Document:

Exhibit

		
	  
	United States Steel Corporation    Barry Melnkovic

600 Grant Street, Room 6100    Senior Vice President &
Pittsburgh, PA 15219-2800    Chief Human Resources Officer 412 433 1125
412 433 6219 Fax
bmelnkovic@uss.com

December 21, 2018

Douglas R. Matthews [ADDRESS]
Re:  Retention Agreement
Dear Doug:

In consideration for you continuing to serve as the Senior Vice President – Industrial, Service Center and Mining Solutions and Interim Head – Tubular, of United States Steel Corporation (the “Corporation”) and postponing your retirement, the Corporation agrees to provide you with the payments described below, provided you satisfy the requirements outlined in this letter agreement (the “Agreement”).

		
	1.
	Consideration

The following payments are in addition to any other post-employment benefits that you may be entitled to receive under the Corporation’s employee benefit plans and programs, except as provided in paragraph 6, below:

		
	(a)
	Preservation of PBGC Interest Rate.

The lump sum value of your benefits under the United States Steel Corporation Plan for Employee Pension Benefits (Revision of 2003) (the “Qualified Plan”) and the Non-Tax Qualified Pension Plan (the “Non-Qualified Plan”) is based in part on the interest rate used by the Pension Benefit Guaranty Corporation (“PBGC”) for determining the present value of immediate annuities (the “Immediate Annuity Rate”), which was .75% when you became eligible to retire in February 2018. To offset the potential loss in the lump sum value of your pension in the event of a higher interest rate being in effect at the time of your retirement, you will be entitled to receive a single lump sum cash payment equal to the amount, if any, by which (i) your benefits payable in the form of a lump sum under the Qualified Plan and the Non-Qualified Plan calculated at your retirement using an Immediate Annuity Rate of .75% exceed (ii) the amount of those benefits payable in the form of a lump sum using the higher applicable interest rate that is in effect when you retire.  The difference in value will be paid to you in a separate payment from the Corporation’s general assets and, because it will not be an eligible rollover distribution, the portion of the payment attributable to the Qualified Plan will be grossed up for federal, state, and local income taxes (at the highest marginal individual income tax rates for each). For purposes of clarification, your benefit under the Supplemental Pension Program is not included in the determination of this payment. See Exhibit A for estimated payments under this paragraph at various Immediate Annuity Rates.

		
	(b)
	Recognition of Lost Earnings Opportunity.

The Corporation recognizes that if you elected to retire, you could elect to receive a lump sum payout of your pension and invest it in an interest-bearing account. Therefore, in consideration of your postponement of retirement, the Corporation will pay you an additional amount equal to 4% compounded annually on the lump sum payment amount of your benefits under the Qualified Plan and the Non-Qualified Plan. Interest will accrue from May 1, 2018 through your date of retirement. The amount determined under this paragraph will be paid to you from the Corporation’s general assets and, because it will not be an eligible rollover distribution, the portion of the payment attributable to the Qualified Plan will be grossed up for federal, state, and local income taxes (at the highest marginal individual income tax rate for each).  See Exhibit A for the lump sum amount of 

your benefits under the Qualified Plan and Nonqualified Plan for this purpose and the estimated payments under this paragraph upon retirement at age 58 and age 60.

		
	(c)
	Additional Retention/Recognition

To encourage your retention with the Corporation and to recognize your efforts in leading the Tubular segment, the Corporation will (i) pay you a $75,000 lump sum cash award at the end of January 2019, provided you remain in the employ of the Corporation through the payment date, and
(ii) grant you an additional Restricted Stock Unit award at the regularly scheduled Compensation and Organization Committee meeting in February 2019, provided you remain in the employ of the Corporation through the grant date. The number of shares awarded will be determined based on your performance and achievement of the Tubular segment EBITDA goals under the 2018 Executive Management Annual Incentive Compensation Program (“AICP”) as shown in the table below.

	
							
	Tubular Segment Performance & Corresponding RSU Award Levels

	 
	Threshold (50%)
	Target (100%)
	Maximum (175%)

	Individual Performance Multiplier
	RSU
Award
	Value at
$35/share
	RSU
Award
	Value at
$35/share
	RSU
Award
	Value at
$35/share

	100%
	2,500
	$87,500
	5,000
	$175,000
	8,750
	$306,250

	110%
	2,750
	$96,250
	5,500
	$192,500
	9,625
	$336,875

	120%
	3,000
	$105,000
	6,000
	$210,000
	10,500
	$367,500

	130%
	3,250
	$113,750
	6,500
	$227,500
	11,375
	$398,125

Note:  Interpolation will be used to determine awards at various performance levels.

The award will be subject to three-year cliff vesting and the terms and conditions in the 2019 Restricted Stock Unit Grant Agreement and the 2016 Omnibus Incentive Compensation Plan.

		
	2.
	Non-Competition Agreement

All payments by the Corporation under this Agreement are conditioned upon you signing this Agreement and the Non-Competition Agreement and the Confidentiality and Proprietary Rights Agreement, which are attached hereto as Exhibits B and C, respectively, and returning all agreements to me by December 28, 2018.

		
	3.
	Best Efforts. In consideration for this Agreement, you agree to use your best efforts in performing your current and future employment duties for the Corporation. In addition, you are expected to continue to comply with all applicable policies and procedures, including the Corporation’s Code of Ethical Business Conduct.

		
	4.
	At Will Employment. Nothing in this Agreement changes the at-will nature of your employment. Either you or the Corporation may terminate the employment relationship at any time, with or without notice and with or without cause.

		
	5.
	Death or Permanent Disability. In the event of your death or permanent disability, the payments in paragraphs 1(a) and 1(b) shall be determined as of your date of death or disability and paid to you or, in the event of death, to your spouse and, if none, to your estate. You will be considered to be permanently disabled if you qualify for a Permanent Incapacity Retirement under the Qualified Plan.

		
	6.
	Severance. In addition to the payments described above, in the event your employment is involuntarily terminated by the Corporation, other than for Cause, or you resign for Good Reason, you will be entitled to a lump sum payment equal to the sum of (i) twelve months of your base salary in effect at the time of termination, and (ii) your target bonus under the AICP, or a successor plan, in the year of termination. This payment will be in lieu of any benefits to which you may otherwise be 

entitled under the Corporation’s Supplemental Unemployment Benefit Program or any other severance arrangement or program of the Corporation, except for the Change in Control Severance Plan to the extent it provides for greater benefits. In no event shall there be any duplication of benefits under this severance provision and the Change in Control Severance Plan.

In addition, if your employment is terminated as described above and you elect to continue your healthcare coverage (including family coverage) under the COBRA continuation provisions of the Corporation’s group health plans, the Corporation will reimburse you for a period of up to twelve
(12) months for the cost of such coverage. No reimbursement will be made for COBRA continuation coverage after the date that you become eligible for group health coverage provided by another employer. The reimbursements will be made as soon as administratively practicable after receipt of your request for reimbursement with evidence of payment, but in no event later than the end of the year following the end of the year in which the expense was incurred. The Corporation will treat the reimbursements as taxable income.

To avoid any misunderstandings, in the event of your termination of employment, the vesting of any outstanding long-term incentive awards will be determined in accordance with the terms and conditions contained in the applicable grant agreement and stock plan, and, if your employment is involuntarily terminated prior to age 60, the Corporation will make a separate determination in good faith on your vesting under the United States Steel Corporation Executive Management Supplemental Pension Program.

For purposes of this severance provision, the terms “Cause” and “Good Reason” are defined as
follows:

		
	(a)
	“Cause” shall mean any of the following(i) the willful and continued failure by you to substantially perform your duties with the Corporation (other than any such failure resulting from your incapacity due to physical or mental illness), (ii) the willful engaging by you in conduct which is demonstrably and materially injurious to the Corporation, monetarily or otherwise, (iii) your conviction of a felony or of a misdemeanor which impairs your ability to substantially perform your duties with the Corporation, or (iv) the material breach by you of the Corporation’s Code of Ethical Business Conduct. Under this definition of “cause”, no act or failure to act, on your part shall be deemed “willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that your action or omission was in the best interest of the Corporation.

		
	(b)
	“Good Reason” shall mean (i) a reduction by the Corporation in your duties, authority, and responsibilities such that you are no longer a North American Flat Roll Commercial Entity leader; and (ii) a reduction by the Corporation in your salary grade level from level 50 to level 40 or lower.

The foregoing severance payments are conditioned upon your execution, nonrevocation, and compliance with the terms of a separation agreement, which includes a general release and waiver of all claims you may have against the Corporation and its directors, officers, subsidiaries and affiliates, in the form presented by the Corporation.

		
	7.
	Miscellaneous.

		
	(a)
	The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, except to the extent preempted by Federal law.

		
	(b)
	You may not assign any of your rights under this Agreement.

		
	(c)
	The Corporation’s obligations to provide cash payments under this Agreement shall be an unfunded and unsecured promise of the Corporation to pay money in the future. Nothing in the Agreement conveys a secured interest or right, title or claim in any property or assets of the Corporation.

		
	(d)
	Payments made pursuant to this Agreement will not be treated as covered compensation under any of the Corporation’s compensation, retirement, or benefit programs. The payments will be subject to applicable tax withholding and other mandatory reductions.

		
	8.
	Section 409A/Cash Payments.

This Agreement shall be interpreted and administered in accordance with Section 409A of the Internal Revenue Code and the regulations and interpretations that may be promulgated thereunder (“Section 409A”). In accordance with Section 409A, the cash payments provided under this Agreement (other than the $75,000 payment described in paragraph 1(c) above) will be made on the first business day of the seventh month following your separation from service (or, if earlier, the last business day of the calendar month following the month of your death). During this six- month delay period, simple interest will accrue and be paid on the date specified in the preceding sentence, on the balance due using the average of the Immediate Annuity Rates in effect during the months included in the six-month delay period.

		
	9.
	Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

		
	10.
	Resolution of Disputes. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in accordance with the rules of the American Arbitration Association (“AAA”) then in effect. The parties agree that the arbitrator shall have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. The parties also agree that the arbitrator shall have the power to award any remedies, including attorneys’ fees, costs and equitable relief, available under applicable law. The parties further agree that the decision of the arbitrator shall be in writing and that any judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof.  The parties agree that the arbitration hearing shall take place in Pittsburgh,

Pennsylvania. The Corporation will pay for any administrative or hearing fees and costs charged by the arbitrator or the AAA, except that you shall pay any filing fees associated with any arbitration that you initiate.

		
	11.
	Entire Agreement. This Agreement contains the entire agreement between the parties and supersedes any other agreement or understanding between the parties hereto with respect to the issues that are the subject matter of this Agreement. You acknowledge and agree that other benefits that you may be entitled to receive will be determined in accordance with the terms and conditions of the applicable plan or program.

		
	12.
	Amendment. This Agreement may not be amended or modified other than by a written agreement executed by the parties hereto, except that the Corporation may amend this Agreement from time to time without your consent to the extent deemed necessary or appropriate, in its sole discretion, to effect compliance with applicable law. You hereby irrevocably consent to such amendments.

Sincerely,

/s/ Barry Melnkovic

Barry Melnkovic Agreed to by:
/s/ Douglas Matthews                        December 21, 2018

    
Douglas R. Matthews    Date
Senior Vice President – Industrial, Service Center, and Mining Solutions; Interim Head – Tubular

EXHIBIT B
United States Steel Corporation Non-Competition Agreement
This Non-Competition Agreement is attached as Exhibit B to, and incorporated as a part of, the Retention Agreement for Douglas R. Matthews, dated December 21, 2018.

In connection with your Retention Agreement with United States Steel Corporation (the “Corporation”), and in consideration of such payments, you acknowledge and agree that during your employment, and, should your employment with the Corporation terminate for any reason, for a period of twelve (12) months immediately following such termination, you shall not, unless acting pursuant to the prior written consent of the Corporation’s Board of Directors, directly or indirectly (a) own, manage, operate, finance, join, control or participate in the ownership, operation, management, financing or control of, or be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit your name to be used in connection with any Competing Business, (b) solicit or divert to any Competing Business any individual or entity which is then a customer, or was a customer of the Corporation at any time during the twelve (12) months preceding your termination, or (c) employ, attempt to employ, solicit or assist any business or enterprise in employing any employee of the Corporation or advise or recommend to any other person or entity that he or it employ or solicit for employment any employee of the Corporation. Notwithstanding the foregoing, ownership of 1% or less of any class of outstanding securities of a Competing Business shall not be deemed a violation of this paragraph. The term “Competing Business” shall mean an integrated steel manufacturer within (i) any state of the United States or the District of Columbia or (ii) any foreign country in which the Corporation has engaged in any such business within twelve (12) months prior to, or within the twelve (12) month period immediately following, the termination of your employment.  In the event that the provisions of this agreement should ever be adjudicated to exceed the time, geographic, product or other limitations permitted by applicable law in any jurisdiction, then such provisions shall be deemed reformed in such jurisdiction to the maximum time, geographic, product or other   limitations permitted by applicable law. You acknowledge the reasonableness of the duration and scope of these non-competition and non-solicitation periods and agree that you would be able to obtain employment and will remain able to obtain employment other than as limited herein.

You further acknowledge and agree that upon termination of your employment for any reason, you will not disparage the Corporation or its officers, director, employees, agents or representatives.

Agreed to by:

/s/ Douglas Matthews                December 21, 2018
    
Douglas R. Matthews            Date
Senior Vice President – Industrial, Service Center and Mining Solutions; Interim Head - TubularExhibit

UNITED STATES STEEL CORPORATION 
DEFERRED COMPENSATION PROGRAM 
FOR NON-EMPLOYEE DIRECTORS 
(Effective as of July 26, 2016, as amended on October 30, 2018) 
		
	1.
	Purpose.  The United States Steel Corporation Deferred Compensation Program for Non-Employee Directors, a program under the United States Steel Corporation 2016 Omnibus Incentive Compensation Plan, is intended to enable the Corporation to attract and retain non-employee Directors and to enhance the long-term mutuality of interest between such Directors and shareholders of the Corporation. 

		
	2.
	Definitions.  Unless otherwise defined herein, capitalized terms shall have the meanings set forth in the Plan. The following definitions apply to this Program and to the Deferral Election Forms: 

		
	a)
	Base Retainer means the means that portion of a Participant’s compensation that is fixed and paid without regard to his/her attendance at meetings, as such amount is established for or during the Deferral Year, subject to Section 4(c), exclusive of fees paid to chairs of committees or the Board.

		
	b)
	Beneficiary or Beneficiaries means a person or persons or other entity designated on a Beneficiary Designation Form by a Participant as allowed in subsection 7(c) of this Program to receive Deferred Stock Benefit payments. If there is no valid designation by the Participant, or if the designated Beneficiary or Beneficiaries fail to survive the Participant or otherwise fail to take the Deferred Stock Benefit, the Participant’s Beneficiary is the Participant’s surviving spouse or, if there is no surviving spouse, the Participant’s estate. 

		
	c)
	Beneficiary Designation Form means that portion of the Deferral Election Form that is used by a Participant according to this Program to name his/her Beneficiary or Beneficiaries. 

		
	d)
	Board means the board of directors of United States Steel Corporation. 

		
	e)
	Committee means the Corporate Governance & Public Policy Committee of the Board. 

		
	f)
	Common Stock means the common stock of the Corporation, par value $1.00 per share. 

		
	g)
	Common Stock Unit shall have the meaning assigned to it in Section 6(a). 

		
	h)
	Corporation means United States Steel Corporation. 

		
	i)
	Deferral Election Form means a document governed by the provisions of Section 4 of this Program by which a Participant elects the portion of his or her Retainer Fee to be deferred and designates a Beneficiary. 

		
	j)
	Deferral Year means a calendar year for which a Participant has a Deferred Stock Benefit. 

		
	k)
	Deferred Stock Account means that bookkeeping record established for each Participant to reflect the status of his/her Deferred Stock Benefits under this Program. A Deferred Stock Account is established only for purposes of measuring a Deferred Stock Benefit and not to segregate assets or to identify assets that may or must be used to satisfy a Deferred Stock Benefit. A Deferred Stock Account will be credited with that portion of the Participant’s Retainer Fee deferred as a Deferred Stock Benefit according to a Deferral Election Form and according to Sections 3 and 6 of this Program. A Deferred Stock Account will also be adjusted periodically with amounts specified under subsections 6(a)(iii) through 6(a)(v) of this Program. 

		
	l)
	Deferred Stock Benefit means the benefit that results in distributions governed by sections 6 and 7. 

		
	m)
	Directors means those duly named members of the Board. 

		
	n)
	Election Date means the date established by this Program as the date before which a Participant must submit a valid Deferral Election Form to the Committee. For the Deferral Year during which an individual first becomes a Participant, the Election Date is the earlier of (i) 30 days following the date on which the individual becomes a Participant and (ii) December 31 of such Deferral Year. For each subsequent Deferral Year, the Election Date is December 31 of the preceding calendar year. Despite the two preceding sentences, the Committee may set an earlier date as the Election Date for any Deferral Year. 

		
	o)
	Participant means a Director who is not simultaneously an employee of the Corporation. 

		
	p)
	Plan means the United States Steel Corporation 2016 Omnibus Incentive Compensation Plan, or any successor plan. 

		
	q)
	Program means the United States Steel Corporation Deferred Compensation Program for Non-Employee Directors under the Plan. 

		
	r)
	Retainer Fee means the Base Retainer together with any additional amounts paid to chairs of the committees of the Board or the chairman of the Board. 

		
	s)
	Terminate, Terminating, or Termination, with respect to a Participant, means cessation of his/her relationship with the Corporation as a Director whether by resignation, retirement, death, disability or severance for any other reason. The terms “Terminate”, “Terminating”, and “Termination”, when used in the context of a condition to, or timing of, payment hereunder, shall be interpreted to mean a “separation from service” as that term is used in Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). 

		
	3.
	Minimum Stock-Based Compensation.  Each Person who becomes a Participant is required to receive at least $145,000 of his/her Base Retainer in the form of Common Stock Units and may increase such amount pursuant to a Deferral Election. Additional chair fees will be paid in deferred Common Stock Units in a proportionate manner.

		
	4.
	Deferral Election.  A deferral election is valid when a Deferral Election Form is completed, signed by the Participant, and received by the Committee or its designee. Deferral elections are governed by the provisions of this section. 

		
	a)
	A Participant may elect a Deferred Stock Benefit for any Deferral Year, subject to the Election Date Requirements, if he/she is a Participant at the beginning of that Deferral Year or becomes a Participant during the Deferral Year. 

		
	b)
	Before each Deferral Year’s Election Date, each Participant will be provided with a Deferral Election Form. Subject to Section 3, a Participant may elect on or before the Election Date to defer until Termination the receipt of all or part of his/her Retainer Fee for the Deferral Year in the form of a Deferred Stock Benefit; provided, however, that no deferral election shall be effective for any portion of a Retainer Fee earned prior to the completion of the deferral election. 

		
	c)
	A Participant may not revoke or amend a Deferral Election Form after the Deferral Year begins with respect to such Deferral Year, and no re-allocation between fixed and variable compensation (if any) otherwise payable during the year shall be permitted to indirectly amend such Deferral Election Form or the amount of Retainer Fees subject thereto. Any revocation before the beginning of the Deferral Year is the same as a failure to submit a Deferral Election Form. Any writing signed by a Participant expressing an intention to revoke his/her Deferral Election Form and delivered to the Committee or its designee before the close of business on the relevant Election Date is a revocation.

		
	5.
	Effect of No Election. In the case of a person who does not submit a valid Deferral Election Form on or before the relevant Election Date, the minimum required portion of such Participant’s Retainer Fee will become a Deferred Stock Benefit, in accordance with Section 3. 

		
	6.
	Deferred Stock Benefits 

		
	a)
	Deferred Stock Benefits will consist of Common Stock Units and will be recorded in a Deferred Stock Account for each Participant. “Common Stock Unit” shall mean a book-entry unit equal in value to a share of Common Stock on the date specified below. Each Common Stock Unit will increase or decrease in value by the same amount and with the same frequency as the fair market value of a share of Common Stock. Each Deferred Stock Account will be credited or adjusted as follows: 

		
	1.
	Participant’s First Deferral Year. For the Deferral Year during which an individual first becomes a Participant, on the 15th day of the month following the Election Date, the Participant’s Deferred Stock Account will be credited with a quantity of Common Stock Units, including fractional units, determined by dividing (A) the amount of the Retainer Fee that the Participant has elected to defer (or if a valid Deferral Election Form has not been submitted on or before the relevant Election Date, the amount specified in Section 5 above) by (B) the closing price of a share of Common Stock on the New York Stock Exchange (“NYSE”) on the Election Date (or if such date was not a trading day on the immediately preceding trading day). 

		
	2.
	Subsequent Deferral Years. On January 15th of each subsequent Deferral Year during which the Participant remains a Director (or, if such day is not a business day, on the next succeeding business day), the Participant’s Deferred Stock Account will be credited with a quantity of Common Stock Units, including fractional units, determined by dividing (A) the amount of the Retainer Fee that the Participant has elected to defer (or if a valid Deferral Election Form has not been submitted on or before the relevant Election Date, the amount specified in Section 5 above) by (B) the closing price of a share of Common Stock on the NYSE on the last trading day of the preceding calendar year. 

		
	3.
	Cash Dividends. Each Deferred Stock Account will be credited each calendar quarter, on the date on which cash dividends are reinvested under the Corporation’s dividend reinvestment and stock purchase plans (the “Investment Date”), with a quantity of additional Common Stock Units, including fractional units, determined by dividing (A) the Dividend Payment Amount by (B) the Stock Purchase Price. “Dividend Payment Amount” means the product of the number of Common Stock Units in the Deferred Stock Account on the dividend payment date times the amount of the cash dividend payable on a share of Common Stock. “Stock Purchase Price” means the closing price of a share of Common Stock on the NYSE on the most recent trading day preceding the Investment Date. 

		
	4.
	Stock Dividends, Stock Splits and Reverse Stock Splits. In the event of a stock dividend, stock split, reverse stock split or similar event affecting the Common Stock, the number of Common Stock Units in the Deferred Stock Account shall be adjusted in an equitable and proportional manner to reflect such event in order to prevent the dilution or enlargement of Participant’s rights. 

		
	5.
	Other Adjustments to Deferred Stock Account. Amounts credited to a Participant’s Deferred Stock Account pursuant to this Section 6 are based upon the assumption that the amount of the Retainer Fee which the Participant is entitled to receive will remain unchanged during the Deferral Year. However, it is possible that certain events may occur which change the amount of the Retainer Fee that the Participant is entitled to receive. Accordingly, the number of Common Stock Units in a Participant’s Deferred Stock Account shall be adjusted from time to time in an equitable and proportional manner consistent with Section 409A to reflect the occurrence of any the following events and the effect that such an event has on the actual amount of the Retainer Fee which the Participant is entitled to receive during the Deferral Year: 

		
	A.
	a prospective uniform increase or decrease in the amount of the Retainer Fee applicable to all Participant’s, excluding any reallocation between fixed and variable compensation during a Deferral Year; 

		
	B.
	the Termination of a Participant; 

		
	C.
	the appointment or resignation of a Participant as the Presiding Director, a Committee Chairperson or other similar position resulting in a prospective increase or decrease in the amount of the Retainer Fee applicable to such Participant; or 

		
	D.
	any other similar event or circumstance. 

Such upward adjustments shall be made as follows: on the 15th day of the month following the effective date of the change causing the adjustment, the Participant’s Deferred Stock Account will be credited with a quantity of Common Stock Units, including fractional units, determined by dividing (A) the amount of the Retainer Fee that the Participant has elected to defer (or if a valid Deferral Election Form has not been submitted on or before the relevant Election Date, the amount specified in Section 5 above) by (B) the closing price of a share of Common Stock on the NYSE on the effective date of the change causing the adjustment (or if such date was not a trading day on the immediately preceding trading day).

Downward adjustments due to a retirement or resignation during the year shall be made by deducting a quantity of Common Stock Units, including fractional units, determined by (A) dividing the number of full months not serving as a Director by 12, and (B) multiplying by the number of Common Stock Units credited in January of the retirement year.

		
	b)
	If a trust is established under section 8(b), an electing Participant may advise the trustee under the governing trust agreement as to the voting of shares of the Common Stock allocated to that Participant’s separate account under the trust according to this subsection and provisions of the governing trust agreement. Before each annual or special meeting of the Corporation’s shareholders, the trustee under the governing trust agreement must furnish each Participant with a copy of the proxy solicitation and other relevant material for the meeting as furnished to the trustee by the Corporation, and a form addressed to the trustee requesting the Participant’s confidential advice as to the voting of shares of the Common Stock allocated to his/her account as of the valuation date established under the governing trust agreement preceding the record date.

		
	7.
	Distributions 

		
	a)
	Except as set forth in Section 7(d), a Deferred Stock Benefit will be distributed in shares of Common Stock equal to the number of, the whole Common Stock Units credited to the Participant’s Deferred Stock Account; provided, however, cash will be paid in lieu of fractional shares of the Common Stock otherwise distributable, calculated on the basis of the closing price of a share of Common Stock on the NYSE on the date of Termination (or if such date is not a trading day on the immediately preceding trading day). 

		
	b)
	Delivery of Common Stock and any cash payable in lieu of fractional shares will be made on or before the fifth business day immediately following the Participant’s Termination. 

		
	c)
	Deferred Stock Benefits may not be assigned by a Participant or Beneficiary. A Participant may use a Beneficiary Designation Form to designate one or more Beneficiaries for all of his/her Deferred Stock Benefits; such designations are revocable. Each Beneficiary will receive his/her portion of the Participant’s otherwise unpaid Deferred Stock Account on the scheduled payment date as set forth in Section 7(b). 

		
	d)
	Upon the occurrence of a Change in Control resulting in a Participant’s Termination, the Corporation shall pay such Participant, on or before the fifth business day following such Termination, cash in an aggregate amount equal to the value of such Participant’s Deferred Stock Account on the date of the Change in Control, as determined using the higher of the closing price of the Common Stock on the NYSE on such date or the highest per-share price actually paid in connection with the consummation of such Change in Control. For purposes of this Program, “Change in Control” shall mean a change in control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Corporation is then subject to such reporting requirement; provided, that, without limitation, such a change in control shall be deemed to have occurred if: 

		
	1.
	any person (as defined in Sections 13(d) and 14(d) of the Exchange Act) (a “Person”) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation representing twenty percent (20%) or more of the combined voting power of the Corporation’s then outstanding voting securities; provided, however, that for purposes of this Program the term “Person” shall not include (i) the Corporation or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or any of its subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation; or 

		
	2.
	the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the date hereof, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest including but not limited to a consent solicitation, relating to the election of directors of the Corporation) whose appointment or election by the Board or nomination for election by the Corporation’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved; or 

		
	3.
	there is consummated a merger or consolidation of the Corporation or a subsidiary thereof with any other corporation, other than a merger or consolidation which would result in the holders of the voting securities of the Corporation outstanding immediately prior thereto holding securities which represent immediately after such merger or consolidation at least 50% of the combined voting power of the voting securities of the entity surviving the merger or consolidation (or the parent of such surviving entity) or the shareholders of the Corporation approve a plan of complete liquidation of the Corporation, or there is consummated the sale or other disposition of all or substantially all of the Corporation’s assets.

		
	8.
	Corporation’s Obligation 

		
	a)
	The Program is unfunded. A Deferred Stock Benefit is at all times solely a contractual obligation of the Corporation. A Participant and his/her Beneficiaries have no right, title or interest in the Deferred Stock Benefits or any claim against them. Except according to section 8(b), the Corporation will not segregate any funds or assets for Deferred Stock Benefits nor issue any notes or security for the payment of any Deferred Stock Benefit.

		
	b)
	 The Corporation may establish a grantor trust and transfer to that trust shares of Common Stock or other assets. The governing trust agreement must require a separate account to be established for each electing Participant. The governing trust agreement must also require that all Corporation assets held in trust remain at all times subject to the Corporation’s judgment creditors.

		
	9.
	No Control by Participant. A Participant has no control over Deferred Stock Benefits except according to his/her Deferral Election Forms and Beneficiary Designation Form. 

		
	10.
	Claims Against Participant’s Deferred Stock Benefits. A Deferred Stock Account relating to a Participant under this Program is not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so is void. A Deferred Stock Benefit is not subject to attachment or legal process for a Participant’s debts or other obligations. Nothing contained in this Program gives any Participant any interest, lien or claim against any specific asset of the Company. A Participant or his/her beneficiary has no rights other than as a general creditor. 

		
	11.
	Amendment or Termination. This Program may be altered, amended, suspended, or terminated at any time by the Board. 

		
	12.
	Notices.  Notices and elections under this Program must be in writing. A notice or election is deemed delivered if it is delivered personally or if it is mailed by registered or certified mail to the person at his/her last known business address. 

		
	13.
	Waiver.  The waiver of a breach of any provision in this Program does not operate as and may not be construed as a waiver of any later breach. 

		
	14.
	Construction.  This Program is created, adopted, maintained and governed according to the laws of the State of Delaware. Headings and captions are only for convenience; they do not have substantive meaning. If a provision of this Program is not valid or not enforceable, the validity or enforceability of any other provision is not affected. Use of one gender includes all, and the singular and plural include each other. 

		
	15.
	Effective Date.  This Program shall be effective as a program under the 2016 Omnibus Incentive Compensation Plan as of July 26, 2016.

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