Document:

ex4_3.htm

    
      

    

    EXHIBIT
4.3

    

    THOMSON
REUTERS

    GLOBAL
EMPLOYEE STOCK PURCHASE PLAN

    (As
of September 10, 2009)

    

    
      	
              Section
      1.

            	
              Purpose
      of Plan.

            

    

    

    This
Global Employee Stock Purchase Plan (the “Plan”) has been
adopted by the Company in order to provide eligible Employees of the Company and
any Designated Subsidiary with an opportunity to purchase Common Shares. The
Plan has been established as a means of further aligning the interests of
Employees with those of the Company’s shareholders.

    

    
      	
              Section
      2.

            	
              Definitions.

            

    

    

    For
purposes of the Plan, the following terms shall be defined as set forth
below:

    

    “Administrator” means
the Board, or if and to the extent the Board delegates administration of the
Plan, the Committee or its designees in accordance with Section 12
below.

    

    “Board” shall mean the
Board of Directors of the Company.

    

    “Business Day” means a
day on which the New York Stock Exchange (or, if appropriate, any other exchange
that is used to determine Fair Market Value) is open for trading.

    

    “Committee” shall mean
the Human Resources Committee appointed by the Board (or any successor committee
of the Board or subcommittee established by the committee) or person or group of
persons to whom such committee has delegated any or all of its powers to
administer the Plan and to perform the functions set forth herein.

    

    “Common Shares” shall
mean common shares in the capital of Thomson Reuters Corporation, and shall
include all shares or other securities issued in substitution for the Common
Shares, as provided for in Section 17.

    

    “Company” shall mean
Thomson Reuters Corporation and its successors.

    

    “Compensation” shall
mean the total compensation paid to an Employee, including all salary, wages,
commissions, overtime pay and other remuneration paid directly to the Employee,
but excluding referral
and hiring bonuses, incentive bonuses, profit sharing, deferred compensation,
the cost of employee benefits paid for by Thomson Reuters, education, tuition or
other similar reimbursements, imputed income arising under any Thomson Reuters
group insurance or benefit program, traveling expenses, business and moving
expense reimbursements, income received in connection with stock options or
other equity-based awards, contributions made by Thomson Reuters under any
employee benefit plan, and similar items of compensation.

    

    “Continuous Status as an
Employee” shall mean the employment relationship with the Company or a
Designated Subsidiary is not interrupted or terminated.  Continuous
Status as an Employee shall not be considered interrupted in the case of (i) a
leave of absence agreed to in writing by the Company or a Designated Subsidiary,
as appropriate; provided, however, that (x) such leave is for a period of not
more than ninety (90) days or (y) reemployment with the Company or a Designated
Subsidiary, as appropriate, is guaranteed by contract or statute upon expiration
of such leave or (ii) transfers between locations or businesses of the Company
or its Designated Subsidiaries.

    

    “Corporate
Transaction” shall mean a proposed sale or conveyance of all or
substantially all of the property and assets of the Company or any proposed
merger, consolidation, amalgamation or offer to acquire all or any portion of
the outstanding Common Shares or other transaction of a like
nature.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Designated
Subsidiary” shall mean a non-U.S. Subsidiary that has been designated by
the Administrator from time to time in its sole discretion as having Employees
eligible to participate in the Plan.

    

    “Employee” shall mean
any person who is customarily employed for twenty (20) or more hours per week by
the Company or a Designated Subsidiary.  Notwithstanding the
foregoing, from time to time, the Committee may establish different eligibility
standards for employees of the Company or specified Designated
Subsidiaries.

    

    “Enrollment Date”
shall mean the first Trading Day of each Offering Period.

    

    “ESPP Broker” shall
have the meaning set forth in Section 8 hereof.

    

    “ESPP Share Account”
shall have the meaning set forth in Section 8 hereof.

    

    “Fair Market Value”
shall mean, as of a particular date, the closing price in U.S. dollars of a
Common Share on the New York Stock Exchange, provided, however, that (i) if the
Common Shares are not traded on the New York Stock Exchange or (ii) if in the
discretion of the Administrator, such exchange does not reflect the fair market
value of the Common Shares, then “Fair Market Value” shall mean the closing
price in the applicable trading currency of a Common Share on the other primary
trading market for the Common Shares, which as of the date of this Plan is the
Toronto Stock Exchange, such closing price to be converted into U.S. dollars or
other applicable currency (based on the mid-market noon spot rate for exchange
on the immediately preceding Business Day), in each case using such
closing price reported in such source as the Administrator deems to be
reliable.  If the Common Shares are not traded on the New York Stock
Exchange or on any other trading market, the value of a Common Share as of a
particular date shall be determined by the Administrator in its sole discretion
in good faith.

    

    “New Purchase Date”
shall have the meaning set forth in Section 17 hereof.

    

    “Offering Period”
shall mean a period as described in Section 4 hereof.

    

    “Participant” shall
mean an Employee who elects to participate in the Plan pursuant to
Section 5 hereof.

    

    “Plan” shall have the
meaning set forth in Section 1 hereof, as amended, including any supplements,
schedules, guidelines, rules and regulations adopted by the Administrator from
time to time.

    

    “Purchase Date” shall
mean the last Trading Day of each Offering Period.

    

    “Purchase Price” shall
mean an amount equal to 85% of the Fair Market Value of a Common Share on the
Purchase Date.

    

    “Subsidiary” shall
mean any corporation of which not less than 50% of the total combined voting
power of all classes of stock is held directly or indirectly by the Company,
whether or not such corporation now exists or is hereafter organized or acquired
directly or indirectly by the Company. “Subsidiary” also means an unincorporated
business entity, such as a limited liability company or partnership, in which
the Company holds directly or indirectly not less than 50% of the total combined
voting power with respect to all classes of equity ownership of such entity,
whether or not such unincorporated business entity now exists or is
hereafter organized or acquired directly or indirectly by the
Company.

    

    “Thomson Reuters”
shall mean Thomson Reuters Corporation and its Subsidiaries or any one of them,
as the context requires.

    

    “Trading Day” shall
mean a day on which the New York Stock Exchange (or, if appropriate, any other
exchange that is used to determine Fair Market Value) is open for
trading.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
              Section
      3.

            	
              Eligibility.

            

    

    

    (a)           Subject
to the limitations set forth in Section 3(b) hereof, any person who is an
Employee as of the Enrollment Date of a given Offering Period shall be eligible
to participate in the Plan in accordance with Section 5 hereof and shall be
granted an option for the Offering Period commencing on such Enrollment
Date.

    

    (b)           Notwithstanding
any provision of the Plan to the contrary, no Employee shall be granted an
option under the Plan to the extent that (i) such Employee (or any other
person whose stock would be attributed to such Employee), immediately after the
option is granted, would own Common Shares and/or hold outstanding options to
purchase Common Shares representing five percent (5%) or more of the total
combined voting power or value of all classes of capital stock of the Company or
of any Subsidiary or (ii) such grant would permit such Employee’s right to
purchase Common Shares under all employee stock purchase plans of Thomson
Reuters to accrue at a rate that exceeds twenty-five thousand U.S. dollars
(US$25,000) of Fair Market Value of such Common Shares (determined at the time
such option is granted) for any calendar year in which such option would be
outstanding.  Any amounts received from an Employee that cannot be
used to purchase Common Shares as a result of this limitation shall be returned
as soon as reasonably practicable to the Employee without interest.

    

    
      	
              Section
      4.

            	
              Offering
      Periods.

            

    

    

    The Plan
shall be implemented by a series of consecutive three-month Offering Periods,
with a new Offering Period commencing on the first Trading Day on or after the
first day of each calendar quarter (beginning October 1, 2009), or at such other
time or times as may be determined by the Administrator, and ending on the last
Trading Day on or before the end of each calendar quarter, or at such other time
or times as may be determined by the Administrator.  The Plan shall
continue until terminated in accordance with Section 18
hereof.  Subject to Section 18 hereof, the Administrator shall
have the power to change the duration and/or the frequency of Offering Periods
with respect to future offerings and shall use its reasonable efforts to notify
Employees of any such change at least five (5) days prior to the scheduled
beginning of the first Offering Period to be affected.  In no event
shall any option granted hereunder be exercisable more than twenty-seven (27)
months from its date of grant.

    

    
      	
              Section
      5.

            	
              Enrollment;
      Participation.

            

    

    

    (a)           On
each Enrollment Date, the Company shall commence an offering by granting each
eligible Employee who has elected to participate in such Offering Period
pursuant to Section 5(b) hereof an option to purchase on the Purchase Date
of such Offering Period up to a number of Common Shares determined by dividing
each Employee’s payroll deductions accumulated prior to such Purchase Date and
credited to the Participant’s account under the Plan as of such Purchase Date by
the applicable Purchase Price; provided that such purchase shall be subject to
the limitations set forth in Sections 3(b) and 11 hereof.  Exercise of
the option shall occur as provided in Section 7 hereof, unless the
Participant has withdrawn his or her payroll deductions pursuant to
Section 9.  The option with respect to an Offering Period shall
expire on the Purchase Date with respect to such Offering Period or the
withdrawal date, if earlier.

    

    (b)           An
Employee may (subject to the limitations set forth in Section 3(b)) elect
to become a Participant in the Plan by properly enrolling in accordance with
such procedures as may be specified by the Company, authorizing the Company or a
Designated Subsidiary to make payroll deductions (as set forth in Section 6
hereof) more than five (5) business days prior to the applicable Enrollment Date
unless a later time for enrollment is set by the Company or the Administrator
for all Employees.  Unless a Participant, by giving written notice (or
by such other means or other notice as may from time to time be prescribed by
the Administrator) to the Company or a Designated Subsidiary, as applicable,
elects not to participate with respect to any subsequent Offering Period, the
Participant shall be deemed to have accepted each new offer and to have
authorized payroll deductions in respect thereof during each subsequent Offering
Period.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
              Section
      6.

            	
              Payroll
      Deductions.

            

    

    

    (a)           An
Employee may, in accordance with rules and procedures adopted by the
Administrator and subject to the limitation set forth in Section 3(b)
hereof, authorize payroll deductions in amounts which are not less than one
percent (1%) and not more than ten percent (10%) of such Employee’s Compensation
on each payday occurring during an Offering Period (or such other maximum
percentage as the Administrator may establish from time to time before an
Offering Period).  Payroll deductions shall commence on the first
payroll paid following the Enrollment Date (but if such date is not
administratively practicable, by the second payroll paid following the
Enrollment Date), and shall end (as is administratively practicable) on the last
payroll paid prior to or on the Purchase Date of the Offering Period to which
the enrollment is applicable, unless earlier terminated by the Participant’s
withdrawal from the Plan or termination of the Participant’s Continuous Status
as an Employee as provided in Section 9.  A Participant may
decrease (or increase) his or her rate of payroll deductions or may suspend
payroll deductions at any such time during an Offering Period as may be
determined and communicated to Participants by the Company or the Administrator
prior to the commencement of an Offering Period; provided, however, that the
Participant shall be required to provide the Administrator with written notice
(or such other means or other notice as may from time to time be prescribed by
the Administrator) of any such decrease, increase or suspension.  The
change in rate or suspension of payroll deductions, as the case may be, shall be
effective as soon as administratively possible, but in no event later than the
first full payroll period commencing five (5) or more business days after
the Administrator’s receipt of notice from the Participant.

    

    (b)           All
payroll deductions made by a Participant shall be credited to such Participant’s
account under the Plan and shall be withheld in whole percentages
only.  A Participant may not make any payments into such account
except payments made through payroll deductions as provided in the Plan.
Crediting to the Participant’s account shall occur as soon as it is
administratively reasonable after the deductions are withheld from the
Employee’s Compensation.

    

    (c)           Notwithstanding
the foregoing, to the extent necessary to comply with Section 3(b) hereof,
a Participant’s rate of payroll deductions may be decreased by the Company to
zero percent (0%) at any time during an Offering Period.  Payroll
deductions shall recommence at the rate provided for by the Participant as part
of his or her enrollment at the beginning of the first Offering Period which is
scheduled to commence in the following calendar year, unless a Participant
increases or decreases the rate of, or suspends, his or her payroll deductions
as provided in Section 6(a) hereof, or terminates his or her participation
in the Plan as provided in Section 9.

    

    
      	
              Section
      7.

            	
              Purchase
      of Common Shares.

            

    

    

    Except
for Participants who have withdrawn from the Plan as provided in Section 9
hereof, all Participants’ elections to purchase Common Shares shall be exercised
automatically on each Purchase Date, and the maximum number of whole Common
Shares subject to the option shall be acquired on behalf of and allocated to
each Participant at the applicable Purchase Price with the accumulated payroll
deductions credited to each Participant’s account as of the Purchase Date
(subject to such limitations as set forth in the Plan).  No fractional
Common Shares may be purchased hereunder but notional fractional Common Shares
will be allocated to a Participant’s account.  Any notional fractional
Common Shares allocated to a Participant’s account following the purchase of
Common Shares on any Purchase Date shall be retained in the Participant’s
account to be aggregated with other notional fractional Common Shares on future
Purchase Dates, subject to earlier withdrawal by the Participant as provided in
Section 9 hereof.  During a Participant’s lifetime, a
Participant’s option to purchase Common Shares hereunder is exercisable only by
the Participant.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
              Section
      8.

            	
              Delivery
      of Common Shares; Withdrawal or Sale of Common Shares;
      Dividends.

            

    

    

    (a)           As
promptly as practicable after receiving written notice from a Participant, the
Company shall arrange for the delivery to each Participant, as appropriate, of a
certificate representing the whole Common Shares purchased upon exercise of his
or her option and cash in respect of any notional fractional Common Shares
allocated to the Participant’s account.  Alternatively, other evidence of
ownership of the Common Shares will be sent to the Participant if the Common
Shares are to be held in book-entry form. Notwithstanding the foregoing, the
Administrator may require that all Common Shares purchased under the Plan be
held in an account (an “ESPP Share Account”)
established in the name of the Participant (or in the name of the Participant
and his or her spouse or domestic partner, as designated by the Participant to
the Administrator), subject to such rules as determined by the Administrator and
uniformly applied to all Participants, including designation of a brokerage or
other financial services firm (an “ESPP Broker”) to hold
such Common Shares for the Participant’s ESPP Share Account with registration of
such Common Shares in the name of such ESPP Broker for the benefit of the
Participant (or for the benefit of the Participant and his or her spouse or
domestic partner, as designated by the Participant to the
Administrator).

    

    (b)           Each
ESPP Share Account shall be established with the following default dividend
policy. Cash dividends, if any, paid with respect to the Common Shares held in
an ESPP Share Account under the Plan shall be automatically
reinvested in Common Shares unless the Participant notifies the
Administrator that its dividends are to be paid to
the Participant (net of withholding taxes).  Any share dividend
or other distribution made to the holders of Common Shares will be credited to
and held in the Participant’s ESPP Share Account. The Administrator shall have
the right at any time or from time to time upon notice to Participants to change
the default dividend reinvestment policy.

    

    
      	
              Section
      9.

            	
              Voluntary
      Withdrawal; Termination of
Employment.

            

    

    

    (a)           A
Participant may withdraw all, but not less than all, of the payroll deductions
credited to such Participant’s account (that have not been used to purchase
Common Shares) under the Plan by giving written notice to the Administrator or
communicating with the Administrator in such other manner as the Company or the
Administrator may authorize at least ten (10) business days prior to the
Purchase Date of the Offering Period in which the withdrawal
occurs.  Withdrawal of payroll deductions shall be deemed to be a
withdrawal from the Plan.  All of the payroll deductions credited to
such Participant’s account (that have not been used to purchase Common Shares)
shall be paid to such Participant promptly after receipt of such Participant’s
notice of withdrawal, and such Participant’s eligibility to participate in the
Plan for the Offering Period in which the withdrawal occurs shall be
automatically terminated. No further payroll deductions for the purchase of
Common Shares shall be made for such Participant during such Offering
Period.  If a Participant withdraws from an Offering Period, payroll
deductions for such Participant shall not resume at the beginning of the
succeeding Offering Period unless the Participant timely re-enrolls in the Plan
in accordance with the provisions of Section 5 hereof.  A
Participant’s withdrawal from an Offering Period shall not have any effect upon
a Participant’s eligibility to participate in any similar plan which may
hereafter be adopted by the Company or in succeeding Offering Periods which
commence after termination of the Offering Period from which the Participant
withdraws.

    

    (b)           Upon
termination of a Participant’s Continuous Status as an Employee prior to a
Purchase Date of an Offering Period for any reason, including a Participant’s
voluntary or involuntary termination, retirement or death, all the payroll
deductions credited to such Participant’s account (that have not been used to
purchase Common Shares) shall be returned to such Participant or, in the case of
such Participant’s death, to the person or persons entitled thereto under
Section 13 hereof, and such Participant’s option shall be automatically
terminated.  Such termination shall be deemed a withdrawal from the
Plan.

    

    (c)           In
the event an Employee fails to remain in Continuous Status as an Employee of a
Designated Subsidiary for at least twenty (20) hours per week during the
Offering Period in which the Employee is a Participant, unless such Employee is
on an approved leave of absence or a temporary reduction of hours, he or she
will be deemed to have elected to withdraw from the Plan and the contributions
credited to his or her account will be returned to him or her and his or her
option terminated.

    

    
      	
              Section
      10.

            	
              Interest.

            

    

    

    No
interest shall accrue on or be payable by the Company or a Designated Subsidiary
with respect to the payroll deductions of a Participant in the
Plan.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	
              Section
      11.

            	
              Common
      Shares Subject to Plan.

            

    

    

    (a)           Subject
to adjustment as provided in Section 17 hereof, the maximum aggregate
number of Common Shares which shall be reserved for sale and issued under the
Plan shall be 6,000,000 Common Shares. The
Common Shares may consist, in whole or in part, of authorized and unissued
Common Shares issued from treasury, Common Shares purchased on the open market,
Common Shares purchased on a private placement basis or a combination thereof.
If an outstanding option expires or is terminated pursuant to the Plan, the
Common Shares allocable to the unexercised portion of the option shall again be
available for issuance under the Plan. If the total number of Common Shares
which would otherwise be subject to options granted pursuant to
Section 3(a) hereof on an Enrollment Date exceeds the number of Common
Shares then available under the Plan (after deduction of all Common Shares for
which options have been exercised or are then outstanding), the Administrator
shall make a pro rata allocation of the Common Shares remaining available for
option grant in as uniform a manner as shall be practicable and as it shall
determine to be equitable.  In such event, the Administrator shall
notify Participants of such reduction in the number of Common Shares affected
thereby and shall similarly reduce the rate of payroll deductions, if
necessary.

    

    (b)           No
Participant shall have rights as a shareholder of the Company, including voting
rights, with respect to any option granted hereunder until the date on which the
option is exercised and such Common Shares have been purchased by the
Participant in accordance with Section 7 hereof.

    

    (c)           Common
Shares to be delivered to a Participant under the Plan will be registered in the
name of the Participant or in the name of the Participant and his or her spouse
or domestic partner, as designated by the Participant to the Administrator;
provided that if the Administrator has determined that Common Shares shall be
held in an ESPP Share Account held by an ESPP Broker in accordance with
Section 8, Common Shares shall be registered in the name of such ESPP
Broker for the benefit of the Participant or the Participant and his or her
spouse or domestic partner, as designated by the Participant to the
Administrator.

    

    
      	
              Section
      12.

            	
              Administration.

            

    

    

    The Plan
shall be administered by the Board and, to the extent administration is
delegated by the Board, the Committee or its designees.  The Board or
the Committee shall have full power and authority, subject to the provisions of
the Plan, to promulgate such rules and regulations as it deems necessary for the
proper administration of the Plan, to interpret the provisions and supervise the
administration of the Plan, and to take all action in connection therewith or in
relation thereto as it deems necessary or advisable.  Any decision
reduced to writing and signed by a majority of the members of the Committee
shall be fully effective as if it had been made at a meeting duly
held.  The Company shall pay all expenses incurred in the
administration of the Plan except for brokerage fees or expenses associated with
the sale or transfer of Common Shares by a Participant, which fees or expenses
shall be borne by the Participant.  No member of the Board or
Committee shall be personally liable for any action, determination, or
interpretation made in good faith with respect to the Plan, and all members of
the Board or Committee and each other director or employee of the Company or its
Designated Subsidiaries to whom any duty or power relating to the administration
or interpretation of the Plan has been delegated shall be fully indemnified by
the Company with respect to any such action, determination or interpretation
unless, in each case, such action, determination or interpretation was taken or
made by such person in bad faith and without reasonable belief that it was in
the best interests of Thomson Reuters.

    

    All
decisions, determinations and interpretations of the Board or Committee with
respect to the Plan shall be final and binding on all persons, including the
Company, any Designated Subsidiary, the Employee (or any person claiming any
rights under the Plan through any Employee) and any shareholder of the
Company.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	
              Section
      13.

            	
              Designation
      of Beneficiary.

            

    

    

    (a)           A
Participant may file, on forms supplied by and delivered to the Administrator
(or by such other means as are designated from time to time by the Administrator
or the Company), a written designation of a beneficiary who is to receive any
Common Shares and cash in respect of any notional fractional Common Shares, if
any, from the Participant’s account under the Plan in the event of such
Participant’s death.  In addition, a Participant may file with the Company
a written designation of a beneficiary who is to receive any cash withheld
through periodic payroll deductions and credited to the Participant’s account
under the Plan in the event of such Participant’s death prior to the Purchase
Date of an Offering Period.  If a Participant is married and the designated
beneficiary is not the spouse or domestic partner, spousal or domestic partner
consent shall be required for such designation to be effective.

    

    (b)           Such
designation of beneficiary may be changed by the Participant at any time by
written notice to the Administrator or the Company, as the case may be (or by
such other means as are designated from time to time by the Administrator or the
Company).  In the event of the death of a Participant and in the
absence of a beneficiary validly designated under the Plan who is living at the
time of such Participant’s death, the Administrator or the Company, as the case
may be, shall deliver the balance of the Common Shares and/or cash credited to
the Participant’s account to the executor or administrator of the estate of the
Participant or, if no such executor or administrator has been appointed (to the
knowledge of the Administrator and the Company), the Administrator or the
Company, in their discretion, may deliver such Common Shares and/or cash to the
spouse or domestic partner or to any one or more dependents or relatives of the
Participant, or if no spouse, domestic partner, dependent or relative is known
to the Administrator or the Company, then to such other person as the
Administrator or the Company may designate.

    

    
      	
              Section
      14.

            	
              Transferability.

            

    

    

    Neither
payroll deductions credited to a Participant’s account nor any rights with
regard to the exercise of an option or any rights to receive Common Shares under
the Plan may be assigned, transferred, pledged or otherwise disposed of in any
way (other than by the laws of descent and distribution or as provided in
Section 13 hereof) by the Participant.  Any such attempt at
assignment, transfer, pledge or other disposition shall be without
effect.

    

    
      	
              Section
      15.

            	
              Use
      of Funds.

            

    

    

    All
payroll deductions received or held by Thomson Reuters under the Plan may be
used by Thomson Reuters for any corporate purpose, and Thomson Reuters shall not
be obligated to segregate such payroll deductions.

    

    
      	
              Section
      16.

            	
              Reports.

            

    

    

    Individual
accounts shall be maintained by the Company or the Administrator for each
Participant in the Plan.  Statements of account shall be made
available to each Participant and promptly following each Purchase Date, such
statements shall set forth the amounts of payroll deductions, the Purchase
Price, the number of Common Shares purchased and the remaining cash balance, if
any. These statements of account may be made available by electronic
transmission or through a Thomson Reuters or Administrator intranet accessible
to Participants, as the Company may determine.

    

    
      	
              Section
      17.

            	
              Effect
      of Certain Changes.

            

    

    

    In the
event of any change in the number of outstanding Common Shares by reason of any
share dividend or split, recapitalization, reorganization, merger, amalgamation,
consolidation, combination or exchange of Common Shares, or other corporate
change affecting Common Shares, the Board or the Committee shall conclusively
determine the appropriate equitable adjustments, if any, to be made under the
Plan, including, without limitation, adjustments to the number of Common Shares
which have been authorized for issuance under the Plan, but have not yet been
placed under option, as well as the Purchase Price of each option under the Plan
which has not yet been exercised.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    In the
event of a dissolution or liquidation of the Company, any Offering Period then
in progress will terminate immediately prior to the consummation of such action,
unless otherwise provided by the Board.  In the event of a Corporate
Transaction, each option outstanding under the Plan shall be assumed or an
equivalent option shall be substituted by the successor corporation or a parent
or subsidiary of such successor corporation.  In the event that the
successor corporation refuses to assume or substitute for outstanding options,
the Offering Period then in progress shall be shortened and a new Purchase Date
shall be set (the “New
Purchase Date”), as of which date any Offering Period then in progress
will terminate.  The New Purchase Date shall be on or before the date
of consummation of the transaction and the Board or the Committee shall notify
each Participant in writing that the Purchase Date for his or her option has
been changed to the New Purchase Date and that his or her option will be
exercised automatically on the New Purchase Date, unless prior to such date he
or she has withdrawn from the Offering Period as provided in
Section 9.  A Participant must be an Employee on the New Purchase
Date in order for his/her option to be exercised on such date. For purposes of
this Section 17, an option granted under the Plan shall be deemed to be
assumed, without limitation, if, at the time of issuance of the shares or other
consideration upon a Corporate Transaction, each holder of an option under the
Plan would be entitled to receive upon exercise of the option the same number
and kind of shares or the same amount of property, cash or securities as such
holder would have been entitled to receive upon the occurrence of the
transaction if the holder had been, immediately prior to the transaction, the
holder of the number of Common Shares covered by the option at such time (after
giving effect to any adjustments in the number of Common Shares covered by the
option as provided for in this Section 17 hereof); provided that if the
consideration received in the transaction is not solely common stock of the
successor corporation, the Board may, with the consent of the successor
corporation, provide for the consideration to be received upon exercise of the
option to be solely common stock of the successor corporation equal in fair
market value to the per Common Share consideration received by holders of Common
Shares in the transaction.

    

    
      	
              Section
      18.

            	
              Amendment
      or Termination.

            

    

    

    (a)           The
Board or the Committee may at any time and for any reason terminate or amend the
Plan.  Except as provided in Section 17, no such termination of the
Plan may affect options previously granted, provided that the Plan or an
Offering Period may be terminated by the Board or the Committee on a Purchase
Date or by the Board or the Committee setting a new Purchase Date with respect
to an Offering Period then in progress if the Board or the Committee determines
that termination of the Plan and/or the Offering Period is in the best interests
of Thomson Reuters and the shareholders or if continuation of the Plan and/or
the Offering Period would cause Thomson Reuters to incur adverse accounting
charges as a result of a change after the effective date of the Plan in the
generally accepted accounting rules applicable to the Plan.  Except as
provided in Section 17 and in this Section 18, no amendment to the
Plan shall make any change in any option previously granted which materially and
adversely affects the rights of any Participant, except with the consent of the
Participant. In addition, to the extent required by Section 18(c) and to the
extent otherwise necessary to comply with any applicable law, regulation or
stock exchange requirement, the Company shall obtain shareholder approval in
such a manner and to such a degree as so required.

    

    (b)           Without
shareholder consent and without regard to whether any Participant’s rights may
be considered to have been materially and adversely affected, the Board or the
Committee shall be entitled to change the Offering Periods, limit the frequency
and/or number of changes in the amount withheld during an Offering Period,
establish the exchange ratio applicable to amounts withheld in any currency,
permit payroll withholding in excess of the amount designated by a Participant
in order to adjust for delays or mistakes in the Company’s processing of
properly completed withholding elections, establish reasonable waiting and
adjustment periods and/or accounting and crediting procedures to ensure that
amounts applied toward the purchase of Common Shares for each Participant
properly correspond with amounts withheld from the Participant’s Compensation,
and establish such other limitations or procedures as the Board or the Committee
determines in its sole discretion advisable which are consistent with the
Plan.

    

    (c)           Subject
to the foregoing, the Board or the Committee may make any amendment to the Plan
without seeking shareholder approval, except for any amendment
which:

    

    
      	
               
      

            	
              (i)

            	
              increases
      the number of Common Shares reserved for issuance under the Plan or
      changes that number from a fixed number of Common Shares to a fixed
      maximum percentage;

            

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (ii)

            	
              lowers
      the Purchase Price payable for Common Shares under the
    Plan;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              amends
      the provisions of Section 17;

            

    

    

    
      	
               
      

            	
              (iv)

            	
              extends
      eligibility to participate in the Plan to
  non-Employees;

            

    

    

    
      	
               
      

            	
              (v)

            	
              changes
      the rights attaching to the Common Shares;
or

            

    

    

    
      	
               
      

            	
              (vi)

            	
              is
      required to be approved by shareholders under applicable laws, regulations
      or stock exchange rules.

            

    

    

    
      	
              Section
      19.

            	
              Notices.

            

    

    

    All
notices or other communications by a Participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when they are
received in a timely manner in the form specified by the Company at the
location, or by the person, designated by the Company for the receipt
thereof.

    

    
      	
              Section
      20.

            	
              Regulations
      and Other Approvals; Governing Law.

            

    

    

    (a)           This
Plan and the rights of all persons claiming hereunder shall be construed and
determined in accordance with the laws of the Province of Ontario and laws of
Canada applicable therein.

    

    (b)           The
obligation of the Company to sell or deliver Common Shares with respect to
options granted under the Plan shall be subject to all applicable laws, rules
and regulations, including all applicable federal, provincial, state, local and
foreign securities laws, and the obtaining of all such approvals by governmental
agencies or stock exchanges as may be deemed necessary or appropriate by the
Administrator.  As a condition to the exercise of an option, the
Company may require a Participant exercising such option to represent and
warrant at the time of any such exercise that the Common Shares are being
purchased only for investment and without any present intention to sell or
distribute such Common Shares if, in the opinion of counsel for the Company,
such a representation is required by any of the aforementioned applicable
provisions of law.

    

    
      	
              Section
      21.

            	
              Withholding
      of Taxes; Notification to Company from
  Participant.

            

    

    

    At a time
a Participant’s option is exercised, in whole or in part, or at the time a
Participant disposes of some or all of the Common Shares he or she acquired
under the Plan, the Participant shall make adequate provision for the federal,
provincial, state, local or foreign tax withholding obligations, if any, of the
Company or Designated Subsidiary which arise upon exercise or disposition,
respectively. The Company or a Designated Subsidiary may, but shall not be
obliged to, withhold from the Participant’s Compensation the amount necessary to
meet such withholding obligations.  Each Participant shall be
responsible for, and will indemnify the Company and its Designated Subsidiaries
against any applicable taxes, including any interest or penalties relating
thereto, to which the Participant may be subject as a result of the
Participant’s participation in the Plan or the Participant’s sale of Common
Shares acquired hereunder.

    

    
      	
              Section
      22.

            	
              No
      Right to Continued Employment, Etc.

            

    

    

    Nothing
contained in this Plan shall confer upon an Employee any right to the
continuation of employment with the Company or a Designated Subsidiary or
interfere in any way with the right of the Company or a Designated Subsidiary to
terminate employment-related services, responsibilities, duties and authority to
represent the Company or a Designated Subsidiary at any time for any reason
whatsoever.

    

    
      	
              Section
      23.

            	
              Term
      of Plan.

            

    

    

    Unless
the Plan is sooner terminated by the Board or the Committee under Section 18
hereof, no option shall be granted pursuant to the Plan and no Offering Period
shall commence on or after February 23, 2025, but options theretofore granted
may extend beyond that date.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    
      	
              Section
      24.

            	
              Operation
      of Plan in other Jurisdictions.

            

    

    

    The
Administrator may adopt additional sub-plans of the Plan applicable in any
jurisdiction under which participation may be subject to additional and/or
modified terms and conditions, having regard to any securities, exchange control
or taxation laws, which apply to an Employee, the Company or any Designated
Subsidiary.  Any sub-plans must conform to the basic principles of the
Plan and must not exceed the limits on the number of Common Shares available
under the Plan as set out in Section 11.  This Section will permit,
for example, the adoption and operation of an HM Revenue and Customs-approved
Savings Related Share Option Plan and/or Share Incentive Plan in the United
Kingdom.

    

    Plan version effective as of
September 10,
2009

    

     

    10ex4_4.htm

EXHIBIT 4.4

THOMSON REUTERS

DEFERRED COMPENSATION PLAN

(September 10, 2009)

  

  

  

THOMSON REUTERS

DEFERRED COMPENSATION PLAN

(Pre-2005 Component)

(Effective January 1, 2005)

  

  

  

TABLE OF CONTENTS

	  	 	  	
Page

	  	 	  	  
	
ARTICLE 1
	 	
DEFINITIONS
	
1

	  	 	  	  
	
ARTICLE 2
	 	
SELECTION AND ENROLLMENT
	
7

	  	 	  	  
	
2.1
	 	
Selection of Participants by Committee
	
7

	
2.2
	 	
Enrollment Requirements
	
7

	
2.3
	 	
Termination of Participation and/or Deferrals
	
7

	  	 	  	  
	
ARTICLE 3
	 	
DEFERRAL OF COMPENSATION
	
8

	  	 	  	  
	
3.1
	 	
Amount of Deferral
	
8

	
3.2
	 	
Election to Defer
	
8

	
3.3
	 	
Withholding of Annual Deferral Amounts
	
8

	
3.4
	 	
Investment of Trust Assets
	
8

	
3.5
	 	
Vesting of Deferral, Share and Matching Share Unit Accounts
	
8

	
3.6
	 	
Crediting/Debiting of Account Balances
	
8

	
3.7
	 	
Deferrals into Share Units
	
10

	
3.8
	 	
FICA and Other Taxes
	
10

	
3.9
	 	
Withholding on Distributions
	
10

	  	 	  	  
	
ARTICLE 4
	 	
CONVERSION TO SHARE UNITS AND MATCHING CONTRIBUTIONS
	
10

	  	 	  	  
	
4.1
	 	
Conversion of Deferral Account to Share Units
	
10

	
4.2
	 	
Number of Share Units Credited
	
10

	
4.3
	 	
Matching Share Units
	
11

	
4.4
	 	
Vesting of Matching Share Units
	
11

	
4.5
	 	
Impact of Reemployment on Vesting
	
11

	
4.6
	 	
FICA and Other Taxes on Matching Share Units
	
11

	
4.7
	 	
Dividends
	
11

	
4.8
	 	
Adjustment in the Event of Recapitalization
	
12

	
4.9
	 	
Fractional Interests
	
12

	
4.10
	 	
Rights as Stockholder
	
12

	  	 	  	  
	
ARTICLE 5
	 	
DEFERRAL OF STOCK OPTIONS
	
12

	  	 	  	  
	
5.1
	 	
Deferral of Stock Options
	
12

	  	 	  	  
	
ARTICLE 6
	 	
DISCRETIONARY CONTRIBUTIONS
	
12

	  	 	  	  
	
6.1
	 	
Discretionary Contributions
	
12

	  	 	  	  
	
ARTICLE 7
	 	
SHORT-TERM PAYOUT, UNFORESEEABLE FINANCIAL EMERGENCIES, AND WITHDRAWAL ELECTION
	
13

	  	 	  	  
	
7.1
	 	
Short-Term Payout of Annual Deferral Amounts
	
13

	
7.2
	 	
Election Changes
	
13

	
7.3
	 	
Other Benefits Take Precedence Over Short-Term
	
13

 

 

1

 

 

TABLE OF CONTENTS

 

(continued)

 

	  	 	  	
Page

	  	 	  	  
	
7.4
	 	
Withdrawal Payout Suspensions for Unforeseeable Financial Emergencies
	
13

	
7.5
	 	
Withdrawal Election
	
13

	  	 	  	  
	
ARTICLE 8
	 	
RETIREMENT BENEFIT
	
14

	  	 	  	  
	
8.1
	 	
Retirement Benefit
	
14

	
8.2
	 	
Payment of Retirement Benefits
	
14

	
8.3
	 	
Death Prior to Completion of Retirement Benefit
	
15

	
8.4
	 	
Reemployment Prior to Completion of Retirement Benefit
	
15

	  	 	  	  
	
ARTICLE 9
	 	
DEATH BENEFIT
	
15

	  	 	  	  
	
9.1
	 	
Death Benefit
	
15

	
9.2
	 	
Payment of Death Benefit
	
15

	
9.3
	 	
Deferral Account
	
15

	
9.4
	 	
Share and Matching Share Unit Accounts
	
15

	
9.5
	 	
Election Changes
	
16

	  	 	  	  
	
ARTICLE 10
	 	
TERMINATION BENEFIT
	
16

	  	 	  	  
	
10.1
	 	
Termination Benefit
	
16

	
10.2
	 	
Payment of Termination Benefit
	
16

	
10.3
	 	
Reemployment Prior to Completion of Termination Benefit
	
16

	  	 	  	  
	
ARTICLE 11
	 	
DISABILITY WAIVER AND BENEFIT
	
16

	  	 	  	  
	
11.1
	 	
Disability Waiver
	
16

	
11.2
	 	
Continued Eligibility; Disability Benefit
	
17

	
11.3
	 	
Reemployment Prior to Completion of Disability Benefits
	
17

	  	 	  	  
	
ARTICLE 12
	 	
FORFEITURE
	
17

	  	 	  	  
	
12.1
	 	
Forfeiture
	
17

	  	 	  	  
	
ARTICLE 13
	 	
BENEFICIARY DESIGNATION
	
18

	  	 	  	  
	
13.1
	 	
Beneficiary
	
18

	
13.2
	 	
Beneficiary Designation
	
18

	
13.3
	 	
No Beneficiary Designation
	
18

	
13.4
	 	
Doubt as to Beneficiary
	
18

	
13.5
	 	
Discharge of Obligation
	
18

	  	 	  	  
	
ARTICLE 14
	 	
LEAVE OF ABSENCE
	
18

	  	 	  	  
	
14.1
	 	
Paid Leave of Absence
	
18

	
14.2
	 	
Unpaid Leave of Absence
	
18

	  	 	  	  
	
ARTICLE 15
	 	
TERMINATION, AMENDMENT AND MODIFICATION
	
19

 

 

2

 

 

TABLE OF CONTENTS

 

(continued)

 

	  	 	  	
Page

	  	 	  	  
	
15.1
	 	
Termination
	
19

	
15.2
	 	
Amendment
	
19

	
15.3
	 	
Plan Agreement
	
20

	
15.4
	 	
Effect of Payment
	
20

	  	 	  	  
	
ARTICLE 16
	 	
ADMINISTRATION
	
20

	  	 	  	  
	
16.1
	 	
Committee Duties
	
20

	
16.2
	 	
Agents
	
20

	
16.3
	 	
Binding Effect of Decisions
	
21

	
16.4
	 	
Indemnity of Committee
	
21

	
16.5
	 	
Employer Information
	
21

	  	 	  	  
	
ARTICLE 17
	 	
OTHER BENEFITS AND AGREEMENTS
	
21

	  	 	  	  
	
17.1
	 	
Coordination with Other Benefits
	
21

	  	 	  	  
	
ARTICLE 18
	 	
CLAIMS PROCEDURES
	
21

	  	 	  	  
	
18.1
	 	
Presentation of Claim
	
21

	
18.2
	 	
Notification of Decision
	
21

	
18.3
	 	
Review of Denied Claim
	
22

	
18.4
	 	
Decision on Review
	
22

	
18.5
	 	
Legal Action
	
22

	  	 	  	  
	
ARTICLE 19
	 	
TRUST
	
22

	  	 	  	  
	
19.1
	 	
Establishment of the Trust
	
22

	
19.2
	 	
Interrelationship of the Plan and the Trust
	
22

	
19.3
	 	
Distributions from the Trust
	
23

	  	 	  	  
	
ARTICLE 20
	 	
MISCELLANEOUS
	
23

	  	 	  	  
	
20.1
	 	
Status of Plan
	
23

	
20.2
	 	
Unsecured General Creditor
	
23

	
20.3
	 	
Employer’s Liability
	
23

	
20.4
	 	
Nonassignability
	
23

	
20.5
	 	
Not a Contract of Employment
	
23

	
20.6
	 	
Furnishing Information
	
23

	
20.7
	 	
Terms
	
24

	
20.8
	 	
Captions
	
24

	
20.9
	 	
Governing Law
	
24

	
20.10
	 	
Notice
	
24

	
20.11
	 	
Successors
	
24

	
20.12
	 	
Validity
	
24

 

 

3

 

 

TABLE OF CONTENTS

 

(continued)

 

	  	 	  	
Page

	  	 	  	  
	
20.13
	 	
Incompetent
	
24

	
20.14
	 	
Court Order
	
25

	
20.15
	 	
Distribution in the Event of Taxation
	
25

	
20.16
	 	
Insurance
	
25

	
20.17
	 	
Legal Fees to Enforce Rights after Change in Control
	
26

  

4

  

THOMSON REUTERS

DEFERRED COMPENSATION PLAN

Purpose

This Deferred Compensation Plan has been adopted by Thomson Reuters Corporation in order to provide specified benefits to a select group of senior management who contribute materially to the continued growth, development and future business success of Thomson Reuters Holdings Inc. (a Delaware corporation), its parent corporations, and any
affiliate or subsidiary of Thomson Reuters Holdings, Inc. or its parent corporations. This plan was amended effective as of September 10, 2009 solely to reflect the unification of Thomson Reuters dual listed company structure. Notwithstanding anything herein to the contrary, deferrals and contributions under the Plan shall cease as of December 31, 2004 and the terms and conditions set forth in the Plan as of such date shall govern distribution of Plan benefits attributable to deferrals and contributions, to the
extent vested, as of December 31, 2004.

ARTICLE 1

Definitions

Unless otherwise clearly apparent from the context, the following phrases and terms shall have the meanings indicated:

1.1           “Account” shall mean, with respect to a Participant, any or all of a Participant’s Deferral Account, Matching Share Unit Account, Share Unit Account or Discretionary Contributions Account.

1.2           “Annual Bonus” shall mean for any Plan Year any compensation, other than Base Salary and Long-Term Bonus, relating to services performed during such Plan Year, whether or not paid or included on
the Federal income tax Form W-2 for such Plan Year, payable to a Participant as an Employee under any Employer’s annual bonus or incentive plans.

1.3           “Annual Deferral Amount” shall mean for any Plan Year the portion of a Participant’s Base Salary, Annual Bonus, Long-Term Bonus, bonus attributable to Deferred Cash Bonus Units, and Stock
compensation attributable to the exercise of Options that is deferred pursuant to Article 3.  In the event of a Participant’s Retirement, Disability (if deferrals cease pursuant to Section 11.1), death or Termination of Employment prior to the end of a Plan Year, such year’s Annual Deferral Amount shall be the actual amount withheld prior to such event.

1.4           “Base Salary” shall mean for any Plan Year the annual cash compensation relating to services performed during such Plan Year, whether or not paid or included, if appropriate, on the Federal income
tax Form W-2 for such Plan Year, including severance payments to the extent that the Participant’s continued receipt of such payments is contingent upon his complying with noncompete, nonsolicitation and/or nondisclosure restrictions, but excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, director’s fees and other fees, and automobile and other allowances paid to a Participant for employment services rendered (whether
or not such allowances are included in the Participant’s gross income).  Base Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified and non-qualified plans of any Employer (including amounts not otherwise included in gross income under Code Sections 125, 132(f)(4), 402(c)(3), 402(h), or 403(b)); provided, however, that all such amounts will be included in compensation only to the extent that, had there been
no such plan, the amount would have been payable in cash to the Participant.

  

1

  

1.5           “Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article 13, that are entitled to receive benefits under the Plan upon the death of
a Participant.

1.6           “Beneficiary Designation Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries.

1.7           “Board” shall mean the board of directors of the Company.

1.8           “Change in Control” shall mean the first to occur of any of the following events:

	
  
	
(a)
	
The direct or indirect holdings of the Thomson family, in the voting power or fair market value of the stock of Thomson Reuters Corporation or any successor thereto fall below 40 percent.  The rules in Section 318(a) of the Code and the Treasury Regulations thereunder shall be used to determine stock ownership.  For purposes of this Section 1.8(a), the Thomson family includes Lord Kenneth R. Thomson
and the descendants and their spouses of the first Lord Thomson of Fleet.

	
  
	
(b)
	
Thomson Reuters Corporation (or any successor thereto) sells to an unrelated third party or parties (at one time or within any two year period) in the aggregate all or substantially all of its assets and the assets of its wholly owned subsidiaries immediately prior to the sale or sales.

1.9           “Claimant” shall have the meaning set forth in Section 18.1.

1.10           “Closed Period” shall mean any period during which Participants are prohibited, by law or pursuant to policies established by Thomson Reuters, from acquiring or selling Shares.

1.11           “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

1.12           “Committee” shall mean the committee described in Article 16.

1.13           “Company” shall mean Thomson Reuters Holdings Inc. (Thomson Holdings Inc. prior to June 30, 2008) and any successor to all or substantially all of the Company’s assets or business.

1.14           “Death Benefit” shall mean the benefit described in Article 9.

  

2

  

1.15         “Deduction Limitation” shall mean the following limitation on a benefit that may be distributed pursuant to the Plan.  Except as otherwise provided, this limitation shall be applied to all distributions
that are subject to the Deduction Limitation.  If an Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the application of the limitation under Code Section 162(m), then, to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to the Plan
is deductible, the Employer may defer all or any portion of such distribution.  Any amounts deferred pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.6, even if such amount is being paid out in installments.  The amounts so deferred and amounts credited thereon shall be distributed to the Participant or his Beneficiary (in the event of the Participant’s death) at the earliest possible date, as determined by the
Employer in good faith, on which the deductibility of compensation paid or payable to the Participant will not be limited by Code Section 162(m) or, if earlier, the effective date of a Change in Control.  Notwithstanding anything to the contrary in this Plan, the Deduction Limitation shall not apply to any distributions made after a Change in Control.

1.16         “Deferral Account” shall mean, with respect to any Participant, an account to which shall be credited the Participant’s Annual Deferral Amounts, plus amounts credited to such account pursuant to Section 3.6,
less the following: (i) amounts credited to his Share Unit Account pursuant to Section 3.7; (ii) amounts distributed to the Participant or his Beneficiary that relate to his Deferral Account; and (iii) amounts converted from a Measurement Fund to Share Units pursuant to Section 4.1.  The Deferral Account balance shall be a bookkeeping entry only and shall be utilized solely for the measurement and determination of the amounts to be paid to a Participant or his Beneficiary pursuant to the Plan.

1.17         “Deferred Cash Bonus Unit” shall mean any vested units under the Thomson Reuters Phantom Stock Plan (also referred to as the Cash Bonus Plan) or a similar successor plan the receipt of which is deferred pursuant
to Section 3.2.

1.18         “Disability” or “Disabled” shall mean a permanent physical or mental incapacity resulting in a Participant being unable to engage
in any gainful employment and which would entitle the Participant to begin receiving disability benefits under (i) the Federal Social Security Act or (ii) his Employer’s long-term disability plan, had the Participant been a participant in such a plan.

1.19         “Disability Benefit” shall mean the benefit set forth in Article 11.

1.20         “Discretionary Contributions” shall mean an amount credited by an Employer on behalf of a Participant to his Discretionary Contributions Account pursuant to Section 6.1.

1.21         “Discretionary Contributions Account” shall mean, with respect to any Participant, an account to which shall be credited Discretionary Contributions pursuant to Section 6.1, less any amounts distributed
in any form to the Participant or his Beneficiary that relate to his Discretionary Contributions Account.  The Discretionary Contributions Account balance shall be a bookkeeping entry only and shall be utilized solely for the measurement and determination of the amounts to be paid to a Participant or his Beneficiary pursuant to the Plan.

  

3

  

1.22         “Domestic Partner” shall mean a person who has formed a domestic partnership with a Participant.  A domestic partnership is: (i) a relationship between two adults of the same or opposite gender,
which includes residing together and being jointly responsible for each other's common welfare and financial obligations, where the Participant has attested to meeting certain criteria for domestic partnership as determined from time to time by the Committee in accordance with applicable law; or (ii)  a domestic partnership that has been registered with a governmental entity pursuant to State or local law authorizing such registration.

1.23         “Election Form” shall mean the form established from time to time by the Committee for Participants to make elections under the Plan.

1.24         “Employee” shall mean a person who is an employee of any Employer.

1.25         “Employer” shall mean the Company and any affiliate of the Company that has been selected by the Company to participate in the Plan.

1.26         “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

1.27         “Fair Market Value” shall mean on any day, the closing price in U.S. dollars of a Share on the New York Stock Exchange, or if not so traded on such date, the average of the closing bid and asked prices on
such exchange for that date; provided, however, that (i) if the Shares are not traded on the New York Stock Exchange or (ii) if in the discretion of the Committee, such exchange does not reflect the fair market value of the Shares, then “Fair Market Value” shall mean the closing price in the applicable trading currency of a Share on the other primary trading market for the Shares, which as of the date of this Plan is the Toronto Stock Exchange, such closing price to be converted into U.S. dollars
(based on the mid-market noon spot rate for exchange on the immediately preceding business day), in each case using such closing price reported in such source as the Committee deems to be reliable.  If the Shares are not traded on the New York Stock Exchange or the Toronto Stock Exchange or on any other trading market, the Committee shall determine in its sole discretion in good faith a method for determining “Fair Market Value” as of a particular date.

1.28         “Long-Term Bonus” shall mean any cash or equity-based compensation (other than Base Salary, Annual Bonus and Deferred Cash Bonus Units) paid to a participant as an employee under any Employer’s long-term
bonus and incentive plans, including, without limitation, long-term bonus awards granted pursuant to the Thomson Reuters Stock Incentive Plan.

1.29           “Matching Share Units” shall mean units representing Shares that are credited by an Employer on behalf of a Participant to his Matching Share Unit Account pursuant to Section 4.3.

1.30         “Matching Share Unit Account” shall mean, with respect to any Participant, an account to which shall be credited the aggregate number of Matching Share Units credited to any such Participant’s Matching
Share Unit Account pursuant to Section 4.3, less any Matching Share Units distributed to the Participant or his Beneficiary in Shares that relate to his Matching Share Unit Account.  The Matching Share Unit Account balance shall be a bookkeeping entry only and shall be utilized solely as a device for determining the number of Shares to be distributed to a Participant or his Beneficiary.

  

4

  

1.31         “Options” shall mean options to purchase Shares that are granted to a Participant under the Thomson Reuters Stock Incentive Plan or a similar successor plan.

1.32         “Participant” shall mean any Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who submits a signed Election Form and Beneficiary Designation Form to
the Committee, (iv) whose signed Election Form and Beneficiary Designation Form are accepted by the Committee, and (v) who commences participation in the Plan.  A spouse, former spouse, Domestic Partner, or former Domestic Partner of a Participant shall not be treated as a Participant or have an Account balance, even if he has an interest in the Participant’s benefits under the Plan as a result of applicable law or property settlements resulting from legal separation, divorce or dissolution of
the domestic partnership.

1.33         “Plan” shall mean the Pre-2005 Component of the Thomson Reuters Deferred Compensation Plan, which shall be evidenced by this document, as it may be amended from time to time.

1.34         “Plan Agreement” shall mean a written agreement, which was entered into by and between an Employer and a Participant prior to January 1, 2001.  The Plan Agreement bearing the latest date of acceptance
by the Employer shall supersede all previous Plan Agreements in their entirety and shall govern such entitlement.  Plan Agreements may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the Plan; provided, however, that any such additional benefits or benefit limitations must be agreed to by both the Employer and the Participant.

1.35         “Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing through December 31 of such calendar year.

1.36         “Quarterly Installment Method” shall mean a method of distributing the balance in a Participant’s Deferral Account wherein such balance is distributed in 60, 120, or 180 monthly installments, as elected
by the Participant (the “Installment Period”). The amount of each monthly installment attributable to the portion of a Deferral Account, with respect to which additional amounts are credited under Section 3.6(d), shall be computed as follows:

	
  
	
(a)
	
The amount of each monthly installment during the calendar quarter (12-month period beginning on April 1 for installments made on or after April 1, 2006) in which the first monthly installment is paid shall equal: (i) the balance in the Deferral Account, as of the Measurement Date immediately preceding the first day of the month in which the first monthly installment is paid, divided by (ii) the number of months in
the Installment Period.

	
  
	
(b)
	
The amount of any subsequent monthly installment shall equal: (i) the balance in the Deferral Account as of the Measurement Date immediately preceding the first day of the calendar quarter in which any such monthly installment is paid, divided by (ii) the number of months remaining in the Installment Period as of the first day of any such calendar quarter.  Notwithstanding the foregoing sentence, for installments
made on or after April 1, 2006, the amount of any monthly installment payable following the initial 12-month period shall equal (i) the balance in the Deferral Account as of March 1 immediately preceding the first day of the 12-month period in which any such monthly installment is paid, divided by (ii) the number of months remaining in the Installment Period as of the first day of any such 12-month period.

  

5

  

For purposes hereof, “Measurement Date” shall mean the first day of the month next preceding the month in which a monthly installment is paid or such other date (determined by the Committee) as of which the balance in a Deferral Account is determined.  Notwithstanding any other provision of the Plan to the contrary, in
no event shall the amount of any monthly installment with respect to a Participant exceed the balance in the Participant’s Deferral Account as of the date on which any such installment is paid.

1.37         “Retirement”, “Retire(s)”, “Retiring”, or “Retired”
shall mean, with respect to an Employee, severance from employment from all Employers (for any reason other than a leave of absence, death or Disability) on or after the attainment of age fifty-five (55).

1.38         “Retirement Benefit” shall mean the benefit set forth in Article 8.

1.39         “Share Ownership Guidelines” shall mean the Thomson Reuters Executive Share Ownership Guidelines, as in effect from time to time.

1.40         “Share Ownership Guideline Amount” for any Participant shall mean the number of Shares that the Participant is expected to own under the Share Ownership Guidelines.

1.41         “Shares” shall mean common shares of Thomson Reuters Corporation.  For purposes of the Plan, the price of a Share shall be the price on the New York Stock Exchange or the Toronto Stock Exchange,
as determined in the sole discretion of the Committee; provided, however, that no more than 7,000,000 Shares may be issued pursuant to this Plan.  Shares distributed in payment of a Participant’s Share Unit Account shall consist of newly issued Shares from treasury, and such Shares shall be distributed in accordance with and subject to applicable securities laws.

1.42         “Short-Term Payout” shall mean the benefit set forth in Sections 7.1 and 7.2.

1.43         “Share Unit Account” shall mean, with respect to any Participant, an account to which shall be credited the aggregate number of Share Units credited to any such Participant’s Share Unit Account pursuant
to Sections 1.1, 3.7, 4.1, and 5.1, less any Share Units distributed to the Participant or his Beneficiary in Shares that relate to his Share Unit Account.  The Share Unit Account balance shall be a bookkeeping entry only and shall be utilized solely as a device for determining the number of Shares to be distributed to a Participant or his Beneficiary.

1.44         “Share Units” shall mean units representing Shares that are credited to a Participant’s Share Unit Account.

  

6

  

1.45         “Termination Benefit” shall mean the benefit set forth in Article 10.

1.46         “Termination of Employment”, “Terminate Employment” or “Terminating
Employment” shall mean the severing of employment with all Employers, voluntarily or involuntarily, for any reason other than Retirement, Disability, death or an authorized leave of absence.

1.47         “Thomson Reuters” shall mean Thomson Reuters Corporation and its respective subsidiaries or any one of them, as the context requires.

1.48         “Trust” shall mean one or more trusts established pursuant to that certain Master Trust Agreement, dated as of February 14, 1994, between the Company and the trustee named therein, as amended from time to
time.

1.49         “Unforeseeable Financial Emergency” shall mean an unanticipated emergency that is caused by an event beyond the control of the Participant that would result in severe financial hardship to the Participant
resulting from (i) a sudden and unexpected illness or accident of the Participant or a dependent of the Participant, (ii) a loss of the Participant’s property due to casualty, or (iii) such other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee.

ARTICLE 2

Selection and Enrollment

2.1           Selection of Participants by Committee.  Participants shall be limited to a select group of senior management Employees, as determined by the Committee.

2.2           Enrollment Requirements.  As a condition to participation, each Participant shall complete, execute and return to the Committee an Election Form and a Beneficiary Designation Form, all within 30 days
after being selected to participate in the Plan.  In addition, the Committee shall establish from time to time such other enrollment requirements as it determines are necessary.

2.3           Termination of Participation and/or Deferrals.  If the Committee determines in good faith that a Participant no longer qualifies as a member of a select group of management or highly compensated employees,
as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Committee may, in its sole discretion, (i) terminate the Participant’s deferral election for the remainder of the Plan Year in which the Participant’s membership status changes, (ii) prevent the Participant from making future deferral elections, (iii) immediately distribute the value of the Participant’s Account as a Termination Benefit, and (iv) terminate the Participant’s
participation in the Plan.

  

7

  

ARTICLE 3

Deferral of Compensation

3.1           Amount of Deferral. Subject to Section 3.2, for any Plan Year a Participant may elect to defer his Base Salary, Annual Bonus, and/or Long-Term Bonus in any amount up to the maximum percentages of such
Salary or Bonus as shall be determined for each Participant by the Committee in its sole discretion.  A Participant may elect to defer the receipt of (a) any cash bonus to which he is entitled as a result of exercising Deferred Cash Bonus Units and (b) subject to approval of the Committee, Shares that the Participant will be entitled to receive as a result of exercising Options.  Any such election shall be irrevocable.  Notwithstanding any other provision of the Plan to the contrary,
a Participant may elect to defer the receipt of amounts of his Base Salary, Annual Bonus, Long-Term Bonus, cash bonus attributable to the exercise of Deferred Cash Bonus Units and Shares attributable to the exercise of Options only to the extent any such amounts are earned and vested on or before December 31, 2004.  Notwithstanding any other provision of the Plan to the contrary, any such amounts that are earned or become vested after December 31, 2004 may not be deferred under the Plan.

3.2           Election to Defer.  Except as provided below, for any Plan Year a Participant may make an irrevocable deferral election, by timely delivering an Election Form to the Committee, in accordance with
its rules and procedures, before the end of the Plan Year preceding the Plan Year for which the election is made.  If no such Election Form is timely delivered for a Plan Year, the Annual Deferral Amount shall be zero for that Plan Year.  Notwithstanding any provision of the Thomson Reuters Phantom Stock Plan or the Thomson Reuters Stock Incentive Plan to the contrary, Deferred Cash Bonus Units and Options with respect to which a deferral election is made under Section 3.1 shall not be
exercisable during the six-month period commencing on the date that the applicable Election Form is delivered to the Committee.

3.3           Withholding of Annual Deferral Amounts.  For each Plan Year, the Base Salary portion of the Annual Deferral Amount shall be withheld from each regularly scheduled Base Salary payroll in equal amounts,
as adjusted from time to time for changes in Base Salary.  The Annual Bonus and/or Long-Term Bonus portions of the Annual Deferral Amount shall be withheld at the time the Annual Bonus and/or Long-Term Bonus are or otherwise would be paid to the Participant.  In the case of Deferred Cash Bonus Units and Options, any amounts deferred into the Plan shall be deferred at the time that the Deferred Cash Bonus Units or Options, as the case may be, are exercised.

3.4           Investment of Trust Assets.  The trustee of the Trust shall be authorized, upon written instructions received from the Committee or an investment manager appointed by the Committee, to invest and
reinvest the assets of the Trust in accordance with the applicable Trust Agreement, including the disposition of stock and reinvestment of the proceeds in one or more investment vehicles designated by the Committee.

3.5           Vesting of Deferral, Share and Matching Share Unit Accounts.  A Participant shall at all times be 100 percent vested in his Deferral Account and Share Unit Account.  A Participant’s
vested interest in his Matching Share Unit Account shall be determined under Section 4.4.

3.6           Crediting/Debiting of Account Balances.  Subject to Section 3.7, amounts shall be credited or debited to a Participant’s Deferral Account in accordance with the following rules:

  

8

  

	
  
	
(a)
	
Election of Measurement Funds.  A Participant, in connection with his initial deferral election pursuant to Section 3.1, shall elect, on an Election Form, one or more Measurement Funds (defined in Section 3.6(c)) to be used to determine the additional amounts to be credited to his Deferral Account.  Once each calendar month, a Participant may change the Measurement Fund(s) to be used to
determine the additional amounts to be credited to his Deferral Account, or the portion of his Deferral Account allocated to each previously or newly elected Measurement Fund.

	
  
	
(b)
	
Proportionate Allocation.  In making an election described in Section 3.6(a), the Participant shall specify on the Election Form, in increments of one percentage point (1%), the percentage of his Deferral Account to be allocated to a Measurement Fund (as if the Participant was making an investment in that Measurement Fund with that portion of his Deferral Account).

	
  
	
(c)
	
Measurement Funds.  The Participant may elect one or more of the measurement funds selected by the Committee (the “Measurement Funds”) for the purpose of crediting additional amounts to his Deferral Account.  The Committee may, in its sole discretion, discontinue, substitute or add a Measurement Fund.

	
  
	
(d)
	
Crediting or Debiting Method.  The performance of each Measurement Fund shall be determined by the Committee, in its reasonable discretion, based on the performance of the Measurement Funds themselves.  A Participant’s Account balance shall be credited or debited on a daily basis based on the performance of each applicable Measurement Fund as though: (i) a Participant’s Deferral Account
was invested in the Measurement Fund(s) selected by the Participant; (ii) the portion of the Annual Deferral Amount that was actually deferred during any calendar month was invested in such Measurement Fund(s) in the percentages applicable to such calendar month, no later than the close of business on the first business day of such calendar month, at the closing price on such date; and (iii) any distribution made to a Participant that decreases such Participant’s Deferral Account ceased being invested in
the Measurement Fund(s) no earlier than three business days prior to the distribution, at the closing price on such date.

	
  
	
(e)
	
No Actual Investment.  Notwithstanding any other provision of the Plan to the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant’s election of any such Measurement Fund, the allocation to his Deferral Account thereto, the calculation of additional amounts and the crediting or debiting of such amounts to a Participant’s Deferral Account shall not be considered
or construed in any manner as an actual investment of his Deferral Account in any such Measurement Fund.  If the Company or the trustee of the Trust, in its own discretion, decides to invest funds in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments.  Without limiting the foregoing, a Participant’s Deferral Account shall at all times be a bookkeeping entry only and shall not represent any investment made on his behalf by the Company or
the trustee, and the Participant shall at all times remain an unsecured creditor of the Company.

  

9

  

3.7           Deferrals into Share Units.  Any Participant who is subject to the Share Ownership Guidelines or who is authorized by the Committee may elect to have all or a portion of his Annual Deferral Amount
(other than amounts attributable to Base Salary) deferred into Share Units as of the date such amount is deferred or, in the event of a Closed Period, such later date as determined pursuant to the Insider Trading Policy of Thomson Reuters, which Share Units shall be credited to a Share Unit Account established in the name of the Participant.  Any such election shall be made in accordance with, and subject to, Section 3.2.  The number of Share Units to be credited to a Participant’s
Share Unit Account shall be determined pursuant to Section 4.2.

3.8           FICA and Other Taxes.  For each Plan Year in which an Annual Deferral Amount is being withheld with respect to a Participant, the Participant’s Employer shall withhold from that portion of the
Participant’s compensation that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on such Annual Deferral Amount.  If necessary, the Committee may reduce the Annual Deferral Amount in order to comply with this Section 3.8.

3.9           Withholding on Distributions.  The Employer, or the trustee of the Trust, shall withhold from any payments made to a Participant under the Plan all federal, state and local income, employment and
other taxes required to be withheld by the Employer or the trustee of the Trust, in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer or the trustee of the Trust, as the case may be.

ARTICLE 4

Conversion to Share Units and Matching Contributions

4.1           Conversion of Deferral Account to Share Units.  Not more frequently than once each calendar month, any Participant who is subject to the Share Ownership Guidelines or who is authorized by the Committee,
may elect to convert to Share Units part or all of the amount credited to his Deferral Account, which Share Units shall be credited to a Share Unit Account established in the name of the Participant.

4.2           Number of Share Units Credited.  Except as otherwise provided in this Section 4.2, the number of Share Units to be credited to a Participant’s Share Unit Account in connection with an election
pursuant to Sections 3.7 or 4.1 shall be determined on the basis of the Fair Market Value of a Share for the day before the deferral or exchange, as the case may be (the “Price Date”).  If Share Units are to be credited to a Participant’s Share Unit Account during a Closed Period, the amount to be converted into Share Units shall be deemed to be invested in the money market Measurement Fund then available under the Plan.  As soon as practicable following the end of the Closed
Period, the amount credited to the Participant’s Account pursuant to the immediately preceding sentence and any earnings thereon, shall be converted to Share Units on the basis of the closing price of Shares on the day before the date of the conversion.

  

10

  

4.3           Matching Share Units.  Each Participant’s Matching Share Unit Account shall be credited with the number of Matching Share Units equal to ten percent (10%) of the number of Share Units (not including
Share Units attributable to dividends) credited to each such Participant’s Share Unit Account pursuant to Sections 1.1, 3.7, 4.1, and 5.1.

4.4           Vesting of Matching Share Units.  One-fourth of the Matching Share Units credited to a Participant’s Matching Share Unit Account during any Plan Year shall become vested on each of the first
four anniversaries of the date the underlying Share Units are credited, so long as the Participant has not Terminated Employment as of the respective anniversary date.  Upon terminating employment on account of death or Disability, a Participant shall become fully vested in all Matching Share Units credited to his Matching Share Unit Account.  Upon Terminating Employment, a Participant shall forfeit all unvested Matching Share Units credited to his Matching Share Unit Account.  Upon
Retiring, a Participant shall become vested in a percentage of the unvested Matching Share Units credited to his Matching Share Unit Account determined under the following schedule:

	
Age at Retirement
	 	
Percentage Vested

	
55
	 	
65

	
56
	 	
70

	
57
	 	
75

	
58
	 	
80

	
59
	 	
85

	
60
	 	
90

	
61
	 	
95

	
62 or older
	 	
100

4.5           Impact of Reemployment on Vesting.  A Participant who is rehired by an Employer after his Retirement or Termination of Employment shall not be entitled to amounts forfeited under Section 4.4
prior to his reemployment.

4.6           FICA and Other Taxes on Matching Share Units.  For each Plan Year in which a Participant becomes vested in Matching Share Units credited to his Matching Share Unit Account, the Participant’s
Employer shall withhold from that portion of the Participant’s Base Salary and Annual Bonus that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on the Matching Share Units vesting in such year.  If necessary, the Committee may reduce the Annual Deferral Amount in order to comply with this Section 4.6.

4.7           Dividends.  If and when dividends are paid on Shares, the Share Unit Account of any Participant for whom a Share Unit Account is maintained shall be credited with the number of Share Units (including
fractional Share Units) equal to the number obtained by dividing: (a) the amount of dividends that would be payable on the number of Shares equal to the number of Share Units credited to any such Participant’s Share Unit Account as of the appropriate dividend record date; by (b) the closing price of one Share on the dividend payment date, computed in the same manner as specified in Section 4.2.

  

11

  

4.8           Adjustment in the Event of Recapitalization.  In the event of any change in the outstanding Shares by reason of stock split, stock dividend, recapitalization, merger, consolidation, combination or
exchange of shares or other similar corporate change or in the event of any special distribution to the stockholders, the number of Share Units and Matching Share Units credited to a Participant’s Share and Matching Share Unit Accounts shall be adjusted as the Committee determines is necessary and appropriate.  Any such determination shall be conclusive and binding for all purposes of the Plan.

4.9           Fractional Interests.  If any fractional Share Unit exists after a lump sum or last installment, as the case may be, of Shares is delivered to the Participant, such fractional Share Unit shall be
paid to the Participant in cash.  The value of such fractional Share Unit shall be determined in accordance with procedures established from time to time by the Committee.

4.10           Rights as Stockholder.  A Participant for whom a Share Unit Account and/or an Matching Share Unit Account are maintained shall have no rights as a stockholder with respect to any Share Units credited
to such Share Unit Account and Matching Share Units credited to such Matching Share Unit Account until such Share Units and Matching Share Units are converted to Shares and distributed to the Participant.

ARTICLE 5

Deferral of Stock Options

5.1           Deferral of Stock Options.  If a Participant defers the receipt of Shares that he is entitled to receive as a result of exercising an Option pursuant to an election under Section 3.1, the number
of Share Units to be credited to the Participant’s Share Unit Account shall be determined in accordance with Section 4.2.

ARTICLE 6

Discretionary Contributions

6.1           Discretionary Contributions.  The Company may, from time to time, make Discretionary Contributions to those Participants selected to receive such contributions in accordance with the terms and conditions
specified in writing by the Company at the time such Discretionary Contributions are made. Notwithstanding the foregoing, eligibility for and the terms and conditions with respect to Discretionary Contributions for members of the Executive Committee of Thomson Reuters Corporation shall be determined by the Human Resources Committee of the Board of Directors of Thomson Reuters Corporation. Discretionary Contributions shall be allocated to the Discretionary Contributions Accounts of the respective Participants.

  

12

  

ARTICLE 7

Short-Term Payout, Unforeseeable Financial Emergencies,

and Withdrawal Election

7.1           Short-Term Payout of Annual Deferral Amounts.  In connection with each election to defer an Annual Deferral Amount, a Participant may irrevocably elect to receive such Annual Deferral Amount as a
“Short-Term Payout”.  The Short-Term Payout shall be a lump sum payment in an amount equal to the Annual Deferral Amount plus amounts credited or debited pursuant to Sections 3.6 and 3.7 on that amount, determined as of the date the Short-Term Payout is distributed.  Short-Term Payouts shall be distributed as soon as administratively possible after the first day of any Plan Year designated by the Participant that is at least five Plan Years after the Plan Year with respect to which
the Annual Deferral Amount is actually deferred.

7.2           Election Changes.  Any Participant who elects a Short-Term Payout may make another election, not later than one year prior to the date the Short-Term Payout is scheduled to be distributed, to further
defer the distribution of such Short-Term Payout by submitting to the Committee either a new Election Form during the open enrollment period or a distribution re-election form at any time during the Plan Year.

7.3           Other Benefits Take Precedence Over Short-Term.  Should an event occur that triggers the distribution of a benefit under Articles 8, 9, 10 or 11, any Annual Deferral Amount, plus amounts credited
or debited thereon, and/or Share Units and Matching Share Units attributable thereto, that are subject to a Short-Term Payout election under Section 7.1 shall not be paid in accordance with such Article but shall be paid in accordance with the other applicable Article.

7.4           Withdrawal Payout Suspensions for Unforeseeable Financial Emergencies. A Participant who experiences an Unforeseeable Financial Emergency may request the Committee to (i) suspend any deferrals required to be
made by the Participant and/or (ii) receive a partial or full payout of his Deferral Account, and/or Shares representing the Share Units or then vested Matching Share Units (as applicable) held in his Share and/or Matching Share Unit Accounts.  The payout shall not exceed the lesser of the Participant’s vested interest in the Plan (i.e., the then aggregate balance in his Deferral, Share Unit, and vested Matching Share Unit Accounts) or the amount reasonably needed to satisfy the Unforeseeable
Financial Emergency.  If the Committee, in its sole discretion, approves such request, suspension shall take effect upon the date of approval and any payout shall be made as soon as administratively possible after the date of approval.  The payment of any amount under this Section 7.4 shall not be subject to the Deduction Limitation.  Any distribution from a Participant’s Share and/or vested Matching Share Unit Account pursuant to this Section 7.4 shall be in Shares.  A
Participant electing a withdrawal under this Section 7.4 may designate the Account or Accounts from which any amounts so distributed shall be taken.  If no election is made, amounts distributed shall be taken first from the Participant’s Deferral Account and then from the Participant’s Share and Matching Share Unit Accounts (to the extent vested).

7.5           Withdrawal Election.  A Participant (or, after a Participant’s death, his Beneficiary) may elect to withdraw all (but not less than all) of his Deferral Account and/or all (but not less than
all) of the Shares representing the Share Units and vested Matching Share Units (as applicable) held in his Share and Matching Share Unit Accounts, less a withdrawal penalty equal to ten percent (10%) of such amounts (the net amount shall be referred to as the “Withdrawal Amount”).  This election may be made at any time, before or after Retirement, Disability, death or Termination of Employment, and whether or not such Deferral Account and/or Share Units and Matching Share Units are in the
process of being distributed pursuant to an installment payment schedule.  The Participant or Beneficiary shall make such an election by filing with the Committee a written election on a form determined from time to time by the Committee.  The Withdrawal Amount shall be distributed as soon as administratively possible after the election.  Once the Withdrawal Amount is paid, the Participant’s participation in the Plan shall terminate and the Participant shall not be eligible
to participate in the Plan until the second Plan Year following the Plan Year in which the Withdrawal Amount is distributed.  The payment of a Withdrawal Amount shall not be subject to the Deduction Limitation.

  

13

  

ARTICLE 8

Retirement Benefit

8.1           Retirement Benefit.  Subject to the Deduction Limitation, a Participant who Retires shall receive the balance of his Account as a Retirement Benefit.

8.2           Payment of Retirement Benefits.  In connection with commencing participation in the Plan, a Participant may elect on an Election Form to receive his Retirement Benefit in one of the forms set forth
below.  If a Participant does not make such an election, his Retirement Benefit shall be distributed in a lump sum.  Payments of a Participant’s Retirement Benefit shall be made, or commence, in the case of installments, as soon as administratively possible after the Participant Retires.  Any payment of a Participant’s Retirement Benefit hereunder shall be subject to the Deduction Limitation.

8.2.1           Deferral Account.  The portion of a Participant’s Retirement Benefit attributable to his Deferral Account may be received in (i) a lump sum or (ii) pursuant to the Quarterly Installment Method
over a period of 60, 120 or 180 months in accordance with Section 1.36.

8.2.2           Share and Matching Share Unit Accounts.  The portion of a Participant’s Retirement Benefit attributable to his Share and/or Matching Share Unit Accounts may be received in either (i) a lump
sum or (ii) equal annual installments over a period of five, ten, or 15 years, provided there are at least 3,000 Share Units and vested Matching Share Units in such Accounts.  However, if, after the payment of any such annual installment, the Participant’s Share and Matching Share Unit Accounts have less than 3,000 Share Units and vested Matching Share Units, all remaining Share Units and vested Matching Share Units shall be distributed to the Participant in a lump sum on the date of the next
scheduled installment.  The distribution of the portion of a Participant’s Retirement Benefit attributable to his Share and/or Matching Share Unit Accounts shall be in Shares.

8.2.3           Election Changes.  The Participant may change his Retirement Benefit election annually to an allowable method of distribution by submitting to the Committee either a new Election Form (during open
enrollment) or a Distribution Re-Election Form (at any point during the Plan Year), provided that any such Election or Distribution Re-Election Form is submitted at least one year prior to the Participant’s Retirement and is accepted by the Committee in its sole discretion.  The Election Form or Distribution Re-Election Form most recently accepted by the Committee with respect to a Participant’s Deferral and Share Unit Accounts shall govern the distribution of the applicable portion of his
Retirement Benefit.  Notwithstanding the above to the contrary, any Participant who enters into a severance agreement with Thomson Reuters during December 2005 and is scheduled to receive a Retirement Benefit in a lump sum in 2006 may elect on an Election Form, no later than December 31, 2005, to receive such Retirement Benefit in one of the forms set forth in this Section 8.2 commencing on or after the date such payment was scheduled to be made, provided such election complies with Section 409A
of the Code.

  

14

  

8.3           Death Prior to Completion of Retirement Benefit.  If a Participant dies after Retirement but before his Retirement Benefit is paid in full, any undistributed Retirement Benefit payments shall continue
and shall be paid to the Participant’s Beneficiary (i) on the same schedule as the benefit would have been paid to the Participant had the Participant survived, or (ii) in a lump sum, if requested by the Beneficiary and allowed in the sole discretion of the Committee.

8.4           Reemployment Prior to Completion of Retirement Benefit.  If a Participant is rehired by an Employer after Retirement but before his Retirement Benefit is paid in full, any undistributed Retirement
Benefit payments shall cease as soon as practicable following such reemployment.  Undistributed Retirement Benefits shall commence upon the Participant’s subsequent Retirement in accordance with the Election Form or Distribution Re-Election Form most recently accepted by the Committee.

ARTICLE 9

Death Benefit

9.1           Death Benefit.  The Beneficiary of a Participant who dies before Retiring, Terminating Employment, or suffering a Disability shall receive a Death Benefit equal to the Participant’s Account
balance.

9.2           Payment of Death Benefit.  In connection with commencing participation in the Plan, a Participant may elect on an Election Form to have his Death Benefit distributed in one of the forms set forth
below.  If a Participant does not make such an election, such benefit shall be distributed in a lump sum in accordance with Article 13.  However, if the aggregate value of a Participant’s Account at the time of his death is less than $50,000, payment of his Death Benefit shall be made, in the sole discretion of the Committee, in a lump sum or in installments (with his Deferral Account being paid pursuant to the Quarterly Installment Method of not more than 60 months and his Share and/or
Matching Share Unit Accounts being paid in annual installments over a period of not more than five years).  Payments of a Participant’s Death Benefit shall be made, or commence, in the case of installments, as soon as administratively possible after the date on which the Committee is provided with satisfactory proof of the Participant’s death.  Any payments hereunder shall be subject to the Deduction Limitation.

9.3           Deferral Account.  The portion of a Participant’s Death Benefit attributable to his Deferral Account may be distributed in (i) a lump sum payment or (ii) pursuant to the Quarterly Installment
Method over a period of 60, 120 or 180 months in accordance with Section 1.36.

9.4           Share and Matching Share Unit Accounts.  The portion of a Participant’s Death Benefit attributable to his Share and/or Matching Share Unit Account may be distributed in either (i) a lump sum
or (ii) in equal annual installments of Shares over a period of five, ten or 15 years.  The distribution of the portion of a Participant’s Death Benefit attributable to his Share and/or Matching Share Unit Accounts shall be in Shares.

  

15

  

9.5           Election Changes.  Subject to the Committee’s consent, a Participant may annually change his Death Benefit election to an allowable payout method by submitting to the Committee either a new
Election Form (during open enrollment) or a Distribution Re-Election Form (at any point during the Plan Year).  The Election or Distribution Re-Election Form most recently accepted by the Committee prior to the Participant’s death with respect to his Deferral Account shall govern the distribution of the portion of the Participant’s Death Benefit attributable to Measurement Funds.  The Election or Distribution Re-Election Form most recently accepted by the Committee prior to the
Participant’s death with respect to deferrals or conversions into Share Units shall govern the distribution of Share Units credited to the Participant’s Account as a result of such deferral or conversion.

ARTICLE 10

Termination Benefit

10.1         Termination Benefit.  A Participant who Terminates Employment prior to his Retirement, death or Disability shall receive a Termination Benefit, which shall be equal to the value of the Participant’s vested
Account.  Solely for purposes of Section 7.3 and this Article 10, a Participant who receives severance from an Employer shall be deemed to have Terminated Employment as of the last day of the period during which he is paid such severance.

10.2         Payment of Termination Benefit.  Termination Benefits shall be paid in a lump sum; provided, however, that if a Participant experiences an involuntary Termination of Employment without cause and the value of
his Account at such time is equal to or greater than $100,000, the Termination Benefit shall be distributed either (a) in accordance with the payment method elected by the Participant for the distribution of his Retirement Benefit under Section 8.2 or (b) in a lump sum if no election is made.  Payments of a Participant’s Termination Benefit shall be made, or commence, in the case of installments, as soon as administratively possible after the date of such Termination of Employment.  Any
payment hereunder shall be subject to the Deduction Limitation.

10.3         Reemployment Prior to Completion of Termination Benefit.  If a Participant is rehired by an Employer after he Terminates Employment but before his Termination Benefit is paid in full, any undistributed Termination
Benefit payments shall cease as soon as practicable following such reemployment.  Undistributed Termination Benefits shall commence upon the Participant’s subsequent Termination of Employment in accordance with the Election Form or Distribution Re-Election Form most recently accepted by the Committee.

ARTICLE 11

Disability Waiver and Benefit

11.1         Disability Waiver.  A Participant who is determined by the Committee to be suffering from a Disability shall be excused from fulfilling that portion of his Annual Deferral Amount commitment that would otherwise
have been withheld from the Participant’s Base Salary, Annual Bonus and/or Long-Term Bonus for the Plan Year during which he first suffers a Disability.  While Disabled, the Participant may not make any additional deferral elections, but will continue to be considered a Participant for all other purposes.  A Participant who returns to employment after his Disability ceases may elect to defer an Annual Deferral Amount for Plan Years following the Plan Year in which he so returns; provided
such deferral elections are otherwise allowed and an Election Form is delivered to and accepted by the Committee for each such election in accordance with Section 3.2.

  

16

  

11.2         Continued Eligibility; Disability Benefit. A Participant suffering a Disability shall, for purposes of the Plan, continue to be considered to be employed and shall be eligible for the benefits provided for in Articles
7, 8, 9 or 10 in accordance with such Articles.  Notwithstanding the above, the Committee may, in its sole discretion, deem the Participant to have Terminated Employment at any time after such Participant is determined to be suffering a Disability, in which case the Participant shall receive a Disability Benefit equal to his Account balance, which benefit shall be paid in a lump sum as soon as administratively possible after the Committee makes such determination.  Any such Participant who
is otherwise eligible to Retire shall be deemed to have Retired as of the date he attains age 55, and shall receive his Account balance in accordance with Article 8.  Any payment hereunder shall be subject to the Deduction Limitation.

11.3         Reemployment Prior to Completion of Disability Benefits.  If a Participant recovers from his Disability and is subsequently rehired by an Employer before his Disability Benefit or Retirement Benefit is paid
in full, any undistributed benefit payments shall cease as soon as practicable following such reemployment.  Undistributed benefits shall commence upon the Participant’s subsequent Retirement or Termination of Employment in accordance with the Election Form or Distribution Re-Election Form most recently accepted by the Committee.

ARTICLE 12

Forfeiture

12.1         Forfeiture.  Notwithstanding any other provisions of the Plan to the contrary, a Participant shall forfeit all vested and unvested Matching Share Units and Discretionary Contributions if he:

	
  
	
(a)
	
engages in misconduct involving dishonesty, malicious destruction of property of the Company, or the commission of a felony arising out of employment, and such misconduct results in detriment or financial loss to the Company and the termination of the Participant’s employment; manages, operates, participates in, is employed by, performs consulting services for, or is otherwise connected with, any firm, person,
corporation, or enterprise that is engaged in a business that is (i) the same type of business as the business engaged in by any subsidiary or division within the Company that employed Participant prior to the date of his termination of employment and (ii) competitive with the business of such subsidiary or division;

	
  
	
(b)
	
or at any time improperly discloses to others any trade secrets or other confidential information, including customer lists, relating to the Company or to the business of the Company.

  

17

  

ARTICLE 13

Beneficiary Designation

13.1         Beneficiary.  Each Participant shall have the right, at any time, to designate a Beneficiary to receive any benefits payable under the Plan upon his death.

13.2         Beneficiary Designation.  A Participant may designate a Beneficiary by completing a Beneficiary Designation Form, and returning it to the Committee.  A Participant shall have the right to change a
Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Committee’s rules and procedures, as in effect from time to time.  Upon the acceptance by the Committee of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled.  The Committee shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Committee prior to his death.  No
designation or change in designation of a Beneficiary shall be effective until received and acknowledged in writing by the Committee.

13.3         No Beneficiary Designation.  If a Participant fails to designate a Beneficiary as provided in Sections 13.1 and 13.2 or if all designated Beneficiaries predecease the Participant or die prior to complete distribution
of the Participant’s benefits, the Participant’s surviving spouse or Domestic Partner, if any, shall be deemed the designated Beneficiary.  If the Participant has no surviving spouse or Domestic Partner, the benefits remaining to be paid to a Beneficiary shall be payable to the executor or personal representative of the Participant’s estate.

13.4         Doubt as to Beneficiary.  If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to the Plan, the Committee may cause the Participant’s Employer to withhold such payments
until this matter is resolved to the Committee’s satisfaction.

13.5         Discharge of Obligation.  The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge all Employers and the Committee from all further obligations under the Plan with respect
to the Participant, and the Participant’s Plan Agreement, if any, shall terminate upon such full payment of benefits.

ARTICLE 14

Leave of Absence

14.1         Paid Leave of Absence.  A Participant, who is authorized by his Employer to take a paid leave of absence, shall continue to be considered employed by the Employer, and the Annual Deferral Amount shall continue
to be withheld during such paid leave of absence in accordance with Section 3.3.

14.2         Unpaid Leave of Absence.  Any Participant, who is authorized by his Employer to take an unpaid leave of absence, shall continue to be considered employed by the Employer and shall be excused from making deferrals
until the earlier of the date the leave of absence expires or the Participant returns to a paid employment status.  Upon such expiration or return, deferrals shall resume for the remaining portion of the Plan Year in which the expiration or return occurs, based on the deferral election, if any, made for that Plan Year.  If no election was made for that Plan Year, no deferral shall be withheld.

  

18

  

ARTICLE 15

Termination, Amendment and Modification

15.1         Termination.  Although the Company anticipates that it will continue the Plan indefinitely, there is no guarantee that the Company will continue the Plan or will not terminate the Plan.  Each Employer
reserves the right to discontinue its sponsorship of the Plan and/or to terminate the Plan at any time with respect to any or all of its participating Employees, by action of its board of directors.  Upon the termination of the Plan with respect to any Employer, the Plan Agreements, if any, of the affected Participants shall terminate and their Account balances shall be distributed as set forth below.  Prior to a Change in Control, if the Plan is terminated with respect to all of its Participants,
the Employer may, in its sole discretion and notwithstanding any elections made by any Participants, pay such benefits in a lump sum or pursuant to a Quarterly Installment Method (annual installments in the case of Share Units) of up to 15 years.  If the Plan is terminated with respect to less than all of its Participants, the benefits of the affected Participants shall be distributed in a lump sum.  With respect to a termination after a Change in Control, all benefits shall be distributed
in a lump sum.  The termination of the Plan shall not adversely affect any Participant or Beneficiary who has become entitled to any benefits under the Plan as of the date of termination; provided, however, that the Employer shall have the right to accelerate installment payments without premium or prepayment penalty by distributing an amount equal to the Account balance in a lump sum or pursuant to a Quarterly Installment Method (annual installments in the case of Share Units) using fewer years.  Upon
termination of the Plan, each Participant shall become one hundred percent (100%) vested in his Matching Share Unit Account.

15.2         Amendment.

	
  
	
(a)
	
The Company may, at any time, amend or modify the Plan in whole or in part by action of its board of directors, a committee thereof, or the Committee, subject to those provisions of applicable law (including, without limitation, the rules, regulations and policies of the New York Stock Exchange or the Toronto Stock Exchange), if any, that require the approval of shareholders or any governmental or regulatory body.  The
Company may make amendments to the Plan without seeking shareholder approval except for any amendment which:

	
  
	
(i)
	
increases the number of Shares reserved for issuance under the Plan, including an increase to a fixed number of Shares or a change from a fixed number of Shares to a fixed maximum percentage;

	
  
	
(ii)
	
increases the maximum number of Shares which may be credited to a Participant’s Share Unit Account under the Plan;

  

19

  

	
  
	
(iii)
	
results in the crediting of Share Units to a Participant’s Share Unit Account at a price lower than the Fair Market Value of a Share for the relevant Price Date;

	
  
	
(iv)
	
amends the provisions of Section 4.8;

	
  
	
(v)
	
extends eligibility to participate in the Plan to non-Employees;

	
  
	
(vi)
	
changes the rights attaching to the Shares; or

	
  
	
(vii)
	
is required to be approved by shareholders under applicable laws, regulations or stock exchange rules.

	
  
	
(b)
	
Notwithstanding subsection 15.2(a), no amendment or modification may operate to (i) decrease the value of a Participant’s Account balance computed as of the date the amendment or modification is approved, or (ii) effect the timing of the distribution of an Account balance that is scheduled to commence on or before such date; provided, however, that the Company may accelerate the distribution of installment
payments by paying the Account balance in a lump sum or pursuant to a Quarterly Installment Method (annual installments in the case of Share Units).

Notwithstanding the foregoing, to the extent required by law, regulations or stock exchange requirements, the Company will obtain approval of shareholders of Thomson Reuters for amendments to the Plan.

15.3         Plan Agreement.  Notwithstanding Sections 15.1 and 15.2 to the contrary, if a Plan Agreement contains benefits or limitations that are not in the Plan document, the Employer may amend or terminate such provisions
only with the consent of the Participant.

15.4         Effect of Payment.  The full payment of the applicable benefit under Articles 7, 8, 9, 10 or 11 shall completely discharge all obligations to a Participant and his designated Beneficiaries under the Plan, and
the Participant’s Plan Agreement, if any, shall terminate.

ARTICLE 16

Administration

16.1         Committee Duties.  The Plan shall be administered by a Committee, which shall consist of the Board or such committee, as the Board shall appoint.  Members of the Committee may be Participants.  The
Committee shall have the discretion and authority to (a) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and (b) decide or resolve any and all questions involving the interpretation of the Plan.  Any individual serving on the Committee who is a Participant shall not vote or act on any matter relating solely to him.  When making a determination or calculation, the Committee shall be entitled to rely on information furnished by a
Participant or the Company.

16.2         Agents.  In the administration of the Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative)
and may from time to time consult with counsel who may be counsel to any Employer.

  

20

  

16.3         Binding Effect of Decisions.  The decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan.

16.4         Indemnity of Committee.  All Employers shall indemnify and hold harmless the members of the Committee, and any Employee to whom the duties of the Committee may be delegated, against any and all claims, losses,
damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee or any of its members or any such Employee.

16.5         Employer Information.  To enable the Committee to perform its functions, each Employer shall supply full and timely information to the Committee on all matters relating to the compensation of its Participants,
the date and circumstances of the Retirement, Disability, death or Termination of Employment of its Participants, and such other pertinent information as the Committee may reasonably require.

ARTICLE 17

Other Benefits and Agreements

17.1         Coordination with Other Benefits.  The benefits provided for a Participant or Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other
plan or program for employees of the Participant’s Employer.  The Plan shall supplement and shall not supersede, modify or amend any other such plan or program, except as may otherwise be provided.

ARTICLE 18

Claims Procedures

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

18.2         Notification of Decision.  The Committee shall consider a Claimant’s claim and make a final decision within 60 days of receipt of such claim based on all comments, documents, records, and other information
submitted.  This period may be extended by an additional 60 days for matters beyond the control of the Plan.  The Committee shall notify the Claimant via electronic means or in writing that (i) the Claimant’s requested determination has been made, and that the claim has been allowed in full, or (ii) the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested determination.  If any part of the claim is denied, such notice must set
forth in a manner calculated to be understood by the Claimant (a) the specific reasons for the denial of the claim, or any part thereof, (b) specific reference(s) to pertinent provisions of the Plan upon which such denial was based, (c) a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary, and (d) an explanation of the claim review procedures set forth in Sections 18.3 and 18.4.

  

21

  

18.3         Review of Denied Claim.  Within 75 days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative) may
file with a committee designated by the Board to determine such appeals (the “Appeals Committee”) a written request for a review of the denial of the claim.  On receipt of such an appeal, a Claimant (or the Claimant’s duly authorized representative) will be given the opportunity to review and receive copies of any documents pertinent to the claim.  Not later than 30 days after the review procedure commences, a Claimant (or the Claimant’s duly authorized representative)
may request a hearing with the Appeals Committee, which the Appeals Committee, in its sole discretion, may grant.

18.4         Decision on Review.  The Appeals Committee will render a final decision within 60 days of receipt of the appeal, unless special circumstances require an extension of time to 120 days.  The Appeals
Committee shall base its decision on all relevant information submitted by a Claimant (or the Claimant’s duly authorized representative) without regard to whether such information was previously submitted or considered.  Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain (i) specific reasons for the decision, (ii) specific references to the pertinent Plan provisions upon which the decision was based, and (iii) such other matters as the Appeals
Committee deems relevant, including a statement of the Claimant’s right to bring an action under ERISA section 502(a) with respect to an adverse determination after final review of the claim.

18.5         Legal Action.  A Claimant’s compliance with the foregoing provisions of this Article 18 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claim for
benefits under this Plan.

ARTICLE 19

Trust

19.1         Establishment of the Trust.  The Company shall establish the Trust, and each Employer shall at least annually transfer over to the Trust such assets as the Employer determines, in its sole discretion, are necessary
to provide, on a present value basis, for its respective future liabilities created with respect to the Annual Deferral Amounts for such Employer’s Participants for all periods prior to the transfer, as well as any debits and credits to the Participants’ Account balances for all periods prior to the transfer, taking into consideration the value of the assets in the trust at the time of the transfer.

19.2           Interrelationship of the Plan and the Trust.  The provisions of the Plan shall govern the rights of a Participant to receive distributions pursuant to the Plan.  The provisions of the Trust
shall govern the rights of the Employers and the creditors of the Employers to the assets transferred to the Trust.  Each Employer shall at all times remain liable to carry out its obligations under the Plan.

  

22

  

19.3         Distributions from the Trust.  Each Employer’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Employer’s
obligations under the Plan.

ARTICLE 20

Miscellaneous

20.1         Status of Plan.  The Plan is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and is unfunded and is maintained by an employer primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1).  The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent.

20.2         Unsecured General Creditor.  Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of an Employer.  For
purposes of the payment of benefits under this Plan, any and all of an Employer’s assets shall be, and remain, the general, unpledged unrestricted assets of the Employer.  An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money or distribute Shares, as the case may be, in the future.

20.3         Employer’s Liability.  An Employer’s liability for the payment of benefits shall be defined only by the Plan and related forms.  An Employer shall have no obligation to a Participant under
the Plan except as expressly provided in the Plan and related forms.

20.4         Nonassignability.  Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey
in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable.  Subject to Section 20.14, no part of the amounts payable shall, prior to actual payment, be: (a) subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person; (b) transferable by operation of
law in the event of a Participant’s or any other person’s bankruptcy or insolvency; or (c) transferable to a spouse or Domestic Partner as a result of a property settlement or otherwise.

20.5           Not a Contract of Employment.  The terms and conditions of the Plan shall not be deemed to constitute a contract of employment between any Employer and a Participant.  Nothing in this Plan
shall be deemed to give a Participant the right to be retained in the service of any Employer as an Employee, or to interfere with the right of any Employer to discipline or discharge the Participant at any time.

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

  

23

  

20.7         Terms.  Whenever any words are used herein in the masculine, they shall be constructed as though they were in the feminine in all cases where they would apply, and whenever any words are used herein in the singular
or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases when they would so apply.

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

20.9         Governing Law.  Subject to ERISA, the provisions of the Plan shall be construed and interpreted according to the laws of the State of Connecticut without regard to its conflicts of law principles.

20.10       Notice.  Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 

Thomson Reuters Holdings Inc.

Deferred Compensation Plan Committee

Metro Center, One Station Place

Stamford, Connecticut 06902

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

20.11       Successors.  The provisions of this Plan shall bind and inure to the benefit of the Participant’s Employer and its successors and assigns and the Participant and the Participant’s Beneficiaries.

20.12       Validity.  If any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, and the Plan shall be construed and enforced as if such illegal
or invalid provision had never been inserted herein.

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

  

24

  

20.14       Court Order.  The Committee is authorized to make any payments directed by court order in any action in which the Plan or the Committee has been named as a party.  In addition, if a court determines that a spouse,
former spouse, Domestic Partner, or former Domestic Partner of a Participant has an interest in the Participant’s benefits under the Plan in connection with a property settlement or otherwise, the Committee, in its sole discretion, shall have the right, notwithstanding any election made by a Participant, to immediately distribute the spouse’s, former spouse’s, Domestic Partner’s, or former Domestic Partner’s interest in the Participant’s benefits under the Plan to that spouse,
former spouse, Domestic Partner, or former Domestic Partner.

20.15       Distribution in the Event of Taxation.

	
  
	
(a)
	
In General.  If, for any reason, all or any portion of a Participant’s benefits under this Plan becomes taxable to the Participant prior to receipt, a Participant may petition the Committee before a Change in Control, or the trustee of the Trust after a Change in Control, for a distribution of that portion of his benefit that has become taxable.  Upon the grant of such a petition, which grant
shall not be unreasonably withheld (and, after a Change in Control, shall be granted), a Participant’s Employer shall distribute to the Participant immediately available funds or Shares (in the case of amounts attributable to Share Units or Matching Share Units) in an amount equal to the taxable portion of his benefit (which amount shall not exceed a Participant’s unpaid Account balance).  If the petition is granted, the tax liability distribution shall be made within 90 days of the date
when the Participant’s petition is granted.  Such a distribution shall affect and reduce the benefits to be paid under this Plan.

	
  
	
(b)
	
Trust.  If the Trust terminates in accordance with its terms and benefits are distributed from the Trust to a Participant in accordance with such terms, the Participant’s benefits under this Plan shall be reduced to the extent of such distributions.

20.16       Insurance.  The Employers, on their own behalf or on behalf of the trustee of the Trust, and, in their sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in such forms
as the trustee may choose.  The Employers or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such insurance.  The Participant shall have no interest whatsoever in any such policy or policies, and at the request of the Employers shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Employers have applied for insurance.

 

 

25

 

 

20.17       Legal Fees to Enforce Rights after Change in Control.  The Company and each Employer is aware that upon the occurrence of a Change in Control, the Board or the board of directors of a Participant’s Employer (which
might then be composed of new members) or a shareholder of the Company or the Participant’s Employer, or of any successor corporation might then cause or attempt to cause the Company, the Participant’s Employer or such successor to refuse to comply with its obligations under the Plan and may cause or attempt to cause the Company or the Participant’s Employer to institute, or may institute, litigation seeking to deny Participants the benefits intended under the Plan.  Accordingly, if
following a Change in Control, it should appear to any Participant that the Company, the Participant’s Employer or any successor corporation has failed to comply with any of its obligations under the Plan or any agreement thereunder or, if the Company, such Employer or any other person takes any action to declare the Plan void or unenforceable or institute any litigation or other legal action designed to deny, diminish or to recover from any Participant the benefits intended to be provided, then the Company
and the Participant’s Employer irrevocably authorize such Participant to retain counsel of his choice at the expense of the Company and the Participant’s Employer (who shall be jointly and severally liable) to represent such Participant in connection with the initiation or defense of any litigation or other legal action, whether by or against the Company, the Participant’s Employer or any director, officer, shareholder or other person affiliated with the Company, the Participant’s Employer
or any successor thereto in any jurisdiction.

  

26

  

THOMSON REUTERS

DEFERRED COMPENSATION PLAN

(2005 Component)

(Effective January 1, 2005)

  

  

  

 

TABLE OF CONTENTS

 

	  	  	
Page

	 	 	 
	
ARTICLE 1
	
DEFINITIONS
	
1

	  	  	  
	
ARTICLE 2
	
SELECTION AND ENROLLMENT
	
8

	  	  	  
	
2.1
	
Selection of Participants by Committee
	
8

	
2.2
	
Initial Enrollment Requirements
	
8

	
2.3
	
Termination of Participation and/or Deferrals
	
8

	  	  	  
	
ARTICLE 3
	
DEFERRAL OF COMPENSATION AND SHARES
	
9

	  	  	  
	
3.1
	
Amount of Deferral
	
9

	
3.2
	
Election to Defer
	
9

	
3.3
	
Withholding of Annual Deferral Amounts
	
9

	
3.4
	
Crediting/Debiting of Account Balances
	
9

	
3.5
	
FICA and Other Taxes
	
10

	
3.6
	
Deferral of PRSUs
	
10

	
3.7
	
Deferral of RSUs
	
11

	
3.8
	
Vesting of Accounts
	
11

	
3.9
	
Withholding on Distributions
	
11

	
3.10
	
Adjustment in the Event of Recapitalization
	
11

	  	  	  
	
ARTICLE 4
	
CONVERSION TO SHARE UNITS AND MATCHING CONTRIBUTIONS
	
11

	  	  	  
	
4.1
	
Conversion of Deferral Account to Share Units
	
11

	
4.2
	
Number of Share Units Credited
	
11

	
4.3
	
Matching Share Units
	
12

	
4.4
	
Vesting of Matching Share Units
	
12

	
4.5
	
FICA and Other Taxes on Matching Share Units
	
13

	
4.6
	
Dividends
	
13

	
4.7
	
Adjustment in the Event of Recapitalization
	
13

	
4.8
	
Rights as Stockholder
	
13

	
4.9
	
Fractional Interests
	
13

	  	  	  
	
ARTICLE 5
	
DISCRETIONARY CONTRIBUTIONS
	
13

	  	  	  
	
5.1
	
Discretionary Contributions
	
13

	  	  	  
	
ARTICLE 6
	
SHORT-TERM PAYOUT AND UNFORESEEABLE FINANCIAL EMERGENCIES
	
14

	  	  	  
	
6.1
	
Short-Term Payout
	
14

	
6.2
	
Election Changes
	
14

	
6.3
	
Distribution Event Prior to Short-Term Payout
	
14

	
6.4
	
Unforeseeable Financial Emergencies
	
14

 

 

i

 

 

TABLE OF CONTENTS

(continued)

 

	  	  	
Page

	  	  	  
	
ARTICLE 7
	
DISTRIBUTION OF BENEFITS
	
15

	  	  	  
	
7.1
	
Retirement Election
	
15

	
7.2
	
Forms and Timing of Distributions
	
15

	
7.3
	
Distribution Events
	
15

	
7.4
	
Distribution of Share Units
	
16

	
7.5
	
Distribution of Matching Share Units
	
17

	
7.6
	
Distribution of Discretionary Contributions
	
17

	
7.7
	
Valuation of Benefits
	
17

	
7.8
	
Changes to Elections
	
17

	
7.9
	
Automatic Cash-out of Small Accounts
	
17

	
7.10
	
Transition Elections
	
17

	
7.11
	
Key Employee Limitation
	
18

	  	  	  
	
ARTICLE 8
	
FORFEITURE
	
18

	  	  	  
	
8.1
	
Forfeiture
	
18

	  	  	  
	
ARTICLE 9
	
DESIGNATION OF BENEFICIARY
	
19

	  	  	  
	
9.1
	
Beneficiary
	
19

	
9.2
	
Beneficiary Designation
	
19

	
9.3
	
No Beneficiary Designation
	
19

	
9.4
	
Discharge of Obligation
	
19

	  	  	  
	
ARTICLE 10
	
LEAVE OF ABSENCE
	
19

	  	  	  
	
10.1
	
Paid Leave of Absence
	
19

	
10.2
	
Unpaid Leave of Absence
	
20

	
10.3
	
Leave of Absence Exceeding Six Months
	
20

	  	  	  
	
ARTICLE 11
	
TERMINATION, AMENDMENT AND MODIFICATION
	
20

	  	  	  
	
11.1
	
Termination
	
20

	
11.2
	
Amendment
	
20

	
11.3
	
Effect of Benefit Payment
	
21

	  	  	  
	
ARTICLE 12
	
ADMINISTRATION
	
21

	  	  	  
	
12.1
	
Committee Duties
	
21

	
12.2
	
Agents
	
21

	
12.3
	
Binding Effect of Decisions
	
21

	
12.4
	
Indemnity of Committee
	
21

	
12.5
	
Employer Information
	
22

 

 

ii

 

 

TABLE OF CONTENTS

(continued)

 

	  	  	
Page

	 	 	 
	
ARTICLE 13
	
OTHER BENEFITS AND AGREEMENTS
	
22

	  	  	  
	
13.1
	
Coordination with Other Benefits
	
22

	  	  	  
	
ARTICLE 14
	
CLAIMS PROCEDURES
	
22

	  	  	  
	
14.1
	
Presentation of Claim
	
22

	
14.2
	
Notification of Decision
	
22

	
14.3
	
Review of Denied Claim
	
22

	
14.4
	
Decision on Review
	
23

	
14.5
	
Legal Action
	
23

	  	  	  
	
ARTICLE 15
	
TRUST
	
23

	  	  	  
	
15.1
	
Establishment of the Trust
	
23

	
15.2
	
Interrelationship of the Plan and the Trust
	
23

	
15.3
	
Distributions from the Trust
	
23

	
15.4
	
Investment of Trust Assets
	
23

	  	  	  
	
ARTICLE 16
	
MISCELLANEOUS
	
24

	  	  	  
	
16.1
	
Status of Plan
	
24

	
16.2
	
Unsecured General Creditor
	
24

	
16.3
	
Employer’s Liability
	
24

	
16.4
	
Nonassignability
	
24

	
16.5
	
Domestic Relations Order
	
24

	
16.6
	
Not a Contract of Employment
	
24

	
16.7
	
Furnishing Information
	
25

	
16.8
	
Terms
	
25

	
16.9
	
Captions
	
25

	
16.10
	
Notice
	
25

	
16.11
	
Successors
	
25

	
16.12
	
Incompetent
	
25

	
16.13
	
Distribution in the Event of Taxation
	
26

	
16.14
	
Insurance
	
26

	
16.15
	
Legal Fees to Enforce Rights after Change in Control
	
26

	
16.16
	
Inability To Locate A Participant
	
26

	
16.17
	
Validity
	
26

	
16.18
	
Governing Law
	
27

  

iii

  

 

THOMSON REUTERS

DEFERRED COMPENSATION PLAN

(2005 Component)

Purpose

The purpose of the Thomson Reuters Deferred Compensation Plan (“DCP”) is to provide specified benefits to a select group of senior management who contribute materially to the continued growth, development and future business success of Thomson Reuters Holdings Inc. and its affiliates.  The DCP is comprised of two components:
the 2005 Component (the “Plan”) and the Pre-2005 Component. The 2005 Component governs deferred compensation that is accrued or becomes vested after December 31, 2004.  The Pre-2005 Component governs deferred compensation that was accrued and became vested on or before December 31, 2004.  Any benefits under the Pre-2005 Component that were not vested as of December 31, 2004 were transferred to the Plan, effective January 1, 2005.  Prior to April 17, 2008, the DCP was
referred to as the Thomson Deferred Compensation Plan and was sponsored by Thomson Holdings Inc. The 2005 Component is intended to comply with Section 409A of the Internal Revenue Code and shall be interpreted and administered accordingly. This Plan was amended effective as of September, 10 2009 solely to reflect the unification of Thomson Reuters dual listed company structure. 

ARTICLE 1

Definitions

Unless otherwise clearly apparent from the context, the following phrases and terms shall have the meanings indicated:

1.1           “Account” shall mean, with respect to a Participant, any or all of the Participant’s Deferral Account, Matching Share Unit Account, Share Unit Account, RSU Account, PRSU Account and Discretionary
Contributions Account.

1.2           “Annual Bonus” shall mean for any Plan Year any cash compensation, other than Base Salary and Long-Term Bonus, relating to services performed during such Plan Year, payable to a Participant as an
Employee under any Employer’s annual bonus or incentive plans.

1.3           “Annual Deferral Amount” shall mean for any Plan Year the portion of a Participant’s Base Salary, Annual Bonus, Long-Term Bonus, and/or stock compensation attributable to the vesting of PRSUs
and RSUs that are deferred pursuant to Article 3.  If a Participant’s employment with all Employers terminates prior to the end of a Plan Year, the Annual Deferral Amount for such year shall be the actual amount withheld prior to such termination of employment.

1.4           “Annual Valuation Method” shall mean a method of distributing the vested balance in a Participant’s Account, wherein such balance is distributed in 60, 120, or 180 monthly installments, as
elected by the Participant (the “Installment Period”), which method shall be used to compute installments paid on or after April 1, 2006. For any Participant, the amount of each installment attributable to the portion of such Account, with respect to which additional amounts are credited under Section 3.4.4, shall be computed as follows:

  

1

  

	
  
	
(a)
	
The amount of each installment during the 12-month period beginning on April 1 in which the first installment is paid shall equal (i) the balance in such Account, as of the Measurement Date immediately preceding the first day of the month in which the first installment is paid, divided by (ii) the number of installments (i.e., the number of months) in the Installment Period.

	
  
	
(b)
	
The amount of any installment payable following the 12-month period referred to in paragraph (a) shall equal (i) the balance in such Account as of the March 1 immediately preceding the first day of the 12-month period in which any such installment is paid, divided by (ii) the number of installments (i.e., the number of months) remaining in the Installment Period as of the first day of any such 12-month period.

For purposes hereof, “Measurement Date” shall mean the first day of the month next preceding the month in which the first installment is paid or such other date as of which the balance in the Account is determined.  Notwithstanding any other provision of
the Plan to the contrary, in no event shall the amount of any installment with respect to a Participant exceed the balance in such Account as of the date on which any such installment is paid.

1.5           “Appeals Committee” shall mean the committee designated to hear appeals pursuant to Section 14.3.

1.6           “Base Salary” shall mean, for any Plan Year, the annual cash compensation relating to services performed during such Plan Year, whether or not paid or included on the Federal income tax Form W-2
for such Plan Year, but excluding bonuses, commissions, overtime, fringe benefits, stock options, PRSUs, RSUs and other equity grants, relocation expenses, severance, incentive payments, non-monetary awards, director’s fees and other fees, and automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Participant’s gross income).  Base Salary shall be calculated before reduction for compensation voluntarily deferred
or contributed by the Participant pursuant to all qualified and non-qualified plans of any Employer (including amounts not otherwise included in gross income under Code Sections 125, 132(f)(4), 402(c)(3), 402(h), or 403(b)); provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Participant.

1.7           “Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article 9, that are entitled to receive Benefits under the Plan upon the death of a
Participant.

1.8           “Beneficiary Designation Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries.

1.9           “Benefit” or “Benefits” shall mean the vested balance of a Participant’s Account payable under the Plan.

  

2

  

1.10         “Board” shall mean the board of directors of the Company.

1.11         “Change in Control” shall mean the first to occur of any of the following events:

	
  
	
(a)
	
The direct or indirect holdings of the Thomson family, in the voting power or fair market value of the stock of Thomson Reuters Corporation (or any successor thereto) fall below 40 percent.  The rules in Section 318(a) of the Code and the Treasury Regulations thereunder shall be used to determine stock ownership.  For purposes of this Section 1.11(a), the Thomson family includes the descendants and
their spouses of the first Lord Thomson of Fleet.

	
  
	
(b)
	
Thomson Reuters Corporation (or any successor thereto) sells to an unrelated third party or parties (at one time or within any two year period) in the aggregate all or substantially all of its assets and the assets of its wholly owned subsidiaries immediately prior to the sale or sales.

1.12         “Claimant” shall have the meaning set forth in Section 14.1.

1.13         “Closed Period” shall mean any period during which Participants are prohibited, by law or pursuant to policies established by Thomson Reuters, from acquiring or selling Shares.

1.14         “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

1.15         “Committee” shall mean the committee designated to administer the Plan as described in Article 12.

1.16         “Company” shall mean Thomson Reuters Holdings Inc. (Thomson Holdings Inc. prior to June 30, 2008) and any successor to all or substantially all of the Company’s assets or business.

1.17         “Deferral Account” shall mean, with respect to any Participant, one or more sub-accounts to which shall be credited the Participant’s Annual Deferral Amounts, plus amounts credited to such account pursuant
to Section 3.4, less the following: (i) amounts credited to his PRSU Account pursuant to Section 3.6; (ii) amounts credited to his RSU Account pursuant to Section 3.7; (iii) amounts distributed to the Participant or his Beneficiary that relate to his Deferral Account; and (iv) amounts converted from a Measurement Fund to Share Units pursuant to Section 4.1.  The Deferral Account balance shall be a bookkeeping entry only and shall be utilized solely for the measurement and determination of the amounts
to be paid to a Participant or his Beneficiary pursuant to the Plan.

1.18         “Disability” or “Disabled” shall mean, with respect to any Participant, a permanent physical or mental incapacity resulting in the
Participant being unable to engage in any gainful employment and which would entitle the Participant to begin receiving disability benefits under (i) the Federal Social Security Act or (ii) his Employer’s long-term disability plan, had the Participant been a participant in such plan.

  

3

  

1.19         “Discretionary Contributions” shall mean an amount credited by an Employer on behalf of a Participant to his Discretionary Contributions Account pursuant to Section 5.1.

1.20         “Discretionary Contributions Account” shall mean, with respect to any Participant, an account to which shall be credited Discretionary Contributions pursuant to Section 5.1 plus any amounts credited pursuant
to Section 3.4, less any amounts distributed in any form to the Participant or his Beneficiary that relate to his Discretionary Contributions Account.  The Discretionary Contributions Account balance shall be a bookkeeping entry only and shall be utilized solely for the measurement and determination of the amounts to be paid to a Participant or his Beneficiary pursuant to the Plan.

1.21         “Distribution Event” shall mean the earlier of a Participant’s Retirement, Termination of Employment or death, the occurrence of which entitles the Participant (or his Beneficiary, as the case may be)
to Benefits in accordance with Article 7.

1.22         “Domestic Partner”  shall mean a person who has formed a domestic partnership with a Participant.  A domestic partnership is: (i) a relationship between two adults of the same or opposite
gender, which includes residing together and being jointly responsible for each other’s common welfare and financial obligations, where the Participant has attested to meeting certain criteria for domestic partnership as determined from time to time by the Committee in accordance with applicable law; or (ii) a domestic partnership that has been registered with a governmental entity pursuant to State or local law authorizing such registration.

1.23         “Election Form” shall mean the form (written or electronic) established from time to time by the Committee for Participants to make elections under the Plan.

1.24         “Employee” shall mean a person who is an employee of any Employer.

1.25         “Employer” shall mean the Company and any entity organized in the United States with whom the Company would be considered a single employer under Code Sections 414(b) or (c) that has been selected by the Company
to participate in the Plan.

1.26         “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

1.27         “Fair Market Value” shall mean on any day, the closing price in U.S. dollars of a Share on the New York Stock Exchange, or if not so traded on such date, the average of the closing bid and ask prices on such
exchange for that date; provided, however, that (i) if the Shares are not traded on the New York Stock Exchange or (ii) if in the discretion of the Committee, such exchange does not reflect the fair market value of the Shares, then “Fair Market Value” shall mean the closing price in the applicable trading currency of a Share on the other primary trading market for the Shares, which as of the date of this Plan is the Toronto Stock Exchange, such closing price to be converted into the applicable currency
(based on the mid-market noon spot rate for the exchange on the immediately preceding business day), in each case using such closing price reported in such other source as the Committee deems to be reliable.  If the Shares are not traded on the New York Stock Exchange or the Toronto Stock Exchange or on any other trading market, the Committee shall determine in its sole discretion in good faith a method for determining “Fair Market Value” as of a particular date.

  

4

  

1.28         “Key Employee” shall mean an Employee treated as a “specified employee” under Code Section 409A(a)(2)(B)(i), i.e., a key employee of the Company (as defined in Code Section 416(i) without regard
to paragraph (5) thereof). The Committee shall determine which Employees shall be deemed Key Employees using December 31st as an identification date.

1.29         “Key Employee Limitation” shall mean the limitation on distributions specified in Section 7.11, which is intended to comply with Section 409A.

1.30         “Long-Term Bonus” shall mean any cash compensation (other than Base Salary and Annual Bonus) and, effective January 1, 2006, PRSUs awarded to a Participant under any Employer’s long-term bonus and incentive
plans.

1.31         “Matching Share Unit Account” shall mean, with respect to any Participant, one or more sub-accounts to which shall be credited the aggregate number of Matching Share Units credited pursuant to Sections 4.3
and 4.4.2, less any Matching Share Units distributed to the Participant or his Beneficiary in Shares or cash that relate to his Matching Share Unit Account.  The Matching Share Unit Account balance shall be a bookkeeping entry only and shall be utilized solely as a device for determining the number of Shares (and cash, in the event of a fractional Share) to be distributed to a Participant or his Beneficiary.

1.32         “Matching Share Units” and “MSUs” shall mean units representing Shares that are credited by an Employer on behalf of a Participant
to his Matching Share Unit Account pursuant to Section 4.3.

1.33         “Measurement Date” shall have the meaning set forth in Sections 1.4 and 1.41.

1.34         “Measurement Funds” shall have the meaning set forth in Section 3.4.1.

1.35         “Participant” shall mean any Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who timely submits a signed Election Form to the Committee, (iv) whose
signed Election Form is accepted by the Committee, and (v) who commences participation in the Plan.  A spouse, former spouse, Domestic Partner, or former Domestic Partner of a Participant shall not be treated as a Participant or have an Account balance, even if he has an interest in the Participant’s Benefits under the Plan as a result of applicable law or property settlements resulting from legal separation, divorce or dissolution of the domestic partnership.

1.36         “Plan” shall mean the 2005 Component of the Thomson Reuters Deferred Compensation Plan, which shall be evidenced by this document, as it may be amended from time to time.

1.37         “Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing through December 31 of such calendar year.

1.38         “Pre-2005 Component” shall mean the component of the Thomson Reuters Deferred Compensation Plan that governs compensation deferred under the DCP that was accrued and became vested on or before December 31,
2004.

  

5

  

1.39         “PRSU” shall mean a performance-based restricted share unit representing Shares payable to a Participant as a Long-Term Bonus, where the receipt of Shares upon vesting is deferred pursuant to Section 3.6.

1.40         “PRSU Account” shall mean, with respect to any Participant, an account to which shall be credited the aggregate number of PRSUs deferred into the Plan by such Participant pursuant to Section 3.6, less any
PRSUs distributed to the Participant or his Beneficiary in Shares or cash that relate to his PRSU Account.  The PRSU Account balance shall be a bookkeeping entry only and shall be utilized solely as a device for determining the number of Shares (and cash, in the event of a fractional Share) to be distributed to a Participant or his Beneficiary.

1.41         “Quarterly Valuation Method” shall mean a method of distributing the balance in a Participant’s Account wherein such balance is distributed in 60, 120, or 180 monthly installments, as elected by the
Participant (the “Installment Period”), which method shall be used to compute monthly installments paid prior to April 1, 2006. For any Participant, the amount of each monthly installment attributable to the portion of such Account, with respect to which additional amounts are credited under Section 3.4.4, shall be computed as follows:

	
  
	
(a)
	
The amount of each monthly installment during the calendar quarter in which the first monthly installment is paid shall equal (i) the balance in such Account, as of the Measurement Date immediately preceding the first day of the month in which the first monthly installment is paid, divided by (ii) the number of months in the Installment Period.

	
  
	
(b)
	
The amount of any subsequent monthly installment shall equal (i) the balance in such Account as of the Measurement Date immediately preceding the first day of the calendar quarter in which any such monthly installment is paid, divided by (ii) the number of months remaining in the Installment Period as of the first day of any such calendar quarter.

For purposes hereof, “Measurement Date” shall mean the first day of the month next preceding the month in which a monthly installment is paid or such other date (determined by the Committee) as of which the balance in an Account is determined.  Notwithstanding
any other provision of the Plan to the contrary, in no event shall the amount of any monthly installment with respect to a Participant exceed the balance in such Account as of the date on which any such installment is paid.

1.42         “Retirement”, “Retires”, “Retiring”, or “Retired”
shall mean, with respect to an Employee, a separation from service (within the meaning of Section 409A) from all Employers and any entity with whom the Company would be considered a single employer under Code Section 414(b) or (c) for any reason other than a leave of absence or death on or after the attainment of age 55.

1.43         “Retirement Election” shall mean the election that may be made by a Participant the first time the Participant is eligible to participate in the Plan (or any time thereafter, subject to the transition rules
under Section 7.10 and the Subsequent Election Limitations), regarding the timing and form in which the Participant’s Benefit shall be distributed.

  

6

  

1.44         “RSU” shall mean a restricted share unit in respect of Shares granted to a Participant in May 2008, where the receipt of such Shares upon vesting is deferred pursuant to Section 3.7.

1.45         “RSU Account” shall mean, with respect to any Participant, an account to which shall be credited the aggregate number of RSUs deferred into the Plan by such Participant pursuant to Section 3.7, less any RSUs
distributed to the Participant or his Beneficiary in Shares or cash that relate to his RSU Account.  The RSU Account balance shall be a bookkeeping entry only and shall be utilized solely as a device for determining the number of Shares (and cash, in the event of a fractional Share) to be distributed to a Participant or his Beneficiary.

1.46         “Section 409A” shall mean Section 409A of the Code, as the same may be amended from time to time, and any successor statute to such section of the Code and the regulations promulgated thereunder.

1.47         “Share Ownership Guidelines” shall mean the Thomson Reuters Executive Share Ownership Guidelines, as in effect from time to time.

1.48         “Shares” shall mean common shares of Thomson Reuters Corporation.  For purposes of the Plan, the price of a Share shall be the price on the New York Stock Exchange or the Toronto Stock Exchange,
as determined in the sole discretion of the Committee.  No more than 7,000,000 Shares may, in the aggregate, be issued pursuant to the Pre-2005 Component and Sections 4.1 and 4.3 of this Plan.  Shares distributed in payment of a Participant’s Share Unit Account shall consist of newly issued Shares from treasury, and such Shares shall be distributed in accordance with and subject to applicable securities laws.

1.49         “Share Unit Account” shall mean, with respect to any Participant, an account to which shall be credited the aggregate number of Share Units converted pursuant to Section 4.1, less any Share Units distributed
to the Participant or his Beneficiary in Shares or cash that relate to his Share Unit Account.  The Share Unit Account balance shall be a bookkeeping entry only and shall be utilized solely as a device for determining the number of Shares (and cash, in the event of a fractional Share) to be distributed to a Participant or his Beneficiary.

1.50         “Share Units” shall mean units representing Shares that are credited to a Participant’s Share Unit Account.

1.51         “Short-Term Payout” shall mean the Benefit set forth in Section 6.1.

1.52         “Subsequent Election Limitations” shall mean the following limitations applicable to any Participant’s subsequent election to delay receipt of all or a portion of the Benefits or to change the form of
such payment: (i) such election may not take effect until at least 12 months after the date on which the election is made; (ii) with respect to an election related to Benefits payable for reasons other than death or Unforeseeable Emergency, no payments specified in a subsequent election may be made during the five-year period commencing on the date distribution of benefits would have commenced but for such subsequent election; and (iii) with respect to a subsequent election related to Benefits payable pursuant
to a fixed schedule or payable at a specified time, such election may not be made less than 12 months prior to the date of the first scheduled payment.  For purposes hereof, installment payments shall be treated as a single payment.

  

7

  

1.53         “Termination of Employment”, “Terminate Employment” and words of similar import shall mean the separation from service (within the
meaning of Section 409A) with all Employers and any entity with whom the Company would be considered a single employer under Code Section 414(b) or (c), voluntarily or involuntarily, for any reason other than Retirement, death or an authorized leave of absence.

1.54         “Thomson Reuters” shall mean Thomson Reuters Corporation and its respective subsidiaries or any one of them, as the context requires.

1.55         “Trust” shall mean one or more trusts established pursuant to that certain Master Trust Agreement, dated as of February 14, 1994, between the Company and the trustee named therein, as amended and restated
from time to time.

1.56         “Unforeseeable Emergency” shall mean a severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s dependent
(within the meaning of Section 152(a) of the Code), or the Participant’s designated Beneficiary, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, or such other circumstances or events, if any, that are included within the meaning of “unforeseeable emergency” under Section 409A.

ARTICLE 2

Selection and Enrollment

2.1           Selection of Participants by Committee.  Participants shall be limited to a select group of senior management Employees, as determined by the Committee.

2.2           Initial Enrollment Requirements.  As a condition to participation, each Participant shall complete, execute and return to the Committee an Election Form, with respect to services performed subsequent
to such election, within 30 days after being selected to participate in the Plan.  If an Employee already participates in a nonqualified deferred compensation plan that is required to be aggregated with this Plan under Section 409A, then such Employee will become a Participant as of the first day of the next Plan Year, provided his Election Form is timely delivered to the Committee.  The Committee shall establish from time to time such other enrollment requirements as it determines are necessary,
convenient or appropriate to carry out any of the purposes or intent of the Plan or to better assure the Plan’s compliance with Section 409A.  Participation shall commence as soon as practicable following timely receipt of all required enrollment materials.

2.3           Termination of Participation and/or Deferrals. Once an Employee becomes a Participant, he shall remain a Participant until the earliest to occur of his Termination of Employment, Retirement or death.  However,
if the Committee determines in good faith that a Participant no longer qualifies as a member of a select group of management or highly compensated employees, as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Participant’s participation in the Plan will cease on December 31st of the Plan Year in which such determination is made.

  

8

  

ARTICLE 3

Deferral of Compensation and Shares

3.1           Amount of Deferral. Each Plan Year a Participant may elect, in accordance with Section 3.2, to defer his Base Salary, Annual Bonus, and/or Long-Term Bonus in any amount up to the maximum percentages of such
Salary or Bonus as shall be determined for each Participant by the Committee in its sole discretion.  Except as otherwise provided herein, any such election shall be irrevocable.

3.2           Election to Defer.  Each Plan Year a Participant may make a deferral election, by timely delivering an Election Form to the Committee, in accordance with its rules and procedures, before the end of
the Plan Year preceding the Plan Year for which the election is made. Elections to defer performance-based Annual and Long-Term Bonuses must be made prior to the beginning of the last calendar year in the applicable performance cycle.  If no such Election Form is timely delivered for a Plan Year, the Annual Deferral Amount shall be zero for that Plan Year.  Such annual Election Form shall indicate the time at which amounts deferred during such Plan Year are to be distributed (i.e., at Retirement/Termination
of Employment or in a Short-Term Payout pursuant to Section 6.1).  Subject to the Subsequent Election Limitations, such election shall govern the distribution of deferred amounts, regardless of whether such deferred amounts are transferred from a Participant’s Deferral Account to Share Unit Account.

3.3           Withholding of Annual Deferral Amounts.  For each Plan Year, the Base Salary portion of the Annual Deferral Amount shall be withheld from each regularly scheduled Base Salary payroll in equal amounts,
as adjusted from time to time for changes in Base Salary.  The Annual Bonus and/or Long-Term Bonus portions of the Annual Deferral Amount shall be withheld at the time the Annual Bonus and/or Long-Term Bonus are or otherwise would be paid to the Participant.

3.4           Crediting/Debiting of Account Balances.  Amounts shall be credited or debited to a Participant’s Deferral Account in accordance with the following rules:

3.4.1        Measurement Funds.  The Committee shall select one or more of the measurement funds for the purpose of crediting additional amounts to Deferral Accounts.  The Committee may, in its sole discretion, discontinue,
substitute or add a Measurement Fund.

3.4.2        Election of Measurement Funds.  A Participant, in connection with his initial deferral election pursuant to Section 2.2, shall select, on an Election Form, one or more Measurement Funds to be used to determine the
additional amounts to be credited to his Deferral Account.  A Participant may, at any time, change the Measurement Funds to be used to determine the additional amounts to be credited to his Deferral Account, or the portion of his Deferral Account allocated to each previously or newly selected Measurement Fund.

3.4.3        Proportionate Allocation.  In making an election described in Section 3.4.2, the Participant shall specify, in increments of one percentage point (1%), the percentage of his Deferral Account to be allocated to a
Measurement Fund (as if the Participant was making an investment in that Measurement Fund with that portion of his Deferral Account).

  

9

  

3.4.4        Crediting and Debiting of Accounts.  The performance of each Measurement Fund shall be determined by the Committee, in its reasonable discretion, based on the performance of the Measurement Funds.  A Participant’s
Account balance shall be credited or debited on a daily basis based on the performance of each applicable Measurement Fund as though (i) a Participant’s Deferral Account was invested in the Measurement Funds selected by the Participant and (ii) the portion of the Annual Deferral Amount that was actually deferred during any calendar month was invested in such Measurement Funds in the percentages applicable to such calendar month, no later than the close of business on the first business day of such calendar
month, at the closing price on such date.

3.4.5        No Actual Investment.  Notwithstanding any other provision of the Plan to the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant’s selection of any such Measurement
Fund, the allocation to his Deferral Account thereto, the calculation of additional amounts and the crediting or debiting of such amounts to a Participant’s Deferral Account shall not be considered or construed in any manner as an actual investment of his Deferral Account in any such Measurement Fund.  If the Company or the trustee of the Trust, in its own discretion, decides to invest funds in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments.  Without
limiting the foregoing, a Participant’s Deferral Account shall at all times be a bookkeeping entry only and shall not represent any investment made on his behalf by the Company or the trustee, and the Participant shall at all times remain an unsecured creditor of the Company.

3.5           FICA and Other Taxes.  In accordance with Section 409A, for each Plan Year in which an Annual Deferral Amount is being withheld with respect to a Participant, the Participant’s Employer shall
withhold from that portion of the Participant’s compensation that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on such Annual Deferral Amount.  If necessary, the Committee may reduce the Annual Deferral Amount in order to comply with this Section 3.5, provided such amount does not exceed the aggregate of the FICA amount and the applicable income tax withholding related to such FICA amount.

3.6           Deferral of PRSUs.  Subject to Section 3.2, any Participant who is subject to the Share Ownership Guidelines or who is authorized by the Committee may elect to defer into his PRSU Account all or a
portion of any Long-Term Bonus awarded in the form of PRSUs as of the date such PRSUs are otherwise payable.  PRSUs credited to a Participant’s PRSU Account will not be counted for purposes of determining Matching Share Units.  A Participant for whom a PRSU Account is maintained shall have no rights as a stockholder with respect to any PRSUs until such PRSUs are converted to Shares and distributed to the Participant. If and when dividends are paid on Shares, each PRSU Account shall be
credited with the number of PRSUs (including fractional PRSUs, as applicable) equal to the number obtained by dividing (i) the aggregate amount of dividends that would be payable on the number of Shares equal to the number of PRSUs credited to each such Account as of the appropriate dividend record date by (ii) the Fair Market Value of one Share on the dividend payment date, computed in the same manner as specified in Section 4.2.

  

10

  

3.7           Deferral of RSUs. With respect to any Participant who is granted RSUs in May 2008 and makes a transition election pursuant to Section 7.10(e) to change the timing and method of settlement of such RSUs, such
RSUs shall be credited to the Participant’s RSU Account at the time of such election.  RSUs credited to a Participant’s RSU Account will be not be counted for purposes of determining Matching Share Units. A Participant for whom an RSU Account is maintained shall have no rights as a stockholder with respect to any RSUs until such RSUs are converted to Shares and distributed to the Participant. Dividends will not be credited to any Participant’s RSU Account.

3.8           Vesting of Accounts.  A Participant shall at all times be 100 percent vested in his Deferral Account and Share Unit Account.  A Participant shall vest in PRSUs and RSUs deferred into his
PRSU and RSU Accounts, respectively, in accordance with the vesting schedule applicable to such PRSUs and RSUs at the time of grant.  A Participant’s vested interest in his Matching Share Unit Account shall be determined under Section 4.4.  A Participant’s vested interest in his Discretionary Contributions Account shall be determined by the Committee at the time a Discretionary Contribution is made to such account.

3.9           Withholding on Distributions.  The Employer, or the trustee of the Trust, shall withhold from any payments made to a Participant under the Plan all federal, state and local income, employment and
other taxes that the Employer or the trustee of the Trust, as applicable, deems necessary or appropriate to be withheld, in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer or the trustee of the Trust, as the case may be.

3.10           Adjustment in the Event of Recapitalization.  In the event of any change in the outstanding Shares by reason of stock split, stock dividend, recapitalization, merger, consolidation, combination or
exchange of shares or other similar corporate change or in the event of any special distribution to the stockholders, the number of PRSUs and RSUs credited to a Participant’s PRSU and RSU Accounts shall be adjusted as the Committee determines is necessary and appropriate.  Any such determination shall be conclusive and binding for all purposes of the Plan.

ARTICLE 4

Conversion to Share Units and Matching Contributions

4.1           Conversion of Deferral Account to Share Units. Not more frequently than once each calendar month, any Participant who is subject to the Share Ownership Guidelines or who is authorized by the Committee, may
elect to convert to Share Units part or all of the amount credited to his Deferral Account, which Share Units shall be credited to a Share Unit Account established in the name of the Participant, provided, however, that any such election made during a Closed Period shall be null and void.

4.2           Number of Share Units Credited.  The number of Share Units to be credited to a Participant’s Share Unit Account in connection with an election pursuant to Section 4.1 shall be determined on
the basis of the Fair Market Value of a Share on the day before the date of the conversion.

  

11

  

4.3           Matching Share Units.  Each Participant’s Matching Share Unit Account shall be credited with the number of Matching Share Units (“MSUs”) equal to ten percent of the number of Share
Units (not including Share Units attributable to dividends) credited to each such Participant’s Share Unit Account pursuant to Section 4.1.

4.3.1        Matching Share Units Related to Pre-2005 Component Conversions to Share Units After December 31, 2004.  The Matching Share Unit Account of any Participant who converts any amounts in his “Deferral Account” under the Pre-2005 Component to Share Units on or after January
1, 2005 shall be credited with the number of MSUs equal to ten percent of the number of “Share Units” credited to any such Participant’s “Share Unit Account” (as such terms are defined in the Pre-2005 Component) pursuant to Sections 4.1 and 5.1 of the Pre-2005 Component.  Such MSUs shall be distributed in accordance with the Participant’s Retirement Election.  If there is no such election, then distribution shall be made in a lump sum in accordance with
Article 7.

4.4           Vesting of Matching Share Units.  One-fourth of the Matching Share Units credited to a Participant’s Matching Share Unit Account during any Plan Year shall become vested on each of the first
four anniversaries of the date the underlying Share Units are credited, so long as the Participant has not Terminated Employment as of the respective anniversary date.  Upon terminating employment on account of death or Disability or upon termination of the Plan, a Participant shall become fully vested in all MSUs credited to his Matching Share Unit Account.  Upon Terminating Employment (other than due to Disability), a Participant shall forfeit all unvested MSUs credited to his Matching Share
Unit Account.  Upon Retiring, a Participant shall become vested in a percentage of the unvested MSUs credited to his Matching Share Unit Account determined under the following schedule:

	
Age at Retirement
	 	
Percentage Vested

	
55
	 	
65

	
56
	 	
70

	
57
	 	
75

	
58
	 	
80

	
59
	 	
85

	
60
	 	
90

	
61
	 	
95

	
62 or older
	 	
100

4.4.1        Impact of Reemployment on Vesting.  A Participant who is rehired by an Employer after his Retirement or Termination of Employment shall not be entitled to amounts forfeited under Section 4.4 prior to his reemployment.

4.4.2        Unvested Matching Share Units Transferred From Pre-2005 Component.  A Participant’s “Matching Share Units” in the Pre-2005 Component that were unvested as of December 31, 2004 shall (i) be transferred to the Participant’s Matching Share Unit Account hereunder
effective January 1, 2005, (ii) continue to vest in accordance with the original vesting schedule, and (iii) subject to Section 7.10 and the Subsequent Election Limitations, be distributed in accordance with the distribution form in effect on December 31, 2004 with respect to the underlying Share Units in the Pre-2005 Component.

  

12

  

4.5           FICA and Other Taxes on Matching Share Units.  In accordance with Section 409A, for each Plan Year in which a Participant becomes vested in Matching Share Units credited to his Matching Share Unit
Account, the Participant’s Employer shall withhold from that portion of the Participant’s Base Salary and Annual Bonus that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on the Matching Share Units vesting in such year.  If necessary, the Committee may reduce the Annual Deferral Amount in order to comply with this Section 4.5, provided such amount does not exceed the aggregate of the FICA amount and the income
tax withholding related to such FICA amount.

4.6           Dividends.  If and when dividends are paid on Shares, any Share Unit Account of a Participant shall be credited with the number of Share Units (including fractional Share Units, as applicable) equal
to the number obtained by dividing (i) the aggregate amount of dividends that would be payable on the number of Shares equal to the number of Share Units credited to any such Participant’s Account as of the appropriate dividend record date; by (ii) the Fair Market Value of one Share on the dividend payment date, computed in the same manner as specified in Section 4.2.  The Matching Share
Units are not credited with dividends.

4.7           Adjustment in the Event of Recapitalization.  In the event of any change in the outstanding Shares by reason of stock split, stock dividend, recapitalization, merger, consolidation, combination or
exchange of shares or other similar corporate change or in the event of any special distribution to the stockholders, the number of Share Units and Matching Share Units credited to a Participant’s Share Unit and Matching Share Unit Accounts shall be adjusted as the Committee determines is necessary and appropriate.  Any such determination shall be conclusive and binding for all purposes of the Plan.

4.8           Rights as Stockholder.  A Participant for whom a Share Unit Account and/or a Matching Share Unit Account are maintained shall have no rights as a stockholder with respect to any Share Units and/or
Matching Share Units credited to such Accounts until such Share Units and/or Matching Share Units, as applicable, are converted to Shares and distributed to the Participant.

4.9           Fractional Interests.  If any fractional unit exists after a lump sum payment or last installment payment, as the case may be, of Shares is delivered to the Participant, such fractional
unit shall be paid to the Participant in cash within ten days after the date of such lump sum payment or last installment payment. The value of such fractional unit shall be determined in accordance with procedures established from time to time by the Committee.

ARTICLE 5

Discretionary Contributions

5.1           Discretionary Contributions.  The Company may, from time to time, make Discretionary Contributions to those Participants selected to receive such contributions in accordance with the terms and conditions
specified in writing by the Company at the time such Discretionary Contributions are made.  Notwithstanding the foregoing, eligibility for and the terms and conditions with respect to Discretionary Contributions for members of the Executive Committee of Thomson Reuters shall be determined by the Human Resources Committee of the Board of Directors of Thomson Reuters. Discretionary Contributions shall be allocated to the Discretionary Contributions Accounts of the respective Participants.  It
is intended that the grant and distribution of any Discretionary Contributions shall comply with Section 409A.

  

13

  

ARTICLE 6

Short-Term Payout and Unforeseeable Financial Emergencies

6.1           Short-Term Payout.  In connection with each election to defer all or a portion of an Annual Deferral Amount, a Participant may elect to receive all or a portion of such Annual Deferral Amount as a
“Short-Term Payout” by indicating on the Election Form a specified date that such amount is to be paid.  The Short-Term Payout shall be a lump sum payment in an amount equal to the allocated portion of the Annual Deferral Amount plus amounts credited or debited pursuant to Section 3.4 on that amount.  The Participant’s Account shall be valued as of January 1 of the Plan Year in which such distribution shall be made.  Short-Term Payouts shall be distributed within
90 days after the first day of any Plan Year designated by the Participant that is at least five Plan Years after the Plan Year with respect to which the Annual Deferral Amount is actually deferred.  Effective January 1, 2009, no more than three Short-Term Payout sub-accounts will be maintained under the Plan for the benefit of a Participant at any one time, with each such sub-account representing a specified distribution date, provided that for Participants who have more than three Short-Term Payout
sub-accounts established as of January 1, 2009, the sub-accounts in excess of three will continue to be maintained until distributions are made under those sub-accounts.

6.2           Election Changes.  Subject to the Subsequent Election Limitations, any Participant who elects a Short-Term Payout may make another election to further defer the distribution of such Short-Term Payout
by submitting to the Committee either a new Election Form (during the open enrollment period) or a distribution re-election form (at any time during the Plan Year).

6.3           Distribution Event Prior to Short-Term Payout.  Subject to the Subsequent Election Limitations, if a Distribution Event occurs prior to a Participant’s scheduled Short-Term Payout, the vested
balance in each of the Participant’s Short-Term Payout sub-accounts shall be distributed in (i) accordance with the provisions of Article 7 if such Distribution Event occurs prior to January 1, 2009, and (ii) subject to Section 7.11, a lump sum within 90 days of the Distribution Event if the Distribution Event occurs after December 31, 2008.

6.4           Unforeseeable Financial Emergencies. Upon approval by the Committee, a Participant may withdraw all or any portion of his vested Account balance for an Unforeseeable Emergency.  The amounts distributed
with respect to an Unforeseeable Emergency may not exceed the amounts necessary to satisfy such Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by cessation
of deferrals under this Plan.  Notwithstanding Section 3.2, if the Committee approves a distribution due to an Unforeseeable Emergency, the Participant’s deferrals under the Plan shall cease for the Plan Year in which such distribution occurs.  Any distribution pursuant to this Section 6.4 from a Participant’s Share Unit Account, PRSU Account, RSU Account, and/or vested Matching Share Unit Account shall be in Shares.  A Participant electing a withdrawal under this Section
6.4 may designate the Account or Accounts from which any amounts so distributed shall be taken.  If no election is made, amounts distributed shall be taken first from the Participant’s Deferral Account and then from the Participant’s Discretionary Contribution, Share Unit, PRSU, RSU, and Matching Share Unit Accounts (in each case, to the extent vested), respectively.

  

14

  

ARTICLE 7

Distribution of Benefits

7.1           Retirement Election.  The first time a Participant makes a deferral election under Section 2.2 (or elects to defer PRSUs or RSUs, if applicable), the Participant may elect to receive his Account at
Retirement or Termination of Employment in one of the forms set forth in Section 7.2 (such an election is referred to as a “Retirement Election”).  Subject to Article 6, a Participant may make only one Retirement Election with respect to his Benefit.  If a Participant fails to make a Retirement Election, the Participant will be deemed to have elected to receive his Benefit in a lump sum.

7.2           Forms and Timing of Distributions.  A Participant may elect, in his Retirement Election, to receive his Benefit in either a lump sum or in installments over a period of 60, 120 or 180 months pursuant
to the Quarterly Valuation Method or the Annual Valuation Method, as applicable.  Benefit payments made in a lump sum shall be made during the month following (i) the Participant’s Retirement or Termination of Employment with respect to such events that occur prior to February 1, 2009 and (ii) the first anniversary of the Participant’s Retirement or Termination of Employment with respect to such events that occur after January 31, 2009. Benefit payments made in installments shall begin (a)
on the first day of the third month following the Participant’s Retirement or Termination of Employment with respect to such events that occur prior to February 1, 2009 and (b) on the first day of the month following the first anniversary of the Participant’s Retirement or Termination of Employment with respect to such events that occur after January 31, 2009.

7.3           Distribution Events.  A Participant’s Benefit shall be distributed upon the occurrence of a Distribution Event in accordance with this Article 7, as follows:

7.3.1        Retirement and Termination Benefits.

	
  
	
(a)
	
If a Participant Retires or Terminates Employment and, on the date of such Retirement or Termination of Employment, the Participant has a Retirement Election in effect and the aggregate value of his Benefit (excluding his PRSU and RSU Accounts and, with respect to Participants who Terminate Employment or Retire on or after January 1, 2009,  Short-Term Payout amounts) is $100,000 or more, the Participant’s
Benefit (other than his PRSU and RSU Accounts and, with respect to Participants who Terminate Employment or Retire on or after January 1, 2009, Short-Term Payout amounts) shall be distributed in accordance with the Retirement Election, if any.

  

15

  

	
  
	
(b)
	
If a Participant Retires or Terminates Employment without a Retirement Election in effect or, on the date of such Retirement or Termination of Employment, the aggregate value of his Benefit (excluding his PRSU and RSU Accounts and, with respect to Participants who Terminate Employment or Retire on or after January 1, 2009, Short-Term Payout amounts) is less than $100,000, the Participant’s Benefit (other than
his PRSU and RSU Accounts) shall be distributed in a lump sum.

	
  
	
(c)
	
Notwithstanding Sections 7.3.1(a) and (b) to the contrary, if a Participant Retires prior to October 1, 2007 and, on the date of such Retirement, the aggregate value of the such Participant’s Benefit (excluding PRSUs) is less than $100,000, the Participant’s Benefit (other than PRSUs) shall be distributed in accordance with his Retirement Election, if any.

	
  
	
(d)
	
If a Participant Retires or Terminates Employment and, on the date of such Retirement or Termination of Employment, in the aggregate, at least 3,000 PRSUs and RSUs are credited to his PRSU Account and RSU Account, subject to Section 7.3.1(e), the balance in such Accounts shall be distributed in accordance with his Retirement Election, if any.

	
  
	
(e)
	
If (i) a Participant does not make a Retirement Election or (ii) the Participant Retires or Terminates Employment and, on any Measurement Date, in the aggregate less than 3,000 PRSUs and RSUs are credited to his PRSU Account and RSU Account, the balance in such Accounts shall be distributed in a lump sum.

7.3.2        Disability Benefit.  If a Participant Retires or Terminates Employment as a result of becoming Disabled, his vested Account shall be distributed in accordance with Section 7.3.1.  A Participant’s
Disability following his Retirement or Termination of Employment shall have no effect on the time and form of distribution of his Benefits.

7.3.3        Death Benefit.  If a Participant dies before distribution of his Benefit has commenced, his Benefit shall be paid in a lump sum to his Beneficiary within 90 days of his death.  If a Participant dies while
his Benefit is being distributed, his Benefit shall be distributed as follows: (i) if the remaining Benefit payments (excluding his PRSU and RSU Accounts) equals at least $50,000 on his date of death, any undistributed Benefit payments shall be paid to his Beneficiary on the same schedule as the Benefit would have been paid to the Participant had he survived; (ii) if the remaining Benefit payments (excluding his PRSU and RSU Accounts) is less than $50,000 on his date of death, any undistributed Benefit payments
shall be paid to the Participant’s Beneficiary in a lump sum within 90 days of the Participant’s death; and (iii) the Benefit attributable to the Participant’s PRSU and RSU Accounts shall be distributed in accordance with Section 7.3.1 (d) and (e).

7.4           Distribution of Share Units.  Share Units credited to a Share Unit Account pursuant to Section 4.1 shall be distributed at the same time and in the same form as the amounts in the Deferral Account
from which the conversion is made. Any Participant who makes a conversion election pursuant to Section 4.1 prior to January 1, 2009 shall be deemed to have made a transition election, pursuant to Section 7.10(b), (c) or (d), as applicable, provided that any such election shall not (i) accelerate the distribution of any amounts into the year in which the conversion election is made or (ii) defer to a subsequent year the distribution of amounts otherwise payable in the year in which the conversion election is made.  Share
Units credited to a Participant’s Share Unit Account under Section 4.6 as a result of dividends paid on Shares will be distributed at the same time and in the same form as the underlying Share Units, as applicable, to which such dividends relate to.

  

16

  

7.5           Distribution of Matching Share Units.  Matching Share Units shall be distributed at the same time and in the same form as the underlying Share Units.  However, to the extent that MSUs relate
to Share Units that are distributed pursuant to a Short-Term Payout election under Section 6.1 prior to the date such MSUs become vested, then such MSUs shall be distributed within 90 days after the Participant becomes vested in such MSUs.

7.6           Distribution of Discretionary Contributions.  Discretionary Contributions credited to a Participant’s Discretionary Contributions Account shall be distributed in accordance with the Retirement
Election on file with respect to such Participant’s Deferral Account.  If there is no such election, then distribution shall be made in a lump sum in accordance with Section 7.2.

7.7           Valuation of Benefits.  If a Participant’s Benefit is being distributed in a lump sum, the Benefit will be valued as of the first day of the month during which distributions are scheduled to
commence.  If a Participant’s Benefit is being distributed in installments, the Benefit will be initially valued as of the first day of the month immediately preceding the date distributions are scheduled to commence, with subsequent valuations in accordance with the Quarterly Valuation Method or the Annual Valuation Method, as applicable.

7.8           Changes to Elections.  Subject to the Subsequent Election Limitations, a Participant may change his Retirement Election to receive Benefits in any one of the allowable methods of distribution by submitting
to the Committee either a new Election Form (during open enrollment) or a distribution re-election form (at any point during the Plan Year).  Subject to the transition rules in Section 7.10, Election Forms completed pursuant to Section 3.2 relating to the amount of deferral for any year may not be changed.

7.9           Automatic Cash-out of Small Accounts.  Notwithstanding anything in the Plan or any Election Form to the contrary, effective January 1, 2008, if, after the distribution of a Participant’s Benefits
commences, the aggregate value of such Benefit (excluding his PRSU and RSU Accounts) is less than $15,500 (or such other amount not in excess of the applicable dollar amount under Code Section 402(g)(1)(B) as determined by the Committee, in its sole discretion) as of any Measurement Date, such Account shall be distributed in a lump sum within 90 days of such Measurement Date.

7.10         Transition Elections.  Notwithstanding anything contained herein to the contrary:

	
  
	
(a)
	
On or before February 15, 2005, a Participant may (i) revoke an election to defer his 2005 Base Salary; (ii) revoke or change an election to defer his 2004 Annual Bonus or 2004 Long-Term Incentive Bonus payable in 2005; and (iii) revoke or change an election to defer his 2005 Annual Bonus or 2005 Long-Term Incentive Bonus payable in 2006.

  

17

  

	
  
	
(b)
	
During the Plan Year ending on December 31, 2006, a Participant or the Employer may change existing distribution elections under the Plan, provided that any such election shall not (i) accelerate the distribution of any amounts into 2006 or (ii) defer the distribution of amounts otherwise payable in 2006 to a subsequent year.

	
  
	
(c)
	
During the Plan Year ending on December 31, 2007, a Participant or the Employer may change existing distribution elections under the Plan, provided that any such election shall not (i) accelerate the distribution of any amounts into 2007 or (ii) defer the distribution of amounts otherwise payable in 2007 to a subsequent year.

	
  
	
(d)
	
During the Plan Year ending on December 31, 2008, a Participant or the Employer may change existing distribution elections under the Plan, provided that any such election shall not (i) accelerate the distribution of any amounts into 2008 or (ii) defer the distribution of amounts otherwise payable in 2008 to a subsequent year. Notwithstanding Section 6.1 to the contrary, any election made in accordance with the preceding
sentence, with respect to bonuses payable during 2009, may specify that the bonus is to be distributed in the form of a Short-Term Payout payable between April 1 and December 31, 2009.

	
  
	
(e)
	
A Participant who is granted RSUs in May 2008 may, on or before December 31, 2008, change the existing timing and method of distribution of Shares or other property in satisfaction of such RSUs, provided that any such election shall not (i) accelerate the distribution of any amounts into 2008 or (ii) defer the distribution of amounts otherwise payable in 2008 to a subsequent year.

7.11         Key Employee Limitation. Notwithstanding any Retirement Election or other provision of the Plan to the contrary, distribution of the Benefit or any other amounts payable hereunder by reason of a Participant’s Termination
of Employment or Retirement to a Participant who is a Key Employee, shall not be made before six months after such separation from service or, if earlier, the Participant’s death.  At the end of such six-month period, payments that would have been payable but for the Key Employee Limitation shall be paid in a lump sum on the first day of the seventh month following the Participant’s Termination of Employment or Retirement and any remaining payments shall be made as indicated on the relevant
Election Forms.

ARTICLE 8

Forfeiture

8.1           Forfeiture.  Notwithstanding any other provisions of the Plan to the contrary, a Participant shall forfeit all vested and unvested Matching Share Units and Discretionary Contributions if he: (a) engages
in misconduct involving dishonesty, malicious destruction of property of the Company, or the commission of a felony arising out of employment, and such misconduct results in detriment or financial loss to the Company and the termination of the Participant’s employment; (b) manages, operates, participates in, is employed by, performs consulting services for, or is otherwise connected with, any firm, person, corporation, or enterprise that is engaged in a business that is (i) the same type of business as
the business engaged in by any subsidiary or division within the Company that employed the Participant prior to the date of his termination of employment and (ii) competitive with the business of such subsidiary or division; or (c) at any time improperly discloses to others any trade secrets or other confidential information, including customer lists, relating to the Company or to the business of the Company.

  

18

  

ARTICLE 9

Designation of Beneficiary

9.1           Beneficiary.  Each Participant shall have the right, at any time, to designate a Beneficiary to receive any Benefits payable under the Plan upon his death.

9.2           Beneficiary Designation.  A Participant may designate a Beneficiary by completing a Beneficiary Designation Form (whether in writing or electronic form), and returning or submitting, as applicable,
such form to the Committee.  A Participant shall have the right to change a Beneficiary by completing, signing (if in writing) or submitting (if in electronic form) and otherwise complying with the terms of the Beneficiary Designation Form and the Committee’s rules and procedures, as in effect from time to time.  Upon the receipt by the Committee of a properly executed and/or submitted new Beneficiary Designation Form, all Beneficiary designations previously filed (including electronic
submissions) shall be canceled.  The Committee shall be entitled to rely on the last properly executed Beneficiary Designation Form filed (including by electronic submissions) by the Participant and accepted by the Committee prior to his death.  No designation or change in designation of a Beneficiary shall be effective until received by the Committee.

9.3           No Beneficiary Designation.  If a Participant fails to designate a Beneficiary as provided in Sections 9.1 and 9.2 or if all designated Beneficiaries predecease the Participant or die prior to complete
distribution of the Participant’s Benefits, the Participant’s surviving spouse or Domestic Partner, if any, shall be deemed the designated Beneficiary.  If the Participant has no surviving spouse or Domestic Partner, the Benefits remaining to be paid to a Beneficiary shall be paid to the executor or personal representative of the Participant’s estate.

9.4           Discharge of Obligation.  The payment of Benefits to a Beneficiary shall fully and completely discharge all Employers and the Committee from all further obligations under the Plan with respect to
the Participant.

ARTICLE 10

Leave of Absence

10.1         Paid Leave of Absence.  A Participant who is authorized by his Employer to take a paid leave of absence shall continue to be considered employed by the Employer, and the Annual Deferral Amount shall continue
to be withheld during such paid leave of absence in accordance with Section 3.3.

  

19

  

10.2         Unpaid Leave of Absence.  Any Participant who is authorized by his Employer to take an unpaid leave of absence shall continue to be considered employed by the Employer and shall be excused from making deferrals
until the earlier of the date the leave of absence expires or the Participant returns to a paid employment status.  Upon such expiration or return, deferrals shall resume for the remaining portion of the Plan Year in which the expiration or return occurs, based on the deferral election, if any, made for that Plan Year.  If no election was made for that Plan Year, no deferral shall be withheld.  In accordance with Section 409A, if the period of leave exceeds six months and the Participant’s
right to reemployment is not provided either by statute or contract, the Participant shall be deemed to have Terminated Employment on the first day of the month following such six-month period.

10.3         Leave of Absence Exceeding Six Months.  Notwithstanding Sections 10.1 and 10.2 to the contrary, if a leave of absence (whether paid or unpaid) exceeds six months and the Participant’s right to reemployment
is not provided by law or contract, the Participant shall be deemed to have Terminated Employment on the first day of the month following such six-month period and distribution of his Benefits shall commence in accordance with Articles 6 and 7.

ARTICLE 11

Termination, Amendment and Modification

11.1         Termination.  The Company intends to continue the Plan indefinitely. However, the Company, by action of its Board or a duly authorized committee thereof in accordance with its by-laws, reserves the right to
terminate the Plan at any time and accelerate the distribution of Benefits, subject to the limitations on plan termination imposed by Section 409A. However, no such termination shall deprive any Participant or Beneficiary of any right accrued under the Plan prior to the date of termination. Notwithstanding any other provision of the Plan to the contrary, a Participant’s entire Benefit shall be distributed to the Participant (or Beneficiary) following termination of the Plan in such form and on the earliest
date permitted under Section 409A.

11.2         Amendment.  The Company may, at any time, amend or modify the Plan in whole or in part by action of its Board, a committee thereof, or the Committee, subject to those provisions of applicable law (including,
without limitation, the rules, regulations and policies of the New York Stock Exchange or the Toronto Stock Exchange, if any, that require the approval of shareholders or any governmental or regulatory body.  The Company may make amendments to the Plan without seeking shareholder approval except for any amendment that:

	
  
	
(i)
	
increases the number of Shares reserved for issuance under the Plan, including an increase to a fixed number of Shares or a change from a fixed number of Shares to a fixed maximum percentage;

	
  
	
(ii)
	
increases the maximum number of Shares which may be credited to a Participant’s Share Unit Account under the Plan;

  

20

  

	
  
	
(iii)
	
results in the crediting of Share Units to a Participant’s Share Unit Account at a price lower than the Fair Market Value of a Share for the day before the deferral or exchange, as the case may be;

	
  
	
(iv)
	
amends the provisions of Sections 3.10 or 4.7;

	
  
	
(v)
	
extends eligibility to participate in the Plan to non-Employees;

	
  
	
(vi)
	
changes the rights attaching to the Shares; or

	
  
	
(vii)
	
is required to be approved by shareholders under applicable laws, regulations or stock exchange rules.

Notwithstanding the above, no amendment or modification may operate to (a) decrease the value of a Participant’s Account balance computed as of the date the amendment or modification is approved, or (b) effect the timing of the distribution of an Account balance that is scheduled to commence on or before such date in a manner that violates
Section 409A.

11.3         Effect of Benefit Payment.  The full payment of a Participant’s Benefit shall completely discharge all obligations to the Participant and his designated Beneficiaries under the Plan.

ARTICLE 12

Administration

12.1         Committee Duties.  The Plan shall be administered by a Committee, which shall consist of the Board or such committee, as the Board shall appoint.  Members of the Committee may be Participants.  The
Committee shall have the discretion and authority to (i) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan and (ii) decide or resolve any and all questions involving the interpretation of the Plan.  Any individual serving on the Committee who is a Participant shall not vote or act on any matter relating solely to him.  When making a determination or calculation, the Committee shall be entitled to rely on information furnished by a
Participant or the Company.

12.2         Agents.  In the administration of the Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative)
and reference herein to “Committee” shall, to the extent applicable, refer to such agent.  The Committee may from time to time consult with counsel who may be counsel to any Employer.

12.3         Binding Effect of Decisions.  The decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan.

12.4         Indemnity of Committee.  All Employers shall indemnify and hold harmless the members of the Committee, and any Employee to whom the duties of the Committee may be delegated, against any and all claims, losses,
damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee or any of its members or any such Employee.

  

21

  

12.5         Employer Information.  To enable the Committee to perform its functions, each Employer shall supply full and timely information to the Committee on all matters relating to the compensation of its Participants,
the date and circumstances of the Retirement, Disability, death or Termination of Employment of its Participants, and such other pertinent information as the Committee may reasonably require.

ARTICLE 13

Other Benefits and Agreements

13.1         Coordination with Other Benefits.  Benefits provided for a Participant or Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan
or program for employees of the Participant’s Employer.  The Plan shall supplement and shall not supersede, modify or amend any other such plan or program, except as may otherwise be provided.

ARTICLE 14

Claims Procedures

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

14.2         Notification of Decision.  The Committee shall consider a Claimant’s claim and make a final decision within 60 days of receipt of such claim based on all comments, documents, records, and other information
submitted.  This period may be extended by an additional 60 days for matters beyond the control of the Plan.  The Committee shall notify the Claimant via electronic means or in writing that (a) the Claimant’s requested determination has been made and that the claim has been allowed in full or (b) the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested determination.  If any part of the claim is denied, such notice must set forth
in a manner calculated to be understood by the Claimant (i) the specific reasons for the denial of the claim, or any part thereof, (ii) specific references to pertinent provisions of the Plan upon which such denial was based, (iii) a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary, and (iv) an explanation of the claim review procedures set forth in Sections 14.3 and 14.4.

14.3         Review of Denied Claim.  Within 75 days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative) may
file with a committee designated by the Board to determine such appeals (the “Appeals Committee”) a written request for a review of the denial of the claim.  On receipt of such an appeal, a Claimant (or the Claimant’s duly authorized representative) will be given the opportunity to review and receive copies of any documents pertinent to the claim.  Not later than 30 days after the review procedure commences,
a Claimant (or the Claimant’s duly authorized representative) may request a hearing with the Appeals Committee, which the Appeals Committee, in its sole discretion, may grant.

  

22

  

14.4         Decision on Review.  The Appeals Committee will render a final decision within 60 days of receipt of the appeal, unless special circumstances require an extension of time to 120 days.  The Appeals
Committee will base its decision on all relevant information submitted by a Claimant (or the Claimant’s duly authorized representative) without regard to whether such information was previously submitted or considered.  Such decision shall be written in a manner calculated to be understood by the Claimant, and it shall contain (i) specific reasons for the decision, (ii) specific references to the pertinent Plan provisions upon which the decision was based, and (iii) such other matters as the Appeals
Committee deems relevant, including a statement of the Claimant’s right to bring an action under ERISA Section 502(a) with respect to an adverse determination after final review of the claim.

14.5         Legal Action.  A Claimant’s compliance with the foregoing provisions of this Article 14 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claim for
Benefits under this Plan.

ARTICLE 15

Trust

15.1         Establishment of the Trust.  The Company shall establish the Trust, and each Employer shall at least annually transfer over to the Trust such assets as the Employer determines, in its sole discretion, are necessary
to provide, on a present value basis, for its respective future liabilities created with respect to the Annual Deferral Amounts for such Employer’s Participants for all periods prior to the transfer, as well as any debits and credits to the Participants’ Account balances for all periods prior to the transfer, taking into consideration the value of the assets in the trust at the time of the transfer.

15.2         Interrelationship of the Plan and the Trust.  The provisions of the Plan shall govern the rights of a Participant to receive distributions pursuant to the Plan.  The provisions of the Trust shall govern
the rights of the Employers and the creditors of the Employers to the assets transferred to the Trust.  Each Employer shall at all times remain liable to carry out its obligations under the Plan.

15.3         Distributions from the Trust.  Each Employer’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Employer’s
obligations under the Plan.

15.4         Investment of Trust Assets.  The trustee of the Trust shall be authorized, upon written instructions received from the Committee or an investment manager appointed by the Committee, to invest and reinvest the
assets of the Trust in accordance with the applicable Trust Agreement, including the disposition of stock and reinvestment of the proceeds in one or more investment vehicles designated by the Committee.

  

23

  

ARTICLE 16

Miscellaneous

16.1           Status of Plan.  The Plan is intended (i) to be a plan that is not qualified within the meaning of Code Section 401(a) and is unfunded and is maintained by an employer primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated employees within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1), and (ii) to comply with Section 409A.  The Plan shall be administered and interpreted to the extent possible in a manner consistent with such intent.

16.2           Unsecured General Creditor.  Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of an Employer.  For
purposes of the payment of Benefits under this Plan, any and all of an Employer’s assets shall be, and remain, the general, unpledged unrestricted assets of the Employer.  An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money or distribute Shares, as the case may be, in the future.

16.3           Employer’s Liability.  An Employer’s liability for the payment of Benefits shall be defined only by the Plan and related forms.  An Employer shall have no obligation to a Participant
or Beneficiary under the Plan except as expressly provided in the Plan and related forms.  While the Company will do everything reasonable to ensure the requirements of Section 409A are complied with, the Company will not have any liability to any Participant or Beneficiary if it is subsequently determined that a provision of the Plan or payment of Benefits does not comply with Section 409A.

16.4           Nonassignability.  Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate
or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable.  Subject to Section 16.5, no part of the amounts payable shall, prior to actual payment, be (i) subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, (ii) transferable by operation
of law in the event of a Participant’s or any other person’s bankruptcy or insolvency, or (iii) transferable to a spouse or Domestic Partner as a result of a property settlement or otherwise.

16.5           Domestic Relations Order.  Notwithstanding Section 16.4, all or a portion of a Participant’s Account balance may be paid to another person to the extent necessary to comply with a domestic
relations order that the Company determines satisfies the requirements of a “Domestic Relations Order” as defined in Code Section 414(p)(1)(B).

16.6           Not a Contract of Employment.  The terms and conditions of the Plan shall not be deemed to constitute a contract of employment between any Employer and a Participant.  Nothing in this Plan
shall be deemed to give a Participant the right to be retained in the service of any Employer as an Employee, or to interfere with the right of any Employer to discipline or discharge the Participant at any time.

  

24

  

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

16.8         Terms.  Whenever any words are used herein in the masculine, they shall be constructed as though they were in the feminine in all cases where they would apply, and whenever any words are used herein in the singular
or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases when they would so apply.

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

16.10       Notice.  Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:

Thomson Reuters Holdings Inc.

Deferred Compensation Plan Committee

Metro Center

One Station Place

Stamford, Connecticut 06902

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

16.11        Successors.  The provisions of the Plan shall bind and inure to the benefit of the Participant’s Employer and its successors and assigns and the Participant and the Participant’s Beneficiaries.

16.12       Incompetent.  If the Committee determines in its discretion that a Benefit is to be paid to a minor, a person declared incompetent or a person incapable of handling the disposition of that person’s property, the
Committee may direct payment of such Benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person.  The Committee may require proof of minority, incompetence, incapacity, or guardianship, as it may deem appropriate prior to distribution of the Benefit.  Any payment of a Benefit shall be a payment for the account of the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge
of any liability under the Plan for such payment amount.

  

25

  

16.13       Distribution in the Event of Taxation.  If the Internal Revenue Service or a court of competent jurisdiction determines that Plan Benefits are includible in the gross income of a Participant under Section 409A prior to
actual receipt of the Benefits, the Company shall immediately cause to be distributed to the Participant the Benefits found to be so includible.

16.14       Insurance.  The Company, on its behalf or on behalf of the trustee of the Trust, and, in its sole discretion, may apply for and procure insurance on the life of any Participant, in such amounts and in such forms as the
trustee may choose.  The Company or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such insurance.  Any such Participant shall have no interest whatsoever in any such policy or policies, and at the request of the Company shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance.

16.15       Legal Fees to Enforce Rights after Change in Control.  The Company and each Employer is aware that upon the occurrence of a Change in Control, the Board or the board of directors of a Participant’s Employer (which
might then be composed of new members) or a shareholder of the Company or the Participant’s Employer, or of any successor corporation might then cause or attempt to cause the Company, the Participant’s Employer or such successor to refuse to comply with its obligations under the Plan and may cause or attempt to cause the Company or the Participant’s Employer to institute, or may institute, litigation seeking to deny Participants the Benefits intended under the Plan.  Accordingly, if
following a Change in Control, it should appear to any Participant that the Company, the Participant’s Employer or any successor corporation has failed to comply with any of its obligations under the Plan or any agreement thereunder or, if the Company, such Employer or any other person takes any action to declare the Plan void or unenforceable or institute any litigation or other legal action designed to deny, diminish or to recover from any Participant the Benefits intended to be provided, then the Company
and the Participant’s Employer irrevocably authorize such Participant to retain counsel of his choice at the expense of the Company and the Participant’s Employer (who shall be jointly and severally liable) to represent such Participant in connection with the initiation or defense of any litigation or other legal action, whether by or against the Company, the Participant’s Company or any director, officer, shareholder or other person affiliated with the Company, the Participant’s Company
or any successor thereto in any jurisdiction; provided, however, that the Participant submit a request for reimbursement no later than 30 days following the end of the calendar year in which the expenses are incurred, in which case reimbursement shall be made, subject to the Key Employee Limitation, by the Company and/or the Participant’s Employer within 45 days after the submission of such request.

16.16       Inability To Locate A Participant.  It is the responsibility of a Participant to apprise the Committee of any change in his or her address or the address of any Beneficiary.  In the event that the Committee is
unable to locate a Participant or Beneficiary within two years of a Distribution Event, the Participant’s Account shall be forfeited and amounts returned to the Company and neither the Participant or any Beneficiary shall have a claim to such Benefits.

16.17       Validity.  If any provision of the Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, and the Plan shall be construed and enforced as if such illegal
or invalid provision had never been inserted herein.

  

26

  

16.18       Governing Law.  Subject to ERISA and the Code, the provisions of the Plan shall be construed and interpreted according to the laws of the State of Connecticut without regard to its conflicts of law principles.

 

27

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]