Document:

Form of PepsiCo, Inc. Director Indemnification Agreement.

 EXHIBIT 10.20 
  
 INDEMNIFICATION AGREEMENT 
  
 This INDEMNIFICATION AGREEMENT is made and entered into as of the
             day of                     , by and between PepsiCo, Inc., a
North Carolina corporation (“PepsiCo”), and                     , a member of PepsiCo’s Board of Directors (the
“Director”). 
  
 WHEREAS, PepsiCo and the Director each
recognize the ongoing and substantial risk of litigation and other claims being asserted against directors of public companies; and 
  
 WHEREAS, in recognition of the need for protection against such litigation and claims to facilitate the Director’s continued effective service to
PepsiCo, PepsiCo desires to provide for the indemnification, advancement, reimbursement and insurance of certain liabilities and expenses of the Director, to the full extent permitted by law; 
  
 NOW, THEREFORE, in consideration of these premises and of the Director’s
continuation of service to PepsiCo, the parties hereto agree as follows: 
  
 1. Indemnification Against Liability. The Director shall be indemnified and held harmless by PepsiCo, to the full extent permitted by law, against any and all liabilities and assessments arising out of or
related to any threatened, pending or completed action, suit, proceeding, inquiry or investigation, whether civil, criminal, administrative, or other (each being hereinafter referred to as an “Action”), including, but not limited to,
judgments, fines, penalties and amounts paid in settlement (whether with or 

  

 
without court approval), and any interest, assessments, excise taxes or other charges paid or payable in connection with or in respect of any of the
foregoing (each such liability and assessment being hereinafter referred to as a “Liability”), incurred by the Director and arising out of his status as a director or member of a committee of the Board of Directors of PepsiCo, or by reason
of anything done or not done by the Director in such capacities. 
  
 2. Indemnification Against Expense. The Director shall also be indemnified and held harmless by PepsiCo, to the full extent permitted by law, against any and all attorneys’ fees and other costs, expenses and obligations, and any
interest, assessments, excise taxes or other charges paid or payable in connection with or in respect of any of the foregoing (each such expense being hereinafter referred to as an “Expense”) arising out of or relating to any Action,
including expenses incurred by a Director: 
  
 (a) in connection with investigating, defending, being a witness or participating in, or preparing to defend, be a witness or participate in, any Action (other than an Action commenced by the Director against another party, except as
provided in Section 2(b) below) or any appeal of an Action; or 
  
 (b) in connection with any claim asserted or action brought by the Director for (i) payment or indemnification of Liabilities or Expenses or advance payment of Expenses by PepsiCo under this Agreement, or pursuant to
any other agreement, any resolution of PepsiCo’s shareholders or Board of Directors, any provision of PepsiCo’s Restated Articles of Incorporation or By-Laws, or any statute or rule of law providing for indemnification, now or hereafter in
effect, relating to any Action, or for specific performance pursuant to Section 19 hereof, and/or (ii) recovery under any directors’ and officers’ liability insurance policy or policies maintained by PepsiCo, regardless of whether the
Director is ultimately determined to be entitled to such payment, indemnification, advance, or insurance recovery, as the case may be. 
  

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 3. Exception for Certain Conduct. PepsiCo shall not be liable under this Agreement for payment of
any Liability or Expense incurred by the Director on account of acts which, at the time taken, were known or believed by the Director to be clearly in conflict with PepsiCo’s best interests. 
  
 4. Partial Indemnification. If the Director is entitled under this
Agreement to payment for some or a portion of any Liability or Expense relating to an Action, but not for the total amount thereof, PepsiCo shall nevertheless pay the Director for the portion thereof to which he or she is entitled. 
  
 5. Advances. PepsiCo shall pay any and all Expenses incurred by the
Director in connection with any Action, whether or not the Action has been finally disposed of (an “Advance”), within five days after receipt by PepsiCo of an appropriate request therefor from the Director, provided, however,
that PepsiCo shall not make such an Advance unless and until it has received an undertaking by or on behalf of the Director to repay such Advance unless it shall be determined that the Director is entitled to be indemnified by PepsiCo against such
Expenses. 
  
 6. Demand and Final Payment. Final payments
of Liabilities and Expenses provided for herein shall be made by PepsiCo no later than thirty days after receipt of a written request therefor by or on behalf of the Director, and the Director shall be deemed to be entitled to indemnification
against and payment of such Liabilities and Expenses unless a determination is made within said thirty-day period by (i) a majority vote of a quorum of PepsiCo’s Board of Directors, consisting of disinterested directors who are not parties to
the Action giving rise to the demand, (ii) if such a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (iii) by majority vote of PepsiCo’s shareholders, that the Director has not met the
standard of conduct for 

  

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indemnification set forth in Section 3 of this Agreement. The Director may contest a determination that he or she is not entitled to indemnification by
petitioning a court to make an independent determination with respect to the Director’s right to indemnification hereunder. 
  
 7. Failure to Indemnify. If a claim for payment of any Liability, Expense or Advance under this Agreement, or pursuant to any other agreement, any
resolution of PepsiCo’s shareholders or Board of Directors, any provision of PepsiCo’s Restated Articles of Incorporation or By-Laws, or any statute or rule of law providing for indemnification, now or hereafter in effect, is not paid in
full within thirty days, in the case of Liabilities and Expenses, or within five days, in the case of Advances, after a written request for payment thereof has been received by PepsiCo, the Director may bring an action against PepsiCo to recover the
unpaid amount of such claim, together with interest thereon. It shall be a defense to any such claim (other than an action brought to enforce a claim for an Advance) that the Director has not met the standard of conduct which makes it permissible
under applicable law for PepsiCo to indemnify the Director for the amount claimed, provided, however, that the burden of proving such defense shall be on PepsiCo and the Director shall be entitled to receive Advances pursuant to
Section 5 hereof unless and until such defense shall be finally adjudicated by a court. 
  
 8. Presumption. For purposes of this Agreement, the termination of any Action by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo
contendere, or its equivalent, shall not create a presumption that the Director has not met any particular standard of conduct required for payment under this Agreement. 
  

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 9. Change in Control. If there is a Change in Control (as defined below) of PepsiCo, then the
acquiring or successor Person (as defined below), as the case may be (the “Successor”), shall not diminish or limit in any manner the indemnification rights available to the Director immediately prior to such Change in Control, whether
such rights were available under this Agreement, or pursuant to any other agreement, any resolution of PepsiCo’s shareholders or Board of Directors, any provision of PepsiCo’s Restated Articles of Incorporation or By-Laws, or any statute
or rule of law providing for indemnification, now or hereafter in effect. No such Successor shall cancel, limit or in any way diminish the rights or coverage provided to the Director pursuant to one or more directors’ and officers’
insurance policies carried by PepsiCo immediately prior to any such Change in Control. For the purposes of this Agreement, the term “Change in Control” shall mean (i) the acquisition by any person or entity, or any group of persons or
entities acting in concert (a “Person”), of direct or indirect beneficial ownership of 40% or more of the voting power or voting securities of PepsiCo, (ii) the acquisition by any Person of direct or indirect beneficial ownership of 20% or
more of the voting power or voting securities of PepsiCo and the subsequent election of a majority of the members of PepsiCo’s Board of Directors who were not members of the Board for the two-year period immediately preceding their election,
(iii) a transfer of all or substantially all of PepsiCo’s assets to another Person who is not a wholly owned subsidiary of PepsiCo, or (iv) merger or consolidation of PepsiCo with another corporation where, as a result of such merger and
consolidation, less than 60% of the outstanding voting securities of the surviving or resulting corporation shall then be owned by the shareholders of PepsiCo immediately prior to such merger or consolidation. 
  
 10. Security. As collateral security for its obligations hereunder and
under similar agreements, PepsiCo may, and shall in the event of a threatened Change in Control, establish and maintain, for a period of ten years after the establishment thereof, 

  

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an escrow account with an aggregate value of no less than $50,000,000 by depositing assets or bank letters of credit in escrow or by reserving lines of
credit that may be drawn down by an escrow agent in no less than said amount (the “Reserve”). Promptly following the establishment of such Reserve, PepsiCo shall provide the Director with copies of all documents relating to the
establishment, maintenance and operation of such Reserve, and with such additional information as the Director may reasonably request. 
  
 11. Director’s Obligations. The Director shall promptly notify PepsiCo in writing of the institution of any Action which may be the subject of
this Agreement and shall keep PepsiCo generally informed of any such Action. Notices to PepsiCo shall be directed to PepsiCo, Inc., 700 Anderson Hill Road, Purchase, New York 10577, Attention: Secretary (or to such other address as PepsiCo may
notify the Director in writing). Notice shall be deemed received three business days after the date postmarked and shall be sent by certified or registered mail, properly addressed. In addition, the Director shall give PepsiCo such information and
cooperation as PepsiCo shall reasonably require and as shall be in the Director’s power. 
  
 12. Termination. This Agreement may not be terminated except by a writing to that effect executed by the parties hereto. This Agreement shall continue in effect regardless of whether the Director continues to
serve as a director of PepsiCo. 
  
 13. Contract Rights Not
Exclusive. The rights of the Director hereunder shall be in addition to, but not exclusive of, any other right which the Director may have pursuant to any other agreement, any resolution of PepsiCo’s shareholders or Board of Directors, any
provision of PepsiCo’s Restated Articles of Incorporation or By-Laws, or any statute or rule of law providing for indemnification, now or hereafter in effect. 
  

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 14. Insurance. The rights of the Director hereunder shall also be in addition to any rights the
Director may now or hereafter have under policies of insurance maintained by PepsiCo or otherwise. PepsiCo may purchase and maintain insurance on behalf of its directors against any liability asserted against or incurred by them, whether or not
PepsiCo would have the power to indemnify them against such liability, and the Director shall be covered by such policy or policies to the maximum extent of the coverage available for any director of PepsiCo. 
  
 15. Subrogation. In the event of any payment under this Agreement,
PepsiCo shall be subrogated to the extent of such payment to all of the rights of recovery of the Director, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such
documents as may be necessary to enable PepsiCo effectively to bring suit to enforce such rights. 
  
 16. No Duplication of Payments. PepsiCo shall not be liable under this Agreement to make any payment in connection with any claim made against the
Director to the extent the Director has actually received payment of the amounts otherwise payable hereunder. 
  
 17. Modification and Waiver. No supplement, modification or amendment of any of the provisions of this Agreement and no consent by either party
hereto to any departure therefrom by the other party hereto shall be binding unless executed in writing by both of the parties hereto. No waiver of any provision of this Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall any such waiver constitute a continuing waiver. 
  

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 18. Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of PepsiCo) and
spouses, heirs and personal and legal representatives. 
  
 19.
Specific Performance. The failure of PepsiCo to perform any of its obligations hereunder shall entitle the Director, as a matter of course, to request an injunction from any court of competent jurisdiction to enforce such obligations. Such
right to request specific performance shall be cumulative and in addition to any other rights and remedies to which the Director shall be entitled. 
  
 20. Severability. If any provision or provisions of this Agreement, or any portion of any provision hereof, shall be deemed invalid or
unenforceable pursuant to a final determination of any court of competent jurisdiction or as a result of future legislative action, such determination or action shall be construed so as not to affect the validity or enforceability hereof, and the
remaining provisions, and portions thereof, shall be enforceable to the fullest extent permitted by law. 
  
 21. Governing Law. This Agreement shall be governed by and construed in accordance with the substantive laws of the State of North Carolina.

  
 IN WITNESS WHEREOF, the parties hereto have entered into this
Agreement as of the day and year first above written. 
  

			
	PepsiCo, Inc.
		
	By:	 	 
	 	 	 Larry D. Thompson
 Senior Vice President,
 Government Affairs, General
 Counsel and Secretary

  

 -8-Severance Plan for Executive Employees of PepsiCo, Inc. and Affiliates.

  
 EXHIBIT 10.21

  
 Severance Plan for Executive Employees 

of PepsiCo, Inc. and Affiliates 
  
 (Effective September 24, 1998) 
  
 SECTION 1. Purpose  
  
 The Compensation Committee (the “Committee”) of the Board of Directors of PepsiCo, Inc. (the “Company”) has adopted the Severance Plan
for Executive Employees of PepsiCo, Inc. and Affiliates (the “Plan”) effective September 24, 1998, to encourage Participants to remain with the Company in the event of a threatened or actual change in control of the Company. 
  
 SECTION 2. Definitions 
  
 For purposes of the Plan only, the following terms shall have the following
meanings: 
  
 2.1 “Affiliate” means an
entity listed on Schedule A to this Plan. Prior to a Change in Control, entities may from time to time be added to, or deleted from Schedule A as determined by the Company’s Chief Executive Officer. 
  
 2.2 “Base Salary” means a Participant’s annual
rate of salary in effect on (a) the date on which a Change in Control occurs, or (b) the Termination Date, whichever is higher. 
  
 2.3 “Cause” means any of the following: 
  

	 	a.	willful misconduct; 

  

	 	b.	refusal to carry out job duties or resignation, in each case other than for Good Reason; 

  

	 	c.	conviction of a felony, or commission of any act which is a crime; 

  

	 	d.	refusal of a comparable position (in terms of pay, benefits and status) following a Change of Control, which position would not require Relocation. 

  
 2.4 “Change in Control” means the occurrence of any
of the following events: 
  

	 	a.	Acquisition of 20% or more of the outstanding voting securities of the Company by another entity or group; excluding, however, the following: (i) any acquisition by the Company, or
(ii) any acquisition by an employee benefit plan or related trust sponsored or maintained by the Company; 

  

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	 	b.	During any consecutive two-year period, persons who constitute the Company’s Board of Directors at the beginning of the period cease to constitute at least 50% of the Board
(unless the election of each new Board member was approved by a majority of directors who began the two-year period); 

  

	 	c.	Company shareholders approve a merger or consolidation of the Company with another company, and PepsiCo is not the surviving company; or, if after such transaction, the other entity
owns, directly or indirectly, 50% or more of the outstanding voting securities of the Company; 

  

	 	d.	Company shareholders approve a plan of complete liquidation of the Company or the sale or disposition of all or substantially all of the Company’s assets; or

  

	 	e.	Any other event, circumstance, offer or proposal occurs or is made, which is intended to effect a change in the control of the Company, and which results in the occurrence of one or
more of the events set forth in subsections a. through d. of this Section 2.4. 

  
 “Code” means the Intemal Revenue Code of 1986, as amended. 
  
 2.6 “Company” means PepsiCo, Inc. and, after a Change in Control, any successor thereto. 
  
 2.7 “Competing Business” means a business entity that
markets, sells, distributes or produces any product, other than those of the Company, which competes with a snack or beverage product produced, marketed, sold or distributed by the Company. 
  
 2.8 “Confidential Information” means confidential
proprietary information about the Company and its worldwide business, whether or not in writing, including but not limited to information about costs, profits, sales, marketing or business plans, existing or prospective customers, suppliers,
possible acquisitions or divestitures, new products or markets, personnel, know- how, formulae, recipes, processes, equipment, discoveries, inventions, research, technical or scientific information and other data not accessible to the public, none
of which is general industry knowledge. 
  
 “Effective
Date” means September 24, 1998. 
  
 “Good
Reason” means any of the following: 
  

	 	a.	Relocation required by the Company; 

  

	 	b.	reduction in compensation, benefits, target long-term incentive awards or compensation band; or 

  

	 	c.	significant reduction in job responsibilities or status. 

  

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 2.11 “Participant” shall have the meaning ascribed to such term in Section 3.2
hereof. 
  
 2.12 “Relocation” means
relocation of a Participant’s primary place of business in excess of thirty-five miles from such place’s current location or a requirement that, on a annual basis, a Participant work principally away from his primary place of business.

  
 2. 13 “Target Bonus” means the annual
incentive payable to a Participant under the Company’s or an Affiliate’s Executive Incentive Compensation Plan (or equivalent plan) for the performance period in progress when the Termination Date occurs, calculated on the assumption that
the Company (or Affiliate) achieved 100% of the performance goals for such period. 
  
 2.14 “Termination” means (a) involuntary dismissal of a Participant from employment with the Company or with an Affiliate, or (b) resignation from employment for Good Reason, in each case
within two years after a Change in Control. 
  
 2.15
“Termination Date” means the effective date of a Termination. 
  
 2.16 “Total Disability” means total and permanent disability as set forth in the Company’s Long-Term Disability Plan. 
  
 SECTION 3. Effective Date; Participation 
  
 3.1 Effective Date. This Plan is effective as of September 24, 1998, the date of its adoption by the
Committee. 
  
 3.2 Participation. Participants shall
be those executives of the Company or of an Affiliate who satisfy the criteria established from time to time by the Committee. The current criteria are set forth on Schedule B hereto. No Executive whose compensation is disclosed in the
Company’s proxy statement for a particular year may be a Participant in the Plan for such year unless and until the Committee determines otherwise. 
  
 SECTION 4. Severance Benefits 
  
 4.1 Benefits. If there is a Termination of a Participant’s employment with the Company or an Affiliate without Cause (other than by
reason of death or Total Disability) during the two-year period following a Change in Control, such Participant shall be entitled to the benefits provided in this Section 4. 
  

	 	a.	Lump Sum Payment. Subject to Section 4.2, following the Termination Date, the Company shall promptly pay such Participant a cash lump sum equal to two times the
total of the Participant’s Base Salary and Target Bonus. 

  

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	 	b.	Bonus Payment. Following the Termination Date, the Company shall also promptly pay such Participant a cash lump sum equal to the Participant’s Target Bonus for
the year in which the Termination Date occurs. 

  

	 	c.	Deferred Compensation Plan Payment. The Company shall pay such Participant all amounts deferred under the Company’s Executive Income Deferral Program (the
“Deferral Program”), but not yet paid, in accordance with the terms of the Deferral Program and the Participant’s elections thereunder; provided, however, that where there has been a Termination of a Participant’s employment as
contemplated by this Section 4.1, notwithstanding any election to the contrary, the Participant shall have the right, for a period of 90 days after such Termination, to rescind all or any of his deferral elections under the Deferral Program and
promptly receive payment of all compensation which was the subject of such deferrals and all amounts earned with respect to such deferred compensation. 

  

	 	d.	Continued Health and Welfare Benefits. For two years following Termination, the Company or an Affiliate shall provide such Participant with medical, dental,
vision/hearing, accident, life, and short-term and long-term disability insurance coverages at the level provided to the Participant immediately prior to the Termination Date; provided, however, that if the Participant becomes employed by a new
employer, the Participant’s coverage under the applicable Company or Affiliate plans shall continue, but the Participant’s coverage thereunder shall be secondary to (i.e., reduced by) any benefits provided under like plans of such new
employer. The Participant shall pay any employee contribution required for active employees as in effect from time to time at and after the Termination Date. 

  

	 	e.	Payment of Accrued but Unpaid Amounts. After the Termination Date, the Company shall promptly pay the Participant earned but unpaid compensation.

  
 4.2 Offset of Severance
Payments. Notwithstanding the foregoing, if a Participant is entitled to receive severance benefits from the Company or an Affiliate under any other agreement (including offer letters), plan or statute, any payments actually made
under this Section 4 will be offset by any payments due under such agreement, plan or statute. 
  
 4.3 Parachute Limitation. If payments or distributions by the Company to or for the benefit of a Participant, whether or not paid or distributed pursuant to this Plan or otherwise (the “Total
Payments”), would subject the Participant to an excise tax under Section 4999 of the Code (such excise tax, together with any interest and penalties thereon, being referred to as the Excise Tax”) on “excess parachute payments”
(as defined 

  

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in Section 280G of the Code and the regulations related thereto (“Section 280G”)), then the Participant shall be entitled to an additional payment
(the “Gross-Up Payment”) in an amount such that, after payment by the Participant of all taxes, including any Excise Tax, imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax
imposed on the Total Payments; provided, however, that if the amount of the Total Payments that exceeds three times the Participant’s “base amount” (as defined in Section 280G) is less than $25,000, then the Total Payments
shall be reduced to the extent necessary so that the Total Payments would not subject the Participant to any Excise Tax. In the event such reduction is necessary with respect to a Participant, the Company shall reduce the Participant’s Total
Payments by first reducing the Participant’s Total Payments that are not payable in case. Any calculation required by this Section 4.3 shall utilize tax rates reasonably related to a Participant’s anticipated total tax liabilities.

  
 4.4 Pension and 401 (k) Plans. A Participant
will continue to accrue pension benefits under the Company’s or an Affiliate’s tax qualified and non-qualified defined pension plans for a period of two years from the Termination Date. After such Date, such Participant may not continue
contributions to the Company’s or an Affiliate’s 401 (k) Plan. 
  
 SECTION 5 Mitigation 
  
 A
Participant shall not be required to mitigate the amount of any payment provided for under this Plan by seeking other employment or otherwise, and compensation earned from such employment or otherwise shall not reduce the amounts payable under this
Plan. Benefits under the Plan shall be offset by any amounts owed by the Participant to the Company or an Affiliate, such as expense advances or the value of property which has not been returned. 
  
 SECTION 6 Misconduct 
  
 If the Committee or its delegate determines that a Participant has at any
time prior to the Participant’s Termination Date: 
  

	 	a.	accepted employment with a Competing Business; 

  

	 	b.	recruited or hired away employees of the Company; 

  

	 	c.	disclosed to an unauthorized person or misused Confidential Information of the Company, 

  
 then the Company may, in its sole discretion, withhold payments to a Participant under this Plan. 
  

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 SECTION 7 Source and Payment of Benefits 
  
 This Plan is unfunded and benefits hereunder shall be paid by the Company
from its general assets. 
  
 SECTION 8 Disputes

  
 Any dispute or controversy arising under or in connection
with this Plan, or a final denial of a claim hereunder, shall be settled exclusively by arbitration in the state of the Company’s headquarters, in accordance with the Rules of the American Arbitration Association then in effect. 
  
 SECTION 9 Withholding 
  
 The Company will, to the extent required by law, withhold applicable
federal, state and local income and other taxes from any payments due to the Participant hereunder. 
  
 SECTION 10 Amendment and Termination of Plan 
  
 10.1 The Committee may at any time terminate, or from time to time amend the Plan; provided, however, that the Plan may not be terminated or amended after
a Change in Control. 
  
 10.2 No amendment of the Plan shall,
without a Participant’s express written consent, impair any of the benefits accrued or payable to a Participant under the Plan. 
  
 SECTION 11 Miscellaneous Provisions 
  
 11.1 Governing Law. This Plan shall be governed by and construed in accordance with the laws of North Carolina without giving effect to the
principles of choice of law thereof. 
  
 11.2 Successors and
Assigns. Except as otherwise provided herein, this Plan shall be binding upon and shall inure to the benefit of and be enforceable by the Company and the Participant and their respective heirs, legal representatives, successors and
assigns. If the Company shall be merged into or consolidated with another entity, the provisions of this Plan shall be binding upon and inure to the benefit of the entity 

  

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surviving such merger or resulting from such consolidation. The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Company to expressly assume and agree to perform the Company’s obligations under this Plan in the same manner and to the same extent that the Company would
be required to perform it if no such succession had taken place. The provisions of this Section 11.2 shall continue to apply to each subsequent employer of the Participant hereunder in the event of any subsequent merger, consolidation or transfer of
assets of such subsequent employer. 
  
 11.3 No Implied
Employment. Nothing contained in this Plan, nor any decision as to the eligibility for severance pay or the determination of the amount of any benefits hereunder, shall be construed to confer upon any Participant, or any other individual,
any right to be retained in the employ of the Company or to be rehired, and the right and power of the Company to dismiss or discharge any Participant or any other individual for any reason is specifically reserved. 
  
 11.4 No Assignment or Alienation of Benefits. The
benefits payable under this Plan shall not be subject to assignment or alienation by the Participant or his or her beneficiaries, nor shall the benefits be subject to attachment. Any attempt to assign, alienate, transfer, pledge, encumber, commute
or anticipate Plan benefits shall be void; no such interest shall be in any manner subject to levy, attachment or other legal process to enforce payment of any claim against a Participant, except to the extent required by law. 
  
 11.5 Invalidity. In the event of any provision of this Plan is
held to be illegal or invalid, the remaining provisions of this Plan shall not be affected thereby. 
  

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