Document:

Trust Agreement

 EXHIBIT 10.1 

MINE SAFETY APPLIANCES COMPANY 

STOCK COMPENSATION TRUST 

Effective as of June 1, 1996 

As amended through 

May 15, 2010 

 Table of Contents 

 

			
	 	  	Page
	 ARTICLE 1    Trust, Trustee and Trust Fund
	  	1
	 1.1. Trust
	  	1
	 1.2. Trustee
	  	1
	 1.3. Trust Fund
	  	2
	 1.4. Trust Fund Subject to Claims
	  	2
	 1.5. Use of Trust
	  	2
	 1.6. Definitions
	  	2
	 ARTICLE 2    Contributions and Dividends
	  	4
	 2.1. Contributions
	  	4
	 2.2. Dividends
	  	4
	 ARTICLE 3    Release and Allocation of Company Stock
	  	5
	 3.1. Release of Shares
	  	5
	 3.2. Allocations
	  	5
	 ARTICLE 4    Compensation, Expenses and Tax Withholding
	  	5
	 4.1. Compensation and Expenses
	  	5
	 4.2. Withholding of Taxes
	  	5
	 ARTICLE 5    Administration of Trust Fund
	  	6
	 5.1. Management and Control of Trust Fund
	  	6
	 5.2. Investment of Funds
	  	6
	 5.3. Trustee’s Administrative Powers
	  	6
	 5.4. Voting and Tendering of Company Stock
	  	7
	 5.5. Indemnification
	  	8
	 5.6. General Duty to Communicate to Committee
	  	9
	 ARTICLE 6    Accounts and Reports of Trustee
	  	9
	 6.1. Records and Accounts of Trustee
	  	9
	 6.2. Fiscal Year
	  	9
	 6.3. Reports of Trustee
	  	9
	 6.4. Final Report
	  	9
	 ARTICLE 7    Succession of Trustee
	  	9
	 7.1. Resignation of Trustee
	  	9
	 7.2. Removal of Trustee
	  	9
	 7.3. Appointment of Successor Trustee
	  	10
	 7.4. Succession to Trust Fund Assets
	  	10
	 7.5. Continuation of Trust
	  	10
	 7.6. Changes in Organization of Trustee
	  	10
	 7.7. Continuance of Trustee’s Powers in Event of Termination of the Trust
	  	10
	 7.8. Corporate Trustee
	  	10
	 ARTICLE 8    Amendment or Termination
	  	10
	 8.1. Amendments
	  	10
	 8.2. Termination
	  	11
	 8.3. Form of Amendment or Termination
	  	11
	 ARTICLE 9    Miscellaneous
	  	11
	 9.l. Controlling Law
	  	11

  

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	 9.2. Committee Action
	  	11
	 9.3. Notices
	  	12
	 9.4. Severability
	  	12
	 9.5. Protection of Persons Dealing with the Trust
	  	12
	 9.6. Tax Status of Trust
	  	12
	 9.7. Participants to Have No Interest in the Company by Reason of the Trust
	  	12
	 9.8. Nonassignability
	  	12
	 9.9. Gender and Plurals
	  	13
	 9.10. Counterparts
	  	13

  

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 MINE SAFETY APPLIANCES COMPANY 

STOCK COMPENSATION TRUST 

THIS TRUST AGREEMENT (the “Agreement”) made effective as of June 1, 1996, between Mine Safety Appliances Company, a
Pennsylvania corporation, and PNC Bank, N.A., as trustee. 
 W I T N E S S E T H : 

WHEREAS, the Company (as defined below) desires to establish a trust (the “Trust”) in accordance with the laws of the
Commonwealth of Pennsylvania and for the purposes stated in this Agreement; 
 WHEREAS, the Trustee (as defined below) desires
to act as trustee of the Trust, for the purposes hereinafter stated and in accordance with the terms hereof; 
 WHEREAS, the
Company or its subsidiaries have previously adopted the Plans (as defined below); 
 WHEREAS, the Company desires to provide
assurance of the availability of the shares of its common stock necessary to satisfy certain of its obligations or those of its subsidiaries under the Plans (as defined below); 

WHEREAS, the Company desires that the assets to be held in the Trust Fund (as defined below) should be principally or exclusively
securities of the Company and, therefore, expressly waives any diversification of investments that might otherwise be necessary, appropriate, or required pursuant to applicable provisions of law, if any; and 

WHEREAS, PNC Bank, N.A., has been appointed as trustee and has accepted such appointment as of the date set forth first above;

 NOW, THEREFORE, the parties hereto hereby establish the Trust and agree that the Trust will be comprised, held and disposed
of as follows: 
 ARTICLE 1. 

Trust, Trustee and Trust Fund 

1.1. Trust. This Agreement and the Trust shall be known as the Mine Safety Appliances Company Stock Compensation Trust. The
parties intend that the Trust will be an independent legal entity with title to and power to convey all of its assets. The parties hereto further intend that the trust not be subject to the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”). The Trust is not a part of any of the Plans (as herein defined). The assets of the Trust will be held, invested and disposed of by the Trustee, in accordance with the terms of the Trust. The Company will not knowingly take any
action that would cause the assets held pursuant to the Trust to become “plan assets” within the meaning of ERISA without so advising the Trustee. The Trust is intended to be a “grantor trust” within the meaning of
Section 671 of the Internal Revenue Code of 1986. 
 1.2. Trustee. The trustee named above, and its successor or
successors, is hereby designated as the trustee hereunder, to receive, hold, invest, administer and distribute the Trust Fund in accordance with this Agreement, the provisions of which shall govern the power, duties and responsibilities of the
Trustee. 

 1.3. Trust Fund. The assets held at any time and from time to time under the Trust
collectively are herein referred to as the “Trust Fund” and shall consist of contributions received by the Trustee, proceeds of any loans, investments and reinvestment thereof, the earnings and income thereon, less disbursements therefrom.
Except as herein otherwise provided, title to the assets of the Trust Fund shall at all times be vested in the Trustee and securities that are part of the Trust Fund shall be held in such manner that the Trustee’s name and the fiduciary
capacity in which the securities are held are fully disclosed, subject to the right of the Trustee to hold title in bearer form or in the name of a nominee, and the interests of others in the Trust Fund shall be only the right to have such assets
received, held, invested, administered and distributed in accordance with the provisions of the Trust. 
 1.4. Trust Fund
Subject to Claims. Notwithstanding any provision of this Agreement to the contrary, the Trust Fund shall at all times remain subject to the claims of the Company’s general creditors under federal and state law. 

In addition, the Board of Directors and Chief Executive Officer of the Company shall have the duty to inform the Trustee in writing of
the Company’s Insolvency (as defined below). If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending
such determination, the Trustee shall discontinue allocations pursuant to Article 3. 
 Unless the Trustee has actual knowledge
of the Company’s Insolvency, or has received notice from the Company or a person claiming to be a creditor alleging that the Company is Insolvent, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in
all events rely on such evidence concerning the Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s Insolvency. 

If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue allocations pursuant to Article 3
and shall hold the Trust Fund for the benefit of the Company’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of employees as general creditors of the Company with respect to benefits due under the Plans
or otherwise. 
 The Trustee shall resume allocations pursuant to Article 3 only after the Trustee has determined that the
Company is not Insolvent or is no longer Insolvent as the case may be. 
 1.5. Use of Trust. The Trust Fund shall be used
for the exclusive purpose of aiding the Company in delivering the benefits provided by the Plans and defraying the expenses of the Trust in accordance with this Trust Agreement. The Company may terminate the Trust in accordance with Section 8.2
hereof, but, income or corpus of the Trust Fund is recoverable by the Company only as provided in Section 2.2 and 8.2. 

1.6. Definitions. In addition to the terms defined in the preceding portions of the Trust, certain capitalized terms have the
meanings set forth below: 
 Board of Directors. “Board of Directors” means the board of directors of the
Company. 
 Change of Control. “Change of Control” means any of the following events: 

(a) an acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the combined voting power of the then outstanding voting

  

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securities of the Company; provided, however, that the following acquisitions shall not constitute a Change of Control: (i) an acquisition by or directly from the Company, (ii) an
acquisition by any employee benefit plan or trust sponsored or maintained by the Company; and (iii) any acquisition described in subclauses (A) or (B) of subsection (b) below; or 

(b) approval by the stockholders of the Company of (i) a complete dissolution or liquidation of the Company,
(ii) a sale or other disposition of all or substantially all of the Company’s assets or (iii) a reorganization, merger, or consolidation (“Business Combination”) unless either (A) all or substantially all of the
stockholders of the Company immediately prior to the Business Combination own more than 50% of the voting securities of the entity surviving the Business Combination, or the entity which directly or indirectly controls such surviving entity, in
substantially the same pro-portion as they owned the voting securities of the Company immediately prior thereto, or (B) the consideration (other than cash paid in lieu of fractional shares or payment upon perfection of appraisal rights) issued
to stockholders of the Company in the Business Combination is solely common stock which is publicly traded on an established securities exchange in the United States. 

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

Committee. “Committee” means a committee of officers or other individuals, subject to Section 9.2, appointed by the
Board of Directors from time to time to administer the Trust. 
 Company. “Company” means Mine Safety
Appliances Company, a Pennsylvania corporation, or any successor thereto. References to the Company shall include its subsidiaries where appropriate. 

Company Stock. “Company Stock” means shares of common stock, no par value, issued by the Company or any successor
securities. 
 Extraordinary Dividend. “Extraordinary Dividend” means any dividend or other distribution of
cash or other property (other than Company Stock) made with respect to Company Stock, which the Board of Directors declares generally to be other than an ordinary dividend. 

Fair Market Value. “Fair Market Value” means as of any date the closing price quotation, or, if none, the average of the
bid and asked prices, as reported with respect to the Company Stock on the most recently available date, on any national exchange on which the Company Stock is then listed, or if not so listed, on the NASDAQ National Market, or other consolidated
reporting system reporting trades of the Company Stock. If the Company Stock is not so listed, “Fair Market Value” shall mean the average of the bid and asked prices as quoted by all market makers in the Company Stock. In the event that a
market for the Company Stock does not exist, the Committee may determine, in any case or cases, that “Fair Market Value” shall be determined on the basis of the opinion of one or more independent and reputable appraisers qualified to value
companies in the Company’s line of business. 
 Insolvency. “Insolvency” means (i) the inability of
the Company to pay its debts as they become due, or (2) the Company being subject to a pending proceeding as a debtor under the provisions of Title 11 of the United States Code (Bankruptcy Code). 

Loan. “Loan” means the loan and extension of credit to the Trust evidenced by a promissory note dated as of the date of
the Closing (as defined in the Stock Purchase Agreement dated June 4, 1996 between the Trust and the Company), with which the Trustee will purchase Company Stock. 
  

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 Option Grant. “Option Grant” means an option granted under one of the Plans
to a Plan Participant to acquire shares of Company Stock. 
 Plan Committee Certification. “Plan Committee
Certification” means a certification to be provided to the Trustee by the Committee from time to time which (i) sets forth the number of shares of Company Stock to be transferred to a Plan Participant, and (ii) certifies that the
determination of such number is in accordance with the terms of each Plan. 
 Plans. “Plans” means the employee
plans listed on Schedule A hereto and any other employee benefit plan of the Company or its subsidiaries designated as such by the Board of Directors. 

Plan Participant. “Plan Participant” means an individual who has an Option Grant under any of the Plans. 

Suspense Account. “Suspense Account” means the account in which shares of Company Stock acquired with the Loan are held
until they are released pursuant to Section 3.1. 
 Trustee. “Trustee” means PNC Bank, N.A., or any
successor trustee. 
 Trust Year. “Trust Year” means the period beginning on the date of the Closing (the
“Closing Date”) and ending on the next following December 31st and on each December 31st thereafter. 

ARTICLE 2. 

Contributions and Dividends 

2.1. Contributions. For each Trust Year the Company shall contribute to the Trust in cash such amount, which together with
dividends, as provided in Section 2.2, and any other earnings of the Trust, shall enable the Trustee to make all payments of principal and interest due under the Loan on a timely basis. Unless otherwise expressly provided herein, the Trustee
shall apply all such contributions, dividends and earnings to the payment of principal and interest due under the Loan. If, at the end of any Trust Year, no such contribution has been made in cash, such contribution shall be deemed to have been made
in the form of forgiveness of principal and interest on the Loan to the extent of the Company’s failure to make contributions as required by this Section 2.1. The Company may from time to time, in its sole discretion, make additional
contributions to the Trust for the purpose of enabling the Trust to make prepayments of principal with respect to the Loan (a “Prepayment Contribution”). The Trustee shall immediately use any Prepayment Contribution to make a prepayment of
principal with respect to the Loan. All contributions made under the Trust shall be delivered to the Trustee. The Trustee shall be accountable for all contributions received by it, but shall have no duty to require any contributions to be made to
it. 
 2.2. Dividends. Except as otherwise provided herein, dividends paid in cash on Company Stock held by the Trust,
including Company Stock held in the Suspense Account, shall be applied to pay interest and repay scheduled principal due under the Loan. In the event that dividends paid on Company Stock held in the Trust, other than Extraordinary Dividends, exceed
the amount of scheduled principal and interest due in any Trust Year, such excess shall be used to purchase additional shares of Company Stock and/or shall be distributed to a broad cross-section of individuals employed by the Company, as determined
in good faith by the Committee. Dividends which are not in cash or in Company Stock (including Extraordinary Dividends, or portions thereof) shall be reduced to cash by the Trustee and reinvested in Company Stock as soon as practicable. For purposes
of this Agreement, Company Stock purchased with the 
  

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proceeds of an Extraordinary Dividend, any excess dividend or with the proceeds of a non-cash dividend shall for purposes of this Agreement (including without limitation Section 3.1 hereof),
be deemed to have been acquired with the proceeds of the Loan. In the Trustee’s discretion, investments in Company Stock may be made through open-market purchases, private transactions or (with the Company’s consent) purchases from the
Company. 
 ARTICLE 3. 

Release and Allocation of Company Stock 

3.1. Release of Shares. Upon any payment (including a prepayment) or forgiveness in any Trust Year of any principal on the Loan (a
“Principal Payment”), the following number of shares of Company Stock acquired with the proceeds of the Loan shall be available for allocation (“Available Shares”) as provided in this Article 3: the number of shares so acquired
and held in the Suspense Account immediately before such payment or forgiveness, multiplied by a fraction the numerator of which is the amount of the Principal Payment and the denominator of which is the sum of such Principal Payment and the
remaining principal of the Loan outstanding after such Principal Payment. 
 3.2. Allocations. Available Shares shall be
allocated as directed by a Plan Committee Certification to the Plan Participants at such times as may be required to provide shares in accordance with the Plans. 

ARTICLE 4. 

Compensation, Expenses and Tax Withholding 

4.1. Compensation and Expenses. The Trustee shall be entitled to such reasonable compensation for its services as may be agreed
upon from time to time by the Company and the Trustee and to be reimbursed for its reasonable legal, accounting and appraisal fees, out-of-pocket expenses and other charges reasonably incurred in connection with the administration, management,
investment and distribution of the Trust Fund. Such compensation shall be paid, and such reimbursement shall be made out of the Trust Fund. The Company agrees to make sufficient contributions to the Trust to pay such amounts owing the Trustee in
addition to those contributions required by Section 2.1 and, in the event the Company fails to make the contributions necessary to pay amounts owing to the Trustee, the Trustee shall be entitled to seek payment directly from the Company or the
Trust Fund. 
 4.2. Withholding of Taxes. The Trustee may withhold, require withholding, or otherwise satisfy its
withholding obligation, on any distribution which it is directed to make. The amount to be withheld shall be such amount as the Company advises the Trustee it reasonably estimates to be necessary to comply with applicable federal, state and local
withholding requirements. Upon determination of the tax withholding liability, the Trustee shall distribute the balance of the distribution to the appropriate Participant and deliver to the Company the amount necessary to satisfy any withholding
obligation. The Company will then deliver the withholding amount to the appropriate governmental entity. Prior to making any distribution hereunder, the Trustee may require such indemnity, as the Trustee shall reasonably deem necessary for its
protection. 
  

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 ARTICLE 5. 

Administration of Trust Fund 

5.1. Management and Control of Trust Fund. Subject to the terms of this Agreement, the Trustee shall have exclusive authority and
responsibility to manage and control the assets of the Trust Fund. The Trustee’s duties shall be limited to those duties specified in this Agreement. 

5.2. Investment of Funds. Except as otherwise provided in Section 2.2 and in this Section 5.2, the Trustee shall invest
and reinvest the Trust Fund exclusively in Company Stock, including any accretions thereto resulting from the proceeds of a tender offer, recapitalization or similar transaction which, if not in Company Stock, shall be reduced to cash as soon as
practicable. To the extent the Trust Fund is invested in Company Stock, the Company waives any diversification of investments that might otherwise be necessary, appropriate or required pursuant to applicable law. The Trustee will invest any portion
of the Trust Fund temporarily pending investment in Company stock, distribution or payment of expenses as directed by the Company. Company acknowledges that the investment vehicle selected by Company may include mutual funds from which Trustee or an
affiliate or related entity receives compensation for providing investment advisory, transfer agency, custodial or other services. 

5.3. Trustee’s Administrative Powers. Except as otherwise provided herein, and subject to the Trustee’s duties
hereunder, the Trustee shall have the following powers and rights, in addition to those provided elsewhere in this Agreement or by law: 

(a) to retain any asset of the Trust Fund; 

(b) subject to Section 5.4 and Article 3, to sell, transfer, mortgage, pledge, lease or otherwise dispose of, or
grant options with respect to, any Trust Fund assets at public or private sale; 
 (c) upon direction from the
Committee, to borrow from any lender (including the Company pursuant to the Loan), to acquire Company Stock at Fair Market Value as authorized by this Agreement, to enter into lending agreements upon such terms (including reasonable interest and
security for the loan and rights to renegotiate and prepay such loan) as may be determined by the Committee; provided, however, that any collateral given by the Trustee for the Loan shall be limited to cash and property contributed by the Company to
the Trust and dividends paid on Company Stock held in the Trust and shall not include Company Stock acquired with the proceeds of Loan; 

(d) with the consent of the Committee, to settle, submit to arbitration, compromise, contest, prosecute or abandon claims
and demands in favor of or against the Trust Fund; 
 (e) to vote or to give any consent with respect to any
securities, including any Company Stock, held by the Trust either in person or by proxy for any purpose, provided that the Trustee shall vote, tender or exchange all shares of Company Stock as provided in Section 5.4; 

(f) to exercise any of the powers and rights of an individual owner with respect to any asset of the Trust Fund and to
perform any and all other acts that in its judgment are necessary or appropriate for the proper administration of the Trust Fund, even though such powers, rights and acts are not specifically enumerated in this Agreement; 

(g) to employ such accountants, actuaries, investment bankers, appraisers, other advisors and agents as may be reasonably
necessary in collecting, managing, administering, 
  

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investing, valuing, distributing and protecting the Trust Fund or the assets thereof or any borrowings of the Trustee made in accordance with Section 5.3(c); and to pay their reasonable fees
and out-of-pocket expenses, which shall be deemed to be expenses of the Trust and for which the Trustee shall be reimbursed in accordance with Section 4.1; 

(h) to cause any asset of the Trust Fund to be issued, held or registered in the Trustee’s name or in the name of its
nominee, or in such form that title will pass by delivery, provided that the records of the Trustee shall indicate the true ownership of such asset; 

(i) to utilize another entity as custodian to hold, but not invest or otherwise manage or control, some or all of the
assets of the Trust Fund; and 
 (j) to consult with legal counsel (who may also be counsel for the Trustee
generally) with respect to any of its duties or obligations hereunder; and to pay the reasonable fees and out-of-pocket expenses of such counsel, which shall be deemed to be expenses of the Trust and for which the Trustee shall be reimbursed in
accordance with Section 4.1. 
 Notwithstanding the foregoing, neither the Trust nor the Trustee shall have any power to,
and shall not, engage in any trade or business. 
 5.4. Voting and Tendering of Company Stock.  

(a) Voting of Company Stock. The Trustee shall follow the directions of each Plan Participant other than Plan
Participants who are members of the Board of Directors of the Company (such non-members being hereinafter the “Directing Plan Participants”), as to the manner in which shares of Company Stock held by the Trust are to be voted on each
matter brought before an annual or special stockholders’ meeting of the Company or the manner in which any consent is to be executed, in each case as provided below. Before each such meeting of stockholders, the Trustee shall cause to be
furnished to each Directing Plan Participant, a copy of the proxy solicitation material received by the Trustee, together with a form requesting confidential instructions as to how to vote the shares of Company Stock held by the Trustee. Upon timely
receipt of directions from the Directing Plan Participants, the Trustee shall on each such matter vote the number of shares (including fractional shares) of Company Stock held by the Trust as follows: 

The Company Stock shall be voted by the Trustee as directed by the Directing Plan Participants with each Directing Plan
Participant directing a number of shares of Company Stock (the “Participant Directed Amount”) equal to the quotient of (x) the total number of shares of Company Stock held by the Trust and (y) the number of Directing Plan
Participants on the relevant date. Any Shares for which the Trustee does not receive a signed voting-direction instrument shall be voted for, against or to abstain in the same proportions as those shares of Company Stock for which the Trustee did
receive instructions. 
 Similar provisions shall apply in the case of any action by shareholder consent without
a meeting. 
 (b) Tender or Exchange of Company Stock. The Trustee shall use its best efforts timely to
distribute or cause to be distributed to each Plan Participant any written materials distributed to stockholders of the Company generally in connection with any tender offer or exchange offer, together with a form requesting confidential
instructions as to whether or not to tender or exchange shares of Company Stock held in the Trust. Upon timely receipt of instructions from a Directing Plan Participant, the Trustee shall tender such Directing Participant’s Participant Directed
Amount if such Directing Plan Participant has directed the Trustee to tender. The Company will cooperate in registering the Company Stock held by the Trust which is the subject of a tender or exchange offer. The Company shall be responsible for all
expenses incurred in connection with the registration of such Company Stock. 
  

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 (c) The Company shall maintain appropriate procedures to ensure that all
instructions by Directing Plan Participants in the Plans are collected, tabulated, and transmitted to the Trustee without being divulged or released to any person affiliated with the Company or its affiliates. All actions taken by Directing Plan
Participants shall be held confidential by the Trustee and shall not be divulged or released to any person, other than (i) agents of the Trustee who are not affiliated with the Company or its affiliates or (ii) by virtue of the execution
by the Trustee of any proxy, consent or letter of transmittal for the shares of Company Stock held in the Trust. 
 5.5.
Indemnification. 
 (a) The Company shall and hereby does indemnify and hold harmless the Trustee from and
against any claims, demands, actions, administrative or other proceedings, causes of action, liability, loss, cost, damage or expense (including reasonable attorneys’ fees), which may be asserted against it, in any way arising out of or
incurred as a result of its action or failure to act in connection with the establishment, operation and administration of the Trust; provided that such indemnification shall not apply to the extent that a court of competent jurisdiction finally
determines that the Trustee has acted (i) negligently, (ii) in violation of applicable law or its duties under this Trust or (iii) in bad faith. The Trustee shall be under no liability to any person for any loss of any kind which may
result (i) by reason of any action taken by the Trustee in accordance with any direction of the Committee or any Directing Plan Participant acting pursuant to Section 5.4 (ii) by reason of the Trustee’s failure to exercise any
power or authority or to take any action hereunder because of the failure of any such Directing Plan Participant to give directions to the Trustee, as provided for in this Agreement, or (iii) by reason of any act or omission of any of the
Directing Plan Participants with respect to the Trustee’s duties under this Trust. The Trustee shall be fully protected in acting upon any instrument, certificate, or paper delivered by the Committee or any Plan Participant or beneficiary and
believed in good faith by the Trustee to be genuine and to be signed or presented by the proper person or persons, and the Trustee shall be under no duty to make any investigation or inquiry as to any statement contained in any such writing, but may
accept the same as conclusive evidence of the truth and accuracy of the statements therein contained. 
 (b) The
Company may, but shall not be required to, maintain liability insurance to insure its obligations hereunder. If any payments made by the Company or the Trust pursuant to this indemnity are covered by insurance maintained by the Company, the Company
or the Trust (as applicable) shall be subrogated to the rights of the indemnified party against the insurance company. 

(c) Without limiting the generality of the foregoing, the Company will, at the request of the Trustee, advance to the
Trustee reasonable amounts of expenses, including reasonable attorneys’ fees and expenses, which the Trustee advises have been incurred in connection with its investigation or defense of any claim, demand, action, cause of action,
administrative or other proceeding arising out of or in connection with the Trustee’s performance of its duties under this Agreement. 

(d) In no event shall the Trustee be liable for consequential damages. 

(e) The Trustee may initiate an action in interpleader with respect to any issue under this Agreement and the Company
shall indemnify the Trustee from and against any reasonable legal expenses incurred by the Trustee in connection therewith. 
  

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 5.6. General Duty to Communicate to Committee. The Trustee shall promptly notify the
Committee of all communications with or from any government agency or with respect to any legal proceeding with regard to the Trust and with or from any Plan Participants concerning their entitlements under the Plans or the Trust. 

ARTICLE 6. 

Accounts and Reports of Trustee 

6.1. Records and Accounts of Trustee. The Trustee shall maintain accurate and detailed records and accounts of all transactions of
the Trust, which shall be available at all reasonable times for inspection or audit by any person designated by the Company and which shall be retained as required by applicable law. 

6.2. Fiscal Year. The fiscal year shall be the same as the Trust Year. The fiscal year of the Trust shall be the twelve month
period or a shorter period in the case of the initial fiscal year. 
 6.3. Reports of Trustee. The Trustee shall prepare
and present to the Committee a report for the period ending on the last day of each fiscal year, and for such shorter periods as the Committee may reasonably request, listing all securities and other property acquired and disposed of and all
receipts, disbursements and other transactions effected by the Trust after the date of the Trustee’s last account, and further listing all cash, securities, and other property held by the Trust, together with the fair market value thereof, as
of the end of such period. In addition to the foregoing, the report shall contain such information regarding the Trust Fund’s assets and transactions as the Committee in its discretion may reasonably request. 

The Committee may approve of any report furnished by the Trustee pursuant to the foregoing paragraph either by written statement of
approval furnished to the Trustee or shall be deemed to have approved any such report by failure to file written objection to the report with the Trustee within one hundred and eighty (180) days of the date on which the Committee received the
report. The Committee shall not be liable to any person for the approval, disapproval or failure to approve or object to any report rendered by the Trustee. 

6.4. Final Report. In the event of the resignation or removal of a Trustee hereunder, the Committee may request and the Trustee
shall then with reasonable promptness submit, for the period ending on the effective date of such resignation or removal, a report similar in form and purpose to that described in Section 6.3. 

ARTICLE 7. 

Succession of Trustee 

7.1. Resignation of Trustee. The Trustee or any successor thereto may resign as Trustee hereunder at any time upon delivering a
written notice of such resignation, to take effect thirty (30) days after the delivery thereof to the Committee, unless the Committee accepts shorter notice; provided, however, that no such resignation shall be effective until a successor
Trustee has assumed the office of Trustee hereunder. 
 7.2. Removal of Trustee. The Trustee or any successor thereto may
be removed by the Company by delivering to the Trustee so removed an instrument executed by the Committee informing the Trustee of the Committee’s decision. Such removal shall take effect at the date specified in such instrument, which shall
not be less than thirty (30) days after delivery of the instrument, unless the Trustee accepts shorter notice; provided, however, that no such removal shall be effective until a successor Trustee has assumed the office of Trustee hereunder.

  

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 7.3. Appointment of Successor Trustee. Whenever the Trustee or any successor thereto
shall resign or be removed or a vacancy in the position shall otherwise occur, the Company shall use its best efforts to appoint a successor Trustee as soon as practicable after receipt by the Committee of a notice described in Section 7.1, or
the delivery to the Trustee of a notice described in Section 7.2, as the case may be, but in no event more than sixty (60) days after receipt or delivery, as the case may be, of such notice. A successor Trustee’s appointment shall not
become effective until such successor shall accept such appointment by delivering its acceptance in writing to the Company. If a successor is not appointed within such 60 day period, the Trustee, at the Company’s expense, may petition a court
of competent jurisdiction for appointment of a successor. 
 7.4. Succession to Trust Fund Assets. The title to all
property held hereunder shall vest in any successor Trustee acting pursuant to the provisions hereof without the execution or filing of any further instrument, but a resigning or removed Trustee shall execute all instruments and do all acts
necessary to vest title in the successor Trustee. Each successor Trustee shall have, exercise and enjoy all of the powers, both discretionary and ministerial, herein conferred upon its predecessors. A successor Trustee shall not be obliged to
examine or review the accounts, records, or acts of, or property delivered by, any previous Trustee and shall not be responsible for any action or any failure to act on the part of any previous Trustee. 

7.5. Continuation of Trust. In no event shall the legal disability, resignation or removal of a Trustee terminate the Trust, but
the Company shall forthwith appoint a successor Trustee in accordance with Section 7.3 to carry out the terms of the Trust. 

7.6. Changes in Organization of Trustee. In the event that any corporate Trustee hereunder shall be converted into, shall merge or
consolidate with, or shall sell or transfer substantially all of its assets and business to, another corporation, state or federal, the corporation resulting from such conversion, merger or consolidation, or the corporation to which such sale or
transfer shall be made, shall thereupon become and be the Trustee under the Trust with the same effect as though originally so named. 

7.7. Continuance of Trustee’s Powers in Event of Termination of the Trust. In the event of the termination of the Trust, as
provided herein, the Trustee shall dispose of the Trust Fund in accordance with the provisions hereof. Until the final distribution of the Trust Fund, the Trustee shall continue to have all powers provided hereunder as necessary or expedient for the
orderly liquidation and distribution of the Trust Fund. 
 7.8. Corporate Trustee. The Trustee or any successor Trustee
shall be an independent corporate entity with assets of at least $15 billion. 
 ARTICLE 8. 

Amendment or Termination 

8.1. Amendments. Except as otherwise provided herein, the Company may amend the Trust at any time and from time to time in any
manner which it seems desirable, provided that no amendment shall permit the Company to receive any distribution prohibited by the last sentence of Section 1.5 hereof and no amendment which would adversely affect the duties of the Trustee shall
be made without the Trustee’s written consent, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, the Company shall retain the power under all circumstances to amend the Trust to correct any errors or clarify any
ambiguities or similar issues of interpretation in this Agreement, except to the extent any such amendment adversely affects the duties of the Trustee. 
  

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 8.2. Termination. Subject to the terms of this Section 8.2,
the Trust shall terminate on the earliest of the date (i) all available shares are distributed and (ii) the
20th anniversary of the effective date of the Trust (the
“Termination Date”). The Company may terminate the Trust at any time prior to the Termination Date. The Trust shall also terminate automatically upon the Company giving the Trustee written notice of a Change of Control. Immediately upon a
termination of the Trust, the Company shall be deemed to have forgiven all amounts then outstanding under the Loan. As soon as practicable after receiving notice from the Company of a Change of Control or upon any other termination of the Trust, the
Trustee shall sell all of the Company Stock and other non-cash assets (if any) then held in the Trust Fund provided, that the Trustee will not be required to sell such Company Stock unless such sale can be completed without violating applicable
securities laws. In the event of a Change of Control or any other termination of the Trust, the Company will cooperate in registering the Company Stock held by the Trust. The Company shall be responsible for all expenses incurred in connection with
the registration of such Company Stock. The proceeds of such sale shall first be returned to the Company up to an amount equal to the principal amount, plus any accrued interest, of the Loan that was forgiven upon such termination. Any funds
remaining in the Trust after such payment to the Company (the “Excess Funds”) shall be used to fund (1) the existing obligations of the Company under (i) the Plans and, then, (ii) all broad-based employee benefit plans
maintained by the Company, and (2) the anticipated future obligations of the Company to the pre Change-of-Control employee population under one or more broad based employee plans, and, (3) if any Excess Funds remain, such amount shall be
paid directly to the active participants in the Company’s 401(k) defined contribution plan in proportion to each participant’s base pay. Any determination as to which plans are entitled to funding pursuant to this paragraph or the extent
of any obligation to such plan shall be made by the Committee. 
 8.3. Form of Amendment or Termination. Any amendment or
termination of the Trust shall be evidenced by an instrument in writing signed by an authorized officer of the Company, certifying that said amendment or termination has been authorized and directed by the Company or the Board of Directors, as
applicable, and, in the case of any amendment, shall be consented to by signature of an authorized officer of the Trustee, if required by Section 8.1. 

ARTICLE 9. 

Miscellaneous 

9.l. Controlling Law. The laws of the Commonwealth of Pennsylvania shall be the controlling law in all matters relating to the
Trust, without regard to conflicts of law. 
 9.2. Committee Action. Any action required or permitted to be taken by the
Committee may be taken on behalf of the Committee by any individual so authorized. The Company shall furnish to the Trustee the name and specimen signature of each member of the Committee upon whose statement of a decision or direction the Trustee
is authorized to rely. Until notified of a change in the identity of such person or persons, the Trustee shall act upon the assumption that there has been no change. In the event that a Change of Control occurs, the Board of Directors shall no
longer have the authority to remove or appoint members of the Committee and the members of the Committee in place immediately preceding such a Change of Control shall continue as such members and shall have the authority to appoint new members to
replace any members who resign or otherwise cease to be members after the Change of Control. 
  

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 9.3. Notices. All notices, requests, or other communications required or permitted to
be delivered hereunder shall be in writing, delivered by registered or certified mail, return receipt requested as follows: 

To the Company 

Douglas K. McClaine, Esquire 

Secretary 

Mine Safety Appliances Company 

P.O. Box 426 

Pittsburgh, PA 15230 

To the Trustee: 

PNC Asset Management Group 

620 Liberty Avenue 

Two PNC Plaza 

Pittsburgh, PA 15222 

Attn: Christopher M. Merlo, Vice President 

Any party hereto may from time to time, by written notice given as aforesaid, designate any other address to which notices, requests or
other communications addressed to it shall be sent. 
 9.4. Severability. If any provision of the Trust shall be held
illegal or invalid or unenforceable for any reason, such provision shall not affect the remaining parts hereof, but the Trust shall be construed and enforced as if said provision had never been inserted herein. 

9.5. Protection of Persons Dealing with the Trust. No person dealing with the Trustee shall be required or entitled to monitor the
application of any money paid or property delivered to the Trustee, or determine whether or not the Trustee is acting pursuant to authorities granted to it hereunder or to authorizations or directions herein required. 

9.6. Tax Status of Trust. It is intended that the Company, as grantor hereunder, be treated as the owner of the entire Trust and
the trust assets under Section 671 et seq. of the Code. Until advised otherwise, the Trustee may presume that the Trust is so characterized for federal income tax purposes and shall make all filings of tax returns on that presumption.

 9.7. Participants to Have No Interest in the Company by Reason of the Trust. Neither the creation of the Trust nor
anything contained in the Trust shall be construed as giving any person, including any individual employed by the Company or any subsidiary of the Company, any equity or interest in the assets, business, or affairs of the Company except to the
extent that any such individuals are entitled to exercise stockholder rights with respect to Company Stock pursuant to Section 5.4. 

9.8. Nonassignability. No right or interest of any person to receive distributions from the Trust shall be assignable or
transferable, in whole or in part, either directly or by operation of law or otherwise, including, but not by way of limitation, execution, levy, garnishment, attachment, pledge, or bankruptcy, but excluding death or mental incompetency, and no
right or interest of any person to receive distributions from the Trust shall be subject to any obligation or liability of any such person, including claims for alimony or the support of any spouse or child. 

 

 - 12 - 

 9.9. Gender and Plurals. Whenever the context requires or permits, the masculine
gender shall include the feminine gender and the singular form shall include the plural form and shall be interchangeable. 

9.10. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be considered an original.

 IN WITNESS WHEREOF, the Company and the Trustee have caused this Agreement to be signed, and their seals affixed hereto, by
their authorized officers all as of the day, month and year first above written. 
  

			
	By: 	 	/s/ C. M. Merlo
		 	Title: Vice President
		 	Attest: /s/ S. Shapiro
		 	Title: Vice President
	
	MINE SAFETY APPLIANCES COMPANY
		
	By:	 	/s/ D. L. Zeitler
		 	Title: Treasurer
		 	Attest: /s/ D. K. McClaine
		 	Title: Secretary

  

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 SCHEDULE A 

Employee Benefit Plans 
  

	1.	Mine Safety Appliances Company 1987 Management Share Incentive Plan. 

  

	2.	Mine Safety Appliances Company 1990 Non-Employee Directors’ Stock Option Plan. 

 

	3.	1998 Management Share Incentive Plan. Amended as of 5-5-98 Board Meeting. 

  

	4.	Mine Safety Appliances Company 2008 Management Equity Incentive Plan. 

  

	5.	Mine Safety Appliances Company 2008 Non-Employee Directors’ Equity Incentive Plan.Deferred Compensation Plan (as amended through June 11, 2010)

 Exhibit 10.1 

SNAP-ON INCORPORATED 

DEFERRED COMPENSATION PLAN 

(as amended through June 11, 2010) 

Section 1. Establishment and Purposes 

1.1 Establishment. Snap-on Incorporated established effective as of April 1, 1986, a deferred compensation plan for
executives as described herein, known as the “SNAP-ON INCORPORATED DEFERRED COMPENSATION PLAN” (hereinafter called the “Plan”). Snap-on Incorporated hereby amends the Plan effective as of January 1, 2009. 

1.2 Purposes. The purposes of this Plan are to (i) enable the Corporation to attract and retain persons of
outstanding competence, (ii) provide a means whereby certain amounts payable by the Corporation to selected executives may be deferred to some future period and to provide such executives with a means to have deferred amounts treated as if
invested in the Corporation’s stock, thereby aligning their interests more closely with the interests of shareholders and (iii) effective July 1, 2001, provide a matching credit by the Corporation to certain elected officers of the
Corporation. The Plan is intended to constitute an unfunded plan primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees. 

The Plan is intended to comply with Section 409A of the Internal Revenue Code (the “Code”) with respect
to the Non-Grandfathered Benefits. For purposes of Code Section 409A, the benefit under the Plan is divided into a Grandfathered Benefits and Non-Grandfathered Benefits. The provisions of this Plan, with respect to the Grandfathered Benefits,
are the provisions of the Plan in effect on October 3, 2004 and notwithstanding any other provision in the Plan, no material modifications shall be made in the provisions applicable to such benefit. Effective January 1, 2009, the
Non-Grandfathered Benefits shall be subject to the provisions of this Plan. For the period from January 1, 2005 through December 31, 2008 the Non-Grandfathered Benefits shall be subject to a good faith interpretation of Code
Section 409A which shall permit any action which is (i) permitted under the transitional rules contained in Treasury Regulations and other guidance issued pursuant to Code Section 409A, or (ii) is otherwise consistent with a
reasonable good faith interpretation of Code Section 409A. Each provision and term of the amended Plan should be interpreted accordingly, but if any provision or term of such amended Plan would be prohibited by or be inconsistent with Code
Section 409A or would constitute a material modification to the Plan with respect to Grandfathered Benefits, then such provision or term shall be deemed to be reformed to comply with Code Section 409A or be ineffective to the extent it
results in a material modification to the Plan with respect to benefits earned and vested as of December 31, 2004. 

Section 2. Definitions 

2.1 Definitions. Whenever used herein, the following terms shall have the meanings set forth below: 

(a) “Beneficial Owner” shall have the meaning set forth in Section 17.1. 

 

 1 

 (b) “Board” means the Board of Directors of the Corporation.

 (c) “Cause” means that prior to a Participant’s Separation from Service, he shall have
(i) engaged in any act of fraud, embezzlement or theft in connection with his duties as an executive or in the course of employment with the Corporation or its subsidiaries; (ii) wrongfully disclosed any secret process or confidential
information of the Corporation or its subsidiaries; or (iii) engaged in any Competitive Activity; and in any such case the act shall have been determined to have been materially harmful to the Corporation. A Participant’s employment may
not be terminated for Cause prior to the receipt by the Participant of a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the Board at a meeting of the Board called and
held for the purpose of considering such termination (after reasonable notice to the Participant and an opportunity for the Participant, together with the Participant’s counsel, to be heard before the Board) finding that the Participant was
guilty of conduct set forth in the definition of Cause, and specifying the particulars thereof in detail. In the event of a dispute regarding whether the Participant’s employment has been terminated for Cause, no claim by the Corporation that
Cause exists shall be given effect unless the Corporation establishes by clear and convincing evidence that Cause exists. 

(d) “Change of Control” shall have the meaning set forth in Section 17.1. 

(e) “Committee” means the Organization and Executive Compensation Committee of the Board or, as to
compensation matters in respect of which it has authority, any other committee of the Board or director or officer of the Corporation that has authority of the Organization and Executive Compensation Committee of the Board relating to compensation
matters. 
 (f) “Common Stock” means the common stock, par value $1.00 per share, of the Corporation.

 (g) “Compensation” means the gross Salary and Incentive Compensation payable to a Participant
during a given Year and Other Compensation payable to a Participant during a given Year. 
 (i)
Salary. “Salary” means all regular, basic compensation, before reduction for amounts deferred pursuant to this Plan or any other plan of the Corporation, payable in cash to a Participant for services during the Year in question, exclusive
of any bonuses or incentive compensation, special fees or awards, allowances, or amounts designated by the Corporation as payments toward or reimbursement of expenses. 

(ii) Incentive Compensation. “Incentive Compensation” means the annual Incentive Compensation
Plan payable in cash by the Corporation to a Participant in the Year in question. 
 (iii)
Other Compensation. “Other Compensation” means other compensation payable in cash and/or Common Stock or other property by the Corporation to a Participant in the Year in question, including without limitation compensation payable under
the Amended and Restated Snap-on Incorporated 2001 Incentive Stock and Awards Plan, as amended, if the award of such compensation provides that the Participant may defer the compensation. 

 

 2 

 (iv) “Match Compensation” means Salary and
Incentive Compensation that a Participant eligible to receive matching credits under Section 5 would have otherwise received in the Year in question, but for such amounts being deferred pursuant to this Plan. 

(h) “Competitive Activity” shall mean the Participant’s participation without the written consent of the
Board in the management of any business enterprise which manufactures or sells any product or service competitive with any product or service of the Corporation or its subsidiaries. Competitive Activity shall not include the ownership of less than
five (5) percent of the securities in any enterprise and exercise of any ownership rights related thereto. 

(i) “Corporation” means Snap-on Incorporated, a Delaware corporation. 

(j) “Fair Market Value” means the closing price of Common Stock on the New York Stock Exchange on any
particular date or, if no closing price is available on that date, then the closing price on the immediately succeeding business day on which there is a closing price; provided, however, that for purposes of Section 17, Fair Market Value shall
mean the closing price of the Common Stock on the New York Stock Exchange on the date of the Change of Control (as defined therein) or, if higher, the highest price per share of Common Stock paid in the transaction giving rise to the Change of
Control. 
 (k) “Grandfathered Benefits” means the portion of the compensation deferred and vested
under the Plan as of December 31, 2004. 
 (l) “Growth Increment” means the amount of interest
earned on a Participant’s deferred amounts in the Participant’s Cash Account (as defined in Section 6.1(a)). 

(m) “Non-Grandfathered Benefits” means the portion of the compensation deferred and vested under the Plan
after December 31, 2004. 
 (n) “Participant” means an individual eligible to participate in the
Plan pursuant to Section 3.1. 
 (o) “Person” shall have the meaning set forth in
Section 17.1. 
 (p) “Retirement” means that (1) a Participant retires or is retired from
the employ of the Corporation and its subsidiaries (i) on or after attaining age sixty-five (65) years or (ii) on or after attaining age fifty (50) years if the Participant has completed ten or more years of continuous
employment, as defined in the Snap-on Incorporated Retirement Plan or (2) a Participant retires or is retired from the employ of the Corporation and its subsidiaries because of Total and Permanent Disability; or (3) with respect to
Grandfathered Benefits only, the Committee determines by resolution that a Participant shall be deemed to have retired from the employ of the Corporation and its subsidiaries for purposes of the Plan. 

 

 3 

 (q) “Separation from Service” means a Participant’s
termination of all employment with Snap-on Incorporated and any subsidiary employer for any reason (including death or Total and Permanent Disability determined as provided in Subsection 2.3(c)), or, with respect to a Participant’s
Non-Grandfathered Benefits, a reduction in the level of bona fide services by the Participant to no more than 20 percent of the average level of bona fide services performed over the immediately preceding 36 month period, other than while the
individual is on sick leave, military leave, or other bona fide leave of absence (such as temporary employment by the government) if the period of such leaves does not exceed twelve (12) months or, if longer, so long as the individual’s
right to reemployment with Snap-on Incorporated or any subsidiary employer is provided either by statute or contract. If the period of leaves exceeds twelve (12) months and the individual’s right to reemployment is not provided either by
statute or by contract, the employment relationship is deemed to terminate on the first day immediately following such twelve-month period. 

(r) “Specified Employee” means Participants in the group that consists of (i) those employees of
(i) those employees of the Company and its subsidiaries (including non-resident alien employees) constituting the fifty most highly compensated officers of the Company and its subsidiaries (within the meaning of Code
Section 416(i)(1)(A)(i)), plus (ii) those additional officers of the Company and its subsidiaries who would be included in the group of 50 officers described in clause (i) above if in making the determination under clause
(i) non-resident alien employees were not taken into account. 
 (s) “Total and Permanent
Disability” means that the Participant is incapable of engaging in any substantial gainful occupation by reason of any medically determinable physical or mental impairment which can be expected either (i) to result in death, or
(ii) to last for a continuous period of not less than twelve (12) months. The determination of “Total and Permanent Disability” shall be made by the Committee in its sole discretion. 

(t) “Year” means a calendar year. 

2.2 Gender and Number. Except when otherwise indicated by the context, any masculine terminology used herein also shall
include the feminine gender, and the definition of any term herein in the singular also shall include the plural. 
 Section
3. Eligibility and Participation 
 3.1 Eligibility. The Plan is primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated employees. Subject to the preceding sentence, the following persons shall be eligible to participate in the Plan: 

(a) the elected officers and appointed officers of the Corporation; 

(b) the elected officers and appointed officers of Snap-on Tools Company LLC; 

(c) any other U.S. employee of the Corporation or any direct or indirect subsidiary of the Corporation whose employment
grade is Grade 37 or higher (or the equivalent of Grade 37 or higher, as determined by the Chief Executive Officer); and 
  

 4 

 (d) any other employee of the Corporation or any direct or indirect
subsidiary of the Corporation designated by the Chair of the Committee or by the Chief Executive Officer of the Corporation from time to time. 

3.2 Ceasing Eligibility. In the event a Participant no longer meets the requirements for participation in this Plan, he
shall become an inactive Participant. An inactive Participant shall retain all rights described under this Plan, except the right to make any further deferrals and the right to receive any further matching credits, until the time that he again meets
the eligibility requirements of Section 3.1 (and, if applicable, Section 5.1). 
 Section 4. Election to
Defer 
 4.1 Deferral Election. 

(a) Subject to the following provisions, a Participant irrevocably may elect, by written notice to the Corporation, to
defer all or a percentage of annual Salary and/or Incentive Compensation. 
 (i) Salary
deferrals. The deferral percentage elected shall be applied to the Participant’s Salary for each pay period of the Year to which the deferral election applies. The deferral election must be made before the last business day of the Year
immediately preceding the Year for which such deferral election applies. The deferral election will remain in effect for subsequent Years unless changed prior to any subsequent Year. 

(ii) Incentive Compensation deferrals. The deferral percentage elected shall apply only to the
Participant’s Incentive Compensation payable with respect to service performed in the Year in which the deferral election is made. The deferral election must be made at least six months prior to the last business day of such Year. 

(b) Except as prohibited by Code Section 409A and regulations thereunder, an individual who becomes a Participant
at or after the beginning of the Year may irrevocably elect, by written notice to the Corporation, to defer all or a percentage of: 

(i) the annual Salary earned by such Participant for such Year after such election, if such election is
made within thirty (30) days after becoming a Participant; and 
 (ii) the pro rata share
of the Participant’s Incentive Compensation, if any, payable with respect to service performed during such Year, if such election is made at least six months prior to the last business day of such Year. 

(c) If so provided in an award of Other Compensation, and subject to such restrictions and conditions as may be set
forth in the award or imposed by the Corporation, a Participant irrevocably may elect, by written notice to the Corporation, to defer all or a percentage of such Other Compensation, if such election is made at least six months prior to the last
business day of the last Year in the performance period with respect to which such award of Other Compensation is calculated. 
  

 5 

 (d) In connection with a Participant’s deferral election pursuant to
this Section 4.1 relating to Compensation that the Participant would have otherwise received in a given Year, and thereafter from time to time during that Year as determined by the Participant subject to any rules established by the Committee
pursuant to Section 11.1, the Participant shall provide written direction to the Corporation indicating the portion of the Participant’s Compensation that the Participant would have otherwise received in that Year that should be
(1) credited to the Participant’s Cash Account, except to the extent Section 6.5 would require a credit of some or all of the Compensation to the Participant’s Share Account (as defined in Section 6.1(a)); or
(2) credited to the Participant’s Share Account. Each written direction shall become effective immediately upon receipt by the Corporation for Compensation otherwise payable after such date subject to rules that the Committee establishes
pursuant to Section 11.1. To the extent a Participant fails to elect an account to which to credit Compensation for a Year pursuant to this Section 4.1(d), the Participant’s Compensation for such Year shall be credited to the
Participant’s Cash Account, except to the extent Section 6.5 would require a credit of some or all of the Compensation to the Participant’s Share Account. 

4.2 Deferral Period. 

(a) The first time a Participant makes an election pursuant to this Section 4.1 relating to Salary or Incentive
Compensation that the Participant would have otherwise received in a given Year, the Participant irrevocably shall select a single deferral period for all Salary or Incentive Compensation that the Participant would have otherwise received in that
Year (“Year Deferred Amounts”). The deferral period shall be for a specified number of Years or until a specified date. The earliest a deferral period may end is the first January 1 following the Year in which the Participant would
have otherwise received the Compensation. 
 (b) Notwithstanding the deferral period specified pursuant to
subsection (a) and except as otherwise provided by subsection (c), payments of Year Deferred Amounts shall begin following the earliest to occur of: 

(i) Death; 

(ii) Subject to subsection (d), Separation from Service due to Retirement or Total and Permanent
Disability; or 
 (iii) Subject to subsection (e), Separation from Service due to reasons other
than Retirement. 
 (c) In the case of a Participant who has a Separation from Service and who is a Specified
Employee on the date of the Separation from Service, payments of Year Deferred Amounts that are Non-Grandfathered Benefits will not begin prior to the date that is six (6) months following the date of the Separation from Service, and payments
of Year Deferred Amounts that are Non-Grandfathered Benefits and that would otherwise be paid during the six (6) month delay in payment will be accumulated and paid in a lump sum on the first day an amount may be paid under this subsection.

 (d) A Participant may elect to have the deferral period for Year Deferred Amounts continue beyond Separation
from Service due to Retirement or, with respect to Non-Grandfathered Benefits only, Total and Permanent Disability by so indicating when 

 

 6 

 
the Participant selects, or modifies pursuant to Section 4.4, the Participant’s deferral period for the Year Deferred Amounts. At such time, the Participant may elect one or more
successive post-Separation from Service deferral periods of up to one year (1) Year each, but in no event may the aggregate of these successive post-Separation from Service deferral periods and any annual installments elected pursuant to
Section 4.3 exceed twenty-five (25) years beyond the Participant’s Separation from Service. Except as provided in subsection (e) with respect to certain Grandfathered Benefits, if a Participant’s Separation from Service is
due to any reason other than Retirement or Total and Permanent Disability, all Year Deferred Amounts remaining shall be paid in a lump-sum distribution pursuant to Section 7.1. 

(e) A Participant may elect to have the deferral period for Year Deferred Amounts that are Grandfathered Benefits
continue beyond Separation from Service with the Corporation, but only if such Separation from Service was at the initiative of the Corporation for reasons other than for Cause. A Participant may exercise this one-time election by so indicating when
the Participant selects, or modifies pursuant to Section 4.4, the Participant’s deferral period for the Year Deferred Amounts. At such time, the Participant may elect one or more post-termination deferral periods of up to one (1) Year
each, but in no event may the aggregate of these successive post-Separation from Service deferral periods and any annual installments elected pursuant to Section 4.3 exceed twenty-five (25) years beyond Separation from Service initiated by
the Corporation for reasons other than Cause. 
 4.3 Manner of Payment Election. At the same time as an election
is made pursuant to Section 4.1, or is modified pursuant to Section 4.4, the Participant also may elect to have Year Deferred Amounts paid either in a lump sum or in up to twenty-five (25) substantially equal annual installments
(subject to lump sum payment as provided in Section 7.2); provided, however, that with respect to Grandfathered Benefits, at such time a Participant that elects to receive payments in substantially equal annual installments may also specify a
date within the installment period to receive all then remaining Year Deferred Amounts that are Grandfathered Benefits in a lump sum. 

4.4 Modification. A Participant may change the manner in which Year Deferred Amounts that are Grandfathered Benefits will
be paid and/or the date such payments are to commence by written election made prior to the Year in which such payments are to commence. A Participant may only modify elections for Year Deferred Amounts that are Non-Grandfathered Benefits if such
modification (a) is made more than twelve (12) months prior to January 1 of the Year in which such payments were to commence, (b) does not take effect for twelve (12) months from the date of the modification and
(c) provides for an additional deferral period of at least five (5) Years. A Participant may not make any modification pursuant to this Section 4.4 in or after the Year payments commence respecting the deferral election in question.

  

 7 

 Section 5. Matching Credits 

5.1 Effective Date and Eligibility. Effective July 1, 2001, the Corporation shall credit matching credits under this
Plan only to Participants described in this Section at such time and in such amounts as provided in Section 5.2. Notwithstanding anything to the contrary in the Plan, only those Participants who are also actively participating in the cash
balance formula in the Snap-on Incorporated Supplemental Retirement Plan for Officers, as amended from time to time, and are making deferrals under this Plan, or into the Snap-on Incorporated Savings Plan, for the Year shall be eligible for a
matching credit by the Corporation for a Year for their benefit under this Plan. 
 5.2 Time and Amount of
Matching Contributions. The Corporation shall credit matching credits under this Plan during each calendar quarter for the benefit of each eligible Participant to the Participant’s Cash Account. The amount of the matching credit for each
calendar quarter for the benefit of an eligible Participant will be an amount equal to the excess of: 
 (a)
the lesser of (i) the product of the Participant’s Match Compensation for the calendar quarter multiplied by fifty percent (50%), or (ii) three percent (3%) of the Participant’s Compensation (other than Other Compensation)
for such calendar quarter, over 
 (b) the actual matching contribution made by the Corporation for the benefit
of such Participant for such calendar quarter under the Snap-on 401(k) Plan. 
 5.3 Deferral Period. 

(a) The deferral period selected for Year Deferred Amounts by a Participant under Section 4.2 shall also apply to
the matching credits credited under Section 5 with respect to those Year Deferred Amounts. 
 (b) However,
notwithstanding the deferral period specified and except as otherwise provided by Section 4.2(c), payments of matching credits shall begin following the earliest to occur of: 

(i) Death; 

(ii) Subject to Section 4.2(d), Separation from Service due to Retirement or Total and Permanent
Disability; or 
 (iii) Subject to Section 4.2(e), Separation from Service due to reasons
other than Retirement. 
 5.4 Manner of Payment Election. A Participant’s elected manner of payment for
Year Deferred Amounts under Section 4.2 shall also apply to the matching credits credited under Section 5 with respect to those Year Deferred Amounts. 
  

 8 

 5.5 Modification. A Participant’s change in the manner in which Year
Deferred Amounts will be paid and/or the date such payments are to commence under Section 4.4 will apply to the associated matching credits. 

Section 6. Accounts 

6.1 Participant Accounts. 

(a) Deferred Compensation Accounts. The Corporation shall establish and maintain individual bookkeeping accounts in
respect of deferrals made by a Participant consisting of a “Cash Account” and a “Share Account”. A Participant shall have separate accounts for Year Deferred Amounts with different deferral periods under Section 4.2 and/or
manners of payment under Section 4.3. 
 (i) If a Participant has elected pursuant to
Section 4.1(d) to have any portion of the Participant’s Year Deferred Amounts credited to the Participant’s Cash Account, then the Participant’s Cash Account shall be credited with the dollar amount of any amount deferred and to
be credited to the Participant’s Cash Account as of the date the amount deferred otherwise would have become due and payable. 

(ii) If a Participant has elected pursuant to Section 4.1(d) to have any portion of the
Participant’s Year Deferred Amounts credited to the Participant’s Share Account, then the dollar amount deferred and to be credited to the Participant’s Share Account shall be converted into deferred shares of Common Stock to be
credited to the Participant’s Share Account as of the date the amount deferred otherwise would have become due and payable. In such event, there shall be credited to the Participant’s Share Account as of such date a number of units
(“Share Units”) equal to the dollar amount of any amount deferred divided by the Fair Market Value as of the payroll date. 

6.2 Growth Increments on Cash Accounts. The Corporation will provide the opportunity for Growth Increments to be earned
on the balance of a Participant’s Cash Accounts. The Committee will have the authority to select, from time to time, the appropriate reasonable interest rate to apply to such amounts, and may tie such amount to the performance of a particular
fund, such as a money market fund for purposes of crediting hypothetical gains or losses to the Participant’s Cash Account. Each Cash Account shall be credited on the first day of each month with a Growth Increment computed on the daily balance
in the Cash Account during the immediately preceding month. The Growth Increment shall be the sum of the daily interest earned, compounded monthly by the reasonable interest rate selected by the Committee. 

6.3 Changing Accounts. 

(a) Subject to applicable corporate policies and Section 6.3(c), from time to time a Participant may convert all or
a portion of any Cash Account balance of the Participant into deferred shares of Common Stock credited to the Participant’s corresponding Share Account by written notice to the Corporation. In such event, and effective as of the close of
business on the trading day on the date that the Corporation receives such notice, if the notice is received before the close of trading on that day, otherwise as of the close of business on the immediately succeeding trading day (the
“Effective Date”), (i) there shall be credited to the Participant’s 
  

 9 

 
Share Account a number of Share Units equal to the number of Share Units specified in the notice or, if such notice specifies a dollar amount, a number of Share Units equal to such dollar amount
divided by the Fair Market Value as of the Effective Date; and (ii) the Participant’s Cash Account shall be debited in an amount equal to the number of Share Units credited to the Share Account multiplied by the Fair Market Value as of the
Effective Date. 
 (b) Subject to applicable corporate policies and Section 6.3(c), from time to time a
Participant with a credit balance in a Share Account may convert all or a portion of such balance into an amount to be credited to the Participant’s corresponding Cash Account by giving written notice to the Corporation, which notice shall
specify the number of Share Units to be converted or a dollar amount. In such event, and effective as of the Effective Date, (i) there shall be credited to the Participant’s Cash Account an amount equal to (A) the number of Share
Units specified in the notice multiplied by the Fair Market Value as of the Effective Date or (B) the dollar amount specified in the notice; and (ii) the Participant’s Share Account shall be debited by the number of Share Units
specified in the notice, or, as the case may be, by the number of Share Units having a Fair Market Value as of the Effective Date equal to the dollar amount specified in the notice. 

(c) A Participant who is subject to Section 16 of the Securities Exchange Act of 1934, as amended, may make
transfers of existing balances pursuant to Sections 6.3(a) or (b) if the transfer is effected pursuant to an election made at least six (6) months after the date of the Participant’s most recent opposite-way election making a transfer
of existing balances pursuant to Sections 6.3(a) or (b) or existing account balances out of or into a Common Stock fund under any other Corporation plan, or more frequently as permitted by the Committee. 

6.4 Cash Dividends. Whenever cash dividends are paid by the Corporation on outstanding Common Stock, as of the payment
date for the dividend, there shall be credited to a Participant’s Cash Account an amount per share equal to the cash dividend on the Common Stock multiplied by the number of Share Units credited to the Participant’s Share Account, if any,
as of the close of business on the record date for the dividend divided by the Fair Market Value of the Common Stock on the date of payment of the dividend. 

6.5 Deferral of Other Compensation. Subject to the authority of the Committee, the Corporation’s Chief Executive
Officer may approve the terms of any agreements between the Corporation and any Participant relating to the deferral of Other Compensation where, but for the Participant’s deferral, the Participant would have received shares of Common Stock if
such officer determines that such terms are appropriate to carry out the purposes of this Plan and the award of Other Compensation. Without limitation, the Corporation may enter into an agreement with a Participant relating to such a deferral under
which (i)(A) there shall be credited to the Participant’s Share Account a number of Share Units equal to the number of shares of Common Stock the receipt of which the Participant has deferred which credit shall be made as of the date the Other
Compensation deferred otherwise would have become due and payable or (B) Share Units shall be credited to the Participant’s Share Account only at a future date, such as the date that one or more conditions to vesting have been satisfied;
(ii) a credit of Share Units may be made subject to such restrictions as are imposed under the terms of the award of Other Compensation (or restrictions substantially equivalent to those to which shares of Common Stock would have been subject
but for the deferral), including without limitation forfeiture under certain circumstances and 
  

 10 

 
restrictions on the Participant’s rights to convert such Share Units pursuant to this Section 6.5; and (iii) if the terms of the award of Other Compensation require a Participant
to deliver cash and/or shares of Common Stock to the Corporation to exercise or otherwise receive the benefit of such Other Compensation, then in lieu of delivering such cash and/or Common Stock, there may be a debit to the Participant’s Cash
Account in an amount equal to the amount of cash that the Participant otherwise would have delivered and/or a debit to the Participant’s Share Account in an amount equal to the number of shares of Common Stock that the Participant otherwise
would have delivered, in each case to the extent of any credit balance in such account. 
 6.6 Charges Against
Accounts. There shall be charged against a Participant’s Cash Account any cash payments (excluding payments for fractional shares) made to the Participant or to his beneficiary in accordance with Section 7. There shall be charged against a
Participant’s Share Account any distributions made to the Participant or to his beneficiary in respect of the Participant’s Share Account in accordance with Section 7. 

6.7 Fully Vested Accounts. Except as provided in Section 6.8, Participants shall be fully vested in all Accounts at
all times. 
 6.8 Vesting Schedule. 

A Participant shall become fully vested in his or her Restoration Match Account over time, pursuant to the following vesting schedule:

  

			
	 Years of Service
	  	 Vested Percentage

		
	 Less than 1
	  	    0%
	 1 but less than 2
	  	  25%
	 2 but less than 3
	  	  50%
	 3 but less than 4
	  	  75%
	 4 or more
	  	100%

 6.9
Accelerated Vesting of Company Stock Match Account. Notwithstanding the vesting schedule set forth in Section 6.8, upon (i) a Participant’s attaining his Retirement Date, Total and Permanent Disability, or death; (ii) the
complete discontinuance of the Employer’s contributions to the Plan; or (iii) any full or partial termination of the Plan, all amounts credited to the Restoration Match Account of any affected Participant shall become 100% vested and shall
not thereafter be subject to forfeiture as described in Section 7.1(c). 
 Section 7. Payment of Deferred
Amounts 
 7.1 Payment of Deferred and Matching Amounts. 

(a) Payment of the vested portion of a Participant’s Cash Account balance, including accumulated Growth Increments
attributable thereto and dividend credits under Section 6.4, shall be paid in cash commencing within thirty (30) calendar days after the commencement date referred to in Section 4.2 (as may be modified pursuant to Section 4.4).

  

 11 

 
The payments shall be made in the manner selected by the Participant under Section 4.3 or, in the absence thereof, in a lump sum. The amount of each payment shall be equal to a
Participant’s then distributable Cash Account balance multiplied by a fraction, the numerator of which is one and the denominator of which is the number of installment payments remaining. 

(b) Payment of the vested portion of a Participant’s Share Account balance shall be paid commencing within thirty
(30) calendar days after the commencement date referred to in Section 4.2 (as may be modified pursuant to Section 4.4). Payments in respect of a Share Account balance shall be made in cash in an amount equal to the number of Share
Units then payable multiplied by the Fair Market Value on the date of payment; provided, however, that at the election of a Participant, made by written notice to the Corporation delivered not less than five business days before a payment due date,
payments in respect of a Share Account may be made solely in Common Stock by converting Share Units into Common Stock on a one-for-one basis, with payment of fractional shares to be made in cash based upon the Fair Market Value on the date of
payment. The payments shall be made in the manner selected by the Participant under Section 4.3 or, in the absence thereof, in a lump sum. The number of Share Units payable at the time of a payment shall be equal to a Participant’s then
distributable Share Account balance multiplied by a fraction, the numerator of which is one and the denominator of which is the number of installment payments remaining. 

(c) Any amounts in a Participant’s Cash Account or a Participant’s Share Account that are not vested at the
time of the Participant’s Separation from Service shall be forfeited. 
 7.2 Automatic Change to Lump Sum
Payments. If a Participant dies prior to the payment of all or a portion of his Cash Account and/or Share Account balances, the balance of any amounts payable shall be paid in a lump sum to the beneficiaries designated under Section 8. Subject
to the restrictions contained in Section 4.2(c), if the value of the portion of a Participant’s Cash Account and Share Account that is comprised of Non-Grandfathered Benefits is less than or equal to the dollar limit set forth under Code
Section 402(g) ($15,500 for 2008) on the date of the Participant’s Separation from Service, the balance of any amounts payable shall be paid in a lump sum to the Participant within thirty (30) days of the commencement date referred to
in Section 4.2. 
 7.3 Financial Emergency. The Committee, in its sole discretion, may alter the timing or
manner of payment of Year Deferred Amounts that are Grandfathered Benefits in the event that the Participant establishes, to the satisfaction of the Committee, severe financial hardship. In such event, the Committee may: 

(a) provide that all, or a portion of, the amount previously deferred by the Participant immediately shall be paid in a
lump sum payment, 
 (b) provide that all, or a portion of, the installments payable over a period of time
immediately shall be paid in a lump sum, or 
  

 12 

 (c) provide for such other installment payment schedules as it deems
appropriate under the circumstances, as long as the amount distributed shall not be in excess of that amount which is necessary for the Participant to meet the financial hardship. 

Severe financial hardship will be deemed to have occurred in the event of the Participant’s impending bankruptcy, a
dependent’s long and serious illness, or other events of similar magnitude. The Committee’s decision in passing on the severe financial hardship of the Participant and the manner in which, if at all, the payment of Year Deferred Amounts or
matching credits shall be altered or modified shall be final, conclusive, and not subject to appeal. 
 The
timing or manner of payment for Non-Grandfathered Benefits may not be modified pursuant to this Section 7.3. 

7.4 Payment Pursuant to a Qualified Domestic Relations Order. Notwithstanding any provision of this Plan to the contrary,
a domestic relations order, as defined in Code Section 414(p)(1)(B), may provide that a Participant’s rights with respect to all or a part of the Participant’s Account are transferred to an alternate payee. Such domestic relations
order may provide that payments to the alternate payee will be accelerated and that such payments will be paid in a different form than the form elected by the Participant, so long as the form is permitted by the Plan. 

Section 8. Beneficiary Designation 

8.1 Designation of Beneficiary. A Participant shall designate a beneficiary or beneficiaries who, upon the Participant’s death, are
to receive the amounts that otherwise would have been paid to the Participant. All designations shall be in writing to the Corporation in such form as it requires or accepts and signed by the Participant. The designation shall be effective only if
and when delivered to the Corporation during the lifetime of the Participant. The Participant also may change his beneficiary or beneficiaries by a signed, written instrument delivered to the Corporation. If a Participant is married and names
someone other than (or in addition to) the Participant’s spouse as a beneficiary, then the Participant’s spouse must provide a written consent to this beneficiary designation that has been witnessed by a notary public. The payment of
amounts shall be in accordance with the last unrevoked written designation of beneficiary that has been signed and delivered to the Corporation. 

8.2 Death of Beneficiary. In the event that all of the beneficiaries named in Section 8.1 predecease the Participant, the amounts
that otherwise would have been paid to the Participant shall be paid to the Participant’s estate, and in such event, the term “beneficiary” shall include his estate. 

8.3 Ineffective Designation. In the event the Participant does not designate a beneficiary, or if for any reason such designation is
ineffective, in whole or in part, the amounts that otherwise would have been paid to the Participant shall be paid to the Participant’s estate, and in such event, the term “beneficiary” shall include his estate. 

 

 13 

 Section 9. Rights of Participants 

9.1 Contractual Obligation. It is intended that the Corporation is under a contractual obligation to make payments from a
Participant’s account when due. Payment of account balances payable in cash shall be made out of the general funds of the Corporation as determined by the Board. 

9.2 Unsecured Interest. No Participant or beneficiary shall have any interest whatsoever in any specific asset of the
Corporation. To the extent that any person acquires a right to receive payments under this Plan, such receipt shall be no greater than the right of any unsecured general creditor of the Corporation. 

9.3 Employment. Nothing in the Plan shall interfere with or limit in any way the rights of the Corporation to terminate
any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of the Corporation. 

9.4 Participation. No employee shall have a right to be selected as a Participant or, having been so selected, to be
selected again as a Participant. 
 Section 10. Nontransferability 

10.1 Nontransferability. In no event shall the Corporation make any payment under this Plan to any assignee or creditor
of a Participant or a beneficiary. Prior to the time of a payment hereunder, a Participant or a beneficiary shall have no rights by way of anticipation or otherwise to assign or otherwise dispose of any interest under this Plan nor shall such rights
be assigned or transferred by operation of law. 
 Section 11. Administration 

11.1 Administration. This Plan shall be administered by the Committee. The Committee may from time to time establish
rules for the administration of this Plan that are not inconsistent with the provisions of this Plan. 
 11.2
Finality of Determination. The Committee has sole discretion in interpreting the provisions of the Plan. The determination of the Committee as to any disputed questions arising under this Plan, including questions of construction and interpretation,
shall be final, binding, and conclusive upon all persons. 
 11.3 Expenses. The cost of payments from this Plan
and the expenses of administering the Plan shall be borne by the Corporation. 
 11.4 Action by the Corporation.
Any action required or permitted to be taken under this Plan by the Corporation shall be by resolution of the Board, by the duly authorized Committee of the Board, or by a person or persons authorized by resolution of the Board or the Committee.

  

 14 

 Section 12. Amendment and Termination 

12.1 Amendment and Termination. The Corporation expects the Plan to be permanent but, since future conditions affecting
the Corporation cannot be anticipated or foreseen, the Corporation necessarily must and does hereby reserve the right to amend, modify, or terminate the Plan at any time by action of the Board. Notwithstanding the foregoing, upon the occurrence of a
Potential Change of Control (as hereinafter defined) and for a period of six (6) months thereafter, the Plan may not be terminated or amended in a manner adverse to Participants. For purposes of this Section, a “Potential Change of
Control” shall be deemed to have occurred if an event set forth in any one of the following shall have occurred: 

(i) The Corporation enters into an agreement, the consummation of which would result in the occurrence of
a Change of Control; 
 (ii) The Corporation or any other Person publicly announces an intention
to take or consider taking actions that, if consummated, would constitute a Change of Control; 

(iii) Any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation
representing fifteen percent (15%) or more of either the then outstanding shares of Common Stock or the combined voting power of the Corporation’s then outstanding voting securities; or 

(iv) The Board adopts a resolution to the effect that, for purposes of this Plan, a Potential Change of
Control has occurred. 
 Further notwithstanding the foregoing, in the event the Plan is terminated and
Section 409A of the Internal Revenue Code permits distributions upon termination, a Participant’s entire benefit, if any, shall be distributed in a lump-sum to the Participant as soon as practicable following the date of such termination.
In the event the Plan is terminated and Section 409A of the Internal Revenue Code does not permit distributions upon termination, a Participant’s entire benefit, if any, shall be paid at such time and in such form as provided for under
Section 5 of the Plan. 
 Section 13. Applicable Law 

13.1 Applicable Law. This Plan shall be governed and construed in accordance with the laws of the State of Wisconsin.

 Section 14. Withholding of Taxes 

14.1 Tax Withholding. The Corporation shall have the right to deduct from all contributions made to, or payments made
from, the Plan any federal, state, or local taxes required by law to be withheld with respect to such contributions or payments. The Corporation may defer making payments in the form of Common Stock under the Plan until satisfactory arrangements
have been made for the payment of any federal, state or local taxes required to be withheld with respect to such payment or delivery. Each Participant shall be entitled to irrevocably elect, prior to the date shares of Common Stock would otherwise
be delivered hereunder, 
  

 15 

 
to have the Corporation withhold shares of Common Stock having an aggregate value equal to the amount required to be withheld. The value of fractional shares remaining after payment of the
withholding taxes shall be paid to the Participant in cash. Shares so withheld shall be valued at Fair Market Value on the date such shares would have otherwise been transferred hereunder. 

Section 15. Notice 

15.1 Notice. Any notice required or permitted to be given under the Plan shall be sufficient if in writing and
hand-delivered, or sent by a registered or certified mail, and if given to the Corporation, delivered to the principal office of the Corporation. 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 or the receipt for registration or certification. 
 Section 16. Common Stock Matters

 16.1 Stock Reserved for the Plan. The Corporation shall make available as and when required a sufficient
number of shares of Common Stock to meet the needs of the Plan. Shares of Common Stock issued hereunder shall be previously issued shares reacquired and held by the Corporation. 

16.2 General Restrictions. 

(a) Investment Representations. The Corporation may require any Participant, as a condition of receiving Common Stock
under this Plan, to give written assurances in substance and form satisfactory to the Corporation and its counsel to the effect that such person is acquiring the Common Stock 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 Corporation deems necessary or appropriate in order to comply with federal and applicable state securities laws. 

(b) Compliance with Securities Laws. Delivery of Common Stock under the Plan shall be subject to the requirement that,
if at any time counsel to the Corporation shall determine that the listing, registration or qualification of the shares of Common Stock 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 shares may not be delivered 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 Corporation to apply for or to obtain such listing, registration or qualification. 

16.3 Effect of Certain Changes in Capitalization. In the event of any Change in Capitalization, a proportionate
substitution or adjustment may be made in (a) the aggregate number and/or kind of shares or other property reserved for issuance under the Plan, (b) the number and kind of shares or other property to be delivered under the Plan and
(c) the number and kind of shares or other property held in each Participant’s Share Account (if any), in each case as may be determined by the Committee in its sole discretion. Such other proportionate substitutions or adjustments may be
made as shall be determined by the Committee in its sole discretion. 
  

 16 

 
“Change in Capitalization” means any increase, reduction, change or exchange of shares of Common Stock for a different number or kind of shares or other securities or property by reason
of a reclassification, recapitalization, merger, consolidation, reorganization, issuance of warrants or rights, stock dividend, stock split or reverse stock split, combination or exchange of shares, repurchase of shares, change in corporate
structure or otherwise; or any other corporate action, such as declaration of a special dividend, that affects the capitalization of the Corporation. 

Section 17. Change of Control 

17.1 Change of Control. For purposes of this Plan, a “Change of Control” shall be deemed to have occurred on
the first to occur of any one of the events set forth in the following paragraphs: 
 (a) any Person is or
becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Corporation or its Affiliates) representing 25% or
more of either the then outstanding shares of Common Stock or the combined voting power of the Corporation’s then outstanding voting securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described
in clause (i) of paragraph (c) below; or 
 (b) the following individuals cease for any reason to
constitute a majority of the number of directors then serving: individuals who, on January 25, 2002, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or
threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Corporation as such terms are used in Rule 14a-11 of Regulation 14A under the Exchange Act) whose appointment or election
by the Board or nomination for election by the Corporation’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 January 25, 2002 or whose
appointment, election or nomination for election was previously so approved or recommended; or 
 (c) there is
consummated a merger or consolidation of the Corporation or any direct or indirect subsidiary of the Corporation with any other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Corporation
outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 60% of the combined voting
power of the voting securities of the Corporation or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the
Corporation (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in the securities Beneficially Owned by such Person any securities acquired directly
from the Corporation or its Affiliates) representing 25% or more of either the then outstanding shares of Common Stock or the combined voting power of the Corporation’s then outstanding voting securities; or 

 

 17 

 (d) the stockholders of the Corporation approve a plan of complete
liquidation or dissolution of the Corporation or there is consummated an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets (in one transaction or a series of related transactions
within any period of 24 consecutive months), other than a sale or disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity, at least 75% of the combined voting power of the voting securities of which
are owned by stockholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale. 

Notwithstanding the foregoing, no “Change of Control” shall be deemed to have occurred if there is consummated
any transaction or series of integrated transactions immediately following which the record holders of the Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership
in an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 

For purposes of the definitions of Change of Control and Potential Change of Control, “Affiliate” shall have
the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act; “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act; “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended; and “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the
Corporation or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities, (iv) a corporation owned, directly or indirectly, by the shareholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation or (v) any individual, entity or
group which is permitted to, and actually does, report its Beneficial Ownership on Schedule 13G (or any successor schedule); provided that if any such individual, entity or group subsequently becomes required to or does report its Beneficial
Ownership on Schedule 13D (or any successor schedule), such individual, entity or group shall be deemed to be a Person for purposes hereof on the first date on which such individual, entity or group becomes required to or does so report Beneficial
Ownership of all of the voting securities of the Corporation Beneficially Owned by it on such date. 
 17.2
Payments. Upon the occurrence of a Change of Control, and notwithstanding Section 7, 
 (a) payment of a
Participant’s Cash Account balance shall be made immediately in cash in a lump sum; and 
 (b) all Share
Units credited to a Participant’s Share Account shall be converted into an amount equal to the number of Share Units multiplied by the Fair Market Value, which amount shall be (i) paid as soon as possible to such Participant and
(ii) denominated in (A) such form of consideration as the Participant would have received had the Participant been the owner of record of such shares of Common Stock at the time of such Change of Control, in the case of a “Change of
Control With Consideration” or (B) cash, in the case of a “Change of Control Without Consideration”. For purposes of this Section 17.2(b), 

 

 18 

 
(I) “Change of Control With Consideration” shall mean a Change of Control in which shares of Common Stock are exchanged or surrendered for shares, cash or other property and (II)
“Change of Control Without Consideration” shall mean a Change of Control pursuant to which shares of Common Stock are not exchanged or surrendered for shares, cash or other property. 

Section 18. Rating Event 

18.1 Rating Event. The term “Rating Event” means the date on which the Corporation’s debt rating drops
below an Investment Grade Rating. “Investment Grade Rating” means a rating at or above Baa3 by Moody’s Investors Services, Inc. (or its successors) or a rating at or above BBB by Standard & Poor’s Corporation (or its
successors). Only one such rating at the required level is necessary for the Corporation to have an Investment Grade Rating for purposes of this Section. If either or both of these ratings cease to be available then an equivalent rating from a
nationally prominent rating agency shall be substituted by the Corporation. 
 18.2 Payment. Upon the occurrence
of a Rating Event, and notwithstanding Section 7: 
 (a) A Participant’s Cash Account balance
attributable to Grandfathered Benefits shall be paid immediately in cash in a lump sum; and 
 (b) A
Participant’s Share Account balance attributable to Grandfathered Benefits shall be paid immediately in cash in an amount equal to the number of Share Units then payable multiplied by the Fair Market Value on the date of payment; provided,
however, that at the election of a Participant, made by written notice to the Corporation prior to delivery of such cash, payments in respect of a Share Account may be made solely in Common Stock by converting Share Units into Common Stock on a
one-for-one basis, with payment of fractional shares to be made in cash based upon the Fair Market Value the date of payment; and 

(c) In addition to payment of the Participant’s Cash Account balance as described above, the Corporation shall pay
the Participant an amount equal to the interest that would have been earned on the Accelerated Tax Amount from the date of the Rating Event to the date payment of Year Deferred Amounts was then scheduled to commence, calculated at the interest rate
determined under Section 6.2, compounded monthly, which interest amount shall then be discounted to the date of payment at a discount rate equal to the rate determined under Section 6.2. The “Accelerated Tax Amount” means the
Participant’s Cash Account balance attributable to Grandfathered Benefits multiplied by the Assumed Tax Rate. The “Assumed Tax Rate” means a percentage which reflects the highest stated federal and state income tax rates imposed on
residents of Wisconsin after giving effect to the deductibility of state income taxes. 
 (d) All account
balances attributable to Non-Grandfathered Benefits shall be distributed pursuant to Section 7 and payment of such amounts shall not be impacted by a Rating Event. 

18.3 Revocation of Election. Upon the occurrence of a Rating Event, all deferral elections made prior thereto are
revoked. 
  

 19

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