Document:

American Express Senior Executive Severance Plan

 EXHIBIT 10.31 
 

 
 AMERICAN EXPRESS 
 SENIOR EXECUTIVE SEVERANCE PLAN 
 (As amended and restated effective January 1, 2009) 

 AMERICAN EXPRESS 
 SENIOR EXECUTIVE SEVERANCE PLAN 
 (As amended and restated effective January 1, 2009)

 TABLE OF CONTENTS 
  

					
	Introduction	 		  	1
			
	Article 1	 	Definitions	  	1
			
	Article 2	 	Participation	  	7
			
	Article 3	 	Amount of Benefits	  	9
			
	Article 4	 	Method of Payment	  	12
			
	Article 5	 	Administration of the Plan	  	15
			
	Article 6	 	Adopting Companies and Plan Mergers	  	17
			
	Article 7	 	Amendment and Termination	  	17
			
	Article 8	 	Financial Provisions	  	18
			
	Article 9	 	Liability and Indemnification	  	18
			
	Article 10	 	Miscellaneous	  	19
			
	Schedule A	 	Schedule for Severance Pay Benefits	  	21

 AMERICAN EXPRESS 
 SENIOR EXECUTIVE SEVERANCE PLAN 
 (As amended and restated effective January 1, 2009)

 INTRODUCTION 
 The
Board of Directors of American Express Company established the American Express Senior Executive Severance Plan effective as of January l, l994, to provide for severance benefits for certain eligible executive officers of American Express Company
and its participating subsidiaries whose employment is terminated under certain conditions. Severance benefits under the Plan are to be provided to such eligible executives in exchange for a signed agreement that includes a release of all claims.

 ARTICLE 1 
 DEFINITIONS 
 1.1 “Administration Committee” means the Committee established and appointed by the Board of
Directors or by a committee of the Board of Directors. 
 1.2 “Affiliated Company” means any corporation which is a member
of a controlled group of corporations (determined in accordance with Section 4l4(b) of the Code) of which the Company is a member and any other trade or business (whether or not incorporated) which is controlled by, or under common control
(determined in accordance with Section 4l4(c) of the Code) with the Company, but which is not an Employing Company. 
 1.3
“Annualized Compensation” means, for an Employee for a given year, the Employee’s annualized compensation based upon the annual rate of pay for services provided to the Employing Company for the taxable year of the Employee for
the year preceding the given year in which the Employee has a Separation from Service (adjusted for any increases during the given year that was expected to continue indefinitely if the Employee had not had a Separation from Service), determined in
accordance with Section 1.409A-1(b)(9)(iii)(A)(1) of the Treasury Regulations. 
 1.4 “Base Salary” means the regular
basic cash remuneration before deductions for taxes and other items withheld, payable to an Employee for services rendered to an Employing Company, but not including pay for bonuses, incentive compensation, special pay, awards or commissions.

 1.5 “Board of Directors” means the board of directors of the Company. 
 1.6 “Bonus” means annual incentive compensation paid to an Employee over and above Base Salary earned and paid in cash or otherwise
under any executive bonus or sales incentive plan or program of an Employing Company. Annual incentive compensation shall not include incentive compensation with a performance period longer than one year (e.g., performance grant awards), but shall
include restricted stock awards expressly granted in lieu of cash supplemental annual incentive awards. 

 1.7 “Change in Control” means the happening of any of the following: 
 (a) 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”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25 percent or more of either (i) the then outstanding common shares of the Company (the
“Outstanding Company Common Shares”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that such beneficial ownership shall not constitute a Change in Control if it occurs as a result of any of the following acquisitions of securities: (A) any acquisition directly from the Company;
(B) any acquisition by the Company or any corporation, partnership, trust or other entity controlled by the Company (a “Subsidiary”); (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any Subsidiary; (D) any acquisition by an underwriter temporarily holding Company securities pursuant to an offering of such securities; (E) any acquisition by an individual, entity or group that is permitted to, and
actually does, report its beneficial ownership on Schedule 13-G (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), then, for purposes of this subsection, such individual, entity or group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so report, beneficial
ownership of all of the Outstanding Company Common Stock and Outstanding Company Voting Securities beneficially owned by it on such date; or (F) any acquisition by any corporation pursuant to a reorganization, merger or consolidation if,
following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii) and (iii) of Section 1.7(c) are satisfied. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely
because any Person (the “Subject Person”) became the beneficial owner of 25 percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities as a result of the acquisition of Outstanding Company Common
Shares or Outstanding Company Voting Securities by the Company which, by reducing the number of Outstanding Company Common Shares or Outstanding Company Voting Securities, increases the proportional number of shares beneficially owned by the Subject
Person; provided, that if a Change in Control would be deemed to have occurred (but for the operation of this sentence) as a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by the Company, and
after such share acquisition by the Company, the Subject Person becomes the beneficial owner of any additional Outstanding Company Common Shares or Outstanding Company Voting Securities which increases the percentage of the Outstanding Company
Common Shares or Outstanding Company Voting Securities beneficially owned by the Subject Person, then a Change in Control shall then be deemed to have occurred; or 
 (b) Individuals who, as of the date hereof, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that
any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall
be considered as though such individual were a member of the Incumbent Board, but excluding, for 

  

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this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation; or 
 (c) The consummation of a reorganization, merger, statutory share exchange, consolidation, or similar corporate transaction involving the Company or any
of its direct or indirect Subsidiaries (each a “Business Combination”), in each case, unless, following such Business Combination, (i) the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately
prior to such Business Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the resulting or surviving entity or any parent thereof) more than 50 percent of the then outstanding shares of
common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from Business Combination (including, without limitation,
a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), (ii) no Person (excluding the Company, any employee benefit
plan (or related trust) of the Company, a Subsidiary of such corporation resulting from such Business Combination or any parent or subsidiary thereof, and any Person beneficially owning, immediately prior to such Business Combination, directly or
indirectly, 25 percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25 percent or more of, respectively, the then outstanding shares of
common stock of the corporation resulting from such Business Combination (or any parent thereof) or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and
(iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or
action of the Board of Directors providing for such Business Combination; or 
 (d) The consummation of the sale, lease, exchange or other
disposition of all or substantially all of the assets of the Company, unless such assets have been sold, leased, exchanged or disposed of to a corporation with respect to which following such sale, lease, exchange or other disposition (i) more
than 50 percent of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the
election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Shares and Outstanding Company
Voting Securities immediately prior to such sale, lease, exchange or other disposition in substantially the same proportions as their ownership immediately prior to such sale, lease, exchange or other disposition of such Outstanding Company Common
Shares and Outstanding Company Voting Shares, as the case may be, (ii) no Person (excluding the Company and any employee benefit plan (or related trust)) of the Company or a Subsidiary or of such corporation or a subsidiary thereof and any
Person beneficially owning, immediately prior to such sale, lease, exchange or other disposition, directly or indirectly, 25 percent or more of the Outstanding Company 

  

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Common Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25 percent or more of respectively,
the then outstanding shares of common stock of such corporation (or any parent thereof) and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of
directors and (iii) at least a majority of the members of the board of directors of such corporation (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board of
Directors providing for such sale, lease, exchange or other disposition of assets of the Company; or 
 (e) Approval by the shareholders of
the Company of a complete liquidation or dissolution of the Company. 
 1.8 “Code” means the Internal Revenue Code of 1986,
as amended from time to time. 
 1.9 “Committee” means the Compensation and Benefits Committee of the Board of Directors or
any successor committee appointed by the Board of Directors. 
 1.10 “Company” means American Express Company, a New York
corporation, its successors and assigns. 
 1.11 “Comparable Position” means a job with the Company, an Employing Company,
an Affiliated Company or successor company at the same or higher Base Salary as an Employee’s current job and at a work location within reasonable commuting distance from an Employee’s home, as determined by such Employee’s Employing
Company. For Employees in the Employing Company’s international expatriate program, Comparable Position means a job with an Employing Company, an Affiliated Company or successor company at the same or higher Base Salary as an Employee’s
current job and at a work location in the Employee’s country of assignment, home country or career base country. 
 1.12
“Completed Years of Service” means the number of full one year periods that have transpired since the Employee’s original date of hire or, in the case of someone who has incurred a break in service, the date of rehire, through
the Employee’s Separation from Service with the Company. 
 1.13 “Constructive Termination” means a Separation from
Service by an Employee from an Employing Company as a result of one or more of the following without the Employee’s written consent within two years after a Change in Control (each of the following, a “Good Reason”): 
 (a) a material reduction in Base Salary, except for across-the-board changes similarly affecting all Employees of the Employing Company and all Employees
of any Person in control of the Employing Company, or any material reduction in the aggregate of the Employee’s annual and long term incentive opportunity, in each case from that in effect immediately prior to the Change in Control; 

 

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 (b) the Employing Company’s requirement that the Employee be based more than 50 miles from the
location at which the Employee was based immediately prior to the Change in Control and which location is more than 35 miles from the Employee’s residence; 
 (c) the assignment to the Employee of any duties that are materially inconsistent with the Employee’s duties prior to the Change in Control; or 
 (d) a significant reduction in the Employee’s position, duties, or responsibilities from those in effect prior to the Change in Control. 

The Employee shall notify the Employing Company within 30 days after the occurrence of an event giving rise to a Good Reason and the Employing Company shall have 30
days to remedy the condition, and if remedied by the Employing Company within such 30-day period, no Good Reason shall exist on account of the remedied event. A “Constructive Termination” is intended to qualify as an involuntary separation
from service for purposes of Section 409A, and this definition of “Constructive Termination” shall be administered and interpreted consistent with such intention. 
 1.14 “Defined Termination” means a Separation from Service of an Employee within two years after a Change in Control that occurs as a
result of either: (a) an Involuntary Termination, or (b) a Constructive Termination. 
 1.15 “Employee” means any
person, at the senior executive level as defined by the Administration Committee, paid through the payroll function of the Employing Company (as opposed to the accounts payable function of the Employing Company) and employed on a regular full-time
basis (i.e., an employee whose scheduled workweek is consistent with the standard workweek schedule of a business unit or department) or regular part-time basis (i.e., an employee who is scheduled to work at least 20 hours per week, but fewer than
the hours of a regular full-time employee) by an Employing Company, who receives from an Employing Company a regular stated compensation and an annual IRS Form W-2; provided, however, that an Employing Company or operating business unit thereof, due
to business, marketplace or employee relations reasons, may, in its sole discretion, by policy exclude from the definition of Employee under the Plan any category or level of employee employed in a non-exempt, exempt or executive level position or
in an initial probationary or trial period of employment. The term “Employee” shall not include any person who has entered into an independent contractor agreement, consulting agreement, franchise agreement or any similar agreement with an
Employing Company, nor the employees of any such person, regardless of whether that person (including his or her employees) is later found to be an employee by any court of law or regulatory authority. 
 1.16 “Employing Company” means the Company and such of its subsidiaries and affiliated companies and other trades or businesses as have
adopted the Plan and have been admitted to participation by the Committee or any one or more of them, and any corporation or other entity succeeding to the rights and assuming the obligations of any such company hereunder in the manner described in
Section 6.1. 
  

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 1.17 “ERISA” means the Employee Retirement Income Security Act of l974, as amended from
time to time. 
 1.18 “Executive Officer” means an employee of the Company or one of its subsidiaries who is in a position
which is designated by the Board of Directors of the Company as a position which is subject to the reporting requirements under Section 16(a) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated there
under in respect of the equity securities of the Company; provided, however, that the Comptroller of the Company (although subject to the above reporting requirements) shall not be deemed to be an Executive Officer. 
 1.19 “Good Cause” means a discontinuance of an Employee’s employment by an Employing Company upon one of the following: 

(a) the Employee’s Willful and continued failure to adequately perform substantially all of the Employee’s duties with the Employing Company;

 (b) the Employee’s Willful engagement in conduct which is demonstrably and materially injurious to the Employing Company or an
affiliate thereof, monetarily or otherwise; or 
 (c) the Employee’s conviction of a felony. 
 1.20 “Involuntary Termination” means any involuntary Separation from Service by an Employee from an Employing Company for reasons other
than Good Cause within two years after a Change in Control. An “Involuntary Termination” is intended to qualify as an involuntary separation from service for purposes of Section 409A, and this definition of “Involuntary
Termination” shall be administered and interpreted consistent with such intention. 
 1.21 “Leave of Absence” means the
period during which an Employee is absent from work pursuant to a leave of absence granted by an Employing Company where such leave of absence does not result in a Separation from Service. 
 1.22 “Mutually Satisfactory Resignation” means an Employee’s resignation where the Employing Company would have terminated the
Employee’s services if the Employee did not voluntarily resign, and the Employee was aware of that fact. A “Mutually Satisfactory Resignation” is intended to qualify as an involuntary separation from service for purposes of
Section 409A, and this definition of “Mutually Satisfactory Resignation” shall be administered and interpreted consistent with such intention. 
 1.23 “Plan” means the American Express Senior Executive Severance Plan, as set forth herein and as hereafter amended from time to time. 
 1.24 “Plan Year” means a calendar year. 
 1.25 “Policy” means the American Express Section 409A Compliance Policy, as amended from time to time, and any successor policy thereto. 
  

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 1.26 “Predecessor Company” means any corporation or unincorporated entity heretofore or
hereafter merged or consolidated with or otherwise absorbed by an Employing Company or any substantial part of the business of which has been or shall be acquired by an Employing Company. 
 1.27 “Retirement” means a Separation from Service that qualifies as a “normal retirement,” as defined in and meeting the terms
and conditions of the American Express Retirement Savings Plan, as amended from time to time, and any successor plan thereto. 
 1.28
“Section 409A” means Section 409A of the Code, and the Treasury Regulations promulgated and other official guidance issued thereunder. 
 1.29 “Section 409A Change in Control” means a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the
assets” of the Employing Company, each as determined in accordance with Section 409A. 
 1.30 “Section 401(a)(17)
Limit” means, with respect to a given year, the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for such year, determined in accordance with
Section 1.409A-1(b)(9)(iii)(A)(2) of the Treasury Regulations. 
 1.31 “Separation from Service” means a
“separation from service” for purposes of Section 409A, as determined in accordance with the Policy. 
 1.32
“Separation Period” means the period of time over which an Employee receives severance benefits under the Plan in substantially equal installment payments, which shall be equal to the number of weeks of severance benefits to which
the Employee is entitled pursuant to Schedule A hereto. 
 1.33 “Willful” means that an act or failure to act on an
Employee’s part is done, or omitted to be done, by the Employee in a manner that is not in good faith, and that is without reasonable belief that such action or omission was in the best interests of an Employing Company. 
 ARTICLE 2 
 PARTICIPATION

 2.1 Eligibility to Receive Benefits. Subject to Section 2.2, each Employee shall be eligible to receive benefits under the
Plan in the event of such Employee’s Separation from Service from an Employing Company for one of the following reasons: 
 (a) reduction
in force; 
 (b) position elimination; 
 (c) office closing; 
 (d) poor performance; 
  

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 (e) Mutually Satisfactory Resignation; 
 (f) relocation of an employee’s current position that does not meet the definition of Comparable Position; or 
 (g) Defined Termination (notwithstanding any provision of Section 2.3). 
 2.2 Limitations on Eligibility. In the event an Employee who is otherwise eligible to receive benefits under the Plan is offered a Comparable
Position (whether the position is accepted or rejected by the Employee), the Employee will not be eligible to receive benefits under the Plan with respect to any resultant Separation from Service. In addition, an Employee is not eligible to receive
benefits under the Plan if the Employee accepts any position in the Company, an Employing Company, an Affiliated Company or successor company (regardless of whether it is a Comparable Position). An Employee who is an Executive Officer and who
otherwise meets the eligibility criteria may only receive benefits under the Plan if approved by the Committee in advance. An Employee who is offered or placed on a temporary layoff status (often referred to as a furlough) with reduced or no pay for
a period of less than six months during which time the Employee continues to participate in certain benefit plans as determined by the Company is not eligible to receive benefits under the Plan. 
 2.3 Ineligibility for Participation. An Employee is ineligible to receive benefits under the Plan in the event his Separation from Service by an
Employing Company for a reason other than those enumerated in Section 2.1, including, but not limited to, the following: 
 (a) voluntary
resignation; 
 (b) failure to report for work; 
 (c) failure to return from leave; 
 (d) return from a Leave of Absence which extends beyond the policy
reinstatement period, if applicable, and no position is available; 
 (e) excessive absenteeism or lateness; 
 (f) merger, acquisition, sale, transfer, outsourcing or reorganization of all or part of the Employing Company or any affiliate thereof where either
(i) a Comparable Position is offered with, or (ii) the Employee accepts any position (regardless of whether it is a Comparable Position) with, a successor company, whether affiliated or unaffiliated with the Employing Company, including an
outside contractor, and whether or not the successor company adopts the Plan; 
 (g) violation of a policy or procedure of the Employing
Company, insubordination, unwillingness to perform the duties of a position, suspected dishonesty, or other misconduct; 
 (h) Retirement,
including the acceptance of any Employing Company sponsored retirement incentive; provided, however, that in the event an Employee is otherwise 

  

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eligible for a severance pay benefit in accordance with Section 2.1 and also eligible for Retirement, the Employee shall be eligible to receive benefits
under the Plan in accordance with Article 3; or 
 (i) death. 
 ARTICLE 3 
 AMOUNT OF BENEFITS 
 3.1 Amount of Benefits. The severance benefit payable to an eligible Employee under the Plan shall be based on his Completed Years of Service and
position with the Company, Employing Company or Affiliated Company. The formula for determining an Employee’s severance benefit payment shall be calculated by first adding together (a) the Employee’s annual Base Salary in effect
immediately prior to the date of Separation from Service and (b) the last annual Bonus paid to the Employee as of the date management tenders to him the Agreement required pursuant to Section 3.5. In the case of a recently hired Employee
who has not yet received a Bonus, the Employee’s designated target Bonus may be used as the Section 3.1(b) portion of the foregoing calculation. The sum of Section 3.1(a) and (b) shall then be divided by 52 to calculate the
weekly severance benefit (the “Weekly Severance Benefit Amount”). The amount of the total severance benefit (the “Gross Severance Benefit Amount”) shall be determined by multiplying the Weekly Severance Benefit Amount by the
number of weeks of severance benefits to which the Employee is entitled pursuant to Schedule A hereto. The number of weeks over which severance benefits are payable under the Plan to any eligible Employee who is not an Executive Officer shall not
exceed 78 weeks, and the number of weeks over which severance benefits are payable under the Plan to any eligible Employee who is an Executive Officer shall not exceed 104 weeks. The total amount of severance calculated pursuant to Schedule A hereto
shall not exceed 78 weeks for Employees who are not Executive Officers or 104 weeks for Executive Officers. 
 3.2 Limitations on
Amount of Severance Benefits. To the extent permissible under Section 409A, benefits payable under the Plan to an Employee shall be inclusive of and offset by any other severance, redundancy or termination payment made by an Employing
Company to the Employee, including, but not limited to, any amounts paid pursuant to federal, state, local or foreign government worker notification (e.g., Worker Adjustment and Retraining Notification Act) or office closing requirements, any
amounts owed the Employee pursuant to a contract with the Employing Company (unless the contract specifically provides otherwise) and amounts paid to an Employee placed in a temporary layoff status (often referred to as a furlough) which immediately
precedes the commencement of the severance payments. 
 3.3 Reemployment. In the event an Employee is reemployed by the Employing
Company or an Affiliated Company within the period covered by the schedule of severance benefits on Schedule A hereto, the severance benefits, if any, that are in excess of the number of weeks between the Separation from Service and the rehire date
shall be repaid by the Employee or withheld by the Employing Company, as the case may be; and any benefits withheld or repaid shall be forfeited by the Employee. In the further event an eligible Employee who is receiving severance benefits under the
Plan is later rehired by an Employing Company or an Affiliated Company, and employment later terminates under conditions making such Employee eligible for severance benefits under the Plan, the amount of the second severance benefit will be based on
such Employee’s actual date of reemployment and not the original date of employment. 
  

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 3.4 Withholding Tax. The Employing Company shall deduct from the amount of any severance benefits
payable under the Plan, any amount required to be withheld by the Employing Company by reason of any law or regulation, for the payment of taxes or otherwise to any federal, state, local or foreign government. In determining the amount of any
applicable tax, the Employing Company shall be entitled to rely on the number of personal exemptions on the official form(s) filed by the Employee with the Employing Company for purposes of income tax withholding on regular wages. 
 3.5 Requirement of Signed Agreement. Receipt of severance benefits under the Plan is conditioned upon the Employee signing an agreement with the
Employee’s Employing Company in a form satisfactory to the Company and in accordance with the requirements of applicable law (the “Agreement”). The Agreement must include a release of claims and may include whatever other terms the
Employing Company deems appropriate, including restrictive covenants. If the terms of the Agreement are found to be legally unenforceable, the Employee must return any severance benefits paid pursuant to Section 3.1 of the Plan plus the value
of any long term incentive awards which vested during the Separation Period; provided, however, that in the event the Employee has a Defined Termination, such restrictive covenants shall: (a) be reasonable under the applicable facts and
circumstances; (b) include the following (i) non-solicitation of customers and employees; (ii) confidentiality of business data; (iii) full release of claims; and (iv) non-denigration of the Company and its affiliates, and
their officers, directors and agents; and (c) not include any non-competition limitations. Notwithstanding anything herein to the contrary, the Company shall, for a period of two years and one day following a Change in Control, be prohibited
from entering into any agreement with an Employee, which contains a more expansive Competitor List (as provided in Paragraph 2 of the “Consent to the Application of Forfeiture and Detrimental Conduct Provisions to Incentive Compensation Plan
Awards”) than that which was in effect for such Employee immediately prior to the date of such Change in Control. If an Employee has already signed the Agreement required by this Section 3.5 prior to the date of a Change in Control, the
Employee is not eligible to receive any benefits that would otherwise be triggered by a Change in Control, except as provided by Section 4.1(g). 
 3.6 Excise Tax. 
 (a) This Section 3.6 shall apply in the event of a Change in Control.

 (b) In the event that any payment or benefit received or to be received by an Employee hereunder in connection with a Change in Control or
such Employee’s Separation from Service (such payments and benefits, excluding the Gross-Up Payment (as hereinafter defined), being hereinafter referred to collectively as the “Payments”), will be subject to the excise tax (the
“Excise Tax”) referred to in Section 4999 of the Code, then (i) in the case of an Employee who is classified in Band 70 (or its equivalent) or above immediately prior to such Change in Control (a “Tier 1
Employee”), the Company shall pay to such Tier 1 Employee, within five days after the expiration of the written-statement period referred to in Section 3.6(d), an additional amount (the “Gross-Up Payment”) such that
the net amount retained by such Tier 1 

  

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Employee, after deduction of any Excise Tax on the Payments and any federal, state and local income and employment taxes and Excise Tax upon the Gross-Up
Payment, shall be equal to the Payments, and (ii) in the case of a Tier 1 Employee (in the event clause (i) does not apply) and in the case of any other Employee, the Payments shall be reduced to the extent necessary so that no portion of
the Payments is subject to the Excise Tax but only if (A) the net amount of all Total Payments (as hereinafter defined), as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes on such reduced
Total Payments), is greater than or equal to (B) the net amount of such Total Payments without any such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the
amount of Excise Tax to which an Employee would be subject in respect of such unreduced Total Payments); provided, however, that the Employee may elect in writing to have other components of his or her Total Payments reduced prior to any reduction
in the Payments hereunder. 
 (c) For purposes of determining whether the Payments will be subject to the Excise Tax, the amount of such
Excise Tax and whether any Payments are to be reduced hereunder: (i) all payments and benefits received or to be received by an Employee in connection with such Change in Control or such Employee’s Separation from Service, whether pursuant
to the terms of the Plan or any other plan, arrangement or agreement with the Company, any Person (as such term is defined in Section 1.7) whose actions result in such Change in Control or any Person affiliated with the Company or such Person
(all such payments and benefits, excluding the Gross-Up Payment and any similar gross-up payment to which a Tier 1 Employee may be entitled under any such other plan, arrangement or agreement, being hereinafter referred to as the “Total
Payments”), shall be treated as “parachute payments” (within the meaning of Section 280G(b)(2) of the Code) unless, in the opinion of the accounting firm which was, immediately prior to the Change in Control, the
Company’s independent auditor, or if that firm refuses to serve, by another qualified firm, whether or not serving as independent auditors, designated by the Administration Committee (the “Firm”), such payments or benefits (in
whole or in part) do not constitute parachute payments, including by reason of Section 280G(b)(2)(A) or Section 280G(b)(4)(A) of the Code; (ii) no portion of the Total Payments the receipt or enjoyment of which the Employee shall have
waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account; (iii) all “excess parachute payments” within the meaning of
Section 280G(b)(l) of the Code shall be treated as subject to the Excise Tax unless, in the opinion of the Firm, such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered (within the
meaning of Section 280G(b)(4)(B) of the Code) in excess of the Base Amount (within the meaning of Section 280G(b)(3) of the Code) allocable to such reasonable compensation, or are otherwise not subject to the Excise Tax; and (iv) the
value of any noncash benefits or any deferred payment or benefit shall be determined by the Firm in accordance with the principles of Sections 280G(d)(3) and (4) of the Code and regulations or other guidance there under. For purposes of
determining the amount of the Gross-Up Payment in respect of a Tier 1 Employee and whether any Payments in respect of a Employee (other than a Tier 1 Employee) shall be reduced, the Employee shall be deemed to pay federal income tax at the highest
marginal rate of federal income taxation (and state and local income taxes at the highest marginal rate of taxation in the state and locality of such Employee’s residence, net of the maximum reduction in federal income taxes which could be
obtained from deduction of such state and local 

  

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taxes) in the calendar year in which the Gross-Up Payment is to be made (in the case of a Tier 1 Employee) or in which the Payments are made (in the case of
an Employee other than a Tier 1 Employee). The Firm will be paid reasonable compensation by the Company for its services. 
 (d) In the event
that the Excise Tax is finally determined to be less than the amount taken into account hereunder in calculating the Gross-Up Payment, then an amount equal to the amount of the excess of the earlier payment over the redetermined amount (the
“Excess Amount”) will be deemed for all purposes to be a loan to the Tier 1 Employee made on the date of the Tier 1 Employee’s receipt of such Excess Amount, which the Tier 1 Employee will have an obligation to repay to the
Company on the fifth business day after demand, together with interest on such amount at the lowest applicable federal rate (as defined in Section 1274(d) of the Code or any successor provision thereto), compounded semi-annually (the
“Section 1274 Rate”) from the date of the Tier 1 Employee’s receipt of such Excess Amount until the date of such repayment (or such lesser rate (including zero) as may be designated by the Firm such that the Excess Amount and
such interest will not be treated as a parachute payment as previously defined). In the event that the Excise Tax is finally determined to exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of any
payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), within five business days of such determination, but not later than December 31st of the year following the year in which the Employee remits
the related taxes, the Company will pay to the Tier 1 Employee an additional amount, together with interest thereon from the date such additional amount should have been paid to the date of such payment, at the Section 1274 Rate (or such lesser
rate (including zero) as may be designated by the Firm such that the amount of such deficiency and such interest will not be treated as a parachute payment as previously defined). The Tier 1 Employee and the Company shall each reasonably cooperate
with the other in connection with any administrative or judicial proceedings concerning the amount of any Gross-Up Payment. 
 (e) As soon as
practicable following a Change in Control, but in no event later than 30 days thereafter, the Company shall provide to each Tier 1 Employee and to each other Employee with respect to whom it is proposed that Payments be reduced, a written statement
setting forth the manner in which the Total Payments in respect of such Tier 1 Employee or other Employee were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the Company has received from
the Firm or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). 
 ARTICLE 4 
 METHOD OF PAYMENT 
 4.1 Payment. 
 (a) Except as otherwise provided by this Article 4 or the Plan, the Company shall pay
the Gross Severance Benefit Amount to the Employee during the Separation Period in substantially equal payments in accordance with the normal payroll schedule applicable to the Employee, commencing with the applicable payroll period immediately
following the Employee’s Separation from Service. 
  

 12 

 (b) If the severance benefits provided under the Plan qualify for the involuntary separation pay
exception under Section 409A, the Employee is a “specified employee” (for purposes of Section 409A and as determined in accordance with the Policy) on the date of his Separation from Service, and the total amount of benefits to
be paid to the Employee during the six-month period following his Separation from Service is more than two times the lesser of the Employee’s Annualized Compensation or the Section 401(a)(17) Limit, each for the year in which the
Separation from Service occurs, then: 
 (i) the severance benefits to be paid during the six-month period following the Employee’s
Separation from Service shall be two times the lesser of the Employee’s Annualized Compensation or the Section 401(a)(17) Limit, each for the year in which the Separation from Service occurs, divided by the number of severance payments to
be made during such six-month period (given the normal payroll schedule applicable to the Employee); 
 (ii) the difference between the
amount of the severance benefits actually paid by the Company or Employing Company pursuant to Section 4.1(b)(i) and the amount the Employee would have received during such six-month period but for the application of Section 4.1(b)(i),
shall be paid to the Employee on the first payroll date immediately following the first day of the seventh month following the Employee’s Separation from Service; and 
 (iii) the balance of the severance benefits to be paid for the remainder of the Separation Period following the expiration of the six-month period shall
be paid in accordance with Section 4.1(a). 
 (c) In the event that the severance benefits provided under the Plan do not qualify for
the involuntary separation pay exception under Section 409A and the Employee is a “specified employee” (for purposes of Section 409A and as determined in accordance with the Policy) on the date of his Separation from Service,
then: 
 (i) the amount the Employee would have received during the six-month period following the Employee’s Separation from Service
had the severance benefits been paid in installments in accordance with Section 4.1(a) during such six-month period shall be paid to the Employee in a lump sum on the first payroll date immediately following the first day of the seventh month
following the Employee’s Separation from Service; and 
 (ii) the balance of the severance benefits to be paid for the remainder of the
Separation Period following the expiration of the six-month period shall be paid in accordance with Section 4.1(a). 
 (d) In the event
the Employee has a Defined Termination, and the Change in Control to which the Defined Termination relates qualifies as a Section 409A Change in Control, then: 
 (i) if the Employee is not a “specified employee” (for purposes of Section 409A and as determined in accordance with the Policy) on the date of his Separation from Service, the Employee’s Gross
Severance Benefit Amount will be paid to him in a lump sum within 15 days following the Employee’s Separation from Service; and 
  

 13 

 (ii) if the Employee is a “specified employee” (for purposes of Section 409A and as
determined in accordance with the Policy) on the date of his Separation from Service, the Employee’s Gross Severance Benefit Amount will be paid to him as follows: 
 (1) if the severance benefits provided under the Plan qualify for the involuntary separation pay exception under Section 409A, an amount equal to two times the lesser of the Employee’s Annualized
Compensation or the Section 401(a)(17) Limit, each for the year in which the Separation from Service occurs, shall be paid to him in a lump sum within 15 days following the Employee’s Separation from Service; and 
 (2) the Employee’s Gross Severance Benefit Amount, less the amount, if any, paid to the Employee pursuant to Section 4.1(d)(ii)(1), will be
paid to him in a lump sum on the first day of the seventh month following the Employee’s Separation from Service. 
 (e) Notwithstanding
anything in the Plan to the contrary, if the Employee’s Separation from Service occurs within two years following a Change in Control, then to the extent permissible under Section 409A, the Employee shall continue to be eligible to receive
benefits under the Company’s medical and dental plans for the applicable period as if the Employee were paid severance in installments, such benefits to be substantially identical to the benefits provided immediately prior to the Change in
Control. In the event that the continuation of any such benefits during the six-month period following Separation from Service would result in the imposition of a tax under Section 409A, the Company shall allow the Employee to pay the
out-of-pocket cost of such benefits during such six-month period and the Company will make a lump-sum payment to the Employee in an amount equal to the out-of-pocket costs so paid by the Employee, on the first day of the seventh month following the
Employee’s Separation from Service. 
 (f) Notwithstanding anything in the Plan to the contrary, if the Employee is not a United States
citizen and has not been taxable for US federal income tax purposes as a resident alien at any time during his employment with the Employing Company, then, to the extent it would not result in the imposition of the excise tax or penalty under
Section 409A to the Employee, the Employing Company may pay the Gross Severance Benefit Amount to the Employee in a lump sum or installments, in the Employing Company’s sole discretion. 
 (g) Inactive Employment Status. During the Separation Period, the Employee will remain in an inactive employment status until receipt of such
payments is completed, at which time employment will be terminated. During the Separation Period, to the extent permissible under Section 409A, certain other employee benefits may be continued, payment for which shall be deducted from such
severance payments in accordance with the Employee’s previously elected benefit coverage. During the Separation Period, the Company reserves the right, to the extent permissible under Section 409A, to continue other programs such as the
Incentive Compensation Plan and the Perquisite Program in accordance with its policies, which may be changed or terminated from time to time. Nothing in this Section 4.1(g) shall create a contract to provide such benefits. 
  

 14 

 4.2 Limitations on Severance Payments. In no event shall the period of time during which an
Employee receives severance payments exceed 104 weeks. Nothing in this Section 4.2 shall affect the total number of weeks payable under the Plan pursuant to Schedule A hereto, including, but not limited to, the 104-week maximum payment.

 4.3 Death. In the event an Employee dies before full receipt of severance benefits payable under the Plan, the remaining severance
benefits will be paid to the legal representative of such Employee’s estate in a lump sum after receipt of notice of such death and evidence satisfactory to the Company of the payment or provision for the payment of any estate, transfer,
inheritance or death taxes which may be payable with respect thereto; provided, however, payment must be made within 90 days of the date of the Employee’s death, or such later date permitted by Section 409A. 
 ARTICLE 5 
 ADMINISTRATION OF THE
PLAN 
 5.1 Powers of the Employing Company. The Employing Company shall have such powers, authorities and discretion as are
necessary or appropriate in order to carry out its duties under the Plan, including, but not limited to, the power: 
 (a) to obtain such
information as it shall deem necessary or appropriate in order to carry out its duties under the Plan; 
 (b) to make determinations with
respect to the grounds for termination of employment of any Employee; and 
 (c) to establish and maintain necessary records. 
 5.2 Employing Company Authority. Nothing contained in the Plan shall be deemed to qualify, limit or alter in any manner the Employing
Company’s sole and complete authority and discretion to establish, regulate, determine or modify at any time, the terms and conditions of employment, including, but not limited to, levels of employment, hours of work, the extent of hiring and
employment termination, when and where work shall be done, marketing of its products, or any other matter related to the conduct of its business or the manner in which its business is to be maintained or carried on, in the same manner and to the
same extent as if the Plan were not in existence. 
 5.3 Administration Committee Duties and Powers. The Administration Committee
shall be responsible for the general administration and interpretation of the Plan and the proper execution of its provisions and shall have full discretion to carry out its duties. The Administration Committee shall be the “Administrator”
of the Plan and shall be, in its capacity as Administrator, a “Named Fiduciary,” as such terms are defined or used in ERISA. For the purposes of carrying out its duties as Administrator, the Administration Committee may, in its sole
discretion, allocate its responsibilities under the Plan among its members, and may, in its 

  

 15 

 
sole discretion, designate persons other than members of the Administration Committee to carry out such of its responsibilities under the Plan as it may deem
fit. In addition to the powers of the Administration Committee specified elsewhere in the Plan, the Administration Committee shall have all discretionary powers necessary to discharge its duties under the Plan, including, but not limited to, the
following discretionary powers and duties: 
 (a) to interpret or construe the Plan, and resolve ambiguities, inconsistencies and omissions;

 (b) to make and enforce such rules and regulations and prescribe the use of such forms as it deems necessary or appropriate for the
efficient administration of the Plan; and 
 (c) to decide all questions on appeal concerning the Plan and the eligibility of any person to
receive benefits under the Plan. 
 5.4 Determinations. The determination of the Administration Committee as to any question involving
the general administration and interpretation or construction of the Plan shall be within its sole discretion and shall be final, conclusive and binding on all persons, except as otherwise provided herein or by law. 
 5.5 Claims Review Procedure. Consistent with the requirements of ERISA and the regulations thereunder as promulgated by the Secretary of Labor
from time to time, the following claims review procedure shall be followed with respect to the denial of severance benefits to any Employee: 
 (a) Within 30 days from the date of an Employee’s Separation from Service, the Employing Company shall furnish such Employee either an agreement offering severance benefits under the Plan or notice of such Employee’s ineligibility
for or denial of severance benefits, either in whole or in part. Such notice from the Employing Company will be in writing and sent to the Employee or the legal representative of his estate stating the reasons for such ineligibility or denial and,
if applicable, a description of additional information that might cause a reconsideration by the Administration Committee or its delegate of the decision and an explanation of the Plan’s claims review procedure. In the event such notice is not
furnished within 30 days, any claim for severance benefits shall be deemed denied and the Employee shall be permitted to proceed to Section 5.5(b). 
 (b) Within 60 days after receiving notice of such denial or ineligibility or within 90 days after the Employee’s Separation from Service if no notice is received, the Employee, the legal representative of his
estate or a duly authorized representative may then submit to the Administration Committee a written request for a review of such decision of denial. 
 (c) The Administration Committee will review the claim and within 60 days (or 120 days in special circumstances) provide a written response to the appeal setting forth specific reasons for such decision. In the event
the decision on review is not furnished within such time period, the claim shall be deemed denied. 
  

 16 

 ARTICLE 6 
 ADOPTING COMPANIES AND PLAN MERGERS 
 6.1 Adopting Companies. Any corporation which succeeds
to the business and assets of the Company or any part of its operations, may by appropriate resolution adopt the Plan and shall thereupon succeed to such rights and assume such obligations hereunder as the Company and said corporation shall have
agreed upon in writing. Any corporation which succeeds to the business of any Employing Company other than the Company, or any part of the operations of such Employing Company, may by appropriate resolution adopt the Plan and shall thereupon succeed
to such rights and assume such obligations hereunder as such Employing Company and said corporation shall have agreed upon in writing; provided, however, that such adoption and the terms thereof agreed upon in such writing have been approved by the
Company. 
 ARTICLE 7 
 AMENDMENT AND TERMINATION 
 7.1 Right to Amend or Terminate. The Company reserves the right, by action of the Board
of Directors or the Committee, to amend or terminate the Plan in whole or in part at any time and from time to time, and any amendment or effective date of termination may be given retroactive effect; provided, however, that the Plan may not be
amended or terminated if such amendment or termination would cause the Plan to fail to comply with, or cause an Employee to be subject to tax under, Section 409A. The foregoing sentence to the contrary notwithstanding, for a period of two years
and one day after the date of an occurrence of a Change in Control, neither the Board of Directors nor the Committee may terminate the Plan or amend the Plan in a manner that is detrimental to the rights of any eligible Employee under the Plan
without his or her written consent. 
 7.2 Termination by an Employing Company. Any Employing Company other than the Company may
withdraw from participation in the Plan at any time by delivering to the Administration Committee written notification to that effect signed by such Employing Company’s chief executive officer or his delegate. Withdrawal by any Employing
Company pursuant to this Section 7.2, or complete discontinuance of severance benefits under the Plan by any Employing Company other than the Company, shall constitute termination of the Plan with respect to such Employing Company. The
foregoing sentence to the contrary notwithstanding, neither the Board of Directors nor the Committee may terminate the Plan or amend the Plan in a manner that (a) would cause the Plan to fail to comply with, or cause an Employee to be subject
to tax under, Section 409A; (b) is detrimental to the rights of any eligible Employee of the Plan without his written consent (i) with respect to the provisions of the Plan which become applicable upon a Change in Control, and
(ii) with respect to all provisions of the Plan for a period of two years and one day after the date of a Change in Control. 
 7.3
Limitation on Benefits. In the event any Employing Company withdraws from participation or the Company terminates the Plan as provided in this Article 7, no Employee shall be entitled to receive benefits hereunder for employment either before
or after such action. 
  

 17 

 ARTICLE 8 
 FINANCIAL PROVISIONS 
 8.1 Funding. All severance benefits payable under the Plan shall be
payable and provided for solely from the general assets of the Employing Company in accordance with the Plan, at the time such severance benefits are payable, unless otherwise determined by the Employing Company. The Employing Company shall not be
required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any severance benefits under the Plan. 
 ARTICLE 9 
 LIABILITY AND INDEMNIFICATION 
 9.1 Standard of Conduct. To the extent permitted by ERISA and other applicable law, no member (which term, as used in this Article 9, shall
include any employee of any Employing Company designated to carry out any responsibility of the Administration Committee pursuant to Section 5.3) of the Administration Committee shall be liable for anything done or omitted to be done by him in
connection with the Plan, unless the member failed to act (a) in good faith and (b) for a purpose which such member reasonably believed to be in accordance with the intent of the Plan. The Company or Employing Company as applicable hereby
indemnifies each person made, or threatened to be made, a party to an action or proceeding, whether civil or criminal, or against whom any claim or demand is made, by reason of the fact that he, his testator or intestate, was or is a member of the
Administration Committee, against judgments, fines, amounts paid in settlement and reasonable expenses (including attorney’s fees) actually and necessarily incurred as a result of such action or proceeding, or any appeal therein, or as a result
of such claim or demand, if such member of the Administration Committee acted in good faith for a purpose which he reasonably believed to be in accordance with the intent of the Plan and, in criminal actions or proceedings, in addition, had no
reasonable cause to believe that his conduct was unlawful. Any reimbursement shall be paid to a member of the Administration Committee in accordance with the Policy. 
 9.2 Presumption of Good Faith. The termination of any such civil or criminal action or proceeding or the disposition of any such claim or demand, by judgment, settlement, conviction or upon a plea of nolo
contendere, or its equivalent, shall not in itself create a presumption that any such member of the Administration Committee did not act (a) in good faith and (b) for a purpose which he reasonably believed to be in accordance with the
intent of the Plan. 
 9.3 Successful Defense. A person who has been wholly successful, on the merits or otherwise, in the defense of
a civil or criminal action or proceeding or claim or demand of the character described in Section 9.1 shall be entitled to indemnification as authorized in such Section 9.1. 
 9.4 Unsuccessful Defense. Except as provided in Section 9.3, any indemnification under Section 9.1, unless ordered by a court of
competent jurisdiction, shall be made by the Company only if authorized in the specific case: 
 (a) by the Board of Directors acting by a
quorum consisting of directors who are not parties to such action, proceeding, claim or demand, upon a finding that the member of the Administration Committee has met the standard of conduct set forth in Section 9.1; or 
  

 18 

 (b) if a quorum under Section 9.4(a) is not obtainable with due diligence: 
 (i) by the Board of Directors upon the opinion in writing of independent legal counsel (who may be counsel to any Employing Company) that indemnification
is proper under the circumstances because the standard of conduct set forth in Section 9.1 has been met by such member of the Administration Committee; or 
 (ii) by the shareholders of the Company upon a finding that the member of the Administration Committee has met the standard of conduct set forth in such Section 9.1. 
 9.5 Advance Payments. Expenses incurred in defending a civil or criminal action or proceeding or claim or demand may be paid by the Company or
Employing Company, as applicable, in advance of the final disposition of such action or proceeding, claim or demand, if authorized in the manner specified in Section 9.4, except that, in view of the obligation of repayment set forth in
Section 9.6, there need be no finding or opinion that the required standard of conduct has been met. 
 9.6 Repayment of Advance
Payments. All expenses incurred in defending a civil or criminal action or proceeding, claim or demand, which are advanced by the Company or Employing Company, as applicable, under Section 9.5 shall be repaid upon demand by the Company or
Employing Company in case the person receiving such advance is ultimately found, under the procedures set forth in this Article 9, not to be entitled to indemnification or, where indemnification is granted, to the extent the expenses so advanced by
the Company or Employing Company, as applicable, exceed the indemnification to which he is entitled. 
 9.7 Right to Indemnification.
Notwithstanding the failure of the Company or Employing Company, as applicable, to provide indemnification in the manner set forth in Section 9.4 or 9.5, and despite any contrary resolution of the Board of Directors or of the shareholders in
the specific case, if the member of the Administration Committee has met the standard of conduct set forth in Section 9.1, the person made or threatened to be made a party to the action or proceeding or against whom the claim or demand has been
made, shall have the legal right to indemnification from the Company or Employing Company, as applicable, as a matter of contract by virtue of the Plan, it being the intention that each such person shall have the right to enforce such right of
indemnification against the Company or Employing Company, as applicable, in any court of competent jurisdiction. 
 ARTICLE 10

 MISCELLANEOUS 
 10.1
No Right to Continued Employment. Nothing in the Plan shall be construed as giving any Employee the right to be retained in the employ of any Employing Company or any right to any payment whatsoever, except to the extent of the severance
benefits provided for by 

  

 19 

 
the Plan. Each Employing Company expressly reserves the right to dismiss any Employee at any time and for any reason without liability for the effect which
such dismissal might have upon him as an eligible Employee under the Plan. 
 10.2 Construction. The masculine pronoun shall be
construed to mean the feminine and the singular shall be construed to mean the plural, wherever appropriate herein. Headings in this document are for identification purposes only and do not constitute a part of the Plan. 
 10.3 Governing Law. The Plan shall be governed by and construed in accordance with the substantive laws but not the choice of law rules of the
state of New York, except to the extent that such laws have been superseded by federal law. 
 10.4 Expenses of the Plan. The expenses
of establishment and administration of the Plan shall be paid by the Employing Companies. Any expenses paid by the Company pursuant to this Section 10.4 and indemnification under Article 9 shall be subject to reimbursement by the other
Employing Companies of their proportionate shares of such expenses and indemnification, as determined by the Administration Committee in its sole discretion. 
 10.5 Section 409A. It is intended that the benefits under the Plan are either exempt from, or compliant with, the requirements of Section 409A, so as to prevent the inclusion in gross income of any
benefits accrued hereunder in a taxable year prior to the taxable year or years in which such amount would otherwise be actually distributed or made available to the Employees. The Plan shall be administered and interpreted to the extent possible in
a manner consistent with that intent and the Policy. To the extent that a distribution to an Employee is not exempt from Section 409A and is required to be delayed by six months pursuant to Section 409A, such distribution shall be made no
earlier than the first day of the seventh month following the Employee’s Separation from Service, and the payments that otherwise would have been paid to the Employee during the six-month period immediately following the Employee’s
Separation from Service shall be paid to the Employee in a lump sum on the first day of the seventh month following the Employee’s Separation from Service, or as soon as administratively practicable thereafter, but in no event later than 90
days thereafter. 
 *    *    *    *    * 
  

 20 

 AMERICAN EXPRESS 
 SENIOR EXECUTIVE SEVERANCE PLAN 
 (As amended and restated effective January 1, 2009)

 SCHEDULE A 
 SCHEDULE
FOR SEVERANCE PAY BENEFITS 
  

					
	 Completed Years of Service
	 	 Number of Weekly Severance Benefit Payments

	 	 Employees Who Are Not
Executive
Officers
	 	 Executive Officers

	12 or fewer	 	52	 	104
	13	 	56	 	104
	14	 	60	 	104
	15	 	65	 	104
	16	 	69	 	104
	17	 	73	 	104
	18 or more	 	78 Maximum	 	104 Maximum

  

 21American Express Supplemental Retirement Plan

 EXHIBIT 10.33 
 AMERICAN EXPRESS SUPPLEMENTAL RETIREMENT PLAN 
 (As amended and restated effective as of
January 1, 2009) 

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1
	  	
	 HISTORY AND EFFECTIVE DATES
	  	1
			
	 Section 1.1
	  	History	  	1
	 Section 1.2
	  	Effective Date	  	2
	 Section 1.3
	  	Transition Rules	  	2
			
	 ARTICLE 2
	  		  	
	 DEFINITIONS
	  	3
			
	 Section 2.1
	  	Definitions	  	3
	 Section 2.2
	  	Qualified Plan Definitions	  	7
	 Section 2.3
	  	Gender and Number	  	7
			
	 ARTICLE 3
	  		  	
	 ADMINISTRATION
	  	7
			
	 Section 3.1
	  	Administrator	  	7
	 Section 3.2
	  	Authority	  	7
			
	 ARTICLE 4
	  		  	
	 SUPPLEMENTAL BENEFITS
	  	7
			
	 Section 4.1
	  	Eligibility	  	7
	 Section 4.2
	  	Participation	  	7
	 Section 4.3
	  	Benefits Under the RP	  	8
	 Section 4.4
	  	Benefits in Excess of Limits Under the RSP	  	9
	 Section 4.5
	  	Crediting of Account	  	11
	 Section 4.6
	  	Supplemental Benefits Payment Election	  	13
	 Section 4.7
	  	Supplemental Account Investment & Earnings	  	14
	 Section 4.8
	  	Special Restrictions	  	15
			
	 ARTICLE 5
	  		  	
	 ELECTIVE DEFERRALS
	  	16
			
	 Section 5.1
	  	Eligibility	  	16
	 Section 5.2
	  	Participation	  	17
	 Section 5.3
	  	Deferrable Compensation	  	17
	 Section 5.4
	  	Deferral Benefits Election	  	18
	 Section 5.5
	  	Crediting of Deferral Accounts	  	19
	 Section 5.6
	  	Account Earnings	  	19
			
	 ARTICLE 6
	  		  	
	 PAYMENT OF BENEFITS
	  	19
			
	 Section 6.1
	  	Supplemental Account	  	19
	 Section 6.2
	  	Deferral Account	  	20
	 Section 6.3
	  	Designation of Beneficiaries	  	21

  

 i 

					
	 Section 6.4
	  	Death	  	22
	 Section 6.5
	  	Disability	  	22
	 Section 6.6
	  	Unforeseen Emergency	  	23
	 Section 6.7
	  	Company Offset	  	23
	 Section 6.8
	  	Withholding	  	23
			
	 ARTICLE 7
	  		  	
	 CHANGE IN CONTROL
	  	24
			
	 Section 7.1
	  	Change in Control	  	24
	 Section 7.2
	  	Effect of Change in Control	  	26
			
	 ARTICLE 8
	  		  	
	 CLAIMS PROCEDURES
	  	29
			
	 Section 8.1
	  	Claim	  	29
	 Section 8.2
	  	Claim Decision	  	29
	 Section 8.3
	  	Request for Review	  	30
	 Section 8.4
	  	Review of Decision	  	31
	 Section 8.5
	  	Arbitration	  	32
	 Section 8.6
	  	Burden of Proof	  	32
	 Section 8.7
	  	Administrator’s Sole Authority	  	33
			
	 ARTICLE 9
	  		  	
	 AMENDMENT & TERMINATION
	  	33
			
	 Section 9.1
	  	Plan Amendment	  	33
	 Section 9.2
	  	Effect of Plan Termination	  	33
			
	 ARTICLE 10
	  		  	
	 GENERAL PROVISIONS
	  	33
			
	 Section 10.1
	  	Unfunded Status	  	33
	 Section 10.2
	  	Non-Transferable	  	33
	 Section 10.3
	  	No Right to Continued Employment	  	33
	 Section 10.4
	  	Plan Benefits Not Compensation Under Employee Benefit Plans	  	34
	 Section 10.5
	  	Compliance with Section 409A	  	34
	 Section 10.6
	  	No Guarantee of Tax Consequences	  	34
	 Section 10.7
	  	Limitations on Liability	  	34
	 Section 10.8
	  	Severability	  	35
	 Section 10.9
	  	Captions	  	35
	 Section 10.10
	  	Governing Law	  	35

  

 ii 

 AMERICAN EXPRESS SUPPLEMENTAL RETIREMENT PLAN 
 (As amended and restated effective as of January 1, 2009) 
 ARTICLE 1 
 HISTORY AND EFFECTIVE DATES 
 Section 1.1 History. 
 (a) On
November 26, 1973, the Board of Directors (the “Board”) of American Express Company (“Amex”) authorized and approved the adoption of the American Express Supplementary Pension Plan (the “Plan”) to supplement
retirement benefits provided under the American Express Retirement Plan and other retirement and savings plans sponsored by Amex for a select group of management or highly compensated individuals. 
 (b) On July 1, 1994, the Board authorized and directed the amendment and restatement of the Plan pursuant to the provisions of Section 9
thereof. The Plan was amended and restated generally effective March 1, 1995, and renamed the American Express Company Supplemental Retirement Plan. The Plan was subsequently amended through December 31, 2004. 
 (c) On July 25, 2005, the Board amended and restated the Plan (immediately prior to such amendment and restatement, the “Prior Plan”),
effective January 1, 2005. Except as otherwise expressly provided herein, Participants who were in “pay status” as of January 1, 2005 continue to have the payment of their benefits governed solely by the terms of the Prior Plan;
provided, however, that effective with payments made in calendar year 2006 and thereafter, payments other than monthly annuity payments which would have been made on April 1 of any year under the Prior Plan are made on July 1 of such year.
Participants who were not in “pay status” as of January 1, 2005 are governed from and after such date by the terms of the Plan, as amended and restated, and as further amended and restated from time to time. For purposes of this
section, a Participant was in “pay status” as of January 1, 2005 if he or she was entitled to benefits under the Plan as of January 1, 2005, with payments scheduled to begin on or before April 1, 2005. 
 (d) Effective as of October 1, 2005, Ameriprise Financial, Inc. (“AFI”) ceased to be a participating employer in Amex’s tax-qualified
retirement plans and the components of such plans covering AFI participants were transferred to new plans established by AFI in a transaction that complied with Section 414(l) of the Internal Revenue Code of 1986, as amended (the
“Code”). In connection with that transaction, the component of the Plan covering AFI participants was similarly transferred, and active and retired AFI participants and AFI beneficiaries ceased participation in and no longer have any
benefits under the Plan. 
 (e) Generally effective July 1, 2007, benefit accruals under the American Express Retirement Plan, as
amended (the “RP”) were ceased. In addition, generally effective as of July 1, 2007, Amex adopted certain changes to the American Express Incentive Savings Plan, as amended, and renamed such plan the American Express Retirement
Savings Plan (the “RSP”). 

 (f) On January 22, 2007, the Board amended and restated the Plan, generally effective July 1,
2007, to reflect the changes made to the RP and the RSP, to allow for the elective deferral of compensation under the Plan, and to rename the Plan the American Express Supplemental Retirement Plan. 
 (g) On November 19, 2007, the Compensation and Benefits Committee (the “CBC”) approved the First Amendment to the American Express
Supplemental Retirement Plan (the “First Amendment”) to provide for the payment of Plan benefits to employees of American Express Bank who would be transferring to the buyer in the sale transaction. 
 (h) In November 2007, the Employee Benefits Administration Committee (“EBAC”), pursuant to the authority delegated to it, approved the
amendment and restatement of the Plan to reflect certain non-material amendments thereto. On November 19, 2007, the CBC approved an amendment to the Plan to provide for accelerated vesting of ROE interest on Deferral Benefits upon the death or
disability of a Participant. Effective December 31, 2007, the Executive Vice President of Human Resources, pursuant to the authority delegated to him, approved the amendment and restatement of the Plan to reflect the amendments approved by EBAC
and the CBC. 
 (i) Effective March 29, 2008, the Senior Vice President of Human Resources, Global Compensation & Benefits,
pursuant to the authority delegated to him, added a new Section 4.4(b)(v) and amended Section 4.5(c) to make certain changes related to the acquisition of GE Corporate Payment Services. 
 (j) On July 15, 2008, the Vice President of Global Benefits, pursuant to the authority delegated to him, amended Section 4.4(c) of the Plan to
clarify the calculation of Company Contributions for Additional Years of Service. 
 (k) The Plan is being amended and restated, effective
January 1, 2009, by the Vice President of Global Benefits, pursuant to the authority delegated to him, to incorporate the prior amendments made to the Plan during 2008, to make the changes necessary or advisable for compliance with
Section 409A of the Code and the treasury regulations and other official guidance issued thereunder, and to make certain other non-material amendments to the Plan. 
 (l) The Plan has remained in effect since its adoption and has been construed and operated as a “top-hat plan” under Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act
of 1974, as amended (“ERISA”), and Section 2520.104-23 of the United States Department of Labor Regulations. 
 Section 1.2 Effective Date. Except as expressly provided otherwise herein, the Plan as amended and restated hereby is generally effective January 1, 2009. 
 Section 1.3 Transition Rules. Each Participant’s accrued benefit under the Prior Plan as of December 31, 2004 (“Grandfathered
Benefits”) was determined by the Administrator in accordance with Section 409A of the Code and Notice 2005-1. Except as set forth in Section 1.1(c), Grandfathered Benefits are governed by and administered in accordance with the Prior
Plan; provided, however, that any election with respect to Grandfathered Benefits may not materially modify the rights, terms or conditions of the Prior Plan. All other benefits are governed by and administered solely in accordance with the Plan, as
amended and restated from time to time. 
  

 2 

 ARTICLE 2 
 DEFINITIONS 
 Section 2.1 Definitions. As used in the Plan, the following terms have the
meanings indicated below: 
 (a) “Account” means, with respect to a Participant, his or her Deferral Account and Supplemental
Account, collectively. 
 (b) “Administrator” means the Employee Benefits Administration Committee, including any
individual(s) to whom the Employee Benefits Administration Committee delegates authority under the Plan, or such other committee or individual(s) authorized to act as the Administrator by the Committee. 
 (c) “Affiliate” means any corporation or other trade or business under common control with Amex, as further defined in the Qualified
Retirement Plans. 
 (d) “Annual Incentive Award” means, for a Plan Year, a performance incentive bonus award granted to an
Employee under the Company’s Annual Incentive Award Plan, as amended from time to time, or any successor plan thereto, with a performance period of the Plan Year, or a comparable award issued as a Qualifying Award to a key employee under the
Company’s 1998 Incentive Compensation Plan, as amended from time to time, or the Company’s 2007 Incentive Compensation Plan, as amended from time to time, or any successor plan thereto; provided that the Committee may, in its discretion,
designate additional or different items as Annual Incentive Awards for purposes of the elective deferrals under Article 5. 
 (e)
“Base Salary” means, with respect to a Participant, as of a specified date, the annual rate of base salary payable to the Participant as of such date before any reduction for any amounts deferred by the Participant pursuant to
Section 401(k) or Section 125 of the Code, or pursuant to a Deferral Plan or any other non-qualified plan which permits the voluntary deferral of compensation. 
 (f) “Beneficiary” means the individual or entity designated by a Participant in accordance with procedures established by the Administrator to receive the Participant’s Supplemental Account or
Deferral Account in the event of the Participant’s death. 
 (g) “Benefits” means, with respect to a Participant, his
or her Deferral Benefits and Supplemental Benefits, collectively. 
 (h) “Code” means the Internal Revenue Code of 1986, as
amended. 
 (i) “Committee” means the Compensation and Benefits Committee of the Board, or such successor committee as may
be designated by the Board. 
  

 3 

 (j) “Company” means Amex, any of its subsidiaries and any Affiliates which have become
participating employers in a Qualified Retirement Plan. 
 (k) “Deferral Account” means, with respect to a Participant for a
given Plan Year, the book reserve account established by Amex for the Participant for such Plan Year pursuant to Section 5.5. 
 (l)
“Deferral Benefits” means, with respect to a Participant, the benefits credited to his or her Deferral Accounts. 
 (m)
“Deferral Distribution” means a distribution to a Participant from his or her Deferral Accounts. 
 (n) “Deferral
Election” means, with respect to a given Plan Year, an election made by an eligible Employee with respect to his or her Deferral Account for such Plan Year under Article 5. 
 (o) “Deferral Plan” means: 
 (i) for Plan Years ending on or before December 31, 2007, the American Express Salary Deferral Plan, the American Express Pay-for-Performance Deferral Programs and any other similar non-qualified plans for the deferral of compensation
available in such Plan Years; and 
 (ii) for Plan Years beginning on or after January 1, 2008, Article 5 of this Plan and such
other non-qualified plans or arrangements for the deferral of compensation as determined by the Administrator, it its sole discretion. 
 (p)
“Disability” has the meaning given such term by Section 409A. Whether a Participant has a Disability shall be determined in accordance with Section 409A and the Policy. 
 (q) “Employee” means an elected or appointed officer of the Company or any other individual who the Administrator identifies as an
employee of the Company, and whose compensation is reported on a Form W-2, regardless of whether the use of such form is subsequently determined to be erroneous. 
 (r) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (s)
“Minimum Schedule Rate” means, for a calendar year, the “Below ROE Target Range” rate for such calendar year under the metric set forth in Schedule A, as in effect for that calendar year. 
 (t) “Moody’s A Rate” means, for a calendar year, the average corporate bond yield rate for such calendar year, as announced by
Moody’s Investor Services for borrowers rated “A.” 
  

 4 

 (u) “Participant” means an Employee who accrues benefits under the Plan; provided,
however, that the term “Participant” as used in Article 4 shall be limited to the Employees eligible to participate in the Plan with respect to Supplemental Benefits under Article 4, and the term “Participant” as used
in Article 5 shall be limited to the Employees eligible to participate in the Plan with respect to Deferral Benefits under Article 5. 
 (v) “PG Award” means a performance incentive bonus award granted to an Employee with a performance period longer than one Plan Year. A PG Award for a Plan Year shall be: 
 (i) in the case of a PG Award that qualifies as performance-based compensation for purposes of Section 409A, a PG Award with a performance period
ending on the July 1st or later date of such Plan Year; or 
 (ii) in the case of a PG Award that does not qualify as performance-based
compensation for purposes of Section 409A, a PG Award with a performance period beginning on the January 1st of such Plan Year; 
 provided that
the Committee may, in its discretion, designate additional or different items as PG Awards for purposes of the elective deferrals under Article 5. 
 (w) “Plan Year” means, 
 (i) for Supplemental Benefits under Article 4, the calendar
year with reference to which benefits are determined under the Qualified Retirement Plan; and 
 (ii) for Deferral Benefits under
Article 5, the specified calendar year. 
 (x) “Policy” means the American Express Section 409A Compliance Policy,
as amended from time to time, and any successor policy thereto. 
 (y) “Qualified Retirement Plan” means the RP and/or the
RSP, as the context may imply. 
 (z) “Retirement” means a voluntary Separation from Service by a Participant who is
Retirement Eligible on the date of such Separation from Service. 
 (aa) “Retirement Eligible” means, with respect to a
Participant, he or she is age 55 or older with ten or more actual or deemed years of service with the Company. 
 (bb) “RP-Related
Account” means, with respect to a Participant, the book reserve account established by the Company for the Participant pursuant to Section 4.3. 
 (cc) “RSP-Related Account” means, with respect to a Participant, the book reserve account established by the Company for the Participant pursuant to Section 4.4. 
 (dd) “RSP Match Percentage” means, with respect to a Participant for a Plan Year, the maximum Company Matching Contribution percentage
that would be utilized for purposes of the RSP for such Participant for the Plan Year if the Participant had made the maximum Elective Contribution under the RSP for the Plan Year. 
  

 5 

 (ee) “Schedule Rate” means, for a calendar year, the applicable rate for such calendar
year determined under the metric set forth in Schedule A, as in effect for that calendar year. 
 (ff) “Section 401(a)(17)
Limitation” refers to the limitation on the dollar amount of Compensation which may be taken into account under the Qualified Retirement Plans under Section 401(a)(17) of the Code. 
 (gg) “Section 409A” means Section 409A of the Code, together with the treasury regulations and other official interpretations or
guidance issued thereunder. 
 (hh) “Section 415 Limitations” refer to the limitations on benefits for defined benefit
pension plans and defined contribution plans which are imposed by Section 415 of the Code. 
 (ii) “Separation from
Service” has the meaning given such term by Section 409A. Whether a Participant has a Separation from Service shall be determined in accordance with Section 409A and the Policy. 
 (jj) “Severance Plan” means, collectively, (A) the American Express Senior Executive Severance Plan, effective January 1,
1994, as amended and restated effective January 1, 2009, and as further amended from time to time, and any successor plan thereto, and (B) the American Express Severance Pay Plan, effective January 1, 1987, as amended and restated
effective January 1, 2009, and as further amended from time to time, and any successor plan thereto. 
 (kk) “Supplemental
Account” means, with respect to a Participant, his or her RP-Related Account and RSP-Related Account, collectively. 
 (ll)
“Supplemental Benefits” means, with respect to a Participant, the benefits under his or her Supplemental Account. 
 (mm)
“Supplemental Distribution” means a distribution to a Participant from his or her Supplemental Account. 
 (nn)
“Supplemental Election” means the election made by a Participant with respect to his or her Supplemental Account under Section 4.6. 
 (oo) “Unforeseeable Emergency” means a severe financial hardship of the Participant resulting from (i) an illness or accident of the Participant, the Participant’s spouse or the
Participant’s dependent (as defined in Section 152 of the Code, without regard to paragraphs (b)(1), (b)(2) and (d)(1)(b) thereof), (ii) a loss of the Participant’s property due to casualty, or (iii) such other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined by the Administrator based on the relevant facts and circumstances and in accordance with Section 409A.

  

 6 

 Section 2.2 Qualified Plan Definitions. Capitalized terms not otherwise defined in the Plan
shall have the same meaning set forth in the related Qualified Retirement Plan, to the extent applicable, as the context may imply. 
 Section 2.3 Gender and Number. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. For all purposes of the Plan, where the
context admits, the singular shall include the plural, and the plural shall include the singular. 
 ARTICLE 3 
 ADMINISTRATION 
 Section 3.1
Administrator. The Plan shall be administered by the Administrator. 
 Section 3.2 Authority. Except as otherwise provided by
the Committee (but subject to the limitation on the Committee’s authority under Article 9), the Administrator shall have full power, authority and discretion to interpret, construe and administer the Plan, and such interpretation and
construction thereof and actions taken thereunder shall be binding on all persons for the purposes so stated by the Administrator. The Administrator may correct any defect, supply any omission or reconcile any inconsistency in the Plan in the manner
and to the extent the Administrator deems necessary or desirable. In the event of a mathematical or accounting error made, or other similar mistake, the Administrator shall have power in its discretion to cause such equitable adjustments to be made
to correct for such errors as it considers appropriate in the circumstances. Any decision of the Administrator in the administration of the Plan shall be final and conclusive and binding upon all Participants and Beneficiaries. 
 ARTICLE 4 
 SUPPLEMENTAL
BENEFITS 
 Section 4.1 Eligibility. Participation in this Plan with respect to Supplemental Benefits shall be limited to
Employees who meet the requirements of Section 4.2, and shall automatically occur for such Employees, provided that the Administrator may designate, on a case-by-case basis, Employees or categories of Employees who shall not be eligible to
participate in all or any portion of this Plan, and provided further, that the determination of eligible Employees shall be made consistent with the requirement that the Plan be a “top-hat” plan for purposes of ERISA. 
 Section 4.2 Participation. To become a Participant in the Plan with respect to Supplemental Benefits, an Employee must: 
 (a) be a participant under a Qualified Retirement Plan maintained by the Company. Participation by an Employee in a Qualified Retirement Plan shall be
determined pursuant to and in accordance with the eligibility criteria applicable under such Qualified Retirement Plan; and 
  

 7 

 (b) for the relevant Plan Year: 
 (i) be credited with Compensation earned from the Company in an amount in excess of the applicable Section 401(a)(17) Limitation or accrue benefits
under a Qualified Retirement Plan in excess of the Section 415 Limitation; or 
 (ii) be classified as a level “Band 50”
personnel or greater, as such classification is defined by the Administrator from time-to-time, and have deferred Compensation under a Deferral Plan. 
 Section 4.3 Benefits Under the RP. If a Participant is a participant under the RP, other than a terminated participant, the Company shall establish an RP-Related Account for such Participant, which shall
be determined as follows: 
 (a) “Compensation” for RP Credits. For purposes of RP credits under this Section 4.3,
“Compensation” has the meaning given such term in the RP, provided that the Committee may, in its discretion, designate additional or different items as Compensation for purposes of this Section 4.3. Effective with the 2003
performance year (which awards were granted in 2004) and thereafter, “Compensation” for purposes of RP credits under this Section 4.3 shall include the value of restricted stock awards granted to certain Participants in lieu of cash
supplemental Annual Incentive Awards. 
 (b) Contribution Credits. There shall be credited to a Participant’s RP-Related Account
for each Plan Year, in accordance with Section 4.5, an amount equal to the excess, if any, of: (x) the Contribution Credits that would have been credited to a Participant’s Defined Benefit Account Balance under the RP for the Plan
Year if the Plan’s definition of Compensation was used, the Section 401(a)(17) Limitation was ignored, and the Participant had not elected or been required to defer the receipt of any Compensation pursuant to a Deferral Plan, over
(y) the actual Contribution Credits credited to the Participant’s Defined Benefit Account Balance under the RP for the Plan Year. No credits shall be made to a Participant’s RP-Related Account pursuant to this Section 4.3(b) for
any pay period ending on or after July 1, 2007. 
 (c) Benefits Formula. The formula of the benefits for a Plan Year under this
Section 4.3 shall be determined by the Administrator and applied in a uniform manner for all similarly situated Participants. 
 (d)
Additional Years of Service. 
 (i) Certain Participants, as determined by the Company in its sole discretion, may be deemed to have
rendered five additional Years of Service under the Plan. For each such Participant, subject to such terms and conditions as the Company may impose upon such benefits by special agreement with such Participant (in the event of a conflict with this
Section 4.3(d), such special agreement shall control), an additional amount shall be credited to the Participant’s RP-Related Account equal to the excess, if any of: (x) the total cumulative Contribution Credits that would have been
credited to the Participant’s RP-Related Account under this Section 4.3 had the Participant rendered such additional Years of Service under the RP, over (y) the actual total cumulative Contribution Credits credited to the
Participant’s RP-Related 

  

 8 

 
Account under this Section 4.3 as of the date the Participant is eligible for such benefits under the Plan. Subject to the terms of the special
agreement with each such Participant, such amounts shall be calculated and credited to the RP-Related Account established for the Participant in accordance with Section 4.5 under procedures to be determined from time to time by the
Administrator and consistently applied to similarly situated Participants. Unless otherwise determined by the Administrator or agreed in a special agreement with the Participant, amounts credited under this Section 4.3(d) shall be subject to
five-year vesting, and such amounts shall be forfeited by the Participant if the Participant’s service with the Company terminates for any reason other than death or disability (as defined in the RP) before five years of actual service have
been rendered to the Company by such Participant. 
 (ii) For each Participant with a special agreement described in Section 4.3(d)(i)
who has not accrued five Years of Service as of July 1, 2007, the Participant shall be entitled to received the credit described in Section 4.3(d)(i) for the 2007 Plan Year as if the RP had remained in effect through December 31,
2007, and the Participant were an active participant in the RP through such date. Regardless of any special agreement described in Section 4.3(d)(i), a Participant shall not be entitled to receive any credit under this Section 4.3 for the
2008 Plan Year or later. 
 Section 4.4 Benefits in Excess of Limits Under the RSP. If a Participant is a participant in the RSP,
other than a terminated participant, the Company shall establish an RSP-Related Account for such Participant, which shall be determined as follows: 
 (a) “Compensation” for RSP Credits. 
 (i) Definition. For purposes of RSP credits under this
Section 4.4, “Compensation” has the meaning given the term “Total Pay” in the RSP, provided that the Committee may, in its discretion, designate additional or different items as Compensation for purposes of this
Section 4.4. Effective July 1, 2007, “Compensation” for purposes of RSP credits under this Section 4.4 shall include the value of restricted stock awards granted to certain Participants in lieu of cash Annual Incentive
Awards, subject to the limitation set forth in Section 4.4(a)(ii). 
 (ii) Limitation. Effective January 1, 2008,
“Compensation” of a Participant for purposes of RSP credits under this Section 4.4 shall not include any incentive pay (including the value of any restricted stock awards granted to certain Participants in lieu of cash Annual
Incentive Awards) in excess of one times his or her Base Salary. For purposes of this provision, a Participant’s Base Salary shall be determined as of January 1 of each Plan Year. In addition, incentive pay subject to this limitation shall
only be those amounts actually paid in the Plan Year, regardless of when such amounts were earned. 
 (b) Contribution Credits. The
following amounts shall be credited to the Participant’s RSP-Related Account for each Plan Year, in accordance with Section 4.5: 
 (i) Company Stock Contribution. An amount equal to: (a) one percent of the sum of: (i) the Participant’s Compensation, calculated without the Section 401(a)(17) Limitation or Section 415 Limitations, plus
(ii) that portion of a Participant’s 

  

 9 

 
Compensation deferred during such Plan Year pursuant to a Deferral Plan, minus (b) the amount actually allocated as a Company Stock Contribution to the
account of the Participant under the RSP. For purposes of this Section 4.4(b)(i), the Section 401(a)(17) Limitation shall be deemed to apply pro ratably to each regularly scheduled pay period for each Plan Year. No credits shall be made to
a Participant’s RSP-Related Account pursuant to this Section 4.4(b)(i) for any pay period ending on or after July 1, 2007. 
 (ii) Company Profit-Sharing Contribution. An amount equal to: (a) the Company Profit-Sharing Contribution percentage utilized for purposes of the RSP for that Plan Year for such Participant times the sum of: (i) the
Participant’s Compensation, calculated without the Section 401(a)(17) Limitation or Section 415 Limitations, plus (ii) that portion of a Participant’s Compensation deferred during such Plan Year pursuant to a Deferral Plan,
minus (b) the amount actually allocated as a Company Profit-Sharing Contribution to the Account of the Participant under the RSP. Unless otherwise expressly provided in the Plan, benefits credited under this Section 4.4(b)(ii) at the time
of a Supplemental Distribution shall be restricted to a Participant’s vested portion, as determined under the applicable provisions of the RSP. Any non-vested portion of such deferred compensation to be paid shall be forfeited. 
 (iii) Company Matching Contribution. 
 (A) Before March 15, 2005, an amount equal to that portion of the Company Matching Contribution that would have been contributed and allocated to the account of a Participant by the Company as a Matching Contribution on behalf of a
Participant, (a) to the extent such contribution is limited by the Section 401(a)(17) Limitation or Section 415 Limitations, minus such amount allocated as a Matching Contribution to the account of the Participant under the RSP, and
(b) with respect to that portion of a Participant’s Compensation deferred pursuant to a Deferral Plan, and assuming (i) such portion had not been deferred and (ii) the Participant had elected to make Elective Contributions under
the RSP equal to three percent (or such lesser amount if actually elected by the Participant under the RSP) of such Participant’s compensation deferred under such Deferral Plan. 
 (B) Effective March 15, 2005, a Company matching contribution, whether or not the Participant actually elects to defer Compensation under the RSP,
equal to the Participant’s RSP Match Percentage for the Plan Year multiplied by the sum of: (i) that portion of the Participant’s Compensation which was deferred during the Plan Year pursuant to a Deferral Plan, and (ii) that
portion of the Participant’s Compensation (not including the amounts deferred as described in clause (i) above) in excess of the Section 401(a)(17) Limitation, shall be contributed and allocated to the Account of a Participant by the
Company as a matching contribution on behalf of such Participant; provided, however, for purposes of this Company matching contribution, Compensation shall not be subject to the Section 401(a)(17) Limitation. Unless otherwise expressly provided
in the Plan, benefits credited under this Section 4.4(b)(iii) at the time of a Supplemental Distribution shall be restricted to a Participant’s vested portion, as determined under the applicable provisions of the RSP. Any non-vested
portion of such deferred compensation to be paid shall be forfeited. 
 (iv) Company Conversion Contribution. An amount equal to:
(a) the Company Conversion Contribution percentage utilized for purposes of the RSP for that Plan Year 

  

 10 

 
for such Participant times the sum of: (i) the Participant’s Compensation, calculated without the Section 401(a)(17) Limitation or
Section 415 Limitations, plus (ii) that portion of a Participant’s Compensation deferred during such Plan Year pursuant to a Deferral Plan, minus (b) the amount actually allocated as a Company Conversion Contribution to the
Account of the Participant under the RSP. Unless otherwise expressly provided in the Plan, benefits credited under this Section 4.4(b)(iv) at the time of a Supplemental Distribution shall be restricted to a Participant’s vested portion, as
determined under the applicable provisions of the RSP. Any non-vested portion of such deferred compensation to be paid shall be forfeited. 
 (v) Transition Contributions for Certain Former GE Capital Employees. An amount equal to: (a) the Transition Contribution percentage utilized for purposes of the RSP for that Plan Year for such Participant times the sum of:
(i) the Participant’s Compensation, calculated without the Section 401(a)(17) Limitation or Section 415 Limitations, plus (ii) that portion of a Participant’s Compensation deferred during such Plan Year pursuant to a
Deferral Plan, minus (b) the amount actually allocated as a Transition Contribution to the Account of the Participant under the RSP. Notwithstanding the foregoing, if an individual would be eligible for both Company Conversion Contributions
under Section 4.4(b)(iv) and Transition Contributions under this Section 4.4(b)(v), such individual shall only receive the greater of the Company Conversion Contributions and the Transition Contributions to which he or she would otherwise
be entitled during such period of dual eligibility. Unless otherwise expressly provided in the Plan, benefits credited under this Section 4.4(b)(v) at the time of a Supplemental Distribution shall be restricted to a Participant’s vested
portion, as determined under the applicable provisions of the RSP. Any non-vested portion of such deferred compensation to be paid shall be forfeited. 
 (c) Company Contribution for Additional Years of Service. Certain Participants, as determined by the Company in its sole discretion, may be deemed to have rendered five additional Years of Service under the
RSP. For each such Participant, subject to such terms and conditions as the Company may impose upon such benefits by special agreement with such Participant (in the event of a conflict with this Section 4.4(c), such special agreement shall
control), an additional amount shall be credited to the Participant’s RSP-Related Account equal to 80 percent (or such lower percentage specified in the special agreement) of the Participant’s Base Salary (as of the Participant’s date
of hire). Subject to the terms of the special agreement with each such Participant, such amounts shall be calculated under procedures to be determined from time to time by the Administrator and consistently applied to similarly situated
Participants. Unless otherwise determined by the Administrator or agreed in the special agreement with the Participant, amounts credited under this Section 4.4(c) shall be subject to five-year vesting, and such amounts shall be forfeited by the
Participant if the Participant’s service with the Company terminates for any reason other than death or disability (as defined in the RSP) before five years of actual service have been rendered to the Company by such Participant. Amounts
described in this Section 4.4(c) shall be credited to the RSP-Related Account established for the Participant in accordance with Section 4.5. 
 Section 4.5 Crediting of Account. 
 (a) Time and Manner. Amounts described in this Article
4 shall be credited to the Supplemental Account established for a Participant at such times and in such manner as may 

  

 11 

 
be determined by the Administrator. In making such credits, the Administrator shall generally attempt to, but shall not be required to, credit accounts at a
time and in a manner as similar as possible to the time and manner for the crediting of similar amounts under the Qualified Retirement Plans; provided, however, that: 
 (i) unless the Administrator determines otherwise, amounts credited to a Supplemental Account with respect to the application of the Section 415 Limitations to the RP shall be estimated by the Administrator at
the time of a Participant’s Separation from Service, based on such assumptions as the Administrator may reasonably impose and consistently applied to similarly situated Participants, and assuming that the Participant would begin receiving
benefits under the RP at the time of the Participant’s Separation from Service, or if later, at the earliest possible date that the Participant could start to receive benefits under the RP, and such estimated amount shall be credited
immediately preceding the date upon which the Participant will receive (or commence receiving, in the case of installment payments) payment of benefits under the Plan; and 
 (ii) unless otherwise determined by the Administrator or agreed in a special agreement with a Participant, amounts credited to a Supplemental Account
pursuant to Section 4.4(c) shall be determined as of and credited on the one-year anniversary of the later of the date of the special agreement or the first day of the Participant’s employment by the Company. 
 The Administrator shall apply such procedures consistently to similarly situated Participants. 
 (b) Company Stock Contributions. Amounts described in Section 4.4(b)(i) shall be initially credited to the RSP-Related Account established
for a Participant, to a subaccount relating to the RSP Stock Fund (the “Stock Fund”). For purposes of the Plan, the amount of such credits shall be determined by the Administrator in a manner determined by the Administrator to be
reasonably consistent with similar determinations made under the Stock Fund. 
 (c) Other Contributions. Amounts described in
Section 4.4(b)(ii) (profit-sharing contributions), Section 4.4(b)(iii) (matching contributions), Section 4.4(b)(iv) (conversion credits), Section 4.4(b)(v) (GE Capital transition contributions) and Section 4.4(c) (special
agreement credits) shall be credited to the RSP-Related Account established for a Participant, which shall contain various subaccounts selected by the Administrator in its sole and exclusive discretion, representing the various investment funds
available to a Participant under the RSP as provided for in the Plan; provided that: 
 (i) if a Participant has directed RSP amounts to the
Stock Fund and the credits to the RSP-Related Account of a Participant pursuant to this Section 4.5(c) to the subaccount relating to the Stock Fund would result in the aggregate Company Stock holdings of such Participant under the Plan
exceeding ten percent of the total value of his or her RSP-Related Account (determined at the time of the transfer), then such Participant shall be deemed to have selected, with respect to any such excess, the default subaccount designated by the
Investment Committee for purposes of the RSP for allocations exceeding the applicable ten-percent threshold under RSP, or if none, such other default subaccount designated by the Investment Committee for purposes of the RSP; and 
  

 12 

 (ii) unless otherwise determined by the Administrator, no subaccount shall be established under the Plan
to coincide with any self-directed brokerage account which may be available under the RSP. 
 (d) Additional Accounts. The
Administrator may, in its sole and exclusive discretion, establish additional book reserve accounts from time to time. The procedures to reflect and credit increases, decreases, interest, dividends, and other income, gains and losses shall be
determined by the Administrator in its sole and exclusive discretion. 
 Section 4.6 Supplemental Benefits Payment Election. Any
Supplemental Benefits payable under the Plan shall be paid in cash from the general assets of the Company in the form elected by the Participant subject to the following: 
 (a) In accordance with rules and procedures adopted by the Administrator in compliance with Section 409A, existing Participants, including Participants (other than those in pay status on December 31, 2004)
under the Prior Plan, may make Supplemental Elections as follows: 
 (i) Participants who have not previously made an initial Supplemental
Election under Section 4.6(b), whether under the Plan or under the Prior Plan, may make such an initial Supplemental Election on or before the date set by the Administrator, which shall not be later than December 31, 2005. 
 (ii) Participants who have previously made an initial Supplemental Election under Section 4.6(b), whether under the Plan or under the Prior Plan,
but who have not previously modified such election under Section 4.6(d), whether under the Plan or under the Prior Plan, may change such Supplemental Election on or before the date set by the Administrator, which shall not be later than
December 31, 2005, to elect any payment form permissible under Section 4.6(b) and Section 409A, regardless of whether such Supplemental Election lengthens or shortens the period over which payments from the Plan shall be made. For the
avoidance of doubt, any such distribution which accelerates payments from the Plan shall not cause any reduction in the amounts otherwise payable hereunder. Notwithstanding Section 4.6(d), if made on or before December 31, 2005 in
accordance with this Section 4.6(a)(ii), such subsequent Supplemental Election shall be made in accordance with Section 409A, but, to the extent permitted under Section 409A transition guidance, need not comply with requirement
regarding a minimum additional deferral period of five years. Any such subsequent Supplemental Election made under this Section 4.6(a)(ii) shall constitute a modification for purposes of the one-time limitation contained in Section 4.6(d),
and no additional modification will thereafter be permitted under Section 4.6(d). 
 (iii) Employees who first become Participants
after December 31, 2005 may make an initial Supplemental Election in accordance with rules and procedures adopted by the Administrator in compliance with Section 409A. 
  

 13 

 (iv) Participants who have previously made both a Supplemental Election and a modification to such
Supplemental Election shall be subject to the rules of Section 4.6(d) prohibiting any further changes to their Supplemental Elections. However, any Participant who was not in pay status (as defined in Section 1.1(c)) on January 1,
2005 and who previously made a modification to an initial Supplemental Election which accelerated the time period for payments from the Plan shall not have any reduction in the amounts otherwise payable hereunder (notwithstanding
Section V(D)(1)(b)(ii) of the Prior Plan). 
 (b) A Participant may elect to receive his or her Supplemental Benefits in a single
lump-sum payment or in annual installments payable over a period of five, ten or 15 consecutive calendar years. Except as provided in Section 4.6(d), a Participant may not modify his or her initial Supplemental Election described in the
preceding sentence. Such subsequent Supplemental Election shall apply to the payment of all benefits under the Plan and the Prior Plan (except for benefits that were in pay status on December 31, 2004). 
 (c) If a Participant fails to make a valid, timely Supplemental Election in accordance with Section 4.6(a) and the rules and procedures adopted by
the Administrator, such Participant shall be deemed to have made an initial Supplemental Election to receive his or her Supplemental Benefits in the form of a single lump sum. 
 (d) A Participant who has not previously modified an initial Supplemental Election may make a one-time modification to his or her initial Supplemental
Election to elect a different form of payment for Supplemental Benefits under the Plan. To be effective, such a modification shall be made by filing a written notice of modification in such form and manner as the Administrator may prescribe;
provided, however, that the modification must comply with Section 409A, including the requirements regarding: (i) a minimum additional deferral period of five years, and (ii) the subsequent Supplemental Election not being effective
until 12 months after it is made. A Participant may not change the payment method of his or her Supplemental Benefits after his or her Separation from Service. 
 Section 4.7 Supplemental Account Investment & Earnings. 
 (a) RP-Related Account.
For each Participant, the RP-Related Account established pursuant to Section 4.3 shall be increased by the Imputed Earnings Credit (as such term is defined in the RP), not less frequently than annually, under procedures and at times determined
by the Administrator and consistently applied for similarly situated Participants. Such earnings shall be credited at the same interest rate and computed in a similar manner (to the extent administratively feasible) as Imputed Earnings Credits are
computed under the RP for each Plan Year. 
 (b) RSP-Related Account. 
 (i) For each Participant, credits to his or her RSP-Related Account shall be made to such subaccounts thereunder as directed by such Participant. If more
than one subaccount is selected, a Participant must designate, on a form or other medium acceptable to the Administrator, in one-percent increments, the amounts to be credited to each subaccount. A Participant shall be allowed to amend such
designation consistent with the frequency of investment changes offered the Participant under rules governing the RSP for a given Plan Year. 
  

 14 

 (ii) Subject to Section 4.7(b)(iv), and to such rules as may be adopted by the Administrator, the
performance of the book reserve subaccount established for each Participant pursuant to Section 4.5(b) shall reflect the performance of the Stock Fund. Such subaccount shall reflect such increases or decreases in value from time to time,
whether from dividends, gains, losses or otherwise, as may be experienced by the Stock Fund. Subject to Section 4.8, and to such rules as may be adopted by the Administrator, a Participant may elect to transfer credits to the book reserve
subaccount established pursuant to Section 4.5(b) to or from such subaccount to or from one or more subaccounts established pursuant to Section 4.5(c), in a manner similar to the rules for such transfers under the RSP; provided, however,
no Participant may transfer amounts to the book reserve subaccount established for each Participant pursuant to Section 4.5(b) to the extent that such transfer would result in the aggregate Company Stock holdings of such Participant under the
Plan exceeding ten percent of the total value of his or her RSP-Related Account (determined at the time of the transfer). 
 (iii) Subject
to Section 4.7(b)(iv), and to such rules as may be adopted by the Administrator, the performance of the book reserve subaccounts established for each Participant shall reflect the performance of the investment fund under the RSP that such
subaccount represents. Each such subaccount shall reflect such increases or decreases in value from time to time, whether from dividends, gains, losses or otherwise, as that experienced by the related investment fund under the RSP. Subject to
Section 4.7(b)(ii) and Section 4.8, credits to such subaccounts may be transferred to any other subaccount under the Plan in a manner similar to the rules for such transfers under the RSP, on such terms and at such times as permitted with
respect to the related investment funds under the RSP, and to such rules as may be adopted by the Administrator. If a Participant fails to affirmatively designate one or more subaccounts pursuant to this Section 4.7(b), subject to rules
established by the Administrator, such Participant shall be deemed to have selected either a default account selected by the Administrator or, to the extent feasible, the subaccount(s) that relate to the Participant’s investment direction under
the RSP; provided, however, to the extent an Insider has directed RSP amounts to the Stock Fund, such Insider shall be deemed to have selected the default account selected by the Administrator. Notwithstanding the foregoing, the Administrator may,
in its sole discretion, provide that one or more investment funds available under the RSP, including any self-directed brokerage account which may be available under the RSP, shall not be available for designation under the Plan. 
 (iv) Subject to Section 4.5(c), the subaccounts shall be valued subject to such reasonable rules and procedures as the Administrator may adopt and
apply to all Participants similarly situated with an effort to value such subaccounts as if amounts designated were invested in at similar times and in manners, subject to administrative convenience, as amounts are invested, and subject to the same
market fluctuation factors used in valuing such investments in the RSP. 
 Section 4.8 Special Restrictions. 
 (a) The provisions of this Section 4.8 shall apply to Participants who are or may be required to file reports under Section 16(a) of the
Exchange Act with respect to equity 

  

 15 

 
securities of Amex (“Insiders”). Such provisions shall apply during all periods that such Participants are Insiders, including any period following
cessation of Insider status during which such Participants are required to report transactions pursuant to Rule 16a-2(b) (or its successor) under the Exchange Act. This Section 4.8 shall be automatically applicable to any Participant who, on
and after the date hereof, becomes an Insider. For purposes of the foregoing, the effective date of this Section 4.8 shall be the date the Participant becomes an Insider. At such time as any Participant ceases to be an Insider (and any period
contemplated by Rule 16a-2(b) has expired), this Section 4.8 shall cease to be applicable to such Participant. 
 (b) Notwithstanding
anything in the Plan to the contrary, (i) except as set forth below, credits to the RSP-Related Account of an Insider pursuant to Section 4.5 may not be made to a subaccount that reflects the performance of the Stock Fund,
(ii) credits made pursuant to Section 4.5 to the account of an Insider at any time may not be transferred to a subaccount that reflects the performance of the Stock Fund and (iii) credits made to an Insider’s RSP-Related Account
pursuant to Section 4.5(b) at any time, and credits to a subaccount of an Insider that reflects the performance of the Stock Fund (which credits could only have been made when such individual was not an Insider) may not be transferred,
withdrawn, paid out or otherwise changed, other than (a) pursuant to Section 4.6 or Section 6.4 (but only at such time as such person is no longer an Insider) or (b) pursuant to the forfeiture provisions contained in the last
sentence of Section 4.4(b)(ii). 
 (c) It is intended that the crediting of amounts to the accounts of Insiders that represents the
performance of the Stock Fund is intended to qualify for exemption from Section 16 under Rule 16b-3(d) under the Exchange Act. The Administrator shall, with respect to Insiders, administer and interpret all Plan provisions in a manner
consistent with such exemption. 
 ARTICLE 5 
 ELECTIVE DEFERRALS 
 Section 5.1 Eligibility. 
 (a) In General. Participation in the Plan for a Plan Year with respect to Deferral Benefits shall be limited to Employees who meet the requirements
of Section 5.1(b), provided that the Administrator may designate, on a case-by-case basis, Employees or categories of Employees who shall not be eligible to participate in the Plan with respect to all or any portion of Deferral Benefits, and
provided further, that the determination of eligible Employees shall be made consistent with the requirement that the Plan be a “top-hat” plan for purposes of ERISA. 
 (b) Criteria. Generally, an Employee will be eligible to participate in the Plan for a Plan Year with respect to Deferral Benefits if the Employee
is: 
 (i) an “active” (i.e., providing services to Amex or an approved subsidiary) employee on the December 31st immediately
preceding the Plan Year; 
 (ii) a senior-level employee (“Band 50” or above) on the December 31st immediately preceding the
Plan Year; and 
  

 16 

 (iii) either: 
 (A) subject to U.S. federal income tax for the Plan Year; or 
 (B) designated by Amex as an eligible
U.S. Dollar-Paid Expatriate who is a U.S. citizen or U.S. green card holder for the Plan Year. 
 (c) Notification. Employees
eligible to participate in the Plan for a Plan Year with respect to Deferral Benefits will be notified by Amex of their eligibility to participate for such Plan Year. If Amex erroneously notifies an individual of his or her eligibility to
participate, and such individual does not meet the requirements of Section 5.1(b) or such individual has been excluded by the Administrator pursuant to Section 5.1(a), such erroneous notification shall not cause the individual to be
eligible, and any Deferral Election made by such ineligible individual shall be null and void and of no effect to the extent permissible under Section 409A. 
 (d) Newly Eligible Employees. To the extent permissible under Section 409A, Employees who become eligible to participate in the Plan during a Plan Year with respect to Deferral Benefits and who have not
previously participated in an account-balance deferred compensation arrangement (as defined for purposes of Section 409A) of Amex or its subsidiaries may be offered by Amex the opportunity to participate in the Plan for the Plan Year with
respect to Deferral Benefits with respect to his or her post-election Base Salary for the Plan Year and the post-election portion of his or her Annual Incentive Award for the Plan Year. 
 Section 5.2 Participation. An eligible Employee for a Plan Year shall become a Participant in the Plan with respect to Deferral Benefits for
such Plan Year by making a Deferral Election in accordance with Section 5.4 for the Plan Year. 
 Section 5.3 Deferrable
Compensation. 
 (a) Eligible Compensation. 
 (i) An eligible Employee for a Plan Year may elect to defer a specified dollar amount from one or more of the following items for the Plan Year: 
 (A) the Employee’s Base Salary; 
 (B)
the Employee’s Annual Incentive Award; and 
 (C) the Employee’s PG Award. 
 (ii) Notwithstanding Section 5.3(a)(i), an Employee who becomes eligible to participate in the Plan with respect to Deferral Benefits during a Plan
Year who is offered the opportunity by Amex to participate as described in Section 5.1(d) may only elect to defer a specified dollar amount from one or more of the following items for the Plan Year: 
 (A) the post-election portion of the Employee’s Base Salary; and 
  

 17 

 (B) the post-election portion of the Employee’s Annual Incentive Award. 
 (b) Minimum Deferral. The minimum dollar amount of each item eligible for deferral under Section 5.3(a) that may be deferred by an Employee
for a Plan Year shall be $5,000, unless otherwise determined by the Administrator in its sole discretion. 
 (c) Maximum Deferral.
Unless otherwise determined by the Administrator in its sole discretion, the maximum dollar amount that may be deferred by an Employee for a Plan Year from all items eligible for deferral under Section 5.3(a) shall be 100 percent of the
Employee’s Base Salary as of the December 31st immediately preceding the Plan Year (or with respect to an Employee who becomes eligible to participate in the Plan with respect to Deferral Benefits during a Plan Year, 100 percent of the
Employee’s Base Salary as of the date he or she becomes eligible to so participate). 
 Section 5.4 Deferral Benefits
Election. 
 (a) Time of Deferral Election. An eligible Employee for a Plan Year who wants to participate in the Plan with respect
to Deferral Benefits for a Plan Year must make a Deferral Election for the Plan Year before the beginning of the Plan Year that becomes irrevocable before the beginning of such Plan Year; provided, however, that an Employee described in
Section 5.1(d), may make a Deferral Election for the Plan Year in which he or she becomes eligible to participate within 30 days of becoming eligible to participate that is irrevocable no later than the expiration of such 30-day period.

 (b) Form of Deferral Election. A Deferral Election for a Plan Year shall be made either (i) in writing on the form provided by
Amex for the purpose of making such an election, or (ii) by means of the electronic enrollment process made available by Amex for the purpose of making such an election. 
 (c) Contents of Deferral Election. In his or her Deferral Election for a Plan Year, the Employee shall specify: 
 (i) the items of his or her compensation eligible for deferral under Section 5.3(a) that the Employee wishes to defer for the Plan Year and the
dollar amount of each such item to be deferred, provided that the amount of each item to be deferred complies with the requirements of Section 5.3(b) and the total amount of all items to be deferred complies with Section 5.3(c);

 (ii) the time when his or her Deferral Account for such Plan Year shall be paid, which shall be either (A) the Retirement of the
Participant, or (B) a specified date at least five years after the last day of the Plan Year; and 
 (iii) the form of payment of his
or her Deferral Account for the Plan Year, which shall be (A) a lump sum, or (B) five, ten or 15 substantially equal annual installments. 
  

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 (d) Withholding of Amounts Deferred. For each Plan Year, the Base Salary portion of a
Participant’s Deferral Election shall be withheld from each regularly scheduled Base Salary payroll in equal amounts, as adjusted from time to time for increases and decreases in Base Salary, and the Annual Incentive Award and/or PG Award
portion of a Participant’s Deferral Election shall be withheld at the time the Annual Incentive Award and/or PG Award are or otherwise would be paid to the Participant, whether or not this occurs during the Plan Year itself. 
 Section 5.5 Crediting of Deferral Accounts. The Administrator shall establish and maintain a Deferral Account with respect to each
Participant for the Deferral Benefits of each Plan Year. Amounts deferred by a Participant for a Plan Year shall be credited to the Deferral Account established for the Participant for such Plan Year at such times and in such manner as may be
determined by the Administrator. In making such credits, the Administrator shall generally attempt to, but shall not be required to, credit accounts at a time when the items deferred would otherwise have been paid to the Participant. 
 Section 5.6 Account Earnings. 
 (a) Earnings. A Participant’s Deferral Account for a Plan Year shall be credited with interest equivalents each calendar year at the Schedule Rate in effect for the calendar year. 
 (b) Vesting. 
 (i) Principal.
The principal amount of a Participant’s Deferral Account for a Plan Year shall be 100 percent vested at all times. 
 (ii)
Earnings. The earnings on a Participant’s Deferral Account for a Plan Year for a given calendar year at the Minimum Schedule Rate for the calendar year shall be 100 percent vested as such earnings are accrued and credited. The portion of
the earnings on a Participant’s Deferral Account for a Plan Year for a given calendar year at the applicable Schedule Rate in excess of the Minimum Schedule Rate for the calendar year, if any, shall become vested on the date that the
Participant becomes Retirement Eligible, or upon the earlier death or Disability of the Participant, and thereafter as such earnings are accrued and credited. 
 ARTICLE 6 
 PAYMENT OF BENEFITS 
 Section 6.1 Supplemental Account. 
 (a) Subject to Section 6.1(b), payment of Supplemental Benefits shall be made as follows: (i) if a Participant has elected (or is deemed to have elected) a lump-sum payment, it shall be made on the first January 1 or
July 1 which is at least six months following the Participant’s Separation from Service for any reason from the Company, or as soon thereafter as administratively feasible, but in no event later than 90 days; and (ii) if a Participant
has elected annual installment payments, they shall begin on July 1 of the calendar year following the Participant’s Separation from Service for any reason from the Company, or as soon thereafter as 

  

 19 

 
administratively feasible, but in no event later than 90 days, and shall continue on each July 1 (or as soon thereafter as administratively feasible,
but in no event later than 90 days) thereafter for the period selected by the Participant. A Participant who has experienced a Separation from Service and has begun receiving payments as set forth above, shall continue receiving any remaining
payments according to the terms in effect on the date of his or her Separation from Service, even if later re-employed by the Company. 
 (b)
If a Participant has made the one-time modification to his or her initial Supplemental Election pursuant to Section 4.6(a)(ii) or Section 4.6(d) and such subsequent Supplemental Election has become effective prior to the Participant’s
Separation from Service, then payment of such Participant’s Supplemental Benefits pursuant to Section 6.1(a) shall be made, or commence in the case of annual installments, on the date that is five years later than the date such
Supplemental Benefits would otherwise be made or commence pursuant to Section 6.1(a). 
 (c) If a Participant has elected annual
installment payments, each annual installment payment shall be determined by multiplying the amount of the Participant’s Supplemental Benefits by a fraction, the numerator of which is one, and the denominator is the number of remaining payments
(e.g., if the Participant elected five installments, the first annual installment payment would be the amount of the Participant’s Supplemental Benefits multiplied by 1/5, the second annual installment payment would be the remaining amount of
the Participant’s Supplemental Benefits multiplied by 1/4, etc.). 
 (d) The payment of Supplemental Benefits to a Participant under
this Section 6.1 shall be limited to a Participant’s vested portion of his or her Supplemental Account at the time of distribution. Unless otherwise expressly provided in the Plan, a Participant’s vested portion shall be determined
under the vesting provisions of the Qualified Retirement Plans. Any non-vested portion of amounts credited to a Participant hereunder shall be forfeited. 
 Section 6.2 Deferral Account. 
 (a) Specified Date Elections. If a Participant designated
a specified date as the time when a Deferral Account of such Participant is to be paid, and the Participant has not had a Separation of Service as of the specified date, then payment of the such Deferral Account shall be made as follows: (A) if
the Participant elected a lump-sum payment of such Deferral Account, it shall be made on the first March 15 or September 15 following the specified date (or if the Participant designated March 15 or September 15 as the specified
date, payment shall be made on such specified date), or as soon thereafter as administratively feasible, but in no event later than 90 days; and (B) if the Participant elected annual installment payments of such Deferral Account, it shall begin
on the first March 15 or September 15 following the specified date (or if the Participant designated March 15 or September 15 as the specified date, payment shall begin on such specified date), or as soon thereafter as
administratively feasible, but in no event later than 90 days, and shall continue on each March 15 (or as soon thereafter as administratively feasible, but in no event later than 90 days) thereafter for the period selected by the Participant.
If a Participant who is to receive or has begun receiving payments in annual installments under this Section 6.2(a) experiences a Separation from Service before having received all of the annual installments to which the Participant is
entitled, then if the Participant 

  

 20 

 
is Retirement Eligible at the time of his or her Separation from Service, the Participant shall receive or continue to receive the remaining annual
installment payments as scheduled, and if the Participant is not Retirement Eligible at the time of his or her Separation from Service, then the remaining installments shall be paid to the Participant in a lump sum pursuant to
Section 6.2(b)(ii). 
 (b) Separation from Service. If a Participant has a Separation of Service, regardless of whether the
Participant designated a later specified date as the time when a Deferral Account is to be paid, then: 
 (i) If a Participant is Retirement
Eligible at the time of his or her Separation from Service, then payment of the Participant’s Deferral Accounts shall be made as follows: (A) if the Participant elected a lump-sum payment of a Deferral Account, payment of such Deferral
Account shall be made on the first March 15 or September 15 which is at least six months following the Participant’s Separation from Service for any reason from the Company, or as soon thereafter as administratively feasible, but in
no event later than 90 days; and (B) if the Participant elected annual installment payments of the Deferral Account, payment of such Deferral Account shall begin on the first March 15 or September 15 which is at least six months
following the Participant’s Separation from Service for any reason from the Company, or as soon thereafter as administratively feasible, but in no event later than 90 days, and shall continue on each March 15 (or as soon thereafter as
administratively feasible, but in no event later than 90 days) thereafter for the period selected by the Participant. A Participant who has experienced a Separation from Service and has begun receiving payments as set forth above, shall continue
receiving any remaining payments according to the terms in effect on the date of his or her Separation from Service, even if later re-employed by the Company. 
 (ii) If a Participant is not Retirement Eligible at the time of his or her Separation from Service, then regardless of the Participant’s Deferral Elections, payment of all of the Participant’s Deferral
Accounts shall be made in a lump sum on the first March 15 or September 15 which is at least six months following the Participant’s Separation from Service, or as soon thereafter as administratively feasible, but in no event later
than 90 days. 
 (c) If a Participant will receive payment of a Deferral Account in annual installment payments, each annual installment
payment shall be determined by multiplying the Deferral Account amount by a fraction, the numerator of which is one, and the denominator is the number of remaining payments (e.g., if the Participant is to receive payment of a Deferral Account in
five installments, the first annual installment payment would be the amount of the Participant’s Deferral Account multiplied by 1/5, the second annual installment payment would be the remaining amount of such Deferral Account multiplied by 1/4,
etc.). 
 (d) Payment Limited to Vested Amount. The payment of a Participant’s Deferral Account for a Plan Year under this
Section 6.2 shall be limited to a Participant’s vested portion of his or her Deferral Account at the time of distribution. Any non-vested portion of amounts credited to a Participant hereunder shall be forfeited. 
 Section 6.3 Designation of Beneficiaries. A Participant may separately designate a Beneficiary or Beneficiaries entitled to receive payment
of his or her Supplemental Account and 

  

 21 

 
his or her Deferral Account by filing written notice of such designation with the Administrator in such form as the Administrator may prescribe. A
Participant may revoke or modify such designation at any time by a further written designation in such form as the Administrator may prescribe. A Participant’s Beneficiary designation shall be deemed automatically revoked in the event of the
death of the Beneficiary or, if the Beneficiary is the Participant’s spouse, in the event of dissolution of marriage. If no designation is in effect at the time Benefits payable under the Plan become due, the Beneficiary shall be deemed to be
the Participant’s surviving spouse, if any, and if not, the Participant’s estate. 
 Section 6.4 Death. 
 (a) Supplemental Account. Upon a Participant’s death, payment of the Participant’s Supplemental Account shall be made to the
Participant’s Beneficiary or Beneficiaries designated to receive the Participant’s Supplemental Account. If a Participant dies while still actively employed by the Company, the payment of his or her Supplemental Account shall be made as a
single lump-sum payment on the first January 1 or July 1 which is at least six months following the Participant’s death, or as soon thereafter as administratively feasible, but in no event later than 90 days. If a Participant elects
annual installment payments and dies after such installment payments have commenced, any remaining installment payments shall be made to the Participant’s Beneficiary or Beneficiaries as a single lump-sum payment on the first January 1 or
July 1 which is at least six months following the Participant’s death, or as soon thereafter as administratively feasible, but in no event later than 90 days. 
 (b) Deferral Account. Upon a Participant’s death, payment of the Participant’s Deferral Account shall be made to the Participant’s Beneficiary or Beneficiaries designated to receive the
Participant’s Deferral Account. If a Participant dies while still actively employed by the Company, the payment of his or her Deferral Account shall be made as a single lump-sum payment on the first March 15 or September 15 which is
at least six months following the Participant’s death, or as soon thereafter as administratively feasible, but in no event later than 90 days. If a Participant elects annual installment payments and dies after such installment payments have
commenced, any remaining installment payments shall be made to the Participant’s Beneficiary or Beneficiaries as a single lump-sum payment on the first March 15 or September 15 which is at least six months following the
Participant’s death, or as soon thereafter as administratively feasible, but in no event later than 90 days. 
 Section 6.5
Disability. 
 (a) Supplemental Account. In the event of the Disability of a Participant, payment of the Participant’s
Supplemental Account shall be made as follows: (i) if the Participant elected a lump-sum payment of his or her Supplemental Account, payment shall be made on the first January 1 or July 1 which is at least six months following the
Participant’s date of Disability, or as soon thereafter as administratively feasible, but in no event later than 90 days; and (ii) if the Participant elected annual installment payments of his or her Supplemental Account, payment shall
begin on July 1 of the calendar year following the Participant’s date of Disability, or as soon thereafter as administratively feasible, but in no event later than 90 days, and shall continue on each July 1 (or as soon thereafter as
administratively feasible, but in no event later than 90 days) thereafter for the period selected by the Participant. 
  

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 (b) Deferral Accounts. In the event of the Disability of a Participant, payment of each of the
Participant’s Deferral Accounts shall be made as follows: (i) if the Participant elected a lump-sum payment of his or her Deferral Account for the Plan Year, payment of that Deferral Account shall be made on the first March 15 or
September 15 which is at least six months following the Participant’s date of Disability, or as soon thereafter as administratively feasible, but in no event later than 90 days; and (ii) if the Participant elected annual installment
payments of his or her Deferral Account for the Plan Year, payment of such Deferral Account shall begin on the first March 15 or September 15 which is at least six months following the Participant’s date of Disability, or as soon
thereafter as administratively feasible, but in no event later than 90 days, and shall continue on each March 15 (or as soon thereafter as administratively feasible, but in no event later than 90 days) thereafter for the period selected by the
Participant for such Deferral Account. 
 Section 6.6 Unforeseen Emergency. If a Participant experiences an Unforeseeable
Emergency, the Participant may petition the Administrator to receive a partial or full payout from the Plan. The payout, if any, from the Plan shall not exceed the lesser of (a) the Participant’s vested Account balance, or (b) the
amount necessary to satisfy the Unforeseeable Emergency, plus amounts necessary to pay federal, state, or local income taxes or penalties reasonably anticipated as a result of the distribution. A Participant shall not be eligible to receive a payout
from the Plan to the extent that the Unforeseeable Emergency is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the liquidation of
such assets would not itself cause severe financial hardship or (iii) by cessation of a Deferral Election under this Plan. If the Administrator, in its sole discretion, approves a Participant’s petition for payout from the Plan, such
payout shall be made in a lump sum on the date on which such approval occurs, or as soon as administratively feasible thereafter, but in no event later than 90 days. At the time of its determination, and to the extent permissible by
Section 409A, the Administrator shall determine how any payment under this Section 6.6 will be applied against the Participant’s Account and the subaccounts thereunder. 
 Section 6.7 Company Offset. Notwithstanding anything in the Plan, the RP or the RSP to the contrary, to the maximum extent permissible by
Section 409A and applicable law, any amount otherwise due or payable under the Plan may be forfeited, or its payment suspended, at the discretion of the Administrator, to apply toward or recover any claim the Company may have against the
Participant, including but not limited to, for the enforcement of Amex’s Detrimental Conduct provisions under its long-term incentive award plan, to recover a debt to the Company or to recover a benefit overpayment under a Company benefit plan
or program. No amounts shall be offset against a Participant’s Account prior to the date on which the offset amounts would otherwise be distributed to the Participant unless otherwise permitted by Section 409A. An offset shall be made only
to the extent and in the manner permitted by the Policy. 
 Section 6.8 Withholding. The Company shall be entitled to deduct from
any payment under the Plan, regardless of the form of such payment, the amount of all applicable income and employment taxes, if any, required by law to be withheld with respect to such payment or may require the Participant to pay to it such tax
prior to and, to the extent permissible under Section 409A, as a condition of the making of such payment. 
  

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 ARTICLE 7 
 CHANGE IN CONTROL 
 Section 7.1 Change in Control. “Change in Control” means
the happening of any of the following: 
 (a) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25 percent or more of either (i) the then outstanding common shares of Amex (the “Outstanding
Company Common Shares”) or (ii) the combined voting power of the then outstanding voting securities of Amex entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however,
that such beneficial ownership shall not constitute a Change in Control if it occurs as a result of any of the following acquisitions of securities: (A) any acquisition directly from Amex; (B) any acquisition by Amex or any corporation,
partnership, trust or other entity controlled by Amex (a “Subsidiary”); (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Amex or any Subsidiary; (D) any acquisition by an underwriter
temporarily holding Amex securities pursuant to an offering of such securities; (E) any acquisition by an individual, entity or group that is permitted to, and actually does, report its beneficial ownership on Schedule 13-G (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), then, for purposes of this subsection, such individual, entity or
group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so report, beneficial ownership of all of the Outstanding Company Common Stock and Outstanding Company Voting
Securities beneficially owned by it on such date; or (F) any acquisition by any corporation pursuant to a reorganization, merger or consolidation if, following such reorganization, merger or consolidation, the conditions described in clauses
(i), (ii) and (iii) of Section 7.1(c) are satisfied. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) became the beneficial owner of
25 percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities as a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by Amex which, by reducing the
number of Outstanding Company Common Shares or Outstanding Company Voting Securities, increases the proportional number of shares beneficially owned by the Subject Person; provided, that if a Change in Control would be deemed to have occurred (but
for the operation of this sentence) as a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by Amex, and after such share acquisition by Amex, the Subject Person becomes the beneficial owner of
any additional Outstanding Company Common Shares or Outstanding Company Voting Securities which increases the percentage of the Outstanding Company Common Shares or Outstanding Company Voting Securities beneficially owned by the Subject Person, then
a Change in Control shall then be deemed to have occurred; or 
 (b) Individuals who, as of the date hereof, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by Amex’s
shareholders, was approved by a vote of at least a majority 

  

 24 

 
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the
Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation; or 
 (c) The
consummation of a reorganization, merger, statutory share exchange, consolidation, or similar corporate transaction involving Amex or any of its direct or indirect Subsidiaries (each a “Business Combination”), in each case, unless,
following such Business Combination, (i) the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately prior to such Business Combination, continue to represent (either by remaining outstanding or being
converted into voting securities of the resulting or surviving entity or any parent thereof) more than 50 percent of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation resulting from Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns Amex or all or substantially all of
Amex’s assets either directly or through one or more subsidiaries), (ii) no Person (excluding Amex, any employee benefit plan (or related trust) of Amex, a Subsidiary or such corporation resulting from such Business Combination or any
parent or subsidiary thereof, and any Person beneficially owning, immediately prior to such Business Combination, directly or indirectly, 25 percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities, as the
case may be) beneficially owns, directly or indirectly, 25 percent or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination (or any parent thereof) or the combined voting power
of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business
Combination (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such Business Combination; or 
 (d) The consummation of the sale, lease, exchange or other disposition of all or substantially all of the assets of Amex, unless such assets have been
sold, leased, exchanged or disposed of to a corporation with respect to which following such sale, lease, exchange or other disposition (i) more than 50 percent of, respectively, the then outstanding shares of common stock of such corporation
and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially
all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Shares and Outstanding Company Voting Securities immediately prior to such sale, lease, exchange or other disposition in
substantially the same proportions as their ownership immediately prior to such sale, lease, exchange or other disposition of such Outstanding Company Common Shares and Outstanding Company Voting Shares, as the case may be, (ii) no Person
(excluding Amex and any employee benefit plan (or related trust)) of Amex or a Subsidiary or of such corporation or a subsidiary thereof and any Person beneficially owning, immediately prior to such sale, lease, exchange or other disposition,
directly or indirectly, 25 percent or more of the Outstanding Company Common Shares or Outstanding 

  

 25 

 
Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25 percent or more of respectively, the then outstanding
shares of common stock of such corporation (or any parent thereof) and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of directors and
(iii) at least a majority of the members of the board of directors of such corporation (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such
sale, lease, exchange or other disposition of assets of Amex; or 
 (e) Approval by the shareholders of Amex of a complete liquidation or
dissolution of Amex. 
 Section 7.2 Effect of Change in Control. This Section 7.2 shall apply in the event of a Change in
Control. 
 (a) Rabbi Trust. Notwithstanding Section 10.1 and any other provision herein to the contrary, to the extent permitted
by Section 409A without excise tax or penalty, effective immediately upon a Change of Control, the entire value of each Participant’s Account under the Plan shall be maintained in a trust (the “Trust”) established by Amex for
this purpose and the Company shall transfer to the Trust an amount sufficient to fund the entire value of each Participant’s Account. The Trust is intended to be classified for federal income tax purposes as a “grantor trust” within
the meaning of Subpart E, Part I, Subchapter J, Chapter 1, Subtitle A of the Code. 
 (b) Account Earnings. 
 (i) RSP-Related Account. 
 (A)
Notwithstanding Section 4.7(b)(ii), effective immediately upon a Change in Control, to the extent a subaccount of a RSP-Related Account established on behalf of a Participant reflects, or by the terms of the Plan should in the future reflect,
the performance of the Stock Fund, it shall thereafter reflect the performance of the Stable Value Fund. 
 (B) Notwithstanding
Section 4.7(b)(iii), in the event that any time after a Change in Control either (A) the RSP is frozen or terminated and is not replaced by a comparable qualified incentive savings plan, or (B) there are no investment funds available
under the RSP (or successor qualified investment savings plan) to which a Participant may direct the investment of his or her RSP-Related Account, then a Participant’s RSP-Related Account shall thereafter be credited with earnings of at least
the Moody’s A Rate. 
 (ii) Deferral Accounts. 
 (A) Notwithstanding Section 5.6(a), effective immediately upon a Change in Control, the applicable Schedule Rate for the calendar year in which the Change in Control occurs and the immediately following calendar
year shall be no less than nine percent; 
  

 26 

 (B) Notwithstanding Section 5.6(a), effective immediately upon a Change in Control, the applicable
Schedule Rate for the second calendar year immediately following the calendar year in which the Change in Control occurs and each calendar year thereafter shall be no less than the Moody’s A Rate for such calendar year. 
 (C) If a Participant who is eligible to receive lump-sum severance under the Severance Plan experiences a Separation from Service within the two-year
period following a Change in Control, and the Participant would have become Retirement Eligible during the serial severance period for which the Participant would have been eligible in a non-Change-in-Control situation, then upon such Separation
from Service, the Participant shall immediately become 100 percent vested in the earnings on his or her Deferral Account under Section 5.6(b)(ii) as if the Participant were Retirement Eligible on the date of the Separation from Service.

 (c) Tax Gross-Up. 
 (i) In the event that any payment or benefit received or to be received by a Participant hereunder in connection with a Change in Control or termination of such Participant’s employment (such payments and benefits, excluding the
Gross-Up Payment (as hereinafter defined), being hereinafter referred to collectively as the “Payments”), will be subject to the excise tax referred to in Section 4999 of the Code (the “Excise Tax”), then (A) in the
case of a Participant who is classified in Band 70 (or its equivalent) or above immediately prior to such Change in Control (a “Tier 1 Employee”), the Company shall pay to such Tier 1 Employee, within five days after the expiration of the
written-statement period referred to in Section 7.2(iv), an additional amount (the “Gross-Up Payment”) such that the net amount retained by such Tier 1 Employee, after deduction of any Excise Tax on the Payments and any federal, state
and local income and employment taxes and Excise Tax upon the Gross-Up Payment, shall be equal to the Payments and (B) in the case of a Participant other than a Tier 1 Employee, the Payments shall be reduced to the extent necessary so that no
portion of the Payments is subject to the Excise Tax but only if (a) the net amount of all Total Payments (as hereinafter defined), as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes on
such reduced Total Payments) is greater than or equal to (b) the net amount of such Total Payments without any such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments
and the amount of Excise Tax to which the Participant may elect in writing to have other components of his or her Total Payments reduced prior to any reduction in the Payments hereunder. 
 (ii) For purposes of determining whether the Payments will be subject to the Excise Tax, the amount of such Excise Tax and whether any Payments are to
be reduced hereunder: (A) all payments and benefits received or to be received by the Participant in connection with such Change in Control or the termination of such Participant’s employment, whether pursuant to the terms of this
Agreement or any other plan, arrangement or agreement with the Company, any Person whose actions result in such Change in Control or any Person affiliated with the company or such Person (all such payments and benefits, excluding the Gross-Up
Payment and any similar gross-up payment to which a Tier 1 Employee may be entitled under any such other plan, arrangement or agreement, being hereinafter referred to as the “Total Payments”), shall be treated as “parachute
payments” (within the meaning of Section 280G(b)(2) 

  

 27 

 
of the Code) unless, in the opinion of the accounting firm which was, immediately prior to the Change in Control, the Company’s independent auditor, or
if that firm refuses to serve, by another qualified firm, whether or not serving as independent auditors, designated by the Committee (the “Firm”), such payments or benefits (in whole or in part) do not constitute parachute payments,
including by reason of Section 280G(2)(A) or Section 280G(b)(4)(A) of the Code; (B) no portion of the Total Payments the receipt or enjoyment of which the Participant shall have waived at such time and in such manner as not to
constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account; (C) all “excess parachute payment” within the meaning of Section 280G(b)(2) of the Code shall be treated as
subject to the Excise Tax unless, in the opinion of the Firm, such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered (within the meaning of Section 280G(g)(4)(B) of the Code) in
excess of the Base Amount (within the meaning of Section 280G(b)(3) of the Code) allocable to such reasonable compensation, or are otherwise not subject to the excise Tax; and (D) the value of any non-cash benefits or any deferred payment
or benefit shall be determined by the Firm in accordance with the principles of Sections 280G(d)(3) and (4) of the Code and regulations or other guidance thereunder. For purposes of determining the amount of the Gross-Up Payment in respect of a
Tier 1 Employee and whether any Payments in respect of a Participant (other than a Tier 1 Employee) shall be reduced, a Participant shall be deemed to pay federal income tax at the highest marginal rate of federal income taxation (and state and
local income taxes at the highest marginal rate of taxation in the state and locality of such Participant’s residence, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes) in
the calendar year in which the Gross-Up Payment is to be made (in the case of a Tier 1 Employee) or in which the Payments are made (in the case of a Participant other than a Tier 1 Employee). The Firm will be paid reasonable compensation by the
Company for its services. 
 (iii) In the event that the Excise Tax is finally determined to be less than the amount taken into account
hereunder in calculating the Gross-Up Payment, then an amount equal to the amount of the excess of the earlier payment over the redetermined amount (the “Excess Amount”) will be deemed for all purposes to be a loan to the Tier 1 Employee
made on the date of the Tier 1 Employee’s receipt of such Excess Amount, which the Tier 1 Employee will have an obligation to repay to the Company on the fifth business day after demand, together with interest on such amount at the
Section 1274 Rate from the date of the Tier 1 Employee’s receipt of such Excess Amount until the date of such repayment (or such lesser rate (including zero) as may be designated by the Firm such that the Excess Amount and such interest
will not be treated as a parachute payment as previously defined). In the event that the Excise Tax is finally determined to exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of any payment the
existence or amount of which cannot be determined at the time of the Gross-Up Payment), within five business days of such determination, but not later than December 31st of the year following the year in which the Participant remits the related
tax, the Company will pay to the Tier 1 Employee an additional amount, together with interest thereon from the date such additional amount should have been paid to the date of such payment, at the Section 1274 Rate (or such lesser rate
(including zero) as may be designated by the Firm such that the amount of such deficiency and such interest will not be treated as a parachute payment as previously defined). The Tier 1 Employee and the Company shall each reasonably cooperate with
the other in connection with any administrative or judicial proceedings concerning the amount of any Gross-Up Payment. 
  

 28 

 (iv) As soon as practicable following a Change in Control, but in no event later than 30 days
thereafter, the Company shall provide to each Tier 1 Employee and to each other Participant with respect to whom it is proposed that Payments be reduced, a written statement setting forth the manner in which the Total Payments in respect of such
Tier 1 Employee or other Participant were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the Company has received from the Firm or other advisors or consultants (and any such opinions or
advice which are in writing shall be attached to the statement). 
 ARTICLE 8 
 CLAIMS PROCEDURES 
 Section 8.1
Claim. 
 (a) A Participant or Beneficiary who believes that he or she is being denied a Benefit to which he or she is entitled under the
Plan may file a written request for such Benefit with the Administrator, setting forth his or her claim for Benefits. 
 (b) Other than with
respect to claims to which ERISA expressly provides a limitations period, no action may be commenced against any Plan party after the earliest to occur of the following dates: the date that is 90 days after the date of the final denial of the
appeal, or the date that is one year from the date a cause of action accrued. For purposes of this Article 8, a cause of action is considered to have accrued when the person bringing the legal action knew, or in the exercise of reasonable
diligence should have known, that a Plan party has clearly repudiated the claim or legal position which is the subject of the action, regardless of whether such person has filed a claim for Benefits in accordance with the provisions of this
Article 8. The Administrator shall be the Plan’s agent for service of process. 
 (c) A Participant or Beneficiary must exhaust all
remedies under the Plan’s claims procedures before being entitled to seek relief under Section 8.5. 
 Section 8.2 Claim
Decision. 
 (a) Except as otherwise provided by Section 8.2(b), the Administrator shall reply to any claim filed under
Section 8.1 within 90 days of receipt, unless it determines to extend such reply period for an additional 90 days for reasonable cause and notifies the claimant in advance of the reasons for the extension and the date by which the Administrator
expects to make a decision. If the claim is denied in whole or in part, such reply shall include a written explanation, using language calculated to be understood by the Participant or Beneficiary, setting forth: 
 (i) the specific reason or reasons for such denial; 
 (ii) the specific reference to relevant provisions of the Plan on which such denial is based; 
  

 29 

 (iii) a description of any additional material or information necessary for the Participant or
Beneficiary to perfect his or her claim and an explanation why such material or such information is necessary; 
 (iv) appropriate
information as to the steps to be taken if the Participant or Beneficiary wishes to submit the claim for review; 
 (v) the time limits for
requesting a review under Section 8.3 and for review under Section 8.4; and 
 (vi) the Participant’s or Beneficiary’s
right to bring an action for Benefits under Section 502 of ERISA (subject to Section 8.5) if Benefits are denied on review. 
 (b)
If the claim is a claim for Benefits that requires a determination regarding whether a Participant is Disabled to be made by the Administrator (and not by some party other than the Administrator or the Plan for purposes other than a benefit
determination under the Plan), the Administrator will respond to the Participant’s claim within a reasonable period of time and in any case within 45 days (provided that the Administrator may utilize up to two 30-day extension periods, in each
case to the extent that the Administrator determines that circumstances beyond the control of the Plan so require, and shall in each case provide the claimant with an advance notice setting forth the reasons for the extension and the date by which
the Administrator expects to render a decision, the standards on which entitlement to a Benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve such issues). In the event that
additional information is necessary to resolve a claim requiring the Administrator to rule on the Participant’s Disabled status, the claimant shall be afforded at least 45 days to provide the information (during which time the periods to
provide notice and a decision on the claim shall be tolled). 
 (c) In the event of a claim requiring the Administrator to rule on the
Participant’s Disabled status, the Administrator’s written notice of claim denial shall provide the claimant (in addition to the items described in Section 8.2(a)) with a copy of any internal rule, guideline, protocol or other similar
criterion relied upon during the claims process or with a statement that such an internal rule, guideline, protocol or other similar criterion was relied upon and that a copy will be provided free of charge upon request, and if a medical necessity
or experimental treatment or similar exclusion or limit was imposed, the Administrator will provide an explanation of the scientific or clinical judgment for the determination (applying the terms of the Plan to the claimant’s medical
circumstances) or a statement that such an explanation will be provided free of charge upon request. 
 Section 8.3 Request for
Review. 
 (a) Except as otherwise provided by Section 8.3(b), within 60 days after the receipt by the Participant or Beneficiary of
the written explanation described above, the Participant or Beneficiary may request in writing that the Administrator review its determination. The Participant or Beneficiary, or his or her duly authorized representative, may, but need not, review
the relevant documents and submit issues and comments in writing for consideration by the Administrator. Reasonable access to and copies of any documents, records and other 

  

 30 

 
information relevant to the claim will be provided free of charge upon request, subject to attorney-client, attorney work-product and other applicable
privilege rules unless otherwise required by ERISA. Except as otherwise provided by Section 8.3(b), if the Participant or Beneficiary does not request a review of the initial determination within such 60-day period, the Participant or
Beneficiary shall be barred and estopped from challenging the determination. 
 (b) In the event of a claim requiring the Administrator to
make a determination regarding the Participant’s Disabled status, the claimant shall have 180 days after receipt of the written explanation described above to request in writing that the determination be reviewed, and shall be barred and
estopped from challenging the determination if he or she does not request a review of the initial determination within such 180-day period. 
 Section 8.4 Review of Decision. 
 (a) After considering all materials presented by the Participant or Beneficiary, the
Administrator will render a written decision, setting forth the specific reasons for the decision and containing specific references to the relevant provisions of the Plan on which the decision is based. The decision on review shall normally be made
within 60 days after the Administrator’s receipt of the Participant’s or Beneficiary’s claim or request. If an extension of time is required for a hearing or other special circumstances, the Participant or Beneficiary shall be
notified of the reasons for the extension and the date as of which the Administrator expects to make a decision, and the time limit shall be 120 days. The decision shall be in writing using language calculated to be understood by the Participant or
Beneficiary, and shall set forth: 
 (i) the specific reason or reasons for such denial; 
 (ii) the specific reference to relevant provisions of the Plan on which such denial is based; 
 (iii) a statement that the claimant is entitled, upon request and free of charge, to receive reasonable access to and copies of all documents, records
and other information relevant to the claimant’s claim (subject to attorney-client, attorney work-product and other applicable privilege rules unless otherwise required by ERISA); and 
 (iv) the Participant’s or Beneficiary’s right to bring an action for Benefits under Section 502 of ERISA now that the claim has been
denied on appeal (subject to Section 8.5). 
 (b) In the event of a claim requiring the Administrator to make a determination regarding
the Participant’s Disabled status, the Administrator shall ensure that no deference is afforded to the prior determination, that the persons who made the initial determination on behalf of the Administrator shall not be involved in the review,
and that the persons who make the decision on review on behalf of the Administrator are not subordinates of the original decision-makers. In the event that a medical judgment is required, the persons conducting the review shall consult with a health
care professional of appropriate training and experience in the relevant field of medicine and shall identify any medical or vocational experts consulted to the claimant. No health care professional consulted in the course of the review shall be a
person consulted in the course of the original determination (or a subordinate of such 

  

 31 

 
person). The claim determination on review of a claim requiring the Administrator to make a determination regarding the Participant’s Disabled status
shall be provided within 45 days (90 days, if the Administrator determines that special circumstances require an extension and so informs the Participant). In the event of such a claim denial, in addition to the items required above, the
Administrator shall provide a copy of any internal rule, guideline, protocol or other similar criterion relied upon during the claims process or a statement that such an internal rule, guideline, protocol or other similar criterion was relied upon
and that a copy will be provided upon request, and if a medical necessity or experimental treatment or similar exclusion or limit was imposed, the Administrator will provide an explanation of the scientific or clinical judgment for the determination
(applying the terms of the Plan to the claimant’s medical circumstances) or a statement that such an explanation will be provided free of charge upon request. 
 (c) All decisions on review shall be final and shall bind all parties concerned to the maximum extent permitted by law. 
 Section 8.5 Arbitration. 
 (a) Notwithstanding anything herein to the contrary and to the extent
permitted by ERISA, upon completion of the claims process set forth in this Article 8, the Administrator, a Participant or a Beneficiary will have the right to compel binding arbitration with respect to any claim for Benefits or damages. If any
such party chooses to compel arbitration, the process and procedure shall be governed by the terms and conditions of the American Express Company Employment Arbitration Policy and Employment Arbitration Acknowledgment Form (“Policy”), to
the extent such Policy is consistent with the terms of the Plan. This includes, but is not limited to, the Policy’s prohibition against claims being arbitrated on a class action basis or on bases involving claims brought in a representative
capacity on behalf of any other similarly situated party. In addition, if any party chooses to compel arbitration, the arbitrator will be bound by the substantive terms of the Plan and ERISA (including, but not limited to, the standard of review
required by ERISA). 
 (b) To the extent required by Sections 2560.503-1(c)(2)-(3) and 2560.503-1(d) of the Labor Regulations,
arbitration shall not be required in the case of a claim which requires the Administrator to make a determination with respect to the Participant’s Disabled status. 
 Section 8.6 Burden of Proof. Notwithstanding anything herein to the contrary, to the extent a Participant or Beneficiary asserts entitlement to Benefits based upon facts not contained in the Plan’s
records, such person shall be required to provide satisfactory affirmative evidence of such facts. For avoidance of doubt, if a person claims entitlement to benefits based upon Compensation for RSP-Related Account or RP-Related Account purposes,
Years of Service, or Base Salary, Annual Incentive Awards or PG Awards, that are not reflected in the Plan’s records, such person must provide satisfactory affirmative evidence of such Compensation, Years of Service, Base Salary, Annual
Incentive Awards or PG Awards. The Administrator shall have the sole and exclusive discretion to determine whether the above-referenced affirmative evidence is satisfactory. 
  

 32 

 Section 8.7 Administrator’s Sole Authority. Notwithstanding Section 3.2 or any
other provision of the Plan, the Administrator shall have the sole and exclusive authority with respect to any matter, action or decision under this Article 8, and the Committee shall have neither any authority with respect to such matters, nor
the right or ability to limit or to interfere in any way with the Administrator’s authority with respect to such matters. 
 ARTICLE 9 
 AMENDMENT & TERMINATION 
 Section 9.1 Plan Amendment. The Committee or its delegate may, at any time, amend or terminate the Plan, provided that the Committee may not
reduce or modify the amount of any Benefit payable to a Participant or any Beneficiary receiving Benefit payments at the time the Plan is amended or terminated. Notwithstanding the foregoing, the Committee shall not have the right to amend or modify
the terms and provisions of the Plan to the extent such amendment or modification would result in a violation of Section 409A. 
 Section 9.2 Effect of Plan Termination. If the Plan is terminated, no additional deferrals or contributions shall be credited to any Participant Account hereunder. Following Plan termination, Participants’ Accounts shall be
paid at such time and in such form as provided under Article 6. Notwithstanding the foregoing, either at the time of termination or on a subsequent date, the Committee may, in its discretion, determine to distribute the then existing Account
balances of Participants and Beneficiaries and, following such distribution, there shall be no further obligation to any Participant or Beneficiary under the Plan; provided, however, that the authority granted to the Committee under this
Section 9.2 shall be implemented in compliance with the requirements of and only to the extent permissible under Section 409A. 
 ARTICLE 10 
 GENERAL PROVISIONS 
 Section 10.1 Unfunded Status. Nothing in the Plan shall create, or be construed to create, a trust of any kind or fiduciary relationship between the Company and the Participant, his or her designated
Beneficiary, or any other person. Any funds deferred under the provisions of the Plan shall be construed for all purposes as a part of the general funds of the Company, and any right to receive payments from the Company under the Plan shall be no
greater than the right of any unsecured general creditor. The Company may, but need not, purchase any securities or instruments as a means of hedging its obligations to any Participant under the Plan. 
 Section 10.2 Non-Transferable. The right of any Participant, or other person, to the payment of deferred compensation under the Plan shall
not be assigned, transferred, pledged or encumbered except by the laws of descent and distribution. 
 Section 10.3 No Right to
Continued Employment. Participation in the Plan shall not be construed as conferring upon the Participant the right to continue in the employ of the Company as an executive or in any other capacity. The Company expressly reserves the right to
dismiss any employee at any time without liability for the effect such dismissal might have upon him or her hereunder. 
  

 33 

 Section 10.4 Plan Benefits Not Compensation Under Employee Benefit Plans. Any deferred
compensation payable under the Plan shall not be deemed salary or other compensation to the Participant for the purpose of computing the benefits under any plan or arrangement (including but not limited to any “employee benefit plan” under
ERISA) except as expressly provided in such plan or arrangement. 
 Section 10.5 Compliance with Section 409A. The Plan is
intended to comply with Section 409A, and shall be interpreted, operated and administered consistent with this intent and the Policy. To the extent the terms of the Plan fail to qualify for exemption from or to satisfy the requirements of
Section 409A, the Plan may be operated in compliance with Section 409A pending amendment to the extent authorized by the Internal Revenue Service. In such circumstances, the Plan will be administered in a manner which adheres as closely as
possible to its existing terms while complying with Section 409A. 
 Section 10.6 No Guarantee of Tax Consequences.

 (a) The Company makes no representations or warranties and assumes no responsibility as to the tax consequences to any Participant who
enters into a deferred compensation agreement with the Company pursuant to the Plan or any such Participant’s Beneficiary. Further, payment by the Company to Participant (or to a Participant’s Beneficiary or Beneficiaries) in accordance
with the terms of the Plan, including any designation of Beneficiary on file with the Administrator at the time of Participant’s death, shall be binding on all interested parties and persons, including Participant’s heirs, executors,
administrators and assigns, and shall discharge the Company, its directors, officers and employees from all claims, demands, actions or causes of action of every kind arising out of or on account of Participant’s participation in the Plan,
known or unknown, for himself or herself, his or her heirs, executors, administrators and assigns. 
 (b) No person connected with the Plan
in any capacity, including, but not limited to, the Company and its directors, officers, agents and employees, makes any representation, commitment, or guarantee that any tax treatment, including, but not limited to, Federal, state and local income,
estate and gift tax treatment, will be applicable to any amounts deferred under the Plan, or paid to or for the benefit of a Participant or Beneficiary under the Plan, or that such tax treatment will apply to or be available to a Participant or
Beneficiary on account of participation in the Plan. 
 (c) Any agreement executed pursuant to the Plan shall be deemed to include the above
provision of this Section 10.6. 
 Section 10.7 Limitations on Liability. Neither the establishment of the Plan nor any
modification thereof, nor the creation of any account under the Plan, nor the payment of any benefits under the Plan shall be construed as giving to any Participant or other person any legal or equitable right against the Company, or any officer or
employer thereof except as provided by law or by any Plan provision. No person (including the Company) in any way guarantees any Participant’s Account from loss or depreciation, whether caused by poor investment performance of a deemed
investment or the inability to realize upon an investment due to an insolvency affecting an investment vehicle or any other reason. In no event shall the Company or any 

  

 34 

 
successor, employee, officer, director or stockholder of the Company, be liable to any person on account of any claim arising by reason of the provisions of
the Plan or of any instrument or instruments implementing its provisions (except that the Company shall make benefit payments in accordance with the terms of the Plan), or for the failure of any Participant, Beneficiary or other person to be
entitled to any particular tax consequences with respect to the Plan, or any credit or distribution hereunder. 
 Section 10.8
Severability. If any provision of the Plan is held to be illegal or void, such illegality or invalidity shall not affect the remaining provisions of the Plan, but shall be fully severable, and the Plan shall be construed and enforced as if said
illegal or invalid provision had never been inserted herein. 
 Section 10.9 Captions. The headings and captions herein are
provided for reference and convenience only, shall not be considered part of the Plan, and shall not be considered in the construction of the Plan. 
 Section 10.10 Governing Law. The Plan shall be construed in accordance with and governed by the laws of the State of New York to the extent not superseded by federal law, without reference to the principles of conflict of laws.

 *    *    *    *    * 
  

 35 

 SCHEDULE A 
 DEFERRAL ACCOUNT SCHEDULE RATE 
 For each calendar year, the Schedule Rate used to determine the earnings credited on
a Participant’s Deferral Accounts for such calendar year shall be determined under the following metric, based on Amex’s “ROE” for such calendar year and its “ROE Target Range” for such calendar year: 
  

			
	 Amex’s ROE
	  	 Schedule Rate

	Below ROE Target Range	  	Moody’s A Rate
		
	Within ROE Target Range	  	9%
		
	Above ROE Target Range	  	11%

 Amex’s “ROE” for a calendar year means Amex’s consolidated annual return on equity for
such calendar year, as reported by Amex, subject to adjustment for significant accounting changes as determined by the Committee in its sole discretion. 
 Amex’s “ROE Target Range” for a calendar year means the ROE target range announced by Amex and in effect on January 1st of such calendar year. 
 Except as otherwise provided by Section 7.2(b)(ii) of the Plan, the Schedule Rate under this Schedule A for any calendar year may be changed by the Committee, prospectively or retrospectively, in its sole
discretion, without prior notice to or consent of Participants or Beneficiaries. 
  

 36

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