Exhibit 10.1

CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

 
 
Page
1.
General
1
2.
Definitions
1
3.
Participation
3
4.
Incentive Plan Awards
4
5.
Administration
6
6.
Miscellaneous
7

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

1.    GENERAL

(a)    Purpose. This CNO Financial Group, Inc. 2015 Pay for Performance
Incentive Plan (the "Plan" or “P4P”) is intended to assist CNO Financial Group,
Inc., a Delaware corporation (the "Company"), and its Affiliated Corporations in
attracting, retaining, motivating and rewarding employees who occupy key
positions and contribute to the growth and profitability of the Company and its
Affiliated Corporations through the award of certain incentives. The Plan also
is intended to enable the Committee to preserve the tax deductibility of
incentive awards under Section 162(m) of the Code, and to advance the interests
of the shareholders of the Company by providing performance-based incentives to
eligible individuals.

(b)    Effective Date. The Plan shall become effective as of the date of its
adoption by the Board of Directors of the Company, subject to stockholder
approval, and shall continue in effect until terminated by the Board pursuant to
Section 6(a). No payment may be made hereunder prior to stockholder approval of
the Plan.

2.    DEFINITIONS

(a)    “Affiliated Corporations” shall include members of the controlled group
of corporations within the meaning of Section 1504 of the Code determined
without regard to Section 1504(b).

(b)    “Board” means the Board of Directors of the Company.

(c)    “Code” means the Internal Revenue Code of 1986, as amended from time to
time, including regulations thereunder and successor provisions and regulations
thereto.
 
(d)    “Committee” means the committee designated by the Board to administer the
P4P. With respect to Covered Employees for whom the P4P is intended to provide
“qualified performance-based compensation” within the meaning of Section 162(m)
of the Code, any Committee must consist solely of two or more persons each of
whom are “outside directors” within the meaning of Section 162(m) of the Code.
To the extent the Committee delegates authority pursuant to Section 5(b),
references to the Committee in the P4P shall, as appropriate, be deemed to refer
to the Committee’s delegate.

(e)    “Company” means CNO Financial Group, Inc., a Delaware corporation.
    
(f)    "Comparison Group" means the peer group of companies designated by the
Committee as the Comparison Group relative to a given Performance Cycle, as
described in Section 2(o).

(g)    “Covered Employee” has the meaning given such term under Section 162(m)
of the Code.

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

(h)    “Employer” means the Company and any Affiliated Corporation that employs
a Participant.

(i)    “Fiscal Year” means the 12-month period beginning on each January 1 and
ending on December 31 of the same calendar year.

(j)    “Incentive Percentage” means the number determined by the Committee as
the percentage of a Participant’s annual rate of salary in effect from time to
time during the Performance Period; provided, however, that if the Incentive
Plan Award is intended to be Qualified Performance-based Compensation, then
“Incentive Percentage” for such Participant means such Participant’s annual rate
of salary in effect at the time the relevant Performance Goals are established.
The Committee may establish different Incentive Percentages for individual
Participants or different classes of Participants, and/or the achievement of
different levels of the Performance Goals.

(k)    “Incentive Plan Award” means an incentive compensation award under the
P4P, payment of which is contingent and based upon the attainment of the
Performance Goals with respect to a Performance Period.

(l)    “Participant” means an employee of an Employer participating in the Plan
for a Performance Period as provided in Section 3.

(m)    “P4P” means the CNO Financial Group, Inc. Pay For Performance Incentive
Plan, as it may be amended from time to time.

(n)    “Performance Goals” means the pre-established objective performance goals
established by the Committee for each Performance Period. Solely with respect to
Covered Employees for any Performance Period for which the P4P is intended to
provide Qualified Performance-based Compensation, Performance Goals shall be
established by the Committee no later than 90 days after the beginning of the
Fiscal Year to which the Performance Goals relate (and in the case of a
Performance Period shorter than a Fiscal Year, no later than the date on which
25% of the Performance Period has elapsed) and while the attainment of the
Performance Goals is substantially uncertain. The Performance Goals may be based
upon the performance of the Company, of any Affiliated Corporation, of a
division thereof, and/or of an individual Participant, using one or more of the
Performance Measures selected by the Committee. Separate Performance Goals may
be established by the Committee for the Company or an Affiliated Corporation, or
division thereof, or an individual. With respect to Participants who are not
Covered Employees, the Committee may establish other subjective or objective
goals, including individual Performance Goals, which it deems appropriate. The
preceding sentence shall also apply to Covered Employees with respect to any
Incentive Plan Award not intended at the time of grant to be Qualified
Performance-based Compensation. Performance Goals may be set

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

at a specific level, or may be expressed as a relative percentage to the
comparable measure at comparison companies or a defined index.

(o)    “Performance Measure” means one or more of the following criteria, on
which Performance Goals may be based, subject to Section 4(a): (1) gross or net
revenue, premiums collected, new annualized premiums, and investment income,
(2) any earnings or net income measure, including earnings from operations,
earnings before taxes, earnings before interest and/or taxes and/or
depreciation, statutory earnings before realized gains (losses), or net income
available to common shareholders, (3) operating earnings per common share
(either basic or diluted); (4) return on assets, return on investment, return on
capital, return on equity, or return on tangible equity; (5) economic value
created including the value of new business; (6) operating margin or profit
margin; (7) net interest margin; (8) asset quality; (9) stock price or total
stockholder return; and (10) strategic business criteria, consisting of one or
more objectives based on meeting specified market penetration, total market
capitalization, business retention, new product generation, rate increase
actions, geographic business expansion goals, cost targets (including cost of
capital), investment portfolio yield, risk-based capital, statutory capital,
Best Capital Adequacy Ratio, tax net operating loss utilization, customer
satisfaction, employee satisfaction, agency ratings, management of employment
practices and employee benefits, supervision of litigation and information
technology, and goals relating to acquisitions or divestitures of subsidiaries,
affiliates or joint ventures. The targeted level or levels of performance with
respect to such business criteria may be established at such levels and in such
terms as the Committee may determine, in its discretion, including in absolute
terms, on a per share basis (either basic or diluted), as a goal relative to
performance in prior periods, or as a goal compared to the performance of one or
more comparable companies or an index covering multiple companies.

(p)    “Performance Period” means a Fiscal Year or other period of time (which
may be longer or shorter than a Fiscal Year) set by the Committee.

(q)    “Qualified Performance-based Compensation” has the meaning given such
term under Section 162(m) of the Code and the regulations promulgated
thereunder.

(r)    “Retirement” means a Participant’s voluntary termination of employment
after achieving either (i) 62 years of age or (ii) 60 years of age with at least
10 years of employment with an Employer.

3.    PARTICIPATION

(a)
Participation in General. Individuals eligible to participate in the P4P shall
consist of officers and other employees of an Employer whom the Committee
determines have the potential to contribute significantly to the success of the
Company and its Affiliated Corporations. For each Performance Period the
Committee shall determine which officers and other employees shall participate
in the P4P.

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

(b)
Eligibility to Receive Performance-Based Compensation. The Committee shall
designate which Incentive Plan Awards are intended to be Qualified
Performance-Based Compensation, and the individuals eligible to receive such
awards, no later than the 90th day of the Fiscal Year (or, in the case of a
Performance Period shorter than a Fiscal Year after no later than the date on
which 25% of the Performance Period has elapsed), so long as the attainment of
the Performance Goals is still substantially uncertain. Only officers are
eligible to receive an Incentive Plan Award that is intended to be Qualified
Performance-Based Compensation.

 
4.    INCENTIVE PLAN AWARDS

(a)    Determination of Incentive Plan Awards.

The Committee shall, promptly after the date on which the necessary financial,
individual or other information for a particular Performance Period becomes
available, determine and certify in writing the degree to which each of the
Performance Goals has been attained. Performance Goals shall, to the extent
applicable, be based upon generally accepted accounting principles. The
Committee may, in connection with the establishment of Performance Goals and in
a manner consistent with Section 162(m) of the Code (to the extent applicable),
provide for the adjustment of such Performance Goals to take into account the
effect of the following, subject to Section 6(l): Changes in accounting
standards that may be required by the Financial Accounting Standards Board, the
Securities and Exchange Commission or any other rulemaking body after the
Performance Goal is established; realized investment gains and losses;
extraordinary, unusual, non-recurring or infrequent items; currency
fluctuations; acquisitions; divestitures; litigation losses; financing
activities; expenses for restructuring or productivity initiatives; other
non-operating items; new laws, cases or regulatory developments that result in
unanticipated items of gain, loss, income or expense; executive severance
arrangements; and other items as the Committee determines to be required so that
the operating results of the Company, division, or an Affiliated Corporation
shall be computed on a comparative basis from Performance Period to Performance
Period. Determination by the Committee or its designee shall be final and
conclusive on all parties, but shall be based on relevant objective information
or financial data. The Committee may also, in its discretion, adjust a P4P Award
based on other factors it deems relevant and appropriate; provided, however,
that the Committee may only exercise such discretion to reduce, and not to
increase, a P4P Award unless such award was not intended to be Qualified
Performance- based Compensation.

(b)    Eligibility and Amount of Incentive Plan Award.

(i) To be eligible for payment of any P4P Award, the Participant must: (x) have
performed the Participant’s duties to the satisfaction of the Committee; (y)
have not

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

engaged in any act deemed by the Committee to be inimical to the best interest
of the Company or an Affiliated Corporation; and (z) otherwise complied with
Company and Employer policies at all times prior to the date the P4P Award is
actually paid. No P4P Award shall be paid to any Participant who does not
satisfy each of the above. In addition, unless the Committee determines
otherwise, the Participant must be employed by the Company or an Affiliated
Corporation on the day on which the P4P Award is scheduled to be paid in
accordance with Section 4(c), except in the event termination is due to the
Participant’s Retirement, death or disability (as defined in Section 422(c) of
the Code), or a separate agreement entered into between the Participant and his
or her Employer specifically provides otherwise; provided however, that no
Participant shall receive such a P4P Award pursuant to a separate agreement
entered into between the Participant and his or her Employer unless such award
was not intended to be Qualified Performance-based Compensation or otherwise
remains subject to actual achievement of the relevant Performance Goals. In the
event of a Participant’s Retirement, death or disability, the earned portion, if
any, of the P4P Award based on actual performance for the relevant Performance
Period shall be prorated based upon the period of employment during the
Performance Period. The Committee may, in its sole discretion, reduce, eliminate
or increase any P4P Award for any individual or group, except that the amount of
any P4P Award intended to be Qualified Performance-based Compensation may not be
increased above the amount determined under Section 4(a) hereof.

(ii) The P4P Award shall be determined by multiplying the Incentive Percentage
applicable to the Participant by the Participant’s annual rate of salary in
effect at the time the relevant Performance Goals for such Performance Period
were established, and then determining the extent to which such award amount may
be reduced in accordance with Section 4(a). In no event, however, will a P4P
Award for a Covered Employee exceed $8,000,000 for a Fiscal Year Performance
Period (or in the case of a Performance Period other than a Fiscal Year, an
amount that bears the same ratio to $8,000,000 as the Performance Period bears
to a Fiscal Year).

(iii) The Committee shall have the discretion and authority to make adjustments
to any P4P Award in circumstances where, during the Performance Period: (1) a
Participant leaves the Employer and is rehired as a Participant; (2) a
Participant is hired, promoted or transferred into a position eligible for P4P
participation; (3) a Participant transfers between eligible P4P positions with
different Incentive Percentages or Performance Goals; (4) a Participant
transfers to a position not eligible to participate in the P4P; (5) a
Participant becomes eligible for an incentive from another incentive plan
maintained by the Company or Affiliated Corporation; (6) a Participant is on a
leave of absence; and (7) similar circumstances deemed appropriate by the
Committee, consistent with the purpose and terms of the P4P; provided however,
that the Committee shall not be authorized to increase the amount of the P4P
Award payable to a Covered Employee if the amount was intended to be Qualified
Performance-based Compensation.

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

(c)    Payment of Award. Unless the Committee provides otherwise, P4P Awards
will be paid in cash or cash equivalent within 75 days of the end of the
applicable Performance Period to which the award pertains, but in no event prior
to certification by the Committee as provided in Section 4(a) and in no event
past the date that would otherwise qualify the P4P Award as a “short-term
deferral” as that term is defined in Treasury Regulation 1.409A-1(b) promulgated
under Section 409A of the Code. If any portion of a P4P Award payable to a
Covered Employee that is intended to be Qualified Performance-based Compensation
for any reason is not deductible, payment of that portion shall, at the
Committee’s discretion, be deferred until the earliest date it may be paid and
deducted; provided however, that any such deferral shall be made in compliance
with a plan designed to comply with the requirements of Section 409A of the
Code. Further, if the Participant is on administrative suspension at the time
payment would otherwise be made, payment shall be delayed until the matter is
resolved by the Employer. No payment shall be made if the Committee determines
the qualification requirements of Section 4(b)(i) have not been satisfied by the
Participant.

5.     ADMINISTRATION

(a)    General. The P4P shall be administered by the Committee. Subject to the
provisions of the P4P, the Committee shall have full discretionary authority to
administer and interpret the P4P, to exercise all powers either specifically
granted to it under the P4P or as are necessary or advisable in the
administration of the P4P, to decide the facts in any case arising under the
P4P, to prescribe, amend and rescind rules and regulations relating to the P4P,
to require performance reports on which it can base its determinations under
Section 4(a), and to make all other determinations necessary or advisable for
the administration of the P4P, all of which shall be binding on all persons,
including the Company, Affiliated Corporations, the Participants (or any person
claiming any rights under the P4P from or through any Participant), and any
shareholder of the Company. A majority of the Committee shall constitute a
quorum, and, provided a quorum is present (or unanimous written consent is
otherwise obtained), the Committee shall act pursuant to a majority vote of
those present. No member of the Board or the Committee shall be liable for any
action taken or determination made in good faith with respect to the P4P or any
Plan Award.

(b)    Delegation. Except to the extent prohibited by applicable law or the
applicable rules of a stock exchange, the Committee may allocate all or any
portion of its responsibilities and powers to any one or more of its members,
may delegate all or any part of its responsibilities and powers for
administering the P4P to one or more persons as the Committee deems appropriate,
and at any time revoke the allocation or delegation; provided however, the
Committee may not delegate its responsibilities under the Plan relating to any
Covered Employee’s P4P Award intended to be Qualified Performance-based
Compensation to the extent delegation is prohibited under Section 162(m) of the
Code.

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

6.     MISCELLANEOUS

(a)     Amendment and Termination.

(i) The Board may at any time amend or terminate the P4P (in whole or in part)
without the approval of the shareholders of the Company, except as otherwise
provided in this Section 6(a). Neither the Company nor any Affiliated
Corporation is obligated to continue this P4P.

(ii) Unless terminated earlier by the Committee, the Plan shall terminate on the
date of the Company’s first shareholder meeting that occurs in 2020. No further
P4P Awards may be granted under the Plan following the termination date, but
outstanding P4P Awards for Performance Periods begun prior to the Plan
termination date shall continue in accordance with their terms.

(iii) Any amendment to the P4P that changes the class of individuals of an
Employer eligible to participate, changes the Performance Measures or the
formula used or increases the maximum dollar amount that may be paid to a
Participant for a Performance Period shall not be effective with respect to Plan
Awards to Covered Employees intended to be Qualified Performance-based
Compensation unless the amendment is approved by shareholders before the Plan
Award is paid.

(b)     Effect of Incentive Plan Awards on Other Compensation.

(i) Plan Awards shall not be considered eligible pay under other plans, benefit
arrangements, or fringe benefit arrangements of the Company or an Affiliated
Corporation, unless otherwise provided under the terms of other plans.

(ii) To the extent provided in the applicable benefit plan or benefit
arrangement of the Company or an Affiliated Corporation, amounts payable as Plan
Awards will be reduced in accordance with the Participant’s compensation
reduction election, if any, in effect under other plans at the time the Plan
Award is otherwise payable.

(c)    No Guarantee, No Funding. The payment of a Plan Award for any Performance
Period does not guarantee any person eligibility for or payment of a Plan Award
for any other Performance Period. Plan Awards shall be paid solely from the
general assets of the Participant’s Employer, to the extent the payments are
attributable to services for the Employer. To the extent any person acquires a
right to receive payments from an Employer under the P4P, the right is no
greater than the right of any other unsecured general creditor.

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

(d)     Tax Withholding. The Participant’s Employer shall have the right to
deduct from all payments made under the P4P any federal, state or local taxes
required by law to be withheld with respect to the payments.

(e)     Governing Law. The provisions of the P4P shall be interpreted,
construed, and administered in accordance with the referenced provisions of the
Code and with the laws of the State of Delaware.

(f)     Awards Not Transferable. Subject to Section 6(h), no amount payable to,
or held under the P4P for the account of, any Participant, spouse or beneficiary
shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, or charge, and any attempt to so anticipate,
alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be
void; nor shall any amount payable to, or held under the P4P for the account of,
any Participant be in any manner liable for such Participant's debts, contracts,
liabilities, engagements, or torts, or be subject to any legal process to levy
upon or attach.

(g)     No Contract. This P4P shall not be deemed a contract of employment with
any Participant, nor shall any provision hereof affect the right of the Company
or any Affiliated Corporations to terminate a Participant's employment.

(h)     Payments to Minors and Incompetents; Death. If any Participant, spouse
or beneficiary entitled to receive any benefits hereunder is a minor or is
deemed by the Committee or is adjudged to be legally incapable of giving valid
receipt and discharge for such benefits, they will be paid to such person or
institution as the Committee may designate or to the duly appointed guardian.
Such payment shall, to the extent made, be deemed a complete discharge of any
such payment under the Plan. In the event of a Participant’s death prior to
payment of any Plan Award to which Participant is otherwise entitled, payment
shall be made to the Participant’s then-effective beneficiary or beneficiaries
in accordance with the beneficiary designation on file with the Company. If no
such beneficiary designation is in effect, payments shall be made to the
Participant’s estate.

(i)    Recapture Rights. If at any time after the date on which a Participant
has received payment, or becomes vested in the right to receive payment, of an
Incentive Plan Award the Committee determines that the earlier determination as
to the achievement of a Performance Goal was based on incorrect data and that in
fact the Performance Goal had not been achieved or had been achieved to a lesser
extent than originally determined and a portion of the Incentive Plan Award
would not have been paid or have vested, given the correct data, then (i) any
such portion of the Incentive Plan Award for which payment had been received by
the Participant shall be paid by the Participant to the Company upon notice from
the Company as provided by the Committee and (ii) such portion of the Incentive
Plan Award that became vested shall be deemed to be not vested. Additionally,
any Incentive Plan Awards granted under the Plan may be subject to reduction,
cancellation, forfeiture or recoupment to the extent required by applicable law
or listed company

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

rules or to the extent otherwise provided at the time of grant or pursuant to
policies that may be established by the Committee from time to time.

(j)    Right of Setoff. The Company or any subsidiary or affiliate of the
Company may, to the extent permitted by applicable law, deduct from and set off
against any amounts the Company or a subsidiary or affiliate of the Company may
owe to the Participant from time to time (including any amounts payable in
connection with any Incentive Plan Award, owed as wages, fringe benefits or
other compensation owed to the Participant), such amounts as may be owed by the
Participant to the Company under the Plan, including but not limited to amounts
owed under Section 6(i), although the Participant shall remain liable for any
part of the Participant’s payment obligation not satisfied through deduction and
setoff. By accepting any Incentive Plan Award hereunder, the Participant agrees
to any deduction or setoff under this Section 6(j).

(k)    Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board
nor its submission of any terms of the Plan to the stockholders of the Company
for approval shall be construed as creating any limitations on the power of the
Board or a committee thereof to adopt such other incentive arrangements, apart
from the Plan, as it may deem desirable, including incentive arrangements and
awards which do not qualify under Section 162(m) of the Code, and such other
arrangements may be either applicable generally or only in specific cases.

(l)    Compliance with Section 162(m) of the Code. It is the intent of the
Company that compensation under the Plan payable to Covered Employees shall
constitute Qualified Performance‑based Compensation unless otherwise determined
by the Committee at the time of allocation of an award. Accordingly, the terms
of Section 4 and other provisions of the Plan, including the definitions and
other terms used therein, shall be interpreted in a manner consistent with
Section 162(m) of the Code. If any provision of the Plan or any document
relating to an award that is designated as intended to comply with Section
162(m) of the Code does not comply or is inconsistent with the requirements of
Section 162(m) of the Code, such provision shall be construed or deemed amended
to the extent necessary to conform to such requirements, and no provision shall
be deemed to confer upon the Committee or any other person discretion to
increase the amount of compensation otherwise payable in connection with any
such award upon attainment of the applicable performance objectives.
Notwithstanding the foregoing, however, whenever the Committee determines that
it is advisable to grant or pay Plan Awards that do not qualify as Qualified
Performance-based Compensation, the Committee may make grants or payments
without satisfying the requirements of Section 162(m) of the Code, provided,
however, that any such determination must be made prior to the time that any
such grant or payment is made.

(m)    Severability; Entire Agreement. If any of the provisions of this Plan or
any award document is finally held to be invalid, illegal or unenforceable
(whether in whole or in part), such provision shall be deemed modified to the
extent, but only to the extent, of

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CNO FINANCIAL GROUP, INC.
__________________________________________________________________________
2015 Pay For Performance Incentive Plan
__________________________________________________________________________

such invalidity, illegality or unenforceability, and the remaining provisions
shall not be affected thereby; provided, that, if any of such provisions is
finally held to be invalid, illegal, or unenforceable because it exceeds the
maximum scope determined to be acceptable to permit such provision to be
enforceable, such provision shall be deemed to be modified to the minimum extent
necessary to modify such scope in order to make such provision enforceable
hereunder. The Plan and any award documents contain the entire agreement of the
parties with respect to the subject matter thereof and, unless specified
otherwise, supersede all prior agreements, promises, covenants, arrangements,
communications, representations and warranties between them, whether written or
oral, with respect to the subject matter thereof.

(n)    Captions. The captions contained in the P4P are inserted only as a matter
of convenience and for reference and in no way define, limit, enlarge or
describe the scope or intent of the Plan, nor do they in any way affect the
construction of any provision of the Plan.

(o)    Section 409A. For purposes of this Plan, references to an award term or
event (including any authority or right of the Company or a Participant) being
in compliance with Section 409A of the Code shall mean, for an award that is a
“deferral” under Section 409A (a “409A Award”), that the term or event will not
cause the Participant to be liable for payment of interest or a tax penalty
under Section 409A and, for an award that is not considered a “deferral” under
Section 409A (a “non-409A Award”), that the term or event will not cause the
award to be treated as a deferral subject to Section 409A. Other provisions of
the Plan notwithstanding, the terms of any 409A Award and any Non-409A Award,
including any authority of the Company and rights of the Participant with
respect to the Award, shall be limited to those terms permitted under Section
409A, and any terms not permitted under Section 409A shall be automatically
modified and limited to the extent necessary to conform with Section 409A. For
this purpose, other provisions of the Plan notwithstanding, the Company shall
have no authority to accelerate distributions relating to 409A Awards in excess
of the authority permitted under Section 409A, and any distribution subject to
Section 409A(a)(2)(A)(i) (separation from service) to a “key employee” as
defined under Section 409A(a)(2)(B)(i), shall not occur earlier than the
earliest time permitted under Section 409A(a)(2)(B)(i).

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