Document:

Form of 8.250% New Securities

 Exhibit 4.5 
 THIS SECURITY IS A GLOBAL SECURITY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
  

			
	REGISTERED	 	PRINCIPAL AMOUNT
	No:             	 	 
		
	CUSIP:             	 	

 Jabil Circuit, Inc. 
 8.250% SENIOR NOTES DUE 2018 

 JABIL CIRCUIT, INC., a Delaware corporation (the “Company,” which term includes any successor
corporation under the Indenture hereinafter referred to), for value received hereby promises to pay to Cede & Co., or registered assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000) on March 15, 2018
(“Stated Maturity”) and to pay interest thereon from January 16, 2008 or from the most recent date in respect of which interest has been paid or duly provided for, on March 15 and September 15 of each year (each, an
“Interest Payment Date”), commencing September 15, 2008, and at Stated Maturity or upon such other date on which the principal of this Note becomes due and payable, whether by declaration of acceleration, notice of redemption or
otherwise, and including any Redemption Date or Change in Control Purchase Date (each such date, “Maturity”), at the rate of 8.250% per annum (which interest rate may be adjusted as set forth on the reverse hereof), until the
principal hereof and premium, if any, hereon is paid or duly made available for payment and on any overdue principal or premium, if any, and (to the extent that payout of such interest is lawful) on any overdue installment of interest at the same
rate per annum during the period in which such principal or premium, if any, or interest remains unpaid. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture referred to
below, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered as of the close of business on March 1 or September 1, as the case may be (whether or not a Business Day), immediately preceding
such Interest Payment Date (each such date, a “Regular Record Date”). Any such interest that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the Holder of
this Note on such Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment
of such defaulted interest to be fixed by the Company, notice whereof shall be given to the Holder of this Note not less than 10 days prior to such Special Record Date, or may be paid in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 Payment of the principal of, and premium, if any, and interest on, this Note will be made at the office or agency maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person in
whose name this Note is registered at the close of business on the related record date; provided further, that, notwithstanding anything else contained herein, if this Note is a Global Security and is held in book-entry form through the facilities
of the Depository, payments on this Note will be made to the Depository or its nominee in accordance with the arrangements then in effect between the Trustee and the Depository. 
 Reference is hereby made to the further provisions of this Note set forth on the succeeding pages hereof, which further provisions shall for all purposes
have the same effect as if set forth herein. 
  

 2 

 IN WITNESS WHEREOF, JABIL CIRCUIT, INC. has caused this instrument to be duly executed. 
  

			
	JABIL CIRCUIT, INC.
		
	By	 	  

	Name:	 	Forbes I.J. Alexander
	Title:	 	Chief Financial Officer

 Attest: 
  

			
	By	 	  

	Name:	 	Robert L. Paver
	Title:	 	Secretary

 Date: 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated herein, referred to in the within-mentioned
Indenture. 
  

			
	 THE BANK OF NEW YORK TRUST COMPANY, N.A.,
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  

 3 

 Jabil Circuit, Inc. 
 8.250% SENIOR NOTES DUE 2018 
 This Note is one of a duly authorized issue of Securities of the Company
issued under an Indenture, dated as of January 16, 2008 (the “Indenture”), between the Company and The Bank of New York Trust Company, N.A. (the “Trustee,” which term includes any successor trustee under the Indenture),
designated as the 8.250% Senior Notes due 2018 (the “Notes”), limited to $250,000,000 aggregate principal amount, subject to the provisions of the Indenture. Reference is made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. All terms used in this Note set forth below which
are not defined herein and which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 The interest rate
payable on this Note is subject to adjustments from time to time if either of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Rating Services, a Division of The McGraw-Hill Companies, Inc.
(“S&P”), or any Substitute Rating Agency (as defined below) downgrades (or subsequently upgrades) the credit rating assigned to this Note, as set forth below. 
 If the rating of the Notes from Moody’s, S&P or any Substitute Rating Agency that rates the Notes is decreased to a rating set forth in the
following table with respect to that Rating Agency (as defined below), the per annum interest rate on this Note will increase from that set forth on the face of this Note by the percentage set forth opposite that rating (plus any applicable
percentage resulting from a decreased rating by the other Rating Agency): 
  

									
	 Moody’s*
	  	Percentage	 	 	S&P*	  	Percentage	 
	 Ba2
	  	0.25	%	 	BB	  	0.25	%
				
	 Ba3
	  	0.50	%	 	BB–	  	0.50	%
				
	 B1
	  	0.75	%	 	B+	  	0.75	%
				
	 B2 or below
	  	1.00	%	 	B or below	  	1.00	%

  

	*	Including the equivalent ratings of any Substitute Rating Agency. 

 If at any time the interest rate on this Note has been adjusted upward as a result of a decrease in a rating by a Rating Agency and that Rating Agency subsequently increases its rating with respect to the Notes to any of the threshold
ratings set forth above, the per annum interest rate on this Note will be decreased such that the per annum interest rate equals the interest rate set forth on the face of this Note plus the percentage set forth opposite the rating in effect
immediately following the increase in the table above (plus any applicable percentage resulting from a decreased rating by the other Rating Agency); provided that if Moody’s or any Substitute Rating Agency subsequently increases its rating of
the Notes to “Ba1” (or its equivalent if with respect to any Substitute Rating Agency) or higher or S&P or any Substitute Rating Agency subsequently increases its rating of the Notes to “BB+” (or its equivalent if with
respect to any Substitute Rating Agency) or higher, the interest rate on this Note will be decreased to the per annum interest rate set forth on the face of this Note (plus any applicable percentage resulting from a decreased rating by the other
Rating Agency). 
 No adjustment in the interest rate of this Note shall be made solely as a result of a Rating Agency ceasing to provide a
rating. If at any time less than two Rating Agencies provide a rating of the Notes, the Company shall use its commercially reasonable efforts to obtain a rating of the Notes from another Rating Agency, to the extent one exists, and if another such
Rating Agency rates the Notes (such Rating Agency, a “Substitute Rating Agency”), for purposes of determining any increase or decrease in the per annum interest rate on this Note pursuant to the table above (a) such Substitute Rating
Agency will be substituted for the last Rating Agency to provide a rating of the Notes but which has since ceased to provide such rating, (b) the relative ratings scale used by such Substitute Rating Agency to assign ratings to senior unsecured
debt will be determined in good faith by an independent investment 

  

 4 

 
banking institution of national standing appointed by the Company and, for purposes of determining the applicable ratings included in the table above with
respect to such Substitute Rating Agency, such ratings shall be deemed to be the equivalent ratings used by Moody’s and S&P in such table and (c) the per annum interest rate on this Note shall increase or decrease, as the case may be,
such that the interest rate equals the interest rate set forth on the face of this Note plus the appropriate percentage, if any, set forth opposite the rating from such Substitute Rating Agency in the table above (taking into account the provisions
of clause (b) above) (plus any applicable percentage resulting from a decreased rating by the other Rating Agency). For so long as (i) only one Rating Agency provides a rating of the Notes, any increase or decrease in the interest rate of
this Note necessitated by a reduction or increase in the rating by that Rating Agency shall be twice the applicable percentage set forth in the table above and (ii) no Rating Agency provides a rating of the Notes, the interest rate on this Note
shall increase to, or remain at, as the case may be, 2.00% above the interest rate set forth on the face of this Note. 
 Each adjustment
required by any decrease or increase in a rating set forth above, whether occasioned by the action of Moody’s, S&P or any Substitute Rating Agency, shall be made independent of any and all other adjustments. In no event shall (1) the
per annum interest rate on this Note be reduced below the interest rate set forth on the face of this Note or (2) the total increase in the per annum interest rate on this Note exceed 2.00% above the interest rate set forth on the face of this
Note. 
 Any interest rate increase or decrease described above will take effect on the next Business Day after the rating change has
occurred. 
 The interest rate on this Note will permanently cease to be subject to any adjustment described above (notwithstanding any
subsequent decrease in the ratings by any Rating Agency) if this Note become rated “Baa2” (or its equivalent) or higher by Moody’s (or any Substitute Rating Agency) and “BBB” (or its equivalent) or higher by S&P (or any
Substitute Rating Agency), or one of those ratings if only rated by one Rating Agency, in each case with a stable or positive outlook. 
 The
Indenture provides for the defeasance of the Notes and certain covenants in certain circumstances. 
 This Note is unsecured as to payment of
principal and premium, if any, and interest, and ranks pari passu with all other unsecured senior indebtedness of the Company. 
 Interest
payments on this Note will include interest accrued to but excluding the applicable Interest Payment Date or Maturity hereof, as the case may be. Interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve
30-day months. 
 In the case where the applicable Interest Payment Date or Maturity with respect hereto, as the case may be, does not fall
on a Business Day, payment of principal, premium, if any, or interest otherwise payable on such day need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment
Date or at Maturity and, unless the Company defaults on such payment, no interest shall accrue with respect to such payment for the period from and after the Interest Payment Date or such Maturity, as the case may be, to the date of payment on such
next succeeding Business Day. “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close
in The City of New York. 
 The Notes will not be subject to any sinking fund and, except as provided in the Indenture or herein, will not be
redeemable or repayable prior to their Stated Maturity. 
 The Notes are redeemable as a whole or in part, at the Company’s option at
any time, at a Redemption Price equal to the greater of (i) 100 percent of the aggregate principal amount of the Notes being redeemed or (ii) the sum of the present values of the Remaining Scheduled Payments of principal and interest on
the Notes being redeemed, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 0.50% (50 basis points), plus, in each case, accrued and unpaid interest on the
Notes to, but not including, the Redemption Date. The Company will, however, pay the interest installment due on any Interest Payment Date that occurs on or before a Redemption Date to the Holders as of the close of business on the Regular Record
Date immediately preceding that Interest Payment Date. 
  

 5 

 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity (computed as of the third business day immediately preceding that Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means the United
States Treasury security selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date after excluding the highest and lowest Reference Treasury
Dealer Quotations, or (ii) if the Trustee obtains fewer than four Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such Redemption Date. 
 “Independent Investment Banker” means Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., or their respective successors as may be
appointed from time to time by the Trustee after consultation with the Company; provided, however, that if any of the foregoing ceases to be a primary United States Treasury securities dealer in New York City (a “Primary Treasury Dealer”),
the Company shall substitute therefor another Primary Treasury Dealer. 
 “Rating Agency” means (i) each of Moody’s and
S&P; and (2) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized statistical rating
organization” within the meaning of Section 3(a)(62) under the Securities Exchange Act of 1934, selected by the Company (as certified by a resolution of the board of directors of the Company) as a replacement agency for Moody’s or
S&P, or both, as the case may be. 
 “Reference Treasury Dealer” means Citigroup Global Markets Inc. and J.P. Morgan Securities
Inc., and two other Primary Treasury Dealers selected by the Company, and each of their respective successors and any other Primary Treasury Dealers selected by the Trustee after consultation with the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average,
as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer as of 3:30 p.m., New York
City Time, on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled Payments” means, with respect to any
Note to be redeemed, the remaining scheduled payments of the principal of and premium, if any, and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that, if such Redemption Date is not
an Interest Payment Date with respect to such Note, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date. 
 If (a) the Company shall have on any date (the “Succession Date”) consolidated with or merged into, or conveyed or transferred or leased
its properties and assets as an entirety or substantially as an entirety to, any Person which is organized under the laws of any jurisdiction other than the United States of America, any State thereof or the District of Columbia, (b) as result
of any change in or any amendment to the laws, regulations or published tax rulings of such jurisdiction, or of any political subdivision or taxing authority thereof or therein, affecting taxation, or any change in the official administration,
application or interpretation of such laws, regulations or published tax rulings either generally or in relation to the Notes, which change or amendment becomes effective after the Succession Date or which change in official administration,
application or interpretation shall not have been available to the public on or prior to such Succession Date and is notified to the Company, such continuing Person would be required to pay any Successor Additional Amounts pursuant to the Indenture
or the terms of the Notes in respect of any payments that it may be required to make with respect to any Notes and (c) such obligation cannot be avoided by the Company or such continuing Person taking reasonable measures available to it, the
Company or such continuing Person may at its option redeem all (but not less than all) of the Notes, upon not less than 30 nor more 

  

 6 

 
than 60 days’ written notice as provided in the Indenture, at a Redemption Price equal to 100% of the principal amount thereof plus accrued interest to
the date fixed for redemption; provided however, that (a) no such notice of redemption may be given earlier than 60 days prior to the earliest date on which a continuing Person would be obligated to pay such Successor Additional Amounts were a
payment then due in respect of the Notes, and (b) at the time any such redemption notice is given, such obligation to pay such Successor Additional Amounts must remain in effect. 
 Holders of Notes to be redeemed will be given notice of redemption, at their addresses as set forth in the Security Register for the Notes, at least 30
and not more than 60 days prior to the Redemption Date. If less than all the Notes are to be redeemed, the Notes to be redeemed shall be selected by lot by the Depository, in the case of Notes represented by a Global Security, or by the Trustee by a
method the Trustee deems to be fair and appropriate, in the case of the Notes that are not represented by a Global Security. 
 Unless the
Company defaults in payment of the Redemption Price, on and after the Redemption Date interest will cease to accrue on the Notes or portion thereof called for redemption. 
 The payment of principal of, or premium, if any, or interest on, or in respect of, this Note shall be deemed to include the payment of Successor Additional Amounts provided for in the Indenture or herein to the extent
that, in such context, Successor Additional Amounts are, were or would be payable in respect thereof pursuant to the Indenture or this Note. 
 Subject to the terms and conditions of the Indenture, if on or prior to Maturity there shall have occurred a Change of Control Repurchase Event, unless the Company shall have redeemed the Notes prior to such occurrence, the Company shall,
at the option of the Holders thereof, purchase all or any part (in excess of $2,000 and in integral multiples of $1,000 in excess thereof) of such Holder’s Notes for which a Change of Control Purchase Notice shall have been delivered as
provided in the Indenture and not withdrawn by a date which shall be no earlier than 30 days and no later than 60 days from the date that a Repurchase Offer Notice is mailed with respect to the occurrence of such Change of Control, at a repurchase
price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the Change in Control Purchase Date. 
 Any Holder delivering a Change of Control Purchase Notice shall have the right to withdraw such Change of Control Purchase Notice at any time prior to or
on the Change of Control Purchase Date by delivery of a written notice of withdrawal in accordance with the provisions of the Indenture. 
 If any Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 As set forth in, and subject to the provisions of, the Indenture, no Holder of any Note shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder, unless (i) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to
the Notes, (ii) the Holders of not less than 25% in principal amount of the Outstanding Notes shall have made written request to the Trustee to institute such proceedings in respect of such Event of Default in its own name as Trustee
thereunder, (iii) such Holder or Holders have offered to the Trustee such indemnity as is reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request, (iv) the Trustee for 60
days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding and (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of a majority in principal amount of the Outstanding Notes; provided, however, that such limitations do not apply to a proceeding instituted by the Holder hereof for the enforcement of payment of the principal of, any premium and (subject to
certain provisions of the Indenture) interest on, and, if applicable, the Change of Control Purchase Price or any Additional Amounts with respect to, this Note on the respective Stated Maturity or Maturities expressed herein, or, in the case of
redemption, on the Redemption Date or, in the case of repayment at the option of the Holder, on the date such repayment is due, or, in the case of a Change of Control or as to any Change of Control Purchase Notice given timely, on the Change of
Control Purchase Date. 
  

 7 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee by entering into an indenture or indentures supplemental thereto with the consent of the Holders of not
less than a majority in aggregate principal amount of the Outstanding Notes. The Indenture also permits the Holders of not less than a majority in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all of the Notes,
to prospectively waive compliance by the Company with certain restrictive provisions of the Indenture and to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of any Note issued upon the registration of transfer hereof or in exchange for or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 No reference to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and premium, if any, and any interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 
 The Notes are issuable only in fully registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of this series and of like tenor of any authorized denomination, as requested by the Holder surrendering the
same. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the
Company in any place where the principal of and any interest on this Note are payable or at such other offices or agencies as the Company may designate, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to,
the Company and the Security Registrar or any transfer agent duly executed by the registered owner hereof or his/her attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount and Stated Maturity will be issued to the designated transferee or transferees. 
 Subject to the terms of the Indenture, prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as
the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No service charge shall be made for any registration of transfer or exchange of this Note, but, subject to certain limitations set forth in the
Indenture, the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Indenture and this Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said State. 
 This Note shall not be valid or become obligatory for any purpose until the Trustee’s Certificate of Authentication hereon shall have been executed
by the Trustee. 
  

 8 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

	
	  

	Please insert Social Security or other identifying number of assignee
	
	  

	(please print or type name and address of assignee)

 the within Note and all rights thereunder and does hereby irrevocably constitute and appoint the aforesaid
assignee attorney to transfer the within Note on the books kept for registration thereof, with full power of substitution in the premises. 
 In connection
with any transfer or exchange of any of the within Note occurring prior to the Resale Restriction Termination Date: 
 CHECK ONE BOX BELOW: 
  

					
	1	 	 ̈	  	acquired for the undersigned’s own account, without transfer; or
			
	2	 	 ̈	  	transferred to the Company; or
			
	3	 	 ̈	  	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	4	 	 ̈	  	transferred pursuant to an effective registration statement under the Securities Act; or
			
	5	 	 ̈	  	transferred pursuant to and in compliance with Regulation S under the Securities Act; or
			
	6	 	 ̈	  	transferred in a minimum purchase amount of $250,000 to an institutional “accredited investor” (as defined in Rule 501(a)(l), (2), (3) or (7) under the Securities Act), that has
furnished to the Trustee a signed letter containing certain representations and agreements that it is acquiring this Note for investment and not with a view to, or for offer or sale in connection with, any distribution (as contemplated in the
Securities Act) or fractionalization thereof or with any intention of reselling the Note or any part thereof, subject to any requirement of law that the disposition of its property will be at all times within its control and subject to its ability
to resell this Note pursuant to Rule 144A, Regulation S or other exemption from registration available under the Securities Act; or
			
	7	 	 ̈	  	transferred pursuant to another available exemption from the registration requirements of the Securities Act.

  

 9 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in
the name of any person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Trustee or the Company may require, prior to registering any such transfer of the Notes, in their
sole discretion, such legal opinions, certifications and other information as the Trustee or the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act, such as the exemption provided by Rule 144 under such Act. 
  

							
	Dated:	 	  
	 		 	  

 In the presence of: 
 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever. When assignment is made by a guardian,
trustee, executor or administrator, an officer of a corporation, or anyone in a representative capacity, proof of his or her authority to act must accompany the Note. The signature must be guaranteed by an Institution which is a member of one of the
following recognized signature Guarantee Programs: (i) the Securities Transfer Agents Medallion Program (STAMP); (ii) the New York Stock Exchange Inc. Medallion Signature Program (MSP); (iii) the Stock Exchanges Medallion Program
(SEMP); or (iv) in such other guarantee program acceptable to the Trustee. 
  

 10 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The following increases or decreases in this Global Note have been made: 
  

									
	 Date of Exchange
	  	 Amount of
increase
in Principal Amount
of this Global Note
	  	 Amount of
decrease
in Principal Amount
of this Global Note
	  	 Principal Amount of
this Global Note
following each
decrease or increase
	  	 Signature of
authorized signatory
of Trustee

  

 11Exhibit 10.2

 Exhibit 10.2 
 Marriott International, Inc. 
 Stock And Cash Incentive Plan 
 As Amended and Restated Effective January 1, 2008 

 Contents 
  

					
	 	 	 	  	Page
	Article 1.	 	Establishment, Objectives, and Duration	  	1
	Article 2.	 	Definitions	  	1
	Article 3.	 	Administration	  	6
	Article 4.	 	Shares Subject to the Plan and Maximum Awards	  	7
	Article 5.	 	Eligibility and Participation	  	7
	Article 6.	 	SARs and Stock Options	  	8
	Article 7.	 	Restricted Stock	  	11
	Article 8.	 	Deferred Stock	  	12
	Article 9.	 	Special Recognition Stock Awards	  	16
	Article 9A.	 	MI Shares	  	16
	Article 10.	 	Other Awards	  	18
	Article 11.	 	Performance Measures for Awards	  	19
	Article 12.	 	Directors’ Share Awards, Fee Deferral Elections, and Director SARs and Options	  	20
	Article 13.	 	1998 Conversion Awards	  	22
	Article 14.	 	Beneficiary Designation	  	22
	Article 15.	 	Reserved	  	23
	Article 16.	 	Rights of Participants	  	23
	Article 17.	 	Amendment, Modification, and Termination	  	23
	Article 18.	 	Withholding	  	24
	Article 19.	 	Indemnification	  	24
	Article 20.	 	Successors	  	24
	Article 21.	 	Legal Construction	  	25

  

 -i- 

 MARRIOTT INTERNATIONAL, INC. 
 STOCK AND CASH INCENTIVE PLAN 
 Article 1. Establishment, Objectives, and Duration

 1.1 Establishment of the Plan. Marriott International, Inc., a Delaware corporation (the “Company”), hereby
establishes an incentive compensation plan to be known as the Marriott International, Inc. Stock and Cash Incentive Plan (hereinafter referred to as the “Plan”), as set forth in this document. 
 The Plan shall become effective as of the Effective Date, as defined below, and shall remain in effect as provided in Article 1.3 hereof.

 1.2 Purpose of the Plan. The purpose of the Plan is to promote and enhance the long-term growth of the Company by aligning
the personal interests of Employees and Non-Employee Directors to those of Company shareholders and allowing such Employees and Non-Employee Directors to participate in the growth, development and financial success of the Company. 
 The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of key individuals.

 1.3 Duration of the Plan. The Plan shall commence on the Effective Date, as described in Article 1.1 hereof, and shall
remain in effect, subject to the right of the Board of Directors to amend or terminate the Plan at any time pursuant to Article 17 hereof, until all Shares subject to it shall have been purchased or acquired according to the Plan’s
provisions. 
 Article 2. Definitions 
 Whenever used in the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized: 
 2.1 “Allocation Agreement” means the Employee Benefits and Other Employment Matters Allocation Agreement by and between Marriott
International, Inc. (To Be Renamed Sodexho Marriott Services, Inc.) and New Marriott MI, Inc. (To Be Renamed Marriott International, Inc.) dated as of September 30, 1997. 
 2.2 “Annual Meeting” means the annual meeting of the stockholders of the Company at which Directors are elected. 
 2.3 “Award” means, individually or collectively, a grant under this Plan of MI Shares, SARs, Nonqualified Stock Options, Incentive Stock
Options, Restricted Stock, Deferred Stock Bonus Awards, Deferred Stock Agreements, Special Recognition Stock Awards, 1998 Conversion Awards, Other Share-Based Awards, Other Cash Performance-Based Awards, Non-Employee Director Share Awards, Stock
Units, and Director SARs and Options. 
  

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 2.4 “Award Agreement” means an agreement entered into by the Company and each
Participant setting forth the terms and provisions applicable to an Award granted under this Plan. 
 2.5 “Beneficial Owner”
or “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
 2.6 “Beneficiary” means the person or persons designated pursuant to Article 14 hereof. 
 2.7 “Board” or “Board of Directors” means the Board of Directors of the Company. 
 2.8
“Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 2.9 “Committee” means the
Compensation Policy Committee of the Board, as specified in Article 3 herein, or such other Committee appointed by the Board to administer the Plan with respect to grants of Awards. 
 2.10 “Company” means Marriott International, Inc., together with any and all Subsidiaries, and any successor thereto as provided in
Article 20 herein. 
 2.11 “Current Award” means a Deferred Stock Bonus Award granted under the terms and conditions
described in Article 8.2(c) hereof. 
 2.12 “Covered Employee” means a Participant who, as of the date of grant,
vesting and/or payout of an Award, as applicable, is one of the group of “covered employees,” as defined in the regulations promulgated under Code Section 162(m), or any successor statute. 
 2.13 “Deferred Award” means a Deferred Stock Bonus Award granted under the terms and conditions described in Article 8.2(b) hereof.

 2.14 “Deferred Stock” means an Award granted to a Participant as described in Article 8 herein. 
 2.15 “Deferred Stock Bonus Award” means a grant of a right to receive Shares on a deferred basis, pursuant to Article 8.2 hereof.

 2.16 “Deferred Stock Agreement” means an Award granted to a Participant as described in Article 8.3 herein.

 2.17 “Director” means any member of the Board. 
 2.18 “Director SAR” and “Director Option” mean, respectively, a SAR and a Nonqualified Stock Option as described in
Article 12 herein. 
  

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 2.19 “Disability” means a permanent and total disability, within the meaning of Code
Section 22(e)(3), as determined by the Committee in good faith, upon receipt of sufficient competent medical advice from one or more individuals, selected by or satisfactory to the Committee, who are qualified to give professional medical
advice. 
 2.20 “Distribution” means the distribution of all the outstanding shares of capital stock of the Company as
provided in the Distribution Agreement. 
 2.21 “Distribution Agreement” means the Distribution Agreement between Marriott
International, Inc. (To Be Renamed Sodexho Marriott Services, Inc.) and the Company dated as of September 30, 1997. 
 2.22
“Distribution Date” means the date on which the Distribution shall be effected pursuant to the Distribution Agreement. 
 2.23 “Effective Date” means January 1, 2008, except as otherwise indicated herein. 
 2.24
“Employee” means any individual who is, or will become, a full-time, active, non-union employee of the Company. Any Employee who, at the request of the Company, and on the written assignment of the Company specifically referencing this
provision of the Plan, becomes an employee of another employer shall continue to be treated as an Employee for all purposes hereunder during the period of such assignment. Directors who are not employed by the Company shall not be considered
Employees under this Plan. 
 2.25 “Engaging in Competition” means (i) engaging, individually or as an employee,
consultant, owner (more than five percent (5%)) or agent of any entity, in or on behalf of any business engaged in significant competition (or that transacts or cooperates with another business in activities of significant competition) with any
business operated by the Company or with interests adverse to those of the Company; (ii) soliciting and hiring a key employee of the Company in another business, whether or not in significant competition with any business operated by the
Company; or (iii) using or disclosing confidential or proprietary information, in each case, without the approval of the Company. 
 2.26 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto. 
 2.27 “Exercise Price” means the price at which a Share may be purchased by a Participant pursuant to an Option or the base price from which appreciation in Shares is measured under a SAR. 

2.28 “Fair Market Value” means the average of the highest and lowest quoted selling prices for the Shares on the relevant date, or
(if there were no sales on such date) the average so computed on the nearest day before or the nearest day after the relevant date, as reported in The Wall Street Journal or a similar publication selected by the Committee. 
  

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 2.29 “Fee Deferral Election” means an election made by a Non-Employee Director to defer
the receipt of Fees, as described in Article 12.3 hereof. 
 2.30 “Fees” means all or part of any retainer and/or fees
payable to a Non-Employee Director in his or her capacity as such. 
 2.31 “Incentive Stock Option” or
“ISO” means an option to purchase Shares granted under Article 6 herein, which is designated as an Incentive Stock Option and which is intended to meet the requirements of Code Section 422. 
 2.32 “Insider” shall mean an individual who is, on the relevant date, an officer, Director or more than ten percent
(10%) beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the Exchange Act. 
 2.33 “MI Share” means an Award granted to a Participant pursuant to Article 9A herein. 
 2.34 “1998 Conversion Award” means an Award made pursuant to Article 13 to reflect the effect of the Distribution on outstanding
awards which were made under the Predecessor Plans and which were held by the grantee immediately before the Distribution. 
 2.35
“Non-Employee Director” means a Director who is not an Employee of the Company. 
 2.36 “Non-Employee Director Share
Award” shall mean an award of Shares to a Non-Employee Director, as described in Article 12.2 herein. 
 2.37
“Nonqualified Stock Option” or “NQSO” means an option to purchase Shares granted under Article 6 herein and which is not intended to meet the requirements of Code Section 422. 
 2.38 “Option” means an Incentive Stock Option or a Nonqualified Stock Option, as described in Article 6 herein, or a Director
Option as described in Article 12 herein. 
 2.39 “Other Cash Performance-Based Awards” means an Other Cash
Performance-Based Award, as described in Article 10 herein. 
 2.40 “Other Share-Based Award” means an Other
Share-Based Award, as described in Article 10 herein. 
 2.41 “Participant” means an individual who has an outstanding
Award granted under the Plan. 
 2.42 “Performance-Based Exception” means the performance-based exception from the tax
deductibility limitations of Code Section 162(m). 
  

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 2.43 “Period of Restriction” means the period during which the transfer of Shares of
Restricted Stock is limited in some way (based on the passage of time, the achievement of performance objectives, or upon the occurrence of other events as determined by the Committee, in its discretion), and the Shares are subject to a substantial
risk of forfeiture, as provided in Article 7 herein. 
 2.44 “Person” shall have the meaning ascribed to such term in
Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 
 2.45 “Predecessor Plans” means the Marriott International, Inc. 1993 Comprehensive Stock Incentive Plan, the Marriott International, Inc. 1996 Comprehensive Stock Incentive Plan and the Marriott
International, Inc. 1995 Non-Employee Directors’ Deferred Stock Compensation Plan. 
 2.46 “Restricted Stock”
means an Award granted to a Participant pursuant to Article 7 herein. 
 2.47 “Shares” means shares of Class A Common
Stock of the Company or of any successor company adopting this Plan. 
 2.48 “Special Recognition Stock Award” means an
Award granted to a Participant pursuant to Article 9 herein. 
 2.49 “SAR” means a stock appreciation right Award granted to
a Participant pursuant to Article 6 herein which shall be settled in Shares. 
 2.50 “Stock Units” means the credits to a
Non-Employee Director’s Stock Unit Account, each of which represents the right to receive one Share upon settlement of the Stock Unit Account. 
 2.51 “Stock Unit Account” means the bookkeeping account established by the Company pursuant to Article 12.3. 
 2.52 “Subsidiary” means any corporation, partnership, joint venture or other entity in which the Company has a controlling interest as defined in Treasury Regulation Section 1.414(c)-2(b)(2), except that the threshold
interest shall be “more than fifty percent (50%)” instead of “at least eighty percent (80%).” 
 2.53
“Termination of Service” means termination of service as a Non-Employee Director in any of the following circumstances: 
 (a) Where the Non-Employee Director voluntarily resigns or retires; 
 (b) Where the
Non-Employee Director is not re-elected (or elected in the case of an appointed Non-Employee Director) to the Board by the shareholders; or 
  

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 (c) Where the Non-Employee Director dies. 
 With respect to any Awards that are or become subject to Section 409A of the Code, Termination of Service shall not include any event that is not within the meaning
of “separation from service” as set forth in Treasury Regulation Section 1.409A-1(h). 
 2.54 “Year of
Service” means a period of twelve (12) consecutive calendar months during which an Employee was paid for twelve hundred (1200) or more hours of work for the Company. 
 Article 3. Administration 
 3.1 The Committee. The Plan shall be administered by the
Compensation Policy Committee of the Board, or by any other committee appointed by the Board, the members of which shall be “Non-Employee Directors” within the meaning of Rule 16b-3 under the Exchange Act, or any successor provision. The
members of the Committee shall be appointed from time to time by, and shall serve at the discretion of, the Board of Directors. 
 3.2
Authority of the Committee. Except as limited by law or by the Articles of Incorporation or Bylaws of the Company, and subject to the provisions herein, the Committee shall have full power to select Employees and Directors who shall
participate in the Plan; determine the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent with the Plan; construe and interpret the Plan and any agreement or instrument entered into under the Plan;
establish, amend, or waive rules and regulations for the Plan’s administration; and (subject to the provisions of Article 17 herein) amend the terms and conditions of any outstanding Award to the extent such terms and conditions are within
the discretion of the Committee as provided in the Plan. Further, the Committee shall make all other determinations that may be necessary or advisable for the administration of the Plan. The Committee’s determinations under the Plan (including
without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Award Agreements evidencing such Awards) need not be uniform and may be made by the
Committee selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. As permitted by law, the Committee may delegate its authority under the Plan to a Director or
Employee. 
 3.3 Decisions Binding. All determinations and decisions made by the Committee or its designee pursuant to the
provisions of the Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on all parties. 
 3.4
Unanimous Consent in Lieu of Meeting. A memorandum signed by all members of the Committee shall constitute the act of the Committee without the necessity in such event to hold a meeting. 
 3.5 Serious Misconduct. Notwithstanding anything to the contrary in the Plan or any Award Agreement, if a Participant terminates employment
for serious misconduct, the 

  

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Committee may, in its sole discretion, refuse or revoke Approved Retiree status or other retirement approval for such Participant, or otherwise determine
that such Participant may not receive, vest in or exercise any Awards or otherwise receive Shares thereunder to the extent the Awards are not granted, vested or fully exercised, or Shares are not received, as of such determination. 
 Article 4. Shares Subject to the Plan and Maximum Awards 
 4.1 Number of Shares. Subject to Articles 4.2 and 4.3 herein, (a) no more than 85 million shares of Class A Common Stock of the Company may be issued pursuant to Awards granted under the Plan, and
(b) the maximum aggregate number of Shares that may be subject to any Awards (other than 1998 Conversion Awards) granted in any one fiscal year to any single Employee shall be 750,000. 
 4.2 Lapsed Awards. If any Award granted under the Plan is canceled, terminates, expires, or lapses for any reason, any Shares subject to
such Award shall again be available for the grant of an Award under the Plan. 
 4.3 Adjustments in Authorized Shares and
Awards. In the event of any change in corporate capitalization, such as a stock split, or a corporate transaction, such as any merger, consolidation, separation, including a spin-off, or other distribution of stock or property of the
Company, any reorganization (whether or not such reorganization comes within the definition of such term in Code Section 368) or any partial or complete liquidation of the Company, (a) such adjustment shall be made in the number and class
of Shares which may be delivered under Article 4.1 and the Award limits set forth in Article 4.1 as may be determined to be appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or enlargement of rights;
and (b) the Committee or the board of directors, compensation committee or similar body of any other legal entity assuming the obligations of the Company hereunder, shall either (i) except for Awards of Deferred Stock held by former
associates, make appropriate provision for the protection of outstanding Awards by the substitution on an equitable basis of appropriate equity interests or awards similar to the Awards (or, in the event no such similar equity interests may be
identified, a nonqualified deferred compensation account allocation of equivalent value), provided that the substitution neither enlarges nor diminishes the value and rights under the Awards; or (ii) except for Awards of Deferred Stock held by
active associates, upon written notice to the Participants, provide that Awards will be exercised, distributed, canceled or exchanged for value pursuant to such terms and conditions (including the waiver of any existing terms or conditions) as
shall be specified in the notice. Any adjustment of an ISO under this paragraph shall be made in such a manner so as not to constitute a “modification” within the meaning of Section 424(h)(3) of the Code. 
 Article 5. Eligibility and Participation 
 5.1
Eligibility. Employees shall be eligible to participate in this Plan with respect to Awards specified in Articles 6 through 10. Non-Employee Directors shall be eligible to participate in the Plan with respect to Awards specified in
Article 12. Persons eligible to receive 1998 Conversion Awards under the Allocation Agreement shall be eligible to participate in the Plan with respect to Awards specified in Article 13. 
  

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 5.2 Actual Participation by Employees. Subject to the provisions of the Plan, the Committee
may, from time to time, select from all eligible Employees, those to whom Awards shall be granted and shall determine the nature and amount of each Award. 
 Article 6. SARs and Stock Options 
 6.1 Grant of SARs and Options. Subject to the terms and provisions of the
Plan, SARs and/or Options may be granted to Employees in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. SARs and Options may include provisions for reload of SARs and Options,
respectively, exercised (in the case of Options) by the tender of Shares or the withholding of Shares with respect to the exercise of the SARs and Options. A SAR or an Option, once granted, may not thereafter be amended to change the Exercise Price.

 6.2 Award Agreement. Each SAR and Option grant shall be evidenced by an Award Agreement that shall specify the Exercise
Price, the duration of the Award, the number of Shares to which the Award pertains, and such other provisions as the Committee shall determine. The Award Agreement, if pertaining to an Option, also shall specify whether the Option is intended to be
an ISO within the meaning of Code Section 422, or an NQSO whose grant is intended not to fall under the provisions of Code Section 422. 
 6.3 Exercise Price. The Exercise Price for each grant of a SAR or an Option under this Article 6 shall be at least equal to one hundred percent (100%) of the Fair Market Value of a Share on the date the SAR or
Option is granted. 
 6.4 Duration of SARs and Options. Each SAR and
Option granted under this Article 6 shall expire at such time as the Committee shall determine at the time of grant; provided, however, that no SAR or Option shall be exercisable later than the fifteenth (15th) anniversary date
of its grant. 
 6.5 Exercise of SARs and Options. SARS and Options granted under this Article 6 shall be exercisable
at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant. 
 The ability of a Participant to exercise a SAR or an Option is conditioned upon the Participant not committing any criminal offense or malicious tort
relating to or against the Company, or, as determined by the Committee in its sole discretion, engaging in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company’s operations,
financial condition or business reputation. 
  

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 6.6 Notice and Payment. SARs and Options granted under this Article 6 shall be exercised by
the delivery of notice of exercise to the Company by such means as the Committee shall approve from time to time, setting forth the number of Shares with respect to which the SAR or Option is to be exercised, accompanied, in the case of Options, by
full payment for the Shares. 
 The Exercise Price upon exercise of any Option shall be payable to the Company in full either: (a) in
cash or its equivalent, or (b) if permitted in the governing Award Agreement, by tendering previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Exercise Price (provided that the Shares
which are tendered must have been held by the Participant for at least six (6) months prior to their tender to satisfy the Exercise Price), or (c) if permitted in the governing Award Agreement, by a combination of (a) and (b).

 The Committee also may allow cashless exercise as permitted under the Federal Reserve Board’s Regulation T, subject
to applicable securities law restrictions, or by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law. 
 6.8 Restrictions on Share Transferability. The Committee may impose such restrictions on any Shares acquired pursuant to the exercise of a SAR or an Option granted under this Article 6 as it may deem
advisable, including, without limitation, restrictions under applicable Federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed or traded, and under any blue sky or state securities
laws applicable to such Shares. 
 6.9 Termination of Employment or Leave of Absence. In the event that a Participant who is an
Employee, during his or her lifetime has been on leave of absence for a period of greater than twelve (12) months (except a leave of absence approved by the Board or the Committee, as the case may be), or ceases to be an Employee of the Company
or of any Subsidiary for any reason, including retirement, the portion of any SAR or Option which is not exercisable on the date on which the Participant ceased to be an Employee or has been on leave for over twelve (12) months (except a leave
of absence approved by the Board or the Committee, as the case may be) shall expire on such date and any unexercised portion thereof which was otherwise exercisable on such date shall expire unless exercised within a period of three (3) months
from such date, but in no event after the expiration of the term for which the SAR or Option was granted; provided, however, that in the case of an awardee of a SAR or a NQSO who is an “Approved Retiree” (as hereinafter defined), the SAR
or NQSO shall continue to vest for up to five years from the date of retirement and said awardee may exercise such SAR or NQSO, as applicable, until the soonest to occur of (i) the expiration of such SAR or NQSO in accordance with its original
term; (ii) the expiration of five (5) years from the date of retirement; or (iii) with respect to SARs or Options granted after 2005 and less than one year before the date the Approved Retiree retires, expiration of the SAR or Option
on such retirement date, except not with respect to that portion of the SARs or Options equal to such number of shares multiplied by the ratio of (I) the number of days between the grant date and the retirement date inclusive, over (II) the
number of days in the twelve (12) month period following the grant date. For purposes of the proviso to the preceding sentence: 
  

 - 9 - 

 (a) An “Approved Retiree” is any awardee of a SAR or an Option who
(i) terminates employment by reason of a Disability, or (ii) (A) retires from employment with the Company with the specific approval of the Committee on or after such date on which the awardee has attained age fifty-five
(55) and completed ten (10) Years of Service or, with respect to Options granted prior to 2006, has completed twenty (20) Years of Service, and (B) has entered into and has not breached an agreement to refrain from Engaging in
Competition in form and substance satisfactory to the Committee; and 
 (b) If the Committee subsequently determines, in its
sole discretion, that an Approved Retiree has violated the provisions of the agreement to refrain from Engaging in Competition referred to in clause (a)(ii)(B) of this Article, or has engaged in willful acts or omissions or acts or omissions of
gross negligence that are or potentially are injurious to the Company’s operations, financial condition or business reputation, such Approved Retiree shall have ninety (90) days from the date of such finding within which to exercise any
SARs or Options or portions thereof which are exercisable on such date, and any Options or portions thereof which are not exercised within such ninety- (90-) day period shall expire, and any SARs or Options or portion thereof which are not
exercisable on such date shall be cancelled on such date. 
 In the event of the death of an awardee during the three (3)-month period
described above for exercise of a SAR or an Option by a terminated awardee or one on leave for over twelve (12) months (except a leave of absence approved by the Board or the Committee, as the case may be), the Option shall be exercisable by
the awardee’s personal representatives, heirs or legatees to the same extent and during the same period that the awardee could have exercised the SAR or Option if the awardee had not died. 
 Notwithstanding anything in Article 6.5 to the contrary, in the event of the death of an awardee while an Employee or Approved Retiree of the
Company or any Subsidiary, an outstanding SAR or Option held by such awardee upon death shall become fully vested upon death and shall be exercisable by the awardee’s personal representatives, heirs or legatees at any time prior to the
expiration of one (1) year from the date of death of the awardee, but in no event after the expiration of the term for which the SAR or Option was granted. 
 6.10 Nontransferability of SARs and Options. 
 (a) Incentive Stock
Options. No ISO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, all ISOs granted to a Participant under
the Plan shall be exercisable during his or her lifetime only by such Participant. 
 (b) SARs and Nonqualified Stock
Options. Except as otherwise provided in a Participant’s Award Agreement or pursuant to policies adopted by the Committee, no SAR or NQSO granted under this Article 6 may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in the Plan or a Participant’s Award Agreement, all SARs and NQSOs granted to a Participant under this
Article 6 shall be exercisable during his or her lifetime only by such Participant. 
  

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 Article 7. Restricted Stock 
 7.1 Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock to Employees in such amounts as the
Committee shall determine. 
 7.2 Restricted Stock Agreement. Each Restricted Stock grant shall be evidenced by a Restricted
Stock Award Agreement that shall specify the Period(s) of Restriction, the number of Shares of Restricted Stock granted, and such other provisions as the Committee shall determine. 
 7.3 Transferability. Except as provided in this Article 7, the Shares of Restricted Stock granted herein may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction established by the Committee and specified in the Restricted Stock Award Agreement, or upon earlier satisfaction of any other conditions,
as specified by the Committee in its sole discretion and set forth in the Restricted Stock Award Agreement. All rights with respect to the Restricted Stock granted to a Participant under the Plan shall be available during his or her lifetime only to
such Participant. 
 7.4 Other Restrictions. The Committee shall impose such conditions and/or restrictions on any Shares of
Restricted Stock granted pursuant to the Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of Restricted Stock, restrictions based upon the achievement of
specific performance objectives (Company-wide, business unit, and/or individual), time-based restrictions on vesting following the attainment of the performance objectives, and/or restrictions under applicable Federal or state securities laws.

 The Company shall retain the certificates representing Shares of Restricted Stock in the Company’s possession until such time as all
conditions and/or restrictions applicable to such Shares have been satisfied. 
 Except as otherwise provided in this Article 7, Shares
of Restricted Stock covered by each Restricted Stock grant made under the Plan shall become freely transferable by the Participant after the last day of the applicable Period of Restriction. 
 Distribution of Shares of Restricted Stock is conditioned upon the Participant not committing any criminal offense or malicious tort relating to or
against the Company or, as determined by the Committee in its sole discretion, engaging in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the company’s operations, financial condition
or business reputation. 
 7.5 Voting Rights. During the Period of Restriction, Participants holding Shares of Restricted Stock
granted hereunder may exercise full voting rights with respect to those Shares. 
  

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 7.6 Dividends and Other Distributions. During the Period of Restriction, Participants
holding Shares of Restricted Stock granted hereunder may be credited with regular cash dividends paid with respect to the underlying Shares while they are so held. Such dividends may be paid currently or converted into additional shares of
Restricted Stock, upon such terms as the Committee establishes. 
 The Committee may apply any restrictions to the dividends that the
Committee deems appropriate. Without limiting the generality of the preceding sentence, if the grant or vesting of Restricted Stock granted to a Covered Employee is designed to comply with the requirements of the Performance-Based Exception, the
Committee may apply any restrictions it deems appropriate to the payment of dividends declared with respect to such Restricted Stock, such that the dividends and/or the Restricted Stock maintain eligibility for the Performance-Based Exception.

 7.7 Termination of Employment. In the event a Participant’s employment with the Company is terminated because of the
Participant’s Disability or death during the Period of Restriction, the Period of Restriction shall end and the Participant’s rights thereunder shall inure to the benefit of his or her Beneficiary. 
 In the event that a Participant’s employment with the Company is terminated during the Period of Restriction because of either the
Participant’s: (a) retirement with specific approval from the Committee following attainment of age fifty-five (55) and with ten (10) Years of Service or (b) with respect to Awards granted before January 1, 2006,
retirement with specific approval from the Committee and with twenty (20) Years of Service, the Committee shall have complete discretion in determining the percentage, if any, of a Participant’s outstanding Restricted Shares as to which
the Period of Restriction shall end. In the event that a Participant’s employment with the Company is terminated for any other reason during the Period of Restriction, such Participant’s outstanding Restricted Shares shall be forfeited to
the Company without payment. 
 Article 8. Deferred Stock 
 8.1 Award of Deferred Stock. Subject to the terms and provisions of the Plan, Deferred Stock Bonus Awards or Deferred Stock Agreements may be granted to Employees at any time and from time to time as shall be
determined by the Committee. The Committee shall have complete discretion in determining the amount of Deferred Stock granted to each Employee (subject to Article 4 herein) and, consistent with the provisions of the Plan, in determining the
terms and conditions pertaining to such Awards of Deferred Stock. 
 8.2 Deferred Stock Bonus Awards. Deferred Stock Bonus Awards may
be granted as part of a management incentive program under which part of the annual performance bonus awarded to managers and other key Employees is made in Deferred Stock. Subject to the terms of the Plan, Deferred Stock Bonus Awards shall have
such terms and conditions as determined by the Committee. As determined by the Committee and subject to the terms of the Plan, Participants selected by the Committee in its discretion may elect to receive their Deferred Stock Bonus Award in the form
of either a Current Award or a Deferred Award. 
  

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 (a) Method of Election. Each Participant who is granted a Deferred Stock Bonus
Award and selected by the Committee in its discretion may elect, in writing, on a form to be furnished by the Company, to receive a Current Award or a Deferred Award. Notwithstanding the foregoing, any eligible Participant who does not elect to
receive a Deferred Award within the time designated by the Company shall be granted a Current Award. 
 (b) Deferred
Award. 
 (i) Vesting. Deferred Stock granted in connection with a Deferred Award shall
contingently vest, pro rata, in annual installments commencing one year after the date of the Deferred Stock Bonus Award and continuing on each January 2 thereafter until the expiration of a ten (10)-year period from such commencement date.
Notwithstanding the foregoing, all unvested Deferred Stock subject to a Deferred Award shall vest upon the Participant’s: (1) termination of employment with retirement approval from the Committee following attainment of age fifty-five
(55) with ten (10) Years of Service; (2) termination of employment with retirement approval from the Committee and with twenty (20) Years of Service; (3) Disability, or (4) death. Subject to Article 4.3 herein, unvested
Deferred Stock shall not vest following termination of employment for any other reason. 
 (ii) Distribution of
Shares. Vested Shares will be distributed to the Participant in two (2) to ten (10) approximately equal annual installments, as elected by the Participant. Such distribution shall commence in the month of
January following the date the Participant terminates employment; provided, however, that the Participant may elect, at the time of grant and prior to vesting in any shares of Deferred Stock subject to an Award, to receive his or her vested Shares
in a single distribution which shall take place in the month of January following the year during which his or her termination of employment occurs. 
 All such elections made pursuant to this Article 8.2(b)(ii), shall be made at the time the Deferred Stock Bonus Award is granted, and shall be made, in writing, on a form prescribed by the Committee. Upon a
Participant’s death, all undistributed vested Deferred Stock will be distributed in one distribution as provided in Article 10 herein. 
 (c) Current Award.  
 (i) Distribution of Shares. Shares subject
to a Current Award will be distributed in ten (10) consecutive, approximately equal, annual installments, commencing in the first calendar quarter of the year following the year in which the Deferred Stock Bonus Award is granted. If a
Participant dies prior to distribution of all Shares to which he or she is entitled, the remaining Shares will be distributed in one distribution as provided in Article 10 herein. 
  

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 (ii) Forfeiture of Shares. Any undistributed Shares subject to a
Current Award will be forfeited and the Deferred Stock Bonus Award relating thereto terminated, without payment, if the Participant’s employment with the Company is terminated for any reason other than the Participant’s:
(1) termination of employment with retirement approval from the Committee at or beyond age fifty-five (55) with ten (10) Years of Service, (2) retirement after twenty (20) Years of Service with approval from the Committee,
(3) Disability, or (4) death. Any undistributed Shares not subject to forfeiture shall continue to be distributed to the Participant under the distribution schedule which would have applied to those Shares if the Participant had not
terminated employment; or over such shorter period as may be determined by the Committee. 
 (d) Conditions.
Notwithstanding anything to the contrary in the Plan, distribution of Shares under Current Awards and Deferred Awards is conditioned upon: 
 (i) the Participant not committing any criminal offense or malicious tort relating to or against the Company , or, as determined by the Committee in its sole discretion, engaging in willful acts or omissions or acts
or omissions of gross negligence that are or potentially are injurious to the Company’s operations, financial condition or business reputation; 
 (ii) the Participant not Engaging in Competition; and 
 (iii) the Participant having provided
the Committee with a current address where the Deferred Stock Bonus Award may be distributed. 
 If said conditions are not met, all
undistributed Shares will be forfeited and the Deferred Stock Bonus Award terminated, without payment. 
 (e) Lump Sum
Payments. Notwithstanding anything in the Plan to the contrary, any Participant entitled upon termination of employment to receive a distribution pursuant to this Article 8 which has a total Fair Market Value at the time of such termination
of $5,000 or less shall receive such distribution in one lump sum as soon as practicable following termination of employment. 
 8.3
Deferred Stock Agreements. Deferred Stock Agreements represent Deferred Stock granted to a Participant subject to the following conditions: 
 (a) Vesting. Deferred Stock granted pursuant to this Article 8.3 shall contingently vest over a specified number of years, as determined by the Committee. Notwithstanding the foregoing, the Committee shall
have complete discretion in determining the vested percentage, if any, of all unvested Deferred Stock subject to a Deferred Stock Agreement upon either the Participant’s (1) termination of employment 

  

 - 14 - 

 
with retirement approval from the Committee following attainment of age fifty-five (55) and with ten (10) Years of Service or (2) termination
of employment with retirement approval from the Committee and with twenty (20) Years of Service. All unvested Deferred Stock subject to a Deferred Stock Agreement shall immediately vest upon the Participant’s termination of employment as a
result of the Participant’s Disability or death. Subject to Article 4.3 herein, unless otherwise provided in the Deferred Stock Agreement, if the Participant’s employment with the Company is terminated for any other reason, all
Deferred Stock that is not vested before such termination of employment shall be forfeited and the Deferred Stock Agreement terminated without payment. 
 (b) Distribution of Shares. Vested Deferred Stock granted pursuant to this Article 8.3 shall be distributed to the Participant in the form of Shares in the manner specified in the Deferred Stock Agreement.
Such distribution shall commence in accordance with the terms of the Deferred Stock Agreement; provided that upon the Participant’s death, all unpaid vested Deferred Stock shall be distributed in the form of Shares, in one distribution, as
provided in Article 14 hereof. 
 (c) Conditions. Notwithstanding anything to the contrary in the Plan,
distribution of Shares subject to Deferred Stock Agreements is conditioned upon: 
 (i) the Participant not Engaging in
Competition, 
 (ii) the Participant not committing any criminal offense or malicious tort relating to or against the Company
, or, as determined by the Committee in its sole discretion, engaging in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company’s operations, financial condition or business
reputation; and 
 (iii) the Participant having provided the Committee with a current address where the Deferred Stock may be
distributed. 
 If said conditions are not met, all undistributed Deferred Stock will be forfeited and the Deferred Stock
Agreement terminated without payment. 
 8.4 Assignment. A Participant’s rights under a Deferred Stock Agreement or Deferred
Stock Bonus Award may not, without the Company’s written consent, be assigned or otherwise transferred, nor shall they be subject to any right or claim of a Participant’s creditors, provided that the Company may offset any amounts owing to
or guaranteed by the Company, or owing to any credit union related to the Company against the value of Deferred Stock and underlying Shares to be distributed under Deferred Stock Agreements and Deferred Stock Bonus Awards. 
 8.5 Change in Distribution Schedule. Effective August 4, 2005, Participants with Deferred Awards or Deferred Stock Agreements may elect to
change the schedule under which they receive Share distributions under such Awards, provided that (i) the alternative distribution schedule shall be a lump sum distribution occurring on March 22, 2006, for all such Shares that 

  

 - 15 - 

 
are vested as of that date, and for all unvested Shares the alternative schedule of distributions shall be the sooner to occur of the fixed date(s) on which
the Shares are scheduled to vest or the Participant’s termination of employment; and (ii) the Participant elections shall be made no later than October 14, 2005, pursuant to procedures established by the Committee or its designee.
This Article shall also apply to all Conversion Awards that are substantially similar in form to Deferred Awards and Deferred Stock Agreements. 
 8.6 Key Employees. Notwithstanding Articles 8.2(b)(ii) and 8.3, for Awards that are subject to Section 409A of the Code, distributions to a Participant who is a Key Employee (as defined below) on account of a Termination of
Service shall be made or commence not before the date which is six (6) months following the Termination of Service, except in the event of the Participant’s death. For this purpose, a Key Employee is a person described in Treasury
Regulation Section 1.409A-1(i), applying the default rules thereunder. 
 Article 9. Special Recognition Stock Awards 
 Subject to the terms and provisions of the Plan, the Committee or its designee, at any time and from time to time, may grant Special Recognition Stock
Awards to Employees in such amounts and upon such conditions as the Committee or its designee shall determine. 
 Article 9A. MI Shares 
 9A.1 MI Shares. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time, may grant Awards of MI Shares to
eligible Employees in such amounts as the Committee shall determine. 
 9A.2 MI Share and Common Share Rights. MI Shares shall
represent an Employee’s unsecured right to receive from the Company the transfer of title to Shares in accordance with the schedule of vesting dates set forth in Article 9A.3 below, provided that the Employee has satisfied the conditions of
transfer set forth in Article 9A.4 below, and subject to the satisfaction of the provision on withholding taxes set forth in Article 9A.6 below. On each such vesting date, if it occurs, the Company shall transfer a corresponding number of Shares
(which may be reduced by the number of Shares withheld to satisfy withholding taxes as set forth in Article 9A.6 below, if share reduction is the method utilized for satisfying the tax withholding obligation) to an individual brokerage account
established and maintained in the Employee’s name. The Employee shall have all the rights of a stockholder with respect to such Shares transferred to the brokerage account, including but not limited to the right to vote the Shares, to sell,
transfer, liquidate or otherwise dispose of the Shares, and to receive all dividends or other distributions paid or made with respect to the Shares from the time they are deposited in the account. The Employee shall have no voting, transfer,
liquidation, dividend or other rights of a Share stockholder with respect to MI Shares prior to such time that the corresponding Shares are transferred, if at all, to the Employee’s brokerage account. 
 9A.3 Vesting in MI Shares. If an MI Share Award is granted on the fifteenth
(15th) or preceding day of any month, the Award shall vest pro rata with respect to an additional twenty-five percent (25%) of the MI Shares granted hereunder on the fifteenth (15th) day of the month in 

  

 - 16 - 

 
which occurs the first (1st), second (2nd), third (3rd) and fourth (4th) twelve- (12-) month
anniversaries of the grant date, respectively. If an MI Share Award is granted on the sixteenth (16th) or succeeding day of any month, the Award shall vest pro rata with respect to twenty-five (25%) of the MI Shares granted
hereunder on the fifteenth (15th) day of the month following the first (1st), second (2nd), third (3rd) or fourth (4th) twelve- (12-) month anniversaries of the grant date, respectively. Notwithstanding the foregoing, in
the event that any such fifteenth (15th) day of the month is a Saturday, Sunday or other day on which stock of the Company is not traded on the New York Stock Exchange or another national exchange, then the vesting date shall be the
next following day on which the stock of the Company is traded on the New York Stock Exchange or another national exchange. 
 9A.4
Conditions of Transfer. A transfer of Shares in accordance with paragraph 9A.2 above shall be conditioned upon the Employee meeting all of the following conditions during the entire period from the grant date through the vesting date(s) relating
to such MI Shares: 
 (a) The Employee must continue to be an active employee of the Company or one of its Subsidiaries;

 (b) The Employee must refrain from Engaging in Competition; and 
 (c) The Employee must refrain from committing any criminal offense or malicious tort relating to or against the Company or, as determined
by the Committee in its discretion, engaging in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company’s operations, financial condition or business reputation. 
 If the Employee fails to meet the requirements of Article 9A.4(a) through (c), then the Employee shall forfeit the right to vest in any MI Shares that
have not already vested as of the time such failure is determined, and the Employee shall accordingly forfeit the right to receive the transfer of title to any corresponding Shares. The forfeiture of rights with respect to unvested MI Shares (and
corresponding Shares) shall not affect the rights of the Employee with respect to any MI Shares that already have vested nor with respect to any Shares the title of which has already been transferred to the Employee’s brokerage account.

 9A.5 Effect of Termination of Employment. Notwithstanding the contrary in Articles 9A.3 and 9A.4: 
 (a) In the event the Employee’s employment is terminated prior to the relevant vesting date on account of death, and if the Employee
had otherwise met the requirements of Article 9A.4(a) through (c) from the grant date through the date of such death, then the Employee’s unvested MI Shares shall immediately vest in full upon death and the Employee’s rights hereunder
with respect to any such MI Shares shall inure to the benefit of the Employee’s executors, administrators, personal representatives and assigns. 
  

 - 17 - 

 (b) In the event Employee’s
employment is terminated prior to the relevant vesting date on account of the Employee’s Disability or Retirement (as defined below), and if the Employee had otherwise met the requirements of Article 9A.4(a) through (c) from the grant date
through the date of such Disability or Retirement, and provided that the Employee continues to meet the requirements of Article 9A.4(b) and (c), then the Employee’s rights hereunder with respect to any outstanding, unvested MI Shares shall
continue in the same manner as if the Employee continued to meet the continuous employment requirement of Article 9A.4(a) through the vesting dates related to the Award, except not for that portion of MI Shares granted less than one (1) year
prior to the Employee’s termination equal to such number of shares multiplied by the ratio of (I) the number of days after the termination date and before the first (1st) anniversary of the grant date, over (II) the
number of days on and after the grant date and before the first (1st) anniversary of the grant date. For purposes of this Article 9A.5(b), “Retirement” shall mean termination of employment by retiring with special approval
of the Committee following age fifty-five (55) with ten (10) years of service.
 9A.6. Taxes. The transfer of Shares upon
each vesting date, pursuant to Articles 9A.2 and 9A.4 above, shall be subject to the further condition that the Company shall provide for the withholding of any taxes required by federal, state, or local law in respect of that vesting date by
reducing the number of Shares to be transferred to the Employee’s brokerage account or by such other manner as the Committee shall determine in its discretion. 
 Article 10. Other Awards 
 10.1 Grant of Other Share-Based Awards. The Committee may grant
Other Share-Based Awards to Participants in such number, and upon such terms, and at any time and from time to time, as shall be determined by the Committee. 
 10.2 Terms of Other Share-Based Awards. Other Share-Based Awards shall contain such terms and conditions as the Committee may from time to time specify and may be denominated in cash, in Shares, in
Share-equivalent units, in Share appreciation units, in securities or debentures convertible into Shares or in a combination of the foregoing and may be paid in cash or in Shares, all as determined by the Committee. Other Share-Based Awards may be
issued alone or in tandem with other Awards granted to Employees. 
 10.3 Other Share-Based Award Agreement. Each Other Share-Based
Award shall be evidenced by an Award Agreement that shall specify such terms and conditions as the Committee shall determine. 
 10.4
Other Cash Performance-Based Awards. The Committee may grant Other Cash Performance-Based Awards based on performance measures set forth in Article 11 not based on Shares upon such terms and at any time and from time to time as shall be
determined by the Committee. Each such Other Cash Performance-Based Award shall be evidenced by an award agreement that shall specify such terms and conditions as the Committee shall determine. An Other Cash Performance-Based Award not based upon
Shares shall not decrease the number 

  

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of Shares under Article 4 that may be issued pursuant to other Awards. No individual shall be eligible to receive a payment with respect to cash
performance-based awards in excess of $4 million in any calendar year. Other Cash Performance-Based Awards may relate to annual bonus or long-term performance awards. 
 Article 11. Performance Measures for Awards 
 11.1 Performance Measures. Unless and until the
Committee proposes for shareholder vote and shareholders approve a change in the general performance measures set forth in this Article 11, the attainment of which may determine the degree of payout and/or vesting with respect to Awards granted
to Covered Employees which are designed to qualify for the Performance-Based Exception, the performance measure(s) to be used for purposes of such Awards shall be chosen from among the following alternatives: 
 (a) Consolidated cash flows, 
 (b) Consolidated financial reported earnings, 
 (c) Consolidated economic earnings,

 (d) Earnings per share, 
 (e) Business unit financial reported earnings, 
 (f) Business unit economic earnings,

 (g) Business unit cash flows, 
 (h) Appreciation in the Fair Market Value of Shares either alone or as measured against the performance of the stocks of a group of companies approved by the Committee, 
 (i) Return on invested capital, 
 (j) Consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”), and 
 (k) Business unit EBITDA. 
 11.2 Adjustments. The Committee shall have the discretion to adjust the
determinations of the degree of attainment of the preestablished performance objectives; provided, however, that Awards that are designed to qualify for the Performance-Based Exception and that are held by Covered Employees may not be adjusted
upward (the Committee shall retain the discretion to adjust such Awards downward). 
 11.3 Committee Discretion. In the event that
applicable tax and/or securities laws change to permit Committee discretion to alter the governing performance measures without 

  

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obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining shareholder approval. In
addition, in the event that the Committee determines that it is advisable to grant Awards that do not qualify for the Performance-Based Exception; the Committee may make such grants without satisfying the requirements of Code Section 162(m).

 Article 12. Directors’ Share Awards, Fee Deferral Elections, and Director SARs and Options. 
 12.1 Eligibility. Only Non-Employee Directors shall be eligible to receive Non-Employee Director Share Awards and Director SARs and Options and to
make Fee Deferral Elections. 
 12.2 Non-Employee Director Share Awards. On the
first (1st) full trading day immediately following each Annual Meeting, each Non-Employee Director designated by the Board shall receive a Non-Employee Director Share Award of a number of Shares determined by the Board before such
Annual Meeting. Each Non-Employee Director Share Award shall be fully vested and nonforfeitable when granted. 
 12.3 Fee Deferral
Elections. 
 (a) Elections to Defer Payment of
Fees. Payment of all or any part of any Fees payable to a Non-Employee Director may be deferred by election of the Non-Employee Director. Each such election must be made in writing on a form
prescribed by the Committee and irrevocably delivered to the Company in the year preceding the year which commences with the next Annual Meeting (the “Election Year”) and must be irrevocable for such Election Year. No election may be made
under this Article 12.3(a) with respect to Fees for which an election is made under Article 12.5. 
 (b)
Crediting Stock Units to Accounts. Amounts deferred pursuant to a Fee Deferral Election shall be credited as of the date of the deferral to a Stock Unit Account in Stock Units. The
number of Stock Units credited to a Stock Unit Account with respect to any Non-Employee Director shall equal (i) the amount deferred pursuant to the Fee Deferral Election divided by (ii) the Fair Market Value of a Share on the date on
which the Fees subject to the Fee Deferral Election would have been paid but for the Fee Deferral Election, with fractional units calculated to at least three (3) decimal places. 
 (c) Fully Vested Stock Units. All Stock Units credited to a Non-Employee Director’s Stock Unit Account
pursuant to this Article 12.3 shall be at all times fully vested and nonforfeitable. 
 (d) Credit of Dividend
Equivalents. As of each dividend payment date with respect to Shares, each Non-Employee Director shall have credited to his or her Stock Unit Account an additional number of Stock Units equal to the product of (i) the per-share cash
dividend payable with respect to a Share on such dividend payment date multiplied by the number of Stock Units credited to his or her Stock Unit Account as of 

  

 - 20 - 

 
the close of business on the record date for such dividend, divided by (ii) the Fair Market Value of a Share on such dividend payment date. If dividends
are paid on Shares in a form other than cash, then such dividends shall be notionally converted to cash, if their value is readily determinable, and credited in a manner consistent with the foregoing and, if their value is not readily determinable,
shall be credited “in kind” to the Non-Employee Director’s Stock Unit Account. 
 (e)
Payment of Stock Units. Upon Termination of Service, the Stock Units credited to a Non-Employee Director’s Stock Unit Account shall be paid to the Non-Employee Director in an equal number of shares of Stock in a
single lump sum or in substantially equal annual installments over a period not to exceed ten (10) years, as irrevocably elected in writing by the Non-Employee Director at the time of the Non-Employee Director’s election to defer Fees
under Article 12.3(a), pursuant to rules established from time to time by the Committee. 
 12.4 Unfunded Status. The interest of each
Non-Employee Director in any Fees deferred under this Article 12 (and any Stock Units or Stock Unit Account relating thereto) or in any Director Stock Award shall be that of a general creditor of the Company. Stock Unit Accounts and Stock Units
(and, if any, “in kind” dividends) credited thereto shall at all times be maintained by the Company as bookkeeping entries evidencing unfunded and unsecured general obligations of the Company. 
 12.5 Director SARs and Options. 
 (a) Elections to Receive Payment of Fees in the Form of SARs or Options. A Non-Employee Director may elect to receive payment of all or any part of his or her cash retainer in the form of Director SARs
or Options, as determined by the Committee, in lieu of cash. Each such election must be made in writing on a form prescribed by the Committee and delivered to the Company in the calendar year preceding the calendar year in which occurs the Annual
Meeting that marks the commencement of the annual period of service during which such Fees are earned. Each election is irrevocable for that annual period. Elections under this Article 12.5 may not be made with respect to Fees deferred under Article
12.3. 
 (b) Grant of Director SARs and Options. On the
first (1st) full trading day immediately following each Annual Meeting, each Non-Employee Director who has filed an election under Article 12.5(a) for the annual period of service that commences with such Annual Meeting shall be
granted Director SARs or Options that have a value on the date of grant substantially equal to the amount of Fees otherwise payable to the Director in cash but for the election to receive Director SARs or Options. The value of Director SARs or
Options shall be determined by the Committee in its sole discretion, at a meeting held prior to the Annual Meeting, based on a Black-Scholes option pricing model or other valuation model that the Committee determines to be appropriate in its sole
discretion. 
 (c) Terms of Director SARs and Options. Each Director SAR and Option shall be evidenced by an
Award Agreement that shall specify the Exercise Price, the 

  

 - 21 - 

 
duration of the SAR or Option, and the number of Shares to which the SAR or Option pertains. Each Director SAR and Option shall (i) have an Exercise
Price equal to the Fair Market Value of a Share on the date the Award is granted; (ii) become one hundred percent (100%) vested and first exercisable on the last business day immediately preceding the Annual Meeting next following the date
the SAR or Option is granted or, if earlier, upon the Director’s Termination of Service due to death or Disability; (iii) expire on the tenth (10th) anniversary of the date of its grant; and (iv) be nontransferable
unless otherwise specified by the Committee. 
 (d) Payment. Director SARs and Options granted under this
Article 12 shall be exercised by the delivery of notice of exercise to the Company in such manner as the Committee shall determine, setting forth the number of Shares with respect to which the SAR or Option is to be exercised, accompanied by
full payment for the Shares. The Exercise Price upon exercise of any Director SAR or Option shall be payable to the Company in full either: (i) in cash or its equivalent, (ii) by tendering previously acquired Shares having an aggregate
Fair Market Value at the time of exercise equal to the total Exercise Price (provided that the Shares which are tendered must have been held by the Director for at least six (6) months prior to their tender to satisfy the Exercise Price), or
(iii) by a combination of (i) and (ii). The Committee also may allow cashless exercise as permitted under the Federal Reserve Board’s Regulation T, subject to applicable securities law restrictions, or by any other means which the
Committee determines to be consistent with the Plan’s purpose and applicable law. 
 Article 13. 1998 Conversion Awards 
 All 1998 Conversion Awards which, under the Allocation Agreement, are to be denominated in equal numbers of shares of Class A Common Stock of the
Company shall be issued under the Plan as provided in the Allocation Agreement. The Committee shall administer all such 1998 Conversion Awards under this Plan, giving service credit to the grantee of each such 1998 Conversion Award to the extent
required under the Allocation Agreement. All 1998 Conversion Awards shall be subject to substantially similar terms and conditions as provided in the holder’s corresponding awards under the Predecessor Plan. 
 Article 14. Beneficiary Designation 
 Each Participant
under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of the Participant’s death before the Participant has received
any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Company during
the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. 
  

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 Article 15. [Reserved] 
 Article 16. Rights of Participants 
 16.1 Employment or Service. Nothing in the Plan shall interfere with or limit in
any way the right of the Company to terminate any Participant’s employment or service at any time, nor confer upon any Participant any right to continue in the employ or service of the Company. 
 16.2 Participation. No Employee shall have the right to be selected to receive an Award under this Plan, or, having been so selected, to be
selected to receive a future Award. 
 Article 17. Amendment, Modification, and Termination 
 17.1 Amendment, Modification, and Termination. The Board may at any time and from time to time, alter, amend, suspend or terminate the Plan in
whole or in part; provided, however, that the Board may, in its sole discretion, condition the adoption of any amendment of the Plan on the approval thereof by the requisite vote of the shareholders of the Company entitled to vote thereon.

 17.2 Adjustment of Awards upon the Occurrence of Certain Unusual or Nonrecurring Events. Subject to the restriction set forth in
Article 11 herein on the exercise of upward discretion with respect to Awards which have been designed to comply with the Performance-Based Exception, the Committee may make adjustments in the terms and conditions of, and the criteria included
in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Article 4.3 hereof) affecting the Company or the financial statements of the Company or of changes in applicable laws,
regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

 17.3 Awards Previously Granted. No termination, amendment, or modification of the Plan or any Award shall adversely affect
in any material way any Award previously granted under the Plan, without the written consent of the Participant holding such Award. 
 17.4 Compliance with Code Section 162(m). At all times when Code Section 162(m) is applicable, all Awards granted under this Plan shall comply with the requirements of Code Section 162(m); provided, however, that in
the event the Committee determines that such compliance is not desired with respect to any Award or Awards available for grant under the Plan, then compliance with Code Section 162(m) will not be required. In addition, in the event that changes
are made to Code Section 162(m) to permit greater flexibility with respect to any Award or Awards available under the Plan, the Committee may, subject to this Article 17, make any adjustments it deems appropriate. 
 17.5 Substitution of Awards in Mergers and Acquisitions. Awards may be granted under the Plan from time to time in substitution for awards held by
employees or directors of 

  

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entities who become or are about to become employees or directors of the Company or a Subsidiary as the result of a merger, consolidation or other
acquisition of the employing entity or the acquisition by the Company or a Subsidiary of the assets or stock of the employing entity. The terms and conditions of any substitute awards so granted may vary from the terms and conditions set forth
herein to the extent that the Committee deems appropriate at the time of grant to conform the substitute awards to the provisions of the awards for which they are substituted. 
 Article 18. Withholding 
 18.1 Tax Withholding. The Company shall have the power and the right
to deduct from any amount otherwise due to the Participant, or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy Federal, state, and local income, employment or other related taxes, domestic or foreign,
required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan. 
 18.2 Share
Withholding. With respect to withholding required in connection with any Award, the Company may require, or the Committee may permit a Participant to elect, that the withholding requirement be satisfied, in whole or in part, by having the
Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be withheld on the transaction. Any election by a Participant shall be irrevocable, made in writing,
signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 
 Article 19. Indemnification 
 Each person who is or shall have been a member of the Committee, or of the Board, shall be
indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit or proceeding to which he
or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid
by him or her in satisfaction of any judgment in any such action, suit or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to
handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or Bylaws,
as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 Article 20. Successors

 All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or indirect purchase, of all or substantially all of the business and/or assets of the Company, or a merger, consolidation or otherwise. 
  

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 Article 21. Legal Construction 
 21.1 Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular and the singular shall include the
plural. 
 21.2 Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality
or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 21.3 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 21.4 Securities
Law Compliance. With respect to Insiders, transactions under this Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successors under the Exchange Act. To the extent any provision of the plan or action by the
Committee fails to so comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Committee. 
 21.5 Governing Law. To the extent not preempted by Federal law, the Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Maryland. 
  

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