Document:

EX-10.8

 Exhibit 10-8 

Omnibus Benefit Restoration Plan of 
 Sonoco Products Company 
 Amended and Restated as of January 1, 2015

 Contents 
  

 
  

					
	             Article 1. Introduction
	  	 	1	  
	 1.1 Background and History
	  	 	1	  
	 1.2 Restatement of Plan
	  	 	1	  
	 1.3 Purpose and Applicability of the Plan
	  	 	1	  
		
	             Article 2. Definitions
	  	 	3	  
	 2.1 Actuarial Equivalent
	  	 	3	  
	 2.2 Affiliate
	  	 	3	  
	 2.3 Beneficiary
	  	 	3	  
	 2.4 Board
	  	 	4	  
	 2.5 Code
	  	 	4	  
	 2.6 Committee
	  	 	4	  
	 2.7 Company
	  	 	4	  
	 2.8 Company Stock
	  	 	4	  
	 2.9 DB Restoration Benefit
	  	 	5	  
	 2.10 DC Restoration Account
	  	 	5	  
	 2.11 DC SERP Account
	  	 	5	  
	 2.12 DC SERP Benefit
	  	 	5	  
	 2.13 Eligible Compensation
	  	 	5	  
	 2.14 Employee
	  	 	6	  
	 2.15 Employer
	  	 	6	  
	 2.16 ERISA
	  	 	6	  
	 2.17 Executive Benefit
	  	 	6	  
	 2.18 Final Average Pay
	  	 	7	  
	 2.19 Five-Year Certain and Life Annuity
	  	 	7	  
	 2.20 Gross Executive Restoration Benefit
	  	 	7	  
	 2.21 Gross Executive SERP Benefit
	  	 	7	  
	 2.22 Joint and 50 Percent Survivor Annuity
	  	 	8	  
	 2.23 Joint and 75 Percent Survivor Annuity
	  	 	8	  
	 2.24 Joint and 100 Percent Survivor Annuity
	  	 	8	  
	 2.25 Key Employee
	  	 	8	  
	 2.26 Military Leave
	  	 	9	  
	 2.27 Net Executive Restoration Benefit
	  	 	9	  
	 2.28 Net Executive SERP Benefit
	  	 	9	  
	 2.29 Normal Retirement Date
	  	 	9	  
	 2.30 Participant
	  	 	9	  
	 2.31 Participation Agreement
	  	 	9	  
	 2.32 Pension Plan for Inactive Participants
	  	 	9	  
	 2.33 Plan
	  	 	9	  

  
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	 2.34 Plan Year
	  	 	10	  
	 2.35 Qualified Pension Plan
	  	 	10	  
	 2.36 Restricted Stock Units
	  	 	10	  
	 2.37 Retirement and Savings Plan
	  	 	10	  
	 2.38 Separation from Service
	  	 	10	  
	 2.39 Single Life Annuity
	  	 	11	  
	 2.40 Social Security Benefit
	  	 	11	  
	 2.41 Target Date Retirement Fund
	  	 	11	  
	 2.42 Ten-Year Certain and Life Annuity
	  	 	11	  
	 2.43 Valuation Date
	  	 	11	  
	 2.44 Years of Benefit Service
	  	 	11	  
	 2.45 Years of Vesting Service
	  	 	12	  
		
	             Article 3. Executive Benefit
	  	 	13	  
	 3.1 Eligibility and Participation
	  	 	13	  
	 3.2 Normal Retirement Benefits
	  	 	13	  
	 3.3 Early Retirement Benefits
	  	 	14	  
	 3.4 Deferred Vested Retirement Benefits
	  	 	16	  
	 3.5 Net Executive Restoration Benefit
	  	 	17	  
	 3.6 Form of Payment
	  	 	20	  
	 3.7 Preretirement Death Benefits
	  	 	23	  
		
	             Article 4. DB Restoration Benefit
	  	 	27	  
	 4.1 Eligibility and Participation
	  	 	27	  
	 4.2 Normal Retirement Benefit
	  	 	27	  
	 4.3 Early Retirement Benefits
	  	 	28	  
	 4.4 Deferred Vested Retirement Benefits
	  	 	29	  
	 4.5 Form of Payment
	  	 	30	  
	 4.6 Preretirement Death Benefits
	  	 	30	  
		
	             Article 5. DC Restoration Account
	  	 	32	  
	 5.1 Eligibility and Participation
	  	 	32	  
	 5.2 Benefits
	  	 	32	  
	 5.3 Investment Gains and Losses.
	  	 	33	  
	 5.4 Vesting
	  	 	34	  
	 5.5 Distributions Following a Separation from Service
	  	 	34	  
	 5.6 Distributions upon the Participant’s Death
	  	 	35	  
		
	             Article 6. DC SERP Benefit
	  	 	37	  
	 6.1 Eligibility and Participation
	  	 	37	  
	 6.2 Benefits
	  	 	37	  
	 6.3 Investment Gains and Losses.
	  	 	38	  
	 6.4 Vesting
	  	 	38	  
	 6.5 Distributions Following a Separation from Service
	  	 	39	  

  
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	 6.6 Distributions Upon the Participant’s Death
	  	 	40	  
		
	             Article 7. Participation
Agreements
	  	 	42	  
	 7.1 Social Security Bridge Benefit
	  	 	42	  
	 7.2 Pension Enhancement.
	  	 	43	  
		
	             Article 8. Financing and
Administration
	  	 	47	  
	 8.1 Financing
	  	 	47	  
	 8.2 The Committee
	  	 	47	  
	 8.3 Manner of Action
	  	 	47	  
	 8.4 Committee’s Powers and Duties
	  	 	48	  
	 8.5 Delegation of Powers and Duties
	  	 	49	  
	 8.6 Committee’s Decisions Conclusive
	  	 	49	  
	 8.7 Compensation, Indemnity and Liability
	  	 	49	  
	 8.8 Notice of Address
	  	 	49	  
	 8.9 Data
	  	 	50	  
	 8.10 Benefit Claims Procedures
	  	 	50	  
		
	             Article 9. Amendment and
Termination
	  	 	52	  
	 9.1 Amendments
	  	 	52	  
	 9.2 Termination and Liquidation of Plan
	  	 	52	  
	 9.3 Successors
	  	 	52	  
	 9.4 Prohibition on Changes Due to Code Section 409A
	  	 	53	  
	 9.5 Employer Participation and Termination
	  	 	53	  
		
	             Article 10. Miscellaneous
Provisions
	  	 	54	  
	 10.1 Taxation
	  	 	54	  
	 10.2 Withholding on Distributions
	  	 	54	  
	 10.3 Benefit Cash-out
	  	 	54	  
	 10.4 Permissible Delays or Accelerations
	  	 	55	  
	 10.5 No Enlargement of Employment Rights
	  	 	55	  
	 10.6 Non-Alienation
	  	 	56	  
	 10.7 Code Section 409A Aggregation Rules
	  	 	56	  
	 10.8 No Examination or Accounting
	  	 	56	  
	 10.9 Incompetency
	  	 	56	  
	 10.10 Records Conclusive
	  	 	57	  
	 10.11 Service of Legal Process
	  	 	57	  
	 10.12 Qualified Military Service
	  	 	57	  
	 10.13 Counterparts
	  	 	57	  
	 10.14 Forfeiture
	  	 	57	  

  
 iii

 Article 1.    Introduction 

1.1 Background and History 
 Sonoco
Products Company (the “Company”) previously established and presently maintains the Omnibus Benefit Restoration Plan of Sonoco Products Company (the “Plan”). The Plan was initially effective as of January 1, 1979 and was
last amended and restated effective as of January 1, 2008. 
 1.2 Restatement of Plan 

Effective as of January 1, 2015, the Company hereby amends and restates the Plan primarily to incorporate previous amendments to- 

 

	(a)	restore the Plan’s forfeiture provision (effective January 1, 2008); 

 

	(b)	eliminate the level income annuity as an optional form of payment (effective January 1, 2010 with respect to certain benefits payable under Articles 3 and 4, and
effective January 1, 2013 with respect to certain benefits payable under Article 7); 

  

	(c)	provide for Participant-directed investment of DC Restoration Account balances (effective December 15, 2010); 

 

	(d)	grant amendment authority to the Vice President of Human Resources for matters that do not materially impact the Plan’s eligibility provisions, benefit amounts, or
costs (effective October 1, 2011); 

  

	(e)	reflect the establishment of the Sonoco Retirement Savings Plan through the merger of the Sonoco Investment Retirement Plan into the Sonoco Savings Plan (effective
January 1, 2013); and 

  

	(f)	freeze the Executive Benefit under Article 3 as of December 31, 2018 and extend the DC SERP Benefit to participants affected by such freeze as of January 1,
2019. 

 1.3 Purpose and Applicability of the Plan 
 The purpose of this Plan is to- 
  

	(a)	Provide certain eligible employees with supplemental retirement income; and 

 

	(b)	Restore to certain eligible employees benefits that may be lost or curtailed under the Company’s broad-based qualified retirement plans as a result of limits
imposed on such benefits under the Internal Revenue Code. 

 The Plan is intended to be a nonqualified deferred compensation
arrangement for eligible employees who are members of a “select group of management or highly compensated employees” within the meaning of ERISA section 201(2). The Plan, therefore, is intended to be exempt from the participation, funding,
and fiduciary requirements of Title I of ERISA. 

  
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 The provisions of this Plan are generally applicable only to eligible employees who are employed by the
Company or an Affiliate on and after January 1, 2015. Unless otherwise provided in a retroactively effective provision of this restatement, any person who was covered by the Plan as in effect before January 1, 2015, and who had a
Separation from Service before that date, shall continue to be covered by the provisions of this Plan as in effect upon his or her Separation from Service. 

  
 2 

 Article 2.    Definitions 

Whenever used in the Plan, the following terms shall have the meanings set forth below, unless otherwise expressly provided; and when the defined meaning
is intended, the term is capitalized. 
 2.1 Actuarial Equivalent 
 “Actuarial Equivalent” means the following: 
  

	(a)	General Rule. Actuarial Equivalent means a benefit having the same value as the benefit which it replaces, computed on the basis of- 

 

	 	(1)	the 1984 Unisex Pension Mortality Table, with no age setback for Participants and a three-year age setback for beneficiaries; and 

 

	 	(2)	interest at 9 percent compounded annually. 

  

	(b)	Lump Sum Payments. Notwithstanding section 2.1(a), the value of a lump sum payment calculated under section 10.3(a)(1) and 10.3(b) shall be computed on the basis
of- 

  

	 	(1)	the mortality table specified in section 2.1(a)(1); and 

  

	 	(2)	an interest rate equal to the discount rate used to compute FASB ASC 715 costs under the Qualified Pension Plan for the Plan Year immediately preceding the Plan Year in
which the distribution occurs, as stated each year in the Company’s annual report to shareholders. 

 Article
2.    Affiliate 
 “Affiliate” means- 

 

	(a)	any corporation while it is a member of the same controlled group of corporations (within the meaning Code section 414(b) as the Company); and 

 

	(b)	any other trade or business (whether or not incorporated) while it is under common control with the Company (within the meaning of Code section 414(c)).

 2.4 Beneficiary 

“Beneficiary” means the person or persons designated by the Participant to receive any benefits that become payable under this Plan on account
of the Participant’s death under: 
  

	(a)	Section 3.6(a), regarding survivor payments that may become due if the Participant elected to receive his or her Net Executive Restoration Benefit in one of the
optional forms of payment described therein; 

  
 3 

	(b)	Section 3.6(b), regarding survivor payments that may become due if the Participant’s Net Executive SERP Benefit was being distributed in the form of a
Ten-Year Certain and Life Annuity or three annual installments at the time of his or her death); 

  

	(c)	Section 4.5(b), regarding survivor payments that may become due if the Participant elects to receive his or her DB Restoration Benefit in one of the optional forms
of payment described therein; 

  

	(d)	Section 5.6, regarding the vested portion of a Participant’s DC Restoration Account that remains unpaid at the time of the Participant’s death;

  

	(e)	Section 6.6, regarding the vested portion of a Participant’s DC SERP Benefit that remains unpaid at the time of the Participant’s death; and

  

	(f)	Section 7.2(d), regarding survivor payments that may become due with respect to a Qualified Pension Plan enhancement payable under an individual Participation
Agreement (depending on the form of payment in effect under such section). 

 A Participant’s Beneficiary shall be the person
or persons designated by the Participant to receive the benefits described in section 2.3(a) through (f) above. This designation shall be made at a time and in a manner prescribed by the Committee. If the Participant fails to designate a
Beneficiary, or if the person named by the Participant as his or her Beneficiary is not living as of the date that a benefit becomes payable, the Participant’s Beneficiary shall be the Participant’s surviving spouse; or if there is no
surviving spouse, the Participant’s estate. 
 (With respect to the preretirement death benefits that may become payable under section 3.7
or 4.6, the only permissible Beneficiary under this Plan is the Participant’s surviving spouse.) 
 2.5 Board 

“Board” means the Board of Directors of the Company. 
 2.6 Code 
 “Code” means the Internal Revenue Code of 1986, as amended, or as it
may be amended from time to time. A reference to a section of the Code shall also be deemed to refer to the regulations and other guidance promulgated under that section. 
 2.7 Committee 
 “Committee” means the Benefits Committee which shall have primary
responsibility for administering the Plan under Article 8. 
 2.8 Company 
 “Company” means Sonoco Products Company or any successor thereto that agrees to adopt and continue this Plan. 
 2.9 Company Stock 
 “Company Stock” means the Company’s no par value common
stock. 

  
 4 

 2.10 DB Restoration Benefit 
 “DB Restoration Benefit” means the benefit that is intended to provide benefits that would have been provided under the Qualified Pension Plan or the Pension Plan for Inactive Participants (as
applicable) without regard to the limits in effect under Code sections 401(a)(17) and 415, as determined under Article 4. 
 2.11 DC
Restoration Account 
 “DC Restoration Account” means the bookkeeping account maintained by the Company which represents the total
benefits accumulated by a Participant under Article 5. A Participant’s DC Restoration Account shall be comprised of the following subaccounts: 
  

	(a)	Company Match Restoration Account means the portion of the Participant’s DC Restoration Account that evidences the value of benefits accumulated by the
Participant under section 5.2(a), including any gains and losses attributable to such benefits, as determined under section 5.3. 

  

	(b)	Retirement Contribution Restoration Account means the portion of the Participant’s DC Restoration Account that evidences the value of benefits accumulated
by the Participant under section 5.2(b), including any gains and losses attributable to such benefits, as determined under section 5.3. 

 2.12 DC SERP Account 
 “DC SERP Account” means the bookkeeping account maintained
by the Company that evidences the portion of an eligible Participant’s DC SERP Benefit that is determined under section 6.2(a)(1), including the investment gains that are allocated to such account under section 6.3(a). 

2.13 DC SERP Benefit 
 “DC SERP
Benefit” means the benefit determined under Article 6, comprised of both a Participant’s DC SERP Account and a Participant’s Restricted Stock Units. 
 2.14 Eligible Compensation 
 “Eligible Compensation” means the compensation used
to determine the amount of a Participant’s benefits under Article 3 (regarding the Executive Benefit), Article 5 (regarding the DC Restoration Account) and Article 6 (regarding the DC SERP Benefit). 

 

	(a)	General Rule. Except as otherwise provided in sections 2.13(b) and (c) below, “Eligible Compensation” means the sum of the total base salary
received by the Participant for the Plan Year and any annual bonus earned by the Participant for the Plan Year (even if such bonus is actually paid in a subsequent year). 

 

	(b)	 DC Restoration Account. For the purpose of determining amounts to be credited to a Participant’s DC Restoration Account under Article 5 for
a Plan Year, “Eligible Compensation” means the Participant’s compensation that is used in calculating contributions under the Retirement and Savings Plan for the same Plan Year, but

  
 5 

	 	
determined without regard to the limit imposed on such compensation by Code section 401(a)(17). 

 

	(c)	Special Rule for Last Year of Employment. When calculating Final Average Pay under section 2.18 for a Participant who incurs a Separation from Service before the
last day of the Plan Year, Eligible Compensation for this final partial Plan Year of employment shall equal the sum of- 

  

	 	(1)	the base salary actually paid to the Participant for such Plan Year for employment before his or her Separation from Service; 

 

	 	(2)	the additional base salary the Participant would have received had he or she remained in active employment for the period beginning on the date of his or her Separation
from Service and ending on the next following December 31 (at the same rate of base salary as in effect immediately prior to such Separation from Service); and 

 

	 	(3)	the annual bonus actually earned by Participant for such Plan Year for employment before his or her Separation from Service (even if such bonus is actually paid in a
subsequent year). However, if such annual bonus has not been determined as of the Participant’s benefit commencement date, the annual bonus that will be treated as part of the Participant’s Eligible Compensation for his or her last partial
Plan Year of employment shall equal the Participant’s target bonus percentage for such year multiplied by the base salary actually paid to the Participant for such year for employment before his or her Separation from Service.

 2.15 Employee 

“Employee” means any person who is employed by the Company or an Affiliate, other than a person who is retained as an independent contractor, a
leased employee (as determined under the Company’s or an Affiliate’s customary worker classification procedures), or a non-employee member of the Board. 
 2.16 Employer 
 “Employer” means the Company and each Affiliate that has been
designated as an Employer under this Plan in accordance with section 9.5. 
 2.17 ERISA 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or as it may be amended from time to time. A reference to a
particular section of ERISA shall also be deemed to refer to the regulations and other guidance promulgated under that section. 
 2.18
Executive Benefit 
 “Executive Benefit” means the benefit determined under Article 3, comprised of both a Participant’s Net
Executive Restoration Benefit and Net Executive SERP Benefit. 

  
 6 

 2.19 Final Average Pay 
 “Final Average Pay” is used to determine an eligible Participant’s Gross Executive SERP Benefit under section 2.21. “Final Average Pay” means the monthly average of the Eligible
Compensation earned by the Participant for any three Plan Years of employment (regardless of whether such years are consecutive), selected from the last seven full Plan Years of employment (and the final partial Plan Year of employment for a
Participant whose Separation from Service occurs on a date other than December 31), that produces the highest average. If a Participant has fewer than three complete Plan Years of Eligible Compensation after annualizing the final year in
accordance with section 2.13(c), Final Average Pay shall be determined by averaging all Eligible Compensation received by the Participant over his or her whole and partial years of employment with the Company and its Affiliates. 

Notwithstanding any provision in this Plan to the contrary, for a Participant who incurs a Separation from Service after December 31, 2018, Final
Average Pay shall be determined as if the Participant incurred a Separation from Service on December 31, 2018 and shall not be adjusted to reflect Eligible Compensation that may be earned by the Participant after such date. 

2.20 Five-Year Certain and Life Annuity 

“Five-Year Certain and Life Annuity” means a monthly retirement benefit payable to the Participant for life, and if the Participant dies before
receiving 60 monthly payments, such payments shall continue to the Beneficiary until a total of 60 payments have been made. 
 2.21 Gross
Executive Restoration Benefit 
 “Gross Executive Restoration Benefit” is used in the calculation of the Net Executive Restoration
Benefit and shall be determined in accordance with section 3.5(b). 
 2.22 Gross Executive SERP Benefit 

“Gross Executive SERP Benefit” is used in the calculation of the Executive Benefit under Article 3. An eligible Participant’s Gross
Executive SERP Benefit is expressed as a Joint and 75 Percent Survivor Annuity commencing on the Participant’s Normal Retirement Date and shall equal the product of (a) and (b) where- 

 

	(a)	is 4 percent of the Participant’s Final Average Pay multiplied by his or her Years of Benefit Service (but not to exceed 15 years); and 

 

	(b)	is a fraction having a numerator equal to the Participant’s Years of Benefit Service and a denominator equal to the Years of Benefit Service the Participant would
have earned had he or she continued in the employment of an Employer through his or her Normal Retirement Date. 

 Notwithstanding
the above, for a Participant who incurs a Separation from Service after December 31, 2018, the amount determined under section 2.21(a) shall be based only upon the Participant’s Final Average Pay and Years of Benefit Service as of
December 31, 2018 and shall not be adjusted in any manner to reflect Eligible Compensation and Years of Benefit Service for employment with the Company or its Affiliates after such date. In addition, for a Participant who

  
 7 

 
incurs a Separation from Service after December 31, 2018, the numerator of the fraction described in section 2.21(b) shall include only those Years of Benefit Service earned as of
December 31, 2018 and the denominator of such fraction shall equal the Years of Benefit Service the Participant would have earned had the Participant continued to earn Years of Benefit Service until his or her Normal Retirement Date.

 2.23 Joint and 50 Percent Survivor Annuity 
 “Joint and 50 Percent Survivor Annuity” means a monthly retirement benefit payable for the lifetime of the Participant with a monthly survivor annuity for the lifetime of the Participant’s
Beneficiary equal to 50 percent of the monthly amount payable during the joint lives of the Participant and such Beneficiary. 
 2.24 Joint
and 75 Percent Survivor Annuity 
 “Joint and 75 Percent Survivor Annuity” means a monthly retirement benefit payable for the
lifetime of the Participant with a monthly survivor annuity for the lifetime of the Participant’s Beneficiary equal to 75 percent of the monthly amount payable during the joint lives of the Participant and such Beneficiary. 

2.25 Joint and 100 Percent Survivor Annuity 
 “Joint and 100 Percent Survivor Annuity” means a monthly retirement benefit payable for the lifetime of the Participant with a monthly survivor annuity for the lifetime of the Participant’s
Beneficiary equal to 100 percent of the monthly amount payable during the joint lives of the Participant and such Beneficiary. 
 2.26 Key
Employee 
 “Key Employee” means generally a Participant who is either: 

 

	(a)	one of the top-paid 50 officers of the Company or an Affiliate who has annual compensation in excess of $170,000 (as indexed from time to time in accordance with Code
section 416(i)(1)); 

  

	(b)	a 5-percent owner of the Company or an Affiliate; or 

  

	(c)	a 1-percent owner of the Company or an Affiliate who has annual compensation in excess of $150,000. 

A Participant who meets one or more of the conditions described in section 2.25(a), (b), or (c) at any time during a Plan Year shall be subject to
the distribution restrictions that apply to Key Employees under this Plan during the 12-month period that begins on the April 1 next following the last day of such Plan Year. 
 (For purposes of this section 2.25, “compensation” means an amount determined in accordance with Code section 415(c)(3).) 

  
 8 

 2.27 Military Leave 
 “Military Leave” means leave subject to reemployment rights under the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended from time to time. 

2.28 Net Executive Restoration Benefit 

“Net Executive Restoration Benefit” means the portion of the Participant’s Executive Benefit determined under section 3.2(b)(1), 3.3(b)(1),
or 3.4(b)(1), whichever applies to the Participant as of his or her Separation from Service. 
 2.29 Net Executive SERP Benefit

 “Net Executive SERP Benefit” means the portion of the Participant’s Executive Benefit determined under section 3.2(b)(2),
3.3(b)(2), or 3.4(b)(2), whichever applies to the Participant as of his or her Separation from Service. 
 2.30 Normal Retirement Date

 “Normal Retirement Date” means the first day of the month next following the date on which the Participant attains age 65 (or
incurs a Separation from Service, if later). 
 2.31 Participant 
 “Participant” means an Employee who has met and continues to meet the eligibility requirements described in- 
  

	(a)	section 3.1 (related to the Executive Benefit); 

  

	(b)	section 4.1 (related to the DB Restoration Benefit); 

  

	(c)	section 5.1 (related to the DC Restoration Account); 

  

	(d)	section 6.1 (related to the DC SERP Benefit); and/or 

  

	(e)	section 7.1 (related to an individual Participation Agreement). 

 2.32 Participation Agreement 
 “Participation Agreement” means an agreement
individually negotiated between the Employer and an Employee to provide certain benefits after retirement. Any such Participation Agreement shall form an integral part of this Plan and shall be subject to the provisions of Article 7. 

2.33 Pension Plan for Inactive Participants 
 “Pension Plan for Inactive Participants” means the tax-qualified Sonoco Pension Plan for Inactive Participants, as amended from time to time. 

2.34 Plan 
 “Plan” means this
Omnibus Benefit Restoration Plan of Sonoco Products Company, as amended from time to time. 

  
 9 

 2.35 Plan Year 
 “Plan Year” means the 12-month period beginning on January 1 and ending on December 31. 
 2.36 Qualified Pension Plan 
 “Qualified Pension Plan” means the tax-qualified
Sonoco Pension Plan, as amended from time to time. 
 2.37 Restricted Stock Units 

“Restricted Stock Units” means the portion of the DC SERP Benefit that is valued by reference to a share of Company Stock and the accumulated
valued of dividend equivalents determined under sections 6.2(a)(2) and 6.3(b). 
 2.38 Retirement and Savings Plan 

“Retirement and Savings Plan” means the tax-qualified Sonoco Retirement and Savings Plan, as amended from time to time. 

2.39 Separation from Service 

“Separation from Service” means an Employee’s termination from employment with the Company and all Affiliates, whether by retirement,
resignation from or discharge by the Company or an Affiliate (but not by a transfer among Affiliates or death). 
  

	(a)	A Separation from Service shall be deemed to have occurred as of the date the Employee and the Company or any Affiliate reasonably anticipates, based on the facts and
circumstances, that either: 

  

	 	(1)	The Employee will not provide any additional services for the Company or an Affiliate after that date; or 

 

	 	(2)	The level of bona fide services performed by the Employee after that date will permanently decrease to no more than 20 percent of the average level of bona fide
services performed by the Employee over the immediately preceding 36 months. 

  

	(b)	If an Employee is absent from employment due to Military Leave, sick leave, or any other bona fide leave of absence authorized by the Company or an Affiliate, and there
is a reasonable expectation that the Employee will return to perform services for the Company or an Affiliate, then a Separation from Service shall not occur until the later of: 

 

	 	(1)	The first date immediately following the date that is six months after the first date that an Employee was absent from employment; and 

 

	 	(2)	To the extent the Employee retains a right to reemployment with the Company or any Affiliates under an applicable statute or by contract, the date the Employee no
longer retains a right to reemployment. 

  
 10 

 2.40 Single Life Annuity 
 “Single Life Annuity” means a monthly retirement benefit payable for the lifetime of the Participant, with no continuing payments following the Participant’s death. 

2.41 Social Security Benefit 

“Social Security Benefit” is used in the calculation of the Net Executive SERP Benefit under sections 3.2(b)(2), 3.3(b)(2), and 3.4(b)(2).
“Social Security Benefit” means the estimated monthly benefit that the Participant would be entitled to receive under the Social Security Act commencing at age 62 (or, if later, the date of the Participant’s Separation from Service).
This estimate shall be based on- 
  

	(a)	the Social Security Act in effect as of the date of the Participant’s Separation from Service; and 

 

	(b)	an assumption that the Participant’s compensation does not increase after the last day of the Plan Year that precedes the date of the Participant’s Separation
from Service. 

 Notwithstanding any provision in this Plan to the contrary, the Social Security Benefit for a Participant who
incurs a Separation from Service after December 31, 2018 shall be determined as if he or she incurred a Separation from Service on December 31, 2018 and shall not be adjusted in any way to reflect a Participant’s earnings from the
Company or an Affiliate after such date or any Social Security law changes that may become effective after such date. 
 2.42 Target Date
Retirement Fund 
 “Target Date Retirement Fund” means the target date retirement funds that are available for the investment of a
Participant’s account under the Retirement and Savings Plan. With respect to a particular Participant, the Target Date Retirement Fund shall be the fund having the target date that is closest to the year in which the Participant reaches age 65.

 2.43 Ten-Year Certain and Life Annuity 
 “Ten-Year Certain and Life Annuity” means a monthly retirement benefit payable to the Participant for life, and if the Participant dies before receiving 120 monthly payments, such payments shall
continue to the Beneficiary until a total of 120 payments have been made. 
 2.44 Valuation Date 

“Valuation Date” means any date selected by the Committee in its sole and absolute discretion for revaluation and adjustment of the
Participant’s DC Restoration Account and DC SERP Account. 
 2.45 Years of Benefit Service 

“Years of Benefit Service” mean generally the years of service earned by a Participant for benefit accrual purposes under the Qualified Pension
Plan (or the Pension Plan for Inactive Participants for any Participant who, upon his or her Separation from Service, has an accrued benefit under such plan). However, for purposes of determining the amount of a Participant’s 

  
 11 

 Gross Executive SERP Benefit under section 2.21, “Years of Benefit Service” shall be credited for
the Participant’s full period of employment with the Company and its Affiliates. 
 Except as provided in section 2.21, a Participant who
incurs a Separation from Service after December 31, 2018 shall not earn Years of Benefit Service for employment with the Company and its Affiliates on and after January 1, 2019. 
 2.46 Years of Vesting Service 
 “Years of Vesting Service” mean the following:

  

	(a)	Executive Benefit. For purposes of determining whether a Participant has a vested interest in the Executive Benefit under Article 3, “Years of Vesting
Service” mean the vesting service earned by the Participant as determined under the Qualified Pension Plan (but considering only such service earned during the Participant’s period of active participation under Article 3).

  

	(b)	DB Restoration Benefit. For purposes of determining whether a Participant has a vested interest in the DB Restoration Benefit under Article 4, “Years of
Vesting Service” mean the vesting service earned by the Participant as determined under the Qualified Pension Plan (or the vesting service recognized under the Pension Plan for Inactive Participants for any Participant who, upon his or her
Separation from Service, has an accrued benefit under that plan). 

  

	(c)	Retirement Contribution Restoration Account. For purposes of determining whether a Participant has a vested interest in his or her Retirement Contribution
Restoration Account under Article 5, “Years of Vesting Service” mean the vesting service earned by the Participant as determined under the Retirement and Savings Plan. 

 

	(d)	DC SERP Benefit. For purposes of determining whether a Participant has a vested interest in a DC SERP Benefit under Article 6, “Years of Vesting
Service” will be determined as follows: 

  

	 	(1)	If the Participant is accruing benefits under the Qualified Pension Plan, his or her “Years of Vesting Service” mean the vesting service earned by the
Participant as determined under the Qualified Pension Plan (but considering only such service earned during the Participant’s period of employment as an officer of the Company). 

 

	 	(2)	If the Participant is eligible to receive “Retirement Contributions” (as defined and determined under the Retirement and Savings Plan), his or her “Years
of Vesting Service” mean the vesting service earned by the Participant as determined under the Retirement and Savings Plan (but considering only such service earned during the Participant’s period of employment as an officer of the
Company). 

  
 12 

 Article 3.    Executive Benefit 

3.1 Eligibility and Participation 

	(a)	Eligibility. Subject to section 3.1(b) below, an Employee who was a Participant with respect to the Executive Benefit as of December 31, 2007 shall continue
to be a Participant with respect to this benefit on and after January 1, 2008. Each Employee who was not a Participant with respect to the Executive Benefit as of December 31, 2007 shall not be eligible to become a Participant under this
Article 3. 

  

	(b)	Duration of Participation. An individual who becomes a Participant under this Article 3 shall continue as an active Participant until the earliest of the
following three dates: 

  

	 	(1)	the date on which the Participant is designated by the Committee as no longer eligible to be a Participant with respect to the Executive Benefit;

  

	 	(2)	the date on which the Participant incurs a Separation from Service; or 

  

	 	(3)	December 31, 2018. 

 When
active participation ends under section 3.1(b)(1), (2), or (3), the individual will continue as an inactive Participant with respect to the Executive Benefit until he or she has received a complete distribution of any benefits to which he or she is
entitled under this Article 3 (or forfeits any such benefits either by incurring a Separation from Service before qualifying for a deferred vested retirement benefit under section 3.4(a) or by violating any of the conditions specified in
section 10.14). 
 3.2 Normal Retirement Benefits 

	(a)	Eligibility. A Participant under this Article 3 who incurs a Separation from Service on or after attaining age 65 shall be eligible for a normal retirement
benefit under this section 3.2. This benefit shall commence as of the date determined under section 3.2(c) and shall be paid in the form determined under section 3.6. 

 

	(b)	Amount. The Executive Benefit payable under this section 3.2 to a Participant who retires after reaching age 65 shall equal the sum of- 

 

	 	(1)	the Participant’s Net Executive Restoration Benefit determined under section 3.5 as of the date of the Participant’s Separation from Service, but expressed as
a Single Life Annuity (i.e., determined before converting the Gross Executive Restoration Benefit and the offset for the benefit payable under the Qualified Pension Plan into a Joint and 75 Percent Survivor Annuity under section 3.5(d)); and

  

	 	(2)	the Participant’s Net Executive SERP Benefit, which shall equal (A) reduced by the sum of (B) and (C) where- 

  
 13 

	 	(A)	is the Gross Executive SERP Benefit determined as of the date of the Participant’s Separation from Service; 

 

	 	(B)	is the Gross Executive Restoration Benefit determined under section 3.5(b) as of the date of the Participant’s Separation from Service (after such amount has been
converted into a Joint and 75 Percent Survivor Annuity in the manner described in section 3.5(d)); and 

  

	 	(C)	is the Participant’s Social Security Benefit. 

  

	(c)	Commencement. If a Participant becomes entitled to an Executive Benefit under this section 3.2 upon his or her Separation from Service, both the Net Executive
Restoration Benefit and the Net Executive SERP Benefit shall commence as of the first day of the month next following the month in which the six-month anniversary of the Participant’s Separation from Service occurs. If all or a portion of the
Executive Benefit is paid as an annuity under section 3.6, the first such annuity payment shall include the monthly amounts (with no adjustment for interest) the Participant would have received had his or her benefit commencement date been the first
day of the month next following the date on which the Participant incurs a Separation from Service. 

  

	(d)	Freeze of Accruals. Notwithstanding any provision in this section 3.2 to the contrary, the benefit amount for a Participant who incurs a Separation from Service
after December 31, 2018 shall be determined under section 3.2(b) as if the Participant incurred a Separation from Service on December 31, 2018 (but the benefit commencement date under section 3.2(c) shall still be based upon the
Participant’s actual Separation from Service). 

 3.3 Early Retirement Benefits 

	(a)	Eligibility. A Participant under this Article 3 who incurs a Separation from Service before reaching age 65, but after reaching age 55, shall be eligible for an
early retirement benefit under this section 3.3. This benefit shall commence on the date determined under section 3.3(c) and shall be paid in the form determined under section 3.6. 

 

	(b)	Amount. The Executive Benefit payable under this section 3.3 shall equal the sum of the Net Executive Restoration Benefit determined under section 3.3(b)(1) and
the Net Executive SERP Benefit determined under section 3.3(b)(2). 

  

	 	(1)	Net Executive Restoration Benefit. The Net Executive Restoration Benefit under this section 3.3 shall equal (A) reduced by (B) where-

  

	 	(A)	 is the Net Executive Restoration Benefit determined under section 3.5 as of the date of the Participant’s Separation from Service, but expressed
as a Single Life Annuity (i.e., determined before converting the Gross 

  
 14 

	 	
Executive Restoration Benefit and the offset for the benefit payable under the Qualified Pension Plan into a Joint and 75 Percent Survivor Annuity under section 3.5(d)); and

  

	 	(B)	is 0.30 percent of the amount determined under section 3.3(b)(1)(A) for each month by which the first day of the month that next follows the month in which the
Participant incurred a Separation from Service precedes the first day of the month next following the month in which the Participant would attain age 65. 

  

	 	(2)	Net Executive SERP Benefit. The Net Executive SERP Benefit payable under this section 3.3 shall equal (A) reduced by the sum of (B) and (C) where-

  

	 	(A)	is the Participant’s Gross Executive SERP Benefit determined as of the date of the Participant’s Separation from Service, reduced by 0.25 percent for each
month by which the first day of the month that next follows the month in which the Participant incurred a Separation from Service precedes the first day of the month next following the month in which the Participant would attain age 62;

  

	 	(B)	is the Gross Executive Restoration Benefit determined under section 3.5(b) as of the date of the Participant’s Separation from Service (after such amount has been
converted into a Joint and 75 Percent Survivor Annuity in the manner described in section 3.5(d)), reduced for commencement before age 65 in the manner and amount described in section 3.3(b)(1)(B) above; and 

 

	 	(C)	is the Participant’s Social Security Benefit, calculated as if it were to commence on the first day of the month next following the later of (i) the month in
which the Participant incurs a Separation from Service or (ii) the month in which the Participant attains age 62. (This offset for the Social Security Benefit shall first be applied as of the first day of the month next following the later of
the month in which the Participant incurs a Separation from Service or attains age 62.) 

  

	(c)	Commencement. If a Participant becomes entitled to an Executive Benefit under this section 3.3 upon his or her Separation from Service, both the Net Executive
Restoration Benefit and the Net Executive SERP Benefit shall commence as of the first day of the month next following the month in which the six-month anniversary of the Participant’s Separation from Service occurs. If all or a portion of the
Executive Benefit is paid as an annuity under section 3.6, the first such annuity payment shall include the monthly amounts (with no adjustment for interest) the Participant would have received had his or her benefit commencement date been the first
day of the month next following the date on which the Participant incurs a Separation from Service. 

  
 15 

	(d)	Freeze of Accruals. Notwithstanding any provision in this section 3.3 to the contrary, the benefit amount for a Participant who incurs a Separation from Service
after December 31, 2018 shall be determined under section 3.3(b) as if the Participant incurred a Separation from Service on December 31, 2018 (but the applicable reductions under sections 3.3(b)(1)(B) and 3.3(b)(2)(A), and the
benefit commencement date under section 3.3(c), shall still be based upon the Participant’s actual Separation from Service). 

 3.4 Deferred Vested Retirement Benefits 

	(a)	Eligibility. A Participant under this Article 3 who incurs a Separation from Service before qualifying for early retirement under section 3.3, but after
completing five or more Years of Vesting Service as a Participant under this Article 3, shall be eligible for a deferred vested retirement benefit under this section 3.4. This benefit shall commence on the date determined under section 3.4(c) and
shall be paid in the form determined under section 3.6. 

  

	(b)	Amount. The Executive Benefit payable under this section 3.4 shall equal the sum of the Net Executive Restoration Benefit determined under section 3.4(b)(1) and
the Net Executive SERP Benefit determined under section 3.4(b)(2). 

  

	 	(1)	Net Executive Restoration Benefit. The Net Executive Restoration Benefit payable under this section 3.4 shall equal (A) multiplied by (B) where-

  

	 	(A)	is the Net Executive Restoration Benefit determined under section 3.5 as of the date of the Participant’s Separation from Service, but expressed as a Single Life
Annuity (i.e., determined before converting the Gross Executive Restoration Benefit and the offset for the benefit payable under the Qualified Pension Plan into a Joint and 75 Percent Survivor Annuity under section 3.5(d)); and

  

	 	(B)	is 64 percent. 

  

	 	(2)	Net Executive SERP Benefit. The Net Executive SERP Benefit payable under this section 3.4 shall equal (A) reduced by the sum of (B) and (C) where-

  

	 	(A)	is 79 percent of the Participant’s Gross Executive SERP Benefit determined as of the date of the Participant’s Separation from Service;

  

	 	(B)	is 64 percent of the Gross Executive Restoration Benefit determined under section 3.5(b) as of the date of the Participant’s Separation from Service, (after such
amount has been converted into a Joint and 75 Percent Survivor Annuity in the manner described in section 3.5(d)); and 

  

	 	(C)	 is the Participant’s Social Security Benefit, calculated as if it were to commence on the first day of the month next following the month in which
the Participant attains age 62. (This offset for the Social Security Benefit 

  
 16 

	 	
shall first be applied as of the first day of the month next following the month in which the Participant attains age 62.) 

 

	(c)	Commencement. If a Participant becomes entitled to an Executive Benefit under this section 3.4 upon his or her Separation from Service, both the Net Executive
Restoration Benefit and the Net Executive SERP Benefit shall commence as of the later of- 

  

	 	(1)	the first day of the month next following the month in which the Participant reaches age 55; or 

 

	 	(2)	the first day of the month next following the month in which the six-month anniversary of the Participant’s Separation from Service occurs.

 If all or a portion of the Executive Benefit is paid as an annuity under section 3.6, and the
Participant’s benefit commencement date is the date determined under section 3.4(c)(2), the first such annuity payment shall include the monthly amounts (with no adjustment for interest) the Participant would have received had his or her
benefit commencement date been the first day of the month next following the month in which the Participant reaches age 55. 
  

	(d)	Freeze of Accruals. Notwithstanding any provision in this section 3.4 to the contrary, the benefit amount for a Participant who incurs a Separation from Service
after December 31, 2018 shall be determined under section 3.4(b) as if the Participant incurred a Separation from Service on December 31, 2018 (but the benefit commencement date under section 3.2(c) shall still be based upon the
Participant’s actual Separation from Service). 

 3.5 Net Executive Restoration Benefit 

	(a)	In General. A Participant’s Net Executive Restoration Benefit shall equal the difference between- 

 

	 	(1)	the Gross Executive Restoration Benefit determined as of the Participant’s Separation from Service under section 3.5(b); and 

 

	 	(2)	the benefit accrued by the Participant under the Qualified Pension Plan determined as of his or her Separation from Service as determined under 3.5(c).

  

	(b)	Gross Executive Restoration Benefit. A Participant’s Gross Executive Restoration Benefit shall be determined initially as of December 31, 2008 (in
accordance with section 3.5(b)(1)); then adjusted for each full Plan Year of participation thereafter (in accordance with section 3.5(b)(2)); and adjusted further for the Plan Year in which the Participant incurs a Separation from Service (in
accordance with section 3.5(b)(3)). 

  

	 	(1)	 Gross Executive Restoration Benefit as of December 31, 2008. The Gross Executive Restoration Benefit as of December 31, 2008 shall
equal the amount 

  
 17 

	 	
that would have been accrued by the Participant under the Qualified Pension Plan as of such date without regard to the limits imposed by Code sections 401(a)(17) and 415, and calculated initially
as a Single Life Annuity commencing on the Participant’s Normal Retirement Date, but then converted into a Joint and 75 Percent Survivor Annuity commencing on the Participant’s Normal Retirement Date (in the manner described in
section 3.5(d)). 

  

	 	(2)	Annual Adjustments to Gross Executive Restoration Benefit for Full Plan Years of Participation. Beginning January 1, 2009, the Gross Executive Restoration
Benefit determined as of the end of the immediately preceding Plan Year shall be increased as of the last day of each subsequent full Plan Year of participation by an amount equal to the lesser of (A) or (B) where-

  

	 	(A)	is the difference (but not less than zero) between- 

  

	 	(i)	the amount that would have been accrued by the Participant under the Qualified Pension Plan through the last day of the current Plan Year without regard to the limits
imposed by Code sections 401(a)(17) and 415, and calculated initially as a Single Life Annuity commencing on the Participant’s Normal Retirement Date, but then converted into a Joint and 75 Percent Survivor Annuity commencing on the
Participant’s Normal Retirement Date (in the manner described in section 3.5(d)); and 

  

	 	(ii)	is the lesser of- 

  

	 	(I)	the amount that would have been accrued by the Participant under the Qualified Pension Plan through the last day of the immediately preceding Plan Year without regard
to the limits imposed by Code sections 401(a)(17) and 415, calculated initially as a Single Life Annuity commencing on the Participant’s Normal Retirement Date but then converted into a Joint and 75 Percent Survivor Annuity commencing on the
Participant’s Normal Retirement Date (in the manner described in section 3.5(d)); and 

  

	 	(II)	the amount of the Gross Executive Restoration Benefit as of the last day of the immediately preceding Plan Year; and 

 

	 	(B)	is the increase in the Gross Executive SERP Benefit for such full Plan Year of participation. (This increase shall equal the Gross Executive SERP Benefit as of the last
day of the Plan Year reduced by the Gross Executive SERP Benefit determined as of the last day of the immediately preceding Plan Year.) 

  
 18 

	 	(3)	Final Determination of Gross Executive Restoration Benefit as of Separation from Service. As of the date of the Participant’s Separation from Service, the
Gross Executive Restoration Benefit shall equal the Gross Executive Restoration Benefit determined under section 3.5(b)(2) as of the last day of the immediately preceding Plan Year increased through the date of the Participant’s Separation from
Service by an amount equal to the lesser of (A) or (B) where- 

  

	 	(A)	is the difference (but not less than zero) between- 

  

	 	(i)	the amount that would have been accrued by the Participant under the Qualified Pension Plan through the date of his or her Separation from Service without regard to the
limits imposed by Code sections 401(a)(17) and 415, calculated initially as a Single Life Annuity commencing on the Participant’s Normal Retirement Date, but then converted into a Joint and 75 Percent Survivor Annuity commencing on the
Participant’s Normal Retirement Date (in the manner described in section 3.5(d)); and 

  

	 	(ii)	the lesser of- 

  

	 	(I)	the amount that would have been accrued by the Participant under the Qualified Pension Plan through the last day of the immediately preceding Plan Year without regard
to the limits imposed by Code sections 401(a)(17) and 415, calculated initially as a Single Life Annuity commencing on the Participant’s Normal Retirement Date, but then converted into a Joint and 75 Percent Survivor Annuity commencing on the
Participant’s Normal Retirement Date (in the manner described in section 3.5(d)); and 

  

	 	(II)	the amount of the Gross Executive Restoration Benefit as of the last day of the immediately preceding Plan Year; and 

 

	 	(B)	is the increase in the Gross Executive SERP Benefit for the Plan Year in which the Participant incurred a Separation from Service. (This increase shall equal the Gross
Executive SERP Benefit as of the date of the Participant’s Separation from Service reduced by the Gross Executive SERP Benefit determined as of the last day of the immediately preceding Plan Year). 

 

	 	(4)	Freeze of Accruals. Notwithstanding any provision of this Plan to the contrary, for a Participant who incurs a Separation from Service after December 31,
2018, the Gross Executive Restoration Benefit shall be calculated under this section 3.5 as if the Participant incurred a Separation from Service on December 31, 2018. 

  
 19 

	(c)	Offset for Qualified Pension Plan Benefit. The offset described in section 3.5(a)(2) shall equal the amount accrued by the Participant under the Qualified
Pension Plan as of the date of the Participant’s Separation from Service, calculated initially as a Single Life Annuity commencing on the Participant’s Normal Retirement Date, but then converted into a Joint and 75 Percent Survivor Annuity
(in the manner described in section 3.5(d)). Notwithstanding any provision in this Plan to the contrary, for a Participant who incurs a Separation from Service after December 31, 2018, the offset determined under this section 3.5(c) shall
equal the amount accrued by the Participant under the Qualified Pension Plan as of December 31, 2018. 

  

	(d)	Adjustment to the Single Life Annuity Amounts. Amounts calculated initially as a Single Life Annuity under sections 3.5(b) and 3.5(c) shall be converted into
actuarially equivalent Joint and 75 Percent Survivor Annuity by- 

  

	 	(1)	applying the mortality and interest assumptions described in section 2.1, and 

 

	 	(2)	for a Participant who is not married as of the applicable calculation date, by assuming that the Participant’s beneficiary under the Joint and 75 Percent Survivor
Annuity is the same age as the Participant. 

 3.6 Form of Payment 

	(a)	Net Executive Restoration Benefit. If a Participant’s benefit commencement date under this Article 3 is on or after January 1, 2009, such benefit shall
be distributed as follows: 

  

	 	(1)	Normal Form of Payment. Unless a Participant elects an optional form under section 3.6(a)(2), and unless otherwise provide under section 10.3, the Net Executive
Restoration Benefit shall be paid in the form of a Single Life Annuity, as determined under section 3.2(b)(1), 3.3(b)(1), or 3.4(b)(1) (as applicable). 

  

	 	(2)	Optional Forms of Payment. In lieu of the Single Life Annuity described in section 3.6(a)(1), and unless otherwise provide under section 10.3, a Participant may
elect instead, at any time before his or her benefit commencement date and in a manner specified by the Committee, to receive his or her Net Executive Restoration Benefit in any one of the following forms of payment (each of which shall be the
Actuarial Equivalent of the Single Life Annuity): 

  

	 	(A)	Joint and 50 Percent Survivor Annuity; 

  

	 	(B)	Joint and 75 Percent Survivor Annuity; 

  

	 	(C)	Joint and 100 Percent Survivor Annuity; 

  

	 	(D)	Five-Year Certain and Life Annuity; or 

  

	 	(E)	10-Year Certain and Life Annuity. 

  
 20 

	(b)	Net Executive SERP Benefit. 

  

	 	(1)	Normal Form of Payment. Except as provided in sections 3.6(b)(2) and 10.3, the portion of the Executive Benefit that is attributable to the Net Executive SERP
Benefit shall be paid as follows: 

  

	 	(A)	Married Participant: If a Participant is married when the payment of his or her Executive Benefit commences under this Article 3, the Net Executive SERP Benefit
(i.e., the monthly amount determined under section 3.2(b)(2), 3.3(b)(2), or 3.4(b)(2), as applicable) shall be paid in the form a Joint and 75 Percent Survivor Annuity, with the Participant’s spouse as his or her Beneficiary.

  

	 	(B)	Unmarried Participant. If a Participant is not married when the payment of his or her Net Executive SERP Benefit commences under this Article 3, such benefit
shall be paid in the form of a Ten-Year Certain and Life Annuity. This Ten-Year Certain and Life Annuity shall be the Actuarial Equivalent of the Joint and 75 Percent Survivor Annuity determined under section 3.2(b)(2), 3.3(b)(2), or 3.4(b)(2), as
applicable (which shall be valued assuming that the Participant’s Beneficiary is the same age as the Participant). 

  

	 	(2)	Optional Form of Payment. 

  

	 	(A)	Three Equal Installments. Subject to section 10.3, a Participant may waive the normal form of payment specified under Section 3.6(b)(1) and elect instead to
receive the Net Executive SERP Benefit in the form of three equal installments, with the first installment payable on the benefit commencement date determined under section 3.2(c), 3.3(c), or 3.4(c) (as applicable), the second installment payable
six months after the payment of the first installment, and the third installment payable 12 months after the payment of the second installment. 

 The amount of these installments shall be determined as follows: 
  

	 	(i)	The Net Executive SERP Benefit determined under 3.2(b)(2), 3.3(b)(2), or 3.4(b)(2) (as applicable) shall first be converted from an amount payable as a Joint and 75
Percent Survivor Annuity into an equivalent lump sum using- 

  

	 	(I)	the “applicable mortality table” determined under Code section 417(e); and 

 

	 	(II)	 the “applicable interest rate” determined under Code section 417(e) for the month of November immediately

  
 21 

	 	
preceding the first day of the Plan Year in which the distribution occurs. 

  

	 	(ii)	The lump sum determined under section 3.6(b)(2)(A)(i) shall then be converted into an equivalent payment stream of three installments by applying the first tier segment
rate described in Code section 430(h)(2)(C)(i). 

  

	 	(B)	Limitation on Final Installment Payments. If the amount of the final (i.e., third) installment payments made on behalf of all Participants who are entitled to
such final installment payments in any Plan Year would trigger settlement accounting for such Plan Year under FASB ASC 715 (or any successor to such statement), the amount actually paid in such Plan Year shall be limited to avoid the application of
settlement accounting in the manner described below. 

  

	 	(i)	The aggregate excess amount for the Plan Year is equal to (I) minus (II) where- 

 

	 	(I)	is the total of all final (i.e., third) installment payments due to Participants under this section 3.6(b)(2) for the Plan Year; and 

 

	 	(II)	is the total amount of all final (i.e., third) installment payments that could be made for such Plan Year without triggering settlement accounting for the Plan Year.

  

	 	(ii)	The aggregate excess amount for the Plan Year (as determined under section 3.6(b)(2)(B)(i)) shall be allocated among the Participants who are otherwise entitled to
their final installment payments in the Plan Year in proportion to the amount of each individual’s final installment payment. 

  

	 	(iii)	The installment payment actually made to each such Participant for the Plan Year shall equal the difference between (I) and (II) where- 

 

	 	(I)	is the installment payment the Participant would otherwise be entitled to for the Plan Year without regard to this section 3.6(b)(2)(B); and

  

	 	(II)	is the Participant’s proportionate share of the aggregate excess amount determined under section 3.6(b)(2)(B)(ii). 

 

	 	(iv)	 Each affected Participant will then receive an additional payment during the next following Plan Year equal to the amount by which his or her third
installment payment was reduced under section 3.6(b)(2)(B)(iii), provided such payment would not itself trigger 

  
 22 

	 	
settlement accounting for such Plan Year under Statement of Financial Accounting Standards No. 88 (or any successor to such statement). If such payment would trigger settlement accounting,
the Committee will continue to apply the procedures described in this section 3.6(b)(2)(B) until the Participant has received a complete distribution of his or her final payment. 

 

	 	(C)	Electing an Optional Form. An election of the optional form of payment described in this section 3.6(b)(2) must be made by the Participant at a time and in a
manner prescribed by the Committee, but not later than June 30, 2008. 

  

	 	(D)	Death of the Participant after the Benefit Commencement Date. If a Participant who has elected the optional form of payment described in this section 3.6(b)(2)
dies after the benefit commencement date specified in section 3.2(c), 3.3(c), or 3.4(c) (as applicable), but before receiving all three installments, the remaining installments shall be paid to the Participant’s Beneficiary at the same time as
such installments would have been paid to the Participant. 

 3.7 Preretirement Death Benefits 

	(a)	Eligibility. If a Participant under this Article 3 dies before his or her benefit commencement date, but after attaining age 55 or completing five or more Years
of Vesting Service as a Participant under this Article 3, the Participant’s surviving spouse shall be entitled to the preretirement death benefit determined under this section 3.7. (If a Participant dies before meeting the eligibility
requirements described above, or if the Participant does not have a surviving spouse as of the benefit commencement date determined under this section, no benefits will be payable under this section 3.7.) 

 

	(b)	Net Executive Restoration Benefit. A surviving spouse who becomes entitled to a benefit under section 3.7(a) shall receive a preretirement death benefit
attributable to the Participant’s Net Executive Restoration Benefit. The amount of such benefit shall be determined under section 3.7(b)(1). In addition, this benefit shall commence on the date determined under section 3.7(b)(2) and shall be
paid in the form described in section 3.7(b)(3). 

  

	 	(1)	Benefit Amount. The preretirement death benefit attributable to the Participant’s Net Executive Restoration Benefit shall be a monthly benefit that is
determined as follows: 

  

	 	(A)	 In the case of a Participant who dies after reaching age 55, the surviving spouse shall receive a Single Life Annuity having monthly payments equal to
the survivor portion of the Joint and 50 Percent Survivor Annuity that would have become payable to the Participant as a Net Executive Restoration Benefit under this Article 3 had he or she incurred a Separation

  
 23 

	 	
from Service on the day before his or her death and commenced a benefit as of the date determined under section 3.2(c) or 3.3(c) (as applicable) in the form of a Joint and 50 Percent Survivor
Annuity with the Participant’s spouse as his or her designated Beneficiary. 

  

	 	(B)	In the case of a Participant who dies before reaching age 55, the surviving spouse shall receive a Single Life Annuity having monthly payments equal to the survivor
portion of the Joint and 50 Percent Survivor Annuity that would have become payable to the Participant as a Net Executive Restoration Benefit under this Article 3 had he or she incurred a Separation from Service on the date of his or her death,
survived to the first day of the month next following the month in which the Participant would have attained age 55, and commenced a benefit as of such date in the form of a Joint and 50 Percent Survivor Annuity with the Participant’s spouse as
his or her designated Beneficiary. 

  

	 	(2)	Benefit Commencement Date. A preretirement death benefit that becomes payable under this section 3.7(b) shall commence on the first day of the month next
following the later of- 

  

	 	(A)	the date of the Participant’s death; or 

  

	 	(B)	the date the Participant would have reached age 55. 

  

	 	(3)	Form of Payment. Except as provided in section 10.3, a preretirement death benefit under this section 3.7(b) shall be paid to the Participant’s surviving
spouse in the form of a Single Life Annuity. 

  

	(c)	Net Executive SERP Benefit. A surviving spouse who becomes entitled to a benefit under section 3.7(a) shall receive a preretirement death benefit attributable to
the Participant’s Net Executive SERP Benefit. The amount of such benefit shall be determined under section 3.7(c)(1). In addition, this benefit shall commence on the date determined under section 3.7(c)(2) and shall be paid in the form
described in section 3.7(c)(3). 

  

	 	(1)	Benefit Amount. The preretirement death benefit attributable to the Participant’s Net Executive SERP Benefit shall be a monthly benefit that is determined
as follows: 

  

	 	(A)	Death on or after Age 55. If a vested Participant dies before the commencement date of his or her Net Executive SERP Benefit, but on or after attaining age 55,
the Participant’s surviving spouse shall be entitled to a Single Life Annuity with monthly payments equal to (i) reduced by (ii) where- 

  
 24 

	 	(i)	is 75 percent of the Gross Executive SERP Benefit accrued by the Participant as of the date of his or her death (with no reductions for early commencement)-

  

	 	(I)	assuming the Participant had at least 15 Years of Benefit Service under section 2.21(a); 

 

	 	(II)	using the Participant’s actual Years of Benefit Service as of his or her date of death under section 2.21(b); and 

 

	 	(III)	replacing the offset for Social Security Benefits with an offset for the combined family Social Security benefit; and 

 

	 	(ii)	is the sum of- 

  

	 	(I)	the survivor portion of the amount that would have become payable to the Participant under the Qualified Pension Plan, assuming the Participant incurred a Separation
from Service on the day before his or her death, and commenced a benefit under such plan as of the first day of the month next following the month of the Participant’s death in the form of a Joint and 50 Percent Survivor Annuity with the
Participant’s spouse as his or her designated Beneficiary; and 

  

	 	(II)	the amount that would become payable to the Participant’s spouse under section 3.7(b) as of the first day of the month next following the month of the
Participant’s death. 

  

	 	(B)	Death before Age 55. If a vested Participant dies before attaining age 55, the Participant’s surviving spouse shall be entitled to a Single Life Annuity
with monthly payments equal to (i) reduced by (ii) where- 

  

	 	(i)	is the amount determined under section 3.7(c)(1)(A)(i) above as of the date of the Participant’s death; and 

 

	 	(ii)	is the sum of- 

  

	 	(I)	the survivor portion of the amount that would have become payable to the Participant under the Qualified Pension Plan, assuming the Participant incurred a Separation
from Service on the day of his or her death, survived to the first day of the month next following the month in which the Participant would have attained age 55, and commenced a benefit as of such date in the form of a Joint and 50 Percent
Survivor Annuity with the Participant’s spouse as his or her designated Beneficiary; and 

  
 25 

	 	(II)	the amount that would become payable to the Participant’s spouse under section 3.7(b) as of the first day of the month next following the month in which the
Participant attains age 55. 

  

	 	(2)	Benefit Commencement Date. 

  

	 	(A)	Death on or after Age 55. A preretirement death benefit payable on behalf of a Participant described in section 3.7(c)(1)(A) shall commence as of the first day
of the month next following the month of the Participant’s death. 

  

	 	(B)	Death before Age 55. A preretirement death benefit that becomes payable on behalf of a Participant under section 3.7(c)(1)(B) shall commence as of the first
day of the month next following the month in which the Participant would have attained age 55. 

  

	 	(3)	Form of Payment. 

  

	 	(A)	General Rule. Except as provided in sections 3.7(c)(3)(B) and 10.3, a preretirement death benefit under this section 3.7(c) shall be paid to the
Participant’s surviving spouse in the form of a Single Life Annuity. 

  

	 	(B)	 Installments. If a Participant made a timely election under section 3.6(b)(2)(C) to receive his or her Net Executive SERP benefit in the
form of three equal installments, the preretirement death benefit attributable to the Net Executive SERP benefit under section 3.7(c) shall be paid to the Participant’s surviving spouse in the form of three equal installments (calculated in the
manner described in section 3.6(b)(2)(A), but with the first installment to be paid as soon as practicable following the Participant’s death, and no later than the last day of the Plan Year in which the Participant died (or the 15th day of the third calendar month following date of the
Participant’s death, if later). The second installment shall be paid in January of the year following payment of the first installment, and the third installment shall be paid in January of the year following payment of the second installment).

  
 26 

 Article 4.    DB Restoration Benefit 

4.2 Eligibility and Participation 

	(a)	Eligibility. Each Employee who was a Participant with respect to the DB Restoration Benefit on December 31, 2014 shall continue to be Participant under this
Article 4 on January 1, 2015. Each other Employee shall be eligible to become a Participant with respect to the DB Restoration Benefit described in this Article 4 if the Employee- 

 

	 	(1)	has an accrued benefit under the Qualified Pension Plan or the Pension Plan for Inactive Participants; and 

 

	 	(2)	is determined by the Committee to be among a select group of management or highly compensated employees. 

However, notwithstanding any provision in this Plan to the contrary, any Employee who is a Participant with respect to the Executive
Benefit described in Article 3 shall not be a Participant with respect to the DB Restoration Benefit described in this Article 4. 
  

	(b)	Date of Participation. Each Employee who is eligible to participate under section 4.1(a) shall become a Participant under this Article 4 as of the first day of
the month next following the month in which his or her accrued benefit under the Qualified Pension Plan or the Pension Plan for Inactive Participants (as applicable) becomes limited by Code section 401(a)(17) and/or Code section 415.

  

	(c)	Duration of Participation. An individual who becomes a Participant under this section 4.1 shall continue as an active Participant under this Article 4 until
the earlier of the date on which he or she- 

  

	 	(1)	is determined by the Committee as no longer meeting the requirements of section 4.1(a); or 

 

	 	(2)	incurs a Separation from Service. 

 When active participation ends under section 4.1(c)(1) or (2), the individual will continue as an inactive Participant with respect to the DB Restoration Benefit until he or she has received a complete
distribution of any benefits earned under this Article 4 (or forfeits any such benefits by incurring a Separation from Service before meeting the eligibility requirements for a deferred vested retirement benefit under section 4.4(a)). 

4.3 Normal Retirement Benefit 

	(a)	 Eligibility. A Participant under this Article 4 who incurs a Separation from Service after reaching age 65 shall be entitled to a normal
retirement benefit under this section 4.2. This normal retirement benefit shall be calculated as a Single Life 

  
 27 

	 	
Annuity commencing on the date specified in section 4.2(c)(1), but shall be paid in the form determined under section 4.5. 

 

	(b)	Amount. A Participant who is eligible for a normal retirement benefit under section 4.2(a) shall be entitled to a monthly benefit equal to the difference
between- 

  

	 	(1)	the monthly benefit to which the Participant would be entitled to under the Qualified Pension Plan or the Pension Plan for Inactive Participants (as applicable)
commencing as of the first day of the month next following the month in which the Participant incurs a Separation from Service, but calculated without regard to the compensation and benefit limits in effect under the Qualified Pension Plan pursuant
to Code sections 401(a)(17) and 415; and 

  

	 	(2)	the monthly normal retirement benefit payable to the Participant under the Qualified Pension Plan or the Pension Plan for Inactive Participants (as applicable)
commencing as of the first day of the month next following the month in which the Participant incurs a Separation from Service. 

  

	(c)	Benefit Commencement Date. 

  

	 	(1)	In General. Except as provided in section 4.2(c)(2), payment of benefits under this section 4.2 shall begin as of the first day of the month following the
date on which the Participant incurs a Separation from Service. 

  

	 	(2)	Delayed Commencement for Key Employees. If the Participant is a Key Employee upon his or her Separation from Service, payment of the DB Restoration Benefit shall
commence as of the first day of the month next following the month in which the six-month anniversary of the Participant’s Separation from Service occurs. However, the first benefit payment will include the payments (with no adjustment for
interest) the Participant would have received had his or her benefit commencement date been the date determined under section 4.2(c)(1). 

 4.4 Early Retirement Benefits 

	(a)	Eligibility. A Participant under this Article 4 who incurs a Separation from Service after reaching age 55, but before meeting the requirements for a normal
retirement benefit under section 4.2(a), shall be entitled to an early retirement benefit under this section 4.3. This early benefit shall be calculated as a Single Life Annuity commencing on the date specified in section 4.3(c)(1), but shall
be paid in the form determined under section 4.5. 

  

	(b)	 Amount. The benefit payable to a Participant under this section 4.3 shall equal the normal retirement benefit accrued by the Participant under
section 4.2(b) as of the date of his or her Separation from Service, reduced by 0.3 percent of such amount for each 

  
 28 

	 	
month by which the benefit commencement date described in section 4.3(c)(1) precedes the Participant’s Normal Retirement Date. 

 

	(c)	Benefit Commencement Date. 

  

	 	(1)	In General. Except as otherwise provided in section 4.3(c)(2) below, for a Participant who incurs a Separation of Service on or after January 1, 2009,
payment of an early retirement benefit under this section 4.3 shall commence as of the first day of the month next following the date on which the Participant incurs a Separation from Service. 

 

	 	(2)	Delayed Commencement for Key Employees. If the Participant is a Key Employee upon his or her Separation from Service, and such Participant’s benefit
commencement date under section 4.3(c)(1) would otherwise occur on or after January 1, 2009, payment of the DB Restoration Benefit shall commence as of the first day of the month next following the month in which the six-month anniversary of
the Participant’s Separation from Service occurs. However, the first benefit payment will include the payments (with no adjustment for interest) the Participant would have received had his or her benefit commencement date been the date
determined under section 4.3(c)(1). 

 4.5 Deferred Vested Retirement Benefits 

	(a)	Eligibility. A Participant under this Article 4 who incurs a Separation from Service before becoming eligible for an early retirement benefit under section 4.3,
but after completing five or more Years of Vesting Service, shall be entitled to a deferred vested retirement benefit under this section 4.4. This deferred vested retirement benefit shall be calculated as a Single Life Annuity commencing on the
date specified in section 4.4(c)(1), but shall be paid in the form determined under section 4.5. 

  

	(b)	Amount. The benefit payable to a Participant under this section 4.4 shall equal the normal retirement benefit accrued by the Participant under section 4.2(b) as
of the date of his or her Separation from Service, reduced by 0.3 percent of such amount for each month by which the benefit commencement date described in section 4.4(c)(1) precedes the Participant’s Normal Retirement Date.

  

	(c)	Benefit Commencement Date. 

  

	 	(1)	In General. Except as otherwise provided in section 4.4(c)(2), for a Participant who incurs a Separation of Service on or after January 1, 2009, payment of
a deferred vested retirement benefit under this section 4.4 shall commence as of the first day of the month next following the date on which the Participant reaches age 55. 

 

	 	(2)	 Delayed Commencement for Key Employees. If the Participant is a Key Employee upon his or her Separation from Service, and such
Participant’s benefit 

  
 29 

	 	
commencement date under section 4.4(c)(1) would otherwise occur on or after January 1, 2009, payment of the DB Restoration Benefit shall commence as of the first day of the month next
following the month in which the six-month anniversary of the Participant’s Separation from Service occurs. However, the first benefit payment will include the payments (with no adjustment for interest) the Participant would have received had
his or her benefit commencement date been the date determined under section 4.4(c)(1). 

 4.6 Form of Payment

 Except as provided in section 10.3, if a Participant’s benefit commencement date under this Article 4 is on or after January 1,
2009, the benefit shall be distributed to the Participant as follows: 
  

	(a)	Normal Form of Payment. Unless a Participant elects an optional form under section 4.5(b), the DB Restoration Benefit shall be paid in the form of a Single
Life Annuity. 

  

	(b)	Optional Forms of Payment. In lieu of the Single Life Annuity described in section 4.5(a), a Participant may elect instead, at any time before his or her
benefit commencement date and in a manner specified by the Committee, to receive his or her DB Restoration Benefit in any one of the following forms of payment (each of which shall be the Actuarial Equivalent of the Single Life Annuity):

  

	 	(1)	Joint and 50 Percent Survivor Annuity; 

  

	 	(2)	Joint and 75 Percent Survivor Annuity; 

  

	 	(3)	Joint and 100 Percent Survivor Annuity; 

  

	 	(4)	Five-Year Certain and Life Annuity; or 

  

	 	(5)	10-Year Certain and Life Annuity. 

 4.7
Preretirement Death Benefits 

	(a)	Eligibility. If a Participant under this Article 4 dies before his or her benefit commencement date, but after attaining age 55 or completing five or more Years
of Vesting Service, the Participant’s surviving spouse shall be entitled to the preretirement death benefit determined under this section 4.6. No preretirement death benefit shall be payable under this Article 4 on behalf of a Participant who-

  

	 	(1)	is not married at the time of his or her death; or 

  

	 	(2)	is married at the time of his or her death, but had not either attained age 55 or completed five or more Years of Vesting Service. 

  
 30 

	(b)	Amount. A surviving spouse who becomes eligible for a preretirement death benefit under section 4.6(a) shall be entitled to a monthly benefit equal to the
difference between- 

  

	 	(1)	the preretirement death benefit to which the spouse would be entitled under the Qualified Pension Plan commencing as of the date specified under section 4.6(c),
but calculated without regard to the compensation and benefit limits in effect under the Qualified Pension Plan pursuant to Code sections 401(a)(17) and 415; and 

 

	 	(2)	the preretirement death benefit that actually would be payable to the spouse under the Qualified Pension Plan if such benefit were to commence as of the date specified
under section 4.6(c) below. 

  

	(c)	Benefit Commencement Date. A preretirement death benefit that becomes payable under this section 4.6 shall commence on the first day of the month following the
later of- 

  

	 	(1)	the date of the Participant’s death; or 

  

	 	(2)	the date the Participant would have reached age 55. 

  

	(d)	Form of Payment. Except as provided in section 10.3, a preretirement death benefit under this section 4.6 shall be paid to the Participant’s surviving
spouse in the form of a Single Life Annuity. 

  
 31 

 6.5    DC Restoration Account 

5.1 Eligibility and Participation 

	(a)	Eligibility. Each Employee who was a Participant on December 31, 2007 with respect to the “Excess ESSOP Benefit” (as defined under the Plan as in
effect on such date) shall continue to be Participant under this Article 5 on January 1, 2008. Each other Employee shall be eligible to become a Participant with respect to the DC Restoration Account described in this Article 5 if the
Employee is- 

  

	 	(1)	a participant under the Retirement and Savings Plan; and 

  

	 	(2)	determined by the Committee to be among a select group of management or highly compensated employees. 

 

	(b)	Date of Participation. Each Employee who is eligible to participate under section 5.1(a) shall become a Participant under this Article 5 as of the first day
of the month next following the month in which his or her benefits under the Retirement and Savings Plan become limited by Code section 401(a)(17) and/or Code section 415. 

 

	(c)	Duration of Participation. An individual who becomes a Participant under this section 5.1 shall continue as an active Participant under this Article 5 until
the earlier of the date on which he or she- 

  

	 	(1)	is determined by the Committee as no longer meeting the requirements of section 5.1(a); or 

 

	 	(2)	incurs a Separation from Service. 

 When active participation ends under section 5.1(c)(1) or (2), the individual will continue as an inactive Participant under with respect to the DC Restoration Account until he or she has received a
complete distribution of all vested benefits earned under this Article 5. 
 5.2 Benefits 

	(a)	Company Match Restoration Benefit. For each Plan Year, the Company shall credit to the Company Match Restoration Account of each Participant an amount equal to:

  

	 	(1)	the portion of the Participant’s Eligible Compensation for the Plan Year that exceeds the limit in effect for such Plan Year under Code section 401(a)(17);
multiplied by 

  

	 	(2)	the matching contribution percentage that would have applied to the Participant under the Retirement and Savings Plan for such Plan Year assuming that he or she had
been contributing at a rate to qualify for the maximum matching contribution percentage under such plan. 

  
 32 

	(b)	Retirement Contribution Restoration Benefit. For each Plan Year, the Company shall credit to the Retirement Contributions Restoration Account of each Participant
who is eligible to receive a “Retirement Contribution” under the terms of the Retirement and Savings Plan for such Plan Year an amount equal to the difference between- 

 

	 	(1)	the annual contribution to which the Participant would be entitled to as a “Retirement Contribution” for such Plan Year (as defined and determined under the
Retirement and Savings Plan), calculated without regard to the compensation and benefit limits in effect pursuant to Code sections 401(a)(17) and 415; and 

 

	 	(2)	the “Retirement Contributions” (as defined and determined under the Retirement and Savings Plan) actually allocated to the Participant’s account under
the Retirement and Savings Plan for such Plan Year. 

 However, notwithstanding the above, a Participant shall be
entitled to an allocation under this section 5.2(b) for a Plan Year only if (i) he or she is actively employed on the last day of the Plan Year or (ii) incurs a Separation from Service before the last day of the Plan Year on account of
death, disability, or termination of employment after reaching age 55. 
  

	(c)	Timing. Contributions under this section 5.2 shall be credited to each Participant’s DC Restoration Account at the time or times determined by the Committee
within its sole and absolute discretion, but in no event shall contributions for a Plan Year be allocated to a Participant’s DC Restoration Account later than March 1 of the next following Plan Year (or as soon as administratively
practicable after such date). 

 5.3 Investment Gains and Losses. 
 Amounts credited to a Participant’s DC Restoration Account shall be adjusted as of each Valuation Date to reflect the earnings and losses that would have occurred had such account actually been
invested in the manner described below. 
  

	(a)	Investment Funds. For purposes of this section 5.3, “investment funds” mean the investment funds available under the Retirement and Savings Plan (but
excluding the self-directed brokerage account and the Company Sock fund). 

  

	(b)	Investment of Contributions. Contributions allocated to a Participant’s Company Match Restoration Account and Retirement Contributions Restoration Account
shall be deemed to be invested in one or more investment funds selected by the Participant. The Participant shall direct the investment of these contributions in 1 percent increments, at a time and manner prescribed by the Committee.

 A Participant may change his or her deemed investment elections with respect to future contributions (in 1
percent increments) by giving notice of such change to the 

  
 33 

 
Committee at a time and manner prescribed by the Committee. The change shall be effective as soon as administratively practicable following the receipt of such notice. 

 

	(c)	Investment Transfers. Each Participant may elect to transfer any portion of his or her DC Restoration Account that is deemed invested in any particular
investment fund to any one or more of the other investment funds by giving notice of such change to the Committee at a time and manner prescribed by the Committee. This change shall be effective as soon as administratively practicable following the
receipt of such notice. 

  

	(d)	Default Investment. If a Participant fails to make an election under section 5.3(b), the contributions allocated to the Participant’s Company Match
Restoration Account under section 5.2(a) and/or the Participant’s Retirement Contributions Restoration Account under section 5.2(b) shall be deemed to be invested in the Target Date Retirement Fund. 

5.4 Vesting 

	(a)	Company Match Restoration Account. A Participant shall at all times have a fully vested interest in his or her Company Match Restoration Account.

  

	(b)	Retirement Contributions Restoration Account. A Participant will become fully vested in his or her Retirement Contributions Restoration Account upon the earlier
of- 

  

	 	(1)	completing three Years of Vesting Service; or 

  

	 	(2)	attaining age 55 while actively employed by the Company or an Affiliate. 

 A Participant who incurs a Separation from Service before reaching age 55 or completing three Years of Vesting Service will forfeit all amounts accumulated in his or her Retirement Contributions
Restoration Account. 
 5.5 Distributions Following a Separation from Service 

	(a)	 Time of Payment. The payment of vested benefits under this Article 5 shall commence as soon as administratively practicable following the first
day of the month next following the month in which the six-month anniversary of the Participant’s Separation from Service occurs. In no event, however, shall payment commence later than the last day of the Plan Year in which such six-month
anniversary occurs (or the 15th day of the third calendar
month following such six-month anniversary, if later). 

  

	(b)	Form of Payment. Except as otherwise provided in section 10.3, the Participant’s DC Restoration Account shall be distributed as of the benefit payment date
determined under section 5.5(a) in the form of three installments, with- 

  

	 	(1)	 the first installment occurring on the benefit payment date determined under section 5.5(a) above, and comprised of a cash payment equal to one-third
of the 

  
 34 

	 	
amount credited to the Participant’s DC Restoration Account as of such payment date; 

  

	 	(2)	the second installment occurring in January of the Plan Year next following the Plan Year in which the first installment is paid, and comprised of a cash payment equal
to 50 percent of the amount credited to the Participant’s DC Restoration Account as of such payment date; and 

  

	 	(3)	the third installment occurring in January of the Plan Year next following the Plan Year in which the second installment is paid, and comprised of a cash payment equal
to the balance remaining in the Participant’s DC Restoration Account as of such payment date. 

 During the
installment distribution period described under this section 5.5(b), the Participant’s remaining DC Restoration Account will continue to be adjusted for gains and losses under section 5.3 until such account has been completely distributed.

 5.6 Distributions upon the Participant’s Death 

	(a)	Death After the Benefit Commencement Date. If a Participant dies after having received one or more installment payments under section 5.5, any installment that
remains unpaid as of the date of the Participant’s death shall be distributed to the Participant’s Beneficiary on the same date on which such installment payment would have been distributed to the Participant in accordance with section
5.5(b). 

  

	(b)	Death Before the Benefit Commencement Date. If a Participant dies before his or her benefit commencement date (as determined under section 5.5), the vested
balance of the Participant’s DC Restoration Account shall be distributed to the Participant’s Beneficiary in three installments, with- 

  

	 	(1)	 the first installment occurring as soon as practicable following the Participant’s death, but no later than the last day of the Plan Year in which
the Participant died (or the 15th day of the third
calendar month following date of the Participant’s death, if later), and comprised of a cash payment equal to one-third of the amount credited to the Participant’s DC Restoration Account; 

 

	 	(2)	the second installment occurring in January of the Plan Year next following the Plan Year in which the first installment is paid, and comprised of a cash payment equal
to one-half of the amount credited to the Participant’s DC Restoration Account; and 

  

	 	(3)	the third installment occurring in January of the Plan Year next following the Plan Year in which the second installment is paid, and comprised of a cash payment equal
to the balance remaining in the Participant’s DC Restoration Account. 

  
 35 

 During the installment distribution period described under this section 5.6, the Participant’s DC
Restoration Account will continue to be adjusted for gains and losses under section 5.3 until the entire benefit has been completely distributed. 

  
 36 

 6.6    DC SERP Benefit 
 6.1 Eligibility and Participation 

	(a)	Eligibility. An Employee shall be eligible to become a Participant with respect to the DC SERP Benefit described in this Article 6 if he or she-

  

	 	(1)	first becomes an officer of the Company on or after January 1, 2008; and 

 

	 	(2)	is determined by the Committee to be among a select group of management or highly compensated employees. 

In addition, an Employee who is an active Participant under Article 3 on December 31, 2018, and who remains employed as an officer
of the Company on January 1, 2019, shall become a Participant with respect to the DC SERP Benefit described in this Article 6 on January 1, 2019. 
  

	(b)	Date of Participation. Each Employee who is eligible to participate under section 6.1(a) shall become a Participant under this Article 6 as of the first day
of the month next following the month in which he or she first meets the eligibility requirements described in section 6.1(a). 

  

	(c)	Duration of Participation. An individual who becomes a Participant under this section 6.1 shall continue as an active Participant under this Article 6 (and
be entitled to the benefits described in section 6.2 below) until the earlier of the date on which he or she- 

  

	 	(1)	is determined by the Committee as no longer meeting the requirements of section 6.1(a); or 

 

	 	(2)	incurs a Separation from Service. 

 When active participation ends under section 6.1(c)(1) or (2), the individual will continue as an inactive Participant with respect to the DC SERP Benefit until he or she has received a complete
distribution of any benefits earned under this Article 6 (or forfeits any such benefits under section 6.4). 
 6.2 Benefits 

	(a)	Amount. For each Plan Year: 

  

	 	(1)	the Company shall credit 7.50 percent of each Participant’s Eligible Compensation for that Plan Year to his or her DC SERP Account; and

  

	 	(2)	the Company shall provide the Participant with a number of Restricted Stock Units equal to (A) 2.50 percent of the Participant’s Eligible Compensation for
that Plan Year, divided by (B) the closing price of the Company Stock as of the contribution date determined under section 6.2(b). 

  
 37 

	(b)	Timing. 

  

	 	(1)	The amount determined under section 6.2(a)(1) for any Plan Year shall be credited to the Participant’s DC SERP Account as of a date or dates selected by the
Committee within its sole and absolute discretion, but in no event shall these amounts be credited later than March 1 of the next following Plan Year (or as soon as administratively practicable after such date). 

 

	 	(2)	The Restricted Stock Units determined under section 6.2(a)(2) for any Plan Year shall be issued to the Participant as of a date or dates selected by the Committee
within its sole and absolute discretion, but in no event shall these Restricted Stock Units be issued later than March 1 of the next following Plan Year (or as soon as administratively practicable after such date). 

6.3 Investment Gains and Losses. 

	(a)	DC SERP Account: A Participant’s DC SERP Account shall be adjusted for earnings as of each Valuation Date at a rate equal to 120 percent of the Federal
long-term rate as determined under Code section 1274(d) for January of the Plan Year in which the Valuation Date occurs. 

  

	(b)	Restricted Stock Units: Each Participant shall be entitled to the following with respect to his or her Restricted Stock Units: 

 

	 	(1)	Cash Dividends. Whenever the Company pays a cash dividend with respect to Company Stock, the Company will issue an additional number of Restricted Stock Units to
a Participant under this Article 6 equal to- 

  

	 	(A)	the number of Restricted Stock Units held by the Participant as of the date of record for such dividend; multiplied by 

 

	 	(B)	the per share cash dividend amount; divided by 

  

	 	(C)	the closing price of the Company’s Stock on the dividend payment date. 

 

	 	(2)	Stock Dividends. Whenever the Company pays a stock dividend with respect to Company Stock, the Company will issue an additional number of Restricted Stock Units
to a Participant under this Article 6 equal to- 

  

	 	(A)	the number of Restricted Stock Units held by the Participant as of the date of record for such dividend; multiplied by 

 

	 	(B)	the per share stock dividend rate. 

 6.4
Vesting 
 A Participant shall become vested in both the DC SERP Account and his or her Restricted Stock Units upon attaining age 55 and
completing five Years of Vesting Service as an officer. A Participant who incurs a Separation from Service before reaching age 55 or before 

  
 38 

 
completing five Years of Vesting Service as an officer will forfeit all amounts accumulated in his or her DC SERP Account and all of the Restricted Stock Units granted under this Article 6.

 6.5 Distributions Following a Separation from Service 

	(a)	 Time of Payment. The payment of vested benefits under this Article 6 shall commence as soon as administratively practicable following the first
day of the month next following the month in which the six-month anniversary of the Participant’s Separation from Service occurs. In no event, however, shall payment commence later than the last day of the Plan Year in which such six-month
anniversary occurs (or the 15th day of the third calendar
month following such six-month anniversary, if later). 

  

	(b)	Form of Payment. Except as otherwise provided in section 10.3, the Participant’s vested benefit under this Article 6 shall be distributed as of the benefit
payment date determined under section 6.5(a) in the form of three installments, with- 

  

	 	(1)	the first installment occurring on the benefit payment date determined under section 6.5(a), and comprised of- 

 

	 	(A)	a cash payment equal to one-third of the amount credited to the Participant’s DC SERP Account as of such payment date; and 

 

	 	(B)	a number of shares of Company Stock equal to one-third of the number of the Participant’s Restricted Stock Units as of such payment date (rounded down to the
nearest whole number with the any remaining fractional Restricted Stock Unit converted to, and distributed as, cash); 

  

	 	(2)	the second installment occurring in January of the Plan Year next following the Plan Year in which the first installment is paid, and comprised of-

  

	 	(A)	a cash payment equal to one-half of the amount credited to the Participant’s DC SERP Account as of such payment date; and 

 

	 	(B)	 a number of shares of Company Stock equal to one-half of the number of the Participant’s Restricted Stock Units as of such payment date (rounded

  
 39 

	 	
down to the nearest whole number with the any remaining fractional Restricted Stock Unit converted to, and distributed as, cash); and 

 

	 	(3)	the third installment occurring in January of the Plan Year next following the Plan Year in which the second installment is paid, and comprised of -

  

	 	(A)	a cash payment equal to the balance remaining in the Participant’s DC SERP Account as of such payment date; and 

 

	 	(B)	a number of shares of Company Stock equal to remaining number of the Participant’s Restricted Stock Units as of such payment date (rounded down to the nearest
whole number with the any remaining fractional Restricted Stock Unit converted to, and distributed as, cash). 

During the installment distribution period described under this section 6.5(b), the Participant’s DC SERP Benefit will continue
to be adjusted for gains and losses under section 6.3 until the entire benefit has been completely distributed. 
 6.6 Distributions Upon the
Participant’s Death 

	(a)	Death After the Benefit Commencement Date. If a Participant dies after having received one or more installment payments under section 6.5, any installment that
remains unpaid as of the date of the Participant’s death shall be distributed to the Participant’s Beneficiary on the same date (and in the same manner) on which such installment payment would have been distributed to the Participant in
accordance with section 6.5(b). 

  

	(b)	Death Before the Benefit Commencement Date. If a Participant dies before his or her benefit commencement date (as determined under section 6.5), the
Participant’s vested DC SERP Benefit shall be distributed to the Participant’s Beneficiary in three installments, with- 

  

	 	(1)	 the first installment occurring as soon as administratively practicable following the Participant’s death, but no later than the last day of the
Plan Year in which the Participant died (or the 15th day
of the third calendar month following date of the Participant’s death, if later), and comprised of- 

  

	 	(A)	a cash payment equal to one-third of the amount credited to the Participant’s DC SERP Account as of such payment date; and 

 

	 	(B)	a number of shares of Company Stock equal to one-third of the number of the Participant’s Restricted Stock Units as of such payment date (rounded down to the
nearest whole number with the any remaining fractional Restricted Stock Unit converted to, and distributed as, cash); 

  

	 	(2)	the second installment occurring in January of the Plan Year following the Plan Year in which the first installment is paid, and comprised of- 

  
 40 

	 	(A)	a cash payment equal to one-half of the amount credited to the Participant’s DC SERP Account as of such payment date; and 

 

	 	(B)	a number of shares of Company Stock equal to one-half of the number of the Participant’s Restricted Stock Units as of such payment date (rounded down to the
nearest whole number with the any remaining fractional Restricted Stock Unit converted to, and distributed as, cash); and 

  

	 	(3)	the third installment occurring in January of the Plan Year following the Plan Year in which the second installment is paid, and comprised of -

  

	 	(A)	a cash payment equal to the balance remaining in the Participant’s DC SERP Account as of such payment date; and 

 

	 	(B)	a number of shares of Company Stock equal to the remaining number of the Participant’s Restricted Stock Units as of such payment date (rounded down to the nearest
whole number with the any remaining fractional Restricted Stock Unit converted to, and distributed as, cash). 

During the installment distribution period described under this section 6.6(b), the Participant’s DC SERP Benefit will continue
to be adjusted for gains and losses under section 6.3 until the entire benefit has been completely distributed. 

  
 41 

 Article 7.    Participation Agreements 

Article 1.    Social Security Bridge Benefit 

	(a)	Eligibility. An Employee shall be eligible to become a Participant with respect to the Social Security bridge benefit described in this section 7.1 if he or she-

  

	 	(1)	is determined by the Committee to be among a select group of management or highly compensated employees; and 

 

	 	(2)	has entered into a Participation Agreement requiring his or her immediate retirement from the Company and its Affiliates in exchange for the Social Security bridge
benefit described below. 

 An individual who has met the eligibility requirements described in sections 7.1(a)(1)
and (2) shall become a Participant with respect to the Social Security bridge benefit as of the first day of the month next following the month in which he or she incurred a Separation from Service. Such Participant shall continue as an
inactive Participant under this Article 7 until he or she has received a complete distribution of all benefits to which he or she is entitled under his or her individual Participation Agreement. 

 

	(b)	Amount. The Social Security bridge benefit payable pursuant to a Participation Agreement shall be a monthly payment equal to the amount specified in the
Participant’s Participation Agreement (but not to exceed the estimated monthly benefit the Participant would be entitled to under the Social Security Act commencing at age 62). 

 

	(c)	Commencement. 

  

	 	(1)	In General. Except as otherwise provided in section 7.1(c)(2), the monthly Social Security bridge benefit described in this section 7.1 shall commence on the
first day of the month next following the month in which the Participant incurred a Separation from Service. 

  

	 	(2)	Delayed Commencement for Key Employees. If the Participant is a Key Employee upon his or her Separation from Service, payment of the Social Security bridge
benefit described in this section 7.1 shall commence as of the first day of the month next following the month in which the six-month anniversary of the Participant’s Separation from Service occurs. However, the first benefit payment will
include the payments (with no adjustment for interest) the Participant would have received had his or her benefit commencement date been the date determined under section 7.1(c)(1). 

 

	(d)	Duration. The payment of the monthly Social Security bridge benefit under this section 7.1 shall cease as of the first day of the month next following the
earlier of- 

  
 42 

	 	(1)	the month in which the Participant attains age 62; or 

  

	 	(2)	the month of the Participant’s death. 

7.3 Pension Enhancement. 

	(a)	Eligibility. An Employee shall be eligible to become a Participant with respect to the pension enhancement described in this section 7.2 if he or she-

  

	 	(1)	has an accrued benefit under the Qualified Pension Plan or the Pension Plan for Inactive Participants; 

 

	 	(2)	would be entitled to an immediate normal or early retirement benefit under the Qualified Pension Plan or Pension Plan for Inactive Participants (as applicable) upon his
or her Separation from Service; 

  

	 	(3)	is determined by the Committee to be among a select group of management or highly compensated employees; and 

 

	 	(4)	has entered into a Participation Agreement requiring his or her immediate retirement from the Company and its Affiliates in exchange for the pension enhancement
described below. 

 An individual who has met the eligibility requirements described in this section 7.2(a) shall
become a Participant under this section 7.2 as of the first day of the month next following the month in which he or she incurred a Separation from Service. Such Participant shall continue as an inactive Participant under this Article 7 until he or
she has received a complete distribution of all benefits provided for under his or her individual Participation Agreement. 
  

	(b)	Amount. 

  

	 	(1)	Executive Benefit Participants. The pension enhancement payable under a Participation Agreement on behalf of a Participant who is also entitled to an Executive
Benefit under Article 3 shall equal (A) minus the sum of (B), (C), and (D) where: 

  

	 	(A)	is the Gross Executive SERP Benefit determined as of the Participant’s benefit commencement date under Article 3, but calculated- 

 

	 	(i)	assuming the Participant’s Years of Benefit Service are a stated number of years greater than his or her actual Years of Benefit Service (as specified in the
individual Participation Agreement); and 

  

	 	(ii)	assuming the Participant’s age as of the date of his or her Separation from Service is a stated number of years older than his or her actual age (as specified in
the individual Participation Agreement); 

  
 43 

	 	(B)	is the Net Executive SERP Benefit actually payable to the Participant as of the benefit commencement date determined under Article 3 (and calculated without regard to
the additional Years of Benefit Service and years of age specified under section 7.2(b)(1)(A)); 

  

	 	(C)	is the Gross Executive Restoration Benefit determined as of the Participant’s benefit commencement date under Article 3 (and calculated without regard to the
additional Years of Benefit Service and years of age specified under section 7.2(b)(1)(A)); and 

  

	 	(D)	is the Participant’s Social Security Benefit (with such offset applied as of the later of the Participant’s benefit commencement date under Article 3 or the
first day of the month next following the month in which the Participant reaches age 62). 

  

	 	(2)	DB Restoration Participants. The pension enhancement payable under a Participation Agreement on behalf of a Participant who is also entitled to a DB Restoration
Benefit under Article 4 shall be calculated initially as a Single Life Annuity equal to (A) minus (B) where: 

  

	 	(A)	is the monthly benefit to which the Participant would be entitled under Article 4 as of the first day of the month next following the month in which the
Participant incurs a Separation from Service , but calculated- 

  

	 	(i)	assuming the Years of Benefit Service used in the calculation of the amount described in section 4.2(b)(1) are a stated number of years greater than his or her actual
Years of Benefit Service (as specified in the individual Participation Agreement); and 

  

	 	(ii)	assuming the Participant’s age as of the date of his or her Separation from Service that is used in calculating the reductions under section 4.3(b) or 4.4(b)
(as applicable) is a stated number of years older than his or her actual age (as specified in the individual Participation Agreement); and 

  

	 	(B)	is the monthly benefit actually payable to the Participant under Article 4 as of the first day of the month next following the month in which the Participant incurs a
Separation from Service (and calculated without regard to the additional Years of Benefit Service and years of age specified under section 7.2(b)(2)(A)). 

 

	 	(3)	Other Participants. The pension enhancement payable under a Participation Agreement on behalf of a Participant who is not entitled to a benefit under Article 3
or Article 4 shall be calculated initially as a Single Life Annuity equal to (A) minus (B) where: 

  
 44 

	 	(A)	is the monthly accrued benefit to which the Participant would be entitled under the Qualified Pension Plan or the Pension Plan for Inactive Participants (as applicable)
commencing as of the first day of the month next following the month in which the Participant incurs a Separation from Service, but calculated- 

  

	 	(i)	without regard to the compensation and benefit limits in effect under Code sections 401(a)(17) and 415; 

 

	 	(ii)	assuming the Participant’s Years of Benefit Service are a stated number of years greater than his or her actual Years of Benefit Service (as specified in the
individual Participation Agreement); and 

  

	 	(iii)	assuming the Participant’s age as of the date of his or her Separation from Service is a stated number of years older than his or her actual age (as specified in
the individual Participation Agreement); and 

  

	 	(B)	is the monthly benefit actually payable to the Participant under the Qualified Pension Plan or the Pension Plan for Inactive Participants (as applicable) as of the
first day of the month next following the month in which the Participant incurs a Separation from Service (as limited by Code sections 401(a)(17) and 415 and calculated without regard to the additional Years of Benefit Service and years of age
specified under section 7.2(b)(3)(A)). 

  

	(c)	Commencement. 

  

	 	(1)	Executive Benefit Participants. The pension enhancement payable to a Participant who is also entitled to an Executive Benefit under Article 3 shall commence
on the Participant’s benefit commencement date as determined under Article 3. 

  

	 	(2)	DB Restoration Participants. The pension enhancement payable to a Participant who is also entitled to a DB Restoration Benefit under Article 4 shall commence on
the Participant’s benefit commencement date as determined under Article 4. 

  

	 	(3)	Other Participants. 

  

	 	(A)	General Rule. Except as otherwise provided in section 7.2(c)(3)(B), the pension enhancement payable to a Participant who is not described in section 7.2(c)(1) or
(2) shall commence on the first day of the month next following the month in which the Participant incurs a Separation from Service. 

  
 45 

	 	(B)	Delayed Commencement for Key Employees. If a Participant described in this section 7.2(c)(3) is a Key Employee upon his or her Separation from Service, payment
of the pension enhancement described in this section 7.2 shall commence as of the first day of the month next following the month in which the six-month anniversary of the Participant’s Separation from Service occurs. However, the first benefit
payment will include the payments (with no adjustment for interest) the Participant would have received had his or her benefit commencement date been the date determined under section 7.2(c)(3)(A). 

 

	(d)	Form of Payment. 

  

	 	(1)	Executive Benefit Participant. The pension enhancement payable to a Participant who is also entitled to an Executive Benefit under Article 3 shall be
distributed to the Participant in the same form (and with the same Beneficiary) as his or her Net Executive SERP Benefit. (If this pension enhancement is distributed in a form other than a Joint and 75 Percent Survivor Annuity, the amount
payable shall be the Actuarial Equivalent of such Joint and 75 Percent Survivor Annuity, as determined under section 3.6(b).) 

  

	 	(2)	DB Restoration Participant. The pension enhancement payable to a Participant who is also entitled to a DB Restoration Benefit under Article 4 shall be
distributed to the Participant in the same form (and with the same Beneficiary, as applicable) as his or her DB Restoration Benefit. (If this pension enhancement is distributed in a form other than a Single Life Annuity, the amount payable shall be
the Actuarial Equivalent of the Single Life Annuity calculated under section 7.2(b)(2) above.) 

  

	 	(3)	Other Participants. In lieu of the Single Life Annuity determined under section 7.2(b)(3), a Participant who is not described in section 7.2(d)(1) or (d)(2)
may elect instead, at any time before his or her benefit commencement date and in a manner specified by the Committee, to receive his or her pension enhancement in any one of the following forms of payment (each of which shall be the Actuarial
Equivalent of the Single Life Annuity): 

  

	 	(A)	Joint and 50 Percent Survivor Annuity; 

  

	 	(B)	Joint and 75 Percent Survivor Annuity; 

  

	 	(C)	Joint and 100 Percent Survivor Annuity; 

  

	 	(D)	Five-Year Certain and Life Annuity; or 

  

	 	(E)	10-Year Certain and Life Annuity. 

  
 46 

 Article 8.    Financing and Administration 

8.1 Financing 

	(a)	General Creditors. The Plan constitutes a mere promise of the Company to make payments in accordance with the terms of the Plan. This Plan does not give any
Participant or Beneficiary any interest, lien, or claim in or against any specific assets of the Company or any Affiliate. Each Participant and Beneficiary shall have only the rights of general, unsecured creditors of the Company and its Affiliates
with respect to their rights under the Plan. 

  

	(b)	Allocation among Employers. The obligation to pay Plan benefits shall be the obligation of the Employers whose Employees are Participants entitled to such
benefits. Except to the extent provided in section 8.1(c), each Employer shall provide the benefits described in the Plan to its Employees from its general assets. However, the Company may, in its sole discretion, allocate the total liability to pay
benefits under the Plan among the Employers in such manner and amounts as it deems appropriate. 

  

	(c)	Alternative Funding. The Company may, but shall not be required to, establish a grantor trust as a funding source for its obligations under the Plan. If such a
trust is established, it shall constitute an unfunded arrangement for purposes of the Plan, and the Plan shall continue to be an unfunded plan maintained for the purpose of providing deferred compensation to a select group of management or highly
compensated employees under ERISA. With respect to any Participant, the assets of any such trust shall remain subject to the claims of the creditors of that Participant’s Employer in the event of the Employer’s bankruptcy or insolvency.
However, to the extent that funds placed in a trust and allocable to the benefits payable under the Plan are sufficient, the trust assets may be used to pay benefits under the Plan. If such trust assets are not sufficient to pay all benefits due
under the Plan, then the appropriate Employer shall have the obligation, and the Participant or Beneficiary who is due such benefits shall look to such Employer to provide such benefits. 

8.2 The Committee 
 The Plan shall be
administered by the Committee which is made up of at least three, but no more than seven, members. Members are comprised of certain Sonoco Human Resource and Finance professionals as appointed by the Vice President, Human Resources. The Vice
President, Human Resources has the authority to remove Committee members and appoint replacements. Any member of the Committee may resign by delivering his or her written resignation to the Vice President, Human Resources. 

8.3 Manner of Action 
 A majority of the
members of the Committee at the time in office shall constitute a quorum for the transaction of business. All resolutions adopted, and other actions taken by the Committee at any meeting shall be by the vote of a majority of those present at any
such 

  
 47 

 
meeting. Upon obtaining the written consent of a majority of the members at the time in office, action of the Committee may be taken otherwise than at a meeting. 

8.4 Committee’s Powers and Duties 

The Committee shall have responsibility for the general administration of the Plan and for carrying out the Plan’s provisions. The Committee shall
have such powers and duties as may be necessary to discharge its functions hereunder, including, but not limited to, the following: 
  

	(a)	To construe and interpret the Plan, to supply all omissions from, correct deficiencies in and resolve ambiguities in the language of the Plan, and to determine any
question arising under the Plan or in connection with the administration or operation thereof; 

  

	(b)	To decide all questions of eligibility; 

  

	(c)	To determine the amount, manner, and time of payment of any benefits that may be payable to any person; 

 

	(d)	With the advice of an actuary, from time to time to adopt, for purposes of the Plan, such actuarial and other tables as it may deem necessary or appropriate for the
operation of the Plan; 

  

	(e)	To obtain from individuals such information as shall be necessary for the proper administration of the Plan and, when appropriate, to furnish such information promptly
to the persons entitled thereto; 

  

	(f)	To prepare and distribute, in such manner as the Company determines to be appropriate, information explaining the Plan; 

 

	(g)	To establish rules for the administration of the Plan; 

  

	(h)	To maintain the necessary records, as determined by the Company in its sole discretion, of the administration of the Plan; 

 

	(i)	To authorize all disbursements by the Employers pursuant to the Plan; 

  

	(j)	To prepare and file, or respond to any governmental forms or documents; 

  

	(k)	To designate Affiliates as Employers as described in section 9.5 (to the extent authorized by the Board); 

 

	(l)	To delegate to other individuals or entities from time to time the performance of any of its duties or responsibilities hereunder; 

 

	(m)	To hire agents, accountants, actuaries, consultants and legal counsel to assist in operating and administering the Plan; and 

 

	(n)	To exercise such other powers as are not inconsistent with the intent and purposes of this Plan. 

  
 48 

 8.5 Delegation of Powers and Duties 

	(d)	Subcommittees. The Committee may appoint one or more subcommittees and delegate such of its power and duties as it deems desirable to any such subcommittee, in
which case every reference made herein to the Committee shall be deemed to include the subcommittees as to matters within their jurisdiction. 

  

	(e)	Specialists. The Committee may authorize one or more of their members or any agent to execute or deliver any instrument or instruments on their behalf, and may
employ such counsel, auditors, and other specialists and such clerical, actuarial, and other services as they may require in carrying out the provisions of the Plan. 

 8.6 Committee’s Decisions Conclusive 
 The Committee shall have the exclusive right and
discretionary authority to interpret the terms and provisions of the Plan and to resolve all questions arising hereunder, including the right to resolve and remedy ambiguities, inconsistencies, or omissions in the Plan; provided, however, that the
construction necessary for the Plan to conform to the Code and ERISA shall in all cases control. Benefits under this Plan shall be paid only if the Committee decides in its discretion that the applicant is entitled to them. Any and all disputes with
respect to the Plan that may arise involving Participants, Beneficiaries or alternate payees shall be referred to the Committee and its decisions shall be final, conclusive, and binding. All findings of fact, interpretations, determinations, and
decisions of the Committee in respect of any matter or question arising under the Plan shall be final, conclusive, and binding upon all persons, including, without limitation, Employees, Participants, Beneficiaries, alternate payees, and any and all
other persons having, or claiming to have, any interest in or under the Plan. The decisions of the Committee shall be given the maximum possible deference allowed by law. 
 8.7 Compensation, Indemnity and Liability 
 Committee members shall serve without
compensation for services hereunder. All expenses of the Committee shall be paid by the Employers. No member of the Committee shall be liable for any act or omission of any other member of the Committee, or for any act or omission on his or her own
part, except with regard to his or her own willful misconduct. The Employers shall indemnify and hold harmless the Committee and each member thereof against any and all expenses and liabilities, including reasonable legal fees and expenses, arising
out of his or her membership on the Committee, excepting only expenses and liabilities arising out of his or her own willful misconduct. 

8.8 Notice of Address 
 Each person
entitled to benefits from the Plan must file with the Committee or its agent, in writing, his or her post office address and each change of post office address. Any communication, statement, or notice addressed to such a person at his or her latest
reported post office address will be binding for all purposes of the Plan, and neither the Committee nor the Company shall be obliged to search for or ascertain such person’s whereabouts. 

  
 49 

 8.9 Data 
 All persons entitled to benefits from the Plan must furnish to the Company such documents, evidence, or information, including information concerning marital status, as the Company considers necessary or
desirable for the purpose of administering the Plan. 
 8.10 Benefit Claims Procedures 

This section 8.10 shall be subject to, and shall apply to the extent required under, Department of Labor Regulations
section 2560.503-1 (relating to the requirements of claims procedures). All decisions made under the procedures described in this section shall be final and there shall be no further right of appeal.

  

	(a)	No lawsuit may be initiated by any person before fully pursuing the procedures set forth in this Plan section, including the appeal permitted under
section 8.10(d). The right of a Participant, Beneficiary, alternate payee, or any other person entitled to claim a benefit under the Plan shall be determined by the Committee; provided, however, that the Committee may delegate its
responsibility to any person. All persons entitled to claim a benefit under the Plan shall be referred to as a “Claimant” for purpose of this section 8.10. The term “Claimant” shall also include, where appropriate to the context,
any person authorized to represent the Claimant under procedures established by the Committee. 

  

	 	(1)	The Claimant may file a claim for benefits by written notice to the Committee. 

 

	 	(2)	Any such claim shall be filed with the Committee no later than 18 months after the date that a transaction occurred, or should have occurred, with respect to a
Claimant’s benefits under the Plan. The Committee in its sole discretion shall determine whether this limitation period has been exceeded. 

  

	(b)	If a claim for benefits is wholly or partially denied, the Committee shall, within a reasonable period of time, but no later than 90 days after receipt of the claim,
notify the Claimant of the denial of benefits. In the case of a claim, if special circumstances justify extending the period up to an additional 90 days, the Claimant shall be given written notice of this extension within the initial 90-day period, and such notice shall set forth the special circumstances and the date on which a decision is expected. 

  

	(c)	A notice of denial: 

  

	 	(1)	shall be written in a manner calculated to be understood by the Claimant; and 

 

	 	(2)	shall contain: 

  

	 	(A)	the specific reasons for denial of the claim; 

  

	 	(B)	specific reference to the Plan provisions on which the denial is based; 

  

	 	(C)	a description of any additional material or information necessary for the Claimant to perfect the claim, along with an explanation as to why such material or
information is necessary; and 

  
 50 

	 	(D)	an explanation of the Plan’s claim review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring
a civil action under ERISA section 502(a) following an adverse determination on review. 

  

	(d)	Within 60 days of the receipt by the Claimant of the written denial of his or her claim or, if the claim has not been granted, within a reasonable period of time (which
shall not be less than the applicable time period specified in section 8.10(b)), the Claimant may file a written request with the Committee that it conduct a full review of the denial of the claim. In connection with the Claimant’s appeal,
upon request, the Claimant may review and obtain copies of all documents, records and other information relevant to the Claimant’s claim for benefits, but not including any document, record or information that is subject to any attorney-client or work-product privilege or whose disclosure would violate the privacy rights or expectations of any person other than the Claimant. The Claimant may submit
issues and comments in writing and may submit written comments, documents, records, and other information relating to the claim for benefits. All comments, documents, records, and other information submitted by the Claimant shall be taken into
account in the appeal without regard to whether such information was submitted or considered in the initial benefit determination. 

  

	(e)	The Committee shall deliver to the Claimant a written decision on the claim promptly, but no later than 60 days after the receipt of the Claimant’s request for
such review, unless special circumstances exist that justify extending this period up to an additional 60 days. If the period is extended, the Claimant shall be given written notice of this extension during the initial
60-day period and such notice shall set forth the special circumstances and the date a decision is expected. The decision on review of the denial of the claim shall: 

 

	 	(1)	be written in a manner calculated to be understood by the Claimant; 

  

	 	(2)	include specific reasons for the decision; 

  

	 	(3)	contain specific references to the Plan provisions on which the decision is based; 

 

	 	(4)	contain a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and other information relevant to the
Claimant’s claim for benefits; and 

  

	 	(5)	contain a statement of the Claimant’s right to bring a civil action under ERISA section 502(a) following an adverse determination on review.

  
 51 

 Article 9.    Amendment and Termination 

Article 1.    Amendments 
 The Company must necessarily and does hereby reserve the right to amend or modify the Plan at any time by action of the Executive Compensation Committee of the Board or by written action of the Vice
President of Human Resources (but only with respect to an amendment that does not materially affect the plan’s eligibility provisions, benefit amounts, or costs). However, no amendment will be permitted which would have the effect of reducing
or eliminating any benefits earned by a Participant (including both vested and nonvested benefits) under the Plan as of the later of the date on which the amendment is adopted or the date on which the amendment is effective. 

Article 2.    Termination and Liquidation of Plan 
 The Company, through action of the Executive Compensation Committee of the Board, reserves the right to terminate and liquidate the Plan, or any portions of the Plan, at any time, for any reason provided
such action does not result in the assessment of additional tax and/or interest under Code section 409A. Any such action shall be taken by such committee in the form of a written Plan amendment executed by a duly authorized officer of the Company or
a member of the Executive Compensation Committee of the Board. However, no action taken under this section 9.2 shall have the effect of decreasing the level of benefits which a Participant would be entitled to receive under the Plan if he or she
incurred a Separation from Service with the Company and all Affiliates on the later of: 
  

	(a)	The date the resolution to terminate and discontinue the Plan is adopted, or 

 

	(b)	The date the resolution to terminate and discontinue the Plan is effective. 

 If the Plan (or portion of the Plan) is terminated under this section 9.2, all Plan benefits affected by such termination that are earned as of the effective date of such termination shall be treated as
fully vested and nonforfeitable and shall be distributed in a single sum as of any date (as determined by the Committee) that would not result in the assessment of additional tax and/or interest under Code section 409A. 

9.4 Successors 
 In case of the merger,
consolidation, liquidation, dissolution or reorganization of an Employer, or the sale by an Employer of all or substantially all of its assets, provision may be made by written agreement between the Company and any successor corporation acquiring or
receiving a substantial part of the Employer’s assets, whereby the Plan shall be continued by the successor. If the Plan is to be continued by the successor, then effective as of the date of the reorganization or transfer, the successor
corporation shall be substituted for the Employer under the Plan. To the extent applicable, such written agreement may also specify no later than the closing date of an asset purchase transaction, whether Employees covered by the transaction shall
incur a Separation from Service. The substitution of a successor corporation for an Employer shall not in any way be considered a termination of the Plan. 

  
 52 

 9.5 Prohibition on Changes Due to Code Section 409A 

Notwithstanding the foregoing, the Plan may not be amended or terminated in any manner that would result in the assessment of additional taxes under Code
section 409A, as determined by the Executive Compensation Committee of the Board in its sole discretion and in accordance with the advice of counsel. 
 9.6 Employer Participation and Termination 
 The Board or, if authorized by the Board, the
Committee may designate any Affiliate as an Employer under this Plan. The Affiliate shall become an Employer and a party to this Plan upon acceptance of such designation effective as of the date specified by the Board or Committee. 

 

	(a)	Conditions of Participation. By accepting such designation or continuing as a party to the Plan, each Employer acknowledges that: 

 

	 	(1)	It is bound by such terms and conditions relating to the Plan as the Company or the Committee may reasonably require; 

 

	 	(2)	It has authorized the Company and the Committee to act on its behalf with respect to Employer matters pertaining to the Plan; and 

 

	 	(3)	It shall cooperate fully with the Plan officials and their agents by providing such information and taking such other actions, as they deem appropriate for the
efficient administration of the Plan. 

  

	(b)	Withdrawal by Affiliate. Subject to the concurrence of the Board or Committee, any Affiliate may withdraw from the Plan, and end its status as an Employer
hereunder, by communicating in writing to the Committee its desire to withdraw. The withdrawal shall be effective as of the date agreed to by Board or Committee, as the case may be, and the Affiliate. Upon such withdrawal, the Plan shall not be
terminated with respect to such Affiliate until all Plan benefits have been distributed to Participants affected by such termination in accordance with other provisions of this Plan. 

 

	(c)	Termination by Company. The Company, acting through the Board or, if authorized by the Board, the Committee, reserves the right, in its sole discretion and at
any time, to terminate the participation in this Plan of any Employer. Such termination shall be effective immediately upon the notice of such termination from the Company or such later effective date agreed to by the Company. Upon such termination,
this Plan shall not be terminated with respect to such Affiliate until all Plan benefits have been distributed to Participants affected by such termination in accordance with other provisions of this Plan. 

  
 53 

 Article 10.    Miscellaneous Provisions 

10.1 Taxation 
 It is the intention of
the Company that the benefits payable hereunder shall not be taxable for federal income tax purposes to Participants or Beneficiaries until such benefits are paid by the Employers to such Participants or Beneficiaries. Without limiting the
foregoing, it is intended that Participants will not be subject to the additional tax under Code section 409A and the Committee shall use its reasonable best efforts to interpret and administer the Plan so as to avoid this additional tax. When
benefits are paid hereunder, it is the intention of the Company that they shall be deductible by the Employers under Code section 162. 

10.2 Withholding on Distributions 
 All
distributions shall be net of any applicable federal, state, or local income or employment taxes or any other amounts required to be withheld by law. In addition, the Company or any Affiliate may withhold from a Participant’s currently payable
salary, bonus, or other compensation any applicable federal, state, or local income or employment taxes that may be due upon accruing benefits under the Plan. 
 10.3 Benefit Cash-out 

	(a)	Cash-Out of Retirement Benefits. 

  

	 	(1)	If the Actuarial Equivalent lump sum value of the benefits payable to a Participant under Article 3, Article 4, Article 7, and all other “nonaccount balance
plans” of the Company and its Affiliates does not exceed the limit in effect under Code section 402(g)(1)(B), the Committee may, in its sole discretion, distribute all such benefits under Article 3, Article 4, and Article 7 to the
Participant in a single lump sum payment if all of the Participant’s other nonaccount balance plan benefits are also paid in a single lump sum payment as of the same date. To the extent that a distribution is being made under this
section 10.3(a)(1) on account of a Participant’s Separation from Service (for reasons other than the Participant’s death), and such Participant is a Key Employee upon his or her Separation from Service, the single lump sum payment
described in this section 10.3(a)(1) shall not be paid before the end of the six-month period following the Participant’s Separation from Service. 

 

	 	(2)	 If the benefits payable to a Participant under Article 5, Article 6, and all other “account balance plans” of the Company and its
Affiliates do not exceed the limit in effect under Code section 402(g)(1)(B), the Committee may, in its sole discretion, distribute all such benefits under Article 5 and Article 6 to the Participant in a single lump sum payment if all of the
Participant’s other account balance plan benefits are also paid in a single lump sum payment as of the same date. To the extent that a distribution is being made under this section 10.3(a)(2) on account of a Participant’s Separation
from Service (for reasons other than the Participant’s death), and such Participant is a Key Employee upon his or her 

  
 54 

	 	
Separation from Service, the single lump sum payment described in this section 10.3(a)(2) shall not be paid before the end of the six-month period
following the Participant’s Separation from Service. 

  

	(b)	Cash-Out of Pre-Retirement Death Benefits. If the Actuarial Equivalent lump sum value of all preretirement death benefits that become payable to a
Participant’s surviving spouse under Article 3, Article 4, and all other “nonaccount balance plans” of the Company and all Affiliates does not exceed the limit in effect under Code section 402(g)(1)(B), the Committee may, in
its sole discretion, distribute to the surviving spouse in a single lump sum payment all preretirement death benefits to which he or she is entitled to under Article 3 and Article 4 if all of such surviving spouse’s other nonaccount balance
plan benefits are also paid in a single lump sum payment as of the same date. 

  

	(c)	Definitions. 

  

	 	(1)	For purposes of this section 10.3, a “nonaccount balance plan” is a plan that meets the requirements of Treasury Regulation section 1.409A-1(c)(2)(i)(C) and
which must be aggregated with this Plan under this regulation. 

  

	 	(2)	For purposes of this section 10.3, an “account balance plan” is a plan that meets the requirements of Treasury Regulation section 1.409A-1(c)(2)(i)(A) and
which must be aggregated with this Plan under this regulation. 

 10.4 Permissible Delays or Accelerations 

If the Committee determines, in its sole and absolute discretion, that it would be advisable to delay or accelerate the payment of a Participant’s
Plan benefits (e.g., a delay to comply with Code section 162(m) or an acceleration to pay employment taxes), the Committee may (again in its sole and absolute discretion) either delay or accelerate the payment of a Participant’s
Plan benefit in accordance with Code section 409A. 
 10.5 No Enlargement of Employment Rights 

This Plan is strictly a voluntary undertaking on the part of the Company and the Employers and shall not be deemed to constitute a contract between the
Employers and any Employee or Participant, Beneficiary, or alternate payee, or to be consideration for, or an inducement to, or a condition of, the employment of any Employee. Nothing contained in this Plan or any modification of the same or act
done in pursuance hereof shall be construed as giving any person any legal or equitable right against the Company or an Affiliate, unless specifically provided herein, or as giving any person a right to be retained in the employ of the Company or an
Affiliate. All Participants shall remain subject to assignment, reassignment, promotion, transfer, layoff, reduction, suspension, and discharge to the same extent as if this Plan had never been established. 

  
 55 

 10.6 Non-Alienation 

	(a)	Except as otherwise permitted by the Plan, no benefit payable at any time under the Plan shall be subject to the debts or liabilities of a Participant or his or her
Beneficiary. Any attempt to alienate, sell, transfer, assign, pledge, or otherwise encumber any such benefit, whether presently or thereafter payable, shall be void. Except as provided in section 10.6(b), no benefit under the Plan shall be
subject in any manner to attachment, garnishment, or encumbrance of any kind. 

  

	(b)	Payment may be made from a Participant’s Plan benefits to an alternate payee pursuant to a domestic relations order. 

 

	 	(1)	The Committee shall establish reasonable written procedures for reviewing court orders pursuant to state domestic relations law (including a community property law),
relating to child support, alimony payments, or marital property rights of a spouse, former spouse, child, or other dependent of a Participant and for notifying Participants and alternate payees of the receipt of such orders and of the Plan’s
procedures for determining if the orders are domestic relations orders and for administering distributions under domestic relations orders. 

  

	 	(2)	Except as may otherwise be required by applicable law, such domestic relations orders may not require a retroactive transfer of all or part of a Participant’s Plan
benefits. 

 10.7 Code Section 409A Aggregation Rules 
 The Company has the authority to provide to any individual or individuals selected by the Company or Committee benefits under the Plan or under a separate agreement, method, program or other arrangement.
To the extent that any such separate agreement, method or arrangement constitutes an “account balance plan” (as defined in section 10.3(c)(2)), it shall be aggregated with the benefits provided under Articles 5 and 6 to the extent required
by Code section 409A. To the extent that any such separate agreement, method or arrangement constitutes a “nonaccount balance plan” (as defined in section 10.3(c)(1)), it shall be aggregated with the benefits provided under Articles 3, 4,
and 7 to the extent required by Code section 409A. 
 10.8 No Examination or Accounting 

Neither this Plan nor any action taken thereunder shall be construed as giving any person the right to an accounting or to examine the books or affairs of
the Company or any Affiliate. 
 10.9 Incompetency 
 Every person receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally competent and of age until the date on which the Committee receives a written notice, in a form and
manner acceptable to the Committee, that such person is incompetent or a minor, for whom a 

  
 56 

 
guardian or other person legally vested with the care of his or her person or estate has been appointed. However, if the Committee finds that any person to whom a benefit is payable under the
Plan is unable to care for his or her affairs because of incompetency, or is a minor, any payment due (unless a prior claim therefore shall have been made by a duly appointed legal representative) may be paid instead to the guardian of such person
or to the person having custody of such person, without further liability on the part of an Employer for the amount of such payment to the person on whose account such payment is made. 
 10.10 Records Conclusive 
 The records of the Company, Employer and the Committee shall be
conclusive in respect to all matters involved in the administration of the Plan. 
 10.11 Service of Legal Process 

The members of the Committee and the Secretary of the Company are hereby designated agents of the Plan for the purpose of receiving service of summons,
subpoena, or other legal process. 
 10.12 Qualified Military Service 
 Notwithstanding any provision of this Plan to the contrary, benefits and service credits with respect to qualified military service shall be provided in accordance with Code section 414(u).

 10.13 Counterparts 
 This
Plan may be executed in any number of counterparts, each of which shall be deemed to be an original. All the counterparts shall constitute but one and the same instrument and may be sufficiently evidenced by any one counterpart. 

10.14 Forfeiture 
 Notwithstanding any
provision in this Plan to the contrary, a Participant will forfeit his or her Net Executive SERP Benefit under Article 3 (including all survivor benefits) and DC SERP Benefit under Article 6 (including all survivor benefits), as applicable, if
within three years of his or her Separation from Service, such Participant- 
  

	(a)	enters into any activity which competes with any business conducted by the Company or an Affiliate in any geographic area where the Company or an Affiliate has
established a place of business, unless the Participant receives the Committee’s prior written consent; 

  

	(b)	interferes with the relations between the Company or an Affiliate and any customer; or 

 

	(c)	engages in any activity which can reasonably be expected to result in any decrease of or loss in profits by the Company or an Affiliate. 

  
 57 

 *************************************** 

In Witness Whereof, the authorized officers of the Company have signed this document and have affixed the corporate seal on February 12,
2015, but effective as of January 1, 2015. 
 Sonoco Products Company 

By /s/Allan H. McLeland 

     Its Vice President, Human Resources 

  
 58Exhibit 10.8

FIRST AMENDMENT TO
NOTE PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT (this “Amendment”), is made and entered into as of February 20, 2015, by and among C.H. Robinson Worldwide, Inc., a Delaware corporation (the “Company”), The Prudential Insurance Company of America and the other holders of Notes (as defined in the Note Agreement defined below) that are signatories hereto (together with their successors and assigns, the “Noteholders”).
W I T N E S S E T H:
WHEREAS, the Company and the Noteholders are parties to a certain Note Purchase Agreement, dated as of August 23, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Note Agreement), pursuant to which the Noteholders have purchased Notes from the Company; 
WHEREAS, the Company has requested that the Noteholders amend certain provisions of the Note Agreement, and subject to the terms and conditions hereof, the Noteholders are willing to do so; 
NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of all of which are acknowledged, the Company and the Noteholders agree as follows:
1.Amendments.  
(a)Section 1 of the Note Agreement is amended by adding the following as a new paragraph at the end of Section 1:
If the Leverage Holiday pursuant to Section 10.6(a)(ii) has been exercised, the interest rate payable on the Notes shall be increased by 0.50% per annum (the “Incremental Interest”) during the Leverage Holiday  Period.  All Notes shall be deemed amended as of the First Amendment Date to reflect the inclusion of Incremental Interest on the terms set forth in the preceding sentence.

(b)     Section 8.8 of the Note Agreement is amended by replacing subsection (f) of such Section in its entirety with the following:
(f)    Certain Definitions.  “Change in Control” means (i) the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934) of 30% or more of the outstanding shares of voting stock of the Company on a fully diluted basis; or (ii) if, within any twelve-month period, individuals who at the beginning of such period were directors of the Company (together with any new directors whose election by the board of directors of the Company or whose nomination for election by the stockholders of the 

Company was approved by a vote of the majority of the directors then in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved) shall cease to constitute at least a majority of the board of directors of the Company.
(c)        Section 8.9 of the Note Agreement is amended by replacing the reference to “Section 10.7(e)” in the first paragraph of such Section with “Section 10.7(f)”.
(d)      Section 9.1 of the Note Agreement is amended by (i) adding “, Sanctions (as such term is defined in the Credit Agreement)” immediately following the reference to “the USA PATRIOT Act” and (ii) adding the following at the end of Section 9.1:
The Company will maintain in effect and use commercially reasonable efforts to enforce policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions (as such term is defined in the Credit Agreement).
(e)     Section 10.5 of the Note Agreement is amended by deleting “and” at the end of subsection (j), re-lettering subsection (k) as subsection (l), replacing the references to “Section 10.5(k)” in subsection (l) with “Section 10.5(l)”, and inserting the following as subsection (k):
(k)    Liens incurred in connection with any transfer of an interest (whether characterized as the grant of a security interest or the transfer of ownership) in Receivables or related assets as part of a Qualified Receivables Transaction; provided that the sum of the aggregate amount of Receivables Transaction Attributed Indebtedness plus Consolidated Priority Debt does not exceed 20% of Consolidated Total Assets immediately after giving effect to any such transfer or Qualified Receivables Transaction.
(f)    Section 10.6 of the Note Agreement is amended by replacing such Section in its entirety with the following:
Section 10.6.  Financial Covenants.
(a)    Leverage Ratio.  
(i)    Prior to the Credit Agreement Covenant Release Date, the Company will not permit the ratio, determined as of the end of each of its fiscal quarters, of (i) Consolidated Funded Indebtedness to (ii) Consolidated Total Capitalization to be greater than 0.65 to 1.00.
(ii)    On and after the Credit Agreement Covenant Release Date, the Company will not permit the Leverage Ratio, determined as of the end of each of its fiscal quarters, to be greater than 3.00 to 1.00; provided that, if the Leverage Holiday has been exercised and the request therefor has been given effect, the 

2

Company will not permit the Leverage Ratio, determined as of the end of each of four consecutive fiscal quarters beginning with the fiscal quarter in which the Leverage Holiday is exercised, to be greater than 3.50 to 1.00.  For the avoidance of doubt, after the Leverage Holiday Period ends, the Leverage Ratio required under this Section 10.6(a)(ii) will revert to 3.00 to 1.00.
(b)    Interest Coverage Ratio.  The Company will not permit the ratio, determined as of the end of each of its fiscal quarters for the twelve-month period then ending, of (i) Consolidated EBIT to (ii) Consolidated Interest Expense to be less than 2.00 to 1.00.
(c)    Priority Debt Ratio.  The Company will not permit, as of the end of each of its fiscal quarters, Consolidated Priority Debt to exceed 15% of Consolidated Total Assets.  The Company will not permit the sum of the aggregate amount of Receivables Transaction Attributed Indebtedness plus Consolidated Priority Debt to exceed 20% of Consolidated Total Assets immediately after giving effect to the incurrence of any Consolidated Priority Debt.
(d)    Most Favored Lender Status.  (i) Notwithstanding the foregoing or anything to the contrary set forth herein, if, after the First Amendment Effective Date (i) any financial covenant set forth in the Material Credit Facility or any other agreements, documents and instruments delivered in connection therewith (together with all definitions and relative components used therein) becomes more restrictive than any corresponding financial covenant set forth in this Section 10.6 (including any financial covenants added hereto after the First Amendment Effective Date) or (ii) any additional financial covenant is added to the Material Credit Facility (each additional, or amended and more restrictive, financial covenant, being an “Additional Financial Covenant”), then this Agreement automatically, and without any further action by the Company or any other party hereto, shall be amended to apply such more restrictive financial covenant (or such additional financial covenant, as applicable) set forth in the Material Credit Facility in lieu of (or in addition to, as the case may be) such financial covenant set forth in this Section 10.6.  The Company shall promptly (and in any event within three (3) Business Days) notify the holders of the Notes of any such modification and shall promptly deliver all amendment documentation reasonably requested by the holders of the Notes to give further effect to such modifications hereunder.
(ii)     If after the date of execution of any amendment or other agreement implementing an Additional Financial Covenant, such Additional Financial Covenant is excluded, terminated, loosened, relaxed, amended or otherwise modified under the Material Credit Facility, then and in such event any such Additional Financial Covenant theretofore included in this Agreement pursuant to the requirements of this Section 10.6(d) shall then and thereupon, without any further action on the part of the Company or any of the holders of the Notes, be so excluded, terminated, loosened, relaxed, amended or otherwise modified; provided that (1) if 

3

a Default or Event of Default shall have occurred and be continuing at the time any such Additional Financial Covenant is to be so excluded, terminated, loosened, relaxed, amended or otherwise modified under this Section 10.6(d), the prior written consent of the Required Holders shall be required as a condition to the exclusion, termination, loosening, relaxation, tightening, amendment or other modification of any such Additional Financial Covenant and (2) in no event shall the financial covenants contained in this Agreement as in effect on the First Amendment Date be deemed or construed to be excluded, terminated, loosened, relaxed or otherwise made less restrictive by operation of the terms of this Section 10.6(d)(ii), and only any such Additional Financial Covenant shall be so excluded, terminated, loosened, relaxed, amended or otherwise modified pursuant to the terms hereof.  The Company shall promptly (and in any event within three (3) Business Days) notify the holders of the Notes of any such modification and shall promptly deliver all amendment documentation reasonably requested by the holders of the Notes to give further effect to such modifications hereunder.
(iii) To the extent that (1) lenders under the Material Credit Facility receive any fee or other compensation for agreeing or consenting to any action described in clause (ii) above in respect of any Additional Financial Covenant, (2) as a result, pursuant to clause (ii) above, the corresponding Additional Financial Covenant, as incorporated into this Agreement, is similarly excluded, terminated, loosened, relaxed, amended, or otherwise modified, and (3) the Company has not otherwise paid the holders of the Notes fees in connection with such action, then the Company shall pay the holders of the Notes equivalent fees and compensation based upon their pro rata holdings of Notes.
(g)   Section 10.7 of the Note Agreement is amended by deleting “and” at the end of subsection (d), re-lettering subsection (e) as subsection (f) and inserting the following as subsection (e):
(e)    Any transfer of an interest (whether characterized as the grant of a security interest or the transfer of ownership) in Receivables and related assets as part of a Qualified Receivables Transaction;
(h)    Schedule A of the Note Agreement is amended by adding the following definitions in the appropriate alphabetical order:
“Additional Financial Covenant” is defined in Section 10.6(d)(i).
“Consolidated EBITDA” means Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated Net Income and without duplication, (i) Consolidated Interest Expense, (ii) expense for taxes paid in cash or accrued, (iii) depreciation, (iv) amortization, (v) extraordinary non-cash expenses, charges or losses incurred other than in the ordinary course of business and (vi) non-cash expenses related to stock based compensation, minus, to the extent included in Consolidated Net Income, (1) extraordinary income or gains realized other than in the ordinary course of business, (2) interest income, (3) income tax credits and 

4

refunds (to the extent not netted from tax expense), (4) any cash payments made during such period in respect of items described in clauses (v) or (vi) above subsequent to the fiscal quarter in which the relevant non-cash expenses, charges or losses were incurred, all calculated for the Company and its Subsidiaries on a consolidated basis.  For the purposes of calculating Consolidated EBITDA for any period of four (4) consecutive fiscal quarters (each, a “Reference Period”), (i) if at any time during such Reference Period the Company or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period, and (ii) if during such Reference Period the Company or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving pro forma effect thereto on a basis approved by the Required Holders in their reasonable credit judgment as if such Material Acquisition occurred on the first day of such Reference Period.
“Credit Agreement Covenant Release Date” means the date on which (x) the financial covenant contained in the Credit Agreement testing the Consolidated Funded Indebtedness to Consolidated Total Capitalization shall have been removed and replaced with a financial covenant testing the Leverage Ratio and (y) the Leverage Ratio test contained in the Credit Agreement shall be no more restrictive than the financial covenant set forth in Section 10.6(a)(ii).
“First Amendment Effective Date” means February 20, 2015.
“Incremental Interest” is defined in Section 1.
“Leverage Holiday” means, in connection with a Leveraged Acquisition, the Company’s request (sent by the Company at least 10 days prior to consummating such Leveraged Acquisition) to increase the Leverage Ratio above 3.00 to 1.00 to the level set forth in the proviso in Section 10.6(a)(ii); provided, that (x) only one Leverage Holiday shall be given effect during any five-year period, (y) no Default or Event of Default shall be in existence immediately before or after the consummation of such acquisition and (z) such request shall be given effect concurrently with the consummation of such acquisition. 
“Leverage Holiday Period” means the period commencing on the date that the Leveraged Acquisition is consummated and continuing through and including the last day of the fourth consecutive fiscal quarter ending thereafter, inclusive of the fiscal quarter in which the Company requests such Leverage Holiday; provided, however, that notwithstanding the foregoing, in the event the Company gives written notice to the holders of the Notes not less than 10 days prior to the end of the second or third fiscal quarter ending date subsequent to the consummation of the Leveraged Acquisition requesting the termination of the Leverage Holiday Period, the Leverage 

5

Holiday Period shall terminate (and, accordingly, the Incremental Interest shall cease to accrue) as of the last day of the such second or third fiscal quarter ending date, as the case may be.
“Leverage Ratio” means, as of any date of calculation, the ratio of (i) Consolidated Funded Indebtedness outstanding on such date to (ii) Consolidated EBITDA for the four fiscal quarters ended on such date.
“Leveraged Acquisition” means an acquisition by the Company or any Subsidiary which is not prohibited by this Agreement.
“Qualified Receivables Entity” means a newly-formed Subsidiary or other special-purpose entity which engages solely in activities in connection with Qualified Receivables Transactions.
“Qualified Receivables Transaction” means any transaction or series of transactions that may be entered into by the Company or any Subsidiary pursuant to which the Company or any Subsidiary may sell, convey or otherwise transfer to a Qualified Receivables Entity, or any other Person, any interest (whether characterized as the grant of a security interest or the transfer of ownership) in any Receivables and rights related thereto, whether such transaction or series of transactions constitutes a secured loan or credit facility, a true sale of assets to a Qualified Receivables Entity or other Person, or otherwise, provided that (i) the documents evidencing such transaction or series of transactions are acceptable to the Required Holders in their reasonable discretion, and (ii) the Receivables Transaction Attributed Indebtedness outstanding at any one time does not exceed $250,000,000.
“Receivable” means any right to the payment of a monetary obligation now or hereafter owing to the Company or any Subsidiary, whether evidenced by or constituting an account, instrument, chattel paper or general intangible.
“Receivables Transaction Attributed Indebtedness” means the amount of obligations outstanding under the legal documents entered into as part of any Qualified Receivables Transaction on any date of determination that would be characterized as principal if such Qualified Receivables Transaction were structured as a secured lending transaction rather than as a purchase.
(i)    The definition of “Consolidated Priority Debt” set forth in Schedule A of the Note Agreement is amended by (x) replacing the reference to “Section 10.5(k)” in subsection (a) thereof with “Section 10.5(l)” and (y) replacing the reference to “Section 10.5(j)” in subsection (b)(vi) thereof with “Section 10.5(k)”.

(j)    Schedule A of the Note Agreement is further amended by replacing the definitions of “Credit Agreement”, “Default Rate” and “Indebtedness” with the following: 

6

“Credit Agreement” means that certain Credit Agreement dated as of October 29, 2012, among the Company, the lending institutions listed on the signature pages thereof, and their respective successors and assigns, and U.S. Bank National Association, a national banking association, as LC Issuer, Swing Line Lender and Administrative Agent, including any renewals, extensions, amendments, replacements or refinancing thereof.

“Default Rate” means that rate of interest that is the greater of (i) 2% per annum above the rate of interest stated in clause (a) of the first paragraph of the Notes (such effective rate of interest to include any Incremental Interest pursuant to Section 1) or (ii) 2% over the rate of interest publicly announced by JPMorganChase Bank, N.A. in New York, New York as its “base” or “prime” rate.
“Indebtedness” of a Person means such Person’s (i) obligations for borrowed money (including the Obligations hereunder), (ii) obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade and contingent earn-out obligations), (iii) Indebtedness, whether or not assumed, secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other similar instruments, (v) obligations of such Person to purchase securities or other Property arising out of or in connection with the sale of the same or substantially similar securities or Property (other than the withholding of securities under employee incentive plans), (vi) Capitalized Lease Obligations, (vii) obligations of such Person as an account party with respect to standby and commercial Letters of Credit, (viii) Contingent Obligations of such Person in respect of Indebtedness, (ix) Receivables Transaction Attributed Indebtedness and (x) Net Mark-to-Market Exposure under Rate Management Transactions and other Financial Contracts.

2.Conditions to Effectiveness of this Amendment. Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the holders of the Notes hereunder, it is understood and agreed that this Amendment shall not become effective, and the Company shall have no rights under this Amendment, until the Noteholders shall have received (i) reimbursement or payment of its costs and expenses incurred in connection with this Amendment or the Note Agreement (including reasonable fees, charges and disbursements of King & Spalding LLP, counsel to the Noteholders), and (ii) each of the following documents:
(a)     executed counterparts to this Amendment from the Company, each of the Guarantors and the Noteholders; 

7

(b)    a duly executed copy of the Credit Agreement, in form and substance satisfactory to the Noteholders; 
(c)     a duly executed certificate of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of this Amendment, (ii) the Company’s organizational documents as then in effect (or certifying that there have been no changes or modifications thereof to the documents delivered pursuant to Section 4.3(b) of the Note Agreement and (iii) a good standing certificate (or analogous documentation if applicable) for the Company from the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, to the extent generally available in such jurisdiction; and
(d)     a written opinion of counsel to the Company and Guarantors (which may include local counsel and in-house counsel), addressed to the Noteholders, in form and substance reasonably acceptable to the Noteholders.
3.Representations and Warranties.  To induce the Noteholders to enter into this Amendment, each of the Company and the Subsidiary Guarantors hereby represents and warrants to the Noteholders that: 
(a)    Each of the Company and the Subsidiary Guarantors is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each of the Company and the Subsidiary Guarantors has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Amendment and to perform the provisions hereof and thereof.
(b)    This Amendment has been duly authorized by all necessary corporate action on the part of the Company and the Subsidiary Guarantors, and this Amendment constitutes a legal, valid and binding obligation of the Company and the Subsidiary Guarantors, enforceable against the Company and the Subsidiary Guarantors in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
(c)    This Amendment and the most recent consolidated financial statements delivered to the holders of the Notes pursuant to Section 7.1(a) and Section 7.1(b) of the Note Agreement (this Amendment and such financial statements delivered to the holders being referred to, collectively, as the “Amendment Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made.  Since December 31, 2013, there has been no change in the financial condition, operations, business or properties of the 

8

Company or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  
(d)     All of the most recent consolidated financial statements delivered to the holders of the Notes pursuant to Section 7.1(a) and Section 7.1(b) of the Note Agreement (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates of such financial statements and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year‐end adjustments).  The Company and its Subsidiaries do not have any Material liabilities that are not disclosed in the Amendment Disclosure Documents.
(e)     The execution, delivery and performance by the Company and the Subsidiary Guarantors of this Amendment will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by laws, shareholders agreement or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary.  No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Amendment.
(f)     The Company and its Subsidiaries have good and sufficient title to their respective Material properties, including all such properties reflected in the audited balance sheet for the fiscal year ending December 31, 2013 or purported to have been acquired by the Company or any Subsidiary after such date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by the Note Agreement, except for those defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect.  All Material leases are valid and subsisting and are in full force and effect in all material respects. 
(g)     Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary the outstanding principal amount of which exceeds $10,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.
(h)    After giving effect to this Amendment, (i) the representations and warranties contained in Section 5.8, Section 5.9, Section 5.11, Section 5.12 (but excluding Section 5.12(d)), Section 5.16 (but excluding Section 5.16(b) and Section 5.16(d)(iii)) and Section 5.17 of the Note 

9

Agreement are true and correct in all material respects, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date, and (ii) no Default or Event of Default has occurred and is continuing as of the date hereof.
(i)    As of the date hereof, no Subsidiary of the Company has guaranteed or become liable, whether as a borrower, or as an additional or co-borrower or otherwise, for or in respect of any Indebtedness under the Material Credit Facility, other than the Subsidiaries of the Company that have executed this Amendment.
(j)    The Company, its Subsidiaries and, to the knowledge of any of the Company’s officers, their respective officers, employees, directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions (as defined in the Credit Agreement) in all material respects.  None of the Company, any Subsidiary or, to the knowledge of any of the Company’s officers, any of their respective directors, officers or employees or any Person owning, directly or indirectly, 50% or more of the Company or any Subsidiary, is a Sanctioned Person (as such term is defined in the Credit Agreement).
4.Reaffirmations of Guaranty.  Each Subsidiary Guarantor consents to the execution and delivery by the Company of this Amendment and jointly and severally ratify and confirm the terms of the Subsidiary Guaranty with respect to the Indebtedness now or hereafter outstanding under the Note Agreement as amended hereby and all promissory notes issued thereunder. Each Subsidiary Guarantor acknowledges that, notwithstanding anything to the contrary contained herein or in any other document evidencing any Indebtedness of the Company to the Noteholders or any other obligation of the Company, or any actions now or hereafter taken by the Noteholders with respect to any obligation of the Company, the Subsidiary Guaranty (i) is and shall continue to be a primary obligation of the Subsidiary Guarantors, (ii) is and shall continue to be an absolute, unconditional, joint and several, continuing and irrevocable guaranty of payment, and (iii) is and shall continue to be in full force and effect in accordance with its terms.  Nothing contained herein to the contrary shall release, discharge, modify, change or affect the original liability of the Subsidiary Guarantors under the Subsidiary Guaranty.  
5.Effect of Amendment.  Except as set forth expressly herein, all terms of the Note Agreement, as amended hereby, and the other Note Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Company to all holders of the Notes.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the holders of the Notes under the Note Agreement, nor constitute a waiver of any provision of the Note Agreement.  From and after the date hereof, all references to the Note Agreement shall mean the Note Agreement as modified by this Amendment.  This Amendment shall constitute a Note Document for all purposes of the Note Agreement.
6.Governing Law.   This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America.

10

7.No Novation.  This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Note Agreement or an accord and satisfaction in regard thereto.
8.Costs and Expenses.  The Company agrees to pay on demand all costs and expenses of the Noteholders in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside counsel for the Noteholders with respect thereto.
9.Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be as effective as delivery of a manually executed counterpart hereof.
10.Binding Nature.  This Amendment shall be binding upon and inure to the benefit of the parties hereto, any other holders of Notes from time to time and their respective successors, successors-in-titles, and assigns.
11.Entire Understanding.  This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.
12.Successors; Enforceability.  The terms and provisions of this Amendment shall be binding upon the Company, the Guarantors and the Noteholders and their respective successors and assigns, and shall inure to the benefit of the Company, the Guarantors and the Noteholders and the successors and assigns of the Noteholders.  
13.Severability.  Any provision in this Amendment that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Amendment are declared to be severable.
14.Release.  In further consideration of the execution by the Noteholders of this Amendment, the Company, on behalf of itself and each of its affiliates, and all of the successors and assigns of each of the foregoing (collectively, the “Releasors”), hereby completely, voluntarily, knowingly, and unconditionally releases and forever discharges the Noteholders, each of their advisors, professionals and employees, each affiliate of the foregoing and all of their respective successors and assigns (collectively, the “Releasees”), from any and all claims, actions, suits, and other liabilities, including, without limitation, any so-called “lender liability” claims or defenses (collectively, “Claims”), whether arising in law or in equity, which any of the Releasors ever had, now has or hereinafter can, shall or may have against any of the Releasees for, upon or by reason of any matter, cause or thing whatsoever from time to time occurred on or prior to the date hereof, in any way concerning, relating to, or arising from (i) any of the Releasors in connection with the Note Agreement, the Notes, the Subsidiary Guarantors and other related documents and the transactions contemplated thereby, (ii) the obligations of the Company and the Subsidiary 

11

Guarantors under the Note Agreement, the Notes, the Subsidiary Guaranties and all other related documents, and (iii) the financial condition, business operations, business plans, prospects or creditworthiness of the Company or any affiliate thereof.  The Releasors hereby acknowledge that they have been advised by legal counsel of the meaning and consequences of this release.

[signature pages follow]

12

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed, under seal in the case of the Company and the Guarantors, by their respective authorized officers as of the day and year first above written.
COMPANY:
C. H. ROBINSON WORLDWIDE, INC.

By: /s/ Troy A. Renner
Name: Troy A. Renner
            Title: Treasurer

GUARANTORS:
C. H. ROBINSON COMPANY, as a Guarantor

By: /s/ Ben G. Campbell
Name: Ben G. Campbell
            Title: Chief Legal Officer and Secretary

C. H. ROBINSON COMPANY, INC., as a Guarantor

By: /s/ Ben G. Campbell
Name: Ben G. Campbell
            Title: Chief Legal Officer and Secretary

                            

                            

1313

NOTEHOLDERS:
THE PRUDENTIAL INSURANCE COMPANY
  OF AMERICA

By:  /s/ Joshua Shipley
Vice President

PRUCO LIFE INSURANCE COMPANY OF
  NEW JERSEY

By:  /s/ Joshua Shipley
Assistant Vice President

THE GIBRALTAR LIFE INSURANCE CO.
  LTD.

By:    Prudential Investment Management Japan
Co., Ltd., as Investment Manager

By:    Prudential Investment Management, Inc.,
as Sub-Adviser

By:  /s/ Joshua Shipley
Vice President

PRUDENTIAL RETIREMENT INSURANCE
  AND ANNUITY COMPANY
PRUDENTIAL ARIZONA REINSURANCE
   UNIVERSAL COMPANY

By:    Prudential Investment Management, Inc.
(as Investment Manager)

    
By:/s/ Joshua Shipley
Vice President

1414

        
    

FARMERS INSURANCE EXCHANGE
MID CENTURY INSURANCE COMPANY
THE LINCOLN NATIONAL LIFE INSURANCE
  COMPANY
COMPANION LIFE INSURANCE COMPANY
UNITED OF OMAHA LIFE INSURANCE
  COMPANY 
THE PENN MUTUAL LIFE INSURANCE
  COMPANY

By:    Prudential Private Placement Investors,
L.P. (as Investment Advisor)

By:    Prudential Private Placement Investors, Inc.
(as its General Partner)

By:  /s/ Joshua Shipley
Vice President

                    

1515

        
    

NEW YORK LIFE INSURANCE COMPANY

By: /s/ James M. Belletire
       Name: James M. Belletire
       Title:  Vice President

NEW YORK LIFE INSURANCE AND ANNUITY
   CORPORATION

By: NYL Investors LLC, its Investment Manager

By: /s/ James M. Belletire
       Name: James M. Belletire
       Title:   Vice President

NEW YORK LIFE INSURANCE AND ANNUITY
   CORPORATION INSTITUTIONALLY OWNED     
                           LIFE INSURANCE SEPARATE ACCOUNT (BOLI  
                           30C)

By: NYL Investors LLC, its Investment Manager

By: /s/ James M. Belletire
       Name: James M. Belletire
       Title:   Vice President

                    

1616

        
    

METROPOLITAN LIFE INSURANCE COMPANY

By: /s/ John A. Wills
       Name: John A. Wills
       Title:   Managing Director

METLIFE INSURANCE K.K., formerly known as METLIFE ALICO LIFE INSURANCE K.K.

By: MetLife Investment Management, LLC, Its
       Investment Manager

By: /s/ C. Scott Inglis 
       Name: C. Scott Inglis
       Title:   Managing Director

EMPLOYERS REASSURANCE CORPORATION

By: MetLife Investment Management, LLC, Its
       Investment Manager

By: /s/ C. Scott Inglis
       Name: C. Scott Inglis
       Title:   Managing Director

1717

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