Document:

Duke Realty Corporation 2011 Non-Employee Directors Compensation Plan

 EXHIBIT 10.2 

 
  

DUKE REALTY CORPORATION 
 2011 NON-EMPLOYEE DIRECTORS COMPENSATION PLAN 
  

 

 DUKE REALTY CORPORATION 

2011 NON-EMPLOYEE DIRECTORS COMPENSATION PLAN 
  

							
	 ARTICLE 1 PURPOSE
	  	 	1	  
	 1.1
	    	 Purpose
	  	 	1	  
	 1.2
	    	 Eligibility
	  	 	1	  
	 ARTICLE 2 DEFINITIONS
	  	 	1	  
	 2.1
	    	 Definitions
	  	 	1	  
	 ARTICLE 3 ADMINISTRATION
	  	 	3	  
	 3.1
	    	 Administration
	  	 	3	  
	 3.2
	    	 Reliance
	  	 	3	  
	 3.3
	    	 Indemnification
	  	 	3	  
	 ARTICLE 4 SHARES
	  	 	4	  
	 4.1
	    	 Source of Shares for the Plan
	  	 	4	  
	 ARTICLE 5 RETAINERS AND EXPENSES
	  	 	4	  
	 5.1
	    	 Base Annual Retainer
	  	 	4	  
	 5.2
	    	 Supplemental Annual Retainer
	  	 	5	  
	 5.3
	    	 Travel Expense Reimbursement
	  	 	5	  
	 ARTICLE 6 LONG-TERM EQUITY COMPENSATION
	  	 	5	  
	 6.1
	    	 Initial Grant of Restricted Stock Units
	  	 	5	  
	 6.2
	    	 Annual Grant of Restricted Stock Units
	  	 	5	  
	 6.3
	    	 Vesting
	  	 	6	  
	 6.4
	    	 Conversion to Common Stock
	  	 	6	  
	 6.5
	    	 Restrictions on Transfer
	  	 	6	  
	 6.6
	    	 Rights as Stockholder
	  	 	6	  
	 6.7
	    	 Dividend Equivalents
	  	 	6	  
	 6.8
	    	 Award Certificates
	  	 	7	  
	 ARTICLE 7 AMENDMENT, MODIFICATION AND TERMINATION
	  	 	7	  
	 7.1
	    	 Amendment, Modification and Termination
	  	 	7	  
	 ARTICLE 8 GENERAL PROVISIONS
	  	 	7	  
	 8.1
	    	 Adjustments
	  	 	7	  
	 8.2
	    	 Duration of the Plan
	  	 	7	  
	 8.3
	    	 Expenses of the Plan
	  	 	7	  
	 8.4
	    	 Status of the Plan
	  	 	8	  
	 8.5
	    	 Effective Date
	  	 	8	  

 DUKE REALTY CORPORATION 

2011 NON-EMPLOYEE DIRECTORS COMPENSATION PLAN 
 ARTICLE 1 
 PURPOSE 

1.1.    PURPOSE.  The purpose of the Duke Realty Corporation 2011
Non-Employee Directors Compensation Plan is to attract, retain and compensate highly-qualified individuals who are not employees of Duke Realty Corporation or any of its Affiliates for service as members of the Board by providing them with
competitive compensation and an ownership interest in the Common Stock of the Company. The Company intends that the Plan will benefit the Company and its stockholders by allowing Non-Employee Directors to have a personal financial stake in the
Company through an ownership interest in the Common Stock and will closely associate the interests of Non-Employee Directors with that of the Company’s stockholders. From and after the Effective Date, this Plan supersedes the Duke Realty
Corporation 2005 Non-Employee Directors Compensation Plan. 

1.2.    ELIGIBILITY.  Non-Employee Directors of the Company who are Eligible
Participants, as defined below, shall automatically be participants in the Plan. 
 ARTICLE 2 

DEFINITIONS 
 2.1.    DEFINITIONS.  Unless the context clearly indicates otherwise, the following terms shall have the following meanings: 

“Affiliate” has the meaning given such term in the Equity Incentive Plan. 

“Base Retainer” means the Retainer payable by the Company to a Non-Employee Director pursuant to
Section 5.1 hereof for service as a director of the Company (i.e., excluding any Supplemental Retainer), as such amount may be changed from time to time. 

“Board” means the Board of Directors of the Company. 

“Change in Control” has the meaning given such term in the Equity Incentive Plan. 

“Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific Section of the Code
or regulation thereunder shall include such Section or regulation, any valid regulation promulgated under such Section, and any comparable provision of any future law, legislation or regulation amending, supplementing or superseding such Section or
regulation. 

 “Committee” has the meaning given such term in the Equity
Incentive Plan. 
 “Common Stock” means the common stock, par value $0.01 per share, of the
Company. 
 “Company” means Duke Realty Corporation, an Indiana corporation. 

“Disability” shall have the meaning given such term in Section 409A of the Code without giving
effect to any elective provisions that may be available under such definition. The Committee may require such medical or other evidence as it deems necessary to judge the nature and permanency of a Non-Employee Director’s condition. 

“Director Retirement” means retirement of the director on or after attaining the age of 55.
Notwithstanding the foregoing, retirement of a Non-Employee Director shall not be deemed to have occurred unless it constitutes a “separation from service” within the meaning of Section 409A of the Code, without giving effect to any
elective provisions that may be available under such definition. 
 “Directors’ Deferred
Compensation Plan” means the Directors’ Deferred Compensation Plan of Duke Realty Corporation, as amended from time to time, or any other deferred compensation plan approved by the Company’s Board and designated as the
Directors’ Deferred Compensation Plan for purposes of this Plan. 
 “Effective Date” has
the meaning set forth in Section 8.5 of the Plan. 
 “Eligible Participant” means any
person who is a Non-Employee Director on the Effective Date or becomes a Non-Employee Director while this Plan is in effect; except that during any period a director is prohibited from participating in the Plan by his or her employer or otherwise
waives participation in the Plan, such director shall not be an Eligible Participant. 
 “Equity
Incentive Plan” means the Duke Realty Corporation Amended and Restated 2005 Long-Term Incentive Plan, or any subsequent equity compensation plan approved by the Company’s stockholders and designated as the Equity Incentive Plan for
purposes of this Plan. 
 “Fair Market Value” has the meaning given such term in the Equity
Incentive Plan. 
 “Lead Director” means the Non-Employee Director who has been designated by
the Board as the Lead Director for the Plan Year in question. The Board may change the designation of Lead Director from time to time. 
 “Non-Employee Director” means a director of the Company who is not an employee of the Company or of any of its Affiliates. 

  
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 “Plan” means this Duke Realty Corporation 2011 Non-Employee
Directors Compensation Plan, as amended from time to time. 
 “Plan Year” means the
twelve-month period ending on April 30 of each year which, for purposes of the Plan, is the period for which Retainers are earned. 
 “Restricted Stock Units” represent the right to receive shares of Common Stock at a designated future date and after the applicable restrictions have expired, as provided in Article 6 of
the Plan. Each Restricted Stock Unit represents the right to receive one share of Common Stock in the future. 

“Retainer” means the Base Retainer and the Supplemental Retainers. 

“Shares” has the meaning given such term in the Equity Incentive Plan. 

“Supplemental Retainer” means the Retainer payable by the Company to a Non-Employee Director pursuant to
Section 5.2 hereof for service as Lead Director, service as a chair of a committee of the Board, or service as a member of more than one committee of the Board, as such amount may be changed from time to time. 

ARTICLE 3 

ADMINISTRATION 
 3.1.    ADMINISTRATION.  The Plan shall be administered by a committee of the Board consisting solely of independent directors within the meaning of Section 303A
of the New York Stock Exchange Listed Company Manual and who also qualify as “non-employee directors” within the meaning of Rule 16b-3 promulgated under the Securities Exchange Act of 1934 (the “Committee”). Subject to the
provisions of the Plan, the Committee shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of
the Plan. The Committee’s interpretation of the Plan, and all actions taken and determinations made by the Committee pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties concerned including the
Company, its stockholders and persons granted awards under the Plan. The Committee may appoint a plan administrator to carry out the ministerial functions of the Plan, but the administrator shall have no other authority or powers of the Committee.

 3.2.    RELIANCE.  In administering the Plan, the Committee may rely
upon any information furnished by the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Committee in connection with the Plan. This
limitation of liability shall not be exclusive of any other limitation of liability to which any such person may be entitled under the Company’s certificate of incorporation or otherwise. 

3.3.    INDEMNIFICATION.  Each person who is or has been a member of the Committee
or who otherwise participates in the administration or operation of this Plan shall be indemnified by the Company against, and held harmless from, any loss, cost, liability or expense that may be imposed upon or incurred by him or her in connection
with or resulting from any claim, action, suit or proceeding in which such person may be involved by reason of any action taken or failure to act under the Plan and shall be fully reimbursed by the Company for any and all amounts paid by such person
in satisfaction of judgment against him or her in any such action, suit or proceeding, provided he or she will give the Company an opportunity, by written notice to the Board, to defend the same at the Company’s own expense before he or she
undertakes to defend it on his or her own behalf. This right of indemnification shall not be exclusive of any other rights of indemnification to which any such person may be entitled under the Company’s certificate of incorporation, bylaws,
contract or Indiana law. 

  
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 ARTICLE 4 
 SHARES 
 4.1.    SOURCE OF SHARES
FOR THE PLAN.  The Restricted Stock Units and shares of Common Stock that may be issued pursuant to the Plan shall be issued under the Equity Incentive Plan, subject to all of the terms and conditions of the Equity Incentive Plan. The
terms contained in the Equity Incentive Plan are incorporated into and made a part of this Plan with respect to Restricted Stock Units granted pursuant hereto and any such awards shall be governed by and construed in accordance with the Equity
Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Equity Incentive Plan and the provisions of this Plan, the provisions of the Equity Incentive Plan shall be controlling and determinative. This Plan does
not constitute a separate source of shares for the grant of the equity awards described herein. 
 ARTICLE 5 

RETAINERS AND EXPENSES 
 5.1.    BASE RETAINER.  Each Eligible Participant shall be paid a Base Retainer for service as a director during each Plan Year. The amount and form of payment of the
Base Retainer shall be established from time to time by the Committee. Until changed by the Committee, the Base Retainer shall be $75,000 per year, payable in cash; provided, however, that Eligible Participants shall be given an annual election to
receive the Base Retainer for the next Plan Year wholly in Shares, subject to availability under the Equity Incentive Plan. Unless deferred pursuant to the Directors’ Deferred Compensation Plan, the Base Retainer shall be paid on a quarterly
basis as soon as practicable, but in any event within 60 days following the end of a calendar quarter for the prior quarter’s service. The number of Shares, if any, to be granted to an Eligible Participant as Base Retainer for a calendar
quarter shall be determined by dividing $18,750 by the Fair Market Value of one share of Common Stock as of the last business day of the calendar quarter to which the Base Retainer relates, and rounding up to the nearest whole Share. The Base
Retainer shall be payable beginning with the first quarter in which a Non-Employee Director is an Eligible Participant, with no pro-rata reduction based on a partial quarter of service or eligibility. 

  
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 Non-Employee Directors may elect to defer their Base Retainer under and
pursuant to the terms of the Directors’ Deferred Compensation Plan. 

5.2.    SUPPLEMENTAL RETAINER.  Any Non-Employee Director who serves as the Lead
Director or as the chair of a committee of the Board or who serves as a member of more than one committee of the Board shall be paid a Supplemental Retainer, payable in cash, as provided herein. Unless deferred pursuant to the Directors’
Deferred Compensation Plan, such Supplemental Retainer shall be paid on a quarterly basis as soon as practicable, but in any event within 60 days following the end of a calendar quarter for the prior quarter’s service. The amount of the
Supplemental Retainer shall be established from time to time by the Committee. Until changed by the Committee, the Supplemental Retainer for a full Plan Year shall be as follows: 

 

					
	 Service Description
	  	Amount	 
	 Lead Director/Governance Committee Chair
	  	 	$12,000	  
	 Audit Committee Chair
	  	 	$15,000	  
	 Executive Compensation Committee Chair
	  	 	$10,000	  
	 Financial Committee Chair
	  	 	$10,000	  
	 Member of more than one Board committee
	  	 	$5,000	  

Non-Employee Directors may elect to defer their Supplemental Retainer(s) under and pursuant to the terms of the
Directors’ Deferred Compensation Plan. 
 5.3.    TRAVEL EXPENSE
REIMBURSEMENT.  All Non-Employee Directors shall be reimbursed for reasonable travel expenses (including spouse’s expenses to attend events to which spouses are invited) in connection with attendance at meetings of the
Board and its committees, or other Company functions at which the Chair of the Board or the Chief Executive Officer requests the Non-Employee Director to participate. 
 ARTICLE 6 
 LONG-TERM EQUITY COMPENSATION 

6.1.    INITIAL GRANT OF RESTRICTED STOCK UNITS.  On the effective day of a
Non-Employee Director’s first appointment to the Board, he or she will receive an award of Restricted Stock Units. The number of Restricted Stock Units to be so awarded shall be determined by dividing $50,000 by the Fair Market Value of one
share of Common Stock on such date. Such Restricted Stock Units shall be subject to the terms and restrictions described below in this Article 6, shall be in addition to any otherwise applicable annual grant of Restricted Stock Units granted to such
Non-Employee Director under Section 6.2, and are subject to share availability under the Equity Incentive Plan. 
 6.2.    ANNUAL GRANT OF RESTRICTED STOCK UNITS.  On the Effective Date and on February 10 of each subsequent calendar year, each Eligible Participant in service
on that date will receive an award of Restricted Stock Units. The number of Restricted Stock Units to be so awarded shall be determined by dividing $75,000 by the Fair Market Value of one share of Common Stock on such date. Such Restricted Stock
Units shall be subject to the terms and restrictions described below in this Article 6, and are subject to share availability under the Equity Incentive Plan. 

  
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 6.3.    VESTING.  Restricted Stock
Units granted to an Eligible Participant under the Plan shall be credited to a bookkeeping account on behalf of the participant. Restricted Stock Units granted pursuant to Section 6.1 shall vest and become non-forfeitable on the second
anniversary of the date of grant; Restricted Stock Units granted pursuant to Section 6.2 shall vest and become non-forfeitable on the first anniversary of the date of grant; and Restricted Stock Units granted pursuant to Section 6.1 or 6.2
shall vest, if earlier than the aforementioned anniversary date: (i) upon the grantee’s separation from service from the Company due to his or her death, Disability or Director Retirement, or (ii) upon the occurrence of a Change in
Control (in any such case, the “Vesting Date”). If the grantee’s service as a director of the Company (whether or not in a Non-Employee Director capacity) terminates prior to vesting other than by reason of his or her death,
Disability or Director Retirement or the occurrence of a Change in Control, then the grantee shall forfeit all of his or her right, title and interest in and to any unvested Restricted Stock Units as of the date of such termination from the Board
and such Restricted Stock Units shall be reconveyed to the Company without further consideration or any act or action by the grantee. 
 6.4.    CONVERSION TO COMMON STOCK.  Unless forfeited prior to the Vesting Date or deferred under and pursuant to the terms of the Directors’ Deferred
Compensation Plan, Restricted Stock Units shall be converted to actual shares of Common Stock on the Vesting Date. In that case, stock certificates evidencing the conversion of Restricted Stock Units into shares of Common Stock shall be registered
on the books of the Company in the Non-Employee Director’s name as of the Vesting Date and delivered to the Non-Employee Director as soon as practicable thereafter. Such conversion to Common Stock may be deferred pursuant to the Directors’
Deferred Compensation Plan. 
 6.5.    RESTRICTIONS ON
TRANSFER.  Restricted Stock Units granted under the Plan may not be pledged, hypothecated or otherwise encumbered to or in favor of any party other than the Company or an Affiliate, or be subjected to any lien, obligation or liability
of the holder to any other party other than the Company or an Affiliate. Restricted Stock Units granted under the Plan are not assignable or transferable by a Non-Employee Director other than by will or the laws of descent and distribution.

 6.6.    RIGHTS AS STOCKHOLDER.  A Non-Employee Director shall not have
voting, dividend or any other rights as a stockholder of the Company with respect to the Restricted Stock Units. Upon conversion of the Restricted Stock Units into shares of Common Stock, the Non-Employee Director will obtain full voting, dividend
and other rights as a stockholder of the Company. 
 6.7.    DIVIDEND
EQUIVALENTS.  If and when dividends or distributions are paid with respect to the Common Stock, Non-Employee Directors holding Restricted Stock Units under this Plan shall be credited with additional Restricted Stock Units
(“Additional Restricted Stock Units”) equal to the dollar amount or fair market value of such dividends or distributions paid with respect to that number of shares of Common Stock represented by his or her Restricted Stock Units and
Additional Restricted Stock Units immediately prior to such dividend or distribution. The number of Additional Restricted Stock Units to be so credited shall be determined by dividing (i) the dollar amount or fair market value of such dividends
or distributions, by (ii) the Fair Market Value of one share of Common Stock as of the payment date of such dividend or distribution. Any such Additional Restricted Stock Units so credited shall be immediately vested when credited to the
Non-Employee Director’s account, but will be converted to actual shares of Common Stock on the earlier of (i) the same date as the original Restricted Stock Units with respect to which they were credited are converted to Common Stock, or
(ii) if such original Restricted Stock Units fail to vest and are therefore forfeited, as soon as practicable, but in any event within 60 days, after the date on which the original Restricted Stock Units were forfeited. 

  
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 6.8.    AWARD CERTIFICATES. All awards of
Restricted Stock Units shall be evidenced by a written Award Certificate between the Company and the Non-Employee Director, which shall include such provisions, not inconsistent with the Plan or the Equity Incentive Plan, as may be specified by the
Committee. 
 ARTICLE 7 
 AMENDMENT, MODIFICATION AND TERMINATION 

7.1.    AMENDMENT, MODIFICATION AND TERMINATION.  The Committee may terminate
or suspend the Plan at any time, without stockholder approval. The Committee may amend the Plan at any time and for any reason without stockholder approval; provided, however, that the Committee may condition any amendment on the approval of
stockholders of the Company if such approval is necessary or deemed advisable with respect to tax, securities or other applicable laws, policies or regulations. Except as provided in Section 9.1, no termination, modification or amendment of the
Plan may, without the consent of a Non-Employee Director, adversely affect a Non-Employee Director’s rights under an award granted prior thereto. 
 ARTICLE 8 
 GENERAL PROVISIONS 

8.1.    ADJUSTMENTS.  The adjustment provisions of the Equity Incentive Plan shall
apply with respect to awards of Restricted Stock Units outstanding or to be granted pursuant to this Plan. 

8.2.    DURATION OF THE PLAN.  The Plan shall remain in effect until April 30,
2015 unless terminated earlier by the Committee. 
 8.3.    EXPENSES OF THE
PLAN.  The expenses of administering the Plan shall be borne by the Company. 

  
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 8.4.    STATUS OF THE PLAN.  The
provisions of Articles 6 of the Plan are intended to be a nonqualified, unfunded plan of deferred compensation under the Code. Plan benefits shall be paid from the general assets of the Company or as otherwise directed by the Company. A participant
shall have the status of a general unsecured creditor of the Company with respect to his or her right to receive Common Stock or other payment upon settlement of the Restricted Stock Units granted under the Plan. No right or interest in the
Restricted Stock Rights shall be subject to the claims of creditors of the Non-Employee Director or to liability for the debts, contracts or engagements of the Non-Employee Director, or shall be subject to disposition by transfer, alienation,
anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including
bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that nothing in this Plan shall prevent transfers by will or by the applicable laws of descent and distribution. To the extent that any
participant acquires the right to receive payments under the Plan (from whatever source), such right shall be no greater than that of an unsecured general creditor of the Company. Participants and their beneficiaries shall not have any preference or
security interest in the assets of the Company other than as a general unsecured creditor. 

8.5.    EFFECTIVE DATE.  The Plan shall become effective on January 1, 2011
(the “Effective Date”). 
  

			
	 DUKE REALTY CORPORATION

		
	 By:
	 	 
		 	 Dennis D. Oklak

		 	 Chairman of the Board and Chief Executive Officer

  
 - 8 -Crane Co. Retirement Plan for Non-Employee Directors

 Exhibit 10.1 
 CRANE CO. RETIREMENT PLAN 
 FOR NON-EMPLOYEE DIRECTORS 

AS AMENDED THROUGH APRIL 18, 2011 
 The Crane Co. Retirement Plan for Non-Employee Directors, a non-qualified deferred compensation plan for the exclusive benefit of the Company’s non-employee directors, is hereby restated as set forth
below and reflecting amendments through April 18, 2011. 
 I. INTRODUCTION 

1.1     Name of Plan. The name of the plan is the “Crane Co. Retirement Plan for Non-Employee Directors”. It is also
referred to as the “Plan.” 
 1.2     Term of Plan. The original effective date of the Plan was
November 28, 1988. The Plan was amended effective December 5, 2005 and April 18, 2011. 
 1.3    
Termination of Plan as to Active Participants. Pursuant to the Addendum to this Plan, the Plan has been terminated as to all active Participants and any new Participants as of April 18, 2011. The termination of the Plan as to all active
participants shall have no effect on any other beneficiaries whose benefits under the Plan currently in pay status are grandfathered and not otherwise subject to Section 409A of the Code. 

II. DEFINITIONS 

“Board” shall mean the Board of Directors of Crane Co. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended 
 “Company”
shall mean Crane Co., a Delaware corporation. 
 “Compensation Committee” shall mean the Management Organization and Compensation
Committee of the Board. 
 “Non-Employee Director” shall mean a director serving on the Board of the Company who is not also serving as
an employee of the Company or any of its subsidiaries or affiliated business entities. 
 “Participant” shall mean a Non-Employee
Director who is serving on the Board on the Effective Date or who thereafter becomes a member of the Board. 
 “Payment Dates” shall
mean January 15, April 15, July 15 and October 15 of each calendar year, beginning no earlier than January 15, 1988. 
 “Plan Year” shall mean a calendar year. 
 “Retainer” shall mean the annual
retainer fee in effect at the time that a Participant’s service on the Board is terminated. 
  

 “Change in Control” shall mean (i) the first purchase of shares pursuant to a tender offer or
exchange offer (other than a tender offer or exchange offer by the Company) for all or part of the Company’s Common Stock or any securities convertible into such Common Stock, (ii) the receipt by the Company of a Schedule 13D or other
advice indicating that a person is the “beneficial owner” (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934 (the “Exchange Act”) of 20% or more of the Company’s Common Stock calculated as
provided in paragraph (d) of said Rule 13d-3, (iii) the date of approval by stockholders of the Company of an agreement providing for any consolidation or merger of the Company in which the Company will not be the continuing or surviving
corporation or pursuant to which shares of Common Stock of the Company would be converted into cash, securities or other property, other than a merger of the Company in which the holders of Common Stock of the Company immediately prior to the merger
would have the same proportion of ownership of common stock of the surviving corporation immediately after the merger, (iv) the date of the approval by stockholders of the Company of any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all or substantially all the assets of the Company, (v) the adoption of any plan or proposal for the liquidation (but not a partial liquidation) or dissolution of the Company, or (vi) the
date upon which the individuals who constitute the Board as of November 28, 1988 (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to
such date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board (other than an election or nomination of an individual whose
initial assumption of office is in connection with an actual or threatened election contest relating to the election of directors of the Company, as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) shall be
for purposes of this agreement, considered as though such person were a member of the Incumbent Board. 
 III. BENEFITS
UNDER THE PLAN 
 3.1     Eligibility to Receive Benefits Under the Plan. A Participant under this Plan shall
be eligible to receive benefits under this Plan only if, at the time of termination from service on the Board, such Participant is not eligible to receive an accrued benefit under any qualified retirement plan sponsored by the Company or any of its
subsidiaries or affiliated businesses for the period of service covered by this Plan. 
 3.2     Vesting of Benefits
Under the Plan. Unless a Change in Control occurs, no Participant shall be entitled to or vested in any benefits until the Participant completes 24 full calendar months of service on the Board at which point a Participant shall be vested in 50%
of the benefits payable under the Plan. For each 12 full calendar months of service completed thereafter a Participant shall be vested in an additional 10% of the benefits payable under the Plan until a Participant completes 84 full calendar months
of service on the Board at which time the Participant’s benefits under the Plan shall be fully vested. If a Participant dies or becomes permanently and totally disabled, or if a Change in Control occurs, a Participant shall be fully vested in
100% of the benefit payable under the Plan. In the case of any break in service, all periods of service shall be aggregated to measure the total period of service. 

  
 -2-

 3.3     Amount of Annual Benefit Payable Under the Plan. A Participant who is
eligible to receive benefits under the Plan shall be entitled to receive at age 65, or upon termination from service on the Board, whichever is later, an annual benefit equal to that portion of the amount of the Retainer at the time the
Participant’s service on the Board is terminated in which the Participant is vested, or if less, $35,000 per annum. A Participant whose service on the Board has terminated before age 65 shall be entitled to receive at any age at or after age 55
the benefit to which he is entitled under the Plan on an actuarially reduced basis. 
 3.4     Time and Duration of
Payments Under the Plan. Annual benefits under the Plan shall be paid in four equal installments on each Payment Date, and shall continue for a period equal to the number of years (and any portion thereof) which the Participant has served on the
Board, provided, however, if a Change of Control occurs the period for which such payments shall be made shall be not less than seven (7) years. Except as provided in Article IV, and except for any Participant whose benefit payments under the
Plan commence after December 6, 2004, no benefits shall be payable under the plan after the death of a Participant. 

3.5     Payments in the Event of a Change in Control. In the event of a Change in Control, the Participant shall be entitled
to receive at the time the Participant leaves the Board a lump sum which after the payment of all federal, state and local taxes applicable thereto at the time of payment would provide a retirement benefit equal to the actuarial equivalent of the
benefit payable under the Plan. Actuarial equivalents for purposes of this paragraph 3.5 (lump sum distributions) and of paragraph 3.3 (non lump sum distributions) shall be computed using the factors prescribed in the Company’s Pension Plan for
Non-Bargaining Employees or any successor plan at the time the computation is made. In the event it shall be determined that any payment whether paid or payable or distributed or distributable pursuant to the Plan would be subject to the excise tax
imposed by Section 4999 of the Internal Revenue Code or any interest or penalties with respect to such excise tax (such excise tax together with any interest or penalties are hereinafter referred to collectively as the “Excise Tax”)
then the Participant shall be entitled to receive an additional payment (a “Gross-up Payment”) in an amount such that after payment by the Participant of all taxes (including any interest or penalties imposed with respect to such taxes)
including any Excise Tax imposed upon the Gross-up Payment, the Participant retains an amount of the Gross-up Payment equal to the Excise Tax imposed upon the Payments. 
 3.6     Non-Assignability of Interest. Except as otherwise provided in the next sentence, the interests herein and the right to receive benefits hereunder may not be
anticipated, alienated, sold, transferred, assigned, pledged, encumbered, or subjected to any charge or legal process, and if any attempt is made to do so, or a Participant becomes bankrupt, the interests under the Plan of the person affected may be
terminated by the Compensation Committee, which, in its sole discretion, may cause the same to be held or applied for the benefit of one or more of the dependents of such person or make any other disposition of such interests as it deems
appropriate. A Participant may transfer all or a portion of his right to receive benefits hereunder to one or more family members (as defined below) of such Participant or tax exempt organizations (within the meaning of Section 501(c)(3) of the
Internal Revenue Code) as the Participant may designate from time to time. For purposes of the immediately preceding sentence, “family member” shall mean a Participant’s child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other than a tenant of
the Participant), a trust in which these persons (or the Participant) have more than fifty percent (50%) of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity
in which these persons (or the Participant) own more than fifty percent (50%) of the voting interests. 

  
 -3-

 IV. SURVIVING SPOUSE BENEFITS 

4.1     “Election Period” shall mean the period which begins thirty days prior to the day on which the Non-Employee
Director will attain age 55 and ends on the earliest to occur of (a) the date of the Non-Employee Director’s death, (b) the date of the Non-Employee Director’s termination from service on the Board or (c) December 6,
2004. 
 4.2     “Election” shall mean a written election by a Non-Employee Director to receive a Joint and
Survivor Benefit and/or a Pre-Retirement Spouse Benefit. Each Election must be addressed to the Committee and made during the Election Period. No consent of the spouse shall be required to make an Election or revoke any Election. Any Election may be
revoked in writing by a Non-Employee Director by making a subsequent Election or by revoking a prior Election at any time during the Election Period. The number of revocations shall not be limited. Each Election may relate to a Joint and Survivor
Benefit, or a Pre-Retirement Spouse Benefit or both. 
 4.3     “Joint and Survivor Benefit” – Each
Non-Employee Director shall have the right to convert the benefits payable in accordance with Section 3.3 and 3.4 of the Plan into an actuarially reduced monthly annuity for the life of the Participant, with a survivor annuity for the life of
the spouse which is 50% or 100% (at the option of the Participant) of the actuarially reduced amount of such annuity. 

4.4     “Pre-Retirement Spouse Benefit” – Each Non-Employee Director who attains age 55 shall have the right to elect
a survivor annuity payable monthly for the life of his or her surviving spouse commencing upon the death of the Non-Employee Director prior to commencement of pension payments and which is the actuarial equivalent of the annual benefit payable under
Section 3.3 of the Plan at the date of death times the number of years such annual benefit is payable under Section 3.4 of the Plan, reduced by one percent (1%) for each birthday of the Non-Employee Director between the date of
termination from service on the Board and the date of death. 
 V. PLAN ADMINISTRATION 

The Plan shall be administered by the Compensation Committee. The Compensation Committee shall have the authority to interpret the Plan and any such
interpretation shall be final and binding on all parties. The Board may amend or terminate the Plan at any time, provided that no such amendment or termination shall adversely affect the amounts payable or vested under the Plan before the time of
such amendment or termination. The Company will pay all distributions made pursuant to the Plan and all costs, charges and expenses relating to the administration of the Plan. 

  
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 VI. MISCELLANEOUS PROVISIONS 

6.1     No Guarantee. Neither the establishment of the Plan, nor any action taken thereunder, shall in any way obligate
(i) the Company to nominate a Non-Employee Director for re-election or to continue to retain a Non-Employee Director or (ii) a Non-Employee Director to agree to be nominated for re-election or to continue to serve on the Board. 

6.2     Unfunded Status of Plan. The Plan shall be unfunded. All benefits payable under the Plan shall be paid from the
general assets of the Company, which are subject to the claims of the Company’s general creditors. 
 6.3    
Binding Agreement; Successors. The Plan shall be binding upon any successors to the Company by merger, acquisition, consolidation or otherwise. 
  

	6.4    	Governing Law. The provisions of the Plan shall be governed by the laws of the State of Connecticut. 

6.5     Compliance with Section 409A. The Plan is intended to comply with the requirements of Section 409A of the
Code solely with respect to amounts accrued under the Plan after the effective date of Section 409A and any prior accrued amounts subject to material modification as defined under Section 409A of the Code. Consistent with that intent, the
Plan shall be interpreted in a manner consistent with Section 409A and in the event that any provision that is necessary for the Plan to comply with Section 409A is determined by the Compensation Committee, in its sole discretion, to have
been omitted, such omitted provision shall be deemed included herein and is hereby incorporated as part of the Plan. 

  
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 ADDENDUM 
 Effective as of April 18, 2011, the Plan is terminated with respect to any benefits accrued and payable under the Plan to the Company’s former director, Charles J. Queenan, Jr. (the “Active
Participant”) (including any benefits accrued by the Active Participant prior to January 2005). In accordance with the requirements of Section 409A of the Code, the following shall apply to the termination of the Plan and payment of the
Active Participant’s benefits hereunder: 
 (i) all arrangements sponsored by the Company that would be
aggregated with any terminated arrangement under Treasury Regulation Section 1.409A-1(c) if the Active Participant participated in all of the arrangements shall be terminated; 

(ii) no payments other than payments that would be payable under the terms of the Plan if the termination had not occurred
are made within twelve (12) months of the termination of the Plan; 
 (iii) all payments of the Active
Participant’s accrued benefits (based on a present value calculation using reasonable actuarial assumptions) are made within twenty-four (24) months of the termination of the Plan; and 

(iv) the Company or its affiliates do not adopt a new arrangement that would be aggregated with the Plan under Treasury
Regulation Section 1.409A-1(c) if the Active Participant participated in both arrangements, at any time within three (3) years following the date of termination of the Plan. 

The termination of the Plan with respect to the Active Participant’s accrued benefits shall have no effect on any other
beneficiaries whose benefits under the Plan are not otherwise subject to Section 409A and are currently in pay status.

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