Document:

Huntington Bancshares Incorporated 2004 Stock and Long-Term Incentive Plan

 Exhibit 10(b) 
  
 HUNTINGTON BANCSHARES INCORPORATED 
 2004 STOCK AND LONG-TERM INCENTIVE PLAN 
  
 ARTICLE 1. ESTABLISHMENT, EFFECTIVE DATE, AND TERM 
  
 1.1 ESTABLISHMENT OF THE PLAN. Huntington Bancshares Incorporated, a Maryland corporation (hereinafter referred to as the “Corporation”), has established a long-term incentive compensation plan to be
known as the “Huntington Bancshares Incorporated 2004 Stock and Long-Term Incentive Plan” (hereinafter referred to as the “Plan”), as set forth in this document. The Plan permits the grant of Nonqualified Stock Options, Incentive
Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Deferred Stock, and Long-Term Performance Awards. 
  
 1.2 EFFECTIVE DATE. The Plan, if approved by the majority of the votes cast by the Corporation’s stockholders at the annual meeting on April 27, 2004, shall
become effective January 1, 2004 (the “Effective Date”), for Long-Term Performance Awards with cycles beginning on or after January 1, 2004, and for grants of Nonqualified Stock Options, Incentive Stock Options, Restricted Stock,
Restricted Stock Units, Stock Appreciation Rights, and Deferred Stock beginning on or after April 27, 2004. The Plan shall remain in effect as provided in Article 1.4 herein. No Awards will be made under the Plan unless shareholder approval is
obtained. 
  
 1.3 OBJECTIVES OF THE PLAN. The objectives of the Plan are to
help optimize the profitability and growth of the Corporation through incentives which are consistent with the Corporation’s objectives and which link the interests of Participants to those of the Corporation’s stockholders; to induce
Participants to strive for the highest level of performance; and to promote teamwork among Participants. 
  
 The Plan is further intended to provide flexibility to the Corporation in its ability to motivate, attract, and retain the services of Participants who make significant contributions to the Corporation’s success
and the creation of shareholder value and to allow Participants to share in the success of the Corporation. 
  
 1.4 DURATION OF THE PLAN. The Plan shall commence on the Effective Date, as described in Article 1.2 herein, and shall remain in effect, subject to the right of the Board of Directors (“Board”), or a
Committee delegated by the Board, to amend or terminate the Plan at any time pursuant to Article 18 herein. However, in no event may an Award be granted under the Plan on or after December 31, 2013. 
  

 ARTICLE 2. DEFINITIONS OF TERMS 
  
 As used in the Plan, the following words shall have the meanings stated after them, unless otherwise specifically provided. In the Plan,
words used in the singular shall include the plural, and words used in the plural shall include the singular. The gender of words used in this Plan shall include whatever may be appropriate under any particular circumstances. 
  
 2.1 “AWARD” means, individually or collectively, a grant under this Plan of
Nonqualified Stock Options, Incentive Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Deferred Stock Awards, or a Long-Term Performance Award. 
  
 2.2 “AWARD AGREEMENT” means a written statement prepared by the Corporation setting forth the terms and provisions
applicable to Awards granted under this Plan. 
  
 2.3 “BENEFICIAL
OWNER” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
  
 2.4 “BOARD” OR “BOARD OF DIRECTORS” means the Board of Directors of the Corporation. 
  
 2.5 “CHANGE IN CONTROL” means, with respect to the Corporation, the
occurrence of any of the following: 
  
 (a) Any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act as in effect as of the date of this Agreement), other than the Corporation or any “person” who as of the Effective Date is a director or officer of the Corporation or
whose shares of Common Stock of the Corporation are treated as “beneficially owned” (as such term is used in Rule 13d-3 of the Exchange Act as in effect as of the Effective Date) by any such director or officer, becomes the beneficial
owner, directly or indirectly, of securities of the Corporation representing twenty-five percent (25%) or more of the combined voting power of the Corporation’s then outstanding securities; 
  
 (b) Individuals who, as of the Effective Date, constitute the Board of
Directors of the Corporation (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided, however, that any individual becoming a director subsequent to the date hereof whose election, or
nomination for election, was approved by a vote of at least a majority of the directors comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose any such
individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies
or consents by or on behalf of a person other than the Board; 
  
 (c) A merger or consolidation of the Corporation, other than a merger or consolidation in which the voting securities of the Corporation immediately prior to the merger or consolidation continue to represent (either by remaining outstanding
or being converted into securities of the surviving entity) fifty-one percent (51%) or more of the combined voting power of the 

  

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Corporation or surviving entity immediately after the merger or consolidation with another entity; 
  
 (d) A sale, exchange, lease, mortgage, pledge, transfer, or other disposition
(in a single transaction or a series of related transactions) of all or substantially all of the assets of the Corporation which shall include, without limitation, the sale of assets or earning power aggregating more than fifty percent (50%) of the
assets or earning power of the Corporation on a consolidated basis; 
  
 (e) A liquidation or dissolution of the Corporation; 
  
 (f) A reorganization, reverse stock split, or recapitalization of the Corporation which would result in any of the foregoing; or 
  
 (g) A transaction or series of related transactions having, directly or indirectly, the same effect as any of the foregoing. 
  
 2.6 “CAUSE” means any of the following: 
  
 (a) The Participant shall have committed a felony or an intentional act of
gross misconduct, moral turpitude, fraud, embezzlement, or theft in connection with the Participant’s duties or in the course of the Participant’s employment with the Corporation or any Subsidiary, and the Corporation shall have determined
that such act is materially harmful to the Corporation; 
  
 (b)
The Corporation or any Subsidiary shall have been ordered or directed by any federal or state regulatory agency with jurisdiction to terminate or suspend the Participant’s employment and such order or directive has not been vacated or reversed
upon appeal; or 
  
 (c) After being notified in writing by the
Corporation to cease any particular competitive activity, the Participant shall have continued such competitive activity and the Corporation shall have determined that such act is materially harmful to the Corporation. 
  
 2.7 “CODE” means the Internal Revenue Code of 1986, as amended from time to
time. 
  
 2.8 “COMMITTEE” means the Compensation Committee of the
Board, as specified in Article 3 herein, or such other committee appointed by the Board to administer the Plan. For purposes of granting, administering and certifying Awards to Covered Employees, the Committee or any sub-committee acting on behalf
of the Committee shall be composed of two (2) or more directors each of whom is an “outside director” within the meaning of Code Section 162(m). Any Committee member who is not an “outside director” within the meaning of Code
Section 162(m) shall abstain from participating in any decision to grant, administer or certify Awards to Covered Employees. 
  
 2.9 “CORPORATION” means Huntington Bancshares Incorporated, a Maryland corporation, together with any and all Subsidiaries, and any successor thereto as
provided in Article 22 herein. 
  

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 2.10 “COVERED EMPLOYEE” means any Participant who is designated as a Covered Employee by the Committee
because it is anticipated that his or her compensation may exceed the limit under Code Section 162(m) and for whom any Award is intended to satisfy the Performance-Based Exception. 
  
 2.11 “DEFERRAL PERIOD” means the period of time during which Deferred Stock is subject to deferral limitations under
Article 10 herein. 
  
 2.12 “DEFERRED STOCK” means an Award
granted to a Participant pursuant to Article 10 herein of the right to receive Shares at the end of a specified Deferral Period. 
  
 2.13 “DIRECTOR” means any individual who is a member of the Board of Directors of the Corporation. 
  
 2.14 “EFFECTIVE DATE” shall have the meaning ascribed to such term in
Article 1.1 herein. 
  
 2.15 “EMPLOYEE” means any employee of the
Corporation. Directors who are not employed by the Corporation shall not be considered Employees under this Plan. 
  
 2.16 “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto. 
  
 2.17 “EXTRAORDINARY EVENTS” means, with respect to the Corporation, any of
the following (i) changes in tax law, generally accepted accounting principles or other such laws or provisions affecting reported financial results, (ii) accruals for reorganization and restructuring programs, (iii) special gains or losses in
connection with the mergers and acquisitions or on the sales of branches or significant portions of the Corporation, (iv) any extraordinary non-recurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s
discussion and analysis of financial condition and results of operation appearing or incorporated by reference in the annual report on Form 10-K filed with the Securities and Exchange Commission, (v) gains on sales of auto loans, (vi) losses on the
early repayment of debt, or (vii) any other events or occurrences of a similar nature as determined by the Committee. 
  
 2.18 “FAIR MARKET VALUE” shall be, on any given date, (1) the mean between the highest and lowest selling prices at which the Shares were sold on the
NASDAQ National Market or such other established securities market on which the Shares are traded, or, if there were no reported sales of Shares on such date, then, unless otherwise required pursuant to Treasury regulations under Code Section 422,
the business day immediately preceding such date; or (2) the price that the Committee in good faith determines through any reasonable valuation method that a Share might change hands between a willing buyer and a willing seller, neither being under
compulsion to buy or to sell and both having reasonable knowledge of the relevant facts. Notwithstanding the above, for purposes of broker-facilitated cashless exercises of Awards involving Shares under the Plan, “Fair Market Value” shall
mean the real-time selling price of such Shares as reported by the broker facilitating such exercises. 
  

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 2.19 “INCENTIVE STOCK OPTION” OR “ISO” means an option to purchase Shares granted under
Article 6 herein and which is designated as an Incentive Stock Option and which is intended to meet the requirements of Code Section 422. 
  
 2.20 “IMMEDIATE FAMILY” means, with respect to a particular Participant, such Participant’s child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. 
  
 2.21 “INSIDER” shall mean any person subject to the reporting requirements of Section 16 of the Exchange Act. 

 
 2.22 “LONG-TERM PERFORMANCE AWARD” means an Award to a Participant
pursuant to Article 11 herein. 
  
 2.23 “NONEMPLOYEE DIRECTOR”
means an individual who is a member of the Board of Directors of the Corporation but who is not an Employee of the Corporation. 
  
 2.24 “NONQUALIFIED STOCK OPTION” OR “NQSO” means an option to purchase Shares granted under Article 6 herein and which is not intended to meet
the requirements of Code Section 422. 
  
 2.25 “OPTION” means an
Incentive Stock Option, or a Nonqualified Stock Option granted to a Participant pursuant to Article 6 herein. 
  
 2.26 “OPTION PRICE” means the price at which a Share may be purchased by a Participant pursuant to an Option. 
  

2.27 “PARTICIPANT” means an Employee or, solely with respect to a Nonqualified Stock Option Award, Restricted Stock Award, Restricted Stock Unit
Award, or a Deferred Stock Award, a Nonemployee Director who has an outstanding Award granted under the Plan. 
  
 2.28 “PERFORMANCE-BASED EXCEPTION” means the performance-based exception from the tax deductibility limitations of Code Section 162(m). 
  
 2.29 “PERFORMANCE CYCLE” shall mean the two, three, or four calendar year period designated by the Committee during which
the performance objectives or goals must be met. 
  
 2.30 “PERMISSIBLE
TRANSFEREE” means any member of the Immediate Family of the Participant, any trust solely for the benefit of the Participant or members of the Participant’s Immediate Family, or any partnership whose only partners are members of the
Participant’s Immediate Family. 
  
 2.31 “PERIOD OF
RESTRICTION” means the period during which the transfer of Shares of Restricted Stock or Restricted Stock Units is limited in some way (based on the passage of 

  

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time, which, unless waived by the Committee, shall not be less than six (6) months from the date of grant, the achievement of performance objectives, or upon
the occurrence of other events as determined by the Committee, in its discretion), and the Shares or RSUs are subject to a substantial risk of forfeiture, as provided in Article 7 and Article 8 herein. 
  
 2.32 “PERSON” shall have the meaning ascribed to such term in Section
3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as described in Section 13(d) thereof. 
  
 2.33 “QUALIFYING PERFORMANCE CRITERIA” means any one or more of the following objective performance criteria (either individually, alternatively, or in
any combination, applied to either the Corporation as a whole or to a business unit or subsidiary, individually, alternatively, or in any combination and measured over a period of years, on an absolute basis, or relative to a pre-established
target, to previous years’ results, or to a designated comparison group, in each case as specified by the Committee) upon which the achievement of specific, pre-established, objective performance goals for each Participant are based as
determined by the Committee in connection with the grant and certification of Awards: (a) net income, (b) earnings per share, (c) return on equity, (d) return on average equity, (e) return on assets, (f) return on average assets, (g)
“efficiency ratio” determined as the ratio of total non-interest operating expenses (less amortization of intangibles) divided by total revenues (less net security gains), (h) non-interest income to total revenue ratio, (i) net interest
margin, or (j) other strategic milestones based on objective criteria established by the Committee, provided that, with respect to Covered Employees, such strategic milestones must be approved by the shareholders of the Corporation prior to the
payment of any Award. Qualifying Performance Criteria may be different for different Participants, as determined in the discretion of the Committee. The Committee may include or exclude Extraordinary Events or any other objective events or
occurrences in determining whether a performance goal based on the Qualifying Performance Criteria has been achieved; provided, however, that the Committee shall not have the discretion to increase the amount of an Award that would otherwise be due
to a Participant who is a Covered Employee based on such Covered Employee’s pre-established performance goals for the applicable Performance Cycle. 
  
 2.34 “RESTRICTED STOCK” means an Award granted to a Participant pursuant to Article 7 herein. 
  
 2.35 “RESTRICTED STOCK UNIT” OR “RSU” means an Award granted to a
Participant pursuant to Article 8 herein and which is settled (i) by the delivery of one (1) Share for each RSU, (ii) in cash in an amount equal to the Fair Market Value of one (1) Share for each RSU, or (iii) in a combination of cash and Shares, as
determined by the Committee. The Award of an RSU represents the promise of the Corporation to deliver Shares, cash, or a combination thereof, as applicable, at the end of the Period of Restriction (or such later date as determined by the Committee)
in accordance with and subject to the terms and conditions of the applicable Award Agreement, and is not intended to constitute a transfer of property within the meaning of Code Section 83(b). 
  

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 2.36 “RETIREMENT” shall mean, in the case of an Employee, the retirement from the employ of the
Corporation under one or more of the retirement plans of the Corporation, or as otherwise specified by the Committee and, in the case of a Nonemployee Director, shall mean the retirement from the Board at any time after the Nonemployee Director
attains age fifty-five (55) and has served at least five (5) years as a Director. 
  
 2.37 “SHARES” means the shares of common stock of the Corporation. 
  
 2.38 “STOCK APPRECIATION RIGHT” OR “SAR” means an Award, granted alone or in connection with a related Option, designated as a SAR, pursuant to Article 9 herein. 
  
 2.39 “SUBSIDIARY or “SUBSIDIARIES” means any corporation or other
entity whose financial statements are consolidated with the Corporation. 
  
 ARTICLE 3. ADMINISTRATION 
  
 3.1 AUTHORITY OF THE
COMMITTEE. The Plan shall be administered by the Committee, except as limited by law or by the Charter or Bylaws of the Corporation, and subject to the provisions herein, the Committee shall have full power to select the Participants who shall
participate in the Plan; determine the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent with the Plan; construe and interpret the Plan and any agreement or instrument entered into under the Plan as they
apply to Participants; establish, amend, or waive rules and regulations for the Plan’s administration as they apply to Participants; and (subject to the provisions of Article 18 herein) amend the terms and conditions of any outstanding Award to
the extent such terms and conditions are within the discretion of the Committee as provided in the Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the
extent it shall deem desirable to carry the Plan into effect. Further, the Committee shall make all other determinations which may be necessary or advisable for the administration of the Plan. As permitted by law, the Committee may delegate its
authority as identified herein, except that to the extent such delegation is not permitted under Code Section 162(m) and the regulations thereunder. 
  
 3.2 DECISIONS BINDING. All determinations and decisions made by the Committee pursuant to the provisions of the Plan and all related orders and resolutions of the
Board (provided, however, that only the Committee, or any subcommittee thereof, made up solely of 2 or more “outside directors” within the meaning of Code Section 162(m) shall participate in any decision, order or resolution to grant,
administer, or certify Awards to Covered Employees) shall be final, conclusive, and binding on all persons, including the Corporation, its stockholders, Employees, Participants, and their estates and beneficiaries. 
  

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 ARTICLE 4. SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS 
  
 4.1 NUMBER OF SHARES AVAILABLE FOR GRANTS AND MAXIMUM AWARDS. Subject to adjustment as
provided in this Article 4 herein, the maximum aggregate number of Shares hereby reserved for issuance to Participants under the Plan shall be twelve million (12,000,000) Shares. The Shares issued under the Plan may be authorized and unissued
Shares, Shares purchased on the open market, or Shares held as treasury stock. 
  
 The following rules shall apply to grants of Awards under the Plan: 
  
 (a) The maximum aggregate number of Shares which may be subject to (1) option by one or more Option Awards pursuant to Article 6, (2) one or more SAR Awards (whether settled in cash, Shares) pursuant to Article 9, or
(3) any combination of Option Awards or SAR Awards to a Participant shall be four million (4,000,000) Shares over any five (5) year period. 
  
 (b) The maximum aggregate cash Award or cash equivalent value of an Award of Shares that may be paid with respect to any specified Performance Cycle to a
Participant pursuant to any Long-Term Performance Award pursuant to Article 11 shall be four million dollars ($4,000,000). 
  
 (c) The maximum aggregate cash equivalent value of (1) Awards of Restricted Stock pursuant to Article 7, (2) Awards of RSUs pursuant to Article 8 (whether
settled in cash, Shares, or a combination thereof), (3) Awards of Deferred Stock pursuant Article 10, or (4) any combination thereof that may be awarded to a Participant for any calendar year shall be four million dollars ($4,000,000). 

 
 (d) The maximum aggregate number of (1) Shares of Restricted Stock awarded
pursuant to Article 7, (2) Shares subject to an Award of RSUs pursuant to Article 8, (3) Shares of Deferred Stock awarded pursuant to Article 10, and (4) Long-Term Performance Award Shares awarded pursuant to Article 11 shall not exceed two million
four hundred thousand (2,400,000) Shares authorized for issuance pursuant to this Article 4.1, subject to adjustment under Article 4.3, over the term of the Plan; provided, however, that the limitation of this subparagraph (d) shall not apply to any
Restricted Stock Awards, RSU Awards, Deferred Stock Awards, or Long-Term Performance Awards to the extent earned on the basis of specific performance goals established by the Committee. 
  
 4.2 LAPSED AWARDS. If any Award granted under this Plan terminates, expires, or lapses for any reason, any Shares subject to such
Award shall again be available for a grant of an Award under the Plan. 
  
 4.3
ADJUSTMENTS IN AUTHORIZED SHARES. In the event of any change in the number of outstanding Shares through the declaration and payment of a stock dividend or stock split, spin off, merger, or other reorganization, or through any recapitalization
resulting in the combination or exchange of Shares in which the Corporation does not receive any consideration, a corresponding adjustment shall be made in the number of Shares which may be delivered under Article 4.1 and in the number and/or price
of Shares subject to outstanding Awards granted under the Plan; provided, however, that the number of Shares subject to any Award shall always be a 

  

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whole number (by rounding down); provided, further, that the Committee shall, in its sole discretion, make any further adjustments as are necessary to
prevent dilution or enlargement of rights. 
  
 Further, unless otherwise required
by applicable law or regulation, Shares granted through the assumption of or in substitution for outstanding awards granted by a company that is merged or consolidated with, or acquired by, the Company shall not be subject to the Share limitations
of Article 4.1. 
  
 ARTICLE 5. ELIGIBILITY AND PARTICIPATION

  
 5.1 ELIGIBILITY. Persons eligible to participate in this Plan
include any Employee and Nonemployee Director of the Corporation, including any Employee who is a member of the Board. 
  
 5.2 ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the Committee may, from time to time, select from all eligible Employees and Nonemployee
Directors, those to whom Awards shall be granted and shall determine the nature and amount of each Award. 
  
 ARTICLE 6. STOCK OPTIONS 
  
 6.1 GRANT OF OPTIONS. Subject to the terms and provisions of the Plan, Options may be granted to Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee.

  
 No Option shall be granted to any Employee or Nonemployee Director if, upon
the granting of such Option, the number of Shares then subject to all Options to purchase held by the Employee or Nonemployee Director, as the case may be, plus the Shares then owned by such Employee or Nonemployee Director, would constitute more
than ten (10%) of the total combined voting power of all classes of stock of the Corporation. For the purpose of the preceding sentence, an Employee or a Nonemployee Director shall be deemed to own all Shares which are attributable to him or her
under Section 424(d) of the Code, including, without limiting the generality of the foregoing, shares owned by his or her brothers, sisters, spouse, ancestors, and lineal descendants. 
  
 The Committee may not grant ISOs under the Plan to any Employee which would permit the aggregate Fair Market Value (determined on the date
of grant) of Shares with respect to which ISOs (under this and any other Plan of the Corporation) are exercisable for the first time by such Employee during any calendar year to exceed one hundred thousand dollars ($100,000). Any excess shall be
deemed a NQSO. No ISO shall be granted to a Nonemployee Director. 
  
 If Shares
acquired upon exercise of an Incentive Stock Option are disposed of by a Participant prior to the expiration of either two (2) years from the date of grant of such Incentive Stock Option or one year from the transfer of Shares to such Participant
pursuant to the exercise of such Incentive Stock Option, or in any other disqualifying disposition within the meaning of 

  

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Section 422 of the Code, such Participant shall notify the Corporation in writing of the date and terms of such disposition and shall cooperate with the
Corporation with respect to any tax withholding required or resulting from such disqualifying dispositions. A disqualifying disposition by a Participant shall not affect the status of any other Incentive Stock Option granted under the Plan as an
Incentive Stock Option. 
  
 6.2 AWARD AGREEMENT. Each Option grant shall be
evidenced by an Award Agreement that shall specify the Option Price, the duration of the Option, the number of Shares to which the Option pertains, the date of grant, vesting restrictions, if any, and such other provisions as the Committee shall
determine. The Award Agreement also shall specify whether the Option is intended to be an ISO or an NQSO. 
  
 6.3 OPTION PRICE. The Option Price for each grant of an Option under this Plan shall be determined by the Committee but shall be at least equal to one hundred percent (100%) of the Fair Market Value of a Share
on the date the Option is granted; provided, however, that for Options granted through the assumption of or in substitution for outstanding awards granted by a company that is merged or consolidated with, or acquired by, the Company, the Option
Price shall be determined by the Committee in its sole discretion and, if applicable, consistent with Code Section 424(a). 
  
 6.4 DURATION OF OPTIONS. Each Option granted to an Employee or Nonemployee Director shall expire at such time as the Committee shall determine at the time of
grant; provided, however, that no Option shall be exercisable on or later than the tenth (10th) anniversary date of its grant. 
  
 6.5 EXERCISE OF OPTIONS. Except as otherwise provided in this Plan, Options granted under this Article 6 shall be exercisable at such times and be subject to such
restrictions and conditions as the Committee shall in each instance determine, which need not be the same for each grant or for each Participant. Options granted under this Article 6 shall be exercised by the delivery to the Corporation of written
or other notice acceptable to the Corporation setting forth the number of Shares with respect to which the Option is to be exercised. 
  
 The Option Price upon exercise of any Option shall be payable to the Corporation in full either: (a) in cash or its equivalent; (b) by tendering previously acquired
Shares, including by attestation, having an aggregate Fair Market Value equal to the total Option Price (provided that the Shares which are tendered must have been held by the Participant for at least six (6) months prior to their tender); (c) by a
combination of (a) and (b); (d) subject to applicable securities laws and restrictions, through a broker-facilitated cashless exercise procedure acceptable to the Committee, or (e) by any other means which the Committee determines to be consistent
with the Plan’s purpose and applicable law. 
  
 6.6 RESTRICTIONS ON SHARE
TRANSFERABILITY. In addition to the foregoing, the Committee may impose such restrictions on any Shares acquired pursuant to the exercise of an Option granted under this Article 6 as it may deem advisable, including, without limitation,
restrictions under applicable Federal securities laws, under the requirements of any stock 

  

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exchange or market upon which such Shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such Shares.

  
 6.7 EXERCISE UPON TERMINATION OF EMPLOYMENT. Except as otherwise
provided in this Plan or as otherwise provided in the Award Agreement or by the Committee, in the event that the employment of a Participant is terminated for any reason other than death or Retirement, the rights under each then outstanding Option
granted to the Participant pursuant to the Plan shall terminate upon the earlier of (1) the expiration of such Option, or (2) sixty (60) days after the Participant’s termination of employment, unless such termination of employment was for
Cause. If a Participant’s employment is terminated for Cause, the rights under each then outstanding Option granted to the Participant pursuant to the Plan shall immediately terminate. 
  
 In the event that the employment of a Participant is terminated by reason of Retirement, each
then outstanding Option of such Participant shall continue to be exercisable at such times and be subject to such restrictions and conditions, including expiration, as set forth in the applicable Award Agreement. Notwithstanding any other provision
in the Plan to the contrary, in the event of the Retirement of a Participant, each then outstanding ISO not exercised within three (3) months of termination of employment shall automatically convert to an NQSO. 
  
 In the event that the employment of a Participant is terminated by reason of death or a
Participant dies after Retirement, all such Participant’s then outstanding Options shall become exercisable in full, and the executor or administrator of such Participant’s estate or a person or persons who have acquired the Options
directly from such Participant by bequest, inheritance, or by reason of written designation as a beneficiary on a form proscribed by the Corporation, shall have until the expiration dates of such Options or thirteen (13) months after the
Participant’s date of death, whichever first occurs, to exercise such Options. 
  
 In addition to the foregoing, the Committee may include such provisions in the Award Agreement entered into with each Participant as it deems advisable (which may be more restrictive than described above), which provisions need not be
uniform among all Options issued pursuant to this Article 6, and which may reflect distinctions based on the reasons for termination of employment. 
  
 6.8 EXERCISE UPON TERMINATION OF DIRECTORSHIP. Except as otherwise provided in this Plan, if a Participant’s status as a Nonemployee Director ceases for any
reason other than Retirement or death, any NQSO granted to such Participant under the Plan shall terminate thirteen (13) months after the termination of such Participant’s status as a Nonemployee Director; provided, however, that no Option
shall be exercisable after its expiration date. 
  
 If a Participant’s status
as a Nonemployee Director ceases by reason of Retirement, then all such Participant’s Options shall become exercisable in full, and such Participant may exercise such Options until their expiration date. 
  

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 If a Participant’s status as a Nonemployee Director ceases by reason of death, or a Participant who was a
Nonemployee Director dies after Retirement, all such Participant’s then outstanding Options shall become exercisable in full, and the executor or administrator of such Participant’s estate or a person or persons who have acquired the
Options directly from such Participant by bequest, inheritance, or by reason of written designation as a beneficiary on a form proscribed by the Corporation, shall have until the expiration dates of such Options or thirteen (13) months after the
Participant’s date of death, whichever first occurs, to exercise such Options. 
  
 6.9 NONTRANSFERABILITY OF OPTIONS. 
  
 (a)
INCENTIVE STOCK OPTIONS. No ISO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than (1) by will or by the laws of descent and distribution, or (2) if permitted under Code Section
422, by transfer to a trust, the beneficial owner of which, pursuant to Code Section 671 and applicable state law, is the Participant to whom the ISO was granted (“Grantor Beneficial Trust”). Further, all ISOs granted to a Participant
under the Plan shall be exercisable during his or her lifetime only by such Participant or the trustee of the Grantor Beneficial Trust if permitted under Code Section 422. 
  
 (b) NONQUALIFIED STOCK OPTIONS. No NQSO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated by a Participant, other than by will or by the laws of descent and distribution, except that any NQSO (i) may be transferred by a Participant without consideration to Permissible Transferees, but such transferees may not
transfer such NQSO’s to third parties except by will or the laws of descent and distribution and then only to a Permissible Transferee, and (ii) shall be subject to all other conditions and restrictions applicable to Options granted under the
Plan prior to such transfer. Any transfer to a Permissible Transferee shall consist of Options covering a minimum of five thousand (5,000) Option Shares. 
  
 ARTICLE 7. RESTRICTED STOCK 
  
 7.1 GRANT OF RESTRICTED STOCK. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted
Stock to Participants in such amounts as the Committee shall determine. 
  
 7.2
RESTRICTED STOCK AGREEMENT. Each Restricted Stock grant shall be evidenced by a Restricted Stock Award Agreement that shall specify the Period(s) of Restriction, the number of Shares of Restricted Stock granted, and such other provisions as the
Committee shall determine. 
  
 7.3 OTHER RESTRICTIONS. The Committee shall
impose such other conditions and/or restrictions on any Shares of Restricted Stock granted pursuant to the Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of
Restricted Stock, restrictions based upon the achievement of specific 

  

 12 

 
performance objectives (Corporation-wide, business unit, and/or individual), Qualifying Performance Criteria, a Performance Cycle, time-based restrictions,
and/or restrictions under applicable Federal or state securities laws. 
  
 The
Corporation shall retain the certificates representing Shares of Restricted Stock in the Corporation’s possession until such time as all conditions and/or restrictions applicable to such Shares have been satisfied. 
  
 Except as otherwise provided in this Article 7, Shares of Restricted Stock covered by each
Restricted Stock grant made under the Plan shall become freely transferable by the Participant after the last day of the applicable Period of Restriction. 
  
 7.4 VOTING RIGHTS. During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may, at the discretion of the Committee,
exercise full voting rights with respect to those Shares. 
  
 7.5 DIVIDENDS AND
OTHER DISTRIBUTIONS. During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may, at the discretion of the Committee, be credited with regular cash dividends paid with respect to the underlying Shares
while they are so held. Such dividends may be paid currently, accrued as contingent cash obligations, or converted into additional Shares of Restricted Stock, upon such terms as the Committee establishes. 
  
 The Committee may apply any restrictions to the dividends that the Committee deems
appropriate. Without limiting the generality of the preceding sentence, if the grant or vesting of Shares of Restricted Stock granted to a Covered Employee is designed to comply with the requirements of the Performance-Based Exception, the Committee
may apply any restrictions it deems appropriate to the payment of dividends declared with respect to such Shares of Restricted Stock, such that the dividends and/or the Shares of Restricted Stock maintain eligibility for the Performance-Based
Exception. Shares of Restricted Stock shall be subject to adjustment as provided in Article 4.3. 
  
 7.6. NONTRANSFERABILITY. During any Period(s) of Restriction, the Participant shall have no right to transfer any rights with respect to its Award of Shares of Restricted Stock. 
  
 ARTICLE 8. RESTRICTED STOCK UNITS 
  
 8.1 GRANT OF RSUs. Subject to the terms and provisions of the Plan, the Committee, at
any time and from time to time, may grant RSUs to Participants in such amounts as the Committee shall determine. 
  
 8.2 AWARD AGREEMENT. Each RSU shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction, the number of RSUs granted, and such other
provisions as the Committee shall determine. 
  

 13 

 8.3 OTHER RESTRICTIONS. The Committee shall impose such other conditions and/or restrictions on any RSUs granted
pursuant to the Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each RSU, restrictions based upon the achievement of specific performance objectives (Corporation-wide,
business unit, and/or individual), Qualifying Performance Criteria, a Performance Cycle, time-based restrictions, and/or restrictions under applicable Federal or state securities laws. 
  
 8.4 VOTING RIGHTS. During the Period of Restriction, unless otherwise determined by the Committee in its discretion, Participants
holding RSUs may not exercise any voting rights with respect to such RSUs. 
  
 8.5 DIVIDENDS AND OTHER DISTRIBUTIONS. During the Period of Restriction, unless otherwise determined by the Committee in its discretion, Participants holding RSUs shall not be entitled to any dividends or dividend equivalents with
respect to such RSUs. 
  
 8.6. NONTRANSFERABILITY. During any Period(s) of
Restriction, the Participant shall have no right to transfer any rights with respect to its Award of RSUs. 
  
 ARTICLE 9. STOCK APPRECIATION RIGHTS 
  
 9.1 GRANT OF SARs. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant SARs to Participants in such amounts as the Committee shall determine. A SAR shall
represent a right to receive a payment in cash, Shares, or a combination thereof, equal to the excess of the Fair Market Value of a specified number of Shares on the date the SAR is exercised over an amount (the “SAR exercise price”) which
shall be no less than the Fair Market Value on the date the SAR was granted (or the Option Price for SARs granted in tandem with an Option), as set forth in the applicable Award Agreement. 
  
 9.2 AWARD AGREEMENT. Each SAR grant shall be evidenced by an Award Agreement that
shall specify the SAR exercise price, the duration of the SAR, the number of Shares to which the SAR pertains, whether the SAR is granted in tandem with the grant of an Option or is freestanding, and such other provisions as the Committee shall
determine. SARs granted under this Article 9 shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve and which shall be set forth in the applicable Award Agreement, which
need not be the same for each grant or for each Participant. 
  
 9.3
EXERCISE. SARs shall be exercised by the delivery to the Corporation of written or other notice of exercise acceptable to the Corporation, setting forth the number of Shares with respect to which the SAR is to be exercised. The date of exercise
of the SAR shall be the date on which the Corporation shall have received notice from the Participant of the exercise of such SAR. SARs granted in tandem with the grant of an Option may be exercised for all or part of the Shares subject to the
related Option upon the surrender of the right to exercise the equivalent portion of the related Option. SARs granted in tandem with the grant of an Option may be exercised only with respect to the shares for which its related Option is then
exercisable. 
  

 14 

 With respect to SARs granted in tandem with an ISO, (a) such SAR will expire no later than the expiration of the
underlying ISO, (b) the value of the payout with respect to such SAR may be for no more than 100% of the difference between the Option Price of the underlying ISO and the Fair Market Value of the Shares subject to the underlying ISO at the time such
SAR is exercised, and (c) such SAR may be exercised only when the Fair Market Value of the Shares subject to the underlying ISO exceeds the Option Price of the ISO. 
  
 SARs granted independently from the grant of an Option may be exercised upon the terms and conditions contained in the applicable Award
Agreement. In the event the SAR shall be payable in Shares, a certificate for the Shares acquired upon exercise of an SAR shall be issued in the name of the Participant as soon as practicable following receipt of notice of exercise. No fractional
Shares will be issuable upon exercise of the SAR and, unless provided in the applicable Award Agreement or otherwise determined by the Committee, the Participant will receive cash in lieu of fractional Shares. 
  
 9.4 EXERCISE UPON TERMINATION OF EMPLOYMENT. Each Participant’s Award Agreement
shall set forth the extent to which the Participant shall have the right to exercise a SAR following termination of the Participant’s employment with the Corporation. Such provisions shall be determined in the sole discretion of the Committee,
shall be included in the Award Agreement entered into the Participants, need not be uniform among all SARs issued pursuant to this Article 9, and may reflect distinctions based on the reasons for termination of employment. 
  
 9.5 NONTRANSFERABILITY. Unless otherwise determined by the Committee in its
discretion, no SAR granted under this Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, SARs granted in tandem with an ISO granted to a
Participant under the Plan shall be exercisable during the Participant’s lifetime only by such Participant. 
  
 ARTICLE 10. DEFERRED STOCK AWARDS 
  
 10.1 GRANT OF DEFERRED STOCK. Subject to the terms and provisions of the Plan, the Committee may authorize the grant or sale of Deferred Stock to Participants in such amounts the Committee shall determine. Each
such grant or sale shall constitute the agreement by the Corporation to deliver Shares to the Participant in the future in consideration of the performance of services, but subject to the fulfillment of such conditions during the Deferral Period as
the Committee may specify. Each such grant or sale may be made without additional consideration or in consideration of a payment by such Participant that is less than the Fair Market Value of the Shares at the date of grant. 
  
 10.2 AWARD AGREEMENT. Each grant or sale of Deferred Stock shall be evidenced by an
Award Agreement, which shall contain such terms and provisions, consistent with this Plan, as the Committee may approve. 
  

 15 

 10.3 DEFERRAL PERIOD. Each such grant or sale shall be subject, except (if the Committee shall so determine) in
the event of a Change in Control or other similar transaction or event, to a Deferral Period of not less than one (1) year, as determined by the Committee at the date of grant. 
  
 10.4 VOTING RIGHTS. During the Deferral Period, unless otherwise determined by the Committee in its discretion, the Participant shall
have no rights of ownership in the Shares of Deferred Stock and shall have no right to vote them. 
  
 10.5 DIVIDENDS. During the Deferral Period, the Committee may, at or after the date of grant, authorize payment of dividend equivalents on any Shares of Deferred Stock on either a current, deferred, or
contingent basis, either in cash or in additional Shares. 
  
 10.6
NONTRANSFERABILITY. During the Deferral Period, the Participant shall have no right to transfer any rights with respect to its Award of Shares of Deferred Stock. 
  
 ARTICLE 11. LONG-TERM PERFORMANCE AWARDS 
  
 11.1 LONG-TERM PERFORMANCE AWARDS. Subject to the terms and provisions of the Plan, a Participant shall have the opportunity to
receive an Award of cash, Shares, or a combination thereof, in such amounts and upon such terms and at such times as determined by the Committee in its sole discretion. 
  
 11.2 TERMS OF LONG-TERM PERFORMANCE AWARDS. The Committee shall set performance objectives in its discretion which, depending on the
extent to which they are met, will determine the number of Shares and/or value of Long-Term Performance Awards that will be paid to the Participant. The Committee shall establish the Performance Cycle for each Long-Term Performance Award and shall
impose such other conditions and/or restrictions on any Long-Term Performance Awards as it may deem advisable including, without limitation, restrictions based upon the achievement of specific performance objectives (Corporation-wide, business unit,
and/or individual), Qualifying Performance Criteria, time-based restrictions, and/or restrictions under applicable Federal or state securities laws. 
  
 11.3 EARNING OF LONG-TERM PERFORMANCE AWARDS. Subject to the terms of this Plan and Article 11, after the applicable Performance Cycle has ended, the Participant
shall be entitled to receive a payment of the number of Shares and/or cash earned by the Participant over the applicable Performance Cycle. Notwithstanding the attainment of specific performance objectives, the Committee has the discretion to reduce
or eliminate an Award that would otherwise be payable based on its evaluation of Extraordinary Events and other factors. 
  
 11.4 FORM AND TIMING OF PAYMENT OF LONG-TERM PERFORMANCE AWARDS. Payment of Long-Term Performance Awards shall be made as soon as practical following the close of
the applicable Performance Cycle in a manner designated by the Committee, in its sole discretion. Subject to the terms of this Plan, the Committee, in its sole discretion, may pay Long-Term Performance Awards in the form of cash or in Shares (or in
a 

  

 16 

 
combination thereof) which have an aggregate Fair Market Value equal to the value of the Long-Term Performance Awards at the close of the applicable
Performance Cycle. Such Shares may be granted subject to any restrictions deemed appropriate by the Committee. 
  
 11.5 REQUIREMENT OF EMPLOYMENT. Except as otherwise provided in this Plan and as specified in Article 16, a Participant must remain in the employment of the Corporation until the payment of a Long-Term
Performance Award in order to be entitled to payment; provided, however, that the Committee may, in its sole discretion, provide for a partial or full payment in the event the Participant is not so employed. 
  
 11.6 NONTRANSFERABILITY. A Long-Term Performance Award may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. 
  
 ARTICLE 12. CODE SECTION 162(m) DEDUCTION QUALIFICATIONS 
  
 12.1 AWARDS FOR COVERED EMPLOYEES. At all times when Code Section 162(m) is applicable, all Awards granted to a Covered Employee under this Plan shall comply with
the Performance-Based Exception requirements of Code Section 162(m). In addition, in the event that changes are made to Code Section 162(m) to permit greater flexibility with respect to any Award available under the Plan, the Committee may, subject
to this Article 12, make any adjustments it deems appropriate. Notwithstanding the above, the Committee may, in its sole discretion, with respect to any Award under the Plan, determine that compliance with Code Section 162(m) is not desired after
consideration of the goals of the Corporation’s executive compensation philosophy and whether it is in the best interests of the Corporation to have such Award so qualified. 
  
 12.2 DESIGNATION OF COVERED EMPLOYEES. For each Performance Cycle, the Committee will designate which Participants are Covered
Employees within ninety (90) days of the beginning of the Performance Cycle (or such earlier or later date as is permitted or required by Code Section 162(m)). 
  

12.3 ESTABLISHMENT OF QUALIFYING PERFORMANCE CRITERIA AND AWARDS FOR COVERED EMPLOYEES. Within ninety (90) days of the beginning of a Performance Cycle (or such
earlier or later date as is permitted or required by Code Section 162(m)), the Committee shall, in its sole discretion, for each such Performance Cycle, determine and establish in writing one or more performance goals based on one or more Qualifying
Performance Criteria applicable to the Performance Cycle for each Covered Employee. The Committee may establish any number of differing Performance Cycles, performance goals, Qualifying Performance Criteria, and Awards for Covered Employees running
concurrently, in whole or in part. 
  
 12.4 CERTIFICATION OF ACHIEVEMENT OF
QUALIFYING PERFORMANCE CRITERIA AND AMOUNT OF AWARDS. After the end of each Performance Cycle, or such earlier date if the Qualifying Performance Criteria are achieved (and such date otherwise 

  

 17 

 
complies with Code Section 162(m)), the Committee shall certify in writing, prior to the payment of any Award to a Covered Employee, that the performance
goal based on the Qualifying Performance Criteria for the Performance Cycle and all other material terms of the Plan were satisfied. The Committee may not, under any circumstances, increase an Award to a Covered Employee above the amount payable
pursuant to the pre-established performance goal based on the Qualifying Performance Criteria for the Performance Cycle. 
  
 12.5 MAXIMUM AWARD TO PARTICIPANTS. Notwithstanding any other provision of this Plan to the contrary, the maximum aggregate number of Shares which may be subject
to option by one or more Option Awards or SAR Awards (whether settled in cash, Shares, or a combination thereof) to a Participant shall be four million (4,000,000) Shares over any five (5) year period. Notwithstanding any of provision of this Plan
to the contrary, the maximum amount of compensation (whether represented by Shares, cash, or a combination thereof) that may be payable to a Participant with respect to any specified Performance Cycle, pursuant to the attainment of a performance
goal associated with a Long-Term Performance Award, Restricted Stock Award, RSU Award, or Deferred Stock Award shall be four million dollars ($4,000,000) for each type of Award. 
  
 12.6 TAX AND SECURITY LAWS. In the event that applicable tax and/or securities laws change to permit the Committee discretion to
alter the governing performance measures without obtaining shareholder approval of such changes, the Committee shall have the sole discretion to make such changes without obtaining shareholder approval. 
  
 ARTICLE 13. BENEFICIARY DESIGNATION 
  
 Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries
(who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the same
Participant, shall be in a form prescribed by the Corporation, and will be effective only when filed by the Participant in writing with the Corporation during the Participant’s lifetime. In the absence of any such designation, benefits
remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. 
  
 ARTICLE 14. DEFERRALS 
  
 The Committee may permit or require a Participant to defer such Participant’s receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant by virtue of the (1) exercise of an Option, (2) the
lapse or waiver of restrictions with respect to Restricted Stock, RSUs, SARs, Deferred Stock, or (3) the satisfaction of any requirements or objectives with respect to Long-Term Performance Awards. If any such deferral election is required or
permitted, the Committee shall, in its sole discretion, establish rules and procedures for such payment of deferrals including the crediting of interest or dividend equivalents. 
  

 18 

 ARTICLE 15. DISCRETION TO REDUCE AWARDS 
  
 Notwithstanding any provision to the contrary, except in the event of a Change in Control,
the Committee has the discretion to reduce or eliminate an Award that would otherwise be paid to any Participant, including any Covered Employee, based on the Committee’s evaluation of Extraordinary Events or other factors. 
  
 ARTICLE 16. RIGHTS OF EMPLOYEES 
  
 16.1 EMPLOYMENT. Nothing in the Plan shall interfere with or limit in any way the
right of the Corporation to terminate any Participant’s employment at any time, with or without Cause, nor confer upon any Participant any right to continue in the employ of the Corporation. 
  
 16.2 PARTICIPATION. No Employee shall have the right to be selected to receive an
Award under this Plan, or, having been so selected, to be selected to receive a future Award. 
  
 ARTICLE 17. CHANGE IN CONTROL 
  
 17.1
TREATMENT OF AWARDS. Notwithstanding any provision in this Plan to the contrary, upon the occurrence of a Change in Control, unless otherwise specifically prohibited under applicable laws, or by the rules and regulations of any governing
governmental agencies or national securities exchanges: 
  
 (a) Any and all
Options or SARs granted hereunder shall become immediately exercisable in full, and all such Options or SARs shall remain exercisable throughout their entire term notwithstanding the death, Retirement or termination of employment or directorship of
the Participant; 
  
 (b) Any nonperformance-based restriction periods or
restrictions imposed on Shares of Restricted Stock, RSUs, or Shares of Deferred Stock shall lapse; and 
  
 (c) All Long-Term Performance Awards and performance-based Awards of Shares of Restricted Stock, RSUs, and Shares of Deferred Stock shall be measured as of the effective date of the Change in Control, and shall be
paid out to Participants within thirty (30) days following the effective date of the Change in Control, in a pro rata amount based upon (i) the actual results measured as of the effective date of the Change in Control, and (ii) the length of time
within the Performance Cycle which has elapsed prior to the Change in Control. 
  
 17.2 TERMINATION, AMENDMENT, AND MODIFICATIONS OF CHANGE-IN-CONTROL PROVISIONS. Notwithstanding any other provision of this Plan or any Award Agreement provision, the provisions of this Article 17 may not be terminated, amended, or
modified on or after the date of a Change in Control to affect adversely any Award theretofore granted under the Plan without the prior written consent of the Participant with respect to said Participant’s outstanding Awards. 
  

 19 

 ARTICLE 18. AMENDMENT, MODIFICATION, AND TERMINATION 
  
 Subject to Article 17.2 herein, the Board or Committee may at any time and from time to time,
alter, amend, suspend, or terminate the Plan in whole or in part; provided, however, that the Committee shall not have the authority to, without shareholder approval, (1) change the limits set forth in Article 4.1, (2) change the minimum Option
Price, (3) change eligible Participants to receive Awards, or (4) reprice or alter the Option Price of any Option. 
  
 ARTICLE 19. WITHHOLDING 
  
 19.1 TAX WITHHOLDING. The Corporation shall have the power and the right to deduct or withhold, or require a Participant to remit to the Corporation, an amount sufficient to satisfy Federal, state, and local taxes, domestic or
foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan. 
  
 19.2 SHARE WITHHOLDING. With respect to withholding required upon the exercise of Options, upon the lapse of restrictions on Restricted Stock, RSUs, SARS, or
Deferred Stock, or upon any other taxable event arising as a result of Awards granted hereunder, Participants may elect to satisfy the tax withholding requirement, in whole or in part, by (i) having the Corporation withhold Shares having a Fair
Market Value on the date the tax is to be determined equal to the minimum statutory tax withholding rates which could be withheld on the transaction or (ii) the delivery of Shares that have been held for a minimum of six (6) months to the
Corporation (including attestation) having a Fair Market Value equal to the amount of the tax withholding obligations related to the transaction. All such elections shall be irrevocable and shall be subject to any restrictions or limitations that
the Committee, in its sole discretion, deems appropriate. Delivery or withholding of fractional Shares shall not be permitted. 
  
 ARTICLE 20. FORFEITURE 
  
 Except on or after a Change in Control or as otherwise provided in the applicable Award Agreement, and notwithstanding any other provisions in the Plan, in the event of
(1) a serious breach of conduct by a Participant or former Participant (including, without limitation, any conduct prejudicial to or in conflict with the Corporation or any securities laws violations including any violations under the Sarbanes-Oxley
Act of 2002) or (2) any activity of a Participant or former Participant in which the Participant or former Participant solicits or takes away customers or potential customers with whom the Participant or former Participant had contact with or
responsibility for during the Participant’s or former Participant’s employment with the Corporation (individually and collectively referred to as “Misconduct”), the Committee may (a) terminate any outstanding Award granted to the
Participant, in whole or in part, whether or not vested, and/or (b) if such Misconduct occurs within three (3) years of the exercise or payment of an Award, require the Participant or former Participant to repay the Corporation any gain realized or
payment received upon the exercise or payment of such Award (with such gain 

  

 20 

 
or repayment valued as of the date of exercise or payment), without regard to when such Misconduct is actually discovered by the Corporation. Such
termination or repayment obligation shall be effective as of the date specified by the Committee. Any repayment obligation may be satisfied in Shares or cash or a combination thereof (based upon the Fair Market Value of the Shares on the day prior
to the repayment) and the Committee may provide for an offset of any future payments owed by the Corporation to such person if necessary to satisfy the repayment obligation. The determination of whether any Participant or former Participant has
engaged in a serious breach of conduct or any prohibited solicitation shall be determined by the Committee in good faith and in its sole discretion. 
  
 ARTICLE 21. INDEMNIFICATION 
  
 Each person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and held harmless by the Corporation against and from any loss,
cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason
of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Corporation’s approval, or paid by him or her in satisfaction of any judgement in any such action,
suit, or proceeding against him or her, provided he or she shall give the Corporation an opportunity at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right
of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Corporation’s Charter or Bylaws, as a matter of law, or otherwise, or any power that the Corporation may have to
indemnify them or hold them harmless. 
  
 ARTICLE 22. SUCCESSORS

  
 All obligations of the Corporation under the Plan with respect to Awards
granted hereunder shall be binding on any successor to the Corporation, whether the existence of such successor is the result of a direct or indirect purchase of all or substantially all of the business and/or assets of the Corporation, or a merger,
consolidation, or otherwise. 
  
 ARTICLE 23. UNFUNDED PLAN

  
 The Plan shall be unfunded and the Corporation shall not be required to
segregate any assets that may at any time be represented by Awards under the Plan. Any liability of the Company to any person with respect to any Awards under the Plan shall be based solely upon any contractual obligations that may be effected
pursuant to the Plan. Except as provided herein, no such obligation of the Corporation shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Corporation. 
  

 21 

 ARTICLE 24. NOTIFICATION UNDER CODE SECTION 83(b) 
  
 If the Participant, in connection with the exercise of any Option, or the grant of Shares
from an Award of SARs, Restricted Stock, or RSUs, desires to make the election permitted under Code Section 83(b) to include in such Participant’s gross income in the year of transfer the amounts specified in Code Section 83(b), then such
Participant shall notify the Corporation of the desired election within ten (10) days before the filing of the notice of the election with the Internal Revenue Service in addition to any filing and notification required under regulations issued
under Code Section 83(b). The Committee may, in connection with the grant of an Award or at any time thereafter before such an election being made, prohibit a Participant from making the election described above. 
  
 ARTICLE 25. OTHER PLANS 
  
 Nothing in this Plan shall be construed as limiting the authority of the Committee, the Board
of Directors, the Corporation or any Subsidiary to establish any other compensation plan, or as in any way limiting its or their authority to pay bonuses or supplemental compensation to any persons employed by the Company or a Subsidiary, whether or
not such person is a Participant in this Plan and regardless of how the amount of such compensation or bonus is determined. However, no such plan will be established or operated in a way that entitles or allows a Covered Employee to receive an award
under such plan as a substitution or supplement for not achieving goals under this Plan. 
  
 ARTICLE 26. LEGAL CONSTRUCTION 
  
 25.1
GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 
  
 25.2 SEVERABILITY. In the event any provision of the Plan shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
  
 25.3 REQUIREMENTS OF LAW. The granting of Awards and the issuance of Shares under the
Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
  
 25.4 GOVERNING LAW. To the extent not preempted by Federal law, the Plan, and all agreements hereunder, shall be construed in
accordance with and governed by the laws of the state of Ohio, without reference to its choice of law rules. 
  

 22Executive Deferred Compensation Plan of Huntington Bancshares Incorporated

Table of Contents

 Exhibit 10(c) 
  
 EXECUTIVE DEFERRED COMPENSATION PLAN 
  
 OF 
  
 HUNTINGTON BANCSHARES INCORPORATED 
  
  
 EFFECTIVE OCTOBER 1, 2001 
  
 AMENDED AND RESTATED OCTOBER 1, 2002 
  
 AMENDED AND RESTATED FEBRUARY 18, 2004 

Table of Contents

 
EXECUTIVE DEFERRED COMPENSATION PLAN 
 OF HUNTINGTON BANCSHARES INCORPORATED 
  
 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	PAGE

	 ARTICLE 1 - DEFINITIONS
	  	 
				
	 	 	 1.01
	  	
Accounts	  	1
	 	 	 1.02
	  	
Beneficiary	  	1
	 	 	 1.03
	  	
Bonus	  	1
	 	 	 1.04
	  	
Bonus Deferral Agreement	  	1
	 	 	 1.05
	  	
Bonus Deferrals	  	1
	 	 	 1.06
	  	
Cash Deferral Account	  	2
	 	 	 1.07
	  	
Change in Control	  	2
	 	 	 1.08
	  	
Code	  	2
	 	 	 1.09
	  	
Common Stock	  	2
	 	 	 1.10
	  	
Common Stock Deferral Account	  	2
	 	 	 1.11
	  	
Compensation	  	2
	 	 	 1.12
	  	
Compensation Committee	  	2
	 	 	 1.13
	  	
Corporation	  	3
	 	 	 1.14
	  	
Deferrals	  	3
	 	 	 1.15
	  	
Distribution Election Form	  	3
	 	 	 1.16
	  	
Effective Date	  	3
	 	 	 1.17
	  	
Eligible Employee	  	3
	 	 	 1.18
	  	
ERISA	  	3
	 	 	 1.19
	  	
Investment Funds	  	3
	 	 	 1.20
	  	
Long-Term Incentive	  	4
	 	 	 1.21
	  	
Long-Term Incentive Deferral Agreement	  	4
	 	 	 1.22
	  	
Long-Term Incentive Deferrals	  	4
	 	 	 1.23
	  	
Member	  	4
	 	 	 1.24
	  	
Net Shares	  	4
	 	 	 1.25
	  	
Plan	  	4
	 	 	 1.26
	  	
Plan Year	  	5
	 	 	 1.27
	  	
Restricted Stock Award	  	5
	 	 	 1.28
	  	
Restricted Stock Deferral Agreement	  	5
	 	 	 1.29
	  	
Restricted Stock Deferrals	  	5
	 	 	 1.30
	  	
Salary Deferral Agreement	  	5
	 	 	 1.31
	  	
Salary Deferrals	  	5
	 	 	 1.32
	  	
Stock Option Deferral Account	  	5
	 	 	 1.33
	  	
Stock Option Deferral Agreement	  	6
	 	 	 1.34
	  	
Stock Option Deferrals	  	6
	 	 	 1.35
	  	
Trust	  	6
	 	 	 1.36
	  	
Valuation Date	  	6

Table of Contents

 EXECUTIVE DEFERRED COMPENSATION PLAN 
 OF HUNTINGTON BANCSHARES INCORPORATED 
  
 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	PAGE

	 ARTICLE 2 - PARTICIPATION
	  	 
				
	 	 	2.01	  	
Eligibility	  	7
	 	 	 2.02
	  	
Participation	  	8
		
	 ARTICLE 3 - CONTRIBUTIONS
	  	 
				
	 	 	 3.01
	  	
Amount of Deferral Contributions	  	13
	 	 	 3.02
	  	
Stock Option Exercise	  	15
	 	 	 3.03
	  	
Investment of Accounts	  	16
	 	 	 3.04
	  	
Valuation of Accounts	  	17
	 	 	 3.05
	  	
Vesting of Account	  	19
	 	 	 3.06
	  	
Individual Accounting	  	19
		
	 ARTICLE 4 - PAYMENT OF ACCOUNT
	  	 
				
	 	 	 4.01
	  	
Payment of Accounts	  	20
	 	 	 4.02
	  	
Method of Payment	  	20
	 	 	 4.03
	  	
Hardship Distributions	  	22
	 	 	 4.04
	  	
Other Distributions	  	22
	 	 	 4.05
	  	
Accelerated Tax Distributions	  	23
	 	 	 4.06
	  	
Compensation Committee Deferral of Distributions	  	23
	 	 	 4.07
	  	
Death Benefit	  	23
	 	 	 4.08
	  	
Designation of Beneficiary	  	24
		
	 ARTICLE 5 – CHANGE IN CONTROL
	  	 
				
	 	 	 5.01
	  	
Definition of Change in Control	  	25
	 	 	 5.02
	  	
Application in Change in Control	  	26
	 	 	 5.03
	  	
Payments to and by the Trust	  	27
	 	 	 5.04
	  	
Legal Fees and Expenses	  	28

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 EXECUTIVE DEFERRED COMPENSATION PLAN 
 OF HUNTINGTON BANCSHARES INCORPORATED 
  
 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	PAGE

	 ARTICLE 6 - GENERAL PROVISIONS
	  	 
				
	 	 	 6.01
	  	
Establishment of Rules	  	29
	 	 	 6.02
	  	
Funding	  	30
	 	 	 6.03
	  	
No Contract of Employment	  	31
	 	 	 6.04
	  	
Facility of Payment	  	31
	 	 	 6.05
	  	
Withholding Taxes	  	32
	 	 	 6.06
	  	
Nonalienation	  	32
	 	 	 6.07
	  	
Construction	  	32
	 	 	 6.08
	  	
Limitations on Liability	  	33
	 	 	 6.09
	  	
Administrative Expense	  	33
	 	 	 6.10
	  	
Claims and Review Procedures	  	33
	 	 	 6.11
	  	
Illegal or Invalid Provision	  	35
	 	 	 6.12
	  	
Gender and Number	  	36
	 	 	 6.13
	  	
Successors	  	36
		
	 
ARTICLE 7 - AMENDMENT OR TERMINATION 
	  	37

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 EXECUTIVE DEFERRED COMPENSATION PLAN 
 OF HUNTINGTON BANCSHARES INCORPORATED 
  
 INTRODUCTION 
  
 This Executive Deferred Compensation Plan of Huntington Bancshares Incorporated is authorized by the Board of Directors of Huntington Bancshares Incorporated effective on and after October 1, 2001. The purpose of this Plan is to provide a
means to defer receipt of compensation and current income tax liability thereon for selected managers and highly compensated employees in addition to the amounts that can be deferred under the Corporation’s qualified retirement plan.

  
 This Plan is intended to constitute a nonqualified unfunded deferred
compensation plan for a select group of management or highly compensated employees under Title I of the ERISA. All benefits payable under the Plan shall be paid out of the general assets of Huntington Bancshares Incorporated. Huntington Bancshares
Incorporated may establish and fund a trust as provided herein in order to aid it in providing benefits due under the Plan. 

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 EXECUTIVE DEFERRED COMPENSATION PLAN 
 OF HUNTINGTON BANCSHARES INCORPORATED 
  
 ARTICLE 1. DEFINITIONS 
  

	
1.01	“Accounts” means the device used to measure and determine the amount of deferred compensation to be paid to a Member or Beneficiary under the Plan and may include
the Cash Deferral Account, the Common Stock Deferral Account, and the Stock Option Deferral Account. 

  

	
1.02	“Beneficiary” means the individual, trust or other recipient to whom a deceased Member’s benefits are payable, as provided in Section 4.07.

  

	
1.03	“Bonus” means any annual bonus or other similar bonus payable to an Eligible Employee and any other bonus payable to an Eligible Employee and designated by the
Corporation through other program documents or otherwise as eligible for deferral under this Plan. 

  

	
1.04	“Bonus Deferral Agreement” means the agreement entered into by the Member pursuant to Section 2.02 under which he elects to defer all or a portion of his Bonus
under this Plan. 

  

	
1.05	“Bonus Deferrals” means the amount of contributions credited to a Member’s Accounts under Section 3.01, with respect to his Bonus. 

  

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1.06	“Cash Deferral Account” means the account credited with Salary Deferrals, cash Bonus Deferrals and cash Long-Term Incentive Deferrals and the earnings credited to
that Account pursuant to Section 3.03. 

  

	
1.07	“Change in Control” means the events described in Section 5.01. 

  

	
1.08	“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  

	
1.09	“Common Stock” means the Huntington Bancshares Incorporated common stock with no par value per share. 

  

	
1.10	“Common Stock Deferral Account” means the account credited with Common Stock from deferred Common Stock in relation to Bonus Deferrals, Long-term Incentive
Deferrals and Restricted Stock Deferrals and the dividend equivalents with respect to the Common Stock credited to that Account pursuant to Section 3.03. 

  

	
1.11	“Compensation” means base salary or commissions earned by an Eligible Employee from the Corporation for each payroll period during a Plan Year, including any salary
reduction contributions made under any plan maintained by the Corporation pursuant to Sections 401(k), 125 and 132(f) of the Code. 

  

	
1.12	“Compensation Committee” means the Compensation and Stock Option Committee of the Board of Directors of the Corporation. 

  

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1.13	“Corporation” means Huntington Bancshares Incorporated, a Maryland corporation, together with any and all subsidiaries, and any successor thereto as provided in
Section 6.13. A subsidiary or subsidiaries means any corporation or other entity whose financial statements are consolidated with the Corporation. 

  

	
1.14	“Deferrals” means collectively the Salary, Bonus, Long-Term Incentive, Restricted Stock and Net Shares, unless indicated otherwise. 

  

	
1.15	“Distribution Election Form” means the form or forms completed by a Member to elect alternative payment options and/or alternative payout timing.

  

	
1.16	“Effective Date” means October 1, 2001. 

  

	
1.17	“Eligible Employee” means a manager or highly compensated employee of the Corporation who has been selected by the Compensation Committee or its delegate to
participate in this Plan as described in Section 2.01. 

  

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

  

	
1.19	“Investment Funds” mean such investment funds that the Corporation may, in its discretion, make available in determining the earnings (or losses) on a Member’s
Cash Deferrals. 

  

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1.20	“Long-Term Incentive” means any long-term award payable to an Eligible Employee by the Corporation and designated by the Corporation through other program documents
or otherwise as eligible for deferral under this Plan. 

  

	
1.21	“Long-Term Incentive Deferral Agreement” means the agreement entered into by the Member pursuant to Section 2.02 under which he elects to defer all or a portion of
his Long-Term Incentive under this Plan. 

  

	
1.22	“Long-Term Incentive Deferrals” means the amount of contributions credited to a Member’s Accounts under Section 3.01, with respect to his Long-Term Incentive.

  

	
1.23	“Member” means each Eligible Employee who has made the election described in Section 2.02. 

  

	
1.24	“Net Shares” with respect to an election made pursuant to Section 3.02, means the difference between the number of shares of Common Stock subject to the stock
option exercise and the number of shares of Common Stock delivered to satisfy the stock option exercise price, less any shares used to satisfy FICA or any other taxes due upon the option exercise as may be designated by the Corporation.

  

	
1.25	“Plan” means the Executive Deferred Compensation Plan of Huntington Bancshares Incorporated. 

  

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1.26	“Plan Year” means the twelve (12)-month period beginning on any January 1; the first Plan Year shall begin October 1, 2001 and ends December 31, 2001.

  

	
1.27	“Restricted Stock Award” means any restricted stock awards of Common Stock payable to an Eligible Employee by the Corporation and designated by the Corporation
through a restricted stock award document or otherwise as eligible for deferral under this Plan. 

  

	
1.28	“Restricted Stock Deferral Agreement” means the agreement entered into by the Member pursuant to Section 2.02 under which he elects to defer all or a portion of his
Restricted Stock Award under the Plan. 

  

	
1.29	“Restricted Stock Deferrals” means the amount of contributions credited to a Member’s Accounts under Section 3.01, with respect to his Restricted Stock Award.

  

	
1.30	“Salary Deferral Agreement” means the agreement entered into by the Member pursuant to Section 2.02 under which he elects to defer all or a portion of his
Compensation under this Plan. 

  

	
1.31	“Salary Deferrals” means the amount of contributions credited to a Member’s Account under Section 3.01, with respect to his Compensation.

  

	
1.32	“Stock Option Deferral Account” means the account credited with the deferred Net Shares and the dividend equivalents with respect to those Net Shares credited to
that Account pursuant to Section 3.03. 

  

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1.33	“Stock Option Deferral Agreement” means the agreement entered into by the Member pursuant to Section 2.02 under which he elects to defer all or a portion of his Net
Shares under this Plan. 

  

	
1.34	“Stock Option Deferrals” means the amount of contributions credited to a Member’s Accounts under Section 3.01, with respect to his Net Shares.

  

	
1.35	“Trust” means the trust that may be established by the Corporation as provided in Section 6.02(b). 

  

	
1.36	“Valuation Date” means the last business day of each calendar month. All distributions under the Plan shall be based upon the value of the Member’s Accounts as
of the Valuation Date specified in Article 4 with respect to the distribution and shall include any contributions made by a Member, but not yet credited to the Member’s Accounts. 

  

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 ARTICLE 2. PARTICIPATION 
  

	
2.01	Eligibility 

  

	 	(a)	In addition to a designation of eligibility to participate in this Plan contained in other Corporation programs for its managers and highly compensated employees, the Compensation
Committee or its delegate, in its sole discretion, shall select from time-to-time either individually or by class, those managers and highly compensated employees of the Corporation who shall be eligible to participate in this Plan under Section
2.02. The Compensation Committee may select different employees or classes of employees to participate in the various Deferrals. The Compensation Committee shall make its selection from those managers and highly compensated employees who it deems to
be in a select group of management or highly compensated employees as defined under Title I of ERISA. Said employees shall be notified of their eligibility for participation in the Plan by the Corporation as soon as practicable after the
Compensation Committee has made its selection and, for purposes of authorizing any Deferrals under Section 3.01, in any event prior to the first day of eligibility after said employee is designated an Eligible Employee. An Eligible Employee may
become a Member for any or all Deferrals he is eligible for under Section 3.01. 

  

	 	(b)	In its sole discretion, the Compensation Committee may withdraw its approval for participation in the Plan for any Member at any time with respect to any future deferral opportunity
whether or not a deferral election has been made by the Member. In the event of such withdrawal, the Member with existing Accounts will remain a Member in relation to the right to direct investment and elect distribution options from those Accounts.
Such Member shall be notified of such 

  

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 withdrawal in writing as soon as practicable following such action. Notwithstanding the foregoing, in the
event a Change in Control occurs, the Compensation Committee may not thereafter withdraw its participation approval for any Member. 
  

	
2.02	Participation 

  

	 	(a)	Initial Plan Year. 

  

	 	(i)	Salary Deferrals will be available beginning in 2002 and to be effective must be made by an Eligible Employee by executing and delivering to the Corporation a Salary Deferral
Agreement by December 31, 2001. The Salary Deferral Agreement shall apply to Compensation earned by the Eligible Employee in the payroll periods beginning after December 31, 2001. 

  

	 	(ii)	An election to become a Member and authorize a Bonus Deferral to be effective for a 2001 Bonus (payable in 2002) must be made by an Eligible Employee, by executing and
delivering to the Corporation, an irrevocable Bonus Deferral Agreement by December 31, 2001. 

  

	 	(iii)	An election to become a Member and authorize a Long-Term Incentive Deferral to be effective for cycle eight (8) payments ending on December 31, 2002 payable in 2003 must be
made by the Eligible Employee by executing and delivering to the Corporation an irrevocable Long-term Incentive Deferral Agreement as provided in Section 2.02(b)(iii). 

  

	 	(iv)	Stock Option Deferral will be available beginning in 2003 and to be effective must be made by an Eligible Employee by executing and delivering to the Corporation a Stock
Option Deferral Agreement as provided in Section 2.02(b)(iv). 

  

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	 	(b)	Initial Participation for 2002 Plan Year and Thereafter. 

  

	 	(i)	In the case of a newly hired Eligible Employee or an employee who first becomes an Eligible Employee during a Plan Year, that Eligible Employee must execute and deliver to the
Corporation a Salary Deferral Agreement within 30 days of notification of eligibility to participate in the Plan. Salary Deferrals will begin in the first full payroll period following receipt of the Salary Deferral Agreement.

  

	 	(ii)	For purposes of Bonus Deferrals, the initial irrevocable Bonus Deferral Agreement must be executed and delivered to the Corporation before the later of the date established
for current Members to submit their Plan Year Bonus Deferral Agreement or thirty (30) days after being designated an Eligible Employee, to apply to the Bonus attributable to that Plan Year, which becomes payable in the next following Plan Year. The
Bonus Deferral Agreement for subsequent Plan Years may be changed in accordance with the procedures in paragraph (c)(ii) below. Notwithstanding the foregoing, in relation to any other bonus, the irrevocable Bonus Deferral Agreement must be made at
such time and in such manner as established by the Corporation in its discretion. 

  

	 	(iii)	For purposes of Long-Term Incentive Deferrals and for Restricted Stock Deferrals, the initial irrevocable Long-Term Incentive Deferral Agreement or Restricted Stock
Deferral Agreement, as the case may be, must be executed and delivered to the Corporation before the later of the date 

  

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 established for current Members to submit their next plan year’s payment Deferral Agreement or
thirty (30) days after being designated an Eligible Employee for purposes of the Long-Term Incentive Deferral and/or Restricted Stock Award Deferral. 
  

	 	(iv)	For purposes of Stock Option Deferrals effective initially in 2003, the initial Stock Option Deferral Agreement as it applies to a specific Common Stock option must be
executed and delivered to the Corporation: 

  

	 	(A)	no later than December 31 of the Plan Year immediately preceding the Plan Year in which the Member will exercise such option, and 

  

	 	(B)	at least six (6) months before the exercise of the Common Stock option. 

  
 This Stock Option Deferral Agreement is irrevocable, but will only apply to the stock option(s) designated in the Agreement. 
  

	 	(c)	Continuing Participation.  

  

	 	(i)	After the initial year for eligibility, an Eligible Employee may authorize or change a previously authorized Salary Deferral for any Plan Year by executing and
delivering to the Corporation a Salary Deferral Agreement at a date determined by the Corporation, but no later than December 31 of the Plan Year immediately preceding the Plan Year in which the Compensation would otherwise be paid to the Member.
Once a Salary Deferral Agreement is made, it will remain in effect for that Plan Year and subsequent Plan Years until suspended or changed in accordance with these terms. 

  

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	 	(ii)	A Bonus Deferral Agreement must be executed for any Plan Year that a Bonus Deferral is desired. An irrevocable Bonus Deferral Agreement must be delivered to the Corporation
prior to the last business day of March in order to defer that Plan Year’s Bonus, payable in the following Plan Year. A Bonus Deferral Agreement is irrevocable, but may be changed for subsequent Plan Years in accordance with these terms.

  

	 	(iii)	A Long-Term Incentive Deferral Agreement must be executed for each payout year that a Long-Term Incentive Deferral is desired. The Long-Term Incentive Deferral Agreement must
be delivered to the Corporation prior to the last business day of March of the year prior to the plan year of payment. This Long-Term Incentive Deferral Agreement is irrevocable, but will only apply to the Long-Term Incentive designated in the
Agreement. 

  

	 	(iv)	A Restricted Stock Deferral Agreement must be executed for each payment that a Restricted Stock Deferral is desired. The Restricted Stock Deferral Agreement must be delivered
to the Corporation more than six (6) months prior to the vesting in the Restricted Stock Award and in the Plan Year prior to the year in which the Restricted Stock Award vests. This Deferral Agreement is irrevocable, but will only apply to the
Restricted Stock Award designated in the Agreement. 

  

	 	(v)	A Stock Option Deferral Agreement must be executed for each Common Stock option exercise that a Stock Option Deferral is desired. The Stock Option Deferral Agreement must be
delivered to the Corporation: 

  

	 	(A)	no later than December 31 of the Plan Year immediately preceding the Plan Year in which the Member will exercise such option, and 

  

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	 	(B)	at least six (6) months before the exercise of the Common Stock option. 

  
 This Stock Option Deferral Agreement is irrevocable, but will only apply to the stock option(s) designated in the Agreement. 
  

	 	(d)	Participation Procedure. In order to commence participation in the Plan, an Eligible Employee must complete and timely deliver to the Corporation the following forms:

  

	 	(i)	one or more of the Deferral Agreements referred to above; 

  

	 	(ii)	a Distribution Election Form which applies to one or more of the Accounts for which Deferrals are elected; and 

  

	 	(iii)	a Beneficiary Designation Form which applies to the Accounts. 

  

	 	(e)	Election Not to Defer. An Eligible Employee or Member may elect from time-to-time not to defer any amount he is eligible to defer hereunder without affecting the eligibility
to defer at any time in the future as long as he remains an Eligible Employee. 

  

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 ARTICLE 3. CONTRIBUTIONS 
  

	
3.01	Amount of Deferral Contributions 

  
 The amount of contributions to be recorded on the books of the Corporation on behalf of a Member’s Accounts pursuant to this Section 3.01 shall be
equal to the total of the Deferrals described herein. 
  

	 	(a)	Salary Deferrals. For each payroll period beginning on or after the effective date of an Eligible Employee’s Salary Deferral Agreement, his Cash Deferral Account shall
be credited with an amount of Salary Deferrals, if applicable. The amount of Salary Deferrals shall be equal to the designated percentage of Compensation elected by the Member in his Salary Deferral Agreement by agreeing to accept a reduction in
Compensation equal to a stated whole percentage of Compensation per payroll period which is not less than five percent (5%) nor more than ninety (90%) of Compensation. 

  

	 	(b)	Bonus Deferral. The amount of Bonus Deferrals shall be elected by the Member by agreeing to accept a reduction in Bonus equal to a stated whole percentage in his Bonus
Deferral Agreement for that year, which is not less than five percent (5%) or one hundred (100) shares of Common Stock nor more than ninety (90%) of Bonus. 

  

	 	(c)	Long-Term Incentive Deferral. The amount of a Long-Term Incentive Deferral shall be elected by the Member by agreeing to accept a reduction in the Long-Term Incentive equal
to a stated whole percentage in the applicable Long-Term Incentive Deferral Agreement, which is not less than five percent (5%) or one hundred (100) shares of Common Stock nor more than one hundred percent (100%) of the Long-Term Incentive.

  

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	 	(d)	Restricted Stock Deferral. The amount of a Restricted Stock Deferral shall be elected by the Member by agreeing to accept a reduction in the Restricted Stock Award equal to a
stated whole percentage of his Common Stock covered in the applicable Restricted Stock Deferral Agreement, which is not less than one hundred (100) shares of Common Stock nor more than one hundred percent (100%) of the award (in whole shares).

  

	 	(e)	Stock Option Deferral. The amount of a Stock Option Deferral shall be elected by the Member by agreeing to accept a reduction in Net Shares deliverable to him equal to a
stated whole percentage of his Net Shares for that Stock Option Deferral Agreement, which is not less than one hundred (100) shares of Common Stock nor more than one hundred percent (100%) of the Net Shares (in whole shares).

  

	 	(f)	The Corporation, in its sole discretion, may allow Deferrals in dollar amounts, or a combination of percentages and dollar amounts. 

  

	 	(g)	No election for Deferrals will be effective unless the cash amount or Common Stock amount payable to the Member to which the Deferral applies is sufficient to satisfy such election.

  

	 	(h)	In no event shall the Deferrals of Compensation, Bonus, Long-Term Incentive, Common Stock or Net Shares be reduced below the amount required for federal, state and local tax and any
other required or elected withholding amounts (including amounts elected under the Corporation’s various benefit plans). 

  

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3.02	Stock Option Exercise 

  

	 	(a)	This Section describes the special procedures for deferring the delivery and receipt of Common Stock which a Member may receive from the exercise of a nonqualified stock option
granted to the Member by the Corporation. The stock options are governed by the stock option plan under which they are granted. No stock options or shares of Common Stock are authorized to be issued under the Plan. A Member who elects to defer
receipt of Common Stock issuable upon the exercise of stock options will have no rights as a stockholder of the Corporation with respect to allocations made to his Stock Option Deferral Account except the right to receive dividend equivalent
allocations as hereafter described. 

  

	 	(b)	A Member may elect to defer receipt of Net Shares of Common Stock resulting from a stock-for-stock exercise of an exercisable stock option issued to the Member by completing and
submitting to the Corporation his Stock Option Deferral Agreement as provided in Section 2.02. The stock option exercise must occur on or prior to the expiration date of the stock option and must be accomplished by delivering Common Stock or using
another acceptable method, such as, attestation, on or prior to the exercise date, shares of Common Stock which have been personally owned by the Member for at least six (6) months prior to the exercise date and have not been used in a stock swap in
the prior six (6) months. A Member’s Stock Option Deferral Agreement shall not be effective if the stock option as to which the Member has made the deferral election terminates prior to the exercise date selected by the Member. If the Member
dies or fails to deliver shares of Common Stock which have been personally owned by the Member at least six (6) months prior to the exercise date (and have not been used in a stock 

  

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 swap in the prior six (6) months) in payment of the exercise price, then the Stock Option Deferral
Agreement shall not be effective. Only whole Net Shares may be deferred. 
  

	
3.03	Investment of Accounts 

  

	 	(a)	The Accounts of each Member shall be credited with an additional amount of hypothetical net earnings (or losses) determined under this Section. 

  

	 	(b)	Except for the Common Stock Deferral Account and the Stock Option Deferral Account, each Member shall elect the manner in which his Accounts are to be credited with net earnings
(and losses) by designating how the Accounts are to be invested on a hypothetical basis from among the Investment Funds. The election shall be made in writing on a form provided by the Corporation. An investment election shall be effective for the
Valuation Date established by the Corporation following its receipt. Modifications may be made to investment elections on the same basis. 

  

	 	(c)	If the Corporation exercises its discretion to establish the Trust, it reserves the right to determine the amount of contributions to the Trust and the types of investments used,
including, but not limited to, mutual funds, annuities and life insurance contracts. 

  

	 	(d)	Bonus Deferrals, Long-Term Incentive Deferrals, Restricted Stock Deferrals and Stock Option Deferrals of Common Stock may be maintained in their respective Accounts on the books of
the Corporation or the Common Stock may be held in the Trust. 

  

	 	(e)	Notwithstanding any of the other provisions of the Plan, the Member may elect to 

  

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 have any Salary Deferrals, cash Bonus Deferrals and cash Long-Term Incentive Deferrals invested in Common
Stock. The number of shares of Common Stock to be credited to a Member’s Cash Deferral Account by virtue of an election to invest a portion of a Salary Deferral, cash Bonus Deferral or a cash Long-Term Incentive Deferral in Common Stock shall
be determined on the date of such Deferral in accordance with such procedures as the Corporation shall establish. Such Common Stock may be maintained in the Cash Deferral Account on the books of the Corporation or the Common Stock may be held in the
Trust. 
  

	
3.04	Valuation of Accounts 

  

	 	(a)	On the first Valuation Date, the Member’s Accounts shall equal: 

  

	 	(i)	the amount of the Member’s Deferrals, if any, credited to the Member’s Accounts during the period from the Effective Date through the first Valuation Date; plus

  

	 	(ii)	the proportionate share of the net earnings or losses, if any, since the Effective Date on the Investment Funds, made available in determining the net earnings or losses on a
Member’s Deferrals; 

  

	 	(iii)	for purposes of the Common Stock valuation, all dividend equivalents payable in relation to Common Stock shall be credited in the form of additional whole and fractional shares of
Common Stock since the Effective Date. 

  

	 	(b)	On each subsequent Valuation Date, the Member’s Accounts shall equal: 

  

	 	(i)	the Member’s Accounts balance as of the immediately preceding Valuation Date; plus 

  

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	 	(ii)	the proportionate share of the net earnings or losses, if any, since the immediately preceding Valuation Date on the Investment Funds, made available in determining the net earnings
or losses on a Member’s Deferrals; plus 

  

	 	(iii)	all dividend equivalents payable in relation to the Common Stock (credited in the form of additional shares) since the immediately preceding Valuation Date; plus

  

	 	(iv)	the then value of the Member’s Deferrals, if any, credited since the immediately preceding Valuation Date; and less 

  

	 	(v)	any payments or distributions made in accordance with the terms of the Plan from the Member’s Accounts since the immediately preceding Valuation Date. 

 

	 	(c)	The Corporation reserves the right to change from time-to-time the procedures used in valuing the Accounts or crediting (or debiting) the Accounts if it determines that such an
action is justified in that it results in a more accurate reflection of the fair market value of assets. In the event of a conflict between the provisions of this Section and such new administrative procedures, those new administrative procedures
shall prevail. 

  

	 	(d)	In the event that the Corporation determines that any recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase or exchange of Common Stock or other securities of the Corporation, issuance of warrants or other rights to purchase Common Stock or other securities of the Corporation, or other similar corporate transactions or events affects the Common
Stock, an appropriate adjustment to the Member’s Accounts shall be made to prevent reduction or enlargement of the Member’s benefits under the Plan. 

  

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3.05	Vesting of Account 

  
 The Member shall be fully vested in his Deferrals and earnings credited to his Accounts. 
  

	
3.06	Individual Accounting 

  
 The Corporation shall maintain, or cause to be maintained, records showing the individual balances of each of the Member’s Accounts. At least once a
year, each Member shall be furnished with a statement setting forth the value of his Accounts. 
  

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 ARTICLE 4. PAYMENT OF ACCOUNT 
  

	
4.01	Payment of Accounts 

  
 A Member shall be entitled to receive payment of his Accounts upon the Member’s termination of employment from the Corporation for any reason.

  

	
4.02	Method of Payment 

  

	 	(a)	Unless otherwise elected as provided hereinafter, payment of the Accounts shall be made in a single lump sum payment on or as soon as administratively possible following the
Valuation Date for the month following the month in which the Member terminates employment. Any portion of the Cash Deferral Account consisting of Common Stock shall be payable only in kind. 

  

	 	(b)	In lieu of receiving an immediate lump sum payment, the Member may elect from time-to-time on a Distribution Election Form to receive his Accounts: 

  

	 	(i)	in annual installments over a period allowed by the Corporation ranging from two (2) to ten (10) years as follows: 

  

	 	(A)	with respect to Cash Deferral Accounts, except for any portion of the Cash Deferral Account consisting of Common Stock, annual cash payments calculated by multiplying (I) the
balance in the Cash Deferral Account as of the Valuation Date on which such installment payment is being made, times (II) a fraction equal to the reciprocal of the number of years remaining in the annual installment period elected by the Member; and

  

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	 	(B)	with respect to Common Stock Deferral Accounts and Stock Option Deferral Accounts and any Common Stock portion of the Cash Deferral Account, approximately equal annual installments
of Common Stock, or 

  

	 	(ii)	in a lump sum payment or in installments as provided in subparagraph (i) above beginning as of a specified Valuation Date either before or after his termination of employment in
accordance with terms established by the Corporation. 

  

	 	(c)	An installment payout election under paragraph (b) above is subject to the approval of the Corporation and to be effective must be made no later than: 

  

	 	(i)	the end of the Plan Year prior to the Plan Year in which the election will be effective; and 

  

	 	(ii)	at least six (6) months prior to the commencement payout date. 

  

	 	(d)	A Member may complete one Distribution Election Form at the time of the Member’s initial Deferral hereunder electing a date or dates on which any Member Deferrals will be
distributed or begin to be distributed to the Member other than the Member’s termination of employment. The initial Deferral election period on the Distribution Election Form must be at least three (3) Plan Years from the Plan Year in which
that Deferral occurs. 

  
 The Member may
subsequently extend any Deferral payout date, if the Member’s subsequent Distribution Election Form is executed and delivered to the Corporation at least two (2) Plan Years prior to the then elected payout date. 
  

	 	(e)	The Corporation may establish rules and procedures which allow a Member to complete a separate Distribution Election Form for each Account within 

  

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 the Member’s Accounts or for an amount in any one of his Accounts based on the value of separate
Deferral Agreements. In either situation, the Corporation shall revise the Distribution Election Form procedures under paragraph (d) above to allow current and subsequent elections to apply to each Account or to amounts in the Accounts based on
separate deferral agreements. 
  

	
4.03	Hardship Distributions 

  
 The Corporation may, pursuant to rules adopted by it and applied in a uniform manner, accelerate the date of distribution of a Member’s Accounts
(except the Common Stock Deferral Account and the Stock Option Deferral Account) because of hardship at any time. “Hardship” shall include an unforeseeable, severe financial condition resulting from (a) a sudden and unexpected illness or
accident of the Member or his dependents (as defined in Section 152(a) of the Code); (b) loss of the Member’s property due to casualty; or (c) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Member, but which may not be relieved through other available resources of the Member, as determined by the Corporation. The amount of the distribution may not be in excess of the amount of the financial need to satisfy the hardship,
including any amounts necessary to pay any federal, state or local tax reasonably anticipated to result from the distribution. 
  

	
4.04	Other Distributions 

  
 A Member shall be permitted to accelerate payment from his Accounts on or as soon as administratively possible following the Valuation Date coincident
with or occurring after at least thirty (30) days written notice to the Corporation. Such payment shall be subject to a 
  

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 ten percent (10%) penalty reduction to the Accounts and the Member’s future Deferrals shall be
suspended. The Member shall be permitted to reauthorize Deferrals for the Plan Year following the expiration of a twelve (12)-month period after said distribution, provided he still is an Eligible Employee. 
  

	
4.05	Accelerated Tax Distributions 

  
 In the event any Deferral is finally determined to be income taxable to the Eligible Employee prior to any distribution event hereunder, then the Account
holding that Deferral shall be distributable to the Eligible Employee. The Eligible Employee shall notify the Corporation of the final determination of taxability and will provide all information required by the Corporation. 
  

	
4.06	Compensation Committee Deferral of Distributions 

  
 The Compensation Committee may, in its sole discretion, defer payment to a future date of any otherwise scheduled distribution that would otherwise result
in the loss of a corporate income tax deduction under Internal Revenue Code Section 162(m). 
  

	
4.07	Death Benefit 

  
 If a Member dies before payment of the entire balance of his Accounts, an amount equal to the unpaid portion thereof as of the date of his death shall be
made in a single lump sum payment to his Beneficiary on or as soon as administratively possible following the Valuation Date for the month following the month in which the Member dies. 
  

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4.08	Designation of Beneficiary 

  
 Each Member shall file with the Corporation a written designation of one or more persons, trust or other recipient as the Beneficiary who shall be
entitled to receive the amount, if any, payable from his Accounts under the Plan upon his death pursuant to this Section 4.07. A Member may, from time to time revoke or change his Beneficiary designation without the consent of any prior Beneficiary
by filing a new designation with the Corporation. The last such designation received by the Corporation shall be controlling; provided however, that no designation, or change or revocation thereof, shall be effective unless received by the
Corporation prior to the Member’s death, and in no event shall it be effective as of a date prior to such receipt. If no such Beneficiary designation is in effect at the time of the Member’s death, or if no designated Beneficiary survives
the Member, the Corporation shall distribute the Member’s benefits to the following persons in the following order of priority: 
  

	 	(a)	The Member’s surviving spouse; 

  

	 	(b)	The Member’s surviving children, in equal shares; or 

  

	 	(c)	The legal representative of the Member’s estate. 

  

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 ARTICLE 5. CHANGE IN CONTROL 
  

	
5.01	Definition of Change in Control 

  
 Change in Control means any of the following events: 
  

	 	(a)	Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act as in effect as of the date of this Plan), other than the Corporation or any
“person” who as of the Effective Date is a director or officer of the Corporation or whose shares of Common Stock of the Corporation are treated as “beneficially owned” (as such term is used in Rule 13d-3 of the Exchange Act as
in effect as of the Effective Date) by any such director or officer, becomes the beneficial owner, directly or indirectly, of securities of the Corporation representing twenty-five percent (25%) or more of the combined voting power of the
Corporation’s then outstanding securities; 

  

	 	(b)	Individuals who, as of the Effective Date, constitute the Board of Directors of the Corporation (the “incumbent board”) cease for any reason to constitute at least a
majority of such Board of Directors, provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election, was approved by a vote of at least a majority of the directors comprising the
“incumbent board” shall be considered as though such individual were a member of the “incumbent board,” but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual
or threatened election contest (as such terms are used in Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” other than such Board of
Directors; 

  

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	 	(c)	A merger or consolidation of the Corporation, other than a merger or consolidation in which the voting securities of the Corporation immediately prior to the merger or consolidation
continue to represent (either by remaining outstanding or being converted into securities of the surviving entity) fifty-one percent (51%) or more of the combined voting power of the Corporation or surviving entity immediately after the merger or
consolidation with another entity; 

  

	 	(d)	A sale, exchange, lease, mortgage, pledge, transfer, or other disposition (in a single transaction or a series of related transactions) of all or substantially all of the assets of
the Corporation which shall include, without limitation, the sale of assets or earning power aggregating more than fifty percent (50%) of the assets or earning power of the Corporation on a consolidated basis; 

  

	 	(e)	A liquidation or dissolution of the Corporation; 

  

	 	(f)	A reorganization, reverse stock split, or recapitalization of the Corporation which would result in any of the foregoing; or 

  

	 	(g)	A transaction or series of related transactions having, directly or indirectly, the same effect as any of the foregoing. 

  

	
5.02	Application in Change in Control 

  
 To the extent applicable, the provisions of this Article shall control and shall supersede any other provisions of the Plan to the extent inconsistent
with the provisions of this Article. 
  

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5.03	Payments to and by the Trust 

  
 If the Corporation determines that it is probable that a Change in Control may occur within the six (6)-month period immediately following the date of
determination, or if a Change in Control in fact occurs in those situations where the Corporation has not otherwise made such a determination, the Corporation shall make a contribution to the Trust (if in existence at the date of determination or
the date of the Change in Control, as the case may be) in accordance with the provisions of the Trust. Solely for purposes of determining the amount of such contribution (but in no way in limitation of the Corporation’s liability under the Plan
as determined under other provisions of the Plan), the Corporation’s total liability under the Plan shall be equal to the value of all Accounts established under the Plan, which remain unpaid by the Corporation as of the date of determination
or the date of the Change in Control, as the case may be, whether or not amounts are otherwise currently payable to Members or Beneficiaries under the Plan. All such contributions shall be made as soon as possible after the date of determination or
of the Change in Control, as the case may be, and shall be made in cash and/or Common Stock. Further the Corporation may, in its discretion, make other contributions to the Trust from time-to-time for purposes of providing benefits hereunder,
whether or not a Change in Control has occurred or may occur. 
  
 Notwithstanding the foregoing, any contributions to the Trust, as well as any net earnings or losses thereon, shall be at all times subject to the provisions of the Trust. 
  

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5.04	Legal Fees and Expenses 

  
 The Corporation shall reimburse any Member or Beneficiary for all reasonable legal fees and expenses incurred by such Member or Beneficiary after the date
of any Change in Control in seeking to obtain any right or benefit provided by the Plan. 
  

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 ARTICLE 6. GENERAL PROVISIONS 
  

	
6.01	Establishment of Rules 

  
 The Corporation shall be responsible for providing for the general administration of the Plan and for carrying out the provisions of the Plan. The
Corporation from time-to-time shall establish rules for the administration of the Plan and the transaction of its business. The Corporation shall have total and complete discretion to interpret the Plan, including, but not limited to, the discretion
to: 
  

	 	(a)	determine all questions arising in the administration, interpretation and application of the Plan, including the power to construe and interpret the Plan; 

 

	 	(b)	decide all questions relating to an individual’s eligibility for benefits and the amounts thereof; 

  

	 	(c)	decide all facts relevant to the determination of eligibility for benefits or participation; 

  

	 	(d)	make such adjustments which it deems necessary or desirable to correct any arithmetical or accounting errors; and 

  

	 	(e)	determine the amount, form and timing of any distribution to be made hereunder. 

  
 In making its decision, the Corporation shall be entitled to, but need not rely upon, information supplied by a Member,
Beneficiary, or representative thereof. The Corporation may correct any defect, supply any omission, or reconcile any inconsistency in such manner and to such extent as it shall deem necessary to carry out the purposes of this Plan. The
Corporation’s decisions in such matters shall be binding and conclusive as to all parties. In providing for the administration of the Plan, the Corporation may delegate responsibilities for the operation and administration of the Plan by a
written document or documents filed with the Plan records. 
  

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6.02	Funding 

  

	 	(a)	All amounts payable in accordance with this Plan shall constitute a general unsecured obligation of the Corporation. Such amounts, as well as any administrative costs relating to
the Plan, shall be paid out of the general assets of the Corporation, to the extent not paid by a grantor trust established pursuant to paragraph (b) below. To the extent the Member or any other person acquires a right to receive benefits under this
Plan, such right shall be no greater than the right of any unsecured general creditor of the Corporation. 

  

	 	(b)	The Corporation may, for administrative reasons, establish a grantor trust for the benefit of Members participating in the Plan. The Corporation reserves the right to determine the
amount of contributions to the Trust and the types of investments used, including, but not limited to, mutual funds, annuities and life insurance contracts. The assets of said trust will be held separate and apart from other Corporation funds, and
shall be used exclusively for the purposes set forth in the Plan and the applicable trust agreement, subject to the following conditions: 

  

	 	(i)	the creation of said trust shall not cause the Plan to be other than “unfunded” for purposes of Title I of ERISA; 

  

	 	(ii)	the Corporation shall be treated as “grantor” of said trust for purposes of Section 677 of the Code; and 

  

	 	(iii)	said trust agreement shall provide that its assets may be used to satisfy claims of the grantor’s general creditors in the event of its insolvency, and the rights of such
general creditors are enforceable by them under federal and state law. 

  

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	 	(c)	All Accounts under the Plan shall be for bookkeeping purposes only and shall not represent a claim against specific assets of the Corporation. Nothing contained in this Plan shall
be deemed to create a trust of any kind or create any fiduciary relationship. Payments of amounts credited to Accounts under the Plan with respect to those Members and Beneficiaries for whom Trust contributions are made shall be made at the
Corporation’s option by the Corporation or from the Trust in accordance with the terms of the Trust, but, to the extent not paid by the Corporation, shall be paid by the Trust. 

  

	
6.03	No Contract of Employment 

  
 The establishment of the Plan shall not be construed as conferring any legal rights upon any person for a continuation of employment, nor shall it
interfere with the rights of the Corporation to discharge any officer and to treat him without regard to the effect which such treatment might have upon him as a Member of the Plan. 
  

	
6.04	Facility of Payment 

  
 In the event that the Corporation shall find that a Member is unable to care for his affairs because of illness or accident, the Corporation may direct
that any benefit payment due him, unless claim shall have been made therefor by a duly appointed legal representative, be paid to his spouse, a child, a parent or other blood relative, or to a person with whom he resides, and any such payment so
made shall be a complete discharge of the liabilities of the Plan therefor. 
  

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6.05	Withholding Taxes 

  
 The Corporation shall have the right to deduct from each payment to be made under the Plan any required withholding taxes. In the event employment tax
liability or state or local tax liability is assessed on amounts paid or payable under this Plan, the Corporation shall have the right to deduct from the payment or from the Member’s other Compensation any required employee portion of the
employment tax liability or income tax withholding. 
  

	
6.06	Nonalienation 

  
 Subject to any applicable law, no benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge, and any attempt so to do shall be void, nor shall any such benefit be in any manner liable for or subject to garnishment, attachment, execution or levy, or liable for or subject to the debts, contracts, liabilities,
engagements or torts of the Member or any liability for equitable distribution, alimony or other payments for the support of a spouse or former spouse, or for any other relative of any Member. 
  

	
6.07	Construction 

  
 The Plan is intended to constitute an unfunded deferred compensation arrangement for a select group of management or highly compensated employees. Except
to the extent superseded by Federal law, all rights hereunder shall be governed by and construed in accordance with the laws of the State of Ohio (including its statute or limitations provisions). The Plan shall be construed to effectuate its
purpose and the Corporation’s intent that the Plan be exempt from ERISA, as amended and that amounts deferred hereunder not be subject to Federal income tax until distributed. 
  

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 Except as otherwise provided by law, any action to enforce a right or obligation hereunder shall be
brought in a court of competent jurisdiction in the County of Franklin and State of Ohio. 
  

	
6.08	Limitations on Liability 

  
 Notwithstanding any of the preceding provisions of the Plan, neither the Corporation nor any individual acting as employee or agent of the Corporation
shall be liable to any Member, former Member or other person for any claim, loss, liability or expense incurred in connection with the Plan. The Corporation does not undertake any responsibility to any Member for the tax consequences of a particular
Member’s election to defer income under this Plan. 
  

	
6.09	Administrative Expense 

  
 All expenses of administering this Plan shall be paid by the Corporation and no part of the expenses or taxes on the Corporation shall be charged against
any Member’s Accounts or any benefits distributed under the Plan. 
  

	
6.10	Claims and Review Procedures 

  

	 	(a)	In accordance with any rules and procedures adopted by the Corporation, applications for benefits shall be submitted to the Corporation on a prescribed form signed by the Member or,
in the case of a death benefit, by his Beneficiary. 

  

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 The Corporation shall, within 90 days after the receipt of a written claim, send written notification to
the Participant or Beneficiary (referred to in the remainder of this Section as the “claimant”) as to its disposition, unless special circumstances require an extension of time for processing the claim. If such an extension is required,
written notice of the extension shall be furnished to the claimant prior to the termination of the initial ninety (90)-day period. In no event shall such extension exceed a period of ninety (90) days from the end of such initial period. The
extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Corporation expects to render the final decision. 
  
 In the event the claim is wholly or partially denied, the written notification shall state the specific reason or reasons
for the denial, include specific references to pertinent Plan provisions on which the denial is based, provide an explanation of any additional material or information necessary for the claimant to perfect the claim and a statement of why such
material or information is necessary, and set forth the procedure by which the claimant may appeal the denial of the claim. If the claim has not been granted and notice is not furnished within the time period specified in the preceding paragraph,
the claim shall be deemed denied for the purpose of proceeding to appeal in accordance with paragraph (b) below. 
  

	 	(b)	In the event a claimant wishes to appeal the denial of his claim, he may request a review of such denial by making written application to the Corporation within sixty (60) days
after receipt of the written notice of denial (or the date on which such claim is deemed denied if written notice is not received within the applicable time 

  

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 period specified in paragraph (a) above). Such claimant (or his duly authorized representative) may, upon
written request to the Corporation, review documents which are pertinent to such claim, and submit in writing issues and comments in support of his position. Within sixty (60) days after receipt of the written appeal (unless an extension of time is
necessary due to special circumstances or is agreed to by the parties, but in no event more than one hundred twenty (120) days after such receipt), the Corporation shall notify the claimant of its final decision. Such final decision shall be in
writing and shall include specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision is based. If an extension of time for review is required because of special circumstances, written notice of
the extension shall be furnished to the claimant prior to the commencement of the extension. If the claim has not been granted and written notice is not provided within the time period specified above, the appeal shall be deemed denied. 

 

	 	(c)	If the claimant does not follow the procedures set forth in paragraphs (a) and (b) above, the claimant shall be deemed to have waived his right to appeal benefit determinations
under the Plan. In addition, the decisions, actions, and records of the Corporation shall be conclusive and binding upon the Corporation and all persons having or claiming to have any right or interests in or under the Plan.

  

	
6.11	Illegal or Invalid Provision 

  
 In case any provision of the Plan shall be held illegal or invalid for any reason, such illegal or invalid provision shall not affect the remaining parts
of the Plan, but the Plan shall be construed and enforced without regard to such illegal or invalid provision. 
  

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6.12	Gender and Number 

  
 Except as otherwise indicated by context, masculine terminology used herein also includes the feminine, and terms used in the singular may also include
the plural. 
  

	
6.13	Successors 

  
 All obligations of the Corporation under the Plan shall be binding on any successor to the Corporation, whether the existence of such successor is the
result of a direct or indirect purchase of all or substantially all of the business and/or assets of the Corporation, or a merger, consolidation or otherwise. 
  

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ARTICLE 7. AMENDMENT OR TERMINATION 
  
 The Corporation reserves the right to modify or to amend, in whole or in part, or to terminate this Plan any time by action of its Compensation Committee, taken at a meeting held either in person or by telephone or other electronic means,
or by unanimous written consent by lieu of a meeting. However, no modification or amendment of the Plan shall adversely affect the right of any Member to receive the benefits granted under the Plan by the Corporation in respect to such Member as of
the date of modification or amendment. 
  
 If the Plan is terminated, payments
from the Accounts of all Members and Beneficiaries shall be made as soon as administratively convenient in the form of monthly payments over a three (3)-year period; however, the Compensation Committee, in its sole discretion, may pay benefits in a
lump sum. 
  
 Notwithstanding the foregoing, following a Change in Control no
modification, amendment or termination of the Plan shall change the right of any Member to direct investments, to direct the investment forms, to make distribution elections whether in-service or at termination of service from those rights the
Member had at the date of modification, amendment or termination, without the written consent of a majority in number of the Members, except when to comply with legal or regulatory requirements necessary to maintain the tax deferred status of any
Deferrals. 
  

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