Document:

Exhibit 10.8 

SEVERANCE AGREEMENT AND RELEASE OF CLAIMS

May 26, 2011 

	
  
 	
  
 	
  
 
	
           This
 Severance Agreement and Release of Claims (the “Agreement”) is made and
 entered into by Paul S. Davit
 for himself and his attorneys,
 heirs, dependents, beneficiaries, executors, administrators, successors, and
 assigns (hereinafter referred to as “you”), and Enzon Pharmaceuticals, Inc.,
 any parent, subsidiary, affiliate, successor, predecessor, or otherwise
 related companies, and the past and present employees, agents, officers,
 attorneys, directors, shareholders, and employee benefit programs of any of
 them, and their agents and insurers, (hereinafter the “Company”). 
 
	
  
 	
  
 	
  
 
	
 1.
 	
 You acknowledge that your
 employment with the Company will terminate effective close of business on July 1, 2011 (the “Separation Date”).
 Regardless of whether you sign this Agreement, you will receive your regular
 salary through the Separation Date, and any earned and unused compensated
 time off. Your medical insurance coverage under the Company’s health care
 plan will end on July 31, 2011. After
 that date, you may be eligible to participate in Company’s health care plans
 as offered to active employees under the provisions of COBRA. COBRA
 information will be sent to you by CIGNA, our third party administrator. 
 
	
  
 	
  
 	
  
 
	
 2.
 	
 Provided that you return a
 signed copy of this Agreement within the time period set forth under Section
 12, and you remain employed in good standing through your Separation Date you
 also will receive the following additional benefits: 
 
	
  
 	
  
 	
  
 
	
  
 	
 a.
 	
 You will receive severance
 equal to one (1) times the sum of the
 following: (i) your current Base Salary and (ii) your Target Bonus
 (50% of your Base Salary) for the current fiscal year. These amounts, less
 applicable tax withholdings, will be payable bi-weekly, in substantially
 equal installments over a fifty-two (52)
 week period in accordance with Company’s regular payroll cycle,
 beginning on the next regular payday following the Separation Date that is
 also at least eight (8) days after you return a signed copy of this letter. 
 
	
  
 	
  
 	
  
 
	
  
 	
 b.
 	
 You will receive a
 pro-rated portion of your Target Bonus (50% of your Base Salary), based on
 the number of months worked, which would have been payable for fiscal year
 2011 had you remained employed by the Company; to be received as a lump sum
 payment. This amounts to six (6)
 months. 
 
	
  
 	
  
 	
  
 
	
  
 	
 c.
 	
 If you timely and validly
 elect to purchase COBRA benefits continuation, you may continue coverage
 under COBRA. For the period of eighteen
 (18) months commencing on the first of the month following your
 Separation Date, the Company will pay for any difference between COBRA costs
 to you and your current health/vision coverage contribution. COBRA benefits
 will begin on the first day of the month following your Separation Date. All
 COBRA benefits are available only during the time that you are not eligible
 for comparable health coverage through another employer. Should you obtain
 such coverage, it is your obligation to immediately notify the Company. 
 
	
  
 	
  
 	
  
 
	
  
 	
 d.
 	
 The Company shall provide
 you outplacement assistance, of a type and for a period selected by the
 Company in its discretion. You must initiate your outplacement benefits
 within three months after the Separation Date. 
 
	
  
 	
  
 	
  
 
	
  
 	
 e.
 	
 The Company will not
 contest any application for unemployment compensation which you might make.
 The Company does not, however, provide you any assurance or legal guidance
 regarding the laws and regulations concerning unemployment compensation. 
 
	
  
 	
  
 	
  
 
	
  
 	
 f.
 	
 You shall continue to be
 entitled to any deferred compensation earned and vested prior to your
 separation. As per the terms of the Executive Deferred Compensation Plan all
 amounts earned and vested by you will be distributed based on your current
 election decisions and the plan terms and conditions. 
 

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 g.
 	
 The remaining unvested
 restricted stock units from the equity award granted on September 22, 2010
 will accelerate and vest on the Separation Date. 
 
	
  
 	
  
 	
  
 
	
 3.
 	
 Notwithstanding anything to
 the contrary contained in this agreement, if a Change in Control (as defined
 in Section 7(c)(i)-(vi) of the Amended and Restated Severance Agreement,
 dated as of May 7, 2004, as amended on November 6, 2007 (the “CIC Severance
 Agreement”), shall occur on or before September 28, 2011the amount of
 severance payments you shall receive under Section 2a hereof shall be doubled
 and shall be payable within the 52 week period and in the manner set forth in
 Section 2a. In the event a Change in Control occurs on or before September
 28, 2011, Section 4 of the CIC Severance Agreement shall be applicable with
 respect to all payments made to you under this Agreement. 
 
	
  
 	
  
 	
  
 
	
 4.
 	
 All benefits of any kind,
 other than as expressly provided in this Agreement, will cease as of the
 Separation Date. Except as otherwise provided in this Agreement, vesting or
 forfeiture of stock options and/or restricted stock units, if any, will be in
 accordance with the terms of the applicable plan and award agreements.
 However all vested stock options will remain exercisable for the full term
 life of the grant subject to and in accordance with the terms of the
 applicable plan and award agreements with the exception of the 50,000 stock
 options granted on March 1, 2002, which will be forfeited in accordance with
 the terms and condition of the 1987 Stock Option Plan. 
 
	
  
 	
  
 	
  
 
	
 5.
 	
 You agree not to engage in
 any conduct, or make any statements or representations that disparage, demean
 or impugn the Company. You agree that this Agreement shall not be construed
 as an admission of wrongdoing by the Company and that the Company expressly
 denies such wrongdoing. The Company agrees not to engage in any conduct or
 make any statements or representations that disparage, demean or impugn you. 
 
	
  
 	
  
 	
  
 
	
 6.
 	
 You agree that, after the
 Separation Date, you remain bound by and will continue to comply with the
 terms of the Employee Confidentiality Agreement that you signed, according to
 its terms. 
 
	
  
 	
  
 	
  
 
	
 7.
 	
 You agree that, unless
 otherwise required by court order, you have kept and will keep the terms and
 conditions of this Agreement, including without limitation the amount of
 consideration paid here under, strictly confidential and you agree not to
 reveal, publish, communicate, or otherwise disseminate this information to
 any person or entity not a party hereto. Notwithstanding the foregoing, you
 may disclose the terms of this Agreement to your spouse and attorney or other
 professional advisor as necessary for the purposes of obtaining legal, tax or
 financial advice, or as otherwise required by law, so long as such persons
 agree to maintain the confidentiality of the information and in any event you
 shall be responsible for such person’s compliance with the confidentiality
 provision contained herein. Because disclosure of this confidential
 information may be extremely detrimental to the interests of Company, and
 because the parties agree that measuring the actual monetary amount of such
 damages would be extremely difficult, you agree that you will pay back to the
 Company any and all sums paid by the Company to you or on your behalf
 pursuant to this Agreement, should you, your spouse, and/or your legal, tax
 or financial advisors violate this paragraph, without limitation of any and
 all other equitable and legal relief to which the Company may be entitled. 
 
	
  
 	
  
 	
  
 
	
 8.
 	
 In consideration of the
 benefits you will receive under this Agreement, to which you would not
 otherwise be entitled, you hereby release and discharge Company, from any and
 all claims and/or causes of action, known and unknown, which you may have or
 could claim to have against the Company up to and including the date of
 signing this Agreement. This general release includes, but is not limited to,
 all claims arising from or during your employment or as a result of the end
 of your employment and all claims arising under federal, state or local laws
 prohibiting employment discrimination and/or harassment based upon age, race,
 sex, religion, handicap, national origin, sexual orientation, veteran status,
 or any other protected characteristic, including but not limited to any and
 all claims arising under Title VII of the Civil Rights Act of 1964 and 1991,
 the Age Discrimination in Employment Act, the Employee Retirement Income
 Security Act, the Americans with Disabilities Act, the Rehabilitation Act,
 the Equal Pay Act, the Family and Medical Leave Act, the Fair Labor Standard
 Act, the Sarbanes-Oxley Act, the Health Insurance Portability and
 Accountability Act, the New Jersey Law Against Discrimination, the New Jersey
 Conscientious Employee Protection Act, the New Jersey Family Leave Act, New
 Jersey Paid Leave Insurance Act, any applicable state wage and hour laws,
 and/or any other state, federal, or municipal employment discrimination
 statutes (including but not limited to claims based on age, sex, attainment
 of benefit plan rights, race, national origin, religion, handicap, sexual
 orientation, sexual harassment, marital status, retaliation, and veteran
 status), and/or any other federal, state,
 or local statute, law, ordinance, or regulation and/or pursuant to any other
 theory whatsoever, including but not limited to claims related to breach of
 implied or express employment contracts, breach of the implied covenant of
 good faith and fair dealing, defamation, wrongful discharge, constructive
 discharge, negligence of any kind, intentional infliction of emotional
 distress, whistle-blowing, estoppel or detrimental reliance, public policy,
 constitutional or tort claims, violation of the penal statutes and common law
 claims, or pursuant to any other theory or claim whatsoever, arising out of
 or related to employment with the Company and/or any other occurrence from
 the beginning of time to the date of this Agreement, whether presently
 asserted or otherwise.
 

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 This Agreement specifically
 includes any and all claims, demands, obligations, and/or causes of action
 for damages or penalties relating to or in any way connected with the matters
 referred to herein, whether or not now known or suspected to exist, and
 whether or not specifically or particularly described or referred to herein.
 You expressly waive any right or claim of right to assert hereafter that any
 claim, demand, obligation, damage, liability and/or cause of action has,
 through ignorance, oversight or error, been omitted from the terms of this
 Agreement. You represent that you have not heretofore assigned or
 transferred, or purported to assign or transfer, to any person or entity, any
 claim, known or unknown to exist, or any portion thereof or interest therein,
 which such person has or may have had against the Company. 
 
	
  
 	
  
 	
  
 
	
  
 	
 This Agreement and release
 does not, however, require you to waive the right to file a charge with or
 participate before the Equal Employment Opportunity Commission, provided,
 however, that you give up the right to recover damages and attorneys’ fees
 from such a proceeding. Nor does this Agreement and Release require you to
 waive vested rights, if any, to pension, retiree, health or similar benefits
 under the Company’s existing plans or your right to enforce this Agreement. 
 
	
  
 	
  
 	
  
 
	
  
 	
 Unless otherwise prohibited
 by law, you agree that should you file a lawsuit in court which is found to
 be barred in whole or part by this Agreement, you will pay back to the
 Company any and all sums paid by the Company to you or on your behalf
 pursuant to this Agreement and you will pay the legal fees incurred by the
 Company in defending those claims found to be barred. 
 
	
  
 	
  
 	
  
 
	
 9.
 	
 As a material condition of
 this Agreement, you further represent and warrant that you have transferred,
 or will transfer before execution of this Agreement, to the Company all
 property and information of the Company which came into your possession or
 was developed by you in the course of your employment with the Company,
 including but not limited to project files, keys, reports, customer lists,
 computers, facsimile machines, furniture, office supplies, pagers, and
 printers. You further represent and warrant that you have retained no copies
 of any such materials or other items; and further, if you should discover
 that any such materials or other items, or copies thereof, are in your
 possession or control, you will promptly return them to the Company without
 disclosure to others. If you fail to return the items detailed in this
 paragraph before execution of this release, or if the items returned are
 discovered to be damaged, incomplete, or otherwise not in the same condition
 as when provided to employee, this Agreement is void and the Company shall
 have no obligation to pay you the monies or provide you the benefits detailed
 in Section 2 of this Agreement. 
 
	
  
 	
  
 	
  
 
	
 10.
 	
 Except as provided herein,
 you acknowledge that the Company has paid all sums owed to you, including but
 not limited to all salary, bonuses, commissions, business expenses,
 allowances, vacation pay and other benefits and perquisites as a result of
 your employment with the Company and/or the termination of that employment.
 You further acknowledge that in the absence of this Agreement, you would not
 be entitled to, among other things, the payments and arrangements specified
 in this Agreement. 
 
	
  
 	
  
 	
  
 
	
 11.
 	
 Except as otherwise
 provided herein with respect to certain portions of the CIC Severance
 Agreement, this Agreement (a) supersedes any prior understanding, agreement,
 practice or contract, oral or written, between you and Company relating to
 your employment or compensation, including, without limitation the CIC
 Severance Agreement, (b) may be modified only by a writing signed by both
 parties; (c) is not assignable or transferable by you; and (d) will be
 interpreted, enforced and governed by the substantive law of the State of New
 Jersey. Notwithstanding the foregoing, the parties acknowledge and agree that
 the Employee Confidentiality Agreement that you signed shall remain in full
 force and effect according to its terms. 
 

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 12.
 	
 By signing below you agree
 to be legally bound by the terms of this Agreement and acknowledge that you
 have carefully read and completely understand the terms of this Agreement and
 are signing it knowingly, voluntarily and without duress, coercion or undue
 influence. You further agree that this Agreement contains the entire
 Agreement between you and Company. You are
 advised to consult with an
 attorney before signing this Agreement. You have until twenty-one (21) days from the date of
 this Agreement to consider this document. If you have not returned a signed
 copy of the Agreement by that time, the Company will assume that you have
 elected not to sign it and the offer will be considered withdrawn. If you
 choose to accept the terms of this Agreement by signing below, you will have
 an additional seven (7) days
 following the date of your signature to revoke the Agreement in writing to
 the Company directed to Andrew Rackear at 20 Kingsbridge Road, Piscataway,
 New Jersey 08854 and the Agreement shall not become effective or enforceable
 until the revocation period has expired. 
 

	
  

 	
  

 	
  

 	
  

 
	
 Acknowledged and agreed to

 	
  

 	
 Enzon Pharmaceuticals, Inc.

 
	
  

 	
  

 	
  

 	
  

 
	
 /s/ Paul Davit

 	
  

 	
 By:

 	
 /s/ Ralph del Campo

 
	

 

 	
  

 	
  

 	

 

 
	
 Paul Davit

 	
  

 	
  

 	
 Ralph del Campo, COO &
 PEO

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Dated:

 	
 May 26, 2011

 	
  

 	
 Dated:

 	
 May 26, 2011

 
	
  

 	

 

 	
  

 	
  

 	

 

 

30exv10w1

EXHIBIT 10.1

ANIXTER INC. EXCESS BENEFIT PLAN

—CONFIDENTIAL—

Excess Benefit Plan

January 1, 2011

1

 

ANIXTER INC. EXCESS BENEFIT PLAN

AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2011

Anixter Inc. (the “Company”) established the Anixter Bros., Inc. Excess Benefit Plan effective as
of August 1, 1985, which was in 2009 restated and renamed to Anixter Inc. Excess Benefit Plan (the
“Excess Plan”). The purpose of the Excess Plan is to provide the benefits which designated
participants in the Anixter Inc. Pension Plan as Amended and Restated Effective January 1, 2011
(the “Pension Plan”) would have received under the Pension Plan except for the maximum benefit
limitations prescribed by the Pension Plan and the Internal Revenue Code of 1986, as amended (the
“Code”).

Prior to 2011, only certain designated employees who are entitled to receive a pension benefit
under the benefit formula set forth in section 7.01(a) of the Pension Plan participated in the
Excess Plan. Effective January 1, 2011, certain designated employees who are entitled to receive a
pension benefit under the benefit formula set forth in section 7.01(c) of the Pension Plan will
also participate in the Excess Plan.

     1. Definitions:

	 	(a)	 	“Actuarially Equivalent” shall have the meaning ascribed in section 1.01 of the
Pension Plan.
	 
	 	(b)	 	“Beneficiary” shall have the meaning ascribed in section 1.03 of the Pension
Plan.
	 
	 	(c)	 	“Benefit Limitations” shall mean the limitations prescribed by sections 415 and
401(a)(17) of the Code and relevant provisions of the Pension Plan in the calculation of
retirement benefits under the Pension Plan.
	 
	 	(d)	 	“Board” shall mean the Board of Directors of the Company.
	 
	 	(e)	 	“Committee” shall mean the Anixter Inc. Employee Benefits Administrative Committee.
	 
	 	(f)	 	“Disability” shall mean, consistent with the requirements of Code Section 409A,
that the Participant is (i) unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not less than
twelve (12) months; (ii) by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, receiving income replacement
benefits for a period of not less than three (3) months under an accident and health plan
covering employees of the Company; or (iii) determined to be totally disabled by the
Social Security Administration or the Railroad Retirement Board.

Excess Benefit Plan

January 1, 2011

2

 

	 	(g)	 	“Hypothetical Personal Retirement Account” shall have the meaning ascribed in
section 7.01(c) of the Pension Plan.
	 
	 	(h)	 	“Hypothetical Personal Retirement Account Contribution” shall have the meaning
ascribed in section 7.01(c) of the Pension Plan.
	 
	 	(i)	 	“Hypothetical Personal Excess Benefit Account” shall mean a hypothetical
bookkeeping account maintained by the Company on behalf of each Section 7.01(c)
Participant reflecting credits and adjustments as set forth under the Excess Plan.
	 
	 	(j)	 	“Initial Participation Year” shall mean, with respect to a Section 7.01(c)
Participant, the Plan Year in which such Participant is designated by the Board as a
Participant in the Excess Plan.
	 
	 	(k)	 	“Joint and Survivor Annuity” shall mean a monthly annuity that is paid to the
retired Participant with a survivor annuity paid during the life of the surviving spouse
or nonspouse Beneficiary after the Participant’s death.
	 
	 	(l)	 	“Life Annuity” shall mean a monthly annuity that is paid to the retired Participant
for as long as he lives and which does not provide for any payments to a Beneficiary
following the Participant’s death.
	 
	 	(m)	 	’’Normal Retirement Date” shall mean the first day of the month coincident with or
next following a Participant’s sixty-fifth (65th) birthday.
	 
	 	(n)	 	“Participant” shall mean an employee of the Company who participates in the Excess
Plan.
	 
	 	(o)	 	“Plan Year” shall mean calendar year.
	 
	 	(p)	 	“Retirement” shall mean a Participant’s Separation from Service which occurs on or
after his attainment of age fifty-five (55).
	 
	 	(q)	 	“Section 7.01(a) Participant” shall mean a Participant who is entitled to receive a
benefit under the benefit formula set forth in section 7.01(a) of the Pension Plan.
	 
	 	(r)	 	“Section 7.01(c) Participant” shall mean a Participant who is entitled to receive a
benefit under the benefit formula set forth in section 7.01(c) of the Pension Plan.
	 
	 	(s)	 	“Separation from Service” shall have the meaning as defined under Treasury
Regulation § 1.409A-1(h)(1)(i).
	 
	 	(t)	 	“To Vest” or “To Be Vested” shall have the same meaning ascribed in section 1.40 of
the Pension Plan.

Excess Benefit Plan

January 1, 2011

3

 

     2. Eligibility and Participation: An employee of the Company shall be a participant in
and entitled to benefits under the Excess Plan if

	 	(a)	 	He is a participant in the Pension Plan, and
	 
	 	(b)	 	He is designated as a Participant in this Excess Plan by the Board.

     3. Amount of’ Benefit:

	 	(a)	 	With respect to a Section 7.01(a) Participant, the amount of the benefit under the
Excess Plan shall be the amount by which (i) below exceeds (ii) below:

	 	(i)	 	The amount of the benefit which the Participant or
his or her Beneficiary would have been entitled to receive under the
Pension Plan

	 	A.	 	without regard to the Benefit Limitations
and
	 
	 	B.	 	without regard to the additional benefit
described in Supplement 3 and subsequent Supplements to the Pension
Plan, if any.

	 	(ii)	 	The amount of the benefit which the Participant or
his or her Beneficiary is entitled to receive under the Pension Plan,
including the additional benefit described in Supplement 3 and subsequent
Supplements to the Pension Plan.

	 	(b)	 	With respect to a Section 7.01(c) Participant, the amount of the benefit under the
Excess Plan shall be the balance of his or her Hypothetical Personal Excess Benefit
Account reduced, but not below zero, by the additional amounts credited to the
Hypothetical Personal Retirement Account, if any, listed in Supplement 3 and subsequent
Supplements to the Pension Plan.
	 
	 	 	 	For purposes of this section, “Pay Credit” shall mean, with respect to a Section 7.01(c)
Participant for a Plan Year, an amount equal to the excess, if any, of (i) below over
(ii) below:

	 	(i)	 	The Hypothetical Personal Retirement Account
Contribution to which such Participant would have been entitled under the
Pension Plan for such Plan Year if such Hypothetical Personal Retirement
Account Contribution were assumed to be calculated

	 	A.	 	using the definition of “Salary” under
section 1.35(a)(2) of the Pension Plan instead of the definition of
“Salary” under section 1.35(b) of the Pension Plan and
	 
	 	B.	 	without regard to the Benefit
Limitations.

Excess Benefit Plan

January 1, 2011

4

 

	 	(ii)	 	The Hypothetical Personal Retirement Account
Contribution to which such Participant is in fact entitled under the
Pension Plan for such Plan Year.

	 	 	 	During the Initial Participation Year of a Section 7.01(c) Participant, there shall be
credited to the Participant’s Hypothetical Personal Excess Benefit Account an amount
equal to the sum of the Participant’s Pay Credit for each Plan Year that is among the
Plan Years from (i) the Plan Year in which the Participant was most recently hired or
the Plan Year commencing on January 1, 2011, whichever Plan Year is later, to (ii) the
Participant’s Initial Participation Year. During any Plan Year subsequent to the
Participant’s Initial Participation Year, there shall be credited to the Participant’s
Hypothetical Personal Excess Benefit Account an amount equal to his or her Pay Credit
for that subsequent Plan Year. The credits in this paragraph shall be applied as of the
last day of the Plan Year or as of such other times in the Plan Year as the Hypothetical
Personal Retirement Account Contribution is applied under the Pension Plan in such Plan
Year.
	 
	 	 	 	In January of each Plan Year commencing on or after January 1, 2011, there shall be
credited to the Hypothetical Personal Excess Benefit Account of each Section 7.01(c)
Participant an interest credit equal to an amount calculated by multiplying (i) by (ii)
below:

	 	(i)	 	The balance of the Participant’s Hypothetical
Personal Excess Benefit Account, if any, as of January 1 of the calendar
year preceding the year in which the interest credit is applied.
	 
	 	(ii)	 	The annual rate on 10-year Treasury securities as
of the last business day of the second calendar year preceding the year
in which the interest credit is applied.

     4. Benefit Payments with respect to Section 7.01(a) Participants: Any former Section
7.01(a) Participant who terminated employment with the Company on or before December 31, 2004, was
fully vested in the Excess Plan and received no further accruals after that date shall have his
benefits payable at the same time and in the same manner and form as the benefits under the Pension
Plan. Benefit payments to all other Section 7.01(a) Participants shall be made as follows.

	 	(a)	 	Normal Benefit Commencement Date. Unless a Participant has made a timely election
under subsection (b) below, the payment of benefits under the Excess Plan will commence
on the first day of the month coincident with or next following the date when a
Participant no longer performs services for the Company due to: (i) Retirement; (ii)
Disability; or (iii) if the Participant has made an election to receive his or her
benefits in the form of a 50% Joint and Survivor Annuity under subsection (c) below,
death. Notwithstanding anything herein to the contrary, in the event that a Participant
incurs a Separation from Service prior to obtaining age fifty-five (55), payment of his
benefit shall not commence until

Excess Benefit Plan

January 1, 2011

5

 

	 	 	 	the later of the first day of’ the month coincident with or next following the date that
such Participant attains age sixty-five (65), or such other later date as provided
herein.

	 	(b)	 	Optional Benefit Commencement Date. A Participant may elect to delay the normal
benefit commencement date specified in subsection (a) above to commence on the first day
of any month after he no longer performs services for the Company due to an event
described in subsections (a)(i) through (a)(iii) above in accordance with this subsection
(b). If eligible to make an election under this subsection (b), a Participant may elect
to delay commencement of benefits to any permissible date up to his Normal Retirement
Date, and such Participant’s monthly benefit amount as of such commencement date shall be
adjusted so as to be Actuarially Equivalent to a Life Annuity (or Joint and Survivor
Annuity, if so elected) commencing on his Normal Retirement Date. To be effective, any
such election of an optional benefit commencement date must meet all of the following
requirements: (i) the election must be made not less than twelve (12) months prior to the
date benefits would have otherwise commenced; (ii) unless a payment relates to Disability
or death, the election must be made before the Participant attains age sixty (60), and
commencement of benefit payments must be deferred for a period of no less than five (5)
years from the date the benefit payments would otherwise have commenced; and (iii) the
election shall not take effect until at least twelve (12) months after the date on which
such election is made.
	 
	 	(c)	 	Form of Payment. The normal form of payment of benefits under the Excess Plan
shall be a Life Annuity. Notwithstanding the foregoing, a Participant may choose to
receive his benefits under the Excess Plan in the form of a 50% Joint and Survivor
Annuity for the life of the Participant and any Beneficiary, rather than in the form of a
Life Annuity. If the Participant designates a Beneficiary which is not an individual,
the Beneficiary shall be deemed to have the same life expectancy as the Participant. In
such event, the monthly Joint and Survivor. Annuity benefits shall be adjusted so as to
be Actuarially Equivalent to the Participant’s monthly Life Annuity benefit, and the
amount of the survivor. annuity shall be fifty percent (50%) of the Participant’s monthly
Joint and Survivor Annuity benefit payable to the Participant.
	 
	 	(d)	 	Cash Out of Small Amounts. Notwithstanding the request of a Participant or
Beneficiary, if the present value of a Participant’s benefit as of his commencement date
is calculated to be less than the applicable dollar amount for elective deferrals under
Code Section 402(g)(l)(B) then in effect (as adjusted for cost-of-living increases under
Code Section 402(g)(4)), the Company shall distribute the Participant’s benefit in a lump
sum to the Participant or Beneficiary as soon as practicable on or after such
Participant’s commencement date.
	 
	 	(e)	 	Delay in Commencement for Specified Employees. Notwithstanding anything in this
Section 4 to the contrary, if a Participant is a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) of the Code as of the date he no longer

Excess Benefit Plan

January 1, 2011

6

 

	 	 	 	performs services for the Company due to an event specified in subsections (a)(i)
through (a)(iii) above, no benefit shall be paid from the Excess Plan sooner than the
first day of’ the month that is at least six (6) months after such date. In such event,
the benefit shall be determined as if payments had commenced as originally provided
herein, and the first payment to the Participant shall include an amount equal to the
sum of periodic payments which would have been paid to such Participant but for the six
(6) month delay required by section 409A(a)(2)(B)(9) of the Code.

     5. Benefit Payments with respect to Section 7.01(c) Participants: Benefit payments
to all Section 7.01(c) Participants shall be made in a single sum on the first day of the
month coincident with or next following six (6) months after the Participant’s Separation
from Service due to (i) Retirement; (ii) Disability; (iii) death, or (iv) termination.
Notwithstanding the preceding sentence, a Section 7.01(c) Participant will not receive any
benefit under this Excess Plan unless he or she, as of the date of his or her Separation
from Service, is Vested in the pension benefit provided by the benefit formula set forth in
section 7.01(c) of the Pension Plan.

     6. Funding: The benefits under the Excess Plan shall be paid from the general assets
of the Company. The Company shall not be required to segregate any assets to be used for payment of
benefits under the Excess Plan.

     7. General Provisions:

	 	(a)	 	Employment Rights. The Excess Plan does not constitute a contract of employment
and participation in the Excess Plan will not give any employee the right to be retained
in the employment of the Company, or any right or claim to a benefit under the Excess
Plan unless specifically provided by the Excess Plan.
	 
	 	(b)	 	Interests Not Transferable. The interests of persons entitled to benefits under the
Excess Plan are not subject to their debts or other obligations and, except as may be
required by the tax withholding provision of the Code, or any state’s income tax act or
pursuant to compliance with a qualified domestic relations order pursuant to the Employee
Retirement Income Security Act of 1974, as amended, may not be voluntarily or
involuntarily transferred, assigned, alienated or encumbered.
	 
	 	(c)	 	Controlling Law. The internal laws of Illinois excepting any conflicts of law
provisions shall be controlling in all matters relating to the Excess Plan except to the
extent superseded by the laws of the United States.
	 
	 	(d)	 	Gender and Number. Where the context admits, words in the masculine gender shall
include the feminine gender, the singular shall include the plural and the plural shall
include the singular.

	 	 	Excess Benefit Plan

January 1, 2011

7

 

	 	(e)	 	Action by Company. Any action required or permitted by the Company under the
Excess Plan shall be by resolution of its Board or any persons authorized by resolution
of its Board.
	 
	 	(f)	 	Interpretation. This Excess Plan shall be administered and interpreted by the
Board in its discretion or as delegated to the Committee, and all Participants shall be
bound by the decision of’ the Board or the Committee, which shall be final and
conclusive.

     8. Committee Administration:

	 	(a)	 	In General. The Excess Plan shall be administered by the Committee or any
successor thereto, which shall have the sole authority to construe and interpret the
terms and provisions of the Excess Plan and determine the amount, manner and time of
payment of any benefits hereunder. The Committee shall maintain records, make the
requisite calculations and disburse payments hereunder, and its interpretations,
determinations, regulations and calculations shall be final and binding on all persons
and parties concerned. The Committee may adopt such rules as it deems necessary,
desirable or appropriate in administering the Excess Plan and the Committee may act at a
meeting, in writing without a meeting, or by having actions otherwise taken by a member
of the Committee pursuant to a delegation of duties from the Committee. The Committee
may, in its discretion, delegate its duties to an officer or other employee of the
Company, or to a committee composed of officers or employees of the Company. The
determination of the Committee as to any disputed questions arising under this Excess
Plan, whether of law or of fact, or mixed questions of law and fact, including questions
of construction and interpretation, shall be final, binding, and conclusive upon all
persons. No member of the Committee may act, vote, or otherwise influence a decision of
the Committee specifically relating to his benefits, if’ any, under the Excess Plan.
	 
	 	(b)	 	Claims Procedure. If the Committee denies a benefit, in whole or in part, it shall
advise the Participant or Beneficiary, as applicable, of (i) the specific basis or bases
for the denial (ii) references to the specific Excess Plan provisions upon which the
denial is based (iii) a description of any additional material or information that the
Participant or beneficiary needs to process the claim, and an explanation of why that
material or information is necessary; and (iv) a statement of the Excess Plan’s appeal
procedures as hereinafter set forth. Any person dissatisfied with the Committee’s
determination of a claim for benefits hereunder must file a written request for
reconsideration with the Committee within sixty (60) days of the denial by the Committee.
Such person has the right to request, free of charge, and obtain copies of all documents,
records, and other information that was relied upon by the Committee in denying such
person’s benefits or was submitted, considered, or generated in the course of making the
benefit denial, regardless of whether it was used in denying the claim. This request must
include a written explanation setting forth the specific reasons for such
reconsideration.

Excess Benefit Plan

January 1, 2011

8

 

	 	 	 	The Committee shall review its determination within sixty (60) days, plus an extension
for an additional sixty (60) days in special circumstances, and render a written
decision with respect to the claim, setting forth the specific reasons for such denial
written in a manner calculated to be understood by the claimant. Such decision upon
matters within the scope of the authority of the Committee shall be conclusive, binding,
and final upon all claimants under this Excess Plan. No claimant may bring any action
challenging a decision of the Committee at any time more than one year after the final
written decision of the Committee is rendered.

	 	(c)	 	Indemnity of Committee. To the maximum extent permitted by applicable law, the
Company shall indemnify, hold harmless and defend the Committee, each member of the
Committee, any employee of the Company, or any individual acting as an employee or agent
of any of it (to the extent not indemnified or saved harmless under any liability
insurance or any other indemnification arrangement) from any and all claims, losses,
damages, liabilities, costs and expenses (including attorneys’ fees) arising out of any
actual or alleged act or failure to act made in good faith in connection with the Excess
Plan (or any related trust agreement), including expenses reasonably incurred in the
defense of any claim relating thereto.

     9. Amendment or Termination: The Company may amend or terminate the Excess Plan at any
time, except that, without the consent of any Participant in the Excess Plan, no such amendment or
termination shall reduce his right to receive any benefit accrued hereunder prior to the date of
such amendment or termination.

          IN WITNESS WHEREOF, the Company has caused this restatement of the Anixter Inc. Excess Benefit
Plan to be executed by its duly authorized officer as of this 20th day of April, 2011 to
be effective as of January 1, 2011.

	 	 	 	 	 
	 	Anixter Inc.

 	 
	 	By:  	/s/ Rodney A. Smith
 	 
	 	 	Rodney A. Smith 	 
	 	 	 	 
	 	Title: V.P. Human Resources

 	 

Excess Benefit Plan

January 1, 2011

9

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