Document:

EX-10.42

 Exhibit 10.42 

 
 WILLIAMS-SONOMA, INC. 

AMENDED AND RESTATED 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 (Effective as of January 1,
2005; as amended and restated on December 5, 2012) 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 SECTION 1 DEFINITIONS
	  	 	1	  
		
	 1.1      “Bankruptcy Court Approval”
	  	 	1	  
	 1.2      “Beneficiary”
	  	 	1	  
	 1.3      “Board of Directors” or “Board”
	  	 	1	  
	 1.4      “Bonus”
	  	 	1	  
	 1.5      “Change of Control Event”
	  	 	1	  
	 1.6      “Code”
	  	 	2	  
	 1.7      “Committee”
	  	 	2	  
	 1.8      “Company”
	  	 	2	  
	 1.9      “Compensation”
	  	 	2	  
	 1.10    “Corporate Dissolution”
	  	 	2	  
	 1.11    “Deferral Account”
	  	 	2	  
	 1.12    “Disability” or “Disabled”
	  	 	2	  
	 1.13    “Domestic Relations Order”
	  	 	2	  
	 1.14    “Election Form”
	  	 	2	  
	 1.15    “Eligible Employee”
	  	 	3	  
	 1.16    “Employer”
	  	 	3	  
	 1.17    “ERISA”
	  	 	3	  
	 1.18    “401(k) Plan”
	  	 	3	  
	 1.19    “Fund” or “Funds”
	  	 	3	  
	 1.20    “Participant”
	  	 	3	  
	 1.21    “Plan”
	  	 	3	  
	 1.22    “Plan Year”
	  	 	3	  
	 1.23    “Plan Year Subaccount”
	  	 	3	  
	 1.24    “Retirement”
	  	 	3	  
	 1.25    “Salary”
	  	 	3	  
	 1.26    “Separation from Service”
	  	 	4	  
	 1.27    “Specified Employee”
	  	 	4	  
	 1.28    “Unforeseeable Emergency”
	  	 	4	  
	 1.29    “Year of Service”
	  	 	4	  
		
	 SECTION 2 PARTICIPATION
	  	 	4	  
		
	 2.1      Participation
	  	 	4	  
	 2.2      Continuing Participation
	  	 	4	  
		
	 SECTION 3 COMPENSATION DEFERRAL ELECTIONS
	  	 	5	  
		
	 3.1      Elections to Defer Compensation
	  	 	5	  
	 3.2      Deemed Investment Elections
	  	 	7	  

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
	 3.3      Cancellation of Compensation Deferrals
	  	 	8	  
		
	 SECTION 4 ACCOUNTING
	  	 	9	  
		
	 4.1      Deferral Accounts
	  	 	9	  
	 4.2      Accounting Methods
	  	 	9	  
	 4.3      Periodic Reports
	  	 	10	  
		
	 SECTION 5 VESTING
	  	 	10	  
		
	 SECTION 6 DISTRIBUTIONS
	  	 	10	  
		
	 6.1      Distribution on Retirement or Disability
	  	 	10	  
	 6.2      Distribution on Separation from Service Not Due to Retirement
	  	 	11	  
	 6.3      Distribution on Death
	  	 	12	  
	 6.4      Required Six-Month Delay in Payment for Specified Employees
	  	 	12	  
	 6.5      Acceleration of Payment(s) Permitted Under Certain Circumstances
	  	 	12	  
	 6.6      Unforeseeable Emergency
	  	 	13	  
	 6.7      Inability to Locate Participant or Beneficiary
	  	 	14	  
	 6.8      Domestic Relations Order Distributions
	  	 	14	  
		
	 SECTION 7 CHANGE OF CONTROL
	  	 	14	  
		
	 7.1      No New Participants Following Change of Control
	  	 	14	  
	 7.2      No Deferrals Following a Change of Control
	  	 	14	  
	 7.3      Discretionary Termination and Accelerated Plan Distributions 30 Days Prior to or Within
12 Months Following a Change in Control
	  	 	14	  
		
	 SECTION 8 TERMINATION DUE TO CORPORATE DISSOLUTION OR PURSUANT TO     BANKRUPTCY COURT
APPROVAL
	  	 	14	  
		
	 8.1      Corporate Dissolution
	  	 	14	  
	 8.2      Bankruptcy Court Approval
	  	 	15	  
		
	 SECTION 9 BENEFICIARY DESIGNATION
	  	 	15	  
		
	 9.1      Beneficiary
	  	 	15	  
	 9.2      Beneficiary Designation; Change; Spousal Consent
	  	 	15	  
	 9.3      Acknowledgment
	  	 	15	  
	 9.4      No Beneficiary Designation
	  	 	15	  
	 9.5      Doubt as to Beneficiary
	  	 	16	  
	 9.6      Discharge of Obligations
	  	 	16	  
	 9.7      Death of Spouse or Dissolution of Marriage
	  	 	16	  
		
	 SECTION 10 ADMINISTRATION OF THE PLAN
	  	 	16	  
		
	 10.1    Committee
	  	 	16	  
	 10.2    Committee Action
	  	 	16	  

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 10.3      Powers and Duties of the Committee
	  	 	17	  
	 10.4      Decisions of the Committee and its Delegates
	  	 	17	  
	 10.5      Eligibility to Participate
	  	 	18	  
	 10.6      Compensation and Expenses
	  	 	18	  
	 10.7      Information
	  	 	18	  
	 10.8      Indemnity
	  	 	18	  
		
	 SECTION 11 CLAIMS AND REVIEW PROCEDURE
	  	 	18	  
		
	 11.1      Presentation of Claim
	  	 	18	  
	 11.2      Non-Disability Claims
	  	 	18	  
	 11.3      Disability Claims
	  	 	20	  
	 11.4      Exhaustion of Claims and Review Procedure and Legal Action
	  	 	22	  
		
	 SECTION 12 MODIFICATION OR TERMINATION OF THE PLAN
	  	 	22	  
		
	 12.1      Companies’ Obligations Limited
	  	 	22	  
	 12.2      Right to Amend or Terminate
	  	 	23	  
	 12.3      Retroactive Amendment Permitted
	  	 	23	  
	 12.4      Effect of Termination
	  	 	23	  
		
	 SECTION 13 GENERAL
	  	 	23	  
		
	 13.1      Unsecured General Creditors
	  	 	23	  
	 13.2      Restriction Against Assignment
	  	 	23	  
	 13.3      Governing Law
	  	 	24	  
	 13.4      Receipt and Release
	  	 	24	  
	 13.5      Tax Withholding
	  	 	24	  
	 13.6      Severability
	  	 	24	  
	 13.7      No Guarantees Regarding Tax Treatment; Disclaimer
	  	 	24	  
	 13.8      Captions
	  	 	24	  
	 13.9      No Employment Rights
	  	 	24	  
	 13.10    Payments on Behalf of Persons Under Incapacity
	  	 	25	  
	 13.11    Rights and Duties
	  	 	25	  

  

  
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 WILLIAMS-SONOMA, INC. 

AMENDED AND RESTATED 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 (Effective as of January 1, 2005;
as amended and restated on December 5, 2012) 
 Williams-Sonoma, Inc. (the “Company”) hereby establishes this
Williams-Sonoma, Inc. Executive Deferred Compensation Plan (the “Plan”), effective as of January 1, 2005 (the “Effective Date”), as amended and restated on December 5, 2012. 

The purpose of the Plan is to provide certain supplemental retirement income benefits to a select group of management or highly
compensated employees of the Company and its affiliates who have been selected for participation in the Plan. The Plan is an unfunded deferred compensation plan that is intended to (1) qualify for the exemptions provided in sections 201, 301
and 401 of the Employee Retirement Income Security Act of 1974, as amended, and (2) comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance issued thereunder (collectively,
“Code Section 409A”). 
 From and after the Effective Date, this Plan replaces the Williams-Sonoma, Inc. Pre-2005
Executive Deferral Plan, as amended, which was frozen to new deferrals effective after December 31, 2004 so as to qualify the amounts deferred on or before December 31, 2004 under such prior plan for “grandfather” treatment under
Code Section 409A. 
 SECTION 1 
 DEFINITIONS 
 For purposes of this Plan, the following words and phrases
will have the following meanings unless a different meaning is plainly required by the context: 

1.1    “Bankruptcy Court Approval” means the approval of a bankruptcy court pursuant to 11 U.S.C.
§ 503(b)(1)(A). 
 1.2    “Beneficiary” means the person or persons entitled to
receive benefits under the Plan upon the death of a Participant, as provided in Section 9. 

1.3    “Board of Directors” or “Board” means the Board of Directors of the
Employer. 
 1.4     “Bonus” means any cash incentive compensation that is payable to an
Eligible Employee, in addition to his or her Salary, which the Committee, in its discretion, has designated as being eligible for deferral under the Plan. 
 1.5    “Change of Control Event” means a change in ownership or effective control of the Company or in the ownership of a substantial portion of the Company’s
assets, as defined under Code Section 409A. 

 1.6    “Code” means the Internal Revenue Code of 1986,
as amended. Reference to a specific section of the Code will include such section, any valid regulation or other Treasury Department or Internal Revenue Service guidance promulgated thereunder, and any comparable provision of any future
legislation amending, supplementing or superseding such section. 
 1.7    “Committee”
means the administrative committee charged with responsibility for the general administration of the Plan pursuant to Section 10, as it may be constituted from time to time. 

1.8    “Company” means the Employer and each corporation, trade or business that is, together with
the Employer, a member of a controlled group of corporations or under common control (within the meaning of Code Sections 414(b) or (c)); provided, however, that in applying Code Sections 1563(a)(1), (2), and (3) for purposes of
determining a controlled group of corporations under Code Section 414(b) and in applying Treasury Regulation Section 1.414(c)-2 for purposes of determining trades or businesses that are under common control for purposes of Code
Section 414(c), the phrase “at least 50 percent” will be used instead of “at least 80 percent” at each place it appears in such sections. 
 1.9    “Compensation” means the Salary and Bonus (if any) of an Eligible Employee. An Eligible Employee’s Compensation will not include any other type of
remuneration, including any severance pay. 
 1.10    “Corporate Dissolution” means a
dissolution of the Company that is taxed under Code Section 331. 
 1.11    “Deferral
Account” means, for each Participant, the bookkeeping account maintained by the Committee for the Participant under Section 4.1 which will be the sum of the Participant’s Plan Year Subaccount(s). 

1.12    “Disability” or “Disabled” means (a) the inability of a Participant to
engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or
(b) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income
replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Employer. The Committee will determine whether or not a Participant is Disabled based on such evidence as the
Committee deems necessary or advisable. 
 1.13    “Domestic Relations Order” means a court
order that qualifies as a domestic relations order under Code Section 414(p)(1)(B). 

1.14    “Election Form” means the form, which may be in electronic format, prescribed from time to
time by the Committee that an Eligible Employee or Participant must properly complete, sign and return to the Committee (or its designated agent) to make an election under the Plan. 

  
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 1.15    “Eligible Employee” means a member of a group
of select management or highly compensated employees of the Company who is at the level of Vice President or above and has been notified that he or she has been selected by the Committee (in its sole discretion) to participate in the Plan.

 1.16    “Employer” means Williams-Sonoma, Inc. and any successor corporation.

 1.17    “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. Reference to a specific section of ERISA will include such section, any valid regulation promulgated thereunder, and any comparable provision of any future legislation amending, supplementing or superseding such section. 

1.18    “401(k) Plan” means the Williams-Sonoma, Inc. 401(k) Plan, as amended from time to time.

 1.19    “Fund” or “Funds” means one or more of the mutual funds or other
investment vehicles selected by the Committee pursuant to Section 3.2.1. 

1.20    “Participant” means an individual who (a) has become a Participant in the Plan pursuant
to Section 2.1, and (b) has not ceased to be a Participant pursuant to Section 2.2. 

1.21    “Plan” means the Williams-Sonoma, Inc. 2005 Executive Deferred Compensation Plan , as set
forth herein and as hereafter amended from time to time. 
 1.22    “Plan Year” means the
calendar year.
 1.23    “Plan Year Subaccount” means, with respect to a Participant, the
bookkeeping account established and maintained by the Committee for the Participant under Section 4.1 to reflect, for each Plan Year, the deferrals of Salary made by the Participant for such Plan Year, the deferrals of Bonuses (if any) made by
the Participant for the fiscal year of the Company which includes the last day of such Plan Year, any deemed earnings credited thereon, and any withdrawals and/or distributions debited thereto. 

1.24    “Retirement” means a Participant’s Separation from Service on or after his or her
attainment of both age fifty-five (55) and five (5) Years of Service. 

1.25    “Salary” means the base pay that is payable to an Eligible Employee by the Company with
respect to services performed during any period by the Employee and does not include any other type of remuneration (such as any severance payments, commissions, overtime, bonuses, or fringe benefits). Notwithstanding the foregoing, an Eligible
Employee’s Salary will be calculated before any reduction for compensation voluntarily deferred or contributed by the Employee pursuant to all qualified and nonqualified plans of the Company and will be calculated to include amounts not
otherwise included in the Employee’s gross income under Code Sections 125, 132, 402(e)(3) or 402(h) pursuant to plans or arrangements maintained by the Company; provided, however, that such amounts will be included in compensation only to the
extent that had there been no such plan, the amount would have been payable in cash to the Employee. 

  
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 1.26    “Separation from Service” means a
Participant’s “separation from service” as defined in Code Section 409A. For this purpose, the employment relationship will be treated as continuing intact while the Participant is on military leave, sick leave or other bona fide
leave of absence, except that if the period of such leave exceeds six (6) months and the Participant does not retain a right to re-employment under an applicable statute or by contract, then the employment relationship will be deemed to have
terminated on the first day immediately following such six-month period. A leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Company.

 1.27    “Specified Employee” means a Participant who, as of the date of his or her
Separation from Service, is a key employee of the Company. For this purpose, a Participant is a key employee if he or she meets the requirements of Code Section 416(i)(1)(A)(i), (ii) or (iii) (disregarding Code
Section 416(i)(5)). As of 2008, this generally includes (a) the top fifty (50) Company officers with compensation greater than $150,000 per year, (b) a 5% owner of the Company, or (c) a 1% owner of the Company with
compensation greater than $150,000 per year. For purposes of the preceding sentence, “compensation” means compensation as such term is defined in the 401(k) Plan for purposes of Code Section 415. 

1.28    “Unforeseeable Emergency” means (a) a severe financial hardship to a Participant
resulting from an illness or accident of the Participant or his or her spouse, Beneficiary or dependent (as defined in section 152 of the Code, but without regard to subsections (b)(1), (b)(2) and (d)(1)(B) thereof), (b) loss of the
Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster), or (c) other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant. The Committee will determine whether or not a Participant has incurred an Unforeseeable Emergency based on such evidence as the Committee deems
necessary or advisable. 
 1.29    “Year of Service” means a full year in which a
Participant has been continuously employed by the Company. For this purpose, a year of employment will be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee’s date
of hire and that, for any subsequent year, commences on an anniversary of that hiring date. The Committee may, in its sole discretion, credit a Participant with any partial year of employment. Periods during which an Eligible Employee is on a paid
leave of absence or suffers from a Disability will be deemed to be periods of continuous employment. 
 SECTION 2

 PARTICIPATION 
 2.1    Participation. An Eligible Employee will become a Participant in the Plan by electing to defer his or her Compensation in accordance with Section 3. 

2.2    Continuing Participation. An Eligible Employee who has become a Participant will continue to be a
Participant until all of his or her benefits are distributed under the Plan. The Committee may determine at any time, in its sole discretion, that a Participant is no longer an 

  
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Eligible Employee. In the event a Participant ceases to be an Eligible Employee, if such individual has not undergone a Separation From Service, he or she shall continue to make Compensation
deferral contributions under the Plan through the end of the Plan Year in which he or she ceases to be an Eligible Employee. Thereafter, such individual shall not make any further Compensation deferral contributions to the Plan unless or until he or
she again becomes an Eligible Employee. 
 SECTION 3 

COMPENSATION DEFERRAL ELECTIONS 
 3.1    Elections to Defer Compensation. Each Eligible Employee’s decision to defer his or her Compensation under the terms of the Plan will be entirely
voluntary. 
 3.1.1    General Timing Rule for Compensation Deferral Elections. Except as
otherwise provided in this Section 3.1, an Eligible Employee may elect to defer Compensation that is payable for services performed during any Plan Year by submitting an Election Form to the Committee on or before the deadline established by
the Committee, in its discretion (the “Submission Deadline”), which in no event may be later than the December 31 that immediately precedes such Plan Year. Any deferral election made in accordance with this Section 3.1.1 will
become irrevocable effective as of the Submission Deadline, except as otherwise specified in the Plan. 

3.1.2    Timing Rule for Compensation Deferral Elections of Newly-Eligible Employees. An individual who first
becomes an Eligible Employee during any Plan Year may elect to defer Compensation that is payable for services performed after the election, as described below, by submitting an Election Form to the Committee on or before the Submission Deadline,
which in no event may be later than thirty (30) days after he or she first becomes an Eligible Employee (the “Initial Election Period”). However, no such deferral election may be made if the Eligible Employee was previously eligible
to participate in this Plan or in any other plan that is required to be aggregated with this Plan under Code Section 409A. A Compensation deferral election that is made by an Eligible Employee during the Initial Election Period will be
effective only (a) with respect to Salary that is payable for services performed beginning with the first pay period immediately following the end of the Initial Election Period, and (b) with respect to the portion of the Bonus (if any)
that is payable for services performed after the end of the Initial Election Period, which shall be determined by multiplying the total Bonus (or the percentage of the total Bonus that was deferred) by a fraction, the numerator of which is the
number of days remaining in the Plan Year after the initial election becomes irrevocable, and the denominator of which is 365 (or 366 in the event of a leap year). Any deferral election made in accordance with this Section 3.1.2 will become
irrevocable effective as of the Submission Deadline, except as otherwise specified in the Plan. 

3.1.3    Timing Rule for Bonus Deferral Elections. An Eligible Employee may elect to defer any Bonus that is
payable for services performed during any fiscal year of the Company, by submitting an Election Form to the Committee on or before the Submission Deadline, which in no event may be later than the last day of the immediately preceding fiscal year of
the Company. Any deferral election made in accordance with this Section 3.1.3 will become irrevocable effective as of the Submission Deadline, except as otherwise specified in the Plan. 

  
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 3.1.4    Timing Rule for Performance-Based or Bonus Compensation
Deferral Elections. Notwithstanding the provisions of Section 3.1.3, if the Committee (in its discretion) determines that an Eligible Employee’s Bonus qualifies as “performance-based compensation” as defined in Code
Section 409A (“Performance-Based Compensation”) or (effective before January 1, 2009) “bonus compensation” that is based on services performed over a period of at least twelve (12) months (as determined under
Internal Revenue Notice 2005-1, Q/A-22) (“Bonus Compensation”), then the Eligible Employee may, if the Committee, in its discretion, permits such, elect to defer such Performance-Based or Bonus Compensation (as the case may be) by
submitting an Election Form to the Committee on or before the Submission Deadline, which in no event may be later than six (6) months before the end of the performance/ service period. In order for an Eligible Employee to be eligible to make a
deferral election for Performance-Based Compensation in accordance with the deadline established pursuant to this Section 3.1.4, he or she must have performed services continuously from the later of the beginning of the performance period for
such Compensation or the date on which the performance criteria for such Compensation was established through the date on which the deferral election is made; provided, however, that no such election may be made after the amount of such Compensation
has become readily ascertainable. Any deferral election made in accordance with this Section 3.1.4 will become irrevocable effective as of the Submission Deadline, except as otherwise specified in the Plan. 

3.1.5    Amount of Deferral. Subject to the other limitations set forth in this Section 3.1, the amount
of Compensation that an Eligible Employee may elect to defer is as follows: 
 (a)      Any whole
percentage of Salary up to seventy-five percent (75%); and/or 
 (b)      Any whole percentage of
Bonus up to one hundred percent (100%). 
 3.1.6    Maximum Deferrals. To the extent permissible
under Code Section 409A, a Participant’s Salary or Bonus deferral amount in any Plan Year will be limited to the extent that the amount of the Salary or Bonus remaining undeferred in that Plan Year is less than the amount of payroll taxes
that the Company will owe on the Participant’s Compensation and all other compensation that he or she receives from the Company in that Plan Year. In addition, an election to defer Salary or Bonus will not be effective to the extent it exceeds
the maximum amount set forth in Section 3.1.5. 
 3.1.7    Minimum Deferrals. For each Plan
Year for which a Participant elects to defer any portion of his or her Salary, the minimum percentage of Salary that may be deferred is five percent (5%) or such lesser percentage (but not below zero percent) as may be established by the
Committee pursuant to rules adopted by it and applied in a uniform manner. 
 3.1.8    Limitation on
Changes to Deferral Amounts. Notwithstanding any contrary Plan provision, the dollar amount of any Compensation deferrals may not be reduced or increased by virtue of any Participant election to increase, decrease or terminate his or her rate of
deferral in any other Company employee benefit plan, except as permitted under Code Section 409A with respect to changes in deferral elections under the 401(k) Plan or a Code Section 125 cafeteria plan (or as otherwise permitted under Code
Section 409A). 

  
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 3.1.9    Duration of Salary Deferral Election. Any Salary
deferral election made under Section 3.1.1 or 3.1.2 will be irrevocable with respect to the Plan Year for which it is made, and will remain in effect, notwithstanding any change in the Participant’s Salary, until changed or cancelled in
accordance with the terms of the Plan; provided, however, that such election automatically will be cancelled under Section 2.2 for any Plan Year or portion thereof for which the Participant is not an Eligible Employee. Subject to the other
limitations set forth in this Section 3.1, an Eligible Employee may increase, decrease or cancel his or her Salary deferral election for any subsequent Plan Year in accordance with Section 3.1.1. 

3.1.10    Duration of Bonus Deferral Election. Any Bonus deferral election made under Section 3.1.2,
3.1.3 or 3.1.4 will be irrevocable with respect to the Bonus that is otherwise payable for services performed during the Company’s fiscal year for which the election is made. Subject to the other limitations set forth in this Section 3.1,
an Eligible Employee may make a new deferral election with respect to any Bonus that is payable for services performed during any subsequent fiscal year of the Company in accordance with Section 3.1.3 or 3.1.4 (as applicable). 

3.1.11    Year-End Cross-Over Payroll Periods. In the case of a Participant’s Salary deferral election,
any payroll period that relates to a period of service that crosses over the calendar year end will be covered by the Participant’s deferral election (if any) in effect for the immediately preceding year. 

3.1.12    USERRA Rights. Notwithstanding the foregoing provisions of this Section 3.1, the Committee may
(in its discretion) provide an Eligible Employee with a Compensation deferral election to satisfy the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended (“USERRA”), if applicable. 

3.2    Deemed Investment Elections.
 3.2.1    Selection of Funds. The Committee will select the Funds whose performance will measure the amounts to be credited to the Deferral Accounts of Participants
pursuant to Section 4.1(c). The Committee may, in its discretion, change its selection of the Funds at any time. If a Participant has elected pursuant to Section 3.2.2 to make a deemed investment of all or a portion of his or her Plan Year
Subaccount in a Fund which the Committee decides to discontinue, his or her Plan Year Subaccount will be deemed invested after such discontinuance in the continuing Fund which the Committee determines, in its discretion, most nearly resembles the
discontinued Fund. 
 3.2.2    Deemed Investment Election. The Committee will provide each
Participant with a list of the Funds available for hypothetical investment of his or her Deferral Account balance. The Participant will designate, when the Participant makes deferral elections under Section 3.1, on the form prescribed by the
Committee for such purpose, one or more of such Funds in which each of his or her Plan Year Subaccounts will be deemed to be invested. The Participant may make a separate designation for each of his or her Plan Year Subaccounts. In making the
designation pursuant to this Section 3.2.2, the Participant may specify that all or any whole percentage of at least one percent (1%) of his or her Plan Year Subaccount balance be deemed to be invested in one or more of the Funds. If a
Participant does not elect to have his or her Plan Year Subaccount deemed invested in any of the Funds as described in this Section 3.2.2, then the Plan Year Subaccount 

  
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automatically will be deemed invested in the Plan’s default Fund, as determined by the Committee, in its sole discretion. 

3.2.3    Changes in Deemed Investment Elections. On or before the twentieth (20th) day of any calendar month (or such later day as may be
prescribed by the Committee, in its discretion, but not later than the last day of the calendar month), a Participant may change the designation of the Funds in which the balances of any of his or her Plan Year Subaccounts will be deemed to be
invested. Such change may be made with respect to any whole percentage of at least ten percent (10%) of a Plan Year Subaccount balance. Such change must be made by timely filing an Election Form with the Committee reflecting such change. Such
change will be effective as of the first day of the immediately following calendar month. The Committee may provide for more rapid effectiveness of allocation changes for all Participants and for more liberal ability to reallocate deemed
investments. 
 3.2.4    No Actual Investment. Notwithstanding any contrary Plan provision, the
Funds are to be used for measurement purposes only, and the Company will not be obligated in any way to actually invest any money in the Funds, or to acquire or maintain any actual investment. In the event that the Company, in its own discretion,
decides to invest funds in any or all of the investments on which the Funds are based, no Participant or any other person will have any rights in or to such investments themselves. Without limiting the foregoing, a Participant’s Deferral
Account balance will at all times be a bookkeeping entry only and will not represent any investment made on his or her behalf by the Company; the Participant will at all times remain an unsecured creditor of the Company. 

3.3    Cancellation of Compensation Deferrals. Notwithstanding any contrary provision of
Section 3.1: 
 3.3.1    Hardship Distribution under 401(k) Plans. In the event that a
Participant receives a hardship distribution under the 401(k) Plan or any other plan maintained by the Company that contains a qualified cash or deferred arrangement under Code Section 401(k) (collectively, the “401(k) Plans”), the
Participant’s Compensation deferrals (if any) under this Plan will be cancelled for a period of six (6) months from the date that the Participant received such hardship distribution. Notwithstanding the foregoing, the Participant’s
Compensation deferrals will not be so cancelled if the Committee determines that such cancellation is not required in order to preserve the tax-qualification of the 401(k) Plans. 

3.3.2    Unforeseeable Emergency. A Participant’s deferral election shall be automatically cancelled in
the event the Participant obtains an unforeseeable emergency distribution from the Plan pursuant to Section 6.6 hereof. The Participant, if still an Eligible Employee, may re-enroll in the Plan in the next open enrollment period. 

3.3.3    Irrevocability of Prior Compensation Deferrals. Notwithstanding the foregoing, a Participant’s
election to make Compensation deferrals under Section 3.1 will be irrevocable as to amounts already deferred as of the effective date of any cancellation in accordance with this Section 3.3. 

  
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 3.3.4    Resumption of Compensation Deferrals. A Participant
whose Compensation deferrals have been cancelled pursuant to this Section 3.3 may later resume making Compensation deferrals under the Plan only in accordance with Section 3.1. 

SECTION 4 

ACCOUNTING 

4.1    Deferral Accounts. The Committee will establish and maintain the Plan Year Subaccounts and the Deferral
Account (which will be the sum of all Plan Year Subaccounts) for each Participant. Each Plan Year Subaccount of each Participant will be further divided into separate subaccounts (“Fund Subaccounts”), each of which corresponds to a Fund
elected by the Participant pursuant to Section 3.2. Each Plan Year Subaccount of each Participant will be credited as follows: 
 (a)    Within five (5) business days after deferred Salary has been withheld from a Participant’s paycheck, the Committee will credit each of the Participant’s Fund
Subaccounts with amounts equal to the deferred Salary in accordance with the Participant’s election under Section 3.2; that is, the portion of the Participant’s deferred Salary that he or she has elected to be deemed to be invested in
a certain Fund will be credited to the Fund Subaccount corresponding to that Fund. 
 (b)    Within five
(5) business days after a deferred Bonus has been withheld from a Participant’s paycheck, the Committee will credit each of the Participant’s Fund Subaccounts with amounts equal to the deferred Bonus in accordance with the
Participant’s election under Section 3.2; that is, the portion of the Participant’s deferred Bonus that he or she has elected to be deemed to be invested in a certain Fund will be credited to the Fund Subaccount corresponding to that
Fund. 
 (c)    At least once in each calendar month, each Fund Subaccount of a Participant’s Plan
Year Subaccount will be credited with deemed earnings on the Fund corresponding to that Fund Subaccount. 

(d)    Any distribution or withdrawal from Participant’s Plan Year Subaccount will be charged to the Plan Year
Subaccount as soon as practicable after such distribution or withdrawal is made. The amount of a distribution or withdrawal charged to a Participant’s Plan Year Subaccount will be charged to the Fund Subaccounts in such Plan Year Subaccount in
the proportions of the relative balances of such Fund Subaccounts as of the date such distribution or withdrawal is valued. 

4.2    Accounting Methods. The accounting methods or formulae to be used under the Plan for the purpose of
maintaining the Participants’ Deferral Accounts, including the exact times and method for crediting any deemed earnings, will be determined by the Committee, in its sole discretion; provided, however that the exact times and/or method for
crediting such deemed earnings will be uniform among all Participants. 

  
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 4.3    Periodic Reports. Under procedures established by the
Committee, each Participant will be furnished with a periodic statement of his or her Deferral Account, reflecting the status of his or her interest in the Plan, at least once with respect to each Plan Year. 

SECTION 5 

VESTING 

Subject to the provisions of Sections 13.1 (Participants are unsecured general creditors) and 13.5 (Company’s right to deduct
required tax withholding), a Participant’s Deferral Account balance at all times will be one hundred percent (100%) vested and nonforfeitable. 
 SECTION 6 
 DISTRIBUTIONS 

6.1    Distribution on Retirement or Disability. 

6.1.1    Time for Payment. Subject to the other provisions of Section 6 below, a distribution of a
Participant’s Deferral Account balance will be made or commenced on the date (which must be the first day of a calendar year) a number of years after the Participant’s Retirement or Disability (the “Retirement Payment Eligibility
Date”), which number may be designated by the Participant to the extent provided for in his or her initial and annual deferral elections and which number may differ for different Plan Year Subaccounts. If the Participant makes no such
designation, then the “Retirement Payment Eligibility Date” will be the first day of the calendar quarter immediately following the Participant’s Retirement or Disability, or as soon as practicable thereafter, but in no event later
than the end of the same calendar year. 
 6.1.2    Form of Payment. The distribution in
Section 6.1.1 will be paid in a cash lump sum or quarterly installments over five (5), ten (10), fifteen (15) or twenty (20) years, as designated by the Participant in his or her deferral elections in respect of any Plan Year
Subaccount. If the Participant makes no such designation, then such distribution will be paid in a cash lump sum. In no event shall any Plan payments be made more than twenty-two (22) years following a Participant’s Separation From
Service. Any payment scheduled to be made more than twenty-two (22) years following a Participant’s Separation From Service shall be paid with the last scheduled payment with the twenty-two (22) year period. 

6.1.3    Installment Payments. If a Participant’s Deferral Account balance is to be paid in quarterly
installments pursuant to Section 6.1.2, his or her first installment will be equal to the balance then credited to the Account, divided by the number of installments to be made. Each subsequent installment will be paid to the Participant on the
first day of the immediately following calendar quarter, or as soon as practicable thereafter, but in no event later than the end of the same calendar year, and will be equal to the balance then credited to the Account, divided by the number of
installments remaining to be paid. While a Participant’s Deferral Account is in installment payout status, the unpaid Account balance will continue to be credited with deemed earnings pursuant to Section 4.1(c). All installment payments
under the Plan will be considered a single payment for purposes of complying with Code Section 409A. 

  
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 6.1.4    Postponement of Retirement Payment Eligibility Date.

 (a)      Subject to the other provisions of Section 6, a Participant may elect to extend
the Retirement Payment Eligibility Date for his or her Plan Year Subaccounts (the “Prior Retirement Payment Eligibility Date”) by submitting an Election Form to the Committee to that effect, provided that the following requirements are
met: (a) the new election will not take effect until at least twelve (12) months after the date on which the Election Form is submitted; (b) if the new election relates to a payment on account of Retirement, the new Retirement Payment
Eligibility Date is at least five (5) years after the Prior Retirement Payment Eligibility Date; and (c) the Election Form is submitted no less than twelve (12) months before the Prior Retirement Payment Eligibility Date. A Retirement
Payment Eligibility Date that has been so extended may be further extended by submitting another Election Form in the manner and at the times specified in this Section 6.1.4. In no event, however, will a Plan payment be made more than thirty
years following the initial Retirement Eligibility Date. If a Plan payment is scheduled to be made more than thirty years following the initial Retirement Eligibility Date, it will instead be paid out in the thirtieth year following the initial
Retirement Eligibility Date. 
 (b)      Because Plan installment payments are considered a
single payment for purposes of Code Section 409A, a subsequent election may accelerate the method of distribution. For example, if a Participant initially elected to receive Retirement or Disability payments in five annual installments
following her Retirement Eligibility Date, she could make a timely election to instead take a lump-sum distribution five years following her Retirement Eligibility Date. Moreover, a subsequent election may change a lump-sum distribution to an
installment election, so long as, in either case, the initial payment is delayed for a period of at least five (5) years, the election is not effective for one (1) year and is made at least one (1) year in advance of the date upon
which the first distribution would have otherwise been made. 
 (c)      Because installment
payments are treated as a single payment under the Plan, any subsequent election must apply to all of the installment payments for a particular Plan Year Subaccount. For example, if a Participant initially elected to receive Retirement or Disability
payments relating to her 2009 Plan Year Subaccount in five annual installments following her Separation From Service, the Participant may not elect to defer the 1st, 2d, 3rd and 5th installments only, but must also defer the 4th installment. 
 6.1.5    Automatic Lump Sum Payment. Notwithstanding any other Plan provisions, if, on the date of a Participant’s Separation From Service, their Deferral Account totals,
less than $15,000, then all of the Deferral Account shall be distributed in a lump-sum in the month following such Participant’s Separation From Service, or, if the Participant is a Specified Employee, in the seventh month following such
Participant’s Separation From Service (or, if earlier, within 60 days following the death of the Specified Employee); provided, however, that in the event such Deferral Accounts increases in value so that the value exceeds $15,000 on the
scheduled payment date, such Deferral Account shall instead be paid in accordance with the Plan and plans and the Participant’s deferral elections. 
 6.2    Distribution on Separation from Service Not Due to Retirement. Subject to a 6-month delay as specified in section 6.4, the Deferral Account balance of a Participant
who has 

  
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neither died nor incurred a Disability and who undergoes a Separation from Service for any reason other than due to Retirement will be distributed in the form of a cash lump sum on the first day
of the calendar month immediately following the Separation from Service, or as soon as practicable thereafter, but in no event later than the end of the same calendar year. 
 6.3    Distribution on Death. If a Participant dies while some or all of his or her Deferral Account balance is in installment payout status, the balance credited to the
Deferral Account as of the last day of the calendar month in which the Participant dies will be paid to the Participant’s Beneficiary in a cash lump sum on the first day of the calendar month immediately following such last day, or as soon as
practicable thereafter, but in no event later than the end of the same calendar year. In all other cases of the Participant’s death, the balance then credited to his or her Deferral Account will be paid to the Participant’s Beneficiary in
a cash lump sum on the first day of the calendar quarter immediately following the calendar quarter in which the Participant dies. 
 6.4    Required Six-Month Delay in Payment for Specified Employees. Except as permitted by the Plan and Code Section 409A in connection with a Corporate Dissolution,
pursuant to a Bankruptcy Court Approval, a conflicts of interest or ethics rules distribution under Section 6.5.2, a FICA and related income tax distribution under Section 6.5.3, a state, local or foreign tax distribution under
Section 6.5.5, or a Code Section 409A distribution under Section 6.5.4, in no event may a Specified Employee’s account be distributed earlier than (i) six (6) months following the Specified Employee’s Separation
From Service (or if earlier, the Specified Employee’s death), (ii) the Specified Employee’s Disability, (iii) the Specified Employee’s death, (iv) a Change of Control Event, or (v) the occurrence of an
Unforeseeable Emergency. In the event a Specified Employee’s Plan distributions are delayed due to the six-month delay requirement, the amounts otherwise payable to the Specified Employee during such period of delay shall be paid on a date that
is at least six months and one day following Separation From Service, but no later than the end of the calendar year in which such six month and one day period ends (or, if earlier, within 60 days following the death of the Specified Employee).

 6.5    Acceleration of Payment(s) Permitted Under Certain
Circumstances. Notwithstanding the foregoing provisions of Section 6 and except as otherwise provided below: 
 6.5.1    Compliance With Ethics Agreements. The Committee, in its sole discretion, may accelerate the distribution of a Participant’s Deferral Account balance to the extent
necessary for any U.S. federal officer or employee in the executive branch of the U.S. federal government to comply with an ethics agreement with the U.S. federal government, as specified in Code Section 409A. 

6.5.2    Compliance With Ethics Laws or Conflicts of Interest Laws. The Committee, in its sole discretion,
may accelerate the distribution of a Participant’s Deferral Account balance to the extent reasonably necessary to avoid a violation of an applicable U.S. federal, state, local or foreign ethics law or conflicts of interest law, as specified in
Code Section 409A. 
 6.5.3    Payment of Employment Taxes. The Committee, in its sole
discretion, may accelerate the distribution of a Participant’s Deferral Account balance sufficient to pay any Federal Insurance Contributions Act tax due under Code Sections 3101, 3121(a) and 3121(v)(2) on amounts

  
 -12-

 
deferred under the Plan (the “FICA Amount”), as well as to satisfy the corresponding tax withholding requirements with respect to the FICA Amount and the additional income tax payments
due pursuant to this Section 6.5.3, as specified in Code Section 409A. In no event, however, may the total accelerated payment under this Section 6.5.3 exceed the aggregate of the FICA Amount and the related income tax withholding.

 6.5.4    Income Inclusion Under Section 409A of the Code. Subject to Section 6.4, in
the event that the Plan fails to satisfy the requirements of Code Section 409A, the Committee, in its sole discretion, may accelerate the distribution of a Participant’s Deferral Account up to the maximum amount required to be included in
income as a result of the failure to comply with Code Section 409A. 
 6.5.5    Payment of State,
Local or Foreign Taxes. Subject to Section 6.4, the Committee, in its sole discretion, may accelerate the distribution of a Participant’s Deferral Account sufficient to pay any state, local or foreign tax obligations arising from
participation in the Plan that apply to an amount deferred under the Plan before the scheduled distribution of such amount, as specified in Code Section 409A. In the event the Committee exercises such discretion, the Committee may also permit a
distribution sufficient to pay related income tax withholding in accordance with Code Section 409A. In no event, however, may the total payment under this Section 6.5.5 exceed the aggregate amount of such taxes due. 

6.5.6    Certain Offsets. Subject to Section 6.4, the Committee, in its sole discretion, may accelerate
the distribution of a Participant’s Deferral Account balance as satisfaction of a debt of the Participant to the Company, as specified in Code Section 409A. 
 6.5.7    Bona Fide Disputes as to a Right to a Payment. Subject to Section 6.4, the Committee, in its sole discretion, may accelerate the distribution of a
Participant’s Deferral Account balance in accordance with Code Section 409A where such distribution occurs as part of a settlement between the Participant and the Company of an arm’s length, bona fide dispute as to the
Participant’s right to the deferred amount. 
 6.6    Unforeseeable Emergency. If a
Participant incurs an Unforeseeable Emergency, the Committee, in its sole discretion, may determine that all or part of the Participant’s Deferral Account balance will be distributed to him or her in a cash lump sum payment on the date that
immediately follows the date on which the Committee determines that the Participant has incurred the Unforeseeable Emergency; provided, however, that the amount paid to the Participant pursuant to this Section 6.6 will be limited to the amount
reasonably necessary to satisfy the Unforeseeable Emergency (which may include amounts necessary to pay any federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the payment). Also, no payment under this
Section 6.6 will be made to the extent that the Participant’s Unforeseeable Emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets (to the extent
the liquidation of such assets would not itself cause severe financial hardship), or by the cancellation of the Participant’s Compensation Deferrals in accordance with Section 3.3.2. Notwithstanding the foregoing, any determination to
accelerate the distribution 

  
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of the Deferral Account of any member of the Committee under this Section 6.6 will be made by the Board. 
 6.7    Inability to Locate Participant or Beneficiary. If the Committee is unable to locate a Participant or his or her Beneficiary on any date on which a distribution is
to be made from such Participant’s Deferral Account, the Company will retain the distribution which was to be made on such date until such time as the Committee can locate the Participant or Beneficiary; provided, however, that the Company may
deduct from such retained distributions all taxes which are required to be withheld by the Company. No additional deemed earnings will be credited pursuant to Section 4.1(c) on any distribution retained pursuant to this Section 6.7. If the
Committee is unable to locate a Participant or Beneficiary within five (5) years following a date on which a distribution is to be made from such Participant’s Deferral Account, the amount of such distribution will be forfeited. In seeking
to locate a Participant or Beneficiary, the Committee may take any reasonable action, but will not be required to take any action other than communicating by registered mail to the address or addresses last provided to the Committee by the
Participant or Beneficiary. 
 6.8    Domestic Relations Order Distributions. The Committee,
in its sole discretion, may accelerate a payment (or payments) or make such payments to an individual other than the Participant as necessary to comply with the terms of a Domestic Relations Order. 

SECTION 7 

CHANGE OF CONTROL 
 7.1    No New Participants Following Change of Control. The Committee may, in its sole discretion, provide that no individual may commence participation in the Plan
following a Change of Control Event. 
 7.2    No Deferrals Following a Change of Control. The
Committee may, in its sole discretion, provide that Plan deferrals shall cease as of the date of a Change of Control Event. 

7.3    Discretionary Termination and Accelerated Plan Distributions 30 Days Prior to or Within 12 Months Following
a Change in Control. Notwithstanding any other Plan provisions, the Board, in its sole discretion, may terminate the Plan and accelerate all scheduled Plan distributions within 30 days prior to or 12 months following a Change in Control
Event by means of an irrevocable election; provided that such termination and distribution acceleration complies with the requirements of Code Section 409A. 
 SECTION 8 
 TERMINATION DUE TO CORPORATE DISSOLUTION OR PURSUANT TO

 BANKRUPTCY COURT APPROVAL 
 8.1    Corporate Dissolution. The Board, in its sole discretion, may terminate the Plan and accelerate all scheduled Plan distributions within 12 months following a
Corporate Dissolution; 

  
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provided that such termination and distribution acceleration complies with the requirements of Code Section 409A. 
 8.2    Bankruptcy Court Approval. The Administrator, in its sole discretion, may terminate the Plan and accelerate all scheduled Plan distributions pursuant to Bankruptcy
Court Approval; provided that such termination and distribution acceleration complies with the requirements of Code Section 409A. 
 SECTION 9 
 BENEFICIARY DESIGNATION 

9.1    Beneficiary. Each Participant will have the right, at any time, to designate his or her
Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under the Plan to a beneficiary upon the death of a Participant under such rules as is established by the Committee. The Beneficiary designated under the Plan may
be the same as or different from the beneficiary designation under any other plan of the Company in which the Participant participates. 
 9.2    Beneficiary Designation; Change; Spousal Consent. A Participant may designate his or her Beneficiary by properly completing and signing the form prescribed by the
Committee for such purpose (the “Beneficiary Designation Form”), and returning it to the Committee or its designated agent in accordance with such rules and procedures as is established by the Committee. A Participant will have the right
to change his or her Beneficiary by properly completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Committee’s rules and procedures, as in effect from time to time. If the Participant names
someone other than his or her spouse as his or her Beneficiary, spousal consent to such designation is required to be provided in the form designated by the Committee, signed by that Participant’s spouse and returned to the Committee or its
designated agent. Upon the proper completion, submission and acceptance by the Committee of a new Beneficiary Designation Form, all Beneficiary designations previously filed will be cancelled. The Committee will be entitled to rely on the last
Beneficiary Designation Form, which has been properly completed and submitted by the Participant in accordance with the applicable rules and procedures established with respect to the filing of such forms, and accepted by the Committee or its
designated agent prior to the Participant’s death. 
 9.3    Acknowledgment. No
designation or change in designation of a Beneficiary will be effective until properly completed, submitted, and accepted by the Committee or its designated agent in accordance with the rules and procedures established by the Committee for this
purpose. 
 9.4    No Beneficiary Designation. If a Participant fails to designate a
Beneficiary as provided in this Section 9 or, if all designated Beneficiaries predecease the Participant or die prior to the complete distribution of the Participant’s Deferral Account balance under the Plan, then the Participant’s
surviving spouse will be deemed to be the designated Beneficiary of the Participant. If the Participant has no surviving spouse, any benefits remaining under the Plan to be paid to a Beneficiary will be paid to the Participant’s estate in care
of the duly appointed and currently acting personal representative of the estate (which includes either the Participant’s probate estate or living trust). In any case where there is no such personal representative of the Participant’s
estate duly 

  
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appointed and acting in that capacity within ninety (90) days after the Participant’s death (or such extended period as the Committee determines is reasonably necessary to allow such
personal representative to be appointed, but not to exceed one hundred eight (180) days after the Participant’s death), then such benefits will be paid to the person or persons who can verify by affidavit or court order to the satisfaction
of the Committee that they are legally entitled to receive such benefits under the Plan. 
 9.5    Doubt
as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Committee will have the right, exercisable in its discretion, to cause the Company to withhold such payments
until such matter is resolved to the Committee’s satisfaction. 
 9.6    Discharge of
Obligations. The payment of benefits under the Plan to a Beneficiary will fully and completely discharge the Company and the Committee from all further obligations under the Plan with respect to the Participant, and that
Participant’s rights (if any) under the Plan will terminate upon such full payment of benefits. 

9.7    Death of Spouse or Dissolution of Marriage. Notwithstanding the foregoing, a Participant’s
Beneficiary designation will be deemed to be automatically revoked if the Participant names his or her spouse as his or her Beneficiary and the marriage to such spouse is later dissolved. Without limiting the generality of the preceding sentence,
the interest in benefits of a spouse of a Participant who has predeceased the Participant or whose marriage has been dissolved will automatically pass to the Participant, and will not be transferable by such spouse in any manner, including but not
limited to such spouse’s will, nor will such interest pass under the laws of intestate succession. 
 SECTION 10

 ADMINISTRATION OF THE PLAN 
 10.1    Committee. The Committee is hereby designated as the administrator of the Plan (within the meaning of ERISA Section 3(16)(A)). The Committee will consist of
not less than one person, who will be appointed by and serve at the pleasure of the Compensation Committee of the Board. A member of the Committee may resign at any time by notice in writing mailed or delivered to the Compensation Committee of the
Board. The Compensation Committee of the Board may remove any member of the Committee by resolution at any time. Any vacancies in the membership of the Committee will be filled by the Compensation Committee of the Board. 

10.2    Committee Action. The Committee will act at meetings by the affirmative vote of a majority of its
members. Any action permitted to be taken at a meeting may be taken without a meeting if, prior to or contemporaneously with such action, a written consent to the action is signed by all members of the Committee, and such written consent is filed
with the minutes of the proceedings of the Committee. The Chairperson or any other member or members of the Committee designated by the Chairperson may execute any certificate or other written direction on behalf of the Committee. 

  
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 10.3    Powers and Duties of the Committee. The Committee will
enforce the Plan in accordance with its terms, will be charged with the general administration of the Plan, and will have full discretion, power, and authority necessary to accomplish its purposes, including, but not by way of limitation, the
following discretionary powers: 
 (a)    To construe and interpret the meaning and validity of the
provisions of the Plan and to determine any question arising under, or in connection with, the administration, operation, or validity of the Plan or any amendment thereto; 
 (b)    To determine who are Eligible Employees, subject to the limitations described in the Plan; 
 (c)    To cause a Deferral Account and/or Plan Year Subaccounts to be maintained for each Participant; 
 (d)    To decide any and all considerations affecting the eligibility of any employee to become a Participant or remain a Participant in the Plan; 

(e)    To determine the manner and form for making elections under the Plan; 

(f)    To determine, establish and revise an accounting method or formula for the Plan, as provided in
Section 4.2; 
 (g)    To determine the status and rights of Participants and their spouses,
Beneficiaries or estates; 
 (h)    To administer the claims and review procedures set forth in
Section 12; 
 (i)    To establish, from time to time, rules for the performance of its powers and
duties and for the administration of the Plan as are not inconsistent with the terms of the Plan; 

(j)    To delegate to any one or more of its members or to any other person, severally or jointly, the authority to
perform for and on behalf of the Committee one or more of the functions of the Committee under the Plan; 

(k)    To arrange for the distribution to each Participant of a statement of any benefits accrued under the Plan, at
least annually; or 
 (l)    To decide all issues and questions regarding Deferral Account and/or Plan Year
Subaccount balances, and the time, form, manner and amount of distributions to Participants or their Beneficiaries in accordance with the terms of the Plan. 
 10.4    Decisions of the Committee and its Delegates. All actions, interpretations, and decisions of the Committee (and its delegates) will be conclusive and
binding on all persons, and will be given the maximum possible deference allowed by law. 

  
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 10.5    Eligibility to Participate. No member of the
Committee who is also an employee of the Company will be excluded from participating in the Plan if otherwise eligible, but he or she will not be entitled, as a member of the Committee, to act or pass upon any matters pertaining specifically to his
or her own Deferral Account under the Plan. 
 10.6    Compensation and Expenses. The members
of the Committee will serve without compensation for their services under the Plan. The Committee is authorized at the expense of the Employer to employ such legal counsel, accountants and other advisers as it may deem advisable to assist in the
performance of its duties under the Plan. Any expenses and fees incurred in connection with the administration of the Plan by the Committee, or otherwise, will be paid and borne by the Employer. 

10.7    Information. To enable the Committee to perform its functions under the Plan, each Company will
supply full and timely information to the Committee on all matters related to the Compensation of all Participants, their deaths or other cause of their Separations from Service, and such other pertinent facts as the Committee may require.

 10.8    Indemnity. To the fullest extent permitted by applicable law, each
Company will indemnify, hold harmless, and defend the Committee and each member thereof, the Board of Directors, and any delegate of the Committee who is an employee of the Company, against any and all expenses, liabilities and claims, including
legal fees as they are incurred to defend against such liabilities and claims arising out of their discharge in good faith of responsibilities under or incident to the Plan, other than expenses and liabilities arising out of willful misconduct. This
indemnity will not preclude such further indemnities as may be available under insurance purchased by the Company or provided by the Company under any bylaw, agreement or otherwise. 

SECTION 11 

CLAIMS AND REVIEW PROCEDURE 
 11.1    Presentation of Claim. If a Participant or Beneficiary (a “Claimant”) asserts a right to a benefit under the Plan which has not been received, the Claimant
must file a written claim for such benefit with the Committee. All other claims must be made in writing and filed with the Committee within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred.
Any claim must state with particularity the determination desired by the Claimant. The claims and review procedure set forth in this Section 13 will be administered in accordance with ERISA Section 503. Any written notice that is required
to be given to the Claimant may, at the option of the Committee and in accordance with applicable guidance issued under ERISA Section 503, be provided electronically. 
 11.2    Non-Disability Claims. 

11.2.1    Notification of Decision. The Committee will consider a Claimant’s claim (other than a
claim for benefits due to a Disability) (a “Non-Disability Claim”) within a reasonable time, but no later than ninety (90) days after its receipt of the Claim, unless the Committee determines that special circumstances require an
extension of time for processing the Claim, in 

  
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which case written notice of the extension will be furnished to the Claimant before the termination of the initial ninety (90) day period. In no event will such extension exceed a period of
ninety (90) days from the end of the initial ninety (90) day period. The extension notice will indicate the special circumstances requiring the extension of time and the date by which the Committee expects to render its decision on the
Non-Disability Claim. The Committee will notify the Claimant in writing: 
 (a)    that the Claimant’s
requested determination has been made, and that the Non-Disability Claim has been allowed in full; or 

(b)    that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested
determination, which notice will set forth: 
 (i)    the specific reason(s) for the denial of the Claim;

 (ii)    specific reference(s) to pertinent provisions of the Plan upon which the denial was based;

 (iii)    a description of any additional material or information necessary for the Claimant to perfect
the Claim, and an explanation of why such material or information is necessary; 
 (iv)    an explanation
of the Plan’s Claims review procedure and the time limits applicable to such procedure; and 

(v)    a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following an
adverse benefit determination on review (as set forth in Section 11.4). 
 11.2.2    Review of a
Denied Non-Disability Claim. On or before sixty (60) days after receiving a notice from the Committee that the Claimant’s Non-Disability Claim has been denied, in whole or in part, the Claimant (or the Claimant’s duly
authorized representative) may file with the Committee a written request for a review of the denial of the Claim. The Claimant (or the Claimant’s duly authorized representative): 

(a)    may, upon request and free of charge, have reasonable access to, and copies of, all documents, records and
other information relevant (as defined in ERISA) to the Non-Disability Claim; 
 (b)    may submit written
comments or other documents to the Committee; and/or 
 (c)    may request a hearing, which the Committee,
in its sole discretion, may grant. 
 11.2.3    Decision on Review of the Non-Disability Claim. The
Committee will render its decision on review promptly, but not later than sixty (60) days after the Committee receives the Claimant’s timely written request for a review of the denial of the Non-Disability

  
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Claim. If the Committee determines that special circumstances require an extension of time for reviewing the Non-Disability Claim, written notice of the extension will be furnished to the
Claimant before the termination of the initial sixty (60) day period. In no event will such extension exceed a period of sixty (60) days from the end of the initial sixty (60) day period. The extension notice will indicate the special
circumstances requiring the extension of time and the date by which the Committee expects to render its decision on review. In rendering its decision, the Committee will take into account all comments, documents, records and other information
submitted by the Claimant (if any) relating to the Non-Disability Claim, without regard to whether such information was submitted or considered in the initial Claim determination. If the Committee wholly or partly denies the Non-Disability Claim on
review, the Committee will provide written notice to the Claimant which will set forth: 
 (a)    the
specific reasons for the denial of the Claim; 
 (b)    the specific reference(s) to the pertinent Plan
provisions upon which the denial was based; 
 (c)    a statement that the Claimant is entitled to receive,
upon request and free of charge, reasonable access to and copies of, all documents, records and other information relevant (as defined in ERISA) to his or her Claim for benefits; and 

(d)    a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a). 

11.3    Disability Claims. 
 11.3.1    Notification of Decision. The Committee will consider a Claimant’s claim for benefits due to a Disability (a “Disability Claim”) within a
reasonable time, but no later than forty-five (45) days after its receipt of the Claim, unless the Committee determines that special circumstances require an extension of time to process the Claim, in which case written notice of the extension
will be furnished to the Claimant before the termination of the initial forty-five (45) day period. In no event will such extension exceed a period of thirty (30) days from the end of the initial forty-five (45) day period. However,
if the Committee determines that special circumstances require an additional extension of time to process the Disability Claim, the Committee will notify the Claimant in writing before the end of the initial thirty (30) day extension period. In
no event will such additional extension exceed a period of thirty (30) days from the end of the initial thirty (30) day extension period. The extension notice will indicate the special circumstances requiring the extension of time and the
date by which the Committee expects to render its decision on the Disability Claim. The extension notice also will explain the standards on which the entitlement to a benefit is based, the unresolved issues that prevent a decision on the Disability
Claim and the additional information needed to resolve those issues, and notice that the Claimant will be afforded at least forty-five (45) days within which to provide the specified information. The Committee will notify the Claimant in
writing: 
 (a)    that the Claimant’s requested determination has been made, and that the Disability
Claim has been allowed in full; or 

  
 -20-

 (b)    that the Committee has reached a conclusion contrary, in whole
or in part, to the Claimant’s requested determination, which notice will set forth: 
 (i)    the
specific reason(s) for the denial of the Claim; 
 (ii)    specific reference(s) to pertinent provisions of
the Plan upon which the denial was based; 
 (iii)    a description of any additional material or
information necessary for the Claimant to perfect the Claim, and an explanation of why such material or information is necessary; 
 (iv)    an explanation of the Plan’s Claims review procedure and the time limits applicable to such procedure; 

(v)    a copy of any internal rule, guideline, protocol or other similar criteria relied on in denying the Claim or
a statement that such rule, guideline, protocol or other similar criteria was relied on in denying the Claim and that a copy of it will be provided without charge upon request; and 

(vi)    a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review (as set forth in Section 11.4). 
 11.3.2    Review of a
Denied Disability Claim. On or before one hundred eighty (180) days after receiving a notice from the Committee that the Claimant’s Disability Claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly
authorized representative) may file with the Committee a written request for a review of the denial of the Claim. The Claimant (or the Claimant’s duly authorized representative): 

(a)    may, upon request and free of charge, have reasonable access to, and copies of, all documents, records and
other information relevant (as defined in ERISA) to the Disability Claim; 
 (b)    may submit written
comments or other documents to the Committee; and/or 
 (c)    may request a hearing, which the Committee,
in its sole discretion, may grant. 
 11.3.3    Decision on Review of the Disability Claim. The
Committee will render its decision on review promptly, but not later than forty-five (45) days after the Committee receives the Claimant’s timely written request for a review of the denial of the Disability Claim, unless the Committee
determines that special circumstances require an extension of time for processing the Claim, in which case written notice of the extension will be furnished to the Claimant before the termination of the initial forty-five (45) day period. In no
event will such extension exceed a period 

  
 -21-

 
of forty-five (45) days from the end of the initial forty-five (45) day period. The extension notice will indicate the special circumstances requiring an extension of time and the date
by which the Committee expects to render its decision on the Disability Claim. In rendering its decision, the Committee will take into account all comments, documents, records and other information submitted by the Claimant (if any) relating to the
Disability Claim, without regard to whether such information was submitted or considered in the initial Claim determination. The review of the denied Disability Claim will not be conducted by the individual who decided the Claimant’s initial
Claim nor the subordinate of such individual. In deciding an appeal of any denied Disability Claim that is based in whole or in part on a medical judgment, the Committee will consult with a health care professional (who will neither be an individual
who was consulted in connection with the initial Claim denial nor the subordinate of such individual) who has appropriate training and experience in the field of medicine involved in the medical judgment. Any medical or vocational experts whose
advice was obtained on behalf of the Committee in connection with the denial of the Disability Claim will be identified, regardless of whether the advice was relied upon in denying the Claim. If the Committee wholly or partly denies the Disability
Claim on review, the Committee will provide written notice to the Claimant which will set forth: 

(a)    the specific reasons for the denial of the Claim; 

(b)    specific reference(s) to the pertinent Plan provisions upon which the denial was based; 

(c)    a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to
and copies of, all documents, records and other information relevant (as defined in ERISA) to the Claimant’s Claim for benefits; 
 (d)    a copy of any internal rule, guideline, protocol or other similar criteria relied on in denying the Claim or a statement that such rule, guideline, protocol or other similar
criteria was relied on in denying the Claim and that a copy of it will be provided without charge upon request; and 

(e)    a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a). 

11.4    Exhaustion of Claims and Review Procedure and Legal Action. No action in law or equity may be brought
more than one (1) year after the Committee’s affirmation of a denial of a claim under the Plan, or, if earlier, more than four (4) years after the facts or events giving rise to the Claimant’s allegation(s) or claim(s) first
occurred. 
 SECTION 12 
 MODIFICATION OR TERMINATION OF THE PLAN 

12.1    Companies’ Obligations Limited. The Companies intend to continue the Plan indefinitely, and to
maintain each Participant’s Deferral Account until it is scheduled to be paid to him or her in accordance with the provisions of the Plan. However, the Plan is voluntary on the part of the Companies and the Companies do not guarantee to
continue the Plan. The Board of Directors, 

  
 -22-

 
in its sole discretion, at any time may, by amendment of the Plan, suspend or discontinue Compensation deferrals under the Plan, with or without cause. 

12.2    Right to Amend or Terminate. The Board of Directors, in its sole discretion, may amend or
terminate the Plan, or any part thereof, in such manner as it may determine, at any time and for any reason; provided, however that no such amendment or termination will have any retroactive effect to reduce any amounts allocated to a
Participant’s Deferral Account on the date of such amendment or termination. The Board of Directors may from time to time make any amendment to the Plan that may be necessary to satisfy Code Section 409A, ERISA or other applicable laws.

 12.3    Retroactive Amendment Permitted. An amendment made by the Board of Directors in
accordance with Section 12.2 may be made effective on a date prior to the first day of the Plan Year in which it was adopted if such amendment is necessary or appropriate to enable the Plan to satisfy the applicable requirements of Code
Section 409A, ERISA or other applicable laws or to conform the Plan to any change in applicable laws or to any regulations or rulings thereunder, so long as such retroactive amendment is permitted by applicable law. 

12.4    Effect of Termination. If the Plan is terminated pursuant to this Section 12, then no
further Compensation deferrals may be made under the Plan and the balances credited to the Deferral Accounts of the affected Participants will be distributed to them at the time and in the manner set forth in Section 6. 

SECTION 13 

GENERAL 

13.1    Unsecured General Creditors. All amounts credited to a Participant’s Deferral Account
under the Plan will continue for all purposes to be a part of the general assets of the Company. Participants and their Beneficiaries, heirs or successors will have no legal or equitable rights, claims, or interest in any specific property or assets
of any Company. No assets of the Company will be held under a trust, or held in any way as collateral security for the fulfilling of any obligations of the Company under the Plan. The Plan will not cause the Company’s assets to be pledged or
restricted. The Company’s obligations (if any) under the Plan will be merely that of an unfunded and unsecured promise of that Company to pay money in the future, and the rights of the Participants and their Beneficiaries will be no greater
than those of unsecured general creditors of the Company. The Company may, but need not, acquire investments corresponding to the Funds, and it is under no obligation to maintain any investment it may make. Any such investments, if made, will be in
the name of the Company, and will be its sole property in which no Participant or Beneficiary will have any interest. The Plan is intended to be an unfunded plan for purposes of Title I of ERISA. 

13.2    Restriction Against Assignment. The Company will pay all amounts payable hereunder only
to the person or persons designated by the Plan and not to or for any other person. No part of a Participant’s Deferral Account will be liable for the debts, contracts, or engagements of any Participant, his or her Beneficiary, or successors in
interest, nor will a Participant’s Deferral 

  
 -23-

 
Account be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding, nor will any such person have any right to alienate, anticipate, transfer,
commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever; provided, however, that a Deferral Account hereunder may be transferred to a Participant’s former spouse pursuant to a Domestic Relations Order.
Any purported alienation, anticipation, transfer, commutation, pledge, encumbrance, or assignment will be void and of no effect. 
 13.3    Governing Law. The Plan is intended to comply with the provisions of Code Section 409A. Notwithstanding any contrary Plan provision, the Plan will be
construed, administered and enforced in a manner that is consistent with such intent. The Plan also will be construed, administered and enforced in accordance with the applicable provisions of ERISA, and to the extent not preempted by ERISA, the
applicable laws of the State of California (other than its conflict of laws provisions). 

13.4    Receipt and Release. Any payment to a Participant or his or her Beneficiary in accordance with
the provisions of the Plan will, to the extent thereof, be in full satisfaction of any and all claims against the Committee and/or the Company. 
 13.5    Tax Withholding. Notwithstanding any contrary Plan provision, the Company will have the right to deduct from a Participant’s Deferral Account and/or any
payments due to the Participant or his or her Beneficiary under the Plan any and all taxes determined by the Committee to be applicable with respect to such benefits. If any taxes, including employment taxes with respect to the Deferral Account, are
required to be withheld prior to the time of payment, the Company may withhold such amounts from other compensation that is payable to the Participant by the Company. 
 13.6    Severability. If any provision of the Plan is held to be invalid or unenforceable, its invalidity or unenforceability will not affect any other provisions of the
Plan, and in lieu of each provision which is held invalid or unenforceable, there will be added as part of the Plan a provision that will be as similar in terms to such invalid or unenforceable provision as may be possible and be valid, legal, and
enforceable. 
 13.7    No Guarantees Regarding Tax Treatment; Disclaimer. Participants (or
their Beneficiaries) will be completely responsible for all taxes with respect to any benefits under the Plan. The Committee, the Board of Directors and the Companies make no guarantees regarding the tax treatment to any person of any deferrals or
payments made under the Plan. Neither the Companies nor any of their employees shall have any liability to any Participant should the Plan or its administration fail to comply with Code Section 409A. 

13.8    Captions. The captions contained in and the table of contents prefixed to the Plan are inserted
only as a matter of convenience and for reference, and in no way define, limit, enlarge or describe the scope or intent of the Plan nor in any way will affect the construction of any provision of the Plan. 

13.9    No Employment Rights. Neither the establishment or maintenance of the Plan, the making of any
deferrals under the Plan nor any action of any Company or the Committee, will be 

  
 -24-

 
held or construed to confer upon any person any right to be employed by the Company, nor upon dismissal, any right or interest in any specific assets of the Companies other than as provided in
the Plan. Each Company expressly reserves the right to discharge any employee at any time, with or without cause or notice. 

13.10    Payments on Behalf of Persons Under Incapacity. In the event that any amount becomes payable under
the Plan to a person who, in the sole judgment of the Committee, is considered by reason of physical or mental condition to be unable to give a valid receipt therefor, the Committee may direct that such payment be made to any person found by the
Committee, in its sole judgment, to have assumed the care of such person. Any payment made pursuant to such determination will constitute a full release and discharge of any and all claims against the Committee and/or the Company. 

13.11    Rights and Duties. Neither the Company nor the Committee will be subject to any liability or duty
under the Plan except as expressly provided in the Plan, or for any action taken, omitted or incurred in good faith. 

  
 -25-EX-10.63

 Exhibit 10.63 
 WILLIAMS-SONOMA, INC. 
 2012 EVP LEVEL MANAGEMENT RETENTION PLAN

 This 2012 EVP Level Management Retention Plan (the “Plan”) was adopted and approved by the
Compensation Committee (“Committee”) of the Board of Directors (“Board”) of Williams-Sonoma, Inc., a Delaware corporation (the “Company”) on November 1, 2012, and became effective immediately upon such adoption
(the “Effective Date”). The purpose of the Plan is to provide certain eligible Executives (as such term is defined in Section 1(a) below) of the Company with severance benefits upon certain terminations of employment following a
Change of Control in order to provide such Executive participants with enhanced financial security, incentive and encouragement to remain with the Company notwithstanding the possibility of a Change of Control. The Board recognizes that a potential
Change of Control can be a distraction to Executive participants and can cause them to consider alternative employment opportunities. The Board has determined that it is in the best interests of the Company and its stockholders to (a) assure
that the Company will have the continued dedication and objectivity of covered Executives, notwithstanding the possibility, threat or occurrence of a Change of Control of the Company, and (b) provide Executive participants with an incentive to
continue their employment and to motivate them to maximize the value of the Company upon a Change of Control for the benefit of its stockholders. This Plan is an “employee welfare benefit plan,” as defined in Section 3(1) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”). This document constitutes both the written instrument under which the Plan is maintained and the required summary plan description for the Plan. Capitalized terms used
herein but not defined shall have the meaning assigned to such terms in Section 5 below. 
 1.
      Eligibility; Term; and Termination. 
 (a)  
Eligibility. Each employee of the Company at the Executive Vice President level and above (each, an “Executive”) shall automatically participate in the Plan, effective upon the later of (i) the Effective Date, (ii) the
lapse of the term of Executive’s management retention agreement with the Company in existence upon the Effective Date, and (iii) promotion to the Executive Vice President level or higher. The Committee may, in its discretion, adopt a
resolution approving participation in the Plan by an employee below the level of Executive Vice President. For the avoidance of doubt, the President and Chief Executive Officer of the Company, whose severance benefits are governed by a separate
agreement with the Company, shall not participate in the Plan. Notwithstanding any other provision in the Plan to the contrary, the severance payments and benefits provided hereunder shall be in lieu of any other severance and/or retention plan
benefits and any severance payments and benefits specified in Section 3 below shall be reduced by any severance paid or provided to Executive under any other plan or arrangement. Once participating in the Plan, Executive shall remain a Plan
participant until (i) the Plan is terminated in accordance with Section 1(b) below, (ii) Executive is no longer an employee of the Company, other than a termination of employment triggering severance benefits under Section 3(a)
below, (iii) the effective date of Executive’s demotion below the Executive Vice President level, or (iv) written notice is provided to Executive prior to a Change in Control stating that such employee is no longer a Plan participant.

  
 -1-

 (b)   Term. This Plan will commence on the Effective Date
and will remain in effect through November 15, 2015; provided, however, that if prior to the expiration of the term of this Plan, the Company enters into a definitive agreement (a “Definitive Agreement”) with a third party (or third
parties), the consummation of which would result in a Change of Control (as defined in this Plan), then the term of this Plan shall automatically be extended to eighteen months following the resulting Change of Control, unless the Definitive
Agreement terminates or is cancelled without resulting in a Change of Control, in which case such extension shall not be effective. Moreover, the Plan provisions shall survive the lapse of the term of this Plan and shall be binding on both the
Company and Executive with respect to any termination of Executive’s employment triggering severance benefits under Section 3 that occurs prior to the lapsing of the term of this Plan. 

(c)   Amendment, Modification or Termination. The Company reserves the right to amend, modify or
terminate the Plan at any time, without advance notice to any Executive; provided, however, that, no amendment, modification, or termination of the Plan shall be permitted for a period of eighteen (18) months after a Change in Control that
would reduce the severance benefits payable to Executive or impair Executive’s eligibility under the Plan (unless the affected Executive consents in writing to such amendment or termination). Any action of the Company in amending or terminating
the Plan will be taken in a non-fiduciary capacity. 
 2.       No Employment
Right. Nothing in the Plan shall interfere with or limit in any way the right of the Company, or a subsidiary of the Company, as applicable, to terminate any Executive’s employment or service at any time, with or without cause.
Executive’s employment is and shall continue to be at-will, as defined under applicable law. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation
other than as provided under this Plan, any outstanding written employment agreement or offer letter by and between Executive and the Company, or as may otherwise be available in accordance with the Company’s established employee plans.

 3.       Severance Benefits. 

(a)   Involuntary Termination Other than for Cause or Voluntary Termination for Good Reason, Within 18
Months On or Following a Change of Control. If within the period commencing on a Change of Control and ending eighteen (18) months following the Change of Control, Executive’s employment with the Company (A) is terminated
involuntarily by the Company without Cause, or (B) voluntarily by Executive for Good Reason, then subject to Executive signing and not revoking a release of claims in favor of the Company substantially in the form attached as Exhibit A to this
Plan, which may be updated to reflect applicable laws (a “Release”), the Company shall provide severance pay and benefits, subject to certain conditions, as follows: 

(i)   Severance Payment. Executive shall be entitled to receive a cash severance payment equal to two
hundred percent of Executive’s annual base salary (as in effect immediately prior to (A) the Change of Control, or (B) Executive’s termination, whichever is greater) plus an amount equal to two hundred percent of the average
annual bonus received by Executive in the last thirty-six (36) months. Such cash severance payment shall be paid out 

  
 -2-

 
ratably over twenty-four (24) months from the date of employment termination in accordance with the payroll schedule applicable to active officers of the Company (subject to the timing
provisions of Sections 3(h) and 9 of this Plan. 
 (ii)   Equity Compensation Acceleration.
One hundred percent (100%) of Executive’s outstanding stock options, stock appreciation rights, restricted stock units and other Company equity compensation awards, including performance-based vesting full-value awards where the payout is
either a fixed number of shares or zero shares depending on whether the performance metric is obtained, shall immediately become fully vested as to all of the underlying shares. With respect to performance-based vesting full-value awards in which
the performance period has not been completed prior to Executive’s termination date and where the number of shares earned is variable based upon the extent to which performance milestones are reached (i.e., where the number of shares earned
based upon achieving performance milestones can be more than one positive number), each such award shall vest at the target performance level as to a pro-rata number of shares in an amount equal to (A) the number of shares subject to the award
that would have vested at target performance levels (had any additional service-based vesting requirements been met) multiplied by (B) a fraction, with the numerator being the number of months that have elapsed from the start of the
award’s performance period (with partial months rounded up to a whole month) through and including Executive’s termination date and the denominator being the number of full months in the award’s performance period (with such fraction
not to exceed the whole number one). Any Company stock options and stock appreciation rights shall thereafter remain exercisable following Executive’s employment termination for the period prescribed in the respective option and stock
appreciation right agreements. 
 (iii)   Continued Employee Benefits. In lieu of continued
employee benefits (other than as statutorily required, such as COBRA continuation coverage as required by law), Executive shall receive payments of three thousand dollars ($3,000) per month for twelve months from the date of employment termination
in accordance with the payroll schedule applicable to active officers of the Company (subject to the timing provisions of Sections 3(h) and 9 of this Plan. 
 (b)   Voluntary Resignation Other than for Good Reason; Termination for Cause; Termination due to Death or Disability. If Executive’s employment with the Company terminates
(i) voluntarily by Executive other than for Good Reason, or (ii) for Cause by the Company, or (iii) pursuant to Executive’s death or Disability, then Executive shall not be entitled to receive severance or other benefits except
for those (if any) as may then be established under the Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company. 

(i)   Termination Outside of Change of Control. In the event Executive’s employment is terminated
for any reason, either prior to a Change of Control or more than eighteen (18) months after a Change of Control, then Executive shall be entitled to receive severance benefits only as provided under the Company’s then existing severance
and benefits plans and practices or pursuant to other written agreements with the Company. 

  
 -3-

 (ii)   Termination On or Within 18 Months Following a Change
of Control. In the event Executive’s employment terminates on or within eighteen (18) months following a Change of Control, Executive shall only receive severance payments and benefits under this Plan and not pursuant to the
Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company. 
 (c)   Non-Solicitation; Confidential Information. Notwithstanding the foregoing, the Company’s obligation to provide severance payments and benefits under this Section 3 is
expressly conditioned upon Executive’s ongoing compliance with the confidential information and non-solicitation provisions of the Company’s Corporate Code of Conduct as in effect on the date of Executive’s termination of employment.
In the event Executive breaches the terms of the confidential information and non-solicitation provisions of the Company’s Corporate Code of Conduct as in effect on such date, the Company’s obligations under Section 3 shall
automatically terminate, without any notice to Executive. 
 (d)   No Mitigation. Executive
shall not be required to mitigate the amount of any severance payments or benefits provided for under this Plan by seeking other employment nor shall any amounts to be received by Executive under this Plan be reduced by any other compensation
earned; provided that in no event shall Executive receive severance payments or benefits under both a Management Retention Agreement entered into on or prior to the Effective Date and under this Plan. 

(e)   Tax Withholding. The Company shall be entitled to withhold from any payments made to Executive
under this Section 3 any amounts required to be withheld by applicable federal, state or local tax law. 

(f)   Non-Competition, Non-Solicitation; Confidential Information. If at any time during the period
commencing on Executive’s employment termination date and ending twelve (12) months later, Executive accepts other employment or a professional relationship with a competitor of the Company (defined as either (i) another company
primarily engaged in retail sales of products for the home or (ii) any retailer with retail products for the home sales in excess of one hundred million dollars ($100,000,000) annually), or if Executive breaches Executive’s remaining
obligations to the Company (e.g., the duty to protect confidential information and intellectual property and the duties not to solicit under the Company’s Corporate Code of Conduct), then the Company’s obligations under this Section 3
will cease such that Executive will not be entitled to any further payments or benefits under this Section 3 and the Company may seek injunctive relief against Executive as specified in Section 8(d) hereof. 

(g)   Non-Disparagement. While employed by the Company and for a period of twenty-four (24) months
commencing on the date upon which Executive’s employment terminates, (i) Executive shall agree in the Release not to make any statements that disparage the Company, its products, services, officers, employees, members of its Board,
advisers or other business contacts, and (ii) the Company hereby agrees that members of its Board and the Company’s officers holding a title of Executive Vice President or above shall not make any statements that disparage Executive.
Executive shall acknowledge and agree in the Release that upon Executive breaching this non-disparagement provision of the Plan and the Release on or after the date upon which Executive’s employment terminates then the Company’s
obligations 

  
 -4-

 
under this Section 3 will cease such that Executive will not be entitled to any further payments or benefits under this Section 3 and the Company may seek injunctive relief against
Executive as specified in Section 8(d) hereof. 
 (h)   Release of Claims. Receipt of the
severance payments and benefits specified in this Section 3 shall be contingent on Executive’s execution of the Release, and the lapse of any statutory period for revocation, and such Release becoming effective in accordance with its terms
within fifty-two days following Executive’s termination date. Any severance payment to which Executive otherwise would have been entitled during such fifty-two day period shall be paid by the Company in cash and in full arrears on the
fifty-third day following Executive’s employment termination date or such later date as is required to avoid the imposition of additional taxes under Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended
(the “Code”). 
 4.       Code Section 280G Best Results. If
any payment or benefit Executive would receive pursuant to this Plan or otherwise, including accelerated vesting of any equity compensation (“Payment”) would (i) constitute a “parachute payment” within the meaning of
Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount. The “Reduced
Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount,
after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater
amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced
Amount, reduction shall occur in the following order: (A) cash payments shall be reduced first and in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise
tax will be the first cash payment to be reduced; (B) accelerated vesting of stock awards shall be cancelled/reduced next and in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock
awards will be reduced first), with full-value awards reversed before any stock option or stock appreciation rights are reduced; and (C) employee benefits shall be reduced last and in reverse chronological order such that the benefit owed on
the latest date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced. 
 The Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder and perform the foregoing calculations. The Company shall bear all expenses with respect to
the determinations by such accounting firm required to be made hereunder. 
 The accounting firm engaged to make
the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which right to a Payment is triggered (if requested
at that time by the Company or Executive) or such other time as requested by the 

  
 -5-

 
Company or Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 

5.       Definition of Terms. The following terms referred to in this Plan shall
have the following meanings: 
 (a)   Cause. “Cause” means (i) an act of
dishonesty made by Executive in connection with Executive’s responsibilities as an employee, (ii) Executive’s conviction of or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other
act of moral turpitude, (iii) Executive’s gross misconduct, (iv) Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of
nondisclosure as a result of Executive’s relationship with the Company; (v) Executive’s willful breach of any obligations under any written agreement or covenant with the Company or breach of the Company’s Corporate Code of
Conduct; or (vi) Executive’s continued failure to perform Executive’s employment duties after Executive has received a written demand of performance from the Chief Executive Officer which specifically sets forth the factual basis for
the Chief Executive Officer’s belief that Executive has not substantially performed Executive’s duties and has failed to cure such non-performance to the Chief Executive Officer’s satisfaction within 30 days after receiving such
notice. 
 (b)   Change of Control. “Change of Control” means the occurrence of any
of the following events: 
 (i)   A change in the ownership of the Company which occurs on the date
that any one person, or more than one person acting as a group, (“Person”) acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the
stock of the Company; provided, however, that for purposes of this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be
considered a Change of Control; or 
 (ii)   A change in the effective control of the Company which
occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment
or election. For purposes of this clause (ii), if any Person is considered to effectively control the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change of Control; or 

(iii)   A change in the ownership of a substantial portion of the Company’s assets which occurs on the
date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more
than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the
ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a
stockholder of the 

  
 -6-

 
Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting power of which is owned,
directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or
voting power of which is owned, directly or indirectly, by a Person. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard
to any liabilities associated with such assets. 
 For purposes of this Section 5(b), persons will be
considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

Notwithstanding the foregoing, a transaction shall not be deemed a Change of Control unless the transaction qualifies as
a change in the ownership of the Company, change in the effective control of the Company or a change in the ownership of a substantial portion of the Company’s assets, each within the meaning of Section 409A. 

(c)   Disability. “Disability” means Executive (i) is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is,
by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under an accident and health plan covering Company employees. 
 (d)   Good
Reason. “Good Reason” means, without Executive’s consent, (i) a reduction in Executive’s annual base salary (except pursuant to a reduction generally applicable to senior executives of the Company), (ii) a material
diminution of Executive’s authority or responsibilities, (iii) a reduction of Executive’s title, (iv) if Executive reported directly to the Chief Executive Officer of the Company immediately prior to the Change of Control,
Executive ceasing to report directly to the Chief Executive Officer of the Company or to the Chief Executive Officer of the entity holding all or substantially all of the Company’s assets following a Change of Control, or (v) relocation of
Executive to a location more than 50 miles from the principal place of employment for Executive immediately prior to the Change of Control. In addition, upon any such voluntary termination for Good Reason Executive must provide written notice to the
Company of the existence of the one or more of the above conditions within 90 days of its initial existence and the Company must be provided with at least 30 days to remedy the condition. 

6.       Assignment. 

(a)   Executive. The rights and obligations of Executive under the Plan are personal to that Executive
and without the prior written consent of the Company, no such right shall be assignable by Executive otherwise than by will or the laws of descent and distribution. The rights of Executive under this Plan shall inure to the benefit of and be
enforceable by the heirs, executors and legal representatives of Executive upon Executive’s death. None of the 

  
 -7-

 
rights of Executive to receive any form of compensation payable pursuant to this Plan may be assigned or transferred except by will of the laws of descent and distribution. Any other attempted
assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 
 (b)   Successor Company. Until the Plan terminates in accordance with Section 1 above, the rights and obligations of the Company under the Plan shall inure to the benefit of and be
binding upon the Company and its successors and assigns. Any such successor of the Company will be deemed substituted for the Company under the terms of this Plan for all purposes. For this purpose, “successor” means any person, firm,
corporation or other business entity which at any time, whether by purchase, merger or other, directly or indirectly acquires all or substantially all of the assets or business of the Company. The Company will require any successor to assume
expressly and agree to administer this Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

7.       Notices. All claims, notices, requests, demands and other communications
called for under this Plan shall be in writing and shall be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well established commercial overnight service, or (iii) four
(4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successor at the following addresses, or at such other addresses as the parties may later designate in writing:

 If to the Administrator: 

Compensation Committee of the Board of Directors 

Williams-Sonoma, Inc. 
 3250 Van Ness Avenue 
 San Francisco, CA 94109 

Attn: c/o General Counsel 
 If to Executive: 
 At the last residential address known to the
Company 

  
 -8-

 8.       Administration and Claims.

 (a)   Administration. The “Administrator” (within the meaning of section 3(16)(A)
of ERISA) shall be the Committee. The Administrator shall have the exclusive discretion and authority to establish rules, forms, and procedures for the administration of the Plan, and discretionary authority to construe and interpret the Plan and to
decide any and all questions of fact, interpretation, definition, computation or administration arising in connection with the operation of the Plan. Decisions made by the Administrator prior to the occurrence of a Change of Control shall not be
subject to review unless they are found to be unreasonable or not to have been made in good faith. For decisions made by the Administrator on or after the occurrence of a Change of Control that affect benefits payable under the Plan, the
Administrator’s decisions shall be subject to review. As used in this Section 8(a), “review” shall mean review as provided by applicable law. The Administrator may appoint one or more individuals and delegate such of its powers
and duties as it deems desirable to any such individual(s), in which case every reference herein made to the Administrator shall be deemed to mean or include the appointed individual(s) as to matters within their jurisdiction. 

(b)   Claims Procedure. Any Executive who believes he or she is entitled to any payment under the Plan
may submit a claim in writing to the Administrator in accordance with Section 7 above identifying the matter in dispute and the proposed remedy. If the claim is denied (in full or in part), the claimant will be provided a written notice
explaining the specific reasons for the denial and referring to the provisions of the Plan on which the denial is based. The notice will also describe any additional information needed to support the claim and the Plan’s procedures for
appealing the denial. The denial notice will be provided within ninety (90) days after the claim is received. If special circumstances require an extension of time (up to ninety (90) days), written notice of the extension will be given
within the initial ninety (90) day period. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision on the claim. 

(c)   Appeal Procedure. If the claimant’s claim is denied, the claimant (or his or her authorized
representative) may apply in writing to the Administrator for a review of the decision denying the claim. Review must be requested within sixty (60) days following the date the claimant received the written notice of their claim denial or else
the claimant loses the right to review. The claimant (or representative) then has the right to review and obtain copies of all documents and other information relevant to the claim, upon request and at no charge, and to submit issues and comments in
writing. The Administrator will provide written notice of his or her decision on review within sixty (60) days after it receives a review request. If additional time (up to sixty (60) days) is needed to review the request, the claimant (or
representative) will be given written notice of the reason for the delay. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision. If the
claim is denied (in full or in part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the Plan on which the denial is based. The notice shall also include a statement
that the claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents and other information relevant to the claim and a statement regarding the claimant’s right to bring an action under
Section 502(a) of ERISA. 

  
 -9-

 (d)   Availability of Injunctive Relief. Notwithstanding
the other provisions of this Section 8 or any other provision of the Plan to the contrary, the Company and Executive shall have the right to seek judicial relief in the form of injunctive and/or other equitable relief under the California
Arbitration Act, Code of Civil Procedure section 1281.8(b), including but not limited to relief for threatened or actual misappropriation of trade secrets, violation of this Plan, the Corporate Code of Conduct or any other agreement regarding trade
secrets, confidential information, non-competition, nonsolicitation, non-disparagement or Labor Code §2870. In the event either the Company or Executive seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs
and attorneys’ fees. 
 (e)   Administrative Relief. This Plan does not prohibit
Executive from pursuing an administrative claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission or the workers’ compensation board.

 9.       Section 409A. 

(a)   Notwithstanding anything to the contrary in this Plan, no Deferred Compensation Separation Benefits (as
defined below) payable under this Plan will be considered due or payable until and unless Executive has a “separation from service” within the meaning of Section 409A. Notwithstanding anything to the contrary in this Plan, if
Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s “separation from service” other than due to Executive’s death, then any severance benefits payable pursuant to this
Plan and any other severance payments or separation benefits, that in each case when considered together may be considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”) and are
otherwise due to Executive on or within the six (6) month period following Executive’s “separation from service” will accrue during such six (6) month period and will instead become payable in a lump sum payment on the date
six (6) months and one (1) day following the date of Executive’s “separation from service.” All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Each payment and benefit payable under this Plan is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

(b)   Notwithstanding anything to the contrary in this Plan, if Executive dies following Executive’s
“separation from service” but prior to the six (6) month anniversary of the date of Executive’s “separation from service,” then any Deferred Compensation Separation Benefits delayed in accordance with this Section will
be payable in a lump sum as soon as administratively practicable after the date of Executive’s death, but not later than ninety (90) days after the date of Executive’s death, and all other Deferred Compensation Separation Benefits
will be payable in accordance with the payment schedule applicable to each payment or benefit. 

(c)   It is the intent of this Plan to comply with the requirements of Section 409A so that none of the
severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. Notwithstanding anything to the contrary in the Plan,
including but not 

  
 -10-

 
limited to Section 1(c), the Committee reserves the right to amend the Plan as it deems necessary or advisable, in its sole discretion and without the consent of Executive, to comply with
Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any severance benefits or imposition of any additional tax. 

10.       Miscellaneous Provisions. 

(a)   Waiver. No provision of this Plan shall be modified, waived or discharged unless the
modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of
this Plan by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (b)   Headings. All captions and section headings used in this Plan are for convenient reference only and will not limit or otherwise affect the meaning hereof. 

(c)   Inconsistency with Plan. This Plan supersedes in its entirety all prior representations,
understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of Executive and the Company with respect to the subject matter hereof, including any prior management retention agreements entered into between
Executive and the Company. In the event of any inconsistency between this Plan and any other plan, program, practice or agreement in which Executive participates or is a party, this Plan shall control unless a written agreement is executed by both
Executive and an authorized officer of the Company (other than Executive) specifically stating that the terms of such agreement shall prevail over the Plan. 
 (d)   Choice of Law. This Plan will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). 

(e)   Severability. The invalidity or unenforceability of any provision or provisions of this Plan
shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 11.       Statement of ERISA Rights. Executives under the Plan have certain rights and protections under ERISA: 

(a)   Executive may examine (without charge) all Plan documents, including any amendments and
copies of all documents filed with the U.S. Department of Labor, such as the Plan’s annual report (IRS Form 5500). These documents are available for Executive’s review in the Company’s Human Resources Department. 

(b)   Executive may obtain copies of all Plan documents and other Plan information upon written
request to the Plan Administrator. A reasonable charge may be made for such copies. 

  
 -11-

 In addition to creating rights for Executives, ERISA imposes duties upon the
people who are responsible for the operation of the Plan. The people who operate the Plan (called “fiduciaries”) have a duty to do so prudently and in the interests of covered Executives. No one, including the Company or any other person,
may fire Executives or otherwise discriminate against Executives in any way to prevent Executives from obtaining a benefit under the Plan or exercising Executive’s rights under ERISA. If Executive’s claim for a severance benefit is denied,
in whole or in part, Executive must receive a written explanation of the reason for the denial. Executive has the right to have the denial of claim reviewed. (The claim review procedure is explained in Section 8 above.) 

Under ERISA, there are steps Executives can take to enforce the above rights. For instance, if Executive requests
materials and does not receive them within thirty (30) days, Executive may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and to pay Executive up to $110 a day until receipt
of the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If Executive has a claim which is denied or ignored, in whole or in part, Executive may file suit in a state or federal court. If
it should happen that Executive is discriminated against for asserting his or her rights, Executive may seek assistance from the U.S. Department of Labor, or may file suit in a federal court. 

In any case, the court will decide who will pay court costs and legal fees. If Executive is successful, the court may
order the person sued to pay these costs and fees. If Executive loses, the court may order Executive to pay these costs and fees, for example, if it finds that the claim is frivolous. 

If Executive has any questions regarding the Plan, they should contact the Administrator. If Executive has any questions
about this statement or about their rights under ERISA, Executive may contact the nearest area office of the Employee Benefits Security Administration (formerly the Pension and Welfare Benefits Administration), U.S. Department of Labor, listed in
the telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W. Washington, D.C. 20210. Executive may also obtain certain publications
about their rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 
 12.       Additional Information. 
  

			
	   Plan Name:
	  	 Williams-Sonoma, Inc. 2012 Management Retention

		
	   Plan Sponsor:
	  	 Williams-Sonoma, Inc.
 3250 Van Ness Avenue
 San Francisco, California 94109

		
	   Identification Numbers:
	  	 EIN: - 94-2203880

		
	   Plan Year:
	  	 Company’s Fiscal Year

  
 -12-

			
	   Plan Administrator:
	  	 Williams-Sonoma, Inc.
 Attention: Compensation Committee of the Board
 c/o General
Counsel
 Williams-Sonoma, Inc.
 3250 Van Ness Avenue
 San Francisco, California 94109

415-421-7900

		
	   Agent for Service of Legal Process
	  	 CSC - Lawyers Incorporating Service
 (a.k.a., Corporation Service Company)
 2710 Gateway Oaks Drive, Suite
150N
 Sacramento, CA 95833

		
	   Type of Plan:
	  	 Severance Plan/Employee Welfare Benefit Plan

		
	   Plan Costs:
	  	 The cost of the Plan is paid by the Employer

  
 END OF PLAN 

  
 -13-

 EXHIBIT A 

WILLIAMS-SONOMA, INC. 
 RELEASE OF CLAIMS 
 This Release of Claims
(“Agreement”) is made by and between Williams-Sonoma, Inc. (the “Company”)
and                            (“Executive”). 

WHEREAS, Executive has agreed to enter into a release of claims in favor of the Company upon certain events specified in
the 2012 EVP Level Management Retention Plan (the “Management Retention Plan”). 
 NOW
THEREFORE, in consideration of the mutual promises made in this Agreement, the parties hereby agree as follows: 

1.       Termination. Executive’s employment from the Company terminated on
                            (the “Termination Date”). 

2.       Confidential Information. Executive shall continue to maintain the
confidentiality of all confidential and proprietary information of the Company and shall continue to comply with the terms and conditions of the Company’s Code of Corporate Conduct as in effect on the date of Executive’s termination of
employment. Executive shall return all the Company property and confidential and proprietary information in Executive’s possession to the Company on the Effective Date of this Agreement. In the event Executive breaches the terms of the
confidential information provisions of the Company’s Corporate Code of Conduct as in effect on such date, the Company’s obligations under Section 3 of the Management Retention Plan shall automatically terminate, without any notice to
Executive. 
 3.       Non-Solicitation. Executive shall continue to comply
with the non-solicitation provisions of the Company’s Corporate Code of Conduct as in effect on the date of Executive’s termination of employment. In the event Executive breaches the terms of the non-solicitation provisions of the
Company’s Corporate Code of Conduct as in effect on such date, the Company’s obligations under this Section 3 of the Management Retention Plan shall automatically terminate, without any notice to Executive. 

4.       Non-Competition. If at any time during the period commencing on
Executive’s employment termination date and ending twelve (12) months later, Executive accepts other employment or a professional relationship with a competitor of the Company (defined as either (i) another company primarily engaged
in retail sales of products for the home or (ii) any retailer with retail products for the home sales in excess of one hundred million dollars ($100,000,000) annually), or if Executive breaches Executive’s remaining obligations to the
Company (e.g., the duty to protect confidential information and intellectual property and the duties not to solicit under the Company’s Corporate Code of Conduct), then the Company’s obligations under Section 3 of the Management
Retention Plan will cease such that Executive will not be entitled 

  
 -1-

 
to any further payments or benefits under Section 3 of the Management Retention Plan and the Company may seek injunctive relief against Executive as specified in Section 8(d) of the
Management Retention Plan. 
 5.       Non-Disparagement. For a period of
twenty-four (24) months commencing on the date upon which Executive’s employment terminates, (i) Executive hereby agrees not to make any statements that disparage the Company, its products, services, officers, employees, members of
its Board, advisers or other business contacts, and (ii) the Company hereby agrees that members of its Board and the Company’s officers holding a title of Executive Vice President or above shall not make any statements that disparage
Executive. Executive acknowledges and agrees that upon Executive breaching this non-disparagement provision on or after the date upon which Executive’s employment terminates then the Company’s obligations under Section 3 of the
Management Retention Plan will cease such that Executive will not be entitled to any further payments or benefits under Section 3 of the Management Retention Plan and the Company may seek injunctive relief against Executive as specified in
Section 8(d) of the Management Retention Plan. 
 6.       Payment of
Salary. Executive acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Executive. 

7.       Release of Claims. Executive agrees that the foregoing consideration
represents settlement in full of all outstanding obligations owed to Executive by the Company. Executive, on behalf of Executive, and Executive’s respective heirs, family members, executors and assigns, hereby fully and forever releases the
Company and its past, present and future officers, agents, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, parents, predecessor and successor corporations, and assigns, from, and agrees not to sue
or otherwise institute or cause to be instituted any legal or administrative proceedings concerning any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected,
that Executive may possess arising from any omissions, acts or facts that have occurred up until and including the Effective Date of this Agreement including, without limitation, 

(a)   any and all claims relating to or arising from Executive’s employment relationship with the Company
and the termination of that relationship; 
 (b)   any and all claims relating to, or arising from,
Executive’s right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and
securities fraud under any state or federal law; 
 (c)   any and all claims for wrongful discharge
of employment; termination in violation of public policy; discrimination; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional
infliction of emotional distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic 

  
 -2-

 
advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; and conversion; 

(d)   any and all claims for violation of any federal, state or municipal statute, including, but not limited
to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income Security Act of
1974, The Worker Adjustment and Retraining Notification Act, the California Fair Employment and Housing Act, and Labor Code section 201, et seq. and section 970, et seq. and all amendments to each such Act as well as the regulations
issued under each such Act; 
 (e)   any and all claims for violation of the federal, or any state,
constitution; 
 (f)   any and all claims arising out of any other laws and regulations relating to
employment or employment discrimination; and 
 (g)   any and all claims for attorneys’ fees and
costs. 
 Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a
complete general release as to the matters released. This release does not extend to any severance obligations due Executive under the Management Retention Plan. Nothing in this Agreement waives Executive’s rights to indemnification or any
payments under any fiduciary insurance policy, if any, provided by any act or agreement of the Company, state or federal law or policy of insurance. 
 8.       Acknowledgment of Waiver of Claims under ADEA. Executive acknowledges that Executive is waiving and releasing any rights Executive may have under the Age
Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. Executive and the Company agree that this waiver and release does not apply to any rights or claims that may arise under the ADEA
after the Effective Date of this Agreement. Executive acknowledges that the consideration given for this waiver and release Agreement is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that
Executive has been advised by this writing that (a) Executive should consult with an attorney prior to executing this Agreement; (b) Executive has at least twenty-one (21) days within which to consider this Agreement;
(c) Executive has seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; (d) this Agreement shall not be effective until the revocation period has expired; and (e) nothing in this
Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically
authorized by federal law. Any revocation should be in writing and delivered to the Vice-President of Human Resources at the Company by close of business on the seventh day from the date that Executive signs this Agreement. 

9.       Civil Code Section 1542. Executive represents that Executive is not
aware of any claims against the Company other than the claims that are released by this Agreement. 

  
 -3-

 
Executive acknowledges that Executive has been advised by legal counsel and is familiar with the provisions of California Civil Code 1542, below, which provides as follows: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN
HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Executive, being aware of said code section, agrees to expressly waive any rights Executive may have under such code section, as well as under any statute or common law principles of similar effect.

 10.     No Pending or Future Lawsuits. Executive represents that Executive has no
lawsuits, claims, or actions pending in Executive’s name, or on behalf of any other person or entity, against the Company or any other person or entity referred to in this Agreement. Executive also represents that Executive does not intend to
bring any claims on Executive’s own behalf or on behalf of any other person or entity against the Company or any other person or entity referred to herein. 

11.     Application for Employment. Executive understands and agrees that, as a condition of
this Agreement, Executive shall not be entitled to any employment with the Company, its subsidiaries, or any successor, and Executive hereby waives any right, or alleged right, of employment or re-employment with the Company. 

12.     No Cooperation. Executive agrees that Executive will not counsel or assist any
attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director, employee, agent, representative, shareholder
or attorney of the Company, unless under a subpoena or other court order to do so. 

13.     No Admission of Liability. Executive understands and acknowledges that this Agreement
constitutes a compromise and settlement of disputed claims. No action taken by the Company, either previously or in connection with this Agreement shall be deemed or construed to be (a) an admission of the truth or falsity of any claims
heretofore made or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party. 
 14.     Costs. The parties shall each bear their own costs, expert fees, attorneys’ fees and other fees incurred in connection with this Agreement. 

15.     Authority. Executive represents and warrants that Executive has the capacity to act on
Executive’s own behalf and on behalf of all who might claim through Executive to bind them to the terms and conditions of this Agreement. 
 16.     No Representations. Executive represents that Executive has had the opportunity to consult with an attorney, and has carefully read and understands the scope and effect
of the 

  
 -4-

 
provisions of this Agreement. Neither party has relied upon any representations or statements made by the other party which are not specifically set forth in this Agreement. 

17.     Severability. In the event that any provision hereof becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 
 18.     Entire Agreement. This Agreement, along with the Management Retention Plan, the Code of Corporate Conduct and Executive’s written equity compensation agreements
with the Company, represents the entire agreement and understanding between the Company and Executive concerning Executive’s separation from the Company. 
 19.     No Oral Modification. This Agreement may only be amended in writing signed by Executive and the Chairman of the Board of Directors of the Company. 

20.     Governing Law. This Agreement shall be governed by the internal substantive laws, but
not the choice of law rules, of the State of California. 
 21.     Effective Date.
This Agreement is effective eight (8) days after it has been signed by both parties. 

22.     Counterparts. This Agreement may be executed in counterparts, and each counterpart
shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 23.     Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the parties to this
Agreement, with the full intent of releasing all claims. The parties acknowledge that: 

(a)     They have read this Agreement; 

(b)     They have read the Management Retention Plan; 

(c)     They have been represented in the preparation, negotiation, and execution of this Agreement
by legal counsel of their own choice or that they have voluntarily declined to seek such counsel; 

(d)     They understand the terms and consequences of this Agreement and of the releases it
contains; 
 (e)     They are fully aware of the legal and binding effect of this Agreement
and the Management Retention Plan. 

  
 -5-

 IN WITNESS WHEREOF, the parties have executed this Agreement on the
respective dates set forth below. 
  

					
		 		 	 Williams-Sonoma, Inc.

			
	 Dated:                 ,
20    
	 	 By
	 	  
		 		 	
		
		 	
                            , an
individual

		
	 Dated:                 ,
20    
	 	  

  
 -6-

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