Document:

Exhibit 10.15

 Exhibit 10.15 
  
 THE NASDAQ STOCK MARKET, INC. 
 PERFORMANCE SHARE UNIT AGREEMENT 
  
 This PERFORMANCE SHARE UNIT AGREEMENT (this “Agreement”) between The Nasdaq Stock Market, Inc., a Delaware corporation (the “Company”), and Robert Greifeld (the “Grantee”) memorializes the
approval by the Management Compensation Committee of the Board of Directors of the Company (the “Committee”) on February 6, 2008 of (i) the grant of performance share units to the Grantee pursuant to the terms of that
certain Amended and Restated Employment Agreement by and between the Company and the Grantee, effective as of January 1, 2007 (the “Employment Agreement”), and (ii) the performance goal with respect to such performance
share units. 
  
 RECITALS: 
  
 The Company has adopted The Nasdaq Stock Market, Inc. Equity Incentive Plan
(the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement. The Plan in relevant part provides for the issuance of stock-based awards that are subject to the attainment of performance goals as
established by the Committee. 
  
 The Committee has determined
that it is in the best interests of the Company and its stockholders to grant the performance share units provided for herein to the Grantee pursuant to the Plan and under the terms set forth herein as an increased incentive for the Grantee to
contribute to the Company’s future success and prosperity . 
  
 Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Plan or the Employment Agreement, as the case may be. 
  
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
  
 1. Grant of Performance-Based Award. The Company hereby grants to the
Grantee 80,000 performance share units (the “Performance Share Units”), which Performance Share Units shall entitle the Grantee to receive up to 120,000 Shares (or a lesser number of Shares, or no Shares whatsoever), all in
accordance with the terms and conditions set forth herein. Shares corresponding to the Performance Share Units granted herein are in all events to be delivered to the Grantee only after the Grantee has become vested in the Performance Share Units
pursuant to Section 4, below. 
  
 2. Performance
Period. For purposes of this Agreement, the term “Performance Period” shall be the period commencing on January 1, 2008 and ending on December 31, 2010. 
  
 3. Performance Goal. The Performance Goal is set out in Appendix A hereto, which Appendix A is incorporated by
reference herein and made a part hereof. Depending upon the extent, if any, to which the Performance Goal has been achieved, and subject to compliance with the requirements of Section 4, each Performance Share Unit shall entitled the Grantee to
receive upon completion of the Performance Period between 0 and 1.5 Shares. The Committee shall, as soon as practicable following the last day of the Performance Period, certify (i) the extent, 

 
if any, to which, in accordance with Appendix A, the Performance Goal has been achieved with respect to the Performance Period and (ii) the number of
whole and/or partial Shares, if any, which, subject to compliance with the requirements of Section 4, the Grantee shall be entitled to receive with respect to each Performance Share Unit (with such number of whole and/or partial Shares being
hereafter referred to as the “Share Delivery Factor”). Such certification shall be final, conclusive and binding on the Grantee, and on all other persons, to the maximum extent permitted by law. 
  
 4. Vesting of Performance Share Units. The Performance Share Units are
subject to forfeiture to the Company until they become nonforfeitable in accordance with this Section 4. Subject to the provisions of Section 6, the risk of forfeiture will lapse on all Performance Share Units, and all Performance Share
Units shall thereupon become vested, upon the completion of the Performance Period. 
  
 5. Delivery of Stock Certificates. A certificate in the number of whole Shares (if
any) equal to the product of (i) the number of vested Performance Share Units multiplied by (ii) the Share Delivery Factor (with such product rounded up to the next whole number) shall be registered in the name of the Grantee and delivered
to the Grantee or the Grantee’s legal representative not later than 30 days following the aforementioned certification by the Committee, but in no event later than the June 30th that immediately follows the completion of the Performance Period, provided that the Grantee has otherwise complied with the requirements of Section 13. 
  
 6. Termination of Employment. 
  
 (a) In the event that (1) the Company terminates the Grantee’s
employment with the Company for Cause or (2) the Grantee terminates his employment with the Company without Good Reason, all Performance Share Units which have not as of the Date of Termination become vested shall be cancelled and forfeited,
effective as of the Date of Termination, without further consideration to the Grantee. 
  
 (b) In the event that (1) the Company terminates the Grantee’s employment with the Company without Cause, (2) the Grantee terminates his employment with the Company for Good Reason, (3) the
Grantee’s employment with the Company terminates by reason of death, Permanent Disability or Retirement, or (4) the Grantee’s employment with the Company terminates by reason of the delivery of a Non-Renewal Notice by either the
Company or the Grantee, all Performance Share Units shall become vested in accordance with the provisions of Section 4 as if the Grantee’s employment had not terminated; provided, however, that in the event the Grantee breaches any
of his obligations under Section 9 or 10 of the Employment Agreement, any unvested Performance Share Units or vested Performance Share Units for which Share certificates have not yet been delivered shall be deemed cancelled and forfeited
without further consideration to the Grantee. 
  
 7. Repayment;
Recalculation of Number of Shares to be Delivered. If the Company, for any reason, downwardly restates its financial results with respect to the fiscal year of the Company ending December 31, 2007 or the fiscal year of the Company ending
December 31, 2010, the Committee, in its sole discretion, may, to the extent permitted by law and to the 

  

 2 

 
extent it determines in its sole judgment that it is in the best interests of the Company to do so, redetermine (i) the extent, if any, to which, in
accordance with Appendix A, and based upon such restated financial results, the Performance Goal has been achieved with respect to the Performance Period and (ii) the number of whole and partial Shares, if any, which, subject to compliance with
the requirements of Section 4, the Grantee shall thereupon be (or shall have been, as the case may be) entitled to receive with respect to each Performance Share Unit (with such number of whole or partial Shares being hereafter referred to as
the “Revised Share Delivery Factor”). If the Committee in fact takes such action, (i) in the event that Shares have not yet been delivered to the Grantee pursuant to the provisions of Section 5, the number of Shares to be
delivered shall instead be determined based upon the Revised Share Delivery Factor and (ii) in the event that Shares have already been delivered, the Committee shall require the repayment by the Grantee to the Company of that number of Shares
equal to the difference between the number of Shares so delivered and the lesser number of Shares which would have been delivered based upon the Revised Share Delivery Factor. 
  
 8. Tax Consequences. The Grantee acknowledges that the Company has not advised the Grantee regarding the
Grantee’s income tax liability in connection with the grant or vesting of the Performance Share Units and the delivery of Shares in connection therewith. The Grantee has reviewed with the Grantee’s own tax advisors the federal, state, and
local and tax consequences of the grant and vesting of the Performance Share Units and the delivery of Shares in connection therewith as contemplated by this Agreement. The Grantee is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Grantee understands that the Grantee (and not the Company) shall be responsible for the Grantee’s own tax liability that may arise as a result of the transactions contemplated by this
Agreement. 
  
 9. Transferability. 
  
 (a) Except as provided below, the Performance Share Units are
nontransferable and may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee, except by will or the laws of descent and distribution, and upon any such transfer, by will or the laws of descent and
distribution, the transferee shall hold such Performance Share Units subject to all the terms and conditions that were applicable to the Grantee immediately prior to such transfer. Notwithstanding the foregoing, the Grantee may transfer any vested
Performance Share Units to members of his immediate family (defined as his spouse, children or grandchildren) or to one or more trusts for the exclusive benefit of such immediate family members or partnerships in which such immediate family members
are the only partners if the transfer is approved by the Committee and the Grantee does not receive any consideration for the transfer. Any such transferred portion of the Performance Share Units shall continue to be subject to the same terms and
conditions that were applicable to such portion of the Performance Share Units immediately prior to transfer (except that such transferred Performance Share Units shall not be further transferable by the transferee). No transfer of a portion of the
Performance Share Units shall be effective to bind the Company unless the Company shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the
acceptance by the transferee of the terms and conditions hereof. 
  

 3 

 (b) Upon any transfer by will or the laws of descent and distribution, such transferee shall take the
Performance Share Units and the Shares delivered in connection therewith (the “Transferee Shares”) subject to all the terms and conditions that were (or would have been) applicable to the Performance Share Units and the Transferee
Shares immediately prior to such transfer. 
  
 10. Rights of
Grantee. Prior to the delivery, if any, of Shares to the Grantee pursuant to the provisions of Section 5, the Grantee shall not have any rights of a shareholder of the Company on account of the Performance Share Units. 
  
 11. Unfunded Nature of Performance Share Units. The Company will not
segregate any funds representing the potential liability arising under this Agreement. The Grantee’s rights in respect of this Agreement are those of an unsecured general creditor of the Company. The liability for any payment under this
Agreement will be a liability of the Company and not a liability of any of its officers, directors or Affiliates. 
  
 12. Securities Laws. The Company may condition delivery of certificates for Shares delivered for any vested Performance Share Units upon the prior
receipt from the Grantee of any undertakings which it may determine are required to assure that the certificates are being issued in compliance with federal and state securities laws 
  
 13. Withholding. The Grantee shall pay to the Company promptly upon request, and in any event, no later than at the
time the Company determines that the Grantee will recognize taxable income in respect of the Performance Share Units, an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the
Performance Share Units. Such payment shall be made in the form of (i) cash, (ii) Shares already owned for at least six months, (iii) delivering to the Company a portion of the Shares otherwise to be delivered to the Grantee with
respect to the Performance Share Units sufficient to satisfy the minimum withholding required with respect thereto to the extent permitted by the Company, or (iv) in a combination of such methods, as irrevocably elected by the Grantee prior to
the applicable tax due date with respect to the Units. 
  
 14.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
  
 15. Amendments. This Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto. 
  
 16. No Right to Continued Employment. This Agreement shall not confer
on the Grantee any right to be retained, in any position, as an employee, consultant or director of the Company. 
  
 17. Notices. Any notice, request, instruction or other document given under this Agreement shall be in writing and may be delivered by such method
as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company, to the Secretary of the Company at the principal office of the Company and, in the case of the Grantee, to the Grantee’s address as shown in
the records of the Company or to such other address as may be designated in writing (or by such other method. approved by the Company) by either party. 
  

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 18. Conflict. In the event of conflict between any term or provision contained herein and a term
or provision of the Plan, the applicable terms and provisions of this Agreement will govern and prevail. 
  
 19. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 20. Execution. This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which will be
deemed an original, and all of which together shall be deemed to be one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Performance Share Unit Agreement on the
21st day of February, 2008. By execution of this Performance Share Unit Agreement the Grantee acknowledges receipt of a copy of the Plan.

  
  

	
	THE NASDAQ STOCK MARKET, INC.
	
	/s/ James L. Johnson, Jr.
	 By: James L. Johnson, Jr.
 Title: Senior Vice
President

	
	
	ROBERT GREIFELD
	
	/s/ Robert Greifeld
	Signature

  

 5 

 Appendix A 
  

Performance Goal for Performance Share Unit Grant 
 January 1, 2008 – December 31, 2010 Performance Period 
  
 This Appendix A to the Performance Share Unit Agreement sets forth the Performance Goal to be achieved and, depending upon the extent (if any) to which the Performance Goal is achieved, the number of whole and/or
partial Shares, if any, which the Grantee shall have the right to receive with respect to each Performance Share Unit. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Agreement and the Plan. 

 
 The sole Performance Goal shall be earnings per share growth (“EPS
Growth”) of the Company during the Performance Period. EPS Growth shall be expressed as the compounded annual increase, if any, in the earnings per share of the Company during the Performance Period (“Percentage Rate of EPS
Growth”), and shall be determined based upon the amount, if any, by which: 
  

	 	(i)	the adjusted earnings per share of the Company, as determined in accordance with the provisions of the following paragraph, for the fiscal year of the Company ending
December 31, 2010 exceeds 

  

	 	(ii)	the earnings per share of the Company, as determined in accordance with U.S. generally accepted accounting principles (“US GAAP”), for the fiscal year of the Company
ending December 31, 2007. 

  
 For purposes of
the preceding paragraph, the adjusted earnings per share of the Company for the fiscal year of the Company ending December 31, 2010 shall be equal to the earnings per share of the Company, for such fiscal year, as determined in accordance with
US GAAP, adjusted as follows: 
  

	 	(i)	any stock or asset acquisition which is made during the Performance Period by the Company (or by any other member of the corporate controlled group which includes the Company) shall
be taken into account for such purpose if the financial results of such acquisition are accretive to the earnings per share of the Company, as otherwise determined in accordance with US GAAP, for the fiscal year of the Company ending
December 31, 2010, except to the extent that the Committee, in its discretion, exercised after the close of the Performance Period, chooses to nevertheless disregard, in whole or in part, the financial results of such acquisition, and

  

	 	(ii)	any stock or asset acquisition made during the Performance Period by the Company (or by any other member of the corporate controlled group which includes the Company) shall be
disregarded for such purpose if disregarding the financial results of such acquisition would result in an increase in the earnings per share of the Company, as otherwise determined in accordance with US GAAP, for the fiscal year of the Company
ending December 31, 2010. 

  

 A-1 

 The Committee will rely on the Company’s audited financial statements and related information for
purposes of determining the amount, if any, of EPS Growth. 
  
 Each Performance Share Unit shall, subject to the vesting provisions set forth in the Agreement, entitle the Grantee to 0.5 Shares for the achievement of “threshold” EPS Growth performance, 1.0 Share for the achievement of
“target” EPS Growth performance, and 1.5 Shares for the achievement of “maximum” EPS Growth performance. 
  
 The following table sets forth these three EPS Growth performance levels: 
  

 Table 1: Levels of Achievement of the Performance Goal 
  

							
	 	  	Threshold
Performance	  	Target
Performance	  	Maximum
Performance
	 EPS Growth
 (compounded annual
 increase over the
 Performance
Period)
	  	10% growth	  	14% growth	  	21% growth

  
 The following table
sets forth, subject to the vesting conditions set forth in the Agreement, the total number of Shares deliverable to the Grantee as a result of achievement of each such Performance Goal level. 
  
 Table 2: Number of Shares Deliverable Upon Achievement 
 of Performance Goal 
  

					
	 Threshold
 Performance
	 	 Target
 Performance
	 	 Maximum
 Performance

	 40,000
	 	80,000	 	120,000

  
 For EPS Growth below
the “threshold” percentage level, no Shares shall be deliverable to the Grantee. For EPS Growth between (i) the “threshold” percentage level and the “target” percentage level or
(ii) between the “target” percentage level and the “maximum” percentage level (as specified in Table 1, above), the whole and/or partial number of Shares deliverable with respect to each Performance Share Unit
will be interpolated by the Committee to three decimal places. 
  
 Notwithstanding any of the foregoing provisions of this Appendix A to the contrary, to the extent permitted under Section 162(m) of the Code and any other applicable laws or regulations, the Committee may adjust the “target,”
“threshold” and “maximum” EPS Growth performance percentage levels, in its sole discretion, so as to prevent the dilution or enlargement of the Grantee’s Performance Share Units as a result of any event specified in the
definition of “Performance Goals” in the Plan, but only to the extent that the exercise of such discretion would 

  

 A-2 

 
not cause the Performance Share Units to fail to qualify as “performance-based compensation” under Section 162(m) of the Code. 
  
 All actions taken by the Committee pursuant to this Appendix A shall be
final, conclusive and binding upon the Grantee, and all other persons, to the maximum extent permitted by law. 
  

 A-3The Company's Supplemental Senior Officer Retirement Plan

 Exhibit 10.3 
 SUPPLEMENTAL SENIOR OFFICER RETIREMENT PLAN 
 as amended effective December 31, 2007

 PREAMBLE 
 Barnes Group Inc.
adopted the Supplemental Senior Officer Retirement Plan (the “SSORP”) effective April 3, 1996 and amended it effective December 31, 2007. To the extent that any benefits under the SSORP are “grandfathered” from
Section 409A of the Code (i.e., are compensation to which Section 409A of the Code does not apply, according to Treasury Regulation section 1.409A-6 or any other applicable Treasury Department guidance), such benefits shall be determined
in accordance with, and be governed exclusively by, the provisions of the SSORP as in effect before December 31, 2007. To the extent that any benefits under the SSORP are not “grandfathered” from Section 409A of the Code, such
benefits shall be determined in accordance with, and be governed exclusively by, the provisions of the SSORP as amended effective December 31, 2007, which are set forth below. 
 SECTION 1 
 DEFINITIONS 
 The words and phrases defined hereinafter shall have the following meaning unless a different meaning is clearly required by the context of the Plan. 
  

	1.1	“Accrued Benefit” shall mean a monthly benefit payable in the form of a single life annuity commencing on the Participant’s Normal Retirement Date, or
Deferred Retirement Date if applicable, which is equal to an amount calculated in accordance with Section 3.1. 

  

	1.2	“Benefits Committee” shall mean the Benefits Committee of the Board or its successor. 

  

	1.3	“Board” shall mean the Board of Directors of Barnes Group Inc., or its successor. 

  

	1.4	“Code” shall mean the Internal Revenue Code of 1986, as amended, or as it may be amended from time to time. 

  

	1.5	“Committee” shall mean the Compensation Committee of the Board or its successor. 

  

 Page 1 of 15 

	1.6	“Company” shall mean Barnes Group Inc. and each subsidiary and affiliated corporation. 

  

	1.7	“Compensation” with respect to any calendar year in which the Participant earns Credited Service, shall mean the sum of (a) the Participant’s
“Compensation”, as defined by the Qualified Plan, except that the limits of Code Section 401(a)(17) shall not apply, and (b) bonuses paid pursuant to the Management Incentive Compensation Plan and the Performance-Linked Bonus
Plan for Selected Executive Officers, or any successor plans. For purposes of determining compensation for a calendar year, payments made under a bonus plan shall be attributed to the year earned. 

  

	1.8	“Contingent Annuitant” shall mean the person designated by the Participant, pursuant to Section 7.4, to receive benefits payable hereunder in the event
of the death of the Participant. 

  

	1.9	“Credited Service” shall mean “Credited Service” as defined by the Qualified Plan. 

  

	1.10	“Deferred Retirement Date” shall mean a Participant’s actual retirement date, if the Participant remains in active service after his Normal Retirement
Date. 

  

	1.11	“Early Retirement Date” shall mean the date on which a Participant retires from the employ of the Company, if such date is before the date the Participant
reaches Normal Retirement Date but after the date the Participant has attained age 55 and completed 5 years of Credited Service. 

  

	1.12	“Effective Date” shall be January 1, 1996. 

  

	1.13	“Final Average Compensation” shall mean Compensation averaged over the 5 calendar years, whether or not consecutive, in the last 10 years of Credited Service
immediately preceding his termination date which produce the highest such average. 

  

	1.14	“Normal Retirement Date” shall mean the first day of the month coincident with or next following the date a Participant has attained age 62 and completed 10
years of Credited Service. 

  

	1.15	“Participant” shall mean each employee of the Company whom the Board names as a participant in the Plan. 

  

	1.16	“Plan” shall mean the Barnes Group Inc. Supplemental Senior Officer Retirement Plan, as amended and set forth herein or in any amendment hereto.

  

 Page 2 of 15 

	1.17	“Prior Employer Benefit” shall mean the benefit (or benefit equivalent) payable by each prior employer from which the Participant has received or is entitled
to receive a vested benefit. The Prior Employer Benefit shall be expressed as a lifetime annuity commencing at age 62, and determined in accordance with the guidelines outlined below at the time participation in this Plan is extended to the
Participant. 

 Pension Plans. The pension benefit payable from a prior employer’s defined benefit pension
plan is converted to a life annuity commencing at age 62, based upon the factors applicable to the prior employer’s plan or if none are available, factors from the Qualified Plan. 
 Account Balance Plans. The balance from an account balance plan shall be converted to a lifetime benefit payable at age 62, using the
following factors: 
  

	 	•	 	 With respect to account balance plan balances maintained by any prior employer where such plans are the prior employer’s principal retirement plan, the account
balance shall be measured as soon as is practicable after the date employment with such a prior employer is terminated. 

  

	 	•	 	 An interest rate equal to the average 30-year Treasury rate for the month preceding the measurement date. 

  

	 	•	 	 Mortality based upon the table prescribed by the IRS to calculate lump sum distributions from qualified pension plans. 

 Other Arrangements. Other arrangements will be converted to a lifetime benefit commencing at age 62 using procedures and assumptions which
are consistent with the procedures and assumptions outlined above. 
  

	1.18	“Qualified Plan” shall mean the Barnes Group Inc. Salaried Retirement Income Plan, a pension plan sponsored by the Company which satisfies the requirements
for qualification under Section 401(a) of the Code. 

  

	1.19	“Qualified Plan Benefit” shall mean the annual amount of pension benefit under the Qualified Plan payable immediately as a single life annuity upon the
Participant’s actual retirement date (Normal Retirement Date, Early Retirement Date, or Deferred Retirement Date, whichever is applicable). 

  

	1.20	 “Social Security Benefit” shall mean the annual Social Security benefit, which reflects any reduction for commencement prior to a
Participant’s Social Security Retirement Age or any delayed retirement credit for commencement after his Social Security Retirement Age, as determined under the Social Security Act in 

  

 Page 3 of 15 

	 	 
effect on the January 1 preceding the date benefits commence, and based upon the following assumptions: 

  

	 	(a)	the Participant had no earnings during the calendar year which includes the date his employment with the Company terminates, or in any subsequent calendar year;

  

	 	(b)	the Participant’s earnings in each prior year are equal to the maximum amount of wages subject to old age survivor and disability insurance tax under the Federal Insurance
Contributions Act; 

  

	 	(c)	benefits commence on the Participant’s actual retirement date if such retirement date occurs on or after the Participant’s 62nd birthday; and 

  

	 	(d)	in the event the Participant’s actual retirement is prior to age 62, his Social Security Benefit shall equal the Social Security Benefit otherwise payable at age 62 multiplied
by the appropriate factor from the following table, based on the age when benefits commence (factors for ages not shown shall be interpolated): 

  

				
	 Age at Retirement
	  	Factor	 
	 61
	  	96.4	%
	 60
	  	92.8	%
	 59
	  	89.2	%
	 58
	  	85.6	%
	 57
	  	82.0	%
	 56
	  	78.4	%
	 55
	  	74.8	%

  

 Page 4 of 15 

 SECTION 2 
 PURPOSE OF PLAN 
  

	2.1	Purpose. The Plan is designed to provide supplemental retirement benefits to selected executives of the Company. Such benefits shall be payable out of the general
assets of the Company. 

  

 Page 5 of 15 

 SECTION 3 
 NORMAL AND DEFERRED RETIREMENT BENEFITS 
  

	3.1	Benefit Upon Normal Retirement. Upon reaching Normal Retirement Date, a Participant may retire from the employ of the Company and shall be entitled to receive a
lifetime monthly “Normal Retirement Benefit” (also referred to as the Accrued Benefit) commencing on his Normal Retirement Date. The Participant’s monthly Normal Retirement Benefit shall be equal to one-twelfth of the excess of
(a) over the sum of (b), (c) and (d), where: 

  

	 	(a)	equals 55% of his Final Average Compensation multiplied by the ratio (not to exceed 1.0) of his Credited Service to fifteen; 

  

	 	(b)	equals his Qualified Plan Benefit; and 

  

	 	(c)	equals his Social Security Benefit; and 

  

	 	(d)	equals his Prior Employer Benefit. 

  

	3.2	Benefit Upon Deferred Retirement. Upon retiring on a Deferred Retirement Date, a Participant shall be entitled to receive a benefit commencing on the first day of the
month coincident with or next following the Participant’s Deferred Retirement Date and continuing monthly for the lifetime of the Participant. The amount of such benefit shall be equal to the amount otherwise payable under Section 3.1
based on the Participant’s Final Average Compensation, Credited Service, Qualified Plan Benefit, Social Security Benefit and Prior Employer Benefit determined as of the Participant’s Deferred Retirement Date. 

  

 Page 6 of 15 

 SECTION 4 
 EARLY RETIREMENT BENEFITS 
  

	4.1	Benefit Upon Early Retirement. If a Participant retires on or after his Early Retirement Date, but prior to his Normal Retirement Date, and any of conditions (a),
(b) or (c) immediately below apply, he shall be entitled to a lifetime monthly “Early Retirement Benefit” as described in Section 4.2 below. 

  

	 	(a)	His retirement was requested by the President and Chief Executive Officer of the Company, 

  

	 	(b)	His retirement was requested by the Board, or 

  

	 	(c)	His retirement has the approval of the Board. 

  

	4.2	Amount of Early Retirement Benefit. The amount of the Participant’s Early Retirement Benefit shall be determined as one-twelfth of the excess of (a) over the
sum of (b), (c) and (d) below, where: 

  

	 	(a)	equals the product of (i), (ii), and (iii) below 

  

	 	(i)	equals 55% of his Final Average Compensation, 

  

	 	(ii)	equals the ratio (not to exceed 1.0) of his Credited Service to the greater of 

  

	 	(a)	15, or 

  

	 	(b)	the Credited Service the Participant would have completed had Credited Service continued to age 62, and 

  

	 	(iii)	equals the appropriate factor from the following table, based on the age when benefits commence (factors for ages not shown shall be interpolated): 

  

 Page 7 of 15 

				
	 Age at Retirement
	  	Factor	 
	 61
	  	96.4	%
	 60
	  	92.8	%
	 59
	  	89.2	%
	 58
	  	85.6	%
	 57
	  	82.0	%
	 56
	  	78.4	%
	 55
	  	74.8	%

  

	 	(b)	equals his Qualified Plan Benefit as of such date, 

  

	 	(c)	equals his Social Security Benefit, and 

  

	 	(d)	equals his Prior Employer Benefit, as adjusted by multiplying by the factors in Section 4.2(a)(iii), above. 

  

	4.3	Commencement Date. The Participant’s Early Retirement Benefit shall commence on the first day of the month coincident with or next following the
Participant’s Early Retirement Date. 

  

 Page 8 of 15 

 SECTION 5 
 DEATH BENEFITS 
  

	5.1	Death of Participant Prior to Commencement of Benefits. If a Participant dies on or after attaining age 55 and completing 5 years of Credited Service, but prior to the
date his benefits under this Plan commence, his Surviving Spouse shall be eligible to receive a monthly lifetime benefit commencing on the first day of the month following the Participant’s death. The benefit payable to his Surviving Spouse
shall be equal to the amount which would have been payable to the Surviving Spouse if the Participant had: 

  

	 	(a)	terminated employment on the date of death; 

  

	 	(b)	elected to receive payments in the form of a joint and 50% contingent annuity with his Surviving Spouse as Contingent Annuitant; and 

  

	 	(c)	died on the next day. 

  

	5.2	Death of Participant After Commencement of Benefits. If a Participant dies after the commencement of his benefits under this Plan, no death benefit will be payable
hereunder except as otherwise provided under the form of annuity payment in effect on the date of death. 

  

 Page 9 of 15 

 SECTION 6 
 DISABILITY 
  

	6.1	Disability Defined. For purposes of this Plan, a Participant shall be deemed to be disabled if he is eligible for and receiving Social Security disability benefits.

  

	6.2	Disability Benefits. No benefits shall be payable hereunder solely on account of disability. However, if a Participant is deemed to be disabled under Section 6.1,
he shall continue to accrue Credited Service until the earliest of the following events: 

  

	 	(a)	the Participant attains his Normal Retirement Date; 

  

	 	(b)	the Participant elects to retire on an Early Retirement Date; 

  

	 	(c)	the Participant dies (however, no benefits are payable under the plan on account of death prior to age 55 and completion of 5 years of Credited Service) and

  

	 	(d)	the Participant ceases to be disabled. 

 The
Participant’s Compensation during the period of disability shall, for purposes of this Plan, be deemed to be equal to the Participant’s Compensation for the calendar year preceding the date on which such disability began. 
  

 Page 10 of 15 

 SECTION 7 
 NORMAL AND OPTIONAL FORMS OF PAYMENT 
  

	7.1	Normal Form of Payment. The normal form of payment under this Plan for an unmarried Participant is a single life annuity: a benefit payable monthly for the lifetime of
the Participant, the first payment to be due on the date specified in Section 3, 4, or 5 hereof, and the last payment to be due on the first day of the calendar month in which death occurs. 

 The normal form of payment under this Plan for a married Participant is a 50% joint and contingent annuity: a benefit payable monthly for the lifetime of
the Participant with a lifetime benefit equal to 50% of such benefit payable monthly to the spouse following the death of the Participant. 
  

	7.2	Optional Forms of Payment. In lieu of the normal form of payment, a Participant may elect to receive his benefit in the form of: 

  

	 	(a)	a Single Life Annuity, which is a benefit payable monthly for the lifetime of the Participant with no benefits payable after his death; 

  

	 	(b)	a Joint and Contingent Annuity, which is a benefit payable monthly for the lifetime of the Participant with a benefit equal to 25%, 33 1/3%, 50%, 66 2/3%, 75%, or 100% (as selected
by the Participant) of such benefit payable monthly to the Contingent Annuitant for the lifetime of the Contingent Annuitant; or 

  

	 	(c)	a Ten Year Certain and Continuous Annuity, which is a benefit payable monthly for the lifetime of the Participant and, in the event of the Participant’s death prior to
receiving 120 monthly payments, payable monthly to a named Beneficiary until the Participant and Beneficiary together have received 120 monthly payments. If both the Participant and the Beneficiary die before 120 payments have been made, payments
shall be made to the Participant’s estate until a total of 120 monthly payments have been paid. 

 The Participant’s
benefits shall be paid in an optional form if the Participant makes an irrevocable election at least twelve months prior to the time benefits under this Plan commence. In the event that a Participant elects a Joint and Contingent Annuity and the
Contingent Annuitant designated by the Participant dies prior to the time benefits commence, the election of the optional form of payment shall be disregarded. In the event that a Participant elects a Ten Year Certain and Continuous Annuity and the
Beneficiary designated by the Participant 

  

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dies prior to the time benefits commence, the Participant shall designate a new Beneficiary. Elections of optional forms of payment shall be filed by the
Participant with the Benefits Committee or its designee on a form approved by the Benefits Committee. 
  

	7.3	Actuarial Equivalent. The amount of benefit payable under this Plan shall be the actuarial equivalent of the single life annuity. Actuarial equivalence shall be
determined using the factors specified in the Qualified Plan. 

  

	7.4	Designation of Contingent Annuitant. Except as provided below, the Participant may designate a Contingent Annuitant or Beneficiary or change any prior designation by
giving written notice to the Benefits Committee at any time prior to the date benefits hereunder commence. 

 Exception: The
Participant may not change the designation of a Contingent Annuitant at any time that is within twelve months prior to the date that benefits hereunder commence. No such restriction applies to the right of a Participant to change the designation of
a Beneficiary under subparagraph 7.2(c). above. 
  

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 SECTION 8 
 PLAN ASSETS 
  

	8.1	Company Sole Owner and No Trust Created. Title to and beneficial ownership of any assets which the Company may designate to pay benefits under this Plan shall at all
times remain in the Company, and neither the Participants, Beneficiaries, nor Contingent Annuitants shall have any property interest whatsoever in any such assets of the Company. Nothing contained in this Plan, and no action taken pursuant to any
provision hereunder, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and the Participants, Beneficiaries, Contingent Annuitants or any other person. Any assets which may be invested to fund
benefits provided hereunder shall continue for all purposes to be a part of the general funds of the Company, and no person other than the Company shall by virtue of the provisions of this Plan have any interest in such funds. To the extent that any
person acquires a right to receive payments from the Company under this Plan, such right shall be no greater than the rights of any unsecured general creditor of the Company. 

  

 Page 13 of 15 

 SECTION 9 
 ADMINISTRATION 
  

	9.1	Administration. The Committee shall have full power and authority to interpret and construe the terms of this Plan, and the Committee’s interpretations and
construction thereof, and actions thereunder, or the amount or recipient of the benefits to be made therefrom shall be binding and conclusive on all persons for all purposes. No agent or representative of the Board shall be liable to any person for
any action taken or omitted in connection with the interpretation and administration of this Plan unless attributable to his own willful misconduct or lack of good faith. 

  

	9.2	Expenses of Administration. All expenses incurred in connection with the execution of this Plan and in carrying out the provisions hereof shall be paid by the Company.

  

	9.3	Information from Participant. Each Participant shall furnish to the Company such information as the Company may reasonably request for purposes of the proper
administration of the provisions of this Plan. 

  

	9.4	No Employment Rights. Nothing contained in the Plan shall be construed as a contract of employment between the Company and a Participant, or as a right of any
Participant to be continued in the employment of the Company, or as a limitation of the right of the Company to discharge any of its Participants, with or without cause. Any benefit payable under this Plan shall not be deemed salary, earnings, or
other compensation to the Participant for the purpose of computing benefits to which he may be entitled under any qualified retirement plan or other arrangement of the Company for the benefit of its employees. 

  

	9.5	Restrictions on Alienation and Assignment. Neither a Participant nor any Beneficiary or Contingent Annuitant shall have the right to assign, transfer, hypothecate,
encumber, commute or anticipate any interest in any payments hereunder, and such payments shall not in any way be subject to any legal process to levy upon or attach the sum for payment of any such claim against the Participant or any Beneficiary or
Contingent Annuitant, provided, however, that nothing contained herein shall preclude a Participant from designating a Beneficiary or Contingent Annuitant to receive benefits hereunder in the event of the Participant’s death.

  

	9.6	 Facility of Payment. If the Company shall find, upon receipt of medical evidence or legal representations satisfactory to the Committee, that any
Participant to whom a benefit is payable is unable to care for such person’s affairs because of 

  

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illness or accident, any payment due hereunder (unless a prior claim therefor shall have been made by a duly appointed guardian, conservator or other legal
representative) may be paid to such Participant’s spouse, child, parent or brother or sister, or to any person or persons determined by the Company to have incurred expense for such Participant. Any payment shall be a complete discharge of all
liability hereunder. 

  

	9.7	Failure to Claim Amounts Payable. In the event that any amount shall become payable hereunder to a Participant or, upon a Participant’s death, to the Beneficiary,
Contingent Annuitant, or representative of the Participant’s estate, and if after written notice from the Company mailed to such person’s last known address as shown in the Company’s records and after diligent effort the Company is
unable to locate such person, the Company shall apply to a court of competent jurisdiction for direction as to the distribution of such amount. 

  

	9.8	Amendment and Termination. The Board reserves the right to amend and/or terminate the Plan at any time for whatever reasons it may deem appropriate, except that no
such amendment or termination shall adversely affect the benefits payable to any person who has begun to receive benefits hereunder. 

  

	9.9	Gender and Number. All the words and terms used herein, regardless of the number and gender in which they shall be used, shall be deemed to include any other number,
singular and plural, and any other gender, masculine and feminine, as the context may require. 

  

	9.10	Law Applicable. This Plan shall be governed by the laws of the State of Connecticut. 

  

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