Savings Investment Plan




 Exhibit 10.24 
 CABOT OIL & GAS CORPORATION 
 SAVINGS INVESTMENT PLAN

 (As Amended and Restated Effective as of January 1, 2009) 
  

 (i) 










 Exhibit 10.24 
  

 CABOT OIL & GAS CORPORATION 
 SAVINGS INVESTMENT PLAN 
 (As Amended and Restated Effective as of January 1, 2009) 
 I N D E X 
  

					
	 	  	 	  	Page
			
	 ARTICLE I
	  	DEFINITIONS	  	2
	 1.1
	  	Account	  	2
	 1.2
	  	Affiliate	  	2
	 1.3
	  	After-Tax Contributions	  	2
	 1.4
	  	After-Tax Contribution Election	  	2
	 1.5
	  	After-Tax Contribution Account	  	2
	 1.6
	  	Authorized Leave of Absence	  	2
	 1.7
	  	Beneficiary	  	2
	 1.8
	  	Board of Directors	  	2
	 1.9
	  	Catch-Up Contribution	  	2
	 1.10
	  	Code	  	2
	 1.11
	  	Committee	  	2
	 1.12
	  	Company	  	2
	 1.13
	  	Company Stock	  	3
	 1.14
	  	Company Stock Fund	  	3
	 1.15
	  	Compensation	  	3
	 1.16
	  	Contribution	  	3
	 1.17
	  	Default Investment Fund	  	3
	 1.18
	  	Effective Date	  	3
	 1.19
	  	Employee	  	3
	 1.20
	  	Employer	  	4
	 1.21
	  	Employer Contribution Account	  	4
	 1.22
	  	Employment Year	  	4
	 1.23
	  	Entry Date	  	4
	 1.24
	  	ERISA	  	4
	 1.25
	  	ESOP	  	4
	 1.26
	  	ESOP Account	  	4
	 1.27
	  	Fiduciaries	  	4
	 1.28
	  	Forfeiture	  	4
	 1.29
	  	Hour(s) of Service	  	4
	 1.30
	  	Income of the Trust Fund	  	5
	 1.31
	  	Investment Fund(s)	  	5
	 1.32
	  	Leased Employee	  	5
	 1.33
	  	Member	  	5
	 1.34
	  	1976 Plan	  	5
	 1.35
	  	Plan	  	6
	 1.36
	  	Plan Year	  	6
	 1.37
	  	Pre-Tax Contribution	  	6

  

 i 










 Exhibit 10.24 
  


					
	 1.38
	  	Pre-Tax Contribution Account	  	6
	 1.39
	  	Pre-Tax Contribution Election	  	6
	 1.40
	  	Prior Plan	  	6
	 1.41
	  	Profit-Sharing Plan Account	  	6
	 1.42
	  	Retirement Date	  	6
	 1.43
	  	Rollover Account	  	6
	 1.44
	  	Rollover Contribution	  	6
	 1.45
	  	Service	  	6
	 1.46
	  	Total and Permanent Disability	  	6
	 1.47
	  	Trust	  	7
	 1.48
	  	Trust Agreement	  	7
	 1.49
	  	Trust Fund	  	7
	 1.50
	  	Trustee	  	7
	 1.51
	  	Valuation Date	  	7
	 1.52
	  	Vesting Service	  	7
	 1.53
	  	Year of Service	  	7
			
	 ARTICLE II
	  	ADMINISTRATION OF THE PLAN	  	8
	 2.1
	  	Allocation of Responsibility Among Fiduciaries for Plan and Trust Administration	  	8
	 2.2
	  	Appointment of Committee	  	8
	 2.3
	  	Records and Reports of the Committee	  	9
	 2.4
	  	Committee Determinations	  	9
	 2.5
	  	Committee Action	  	10
	 2.6
	  	Committee Disqualification	  	10
	 2.7
	  	Committee Compensation and Expenses	  	10
	 2.8
	  	Committee Liability	  	11
	 2.9
	  	Employee Information from Employer	  	11
	 2.10
	  	Uniform Administration	  	11
	 2.11
	  	Reporting Responsibilities	  	11
	 2.12
	  	Disclosure Responsibilities	  	11
	 2.13
	  	Statements	  	12
	 2.14
	  	Annual Audit	  	12
	 2.15
	  	Funding Policy	  	12
	 2.16
	  	Presenting Claims for Benefits	  	12
	 2.17
	  	Claims Review Procedure	  	14
			
	 ARTICLE III
	  	PARTICIPATION AND SERVICE	  	18
	 3.1
	  	Eligibility for Participation	  	18
	 3.2
	  	Notification of Eligible Employees	  	18
	 3.3
	  	Applications by Employees	  	18
	 3.4
	  	Authorized Absences	  	18
	 3.5
	  	Break in Service	  	19
	 3.6
	  	Participation and Vesting Service Upon Re-employment Before a Break in Service	  	19
	 3.7
	  	Participation and Vesting Service Upon Re-employment After a Break in Service	  	19

  

 (ii) 










 Exhibit 10.24 
  


					
	 3.8
	  	Vesting Service	  	20
	 3.9
	  	Transferred Members	  	20
	 3.10
	  	Special Eligibility and Vesting for Certain Employees	  	20
	 3.11
	  	Automatic Vesting Service	  	21
	 3.12
	  	Qualified Military Service	  	21
			
	 ARTICLE IV
	  	CONTRIBUTIONS AND FORFEITURES	  	22
	 4.1
	  	Pre-Tax Contributions	  	22
	 4.2
	  	After-Tax Contributions	  	23
	 4.3
	  	Catch-Up Contributions	  	23
	 4.4
	  	Employer Contributions	  	24
	 4.5
	  	Employer Contributions and Pre-Tax Contributions to Be Tax Deductible	  	24
	 4.6
	  	Suspension of Contributions	  	24
	 4.7
	  	Delivery to Trustee	  	24
	 4.8
	  	Application of Funds	  	24
	 4.9
	  	Rollover Contributions	  	25
	 4.10
	  	Disposition of Forfeitures	  	26
	 4.11
	  	Contributions Generally Irrevocable	  	26
			
	 ARTICLE V
	  	MEMBER ACCOUNTS	  	27
	 5.1
	  	Individual Accounts	  	27
	 5.2
	  	Account Adjustments	  	27
	 5.3
	  	Recognition of Different Investment Funds	  	28
	 5.4
	  	Valuation of Trust Fund	  	28
			
	 ARTICLE VI
	  	WITHDRAWALS AND LOANS	  	29
	 6.1
	  	Withdrawals from Profit-Sharing Plan Account	  	29
	 6.2
	  	Withdrawals of Amounts from After-Tax Contribution Account	  	31
	 6.3
	  	Withdrawals of Amounts from Pre-Tax Account	  	31
	 6.4
	  	Withdrawals from Employer Contribution, ESOP and Rollover Accounts	  	31
	 6.5
	  	Loans to Members	  	31
			
	 ARTICLE VII
	  	MEMBERS’ BENEFITS	  	34
	 7.1
	  	Retirement of Members on or after Retirement Date	  	34
	 7.2
	  	Disability of Members	  	34
	 7.3
	  	Death of Members	  	34
	 7.4
	  	Other Termination of Service	  	34
	 7.5
	  	Valuation Dates Determinative of Member’s Rights	  	35
	 7.6
	  	Vesting for Certain Employees	  	35
			
	 ARTICLE VIII
	  	PAYMENT OF BENEFITS	  	36
	 8.1
	  	Payment of Benefits	  	36
	 8.2
	  	Distribution Upon Death	  	37
	 8.3
	  	Required Minimum Distributions	  	38
	 8.4
	  	Disputed Benefits	  	40
	 8.5
	  	Member’s Right to Transfer Eligible Rollover Distribution	  	40
	 8.6
	  	Non-Spouse Beneficiary Rollovers	  	42

  

 (iii) 










 Exhibit 10.24 
  


					
	 ARTICLE IX
	  	TRUST AGREEMENT; INVESTMENT FUNDS; INVESTMENT DIRECTIONS	  	43
	 9.1
	  	Trust Agreement	  	43
	 9.2
	  	Investment Funds	  	43
	 9.3
	  	Investment Directions of Members	  	43
	 9.4
	  	Change of Investment Directions	  	43
	 9.5
	  	Benefits Paid Solely from Trust Fund	  	43
	 9.6
	  	Committee Directions to Trustee	  	44
	 9.7
	  	Authority to Designate Investment Manager	  	44
	 9.8
	  	Liquidation of Cabot MicroElectronics Stock	  	44
			
	 ARTICLE X
	  	ADOPTION OF PLAN BY OTHER ORGANIZATIONS; SEPARATION OF THE TRUST FUND; AMENDMENT AND TERMINATION OF THE PLAN; DISCONTINUANCE OF CONTRIBUTIONS TO THE TRUST FUND	  	45
	 10.1
	  	Adoptive Instrument	  	45
	 10.2
	  	Separation of the Trust Fund	  	45
	 10.3
	  	Voluntary Separation	  	45
	 10.4
	  	Amendment of the Plan	  	46
	 10.5
	  	Acceptance or Rejection of Amendment by Employers	  	46
	 10.6
	  	Termination of the Plan	  	46
	 10.7
	  	Liquidation and Distribution of Trust Fund upon Termination	  	47
	 10.8
	  	Effect of Termination or Discontinuance of Contributions	  	47
	 10.9
	  	Merger of Plan with Another Plan	  	47
	 10.10
	  	Consolidation or Merger with Another Employer	  	48
			
	 ARTICLE XI
	  	MISCELLANEOUS PROVISIONS	  	49
	 11.1
	  	Terms of Employment	  	49
	 11.2
	  	Controlling Law	  	49
	 11.3
	  	Invalidity of Particular Provisions	  	49
	 11.4
	  	Non-Alienation of Benefits	  	49
	 11.5
	  	Payments in Satisfaction of Claims of Members	  	49
	 11.6
	  	Payments Due Minors and Incompetents	  	49
	 11.7
	  	Impossibility of Diversion of Trust Fund	  	50
	 11.8
	  	Evidence Furnished Conclusive	  	50
	 11.9
	  	Copy Available to Members	  	50
	 11.10
	  	Unclaimed Benefits	  	50
	 11.11
	  	Headings for Convenience Only	  	51
	 11.12
	  	Successors and Assigns	  	51
			
	 ARTICLE XII
	  	LIMITATION ON BENEFITS	  	52
	 12.1
	  	Maximum Permissible Amount and Incorporation of Code Section 415 by Reference	  	52
	 12.2
	  	Definitions	  	53
	 12.3
	  	Prospective Reduction of Member Contributions	  	55
	 12.4
	  	Excess Amounts and EPCRS	  	55

  

 (iv) 










 Exhibit 10.24 
  


					
	 ARTICLE XIII
	  	TOP-HEAVY PLAN REQUIREMENTS	  	56
	 13.1
	  	General Rule	  	56
	 13.2
	  	Vesting Provisions	  	56
	 13.3
	  	Minimum Contribution Percentage	  	56
	 13.4
	  	Limitation on Compensation	  	57
	 13.5
	  	Coordination With Other Plans	  	57
	 13.6
	  	Distributions to Certain Key Employees	  	58
	 13.7
	  	Determination of Top-Heavy Status	  	58
			
	 ARTICLE XIV
	  	TESTING OF CONTRIBUTIONS	  	62
	 14.1
	  	Definitions	  	62
	 14.2
	  	Actual Deferral Percentage Test	  	64
	 14.3
	  	Excess Contributions	  	65
	 14.4
	  	Actual Contribution Percentage Test	  	66
	 14.5
	  	Excess Aggregate Contributions	  	67

  

 (v) 










 Exhibit 10.24 
  

 CABOT OIL & GAS CORPORATION SAVINGS INVESTMENT PLAN 
 (As Amended and Restated Effective as of January 1, 2009) 
 Recitals 
 WHEREAS, effective October 1, 1976, Cabot Oil &
Gas Corporation, a Delaware corporation (the “Company”), adopted the Cabot Corporation Profit Sharing and Savings Plan and its related trust for the benefit of the eligible employees of the Company and its adopting subsidiaries (the
“1976 Plan”); and 
 WHEREAS, effective January 1, 1991, the Company established the Cabot Oil & Gas
Corporation Savings Investment Plan (the “1991 Plan”) as the successor to the 1976 Plan and the Cabot Corporation Employee Stock Ownership Plan; and 
 WHEREAS, effective January 1, 2001, the Company amended and restated the 1991 Plan to incorporate all prior amendments and changes required by certain legislative acts and to make certain other
changes (the “2001 Plan”); and 
 WHEREAS, effective January 1, 2006, the Company amended and restated the 2001
Plan to incorporate all prior amendments and such changes deemed necessary or appropriate as a result of the enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the promulgation of the final Treasury Regulations under Code
Sections 401(k) and 401(m) (the “Prior Plan”); and 
 WHEREAS, the Board of Directors of the Company has
determined that it is necessary and appropriate to amend and restate the Prior Plan, effective as of January 1, 2009 (the “Effective Date”), to incorporate all prior amendments and to make such changes made necessary or appropriate as
a result of the enactment of the Pension Protection Act of 2006 and certain other changes, with the amended and restated plan to be referred to as the “Plan”; and 
 WHEREAS, the provisions of the Plan shall apply to each Member who continues his Service (as such terms are defined herein) on and after the
Effective Date and, except as otherwise expressly set forth herein, the rights and benefits, if any, of a Member who terminated his Service prior to the Effective Date shall be determined under the provisions of the applicable prior plan in effect
on the date of his termination of Service; and 
 WHEREAS, the Plan and the related Trust are intended to meet the requirements
of Sections 401(a), 401(k) and 501(a) of the Internal Revenue Code of 1986, as amended, and the Employee Retirement Income Security Act of 1974, as amended; 
  

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 Exhibit 10.24 
  

 NOW, THEREFORE, the Company hereby amends, restates and continues the Cabot
Oil & Gas Corporation Savings Investment Plan, effective January 1, 2009, to read as follows: 
 ARTICLE I

 DEFINITIONS 
 As used in this Plan, the following words and phrases shall have the following meanings unless the context clearly requires a different meaning: 
 1.1 Account: Any of the accounts maintained for each Member pursuant to Section 5.1 or all such accounts collectively, as the
context requires. 
 1.2 Affiliate: A corporation or other trade or business which, together with an Employer, is
“under common control” within the meaning of Section 414(b) or (c), as modified by Section 415(h) of the Code; any organization (whether or not incorporated) which is a member of an “affiliated service group” within the
meaning of Section 414(m) of the Code that includes an Employer; and any other entity required to be aggregated with an Employer pursuant to regulations under Section 414(o) of the Code. 
 1.3 After-Tax Contributions: The amount contributed by a Member pursuant to Section 4.2. 
 1.4 After-Tax Contribution Election: An election by a Member directing the Employer to withhold a percentage of his current
Compensation from his paychecks on an after-tax basis and to contribute such withheld amount to the Plan as an After-Tax Contribution, pursuant to the terms of Section 4.1(b). 
 1.5 After-Tax Contribution Account: The separate account maintained for a Member to record his After-Tax Contributions to the Plan
and adjustments relating thereto. 
 1.6 Authorized Leave of Absence: Any absence authorized by the Member’s
Employer in accordance with its standard personnel practices, provided that all persons under similar circumstances must be treated alike in the granting of such Authorized Leaves of Absence and, further, that the Member returns within the period of
authorized absence. 
 1.7 Beneficiary: The natural person or persons, or the trustee of an inter vivos trust for the
benefit of natural persons, entitled to receive a Member’s death benefits under the Plan. 
 1.8 Board of Directors:
The Board of Directors of the Company. 
 1.9 Catch-Up Contribution: A pre-tax contribution made pursuant to Code
Section 414(v) by a Member who is age 50 or older. 
 1.10 Code: The Internal Revenue Code of 1986, as amended.

 1.11 Committee: The Committee that administers the Plan, as set forth in Article II. 
 1.12 Company: Cabot Oil & Gas Corporation, a Delaware corporation, its predecessors and successors. 
  

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 Exhibit 10.24 
  

 1.13 Company Stock: Common stock or convertible preferred stock of the Company
which is readily tradable on an established securities market. 
 1.14 Company Stock Fund: The Investment Fund that holds
the portion of the Accounts invested in Company Stock. 
 1.15 Compensation: The total non-deferred remuneration actually
paid to a Member by the Employer for personal services rendered as an Employee, as reported on the Member’s Federal Income Tax Withholding Statement (Form W-2 or its subsequent equivalent) during the applicable Plan Year and any amounts by
which a Member’s normal remuneration is reduced pursuant to a voluntary salary reduction plan qualified under Section 125 of the Code, a qualified transportation fringe under Section 132(f) of the Code or a cash-or-deferred plan
qualified under Section 401(k) of the Code, including salary, wages, overtime payments, and annual, discretionary and sign-on bonuses, but excluding any amounts contributed by or on behalf of an Employer to this Plan or any other employee
benefit plan sponsored by the Company, non-deductible moving expenses, disability pay (both short-term and long-term), any income arising from the exercise of a stock option or from the receipt of a restricted stock award, reimbursements, expense
allowances, severance pay (whether periodic or in a lump sum), taxable fringe benefits, waiver benefits, deductible payments under Section 105(h) of the Code, taxable group-term life insurance benefits, retention and relocation bonuses, and any
benefits payable or paid under the Cabot Oil & Gas Corporation Supplemental Employee Incentive Plan or any substantially similar plan established by the Employer, including but not limited to, the Cabot Oil & Gas Corporation
Supplemental Employee Incentive Plan II. The Compensation of a Member as reflected on the books and records of the Employer shall be conclusive. 
 Notwithstanding anything herein to the contrary, in no event shall the Compensation taken into account under the Plan for any Employee exceed $200,000 or such other amount provided under
Section 401(a)(17) of the Code, as adjusted for cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code (with such amount adjusted to $245,000 for the 2009 Plan Year). The books and records of the Employer shall be
conclusive with respect to the Compensation of the respective Members. 
 1.16 Contribution: Any amount contributed to
the Trust Fund pursuant to the provisions of this Plan, by an Employer or by a Member out of his Compensation. 
 1.17
Default Investment Fund: An Investment Fund or Funds, specified by the Committee from time to time, that satisfies the requirements of a “qualified default investment alternative” under the regulations and other guidance issued by
the Department of Labor under ERISA Sections 404(c) and 514(e). 
 1.18 Effective Date: January 1, 2009, the
effective date of the Plan as amended and restated herein, unless otherwise specified herein. 
 1.19 Employee: Any
person who is employed by an Employer, including any Leased Employee performing services for an Employer. Notwithstanding the foregoing, the term “Employee” shall not apply to any person who (i) is not treated as an employee on the
books and records of the Employer or (ii) is designated or treated by the Employer as an independent contractor. 
  

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 Exhibit 10.24 
  

 1.20 Employer: The Company, its successors, and any eligible organization which
shall adopt this Plan pursuant to the provisions of Article X, and the successors, if any, to such organization. 
 1.21
Employer Contribution Account: The account maintained for a Member to record his share of the Contributions of his Employer and adjustments relating thereto. 
 1.22 Employment Year: The twelve consecutive month period determined from the Employee’s first performance of an Hour of Service and subsequent twelve-month periods beginning on the first
anniversary of such Employee’s performance of such Hour of Service; provided, however, that in the case of any Employee who incurs a Break in Service, upon such Employee’s re-employment his Employment Year shall be deemed to commence on
the date he first performs an Hour of Service after such Break in Service. 
 1.23 Entry Date: The first day of each
calendar month and any such other date as determined by the Committee, communicated to the Employees and applied in a uniform and non-discriminatory manner thereafter. 
 1.24 ERISA: The Employee Retirement Income Security Act of 1974, as amended. 
 1.25 ESOP: The Cabot Corporation Employee Stock Ownership Plan, as effective December 31, 1990. 
 1.26
ESOP Account: The account maintained for a Member who participated in the ESOP to record his contributions transferred from the ESOP to this Plan and adjustments relating thereto. A Member shall be eligible to transfer the assets held in his
ESOP Account to other Investment Funds provided under the Plan or to borrow assets from such account as provided under Section 6.5 of the Plan. 
 1.27 Fiduciaries: The Committee, the Trustee and any other person designated as a Fiduciary with respect to the Plan or the Trust Agreement, but only with respect to the specific responsibilities
of each, as set forth in Article II. 
 1.28 Forfeiture: The portion of a Member’s Employer Contribution Account
that is forfeited because of termination of Service before full vesting. Forfeiture is deemed to have occurred on the earlier of (a) the distribution of the entire vested portion of the Member’s Account or (b) the last day of the Plan
Year in which the Member incurs five (5) consecutive one-year Breaks In Service. 
 1.29 Hour(s) of Service: An Hour
of Service is each hour during an applicable computation period for which an Employee is directly or indirectly paid, or entitled to payment, by an Employer or an Affiliate for the performance of duties or for any period of Authorized Leave of
Absence. Moreover, an Hour of Service is each hour, not in excess of forty hours per week, during any period of unpaid Authorized Leave of Absence with an Employer or an Affiliate. Such Hours of Service shall be credited to the Employee for the
computation period in

  

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 Exhibit 10.24 
  

 
which such duties were performed or in which such Authorized Leave of Absence occurred. An Hour of Service also includes each hour, not credited above, for which back pay, irrespective of
mitigation of damages, has been either awarded or agreed to by an Employer or an Affiliate. These Hours of Service shall be credited to the Employee for the computation period to which the award or agreement pertains rather than the computation
period in which the award, agreement or payment is made. In determining an Employee’s total Hours of Service during a computation period, a fraction of an hour shall be deemed a full Hour of Service. 
 Instead of counting and crediting actual hours worked, for purposes of determining the number of Hours of Service to be credited to an
Employee, an Employee may be credited with 190 Hours of Service for each calendar month during which he has earned one Hour of Service. For purposes of determining the number of Hours of Service to be credited for reasons other than the performance
of duties and for purposes of determining to which computation period Hours of Service earned under any provision of this Plan are to be credited, the provisions of Department of Labor Regulation Section 2520.200(b)-2(b) and (c) are hereby
incorporated by reference as if fully set forth herein. 
 Hours of Service will be credited for employment with other members
of an affiliated service group (under Code Section 414(m)), a controlled group of corporations (under Code Section 414(b)), or a group of trades or businesses under common control (under Code Section 414(c)), of which the Company is a
member. However, Hours of Service shall not be credited for employment with such an affiliated service group, a controlled group, or a group of trades or businesses prior to its becoming a member of or after its cessation of membership in the
Company’s affiliated service group, controlled group, or group of trades or businesses. Hours of Service will be credited for any individual considered an employee under Code Section 414(n). 
 1.30 Income of the Trust Fund: The net gain or loss of the Trust Fund from investments, as reflected by interest payments, dividends,
realized and unrealized gains and losses on securities and other investment transactions and expenses paid from the Trust Fund. 
 1.31 Investment Fund(s): Any of the investment funds comprising the Trust Fund, as described in Section 9.2. 
 1.32 Leased Employee: Each person who is not an employee of an Employer but who performs services for an Employer pursuant to a leasing agreement (oral or written) between an Employer and any leasing organization, provided that such
person has performed such services for an Employer or for related persons (within the meaning of Code Section 144(a)(3)) on a substantially full-time basis for a period of at least one year and such services are performed under primary
direction or control by an Employer. Notwithstanding the preceding sentence, the term “Leased Employee” shall not include any individual who is deemed to be an employee of an Employer under Code Section 414(n)(5). 
 1.33 Member: An Employee who, pursuant to the provisions of Article III, has met the eligibility requirements for participation
in this Plan and is participating in the Plan. 
 1.34 1976 Plan: The Cabot Corporation Profit Sharing and Savings Plan,
as established effective October 1, 1976 and as in effect on December 31, 1990. 
  

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 Exhibit 10.24 
  

 1.35 Plan: The Cabot Oil & Gas Corporation Savings Investment Plan, as
amended and restated effective as of January 1, 2009, set forth herein, and as hereafter amended from time to time. 
 1.36
Plan Year: The 12-month period commencing on January 1 and ending on December 31. 
 1.37 Pre-Tax
Contribution: Any amount deferred by a Member from his Compensation, pursuant to Code Section 401(k), and contributed to the Trust Fund pursuant to Section 4.1. 
 1.38 Pre-Tax Contribution Account: The account or accounts maintained for each Member to reflect his Pre-Tax Contributions to the
Plan, and any allocations and adjustments thereto. 
 1.39 Pre-Tax Contribution Election: An election by a Member
directing the Employer to withhold a percentage of his Compensation on a pre-tax basis and to contribute such withheld amount to the Plan as a Pre-Tax Contribution, pursuant to the terms of Section 4.1(a). 
 1.40 Prior Plan: The Cabot Oil & Gas Corporation Savings Investment Plan, as amended and restated effective January 1,
2006 and as thereafter amended. 
 1.41 Profit-Sharing Plan Account: The account maintained for a Member who participated
in the 1976 Plan prior to January 1, 1991 to record his account balance under the 1976 Plan and any adjustment thereto. 
 1.42 Retirement Date: The sixty-fifth (65th) birthday of a Member or, if earlier, the date on which a Member who is a Member in the Cabot Oil & Gas Pension Plan satisfies the age and service requirements for Early
Retirement. 
 1.43 Rollover Account: The separate subaccount established and maintained on behalf of a Member or
Beneficiary to reflect his interest in the Trust Fund attributable to Rollover Contributions. 
 1.44 Rollover
Contribution: An amount that (a) is contributed to the Trust Fund (and received and accepted by the Trustee) and (b) constitutes an “eligible rollover contribution” as defined in Code Section 402(f)(2)(A). An amount
shall be treated as a Rollover Contribution only to the extent that its acceptance by the Trustee is permitted under the Code (including the regulations and rulings promulgated thereunder). 
 1.45 Service: A Member’s period of employment or deemed employment with Employers or Affiliates determined in accordance with
Article III. 
 1.46 Total and Permanent Disability: A Member shall be considered to have a Total and Permanent
Disability if (a) (i) for a Member who is also a Member in the Cabot Oil & Gas Long-Term Disability Plan (“Cabot LTD Plan”) at the time of his claim of Disability, he is so determined by the Cabot LTD Plan, or
(ii) for a Member who is not a Member in the Cabot LTD Plan, he is determined by the Committee in its sole discretion, on the basis of evidence

  

 6 










 Exhibit 10.24 
  

 
satisfactory to the Committee including, to the extent deemed necessary or appropriate by the Committee, the advice of physicians of the Committee’s selection, that such Member is
permanently incapable of performing a meaningful job for physical or mental reasons and such disability has lasted for at least six (6) months and (b) such Member is eligible for and receiving disability benefits under the Federal Social
Security Act with respect to such condition. The Committee shall notify such Member within sixty (60) days following its determination of the Member’s Total and Permanent Disability. 
 1.47 Trust: The Trust created by and under the Trust Agreement. 
 1.48 Trust Agreement: The Trust Agreement provided for in Article IX, as amended from time to time. 
 1.49 Trust Fund: The Investment Funds held by the Trustee under the Trust Agreement, together with all income, profits or increments
thereon. 
 1.50 Trustee: The trustee under the Trust Agreement. 
 1.51 Valuation Date: Any date on which the New York Stock Exchange is open for trading and any other date on which the value of the
assets of the Trust Fund is determined by the Trustee pursuant to Section 5.4. 
 1.52 Vesting Service: The period
of a Member’s employment considered in the determination of his eligibility for benefits under the Plan. A year of Vesting Service shall be granted for each Plan Year during which an Employee completes at least 1,000 Hours of Service.

 1.53 Year of Service: An Employment Year during which the Employee performs at least 1,000 Hours of Service.

 Words used in this Plan and in the Trust Agreement in the singular shall include the plural and in the plural the singular,
and the gender of words used shall be construed to include whichever may be appropriate under any particular circumstances. 
  

 7 










 Exhibit 10.24 
  

 ARTICLE II 
 ADMINISTRATION OF THE PLAN 
 2.1 Allocation of Responsibility Among
Fiduciaries for Plan and Trust Administration: 
 (a) In General. The Fiduciaries shall have only
those specific powers, duties, responsibilities and obligations as are specifically given them under this Plan or the Trust Agreement. It is intended under this Plan and the Trust Agreement that each Fiduciary shall be responsible for the proper
exercise of its own powers, duties, responsibilities and obligations under this Plan and the Trust Agreement and shall not be responsible for any act or failure to act of another Fiduciary. Each Fiduciary may rely upon any such direction,
information or action of another Fiduciary as being proper under this Plan or the Trust Agreement and is not required under this Plan or the Trust Agreement to inquire into the propriety of any such direction, information or action. No Fiduciary
guarantees the Trust Fund in any manner against investment loss or depreciation in asset value. 
 (b)
Limitations on the Authority of the Board. Neither the Board nor any committee of the Board shall have any discretionary authority, control or responsibility with respect to the administration or management of the Plan, the disposition of the
Plan’s assets. 
 (c) Committee Responsibilities. The Committee shall serve in the capacity of the
“plan administrator” and “named fiduciary” within the meaning of ERISA. The Committee shall have the sole responsibility (i) to establish and carry out the investment policy and method of the Plan insofar as such investment
policy and method involves the investment of Plan assets, (ii) to appoint and remove the Trustee; (iii) to appoint and remove any investment manager provided for under the Trust Agreement; (iv) to monitor the performance of the
Trustee and any such investment manager; and (v) to administer the Plan, as described in the Plan and the Trust Agreement. 
 (d) Trustee Responsibilities. Except as otherwise provided in the Trust Agreement, the Trustee shall have the sole responsibility for the administration of the Trust Fund and shall have exclusive
authority and discretion to manage and control the assets held under the Trust Fund, except to the extent that the authority to manage, acquire and dispose of the assets of the Trust Fund is delegated to an investment manager or is assumed by the
Committee, all as specifically provided in the Trust Agreement. 
 2.2 Appointment of Committee: 
 (a) Initial Committee Membership. Effective as of January 1, 2009, the Committee consisted of (i) the Chief
Financial Officer of the Company, who shall serve as chair of the Committee (the “Chair”); (ii) the Vice President -Human Resources; (iii) the Vice President - Marketing; (iv) the Director of Engineering; (v) the
Director of Operations - North; (vi) the District Superintendent - North; (vii) the Manager - Benefits & Compensation; and (viii) the Manager - Exploration. Such persons shall continue to serve as members of the Committee
until their resignation or removal in accordance with Section 2.2(b). 
  

 8 










 Exhibit 10.24 
  

 (b) Resignation, Removal and Appointment of Committee Members. A
member of the Committee may resign from service on the Committee by providing written notice to the Chair. 
 2.3 Records and
Reports of the Committee: The Committee shall keep appropriate records of its proceedings and the administration of the Plan. The Committee shall make available to Members and their Beneficiaries for examination, during business hours, such
records of the Plan as pertain to the examining person and such documents relating to the Plan as are required by any applicable disclosure acts. 
 2.4 Committee Determinations: The Committee shall enforce this Plan in accordance with its terms and shall have all powers necessary for the accomplishment of that purpose, including, but not by
way of limitation, the following powers: 
 (a) To employ such agents and assistants, such counsel (who may be of
counsel to the Company) and such clerical, accounting, administrative, and investment services as the Committee may require in carrying out the provisions of the Plan; 
 (b) To authorize one or more of their number, or any agent, to make payment, or to execute or deliver any instrument, on
behalf of the Committee, except that all requisitions for funds from, and requests, directions, notifications, certifications, and instructions to, the Trustee (except as provided in (i) below) or to the Company shall be signed either by a
member of the Committee or a duly authorized agent of the Committee; 
 (c) To determine from the records of the
Company the considered Compensation, Service and other pertinent facts regarding Employees and Members for the purpose of the Plan; 
 (d) To construe and interpret the Plan, decide all questions of eligibility and determine the amount, manner and time of payment of any benefits hereunder; 
 (e) To prescribe forms and procedures to be followed by Employees for participation in the Plan, by Members or Beneficiaries
filing applications for benefits, by Members applying for withdrawals or loans, and for other occurrences in the administration of the Plan; 
 (f) To prepare and distribute, in such manner as the Committee determines to be appropriate, information explaining the Plan; 
 (g) To furnish the Company and the Members, upon request, such annual reports with respect to the administration of the Plan
as are reasonable and appropriate; 
 (h) To certify to the Trustee the amount and kind of benefits payable to
Members and their Beneficiaries; 
  

 9 










 Exhibit 10.24 
  

 (i) To authorize all disbursements by the Trustee from the Trust Fund by
a written authorization signed either by a member of the Committee or the duly authorized agent of the Committee; provided, however, that disbursements for ordinary expenses incurred in the administration of the Trust Fund and disbursements to
Members need not be authorized by the Committee; 
 (j) In the event of any share split, share dividend or
combination of outstanding shares of Company Stock, to determine the appropriate allocation of shares of such stock to the portion of the Accounts maintained for the Members that are invested in such stock, pursuant to the ESOP Company Stock Fund,
and to determine the appropriate number of shares distributable to a Member immediately following such share split, share dividend or combination so as to effectuate the intent and purpose of the Plan; provided, however, that the Committee shall not
be authorized or otherwise able to (1) amend, modify, restrict, suspend or limit investment in, or terminate, the ESOP Company Stock Fund or (2) amend, modify or terminate any provision of the Plan or Trust related to the administration or
availability for investment of the ESOP Company Stock Fund; 
 (k) To interpret and construe all terms,
provisions, conditions and limitations of this Plan and to reconcile any inconsistency or supply any omitted detail that may appear in this Plan in such manner and to such extent, consistent with the general terms of this Plan, as the Committee
shall deem necessary and proper to effectuate the Plan for the greatest benefit of all parties interested in the Plan; 
 (l) To make and enforce such rules and regulations for the administration of the Plan as are not inconsistent with the terms set forth herein; and 
 (m) In addition to all other powers herein granted, and in general consistent with provisions hereof, the Committee shall have all other rights and powers reasonably necessary to supervise and control the
administration of this Plan. 
 2.5 Committee Action: The Committee may act through the concurrence of a majority of its
members expressed either at a meeting of the Committee, or in writing without a meeting. Any member of the Committee or any duly authorized agent of the Committee may execute on behalf of the Committee any certificate or other written instrument
evidencing or carrying out any action approved by the Committee. The Committee may delegate any of its rights, powers and duties to any one or more of its members or to an agent. The Chairman of the Committee shall be the agent of the Plan and the
Committee for the service of legal process at the principal office of the Company in Houston, Texas. 
 2.6 Committee
Disqualification: A member of the Committee who may be a Member shall not vote on any question relating specifically to himself. 
 2.7 Committee Compensation and Expenses: The members of the Committee shall serve without bond (unless otherwise required by law) and without compensation for their services as such. The Committee may select and authorize the Trustee
to suitably compensate such attorneys, agents and representatives as it may deem necessary or advisable to the

  

 10 










 Exhibit 10.24 
  

 
performance of its duties. Expenses of the Committee that shall arise in connection with the administration of the Plan shall be paid by the Trustee out of the Trust Fund or, if not paid by the
Trustee, by the Company. 
 2.8 Committee Liability: Except to the extent that such liability is created by ERISA, no
member of the Committee shall be liable for any act or omission of any other member of the Committee, nor for any act or omission on his own part except for his gross negligence or willful misconduct, nor for the exercise of any power or discretion
in the performance of any duty assumed by him hereunder. The Company shall indemnify and hold harmless each member of the Committee from any and all claims, losses, damages, expenses (including counsel fees approved by the Committee) and liabilities
(including any amounts paid in settlement with the Committee’s approval, but excluding any excise tax assessed against any member or members of the Committee pursuant to the provisions of Code Section 4975) arising from any act or omission
of such member in connection with duties and responsibilities under the Plan, except where the same is judicially determined to be due to the gross negligence or willful misconduct of such member. 
 2.9 Employee Information from Employer: To enable the Committee to perform its functions, the Employer shall supply full and timely
information to the Committee relating to the dates of employment of its Employees for purposes of determining eligibility of Employees to participate hereunder, the Compensation of all Members, their termination of employment, death or Total and
Permanent Disability, and such other pertinent facts related to an Employee’s eligibility to participate and Service as the Committee may require. The Committee shall advise the Trustee of such of the foregoing facts as may be pertinent to the
Trustee’s administration of the Trust Fund. 
 2.10 Uniform Administration: Whenever in the administration of the
Plan any action is required by the Employer or the Committee, including, but not by way of limitation, action with respect to eligibility of Employees, Contributions, and benefits, such action shall be uniform in nature as applied to all persons
similarly situated, and no action shall be taken which will discriminate in favor of Members who are officers or shareholders of the Employer, highly compensated Employees, or persons whose principal duties consist of supervising the work of others.

 2.11 Reporting Responsibilities: The Committee shall file or distribute all reports, returns and notices required
under ERISA or other applicable law. 
 2.12 Disclosure Responsibilities: The Committee shall make available to each
Member and Beneficiary such records, documents and other data as may be required under ERISA, and Members or Beneficiaries shall have the right to examine such records at reasonable times during business hours. Nothing contained in this Plan shall
give any Member or Beneficiary the right to examine any data or records reflecting the Compensation paid to, or relating to any Account of, any other Member or Beneficiary, except as may be required under ERISA. 
  

 11 










 Exhibit 10.24 
  

 2.13 Statements: No less frequently than annually, the Committee (or its
delegate) shall prepare and deliver to each Member a statement reflecting as of the Valuation Date provided in such statement: 
 (a) Such information applicable to Contributions by and for each such Member and the increase or decrease thereof as a consequence of valuation adjustments as may be pertinent in the premises; and

 (b) The balance in his Account as of that Valuation Date. 
 2.14 Annual Audit: The Committee shall engage, on behalf of all Members, an independent certified public accountant who shall conduct
an annual examination of any financial statements of the Plan and Trust Fund and of other books and records of the Plan and Trust Fund as the certified public accountant may deem necessary to enable him to form and provide a written opinion as to
whether the financial statements and related schedules required to be filed with the Internal Revenue Service, Securities and Exchange Commission, or Department of Labor, or furnished to each Member are presented fairly and in conformity with
generally accepted accounting principles applied on a basis consistent with that of the preceding Plan Year. If, however, the statements required to be submitted as part of the reports to the Department of Labor are prepared by a bank or similar
institution or insurance carrier regulated and supervised and subject to periodic examination by a state or federal agency, and if such statements are, in fact, made a part of the annual report to the Department of Labor and no such audit is
required by ERISA, then the audit required by the foregoing provisions of this Section shall be optional with the Committee. 
 2.15 Funding Policy: The Committee shall, at a meeting duly called for such purpose, establish a funding policy and method consistent with the objectives of the Plan and the requirements of Title I of ERISA. The Committee shall meet
at least annually to review such funding policy and method. In establishing and reviewing such funding policy and method, the Committee shall endeavor to determine the Plan’s short-term and long-term objectives and financial needs, taking into
account the need for liquidity to pay benefits and the need for investment growth. All actions of the Committee taken pursuant to this Section and the reasons therefor shall be recorded in the minutes of meetings of the Committee and shall be
communicated to the Trustee, any Investment Manager who may be managing a portion or all of the Trust Fund in accordance with the provisions of the Trust Agreement, and to the Board of Directors. 
 2.16 Presenting Claims for Benefits: 
 (a) Claims Administration and Rules. A “Claims Administrator” shall be appointed by the Committee or, absent such appointment, shall be the Company’s director of benefits, with such
Claims Administrator authorized by the Committee to conduct the initial review and render a decision as provided in this Section for all claims for benefits under the Plan. 
 (b) Submission of Claims. Any Member or any other person claiming under any deceased Member (collectively, the
“Applicant”) may submit written application to

  

 12 










 Exhibit 10.24 
  

 
the Committee (or its delegate) for the payment of any benefit asserted to be due him under the Plan, including, but not limited to, claims related to administrative and statement errors. Such
application shall set forth the nature of the claim and such other information as the Committee (or its delegate) may reasonably request. The Committee, in its sole discretion, may establish reasonable time periods within which any claim for
benefits or other cause of action must be submitted with the Committee. 
 (c) Claims Other Than for Total and
Permanent Disability. The Committee (or its delegate), in its sole discretion, shall review and notify the Applicant of the benefits determination within a reasonable time after receipt of the claim, such time not to exceed 90 days unless
special circumstances require an extension of time for processing the application. If such an extension of time for processing is required, written notice of the extension shall be furnished to the Applicant prior to the end of the initial 90-day
period. In no event shall such extension exceed a period of 90 days from the end of such initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Committee (or its
delegate) expects to render its final decision. 
 Notice of the Committee’s (or its delegate’s)
decision to deny a claim in whole or in part shall be set forth in a manner calculated to be understood by the Applicant and shall contain the following: 
 (i) the specific reason or reasons for the denial; 
 (ii) specific
reference to the pertinent Plan provisions on which the denial is based; 
 (iii) a description of any additional
material or information necessary for the Applicant to perfect the claim and an explanation of why such material or information is necessary; and 
 (iv) an explanation of the claims review procedures set forth in Section 2.17 hereof, including the Applicant’s right to bring a civil action under Section 502(a) of ERISA following a
denial on review. 
 Applicants shall be given timely written notice of the time limits set forth herein for determination on
claims, appeal of claim denial and decisions on appeal. 
 (d) Claims Based on Total and Permanent
Disability. If a claim for benefits based upon a Member’s Total and Permanent Disability is wholly or partially denied, the Claims Administrator shall so notify the Applicant within forty-five (45) days after receipt of the application
by the Claims Administrator, unless special circumstances require an extension of time for processing the application. If such an extension of time for processing is required, the time for processing may be extended for up to 30 days, if the Claims
Administrator determines that the extension is necessary due to matters beyond the control of the Claims Administrator or the Plan and notifies the Applicant, before the expiration of the initial 45-day period, of the circumstances requiring the
extension of time and the date by which the claim decision is expected to be made. If,

  

 13 










 Exhibit 10.24 
  

 
before the end of this 30-day extension period, the Claims Administrator determines that, due to matters beyond the control of the Claims Administrator or the Plan, a decision cannot be rendered
within that initial 30-day extension period, an additional 30-day extension may apply if the Applicant is given a notice satisfying the requirements set forth above for the first 30-day extension. Any notice of extension must specifically explain
the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve those issues. The Applicant will be given at least 45 days in which to provide the
specified information. In the event that the extension is a result of an Applicant’s failure to submit information necessary to decide a claim, the period in which the determination must be made will be tolled from the date on which the
notification of the extension is sent to the Applicant until the date the Applicant responds to the request for additional information. 
 Notice of the Claims Administrator’s decision to deny a claim in whole or in part shall be set forth in a manner calculated to be understood by the Applicant and must contain the information
described in clauses (i) through (iv) of Section 2.16(c). 
 (i) If any internal rule or guideline
was relied on in denying the claim, either the specific rule or guideline, or a statement that such a rule or guideline was relied on in denying the claim and that a copy of that rule or guideline will be provided to the Applicant free of charge on
request; and 
 (ii) If the claim denial is based on an exclusion or limit related to medical necessity or
experimental treatment, either an explanation of the scientific or clinical judgment for the determination as applied to the involved claimant’s circumstances, or a statement that such an explanation will be provided to the Applicant free of
charge upon request. 
 2.17 Claims Review Procedure: 
 (a) Appeal of Denial of Claims. Upon the Claims Administrator’s denial, in whole or in part of a benefit applied
for under Section 2.16, an Applicant shall have the right by written to appeal such denial as set forth in this Section 2.17. Except as may be otherwise required by law, the decision of the Committee on review of the claim denial shall be
binding on all parties when the Applicant has exhausted the claims procedure under this Section 2.17. Benefits under the Plan will only be paid if the Committee decides in its discretion that the claimant involved is entitled to them.
Notwithstanding any provision of the Plan to the contrary, an Applicant must exhaust all of his administrative remedies set forth in Section 2.16 and this Section with respect to any claim or cause of action related to the Plan before he
may bring any action at law or equity. 
 (b) Claims Other Than for Total and Permanent Disability. If an
application filed by an Applicant under Section 2.16 above shall result in a denial of the benefit applied for, either in whole or in part, such Applicant shall have the right, to be exercised by written request filed with the Committee within
60 days after receipt of notice of the

  

 14 










 Exhibit 10.24 
  

 
denial of his application, to request a review of his application and of his entitlement to the benefit for which he applied by the Committee. Such request for review may contain such additional
information and comments as the Applicant may wish to present. 
 The Committee shall reconsider the application
in light of such additional information and comments as the Applicant may have presented and, if the Applicant shall have so requested, may grant the Applicant a formal hearing before the Committee in its discretion. The Committee shall also permit
the Applicant or his designated representative to review pertinent documents in its possession, including copies of the Plan document and information provided by the Employer relating to the Applicant’s entitlement to such benefit. 

The Committee shall render a decision no later than the date of the Committee meeting next following receipt of the
request for review, except that (i) a decision may be rendered no later than the second following Committee meeting if the request is received within 30 days of the first meeting and (ii) under special circumstances which require an
extension of time for rendering a decision (including, but not limited to, the need to hold a hearing), the decision may be rendered not later than the date of the third Committee meeting following the receipt of the request for review. If such an
extension of time for review is required because of special circumstances, written notice of the extension shall be furnished to the Applicant prior to the commencement of the extension. 
 Notice of the Committee’s final decision shall be furnished to the Applicant in writing, in a manner calculated to be
understood by him, and if the Applicant’s claim on review is denied in whole or in part, the notice shall set forth the specific reason or reasons for the denial and the specific reference to the pertinent plan provisions on which the denial is
based, the Applicant’s right to receive upon request, free of charge, reasonable access to, and copies of, all relevant documents, records and other information to his claim, and his right to bring a civil action under Section 502(a) of
ERISA. 
 Notwithstanding the foregoing, in the event that the Committee holds regularly scheduled meetings at
least quarterly, the Committee shall render a determination on review of a non-disability claim no later than the date of the Committee meeting next following receipt of the request for review, except that (i) a decision may be rendered no
later than the second following Committee meeting if the request is received within 30 days of the first meeting and (ii) under special circumstances which require an extension of time for rendering a decision (including but not limited to the
need to hold a hearing), the decision may be rendered not later than the date of the third Committee meeting following the receipt of the request for review. If such an extension of time for review is required because of special circumstances,
written notice of the extension shall be furnished to the Applicant prior to the commencement of the extension. In the event that the extension is a result of an Applicant’s failure to submit information necessary to decide a claim, the period
in which the determination must be made will be tolled from the date on which the notification of the extension is sent to the Applicant until the date the Applicant responds to the request for additional information. No later than five
(5) days after the Committee has reached a final determination on review, notice of the Committee’s final decision shall be furnished to the Applicant in writing, in the manner set forth above. 
  

 15 










 Exhibit 10.24 
  

 (c) Claims Based on Total and Permanent Disability. If an
application filed by an Applicant under Section 2.16(d) above shall result in a denial by the Claims Administrator of the disability-based benefit applied for, either in whole or in part, such Applicant shall have the right, to be exercised by
written request filed with the Committee within one-hundred and eighty (180) days after receipt of notice of the denial of the application, for a review of the application and of the entitlement to the benefit for which the Applicant applied.
Such request for review may contain such additional information and comments as the Applicant may wish to present. 
 The Committee shall reconsider the application in light of such additional information and comments as the Applicant may have presented, and if the Applicant shall have so requested, shall afford the Applicant or his designated
representative a hearing before the Committee. Upon request, the Committee shall provide, free of charge, the Applicant or his designated representative with copies of all Relevant Documents in its possession, including copies of the Plan document
and information provided by the Company relating to the involved claimant’s entitlement to such benefit. Additionally, the following requirements shall be imposed upon the Committee in reconsidering an Applicant’s request: 
 (i) The Committee’s review will not give deference to the original claim denial, and the review will not be made by the
person who made the original claim denial, or a subordinate of that person; 
 (ii) In deciding an appeal of any
claim denial that is based in any way on a medical judgment, the Committee will consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment; 
 (iii) The health care professional consulted by the Committee will not be an individual who was consulted in connection with
the original claim denial or a subordinate of any such individual; and 
 (iv) The Applicant will be provided the
identification of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the claim denial, even if the advice was not relied upon in making the claim denial. 
 The Committee shall render a decision and notify the Applicant of the Committee’s determination on review within a
reasonable period of time, but not later than 45 days after receipt of the Applicant’s request for review, unless the Committee determines that special circumstances (such as the need to hold a hearing) require an extension of time for
processing the claim. If the Committee determines an extension of time for processing is required, written notice of the extension shall be furnished to the Applicant prior to the termination of the initial 45-day period. In no event, shall such

  

 16 










 Exhibit 10.24 
  

 
extension exceed a period of 45 days from the end of the initial period. The extension notice shall indicate the special circumstance requiring an extension of time and the date by which the
Committee expects to render the determination on review. In the event that the extension is a result of an Applicant’s failure to submit information necessary to decide a claim, the period in which the determination must be made will be tolled
from the date on which the notification of the extension is sent to the Applicant until the date the Applicant responds to the request for additional information. 
 Notice of the Committee’s final decision shall be furnished to the Applicant in writing, in a manner calculated to be
understood by him, and if the Applicant’s claim on review is denied in whole or in part, the notice shall contain the information described in clauses (i) through (iv) of Section 2.16(c). Additionally, the notice of denial shall
include: 
 (i) If any internal rule or guideline was relied on in denying the claim on appeal, either the
specific rule or guideline, or a statement that such a rule or guideline was relied on in denying the claim and that a copy of that rule or guideline will be provided to the Applicant free of charge on request; and 
 (ii) If the claim denial on appeal is based on an exclusion or limit like medical necessity or experimental treatment, either
an explanation of the scientific or clinical judgment for the determination as applied to the involved claimant’s circumstances, or a statement that such an explanation will be provided to the Applicant free of charge upon request. 

 

 17 










 Exhibit 10.24 
  

 ARTICLE III 
 PARTICIPATION AND SERVICE 
 3.1 Eligibility for Participation: Each
person who (i) is an Employee on the Effective Date and (ii) participated in the Prior Plan on December 31, 2008 shall continue to participate in accordance with the provisions of this Plan. Each other Employee shall be eligible to
commence participation in this Plan on the Entry Date coincident with or next following his commencement of Service, provided he is otherwise eligible hereunder. An Employee who does not participate in the Plan when he first becomes eligible may
commence participation on any Entry Date thereafter, provided he is otherwise eligible hereunder. 
 Notwithstanding anything to
the contrary in this Plan, the following Employees shall not be eligible to participate in the Plan: (i) Leased Employees, (ii) employees covered by a collective bargaining agreement between employee representatives and the Employer, if
there is evidence that retirement benefits were the subject of good faith bargaining between such employee representatives and the Employer and such collective bargaining agreement does not expressly provide for coverage of such employees hereunder,
(iii) persons who are non-resident aliens and who receive no earned income (within the meaning of Code Section 911) from the Employer which constitutes income from sources within the United States (within the meaning of Code
Section 861), and (iv) persons who are utility employees (as herein defined). For purposes of this Plan, a utility employee is an employee who is hired in a utility position. A utility position is (i) a position which is expected by
the respective Employer or Affiliate to be of limited duration or (ii) for a particular project upon the conclusion of which the employee is expected by the respective Employer or Affiliate to be terminated. 
 3.2 Notification of Eligible Employees: The Committee, which shall be the sole judge of the eligibility of an Employee to participate
under the Plan, shall notify each Employee of his initial eligibility to participate in the Plan. 
 3.3 Applications by
Employees: In order to participate in the Plan, an eligible Employee who has satisfied the requirements of Section 3.1 shall execute and file with the Committee an application to become a Member. Such application shall be in the form and
manner prescribed by the Committee. By means of such application, the eligible Employee shall (i) designate the amount of his Contributions to the Plan, (ii) agree to be bound by the terms and conditions of the Plan, (iii) designate a
Beneficiary in accordance with Section 8.2, (iv) authorize payroll deductions for his Contributions, and (v) direct the investment of his Contributions among the Investment Funds in accordance with Sections 9.3 and 9.4.

 3.4 Authorized Absences: An Employee’s or Member’s period of Service shall include the following Authorized
Leaves of Absence: 
 (a) Absence due to accident or sickness so long as the person is continued on the
employment rolls of the Employer or Affiliate and remains eligible to return to work upon his recovery; 
 (b)
Absence due to membership in the service of the Armed Forces of the United States (but if such absence is not pursuant to orders issued by the Armed Forces of

  

 18 










 Exhibit 10.24 
  

 
the United States, only if with the consent of the Employer or Affiliate) but only if, and then only to the extent that, applicable federal law requires such military service to be counted as
Service hereunder and only if the person has complied with all prerequisites of such federal law; and 
 (c)
Absence due to an authorized leave of absence granted by the Employer or Affiliate for any other purpose approved by the Board of Directors in accordance with established practices of the Employer or Affiliate, consistently applied in a
non-discriminatory manner in order that all employees under similar circumstances shall be treated alike, provided that each such person shall, immediately upon the expiration of such leave, apply for reinstatement in the employment of the Employer
or Affiliate. 
 3.5 Break in Service: For purposes of the Plan, a “Break in Service” shall mean a Plan Year
within which a Member completes fewer than 501 Hours of Service. Solely for purposes of determining whether a Member has a Break in Service for eligibility or vesting purposes an individual who is absent from work for maternity or paternity reasons
shall receive credit for the Hours of Service which would have otherwise been credited to such an individual but for such absence, or in any case in which such hours cannot be determined, eight hours of service per day of such absence. For purposes
of this paragraph, an absence from work for maternity or paternity reasons means an absence (a) by reason of the pregnancy of the individual, (b) by reason of the birth of a child of the individual, (c) by reason of the placement of a
child with the individual in connection with the adoption of such child by such individual, or (d) for purposes of caring for such child for a period beginning immediately following such birth or placement. The Hours of Service credited under
this paragraph shall be credited (i) in the computation period in which the absence begins if the crediting is necessary to prevent a Break in Service in that period or (ii) in all other cases, in the following computation period. No more
than 501 Hours of Service shall be credited for any single such absence. 
 3.6 Participation and Vesting Service Upon
Re-employment Before a Break in Service: Upon the re-employment before a Break in Service of any person who had previously been employed by an Employer or Affiliate on or after the Effective Date, the following rules shall apply. If the
re-employed person was not a Member during his prior period of Service, he shall be eligible to commence participation in the Plan on the first Entry Date after his re-employment upon meeting the requirements of Section 3.1. If the re-employed
person was a Member in the Plan during his prior period of Service, he shall be entitled to recommence participation as of the date of his re-employment if eligible under Section 3.1. All years of Vesting Service attributable to a re-employed
person’s prior period of Service shall be reinstated as of the date of his re-employment for purposes of Section 7.4. 
 3.7 Participation and Vesting Service Upon Re-employment After a Break in Service: Upon the re-employment after a Break in Service of any person who had previously been employed by an Employer or Affiliate on or after the Effective
Date, the following rules shall apply in determining his eligibility for participation and his Vesting Service: 
 (a) Participation: If an Employee (whether or not previously a Member) is rehired after cancellation of pre-break Service as determined in accordance with subparagraph (b) below, he must meet the requirements of Section 3.1
for participation in

  

 19 










 Exhibit 10.24 
  

 
the Plan as if he were a new Employee. If an Employee is rehired prior to cancellation of his pre-break Service as determined in accordance with subparagraph (b) below, he shall be eligible
to commence or recommence participation as of the date of his re-employment, if he previously was a Member and he meets the requirements under Section 3.1, or on the first Entry Date after his re-employment as of which he has completed the
requirements of Section 3.1. 
 (b) Vesting Service: If the re-employed person was a Member whose
prior Service terminated without entitlement to a distribution from his Employer Contribution Account under Article VII, any Vesting Service attributable to his prior period of employment shall be reinstated as of the date of his recommencement
of participation only if the number of consecutive one-year Breaks In Service is less than the greater of five (5) or the aggregate number of his years of pre-break Vesting Service. If the re-employed person was a Member whose prior Service
terminated with entitlement to a distribution from his Employer Contribution Account under Article VII, all years of Vesting Service attributable to his prior period of employment shall be reinstated upon his recommencing participation in the
Plan. 
 3.8 Vesting Service: An Employee shall be credited with one and only one year of Vesting Service for each Plan
Year in which such Employee completes at least 1,000 Hours of Service for an Employer or Affiliate. An Employee will not be credited with a year of Vesting Service with respect to a Plan Year if the Employee completes less than 1,000 Hours of
Service for the Employer or an Affiliate during such Plan Year. An Employee’s service with Cabot Corporation prior to the Effective Date shall count as Vesting Service under this Plan to the extent and in the same manner as computed under the
1976 Plan. 
 3.9 Transferred Members: If a Member is transferred to an Affiliate, or to an employment classification
with an Employer not covered by this Plan, his participation shall be suspended until he is subsequently re-employed by an Employer in an employment classification covered by the Plan; provided, however, that during such suspension period
(i) such Member shall be credited with Service in accordance with Section 3.4, (ii) he shall not be entitled or required to make Pre-Tax Contributions under Section 4.1, (iii) his Employer Contribution Account shall receive
no Employer Contribution except to the extent provided in Section 4.4, and (iv) his Account shall continue to share proportionately in Income of the Trust Fund as provided in Section 5.2. If an individual is transferred from an
employment classification with an Employer that is not covered by the Plan to an employment classification that is so covered, or from an Affiliate to an employment classification with an Employer that is so covered, his period of Service prior to
the date of transfer shall be considered for purposes of determining his eligibility to become a Member under Section 3.1 and for purposes of vesting under Section 7.4. 
 3.10 Special Eligibility and Vesting for Certain Employees: 
 (a) Doran Employees. Effective March 1, 1989, all Employees who became Employees of an Employer as a result of
the acquisition of certain assets of Doran & Associates, Inc. (“Doran”) shall become Members of the Plan subject to the eligibility requirements under the Plan in effect on such date. Any period of employment with Doran or an
affiliate of Doran shall be considered for purposes of determining such Employees’ Service under the Plan to the extent such employment otherwise qualified under the relevant provisions of the Plan. 
  

 20 










 Exhibit 10.24 
  

 (b) Emax Employees. Effective October 1, 1993, all Employees
who became Employees of an Employer as a result of the acquisition of certain assets of Emax Oil Company (“Emax”), shall become Members of the Plan subject to the eligibility requirements under the Plan in effect on such date. Any period
of employment with Emax or an affiliate of Emax shall be considered for purposes of determining such Employees’ Service under the Plan to the extent such employment otherwise qualifies under the relevant provisions of the Plan. 
 (c) WERCO Employees. Effective May 3, 1994, all Employees who became Employees of an Employer as a result of the
merger with Washington Energy Resources Company (“WERCO”), shall become Active Members of the Plan subject to the eligibility requirements under the Plan in effect on such date. Any period of employment with WERCO or an affiliate of WERCO
shall be considered for purposes of determining such Employees’ Service under the Plan to the extent such employment otherwise qualifies under the relevant provisions of the Plan. 
 (d) Oryx Employees. Effective December 30, 1998, all Employees who became Employees of an Employer as a result of
the acquisition of certain properties of Oryx Energy Company (“Oryx”), shall become Active Members of the Plan subject to the eligibility requirements under the Plan in effect on such date. Any period of employment with Oryx or an
affiliate of Oryx shall be considered for purposes of determining such Employees’ Service under the Plan to the extent such employment otherwise qualifies under the relevant provisions of the Plan. 
 (e) Cody Employees. Effective August 17, 2001, all Employees who became Employees of an Employer as a result of
the acquisition of certain properties of Cody Energy LLC (“Cody”), shall become Active Members of the Plan subject to the eligibility requirements under the Plan in effect on such date. Any period of employment with Cody or an affiliate of
Cody shall be considered for purposes of determining such Employees’ Service under the Plan to the extent such employment otherwise qualifies under the relevant provisions of the Plan. 
 3.11 Automatic Vesting Service: All Employees who become employed by the Company as a result of an acquisition of or merger with an
employer not affiliated with the Company (“Acquired Company”) shall be credited with service with the Acquired Company immediately prior to the acquisition for purposes of eligibility and vesting hereunder. 
 3.12 Qualified Military Service: Notwithstanding any provisions of this Plan to the contrary, contributions, benefits and service
credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Code. 
  

 21 










 Exhibit 10.24 
  

 ARTICLE IV 
 CONTRIBUTIONS AND FORFEITURES 
 4.1 Pre-Tax Contributions:

 (a) Initial Pre-Tax Contribution Election: Each Member who elects to make Pre-Tax Contributions for a
Plan Year shall initially elect to defer a portion of his Compensation in whole percentages of not less than one percent (1%) and not more than fifty percent (50%) (to the nearest whole dollar) of his Compensation; provided, however, that
Pre-Tax Contributions and After-Tax Contributions shall not total, in the aggregate, more than fifty percent (50%) (to the nearest whole dollar) of the Member’s Compensation. Such deferred percentage shall be applied against a
Member’s Compensation as such Compensation becomes payable. Any such Pre-Tax Contribution Election shall be made in the form and manner prescribed by the Committee. 
 (b) Subsequent Pre-Tax Contribution Elections: Each deferral election shall continue in effect during subsequent Plan
Years unless the Member notifies the Committee, in writing and in such form and manner prescribed by the Committee, of his election to change or discontinue his Pre-Tax Contributions. A Member may change the percentage of his Compensation designated
by him as his Pre-Tax Contribution, but not retroactively and not more frequently than four (4) times each Plan Year. 
 (c) Limitations on Pre-Tax Contributions: A Member’s Pre-Tax Contributions shall not exceed the limit set forth in Section 402(g) of the Code (which, for the 2009 Plan Year, is $16,500),
as adjusted by the Secretary of the Treasury to account for cost-of-living increases. In the event that (i) a Member’s Pre-Tax Contributions exceed the applicable limit or (ii) the Member notifies the Committee in writing, at the time
and in the manner prescribed by the Committee, the amount by which his Pre-Tax Contributions exceed the applicable limit when added to amounts deferred by the Member in other plans or arrangements, such excess (the “Excess Deferrals”),
plus any income and minus any loss attributable thereto, shall be returned to the Member by April 15 of the following year. 
 Such income shall include the allocable gain or loss for (i) the Plan Year in which the Excess Deferral occurred and (ii) the period from the end of that Plan Year to the date of distribution.
The amount of any Excess Deferrals to be distributed to a Member for a taxable year shall be reduced by excess Pre-Tax Contributions previously distributed pursuant to Article XIV for the Plan Year beginning in such taxable year. The income or
loss attributable to the Member’s Excess Deferral for the Plan Year shall be determined by multiplying the income or loss attributable to the Member’s Pre-Tax Contribution Account balance for the Plan Year (or relevant portion thereof) by
a fraction, the numerator of which is the Excess Deferral and the denominator of which is the Member’s total Pre-Tax Contribution Account balance as of the Valuation Date next preceding the date of return of the Excess Deferral. Unless the
Committee elects otherwise, the income or loss attributable to the Member’s Excess Deferral for the period between the end of the Plan Year and the date of distribution shall be determined using the safe-harbor method set forth in Treasury
Regulations to Section 402(g) of the Code,

  

 22 










 Exhibit 10.24 
  

 
and shall be equal to ten percent (10%) of the allocable income or loss for the Plan Year, calculated as set forth immediately above, multiplied by the number of calendar months that have
elapsed since the end of the Plan Year. For these purposes, distribution of an Excess Deferral on or before the fifteenth (15th) day of a calendar month shall be treated as having been made on the last day of the preceding month, and a
distribution made thereafter shall be treated as having been made on the first day of the next month. Any Excess Deferrals which have not been returned to the Member by April 15 of the following year shall be treated as Annual Additions under
Article XII of the Plan. 
 (d) Vesting: A Member shall always be fully vested in and have a
non-forfeitable right to his Pre-Tax Contributions. 
 4.2 After-Tax Contributions: 
 (a) Initial After-Tax Election: Any Member may elect to make an After-Tax Contribution of up to fifteen percent
(15%) (to the nearest whole dollar) of his Compensation; provided, however, that Pre-Tax Contributions and After-Tax Contributions shall not total, in the aggregate, more than fifty percent (50%) (to the nearest whole dollar) of the
Member’s Compensation. Such a deferred percentage shall be applied against a Member’s Compensation as such Compensation becomes payable. Any such After-Tax Election shall be made in the form and manner prescribed by the Committee.

 (b) Subsequent After-Tax Elections: Any After-Tax Contribution election shall be made pursuant to the
provisions of Section 3.3, and shall continue in effect during subsequent Plan Years unless the Member notifies the Committee, in writing and in such form and manner prescribed by the Committee, of his election to change or discontinue his
After-Tax Contribution. A Member may change the percentage of his Compensation designated by him as his After-Tax Contribution; provided, however, that he may not change his Pre-Tax and After-Tax Contribution elections in the aggregate more than
four (4) times each Plan Year and that such changes shall not be retroactive. 
 (c) Vesting: A
Member shall always be fully vested in and have a non-forfeitable right to his After-Tax Contributions. 
 4.3 Catch-Up
Contributions: Each Member who (i) elects to make Pre-Tax Contributions under Section 4.1 of this Plan and (i) has attained or will attain age 50 before the close of the Plan Year may elect to make “catch-up
contributions” in accordance with, and subject to the limitations of, Section 414(v) of the Code (“Catch-Up Contributions”), in the form and manner prescribed by the Committee. Such Catch-Up Contributions shall not be taken into
account for purposes of the provisions of the Plan implementing the required limitations of Sections 402(g) and 415 of the Code. Additionally, such Catch-Up Contributions shall not participate in, or be considered in determining, the amount of
Employer Contributions under Section 4.4 of the Plan. The Plan shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Sections 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code,
as applicable, by reason of the making of such Catch-Up Contributions. 
  

 23 










 Exhibit 10.24 
  

 4.4 Employer Contributions: Each Employer shall make an Employer Contribution to
the Trust Fund for a Plan Year on behalf of its Members in an amount equal to one hundred percent (100%) of such Member’s Basic Savings Contributions for the Plan Year. “Basic Savings Contributions” means each Member’s first
six percent (6%) of Pre-Tax Contributions. An Employer Contribution shall be deemed to be made on account of a Plan Year if (i) the Employer claims such amount as a deduction on its federal income tax return for such Plan Year or
(ii) the Employer designates such amount in writing to the Trustee as payment on account of such Plan Year. The Trustee shall hold all such Employer Contributions subject to the provisions of this Plan and Trust, and no part of such
Contributions shall be used for, or diverted to, any other purpose. After the close of each Plan Year, the applicable Employer shall make an additional Employer Contribution for each Member who is an active Member on the last day of such Plan Year
in an amount equal to the difference, if any, between (1) 100% of the first 6% of the Member’s Pre-Tax Contributions and After-Tax Contributions (but not Catch-up Contributions) for the Plan Year and (2) the sum of the Employer
Contributions made for such Members for all payroll periods during the Plan Year. 
 In the case of the reinstatement of any
amounts forfeited pursuant to the unclaimed benefit provisions of Section 11.10, the Employer shall also contribute, within a reasonable time after a claim is filed under Section 11.10, an amount sufficient to reinstate such amount.

 4.5 Employer Contributions and Pre-Tax Contributions to Be Tax Deductible: Employer Contributions and Pre-Tax
Contributions shall not be made in excess of the amount deductible under applicable federal law now or hereafter in effect limiting the allowable deduction for contributions to profit-sharing plans. The Employer Contributions and Pre-Tax
Contributions to this Plan, when taken together with all other contributions made by the Employer to other qualified retirement plans, shall not exceed the maximum amount deductible under Section 404 of the Code. 
 4.6 Suspension of Contributions: Any Member may, by written direction to his Employer, suspend his Pre-Tax Contributions and/or
After-Tax Contributions at any time by giving notice in the form and manner prescribed by the Committee. In the case of any suspension of Pre-Tax Contributions, the Employer Contributions will automatically cease. Pre-Tax Contributions and/or
After-Tax Contributions which are not made during a period of suspension shall not be made up retroactively. 
 4.7 Delivery
to Trustee: Each Employer shall transmit Contributions to the Trustee as soon as practicable but in any event no later than the date required by law; provided, however, that all Employer Contributions shall be transmitted to the Trustee no later
than the time prescribed by law for filing the federal income tax return of the Employer, including any extension which has been granted for the filing of such tax return. 
 4.8 Application of Funds: The Trustee shall hold or apply the Contributions so received by it subject to the provisions of the Plan;
and no part thereof (except as otherwise provided in the Trust Agreement) shall be used for any purpose other than the exclusive use of the Members or their Beneficiaries. 
  


 24 










 Exhibit 10.24 
  

 4.9 Rollover Contributions: Notwithstanding any other provision of the Plan,
subject to the terms and conditions set forth in this Section, the Trustee shall be authorized to accept a Rollover Contribution, subject to the following conditions: 
 The acceptance of Rollover Contributions under this Section shall be subject to the following conditions: 
 (a) No Rollover Contribution shall be in an amount less than $500; 
 (b) Rollover Contributions shall be in cash only; 
 (c) No Rollover Contribution may be transferred to
the Plan without the prior approval of the Committee. The Committee shall develop such procedures and may require such information from an Employee desiring to make such a transfer as it deems necessary or desirable. The Committee may act in its
sole discretion in determining whether to accept the transfer, and shall act in a uniform, non discriminatory manner in this regard; 
 (d) Upon approval by the Committee, a Rollover Contribution shall be paid to the Trustee to be held in the Trust Fund; 
 (e) A separate Rollover Account shall be established and maintained for each Employee who has made a Rollover Contribution. A
Rollover Account shall be invested in the Investment Funds and/or the Company Stock Fund as elected by the Employee, in the form and manner prescribed by the Committee, when the Rollover Contributions are received by the Trust Fund, and thereafter
the Employee may change his investments in accordance with Section 9.2 of the Plan. The Employee’s interest in his Rollover Account shall be fully vested and non forfeitable. If an Employee who is otherwise eligible to participate in the
Plan but who has not yet begun participation under Section 3.3 of the Plan makes a Rollover Contribution to the Plan, his Rollover Account shall represent his sole interest in the Plan until he becomes a Member; and 
 (f) The Committee shall be entitled to rely on the representation of the Employee that the Rollover Contribution is an
eligible rollover contribution within the meaning of Code Section 402(f)(2)(A). If, however, it is determined that a transfer received from or on behalf of an Employee failed to qualify as an eligible rollover contribution within the meaning of
Code Section 402(f)(2)(A), then the balance in the Employee’s Rollover Account attributable to the ineligible transfer shall, along with any earnings thereon, as soon as is administratively practicable, be: 
 (i) segregated from all other Plan assets; 
 (ii) treated as a non qualified trust established by and for the benefit of the Member; and 
 (iii) distributed to the Employee. 
 Such an ineligible transfer shall be deemed never to have been a part of the Plan or Trust. 
  

 25 










 Exhibit 10.24 
  

 4.10 Disposition of Forfeitures: If a Member terminates Service without being
entitled to receive a distribution from his Employer Contribution Account, he shall be deemed to have received a distribution from that Account as of the date of his termination of Service. Upon termination of Service, a Member’s Forfeiture (as
defined in Section 1.28), if any, shall first be credited to the Employer Contribution Account of a re-employed Member for whom a reinstatement of prior Forfeitures is required pursuant to Section 7.4 hereof, and second shall be applied
toward the Account of a former Member pursuant to the unclaimed benefit provisions of Section 11.10 hereof. To the extent that Forfeitures for any Plan Year exceed the amounts required to reinstate the Accounts noted above, they will be applied
against the next succeeding Employer Contribution. 
 4.11 Contributions Generally Irrevocable: All Employer
Contributions to the Trust Fund shall be irrevocable and shall be used to pay benefits or to pay expenses of the Plan and Trust Fund; provided, however, that upon the Employer’s request, a Contribution which was made by a mistake of fact or
conditioned upon initial qualification of the Plan and Trust Fund under Sections 401(a) and 501(a) of the Code, or upon the deductibility of the contribution under Section 404 of the Code, shall be returned to the Employer within one
(1) year after the payment of the contribution, the denial of initial qualification or the disallowance of the deduction (to the extent disallowed), whichever is applicable. 
  

 26 










 Exhibit 10.24 
  

 ARTICLE V 
 MEMBER ACCOUNTS 
 5.1 Individual Accounts: The Committee shall
create and maintain adequate records to disclose the interest in the Trust Fund and in its component Investment Funds of each Member, former Member and Beneficiary. Such records shall be in the form of individual accounts and credits and charges
shall be made to such accounts in the manner herein described. A Member may have separate accounts, which include but are not limited to, an Employer Contribution Account, a Pre-Tax Contribution Account, an After-Tax Contribution Account, a
Profit-Sharing Plan Account, an ESOP Account and a Rollover Account. Any Member who transfers from one Employer to another Employer, or who is simultaneously employed by two or more Employers, may have individual accounts with each such Employer.
The maintenance of individual Accounts is only for accounting purposes, and a segregation of the assets of the Trust Fund to each Account shall not be required. Distribution and withdrawals made from an Account shall be charged to the Account as of
the date paid. 
 5.2 Account Adjustments: The Accounts of Members, former Members and Beneficiaries shall be adjusted
each Plan Year in accordance with the following: 
 (a) Income of the Trust Fund: Each Valuation Date, the
Trustee shall value the Trust Fund at its then market value to determine the amount of Income of the Trust Fund. The Income of the Trust Fund since the preceding Valuation Date (including the appreciation or depreciation in value of the assets of
the Investment Fund) shall be allocated to the Accounts of Members in proportion to the balances in such Accounts on the preceding Valuation Date, but after first reducing each such Account balance by any distribution from such Account since the
preceding Valuation Date and increasing such Account balance by any Contributions and loan payments since the preceding Valuation Date. 
 (b) Savings Contributions: Pre-Tax Contributions and After-Tax Contributions received by the Trust Fund shall be allocated and credited as soon as practicable after the close of each applicable
payroll period to the respective Pre-Tax Contribution Accounts and After-Tax Contribution Accounts of the Members, with such Contributions invested in accordance with the Members’ instructions pursuant to Section 9.3 in the Investment
Funds as elected for his Pre-Tax and After-Tax Contributions. 
 (c) Employer Contributions: No less
frequently than once each Plan Year and more frequently as may be specified by the Committee, the Employer Contribution for such Plan Year shall be allocated among its Members during such Plan Year or partial Plan Year in the ratio that each
Member’s unwithdrawn Basic Savings Contributions (as defined in Section 4.4) for the Plan Year or partial Plan Year bears to the total unwithdrawn Basic Savings Contributions of all such Members for the Plan Year or partial Plan Year.

 (d) Forfeitures: Forfeitures which have become available for reallocation during such Plan Year shall
be applied pursuant to Section 4.10. 
  

 27 










 Exhibit 10.24 
  

 (e) Employer Minimum Contributions: Employer Minimum
Contributions shall be used solely to reinstate Accounts in accordance with Section 7.4 and to restore Accounts pursuant to Section 11.10 whenever the Forfeitures available for such reinstatement or restoration are insufficient.

 5.3 Recognition of Different Investment Funds: As provided in Article IX, Investment Funds shall be established and
each Member shall direct, within the limitations set forth in Sections 9.3 and 9.4, what portion of the balance in his Accounts on a pro rata basis, if any, shall be deposited in each Investment Fund. Consequently, when appropriate, a Member
shall have an Employer Contribution Account, Pre-Tax Contribution Account, After-Tax Contribution Account, Profit-Sharing Plan Account, ESOP Account and Rollover Account in each such Investment Fund and the allocations described in Section 5.2
shall be adjusted in such manner as is appropriate to recognize the existence of the Investment Funds. Because Members have a choice of Investment Funds, any reference in this Plan to an Employer Contribution Account, Pre-Tax Contribution Account,
After-Tax Contribution Account, Profit-Sharing Plan Account, ESOP Account or Rollover Account shall be deemed to mean and include all accounts of a like nature which are maintained for the Member under each Investment Fund. 
 5.4 Valuation of Trust Fund: A valuation of the Trust Fund shall be made as of each Valuation Date. For the purposes of each
valuation, the assets of each Investment Fund shall be valued at the respective current market values, and the amount of any obligations for which the Investment Fund may be liable, as shown on the books of the Trustee, shall be deducted from the
total value of the assets. For the purposes of maintenance of books of account in respect of properties comprising the Trust Fund, and of making any such valuation, the Trustee shall account for the transactions of the Trust Fund on a modified cash
basis. The current market value shall, for the purposes hereof, be determined as follows: 
 (a) Where the
properties are securities which are listed on a securities exchange, or which are actively traded over the counter, the value shall be the last recorded bid and asked prices, whichever shall be the later. In the event transactions regarding such
property are recorded over more than one such exchange, the Trustee may select the exchange to be used for purposes hereof. Recorded information regarding any such securities published in The Wall Street Journal or any other publication
deemed appropriate may be relied upon by the Trustee. If no transactions involving any such securities have been recorded within ten (10) days prior to the particular Valuation Date, such securities shall be valued as provided in paragraph
(b) below. 
 (b) Where paragraph (a) hereof shall be inapplicable in the valuation of any properties,
the Trustee shall obtain from at least two (2) qualified persons an opinion as to the value of such properties as of the close of business on the particular Valuation Date. The average of such estimates shall be used. 
  

 28 










 Exhibit 10.24 
  

 ARTICLE VI 
 WITHDRAWALS AND LOANS 
 6.1 Withdrawals from Profit-Sharing Plan
Account: Each Member with a Profit-Sharing Plan Account shall be entitled to withdraw such amounts that were transferred to this Plan. The following withdrawals are permitted only from a Member’s Profit-Sharing Plan Account: 
 (a) Voluntary Withdrawals: Each Member of the Plan, upon giving written notice to the Committee (in such form and in
such manner as prescribed by the Committee) shall be entitled to withdraw from his Profit-Sharing Plan Account (valued as of the Valuation Date preceding the actual date of the withdrawal) any amount, not to exceed the balance of such Account, as of
such date. Voluntary withdrawals shall be limited to two such withdrawals per year and further limited to only one such withdrawal in any given three-month period. Voluntary withdrawals shall be deducted from a Member’s Profit-Sharing Plan
Account in the following order: 
 (i) After-Tax Contributions to the 1976 Plan made before January 1, 1987.

 (ii) After-Tax Contributions (including investment earnings) made to the 1976 Plan after December 31,
1986. 
 (iii) Investment earnings on After-Tax Contributions made to the 1976 Plan before January 1, 1987.

 (iv) Vested Employer Contributions (including investment earnings) made to the 1976 Plan. 
 (b) Hardship Withdrawals: 
 (i) Parameters of Hardship Withdrawals. A Member who has not attained age 59 1/2 may take a withdrawal on account of hardship from his Pre-Tax
Contributions held in his Profit-Sharing Plan Account (other than any investment earnings earned after December 31, 1988); provided no such hardship withdrawal shall be permitted until all amounts available for withdrawal under
Section 6.1(a) have been withdrawn and all loans available under Section 6.5 or any other Employer Plan have been made; and, provided, further, a Member will not be permitted to take more than one hardship withdrawal per calendar quarter.
For purposes of this Section 6.1, a withdrawal will be on account of “hardship” if it is necessary to satisfy an immediate and heavy financial need of the Member, as described in subsection (b). 
 (ii) Immediate and Heavy Financial Need. A hardship withdrawal under this Section 6.1 is deemed to be on account
of an immediate and heavy financial need of the Member only if the withdrawal is for: 
 (1) expenses for (or
necessary to obtain) medical care that would be deductible under Code Section 213(d) (determined without regard to whether the expenses exceed 7.5% of the Member’s adjusted gross income), 
  

 29 










 Exhibit 10.24 
  

 (2) costs directly related to the purchase of a principal residence for
the Member (excluding mortgage payments), 
 (3) payment of tuition, related educational fees and room and board
expenses for up to the next 12 months of post-secondary education for the Member or the Member’s Spouse, children or dependents (as defined in Code Section 152, without regard to Code Section 152(b)(1), (b)(2) and (d)(1)(B)),

 (4) payments necessary to prevent the eviction of the Member from his principal residence or foreclosure on
the mortgage on that residence, 
 (5) payments for burial or funeral expenses for the Member’s deceased
parent, spouse, children or dependents (as defined in Code Section 152, without regard to Code Section 152(d)(1)(B)), 
 (6) expenses for the repair of damage to the Member’s principal residence that would qualify for the casualty deduction under Code Section 165 (determined without regard to whether the loss
exceeds 10% of the Member’s adjusted gross income), or 
 (7) any additional events that may be prescribed
by the Internal Revenue Service in the future. 
 (iii) Withdrawal Necessary to Satisfy a Financial Need.
A withdrawal under this Section 6.1(b) is treated as necessary to satisfy the Member’s immediate and heavy financial need only to the extent the amount of the withdrawal is not in excess of the amount required to satisfy the financial need
(including any amounts necessary to pay any federal, state or local income taxes or penalties reasonably anticipated to result from the withdrawal). A withdrawal is not treated as necessary to satisfy the Member’s immediate and heavy financial
need to the extent the need may be relieved from other resources that are reasonably available to the Member, which include assets of the Member’s spouse and minor children that are reasonably available to the Member. For purposes of the
immediately preceding sentence, an immediate and heavy financial need generally may be treated as not capable of being relieved from other resources that are reasonably available to the Member if the Investment Committee relies upon the
Member’s representation (unless the Investment Committee has actual knowledge to the contrary) that the need cannot reasonably be relieved: 
 (1) through reimbursement or compensation by insurance or otherwise, 
  

 30 










 Exhibit 10.24 
  

 (2) by liquidation of the Member’s assets, 
 (3) by cessation of Before-Tax Contributions under the Plan, 
 (4) by other currently available distributions and nontaxable (at the time of the loan) loans under plans maintained by one
or more Participating Companies, or 
 (5) by borrowing from commercial sources on reasonable commercial terms
in an amount sufficient to satisfy the need; 
 provided that, for purposes of this subsection (b), a need cannot reasonably
be relieved by one of the actions described in paragraphs (i) through (v) above if the effect would be to increase the amount of the need. 
 Prior to obtaining a withdrawal under this Section 6.1, a Member must have obtained all currently available distributions (other than hardship distributions) and nontaxable (at the time of the loan)
loans under the Plan and all other plans maintained by one or more Participating Companies. A Member is prohibited from making Before-Tax Contributions and After-Tax Contributions for six (6) months following the date of his receipt of the
hardship withdrawal under this Section 6.1. 
 6.2 Withdrawals of Amounts from After-Tax
Contribution Account: Each Member of the Plan, upon giving written notice to the Committee (in such form and in such manner as prescribed by the Committee), may elect to withdraw from his After-Tax Contribution Account those contributions which
are made on or after January 1, 1991. The minimum amount of such withdrawal shall be $500. If a withdrawal is made to a Member before he attains age 59  1/2, the Member shall be advised by the Committee that in addition to
taxes payable on investment earnings, an income tax may be imposed equal to ten percent (10%) of the amount so received which is included in his gross income for such taxable year. 
 6.3 Withdrawals of Amounts from Pre-Tax Account: A Member may not withdraw any amount from his Pre-Tax
Contribution Account, except a Member who has attained age 59 1/2 may elect, by giving sixty (60) days’ written notice to the Committee (or within any other period of time as prescribed by the Committee) and by following such other rules and procedures as may
be prescribed from time to time by the Committee on a uniform and non-discriminatory basis, to withdraw the entire amount or any portion of his Pre-Tax Contribution Account. 
 6.4 Withdrawals from Employer Contribution, ESOP and Rollover Accounts: A Member may not withdraw any amount from his Employer
Contribution, ESOP or Rollover Accounts. 
 6.5 Loans to Members: Except as provided below, the availability of loans are
limited to Members who are Employees (hereinafter “Borrowers”), who may make application to the Committee to borrow from the Accounts maintained by or for the Borrower in the Trust Fund. Additionally, in order for the exemption set forth
in 29 C.F.R. 2550.408b-1 to apply to the Plan, a Borrower may also include, but only to the extent not resulting in discrimination prohibited by Section 401(a)(4) of the Code, any other Member or Beneficiary who is a “party in

  

 31 










 Exhibit 10.24 
  

 
interest” with respect to the Plan within the meaning of ERISA Section 3(14). It is within the sole discretion of the Committee whether or not to permit such a loan. Loans shall be
granted in a uniform and non-discriminatory manner on terms and conditions determined by the Committee which shall not result in more favorable treatment of highly compensated employees and shall be set forth in written procedures promulgated by the
Committee in accordance with applicable governmental regulations. All such loans shall also be subject to the following terms and conditions: 
 (a) The amount of the loan, when added to the amount of any outstanding loan or loans to the Borrower from any other plan of the Employer or an Affiliate which is qualified under Section 401(a) of
the Code, shall not exceed the lesser of (i) $50,000, reduced by the excess, if any, of the highest outstanding balance of loans from all such plans during the one-year period ending on the day before the date on which such loan was made over
the outstanding balance of loans from the Plan on the date on which such loan was made or (ii) fifty percent (50%) of the present value of the Borrower’s vested Account balance under the Plan. In no event shall a loan of less than
$1,000 be made to a Borrower. A Borrower may not have more than one (1) loan outstanding at a time under this Plan, and a Borrower will be limited to a maximum of one (1) loan per year from this Plan. 
 (b) The loan shall be for a term not to exceed five (5) years, and shall be evidenced by a note signed by the Borrower.
The loan shall be payable in periodic installments and shall bear interest at a reasonable rate which shall be determined by the Committee on a uniform and consistent basis and set forth in the procedures in accordance with applicable governmental
regulations. Payments by a Borrower who is an Employee will be made by means of payroll deduction from the Borrower’s compensation. If a Borrower is not receiving compensation from the Employer, the loan repayment shall be made in accordance
with the terms and procedures established by the Committee. A Borrower may repay an outstanding loan in full at any time. 
 (c) In the event an installment payment is not paid within seven (7) days following the monthly due date, the Committee shall give written notice to the Borrower sent to his last known address. If
such installment payment is not made within thirty (30) days thereafter, the Committee shall proceed with foreclosure in order to collect the full remaining loan balance or shall make such other arrangements with the Borrower as the Committee
deems appropriate. Foreclosure need not be effected until occurrence of a distributable event under the terms of the Plan and no rights against the Borrower or the security shall be deemed waived by the Plan as a result of such delay. 
 (d) The unpaid balance of the loan, together with interest thereon, shall become due and payable upon the date of
distribution of the Account and the Trustee shall first satisfy the indebtedness from the amount payable to the Borrower or to the Borrower’s Beneficiary before making any payments to the Borrower or to the Borrower’s Beneficiary.

 (e) Any loan to a Borrower under the Plan shall be adequately secured. Such security may include a pledge of a
portion of the Borrower’s right, title and interest in the

  

 32 










 Exhibit 10.24 
  

 
Trust Fund which shall not exceed fifty percent (50%) of the present value of the Borrower’s vested Account balance under the Plan as determined immediately after the loan is extended.
Such pledge shall be evidenced by the execution of a promissory note by the Borrower which shall grant the security interest and provide that, in the event of any default by the Borrower on a loan repayment, the Committee shall be authorized to take
any and all appropriate lawful actions necessary to enforce collection of the unpaid loan. 
 (f) A request by a
Borrower for a loan shall be made in writing to the Committee and shall specify the amount of the loan. If a Borrower’s request for a loan is approved by the Committee, the Committee shall furnish the Trustee with written instructions directing
the Trustee to make the loan in a lump-sum payment of cash to the Borrower. The cash for such payment shall be obtained by redeeming proportionately as of the date of payment the Investment Fund or Investment Funds, or portions thereof, that are
credited to the particular Account of such Borrower. 
 (g) A loan to a Borrower shall be considered an
investment of the separate Account(s) of the Borrower from which the loan is made. All loan repayments shall be credited pro rata to such separate Account(s) and reinvested exclusively in shares of one or more of the Investment Funds in accordance
with the Borrower’s most recent investment direction made in accordance with Section 9.3. 
  

 33 










 Exhibit 10.24 
  

 ARTICLE VII 
 MEMBERS’ BENEFITS 
 7.1 Retirement of Members on or after
Retirement Date: Any Member who terminates his Service on or after his Retirement Date shall have a fully vested and non-forfeitable right to receive the entire amount of his Account. The “entire amount” in such Member’s Account
shall include any Pre-Tax Contributions, After-Tax Contributions, Rollover Contributions, amounts in the Profit-Sharing Plan Account, ESOP Account and Employer Contributions to be made as of the Valuation Date preceding or coincident with his
termination of Service. Payment of benefits due under this Section shall be made in accordance with Section 8.1. Notwithstanding any provision of this Plan to the contrary, a Member’s right to the amounts credited to his Accounts
hereunder shall become fully vested and non-forfeitable in the event of his attainment of age sixty-five (65) prior to termination of Service. 
 7.2 Disability of Members: If the Committee shall find and advise the Trustee that Service of a Member has been terminated because of Total and Permanent Disability, which in the judgment of the
Committee, based upon advice of competent physicians of their selection, will prevent such Member from resuming his Service with an Employer, such Member shall become entitled to receive the entire amount of his Account. The “entire
amount” in such Member’s Account shall include any Pre-Tax Contributions, After-Tax Contributions, Rollover Contributions, amounts in the Profit-Sharing Plan Account, ESOP Account and Employer Contributions to be made as of the Valuation
Date preceding or coincident with his termination of Service. Payment of benefits due under this Section shall be made in accordance with Section 8.1. 
 7.3 Death of Members: In the event of the termination of Service of any Member by death, and after receipt by the Committee of acceptable proof of death, his Beneficiary shall be entitled to
receive the entire amount in the deceased Member’s Account. The “entire amount” in such Member’s Account shall include any Pre-Tax Contributions, After-Tax Contributions, Rollover Contributions, amounts in the Profit-Sharing Plan
Account, ESOP Account and Employer Contributions to be made as of the Valuation Date preceding or coincident with his termination of Service. Payment of benefits due under this Section shall be made in accordance with Section 8.2.

 7.4 Other Termination of Service: In the event of termination of Service of any Member for any reason other than
retirement on or after his Retirement Date, Total and Permanent Disability or death, a Member shall, subject to the further provisions of this Plan, be entitled to receive the entire amount credited to his Pre-Tax Contribution Account, After-Tax
Contribution Account, amounts in the Profit-Sharing Plan Account, ESOP Account, Rollover Account, plus any additional Pre-Tax Contributions or After-Tax Contributions that were made as of the Valuation Date preceding or coincident with his
termination of Service and have not yet been credited to his Account, plus an amount equal to the vested percentage of his Employer Contribution Account, determined in accordance with the following schedule: 
  

				
	 Years of Vesting Service
	  	Vested Percentage	 
		
	 Less than 1 year
	  	0	% 
	 1 year but less than 2
	  	20	% 
	 2 years but less than 3
	  	40	% 
	 3 years but less than 4
	  	60	% 
	 4 years but less than 5
	  	80	% 
	 5 or more years
	  	100	% 

  

 34 










 Exhibit 10.24 
  

 Any portion of the Employer Contribution Account of a terminated Member in excess of the vested
percentage specified above shall be a Forfeiture, which shall be disposed of as provided in Section 4.10. Payment of benefits due under this Section shall be made in accordance with Section 8.1. 
 In addition, any amounts forfeited from the prior Employer Contribution Account of such Member upon his earlier termination of Service shall
be reinstated to his new Employer Contribution Account. A former Member who is re-employed after having incurred five consecutive Breaks in Service shall not be entitled to a reinstatement of any Forfeiture incurred by reason of his prior
termination of employment. 
 If a distribution is made at a time when a Member is not fully vested in his Employer Contribution
Account balance, and if the Member is re-employed prior to a Forfeiture of the balance of his Employer Contribution Account, the Member’s non-forfeitable portion of the balance of the undistributed Employer Contribution Account shall be
reinstated to his new Employer Account (as provided in Section 4.10) within a reasonable time after repayment by the Member of the amount of his previous distribution, if any. 
 Notwithstanding anything herein to the contrary, if a Member (i) terminates Service prior to having completed five years of Vesting
Service; (ii) meets the eligibility requirements for a severance plan approved by the Chief Executive Officer of the Company and the Committee and listed on Appendix A attached hereto; and (iii) if required by the applicable severance
plan, signs a waiver and release, such Member shall be entitled to receive the entire amount credited to such Member’s Employer Contribution Account. Effective January 1, 2002, subject to the other provisions of this Section 7.4 and
this Plan, a termination of Service for purposes of this Section 7.4 shall include a Member’s “severance from employment” under Section 401(k)(2)(B)(i)(i) of the Code, occurring on or after January 1, 2002. 

7.5 Valuation Dates Determinative of Member’s Rights: The amount to which a Member is entitled upon his retirement, Total and
Permanent Disability, death or other termination of Service shall be the value of his Account as of the Valuation Date upon which his distribution is based. 
 7.6 Vesting for Certain Employees: Each Member who is eligible to participate in the 1992 Cabot Oil & Gas Corporation Severance Benefit Plan No. 506 and whose Service was terminated
involuntarily between January 9, 1992 and January 21, 1992 shall be fully vested in and have a non-forfeitable right to his entire Account balance in the Plan as of the date of the termination of his Service with the Company. 

 

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 Exhibit 10.24 
  

 ARTICLE VIII 
 PAYMENT OF BENEFITS 
 8.1 Payment of Benefits: Effective as of
January 1, 2007, no fewer than 30 days (unless such 30-day period is waived by an affirmative election in accordance with applicable Treasury regulations) and no more than 180 days prior to a distribution under the Plan, the Committee shall
provide each Member with a notice describing his distribution alternatives and his right to roll over his Account balance to an Eligible Retirement Plan (as defined in Section 8.5(b)(ii) of the Plan). 
 Upon a Member’s entitlement to payment of benefits under Section 7.1, 7.2 or 7.3, he shall file with the Committee his written
election on such forms or forms, and subject to such conditions, as the Committee shall provide. Such benefit shall consist of the entire amount in such Member’s Account as of the date of his termination of Service, plus any Employer
Contribution allocated to such Member’s Account after the Member’s termination of Service. The Committee shall direct the Trustee to distribute the Member’s benefits according to the Member’s election. 
 The day following the date of the Member’s termination of Service is the earliest date that payment of his benefits
may commence and is herein referred to as such Member’s “Distribution Date.” Payment of a Member’s benefits shall be made or commence as soon as practicable after his Distribution Date, subject to the Member’s election to
defer receipt thereof, but in any event must be made or commence prior to the expiration of 60 days after the end of the Plan Year within which such Member’s Retirement Date occurs or the date of his death, if earlier. A Member who
withholds consent to an immediate distribution may at any time, subsequently elect, in the form and manner prescribed by the Committee, to receive payment of benefits. If a benefit distribution under the Plan is made to a Member before he attains
age 59  1/2, the Member shall be advised by the
Committee that an additional income tax may be imposed equal to ten percent (10%) of the portion of the amount so received which is included in his gross income for such taxable year and which is attributable to benefits accrued while he was a
Member. Members who terminate Service after attainment of age fifty-five (55) shall be notified of their exemption from said additional tax. 
 The amount which a Member, former Member or Beneficiary is entitled to receive at any time and from time to time shall be paid in cash as a lump sum, except amounts payable to or on behalf of Members who
have shares of Cabot Corporation stock or shares of Cabot Oil & Gas Corporation stock in their Profit-Sharing Plan Account or their ESOP Account may have their stock balance paid in cash or as stock certificates adjusted to reflect
commission fees. 
 If the amount to which a terminated Member is entitled is not more than $5,000, including the balance of
such Member’s Rollover Account, such amount shall be paid to the Member as soon as practicable after his Distribution Date; if such amount is in excess of $5,000, the distribution shall be made only if the Member so consents. If such consent is
withheld, distribution of the amount to which the terminated Member is entitled shall be made to such Member within 60 days after the end of the Plan Year in which occurs the earlier of the Member’s death or his Retirement Date. Notwithstanding
any other provision of this Section or

  

 36 










 Exhibit 10.24 
  

 
the Plan to the contrary, if the total amount due from the Member’s Accounts does not exceed $1,000, payment of such amounts shall automatically be made in a lump-sum payment as soon as
administratively practicable following termination of Service for any reason, unless the Member elects to have such amount paid directly to an Eligible Retirement Plan in the form of a direct rollover. Notwithstanding the above, in the event of a
distribution referenced above which is greater than $1,000 but less than $5,000, if the Member does not elect to have such distribution paid directly to an Eligible Retirement Plan specified by the Member in a direct rollover, or to receive the
distribution directly in accordance with the provisions stated elsewhere herein, then the Committee will pay the distribution in a direct rollover to an individual retirement plan or account designated by the Committee in its sole discretion. If a
Member’s termination of Service occurs after his Retirement Date, distribution shall be made within 60 days after the end of the Plan Year in which termination occurs. If a Member dies before distribution of his interest commences, the
Member’s entire interest will be distributed no later than five years after the Member’s death. If distribution has commenced before the Member’s death, any remaining amount in the Member’s Account shall be distributed at least
as rapidly as under the method of distribution being used as of the date of the Member’s death. 
 Notwithstanding anything
herein to the contrary, if a distribution is one to which Code Sections 401(a)(11) and 417 do not apply, such distribution may commence less than 30 days after the notice required under Section 1.411(a)-11(c) of the Income Tax Regulations
is given, provided that (a) the Committee clearly informs the Member that the Member has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable,
a particular distribution option), and (b) the Member, after receiving the notice, affirmatively elects a distribution. If a distribution is one to which Sections 401(a)(11) and 417 of the Code does apply, the Member may elect, with the
consent of the Member’s spouse to waive any requirement that the written explanation required under Code Section 417 be provided at least 30 days before the annuity starting date (or to waive the 30-day requirement with respect to an
explanation provided after the annuity starting date) if the distribution commences more than 7 days after such explanation is provided. 
 8.2 Distribution Upon Death: In the event of the death of any Member, the amount in his Account shall be distributable as follows: 
 (a) A Member shall file with the Committee a written designation, in the form prescribed by the Committee, of the Beneficiary
or Beneficiaries to receive the amount in his Account upon his death, and the Member may at any time change or cancel any such designation by filing a written request in the form prescribed by the Committee. No such designation of Beneficiary shall
be effective if the Member has a spouse, unless the spouse is designated as the Beneficiary or unless the spouse consents to the designation of another person as Beneficiary or the absence of the spouse’s consent is permitted herein. The
Member’s spouse may waive the right to be the Member’s sole Beneficiary and consent to the Beneficiary designation made by the Member. The waiver must (i) be in writing; (ii) designate a specific alternate Beneficiary and a form
of benefit which may not be changed without spousal consent (or must expressly permit designation by the Member without further consent of the spouse); (iii) acknowledge the effect of the waiver; and (iv) be witnessed by a Plan
representative or a notary public. The spouse’s consent to a Beneficiary designation shall not be required if it is established to the

  

 37 










 Exhibit 10.24 
  

 
satisfaction of the Committee that such written consent may not be obtained because there is no spouse or the spouse cannot be located. Any consent under this Section 8.2(a) will be valid
only with respect to the spouse who signs the consent. Additionally, a revocation of a prior spousal consent may be made by a Member without the consent of the spouse at any time before the distribution of the benefit under the Plan. The number of
revocations shall not be limited. 
 (b) In the event of the death of any Member, the entire amount in the
Account of such Member shall be distributed to the Member’s spouse, or if there is no spouse, or the spouse has consented pursuant to Section 8.2(a), then to the Beneficiary designated by him as provided in the preceding
paragraph (a); or, in the absence of an effective designation or if no designated Beneficiary survives the Member, then to the duly appointed and qualified executor or administrator of the Member’s estate; or, if no administration of the
estate of such decedent is necessary, then to the Beneficiary entitled thereto under the last will and testament of such deceased Member; or, if such decedent left no will, to the legal heirs of such decedent determined in accordance with the laws
of intestate succession of the state of the decedent’s domicile. 
 (c) If the Committee shall be in doubt
as to the right of any Beneficiary designated by a deceased Member to take the interest of such decedent, the Committee may direct the Trustee to distribute the amount in the Account in question to the estate of such Member, in which event the
Trustee, the Employer, the Committee, and any other person in any manner connected with the Plan, shall have no further liability in respect of the assets. 
 (d) The entire amount in the Account of such Member shall be distributed no later than one year after the Member’s date of death or, if later, one year after receipt by the Committee of acceptable
proof of death. 
 8.3 Required Minimum Distributions: 
 (a) General. Notwithstanding any provisions of this Plan to the contrary, for a Member attaining
age 70 1/2, any benefits to which a Member is
entitled shall commence not later than the April 1 following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member’s employment terminates (provided, however, that clause (ii) of this sentence shall not apply in
the case of a Member who is a 5% owner (as defined in Section 416(i) of the Code) with respect to the Plan Year ending in the calendar year in which such Member attains age 70 1/2 (such date the “Required Beginning Date”). All
distributions required under this Section 8.3 will be made in accordance with the Treasury Regulations under Code Section 401(a)(9) and shall apply for purposes of determining required minimum distributions for calendar years beginning
with the 2003 calendar year. The requirements under Code Section 401(a)(9) will take precedence over any inconsistent provisions of the Plans. 
 (b) Timing and Manner of Distributions. The Member’s entire interest will be distributed, or begin to be
distributed, to the Member no later than the Member’s Required Beginning Date. Upon the death of the Member distributions will be made to the Beneficiary in accordance with Section 8.2 of the Plan. 
  

 38 










 Exhibit 10.24 
  

 (c) Calculation of Required Minimum Distribution. During the
Member’s lifetime, the minimum amount that will be distributed for each Distribution Calendar Year is the quotient obtained by dividing the Member’s Account Balance by the distribution period in the Uniform Lifetime Table set forth in
Section 1.401(a)(9)-9 of the Treasury Regulations, using the Member’s age as of the Member’s birthday in the Distribution Calendar Year. Required minimum distributions will be determined beginning with the first Distribution Calendar
Year and up to and including the Distribution Calendar Year that includes the Member’s date of death. 
 (d)
Required Minimum Distributions After Member’s Death. If the Member dies after his Required Beginning Date his remaining Account balance will be distributed to his Beneficiary in a lump sum payment no later than the December 31 of
the year following the year of the Member’s death. If the Member dies before his Required Beginning Date, then payments to the Beneficiary will be made as provided under Section 8.2 of the Plan. 
 (e) Definitions. 
 (i) Designated Beneficiary. The individual who is designated as the Beneficiary under Section 8.2 of the Plan and is the Designated Beneficiary under Section 401(a)(9) of the Code and
Section 1.401(a)(9)-1, Q&A-4, of the Treasury Regulations. 
 (ii) Distribution Calendar Year. A
calendar year for which a minimum distribution is required. For distributions beginning before the Member’s death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar year which contains the
Member’s Required Beginning Date. For distributions beginning after the Member’s death, the first Distribution Calendar Year is the calendar year in which distributions are required to begin under Section 8.3(d). The required minimum
distribution for the Member’s first Distribution Calendar Year will be made on or before the Member’s Required Beginning Date. The required minimum distribution for other distribution calendar years, including the required minimum
distribution for the Distribution Calendar Year in which the Member’s Required Beginning Date occurs, will be made on or before December 31 of that Distribution Calendar Year. 
 (iii) Member’s Account Balance. The Account balance as of the last valuation date in the calendar year
immediately preceding the Distribution Calendar Year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year after the
valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The Account balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation
calendar year or in the distribution calendar year if distributed or transferred in the valuation calendar year. 
  

 39 










 Exhibit 10.24 
  

 8.4 Disputed Benefits: If any dispute still exists between a Member or a
Beneficiary and the Committee after a review of the claim or in the event any uncertainty shall develop as to the person to whom payment of any benefit hereunder shall be made, the Trustee may withhold the payment of all or any part of the benefits
payable hereunder to the Member or Beneficiary until such dispute has been resolved by a court of competent jurisdiction or settled by the parties involved. 
 8.5 Member’s Right to Transfer Eligible Rollover Distribution: 
 (a) Notwithstanding any provision of this Plan that would otherwise limit a Distributee’s election under this Section, a Distributee may elect, at the time and in the manner prescribed by the Committee, to have any portion of an
Eligible Rollover Distribution paid in the form of a direct rollover to an Eligible Retirement Plan specified by the Distributee. 
 (b) Definitions: 
 (i) Eligible Rollover
Distribution: Effective as of January 1, 2007, an Eligible Rollover Distribution is any distribution of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include:

 (1) any distribution that is one of a series of substantially equal periodic payments (not less frequently
than annually) made for 
 (A) the life or life expectancy of the Distributee; 
 (B) the joint lives or joint life expectancies of the Distributee and the Distributee’s designated beneficiary; or

 (C) a specific period of 10 years or more; 
 (2) any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; 
 (3) the portion of a distribution that is not includable in gross income (determined without regard to the exclusion for net
unrealized appreciation with respect to employer securities), unless such portion is rolled over to 
 (A) an
individual retirement account described in Section 408(a) or an individual retirement annuity described in Section 408(b) of the Code or 
  

 40 










 Exhibit 10.24 
  

 (B) a qualified defined contribution plan described in
Section 401(a) or 403(a) of the Code or a Section 403(b) annuity contract, provided that such plan or contract agrees to separately account for amounts rolled over, including separately accounting for the portion of the distribution which
is includable in gross income and the portion of such distribution which is not so includable; 
 (4) any
distribution which is made upon hardship; 
 (5) a loan treated as a distribution under Section 72(p) of
the Code and not excepted by Section 72(p)(2) of the Code or a loan in default that is a deemed distribution; 
 (6) any corrective distribution made pursuant to the terms of Article XII or XIV; or 
 (7) any other
distribution designated by the Internal Revenue Service as ineligible for rollover treatment. 
 The foregoing
notwithstanding, effective as of January 1, 2009, if all or any portion of a distribution during 2009 is treated as an Eligible Rollover Distribution but would not be so treated if the minimum distribution requirements under
Section 401(a)(9) of the Code had applied during 2009, such distribution shall not be treated as an Eligible Rollover Distribution for purposes of Sections 401(a)(31), 402(f) or 3405(c) of the Code. 
 (ii) Eligible Retirement Plan: Effective as of January 1, 2008, an Eligible Retirement Plan is 
 (1) an individual retirement account described in Section 408(a); 
 (2) an individual retirement account described in Section 408A of the Code (“Roth IRA”); 
 (3) an individual retirement annuity described in Section 408(b) of the Code; 
 (4) a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code or a Section 403(b)
annuity contract; 
 (5) an eligible plan under Section 457(b) of the Code which is maintained by a state,
political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan; or 
  

 41 










 Exhibit 10.24 
  

 (6) a qualified trust described in Section 401(a) of the Code,
that accepts the Distributee’s eligible rollover distribution. 
 The definition of Eligible Retirement Plan
shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in Section 414(p) of the Code and a non-spouse Beneficiary to
the extent provided in Section 829 of the Pension Protection Act of 2006 as provided in Section 8.6. Notwithstanding the foregoing, with respect to any portion of an Eligible Rollover Distribution that is attributable to payments or
distributions from a designated Roth account (as defined in Section 402A of the Code), the term “Eligible Retirement Plan” shall mean only another designated Roth account or a Roth IRA. 
 (iii) Distributee: A distributee includes an Employee or former Employee. In addition, the Employee’s or former
Employee’s surviving spouse and the Employee’s or former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are distributees with
regard to the interest of the spouse or former spouse. 
 (iv) Direct Rollover: A direct rollover is a
payment by the Plan to the eligible retirement plan specified by the distributee. 
 8.6 Non-Spouse Beneficiary
Rollovers: Notwithstanding any provision of the Plan to the contrary, effective as of January 1, 2010, the terms of this Section 8.6 shall apply if the designated Beneficiary (within the meaning of Section 401(a)(9)) is a person
other than the Member’s spouse or a trust. In such a case and to the extent required by Section 829 of the Pension Protection Act of 2006, the Beneficiary may elect to have all or part of the Member’s Account distributed in a direct
trustee-to-trustee transfer to an inherited individual retirement account described in Section 408(a) or an individual retirement annuity described in Section 408A of the Code (an “Inherited IRA”) if the following requirements
are satisfied: 
 (a) The Beneficiary must request a direct trustee-to-trustee transfer to an Inherited IRA by
filing a written request in the form and manner prescribed by the Committee. Such written request must be submitted to the Committee (or its delegate) prior to the commencement of the distribution of the Member’s Account balance. Such written
request shall include the Beneficiary’s assurance that the Inherited IRA has been designated as an IRA with respect to the deceased Member and identifies the designated Beneficiary. 
 (b) The amount distributed in a trustee-to-trustee transfer to an Inherited IRA satisfies the requirements for an Eligible
Rollover Distribution as set forth in Section 8.5(b)(i) other than with respect to the definition of “Distributee” in Section 8.5(b)(iii). 
 (c) The transfer otherwise meets all other requirements of Code Section 402(c)(11) and any regulations and guidance
issued thereunder. 
  

 42 










 Exhibit 10.24 
  

 ARTICLE IX 
 TRUST AGREEMENT; INVESTMENT 
 FUNDS; INVESTMENT DIRECTIONS 
 9.1 Trust Agreement: The Company has adopted a Trust Agreement governing the administration of the Trust, established effective as of
January 1, 1991 (the provisions of which are herein incorporated by reference to the extent not inconsistent herewith). Subject to the provisions of Section 9.2, and, not by way of limitation, the provisions of the Trust Agreement, the
Trustee may invest a portion of the Trust Fund in common stock of the Company, or in any other “qualifying employer security” within the meaning of Section 407(d)(5) of ERISA. 
 9.2 Investment Funds: The Trustee shall divide the Trust Fund into the Cabot Corporation Common Stock Fund, the Cabot Oil &
Gas Corporation Stock Fund and such additional Investment Funds which shall be selected and reviewed from time to time by the Committee. 
 Contributions shall be paid into the Investment Funds pursuant to the directions of the Members given in accordance with the provisions of Sections 9.3 and 9.4 as certified to the Trustee by the
Committee. Except as otherwise provided herein, interest, dividends and other income and all profits and gains produced by each such Investment Fund shall be paid into such Investment Fund, and such interest, dividends and other income or profits
and gains, without distinction between principal and income, may be invested and reinvested but only in the property hereinabove specified for the particular Investment Fund. 
 9.3 Investment Directions of Members: Each Member may, in a form and manner prescribed by the Committee, direct that the total of the
Contributions allocable to his Pre-Tax and After-Tax Contribution Accounts, Employer Contribution Account, Profit-Sharing Plan Account and Rollover Account, if any, and the earnings and accretions thereon, be invested in such percentages (in
increments of ten percent (10%) of the total of all Accounts) as he may designate among the Investment Funds. In the event a Member fails to direct the manner of investing his Accounts as provided herein, his Accounts shall be invested
only in the Default Investment Fund. 
 9.4 Change of Investment Directions: Each Member may, upon notice to the
Committee in the manner prescribed by the Committee, including electronic notice, and subject to any restrictions or conditions which may be established by the Administrative Committee, direct that the investment of the total of the existing
balances in his Account and or the investment of all future Contributions by or on behalf of the Participant be changed from one authorized Investment Fund to another authorized Investment Fund available under the Trust Agreement. 
 9.5 Benefits Paid Solely from Trust Fund: All of the benefits provided to be paid under Article VIII shall be paid by the
Trustee out of the Trust Fund to be administered under such Trust Agreement. No Fiduciary shall be responsible or liable in any manner for payment of any such benefits, and all Members hereunder shall look solely to such Trust Fund and to the
adequacy thereof for the payment of any such benefits of any nature or kind which may at any time be payable hereunder. 
  

 43 










 Exhibit 10.24 
  

 9.6 Committee Directions to Trustee: The Trustee shall make only such
distributions and payments out of the Trust Fund as may be directed by the Committee. The Trustee shall not be required to determine or make any investigation to determine the identity or mailing address of any person entitled to any distributions
and payments out of the Trust Fund and shall have discharged its obligation in that respect when it shall have sent certificates and checks or other papers by ordinary mail to such persons and addresses as may be certified to it by the Committee.

 9.7 Authority to Designate Investment Manager: The Committee may appoint an investment manager or managers to manage
(including the power to acquire and dispose of) any assets of the Trust Fund in accordance with the terms of the Trust Agreement and ERISA. 
 9.8 Liquidation of Cabot MicroElectronics Stock: Any Cabot MicroElectronics Stock received by the Plan on behalf of a Member shall be liquidated as soon as practicable as directed by the Committee,
and such proceeds shall be invested proportionately according to the existing investment elections of the Members at the time of the liquidation. 
  

 44 










 Exhibit 10.24 
  

 ARTICLE X 
 ADOPTION OF PLAN BY OTHER ORGANIZATIONS; 
 SEPARATION OF THE TRUST FUND; AMENDMENT

 AND TERMINATION OF THE PLAN; 
 DISCONTINUANCE OF CONTRIBUTIONS TO THE TRUST FUND 
 10.1 Adoptive
Instrument: Any corporation or other organization with employees, now in existence or hereafter formed or acquired which is not already an Employer under this Plan and which is otherwise legally eligible, may, with the approval of the Company by
action of the Board of Directors, adopt and become an Employer under this Plan by executing and delivering to the Company and the Trustee an adoptive instrument specifying the classification of its Employees who are to be eligible to participate in
the Plan and by agreeing to be bound as an Employer by all the terms of the Plan with respect to its eligible Employees. The adoptive instrument may contain such changes and variations in the terms of the Plan as may be acceptable to the Company.
Any such approved organizations which shall adopt this Plan shall designate the Company as its agent to act for it in all transactions affecting the administration of the Plan and shall designate the Committee to act for such Employer and its
Members in the same manner in which the Committee may act for the Company and its Members hereunder. The adoptive instrument shall specify the effective date of such adoption of the Plan and shall become, as to such adopting Employer and its
Employees, a part of this Plan. Such Employer may obtain a favorable determination letter from the appropriate District Director of the Internal Revenue with respect to its participation in the Plan. The Company may, in its absolute discretion,
terminate an adopting Employer’s participation at any time when in its judgment such adopting Employer fails or refuses to discharge its obligations under the Plan. Unless otherwise specifically provided, in the event a corporation or
organization that has adopted the Plan ceases to be an Affiliate of the Company its participation in the Plan shall terminate. 
 10.2 Separation of the Trust Fund: A separation of the Trust Fund as to the interest therein of the Members of any particular Employer may be made by an Employer at any time. In such event, the Trustee shall set apart that portion of
the Trust Fund which shall be allocated to such Members pursuant to a valuation and allocation of the Trust Fund made in accordance with the procedures set forth in Sections 5.2 and 5.4, but as of the date when such separation of the Trust Fund
shall be effective. Such portion may in the Trustee’s discretion be set apart in cash or in kind out of the properties of the Trust Fund. That portion of the Trust Fund so set apart shall continue to be held by the Trustee as though such
Employer had entered into the Trust Agreement as a separate trust agreement with the Trustee. Such Employer may in such event designate a new trustee of its selection to act as trustee under such separate trust agreement. Such Employer shall
thereupon be deemed to have adopted the Plan as its own separate plan, and shall subsequently have all such powers of amendment or modification of such plan as are reserved herein to the Company. 
 10.3 Voluntary Separation: If any Employer shall desire to separate its interest in the Trust Fund, it may request such a separation
in a notice in writing to the Company and the Trustee. Such separation shall then be made as of any specified date after service of such notice, and such separation shall be accomplished in the manner set forth in Section 10.2. 
  

 45 










 Exhibit 10.24 
  

 10.4 Amendment of the Plan: The Company shall have the right to amend or modify
this Plan and (with the consent of the Trustee) the Trust Agreement at any time and from time to time to any extent that it may deem advisable. Any such amendment or modification shall be set out in an instrument in writing duly authorized by the
Board of Directors and executed by the Company. No such amendment or modification shall, however, increase the duties or responsibilities of the Trustee without its consent thereto in writing, or have the effect of transferring to or vesting in any
Employer any interest or ownership in any properties of the Trust Fund, or of permitting the same to be used for or diverted to purposes other than for the exclusive benefit of the Members and their Beneficiaries. No such amendment shall decrease
the Account of any Member or shall decrease any Member’s vested interest in his Account. Notwithstanding anything herein to the contrary, the Plan or the Trust Agreement may be amended in such manner as may be required at any time to make it
conform to the requirements of the Internal Revenue Code or of any United States statutes with respect to employees’ trusts, or of any amendment thereto, or of any regulations or rulings issued pursuant thereto, and no such amendment shall be
considered prejudicial to any then existing rights of any Member or his Beneficiary under the Plan. 
 10.5 Acceptance or
Rejection of Amendment by Employers: The Company shall promptly deliver to each other Employer any amendment to this Plan or the Trust Agreement. Each such Employer will be deemed to have consented to such amendment unless it notifies the
Company and the Trustee in writing within thirty (30) days after receipt of the amendment that it does not consent thereto, and requests a separation of its interest in the Trust Fund in accordance with the provisions of Section 10.2, as
of the first day of the month following such written notification to the Company and the Trustee. 
 10.6 Termination of the
Plan: In accordance with the procedures set forth in this Section 10.6, the Company or any other Employer may effect a termination of the Plan as to such particular Employer under the following circumstances: 
 (a) The Plan may be terminated by the delivery to the Trustee of an instrument in writing approved and authorized by the
board of directors of such Employer. In such event, termination of the Plan shall be effective as of any subsequent date specified in such instrument. 
 (b) Except as otherwise provided in Section 10.10, the Plan shall terminate effective at the expiration of sixty (60) days following the merger into another corporation or dissolution of any
Employer, or following any final legal adjudication of any Employer as a bankrupt or an insolvent, unless within such time a successor organization approved by the Company shall deliver to the Trustee a written instrument certifying that such
organization (i) has become the Employer of more than fifty percent (50%) of those Employees of such Employer who are then Members under this Plan and (ii) has adopted the Plan as to its Employees. In any such event the interest in
the Plan of any Member whose employment may not be continued by the successor shall be fully vested as of the date of termination of his Service, and shall be payable in cash or in kind within six (6) months from the date of termination of his
Service. 
  

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 Exhibit 10.24 
  

 10.7 Liquidation and Distribution of Trust Fund upon Termination: In the event of
a complete termination of the Plan with respect to any Employer, the portion of the Trust Fund attributable to the Accounts of the affected Members employed by such Employer shall be separated from the remainder of the Trust Fund as of the effective
date of such termination of the Plan in accordance with the procedure set forth in Section 10.2. Following such separation, the assets and properties of the portion of the Trust Fund attributable to the Accounts of such affected Members shall
be reduced to cash as soon as practicable under the circumstances. Any administrative costs or expenses incurred incident to the final liquidation of such separate trust funds shall be paid by the Employer, except that in the case of bankruptcy or
insolvency of such Employer any such costs shall be charged against the Trust Fund. Following the reduction of the portion of the Trust Fund attributable to the affected Members to cash, the Accounts of the Members shall then be valued as provided
in Sections 5.2 and 5.4 and shall be fully vested and each such Member shall become entitled to receive the entire amount in his Account in cash as directed by the Committee. The terminating Employer shall promptly advise the appropriate
District Director of Internal Revenue of such complete or partial termination and shall direct the Trustee to delay the final distribution to its affected Members until the District Director shall advise in writing that such termination does not
adversely affect the previously qualified status of the Plan or the exemption from tax of the Trust under Section 401(a) or 501(a) of the Code. 
 10.8 Effect of Termination or Discontinuance of Contributions: If any Employer shall terminate the Plan as to its Employees, then all amounts credited to the Accounts of the Members of such
Employer with respect to whom the Plan has terminated shall become fully vested and non-forfeitable. If any Employer shall completely discontinue its Contributions to the Trust Fund or suspend its Contributions to the Trust Fund under such
circumstances as to constitute a complete discontinuance of Contributions within the meaning of Section 1.401-6(c) of the regulations under the Code, then all amounts credited to the Accounts of the Members of such Employer shall become fully
vested and non-forfeitable, and throughout any such period of discontinuance of Contributions by an Employer all other provisions of the Plan shall continue in full force and effect with respect to such Employer other than the provisions for
Contributions by such Employer. 
 10.9 Merger of Plan with Another Plan: In the event of any merger or consolidation of
the Plan with, or transfer in whole or in part of the assets and liabilities of the Trust Fund to another trust fund held under, any other plan of deferred compensation maintained or to be established for the benefit of all or some of the Members of
this Plan, the assets of the Trust Fund applicable to such Members shall be transferred to the other trust fund only if: 
 (a) Each Member would (if either this Plan or the other plan then terminated) receive a benefit immediately after the merger, consolidation or transfer which is equal to or greater than the benefit he
would have been entitled to receive immediately before the merger, consolidation or transfer (if this Plan had then terminated); 
 (b) Resolutions of the board of directors of the Employer under this Plan, or of any new or successor employer of the affected Members, shall authorize such transfer of assets, and, in the case of the new
or successor employer of the affected Members, its resolutions shall include an assumption of liabilities with respect to such Members’ inclusion in the new employer’s plan; and 
  

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 Exhibit 10.24 
  

 (c) Such other plan and trust are qualified under Sections 401(a)
and 501(a) of the Code. 
 10.10 Consolidation or Merger with Another Employer: Notwithstanding any provision of this
Article X to the contrary, upon the consolidation or merger of two or more Employers under this Plan with each other, the surviving Employer or organization shall automatically succeed to all the rights and duties under the Plan and Trust of
the Employers involved, and their shares of the Trust Fund shall, subject to the provisions of Section 10.9, be merged and thereafter be allocable to the surviving Employer or organization for its Employees and their Beneficiaries. 

 

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 Exhibit 10.24 
  

 ARTICLE XI 
 MISCELLANEOUS PROVISIONS 
 11.1 Terms of Employment: The adoption
and maintenance of the provisions of this Plan shall not be deemed to constitute a contract between any Employer and Employee, or to be a consideration for, or an inducement or condition of, the employment of any person. Nothing herein contained
shall be deemed to give to any Employee the right to be retained in the employ of an Employer or to interfere with the right of an Employer to discharge an Employee at any time, nor shall it be deemed to give to an Employer the right to require any
Employee to remain in its employ, nor shall it interfere with any Employee’s right to terminate his employment at any time. 
 11.2 Controlling Law: Subject to the provisions of ERISA, this Plan shall be construed, regulated and administered under the laws of the State of Texas. 
 11.3 Invalidity of Particular Provisions: In the event any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining
provisions of this Plan but shall be fully severable, and this Plan shall be construed and enforced as if said illegal or invalid provisions had never been inserted herein. 
 11.4 Non-Alienation of Benefits: Except as otherwise provided below and with respect to certain judgments and settlements pursuant to
Section 401(a)(13) of the Code, no benefit which shall be payable out of the Trust Fund to any person (including a Member or Beneficiary) shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void; and no such benefit shall in any manner be liable for, or subject to, the death, contracts, liabilities,
engagements or torts of any person, and the same shall not be recognized by the Trustee, except to the extent as may be required by law. 
 This provision shall not apply to a “qualified domestic relations order” defined in Code Section 414(p), and those other domestic relations orders permitted to be so treated by the
Committee under the provisions of the Retirement Equity Act of 1984. To the extent provided under a “qualified domestic relations order,” a former spouse of a Member shall be treated as the spouse or surviving spouse for all purposes of
the Plan. If the Committee receives a qualified domestic relations order with respect to a Member, the Committee may authorize the immediate distribution of the amount assigned to the Member’s former spouse, to the extent permitted by law, from
the Member’s Accounts. 
 11.5 Payments in Satisfaction of Claims of Members: Any payment or distribution to any
Member or his legal representative or any Beneficiary in accordance with the provisions of this Plan shall be in full satisfaction of all claims under the Plan against the Trust Fund, the Trustee and the Employer. The Trustee may require that any
distributee execute and deliver to the Trustee a receipt and a full and complete release as a condition precedent to any payment or distribution under the Plan. 
 11.6 Payments Due Minors and Incompetents: If the Committee determines that any person to whom a payment is due hereunder is a minor or is incompetent by reason of physical or

  

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 Exhibit 10.24 
  

 
mental disability, the Committee shall have the power to cause the payments becoming due such person to be made to another for the benefit of such minor or incompetent, without the Committee or
the Trustee being responsible to see to the application of such payment. To the extent permitted by ERISA, payments made pursuant to such power shall operate as a complete discharge of the Committee, the Trustee and the Employer. 
 11.7 Impossibility of Diversion of Trust Fund: Notwithstanding any provision herein to the contrary, no part of the corpus or the
income of the Trust Fund shall ever be used for or diverted to purposes other than for the exclusive benefit of the Member or their Beneficiaries or for the payment of expenses of the Plan. No part of the Trust Fund shall ever directly or indirectly
revert to any Employer. 
 11.8 Evidence Furnished Conclusive: The Employer, the Committee and any person involved in the
administration of the Plan or management of the Trust Fund shall be entitled to rely upon any certification, statement, or representation made or evidence furnished by a Member or Beneficiary with respect to facts required to be determined under any
of the provisions of the Plan, and shall not be liable on account of the payment of any monies or the doing of any act or failure to act in reliance thereon. Any such certification, statement, representation, or evidence, upon being duly made or
furnished, shall be conclusively binding upon such Member or Beneficiary but not upon the Employer, the Member or any other person involved in the administration of the Plan or management of the Trust Fund. Nothing herein contained shall be
construed to prevent any of such parties from contesting any such certification, statement, representation, or evidence or to relieve the Member or Beneficiary from the duty of submitting satisfactory proof of such fact. 
 11.9 Copy Available to Members: A copy of the Plan, and of any and all future amendments thereto, shall be provided to the Committee
and shall be available to Members and, in the event of the death of a Member, to his Beneficiary, for inspection at the offices of his Employer during the regular office hours of the Employer. 
 11.10 Unclaimed Benefits: If at, after or during the time when a benefit hereunder is payable to any Member, Beneficiary or other
distributee, the Committee, upon request of the Trustee, or at its own instance, shall mail by registered or certified mail to such Member, Beneficiary or other distributee at his last known address a written demand for his then address or for
satisfactory evidence of his continued life, or both, and if such Member, Beneficiary or distributee shall fail to furnish the same to the Committee within two (2) years from the mailing of such demand, then the Committee may, in its sole
discretion, determine that such Member, Beneficiary or other distributee has forfeited his right to such benefit and may declare such benefit, or any unpaid portion thereof, terminated as if the death of the distributee (with no surviving
Beneficiary) had occurred on the date of the last payment made thereon, or on the date such Member, Beneficiary or distributee first became entitled to receive benefit payments, whichever is later; provided, however, that such forfeited benefit
shall be reinstated if a claim for the same is made by the Member, Beneficiary or other distributee at any time thereafter. Such reinstatement shall be made out of the funds otherwise available for allocation as Forfeitures for the Plan Year during
which such claim was filed with the Committee (as provided in Section 4.8); and, if Forfeitures for the Plan Year are insufficient to reinstate such amounts, the Employer shall make the Employer Minimum Contribution required under
Section 4.4 hereof.

  

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 Exhibit 10.24 
  

 
Notwithstanding any provision of this Plan to the contrary, if, in the event of the Plan’s termination, the Committee has taken reasonable steps to locate a Member, Beneficiary or other
distributee, but has been unable to do so, such person shall be deemed to have forfeited any right to such benefit or any unpaid portion thereof and shall not be entitled to the reinstatement of his Account or any benefit under the Plan. 

11.11 Headings for Convenience Only: The headings and subheadings herein are inserted for convenience of reference only and are
not to be used in construing this instrument or any provision thereof. 
 11.12 Successors and Assigns: This agreement
shall bind and inure to the benefit of the successors and assigns of the Employers. 
  

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 Exhibit 10.24 
  

 ARTICLE XII 
 LIMITATION ON BENEFITS 
 12.1 Maximum Permissible Amount and
Incorporation of Code Section 415 by Reference: 
 (a) Maximum Permissible Amount:
Notwithstanding any provision of this Plan to the contrary, except as otherwise provided in this Article, total Annual Additions made to the Account of a Member for a Limitation Year shall not exceed the “Maximum Permissible Amount,” which
is the lesser of: 
 (i) $40,000, as adjusted pursuant to Code Section 415(d) and Treasury Regulation
Section 1.415(d)-1(b); or 
 (ii) 100% of the Member’s Compensation for the Limitation Year.

 For purposes of determining whether the Annual Additions under this Plan exceed the Maximum Permissible Amount, all defined
contribution plans of the Employer are to be treated as one defined contribution plan. 
 (b) Incorporation of
Section 415 by Reference. In accordance with Treasury Regulation Section 1.415(a)-1(d)(3), the Plan incorporates by reference the limitations on contributions under Code Section 415 and as provided under Treasury Regulation
Section 1.415(c)-1 et seq. (as may be revised or amended from time to time by the Internal Revenue Service). Unless otherwise provided in this Article, the default rules under Code Section 415 Treasury Regulations shall apply with respect
to the limitations under this Section. 
 (c) Compensation. For purposes of determining a Member’s
Maximum Permissible Amount for any Limitation Year, in addition to amounts of Compensation included for the Limitation Year in accordance with the timing rules under the provisions in Treasury Regulation Section 1.415-2(e), such Member’s
Compensation for the Limitation Year shall include: 
 (i) Amounts paid after a Member’s
severance from employment for services during the Member’s regular working hours or outside the Member’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments if (A) such
Compensation would have been paid to the Member prior to his severance from employment if he had continued in employment with the Employer and (B) such Compensation is paid by the later of 2 1/2 months after the Member’s severance from employment with the
Employer or the end of the Limitation Year that includes the date of such severance from employment; 
 (ii) Amounts earned, but not paid, during a Limitation Year solely because of the timing of the pay periods, provided that such amounts are (A) paid during the first few weeks of the next Limitation Year, (B) included on a uniform
and consistent basis with respect to all similarly situated Employees, and (C) not included in more than one Limitation Year. 
  

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 Exhibit 10.24 
  

 12.2 Definitions: For purposes of this Section, the following terms shall have
the following meanings: 
 (a) Employer: The Company and any other Employer that adopts this Plan;
provided, however, that in the case of a group of employers which constitutes a controlled group of corporations (as defined in Code Section 414(b), as modified by Code Section 415(h)) or which constitutes trades and businesses
(whether or not incorporated) which are under common control (as defined in Code Section 414(c) as modified by Code Section 415(h)) or an affiliated service group (as defined in Code Section 414(m)), all such employers shall be
considered a single employer for purposes of applying the limitations of this Section for any portion of a Limitation Year during which such employers were so controlled or affiliated. 
 (b) Limitation Year: The Plan Year. 
 (c) Compensation: For purposes of determining the Maximum Permissible Amount, a Member’s Compensation:

 (i) includes: 
 (1) wages, salaries, fees for professional services and other amounts received (without regard to whether or not an amount is paid in cash) for personal services actually rendered in the course of
employment with an Employer to the extent that such amounts are includable in gross income (or to the extent amounts that would have been received and includible in gross income but for an election by the Member under Code Sections 125(a),
132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k) or 457(b)), including, but not limited to, commissions paid to salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits
and reimbursements or other expense allowances under a nonaccountable plan as described in Treasury Regulation Section 1.62-2(c); 
 (2) Amounts described in Code Section 104(a)(3), 105(a), or 105(h), but only to the extent that these amounts are includible in the gross income of the Member for such year; 
 (3) Amounts paid or reimbursed by the Employer for moving expenses incurred by a Member, but only to the extent that at the
time of the payment or reimbursement it is reasonable to believe that these amounts are not deductible by the Member under Code Section 217; 
 (4) The value of a nonstatutory option (which is an option other than a statutory option as defined in Treasury Regulation Section 1.421-1(b)) granted to a Member by the Employer, but only to the
extent that the value of the option is includible in the gross income of the Member for the taxable year in which granted; 
  

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 Exhibit 10.24 
  

 (5) The amount includible in the gross income of a Member upon making
the election described in Code Section 83(b); and 
 (6) Amounts that are includible in the gross income of
a Member under the rules of Code Section 409A or Section 457(f)(1)(A) or because the amounts are constructively received by the Member; and 
 (ii) excludes: 
 (1) Contributions (other than elective
contributions described in Code Sections 402(e)(3), 408(k)(6), 408(p)(2)(A)(i) or 457(b)) made by the Employer to a plan of deferred compensation (including a simplified employee pension described in Code Section 408(k) or a simple
retirement account described in Code Section 408(p), whether or not qualified) to the extent the contributions are not included in the gross income of the Member for the taxable year in which contributed, and any amounts paid to a Member from a
plan of deferred compensation (whether or not qualified) regardless of whether such amounts are includable in the gross income of the Member when distributed; 
 (2) Amounts realized from the exercise of a nonstatutory option (which is an option other than a statutory option as defined
in Treasury Regulation Section 1.421-1(b)) or when restricted stock or other property held by a Member becomes freely transferable or is no longer subject to a substantial risk of forfeiture under Code Section 83 and the Treasury
Regulations thereunder; 
 (3) Amounts realized from the sale, exchange or other disposition of stock acquired
under a statutory stock option (within the meaning of Treasury Regulation Section 1.421-1(b)); 
 (4) Other
amounts which receive special tax benefits, such as, for example, premiums for group-term life insurance, to the extent such amounts are not includible in the gross income of the Member and are not salary reduction amounts under Code
Section 125; and 
 (5) Other items of remuneration that are similar to the items listed above in clauses
(ii)(1) through (4). 
 The foregoing notwithstanding, for purposes of this Section, Compensation shall not exceed the limitation
under Code Section 401(a)(17)(A), as adjusted for cost-of-living increases pursuant to Code Section 401(a)(17)(B), but shall not be limited to the earliest payments made to or on behalf of a Member with respect to a Limitation Year.

  

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 Exhibit 10.24 
  

 (d) Annual Additions: With respect to each Limitation Year, to
the extent allocated to a Member’s Account in accordance with the timing rules of Treasury Regulation Section 1.415(c)-1(b)(6), the total of the Member’s Employer Contributions, Pre-Tax Contributions, After-Tax Contributions,
Forfeitures, amounts described in Code Sections 415(l) and 419A(d)(2), and amounts allocated to a Member’s Account under a corrective amendment that complies with the requirements of Treasury Regulation Section 1.401(a)(4)-11(g); but
excluding Catch-Up Contributions made pursuant to Section 4.1(C), Rollover Contributions contributed pursuant to Section 4.7, restorative payments described in Treasury Regulation Section 1.415(c) 1(b)(2)(ii)(C), Excess Deferrals
distributed in accordance with Section 4.1 and Treasury Regulation Section 1.402(g)-1(e)(2) or (3), and such other amounts specifically excluded under Treasury Regulation Section 1.415(c)-1(b)(3). Contributions made with respect to
Qualified Military Service in accordance with Section 3.12 shall be considered an Annual Addition for the Limitation Year to which the Contribution relates. 
 12.3 Prospective Reduction of Member Contributions: If during a Limitation Year the Committee determines that the Maximum Permissible Amount will be exceeded for the Limitation Year, the Pre-Tax
and/or After-Tax Contribution elections of affected Members may be (but is not required to be) reduced by the Committee on a temporary and prospective basis in such manner as the Committee will determine. 
 12.4 Excess Amounts and EPCRS: To the extent a Member’s Annual Additions for a Limitation Year exceed the Member’s Maximum
Permissible Amount, except as otherwise permitted under the Treasury Regulations or other guidance issued by the Internal Revenue Service, such result shall be corrected in accordance with procedures available under the Internal Revenue
Service’s Employee Plans Compliance Resolution System in effect at the time of the correction. 
  

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 Exhibit 10.24 
  

 ARTICLE XIII 
 TOP-HEAVY PLAN REQUIREMENTS 
 13.1 General Rule: For any Plan Year
for which the Plan is a Top-Heavy Plan, as defined in Section 13.7, despite any other provisions of the Plan to the contrary, the Plan shall be subject to the provisions of this Article XIII. 
 13.2 Vesting Provisions: Each Member who has completed an Hour of Service after the Plan becomes top heavy and while the Plan is top
heavy and who has completed the vesting service specified in the following table shall be vested in his Account under the Plan at least as rapidly as is provided in the following schedule; except that the vesting provision set forth in
Section 7.4 shall be used at any time in which it provides for more rapid vesting: 
  

				
	 Years of Vesting Service
	  	Vested Percent	 
		
	 Less than 2 years
	  	0	% 
	 2
	  	20	% 
	 3
	  	40	% 
	 4
	  	60	% 
	 5
	  	80	% 
	 6 or more
	  	100	% 

 If an Account becomes vested
by reason of the application of the preceding schedule, it may not thereafter be forfeited by reason of reemployment after retirement pursuant to a suspension of benefits provision, by reason of withdrawal of any mandatory employee contributions to
which Employer Contributions were keyed or for any other reason. If the Plan subsequently ceases to be top heavy, the preceding schedule shall continue to apply with respect to any Member who had at least three years of service (as defined in
Treasury Regulation Section 1.411(a) 8T(b)(3)) as of the close of the last year that the Plan was top heavy, except that each Member whose vested percentage in his Account is determined under such amended schedule and who has completed at least
three years of service with the Employer, may elect, during the election period, to have the vested percentage in his Account determined without regard to such amendment if his vested percentage under the Plan as amended is, at any time, less than
such percentage determined without regard to such amendment. For all other Members, the vested percentage of their Accounts prior to the date the Plan ceases to be top heavy shall not be reduced, but future increases in the vested percentage shall
be made only in accordance with the vesting provision set forth in Section 7.4. 
 13.3 Minimum Contribution
Percentage: Each Member who is (i) a Non-Key Employee, as defined in Section 13.7, and (ii) employed on the last day of the Plan Year shall be entitled to have contributions and forfeitures (if applicable) allocated to his Account
of not less than 3% (the “Minimum Contribution Percentage”) of the Member’s Compensation. This minimum allocation percentage shall be provided without taking a Non-Key Employee’s Pre-Tax Contributions into account. Even a Non-Key
Employee who has completed less than 1,000 Hours of Service shall receive a Minimum Contribution Percentage, provided that such Non-Key Employee has not terminated Service by the last day of the Plan Year. A Non-Key Employee may not fail to receive
a Minimum Contribution Percentage because of a failure to receive a

  

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 Exhibit 10.24 
  

 
specified minimum amount of compensation or a failure to make mandatory employee or elective contributions. This Minimum Contribution Percentage will be reduced for any Plan Year to the
percentage at which contributions (including pre tax contributions and forfeitures, if applicable) are made or are required to be made under the Plan for the Plan Year for the Key Employee for whom such percentage is the highest for such Plan Year.
For this purpose, the percentage with respect to a Key Employee will be determined by dividing the Contributions (including Pre-Tax Contributions and forfeitures if applicable) made for such Key Employee by his total compensation (as defined in
Section 415(c)(3) of the Code) not in excess of $220,000 for the Plan Year, with such amount automatically adjusted in the same manner as the amount set forth in Section 13.4 below. 
 Contributions considered under the first paragraph of this Section 13.3 shall include Employer Contributions under the Plan and under
all other defined contribution plans required to be included in an Aggregation Group (as defined in Section 13.7), but will not include Employer Contributions under any plan required to be included in such aggregation group if the plan enables
a defined benefit plan required to be included in such group to meet the requirements of the Code prohibiting discrimination as to contributions in favor of employees who are officers, shareholders, or the highly compensated or prescribing the
minimum participation standards. If the highest rate allocated to a Key Employee for a year in which the Plan is top heavy is less than 3%, amounts contributed as a result of a salary reduction agreement must be included in determining Contributions
made on behalf of Key Employees. 
 Employer Matching Contributions shall be taken into account for purposes of satisfying the
Minimum Contribution Percentage of this Section. The preceding sentence shall apply with respect to matching contributions under the Plan or, if the Plan provides that the Minimum Contribution Percentage shall be met in another plan, such other
plan. Employer Matching Contributions that are used to satisfy the Minimum Contribution Percentage shall be treated as matching contributions for purposes of the actual contribution percentage test and other requirements of Section 401(m) of
the Code. 
 Contributions considered under this Section shall not include any contributions under the Social Security Act
or any other federal or state law. 
 13.4 Limitation on Compensation: The annual compensation of a Member taken into
account under this Article XIII for purposes of computing benefits under the Plan shall not exceed $220,000, with such amount adjusted automatically for each Plan Year to the amount prescribed by the Secretary of the Treasury or his delegate
pursuant to Section 401(a)(17)(B) of the Code and regulations for the calendar year in which such Plan Year commences. 
 13.5 Coordination With Other Plans: In the event that another defined contribution or defined benefit plan maintained by a Considered Company provides contributions or benefits on behalf of Members in the Plan, such other plan shall
be treated as a part of the Plan pursuant to principles prescribed by applicable Treasury Regulations or Internal Revenue Service rulings to determine whether the Plan satisfies the requirements of Sections 13.2, 13.3 and 13.4, and to avoid
inappropriate omissions or inappropriate duplication. If a Member is covered both by a top heavy defined benefit plan and a top heavy defined contribution plan, a comparability analysis (as prescribed by Revenue Ruling 81-202 or any successor
ruling) shall be performed in

  

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 Exhibit 10.24 
  

 
order to establish that the plans are providing benefits at least equal to the defined benefit minimum. Such determination shall be made upon the advice of counsel by the Committee, which shall,
if necessary, cause benefits or contributions to be made sufficient. 
 13.6 Distributions to Certain Key
Employees: Notwithstanding any other provision of the Plan to the contrary, the entire interest in the Plan of each Member who is a Key Employee and a “5% Owner” (as defined in Section 13.7(4)) in the calendar year in which such
individual attains age 70 1/2 shall be distributed
to such Member not later than April 1 following the calendar year in which such individual attains age 70 1/2. 
 13.7 Determination of Top-Heavy
Status: The Plan shall be a Top-Heavy Plan for any Plan Year if, as of the Determination Date, the aggregate of the Accounts under the Plan (determined as of the Valuation Date) for Members (including former Members) who are Key Employees
exceeds 60% of the aggregate of the Accounts of all Members, excluding former Key Employees, or if the Plan is required to be in an Aggregation Group, any such Plan Year in which such group is a Top-Heavy Group. In determining Top-Heavy status, if
an individual has not performed one Hour of Service for any Considered Company at any time during the 1-year period ending on the Determination Date, any accrued benefit for such individual and the aggregate accounts of such individual shall not be
taken into account. 
 For purposes of this Section, the capitalized words have the following meanings:

 (1) “Aggregation Group” means the group of plans, if any, that includes both the group of plans
required to be aggregated and the group of plans permitted to be aggregated. The group of plans required to be aggregated (the “required aggregation group”) includes: 
 (i) Each plan of a Considered Company in which a Key Employee is a Member in the Plan Year containing the Determination Date;
and 
 (ii) Each other plan, including collectively bargained plans, of a Considered Company which, during this
period, enables a plan in which a Key Employee is a Member to meet the requirements of Section 401(a)(4) or 410 of the Code. 
 The group of plans that are permitted to be aggregated (the “permissive aggregation group”) includes the required aggregation group plus one or more plans of a Considered Company that is not part of the required aggregation group
and that the Considered Company certifies as a plan within the permissive aggregation group. Such plan or plans may be added to the permissive aggregation group only if, after the addition, the aggregation group as a whole continues to satisfy the
requirements of Sections 401(a)(4) and 410 of the Code. 
 (b) “Considered Company” means the
Employer or an Affiliate. 
 (c) “Determination Date” means the last day of the immediately preceding
Plan Year. 
  

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 Exhibit 10.24 
  

 (d) “Key Employee” means any Employee or former Employee
(including any deceased Employee) under the Plan who, at any time during the Plan Year that includes the Determination Date, is or was one of the following: 
 (i) An officer of a Considered Company having an annual compensation greater than $130,000 (as adjusted under
Section 416(i)(1) of the Code); 
 (ii) A person who owns (or is considered as owning, within the meaning of
the constructive ownership rules of Section 416(i)(1)(B)(iii) of the Code) more than 5% of the outstanding stock of a Considered Company or stock possessing more than 5% of the combined voting power of all stock of the Considered Company (a
“5% Owner”); or 
 (iii) A person who has an annual compensation from the Considered Company of more
than $150,000 and who owns (or is considered as owning within the meaning of the constructive ownership rules of Section 416(i)(1)(B) of the Code) more than 1% of the outstanding stock of the Considered Company or stock possessing more than 1%
of the total combined voting power of all stock of the Considered Company (a “1% Owner”). 
 For purposes of this
subsection (4), (i) whether an individual is an officer shall be determined by the Considered Company on the basis of all the facts and circumstances, such as an individual’s authority, duties, and term of office, not on the mere fact
that the individual has the title of an officer, (ii) for any Plan Year, no more than 50 Employees (or if less, the greater of 3 or 10% of the Employees) shall be treated as officers, (iii) a Beneficiary of a Key Employee shall be treated
as a Key Employee; (iv) in the case of a 5% or 1% Owner determination, each Considered Company is treated separately in determining ownership percentages, but all such Considered Companies shall be considered a single employer in determining
the amount of compensation, and (v) compensation means all items includable as compensation for purpose of applying the limitations on annual additions to a Member’s account in a defined contribution plan and the maximum benefit payable
under a defined benefit plan under Section 415(c)(3) of the Code. The determination of who is a Key Employee shall be made in accordance with Section 416(i)(1) of the Code and the applicable regulations and other guidance of general
applicability issued thereunder. 
 (e) “Non-Key Employee” means any Employee (and any Beneficiary of
an Employee) who is not a Key Employee. In any case where an individual is a Non-Key Employee with respect to an applicable plan but was a Key Employee with respect to such plan for any prior Plan Year, any accrued benefit and any account of such
Employee shall be altogether disregarded. 
 (f) “Top-Heavy Group” means the Aggregation Group if, as
of the applicable Determination Date, the sum of the present value of the cumulative accrued benefits for Key Employees under all defined benefit plans included in the Aggregation Group plus the aggregate of the accounts of Key Employees under all
defined contribution plans

  

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 Exhibit 10.24 
  

 
included in the Aggregation Group exceeds 60% of the sum of the present value of the cumulative accrued benefits for all employees (excluding former Key Employees), as provided in
paragraph (a) below, under all such defined benefit plans plus the aggregate accounts for all employees (excluding former Key Employees), as provided in paragraph (a) below, under all such defined contribution plans. In determining
Top-Heavy status, if an individual has not performed one Hour of Service for any Considered Company at any time during the 1-year period ending on the Determination Date, any accrued benefit for such individual and the aggregate accounts of such
individual shall not be taken into account. If the Aggregation Group that is a Top-Heavy Group is a required aggregation group, each plan in the group will be a Top-Heavy Plan. If the Aggregation Group that is a Top-Heavy Group is a permissive
aggregation group, only those plans that are part of the required aggregation group will be treated as Top-Heavy Plans. If the Aggregation Group is not a Top-Heavy Group, no plan within such group will be a Top-Heavy Plan. 
 In determining whether the Plan constitutes a Top-Heavy Plan, the Committee (or its agent) will make the following
adjustments: 
 (i) When more than one plan is aggregated, the Committee shall determine separately for each plan
as of each plan’s Determination Date the present value of the accrued benefits (for this purpose using the actuarial assumptions set forth in the applicable plan or account balance) or account balance, including distributions to Key Employees
and all employees. The results shall then be aggregated by adding the results of each plan as of the Determination Dates for such plans that fall within the same calendar year. The combined results shall indicate whether or not the plans so
aggregated are Top-Heavy Plans. 
 (ii) In determining the present value of the cumulative accrued benefit (for
this purpose using the actuarial assumptions set forth in the applicable pension plan) or the amount of the account of any employee, such present value or account balance shall be increased by the amount in dollar value of the aggregate
distributions made with respect to the employee under the Plan and any plan aggregated with the Plan under Section 416(g)(2) of the Code during the 1-year period ending on the Determination Date. The preceding sentence shall also apply to
distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than severance from employment,
death, or disability, this provision shall be applied by substituting “5-year period” for “1-year period.” The amounts will include distributions to employees representing the entire amount credited to their accounts under the
applicable plan. The accrued benefits and accounts of any individual who has not performed services for a Considered Company during the 1-year period ending on the Determination Date shall not be taken into account. 
  

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 Exhibit 10.24 
  

 (iii) Further, in making such determination, such present value or such
account balance shall include any rollover contribution (or similar transfer), as follows: 
 (1) If the
Rollover Contribution (or similar transfer) is “unrelated” (both initiated by the employee and made to or from a plan maintained by another employer who is not a Considered Company), the plan providing the distribution shall include such
distribution in the present value of such account; the plan accepting the distribution shall not include such distribution in the present value of such account unless the plan accepted it before December 31, 1983; and 
 (2) If the Rollover Contribution (or similar transfer) is “related” (either not initiated by the employee or made
from a plan maintained by another Considered Company), the plan making the distribution shall not include the distribution in the present value of such account; and the plan accepting the distribution shall include such distribution in the present
value of such account. 
 (g) “Valuation Date” means, for purposes for determining the present value of
an accrued benefit as of the Determination Date, the date determined as of the most recent valuation date which is within a 12-month period ending on the Determination Date. For the first plan year of a plan, the accrued benefit for a current
employee shall be determined either (i) as if the individual terminated service as of the Determination Date or (ii) as if the individual terminated service as of the Valuation Date, but taking into account the estimated accrued benefit as
of the Determination Date. The Valuation Date shall be determined in accordance with the principles set forth in Q&A T 25 of Treasury Regulation Section 1.416-1. 
 Except as otherwise provided in this Section, for purposes of this Article, “Compensation” shall have the meaning given to it in Section 12.2(c) of the Plan. 
  

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 ARTICLE XIV 
 TESTING OF CONTRIBUTIONS 
 14.1 Definitions: For purposes of this
Article XIV, the following terms, when capitalized, shall be defined as: 
 (a) “Actual Contribution
Percentage” or “ACP” shall mean, with respect to a Plan Year, for a specified group of Employees (either Highly Compensated Employees or non-Highly Compensated Employees) the average of the ratios, calculated separately for each
Employee, of: 
 (i) The sum of the Aggregate Contributions paid under the Plan on behalf of each Employee for a
Plan Year that are made on account of the Employee’s Contributions for the Plan Year, which are allocated to the Employee’s Account during such Plan year, and are paid to the Trust no later than the end of the next following Plan Year;
over 
 (ii) The Employee’s Compensation for such Plan Year. 
 An Employee’s Actual Contribution Percentage shall be determined after determining his Excess Deferrals and Excess Contributions, if
any. The Actual Contribution Percentage of an eligible Employee who does not have any Aggregate Contributions for a Plan Year is zero. The individual ratios and Actual Contribution Percentages shall be calculated to the nearest 1/100 of 1% of an
Employee’s Compensation. 
 (b) “Actual Deferral Percentage” or “ADP” shall mean, with
respect to a Plan Year, for a specified group of Employees (either Highly Compensated Employees or non-Highly Compensated Employees) the average of the ratios, calculated separately for each Employee, of: 
 (i) The amount of Employer Contributions actually paid to the Plan on behalf of each such Employee for a
Plan Year that relate to Compensation that either would have been received by the Employee in such Plan Year (but for the deferral election) or are attributable to services performed by the Employee in the Plan Year and would have been received by
the Employee within 2 1/2 months after the close of
the Plan Year (but for the deferral election) and which are allocated to the Employee’s Account and are paid to the Trust no later than the end of the next following Plan Year; over 
 (ii) The Employee’s Compensation for such Plan Year. 
 The Actual Deferral Percentage of an eligible Employee who does not have any Employer Contributions for a Plan Year is zero. The individual
ratios and Actual Deferral Percentages shall be calculated to the nearest 1/100 of 1% of an Employee’s Compensation. 
 (c) “Aggregate Contributions” shall mean, as applicable, any of the following: (i) After-Tax Contributions; (ii) Employer Matching Contributions; (iii) QNECs that have

  

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 Exhibit 10.24 
  

 
not been included in the ADP test; and (iv) Pre-Tax Contributions that are not needed to satisfy the ADP test for the current Plan Year, provided such test is satisfied before and after such
Pre-Tax Contributions have been included in the ACP test for the current Plan Year. Aggregate Contributions shall not include (a) Employer Matching Contributions that are forfeited either to correct Excess Aggregate Contributions or because the
contributions to which they relate are Excess Deferrals, Excess Contributions or Excess Aggregate Contributions, or (b) Employer Matching Contributions made pursuant to Code Section 414(u) by reason of a Member’s qualified military
service. 
 (d) “Compensation” shall mean the Employee’s total Compensation for services rendered
to an Employer during the Plan Year and, unless the Committee elects otherwise, the Employee’s Pre-Tax Contributions for the Plan Year and any amounts not currently included in the Employee’s gross income by reason of the application of
Section 125 or 132(f)(4) of the Code. 
 (e) “Employee” shall mean each Employee eligible to
participate in the Plan in accordance with Section 3.1 of the Plan, including each eligible Employee who does not elect to make Pre-Tax Contributions and/or After-Tax Contributions and who is an “eligible employee,” as defined in
Treasury Regulation Section 1.401(k)6. 
 (f) “Employer Contributions” shall mean, as applicable,
any of the following: (i) Pre-Tax Contributions, including any Excess Deferrals made by Highly Compensated Employees, but excluding Catch-Up Contributions and any Pre-Tax Contributions made pursuant to Code Section 414(u) by reason of a
Member’s qualified military service, and (ii) QNECs that have not been used to satisfy the ACP test for the current Plan Year. 
 (g) “Employer Matching Contributions” shall mean the amounts contributed to the Trust Fund by the Employer pursuant to Section 4.4. 
 (h) “Excess Aggregate Contributions” shall mean, with respect to any Plan Year, the excess of: 
 (i) The sum of the Aggregate Contributions actually taken into account in computing the ACP of Highly Compensated Employees
for such Plan Year; minus 
 (ii) The maximum amount of Aggregate Contributions permitted by the ACP test for the
Plan Year (determined by hypothetically reducing contributions made on behalf of Highly Compensated Employees in order of their ACP beginning with the highest of such percentages). 
 (i) “Excess Contributions” shall mean, with respect to any Plan Year, the excess of: 
 (i) The sum of the Employer Contributions actually taken into account in computing the ADP of Highly Compensated Employees
for such Plan Year; minus 
  

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 Exhibit 10.24 
  

 (ii) The maximum amount of such Employer Contributions permitted by the
ADP test for the Plan Year (determined by hypothetically reducing contributions made on behalf of Highly Compensated Employees in order of their ADP, beginning with the highest of such percentages). 
 (j) “Excess Deferrals” shall have the meaning provided in Section 4.1 of the Plan. 
 (k) “Highly Compensated Employee” shall mean any Employee and any employee of an Affiliate who is a highly
compensated employee under Section 414(q) of the Code, including any Employee and any employee of an Affiliate who was a “5% owner” (as defined in Code Section 416(i)) during the current Plan Year or prior Plan Year or who
received Compensation during the prior Plan Year in excess of $100,000, or such other amount as determined by the Secretary of the Treasury or his delegate, excluding Employees described in Code Section 414(q)(8). In determining an
Employee’s status as a Highly Compensated Employee within the meaning of Section 414(q), the entities set forth in Treasury Regulation Section 1.414(q) 1T Q&A 6(a)(1) through (4) must be taken into account as a single
employer. A former Employee shall be treated as a Highly Compensated Employee if (i) such former Employee was a Highly Compensated Employee when he separated from Service or (ii) such former Employee was a Highly Compensated Employee in
Service at any time after attaining age 55. 
 (l) “QNECs” shall mean qualified non-elective
contributions, as defined in Treasury Regulation Sections 1.401(k) and 1.401(m), that may be made for a Plan Year in any amount necessary to satisfy or help to satisfy the Actual Deferral Percentage limit in Section 14.2 of the Plan or the
Contribution Percentage limit in Section 14.4 of the Plan. 
 14.2 Actual Deferral Percentage Test: The ADP for the
eligible Highly Compensated Employees for the Plan Year shall not exceed the greater of (1) or (2), as follows: 
 (a) The ADP for the eligible non-Highly Compensated Employees times 1.25; or 
 (b) The lesser of
(i) the ADP for the eligible non-Highly Compensated Employees times 2.0 or (ii) the ADP for the eligible non-Highly Compensated Employees plus two percentage (2%) points. 
 The Plan applies the Actual Deferral Percentage test using the “current year testing method” described in Treasury Regulation
Section 1.401(k)-2 for Highly Compensated Employees and non-Highly Compensated Employees. The ADP for any Highly Compensated Employee who is eligible to have Pre-Tax Contributions allocated to his account under two or more plans described in
Section 401(k) of the Code that are maintained by an Employer or an Affiliate in addition to this Plan shall be determined as if the total of all such contributions were made under a single plan. If a Highly Compensated Employee participates in
two or more plans that have different plan years, all Pre-Tax Contributions made during the Plan Year under all

  

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 Exhibit 10.24 
  

 
such arrangements shall be aggregated. In the event this Plan satisfies the requirements of Code Section 401(k), 401(a)(4), or 410(b) only if aggregated with one or more other plans, or if
one or more other plans satisfy the requirements of such Sections of the Code only if aggregated with this Plan, then this Section shall be applied by determining the ADP of Employees as if all such plans were a single plan. Plans may be
aggregated in order to satisfy Code Section 401(k) only if they have the same plan year and use the same ADP testing method. 
 The Employer, in its sole discretion, may elect to make QNECs for any Plan Year in any amount it determines is necessary to satisfy or contribute to satisfying the Actual Deferral Percentage test set forth in this Section 14.2 or the
Actual Contribution Percentage test set forth in Section 14.4 of the Plan. QNECs may be used in lieu of, or in conjunction with, the distributions described in Section 14.3 or the forfeitures described in Section 14.5 of the Plan.
QNECs shall be allocated in a manner determined by the Employer, in accordance with Treasury Regulation Section 1.401(a)(4)-2, among the Pre-Tax Contribution Accounts (as defined in Section 1.31) of non-Highly Compensated Employees who
were eligible to make Pre-Tax Contributions during the Plan Year for which the QNECs are made at any time during the Plan Year or no later than 12 months after the end of the Plan Year. QNECs shall be considered Pre-Tax Contributions and shall be
subject to the same limitations as to withdrawal and distribution as Pre-Tax Contributions. QNECs shall be nonforfeitable and 100% vested at all times. Any portion of the QNECs taken into account for purposes of the Actual Contribution Percentage
test in Section 14.4, may not be taken into account for purposes of the Actual Deferral Percentage test in this Section 14.2. QNECs must satisfy the non-disproportionate contributions requirements of Treasury Regulation
Sections 1.401(k)2(a)(6)(iv) and 1.401(m)2(a)(6)(4). 
 14.3 Excess Contributions: If neither of the tests described
in (1) or (2) of Section 14.2 is satisfied, and the Employer decides not to make QNECs as a corrective measure, then Excess Contributions, plus any income and minus any loss attributable thereto, of certain Highly Compensated
Employees will be distributed and shall be considered taxable income to such Highly Compensated Employees. Excess Contributions are allocated to the Highly Compensated Employees with the largest amount of Pre-Tax Contributions taken into account in
calculating the ADP test for the year in which the excess arose, beginning with the Highly Compensated Employee with the largest amount of such Pre-Tax Contributions and continuing in descending order until all of the Excess Contributions have been
allocated. To the extent a Highly Compensated Employee has not reached his Catch-Up Contribution limit under the Plan, Excess Contributions shall be allocated to such Highly Compensated Employee as Catch Up Contributions (not to exceed the Catch-Up
Contribution limit) and such contributions will not be treated as Excess Contributions. 
 The amount of Excess Contributions
allocated to each Highly Compensated Employee, plus any income and minus any losses calculated up to the date of the distribution, and minus the amount of any Excess Deferrals previously distributed, will be distributed to the affected Highly
Compensated Employees as soon as administratively feasible but in no event later than 12 months following the end of such Plan Year during which the Excess Contributions were made. 
 Effective as of January 1, 2008, the income and loss attributable to a Highly Compensated Employee’s Excess Contributions for the
Plan Year shall be the income or loss

  

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 Exhibit 10.24 
  

 
attributable to the Highly Compensated Employee’s Pre-Tax Contribution Account for the Plan Year multiplied by a fraction, the numerator of which is the Excess Contributions and the
denominator of which is the amount of the Highly Compensated Employee’s Pre-Tax Contributions Account balance as of the beginning of the Plan Year plus the Employee’s Pre-Tax Contributions to the Account during the Plan Year. 

If distributions are made under this Section 14.3, the Actual Deferral Percentage is treated as meeting the nondiscrimination test
of Section 401(k)(3) of the Code, regardless of whether the Actual Deferral Percentage, if recalculated after such distributions, would satisfy Section 401(k)(3) of the Code. The above procedures are used for purposes of distributing
Excess Contributions under Section 401(k)(8)(A)(i) of the Code. Excess Contributions shall be treated as Annual Additions under Section 12.2(d) of the Plan. 
 14.4 Actual Contribution Percentage Test: The Contribution Percentage for the eligible Employees for any Plan Year who are Highly Compensated Employees shall not exceed the greater of (1) or
(2), as follows: 
 (a) The ACP for the eligible non-Highly Compensated Employees times 1.25; or 
 (b) The lesser of (i) the ACP for the eligible non-Highly Compensated Employees times 2.0 or (ii) the ACP for
non-Highly Compensated Employees plus two percentage (2%) points. 
 The Plan applies the Actual Contribution Percentage
test using the “current year testing method” described in Treasury Regulation Section 1.401(m)-2 for Highly Compensated Employees and non-Highly Compensated Employees. In computing the Actual Contribution Percentage, the Employer may
elect to take into account Pre-Tax Contributions and QNECs made under this Plan or any other plan of the Employer to the extent that (i) Pre-Tax Contributions and/or QNECs used for purposes of calculating the ADP test are not used for purposes
of calculating the ACP test, and (ii) Pre-Tax Contributions, including those treated as Aggregate Contributions for purposes of calculating the Actual Contribution Percentage, satisfy the requirements of Code Section 401(k)(3). The ACP for
any Highly Compensated Employee who is eligible to have Aggregate Contributions allocated to his account under two or more plans described in Section 401(a) or 401(k) of the Code that are maintained by an Employer or an Affiliate in addition to
this Plan shall be determined as if the total of all such contributions were made under a single plan. If a Highly Compensated Employee participates in two or more such plans or arrangements that have different plan years, all Aggregate
Contributions made during the Plan Year under all such plans and arrangements shall be aggregated. 
 For purposes of
determining whether the ACP limits of this Section 14.4 are satisfied, all Aggregate Contributions that are made under two or more plans that are aggregated for purposes of Code Section 401(a)(4) or 410(b) are to be treated as made under a
single plan, and if two or more plans are permissively aggregated for purposes of Code Section 401(m), the aggregated plans must also satisfy Code Sections 401(a)(4) and 410(b) as though they were a single plan. Plans may be aggregated in
order to satisfy Code Section 401(m) only if they have the same Plan Year and use the same ACP testing method. 
  

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 Exhibit 10.24 
  

 14.5 Excess Aggregate Contributions: If neither of the tests described in
(1) or (2) of Section 14.4 is satisfied, and the Employer decides not to make QNECs as a corrective measure, Excess Aggregate Contributions, plus any income and minus any loss attributable thereto, shall be forfeited no later than 12
months after the close of a Plan Year to Members to whose accounts such Excess Aggregate Contributions were allocated. Excess Aggregate Contributions are allocated to the Highly Compensated Employees with the largest Aggregate Contributions taken
into account in calculating the ACP test for the year in which the excess arose, beginning with the Highly Compensated Employee with the largest amount of such Aggregate Contributions and continuing in descending order until all the Excess Aggregate
Contributions have been allocated. Excess Aggregate Contributions shall be treated as Annual Additions under the Plan. 
 Effective as of January 1, 2008, the income or loss attributable to the Highly Compensated Employee’s Excess Aggregate Contributions for the Plan Year shall be the income or loss attributable to the Highly Compensated
Employee’s Employer Contribution Account (as defined in Section 1.17) and After Tax Contribution Account for the Plan Year multiplied by a fraction, the numerator of which is the Excess Aggregate Contribution, and the denominator of which
is the amount of the Highly Compensated Employee’s Employer Contribution Account and After Tax Contribution Account without regard to any income or loss occurring during such Plan Year. 
 Any forfeiture of Excess Aggregate Contributions shall be applied to reduce Employer Matching Contributions for the Plan Year in which the
excess arose. Should the amount of forfeited Excess Aggregate Contributions exceed the amount of Employer Matching Contributions needed for the Plan Year, such forfeitures shall be allocated, after all other forfeitures under the Plan, to the
Employer Contribution Accounts of each non-Highly Compensated Employee who made Pre-Tax Contributions to the Plan, in the ratio that each such Employee’s Pre-Tax Contributions for the Plan Year bears to the total Pre-Tax Contributions of all
such Employees for such Plan Year. 
 If forfeitures are made under this Section 14.5, the Actual Contribution Percentage
test is treated as meeting the nondiscrimination test of Section 401(m)(2) of the Code, regardless of whether the Actual Contribution Percentage, if recalculated after such forfeitures, would satisfy Section 401(m)(2) of the Code. Excess
Aggregate Contributions shall be treated as Annual Additions under Section 12(III)(8) of the Plan. 
  

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 Exhibit 10.24 
  

 IN WITNESS WHEREOF, the Company has executed these presents as evidenced by the
signatures affixed hereto of its officers hereunto duly authorized, and by its corporate seal being affixed hereto, in a number of copies, all of which shall constitute but one and the same instrument which may be sufficiently evidenced by any such
executed copy hereof, this 8th day of December, 2009, but effective as of January 1, 2009. 
  

			
	CABOT OIL & GAS CORPORATION
		
	By	 	 /s/ Abraham D. Garza

		 	 Vice President, Human Resources



  

	
	ATTEST:
	
	 /s/ Lisa A. Machesney

	Vice President, Managing Counsel and Corporate Secretary
	
	[SEAL]

  

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 Exhibit 10.24 
  

 APPENDIX A 
 Vesting of Certain Employees Upon Termination of Employment 
 The following
Employees who, upon termination of employment with the Company, (i) are eligible to receive benefits under the following severance plans and (ii) if required by the applicable severance plan, sign a valid waiver and release shall be fully
vested in their benefits under the Plan. 
  

	1.	Severance Plans 507 through 574 

  

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