Document:

Exhibit 10(a)

 

CBS
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

PART B
- AMENDMENT AND RESTATEMENT AS OF JULY 1, 2010

 

1.            Purpose.  The purpose of this Supplemental Executive
Retirement Plan (“the Plan”) (combining the former CBS Supplemental Executive
Retirement Plan, SERP #2 and CBS Excess Benefit Plan) is to provide to certain
key employees of CBS Corporation (“CBS”) a benefit supplemental to those
retirement or termination benefits which they are entitled to receive under the
CBS Pension Plan Document component of the CBS Combined Pension Plan (the “CBS
Pension Plan”) or the Cash Balance Plan Document component of the CBS Combined
Pension Plan (the “CBS Cash Balance Plan”) and to benefit CBS by making it more
attractive to such employees to remain with CBS. The Plan was previously
amended and restated effective April 1, 1999.

 

2.            2009 Amendment and
Restatement and Grandfathered Status of Benefits Accrued Prior to January 1,
2005.  The Plan is hereby again
amended and restated effective as of January 1, 2009 by the adoption of Part B
of the Plan, as set forth herein. Part A of the Plan, consisting of the
original Plan and the amendments made prior to October 3, 2004, applies to
a Participant’s benefit or any portion thereof that is considered to have been
Deferred under the Plan prior to January 1, 2005 (the “Section 409A
Grandfathered Benefit”), in accordance with the terms of those documents in
effect from time to time prior to October 3, 2004. The Section 409A
Grandfathered Benefit shall continue to be governed by the law applicable to
nonqualified deferred compensation prior to the codification of Code Section 409A.
The provisions of this Part B shall apply to any portion of a Participant’s
benefit that is considered to have been Deferred on or after January 1,
2005. This Part B of the Plan is intended to meet all of the requirements
of Code Section 409A, so that Participants will be eligible to defer the
receipt of, and the liability for the federal income tax with respect to,
certain items of compensation from one year to a later year in accordance with
the provisions of applicable law and the provisions of the Plan. With respect
to the period commencing January 1, 2005 and ending December 31, 2008
and with respect to the portion of a Participant’s benefit that is considered
to have been Deferred during the 2005, 2006, 2007 or 2008 calendar year, the
Plan was administered in accordance with a reasonable, good faith
interpretation of Code Section 409A, Treasury Regulations, Notices and
other guidance issued thereunder, and such interpretation shall govern the
rights of a Participant with respect to that period of time.

 

3.            Definitions.  Unless the context clearly indicates
otherwise, the following terms when used in this Plan with initial capital
letters shall have the following meanings:

 

A.           The term “Actuarial
Equivalent” or “Actuarially Equivalent” means, with respect to a Plan Benefit,
or any portion thereof, an amount of equivalent value determined on such
actuarial basis as the Committee, in its sole 

 

 

discretion, shall
determine is reasonable and appropriate and which shall be applied by the
Committee in a uniform and consistent manner.

 

B.           The term “Aggregate
Benefit” has the meaning provided in Section 6.D.

 

C.           The term “Beneficiary”
means the beneficiary designated under this Plan to receive benefits upon the
death of the Participant. A Participant’s Beneficiary will be determined
pursuant to the terms of the Qualified Plan in which he participates, as in
effect on his Benefit Commencement Date under this Plan.

 

D.           “Benefit Commencement
Date” means, except as provided below, the first day of the month immediately
following the later of (i) the Participant’s Separation from Service, and (ii) the
Participant’s attainment of age 55. In the event a Participant makes a
Subsequent Payment Election, the Benefit Commencement Date shall be the first
day of the month coinciding with or next following the date upon which the
Participant has elected to have payment of his Post-2004 Plan Benefit commence.

 

E.            The term “CBS” has the
meaning provided in Section 1.

 

F.           The term “CBS Cash
Balance Plan” means the CBS Cash Balance Plan Document component of the CBS
Combined Pension Plan, as in effect on January 1, 2005 and as may be
amended from time to time thereafter.

 

G.           The term “CBS Pension
Plan” means the CBS Pension Plan Document component of the CBS Combined Pension
Plan, as in effect on January 1, 2005 and as may be amended from time to
time thereafter.

 

H.           The term “Code” means
the Internal Revenue Code of 1986, as amended.

 

I.             The term “Committee”
means the CBS Retirement Committee or any successor thereto.

 

J.            The term “Continuous
Employment Period” has the meaning provided in the CBS Pension Plan.

 

K.           The term “Deferred”
means that an amount is considered to be deferred within the meaning of
Treasury Regulations Sections 1.409A-6(a)(2) and 1.409A-6(a)(3).

 

L.            The term “Employee”
means an employee of the Employer.

 

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M.         The term “Employer” means
CBS and its subsidiaries and affiliates.

 

N.          The term “Highly
Compensated Employee” has the meaning provided in the CBS Pension Plan.

 

O.          The term Joint and
Survivor Annuity means one of the Optional Forms of payment defined in Section 6.C.(iv) thru
Section 6.C.(vi).

 

P.            The term “Life Annuity”
means the Optional Form described in Section 6.C.(i).

 

Q.          The term “Normal
Retirement Date” has the meaning given such term under the Qualified Plan,
effective January 1, 2005.

 

R.           The term “Optional
Forms” has the meaning provided in Section 6.C.

 

S.            The term “Other Death
Benefit” has the meaning provided in Section 6.F.

 

T.            The term “Participant”
has the meaning provided in Section 4.

 

U.           The term “Plan” means
the CBS Supplemental Executive Retirement Plan, as in effect from time to time.
Part A of the Plan, which is attached hereto and made a part hereof, shall
apply to any portion of a Participant’s Plan Benefit that was Deferred prior to
January 1, 2005. Part B of the Plan is set forth herein and shall
apply to any portion of a Participant’s Plan Benefit that is Deferred on or
after January 1, 2005.  Certain
provisions of this Part B apply as of certain earlier effective dates as
specified herein.

 

V.           The term “Plan Benefit”
has the meaning provided in Section 5.

 

W.          The term “Post-2004 Plan
Benefit” means any portion of a Participant’s Plan Benefit that was Deferred
after December 31, 2004.

 

X.           The term “Pre-Retirement
Death Benefit” means the benefit described in Section 6.F(i).

 

Y.           The term “Qualified
Plan” means the CBS Pension Plan or the CBS Cash Balance Plan, as applicable.

 

Z.            The term “Section 409A
Grandfathered Benefit” has the meaning provided in Section 2.

 

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AA.       The term “Separation from
Service” means the condition that exists when an Employee who is a Participant
in the Plan and the Employer reasonably anticipate that no further services
will be performed after a certain date or that the level of bona fide services
that the Employee will perform after such date (whether as an Employee or an
independent contractor) would permanently decrease to no more than 20% of the
average level of bona fide services performed (whether as an Employee or an
independent contractor) over the immediately preceding 36-month period (or the
full period of services to the Employer if the Employee has been providing
services to the Employer for less than 36 months). For purposes of this Section 3.AA,
for periods during which an Employee is on a paid bona fide leave of absence
and has not otherwise experienced a Separation from Service, the Employee is
treated as providing bona fide services at the level equal to the level of
services that the Employee would have been required to perform to receive the
compensation paid with respect to such leave of absence. Periods during which
an Employee is on an unpaid bona fide leave of absence and has not otherwise
experienced a Separation from Service are disregarded for purposes of this Section 3.AA
(including for purposes of determining the applicable 36-month (or shorter)
period). For purposes of this Section 3.AA, the Employer shall be
considered to include all members of the controlled group of corporations which
includes the Company; provided, however, that in applying Code Section 414(b),
the phrase “at least 50 percent” shall be substituted for “at least 80 percent”;
and in applying Code Section 414(c), the phrase “at least 50 percent”
shall be used instead of the phrase “at least 80 percent.” Separation from
Service shall be determined on the basis of the modifications described in
Treasury Regulation Section 1.409A-l(h)(3) (or any successor
regulation) as defined in Code Section 409A and the regulations or other
guidance issued thereunder.

 

BB.        The term “Subsequent
Payment Election” has the meaning provided in Section 6.B.

 

CC.       The term “Transition
Election” means a Participant’s election made on or before December 31,
2008 in accordance with IRS Notice 2007-86 and other applicable guidance under
Code Section 409A to designate the time at which the Participant’s Plan
Benefit will commence.

 

4.            Eligibility.

 

A.           The persons eligible to
participate in the Plan (“Participants”) are those employees of CBS and its
subsidiaries who are designated by the Committee, and whose benefit under the
Qualified Plan is limited by reason of the limitation on benefits or
compensation which may be taken into account under Code Section 415, or
under Code Section 401(a)(17), or under any successor provisions.

 

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B.           Effective April 1,
1999, notwithstanding any other provision of the Plan to the contrary, no
person who is hired or rehired after March 31, 1999 shall thereafter
participate in or accrue any benefit under the Plan.

 

C.           Certain
Transfers on and after January 1, 2006.  Notwithstanding
the foregoing, effective July 1, 2010, an Employee who transferred on and
after January 1, 2006 from one division of the Company or a subsidiary
thereof to another division of the Company or a subsidiary thereof and was
accruing benefit accrual service under the Qualified Plan on such date, will
continue to participate in the Plan subsequent to any such transfer or
transfers subject to satisfaction of the Plan’s eligibility requirements,
provided that, if such transfer of employment occurred before July 1,
2010, such Employee was also continuously employed without interruption by the
Company or a subsidiary thereof from January 1, 2006 through July 1,
2010.

 

Notwithstanding the foregoing, a Participant in this Plan who commences
participation in the CBS Retirement Plan on August 15, 2010, shall cease
to accrue benefits under this Plan after August 14, 2010.

 

5.            Computation
of Benefit.

 

A.           The benefit payable to
a Participant under the Plan (the “Plan Benefit”) shall be equal to the excess,
if any, of (A) the Participant’s benefit under the Qualified Plan
determined by disregarding the benefit or compensation limitation otherwise
imposed by Code Sections 415 and 401(a)(17), or any successor provisions
(determined as of the Benefit Commencement Date of the Post-2004 Plan Benefit,
regardless of the actual commencement date of said benefit), over (B) the
Participant’s benefit payable under the Qualified Plan (determined as of the
Benefit Commencement Date of the Post-2004 Plan Benefit, regardless of the
actual commencement date of said benefit), taking into account such benefit or
compensation limitations, and for Participants of the CBS Pension Plan only,
disregarding such Participant’s status as a Highly Compensated Employee during
any calendar year after December 31, 2000. The Plan Benefit shall be
computed in accordance with the foregoing using the normal form of payment
under the Qualified Plan with the objective that a Participant should receive
under the Qualified Plan and this Plan the total amount which would otherwise
have been payable to such Participant solely from the Qualified Plan had the
referenced Code Sections and Highly Compensated Employee status, as applicable,
not limited his benefit payments from the Qualified Plan.

 

B.           The Plan Benefit of any
Employee transferred during the period January 1, 2006 through June 30,
2010 who is retroactively deemed eligible to participate in this Plan pursuant
to Section 4.C shall be determined considering any retroactive service
credited under the Qualified Plan for the period beginning on the date of the
initial transfer through June 30, 2010 and shall be calculated thereafter
as provided under the Plan.

 

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C.           For purposes of
clarity, a Participant’s Section 409A Grandfathered Benefit shall be paid
to the Participant at the same time and in the same form as the Participant’s
benefit under the Qualified Plan is paid. The Participant’s Post-2004 Plan
Benefit will be calculated as follows:

 

(i)            If the Participant’s
Post-2004 Plan Benefit is payable at the same time as the benefits described in
the first sentence of this Section 5.C, the Participant’s total Plan
Benefit shall be determined as provided in Sections 5.A and 5.B above. The
Participant’s Post-2004 Plan Benefit shall be equal to the Participant’s total
Plan Benefit, less the Participant’s Section 409A Grandfathered Benefit
(but not less than zero).

 

(ii)           If the Participant’s
Post-2004 Plan Benefit is not paid at the same time as the benefits described
in the first sentence of this Section 5.C, the amount payable to the
Participant as his Post-2004 Plan Benefit pursuant to this Part B of the
Plan shall be equal to the Participant’s total Plan Benefit determined as
provided in Sections 5.A and 5.B above, less the Participant’s Section 409A
Grandfathered Benefit (but not less than zero), subject to the following
additional criteria. Both the Participant’s total Plan Benefit and Section 409A
Grandfathered Benefit shall be determined as of the Benefit Commencement Date
of the Participant’s Post-2004 Plan Benefit, regardless of the actual
commencement date of the Participant’s said benefits.

 

D.           In no event shall a
Participant’s annual compensation in excess of $550,000 be taken into account
for the purpose of determining the amount of any benefit under the Plan;
provided, however, that this Section 5.D. shall not apply to compensation
earned in any calendar year ending prior to January 1, 1999.

 

6.            Payment
of Plan Benefit.

 

A.           Time of Payment.

 

(i)            General.  Subject to Subsections B, E and F of this Section 6,
and except as provided in a Participant’s Transition Election, the Post-2004
Plan Benefit payable to a Participant shall commence as of the Participant’s
Benefit Commencement Date, provided that the first payment may be made up to 90
days after the later of (a) the Participant’s 55th birthday, and (b) the Participant’s
Separation from Service. If the first payment is made after the Participant’s
Benefit Commencement Date, such first payment shall include any monthly
payments that were due prior to such first payment. Except as provided in
Subsection B or a Participant’s Transition Election, a Participant shall not
have the right to designate the tax year in which such Post-2004 Plan Benefits
are payable.

 

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(ii)           Special Rule for
Separations Prior to January 1, 2009. 
Subject to Subsections B, E and F of this Section 6, and except as
provided in a Participant’s Transition Election, if a Participant who
experienced a Separation from Service prior to January 1, 2009, has not
reached age 55 prior to January 1, 2009 and has not commenced the payment
of his Plan Benefit prior to January 1, 2009, the Benefit Commencement
Date of his Post-2004 Plan Benefit shall be his 55th birthday and the first payment shall be made
within 90 days of his Benefit Commencement Date. Subject to Subsections B, E
and F of this Section 6, and except as provided in a Participant’s
Transition Election, if a Participant who experienced a Separation from Service
prior to January 1, 2009, has not commenced the payment of his Plan
Benefit prior to January 1, 2009, but has reached age 55 prior to January 1,
2009, the Benefit Commencement Date of the Post-2004 Plan Benefit payable to
such Participant shall be July 1, 2010 and the first payment shall be made
within 90 days of his Benefit Commencement Date. If the first payment under
this Section 6.A(ii) is made after the Participant’s Benefit
Commencement Date, such first payment shall include any monthly payments that
were due prior to such first payment.

 

B.           Subsequent Payment
Election.  A Participant may elect,
on a written form (a “Subsequent Payment Election”) acceptable to the
Committee, to change the time that Post-2004 Plan Benefit payments are to
commence pursuant to Subsection A of this Section 6, provided that any
such election shall comply with the requirements of Treasury Regulations Section 1.409A-2(b).
Any Subsequent Payment Election that satisfies the preceding requirements shall
be irrevocable when made but may be superseded by one (but not more than one)
Subsequent Payment Election that satisfies the requirements set forth above.

 

C.           Form of Payment.  The normal form of Post-2004 Plan Benefit
payable to a Participant on his Benefit Commencement Date will be a Life
Annuity (as described below). In lieu of receiving the Post-2004 Plan Benefit
in the normal form, at any time prior to his Benefit Commencement Date, a
Participant may elect, on a written form acceptable to the Committee, to
receive his or her Post-2004 Plan Benefit in any one of the following forms
(the “Optional Forms”), each of which are Actuarially Equivalent to the Life
Annuity:

 

(i)            Life
Annuity - a monthly benefit is paid to the Participant during his or her
lifetime with no payment made after the Participant’s death.

 

(ii)           10-Year
Certain Annuity Option - a reduced monthly benefit is paid to the
Participant during his or her lifetime. If the Participant dies within the
first 10 years of payment, the reduced benefit will continue to the Participant’s
Beneficiary for the remainder of the 10-year term.

 

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(iii)          15-Year Certain Annuity Option - a
reduced monthly benefit is paid to the Participant during his or her lifetime.
If the Participant dies within the first 15 years of payment, the reduced
benefit will continue to the Participant’s Beneficiary for the remainder of the
15-year term.

 

(iv)         Joint
and 50% Survivor Annuity Option - a reduced monthly benefit is paid to the
Participant during his or her lifetime. Following the Participant’s death, a
joint annuitant selected by the Participant will receive monthly benefits equal
to 50% of the monthly benefit that was payable to the Participant for the
remainder of the joint annuitant’s lifetime.

 

(v)          Joint
and 75% Survivor Annuity Option - a reduced monthly benefit is paid to the
Participant during his or her lifetime. Following the Participant’s death, a
joint annuitant selected by the Participant will receive monthly benefits equal
to 75% of the monthly benefit that was payable to the Participant for the
remainder of the joint annuitant’s lifetime.

 

(vi)         Joint
and 100% Survivor Annuity Option - a reduced monthly benefit is paid to the
Participant during his or her lifetime. Following the Participant’s death, a
joint annuitant selected by the Participant will receive monthly benefits equal
to 100% of the monthly benefit that was payable to the Participant for the
remainder of the joint annuitant’s lifetime.

 

If a Participant elects
an Optional Form that provides for payments to a joint annuitant or
Beneficiary, such joint annuitant or Beneficiary shall be designated at the
time the Participant elects such Optional Form.

 

D.           Small Payment
Cash-Out.  Notwithstanding any
provision of the Plan to the contrary but subject to Section 6.E, if on a
Participant’s Benefit Commencement Date, the Actuarially Equivalent lump sum
present value of the Participant’s Post-2004 Plan Benefit and the Participant’s
post-2004 benefits under any other plans with respect to which deferrals of
compensation are treated as having been Deferred under a single nonqualified
deferred compensation plan with the Plan under Treasury Regulation Section 1.409A-l(c)(2) (the
“Aggregate Benefit”) is less than $10,000, the Participant’s entire Aggregate
Benefit will be paid in such lump sum on the date the Participant’s Post-2004
Plan Benefit was otherwise scheduled to commence.

 

E.            Delayed Payments
for Specified Employees. 
Notwithstanding any provision of this Plan to the contrary, if a
Participant is a “specified employee,” determined pursuant to procedures
adopted by CBS in compliance with Code Section 409A, on the date the
Participant incurs a Separation from Service and if 

 

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any portion of the
payments or benefits to be received by the Participant upon Separation from
Service would constitute a “deferral of compensation” subject to Code Section 409A,
then to the extent necessary to comply with Code Section 409A, amounts
that would otherwise be payable pursuant to this Plan during the six-month
period immediately following the Participant’s Separation from Service will
instead be paid on the earlier of (i) the first business day of the
seventh calendar month after the date of the Participant’s Separation from
Service, or (ii) the Participant’s death. Any benefit payments delayed
because of the preceding sentence shall be paid in a lump sum on the date
described in the preceding sentence. Any benefit payments that are scheduled to
be paid more than six months after such Participant’s Separation from Service
shall not be delayed and shall be paid in accordance with the schedule
prescribed by Subsections A and B of this Section 6.

 

F.            Payments Upon Death.

 

(i)            Prior to Benefit
Commencement Date.  In the event that
a Participant dies prior to his Benefit Commencement Date, a benefit (the “Pre-Retirement
Death Benefit”) will be payable to his Beneficiary pursuant to the following
provisions of this clause (i).

 

(A)         Amount of
Pre-Retirement Death Benefit.  The
Pre-Retirement Death Benefit payable to the Beneficiary will be the benefit
that would have been payable to the Participant under the Plan had the
Participant retired on his date of death. The Pre-Retirement Death Benefit for
a Participant of the CBS Pension Plan who dies prior to age 55 and whose
Continuous Employment Period on the date of his death shall be five or more
years but less than ten years, will be equal to the benefit payable at his Normal
Retirement Date, modified as follows:

 

(1)          unreduced between the
date he would have attained age 62 and his Normal Retirement Date, if he had
lived to such points in time;

 

(2)          reduced at the rate of
4% for each year in the period between the date he would have attained age 55
and the date he would have attained age 62, if he had lived to such points in
time; and

 

(3)          reduced on the basis of
Actuarially Equivalent factors for each year in the period between the date of
his death and the date he would have attained age 55, if he had lived to such
point in time.

 

- 9 -

 

(B)         Time and Form of
Payment.  The Pre-Retirement Death
Benefit shall be paid to the Participant’s Beneficiary in an Actuarially
Equivalent single lump sum payment within 90 days after the date of the
Participant’s death.

 

(ii)           On or After Benefit
Commencement Date.  In the event a
Participant dies on or after the Benefit Commencement Date of his or her
Post-2004 Plan Benefit, Post-2004 Plan Benefits shall continue to a joint
annuitant or Beneficiary only if provided pursuant to the Optional Form under
which the Participant was receiving benefit payments in accordance with this Section 6;
provided, however, that if the Participant’s Beneficiary is a trust, the
present value of any Post-2004 Plan Benefits required to be paid to the
Beneficiary following the Participant’s death pursuant to the Optional Form under
which the Participant was receiving benefit payments in accordance with this Section 6
shall be paid to the trust in a single lump sum payment within 90 days after
the Participant’s date of death.

 

(iii)          Other Death Benefits.  The following death benefits apply to CBS
Cash Balance Plan Participants:

 

(A)         If the Participant has
elected to receive payment of his Post-2004 Plan Benefits in the form of a Life
Annuity and he dies on or after his Benefit Commencement Date but before total
payments have been made to the Participant that equal the product of (i) 60
multiplied by (ii) the Participant’s monthly benefit, the balance of said
total payments will be payable in a single lump sum payment within 90 days
after the Participant’s date of death.

 

(B)         If the Participant has
elected to receive payment of his Post-2004 Plan Benefits in the form of a Joint
and Survivor Annuity and both he and his joint annuitant die on or after the
Benefit Commencement Date but before total payments have been made to the
Participant and/or his joint annuitant that equal the product of (i) 60
multiplied by (ii) the monthly benefit the Participant would have received
if he had elected to receive his Post-2004 Plan Benefit in the form of a Life
Annuity, the balance of said total payments will be payable to the Participant’s
Beneficiary in a single lump sum payment within 90 days after the later of the
Participant’s or his joint annuitant’s date of death.

 

7.            Nonforfeiture of
Benefit.  The amount of the benefit
accrued under the Plan by any Participant immediately before any (i) withdrawal
of approval as a Participant which was previously granted under Section 4
hereof, or (ii) termination or 

 

- 10 -

 

amendment pursuant to Section 10
hereof shall not be reduced by reason of any such event.

 

8.            Nonassignability of
Benefits.  Except as otherwise
required by law, neither any benefit payable hereunder nor the right to receive
any future benefit under this Plan may be anticipated, alienated, sold,
transferred, assigned, pledged, encumbered, or subjected to any charge or legal
process, and if any attempt is made to do so, or a person eligible for any
benefits under this Plan becomes bankrupt, the interest under this Plan of the
person affected may be terminated by the Committee which, in its sole
discretion, may cause the same to be held or applied for the benefit of one or
more of the dependents of such person or make any other disposition of such
benefits that it deems appropriate.

 

9.            Funding.  The Plan shall be maintained as an unfunded
plan which is not intended to meet the qualification requirements of Code Section 401.
Establishment of the Plan will not create, in favor of any Participant, any
right or lien in or against any of the assets of CBS. Payments under the Plan
shall be made in cash from the general funds of CBS and no special or separate
fund shall be established and no segregation of assets shall be made to assure
the payment of benefits hereunder. Nothing in this Plan, and no action taken
pursuant to its provisions, shall create or be construed to create a trust of
any kind, or a fiduciary relationship, between CBS and any Participant or any
other person, and CBS’s promise to make payments hereunder shall at all times
remain unfunded as to any Participant.

 

10.         Termination; Amendment.  CBS may, at any time, by resolution of its
Board of Directors, terminate or amend the Plan in such respects as it shall
deem advisable, provided, however, that except to the extent required to comply
with any changes in applicable law (including Code Section 409A), Part A
of this Plan may not be suspended, amended, otherwise modified, or terminated
without the consent of each affected Participant who had attained age 55 at the
“Effective Time,” as such term is defined under the Agreement and Plan of
Merger among Westinghouse Electric Corporation, Group W Acquisition Corp. and
CBS Inc. Notwithstanding anything in the Plan to the contrary, in the event of
a termination of the Plan, the Committee, in its sole and absolute discretion,
shall have the right to change the time and form of distribution of
Participants’ Post-2004 Plan Benefits, including requiring that the Actuarial
Equivalent of Post-2004 Plan Benefits be immediately distributed in the form of
a lump sum payment; provided, however, that no such change in the time or form
of payment shall cause the Plan to fail to comply with Section 6.E above
with respect to specified employees, or to fail to comply with the requirements
of Code Section 409A.

 

11.         Operation and
Administration.  The Plan shall be
administered by the Committee. The Committee shall have the authority, in its
absolute discretion, to exclude from the coverage of the Plan employees who
would otherwise be eligible to be Participants, and to include in the coverage
of the Plan employees who would not otherwise be eligible to be Participants.
The Committee’s decision in all matters 

 

- 11 -

 

involving the
interpretation and application of the Plan shall be final and binding. The
Committee will establish such procedures and requirements, as it shall deem
necessary to administer the Plan.

 

12.         Applicable Law.  All questions pertaining to the construction,
validity, and effect of this Plan shall be determined in accordance with the
laws of the State of New York, to the extent not pre-empted by Federal law.

 

13.         Limitation of Rights.  This Plan is a voluntary undertaking on the
part of CBS. Neither the establishment of the Plan nor the payment of any
benefits hereunder, nor any action of CBS, the Committee, or its designee shall
be held or construed to be a contract of employment between CBS and any
Participant, or to confer upon any person any legal right to be continued in
the employ of CBS. CBS expressly reserves the right to discharge, discipline,
or otherwise terminate the employment of any Participant at any time.
Participation in this Plan gives no right or claim to any benefits beyond those
which are expressly provided herein and all rights and claims hereunder are
limited as set forth in this Plan.

 

14.         Severability.  In the event any provision of this Plan shall
be held illegal or invalid, or would serve to invalidate the Plan, that
provision shall be deemed to be null and void, and the Plan shall be construed
as if it did not contain that provision.

 

15.         Heading, Gender and
Number.  The headings to the Articles
and Sections of this Plan are inserted for reference only, and are not to be
taken as limiting or extending the provisions hereof. Unless the context
clearly indicates to the contrary, in interpreting this Plan, the masculine shall
include the feminine, and the singular shall include the plural.

 

16.         Code Section 409A.  To the extent applicable, it is intended that
this Plan comply with the provisions of Code Section 409A. References to
Code Section 409A shall include any proposed, temporary or final
regulation, or any other guidance, promulgated with respect to such Section by
the U.S. Department of the Treasury or the Internal Revenue Service. This Plan
shall be administered and interpreted in a manner consistent with this intent.
If any provision of this Plan is susceptible of two interpretations, one of
which results in the compliance of the Plan with Code Section 409A and the
applicable Treasury Regulations, and one of which does not, then the provision
shall be given the interpretation that results in compliance with Code Section 409A
and the applicable Treasury Regulations. Notwithstanding the foregoing or any
other provision of this Plan to the contrary, neither CBS nor any of its
subsidiaries or affiliates shall be deemed to guarantee any particular tax
result for any Participant, spouse, or beneficiary with respect to any payments
provided hereunder.

 

- 12 -Exhibit 10(b)

 

CBS
RETIREMENT EXCESS PENSION PLAN

 

PART B
- AMENDMENT AND RESTATEMENT AS OF JULY 1, 2010

 

Section 1.  Purpose.

 

The purpose of this CBS
Retirement Excess Pension Plan is to provide for the payment of certain pension
and pension-related benefits to certain employees of CBS Corporation (the “Company”)
and its subsidiaries so that the total pension and pension-related benefits of
such employees can be determined without regard to certain benefit limitations
imposed on the CBS Retirement Plan (the “Qualified Plan”) by Section 401(a)(17)
and Section 415 of the Code, the Employee Retirement Income Security Act
of 1974, and related legislation.

 

Section 2.  2009 Amendment and Restatement and
Grandfathered Status of Benefits Deferred Prior to January 1, 2005.  The Excess Pension Plan for
Certain Employees of Viacom International Inc. was adopted as of January 1,
1989, restated as of January 1, 1996, renamed the Viacom Excess Pension
Plan as of January 1, 2003, and further renamed the CBS Retirement Excess
Pension Plan as of December 31, 2005. The Plan is hereby again amended and
restated, effective as of January 1, 2009, by the adoption of Part B
of the Plan, as set forth herein. Part A of the Plan, consisting of the
original Plan and the amendments made prior to October 3, 2004, applies to
a Participant’s benefit or any portion thereof that is considered to have been
Deferred under the Plan prior to January 1, 2005 (the “Section 409A
Grandfathered Benefit”), in accordance with the terms of those documents in
effect from time to time prior to October 3, 2004. The Section 409A
Grandfathered Benefit shall continue to be governed by the law applicable to
nonqualified deferred compensation prior to the codification of Code Section 409A.
The provisions of this Part B shall apply to any portion of a Participant’s
benefit that is considered to have been Deferred on or after January 1,
2005. This Part B of the Plan is intended to meet all of the requirements
of Code Section 409A, so that Participants will be eligible to defer the
receipt of, and the liability for the federal income tax with respect to,
certain items of compensation from one year to a later year in accordance with
the provisions of applicable law and the provisions of the Plan. With respect
to the period commencing January 1, 2005 and ending December 31, 2008
and with respect to the portion of a Participant’s benefit that is considered
to have been Deferred during the 2005, 2006, 2007 or 2008 calendar year, the
Plan was administered in accordance with a reasonable, good faith
interpretation of Code Section 409A, Treasury Regulations, IRS
Notices and other guidance issued thereunder, and such interpretation shall
govern the rights of a Participant with respect to that period of time.

 

Section 3.  Definitions. 
Unless the context clearly indicates otherwise, the
following terms when used in this Plan with initial capital letters shall have
the following meanings:

 

A.           The term “Actuarial
Equivalent” or “Actuarially Equivalent” means, with respect to a Plan Benefit,
or any portion thereof, an amount of equivalent value determined on such
actuarial basis as the Committee, in its sole 

 

 

discretion, shall
determine is reasonable and appropriate and which shall be applied by the
Committee in a uniform and consistent manner.

 

B.           The term “Aggregate
Benefit” has the meaning provided in Section 7.D.

 

C.           The term “Beneficiary”
means the beneficiary designated under this Plan to receive benefits upon the
death of the Participant. A Participant’s Beneficiary will be determined
pursuant to the terms of the Qualified Plan in which he participates, as in
effect at the time of benefit commencement under this Plan.

 

D.           “Benefit Commencement
Date” means, except as provided below, the first day of the month immediately
following the later of (i) the Participant’s Separation from Service, and (ii) the
Participant’s attainment of age 55. In the event a Participant makes a
Subsequent Payment Election, the Benefit Commencement Date shall be the first
day of the month coinciding with or next following the date upon which the
Participant has elected to have payment of his Post-2004 Plan Benefit commence.

 

E.            The term “Code” means
the Internal Revenue Code of 1986, as amended.

 

F.            The term “Committee”
means the CBS Retirement Committee or any successor thereto.

 

G.           The term “Company” has
the meaning provided in Section 1.

 

H.           The term “Deferred”
means that an amount is considered to be deferred within the meaning of
Treasury Regulations Sections 1.409A-6(a)(2) and 1.409A-6(a)(3).

 

I.             The term “Employee”
means an employee of the Employer.

 

J.             The term “Employer”
means the Company and its subsidiaries and affiliates that participate in the
Plan.

 

K.           The term “New Viacom
Pension Plan” means the successor plan to the former Viacom Pension Plan
sponsored by the new Viacom Inc. New Viacom Excess Pension Plan means the
successor plan to the former Viacom Excess Pension Plan sponsored by the new
Viacom Inc.

 

L.            The term “Normal
Retirement Date” has the meaning given such term under the Qualified Plan,
effective January 1, 2005.

 

M.          The term “Optional Forms”
has the meaning provided in Section 7.

 

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N.           The term “Participant”
has the meaning provided in Section 5.

 

O.           The term “Plan” means
the CBS Retirement Excess Pension Plan, as in effect from time to time. Part A
of the Plan, which is attached hereto and made a part hereof, shall apply to
any portion of a Participant’s Plan Benefit that was Deferred prior to January 1,
2005. Part B of the Plan is set forth herein and shall apply to any
portion of a Participant’s Plan Benefit that is Deferred on or after January 1,
2005. Certain provisions of this Part B apply as of certain earlier
effective dates as specified herein.

 

P.            The term “Plan Benefit”
has the meaning provided in Section 6.A.

 

Q.           The term “Post-2004
Plan Benefit” means any portion of a Participant’s Plan Benefit that was
Deferred after December 31, 2004.

 

R.           The term “Pre-Retirement
Death Benefit” means the benefit described in Section 7.F(i).

 

S.            The term “Qualified
Plan” means the CBS Retirement Plan, as in effect on January 1, 2005 and
as may be amended from time to time thereafter.

 

T.            The term “Same Sex
Domestic Partner” has the meaning provided in the Qualified Plan.

 

U.           The term “Section 409A
Grandfathered Benefit” has the meaning provided in Section 2.

 

V.           The term “Separation
from Service” means the condition that exists when an Employee who is a
Participant in the Plan and the Employer reasonably anticipate that no further
services will be performed after a certain date or that the level of bona fide
services that the Employee will perform after such date (whether as an Employee
or an independent contractor) would permanently decrease to no more than 20% of
the average level of bona fide services performed (whether as an Employee or an
independent contractor) over the immediately preceding 36-month period (or the
full period of services to the Employer if the Employee has been providing
services to the Employer for less than 36 months). For purposes of this Section 3.V,
for periods during which an Employee is on a paid bona fide leave of absence
and has not otherwise experienced a Separation from Service, the Employee is
treated as providing bona fide services at the level equal to the level of
services that the Employee would have been required to perform to receive the
compensation paid with respect to such leave of absence. Periods during which
an Employee is on an unpaid bona fide leave of absence and has not otherwise experienced
a Separation from Service are disregarded for purposes of this Section 3.V
(including for purposes of determining the applicable 36-month (or shorter)
period). For purposes of this 

 

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Section 3.V, the
Employer shall be considered to include all members of the controlled group of
corporations which includes the Company; provided, however, that in applying
Code Section 414(b), the phrase “at least 50 percent” shall be substituted
for “at least 80 percent”; and in applying Code Section 414(c), the phrase
“at least 50 percent” shall be used instead of the phrase “at least 80 percent.”
Separation from Service shall be determined on the basis of the modifications
described in Treasury Regulation Section 1.409A-l(h)(3) (or any
successor regulation) as defined in Code Section 409A and the regulations
or other guidance issued thereunder.

 

W.          The term “Subsequent
Payment Election” has the meaning provided in Section 7.B.

 

X.           The term “Transition
Election” means a Participant’s election made on or before December 31,
2008 in accordance with IRS Notice 2007-86 and other applicable guidance under
Code Section 409A to designate the time at which the Participant’s Plan
Benefit will commence.

 

Y.           The term “Year of
Service” has the meaning provided in the Qualified Plan.

 

Section 4.  Administration.

 

This Plan shall be
administered by the Committee, which shall administer it in a manner consistent
with the administration of the Qualified Plan, except that this Plan shall be
administered as an unfunded plan that is not intended to meet the qualification
requirements of Section 401(a) of the Code. The Committee’s decisions
in all matters involving the interpretation and application of this Plan shall
be final. The Committee may act on its own behalf or through the actions of its
duly authorized representative.

 

The Committee shall be
the final review committee under the Plan, with the authority to determine
conclusively for all parties any and all questions arising from the
administration of the Plan, and shall have sole and complete discretionary
authority and control to manage the operation and administration of the Plan,
including, but not limited to, the determination of all questions relating to
eligibility for participation and benefits, interpretation of all Plan
provisions, determination of the amount and kind of benefits payable to any
participant, spouse or beneficiary, and construction of disputed or doubtful
terms. Such decisions shall be conclusive and binding on all parties and not
subject to further review.

 

Section 5.  Eligibility.

 

Employees who are
eligible for benefits under the Plan (“Participants”) are those Employees who
are (i) participants in the Qualified Plan whose annual base salary and
commissions exceed the annual compensation limit in effect under Section 401(a)(17)
of the Code, and (ii) are designated by the Committee as an employee
eligible to participate 

 

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in the Plan. If an Employee becomes a Participant in
any calendar year, such Employee shall remain a Participant for all future
calendar years.

 

For purposes of this
Plan, “Compensation” means the total compensation taken into account under the
Qualified Plan (without regard to the limitations of Section 401(a)(17) of
the Code and the regulations thereunder).

 

A Participant’s
Compensation under this Plan shall be subject to a maximum annual Compensation
of $750,000. For Participants as of December 31, 1995, the maximum annual
Compensation for the 1996 calendar year and each subsequent calendar year shall
be the Participant’s Compensation under the Plan for the 1995 calendar year.
Notwithstanding the foregoing, for any Participant who is also a participant in
the New Viacom Pension Plan and the New Viacom Excess Pension Plan after December 31,
2005, the maximum amount of Compensation under this Plan is limited to
$375,000.

 

Notwithstanding the
foregoing, effective July 1, 2010, an Employee who transferred on and
after January 1, 2006 from one division of the Company or a subsidiary
thereof to another division of the Company or a subsidiary thereof and was
accruing eligibility service or benefit accrual service under the Qualified
Plan on such date, will continue to participate in the Plan subsequent to any
such transfer or transfers subject to satisfaction of the Plan’s eligibility
requirements, provided that, if such transfer of employment occurred before July 1,
2010, such Employee was also continuously employed without interruption by the
Company or a subsidiary thereof from the later of (i) January 1, 2006
and (ii) the date the Employee became an eligible Employee under the Plan
through July 1, 2010.

 

In no event shall an
Employee who is not entitled to benefits under the Qualified Plan be eligible
for a benefit under this Plan.

 

Section 6.  Amount of Benefit.

 

A.           The benefits payable to
a Participant under this Plan (the “Plan Benefit”) shall be equal to the
excess, if any, of:

 

(i)            the benefits which
would have been paid to such Participant under the Qualified Plan, if the
provisions of the Qualified Plan were administered without regard to the
limitations required by Code Sections 401(a)(17) and 415 (determined as of the
Benefit Commencement Date of the Post-2004 Plan Benefit, regardless of the
actual commencement date of said benefits),

 

over

 

(ii)           the benefits which are
payable to such Participant under the Qualified Plan (determined as of the
Benefit Commencement Date 

 

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of the Post-2004 Plan
Benefit, regardless of the actual commencement date of said benefits).

 

B.           In determining the
benefit of any Participant who prior to January 1, 1996 was a participant
in the Paramount Communications Inc. Retirement Plan, such eligible Participant
shall not be credited with any Benefit Service prior to January 1, 1996.

 

C.           The Plan
Benefit of any Employee transferred during the period January 1, 2006
through June 30, 2010 who is retroactively deemed eligible to participate
in this Plan pursuant to Paragraph 5 shall be determined considering any
retroactive service credited under the Qualified Plan for the period beginning
on the date of the initial transfer through June 30, 2010 and shall be
calculated thereafter as provided under the Plan.

 

The Plan Benefit for any Employee who commences participation in the
Qualified Plan on August 15, 2010 and who satisfies the Plan’s eligibility
requirements, shall be determined considering any retroactive service credited
under the Qualified Plan for the period on and after January 1, 2006
through August 14, 2010 and shall be determined in accordance with Section 6.A,
provided that if such Employee was a participant in the CBS Cash Balance Plan
Document component of the CBS Combined Pension Plan (the “Cash Balance Plan”)
at any time during the period between January 1, 2006 and August 14,
2010, the amount determined under Section 6.A.(i), prior to the
application of any reductions due to the Employee’s Benefit Commencement Date
preceding his or her Normal Retirement Date, shall be offset (but not less than
zero) by the amount of such Employee’s benefit accrued under the Cash Balance
Plan for such period, if the provisions of the Cash Balance Plan were
administered without regard to the limitations required by Code Sections
401(a)(17) and 415.  For purposes of
clarity, the Cash Balance Plan benefit offset shall be expressed as a single
life annuity payable at age 65, determined under Section 6.A.3 of the Cash
Balance Plan in effect on August 14, 2010, utilizing a five-percent (5%) “Interest
Rate” (as such term is defined in the Cash Balance Plan) and the Cash Balance
Plan’s actuarial equivalence assumptions associated with an annuity starting
date of August 1, 2010.

 

D.           For purposes of
clarity, a Participant’s Section 409A Grandfathered Benefit shall be paid
to the Participant at the same time and in the same form as the Participant’s
benefit under the Qualified Plan is paid. The Participant’s Post-2004 Plan
Benefit will be calculated as follows:

 

(i)            If the Participant’s
Post-2004 Plan Benefit is payable at the same time as the benefits described in
the first sentence of this Section 6.D, the Participant’s total Plan
Benefit shall be determined as provided in Sections 6.A, 6.B and 6.C above. The
Participant’s Post-2004 Plan Benefit shall be equal to the Participant’s total
Plan Benefit, less the Participant’s Section 409A Grandfathered Benefit
(but not less than zero).

 

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(ii)           If the Participant’s
Post-2004 Plan Benefit is not paid at the same time as the benefits described
in the first sentence of this Section 6.D, the amount payable to the
Participant as his Post-2004 Plan Benefit pursuant to this Part B of the
Plan shall be equal to the Participant’s total Plan Benefit determined as
provided in Sections 6.A, 6.B and 6.C above, less the Participant’s Section 409A
Grandfathered Benefit (but not less than zero), subject to the following
additional criteria. Both the Participant’s total Plan Benefit and Section 409A
Grandfathered Benefit shall be determined as of the Benefit Commencement Date
of the Participant’s Post-2004 Plan Benefit, regardless of the actual
commencement date of the Participant’s said benefits.

 

Section 7.  Payment of Plan Benefit.

 

A.           Time of Payment.

 

(i)            General.  Subject to Subsections B, E and F of this Section 7,
and except as provided in a Participant’s Transition Election, the Post-2004
Plan Benefit payable to a Participant shall commence as of the Participant’s
Benefit Commencement Date, provided that the first payment may be made up to 90
days after the later of (a) the Participant’s 55th birthday, and (b) the Participant’s
Separation from Service. If the first payment is made after the Participant’s
Benefit Commencement Date, such first payment shall include any monthly
payments that were due prior to such first payment. Except as provided in
Subsection B or a Participant’s Transition Election, a Participant shall not
have the right to designate the tax year in which such Post-2004 Plan Benefits
are payable.

 

(ii)           Special Rule for
Separations Prior to January 1, 2009. 
Subject to Subsections B, E and F of this Section 7, and except as
provided in a Participant’s Transition Election, if a Participant who
experienced a Separation from Service prior to January 1, 2009, has not
reached age 55 prior to January 1, 2009 and has not commenced the payment
of his Plan Benefit prior to January 1, 2009, the Benefit Commencement
Date of his Post-2004 Plan Benefit shall be his 55th birthday and the first payment shall be made
within 90 days of his Benefit Commencement Date. Subject to Subsections B, E
and F of this Section 7, and except as provided in a Participant’s
Transition Election, if a Participant who experienced a Separation from Service
prior to January 1, 2009, has not commenced the payment of his Plan
Benefit prior to January 1, 2009, but has reached age 55 prior to January 1,
2009, the Benefit Commencement Date of the Post-2004 Plan Benefit payable to
such Participant shall be July 1, 2010 and the  first payment shall 

 

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be made within 90 days of
his Benefit Commencement Date. If the first payment under this Section 6.A(ii) is
made after the Participant’s Benefit Commencement Date, such first payment
shall include any monthly payments that were due prior to such first payment.

 

B.           Subsequent Payment
Election.  A Participant may elect,
on a written form (a “Subsequent Payment Election”) acceptable to the
Committee, to change the time that Post-2004 Plan Benefit payments are to
commence pursuant to Subsection A of this Section 6, provided that any
such election shall comply with the requirements of Treasury Regulations Section 1.409A-2(b).
Any Subsequent Payment Election that satisfies the preceding requirements shall
be irrevocable when made but may be superseded by one (but not more than one)
Subsequent Payment Election that satisfies the requirements set forth above.

 

C.           Form of Payment.  The normal form of Post-2004 Plan Benefit
payable to a Participant on his Benefit Commencement Date will be a Life
Annuity (as described below). In lieu of receiving the Post-2004 Plan Benefit
in the normal form, at any time prior to his Benefit Commencement Date, a
Participant may elect, on a written form acceptable to the Committee, to
receive his or her Post-2004 Plan Benefit in any one of the following forms
(the “Optional Forms”), each of which are Actuarially Equivalent to the Life
Annuity:

 

(i)            Life Annuity -
a monthly benefit is paid to the Participant during his or her lifetime with no
payment made after the Participant’s death.

 

(ii)           Joint and 50%
Survivor Annuity Option - a reduced monthly benefit is paid to the
Participant during his or her lifetime. Following the Participant’s death, a
joint annuitant selected by the Participant will receive monthly benefits equal
to 50% of the monthly benefit that was payable to the Participant for the
remainder of the joint annuitant’s lifetime.

 

(iii)          Joint and 66-2/3%
Survivor Annuity Option - a reduced monthly benefit is paid to the
Participant during his or her lifetime. Following the Participant’s death, a
joint annuitant selected by the Participant will receive monthly benefits equal
to 66-2/3% of the monthly benefit that was payable to the Participant for the
remainder of the joint annuitant’s lifetime.

 

(iv)         Joint and 75% Survivor
Annuity Option - a reduced monthly benefit is paid to the Participant
during his or her lifetime. Following the Participant’s death, a joint
annuitant selected by the Participant will receive monthly benefits equal to
75% of the 

 

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monthly benefit that was
payable to the Participant for the remainder of the joint annuitant’s lifetime.

 

(v)          Joint and 100%
Survivor Annuity Option - a reduced monthly benefit is paid to the
Participant during his or her lifetime. Following the Participant’s death, a
joint annuitant selected by the Participant will receive monthly benefits equal
to 100% of the monthly benefit that was payable to the Participant for the
remainder of the joint annuitant’s lifetime.

 

(vi)         5-Year Certain Annuity
Option - a reduced monthly benefit is paid to the Participant during his or
her lifetime. If the Participant dies within the first 5 years of payment, the
reduced benefit will continue to the Participant’s Beneficiary for the
remainder of the 5-year term.

 

(vii)        10-Year Certain Annuity
Option - a reduced monthly benefit is paid to the Participant during his or
her lifetime. If the Participant dies within the first 10 years of payment, the
reduced benefit will continue to the Participant’s Beneficiary for the
remainder of the 10-year term.

 

(viii)       15-Year Certain Annuity
Option - a reduced monthly benefit is paid to the Participant during his or
her lifetime. If the Participant dies within the first 15 years of payment, the
reduced benefit will continue to the Participant’s Beneficiary for the
remainder of the 15-year term.

 

(ix)         20-Year Certain
Annuity Option - a reduced monthly benefit is paid to the Participant
during his or her lifetime. If the Participant dies within the first 20 years
of payment, the reduced benefit will continue to the Participant’s Beneficiary
for the remainder of the 20-year term.

 

If a Participant elects
an Optional Form that provides for payments to a joint annuitant or
Beneficiary, such joint annuitant or Beneficiary shall be designated at the
time the Participant elects such Optional Form.

 

D.           Small Payment
Cash-Out.  Notwithstanding any
provision of the Plan to the contrary but subject to Section 7.E, if on a
Participant’s Benefit Commencement Date, the Actuarially Equivalent lump sum
present value of the Participant’s Post-2004 Plan Benefit and the Participant’s
post-2004 benefits under any other plans with respect to which deferrals of
compensation are treated as having been Deferred under a single nonqualified
deferred compensation plan with the Plan under Treasury Regulation Section 1.409A-l(c)(2) (the
“Aggregate Benefit”) is less than $10,000, the Participant’s entire Aggregate
Benefit will be 

 

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paid in such lump sum on
the date the Participant’s Post-2004 Plan Benefit was otherwise scheduled to
commence.

 

E.            Delayed Payments
for Specified Employees. 
Notwithstanding any provision of this Plan to the contrary, if a
Participant is a “specified employee,” determined pursuant to procedures
adopted by the Company in compliance with Code Section 409A, on the date
the Participant incurs a Separation from Service and if any portion of the
payments or benefits to be received by the Participant upon Separation from
Service would constitute a “deferral of compensation” subject to Code Section 409A,
then to the extent necessary to comply with Code Section 409A, amounts
that would otherwise be payable pursuant to this Plan during the six-month
period immediately following the Participant’s Separation from Service will
instead be paid on the earlier of (i) the first business day of the
seventh calendar month after the date of the Participant’s Separation from
Service, or (ii) the Participant’s death. Any benefit payments delayed
because of the preceding sentence shall be paid in a lump sum on the date
described in the preceding sentence. Any benefit payments that are scheduled to
be paid more than six months after such Participant’s Separation from Service
shall not be delayed and shall be paid in accordance with the schedule
prescribed by Subsections A and B of this Section 7.

 

F.            Payments Upon Death.

 

(i)            Prior to Benefit
Commencement Date.  In the event that
a Participant dies prior to his Benefit Commencement Date, and is married or
has a Same Sex Domestic Partner, a benefit (the “Pre-Retirement Death Benefit”)
will be payable to his spouse or Same Sex Domestic Partner pursuant to the
following provisions of this clause (i).

 

(A)         Amount of Benefit.  The Pre-Retirement Death Benefit payable to
the Participant’s spouse or Same Sex Domestic Partner will be 50% of the
benefit that would have been payable to the Participant under the Plan had the
Participant retired on the day before his date of death and chosen a Joint and
50% Survivor Annuity Option with his spouse or Same Sex Domestic Partner as his
joint annuitant. The Pre-Retirement Death Benefit for a Participant who dies
prior to age 55 and who shall have five or more Years of Service on the date of
his death, will be equal to the benefit payable at his Normal Retirement Date,
modified as follows:

 

(1)          reduced at the rate of
6% per year (0.5% for each full month) for each year in the period between the
date he would have attained age 60 and his Normal 

 

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Retirement Date, if he
had lived to such points in time;

 

(2)          reduced at the rate of
4% per year (0.333% for each full month) for each year in the period between
the date he would have attained age 55 and the date he would have attained age
60, if he had lived to such points in time; and

 

(3)          reduced on the basis of
Actuarially Equivalent factors for each year in the period between the date of
his death and the date he would have attained age 55, if he had lived to such
point in time.

 

(B)         Time and Form of
Payment.  The Pre-Retirement Death
Benefit shall be paid to the Participant’s spouse or Same Sex Domestic Partner
in an Actuarially Equivalent single lump sum payment within 90 days after the
date of the Participant’s death.

 

(ii)           On or After Benefit
Commencement Date.  In the event a
Participant dies on or after his Benefit Commencement Date, Post-2004 Plan
Benefits shall continue to a joint annuitant or Beneficiary only if provided
pursuant to the Optional Form under which the Participant was receiving
benefit payments in accordance with this Section 7.

 

Section 8.  Employees’ Rights.

 

An Employee’s rights
under this Plan, including his rights to vested benefits, shall be the same as
his rights under the Qualified Plan, except that he shall not be entitled to
any payments from the Pension Trust maintained under said Plan or from any
other funding vehicle on the basis of any benefits to which he may be entitled
under this Plan. Benefits under this Plan shall be payable from the general
assets of the Company.

 

Section 9.  Amendment and Discontinuance.

 

The Company expects to
continue this Plan indefinitely. However, the Board of Directors shall have the
right to amend, suspend or terminate the Plan at any time, if, in its sole
judgment, such a change is deemed necessary or desirable. The Committee shall
have the right to amend the Plan at any time, unless provided otherwise in the
Company’s governing documents. Notwithstanding anything in the Plan to the
contrary, in the event of a termination of the Plan, the Committee, in its sole
and absolute discretion, shall have the right to change the time and form of
distribution of Participants’ Post-2004 Plan Benefits, including requiring that
the Actuarial Equivalent of Post-2004 Plan Benefits be immediately distributed
in the form of a lump sum payment; provided, however, that no 

 

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such change in the time or form of payment shall cause
the Plan to fail to comply with Section 7.E above with respect to
specified employees, or to fail to comply with the requirements of Code Section 409A.

 

However, if the Board of
Directors or the Committee should amend the Plan, or if the Board of Directors
should suspend or terminate the Plan, the Company shall be liable for any
benefits accrued under this Plan as of the date of such action, to the extent
they would not be payable under the Qualified Plan as of the date the Participant’s
Plan Benefit commences.

 

Section 10.  Code Section 409A.

 

To the extent applicable,
it is intended that Part B of this Plan comply with the provisions of Code
Section 409A. References to Code Section 409A shall include any
proposed, temporary or final regulation, or any other guidance, promulgated
with respect to such Section by the U.S. Department of the Treasury or the
Internal Revenue Service. This Plan shall be administered and interpreted in a
manner consistent with this intent. If any provision of this Plan is
susceptible of two interpretations, one of which results in the compliance of
the Plan with Code Section 409A and the applicable Treasury Regulations,
and one of which does not, then the provision shall be given the interpretation
that results in compliance with Code Section 409A and the applicable
Treasury Regulations. Notwithstanding the foregoing or any other provision of
this Plan to the contrary, neither the Company nor any of its subsidiaries or
affiliates shall be deemed to guarantee any particular tax result for any
Participant, spouse, Same Sex Domestic Partner, or beneficiary with respect to
any payments provided hereunder.

 

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