Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
  

 
  

AMENDED AND RESTATED GUARANTY AGREEMENT 

dated as of 
 March 7, 2017

 among 
 TRINITY ACQUISITION
PLC, 
 WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY, 

THE OTHER GUARANTORS 
 IDENTIFIED
HEREIN 
 and 
 BARCLAYS BANK
PLC, 
 as Administrative Agent 
  

 
  

 TABLE OF CONTENTS 
  

							
	 ARTICLE I Definitions
	  	 	1	 
			
	 SECTION 1.01.
	 	 Credit Agreement
	  	 	1	 
	 SECTION 1.02.
	 	 Other Defined Terms
	  	 	2	 
		
	 ARTICLE II The Guarantee
	  	 	3	 
			
	 SECTION 2.01.
	 	 Guarantee
	  	 	3	 
	 SECTION 2.02.
	 	 Guarantee of Payment
	  	 	3	 
	 SECTION 2.03.
	 	 No Limitations
	  	 	3	 
	 SECTION 2.04.
	 	 Reinstatement
	  	 	5	 
	 SECTION 2.05.
	 	 Agreement To Pay; Subrogation
	  	 	5	 
	 SECTION 2.06.
	 	 Information
	  	 	5	 
	 SECTION 2.07.
	 	 Payments Free and Clear
	  	 	5	 
	 SECTION 2.08.
	 	 Keepwell
	  	 	6	 
		
	 ARTICLE III Indemnity, Subrogation and Subordination
	  	 	6	 
			
	 SECTION 3.01.
	 	 Indemnity and Subrogation
	  	 	6	 
	 SECTION 3.02.
	 	 Contribution and Subrogation
	  	 	6	 
	 SECTION 3.03.
	 	 Subordination
	  	 	6	 
		
	 ARTICLE IV Miscellaneous
	  	 	7	 
			
	 SECTION 4.01.
	 	 Notices
	  	 	7	 
	 SECTION 4.02.
	 	 Waivers; Amendment
	  	 	7	 
	 SECTION 4.03.
	 	 Administrative Agent’s Fees and Expenses; Indemnification
	  	 	7	 
	 SECTION 4.04.
	 	 Successors and Assigns
	  	 	8	 
	 SECTION 4.05.
	 	 Survival of Agreement
	  	 	8	 
	 SECTION 4.06.
	 	 Counterparts; Effectiveness; Several Agreement
	  	 	8	 
	 SECTION 4.07.
	 	 Severability
	  	 	9	 
	 SECTION 4.08.
	 	 Right of Set-Off
	  	 	9	 
	 SECTION 4.09.
	 	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	9	 
	 SECTION 4.10.
	 	 WAIVER OF JURY TRIAL
	  	 	10	 
	 SECTION 4.11.
	 	 Headings
	  	 	10	 
	 SECTION 4.12.
	 	 Termination
	  	 	10	 
	 SECTION 4.13.
	 	 Additional Guarantors
	  	 	11	 
	 SECTION 4.14.
	 	 Amendment and Restatement
	  	 	11	 
			
	 Exhibits
	 		  			
	 Exhibit A
              Form of Supplement
	  			

 AMENDED AND RESTATED GUARANTY AGREEMENT (this “Guaranty Agreement”) dated as of
March 7, 2017, among TRINITY ACQUISITION PLC, a company formed under the laws of England and Wales having company number 3588435 (the “Company”; and together with the Designated Borrowers from time to time party thereto,
collectively, the “Borrowers” and individually, a “Borrower”), WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY, a company incorporated under the laws of Ireland having company number 475616 (the
“Parent”), the other Guarantors (as defined below), and BARCLAYS BANK PLC, as Administrative Agent (the “Administrative Agent”). 

WHEREAS, the Company, the Parent, the Administrative Agent, the Lenders party thereto and the other parties thereto previously entered into
the Credit Agreement dated as of December 16, 2011 (as amended, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”), among the Company, the Parent, the Lenders party thereto and the
Administrative Agent. 
 WHEREAS, the parties to the Existing Credit Agreement have agreed to amend and restate the Existing Credit
Agreement in its entirety and in connection therewith have entered into that certain Amended and Restated Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), dated as of the date hereof, by and among the Company, the Parent, the Lenders party thereto, the Administrative Agent and certain other parties thereto, which Credit Agreement provides, subject to the terms and conditions of
the Credit Agreement, for extensions of credit and other financial accommodations by the Lenders to the Borrowers; 
 WHEREAS, The Lenders
have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this
Guaranty Agreement. The Parent and the other Guarantors are affiliates of the Company, will derive substantial benefits from the extension of credit to the Borrowers pursuant to the Credit Agreement and are willing to execute and deliver this
Guaranty Agreement in order to induce the Lenders to extend such credit; 
 WHEREAS, the Guarantors previously entered into that certain
Guaranty Agreement, dated as of December 16, 2011 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Guaranty Agreement”), in favor of the Guaranteed Parties and the Administrative
Agent with respect to the obligations of the Company under the Existing Credit Agreement; and 
 WHEREAS, the parties to the Existing
Guaranty Agreement wish to affirm their obligations under the terms of the Existing Guaranty Agreement and have agreed to amend and restate the Existing Guaranty Agreement in its entirety as set forth on the terms of this Guaranty Agreement; 

NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE I 
 Definitions 

SECTION 1.01.    Credit Agreement. (a) Capitalized terms used in this Guaranty Agreement and not otherwise defined
herein have the meanings specified in the Credit Agreement. 
 (b)    The rules of construction specified in
Section 1.02 of the Credit Agreement also apply to this Guaranty Agreement. 

  
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 SECTION 1.02.    Other Defined Terms. As used in this Guaranty
Agreement, the following terms have the meanings specified below: 
 “Administrative Agent” has the meaning assigned to
such term in the preliminary statement of this Guaranty Agreement. 
 “Borrower” and “Borrowers” has the
meaning assigned to such term in the preliminary statement of this Guaranty Agreement. 
 “Commodity Exchange Act” means
the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 

“Company” has the meaning assigned to such term in the preliminary statement of this Guaranty Agreement. 

“Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Guaranty Agreement. 

“Excluded Swap Obligation” means, with respect to any Guarantor, as it relates to all or a portion of the Guarantee of such
Guarantor, any Swap Obligation if, and to the extent that, such Swap Obligation (or any Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the
regulations thereunder at the time the Guarantee of such Guarantor would otherwise have become effective with respect to such Swap Obligation but for such Guarantor’s failure to constitute an “eligible contract participant” at such
time. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee is or becomes illegal or unlawful
under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof). 

“Guaranty Agreement” has the meaning assigned to such term in the preliminary statement of this Guaranty Agreement. 

“Guaranteed Parties” means (a) the Lenders (including each Swing Line Lender), (b) the Administrative Agent,
(c) the L/C Issuers and the L/C Administrator, (d) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document and (e) the successors and assigns of each of the foregoing. 

“Guarantors” means the Parent, each Borrower (with respect to the Obligations of the other Borrowers), each Subsidiary of the
Parent identified on Schedule 1.01(b) of the Credit Agreement and each Subsidiary that, at the Parent’s election, becomes a party to this Guaranty Agreement as a Guarantor after the Closing Date in accordance with Section 4.13. 

“Obligations” means (a) the due and punctual payment by each Borrower of (i) the principal of and interest
(including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans and Letters of Credit, when and as due, whether at
maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations of each Borrower to any of the Guaranteed Parties under the Credit Agreement and each of the other Loan Documents,
including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations

  
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incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), and (b) the due and
punctual payment of all the obligations of each other Loan Party under or pursuant to this Guaranty Agreement and each of the other Loan Documents; provided that the Obligations of any Guarantor shall not include any Excluded Swap
Obligations. 
 “Non-Parent Guarantors” means each Guarantor that does not wholly-own (directly or indirectly) the Company. 
 “Parent” has the meaning assigned to
such term in the preliminary statement of this Guaranty Agreement. 
 “Parent Guarantors” means each Guarantor that
wholly-owns (directly or indirectly) the Company. 
 “Qualified ECP Guarantor” means, in respect of any Swap Obligation,
each Guarantor that has total assets exceeding $10,000,000 at the time the relevant Guarantee becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity
Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 “Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement,
contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 
 ARTICLE II

 The Guarantee 
 SECTION
2.01.    Guarantee. Each Guarantor unconditionally and irrevocably guarantees, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, the due and punctual payment and performance
of the Obligations. Each of the Guarantors further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any
extension or renewal of any Obligation. Each of the Guarantors waives presentment to, demand of payment from and protest to the Borrower or any other Loan Party of any of the Obligations, and also waives notice of acceptance of its guarantee and
notice of protest for nonpayment. 
 SECTION 2.02.    Guarantee of Payment. Each of the Guarantors further agrees
that its guarantee hereunder constitutes a guarantee of payment when due and not of collection, and waives any right to require that any resort be had by the Guaranteed Parties to any balance of any deposit account or credit on the books of any
Guaranteed Party in favor of any Borrower or any other Person. 
 SECTION 2.03.    No Limitations. (a) Except for
termination of a Guarantor’s obligations hereunder as expressly provided in Section 4.12, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including
any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality
or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by (i) 

  
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the failure of any Guaranteed Party to assert any claim or demand or to enforce any right or remedy under the provisions of any Loan Document or otherwise; (ii) any rescission, waiver,
amendment or modification of, or any release from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to any other Guarantor under this Guaranty Agreement; (iii) the release of any security held
by any Guaranteed Party for any of the Obligations; (iv) any default, failure or delay, willful or otherwise, in the performance of the Obligations; (v) any incapacity or lack of power, authority or legal personality of or dissolution or
change in the members or status of any other Loan Party; (vi) any insolvency or similar proceeding of any other Loan Party; or (vii) any other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor
or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations). Without limiting the generality of the foregoing, each Guarantor’s liability shall
extend to all amounts that constitute part of the Obligations and would be owed by any other Loan Party to any Guaranteed Party under or in respect of the Loan Documents but for the fact that they are unenforceable or not allowable due to the
existence of a bankruptcy, reorganization, insolvency, liquidation, administration or similar proceeding involving such other Loan Party. Each Guarantor expressly authorizes the Guaranteed Parties to take and hold security for the payment and
performance of the Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole discretion or to release or
substitute any one or more other guarantors or obligors upon or in respect of the Obligations, all without affecting the obligations of any Guarantor hereunder. 

(b)    To the fullest extent permitted by applicable law, each Guarantor waives (i) any right to require any
Guaranteed Party, as a condition of payment or performance by such Guarantor, to proceed against any Borrower, any other guarantor (including any other Guarantor) of the Obligations or any other Person, (ii) any defense based on or arising out
of any defense of any Borrower or any other Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Borrower or any other Loan Party, other than the
indefeasible payment in full in cash of all the Obligations and (iii) any law or regulation of any jurisdiction or any other event affecting any term of any Obligation. The Guaranteed Parties may, at their election, foreclose on any security
held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with the Parent, the Borrowers
or any other Loan Party or exercise any other right or remedy available to them against the Parent, the Borrowers or any other Loan Party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the
Obligations have been fully and indefeasibly paid in full in cash. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law,
to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Parent, any Borrower or any other Loan Party, as the case may be, or any security. 

(c)    Each Guarantor, and by its acceptance of this Guaranty Agreement, the Administrative Agent and each other
Guaranteed Party, hereby confirms that it is the intention of all such Persons that this Guaranty Agreement and the Guarantee of the Obligations by each Guarantor hereunder not constitute a fraudulent transfer or conveyance for purposes of Debtor
Relief Laws, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty Agreement and the Guarantee of the Obligations by each Guarantor
hereunder. To effectuate the foregoing intention, the Administrative Agent, the other Guaranteed Parties and the Guarantors hereby irrevocably agree that the Guarantee of the Obligations by each Guarantor (other than the Parent) under this Guaranty
Agreement at any time shall be limited to the maximum amount as will result in the Guarantee of such Guarantor under this Guaranty Agreement not 

  
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constituting a fraudulent transfer or conveyance after giving full effect to the liability under this Guaranty Agreement and any contribution rights set forth in Section 3.02 but before
taking into account any liabilities under any other Guarantee. 
 (d)    To the extent that any Guarantor shall be
required hereunder to pay any portion of any Obligations exceeding the greater of (i) the amount of the value actually received by such Guarantor and its Subsidiaries (other than any Borrowers) from the Facility and (ii) the amount such
Guarantor would otherwise have paid if such Guarantor had paid the aggregate amount of the Obligations (excluding the amount thereof repaid by any Borrower) in the same proportion as such Guarantor’s net worth on the date enforcement is sought
hereunder bears to the aggregate net worth of all the Guarantors on such date, then such Guarantor shall be reimbursed by such other Guarantors for the amount of such excess, pro rata, based on the respective net worth of such other Guarantors on
such date. For purposes of determining the net worth of any Guarantor in connection with the foregoing, all Guarantees of such Guarantor other than the Guarantee of the Obligations will be deemed to be enforceable and payable after the Guarantee of
the Obligations.  
 SECTION 2.04.    Reinstatement. Each of the Guarantors agrees that its guarantee
hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Guaranteed Party upon the bankruptcy, reorganization,
insolvency, liquidation, administration or otherwise of any Borrower, any other Loan Party or otherwise. 
 SECTION
2.05.    Agreement To Pay; Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any other Guaranteed Party has at law or in equity against any Guarantor by
virtue hereof, upon the failure of any Borrower or any other Loan Party to pay any Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and
will forthwith pay, or cause to be paid, to the Administrative Agent for distribution to the applicable Guaranteed Parties in cash the amount of such unpaid Obligation. Upon payment by any Guarantor of any sums to the Administrative Agent as
provided above, all rights of such Guarantor against any Borrower or any other Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article
III. 
 SECTION 2.06.    Information. Each Guarantor assumes all responsibility for being and keeping itself
informed of each Borrower’s and each other Loan Party’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Guarantor
assumes and incurs hereunder, and agrees that none of the Guaranteed Parties will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 

SECTION 2.07.    Payments Free and Clear. All sums payable by each Guarantor hereunder shall be paid in full,
without set-off or counterclaim or any deduction or withholding whatsoever (including, subject to Section 3.01 of the Credit Agreement, any Taxes), and if any such deduction or withholding is required,
the sum payable by such Guarantor shall be increased as necessary so that after any required withholding or the making of all required deductions (including withholdings or deductions applicable to additional sums payable under this Section) the
recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made, in accordance with the terms and subject to the limitations and exceptions set forth in Section 3.01 of the Credit Agreement.

  
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 SECTION 2.08.    Keepwell. Each Qualified ECP Guarantor hereby jointly
and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Guarantor to honor all of its obligations under this Guarantee in respect of Swap
Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 2.08 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 2.08,
or otherwise under this Guaranty Agreement, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor
under this Section 2.08 shall remain in full force and effect until the Obligations under the Loan Documents are paid in full, the Commitments are terminated and no Letter of Credit remains outstanding. Each Qualified ECP Guarantor intends that
this Section 2.08 constitute, and this Section 2.08 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. 
 ARTICLE III 

Indemnity, Subrogation and Subordination 

SECTION 3.01.    Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the
Guarantors may have under applicable law (but subject to Section 3.03), each Borrower agrees that in the event a payment of an Obligation shall be made by any Guarantor under this Guaranty Agreement, such Borrower shall indemnify such Guarantor
for the full amount of such payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment. 

SECTION 3.02.    Contribution and Subrogation. (a) Each Non-Parent
Guarantor (a “Contributing Party”) agrees (subject to Section 3.03) that, in the event a payment shall be made by any other Non-Parent Guarantor hereunder in respect of any Obligation and
such other Guarantor (the “Claiming Party”) shall not have been fully indemnified by the Borrower as provided in Section 3.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the amount of such
payment, multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Non-Parent
Guarantors on the date hereof (or, in the case of any Non-Parent Guarantor becoming a party hereto pursuant to Section 4.13, the date of the supplement hereto executed and delivered by such Non-Parent Guarantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 3.02 shall be subrogated to the rights of such Claiming Party under Section 3.01 to the extent
of such payment. 
 (b)    Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge and
agree that each Non-Parent Guarantor shall have a right of reimbursement and indemnity from each Parent Guarantor (to the extent such Non-Parent Guarantor is a
wholly-owned Subsidiary of such Parent Guarantor) for any amount paid by such Non-Parent Guarantor in lieu of a right of contribution between such Non-Parent Guarantor
and such Parent Guarantor. 
 SECTION 3.03.    Subordination. (a) Notwithstanding any provision of this Guaranty
Agreement to the contrary, all rights of the Guarantors under Sections 3.01 and 3.02 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in
cash of the Obligations. No failure on the part of any Borrower or any Guarantor to make the payments required by Sections 3.01 and 3.02 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations
and liabilities of any Guarantor with respect to its obligations hereunder, and each Guarantor shall remain liable for the full amount of the obligations of such Guarantor hereunder. 

  
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 (b)    Each Guarantor hereby agrees that all Indebtedness and other monetary
obligations owed by it to any other Guarantor or any other Subsidiary shall be fully subordinated to the indefeasible payment in full in cash of the Obligations. 

ARTICLE IV 
 Miscellaneous 

SECTION 4.01.    Notices. All communications and notices hereunder shall (except as otherwise expressly permitted
herein) be in writing and given as provided in Section 10.02 of the Credit Agreement. All communications and notices hereunder to any Guarantor shall be given to it in care of the Borrower as provided in Section 10.02 of the Credit
Agreement. 
 SECTION 4.02.    Waivers; Amendment. (a) No failure or delay by the Administrative Agent or any
Guaranteed Party in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Guaranteed Parties hereunder and under the other Loan Documents
are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Guaranty Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the
same shall be permitted by paragraph (b) of this Section 4.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the
making of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Guaranteed Party may have had notice or knowledge of such Default at the time. No notice
or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances. 

(b)    Neither this Guaranty Agreement nor any provision hereof may be waived, amended or modified except pursuant to an
agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with
Section 10.01 of the Credit Agreement. 
 SECTION 4.03.    Administrative Agent’s Fees and
Expenses; Indemnification. (a) The parties hereto agree that the Administrative Agent shall be entitled to reimbursement of its expenses incurred hereunder as provided in Section 10.04 of the Credit Agreement. 

(b)    Without limitation of its indemnification obligations under the other Loan Documents, each Guarantor jointly and
severally agrees to indemnify the Administrative Agent and the other Indemnitees (as defined in Section 10.04(b) of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related
expenses incurred by or asserted against any Indemnitee (including the fees, charges and disbursements of one counsel to the Indemnitees, taken as a whole and, solely in the case of a conflict of interest, one additional counsel to each group of
similarly affected Indemnitees, taken as a whole (and, if reasonably necessary, of one local counsel in any relevant material jurisdiction or one special counsel in any relevant area of expertise to each group of similarly affected Indemnitees,
taken as a whole) and settlement costs) arising out of, in connection with, or as a result of, the execution, delivery or performance of this Guaranty Agreement or any claim, litigation, investigation or proceeding relating to any of the foregoing
agreement or instrument contemplated hereby, whether or not any Indemnitee 

  
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is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by any Borrower or any other Loan Party
against an Indemnitee for material breach of such Indemnitee’s obligations hereunder or under any other Loan Document, if any Borrower or such other Loan Party has obtained a final and nonappealable judgment in its favor on such claim as
determined by a court of competent jurisdiction or (z) result from a dispute solely amongst the Indemnitees (other than claims against an Indemnitee in its capacity as Administrative Agent) not arising out of any act or omission of the Parent,
the Borrowers, or any Subsidiary. 
 (c)    Any such amounts payable as provided hereunder shall be additional
Obligations guaranteed hereunder. The provisions of this Section 4.03 shall remain operative and in full force and effect regardless of the termination of this Guaranty Agreement or any other Loan Document, the consummation of the transactions
contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Guaranty Agreement or any other Loan Document, or any investigation made by or on behalf of any Guaranteed Party. All
amounts due under this Section 4.03 shall be payable on written demand therefor. 
 SECTION 4.04.    Successors
and Assigns. Whenever in this Guaranty Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf
of any Guarantor or the Administrative Agent that are contained in this Guaranty Agreement shall bind and inure to the benefit of their respective successors and assigns. 

SECTION 4.05.    Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan
Parties in the Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Guaranty Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and
shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any Lender or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or
any other amount payable under any Loan Document, including with respect to any Letter of Credit, is outstanding and unpaid and so long as the Commitments have not expired or terminated. 

SECTION 4.06.    Counterparts; Effectiveness; Several Agreement. This Guaranty Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of
this Guaranty Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Guaranty Agreement. This Guaranty Agreement and the other Loan Documents constitute the entire contract
among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Guaranty Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto and thereafter shall be binding upon each party hereto,
the Administrative Agent and their respective permitted successors and assigns, and shall inure to the benefit of such parties, the Administrative Agent and the other Guaranteed Parties and their respective successors 

  
 8 

 
and assigns, except that no party hereto shall have the right to assign or transfer its rights or obligations hereunder or any interest herein (and any such assignment or transfer shall be void)
except as expressly contemplated by this Guaranty Agreement or the Credit Agreement. This Guaranty Agreement shall be construed as a separate agreement with respect to each Loan Party and may be amended, modified, supplemented, waived or released
with respect to any Loan Party without the approval of any other Loan Party and without affecting the obligations of any other Loan Party hereunder. 

SECTION 4.07.    Severability. If any provision of this Guaranty Agreement or the other Loan Documents is held to
be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Guaranty Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall
endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity
of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 4.08.    Right of Set-Off. If an Event of Default shall have
occurred and be continuing, each Lender, each L/C Issuer, the L/C Administrator and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Person or Affiliate to or for the credit or the account of any Guarantor against any of and all the obligations of
such Guarantor then due and owing under this Guaranty Agreement to such Person, irrespective of whether or not such Person shall have made any demand under this Guaranty Agreement. The rights of each Lender, each L/C Issuer and the L/C Administrator
under this Section 4.08 are in addition to other rights and remedies (including other rights of set-off) which such Person may have. 

SECTION 4.09.    Governing Law; Jurisdiction; Consent to Service of Process. (a) This Guaranty Agreement shall be
governed by, and construed in accordance with, the law of the State of New York without regard to principles of conflicts of law that would result in the application of any law other than the law of the State of New York. 

(b)    Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Guaranty Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (c)    Each of the
parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or
relating to this Guaranty Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section 4.09. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court. 

  
 9 

 (d)    The Parent hereby irrevocably appoints Matthew S. Furman (c/o Trinity
Acquisition plc, One World Financial Center, 200 Liberty Street, 7th floor, New York, New York 10281), and each Borrower (to the extent not organized under the laws of the United States) hereby irrevocably appoints CT Corporation System (c/o CT
Corporation System, 111 Eighth Avenue, New York, New York 10011), in each case, as its authorized agent in the Borough of Manhattan of the City of New York upon which process may be served in any suit or proceeding relating to the Credit Agreement,
this Guaranty Agreement or any other Loan Document, and agrees that service of process upon such agent, and written notice of said service to the Parent or such Borrower, as applicable, by the person serving the same in the manner provided for
notices in Section 4.01, shall be deemed in every respect effective service of process upon such party in any such suit or proceeding. The Parent and each Borrower further agree to take any and all action as may be necessary to maintain such
designation and appointment of such agents in full force and effect from the date hereof until the Commitments have expired or been terminated and all Obligations shall have been indefeasibly paid in full. Each other Guarantor irrevocably consents
to service of process delivered by hand or overnight courier service, mailed by certified or registered mail, to Trinity Acquisition plc, One World Financial Center, 200 Liberty Street, 7th floor, New York, New York 10281 (Attention: Matthew S.
Furman), and the Administrative Agent irrevocably consents to service of process in the manner provided for notices in Section 4.01. Nothing in this Guaranty Agreement or any other Loan Document will affect the right of any party to this
Guaranty Agreement to serve process in any other manner permitted by law. 
 SECTION 4.10.    WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AGREEMENT AND THE
OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.10. 
 SECTION
4.11.    Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Guaranty Agreement and shall not affect the construction or interpretation
of this Guaranty Agreement or any other Loan Document. 
 SECTION 4.12.    Termination. (a) Subject to
Section 2.04, this Guaranty Agreement and the Guarantees made herein shall terminate when all the outstanding Obligations have been indefeasibly paid in full and the Lenders have no further commitment to lend under the Credit Agreement. 

(b)    (i) A Guarantor shall automatically be released from its obligations hereunder if such Person ceases to be a
Subsidiary of the Parent as a result of a transaction not restricted under the Credit Agreement and (b) WTW Bermuda Holdings Ltd., the direct parent company of the Company (the “parent”), shall automatically be released from
its obligations under the Guaranty Agreement, so long as (i) Willis Towers Watson UK Holdings Limited (the “new parent”) shall be designated as an additional Guarantor under and in accordance with the terms of the Guaranty
Agreement, (ii) the parent shall distribute to the new parent of all of its equity interests in the Company, (iii) following such distribution, the parent shall have no material assets and (iv) no Event of Default shall exists or
would result from such proposed transactions. 

  
 10 

 SECTION 4.13.    Additional Guarantors. If the Parent at its option at
any time elects that additional Subsidiaries become Guarantors hereunder after the date hereof (including as a result of any wholly-owned Subsidiary of the Parent becoming a Designated Borrower pursuant to Section 2.18 of the Credit Agreement),
then such Subsidiary shall become a Guarantor hereunder with the same force and effect as if originally named as a Guarantor herein upon (a) execution and delivery by the Administrative Agent and such Subsidiary of an instrument in the form of
Exhibit A hereto and (b) delivery to the Administrative Agent of such Organization Documents, resolutions and favorable opinions of counsel or may be requested by the Administrative Agent in its reasonable discretion, all in form, content and
scope reasonably satisfactory to the Administrative Agent. The execution and delivery of any such instrument shall not require the consent of any other Loan Party hereunder. The rights and obligations of each Loan Party hereunder shall remain in
full force and effect notwithstanding the addition of any new Loan Party as a party to this Guaranty Agreement. 
 SECTION
4.14.    Amendment and Restatement. Each Guarantor party to the Existing Guaranty Agreement affirms its duties and obligations under the terms and conditions of the Existing Guaranty Agreement, and agrees that its guaranty
of the repayment of the Company’s obligations outstanding under the Existing Credit Agreement, as amended and restated as of the date hereof by the Credit Agreement, remains in full force and effect and is hereby ratified, reaffirmed and
confirmed. Each Guarantor acknowledges and agrees with the Administrative Agent that the Existing Guaranty Agreement is amended, restated, and superseded in its entirety pursuant to the terms hereof. 

[Remainder of page intentionally left blank] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Guaranty Agreement as of the day
and year first above written. 
 BORROWER: 
  

					
	TRINITY ACQUISITION PLC
		
	By:	 	 /s/ Christof Nelischer

		 	Name:	 	Christof Nelischer
		 	Title:	 	Global Group Treasurer

  
 [Signature Page to
Amended and Restated Guaranty Agreement] 

			
	PARENT GUARANTOR:
	
	GIVEN under the common seal of WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY:
		
	By:	 	 /s/ Roger Millay

	Name:	 	Roger Millay
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Neil D. Falis

	Name:	 	Neil D. Falis
	Title:	 	Authorized Signatory

  
 [Signature Page to
Amended and Restated Guaranty Agreement] 

 NON-PARENT GUARANTORS: 

 

					
	TA I LIMITED
		
	By:	 	 /s/ Christof Nelischer

		 	Name:	 	Christof Nelischer
		 	Title:	 	Global Group Treasurer
	
	WILLIS GROUP LIMITED
		
	By:	 	 /s/ Christof Nelischer

		 	Name:	 	Christof Nelischer
		 	Title:	 	Global Group Treasurer
	
	WTW BERMUDA HOLDINGS LTD.
		
	By:	 	 /s/ Steven Alcock

		 	Name:	 	Steven Alcock
		 	Title:	 	Director
	
	WILLIS INVESTMENT UK HOLDINGS LIMITED
		
	By:	 	 /s/ Christof Nelischer

		 	Name:	 	Christof Nelischer
		 	Title:	 	Global Group Treasurer

  
 [Signature Page to
Amended and Restated Guaranty Agreement] 

									
		 		 		 	GIVEN under the common seal of WILLIS TOWERS WATSON SUB HOLDINGS UNLIMITED COMPANY:
					
	Signature:	 	 /s/ James Campbell
	 		 	Signature:	 	 /s/ Brian Curtis

	Name: James Campbell	 		 	Name: Brian Curtis

  
 [Signature Page to
Amended and Restated Guaranty Agreement] 

					
	WILLIS NORTH AMERICA INC.
		
	By:	 	 /s/ Christof Nelischer

		 	Name:	 	Christof Nelischer
		 	Title:	 	Global Group Treasurer

  
 [Signature Page to
Amended and Restated Guaranty Agreement] 

 
					
	WILLIS NETHERLANDS HOLDINGS B.V.
		
	By:	 	 /s/ Christof Nelischer

		 	Name:	 	Christof Nelischer
		 	Title:	 	Global Group Treasurer

  
 [Signature Page to
Amended and Restated Guaranty Agreement] 

 
					
	 BARCLAYS BANK PLC,
 as
Administrative Agent

		
	By:	 	 /s/ Kayode Sulola

		 	Name:	 	Kayode Sulola
		 	Title:	 	AVP

  
 [Signature Page to
Amended and Restated Guaranty Agreement] 

 Exhibit A to the 

Amended and Restated Guaranty Agreement 

SUPPLEMENT NO.     (this “Supplement”) dated as of
            , 20    , to the Amended and Restated Guaranty Agreement, dated as of March 7, 2017 (as amended, supplemented or otherwise modified from time to time,
the “Guaranty Agreement”), among TRINITY ACQUISITION PLC, a company formed under the laws of England and Wales having company number 3588435 (the “Company”; and together with the Designated Borrowers from time to
time party thereto, collectively, the “Borrowers” and individually, a “Borrower”) , WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY, a company incorporated under the laws of Ireland having company number 475616 (the
“Parent”), each Subsidiary constituting a “Guarantor” thereunder as of date hereof (each of the Parent and each such Subsidiary, individually, a “Guarantor” and collectively, the
“Guarantors”) and BARCLAYS BANK PLC, as Administrative Agent. 
 A.    Reference is made to the Amended
and Restated Credit Agreement, dated as of March 7, 2017 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, the Parent, the Lenders from time to time party thereto
and Barclays Bank PLC, as Administrative Agent. 
 B.    Capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to such terms in the Credit Agreement and the Guaranty Agreement referred to therein. 

C.    The Guarantors have entered into the Guaranty Agreement in order to induce the Lenders to make Loans.
Section 4.13 of the Guaranty Agreement provides that additional Subsidiaries of the Parent may become (or, with respect to any Designated Borrower, shall become) Guarantors under the Guaranty Agreement by execution and delivery of an instrument
in the form of this Supplement. The undersigned Subsidiary (the “New Guarantor”) is executing this Supplement to become a Guarantor under the Guaranty Agreement in order to induce the Lenders to make additional Loans and as
consideration for Loans previously made. 
 Accordingly, the Administrative Agent and the New Guarantor agree as follows: 

SECTION 1.    In accordance with Section 4.13 of the Guaranty Agreement, the New Guarantor by its signature below
becomes a Guarantor under the Guaranty Agreement with the same force and effect as if originally named therein as a Guarantor, and the New Guarantor hereby (a) agrees to all the terms and provisions of the Guaranty Agreement applicable to it as
a Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof. Each reference to a “Guarantor” in the Guaranty
Agreement shall be deemed to include the New Guarantor. The Guaranty Agreement is hereby incorporated herein by reference. 
 SECTION
2.    The New Guarantor represents and warrants to the Administrative Agent and the other Guaranteed Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms. 
 SECTION 3.    This Supplement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the
Administrative Agent shall have received (a) a counterpart of this Supplement that bears the signature of 

  
 A-1 

 
the New Guarantor and the Administrative Agent has executed a counterpart hereof and (b) such other documents and opinions as the Administrative Agent may have requested in accordance with
Section 4.13 of the Guaranty Agreement. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic imaging means shall be as effective as delivery of a manually signed counterpart of this Supplement.

 SECTION 4.    Except as expressly supplemented hereby, the Guaranty Agreement shall remain in full force and effect.

 SECTION 5.    THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 

SECTION 6.    In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guaranty Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a
particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7.    All communications and notices hereunder shall be in writing and given as provided in Section 10.02 of
the Credit Agreement. 
 SECTION 8.    The New Guarantor agrees to reimburse the Administrative Agent for its reasonable
out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Administrative Agent. 

[Remainder of page intentionally left blank] 

  
 A-2 

 IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this
Supplement to the Guaranty Agreement as of the day and year first above written. 
  

					
	[NAME OF NEW GUARANTOR]
		
	By	 	  

		 	Name:
		 	Title:

  

					
	 BARCLAYS BANK PLC,
 as
Administrative Agent

		
	By	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Guaranty Supplement]Exhibit

Exhibit 4(c)

CAMPBELL SOUP COMPANY

Supplemental Retirement Plan

As Amended and Restated Effective as of August 1, 2015

CAMPBELL SOUP COMPANY
SUPPLEMENTAL RETIREMENT PLAN

As Amended and Restated Effective as of August 1, 2015

The Campbell Soup Company Supplemental Retirement Plan (the “Plan”) is designed for Eligible Executives of Campbell Soup Company to provide an additional method of planning for retirement and other significant saving needs with respect to amounts deferred or vested after 2004.  The Plan is intended to (1) comply with section 409A of the Internal Revenue Code (the “Code”) and official guidance issued thereunder, and (2) with respect to Eligible Executives who are employed by the Company, be an “unfunded” plan maintained for the purpose of providing deferred compensation to a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974.  Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated, and administered in a manner consistent with these intentions.

The Plan was originally effective as of January 1, 2009 (and known as the Campbell Soup Company Deferred Compensation Plan II), and was established based on the terms and conditions of the Campbell Soup Company Deferred Compensation Plan effective November 18, 1999 (the “Prior Plan”).  The terms and conditions of the Prior Plan, to the extent such terms and conditions were applied in reasonable good faith compliance with Code section 409A, governed the determination, deferral and distribution of benefits payable to Participants (and their Beneficiaries) under the Prior Plan during the transition period under Code section 409A.  Any amounts (including earnings) that were earned or vested after 2004 under the Prior Plan and that remained unpaid on January 1, 2009 shall be subject to the terms and conditions of this Plan.  Amounts that were earned and vested under the Prior Plan as of December 31, 2004, including earnings thereon, shall be considered Grandfathered Amounts, and thereby, exempt from the requirements under Code section 409A.  These Grandfathered Amounts shall remain subject to the terms and conditions of the Prior Plan in effect on October 3, 2004.

ARTICLE I

DEFINITIONS

Unless the context otherwise requires, the following words and phrases as used herein shall have the following meanings:

§1.1    “401(k) Plan” means the Campbell Soup Company 401(k) Retirement Plan or a successor plan.

§1.2    “Account Balance” means the total amount credited to the bookkeeping Investment Accounts in which Contributions are maintained for a Participant, including earnings thereon.  The Account Balance shall include any amounts earned or vested under the Prior Plan after December 31, 2004, including earnings thereon.

§1.3    “Annual Incentive Compensation” means any Employer annual incentive program or sales incentive program which the Plan Administrator has approved for deferral under the Plan, including the Campbell Soup Company Annual Incentive Plan.

§1.4    “Beneficiary” means the person that the Participant designates to receive any unpaid portion of the Participant's Account Balance should the Participant's death occur before the Participant receives the entire Account Balance.  If the Participant does not designate a beneficiary, the Participant's 

Beneficiary shall be his or her spouse if the Participant is married at the time of death, or the Participant's estate if he or she is unmarried at the time of death.  

§1.5    “Board of Directors” means the board of directors of Campbell Soup Company.

§1.6    “Campbell Stock” means capital stock of Campbell Soup Company.

§1.7    “Campbell Stock Account” means an account in which deferred amounts are valued as if they were invested in a fund that tracks Campbell Stock.

§1.8    “Code” means the Internal Revenue Code of 1986, as amended.

§1.9    “Committee” means the Compensation and Organization Committee of the Board or a subcommittee thereof.  All members of the Committee shall be “Outside Directors,” as defined or interpreted for purposes of Code section 162(m), and “Non-Employee Directors” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934 (the “1934 Act”).

§1.10    “Company” means Campbell Soup Company or any successor corporation thereto.

§1.11    “Compensation” means, for purposes of the Plan, an Eligible Executive’s Salary, LTIP Award, Annual Incentive Compensation and Director’s Fees.

§1.12    “Contributions” mean amounts deferred under the Plan pursuant to Article III (including Elective Contributions and Non-Elective Contributions) and allocated to a Participant’s Account Balance.  No money or other assets will actually be contributed to such Account Balance.

§1.13    “Default Distribution Schedule” means the payment schedule described in Section 5.7 based on the total Account Balance on the later of (a) the Payment Date; or (b) the date selected pursuant to a Subsequent Deferral Election, if applicable.

§1.14    “Deferral Form” means a form, written or electronic, provided by the Committee pursuant to which an Eligible Executive may elect to defer amounts under the Plan.

§1.15    “Director” means a non-Employee member of the Board of Directors.

§1.16    “Director’s Fees” means retainers, meeting attendance fees and any other renumeration received by a Director for his or her services on the Board of Directors, including LTIP Awards.

§1.17    “Elective Contributions” mean the contributions described in Section 3.1.

§1.18    “Eligible Executive” means a full-time salaried Employee who is classified as exempt under the Fair Labor Standards Act of 1938, as amended (an “exempt Employee”).  Eligible Executive also means a Director.

§1.19    “Employee” means an individual who is employed by the Employer.

§1.20    “Employer” means the Company and any subsidiary designated by the corporate officer in charge of Human Resources of the Company, as set forth in Exhibit A.

§1.21    “Executive Retirement Contribution” means the benefit described in Section 3.2(c).

§1.22    “Grandfathered Amounts” means amounts that were deferred under the Prior Plan and earned and vested as of December 31, 2004.  Grandfathered Amounts are subject to the distribution rules under the Prior Plan in effect on October 3, 2004.

§1.23    “Initial Distribution Election” means upon an Eligible Executive’s first election to defer Compensation under the Plan made pursuant to an irrevocable Deferral Form and in accordance with the time requirements set forth in Section 5.2, the Participant may elect the time or form of payment for the portion of his or her Account Balance attributable to Elective Contributions (and earnings thereon).
 
§1.24    “Investment Account” means an accounting record, maintained for each Participant, valued in accordance with the performance of the investment choice in which the deferred amounts are allocated.  No funds are actually contributed to an Investment Account.  The Plan Administrator shall determine which Investment Accounts (including the Campbell Stock Account) are offered.

§1.25    “Key Employee” means an individual treated as a “specified employee” as of his Separation from Service under Code section 409A(a)(2)(B)(i) (i.e., a key employee, as defined in Code section 416(i) without regard to paragraph (5) thereof) of the Company or its affiliates if the Company's or its affiliate’s stock is publicly traded on an established securities market or otherwise.  Key Employees shall be determined in accordance with Code section 409A using a December 31 identification date.  A listing of Key Employees as of an identification date shall be effective for the 12-month period beginning on the April 1 following the identification date.

§1.26    “LTIP” means any Employer long-term incentive plan, including the Campbell Soup Company 2003 and 2005 Long-Term Incentive Plans.

§1.27    “LTIP Award” means an equity award granted under an LTIP prior to the Company’s 2009 fiscal year and approved for deferral under the Plan by the Plan Administrator.  To the extent the Committee approves an adjustment to any LTIP Awards deferred under the Plan as a result of any dividend or other distribution (whether in the form of cash, Campbell Stock or other securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Campbell Stock or other securities of the Company, issuance of warrants or other rights to purchase Campbell Stock or other securities of the Company, issuance of Campbell Stock pursuant to the anti-dilution provisions of Campbell Stock, or other similar corporate transaction or event that affects the Campbell Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Company shall adjust equitably any or all of the LTIP Awards credited to a Participant's Account Balance.  Notwithstanding the foregoing, on and after the Company’s 2009 fiscal year, Eligible Executives who are Directors shall continue to be permitted to defer LTIP Awards.

§1.28    “Mid-Career Plan” means the Campbell Soup Company Mid-Career Hire Pension Plan.

§1.29    “Mid-Career Plan Benefit” means the benefit amount determined under the Mid-Career Plan as described in Section 3.2.

§1.30    “Non-Elective Contributions” mean the contributions described in Section 3.2.

§1.31    “Participant” means an Eligible Executive who elects to participate in the Plan or an Eligible Executive who has been credited with any Non-Elective Contributions.

§1.32    “Payment Date” means a date in March of the year following a distributable event under the terms of the Plan.

§1.33    “Plan” means the Campbell Soup Company Supplemental Retirement Plan, as amended from time to time.

§1.34    “Plan Administrator” means the corporate officer in charge of Human Resources at the Company or any person or entity designated by such officer.

§1.35    “Plan Year” means the 12-month period beginning January 1 and ending December 31.

§1.36    “Prior Plan” means the Campbell Soup Company Deferred Compensation Plan, effective November 18, 1999.

§1.37    “Salary” means an Employee's base salary paid by the Employer, excluding commissions, annual incentive compensation awards or other bonuses, and any other additional compensation.

§1.38    “Separation from Service” or “Separates from Service” means a “separation from service” within the meaning of Code section 409A; provided that, in the event a Participant becomes Totally Disabled and is on an approved leave of absence from employment in connection therewith, a Separation from Service shall not occur for up to 12 months following the first day of such leave of absence, as permitted under a Company-sponsored disability program.

§1.39    “SERP” means the Campbell Soup Company Supplemental Employees’ Retirement Plan, as amended from time to time, and any successor or replacement plan thereof.

§1.40    “SERP Benefit” means the benefit amount determined under the SERP and credited to a Participant under the Plan.

§1.41    “Subsequent Deferral Election” means a Participant’s election to change the time and form of his or her distribution in accordance with the requirements set forth in Section 5.6.

§1.42    “Supplemental Match” means the benefit described in Section 3.2(a).

§1.43    “Supplemental Retirement Contribution” means the benefit described in Section 3.2(b).            

§1.44    “Totally Disabled” or “Total Disability” means “total disability” as that term is defined in the group long-term disability plan sponsored by the Company.

§1.45    “Total Value” means the entire value of a Participant’s vested Account Balance, including both Elective Contributions and Non-Elective Contributions (and earnings thereon), regardless of the time or form of payment for such amounts.

§1.46    “Years of Service” means the 12-month periods beginning on a Participant’s date of hire and each anniversary thereof in which the Participant remains employed by the Company and all of the corporations in which the Company directly or indirectly owns the majority of the voting stock.

ARTICLE II

ELIGIBILITY AND PARTICIPATION

§2.1    Eligibility.  Each Eligible Executive with a salary level of A, B, or C may elect to defer his or her Compensation in accordance with the Plan.  Each Director may elect to defer his or her Director's Fees in accordance with the Plan.  Rules regarding both Initial Distribution Elections and Subsequent Deferral Elections by Eligible Executives are provided in Article V.

Each Eligible Executive with a salary grade of at least 30 or, a salary level of A, B, C, or D, whose annual base salary and annual incentive compensation award equal or exceed the amount required by the Plan Administrator shall be eligible for Supplemental Match contributions.  Each Eligible Executive who commences employment with, or is rehired by, an Employer on or after January 1, 2011, and is not eligible to accrue benefits under the SERP, shall be eligible for Supplemental Retirement Contributions if the Eligible Executive's annual base salary and annual incentive compensation award equal or exceed the amount required by the Plan Administrator.  Each Eligible Executive hired, rehired or promoted into a position with either a salary grade of 46 or above on or after January 1, 2011 who is not eligible to accrue benefits under the Mid-Career Plan, or with a salary level of A on or after August 1, 2015, shall be eligible for Executive Retirement Contributions.  In addition, the Chief Executive Officer reserves the right to designate certain Eligible Executive to receive this benefit at time of hiring.  

§2.2    Executives Outside the United States.  Notwithstanding any other provisions of the Plan to the contrary, an Eligible Executive who is subject to tax outside of the United States is not eligible to participate in any feature of the Plan unless his or her participation has been approved in advance by the Plan Administrator.

§2.3    Participation.  The Plan Administrator shall notify any Eligible Executive of his status as an Eligible Executive at such time and in such manner as the Plan Administrator shall determine.  Any Eligible Executive who elects to participate in the Plan or who is credited with any Non-Elective Contributions shall become a Participant in the Plan immediately upon enrolling as a Participant by the method required by the Plan Administrator.  An individual shall remain a Participant under the Plan until all amounts credited to the Participant's Account Balance have been distributed to the Participant or the Participant's Beneficiary.

ARTICLE III

CONTRIBUTIONS AND ACCOUNTS

§3.1    Elective Contributions.  A Participant eligible to make elective contributions to the Plan may elect to defer the following types of Compensation, which are the “Elective Contributions:”

(a)    Annual Incentive Compensation Deferral.  On behalf of a Participant with a salary grade of 36 or above before August 1, 2015, or a salary level of A, B or C on or after August 1, 2015 who participates in an Annual Incentive Compensation program, the Company shall credit to his or her Account Balance an amount equal to that portion of an Annual Incentive Compensation award that the Participant has elected to defer under the Plan.

(b)    LTIP Deferral.  On behalf of a Participant who participates in the LTIP, the Company shall credit to his or her Account Balance an amount equal to that portion of an eligible LTIP Award that the Participant has elected to defer under the Plan.

(c)    Director’s Fee Deferral.  The Company shall credit to a Participant’s Account Balance an amount equal to that portion of his or her Director’s Fees that the Participant has elected to defer under the Plan.

Compensation deferred by a Participant under Article V shall be credited to the Participant’s Account Balance as soon as practicable after the amounts would have otherwise been paid to the Participant.

§3.2    Non-Elective Contributions.  As applicable, the Company shall credit to an Eligible Executive’s Account Balance the following five types of benefits, which are the “Non-Elective Contributions:”

(a)    Supplemental Match.  On behalf of an Eligible Executive who meets the eligibility requirements for Supplemental Match contributions under Section 2.1, each Plan Year the Company shall credit to his or her Account Balance no later than January 31 of the following Plan Year an amount equal to:

(i)    4% of the Eligible Executive’s Elective Contributions for the Plan Year, plus

(ii)    4% of the Eligible Executive’s Salary plus Annual Incentive Compensation for the Plan Year less (the Code section 401(a)(17) limit in effect for the Plan Year and the Eligible Executive’s Elective Contributions for the Plan Year, except that the subtrahend shall not be less than zero).

(a)Supplemental Retirement Contribution.  On behalf of an Eligible Executive who meets the eligibility requirements for Supplemental Retirement Contributions under Section 2.1, each Plan Year the Company shall credit to the Eligible Executive’s Account Balance an amount equal to three percent (3%) of such Eligible Executive’s total Salary and Annual Incentive Compensation paid during the Plan Year in excess of the applicable annual dollar limit under Code section 401(a)(17) (as adjusted from time to time), without regard to any amounts deferred under this Plan.  Once the Code section 401(a)(17) limit has been attained, this credit shall be made to the Eligible Executive's Account Balance each pay period, but in no event later than January 31 of the following Plan Year.

(b)Executive Retirement Contributions.  On behalf of each Eligible Executive who meets the eligibility requirements for Executive Retirement Contributions under Section 2.1, each Plan Year the Company shall credit to such Eligible Executive's Account Balance an amount equal to ten percent (10%) of such Eligible Executive’s total Salary and Annual Incentive Compensation paid during the Plan Year, without regard to any amounts deferred under this Plan, or such higher percentage as designated in writing by the Committee.  This credit shall be made to the Eligible Executive’s Account Balance each pay period, but in no event later than January 31 of the following Plan Year, and shall be separately accounted for.

(c)SERP and Mid-Career Benefits.  Subject to the terms and conditions of the SERP and to the extent that an Eligible Executive meets the SERP eligibility and vesting requirements, the Company shall determine the SERP Benefit as of the first day of the month following the Eligible Executive’s termination of employment for any reason (including, without limitation, his or her death, Total Disability or resignation).  The Company shall credit to the Eligible Executive’s Account Balance an amount equal to the SERP Benefit as soon as practicable following such date. Notwithstanding anything to the contrary, prior to January 1, 2011, in the event a Participant becomes eligible to participate in the Mid-Career Plan after participating in the SERP, (i) the Participant’s right to receive the SERP Benefit shall be forfeited pursuant to Section 9(i) of the SERP, (ii) for purposes of determining the form of payment under the Default Distribution Schedule, the value of any vested benefit determined under the Mid-Career Plan as of the first day of the month following the Participant's termination of employment (the “Mid-Career Plan Benefit”) shall be included in the determination of Total Value, and (iii) subject to the terms and conditions of the Mid-Career Plan and to the extent the Eligible Executive meets the Mid-Career Plan eligibility and vesting requirements and was not permitted to elect a time and form of payment under the Mid-Career Plan, the Company shall credit to the Eligible Executive’s Account Balance an amount equal to the Eligible Executive’s Mid-Career Plan Benefit as soon as practicable following the Eligible Executive's termination of employment.

§3.3    Account Balance and Earnings.  The Elective Contributions and Non-Elective Contributions set forth above shall be credited to a Participant’s Account Balance.  Earnings shall be 

credited to a Participant’s Account Balance under this Section 3.3 based on the results that would have been achieved had amounts credited to the Account Balance been invested as soon as practicable after crediting into the Investment Accounts designated by the Plan Administrator or selected by the Participant.  The Plan Administrator shall:  (i) designate the Investment Accounts that will be available to Participants under the Plan; (ii) designate the default Investment Accounts into which new Non-Elective Contributions will be credited; (iii) determine how often the Participants may make elections as to the deemed investment of Elective Contributions newly credited to their Account Balance, as well as the deemed investment of amounts previously credited to their Account Balance; and (iv) establish procedures to permit Participants to make and change investment elections.  Earnings shall include any dividend or dividend equivalents attributable to LTIP Awards deferred under the Plan.  Nothing in this Section or otherwise in the Plan, however, will require the Company to actually invest any amounts or set aside funds in such investments or otherwise.  

ARTICLE IV

VESTING

§4.1    Normal Vesting.  Except for any vesting requirements related to LTIP Awards or as set forth below in Section 4.2, Participants are fully vested in all amounts credited to their Account Balances at all times.

§4.2    Special Vesting for Executive Retirement Contributions.  Notwithstanding the foregoing, a Participant’s Executive Retirement Contributions (and earnings thereon) shall vest as follows:

(a)    Normal Rule.  Except as provided in Section 4.2(b) or (c), if a Participant’s employment terminates before he or she has attained age 55 and completed five Years of Service, the Participant’s Executive Retirement Contributions (and earnings thereon) shall be forfeited.  If a Participant’s termination occurs on or after he or she has attained age 55 and completed five Years of Service, the Participant’s Executive Retirement Contributions (and earnings thereon) shall vest according to the following schedule:

	
		
	Age at Termination
	Vesting Percentage

	55
	50%

	56
	60%

	57
	70%

	58
	80%

	59
	90%

	60 or older
	100%

     
(b)    Involuntary Termination by the Company without Cause.  If a Participant is terminated by the Company without Cause and the Participant has completed at least five Years of Service but has not attained age 55, the Participant’s Executive Retirement Contributions (and earnings thereon) shall be 20% vested.  For this purpose, “Cause” means the termination of the Participant's employment by reason of his or her (1) engaging in gross misconduct that is injurious to the Company and its subsidiaries, monetarily or otherwise, (2) misappropriation of funds, (3) willful misrepresentation to the directors or officers of the Company and its subsidiaries, (4) gross negligence in the performance of the Participant's duties having an adverse effect on the business, operations, assets, properties or financial condition of the Company and its subsidiaries, (5) conviction of a crime involving moral turpitude, or (6) entering into competition with the Company and its subsidiaries.  The determination of 

whether a Participant's employment was terminated for Cause shall be made by the Plan Administrator in its sole discretion.

(c)    Death or Total Disability.  Upon a Participant’s death or Total Disability while employed, the Participant’s Executive Retirement Contributions (and earnings thereon) shall immediately vest in full.

(d)    Rehires.  Any amounts that are forfeited under this Article IV upon a Participant’s termination of employment shall not be restored to the Participant’s Account Balance upon rehire.

ARTICLE V

DEFERRALS AND DISTRIBUTIONS

§5.1    Deferral Elections.  The Plan Administrator shall establish administrative rules and procedures for the making of irrevocable deferral elections by an Eligible Executive under the Plan in accordance with the requirements of Code section 409A.  Subject to the timing rules in Section 5.2, deferrals may be made with respect to the following types of Compensation:

(a)Annual Incentive Compensation.  An Eligible Executive with a salary grade of 36 or above before August 1, 2015 or a salary level of A, B or C on or after August 1, 2015 may elect to defer any portion of his or her Annual Incentive Compensation up to 90% (in 10% increments).

(b)LTIP Awards.  An Eligible Executive may elect to defer any portion of an LTIP Award up to 100% (in 10% increments).  

(c)Director’s Fees.  An Eligible Executive may elect to defer any portion of his or her Director’s Fees up to 100% (in 10% increments).

§5.2    Election Timing Requirements.  In order to elect to defer Compensation earned during a Plan Year or a fiscal year of the Company, an Eligible Executive shall file an irrevocable Deferral Form with the Plan Administrator before the beginning of such Plan Year or fiscal year, as applicable.  Notwithstanding the foregoing, if the Committee or the Plan Administrator determines that the Annual Incentive Compensation or LTIP Award qualifies as “performance-based compensation” under Code section 409A, an Eligible Executive may elect to defer such Compensation by filing a Deferral Form at such later time up until the date six months before the end of the performance period as permitted by the Committee or the Plan Administrator.
An Eligible Executive’s election to defer Compensation shall be cancelled, in accordance with the regulations under Code section 409A, if the Eligible Executive obtains a hardship distribution from a Code section 401(k) plan pursuant to Reg. §1.401(k)-1(d)(3) or any successor thereto.

§5.3    Distribution Upon Separation.  Unless otherwise elected under Section 5.4 or 5.5, a Participant's vested Account Balance shall be distributed in accordance with the Default Distribution Schedule on the Payment Date after such Participant’s Separation from Service.  Notwithstanding the foregoing, distributions may not be made to a Key Employee upon a Separation from Service before the date which is six months after the date of the Key Employee’s Separation from Service (or, if earlier, the date of death of the Key Employee).  Any payments that would otherwise be made during this period of delay shall be accumulated and paid in the seventh month following the Participant’s Separation from Service (or, if earlier, the month after the Participant's death).  Each annual installment thereafter, if any, shall be paid on each successive anniversary of such Payment Date.

§5.4    Distribution Elections.

(a)    Initial Distribution Election for Elective Contributions.  In the case of the first year in which an Eligible Executive defers Compensation under the Plan, as determined by the Plan Administrator in its sole discretion, the Participant may make an Initial Distribution Election, in accordance with the requirements in Section 5.2 and the administrative rules and procedures established by the Plan Administrator, to receive that portion of his or her Account Balance attributable to Elective Contributions (and earnings thereon) in any permitted time or form of payment provided in Section 5.6.

(b)    Special Transition Period Election.  Notwithstanding any prior elections or Plan provisions to the contrary, during the transition period under Code section 409A and applicable guidance issued thereunder, certain Participants, designated by the Plan Administrator, may have made (1) an election to receive the portion of his or her Account Balance attributable to the Elective Contributions and Non-Elective Contributions in any permitted time or form of payment provided in Section 5.6; or (2) an election to receive his or her Account Balance in a lump sum upon death.  Any such election must have become irrevocable on or before December 31, 2008 and must have been made in accordance with procedures and distribution rules established by the Plan Administrator.

§5.5    Subsequent Deferral Election.  In accordance with the administrative rules and procedures established by the Plan Administrator, a Participant may make up to three subsequent elections to change the time or form of payment (from among those available under Section 5.6) for all or the portion of his or her vested Account Balance (each, a “Subsequent Deferral Election”) attributable to Elective Contributions or Non-Elective Contributions (and earnings thereon) in accordance with this Section 5.5, but only if the following conditions are satisfied:

(a)    The Subsequent Deferral Election may not take effect until at least twelve (12) months after the date on which such election is made;

(b)    Such distribution may not be made earlier than at least five (5) years from the date the distribution would have otherwise been made; and

(c)    The Subsequent Deferral Election must be made at least twelve (12) months before the date of the Participant's Separation from Service.

Any election with respect to the time or form of payment under the Plan, after the Participant’s third Subsequent Deferral Election, shall be null and void and have no force or effect.  For purposes of clarification, in no event shall any Subsequent Deferral Election (including any election by a Participant's Beneficiary) be made after the date that is twelve (12) months before the Participant's Separation from Service.

§5.6    Permitted Time and Form of Payment Options.  Subject to the requirements of Sections 5.4 and 5.5, the Participant may elect from the following options:

(a)    Time of Payment.  A Participant may elect to be paid, or begin receiving payments, on any anniversary of the Payment Date after his or her Separation from Service; provided that such anniversary date is within 15 years of the Participant’s Separation from Service.

(b)    Form of Payment.  A Participant may elect the form of payment from among the following options: (i) lump sum; (ii) 5 annual installments; (iii) 10 annual installments; (iv) 15 annual installments; or (v) 20 annual installments.  Each form of payment shall be treated as one payment for purposes of Code section 409A.

§5.7    Default Distribution Schedule.  Unless otherwise elected under Section 5.4 or 5.5, a Participant's vested Account Balance shall be paid in the form set forth below (the “Default Distribution Schedule”) based on the Total Value of a Participant’s vested Account Balance on the date of the first scheduled distribution, as follows:

	
		
	Vested Total Value
	Form of Payment

	$1 to $25,000.99
	Lump Sum Payment

	$25,001 to $50,000.99
	2 Annual Installments

	$50,001 to $100,000.99
	3 Annual Installments

	$100,001 to $200,000.99
	4 Annual Installments

	$200,001 to $500,000.99
	5 Annual Installments

	$500,001 and above
	10 Annual Installments

§5.8    Death Benefits.  Unless otherwise elected under Section 5.4(b), if a Participant dies before his or her Separation from Service, the Participant’s Beneficiary shall receive the entire vested Account Balance in accordance with the time and form of payment elected by the Participant or established under this Article V, as if the Participant had Separated from Service on the date of the Participant's death.  In the event of the Participant's death after his or her Separation from Service, all or any remaining portion of the vested Account Balance shall continue to be paid to the Beneficiary in accordance with the time and form of payment elected by the Participant or established under this Article V, as applicable.

§5.9    Valuation.  All payments to be made under the Plan shall be valued on the last business day of the January immediately preceding the March in which payment is to be made.  Notwithstanding the foregoing, if, pursuant to the Plan terms, payment is made on a date other than in March of a given Plan Year, then such payment shall be valued on the last business day of the month immediately preceding the month in which payment is actually made.

§5.10    Effect of Taxation.  If the Participant’s benefits under the Plan are includible in income pursuant to Code section 409A, such benefits shall be distributed immediately to the Participant.

§5.11    Permitted Delays.  Notwithstanding the foregoing, any payment to a Participant under the Plan shall be delayed upon the Committee’s reasonable anticipation of one or more of the following events:

(a)    The Company's deduction with respect to such payment would be eliminated by application of Code section 162(m); or

(b)    The making of the payment would violate Federal securities laws or other applicable law;

provided, that any payment delayed pursuant to this Section 5.11 shall be paid in accordance with Code section 409A on the earliest date in which the Company reasonably anticipates that:  (i) the deduction of such payment will not be barred by the application of Code section 162(m); and (ii) the making of the payment will not cause a violation of Federal securities laws or other applicable law.

ARTICLE VI

ADMINISTRATIVE PROCEDURES

§6.1    General.  The Plan shall be administered by the Plan Administrator.  Consistent with the terms of the Plan, the Plan Administrator shall establish administrative rules and procedures regarding the timing of deferral elections, the time period for deferral, the forms of distribution, the maximum number of annual installment payments, the Investment Accounts for valuing Account Balances, reallocation of Account Balances among Investment Accounts, statements of Account Balances, the time and manner of payment of Account Balances, and other administrative items for this Plan.  The Plan Administrator shall have the full authority and discretion to make, amend, interpret, and enforce all appropriate rules and procedures for the administration of this Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with this Plan.  Any such action taken by the Plan Administrator shall be final and conclusive on any party.  To the extent the Plan Administrator has been granted discretionary authority under the Plan, the Plan Administrator's prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter.  The Plan Administrator may, from time to time, employ agents and delegate to such agents, including Employees, such administrative or other duties as it sees fit.

§6.2    Plan Interpretation.   The Plan Administrator shall have the authority and responsibility to interpret and construe the Plan and to decide all questions arising thereunder, including without limitation, questions of eligibility for participation, eligibility for Contributions, the amount of Account Balances, and the timing of the distribution thereof, and shall have the authority to deviate from the literal terms of the Plan to the extent the Plan Administrator shall determine to be necessary or appropriate to operate the Plan in compliance with the provisions of applicable law.

§6.3    Responsibilities and Reports.  The Plan Administrator may pursuant to a written instruction name other persons to carry out specific responsibilities.  The Plan Administrator shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports that are furnished by any accountant, controller, counsel, or other person who is employed or engaged for such purposes.

ARTICLE VII 

CLAIMS PROCEDURE

§7.1    Filing a Claim.  A Participant or his authorized representative may file a claim for benefits under the Plan.  Any claim must be in writing and submitted to the Plan Administrator at such address as may be specified from time to time.  Claimants will be notified in writing of approved claims, which will be processed as claimed.  A claim is considered approved only if its approval is communicated in writing to a claimant.

§7.2    Denial of Claim.  In the case of the denial of a claim respecting benefits paid or payable with respect to a Participant, a written notice will be furnished to the claimant within 90 days of the date on which the claim is received by the Plan Administrator.  If special circumstances require a longer period, the claimant will be notified in writing, prior to the expiration of the 90-day period, of the reasons for an extension of time; provided, however, that no extensions will be permitted beyond 90 days after the expiration of the initial 90-day period.

§7.3    Reasons for Denial.  A denial or partial denial of a claim will be dated and will clearly set forth:
(a)    the specific reason or reasons for the denial;
(b)    specific reference to pertinent Plan provisions on which the denial is based;

(c)    a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and
(d)    an explanation of the procedure for review of the denied or partially denied claim set forth below, including the claimant's right to bring a civil action under ERISA section 502(a) following an adverse benefit determination on review.

§7.4    Review of Denial.  Upon denial of a claim, in whole or in part, a claimant or his duly authorized representative will have the right to submit a written request to the Plan Administrator for a full and fair review of the denied claim by filing a written notice of appeal with the Plan Administrator within 60 days of the receipt by the claimant of written notice of the denial of the claim.  A claimant or the claimant's authorized representative will have, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits and may submit issues and comments in writing.  The review will take into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

If the claimant fails to file a request for review within 60 days of the denial notification, the claim will be deemed abandoned and the claimant precluded from reasserting it.  If the claimant does file a request for review, his request must include a description of the issues and evidence he deems relevant.  Failure to raise issues or present evidence on review will preclude those issues or evidence from being presented in any subsequent proceeding or judicial review of the claim.

§7.5    Decision Upon Review.  The Plan Administrator will provide a prompt written decision on review.  If the claim is denied on review, the decision shall set forth:

(a)    the specific reason or reasons for the adverse determination;
(b)    specific reference to pertinent Plan provisions on which the adverse determination is based;
(c)    a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant's claim for benefits; and
(d)    a statement describing any voluntary appeal procedures offered by the Plan and the claimant's right to obtain the information about such procedures, as well as a statement of the claimant's right to bring an action under ERISA section 502(a).
A decision will be rendered no more than 60 days after the Plan Administrator’s receipt of the request for review, except that such period may be extended for an additional 60 days if the Plan Administrator determines that special circumstances require such extension.  If an extension of time is required, written notice of the extension will be furnished to the claimant before the end of the initial 60-day period.

§7.6    Finality of Determinations; Exhaustion of Remedies.  To the extent permitted by law, decisions reached under the claims procedures set forth in this Section shall be final and binding on all parties.  No legal action for benefits under the Plan shall be brought unless and until the claimant has exhausted his remedies under this Section.  In any such legal action, the claimant may only present evidence and theories which the claimant presented during the claims procedure.  Any claims which the claimant does not in good faith pursue through the review stage of the procedure shall be treated as having been irrevocably waived.  Judicial review of a claimant’s denied claim shall be limited to a determination of whether the denial was an abuse of discretion based on the evidence and theories the claimant presented during the claims procedure.

§7.7    Limitations Period.  Any suit or legal action initiated by a claimant under the Plan must be brought by the claimant no later than one year following a final decision on the claim for benefits by the Plan Administrator.  The one-year limitation on suits for benefits will apply in any forum where a claimant initiates such suit or legal action.

ARTICLE VIII

FUNDING

§8.1    Funding.  The Company shall not segregate or hold separately from its general assets any amounts credited to the Account Balances for Participants, and shall be under no obligation whatsoever to fund in advance any amounts under the Plan, including Contributions and earnings thereon.

§8.2    Insolvency.  In the event that the Company becomes insolvent, all Participants and Beneficiaries shall be treated as general, unsecured creditors of the Company with respect to any amounts credited to the Account Balances.

ARTICLE IX

AMENDMENT AND TERMINATION

The Company reserves the right to amend or terminate the Plan at any time by action of the corporate officer in charge of Human Resources of the Company.  Notwithstanding the foregoing, no such amendment or termination shall reduce any Participant’s Account Balance as of the date of such amendment or termination; provided however, an amendment may freeze or limit future accruals of benefits under the Plan on and after the date of such amendment.  Upon a complete termination of the Plan, all vested amounts credited to Participants’ Account Balances shall be distributed to Participants and Beneficiaries in the manner and at the time described in Article V, unless the Company determines in its sole discretion that all vested amounts credited to Participants' Account Balances shall be distributed upon termination in accordance with the requirements under Code section 409A.  Upon termination of the Plan, no further deferrals shall be permitted; however, earnings, gains and losses shall continue to be credited to Account Balances in accordance with Article III until the Account Balances are fully distributed.

ARTICLE X

CHANGE IN CONTROL

§10.1    Provisions.  Notwithstanding anything contained in the Plan to the contrary, the provisions of this Article X shall govern and supersede any inconsistent terms or provisions of the Plan.

§10.2    Definition of Change in Control.  For purposes of the Plan “Change in Control” shall mean any of the following events:

(a)    The acquisition in one or more transactions by any "Person" (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) of “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of twenty-five percent (25%) or more of the combined voting power of the Company's then outstanding voting securities (the "Voting Securities"), provided, however, that for purposes of this 

Section 10.2(a), the Voting Securities acquired directly from the Company by any Person shall be excluded from the determination of such Person's Beneficial Ownership of Voting Securities (but such Voting Securities shall be included in the calculation of the total number of Voting Securities then outstanding); or

(b)    The individuals who, as of January 1, 2011 are members of the Board (the “Incumbent Board”), cease for any reason to constitute more than fifty percent (50%) of the Board; provided, however, that if the election, or nomination for election by the Company's stockholders, or any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of the Plan, be considered as a member of the Incumbent Board; or

(c)    Approval by stockholders of the Company of (1) a merger or consolidation involving the Company if the stockholders of the Company, immediately before such merger or consolidation, do not own, directly or indirectly immediately following such merger or consolidation, more than fifty percent (50%) of the combined voting power of the outstanding voting securities of the corporation resulting from such merger or consolidation in substantially the same proportion as their ownership of the Voting Securities immediately before such merger or consolidation or (2) a complete liquidation or dissolution of the Company or an agreement for the sale or other disposition of all or substantially all of the assets of the Company; or

(d)    Acceptance of stockholders of the Company of shares in a share exchange if the stockholders of the Company, immediately before such share exchange, do not own, directly or indirectly immediately following such share exchange, more than fifty percent (50%) of the combined voting power of the outstanding voting securities of the corporation resulting from such share exchange in substantially the same proportion as their ownership of the Voting Securities outstanding immediately before such share exchange.

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because twenty-five percent (25%) or more of the then outstanding Voting Securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Company or any of its subsidiaries, (ii) any corporation which, immediately prior to such acquisition, is owned directly or indirectly by the stockholders of the Company in the same proportion as their ownership of stock in the Company immediately prior to such acquisition, (iii) any “Grandfathered Dorrance Family Stockholder” (as hereinafter defined) or (iv) any Person who has acquired such Voting Securities directly from any Grandfathered Dorrance Family Stockholder but only if such Person has executed an agreement which is approved by two-thirds of the Board and pursuant to which such Person has agreed that he (or they) will not increase his (or their) Beneficial Ownership (directly or indirectly) to 30% or more of the outstanding Voting Securities (the “Standstill Agreement”) and only for the period during which the Standstill Agreement is effective and fully honored by such Person. For purposes of this Section, “Grandfathered Dorrance Family Stockholder” shall mean at any time a “Dorrance Family Stockholder” (as hereinafter defined) who or which is at the time in question the Beneficial Owner solely of (v) Voting Securities Beneficially Owned by such individual on January 25, 1990 (w) Voting Securities acquired directly from the Company, (x) Voting Securities acquired directly from another Grandfathered Dorrance Family Stockholder, (y) Voting Securities which are also Beneficially Owned by other Grandfathered Dorrance Family Stockholders at the time in question, and (z) Voting Securities acquired after January 25, 1990 other than directly from the Company or from another Grandfathered Dorrance Family Stockholder by any “Dorrance Grandchild” (as hereinafter defined) provided that the aggregate amount of Voting Securities so acquired by each such Dorrance Grandchild shall not exceed five percent (5%) of the Voting Securities outstanding at the time of such acquisition. A “Dorrance Family Stockholder” who or which is at the time in question the Beneficial Owner of Voting Securities which are not specified in clauses (v), (w), (x), (y) and (z) of the immediately preceding sentence shall not be a Grandfathered Dorrance Family Stockholder at the time in question. For purposes of this Section, “Dorrance Family Stockholders” shall mean individuals who are descendants of the late Dr. John T. Dorrance, Sr. and/or 

the spouses, fiduciaries and foundations of such descendants. A “Dorrance Grandchild” means as to each particular grandchild of the late Dr. John T. Dorrance, Sr., all of the following taken collectively: such grandchild, such grandchild’s descendants and/or the spouses, fiduciaries and foundations of such grandchild and such grandchild's descendants.

Moreover, notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur.

(e)    Notwithstanding anything contained in the Plan to the contrary, if the Employees’ employment is terminated within six months prior to a Change in Control and the Employee reasonably demonstrates that such termination (i) was at the request of a third party who effectuates a Change in Control or (ii) otherwise occurred in connection with or in anticipation of a Change in Control, then for all purposes of the Plan, the date of a Change in Control with respect to the Employee shall mean the date immediately prior to the date of such termination of the Employee's employment.

§10.3    Definition of “Termination Following a Change in Control.”  For purposes of the Plan, “Termination Following a Change in Control” means a Separation from Service of an Employee following the date of a Change in Control:

(a)    initiated by the Employer of the Participant, or

(b)    initiated by the Participant following one or more of the following events:

(i)    an assignment to the Participant of any duties materially inconsistent with, or a reduction or change by his or her Employer in the nature or scope of the authority, duties or responsibilities of the Participant from those assigned to or held by the Participant immediately prior to the Change in Control;

(ii)    any removal of the Participant from the positions held immediately prior to the Change in Control, except in connection with promotions to positions of greater responsibility and prestige;

(iii)    any material reduction by his or her Employer in the Participant's compensation as in effect immediately prior to the Change in Control or as the same may be increased thereafter;

(iv)    revocation or any modification of any employee benefit plan, or any action taken pursuant to the terms of any such plan, that materially reduces the opportunity of the Participant to receive benefits under any such plan;

(v)    a transfer or relocation of the site of employment of the Participant immediately preceding the Change in Control, without the Participant's express written consent, to a 

location more than fifty (50) miles distant therefrom, or that is otherwise an unacceptable commuting distance from the Participant's principal residence at the date of the Change in Control; or

(vi)    a requirement that the Participant undertake business travel to an extent substantially greater than the Participant's business travel obligation immediately prior to the Change in Control.

§10.4    Accrued Benefit.

(a)    Upon a Change in Control, a Participant's Campbell Stock Account shall be converted into cash in an amount equal to the greater of (1) the highest price per share of the Campbell Stock (a “Share”) paid to holders of the Shares in any transaction (or series of transactions) constituting or resulting in a Change in Control or (2) the highest fair market value per Share during the ninety (90) day period ending on the date of a Change in Control multiplied by the number of shares of Campbell Stock deemed credited to the Participant's Account Balance under the Plan.

(b)    Upon a Participant’s Termination Following a Change in Control (other than Directors) within two (2) years after a Change in Control, the Participant shall fully vest in his or her Account Balance (including the SERP Benefit and the Mid-Career Plan Benefit).  In the event the Change in Control in connection with such Termination Following a Change in Control satisfies the requirements of a “Change in Control Event,” as described in Code section 409A and the applicable regulations thereunder, the Company shall pay to the Participant, subject to the delay in payment required for Key Employees pursuant to Section 5.3, a lump sum cash payment equal to the Participant’s vested Account Balance sixty (60) days after his or her Separation from Service regardless of the Participant's previous distribution election(s).  In the event such Change in Control does not result in a Change in Control Event as described under Code section 409A, payments described in this Section 10.4(b) shall be credited and vested to the Participant's Account Balance and made pursuant to the provisions under Article V of the Plan.

(c)    Upon a Director’s Separation from Service (i.e., ceasing to provide services to the Company as a member of the Board or otherwise) within two (2) years after a Change in Control, the Director shall fully vest in his or her Account Balance.  In the event the Change in Control in connection with such Separation from Service satisfies the requirements of a “Change in Control Event,” as described in Code section 409A and the applicable regulations thereunder, the Company shall pay to the Director, subject to the delay in payment required for Key Employees pursuant to Section 5.3, a lump sum cash payment equal to his or her vested Account Balance sixty (60) days after his or her Separation from Service regardless of the Director's previous distribution election.  In the event such Change in Control does not result in a Change in Control Event as described under Code section 409A, payments described in this Section 10.4(c) shall be credited and vested to the Participant's Account Balance and made pursuant to the provisions under Article V of the Plan.

§10.5    Amendment or Termination.

(a) This Article X shall not be amended or terminated at any time if any such amendment or termination would adversely affect the rights of any Participants under the Plan.

(b) For a period of two (2) years following a Change in Control, the Plan shall not be terminated or amended in any way that would adversely affect the rights of the Participants, nor shall the manner in which the Plan is administered be changed in a way that adversely affects the Eligible Executives’ right to existing or future Company provided benefits or contributions provided hereunder.  Furthermore, the Plan may not be merged or consolidated with any other program during said two-year period.

(c) Any amendment or termination of the Plan prior to a Change in Control and which (1) was at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change in Control or (2) otherwise arose in connection with or in anticipation of a Change in Control, shall be null and void and shall have no effect whatsoever.

ARTICLE XI

MISCELLANEOUS

§11.1    No Employment Contract.  The establishment or existence of the Plan shall not confer upon any individual the right to be continued as an employee or Director.  The Employer expressly reserves the right to discharge any employee whenever in its judgment its best interests so require.

§11.2    Non-Alienation.  No interest of any person in, or right to receive a distribution under, the Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily for the satisfaction of the debts of, or other obligations or claims against, such person.

§11.3    Governing Law.  The Plan shall be governed by and construed in accordance with the laws of the State of New Jersey to the extent not preempted by federal law.

§11.4    Taxes and Withholding.  The Company or other payor may withhold from a benefit payment under the Plan or a Participant's wages in order to meet any federal, state, or local tax withholding obligations with respect to Plan benefits.  The Company may also accelerate and pay a portion of a Participant's benefits in a lump sum equal to the Federal Insurance Contributions Act (“FICA”) tax imposed and the income tax withholding related to such FICA amounts.  The Company or other payor shall report Plan payments and other Plan-related information to the appropriate governmental agencies as required under applicable laws.

§11.5    Incapacity.  If the Plan Administrator, in its sole discretion, deems a Participant or Beneficiary who is eligible to receive any payment hereunder to be incompetent to receive the same by reason of illness or any infirmity or incapacity of any kind, the Plan Administrator may direct the Company to apply such payment directly for the benefit of such person, or to make payment to any person selected by the Plan Administrator to disburse the same for the benefit of the Participant or Beneficiary.  Payments made pursuant to this Section shall operate as a discharge, to the extent thereof, of all liabilities of the Company, the Plan Administrator and the Plan to the person for whose benefit the payments are made.

§11.6    Unclaimed Benefits.  Each Participant shall keep the Plan Administrator informed of his or her current address and the current address of his or her designated Beneficiary.  The Plan Administrator shall not be obligated to search for the whereabouts of any person if the location of a person is not made known to the Plan Administrator.

§11.7    Severability.  In the event any provision of the Plan shall be held invalid or illegal for any reason, any illegality or invalidity shall not affect the remaining parts of the Plan, but the Plan shall be construed and enforced as if the illegal or invalid provision had never been inserted.

§11.8    Words and Headings.  Words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context.  Any headings used herein are included for ease of reference only, and are not to be construed so as to alter the terms hereof.

§11.9    Binding Upon Successors.  The liabilities under the Plan shall be binding upon any successor, assign or purchaser of the Company or any purchaser of substantially all of the assets of the Company.

§11.10     Trust Arrangement.  All benefits under the Plan represent an unsecured promise to pay by the Company.  The Plan shall be unfunded and the benefits hereunder shall be paid only from the general assets of the Company resulting in the Eligible Executives having no greater rights than the Company's other general creditors.  Nothing herein shall prevent or prohibit the Company from establishing a trust or other arrangement for the purpose of providing for the payment of the benefits payable under the Plan.

IN WITNESS WHEREOF, this instrument has been executed on July 15, 2016.

 
	
			
	 
	 
	Campbell Soup Company

	 
	 
	 

	 
	 
	 

	 
	 By:
	/s/ Robert Morrissey

	 
	 
	Robert Morrissey

	 
	 
	Senior Vice President and Chief Human Resources

	 
	 
	and Communications Officer

Exhibit A

Designated Subsidiaries

January 1, 2011
Campbell Investment Company
Campbell Finance Corp. LLC
Campbell Foodservice Company
Campbell Sales Company
Campbell Soup Supply Company L.L.C.
Campbell Soup Urban Renewal Corporation
CSC Brands LP
CSC Insights, Inc.
CSC Standards, Inc.
Ecce Panis, Inc.
Pepperidge Farm, Incorporated
StockPot Inc.

January 1, 2014
Plum PBC

January 1, 2016
Kelsen Inc.

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