions and foreign currency movements and an increase in sales of products for marine
markets offset a decline in core revenue attributable to a significant decline in sales of auxiliary power units in the
North American heavy truck market and to lower sales of rigging services where unusually high demand as a
result of U.S. Gulf Coast rebuilding activities due to severe weather during 2006 caused unfavorable comparisons
in 2007.
Commercial Segment operating profit declined 25% in 2007 to $23.0 million from $30.5 million in 2006.
Operating profit was negatively impacted by commodity price increases, lower volumes of auxiliary power units
and from approximately $4 million in provisions for warranty and other costs related to prior generation auxiliary
power units sold to the North American truck market, which more than offset the positive impact of cost and
productivity improvements in the business serving the marine market. Operating profit as a percent of revenues
declined to 5.2% in 2007 from 7.1% in 2006.

Liquidity and Capital Resources


We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing
activities. Our principal source of liquidity is operating cash flows. In addition to operating cash flows, other
significant factors that affect our overall management of liquidity include: capital expenditures, acquisitions,
pension funding, dividends, common stock repurchases, adequacy of available bank lines of credit, and access to
other capital markets.
The deterioration in global economic conditions and the severe disruptions in global credit markets that
occurred during the fourth quarter of 2008 affected the operating results of our various businesses as described
above in “Results of Operations.” In assessing the impact of these factors on our liquidity, we do not currently
foresee any difficulties meeting our cash requirements or accessing credit as needed in the next twelve months.
To date, we have not experienced an inordinate amount of payment default by our customers, and we have

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sufficient lending commitments in place to enable us to fund additional operating needs. However, taking into
consideration current economic conditions, we recognize the increased risk that our customers and suppliers may
be unable to access liquidity. If current market conditions continue to deteriorate, we may experience delays in
customer payments and reductions in our customers’ purchases from us, which could have a material adverse
effect on our liquidity.
Recent deterioration in the securities markets has impacted the value of the assets included in our defined
benefit pension plans. As a result of losses experienced in global equity markets, our domestic pension funds
experienced approximately $76 million, or 29%, decline in value during 2008. While this will increase pension
expense in 2009 compared to 2008, we do not expect this to cause a significant increase to our pension funding
requirements for 2009 because amounts funded to the plans in prior years exceeded the minimum amounts
required in those years. The volatility in the securities markets has not significantly affected the liquidity of our
pension plans or counterparty exposure. Substantially all of our domestic pension plans are invested in mutual
funds registered with the SEC under the Investment Company Act of 1940. Underlying holdings of the mutual
funds are invested in publicly traded equity and fixed income securities.
We manage our worldwide cash requirements by considering available funds among the many subsidiaries
through which we conduct our business and the cost effectiveness with which those funds can be accessed. The
repatriation of cash balances from certain of our subsidiaries could have adverse tax consequences; however,
those balances are generally available without legal restrictions to fund ordinary business operations. We have and
will continue to transfer cash from those subsidiaries to us and to other international subsidiaries when it is cost
effective to do so. Substantially all of our debt service requirements are United States based and we depend on
foreign sources of cash to fund a portion of these requirements. We anticipate our domestic principal and interest
payments for 2009 will be approximately $189 million and we expect to access approximately $95 million of cash
from foreign subsidiaries in 2009 to help fund these debt service requirements. To the extent we cannot, or choose
not to, repatriate cash from foreign subsidiaries in time to meet quarterly debt service requirements our revolving
credit facility is utilized as a source of liquidity until such cash can be repatriated in a cost effective manner.
We believe our cash flow from operations, available cash and cash equivalents, borrowings under our revolving
credit facility and additional sales of accounts receivable under our securitization program will enable us to fund
our operating requirements, capital expenditures and debt obligations.
A summary of our cash flows for the last three years is as follows:
Year Ende d De ce m ber 31,
2008 2007 2006
(Dollars in m illions)
Cash flows from continuing operations provided by (used in):
Operating activities $ 176.8 $ 283.1 $ 198.5
Investing activities (39.5) (1,522.5) (77.9)
Financing activities (218.0) 1,090.3 (240.8)
Cash flows provided by (used in) discontinued operations (5.6) 88.5 114.3
Effect of exchange rate changes on cash and cash equivalents (7.8) 13.5 14.8
(Decease) increase in cash and cash equivalents $ (94.1) $ (47.1) $ 8.9

Cash Flow from Operating Activities


Higher tax payments of approximately $112 million (net of refunds of approximately $27 million) and higher
interest payments of approximately $60 million were the principal factors in the year-on-year decrease in cash
flows from operating activities in 2008 compared to 2007. The largest factor contributing to the higher tax
payments is approximately $90 million of taxes paid in connection with businesses divested in 2007.

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All together, changes in our operating assets and liabilities resulted in a decrease in cash from operations of
approximately $110 million during 2008 which is principally attributable to the $90 million of tax payments
mentioned previously. The cash flow impact from changes in other operating assets and liabilities offset one
another; an inventory increase of approximately $21 million, increase in accounts payable and accrued expenses
of $8 million, decrease in accounts receivable of $3 million, and a decrease in other operating assets of $6 million.
The ramp up in production of cargo handling systems to meet the delivery schedules communicated earlier in the
year from aircraft manufacturers and the late in the year delay of those delivery schedules into 2009 was the
principal ($14 million) cause of the year-on-year increase in inventory. Nearly all of the increase in accounts
payable and accrued expenses is due to a year-on-year increase in accounts payable in the Medical Segment
that results from changes in payment patterns to suppliers of the Arrow operations during 2008 where early
payment discounts were forgone in favor of longer payment terms. The $3 million decrease in accounts receivable
reflects focused collection efforts in all segments and is in spite of higher sales during the fourth quarter of 2008
compared to the same period of a year ago, and a heavier mix of sales in our cargo handling systems business to
aircraft manufacturers in 2008 which carry longer payment terms compared to the aftermarket side of that
business. During 2008 we repatriated approximately $104 million of cash from our foreign subsidiaries.
Changes in our operating assets and liabilities during 2007 resulted in a net cash inflow of $76.9 million. The
most significant change was a decrease in inventories of $62.4 million, $25 million of which is due to the
resolution, in 2007, of operational inefficiencies experienced in the Medical Segment during the consolidation of
facilities and distribution centers in 2005 and 2006 and focused inventory reduction initiatives in the Arrow
operations post-acquisition, and $29 million is the impact from a fair value adjustment to inventory acquired in the
Arrow acquisition which was sold during 2007. During 2007, we repatriated approximately $208 million of cash
from our foreign subsidiaries, exclusive of proceeds from the sale of discontinued operations.

Cash Flow from Investing Activities


Our cash flows from investing activities from continuing operations in 2008 consisted primarily of capital
expenditures of $39.3 million, $5.7 million of payments for businesses acquired that had been deferred at closing,
which primarily pertained to our acquisitions of Nordisk ($4.7 million) and Southern Wire ($1.0 million), an
additional investment of $2.2 million in our Propulsion Technologies joint venture, and proceeds of $8.5 million from
the sale of assets and investments, principally $5.3 million related to post closing adjustments in connection with
the sale of the GMS business, sale of investments in non-consolidated affiliates of $1.8 million and the sale of a
held for sale building for $1.0 million.
Our cash flows from investing activities from continuing operations during 2007 consisted primarily of
payments of $2.2 billion for businesses acquired, of which $2.1 billion pertained to the acquisition of Arrow
International. During 2007, we received proceeds of approximately $702.3 million from the sale of the Commercial
Segment’s automotive and industrial business and the Aerospace Segment’s precision machined components
business.

Cash Flow from Financing Activities


Our cash flows from financing activities from continuing operations in 2008 consisted primarily of
$133.9 million repayment of long-term debt, $92.8 million repayment of revolver borrowings, additional borrowings
under the revolver of $92.9 million, payment of dividends of $53.0 million and payments to minority interest
shareholders of $38.0 million which relate to the distribution of dividends from our ATI joint venture.
Our cash flows from financing activities from continuing operations during 2007 consisted primarily of new
long-term borrowings of $1.6 billion in connection with the Arrow acquisition, the payment of fees of $21.6 million
to obtain that debt, and the repayment of $463.4 million of debt. We repaid approximately

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$54.0 million of debt in connection with the Arrow acquisition and repaid approximately $386.6 million of long-term
debt with the proceeds from the disposal of the automotive and industrial businesses.
Cash flows used in discontinued operations of $5.6 million in 2008 reflects the settlement of a contingency
related to the GMS businesses which were sold in 2007.

Financing Arrangements
The following table provides our net debt to total capital ratio:
2008 2007
(Dollars in thous ands)
Net debt includes:
Current borrowings $ 108,853 $ 143,357
Long-term borrowings 1,437,538 1,540,902
Total debt 1,546,391 1,684,259
Less: Cash and cash equivalents 107,275 201,342
Net debt $1,439,116 $1,482,917
Total capital includes:
Net debt $1,439,116 $1,482,917
Shareholders’ equity 1,246,455 1,328,843
Total capital $2,685,571 $2,811,760
Percent of net debt to total capital 54% 53%
In connection with the October 2007 acquisition of Arrow, we entered into a credit agreement (“the Senior
Credit Facility”) that provides for a five-year term loan facility of $1.4 billion and a five-year revolving line of credit
facility of $400 million, both of which carried initial interest rates of LIBOR plus a spread of 150 basis points. The
spread is subject to adjustment based upon our leverage ratio. At December 31, 2008 the spread over LIBOR was
125 basis points. We executed an interest rate swap for $600 million of the term loan from a floating 3 month
LIBOR rate to a fixed rate of 4.75%. The notional value of the interest rate swap amortizes down to $350 million at
maturity in 2012. Our obligations under the Senior Credit Facility are guaranteed by substantially all of our material
wholly-owned domestic subsidiaries, and are secured by a pledge of the shares of certain of our subsidiaries.
Also in connection with our acquisition of Arrow, on October 1, 2007, we issued $200 million in new senior
notes (the “2007 Notes”) and amended certain terms of our outstanding notes issued on July 8, 2004 (the “2004
Notes”) and October 25, 2002 (the “2002 Notes,” and, together with the 2004 Notes, the “amended notes”). In
addition, we repaid $10.5 million of outstanding notes issued on November 1, 1992 and December 15, 1993
(collectively, the “retired notes”). The retired notes consisted of the 7.40% Senior Notes due November 15, 2007
and the 6.80% Series B Senior Notes due December 15, 2008.
The 2007 notes and the amended notes, referred to collectively as the “senior notes”, rank pari passu in right
of repayment with our obligations under the Senior Credit Facility (the “primary bank obligations”) and are secured
and guaranteed in the same manner as the Senior Credit Facility. The senior notes have mandatory prepayment
requirements upon the sale of certain assets and may be accelerated upon certain events of default, in each case,
on the same basis as the Senior Credit facility.
The interest rates payable on the amended notes were also modified in connection with the foregoing
transactions. Effective as of October 1, 2007:
• the 2004 Notes bear interest on the outstanding principal amount at the following rates: (i) 7.66% in
respect of the Series 2004-1 Tranche A Senior Notes due 2011; (ii) 8.14% in respect of the Series

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2004-1 Tranche B Senior Notes due 2014; and (iii) 8.46% in respect of the Series 2004-1 Tranche C
Senior Notes due 2016; and
• the 2002 Notes bear interest on the outstanding principal amount at the rate of 7.82% per annum.
Interest rates on the amended notes are subject to reduction based on positive performance relative to certain
financial ratios.
Fixed rate borrowings, excluding the effect of derivative instruments, comprised 36% of total borrowings at
December 31, 2008. Fixed rate borrowings, including the effect of derivative instruments, comprised 74% of total
borrowings at December 31, 2008. Approximately 2% of our total borrowings of $1,546.4 million are denominated
in currencies other than the U.S. dollar, principally the Euro.
The Senior Credit Facility and the senior note agreements contain covenants that, among other things, limit or
restrict our ability, and the ability of our subsidiaries, to incur debt, create liens, consolidate, merge or dispose of
certain assets, make certain investments, engage in acquisitions, pay dividends on, repurchase or make
distributions in respect of capital stock and enter into swap agreements. These agreements also require us to
maintain a consolidated leverage ratio (defined in the Senior Credit Facility as “Consolidated Leverage Ratio”) and
an interest coverage ratio (defined in the Senior Credit Facility as “Consolidated Interest Coverage Ratio”) at the
levels and as of the last day of any period of four consecutive fiscal quarters ending on or nearest to the dates set
forth in the table below calculated pursuant to the definitions and methodology set forth in the Senior Credit
Facility.
Cons olidate d Le ve rage Cons olidate d Inte re s t
Ratio Cove rage Ratio
Fis cal Quarte r Ending on or M ust be M ust be
Neare s t to Les s than Actual M ore than Actual
December 31, 2007 4.75:1 3.80:1 3.00:1 3.46:1
March 31, 2008 4.75:1 3.84:1 3.00:1 3.51:1
June 30, 2008 4.75:1 3.71:1 3.00:1 3.58:1
September 30, 2008 4.75:1 3.43:1 3.00:1 3.78:1
December 31, 2008 4.00:1 3.29:1 3.50:1 4.04:1
March 31, 2009 4.00:1 3.50:1
June 30, 2009 4.00:1 3.50:1
September 30, 2009 and at all times thereafter 3.50:1 3.50:1
At December 31, 2008, we had $36.8 million of borrowings outstanding under our $400 million revolving line-of-
credit facility. This facility is used principally for seasonal working capital needs. The availability of loans under this
facility is dependent upon our ability to maintain our financial condition and our continued compliance with the
covenants contained in the Senior Credit Facility and senior note agreements. Moreover, additional borrowings
would be prohibited if a Material Adverse Effect (as defined in the Senior Credit Facility) were to occur.
Notwithstanding these restrictions, we believe that this revolving credit facility provides us with significant flexibility
to meet our foreseeable working capital needs. At our current level of EBITDA (as defined in the Senior Credit
Facility) for the year ended December 31, 2008, we would have been permitted $334 million of additional debt
beyond the levels outstanding at December 31, 2008. In addition, we believe that we will continue to have
adequate borrowing availability under this facility after giving effect to the scheduled reduction in the leverage ratio
covenant to 3.50:1 at September 30, 2009. Notwithstanding the borrowing capacity described above, additional
capacity would be available if borrowed funds were used to acquire a business or businesses through the
purchase of assets or controlling equity interests so long as the ratios set forth in the table above are met after
giving proforma effect of the EBITDA (as defined in the Senior Credit Facility) of the business acquired.

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As of December 31, 2008, we were in compliance with all other terms of the Senior Credit Facility and the
senior notes, and we expect to continue to be in compliance with the terms of these agreements, including the
leverage and interest coverage ratios, throughout 2009.
For additional information regarding our indebtedness, please see Note 8 to our consolidated financial
statements included in this Annual Report on Form 10-K.
In addition, at December 31, 2008 the Company had an accounts receivable securitization program to sell a
security interest in domestic accounts receivable for consideration of up to $125 million to a commercial paper
conduit. This facility is utilized from time to time for increased flexibility in funding short term working capital
requirements. The credit market volatility during 2008 did not have a material impact on the availability of the
accounts receivable securitization program. For additional information regarding this facility, please refer to “Off
Balance Sheet Arrangements” included in this “Management’s Discussion and Analysis of Financial Condition and
Results of Operations.”

Stock Repurchase Programs


On June 14, 2007, the Company’s Board of Directors authorized the repurchase of up to $300 million of
outstanding Company common stock. Repurchases of Company stock under the program may be made from time
to time in the open market and may include privately-negotiated transactions as market conditions warrant and
subject to regulatory considerations. The program has no expiration date, and the Company’s ability to execute on
the program will depend on, among other factors, cash requirements for acquisitions, cash generation from
operations, debt repayment obligations, market conditions and regulatory requirements. In addition, under the
senior loan agreements entered into October 1, 2007, the Company is subject to certain restrictions relating to its
ability to repurchase shares in the event the Company’s consolidated leverage ratio exceeds certain levels, which
further limit the Company’s ability to repurchase shares under this program. Through December 31, 2008, no
shares have been purchased under this program.
On July 25, 2005, our Board of Directors authorized the repurchase of up to $140 million of our outstanding
common stock over twelve months ended July 2006, which was subsequently extended by our Board to January
2007. Under this program, we repurchased a total of 2,317,347 shares on the open market during 2005 and 2006
for an aggregate purchase price of $140.0 million, and aggregate fees and commissions of $0.1 million.

Contractual Obligations
Contractual obligations at December 31, 2008 are as follows:
Paym e nts due by period
Les s M ore
than 1-3 4-5 than
Total 1 year ye ars ye ars 5 years
(Dollars in thous ands)
Total borrowings $1,546,391 $108,853 $349,479 $856,459 $231,600
Interest obligations(1) 358,315 88,342 165,907 77,656 26,410
Operating lease obligations 118,800 30,529 46,695 28,126 13,450
Minimum purchase obligations(2) 51,484 51,075 409 — —
Total contractual obligations $2,074,990 $278,799 $562,490 $962,241 $271,460

(1) Interest obligations include the Company’s obligations under the interest rate swap. Interest payments on
floating rate debt are based on the interest rate in effect on December 31, 2008.
(2) Purchase obligations are defined as agreements to purchase goods or services that are enforceable and
legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased,
fixed, minimum or variable pricing provisions and the approximate timing of the transactions. These obligations
relate primarily to material purchase requirements.

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We also have obligations with respect to income tax uncertainties and our pension and other postretirement
benefit plans. See Notes 12 and 13, respectively to our consolidated financial statements included in this Annual
Report on Form 10-K for additional information.
Off Balance Sheet Arrangements
We have residual value guarantees under operating leases for certain equipment. The maximum potential
amount of future payments we could be required to make under these guarantees is approximately $1.9 million.
We use an accounts receivable securitization program to gain access to enhanced credit markets and reduce
financing costs. As currently structured, accounts receivable of certain domestic subsidiaries are sold on a non-
recourse basis to a special purpose entity (“SPE”), which is a bankruptcy-remote subsidiary of Teleflex
Incorporated that is consolidated in our financial statements. This SPE then sells undivided interests in those
receivables to an asset backed commercial paper conduit. The conduit issues notes secured by those interests
and other assets to third party investors.
To the extent that cash consideration is received for the sale of undivided interests in the receivables by the
SPE to the conduit, it is accounted for as a sale in accordance with Statement of Financial Accounting Standards
No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”, as we
have relinquished control of the receivables. Accordingly, undivided interests in accounts receivable sold to the
commercial paper conduit under these transactions are excluded from accounts receivables, net in the
accompanying consolidated balance sheets. The interests not represented by cash consideration from the conduit
are retained by the SPE and remain in accounts receivable in the accompanying consolidated balance sheets.
The interests in receivables sold and the interest in receivables retained by the SPE are carried at face value,
which is due to the short-term nature of our accounts receivable. The special purpose entity has received cash
consideration of $39.7 million and $39.7 million for the interests in the accounts receivable it has sold to the
commercial paper conduit at December 31, 2008 and December 31, 2007, respectively. No gain or loss is
recorded upon sale as fee charges from the commercial paper conduit are based upon a floating yield rate and the
period the undivided interests remain outstanding. Fee charges from the commercial paper conduit are accrued at
the end of each month. Should we default under the accounts receivable securitization program, the commercial
paper conduit is entitled to receive collections on receivables owned by the SPE in satisfaction of the amount of
cash consideration paid to the SPE to the commercial paper conduit. The assets of the SPE are not available to
satisfy the obligations of Teleflex or any of its other subsidiaries.
Information regarding the outstanding balances related to the SPE’s interests in accounts receivables sold or
retained as of December 31, 2008 is as follows:
(Dollars in m illions)
Interests in receivables sold outstanding(1) $ 39.7
Interests in receivables retained, net of allowance for doubtful accounts $ 96.3

(1) Deducted from accounts receivables, net in the consolidated balance sheets.
The delinquency ratio for the qualifying receivables represented 3.76% of the total qualifying receivables as of
December 31, 2008.
The following table summarizes the activity related to our interests in accounts receivable sold for the year
ended December 31, 2008:
(Dollars in m illions)
Proceeds from the sale of interest in accounts receivable $ 39.7
Fees and charges(1) $ 1.8

(1) Recorded in interest expense in the consolidated statement of operations.

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Other fee charges related to the sale of receivables to the commercial paper conduit for the year ended
December 31, 2008 were not material.
We continue servicing the receivables sold, pursuant to servicing agreements with the SPE. No servicing
asset is recorded at the time of sale because we do not receive any servicing fees from third parties or other
income related to the servicing of the receivables. We do not record any servicing liability at the time of the sale as
the receivables collection period is relatively short and the costs of servicing the receivables sold over the servicing
period are insignificant. Servicing costs are recognized as incurred over the servicing period.
See also Note 15 to our consolidated financial statements included in this Annual Report on Form 10-K for
additional information.

Critical Accounting Estimates


The preparation of consolidated financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates and assumptions.
We have identified the following as critical accounting estimates, which are defined as those that are reflective
of significant judgments and uncertainties, are the most pervasive and important to the presentation of our financial
condition and results of operations and could potentially result in materially different results under different
assumptions and conditions.

Accounting for Allowance for Doubtful Accounts


In the ordinary course of business, we grant non-interest bearing trade credit to our customers on normal
credit terms. In an effort to reduce our credit risk, we (i) establish credit limits for all of our customer relationships,
(ii) perform ongoing credit evaluations of our customers’ financial condition, (iii) monitor the payment history and
aging of our customers’ receivables, and (iv) monitor open orders against an individual customer’s outstanding
receivable balance.
An allowance for doubtful accounts is maintained for accounts receivable based on our historical collection
experience and expected collectability of the accounts receivable, considering the period an account is
outstanding, the financial position of the customer and information provided by credit rating services. The
adequacy of this allowance is reviewed each reporting period and adjusted as necessary. Our allowance for
doubtful accounts was $8.7 million at December 31, 2008 and $7.0 million at December 31, 2007 which was 2.6%
and 2.1% of gross accounts receivable, at those respective dates. In light of the disruptions in global credit
markets that occurred in the fourth quarter of 2008 we have taken this heightened risk of customer payment
default into account when estimating the allowance for doubtful accounts at December 31, 2008 by engaging in a
more robust customer-by-customer risk assessment. Although future results cannot always be predicted by
extrapolating past results, management believes that it is reasonably likely that future results will be consistent
with historical trends and experience. However, if the financial condition of the Company’s customers were to
deteriorate, resulting in an impairment of their ability to make payments, or if unexpected events or significant
future changes in trends were to occur, additional allowances may be required.

Inventory Utilization
Inventories are valued at the lower of cost or market. Accordingly, we maintain a reserve for excess and
obsolete inventory to reduce the carrying value of our inventories for the diminution of value resulting from product
obsolescence, damage or other issues affecting marketability equal to the difference between the cost of the
inventory and its estimated market value. Factors utilized in the determination of estimated market value

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include (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing
pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging
obsolescence.
The adequacy of this reserve is reviewed each reporting period and adjusted as necessary. We regularly
compare inventory quantities on hand against historical usage or forecasts related to specific items in order to
evaluate obsolescence and excessive quantities. In assessing historical usage, we also qualitatively assess
business trends to evaluate the reasonableness of using historical information as an estimate of future usage.
Our excess and obsolete inventory reserve was $37.5 million at December 31, 2008 and $35.9 million at
December 31, 2007 which was 8.1% and 7.9% of gross inventories, at those respective dates.

Accounting for Long-Lived Assets and Investments


The ability to realize long-lived assets is evaluated periodically as events or circumstances indicate a possible
inability to recover their carrying amount. Such evaluation is based on various analyses, including undiscounted
cash flow projections. The analyses necessarily involve significant management judgment. Any impairment loss, if
indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value
of the asset.

Accounting for Goodwill and Other Intangible Assets


Goodwill and intangible assets by reporting segment at December 31, 2008 are as follows:
M e dical Ae rospace Com m e rcial Total
(Dollars in thous ands)
Goodwill $1,428,679 $ 6,317 $ 39,127 $1,474,123
Intangible assets:
Indefinite lived 315,381 — 10,175 325,556
Finite lived 659,537 10,521 21,004 691,062
Goodwill and intangible assets $2,403,597 $ 16,838 $ 70,306 $2,490,741

Acquired intangible assets may represent indefinite-lived assets (e.g., certain trademarks or brands),
determinable-lived intangibles (e.g., certain trademarks or brands, customer relationships, patents and
technologies) or residual goodwill. Of these, only the costs of determinable-lived intangibles are amortized to
expense over their estimated life. The value of the indefinite-lived intangible assets and residual goodwill is not
amortized, but is tested at least annually for impairment. Our impairment testing for goodwill is performed
separately from our impairment testing of indefinite-lived intangibles. Goodwill and indefinite-lived intangibles
assets, primarily trademarks and brand names, are tested annually for impairment during the fourth quarter, using
the first day of the quarter as the measurement date, or earlier upon the occurrence of certain events or
substantive changes in circumstances that indicate the carrying value may not be recoverable. Such conditions
may include an economic downturn in a geographic market or a change in the assessment of future operations.
Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic
changes and to estimate future cash flows to measure fair value. Assumptions used in the Company’s impairment
evaluations, such as forecasted growth rates and cost of capital, are consistent with internal projections and
operating plans. We believe such assumptions and estimates are also comparable to those that would be used by
other marketplace participants.

Goodwill
Impairment assessments are performed at a reporting unit level. For purposes of this assessment, the
Company’s reporting units are generally its businesses one level below the respective operating segment.

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Goodwill impairment is determined using a two-step process. The first step of the process is to compare the
fair value of a reporting unit with its carrying value, including goodwill. In performing the first step, the Company
calculated fair values of the various reporting units using equal weighting of two methods; one which estimates the
discounted cash flows (“DCF”) of each of the reporting units based on projected earnings in the future (the Income
Approach) and one which is based on sales of similar assets in actual transactions (the Market Approach). If the
fair value exceeds the carrying value, there is no impairment. If the reporting unit carrying amount exceeds the fair
value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss,
if any.
Determining fair value requires the exercise of significant judgments, including judgments about appropriate
discount rates, perpetual growth rates, operating margins, industry trends, regulatory environment, relevant
comparable company selection, calculation of comparable company multiples and the amount and timing of
expected future cash flows. The DCF analysis utilized in the fourth quarter 2008 impairment test was performed
over a ten year time horizon for each reporting unit where the compound annual growth rates during this period for
the Medical, Aerospace and Commercial segments range from approximately 4% to 7% for revenue and from
approximately 8% to 13% for operating income. Discount rates range from 10.5% to 14.0%, and a perpetual
growth rate of 2.5% was assumed for all reporting units.
The cash flows employed in the DCF analyses are based on internal budgets and business plans and various
long-term growth assumptions beyond the business plan period. Discount rate assumptions are based on an
assessment of the risk inherent in the future cash flows of the respective reporting units along with various market
based inputs.
In arriving at our estimate of the fair value of each reporting unit, we considered the results of both the DCF
and the market comparable methods and concluded the fair value to be the average of the results yielded by the
two methods for each reporting unit. Then, the current market capitalization of the Company was reconciled to the
sum of the estimated fair values of the individual reporting units, plus a control premium, to ensure the fair value
conclusions were reasonable in light of current market capitalization. The control premium implied by our analysis
was approximately 35%, which was deemed to be within a reasonable range of observed average industry control
premiums. No impairment in the carrying value of any of our reporting units was evident as a result of the
assessment of their respective fair values as determined under the methodology described above. In light of
market conditions in the fourth quarter we considered whether there were any triggering events which would have
caused us to re-assess our goodwill impairment considerations as of the assessment date and we determined
that there were no triggering events.
To illustrate the magnitude of potential impairment charges relative to future changes in projected operating
income and discount rates, the following table shows the sensitivity to 1.0 and 1.5 percentage point increases in
the discount rate or a 10% and 25% reduction in the compound annual growth rate of operating income:
Decre as e In Fair Value of Re porting Units
Operating Incom e Discount Rate
10% 25% 1% 1-1/2%
Medical $321,397 $736,465 $552,317 $783,989
Aerospace 19,787 48,094 33,890 48,871
Commercial 27,206 59,463 27,632 39,770
None of these scenarios resulted in an indication of impairment in any of our reporting units. While we are not
aware of any known trends, uncertainties or other factors that will result in, or that are reasonably likely to result
in, a material impairment charge in the future, events could occur in the future which are currently unforeseen that
could result in an impairment.

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Intangible Assets
Intangible assets are assets acquired that lack physical substance and that meet the specified criteria for
recognition apart from goodwill. Intangible assets acquired are comprised mainly of technology, customer
relationships, and trade names. The fair value of acquired technology and trade names is estimated by the use of
a relief from royalty method, which values an intangible asset by estimating the royalties saved through the
ownership of an asset. The royalty, which is based on a reasonable rate applied against forecasted sales, is tax-
effected and discounted to present value using a discount rate commensurate with the relative risk of achieving the
cash flow. The fair value of acquired customer relationships is estimated by the use of an income approach known
as the excess earnings method. The excess earnings method measures economic benefit indirectly by
calculating residual profit attributable to an asset after appropriate returns are paid to complementary or
contributory assets. The residual profit is tax-effected and discounted to present value at an appropriate discount
rate that reflects the risk factors associated with the estimated income stream. Determining the useful life of an
intangible asset requires judgment as different types of intangible assets will have different useful lives and certain
assets may even be considered to have indefinite useful lives.
Management tests indefinite-lived intangible assets on at least an annual basis, or more frequently if
necessary. In connection with the analysis, management tests for impairment by comparing the carrying value of
intangible assets to its estimated fair value. Since quoted market prices are seldom available for intangible assets,
we utilize present value techniques to estimate fair value. Common among such approaches is the “relief from
royalty” methodology. This methodology estimates the direct cash flows associated with the intangible asset.
Management must estimate the hypothetical royalty rate, discount rate, and residual growth rate to estimate the
forecasted cash flows associated with the asset.
Discount rates and perpetual growth rates utilized in the impairment test of indefinite-lived assets during the
fourth quarter of 2008 are comparable to the rates utilized in the impairment test of goodwill by segment.
Compound annual growth rates in revenues projected to be generated from certain trade names in the Medical
Segment ranged from 3.85% to 11.67% and a royalty rate of 4.0% was assumed. The compound annual growth
rate in revenues projected to be generated from certain trade names in the Commercial Segment was 5.36% and a
royalty rate of 2.0% was assumed. Discount rate assumptions are based on an assessment of the risk inherent in
the future cash flows generated as a result of the respective intangible assets. Assumptions about royalty rates
are based on the rates at which similar trademarks or technologies are being licensed in the marketplace.
This analysis indicated that certain trade names in the Commercial Segment were impaired by $0.8 million
and this was charged to restructuring and other impairment charges during the fourth quarter of 2008. Had the fair
value of each Company’s indefinite-lived assets been hypothetically lower than presently estimated by 10% as of
September 29, 2008, certain trade names in the Commercial Segment would have been impaired by an additional
$1.0 million and the Arrow trade name would have been impaired $8 million.
Long-lived assets, including finite-lived intangible assets (e.g., customer relationships), do not require that an
annual impairment test be performed; instead, long-lived assets are tested for impairment upon the occurrence of
a triggering event. Triggering events include the likely (i.e., more likely than not) disposal of a portion of such
assets or the occurrence of an adverse change in the market involving the business employing the related assets.
Significant judgments in this area involve determining whether a triggering event has occurred and re-assessing the
reasonableness of the remaining useful lives of finite-lived assets by, among other things, validating customer
attrition rates.

Acquired In-Process Research and Development


In connection with the acquisition of Arrow International, the Company recorded a $30 million charge to
operations during 2007, in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 141,
“Business Combinations”, for in-process research and development (“IPR&D”) assets acquired that the

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Company determined had no alternative future use in their current state. The Company continues to evaluate
certain of these projects for their feasibility and alignment with the Company’s core strategic objectives.
As part of the preliminary purchase price allocation for Arrow, approximately $30 million of the purchase price
was allocated to acquire in-process research and development projects. The amount allocated to the acquired in-
process research and development represents the estimated value based on risk-adjusted cash flows related to in-
process projects that had not yet reached technological feasibility and had no alternative future uses as of the
date of the acquisition. The primary basis for determining the technological feasibility of these projects is obtaining
regulatory approval to market the underlying products. If the projects are not successful or completed in a timely
manner, the Company may not realize the financial benefits expected for these projects.
The value assigned to the acquired in-process technology was determined by estimating the costs to develop
the acquired technology into commercially viable products, estimating the resulting net cash flows from the
projects, and discounting the net cash flows to their present value. The revenue projections used to value the
acquired in-process research and development were based on estimates of relevant market sizes and growth
factors, expected trends in technology, and the nature and expected timing of new product introductions by us
and our competitors. The resulting net cash flows from such projects were based on our estimates of cost of
sales, operating expenses, and income taxes from such projects.
The rate of 14 percent utilized to discount the net cash flows to their present value was based on estimated
cost of capital calculations and the implied rate of return from the Company’s acquisition model plus a risk
premium. Due to the nature of the forecasts and the risks associated with the developmental projects, appropriate
risk-adjusted discount rates were used for the in-process research and development projects. The discount rates
are based on the stage of completion and uncertainties surrounding the successful development of the purchased
in-process technology projects.
The purchased in-process technology of Arrow relates to research and development projects in the following
product families: Central Venus Access Catheters (“CVC”) and Specialty Care Catheters (“Specialty Care”).
The most significant purchased set of in-process technologies relates to the CVC Product Family for which
the Company estimated a value of $25 million. The projects included in this product family’s in-process technology
include the Hi-C Project, PICC Triple Lumen, Antimicrobial PICC, and certain Catheter Tip Positioning Technology.
The remaining purchased set of in-process technologies relates to the Specialty Care Product Family for
which the Company has estimated a value of $5 million. The projects included in this product family’s in-process
technology include the Ethanol Lock Program and Antimicrobial CHDC.
The successful development of new products and product enhancements is subject to numerous risks and
uncertainties, both known and unknown, including unanticipated delays, access to capital, budget overruns,
technical problems and other difficulties that could result in the abandonment or substantial change in the design,
development and commercialization of these new products and enhancements, including, for example, changes
requested by the FDA in connection with pre-market approval applications for products or 510(k) notification. Given
the uncertainties inherent with product development and introduction, there can be no assurance that any of the
Company’s product development efforts will be successful on a timely basis or within budget, if at all. The failure of
the Company to develop new products and product enhancements on a timely basis or within budget could harm
the Company’s results of operations and financial condition. For additional risks that may affect the Company’s
business and prospects following completion of the merger, see “Risk Factors” commencing on page 13 of this
Annual Report on Form 10-K.

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Accounting for Pensions and Other Postretirement Benefits


We provide a range of benefits to eligible employees and retired employees, including pensions and
postretirement healthcare. Several statistical and other factors which are designed to project future events are
used in calculating the expense and liability related to these plans. These factors include actuarial assumptions
about discount rates, expected rates of return on plan assets, compensation increases, turnover rates and
healthcare cost trend rates. We review the actuarial assumptions on an annual basis and make modifications to
the assumptions based on current rates and trends when appropriate.
The weighted average assumptions for U.S. and foreign plans used in determining net benefit cost were as
follows:
Pension Othe r Benefits
2008 2007 2006 2008 2007 2006
Discount rate 6.32% 5.46% 5.71% 6.45% 5.85% 5.75%
Rate of return 8.19% 8.33% 8.73% — — —
Initial healthcare trend rate — — — 8.5% 8.0% 9.0%
Ultimate healthcare trend rate — — — 5.0% 4.5% 4.5%
Significant differences in our actual experience or significant changes in our assumptions may materially
affect our pension and other postretirement obligations and our future expense. The following table shows the
sensitivity to changes in the weighted average assumptions:
Expe cted Re turn
As s um e d Discount Rate on Plan As s e ts
As s um e d He althcare
50 Basis 50 Basis 50 Basis Trend Rate
Point Point Point 1.0% 1.0%
Incre as e Decre as e Change Incre as e Decre as e
(Dollars in m illions)
Net periodic pension and
postretirement healthcare
expense $ (1.0) $ 1.0 $ 0.9 $ 0.4 $ (0.4)
Projected benefit obligation $(19.7) $ 21.0 $ — $ 4.8 $ (4.3)

Product Warranty Liability


Most of our sales are covered by warranty provisions for the repair or replacement of qualifying defective items
for a specified period after the time of the sales. We estimate our warranty costs and liability based on a number
of factors including historical trends of units sold, the status of existing claims, recall programs and
communication with customers. Our estimated product warranty liability was $17.1 million and $20.0 million at
December 31, 2008 and December 31, 2007, respectively.

Accounting for Income Taxes


Our annual provision for income taxes and determination of the deferred tax assets and liabilities require
management to assess uncertainties, make judgments regarding outcomes and utilize estimates. We conduct a
broad range of operations around the world, subjecting us to complex tax regulations in numerous international
taxing jurisdictions, resulting at times in tax audits, disputes and potentially litigation, the outcome of which is
uncertain. Management must make judgments about such uncertainties and determine estimates of our tax
assets and liabilities. Deferred tax assets and liabilities are measured and recorded using current enacted tax
rates, which the Company expects will apply to taxable income in the years in which those temporary differences
are recovered or settled. The likelihood of a material change in the Company’s expected realization of these
assets is dependent on future taxable income, its ability to use foreign tax credit carryforwards and carrybacks,
final U.S. and foreign tax settlements, and the effectiveness of its tax planning strategies in the various relevant
jurisdictions. While management believes that its judgments and interpretations regarding

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income taxes are appropriate, significant differences in actual experience may require future adjustments to our
tax assets and liabilities and such adjustments could be material.
We are also required to assess the realizability of our deferred tax assets. We evaluate all positive and
negative evidence and use judgments regarding past and future events, including operating results and available
tax planning strategies that could be implemented to realize the deferred tax assets to help determine when it is
more likely than not that all or some portion of our deferred tax assets may not be realized. Based on this
assessment, we evaluate the need for, and amount of, valuation allowances to offset future tax benefits that may
not be realized. To the extent facts and circumstances change in the future, adjustments to the valuation
allowances may be required.
The valuation allowance for deferred tax assets of $51.2 million and $68.5 million at December 31, 2008 and
December 31, 2007, respectively, relates principally to the uncertainty of the utilization of certain deferred tax
assets, primarily tax loss and credit carryforwards in various jurisdictions. We believe that we will generate
sufficient future taxable income to realize the tax benefits related to the remaining net deferred tax asset. The
valuation allowance was calculated in accordance with the provisions of SFAS No. 109, “Accounting for Income
Taxes,” which requires that a valuation allowance be established and maintained when it is “more likely than not”
that all or a portion of deferred tax assets will not be realized. The valuation allowance decrease in 2008 was
principally attributable to: (i) the deconsolidation of a subsidiary; (ii) the increased ability to utilize certain state net
operating losses as a result of the mergers of several subsidiaries; and (iii) the increased ability to utilize certain
state net operating losses as a result of a shift in state apportionment factors following the GMS transaction.
Significant judgment is required in determining income tax provisions under SFAS No. 109 “Accounting for
Income Taxes” and in evaluating tax positions. We establish additional provisions for income taxes when, despite
the belief that tax positions are fully supportable, there remain certain positions that do not meet the minimum
probability threshold, as defined by FASB Interpretation (“FIN”) No. 48, “Accounting for Uncertainty in Income
Taxes — An Interpretation of FASB Statement 109” (“FIN 48”), which is a tax position that is more likely than not
to be sustained upon examination by the applicable taxing authority. In the normal course of business, the
Company and its subsidiaries are examined by various Federal, State and foreign tax authorities. We regularly
assess the potential outcomes of these examinations and any future examinations for the current or prior years in
determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of
potential adjustments and adjust the income tax provision, the current tax liability and deferred taxes in the period
in which the facts that give rise to a revision become known.
See Note 12 to our consolidated financial statements in this Annual Report on Form 10-K for additional
information regarding the Company’s uncertain tax positions.

Accounting Standards Issued But Not Yet Adopted


Fair Value Measurements: In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements.”
SFAS No. 157 establishes a common definition of fair value to be applied to US GAAP that requires the use of fair
value, establishes a framework for measuring fair value, and expands disclosure about such fair value
measurements. Except as noted below, SFAS No. 157 became effective for fiscal years beginning after
November 15, 2007.
In February 2008, the FASB issued FASB Staff Position (“FSP”) 157-2, “Partial Deferral of the Effective Date
of Statement 157.” FSP 157-2 delays the effective date of SFAS No. 157 to fiscal years beginning after
November 15, 2008 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or
disclosed at fair value in the financial statements on a recurring basis (at least annually). The Company adopted
SFAS No. 157 as of January 1, 2008 with respect to financial assets and financial liabilities. As of

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January 1, 2009, the Company adopted the provisions of SFAS No. 157 with respect to non-financial assets and
liabilities under FSP 157-2 and this adoption did not have a material impact on the Company’s financial position,
results of operations and cash flows.
In October 2008, the FASB issued FSP 157-3, “Determining the Fair Value of a Financial Asset When the
Market for That Asset is Not Active.” FSP 157-3 clarifies the application of SFAS No. 157 in a market that is not
active and provides an example to illustrate key considerations in determining the fair value of a financial asset
when the market for that financial asset is not active. FSP 157-3 became effective upon issuance and did not have
a material impact on the Company’s fair value of financial assets as a result of the adoption of FSP 157-3. Refer to
Note 14 to our consolidated financial statements in this Annual Report on Form 10-K for additional information on
fair value measurements.
Business Combinations: In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations”.
SFAS No. 141(R) replaces SFAS No. 141, “Business Combinations.” SFAS No. 141(R) retains the fundamental
requirements in Statement 141 that the acquisition method of accounting (which Statement 141 called the
purchase method) be used for all business combinations and for an acquirer to be identified for each business
combination. SFAS No. 141(R) defines the acquirer as the entity that obtains control of one or more businesses in
the business combination and establishes the acquisition date as the date that the acquirer achieves control.
SFAS No. 141(R)’s scope is broader than that of Statement 141, which applied only to business combinations in
which control was obtained by transferring consideration.
SFAS No. 141(R) replaces Statement 141’s cost-allocation process and requires an acquirer to recognize the
assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date,
measured at their fair values as of that date, with limited exceptions. In addition, SFAS No. 141(R) changes the
allocation and treatment of acquisition-related costs, restructuring costs that the acquirer expected but was not
obligated to incur, the recognition of assets and liabilities assumed arising from contingencies and the recognition
and measurement of goodwill. This statement is effective for fiscal years beginning after December 15, 2008 and is
to be applied prospectively to business combinations. Accordingly, the Company will apply the provisions of
SFAS No. 141(R) upon adoption on its effective date.
Noncontrolling Interests: In December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in
Consolidated Financial Statements — an amendment of ARB No. 51.” SFAS No. 160 amends Accounting
Research Bulletin (“ARB”) 51 to establish accounting and reporting standards for the noncontrolling interest in a
subsidiary, sometimes referred to as minority interest, and for the deconsolidation of a subsidiary. It clarifies that a
noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported
as equity in the consolidated financial statements. SFAS No. 160 requires that a noncontrolling interest in
subsidiaries held by parties other than the parent be clearly identified, labeled, and presented in the consolidated
statement of financial position within equity, but separate from the parent’s equity, that the amount of consolidated
net income attributable to the parent and to the noncontrolling interest be clearly identified and presented on the
face of the consolidated statement of income, that the changes in a parent’s ownership interest while the parent
retains its controlling financial interest in its subsidiary be accounted for consistently as equity transactions and
that when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary
be initially measured at fair value. This statement is effective for fiscal years beginning after December 15, 2008
and earlier adoption is prohibited. Accordingly, the Company will apply the provisions of SFAS No. 160 upon
adoption on its effective date.
Disclosures about Derivative Instruments and Hedging Activities: In March 2008, the FASB issued
SFAS No. 161 “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB
Statement No. 133,” which requires enhanced disclosures about derivative and hedging activities. Companies will
be required to provide enhanced disclosures about (a) how and why a company uses derivative instruments,
(b) how derivative instruments and related hedged items are accounted for under SFAS No. 133 and related
interpretations, and (c) how derivative instruments and related hedged items affect the company’s financial
position, financial performance, and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal

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and interim periods beginning after November 15, 2008. Accordingly, the Company will ensure that it meets the
enhanced disclosure provisions of SFAS No. 161 upon the effective date.
Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating
Securities: In June 2008, the FASB issued FSP EITF 03-6-1 “Determining Whether Instruments Granted in Share-
Based Payment Transactions Are Participating Securities,” which addresses whether unvested instruments
granted in share-based payment transactions that contain nonforfeitable rights to dividends or dividend equivalents
are participating securities subject to the two-class method of computing earnings per share under SFAS No. 128,
“Earnings Per Share.” FSP EITF 03-6-1 is effective for financial statements issued for fiscal years beginning after
December 15, 2008 and interim periods within those years. The Company is currently evaluating the guidance
under FSP EITF 03-6-1 but does not expect it will result in a change in the Company’s earnings per share or
diluted earnings per share.
Determination of the Useful Life of Intangible Assets: In April 2008, the FASB issued FSP 142-3,
“Determination of the Useful Life of Intangible Assets,” which amends SFAS No. 142, “Goodwill and Other
Intangible Assets” (SFAS No. 142), regarding the factors that should be considered in developing the useful lives
for intangible assets with renewal or extension provisions. FSP FAS 142-3 requires an entity to consider its own
historical experience in renewing or extending similar arrangements, regardless of whether those arrangements
have explicit renewal or extension provisions, when determining the useful life of an intangible asset. In the
absence of such experience, an entity shall consider the assumptions that market participants would use about
renewal or extension, adjusted for entity-specific factors. FSP FAS 142-3 will be effective for qualifying intangible
assets acquired by the Company on or after January 1, 2009. The application of FSP FAS 142-3 did not have a
material impact on the Company’s results of operations, cash flows or financial position upon adoption; however,
future transactions entered into by the Company will need to be evaluated under the requirements of this FSP.
FASB Accounting Standards Codification: In December 2008, the FASB issued a news release for the
expected launch of the FASB Accounting Standards Codification. The Codification is a major restructuring of
accounting and reporting standards. The Codification does not change GAAP, but instead, it introduces a new
structure. It will supersede all accounting standards in existing FASB, Emerging Issues Task Force (EITF),
American Institute of Certified Public Accountants (AICPA) and related standards. The Codification is expected to
become authoritative on July 1, 2009, at which time only two levels of US GAAP will exist: authoritative
represented by the Codification, and nonauthoritative represented by all other literature.
In December 2008, the FASB issued FSP FAS No. 132(R)-1, “Employers’ Disclosures about Postretirement
Benefit Plan Assets” (FSP FAS 132(R)-1), which requires additional disclosures for employers’ pension and other
postretirement benefit plan assets. As pension and other postretirement benefit plan assets were not included
within the scope of SFAS No. 157, FSP FAS 132(R)-1 requires employers to disclose information about fair value
measurements of plan assets similar to the disclosures required under SFAS No. 157, the investment policies and
strategies for the major categories of plan assets, and significant concentrations of risk within plan assets. FSP
FAS 132(R)-1 will be effective for the Company as of December 31, 2009. As FSP FAS 132(R)-1 provides only
disclosure requirements, the adoption of this standard will not have a material impact on the Company’s results of
operations, cash flows or financial positions.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


Mark et Risk
We are exposed to certain financial risks, specifically fluctuations in market interest rates, foreign currency
exchange rates and, to a lesser extent, commodity prices. We use derivative financial instruments to manage or
reduce the impact of some of these risks. All instruments are entered into for other than trading purposes. We are
also exposed to changes in the market traded price of our common stock as it influences the valuation of stock
options and their effect on earnings.

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Interest Rate Risk


We are exposed to changes in interest rates as a result of our borrowing activities and our cash balances.
Interest rate swaps are used to manage a portion of our interest rate risk. The table below is an analysis of the
amortization and related interest rates by year of maturity for our fixed and variable rate debt obligations. Variable
interest rates shown below are weighted average rates of the debt portfolio based on December 31, 2008 rates.
For the swaps, notional amounts and related interest rates are shown by year of maturity. The fair value, net of
tax, of the interest rate swap as of December 31, 2008 was a loss of $27.0 million.
Year of Maturity
2009 2010 2011 2012 2013 Thereafter Total
(Dollars in thousands)
Fixed rate debt $ — $ — $145,000 $180,000 $ — $226,600 $551,600
Average interest rate — — 7.7% 7.7% — 8.2% 7.9%
Variable rate debt $108,853 $102,258 $102,221 $676,459 $ — $ 5,000 $994,791
Average interest rate 4.3% 4.2% 4.2% 4.2% — 3.0% 4.2%
Amount subject to swaps:
Variable to fixed(1) $ 600,000
3 months
Average rate to be received USD Libor
Average rate to be paid 4.75%(2)

(1) The notional value of the interest rate swap is $600 million at inception and amortizes down to a notional value
of $350 million at maturity in 2012.
(2) The all in cost of the $600 million swapped debt is 4.75% plus the applicable spread over LIBOR, currently at
125 basis points.
A 1.0% change in variable interest rates would adversely or positively impact our expected net earnings by
approximately $2.4 million, for the year ended December 31, 2009.

Foreign Currency Risk


We are exposed to fluctuations in market values of transactions in currencies other than the functional
currencies of certain subsidiaries. We have entered into forward contracts with several major financial institutions
to hedge a portion of projected cash flows from these exposures. These are all contracts to buy or sell a foreign
currency against the U.S. dollar. The fair value of the open forward contracts as of December 31, 2008 was a loss
of $5 million. The following table presents our open forward currency contracts as of December 31, 2008, which
mature in 2009. Forward contract notional amounts presented below are expressed in the stated currencies (in
thousands). The total notional amount for all contracts translates to approximately $99.6 million.
Forward Currency Contracts:
Buy/(Sell)
Japanese yen (621,070)
Euros (8,149)
Mexican peso 269,713
Czech koruna 108,606
Swedish krona 41,820
Malaysian ringgits 41,016
Canadian dollars 19,952
Singapore dollars 17,004
British pounds 2,046

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A strengthening of 10% in the value of the U.S. dollar against foreign currencies would, on a combined basis,
adversely impact the translation of our non-US subsidiary net earnings and transactions on currencies other than
the functional currency of certain subsidiaries by approximately $1.6 million, for the year ended December 31,
2009.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


The financial statements and supplementary data required by this Item are included herein, commencing on
page F-1.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL


DISCLOSURE
None.

ITEM 9A. CONTROLS AND PROCEDURES


(a) Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated
the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report.
Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure
controls and procedures as of the end of the period covered by this report are functioning effectively to provide
reasonable assurance that the information required to be disclosed by us in reports filed under the Securities
Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms and (ii) accumulated and communicated to our management, including the Chief Executive
Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure. A controls
system cannot provide absolute assurance, however, that the objectives of the controls system are met, and no
evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a
company have been detected.
(b) Management’s Report on Internal Control Over Financial Reporting
Our management’s report on internal control over financial reporting is set forth on page F-2 of this Annual
Report on Form 10-K and is incorporated by reference herein.
(c) Change in Internal Control over Financial Reporting
No change in our internal control over financial reporting occurred during our most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION


None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE


For the information required by this Item 10, other than with respect to our Executive Officers, see “Election
Of Directors,” “Nominees for Election to the Board of Directors,” “Corporate Governance” and “Section 16(a)
Beneficial Ownership Reporting Compliance,” in the Proxy Statement for our 2009 Annual Meeting, which
information is incorporated herein by reference. The Proxy Statement for our 2009 Annual Meeting will be filed
within 120 days of the close of our fiscal year.

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For the information required by this Item 10 with respect to our Executive Officers, see Part I of this report on
pages 11 — 12, which information is incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION


For the information required by this Item 11, see “Executive Compensation,” “Compensation Committee
Report on Executive Compensation” and “Compensation Committee Interlocks and Insider Participation” in the
Proxy Statement for our 2009 Annual Meeting, which information is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
For the information required by this Item 12 under Item 403 of Regulation S-K, see “Security Ownership of
Certain Beneficial Owners and Management” in the Proxy Statement for our 2009 Annual Meeting, which
information is incorporated herein by reference.
The following table sets forth certain information as of December 31, 2008 regarding our 1990 Stock
Compensation Plan, 2000 Stock Compensation Plan and 2008 Stock Incentive Plan:
Num ber of Se curities
Rem aining Available for
Num ber of Se curities Future Is s uance Unde r
to be Is s ued Upon Weighte d-Ave rage Equity Com pensation
Exe rcis e of Exe rcis e Price of Plans (Excluding
Outs tanding Options , Outs tanding Options , Securities Reflected in
Plan Category Warrants and Rights Warrants and Rights Colum n (A))
(A) (B) (C)
Equity compensation plans
approved by security holders 1,838,308 $ 56.18 2,863,998

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
For the information required by this Item 13, see “Certain Transactions” and “Corporate Governance” in the
Proxy Statement for our 2009 Annual Meeting, which information is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES


For the information required by this Item 14, see “Audit and Non-Audit Fees” and “Policy on Audit Committee
Pre-Approval of Audit and Non-Audit Services of Independent Registered Public Accounting Firm” in the Proxy
Statement for our 2009 Annual Meeting, which information is incorporated herein by reference.

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.


(a) Consolidated Financial Statements:
The Index to Consolidated Financial Statements and Schedule is set forth on page F-1 hereof.
(b) Exhibits:
The Exhibits are listed in the Index to Exhibits.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant
has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized as of
the date indicated below.
TELEFLEX INCORPORATED

By: /s/ JEFFREY P. BLACK


Jeffrey P. Black
Chairman and Chief Executive Officer
(Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and as of the date indicated below.

By: /s/ KEVIN K. GORDON


Kevin K. Gordon
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

By: /s/ CHARLES E. WILLIAMS


Charles E. Williams
Corporate Controller and Chief Accounting Officer
(Principal Accounting Officer)

By: /s/ GEORGE BABICH, JR. By: /s/ SIGISMUNDUS W.W. LUBSEN

George Babich, Jr. Sigismundus W.W. Lubsen


Director Director

By: /s/ PATRICIA C. BARRON By: /s/ BENSON F. SMITH

Patricia C. Barron Benson F. Smith


Director Director

By: /s/ JEFFREY P. BLACK By: /s/ HAROLD L. YOH III

Jeffrey P. Black Harold L. Yoh III


Chairman, Chief Executive Officer & Director
Director

By: /s/ W ILLIAM R. COOK By: /s/ JAMES W. ZUG

William R. Cook James W. Zug


Director Director

By: /s/ DR. JEFFREY A. GRAVES By: /s/ STEPHEN K. KLASKO

Dr. Jeffrey A. Graves Stephen K. Klasko


Director Director

Dated: February 25, 2009

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TELEFLEX INCORPORATED
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS

Page
Management’s Report On Internal Control Over Financial Reporting F-2
Report of Independent Registered Public Accounting Firm F-3
Consolidated Statements of Income for 2008, 2007 and 2006 F-4
Consolidated Balance Sheets as of December 31, 2008 and December 31, 2007 F-5
Consolidated Statements of Cash Flows for 2008, 2007 and 2006 F-6
Consolidated Statements of Changes in Shareholders’ Equity for 2008, 2007 and 2006 F-7
Notes to Consolidated Financial Statements F-8
Quarterly Data F-50

FINANCIAL STATEMENT SCHEDULE

Page
II Valuation and qualifying accounts F-52

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MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING


The management of Teleflex Incorporated and its subsidiaries (the “Company”) is responsible for establishing
and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could
have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Management assessed the effectiveness of the Company’s internal control over financial reporting as of
December 31, 2008. In making this assessment, management used the framework established in Internal
Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). As a result of this assessment and based on the criteria in the COSO framework,
management has concluded that, as of December 31, 2008, the Company’s internal control over financial reporting
was effective.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2008 has been
audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their
report which appears herein.

/s/ JEFFREY P. BLACK /s/ KEVIN K. GORDON

Jeffrey P. Black Kevin K. Gordon


Chairman and Chief Executive Officer Executive Vice President and
Chief Financial Officer

February 25, 2009

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Directors and Shareholders of Teleflex Incorporated:
In our opinion, the consolidated financial statements listed in the accompanying index present fairly, in all
material respects, the financial position of Teleflex Incorporated and its subsidiaries at December 31, 2008 and
December 31, 2007, and the results of their operations and their cash flows for each of the three years in the
period ended December 31, 2008 in conformity with accounting principles generally accepted in the United States
of America. In addition, in our opinion, the financial statement schedule listed in the accompanying index presents
fairly, in all material respects, the information set forth therein when read in conjunction with the related
consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective
internal control over financial reporting as of December 31, 2008, based on criteria established in Internal Control -
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). The Company’s management is responsible for these financial statements and financial statement
schedule, for maintaining effective internal control over financial reporting and for its assessment of the
effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over
Financial Reporting, appearing on page F-2. Our responsibility is to express opinions on these financial
statements, on the financial statement schedule, and on the Company’s internal control over financial reporting
based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of material misstatement and
whether effective internal control over financial reporting was maintained in all material respects. Our audits of the
financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on
the assessed risk. Our audits also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audits provide a reasonable basis for our opinions.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of
the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP


PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 25, 2009

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TELEFLEX INCORPORATED AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF INCOME
Year Ende d
Dece m ber 31, Dece m ber 31, Dece m ber 31,
2008 2007 2006
(Dollars and shares in thous ands,
e xcept pe r s hare)
Net revenues $ 2,420,949 $ 1,934,332 $ 1,690,809
Materials, labor and other product costs 1,456,782 1,253,978 1,105,652
Gross profit 964,167 680,354 585,157
Selling, engineering and administrative expenses 596,773 445,254 374,961
In-process research and development charge — 30,000 —
Goodwill impairment — 18,896 1,003
Restructuring and other impairment charges 27,701 11,352 21,320
(Gain) loss on sales of businesses and assets (296) 1,110 732
Income from continuing operations before interest, taxes and
minority interest 339,989 173,742 187,141
Interest expense 121,647 74,876 41,200
Interest income (2,635) (10,482) (6,277)
Income from continuing operations before taxes and minority
interest 220,977 109,348 152,218
Taxes on income from continuing operations 52,169 122,767 32,919
Income (loss) from continuing operations before minority
interest 168,808 (13,419) 119,299
Minority interest in consolidated subsidiaries, net of tax 34,828 28,949 23,211
Income (loss) from continuing operations 133,980 (42,368) 96,088
Operating (loss) income from discontinued operations
(including net (loss) gain on disposal of $(8,238), $299,456
and $182 respectively) (8,238) 349,917 64,580
Taxes on income from discontinued operations 5,968 161,065 21,238
(Loss) income from discontinued operations (14,206) 188,852 43,342
Net income $ 119,774 $ 146,484 $ 139,430
Earnings (losses) per share:
Basic:
Income (loss) from continuing operations $ 3.38 $ (1.08) $ 2.42
(Loss) income from discontinued operations $ (0.36) $ 4.81 $ 1.09
Net income $ 3.03 $ 3.73 $ 3.51
Diluted:
Income (loss) from continuing operations $ 3.36 $ (1.08) $ 2.40
(Loss) income from discontinued operations $ (0.36) $ 4.81 $ 1.08
Net income $ 3.01 $ 3.73 $ 3.49
Weighted average common shares outstanding:
Basic 39,584 39,259 39,760
Diluted 39,832 39,259 39,988
The accompanying notes are an integral part of the consolidated financial statements.

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TELEFLEX INCORPORATED AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS

Dece m ber 31, Dece m ber 31,


2008 2007
(Dollars and shares in
thous ands)
ASSETS
Current assets
Cash and cash equivalents $ 107,275 $ 201,342
Accounts receivable, net 311,908 341,963
Inventories, net 424,653 419,188
Prepaid expenses 21,373 31,051
Income taxes receivable 17,958 —
Deferred tax assets 66,009 12,025
Assets held for sale 8,210 4,241
Total current assets 957,386 1,009,810
Property, plant and equipment, net 374,292 430,976
Goodwill 1,474,123 1,502,256
Intangibles and other assets, net 1,090,852 1,211,172
Investments in affiliates 28,105 26,594
Deferred tax assets 1,986 7,189
Total assets $ 3,926,744 $ 4,187,997

LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities
Notes payable $ 5,195 $ 5,800
Current portion of long-term borrowings 103,658 137,557
Accounts payable 139,677 133,654
Accrued expenses 125,183 154,050
Payroll and benefit-related liabilities 83,129 84,251
Derivative liabilities 27,370 4,380
Accrued interest 26,888 26,060
Income taxes payable 12,613 85,805
Deferred tax liabilities 2,227 21,733
Total current liabilities 525,940 653,290
Long-term borrowings 1,437,538 1,540,902
Deferred tax liabilities 324,678 379,467
Pension and postretirement benefit liabilities 169,841 78,910
Other liabilities 182,864 164,402
Total liabilities 2,640,861 2,816,971
Minority interest in equity of consolidated subsidiaries 39,428 42,183
Commitments and contingencies (See Note 15)
Shareholders’ equity
Common shares, $1 par value Issued: 2008 — 41,995 shares; 2007 —
41,794 shares 41,995 41,794
Additional paid-in capital 268,263 252,108
Retained earnings 1,182,906 1,118,053
Accumulated other comprehensive income (108,202) 56,919
1,384,962 1,468,874
Less: Treasury stock, at cost 138,507 140,031
Total shareholders’ equity 1,246,455 1,328,843
Total liabilities and shareholders’ equity $ 3,926,744 $ 4,187,997

The accompanying notes are an integral part of the consolidated financial statements.

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TELEFLEX INCORPORATED AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended
December 31, December 31, December 31,
2008 2007 2006
(Dollars in thousands)
Cash Flow s from Operating Activities of Continuing Operations:
Net income $ 119,774 $ 146,484 $ 139,430
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (income) from discontinued operations 14,206 (188,852) (43,342)
Depreciation expense 64,986 50,958 47,023
Amortization expense of intangible assets 46,232 20,856 10,939
Amortization expense of deferred financing costs 5,330 6,946 1,332
In-process research and development charge — 30,000 —
Stock-based compensation 8,643 7,515 5,858
(Gain) loss on sales of businesses and assets (296) 1,110 732
Impairment of long-lived assets 10,399 6,912 8,444
Impairment of goodw ill — 18,896 1,003
Deferred income taxes (29,496) 83,154 (2,792)
Minority interest in consolidated subsidiaries 34,828 28,949 23,211
Other 12,751 6,898 960
Changes in operating assets and liabilities, net of effects of acquisitions and
disposals:
Accounts receivable 2,849 5,399 30,619
Inventories (20,881) 62,449 5,014
Prepaid expenses 5,561 (455) (8,106)
Accounts payable and accrued expenses 7,939 9,473 (16,111)
Income taxes payable (106,037) (13,604) (5,751)
Net cash provided by operating activities from continuing operations 176,788 283,088 198,463
Cash Flow s from Financing Activities of Continuing Operations:
Proceeds from long-term borrow ings 92,897 1,620,000 —
Reduction in long-term borrow ings (226,687) (463,391) (55,031)
Payments of debt issuance and amendment costs (656) (21,565) —
(Decrease) increase in notes payable and current borrow ings (492) 1,321 (59,912)
Proceeds from stock compensation plans 7,955 24,171 11,952
Payments to minority interest shareholders (37,979) (21,259) (129)
Purchases of treasury stock — — (93,552)
Dividends (53,047) (48,929) (44,096)
Net cash (used in) provided by financing activities from continuing operations (218,009) 1,090,348 (240,768)
Cash Flow s from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment (39,267) (44,734) (40,772)
Payments for businesses and intangibles acquired, net of cash acquired (6,083) (2,174,517) (37,370)
Proceeds from sales of businesses and assets 8,464 702,314 3,644
(Investments in) proceeds from affiliates (2,565) (5,554) 2,597
Working capital payment for divested business — — (6,029)
Net cash used in investing activities from continuing operations (39,451) (1,522,491) (77,930)
Cash Flow s from Discontinued Operations:
Net cash (used in) provided by operating activities (5,619) 110,500 146,199
Net cash used in financing activities — (4,889) (9,337)
Net cash used in investing activities — (17,104) (22,578)
Net cash (used in) provided by discontinued operations (5,619) 88,507 114,284
Effect of exchange rate changes on cash and cash equivalents (7,776) 13,481 14,824
Net (decrease) increase in cash and cash equivalents (94,067) (47,067) 8,873
Cash and cash equivalents at the beginning of the year 201,342 248,409 239,536
Cash and cash equivalents at the end of the year $ 107,275 $ 201,342 $ 248,409
Cash interest paid $ 113,892 $ 53,650 $ 40,206
Income taxes paid $ 206,369 $ 67,191 $ 65,151

The accompanying notes are an integral part of the consolidated financial statements.

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TELEFLEX INCORPORATED AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Accumulated
Additional Other
Common Stock Paid in Retained Comprehensive Treasury Stock Comprehensive
Shares Dollars Capital Earnings Income Shares Dollars Total Income
(Dollars and shares in thousands, except per share)
Balance at December 25, 2005 41,123 $41,123 $204,550 $ 939,335 $ 6,614 766 $ (49,548) $1,142,074
Net income 139,430 139,430 $ 139,430
Cash div idends ($1.105 per share) (44,096) (44,096)
Financial instruments marked to
market, net of tax of $753 1,234 1,234 1,234
Cumulativ e translation adjustment 47,468 47,468 47,468
Minimum pension liability adjustment,
net of tax of $4,256 (8,117) (8,117) (8,117)
Comprehensiv e income $ 180,015
Adoption of SFAS No. 158, net of tax
of $10,514 (17,164) (17,164)
Shares issued under compensation
plans 241 241 19,059 (38) 2,497 21,797
Def erred compensation (9) 347 347
Purchases of treasury stock 1,627 (93,552) (93,552)
Balance at December 31, 2006 41,364 $41,364 $223,609 $1,034,669 $ 30,035 2,346 $(140,256) $1,189,421
Net income 146,484 146,484 $ 146,484
Cash div idends ($1.245 per share) (48,929) (48,929)
Financial instruments marked to
market, net of tax of $5,011 (8,176) (8,176) (8,176)
Cumulativ e translation adjustment
(“CTA”) 73,199 73,199 73,199
Reclassif ication of CTA to gain (50,898) (50,898) (50,898)
Pension liability adjustment, net of
tax of $1,020 12,759 12,759 12,759
Comprehensiv e income $ 173,368
Shares issued under compensation
plans 430 430 28,973 (6) 221 29,624
Adoption of FIN No. 48 (14,171) (14,171)
Def erred compensation (474) 3 4 (470)
Balance at December 31, 2007 41,794 $41,794 $252,108 $1,118,053 $ 56,919 2,343 $(140,031) $1,328,843
Net income 119,774 119,774 $ 119,774
Split-dollar lif e insurance
arrangements adjustment (1,874) (1,874) (1,874)
Cash div idends ($1.34 per share) (53,047) (53,047)
Financial instruments marked to
market, net of tax of $(12,896) (24,406) (24,406) (24,406)
Cumulativ e translation adjustment (68,179) (68,179) (68,179)
Pension liability adjustment, net of
tax of $(36,557) (72,536) (72,536) (72,536)
Comprehensiv e income $ (47,221)
Shares issued under compensation
plans 201 201 16,155 (24) 1,192 17,548
Def erred compensation (8) 332 332
Balance at December 31, 2008 41,995 $41,995 $268,263 $1,182,906 $ (108,202) 2,311 $(138,507) $1,246,455

The accompanying notes are an integral part of the consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share)

Note 1 — Summary of significant accounting policies


Consolidation: The consolidated financial statements include the accounts of Teleflex Incorporated and its
subsidiaries (the “Company”). Also, in accordance with FASB Interpretation (“FIN”) No. 46(R), “Consolidation of
Variable Interest Entities,” the Company consolidates variable interest entities in which it bears a majority of the
risk of the potential losses or gains from a majority of the expected returns. Intercompany transactions are
eliminated in consolidation. Investments in affiliates over which the Company has significant influence but not a
controlling equity interest are carried on the equity basis. Investments in affiliates over which the Company does
not have significant influence are accounted for by the cost method. These consolidated financial statements have
been prepared in conformity with accounting principles generally accepted in the United States of America and
include management’s estimates and assumptions that affect the recorded amounts.
Use of estimates: The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of net revenues and expenses during the reporting period. Actual
results could differ from those estimates.
Cash and cash equivalents: All highly liquid debt instruments with an original maturity of three months or
less are classified as cash equivalents. The carrying value of cash equivalents approximates their current market
value.
Accounts receivable: Accounts receivable represents amounts due from customers related to the sale of
products and provision of services. An allowance for doubtful accounts is maintained and represents the
Company’s estimate of probable losses on realization of the full receivable. The allowance is provided at such time
that management believes reasonable doubt exists that such balances will be collected within a reasonable period
of time. The allowance is based on the Company’s historical experience, the period an account is outstanding, the
financial position of the customer and information provided by credit rating services. The allowance for doubtful
accounts was $8.7 million and $7.0 million as of December 31, 2008 and December 31, 2007, respectively.
Inventories: Inventories are valued at the lower of cost or market. The cost of the Company’s inventories is
determined by the “first-in, first-out” method for catheter and related product inventories and by the average cost
method for other inventory categories. Elements of cost in inventory include raw materials, direct labor, and
manufacturing overhead. In estimating market value, the Company evaluates inventory for excess and obsolete
quantities based on estimated usage and sales.
Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated
depreciation. Costs incurred to develop internal-use computer software during the application development stage
generally are capitalized. Costs of enhancements to internal-use computer software are capitalized, provided that
these enhancements result in additional functionality. Other additions and those improvements which increase the
capacity or lengthen the useful lives of the assets are also capitalized. With minor exceptions, straight-line
composite lives for depreciation of property, plant and equipment are as follows: land improvements — 5 years;
buildings — 30 years; machinery and equipment — 3 to 10 years; computer equipment and software — 3 to
5 years. Leasehold improvements are depreciated over the remaining lease periods. Repairs and maintenance
costs are expensed as incurred.
Goodwill and other intangible assets: Goodwill and other intangible assets with indefinite lives are not
amortized but are tested for impairment at least annually or more frequently if events or changes in

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

circumstances indicate the carrying value may not be recoverable. Impairment losses, if any, are recorded as part
of income from operations. The goodwill impairment test is applied to each of the Company’s reporting units. For
purposes of this assessment, a reporting unit is the operating segment, or a business one level below that
operating segment (the component level) if discrete financial information is prepared and regularly reviewed by
segment management. However, components are aggregated as a single reporting unit if they have similar
economic characteristics. The goodwill impairment test is applied using a two-step approach. In performing the
first step, the Company calculated fair values of the various reporting units using equal weighting of two methods;
one which estimates the discounted cash flows (“DCF”) of each of the reporting units based on projected earnings
in the future (the Income Approach) and one which is based on sales of similar assets in actual transactions (the
Market Approach). If the reporting unit carrying amount exceeds the fair value, the second step of the goodwill
impairment test is performed to measure the amount of the impairment loss, if any. In the second step, the
implied fair value of the goodwill is estimated as the fair value of the reporting unit used in the first step less the fair
values of all net tangible and intangible assets of the reporting unit other than goodwill. If the carrying amount of
the goodwill exceeds its implied fair market value, an impairment loss is recognized in an amount equal to that
excess, not to exceed the carrying amount of the goodwill. For other indefinite lived intangible assets, the
impairment test consists of a comparison of the fair value of the intangible assets to their carrying amounts.
The Company performs its annual impairment test of its recorded goodwill and indefinite-lived intangible
assets in the fourth quarter each year unless interim indications of impairment exist. In 2008, following the
process described in the preceding paragraph, certain trade names in the Commercial Segment were determined
to be impaired by $0.8 million. In 2007, an impairment charge of $18.9 million was made to goodwill.
Intangible assets consisting of intellectual property, customer lists and distribution rights are being amortized
over their estimated useful lives, which are as follows: intellectual property 3 to 20 years, customer lists 5 to
30 years, distribution rights 3 to 22 years. The weighted average amortization period is 15 years. Tradenames of
$326 million are considered indefinite lived. The Company continually evaluates the reasonableness of the useful
lives of these assets. During 2007, the company terminated certain contractual relationships that resulted in an
impairment charge of $2.5 million which is included in restructuring and other impairment charges.
Long-lived assets: The ability to realize long-lived assets is evaluated periodically as events or circumstances
indicate a possible inability to recover their carrying amount. Such evaluation is based on various analyses,
including undiscounted cash flow and profitability projections that incorporate, as applicable, the impact on the
existing business. The analyses necessarily involve significant management judgment. Any impairment loss, if
indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value
of the asset.
Product warranty liability: Product warranty liability arises out of the need to repair or replace product without
charge to the customer. The Company warrants such products from manufacturing defect. The Company
estimates its warranty liability based on historical trends of units sold, the status of existing claims, recall
programs and communication with customers.
Foreign currency translation: Assets and liabilities of non-domestic subsidiaries denominated in local
currencies are translated into U.S. dollars at the rates of exchange at the balance sheet date; income and
expenses are translated at the average rates of exchange prevailing during the year. The resultant translation
adjustments are reported as a component of accumulated other comprehensive income in shareholders’ equity.
Derivative financial instruments: The Company uses derivative financial instruments primarily for purposes of
hedging exposures to fluctuations in interest rates and foreign currency exchange rates. All instruments are

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

entered into for other than trading purposes. All derivatives are recognized on the balance sheet at fair value.
Changes in the fair value of derivatives are recorded in earnings or other comprehensive income, based on whether
the instrument is designated as part of a hedge transaction and, if so, the type of hedge transaction. Gains or
losses on derivative instruments reported in other comprehensive income are reclassified to earnings in the period
in which earnings are affected by the underlying hedged item. The ineffective portion of all hedges is recognized in
current period earnings. If the hedging relationship ceases to be highly effective or it becomes probable that an
expected transaction will no longer occur, gains or losses on the derivative are recorded in current period earnings.
Share-based compensation: The Company estimates the fair value of share-based awards on the date of
grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest is
recognized as expense over the requisite service periods. Share-based compensation expense is measured using
a multiple point Black-Scholes option pricing model that takes into account highly subjective and complex
assumptions. The expected life of options granted is derived from the vesting period of the award, as well as
historical exercise behavior, and represents the period of time that options granted are expected to be
outstanding. Expected volatilities are based on a blend of historical volatility and implied volatility derived from
publicly traded options to purchase the Company’s common stock, which the Company believes is more reflective
of the market conditions and a better indicator of expected volatility than solely using historical volatility. The risk-
free interest rate is the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining
term equal to the expected life of the option.
Share-based compensation expense for 2008, 2007 and 2006 was $8.7 million, $7.5 million and $6.8 million,
respectively and is included in selling, engineering and administrative expenses. The total income tax benefit
recognized for share-based compensation arrangements for 2008, 2007 and 2006 was $2.1 million, $1.5 million
and $1.4 million, respectively.
As of December 31, 2008, unamortized share-based compensation cost related to non-vested stock options,
net of expected forfeitures, was $4.7 million, which is expected to be recognized over a weighted-average period of
1.75 years. Unamortized share-based compensation cost related to non-vested shares (restricted stock), net of
expected forfeitures, was $6.1 million, which is expected to be recognized over a weighted-average period of
2.0 years.
Share-based compensation expense recognized during a period is based on the value of the portion of stock-
based awards that is ultimately expected to vest during the period less estimated forfeitures. Share-based
compensation expense recognized in 2006, 2007 and 2008 included compensation expense for (1) share-based
awards granted prior to, but not yet vested as of December 25, 2005, based on the fair value on the grant date
estimated in accordance with the pro forma provisions of SFAS No. 123 and (2) share-based awards granted
subsequent to December 25, 2005, based on the fair value on the grant date estimated in accordance with the
provisions of SFAS No. 123(R). SFAS No. 123(R) requires forfeitures to be estimated at the time of grant.
Management reviews and revises the estimate of forfeitures for all share-based awards on a quarterly basis based
on management’s expectation of the awards that will ultimately vest to minimize fluctuations in share-based
compensation expense. In 2008, the Company issued 164,818 non-vested shares (restricted stock) the majority of
which vest in three years (cliff vesting).
Income taxes: The provision for income taxes is determined using the asset and liability approach of
accounting for income taxes in accordance with SFAS No. 109, “Accounting for Income Taxes.” Under this
approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of
assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or
payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from

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differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for
changes in tax rates and tax laws when changes are enacted. Provision has been made for income taxes on
unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be
permanently re-invested.
Significant judgment is required in determining income tax provisions under SFAS No. 109 and in evaluating
tax positions. We establish additional provisions for income taxes when, despite the belief that tax positions are
fully supportable, there remain certain positions that do not meet the minimum probability threshold, as defined by
FASB Interpretation (“FIN”) No. 48, “Accounting for Uncertainty in Income Taxes — An Interpretation of FASB
Statement 109” (“FIN 48”), which is a tax position that is more likely than not to be sustained upon examination by
the applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined
by various Federal, State and foreign tax authorities. We regularly assess the potential outcomes of these
examinations and any future examinations for the current or prior years in determining the adequacy of our
provision for income taxes. Interest accrued related to unrecognized tax benefits and income tax related penalties
are both included in taxes on income from continuing operations. We continually assess the likelihood and
amount of potential adjustments and adjust the income tax provision, the current tax liability and deferred taxes in
the period in which the facts that give rise to a revision become known.
Pensions and other postretirement benefits: The Company provides a range of benefits to eligible employees
and retired employees, including pensions and postretirement healthcare. The Company records annual amounts
relating to these plans based on calculations which include various actuarial assumptions such as discount rates,
expected rates of return on plan assets, compensation increases, turnover rates and healthcare cost trend rates.
The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions
based on current rates and trends when appropriate. As required, the effect of the modifications is generally
amortized over future periods.
Restructuring costs: Restructuring costs, which include termination benefits, facility closure costs, contract
termination costs and other restructuring costs are recorded at estimated fair value. Key assumptions in
calculating the restructuring costs include the terms that may be negotiated to exit certain contractual obligations
and the timing of employees leaving the company.
Revenue recognition: The Company recognizes revenues from product sales, including sales to distributors,
or services provided when the following revenue recognition criteria are met: persuasive evidence of an arrangement
exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable and
collectability is reasonably assured. This generally occurs when products are shipped, when services are rendered
or upon customers’ acceptance.
Revenues from product sales, net of estimated returns and other allowances based on historical experience
and current trends, are recognized upon shipment of products to customers or distributors. Net revenues from
services provided are recognized as the services are rendered and comprised 6.5%, 9.9% and 10.7% of net
revenues in 2008, 2007 and 2006, respectively.
The Company considers the criteria presented in SFAS No. 48, “Revenue Recognition When Right of Return
Exists,” in determining the appropriate revenue recognition treatment. The Company’s normal policy is to accept
returns only in cases in which the product is defective and covered under the Company’s standard warranty
provisions. However, in the limited cases where an arrangement provides a right of return to the customer,
including a distributor, the Company believes it has the ability to reasonably estimate the amount of returns based
on its substantial historical experience with respect to these arrangements. The Company accrues any costs or
losses that may be expected in connection with any returns in accordance with SFAS No. 5,

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

“Accounting for Contingencies.” Revenues and materials, labor and other product costs are reduced to reflect
estimated returns.
The Company applies the provisions of Emerging Issues Task Force (“EITF”) Issue No. 01-09, “Accounting for
Consideration Given from a Vendor to a Customer (Including a Reseller of the Vendor’s Products),” to its customer
incentive programs, which include discounts or rebates. Appropriate allowances are determined and recorded as a
reduction of revenue.
Reclassifications: Certain reclassifications have been made to the prior years’ consolidated financial
statements to conform to current year presentation including the reclassification of $41.8 million of borrowings
under the revolving credit agreement from current borrowings to long-term borrowings. Certain financial information
is presented on a rounded basis, which may cause minor differences.

Note 2 — New accounting standards


Split-Dollar Life Insurance Arrangements: In March 2007, the Financial Accounting Standards Board
(“FASB”) ratified the consensus reached by the Emerging Issues Task Force (“EITF”) for Issue 06-10 “Accounting
for Collateral Assignment Split-Dollar Life Insurance Arrangements.” EITF 06-10 provides guidance for determining
when a liability exists for the postretirement benefit obligation as well as recognition and measurement of the
associated asset on the basis of the terms of the collateral assignment agreement. The Company adopted the
requirements of EITF 06-10 on January 1, 2008, as a change in accounting principle through a cumulative-effect
adjustment that reduced retained earnings by approximately $1.9 million. The adjustment was determined by
assessing the future cash flows of the premiums that were paid to date as of December 31, 2007 that the
Company is entitled to recover under the split-dollar life insurance arrangements, resulting in a reduction of other
assets by $1.9 million. The Company stopped making premium payments on these policies in 2003. In the fourth
quarter of 2008, the Company resumed making premium payments for one of the five participants under these
programs and recorded a liability of $0.3 million.
Fair Value Measurements: In September 2006, the FASB issued Statement of Financial Accounting
Standards (“SFAS”) No. 157, “Fair Value Measurements.” SFAS No. 157 establishes a common definition of fair
value to be applied to US GAAP that requires the use of fair value, establishes a framework for measuring fair
value, and expands disclosure about such fair value measurements. Except as noted below, SFAS No. 157
became effective for fiscal years beginning after November 15, 2007.
In February 2008, the FASB issued FASB Staff Position (“FSP”) 157-2, “Partial Deferral of the Effective Date
of Statement 157.” FSP 157-2 delays the effective date of SFAS No. 157 to fiscal years beginning after
November 15, 2008 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or
disclosed at fair value in the financial statements on a recurring basis (at least annually). The Company adopted
SFAS No. 157 as of January 1, 2008 with respect to financial assets and financial liabilities. As of January 1,
2009, the Company adopted the provisions of SFAS No. 157 with respect to non-financial assets and liabilities
under FSP 157-2 and this adoption did not have a material impact on the Company’s financial position, results of
operations and cash flows.
In October 2008, the FASB issued FSP 157-3, “Determining the Fair Value of a Financial Asset When the
Market for That Asset is Not Active.” FSP 157-3 clarifies the application of SFAS No. 157 in a market that is not
active and provides an example to illustrate key considerations in determining the fair value of a financial asset
when the market for that financial asset is not active. FSP 157-3 became effective upon issuance and did not have
a material impact on the Company’s fair value of financial assets as a result of the adoption of FSP 157-3. Refer to
Note 14 for additional information on fair value measurements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Fair Value Option: In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial
Assets and Financial Liabilities — including an amendment of FASB Statement No. 115,” which permits an entity
to measure certain financial assets and financial liabilities at fair value, with unrealized gains and losses reported
in earnings at each subsequent measurement date. The fair value option may be elected on an instrument-by-
instrument basis, as long as it is applied to the instrument in its entirety. The fair value option election is
irrevocable, unless an event specified in SFAS No. 159 occurs that results in a new election date. This statement
is effective for fiscal years beginning after November 15, 2007. The Company adopted SFAS No. 159 as of
January 1, 2008 and has elected not to measure any additional financial instruments and other items at fair value.
Business Combinations: In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations”.
SFAS No. 141(R) replaces SFAS No. 141, “Business Combinations.” SFAS No. 141(R) retains the fundamental
requirements in Statement 141 that the acquisition method of accounting (which Statement 141 called the
purchase method) be used for all business combinations and for an acquirer to be identified for each business
combination. SFAS No. 141(R) defines the acquirer as the entity that obtains control of one or more businesses in
the business combination and establishes the acquisition date as the date that the acquirer achieves control.
SFAS No. 141(R)’s scope is broader than that of Statement 141, which applied only to business combinations in
which control was obtained by transferring consideration.
SFAS No. 141(R) replaces Statement 141’s cost-allocation process and requires an acquirer to recognize the
assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date,
measured at their fair values as of that date, with limited exceptions. In addition, SFAS No. 141(R) changes the
allocation and treatment of acquisition-related costs, restructuring costs that the acquirer expected but was not
obligated to incur, the recognition of assets and liabilities assumed arising from contingencies and the recognition
and measurement of goodwill. This statement is effective for fiscal years beginning after December 15, 2008 and is
to be applied prospectively to business combinations. Accordingly, the Company will apply the provisions of
SFAS No. 141(R) upon adoption on its effective date.
Noncontrolling Interests: In December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in
Consolidated Financial Statements — an amendment of ARB No. 51.” SFAS No. 160 amends Accounting
Research Bulletin (“ARB”) 51 to establish accounting and reporting standards for the noncontrolling interest in a
subsidiary, sometimes referred to as minority interest, and for the deconsolidation of a subsidiary. It clarifies that a
noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported
as equity in the consolidated financial statements. SFAS No. 160 requires that a noncontrolling interest in
subsidiaries held by parties other than the parent be clearly identified, labeled, and presented in the consolidated
statement of financial position within equity, but separate from the parent’s equity, that the amount of consolidated
net income attributable to the parent and to the noncontrolling interest be clearly identified and presented on the
face of the consolidated statement of income, that the changes in a parent’s ownership interest while the parent
retains its controlling financial interest in its subsidiary be accounted for consistently as equity transactions and
that when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary
be initially measured at fair value. This statement is effective for fiscal years beginning after December 15, 2008
and earlier adoption is prohibited. Accordingly, the Company will apply the provisions of SFAS No. 160 upon
adoption on its effective date.
Disclosures about Derivative Instruments and Hedging Activities: In March 2008, the FASB issued
SFAS No. 161 “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB
Statement No. 133,” which requires enhanced disclosures about derivative and hedging activities. Companies will
be required to provide enhanced disclosures about (a) how and why a company uses derivative instruments,
(b) how derivative instruments and related hedged items are accounted for under SFAS No. 133 and related

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

interpretations, and (c) how derivative instruments and related hedged items affect the company’s financial
position, financial performance, and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal
and interim periods beginning after November 15, 2008. Accordingly, the Company will ensure that it meets the
enhanced disclosure provisions of SFAS No. 161 upon the effective date.
Hierarchy of Generally Accepted Accounting Principles: In May 2008, the FASB issued SFAS No. 162 “The
Hierarchy of Generally Accepted Accounting Principles,” which has been established by the FASB as a
framework for entities to identify the sources of accounting principles and for selecting the principles to be used in
the preparation of financial statements of nongovernmental entities that are presented in conformity with US
GAAP. SFAS No. 162 became effective on November 15, 2008, 60 days after the Securities and Exchange
Commission’s (“SEC”) approved the Public Company Accounting Oversight Board’s (“PCAOB”) amendments to
AU Section 411, “The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles.”
The Company adopted SFAS No. 162 upon the statement’s effective date.
Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating
Securities: In June 2008, the FASB issued FSP EITF 03-6-1 “Determining Whether Instruments Granted in Share-
Based Payment Transactions Are Participating Securities,” which addresses whether unvested instruments
granted in share-based payment transactions that contain nonforfeitable rights to dividends or dividend equivalents
are participating securities subject to the two-class method of computing earnings per share under SFAS No. 128,
“Earnings Per Share.” FSP EITF 03-6-1 is effective for financial statements issued for fiscal years beginning after
December 15, 2008 and interim periods within those years. The Company is currently evaluating the guidance
under FSP EITF 03-6-1 but does not expect it will result in a change in the Company’s earnings per share or
diluted earnings per share.
Determination of the Useful Life of Intangible Assets: In April 2008, the FASB issued FSP 142-3,
“Determination of the Useful Life of Intangible Assets,” which amends SFAS No. 142, “Goodwill and Other
Intangible Assets” (SFAS No. 142), regarding the factors that should be considered in developing the useful lives
for intangible assets with renewal or extension provisions. FSP FAS 142-3 requires an entity to consider its own
historical experience in renewing or extending similar arrangements, regardless of whether those arrangements
have explicit renewal or extension provisions, when determining the useful life of an intangible asset. In the
absence of such experience, an entity shall consider the assumptions that market participants would use about
renewal or extension, adjusted for entity-specific factors. FSP FAS 142-3 will be effective for qualifying intangible
assets acquired by the Company on or after January 1, 2009. The application of FSP FAS 142-3 did not have a
material impact on the Company’s results of operations, cash flows or financial position upon adoption; however,
future transactions entered into by the Company will need to be evaluated under the requirements of this FSP.
Disclosures by Public Entities (Enterprises) about Transfers of Financial Assets and Interests in Variable
Interest Entities: In December 2008, the FASB issued FSP 140-4 and FIN 46(R)-8, “Disclosures by Public
Entities (Enterprises) about Transfers of Financial Assets and Interests in Variable Interest Entities”. This FSP
amends FASB Statement No. 140, “Accounting for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities,” and amends FASB Interpretation No. 46 (revised December 2003), “Consolidation
of Variable Interest Entities”, to require public entities (enterprises) to provide additional disclosures that are
intended to provide greater transparency to financial statement users about a transferor’s continuing involvement
with transferred financial assets and an enterprise’s involvement with variable interest entities and qualifying SPEs.
FSP 140-4 and FIN 46(R)-8 is effective for the first reporting period (interim or annual) ending after December 15,
2008, accordingly the Company has adopted the disclosure requirements of FSP 140-4 and FIN 46(R)-8 beginning
in its annual reporting period ending December 31, 2008. Refer to Note 15 for additional information regarding our
accounts receivable securitization program.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Note 3 — Acquisitions
Acquisition of Arrow International, Inc.
On October 1, 2007, the Company acquired all of the outstanding capital stock of Arrow International, Inc.
(“Arrow”) for approximately $2.1 billion. Arrow is a global provider of catheter-based access and therapeutic
products for critical and cardiac care. The transaction was financed with cash, borrowings under a new senior
secured syndicated bank loan and proceeds received through the issuance of privately placed notes. The results
of operations for Arrow are included in the Company’s Medical Segment from the date of acquisition.
Under the terms of the transaction, the Company paid $45.50 per common share in cash, or $2,094.6 million
in total, to acquire all of the outstanding common shares of Arrow. In addition, the Company paid $39.1 million in
cash for outstanding stock options of Arrow. Pursuant to the terms of the agreement, upon the change in control
of Arrow, Arrow’s outstanding stock options became fully vested and exercisable and were cancelled in exchange
for the right to receive an amount for each share subject to the stock option, equal to the excess of $45.50 per
share over the exercise price per share of each option. The aggregate purchase price of $2,104.0 million includes
transaction costs of approximately $10.8 million.
In conjunction with the acquisition of Arrow, the Company repaid approximately $35.1 million of debt,
representing substantially all of Arrow’s existing outstanding debt as of October 1, 2007.
The Company financed the all cash purchase price and related transaction costs associated with the Arrow
acquisition, and the repayment of substantially all of Arrow’s outstanding debt with $1,672.0 million from
borrowings under a new senior secured syndicated bank loan and proceeds received through the issuance of
privately placed notes (see Note 8 “Borrowings”) and cash on hand of approximately $433.5 million.
The acquisition of Arrow was accounted for under the purchase method of accounting. As such, the cost to
acquire Arrow was allocated to the respective assets and liabilities acquired based on their preliminary estimated
fair values as of the closing date.
The following table summarizes the purchase price allocation of the cost to acquire Arrow based on the fair
values as of October 1, 2007:
(Dollars in
m illions)
Assets
Current assets $ 400.8
Property, plant and equipment 184.1
Intangible assets 930.4
Goodwill 1,038.3
Other assets 51.2
Total assets acquired $ 2,604.8
Less:
Current liabilities $ 121.4
Deferred tax liabilities 327.3
Other long-term liabilities 52.1
Liabilities assumed $ 500.8
Net assets acquired $ 2,104.0

The Company has finalized its allocation of the initial purchase price as of the acquisition date.

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Certain assets acquired in the Arrow merger qualify for recognition as intangible assets apart from goodwill in
accordance with Statement of Financial Accounting Standards No. 141, “Business Combinations”. The estimated
fair value of intangible assets acquired included customer related intangibles of $497.7 million, trade names of
$249.0 million and purchased technology of $153.4 million. Customer related intangibles have a useful life of
25 years and purchased technology have useful lives ranging from 7-15 years. Trade names have an indefinite
useful life. A portion of the purchase price allocation, $30 million, representing in-process research and
development was deemed to have no future alternative use and was charged to expense as of the date of the
combination. Goodwill is not deductible for tax purposes.
The amount of the purchase price allocated to the acquired in-process research and development represents
the estimated value based on risk-adjusted cash flows related to in-process projects that have not yet reached
technological feasibility and have no alternative future uses as of the date of the acquisition. The primary basis for
determining the technological feasibility of these projects is obtaining regulatory approval to market the underlying
products. If the products are not successful or completed in a timely manner, the Company may not realize the
financial benefits expected for these projects.
The value assigned to the acquired in-process technology was determined by estimating the costs to develop
the acquired technology into commercially viable products, estimating the resulting net cash flows from the
projects, and discounting the net cash flows to their present value. The revenue projections used to value the
acquired in-process research and development was based on estimates of relevant market sizes and growth
factors, expected trends in technology, and the nature and expected timing of new product introductions by us
and our competitors. The resulting net cash flows from such projects were based on our estimates of cost of
sales, operating expenses, and income taxes from such projects.
The rate of 14 percent utilized to discount the net cash flows to their present value was based on estimated
cost of capital calculations and the implied rate of return from the Company’s acquisition model plus a risk
premium. Due to the nature of the forecasts and the risks associated with the developmental projects, appropriate
risk-adjusted discount rates were used for the in-process research and development projects. The discount rates
are based on the stage of completion and uncertainties surrounding the successful development of the purchased
in-process technology projects.
The purchased in-process technology of Arrow relates to research and development projects in the following
product families: Central Venus Access Catheters (“CVC”) and Specialty Care Catheters (“Specialty Care”).
The most significant purchased set of in-process technologies relates to the CVC Product Family for which
the Company has estimated a value of $25 million. The projects included in this product family’s in-process
technology include the Hi-C Project, PICC Triple Lumen, Antimicrobial PICC, and certain Catheter Tip Positioning
Technology.
The remaining purchased set of in-process technologies relates to the Specialty Care Product Family for
which the Company has estimated a value of $5 million. The projects included in this product family’s in-process
technology include the Ethanol Lock Program and Antimicrobial CHDC.
The Company continues to evaluate certain of these projects for their feasibility and alignment with the
Company’s core strategic objectives.

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TELEFLEX INCORPORATED AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Pro Forma Combined Financial Information


The following unaudited pro forma combined financial information for the years ended December 31, 2007 and
2006 gives effect to the Arrow merger as if it was completed at the beginning of each of the respective periods:
2007 2006
(Dollars in thous ands,
e xcept pe r s hare
am ounts )
Net revenue $ 2,323.3 $ 2,181.6
Income from continuing operations $ (84.6) $ (5.4)
Net income $ 104.2 $ 37.9
Basic earnings per common share:
Income from continuing operations $ (2.16) $ (0.14)
Net income $ 2.65 $ 0.95
Diluted earnings per common share:
Income from continuing operations $ (2.16) $ (0.14)
Net income $ 2.65 $ 0.95
Weighted average common shares outstanding:
Basic 39,259 39,760
Diluted 39,259 39,760
The unaudited pro forma combined financial information presented above includes special charges in both
periods for the $35.8 million inventory step-up, the $30.0 million in-process research and development write-off that
was charged to expense as of the date of the combination and the $1.0 million financing costs paid to third parties
for the amended notes. In addition, the 2007 pro forma combined financial information includes a discrete income
tax charge of approximately $91.8 million in connection with funding the acquisition of Arrow related to the
Company’s repatriation of cash from foreign subsidiaries. See Note 12 — Income taxes for more information
concerning the repatriation of cash.

Integration of Arrow
In connection with the acquisition of Arrow, the Company formulated a plan related to the future integration of
Arrow and the Company’s Medical businesses. The integration plan focuses on the closure of Arrow corporate
functions and the consolidation of manufacturing, sales, marketing, and distribution functions in North America,
Europe and Asia. The Company finalized its estimate of the costs to implement the plan in the fourth quarter of
2008, which resulted in a net $8.5 million reduction of the costs to implement the plan that was charged to
goodwill and changed the allocation of the purchase price. The reduction in the reserve principally resulted from
the Company’s ability to re-negotiate certain foreign distribution agreements that were originally deemed to be
contract termination costs, fewer people taking relocation packages than was originally estimated, lower
employee and lease termination costs and an overall finalization of the plan for amounts different than originally
estimated. In some instances, the Company changed the focus of the original plan from an Arrow facility to a
Teleflex facility which resulted in an increase in future estimated restructuring expenses (see Note 4
“Restructuring”).
The Company recognized an aggregate amount of $31.6 million as a liability assumed in the acquisition of
Arrow, and included in the allocation of the purchase price, for the estimated costs to carry out the integration
plan. Of this amount, $18.4 million related to employee termination costs, $4.3 million related to facility

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

closures and $8.9 million related to termination of certain distribution agreements, and other actions. Set forth
below is the activity in the integration cost accrual from October 2007 (date of acquisition) through December 31,
2008:
Involuntary Employee Facility Contract Other
Termination Benefits Closure Costs Termination Costs Integration Costs Total
(Dollars in millions)

Balance at acquisition $ 18.4 $ 3.6 $ 9.6 $ — $31.6


Cash payments (3.6) — — — (3.6)
Balance at December 31,
2007 14.8 3.6 9.6 — 28.0
Cash payments (6.6) (1.1) (1.7) (0.3) (9.7)
Adjustments to reserve (4.2) (1.9) (3.4) 1.0 (8.5)
Foreign currency translation 0.3 0.2 0.3 — 0.8
Balance at December 31,
2008 $ 4.3 $ 0.8 $ 4.8 $ 0.7 $10.6

It is anticipated that a majority of these costs will be paid in 2009; however, some portions of the contract
termination costs for leased facilities may extend to 2013.
In conjunction with the plan for the integration of Arrow and the Company’s Medical businesses, the Company
expects to take actions that affect employees and facilities of Teleflex. This aspect of the integration plan is
explained in Note 4 “Restructuring” and such costs incurred will be charged to earnings and included in
“restructuring and other impairment costs” within the consolidated statement of income.

Acquisition of Nordisk Aviation Products


In November 2007, the company acquired Nordisk Aviation Products a.s. (Nordisk), a world leader in
developing, supplying and servicing containers and pallets for air cargo, for approximately $32 million. The results
of Nordisk are included in the Company’s Aerospace Segment. Revenues in 2007 were $11 million.

Acquisition of Specialized Medical Devices, Inc.


In April 2007, the Company acquired the assets of HDJ Company, Inc. (“HDJ”) and its wholly owned
subsidiary, Specialized Medical Devices, Inc. (“SMD”), a provider of engineering and manufacturing services to
medical device manufacturers, for approximately $25.0 million. The results for HDJ are included in the Company’s
Medical Segment. Revenues in 2007 were $12 million.

Acquisition of Southern Wire Corporation.


In April 2007, the Company acquired substantially all of the assets of Southern Wire Corporation (“Southern
Wire”), a wholesale distributor of wire rope cables and related hardware, for approximately $20.6 million. The
results for Southern Wire are included in the Company’s Commercial Segment. Revenues in 2007 were
$22 million.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Note 4 — Restructuring
The amounts recognized in restructuring and other impairment charges for 2008, 2007 and 2006 consisted of
the following:
2008 2007 2006
(Dollars in thous ands)
2008 Commercial Segment program $ 1,930 $ — $ —
2007 Arrow integration program 21,145 916 —
2006 restructuring program 901 3,437 2,951
Aerospace Segment restructuring activity — — 609
2004 restructuring and divestiture program — 675 10,382
Aggregate impairment charges — investments and certain fixed assets 3,725 6,324 7,378
Restructuring and other impairment charges $27,701 $11,352 $21,320

2008 Commercial Segment Program


In December 2008, the Company began certain restructuring initiatives with respect to the Company’s
Commercial Segment. These initiatives involve the consolidation of operations and a related reduction in workforce
at certain of the Company’s facilities in North America and Europe. The Company has determined to undertake
these initiatives as a means to address an expected continuation of weakness in the marine and industrial
markets.
For 2008, the charges associated with the Commercial Segment restructuring program that were included in
restructuring and other impairment charges during the fourth quarter of 2008 are as follows:
2008
Com m e rcial
(Dollars in
thous ands)
Termination benefits $ 444
Asset impairments 1,486
$ 1,930

As of December 31, 2008, $0.4 million of the termination benefits remained in accrued restructuring
expenses.
As of December 31, 2008, the Company expects to incur the following restructuring expenses associated
with the 2008 Commercial Segment restructuring program over the next twelve months:
(Dollars in
m illions)
Termination benefits $2.8 — 3.1
Facility closure costs 0.2 — 1.0
Contract termination costs 0.3 — 0.4
$3.3 — 4.5

2007 Arrow Integration Program


In connection with the acquisition of Arrow, the Company formulated a plan related to the integration of Arrow
and the Company’s Medical businesses. The integration plan focuses on the closure of Arrow corporate functions
and the consolidation of manufacturing, sales, marketing, and distribution functions in

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TELEFLEX INCORPORATED AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

North America, Europe and Asia. This aspect of the integration plan is explained in Note 3 “Acquisitions” under
Integration of Arrow. In as much as the actions affect employees and facilities of Arrow, the resultant costs have
been included in the allocation of the purchase price of Arrow.
Costs related to actions that affect employees and facilities of Teleflex are charged to earnings and included
in “restructuring and impairment costs” within the consolidated statement of operations. The charges associated
with the employees and facilities of Teleflex that were included in restructuring and other impairment charges
during 2008 are as follows:
M e dical
2008 2007
(Dollars in
thous ands)
Termination benefits $13,502 $916
Facility closure costs 870 —
Contract termination costs 1,092 —
Asset impairments 5,188 —
Other restructuring costs 493 —
$21,145 $916

At December 31, 2008, the accrued liability associated with the 2007 Arrow integration program consisted of
the following:
Balance at Balance at
Dece m ber 31, Subs e que nt Dece m ber 31,
2007 Accruals Paym e nts Trans lation 2008
(Dollars in thous ands)
Termination benefits $ 606 $ 13,502 $ (6,001) $ (292) $ 7,815
Facility closure costs — 870 (229) (40) 601
Contract termination costs — 1,092 (1,092) — —
Other restructuring costs — 493 (318) (16) 159
$ 606 $ 15,957 $ (7,640) $ (348) $ 8,575

As of December 31, 2008, the Company expects to incur the following restructuring expenses associated
with the 2007 Arrow integration program in its Medical Segment over the next two years:
(Dollars in
m illions)
Termination benefits $ 7.5 — 8.5
Facility closure costs 1.2 — 1.7
Contract termination costs 9.2 — 10.5
Other restructuring costs 0.1 — 0.3
$18.0 — 21.0

2006 Restructuring Program


In June 2006, the Company began certain restructuring initiatives that affected all three of the Company’s
reporting segments. These initiatives involved the consolidation of operations and a related reduction in workforce
at several of the Company’s facilities in Europe and North America. The Company has determined to

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TELEFLEX INCORPORATED AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

undertake these initiatives as a means to improving operating performance and to better leverage the Company’s
existing resources.
For 2008 and 2007, the charges associated with the 2006 restructuring program by segment that were
included in restructuring and other impairment charges are as follows:
2008
M e dical
(Dollars in
thous ands)
Termination benefits $ 589
Contract termination costs 312
$ 901

2007
M e dical Ae rospace Com m e rcial Total
(Dollars in thous ands)
Termination benefits $ 1,354 $ 329 $ 81 $1,764
Contract termination costs 408 377 (42) 743
Asset impairments — 592 — 592
Other restructuring costs 46 35 257 338
$ 1,808 $ 1,333 $ 296 $3,437

Termination benefits are comprised of severance-related payments for all employees terminated in connection
with the 2006 restructuring program. Contract termination costs relate primarily to the termination of leases in
conjunction with the consolidation of facilities in the Company’s Commercial Segment. Other restructuring costs
include expenses primarily related to the consolidation of operations and the reorganization of administrative
functions. As of December 31, 2008 the Company does not expect to incur additional restructuring expenses
associated with the 2006 restructuring program.
At December 31, 2008, the accrued liability associated with the 2006 restructuring program consisted of the
following, with the component for termination benefits due within twelve months and the component for contract
termination costs associated with leased facilities extending to 2011:
Balance at Balance at
Dece m ber 31, Subs e que nt Dece m ber 31,
2007 Accruals Paym e nts 2008
(Dollars in thous ands)
Termination benefits $ 1,217 $ 589 $ (1,668) $ 138
Contract termination costs 561 312 (387) 486
$ 1,778 $ 901 $ (2,055) $ 624

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Balance at Balance at
Dece m ber 31, Subs e que nt Dece m ber 31,
2006 Accruals Paym e nts Dispos itions 2007
(Dollars in thous ands)
Termination benefits $ 3,406 $ 1,764 $ (2,036) $ (1,917) $ 1,217
Contract termination costs 95 743 (274) (3) 561
Other restructuring costs 4 338 (338) (4) —
$ 3,505 $ 2,845 $ (2,648) $ (1,924) $ 1,778

2004 Restructuring and Divestiture Program


During the fourth quarter of 2004, the Company announced and commenced implementation of a restructuring
and divestiture program designed to improve future operating performance and position the Company for future
earnings growth. The actions have included exiting or divesting of non-core or low performing businesses,
consolidating manufacturing operations and reorganizing administrative functions to enable businesses to share
services.
For 2007 and 2006, the charges, including changes in estimates, associated with the 2004 restructuring and
divestiture program by segment that are included in restructuring and impairment charges were as follows:
2007 2006
M e dical
(Dollars in
thous ands)
Termination benefits $ (37) $ (706)
Contract termination costs — 2,122
Asset impairments — 927
Other restructuring costs 712 8,039
$675 $10,382

Termination benefits are comprised of severance-related payments for all employees terminated in connection
with the 2004 restructuring and divestiture program. Contract termination costs relate primarily to the termination
of leases in conjunction with the consolidation of facilities in the Company’s Medical Segment. Asset impairments
relate primarily to machinery and equipment associated with the consolidation of manufacturing facilities. Other
restructuring costs include expenses primarily related to the consolidation of manufacturing operations and the
reorganization of administrative functions.
As of December 31, 2008, the Company does not expect to incur additional restructuring expenses
associated with the 2004 restructuring and divestiture program. The accrued liability at December 31, 2008 and
December 31, 2007 was nominal.

Impairment Charges
During the fourth quarter of 2008, the following events took place:
• Charges of $2.7 million were recorded in the fourth quarter of 2008 related to five of our minority held
investments due to deteriorating economic conditions.
• The Company recorded a $0.8 million impairment of an intangible asset in the Commercial Segment
that was identified during the annual impairment testing process.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

• An asset classified as held for sale was determined to be impaired and a $0.2 million impairment
charge was recognized.
• Restructuring charges includes asset impairment charges of $1.5 million in the Commercial Segment
for facilities that are involved in the new restructuring program and $5.2 million in the Medical Segment
related to facilities that were reclassified to held for sale as of the fourth quarter of 2008.
During the fourth quarter of 2007, the following events took place:
• The majority investors in two of the Company’s minority held investments notified the Company of
plans to sell these companies at amounts that are below the Company’s carrying value. Accordingly,
the Company recorded an other than temporary decline in value of $2.3 million related to these
investments.
• The Company signed a letter of intent to sell its ownership interest in one of its variable interest entities
at a selling price that is below the Company’s carrying value. Accordingly, the Company recorded an
impairment charge of $3.8 million, of which $2.5 million related to the impairment of goodwill.
• The Company terminated certain contractual relationships in the Commercial Segment. As a result,
intangible assets, were determined to be impaired, resulting in a $2.5 million impairment charge.
• An asset reclassified to held for sale was determined to be impaired and a $0.3 million impairment
charge was recognized.
During 2006, the Company determined there was an other than temporary decline in value in three minority
held investments and certain fixed assets were impaired. Accordingly, the Company recorded an aggregate
charge of $7.4 million, which is included in restructuring and other impairment charges.

Note 5 — Inventories
Inventories at year end consisted of the following:
2008 2007
(Dollars in thous ands)
Raw materials $185,270 $179,560
Work-in-process 55,618 61,912
Finished goods 221,281 213,631
462,169 455,103
Less: Inventory reserve (37,516) (35,915)
Inventories $424,653 $419,188

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TELEFLEX INCORPORATED AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Note 6 — Property, plant and equipment


The major classes of property, plant and equipment, at cost, at year end are as follows:
2008 2007
(Dollars in thous ands)
Land, buildings and leasehold improvements $ 246,960 $ 260,936
Machinery and equipment 414,898 392,872
Computer equipment and software 79,770 76,076
Construction in progress 18,400 54,447
760,028 784,331
Less: Accumulated depreciation (385,736) (353,355)
Property, plant and equipment, net $ 374,292 $ 430,976

Note 7 — Goodwill and other intangible assets


Changes in the carrying amount of goodwill, by reporting segment, for 2008 are as follows:
M e dical Ae rospace Com m e rcial Total
(Dollars in thous ands)
Goodwill at December 31, 2007 $1,452,894 $ 6,317 $ 43,045 $1,502,256
Adjustments(1) (3,522) — — (3,522)
Translation adjustment (20,693) — (3,918) (24,611)
Goodwill at December 31, 2008 $1,428,679 6,317 39,127 1,474,123

(1) Goodwill adjustments relate primarily to the finalization of the purchase price allocation for the Arrow
acquisition.
Intangible assets at year end consisted of the following:
Accum ulated
Gross Carrying Am ount Am ortization
2008 2007 2008 2007
(Dollars in thous ands)
Customer lists $ 553,786 $ 568,701 $ 48,311 $23,643
Intellectual property 221,549 229,325 53,437 39,100
Distribution rights 26,833 28,139 16,422 16,437
Trade names 333,495 338,834 875 311
$1,135,663 $1,164,999 $119,045 $79,491

Amortization expense related to intangible assets was $46.2 million, $20.9 million, and $10.9 million for 2008,
2007 and 2006, respectively. Estimated annual amortization expense for each of the five succeeding years is as
follows:
(Dollars in thous ands)
2009 $ 45,700
2010 45,600
2011 45,200
2012 45,100
2013 42,900

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Note 8 — Borrowings
The components of long-term debt are as follows:
2008 2007
(Dollars in thous ands)
Senior Credit Facility:
Term loan facility, at an average rate of 4.2%, due 10/1/2012 $ 919,620 $ 1,035,200
2007 Notes:
7.62% Series A Senior Notes, due 10/1/2012 130,000 130,000
7.94% Series B Senior Notes, due 10/1/2014 40,000 40,000
Floating Rate Series C Senior Notes, due 10/1/2012 26,600 26,600
2004 Notes:
7.66% Series 2004-1 Tranche A Senior Notes due 7/8/2011 145,000 145,000
8.14% Series 2004-1 Tranche B Senior Notes due 7/8/2014 96,500 96,500
8.46% Series 2004-1 Tranche C Senior Notes due 7/8/2016 90,100 90,100
2002 Notes:
7.82% Senior Notes due 10/25/2012 50,000 50,000
Term loan note, non-U.S. dollar denominated, at a rate of 5.8% — 16,944
Revolving credit at an average interest rate of 3.03%, due 2012 36,779 41,772
Other debt and mortgage notes, at interest rates ranging from 1% to 8% 6,597 6,343
1,541,196 1,678,459
Current portion of borrowings (103,658) (137,557)
$ 1,437,538 $ 1,540,902

The Company incurred the following financing costs in 2007:


Total
(Dollars in
thous ands)
Senior Credit Facility:
Term loan facility $ 14,540
Revolving credit facility 3,707
Senior Notes:
7.62% Series A Senior Notes 803
7.94% Series B Senior Notes 247
Floating Rate Series C Senior Notes 185
Amended Notes — paid to creditor 1,083
Deferred Financing Costs $ 20,565

On October 1, 2007, the Company acquired all of the outstanding capital stock of Arrow for approximately
$2.1 billion. The transaction was financed with cash, borrowings under a new senior secured syndicated bank loan
and proceeds received through the issuance of privately placed notes.
In connection with the acquisition, the Company entered into a credit agreement with JPMorgan Chase Bank,
N.A., as administrative agent, Bank of America, N.A., as syndication agent, the guarantors party thereto, the
lenders party thereto and each other party thereto, (the “Senior Credit Facility”). The Senior Credit Facility provides
for a five-year term loan facility of $1.4 billion and a five-year revolving line of credit facility of

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

$400 million, both of which carried initial interest rates of LIBOR plus a spread of 150 basis points. The spread is
subject to adjustment based upon the Company’s leverage ratio. At December 31, 2008, the spread over LIBOR
was 125 basis points. The Company also executed an interest rate swap for $600 million of the term loan from a
floating 3 month U.S. dollar LIBOR rate to a fixed rate of 4.75%. The swap amortizes down to a notional value of
$350 million at maturity in 2012. The obligations under the Senior Credit Facility are obligations of the Company
and substantially all of its material wholly-owned domestic subsidiaries of the Company and are secured by a
pledge of shares of certain of the Company’s domestic and foreign subsidiaries.
In addition, the Company (i) entered into a Note Purchase Agreement, dated as of October 1, 2007, among
Teleflex Incorporated and the several purchasers party thereto (the “Note Purchase Agreement”) and issued
$200 million in new senior secured notes pursuant thereto (the “2007 notes”), (ii) amended the terms of the note
purchase agreement dated July 8, 2004 and the notes issued pursuant thereto (the “2004 Notes”) and the note
purchase agreement dated October 25, 2002 and the notes issued pursuant thereto (the “2002 Notes” and,
together with the 2004 Notes, the “amended notes”) and (iii) repaid $10.5 million of notes issued pursuant to the
note agreements dated November 1, 1992 and December 15, 1993 (the “retired notes”).
The 2007 notes and the amended notes, referred to collectively as the “senior notes”, rank pari passu in right
of repayment with the Company’s obligations under the Senior Credit Facility (the “primary bank obligations”) and
are secured and guaranteed in the same manner as the primary bank obligations. In connection with the foregoing,
the holders of the senior notes have entered into a Collateral Agency and Intercreditor Agreement with the
Company, pursuant to which JPMorgan Chase has been appointed as collateral agent with respect to the
collateral pledged by the Company under the Senior Credit Facility and the senior note agreements. The senior
notes have mandatory prepayment requirements upon the sale of certain assets and may be accelerated upon
certain events of default, in each case, on the same basis as the primary bank obligations.
The interest rates payable on the amended notes were also modified in connection with the foregoing
transactions. Effective October 1, 2007, (a) the 2004 Notes will bear interest on the outstanding principal amount
at the following rates: (i) 7.66% in respect of the Series 2004-1 Tranche A Senior Notes due 2011; (ii) 8.14% in
respect of the Series 2004-1 Tranche B Senior Notes due 2014; and (iii) 8.46% in respect of the Series 2004-1
Tranche C Senior Notes due 2016; and (b) the 2002 Notes will bear interest on the outstanding principal amount at
the rate of 7.82% per annum. Interest rates on the amended notes are subject to reduction based on positive
performance by the Company relative to certain financial ratios.
The Senior Credit Facility and the agreements with the holders of the senior notes contain covenants that,
among other things, limit or restrict the ability of the Company and its subsidiaries to incur debt, create liens,
consolidate, merge or dispose of certain assets, make certain investments, engage in acquisitions, pay dividends
on, repurchase or make distributions in respect of capital stock and enter into swap agreements. Under the most
restrictive of these provisions, on an annual basis $99 million of retained earnings was available for cash dividends
and stock repurchases The Senior Credit Facility and the senior note agreements also require the Company to
maintain certain consolidated leverage and interest coverage ratios. Currently, the Company is required to
maintain a consolidated leverage ratio (defined in the Senior Credit Facility as “Consolidated Leverage Ratio”) of
not more than 4.0 to 1 and an interest coverage ratio (defined in the Senior Credit Facility as “Consolidated
Interest Coverage Ratio”) of not less than 3.5 to 1. As of December 31, 2008, the Company was in compliance
with the terms of the Senior Credit Facility and the senior notes.
At December 31, 2008, the Company borrowed $36.8 million under its revolving line of credit. The Company
has approximately $356 million available in committed financing through the Senior Credit Facility.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The carrying amount reported in the consolidated balance sheet as of December 31, 2008 for long-term debt
is $1,541.2 million. Using a discounted cash flow technique that incorporates a market interest yield curve with
adjustments for duration, optionality, and risk profile, the Company has determined the fair value of its debt to be
$1,442.4 million at December 31, 2008. The Company’s implied credit rating is a factor in determining the market
interest yield curve.
Notes payable at December 31, 2008 consists of demand loans due to banks of $5.2 million borrowed at an
average interest rate of 7.21%.
The aggregate amounts of notes payable and long-term debt maturing are as follows:
(Dollars in
thous ands)
2009 $ 108,853
2010 102,258
2011 247,221
2012 856,459
2013 and thereafter 231,600

Note 9 — Financial instruments


The Company uses forward rate contracts to manage currency transaction exposure and interest rate swaps
for exposure to interest rate changes. These cash flow hedges are recorded on the balance sheet at fair market
value and subsequent changes in value are recognized in the statement of income or as part of comprehensive
income net of tax. The fair value of the interest rate swap contract is developed from market-based inputs under
the income approach using cash flows discounted at relevant market interest rates. The fair value of the foreign
currency forward exchange contracts represents the amount required to enter into offsetting contracts with similar
remaining maturities based on quoted market prices. Approximately $16.0 million of the amount in accumulated
other comprehensive income at December 31, 2008 would be reclassified as expense to the statement of income
during 2009 should foreign currency exchange rates and interest rates remain at December 31, 2008 levels.
The following table provides financial instruments activity included as part of accumulated other
comprehensive income, net of tax:
2008 2007
(Dollars in thous ands)
Amount at beginning of year $ (8,925) $ (749)
Additions and revaluations (29,907) (3,325)
Clearance of hedge results to income 5,856 (4,851)
Tax rate adjustment (355) —
Amount at end of year $(33,331) $(8,925)

During 2008, revaluations of our interest rate swap resulted in a $23.4 million decrease to other
comprehensive income. The decrease is due to a reduction in the benchmark interest rate — 3 month USD Libor.
Additions and revaluations of our forward rate contracts contributed approximately $6.5 million to the decrease in
other comprehensive income.

Note 10 — Shareholders’ equity


The authorized capital of the Company is comprised of 200 million common shares, $1 par value, and 500,000
preference shares. No preference shares have been outstanding during the last three years.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

On July 25, 2005, the Company’s Board of Directors authorized the repurchase of up to $140 million of
outstanding Company common stock over twelve months ended July 2006. In June 2006, the Company’s Board of
Directors extended for an additional six months, until January 2007, its authorization for the repurchase of shares.
Under the approved plan, the Company repurchased a total of 2,317 thousand shares on the open market during
2005 and 2006 for an aggregate purchase price of $140.0 million, and aggregate fees and commissions of
$0.1 million.
On June 14, 2007, the Company’s Board of Directors authorized the repurchase of up to $300 million of
outstanding Company common stock. Repurchases of Company stock under the Board authorization may be
made from time to time in the open market and may include privately-negotiated transactions as market
conditions warrant and subject to regulatory considerations. The stock repurchase program has no expiration date
and the Company’s ability to execute on the program will depend on, among other factors, cash requirements for
acquisitions, cash generation from operations, debt repayment obligations, market conditions and regulatory
requirements. In addition, under the senior loan agreements entered into October 1, 2007, the Company is subject
to certain restrictions relating to its ability to repurchase shares in the event the Company’s consolidated leverage
ratio exceeds certain levels, which may further limit the Company’s ability to repurchase shares under this Board
authorization. Through December 31, 2008, no shares have been purchased under this Board authorization.
Basic earnings per share is computed by dividing net income by the weighted average number of common
shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the
weighted average number of shares is increased for dilutive securities. The difference between basic and diluted
weighted average common shares results from the assumption that dilutive stock options were exercised. A
reconciliation of basic to diluted weighted average shares outstanding is as follows:
2008 2007 2006
(Share s in thous ands)
Basic shares 39,584 39,259 39,760
Dilutive shares assumed issued 248 — 228
Diluted shares 39,832 39,259 39,988

Weighted average stock options of 1,022 thousand, 1,780 thousand and 406 thousand were antidilutive and
therefore not included in the calculation of earnings per share for 2008, 2007 and 2006, respectively.
Accumulated other comprehensive income at year end consisted of the following:
2008 2007
(Dollars in thous ands)
Financial instruments marked to market, net of tax $ (33,331) $ (8,925)
Cumulative translation adjustment 27,779 95,958
Defined benefit pension and postretirement plans, net of tax (102,650) (30,114)
Accumulated other comprehensive income $ (108,202) $ 56,919

Note 11 — Stock compensation plans


The Company has two stock-based compensation plans under which equity-based awards may be made. The
Company’s 2000 Stock Compensation Plan (the “2000 plan”) provides for the granting of incentive and non-
qualified stock options and restricted stock units to directors, officers and key employees. Under the 2000 plan,
the Company is authorized to issue up to 4 million shares of common stock, but no more than 800,000 of those
shares may be issued as restricted stock. Options granted under the 2000 plan have an exercise price

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equal to the average of the high and low sales prices of the Company’s common stock on the date of the grant,
rounded to the nearest $0.25. Generally, options granted under the 2000 plan are exercisable three to five years
after the date of the grant and expire no more than ten years after the grant. Outstanding restricted stock units
generally vest in one to three years. In 2008, the Company granted incentive and non-qualified options to purchase
394,381 shares of common stock and granted restricted stock units representing 164,818 shares of common
stock under the 2000 plan. As of December 31, 2008, 363,998 shares were available for future grant under the
2000 plan.
The Company’s 2008 Stock Incentive Plan (the “2008 plan”) provides for the granting of various types of
equity-based awards to directors, officers and key employees. These awards include incentive and non-qualified
stock options, stock appreciation rights, stock awards and other stock-based awards. Under the 2008 plan, the
Company is authorized to issue up to 2.5 million shares of common stock, but grants of awards other than stock
options and stock appreciation rights may not exceed 875,000 shares. Options granted under the 2008 plan will
have an exercise price equal to the closing price of the Company’s common stock on the date of grant. The 2008
plan was approved by the Company’s stockholders on May 1, 2008 at the Company’s annual meeting of
stockholders. In 2008, no awards were granted under the 2008 plan.
The Company estimates the fair value of stock-based awards on the date of grant using an option pricing
model. Stock-based compensation expense recognized during a period is based on the value of the portion of
stock-based awards that is ultimately expected to vest during the period. Stock-based compensation expense
recognized in 2006, 2007 and 2008 included compensation expense for (1) stock-based awards granted prior to,
but not yet vested as of December 25, 2005, based on the fair value on the grant date estimated in accordance
with the pro forma provisions of SFAS No. 123 and (2) compensation expense for the stock-based awards granted
subsequent to December 25, 2005, based on the fair value on the grant date estimated in accordance with the
provisions of SFAS No. 123(R). As stock-based compensation expense recognized for fiscal 2006, 2007 and 2008
is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. SFAS No. 123(R)
requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual
forfeitures differ from those estimates. Management reviews and revises the estimate of forfeitures for all graded
(annual vesting tranches) share-based awards on a quarterly basis based on management’s expectation of the
awards that will ultimately vest to minimize fluctuations in share-based compensation expense. In 2008, the
Company issued 164,818 non-vested shares (restricted stock) the majority of which vest in three years (cliff
vesting).
Stock-based compensation expense is measured using a multiple point Black-Scholes option pricing model
that takes into account highly subjective and complex assumptions. The expected life of options granted is derived
from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that
options granted are expected to be outstanding. Expected volatilities are based on a blend of historical volatility
and implied volatility derived from publicly traded options to purchase the Company’s common stock, which the
Company believes is more reflective of the market conditions and a better indicator of expected volatility than
solely using historical volatility. The risk-free interest rate is the implied yield currently available on U.S. Treasury
zero-coupon issues with a remaining term equal to the expected life of the option.

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The fair value for options granted in 2008, 2007 and 2006 was estimated at the date of grant using a multiple
point Black-Scholes option pricing model. The following weighted-average assumptions were used:
2008 2007 2006
Risk-free interest rate 3.18% 4.67% 4.44%
Expected life of option 4.54 yrs. 4.53 yrs. 4.46 yrs.
Expected dividend yield 2.03% 1.74% 1.57%
Expected volatility 26.32% 23.92% 23.36%
The fair value for non-vested shares is estimated at the date of grant based on the market rate on the grant
date discounted for the risk free interest rate and the present value of expected dividends over the vesting period.
The Company applied FASB Staff Position (“FSP”) No. FAS 123(R)-3, “Transition Election Related to
Accounting for Tax Effects of Share-Based Payment Awards,” that allows for a simplified method to establish the
beginning balance of the additional paid-in capital pool (“APIC Pool”) related to the tax effects of employee stock-
based compensation and to determine the subsequent impact on the APIC Pool and consolidated statements of
cash flows of the tax effects of employee stock-based compensation awards that are outstanding upon adoption of
SFAS No. 123(R).
The following table summarizes the option activity as of December 31, 2008 and changes during the year then
ended:
Weighte d
Weighte d Ave rage
Share s Ave rage Rem aining Aggre gate
Subje ct to Exe rcis e Contractual Intrins ic
Options Price Life In Years Value
(Dollars in thous ands)
Outstanding, beginning of the year 1,780,274 $ 54.76
Granted 394,381 56.57
Exercised (206,705) 43.36
Forfeited or expired (129,642) 58.25
Outstanding, end of the year 1,838,308 $ 56.18 6.6 $ 3,209
Exercisable, end of the year 1,177,883 $ 53.44 5.6 $ 3,209

The weighted average grant-date fair value was $12.12, $15.48 and $14.24 for options granted during 2008,
2007 and 2006, respectively. The total intrinsic value of options exercised was $2.5 million, $11.2 million and
$4.5 million during 2008, 2007 and 2006, respectively.
The Company recorded $4.6 million of expense related to the portion of these shares that vested during 2008,
which is included in selling, engineering and administrative expenses.

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The following table summarizes the non-vested (restricted stock) activity as of December 31, 2008 and
changes during the year then ended:
Weighte d
Weighte d Ave rage
Num ber of Ave rage Rem aining Aggre gate
Non-Ve s ted Grant Date Contractual Intrins ic
Share s Fair Value Life In Years Value
(Dollars in thous ands)
Outstanding, beginning of the year 61,209 $ 68.82
Granted 164,818 56.83
Vested (27,694) 64.34
Forfeited (18,547) 61.20
Outstanding, end of the year 179,786 $ 59.31 1.9 $ 9,007

The weighted average grant-date fair value was $56.83, $68.82 and $67.18 for non-vested (restricted stock)
granted during 2008, 2007 and 2006, respectively.
The Company recorded $4.1 million of expense related to the portion of these shares that vested during 2008,
which is included in selling, engineering and administrative expenses.

Note 12 — Income taxes


The following table summarizes the components of the provision for income taxes from continuing operations:
2008 2007 2006
(Dollars in thous ands)
Current:
Federal $ 55,979 $ (5,943) $(24,424)
State 3,120 2,531 278
Foreign 52,660 40,725 37,881
Deferred:
Federal (52,273) 94,858 31,098
State (507) 18 27
Foreign (6,810) (9,422) (11,941)
$ 52,169 $122,767 $ 32,919

Taxes on income from continuing operations in 2008 were $52.2 million. In 2008, the Company repatriated
foreign earnings upon which income taxes had been provided under APB 23 in 2007. The taxes were provided as a
deferred tax liability in 2007 and became current in 2008 when the earnings were repatriated.
In 2007, the Company repatriated approximately $197 million of cash from foreign subsidiaries which had
previously been deemed to be permanently reinvested in the respective foreign jurisdictions and changed its
position with respect to certain previously untaxed foreign earnings to treat these earnings as no longer
permanently reinvested. The change in the permanently reinvested treatment of the previously untaxed foreign
earnings allows for future cash repatriations to be used to service debt. As a result of the change in its
permanently reinvested position, the Company recorded a tax charge of approximately $91.8 million.
In 2007, the Company also completed the sale of two significant business units: 1) the precision-machined
components business in the Aerospace segment, and 2) the automotive and industrial driver controls, motion
systems and fluid handling systems business in the Commercial segment. These business units had income

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before taxes for 2007 of $50.5 million, which has been reported as part of discontinued operations, along with the
related taxes on income of $15.5 million. The Company recorded gains on the sale of these business units of
$299.5 million, along with the related taxes on the gain of $145.6 million. The gain and related taxes have also
been reported as part of discontinued operations.
At December 31, 2008, the cumulative unremitted earnings of other subsidiaries outside the United States,
considered permanently reinvested, for which no income or withholding taxes have been provided, approximated
$587.5 million. Such earnings are expected to be reinvested indefinitely and, as a result, no deferred tax liability
has been recognized with regard to the remittance of such earnings. It is not practicable to estimate the income
tax liability that might be incurred if such earnings were remitted to the United States.
The following table summarizes the U.S. and non-U.S. components of income from continuing operations
before taxes and minority interest:
2008 2007 2006
(Dollars in thous ands)
United States $ 19,121 $ (57,130) $ 24,270
Other 201,856 166,478 127,948
$220,977 $109,348 $152,218

Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows:
2008 2007 2006
Federal statutory rate 35.00% 35.00% 35.00%
Taxes foreign earnings (9.44)% (27.69)% (14.68)%
Goodwill impairment — 7.34% —
State taxes net of federal benefit (1.57)% (1.33)% 1.08%
Change in permanent reinvestment position — 84.40% 4.05%
Uncertain tax contingencies 3.27% 4.48% 1.10%
In process research and development charge — 9.60% —
Valuation allowance 2.35% 4.53% 1.78%
Canadian financing benefit (3.01)% (6.01)% (9.94)%
Other, net (3.00)% 1.95% 3.25%
23.60% 112.27% 21.64%

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Significant components of the deferred tax assets and liabilities at year end were as follows:
2008 2007
(Dollars in thous ands)
Deferred tax assets:
Tax loss carryforwards $ 62,697 $ 92,728
Accrued employee benefits 14,745 17,365
Tax credit carryforwards 17,495 12,555
Pension 63,166 14,061
Inventories 3,035 785
Bad debts 3,646 2,804
Reserves and accruals 13,576 31,280
Other 41,544 16,746
Less: valuation allowance (57,881) (68,526)
Total deferred tax assets 162,023 119,798
Deferred tax liabilities:
Fixed assets 45,965 48,587
Intangibles — stock acquisitions 329,436 344,317
Foreign exchange 138 (4,970)
Accrued expenses — 6,356
Unremitted foreign earnings 45,395 107,495
Total deferred tax liabilities 420,934 501,785
Net deferred tax asset (liability) $(258,911) $(381,987)

Under the tax laws of various jurisdictions in which the Company operates, deductions or credits that cannot
be fully utilized for tax purposes during the current year may be carried forward, subject to statutory limitations, to
reduce taxable income or taxes payable in a future tax year. At December 31, 2008, the tax effect of such carry
forwards approximated $80.2 million. Of this amount, $21.1 million has no expiration date, $3.7 million expires
after 2008 but before the end of 2013 and $55.4 million expires after 2013. A substantial amount of these
carryforwards consist of tax losses which were acquired in an acquisition by the Company in 2004. Therefore, the
utilization of these tax attributes is subject to an annual limitation imposed by Section 382 of the Internal Revenue
Code. It is not expected that this annual limitation will prevent the Company from utilizing its carryforwards. The
determination of state net operating loss carryforwards are dependent upon the U.S. subsidiaries’ taxable income
or loss, apportionment percentages and other respective state laws, which can change year to year and impact
the amount of such carryforward.
The valuation allowance for deferred tax assets of $57.9 million and $68.5 million at December 31, 2008 and
December 31, 2007, respectively, relates principally to the uncertainty of the utilization of certain deferred tax
assets, primarily tax loss and credit carryforwards in various jurisdictions. The valuation allowance was calculated
in accordance with the provisions of SFAS No. 109, which requires that a valuation allowance be established and
maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. The
valuation allowance decrease in 2008 was primarily attributable to the deconsolidation of a variable interest entity,
the ability to utilize state net operating losses after the merger of several medical subsidiaries, and the utilization
of state net operating losses as a result of a one time shift in state apportionment factors following the GMS
transaction in 2007.

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Several foreign subsidiaries continue to operate under separate “tax holiday” arrangements as granted by
certain foreign jurisdictions. The nature and extent of such arrangements vary and the benefits of such
arrangements phase out in future years according to the specific terms and schedules as set forth by the
particular taxing authorities having jurisdiction over the arrangements. The most significant arrangement expires in
March 2015.
Uncertain Tax Positions: On January 1, 2007, the Company adopted the provisions of FIN 48, and as a result
of that adoption, the Company recognized a charge of $14.2 million to retained earnings. A reconciliation of the
beginning and ending balances for liabilities associated with unrecognized tax benefits is as follows:
2008 2007
(Dollars in thous ands)
Balance at January 1 $100,415 $ 66,116
Unrecognized tax benefits associated with subsidiary acquired October 1, 2007 — 15,278
Increase in unrecognized tax benefits related to prior years 19,255 12,969
Decrease in unrecognized tax benefits related to prior years (3,384) (1,248)
Unrecognized tax benefits related to the current year 9,746 11,137
Reductions in unrecognized tax benefits due to settlements (3,113) —
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations (5,113) (3,739)
Decrease in unrecognized tax benefits attributable to subsidiary dispositions — (4,416)
(Decrease) increase in unrecognized tax benefits due to foreign currency translation (3,139) 4,318
Balance at December 31 $114,667 $100,415

The total liabilities associated with the unrecognized tax benefits that, if recognized, would impact the
effective tax rate were $55.6 million and $36.2 million at December 31, 2008 and December 31, 2007 respectively.
With the adoption of SFAS No. 141(R), effective for fiscal years beginning after December 15, 2008, certain
unrecognized tax benefits that would not have an impact on the Company’s effective tax rate if realized (or re-
measured) prior to the adoption of SFAS No. 141(R) will now have an impact on the Company’s effective tax rate if
realized (or re-measured) after the adoption of SFAS No. 141(R). Subsequent to the adoption of FAS 141(R)
(effective for the Company with its year beginning January 1, 2009) any expense or benefit associated with
realizing (or re-measuring) the unrecognized tax benefit will be recorded as part of income tax expense.
The Company accrues interest and penalties associated with unrecognized tax benefits in income tax
expense in the consolidated statements of operations, and the corresponding liability is included within the FIN 48
liability in the consolidated balance sheets. The expense for interest (net of related tax benefits where applicable)
and penalties reflected in income from continuing operations for the year ended December 31, 2008 was
$3.0 million and $1.1 million respectively ($3.8 million and $1.4 million respectively for the year ended
December 31, 2007). The corresponding liabilities in the consolidated balance sheets for interest and penalties
were $14.4 million and $6.2 million respectively at December 31, 2008 ($11.3 million and $4.9 million at
December 31, 2007).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The taxable years that remain subject to examination by major tax jurisdictions are as follows:
Beginning Ending
United States 2000 2008
Canada 2004 2008
France 2006 2008
Germany 2003 2008
Italy 2003 2008
Singapore 2005 2008
Malaysia 2003 2008
Sweden 2003 2008
United Kingdom 2005 2008
The Company and its subsidiaries are routinely subject to income tax examinations by various taxing
authorities. As a result of the outcome of ongoing or future examinations, or due to the expiration of statutes of
limitation for certain jurisdictions, it is reasonably possible that the related unrecognized tax benefits for tax
positions taken could materially change from those recorded as liabilities at December 31, 2008. Based on the
status of various examinations by the relevant federal, state, and foreign tax authorities, the Company anticipates
that certain examinations may be concluded within the next twelve months of the reporting date of the Company’s
consolidated financial statements, the most significant of which are in Germany, France, and the United States.
Due to the potential for resolution of foreign and US examinations, and the expiration of various statutes of
limitation, it is reasonably possible that the Company’s unrecognized tax benefits may change within the next
twelve months by a range of zero to $28 million.

Note 13 — Pension and other postretirement benefits


The Company has a number of defined benefit pension and postretirement plans covering eligible U.S. and
non-U.S. employees. The defined benefit pension plans are noncontributory. The benefits under these plans are
based primarily on years of service and employees’ pay near retirement. The Company’s funding policy for
U.S. plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations.
Obligations under non-U.S. plans are systematically provided for by depositing funds with trustees or by book
reserves.
The parent Company and certain subsidiaries provide medical, dental and life insurance benefits to pensioners
and survivors. The associated plans are unfunded and approved claims are paid from Company funds.
The Company initiated the following steps in connection with its pension benefits:
• Effective August 31, 2008, the Arrow Salaried plan, the Arrow Hourly plan and the Berks plan were merged
into the Teleflex Retirement Income Plan (“TRIP”).
• On October 31, 2008, the TRIP was amended to cease future benefit accruals for all non-bargained
employees as of December 31, 2008. This resulted in a curtailment gain at the date of amendment of
$1.2 million.
• On December 15, 2008, the Company amended its Supplemental Executive Retirement Plans (“SERP”) for
all executives to cease future benefit accruals as of December 31, 2008. This resulted in a curtailment gain
of $0.4 million. In addition, the Company approved a plan to replace the non-qualified defined benefits
provided under the SERP with a non-qualified defined contribution arrangement under the

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Company’s Deferred Compensation Plan, effective January 1, 2009. This resulted in a transfer of a portion of
the liability of $0.4 million to the Deferred Compensation Plan.
The Company initiated the following steps in connection with its postretirement benefits:
• On October 31, 2008, the Company’s postretirement benefit plans were amended to eliminate future
benefits for non-bargained employees who had not attained age 50 or whose age plus service was less than
65. This resulted in a reduction of the expected future working life of the plan participants and resulted in a
nominal curtailment gain.
Net benefit cost for pension and postretirement benefit plans consisted of the following:
Pension Othe r Benefits
2008 2007 2006 2008 2007 2006
(Dollars in thous ands)
Service cost $ 4,634 $ 4,302 $ 3,607 $1,044 $ 548 $ 311
Interest cost 18,398 13,565 11,784 3,415 1,950 1,490
Expected return on plan assets (22,009) (16,441) (12,553) — — —
Net amortization and deferral 2,484 2,404 2,465 821 1,157 937
Curtailment credit (1,610) — — (51) — —
Net benefit cost $ 1,897 $ 3,830 $ 5,303 $5,229 $3,655 $2,738

The weighted average assumptions for U.S. and foreign plans used in determining net benefit cost were as
follows:
Pension Othe r Benefits
2008 2007 2006 2008 2007 2006
Discount rate 6.32% 5.46% 5.71% 6.45% 5.85% 5.75%
Rate of return 8.19% 8.33% 8.73% — — —
Initial healthcare trend rate — — — 8.5% 8.0% 9.0%
Ultimate healthcare trend rate — — — 5.0% 4.5% 4.5%

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Summarized information on the Company’s pension and postretirement benefit plans, measured as of year
end, and the amounts recognized in the consolidated balance sheet and in accumulated other comprehensive
income were as follows:
Pension Othe r Benefits
2008 2007 2007 2008 2007
Unde r Funde d Ove r Funde d Unde r Funde d
(Dollars in thous ands)
Benefit obligation, beginning of year $ 298,558 $233,399 $ — $ 45,703 $ 28,465
Service cost 4,634 3,101 1,200 1,044 578
Interest cost 18,398 12,068 1,497 3,415 1,950
Amendments (448) — — (622) —
Actuarial loss (gain) 7,367 (17,157) (8,215) 3,168 150
Currency translation (5,466) 3,350 — — —
Benefits paid (15,183) (8,344) (1,023) (3,623) (2,651)
Medicare Part D reimbursement — — — 171 241
Acquisitions (65) 6,548 95,698 8,938 18,470
Divestitures (506) (23,564) — — —
Curtailments (3,406) — — — (1,500)
Projected benefit obligation, end of year 303,883 209,401 89,157 58,194 45,703
Fair value of plan assets, beginning of year 283,335 161,837 — — —
Acquisition — 575 116,647 — —
Divestitures — (4,075) — — —
Actual return on plan assets (78,650) 3,294 (3,247) — —
Contributions 2,073 17,145 — — —
Benefits paid (15,183) (8,344) (1,023) — —
Currency translation (5,025) 526 — — —
Fair value of plan assets, end of year 186,550 170,958 112,377 — —
Funded status, end of year $(117,333) $ (38,443) $ 23,220 $(58,194) $(45,703)

Amounts recognized in the consolidated balance sheet:


Pension Othe r Benefits
2008 2007 2008 2007
(Dollars in thous ands)
Prepaid benefit cost $ 406 $ 23,220 $ — $ —
Payroll and benefit-related liabilities (1,846) (1,924) (4,245) (3,312)
Pension and postretirement benefit liabilities (115,892) (36,519) (53,949) (42,391)
Accumulated other comprehensive income 144,986 37,670 12,235 10,458
$ 27,653 $ 22,447 $(45,959) $(35,245)

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Amounts recognized in accumulated other comprehensive income:


Pension
Accumulated
Prior Other
Service Comprehensive
Cost Transition Net (Gain) Deferred Income,
(Credit) Obligation or Loss Taxes Net of Tax
(Dollars in thousands)

Balance at December 31, 2006 $ (417) $ 987 $ 54,814 $(20,659) $ 34,725


Reclassification adjustments related to components
of Net Periodic Benefit Cost recognized during the
period:
Net amortization and deferral 30 2 (2,438) 897 (1,509)
Curtailment (301) — — 112 (189)
Amounts arising during the period:
Divestiture — (989) (1,785) 1,035 (1,739)
Actuarial changes in benefit obligation — — (12,269) 4,516 (7,753)
Impact of currency translation 36 — — (13) 23
Balance at December 31, 2007 (652) — 38,322 (14,112) 23,558
Reclassification adjustments related to components
of Net Periodic Benefit Cost recognized during the
period:
Net amortization and deferral 69 — (2,553) 861 (1,623)
Curtailment 1,159 — (2,955) 623 (1,173)
Amounts arising during the period:
Tax rate adjustments — — — 1,055 1,055
Divestiture — — (285) 99 (186)
Actuarial changes in benefit obligation — — 111,886 (38,782) 73,104
Impact of currency translation (5) — — 1 (4)
Balance at December 31, 2008 $ 571 $ — $144,415 $(50,255) $ 94,731

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Other Benefits
Accumulated
Prior Other
Service Comprehensive
Cost Initial Net (Gain) or Deferred Income, Net of
(Credit) Obligation Loss Taxes Tax
(Dollars in thousands)

Balance at December 31, 2006 $ 1,570 $ 1,292 $ 10,135 $(4,849) $ 8,148


Reclassification adjustments related to components
of Net Periodic Benefit Cost recognized during the
period:
Net Amortization and deferral (172) (217) (738) 420 (707)
Curtailment — (61) — 23 (38)
Amounts Arising During the period:
Divestiture (1,500) 560 (940)
Actuarial changes in benefit obligation — — 149 (56) 93
Balance at December 31, 2007 1,398 1,014 8,046 (3,902) 6,556
Reclassification adjustments related to components
of Net Periodic Benefit Cost recognized during the
period:
Net Amortization and deferral (159) (202) (460) 290 (531)
Curtailment 51 — — (18) 33
Amounts Arising During the period:
Tax rate adjustments — — — 213 213
Effect of plan change (546) (76) — 219 (403)
Actuarial changes in benefit obligation — — 3,169 (1,118) 2,051
Balance at December 31, 2008 $ 744 $ 736 $ 10,755 $(4,316) $ 7,919

The weighted average assumptions for U.S. and foreign plans used in determining benefit obligations as of
year end were as follows:
Pension Othe r Benefits
2008 2007 2008 2007
Discount rate 6.06% 6.32% 6.05% 6.45%
Expected return on plan assets 8.17% 8.19% — —
Rate of compensation increase 3.49% 3.38% — —
Initial healthcare trend rate — — 10% 7.8%
Ultimate healthcare trend rate — — 5% 4.7%
The discount rate for U.S. plans of 6.05% was established by comparing the projection of expected benefit
payments to the Citigroup Pension Discount Curve (published monthly) as of December 31, 2008. The expected
benefit payments are discounted by each corresponding discount rate on the yield curve. Once the present value
of the string of benefit payments is established, the Company solves for the single spot rate to apply to all
obligations of the plan that will exactly match the previously determined present value.
The Citigroup Pension Discount Curve is constructed beginning with a U.S. Treasury par curve that reflects
the entire Treasury and Separate Trading of Registered Interest and Principal Securities (“STRIPS”) market. From
the Treasury curve, Citibank produces a AA corporate par curve by adding option-adjusted spreads that are

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drawn from the AA corporate sector of the Citigroup Broad Investment — Grade Bond Index. Finally, from the AA
corporate par curve, Citigroup derives the spot rates that constitute the Pension Discount Curve. For payments
beyond 30 years, the Company extends the curve assuming that the discount rate derived in year 30 is extended
to the end of the plan’s payment expectations.
Increasing the assumed healthcare trend rate by 1% would increase the benefit obligation by $4.8 million and
would increase the 2008 benefit expense by $0.4 million. Decreasing the trend rate by 1% would decrease the
benefit obligation by $4.3 million and would decrease the 2008 benefit expense by $0.4 million.
The accumulated benefit obligation for all U.S. and foreign defined benefit pension plans was $303.4 million
and $283.1 million for 2008 and 2007, respectively.
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for U.S. and
foreign plans with accumulated benefit obligations in excess of plan assets were $290.7 million, $290.1 million and
$172.9 million, respectively for 2008 and $209.4 million, $204.0 million and $171.0 million, respectively for 2007.
Plan assets are allocated among various categories of equities, fixed income, cash and cash equivalents with
professional investment managers whose performance is actively monitored. The target allocation among plan
assets allows for variances based on economic and market trends. The primary investment objective is long-term
growth of assets in order to meet present and future benefit obligations. The Company periodically conducts an
asset/liability modeling study to ensure the investment strategy is aligned with the profile of benefit obligations.
During 2008, pension plan assets decreased approximately $78.7 million primarily due to the downturn in the
economy. The decrease is the primary factor for the increase in pension and postretirement benefit liabilities in the
consolidated balance sheet and a significant portion of the change in accumulated other comprehensive income.
The plan asset allocations for U.S. and foreign plans are as follows:

Targe t % of Ass e ts
Allocation 2008 2007
Equity securities 65% 61% 66%
Debt securities 35% 39% 26%
Real estate — — 8%
100% 100% 100%

The Company’s contributions to U.S. and foreign pension plans during 2009 are expected to be in the range of
$2.0 million to $2.5 million. Contributions to postretirement healthcare plans during 2009 are expected to be
approximately $4.2 million.

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The Company’s expected benefit payments for U.S. and foreign plans for each of the five succeeding years
and the aggregate of the five years thereafter, net of the annual average Medicare Part D subsidy of approximately
$0.3 million, is as follows:
Pension Othe r Benefits
(Dollars in thous ands)
2009 $14,196 $ 4,245
2010 14,623 4,419
2011 15,072 4,647
2012 15,897 4,641
2013 16,630 4,559
Years 2014 — 2017 92,550 23,752
The Company maintains a number of defined contribution savings plans covering eligible U.S. and non-
U.S. employees. The Company partially matches employee contributions. Costs related to these plans were
$9.4 million, $8.5 million and $9.1 million for 2008, 2007 and 2006, respectively.

Note 14 — Fair Value Measurement


The Company adopted SFAS 157 for financial assets and financial liabilities as of January 1, 2008, in
accordance with the provisions of SFAS 157 and the related guidance of FSP 157-1, FSP 157-2 and FSP 157-3.
The adoption did not have an impact on the Company’s financial position and results of operations. The Company
endeavors to utilize the best available information in measuring fair value. The Company has determined the fair
value of its financial assets based on Level 1 and Level 2 inputs and the fair value of its financial liabilities based on
Level 2 inputs in accordance with the fair value hierarchy described as follows:

Valuation Hierarchy
SFAS 157 establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes
the inputs into three broad levels as follows:
Level 1 inputs — quoted prices (unadjusted) in active markets for identical assets or liabilities that the
Company has ability to access at the measurement date.
Level 2 inputs — inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input
must be observable for substantially the full term of the asset or liability. Level 2 inputs include:
1. Quoted prices for similar assets or liabilities in active markets.
2. Quoted prices for identical or similar assets or liabilities in markets that are not active or there are
few transactions.
3. Inputs other than quoted prices that are observable for the asset or liability.
4. Inputs that are derived principally from or corroborated by observable market data by correlation or
other means.
Level 3 inputs — unobservable inputs for the asset or liability. Unobservable inputs may be used to
measure fair value only when observable inputs are not available. Unobservable inputs reflect the Company’s
assumptions about the assumptions market participants would use in pricing the asset or liability in achieving
the fair value measurement objective of an exit price perspective.

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A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input
that is significant to the fair value measurement.
The following table provides the financial assets and liabilities carried at fair value measured on a recurring
basis as of December 31, 2008:
Total Carrying Value Quoted prices in Significant othe r Significant
at Dece m ber 31, active m ark e ts obs e rvable inputs unobse rvable inputs
2008 (Le ve l 1) (Le ve l 2) (Le ve l 3)
(Dollars in thous ands)
Deferred compensation assets $ 2,531 $ 2,531 $ — $ —
Derivative assets $ 681 $ — $ 681 $ —
Derivative liabilities $ 53,331 $ — $ 53,331 $ —

Valuation Techniques
The Company’s financial assets valued based upon Level 1 inputs are comprised of investments in marketable
securities held in Rabbi Trusts which are used to pay benefits under certain deferred compensation plan benefits.
Under these deferred compensation plans, participants designate investment options to serve as the basis for
measurement of the notional value of their accounts. The investment assets of the rabbi trust are valued using
quoted market prices multiplied by the number of shares held in the trust.
The Company’s financial assets valued based upon Level 2 inputs are comprised of foreign currency forward
contracts. The Company’s financial liabilities valued based upon Level 2 inputs are comprised of an interest rate
swap contract and foreign currency forward contracts. The Company has taken into account the creditworthiness
of the counterparties in measuring fair value. The Company uses forward rate contracts to manage currency
transaction exposure and interest rate swaps to manage exposure to interest rate changes. The fair value of the
interest rate swap contract is developed from market-based inputs under the income approach using cash flows
discounted at relevant market interest rates. The fair value of the foreign currency forward exchange contracts
represents the amount required to enter into offsetting contracts with similar remaining maturities based on quoted
market prices.

Note 15 — Commitments and contingent liabilities


Product warranty liability: The Company warrants to the original purchaser of certain of its products that it
will, at its option, repair or replace, without charge, such products if they fail due to a manufacturing defect.
Warranty periods vary by product. The Company has recourse provisions for certain products that would enable
recovery from third parties for amounts paid under the warranty. The Company accrues for product warranties
when, based on available information, it is probable that customers will make claims under warranties relating to
products that have been sold, and a reasonable estimate of the costs (based on historical claims experience

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relative to sales) can be made. Set forth below is a reconciliation of the Company’s estimated product warranty
liability for 2008:
(Dollars in
thous ands)
Balance — December 31, 2007 $ 19,981
Accrued for warranties issued in 2008 10,380
Settlements (cash and in kind) (12,756)
Accruals related to pre-existing warranties 1,273
Effect of translation (1,772)
Balance — December 31, 2008 $ 17,106

Operating leases: The Company uses various leased facilities and equipment in its operations. The terms for
these leased assets vary depending on the lease agreement. The Company’s future payments cannot exceed the
minimum rent obligation plus the residual value guarantee amount. The guarantee amounts are tied to the
unamortized lease values of the assets under lease, and are due should the Company decide neither to renew
these leases, nor to exercise its purchase option. At December 31, 2008, the Company had no liabilities recorded
for these obligations. Any residual value guarantee amounts paid to the lessor may be recovered by the Company
from the sale of the assets to a third party.
Future minimum lease payments as of December 31, 2008 (including residual value guarantee amounts)
under noncancelable operating leases are as follows:
(Dollars in
thous ands)
2009 $ 30,529
2010 25,733
2011 20,962
2012 16,279
2013 11,847
Rental expense under operating leases was $36.4 million, $29.5 million and $27.0 million in 2008, 2007 and
2006, respectively.
We have residual value guarantees under operating leases for certain equipment. The maximum potential
amount of future payments we could be required to make under these guarantees is approximately $1.9 million at
December 31, 2008.
Accounts receivable securitization program: We use an accounts receivable securitization program to gain
access to enhanced credit markets and reduce financing costs. As currently structured, accounts receivable of
certain domestic subsidiaries are sold on a non-recourse basis to a special purpose entity (“SPE”), which is a
bankruptcy-remote subsidiary of Teleflex Incorporated that is consolidated in our financial statements. This SPE
then sells undivided interests in those receivables to an asset backed commercial paper conduit. The conduit
issues notes secured by those interests and other assets to third party investors.
To the extent that cash consideration is received for the sale of undivided interests in the receivables by the
SPE to the conduit, it is accounted for as a sale in accordance with Statement of Financial Accounting Standards
No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”, as we
have relinquished control of the receivables. Accordingly, undivided interests in accounts receivable sold to the
commercial paper conduit under these transactions are excluded from accounts receivables, net in the
accompanying consolidated balance sheets. The interests not represented by cash consideration from the

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conduit are retained by the SPE and remain in accounts receivable in the accompanying consolidated balance
sheets.
The interests in receivables sold and the interest in receivables retained by the SPE are carried at face value,
which is due to the short-term nature of our accounts receivable. The special purpose entity has received cash
consideration of $39.7 million and $39.7 million for the interests in the accounts receivable it has sold to the
commercial paper conduit at December 31, 2008 and December 31, 2007, respectively. No gain or loss is
recorded upon sale as fee charges from the commercial paper conduit are based upon a floating yield rate and the
period the undivided interests remain outstanding. Fee charges from the commercial paper conduit are accrued at
the end of each month. Should we default under the accounts receivable securitization program, the commercial
paper conduit is entitled to receive collections on receivables owned by the SPE in satisfaction of the amount of
cash consideration paid to the SPE to the commercial paper conduit. The assets of the SPE are not available to
satisfy the obligations of Teleflex or any of its other subsidiaries.
Information regarding the outstanding balances related to the SPE’s interests in accounts receivables sold or
retained as of December 31, 2008 is as follows:
(Dollars in
m illions)
Interests in receivables sold outstanding(1) $ 39.7
Interests in receivables retained, net of allowance for doubtful accounts $ 96.3

(1) Deducted from accounts receivables, net in the consolidated balance sheets.
The delinquency ratio for the qualifying receivables represented 3.76% of the total qualifying receivables as of
December 31, 2008.
The following table summarizes the activity related to our interests in accounts receivable sold for the year
ended December 31, 2008:
(Dollars in
m illions)
Proceeds from the sale of interest in accounts receivable $ 39.7
Fees and charges(1) $ 1.8

(1) Recorded in interest expense in the consolidated statement of operations.


Other fee charges related to the sale of receivables to the commercial paper conduit for the year ended
December 31, 2008 were not material.
We continue servicing the receivables sold, pursuant to servicing agreements with the SPE. No servicing
asset is recorded at the time of sale because we do not receive any servicing fees from third parties or other
income related to the servicing of the receivables. We do not record any servicing liability at the time of the sale as
the receivables collection period is relatively short and the costs of servicing the receivables sold over the servicing
period are insignificant. Servicing costs are recognized as incurred over the servicing period.
Environmental: The Company is subject to contingencies pursuant to environmental laws and regulations that
in the future may require the Company to take further action to correct the effects on the environment of prior
disposal practices or releases of chemical or petroleum substances by the Company or other parties. Much of this
liability results from the U.S. Comprehensive Environmental Response, Compensation and Liability Act
(“CERCLA”), often referred to as Superfund, the U.S. Resource Conservation and Recovery Act (“RCRA”) and
similar state laws. These laws require the Company to undertake certain investigative and remedial activities at

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sites where the Company conducts or once conducted operations or at sites where Company-generated waste
was disposed.
Remediation activities vary substantially in duration and cost from site to site. These activities, and their
associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, diverse
regulatory agencies and enforcement policies, as well as the presence or absence of potentially responsible
parties. At December 31, 2008 and December 31, 2007, the Company’s consolidated balance sheet included an
accrued liability of $8.9 million and $7.5 million, respectively, relating to these matters. Considerable uncertainty
exists with respect to these costs and, under adverse changes in circumstances, potential liability may exceed
the amount accrued as of December 31, 2008. The time-frame over which the accrued or presently unrecognized
amounts may be paid out, based on past history, is estimated to be 15-20 years.
Regulatory matters: On October 11, 2007, the Company’s subsidiary, Arrow International, Inc. (“Arrow”),
received a corporate warning letter from the U.S. Food and Drug Administration (FDA). The letter cites three site-
specific warning letters issued by the FDA in 2005 and subsequent inspections performed from June 2005 to
February 2007 at Arrow’s facilities in the United States. The letter expresses concerns with Arrow’s quality
systems, including complaint handling, corrective and preventive action, process and design validation, inspection
and training procedures. It also advises that Arrow’s corporate-wide program to evaluate, correct and prevent
quality system issues has been deficient. Limitations on pre-market approvals and certificates of foreign goods
had previously been imposed on Arrow based on prior inspections and the corporate warning letter does not
impose additional sanctions that are expected to have a material financial impact on the Company.
In connection with its acquisition of Arrow, completed on October 1, 2007, the Company developed an
integration plan that includes the commitment of significant resources to correct these previously-identified
regulatory issues and further improve overall quality systems. Senior management officials from the Company have
met with FDA representatives, and a comprehensive written corrective action plan was presented to FDA in late
2007. The Company has begun implementing its corrective action plan, which it expects to complete, for most
facilities and procedures, by the end of March 2009.
While the Company believes it can remediate these issues, there can be no assurances regarding the length
of time or expenditures required to resolve these issues to the satisfaction of the FDA. If the Company’s remedial
actions are not satisfactory to the FDA, the Company may have to devote additional financial and human
resources to its efforts, and the FDA may take further regulatory actions against the Company, including, but not
limited to, seizing its product inventory, obtaining a court injunction against further marketing of the Company’s
products, assessing civil monetary penalties or imposing a consent decree on us.
In June 2008, HM Revenue and Customs (“HMRC”) assessed Airfoil Technologies International UK Limited
(“ATI-UK”), a consolidated United Kingdom venture in which the Company has a 60% economic interest,
approximately $10 million for customs duty for the period from July 1, 2005 through March 31, 2008. HMRC had
previously assessed ATI-UK approximately $737,000 for customs duty for the first and second quarters of 2004.
Additionally, for the above periods, ATI-UK was assessed a value added tax (“VAT”) of approximately $68 million,
for which HMRC has advised ATI-UK that, to the extent it is due and payable, it has until March 2010 to fully
recover such VAT. The assessments were imposed because HMRC concluded that ATI-UK did not provide the
necessary documentation for which reliance on Inland Processing Relief status (duty and VAT) was claimed by
ATI-UK.
ATI-UK has filed appeals and been granted hardship applications (to avoid payment of the assessment while
the appeal is pending) regarding each of the assessments. ATI-UK provided certain documentation to HMRC with
regard to the first quarter of 2004, and as a result, the HMRC reduced the assessment for customs duties for

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that quarter by 97%, from approximately $17,860 to $450, and reduced the assessment for VAT for that quarter by
99%, from approximately $117,540 to $1,650, which amounts have been paid and all VAT recovered. ATI-UK has
provided essentially the same types of supporting documentation to HMRC for the remaining quarters for which it
was assessed. Based on discussions between ATI-UK and the HMRC inspector with regard to the assessments
for the remaining periods, ATI-UK is hopeful that it will obtain reductions in the assessments that are
proportionately similar to those obtained for the first quarter of 2004. However, the Company cannot assure
whether or the extent to which the HMRC will reduce its assessments for these periods. In the event ATI-UK is not
successful in a favorable resolution of the remaining assessments, such outcome would have a material adverse
effect on the business of ATI-UK. The Company has a net investment in ATI-UK of approximately $11 million.
Litigation: The Company is a party to various lawsuits and claims arising in the normal course of business.
These lawsuits and claims include actions involving product liability, intellectual property, import and export
regulations, employment and environmental matters. Based on information currently available, advice of counsel,
established reserves and other resources, the Company does not believe that any such actions are likely to be,
individually or in the aggregate, material to its business, financial condition, and results of operations or liquidity.
However, in the event of unexpected further developments, it is possible that the ultimate resolution of these
matters, or other similar matters, if unfavorable, may be materially adverse to the Company’s business, financial
condition, results of operations or liquidity. Legal costs such as outside counsel fees and expenses are charged
to expense in the period incurred.
Other: The Company has various purchase commitments for materials, supplies and items of permanent
investment incident to the ordinary conduct of business. In the aggregate, such commitments are not at prices in
excess of current market.

Note 16 — Business segments and other information


SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information, defines an operating
segment as a component of an enterprise (a) that engages in business activities from which it may earn revenues
and incur expenses, (b) whose operating results are regularly reviewed by the enterprise’s chief operating decision
maker to make decisions about resources to be allocated to the segment and to assess its performance, and
(c) for which discrete financial information is available. Based on these criteria, the Company has determined that
it has three reportable segments: Medical, Aerospace and Commercial
The Medical Segment businesses develop, manufacture and distribute medical devices primarily used in
critical care, surgical applications and cardiac care. Additionally, the company designs, manufactures and
supplies devices and instruments for medical device manufacturers. Over 80 percent of Medical Segment net
revenues are derived from devices that are considered disposable or single use. The Medical Segment’s products
are largely sold and distributed to hospitals and healthcare providers and are most widely used in the acute care
setting for a range of diagnostic and therapeutic procedures and in general and specialty surgical applications.
Our Aerospace Segment businesses provide repair products and services for flight and ground-based turbine
engines and cargo handling systems for wide body and narrow body aircraft. Commercial aviation markets
represent 99% of revenues in this segment. Markets for these products are generally influenced by spending
patterns in the commercial aviation markets, cargo market trends, flights hours, and age and type of engines in
use.
The Commercial Segment businesses principally design, manufacture and distribute driver controls and
engine and drive parts for the marine market, power and fuel systems for truck, rail, automotive and industrial
vehicles and rigging products and services. Commercial Segment products are used in a range of markets

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including: recreational marine, heavy truck, bus, industrial vehicles, rail, oil and gas, marine transportation and
industrial.
Information about continuing operations by business segment is as follows:
2008 2007 2006
(Dollars in thous ands)
Segment data:
Medical $ 1,499,109 $ 1,041,349 $ 858,676
Aerospace 511,246 451,788 405,372
Commercial 410,594 441,195 426,761
Net revenues 2,420,949 1,934,332 1,690,809
Medical 286,330 182,636 161,707
Aerospace 61,781 46,964 40,224
Commercial 27,457 22,990 30,498
Segment operating profit(1) 375,568 252,590 232,429
Corporate expenses 43,002 46,439 45,444
In-process research and development charge — 30,000 —
Goodwill impairment — 18,896 1,003
Restructuring and other impairment charges 27,701 11,352 21,320
(Gain) loss on sales of businesses and assets (296) 1,110 732
Minority interest (34,828) (28,949) (23,211)
Income from continuing operations before interest, taxes and
minority interest $ 339,989 $ 173,742 $ 187,141
Identifiable assets(2):
Medical $ 3,195,255 $ 3,343,070 $ 923,786
Aerospace 244,872 239,483 251,629
Commercial 220,543 218,713 710,917
Corporate(3) 257,864 382,490 464,920
$ 3,918,534 $ 4,183,756 $ 2,351,252
Capital expenditures:
Medical $ 24,992 $ 31,781 $ 25,896
Aerospace 8,244 4,603 9,928
Commercial 4,535 5,776 4,178
Corporate 1,496 2,574 770
$ 39,267 $ 44,734 $ 40,772
Depreciation and amortization expense:
Medical $ 90,519 $ 48,763 $ 35,094
Aerospace 8,761 9,334 10,160
Commercial 8,921 10,245 10,178
Corporate 8,347 10,418 3,862
$ 116,548 $ 78,760 $ 59,294

(1) Segment operating profit includes a segment’s net revenues reduced by its materials, labor and other product
costs along with the segment’s selling, engineering and administrative expenses and minority interest.
Unallocated corporate expenses, (gain) loss on sales of businesses and assets, restructuring

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and impairment charges, interest income and expense and taxes on income are excluded from the measure.
(2) Identifiable assets do not include assets held for sale of $8.2 million, $4.2 million and $10.2 million in 2008,
2007 and 2006, respectively.
(3) Identifiable corporate assets include cash, receivables acquired from operating segments for securitization,
investments in unconsolidated entities, property, plant and equipment and deferred tax assets primarily related
to net operating losses and pension and retiree medical plans.
Information about continuing operations in different geographic areas is as follows:
2008 2007 2006
(Dollars in thous ands)
Net revenues (based on business unit location):
United States $ 1,129,002 $ 855,975 $ 758,054
Other Americas 156,822 193,120 191,284
Germany 304,166 256,243 205,416
Other Europe 495,631 352,587 300,547
Asia/Australia 335,328 276,407 235,508
$ 2,420,949 $ 1,934,332 $ 1,690,809
Net property, plant and equipment:
United States $ 198,689 $ 219,501 $ 171,442
Other Americas 38,971 51,632 59,599
Germany 24,855 39,567 69,996
Other Europe 67,700 74,460 69,663
Asia/Australia 44,077 45,816 51,478
$ 374,292 $ 430,976 $ 422,178

Note 17 — Divestiture-Related Activities


As dispositions occur in the normal course of business, gains or losses on the sale of such businesses are
recognized in the income statement line item (Gain) loss on sales of businesses and assets.
(Gain) loss on sales of businesses and assets consists of the following for the years ended December 31:
2008 2007 2006
(In thousands)
(Gain) loss on sales of businesses and assets, net $(296) $1,110 $732
During 2008, the Company recorded a gain on the disposal of an asset held for sale of approximately
$0.3 million.
During 2007, the Company sold a product line in its Medical Segment and sold a building which it had
classified as held for sale. The Company incurred a net loss of $1.1 million on these two transactions.
In connection with the Company’s 2006 restructuring program the Company identified certain assets that
would no longer be used and sold them in 2006, recognizing a pre-tax loss of $0.7 million on the dispositions.
These assets were primarily land and buildings.

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Assets Held for Sale


Assets held for sale at December 31, 2008 and 2007 are summarized on the table below. In 2008, they
consist of four buildings which the Company is actively marketing.
2008 2007
Assets held for sale:
Property, plant and equipment $8,210 $4,241
Total assets held for sale $8,210 $4,241

Discontinued Operations
On December 27, 2007 the Company completed the sale of its business units that design and manufacture
automotive and industrial driver controls, motion systems and fluid handling systems (the “GMS” businesses) to
Kongsberg Automotive Holding for $560 million in cash and realized a pre-tax gain of $224.2 million. The business
units divested, Teleflex Automotive, Teleflex Industrial and Teleflex Fluid Systems were all part of the Company’s
Commercial Segment.
In 2008, the Company refined its estimates for the post-closing adjustments related to the sale of the GMS
businesses based on the provisions of the Purchase Agreement. Also during 2008, the Company recorded a
charge for the settlement of a contingency related to the GMS businesses. These charges are reported as a loss
from discontinued operations of $14.2 million, net of taxes of $6.0 million for the twelve months ended
December 31, 2008. The Company is continuing to discuss certain aspects of the post closing adjustments with
Kongsberg Automotive Holding. The Company has recorded its best estimate for these matters.
On June 29, 2007 the Company completed the sale of Teleflex Aerospace Manufacturing Group (“TAMG”), a
precision-machined components business in the Aerospace Segment for $133.9 million in cash and realized a
pre-tax gain of $75.2 million.
During 2006 the company sold a small medical business and incurred a pre-tax loss of $0.5 million. Also
during 2006, the Company finalized the post closing adjustments related to the three 2005 divestitures and
realized a net pre-tax gain of $0.7 million.
The results of our discontinued operations for the years 2008, 2007 and 2006 were as follows:
2008 2007 2006
(Dollars in thous ands)
Net revenues $ — $ 932,140 $959,928
Costs and other expenses 8,238 881,679 895,530
Gain on dispositions and impairment charges, net — (299,456) (182)
(Loss) income from discontinued operations before income taxes (8,238) 349,917 64,580
Provision for income taxes 5,968 161,065 21,238
(Loss) income from discontinued operations $(14,206) $ 188,852 $ 43,342

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QUARTERLY DATA (UNAUDITED)


Firs t Second Third Fourth
Quarte r (1) Quarte r Quarte r Quarte r (2)
(Dollars in thous ands, e xcept pe r s hare)
2008:
Net revenues $604,520 $624,085 $595,882 $596,462
Gross profit 232,855 258,649 238,818 233,845
Income from continuing operations before interest, taxes
and minority interest 72,113 93,208 94,019 80,649
Income from continuing operations 22,943 37,788 42,319 30,930
Loss from discontinued operations — (2,845) — (11,361)
Net income 22,943 34,943 42,319 19,569
Earnings per share — basic(3):
Income from continuing operations $ 0.58 $ 0.96 $ 1.07 $ 0.78
Income (loss) from discontinued operations — (0.07) — (0.29)
Net income $ 0.58 $ 0.88 $ 1.07 $ 0.49
Earnings per share — diluted(3):
Income from continuing operations $ 0.58 $ 0.95 $ 1.06 $ 0.78
Income (loss) from discontinued operations — (0.07) — (0.29)
Net income $ 0.58 $ 0.88 $ 1.06 $ 0.49
2007:
Net revenues(4) $440,340 $452,317 $458,562 $583,113
Gross profit(4) 161,448 163,330 153,977 201,599
Income from continuing operations before interest, taxes
and minority interest 63,493 56,570 53,626 53
Income (loss) from continuing operations 33,831 33,246 (63,224) (46,221)
Income from discontinued operations 10,443 60,615 6,188 111,606
Net income (loss) 44,274 93,861 (57,036) 65,385
Earnings (losses) per share — basic(3):
Income (loss) from continuing operations $ 0.87 $ 0.85 $ (1.61) $ (1.17)
Income from discontinued operations 0.27 1.55 0.16 2.83
Net income (loss) $ 1.13 $ 2.39 $ (1.45) $ 1.66
Earnings (losses) per share — diluted(3):
Income (loss) from continuing operations $ 0.86 $ 0.84 $ (1.61) $ (1.17)
Income from discontinued operations 0.27 1.53 0.16 2.83
Net income (loss) $ 1.12 $ 2.37 $ (1.45) $ 1.66

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Table of Contents

Incom e from
Continuing
Operations
Before Inte re s t, Incom e (Los s )
Taxe s and from Continuing
M inority Intere s t Operations
(1) First quarter 2008 results include the following:
Write-off of inventory fair value adjustment(a) $ 6,936 $ 4,449
(2) Fourth quarter 2007 results include the following:
In-process R&D write-off(a) $ 30,000 $ 30,000
Write-off of inventory fair value adjustment(a) 28,916 18,550
Goodwill impairment 18,896 18,896
Write-off of deferred financing costs 4,803 3,405
(3) The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date
periods. This is due to changes in the number of weighted average shares outstanding and the effects of
rounding for each period.
(4) Amounts exclude the impact of discontinued operations. See Note 17.
(a) Related to the Arrow acquisition

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Table of Contents

TELEFLEX INCORPORATED

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS


Balance at Additions Accounts Balance at
Beginning Charge d to Rece ivable Trans lation End of
of Ye ar Dispos itions Incom e Write -offs and othe r Year
December 31, 2008 $ 7,010 $ (54) $ 3,604 $ (5,053) $ 3,219 $ 8,726
December 31, 2007 $ 10,097 $ (3,520) $ 3,323 $ (4,614) $ 1,724 $ 7,010
December 31, 2006 $ 10,090 $ — $ 4,225 $ (4,018) $ (200) $ 10,097

INVENTORY RESERVE
Balance at Additions Balance at
Beginning Charge d to Inve ntory Trans lation End of
of Ye ar Dispos itions Incom e Write -offs and othe r Year
December 31, 2008
Raw material $ 10,616 $ — $ 4,773 $ (3,506) $ 1,116 $ 12,999
Work-in-process 608 — 1,575 (104) 619 2,698
Finished goods 24,691 — 7,713 (12,210) 1,625 21,819
$ 35,915 $ — $ 14,061 $ (15,820) $ 3,360 $ 37,516
December 31, 2007
Raw material $ 22,275 $ (7,741) $ 2,499 $ (4,285) $ (2,132) $ 10,616
Work-in-process 2,607 (1,412) 126 (486) (227) 608
Finished goods 21,691 (1,578) 5,362 (3,773) 2,989 24,691
$ 46,573 $ (10,731) $ 7,987 $ (8,544) $ 630 $ 35,915
December 31, 2006
Raw material $ 20,067 $ — $ 12,124 $ (11,481) $ 1,565 $ 22,275
Work-in-process 1,635 — 1,703 (908) 177 2,607
Finished goods 22,871 — 9,074 (8,413) (1,841) 21,691
$ 44,573 $ — $ 22,901 $ (20,802) $ (99) $ 46,573

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Table of Contents

INDEX TO EXHIBITS
The following exhibits are filed as part of, or incorporated by reference into, this report:

Exhibit No. Des cription

*3.1 — Articles of Incorporation of the Company (except for Article Thirteenth and the first
paragraph of Article Fourth) are incorporated by reference to Exhibit 3(a) to the Company’s
Form 10-Q for the period ended June 30, 1985. Article Thirteenth of the Company’s Articles
of Incorporation is incorporated by reference to Exhibit 3 of the Company’s Form 10-Q for
the period ended June 28, 1987. The first paragraph of Article Fourth of the Company’s
Articles of Incorporation is incorporated by reference to Proposal 2 of the Company’s Proxy
Statement with an effective date of March 29, 2007 for the Annual Meeting held on May 4,
2007.
*3.2 — Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to
the Company’s Form 10-K filed on March 20, 2006).
*10.1 — 1990 Stock Compensation Plan (incorporated by reference to the Company’s registration
statement on Form S-8 (Registration No. 33-34753), revised and restated as of
December 1, 1997 incorporated by reference to Exhibit 10(b) of the Company’s Form 10-K
for the year ended December 28, 1997. As subsequently amended and restated on Form S-
8 (Registration No. 333-59814) which is herein incorporated by reference).
10.2 — Teleflex Incorporated Retirement Income Plan, as amended and restated effective
January 1, 2002, and as subsequently amended, effective as of January 1, 2009.
10.3 — Amended and Restated Teleflex Incorporated Deferred Compensation Plan effective as of
January 1, 2009.
10.4 — Amended and Restated Teleflex 401(k) Savings Plan, effective as of January 1, 2004, and
as subsequently amended, effective January 1, 2009.
*10.5 — 2000 Stock Compensation Plan (incorporated by reference to the Company’s registration
statement on Form S-8 (Registration No. 333-38224), filed on May 31, 2000).
*10.6 — 2008 Stock Incentive Plan (incorporated by reference to Appendix A to the Company’s
definitive Proxy Statement for the 2008 Annual Meeting of Stockholders filed on March 21,
2008).
+*10.7 — Teleflex Incorporated Executive Incentive Plan (incorporated by reference to Appendix B to
the Company’s definitive Proxy Statement for the 2006 Annual Meeting of Stockholders filed
on April 6, 2006).
+*10.8 — Letter Agreement, dated September 23, 2004, between the Company and Laurence G.
Miller (incorporated by reference to Exhibit 10(j) to the Company’s Form 10-K filed on
March 9, 2005).
+10.9 — Employment Agreement, dated March 24, 2006, between the Company and Jeffrey P.
Black (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on
March 28, 2006), as amended by that certain First Amendment to Employment Agreement,
effective as of January 1, 2009 (filed herewith).
+10.10 — Executive Change In Control Agreement, dated June 21, 2005, between the Company and
Laurence G. Miller (incorporated by reference to Exhibit 10(o) to the Company’s Form 10-Q
filed on July 27, 2005), as amended by that certain First Amendment to Executive Change
In Control Agreement, effective as of January 1, 2009 (filed herewith).
+10.11 — Executive Change In Control Agreement, dated June 21, 2005, between the Company and
Kevin K. Gordon (incorporated by reference to Exhibit 10(p) to the Company’s Form 10-Q
filed on July 27, 2005), as amended by that certain First Amendment to Executive Change
In Control Agreement, effective as of January 1, 2009 (filed herewith).
+10.12 — Executive Change In Control Agreement, dated June 21, 2005, between the Company and
Vincent Northfield (incorporated by reference to Exhibit 10.16 to the Company’s Form 10-K
filed on March 20, 2006), as amended by that certain First Amendment to Executive
Change In Control Agreement, effective as of January 1, 2009 (filed herewith).
+10.13 — Executive Change In Control Agreement, dated October 23, 2006, between the Company
and R. Ernest Waaser (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-
K filed on October 25, 2006), as amended by that certain First Amendment to Executive
Change In Control Agreement, effective as of January 1, 2009 (filed herewith).
+10.14 — Executive Change In Control Agreement, dated July 13, 2005, between the Company and
John Suddarth (incorporated by reference to Exhibit 10.18 to the Company’s Form 10-K
filed on March 20, 2006) ), as amended by that certain First Amendment to Executive
Change In Control Agreement, effective as of January 1, 2009 (filed herewith).
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Table of Contents

Exhibit No. Des cription

+*10.15 Executive Change In Control Agreement, dated June 21, 2005, between the Company and
Randall P. Gaboriault (incorporated by reference to Exhibit 10.5 to the Company’s Form 10-
Q filed on March 30, 2008), as amended by that certain First Amendment to Executive
Change In Control Agreement, effective as of January 1, 2009 (filed herewith).
+*10.16 — Letter Agreement, dated October 13, 2006, between the Company and R. Ernest Waaser
(incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on October 25,
2006).
+*10.17 — Letter Agreement, dated August 10, 2006, between the Company and Charles E. Williams
(incorporated by reference to Exhibit 99.1 to the Company’s Form 8-K filed on
September 25, 2006).
+10.18 — Senior Executive Officer Severance Agreement, dated March 26, 2007, between Teleflex
Incorporated and Kevin K. Gordon (incorporated by reference to Exhibit 10.1 to the
Company’s Form 10-Q filed on May 1, 2007), as amended by that certain First Amendment
to Executive Change In Control Agreement, effective as of January 1, 2009 (filed herewith).
+10.19 — Senior Executive Officer Severance Agreement, dated March 26, 2007, between Teleflex
Incorporated and Laurence G. Miller (incorporated by reference to Exhibit 10.2 to the
Company’s Form 10-Q filed on May 1, 2007), as amended by that certain First Amendment
to Executive Change In Control Agreement, effective as of January 1, 2009 (filed herewith).
+10.20 — Senior Executive Officer Severance Agreement, dated March 26, 2007, between Teleflex
Incorporated and R. Ernest Waaser (incorporated by reference to Exhibit 10.3 to the
Company’s Form 10-Q filed on May 1, 2007), as amended by that certain First Amendment
to Executive Change In Control Agreement, effective as of January 1, 2009 (filed herewith).
+10.21 — Senior Executive Officer Severance Agreement, dated March 26, 2007, between Teleflex
Incorporated and Vince Northfield (incorporated by reference to Exhibit 10.4 to the
Company’s Form 10-Q filed on May 1, 2007), as amended by that certain First Amendment
to Executive Change In Control Agreement, effective as of January 1, 2009 (filed herewith).
+10.22 — Senior Executive Officer Severance Agreement, dated March 26, 2007, between Teleflex
Incorporated and John B. Suddarth (incorporated by reference to Exhibit 10.5 to the
Company’s Form 10-Q filed on May 1, 2007), as amended by that certain First Amendment
to Executive Change In Control Agreement, effective as of January 1, 2009 (filed herewith).
+10.23 — Senior Executive Officer Severance Agreement, dated April 28, 2008, between Teleflex
Incorporated and Randall P. Gaboriault (incorporated by reference to Exhibit 10.2 to the
Company’s Form 10-Q filed on March 30, 2008), as amended by that certain First
Amendment to Executive Change In Control Agreement, effective as of January 1, 2009
(filed herewith).
10.24 Credit Agreement, dated October 1, 2007, with JPMorgan Chase Bank, N.A., as
administrative agent and as collateral agent, Bank of America, N.A., as syndication agent,
the guarantors party thereto, the lenders party thereto and each other party thereto
(incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on October 5,
2007), as amended by Amendment No. 1 thereto dated as of December 22, 2008 (filed
herewith).
*10.25 Note Purchase Agreement, dated as of October 1, 2007, among Teleflex Incorporated and
the several purchasers party thereto (incorporated by reference to Exhibit 10.2 to the
Company’s Form 8-K filed on October 5, 2007).
*10.26 First Amendment, dated as of October 1, 2007, to the Note Purchase Agreement dated as
of July 8, 2004 among Teleflex Incorporated and the noteholders party thereto (incorporated
by reference to Exhibit 10.3 to the Company’s Form 8-K filed on October 5, 2007).
*14 — Code of Ethics policy applicable to the Company’s Chief Executive Officer and senior
financial officers (incorporated by reference to Exhibit 14 of the Company’s Form 10-K filed
on March 11, 2004).
21 — Subsidiaries of the Company.
23 — Consent of Independent Registered Public Accounting Firm.
31.1 — Certification of Chief Executive Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.
31.2 — Certification of Chief Financial Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.
32.1 — Certification of Chief Executive Officer, Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
32.2 — Certification of Chief Financial Officer, Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
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* Each such exhibit has heretofore been filed with the Securities and Exchange Commission as part of the filing
indicated and is incorporated herein by reference.
+ Indicates management contract or compensatory plan or arrangement required to be filed pursuant to Item 15(b)
of this report.

Exhibit 10.2

TELEFLEX INCORPORATED
RETIREMENT INCOME PLAN
(As Amended and Restated Effective January 1, 2002)
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ARTICLE I. DEFINITIONS 3

ARTICLE II. PARTICIPATION 20

2.1 Participation 20

2.2 Ineligible Employees 21

2.3 Time of Participation — Excluded Employees 22

2.4 Reemployed Individuals 22

ARTICLE III. AMOUNT OF RETIREMENT BENEFITS 22

3.1 Normal Retirement Benefits 22

3.2 Late Retirement Benefits 26

3.3 Early Retirement Benefit 26

3.4 Disability Retirement Benefit 27

3.5 Vested Deferred Retirement Benefit 28

3.6 Return of Accumulated Contributions 30

3.7 Restoration of Accrued Pension Benefit 30

3.8 Minimum Benefit 30

3.9 Transfer of Employment 30

3.10 Preservation of Accrued Benefit 30

ARTICLE IV. VESTING 31

4.1 Rate of Vesting — General Rule 31

4.2 Full Vesting in Accumulated Contributions 31

ARTICLE V. DEATH BENEFITS 31

5.1 Death of Vested Participant Before Annuity Starting Date 31

5.2 Amount and Time of Payment of Vested Terminated Participant’s Death Benefit 31

5.3 Death of Participant On or After Retirement Date 31

5.4 No Other Death Benefits 32

ARTICLE VI. PAYMENT OF RETIREMENT BENEFITS 32

6.1 Annuity Payment Date 32

6.2 Normal Form of Retirement Benefit — Unmarried Salaried Participants 32

6.3 Normal Form of Retirement Benefit — Married Salaried Participants 33

6.4 Optional Forms of Retirement Benefit Payment 33

6.5 Special Optional Form of Retirement Benefit Payments for TRIP Plan Participants 34

6.6 Election of Benefits — Notice and Election Procedures 34


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6.7 Payment of Small Benefits 36


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6.8 Continued Employment After Normal Retirement Date; Reemployed Participants 37

6.9 Required Distributions — Code Section 401(a)(9) 38

6.10 Eligible Rollover Distributions 44

ARTICLE VII. CONTRIBUTIONS 46

7.1 Employer Contributions 46

7.2 Funding Policy 46

7.3 Determination of Contributions 46

7.4 Time of Payment of Employer Contributions 46

7.5 Return of Employer Contributions 46

7.6 Forfeitures 47

7.7 Irrevocability 47

7.8 Employee Contributions 47

7.9 Funding Notice 47

ARTICLE VIII. ADMINISTRATION 47

8.1 Fiduciary Responsibility 47

8.2 Appointment and Removal of Committee 47

8.3 Compensation and Expenses of Committee 48

8.4 Committee Procedures 48

8.5 Plan Interpretation 48

8.6 Fiduciary Duties 48

8.7 Consultants 48

8.8 Method of Handling Plan Funds 49

8.9 Delegation and Allocation of Responsibility 49

8.10 Other Committee Powers and Duties 49

8.11 Records and Reports 50

8.12 Application and Forms for Benefits 50

8.13 Authorization of Benefit Payments 50

8.14 Funding Policy 50

8.15 Unclaimed Accrued Benefit — Procedure 51

8.16 Individual Statement 51

8.17 Parties to Litigation 51

8.18 Use of Alternative Media 52


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8.19 Personal Data to Administrative Committee 52

8.20 Address for Notification 52

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8.21 Notice of Change in Terms 52

8.22 Assignment or Alienation 52

8.23 Litigation Against the Plan 52

8.24 Information Available 53

8.25 Presenting Claims for Benefits 53

8.26 Claims Review Procedure 54

8.27 Disputed Benefits 54

8.28 Claims Involving Benefits Related to Disability 54

ARTICLE IX. EXCLUSIVE BENEFIT, AMENDMENT, TERMINATION AND MERGER 55

9.1 Exclusive Benefit 55

9.2 Amendment of the Plan 55

9.3 Amendment to Vesting Provisions 56

9.4 Merger/Direct Transfers and Elective Transfers 56

9.5 Termination of the Plan 57

9.6 Full Vesting on Termination 58

9.7 Partial Termination 58

9.8 Allocation of Assets Upon Termination of Trust Fund 58

9.9 Manner of Distribution 59

9.10 Overfunding 59

ARTICLE X. WITHDRAWAL OF PARTICIPATING EMPLOYER 59

10.1 Withdrawal 59

10.2 Notice of Withdrawal 60

10.3 Withdrawal at Request of Board of Directors 60

10.4 Continuation of Plan 60

ARTICLE XI. LIMITATIONS ON BENEFITS 60

11.1 Limitation on Annual Benefits 60

11.2 Benefit Limitations — Rules for Certain Highly Compensated Employees 77

ARTICLE XII. PROVISIONS RELATING TO TOP-HEAVY PLAN 78

12.1 Top-Heavy Requirement 78

12.2 Minimum Vesting Requirement 78

12.3 Minimum Benefit Requirement 79

12.4 Change in Top-Heavy Status 80


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ARTICLE XIII. VETERANS’ REEMPLOYMENT RIGHTS 80

13.1 USERRA 80

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13.2 Crediting Service 80

13.3 Compensation 81

13.4 Qualified Military Service 81

13.5 Earnings and Forfeitures 81

ARTICLE XIV. MISCELLANEOUS 81

14.1 Limited Purpose of Plan 81

14.2 Non-alienation 81

14.3 Facility of Payment 82

14.4 Effect of Return of Benefit Checks 82

14.5 Impossibility of Diversion 82

14.6 Unclaimed Benefits 83

14.7 Construction 83

14.8 Governing Law 83

14.9 Contingent Effectiveness of Plan Amendment and Restatement 83

APPENDIX A PARTICIPATING EMPLOYERS

APPENDIX B ACTUARIAL ASSUMPTIONS

APPENDIX C APPROPRIATE INTEGRATION LEVEL FOR PRE-1998 EMPLOYEES

APPENDIX D APPROPRIATE INTEGRATION LEVEL FOR PARTICIPANTS OTHER THAN PRE-1998


EMPLOYEES

APPENDIX E TELEFLEX INCORPORATED HOURLY EMPLOYEES’ PENSION PLAN

APPENDIX F RETIREMENT PLAN FOR SALARIED EMPLOYEES OF ARROW INTERNATIONAL,


INC

APPENDIX G RETIREMENT PLAN FOR HOURLY-RATED EMPLOYEES OF ARROW INTERNATIONAL,


INC

APPENDIX H RETIREMENT PLAN FOR HOURLY RATED EMPLOYEES AT THE BERKS COUNTY, PA
LOCATIONS OF ARROW INTERNATIONAL, INC

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TELEFLEX INCORPORATED
RETIREMENT INCOME PLAN
(As Amended and Restated Effective January 1, 2002)

Teleflex Incorporated (the “Sponsor”), hereby amends and restates in its entirety the Teleflex Incorporated Retirement Income Plan,
formerly known as the Teleflex Incorporated Salaried Employees’ Pension Plan (the “Plan”). The Sponsor also hereby amends and
restates the Teleflex Incorporated Hourly Employees’ Pension Plan and merges it with and into the Plan, effective December 31,
2008. The Sponsor further merges the Retirement Plan for Hourly Rated Employees at the Berks County, PA Locations of Arrow
International, Inc., the Retirement Plan for Salaried Employees of Arrow International, Inc., and the Retirement Plan for Hourly-
Rated Employees of Arrow International, Inc. with and into the Plan effective as of August 31, 2008. Except as otherwise provided in
an applicable Appendix or required by applicable law, no additional benefits shall be accrued under the Plan after December 31,
2008.

It is intended that this Plan, as amended and restated effective January 1, 2002, together with the Trust Agreement, will comply
with the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), the requirements reflected in IRS Notice 2007-94
(the “2007 Cumulative List”), certain provisions of the Pension Protection Act of 2006, and the other applicable requirements of
Section 401(a) and 501(a) of the Internal Revenue Code of 1986, as amended.

The provisions of this amended and restated Plan shall apply solely to an Employee who incurs a Severance from Employment with
the Employer on or after the Effective Date. All former employees, Participants who incurred a Severance from Employment or
whose active participation in the Plan, the Teleflex Incorporated Hourly Employees’ Pension Plan, the Retirement Plan for Hourly
Rated Employees at the Berks County, PA Locations of Arrow International, Inc., the Retirement Plan for Salaried Employees of
Arrow International, Inc., or the Retirement Plan for Hourly-Rated Employees of Arrow International, Inc., as applicable, (collectively
the “Plans”) ceased prior to January 1, 2002, their Spouses, Beneficiaries, and anyone else claiming through them, shall, except as
otherwise expressly provided to the contrary herein or in any prior document for the Plans have the amount of their Accrued Benefit,
and their right, if any, to receive such benefit, determined pursuant to the terms and conditions of the Plans as in effect at the time
of Severance from Employment or cessation of active participation, and, if benefit payments commenced to any such individual prior
to January 1, 2002, the time and manner of payment of such benefits shall, except as otherwise expressly provided to the contrary
herein or in any prior document for the Plans be determined pursuant to the terms and conditions of the plan as in effect at the time
benefits commenced.

All former employees and participants in a plan that is merged with and into the Plan (“Merged Plan”) whose employment or active
participation in the Merged Plan terminated prior to the date of such plan’s merger into this Plan, their Spouses, Beneficiaries, and
anyone else claiming through them shall, except as otherwise expressly provided to the contrary herein or in any prior Merged Plan
document, have the amount of their Accrued Benefit, and their right, if any, to receive such benefit determined pursuant to the terms
and conditions of the applicable Merged Plan as in effect at the time of their Severance from Employment or cessation of active
participation and, if benefit payments commenced to any such individual prior to the date such plan merged with and into this Plan,
the time and manner of payment of such benefits shall, except as otherwise expressly provided to the contrary herein, or in any
prior Merged Plan document, be determined pursuant to the terms and conditions of the applicable Merged Plan as in effect at the
time benefits commenced.
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BACKGROUND INFORMATION

The Teleflex Incorporated Salaried Employees’ Pension Plan was originally effective as of July 1, 1966. Effective as of January 1,
1998, the Teleflex Incorporated Retirement Income Plan was merged with and into the Plan and the name of the Plan was changed
to the Teleflex Incorporated Retirement Income Plan. The Plan has been amended from time to time and was most recently
amended and restated effective January 1, 1998 to conform to the Internal Revenue Code of 1986, as amended by the General
Agreement on Tariffs and Trade, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Small Business
Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the IRS Restructuring and Reform Act of 1998, and the Community
Renewal Tax Relief Act of 2000 (collectively referred to as “GUST”). The Plan was subsequently amended from time to time to be in
good faith compliance with the changes made to the law by the Economic Growth and Tax Relief Reconciliation Act of 2001
(“EGTRRA”), to conform to regulations and guidance issued by the Department of Labor (“DOL”) and Internal Revenue Service
(“IRS”), and to reflect design and administrative changes, including an amendment whereby an Employee first hired by the
Employer on or after January 1, 2006 may not become a Participant in the Plan or accrue benefits under the Plan.

The Sponsor established the Teleflex Incorporated Hourly Employees’ Pension Plan (“Hourly Employees’ Plan”) effective as of
January 1, 1985. The Hourly Employees’ Plan has been amended from time to time and was most recently amended and restated
effective as of June 30, 2001 to comply with GUST. The Hourly Employees’ Plan was subsequently amended from time to time to
be in good faith compliance with the changes made to the law by EGTRRA, to conform to regulations and guidance issued by the
DOL and IRS, and to reflect design and administrative changes, including an amendment whereby an Employee, other than an
Employee who is a member of UAW Local 644 (Marine - Limerick, PA) and who is covered by a collective bargaining agreement
between the Employer and UAW Local 644, first hired by the Employer on or after January 1, 2006 may not become a Participant
in the Plan or accrue benefits under the Plan. The Hourly Employees’ Plan was also previously amended to provide that, an
Employee who is a member of UAW Local 644 (Marine — Limerick, PA) and who is covered by a collective bargaining agreement
between the Employer and UAW Local 644, that is first hired by the Employer on or after July 1, 2006 may not become a
Participant in the Plan or accrue benefits under the Plan.

Arrow International, Inc. (“Arrow”) adopted the Retirement Plan for Salaried Employees (“Arrow Salaried Plan”) effective as of
September 1, 1978. The Arrow Salaried Plan has been amended from time to time and was most recently amended and restated
effective as of September 1, 2002 to comply with EGTRRA (by the incorporation of previously-adopted “good faith” amendments)
and the requirements reflected in IRS Notice 2005-101 (the “2005 Cumulative List”). The Arrow Salaried Plan was subsequently
amended to comply with changes made to the required interest rate assumption used for adjusting distribution calculations as
provided in the Pension Funding Equity Act of 2004, to revise the governance structure of the Plan (in a manner consistent with the
Sponsor’s acquisition of Arrow on October 1, 2007), and to close participation to newly hired employees effective September 30,
2008.

Arrow adopted the Retirement Plan for Hourly-Rated Employees of the North Carolina and New Jersey Plants of Arrow International,
Inc. (“Arrow Hourly Plan”), effective as of September 1, 1976. Effective as of September 1, 1997, the name of the Arrow Hourly Plan
was changed to the Retirement Plan for Hourly-Rated Employees of Arrow International, Inc. The Arrow Hourly Plan has been
amended from time to time and was most recently amended and restated

2
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effective as of September 1, 2002 to comply with EGTRRA (by the incorporation of previously-adopted “good faith” amendments)
and the requirements reflected in IRS Notice 2005-101 (the “2005 Cumulative List”). The Arrow Hourly Plan was subsequently
amended to comply with changes made to the required interest rate assumption used for adjusting distribution calculations as
provided in the Pension Funding Equity Act of 2004, to revise the governance structure of the Plan (in a manner consistent with the
Sponsor’s acquisition of Arrow on October 1, 2007), and to close participation to newly hired employees effective September 30,
2008.

Arrow adopted the Retirement Plan for Hourly Rated Employees of at the Berks County, PA Locations of Arrow International, Inc.
(“Arrow Berks Plan”), effective as of September 1, 1975. The Arrow Berks Plan has been amended from time to time and was most
recently amended and restated effective as of September 1, 2002 to comply with EGTRRA (by the incorporation of previously-
adopted “good faith” amendments) and the requirements reflected in IRS Notice 2005-101 (the “2005 Cumulative List”). The Arrow
Berks Plan was subsequently amended to comply with changes made to the required interest rate assumption used for adjusting
distribution calculations as provided in the Pension Funding Equity Act of 2004, and to revise the governance structure of the Plan
(in a manner consistent with the Sponsor’s acquisition of Arrow on October 1, 2007).

ARTICLE I. DEFINITIONS.

The following words and phrases as used herein have the following meanings unless a different meaning is plainly required by the
context:
1.1 “Accrued Benefit” means:
1.1.1 The accrued benefit of a Salaried Participant expressed in terms of a monthly single life annuity (or a single life annuity
with payments guaranteed for five years for a Pre-1998 Employee) beginning at his Normal Retirement Date determined under
Section 3.1, or his Late Retirement Date determined under Section 3.2, on the basis of the Participant’s Credited Service as a
Participant to the date as of which the computation is made.
1.1.2 The accrued benefit of an Hourly Participant is the retirement benefit that a Participant would receive at his Normal
Retirement Date based on the benefit formula set forth in the applicable Schedule to Appendix E.
1.1.3 The accrued benefit of an Arrow Salaried Participant as of any date is the amount of annual Benefit earned to such
date, payable as a single life annuity beginning at the Participant’s Normal Retirement Date (or immediately, if the Participant has
passed his Normal Retirement Date), calculated in accordance with Section 5.1 of Appendix F.
1.1.4 The accrued benefit of an Arrow Hourly Participant as of any date is the amount of annual Benefit earned to such date,
payable as a single life annuity beginning at the Participant’s Normal Retirement Date (or immediately, if the Participant has
passed his Normal Retirement Date), calculated in accordance with Section 5.1 of Appendix G.
1.1.5 The accrued benefit of an Arrow Berks Participant as of any date is the amount of annual Benefit earned to such date,
payable as a single life annuity beginning at the Participant’s Normal Retirement Date (or immediately, if the Participant has
passed his Normal Retirement Date), calculated in accordance with Section 5.1 of Appendix H.

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For purposes of determining whether the Plan is a Top-Heavy Plan, the Accrued Benefit of a current Employee shall be determined
as if he had a Severance from Employment on the Determination Date. The actuarial assumptions used to determine the present
value of accrued benefits for the purpose of the Top-Heavy test shall be those set forth in Appendix B for Salaried Participants and
those set forth in Appendix E, F, G, or H, as applicable, for other Participants.

Notwithstanding any provision of the Plan to the contrary, except as otherwise provided in an Appendix or required by applicable
law, no Participant shall accrue any additional benefit under the Plan after December 31, 2008.
1.2 “Accumulated Contributions” means the sum of a Salaried Participant’s contributions made under the Plan before July 1,
1982, or repaid pursuant to Section 3.7, and interest credited thereon up to the date benefit payments begin under the Plan. The
rates of interest credited upon such contributions shall be determined by the Committee, provided that the rate of interest shall not
be less than 7%, compounded annually, for each Plan Year prior to January 1, 1988 and for each Plan Year thereafter, 120% of the
Federal mid-term rate as in effect under Section 1274 of the Code for January of the relevant Plan Year, compounded annually.
1.3 “Actuarial Definitions”
1.3.1 “Actuarial Equivalent” or “Actuarially Equivalent”:
1.3.1.1 for Salaried Participants, shall mean the equivalent actuarial value of the normal form of benefit for unmarried
Participants, as described in Section 6.2, determined based upon the advice of the Plan’s enrolled actuary using the factors
and assumptions listed in Appendix B, attached hereto and made a part hereof;
1.3.1.2 for Hourly Participants, shall have the meaning set forth in Appendix E, attached hereto and made a part hereof;
1.3.1.3 for Arrow Salaried Participants, shall have the meaning set forth in Appendix F, attached hereto and made a part
hereof;
1.3.1.4 for Arrow Hourly Participants, shall have the meaning set forth in Appendix G, attached hereto and made a part
hereof; and
1.3.1.5 for Arrow Berks Participants, shall have the meaning set forth in Appendix H, attached hereto and made a part
hereof.
1.3.2 For purposes of determining the amount of a Participant’s lump sum distribution or the present value of a Participant’s
Accrued Benefit, the “Actuarial Equivalent” of such benefit shall be calculated using the “Applicable Interest Rate” and the
“Applicable Mortality Table.”
1.3.2.1 Effective January 1, 2000 and prior to January 1, 2008, or the date determined by applying the rules of transition
under Code Section 417(e) and Treasury Regulation Section 1.417(e)-1, the “Applicable Interest Rate” shall be the average
annual rate of interest on 30-year Treasury securities as specified by the Internal Revenue Service determined each Plan
Year using the interest rate

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in effect for the November of the Plan Year immediately preceding the first day of the Plan Year. For Plan Years beginning
on or after January 1, 2008, , or the date determined by applying the rules of transition under Code Section 417(e) and
Treasury Regulation Section 1.417(e)-1, the “Applicable Interest Rate” is the adjusted first, second and third segment rates
applied under rules similar to the rules of Code Section 430(h)(2)(C) (determined without regard to the 24-month averaging
provided under Code Section 430(h)(2)(D)(i)) for the November preceding the first day of the Plan Year or such other time as
the Secretary of the Treasury may by regulations prescribe. The use of the segment rates as the Applicable Interest rate
shall be phased in over five years in accordance with Code Section 417(e)(3)(D)(ii).
1.3.2.2 For Plan Years beginning on or after January 1, 2008, the “Applicable Mortality Table” shall be the applicable
Code Section 417(e)(3) mortality table. For Plan Years beginning prior to January 1, 2008, the “Applicable Mortality Table”
shall be the mortality table prescribed by the Internal Revenue Service, which shall be based on the prevailing
commissioner’s standard table (described in Code §807(d)((5)(A)) used to determine reserves for group annuity contracts
issued on the date as of which a present value is determined (without regard to any other subparagraph of Code §807(d)(5))
as specified by the Internal Revenue Service. For distributions with an Annuity Starting Date on or after December 31, 2002,
such “Applicable Mortality Table” is the mortality table prescribed in IRS Revenue Ruling 2001-62 (commonly known as the
“94 GAR” table). For distributions with an Annuity Starting Date prior to such date, the “Applicable Mortality Table” is the
mortality table prescribed in IRS Revenue Ruling 95-6 (commonly known as “83 GAM” table).
1.4 Administrative Committee. Effective January 1, 2008, the “Administrative Committee” is the Financial Benefit Plans
Committee or such other committee appointed by the Committee or the Board to oversee the administration of the Plan, or any
successor thereto.
1.5 “Aggregation Group” means:
1.5.1 a Required Aggregation Group, or
1.5.2 a Permissive Aggregation Group.
1.6 “Annuity Starting Date” means for:
1.6.1 a Salaried Participant electing an early, normal, late or Total and Permanent Disability retirement benefit, the first day
of the first month for which the retiring Salaried Participant receives an annuity payment,
1.6.2 the surviving Spouse or other Beneficiary of a deceased Salaried Participant who died having met the requirements for
an early, normal, late or Total and Permanent Disability retirement benefit but who had not reached his Annuity Starting Date, the
first day of the month following the date of the Salaried Participant’s death, or
1.6.3 the surviving Spouse of a deceased Salaried Participant who died before having reached his “Earliest Retirement Age,”
as defined under Section 417 of the Code, but

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who had a vested interest in his Accrued Benefit under Section 4.1, the Salaried Participant’s Earliest Retirement Age.

The Annuity Starting Date for Participants other than Salaried Participants shall have the meaning set forth in the Appendix
applicable to the Participant.
1.7 “Arrow Berks Participant” means a Participant, as defined in Appendix H, who was a participant in the Retirement Plan for
Hourly Rated Employees at the Berks County, PA Locations of Arrow International, Inc. (“Arrow Berks Plan”) prior to the merger of
the Arrow Berks Plan with and into the Plan effective as of August 31, 2008 and/or who is eligible to participate in the Plan pursuant
to Appendix H hereto. The Plan benefit to which an Arrow Berks Participant is entitled shall be determined in accordance with the
Plan and Appendix H hereto. An individual who ceases to be an Employee shall nonetheless remain an Arrow Berks Participant for
purposes of benefit payments only, until all amounts due him from the Plan have been paid.
1.8 “Arrow Hourly Participant” means a Participant who was a participant in the Retirement Plan for Hourly-Rated Employees of
Arrow International, Inc. (“Arrow Hourly Plan”) prior to the merger of the Arrow Hourly Plan with and into the Plan effective as of
August 31, 2008 and/or who is eligible to participate in the Plan pursuant to Appendix G hereto. The Plan benefit to which an Arrow
Hourly Participant is entitled shall be determined in accordance with the Plan and Appendix G hereto. An individual who ceases to
be an Employee shall nonetheless remain a Arrow Hourly Participant for purposes of benefit payments only, until all amounts due
him from the Plan have been paid. Notwithstanding any other provision of the Plan to the contrary, no Employee whose initial date
of hire by a Participating Company described in Appendix G hereto is on or after October 1, 2007, may become an Arrow Hourly
Participant or accrue benefits under the Plan.
1.9 “Arrow Salaried Participant” means a Participant who was a participant in the Retirement Plan for Salaried Employees of
Arrow International, Inc. (“Arrow Salaried Plan”) prior to the merger of the Arrow Salaried with and into the Plan effective as of
August 31, 2008 and/or who is eligible to participate in the Plan pursuant to Appendix F hereto. The Plan benefit to which an Arrow
Salaried Participant is entitled shall be determined in accordance with the Plan and Appendix F. hereto. An individual who ceases
to be an Employee shall nonetheless remain a Arrow Salaried Participant for purposes of benefit payments only, until all amounts
due him from the Plan have been paid. Notwithstanding any other provision of the Plan to the contrary, no Employee whose initial
date of hire by a Participating Company described in Appendix F hereto is on or after October 1, 2007, may become an Arrow
Salaried Participant or accrue benefits under the Plan.
1.10 “Average Monthly Compensation” means the Monthly Compensation of a Salaried Participant who participated in the TRIP
Plan before its merger into the Plan, averaged over the 60 consecutive months that produce the highest average during the
120 month period, or the number of months as an employee if less than 120, ending prior to the Salaried Participant’s retirement
date, date of Severance from Employment, or date of death, whichever is applicable. As used in this Section 1.7, “Monthly
Compensation” means the Compensation (determined under Section 1.16.1.1) paid to a Salaried Participant in a Plan Year for
services rendered to a Participating Employer divided by the number of full months that the Salaried Participant was employed
during the calendar year by the Participating Employer, subject to the limits of Code Section 401(a)(17).

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Subject to Article XIII, a Salaried Participant on an approved leave of absence shall be deemed to have received remuneration during
his period of absence equal to his basic rate of pay in effect immediately prior to such absence.
1.11 “Beneficiary” means:
1.11.1 the Participant’s Spouse,
1.11.2 the person, persons or trust designated by the Participant, with the consent of the Participant’s Spouse if the
Participant is married, as direct or contingent beneficiary in a manner prescribed by the Administrative Committee, or
1.11.3 if the Participant has no Spouse and has made no effective Beneficiary designation:
1.11.3.1 the Participant’s estate; and
1.11.3.2 prior to January 1, 2009, the Hourly Participant’s children, parents, brothers or sisters, in that order, and, if
none, the Hourly Participant’s estate.

A married Participant may designate a person, persons or trust other than his Spouse as Beneficiary, provided that such Spouse
consents in writing in a manner prescribed by the Administrative Committee. The Spouse’s consent must be witnessed by a notary
public or Administrative Committee representative and must be limited to and acknowledge the specific non-Spouse Beneficiary(ies)
(including any class of Beneficiaries) designated by the Participant. If the Participant wishes to subsequently change
Beneficiary(ies), the consent of the Spouse must be obtained again. Spousal consent shall not be required if the Participant
establishes to the satisfaction of the Administrative Committee that the consent cannot be obtained because the Spouse cannot be
located or because of such other circumstances as the Secretary of the Treasury may prescribe by regulations. A subsequent
Spouse of a Participant shall not be bound by a consent executed by any previous Spouse of the Participant.

Any prior designation of a Beneficiary shall be revocable at the election of the Participant at any time in the manner and form
prescribed by the Administrative Committee until the payment commencement date. The number of revocations shall not be limited.
If more than one Beneficiary is designated by the Participant, such Beneficiaries who survive the Participant shall share equally in
any death benefit unless the Participant indicates to the contrary, in writing. If a Beneficiary predeceases the Participant, such
deceased Beneficiary shall not share in any death benefit and those Beneficiaries who survive the Participant shall share in any
death benefit equally, or, if different, in the proportions designated by the Participant. A Beneficiary’s right to information or data
concerning the Plan does not arise until the Beneficiary first becomes entitled to receive a benefit under the Plan.

The entry of a decree of divorce shall not automatically revoke a prior written election of a Participant naming such divorced Spouse
as a Beneficiary. Except as provided to the contrary under a qualified domestic relations order: (i) a Participant may, subsequent to
a divorce, designate someone other than his former Spouse as Beneficiary; and (ii) if a divorced Participant remarries, the new
Spouse shall have all of the rights of a Spouse as set forth herein and any prior written Beneficiary designation by the Participant
shall be automatically revoked and subject to the rights of the subsequent Spouse. If an alternate payee under a qualified

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domestic relations order, as defined in Code Section 414(p), should die before payment of the benefit assigned to the alternate
payee occurs, the portion of the Accrued Benefit assigned to the alternate payee shall revert to the Participant unless the qualified
domestic relations order permits the alternate payee to designate a Beneficiary and a Beneficiary has in fact been designated to
whom the benefit may be paid.
1.12 “Board of Directors” means the Board of Directors of the Sponsor. Effective January 1, 2008, “Board of Directors” means
the Board of Directors of the Sponsor or any committee thereof.
1.13 “Break-in-Service” means, with respect to Salaried Participants:
1.13.1 for the purpose of Article II, relating to eligibility to participate in the Plan, a 12 consecutive month period, measured
from the date an Employee is first credited with an Hour of Service or any anniversary thereof (or his reemployment commencement
date or any anniversary thereof), within which the Employee is not credited with more than 500 Hours of Service; and
1.13.2 for the purpose of Article IV, relating to vesting, a Plan Year within which an individual is not credited with more than
500 Hours of Service; provided that any Break-in-Service occurring during the July 1, 1997 to December 31, 1997 Plan Year shall be
disregarded.

“Break-in-Service” with respect to a Participant other than a Salaried Participant shall have the meaning set forth in the Appendix
applicable to that Participant.
1.14 “Code” means the Internal Revenue Code of 1986, as amended.
1.15 “Committee” means the Committee appointed to administer the Plan. Effective January 1, 2008, the Committee is the
Teleflex Incorporated Benefits Policy Committee or any successor thereto. Effective January 1, 2008, the Committee shall be the
Plan Administrator and Named Fiduciary of the Plan. Prior to January 1, 2008, the Sponsor shall be the Plan Administrator and
Named Fiduciary of the Plan.
1.16 “Compensation”
1.16.1 General Rule.
1.16.1.1 Salaried Participants. Compensation means, except as otherwise provided in this Section 1.16.1.1,
remuneration paid to a Salaried Participant for services rendered to a Participating Employer. Such remuneration shall
include regular or base pay, bonuses, commissions, overtime pay, shift differentials, double-time pay, adjustments,
amounts paid for time missed due to holidays, vacations, personal days, jury duty, sick leave and funeral leave, short-term
disability pay, payments made as a result of opting out of medical coverage, amounts deferred under a nonqualified deferred
compensation plan, and amounts that would be paid except for the Employee’s election under a cash or deferred
arrangement described in Section 401(k) of the Code or a cafeteria plan described in Section 125 of the Code. Such
remuneration shall not include employer contributions to benefit plans, fringe benefits, severance pay, expense
reimbursements, tuition reimbursements, relocation expenses, the taxable portion of life insurance coverage, car
allowances, personal use of employer

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aircraft, income recognized on the exercise of a stock option or the vesting of a restricted stock award, payments received
while an Employee from a nonqualified deferred compensation plan and any other special pay arrangements.
For Plan Years beginning on and after January 1, 2002, amounts referenced under Code Section 125 include any amounts
not available to a Salaried Participant in cash in lieu of group health coverage because the Salaried Participant is unable to
certify that he has other health coverage. An amount will be treated as an amount under Code Section 125 only if the
Employer does not request or collect information regarding the Salaried Participant’s other health coverage as part of the
enrollment process for the health plan. For any self-employed individual Compensation shall mean earned income, as
defined in Code Section 401(c)(2).
For Plan Years beginning on and after January 1, 2008, Compensation shall include Post-Severance Compensation paid by
the later of: (i) two and one-half (21/2) months (or such other period as extended by subsequent Treasury Regulations or
other published guidance) after Severance from Employment with the Employer; or (ii) the end of the Plan Year that
includes the date of the Employee’s Severance from Employment with the Employer. “Post-Severance Compensation”
means payments that would have been included in the definition of Compensation if they were paid prior to the Employee’s
Severance from Employment and the payments are: (a) regular Compensation for services during the Salaried Participant’s
regular working hours, Compensation for services outside the Salaried Participant’s regular working hours (such as overtime
or shift differential), commissions, bonuses, or other similar compensation, if the payments would have been paid to the
Employee if the Employee had continued in employment with the Employer; (b) for accrued bona fide sick, vacation or other
leave, but only if the Salaried Participant would have been able to use the leave if employment had continued; or (c) received
by an Employee pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been
paid to the Employee at the same time if the Employee had continued in employment with the Employer and only to the
extent the payment is includible in the Employee’s gross income. Any payments not described in the preceding sentence
are not considered Post-Severance Compensation if paid after Severance from Employment, except for payments (1) to an
individual who does not currently perform services for the Employer by reason of qualified military service (within the
meaning of Code Section 414(u)(1)) to the extent these payments do not exceed the amounts the individual would have
received if the individual had continued to perform services for the Employer; or (2) to any Participant who is permanently
and totally disabled for a fixed or determinable period, as determined by the Administrative Committee. For purposes of this
Section 1.16.1.1, “permanently and totally disabled” means that the individual is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or
which has lasted or can be expected to last for a continuous period of not less than 12 months.
Back pay, within the meaning of Treasury Regulations Section 1.415(c)-2(g)(8), shall be treated as Compensation for the
Limitation Year to which the back pay

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relates to the extent the back pay represents an amount that would otherwise be Compensation.
1.16.1.2 Hourly Participants. Compensation means Limitation Compensation, as defined in Appendix E.
1.16.1.3 Arrow Salaried Participants. Compensation means Average Annual Compensation, as defined in Appendix F.
1.16.1.4 Arrow Hourly Participants. Compensation means Average Annual Compensation, as defined in Appendix G.
1.16.1.5 Arrow Berks Participants. Compensation means Average Annual Compensation, as defined in Appendix H.
1.16.2 Compensation Limitation. In addition to other applicable limits set forth in the Plan, the annual Compensation of each
Employee taken into account in determining benefit accruals under the Plan shall not exceed the “Compensation Limitation.” The
Compensation Limitation for Plan Years beginning after December 31, 2001 is $200,000 and the Compensation Limitation for Plan
Years beginning after December 31, 2007 is $230,000. The Compensation Limitation shall be adjusted for cost-of-living increases in
accordance with Section 401(a)(17)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to annual
Compensation for any period, not exceeding 12 months, over which Compensation is determined (the “Determination Period”) that
begins with or within such calendar year. If a Determination Period consists of fewer than 12 months, the Compensation Limitation
will be multiplied by a fraction, the numerator of which is the number of months in the Determination Period and the denominator of
which is 12. If Compensation in any prior Determination Period is taken into account in determining an Employee’s benefits
accruing in the current Plan Year, the Compensation for that prior Determination Period is subject to the Compensation Limit in
effect for that prior Determination Period. Any increase in the Compensation Limit shall not apply to former Employees.
1.17 “Continuous Service” means, with respect to Salaried Participants:
1.17.1 for periods ending before July 1, 1982, a period of employment that was Continuous Service under the terms of the
Plan as in effect before July 1, 1982; and
1.17.2 for periods beginning on or after July 1, 1982, a period of employment with the Employer beginning on the first day of
the month in which his date of hire occurs and ending on the date of his Break-in-Service.
1.17.3 The following rules shall also apply in determining a Salaried Participant’s Continuous Service for all purposes under
the Plan, unless indicated otherwise:
1.17.3.1 If an Employee quits, retires, is discharged, or is placed on permanent layoff, and within 12 months thereafter
returns to service and is credited with an Hour of Service, his Continuous Service shall be computed as though his service
had not been severed;
1.17.3.2 If an Employee is absent from service and while so absent quits, retires, is discharged, or is placed on
permanent layoff, and within 12

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months after the first date upon which he is absent from service, returns to service and is credited with an Hour of Service,
his Continuous Service shall be computed as though his service had not been severed;
1.17.3.3 All of an Employee’s nonsuccessive periods of service, including the period of service after a Break in Service if
the Salaried Participant was vested in his Accrued Benefit or if the Salaried Participant has not incurred five or more
consecutive Breaks in Service, shall be aggregated, and less than full years of service (whether or not consecutive) shall
also be aggregated;
1.17.3.4 An Employee reemployed by the Employer in accordance with Chapter 43 of Title 38 of the United States
Code, shall be treated as though he had been actively performing services for the Employer during such Employee’s period
of ‘qualified military service’ (as defined in Section 414(u) (5) of the Code); and
1.17.3.5 For purposes of determining whether or not an Employee is eligible to participate in the Plan, and whether or
not benefits under the Plan are vested, years of Continuous Service shall include periods as a Leased Employee, including
the one-year period on the basis of which the individual is deemed to be a Leased Employee.
1.18 “Covered Compensation” means, with respect to any Salaried Participant, the average (without indexing) of the contribution
and benefit bases in effect under Section 230 of the Social Security Act for each calendar year in the 35-year period ending with the
calendar year in which the Salaried Participant reaches his Social Security Retirement Age. In determining a Salaried Participant’s
Covered Compensation for any Plan Year, the contribution and benefit bases in effect at the beginning of such Plan Year shall be
assumed to continue in effect for all subsequent Plan Years.
1.19 “Credited Service” means, with respect to Salaried Participants:
1.19.1 for periods ending before July 1, 1982, a period of employment that was a period of Credited Service under the terms
of the Plan as in effect before July 1, 1982; and
1.19.2 for periods beginning on or after July 1, 1982, the period of an Employee’s Continuous Service measured from the
date he begins to participate in the Plan; provided that Credited Service shall not include periods of Continuous Service credited
under Sections 1.14.3.1 and 1.14.3.2 for a period of time when a Participant was on a layoff.
1.19.3 Except as provided otherwise in Section 3.1.6, a Salaried Participant’s Credited Service under the TRIP Plan through
December 31, 1997 shall count as Credited Service under this Plan.
1.19.4 Notwithstanding any provision of the Plan to the contrary, the following individuals shall receive no additional Credited
Service for benefit accrual purposes for any period of employment after January 31, 2004, provided that service for periods of
employment after such date shall continue to be credited for eligibility and vesting purposes:
1.19.4.1 Employees of Weck Surgical employed at Research Triangle Park, North Carolina;

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1.19.4.2 Salaried Exempt and Salaried Non-Exempt Employees of TFX Medical employed at Jaffrey, New Hampshire;
and
1.19.4.3 Sales Representatives of Pilling Surgical employed at Horsham, Pennsylvania who were hired on or after
December 23, 1993 and before March 28, 1997.
1.20 “Defined Benefit Plan” means any employee pension plan maintained by the Employer that is qualified under Section
401(a) of the Code and is not a Defined Contribution Plan.
1.21 “Defined Contribution Plan” means an employee pension plan maintained by the Employer that is qualified under Section
401(a) of the Code and provides for an individual account for each Participant and for benefits based solely on the amount
contributed to the Participant’s account, and any income, expenses, gains and losses, and any forfeitures from accounts of other
Participants that may be allocated to such Participant’s account.
1.22 “Determination Date” means:
1.22.1 if the Plan is not included in an Aggregation Group, the last day of the preceding Plan Year; or
1.22.2 if the Plan is included in an Aggregation Group, the Determination Date as determined under Section 1.22.1 that falls
within the same calendar year of each other plan included in such Aggregation Group.
1.23 “Early Retirement Date” means the last day of any month coincident with or following a Salaried Participant’s reaching age
60, but not age 65, and after he has been credited with 10 years of Continuous Service. The Early Retirement Date, if applicable, for
an Hourly Participant, Arrow Salaried Participant, Arrow Hourly Participant, or an Arrow Berks Participant is set forth in
Appendix E, F, G, or H hereto, respectively.
1.24 “Effective Date” means January 1, 2002, except where otherwise provided herein or as required by applicable legislation.
The original effective date of the Plan was July 1, 1966. With respect to any Participating Employer adopting the Plan after the
Effective Date, the Effective Date shall be the date of adoption unless another date is specified.
1.25 “Employee” means, except as otherwise defined in an Appendix hereto:
1.25.1 an individual who is employed by the Employer and whose earnings are reported on a Form W-2;
1.25.2 an individual who is not employed by an Employer but is required to be treated as a Leased Employee (as defined in
Section 2.2.5); provided that if the total number of Leased Employees constitutes 20% or less of the Employer’s non-highly
compensated work force, within the meaning of Section 414(a)(5)(c)(ii) of the Code, the term “Employee” shall not include those
Leased Employees covered by a “safe harbor” plan described in Section 414(n)(5)(i) of the Code; and
1.25.3 when required by context under Section 1.32 for purposes of crediting Hours of Service, a former Employee.

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The term “Employee” shall not include any individual providing services to an Employer as an independent contractor. An individual
excluded from participation by reason of independent contractor or Leased Employee status, if determined by the Administrative
Committee, a court, a governmental agency, or in accordance with law to be a common law employee of the Employer, shall be
recharacterized as an Employee under the Plan as of the date of such determination, unless an earlier date is necessary to
preserve the tax qualified status of the Plan. Notwithstanding such general recharacterization, such person shall not be considered
an eligible Employee for purposes of Plan participation, except and to the extent necessary to preserve the tax qualified status of
the Plan.
1.26 “Employer” means the Sponsor and Participating Employers. If the Employer is a member of a group of Related
Employers, the term “Employer” includes the Related Employers for purposes of crediting Hours of Service, applying the
participation test of Code Section 401(a)(26) and the coverage test of Code Section 410(b), determining Years of Service and
Breaks in Service, applying the limitations of Section 11.1, applying the Top Heavy rules of Article XII, the definitions of Employee,
Highly Compensated Employee, and Leased Employee, and for any other purpose as required by the Code or by the Plan.
However, only the Sponsor and Participating Employers may contribute to the Plan and only eligible Employees employed by the
Sponsor or a Participating Employer are eligible to participate in this Plan. Unless otherwise provided, service with a Related
Employer prior to the date that it either adopted the Plan or became a Related Employer shall not be counted for any purpose under
the Plan.
1.27 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
1.28 “Five-Percent Owner” means any Employee who owns (or is considered as owning within the meaning of Section 318 of the
Code) more than 5% of the outstanding stock of the Employer, or stock possessing more than 5% of the total combined voting
power of all stock of any Employer. For purposes of this Section 1.28, Section 318(a)(2)(C) of the Code shall be applied by
substituting “5%” for “50%” each time it appears therein.
1.29 “Former Key Employee” means an Employee who is a Non-Key Employee with respect to the Plan for the Plan Year if
such Employee was a Key Employee with respect to the Plan for any prior Plan Year.
1.30 “Fund” means the assets and all income, gains and losses thereon held by the Trustee under the trust agreement for the
exclusive benefit of Participants, their surviving Spouses, and their Beneficiaries.
1.31 “Highly Compensated Employee” means any Employee who:
1.31.1 was a Five-Percent Owner at any time during the Plan Year or the preceding Plan Year; or
1.31.2 for the preceding Plan Year:
1.31.2.1 received more than $85,000 ($100,000 for the Plan Year beginning January 1, 2008) in Compensation from the
Employer (or such higher amount as adjusted pursuant to Code Section 414(q)(1)); and

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1.31.2.2 if the Employer elects, was in the top-paid group of employees (within the meaning of Code Section 414(q)(4))
for such preceding year.

Highly Compensated Employees also include highly compensated former Employees. A highly compensated former Employee
includes any Employee who has had a Severance from Employment (or was deemed to have a Severance from Employment) prior
to the current or preceding Plan Year, performs no Service for the Employer during such Plan Year, and was a highly compensated
active Employee for either the severance year or any Plan Year ending on or after the Employee’s 55th birthday in accordance with
the rules for determining Highly Compensated Employee status in effect for that determination year and in accordance with
applicable Treasury Regulations and IRS Notice 97-45.

For purposes of this Section, “Compensation” means Compensation as defined in Section 11.1.1.2, and Related Employers shall
be treated as a single employer with the Employer. The determination of who is Highly Compensated shall be made in accordance
with Code Section 414(q) and the Treasury Regulations promulgated thereunder.
1.32 “Hour of Service” means, except as otherwise set forth in an Appendix hereto, with respect to employment with the
Employer:
1.32.1 Each hour for which the Employer, either directly or indirectly, pays an Employee, or for which the Employee is
entitled to payment for the performance of duties for the Employer. The Administrative Committee shall credit Hours of Service
under this Section 1.32.1 to the Employee for the computation period in which the Employee performs the duties, irrespective of
when paid;
1.32.2 Each hour for which the Employer, either directly or indirectly, pays and Employee, or for which the Employee is
entitled to payment (irrespectively of whether the employment relationship is terminated), for reasons other than the performance of
duties during a computation period, such as leaves of absence, vacation, holiday, sick leave, illness, incapacity (including
disability), layoff, jury duty or military duty. There shall be excluded from the foregoing those periods during which payments are
made or due under a plan maintained solely for the purpose of complying with applicable workers’ compensation, unemployment
compensation, or disability insurance laws. An Hour of Service shall not be credited where an employee is being reimbursed solely
for medical or medically related expenses. The Administrative Committee shall not credit more than 501 Hours of Service under this
Section 1.32.2 to an Employee on account of any single continuous period during which the Employee does not perform any duties
(whether or not such period occurs during a single computation period). The Administrative Committee shall credit Hours of Service
under this Section 1.31.2 in accordance with the rules of paragraphs (b) and (c) of Department of Labor Regulations
Section 2530.200b-2, which the Plan, by this reference, specifically incorporates in full within this Section 1.31.2; and
1.32.3 Each hour for back pay, irrespective of mitigation of damages, to which the Employer has agreed or for which the
Employee has received an award. The Administrative Committee shall credit Hours of Service under this Section 1.32.3 to the
Employee for the computation period(s) to which the award or the agreement pertains rather than for the computation period in
which the award, agreement or payment is made.

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The Administrative Committee shall not credit an Hour of Service under more than one of the above paragraphs. A computation
period for purposes of this Section 1.32 is the Plan Year, Continuous Service period, Break-in-Service period or other period, as
determined under the Plan provision for which the Administrative Committee is measuring an Employee’s Hours of Service. The
Administrative Committee will resolve any ambiguity with respect to the crediting of an Hour of Service in favor of the Employee.

The Administrative Committee shall credit every Employee with Hours of Service on the basis of the “actual” method; provided that
with respect to an Employee for whom hours of employment are not normally recorded, the Administrative Committee may, in
accordance with rules applied in a uniform and nondiscriminatory manner, elect to credit Hours of Service using one or more of the
following equivalencies:

Basis upon Which Records Credit Granted to Individual


Are Maintained For Period
Shift actual hours for full shift

Day 10 Hours of Service

Week 45 Hours of Service

Semi-monthly period 95 Hours of Service

Month 190 Hours of Service

For purposes of this Plan, the “actual” method means the determination of Hours of Service from records of hours worked and hours
for which the Employer makes payment or for which payment is due from the Employer.

Hours of Service will be credited for employment with other members of a group of Related Employers of which the Employer is a
member. Hours of Service will also be credited for any individual considered an Employee for purposes of this Plan to the extent
required under Code Sections 414(n) or 414(o) and the Treasury Regulations promulgated thereunder.

Solely for purposes of determining whether the Employee incurs a Break in Service under any provision of this Plan, the
Administrative Committee shall credit Hours of Service during an Employee’s unpaid absence period due to maternity or paternity
leave. The Administrative Committee shall consider an Employee on maternity or paternity leave if the Employee’s absence is due
to the Employee’s pregnancy, the birth of the Employee’s child, the placement with the Employee of an adopted child, or the care
of the Employee’s child immediately following the child’s birth or placement. The Administrative Committee shall credit only the
number (up to five hundred one (501) Hours of Service) necessary to prevent an Employee’s Break in Service. The Administrative
Committee shall credit all Hours of Service described in this paragraph to the computation period in which the absence period
begins or, if the Employee does not need these Hours of Service to prevent a Break in Service in the computation period in which
his absence period begins, the Administrative Committee shall credit these Hours of Service to the immediately following
computation period. Further, if required by the Family and Medical Leave Act, time on a leave of absence, whether or not paid, shall
count in determining Service and Hours of Service.

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1.33 “Hourly Participant” means a Participant who was a participant in the Teleflex Incorporated Hourly Employees’ Pension
Plan (“Hourly Plan”) prior to the merger of the Hourly Plan with and into the Plan effective as of December 31, 2008 and/or who is
eligible to participate in the Plan pursuant to Appendix E hereto. The Plan benefit to which an Hourly Participant is entitled shall be
determined in accordance with the Plan and Appendix E hereto. An individual who ceases to be an Employee shall nonetheless
remain an Hourly Participant for purposes of benefit payments only, until all amounts due him from the Plan have been paid.
Notwithstanding any other provision of the Plan to the contrary, no Employee whose initial date of hire is on or after January 1, 2006
(July 1, 2006 with respect to an Employee who is a member of UAW Local 644 (Marine - - Limerick, PA) and who is covered by a
collective bargaining agreement between the Employer and UAW Local 644), may become an Hourly Participant in the Plan or
accrue benefits under the Plan.
1.34 “Investment Manager” means person or organization who is appointed to direct the investment of all or part of the Fund, and
who is either registered in good standing as an Investment Adviser under the Investment Advisers Act of 1940, a bank (as defined in
the Investment Advisers Act of 1940), or an insurance company qualified to perform investment management services under the
laws of more than one state of the United States, and who has acknowledged in writing that he is a fiduciary with respect to the
Plan.
1.35 “Key Employee” means any Employee or former Employee (whether living or deceased) who, at any time during the Plan
Year that includes the Determination Date, is (or was):
1.35.1 an officer of the Employer having annual compensation greater than $130,000 (as adjusted under Section 416(i)(1) of
the Code for Plan Years beginning after December 31, 2002);
1.35.2 a Five-Percent Owner; or
1.35.3 a one-percent owner of the Employer having annual compensation of more than $150,000. For this purpose, annual
compensation means compensation within the meaning of Section 415(c)(3) of the Code. The determination of who is a Key
Employee shall be made in accordance with Section 416(i)(1) of the Code and applicable Treasury Regulations and other guidance
of general applicability issued thereunder.

For purposes of determining ownership in the Employer under this Section, the employer aggregation rules of Sections 414(b),
414(c) and 414(m) of the Code shall not apply.
1.36 “Late Retirement Date” means the actual date of retirement of a Participant who remains employed by an Employer after
reaching Normal Retirement Date.
1.37 “Limitation Year” means the Plan Year.
1.38 “Monthly Plan Compensation” means, prior to January 1, 1998, a Salaried Participant’s monthly rate of base earnings for
each Plan Year effective as of the May 1 preceding the beginning of such Plan Year, including amounts the Salaried Participant
elects to have his Employer or an Employer that is not a Related Employer contribute to a cash or deferred arrangement, but
excluding overtime pay, bonuses, employer contributions to or payments under this or any other employee benefit plan to which the
Employer contributes, and like forms of additional compensation; provided, however, that if a Salaried Participant is

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compensated at a weekly rate, his monthly rate shall be deemed to be 4-1/3 times his weekly rate. A Salaried Participant’s rate of
base earnings on any May 1 during a period of absence that does not interrupt his Continuous Service or Credited Service shall be
deemed to be equal to his rate as of the May 1 next preceding the beginning of such period of absence.

Effective January 1, 1998, Monthly Plan Compensation means the Compensation paid to a Salaried Participant in a Plan Year for
services rendered to an Employer divided by the number of full months that the Salaried Participant was employed during the Plan
Year by the Employer, subject to the limits of Section 401(a)(17) of the Code.
1.39 “Non-Key Employee” means a Participant in the Plan (including a Beneficiary of such Participant) who is not a Key
Employee with respect to the Plan for the Plan Year.
1.40 “Normal Retirement Age” means, except as otherwise provided in an Appendix hereto, age 65. Notwithstanding the
foregoing, the Normal Retirement Age of a Salaried Participant who is employed by an Employer as a pilot shall be age 60.
1.41 “Normal Retirement Date” means, except as otherwise provided in an Appendix hereto, the last day of the month in which a
Participant reaches age 65. Notwithstanding the foregoing, the Normal Retirement Date of a Salaried Participant who is employed
by an Employer as a pilot shall be the last day of the month in which the Salaried Participant reaches age 60.
1.42 “Participant” means a Salaried Participant, Hourly Participant, Arrow Salaried Participant, Arrow Hourly Participant, and an
Arrow Berks Participants.
1.43 “Participating Employer” means any subsidiary or affiliated organization of the Sponsor electing the participate in the Plan
with the consent of the Committee. A list of such Participating Employers applicable to Salaried Participants is set forth in
Appendix A, attached hereto and made a part hereof, as it may be updated from time to time.
1.44 “Permissive Aggregation Group” means:
1.44.1 each plan of the Employer included in a Required Aggregation Group; and
1.44.2 each other plan of the Employer if the group of plans consisting of such plan and the plan or plans described in
Section 1.39.1, when considered as a single plan, meets the requirements of Sections 401(a)(4) and 410 of the Code.
1.45 “Plan” means the Teleflex Incorporated Retirement Income Plan as set forth in this document and the related trust
agreement pursuant to which the Trust is maintained.
1.46 “Plan Year” means the 12-month period ending each December 31.
1.47 “Pre-1998 Employee” means an individual who was an Employee on December 31, 1997 and was either a Participant on
such date or who was eligible on such date to become a Participant once the requirements of Section 2.1 were met.
1.48 “Qualified Joint and Survivor Annuity” means an annuity for the life of the Participant followed immediately thereafter by a
survivor annuity for the life of his Spouse. The

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survivor annuity shall be 50% of the amount of the annuity payable during the joint lives of the Participant and his Spouse. The
amount payable under the Qualified Joint and Survivor Annuity shall in any event be the Actuarial Equivalent of the Participant’s
Accrued Benefit payable in the normal form of benefit for an unmarried Participant (“normal form” with respect to an Hourly
Participant). If, pursuant to a qualified domestic relations order described in Code Section 414(p), more than one individual is a
designated Spouse, the amount of the survivor annuity payable under this Section 1.48 shall not exceed the amount that would be
paid if there were only one surviving Spouse.
1.49 “Related Employers” means a controlled group of corporations (as defined in Code Section 414(b)), trades or business
(whether or not incorporated) which are under common control (as defined in Code Section 414(c)), or an affiliated service group (as
defined in Code Sections 414(m) and (o)).
1.50 “Required Aggregation Group” means:
1.50.1 each plan of the Employer in which a Key Employee participated (regardless of whether such plan has been
terminated) during the five Plan Years ending on the Determination Date; and
1.50.2 each other plan of the Employer that enables any plan described in Section 1.50.1 to meet the requirements of
Section 401(a)(4) or Section 410 of the Code, including any such plan terminated within the five-year period ending on the
Determination Date.
1.51 “Required Beginning Date” means April 1 of the calendar year following the later of:
1.51.1 the calendar year in which the Participant reaches age 701/2; or
1.51.2 the calendar year in which the Participant has a Severance from Employment; provided, that this Section 1.51.2 shall
not apply in the case of a Participant who is a Five-Percent Owner with respect to the Plan Year ending with the calendar year in
which the Participant attains age 701/2.
1.52 “Salaried Participant” means an Employee who has met the eligibility requirements of Article II and has begun to
participate in the Plan. An individual who ceases to be an Employee shall nonetheless remain a Salaried Participant for purposes of
benefit payments only, until all amounts due him from the Plan have been paid. Notwithstanding any other provision of the Plan to
the contrary, no Employee whose initial date of hire is on or after January 1, 2006, may become a Salaried Participant in the Plan
or accrue benefits under the Plan.
1.53 Severance from Employment. An Employee’s separation from service with the Employer such that the Employee no longer
has an employment relationship with the Employer.
1.54 “Social Security Retirement Age” means the age used as the retirement age under Section 216(l) of the Social Security
Act, except that such Section shall be applied without regard to the age increase factor, and as if the early retirement age under
Section 216(l)(2) of such Act were 62.

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1.55 “Sponsor” means Teleflex Incorporated.


1.56 “Spouse” means, except as otherwise provided in an Appendix hereto, a Participant’s lawful spouse at his Annuity Starting
Date or Required Beginning Date or, if earlier, his date of death; provided that a former Spouse shall be treated as the Spouse or
surviving Spouse to the extent provided under a qualified domestic relations order. To the extent that the Plan treats a former
Spouse of a Participant as the Spouse of such Participant for purposes of Sections 401(a)(11) and 417 of the Code pursuant to a
qualified domestic relations order, the actual Spouse of such Participant shall not be treated as the Spouse of such Participant for
such purposes.
1.57 “Total and Permanent Disability” means, except as otherwise provided in an Appendix hereto, a medically determinable
disability of a permanent nature such that the Participant is entitled to and receiving disability benefits under the Social Security
Act or under the Employer’s long-term salary continuation program.
1.58 “Top-Heavy-Group” means an Aggregation Group in which, as of the Determination Date, the sum of:
1.58.1 the aggregate of the Account Balances of Key Employees under all Defined Contribution Plans included in such
Aggregation Group; and
1.58.2 the aggregate of the present value of cumulative accrued benefits for Key Employees under all Defined Benefit Plans
included in such Aggregation Group,

exceeds 60% of the sum of such aggregates determined for all Employees.
1.59 “Top-Heavy Plan” means for a Plan Year means the Plan if the Top Heavy ratio as of the Determination Date exceeds sixty
percent (60%). The Top Heavy ratio is a fraction, the numerator of which is the sum of the present value of Accrued Benefits of all
Key Employees as of the Determination Date and the contributions due as of the Determination Date, and the denominator of which
is a similar sum determined for all Employees. The Administrative Committee shall calculate the Top Heavy ratio without regard to
the Accrued Benefit of any Non-Key Employee who was formerly a Key Employee. The Administrative Committee shall calculate
the Top Heavy ratio by disregarding the Accrued Benefit (including distributions, if any, of the Accrued Benefit) of an individual who
has not received credit for at least one Hour of Service with an Employer during the one-year period ending on the Determination
Date in such calculation. In addition, the Administrative Committee shall calculate the Top Heavy ratio by including any part of any
Accrued Benefit distributed by reason of Severance from Employment, death or Total and Permanent Disability (Disability with
respect to Hourly Participants) in the one-year period ending on the Determination Date and, for all other events, the five-year period
ending on the Determination Date. The Administrative Committee shall determine the present value of Accrued Benefits as of the
most recent valuation date for computing minimum funding costs falling within the twelve month period ending on the Determination
Date, whether or not the actuary performs a valuation that year, except as Code Section 416 and the Treasury Regulations require
for the first and second Plan Year of the Plan. The Administrative Committee shall calculate the Top Heavy ratio, including the
extent to which it must take into account distributions, rollovers, and transfers, in accordance with Code Section 416 and the
Treasury Regulations thereunder.

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If the Employer maintains other qualified plans (including a simplified employee pension plan), the Plan is Top Heavy only if it is part
of the Required Aggregation Group, and the Top Heavy ratio for both the Required Aggregation Group and the Permissive
Aggregation Group exceeds sixty percent (60%). The Administrative Committee shall calculate the Top Heavy ratio in the same
manner as required by the first paragraph of this Section, taking into account all plans within the Aggregation Group. To the extent
the Administrative Committee must take into account distributions to a Participant, the Administrative Committee shall include
distributions from a terminated plan that would have been part of the Required Aggregation Group if it were in existence on the
Determination Date. The Administrative Committee shall calculate the Present Value of accrued benefits and the other amounts the
Administrative Committee must take into account under qualified plans included within the group in accordance with the terms of
those plans, Code Section 416 and the Treasury Regulations thereunder. If an aggregated plan does not have a valuation date
coinciding with the Determination Date, the Administrative Committee shall value the accrued benefits or accounts in the
aggregated plan as of the most recent valuation date falling within the twelve-month period ending on the Determination Date except
as required by Code Section 416 and applicable Treasury Regulations. The Administrative Committee shall calculate the Top Heavy
ratio with reference to the Determination Dates that fall within the same calendar year.

The accrued benefit of a Participant other than a Key Employee shall be determined under the method, if any, that uniformly applies
for accrual purposes under all defined benefit plans maintained by the Employer; or if there is no such method, then as if such
benefit accrued not more rapidly than the slowest accrual rate permitted under the fractional rule of Code Section 411(b)(1)(C).

For purposes of valuing Accrued Benefits under the Plan and accrued benefits under any other defined benefit plan taken into
account in the Top Heavy ratio, the Administrative Committee shall use the actuarial assumptions stated in Section 1.3.
1.60 “TRIP Plan” means the plan formerly known as the “Teleflex Incorporated Retirement Income Plan,” that was merged into
the Plan effective January 1, 1998.
1.61 “Trust” means the legal entity created by the trust agreement between the Sponsor and the Trustee, fixing the rights and
liabilities with respect to controlling and managing the Fund for the purposes of the Plan.
1.62 “Trustee” means the trustee or any successor trustee or trustees hereafter designated by the Board of Directors and
named in the trust agreement or any amendment thereto.

ARTICLE II. PARTICIPATION.

The provisions of this Article II apply only with respect to Employees of an Employer who are eligible to become Salaried
Participants. The eligibility and participation provisions applicable to other Employees are set forth in Appendix E, F, G, or H
hereto.
2.1 Participation.
2.1.1 Prior to January 1, 2002, except as provided in Section 2.2, each eligible Employee shall become a Salaried
Participant in the Plan as of the first day of the Plan Year coincident with or immediately following the day he is first credited with
six months of

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Continuous Service and has reached age 201/2. Notwithstanding the foregoing, any eligible Employee who would have become a
Salaried Participant in the Plan or in the TRIP Plan on a date prior to January 1, 1999 (the “Old Participation Date”) under the terms
of the Plan or the TRIP Plan as in effect on December 31, 1997, but who would not become a Salaried Participant until January 1,
1999 under the terms of the Plan as in effect on January 1, 1998, shall become a Salaried Participant on the Old Participation Date.

Except as provided in Section 2.2, each eligible Employee whose initial date of hire is on or after January 1, 2004 but prior to
January 1, 2006, shall become a Salaried Participant in the Plan as of the earlier of (i) the first day of January or (ii) the first day of
July coincident with or immediately following the day he is first credited with six months of Continuous Service and has reached age
21. In no event will an Employee whose initial date of hire occurs on or after January 1, 2006, become a Salaried Participant in the
Plan.
2.1.2 Notwithstanding any provision of the Plan to the contrary, after January 31, 2004, no Employee of Weck Surgical
employed at Research Triangle Park, North Carolina, no Salaried Exempt and no Salaried Non-Exempt Employee of TFX Medical
employed at Jaffrey, New Hampshire, and no sales representative of Pilling Surgical employed at Horsham, Pennsylvania shall
become a new Salaried Participant in the Plan.
2.2 Ineligible Employees. The following Employees (individuals effective January 1, 2004) shall be ineligible to become a
Salaried Participant in the Plan:
2.2.1 An Employee who is employed by an entity that is not an Employer;
2.2.2 An Employee of an Employer who does not work at the locations listed in Appendix A;
2.2.3 Except as to an Employee at a location listed in Appendix A where hourly paid Employees are eligible to participate,
an Employee other than individual who is employed by the Employer on a salaried basis or who is classified as a salaried
Employee of the Employer;
2.2.4 Effective January 1, 2004, an Employee who is a member of a unit of Employees as to which there is evidence that
retirement benefits were the subject of good faith collective bargaining, unless a collective bargaining agreement covering those
Employees provides for their participation in the Plan;
2.2.5 An Employee who is a Leased Employees, defined as any person who is not an Employee and who provides services
to the Employer if: (i) such services are provided pursuant to an agreement between the Employer and any other person or entity;
(ii) such person has performed services for the Employer on a substantially full-time basis for a period of at least one year; and
(iii) such services are performed under the primary direction or control of the Employer.
2.2.6 An Employee who is a non-resident alien and who has no income from sources within the United States;
2.2.7 An Individual who has been classified by an Employer as an independent contractor, notwithstanding a contrary
determination by any court or governmental agency

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2.2.8 Effective January 1, 2004, an individual who has been classified by an Employer as a per diem employee, intern or
special project employee;
2.2.9 Effective January 1, 2004, an Employee who is a member of a class of Employees who are excluded from participation
in the Plan, as specified in Appendix A;
2.2.10 Effective January 1, 2004, an Employee who has agreed in writing that he is not entitled to participate in the Plan;
2.2.11 An Employee whose terms and conditions of employment do not provide for participation in or entitlement to benefits
under the Plan; and
2.2.12 An Employee whose initial date of hire is on or after January 1, 2006.

With the exception of the Employees listed in 2.2.12, the Administrative Committee shall interpret the list of persons who are
ineligible to participate in the Plan, as set forth above, to comply with Code Section 410(a)(1).
2.3 Time of Participation — Excluded Employees. An Employee whose initial date of hire is prior to January 1, 2006, and who
otherwise would be eligible to be a Salaried Participant in the Plan, but is excluded because of the application of any provision of
Section 2.2 (other than Section 2.2.12), shall become a Salaried Participant as of the first day of the month coincident with or next
following the date upon which the applicable provision of Section 2.2 (other than Section 2.2.12) ceases to apply. A Salaried
Participant who becomes subject to any provision of Section 2.2 (other than 2.2.12) shall cease to accrue Credited Service as of
the last day of the month ending with or within which, any such provision becomes applicable.
2.4 Reemployed Individuals. A Salaried Participant who is reemployed by a Participating Employer as an eligible Employee
under Section 2.1 following a Break-in-Service shall again become entitled to participate in the Plan and accrue Credited Service
(prior to December 31, 2008 or such later date required by applicable law) as of the first day of the month coincident with or next
following the date he is reemployed. With respect to Participants other than Salaried Participants, the provisions regarding
participation following reemployment are set forth in Appendix E, F, G, or H, as applicable.

ARTICLE III. AMOUNT OF RETIREMENT BENEFITS.


3.1 Normal Retirement Benefits. A Salaried Participant who retires on his Normal Retirement Date shall be entitled to the
greatest of (i) his Accrued Benefit calculated under Sections 3.1.1, 3.1.2, 3.1.3 and 3.1.4, (ii) the flat rate benefit calculated under
Section 3.1.5, or (iii) the minimum benefit under Section 3.8. Notwithstanding the foregoing, a Salaried Participant who formerly
participated in the TRIP Plan and who retires on or after his Normal Retirement Date shall be entitled to his Accrued Benefit as
calculated under Section 3.1.6. Such benefit shall be payable in accordance with Article VI. The Normal Retirement Benefit of a
Participant who is not a Salaried Participant shall be determined pursuant to the Appendix applicable to such Participant.
Notwithstanding the preceding, except as otherwise provided in an Appendix or required by applicable law, no Participant shall
accrue any additional benefit under the Plan after December 31, 2008.

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3.1.1 Participation Before July 1, 1982. The Accrued Benefit for each year of participation before July 1, 1982 shall equal the
sum of the amounts determined under Sections 3.1.1.1 and 3.1.1.2 below:
3.1.1.1 In the case of a Salaried Participant who was a Salaried Participant on July 1, 1979 and who made contributions to
the Plan for the month of June 1979, a past service Accrued Benefit equal to the product of (A) and (B) below, where:
(A) is the Salaried Participant’s Credited Service on July 1, 1979, and
(B) is the sum of (i) and (ii):
(i) 1% of the Salaried Participant’s Monthly Plan Compensation for the Plan Year beginning July 1, 1979, and
(ii) 1% of the Salaried Participant’s Monthly Plan Compensation for the Plan Year beginning July 1, 1979 that is in
excess of $550, if any; provided, however, that if the Salaried Participant’s Monthly Plan Compensation averaged over the
five years immediately preceding the date of his Severance from Employment is less than his Monthly Plan Compensation
for the Plan Year beginning July 1, 1979, such average shall be used in determining this portion of the Participant’s Accrued
Benefit; and
3.1.1.2 A monthly pension for each Plan Year beginning with July 1, 1979 and ending on June 30, 1982, where the monthly
pension for each such year shall be determined as the product of (A) and (B) below:
(A) 4.16667%, and
(B) the contributions made by the Salaried Participant for each such Plan Year.
3.1.2 Participation After June 30, 1982 and Before July 1, 1989. The Accrued Benefit for each year of participation after
June 30, 1982 and before July 1, 1989 shall equal the product of (A) and (B) below, where:
(A) is the Salaried Participant’s Credited Service for each such Plan Year, and
(B) is the sum of:
(i) 1% of the Salaried Participant’s Monthly Plan Compensation for each such Plan Year, and
(ii) 1% of the Salaried Participant’s Monthly Plan Compensation for each such Plan Year that is in excess of $550, if
any.

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3.1.3 Participation After June 30, 1989 and Before January 1, 1998. The Accrued Benefit for each year of participation after
June 30, 1989 and before January 1, 1998 (including the short Plan Year from July 1, 1997 through December 31, 1997) shall equal
the amount determined under Section 3.1.3.1 or the amount determined under Section 3.1.3.2 below, whichever is applicable,
multiplied by a fraction, the numerator of which is the number of months the Salaried Participant was an Employee eligible to
accrue Credited Service and the denominator of which is 12:
3.1.3.1 In the case of a Salaried Participant whose Credited Service at the beginning of any such Plan Year is less than
35 years, an Accrued Benefit equal to the sum of (A) and (B) below:
(A) 1.375% of the Salaried Participant’s Monthly Plan Compensation for the Plan Year up to $880, and
(B) 2.000% of the Salaried Participant’s Monthly Plan Compensation for the Plan Year in excess of’ $880, if any.
3.1.3.2 In the case of a Salaried Participant whose Credited Service at the beginning of any such Plan Year is equal to
35 years or more, an Accrued Benefit equal to 1.833% of such Salaried Participant’s Monthly Plan Compensation for the Plan
Year.
3.1.4 Participation After December 31, 1997. The Accrued Benefit of a Salaried Participant for each year of participation
beginning after December 31, 1997 shall equal the amount determined under Section 3.1.4.1 or the amount determined under
Section 3.1.4.2 below, whichever is applicable, multiplied by a fraction, the numerator of which is the number of months the
Salaried Participant was an Employee eligible to accrue Credited Service and the denominator of which is 12:
3.1.4.1 In the case of a Salaried Participant whose Credited Service at the beginning of any such Plan Year is less than
35 years, an Accrued Benefit equal to the sum of (A) and (B) below:
(A) 1.375% of the Salaried Participant’s Monthly Plan Compensation for the prior Plan Year up to one-twelfth of the
Appropriate Integration Level, and
(B) 2.000% of the Salaried Participant’s Monthly Plan Compensation for the prior Plan Year in excess of one-twelfth of the
Appropriate Integration Level, if any.
3.1.4.2 In the case of a Salaried Participant whose Credited Service at the beginning of any such Plan Year is equal to
35 years or more, an Accrued Benefit equal to 1.8333% of such Salaried Participant’s Monthly Plan Compensation for the
prior Plan Year.

For purposes of this Section 3.1.4, the Appropriate Integration Level for a Salaried Participant who is a Pre-1998 Employee shall be
as set forth in Appendix C. The Appropriate Integration Level for all other Salaried Participants shall be as set forth in Appendix D.

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3.1.5 Flat Rate Benefit. In no event shall the Accrued Benefit of a Salaried Participant who retires at a Normal Retirement
Date or a Late Retirement Date be less than $12.00 multiplied by the Salaried Participant’s years of Credited Service on such date.
3.1.6 TRIP Plan Participants.
3.1.6.1 The Accrued Benefit of a Salaried Participant who formerly participated in the TRIP Plan and who was employed on
December 31, 1997 by Mal Tool & Engineering, Cepco, Inc. or STS/Klock shall be the greatest of (i) the sum of the Salaried
Participant’s accrued benefit under the TRIP Plan as of December 31, 1997 and the Salaried Participant’s Accrued Benefit
calculated under Section 3.1.4, (ii) the flat rate benefit calculated under Section 3.1.5, or (iii) the TRIP Plan Benefit calculated
under Section 3.1.6.3 below. Such a Salaried Participant’s credited service under the TRIP Plan shall not count as Credited
Service under this Plan for purposes of Section 3.1.1, Section 3.1.2 or Section 3.1.3.
3.1.6.2 The Accrued Benefit of a Salaried Participant who formerly participated in the TRIP Plan who was employed on
December 31, 1997 by Weck Closure Systems or Pilling-Weck Surgical Instruments shall be the greater of (i) the sum of the
Salaried Participant’s accrued benefit under the TRIP Plan as of December 31, 1997 and the Salaried Participant’s accrued
benefit calculated under Section 3.1.4, or (ii) the flat rate benefit calculated under Section 3.1.5. Such a Salaried Participant’s
credited service under the TRIP Plan shall not count as Credited Service under this Plan for purposes of Section 3.1.1,
Section 3.1.2 or Section 3.1.3.
3.1.6.3 A Salaried Participant’s TRIP Plan Benefit shall equal the sum of the amounts determined under (A) and (B) below,
subject to (C) and (D) below:
(A) 1.05% of the lesser of the Salaried Participant’s Average Monthly Compensation or one-twelfth of his Covered
Compensation determined on the date of his Severance from Employment, multiplied by his Credited Service to a maximum of
40 years; and
(B) 1.5% of the excess, if any, of the Salaried Participant’s Average Monthly Compensation over one-twelfth of his Covered
Compensation determined on his date of his Severance from Employment, multiplied by his Credited Service to a maximum of
40 years.
(C) For a Participant with compensation for a plan year prior to June 30, 1994 in excess of $150,000, in no event shall such
Salaried Participant’s benefit determined according to (A) and (B) above be less than the sum of: (i) the Salaried Participant’s
accrued benefit on June 30, 1994 frozen in accordance with Treasury Regulations Section 1.401(a)(4)-13; and (ii) the Salaried
Participant’s accrued benefit determined using the benefit formula applicable on or after July 1, 1994 with respect to Credited
Service earned on or after July 1, 1994.

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(D) In no event shall a Salaried Participant’s benefit determined according to (A) and (B) above be less than the Salaried
Participant’s accrued benefit as of July 31, 1989 (June 30, 1989 for employees who met the description in Code Section
414(q)(1)(B) as of June 30, 1989) under Section 5.1 of the TRIP Plan in effect on July 31, 1989.
3.1.7 Notwithstanding any provision of the Plan to the contrary, the following individuals shall receive no additional Credited
Service for benefit accrual purposes for any period of employment after January 31, 2004:
3.1.7.1 Employees of Weck Surgical employed at Research Triangle Park, North Carolina;
3.1.7.2 Salaried Exempt and Salaried Non-Exempt Employees of TFX Medical employed at Jaffrey, New Hampshire; and
3.1.7.3 Sales Representatives of Pilling Surgical employed at Horsham, Pennsylvania (formerly Fort Washington,
Pennsylvania) who were hired after December 23, 1993 and before March 28, 1997.
3.1.8 Notwithstanding any provision of the Plan to the contrary, except as otherwise provided in an Appendix or required by
applicable law, no individuals shall receive additional Credited Service for benefit accrual purposes for any period of employment
after December 31, 2008.
3.2 Late Retirement Benefits. A Salaried Participant who retires after June 30, 1989 on his Late Retirement Date shall be
entitled to his Accrued Benefit calculated to his Late Retirement Date, as determined under Section 3.1. The Late Retirement
Benefit of a Participant who is not a Salaried Participant, if any, shall be determined pursuant to the Appendix applicable to such
Participant.
3.3 Early Retirement Benefit.
3.3.1 General Rule. The Early Retirement Benefit payable to a Salaried Participant who retires on an Early Retirement Date
shall equal his Accrued Benefit, based on the Salaried Participant’s Credited Service at his Early Retirement Date. At the Salaried
Participant’s option such retirement benefit shall be payable either beginning on his Normal Retirement Date without reduction, or
beginning as of an Annuity Starting Date coincident with or subsequent to his Early Retirement Date. In the event the Salaried
Participant elects to have payments begin before his Normal Retirement Date, the rate of the payments shall be reduced by 5/9 of
1% for each month by which his Annuity Starting Date precedes his Normal Retirement Date. The Early Retirement Benefit of a
Participant who is not a Salaried Participant, if any, shall be determined pursuant to the Appendix applicable to such Participant.
3.3.2 Weck TRIP Plan Participants. Notwithstanding Section 3.3.1, a Salaried Participant who was employed by Weck
Closure Systems or Pilling-Weck Surgical Instruments and was a participant in the TRIP Plan on December 31, 1997 and who
retires after attaining age 55 and being credited with 10 years of Continuous Service, may irrevocably elect to have his benefit
payments begin as of the first day of any month after his retirement date and before attaining age 60. Such benefit payment shall
be based on the Salaried Participant’s Accrued Benefit under the TRIP Plan as of December 31, 1997, reduced by .35% for each
month that

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the Salaried Participant’s Annuity Starting Date precedes his Normal Retirement Date. Once a Salaried Participant making such an
election attains age 60, his benefit payments will be based on the greater of (a) the amount described in the preceding sentence,
and (b) the amount the Salaried Participant would have been entitled to under Section 3.3.1 had his benefit commenced at age 60.
If a Salaried Participant entitled to elect the commencement of payments prior to age 60 under this Section 3.3.2 does not make
such an election, but does elect to have payments begin between age 60 and his Normal Retirement Date, his benefit payments
will be based on the greater of (a) the Salaried Participant’s Accrued Benefit under the TRIP Plan as of December 31, 1997,
reduced by .35% for each month that the Salaried Participant’s Annuity Starting Date precedes his Normal Retirement Date, and
(b) the amount the Salaried Participant is entitled to under Section 3.3.1.
3.3.3 Mal Tool TRIP Plan Participants. Notwithstanding Section 3.3.1, a Salaried Participant who was employed by Mal Tool
& Engineering, Cepco, Inc. or STS/Klock and was a participant in the TRIP Plan on December 31, 1997 and who retires after
attaining age 55 and being credited with 10 Years of Continuous Service, may irrevocably elect to have his benefit payments begin
as of the first day of any month after his retirement date and before attaining age 60. Such benefit payments shall be based on the
Salaried Participant’s TRIP Plan Benefit, as calculated under Section 3.1.6.3, reduced by .35% for each month that the Salaried
Participant’s Annuity Starting Date precedes his Normal Retirement Date. Once a Salaried Participant making such an election
attains age 60, his benefit payments will be based on the greater of (a) the amount described in the preceding sentence, or (b) the
amount the Salaried Participant would have been entitled to under Section 3.3.1 had his benefit commenced at age 60. If a Salaried
Participant entitled to elect the commencement of payments prior to age 60 under this Section 3.3.3 does not make such an
election, but does elect to have payments begin between age 60 and his Normal Retirement Date, his benefit payments will be
based on the greater of (a) the Salaried Participant’s TRIP Plan Benefit, as calculated under Section 3.1.6.3, reduced by .35% for
each month that the Salaried Participant’s Annuity Starting Date precedes his Normal Retirement Date, and (b) the amount the
Salaried Participant is entitled to under Section 3.3.1.
3.4 Disability Retirement Benefit.
3.4.1 The Disability Retirement Benefit payable to a Salaried Participant who experiences a Severance from Employment
due to a Total and Permanent Disability before his Normal Retirement Date, but after he has been credited with two or more years
of Credited Service, is a benefit beginning on his Normal Retirement Date equal to the Accrued Benefit the Salaried Participant
would have received had he remained employed by the Participating Employer during such time as he is Totally and Permanently
Disabled. For purposes of computing a Salaried Participant’s Accrued Benefit under this Section 3.4.1, he shall receive credit for
Continuous Service and Credited Service for the period of his Total and Permanent Disability and it shall be assumed that such
Salaried Participant’s Monthly Plan Compensation during his period of Total and Permanent Disability is that in effect immediately
before the beginning of the Total and Permanent Disability. Such benefit shall be payable in accordance with Article VI. In the event
such Salaried Participant (a) ceases to have a Total and Permanent Disability before his Normal Retirement Date and is not
thereafter reemployed by the Participating Employer, (b) dies before his Normal Retirement Date, or (c) elects to begin receiving an
Early Retirement Benefit, the Salaried Participant’s Continuous Service and Credited Service shall be determined as of the date
such Salaried Participant ceases to be disabled, dies or begins to receive his Early Retirement Benefit, and his further benefit
entitlement, if any, shall be based upon such Continuous Service and Credited Service. The

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Disability Retirement Benefit of a Participant who is not a Salaried Participant, if any, shall be determined pursuant to the Appendix
applicable to such Participant.
3.4.2 In lieu of the benefit accrual under Section 3.4.1, a Salaried Participant who experiences a Severance from
Employment due to a Total and Permanent Disability before Normal Retirement Date, but after he has been credited with 10 or
more years of Continuous Service, may elect to receive a reduced benefit beginning on the first day of any month following the
month in which he reaches age 60, if he is then disabled. For purposes of computing a Salaried Participant’s Accrued Benefit under
this Section 3.4.2, he shall receive credit for Continuous Service and Credited Service for the period of his Total and Permanent
Disability up to the month payment of the reduced benefit begins, and it shall be assumed that such Salaried Participant’s Monthly
Plan Compensation during his period of Total and Permanent Disability is that in effect immediately before the beginning of the Total
and Permanent Disability. Such benefit shall be payable in accordance with Article VI. In the event such Salaried Participant
ceases to be disabled before his Annuity Starting Date and is not thereafter reemployed by the Participating Employer, or dies or
elects to begin receiving an Early Retirement Benefit, the Salaried Participant’s Continuous Service and Credited Service shall be
determined as of the date such Salaried Participant ceases to be disabled, dies or begins to receive his Early Retirement Benefit,
and his further benefit entitlement, if any, shall be based upon such Continuous Service and Credited Service. If a Salaried
Participant receiving benefit payments hereunder ceases to be disabled before his Normal Retirement Date and is not thereafter
reemployed by the Participating Employer, such Salaried Participant’s Continuous Service and Credited Service shall be
determined as of the one year anniversary of the date of the Salaried Participant’s last benefit payment hereunder. In addition, such
Salaried Participant’s benefit payments hereunder shall be discontinued until he again qualifies for a benefit and his retirement
benefit, if any, shall be adjusted in accordance with Section 6.8, if he again becomes an eligible Employee.
3.5 Vested Deferred Retirement Benefit. A Salaried Participant who experiences a Severance from Employment before his
Normal Retirement Date for any reason other than early retirement, death or Total and Permanent Disability, and who has not been
credited with 10 years of Continuous Service, shall be entitled to begin receiving payment of his Accrued Benefit at his Normal
Retirement Date. A Salaried Participant who experiences a Severance from Employment before his Normal Retirement Date for any
reason other than early retirement, death or Total and Permanent Disability, and who has been credited with 10 or more years of
Continuous Service, shall be entitled to a benefit equal to the amount determined under Section 3.5.1 or Section 3.5.2, as the
Salaried Participant shall elect. Vested terminated Salaried Participants who were participants in the TRIP Plan on December 31,
1997 shall also be entitled to elect benefit payments as provided in Section 3.5.3 or 3.5.4, as applicable. Any benefit under this
Section 3.5 shall be paid in accordance with Article VI. The Vested Deferred Retirement Benefit of a Participant who is not a
Salaried Participant, if any, shall be determined pursuant to the Appendix applicable to such Participant.
3.5.1 The Salaried Participant’s Accrued Benefit, beginning on the first day of any month following the month in which he
reaches age 60, reduced as provided in Section 3.3.1, or
3.5.2 A lump sum payment equal to the amount of such Salaried Participant’s Accumulated Contributions on the date of his
Severance from Employment, plus a net remaining monthly benefit beginning on the first day of any month following the month in
which he reaches age 60, as the Salaried Participant elects. The amount of such net remaining

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monthly benefit shall be the excess, if any, of the amount determined under Section 3.5.2.1 below, over the amount determined
under Section 3.5.2.2 below, with such excess multiplied by the percentage determined under Section 3.5.2.3 below:
3.5.2.1 The Salaried Participant’s Accrued Benefit on the date of his Severance from Employment.
3.5.2.2 The pension value of the Salaried Participant’s Accumulated Contributions, which shall be the continued product of
(i), (ii) and (iii) below:
(i) The Salaried Participant’s Accumulated Contributions as of the last day of the Plan Year in which his Severance from
Employment occurs, accrued to the Salaried Participant’s Normal Retirement Date at 5% interest, per year, compounded
annually.
(ii) The interest rate prescribed in Section 1.3.
(iii) 1/12.
3.5.2.3 100% minus 5/9 of 1% for each month by which the start of the net remaining monthly benefit precedes the
Salaried Participant’s Normal Retirement Date.
3.5.3 Weck TRIP Plan Participants. A vested terminated or retired Salaried Participant who was employed by Weck Closure
Systems or Pilling-Weck Surgical Instruments and was a participant in the TRIP Plan on December 31, 1997, may irrevocably elect
to have his benefit payments begin as of the first day of any month after he has attained age 55 and before his Normal Retirement
Date. Such benefit payment shall be based on the Salaried Participant’s Accrued Benefit under the TRIP Plan as of December 31,
1997, reduced for commencement prior to his Normal Retirement Date in accordance with the actuarial factors used under the TRIP
Plan at December 31, 1997, as described in Appendix B. If such a Salaried Participant has been credited with 10 years of
Continuous Service and elects to have payments commence before he attains age 60, upon his attainment of age 60 his benefit
payments will be based on the greater of (a) the amount described in the preceding sentence, and (b) the amount the Salaried
Participant would have been entitled to under Section 3.5.1 or Section 3.5.2 had his benefit commenced at age 60. If such a
Salaried Participant has been credited with 10 years of Continuous Service and elects to have payments commence on or after he
attains age 60 and before his Normal Retirement Date, his benefit payments will be based on the greater of (a) the Salaried
Participant’s Accrued Benefit under the TRIP Plan as of December 31, 1997, reduced for commencement prior to his Normal
Retirement Date in accordance with the actuarial factors used under the TRIP Plan at December 31, 1997, as described in
Appendix B, and (b) the amount the Salaried Participant is entitled to under Section 3.5.1 or Section 3.5.2.
3.5.4 Mal Tool TRIP Plan Participants. A vested terminated or retired Salaried Participant who was employed by Mal Tool &
Engineering, Cepco, Inc. or STS/Klock and was a participant in the TRIP Plan on December 31, 1997, may irrevocably elect to have
his benefit payments begin as of the first day of any month after he has attained age 55 and before his Normal Retirement Date.
Such benefit payment shall be based on the Salaried Participant’s TRIP Plan Benefit, as calculated under Section 3.1.6.3, reduced
for commencement prior to his Normal Retirement Date in accordance with the actuarial factors used under the TRIP Plan at

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December 31, 1997, as described in Appendix B. If such a Salaried Participant has been credited with 10 years of Continuous
Service and elects to have payments commence before he attains age 60, upon his attainment of age 60 his benefit payments will
be based on the greater of (a) the amount described in the preceding sentence, and (b) the amount the Salaried Participant would
have been entitled to under Section 3.5.1 or Section 3.5.2 had his benefit commenced at age 60. If such a Salaried Participant has
been credited with 10 years of Continuous Service and elects to have payments commence on or after he attains age 60 and before
his Normal Retirement Date, his benefit payments will be based on the greater of (a) the Salaried Participant’s TRIP Plan Benefit,
as calculated under Section 3.1.6.3, reduced for commencement prior to his Normal Retirement Date in accordance with the
actuarial factors used under the TRIP Plan at December 31, 1997, as described in Appendix B, and (b) the amount the Salaried
Participant is entitled to under Section 3.5.1 or Section 3.5.2.
3.6 Return of Accumulated Contributions. An individual who was a Salaried Participant in the Plan on June 30, 1982 and who
experiences a Severance from Employment before his Normal Retirement Date for any reason other than death or Total and
Permanent Disability before he has been credited with five years of Continuous Service shall be entitled to receive only the amount
of his Accumulated Contributions in a lump sum within six months following such Severance from Employment.
3.7 Restoration of Accrued Pension Benefit. If in connection with his Severance from Employment, a Salaried Participant
receives a lump sum distribution of his Accumulated Contributions in accordance with Section 3.6, and such Salaried Participant
later returns to employment with the Employer and again becomes eligible to participate in the Plan, he may repay the full amount
of the lump sum distribution of his Accumulated Contributions he received at the earlier Severance from Employment, plus an
amount equal to the interest rate in effect under the definition of “Accumulated Contributions” in Section 1.2, compounded annually
from the date of the distribution to the date of the repayment. The Committee shall determine the period for repayment; provided
that any such period shall not end earlier than the fifth anniversary of the Salaried Participant’s Break-in-Service, as described in
Section 1.13. In such event, the Salaried Participant’s Continuous Service, Credited Service and Accrued Benefit, determined at the
earlier Severance from Employment, shall be restored.
3.8 Minimum Benefit. This Section applies to a Salaried Participant who has Accumulated Contributions under the Plan and
who becomes eligible to elect an Early Retirement Date or reaches his Normal Retirement Date. Such Salaried Participant’s
minimum benefit under the Plan shall be equal to the Salaried Participant’s Accumulated Contributions, minus the sum of amounts
paid to such Salaried Participant, his surviving Spouse, or other Beneficiary under all other Sections of this Article III or Article V.
The minimum benefit shall be paid to the Salaried Participant’s Beneficiary in accordance with Section 6.4.
3.9 Transfer of Employment. Prior to January 1, 2009, upon the transfer of an ineligible Employee to a status such that the
Employee is eligible to be a Salaried Participant in the Plan, the Employee shall be eligible to be a Salaried Participant in the Plan
on the first day of the month coincident with or immediately following the date on which the Employee’s status changed.
3.10 Preservation of Accrued Benefit. In no event shall the Accrued Benefit of a Salaried Participant who was a Salaried
Participant in the Plan as of July 1, 1989 be less than the Accrued Benefit of such Salaried Participant under the Plan immediately
before such date.

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ARTICLE IV. VESTING.


4.1 Rate of Vesting — General Rule. A Salaried Participant shall have no vested interest in his Accrued Benefit until he has
been credited with five years of Continuous Service, at which time he shall have a 100% vested interest in his Accrued Benefit. In
any event, a Salaried Participant shall have a 100% vested interest in his Accrued Benefit upon reaching his Normal Retirement
Age while employed by the Employer. The vesting provisions applicable to the Accrued Benefit of a Participant who is not a
Salaried Participant shall be determined pursuant to the Appendix applicable to such Participant.
4.2 Full Vesting in Accumulated Contributions. A Salaried Participant shall be 100% vested in his Accumulated Contributions at
all times.

ARTICLE V. DEATH BENEFITS.


5.1 Death of Vested Participant Before Annuity Starting Date. If a Salaried Participant having a vested interest in his Accrued
Benefit, dies before his Annuity Starting Date, and such Salaried Participant is married on his date of death, except as otherwise
provided in Section 6.9, his surviving Spouse shall receive a death benefit as provided in Section 5.2. The death benefit provisions
applicable with respect to a Participant who is not a Salaried Participant shall be determined pursuant to the Appendix applicable to
such Participant.
5.2 Amount and Time of Payment of Vested Terminated Participant’s Death Benefit.
5.2.1 The monthly death benefit payable under Section 5.1 to the Spouse of a Salaried Participant who dies before his first
possible Annuity Starting Date shall be equal to the amount the Spouse would have received if the Salaried Participant had died the
day after having begun to receive payments as of his first possible Annuity Starting Date having elected to receive his benefit in the
form of a Qualified Joint and Survivor Annuity. Subject to the lump sum payment provisions of Section 6.7, the benefit shall be
payable for the life of the Spouse beginning on the Spouse’s Annuity Starting Date under Section 1.6.3.
5.2.2 The monthly death benefit payable under Section 5.1 to the Spouse of a Salaried Participant who dies on or after his
first possible Annuity Starting Date shall be equal to the amount the Spouse would have received if the Salaried Participant had
elected to receive his benefit in the form of a Qualified Joint and Survivor Annuity on the day before his death. Subject to the lump
sum payment provisions of Section 6.7, the benefit shall be payable for the life of the Spouse beginning on the date of the Salaried
Participant’s death.
5.3 Death of Participant On or After Retirement Date.
5.3.1 If upon the last to occur of (A) the death of a Salaried Participant who has failed to elect a benefit other than a Qualified
Joint and Survivor Annuity form of benefit and who (i) retired on his Early Retirement Date, Normal Retirement Date or Late
Retirement Date, (ii) experienced a Severance from Employment for reasons other than retirement, death or Total and Permanent
Disability and who has been credited with 10 years of Continuous Service, or (iii) experienced a Severance from Employment for
reasons other than retirement, death or Total and Permanent Disability and who has been credited with 10 years of Continuous
Service and who receives a benefit under Section 3.4.2, or (B) the death of such Salaried Participant’s Spouse, the total of the
benefit payments to the Salaried Participant and his Spouse are less

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than the amount of such Salaried Participant’s Accumulated Contributions, the Beneficiary designated by the last to die of the
Salaried Participant and his Spouse shall receive a benefit, in the form of a lump sum, equal to the Salaried Participant’s
Accumulated Contributions reduced by the aggregate amount of the benefit payments to the Salaried Participant and his Spouse.
5.3.2 If upon the death of a Salaried Participant who has elected the monthly payments for life form of benefit described in
Section 6.2, and who (A) experienced a Severance from Employment on his Early Retirement Date, Normal Retirement Date or
Late Retirement Date, (B) experienced a Severance from Employment for reasons other than retirement, death or Total and
Permanent Disability and who has been credited with ten years of Continuous Service, or (C) experienced a Severance from
Employment for reasons other than retirement, death or Total and Permanent Disability, and who has been credited with 10 years
of Continuous Service and who receives a benefit under Section 3.4.2, the number of benefit payments to such Salaried Participant
is less than 60, such Salaried Participant’s Beneficiary shall receive a benefit in the form of a lump sum, in an amount equal to the
amount of such Salaried Participant’s benefit payments multiplied by 60 and reduced by the aggregate amount of such benefit
payments to the Salaried Participant.
5.3.3 If upon the death of a surviving Spouse receiving benefit payments pursuant to Section 5.1, the aggregate amount of
such benefit payments is less than the amount of such Salaried Participant’s Accumulated Contributions on the date of his death,
the Salaried Participant’s Beneficiary shall receive a benefit in the form of a lump sum, in an amount equal to such Salaried
Participant’s Accumulated Contributions on the date of his death reduced by the aggregate amount of benefit payments to the
Salaried Participant and Salaried Participant’s surviving Spouse.
5.4 No Other Death Benefits. Except as provided in this Article V or in accordance with a form of benefit elected under
Article VI, no death benefits shall be payable with respect to a Salaried Participant’s Accrued Benefit under the Plan.

ARTICLE VI. PAYMENT OF RETIREMENT BENEFITS.


6.1 Annuity Payment Date. Any benefit due a Participant, surviving Spouse or other Beneficiary under this Article VI shall begin
no later than 60 days following the close of the Plan Year in which occurs the latest of:
6.1.1 the Participant’s Normal Retirement Date;
6.1.2 the tenth anniversary of the year in which the Participant commenced participation in the Plan; or
6.1.3 the Participant’s actual Severance from Employment,

unless the Participant, Spouse or other Beneficiary elects otherwise. Subject to Section 6.7 and Section 6.9, a Participant, Spouse
or other Beneficiary may elect to have distribution made, or begin, later than a date specified in Section 6.1.1, 6.1.2, or 6.1.3 above.
6.2 Normal Form of Retirement Benefit — Unmarried Salaried Participants. The normal form of retirement benefit for an
unmarried Salaried Participant shall be an annuity for the life of the Salaried Participant continuing until the last payment due before
his death (single

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life annuity with payments guaranteed for five years for a Pre-1998 Employee). Subject to the notice and election procedures of
Section 6.6, such a Salaried Participant may elect an optional form of payment under Section 6.4. The normal form of benefit for an
unmarried Participant who is not a Salaried Participant shall be determined pursuant to the Appendix applicable to such
Participant.
6.3 Normal Form of Retirement Benefit — Married Salaried Participants. The normal form of retirement benefit for a married
Salaried Participant shall be a Qualified Joint and Survivor Annuity. Such a Salaried Participant may elect an optional form of benefit
under Section 6.4. The Salaried Participant’s election of an optional form of benefit will be valid only if his Spouse consents to his
election in writing, signed before a notary public, pursuant to the notice and election procedures set forth in Section 6.6. The normal
form of benefit for a married Participant who is not a Salaried Participant shall be determined pursuant to the Appendix applicable to
such Participant.
6.4 Optional Forms of Retirement Benefit Payment. Subject to the notice and election procedures in Section 6.6, a Salaried
Participant may elect one of the following forms of benefit payment in lieu of the normal form of benefit payment provided for in
Section 6.2 or Section 6.3, each of which shall be the Actuarial Equivalent, as defined in Section 1.3, of the normal form of benefit
payment for an unmarried Salaried Participant, as described in Section 6.2:
6.4.1 An annuity for the life of the Salaried Participant;
6.4.2 A joint and survivor annuity providing an annuity for the life of the Salaried Participant with either 50%, 66-2/3% or
100% of such benefit (as elected by the Salaried Participant) continuing after his death for the remaining lifetime of his Beneficiary;
or
6.4.3 An annuity for the life of the Salaried Participant, with payments to the Salaried Participant and his Beneficiary (or the
estate of the last of the two to survive) guaranteed for a period of 5 or 10 years.
6.4.4 For Plan Years beginning after December 31, 2007, a Salaried Participant may elect a “Qualified Optional Survivor
Annuity”. A Qualified Optional Survivor Annuity is:
6.4.4.1 A joint life annuity payable for the life of the Salaried Participant, with continuation of payments as a survivor
annuity for the remaining life of a surviving Spouse at a rate of seventy-five percent (75%) of the rate payable during the
Salaried Participant’s lifetime; and
6.4.4.2 The Actuarial Equivalent of the normal form of benefit payment for an unmarried Salaried Participant, as described
in Section 6.2.

If the Qualified Optional Survivor Annuity is not actuarially equivalent to the Qualified Joint and Survivor Annuity described in
Section 6.3, spousal consent is required for a Salaried Participant to waive the Qualified Joint and Survivor Annuity and elect the
Qualified Optional Survivor Annuity.

No benefit may be elected for a period extending beyond the life expectancy, on the Annuity Starting Date, of a Salaried Participant
and his Beneficiary. In addition, the Actuarial Equivalent present value of the benefit payable to the Salaried Participant must be
more than 50% of the

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Actuarial Equivalent present value of the benefit payable to him and his Beneficiary unless his Beneficiary is his Spouse.

The optional forms of benefit for a Participant who is not a Salaried Participant shall be determined pursuant to the Appendix
applicable to such Participant.
6.5 Special Optional Form of Retirement Benefit Payments for TRIP Plan Participants. A Salaried Participant who was a TRIP
Plan participant may elect, subject to the notice and election procedures in Section 6.6, and in lieu of one of the normal forms of
benefit and optional forms of benefit described above, the additional optional form of benefit described below, which shall be the
actuarial equivalent (using the 1983 Group Annuity Mortality Tables for males, set back one year for retirees and five years for
beneficiaries and an interest rate of 7 1/2%) of the normal form of benefit payment for an unmarried Salaried Participant, as
described in Section 6.2:
6.5.1 A retirement benefit payable for the life of the Salaried Participant, but in the event of the death of the Salaried
Participant prior to the receipt of retirement benefits at least equal to the lump sum value of the Salaried Participant’s normal form of
benefit, calculated in accordance with Section 1.3, the excess of the lump sum value over the retirement benefit received by the
Salaried Participant shall be paid to the Salaried Participant’s Beneficiary.
6.6 Election of Benefits — Notice and Election Procedures.
6.6.1 Initial Notice and Election. Not earlier than 180 days (90 days for Plan Years beginning before January 1, 2007), but
not later than 30 days (seven days if the 30-day period is waived by the Participant and the Participant’s Spouse, if applicable)
before the Participant’s Annuity Starting Date, the Administrative Committee shall provide a notice to a Participant who is eligible to
make a distribution election under the Plan. The notice shall describe the terms and conditions of the normal form of benefit
(“qualified annuity” with respect to Hourly Participants) payable to him, explain the optional forms of benefit available under the Plan,
including the eligibility conditions, material features and relative values of those options, explain the Participant’s right to make, and
the effect of, an election to waive the normal form of benefit (“qualified annuity” with respect to Hourly Participants), explain the
rights of the Participant’s Spouse (if the Participant is married), explain the Participant’s right to make, and the effect of, a
revocation of a previous election to waive the normal form of benefit (“qualified annuity” with respect to Hourly Participants), and
explain the Participant’s right to defer distribution until he attains the later of Normal Retirement Age or age 62 in a manner that
would satisfy the notice requirements of Code Section 417(a)(3) and Treasury Regulations Section 1.417(a)-3. Notices given in Plan
Years beginning after December 31, 2006, shall also include a description of how much larger benefits will be if the commencement
of distribution is deferred. The notice shall advise the Participant that his benefit shall be paid in the normal form (“qualified annuity”
with respect to Hourly Participants) unless within the election period before his Annuity Starting Date, he notifies the Administrative
Committee of an election to receive a different form of benefit, and, if he is married:
6.6.1.1 his Spouse (to whom the survivor annuity is payable under the Qualified Joint and Survivor Annuity) consents in
writing to the waiver election;
6.6.1.2 the Spouse’s consent acknowledges the effect of the waiver election and is witnessed by a notary public or the
Administrative Committee (or its representative);

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6.6.1.3 the Spouse consents to the alternate form of payment designated by the Participant or to any change in that
designated form of payment;
6.6.1.4 unless the Spouse is the Participant’s sole primary Beneficiary, the Spouse consents to the Participant’s
Beneficiary designation or to any change in the Participant’s Beneficiary designation.

The Spouse’s consent to a waiver of the Qualified Joint and Survivor Annuity is irrevocable, unless the Participant revokes the waiver
election. The Spouse may execute a blanket consent to any form of payment designation or to any Beneficiary designation made
by the Participant, if the blanket consent acknowledges the Spouse’s right to limit that consent to a specific designation but, in
writing, waives such right.

The Administrative Committee may accept as valid a waiver election which does not satisfy the spousal consent requirements of
this Section if the Administrative Committee establishes the Participant does not have a Spouse, the Administrative Committee is
not able to locate the Participant’s Spouse, or other circumstances exist under which the Secretary of the Treasury will excuse the
consent requirement. If the Participant’s Spouse is legally incompetent to give consent, the Spouse’s legal guardian (even if the
guardian is the Participant) may give consent. Also, if the Participant is legally separated or has been abandoned (within the
meaning of local law) and the Participant has a court order to such effect, spousal consent is not required unless a qualified
domestic relations order provides otherwise. Any consent necessary under this Section shall be valid only with respect to a Spouse
who signs the consent, or, in the event of a deemed permissible election, the designated Spouse (if any). Additionally, a Participant
may revoke a prior waiver without the consent of his Spouse at any time before the Annuity Starting Date. The number of
revocations shall not be limited. Any new wavier or change of the terms of a specific consent shall require a new spousal consent
6.6.2 Election Period; Extension of Election Period. A Participant’s election period under this Section 6.6 shall be the 180-
day (90-day prior to January 1, 2007) period ending on his Annuity Starting Date. If, by not later than the day before his Annuity
Starting Date, the Participant notifies the Administrative Committee in writing of an election not to take the Qualified Joint and
Survivor Annuity, and his Spouse has consented to such election, his benefit shall be paid in the alternate form selected by the
Participant. However, if by not later than the day before his Annuity Starting Date, the Participant requests the Administrative
Committee to furnish him with additional information relating to the effect of the Qualified Joint and Survivor Annuity, the election
period under this Section 6.6.2 shall be extended and his Annuity Starting Date shall be postponed to a date not later than
180 days (90 days prior to January 1, 2007) following the furnishing to him of the additional information.

The written explanation described in Section 6.6.1 of the Plan may be provided to the Participant after his Annuity Starting Date (as
defined in Treasury Regulation Section 1.401(a)-20, Q&A-10). In such a case, the benefit election period must run for at least
30 days after the written explanation described in Section 6.6.1 is provided to the Participant, and the Participant’s actual benefit
commencement date shall be after his Annuity Starting Date.
6.6.3 Change of Election — Optional Form of Benefit. Any Participant electing an optional form of benefit may revoke such
election and file a new election with the Administrative Committee at any time prior to the Participant’s Annuity Starting Date. Upon
the Participant’s Annuity Starting Date, his election shall become irrevocable.

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6.7 Payment of Small Benefits.


6.7.1 Payment Before Annuity Starting Date. The Administrative Committee shall direct the Trustee to make a single
payment to a Participant who is a former Employee, or a surviving Spouse of a vested Participant who died before his Annuity
Starting Date, of the Actuarial Equivalent present value of the benefit payable to that Participant, surviving Spouse, or other
Beneficiary before his applicable Annuity Starting Date if that Actuarial Equivalent present value does not exceed $5,000 without the
consent of the Participant, surviving Spouse, or other Beneficiary. Such payment shall fully discharge all Plan liabilities with respect
to such benefit.

Effective for distributions made on or after March 28, 2005, if a Participant experiences a Severance from Employment for any
reason, and the Actuarial Equivalent present value of the Participant’s vested Accrued Benefit is $5,000 or less at the time of such
Severance from Employment, the Administrative Committee shall direct the Trustee to distribute such benefit without the
Participant’s consent as soon as administratively feasible as follows:
6.7.1.1 If the Actuarial Equivalent present value of the Participant’s vested Accrued Benefit is $1,000 or less and the
Participant does not make an affirmative election to have such amount paid directly to an “eligible retirement plan” in
accordance with Section 6.10 of the Plan, such amount shall be paid directly to the Participant in a cash lump sum.
6.7.1.2 If the Actuarial Equivalent present value of a Participant’s vested Accrued Benefit is more than $1,000 and does not
exceed $5,000 and the Participant does not affirmatively elect to have such amount paid directly to him, or to an “eligible
retirement plan” in accordance with Section 6.10 of the Plan, such amount shall be paid directly to an individual retirement
account or annuity under Section 408 of the Code (an “IRA”) established for the Participant pursuant to a written agreement
between the Administrative Committee and the provider of the IRA that meets the requirements of Section 401(a)(31) of the
Code and the regulations thereunder. The Administrative Committee shall establish and maintain procedures to inform each
Participant to whom this Section applies of the nature and operation of the IRA and the Participant’s investments therein, the
fees and expenses associated with the operation of the IRA, and the terms of the written agreement establishing such IRA on
behalf of the Participant.
6.7.1.3 Notwithstanding Sections 6.7.1.1 and 6.7.1.2, the Administrative Committee shall direct the Trustee to make a
cash lump sum payment to a surviving Spouse of a vested Participant who died before his Annuity Starting Date, of the
Actuarial Equivalent present value of the benefit payable to that surviving Spouse or other Beneficiary before his applicable
Annuity Starting Date, if that Actuarial Equivalent present value does not exceed $5,000, without the consent of the surviving
Spouse or other Beneficiary. Such payment shall fully discharge all Plan liabilities with respect to such benefit.

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6.7.2 Deemed Cash-Outs.


6.7.2.1 Salaried Participants. If a Salaried Participant has a one year Break-in-Service and the Actuarial Equivalent present
value of his vested Accrued Benefit is zero, the Participant shall be deemed to have received a distribution of such vested
Accrued Benefit.
6.7.2.2 Hourly Participants. An Hourly Participant who has no vested interest in his or her Accrued Benefit at the time of
his Severance from Employment shall be deemed to receive a cash-out in the amount of $0 as of the date of such Severance
from Employment.
6.7.2.3 Arrow Salaried Participants. The deemed cash-out provisions in Section 6.4 of Appendix F apply to Arrow Salaried
Participants.
6.7.2.4 Arrow Hourly Participants. The deemed cash-out provisions in Section 6.3 of Appendix G apply to Arrow Hourly
Participants.
6.7.2.5 Arrow Berks Participants. The deemed cash-out provisions in Section 6.3 of Appendix H apply to Arrow Berks
Participants.
6.7.3 Disregard Prior Service. If a Participant receives a lump-sum distribution under Section 6.7.1 and is subsequently
reemployed, his prior service shall be disregarded in any subsequent determination of his Accrued Benefit under the Plan, to the
extent permissible under Section 411(a)(7) of the Code and Treasury Regulations thereunder. Notwithstanding the preceding
sentence, if a nonvested Participant who receives a lump-sum distribution of $0 under Section 6.7.2 subsequently resumes
employment with the Employer or a Related Employer before he has incurred five consecutive one-year Breaks in Service, his prior
service shall not be disregarded in subsequent determinations of his Accrued Benefit.
6.8 Continued Employment After Normal Retirement Date; Reemployed Participants. Any Salaried Participant who (a) continues
in employment after his Normal Retirement Date, or (b) having experienced a Severance from Employment and begun to receive
benefits hereunder, is subsequently reemployed as an Employee shall not be entitled to payment of benefits while so employed or
reemployed. Prior to January 1, 2009, such a Salaried Participant shall be eligible to accumulate additional Credited Service. Upon
retirement his benefit shall be recomputed based upon his aggregate Credited Service. In the case of a Salaried Participant who is
reemployed, retirement benefit payments shall be redetermined as of the subsequent Severance from Employment in accordance
with the form of benefit payment in effect prior to the Salaried Participant’s reemployment and adjusted to reflect the increase, if
any, in benefits attributable to Credited Service after reemployment. The rules of this Section shall be applied consistent with the
provisions of 29 CFR Section 2530.203-3 issued by the United States Department of Labor, which provisions are incorporated
herein by reference. With respect to Participants other than Salaried Participants, the provisions regarding reemployment and
suspension of benefits are set forth in Appendix E, F, G or H, as applicable.

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6.9 Required Distributions — Code Section 401(a)(9).


6.9.1 Minimum Distribution Requirements for Participants. The Administrative Committee may not direct the Trustee to
distribute the Participant’s vested Accrued Benefit, nor may the Participant elect to have the Trustee distribute his vested Accrued
Benefit, under a method of payment which, as of the Required Beginning Date, does not satisfy the minimum distribution
requirements under Code Section 401(a)(9) and applicable proposed or final Treasury Regulations. With respect to distributions
under the Plan made in calendar years beginning on or after January 1, 2002 and prior to January 1, 2006, the Plan will generally
apply the minimum distribution requirements of Code Section 401(a)(9) in accordance with F-3 and F-3A of Section 1.401(a)(9)-1 of
the 1987 proposed Treasury Regulations, A-1 of Section 1.401(a)(9)-6 of the 2001 proposed Treasury Regulations,
Section 1.401(a)(9)-6T of the temporary Treasury Regulations, or a reasonable and good faith interpretation of Code
Section 401(a)(9), notwithstanding any provision of the Plan to the contrary. With respect to distributions under the Plan made in
calendar years beginning on or after January 1, 2006, the Plan will apply the minimum distribution requirements of Code Section
401(a)(9) in accordance with the Treasury Regulations under Code Section 401(a)(9) that were finalized in June 2004, as set forth in
this Section 6.9.
6.9.1.1 Annuity Distributions. An annuity distribution made to the Participant pursuant to this Article VI or an Appendix
hereto must satisfy all of the following requirements:
6.9.1.1.1 The periodic payment intervals under the annuity may not be longer than one year.
6.9.1.1.2 The distribution period must not exceed the life (or joint lives) of the Participant and his designated Beneficiary
(as determined in accordance with the requirements of Code Section 401(a)(9) and applicable Treasury Regulations), or a
period certain not longer than the period described in Section 6.9.1.6 or 6.9.2.
6.9.1.1.3 The annuity does not recalculate the life expectancy of a Participant or Spouse more frequently than annually
and does not recalculate the life expectancy of a non-Spouse Beneficiary.
6.9.1.1.4 Once payments have begun over a period, the Participant or Beneficiary may not change the period, even if the
period is shorter than the maximum period permitted under Code Section 401(a)(9), unless:
6.9.1.1.4.1 the modification occurs when the Participant has had a Severance from Employment or in connection with
a Plan termination;
6.9.1.1.4.2 the payment period before the modification is a period certain without life contingencies; or
6.9.1.1.4.3 the annuity payments after the modification are paid under a Qualified Joint and Survivor Annuity over the
joint lives of the Participant and a designated Beneficiary, the

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Participant’s Spouse is the sole designated Beneficiary, and the modification occurs in connection with the Participant’s
becoming married to such Spouse; and
all of the following conditions are satisfied:
6.9.1.1.4.4 the future payments after the modification satisfy the requirements of Code Section 401(a)(9), the
Treasury Regulations under Code Section 401(a)(9), and this Section 6.9 (determined by treating the date of the change
as a new Annuity Starting Date and the actuarial present value of the remaining payments prior to the modification as the
entire interest of the Participant);
6.9.1.1.4.5 for purposes of Code Sections 415 and 417, the modification is treated as a new Annuity Starting Date;
6.9.1.1.4.6 after taking into account the modification, the annuity (including all past and future payments) satisfies the
requirements of Code Section 415 (determined at the original Annuity Starting Date, using the interest rate and mortality
tables applicable to such date); and
6.9.1.1.4.7 the end point of the period certain, if any, for any modified payment period is not later than the end point
available to the Participant at the original Annuity Starting Date under Code Section 401(a)(9) and this Section 6.9.
6.9.1.1.5 The payments are nonincreasing or increase only as follows:
6.9.1.1.5.1 by an annual percentage increase that does not exceed the percentage increase in an index described in
Treasury Regulations Section 1.401(a)(9)-6(A-14)(b)(2), (b)(3), or (b)(4) (an “Eligible Cost-of-Living Index”) for a 12-month
period ending in the year during which the increase occurs or a prior year;
6.9.1.1.5.2 by a percentage increase that occurs at specified times and does not exceed the cumulative total of
annual percentage increases in an Eligible Cost-of-Living Index since the Annuity Starting Date, or if later, the date of the
most recent percentage increase;
6.9.1.1.5.3 by a constant percentage of less than 5% per year, applied not less frequently than annually;
6.9.1.1.5.4 as a result of dividend or other payments that result from actuarial gains, provided:

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(A) actuarial gain is measured not less frequently than annually;


(B) the resulting dividend or other payments are either paid no later than the year following the year for which the
actuarial experience is measured or paid in the same form as the payment of the annuity over the remaining period of
the annuity (beginning no later than the year following the year for which the actuarial experience is measured);
(C) the actuarial gain taken into account is limited to actuarial gain from investment experience;
(D) the assumed interest rate used to calculate such actuarial gains is not less than 3%; and
(E) the annuity payments are not increased by a constant percentage as described in Section 6.9.1.1.5.3;
6.9.1.1.5.5 to the extent of the reduction in the amount of the Participant’s payments to provide for a survivor benefit
upon death, but only if there is no longer a survivor benefit because the Beneficiary whose life was being used to
determine the distribution period dies or is no longer the Participant’s Beneficiary pursuant to a qualified domestic
relations order within the meaning of Code Section 414(p);
6.9.1.1.5.6 to provide a final payment upon the Participant’s death not greater than the excess of the actuarial
present value of the Participant’s Accrued Benefit (within the meaning of Code Section 411(a)(7)) calculated as of the
Annuity Starting Date using the Applicable Interest Rate and the Applicable Mortality Table (or, if greater, the total
amount of Employee contributions) over the total payments before the Participant’s death;
6.9.1.1.5.7 to allow a Beneficiary to convert the survivor portion of a joint and survivor annuity into a single sum
distribution upon the Participant’s death; or
6.9.1.1.5.8 to pay increased benefits that result from a Plan amendment.
6.9.1.2 Limitation on Distribution Periods. As of the first Distribution Calendar Year, distributions to a Participant, if not
made in a single sum, may be made only over one of the following periods:
6.9.1.2.1 the life of the Participant;

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6.9.1.2.2 the joint lives of the Participant and a designated Beneficiary;


6.9.1.2.3 a period certain not extending beyond the life expectancy of the Participant; or
6.9.1.2.4 a period certain not extending beyond the joint life and last survivor expectancy of the Participant and a
designated Beneficiary.
A “Distribution Calendar Year” is a calendar year for which a minimum distribution is required. For distributions beginning
before the Participant’s death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar
year which contains the Participant’s Required Beginning Date. For distributions beginning after the Participant’s death, the
first Distribution Calendar Year is the calendar year in which distributions are required to begin pursuant to Section 6.9.2.2 or
6.9.2.3.
6.9.1.3 Form of Distribution. Unless the Participant’s interest is distributed in the form of an annuity purchased from an
insurance company or in a single sum on or before the Required Beginning Date, as of the first Distribution Calendar Year
distributions will be made in accordance with Sections 6.9.1.1, 6.9.1.4, 6.9.1.5, 6.9.1.6, or 6.9.2. If the Participant’s interest is
distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in
accordance with the requirements of Code Section 401(a)(9) and Section 1.401(a)(9) of the Treasury Regulations. Any part of
the Participant’s interest which is in the form of an individual account described in Code Section 414(k) will be distributed in a
manner satisfying the requirements of Code Section 401(a)(9) and Section 1.401(a)(9) of the Treasury Regulations that apply
to individual accounts.
6.9.1.4 Amount Required to be Distributed by Required Beginning Date. The amount that must be distributed by the
Participant’s Required Beginning Date (or, if the Participant dies before distributions begin, the date distributions are required
to begin under Section 6.9.2.2 or 6.9.2.3) is the payment for one payment interval. The second payment need not be made
until the end of the next payment interval, even if the second payment interval occurs in the calendar year following the year in
which the Required Beginning Date occurs. Payment intervals are the periods for which payments are received under the
annuity, e.g., bi-monthly, monthly, semi-annually, or annually. All of the Participant’s benefit accruals as of the last day of the
first Distribution Calendar Year will be included in the calculation of the amount of the annuity payments for payment intervals
ending on or after the Participant’s Required Beginning Date.
6.9.1.5 Additional Accruals. Any additional benefits accruing to the Participant in a calendar year after the first Distribution
Calendar Year will be distributed beginning with the first payment interval ending in the calendar year immediately following the
calendar year in which such amount accrues. The Annuity Starting Date and form of distribution commenced by the Required
Beginning Date applies to the distribution of these additional accruals, unless the Participant elects otherwise pursuant to the
benefit options described in Section

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6.4, and that election otherwise complies with the minimum distribution requirements of this Section 6.9.1. An additional
accrual includes any portion of the Participant’s Accrued Benefit which becomes nonforfeitable during the applicable calendar
year.
6.9.1.6 Period Certain Annuities. Unless the Participant’s Spouse is the sole designated Beneficiary and the form of
distribution is a period certain and no life annuity, the period certain for an annuity distribution commencing during the
Participant’s lifetime may not exceed the applicable distribution period for the Participant under the Uniform Lifetime Table set
forth in Treasury Regulations Section 1.401(a)(9)-9, Q&A-2, for the calendar year that contains the Annuity Starting Date. If the
Annuity Starting Date precedes the year in which the Participant reaches age 70, the applicable distribution period for the
Participant is the distribution period for age 70 under the Uniform Lifetime Table set forth in Treasury Regulations
Section 1.401(a)(9)-9, Q&A-2, plus the excess of 70 over the age of the Participant as of the Participant’s birthday in the year
that contains the Annuity Starting Date. If the Participant’s Spouse is the Participant’s sole designated Beneficiary and the
form of distribution is a period certain and no life annuity, the period certain may not exceed the longer of the Participant’s
applicable distribution period, as determined under this Section 6.9.1.6, or the joint life and last survivor expectancy of the
Participant and the Participant’s Spouse as determined under the Joint and Last Survivor Table set forth in Treasury
Regulations Section 1.401(a)(9)-9, Q&A-3, using the Participant’s and Spouse’s attained ages as of the Participant’s and
Spouse’s birthdays in the calendar year that contains the Annuity Starting Date.
6.9.1.7 Nonannuity Distributions. A lump sum distribution made on or before a Participant’s Required Beginning Date of his
entire nonforfeitable Accrued Benefit under the Plan satisfies the minimum distribution requirements of this Section 6.9.1.
Furthermore, a lump sum payment of additional accruals, as described in Section 6.9.1.3, no later than the end of the first
payment interval ending in the calendar year immediately following the calendar year in which such amount accrues, satisfies
the minimum distribution requirements of this Section 6.9.1.
6.9.2 Minimum Distribution Requirements For Death Benefits Payable to Beneficiaries. The method of distribution to the
Participant’s Beneficiary must satisfy Code Section 401(a)(9) and the applicable Treasury Regulations.
6.9.2.1 If the Participant dies after distribution of his interest begins in the form of an annuity meeting the requirements of
this Section 6.9, the remaining portion of the Participant’s interest will continue to be distributed over the remaining period over
which distributions commenced, if any.
6.9.2.2 If the Participant dies before the date distribution of his interest begins and there is no designated Beneficiary as of
September 30 of the year following the year of the Participant’s death, the Participant’s entire interest, if any, will be
distributed within 5 years after the date of the Participant’s death (with payment completed by December 31 of the calendar
year in which occurs the 5th anniversary of the Participant’s date of death) (the “5-Year Rule”).

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6.9.2.3 If the Participant dies before the date distribution of his interest begins and there is a designated Beneficiary, unless
the Participant or Beneficiary elects the 5-Year Rule, the Participant’s entire interest will be distributed, or will begin to be
distributed, no later than as follows:
6.9.2.3.1 If the Participant’s surviving Spouse is the Participant’s sole designated Beneficiary, distributions to the
surviving Spouse will begin by December 31 of the later of the calendar year immediately following the calendar year in
which the Participant died or the calendar year in which the Participant would have attained age 701/2.
6.9.2.3.2 If the Participant’s surviving Spouse is not the Participant’s sole designated Beneficiary, distributions to the
designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the
Participant died.
The Participant’s entire interest will be distributed over the life of the designated Beneficiary or over a period certain not
exceeding:
6.9.2.3.3 If the Annuity Starting Date is after the first Distribution Calendar Year, the life expectancy of the designated
Beneficiary determined using the Beneficiary’s age as of the Beneficiary’s birthday in the calendar year immediately
following the calendar year of the Participant’s death; or
6.9.2.3.4 If the Annuity Starting Date is before the first Distribution Calendar Year, the life expectancy of the designated
Beneficiary determined using the Beneficiary’s age as of the Beneficiary’s birthday in the calendar year that contains the
Annuity Starting Date.
In order for a Participant or Beneficiary to elect the 5-Year Rule instead of the life expectancy rule set forth in this
Section 6.9.2.3, the election must be made no later than the earlier of September 30 of the calendar year in which distributions
would be required to begin under 6.9.2.3.3 or 6.9.2.3.4, or by September 30 of the calendar year which contains the 5th
anniversary or the Participant’s (or, if applicable, surviving Spouse’s) death.
6.9.2.4 If the Participant dies before the date distribution of his interest begins, the Participant’s surviving Spouse is his sole
designated Beneficiary, and the surviving Spouse dies after the Participant but before distributions to the surviving Spouse are
required to begin, Sections 6.9.2.2 and 6.9.2.3 shall apply as if the surviving Spouse were the Participant, except that the
provision permitting distributions to a surviving Spouse who is the sole designated Beneficiary to begin by the December 31 of
the calendar year in which the Participant would have attained age 701/2 (if later than the December 31 of the calendar year
immediately following the calendar year in which the Participant’s death occurred) does not apply.
6.9.2.5 For purposes of computing life expectancy, the Administrative Committee must use the Single Life Table in Treasury
Regulations Section 1.401(a)(9)-9, Q&A-1.

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6.9.3 Special Rules. The Administrative Committee, only upon the Participant’s written request or, in the case of a
distribution described in Section 6.9.2, only upon the written request of the Participant’s Spouse, may recalculate the applicable life
expectancy period for purposes of calculating the minimum distribution applicable to a Distribution Calendar Year following the first
Distribution Calendar Year. The Participant must make a recalculation election not later than his Required Beginning Date. A
surviving Spouse must make a recalculation election no later than the December 31 date described in 6.9.2.3.1. A recalculation
election applicable to a joint life expectancy payment, where the survivor is a non-Spouse Beneficiary, may not take into account
any adjustment to any life expectancy other than the Participant’s life expectancy, as prescribed by applicable Treasury
Regulations under Code Section 401(a)(9). In the absence of a recalculation election, the Plan does not permit recalculation of the
applicable life expectancy factor.
6.9.4 Payments to a Surviving Child. Payments made to a Participant’s surviving child until the child reaches the age of
majority (or dies, if earlier) shall be treated as if such payments were made to the surviving Spouse to the extent the payments
become payable to the surviving Spouse upon cessation of the payments to the child. For purposes of this Section, a child shall be
treated as having not reached the age of majority if the child has not completed a specified course of education and is under the
age of 26. In addition, a child who is disabled within the meaning of Code Section 72(m)(7) when the child reaches the age of
majority shall be treated as having not reached the age of majority so long as the child continues to be disabled.
6.10 Eligible Rollover Distributions.
6.10.1 Notwithstanding any provision of the Plan to the contrary that would otherwise limit a Distributee’s election under this
Article, a Distributee may elect, at the time and in the manner prescribed by the Administrative Committee, to have any portion of
an Eligible Rollover Distribution (but not less than $500) paid directly to an Eligible Retirement Plan specified by the Distributee in a
Direct Rollover. The Administrative Committee may establish rules and procedures governing the processing of Direct Rollovers and
limiting the amount or number of such Direct Rollovers in accordance with applicable Treasury Regulations. Distributions not
transferred to an Eligible Retirement Plan in a Direct Rollover shall be subject to income tax withholding as provided under the Code
and applicable state and local laws, if any. If a Participant elects to have a portion of an Eligible Rollover Distribution transferred to
an Eligible Retirement Plan pursuant to this Section 6.10, the portion not transferred to an Eligible Retirement Plan shall be
distributed to the Participant in the same form of benefit as the portion of the distribution that was transferred to an Eligible
Retirement Plan.
6.10.2 Definitions.
6.10.2.1 “Eligible Rollover Distribution:” An Eligible Rollover Distribution is any distribution of all or any portion of the
balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include: (a) any distribution that
is one of a series of substantially equal periodic payments (not less frequently than annually) made for life (or life expectancy)
of the Distributee or the joint lives (or joint life expectancies) of the Distributee and the Distributee’s designated beneficiary, or
for a specified period of ten years or more; (b) any distribution to the extent such distribution is required under Code
Section 401(a)(9); (c) any hardship distribution; (d) the portion of any distribution that is not includible in gross income
(determined without regard to the exclusion for net

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unrealized appreciation with respect to employer securities received in certain distributions); and (e) any other distribution(s)
that is reasonably expected to total less than $200 during a year. Notwithstanding the foregoing, any portion of a distribution
after December 31, 2001 that consists of after-tax contributions which are not includible in gross income may be transferred
to: (1) an individual retirement account or annuity described in Code Sections 408(a) or (b); or (2) a qualified defined
contribution plan described in Code Sections 401(a) or 403(a) (through a direct trustee-to-trustee transfer) that agrees to
separately account for amounts so transferred (and any related earnings), including separately accounting for the portion of
such distribution that is includible in gross income and the portion of such distribution which is not so includible. In addition,
the portion of any distribution on and after January 1, 2007 that consists of after-tax contributions which are not includible in
gross income may be transferred (in a direct trustee-to-trustee transfer) to a qualified defined benefit plan or a Code Section
403(b) tax-sheltered annuity that agrees to separately account for amounts so transferred (and the earnings thereon), including
separately accounting for the portion of such distribution that is includible in gross income and the portion of such distribution
which is not so includible.
6.10.2.2 “Eligible Retirement Plan:” An Eligible Retirement Plan is an individual retirement account described in Code
Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan described in Code
Section 403(a), a qualified trust described in Code Section 401(a) and, effective January 1, 2002, an annuity contract
described in Code Section 403(b) and an eligible plan under Code Section 457(b) which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to
separately account for amounts transferred into such plan from this Plan, and which accepts the Distributee’s Eligible Rollover
Distribution. In addition, for Plan Years beginning on and after January 1, 2008, an Eligible Retirement Plan includes a Roth
IRA, subject to the restrictions that apply to rollovers from a traditional IRA into a Roth IRA. However, the Administrative
Committee is not responsible for assuring a recipient is eligible to make a rollover to a Roth IRA. This definition of Eligible
Retirement Plan shall also apply in the case of a distribution to a surviving Spouse, or to a Spouse or former Spouse who is
the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p).
6.10.2.3 “Distributee:” A Distributee includes an Employee or former Employee. In addition, the Employee’s or former
Employee’s surviving Spouse and the Employee’s or former Employee’s Spouse or former Spouse who is the alternate payee
under a qualified domestic relations order, as defined in Code Section 414(p), are Distributees with regard to the interest of the
Spouse or former Spouse. Effective for distributions on and after January 1, 2007, a Distributee also includes the Participant’s
non-Spouse Beneficiary.
6.10.2.4 “Direct Rollover:” A Direct Rollover is a payment by the Plan to the Eligible Retirement Plan specified by the
Distributee. In the case of a non-Spouse Beneficiary, a Direct Rollover may be made only to an individual retirement account
or annuity described in Code Section 408(a) or Section 408(b) (“IRA”) that is established on behalf of the designated
Beneficiary and that will be treated as an inherited IRA pursuant to the provisions of Code Section

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402(c)(1). Also, in this case, the determination of any minimum required distribution under Code Section 401(a)(9) that is
ineligible for rollover shall be made in accordance with Notice 2007-7, Q&A-17 and 18.

ARTICLE VII. CONTRIBUTIONS.


7.1 Employer Contributions. The Employer shall make the contributions required to fund the cost of the benefits provided by this
Plan. The Employer intend to make such contributions as are necessary to fund the Plan in accordance with the minimum funding
standards of the Code. Contributions by the Employer are conditioned upon their deductibility under the Code for federal income tax
purposes
7.2 Funding Policy. The Committee shall be responsible for ascertaining the projected financial needs of the Plan in order to
provide for the payment of benefits described in the Plan and for establishing a funding policy which it reasonably believes will
provide the Plan with the funds to satisfy those needs. Insofar as the funding policy established by the Committee includes the
determination of the contributions to the Plan which the Employer should make from time to time, the Committee shall have no
responsibility for any refusal by any Employer to make such contributions, except that the Committee shall give appropriate
recognition to the reduced contributions in determining the ongoing funding policy of the Plan. The Committee’s authority to
establish the Plan’s funding policy shall include the authority to allocate among the Trustees all of the contributions of the
Employer, and all accumulated earnings thereon, whether such contributions have already been made or are made in the future.
The Committee shall have the right at any time and from time to time to change the method of funding benefits hereunder.
7.3 Determination of Contributions. Each Employer, from its records and the reports of the Plan’s actuary, shall determine the
amount of any contribution to be made by it to the Trust under the terms of the Plan. In this regard, the Employer may place full
reliance upon all reports, opinions, tables, valuations, certificates and computations the actuary furnishes the Employer.
7.4 Time of Payment of Employer Contributions. The Employer shall make its contribution to the Trustee within the time
prescribed by the Code or applicable Treasury Regulations.
7.5 Return of Employer Contributions. Notwithstanding Section 9.1:
7.5.1 In the case of a contribution made by the Employer by a mistake of fact, such contribution may be returned to the
Employer within one year after its payment.
7.5.2 All Employer contributions to the Plan are conditioned on the allowance of their deductibility for federal income tax
purposes under the Code. If the deduction of a contribution is disallowed by the Internal Revenue Service, to the extent of
disallowance, the contribution may be returned to the Employer within one year after the disallowance.
7.5.3 Any amounts returned under this Section shall be disposed of as directed by the Committee through uniform and
nondiscriminatory rules. The Trustee shall not increase the amount of any contribution returnable under this Section for any
earnings attributable to the contribution, but the Trustee shall decrease the Employer contribution returnable for any losses
attributable to it.

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All returns under this Section 7.5 shall be limited in amount, circumstance, and timing as required by Section 403(c) of ERISA, and
no such return shall be made if, solely on account of such return, the Plan would cease to be a qualified plan under Code
Section 401(a).
7.6 Forfeitures. Any forfeitures during a year arising from a Participant’s Severance from Employment or otherwise before the
termination of the Plan shall be used to reduce the Participating Employers’ contributions under the Plan for following years and
shall not increase any benefit otherwise payable hereunder.
7.7 Irrevocability. The Employer shall have no right, title or interest in the contributions made to the Trustee and no part of the
Fund shall revert to the Sponsor or any Participating Employer except that, after satisfaction of all liabilities of the Plan as set forth
in Section 9.8, any amount remaining shall revert to the Participating Employers.
7.8 Employee Contributions. The Plan does not permit nor require contributions from Participants.
7.9 Funding Notice. For Plan Years beginning on and after January 1, 2008 or such later date required by applicable law and/or
Department of Labor Regulations or other guidance, if the Employer fails to make an installment or other payment required to meet
the minimum funding standard to the Plan within 60 days following the due date for such installment, the Employer must notify all
Plan Participants and Beneficiaries, including alternate payees, in accordance with ERISA Section 101(f). However, if the Employer
has filed a waiver request with respect to the Plan Year that includes the required installment, no notice is required unless the
waiver request is denied, in which case the Employers must provide notice within 60 days after the date of the denial.

ARTICLE VIII. ADMINISTRATION.


8.1 Fiduciary Responsibility. The Plan shall be administered by the Committee, which shall be the Plan’s “named fiduciary” and
“administrator,” as those terms are defined by ERISA, and its agent designated to receive service of process. All matters relating to
the administration of the Plan, including the duties imposed upon the Plan administrator by law, except those duties relating to the
control or management of Plan assets, shall be the responsibility of the Committee. All matters relating to the control or
management of Plan assets shall, except to the extent delegated in accordance with the trust agreement, be the sole and
exclusive responsibility of the Trustee. It is intended under this Plan and the Trust that each fiduciary shall be responsible for the
proper exercise of its own powers, duties, responsibilities, and obligations under this Plan and the Trust and shall not be
responsible for any act or failure to act of another fiduciary. No fiduciary guarantees the Fund in any manner against investment
loss or depreciation in asset value.
8.2 Appointment and Removal of Committee. The Committee shall consist of three or more persons who shall be appointed and
may be removed by the Board of Directors. Persons appointed to the Committee may be, but need not be, employees of the
Employer. Any Committee member may resign by giving written notice to the Board of Directors, which notice shall be effective
30 days after delivery. A Committee member may be removed by the Board of Directors by written notice to such Committee
member, which notice shall be effective upon delivery. In the event of any vacancies on the Committee, the remaining Committee
members then in office shall constitute the Committee and shall have full power to act and exercise all powers of the Committee
described in this Article VIII. The Board of Directors shall promptly

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select a successor following the resignation or removal of any Committee member, if necessary to maintain a Committee of at least
three persons.
8.3 Compensation and Expenses of Committee. Members of the Committee who are employees of the Employer shall serve
without compensation. Members of the Committee who are not employees of the Employer may be paid reasonable compensation
for services rendered to the Plan. Such compensation, if any, and all usual and reasonable expenses of the Committee may be
paid in whole or in part by the Employer, and any expenses not paid by the Employer shall be paid by the Trustee out of the
principal or income of the Fund.
8.4 Committee Procedures. The Committee may enact such rules and regulations for the conduct of its business and for the
administration of the Plan as it shall deem necessary or appropriate. To the extent permitted by its by-laws, the Committee may
act either at meetings at which a majority of its members are present or by a writing signed by a majority of its members without
the holding of a meeting. Records shall be kept of the actions of the Committee. No Employee who is a Participant in the Plan shall
vote upon, or take an active role in resolving, any question affecting only his Accrued Benefit.
8.5 Plan Interpretation. The Committee shall have the duty and authority to interpret the provisions of the Plan and to decide any
dispute that may arise regarding the rights of Participants thereunder and, in general, to direct the administration of the Plan. Any
such determination shall apply uniformly to all persons similarly situated and shall be binding and conclusive upon all interested
persons. The Committee shall have the authority to deviate from the literal terms of the Plan to the extent the Committee shall
determine to be necessary or appropriate to operate the Plan in compliance with the provisions of applicable law. When making a
determination or calculation, the Committee shall be entitled to rely upon information furnished by a Participant or Beneficiary, the
Employer, the legal counsel of the Employer, or the Trustee
8.6 Fiduciary Duties. In performing their duties, all fiduciaries with respect to the Plan shall act solely in the interest of the
Participants and their Beneficiaries, and:
8.6.1 For the exclusive purpose of providing benefits to the Participants and their Beneficiaries;
8.6.2 With the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in like
capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims;
8.6.3 To the extent a fiduciary possesses and exercises investment responsibilities, by diversifying the investments of the
Fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and
8.6.4 In accordance with the documents and instruments governing the Plan insofar as such documents and instruments are
consistent with the provisions of Title I of ERISA
8.7 Consultants. The Committee may, and to the extent necessary for the preparation of required reports shall, employ
accountants, actuaries, attorneys and other consultants or advisors. The fees charged by such accountants, actuaries, attorneys
and other consultants or advisors shall be paid from the Fund unless paid by the Participating Employers.

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8.8 Method of Handling Plan Funds. No Committee member shall, at any time, handle any assets of the Fund, except that all
payments to the Fund shall be made by the officer of the Participating Employer charged with that responsibility by such
Participating Employer. All payments from the Fund shall be made by the Trustee.
8.9 Delegation and Allocation of Responsibility. Prior to January 1, 2008, the Committee, by unanimous action in writing, may
delegate any Plan administrative responsibility to any officer of any Participating Employer and may allocate any of its
responsibilities to one or more members of the Committee. Effective on and after January 1, 2008, the Committee may delegate
any Plan administrative responsibility to any employee of an Employer or any committee of such employees and may allocate any
of its responsibilities to such committee, subject to the terms of the Committee’s authority as chartered by the Board of Directors.
In the event of any such delegation or allocation the Committee shall establish procedures for the thorough and frequent review of
the performance of such duties. Persons to whom responsibilities have been delegated may not delegate to others any
discretionary authority or discretionary control with respect to the management or administration of the Plan.
8.10 Other Committee Powers and Duties. The Committee has the following powers and duties:
8.10.1 To determine the rights of eligibility of an Employee to participate in the Plan, the value of a Participant’s Accrued
Benefit and the vested percentage of each Participant’s Accrued Benefit;
8.10.2 To adopt and enforce rules of procedure and regulations necessary for the proper and efficient administration of the
Plan, provided the rules are not inconsistent with the terms of the Plan and the Trust;
8.10.3 To interpret and construe all terms, provisions, conditions and limitations of the Plan and the rules and regulations it
adopts (including the discretionary authority to interpret the Plan documents, without limitation and issues of fact) and to reconcile
any inconsistency or supply any omitted detail that may appear in the Plan in such manner and to such extent as the Committee
shall deem necessary and proper to effectuate the Plan;
8.10.4 To direct the Trustee with respect to the crediting and distribution of the Trust;
8.10.5 To review and render decisions respecting a claim for (or denial of a claim for) a benefit under the Plan;
8.10.6 To furnish the Employer with information which the Employer may require for tax or other purposes;
8.10.7 To enlist or engage the services of employees of the Employer and other agents to assist it with the performance of
any of its duties, as the Committee determines advisable;
8.10.8 To engage the services of an Investment Manager or Managers (as defined in ERISA Section 3(38)), each of whom
shall have full power and authority to manage, acquire or dispose (or direct the Trustee with respect to acquisition or disposition) of
any Plan

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asset under its control, to remove any Investment Manager, and to appoint a successor if so desired;
8.10.9 To establish and maintain a funding standard account and to make credits and charges to the account to the extent
required by and in accordance with the provisions of the Code;
8.10.10 To authorize any one of its members, or its secretary, to sign on its behalf any notices, directions, applications,
certificates, consents, approvals, waivers, letters or other documents, such authority being evidenced by an instrument signed by
all members and filed with the Trustee; and
8.10.11 To amend the Plan pursuant to Section 9.2, unless such amendment affects any Participant’s level of benefits or the
Company’s costs associated with the Plan, in which event the amendment must be ratified by the Company’s Board of Directors.
8.10.12 As permitted by the Employee Plans Compliance Resolution System (“EPCRS”) issued by the Internal Revenue
Service, as in effect from time to time, (1) to voluntarily correct any Plan qualification failure, including, but not limited to failures
involving Plan operation, impermissible discrimination in favor of Highly Compensated Employees, the specific terms of the Plan
document, or demographic failures; (2) implement any correction methodology permitted under EPCRS; and (3) negotiate the terms
of a compliance statement or a closing agreement proposed by the IRS with respect to correction of a Plan qualification failure.
8.11 Records and Reports. The Employer (or the Committee if so designated by the Employer) shall exercise such authority
and responsibility as it deems appropriate in order to comply with ERISA and regulations issued thereunder relating to records of
Participants’ Service, Accrued Benefit and the percentage of such Accrued Benefit that is vested under the Plan; notifications to
Participants; registration with the Internal Revenue Service; and annual reports to the Department of Labor.
8.12 Application and Forms for Benefits. The Committee may require a Participant or Beneficiary to complete and file with the
Committee an application for a benefit and all other forms approved by the Committee, and to furnish all pertinent information
requested by the Committee. The Committee may rely upon all such information so furnished it, including the Participant’s or
Beneficiary’s current mailing address.
8.13 Authorization of Benefit Payments. The Committee shall issue directions to the Trustee concerning all benefits that are to
be paid from the Fund pursuant to the provisions of the Plan, and warrants that all such directions are in accordance with this Plan.
8.14 Funding Policy. The Committee shall review, from time to time, all pertinent Employee information and Plan data in order to
establish the funding policy of the Plan and to determine the appropriate methods of carrying out the Plan’s objectives. The
Committee shall communicate periodically, as it deems appropriate, to the Trustee and to any Plan Investment Manager, the Plan’s
short-term and long-term financial needs so that investment policy can be coordinated with Plan financial requirements.

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8.15 Unclaimed Accrued Benefit — Procedure. The Plan does not require the Employer, the Trustee or the Committee to search
for, or ascertain the whereabouts of, any Participant or Beneficiary. At the time the Participant’s or Beneficiary’s benefit becomes
distributable under the Plan, the Committee, by certified or registered mail addressed to his last known address of record with the
Committee or the Employer, shall notify any Participant, or Beneficiary, that he is entitled to a distribution under this Plan. If the
Participant or Beneficiary fails to claim his distributive share or make his whereabouts known in writing to the Committee within six
(6) months from the date of mailing of the notice, the Committee shall treat the Participant’s or Beneficiary’s unclaimed payable
Accrued Benefit as forfeited. Where the benefit is distributable to the Participant, the forfeiture under this paragraph occurs as of the
last day of the notice period of this Section, if the Participant’s vested Accrued Benefit does not exceed $5,000, or as of the first
day the benefit is distributable without the Participant’s consent, if the present value of the Participant’s vested Accrued Benefit
exceeds $5,000. Where the benefit is distributable to a Beneficiary, the forfeiture occurs as of the last day of the notice period of
this Section except, if the Beneficiary is the Participant’s Spouse and the vested Accrued Benefit payable to the Spouse exceeds
$5,000, the forfeiture occurs as of the first day the benefit is distributable without the Spouse’s consent. The Employer shall use the
amounts representing the forfeited Accrued Benefit to reduce its contribution for future Plan Years.

If a Participant or Beneficiary who has incurred a forfeiture of his Accrued Benefit under this Section makes a claim, at any time, for
his forfeited Accrued Benefit, the Committee shall restore the Participant’s or Beneficiary’s forfeited Accrued Benefit. The
Committee shall direct the Trustee to distribute the Participant’s or Beneficiary’s restored Accrued Benefit in accordance with
Article VI as if the Participant experiences a Severance from Employment in the Plan Year in which the Committee restores the
forfeited Accrued Benefit.
8.16 Individual Statement. As determined by the Committee in its discretion, the Administrative Committee shall furnish to the
Participant (or Beneficiary of such deceased Participant) an individual statement reflecting the value of his Accrued Benefit. In
addition, subject to the requirements of ERISA, the Administrative Committee shall provide to any Participant or Beneficiary of a
deceased Participant who so requests in writing, a statement indicating the total value of his Accrued Benefit and the vested portion
of such Accrued Benefit, if any. The Administrative Committee shall also furnish a written statement to any Participant who has a
Severance from Employment during the Plan Year and is entitled to a deferred vested benefit under the Plan as of the end of the
Plan Year, if no retirement benefits have been paid with respect to such Participant during the Plan Year. No Participant, except a
member of the Committee and its designees, shall have the right to inspect the records reflecting the Accrued Benefit of any other
Participant. Notwithstanding the above, effective January 1, 2008, at least one time every three Plan Years, the Committee shall
provide each Participant with a vested Accrued Benefit and who is employed by the Employer at the time the statement is to be
furnished, a pension benefit statement that indicates, on the basis of the latest information available, the total benefits accrued and
the vested benefits, if any, that have accrued or the earliest date on which benefits will become vested. The statement must be
written in a manner calculated to be understood by the average Plan Participant and may be delivered in a manner and otherwise
satisfy the requirements of ERISA Section 105(a).
8.17 Parties to Litigation. Except as otherwise provided by ERISA, only the Employer, the Committee and the Trustee shall be
necessary parties to any court proceeding involving the Plan, any fiduciary of the Plan, the Trustee or the Fund. No Participant, or
Beneficiary, shall be entitled to any notice of process unless required by ERISA. Any final judgment entered in any

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proceeding shall be conclusive upon the Employer, the Committee, the Administrative Committee, the Trustee, Participants and
Beneficiaries.
8.18 Use of Alternative Media. The Administrative Committee may include in any process or procedure for administering the
Plan, the use of alternative media, including, but not limited to, telephonic, facsimile, computer or other such electronic means as
available. Use of such alternative media shall be deemed to satisfy any Plan provision requiring a “written” document or an
instrument to be signed “in writing” to the extent permissible under the Code, ERISA and applicable regulations.
8.19 Personal Data to Administrative Committee. Each Participant and each Beneficiary of a deceased Participant must furnish
to the Administrative Committee such evidence, data or information as the Administrative Committee considers necessary or
desirable for the purpose of administering the Plan and shall otherwise cooperate fully with the Administrative Committee in the
administration of the Plan. The provisions of this Plan are effective for the benefit of each Participant upon the condition precedent
that each Participant will furnish promptly full, true and complete evidence, data and information when requested by the
Administrative Committee, provided the Administrative Committee shall advise each Participant of the effect of his failure to comply
with its request. The Administrative Committee in its sole discretion may defer benefit commencement until all of the information it
requests is provided.
8.20 Address for Notification. Each Participant and each Beneficiary of a deceased Participant shall file with the Administrative
Committee from time to time, in writing, his post office address and any change of post office address. Any communication,
statement or notice addressed to a Participant, or Beneficiary, at his last post office address filed with the Administrative
Committee, or as shown on the records of the Employer, shall bind the Participant, or Beneficiary, for all purposes of this Plan.
8.21 Notice of Change in Terms. The Committee, within the time prescribed by ERISA and the applicable regulations, shall
furnish all Participants and Beneficiaries a summary description of any material amendment to the Plan or notice of discontinuance
of the Plan and all other information required by ERISA to be furnished without charge.
8.22 Assignment or Alienation. Subject to Code Section 414(p) relating to qualified domestic relations orders, neither a
Participant nor a Beneficiary shall anticipate, assign or alienate (either at law or in equity) any benefit provided under the Plan, and
the Trustee shall not recognize any such anticipation, assignment or alienation. Furthermore, a benefit under the Plan is not
subject to attachment, garnishment, levy, execution, or other legal or equitable process, including the claims of any trustee in
bankruptcy or other representative of the Participant or Beneficiary in such action.
8.23 Litigation Against the Plan. If any legal action filed against the Trustee, the Sponsor, the Employer, the Committee, any
member or members of the Committee, the Administrative Committee, or any member or members of the Committee, by or on
behalf of any Participant or Beneficiary, results adversely to the Participant or to the Beneficiary, the Trustee shall reimburse itself,
the Sponsor, the Employer, the Committee, any member or members of the Committee, the Administrative Committee, or any
member or members of the Committee all costs and fees expended by it or them by surcharging all costs and fees against the
sums payable under the Plan to the Participant or to the Beneficiary, but only to the extent a court of

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competent jurisdiction specifically authorizes and directs any such surcharges and only to the extent Code Section 401(a)(13) does
not prohibit any such surcharges.
8.24 Information Available. Any Participant in the Plan or any Beneficiary may, during reasonable business hours, examine
copies of the Plan description, latest annual report, any bargaining agreement, this Plan and Trust, contract or any other instrument
under which the Plan was established or is operated. The Committee shall maintain all of the items listed in this Section in its
offices, or in such other place or places as it may designate from time to time in order to comply with the regulations issued under
ERISA. Upon the written request of a Participant or Beneficiary, the Committee shall furnish him with a copy of any item listed in
this Section. The Committee may make a reasonable charge to the requesting person for the copy so furnished.
8.25 Presenting Claims for Benefits. Any Participant or any other person claiming under a deceased Participant, such as a
surviving Spouse or Beneficiary, (“Claimant”) may submit written application to the Administrative Committee for the payment of any
benefit asserted to be due him under the Plan. Such application shall set forth the nature of the claim and such other information as
the Administrative Committee may reasonably request. Promptly upon the receipt of any application required by this Section, the
Administrative Committee shall determine whether or not the Participant, Spouse, or Beneficiary involved is entitled to a benefit
hereunder and, if so, the amount thereof and shall notify the claimant of its findings.
If a claim is wholly or partially denied, the Administrative Committee shall so notify the Claimant within 90 days after receipt of
the claim by the Administrative Committee, unless special circumstances require an extension of time for processing the claim. If
such an extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to the
end of the initial 90-day period. In no event shall such extension exceed a period of 90 days from the end of such initial period. The
extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Administrative
Committee expects to render its final decision. Notice of the Committee’s decision to deny a claim in whole or in part shall be set
forth in a manner calculated to be understood by the Claimant and shall contain the following:
8.25.1 the specific reason or reasons for the denial;
8.25.2 specific reference to the pertinent Plan provisions on which the denial is based;
8.25.3 a description of any additional material or information necessary for the Claimant to perfect the claim and an
explanation of why such material or information is necessary; and
8.25.4 an explanation of the claims review procedure set forth in Section 8.26 hereof.

If notice of denial is not furnished, and if the claim is not granted within the period of time set forth above, the claim shall be deemed
denied for purposes of proceeding to the review stage described in Section 8.26.

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8.26 Claims Review Procedure. If an application filed under Section 8.25 above shall result in a denial by the Administrative
Committee of the benefit applied for, either in whole or in part, such Claimant shall have the right, to be exercised by written
application filed with the Administrative Committee within 60 days after receipt of notice of the denial of his application or, if no such
notice has been given, within 60 days after the application is deemed denied under Section 8.25, to request the review of his
application and of his entitlement to the benefit applied for. Such request for review may contain such additional information and
comments as the Claimant may wish to present. Within 60 days after receipt of any such request for review, the Administrative
Committee shall reconsider the application for the benefit in light of such additional information and comments as the Claimant may
have presented, and if the Claimant shall have so requested, shall afford the Claimant or his designated representative a hearing
before the Administrative Committee. The Administrative Committee shall also permit the Claimant or his designated representative
to review pertinent documents in its possession, including copies of the Plan document and information provided by the Employer
relating to the Claimant’s entitlement to such benefit.

The Administrative Committee shall make a final determination with respect to the Claimant’s application for review as soon as
practicable, and in any event not later than 60 days after receipt of the aforesaid request for review, except that under special
circumstances, such as the necessity for holding a hearing, such 60-day period may be extended to the extent necessary, but in
no event beyond the expiration of 120 days after receipt by the Administrative Committee of such request for review. If such an
extension of time for review is required because of special circumstances, written notice of the extension shall be furnished to the
Claimant prior to the commencement of the extension. Notice of such final determination of the Administrative Committee shall be
furnished to the Claimant in writing, in a manner calculated to be understood by him, and shall set forth the specific reasons for the
decision and specific references to the pertinent provisions of the Plan upon which the decision is based. If the decision on review is
not furnished within the time period set forth above, the claim shall be deemed denied on review

If such final determination is favorable to the Claimant, it shall be binding and conclusive. If such final determination is adverse to
such Claimant, it shall be binding and conclusive unless the Claimant notifies the Administrative Committee within 90 days after the
mailing or delivery to him by the Administrative Committee of its determination that he intends to institute legal proceedings
challenging the determination of the Administrative Committee, and actually institutes such legal proceeding within 180 days after
such mailing or delivery.
8.27 Disputed Benefits. If any dispute shall arise between a Participant, or other person claiming under a Participant, and the
Administrative Committee after the review of a claim for benefits, or in the event any dispute shall develop as to the person to whom
the payment of any benefit under the Plan shall be made, the Trustee may withhold the payment of all or any part of the benefits
payable hereunder to the Participant, or other person claiming under the Participant, until such dispute has been resolved by a
court of competent jurisdiction or settled by the parties involved.
8.28 Claims Involving Benefits Related to Disability. The provisions of this Section 8.28 are effective for Total and Permanent
Disability claims (and disability claims filed under an Appendix hereto) filed on or after January 1, 2002. Notwithstanding any
provision of this Article VIII to the contrary, the Administrative Committee and Committee shall comply with and follow the
applicable Department of Labor Regulations for claims involving a determination of Total

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and Permanent Disability or benefits related to Total and Permanent Disability, including, but not limited to:
8.28.1 The Administrative Committee shall advise a Claimant of the Plan’s adverse benefit determination within a reasonable
period of time, but not later than 45 days after receipt of the claim by the Plan. If the Administrative Committee determines that due
to matters beyond the control of the Plan, such decision cannot be reached within 45 days, an additional 30 days may be provided
and the Administrative Committee shall notify the Claimant of the extension prior to the end of the original 45-day period. The 30-
day extension may be extended for a second 30-day period, if before the end of the original extension, the Administrative
Committee determines that due to circumstances beyond the control of the Plan, a decision cannot be rendered within the
extension period.
8.28.2 Claimants shall be provided at least 180 days following receipt of a benefit denial in which to appeal such adverse
determination.
8.28.3 The Committee shall review the Claimant’s appeal and notify the Claimant of its determination within a reasonable
period of time, but not later than 45 days after receipt of the Claimant’s request for review. Should the Committee determine that
special circumstances (such as the need to hold a hearing) require an extension of time for processing the appeal, the Committee
shall notify the Claimant of the extension before the end of the initial 45 day period. Such an extension, if required, shall not exceed
45 days.

ARTICLE IX. EXCLUSIVE BENEFIT, AMENDMENT, TERMINATION AND MERGER.


9.1 Exclusive Benefit. Except as otherwise provided herein, the Employer shall have no beneficial interest in any asset of the
Trust and no part of any asset in the Trust may ever revert to or be repaid to the Employer, either directly or indirectly; nor prior to
the satisfaction of all liabilities with respect to the Participants and their Beneficiaries under the Plan, shall any part of the corpus or
income of the Trust Fund, or any asset of the Trust, be (at any time) used for, or diverted to, purposes other than the exclusive
benefit of the Participants or their Beneficiaries.
9.2 Amendment of the Plan. The Plan may be amended at any time and from time to time by the Board of Directors. The
Committee shall also have the ability to amend the Plan to the extent such amendments are (i) required by law or (ii) do not result
in a material cost to the Employer, including without limitation merging Employer sponsored retirement plans and adding covered
locations to the Plan. No amendment shall divest any vested interest of any Participant, surviving Spouse, or other Beneficiary, and
no amendment shall be effective unless the Plan shall continue to be for the exclusive benefit of the Participants, surviving
Spouses, and other Beneficiaries. In addition, no amendment shall decrease any Participant’s Accrued Benefit, eliminate or reduce
any benefit subsidy or early retirement benefit, or eliminate any optional form of benefit except in accordance with Section 411(d)(6)
and Section 412(c)(8) of the Code. Effective January 1, 2008, notwithstanding the foregoing, the Committee may amend the Plan,
pursuant to a written resolution, in any manner that does not result in a material increase in the Participating Employer’s
contributions to or the cost of maintaining the Plan, including without limitation, amendments that are required by applicable laws.
However, the Committee shall not have the authority to amend the Plan to the extent the amendment relates to or otherwise
impacts the compensation for the Employer’s officers as defined in Rule 16a-1 issued under the Securities Exchange Act of 1934.

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In addition to the above, if the Employer makes an alternative deficit reduction contribution ppursuant to Code Section 412(l)(12) and
ERISA Section 302(d)(12), any amendment to the Plan will satisfy the requirements of Code Section 412(l)(12)(B) and ERISA
Section 302(d)(12).
9.3 Amendment to Vesting Provisions. The Board of Directors has the right to amend the vesting provisions of the Plan at any
time. In addition, the Committee has the right to amend the vesting provisions of the Plan at any time unless the amendment
relates to or otherwise impacts the compensation for the Employer’s officers as defined in Rule 16a-1 issued under the Securities
Exchange Act of 1934. However, the Administrative Committee shall not apply any such amended vesting schedule to reduce the
vested percentage of any Participant’s Accrued Benefit derived from Employer contributions (determined as of the later of the date
the Employer adopts the amendment, or the date the amendment becomes effective) to a percentage less than the vested
percentage computed under the Plan without regard to the amendment. An amended vesting schedule shall apply to a Participant
only if the Participant receives credit for at least one Hour of Service after the new schedule becomes effective.

If the Employer makes a permissible amendment to the vesting provisions of the Plan, each Salaried Participant having at least
three (3) Plan Years of service with the Employer, and each Hourly Participant, Arrow Salaried Participant, Arrow Hourly
Participant, and Arrow Berks Participants with at least three Years of Vesting Service, may elect to have the percentage of his
vested Accrued Benefit computed under the Plan without regard to the amendment. For Participants who do not have at least one
Hour of Service on any Plan Year beginning after December 31, 1988, the election described in the preceding sentence applies only
to Participants having at least five (5) Plan Years of service with the Employer. The Participant must file his election with the
Administrative Committee within sixty (60) days of the latest of (a) the adoption of the amendment; (b) the effective date of the
amendment; or (c) the Participant’s receipt of a copy of the amendment. The Administrative Committee, as soon as practicable,
shall forward to each affected Participant a true copy of any amendment to the vesting provisions, together with an explanation of
the effect of the amendment, the appropriate form upon which the Participant may make an election to remain under the vesting
provisions provided under the Plan prior to the amendment, and notice of the time within which the Participant must make an
election to remain under the prior vesting provisions. The election described in this Section does not apply to a Participant if the
amended vesting provisions provide for vesting at least as rapid at all times as the vesting provisions in effect prior to the
amendment. For purposes of this Section, an amendment to the vesting provisions of the Plan includes any Plan amendment which
directly or indirectly affects the computation of the vested percentage of an Employee’s rights to his Employer derived Accrued
Benefit.
9.4 Merger/Direct Transfers and Elective Transfers. The Employer and the Committee shall not consent to, or be a party to, any
merger or consolidation with another plan, or to a transfer of assets or liabilities to another plan, unless immediately after the
merger, consolidation or transfer, the surviving plan provides each Participant a benefit equal to or greater than the benefit each
Participant would have received had the Plan terminated immediately before the merger, consolidation or transfer. The Trustee
possesses the specific authority to enter into merger agreements or agreements for the direct transfer of assets with the trustee of
other retirement plans described in Code Section 401(a), and to accept the direct transfer of plan assets, or to transfer Plan assets
as a party to any such agreement, upon the consent or direction of the Employer or the Committee.

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If permitted by the Employer in its discretion, the Trustee may accept a direct transfer of plan assets on behalf of an Employee prior
to the date the Employee becomes a Participant in the Plan. If the Trustee accepts such a direct transfer of plan assets, the
Committee and Trustee shall treat the Employee as a Participant for all purposes of the Plan, except the Employee shall not
accrue benefits until he actually becomes a Participant in the Plan.

Unless a transfer of assets to this Plan is an Elective Transfer, the Plan will preserve all Code Section 411(d)(6) protected benefits
with respect to the transferred assets, in the manner described in Section 9.2. A transfer is an “Elective Transfer” if: (a) the transfer
satisfies the first paragraph of this Section; (b) the transfer is voluntary, under a fully informed election by the Participant; (c) the
Participant has an alternative that retains his Code Section 411(d)(6) protected benefits (including an option to leave his benefit in
the transferor plan, if that plan is not terminating); (d) the transfer satisfies the applicable spousal consent requirements of the
Code; (e) the transferor plan satisfies the joint and survivor notice requirements of the Code, if the Participant’s transferred benefit is
subject to those requirements; (f) the Participant has a right to immediate distribution from the transferor plan, in lieu of the Elective
Transfer; (g) the transferred benefit is at least the greater of the single sum distribution provided by the transferor plan for which the
Participant is eligible or the present value of the Participant’s accrued benefit under the transferor plan payable at that plan’s normal
retirement age; (h) the Participant has a one hundred percent (100%) vested interest in the transferred benefit; and (i) the transfer
otherwise satisfies applicable Treasury Regulations. If this Plan accepts an Elective Transfer from a defined contribution plan, the
Plan guarantees a benefit derived from that Elective Transfer equal to the value of the transferred amount, expressed as an annual
benefit payable at Normal Retirement Age in the normal form of benefit. The Trustee shall distribute this guaranteed benefit
attributable to the Elective Transfer at the same time and in the same manner as it distributes the Participant’s Accrued Benefit,
and the Committee shall treat the guaranteed benefit as part of the Participant’s Accrued Benefit for purposes of valuing the
Participant’s Accrued Benefit under any consent or election requirements provided in the Plan. An Elective Transfer may occur
between qualified plans of any type.

The Trustee shall hold, administer and distribute any transferred assets as a part of the Trust Fund, and the Trustee shall maintain
a separate “Transfer Account” for the benefit of the Employee on whose behalf the Trustee accepted the transfer in order to reflect
the value of the transferred assets.

Furthermore, a merger or direct transfer described in this Section of the Plan is not a termination for purposes of the special
distribution provisions described in this Section.
9.5 Termination of the Plan. The Sponsor shall have the right, at any time, to suspend or discontinue its contributions under the
Plan, and to terminate, at any time, this Plan and the Trust. The Plan shall terminate upon the first to occur of the following:
9.5.1 The date terminated by action of the Sponsor.
9.5.2 The date the Sponsor shall be judicially declared bankrupt or insolvent.
9.5.3 The dissolution, merger, consolidation or reorganization of the Sponsor, or the sale by the Sponsor of all or
substantially all of its assets, unless the successor or purchaser makes provision to continue the Plan, in which event the
successor or purchaser must substitute itself as the Sponsor under this Plan.

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In addition to the above, while each Participating Employer intends to continue the Plan indefinitely, each reserves the right to
terminate or partially terminate the Plan at any time as to its Employees. If the Plan is terminated or partially terminated by a
Participating Employer, assets shall be allocated to the Accrued Benefits of affected Participants in the manner prescribed in
Section 9.8. No Employees of the Participating Employer shall thereafter be admitted to the Plan as new Participants, and no
Participating Employer shall make further contributions to the Fund, except as may be required by law.
9.6 Full Vesting on Termination. Notwithstanding any other provision of the Plan to the contrary, upon either full or partial
termination of the Plan, an affected Participant’s right to his Accrued Benefit shall be one hundred percent (100%) vested.
9.7 Partial Termination. Upon termination of the Plan with respect to a group of Participants which constitutes a partial
termination of the Plan, the Trustee shall allocate and segregate for the benefit of the Employees then or theretofore employed by
the Employer with respect to which the Plan is being terminated the proportionate interest of such Participants in the Fund. Such
proportionate interest shall be determined by the actuary. The actuary shall make this determination on the basis of the
contributions made by the Employer, the provisions of this Article and such other considerations as the actuary deems appropriate.
The fiduciaries shall have no responsibility with respect to the determination of any such proportionate interest.

The funds so allocated and segregated shall be used by the Trustee to pay benefits to or on behalf of Participants in accordance
with Section 9.8.
9.8 Allocation of Assets Upon Termination of Trust Fund. If any Participating Employer terminates the Plan with respect to
some or all Participants employed by it, the Committee shall first determine the date of distribution, if any, and the value of Plan
assets allocable to such Participants. Subject to provision for expense of administration of liquidation, the Committee, with the
advice of the Plan’s enrolled actuary, shall determine amounts allocable with respect to each affected Participant, surviving Spouse,
and other Beneficiary. Such allocation shall be made among the affected Participants, surviving Spouses, and other Beneficiaries in
the following order:
9.8.1 To that portion of a Participant’s benefit, if any, derived from his Accumulated Contributions;
9.8.2 In the case of benefits payable as an annuity,
9.8.2.1 if the benefit of a Participant, surviving Spouse, or other Beneficiary was in pay status as of the beginning of the
three year period ending on the termination date of the Plan, to each such benefit, based on the provisions of the Plan (as in
effect during the five year period ending on such date) under which the benefit would be the least, or
9.8.2.2 if a benefit (other than a benefit described in Section 9.8.2.1) would have been in pay status as of the beginning of
such three year period and if the benefits had begun (in the normal form of annuity under the Plan) as of the beginning of such
period, to each such benefit based on the provisions of the Plan (as in effect during the five year period ending on such date)
under which such benefit would be the least.

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For purposes of Section 9.8.2.1, the lowest benefit in pay status during a three year period shall be considered the benefit in
pay status for such period.
9.8.3 Any remaining assets shall be allocated:
9.8.3.1 to all other benefits (if any) of individuals under the Plan guaranteed under Section 4022 of ERISA (without regard to
Section 4022 (b) (5) of ERISA) ;
9.8.3.2 to the additional benefits (if any) which would be determined under Section 9.8.3.1 if Section 4022(b)(6) of ERISA
did not apply;
9.8.3.3 to all other nonforfeitable benefits under the Plan;
9.8.3.4 to all Accrued Benefits under the Plan; and
9.8.3.5 to the Participating Employer, if all liabilities of the Plan to Participants, their surviving Spouses, and their other
Beneficiaries, including liabilities under Section 4044(d)(3) of ERISA, have been satisfied and such distribution is not prohibited
by any provision of law.
If the Fund is insufficient to provide in full for any of the classes set forth above, the assets remaining shall be applied
proportionately among Participants, surviving Spouses, and other Beneficiaries of that class and nothing shall be applied to
any subsequent class.

The above priorities and allocation of assets shall be determined in accordance with Section 4044 of ERISA.
9.9 Manner of Distribution. Subject to the foregoing provisions of this Article IX, any distribution after termination of the Plan may
be made, in whole or in part, to the extent that no discrimination in value results, in cash, in securities or other assets in kind
(based on their fair market value as of the date of distribution), or in nontransferable annuity contracts providing for pensions
commencing at Normal Retirement Date, as the Administrative Committee in its discretion shall determine.
9.10 Overfunding. If there are assets remaining after satisfying all liabilities to Participants and Beneficiaries upon termination of
the Plan, the Trustee shall return the amount by which the Employer has overfunded the Plan to the Employer. The Employer shall
instruct the Trustee regarding the amount of overfunding to be so returned.

ARTICLE X. WITHDRAWAL OF PARTICIPATING EMPLOYER.


10.1 Withdrawal. Each Participating Employer may elect to cause a withdrawal from the Plan of that share of Plan assets
allocable to the benefits of Participants employed by it, their surviving Spouses, and other Beneficiaries. After the effective date of
such a withdrawal, the provisions of the Plan shall continue to be effective (with such amendments as may thereafter be made from
time to time by the withdrawing Employer) as a separate plan for the exclusive benefit of the Participants employed by the
withdrawing Participating Employer, their surviving Spouses, and other Beneficiaries, as to which the withdrawing Participating
Employer

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shall succeed to all the rights, powers and duties of the Sponsor under the Plan. In such case, the board of directors of the
withdrawing Participating Employer shall succeed to all the rights, powers, and duties of the Board of Directors under the Plan, and
the board of directors of the withdrawing Participating Employer shall appoint a committee to administer the separate plan after the
effective date of the withdrawal.
10.2 Notice of Withdrawal. Whenever any Participating Employer shall elect to cause a withdrawal from the Plan with respect to
its Employees, it shall, by action of its board of directors, file notice in writing with the Committee and the Trustee of its election,
and shall direct the Trustee or a successor trustee named by such withdrawing Participating Employer to hold as a separate trust
the amount of assets that the Plan actuary shall certify to the Committee and the Trustee, or successor, to be allocable to the
benefits of Participants employed by the withdrawing Participating Employer, their surviving Spouses, and other Beneficiaries. Such
separate plan and trust initially shall have the same provisions as the Plan and the trust agreement for the Trust under the Plan,
except as otherwise provided in Section 10.1.
10.3 Withdrawal at Request of Board of Directors. In the event that the Board of Directors shall determine that a Participating
Employer shall no longer participate in the Plan, such Participating Employer shall withdraw from the Plan in the manner provided in
Section 10.1 and Section 10.2 within six months after notice of such determination is given.
10.4 Continuation of Plan. Neither the withdrawal from the Plan nor the termination thereof by a Participating Employer pursuant
to the provisions of Article IX and Article X shall affect in any manner the continuance of the Plan with respect to any other
Employer, and all the terms and conditions of the Plan shall continue to be applicable to such Employer and its Employees as if
such withdrawal or termination had not taken place.

ARTICLE XI. LIMITATIONS ON BENEFITS.


11.1 Limitation on Annual Benefits.
11.1.1 Definitions. For purposes of this Section 11.1, the following definitions and rules of interpretation shall apply:
11.1.1.1 Annual Benefit. The Participant’s retirement benefit attributable to Employer contributions (including any portion of
such benefit payable to an alternate payee under a qualified domestic relations order satisfying the requirements of Code
Section 414(p)), payable annually in the form of a straight life annuity (with no ancillary benefits) under a Defined Benefit Plan
subject to Code Section 415(b). The Annual Benefit excludes any benefits attributable to Employee contributions, rollover
contributions, or assets transferred from a qualified plan that was not maintained by the Employer. However, effective for
Limitation Years beginning on or after July 1, 2007, the determination of the Annual Benefit shall take into account social
security supplements described in Code Section 411(a)(9) and benefits transferred from another defined benefit plan, other
than transfers of distributable benefits pursuant to Treasury Regulations Section 1.411(d)-4, Q&A-3.
Except as provided below, for Limitation Years beginning before July 1, 2007, the Annual Benefit payable in a form other than
a straight life annuity must be adjusted to an actuarial equivalent straight life annuity before applying the

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limitations of this Section 11.1. For Limitation Years beginning on or after July 1, 2007, except as provided below, if the
Participant’s Annual Benefit is payable in a form other than a straight life annuity, the Annual Benefit shall be adjusted to an
actuarially equivalent straight life annuity that begins at the same time as such other form of benefit and is payable on the first
day of each month, before applying the limitations of this Section 11.1. In addition, for Limitation Years beginning on or after
July 1, 2007, for a Participant who has or will have distributions commencing at more than one Annuity Starting Date, the
Annual Benefit shall be determined as of each such Annuity Starting Date (and shall satisfy the limitations of this Section 11.1
as of each such date), actuarially adjusting for past and future distributions of benefits commencing at the other Annuity
Starting Date(s). For this purpose, the determination of whether a new Annuity Starting Date has occurred shall be made
without regard to Treasury Regulations Section 1.401(a)-20, Q&A-10(d) and with regard to Treasury Regulations
Sections1.415(b)-1(b)(1)(iii)(B) and (C).
No actuarial adjustment to the Annual Benefit is required for: (i) survivor benefits payable to a surviving Spouse under a
Qualified Joint and Survivor Annuity to the extent such benefits would not be payable if the Participant’s Annual Benefit were
paid in another form; (ii) benefits that are not directly related to retirement benefits (such as a qualified disability benefit,
preretirement incidental death benefits, and post-retirement medical benefits); or (iii) effective for Limitation Years beginning on
and after July 1, 2007, the inclusion in the form of benefit of an automatic benefit increase feature, provided the form of benefit
is not subject to Code Section 417(e)(3) and would otherwise satisfy the limitations of this Section 11.1, and the Plan provides
that the amount payable under the form of benefit in any Limitation Year shall not exceed the limits of this Section 11.1
applicable at the Annuity Starting Date, as increased in subsequent years pursuant to Code Section 415(d). For this purpose,
an automatic benefit increase feature is included in a form of benefit if the form of benefit provides for automatic, periodic
increases to the benefits paid in that form.
The Administrative Committee shall determine actuarial equivalence under this Section 11.1.1.1 in accordance with the
following:
11.1.1.1.1 Distributions Beginning After December 31, 2001 and Before January 1, 2004. The actuarially equivalent
straight life annuity is equal to the annual amount of the straight life annuity commencing at the same Annuity Starting Date
that has the same actuarial present value as the Participant’s form of benefit, computed using whichever of the following
produces the greater amount: (a) (i) with respect to Salaried Participants, the Plan’s interest rate and mortality table
specified in Section 1.3 for adjusting benefits in the same form; (ii) with respect to Hourly Participants, the Plan interest rate
and mortality table specified in Appendix E or a Schedule thereto for adjusting benefits in the same form; and (iii) with
respect to Arrow Salaried Participants, the Plan’s interest rate and mortality table specified in Appendix F for adjusting
benefits in the same form; (iv) with respect to Arrow Hourly Participants, the Plan’s interest rate and mortality table
specified in Appendix G for adjusting benefits in the same form; and (v) with respect to Arrow Berks Participants, the Plan’s
interest rate and mortality table specified in

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Appendix H for adjusting benefits in the same form; and (b) a 5% interest rate assumption and the Applicable Mortality
Table for that Annuity Starting Date. Notwithstanding the foregoing, to determine actuarial equivalence under this
Section 11.1.1.1 for a benefit that is in a form other than a straight life annuity and that is subject to Code Section 417(e)(3),
the Applicable Interest Rate shall be substituted for “a 5% interest rate assumption” in the preceding sentence.
11.1.1.1.2 Distributions Beginning in Years After December 31, 2003.
11.1.1.1.2.1 Benefit Forms Not Subject to Code Section 417(e)(3). The straight life annuity that is the actuarial
equivalent to the Participant’s form of benefit shall be determined under this Section 11.1.1.1.2.1 if the form of the
Participant’s benefit is a non-decreasing annuity (other than a straight life annuity) payable for a period of not less than
the life of the Participant (or, in the case of a qualified pre-retirement survivor annuity, the life of the surviving Spouse),
or an annuity that decreases during the life of the Participant merely because of the death of the survivor annuitant (but
only if the reduction is not below fifty percent (50%) of the benefit payable before the death of the survivor annuitant) or
the cessation or reduction of Social Security supplements or qualified disability payments (as defined in Code
Section 401(a)(11)).
11.1.1.1.2.1.1 For Limitation Years beginning before July 1, 2007, the actuarial equivalent straight life annuity is
equal to the annual amount of the straight life annuity commencing at the same Annuity Starting Date that has the
same actuarial present value as the Participant’s form of benefit computed using whichever of the following produces
the greater amount: (I) (i) with respect to Salaried Participants, the Plan’s interest rate and mortality table specified in
Section 1.3 for adjusting benefits in the same form; (ii) with respect to Hourly Participants, the Plan interest rate and
mortality table specified in Appendix E or a Schedule thereto for adjusting benefits in the same form; and (iii) with
respect to Arrow Salaried Participants, the Plan’s interest rate and mortality table specified in Appendix F for adjusting
benefits in the same form; (iv) with respect to Arrow Hourly Participants, the Plan’s interest rate and mortality table
specified in Appendix G for adjusting benefits in the same form; and (v) with respect to Arrow Berks Participants, the
Plan’s interest rate and mortality table specified in Appendix H for adjusting benefits in the same form; and (II) a 5%
interest rate assumption and the Applicable Mortality Table for that Annuity Starting Date.
11.1.1.1.2.1.2 For Limitation Years beginning on or after July 1, 2007, the actuarially equivalent straight life
annuity is equal to the greater of: (I) the annual amount of the straight life

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annuity (if any) payable to the Participant under the Plan commencing at the same Annuity Starting Date as the
Participant’s form of benefit; and (II) the annual amount of the straight life annuity commencing at the same Annuity
Starting Date that has the same actuarial present value as the Participant’s form of benefit computed using a 5%
interest rate assumption and the Applicable Mortality Table in effect prior to January 1, 2008 for the Annuity Starting
Date.
11.1.1.1.2.2 Benefit Forms Subject to Code Section 417(e)(3). The straight life annuity that is actuarially equivalent
to the Participant’s form of benefit shall be determined under this Section 11.1.1.1.2.2 if the form of the Participant’s
benefit is other than a benefit form described in Section 11.1.1.1.2.1.
11.1.1.1.2.2.1 Annuity Starting Dates in Plan Years beginning on or after January 1, 2004 and before January 1,
2006. The actuarially equivalent straight life annuity is equal to the annual amount of the straight life annuity
commencing at the same Annuity Starting Date that has the same actuarial present value as the Participant’s form of
benefit computed using whichever of the following produces the greater annual amount: (I) (i) with respect to Salaried
Participants, the Plan’s interest rate and mortality table specified in Section 1.3 for adjusting benefits in the same
form; (ii) with respect to Hourly Participants, the Plan interest rate and mortality table specified in Appendix E or a
Schedule thereto for adjusting benefits in the same form; and (iii) with respect to Arrow Salaried Participants, the
Plan’s interest rate and mortality table specified in Appendix F for adjusting benefits in the same form; (iv) with respect
to Arrow Hourly Participants, the Plan’s interest rate and mortality table specified in Appendix G for adjusting benefits
in the same form; and (v) with respect to Arrow Berks Participants, the Plan’s interest rate and mortality table
specified in Appendix H for adjusting benefits in the same form; and (II) a 5.5% interest rate assumption and the
Applicable Mortality Table.
Notwithstanding the foregoing, if the Annuity Starting Date is on or after January 1, 2004 and before December 31,
2004, the application of this Section 11.1.1.1.2.2.1 shall not cause the amount payable under the Participant’s form of
benefit to be less than the benefit calculated under the Plan, taking into account the limitations of this Section 11.1,
except that the actuarially equivalent straight life annuity is equal to the annual amount of the straight life annuity
commencing at the same Annuity Starting Date that has the same actuarial present value as the Participant’s form of
benefit, computed using whichever of the following produces the greatest annual amount: (A) (i) with respect to
Salaried Participants, the Plan’s interest rate and mortality table specified in Section 1.3; (ii) with respect to Hourly
Participants, the Plan interest rate and mortality table specified in Appendix E or a

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Schedule thereto; and (iii) with respect to Arrow Salaried Participants, the Plan’s interest rate and mortality table
specified in Appendix F; (iv) with respect to Arrow Hourly Participants, the Plan’s interest rate and mortality table
specified in Appendix G; and (v) with respect to Arrow Berks Participants, the Plan’s interest rate and mortality table
specified in Appendix H; (B) the Applicable Interest Rate and the Applicable Mortality Table; and (C) the Applicable
Interest Rate (as in effect on the last day of the last Plan Year beginning before January 1, 2004, under provisions of
the Plan then adopted and in effect) and the Applicable Mortality Table.
11.1.1.1.2.2.2 Annuity Starting Dates in Plan Years beginning after December 31, 2005. The actuarially
equivalent straight life annuity is equal to the annual amount of the straight life annuity commencing at the same
Annuity Starting Date that has the same actuarial present value as the Participant’s form of benefit, computed using:
(I) (i) with respect to Salaried Participants, the Plan’s interest rate and mortality table specified in Section 1.3 for
adjusting benefits in the same form; (ii) with respect to Hourly Participants, the Plan interest rate and mortality table
specified in Appendix E or a Schedule thereto for adjusting benefits in the same form; and (iii) with respect to Arrow
Salaried Participants, the Plan’s interest rate and mortality table specified in Appendix F for adjusting benefits in the
same form; (iv) with respect to Arrow Hourly Participants, the Plan’s interest rate and mortality table specified in
Appendix G for adjusting benefits in the same form; and (v) with respect to Arrow Berks Participants, the Plan’s
interest rate and mortality table specified in Appendix H for adjusting benefits in the same form; (II) the interest rate
assumption specified in Code Section 415(b)(2)(E)(ii)(I) (currently 5.5.%) and the Applicable Mortality Table in effect
prior to January 1, 2008; or (III) the Applicable Mortality Table in effect prior to January 1, 2008 and the Applicable
Interest Rate, divided by 1.05, whichever produces the greatest benefit.
11.1.1.2 Compensation.
11.1.1.2.1 Salaried Participants. Except as otherwise provided in an Appendix hereto, Compensation with respect to
the Limitation Year means the Participant’s wages, salaries, fees for professional services and other amounts received for
personal services actually rendered in the course of employment with the Employer maintaining the Plan to the extent that
the amounts are includible in gross income (including, but not limited to, commissions paid salesmen, compensation for
services on the basis of percentage of profits, commissions on insurance premiums, tips and bonuses.) A Compensation
payment includes Compensation paid by the Employer to an Employee through another person under the common
paymaster provisions of Code Sections 3121(s) and 3306(p). However, Compensation does not include:

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11.1.1.2.1.1 Employer contributions (other than amounts excludible from the Employee’s gross income under
Code Section 402(e)(3) (relating to a Code Section 401(k) arrangement), Code Section 402(h) (relating to a Simplified
Employee Pension), Code Section 403(b) (relating to a tax-sheltered annuity), Code Section 408(p) (relating to a
Simple Retirement Account), Code Section 125 (relating to a cafeteria plan), Code Section 132(f)(4) (relating to
qualified transportation fringe benefits, effective for Limitation Years beginning after December 31, 2000), or Code
Section 457(b) (collectively “Elective Contributions”)) to the extent such contributions are not includible in the
Employee’s gross income for the taxable year in which contributed, and any distributions (whether or not includible in
gross income when distributed) from a plan of deferred compensation (whether or not qualified), other than amounts
received during the year by a Participant pursuant to a nonqualified unfunded deferred compensation plan, which shall
be included in Compensation, but only to the extent includible in gross income;
11.1.1.2.1.2 Amounts realized from the exercise of a nonqualified stock option, or when restricted stock (or
property) held by an Employee either becomes freely transferable or is no longer subject to a substantial risk of
forfeiture;
11.1.1.2.1.3 Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified
stock option;
11.1.1.2.1.4 Other amounts which receive special tax benefits, such as premiums for group term life insurance (but
only to the extent that the premiums are not includible in the gross income of the Employee and are not salary
reduction amounts that are described in Code Section 403(b)), or contributions made by an Employer (whether or not
under a salary reduction agreement) towards the purchase of an annuity contract described in Code Section 403(b)
(whether or not the contributions are excludible from the gross income of the Employee), other than Elective
Contributions; and
11.1.1.2.1.5 Other items of remuneration that are similar to any of the items listed in 11.1.1.2.1.1 through
11.1.1.2.1.4, above.
For Plan Years and Limitation Years beginning on and after January 1, 2002, amounts referenced under Code
Section 125 include any amounts not available to a Participant in cash in lieu of group health coverage because the
Participant is unable to certify that he has other health coverage. An amount will be treated as an amount under Code
Section 125 only if the Employer does not request or collect information regarding the Participant’s other health
coverage as part of the enrollment process for the health

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plan. For any self-employed individual Compensation shall mean earned income, as defined in Code Section 401(c)(2).
For Limitation Years beginning on and after January 1, 2008, Compensation shall include Post-Severance
Compensation paid by the later of: (i) two and one-half (21/2) months (or such other period as extended by subsequent
Treasury Regulations or other published guidance) after Severance from Employment with the Employer; or (ii) the end
of the Limitation Year that includes the date of the Employee’s Severance from Employment with the Participating
Employer. “Post-Severance Compensation” means payments that would have been included in the definition of
Compensation if they were paid prior to the Employee’s Severance from Employment and the payments are: (a)
regular Compensation for Services during the Participant’s regular working hours, Compensation for Services outside
the Participant’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar
compensation, if the payments would have been paid to the Employee if the Employee had continued in employment
with the Employer; (b) for accrued bona fide sick, vacation or other leave, but only if the Participant would have been
able to use the leave if employment had continued; or (c) received by an Employee pursuant to a nonqualified
unfunded deferred compensation plan, but only if the payment would have been paid to the Employee at the same
time if the Employee had continued in employment with the Employer and only to the extent the payment is includible
in the Employee’s gross income. Any payments not described in the preceding sentence are not considered Post-
Severance Compensation if paid after Severance from Employment, except for payments (1) to an individual who does
not currently perform services for the Employer by reason of qualified military service (within the meaning of Code
Section 414(u)(1)) to the extent these payments do not exceed the amounts the individual would have received if the
individual had continued to perform services for the Employer; or (2) to any Participant who is permanently and totally
disabled for a fixed or determinable period, as determined by the Administrative Committee. For purposes of this
Section 11.1.1.2, “permanently and totally disabled” means that the individual is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be expected to
result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.
Back pay, within the meaning of Treasury Regulations Section 1.415(c)-2(g)(8), shall be treated as Compensation for
the Limitation Year to which the back pay relates to the extent the back pay represents an amount that would
otherwise be Compensation.

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11.1.1.2.2 Hourly Participants. Compensation shall mean Limitation Compensation, as defined in Appendix E.
11.1.1.2.3 Arrow Salaried Participants. Compensation shall mean Limitation Compensation, as defined in
Appendix F.
11.1.1.2.4 Arrow Hourly Participants. Compensation shall mean Limitation Compensation, as defined in Appendix G.
11.1.1.2.5 Arrow Berks Participants. Compensation with respect to a Limitation Year means wages within the
meaning of Code Section 3401(a) (for purposes of income tax withholding at the source), plus “Elective Contributions.”
For purposes of this Section 11.1.2.5, “Elective Contributions” are amounts that would be included in an Employee’s
wages but for an election under Code Sections 402(e)(3), 402(h)(1)(B), 402(k), 125 (a), 132(f)(4) (relating to qualified
transportation fringe benefits, effective for Limitation Years beginning after December 31, 2000), or Code Section 457(b).
However, any rules that limit the remuneration included in wages based on the nature or location of the employment or
the services performed are disregarded for purposes of determining an Employee’s Compensation. For Plan Years and
Limitation Years beginning on and after September 1, 2002, amounts referenced under Code Section 125 include any
amounts not available to a Participant in cash in lieu of group health coverage because the Participant is unable to certify
that he or she has other health coverage. An amount will be treated as an amount under Code Section 125 only if an
Employer does not request or collect information regarding the Participant’s other health coverage as part of the
enrollment process for the health plan. For any self-employed individual Compensation shall mean earned income, as
defined in Code Section 401(c)(2). For Limitation Years beginning on and after September 1, 2007, Compensation shall
not be greater than the limit under Code Section 401(a)(17) that applies to that year.
For Limitation Years beginning on and after August 1, 2007, Compensation shall include Post-Severance Compensation
paid by the later of: (A) two and one-half (21/2) months (or such other period as extended by subsequent regulations or
other published guidance) after Severance from Employment with the Employer; or (B) the end of the Limitation Year that
includes the date of the Employee’s Severance from Employment with the Employer. “Post-Severance Compensation”
means payments that would have been included in the definition of Compensation if they were paid prior to the
Employee’s Severance from Employment and the payments are: (i) regular Compensation for services during the
Participant’s regular working hours, Compensation for services outside the Participant’s regular working hours (such as
overtime or shift differential), commissions, bonuses, or other similar compensation, if the payments would have been
paid to the Employee if the Employee had continued in employment with the Employer; (ii) for accrued bona fide sick,
vacation or other leave, but only if the Participant would have been able to use the leave if employment had continued; or

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(iii) received by an Employee pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment
would have been paid to the Employee at the same time if the Employee had continued in employment with the
Employer and only to the extent the payment is includible in the Employee’s gross income. Any payments not described
in the preceding sentence are not considered Post-Severance Compensation if paid after Severance from Employment,
except for payments (I) to an individual who does not currently perform services for a Employer by reason of qualified
military service (within the meaning of Code Section 414(u)(1)) to the extent these payments do not exceed the amounts
the individual would have received if the individual had continued to perform services for the Employer; or (II) to any
Employee who is permanently and totally disabled for a fixed or determinable period, as determined by the Committee.
For purposes of this Section 5.9(a)(5), “permanently and totally disabled” means that the individual is unable to engage in
any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or which has lasted or can be expected to last for a continuous period of not less than
12 months.
Back pay, within the meaning of treasury regulations section 1.415(c)-2(g)(8), shall be treated as Compensation for the
Limitation Year to which the back pay relates to the extent the back pay represents an amount that would otherwise be
Compensation.
11.1.1.3 Defined Benefit Plan. A retirement plan that does not provide for individual accounts for Employer contributions.
The Administrative Committee shall treat all Defined Benefit Plans (whether or not terminated) maintained by the Employer
as a single plan.
11.1.1.4 Defined Contribution Plan. A retirement plan that provides for an individual account for each participant and for
benefits based solely on the amount contributed to the participant’s account, and any income, expenses, gains, and
losses, and any forfeitures of accounts of other participants that the plan may allocate to such participant’s account. Solely
for purposes of this Section 11.1 (except for the $10,000 minimum benefit limitation of Section 11.1.2.4), the Administrative
Committee shall treat Employee contributions made to any Defined Benefit Plan maintained by a Participating Employer as
a separate Defined Contribution Plan. The Administrative Committee shall also treat as a Defined Contribution Plan an
individual medical account (as defined in Code Section 415(1)(2)) included as part of a Defined Benefit Plan maintained by a
Participating Employer and a welfare benefit fund under Code Section 419(e) maintained by an Employer to the extent there
are post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code
Section 419A(d)(3)). The Administrative Committee shall treat all Defined Contribution Plans (whether or not terminated)
maintained by an Employer as a single plan.

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11.1.1.5 Employer. The Employer that adopts this Plan and any Related Employers. Solely for purposes of applying the
limitations of this Section 11.1, the Administrative Committee shall determine Related Employers by modifying Code
Sections 414(b) and (c) in accordance with Code Section 415(h).
11.1.1.6 High Three-Year Average Compensation. The average of the Participant’s Compensation for the three
(3) consecutive Years of Service (or, if the Participant has less than three (3) consecutive Years of Service, the Participant’s
longest consecutive period of service, including fractions of years, but not less than one year) with the Employer that
produces the highest average. Effective for Limitation Years beginning on or after July 1, 2007, in the case of a Participant
who is rehired by the Employer after a Severance from Employment, the Participant’s High Three-Year Average
Compensation shall be calculated by excluding all years for which the Participant performs no services for and receives no
Compensation from the Employer (the break period) and by treating the years immediately preceding and following the
break period as consecutive. In addition, effective for Limitation Years beginning on or after July 1, 2007, a Participant’s
Compensation for a Year of Service shall not include Compensation in excess of the limitation under Code
Section 401(a)(17) that is in effect for the calendar year in which such Year of Service begins
11.1.1.7 Limitation Year. The Plan Year. If the Limitation Year is amended to a different 12 consecutive month period,
the new Limitation Year must begin on a date within the Limitation Year in which the amendment is made.
11.1.1.8 Predecessor Employer. If the Plan, as maintained by the Employer, provides a benefit which a Participant
accrued while performing services for a former employer, the former employer is a Predecessor Employer with respect to
the Participant. A former entity that antedates the Employer is also a Predecessor Employer with respect to a Participant
if, under the facts and circumstances, the Employer constitutes a continuation of all or a portion of the trade or business of
the former entity.
11.1.1.9 Projected Annual Benefit. The annual benefit (adjusted to an actuarially equivalent straight life annuity if the
plan expresses such benefit in a form other than a straight life annuity or qualified joint and survivor annuity) to which a
Participant would be entitled under a Defined Benefit Plan on the assumptions that he continues employment until the
normal retirement age (or current age, if that is later) thereunder, that his Compensation continues at the same rate as in
effect for the Limitation Year under consideration until such age, and that all other relevant factors used to determine
benefits under the Defined Benefit Plan remain constant as of the current Limitation Year for all future Limitation Years.
11.1.1.10 Year of Service.
11.1.1.10.1 Salaried Participants. A 12 consecutive month period measured from the date an Employee is first
credited with an Hour of Service or any anniversary thereof (or his reemployment commencement date or any anniversary
thereof), but only if the Plan is in existence for

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such Year of Service and the Participant is a Participant in the Plan at least one day during that Year of Service.
11.1.1.10.2 Hourly Participants. A Year of Vesting Service, but only if the Plan is in existence for such Year of Service
and the Participant is a Participant in the Plan at least one day during that Year of Service.
11.1.1.10.3 Arrow Salaried Participants. A Year of Benefit Service, as determined under Section 1.54 of the Plan, but
only if the Plan is in existence for such Year of Service and the Participant is a Participant in the Plan at least one day
during that Year of Service.
11.1.1.10.4 Arrow Hourly Participants. A Year of Benefit Service, as determined under Section 1.56 of the Plan, but only
if the Plan is in existence for such Year of Service and the Participant is a Participant in the Plan at least one day during
that Year of Service.
11.1.1.10.5 Arrow Berks Participants. A Year of Benefit Service, as determined under Section 1.53 of the Plan, but only
if the Plan is in existence for such Year of Service and the Participant is a Participant in the Plan at least one day during
that Year of Service.
If the Participant receives credit for only a partial Year of Service, he will receive credit for only a partial Year of Service for
purposes of the limitations of this Section 11.1. For any other Defined Benefit Plan taken into account, a Year of Service is
each accrual computation period for which the Participant receives credit for at least the number of Hours of Service (or
period of service, if the Defined Benefit Plan uses elapsed time) necessary to accrue a benefit for that accrual computation
period and the eligibility conditions of the Defined Benefit Plan include the Participant as a participant in that plan on at
least one day of that accrual computation period. If the Employee satisfies the conditions described in the previous
sentence, he will receive credit for a Year of Service (or a partial Year of Service, if applicable) equal to the amount of benefit
accrual service (computed to fractional parts of a year) credited under that Defined Benefit Plan for the accrual computation
period. A Participant receives credit for a Year of Service under another Defined Benefit Plan only if the Defined Benefit Plan
was established no later than the last day of the accrual computation period to which the Year of Service relates. The
Participant will not receive credit for more than one Year of Service under this paragraph with respect to the same 12-month
period.
11.1.2 Limitation on Annual Benefit. A Participant’s Annual Benefit payable at any time within a Limitation Year may not
exceed the limitations of this Section 11.1.2, even if the benefit formula under the Plan would produce a greater Annual Benefit.
11.1.2.1 General Rule. Effective for Limitation Years ending after December 31, 2001, with respect to Participants who are
credited with an Hour of Service after such date, a Participant’s Annual Benefit may not exceed the lesser of $160,000 (as
automatically adjusted under Code Section 415(d), effective January 1 of each year, as published in the Internal Revenue
Bulletin),

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payable in the form of a straight life annuity (the “Dollar Limitation”); or 100% of the Participant’s “High Three-Year Average
Compensation,” payable in the form of a straight life annuity (the “Compensation Limitation”).
If a Participant is rehired after a Severance from Employment, the Compensation Limitation is the greater of 100% of the
Participant’s High Three-Year Average Compensation, as determined prior to the Severance from Employment, or 100% of the
Participant’s High Three-Year Average Compensation, as determined after the Severance from Employment.
Effective for Annuity Starting Dates in Limitation Years ending after December 31, 2001, the Dollar Limitation shall be adjusted
if the Participant’s Annuity Starting Date is before age 62 or after age 65. If the Annuity Starting Date is before age 62, the
Dollar Limitation shall be adjusted under Section 11.1.2.2. If the Annuity Starting Date is after age 65, the Dollar Limitation
shall be adjusted under Section 11.1.2.3. However, no adjustment shall be made to the Dollar Limitation to reflect the
probability of a Participant’s death between the Annuity Starting Date and age 62 or between age 65 and the Annuity Starting
Date, as applicable, if benefits are not forfeited upon the death of the Participant prior to the Annuity Starting Date. To the
extent benefits are forfeited upon death before the Annuity Starting Date, such an adjustment shall be made. For this purpose,
no forfeiture shall be treated as occurring upon the Participant’s death if the Plan does not charge Participants for providing a
qualified preretirement survivor annuity, as defined in Code Section 417(c), upon the Participant’s death.
11.1.2.2 Annuity Starting Date Prior To Age 62. The following rules apply if distribution of a Participant’s Annual Benefit
commences prior to his attaining age 62:
11.1.2.2.1 Limitation Years beginning before July 1, 2007. The Dollar Limitation for the Participant’s Annuity Starting
Date is the annual amount of a benefit payable in the form of a straight life annuity commencing at the Participant’s Annuity
Starting Date that is the actuarial equivalent of the Dollar Limitation (adjusted under Section 11.1.2.5 for years of
participation less than 10, if required) with actuarial equivalence computed using whichever of the following produces the
smaller annual amount: (a) (i) with respect to Salaried Participants, the Plan’s interest rate and mortality table specified in
Section 1.3 for adjusting benefits in the same form; (ii) with respect to Hourly Participants, the Plan interest rate and
mortality table specified in Appendix E or a Schedule thereto for adjusting benefits in the same form; and (iii) with respect to
Arrow Salaried Participants, the Plan’s interest rate and mortality table specified in Appendix F for adjusting benefits in the
same form; (iv) with respect to Arrow Hourly Participants, the Plan’s interest rate and mortality table specified in
Appendix G for adjusting benefits in the same form; and (v) with respect to Arrow Berks Participants, the Plan’s interest
rate and mortality table specified in Appendix H for adjusting benefits in the same form; or (b) a 5% interest rate assumption
and the Applicable Mortality Table.

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11.1.2.2.2 Limitation Years beginning on and after July 1, 2007.


11.1.2.2.2.1 If the Plan does not have an immediately commencing straight life annuity payable at both age 62 and
the age of benefit commencement, the Dollar Limitation for the Participant’s Annuity Starting Date is the annual amount
of a benefit payable in the form of a straight life annuity commencing at the Participant’s Annuity Starting Date that is the
actuarial equivalent of the Dollar Limitation (adjusted under Section 11.1.2.5 for years of participation less than 10, if
required) with actuarial equivalence computed using a 5% interest rate assumption and the Applicable Mortality Table in
effect prior to January 1, 2008 for the Annuity Starting Date (and expressing the Participant’s age based on completed
calendar months as of the Annuity Starting Date).
11.1.2.2.2.2 If the Plan has an immediately commencing straight life annuity payable at both age 62 and the age of
benefit commencement, the Dollar Limitation for the Participant’s Annuity Starting Date shall be the lesser of the Dollar
Limitation determined under Section 11.1.2.2.2.1 and the Dollar Limitation (adjusted under Section 11.1.2.5 for years of
participation less than 10, if required) multiplied by the ratio of the annual amount of the immediately commencing
straight life annuity under the Plan at the Participant’s Benefit Annuity Starting Date to the annual amount of the
immediately commencing straight life annuity under the Plan at age 62, both determined without applying the limitations
of this Section 11.1.
11.1.2.3 Annuity Starting Date After Age 65.
11.1.2.3.1 Limitation Years beginning before July 1, 2007. The Dollar Limitation for the Participant’s Annuity Starting
Date is the annual amount of a benefit payable in the form of a straight life annuity commencing at the Participant’s Annuity
Starting Date that is the actuarial equivalent of the Dollar Limitation (adjusted under Section 11.1.2.5 for years of
participation less than 10, if required) with actuarial equivalence computed using whichever of the following produces the
smaller amount: (a) (i) with respect to Salaried Participants, the Plan’s interest rate and mortality table specified in
Section 1.3 for adjusting benefits in the same form; (ii) with respect to Hourly Participants, the Plan interest rate and
mortality table specified in Appendix E or a Schedule thereto for adjusting benefits in the same form; and (iii) with respect to
Arrow Salaried Participants, the Plan’s interest rate and mortality table specified in Appendix F for adjusting benefits in the
same form; (iv) with respect to Arrow Hourly Participants, the Plan’s interest rate and mortality table specified in
Appendix G for adjusting benefits in the same form; and (v) with respect to Arrow Berks Participants, the Plan’s interest
rate and mortality table specified in Appendix H for adjusting benefits in the same form; or (b) a 5% interest rate assumption
and the Applicable Mortality Table.

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11.1.2.3.2 Limitation Years beginning on and after July 1, 2007.


11.1.2.3.2.1 If the Plan does not have an immediately commencing straight life annuity payable at both age 65 and the
age of benefit commencement, the Dollar Limitation at the Participant’s Annuity Starting Date is the annual amount of a
benefit payable in the form of a straight life annuity commencing at the Participant’s Annuity Starting Date that is the
actuarial equivalent of the Dollar Limitation (adjusted under Section 11.1.2.5 for years of participation less than 10, if
required) with actuarial equivalence computed using a 5% interest rate assumption and the Applicable Mortality Table in
effect prior to January 1, 2008 for that Annuity Starting Date (and expressing the Participant’s age based on completed
calendar months as of the Annuity Starting Date).
11.1.2.3.2.2 If the Plan has an immediately commencing straight life annuity payable at both age 65 and the age of
benefit commencement, then the Dollar Limitation for the Participant’s Annuity Starting Date shall be the lesser of the
Dollar Limitation determined under Section 11.1.2.3.2.1 and the Dollar Limitation (adjusted under Section 11.1.2.5 for years
of participation less than 10, if required) multiplied by the ratio of the annual amount of the adjusted immediately
commencing straight life annuity under the Plan at the Participant’s Annuity Starting Date (the annual amount of such
annuity payable to the Participant, computed disregarding the Participant’s accruals after age 65 but including actuarial
adjustments, even if those actuarial adjustments are used to offset accruals) to the annual amount of the adjusted
immediately commencing straight life annuity under the Plan at age 65 (the annual amount of such annuity that would be
payable under the Plan to a hypothetical Participant who is age 65 and has the same Accrued Benefit as the Participant),
both determined without applying the limitations of this Section 11.1
11.1.2.4 Minimum Benefit Limitation. If a Participant’s Annual Benefit payable for a Limitation Year under any form of benefit
under this Plan and all other Defined Benefit Plans ever maintained by the Employer (without regard to whether a plan has been
terminated) does not exceed $10,000 multiplied by a fraction, the numerator of which is the Participant’s number of Years of
Service (or part thereof, but not less than one year and not to exceed 10) and the denominator of which is 10, and the Participant
does not participate (and has never participated) in any Defined Contribution Plan maintained by the Employer (or a Predecessor
Employer) , the Annual Benefit satisfies the limitations of this Section 11.1.2 even if it exceeds the limitations set forth in
Section 11.1.2.1. For this purpose, mandatory employee contributions under a defined benefit plan, individual medical accounts
under Code Section 401(h), and accounts for postretirement medical benefits established under Code Section 419A(d)(1) are not
considered a separate Defined Contribution Plan.

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11.1.2.5 Adjustment For Years of Service/Participation Less Than 10. If a Participant has less than ten (10) Years of
Service with the Employer at the time benefits commence, the Administrative Committee shall multiply the Compensation
Limitation and the $10,000 Minimum Benefit Limitation of Section 11.1.2.4 by a fraction, the numerator of which is the number
of Years of Service (computed to fractional parts of a year) with the Employer and the denominator of which is ten (10). If a
Participant has less than ten (10) years of participation in the Plan at the time benefits commence, the Administrative
Committee shall multiply the Dollar Limitation by a fraction, the numerator of which is the number of years of participation
(computed to fractional parts of a year) in the Plan and the denominator of which is ten (10). The reduction described in this
Section 11.1.2.5 shall not reduce a Participant’s maximum Annual Benefit to less than one-tenth of the maximum Annual
Benefit determined without regard to such reduction. To the extent required by Treasury Regulations or by other published
Internal Revenue Service guidance, the Committee shall apply the reduction of this Section 11.1.2.5 separately to each
change in the benefit structure of the Plan.
11.1.2.6 Adjustments To Dollar Limitation. The Dollar Limitation of this Section 11.1 2 shall be automatically adjusted
under Code Section 415(d), effective January 1 of each year, as published in the Internal Revenue Bulletin. The adjusted Dollar
Limitation is applicable to the Limitation Year ending with or within the calendar year of the date of the adjustment; provided,
however, that effective for Limitation Years beginning on and after July 1, 2007, a Participant’s benefits shall not reflect the
adjusted limit before January 1 of that calendar year.
11.1.2.7 Current Accrued Benefit Exception. Notwithstanding anything in this Section 11.1 to the contrary, the maximum
Annual Benefit for any individual who was a Participant as of the first day of the Limitation Year beginning after December 31,
1986, in one or more Defined Benefit Plans maintained by a Participating Employer on May 6, 1986, shall not be less than the
Current Accrued Benefit for all such Defined Benefit Plans. The “Current Accrued Benefit” shall mean a Participant’s Accrued
Benefit under the Plan, and under all other Defined Benefit Plans maintained by the Employer, determined as if the Participant
had experienced a Severance from Employment as of the close of the last Limitation Year beginning before January 1, 1987,
when expressed as an Annual Benefit within the meaning of Code Section 415(b)(2). In determining the amount of a
Participant’s Current Accrued Benefit, any change in the terms and conditions of the Plan after May 5, 1986, and any cost of
living adjustment occurring after May 5, 1986, shall be disregarded. This Section applies only if the Plan and any other Defined
Benefit Plans individually and in the aggregate satisfied the requirements of Code Section 415 for all Limitation Years
beginning before January 1, 1987.
11.1.2.8 Application Of Limitations. A Participant’s Accrued Benefit at any time may not exceed the applicable limitation
under this Section 11.1.2. The Administrative Committee shall calculate the Participant’s normal retirement pension without
regard to the limitations of this Section 11.1.2 and then apply these limitations (as reduced, if applicable, pursuant to
Section 11.1.3) to the determination of the Participant’s Accrued Benefit.

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11.1.2.9 Aggregation Rules. For purposes of this Section 11.1, all qualified Defined Benefit Plans (whether terminated or
not) ever maintained by the Employer shall be treated as one Defined Benefit Plan, and all qualified Defined Contribution Plans
(whether terminated or not) ever maintained by the Employer shall be treated as one Defined Contribution Plan. The rules
under Code Section 415(j) shall apply as appropriate for purposes of this Section 11.1 for Limitation Years that begin on or
after July 1, 2007. In no event shall a Participant’s benefit be double counted in the application of these aggregation rules. The
limitations of this Section 11.1 shall be determined and applied taking into account the aggregation rules provided herein, and
the aggregation rules not otherwise provided in this Section 11.1, as incorporated by reference from Treasury Regulations
Section 1.415(f)-1. However, any increase in benefits resulting from the application of such rules in effect as of the Limitation
Year beginning on or after July 1, 2007, shall apply only to Participants who have completed at least one (1) Hour of Service
with the Employer after the last day of Limitation Year that ends just before the Limitation Year that begins on or after July 1,
2007.
11.1.2.10 Special Rule for Pre-2000 Annuity Starting Dates. With respect to a Participant who has an Annuity Starting
Date prior to the first Limitation Year commencing on or after January 1, 2000, his benefit shall continue to be subject to the
maximum Annual Benefit limits and the provisions of the Plan that were in effect at his Annuity Starting Date, and shall not be
increased due to the repeal of Code Section 415(e).
11.1.2.11 Special Rule for New Benefit Limits Under EGTRRA. Any benefit increases resulting from the increase in the
limitations of Code Section 415(b) effective for Limitation Years ending after December 31, 2001 shall be provided to all
Employees participating in the Plan who have one Hour of Service on or after the first day of the first Limitation Year ending
after December 31, 2001.
11.1.2.12 2007 Grandfather Provisions. The application of the provisions of this Section 11.1 effective as of the first
Limitation Year on or after July 1, 2007, shall not cause the maximum Annual Benefit for any Participant to be less than the
Participant’s accrued benefit under all the Defined Benefit Plans of the Participating Employer (or a predecessor) as of the end
of the last Limitation Year beginning before July 1, 2007, under provisions of the Plan or plans that were both adopted and in
effect before April 5, 2007. The preceding sentence applies only if the provisions of such Defined Benefit Plans that were both
adopted and in effect before April 5, 2007 satisfied the applicable requirements of statutory provisions, Treasury Regulations,
and other published guidance relating to Code Section 415 in effect as of the end of the last Limitation Year beginning before
July 1, 2007, as described in Treasury Regulations Section 1.415(a)-1(g)(4). In addition, the Plan will not be treated as failing
to satisfy the limitations of Code Section 415 merely because the definition of Compensation for a Limitation Year as used for
purposes of the limitations of this Section 11.1 reflects compensation for a Plan Year that is in excess of the annual
compensation limit under Code Section 401(a)(17) that applies to that Plan Year.

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11.1.2.13 Benefits Under Terminated Plans. If a Defined Benefit Plan maintained by the Employer has terminated with
sufficient assets for the payment of benefit liabilities of all participants and a participant in the plan has not yet commenced
benefits under the plan, the benefits provided pursuant to the annuities purchased to provide the Participant’s benefits under
the terminated Defined Benefit Plan at each possible Annuity Starting Date shall be taken into account in applying the
limitations of this Section 11.1. If there are not sufficient assets for the payment of all participants’ benefit liabilities, the
benefits taken into account shall be the benefits that are actually provided to the Participant under the terminated plan.
11.1.2.14 Benefits Transferred from the Plan. If a participant’s benefits under a Defined Benefit Plan maintained by the
Employer are transferred to another Defined Benefit Plan maintained by the Employer and the transfer is not a transfer of
distributable benefits pursuant to Treasury Regulations Section 1.411(d)-4, Q&A-3(c), the transferred benefits are not treated
as being provided under the transferor plan. Instead the benefits are taken into account as benefits provided under the
transferee plan. If a participant’s benefits under a Defined Benefit Plan maintained by the Employer are transferred to another
Defined Benefit Plan that is not maintained by the Employer and the transfer is not a transfer of distributable benefits pursuant
to Treasury Regulations Section 1.411(d)-4, Q&A-3(c),the transferred benefits are treated by the Employer’s plan as if such
benefits were provided under annuities purchased to provide benefits under a plan maintained by the Employer that terminated
immediately before the transfer with sufficient assets to pay all participants’ benefit liabilities under the plan. If a participant’s
benefits under a Defined Benefit Plan maintained by the Employer are transferred to another Defined Benefit Plan in a transfer
of distributable benefits pursuant to Treasury Regulations Section 1.411(d)-4, Q&A-3(c), the amount transferred is treated as a
benefit paid from the transferor plan.
11.1.2.15 Formerly Affiliated Plans of a Participating Employer. A formerly affiliated plan of the Employer shall be treated
as a plan maintained by the Employer, but the formerly affiliated plan shall be treated as if it had terminated immediately prior
to the cessation of affiliation with sufficient assets to pay participants’ benefit liabilities under the plan and had purchased
annuities to provide benefits.
11.1.2.16 Plans of a Predecessor Employer. If the Employer maintains a Defined Benefit Plan that provides benefits
accrued by a participant while performing services for a Predecessor Employer, the participant’s benefits under a plan
maintained by the Predecessor Employer shall be treated as provided under the plan maintained by the Employer. However,
for this purpose, the plan of the Predecessor Employer shall be treated as if it had terminated immediately prior to the event
giving rise to the Predecessor Employer relationship with sufficient assets to pay participants’ benefit liabilities under the plan,
and had purchased annuities to provide benefits; the Employer and Predecessor Employer shall be treated as if they were a
single employer immediately prior to such event and as unrelated employers immediately after the event; and, if the event
giving rise to the predecessor relationship is a benefit transfer, the transferred benefits shall be excluded in determining the
benefits provided under the plan of the Predecessor Employer.

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11.1.2.17 Aggregation With Multiemployer Plans. If the Employer maintains a multiemployer plan, as defined in Code
Section 414(f), and the multiemployer plan so provides, only the benefits under the multiemployer plan that are provided by
the Employer shall be treated as benefits provided under a plan maintained by the Employer for purposes of this
Section 11.1. Effective for Limitation Years ending after December 31, 2001, a multiemployer plan shall be disregarded for
purposes of applying the Compensation Limitation and the limitation in Section 11.1.2.4.
11.1.3 Incorporation by Reference. Notwithstanding anything contained in this Section 11.1 to the contrary, the limitations,
adjustments and other requirements provided in this Section 11.1 shall at all times comply with the provisions of Code Section 415
and the Treasury Regulations issued thereunder, the terms of which are specifically incorporated into this Plan by reference.
11.1.4 Repeal of Provision. Should Congress provide by statute, or the Internal Revenue Service provide by regulation or
ruling, that any or all of the conditions set forth in this Section 11.1 are no longer necessary for the Plan to meet the requirements
of Section 401 or other applicable provisions of the Code then in effect, such conditions shall immediately become void and shall no
longer apply, without the necessity of further amendment to the Plan.
11.2 Benefit Limitations — Rules for Certain Highly Compensated Employees. If the Plan is terminated, the benefit due any
Participant or former Participant who is one of the 25 highest paid Highly Compensated Employees shall be restricted in the
manner set forth in Section 11.2.1 and Section 11.2.2.
11.2.1 Benefit Restriction. The benefit payable shall be limited to a benefit that is nondiscriminatory under Section 401(a)(4)
of the Code.
11.2.2 Distribution Restriction. The annual payment shall be restricted to an amount equal to the payments that would be
made on behalf of such Participant under a single life annuity that is the Actuarial Equivalent of the sum of the Participant’s
Accrued Benefit and the Participant’s other benefits, as defined below.
11.2.3 Definition of “Benefits”. For purposes of this Section, the term “benefits” shall include loans in excess of the amounts
set forth in Section 72(p)(2)(A) of the Code, any periodic income, any withdrawal values payable to a living Participant, and any
death benefits not provided for by insurance on the Participant’s life.
11.2.4 Restrictions Not Applicable. The restrictions described in this Section 11.2 shall not apply if:
11.2.4.1 after payment to a Participant described in this Section 11.2 of all benefits described in Section 11.2.3, the
value of Plan assets equals or exceeds 110% of the value of the Plan’s current liabilities, as defined in Section 412(l)(7) of
the Code; or
11.2.4.2 the value of the benefits described in Section 11.2.3 for a Participant described in this Section 11.2 is less than
1% of the value of the Plan’s current liabilities.

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Should Congress provide by statute, or the Internal Revenue Service provide by regulation or ruling, that any or all of the conditions
set forth in this Section 11.2 are no longer necessary for the Plan to meet the requirements of Section 401 or other applicable
provisions of the Code then in effect, such conditions shall immediately become void and shall no longer apply, without the
necessity of further amendment to the Plan.

ARTICLE XII. PROVISIONS RELATING TO TOP-HEAVY PLAN.


12.1 Top-Heavy Requirement. .Notwithstanding anything in the Plan to the contrary, if the Plan is a Top-Heavy Plan within the
meaning of Section 1.59 and Section 416(g) of the Code, then the Plan shall meet the requirements of Sections 12.2, 12.3, and
12.4 for any such Plan Year, but only to the extent required by Code Section 416. In the event that Congress should provide by
statute, or the Treasury Department should provide by regulation or ruling, that the limitations provided in this Article are no longer
necessary for the Plan to meet the requirements of Code Section 401 or other applicable law then in effect, such limitations shall
become void and shall no longer apply, without the necessity of further amendment to the Plan. The provisions of this Article do not
apply to the collectively bargained portion of this Plan.
12.2 Minimum Vesting Requirement. For any Plan Year in which this Plan is a Top-Heavy Plan, the nonforfeitable interest of
each Participant in his Accrued Benefits shall be based on the following schedule:
12.2.1 Salaried Participants:

Years of Continuous Service


As Defined in Plan
Section 1.17 Vested Interest
Less than two 0%
Two but less than three 20%
Three but less than four 40%
Four but less than five 60%
Five or more 100%
12.2.2 Hourly Participants:

Years of Vesting Service Vested Percentage


Less than 2 0%
2 20%
3 40%
4 60%
5 80%
6 100%

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12.2.3 Arrow Salaried Participants: In a Plan Year in which the Plan is a Top-Heavy Plan, each Participant who has earned
three or more Years of Vesting Service shall be fully vested in his Accrued Benefit.
12.2.4 Arrow Hourly Participants: In a Plan Year in which the Plan is a Top-Heavy Plan, each Participant who has earned
three or more Years of Vesting Service shall be fully vested in his Accrued Benefit.
12.2.5 Arrow Berks Participants: In a Plan Year in which the Plan is a Top-Heavy Plan, each Participant who has earned
three or more Years of Vesting Service shall be fully vested in his Accrued Benefit.

The vesting schedules set forth in this Section 12.2 does not apply to the Accrued Benefit of any Employee who does not have an
Hour of Service after the Plan has initially become Top Heavy.
12.3 Minimum Benefit Requirement. If this Plan is Top Heavy in any Plan Year, the Plan guarantees a minimum benefit to each
Non-Key Employee who is a Participant eligible for such benefit as provided in this Article XII. A Participant’s Top Heavy minimum
benefit is an annual benefit, payable as a straight life annuity commencing at his Normal Retirement Age equal to the Participant’s
average Compensation (as defined in Section 11.1.1.2) for the period of consecutive years (not exceeding five) during which the
Participant had the greatest aggregate Compensation from the Employer, multiplied by the applicable percentage equal to two
percent (2%) multiplied by the number (not exceeding ten (10)) of Years of Top Heavy Service as a Non-Key Employee Participant
in the Plan. When determining whether years are consecutive for purposes of averaging Compensation, the Administrative
Committee shall disregard years for which the Participant does not complete at least one thousand (1,000) Hours of Service. A
“Year of Top Heavy Service” is a Plan Year in which the Plan is Top Heavy and: (i) with respect to a Salaried Participant, the
Participant is credited with a year of Credited Service; (ii) with respect an Hourly Participant, the Participant is credited with 1,000
Hours of Service; and (iii) with respect to an Arrow Salaried Participant, Arrow Hourly Participant, or an Arrow Berks Participant, a
12-consecutive-month period that begins on a Participant’s Employment Date or Reemployment Date (whichever is applicable), or
on any anniversary of such date, in which a Participant completes 1,000 or more Hours of Service. If a Non-Key Employee
participates in this Plan and in a Top Heavy Defined Contribution Plan included in the Required Aggregation Group, the minimum
benefits shall be provided under this Plan. No accrual shall be provided pursuant to this paragraph for a Plan Year in which the Plan
does not benefit any Key Employee or former Key Employee.

A Participant under this Section shall include an Employee who is otherwise eligible to participate in the Plan, but who receives no
accrual or a partial accrual because of the level of his Compensation, because he is not employed on the last day of the accrual
computation period, or because the Plan is integrated with Social Security. If the accrual computation period does not coincide with
the Plan Year, a minimum benefit accrues with respect to each accrual computation period falling wholly or partly in a Plan Year in
which the Top Heavy minimum benefit requirement applies.

If a Participant accrues an additional benefit for a Plan Year by reason of this Section, the Participant’s Accrued Benefit shall never
be less than the Accrued Benefit determined at the end of that Plan Year, irrespective of whether the Plan is a Top Heavy plan for
any subsequent

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Plan Year. The Employer shall not impute Social Security benefits to determine whether the Plan has satisfied the Top Heavy
minimum benefit requirement for a Participant, nor shall the Plan offset a Participant’s Social Security benefit from his Accrued
Benefit attributable to the Top Heavy minimum benefit requirement.

No additional benefit accruals shall be provided pursuant to this Section 12.3 above to the extent that the total accruals on behalf of
the Participant attributable to Employer contributions will provide a benefit expressed as a life annuity commencing at Normal
Retirement Age that equals or exceeds 20 percent of the Participant’s average Compensation (as defined in Section 11.1.1.2) for
the period of consecutive years (not exceeding five) during which the Participant had the greatest aggregate Compensation from the
Employer. If the form of benefit is other than a single life annuity, the Non-Key Employee must receive an amount that is the
Actuarial Equivalent of the minimum single life annuity benefit. If the benefit commences at a date other than at Normal Retirement
Age, the Non-Key Employee must receive at least an amount that is the Actuarial Equivalent of the minimum single life annuity
benefit commencing at Normal Retirement Age.
12.4 Change in Top-Heavy Status. If the Plan becomes a Top-Heavy Plan and subsequently ceases to be a Top-Heavy Plan, the
vesting schedule in Section 12.2 shall continue to apply in determining the vested percentage of the Accrued Benefit of: (i) any
Salaried Participant who had at least three years of Credited Service as of the last day of the last Plan Year in which the Plan was
a Top-Heavy Plan; (ii) any Hourly Participant who had at least three Years of Vesting Service as of the July 31 of the last Plan Year
in which the Plan was a Top-Heavy Plan; and (iii) any Arrow Salaried Participant, Arrow Hourly Participant, or Arrow Berks
Participant who had a least three Years of Vesting Service as of the last day of the last Plan Year in which the Plan was a Top-
Heavy Plan. For all other Participants, the vesting schedule in Section 12.2 shall apply only to their Accrued Benefit as of such last
day.

ARTICLE XIII. VETERANS’ REEMPLOYMENT RIGHTS.


13.1 USERRA. Notwithstanding any provision of the Plan to the contrary, contributions, benefits and service credit with respect
to Qualified Military Service will be provided in accordance with Section 414(u) of the Code.
13.2 Crediting Service.
13.2.1 An Employee reemployed by the Employer in accordance with Chapter 43 of Title 38 of the United States Code shall
be treated as not having incurred a Break-in-Service by reason of such Employee’s period of Qualified Military Service.
13.2.2 Upon reemployment by the Employer in accordance with Chapter 43 of Title 38 of the United States Code, an
Employee’s period of Qualified Military Service:
13.2.2.1 With respect to Salaried Participants shall be deemed Continuous Service.
13.2.2.2 With respect to Hourly Participants, shall be counted for purposes of determining such Employee’s and/or
Participant’s Years of Vesting Service and Years of Benefit Accrual Service

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13.2.2.3 With respect to Arrow Salaried Participants, shall be counted for purposes of determining such Employee’s
and/or Participant’s Years of Vesting Service and Years of Benefit Service.
13.2.2.4 With respect to Arrow Hourly Participants, shall be counted for purposes of determining such Employee’s
and/or Participant’s Years of Vesting Service and Years of Benefit Service.
13.2.2.5 With respect to Arrow Berks Participants, shall be counted for purposes of determining such Employee’s
and/or Participant’s Years of Vesting Service and Years of Benefit Service.
13.3 Compensation. An Employee who is in Qualified Military Service shall be treated as receiving compensation from the
Employer during such period of Qualified Military Service equal to:
13.3.1 the Compensation the Employee would have received during such period if the Employee were not in Qualified Military
Service, determined based on the rate of pay the Employee would have received from the Employer but for absence during the
period of Qualified Military Service; or
13.3.2 if the Compensation the Employee would have received during such period was not reasonably certain, the Employee’s
average compensation from the Employer during the 12-month period immediately preceding the Qualified Military Service (or, if
shorter, the period of employment immediately preceding the Qualified Military Service).
13.4 Qualified Military Service. For purposes of the Plan, the term “Qualified Military Service” means any service in the
“uniformed services” (as defined in Chapter 43 of Title 38 of the United States Code) by any Employee if such Employee is entitled
to reemployment rights under such Chapter with respect to such service.
13.5 Earnings and Forfeitures. Nothing in this Article XIII shall be construed as requiring:
13.5.1 any crediting of earnings to an Employee with respect to any contribution before such contribution is actually made; or
13.5.2 the allocation of any forfeiture with respect to the period of an Employee’s Qualified Military Service.

ARTICLE XIV. MISCELLANEOUS.


14.1 Limited Purpose of Plan. Nothing contained in the Plan shall be deemed to give any Participant or other Employee the right
to be continued as an Employee, nor shall it interfere with the right of the Employer to discharge or otherwise deal with him without
regard to the existence of the Plan and without liability for any claim for any payment whatsoever except to the extent expressly
provided for in the Plan. Each Employer expressly reserves the right to discharge any Employee whenever in its judgment its best
interests so require.
14.2 Non-alienation. No benefit payable under the Plan shall be subject in any manner to anticipation, assignment, or voluntary
or involuntary alienation. This Section shall not

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preclude the Trustee from complying with the terms of a qualified domestic relations order as defined in Section 414(p) of the Code.
14.3 Facility of Payment. If the Administrative Committee, in its sole discretion, deems a Participant, surviving Spouse, or other
Beneficiary who is entitled to receive any payment hereunder to be incompetent to receive the same by reason of age, illness or
any infirmity or incapacity of any kind, the Committee may direct the Trustee to apply such payment directly for the benefit of such
person, or to make payment to any person selected by the Committee to disburse the same for the benefit of the Participant,
surviving Spouse, or other Beneficiary. Payments made pursuant to this Section shall operate as a discharge, to the extent thereof,
of all liabilities of the Participating Employer, the Committee, the Trustee and the Fund to the person for whose benefit the
payments are made.
14.4 Effect of Return of Benefit Checks. Each person entitled to benefits under this Plan shall furnish the Administrative
Committee with the address to which his benefit checks shall be mailed. If any benefit check mailed by regular United States mail
to the last address appearing on the Administrative Committee’s records is returned because the addressee is not found at that
address, the mailing of benefit checks shall stop. Thereafter, if the Administrative Committee receives written notice of the proper
address of the person entitled to receive such benefit checks and is furnished with evidence satisfactory to the Administrative
Committee that such person is living, all amounts then due but unpaid shall be forwarded to such person.
14.5 Impossibility of Diversion.
14.5.1 General Rule. All Plan assets shall be held as part of the Fund, until paid to satisfy allowable Plan expenses or to
provide benefits to Participants, surviving impossible for any part of the Fund to be used for, or diverted Spouses and other
Beneficiaries. It shall be impossible for any part of the Fund to be used for, or diverted to, purposes other than for the exclusive
benefit of Participants, surviving Spouses, or other Beneficiaries under the Plan or the payment of reasonable expenses of the
administration of the Plan. The reasonable expenses incident to the operation of the Plan shall be paid out of the Trust Funds, but
the Employer in its discretion may determine at any time to pay part or all thereof directly. Any such determination shall not require
the Employer to pay the same or other expenses at any other time.
14.5.2 Special Rule; Return of Contributions. It is intended that the Plan and the Fund shall continue to qualify under
Section 401(a) of the Code. Therefore, Section 14.5.1 shall be subject to the following provisions:
14.5.2.1 Contributions are conditioned upon their deductibility under Section 404 of the Code; the entire contribution
attributable to any Plan Year as to which deductibility is disallowed may be recovered, to the extent of the amount of the
disallowance, within one year after the disallowance. Nondeductible contributions that are treated as de minimis pursuant to
Revenue Procedure 90-49 shall be returned to the Participating Employer within one year of the date of the Plan actuary’s
certification of such nondeductibility.
14.5.2.2 In the case of a contribution which is made in whole or in part by reason of a mistake of fact, so much of such
contribution as is attributable to the mistake of fact shall be returnable to the Participating Employer upon demand by the
Committee, upon presentation of evidence of the mistake of fact to the Trustee and of calculations as to the impact of such
mistake. Demand and

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repayment must be effectuated within one year after the payment of the contribution to which the mistake applies.

Income and gains attributable to the excess contributions may not be recovered by the Participating Employer. Losses attributable
to such contribution shall reduce the amount the Participating Employer may recover.
14.6 Unclaimed Benefits. If a Participant, surviving Spouse, or other Beneficiary to whom a benefit is payable under the Plan
cannot be located following a reasonable effort to do so by the Committee, such benefit shall be forfeited but shall be reinstated if a
claim therefor is filed by the Participant, surviving Spouse, or other Beneficiary.
14.7 Construction. The masculine gender includes the feminine and the singular may include the plural, and vice versa, unless
the context clearly indicates otherwise.
14.8 Governing Law. Except to the extent such laws are superseded by ERISA, the laws of the Commonwealth of Pennsylvania
shall govern.
14.9 Contingent Effectiveness of Plan Amendment and Restatement. The effectiveness of the Plan as amended and restated,
including but not limited to the contributions made by the Participating Employers, shall be subject to and contingent upon a
determination by the District Director of Internal Revenue that the Plan continues to be qualified under the applicable provisions of
the Code. If the District Director determines that the amendment and restatement does adversely affect the prior qualification of the
Plan under the applicable Sections of the Code, then, upon notice to the Trustee, the Board of Directors shall have the right further
to amend the Plan or to rescind the amendment and restatement.

This Plan has been executed on December 29, 2008.

TELEFLEX INCORPORATED

By: /s/ Terry Moulder

Title: Vice President -


HR Operations

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Exhibit 10.3

TELEFLEX INCORPORATED
DEFERRED COMPENSATION PLAN
Amended and Restated Effective January 1, 2009
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TABLE OF CONTENTS

Page
ARTICLE I DEFINITIONS AND GENERAL PROVISIONS 1
1.1 Definitions 1
(a) Account 1
(b) Administrative Committee 1
(c) Beneficiary 1
(d) Board 1
(e) Bonus 1
(f) Change of Control 1
(g) Code 2
(h) Committee 2
(i) Compensation 2
(j) Corporation 3
(k) Director 3
(l) Effective Date 3
(m) Eligible Employee 3
(n) Employee 3
(o) ERISA 3
(p) Employer 3
(q) Exchange Act 3
(r) Participant 3
(s) Performance-Based 3
(t) Plan 4
(u) Plan Year 4
(v) Qualified Plan 4
(w) Reporting Person 4
(x) Separation from Service or Separate from Service 4
(y) Shares 5
(z) Specified Employee 5
(aa) Total Disability or Totally Disabled 5
(bb) Unforeseeable Emergency 5
1.2 General Provisions 5

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TABLE OF CONTENTS
(continued)

Page
ARTICLE II PARTICIPATION AND COMPENSATION DEFERRALS 5
2.1 Eligibility 5
2.2 Director Compensation Deferrals 6
(a) Initial Election 6
(b) Annual Election 6
(c) Election Procedure 6
2.3 Eligible Employee Compensation Deferrals 6
(a) Initial Election 6
(b) Annual Election 6
(c) Election Procedure 7
2.4 Deferral of Equity-Based Compensation 7
(a) Restricted Stock and Restricted Stock Units 7
(b) Dividends and Stock Splits 8
2.5 Additional Rules Relating to Deferral Elections 8
(a) Irrevocable Elections 8
(b) Permitted Deferral Amount 8
(c) Automatic Suspension 9
2.6 Employer Matching Contributions 9
2.7 Employer Non-Elective Contributions 9
2.8 Prior Plan Credits 10
2.9 Deferred Benefits 10
2.10 Eligibility List; Suspension of Active Participation 10
2.11 Termination of Participation 10
2.12 Participation by Other Employers 10
2.13 Reemployed or Transferred Participants 11
ARTICLE III VESTING 11
3.1 Vesting 11
3.2 Confidentiality and Non-Competition Agreement 12
ARTICLE IV ACCOUNTS AND INVESTMENTS 12
4.1 Record of Account 12
4.2 Investments 13
4.3 Special Rules Applicable to Investments in Shares 13

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TABLE OF CONTENTS
(continued)

Page
ARTICLE V DISTRIBUTIONS 15
5.1 Time of Payment 15
5.2 Form of Payment 15
5.3 Changing the Time and/or Form of Payment 16
5.4 Distribution upon Death 16
5.5 Special Rules for Prior Plan Credits 16
5.6 Lump Sum Distribution of Small Amounts or upon a Change of Control 17
5.7 Withdrawals for Unforeseeable Emergency 17
5.8 Acceleration of Payment 17
(a) Domestic Relations Order 17
(b) Employment Taxes 18
(c) Payment of State, Local or Foreign Taxes 18
(d) Income Inclusion under Code Section 409A 18
(e) Certain Offsets 18
(f) Bona fide disputes as to a right to a payment 18
(g) Plan termination or liquidation 18
(h) Other Permissible Reasons 18
5.9 Delay of Payment 19
(a) Specified Employees 19
(b) Compensation Deduction Limits 19
(c) Federal Securities Laws or Other Applicable Law 19
(d) Bona Fide Business Concerns 19
(e) Objective, Nondiscretionary Formula 19
(f) Disputed Payments or the Employer’s Refusal to Pay 19
5.10 Assignment and Assumption of Liabilities 20
ARTICLE VI PLAN ADMINISTRATION 20
6.1 Administration 20
6.2 Administrative Committee 20
6.3 Statement of Participant’s Account 21
6.4 Filing Claims 21
6.5 Notification to Claimant 21
6.6 Review Procedure 22

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TABLE OF CONTENTS
(continued)

Page
6.7 Payment of Expenses 22
ARTICLE VII AMENDMENT AND TERMINATION 22
7.1 Amendment 22
7.2 Termination 22
ARTICLE VIII MISCELLANEOUS PROVISIONS 22
8.1 Employment Relationship 22
8.2 Facility of Payments 23
8.3 Funding 23
8.4 Anti-Assignment 24
8.5 Unclaimed Interests 24
8.6 References to Code, Statutes and Regulations 24
8.7 Liability 24
8.8 Tax Consequences of Compensation Reductions 24
8.9 Corporation as Agent for Related Employers 24
8.10 Governing Law; Severability 24
8.11 Taxes 25

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TELEFLEX INCORPORATED
DEFERRED COMPENSATION PLAN
Teleflex Incorporated, a Delaware corporation (“Corporation”), previously adopted and maintains the Teleflex Incorporated
Deferred Compensation Plan (“Plan”) to provide a deferred compensation arrangement for the members of its Board of Directors and
a select group of management or highly compensated employees of the Corporation and of its affiliated entities which participate in
this Plan with the consent of the Corporation. The Plan is intended to be an unfunded, nonqualified deferred compensation
arrangement as provided under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and to satisfy the
requirements of a “top hat” plan thereunder and under Labor Regulation Section 2520.104-23.
The Plan was originally effective January 1, 1995. The Plan was amended and restated effective January 1, 1999. The Plan was
further amended effective January 1, 2003. The Plan is hereby amended and restated effective as of January 1, 2009. This amended
and restated Plan is intended to comply with the requirements of The American Jobs Creation Act of 2004 (“AJCA”), Section 409A
of the Internal Revenue Code of 1986, as amended (“Code”), and final regulations and other rulings issued by the Internal Revenue
Service (“IRS”) thereunder.

ARTICLE I
DEFINITIONS AND GENERAL PROVISIONS
1.1 Definitions. Unless the context requires otherwise, the terms defined in this Section shall have the meanings set forth below.
When the defined meaning is intended, the term is capitalized:
(a) Account. The bookkeeping account described in Section 4.1 under which contributions and earnings are credited on
behalf of a Participant.
(b) Administrative Committee. The Financial Benefit Plans Committee or such other committee appointed by the Committee
or the Board to oversee the administration of the Plan, or any successor thereto.
(c) Beneficiary. The person(s) entitled to receive any distribution hereunder upon the death of a Participant. The Beneficiary
for benefits payable under this Plan shall be the beneficiary designated by the Participant in accordance with procedures
established by the Administrative Committee as of the Participant’s date of death, or, in the absence of any such designation, the
Participant’s estate.
(d) Board. The Board of Directors of the Corporation or the Compensation Committee thereof.
(e) Bonus. An amount paid or payable by the Employer to an Eligible Employee for a Plan Year that is not part of the
Eligible Employee’s base salary, wages or commissions and that is either Performance-Based, paid in the discretion of the
Employer, or payable based on some criteria other than hours worked.
(f) Change of Control.
(1) Any “person” (as such term is used in Sections 13(d) or 14(d) of the Exchange Act) (other than the Corporation, any
majority controlled subsidiary
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of the Corporation, or the fiduciaries of any Corporation benefit plans) becomes the beneficial owner (as defined in Rules 13d-3
and 13d-5 under the Exchange Act), directly or indirectly, of 20% or more of the total voting power of the voting securities of
the Corporation then outstanding and entitled to vote generally in the election of Directors of the Corporation; provided,
however, that no Change of Control shall occur upon the acquisition of securities directly from the Corporation;
(2) Individuals who, as of the beginning of any 24 month period, constitute the Board (as of the date hereof the “Incumbent
Board”) cease for any reason during such 24 month period to constitute at least a majority of the Board, provided that any
individual becoming a Director subsequent to the date hereof whose election, or nomination for election by the Corporation’s
shareholders, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such
individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the
election of the Directors of the Corporation;
(3) Consummation of (i) a merger, consolidation or reorganization of the Corporation, in each case, with respect to which
all or substantially all of the individuals and entities who were the respective beneficial owners of the voting securities of the
Corporation immediately prior to such merger, consolidation or reorganization do not, following such merger, consolidation or
reorganization, beneficially own, directly or indirectly, at least 65% of the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors of the entity or entities resulting from such merger, consolidation
or reorganization, (ii) a complete liquidation or dissolution of the Corporation, or (iii) a sale or other disposition of all or
substantially all of the assets of the Corporation, unless at least 65% of the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors of the entity or entities that acquire such assets are
beneficially owned by individuals or entities who or that were beneficial owners of the voting securities of the Corporation
immediately before such sale or other disposition; or
(4) Consummation of any other transaction determined by resolution of the Board to constitute a Change of Control.
(g) Code. The Internal Revenue Code of 1986, as amended from time to time.
(h) Committee. The Teleflex Incorporated Benefits Policy Committee or any successor thereto.
(i) Compensation. Amounts paid or payable by the Employer to an Eligible Employee for a Plan Year which are includable in
income for federal tax purposes, including base salary and variable compensation in the form of commissions (except as otherwise
provided herein). Notwithstanding the foregoing, the following amounts are excluded from Compensation: (1) other cash or non-cash
compensation, expense reimbursements or other benefits or contributions by the Corporation to any other employee benefit plan,
other than pre-

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tax salary deferrals into the Qualified Plan or any Code Section 125 plan sponsored by the Corporation or any of its affiliates;
(2) any Bonus; (3) amounts realized (A) from the exercise of a stock option, (B) when restricted stock (or property) held by a
Participant either becomes freely transferable or is no longer subject to a substantial risk of forfeiture, (C) when the Shares
underlying RSUs are payable to a Participant, or (D) from the sale, exchange or other disposition of stock acquired under a qualified
stock option; and (4) any amounts that are required to be withheld from a Participant’s wages from the Corporation pursuant to
Code Section 3102 to satisfy the Participant’s tax obligations under Code Section 3101. With respect to Directors, “Compensation”
means the retainer fee paid for service as a member of the Board.
(j) Corporation. Teleflex Incorporated or any successor thereto.
(k) Director. A member of the Board of Directors of the Corporation.
(l) Effective Date. January 1, 2009, the date this amendment and restatement of the Plan is effective.
(m) Eligible Employee. Any Employee who is (1) among a select group of management or highly compensated employees
(within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA), and (2) designated by the Corporation as eligible to
make contributions under Article II of the Plan in accordance with eligibility criteria established from time to time by the
Administrative Committee, the Committee or the Board.
(n) Employee. Any person who, on or after the Effective Date, is receiving remuneration for personal services rendered to an
Employer (or who would be receiving such remuneration except for an authorized leave of absence).
(o) ERISA. The Employee Retirement Income Security Act of 1974, as amended from time to time.
(p) Employer. The Corporation and any affiliate thereof or successor thereto which adopts and participates in the Plan.
(q) Exchange Act. The Securities Exchange Act of 1934, as amended
(r) Participant. Any Director and/or Eligible Employee who meets the eligibility requirements for participation in the Plan as
set forth in Article II and who earns benefits under the Plan.
(s) Performance-Based. A Bonus or other payment of Compensation is Performance-Based if the amount of the payment or
the entitlement thereto is contingent on the satisfaction of organizational or individual performance criteria relating to a performance
period of at least twelve (12) consecutive months. The organizational or individual performance criteria shall be established in writing
no later than 90 days after the beginning of the period of service to which the criteria relate and the outcome must be substantially
uncertain at the time the criteria are established. Notwithstanding the above, a Performance-Based Bonus may be based on
subjective performance criteria, provided that:

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(1) The subjective performance criteria are bona fide and relate to the performance of the Participant, a group of service
providers that includes the Participant, or a business unit for which the Participant provides services (which may include the
entire organization); and
(2) The determination that any subjective performance criteria have been met is not made by the Participant or a family
member of the Participant (as defined in Code Section 267(c)(4) applied as if the family of an individual includes the spouse of
any member of the family) or a person under the effective control of the Participant or such a family member, and no amount of
the Bonus of the person making such determination is effectively controlled in whole or in part by the Participant or such a
family member.
(t) Plan. The Teleflex Incorporated Deferred Compensation Plan, as set forth herein, and as such may be amended from time
to time hereafter.
(u) Plan Year. The fiscal year of the Plan, which is the 12 consecutive month period beginning January 1 and ending
December 31.
(v) Qualified Plan. The Teleflex 401(k) Savings Plan, as amended from time to time.
(w) Reporting Person. An Eligible Employee and/or Director who is subject to Section 16 of the Exchange Act.
(x) Separation from Service or Separate from Service. An Eligible Employee separates from service with the Employer if the
Eligible Employee dies, retires or otherwise has a termination of employment with the Employer. Whether a termination of
employment has occurred is determined based on whether the facts and circumstances indicate that the Employer and the Eligible
Employee reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide
services the Eligible Employee would perform after such date (as an Employee or independent contractor) would permanently
decrease to no more than 20 percent of the average level of bona fide services performed over the immediately preceding 36-month
period (or the full period in which the Eligible Employee provided services to the Employer if the Eligible Employee has been
providing services for less than 36 months). An Eligible Employee will not be deemed to have experienced a Separation from
Service if such Eligible Employee is on military leave, sick leave, or other bona fide leave of absence, to the extent such leave does
not exceed a period of six months or, if longer, such longer period of time during which a right to re-employment is protected by
either statute or contract. If the period of leave exceeds six months and the individual does not retain a right to re-employment
under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately
following such six-month period. In the case of a Director, a Separation from Service occurs upon the termination of the Director’s
service on the Board, provided, however, that a Director who is also providing services to the Employer as an independent
contractor, does not have a Separation from Service until he has separated from service both as a Director and as an independent
contractor. If an Eligible Employee provides services both as an Employee and as a member of the Board, the services provided as
a Director are generally not taken into account in determining whether the Eligible Employee has a Separation from Service as an
Employee for purposes of the Plan, in accordance with final regulations under Code Section 409A.

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(y) Shares. The common shares, $1.00 par value, of the Corporation.
(z) Specified Employee. An Employee who, as of the date of the Employee’s Separation from Service, is a key employee of
the Employer. An Employee is a key employee if he meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in
accordance with the regulations thereunder and disregarding Code Section 416(i)(5)) at any time during the 12-month period ending
on a “Specified Employee Identification Date.” The Specified Employee Identification Date is August 31 of each calendar year. If an
Employee is a key employee as of a Specified Employee Identification Date, the Employee is treated as a key employee for the
entire 12-month period beginning on the “Specified Employee Effective Date.” The Specified Employee Effective Date is January 1 of
each calendar year.
(aa) Total Disability or Totally Disabled. For purposes of the Plan, a Participant has a Total Disability or is Totally Disabled if
the Participant qualifies for either a Social Security disability benefit or disability benefits under the Corporation’s long-term
disability program for a period of at least three months.
(bb) Unforeseeable Emergency. An unforeseeable emergency is a severe financial hardship to the Participant resulting from:
(1) An illness or accident of the Participant or the Participant’s spouse, Beneficiary, or dependent;
(2) Loss of the Participant’s property due to casualty, including the need to rebuild a home following damage to a home not
otherwise covered by insurance, for example, not as a result of a natural disaster; or
(3) Other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the
Participant, including imminent foreclosure of or eviction from the Participant’s primary residence, the need to pay for medical
expenses, including non-refundable deductibles, the cost of prescription drugs, and the need to pay for funeral expenses of a
spouse, Beneficiary, or dependent.
The Administrative Committee shall have the power to determine whether a Participant has experienced an Unforeseeable
Emergency.
1.2 General Provisions. The masculine wherever used herein shall include the feminine; singular and plural forms are
interchangeable. Certain terms of more limited application have been defined in the provisions to which they are principally
applicable. The division of the Plan into Articles and Sections with captions is for convenience only and is not to be taken as
limiting or extending the meaning of any of its provisions.

ARTICLE II
PARTICIPATION AND COMPENSATION DEFERRALS
2.1 Eligibility. Any Director or Eligible Employee shall become a Participant on the date determined by the Corporation in its
sole discretion. In order to receive a benefit under the Plan, however, a Participant must also meet the requirements of
Sections 2.2, 2.3, 2.4, and/or 2.5.

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2.2 Director Compensation Deferrals.


(a) Initial Election. A Participant who is a Director may elect to defer receipt of any whole percentage (2% minimum to 100%
maximum) of his Compensation payable during that Plan Year within 30 days of first becoming eligible to participate in the Plan.
(b) Annual Election. Prior to the beginning of a Plan Year or at such other time as may be required or permitted by
regulations issued under Code Section 409A, a Participant who is a Director that is entitled to receive Compensation from the
Corporation for service on the Board may elect to defer receipt of any whole percentage (2% minimum to 100% maximum) of his
Compensation payable during that Plan Year.
(c) Election Procedure. In order to make an election under (a) or (b), above, a Participant must execute or acknowledge a
Compensation deferral election form, or otherwise agree to defer some of his Compensation in accordance with such other
procedures, including electronic enrollment, as are established by the Administrative Committee from time to time. A Participant’s
Compensation deferral election form shall be maintained by or on behalf of the Administrative Committee. An initial deferral election
must be executed, acknowledged, filed or submitted electronically within 30 days of the date the Participant first becomes eligible
to participate in the Plan, and all subsequent deferral elections must be executed, acknowledged, filed or submitted electronically
in advance of the beginning of the Plan Year during which the Compensation to be deferred is expected to be earned, or at such
other time as may be required or permitted by regulations issued under Code Section 409A. Employer Matching Contributions, if
any, will not be made with respect to amounts deferred pursuant to this Section 2.2.
2.3 Eligible Employee Compensation Deferrals.
(a) Initial Election. A Participant who is an Eligible Employee may elect to defer receipt of any whole percentage (2%
minimum up to 100% maximum (50% prior to January 1, 2009)) of his Compensation, or such lesser amount the Administrative
Committee determines is appropriate to take into account all required withholding obligations, within 30 days of first becoming
eligible to participate in the Plan. A Participant who is an Eligible Employee may make a separate election to defer receipt of no
less than 10% and no more than 100% (75% prior to January 1, 2009) of his Bonus, or such lesser amount the Administrative
Committee determines is appropriate to take into account all required withholding obligations, within 30 days of first becoming
eligible to participate in the Plan.
(b) Annual Election. A Participant who is an Eligible Employee may elect to defer receipt of:
(1) Any whole percentage (2% minimum up to 100% maximum (50% prior to January 1, 2009)) of his Compensation, or
such lesser amount the Administrative Committee determines is appropriate to take into account all required withholding
obligations, prior to the beginning of a Plan Year or at such other time as may be required or permitted by regulations issued
under Code Section 409A; and/or

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(2) No less than 10% and no more than 100% (75% prior to January 1, 2009) of his Bonus, or such lesser amount the
Administrative Committee determines is appropriate to take into account all required withholding obligations:
(i) For a Performance-Based Bonus, no later than six (6) months before the end of the twelve (12)-month performance
period for which the Performance-Based Bonus is awarded or at such other time as may be required or permitted by
regulations issued under Code Section 409A, provided that in no event may an election to defer a Performance-Based
Bonus be made after such Bonus has become readily ascertainable within the meaning of Code Section 409A.
(ii) If the Bonus is not a Performance-Based Bonus, prior to the beginning of the Plan Year during which such Bonus is
expected to be earned or at such other time as may be required or permitted by regulations issued under Code
Section 409A.
(c) Election Procedure. In order to make an election under (a) or (b), above, a Participant must execute or acknowledge a
Compensation and/or Bonus deferral election form, or otherwise agree to defer some of his Compensation and/or Bonus in
accordance with such other procedures, including electronic enrollment, as are established by the Administrative Committee from
time to time. A Participant’s Compensation and/or Bonus deferral election form shall be maintained by or on behalf of the
Administrative Committee. An initial deferral election under (a) must be executed, acknowledged, filed or submitted electronically
within 30 days of the date the Participant first becomes eligible to participate in the Plan, and all subsequent deferral elections
under (b)(1) and/or (b)(2)(ii) must be executed, acknowledged, filed or submitted electronically in advance of the beginning of the
Plan Year during which the Compensation and/or Bonus to be deferred is expected to be earned, or at such other time as may be
required or permitted by regulations issued under Code Section 409A. A deferral election under (b)(2)(i) must be executed,
acknowledged, filed or submitted electronically no later than six (6) months before the end of the 12-month performance period for
which the Performance-Based Bonus is awarded, or at such other time as may be required or permitted by regulations issued
under Code Section 409A.
2.4 Deferral of Equity-Based Compensation.
(a) Restricted Stock and Restricted Stock Units. Prior to the beginning of a Plan Year in which a restricted stock award or
restricted stock unit (“RSU”) award may be made by the Corporation’s Board under the Teleflex Incorporated 2000 Stock
Compensation Plan, Teleflex Incorporated 2008 Stock Incentive Plan, or any other stock compensation plan in effect from time to
time or subsequently adopted by the Corporation (collectively, the “Stock Plan”), or at such other time as may be required or
permitted by regulations issued under Code Section 409A, a Participant who is potentially eligible to receive such an award in such
year may elect under this Plan to defer receipt of any whole number of shares (10% minimum to 100% maximum) underlying the
restricted stock or RSU award by executing or acknowledging a deferral election form or otherwise agreeing to defer some or all of
the shares under the award in accordance with such other procedures, including electronic enrollment, as are established by the
Administrative Committee from time to time. A Participant’s deferral election form shall be maintained by or on behalf of the
Administrative Committee. Any rule under the Stock Plan

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relating to risk of forfeiture of shares or RSUs awarded under the Stock Plan shall continue to apply to any portion of an award the
receipt of which is deferred under this Plan. Employer Matching Contributions, if any, will not be made with respect to amounts
deferred pursuant to this Section 2.4(a).
(b) Dividends and Stock Splits. One hundred percent (100%) of any cash dividends and/or cash dividend-equivalents and any
cash paid in lieu of fractional shares, that are vested and payable with respect to shares and/or RSUs, respectively, deferred under
Section 2.4(a), above, shall automatically be deferred under this Plan and held and paid under the Plan, in the same manner as the
underlying deferred shares and/or RSUs. Similarly, unless the Administrative Committee determines otherwise, stock dividends and
stock splits and/or stock dividend-equivalents and stock split-equivalents paid with respect to deferred shares and/or RSUs,
respectively, shall also automatically be deferred and held and paid under the Plan, in the same manner as the underlying deferred
shares and/or RSUs. Employer Matching Contributions, if any, will not be made with respect to amounts deferred pursuant to this
Section 2.4(b).
2.5 Additional Rules Relating to Deferral Elections.
(a) Irrevocable Elections. In all cases, a Participant’s election under Sections 2.2, 2.3, and/or 2.4 shall be made prior to the
time any of the Compensation, Bonus, or equity-based compensation covered by such election is to be earned by such Participant.
Elections to defer under Sections 2.2, 2.3, and/or 2.4 shall be irrevocable with respect to the Compensation, Bonus, or equity-
based compensation to which they apply and may be amended, revoked or suspended by the Participant only effective as of the
January 1st following the amendment, revocation or suspension in accordance with procedures established by the Administrative
Committee, unless transition rules and regulations under Code Section 409A permit amendment, revocation or suspension as of
some other time, and except that an election may be revoked due to:
(1) An Unforeseeable Emergency;
(2) A hardship distribution pursuant to Treasury Regulations Section 1.401(k)-1(d)(3); or
(3) The Participant’s disability if the election to defer is cancelled by the later of the end of the Participant’s taxable year or
the 15th day of the third month following the date the Participant incurs the disability. For this purpose, “disability” refers to any
medically determinable physical or mental impairment resulting in the Participant’s inability to perform the duties of his
position or any substantially similar position, where such impairment can be expected to result in death or can be expected to
last for a continuous period of not less than six months.
If a deferral election is cancelled under this Section 2.5(a), any subsequent election to defer must be made prior to the
beginning of the Plan Year to which it will apply.
(b) Permitted Deferral Amount. The Board may, in its discretion, change the minimum and maximum amount that may be
deferred by some or all Participants from time to time in its sole discretion. Elections shall be made in accordance with procedures
established

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by the Administrative Committee. In addition, special limitations may be established by the Administrative Committee to apply to
the deferral of any amount that a Participant is expected to receive.
(c) Automatic Suspension. An election to defer Compensation and/or a Bonus will be automatically suspended during any
unpaid leave of absence or temporary layoff. Any deferral of Compensation and/or a Bonus suspended in accordance with the
provisions of this paragraph shall be automatically resumed, without the necessity of any action by the Participant, upon return to
employment at the expiration of such suspension period.
2.6 Employer Matching Contributions. The Employer may, in its discretion, credit to a Participant’s Account each Plan Year
during which the Participant is selected to receive Employer Matching Contributions, an amount determined in accordance with the
following formula:
(a) For the 2009 Plan Year:
(1) Dollar-for-dollar up to 3% of the amount of Compensation that the Participant defers for the Plan Year pursuant to
Section 2.3; plus
(2) 3% of the Bonus that will be paid to the Participant during the 2009 Plan Year, regardless of whether the Participant
elected to defer any portion of the Bonus that will be paid to the Participant during the 2009 Plan Year, so long as the
Participant elects to defer at least 3% of his Compensation for the 2009 Plan Year pursuant to Section 2.3.
(b) For Plan Years beginning on and after January 1, 2010:
(1) Dollar-for-dollar up to 3% of the amount of Compensation that the Participant defers for the Plan Year pursuant to
Section 2.3; plus
(2) Dollar-for-dollar up to 3% of the Bonus that the Participant defers for the Plan Year pursuant to Section 2.3.
The Matching Contribution formula described above may vary from year to year or among Participants in the discretion of the
Employer. All amounts credited under this provision to the Accounts of Participants in the Plan, as adjusted for earnings or losses,
are referred to as “Employer Matching Contributions.”
2.7 Employer Non-Elective Contributions. The Employer may, in its discretion, credit to a Participant’s Account each Plan Year
during which the Participant is selected to receive Employer Non-Elective Contributions an amount determined in accordance with
the following formula:
5% x the sum of the Participant’s Compensation for the Plan Year and the Participant’s annual cash Bonus paid during the
Plan Year (excluding any Long Term Incentive Award under the Teleflex Incorporated Executive Incentive Plan);

less

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the maximum matching contribution that the Participant could receive under the Qualified Plan for the Plan Year if the Participant
deferred the maximum possible amount under the Qualified Plan for the Plan Year.
All amounts credited under this provision to the Accounts of Participants in the Plan, as adjusted for earnings or losses, are
referred to as “Employer Non-Elective Contributions.”
2.8 Prior Plan Credits. If an Eligible Employee was a participant in the Teleflex Incorporated Supplement Executive Retirement
Plan (“SERP”) on December 31, 2008, and had not Separated from Service before December 31, 2008, the Employer will credit the
lump sum present value of the Participant’s accrued benefit in the SERP as of December 31, 2008 to the Participant’s Account in
the Plan. All amounts credited under this provision to the Accounts of Participants in the Plan, as adjusted for earnings or losses,
are referred to as “Prior Plan Credits.” A schedule of the Prior Plan Credits shall be maintained by the Administrative Committee.
Employer Matching Contributions, if any, will not be made with respect to Prior Plan Credits made pursuant to this Section 2.8.
2.9 Deferred Benefits. Any amounts deferred by a Participant pursuant to Sections 2.2, 2.3, and/or 2.4, plus Employer Matching
Contributions credited pursuant to Section 2.6, if any, Employer Non-Elective Contributions credited pursuant to Section 2.7, and a
Participant’s Prior Plan Credits described in Section 2.8, if any, shall constitute the deferred benefits payable under the Plan
(“Deferred Benefits”). Solely for the purpose of measuring the amount of the Employer’s obligations to each Participant or his
Beneficiaries under the Plan, the Administrative Committee will maintain an Account for each Participant in the Plan. The
Administrative Committee will credit a Participant’s Deferred Benefit to the Participant’s Account from time to time as the deferred
amounts otherwise would have been earned by the Participant.
2.10 Eligibility List; Suspension of Active Participation. The Administrative Committee shall maintain a written list of those
Employees who then qualify as Eligible Employees under the Plan, as determined by the eligibility criteria established by the
Corporation. Any Participant not listed as an Eligible Employee for a given Plan Year or who is not a Director for a given Plan Year
shall cease to have any right to defer for such Plan Year or to receive an Employer Matching Contribution, if any, or Employer Non-
Elective Contribution, if any, for such Plan Year. However, any amounts credited to the Account of a Participant whose participation
is suspended shall otherwise continue to be maintained under the Plan in accordance with its terms.
2.11 Termination of Participation. Once an Eligible Employee and/or Director becomes a Participant, such individual shall
continue to be a Participant until such individual (i) ceases to be described as a Director or as an Eligible Employee, and
(ii) ceases to have any vested interest in the Plan (as a result of distributions made to such Participant or his Beneficiary, if
applicable, or otherwise).
2.12 Participation by Other Employers. Each corporation or other entity with U.S. employees that is a member of the same
controlled group as the Corporation (within the meaning of Code Sections 414(b) and (c)) shall be a participating employer under the
Plan unless determined otherwise by the Corporation. Participating affiliates that cease to be a member of the same controlled
group as the Corporation within the meaning of Code Sections 414(b) and (c) are no longer eligible to participate in the Plan
effective as of the date that they

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cease to qualify as a controlled group member. Participants who are Employees of such an employer shall no longer be eligible to
participate effective as of the date that their employer becomes ineligible.
2.13 Reemployed or Transferred Participants. If a Participant experiences a Separation from Service and is subsequently rehired
by the Employer as an Eligible Employee and/or reappointed as a Director within 24 months of the Separation from Service,
Section 2.2(a) and/or 2.3(a), as applicable shall not apply. Instead the rules set forth in Section 2.2(b) and/or 2.3(b), as applicable,
shall apply. If a Participant experiences a Separation from Service and is subsequently rehired by the Employer as an Eligible
Employee and/or reappointed as a Director 24 months or more from the Separation from Service, Section 2.2(a) and/or 2.3(a), as
applicable, shall apply. Similarly, if a Participant’s employment with the Employer is changed so that he ceases to be an Eligible
Employee and he subsequently becomes an Eligible Employee within 24 months of ceasing to be an Eligible Employee,
Section 2.3(a) shall not apply. Instead the rules set forth in Section 2.3(b) shall apply. If a Participant’s employment with the
Employer is changed so that he ceases to be an Eligible Employee and he subsequently becomes an Eligible Employee
24 months or more following the date he ceased to be an Eligible Employee, Section 2.3(a) shall apply.

ARTICLE III
VESTING
3.1 Vesting. A Participant always will be 100% vested in the portion of his Account that consists of deferrals pursuant to
Sections 2.2 and 2.3 and earnings allocable thereto. Any equity based compensation (restricted stock or RSU awards) deferred
hereunder shall be subject to the vesting requirements stated in the award agreement for such compensation. A Participant shall
become 100% vested in the portion of his Account deriving from Employer Matching Contributions, if any, under Section 2.6 after he
completes two Years of Service or, if earlier, the date the Participant reaches his Normal Retirement Date, dies or sustains a Total
Disability while employed by the Employer. A Participant shall become 100% vested in the portion of his Account deriving from
Employer Non-Elective Contributions, if any, under Section 2.7 after he completes five Years of Service or, if earlier, the date the
Participant reaches his Normal Retirement Date, dies or sustains a Total Disability while employed by the Employer. Except as
otherwise agreed to by the Board, if a Participant has a Separation from Service with the Employer before completing two Years of
Service with respect to Matching Contributions or five Years of Service with respect to Employer Non-Elective Contributions or
reaching his Normal Retirement Date for any reason other than death or Total Disability, all rights of the Participant, his
Beneficiaries, executors, administrators, or any other person to receive any Employer Matching Contributions and/or Employer
Non-Elective Contributions credited to his Account under this Plan shall be forfeited. A “Year of Service” is a 12 consecutive month
period beginning on the date an Eligible Employee performs his first hour of service with the Employer and each anniversary thereof,
without regard to any number of hours of service. A Participant’s “Normal Retirement Date” is the date on which a Participant
reaches age 65. If a Participant has a Separation from Service but is subsequently re-employed by the Employer, no benefits
forfeited hereunder shall be reinstated unless otherwise determined by the Board in its sole discretion.
A Participant shall become 100% vested in the amount credited to his Account pursuant to Section 2.8, if any, after he has
been credited with five years of Continuous Service (determined in accordance with the Teleflex Incorporated Retirement Income
Plan) or, if earlier,

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the date the Participant reaches his Normal Retirement Date while employed by the Employer. If a Participant has a Separation
from Service with the Employer before being credited with five years of Continuous Service or reaching his Normal Retirement Date,
all rights of the Participant, his Beneficiaries, executors, administrators, or any other person to receive any amount credited to his
Account under Section 2.8 shall be forfeited. If a Participant has a Separation from Service but is subsequently re-employed by the
Employer, no benefits forfeited hereunder shall be reinstated unless otherwise determined by the Administrative Committee in its
sole discretion.
3.2 Confidentiality and Non-Competition Agreement. In its discretion, the Employer may require any Eligible Employee or
Director that becomes a Participant in the Plan to execute a confidentiality and non-competition agreement with the Employer in
consideration of the Deferred Benefits to be provided hereunder.

ARTICLE IV
ACCOUNTS AND INVESTMENTS
4.1 Record of Account. Solely for the purpose of measuring the amount of the Employer’s obligations to each Participant or his
Beneficiaries under the Plan, the Employer will maintain a separate bookkeeping record, an Account, for each Participant in the
Plan. The Corporation, in its discretion, may either credit a hypothetical earnings rate to the Participant’s Account balance for the
Plan Year, or may actually invest an amount equal to the amount credited to the Participant’s Account from time to time in an
account or accounts in its name with investment media or companies, which investment options may include some or all of those
used for investment purposes under the Qualified Plan, as determined by the Corporation in its discretion. The Corporation may
also establish a deferred compensation trust that qualifies as a so-called “rabbi” trust meeting applicable requirements of Code
Section 409A. If such separate investments are made, the Participant may be permitted to direct the investment of all or a portion
of the Corporation’s accounts allocable to him under the Plan in the same manner he is permitted to direct the investment of his
account in the Qualified Plan, except that certain of the investment options may not be available options under this Plan. The
Participant may change the allocation of his Account among the applicable investment alternatives then available under the Plan in
accordance with procedures established by the Administrative Committee from time to time. In no event, however, shall a
Participant who is a Reporting Person be permitted to change any amounts invested in any other investment alternative to the
Teleflex Stock Account (as defined below) without the prior written approval of the Administrative Committee. In addition, a
Participant who is a Reporting Person shall not be permitted to change any investment in the Teleflex Stock Account to any other
investment alternative without the prior written approval of the Administrative Committee. After a Participant ceases to be a
Reporting Person, such Participant may again change investments into or out of the Teleflex Stock Account in accordance with
rules established by the Administrative Committee and without regard to the above restrictions. The Corporation is not obligated to
make any particular investment options available, however, if investments are in fact made, and may, from time to time in its sole
discretion, change the investment alternatives. Nothing herein shall be construed to confer on the Participant the right to continue to
have any particular investment available.
The Corporation will credit the Participant’s Account with hypothetical or actual earnings or losses at least annually based on
the earnings rate declared by the Corporation or the performance results of the Corporation’s account(s) invested pursuant to the
Corporation’s or

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the Participant’s directions, and shall determine the fair market value of the Participant’s Account based on the bookkeeping record
or the fair market value of the portion of the Corporation’s accounts representing the Participant’s Account. The determination of the
earnings, losses or fair market value of the Participant’s Account may be adjusted by the Corporation to reflect its payroll, income
or other taxes or costs associated with the Plan, as determined by the Corporation in its sole discretion.
4.2 Investments. If the Corporation, in its sole discretion, selects investment options from which Participants may elect, a
Participant’s investment elections shall indicate how the Participant’s Account and future amounts credited to his Account should
be deemed invested among the options available under the Plan. A Participant shall make investment elections for his Account at
the time of his initial deferral election with respect to Deferred Benefits. A Participant’s investment elections shall remain in effect
unless and until changed by the Participant in accordance with the procedures established by the Administrative Committee and at
the time(s) permitted by the Administrative Committee. Any such change in investment election shall be applied to future Plan
Years until further notice is given by the Participant changing the election in accordance with the requirements of this Section.
4.3 Special Rules Applicable to Investments in Shares. One of the investment options available under the Plan is Shares. In
addition, restricted stock and RSU’s that are deferred are deemed invested in Shares. Amounts deemed invested in Shares are
referred to a “Share Election Accumulations.” Plan Account balances that are deemed invested in Shares are not eligible to be
transferred to any other investment option. Further, any portion of an Account deemed invested in Shares shall be distributed in the
form of Shares.
On the date when the amounts to be credited to the Participant’s Share Election Accumulations are otherwise allocated to his
Account, the Corporation will credit to a separate sub-account (the Participant’s “Teleflex Stock Account”) a number of hypothetical
Shares (and fractions thereof) having a Value equal to the Share Election Accumulations. For purposes of this Plan, the “Value” of a
Share on a particular day shall mean the closing trading price of a Share on the New York Stock Exchange on that day (or, if there
is no trading of the Shares on that day, on the most recent previous date on which trading occurred).
If any Organic Change shall occur, then the Committee or Board shall make such substitutions or adjustments as it deems
appropriate and equitable to each Participant’s Teleflex Stock Account (if any). In the case of Organic Changes, such adjustments
may include, without limitation, (a) the cancellation of outstanding Shares in exchange for payments of cash, property or a
combination thereof having an aggregate value equal to the value of such Shares, as determined by the Committee or Board in its
sole discretion, (b) the substitution of other property (including, without limitation, cash or other securities of the Corporation and
securities of entities other than the Corporation) for the Shares, and (c) in connection with any Disaffiliation, arranging for the
assumption or replacement of Shares with new shares based on other property or other securities (including, without limitation,
other securities of the Corporation and securities of entities other than the Corporation), by the affected subsidiary, affiliate or
division or by the entity that controls such subsidiary, affiliate or division following such Disaffiliation (as well as any corresponding
adjustments to awards that remain based upon Corporation securities). An “Organic Change” includes (1) stock split, reverse stock
split, share combination, or recapitalization or similar event affecting the capital structure of the Corporation (each, a “Share
Change”), or (2) a merger, consolidation, acquisition of property or shares, separation, spin-off, reorganization, stock rights offering,
liquidation, disaffiliation from the

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Corporation of a subsidiary or division (“Disaffiliation”), or similar event affecting the Corporation or any of its subsidiaries (each, an
“Organic Change”). If the assets held in the Participant’s Teleflex Stock Account immediately after such adjustment are not equity
securities, then the Participant shall be permitted to re-direct the investment thereof into the other investment choices then available
under this Plan.
In the case of the Teleflex Stock Account (if any) of a Participant, the earnings (or losses) credited to such account shall
consist solely of dividend equivalent credits pursuant to this paragraph. Whenever a dividend or other distribution is made with
respect to the Shares, then the Teleflex Stock Account of a Participant shall be credited, on the payment date for such dividend or
other distribution (the “Dividend Payment Date”), with a number of additional Shares having a Value, as of the Dividend Payment
Date, based upon the number of Shares deemed to be held in the Participant’s Teleflex Stock Account as of the record date for
such dividend or other distribution (the “Dividend Record Date”), if such Shares were outstanding. If such dividend or other
distribution is in the form of cash, the number of Shares so credited shall be a number of Shares (and fractions thereof) having a
Value, as of the Dividend Payment Date, equal to the amount of cash that would have been distributed with respect to the Shares
deemed to be held in the Participant’s Teleflex Stock Account as of the Dividend Record Date, if such Shares were outstanding. If
such dividend or other distribution is in the form of Shares, the number of Shares so credited shall equal the number of such Shares
(and fractions thereof) that would have been distributed with respect to the Shares deemed to be held in the Participant’s Teleflex
Stock Account as of the Dividend Record Date, if such Shares were outstanding. If such dividend or other distribution is in the form
of property other than cash or Shares, the number of Shares so credited shall be a number of Shares (and fractions thereof) having
a Value, as of the Dividend Payment Date, equal to the value of the property that would have been distributed with respect to the
Shares deemed to be held in the Participant’s Teleflex Stock Account as of the Dividend Record Date, if such Shares were
outstanding. The value of such property shall be its fair market value as of the Dividend Payment Date, determined by the Board
based upon market trading if available and otherwise based upon such factors as the Board deems appropriate.
Notwithstanding the foregoing, the Administrative Committee may, in its sole discretion, determine the no dividend reinvestment
in Shares may be permitted for Reporting Persons or for any Participant. In that event, the cash value of any dividend or other
distribution with respect to Shares shall be invested in an alternate investment option under the Plan, as determined by the
Administrative Committee in its sole discretion. To the extent that the dividend or other distribution is made in a form other than
cash, the Shares or other property shall be liquidated to cash as soon as administratively practicable and thereafter invested as
indicated herein.
Whenever a dividend or other distribution is made with respect to the Shares credited to a Participant’s Teleflex Stock Account,
the cash value of the dividend or other distribution shall be invested in an alternate investment option under the Plan, as determined
by the Administrative Committee in its sole discretion. To the extent that the dividend or other distribution is made in a form other
than cash, the Shares or other property shall be liquidated to cash as soon as administratively practicable and thereafter invested
as indicated herein.

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ARTICLE V
DISTRIBUTIONS
5.1 Time of Payment. A Participant’s Account balance shall be distributed or commence to be distributed to the Participant
after one of the following dates, as elected by the Participant:
(a) the date of the Participant’s Separation from Service;
(b) a fixed date following the Participant’s Separation from Service; or
(c) an Alternative Date elected by the Participant. The Alternative Date elected by a Participant shall be no earlier than the
first day of the fifth calendar year following the date of the Participant’s election.
Notwithstanding the Participant’s election of (a), (b) or (c), above, a Participant’s Account balance shall be distributed upon the
Participant’s death pursuant to Section 5.4. A Participant shall elect the time when his Account balance will be distributed at the
time of his initial deferral election with respect to Deferred Benefits in accordance with the provisions of Article II. If a Participant
does not elect a time of payment at the time of his initial deferral election, the Participant is deemed to have elected to receive
payment of his Account upon Separation from Service.
The Participant will receive or begin to receive payment of the amount credited to his Account on the January 31 following the
date in (a), (b), or (c) above, as elected by the Participant in accordance with the terms of the Plan; provided, however, that, if the
Participant is a Specified Employee and his Account will be distributed due to his Separation from Service, his Account will be
distributed or begin to be distributed on the later of: (i) the January 31 following his Separation from Service or (ii) the first day of the
seventh month following his Separation from Service.
5.2 Form of Payment. A Participant shall elect the form in which his Account balance will be distributed at the time of his initial
deferral election with respect to Deferred Benefits in accordance with the provisions of Article II. Distribution may be made in a lump
sum payment or in approximately equal annual installments over either a five or ten-year period. If the Participant does not elect a
form of payment at the time of his initial deferral election, the Participant is deemed to have elected to receive payment of his
Account in the form of a lump sum payment. If an annual installment payment method is the selected form of payment for a
Participant’s Account, the amount of the annual benefit shall equal the amount necessary to fully distribute the Participant’s
Account as an annual benefit payable over the installment period, consistent with the following methodology: the amount payable
as the annual installment shall equal the value of the Participant’s Account as of the most recent Account valuation date, multiplied
by a fraction, the numerator of which is one and the denominator of which is the number of annual installments remaining in the
installment period elected by the Participant. For example, assuming a 10 year installment payment period applies, the amount
distributed at each of the distribution dates would represent the value of the Participant’s Account as of the most recent valuation
date preceding the actual distribution date times the following factors: year one — 10 percent (1/10); year two — 11.11 percent
(1/9); year three — 12.5 percent (1/8); year four — 14.29 percent (1/7); year five — 16.66 percent (1/6); year six — 20 percent (1/5);
year seven — 25 percent (1/4); year eight — 33.33 percent (1/3); year nine — 50

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percent (1/2) and year ten — 100 percent (1/1). Payments of amounts credited to the Participant’s Account, other than amounts
credited to a the Participant’s Teleflex Stock Account, if any, will be made in U.S. dollars. Amounts credited to a Participant’s
Teleflex Stock Account shall be paid in the form of Shares.
5.3 Changing the Time and/or Form of Payment. If a Participant elects or is deemed to have elected to receive payment of his
Account upon his Separation from Service, the election is irrevocable. If the Participant elects to receive payment of his Account on
an Alternative Date, the Participant may revise the Alternative Date during the annual deferral election period prior to the beginning
of each Plan Year or at such other times permitted by the Administrative Committee, in accordance with the procedures
established by the Administrative Committee, provided that such revision occurs at least twelve months prior to the original
Alternative Date and the new Alternative Date is no earlier than the fifth anniversary of the original Alternative Date. Similarly, a
Participant may elect a new form of payment during the annual deferral election period prior to the beginning of each Plan Year or at
such other times permitted by the Administrative Committee, in accordance with the procedures established by the Administrative
Committee, so long as the election is made at least twelve months prior to the date on which payment of the Participant’s Account
balance would have otherwise begun and provided that payment will also be deferred to a new commencement date that is at least
five years later than the original commencement date. For purposes of electing a new time and/or form of payment, installment
payments are treated as a single payment. A Participant may not change the time and/or form of payment of his Account in a
manner that does not comply with Code Section 409A.
If a form of payment election is made or changed and distribution is triggered before 12 months have elapsed, the distribution
will be made in accordance with the form of payment election in effect prior to the change (including any deemed form of payment
election).
5.4 Distribution upon Death. In the event of the death of the Participant while receiving benefit payments under the Plan, the
Beneficiary or Beneficiaries designated by the Participant shall be paid the remaining payments due under the Plan in accordance
with the method of distribution in effect to the Participant at the date of death. In the event of the death of the Participant prior to the
commencement of the distribution of benefits under the Plan, such benefits shall be paid to the Beneficiary or Beneficiaries
designated by the Participant, within 30 days after the Participant’s death, in the form elected (or deemed to be elected) by the
Participant upon initial enrollment in the Plan or at least 12 months prior to his death. Each Participant may elect a form of
payment to apply to distributions made upon death that is different from the form of payment applicable to other payment events.
The Participant may change his election of a form of payment upon his death pursuant to an election made during the annual
deferral election period prior to the beginning of each Plan Year or at such other times permitted by the Administrative Committee,
in accordance with the procedures established by the Administrative Committee, provided said election is made at least 12 months
prior to the date that payments would have otherwise begun under such option. If a form of payment election is made or changed
after initial enrollment and the Participant dies before 12 months have elapsed, the distribution will be made in accordance with the
form of payment election in effect prior to the change (including any deemed form of payment election).
5.5 Special Rules for Prior Plan Credits. Amounts credited to a Participant’s Account as Prior Plan Credits shall be payable at
the same time and in the same form as the rest of the Participant’s Account, notwithstanding any contrary provisions of the SERP.

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5.6 Lump Sum Distribution of Small Amounts or upon a Change of Control. If the value of a Participant’s entire Account as of the
date it becomes distributable is not greater than the applicable dollar amount under Section 402(g)(1)(B) of the Code, then the
Participant’s entire Account balance shall be payable as a single lump sum notwithstanding any other election that may be in
effect. The payment must result in the termination and liquidation of the Participant’s entire Plan Account and all other agreements,
methods, programs, or other arrangements that must be aggregated with the Plan pursuant to Treasury Regulations
Section 1.409A-1(c)(2).
In addition, if a Participant has a Separation from Service within two years of a “change in control” (within the meaning of Code
Section 409A) of the Corporation, then the Participant’s Account shall be payable in a single lump sum within 90 days following the
Participant’s Separation from Service following the change in control, and alternative elections in effect by the Participant shall no
longer apply. Notwithstanding the foregoing, if the Participant is a Specified Employee for the year in which the Separation from
Service occurs, such lump sum payment shall be made on the first business day that is at least six months after the Separation
from Service occurs.
5.7 Withdrawals for Unforeseeable Emergency. Upon the occurrence of an Unforeseeable Emergency, the Participant shall be
eligible to receive payment from his Account of the amount reasonably necessary to satisfy the emergency need and may include
amounts necessary to pay Federal, state, local or foreign income taxes or penalties reasonably anticipated to result from the
payment, taking into account any additional compensation that is available because the Plan provides for the cancellation of a
deferral election upon a payment due to an Unforeseeable Emergency, and after taking into account the extent to which such
hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the
Participant’s assets (to the extent such liquidation would not itself cause severe financial hardship), or by cessation of deferrals
under the Plan. The amount determined to be properly distributable under this Section 5.7 and applicable regulations under Code
Section 409A shall be payable in a single lump sum only. It shall be the responsibility of the Participant seeking to make a
withdrawal under this Section 5.7 to demonstrate to the Administrative Committee that an Unforeseeable Emergency has occurred
and to document the amount properly distributable hereunder. After a distribution on account of an Unforeseeable Emergency, a
Participant’s deferral elections shall cease and such Participant will not be permitted to participate in the Plan or elect additional
deferrals until the next enrollment following one full year from the date of the distribution on account of an Unforeseeable
Emergency. Such future deferral elections following a distribution on account of an Unforeseeable Emergency will be treated as an
initial deferral election and subject to the rules applicable thereto under the Plan and Code Section 409A.
5.8 Acceleration of Payment. The acceleration of the time and/or form of any payment of a Participant’s Account determined in
accordance with the provisions of this Article V, above, shall not be made except due to Unforeseeable Emergency, as described in
Section 5.7, or as set forth below and otherwise permitted by Code Section 409