Document:

EX-10.54

 Exhibit 10.54 

AMERICAN GREETINGS CORPORATION 

EXECUTIVE RETENTION BONUS PLAN 

Effective December 31, 2013 
 1.
Purpose. 
 The purpose of this American Greetings Corporation Executive Retention Bonus Plan (the “Plan”) is to
promote the interests of American Greetings Corporation (the “Company”) by providing an incentive to certain employees of the Company to remain employed from December 31, 2013 until December 31, 2017. In this regard, the
Plan is intended to provide cash bonus payments to such employees if they remain employed by the Company on December 31, 2017, or where their employment terminates prior to such date(s) under certain specified circumstances. 

2. Definitions. 
 The following terms
shall have the meanings set forth below for purposes of the Plan: 
 “Board” means the Board of Directors of the Company or
a committee of the Board delegated the duty to administer this Plan. 
 “Cause” means a finding by the Board that any of
the following has occurred: Eligible Employee’s (1) fraud; (2) misappropriation of funds; (3) commission of a felony or of an act or series of acts which results in material injury to the business or reputation of the Company;
(4) commission of a crime or act or series of acts involving moral turpitude; (5) commission of an act or series of repeated acts of dishonesty that are materially inimical to the best interests of the Company; (6) willful and
repeated failure to perform his or her duties, which failure has not been cured in all substantial respects within fifteen (15) days after the Company gives written notice thereof to Eligible Employee; or (7) breach of any material
provision of any employment agreement between the Company and Eligible Employee, which breach has not been cured in all substantial respects within ten (10) days after the Company gives written notice thereof to Eligible Employee. 

“Code” shall mean the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder. 

“Effective Date” means December 31, 2013. 

“Eligible Employee” means each employee of the Company who (1) is actively employed as of the Effective Date,
(2) is a participant in the Company’s Amended and Restated Supplemental Executive Retirement Plan, and (3) who receives a written notification from the 

  
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Company designating the employee as an Eligible Employee for purposes of the Plan and identifying the Retention Bonus amount that the employee is eligible to receive. 

“Payment Date” means December 31, 2017. 

“Retention Bonus” means the retention bonus described in Section 3. 

3. Bonus Payment. 
 Subject to Sections 4
and 5 below, each Eligible Employee employed by the Company on the Payment Date shall be eligible to receive a bonus in an amount set forth on the written notification from the Company designating him or her as an Eligible Employee, subject in all
respects to the terms of the Plan. 
 4. Payment of Awards. 

Notwithstanding an Eligible Employee’s designation as such, except as otherwise provided in Section 5 below, an Eligible Employee
must be employed by the Company on the Payment Date in order to be eligible to receive a Retention Bonus. The Company shall pay the Retention Bonus to an Eligible Employee in a single lump sum payment on or within thirty (30) days following the
Payment Date. 
 5. Termination of Employment. 

(a) If an Eligible Employee’s employment with the Company is terminated before the Payment Date by the Company (or, if applicable, the
Company’s successor) without Cause, Eligible Employee shall be entitled to receive such portion of his or her Retention Bonus equal to the product of the Retention Bonus multiplied by a fraction, (1) the numerator of which is the number of
days in the period from December 31, 2013 through and including the date Eligible Employee’s employment is terminated, and (2) the denominator of which is 1,460. Payment shall be made within 60 days of Eligible Employee’s
termination. 
 (b) If an Eligible Employee’s employment with the Company is terminated before the Payment Date (i) as a result of
Eligible Employee’s death or disability, or (ii) voluntarily by Eligible Employee at retirement at age 65 or older with ten or more years of service, Eligible Employee shall be entitled to receive the discounted present value of his or her
Retention Bonus, such discounted present value to be calculated based on (i) a discount rate of 8.5% and (ii) the period of time between the date of his or her retirement or his death or disability, as applicable, and December 31,
2017. Payment shall be made within 60 days of Eligible Employee’s retirement, death or disability, as applicable. 

  
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 (c) If an Eligible Employee’s employment with the Company terminates on account of
termination by the Company for Cause or by Eligible Employee’s voluntary resignation (other than at retirement at age 65 or older with ten or more years of service), in each case prior to the Payment Date, Eligible Employee’s entitlement
to a Retention Bonus shall be forfeited, and no payment shall be made therefor. 
 6. Administration. 

The Plan shall be administered by the Board (or its authorized delegate). The interpretation and construction by the Board (or its authorized
delegate) of any provisions of the Plan or of any awards granted under it shall be final and conclusive. No member of the Board (or any authorized delegate) shall be liable for any action taken or determination made with respect to the Plan or any
awards granted under it. No equity holder of the Company nor any employee or former employee of the Company, or any beneficiary, shall have any claim or cause of action against the Company, an officer of the Company, or the Board (or any authorized
delegate) on account of, by reason of, or arising out of the exercise of the discretionary power granted hereunder. 
 7. Non-Transferability. 

No rights granted under this Plan may be transferred, assigned, pledged, encumbered or disposed of in any way by an Eligible Employee, except
by will or by the laws of descent and distribution. 
 8. No Rights as Employee; No Right to Future Awards. 

The granting of a Retention Bonus under the Plan shall not confer upon an Eligible Employee any right to continue as an employee, to receive
future awards under the Plan, or to interfere in any way with the Company’s right to terminate such Eligible Employee’s employment. For purposes of clarification, eligibility to participate in the Plan shall not guarantee employment
through the Payment Date. 
 9. Withholding; Taxes. 

Payments of all bonuses under the Plan shall be subject to applicable federal (including FICA), state and local tax withholding requirements.
The Company may deduct from the bonus to be paid hereunder or other wages paid by the Company the amount of any withholding taxes due with respect to the bonus. 

Neither the Company nor its officers or agents make or has made any representations about the tax consequences of the bonus payments paid or
payable under this Plan by the Company to any Eligible Employee. 

  
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 10. Amendment or Discontinuance of the Plan. 

The Board may amend or terminate this Plan at any time and from time to time without the consent of any Eligible Employee hereunder; provided,
however, that no such amendment or termination may diminish the rights of an Eligible Employee without such Eligible Employee’s written consent; provided, further, that the Company may make any changes to this Plan it determines in its sole
discretion are necessary to comply with the provisions of section 409A of the Code and any final, proposed or temporary regulations or other guidance issued thereunder without the consent of any Eligible Employee. 

11. Section 409A. 
 The benefits
provided under this Plan are intended to be exempt from or comply with the requirements of section 409A of the Code, and, to the extent applicable, shall in all respects be administered in accordance with section 409A of the Code. Notwithstanding
anything in the Plan to the contrary, payments may only be made under the Plan upon an event and in a manner permitted by section 409A of the Code. If a payment is not made by the designated payment date under the Plan, the payment shall be made by
December 31 of the calendar year in which the designated date occurs. To the extent that any provision of the Plan would cause a conflict with the requirements of section 409A of the Code, or would cause the administration of the Plan to fail
to satisfy the requirements of section 409A, such provision shall be deemed null and void to the extent permitted by applicable law. In no event shall an Eligible Employee, directly or indirectly, designate the calendar year of payment. 

12. Governing Law. 
 The Plan shall be
governed by the laws of the State of Ohio, without regard to the conflicts of law principles thereof. 

  
 4EX-10.69

 Exhibit 10.69 

AMERICAN GREETINGS CORPORATION 2007 OMNIBUS 

INCENTIVE COMPENSATION PLAN 

NOTICE OF MODIFICATION TO 

PERFORMANCE SHARE GRANT AGREEMENTS 

On May 25, 2012, American Greetings Corporation (the “Company” or “American Greetings”) granted performance shares to
you pursuant to the following three separate Performance Share Grant Agreements (collectively, the “Original Grant Agreements”) and the terms of the Company’s 2007 Omnibus Incentive Compensation Plan (as amended, the
“Plan”): 
  

	 	(1)	Performance Share Grant Agreement for the one year performance period ending February 28, 2013 (the “FY 2013 Grant Agreement”); 

 

	 	(2)	Performance Share Grant Agreement for the two year performance period ending February 28, 2014 (the “FY 2013 – FY 2014 Grant Agreement”); and 

 

	 	(3)	(1) Performance Share Grant Agreement for the three year performance period ending February 28, 2015 (the “FY 2013 – FY 2015 Grant Agreement”). 

As a result of the privatization of American Greetings that occurred on August 9, 2013 (the “Closing Date”), your right to receive
common shares of the Company upon the vesting of any performance shares under your Original Grant Agreements was converted into the right to receive a cash amount equal to $19.00 for each performance share, if any, with respect to which you may be
credited and vested. Also as a result of the privatization, certain of the performance measures established under your FY 2013 – FY 2014 Grant Agreement and your FY 2013 – FY 2015 Grant Agreement, became obsolete as they no longer align
with the goals of the Company. 
 As such, in accordance with the Plan, this Notification of Modification to Performance Share Grant Agreements
(“Notice of Modification”) modifies your Original Grant Agreements to reflect that upon the crediting and vesting of any performance shares, you now have the right to receive cash rather than shares. In addition, this Notice of
Modification modifies your FY 2013 – FY 2014 Grant Agreement and your FY 2013 – FY 2015 Grant Agreement to restate the performance goals and measures provided to you in these agreements. Capitalized terms used but not defined in this
Notice of Modification have the meaning set forth in the Original Grant Agreements. References in this Notice of Modification to “Grantee” or “you” refer to you as the original recipient of the performance share award under the
Original Grant Agreement. 
 MODIFICATIONS 
  

	1.	As a result of the privatization of American Greetings, your right to receive Shares upon the crediting and vesting of Performance Shares awarded to you under the Original Grant Agreements was converted into the right
to receive a cash payment of $19.00 for each Performance Share that may be credited to you and that ultimately vest (if any). Therefore, all references in the Original Grant Agreements to the right to receive Shares of American Greetings are hereby
modified effective as of the Closing Date to entitle you to the right to receive a cash payment (the “Payment Amount”) equal to the number of Shares that may be credited to you and in which you may vest (if any) multiplied by
$19.00. Any references in the Original Grant Agreements to the payment, delivery or issuance of Shares, or the right to receive or retain Shares, are modified effective as of the Closing Date to be references to rights with respect to the Payment
Amount. Accordingly, your Original Grant Agreements provide you no rights as a shareholder of the Company or the right to receive Shares or other equity in American Greetings. 

 

	2.	Annex A to the FY 2013 – FY 2014 Grant Agreement, which sets forth the performance measures under which Performance Shares may be earned, is replaced in its entirety with the Annex A-1 attached to this Notice of
Modification. 

  

	3.	Annex A to the FY 2013 – FY 2015 Grant Agreement, which sets forth the performance measures under which Performance Shares may be earned, is replaced in its entirety with the Annex A-2 attached to this Notice of
Modification. 

  

	4.	Except as modified by this Notice of Modification, all other terms of the Original Grant Agreements remain unchanged. 

 

			
	AMERICAN GREETINGS CORPORATION
		
	By:	 	  

		 	Brian McGrath, Senior Vice President, Human Resources

 ANNEX A- 1 

Performance Measures*** 

The performance period under the FY 2013 – FY 2014 Grant Agreement is for the two year period ended February 28, 2014. Prior
to the Closing Date, American Greetings performed at 105.8% with respect to the original performance measures as established under the FY 2013 – FY 2014 Grant Agreement for the portion of the performance period ending February 28, 2013.
Accordingly, for purposes of calculating achievement of the performance measures for the two year performance period ended February 28, 2014, Grantee will be deemed to have achieved performance of 105.8% for fifty percent (50%) of the
performance period. The performance measure for the remainder of the performance period (fiscal 2014), to be weighted at fifty percent (50%), shall be as follows: 
  

									
	 	  	Performance Goals	  	 
	 Performance Measures***
	  	Threshold
Goal	  	Target
Goal	  	Maximum
Goal	  	Measurement
Weight Factor
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 ANNEX A- 2 

Performance Measures*** 

The performance period under the FY 2013 – FY 2015 Grant Agreement is for the three year period ended February 28, 2014.
Prior to the Closing Date, American Greetings performed at 105.8% with respect to the original performance measures as established under the Original Grant Agreement for the portion of the performance period ending February 28, 2013.
Accordingly, for purposes of calculating achievement of the performance measures for the three year performance period ended February 28, 2015, Grantee will be deemed to have achieved performance of 105.8% for one third ( 1⁄3) of the performance period. The performance measure for the remainder of the performance period (fiscal 2014 and fiscal 2015), to be weighted at two thirds ( 2⁄3) of the performance period, shall be as follows: 
  

									
	 	  	Performance Goals	  	 
	 Performance Measures***
	  	Threshold
Goal	  	Target
Goal	  	Maximum
Goal	  	Measurement
Weight Factor

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