Document:

exv4w1

Exhibit 4.1

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, 55 WATER STREET, NEW YORK, NEW YORK (THE “DEPOSITARY”), TO MASCO CORPORATION OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

MASCO CORPORATION

7.125% Note Due 2020

			
	 	 	 
	CUSIP No. 574599 BGO
	 	$500,000,000          
	 	 	 
	No. R-1	 	 

     Masco Corporation, a corporation duly organized and existing under the laws of Delaware
(herein called the “Company,” which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered
assigns, the principal sum of Five Hundred Million Dollars on March 15, 2020, and to pay interest
thereon from March 10, 2010 or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually on September 15 and March 15 in each year, commencing
September 15, 2010, at the rate of 7.125% per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date; provided, however,
that interest payable at final maturity will be payable to the person to whom the principal hereof
will be payable. Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any

 

 

other lawful manner not inconsistent with the requirements of any securities exchange on which
the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. Interest on the Securities of this series
shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

     Payment of the principal of (and premium, if any) and any such interest on this Security will
be made at the office or agency of the Company maintained for that purpose, in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register.

     The Securities of this series will constitute part of the Company’s senior debt and will rank
on a parity with all of its other unsecured and unsubordinated debt.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

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     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

Dated: March 10, 2010

	 	 	 	 	 	 	 
	 	 	MASCO CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

John G. Sznewajs
	 	 
	 

	 	 	 	Vice President, Treasurer and	 	 
	 

	 	 	 	     Chief Financial Officer	 	 

	 	 	 	 	 
	Attest:
	 	 	 	 
	 

	 	 

Gregory D. Wittrock
	 	 
	 

	 	Vice President, General Counsel	 	 
	 

	 	     and Secretary	 	 

3

 

FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

Date of Authentication: March 10, 2010

	 	 	 	 	 	 	 
	 	 	The Bank of New York Mellon Trust	 	 
	 	 	   Company, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

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REVERSE OF SECURITY

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
February 12, 2001 as supplemented by the Supplemental Indenture dated as of November 30, 2006
(herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company,
N.A. (as successor to Bank One Trust Company, National Association), as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to $500,000,000.

     The Securities of this series will be redeemable at the option of the Company, in whole at any
time or in part from time to time (each, a “Redemption Date”) at a redemption price (the
“Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Securities of
this series to be redeemed plus accrued and unpaid interest thereon to the Redemption Date and (ii)
the sum, as determined by the Independent Investment Banker, of the present values of the principal
amount and the remaining scheduled payments of interest on the Securities of this series to be
redeemed (exclusive of interest accrued to such Redemption Date), discounted from the scheduled
payment dates to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 50 basis points plus accrued but unpaid interest
thereon to the Redemption Date. Notwithstanding the foregoing, installments of interest on
Securities of this series that are due and payable on an Interest Payment Date falling on or prior
to the relevant Redemption Date will be payable to the Holders of such Securities registered as
such at the close of business on the relevant record date according to their terms and the
provisions of the Indenture. Notwithstanding Section 11.04 of the Indenture, notice of any such
redemption need not set forth the Redemption Price but only the manner of calculation thereof. The
Company shall give the Trustee notice of the Redemption Price promptly after the determination
thereof and the Trustee shall have no responsibility for determining the Redemption Price.

     If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to
redeem the Securities of this series by giving notice of such redemption to the Holders of the
Securities of this series pursuant to Section 11.04 of the Indenture, the Company will make an
offer to the Holders of Securities of this series to repurchase all or any part (in integral
multiples of $1,000) of such Securities at a repurchase price in cash equal to 101% of the
aggregate principal

5

 

amount of Securities of this series repurchased plus any accrued and unpaid interest on the
Securities of this series repurchased to the date of purchase. Within 30 days following any Change
of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after
the public announcement of the Change of Control, the Company will mail a notice to each Holder of
the Securities of this series, with a copy to the Trustee, describing the transaction or
transactions that constitute or may constitute the Change of Control Repurchase Event and offering
to repurchase Securities of this series on the Payment Date specified in the notice, which date
will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The
notice shall, if mailed prior to the date of consummation of the Change of Control, state that the
offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to
the Payment Date specified in the notice. The Company will comply with the requirements of Rule
14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Securities of this series as a result of a Change of
Control Repurchase Event. To the extent that the provisions of any securities laws or regulations
conflict with the Change of Control Repurchase Event provisions of the Securities of this series,
the Company will comply with the applicable securities laws and regulations and will not be deemed
to have breached its obligations under the Change of Control Repurchase Event provisions of the
Securities of this series by virtue of such conflict.

     On the Change of Control Repurchase Event Payment Date, the Company will, to the extent
lawful:

	 	1.	 	accept for payment all Securities of this series or portions of
Securities of this series properly tendered pursuant to the Company’s offer;
	 
	 	2.	 	deposit with the Paying Agent an amount equal to the aggregate purchase
price in respect of all Securities of this series or portions of Securities of this
series properly tendered; and
	 
	 	3.	 	deliver or cause to be delivered to the Trustee the Securities of this
series properly accepted, together with an Officers’ Certificate stating the
aggregate principal amount of Securities of this series being purchased by the
Company.

     The Paying Agent will promptly mail to each Holder of Securities of this series properly
tendered the purchase price for the Securities of this series, and the Trustee will promptly
authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Security of
this series equal in principal amount to any unpurchased portion of any Securities of this series
surrendered; provided that

6

 

each new Security of this series will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof.

     The Company will not be required to make an offer to repurchase the Securities of this series
upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at
the times and otherwise in compliance with the requirements for an offer made by the Company and
such third party purchases all Securities of this series properly tendered and not withdrawn under
its offer.

     “Below Investment Grade Rating Event” means the Securities of this series are rated below
investment grade by both Rating Agencies on any date from the date of the public notice of an
arrangement that could result in a Change of Control until the end of the 60-day period following
public notice of the occurrence of a Change of Control (which period shall be extended so long as
the rating of the Securities of this series is under publicly announced consideration for possible
downgrade by either of the rating agencies); provided that a Below Investment Grade Rating Event
otherwise arising by virtue of a particular reduction in rating shall not be deemed to have
occurred in respect of a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event
hereunder) if the Rating Agencies making the reduction in rating to which this definition would
otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the request
of the Company that the reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control shall have occurred at the time of the Below Investment
Grade Rating Event).

     “Change of Control” means the consummation of any transaction (including, without limitation,
any merger or consolidation) the result of which is that any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), becomes the beneficial owner, directly or indirectly, of
more than 50% of the Company’s voting stock, measured by voting power rather than number of shares.

     “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a
Below Investment Grade Rating Event.

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining term of the
Securities of this series to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Securities of this series to be redeemed.

7

 

     “Comparable Treasury Price” means, with respect to any Redemption Date, the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest such Reference Treasury Dealer Quotations, or if the Independent Investment Banker obtains
fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference
Treasury Dealer Quotations.

     “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company.

     “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
successor rating categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under
any successor rating categories of S&P); and the equivalent investment grade credit rating from any
additional Rating Agency or Rating Agencies selected by the Company.

     “Moody’s” means Moody’s Investors Service Inc.

     “Paying Agent” means The Bank of New York Mellon Trust Company, N.A.

     “Rating Agency” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases
to rate the Securities of this series or fails to make a rating of the Securities of this series
publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange
Act, selected by the Company (as certified by a resolution of the Company’s board of directors) as
a replacement agency for Moody’s or S&P, or both, as the case may be.

     “Reference Treasury Dealer” means (a) each of Banc of America Securities LLC, Citigroup Global
Markets Inc., J.P. Morgan Securities Inc. and their respective successors, unless any of them
ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury
Dealer”), in which case the Company shall substitute another Primary Treasury Dealer; and (b) any
other Primary Treasury Dealers selected by the Company.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date for the Securities of this series, the average, as determined by the
Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. New York City time, on
the third Business Day preceding such Redemption Date.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

8

 

     “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated on the third
Business Day preceding such Redemption Date using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury price for such
Redemption Date.

     “Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) as of any date means the capital stock of such person that is at the time entitled to
vote generally in the election of the board of directors of such person.

     This Security will be subject to defeasance and discharge and to defeasance of certain
obligations as set forth in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed herein.

9

 

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any) and interest on this Security herein provided, and at the
times, place and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein and on face of this
Security, the transfer of this Security is registrable in the Security Register, upon surrender of
this Security for registration of transfer at the office or agency of the Company in any place
where the principal of (and premium, if any) and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or
transferees.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes (subject to Section 3.07 of the
Indenture), whether or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

10exv10w1

Exhibit 10.1

Kaiser Aluminum

2010 Short-Term Incentive Plan for Key Managers Summary

This is a summary of the Kaiser Aluminum short-term incentive program (STIP) effective January 1,
2010. The STIP performance period is annual. The 2010 program rewards participants for economic
value added (“EVA”) versus our cost of capital with modifiers for safety, business unit, plan and
individual performance objectives.

Purpose of the 2010 Kaiser Aluminum STIP

	1.	 	Focus attention on value creation within Fabricated Products, our core business segment,
and Corporate.

	2.	 	Reward the achievement of aggressive performance goals.

	3.	 	Provide incentive opportunities that are consistent with competitive market.

	4.	 	Link incentive pay to individual performance as well as our success and ability to pay.

STIP Philosophy

Compensation should (i) reward management for value creation and the safe operation of our
business, (ii) stand the test of time to provide continuity in compensation philosophy, (iii)
recognize the cyclical nature of our business, and (iv) provide a retention incentive. In order to
achieve success, participants must continue to seek out and find ways to create value and operate
safely.

Primary Performance Measures

	•	 	EVA will equal our pre-tax operating income (“PTOI”) less a capital charge calculated as a
percentage of our net assets (“Net Assets”). Both PTOI and Net Assets will be based on our
financial statements and certain adjustments described in more detail below.

	 	o	 	Net Assets will equal our Total Assets less Total Liabilities reflected in the
financial statements for our prior fiscal year subject to adjustments to:

	 	§	 	Remove the secondary aluminum and hedging business units (formerly
Primary Products)
	 
	 	§	 	Remove Discontinued Operations
	 
	 	§	 	Eliminate fresh start adjustments for PP&E value and intangible assets,
including the write-up of pre-emergence goodwill
	 
	 	§	 	Eliminate VEBA assets and liabilities
	 
	 	§	 	Exclude financing items
	 
	 	§	 	Exclude capex in progress
	 
	 	§	 	Add capitalized value of long-term leases
	 
	 	§	 	Add prorated value of capital projects and acquisitions larger than 1%
of prior year Net Assets
	 
	 	§	 	Exclude deferred income tax assets or liabilities
	 
	 	§	 	Exclude mark-to-market assets or liabilities associated with Fabricated
Products
	 
	 	§	 	Others as recommended by the CEO and approved by our Compensation
Committee of the Board of Directors (the “Compensation Committee”)

 

 

	 	o	 	PTOI will be adjusted to:

	 	§	 	Exclude LIFO adjustments
	 
	 	§	 	Exclude mark-to-market and lower of cost or market adjustments
at the corporate level on metal inventory on hand
	 
	 	§	 	Add back depreciation associated with step-down in property,
plant and equipment resulting from the implementation of fresh start
accounting
	 
	 	§	 	Amortize the following non-recurring activities over 36 months if
the value exceeds one percent of Net Assets:

	 	•	 	Restructuring charges
	 
	 	•	 	Gains or losses resulting from asset dispositions
	 
	 	•	 	Labor stoppage costs
	 
	 	•	 	Asset impairment charges

	 	•	 	Others as recommended by the CEO and approved by our Compensation
Committee

	•	 	Safety performance will be measured by Total Case Incident Rate (TCIR).

Individual Performance Criteria — Kaiser Aluminum STIP

	•	 	Individual payouts from the 2010 STIP may be adjusted based upon performance against
individual objectives and/or business unit performance.

	•	 	The business unit modifier allows for a plus or minus 50% of target or award based on the
performance of the specific business unit that applies to the individual.

	•	 	There are up to four categories based on individual objectives or targets set in the first
quarter of each year. Each category allows for an individual modifier based on percentage of
the target; provided, however that the aggregate of all individual modifiers at target (before
adjustment based on actual performance) shall not exceed 100%.

Target Incentive

	•	 	A monetary target incentive amount for each participant is established for the STIP
based on competitive market, internal compensation balance and position responsibilities.

	•	 	Participants’ monetary incentive targets are set at the beginning of each annual STIP
performance period.

	•	 	The participant’s monetary incentive target amount represents the incentive opportunity
when certain financial, safety, operational and individual performance goals are met.

How Incentive Awards Are Determined

	•	 	At the end of the year EVA will be determined and used to calculate the Award
Multiple.

	•	 	Award Multiples calculations are audited by an auditor determined by the Compensation
Committee.

	•	 	The Award Multiple is adjusted within a range of plus or minus 10% based upon TCIR.

	•	 	The maximum Award Multiple is 3.0 times target.

	•	 	A pool is established based upon the Award Multiple multiplied by the sum of individual
monetary incentive targets for the STIP participants.

	•	 	The entire pool is paid to participants.

 

 

STIP Award

	•	 	Each participant’s base award is determined as the vested monetary incentive target
times Award Multiple.

	•	 	Based on EVA and TCIR performance as well as business unit and individual performance, the
monetary award can be modified in aggregate up to plus or minus 100% of incentive target or
base award.

	 	o	 	If the award multiple is 1.0 or greater, then the earnings and individual / safety
performance modifier will be a percentage of the calculated award.
	 
	 	o	 	If the award multiple is less than 1.0, then the earnings and individual /
safety performance modifier will be a percentage of incentive target.

Form and Timing of Payment

	•	 	STIP awards are paid, at the Company’s election, in cash, non-restricted shares of the
Company’s common stock or a combination of cash and non-restricted shares no later than March
15 following the end of the year.

	•	 	Award is conditioned on employment on date of payment unless employment is terminated:

	 	o	 	As a result of death, disability, normal retirement or full early retirement
(position elimination);
	 
	 	o	 	Involuntarily by the company without cause; or
	 
	 	o	 	Voluntarily by the employee with good reason

Other Administrative Provisions

	•	 	The STIP will be reviewed annually.

	•	 	Annual incentive awards paid from the STIP count as additional compensation for purposes of
the Company’s Defined Contribution and Restoration Plans but not for other Company benefits.

	•	 	All applicable federal, state, local and FICA taxes will be withheld from all incentive
award payments.

	•	 	Retirement or termination: If participant dies or retires under normal retirement at or
after age 65, full early retirement (position elimination), or is involuntarily terminated due
to position elimination, or becomes disabled, on a date other than December 31 of any year, a
pro-rata incentive award is earned based on actual eligibility during the performance period.

	•	 	Leave of absence participants earn a prorated award based on the number of months of active
employment.

	•	 	Beneficiary designation: In the event of death the deceased participant’s designated
beneficiary will receive any payments due under the STIP. If there is no designated
beneficiary on file with Human Resources, any amounts due will be paid to the surviving spouse
or, if no surviving spouse, to the participant’s estate.

	•	 	Non transferability: No amounts earned under the STIP may be sold, transferred, pledged or
assigned, other than by will or the laws of descent and distribution until the termination of
the applicable performance period. All rights to benefits under the STIP are exercisable only
by the participant or, in the case of death, by the participant’s beneficiary.

 

 

	•	 	The STIP may be modified, amended or terminated by the Compensation Committee at any time.
If the plan is terminated, modified or amended, then future payments from the STIP are
governed by such modifications or amendments. If terminated, then a prorated award will be
determined based on number of months up to termination, and paid before March 15 following the
end of the year.

	•	 	The STIP constitutes no right to continued employment.

	•	 	The Chairman and CEO, with oversight from the Compensation Committee, has the discretionary
authority to interpret the terms of the plan and his decisions shall be final, binding and
conclusive on all persons affected.

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