Document:

exv10w49

Exhibit 10.49

CON-WAY INC.

AMENDED AND RESTATED

2003 EQUITY INCENTIVE PLAN

FOR NON-EMPLOYEE DIRECTORS

AMENDED AND RESTATED DECEMBER 2008

	1.	 	Introduction

Con-way Inc., a Delaware corporation (the “Company”) established the Con-way Inc. 2003
Equity Incentive Plan for Non-Employee Directors (the “Original Plan”) for those members of
the Company’s Board of Directors who are not employees of the Company or any of its
subsidiaries. This document amends and restates in its entirety the Original Plan (the
Original Plan, as so amended and restated, is referred to herein as the “Plan”) to reflect
certain amendments to the Original Plan made pursuant to Section 10. All grants of Awards
made under the Original Plan, or under the Original Plan as heretofore amended, shall
constitute valid Awards granted under and governed by the terms of the Plan, and shall not
be affected by this amendment and restatement of the Original Plan. The effective date of
the Plan (the “Original Effective Date”) is April 22, 2003, the date that the Original Plan
was approved by stockholders of the Company. The Plan was subsequently amended on December
4, 2006 and is hereby amended and restated effective January 1, 2009 (the “Effective Date”)
to make certain administrative and clarifying changes to the Plan. Nothing in this amended
and restated document shall impair or otherwise affect the validity of grants made under
the terms of the Plan as in effect prior to Effective Date. Except as expressly amended
hereby, the Plan remains unchanged and in full force and effect.

The Plan permits the grant of stock options and restricted stock awards to non-employee
Directors of the Company, although currently only restricted stock awards are being granted
under the Plan. The purposes of the Plan are to encourage Directors to own shares of the
Company’s stock and thereby to align their interests more closely with the interests of the
other stockholders of the Company, to encourage the highest level of Director performance
by providing Directors with a direct interest in the Company’s attainment of its financial
goals, and to provide a financial incentive that will help attract and retain the most
qualified Directors.

	2.	 	Definitions

The following terms shall have the meanings set forth below. Except when otherwise
indicated by the context, the masculine gender shall also include the feminine gender, and
the definition of any term herein in the singular shall also include the plural.

	 	(a)	 	“Award” means a Restricted Stock Award or an Option Award.
	 
	 	(b)	 	“Award Agreement” has the meaning given to the term in Section 5 hereof.
	 
	 	(c)	 	“Board” or “Board of Directors” means the Board of Directors of the Company.
	 
	 	(d)	 	“Change in Control” means the occurrence of an event described in any one of
the following clauses (i) through (iv):

	 	(i)	 	any “person,” as such term is used in Sections 13(d) and
14(d) of the Exchange Act (other than (A) the Company or its affiliates, (B)
any

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trustee or other fiduciary holding securities under an employee benefit
plan of the Company or its affiliates, and (C) any corporation owned,
directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of the common stock,
par value $0.625 per share, of the Company), is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company (not including in the securities
beneficially owned by such person any securities acquired directly from
the Company or its affiliates) representing 25% or more of the combined
voting power of the Company’s then outstanding voting securities;

	 	(ii)	 	the following individuals cease for any reason to constitute
a majority of the number of directors then serving: individuals who, on the
Original Effective Date, constitute the Board and any new director (other than
a director whose initial assumption of office is in connection with an actual
or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the
Company’s stockholders was approved or recommended by a vote of at least
two-thirds (2/3) of the directors then still in office who either were
directors on the Original Effective Date or whose appointment, election or
nomination for election was previously so approved or recommended;
	 
	 	(iii)	 	there is consummated a merger or consolidation of the
Company or any direct or indirect subsidiary of the Company with any other
corporation, other than (A) a merger or consolidation which would result in
the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving or parent entity) more than 50% of the
combined voting power of the voting securities of the Company or such
surviving or parent entity outstanding immediately after such merger or
consolidation or (B) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no “person”
(as defined above), directly or indirectly, acquired 25% or more of the
combined voting power of the Company’s then outstanding securities (not
including in the securities beneficially owned by such person any securities
acquired directly from the Company or its affiliates);
	 
	 	(iv)	 	the stockholders of the Company approve a plan of complete
liquidation of the Company or there is consummated an agreement for the sale
or disposition by the Company of assets having an aggregate book value at the
time of such sale or disposition of more than 75% of the total book value of
the Company’s assets on a consolidated basis (or any transaction having a
similar effect), other than any such sale or disposition by the Company
(including by way of spin-off or other distribution) to an entity, at least
50% of the combined voting power of the voting securities of which are owned
immediately following such sale or disposition by stockholders of the Company
in substantially the same proportions as their ownership of the Company
immediately prior to such sale or disposition;

	 	(e)	 	“Committee” means a committee consisting of members of the Board who are
empowered hereunder to take actions in the administration of the Plan. The Committee
shall be so constituted at all times as to permit the Plan to comply with applicable
NYSE rules and with Rule 16b-3 (“Rule 16b-3”) promulgated

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	 	 	 	under the Securities Exchange Act of 1934 (the “1934 Act”). Members of the
Committee shall be appointed from time to time by the Board, shall serve at the
pleasure of the Board and may resign at any time upon written notice to the Board.

	 	(f)	 	“Director” means a member of the Board who is not an employee of the Company.
For purposes of the Plan, an employee is an individual whose wages are subject to the
withholding of federal income tax under Section 3401 of the Internal Revenue Code.
	 
	 	(g)	 	“Disability” means disability as defined under Treas. Reg. 1.409A-3(i)(4)(i).
	 
	 	(h)	 	“Effective Date” and “Original Effective Date” have the respective meanings
given to those terms in Section 1 hereof.
	 
	 	(i)	 	“Fair Market Value” per share of Stock as of a particular date means (i) the
closing sales price per share of Stock on the national securities exchange on which
the Stock is principally traded, for the last preceding date on which there was a sale
of such Stock on such exchange, or (ii) if the shares of Stock are then traded in an
over-the-counter market, the average of the closing bid and asked prices for the
shares of Stock in such over-the-counter market for the last preceding date on which
there was a sale of such Stock in such market, or (iii) if the shares of Stock are not
then listed on a national securities exchange or traded in an over-the-counter market,
such value as the Committee, in its sole discretion, shall determine.
	 
	 	(j)	 	“Internal Revenue Code” means the Internal Revenue Code of 1986, as it may be
amended from time to time.
	 
	 	(k)	 	“NYSE” means the New York Stock Exchange.
	 
	 	(l)	 	“Option” means an option to purchase Stock.
	 
	 	(m)	 	“Option Award” means an Award of an Option pursuant to Section 7 hereof.
	 
	 	(n)	 	“Restricted Stock Award” means an Award of Stock granted to a Director
pursuant to Section 6 hereof.
	 
	 	(o)	 	“Restricted Stock Award Amount” means: for calendar year 2007 and subsequent
calendar years, (i) for each Director receiving a Restricted Stock Award pursuant to
Section 6(a)(i), an amount equal to $85,000 for each full year during the Director’s
term (for a total of $255,000 for a three-year term), (ii) for each Class II and Class
III Director receiving a Restricted Stock Award pursuant to Section 6(a)(ii), an
amount equal to $85,000 for each full year remaining until such Director is next
scheduled for election or re-election to the Board (for a total of $85,000 for Class
II Directors and $170,000 for Class III Directors) and (iii) for each newly-appointed
Director receiving a Restricted Stock Award pursuant to Section 6(a)(iii), an amount
equal to $85,000 for each full year remaining until such Director is next scheduled
for election, plus a pro rata portion of $85,000 for each partial year remaining until
such Director is next scheduled for election. For purposes of this paragraph, a
period of greater than eleven (11) but less than twelve (12) months shall be
considered a full year.
	 
	 	(p)	 	“Restricted Stock Award Date” means, for a Restricted Stock Award to be made
in any year pursuant to Section 6(a), the earlier to occur of (A) the date of the

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	 	 	 	annual Directors’ meeting occurring during such year and (B) April 30 of that year.
	 
	 	(q)	 	“Stock” means the Common Stock, $0.625 par value, of the Company.

	3.	 	Plan Administration

The Plan shall be administered by the Committee. Subject to the other provisions of the
Plan, the Committee is authorized to determine the manner in which Awards will vest
(including the authority to determine whether, and to what extent, an Award may vest upon
retirement of a Director from the Board), to specify other terms, provisions, and
conditions of the Awards, and to do all things necessary or desirable in connection with
the administration of the Plan. Notwithstanding the foregoing, and subject to Section 4(c)
hereof, the Committee shall not have the authority to lower the exercise price of any
outstanding Option, nor shall the Committee have the authority to settle, cancel or
exchange any outstanding Option in consideration for the grant of a new Award with a lower
exercise price.

	4.	 	Stock Subject to the Plan

	 	(a)	 	Number of Shares Available Under the Plan. Subject to subsections (b) and
(c) of this Section 4, the maximum number of shares of Stock that may be issued or
transferred pursuant to Awards under the Plan shall not exceed 300,000 shares, and no
more than 150,000 shares of Stock may be issued or transferred pursuant to Restricted
Stock Awards. Shares of Stock that are issued as Restricted Stock Awards or that are
issuable upon exercise of an Option shall be applied to reduce the maximum number of
shares of Stock remaining available for use under the Plan. The shares of Stock to be
delivered under the Plan shall be made available, at the discretion of the Committee,
either from authorized but unissued shares of Stock or from shares of Stock held by
the Company as treasury shares, including shares purchased in the open market.
	 
	 	(b)	 	Effect of Forfeitures and Terminations on Shares Available. Any shares of
Stock that are subject to a Restricted Stock Award and which are forfeited shall be
available for reissuance under the Plan. In the event that any Option Award hereunder
lapses or otherwise terminates prior to being fully exercised, any shares of Stock
allocable to the unexercised portion of such Award shall be available for future
Restricted Stock Awards or Options Awards under the Plan.
	 
	 	(c)	 	If:

	 	(i)	 	any recapitalization, reclassification, spin-off, split-up or
consolidation of Stock is effected;
	 
	 	(ii)	 	the outstanding shares of Stock are exchanged, in connection
with a merger or consolidation of the Company or a sale by the Company of all
or a part of its assets, for a different number or class of shares of stock or
other securities of the Company or for shares of the stock or other securities
of any other corporation;
	 
	 	(iii)	 	new, different or additional shares or other securities of
the Company or of another company are received by the holders of Stock;
	 
	 	(iv)	 	any distribution is made to the holders of Stock other than a
cash dividend; or

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	 	(v)	 	any other change in capitalization or similar event is
determined by the Committee to have occurred;

then the appropriate adjustments will be made to:

	 	(i)	 	the number and class of shares or other securities that may
be issued or transferred pursuant to outstanding Options or Restricted Stock
Awards;
	 
	 	(ii)	 	the number and class of shares or other securities available
for issuance under the Plan;
	 
	 	(iii)	 	the purchase price to be paid per share under outstanding
Options; and
	 
	 	(iv)	 	the number of Options to be issued under Section 7(a) hereof.

Upon the dissolution or liquidation of the Company, the Plan shall terminate, and,
except as otherwise provided herein, all Options previously granted shall terminate
on the date of such dissolution or liquidation of the Company; provided that a
Director shall have the right to exercise any Option held by him immediately prior
to such dissolution or liquidation to the full extent not theretofore exercised.

Adjustments under this subsection (c) shall be made according to the sole
discretion of the Committee, and its decision shall be binding and conclusive,
subject to any legally required approval of the Board of Directors or of any other
entity. Except as otherwise provided in this subsection (c), the issuance by the
Company of shares of capital stock of any class or securities convertible into
shares of capital stock of any class shall not affect Options or Restricted Stock
Awards hereunder.

	 	(d)	 	General Adjustment Rules. No adjustment or substitution provided for in
this Section 4 shall require the Company to issue a fractional share of Stock, and the
total substitution or adjustment with respect to each Award shall be limited by
deleting any fractional share.

	5.	 	Participation

Each Director shall receive Awards on the terms and conditions set forth under the Plan.
Each Director receiving an Award shall enter into an agreement (an “Award Agreement”) with
the Company, in such form as the Committee shall determine and which is consistent with the
provisions of the Plan. In the event of any inconsistency between the provisions of the
Plan and any such agreement entered into hereunder, the provisions of the Plan shall
govern.

	6.	 	Restricted Stock Awards

	 	(a)	 	Restricted Stock Awards Subject to Section 10 hereof, so long as there are
sufficient shares of Stock available for issuance or transfer pursuant to Restricted
Stock Awards under the Plan:

(i) on the Restricted Stock Award Date in each year during the term of the Plan,
commencing with the Restricted Stock Award Date in 2007, each Director who is
elected or re-elected to the Board at the annual meeting of shareholders during
such year shall automatically be granted an Award consisting of a number of shares
of Restricted Stock determined based on the applicable Restricted Stock Award
Amount;

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(ii) in addition to the grants described in subsection (i) above, on the Restricted
Stock Award Date in 2007, each Class II Director and each Class III Director then
serving on the Board shall automatically be granted an Award consisting of a number
of shares of Restricted Stock determined based on the applicable Restricted Stock
Award Amount; and

(iii) at any time in 2007 and thereafter, upon a Director’s appointment to the
Board, such Director shall automatically be granted an Award consisting of a number
of shares of Restricted Stock determined based on the applicable Restricted Stock
Award Amount.

	 	(b)	 	Purchase Price. Directors under the Plan shall not be required to pay any
purchase price for the shares of Stock to be acquired pursuant to a Restricted Stock
Award, unless otherwise required under applicable law or regulations for the issuance
of shares of Stock that are nontransferable and subject to a substantial risk of
forfeiture until specific conditions are met. If so required, the price at which
shares of Stock shall be sold to Directors under the Plan pursuant to an Award shall
be the minimum purchase price required in such law or regulations, as determined by
the Board in the exercise of its sole discretion. The purchase price, if any, of
shares of Stock sold by the Company hereunder shall be payable by the Director in cash
or by check at the time such Award is granted.
	 
	 	(c)	 	Number of Shares Awarded. The number of shares of Stock included in each
such Restricted Stock Award shall be determined by dividing the dollar value of such
Award by the Fair Market Value of a share of Stock as of the date of grant. In no
event shall the Company be required to issue fractional shares. Whenever under the
terms of this Section 6(c) a fractional share of Stock would otherwise be required to
be issued, an amount in lieu thereof shall be paid in cash based upon the Fair Market
Value of such fractional share.
	 
	 	(d)	 	Forfeiture of Awards. If a Director voluntarily resigns or is removed for
cause as a Board member before the restrictions applicable to a Restricted Stock Award
lapse pursuant to the Terms and Conditions of Restricted Stock herein, the shares of
Stock granted pursuant to such Restricted Stock Award shall be forfeited.
	 
	 	(e)	 	Restrictions. Except as otherwise provided in the Plan, shares of Stock
received pursuant to a Restricted Stock Award may not be sold, assigned, pledged,
hypothecated, transferred or otherwise disposed of until the restrictions applicable
to such Stock have lapsed pursuant to the Terms and Conditions of Restricted Stock
herein.
	 
	 	(f)	 	Terms and Conditions of Restricted Stock. Each Restricted Stock Award
granted pursuant to the Plan shall be evidenced by a Award Agreement. The Award
Agreement may contain such terms, provisions and conditions as may be determined by
the Committee and not inconsistent with the Plan. Restrictions on Stock covered by a
Restricted Stock Award shall lapse and be removed (and the shares of Stock acquired by
a Director pursuant to a Restricted Stock Award shall vest) in a manner determined by
the Committee at the time the Award is granted and set forth in the applicable Award
Agreement. Restrictions may lapse and Restricted Stock Awards vest based on either or
both of (A) the attainment of performance goals by the Company, or (B) the continued
service on the Board by the Director. All performance-based Restricted Stock Awards
will have a minimum vesting period of one (1) year. With respect to any shares of
Restricted Stock subject to restrictions which lapse solely based on the Director’s
continued

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	 	 	 	service on the Board, such restrictions shall lapse over a vesting schedule (so
long as the Director continues to serve on the Board) no shorter in duration than
three years from the date of grant; provided, that such vesting schedule may
provide for partial or installment vesting during such period. In addition, unless
otherwise determined by the Committee and set forth in the applicable Award
Agreement, all restrictions on Stock covered by a Restricted Stock Award shall
lapse and be removed (and the shares of Stock acquired by a Director pursuant to a
Restricted Stock Award shall vest) upon any of the following events:

	 	(i)	 	Upon the termination of a Director’s service as a Board
member as a result of death, Disability, failure to be nominated for election
as a Director or failure to be elected by stockholders as a Board member; or
	 
	 	(ii)	 	In the event of a Change in Control.

	 	(g)	 	Privileges of a Stockholder. A Director shall have all voting, dividend,
liquidation and other rights with respect to Stock received by him as a Restricted
Stock Award under this Restricted Stock Awards section, whether or not restrictions
have lapsed. However, if the Company shall at any time pay or make any dividend or
other distribution upon the Stock payable in securities or other property (except
money), a proportionate part of such securities or other property shall be set aside
and delivered to any Director then holding a Restricted Stock Award upon lapse of all
restrictions applicable to such Restricted Stock Award. Prior to the time that any
such securities or other property are delivered to a Director in accordance with the
foregoing, the Director shall, subject to the same forfeiture provisions applicable to
the Restricted Stock Award to which such securities or other property relates, be the
owner of such securities or other property and shall have the right to vote the
securities, receive any dividends payable on such securities and in all other respects
shall be treated as the owner. If securities or other property which have been set
aside by the Company in accordance with this Section are not delivered to a Director
because restrictions applicable to such Restricted Stock Award do not lapse and such
Stock is forfeited, then such securities or other property shall be forfeited to the
Company and shall be dealt with by the Company as it shall determine in its sole
discretion.
	 
	 	(h)	 	Enforcement of Restrictions. The Committee shall cause a legend to be
placed on the Stock certificates issued pursuant to each Restricted Stock Award
referring to the restrictions imposed in the Plan and, in addition, may in its sole
discretion require one or more of the following methods of enforcing such
restrictions:

	 	(i)	 	Requiring the Director to keep the Stock certificates, duly
endorsed, in the custody of the Company while the restrictions remain in
effect; or
	 
	 	(ii)	 	Requiring that the Stock certificates, duly endorsed, be held
in the custody of a third party while the restrictions remain in effect.

	7.	 	Option Awards

	 	(a)	 	Option Awards. Subject to Section 10 hereof, at any time and from time to
time during the term of the Plan and so long as there are sufficient shares available
for issuance or transfer pursuant to Awards under the Plan, the Committee may grant an
Option to purchase shares of Stock to any Director.

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	 	(b)	 	Exercise Price for Options. The exercise price per share of Stock covered
by each Option shall be the Fair Market Value of the Stock as of the date the Option
is granted. The exercise price of an Option granted under the Plan shall be subject to
adjustment as provided in Section 4(c) hereof.
	 
	 	(c)	 	Term; Termination. Unless earlier terminated, each Option shall expire ten
(10) years from the date that the Option was granted. Except as otherwise determined
by the Committee and set forth in the applicable Award Agreement, no Option granted to
a Director (to the extent otherwise exercisable) may be exercised, and such Option
shall terminate, after the first to occur of the following events:

	 	(i)	 	The expiration of three (3) months from the date the Director
ceases to serve as a Director by reason of such Director’s voluntary
resignation;
	 
	 	(ii)	 	The expiration of twelve (12) months from the date the
Director ceases to serve as a Director other than by reason of such Director’s
voluntary resignation, removal for cause; or
	 
	 	(iii)	 	The expiration of three (3) years from the date that the
Director retires from the Board; or
	 
	 	(iv)	 	The removal of the Director for cause.

	 	(d)	 	Terms and Conditions of Options; Vesting. Each Option granted pursuant to
the Plan shall be evidenced by an Award Agreement. The Award Agreement may contain
such terms, provisions and conditions as may be determined by the Committee and not
inconsistent with the Plan. Each Option granted under the Plan shall vest and become
exercisable in a manner determined by the Committee at the time the Award is granted
and set forth in the applicable Award Agreement. Vesting of Options may be based upon
either or both of (i) the attainment of performance goals by the Company, or (ii) the
continued service on the Board by the Director. All performance-based Options will
have a minimum vesting period of one (1) year. No Option shall be exercisable prior to
vesting. Notwithstanding the foregoing, each Option shall become immediately
exercisable as to all shares covered by such Option in the event a Director’s service
as a Director terminates as a result of death, Disability, failure to be nominated for
election as a Director or failure to be elected by stockholders as a Board member.
Unless otherwise determined by the Committee and set forth in the applicable Award
Agreement, each Option shall vest and become immediately exercisable in the event of a
Change in Control.
	 
	 	(e)	 	Assignability of Options. Each Option granted pursuant to the Plan shall,
during the Director’s lifetime, be exercisable only by the Director, and the Option
shall not be transferable by the Director by operation of law or otherwise other than
by will or the laws of descent and distribution.
	 
	 	(f)	 	Exercise of Options. An Option may be exercised in whole or in part, to
the extent it is then exercisable, only by written notice to the Company at its
principal office accompanied by payment in cash or by check of the full exercise price
for the shares with respect to which the Option, or portion thereof, is exercised.
However, the Committee may, in its discretion, (i) allow payment, in whole or in part,
through the delivery of shares of Stock which have been owned by the Director for at
least six (6) months, duly endorsed for transfer to the Company with a fair market
value on the date of delivery equal to the aggregate exercise price of the Option or
exercised portion thereof; (ii) allow payment, in whole or in part, through the
surrender of shares of Stock then issuable upon exercise of the

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	 	 	 	Option having a fair market value on the date of Option exercise equal to the
aggregate exercise price of the Option or exercised portion thereof; (iii) allow
payment, in whole or in part, through the delivery of a notice that the Director
has placed a market sell order with a broker with respect to shares of Stock then
issuable upon exercise of the Option, and that the broker has been directed to pay
a sufficient portion of the net proceeds of the sale to the Company in satisfaction
of the Option exercise price, provided that the Company shall not deliver such
shares until payment of such proceeds is received by the Company; or (iv) allow
payment through any combination of the consideration provided in the foregoing
clauses (i), (ii) and (iii).

	8.	 	Rights of Directors

Nothing contained in the Plan or in any Option or Restricted Stock Award granted under the
Plan shall interfere with or limit in any way the right of the stockholders of the Company
to remove any Director from the Board pursuant to the Certificate of Incorporation or
bylaws of the Company, nor confer upon any Director any right to continue in the service of
the Company.

	9.	 	General Restrictions

	 	(a)	 	Investment Representations. The Company may require any Director to whom
an Option or Restricted Stock Award is granted, as a condition of receiving such
Option or Restricted Stock Award or exercising an Option, to give written assurances
in substance and form satisfactory to the Company and its counsel to the effect that
such person is acquiring the Option or Stock subject to the Restricted Stock Award or
Option for his own account for investment and not with any present intention of
selling or otherwise distributing the same, and to such other effects as the Company
deems necessary or appropriate in order to comply with Federal and applicable state
securities laws.
	 
	 	(b)	 	Compliance With Securities Laws. Each Option or Restricted Stock Award
shall be subject to the requirement that, if at any time counsel to the Company shall
determine that the listing, registration or qualification of the shares subject to
such Option or Restricted Stock Award upon any securities exchange or under any state
or federal law, or the consent or approval of any governmental or regulatory body, is
necessary as a condition of, or in connection with, the issuance of shares thereunder,
such Restricted Stock Award or Option may not be accepted or exercised in whole or in
part unless such listing, registration, qualification, consent or approval shall have
been effected or obtained on conditions acceptable to the Committee. Nothing herein
shall be deemed to require the Company to apply for or to obtain such listing,
registration or qualification.
	 
	 	(c)	 	Taxes. Each Director shall make appropriate arrangements for the
satisfaction of any applicable federal, state or local income or other tax withholding
requirements applicable to any Restricted Stock Award or Option granted hereunder. In
addition, each Director shall provide the Company with a copy of any election, which
such Director may make under Section 83(b) of the Internal Revenue Code with respect
to a Restricted Stock Award.

	10.	 	Plan Amendment, Modification and Termination

The Board may at any time and from time to time alter, amend, modify, suspend or terminate
the Plan in whole or in part; provided, however, that no amendment or modification shall be
effective without stockholder approval (a) if such approval is

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required by law or NYSE rules or (b) if such amendment or modification either eliminates or
revises the succeeding proviso; and provided further, however, that the Board (or
Committee) may amend the number of shares subject to, or the dollar value of, Awards
granted pursuant to Sections 6(a) and 7(a) hereof only if it shall have received advice to
such effect from an outside compensation consultant. No amendment, modification or
termination of the Plan shall in any manner adversely affect any Options or Restricted
Stock Awards theretofore granted under the Plan without the consent of the Director holding
such Options or Restricted Stock Awards.

	11.	 	Requirements of Law

	 	(a)	 	Compliance with Law. The issuance of Stock and the payment of cash
pursuant to the Plan shall be subject to all applicable laws, rules and regulations.
	 
	 	(b)	 	Rule 16b-3. Awards and transactions under the Plan are intended to comply
with all applicable conditions of Rule 16b-3 or its successors under the 1934 Act. To
the extent any provision of the Plan or action by the Board or the Committee fails to
so comply, it shall be deemed null and void, to the extent permitted by law and deemed
advisable by the Board or the Committee. Moreover, in the event the Plan does not
include a provision required by Rule 16b-3 to be stated therein in order to qualify
the Plan as a formula plan, such provision (other than one relating to eligibility
requirements, or the price and amount of Awards) shall be deemed automatically to be
incorporated by reference into the Plan.
	 
	 	(c)	 	Governing Law. The Plan and all agreements hereunder shall be construed in
accordance with and governed by the laws of the State of California.

	12.	 	Duration of the Plan

The Plan shall terminate ten (10) years after the date the Plan is first approved by
stockholders of the Company or at such earlier time as may be determined by the Board, and
no Option Awards or Restricted Stock Awards shall be granted after such termination.

	 	 	 	 	 
	 	CON-WAY INC.

 	 
	 	By:  	 	 
	 	 	Jennifer W. Pileggi 	 
	 	 	Senior Vice President, General Counsel

and Secretary 	 
	 

10exv10w50

Exhibit 10.50

CON-WAY INC.

DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

AMENDED AND RESTATED DECEMBER 2008

 

 

CON-WAY INC.

DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

AMENDED AND RESTATED DECEMBER 2008

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	Preamble

	 	 	1	 
	 
	 	 	 	 
	ARTICLE I Definitions

	 	 	1	 
	 
	 	 	 	 
	1.1 “Account Balance”

	 	 	1	 
	1.2 “Administrative Appendix”

	 	 	1	 
	1.3 “Annual Deferral Amount”

	 	 	1	 
	1.4 “Beneficiary”

	 	 	1	 
	1.5 “Board”

	 	 	2	 
	1.6 “Cash Account”

	 	 	2	 
	1.7 “Change in Control”

	 	 	2	 
	1.8 “Claimant”

	 	 	3	 
	1.9 “Code”

	 	 	3	 
	1.10 “Committee”

	 	 	3	 
	1.11 “Common Stock”

	 	 	3	 
	1.12 “Company”

	 	 	3	 
	1.13 “Con-way Administrative Committee”

	 	 	3	 
	1.14 “Director”

	 	 	3	 
	1.15 “Distribution Event”

	 	 	3	 
	1.16 “Dividend Equivalent”

	 	 	3	 
	1.17 “Election Form”

	 	 	4	 
	1.18 “ERISA”

	 	 	4	 
	1.19 “Fair Market Value”

	 	 	4	 
	1.20 “Fixed Date Distribution”

	 	 	4	 
	1.21 “Participant”

	 	 	4	 
	1.22 “Phantom Stock Account”

	 	 	4	 
	1.23 “Phantom Stock Unit”

	 	 	4	 
	1.24 “Plan”

	 	 	4	 
	1.25 “Plan Administrator”

	 	 	4	 
	1.26 “Plan Entry Date”

	 	 	4	 
	1.27 “Plan Year”

	 	 	4	 
	1.28 “Termination Benefit”

	 	 	4	 
	1.29 “Termination of Service”

	 	 	4	 
	1.30 “Unforeseeable Financial Emergency”

	 	 	4	 

i

 

	 	 	 	 	 
	 	 	Page
	ARTICLE II Eligibility, Enrollment

	 	 	5	 
	 
	 	 	 	 
	2.1 Eligibility

	 	 	5	 
	2.2 Enrollment Requirement

	 	 	5	 
	2.3 Commencement of Participation

	 	 	5	 
	 
	 	 	 	 
	ARTICLE III Returns

	 	 	5	 
	 
	 	 	 	 
	ARTICLE IV Distribution to Participant

	 	 	5	 
	 
	 	 	 	 
	4.1 Fixed Date Distribution

	 	 	5	 
	4.2 Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies

	 	 	6	 
	4.3 Termination Benefit

	 	 	6	 
	4.4 Payment of Termination Benefit

	 	 	6	 
	 
	 	 	 	 
	ARTICLE V Distribution to Beneficiary

	 	 	7	 
	 
	 	 	 	 
	ARTICLE VI Termination, Amendment or Modification

	 	 	7	 
	 
	 	 	 	 
	6.1 Termination

	 	 	7	 
	6.2 Amendment

	 	 	7	 
	6.3 Effect of Payment

	 	 	8	 
	 
	 	 	 	 
	ARTICLE VII Administration

	 	 	8	 
	 
	 	 	 	 
	7.1 Plan Sponsor and Administrator

	 	 	8	 
	7.2 Powers and Authority of the Company

	 	 	8	 
	7.3 Plan Administrator

	 	 	8	 
	7.4 Binding Effect of Decisions

	 	 	9	 
	7.5 Indemnification

	 	 	10	 
	7.6 Stock Subject to the Plan

	 	 	10	 
	7.7 Equitable Adjustment

	 	 	10	 
	 
	 	 	 	 
	ARTICLE VIII Claims Procedures

	 	 	10	 
	 
	 	 	 	 
	ARTICLE IX Miscellaneous

	 	 	10	 
	 
	 	 	 	 
	9.1 Unsecured General Creditor

	 	 	10	 
	9.2 Company’s Liability

	 	 	11	 
	9.3 Nonassignability

	 	 	11	 
	9.4 Furnishing Information

	 	 	11	 
	9.5 Captions

	 	 	11	 
	9.6 Governing Use

	 	 	11	 
	9.7 Notice

	 	 	11	 
	9.8 Successors

	 	 	12	 
	9.9 Spouse’s Interest

	 	 	12	 

ii

 

	 	 	 	 	 
	 	 	Page
	9.10 Incompetence

	 	 	12	 
	9.11 Distribution in the Event of Taxation

	 	 	12	 
	9.12 Legal Fees To Enforce Rights

	 	 	13	 
	9.13 Payment of Withholding

	 	 	13	 
	9.14 Coordination with Other Benefits

	 	 	13	 

iii

 

Preamble

The purpose of this Plan is to enhance the motivational value of the fees paid to non-employee
directors, who contribute materially to the continued growth, development and future business
success of the Company and its subsidiaries, by providing them the opportunity to defer cash
compensation. The Plan is intended to aid the Company and its subsidiaries in attracting and
retaining directors and give them an incentive to increase the profitability of the Company and its
subsidiaries.

The Company maintains this Plan pursuant to Election Forms completed by Directors in advance of
each Plan Year. In order to provide more complete documentation for the Plan, the Company
previously adopted restatements of the Plan effective January 1, 1998 (the “Original Effective
Date”) and January 1, 2008. The Company hereby further amends and restates the Plan effective
January 1, 2009 (the “Effective Date”) to conform certain governance and administrative positions
with those of the 2005 Deferred Compensation Plan for Non-Employee Directors (December 2008
Restatement).

ARTICLE I

Definitions

For purposes hereof, unless otherwise clearly apparent from the context, the following phrases or
terms shall have the following indicated meanings:

1.1 “Account Balance” means the sum of (i) amounts credited to a Participant’s Cash Account, plus
(ii) Phantom Stock Units credited to a Participant’s Phantom Stock Account, reduced (iii) by all
distributions made in accordance with the terms and conditions of this Plan. This account shall be
a bookkeeping entry only and shall be utilized solely as a device for the measurement and
determination of the amounts to be paid to a Participant pursuant to this Plan.

1.2 “Administrative Appendix” means the rules and procedures governing the administration of this
Plan, as set forth in a separate appendix which by this reference is specifically incorporated into
the Plan.

1.3 “Annual Deferral Amount” means that portion of a Participant’s annual retainer fee, meeting
fees, and chair fees, if applicable, that a Participant elects to have and is deferred, in
accordance with the Plan, for any one Plan Year. In the event of death or Termination of Service
prior to the
end of a Plan Year, such year’s Annual Deferral Amount shall be the actual amount withheld prior to
such event.

1.4 “Beneficiary” means one or more persons, trusts, estates or other entities, designated in
accordance with the Plan, that are entitled to receive benefits under this Plan upon the death of a
Participant.

1

 

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

1.6 “Cash Account” shall mean that portion of a Participant’s Account Balance that is not credited
to such Participant’s Phantom Stock Account.

1.7 “Change in Control” means a change in control of the Company, which will be deemed to have
occurred if:

	 	a.	 	any “person,” as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934 (the “Exchange Act”) (other than (A) the Company, (B)
any trustee or other fiduciary holding securities under an employee benefit plan of the
Company, and (C) any corporation owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their ownership of the outstanding
common stock of the Company), is or becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
(not including in the securities beneficially owned by such person any securities
acquired directly from the Company or its Affiliates) representing 25% or more of the
combined voting power of the Company’s then outstanding voting securities;
	 
	 	b.	 	the following individuals cease for any reason to constitute a majority of the
number of directors then serving: individuals who, on the Original Effective Date,
constitute the Board and any new director (other than a director whose initial
assumption of office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation, relating to the election of
directors of the Company) whose appointment or election by the Board or nomination for
election by the Company’s stockholders was approved or recommended by a vote of at
least two-thirds (2/3) of the directors then still in office who either were directors
on the Original Effective Date, or whose appointment, election or nomination for
election was previously so approved or recommended;
	 
	 	c.	 	there is consummated a merger or consolidation of the Company or any direct or
indirect subsidiary of the Company with any other corporation, other than (A) a merger
or consolidation which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or
by being converted into voting securities of the Company or such surviving or parent entity
outstanding immediately after such merger or consolidation or (B) a merger or
consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no “person” (as hereinabove defined), directly or indirectly,
acquired 25% or more of the combined voting power of the Company’s then outstanding
securities (not including in the securities beneficially owned by such person any
securities acquired 

2

 

	 	 	 	directly from the Company or its “affiliates,” as defined in
Rule 12b-2 promulgated under Section 12 of the Exchange Act); or
	 
	 	d.	 	the stockholders of the Company approve a plan of complete liquidation of the
Company or there is consummated an agreement for the sale or disposition by the Company
of all or substantially all of the Company’s assets (or any transaction having a
similar effect), other than a sale or disposition by the Company of all or
substantially all of the Company’s assets to an entity, at least 50% of the combined
voting power of the voting securities of which are owned by stockholders of the Company
in substantially the same proportions as their ownership of the Company immediately
prior to such sale.

	1.8	 	“Claimant” means any Participant or Beneficiary of a deceased Participant who makes a claim
for determination under the Plan.
	 
	1.9	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	1.10	 	“Committee” means the Director Affairs Committee of the Board or its delegates.
	 
	1.11	 	“Common Stock” means the common stock, par value $0.625 per share, of the Company.
	 
	1.12	 	“Company” means Con-way Inc., a Delaware corporation.
	 
	1.13	 	“Con-way Administrative Committee” means the committee delegated by the Compensation
Committee of the Board to serve as the named fiduciary of the Company’s tax-qualified
retirement plans.
	 
	1.14	 	“Director” means a non-employee member of the Board.
	 
	1.15	 	“Distribution Event” shall mean: (a) in the case of a withdrawal for an Unforeseeable
Financial Emergency, the date the Plan Administrator approves the payout, provided that a
Distribution Event shall
only be deemed to have occurred for the portion of the Participant’s Account Balance that is
approved to be paid out; (b) in the case of death, the date of death; (c) in the case of a
Fixed Date Distribution, the last day of the Plan Year immediately preceding the Plan Year
chosen by the Participant on the Election Form for such distribution; and (d) in the case of
a Termination Benefit, the last day of the Plan Year in which the Termination of Service
occurred.
	 
	1.16	 	“Dividend Equivalent” means an amount representing the dividend paid on that number of shares
of Common Stock equal to the number of Phantom Stock Units credited to a Participant’s Phantom
Stock Account as of the record date for such dividend.

3

 

	1.17	 	“Election Form” means the form established from time to time by the Plan Administrator that a
Participant completes, signs and returns to the Plan Administrator to make an election under
the Plan. A Participant may complete and return the Election Form electronically and such
electronic transmission shall be treated as a valid signature.
	 
	1.18	 	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
	 
	1.19	 	“Fair Market Value” of a share of Common Stock as of a particular date shall mean the closing
price per share of Common Stock on the New York Stock Exchange on the last trading day
immediately preceding such date.
	 
	1.20	 	“Fixed Date Distribution” means a distribution of an Annual Deferral Amount, plus returns
credited in accordance with the Plan, to be made during a future month of January specified by
the Participant in accordance with Section 4.1.
	 
	1.21	 	“Participant” for any Plan Year means any Director who commences participation in accordance
with Article 2.
	 
	1.22	 	“Phantom Stock Account” shall mean that portion of a Participant’s Account Balance which is
credited with Phantom Stock Units.
	 
	1.23	 	“Phantom Stock Unit” shall mean a unit which shall at all times be equal in value to one
whole share of Common Stock.
	 
	1.24	 	“Plan” means the Company’s Deferred Compensation Plan for Non-Employee Directors, Amended and
Restated December 2008, evidenced by this instrument, as amended from time to time and as
supplemented by the Administrative Appendix.
	 
	1.25	 	“Plan Administrator” means the Committee, or any person or persons to whom the Committee
delegates its authority or any portion thereof.
	 
	1.26	 	“Plan Entry Date” means January 1 of each Plan Year.
	 
	1.27	 	“Plan Year” means the period beginning on January 1 of each year and continuing through
December 31 of that year.
	 
	1.28	 	“Termination Benefit” means the benefit set forth in Section 4.3.
	 
	1.29	 	“Termination of Service” means cessation of membership on the Board for any reason.
	 
	1.30	 	“Unforeseeable Financial Emergency” means an unanticipated emergency that is caused by an
event beyond the control of the Participant that would result in 

4

 

	 	 	severe financial hardship to
the Participant resulting from (i) a sudden and unexpected illness or accident of the
Participant or a dependent of the Participant, (ii) a loss of the Participant’s property due
to casualty, or (iii) such other extraordinary and unforeseeable circumstances arising as a
result of events beyond the control of the Participant, all as determined in the sole
discretion of the Plan Administrator.

ARTICLE II

Eligibility, Enrollment.

	2.1	 	Eligibility. Participation in the Plan shall be limited to Directors who are not
employed by the Company or any member of the Company’s controlled group of corporations.

	2.2	 	Enrollment Requirement. The Plan Administrator shall establish from time to time
such enrollment requirements as it determines in its sole discretion are necessary.

	2.3	 	Commencement of Participation. Provided a Director has met all enrollment
requirements set forth by the Plan Administrator, the Director may commence participation in
the Plan on the Plan Entry Date that immediately follows the Director’s election to
participate in the Plan.

ARTICLE III

Returns

Prior to distribution, returns in respect to a Participant’s Cash Account and Phantom Stock Units
in respect to a Participant’s Phantom Stock Account shall be credited as provided in the
Administrative Appendix.

ARTICLE IV

Distribution to Participant

	4.1	 	Fixed Date Distribution.

	 	a.	 	In connection with each election to defer an Annual Deferral Amount, a
Participant may, subject to subsection (b), elect to receive a distribution from the
Plan with respect to that Annual Deferral Amount in the month of January one or more
years after the Plan Year of deferral and prior to Termination of Service. This Fixed
Date Distribution shall be an amount that is equal to the sum of the Annual Deferral
Amount and returns credited in accordance with the Plan. The calendar year in which
the Fixed Date Distribution is made or commences shall be elected at the time 

5

 

	 	 	 	of the
election to defer the Annual Deferral Amount and is irrevocable. The Fixed Date
Distribution shall be paid in a lump sum or annual installments over a period of up to
five (5) years, as determined in accordance with the rules in Section 4.4.
	 
	 	b.	 	If a Participant who has elected one or more Fixed Date Distributions has a
Termination of Service before the start of the Plan Year in which the Participant’s
Fixed Date Distribution is to be made or commenced, the Participant’s Account Balance
shall be paid at the time and in the form elected by the Participant in accordance with
Section 4.4 and not as the Fixed Date Distribution.

	4.2	 	Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies. If the
Participant experiences an Unforeseeable Financial Emergency, the Participant may petition the
Plan Administrator to (i) suspend any deferrals required to be made by the Participant and/or
(ii) receive a partial or full payout from the Plan. The Plan Administrator may, in its sole
discretion, accept or deny such petition. Any payout shall not exceed the lesser of the Participant’s
Account Balance or the amount reasonably needed to satisfy the Unforeseeable Financial
Emergency. The suspension shall continue for such period of time and/or the reinstatement
of deferrals shall occur at a date, as specified by the Plan Administrator, in its sole
discretion. If the petition for a suspension and/or payout is approved, suspension shall
take effect upon the date of approval and any payout shall be made within sixty (60) days of
the date of approval.

	4.3	 	Termination Benefit. Upon a Participant’s Termination of Service, the Participant
shall be entitled to receive a Termination Benefit, payable in accordance with the terms of
Section 4.4, which shall be equal to the Participant’s Account Balance determined as of the
date of the Termination of Service, plus returns credited to the Participant’s Account Balance
in accordance with the Plan.

	4.4	 	Payment of Termination Benefit. A Participant may elect on the Election Form prior
to the beginning of each Plan Year to receive the Termination Benefit for such Plan Year in a
lump sum or in annual installments over a period of up to five (5) years. The lump sum
payment or the first installment shall be made in the month of January of the year following
the Plan Year in which the Termination of Service occurs. For purposes of payment, the
Participant’s Account Balance shall be divided into subaccounts, one for each form elected by
the Participant. Notwithstanding the foregoing, payment shall be made in a lump sum as
follows in lieu of any different form provided on the Election Form then in effect:

	 	a.	 	If the Participant incurs a Termination of Service within one year after a
Change in Control, the Termination Benefit shall be paid in a lump sum within twenty
(20) days of the Termination of Service; provided, however, that solely for purposes of
this Section 4.4(a), the date of Termination of Service shall be deemed to be a
Distribution Event and returns shall 

6

 

	 	 	 	cease to be credited to the Participant’s Account Balance in accordance with the Plan.
	 
	 	b.	 	If the balance in a Participant’s Cash Account plus the Fair Market Value of
the shares of Common Stock underlying the Phantom Stock Units credited to such
Participant’s Phantom Stock Account is under $25,000 (or such other dollar amount
designated by the Plan Administrator from time to time in its sole discretion) on the
date of Termination of Service, such Termination Benefit shall be paid in a lump sum to
the Participant in the month of January following the Plan Year of Termination of
Service.

ARTICLE V

Distribution to Beneficiary

If a Participant dies with an Account Balance, the total Account Balance shall be paid to the
Participant’s Beneficiary within ninety (90) days after the date of death.

ARTICLE VI

Termination, Amendment or Modification

	6.1	 	Termination. The Company reserves the right to terminate the Plan at any time.
Prior to a Change in Control, the Plan Administrator shall have the right, at its sole
discretion, and notwithstanding any elections made by the Participant to pay the then
outstanding Account Balance in a lump sum. After a Change in Control, the Company shall be
required to pay such benefits in a lump sum.

	6.2	 	Amendment. The Board may, at any time, amend or modify the Plan in whole or in part,
provided, however, that no amendment or modification shall deprive a Participant or a
Beneficiary of a material right accrued hereunder prior to the date of the amendment or
materially and adversely affect the payment of benefits to any Participant or Beneficiary who
has become entitled to the payment of benefits under the Plan as of the date of the amendment
or modification unless the Participant or Beneficiary so affected consents in writing to the
amendment or modification. Notwithstanding the foregoing, the Board may amend the Plan
retroactively to the extent the Board is of the opinion that such an amendment is required (i)
to avoid the imposition of additional tax liabilities on a Participant under Code section 409A
or (ii) to avoid the application of Code section 409A to benefits hereunder or (iii) to
conform the Plan to the provisions and requirements of any applicable law, provided that no
such amendment may reduce any Participant’s Account Balance. No such amendment shall be
considered prejudicial to any interest of a Participant or Beneficiary hereunder.

7

 

	6.3	 	Effect of Payment. The full payment of the applicable benefit under Articles 4 or 5
of the Plan shall completely discharge all obligations to a Participant under this Plan.

ARTICLE VII

Administration

	7.1	 	Plan Sponsor and Administrator. The Company is the Plan Sponsor. The Committee is
the Plan Administrator.

	7.2	 	Powers and Authority of the Company. The Company, acting through the Board, has the
following absolute powers and authority under the Plan:

	 	a.	 	To amend or terminate the Plan, at any time and for any reason (subject to
Sections 6.1 and 6.2);
	 
	 	b.	 	To determine the amount, timing, vesting, and other conditions applicable to
Plan contributions and benefits;
	 
	 	c.	 	To set aside funds to assist the Company to meet its obligations under this
Plan, provided that the funds are set aside in a manner that does not result in
immediate taxation to Participants;
	 
	 	d.	 	To establish investment policy guidelines applicable to funds (if any) set
aside under (c);
	 
	 	e.	 	To establish one or more grantor trusts (as defined in Code Section 671 et
seq.) to facilitate the payment of benefits under the Plan;
	 
	 	f.	 	To take any such other actions as it deems advisable to carry out the purposes
of the Plan; and
	 
	 	g.	 	To delegate its authority to any officer, employee, committee or agent of the
Company, as it deems advisable for the effective administration of the Plan.

	7.3	 	Plan Administrator. The Company has appointed the Committee to act as Plan
Administrator. All actions taken by the Committee, or by its delegate, as Plan Administrator
will be conclusive and binding on all persons having any interest under the Plan, subject only
to the claims procedures in the Administrative Appendix. All findings, decisions and
determinations of any kind made by the Plan Administrator or its delegate shall not be
disturbed unless the Plan Administrator has acted in an arbitrary and capricious manner. The
Plan Administrator has the following powers and authority under the Plan:

8

 

	 	a.	 	In the exercise of its sole, absolute, and exclusive discretion, to construe
and interpret the terms and provisions of the Plan, to remedy and resolve ambiguities,
to grant or deny any and all non-routine claims for benefits and to determine all
issues relating to eligibility for benefits;
	 
	 	b.	 	To authorize withdrawals due to Unforeseeable Financial Emergency;
	 
	 	c.	 	To carry out day-to-day administration of the Plan, including notifying
individuals of their eligibility to participate in the Plan and of the provisions of
the Plan, processing distributions, establishing enrollment requirements, approving and
processing Election Forms, providing Participants with statements of Account and
approving and processing changes in the time and/or form of distributions;
	 
	 	d.	 	To establish administratively reasonable dates, times, and periods, to the
extent that the terms of the Plan provide for the Plan Administrator to do so;
	 
	 	e.	 	To prepare forms necessary for the administration of the Plan, including
Election Forms, beneficiary designation forms, investment designation forms, and any
other form or document deemed necessary to the effective administration of the Plan;
	 
	 	f.	 	To approve and adopt communications to be furnished to Participants explaining
the material provisions, terms, and conditions of the Plan;
	 
	 	g.	 	To negotiate and document agreements with Plan service providers;
	 
	 	h.	 	To amend the Plan for legal, technical, administrative, or compliance purposes,
as recommended by legal counsel;
	 
	 	(i)	 	To amend the Administrative Appendix and the Compliance Appendix;
	 
	 	i.	 	To work with Plan service providers to ensure the effective administration of
the Plan; and
	 
	 	j.	 	To delegate its authority to any officer, employee, committee or agent of the
Company, as it deems advisable for the effective administration of the Plan, any such
delegation to carry with it the full discretion and authority vested in the Plan
Administrator.

	7.4	 	Binding Effect of Decisions. The finding, decision, determination or action of the
Plan Administrator with respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and the rules 

9

 

	 	 	and regulations
promulgated hereunder shall be final and conclusive and binding upon any and all persons having any interest in
the Plan, subject only the Plan’s claims rules. No findings, decisions or determinations of
any kind made by the Plan Administrator shall be disturbed unless the Plan Administrator has
acted in an arbitrary and capricious manner.

	7.5	 	Indemnification. The Company shall indemnify and hold harmless the named fiduciaries
and any officers or employees of the Company and its subsidiaries to which fiduciary
responsibilities have been delegated from and against any and all liabilities, claims,
demands, costs and expenses including attorneys fees, arising out of an alleged breach in the
performance of their fiduciary duties under the Plan and ERISA, other than such liabilities,
claims, demands, costs and expenses as may result from the gross negligence or willful
misconduct of such person. The Company shall have the right, but not the obligation, to
conduct the defense of such person in any proceeding to which this paragraph applies.

	7.6	 	Stock Subject to the Plan. Unless otherwise determined by the Board, shares of
Common Stock utilized for purposes of distributions of Plan benefits shall consist of shares
held in the Company’s treasury.

	7.7	 	Equitable Adjustment. In the event that the Plan Administrator shall determine that
any dividend or other distribution (whether in the form of cash or Common Stock or other
property), or recapitalization, Common Stock split, reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase, or share exchange, or other similar
corporate transaction or event affects the Common Stock such that an adjustment is appropriate
in order to prevent dilution or enlargement of the rights of Participants under the Plan, then
the Plan Administrator shall make such equitable changes or adjustments as it deems necessary
to any or all of the number of Phantom Stock Units credited to Participants’ Phantom Stock
Accounts and/or the number and kind of shares of stock to which such Phantom Stock Units
relate or that may thereafter be distributed in respect of amounts credited to a Participant’s
Phantom Stock Account.

ARTICLE VIII

Claims Procedures

The Plan’s claims procedures are set forth in the Administrative Appendix.

ARTICLE IX

Miscellaneous

	9.1	 	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interest or claims 

10

 

	 	 	in any property or
assets of the Company. Any and all of the Company’s assets shall be, and remain, its general,
unpledged and unrestricted assets. The Company’s obligation under the Plan shall be merely
that of an unfunded and unsecured promise to pay money in the future.

	9.2	 	Company’s Liability. Amounts payable to a Participant or Beneficiary under this Plan
shall be paid from the general assets of the Company (including without limitation the assets
of any trust established to fund payment of obligations hereunder) exclusively.

	9.3	 	Nonassignability. Neither a Participant nor any other person shall have the right to
commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or
any part thereof, which are, and all rights to which are expressly declared to be unassignable
and non-transferable, except that the foregoing shall not apply to any family support
obligations set forth in a court order. No part of the amounts payable shall, prior to actual
payment, be subject to seizure or sequestration for the payment of any debts, judgments,
alimony or separate maintenance owed by a Participant or any other person, nor be transferable
by operation of law in the event of a Participant’s or any other person’s bankruptcy or
insolvency.

	9.4	 	Furnishing Information. A Participant will cooperate with the Plan Administrator by
furnishing any and all information requested by the Plan Administrator and take such other
actions as may be requested in order to facilitate the administration of the Plan and the
payments of benefits hereunder, including but not limited to taking such physical examinations
as the Plan Administrator may deem necessary.

	9.5	 	Captions. The captions of the articles, sections and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its
provisions.

	9.6	 	Governing Use. The provisions of this Plan shall be construed and interpreted
according to the laws of the State of California, to the extent not preempted by federal law.

	9.7	 	Notice. Any notice or filing required or permitted to be given to the Plan
Administrator under this Plan shall be sufficient if in writing and
hand-delivered, or sent by registered or certified mail, return receipt requested, to:

Con-way Inc.

Director Affairs Committee

Deferred Compensation Plan for Non-Employee Directors

2855 Campus Drive, Suite 300

San Mateo, California 94403

11

 

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of
the date shown on the postmark on the receipt for registration or certification.
Any notice or filing required or permitted to be given to a Participant under this Plan shall be
sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the
Participant.

	9.8	 	Successors. The provisions of this Plan shall be binding upon and inure to the
benefit of the Company and its successors and assigns and the Participant, the Participant’s
Beneficiaries, and their permitted successors and assigns.

	9.9	 	Spouse’s Interest. The interest in the benefits hereunder of a spouse of a
Participant who has predeceased the Participant shall automatically pass to the Participant
and shall not be transferable by such spouse in any manner, including but not limited to such
spouse’s will, nor shall such interest pass under the laws of intestate succession.

	9.10	 	Incompetence. If the Plan Administrator determines in its discretion that a benefit
under this Plan is to be paid to a minor, a person declared incompetent or to a person
incapable of handling the disposition of that person’s property, the Plan Administrator may
direct payment of such benefit to the guardian, legal representative or person having the care
and custody of such minor, incompetent or incapable person. The Plan Administrator may
require proof of minority, incompetency, incapacity or guardianship, as it may deem
appropriate and/or such indemnification of the Plan Administrator and the Company and
security, as it deems appropriate, in its sole discretion, prior to distribution of the
benefit. Any payment of a benefit shall be a payment for the account of the Participant and
the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any
liability under the Plan for such payment amount.

	9.11	 	Distribution in the Event of Taxation. If, for any reason, all or any portion of a
Participant’s benefit under this Plan becomes taxable to the Participant prior to receipt, a
Participant may petition the Plan Administrator for a distribution of assets sufficient to
meet the Participant’s tax liability (including additions to tax, penalties and interest).
Upon the grant of such a petition, which grant shall not be unreasonably
withheld, the Company shall distribute to the Participant immediately available funds in an
amount equal to that Participant’s federal, state and local tax liability associated with
such event of taxation (which amount shall not exceed a Participant’s accrued benefit under
the Plan), such tax liability shall be measured by using that Participant’s then current
highest federal, state and local marginal tax rate, plus the rates or amounts for the
applicable additions to tax, penalties and interest. If the petition is granted, the tax
liability distribution shall be made within ninety (90) days of the date when the
Participant’s petition is granted. Such a distribution shall reduce the benefits to be paid
under this Plan.

12

 

	9.12	 	Legal Fees To Enforce Rights. If the Company has failed to comply with any of its
obligations under the Plan or any agreement thereunder or, if the Company or any other person
takes any action to declare the Plan void or unenforceable or institutes any litigation or
other legal action designed to deny, diminish or to recover from any Participant the benefits
intended to be provided, then the Company irrevocably authorizes such Participant to retain
counsel chosen by the Participant and agrees to pay reasonable legal fees and expenses of the
Participant incurred in connection with the initiation or defense of any litigation or other
legal action, whether by or against the Company, or any director, officer, shareholder or
other person affiliated with the Company, or any successor thereto in any jurisdiction,
provided that such Participant prevails in such action.

	9.13	 	Payment of Withholding. As a condition of receiving benefits under the Plan, the
Participant shall pay the Company not less than the amount of all applicable federal, state,
local and foreign taxes required by law to be paid or withheld relating to the receipt or
entitlement to benefits hereunder. The Company may withhold taxes from any benefits paid
and/or from Directors fees, in its sole discretion.

	9.14	 	Coordination with Other Benefits. The benefits provided for a Participant and
Participant’s Beneficiary under the Plan are in addition to any other benefits available to
such Participant under any other plan or program for Directors. The Plan shall supplement and
shall not supersede, modify or amend any other such plan or program except as may otherwise be
expressly provided. In no event shall distributions under the Plan prior to Termination of
Service have the effect of increasing payments otherwise due under the various retirement
plans of the Company and its subsidiaries.

IN WITNESS WHEREOF, the Company has amended and restated this Plan as of December                      , 2008.

	 	 	 	 	 
	 	CON-WAY INC.

 	 
	 	By:  	 	 
	 	 	Jennifer W. Pileggi 	 
	 	 	Its:  Senior Vice President, General Counsel and
Secretary 	 
	 

13

 

ADMINISTRATIVE APPENDIX

TO

CON-WAY INC.

DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

AMENDED AND RESTATED DECEMBER 2008

This Administrative Appendix to the Con-way Inc. Deferred Compensation Plan for Non-Employee
Directors (the “Plan”) sets forth the rules and procedures governing the administration of the Plan
as applied to benefits under such Plan. Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them under the Plan.

A. Claims Procedures

	 	 	 
	A.1

	 	Presentation of Claim. Any Participant or Beneficiary of a deceased
Participant may deliver to the Plan Administrator a written claim for
a determination with respect to the amounts distributable to such
Claimant from the Plan. If such a claim relates to the contents of a
notice received by the Claimant, the claim must be made within sixty
(60) days after such notice was received by the Claimant. All other
claims must be made within 180 days of the date on which the event
that caused the claim to arise occurred. The claim must state with
particularity the determination desired by the Claimant:
	 
	A.2

	 	Notification of Decision. The Plan Administrator shall consider a
Claimant’s claim within a reasonable time, and shall notify the
Claimant in writing:

	 	(a)	 	that the Claimant’s requested determination has been made, and that the claim
has been allowed in full; or
	 
	 	(b)	 	that the Plan Administrator has reached a conclusion contrary, in whole or in
part, to the Claimant’s requested determination, and such notice must set forth in a
manner calculated to be understood by the Claimant:

	 	(i)	 	the specific reason(s) for the denial of the claim, or any part
of it;
	 
	 	(ii)	 	specific reference(s) to pertinent provisions of the Plan upon
which such denial was based;

1

 

	 	(iii)	 	a description of any additional material or information
necessary for the Claimant to clarify or perfect the claim, and an explanation
of why such material or information is necessary; and
	 
	 	(iv)	 	an explanation of the claim review procedure set forth in
Section A.3 below.

	 	 	 
	A.3

	 	Review of a Denied Claim. Within sixty (60) days after receiving a notice from the
Plan Administrator that a claim has been denied, in whole or in part, a Claimant (or the
Claimant’s duly authorized representative) may file with the Plan Administrator a written
request for a review of the denial of the claim. Thereafter, but not later than thirty (30)
days after the review procedure began, the Claimant (or the Claimant’s duly authorized
representative):

	 	(a)	 	may review pertinent documents;
	 
	 	(b)	 	may submit written comments or other documents; and/or
	 
	 	(c)	 	may request a hearing, which the Plan Administrator, in its sole discretion,
may grant.

	 	 	 
	A.4

	 	Decision on Review. The Plan Administrator shall render its decision on review
promptly, and not later than sixty (60) days after the filing of a written request for review
of the denial, unless a hearing is held or other special circumstances require additional
time, in which case the Plan Administrator’s decision must be rendered within 120 days after
such date. Such decision must be written in a manner calculated to be understood by the
Claimant and it must contain:

	 	(a)	 	specific reasons for the decision;
	 
	 	(b)	 	specific reference(s) to the pertinent Plan provisions upon which the decision
was based; and
	 
	 	(c)	 	such other matters as the Plan Administrator deems relevant.

	 	 	 
	A.5

	 	Legal Action. A Claimant’s compliance with the foregoing provisions of this Article A
is a mandatory prerequisite to a Participant’s right to commence any legal action with respect
to any claim for benefits under this Plan.

B. Deferral Commitments

The Company continues to maintain this Plan, however, deferral elections under this Plan ceased on
December 31, 2004 and no deferrals are permitted under this Plan for compensation earned after that
date. The Company’s 2005 Deferred Compensation Plan for Non-Employee Directors governs the
deferral of compensation earned after December 31, 2004.

2

 

	 	 	 
	B.1

	 	Permissible Deferrals. A Participant may elect to defer for each Plan Year either of
the following:

	 	a.	 	Minimum. The annual retainer portion of the Participant’s Director
fees payable in the Plan Year.
	 
	 	b.	 	Maximum. The annual retainer and all meeting fees, plus all chair
fees, if applicable, payable in the Plan Year.

	 	 	 
	B.2

	 	Election to Defer.

	 	(a)	 	Annual Deferrals. The Participant shall make a deferral election by
delivering to the Plan Administrator a completed and signed Election Form prior to the
intended Plan Entry Date. For each succeeding Plan Year, a new Election Form must be
delivered to the Plan Administrator, in accordance with the rules set forth above. If
the Election Form is not delivered prior to the Plan Entry Date for a Plan Year, no
Annual Deferral Amount shall be deferred for that Plan Year.
	 
	 	(b)	 	Annual Election of Phantom Stock Units. If permitted by the Plan
Administrator, prior to or during the month of January of each Plan Year, each
Participant shall have the opportunity to elect (an “Investment Change”) to transfer
all or a portion of such Participant’s Cash Account to such Participant’s Phantom Stock
Account; provided, however, that an Investment Change may not be elected with respect
to any portion of a Participant’s Cash Account that has been designated for a Fixed
Date Distribution (the “Excluded Portion”). The amount to be subject to an Investment
Change may be determined as a dollar amount or a percentage of the Participant’s Cash
Account (excluding the Excluded Portion); provided, however, that no less than five
thousand dollars ($5,000) may be made subject to an Investment Change. The amount
subject to an Investment Change shall be transferred in accordance with such
Participant’s conversion election and Participants may elect to convert all, or less
than all, of one or more Plan Year Account Balances into Phantom Stock Units in any
order; provided, however, that if a Participant fails to make a conversion election,
the amount subject to an Investment Change shall be transferred, first, from such
Participant’s earliest deferral under the Plan, and thereafter from subsequent
deferrals under the Plan in the order in which they were elected until the entire
amount subject to the Investment Change shall have been transferred. Each Investment
Change election made by a Participant pursuant to this Section B.2(b) shall be
irrevocable when made and shall be effective as of the February 1 following the date
that the election is made; provided, however, if the Company’s General Counsel shall
have determined that the blackout period for trading in Company securities shall be in
effect as

3

 

	 	 	 	to that Participant on February 1, then the Investment Change election shall be null
and void. The number of Phantom Stock Units to be credited to a Participant’s
Phantom Stock Account pursuant to an Investment Change shall be determined in
accordance with Section C.1(b).

	 	 	 
	B.3

	 	Withholding of Deferral Amounts. For each Plan Year, the Annual Deferral Amount
shall be withheld at the time or times the Participant’s Director fees otherwise would be paid
to the Participant.

C. Returns Credited to Account Balances

	 	 	 
	C.1

	 	Returns and Crediting During the Deferral Period. Prior to any distribution of
benefits under the Plan, returns in respect of a Participant’s Cash Account and Phantom Stock
Units in respect of a Participant’s Phantom Stock Account shall be credited as follows:

	 	(a)	 	Cash Account. With respect to the portion of an Annual Deferral Amount for a
Plan Year which a Participant has elected to have credited to his or her Cash Account,
returns shall be credited to such Participant’s Cash Account as though such Annual
Deferral Amount was withheld on the Participant’s Plan Entry Date for that Plan Year.

	 	(1)	 	Effective as of the Effective Date, the balance in each
Participant’s Cash Account shall be compounded quarterly, as of the last day of
each calendar quarter, using the prime rate of the Bank of America N.T. & S. A.
(or such other rate as the Plan Administrator may determine in its sole
discretion prior to the beginning of a Plan Year) in effect as of the first day
of such calendar quarter.
	 
	 	(2)	 	Alternatively, a Participant may elect to have one or more
funds selected by the Participant from a list of available funds apply to all
or any portion of the Participant’s Cash Account. After any such election
becomes effective, such portion of such Participant’s Cash Account will no
longer be credited with interest based on the prime rate of the Bank of America
N.T. & S. A. (or such other rate as the Plan Administrator may determine in its
sole discretion prior to the beginning of a Plan Year), and the performance of
the funds selected by such Participant shall determine the gains or losses
attributable to such portion of such Participant’s Cash Account (which portion
shall be referred to hereafter as the “Invested Portion”). The list of
available funds will be those designated by the Con-way Administrative
Committee under the Company’s 2005 Deferred Compensation Plan for Non-Employee
Directors, as from time to time amended, and the Participant may select from
among the available funds under procedures substantially similar to the
procedures that apply under such plan. Any election under this

4

 

	 	 	 	Section C.1(a)(ii) shall take effect as of the date that the election is
made and shall be irrevocable.

For purposes of this Section C.1(a), amounts that are transferred to a Participant’s Phantom Stock
Account in a Plan Year pursuant to an Investment Change shall be credited with a return in respect
of such Plan Year equal to one-twelfth (1/12) of the return for the full Plan Year.

	 	c.	 	Phantom Stock Account. A Participant’s Phantom Stock Account shall
consist of that number of Phantom Stock Units credited with respect to (i) amounts
transferred pursuant to an Investment Change in accordance with Section C.2(b) and (ii)
Dividend Equivalents credited in respect of Phantom Stock Units previously credited to
the Participant’s Phantom Stock Account, in each case as set forth below:

	 	(1)	 	The number of Phantom Stock Units to be credited to a
Participant’s Phantom Stock Account pursuant to an Investment Change shall be
determined by dividing (A) the dollar amount subject to the Investment Change
by (B) the Fair Market Value per share of Common Stock as of February 1 of the
Plan Year to which the Investment Change relates, and
	 
	 	(2)	 	The number of Phantom Stock Units to be credited to a
Participant’s Phantom Stock Account in respect of Dividend Equivalents shall be
equal to (A) the per share dividend paid on a share of Common Stock, multiplied
by (B) the number of Phantom Stock Units credited to the Participant’s Phantom
Stock Account as of the record date for such dividend, divided by (C) the Fair
Market Value per share of Common Stock as of the payment date for such
dividend, such crediting to be made as of such payment date.

	 	 	 
	C.2

	 	Date Through Which Crediting Under Section C.1 Occurs.

	 	d.	 	Crediting Up to a Distribution Event. A Participant’s Cash
Account and Phantom Stock Account will be credited with returns in accordance
with Section C.1 up to the date of a Distribution Event; provided, however,
that in the case of a Termination of Service or Fixed Date Distribution, any
Invested Portion of a Participant’s Cash Account will be credited with returns
in accordance with Section C.1(a)(ii) up to that date which is the fifteenth
(15th) day prior to a Distribution Event or such other administratively
reasonable date prior to the date of a Distribution Event as may be determined
by the Plan Administrator; and, provided, further, that in the case of a
Termination of Service or Fixed Date Distribution, a Participant’s Phantom
Stock Account will be credited with returns in accordance with Section C.1(b)
up to that date which is the fifteenth

5

 

	 	 	 	(15th) day prior to the date of a Distribution Event or such other
administratively reasonable date prior to the date of a Distribution Event
as may be determined by the Plan Administrator.
	 
	 	e.	 	Crediting Subsequent Returns. For purposes of crediting
subsequent returns in the event that installment payments are made pursuant to
Section C.3(b)(i), a Participant’s Cash Account (less the Invested Portion)
shall be reduced as of the day on which each installment payment is made. For
purposes of crediting subsequent returns in the event that installment payments
are made pursuant to Section C.3(b)(ii) or Section C.4, the Invested Portion of
a Participant’s Cash Account or Phantom Stock Account, as the case may be,
shall be reduced as of that date which is the fifteenth (15th) day prior to the
last day of the Plan Year immediately preceding the Plan Year in which the
installment payment is to be made or such other administratively reasonable
date prior to such date as may be determined by the Plan Administrator.

	 	 	 
	C.3

	 	Cash Account Returns and Installment Distributions. In the event a benefit is paid
in installments, a Participant’s unpaid Cash Account shall be credited as follows:

	 	f.	 	Crediting.

	 	(1)	 	Effective as of the Effective Date, as of the last day of each
calendar quarter, the undistributed Cash Account (other than the Invested
Portion) shall be credited with a return equal to the prime rate of the Bank of
America N.T. & S. A. (or such other rate as the Plan Administrator may
determine in its sole discretion prior to the beginning of a Plan Year) in
effect as of the first day of such calendar quarter.
	 
	 	(2)	 	The Invested Portion of a Participant’s undistributed Cash
Account shall continue to be credited with returns as provided in Section
C.1(a)(ii).
	 
	 	(3)	 	Returns shall start to accrue under this Section C.3 as of the
date that returns cease to accrue under Section C.2 above.

	 	g.	 	Installments.

	 	(1)	 	The installment payments of a Participant’s Cash Account (other
than the Invested Portion) shall be determined by dividing the Participant’s
Cash Account (less the Invested Portion) at the time of the commencement of the
installment payments by the number of

6

 

	 	 	 	payments over the installment period. Each payment determined above will be
considered the principal portion of the installment payment. In addition,
each installment payment will include a return calculated for the preceding
year in the manner set forth in Section C.3(a)(i) above. Installment
payments shall commence in the month of January following such Participant’s
Fixed Date Distribution or Termination of Service. All additional
installment payments shall be paid in the month of January of succeeding
years.
	 
	 	(2)	 	Installment payments of the Invested Portion of a Participant’s
Cash Account shall be determined based on the value of the Invested Portion as
of that date which is the fifteenth (15th) day prior to the last day of the
Plan Year immediately preceding the Plan Year in which the installment payment
is to be made or such other administratively reasonable date prior to such date
as may be determined by the Plan Administrator. The amount of each installment
payment made with respect to the Invested Portion of a Participant’s Cash
Account shall be determined by dividing the Invested Portion of a Participant’s
Cash Account (as valued in accordance with this Section C.3(b)(ii)) by the
number of remaining installment payments (including the installment payment
being made at that time). Installment payments shall commence in the month of
January following such Participant’s Fixed Date Distribution or Termination of
Service. All additional installment payments shall be paid in the month of
January of succeeding years.

	 	 	 
	C.4

	 	Phantom Stock Account Distributions. Unless the Plan Administrator, in its sole
discretion, elects to make all or part of a distribution in cash, distributions from a
Participant’s Phantom Stock Account shall be made in the form of (i) one share of Common Stock
for each whole Phantom Stock Unit, plus (ii) cash in lieu of any fractional Phantom Stock
Unit, determined based on the Fair Market Value of a share of Common Stock as of the date of
the Distribution Event; provided, however, that in the case of a Termination of Service or
Fixed Date Distribution, such determination will be based on the Fair Market Value of a share
of Common Stock as of that date which is the fifteenth (15th) day prior to the date of a
Distribution Event or such other administratively reasonable date prior to the date of a
Distribution Event as may be determined by the Plan Administrator. If a Participant’s Phantom
Stock Account balance is to be distributed in installments, (a) the number of shares of
Common Stock to be delivered in a particular installment shall be determined by dividing the
number of Phantom Stock Units credited to the Participant’s Phantom Stock Account immediately
prior to such installment by the remaining number of installments (with any fractional Phantom
Stock Units paid in cash, in accordance with clause (i) above) and (b) notwithstanding
anything in Section C.2 to the contrary, Dividend Equivalents

7

 

	 	 	 
	 

	 	shall continue to accrue and be credited to such Participant’s Phantom Stock Account in
accordance with Section C.1(b)(ii) during the installment period with respect to Phantom
Stock Units that remain credited to such Phantom Stock Account. Installment payments shall
be determined based on the value of the Plan Year Account Balance as of that date which is
the fifteenth (15th) day prior to the last day of the Plan Year immediately preceding the
Plan Year in which the installment payment is to be made or such other administratively
reasonable date prior to such date as may be determined by the Plan Administrator.
	 
	C.5

	 	Statement of Accounts. The Plan Administrator shall send to each
Participant, within 120 days after the close of each Plan Year, a
statement in such form as the Plan Administrator deems desirable
setting forth the amount of the Participant’s Account Balance.
	 
	 	 
	C.6

	 	Fair Market Value. Notwithstanding Section 1.19 to the contrary, with
respect to calculations made pursuant to Sections B and C relating to
the crediting of an Investment Change, the Fair Market Value of a
share of Common Stock shall mean the closing price per share of Common
Stock on the New York Stock Exchange on February 1 of the relevant
year (or, if February 1 falls on a non-trading day, the immediately
preceding trading day).

D. Beneficiary Designation

	 	 	 
	D.1

	 	Beneficiary. Each Participant shall designate a Beneficiary to
receive any benefits payable under the Plan upon the Participant’s
death.
	 
	 	 
	D.2

	 	Beneficiary Designation. A Participant shall designate a Beneficiary
by completing and signing the Beneficiary Designation Form, and
submitting it to the Plan Administrator or its delegate. A
Participant shall have the right to change a Beneficiary at any time
without the consent of the Beneficiary, by completing, signing and
otherwise complying with the terms of the Beneficiary Designation Form
and the Plan Administrator’s rules and procedures, as in effect from
time to time. Upon the receipt by the Plan Administrator of a new
Beneficiary Designation Form, all Beneficiary designations previously
filed shall be canceled. The Plan Administrator shall be entitled to
rely on the last Beneficiary Designation Form filed by the Participant
with the Plan Administrator prior to death.
	 
	 	 
	D.3

	 	Spousal Consent. A married Participant’s designation of someone other
than the Participant’s Spouse as primary beneficiary shall not be
effective unless the Spouse executes a consent in writing that
acknowledges the effect of the designation and is witnessed by a plan
representative or notary public. No consent is required if it is
established to the satisfaction of the Plan Administrator that consent
cannot be obtained because the Spouse cannot be located.
	 
	 	 
	D.4

	 	No Beneficiary Designation. If a Participant fails to designate a
Beneficiary as provided above, the Participant’s designated
Beneficiary shall be deemed to be the surviving Spouse. If the
Participant has no surviving Spouse, the benefits otherwise payable to
a Beneficiary shall be paid to the Participant’s estate.

8

 

	 	 	 
	D.5

	 	Doubt as to Beneficiaries. If the Plan Administrator has any doubt
as to the proper Beneficiary to receive payments pursuant to this
Plan, the Plan Administrator shall pay such amounts to the
Participant’s estate.
	 
	 	 
	D.6

	 	Discharge of Obligations. The payment of benefits under the Plan to a
Participant or Participant’s Beneficiary shall fully and completely
discharge the Company from all obligations under this Plan with
respect to the deceased Participant, Beneficiaries, and any others
that may be entitled to such benefits.
	 
	 	 
	D.7

	 	Beneficiary Designation Form. “Beneficiary Designation Form” means
the form established from time to time by the Plan Administrator that
a Participant completes, signs and returns to the Plan Administrator
to designate one or more Beneficiaries. A Participant may complete
and return the Beneficiary Designation Form electronically and such
electronic transmission shall be treated as a valid signature.

9

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