EX-10(B)



 





Exhibit 10b




NORDSON CORPORATION




DEFERRED COMPENSATION PLAN




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TABLE OF CONTENTS




	 	 	 	 	 	 	 
	 	 	 	 	Page
	Purpose

	 	 	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE 1

	 	Definitions
	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE 2

	 	Selection, Enrollment, Eligibility
	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE 3

	 	Deferral Commitments/Company Matching/Crediting/Taxes
	 	 	9	 
	 
	 	 	 	 	 	 
	ARTICLE 4

	 	Short-Term Payout; Unforeseeable Financial
Emergencies; Withdrawal Election
	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE 5

	 	Retirement Benefit
	 	 	16	 
	 
	 	 	 	 	 	 
	ARTICLE 6

	 	Pre-Retirement Survivor Benefit
	 	 	17	 
	 
	 	 	 	 	 	 
	ARTICLE 7

	 	Termination Benefit
	 	 	17	 
	 
	 	 	 	 	 	 
	ARTICLE 8

	 	Disability Waiver and Benefit
	 	 	18	 
	 
	 	 	 	 	 	 
	ARTICLE 9

	 	Beneficiary Designation
	 	 	18	 
	 
	 	 	 	 	 	 
	ARTICLE 10

	 	Leave of Absence
	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE 11

	 	Termination, Amendment or Modification
	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE 12

	 	Administration
	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE 13

	 	Other Benefits and Agreements
	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE 14

	 	Claims Procedures
	 	 	23	 
	 
	 	 	 	 	 	 
	ARTICLE 15

	 	Trust
	 	 	24	 
	 
	 	 	 	 	 	 
	ARTICLE 16

	 	Miscellaneous
	 	 	24	 






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DEFERRED COMPENSATION PLAN




Effective November 3, 2000




Purpose




     The purpose of this Plan is to provide specified benefits to a select group of management and
highly compensated Employees who contribute materially to the continued growth, development and
future business success of Nordson Corporation, and its subsidiaries, if any, that sponsor this
Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA.



ARTICLE 1

Definitions




     For purposes of this Plan, unless otherwise clearly apparent from the context, the following
phrases or terms shall have the following indicated meanings:




	1.1	 	“Account Balance” shall mean, with respect to a Participant, a credit on the records of the
Company equal to the sum of (i) the Deferral Account balance, (ii) the vested Company
Contribution Account balance, (iii) the Restricted Stock Account balance, and (iv) the
Rollover Account balance. The Account Balance, and each other specified account balance,
shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement
and determination of the amounts to be paid to a Participant, or his or her designated
Beneficiary, pursuant to this Plan.
	 
	1.2	 	“Annual Company Contribution Amount” shall mean, for any one Plan Year, the amount determined
in accordance with Section 3.5.
	 
	1.3	 	“Annual Installment Method” shall be an annual installment payment over the number of years
selected by the Participant in accordance with this Plan, calculated as follows: The Account
Balance of the Participant shall be calculated as of the close of business on the last
business day of the year. The annual installment shall be calculated by multiplying this
balance by a fraction, the numerator of which is one, and the denominator of which is the
remaining number of annual payments due the Participant. By way of example, if the
Participant elects a 10 year Annual Installment Method, the first payment shall be 1/10 of the
Account Balance, calculated as described in this definition. The following year, the payment
shall be 1/9 of the Account Balance, calculated as described in this definition. Each annual
installment shall be paid on or as soon as practicable after the last business day of the
applicable year.
	 
	1.4	 	“Base Salary” shall mean the annual cash compensation relating to services performed during
any calendar year, whether or not paid in such calendar year or included on the Federal Income
Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe
benefits, stock options, relocation expenses, incentive payments, non-monetary awards, fees,
automobile and other allowances paid to a Participant for




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	 	 	employment services rendered (whether or not such allowances are included in the Employee’s
gross income). Base Salary shall be calculated before reduction for compensation
voluntarily deferred or contributed by the Participant pursuant to all qualified or
non-qualified plans of any Employer and shall be calculated to include amounts not otherwise
included in the Participant’s gross income under Code Sections 125, 402(e)(3), 402(h), or
403(b) pursuant to plans established by any Employer; provided, however, that all such
amounts will be included in compensation only to the extent that, had there been no such
plan, the amount would have been payable in cash to the Employee.
	 
	1.5	 	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated
in accordance with Article 9, that are entitled to receive benefits under this Plan upon the
death of a Participant.
	 
	1.6	 	“Beneficiary Designation Form” shall mean the form established from time to time by the
Committee that a Participant completes, signs and returns to the Committee to designate one or
more Beneficiaries.
	 
	1.7	 	“Board” shall mean the board of directors of the Company.
	 
	1.8	 	“Bonus” shall mean any compensation relating to services performed during any calendar
year(s), whether or not paid in a calendar year or included on the Federal Income Tax Form
W-2 for a calendar year, payable to a Participant as an Employee under any Employer’s bonus
or cash compensation incentive plans, excluding stock options and restricted stock.
	 
	1.9	 	“Change in Control” shall mean an event described below occurring at any time after the date
of the adoption of this Plan:






     (i) any person (other than the Company, any of its subsidiaries, any employee benefit
plan or employee stock ownership plan of the Company, or any Person organized, appointed, or
established by the Company for or pursuant to the terms of any such plan), alone or together
with any of its Affiliates or Associates, becomes the Beneficial Owner of 20% or more of the
Common Shares then outstanding, or any such Person commences or publicly announces an intent
to commence a tender offer or exchange offer the consummation of which would result in the
Person becoming the Beneficial Owner of 20% or more of the Common Shares then outstanding
(provided, however, that, for purposes of determining whether Eric T. Nord or Evan
W. Nord, together with each of their Affiliates or Associates, is the Beneficial Owner of
20% or more of the Common Shares then outstanding, the Common Shares then held by the Walter
G. Nord trust, by the Nord Family Foundation (or any successor to the Nord Family
Foundation), and by the Eric and Jane Nord Foundation shall be excluded; for purposes of
determining whether the Walter G. Nord Trust, the Nord Family Foundation (or any successor),
or the Eric and Jane Nord Foundation, together with each of their Affiliates and Associates,
is the Beneficial Owner of 20% or more of the Common Shares then outstanding, the Common
Shares then held by Eric T. Nord and by Evan W. Nord shall be excluded; for purposes of
determining whether the Nord Family Foundation (or any successor), together with its
Affiliates and Associates,



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is the Beneficial Owner of 20% or more of the Common Shares then outstanding, the Common
Shares then held by the Eric and Jane Nord Foundation will be excluded; and, for purposes of
determining whether the Eric and Jane Nord Foundation, together with its Affiliates and
Associates, is the Beneficial Owner of 20% or more of the Common Shares then outstanding,
the Common Shares then held by the Nord Family Foundation (or any successor) will be
excluded. For purposes of this Section 1.11, the terms “Affiliates,” “Associates,”
“Beneficial Owner,” and “Person” will have the meanings given to them in the Restated Rights
Agreement, dated as of November 7, 1997, between the Company and National City Bank, as
Rights Agent, as amended from time to time.




     (ii) At any time during a period of 24 consecutive months, individuals who were
directors of the Company at the beginning of the period no longer constitute a majority of
the members of the Board, unless the election, or the nomination for election by the
Company’s shareholders, of each director who was not a director at the beginning of the
period is approved by at least a majority of the directors who were members of the Board at
the time of the election or nomination and were directors at the beginning of the period.




     (iii) A record date is established for determining shareholders entitled to vote upon
(A) a merge or consolidation of the Company with another corporation in which the Company is
not the surviving or continuing corporation or in which all or part of the outstanding
Common Shares are to be converted into or exchanged for cash, securities, or other property,
(B) a sale or other disposition of all or substantially all of the assets of the Company, or
(C) the dissolution of the Company.




     (iv) Any person who proposes to make a “control share acquisition” of the Company,
within the meaning of the applicable Section of the Ohio General Corporation Law, submits or
is required to submit an acquiring person statement to the Company.




	1.10	 	“Claimant” shall have the meaning set forth in Section 14.1.
	 
	1.11	 	“Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time.
	 
	1.12	 	“Committee” shall mean the Compensation Committee of the Board of Directors of the Company.
	 
	1.13	 	“Company” shall mean Nordson Corporation, an Ohio corporation, and any successor to all or
substantially all of the Company’s assets or business.
	 
	1.14	 	“Company Contribution Account” shall mean (i) the sum of the Participant’s Annual Company
Contribution Amounts, plus (ii) amounts credited in accordance with all the applicable
crediting provisions of this Plan that relate to the Participant’s Company Contribution
Account, less (iii) all distributions made to the Participant or his or her




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	 	 	Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution
Account.
	 
	1.15	 	“Deduction Limitation” shall mean the following described limitation on a benefit that may
otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise
provided, this limitation shall be applied to all distributions that are “subject to the
Deduction Limitation” under this Plan. If an Employer determines in good faith prior to a
Change in Control that there is a reasonable likelihood that any compensation paid to a
Participant for a taxable year of the Employer would not be deductible by the Employer solely
by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by
the Employer to ensure that the entire amount of any distribution to the Participant pursuant
to this Plan prior to the Change in Control is deductible, the Employer may defer all or any
portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation
shall continue to be credited/debited with additional amounts in accordance with Section 3.10
below, even if such amount is being paid out in installments. The amounts so deferred and
amounts credited thereon shall be distributed to the Participant or his or her Beneficiary (in
the event of the Participant’s death) at the earliest possible date, as determined by the
Employer in good faith, on which the deductibility of compensation paid or payable to the
Participant for the taxable year of the Employer during which the distribution is made will
not be limited by Section 162(m), or if earlier, the effective date of a Change in Control.
Notwithstanding anything to the contrary in this Plan, the Deduction Limitation shall not
apply to any distributions made after a Change in Control.
	 
	1.16	 	“Deferral Account” shall mean (i) the sum of all of a Participant’s Deferral Amounts, plus
(ii) amounts credited in accordance with all the applicable crediting provisions of this Plan
that relate to the Participant’s Deferral Account, less (iii) all distributions made to the
Participant or his or her Beneficiary pursuant to this Plan that relate to his or her Deferral
Account
	 
	1.17	 	“Deferral Amount” shall mean that portion of a Participant’s Base Salary and Bonus that a
Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan
Year. In the event of a Participant’s Retirement, Disability (if deferrals cease in
accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan
Year, such year’s Deferral Amount shall be the actual amount withheld prior to such event.
	 
	1.18	 	“Disability” shall mean a period of disability during which a Participant qualifies for
permanent disability benefits under the Participant’s Employer’s long-term disability plan,
or, if a Participant does not participate in such a plan, a period of disability during which
the Participant would have qualified for permanent disability benefits under such a plan had
the Participant been a participant in such a plan, as determined in the sole discretion of the
Committee. If the Participant’s Employer does not sponsor such a plan, or discontinues to
sponsor such a plan, Disability shall be determined by the Committee in its sole discretion.




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	1.19	 	“Disability Benefit” shall mean the benefit set forth in Article 8.
	 
	1.20	 	“Election Form” shall mean the form established from time to time by the Committee that a
Participant completes, signs and returns to the Committee to make an election under the Plan.
	 
	1.21	 	“Employee” shall mean a person who is an employee of any Employer.
	 
	1.22	 	“Employer(s)” shall mean the Company and any of its subsidiaries (now in existence or
hereafter formed or acquired) that have been selected by the Committee to participate in the
Plan and have adopted the Plan as a sponsor.
	 
	1.23	 	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended
from time to time.
	 
	1.24	 	“NEST” shall mean the Nordson Corporation Employees Savings Trust Plan.
	 
	1.25	 	“Participant” shall mean any Employee (i) who is selected to participate in the Plan, (ii)
who elects to participate in the Plan, (iii) who signs a Plan Agreement, an Election Form and
a Beneficiary Designation Form, (iv) whose signed Plan Agreement, Election Form and
Beneficiary Designation Form are accepted by the Committee, (v) who commences participation in
the Plan, and (vi) whose Plan Agreement has not terminated. A spouse or former spouse of a
Participant shall not be treated as a Participant in the Plan or have an account balance under
the Plan, even if he or she has an interest in the Participant’s benefits under the Plan as a
result of applicable law or property settlements resulting from legal separation or divorce.
	 
	1.26	 	“Plan” shall mean the Nordson Corporation Deferred Compensation Plan, as amended from time to
time.
	 
	1.27	 	“Plan Agreement” shall mean a written agreement, as may be amended by the Committee from time
to time, which is entered into by and between an Employer and a Participant. Should there be
more than one Plan Agreement, the Plan Agreement bearing the latest date of acceptance by the
Employer shall supersede all previous Plan Agreements in their entirety and shall govern such
entitlement.
	 
	1.28	 	“Plan Year” shall, except for the First Plan Year, mean a period beginning on January 1 of
each calendar year and continuing through December 31 of such calendar year.
	 
	1.29	 	“Pre-Retirement Survivor Benefit” shall mean the benefit set forth in Article 6.
	 
	1.30	 	“Restricted Stock” shall mean shares of restricted stock granted to the Participant under the
Company’s 1993 Long-Term Performance Plan.
	 
	1.31	 	“Restricted Stock Account” shall mean (i) the sum of the Participant’s Restricted Stock
Amounts, plus (ii) amounts credited/debited in accordance with all the applicable




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	 	 	crediting/debiting provisions of this Plan that relate to the Participant’s Restricted Stock
Account, less (iii) all distributions made to the Participant or his or her Beneficiary
pursuant to this Plan that relate to the Participant’s Restricted Stock Account.
	 
	1.32	 	“Restricted Stock Amount” shall mean, for any grant of Restricted Stock, the amount of such
Restricted Stock deferred in accordance with Section 3.6 of this Plan.
	 
	1.33	 	“Retirement”, “Retire(s)” or “Retired” shall mean, with respect to an Employee, severance
from employment pursuant to the Nordson Corporation Salaried Employees Pension Plan.
	 
	1.34	 	“Retirement Benefit” shall mean the benefit set forth in Article 5.
	 
	1.35	 	“Rollover Account” shall mean the vested account balance that a Participant accrued while
participating in the Nordson Corporation Excess Defined Contribution Retirement Plan (SERP)
and which has been transferred or rolled over into this Plan.
	 
	1.36	 	“Short-Term Payout” shall mean the payout set forth in Section 4.1.
	 
	1.37	 	“Stock” shall mean the common shares of the Company or any other equity securities of the
Company designated by the Committee.
	 
	1.38	 	“Termination Benefit” shall mean the benefit set forth in Article 7.
	 
	1.39	 	“Termination of Employment” shall mean the severing of employment with the Company or an
Employer, voluntarily or involuntarily, for any reason other than Retirement, Disability, or
death.
	 
	1.40	 	“Trust” shall mean one or more rabbi trusts established by the Company or an Employer in
accordance with Article 15 of this Plan as amended from time to time.
	 
	1.41	 	“Unforeseeable Financial Emergency” shall mean an unanticipated emergency that is caused by
an event beyond the control of the Participant that would result in severe financial hardship
to the Participant resulting from (i) a sudden and unexpected illness or accident of the
Participant or a dependent of the Participant, (ii) a loss of the Participant’s property due
to casualty, or (iii) such other extraordinary and unforeseeable circumstances arising as a
result of events beyond the control of the Participant, all as determined in the sole
discretion of the Committee.
	 
	1.42	 	“Years of Vested Service” shall have the meaning as that term is defined in the NEST.





ARTICLE 2

Selection, Enrollment, Eligibility





	2.1	 	Selection by Committee. Participation in the Plan shall be limited to those
employees of an Employer who (i) are officers or key employees of an Employer, (ii) received,
or would have received but for an election to defer compensation under this Plan and any other plan




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	 	 	of the Company, from the Employer aggregate cash compensation for the prior Plan Year (or calendar year for purposes of the
initial Plan Year) of not less than $100,000, or such higher amount as the Committee may
decide from time to time, and (iii) are, upon recommendation of the President and Chief
Executive Officer of the Company, approved for such participation by the Committee, in its
sole discretion,
	 
	2.2	 	Enrollment Requirements. As a condition to participation, each selected Employee
shall complete, execute and return to the Committee a Plan Agreement, an Election Form and a
Beneficiary Designation Form, all within 30 days (or such other time as the Committee may
determine) after he or she is selected to participate in the Plan. In addition, the Committee
shall establish from time to time such other enrollment requirements as it determines in its
sole discretion are necessary.
	 
	2.3	 	Eligibility; Commencement of Participation. Provided an Employee selected to
participate in the Plan has met all enrollment requirements set forth in this Plan and
required by the Committee, including returning all required documents to the Committee within
thirty (30) days (or such other time as the Committee may determine) after he or she is
selected to participate in the Plan, that Employee shall commence participation in the Plan on
the first day of the month following the month in which the Employee completes all enrollment
requirements. If an Employee fails to meet all such requirements within the period required,
that Employee shall not be eligible to participate in the Plan until the first day of the Plan
Year following the delivery to and acceptance by the Committee of the required documents.
	 
	2.4	 	Termination of Participation and/or Deferrals. If the Committee determines in good
faith that a Participant no longer qualifies as a member of a select group of management or
highly compensated employees, as membership in such group is determined in accordance with
Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Committee shall have the right, in its
sole discretion, to (i) terminate any deferral election the Participant has made for the
remainder of the Plan Year in which the Participant’s membership status changes, (ii) prevent
the Participant from making future deferral elections and/or (iii) immediately distribute the
Participant’s then Account Balance as a Termination Benefit and terminate the Participant’s
participation in the Plan.





ARTICLE 3

Deferral Commitments/Company Matching/Crediting/Taxes





	3.1	 	Minimum Deferrals.






	 	 	 	Base Salary and Bonus. For each Plan Year, a Participant may elect to
defer, as his or her Deferral Amount, a minimum of at least Five Thousand dollars
($5,000) between his Base Salary and Bonus. If an election is made for less than stated
minimum amounts, or if no election is made, the amount deferred shall be zero.




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	 	(b)	 	Short Plan Year. Notwithstanding the foregoing, if a Participant first
becomes a Participant after the first day of a Plan Year, or in the case of the first
Plan Year of the Plan itself, the minimum Base Salary deferral shall be an amount equal
to the minimum set forth above, multiplied by a fraction, the numerator of which is the
number of complete months remaining in the Plan Year and the denominator of which is
12.
	 
	 	 	 	Restricted Stock Amount. For Restricted Stock, a Participant may elect to
defer, as his or her Restricted Stock Amount, the following minimum percentage of
the Participant’s Restricted Stock:





	 	 	 
	Deferral	 	Minimum Percentage
	Restricted Stock
	 	10%







	 	 	 	provided, however, that the Restricted Stock Amount shall be no less than the lesser
of $20,000 or 100% of the Participant’s Restricted Stock.






	3.2	 	Maximum Deferral.






	 	(a)	 	Base Salary and Bonus. For each Plan Year, a Participant may elect to
defer, as his or her Deferral Amount, Base Salary and/or Bonus up to the following
maximum percentages for each deferral elected:





	 	 	 
	Deferral 	 	Maximum Percentage
	Base Salary
	 	100%
	 
	 	 
	Bonus
	 	100%







	 	(b)	 	Notwithstanding the foregoing, if a Participant first becomes a Participant
after the first day of a Plan Year, or in the case of the first Plan Year of the Plan
itself, the maximum Deferral Amount, with respect to Base Salary and/or Bonus shall be
limited to the amount of compensation not yet earned by the Participant as of the date
the Participant submits a Plan Agreement and Election Form to the Committee for
acceptance.
	 
	 	(c)	 	A Participant may elect to defer up to 100% of his or her Restricted Stock.






	3.3	 	Election to Defer; Effect of Election Form.






	 	(a)	 	First Plan Year. In connection with a Participant’s commencement of
participation in the Plan, the Participant shall make an irrevocable deferral election
for the Plan Year in which the Participant commences participation in the Plan, along
with such




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	 	 	 	other elections as the Committee deems necessary or desirable under the Plan.
For these elections to be valid, the Election Form must be completed and signed by the
Participant, timely delivered to the Committee (in accordance with Section 2.2 above)
and accepted by the Committee.
	 
	 	(b)	 	Subsequent Plan Years. For each succeeding Plan Year, an irrevocable
deferral election for that Plan Year, and such other elections as the Committee deems
necessary or desirable under the Plan, shall be made by timely delivering to the
Committee, in accordance with its rules and procedures, before the end of the Plan Year
preceding the Plan Year for which the election is made, or at such other time as the
Committee may determine from time to time, a new Election Form. If no such Election
Form is timely delivered for a Plan Year, the Deferral Amount shall be zero for that
Plan Year.
	 
	 	(c)	 	Restricted Stock. For an election to defer Restricted Stock Amounts to
be valid: (i) a separate irrevocable Election Form must be completed and signed by the
Participant, with respect to such Restricted Stock; and (ii) such Election Form must be
timely delivered to the Committee and accepted by the Committee at least six (6) months
prior to the date the restrictions applicable to such Restricted Stock lapse.






	3.4	 	Withholding of Annual Deferral Amounts. For each Plan Year, the Base Salary portion
of the Deferral Amount shall be withheld from each regularly scheduled Base Salary payroll in
equal amounts, as adjusted from time to time for increases and decreases in Base Salary. The
Bonus portion of the Deferral Amount shall be withheld at the time the Bonus is or otherwise
would be paid to the Participant, whether or not this occurs during the Plan Year itself.
	 
	3.5	 	Annual Company Contribution Amount. For each Plan Year, the Company, in its sole
discretion, may, but is not required to, credit any amount it desires to any Participant’s
Company Contribution Account under this Plan, which amount shall be for that Participant the
Annual Company Contribution Amount for that Plan Year. The amount so credited to a
Participant may be smaller or larger than the amount credited to any other Participant, and
the amount credited to any Participant for a Plan Year may be zero, even though one or more
other Participants receive an Annual Company Contribution Amount for that Plan Year. The
Annual Company Contribution Amount, if any, shall be credited as of the last day of the Plan
Year. If a Participant is not employed by an Employer as of the last day of a Plan Year other
than by reason of his or her Retirement or death while employed, the Annual Company
Contribution Amount for that Plan Year shall be zero.
	 
	3.6	 	Restricted Stock Amount. Subject to any terms and conditions imposed by the
Committee, Participants may elect to defer, under the Plan, Restricted Stock Amounts. Restricted Stock Amounts shall be credited/debited to the
Participant on the books of the Employer in connection with such an election at the time the
restrictions applicable to the Restricted Stock lapse under the terms of the Company’s 1993
Long Term Performance Plan.




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	3.7	 	Investment of Trust Assets. The Trustee of the Trust shall be authorized, upon
written instructions received from the Committee or investment manager appointed by the
Committee, to invest and reinvest the assets of the Trust in accordance with the applicable
Trust Agreement, including the disposition of Stock and reinvestment of the proceeds in one or
more investment vehicles designated by the Committee.
	 
	3.8	 	Sources of Stock. If Stock is credited under the Plan in the Trust in connection
with a deferral of Restricted Stock, the shares so credited shall be deemed to have
originated, and shall be counted against the number of shares reserved, under such other plan,
program or arrangement.
	 
	3.9	 	Vesting.






	 	(a)	 	A Participant shall at all times be 100% vested in his or her Deferral Account,
Restricted Stock Account and Rollover Account. A Participant shall vest in his or her
Company Contribution Account in accordance with the same vesting schedule as set forth
in the NEST.
	 
	 	(b)	 	Notwithstanding anything to the contrary contained in this Section 3.9, in the
event of a Change in Control, a Participant’s Company Contribution Account shall
immediately become 100% vested (if it is not already vested in accordance with the
above vesting schedules).
	 
	 	(c)	 	Notwithstanding subsection (a), the vesting schedule for a Participant’s
Company Contribution Account shall not be accelerated to the extent that the Committee
determines that such acceleration would cause the deduction limitations of Section 280G
of the Code to become effective. In the event that all of a Participant’s Company
Contribution Account is not vested pursuant to such a determination, the Participant
may request independent verification of the Committee’s calculations with respect to
the application of Section 280G. In such case, the Committee must provide to the
Participant within 15 business days of such a request an opinion from a nationally
recognized accounting firm selected by the Participant (the “Accounting Firm”). If the
Accounting Firm’s opinion is in agreement with the Committee’s determination, the
opinion shall state that any limitation in the vested percentage hereunder is necessary
to avoid the limits of Section 280G and contain supporting calculations. The cost of
such opinion shall be paid for by the Company.






	3.10	 	Crediting/Debiting of Account Balances. In accordance with, and subject to, the
rules and procedures that are established from time to time by the Committee, in its sole
discretion, amounts shall be credited or debited to a Participant’s Account Balance in
accordance with the following rules:






	 	(a)	 	Election of Measurement Funds. A Participant, in connection with his
or her initial deferral election in accordance with Section 3.3(a) above, shall elect,
on the




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	 	 	 	Election Form, one or more Measurement Fund(s) (as described in Section 3.10(c)
below) to be used to determine the additional amounts to be credited to his or her
Account Balance for each business day thereof in which the Participant commences
participation in the Plan and continuing thereafter for each subsequent business day in
which the Participant participates in the Plan. Thereafter, the Participant may (but
is not required to) elect, either by submitting an Election Form to the Committee that
is accepted by the Committee or through any other manner approved by the Committee, to
add or delete one or more Measurement Fund(s) to be used to determine the additional
amounts to be credited to his or her Account Balance, or to change the portion of his
or her Account Balance allocated to each previously or newly elected Measurement Fund,
all in a manner permitted by the Committee.
	 
	 	(b)	 	Proportionate Allocation. In making any election described in Section
3.10(a) above, the Participant shall specify on the Election Form, in increments of
five percentage points (5%), the percentage of his or her Account Balance to be
allocated to a Measurement Fund (as if the Participant was making an investment in that
Measurement Fund with that portion of his or her Account Balance).
	 
	 	(c)	 	Measurement Funds. In the First Plan Year, the following measurement
fund, (the “Measurement Fund”), will be used for the purpose of crediting additional
amounts to Participant’s Account Balance:






	 	•	 	Nordson Corporation Investment Contract Fund






	 	 	 	As necessary, the Committee may, in its sole discretion, discontinue, substitute or
add a Measurement Fund(s). Each such action will take effect as of the first day of
the calendar quarter that follows by thirty (30) days the day on which the Committee
gives Participants advance written notice of such change.
	 
	 	(d)	 	Crediting or Debiting Method. The performance of each elected
Measurement Fund (either positive or negative) will be determined by the Committee, in
its reasonable discretion, based on the performance of the Measurement Funds
themselves. A Participant’s Account Balance shall be credited or debited on a
schedule as determined by the Committee in its sole discretion, as though (i) a
Participant’s Account Balance were invested in the Measurement Fund(s) selected by the
Participant, in the percentages applicable to such business day, as of the
close of business on that business day, at the closing price on such date; (ii) the
portion of the Deferral Amount that was actually deferred during any business day
were invested in the Measurement Fund(s) selected by the Participant, in the
percentages applicable to such business day, no later than the close of business on
that business day after the day on which such amounts are actually deferred from the
Participant’s Base Salary through reductions in his or her payroll, at the closing
price on such date; and (iii) any distribution made to a Participant that decreases
such Participant’s Account Balance ceased being invested in the Measurement




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	 	 	 	Fund(s), in the percentages applicable to such business day, no earlier than one business day
prior to the distribution, at the closing price on such date. The Participant’s
Company Contributions Amount shall be credited to his or her Company Contribution
Account for purposes of this Section 3.10(d) as of the date determined by the
Committee.
	 
	 	(e)	 	No Actual Investment. Notwithstanding any other provision of this Plan
that may be interpreted to the contrary, the Measurement Funds are to be used for
measurement purposes only, and a Participant’s election of any such Measurement Fund,
the allocation to his or her Account Balance thereto, the calculation of additional
amounts and the crediting or debiting of such amounts to a Participant’s Account
Balance shall not be considered or construed in any manner as an actual investment of
his or her Account Balance in any such Measurement Fund. In the event that the Company
or the Trustee (as that term is defined in the Trust), in its own discretion, decides
to invest funds in any or all of the Measurement Funds, no Participant shall have any
rights in or to such investments themselves. Without limiting the foregoing, a
Participant’s Account Balance shall at all times be a bookkeeping entry only and shall
not represent any investment made on his or her behalf by the Company or the Trust; the
Participant shall at all times remain an unsecured creditor of the Company.
	 
	 	(f)	 	Special Rule for Restricted Stock Account. Notwithstanding any
provision of this Plan that may be construed to the contrary, any amounts allocated to
the Restricted Stock Account can never be reallocated to any other Measurement Fund(s)
in this Plan. In addition, all distributions from the Restricted Stock Account must be
distributed in Stock.






	3.11	 	FICA and Other Taxes.






	 	(a)	 	Annual Deferral Amounts. For each Plan Year in which an Deferral
Amount is being withheld from a Participant, the Participant’s Employer(s) shall
withhold from that portion of the Participant’s Base Salary and Bonus that is not being
deferred, in a manner determined by the Employer(s), the Participant’s share of FICA
and other employment taxes on such Deferral Amount. If necessary, the Committee may
reduce the Deferral Amount in order to comply with this Section 3.11.
	 
	 	(b)	 	Company Contribution Amounts. When a Participant becomes vested in a
portion of his or her Company Contribution Account, the Participant’s Employer(s) shall
withhold from the Participant’s Base Salary and/or Bonus that is not deferred, in a
manner determined by the Employer(s), the Participant’s share of FICA and other
employment taxes. If necessary, the Committee may reduce the vested portion of the
Participant’s Company Contribution Account in order to comply with this Section 3.11.




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	 	(c)	 	Restricted Stock Amounts. For each Plan Year in which a Restricted
Stock Amount is being first withheld from a Participant, the Participant’s Employer(s)
shall withhold from that portion of the Participant’s Base Salary, Bonus, and
Restricted Stock that is not being deferred, in a manner determined by the Employer,
the Participant’s share of FICA and other employment taxes on such Restricted Stock
Amount. If necessary, the Committee may reduce the Restricted Stock Amount in order to
comply with this Section 3.11.






	3.12	 	Distributions. The Participant’s Employer, or the trustee of the Trust, shall
withhold from any payments made to a Participant under this Plan all federal, state and local
income, employment and other taxes required to be withheld by the Employer, or the trustee of
the Trust, in connection with such payments, in amounts and in a manner to be determined in
the sole discretion of the Employer and the trustee of the Trust.





ARTICLE 4

Short-Term Payout; Unforeseeable Financial Emergencies;

Withdrawal Election





	4.1	 	Short-Term Payout. In connection with each election to defer an Annual Deferral
Amount, a Participant may irrevocably elect to receive a future Short-Term Payout from the
Plan with respect to such Deferral Amount. Subject to the Deduction Limitation, the
Short-Term Payout shall be a lump sum payment in an amount that is equal to the Annual
Deferral Amount plus amounts credited or debited in the manner provided in Section 3.10 above
on that amount, determined at the time that the Short-Term Payout becomes payable (rather than
the date of a Termination of Employment). Subject to the Deduction Limitation and the other
terms and conditions of this Plan, each Short-Term Payout elected shall be paid out within a
60 day period commencing immediately after the last day of any Plan Year designated by the
Participant that is at least five Plan Years after the Plan Year in which the Deferral Amount
is actually deferred. By way of example, if a five year Short-Term Payout is elected for
Deferral Amounts that are deferred in the Plan Year commencing January 1, 2001, the five year
Short-Term Payout would become payable within a 60 day period commencing January 1, 2006.
	 
	4.2	 	Other Benefits Take Precedence Over Short-Term. Should an event occur that triggers
a benefit under Article 5, 6, 7 or 8, any Annual Deferral Amount, plus amounts credited or
debited thereon, that is subject to a Short-Term Payout election under Section 4.1 shall not
be paid in accordance with Section 4.1 but shall be paid in accordance with the other
applicable Article. Moreover, any Short-Term Payout shall be adjusted to take into account
any contribution under Section 3.5 above.
	 
	4.3	 	Payout/Suspensions for Unforeseeable Financial Emergencies. If the Participant
experiences an Unforeseeable Financial Emergency, the Participant may petition the Committee
to (i) suspend any deferrals required to be made by a Participant and/or (ii) receive a
partial or full payout from the Plan. The payout shall not exceed the lesser of the
Participant’s Account Balance, calculated as if such Participant were receiving a




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	 	 	Termination Benefit, or the amount reasonably needed to satisfy the Unforeseeable Financial Emergency.
If, subject to the sole discretion of the Committee, the petition for a suspension and/or
payout is approved, suspension shall take effect upon the date of approval and any payout
shall be made within 60 days of the date of approval. The payment of any amount under this
Section 4.3 shall not be subject to the Deduction Limitation or withdrawal penalty of Section
4.4 below.
	 
	4.4	 	Withdrawal Election. A Participant (or, after a Participant’s death, his or her
Beneficiary) may elect, at any time, to withdraw all of his or her Account Balance, calculated
as if there had occurred a Termination of Employment as
of the day of the election, less a withdrawal penalty equal to 10% of such amount (the net
amount shall be referred to as the “Withdrawal Amount”). This election can be made at any
time, before or after Retirement, Disability, death or Termination of Employment, and
whether or not the Participant (or Beneficiary) is in the process of being paid pursuant to
an installment payment schedule. If made before Retirement, Disability or death, a
Participant’s Withdrawal Amount shall be his or her Account Balance calculated as if there
had occurred a Termination of Employment as of the day of the election. No partial
withdrawals of the Withdrawal Amount shall be allowed. The Participant (or his or her
Beneficiary) shall make this election by giving the Committee advance written notice of the
election in a form determined from time to time by the Committee. The Participant (or his
or her Beneficiary) shall be paid the Withdrawal Amount within 60 days of his or her
election. Once the Withdrawal Amount is paid, the Participant’s participation in the Plan
shall terminate and the Participant shall not be eligible to participate in the Plan for two
full years following and from the date of receiving the Withdrawal Amount. The payment of
this Withdrawal Amount shall not be subject to the Deduction Limitation.





ARTICLE 5

Retirement Benefit





	5.1	 	Retirement Benefit. Subject to the Deduction Limitation, a Participant who Retires
shall receive, as a Retirement Benefit, his or her Account Balance.
	 
	5.2	 	Payment of Retirement Benefit. A Participant, in connection with his or her
commencement of participation in the Plan, shall elect on an Election Form to receive the
Retirement Benefit in a lump sum or pursuant to an Annual Installment Method of 5, 10 or 15
years. Notwithstanding the preceding sentence, if the Participant’s Account Balance at the
time of his or her Retirement is less than $35,000, payment of his or her Retirement Benefit
shall be paid in a lump sum. The Participant may annually change his or her election to an
allowable alternative payout period by submitting a new Election Form to the Committee,
provided that any such Election Form is submitted at least 12 months prior to the
Participant’s Retirement and is accepted by the Committee in its sole discretion. The Election
Form most recently accepted by the Committee shall govern the payout of the Retirement
Benefit. If a Participant does not make any election with respect to the payment of the
Retirement Benefit, then such benefit shall be payable in a lump sum. The lump sum payment
shall be made, or installment payments shall commence, no later than




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	 	 	    60 days after the last
day of the Plan Year which the Participant Retires. Any payment made shall be subject to the
Deduction Limitation.
	 
	5.3	 	Death Prior to Completion of Retirement Benefit. If a Participant dies after
Retirement but before the Retirement Benefit is paid in full, the Participant’s unpaid
Retirement Benefit payments shall continue and shall be paid to the Participant’s Beneficiary
(a) over the remaining number of years and in the same amounts as that benefit would have been
paid to the Participant had the Participant survived, or (b) in a lump sum, if requested by the
Beneficiary and allowed in the sole discretion of the Committee, that is equal to the
Participant’s unpaid remaining Account Balance.





ARTICLE 6

Pre-Retirement Survivor Benefit





	6.1	 	Pre-Retirement Survivor Benefit. Subject to the Deduction Limitation, the
Participant’s Beneficiary shall receive a Pre-Retirement Survivor Benefit equal to the
Participant’s Account Balance if the Participant dies before he or she Retires, experiences a
Termination of Employment or suffers a Disability.
	 
	6.2	 	Payment of Pre-Retirement Survivor Benefit. A Participant’s Beneficiary shall
receive the Pre-Retirement Survivor Benefit in a lump sum. The lump sum payment shall be made
no later than 60 days after the last day of the Plan Year in which the Committee is provided
with proof that is satisfactory to the Committee of the Participant’s death. Any payment made
shall be subject to the Deduction Limitation.





ARTICLE 7

Termination Benefit





	7.1	 	Termination Benefit. Subject to the Deduction Limitation, the Participant shall
receive a Termination Benefit, which shall be equal to the Participant’s Account Balance if a
Participant experiences a Termination of Employment prior to his or her Retirement, death or
Disability.
	 
	7.2	 	Payment of Termination Benefit. If the Participant’s Account Balance at the time of
his or her Termination of Employment is less than $35,000, payment of his or her Termination
Benefit shall be paid in a lump sum. If his or her Account Balance at such time is equal to
or greater than that amount, the Committee, in its sole discretion, may cause the Termination
Benefit to be paid in a lump sum or pursuant to an Annual Installment Method of 5, 10 or 15
years. The lump sum payment shall be made, or installment payments shall commence, no later
than 60 days after the Participant experiences the Termination of Employment. Any payment
made shall be subject to the Deduction Limitation.




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ARTICLE 8

Disability Waiver and Benefit





	8.1	 	Disability Waiver.






	 	(a)	 	Waiver of Deferral. A Participant who is determined by the Committee
to be suffering from a Disability shall be (i) excused from fulfilling that portion of
the Annual Deferral Amount commitment that would otherwise have been withheld from a
Participant’s Base Salary and/or Bonus for the Plan Year during which the
Participant first suffers a Disability and (ii) excused from fulfilling any existing
Restricted Stock Amount. During the period of Disability, the Participant shall not
be allowed to make any additional deferral elections, but will continue to be
considered a Participant for all other purposes of this Plan.
	 
	 	(b)	 	Return to Work. If a Participant returns to active employment with an
Employer, after a Disability ceases, the Participant may elect to defer Deferral Amount
and Restricted Stock Amount for the Plan Year following his or her return to active
employment or service and for every Plan Year thereafter while a Participant in the
Plan; provided such deferral elections are otherwise allowed and an Election Form is
delivered to and accepted by the Committee for each such election in accordance with
Section 3.3 above.






	8.2	 	Continued Eligibility; Disability Benefit. A Participant suffering a Disability
shall, for benefit purposes under this Plan, continue to be considered to be employed by an
Employer, and shall be eligible for the benefits provided for in Articles 4, 5, 6 or 7 in
accordance with the provisions of those Articles. Notwithstanding the above, the Committee
shall have the right to, in its sole and absolute discretion and for purposes of this Plan
only, and must in the case of a Participant who is otherwise eligible to Retire, deem the
Participant to have experienced a Termination of Employment, or in the case of a Participant
who is eligible to Retire, to have Retired, at any time (or in the case of a Participant who
is eligible to Retire, as soon as practicable) after such Participant is determined to be
suffering a Disability, in which case the Participant shall receive a Disability Benefit equal
to his or her Account Balance at the time of the Committee’s determination; provided, however,
that should the Participant otherwise have been eligible to Retire, he or she shall be paid in
accordance with Article 5. The Disability Benefit shall be paid in a lump sum within sixty
(60) days of the Committee’s exercise of such right. Any payment made shall be subject to the
Deduction Limitation.





ARTICLE 9

Beneficiary Designation





	9.1	 	Beneficiary. Each Participant shall have the right, at any time, to designate his or
her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable
under the Plan to a beneficiary upon the death of a Participant. The Beneficiary designated
under




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	 	 	this Plan may be the same as or different from the Beneficiary designation under any
other plan of an Employer in which the Participant participates.
	 
	9.2	 	Beneficiary Designation; Change; Spousal Consent. A Participant shall designate his
or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning
it to the Committee or its designated agent. A Participant shall have the right to change a
Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary
Designation Form and the Committee’s rules and procedures, as in effect from time to time.
If the Participant names someone other than his or her spouse as a Beneficiary, a spousal
consent, in the form designated by the Committee, must be signed by that Participant’s
spouse and returned to the Committee. Upon the acceptance by the Committee of a new
Beneficiary Designation Form, all Beneficiary designations previously filed shall be
canceled. The Committee shall be entitled to rely on the last Beneficiary Designation Form
filed by the Participant and accepted by the Committee prior to his or her death.
	 
	9.3	 	Acknowledgment. No designation or change in designation of a Beneficiary shall be
effective until received and acknowledged in writing by the Committee or its designated agent.
	 
	9.4	 	No Beneficiary Designation. If a Participant fails to designate a Beneficiary as
provided in Sections 9.1, 9.2 and 9.3 above or, if all designated Beneficiaries predecease the
Participant or die prior to complete distribution of the Participant’s benefits, then the
Participant’s designated Beneficiary shall be deemed to be his or her surviving spouse. If
the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a
Beneficiary shall be payable to the Participant’s estate.
	 
	9.5	 	Doubt as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary
to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in
its discretion, to cause the Participant’s Employer to withhold such payments until this
matter is resolved to the Committee’s satisfaction.
	 
	9.6	 	Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary
shall fully and completely discharge all Employers and the Committee from all further
obligations under this Plan with respect to the Participant, and that Participant’s Plan
Agreement shall terminate upon such full payment of benefits.




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ARTICLE 10

Leave of Absence





	10.1	 	Paid Leave of Absence. If a Participant is authorized by the Participant’s Employer
for any reason to take a paid leave of absence from the employment of the Employer, the
Participant shall continue to be considered employed by the Employer and the Deferral Amount
shall continue to be withheld during such paid leave of absence in accordance with Section
3.3.
	 
	10.2	 	Unpaid Leave of Absence. If a Participant is authorized by the Participant’s
Employer for any reason to take an unpaid leave of absence from the employment of the
Employer, the Participant shall continue to be considered employed by the Employer and the
Participant shall be excused from making deferrals until the Participant returns to a paid
employment status. Upon such return, deferrals shall resume for the remaining portion of the
Plan Year in which the return occurs, based on the deferral election, if any, made for that
Plan Year. If no election was made for that Plan Year, no deferral shall be withheld.





ARTICLE 11

Termination, Amendment or Modification





	11.1	 	Termination. Although the Company anticipates that it will continue the Plan for an
indefinite period of time, there is no guarantee that the Company will continue the Plan or
will not terminate the Plan at any time in the future. Accordingly, the Company reserves the
right to terminate the Plan at any time with respect to any or all of its participating
Employees, by action of the Committee. Upon the termination of the Plan with respect to any
Employer, the Plan Agreements of the affected Participants who are employed by that Employer
shall terminate and their Account Balances, determined as if they had experienced a
Termination of Employment on the date of Plan termination or, if Plan termination occurs after
the date upon which a Participant was eligible to Retire, then with respect to that
Participant as if he or she had Retired on the date of Plan termination, shall be paid to the
Participants as follows: Prior to a Change in Control, if the Plan is terminated, the Company
shall have the right, in its sole discretion, and notwithstanding any elections made by the
Participant, to pay such benefits in a lump sum or pursuant to an Annual Installment Method of
up to 15 years, with amounts credited and debited during the installment period as provided
herein. After a Change in Control, the Company shall be required to pay such benefits in a
lump sum within sixty (60) days of a Change in Control. The termination of the Plan shall not
adversely affect any Participant or Beneficiary who has become entitled to the payment of any
benefits under the Plan as of the date of termination; provided however, that the Company
shall have the right to accelerate installment payments without a premium or prepayment
penalty by paying the Account Balance in a lump sum or pursuant to an Annual Installment
Method using fewer years.
	 
	11.2	 	Amendment. The Company may, at any time, amend or modify the Plan in whole or in
part by the action of the Committee; provided, however, that: (i) no amendment or modification
shall be effective to decrease or restrict the value of a Participant’s Account




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	 	 	Balance in existence at the time the amendment or modification is made, calculated as if the Participant
had experienced a Termination of Employment as of the effective date of the amendment or
modification or, if the amendment or modification occurs after the date upon which the
Participant was eligible to Retire, the Participant had Retired as of the effective date of
the amendment or modification, and (ii) no amendment or modification of this Section 11.2 or
Section 12.2 of the Plan shall be effective. The amendment or modification of the Plan shall
not affect any Participant or Beneficiary who has become entitled to the payment of benefits
under the Plan as of the date of the amendment or modification; provided, however, that the
Company shall have the right to accelerate installment payments by paying the Account Balance
in a lump sum or pursuant to an Annual Installment Method using fewer years.
	 
	11.3	 	Effect of Payment. The full payment of the applicable benefit under Articles 4, 5,
6, 7 or 8 of the Plan shall completely discharge all obligations to a Participant and his or
her designated Beneficiaries under this Plan and the Participant’s Plan Agreement shall
terminate.





ARTICLE 12

Administration





	12.1	 	Committee Duties. This Plan will be administered by the Committee. The Committee
will, subject to the terms of this Plan, have the authority to: (i) approve for participation
employees who are recommended for participation by the president and Chief Executive Officer
of the Company, (ii) adopt, alter, and repeal administrative rules and practices governing
this Plan, (iii) interpret the terms and provisions of this Plan, and (iv) otherwise supervise
the administration of this Plan. All decisions by the Committee will be made with the
approval of not less than a majority of its members. The Committee may delegate any of its
authority to any other person or persons that it deems appropriate, provided the delegation
does not cause this Plan or any awards granted under this Plan to fail to qualify for the
exemption provided by Rule 16b-3, or, if applicable, to meet the requirements of the
regulations under Section 162(m) of the Code.
	 
	12.2	 	Administration Upon Change In Control. For purposes of this Plan, the Company shall
be the “Administrator” at all times prior to the occurrence of a Change in Control. Upon and
after the occurrence of a Change in Control, the “Administrator” shall be an independent third
party selected by the Trustee and approved by the individual who, immediately prior to such
event, was the Company’s President and Chief Executive Officer or, if not so identified, the
Company’s then highest ranking officer (the “Ex-President and Chief Executive Officer”). The
Administrator shall have the discretionary power to determine all questions arising in
connection with the administration of the Plan and the interpretation of the Plan and Trust
including, but not limited to benefit entitlement determinations; provided, however, upon and
after the occurrence of a Change in Control, the Administrator shall have no power to direct
the investment of Plan or Trust assets or select any investment manager or custodial firm for
the Plan or Trust. Upon and after the occurrence of a Change in Control, the Company must:
(1) pay all reasonable




-21-









 






	 	 	administrative expenses and fees of the Administrator; (2) indemnify
the Administrator against any costs, expenses and liabilities including, without limitation,
attorney’s fees and expenses arising in connection with the performance of the Administrator
hereunder, except with respect to matters resulting from the gross negligence or willful
misconduct of the Administrator or its employees or agents; and (3) supply full and timely
information to the Administrator or all matters relating to the Plan, the Trust, the
Participants and their Beneficiaries, the Account Balances of the Participants, the date of
circumstances of the Retirement, Disability, death or Termination of Employment of the
Participants, and such other pertinent information as the Administrator may reasonably
require. Upon and after a Change in Control, the Administrator may be terminated (and a
replacement appointed) by the Trustee only with the approval of the Ex-President and Chief
Executive Officer. Upon and after a Change in Control, the Administrator may not be
terminated by the Company.
	 
	12.3	 	Agents. In the administration of this Plan, the Committee may, from time to time,
employ agents and delegate to them such administrative duties as it sees
fit (including acting through a duly appointed representative) and may from time to time
consult with counsel who may be counsel to any Employer.
	 
	12.4	 	Binding Effect of Decisions. All decisions by the Committee, and by any other person
or persons to whom the Committee has delegated authority, shall be final and conclusive and
binding upon all persons having any interest in the Plan.
	 
	12.5	 	Indemnity of Committee. The Company shall indemnify and hold harmless the members
of the Committee, and any Employee to whom the duties of the Committee may be delegated, and
the Administrator against any and all claims, losses, damages, expenses or liabilities arising
from any action or failure to act with respect to this Plan, except in the case of willful
misconduct by the Committee, any of its members, any such Employee or the Administrator.
	 
	12.6	 	Employer Information. To enable the Committee and/or Administrator to perform its
functions, the Company and each Employer shall supply full and timely information to the
Committee and/or Administrator, as the case may be, on all matters relating to the
compensation of its Participants, the date and circumstances of the Retirement, Disability,
death or Termination of Employment of its Participants, and such other pertinent information
as the Committee or Administrator may reasonably require.





ARTICLE 13

Other Benefits and Agreements





	13.1	 	Coordination with Other Benefits. The benefits provided for a Participant and
Participant’s Beneficiary under the Plan are in addition to any other benefits available to
such Participant under any other plan or program for employees of the Participant’s Employer.
The Plan shall supplement and shall not supersede, modify or amend any other such plan or
program except as may otherwise be expressly provided.




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ARTICLE 14

Claims Procedures





	14.1	 	Presentation of Claim. Any Participant or Beneficiary of a deceased Participant
(such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the
Committee a written claim for a determination with respect to the amounts distributable to
such Claimant from the Plan. If such a claim relates to the contents of a notice received by
the Claimant, the claim must be made within 60 days after such notice was received by the
Claimant. All other claims must be made within 180 days of the date on which the event that
caused the claim to arise occurred. The claim must state with particularity the determination
desired by the Claimant.
	 
	14.2	 	Notification of Decision. The Committee shall consider a Claimant’s claim within a
reasonable time, and shall notify the Claimant in writing:






	 	(a)	 	that the Claimant’s requested determination has been made, and that the claim
has been allowed in full; or
	 
	 	(b)	 	that the Committee has reached a conclusion contrary, in whole or in part, to
the Claimant’s requested determination, and such notice must set forth in a manner
calculated to be understood by the Claimant:






	 	(i)	 	the specific reason(s) for the denial of the claim, or any part
of it;
	 
	 	(ii)	 	specific reference(s) to pertinent provisions of the Plan upon
which such denial was based;
	 
	 	(iii)	 	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
	 
	 	(iv)	 	an explanation of the claim review procedure set forth in
Section 14.3 below.






	14.3	 	Review of a Denied Claim. Within 60 days after receiving a notice from the Committee
that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly
authorized representative) may file with the Committee a written request for a review of the
denial of the claim. Thereafter, but not later than 30 days after the review procedure began,
the Claimant (or the Claimant’s duly authorized representative):






	 	(a)	 	may review pertinent documents;
	 
	 	(b)	 	may submit written comments or other documents; and/or
	 
	 	(c)	 	may request a hearing, which the Committee, in its sole discretion, may grant.




-23-









 












	14.4	 	Decision on Review. The Committee shall render its decision on review promptly, and
not later than 60 days after the filing of a written request for review of the denial, unless
a hearing is held or other special circumstances require additional time, in which case the
Committee’s decision must be rendered within 120 days after such date. Such decision must be
written in a manner calculated to be understood by the Claimant, and it must contain:






	 	(a)	 	specific reasons for the decision;
	 
	 	(b)	 	specific reference(s) to the pertinent Plan provisions upon which the decision
was based; and
	 
	 	(c)	 	such other matters as the Committee deems relevant.






	14.5	 	Legal Action. A Claimant’s compliance with the foregoing provisions of this Article
14 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect
to any claim for benefits under this Plan.





ARTICLE 15

Trust





	15.1	 	Establishment of the Trust. The Company may establish one or more Trusts to which
the Company may transfer such assets as the Company determines in its sole discretion to
assist in meeting its obligations under the Plan.
	 
	15.2	 	Interrelationship of the Plan and the Trust. The provisions of the Plan and the Plan
Agreement shall govern the rights of a Participant to receive distributions pursuant to the
Plan. The provisions of the Trust shall govern the rights of the Company, Participants and
the creditors of the Employers to the assets transferred to the Trust.
	 
	15.3	 	Distributions From the Trust. Each Employers obligations under the Plan may be
satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such
distribution shall reduce the Company’s obligations under this Plan.
	 
	15.4	 	Stock Transferred to the Trust. Notwithstanding any other provision of this Plan or
the Trust: (i) if Trust assets are distributed to a Participant in a distribution which
reduces the Participant’s Restricted Stock Account balance under this Plan, such distribution
must be made in the form of Stock and (ii) any Stock transferred to the Trust in accordance
with Section 3.6 may not be otherwise distributed or disposed of by the Trustee until at least
6 months after the date such Stock is transferred to the Trust.





ARTICLE 16

Miscellaneous





	16.1	 	Status of Plan. The Plan is intended to be a plan that is not qualified within the
meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer
primarily




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	 	 	for the purpose of providing deferred compensation for a select group of management
or highly compensated employee” within the meaning of ERISA Sections 201(2), 301(a)(3) and
401(a)(1). The Plan shall be administered and interpreted to the extent possible in a manner
consistent with that intent.
	 
	16.2	 	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interests or claims in any property or
assets of the Company or an Employer. For purposes of the payment of benefits under this
Plan, any and all of the Company’s or an Employer’s assets shall be, and remain, the general,
unpledged unrestricted assets of the Company or an Employer, respectively. The Company’s or
an Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured
promise to pay money in the future.
	 
	16.3	 	Employer’s Liability. An Employer’s liability for the payment of benefits shall be
defined only by the Plan and the Plan Agreement, as entered into between the Employer and a
Participant. An Employer shall have no obligation to a Participant under the Plan except as
expressly provided in the Plan and his or her Plan Agreement.
	 
	16.4	 	Nonassignability. Neither a Participant nor any other person shall have any right to
commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are expressly declared to
be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual
payment, be subject to seizure, attachment, garnishment or sequestration for the payment of
any debts, judgments, alimony or separate maintenance owed by a Participant or any other
person, be transferable by operation of law in the event of a Participant’s or any other
person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property
settlement or otherwise.
	 
	16.5	 	Not a Contract of Employment. The terms and conditions of this Plan shall not be
deemed to constitute a contract of employment between any Employer and the Participant, either
expressed or implied. Such employment is hereby acknowledged to be an “at will” employment
relationship that can be terminated at any time for any reason, or no reason, with or without
cause, and with or without notice, unless expressly provided in a written employment
agreement. Nothing in this Plan shall be deemed to give a Participant the right to be
retained in the service of any Employer, or to interfere with the right of any Employer to
discipline or discharge the Participant at any time.
	 
	16.6	 	Furnishing Information. A Participant or his or her Beneficiary will cooperate with
the Committee by furnishing any and all information requested by the Committee and take such
other actions as may be requested in order to facilitate the administration of the Plan and
the payments of benefits hereunder, including but not limited to taking such physical
examinations as the Committee may deem necessary.




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	16.7	 	Terms. Whenever any words are used herein in the masculine, they shall be construed
as though they were in the feminine in all cases where they would so apply; and whenever any
words are used herein in the singular or in the plural, they shall be construed as though they
were used in the plural or the singular, as the case may be, in all cases where they would so
apply.
	 
	16.8	 	Captions. The captions of the articles, sections and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its
provisions.
	 
	16.9	 	Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and
interpreted according to the internal laws of the State of Ohio without regard to its
conflicts of laws principles.




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	 	 	Notice. Any notice or filing required or permitted to be given to the Committee
under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered
or certified mail, to the address below:





Robert E. Veillette

Assistant General Counsel

Nordson Corporation

28601 Clemens Road

Westlake, Ohio 44145





	 	 	Such notice shall be deemed given as of the date of delivery or, if delivery is made by
mail, as of the date shown on the postmark on the receipt for registration or certification.
	 
	 	 	Any notice or filing required or permitted to be given to a Participant under this Plan
shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Participant.
	 
	16.10	 	Successors. The provisions of this Plan shall bind and inure to the benefit of the
Company Employer and its successors and assigns and the Participant and the Participant’s
designated Beneficiaries.
	 
	16.11	 	Spouse’s Interest. The interest in the benefits hereunder of a spouse of a
Participant who has predeceased the Participant shall automatically pass to the Participant
and shall not be transferable by such spouse in any manner, including but not limited to such
spouse’s will, nor shall such interest pass under the laws of intestate succession.
	 
	16.12	 	Validity. In case any provision of this Plan shall be illegal or invalid for any
reason, said illegality or invalidity shall not affect the remaining parts hereof, but this
Plan shall be construed and enforced as if such illegal or invalid provision had never been
inserted herein.
	 
	16.13	 	Incompetent. If the Committee determines in its discretion that a benefit under
this Plan is to be paid to a minor, a person declared incompetent or to a person incapable of
handling the disposition of that person’s property, the Committee may direct payment of such
benefit to the guardian, legal representative or person having the care and custody of such
minor, incompetent or incapable person. The Committee may require proof of minority,
incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of
the benefit. Any payment of a benefit shall be a payment for the account of the Participant
and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of
any liability under the Plan for such payment amount.
	 
	16.14	 	Court Order. The Committee is authorized to make any payments directed by court
order in any action in which the Plan or the Committee has been named as a party. In
addition, if




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	 	 	a court determines that a spouse or former spouse of a Participant has an
interest in the Participant’s benefits under the Plan in connection with a property settlement
or otherwise, the Committee, in its sole discretion, shall have the right, notwithstanding any
election made by a Participant, to immediately distribute the spouse’s or former spouse’s
interest in the Participant’s benefits under the Plan to that spouse or former spouse.
	 
	16.15	 	Distribution in the Event of Taxation.






	 	(a)	 	In General. If, for any reason, all or any portion of a Participant’s
benefits under this Plan becomes taxable to the Participant prior to receipt, a
Participant may petition the Committee before a Change in Control, or the trustee of
the Trust after a Change in Control, for a distribution of that portion of his or her
benefit that has become taxable. Upon the grant of such a petition, which grant shall
not be unreasonably withheld (and, after a Change in Control, shall be granted), a
Participant’s Employer shall distribute to the Participant immediately available funds
in an amount equal to the taxable portion of his or her benefit (which amount shall not
exceed a Participant’s unpaid Account Balance under the Plan). If the petition is
granted, the tax liability distribution shall be made within 90 days of the date when
the Participant’s petition is granted. Such a distribution shall affect and reduce the
benefits to be paid under this Plan.
	 
	 	(b)	 	Trust. If the Trust terminates in accordance with Section 3.6(e) of
the Trust and benefits are distributed from the Trust to a Participant in accordance
with that Section, the Participant’s benefits under this Plan shall be reduced to the
extent of such distributions.






	16.17	 	Insurance. The Company, on its own behalf or on behalf of the trustee of the
Trust, and, in its sole discretion, may apply for and procure insurance on the life of the
Participant, in such amounts and in such forms as the Trust may choose. The Company or the
trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such
insurance. The Participant shall have no interest whatsoever in any such policy or policies,
and at the request of the Company shall submit to medical examinations and supply such
information and execute such documents as may be required by the insurance company or
companies to whom the Company has applied for insurance.
	 
	16.18	 	Legal Fees To Enforce Rights After Change in Control. The Company is aware that
upon the occurrence of a Change in Control, the Board or a shareholder of the Company, or of
any successor corporation might then cause or attempt to cause the Company, or such successor
to refuse to comply with its obligations under the Plan and might cause or attempt to cause
the Company to institute, or may institute, litigation seeking to deny Participants the
benefits intended under the Plan. In these circumstances, the purpose of the Plan could be
frustrated. Accordingly, if, following a Change in Control, it should appear to any
Participant that the Company or any successor corporation has failed to comply with any of
its obligations under the Plan or any agreement thereunder or, if the Company or any other
person takes any action to declare the Plan void or unenforceable or




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	 	 	institutes any
litigation or other legal action designed to deny, diminish or to recover from any
Participant the benefits intended to be provided, then the Company hereby irrevocably
authorizes such Participant to retain counsel of his or her choice at the expense of the
Company to represent such Participant in connection with the initiation or defense of any
litigation or other legal action, whether by or against the Company or any director,
officer, shareholder or other person affiliated with the Company or any successor thereto in
any jurisdiction.





     IN WITNESS WHEREOF, the Company has signed this Plan document as of November 3, 2000.



	 	 	 	 	 	 	 
	 	 	NORDSON CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 





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