Deferred Compensation Plan dated January 1, 2003, as amended December 18, 2008




 Exhibit 10.20 
 PATHEON PHARMACEUTICALS INC. 
 DEFERRED COMPENSATION PLAN 

The Company adopted the Patheon Pharmaceuticals Inc. Deferred Compensation Plan (the “Plan”), effective January 1, 2003.
The Plan is hereby amended and restated, as set forth below, to comply with the restrictions imposed by Section 409A of the Code. 
 In order to comply with Section 409A of the Code, effective immediately before January 1, 2008, the Plan is divided into two parts, one of which shall be named “Part One” and the other
of which shall be named “Part Two”. Part One of the Plan shall be governed by the terms and conditions of the Plan as in effect on October 3, 2004. Part Two of the Plan shall be governed by the terms and conditions set forth herein.
Any “amounts deferred” in taxable years beginning before January 1, 2005 (within the meaning of Section 409A of the Code) and any earnings thereon shall be governed by the terms of Part One of the Plan, and it is intended that
such amounts and the earnings thereon shall be exempt from the application of Section 409A of the Code. Any “amounts deferred” in taxable years beginning on or after January 1, 2005 (within the meaning of Section 409A of the
Code) and any earnings thereon shall be governed by the terms and conditions of Part Two of the Plan, and it is intended that such amounts and the earnings thereon shall be subject to and comply with the payment restrictions imposed under
Section 409A of the Code. 
 ARTICLE I 
 DEFINITIONS 
 For purposes of the Plan, the following words and phrases
shall have the meanings set forth below, unless their context clearly requires a different meaning: 

“Account” means the bookkeeping account maintained by the Committee on behalf of each Participant pursuant to this Plan.
The sum of each Participant’s Sub-Accounts, in the aggregate, shall constitute his Account. The Account and each and every Sub-Account shall be a bookkeeping entry only and shall be used solely as a device to measure and determine the amounts,
if any, to be paid to a Participant or his Beneficiary under the Plan. 
 “Affiliated Group” means (i) the
Company, and (ii) all entities with whom the Company would be considered a single employer under Sections 414(b) and 414(c) of the Code, provided that in applying Section 1563(a)(1), (2), and (3) for purposes of determining a
controlled group of corporations under Section 414(b) of the Code, the language “at least 50 percent” is used instead of “at least 80 percent” each place it appears in Section 1563(a)(1), (2), and (3), and in applying
Treasury Regulation Section 1.414(c)-2 for purposes of determining trades or businesses (whether or not incorporated) that are under common control for purposes of Section 414(c), “at least 50 percent” is used instead of “at
least 80 percent” each place it appears in that regulation. Such term shall be interpreted in a manner consistent with the definition of “service recipient” contained in Section 409A of the Code. 








 “Base Salary” means the annual base rate of cash compensation payable by
the Affiliated Group to an Eligible Employee during a calendar year, excluding Incentive Compensation, bonuses, special/overtime pay bonuses, commissions, severance payments, Employer Contributions, qualified plan contributions or benefits, expense
reimbursements, fringe benefits and all other payments, and prior to reduction for any deferrals under this Plan or any other plan of the Affiliated Groups under Sections 125 or 401(k) of the Code. For purposes of this Plan, Base Salary payable
after the last day of a calendar year solely for services performed during the final payroll period described in Section 3401(b) of the Code containing December 31 of such year shall be treated as earned during the subsequent calendar
year. 
 “Beneficiary” or “Beneficiaries” means the person or persons, including one or more
trusts, designated by a Participant in accordance with the Plan to receive payment of the remaining balance of the Participant’s Account in the event of the death of the Participant prior to the Participant’s receipt of the entire vested
amount credited to his Account. 
 “Beneficiary Designation Form” means the form established from time to time
by the Committee (in a paper or electronic format) that a Participant completes signs and returns to the Committee to designate one or more Beneficiaries. 
 “Board” means the Board of Directors of the Company. 

“Change in Control” means the occurrence of a “change in the ownership,” a “change in the effective
control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code; except that for purposes of a “change in the effective control” of the
Company, a 35% threshold shall be substituted for the 30% threshold. 
 “Code” means the Internal Revenue Code
of 1986, as amended. 
 “Commencement Date” has the meaning given to such term in Section 2.3 hereof.

 “Committee” means the committee appointed to administer the Plan. Unless and until otherwise specified, the
Committee under the Plan shall be the Company’s Benefit Plans Committee, or its designee. 
 “Company”
means Patheon Pharmaceuticals Inc. and its successors, including, without limitation, the surviving corporation resulting from any merger or consolidation of Patheon Pharmaceuticals Inc. with any other corporation, limited liability company, joint
venture, partnership or other entity or entities. 
 “Deferral Election” means the Participant’s election
on a form approved by the Committee to defer a portion of his Base Salary, Incentive Compensation or both in accordance with the provisions of Article III. 
 “Eligible Employee” has the meaning given to such term in Section 2.1 hereof. 
 “Employer Contributions” has the meaning given to such term in Section 5.1 hereof. 

  
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 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 “Incentive Compensation” means cash or equity compensation payable pursuant to an incentive
compensation or retention plan in which an Eligible Employee participates, including but not limited to an annual or long-term incentive compensation plan, whether such plan is now in effect or hereafter established by the Affiliated Group, which
the Committee may designate from time to time. 
 “Installment Calculation Date” has the meaning given to such
term in Section 7.1(e). 
 “In-Service Sub-Account” means each bookkeeping In-Service Sub-Account
maintained by the Committee on behalf of each Participant pursuant to Article IV hereof. 
 “Part One” has the
meaning given to such term in Section 11.1 hereof. 
 “Part Two” has the meaning given to such term in
Section 11.1 hereof. 
 “Participant” means any Eligible Employee who (i) at any time elected to
defer the receipt of Base Salary and/or Incentive Compensation in accordance with the Plan (including an amount treated as a Transferred Amount) or received a credit to his Account pursuant to Section 5.1 hereof (including an amount treated as
a Transferred Amount), and (ii) in conjunction with his Beneficiary, has not received a complete payment of the vested amount credited to his Account. 
 “Payment Election” means the Participant’s election on a form approved by the Committee that is filed along with a Deferral Election and that sets forth the time and form of payment
of such deferrals as provided in Article IV. 
 “Performance-Based Compensation” means Incentive Compensation
that is based on services performed over a period of at least twelve (12) months and that constitutes “performance-based compensation” within the meaning of Section 409A of the Code. Where a portion of an amount of Incentive
Compensation would qualify as Performance-Based Compensation if the portion were the sole amount available under a designated incentive plan, that portion of the award will not fail to qualify as Performance-Based Compensation if that portion is
designated separately by the Committee on the Deferral Election or is otherwise separately identifiable under the terms of the designated incentive plan, and the amount of each portion is determined independently of the other. 

“Performance Period” means, with respect to any Incentive Compensation, the period of time during which such Incentive
Compensation is earned. 
 “Plan” means this deferred compensation plan, which shall be known as the Patheon
Pharmaceuticals Inc. Deferred Compensation Plan. 
 “Retirement Sub-Account” means the bookkeeping Retirement
Sub-Account maintained by the Committee on behalf of each Participant pursuant to Article IV hereof. 

  
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 “Separation from Service” means a termination of employment with the
Affiliated Group in such a manner as to constitute a “separation from service” as defined under Section 409A of the Code. Upon a sale or other disposition of the assets of the Company or any member of the Affiliated Group to an
unrelated purchaser, the Committee reserves the right, to the extent permitted by Section 409A of the Code, to determine whether Participants providing services to the purchaser after and in connection with the purchase transaction have
experienced a Separation from Service. 
 “Specified Employee” means a “specified employee”, as
defined in Section 409A of the Code (with such classification to be determined in accordance with the methodology established by the Committee from time to time in its sole discretion) of the Company or any entity which would be considered to
be a single employer with the Company under Section 414(b) or Section 414(c) of the Code. 

“Sub-Account” means each bookkeeping Retirement Sub-Account and In-Service Sub-Account maintained by the Committee on
behalf of each Participant pursuant to the Plan. 
 “Subsequent Payment Election” has the meaning given to such
term in Section 7.1(c) hereof. 
 “Transferred Amounts” shall have the meaning provided in
Section 11.1(b). 
 “Unforeseeable Emergency” means an “unforeseeable emergency” as defined
under Section 409A of the Code. 
 ARTICLE II 
 ELIGIBILITY 
 2.1. Selection by Committee. Participation in the Plan
is limited to those employees of the Affiliated Group who are (i) expressly selected by the Committee, in its sole discretion, to participate in the Plan, and (ii) a member of a “select group of management or highly compensated
employees,” within the meaning of Sections 201, 301 and 401 of ERISA (the “Eligible Employees”). In lieu of expressly selecting Eligible Employees for Plan participation, the Committee may establish eligibility criteria (consistent
with the requirements of paragraph (ii) of this Section) providing for participation of all Eligible Employees who satisfy such criteria. The Committee may at any time, in its sole discretion, change the eligibility criteria for Eligible
Employees, or determine that one or more Participants will cease to be an Eligible Employee. 
 2.2. Enrollment
Requirements. As a condition to participation, each selected Eligible Employee shall complete, execute and return to the Committee a Deferral Election, Payment Election and Beneficiary Designation Form no later than the date or dates specified
by the Committee. In addition, the Committee may establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary. 
 2.3. Commencement Date. Each Eligible Employee shall commence participation on the date designated by the Committee (the “Commencement Date”); provided, however, that if an
Eligible Employee has not satisfied the applicable enrollment requirements of Section 2.2 

  
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within thirty (30) days of his Commencement Date (or such earlier date as specified by the Committee), such Eligible Employee’s Commencement Date shall be the first day of the calendar
year next following the date the Eligible Employee satisfies such enrollment requirements. Any Eligible Employee as of the Effective Date with respect to whom Transferred Amounts are credited hereunder shall have a Commencement Date of
January 1, 2008. 
 2.4. Termination. An Eligible Employee’s entitlement to defer Base Salary and Incentive
Compensation shall cease with respect to the calendar year (or the Performance Period, as the case may be) following the calendar year (or the Performance Period, as the case may be) in which he ceases to be an Eligible Employee, although such
individual shall continue to be subject to all of the terms and conditions of the Plan for as long as he remains a Participant. 

ARTICLE III 

DEFERRAL ELECTIONS 
 3.1. New Participants. 
 (a) Qualification as a New Participant. This
Section 3.1 applies to each Eligible Employee (i) whose Commencement Date occurs after the first day of a calendar year but prior to December 1 of such calendar year (or such earlier or later date as specified by the Committee from
time to time), and (ii) who was not previously eligible to participate in the Plan or an “aggregated plan”. For this purpose, where an Eligible Employee has ceased being eligible to participate in the Plan or an “aggregated
plan” (other than the accrual of earnings), regardless of whether his entire Account balance has been paid, and subsequently becomes an Eligible Employee, the individual may be treated as being initially eligible to participate in the Plan if
the individual had not been eligible to participate in the Plan or an “aggregated plan” at any time during the 24-month period ending on the date the individual becomes an Eligible Employee. For purposes of this Section 3.1(a), an
aggregated plan is a plan that is required to be aggregated with the Plan under Section 409A of the Code. 
 (b)
Deferral Election. An Eligible Employee described in Section 3.1(a) may elect to defer his Base Salary earned during such calendar year or his Incentive Compensation earned during a Performance Period that commences in such calendar year
by filing a Deferral Election with the Committee in accordance with the following rules: 
 (i) Timing; Irrevocability.
The Deferral Election must be filed with the Committee by, and shall become irrevocable as of, the thirtieth (30th) day following the Participant’s Commencement Date (or such earlier date as specified by the Committee on the Deferral
Election). 
 (ii) Base Salary. The Deferral Election shall only apply to Base Salary earned during such calendar year
beginning with the first payroll period that begins immediately after the date that the Deferral Election becomes irrevocable in accordance with Section 3.1(b)(i) hereof. 

  
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 (iii) Incentive Compensation. Where a Deferral Election is made in the first year of
eligibility but after the commencement of a Performance Period, then, except as otherwise provided in Section 3.2 below, the Deferral Election shall only apply to that portion of Incentive Compensation earned for such Performance Period equal
to the total amount of the Incentive Compensation earned during such Performance Period multiplied by a fraction, the numerator of which is the number of days beginning on the day immediately after the date that the Deferral Election becomes
irrevocable in accordance with Section 3.1(b)(i) hereof and ending on the last day of the Performance Period, and the denominator of which is the total number of days in the Performance Period. 

3.2. Annual Deferral Elections. Unless Section 3.1 applies, each Eligible Employee may elect to defer Base Salary for a
calendar year or his Incentive Compensation for a Performance Period, as the case may be, by filing a Deferral Election with the Committee in accordance with the following rules: 

(a) Base Salary. The Deferral Election with respect to Base Salary must be filed with the Committee by, and shall become
irrevocable as of, December 31 (or such earlier date as specified by the Committee on the Deferral Election) of the calendar year next preceding the calendar year for which such Base Salary would otherwise be earned. 

(b) Incentive Compensation. The Deferral Election with respect to Incentive Compensation must be filed with the Committee by, and
shall become irrevocable as of, December 31 (or such earlier date as specified by the Committee on the Deferral Election) of the calendar year next preceding the first day of the Performance Period for which such Incentive Compensation would
otherwise be earned. 
 (c) Performance-Based Compensation. 

(i) Notwithstanding anything contained in this 3.2 to the contrary, and only to the extent permitted by the Committee, the Deferral
Election with respect to Incentive Compensation that constitutes Performance-Based Compensation must be filed with the Committee by, and shall become irrevocable as of, the date that is 6 months before the end of the applicable Performance Period
(or such earlier date as specified by the Committee on the Deferral Election), provided that in no event may such Deferral Election be made after such Incentive Compensation has become “readily ascertainable” within the meaning of
Section 409A of the Code. 
 (ii) In order to make a Deferral Election under this Section 3.2(c), the Participant
must perform services continuously from the later of the beginning of the Performance Period or the date the performance criteria are established through the date a Deferral Election becomes irrevocable under this Section 3.2(c). 

(iii) A Deferral Election made under this Section 3.2(c) shall not apply to any portion of the Performance-Based Compensation that
is actually earned by a Participant regardless of satisfaction of the performance criteria. 
 (iv) To the extent permitted by
the Committee, an Eligible Employee described in Section 3.1(a) hereof shall be permitted to make a Deferral Election with respect to 

  
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Performance-Based Compensation in accordance with this Section 3.2(c) provided that the Eligible Employee satisfies all of the other requirements of this Section. 

3.3. Amount Deferred. A Participant shall designate on the Deferral Election the portion of his Base Salary, Incentive
Compensation or both that is to be deferred in accordance with this Article III. Unless otherwise determined by the Committee, a Participant may defer (in 1% increments) up to 25% of his Base Salary and up to 100% of his Incentive Compensation for
any Plan Year; provided, however, that the Participant shall not be permitted to defer less than 1% of each of his Base Salary or his Incentive Compensation during any one calendar year or Performance Period, as the case may be, and
any such attempted deferral shall not be effective. To the extent permitted by the Committee, a Participant may specify on the Deferral Election that different percentages or dollar amounts shall apply to bonuses payable under different bonus or
incentive compensation plans. 
 3.4. Duration and Cancellation of Deferral Elections. 

(a) Duration. Once irrevocable, a Deferral Election shall only be effective for the calendar year or Performance Period with
respect to which such election was timely filed with the Committee. Except as provided in Section 3.4(b) hereof, a Deferral Election, once irrevocable, cannot be cancelled during a calendar year or Performance Period. 

(b) Cancellation. 
 (i) The Committee may, in its sole discretion, cancel a Participant’s Deferral Election where such cancellation occurs by the later of the end of the Participant’s taxable year or the 15th day
of the third month following the date the Participant incurs a “disability.” For purposes of this Section 3.4(b)(i), a disability refers to any medically determinable physical or mental impairment resulting in the Participant’s
inability to perform the duties of his or her position or any substantially similar position, where such impairment can be expected to result in death or can be expected to last for a continuous period of not less than six months. 

(ii) The Committee may, in its sole discretion, cancel a Participant’s Deferral Election due to an Unforeseeable Emergency or a
hardship distribution pursuant to Treasury Regulation Section 1.401(k)-1(d)(3). 
 (iii) If a Participant’s Deferral
Election is cancelled with respect to a particular calendar year or Performance Period in accordance with this Section 3.4(b), he may make a new Deferral Election for a subsequent calendar year or Performance Period, as the case may be, only in
accordance with Section 3.2 hereof. 
 ARTICLE IV 

SUB-ACCOUNTS; PAYMENT ELECTIONS 
 4.1. Sub-Accounts. The Committee shall establish and maintain separate Retirement Sub-Accounts and one or more In-Service Sub-Accounts for each Participant. The Committee, in its sole discretion,
shall specify the maximum number (including zero) of permitted In-Service Sub-Accounts for each Participant. Amounts credited to a Retirement Sub-Account shall 

  
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commence to be paid following the Participant’s Separation from Service as provided in Article VII. Amounts credited to an In-Service Sub-Account shall commence to be paid in a year
specified by the Participant as provided in Section 4.2 and Article VII below. 
 4.2. Payment Elections. A
Participant shall file a Payment Election in accordance with the following rules: 
 (a) Timing; Irrevocability. 

(i) Payment Elections with respect to a deferral of Base Salary or Incentive Compensation shall be filed with the Committee by, and shall
become irrevocable as of, the applicable election filing deadline of the related Deferral Election as specified in Article III. In the event an Eligible Employee is eligible to receive credits of Employer Contributions but does not elect to defer
Base Salary or Incentive Compensation, then the Payment Election shall be filed with the Committee by, and shall become irrevocable as of, the thirtieth (30th) day following the Eligible Employee’s Commencement Date (or such earlier date
as specified by the Committee on the Deferral Election). 
 (ii) Once irrevocable, a Payment Election may only be changed in
accordance with Section 7.1(c) hereof. 
 (b) Allocation of Deferrals Among Sub-Accounts. 

(i) The Payment Election with respect to a deferral of Base Salary or Incentive Compensation shall contain the Participant’s
allocation of deferrals of Base Salary and Incentive Compensation among a Retirement Sub-Account and, to the extent permitted by the Committee from time to time, one or more In-Service Sub-Accounts. In the event that a Participant allocates
deferrals of Base Salary or Incentive Compensation to an In-Service Sub-Account, the Participant must designate the year in which payments will commence to be paid, which year may not be earlier than two years after the date on which such Payment
Election becomes irrevocable. Base Salary or Incentive Compensation that a Participant elects to defer shall be treated as if it were set aside in one or more Sub-Accounts on the date the Base Salary or Incentive Compensation would otherwise have
been paid to the Participant. 
 (ii) To the extent that a Participant does not designate the Sub-Account to which deferrals of
Base Salary or Incentive Compensation shall be credited on a Payment Election as provided in this Section 4.2(b) (or such designation does not comply with the terms of the Plan), such deferrals shall be credited to the Participant’s
Retirement Sub-Account. 
 (c) Form of Payment for Sub-Accounts. 

(i) A Participant may elect, on the first Payment Election that he delivers to the Committee, to receive his Retirement Sub-Account in
cash in a single lump sum or in a number of approximately equal annual installments over a specified period not exceeding ten years. The form of payment designated on that first Payment Election will apply to all amounts credited to the Retirement
Sub-Account under the Plan (whether attributable to 

  
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Employer Contributions, deferrals of Base Salary or Incentive Compensation, or earnings on such amounts) unless changed in accordance with the rules of Section 7.1(c). 

(ii) A Participant may elect, on the first Payment Election that he delivers to the Committee pursuant to which deferrals of Base Salary
or Incentive Compensation are credited to an In-Service Sub-Account, to receive the In-Service Sub-Account in cash in a single lump sum or in a number of approximately equal annual installments over a specified period not exceeding ten years. The
form of payment designated on that first Payment Election will apply to all amounts credited to that In-Service Sub-Account under the Plan (whether attributable to Employer Contributions, deferrals of Base Salary or Incentive Compensation, or
earnings on such amounts) unless changed in accordance with the rules of Section 7.1(c). A Participant may choose different forms of payment for each separate In-Service Sub-Account in accordance with this Section 4.2(c). 

(iii) To the extent that a Participant does not designate the form of payment of a Sub-Account on a Payment Election as provided in this
Section 4.2(c) (or such designation does not comply with the terms of the Plan), such Sub-Account shall be paid in cash in a single lump sum. 
 4.3. Change in Control Election. A Participant may elect, on the first Payment Election that he delivers to the Committee in connection with his or her commencement of participation in the Plan,
whether to (i) receive his entire vested Account in cash in a single lump sum following a Change in Control, or (ii) have his Account remain in the Plan upon the occurrence of a Change in Control subject to the terms and conditions of the
Plan. If a Participant does not make any election with respect to the payment of his Account upon a Change in Control, then such Participant’s Account shall remain in the Plan upon a Change in Control and shall be subject to the terms and
conditions of the Plan. 
 ARTICLE V 
 EMPLOYER CONTRIBUTIONS; VESTING 
 5.1. Employer Contributions. Any
entity in the Affiliated Group may, in its sole discretion, provide contributions (“Employer Contributions”) under this Plan with respect to one or more Participants. The amount and type of such Employer Contributions, if any, shall be
determined by the contributing entity in its sole discretion. Employer Contributions shall be allocated among the various Sub-Accounts as provided in the Committee’s sole discretion at the time of such contribution. 

5.2. Vesting. Each Participant shall at all times have a fully vested and nonforfeitable interest in his Account balance
attributable to voluntary deferrals of Base Salary and Incentive Compensation. The portion of each Participant’s Account, if any, attributable to Employer Contributions shall be subject to such vesting schedule as may be determined by the
Company or other member of the Affiliated Group from time to time. 

  
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 ARTICLE VI 
 CREDITING OF GAINS, LOSSES AND EARNINGS TO ACCOUNTS 
 To the extent
provided by the Committee in its sole discretion, each Participant’s Account will be credited with gains, losses and earnings based on investment directions made by the Participant in accordance with investment deferral crediting options and
procedures established from time to time by the Committee. The Committee specifically retains the right in its sole discretion to change the investment deferral crediting options and procedures from time to time. By electing to defer any amount
under the Plan (or by receiving or accepting any benefit under the Plan), each Participant acknowledges and agrees that the Affiliated Group is not and shall not be required to make any investment in connection with the Plan, nor is it required to
follow the Participant’s investment directions in any actual investment it may make or acquire in connection with the Plan or in determining the amount of any actual or contingent liability or obligation of the Company or any other member of
the Affiliated Group thereunder or relating thereto. Any amounts credited to a Participant’s Account with respect to which a Participant does not provide investment direction shall be credited with gains, losses and earnings as if such amounts
were invested in an investment option to be selected by the Committee in its sole discretion. 
 ARTICLE VII 

PAYMENTS 

7.1. Date of Payment of Sub-Accounts. Except as otherwise provided in this Article VII, a Participant’s Sub-Accounts shall
commence to be paid as follows: 
 (a) Retirement Sub-Account. The vested amounts credited to a Participant’s
Retirement Sub-Account shall commence to be paid in the calendar year following the calendar year of the Participant’s Separation from Service. Such amounts shall be paid in the form of payment selected by the Participant in accordance with
Section 4.2(c). Subject to Section 7.2 hereof, the Committee has the discretion to establish administrative procedures for designating the date within the applicable calendar year upon which payments shall commence. 

(b) In-Service Sub-Account. 
 (i) In general, the vested amounts credited to a Participant’s In-Service Sub-Account shall commence to be paid in January of the year specified by the Participant for such Sub-Account in accordance
with Section 4.2(b) hereof. Each In-Service Sub-Account shall be paid in the form of payment selected by the Participant with respect to that In-Service Sub-Account in accordance with Section 4.2(c). 

(ii) If a Participant’s Separation from Service occurs prior to the complete distribution of one or more In-Service Sub-Accounts,
then amounts credited to such In-Service Sub-Accounts shall immediately be transferred to the Participant’s Retirement Sub-Account and payment of the transferred amounts shall thereafter be governed by the terms and conditions applicable to the
Retirement Sub-Account, including, without limitation, Section 7.2 hereof. 
 (c) Subsequent Payment Elections. A
Participant may elect on a form provided by the Committee to change the Payment Election with respect to one or more of his 

  
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Sub-Accounts (a “Subsequent Payment Election”). The Subsequent Payment Election shall become irrevocable upon receipt by the Committee and shall be made in accordance with the following
rules: 
 (i) In General. The Subsequent Payment Election may not take effect until at least twelve (12) months
after the date on which it is accepted by the Committee. The Subsequent Payment Election most recently accepted by the Committee and that satisfies the requirements of this Section 7.1(c) shall govern the payout of the Sub-Accounts
notwithstanding anything contained in Section 7.1(a) or (b) hereof to the contrary. 
 (ii) Retirement
Sub-Account. A Participant may make a one-time election to change the form of payment of his Retirement Sub-Account to a form otherwise permitted under the Plan. Except in the event of the death or Unforeseeable Emergency of the Participant, the
payment of such Sub-Account will be delayed until the fifth (5th) anniversary of the first day of the calendar year that the Sub-Account would otherwise have been paid under the Plan if such Subsequent Payment Election had not been made (or, in
the case of installment payments, which are treated as a single payment for purposes of this Section, on the fifth (5th) anniversary of the first day of the calendar year that the first installment payment was scheduled to be made). 

(iii) In-Service Sub-Account. A Participant may make one or more elections to delay the payment date or change the form of
payment of one or more In-Service Sub-Account(s) to a time or form permitted under the Plan. Such Subsequent Payment Election must be filed with the Committee at least twelve (12) months prior to the first day of the calendar year that the
Sub-Account would otherwise have been paid under the Plan (or, in the case of installment payments, at least twelve (12) months from the first day of the calendar year that the first installment payment was scheduled to be made). On such
Subsequent Payment Election, the Participant must delay the payment date for a period of at least five (5) years after the first day of the calendar year that the Sub-Account would otherwise have been paid under the Plan (or, in the case of
installment payments, at least five (5) years from the first day of the calendar year that the first installment payment was scheduled to be made). 
 (iv) Acceleration Prohibited. The Committee shall disregard any Subsequent Payment Election by a Participant to the extent such election would result in an acceleration of the time or schedule of
any payment or amount scheduled to be paid under the Plan within the meaning of Section 409A of the Code. 
 (d) Small
Payments. In the event that a Sub-Account is paid in installments and the balance of the remaining amounts to be paid in installments falls below $25,000 (either as of the date that the installments payments commence to be paid or at any time
thereafter), then the remaining installments shall be paid to the Participant in a single lump sum within 30 days. 
 (e)
Calculation of Installment Payments. In the event that a Sub-Account is paid in installments: (i) the first installment shall commence on the date specified in Section 7.1 (subject to Section 7.2), and each subsequent
installment shall be paid annually until the Sub-Account has been fully paid; (ii) the amount of each installment shall equal the quotient obtained by dividing the Participant’s vested Sub-Account balance as of the end of the month
immediately 

  
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preceding the month of such installment payment (the “Installment Calculation Date”) by the number of installment payments remaining to be paid at the time of the calculation; and
(iii) the amount of such Sub-Account remaining unpaid shall continue to be credited with gains, losses and earnings as provided in Article VI hereof. By way of example, if the Participant elects to receive payments of a Sub-Account in equal
annual installments over a period of ten (10) years, the first payment shall equal 1/10th of the vested Sub-Account balance, calculated as described in this Section 7.1(e). The following year, the payment shall be 1/9 of the vested
Sub-Account balance, calculated as described in this Section 7.1(e). 
 7.2. Mandatory Six-Month Delay. Except as
otherwise provided in Sections 7.6(a), 7.6(b) and 7.6(c), in no event may payments from a Retirement Sub-Account commence prior to the first business day of the seventh month following the Participant’s Separation from Service (or if earlier,
upon the Participant’s death). 
 7.3. Death of Participant. 

(a) Each Participant shall file a Beneficiary Designation Form with the Committee at the time the Participant files an initial Deferral
Election. A Participant’s Beneficiary Designation Form may be changed at any time prior to his death by the execution and delivery of a new Beneficiary Designation Form. The Beneficiary Designation Form on file with the Committee that bears the
latest date at the time of the Participant’s death shall govern. If a Participant fails to properly designate a Beneficiary in accordance with this Section 7.3(a), then his Beneficiary shall be his estate. 

(b) In the event of the Participant’s death, the remaining amount of the Participant’s vested Sub-Accounts shall be paid to the
Beneficiary or Beneficiaries designated on a Beneficiary Designation Form, in a single lump sum within 30 days of the Participant’s death. 
 7.4. Change in Control. If a Change in Control occurs and the Participant has elected to receive payment of his vested Account upon a Change in Control in accordance with Section 4.3, then the
remaining amount of the Participant’s vested Account shall be paid to the Participant or his Beneficiary within thirty (30) days following the Change in Control, or such later date as required by Section 7.2 hereof. 

7.5. Withdrawal Due to Unforeseeable Emergency. A Participant shall have the right to request, on a form provided by the
Committee, an accelerated payment of all or a portion of his Account in a lump sum if he experiences an Unforeseeable Emergency. The Committee shall have the sole discretion to determine whether to grant such a request and the amount to be paid
pursuant to such request. 
 (a) Determination of Unforeseeable Emergency. Whether a Participant is faced with an
unforeseeable emergency permitting a payment under this Section 7.5 is to be determined based on the relevant facts and circumstances of each case, but, in any case, a payment on account of an Unforeseeable Emergency may not be made to the
extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial
hardship, or by cessation of deferrals under the Plan. Payments 

  
 12 










 
because of an Unforeseeable Emergency must be limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any Federal, state, local, or
foreign income taxes or penalties reasonably anticipated to result from the payment). Determinations of amounts reasonably necessary to satisfy the emergency need must take into account any additional compensation that is available if the Plan
provides for cancellation of a Deferral Election upon a payment due to an Unforeseeable Emergency. However, the determination of amounts reasonably necessary to satisfy the emergency need is not required to take into account any additional
compensation that is available from a qualified plan of the Company as defined in Section 409A of the Code (including any amount available by obtaining a loan under such plan, or that due to the Unforeseeable Emergency is available under
another nonqualified deferred compensation plan but has not actually been paid (including a plan that would provide for deferred compensation except due to the application of the effective date provisions of Section 409A of the Code).

 (b) Payment of Account. Payment shall be made within thirty (30) days following the determination by the
Committee that a withdrawal will be permitted under this Section 7.5, or such later date as may be required under Section 7.2 hereof. 
 7.6. Discretionary Acceleration of Payments. To the extent permitted by Section 409A of the Code, the Committee may, in its sole discretion, accelerate the time or schedule of a payment under
the Plan as provided in this Section. The provisions of this Section are intended to comply with the exception to accelerated payments under Treasury Regulation Section 1.409A-3(j) and shall be interpreted and administered accordingly.

 (a) Domestic Relations Orders. The Committee may, in its sole discretion, accelerate the time or schedule of a payment
under the Plan to an individual other than the Participant as may be necessary to fulfill a domestic relations order (as defined in Section 414(p)(1)(B) of the Code). 
 (b) Conflicts of Interest. The Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to the extent necessary for any Federal
officer or employee in the executive branch to comply with an ethics agreement with the Federal government. Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to
the extent reasonably necessary to avoid the violation of an applicable Federal, state, local, or foreign ethics law or conflicts of interest law (including where such payment is reasonably necessary to permit the Participant to participate in
activities in the normal course of his or her position in which the Participant would otherwise not be able to participate under an applicable rule). 
 (c) Employment Taxes. The Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the Federal Insurance Contributions Act
(FICA) tax imposed under Sections 3101, 3121(a), and 3121(v)(2) of the Code, or the Railroad Retirement Act (RRTA) tax imposed under Sections 3201, 3211, 3231(e)(1), and 3231(e)(8) of the Code, where applicable, on compensation deferred under the
Plan (the FICA or RRTA amount). Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment, to pay the income tax at source on wages imposed under Section 3401 of the Code or the
corresponding withholding provisions 

  
 13 










 
of applicable state, local, or foreign tax laws as a result of the payment of the FICA or RRTA amount, and to pay the additional income tax at source on wages attributable to the pyramiding
Section 3401 of the Code wages and taxes. However, the total payment under this acceleration provision must not exceed the aggregate of the FICA or RRTA amount, and the income tax withholding related to such FICA or RRTA amount. 

(d) Limited Cash-Outs. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, require a mandatory lump sum
payment of amounts deferred under the Plan that do not exceed the applicable dollar amount under Section 402(g)(1)(B) of the Code, provided that the payment results in the termination and liquidation of the entirety of the Participant’s
interest under the Plan, including all agreements, methods, programs, or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan under
Section 409A of the Code. 
 (e) Payment Upon Income Inclusion Under Section 409A. Subject to Section 7.2
hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan at any time the Plan fails to meet the requirements of Section 409A of the Code. The payment may not exceed the
amount required to be included in income as a result of the failure to comply with the requirements of Section 409A of the Code. 
 (f) Certain Payments to Avoid a Nonallocation Year under Section 409(p). Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time
or schedule of a payment under the Plan to prevent the occurrence of a nonallocation year (within the meaning of Section 409(p)(3) of the Code) in the plan year of an employee stock ownership plan next following the plan year in which such
payment is made, provided that the amount paid may not exceed 125 percent of the minimum amount of payment necessary to avoid the occurrence of a nonallocation year. 
 (g) Payment of State, Local, or Foreign taxes. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under
the Plan to reflect payment of state, local, or foreign tax obligations arising from participation in the Plan that apply to an amount deferred under the Plan before the amount is paid or made available to the Participant (the state, local, or
foreign tax amount). Such payment may not exceed the amount of such taxes due as a result of participation in the Plan. The payment may be made in the form of withholding pursuant to provisions of applicable state, local, or foreign law or by
payment directly to the Participant. Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the income tax at source on wages imposed under Section 3401
of the Code as a result of such payment and to pay the additional income tax at source on wages imposed under Section 3401 of the Code attributable to such additional wages and taxes. However, the total payment under this acceleration provision
must not exceed the aggregate of the state, local, and foreign tax amount, and the income tax withholding related to such state, local, and foreign tax amount. 
 (h) Certain Offsets. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan


  
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as satisfaction of a debt of the Participant to the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of
the Code), where such debt is incurred in the ordinary course of the service relationship between the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the
Code) and the Participant, the entire amount of reduction in any of the taxable years of the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) does
not exceed $5,000, and the reduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant. 
 (i) Bona Fide Disputes as to a Right to a Payment. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment
under the Plan where such payments occur as part of a settlement between the Participant and the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code)
of an arm’s length, bona fide dispute as to the Participant’s right to the deferred amount. 
 (j) Plan
Terminations and Liquidations. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan as provided in Section 9.2 hereof. 

(k) Other Events and Conditions. Subject to Section 7.2 hereof, a payment may be accelerated upon such other events and
conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 
 Except
as otherwise specifically provided in this Plan, including but not limited to Section 3.4(b), Section 7.1(d), this Section 7.6 and Section 9.2 hereof, the Committee may not accelerate the time or schedule of any payment or amount
scheduled to be paid under the Plan within the meaning of Section 409A of the Code. 
 7.7. Delay of Payments.
To the extent permitted under Section 409A of the Code, the Committee may, in its sole discretion, delay payment under any of the following circumstances, provided that the Committee treats all payments to similarly situated Participants on
a reasonably consistent basis: 
 (a) Federal Securities Laws or Other Applicable Law. A Payment may be delayed where the
Committee reasonably anticipates that the making of the payment will violate federal securities laws or other applicable law; provided that the delayed payment is made at the earliest date at which the Committee reasonably anticipates that the
making of the payment will not cause such violation. For purposes of the preceding sentence, the making of a payment that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not treated
as a violation of applicable law. 
 (b) Other Events and Conditions. A payment may be delayed upon such other events and
conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 

  
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 7.8. Actual Date of Payment. To the extent permitted by Section 409A of
the Code, the Committee may delay payment in the event that it is not administratively possible to make payment on the date (or within the periods) specified in this Article VII, or the making of the payment would jeopardize the ability of the
Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) to continue as a going concern. Notwithstanding the foregoing, payment must be made no later than
the latest possible date permitted under Section 409A of the Code. 
 7.9. Discharge of Obligations. The payment to
a Participant or his Beneficiary of a his Sub-Account in a single lump sum or the number of installments elected by the Participant pursuant to this Article VII shall discharge all obligations of the Affiliated Group to such Participant or
Beneficiary under the Plan with respect to that Sub-Account. 
 ARTICLE VIII 

ADMINISTRATION 
 8.1. General. The Company, through the Committee, shall be responsible for the general administration of the Plan and for carrying out the provisions hereof. In general, the Committee shall have
the full power, discretion and authority to carry out the provisions of the Plan; in particular, the Committee shall have full discretion to (a) interpret all provisions of the Plan, (b) resolve all questions relating to eligibility for
participation in the Plan and the amount in the Account of any Participant and all questions pertaining to claims for benefits and procedures for claim review, (c) resolve all other questions arising under the Plan, including any factual
questions and questions of construction, (d) determine all claims for benefits, and (e) take such further action as the Company shall deem advisable in the administration of the Plan. The actions taken and the decisions made by the
Committee hereunder shall be final, conclusive, and binding on all persons, including the Company, its shareholders, the other members of the Affiliated Group, employees, Participants, and their estates and Beneficiaries. 

8.2. Compliance with Section 409A of the Code. 
 (a) It is intended that the Plan comply with the provisions of Section 409A of the Code, so as to prevent the inclusion in gross income of any amounts deferred hereunder in a taxable year that is
prior to the taxable year or years in which such amounts would otherwise actually be paid or made available to Participants or Beneficiaries. This Plan shall be construed, administered, and governed in a manner that effects such intent, and the
Committee shall not take any action that would be inconsistent with such intent. 
 (b) Although the Committee shall use its
best efforts to avoid the imposition of taxation, interest and penalties under Section 409A of the Code, the tax treatment of deferrals under this Plan is not warranted or guaranteed. Neither the Company, the other members of the Affiliated
Group, the Board, nor the Committee (nor its designee) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant, Beneficiary or other taxpayer as a result of the Plan. 

(c) Any reference in this Plan to Section 409A of the Code will also include any proposed, temporary or final regulations, or any
other guidance, promulgated with respect to 

  
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such Section 409A by the U.S. Department of Treasury or the Internal Revenue Service. For purposes of the Plan, the phrase “permitted by Section 409A of the Code,” or words or
phrases of similar import, shall mean that the event or circumstance shall only be permitted to the extent it would not cause an amount deferred or payable under the Plan to be includible in the gross income of a Participant or Beneficiary under
Section 409A(a)(1) of the Code. 
 ARTICLE IX 
 AMENDMENT AND TERMINATION 
 9.1. Amendment. The
Company reserves the right to amend, terminate or freeze the Plan, in whole or in part, at any time by action of the Board. Moreover, the Committee may amend the Plan at any time in its sole discretion to ensure that the Plan complies with the
requirements of Section 409A of the Code or other applicable law; provided, however, that such amendments, in the aggregate, may not materially increase the benefit costs of the Plan to the Company. In no event shall any such
action by the Board or Committee adversely affect any Participant or Beneficiary who has an Account, or result in any change in the timing or manner of payment of the amount of any Account (except as otherwise permitted under the Plan), without the
consent of the Participant or Beneficiary, unless the Board or the Committee, as the case may be, determines in good faith that such action is necessary to ensure compliance with Section 409A of the Code. To the extent permitted by
Section 409A of the Code, the Committee may, in its sole discretion, modify the rules applicable to Deferral Elections, Payment Elections and Subsequent Payment Elections to the extent necessary to satisfy the requirements of the Uniformed
Service Employment and Reemployment Rights Act of 1994, as amended, 38 U.S.C. 4301-4334. 
 9.2. Payments Upon Termination of
Plan. In the event that the Plan is terminated, the amounts allocated to a Participant’s Sub-Accounts shall be paid to the Participant or his Beneficiary on the dates on which the Participant or his Beneficiary would otherwise receive
payments hereunder without regard to the termination of the Plan. Notwithstanding the preceding sentence, and subject to Section 7.2 hereof: 
 (a) Liquidation; Bankruptcy. The Board shall have the authority, in its sole discretion, to terminate the Plan and pay each Participant’s entire Account to the Participant or, if applicable,
his Beneficiary within twelve (12) months of a corporate dissolution taxed under Section 331 of the Code or with the approval of a bankruptcy court pursuant to 11 U.S.C. 503(b)(1)(a), provided that the amounts are included in the
Participant’s gross income in the latest of the following years (or, if earlier, the taxable year in which the amount is actually or constructively received): (i) the calendar year in which the Plan termination and liquidation occurs;
(ii) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture as defined under Section 409A of the Code; or (iii) the first calendar year in which the payment is administratively
practicable. 
 (b) Change in Control. The Board shall have the authority, in its sole discretion, to terminate the Plan
and pay each Participant’s entire Account to the Participant or, if applicable, his Beneficiary pursuant to an irrevocable action taken by the Board within the 30 days preceding or the 12 months following a Change in Control, provided that this
paragraph will only apply if all agreements, methods, programs, and other arrangements sponsored by the 

  
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Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) immediately after the time of the Change in
Control event with respect to which deferrals of compensation are treated as having been deferred under a single plan under Section 409A of the Code are terminated and paid with respect to each Participant that experienced the Change in Control
event, so that under the terms of the termination and payment all such Participants are required to receive all amounts of compensation deferred under the terminated agreements, methods, programs, and other arrangements within 12 months of the date
the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) irrevocably takes all necessary action to terminate and liquidate the agreements, methods,
programs, and other arrangements. 
 (c) Discretionary Terminations. The Board shall have the authority, in its sole
discretion, to terminate the Plan and pay each Participant’s entire Account to the Participant or, if applicable, his Beneficiary, provided that: (i) the termination and liquidation does not occur proximate to a downturn in the financial
health of the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code); (ii) The Company (or any entity which would be considered to be a single
employer with the Company under Section 414(b) or Section 414(c) of the Code) terminates and liquidates all agreements, methods, programs, and other arrangements sponsored by the Company (or any entity which would be considered to be a
single employer with the Company under Section 414(b) or Section 414(c) of the Code) that would be aggregated with any terminated and liquidated agreements, methods, programs, and other arrangements under Section 409A of the Code if
the same Participant had deferrals of compensation under all of the agreements, methods, programs, and other arrangements that are terminated and liquidated; (iii) no payments in liquidation of the Plan are made within 12 months of the date the
Board takes all necessary action to irrevocably terminate and liquidate the Plan other than payments that would be payable under the terms of the Plan if the action to terminate and liquidate the Plan had not occurred; (iv) all payments are
made within 24 months of the date the Board takes all necessary action to irrevocably terminate and liquidate the Plan; and (v) the Company (or any entity which would be considered to be a single employer with the Company under
Section 414(b) or Section 414(c) of the Code) does not adopt a new plan that would be aggregated with any terminated and liquidated plan under Section 409A of the Code if the same Participant participated in both plans, at any time
within three years following the date the Board takes all necessary action to irrevocably terminate and liquidate the Plan. 

(d) Other Events. The Board shall have the authority, in its sole discretion, to terminate the Plan and pay each
Participant’s entire Account to the Participant or, if applicable, his Beneficiary upon such other events and conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.

 ARTICLE X 
 MISCELLANEOUS 
 10.1. Non alienation of Deferred Compensation.
Except as permitted by the Plan, no right or interest under the Plan of any Participant or Beneficiary shall, without the written consent of the Company, be (i) assignable or transferable in any manner, (ii) subject to


  
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alienation, anticipation, sale, pledge, encumbrance, attachment, garnishment or other legal process or (iii) in any manner liable for or subject to the debts or liabilities of the
Participant or Beneficiary. Notwithstanding the foregoing, to the extent permitted by Section 409A of the Code and subject to Section 7.6(a) hereof, the Committee shall honor a judgment, order or decree from a state domestic relations
court which requires the payment of part or all of a Participant’s or Beneficiary’s interest under this Plan to an “alternate payee” as defined in Section 414(p) of the Code. 

10.2. Participation by Employees of Affiliated Group Members. Any member of the Affiliated Group may, by action of its board of
directors or equivalent governing body and with the consent of the Board, adopt the Plan; provided that the Board may waive the requirement that such board of directors or equivalent governing body effect such adoption. By its adoption of or
participation in the Plan, the adopting member of the Affiliated Group shall be deemed to appoint the Company its exclusive agent to exercise on its behalf all of the power and authority conferred by the Plan upon the Company and accept the
delegation to the Committee of all the power and authority conferred upon it by the Plan. The authority of the Company to act as such agent shall continue until the Plan is terminated as to the participating affiliate. An Eligible Employee who is
employed by a member of the Affiliated Group and who elects to participate in the Plan shall participate on the same basis as an Eligible Employee of the Company. The Account of a Participant employed by a participating member of the Affiliated
Group shall be paid in accordance with the Plan solely by such member to the extent attributable to Base Salary or Incentive Compensation that would have been paid by such participating member in the absence of deferral pursuant to the Plan, unless
the Board otherwise determines that the Company shall be the obligor. 
 10.3. Interest of Participant. 

(a) The obligation of the Company and any other participating member of the Affiliated Group under the Plan to make payment of amounts
reflected in an Account merely constitutes the unsecured promise of the Company (or, if applicable, the participating members of the Affiliated Group) to make payments from their general assets and no Participant or Beneficiary shall have any
interest in, or a lien or prior claim upon, any property of the Affiliated Group. Nothing in the Plan shall be construed as guaranteeing future employment to Eligible Employees. It is the intention of the Affiliated Group that the Plan be unfunded
for tax purposes and for purposes of Title I of ERISA. The Company may create a trust to hold funds to be used in payment of its and the Affiliated Group’s obligations under the Plan, and may fund such trust; provided, however, that any funds
contained therein shall remain liable for the claims of the general creditors of the Company and the other participating members of the Affiliated Group. 
 (b) In the event that, in the sole discretion of the Committee, the Company and/or the other members of the Affiliated Group purchases an insurance policy or policies insuring the life of any Participant
(or any other property) to allow the Company and/or the other members of the Affiliated Group to recover the cost of providing the benefits, in whole or in part, hereunder, neither the Participants nor their Beneficiaries or other distributees shall
have nor acquire any rights whatsoever therein or in the proceeds therefrom. The Company and/or the other members of the Affiliated Group shall be the sole owner and beneficiary of any such policy or policies and, as such, shall possess and may
exercise all incidents of ownership therein. A 

  
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Participant’s participation in the underwriting or other steps necessary to acquire such policy or policies may be required by the Company and, if required, shall not be a suggestion of any
beneficial interest in such policy or policies to such Participant or any other person. 
 10.4. Claims of Other Persons.
The provisions of the Plan shall in no event be construed as giving any other person, firm or corporation any legal or equitable right as against the Affiliated Group or the officers, employees or directors of the Affiliated Group, except any such
rights as are specifically provided for in the Plan or are hereafter created in accordance with the terms and provisions of the Plan. 
 10.5. Severability. The invalidity and unenforceability of any particular provision of the Plan shall not affect any other provision hereof, and the Plan shall be construed in all respects as if
such invalid or unenforceable provision were omitted. 
 10.6. Governing Law. Except to the extent preempted by federal
law, the provisions of the Plan shall be governed and construed in accordance with the laws of the State of Delaware. 

10.7. Relationship to Other Plans. The Plan is intended to serve the purposes of and to be consistent with any incentive
compensation plan approved by the Committee for purposes of the Plan. 
 10.8. Successors. The Company shall require any
successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business and/or assets of the Company expressly to assume this Plan. This Plan shall be binding upon and inure
to the benefit of the Company and any successor of or to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business and/or assets of the Company whether by sale, merger,
consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Company” for the purposes of this Plan), and the heirs, beneficiaries, executors and administrators of each Participant. 

10.9. Withholding of Taxes. Subject to Section 7.6 hereof, to the extent required by the law in effect at the time payments
are made, the Affiliated Group may withhold or cause to be withheld from any amounts deferred or payable under the Plan all federal, state, local and other taxes as shall be legally required. The Affiliated Group shall have the right in its sole
discretion to (i) require a Participant to pay or provide for payment of the amount of any taxes that the Affiliated Group may be required to withhold with respect to amounts that the Company credits to a Participant’s Account or
(ii) deduct from any amount of salary, Incentive Compensation, incentive compensation or other payment otherwise payable in cash to the Participant the amount of any taxes that the Company may be required to withhold with respect to amounts
that the Company credits to a Participant’s Account. 
 10.10. Electronic or Other Media. Notwithstanding any other
provision of the Plan to the contrary, including any provision that requires the use of a written instrument, the Committee may establish procedures for the use of electronic or other media in communications and transactions between the Plan or the
Committee and Participants and Beneficiaries. Electronic or 

  
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other media may include, but are not limited to, e-mail, the Internet, intranet systems and automated telephonic response systems. 

10.11. Headings; Interpretation. Headings in this Plan are inserted for convenience of reference only and are not to be considered
in the construction of the provisions hereof. Unless the context clearly requires otherwise, the masculine pronoun wherever used herein shall be construed to include the feminine pronoun. 

10.12. Participants Deemed to Accept Plan. By accepting any benefit under the Plan, each Participant and each person claiming
under or through any such Participant shall be conclusively deemed to have indicated his acceptance and ratification of, and consent to, all of the terms and conditions of the Plan and any action taken under the Plan by the Board, the Committee or
the Company or the other members of the Affiliated Group, in any case in accordance with the terms and conditions of the Plan. 

ARTICLE XI 

PRIOR PLAN AND TRANSITION RULES 
 11.1. Effective Date. This amendment and restatement of the Plan is effective as of January 1, 2008 (the “Effective Date”). In order to comply with section 409A of the Code,
effective immediately before January 1, 2008, the Plan is divided into two parts, one of which shall be named “Part One” and the other of which shall be named “Part Two”. Part One of the Plan shall be governed by the terms
and conditions of the Plan as in effect on October 3, 2004. Part Two of the Plan shall be governed by the terms and conditions set forth herein. 
 (a) Pre-2005 Deferrals. Any “amounts deferred” in taxable years beginning before January 1, 2005 (within the meaning of Section 409A of the Code) and any earnings thereon shall
be governed by the terms of Part One of the Plan, and it is intended that such amounts and the earnings thereon shall be exempt from the application of Section 409A of the Code. Nothing contained herein is intended to materially enhance a
benefit or right existing under Part One of the Plan as of October 3, 2004 or add a new material benefit or right to Part One of the Plan. As of January 1, 2008, Part One of the Plan is frozen, and neither the Company, its affiliates nor
any individual shall make or permit to be made any additional contributions or deferrals under Part One of the Plan (other than earnings) on or after that date. 
 (b) Post-2004 Deferrals. Any “amounts deferred” in taxable years beginning on or after January 1, 2005 (within the meaning of Section 409A of the Code) and any earnings thereon
shall be governed by the terms and conditions of Part Two of the Plan. To the extent that any of those amounts were deferred under the Plan prior to the Effective Date (the “Transferred Amounts”), then the Committee shall transfer the
Transferred Amounts from Part One of the Plan to Part Two of this Plan and credit those amounts to the appropriate Sub-Accounts under Part Two of this Plan, as selected by the Committee in its sole discretion. As a result of such transfer and
crediting, all of the Company’s obligations and Participant’s rights with respect to the Transferred Amounts under Part One of the Plan, if any, shall automatically be extinguished and become obligations and rights under Part Two of this
Plan without further action. 

  
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 11.2. Transition Relief for Payment Elections. A Participant designated by the
Committee may, no later than a date specified by the Committee (provided that such date occurs no later than December 31, 2008) elect on a form provided by the Committee to (i) change the date of payment of his Sub-Accounts to a date
otherwise permitted under the Plan or (ii) change the form of payment of his Sub-Accounts to a form of payment otherwise permitted under the Plan, without complying with the special timing requirements of Section 7.1(c). This
Section 11.2 is intended to comply with Notice 2007-86 and the applicable proposed and final Treasury Regulations issued under Section 409A of the Code and shall be interpreted in a manner consistent with such intent. 

EXECUTED at Cincinnati, Ohio on this 18th day of December, 2008 

 

					
	 PATHEON PHARMACEUTICALS INC.

			
		 	By:	 	 /s/ Brad Mitchell

		
	Title:	 	 Treasurer




  
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