Document:

Exhibit 10.30

 

ACCO
BRANDS CORPORATION (FROZEN) DEFERRED COMPENSATION PLAN

 

(formerly,
General Binding Corporation Supplemental Deferred Compensation Plan No. 2)

 

As
Amended and Restated Effective January 1, 2008

 

SECTION 1

 

1.1  Purpose.

 

(a)                                  General Binding Corporation established
this Deferred Compensation Plan (then known as the General Binding Corporation
Supplemental Deferred Compensation Plan No. 2) (“Plan”) effective January 25,
2001 for the purpose of (i) providing a select group of highly compensated
or management employees of General Binding Corporation with the opportunity to
defer a portion of their individual compensation to a future date including the
date of retirement at the election of the covered employee (“Participant”)
and (ii) restoring to a Participant the equivalent of the amount by which
the Participant’s benefits under the General Binding Corporation 401(k) Retirement
Savings Plan (the “401(k) Plan”) was reduced by reason of the
operation of certain limitations under the Internal Revenue Code of 1986, as
amended (“Code”).

 

(b)                                 Effective December 31, 2005, the
Plan was amended to discontinue all Voluntary Deferrals thereafter.  Effective December 31, 2006, the Plan
was amended to discontinue all Basic Deferrals and all matching deferrals
respecting all such Basic Deferrals thereafter. 
As of the Effective Date, no Voluntary Deferrals or Basic Deferrals or
matching deferrals respecting Basic Deferrals are made under the Plan.

 

(c)                                  Prior to the Effective Date, ACCO Brands
Corporation  (“the Company”)
established the ACCO Brands Corporation Supplemental Retirement Plan (“SRP”).  As in effect prior to the Effective Date, the
SRP (and its predecessor plan, the ACCO World Corporation Executive Deferred
Compensation Plan) provided certain employees of the Company nonqualified
supplemental profit sharing and supplemental matching deferrals for fiscal
years prior to January 1, 2002 (“SRP Deferrals”).

 

(d)                                 Effective the Effective Date, the Company
is treating all accounts of participants under the SRP having a balance of
undistributed SRP Deferrals (including credits for earnings (debits for losses)
thereon through December 31, 2007) as accounts under and subject to the
terms of the Plan as set forth below, which accounts shall thereupon be debited
from and no longer subject to the terms of the SRP.  All of such participants hereafter also are
referred to as 

 

 

 

(e)                                  The Plan is amended and restated for the
additional purpose of compliance with section 409A of the Code.

 

(f)                                    Effective the Effective Date, the Plan
shall be titled the “ACCO Brands Corporation (Frozen) Deferred Compensation
Plan.”

 

1.2  Effective Date. The Plan is hereby amended and fully
restated effective January 1, 2008 (“Effective Date”).  This Amendment and Restatement shall govern
all benefits under the Plan that had not been distributed prior to the
Effective Date.  The Plan as in effect
prior to January 1, 2008 shall govern all benefits accrued and all
distributions of accrued benefits through December 31, 2007, subject to
the Company’s good faith compliance with section 409A of the Code and the
effective guidance issued by the Internal Revenue Service and the U.S. Treasury
thereunder to the extent applicable.  For
all purposes under the Plan, references to “benefits” shall mean all
deferrals under the Plan (including SRP Deferrals) made on or prior to December 31,
2006 together with investment earnings and losses credited and debited thereon
through December 31, 2007.

 

1.3  Participant Selection. The Participants in the Plan shall be
those highly compensated or management employees (and former employees) of the
Company having either (i) vested benefits comprised of one or more of
Voluntary Deferrals, Basic Deferrals or matching deferrals on Basic Deferrals
under the Plan or (ii) SRP Deferrals under the SRP on December 31,
2007 and who, on the Effective Date, remain entitled to a distribution of such
benefits (to the extent then or thereafter becoming vested) in accordance with
the terms of the Plan.  No other employee
of the Company or any other person shall be eligible to participate in the Plan
at any time hereafter.

 

SECTION 2

 

2.1  Participant Deferrals.

 

(a)                                  For compensation earned during years
prior to January 1, 2007, each Participant participating under the Plan
during such period had the option to make the following annual elections:

 

(i)                                     For each calendar year through December 31,
2006, if the Participant was making 401(k) Contributions under the 401(k) Plan,
to defer receipt of the difference between (i) the amount of the 401(k) Contributions
the Participant would have made under the 401(k) Plan if there were no
Code Limitations, and (ii) the amount of 401(k) Contributions
actually made on behalf of the Participant under the 401(k) Plan for such
year (a “Basic Deferral”) until separation from the service of the
Company, disability, death or retirement.   
Effective January 1, 2007, any reference to “Basic Deferral” under
the Plan shall refer only to Basic Deferrals of compensation made on or before December 31,
2006;

 

(ii)                                  For each calendar year through December 31,
2005, to defer receipt of any part or all of the Participant’s total
compensation (a “Voluntary Deferral”) until separation from the service
of the Company, disability, death or 

 

 

2

 

 

retirement.  Effective January 1, 2006, any reference
to “Voluntary Deferral” under the Plan shall refer only to Voluntary Deferrals
of compensation made on or before December 31, 2005; and

 

(b)                                 For compensation earned during years prior
to January 1, 2002, participants who were participating under the SRP were
credited with SRP Deferrals in accordance with the terms of the SRP, or its
predecessor plan, as in effect at the time of deferral and thereafter.  No SRP Deferrals were credited after December 31,
2001.  Prior to the Effective Date, all
SRP Deferrals had become fully vested under the SRP (or its predecessor
plan).  From and after the Effective
Date, all such SRP Deferrals shall be referred to and treated under the Plan as
Voluntary Deferrals.

 

2.2  Method of Election. 
Effective January 1, 2007, neither Basic Deferrals nor Voluntary
Deferrals are permitted under the Plan for any compensation earned on or after
the date thereof and, accordingly, no deferral elections are provided under the
Plan thereafter.

 

SECTION 3

 

3.1  Allocation to Deferral
Accounts. As
of the date a Participant would have received compensation but for the
Participant’s deferral election (or as soon as practicable thereafter), the
Participant’s deferrals were credited to the Participant’s Basic Deferral
Account or Voluntary Deferral Account as applied.

 

3.2  Company Matching
Contributions.
An Employer Deferral Account has been established for each Participant who made
a Basic Deferral. On the last day of each year in which a Participant made
compensation deferrals under Section 2 above, the Company credited to each
such Participant’s Employer Deferral Account an amount equal to the matching
contribution that the Company would have made to the Participant’s account
under the Company’s 401(k) plan if the Participant’s compensation deferral
had been made to the 401(k) plan instead of being credited under this
Plan.

 

3.3  Vesting. A Participant shall be fully and
immediately vested in the Participant’s Basic Deferral Account and Voluntary
Deferral Account. A Participant’s Employer Deferral Account is subject to the
same vesting schedule as found in the ACCO Brands Corporation 401(k) Plan
(as the successor plan upon the merger of the Company’s 401(k) plan
therein effective December 31, 2006).

 

SECTION 4

 

4.1  Investment Direction of
Deferral Accounts. A Participant may direct the Plan Administrator as to how to invest
the amounts deferred by the Participant and any Employer Deferral; provided,
until April 1, 2008 (or such later date as is administratively
practicable), SRP Deferrals will be treated as invested as previously provided
under the SRP. Each Participant may select one or any combination of the
investment funds available to Participants under this Plan from time to time. A
schedule listing the available funds, and their investment objectives, will be
given to the Participants from time to time by the Committee (defined below),
but not less frequently than 90 days after any change of the composition of
available funds.

 

 

3

 

 

4.2  Changes of Investment
Funds. Any
Participant who has made an initial election of Investment Funds may
subsequently change or cancel that election daily by providing a notice of such
change or cancellation to the Committee. Reallocation of amounts presently
credited to one or more Investment Funds may be done as frequently as is
permitted by the Committee and applicable procedures established with the
third-party administrator for the Plan. The change or reallocation must be
provided within a reasonable amount of time, determined by the Committee, prior
to the time the change is to be effective.

 

4.3  Crediting of Earnings,
Gains and Losses to Deferral Accounts. The Participant’s Deferral Accounts shall be
credited or debited with the net earnings and losses thereon on a daily basis.
The Participant shall receive a quarterly statement of the balance standing to
the Participant’s credit in the Deferral Accounts.

 

4.4  Time of Payment.

 

(a)                                  All amounts credited to a Participant’s
Deferral Accounts, to the extent then vested, shall be payable to a Participant
only upon the earliest of (i) the Participant’s separation from the
service from the Company and all affiliates of the Company (within the meaning
of  section 414(b), (c) or (m) of
the Code, “Affiliate”)), (ii) the Participant’s death or (iii) the
occurrence of a Change of Control; provided, any amount payable upon the
Participant’s separation from service, other than due to the Participant’s death
or disability (“disability” having the meaning set forth in Treasury Regulation
Section 1.409A-3(i)(4)), shall be paid as soon as may be practicable after
the earlier of (A) the day that is six months after the Participant’s
separation from service and (B) the date of death of the Participant
following such separation from service, but not later than the later of (x) the
last day of the taxable year on or following or (y) the first March 15
to occur on or following, such date as applies under clause (A) or (B),
provided that the Participant (or beneficiary of a deceased Participant) shall
not be permitted to select the taxable year of the Participant (or beneficiary)
in which payments commence.

 

(b)                                 For such purpose, a “separation from
service” shall have the meaning as defined under Treasury Regulation Section 1.409A-1(h) which,
among other circumstances, is deemed to have occurred if the Participant and
the Company reasonably anticipate that, upon the termination of the Participant’s
employment, no further services would be performed by the Participant for the
Company or any Affiliate thereafter or that the level of bona fide services the
Participant would perform thereafter (whether as an employee or as an
independent contractor) would not at any time exceed 20% of the average level
of bona fide services performed (whether as an employee or as an independent
contractor) over the immediately preceding thirty-six (36)-month period (or
such lesser period constituting the entire period in which services were so
provided to the Company and all Affiliates).

 

(c)                                  For such purpose, a “Change of Control”
means the first to occur of:

 

 

4

 

(i)            Any person or group of persons (for which purpose in
this Section 4.4(c)) shall have the meaning as that term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (“Exchange
Act”)) becomes over a 12-month period the owner of 30% or more of the
combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors (“Voting Securities”)
of  the Company, excluding, however, any
acquisition of Voting Securities: (1) directly from the Company, other
than an acquisition by virtue of the exercise of a conversion privilege unless
the security being so converted was itself acquired directly from the Company, (2) by
the Company or a subsidiary of the Company, or (3) by an employee benefit
plan (or related trust) sponsored or maintained by the Company or entity
controlled by the Company;

 

(ii)           Individuals who constitute the Board of Directors of
the Company (“Board”) cease for any reason, during any 12-month period,
to constitute at least a majority of the Board, provided that any individual
becoming, during any such 12-month period, a director whose election, or
nomination for election by the Company’s stockholders, was approved by a vote
of at least a majority of the directors then comprising the Board shall be
considered as though such individual were a member of such majority of the
Board;

 

(iii)          The Company shall be merged or consolidated with
another corporation or entity, or a Voting Securities of the Company are
acquired in which, as a result thereof, any one person or group of persons
acquires ownership of more than 50% of the combined Voting Securities of the
Company or the surviving or resulting corporation or entity immediately
thereafter, as the case may be, (including any Voting Securities of the Company
previously acquired and then held by such person or persons), unless (1) such
person or persons previously acquired Voting Securities resulting in a Change
of Control pursuant to Section 4.4(c)(i) or (2) the stockholders
of the Company immediately prior thereto own at least 50% of the combined
Voting Securities of the Company or the surviving or resulting corporation or
entity, as the case may be, immediately thereafter; or

 

(iv)          In any transaction, or series of transactions during a
12-month period, any person purchases or otherwise acquires assets of the
Company having a gross fair market value equal to or exceeding 40% of the total
gross fair market value of all of the Company’s assets immediately prior to
such transaction (or immediately prior to the first in such series of
transactions).  For the purpose of this
subparagraph (iv), any transaction with a related person (within the meaning of
Treasury Regulation Section 1.409A-3(i)(5)(vii)(B) shall be
disregarded.

 

The foregoing determination of a “Change of
Control” of the Company shall be made with due regard for the rules governing
attribution of stock 

 

5

 

ownership under section 318(a) of the
Code and the owner of all outstanding vested options shall be regarded as an
owner of shares of Voting Securities underlying such option.

 

(d)           Benefits shall be payable to the Participant either in
a single sum or in substantially equal annual installments over a period not
longer than five (5) years (redetermined annually during such period for
undistributed earnings and losses thereon); provided, benefits shall be payable
in a lump sum (and not installments) upon the occurrence of a Change of
Control.  The method of payment shall be
made as may be specified in writing by the Participant either (or both) (x) on
or before December 31, 2008 (provided, no such election shall cause any
amount to be paid during calendar year 2008 that in the absence of such
election would be payable during a year after calendar year 2008 or to cause
any amount to be paid after calendar year 2008 that in the absence of such
election would be payable during calendar year 2008) or (y) as may be
changed by the Participant in writing thereafter at least 12 months prior to
the date that the benefits under this Section 4.4 were initially scheduled
to commence under the Plan provided that the date for commencement of payment
of such benefits under this clause (y) pursuant to such subsequent
election (other than commencing due to the Participant’s death or disability
(within the meaning of Treasury Regulation Section 1.409A-3(a)(2)) is at
least five years later than the date that such benefits otherwise were
initially scheduled to commence.  In the
absence of a Participant election, benefits shall be paid in a lump sum.

 

(e)           Each Participant may designate a beneficiary or
beneficiaries to receive any amounts payable under the Plan after his death,
and may change such designation from time to time, by filing a written
designation of beneficiary or beneficiaries with the Committee on a form to be
prescribed by the Committee, provided that no such designation shall be
effective unless so filed prior to the death of such Participant.  In the event the Participant has not
designated a beneficiary to receive the amount payable under the Plan, in the
event of the death of the Participant, the undesignated unpaid amount payable
under the Plan shall be paid in a lump sum to the beneficiary entitled to
receive (determined at the time of the Participant’s death) the Participant’s
benefit upon the Participant’s death under the ACCO Brands Corporation 401(k) Plan;
provided, if the Participant shall not have been entitled to a benefit under
the ACCO Brands Corporation 401(k) Plan at the Participant’s death, the
Participant’s balance under the Plan shall be distributed to the Participant’s
surviving spouse, if any, and if there is no surviving spouse, to the executor
of the will of the Participant or the administrator of the Participant’s estate
and, if no such executor or administrator shall be appointed within two and
one-half months after the Participant’s death, the Committee shall direct that
distribution be made not later than two and one-half months after the
Participant’s death, in such shares as the Committee shall determine, to the
child, parent or other blood relative of such Participant or to such other
person or persons as the Committee may determine.

 

 

6

 

SECTION 5

 

5.1  Administration by Board
Committee.
The Compensation Committee of the Board (“Committee”), whose members
shall be appointed from time to time by the Board shall be the Plan
Administrator with final and binding discretionary authority to control and
manage the operation and administration of the Plan, including all rights and
powers necessary or convenient to the carrying out of its functions hereunder.
In executing its responsibilities hereunder, the Committee may manage and
administer the Plan through the use of agents who may include employees of the
Company (provided, no such employee shall have any discretion respecting the
Participant’s own benefit under the Plan). Without limiting the generality of
the foregoing, and in addition to the other powers set forth in this Plan, the
Committee shall have the powers of the Plan Administrative Committee under the
ACCO Brands Corporation 401(k) Plan and the following discretionary
authorities:

 

(a)                                  to construe and interpret the Plan,
decide all questions of eligibility and determine the amount, manner and time
of payment of any benefits hereunder in accordance with the terms of the Plan;

 

(b)                                 to prescribe procedures to be followed by
Participants or beneficiaries filing applications for benefits;

 

(c)                                  to prepare and distribute, in such manner
as the Committee determines to be appropriate, information explaining the Plan;

 

(d)                                 to request and receive from the Company
and from Participants such information as shall be necessary for the proper
administration of the Plan;

 

(e)                                  to furnish the Company upon request such
annual and other reports with respect to the administration of the Plan as are
reasonable and appropriate; and

 

(f)                                    to receive, review and maintain on file
reports of the financial condition and of the receipts and disbursements of the
Trust Fund from the Plan Administrator or Trustee as the case may be.

 

5.2  Compliance. The Committee shall take all such
action as it deems necessary or appropriate to comply with governmental laws
and regulations relating to the maintenance of records, notifications to
Participants, registrations with the Internal Revenue Service, reports to the
U.S. Department of Labor and all other requirements applicable to the Plan.

 

5.3  Claims Procedure. The procedures for filing claims and
for claim review as set forth in the ACCO Brands Corporation 401(k) Plan
or its successor, and as amended from time to time, are hereby incorporated
into this Plan and shall be applicable hereunder except that any reference
therein to a Plan Committee thereunder shall mean the Committee established
under the Plan.

 

5.4  Amendment and
Termination.
The Company reserves the right by resolution of the Board, or any Committee of
the Board designated by the Board, to amend this Plan in any manner which it
deems desirable including, but not by way of limitation, the right to increase
or reduce benefits to be provided hereunder or to change any provision relating
to the payment of benefits and to 

 

 

7

 

terminate this Plan at any time upon giving notice to
Participants and beneficiaries.  Except
to the extent necessary to conform to the laws or regulations or the extent
permitted by any applicable law and regulation, neither the termination nor any
suspension or amendment of the Plan shall operate either directly or indirectly
to (i) deprive any Participant or beneficiary of a non-forfeitable accrued
benefit as constituted at the time of termination, suspension or amendment or (ii) to
accelerate the payment of any amount from the date on which such amount
otherwise is payable hereunder except as permitted pursuant to Treasury
Regulation Section 1.409A-3(j).

 

5.5  Governing Law. Except to the extent preempted by the
law of the United States, the plan shall be construed and administered in
accordance with the laws of the State of Illinois.

 

5.6  No Contract of
Employment. The
Plan does not constitute a contract of employment and nothing in this Plan
shall give any employee or Participant the right to be retained in the employ
of the Company or the right to any award or benefit except to the extent
specifically provided in the Plan.

 

5.7  Non-Alienation. Benefits payable to, or on the account
of, any Participant or beneficiary under the Plan may not be voluntarily or
involuntarily assigned or alienated.

 

5.8  Withholding. Participants and beneficiaries shall
make appropriate arrangements for the satisfaction of any applicable federal,
state or local taxes. The Committee shall be authorized to take such action as
may be appropriate, including withholding from amounts due to Participants or
beneficiaries under the Plan, compensation to Participants from the Company or
otherwise in order to assure tax compliance.

 

5.9  No Requirement to Fund. No provision in this plan shall be
construed to require, either directly or indirectly, the Company to reserve, or
otherwise set aside, funds for the payment of benefits hereunder.  In the event that any benefit under the Plan
is held in trust, subject to the claims of the Company’s general creditors, for
the benefit of Participants, any forfeiture of an unvested amount upon a
separation from service of a Participant shall immediately revert to the
Company upon such separation from service (and any forfeitures due to such
separations from service of Participants occurring prior to the Effective Date
shall revert to the Company on the effective date hereof), and all other
amounts remaining in such trust after payment of all amounts to all other
Participants (and their beneficiaries) under the Plan, shall revert to the
Company after payment of the last such amount. 
Anything in the Plan or in any trust providing benefits under the Plan
to the contrary notwithstanding, no asset of any such trust shall be located
outside the United States of America. 
Anything in the Plan to the contrary notwithstanding, at no time shall
any asset of the Company or any Affiliate be restricted, set aside, reserved or
transferred in trust for the benefit of (i) any Participant under the
Plan, as a result of a change in the financial health of the Company or any
Affiliate or (ii) an applicable covered employee (to the extent applicable
under section 409A(b)(3)(A)(i) of the Code) or other employee, that is a
Participant under the Plan, at any time during a restricted period respecting
any tax-qualified defined benefit plan sponsored by the Company or any
Affiliate (other than a multi-employer defined benefit plan for employees
covered by a collective bargaining agreement with the Company or any
Affiliate).  For such purpose, “applicable
covered employee” and “restricted period” shall have the meanings
set forth in section 409A(b)(3) of the Code.

 

 

8Exhibit 10.31

 

2008 AMENDED AND
RESTATED

ACCO BRANDS CORPORATION

SUPPLEMENTAL RETIREMENT PLAN

 

Section 1. 
Purpose; Effective Date.

 

(a)     This ACCO
Brands Corporation Supplemental Retirement Plan (the “Plan”) is an
unfunded excess benefit plan established by ACCO Brands Corporation pursuant to
Section 4(b)(5) of ERISA as well as an unfunded benefit plan
established for the purpose of providing deferred compensation for a select
group of United States-based management or highly compensated employees of ACCO
Brands Corporation and its subsidiaries as referred to in Sections 201(2),
301(a)(3) and 401(a)(1) of ERISA in order to induce employees of
outstanding ability to join or continue in the employ of the Company and to
increase their efforts for its welfare by providing them with supplemental
retirement benefits notwithstanding the limitations imposed by the Internal
Revenue Code on retirement benefits from tax qualified plans.

 

(b)     The Plan
is hereby amended and fully restated effective January 1, 2008 (“Effective
Date”) for the specific purpose of compliance with section 409A of the
Code.  This amendment and restatement
shall govern the accrual and the commencement of the distribution of all
benefits under the Plan on and after the Effective Date, and the modification
on or after the Effective Date of any previous benefit payment election to the
extent permitted hereunder.

 

Section 2. 
Definitions.  As used in
the Plan, the following words shall have the following meanings:

 

(a)     “Affiliated
Employment” means employment by any United States employer which, at the
time of such employment, is or was a member of the controlled group of
employers (within the meaning of section 414(b), 414(c) and 414(m) of
the Code) that includes ACCO Brands Corporation, or thereafter becomes or
became a member of such controlled group of employers.  “Affiliated Plan” means a
tax-qualified defined benefit pension plan by which an employee of the Company
had been covered during Affiliated Employment (which, for the avoidance of
doubt, on the Effective Date includes only the Retirement Plan).  “Affiliated Employer” means an
employer respecting Affiliated Employment.

 

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

 

(c)     “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any
successor thereto.

 

(d)     “Committee”
means the Administrative Committee administering the Retirement Plan.

 

(e)     “Company”
means ACCO Brands Corporation, ACCO Brands USA LLC, General Binding
Corporation, Day-Timers, Inc., any other Affiliated Employer that is a
participating employer under the Retirement Plan, and their respective
successors and assigns.

 

 

 

(f)      “Eligible
Employee” means an individual who is a United States-based employee of the
Company who is within the category of a select group of management or highly
compensated employees as referred to in Sections 201(2), 301(a)(3) and
401(a)(1) of ERISA and who in any Plan Year earns compensation in excess
of the 401(a)(17) Limitations or, but for the 415 Limitations and 401(a)(17)
Limitations, would be entitled to accrual of a benefit under the Retirement
Plan in excess of the 415 Limitations.

 

(g)     “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time
to time.

 

(h)     “415
Limitations” means the Retirement Plan provisions adopted pursuant to Section 415
of the Internal Revenue Code to limit annual Retirement Plan benefits pursuant
to Section 415(b) thereof.

 

(i)      “401(a)(17)
Limitations” means the Retirement Plan provisions adopted pursuant to Section 401(a)(17)
of the Internal Revenue Code to limit compensation considered for purposes of
computing Retirement Plan benefits to $230,000, effective as of January 1,
2008, or such greater amount permitted for such year in accordance with regulations
promulgated by the Secretary of the Treasury or his delegate.

 

(j)      “Normal
Retirement Date” means the last day of the calendar month in which a
Participant attains age 65.

 

(k)     “Participant”
means an Eligible Employee who is entitled to a benefit under Section 3 of
the Plan.

 

(l)      “Plan
Year” means the calendar year.

 

(m)    “Retirement
Plan” means the ACCO Brands Corporation Pension Plan for Salaried and
Certain Hourly Paid Employees as amended from time to time.

 

(n)     “Separation
from Service” shall have the meaning as defined under Treasury Regulation Section 1.409A-1(h)
respecting ACCO Brands Corporation and all Affiliated Employers which, among
other circumstances, is deemed to have occurred if the Participant and ACCO
Brands Corporation and all Affiliated Employers reasonably anticipate that,
upon the termination of the Participant’s employment, no further services would
be performed by the Participant for ACCO Brands Corporation or any Affiliated
Employer thereafter or that the level of bona fide services the Participant
would perform thereafter (whether as an employee or as an independent
contractor) would not at any time exceed 20% of the average level of bona fide
services performed (whether as an employee or as an independent contractor)
over the immediately preceding thirty-six (36)-month period (or such lesser
period constituting the entire period in which services were so provided).

 

(o)     “Surviving
Spouse” means the surviving husband or wife of a Participant; provided,
that in the case of any pre-retirement survivor annuity benefit payable under Section 3,
such surviving husband or wife had been married to the Participant throughout
the one-year period ending on the date of death of such Participant.

 

 

2

 

Section 3.  Retirement Benefits.

 

(a)     Each Eligible Employee to whom benefits
become payable under the Retirement Plan (hereinafter referred to in this Section 3
as a “Participant”) shall be paid a supplemental annual retirement
benefit under the Plan equal in amount to the difference between (i) the
aggregate benefit payable under the Retirement Plan and the Affiliated Plans
and (ii) the benefit that would be payable if the 401(a)(17) Limitations
and the 415 Limitations were not contained therein and if the Participant did
not make deferrals of compensation under the former ACCO World Corporation
Executive Deferred Compensation Plan pursuant to which certain Participants
were entitled to defer payment of salary and bonus (“Deferred Compensation
Plan”).   If such Participant’s
Surviving Spouse is entitled to a pre-retirement survivor annuity benefit under
the Retirement Plan, the Surviving Spouse shall be paid a pre-retirement
survivor annuity benefit under the Plan equal to the difference between (iii) the
aggregate pre-retirement survivor annuity payable under the Retirement Plan and
the Affiliated Plans and (iv) the pre-retirement survivor annuity that
would be payable if the 401(a)(17) Limitations and the 415 Limitations were not
contained therein and if the Participant did not make deferrals of compensation
under the Deferred Compensation Plan.  To
the extent that the benefit payable to a Participant (or pre-retirement
survivor annuity benefit payable to a Surviving Spouse) under the Plan commences
on a different date (pursuant to Section 3(e) hereof) from the date of
commencement of benefit payments to the Participant (or pre-retirement survivor
annuity benefit payments to the Surviving Spouse) under the Retirement Plan and
tax-qualified Affiliated Plans, the benefit payable to the Participant (or
pre-retirement survivor annuity benefit payable to the Surviving Spouse) under
the Plan shall be determined under this Section 3 prior to adjustment for
any reduction for commencement prior to or any increase for commencement after
the Participant’s Normal Retirement Date, (A) first, by determining the
difference between the respective accrued benefits payable upon the Normal
Retirement Date under each of (I) the Plan and (II) the Retirement
Plan and Affiliated Plans and (B) then, applying any appropriate reduction
for commencement of the benefit due under the Plan prior to or any
increase for commencement of benefits after the Normal Retirement Date.

 

(b)     The
supplemental annual retirement benefit provided under this Section 3,
prior to application of any reduction for commencement prior to, or any
increase for commencement after, the Participant’s Normal Retirement Date,
shall be determined as of the date of the Participant’s Separation from Service
and payments shall commence on the first day of the calendar month that follows
the date below, elected by the Participant in accordance with the procedure set
forth in Section 3(e), but not before the date that is not more than 30
days following the earlier of (and without actuarial adjustment for such
postponement) (i) the date that is six (6) months after the date of
the Participant’s Separation from Service or (ii) the date of death of the
Participant following such Separation from Service.  Subject to the foregoing clauses (i) and
(ii), the Participant may elect to commence payment of benefits on one of,
respecting the Participant (A) the later of the attainment of age 55 and
the date of Separation from Service, (B) the later of the Normal
Retirement Date and the date of Separation from Service or (C) the latest
of the attainment of age 55, the date of Separation from Service and a specific
calendar date elected by the Participant. 
The amount of supplemental annual retirement benefits that are
determined and postponed for six (6) months or such shorter period due to
the death of the Participant, under clause (i) or (ii) above, shall
be paid to the Participant (or, if applicable, the Participant’s Surviving
Spouse or beneficiary) in a lump sum, together with 

 

 

3

 

interest 
accrued thereon (not compounded), at the rate of  the applicable interest rate (within the
meaning provided under the definition of Actuarial Equivalent as in effect at
such time under the Retirement Plan) minus 200 basis points, on the date
payment of the benefit under this Section 3 commences.

 

(c)     Any
pre-retirement survivor annuity payable to a Participant’s Surviving Spouse
under this Section 3  shall be
payable commencing on the date of the Participant’s death; provided
that, if such Participant had not attained age 55 on the date of the
Participant’s Separation from Service or the Participant’s death prior to such
Separation from Service, as the case may be, the pre-retirement survivor annuity
shall be payable to the Surviving Spouse commencing on the first day of the
calendar month coincident with or next following the date that the Participant
would have attained age 55.  The
pre-retirement survivor annuity shall be payable to the Surviving Spouse for
the life of the Surviving Spouse in any form of pre-retirement survivor annuity
that may be payable to the Surviving Spouse under the Retirement Plan as
elected by the Participant in accordance with Section 3(e) hereunder.  Payment of the pre-retirement survivor
annuity benefit shall commence as soon as may be practicable after the date on
which the Participant died or would have attained age 55, as the case may be
above, but not later than the later of the last day of the taxable year on or following
such date or the first March 15 to occur on or following such date, provided,
that the Surviving Spouse shall not be permitted to select the taxable year of
the Surviving Spouse in which payments commence.

 

(d)     The
benefits provided under this Section 3 shall be paid to the Participant
(or to any beneficiary designated by the Participant in accordance with the
Retirement Plan, or to the Participant’s Surviving Spouse if eligible for a
spouse’s survivor benefit under the Retirement Plan) in any form of life
annuity benefit that is permitted under the Retirement Plan as of the date
elected by the Participant in accordance with Section 3(e), which form of
benefit may differ from the form of benefit payable under the Retirement
Plan.  A “life annuity” benefit is
a monthly benefit for the life (or life expectancy) of the Participant or a
joint and survivor benefit for the life (or joint life expectancy) of the
Participant and either the Participant’s Surviving Spouse or the Participant’s
designated beneficiary.  A “life annuity”
may include a period certain option provided under the Retirement Plan.  If an annuity and period certain option has
been elected and, after payments have commenced, there is no designated
original or successive beneficiary surviving the Participant, any payments
remaining during a period certain shall be continued to the Participant’s
Surviving Spouse (if any) and, after the death of the Surviving Spouse, to the
Participant’s descendants living at the time of death per stirpes, or if none
of the foregoing survives the Participant to the end of such period, to the
Participant’s estate.  Anything to the
contrary herein (other than as provided in Section 3(f)) notwithstanding,
the benefit payable to a Participant (or pre-retirement survivor annuity
benefit payable to a Surviving Spouse) under this Section 3 shall not be
paid in a lump sum (other than the amount postponed for up to six (6) months
under clause (i) and (ii) of Section 3(b)).

 

(e)     The
Participant shall elect, which election shall be made not later than thirty
(30) days after the last day of the first Plan Year  in which the Participant accrues a benefit
under the Plan, the date of commencement of benefits and the form of payment of
benefit due under this Section 3; provided, that (x) any
Participant having an accrued benefit as of December 31, 2007 may elect at
any time on or before December 31, 2007 and (y) any Participant
having an accrued benefit as of December 31, 2008 may elect at any time on
or before December 31, 2008 

 

4

 

(including Participants exercising such election under
clause (x)), the date of commencement and form of payment of benefit due under
this Section 3; provided, that (A) Participants who are
receiving payments of their benefit hereunder that commenced or is scheduled to
commence on or prior to December 31, 2007 shall not be entitled to such
election and (B) for Participants whose benefit hereunder commences or is
scheduled to commence after December 31, 2007 and on or prior to December 31,
2008, an election under clause (y) shall not be permitted.  Such election shall be in a form determined
by the Committee.  The Participant may,
at any time and from time to time as permitted by the Committee in its sole discretion,
elect a different form of benefit permitted at such time under Section 3(d),
provided, that such different form is of an actuarially equivalent value
to the form of benefit previously so elected. 
The foregoing to the contrary notwithstanding, a Participant who has not
incurred a Separation from Service may subsequently elect to change (A) the
date for commencement of payments to a different date permitted under Section 3(b)(A),
(B) or (C) (subject to Section 3(b)(i) and (ii)) and (B) the
form of payment to a different form of payment permitted under Section 3(c) or
3(d) (other than a life annuity having an actuarially equivalent value to
the form of benefit previously so elected), provided, that (p) the
election is made at least twelve (12) months prior to the date that the payment
of benefits under this Section 3 were initially scheduled to commence and (q) the
date for commencement of payment of such benefits is at least five (5) years
later than the date that such benefits otherwise were initially scheduled to
commence.  If a Participant has not
timely elected a date and form of payment of the Participant’s benefit (other
than the pre-retirement survivor benefit under Section 3(c)), the
Participant shall be deemed to have elected to receive payment of the
Participant’s benefit on the later of attainment of the Participant’s Normal
Retirement Date and the date of Separation from Service in the form of a single
life annuity if the Participant is not married on the date of the Participant’s
Separation from Service and in the form of a spousal joint and 50% survivor
annuity if the Participant is married.

 

(f)      Anything in this Section 3 to the
contrary notwithstanding:

 

(i)      the
Committee may, in its discretion, in writing direct that the benefit payable
under this Section 3 with respect to a Participant be paid as an
actuarially equivalent single sum payment upon a Separation from Service or at
any time thereafter (or to the Surviving Spouse, or if there shall be no
Surviving Spouse, to the beneficiary of a deceased Participant), if at such
time the actuarially equivalent lump sum present value of such benefit is not
more than the maximum amount then in effect pursuant to section 402(g)(1)(B) of
the Code, such amount represents the Participant’s entire interest in the Plan
and all other nonqualified defined benefit pension plans of the Company and all
Affiliated Employers, and is paid not later than the later of the last day of
the calendar year, or two and one-half months after the date, in which the Committee
exercises such discretion in writing; and

 

(ii)     the Committee shall
direct that the benefit payable under this Section 3 with respect to a
Participant (or the Surviving Spouse, or if there shall be no Surviving Spouse,
to the beneficiary of a deceased Participant) be paid as an actuarially
equivalent lump sum payment upon the occurrence of a Change of Control.  A “Change of Control” shall mean the first to
occur of:

 

 

5

 

 

(A)    Any person or group of persons (for which
purpose in this Section 3(f)(ii) shall have the meaning as that term
is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934 (“Exchange Act”)) becomes over a 12-month period the owner of 30%
or more of the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors (“Voting Securities”)
of ACCO Brands Corporation, excluding, however, any acquisition of Voting
Securities: (1) directly from ACCO Brands Corporation, other than an
acquisition by virtue of the exercise of a conversion privilege unless the
security being so converted was itself acquired directly from ACCO Brands
Corporation, (2) by ACCO Brands Corporation or a subsidiary of ACCO Brands
Corporation, or (3) by an employee benefit plan (or related trust)
sponsored or maintained by ACCO Brands Corporation or entity controlled by ACCO
Brands Corporation;

 

(B)    Individuals who constitute the Board cease
for any reason, during any 12-month period, to constitute at least a majority
of the Board, provided, that any individual becoming, during any such
12-month period, a director whose election, or nomination for election by ACCO
Brands Corporation’s stockholders, was approved by a vote of at least a
majority of the directors then comprising the Board shall be considered as
though such individual were a member of such majority of the Board;

 

(C)    ACCO Brands Corporation shall be merged or
consolidated with another corporation or entity, or a Voting Securities of ACCO
Brands Corporation are acquired in which, as a result thereof, any one person
or group of persons acquires ownership of more than 50% of the combined Voting
Securities of ACCO Brands Corporation or the surviving or resulting corporation
or entity immediately thereafter, as the case may be, (including any Voting
Securities in ACCO Brands Corporation previously acquired and then held by such
person or persons), unless (1) such person or persons previously acquired
Voting Securities resulting in a Change of Control pursuant to Section 3(f)(ii)(A) or
(2) the stockholders of the Company immediately prior thereto own at least
50% of the combined Voting Securities of ACCO Brands Corporation or the
surviving or resulting corporation or entity, as the case may be, immediately
thereafter; or

 

(D)    In any transaction, or series of
transactions during a 12-month period, any person purchases or otherwise
acquires assets of the Company having a gross fair market value equal to or
exceeding 40% of the total gross fair market value of all of the Company’s
assets immediately prior to such transaction (or immediately prior to the first
in such series of transactions).  For the
purpose of this subparagraph (D), any transaction with a related person (within
the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vii)(B) shall
be disregarded.

 

6

 

The foregoing determination of a “Change of
Control” of ACCO Brands Corporation shall be made with due regard for the rules governing
attribution of stock ownership under section 318(a) of the Code and the
owner of all outstanding vested options shall be regarded as an owner of shares
of Voting Securities underlying such option.

 

In determining actuarial equivalency of a single sum payment in cash,
the interest rate used shall be the “applicable interest rate” and the
mortality table used shall be the “applicable mortality table” (within the
meaning provided under the definition of Actuarial Equivalent as in effect at
such time under the Retirement Plan).

 

Section 4. 
Supplemental Profit-Sharing Balances.

 

(a)     Effective
the Effective Date, all undistributed supplemental profit-sharing awards,
together with the balance of the net investment earnings and gains (or losses)
thereon shall be deemed transferred to the ACCO Brands Corporation (Frozen)
Deferred Compensation Plan (“Frozen Plan”) and thereupon the terms of
the Plan shall not apply to such amounts which amounts shall instead be subject
to the terms of the Frozen Plan.

 

Section 5. 
Funding.

 

(a)     Benefits
under the Plan shall not be funded in order that the Plan may be exempt from
the provisions of Parts 2, 3 and 4 of Title I of ERISA. Amounts payable under
the Plan shall at all times be subject to the claims of the Company’s general
creditors.  The Company shall not be
required to segregate any cash or other property in connection with any amount
payable under the Plan. There shall be no posting of a bond, promissory note or
any other safeguard to assure that the Participant shall be paid.  The sole security for payment under the terms
of the Plan is the Company’s promise to pay. The Company shall not, by virtue
of any provisions of the Plan, be deemed to be a trustee of any property or
amount under the Plan.

 

(b)     Anything
in Section 5(a) to the contrary notwithstanding, the Company may
establish a trust (the “Rabbi Trust”) in which to hold cash or other
assets to be used to make payments to the Participants, their Surviving Spouses
and beneficiaries of the benefits due under the Plan; which Rabbi Trust may
also hold cash or other assets for similar plans maintained by the Company or
any Affiliated Employer; provided, that the trust assets of the Rabbi
Trust attributable to the Participants of the Company under the Plan shall at
all times remain subject to the claims of general creditors of the Company in
the event of the Company’s insolvency. 
Investments under a Rabbi Trust respecting benefits payable under the
Plan shall be at the discretion of the Investment Committee of the Retirement
Plan.  The Company shall remain liable
for paying the benefits under the Plan, provided, that any payment of
benefits made by the Rabbi Trust shall satisfy the Company’s obligation to make
such payment to the affected Participant, Surviving Spouse or beneficiary.  Following termination of the Plan, all
amounts remaining in such Rabbi Trust after payment of all benefits payable to
all Participants (and their beneficiaries) shall revert to the Company.

 

(c)     Anything
in the Plan or in any trust providing benefits under the Plan to the contrary
notwithstanding, no asset of any such trust shall be located outside the United
States of America.  

 

7

 

 

Anything in the Plan to the contrary notwithstanding,
at no time shall any asset of the Company or any Affiliate be restricted, set
aside, reserved or transferred in trust for the benefit of (i) any
Participant under the Plan, as a result of a change in the financial health of
the Company or any Affiliate or (ii) an applicable covered employee (to
the extent applicable under section 409A(b)(3)(A)(i) of the Code) or other
employee, that is a Participant under the Plan, at any time during a restricted
period respecting any tax-qualified defined benefit plan sponsored by the
Company or any Affiliate (other than a multi-employer defined benefit plan for
employees covered by a collective bargaining agreement with the Company or any
Affiliate).  For such purpose, “applicable
covered employee” and “restricted period” shall have the meanings set forth in
section 409A(b)(3) of the Code.

 

Section 6. 
Supplemental Tax Deferred Amounts And Related Company Matching Awards.

 

(a)     Effective
the Effective Date, all undistributed supplemental tax deferred amounts and
related Company matching awards, together with the balance of the net
investment earnings and gains (or losses) thereon shall be deemed transferred
to the Frozen Plan and thereupon the terms of the Plan shall not apply to such
amounts which amounts shall instead be subject to the terms of the Frozen Plan.

 

Section 7. 
Administration.

 

(a)     This Plan
shall be administered by the Committee. All decisions and interpretations of
the Committee shall be conclusive and binding on the Company, Participants,
Surviving Spouses and beneficiaries. No member of the Committee who is a
Participant shall participate in any decision specifically relating to the
Participant’s benefit under the Plan (permitting, however, for such purpose
participation in all decisions of general application to all Participants). The
Plan may be amended or terminated by the Board at any time; provided,
that (i) no such amendment or termination shall deprive any Participant
(or Surviving Spouse or beneficiary) of benefits accrued under the Plan to the
date of such amendment or termination and (ii) any such amendment or
termination of the Plan shall not accelerate the payment of any amount from the
date on which such amount otherwise is payable hereunder except as permitted
pursuant to Treasury Regulation Section 1.409A-3(j). The Committee shall
maintain records of supplemental profit-sharing awards and supplemental tax
deferred amounts and related Company matching awards pursuant to Section 7
and the assumed investment thereof and records for the calculation of
supplemental retirement benefits.

 

(b)     Any
claims for benefits shall be submitted to the Committee.  If any such claim is wholly or partially
denied, the Committee shall notify the claimant in writing of its
decision.  The notification shall contain
(i) specific reasons for the denial, (ii) specific reference to
pertinent Plan provisions, (iii) a description of any additional material
or information necessary to perfect the claim and an explanation of why such
material or information is necessary, and (iv) information as to the steps
to be taken to submit a request for review. 
Such notification shall be given within 90 days after the claim is
received by the Committee (or within 180 days, if special circumstances require
an extension of time for processing the claim, and if written notice of such
extension and circumstances is given to the claimant within the initial 90-day
period).  If such 

 

 

8

 

notification is not given within such period, the
claim shall be considered denied as of the last day of such period and the
claimant may request a review of the claim.

 

(c)     Within 60
days after the date on which the claimant receives a written notice of a denied
claim (or, if applicable, within 60 days after the date on which such denial is
considered to have occurred), the claimant (or the claimant’s duly authorized
representative) may (i) file a written request with the Committee for a
review of the denied claim and of pertinent documents and (ii) submit
written issues and comments to the Committee. 
The Committee shall notify the claimant of its decision in writing.  Such notification shall be written in a
manner calculated to be understood by the average person and shall contain
specific reasons for the decision as well as specific referrals to pertinent
Plan provisions.  The decision on review
shall be made within 60 days after the request for review is received by the
Committee (or within 120 days, if special circumstances require an extension of
time for processing the request, such as an election by the Committee to hold a
hearing, and if written notice of such extension and circumstances is given to
you within the initial 60-day period). 
If the decision on review is not made within such period, the claim
shall be considered denied.

 

(d)     No member
of the Committee, member of the Board, officer or any other employee of the
Company or any subsidiary of the Company shall be liable for any act or action
hereunder, whether of commission or omission, taken by any other member of the
Committee or the Board, other officer, agent or employee or, except in
circumstances involving such person’s bad faith, for anything done or omitted
to be done by himself.

 

Section 8. 
Nonassignability. No Participant, Surviving Spouse or beneficiary
shall have the right to assign, pledge or otherwise dispose of any benefits
payable to him or her hereunder nor shall any benefit hereunder be subject to
garnishment, attachment, transfer by operation of law, or any legal process.

 

Section 9. 
No Guarantee of Employment. 
Neither the creation nor any amendment of the Plan nor anything
contained herein shall be construed as giving any Participant hereunder any
right to remain in the employ of the Company or an Affiliated Employer.

 

Section 10. 
Incompetency.  If any Participant,
Surviving Spouse or beneficiary is, in the opinion of the Committee, legally
incapable of giving a valid receipt and discharge for any payment, the
Committee may, at its option, direct that such payment or any part thereof be
made to such person or persons who in the opinion of the Committee are caring
for and supporting such Participant, Surviving Spouse or beneficiary, unless it
has received due notice of claim from a duly appointed guardian or conservator
of the estate of the Participant, Surviving Spouse or beneficiary.  A payment so made shall be complete discharge
of the obligations under the Plan.

 

Section 11. 
Severability.  If any
provision of the Plan shall be held illegal or invalid for any reason, said
illegality or invalidity shall not affect the remaining parts of the Plan, but
the Plan shall be construed and enforced as if said illegal and invalid
provision had never been provided herein.

 

 

9

 

Section 12. 
Applicable Law.  To the
extent not preempted by the laws of the United States of America, the laws of
the State of Illinois shall be the controlling state law and shall apply in all
matters relating to the Plan.

 

 

10

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