Document:

Exhibit

Exhibit 10.23

SOTHEBY’S
STOCK COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS
(As Amended And Restated Effective May 7, 2015)
1.Adoption; Term.    On February 26, 2015, the Board of Directors (the “Board”) of Sotheby’s, a Delaware corporation (the “Company”) approved this amendment and restatement of the Sotheby’s Stock Compensation Plan for Non-Employee Directors (formerly known as the Sotheby’s 1998 Stock Compensation Plan for Non-Employee Directors) ( as last amended on May 6, 2010, the “Plan”) and recommended that the stockholders of the Company approve the Plan at the Company’s 2015 Annual Meeting of Stockholders. Assuming that stockholder approval occurs, the effective date of the Plan will be May 7, 2015. Unless terminated earlier as provided below, the Plan will expire ten (10) years after the effective date.
2.Purpose of the Plan.    The purpose of the Plan is to promote the long term growth and success of the Company by attracting, motivating and retaining non-employee directors (“Eligible Directors”) of outstanding ability and to promote a greater identity of interest between the Company’s Eligible Directors and its stockholders. The Plan covers stock compensation only and does not include other amounts receivable by Eligible Directors, such as annual cash compensation, committee-related fees, and reimbursement of expenses.
3.Administration.    The Plan requires no discretionary action by any administrative body with regard to any transaction under the Plan. However, if administrative issues arise, the Board will resolve them. In its sole discretion, the Board may delegate to the Chief Financial Officer or other officer of the Company any or all authority and responsibility to act pursuant to the Plan. The determination of the Board on all matters within its authority relating to the Plan will be conclusive. The Board will not be liable for any action or determination made in good faith with respect to the Plan. The Company will indemnify, defend, and hold harmless the Board, the Chief Financial Officer and any other individual or entity to whom the Board has delegated its authority pursuant to this Section from all losses and expenses (including reasonable attorneys’ fees and related expenses) arising from the assertion or judicial determination of such liability.
4.Shares Subject to the Plan.    The shares to be issued under this Plan are shares of the Company’s authorized but unissued Common Stock, par value $0.01 per share (the “Common Stock”). Subject to adjustment for share subdivision, consolidation, or other capital readjustment, the aggregate number of shares reserved and available for issuance under the Plan is Six Hundred Thousand (600,000) shares of Common Stock, an increase of Two Hundred Thousand (200,000) shares from the amount previously authorized and reserved by stockholders.
5.Stock Compensation.    Each Eligible Director will receive a total stock retainer for each Plan year of service having a dollar value as determined from time to time by the Board that is payable in shares of the Common Stock (“Director Stock”). The Board is also permitted to set different stock retainers for eligible directors to address specific circumstances of service. A Plan year commences on the date of each Annual Meeting of Stockholders of the Company and ends on the date immediately preceding the next Annual Meeting of Stockholders. During each Plan year, the Company will pay the Director Stock in equal quarterly installments for Director Stock earned for that Plan year. Each quarterly installment constitutes payment in advance for that quarter’s Board service. If an Eligible Director serves for less than a full Plan year, the Company will pay that Eligible Director a pro-rated number of shares of Director Stock based on the number of days served. To determine the number of shares of Director Stock payable quarterly to an Eligible Director, the Company will divide (i) the quarterly sum (1/4) of the annual stock retainer (expressed as a dollar value) then in effect; by (ii) the Fair Market Value of the Common Stock on the business day immediately prior to the quarterly issuance date of the Director Stock. “Fair Market Value” means, with respect to a particular date, the closing price of Common Stock on the New York Stock Exchange. In lieu of any fractional shares, the Company will pay cash to the Eligible Directors.
6.Deferral of Director Stock.    An Eligible Director may elect to defer the receipt of all or a portion of the Director Stock to which he or she is entitled by making an election as provided in this Section.
a.An Eligible Director may elect to defer (the “Deferral Election”) part or all of the shares of Director Stock to which he or she is entitled for a Plan year by submitting a deferral election form (the “Deferral Election Form”) to the Chief Financial Officer. The Deferral Election Form must indicate the percentage of shares of Director Stock to be deferred. The Eligible Director must submit the Deferral Election Form before the calendar year in which the applicable Plan year begins. For newly elected Eligible 

Exhibit 10.23

Directors, the deadline for submitting a first Deferral Election is within thirty (30) days of election to the Board and such Deferral Election shall not apply to any shares of Director Stock attributable to services performed before such Deferral Election is submitted.
b.Subject to the last sentence of paragraph (a) above with respect to newly elected Eligible Directors, any Deferral Election will take effect only with respect to Director Stock that is earned during the Plan year that begins in the calendar year after the Deferral Election Form is received by the Chief Financial Officer, and may not be revoked or changed once such calendar year has begun. An Eligible Director’s Deferral Election must also comply with any procedures that the Company may establish. A Deferral Election will continue to apply for future Plan years until superseded by a new timely and properly submitted Deferral Election for any future Plan year.
c.If an Eligible Director does not make a Deferral Election with respect to any Director Stock, that Eligible Director will be issued such Director Stock as promptly as practicable.
7.Stock Unit Account.    With respect to an Eligible Director who defers the receipt of any Director Stock, the Company will create and credit to an account (the “Deferred Stock Unit Account”) that number of units (the “Deferred Stock Units”) equal to the number of shares of Director Stock being deferred. The Company will credit such Deferred Stock Units to an Eligible Director’s Deferred Stock Unit Account as of the date on which that Eligible Director would otherwise have been entitled to payment of shares of Director Stock in accordance with Section 5.
8.No Voting Rights.    Deferred Stock Unit holders do not have voting rights with respect Deferred Stock Units.
9.Dividends.    If an Eligible Director’s Deferred Stock Unit Account contains Deferred Stock Units on a dividend record date for the Common Stock, that Eligible Director will be credited with dividend equivalents on those Deferred Stock Units as follows.: the Company will credit the Deferred Stock Unit Account on the dividend payment date related to the dividend record date with an additional number of Deferred Stock Units equal to (i) the cash dividend paid on one share of Common Stock, multiplied by (ii) the number of Deferred Stock Units in the Deferred Stock Unit Account on the dividend record date, divided by (iii) the Fair Market Value of a share of Common Stock on the dividend payment date.
10.Distributions.    The Company will distribute all Deferred Stock Units credited to an Eligible Director’s Deferred Stock Unit Account on the first day of the calendar month following the date of the Eligible Director’s termination of service on the Board for any reason. All distributions from the Deferred Stock Unit Account will be made in a lump sum payment in the form of a certificate for the number of whole shares of Common Stock equal to the number of whole Deferred Stock Units to be distributed and cash in lieu of any fractional share (determined by using the Fair Market Value of a share of Common Stock on the date on which such distributions are distributed, but if such date is not a business day, then on the next preceding business day).
11.Designation of Beneficiary.    On the Deferral Election Form, an Eligible Director may designate one or more beneficiaries to receive a distribution of the Eligible Director’s Deferred Stock Unit Account under the Plan upon the Eligible Director’s death. An Eligible Director may change his or her beneficiary designation at any time by submitting an updated Deferral Election Form to the Company. If there is no designated beneficiary or no designated beneficiary surviving at the Eligible Director’s death, the Eligible Director’s Deferred Stock Unit Account will be paid to the Eligible Director’s estate.
12.Compliance with Rule 16b-3 of the Securities Exchange Act.    The Company intends for transactions under this Plan to comply with all applicable conditions of Rule 16b-3 under the Securities Exchange Act of 1934, as amended. To the extent any provision of the Plan or action by the Board fails to comply with Rule 16b-3, it will be deemed null and void to the extent permitted by law and deemed advisable by the Board.
13.Account Statements.    The Company will provide each Eligible Director with a copy of the Plan and any amendments. Not less frequently than annually, each Eligible Director who makes a Deferral Election will receive a statement reflecting the amounts credited to the Eligible Director’s Deferred Stock Unit Account.
14.No Assignment or Alienation.    The right of an Eligible Director, beneficiary or any other person to the payment of Director Stock or of amounts credited to a Deferred Stock Unit Account may not be assigned, transferred, pledged or encumbered except by will or by the laws of descent and distribution.
15.Amendment and Termination of the Plan.    The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever.

Exhibit 10.23

16.Section 409A.    The Plan is intended to comply with the applicable requirements of Internal Revenue Code Section 409A (together with its corresponding Treasury Regulations and related guidance, “Section 409A”) and will be interpreted accordingly. Notwithstanding anything in the Plan to the contrary, Eligible Directors may only defer shares of Director Stock under the Plan, and the Company may only make distributions under the Plan, including the settlement of Deferred Stock Units for shares of Common Stock, as permitted by Section 409A, and any such distribution that is to be made as a result of the Eligible Director’s termination of service on the Board will only be made if such termination of service constitutes a “separation from service” (as defined in Section 409A). If the Company cannot make any Plan payment at the time specified without incurring penalties under Section 409A, then the Company will make such payment at the earliest time when such penalties will not be imposed. If any provision of the Plan would cause a conflict with or fail to satisfy Section 409A’s requirements, such provision will be deemed null and void to the extent permitted by applicable law.
17.Delivery of Elections and Notices.    Any notice or election required under this Plan must be given in writing and delivered by hand, by first class mail, by Federal Express or similar expedited overnight commercial carrier, or by telecopier and will be deemed delivered on the date of receipt or rejection of delivery by the recipient or, in the case of a telecopy, on the date of confirmed delivery. Elections and notices to the Company must be delivered to the following address: Sotheby’s, 1334 York Avenue New York, New York 10021, Attention: Chief Financial Officer. The Company will deliver notices to or with respect to an Eligible Director at the address of the Eligible Director, or the address(es) of the executors, personal representatives or distributees of a deceased Eligible Director, as applicable, listed in the Company’s records.
18.Execution.    To record the adoption of the Plan by the Board and the stockholders, the Company has caused the execution of the Plan on the 7th day of May, 2015.
SOTHEBY’S

By:  /s/ Patrick S. McClymont     
      Patrick S. McClymont
      Executive Vice President and 
      Chief Financial OfficerExhibit

Exhibit 10.33

SOTHEBY’S

DEFERRED COMPENSATION PLAN
(2017 Amendment and Restatement)

Exhibit 10.33

SOTHEBY’S
DEFERRED COMPENSATION PLAN

Sotheby’s, Inc. adopted this Sotheby’s Deferred Compensation Plan (the “Plan”), effective as of January 1, 2007, as an amendment and restatement and merger of its previously established nonqualified deferred compensation arrangements, and adopted this further amendment and restatement on November --1, 2017, by resolution of the Compensation Committee of the Board of Directors of Sotheby’s, with the effective dates of changes as noted herein (except for mere clarifications, which are effective as of January 1, 2007).  Specifically, the Company (as defined below) previously established the Sotheby’s, Inc. 1988 Benefit Equalization Plan (the “1988 Plan”) and the Sotheby’s, Inc. 2005 Benefit Equalization Plan (the “2005 Plan,” and collectively with the 1988 Plan, the “Prior Plans”) to provide deferred compensation in excess of limits imposed under the Sotheby’s, Inc. Retirement Savings Plan (the “Qualified Plan”) to a select group of management and highly compensated employees.  Any liabilities associated with the Prior Plans were assumed by this Plan as of January 1, 2007.
Notwithstanding anything herein to the contrary, all amounts credited to participants hereunder that were not earned and vested as of December 31, 2004 shall be subject to the terms and conditions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).  Further, nothing in this Plan shall, or is intended to, constitute a “material modification” of the terms of the 1988 Plan so as to subject amounts that were earned and vested as of December 31, 2004 to the provisions of Section 409A of the Code.  

    

Exhibit 10.33

		
	1.
	Definitions

(a)“1988 Plan” shall mean the Sotheby’s, Inc. 1988 Benefit Equalization Plan.
(b)“2005 Plan” shall mean the Sotheby’s, Inc. 2005 Benefit Equalization Plan.
(c)“Account” shall mean the account of Employee Deferrals and Company Deferrals and related hypothetical earnings (positive or negative), credited with respect to each Eligible Employee and established solely as a bookkeeping entry.  Within the Account, two sub-accounts shall be maintained:  (i) a “Pre-2005 Account,” which shall consist of all amounts earned and vested as of December 31, 2004 (and all hypothetical earnings thereon), and (ii) a “Post-2004 Account,” which shall consist of all amounts that were not earned and vested as of December 31, 2004 (and all hypothetical earnings thereon).  
(d)“Base Salary” shall mean an employee’s annual base salary rate during the Deferral Period.
(e)“Beneficiary” shall be the individual designated to receive the Eligible Employee’s benefit upon Eligible Employee’s death prior to receiving his or her Account balance, as determined under Section 10.  
(f)“Board” shall mean the Board of Directors of Sotheby’s or any committee or committee members of the Board to which the Board has delegated authority with respect to the Plan.
(g)“Cause” shall mean the Eligible Employee has (i) willfully engaged in conduct which is materially injurious to the Company, monetarily or otherwise; (ii) misappropriated (including the unauthorized use of disclosure of confidential or proprietary information of the Company) or embezzled with respect to the Company; (iii) was convicted of, pleaded guilty to, or confessed to, any fraud, conversion, misappropriation, embezzlement, or felony affecting the Company; (iv) violated the non-compete terms of a notice and/or non-competition agreement entered into with the Company; or (v) engaged in any other action that would constitute “cause” or any similar term as defined under any applicable employment agreement entered into with the Company.
(h) “Code” shall mean the Internal Revenue Code of 1986, as amended.
(i)“Committee” shall mean the Sotheby’s, Inc. Retirement Savings Administrative Committee.
(j)“Company” shall mean Sotheby’s, Inc. and each United States parent, subsidiary or related entity that participates in the Qualified Plan.
(k)“Company Deferrals” shall mean the amount of Matching Allocations and Profit Sharing Allocations allocated to an Eligible Employee’s Account and the hypothetical earnings (positive or negative) attributable thereto.
(l) “Deferral Period” shall mean each calendar year.
(m)“Director” shall mean a non-employee director serving on the Sotheby’s Board of Directors.
(n)“Director Compensation” shall mean the annual cash retainer or fees paid to a Director.
(o)“Disability” or “Disabled” shall mean the Eligible Employee is, by reason of a medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under the Company’s disability benefits plans.
(p)“Eligible Employee” shall mean, for any calendar year:
(i)    employees of the Company with titles of Senior Vice President or higher;
(ii)    Directors; and

Exhibit 10.33

(iii)    any other employee of the Company that is specifically selected by the Committee for participation and notified in writing of such selection.
An Eligible Employee shall not be permitted to participate in the Plan unless and until the Eligible Employee completes (i) any waiting period applicable under Section 2(c)(iii), and (ii) all forms or documentation (including insurance consent forms, if required by the Committee) required to be completed by the Committee even where the Eligible Employee chooses not to make Employee Deferrals.
Notwithstanding the foregoing, an Eligible Employee shall not include any individual (i) designated by the Company as an independent contractor (other than a Director) and not as an employee at the time of any determination, (ii) being paid by or through an employee leasing company or other third party agency, (iii) designated by the Company as a freelance worker and not as an employee at the time of any determination, (iv) classified by the Company as a seasonal, occasional, limited duration, or temporary employee, during the period the individual is so paid or designated, or (v) designated by the Company as a leased employee, during the period the individual is so paid or designated; any such individual shall not be an Eligible Employee even if the individual is later retroactively reclassified as a common-law employee of the Company during all or any part of such period pursuant to applicable law or otherwise.
(q)“Employee Deferrals” shall mean the amounts an Eligible Employee elects to defer each Deferral Period pursuant to Section 2 of this Plan and the hypothetical earnings (positive or negative) attributable thereto that are allocated to the Eligible Employee’s Account. 
(r)“Incentive Compensation” shall mean cash compensation payable to an Eligible Employee from the Sotheby’s Annual Bonus Plan with respect to services during the Deferral Period.
(s)“Matching Allocations” shall mean the credits described in Section 3(a) that are allocated to an Eligible Employee’s Account contingent on his or her Employee Deferrals for a given Deferral Period.
(t)“Plan” shall mean this Sotheby’s Deferred Compensation Plan as described herein.
(u)“Pre-Tax Contributions” shall mean contributions that are deducted from an Eligible Employee’s compensation and contributed to the Qualified Plan before the imposition of Federal income taxes.
(v)“Prior Plans” shall mean the 1988 Plan and 2005 Plan, collectively.
(w)“Profit Sharing Allocations” shall mean the discretionary credits described in Section 3(b) that are allocated to an Eligible Employee’s Account and are not contingent on the Eligible Employee’s deferral of compensation for a given Deferral Period.
(x)“Qualified Plan” shall mean the Sotheby’s, Inc. Retirement Savings Plan, as amended from time to time.
(y)“Scheduled Distribution Date” shall mean the first day of any month prior to the Eligible Employee’s Separation from Service that is at least two years following the end of the Deferral Period in which Base Salary, Director Compensation, or Incentive Compensation would otherwise have been paid to the Eligible Employee. 
(z)“Separation from Service” means an Eligible Employee’s separation from service with the Company (and any affiliate of the Company that is included within the definition of “service recipient” under Treasury Regulation § 1.409A-1(h)(3)) within the meaning of section 409A of the Code and the regulations issued thereunder.

Exhibit 10.33

2.Employee Deferrals - Time of Election and Amount of Deferral
(a)    Base Salary/Director Compensation.  Prior to each Deferral Period, each Eligible Employee for that Deferral Period may elect, irrevocably in writing (subject to Sections 2(f) (relating to Qualified Plan hardship distributions) and 7(e) (relating to hardship withdrawals from this Plan)), on forms prescribed by the Committee, to defer (in whole integer percentages) receipt of the Base Salary or Director Compensation the Eligible Employee would otherwise have received during the Deferral Period.  An election under this Section 2(a) becomes irrevocable as of the end of the day on the December 31st preceding the Deferral Period.  

Subject to Section 2(d) (relating to coordination with Qualified Plan deferrals), such deferral shall be limited to no more than 50% of Base Salary (80% of Base Salary for Deferral Periods before 2018) or 100% of Director Compensation.  Subject to Sections 2(f) and 7(e), all deferral elections hereunder shall remain in effect for subsequent Deferral Periods, except (i) as affirmatively changed by an Eligible Employee during the Company’s annual open enrollment period, and (ii) as applicable for 2018 and later Deferral Periods, during which a 2017 election to defer more than 50% of Base Pay shall be carried forward to 2018 and later years as an election to defer 50% of Base Pay.  

(b)    Incentive Compensation.  During a specified period ending on or before June 30th of each Deferral Period, each Eligible Employee for that Deferral Period may elect, irrevocably in writing (subject to Sections 2(f) and 7(e), on forms prescribed by the Committee, to defer (in whole integer percentages) receipt of Incentive Compensation the Eligible Employee would otherwise have received during the following calendar year that was attributable to service during the Deferral Period.  The foregoing sentence shall apply to each Eligible Employee who has performed services continuously from the later of the beginning of the performance period for the Incentive Compensation or the date the performance criteria applicable to such Incentive Compensation are established through the date the election is made pursuant to this Section 2(b).  An election under this Section 2(b) becomes irrevocable at the end of the period described above for making this election.

Subject to Section 2(d), such deferral shall be limited to no more than 50% of Incentive Compensation (100% of Incentive Compensation for elections that became irrevocable before 2018). Subject to Sections 2(f) and 7(e), all deferral elections hereunder shall remain in effect for subsequent Deferral Periods except (i) as affirmatively changed by an Eligible Employee during the Company’s annual Incentive Compensation enrollment period, and (ii) as applicable for 2018 and later Incentive Compensation enrollment periods, during which a 2017 election to defer more than 50% of Incentive Compensation shall be carried forward to 2018 and later years as an election to defer 50% of Incentive Compensation.

(c)    Newly-Eligible Employees.  

(i)    Base Salary/Director Compensation.   Notwithstanding Section 2(a), any individual who first becomes an Eligible Employee after a Deferral Period has commenced shall be permitted to make the election referenced in Section 2(a) during the thirty-day period commencing when the individual first becomes an Eligible Employee, provided that only compensation earned with respect to services performed following such election may be deferred by the Eligible Employee.  
    
(ii)    Incentive Compensation.  Notwithstanding Section 2(b), any individual who first becomes an Eligible Employee after a Deferral Period has commenced and is not otherwise 

Exhibit 10.33

entitled to make the election referenced in Section 2(b) shall be permitted to make the election referenced in Section 2(b), during the thirty-day period commencing when the individual first becomes an Eligible Employee, with respect to Incentive Compensation the individual would otherwise have received during the following calendar year that is attributable to services performed during the Deferral Period after the election.  For this purpose, the Incentive Compensation earned following such election shall equal no more than the total amount of the Incentive Compensation for the performance period related to the Incentive Compensation multiplied by the ratio of the number of days remaining in the performance period after the election over the total number of days in the performance period applicable to the Eligible Employee.  

(iii)    General Rules for Newly Eligible Employees.  Unless otherwise determined by the Committee, a newly-hired Eligible Employee described under Section 1(p)(i) shall become eligible to participate in the Plan upon becoming eligible to make elective deferrals under the Qualified Plan, and a newly-retained Eligible Employee described under Section 1(p)(ii) shall become eligible to participate in the Plan upon becoming a Director.  In addition, solely to determine the availability of an election under this Section 2(c), an individual shall be deemed to first become an Eligible Employee not later than when the individual first becomes eligible under any other Company nonqualified deferred compensation plan of the same type, determined in accordance with the rules for types of nonqualified deferred compensation plans under Section 409A of the Code.  An election under this Section 2(c) becomes irrevocable as of the end of the last day, as specified above in this Section 2(c), for making the election.  Subject to Sections 2(f) and 7(e), all deferral elections under this Section 2(c) shall remain in effect for subsequent Deferral Periods, except (i) as affirmatively changed by an Eligible Employee during the applicable enrollment period for a subsequent Deferral Period, and (ii) as applicable for 2018 and later enrollment periods, during which a 2017 election under this Section 2(c) to defer more than 50% of Base Pay or Incentive Compensation shall be carried forward to 2018 and later years as an election to defer 50% of Base Pay or Incentive Compensation, as applicable.
    
(d)    Reduction for Deferrals and Contributions to Qualified Plan.  Any Employee Deferrals made pursuant to Sections 2(a), (b) or (c) for any pay period shall be reduced by the amount of elective deferrals (and other employee Pre-Tax Contributions, including catch-up contributions) and Roth contributions contributed by the Eligible Employee for such pay period to the Qualified Plan.  Effective January 1, 2018, any Employee Deferrals made by an Eligible Employee pursuant to Sections 2(a), (b) or (c) for any pay period shall be reduced solely by an assumed amount of Pre-Tax Contributions to the Qualified Plan that are deemed to be made by the Eligible Employee for the pay period; this assumed amount of Pre-Tax Contributions shall equal 6% of the Eligible Employee’s Base Pay and Incentive Compensation, if any, for the pay period, to the extent not in excess of a specified variable limitation (and no other reductions of Employee Deferrals shall apply).  The specified variable limitation referenced in the prior sentence shall limit the Eligible Employee’s Base Pay and Incentive Compensation, which is considered in any pay period, so that this Base Pay and Incentive Compensation does not exceed: 

(i)    The quotient of - (A) the limit under Code Section 402(g) that is applicable for the year in which the pay period ends, divided by (B) 0.06; and with this quotient reduced (but not below zero) by 

Exhibit 10.33

(ii)    the Base Pay and Incentive Compensation taken into account for any prior pay period during this same year.

In computing the Employee Deferral reduction under this Section 2(d) that is applicable effective as of January 1, 2018, the reduction of any deferral of Incentive Compensation shall be calculated as if the Incentive Compensation were paid in a separate pay period.  In addition, if this Incentive Compensation is paid on the same day that Base Pay is paid, this separate pay period shall be deemed to occur after the pay period related to this Base Pay (and before the next pay period that is related to Base Pay).  

(e)    Withholding.  Solely to the extent permitted by Section 409A of the Code, the Company shall require the Eligible Employee to reduce the amount of the Eligible Employee’s desired deferral by the amount of payroll taxes, income taxes and Code Section 125 benefit plan contributions that are required to be withheld or paid on such deferral (and for which there would otherwise be insufficient funds). 

(f)    Termination of Employee Deferrals upon Hardship Distribution from the Qualified Plan.  

(i)    Base Salary/Director Compensation.  If an Eligible Employee receives a hardship distribution in accordance with Treas. Reg. § 1.401(k)-1(d)(3) from the Qualified Plan: (i) the Eligible Employee’s deferral elections pursuant to Section 2(a) shall be immediately terminated; (ii) if the Eligible Employee receives the hardship distribution on or before June 30 of a calendar year, the Eligible Employee will not be eligible to recommence making Employee Deferrals with respect to Base Salary and Director Compensation until the following calendar year; and (iii) if the Eligible Employee receives the hardship distribution on or after July 1 of a calendar year, the Eligible Employee will not be eligible to recommence making Employee Deferrals with respect to Base Salary and Director Compensation until the second calendar year following the calendar year in which such hardship distribution was received; provided, however, the Eligible Employee may elect pursuant to Section 2(a) during the applicable annual open enrollment period with respect to the calendar year for which the Eligible Employee will be eligible to recommence making Employee Deferrals to defer Base Salary or Director Compensation for such calendar year.  

(ii)    Incentive Compensation.  With respect to Incentive Compensation under Section 2(b): (i) if an Eligible Employee receives a hardship distribution in accordance with Treas. Reg. § 1.401(k)-1(d)(3) from the Qualified Plan on or before June 30 of a calendar year, the Eligible Employee’s deferral election under Section 2(b) shall not be given effect, and shall be deemed terminated, with respect to any Incentive Compensation the Eligible Employee would otherwise have received during the remainder of such calendar year; and (ii) if an Eligible Employee receives a hardship distribution in accordance with Treas. Reg. § 1.401(k)-1(d)(3) from the Qualified Plan on or after July 1 of a calendar year, the Eligible Employee’s deferral election under Section 2(b) shall not be given effect, and shall be terminated, with respect to any Incentive Compensation the Eligible Employee would otherwise have received during the remainder of such calendar year and during the following calendar year.  

(iii)    Affirmative Election Required to Restart Deferrals.  If the Eligible Employee’s deferral election with respect to Base Salary, Director Compensation or Incentive Compensation is terminated pursuant to this Section 2(f), the Eligible Employee must make a new deferral election pursuant to Section 2(a) or (b), as applicable, during the applicable annual 

Exhibit 10.33

open enrollment period in order to subsequently defer Incentive Compensation for future Deferral Periods.

		
	3.
	Company Deferrals

(a)    Matching Allocations.  An Eligible Employee (other than a Director) who elects to defer Base Salary, Director Compensation and/or Incentive Compensation pursuant to Section 2 shall be eligible to receive Matching Allocations from the Company pursuant to the formula and allocated at such times as set forth in the Qualified Plan for matching contributions; provided, however, that the limitations imposed on such contributions under the Qualified Plan pursuant to Sections 401(m), 401(a)(17), and 402(g) of the Code shall not apply.  The Matching Allocations credited to an Eligible Employee’s Account shall be reduced during each pay period by the amount of matching contributions credited to the Eligible Employee’s account under the Qualified Plan for such period.  
(i)    Effective January 1, 2018, the formula for matching contributions under the Qualified Plan shall be applied without regard to the portion of this formula that relates to true-up matching contributions, and the reduction in the prior sentence shall be based solely on assuming (A) that any Eligible Employee, who is eligible to make employee Pre-Tax Contributions to the Qualified Plan, is contributing as provided in the last four sentences of Section 2(d) (but applied as if the specified variable limitation were equal to the Code Section 401(a)(17) limit for the year in which the pay period ends), and (B) the matching contributions credited to the Eligible Employee’s account under the Qualified Plan are the matching contributions that would apply under the Qualified Plan for the pay period to such assumed employee Pre-Tax Contributions.  
(ii)    As a result, effective January 1, 2018, an Eligible Employee may receive Matching Allocations with respect to Base Pay and Incentive Compensation that exceeds the Code Section 401(a)(17) limit referenced above in Section 3(a)(i), but that does not exceed the specified variable limitation amount applicable under Section 2(d), as if no offset applied to the Eligible Employee’s elected deferrals on this Base Pay and Incentive Pay under Section 2(d). 
(b)    Profit Sharing Allocations.  Each Deferral Period, the Company may, in its sole and absolute discretion, make a Profit Sharing Allocation to an Eligible Employee’s Account, regardless of an Eligible Employee’s election to defer Base Salary and/or Incentive Compensation hereunder.  Such discretionary allocation shall only be made for Eligible Employees actively engaged by the Company as of December 31st of the Deferral Period for which the allocation is being made.  The amount and allocation formula may be based upon a percentage of compensation, overall Company performance, or such other factors as the Company deems appropriate, in its sole discretion.   The Profit Sharing Allocations credited to an Eligible Employee’s Account shall be reduced during each pay period by the amount of profit sharing contributions credited to the Eligible Employee’s account under the Qualified Plan for such period.
(c)    Discretionary Allocations.  The Company may, in its sole and absolute discretion, make additional allocations to any Eligible Employee’s Account at any time and for any reason.
		
	4.
	Election of Form and Timing of Payment

(a)    Initial Election.  At the time an Eligible Employee elects to defer Base Salary, Director Compensation and/or Incentive Compensation for a particular Deferral Period, the Eligible Employee shall also elect in writing, on forms prescribed by the Committee, the time 

Exhibit 10.33

(either a Scheduled Distribution Date or Separation from Service) and the form of payment (as permitted under Section 7) for the portion of the Eligible Employee’s Account attributable to the Employee Deferrals for such Deferral Period.  Such elections may be modified by the Eligible Employee only to the extent permitted by both Sections 7 and 4(b).  Payment elections are not available with respect to Company Deferrals.  

(b)    Subsequent Elections.  To the extent permitted under Section 7, an election with respect to Employee Deferrals as to the form and/or timing of a benefit may only be modified by the Eligible Employee in accordance with the following rules: (i) no such subsequent election shall be effective unless made at least twelve months before the date payments would otherwise have commenced, and (ii) all amounts with respect to which the subsequent election is effective shall be or begin to be paid no earlier than the fifth anniversary of the date such amounts were previously payable (or in the case of a series of annual installments, the fifth anniversary of the date the first such installment was previously payable).    

		
	5.
	Eligible Employee Accounts    

(a)    Credits to Accounts.  An Eligible Employee’s Account shall be credited with the amounts of the Eligible Employee’s deferred Base Salary, Director Compensation and/or Incentive Compensation within three business days after the compensation would otherwise have been paid to the Eligible Employee, or as soon as administratively practicable thereafter.  Matching Allocations shall be credited to Eligible Employees’ Accounts at the same time they would have been credited had they been provided under the Qualified Plan, or as soon as administratively practicable thereafter.  Profit Sharing Allocations shall be credited at the time or times specified by the Committee, in its sole discretion.
		
	(a)
	Notional Earnings on Accounts. 

(i)    In General.  An Eligible Employee’s Account shall be credited with notional earnings, positive or negative, in accordance with the “Earnings Crediting Options” elected by the Eligible Employee from time to time.  Eligible Employees may allocate the deemed investment of their Accounts among the Earnings Crediting Options available under the Plan only in whole percentages.  Eligible Employees will be entitled to designate separately Earnings Crediting Options for: (i) any amounts payable upon a Separation from Service, and (ii) the amounts deferred for a Deferral Period that are payable on or beginning on a Scheduled Distribution Date.  The deemed rate of return, positive or negative, credited under each Earnings Crediting Option is based upon the actual investment performance of the corresponding investment portfolios made available as Earnings Crediting Options by the Committee, and shall equal the total return of such investment fund net of asset based charges, including, without limitation, money management fees, fund expenses and mortality and expense risk insurance contract charges, if any.  The Committee reserves the right, on a prospective basis, to add or delete Earnings Crediting Options.
(ii)    Earnings Crediting Options.  The Earnings Crediting Options available under the Plan shall consist of hypothetical investment alternatives which correspond to certain investment portfolios of various investment funds made available by the Committee.  Notwithstanding that the rates of return credited to Eligible Employees’ Accounts under the Earnings Crediting Options are based upon the actual performance of the corresponding portfolios of the investment funds, the Company shall not be obligated to invest Employee Deferrals or Employer Contributions in such portfolios or in any other investment funds.  To the extent that an Eligible Employee has not selected an Earnings Crediting Option with respect to 

Exhibit 10.33

all or a portion of the Eligible Employee’s Account, the Company shall deem the Eligible Employee to have elected the Plan’s money market fund Earnings Crediting Option.
(iii)    Changes in Earnings Crediting Options.  An Eligible Employee may change the Earnings Crediting Options to which the Eligible Employee’s Account is deemed to be allocated in accordance with procedures established by the Committee.  
(iv)    Valuation of Accounts.  The value of an Eligible Employee’s Account as of any date shall equal the amounts theretofore credited to such Account, including any earnings (positive or negative) deemed to be earned on such Account in accordance with Section 5(b)(i) through the day preceding such date, less the amounts theretofore deducted from such Account.
(v)    Statement of Accounts.  The Committee shall provide to each Eligible Employee, not less frequently than quarterly, a statement in such form as the Committee deems desirable setting forth the balance standing to the credit of each Eligible Employee in his or her Account.
(vi)    Distributions from Accounts.  Each Eligible Employee’s Account shall be debited by the amount of any distribution pursuant to Sections 7, 8, or 9 of this Plan as of the date such distribution is made.  Any distribution made to or on behalf of an Eligible Employee from his or her Account in an amount which is less than the entire balance of such Account shall be made pro rata from each of the Earnings Crediting Options to which the portion of such Account related to the distribution is then allocated.  
		
	6.
	Vesting

Eligible Employees shall be fully vested in their Employee Deferrals at all times.  Eligible Employees shall vest in their Company Deferrals in accordance with the vesting schedule and rules set forth in the Qualified Plan, unless the Committee determines otherwise.  Notwithstanding the foregoing:
(a)    An Eligible Employee shall immediately vest upon the earlier occurrence of the Eligible Employee’s death or Disability. 
(b)    An Eligible Employee shall forfeit any Company Deferrals (including those that have otherwise vested) that are allocated to the Eligible Employee’s Account after December 31, 2006 in the event Cause exists, as determined by the Committee in its sole and absolute discretion. 
		
	7.
	Payment of Benefits - Employee Deferrals

(a)    Generally.  In accordance with the election procedures set forth in Section 4, Eligible Employees may elect with respect to Base Salary, Director Compensation, and Incentive Compensation for each Deferral Period to defer their compensation to either their Separation from Service (as described below) or a Scheduled Distribution Date.  Notwithstanding the foregoing, solely for the 2006 Deferral Period, Eligible Employees may make separate distribution elections with respect to each type of deferred compensation (i.e., Base Salary and Annual Bonus Plan).
(b)    Separation from Service.  If an Eligible Employee fails to elect a distribution date for any portion of the Eligible Employee’s Employee Deferrals, it shall be paid on, or as soon as 

Exhibit 10.33

practicable, but no later than 90 days, following the six month anniversary of the Eligible Employee’s Separation from Service.  
(i)    Election as to Timing Irrevocable.  If, pursuant to Section 4, an Eligible Employee elects to receive a portion of the Eligible Employee’s Employee Deferrals upon the Eligible Employee’s Separation from Service, such election shall be irrevocable.  
(ii)    Timing.  An Eligible Employee who elects to receive all or a portion of the Eligible Employee’s Employee Deferrals upon Separation from Service in a single sum payment shall receive such Employee Deferrals on, or as soon as practicable, but no later than 90 days, following the six month anniversary of the Separation from Service.  Alternatively, an Eligible Employee who elects to receive all or a portion of the Eligible Employee’s Employee Deferrals upon Separation from Service in annual installments shall commence to receive such Employee Deferrals on, or as soon as practicable, but no later than 90 days, following the six month anniversary of the Separation from Service.
(iii)    Form of Benefit.  If an Eligible Employee fails to elect a form of distribution with respect to any portion of the Eligible Employee’s Employee Deferrals, it shall be payable in a single lump sum payment.  Eligible Employees electing to receive all or a portion of their Employee Deferrals upon Separation from Service may elect to receive such amounts either in the form of a lump sum distribution or in annual installments of either five, ten or fifteen years.  All amounts payable upon a Separation from Service shall be paid in the same form of payment and, if in installments, according to the same installment schedule.  An Eligible Employee may elect to change the form of benefit payable upon a Separation from Service in accordance with the rules of Section 4(b).
(c)    Scheduled In-Service Withdrawal.  Pursuant to Section 4, an Eligible Employee may elect to receive Employee Deferrals attributable to a Deferral Period on a Scheduled Distribution Date.  
(i)    Timing.  Except as otherwise provided herein, Employee Deferrals deferred to a Scheduled Distribution Date shall be paid on or as soon as administratively practical following such Scheduled Distribution Date, but in no event later than 90 days after such date.  An Eligible Employee who has elected to receive his or her Employee Deferrals on a Scheduled Distribution Date may subsequently elect to defer the payment of such benefit to a date at least five years following the Scheduled Distribution Date in accordance with Section 4(b).  Notwithstanding the foregoing, in the event the Eligible Employee experiences a Separation from Service prior to the Scheduled Distribution Date, any Employee Deferrals remaining in the Eligible Employee’s Account shall be paid in a lump sum as soon as practicable, but no later than 90 days, following the six month anniversary of the Separation from Service.
(ii)    Form of Benefit.  If an Eligible Employee fails to elect a form of distribution with respect to any portion of the Eligible Employee’s Employee Deferrals payable on a Scheduled Distribution Date, it shall be payable in a single lump sum.  Eligible Employees electing to receive a portion of their Employee Deferrals upon a Scheduled Distribution Date may elect to receive such amounts either in the form of a single lump sum or in annual installments of two, three, four or five years.  Such election may be modified in accordance with the election procedures set forth in Section 4(b).  

Exhibit 10.33

(d)    Death or Disability.  Notwithstanding anything contained in this Section 7 to the contrary, an Eligible Employee’s Employee Deferrals shall be paid in a lump sum to the Eligible Employee or the Eligible Employee’s Beneficiary (in the event of the Eligible Employee’s death) in the event the Eligible Employee dies or incurs a Disability prior to receiving the balance of his or her Account.  Such payment shall be made as soon as practicable, but no later than 90 days, following the date of death or determination that a Disability exists.
(e)    Hardship Withdrawals.  Notwithstanding the above, in the sole discretion of the Committee, all or a portion of an Eligible Employee’s Employee Deferrals may be paid in a lump sum in the case of an unforeseen emergency which arises from factors beyond the Eligible Employee’s control and creates a severe financial hardship that results from an illness or accident of the Eligible Employee, the Eligible Employee’s spouse or the Eligible Employee’s dependent (within the meaning of Section 152(a) of the Code), loss of the Eligible Employee’s property due to casualty, or other similar extraordinary and unforeseeable circumstances, and that cannot be relieved by reimbursement or compensation by insurance or otherwise, the Eligible Employee’s personal resources, or by cessation of deferrals under the Plan, provided that an Eligible Employee shall not take part in any decision concerning such a distribution.  The amount payable may not exceed the lesser of the Employee Deferrals credited to the Eligible Employee’s Account or the amount needed by the Eligible Employee because of the hardship, plus amounts necessary to pay reasonably anticipated taxes resulting from the distribution, but after taking into account the extent to which the hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the Eligible Employee’s assets (to the extent such liquidation would not itself cause severe financial hardship), or by cessation of deferrals under the Plan.  If less than the Eligible Employee’s full Account balance is paid, the amount shall be debited to the portion of the Eligible Employee’s Account that is attributable to Employee Deferrals for such calendar years as the Committee shall designate in its sole discretion. 
An Eligible Employee’s deferral elections pursuant to Section 2 shall be immediately terminated upon receipt of a hardship withdrawal under this Section 7(e) and an Eligible Employee will not be eligible to recommence making Employee Deferrals until the following Deferral Period by making a new deferral election.
(f)    Cashout.  Notwithstanding any provision of the Plan to the contrary, in the event that an Eligible Employee’s Post-2004 Account balance is less than $10,000 at the time of the Eligible Employee’s Separation from Service, the Post-2004 Account shall be paid in the form of a lump sum payment, provided that the payment results in the termination and liquidation of the entirety of the Eligible Employee’s interest in the Plan, including all agreements, methods, programs, or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan under Treas. Reg. § 1.409A-1(c)(2).       
		
	8.
	Payment of Benefits - Company Deferrals

(a)    Timing of Payment.  All vested Company Deferrals in an Eligible Employee’s Account shall be paid as soon as practicable, but no later than 90 days,  following the six month anniversary of an Eligible Employee’s Separation from Service.
(b)    Form of Payment.  All amounts distributable pursuant to Section 8(a) shall be distributed in a single lump sum payment. 

Exhibit 10.33

(c)    Death or Disability.  Notwithstanding anything contained herein to the contrary, an Eligible Employee’s Company Deferrals shall be paid in a lump sum to the Eligible Employee or the Eligible Employee’s Beneficiary (in the event of the Eligible Employee’s death) in the event he or she dies or incurs a Disability, prior to receiving the balance of the Eligible Employee’s Account.  Such payment shall be made as soon as practicable, but no later than 90 days, following the date of death or determination that a Disability exists.     
		
	9.
	Prior Plan Provisions

(a)Transfer of Prior Plans Balances.  Accounts shall be established under this Plan for the former participants in the Prior Plans who had accounts under those plans as of the effective date of the merger and amendment and restatement of the applicable plan into this Plan.  Amounts transferred from the 2005 Plan shall be placed in a Post-2004 Account for the Eligible Employee and shall be subject to the same rules and conditions as applicable to Post-2004 Accounts.  Eligible Employees with transferring 2005 Plan account balances will be required to make a new election as to the timing and form of payment with respect to such transferring account as set forth in Section 9(b).  Amounts transferred from the 1988 Plan shall be placed in a Pre-2005 Account for the Eligible Employee and shall generally be subject to the terms and conditions hereof, except as indicated in Section 9(c).  The Earnings Crediting Options available under Article 5 shall apply to all such Prior Plans transferred accounts.  
(b)Updated Elections for 2005 Plan.  By no later than December 31, 2006, or such later date as permitted under IRS Regulations, each Eligible Employee whose account under the 2005 Plan is merged into this Plan shall be required to submit an updated election form with respect to all amounts previously deferred under the 2005 Plan as to the timing and form of payment.  Such new election shall comport with the timing and form of benefit provisions contained in Section 7 hereof.  In the event that an Eligible Employee fails to make an election to change the form or timing of the Eligible Employee’s 2005 Plan account balance, such transferred account balance shall be paid as a lump sum to the Eligible Employee as soon as practicable, but no later than 90 days, following the six month anniversary of the Eligible Employee’s Separation from Service.
(c)Grandfathering of Provisions of 1988 Plan.   Notwithstanding anything in this Plan to the contrary, Sections 4, 7, and 8 and the distribution provisions of Section 12 of the Plan shall not apply to Pre-2005 Accounts and the following provisions shall apply.
(i)    Form and Timing of Pre-2005 Account Benefit.  For each Eligible Employee that has a Pre-2005 Account, such benefits shall be paid to the Eligible Employee in a lump sum payment.  Payment shall be made one year following the last day of the month in which such Eligible Employee terminates employment with the Company, or as soon thereafter as is administratively practicable.  Notwithstanding the foregoing, the Company, in its sole discretion, may accelerate the distribution of an Eligible Employee’s Pre-2005 Account.
(ii)    Installment Payment Option for Retirees.  Notwithstanding Section 9(c)(i) of the Plan, an Eligible Employee who terminates employment with the Company on or after attaining age 55 may elect to receive the Eligible Employee’s Pre-2005 Account in the form of approximately equal annual installments payable over a ten (10) year period.  At the sole discretion of the Committee, an Eligible Employee who terminates employment with the Company on or after attaining age 50 and having completed at least fifteen (15) years of service may also elect to receive distribution of the Eligible Employee’s Plan benefits in installment payments pursuant to this Section 9(c)(ii).  The election to receive installment payments must be made in the calendar year preceding the calendar year in which the lump sum distribution is scheduled to take place pursuant to Section 9(c)(i).  Installments shall commence one year 

Exhibit 10.33

following the last day of the month in which the Eligible Employee terminated employment.  Effective for the calendar year commencing after the Eligible Employee’s employment termination date and continuing each calendar year until all Pre-2005 Account balances have been distributed, Plan benefits for an Eligible Employee who elects the installment distribution option will be credited earnings based on the Earnings Crediting Options selected by the Eligible Employee.  Notwithstanding the foregoing, the Committee, in its sole discretion, may accelerate the distribution of an Eligible Employee’s Pre-2005 Account balance.
(iii)    In-Service “Haircut” Withdrawals.  An Eligible Employee may elect, in writing, to withdraw a designated amount of his or her Pre-2005 Account, provided, however, that an Eligible Employee who requests a withdrawal under this Section 9(c)(iii) shall incur a penalty pursuant to paragraph (A) or (B) below:
(A)    the amount withdrawn shall be subject to a penalty (“haircut”) equal to ten percent (10%) of the amount withdrawn, which amount shall be forfeited from the Eligible Employee’s Pre-2005 Account notwithstanding any other provision of the Plan.  The minimum amount an Eligible Employee may withdraw is $50,000.
(B)    the amount withdrawn shall be subject to a penalty (“haircut”) equal to five percent (5%) of the amount withdrawn, which amount shall be forfeited from the Eligible Employee’s Pre-2005 Account, and the Eligible Employee will be suspended from participating in the Plan for the twelve (12) month period beginning on the first day of the calendar year that immediately follows the calendar year in which the withdrawal is received.  The minimum amount an Eligible Employee may withdraw is $50,000.
The Eligible Employee requesting the withdrawal may select which penalty applies to the withdrawal and must complete the withdrawal form or any other form required by the Committee.  Only one withdrawal per calendar year is permitted.    
The in-service withdrawal shall be paid to the Eligible Employee no later than the end of the calendar quarter following the calendar quarter in which the Committee receives the properly completed written request for withdrawal.  If an Eligible Employee terminates employment after a request is approved, but prior to distribution of the full amount approved, the approval of the request shall be automatically null and void and the benefits which the Eligible Employee is entitled to receive under the Plan shall be distributed in accordance with Section 9(c)(i) of the Plan.  
Subject to avoiding a “material modification” of the 1988 Plan under Section 409A of the Code, the Committee may from time to time change or adopt additional policies or rules governing minimum withdrawal amounts or percentages or the manner in which such distributions may be made so that the Plan may be conveniently administered and may comply with applicable tax laws.
		
	10.
	Beneficiary Designation      

(a)    Beneficiary Designation.  The Beneficiary of each Eligible Employee shall be the beneficiary designated by such Eligible Employee under the Qualified Plan who shall be entitled to receive the amount, if any, payable under the Plan upon the Eligible Employee’s death.  However, an Eligible Employee may designate a Beneficiary different from the Eligible Employee’s Beneficiary under the Qualified Plan by filing with the Committee a written designation of one or more persons as his or her Beneficiary.  If an Eligible Employee has 

Exhibit 10.33

designated a beneficiary under the 2005 Plan, that beneficiary designation shall apply to the Plan until such designation is changed or revoked.  An Eligible Employee may, from time to time, revoke or change the Eligible Employee’s Beneficiary designation without the consent of any prior Beneficiary by filing a new designation with the Plan.  The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Eligible Employee’s death, and in no event shall it be effective as of any date prior to such receipt.
(b)    Failure to Designate Beneficiary.  If no such Beneficiary designation is in effect under this Plan or under the Qualified Plan at the time of an Eligible Employee’s death, or if no designated Beneficiary survives the Eligible Employee, or if such designation conflicts with the law, the Eligible Employee shall be deemed to have designated the following Beneficiaries (if then living) in the following order of priority:
(i)    The spouse of the Eligible Employee.
(ii)    The children of the Eligible Employee and the issue of any deceased child (by right of representation), including adopted children and issue, in equal shares.
(iii)    The parent or parents of the Eligible Employee in equal shares.
(iv)    The estate of the Eligible Employee.
If the Committee is in doubt as to the right of any person to receive such amount, the Committee may retain such amount, without liability for any earnings thereon, until the rights thereto are determined, or the Committee may pay such amount into any court of appropriate jurisdiction and such payment shall be a complete discharge of the liability of the Plan and the Company therefore.
		
	11.
	Source of Funds; Scope of Liability.  

This Plan shall be unfunded, and payments hereunder shall be made from the general assets of the Company.  Any such assets which may be set aside, earmarked or identified as being intended for the provision of payments hereunder shall remain an asset of the Company and shall be subject to the claims of its or their general creditors.  Each Eligible Employee shall be a general creditor of the Company to the extent of the value of the Eligible Employee’s Account hereunder, but the Eligible Employee shall have no right, title or interest in any specific asset that may be set aside or designated as intended to be applied to payments under this Plan.  Payments in accordance with the terms of this Plan shall completely discharge all obligations of the Company hereunder.
		
	12.
	Amendment and Termination.  

The Plan may be amended, suspended, discontinued or terminated at any time by the Board; provided, however, that no such amendment, suspension, discontinuance or termination shall reduce or in any manner adversely affect the rights of any Eligible Employee with respect to benefits that are payable or may become payable under the Plan based upon the balance of the Eligible Employee’s Account as of the effective date of such amendment, suspension, discontinuance or termination.  The Committee may, at any time, also make such amendments to the Plan as it deems necessary and appropriate, in its sole discretion, without Board approval, provided that any such amendments to the Plan by the Committee may not materially increase the costs of the Plan to the Company or result in a material adverse effect on an Eligible 

Exhibit 10.33

Employee.  Notwithstanding anything to the contrary in this Section 12, if the Committee determines that, in order to avoid current taxation of amounts deferred under the Plan or to comply with applicable law, additional restrictions must be placed on Eligible Employees’ rights under the Plan, then the Committee may, in its sole discretion, amend the Plan to impose such restrictions, and/or cease deferrals under the Plan with respect to all Plan Accounts, affected Accounts or the affected portions of Accounts.  If the Board terminates the Plan, Eligible Employees shall be entitled to a distribution of their benefit under the Plan if the termination is on account of a permitted distribution event under Treas. Reg. §1.409A-3(j)(4)(ix)(A), (B), (C) or (D) (or any successor provision) and the requirements, as applicable, of such regulations are met with respect to the termination of the Plan and distribution of benefits hereunder.
		
	13.
	Nonalienation of Benefits

Except as hereinafter provided with respect to marital disputes, none of the benefits or rights of an Eligible Employee or any Beneficiary of an Eligible Employee shall be subject to the claim of any creditor, and in particular, to the fullest extent permitted by law, all such benefits and rights shall be free from attachment, garnishment or any other legal or equitable process available to any creditor of the Eligible Employee or the Beneficiary.  Neither the Eligible Employee nor the Eligible Employee’s Beneficiary shall have the right to alienate, anticipate, commute, pledge, encumber, or assign any of the payments which either of them may expect to receive, contingently or otherwise under this Plan.  In cases of marital dispute, the Company will observe the terms of the Plan unless and until ordered to do otherwise by a state or Federal court.  As a condition of participation, an Eligible Employee agrees to hold the Company harmless from any claim that may arise out of the Company’s compliance with an order of any state or Federal court, whether such order effects a judgment of such court or is issued to enforce a judgment or order of another court.
		
	14.
	Administration and Plan Interpretation  

(a)    Administration.  The Committee shall have full power and authority to interpret the Plan, to prescribe, amend and rescind any rules, forms and procedures as it deems necessary or appropriate for the proper administration of the Plan and to make any other determinations and to take any other such actions as it deems necessary or advisable in carrying out its duties under the Plan.  All action taken by the Committee arising out of, or in connection with, the administration of the Plan or any rules adopted thereunder, shall, in each case, lie within its sole discretion, and shall be final, conclusive and binding upon the Company, the Board, all Eligible Employees, all beneficiaries of Eligible Employees and all persons and entities having an interest therein, and the enrollment agreement of each Eligible Employee shall constitute that Eligible Employee’s acknowledgement and acceptance of the Committee’s authority and discretion.  The Committee may from time to time adopt rules and regulations governing the operation of this Plan and may employ and rely on such employees of the Company, legal counsel, accountants, and agents, as it may deem advisable to assist in the administration of the Plan. 
(b)    Compensation of Committee; Expenses.  Members of the Committee shall serve without compensation for their services unless otherwise determined by the Board.  All expenses of administering the Plan shall be paid by the Company.
(c)    Indemnification.  To the maximum extent permitted by law, no member of the Committee shall be personally liable by reason of any contract or other instrument executed by the member or on the member’s behalf in the member’s capacity as a member of the Committee 

Exhibit 10.33

or for any mistake of judgment made in good faith.  The Company shall indemnify and hold harmless, directly from its own assets (including the proceeds of any insurance policy the premiums of which are paid from the Company’s own assets), each member of the Committee and each other officer, employee, or Director of the Company to whom any duty or power relating to the administration or interpretation of the Plan or to the management or control of the assets of the Company held in a “rabbi trust” or other Company account may be delegated or allocated, against any cost or expense (including counsel fees or liability including any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud, bad faith, or gross negligence.
(d)    Interpretations.  Any decisions, actions or interpretations to be made under the Plan by the Company, the Board or the Committee shall be made in its respective sole discretion, not as a fiduciary and need not be uniformly applied to similarly situated individuals and shall be final, binding and conclusive on all persons interested in the Plan.
		
	15.
	Claims Procedure   

(a)In the case of a claim for benefits, other than a claim involving disability benefits, that is wholly or partially denied, within 90 days (or 180 days in special cases if the Committee furnishes notice of the extension before the end of the initial 90-day period) after the claim has been filed the Committee will provide the person who filed the claim a written approval or denial of the claim.  In the case of a claim involving disability benefits that is wholly or partially denied, within 45 days after the claim is filed the Committee will provide the person who filed the claim a written approval or denial of the claim.  If special circumstances require an extension of time for processing the initial claim involving disability benefits, a written notice of an initial extension of up to 30 days will be provided to the claimant before the end of the initial 45-day period.  If, prior to the end of the initial 30-day extension period, the Committee determines that a decision cannot be rendered within that extension period, the determination period may be extended for up to an additional 30 days if the claimant is notified of the second extension before the end of the initial extension period.  A notice of the denial of a claim, in whole or in part, will set forth: 
(i)the reason or reasons for the denial;
(ii)reference to the specific Plan provisions upon which the denial is based;
(iii)a description of any additional material needed before the claim can be considered and an explanation of why such material or information is necessary; and
(iv)an explanation of the claim review procedure set forth below and the time limits applicable to appeals, including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on appeal.
(b)Within 60 days of the receipt of a notice denying a claim (or within 180 days if the claim involves disability benefits), the claimant or the claimant’s duly authorized representative may request, in writing, a full review of the claim by the Committee.  In connection with any such review, the claimant or the claimant’s authorized representative (1) will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits and (2) may submit issues and comments in writing to the Committee.  If the claim does not involve disability benefits, the Committee will make a decision within 60 days after the request for a review (or 120 days in the event of special circumstances if the Committee furnishes notice of the extension before the end of the initial 60-day period).  If the claim involves disability benefits, the Committee will make a decision within 45 days after the request for a review (or 90 days in the event of special circumstances if the Committee furnishes notice of the extension before the end of the initial 45-day period). The 

Exhibit 10.33

Committee’s decision will be binding on all parties.  A final notice of the denial of the claim on appeal, in whole or in part, will set forth:
(i)the reason or reasons for the denial;
(ii)reference to the specific Plan provisions upon which the denial is based;
(iii)the claimant’s right to, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits; and
(iv)a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA.
No Eligible Employee, Beneficiary or other individual asserting rights in relation to this Plan (or that affect this Plan) may commence a judicial action regarding the assertion (i) without first exhausting the administrative remedies that are available under this Section 16, including any such remedies that the Company offers to make available, proceeding by analogy to the foregoing procedure as necessary, in connection with an assertion that may not technically be (or is not) a claim, or (ii) more than one year after the final decision under the claims procedure. 
The parties assigned responsibility for claims under the claims procedure have the exclusive and discretionary authority to construe and to interpret the Plan, to decide all questions of eligibility for benefits, to determine the amount and manner of payment of such benefits and to make any determinations that are contemplated by (or permissible under) the terms of this Plan, to resolve any other claims and disputes regarding rights in relation to the Plan, and the parties’ decisions on such matters will be final and conclusive on all other parties.  Any such decision or determination shall be made in the absolute and unrestricted discretion of the responsible parties, even if (1) such discretion is not expressly granted by the Plan provisions in question, or (2) a determination is not expressly called for by the Plan provisions in question, and even though other Plan provisions expressly grant discretion or call for a determination.  As a result, benefits under this Plan will be paid only if the responsible parties decide in their discretion that the applicant is entitled to them.  In the event of a review by a court, arbitrator or any other tribunal, any exercise of the parties’ discretionary authority shall not be disturbed unless it is clearly shown to be arbitrary and capricious, such review may not proceed unless the applicant has fully exhausted the claims procedure, and such review will be limited to the record that was considered by or presented to the responsible parties in the claims procedure.  In determining whether an applicant has exhausted the claims procedure, the exhaustion requirement of this Section 15 shall require exhaustion in as many circumstances as possible (and any steps necessary to clarify or effect this intent may be taken), and the application of such requirement shall take into account that the Plan’s status as a “top-hat plan” (a plan that is unfunded and is maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees) renders invalid all exceptions to exhaustion that are grounded in ERISA’s substantive or fiduciary provisions.  
		
	16.
	No Contract of Employment

Nothing contained herein shall be construed as conferring upon any person the right to be employed or continue in the employ of the Company.

Exhibit 10.33

		
	17.
	Notices  

All elections, designations, requests, notices, instructions, and other communications from an Eligible Employee, Beneficiary or other person to the Committee required or permitted under the Plan shall be in such form as is prescribed from time to time by the Committee, shall be mailed by first-class mail or delivered to such location as shall be specified by the Committee, and shall be deemed to have been given and delivered only upon actual receipt thereof at such location.
		
	18.
	Offset

Notwithstanding anything herein to the contrary, if an Eligible Employee or the Eligible Employee’s Beneficiary becomes entitled to a distribution of Plan benefits, and if at such time the Eligible Employee has outstanding any debt, obligation, or other liability representing an amount owing to the Company, then the Company may offset such amount owed to it against the amount of Plan benefits otherwise distributable.  Such determination shall be made by the Company in its sole discretion.
		
	19.
	Distributions to Minors or Incompetents

If the Committee shall find that any person to whom any amount is or was payable hereunder is unable to care for his or her affairs because of illness or accident, or has died, then the Company, if it so elects, may direct that any payment due such person or such person’s Beneficiary (unless a prior claim therefore has been made by a duly appointed legal representative) or any part thereof be paid or applied for the benefit of such person or for the benefit of his or her spouse, children or other dependents, an institution maintaining or having custody of such person, any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment, or any of them, in such manner and proportion as the Company may deem proper.  Any such payment shall be in complete discharge of the liability of the Committee and the Company.
		
	20.
	Successor Employer

This Plan shall be binding upon and inure to the benefit of the Company and its successors and assigns, the Eligible Employee, the Eligible Employee’s Beneficiaries and the Eligible Employee’s estate.  Nothing in this Plan shall preclude the Company from consolidating or merging into or with, or transferring all or substantially all of its assets to, another corporation which assumes this Plan and all obligations of the Company hereunder.  Upon such a consolidation, merger or transfer of assets and assumption, the term “Company” shall refer to such other corporation and this Plan shall continue in full force and effect.
		
	21.
	Withholding Taxes

The Company may make such provisions and take such action as it may deem necessary or appropriate for the withholding of any taxes which the Company is required by any law or regulation of any governmental authority, whether Federal, state or local, to withhold in connection with any benefits under the Plan, including, but not limited to, the withholding of appropriate sums from any amount otherwise payable to the Eligible Employee (or the Eligible Employee’s Beneficiary).  Each Eligible Employee, however, shall be responsible for the payment of all individual tax liabilities relating to any such benefits.
		
	22.
	Missing Eligible Employees

In the event that the Committee is unable to locate an Eligible Employee or Beneficiary within two years following the date the Eligible Employee was to commence receiving payment, the entire amount credited to the Eligible Employee’s Accounts shall be forfeited.  If, after such 

Exhibit 10.33

forfeiture, the Eligible Employee or Beneficiary later claims such benefit, such benefit shall be reinstated without interest or earnings from the date payment was to commence pursuant to Sections 7, 8, or 9.
		
	23.
	Section 409A

With respect to any amounts not earned and vested as of December 31, 2004, the Plan is intended to comply with the applicable requirements of Section 409A of the Code and its corresponding regulations and related guidance, and shall be administered in accordance with Section 409A of the Code to the extent Section 409A of the Code applies to the Plan.  Notwithstanding anything in the Plan to the contrary, elections to defer Base Salary, Director Compensation and/or Incentive Compensation to the Plan, and distributions from the Plan, may only be made in a manner and upon an event permitted by Section 409A of the Code.  To the extent that any provision of the Plan would cause a conflict with the requirements of section 409A of the Code, or would cause the administration of the Plan to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed null and void to the extent permitted by applicable law.  
All amounts held in Pre-2005 Accounts shall not be subject to the requirements of Section 409A of the Code and any change to the 1988 Plan that results from this merger and amendment and restatement that constitutes a “material modification” under Section 409A of the Code shall be disregarded and the original terms of the 1988 Plan shall apply.
		
	24.
	Mandatory Delay in Payment

Notwithstanding anything herein to the contrary, if the Committee reasonably anticipates that the Company will lose or be limited in taking a tax deduction for the payment to an Eligible Employee of any benefit payable from a Post-2004 Account on a Scheduled Distribution Date as a result of the application of Section 162(m) of the Code, the Committee shall delay such payment until the earlier of (i) the first taxable year in which it reasonably anticipates that the deduction of the payment of the benefit will not be limited or eliminated by application of Section 162(m) of the Code or (ii) the Eligible Employee’s Separation from Service (in which case, the payment will be made as soon as practicable, but no later than 90 days, following the six month anniversary of the date the Eligible Employee separates from service).     
25.    Applicable Law
This Plan shall be construed under the laws of the State of New York.

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