Document:

Supply Agreement

 Exhibit 10.2 

SUPPLY AGREEMENT 

THIS SUPPLY AGREEMENT is made this 20th day of August, 2010 (“Effective Date”), between Nanophase Technologies Corporation,
1319 Marquette Drive, Romeoville, Illinois 60446 (“NTC”) and Altana Chemie GmbH, Abelstrasse 45, 46483 Wesel, Germany (“Altana” and, together with NTC, the “Parties”). 

Whereas, Altana wishes to purchase from NTC and NTC wishes to produce and sell to Altana the Products described below; and 

Whereas, the Parties wish to set forth the terms and conditions on which Altana shall purchase the Products from NTC and NTC shall sell
the Products to Altana; 
 Now, therefore, the Parties, for adequate consideration, receipt of which is hereby acknowledged, and
intending to be legally bound, hereby agree as follows: 
 1. Manufacture, Non-Exclusive Sale and
Purchase. 
 A. NTC hereby agrees to manufacture the products set forth in Exhibit A in the maximum periodic
quantities for each such product stated therein (hereinafter collectively referred to as “Products”) and sell them to Altana on the terms and conditions set forth in this Agreement and Altana agrees to purchase the Products from NTC on the
terms and conditions set forth in this Agreement. Despite the “max per month” quantities set forth on Exhibit A, Altana may nevertheless order at least one batch in “commercial quantities” of each Product per month but not to
exceed the “maximum” annual quantity per year. If Altana orders more than the maximum amount and NTC accepts the order(s), said order(s) shall nevertheless be pursuant to this Agreement unless the parties otherwise agree in writing,
subject, however, to the last sentence of Section 2C hereof. 
 B. This is a mutually non-exclusive
agreement. Altana shall be free to purchase the same and similar products from other suppliers on such terms as Altana deems appropriate or to manufacture the same or similar products itself. Similarly, NTC shall be free to manufacture the Products
and sell them to other purchasers on such terms as NTC deems appropriate. 
 C. NTC shall not make any change to
the Products manufactured for and sold to Altana, including any change in the raw materials used in the Products (or source of such materials), intermediates, composition, formulas, processing techniques, specifications, packaging or delivery form
without the prior written agreement of Altana. 
 D. Both Parties will work towards development of economically
viable products, including X dispersions, with best efforts on an as needed basis. 
 2. Orders, Lead
Time. 
 A. For all Products listed in Exhibit A other than LP-X-X, Nanobyk X and Nanobyk X, Altana agrees
to place purchase orders with a minimum lead time of X (X) days prior to requested delivery and in accordance with terms outlined below (“Purchase Orders”). For Product LP-X-X, Altana agrees to place Purchase Orders with a minimum
lead time of X (X) days. For Products Nanobyk X and Nanobyk X, Purchase Orders shall provide for a minimum lead time of X (X) days. Any days on which NTC schedules its periodic plant closings will be excluded from computation of the
preceding applicable lead time period. NTC will provide Altana with at least X days advance notice of the dates and durations of such closings. 

 

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 

 B. Altana agrees to provide NTC with a non-binding
rolling forecast on or about the 1st business day of every
month for Altana’s expected Purchase Orders for each month during the next X months. 
 C. If NTC is unable
to ship the Products specified in Purchase Orders, as Altana requests in accordance with the applicable lead time to enable on time delivery, NTC shall notify Altana and NTC shall use its commercially reasonable best efforts to ship as soon as
practical. Similarly, if Altana requests a delivery with less than the applicable lead time, or for over X% more Product than forecast for that time period (hereinafter referred to, in either case, as a “Special Delivery”), NTC shall
nevertheless use its best efforts to comply with such request but may charge Altana any additional reasonable out-of-pocket costs it incurs in providing the Special Delivery. If despite NTC’s best efforts, it fails to comply with the
accelerated time or additional quantity of Product requested in a Special Delivery, such failure shall not constitute a breach of NTC’s obligations under this Agreement. 

D. This Agreement supersedes any terms and conditions contained in Altana’s order forms and NTC’s order
confirmation forms and all other forms sent by one Party to the other pertaining to the purchase and sale of the Products. Nothing in this Agreement shall be construed as prohibiting NTC from rejecting individual Purchase Orders that NTC in good
faith determines do not comply with the material provisions of Sections 1A, 2, 3 or 4 of this Agreement. In the event of such rejection, NTC will promptly notify Altana in detail and in writing of the reasons for the rejection. Final determination
as to whether the Purchase Order was or was not in compliance with the material provisions of such Sections shall be resolved pursuant to Section 12. 

3. Packaging and Shipment. 

A. NTC shall package the Products in accordance with Exhibit E. Altana shall provide NTC all materials necessary for
packaging the Products Altana orders at Altana’s cost. Upon receipt of Altana’s order, NTC shall promptly advise Altana if such materials on hand are not sufficient to permit such packaging. NTC shall advise Altana as to the inventory of
Altana packaging materials on hand from time to time, promptly upon request. Any delay in delivery by NTC by reason of a shortage of such materials shall extend the lead time for delivery by an equal number of days. NTC shall not use the Altana
packaging materials for any purpose other than packaging of Products ordered by Altana and shall take commercially reasonable steps to safeguard such materials. Upon termination of this Agreement, Altana may either pick up any materials remaining at
X’s cost or direct NTC to destroy said materials at X’s cost. This provision shall not give NTC any implied right to use any Altana logo or trademark other than for such purpose stated in this Section 3A. 

B. The Products will be shipped F.O.B. NTC’s manufacturing facility, freight prepaid, to locations specified by
Altana. All freight costs shall be borne by Altana. NTC shall prepare shipments in accordance with Altana’s shipping instructions and in compliance with applicable laws and regulations. Any delay in delivery by NTC by reason of a shortage of
materials to comply with shipping instructions (e.g., labels, stickers) shall extend the lead time for delivery by an equal number of days. Altana shall give NTC shipping instructions on the Purchase Orders for the Products ordered. 

4. Price and Payment Terms. 

A. Altana shall pay NTC for the Products the prices set forth in Exhibit B (as adjusted in accordance with the procedures
set forth in that Exhibit), subject to the discount set forth in Section 4B. 
 B. NTC shall grant Altana a
X% discount on the amount otherwise payable by Altana for Products purchased pursuant to Section 4A until the earlier of: (i) the cumulative dollar amount of such discounts total $350,000, or (ii) five years from the Effective Date of
this Agreement. If NTC breaches this Agreement based on failing to ship Products specified in Altana’s Purchase Orders accepted by NTC (for reasons other than Force Majeure, as defined in Section 13K), Altana’s sole remedies shall

  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 

 
be claims for: (i) recovery of any portion of the $350,000 discount not yet enjoyed by Altana, if Altana terminates this Agreement; and (ii) only those damages permitted on Exhibit F,
regardless of whether Altana terminates this Agreement. 
 C. NTC shall invoice Altana hereunder not less
frequently than monthly for shipments from NTC’s facility during the previous calendar month. Payment by Altana for all invoices shall be net X (X) days from date of invoice. 

5. Quality Control. 

Concurrent with the shipment of each Product, NTC will provide Altana with (a) a sample of each Product and
(b) a certificate of analysis in the form attached hereto as Exhibit C. Altana shall have X (X) business days after receipt in which to approve or reject such sample. If Altana approves the sample, Altana shall accept the batch so long as
it conforms to the sample. If Altana rejects the shipment, it shall at the same time set forth in detail and in writing the reasons for such rejection. NTC shall retain samples of each batch for a period of X X from the date of completion of
production and keep records of all lot numbers of the raw materials, intermediates and finished Products, production dates, analyses and test results for each completed batch until the termination of this Agreement, at which time, upon Altana’s
request, NTC shall transfer such records to Altana. 
 6. Intellectual Property – Exhaustion.

 NTC hereby confirms that, upon sale of the Products to Altana, NTC has no right to control or influence the
use by Altana (or any person buying or otherwise acquiring the Products from Altana) of the Products or to demand payment beyond the purchase price payable by Altana for said Products, whether by reason of patents, intellectual property rights or
otherwise. 
 7. REACH. 

NTC hereby certifies that all metal oxides used in the Products have been pre-registered and that NTC intends to pursue
full registration within the time provided under REACH regulations. NTC also certifies that all ingredients in all the Products either have been pre-registered by their respective suppliers or are exempt from REACH due to the small quantities
involved. During the Term of this Agreement, if any ingredient, not manufactured by NTC, in any of the Products is removed from the REACH registration process, Altana and NTC will agree on a suitable substitute for that ingredient which complies
with REACH or can be included in a process to achieve compliance. Upon Altana’s request, NTC will provide Altana with NTC’s non-proprietary documentation for any of the Products reflecting compliance with REACH. 

8. Required Insurance. 

A. NTC shall, without limiting or expanding its obligations or liabilities herein, procure and maintain, at its own
expense, during the Term of this Agreement, comprehensive general liability insurance in primary or umbrella forms, with combined annual aggregate limits of at least $X, issued by one or more insurance companies rated at least “A” by A.M.
Best Company. 
 B. NTC shall submit to Altana, to the attention of “General Counsel”, certificates of
insurance evidencing that the insurance required above is in full force and effect as primary or umbrella forms of insurance. All certificates of insurance for NTC shall include as additional insureds thereon Altana, and the following companies
unless Altana otherwise notifies NTC in writing: 
  

					
	 BYK-Chemie GmbH
	  	 BYK Cera B.V.
	  	 BYK USA Inc.

	 BYK Tongling Co. Ltd.
	  	 BYK Japan KK
	  	 BYK Solutions Co. Ltd.

	 BYK Asia Pacific Pte. Ltd.
	  	 BYK Solutions Co. Ltd.
	  	 ELANTAS Deatech Sri

	 ELANTAS PDG Inc.
	  	 ELANTAS Beck GmbH
	  	 ELANTAS Beck Indiea Ltd.

	 ACTEGA Rhenania GmbH
	  	 ACTEGA Terra GmbH
	  	 ACTEGA Kelstar Inc.

 

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

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 Any such notification shall be effective on the next X for the period X and X. The companies
so set forth or notified shall remain as additional insureds until Altana otherwise notifies NTC in accordance with this procedure. All certificates shall also include a clause obligating the insurer to give Altana not less than X (X) days
prior written notice of any cancellation of, or intent not to renew, such coverage. NTC covenants that continuous coverage will be maintained, or an extended discovery period will be exercised, for a period of X (X) X beginning from the end of
the Term. 
 C. Nothing contained in this Section shall be construed as limiting or expanding NTC’s
liability to Altana or any third party as provided under Sections 4B, 9C or 10A of this Agreement. 
 9.
Representations and Warranties. 
 A. Each Party represents and warrants to the other that it has taken
all necessary actions on its part to authorize the execution, delivery and performance of its obligations undertaken in this Agreement and that this Agreement has been duly executed and delivered by and on its behalf and constitutes legal, valid and
binding obligations enforceable against it in accordance with its terms. 
 B. NTC represents and warrants to
Altana as follows: 
 (i) All Products meet the specifications set forth in Exhibit D.

 (ii) All Products shall be shipped by NTC free of any liens and encumbrances. 

(iii) It complies at all times with all applicable federal, state and local laws and regulations,
including all manufacturing, operating and disposal and discharge permits required for the production of or in connection with the Products. 

(iv) Except for the express warranties set forth above in Sections 9A, 9B(i), 9B(ii) and 9B(iii), NTC
makes no express or implied warranties in this Agreement or otherwise. To the fullest extent permitted by law, NTC disclaims all other warranties, whether written, express or implied, including all warranties of merchantability and fitness for any
particular purpose. 
 C. Altana’s sole remedies for any defects, errors or omissions in or breach of any
representation or warranty of NTC in above Section 9B(i) are: (i) prompt replacement of the non-conforming Products with Products that satisfy the specifications set forth in Exhibit D; (ii) those remedies, subject to the cap
indicated, permitted on Exhibit F; and (iii) indemnification pursuant to Section 10A. In no event shall NTC be liable to Altana for any of the following damages resulting from NTC’s breach of any of the foregoing representations: lost
profit, income, revenue or capital; loss of use, time or facilities; inconvenience; or any other incidental, special or consequential loss or damage. 

10. Indemnity. 

A. NTC shall defend, indemnify and hold Altana and its officers, directors, employees, subcontractors and agents harmless
against and from all damages and claims for damages, suits, causes of action, proceedings, orders, injuries (including wrongful death) to persons and damages to property of Altana and others, liabilities, losses, fines, penalties, recoveries,
judgments, executions or costs (including environmental investigation, remediation, clean-up, response and/or settlement and other similar costs) which arise out of, are caused by, or are incident to any breach of this Agreement or negligent or
otherwise wrongful act, omission or conduct of NTC, its agents, employees or subcontractors, or any failure of a Product to meet the specifications set forth in Exhibit D, except to the extent caused by: 

 

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

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 (i) any such failure of a Product actually known by Altana
but nevertheless used by Altana; 
 (ii) any breach of any representation, warranty or covenant
made by Altana under this Agreement; and/or 
 (iii) any negligent or wrongful act, or other
failure by Altana or any of its subcontractors, agents or employees to comply with any law, ordinance or regulation in connection with the sale or use of the Products. 

B. Altana shall defend, indemnify and hold NTC and its officers, directors, employees, subcontractors and agents harmless
against and from all damages and claims for damages, suits, causes of action, proceedings, orders, injuries (including wrongful death) to persons and damages to property of NTC and others, liabilities, losses, fines, penalties, recoveries,
judgments, executions or costs (including environmental investigation, remediation, clean-up, response and/or settlement and other similar costs) which arise out of, are caused by, or are incident to any breach of this Agreement or any negligent or
otherwise wrongful act, omission or conduct of Altana, its agents, employees or subcontractors, except to the extent caused by: 

(i) any failure of a Product to meet the specifications in Exhibit D; 

(ii) any breach of any representation, warranty or covenant made by NTC under this Agreement; and/or

 (iii) any negligent or wrongful act, or other failure by NTC or any of its subcontractors,
agents or employees to comply with any law, ordinance or regulation in connection with NTC’s performance of this Agreement. 

11. Term and Termination. 

A. Initial and Renewal Term. This Agreement shall have an initial term (the “Initial Term”) of five
(5) years after the Effective Date. Thereafter, this Agreement shall automatically renew for successive one (1) year periods (each a “Renewal Period”) until either Party terminates the Agreement by giving the other Party three
(3) months’ written notice before the expiration of the Term. The “Term,” as used in this Agreement, shall include the Initial Term and any Renewal Period. 

B. Default. Upon default by either Party of any material provision of this Agreement, the non-defaulting Party may
advise the defaulting Party that it must cure said default within thirty (30) days. Failing such cure, the non-defaulting Party may, without waiving any right of breach of contract, terminate this Agreement immediately upon its written notice.

 12. Dispute Resolution. 

A. Arbitration. Any dispute with respect to this Agreement or the Products sold or to be sold pursuant hereto,
including the question of whether or not this provision applies to such dispute (collectively, the “Dispute”), shall be decided by arbitration in accordance with the rules of the American Arbitration Association (“AAA”) for
International Arbitration in effect at the time the Dispute is submitted. To the extent such rules are inconsistent with this provision, this provision shall control. 

(i) All Disputes submitted to arbitration shall be decided by a single neutral arbitrator, selected by the
Parties. 
  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

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 (ii) If the Parties are not able to select the arbitrator
within ten (10) business days after submission of the Dispute to arbitration, then either Party may submit the selection to the AAA, which shall select the arbitrator pursuant to the procedures under the applicable AAA rules. 

(iii) The arbitrator shall be an attorney licensed in the U.S. with not less than twelve (12) years
of experience in litigation and supply contracts in the chemical industry. 
 B. Place and Applicable
Law. The arbitration shall be held in New York, New York. The arbitrator shall apply the substantive law of the State of Illinois, provided that the enforcement of these arbitration provisions shall be governed by the Federal Arbitration Act.

 C. Supplemental Means. Neither Party shall have the right independently to seek recourse from a court
of law or other authorities in lieu of arbitration, but each Party has the right before or during the arbitration to seek and obtain from the appropriate court provisional remedies to avoid irreparable harm, maintain the status quo or preserve the
subject matter of the arbitration. There shall be a stenographic record of the arbitration proceedings. Such proceedings will be conducted in the English language. The decision of the arbitrator shall be final and binding upon both Parties. The
arbitrator shall render a written opinion setting forth the findings of fact and conclusions of law. 
 D.
Expenses. The expenses of the arbitration shall be borne by the Parties in proportion as to which the arbitrator finds that each Party prevails or is defeated in arbitration. These expenses shall include the fees and costs of the AAA and the
arbitrator, and the reasonable attorneys’ fees and expert witness costs of the prevailing party. 
 13.
Miscellaneous. 
 A. Assignment. Neither this Agreement, nor the rights and obligations created
hereunder, may be assigned without prior written consent of the non-assigning Party, which consent shall not be unreasonably withheld. The foregoing to the contrary notwithstanding, Altana may assign its rights and obligations hereunder, in whole or
in part, to its parent company and subsidiary and affiliated companies, provided, however, that Altana shall be responsible for their compliance with the terms hereof. 

B. Applicable Law. This Agreement shall be governed by and interpreted under the laws of the State of Illinois,
without giving effect to the choice of laws principles. 
 C. Entire Agreement. This Agreement (including
all exhibits hereto), and the Parties’ Settlement and Termination Agreement entered into concurrently with this Agreement, constitute the entire understanding between the Parties and supersede all previous understandings, agreements,
communications and representations, whether written or oral, between the Parties except for the Stock Purchase and Registration Rights Agreements dated March 23, 2004 and for the Agreement of July 7, 2008 (except for Sections 5, 6 and 9
thereof). For the sake of clarity, the Parties agree that this reference to the Stock Purchase and Registration. Rights Agreements is not intended to, and does not: (i) toll or extend any statute of limitations applicable to claims arising
under either of those agreements; or (ii) preserve, maintain or revive the Parties’ Joint Development Agreement dated March 23, 2004. 

D. Modifications. No modifications of this Agreement or waiver of any of its terms will be effective unless made
in writing signed by the Party against whom it is sought to be enforced. Failure by either Party to require the other Party’s performance of any terms of this Agreement, or waiver by either Party of any breach of this Agreement by the other
Party, shall not prevent subsequent enforcement of such term or be deemed a waiver of any subsequent breach thereof. 

E. No Agency. No agency or partnership relationship shall be created between the Parties by this Agreement.
Neither Party has the right to supervise or direct the employees of the other. 
  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

 6 

 F. Counterparts. For the convenience of Altana and NTC, this
Agreement may be executed in one or more counterparts, each of which shall be deemed an original for all purposes, but all of which shall constitute one and the same instrument. 

G. Interpretation. When used herein, the term “including” shall mean “including, without
limitation.” Headings are solely for the convenience of the Parties and do not limit or otherwise bear on the interpretation of this Agreement. 

H. Notice. Notice shall be effective upon mailing (or placement with a recognized overnight delivery service), if
correctly addressed with sufficient postage to the addressee at the address set forth above. 
 I. Partial
Invalidity. Each provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. The unenforceability of any provision of this Agreement shall not affect the enforceability of any other provision. If a provision
is unenforceable, the Parties shall agree upon a substitute provision having legal and commercial effects as similar as legally permitted to the unenforceable provision. 

J. Survival. The termination or expiration of this Agreement shall not affect either Party’s rights or
obligations under Sections 3A, 6, 7, 8, 9, 10 or 12 of this Agreement. 
 K. Force Majeure. Neither Party
shall be liable to the other for any failure or delay in performing its obligations under this Agreement that results from war, terrorism, riots or other civil disorder, fire, flood, acts of God, embargoes or other causes beyond the control of the
Parties which render it commercially infeasible for either Party to comply with the terms of this Agreement. 
 IN WITNESS
WHEREOF, the Parties have caused the due execution of this Supply Agreement. 
  

							
	 ALTANA CHEMIE GmbH
	  	 NANOPHASE TECHNOLOGIES CORPORATION

				
	 By:
	 	 /s/ Matthias Wolfgruber
	  	 By:
	 	 /s/ Jess Jankowski

				
	 Name:
	 	 Matthias Wolfgruber
	  	 Name:
	 	 Jess Jankowski

				
	 Title:
	 	 CEO
	  	 Title:
	 	 President & CEO

				
	 By:
	 	 /s/ Volker Mansfeld
	  		 	
				
	 Name:
	 	 Volker Mansfeld
	  		 	
				
	 Title:
	 	 General Counsel
	  		 	

  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

 7 

 EXHIBIT A 

 

																							
	Product	  	Max 2nd
Half 2010	  	Max
2011	  	per
mth	  	Max
2012	  	per
mth	  	Max
2013	  	per
mth	  	Max
2014	  	per
mth	  	Max
2015	  	per
mth
	 1. LP-XX
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 2. LP-XX
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 3. LP-XX
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 4. LP-XX
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 5. LP-XX
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 6. LP-XX
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 7. LP-XX
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 8. LP-XX
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 9. LP-XX
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 10. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 11. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 12. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 13. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 14. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 15. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 16. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 17. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 18. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
	 19. Nanobyk X
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X

 All quantities are in
kilograms. 
  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 

 EXHIBIT B 

 

																								
	Pricing Matrix - July 1, 2010	 	 	 	 	Minimum Order Size and
Incremental Order
Quantities	 	X Quantities	 	Minimum Order Size and
Incremental Order Quantities	 	Commercial
Quantities
	 BYK Product Name
	 	NTC Product Name	 	Nano-Oxide	 	Wt%	 	 	Medium	 	X kg Pails	 	kgs	 	Pricing
(per kg)	 	X kg Drums	 	X kg Totes	 	kgs	 	Pricing
(Per kg)
	 LP-XX
	 	 NanoTek X
	 	 NanoTek X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 LP-XX
	 	 NanoDur X
	 	 NanoDur X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 LP-XX
	 	 NanoTek X
	 	 NanoTek X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 LP-XX
	 	 NanoTek X
	 	 NanoTek X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 LP-XX
	 	 NanoArc X
	 	 NanoArc X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 LP-XX
	 	 NanoArc X
	 	 NanoArc X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 LP-XX
	 	 NanoArc X
	 	 NanoArc X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 LP-XX
	 	 NanoTek X
	 	 NanoTek X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 LP-XX
	 	 NanoArc X
	 	 NanoArc X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoDur X
	 	 NanoDur X
	 	X	% 	 	X	 	X	 	X	 		 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoDur X
	 	 NanoDur X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoDur X
	 	 NanoDur X
	 	X	% 	 	X	 	X	 	X	 		 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoArc X
	 	 NanoArc X
	 	X	% 	 	X	 	X	 	X	 		 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoArc X
	 	 NanoArc X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoArc X
	 	 NanoArc X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoTek X
	 	 NanoTek X
	 	X	% 	 	X	 	X	 	X	 		 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoTek X
	 	 NanoTek X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoTek X
	 	 NanoTek X
	 	X	% 	 	X	 	X	 	X	 	X	 	X	 	X	 	X	 	X
	 NANOBYK X
	 	 NanoTek X
	 	 NanoTek X
	 	X	% 	 	X	 	X	 	X	 		 	X	 	X	 	X	 	X

 Note: (1) Nano Tek X

 RED TEXT- estimated batch sizes subject to change In the future 

 

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

 B-1 

 EXHIBIT B 

1. Subject to adjustments, as provided below, the prices set forth above will X until the X of: (i) X, or
(ii) the date on which the Agreement is terminated pursuant to Section 11. NTC agrees to review and adjust these prices on a quarterly basis during the Term of the Supply Agreement, with the first such price adjustment occurring on X. NTC
shall adjust said prices, up or down, by the extent of increases or decreases in the costs of (a) labor, (b) metals, (c) other raw materials (such as X and X), and (d) energy. Price adjustments for NTC’s raw material costs
for a particular metal will be based on the London Metal Exchange’s published monthly average price for that raw metal (the “LME Monthly Average Price”) during the second month of a given calendar quarter. Price adjustments for
NTC’s labor costs will be based on the US Department of Labor, Bureau of Labor Statistics published monthly manufacturing hourly rates, excluding overtime (the “BLS Monthly Manufacturing Rates”) during the second month of a given
calendar quarter. Price adjustments for NTC’s raw material costs for a particular X, X, and energy will be based on the average actual monthly costs of the particular item during the second month of a given calendar quarter. For example, in
calculating any price adjustment effective X, NTC would use the LME Monthly Average Price for the relevant raw metal, the BLS Monthly Manufacturing Rates for labor costs and the actual average solvent, additives, and energy costs during the month of
X. No change will be made to the sale price that NTC charges Altana for a Product unless the net increase or decrease in such NTC costs exceeds X percent (X%) for that particular Product. 

2. For purposes of any subsequent price adjustment during the Term of this Agreement, the baseline for NTC’s raw
metal costs will be the LME Monthly Average Price for a particular metal during the month of X; the baseline for NTC’s labor costs will be the BLS Monthly Manufacturing Rates for the month of X; and the baseline for NTC’s costs for X, X,
and energy costs will be NTC’s actual average costs for such X, X, and energy costs during the month of X. 

3. NTC shall provide Altana a detailed price list on or before the first day of each calendar quarter, starting with the
quarter beginning X, together with (a) a detailed percent allocation of each of the four cost factors to each Product (such percent allocation to be fixed for each Product in its first price adjustment and not changed thereafter), and
(b) written evidence of the cost changes for each of the four cost factors. 
 4. NTC will keep accurate
books of account, using generally accepted accounting procedures, detailing all data necessary to calculate and audit the price adjustments described in this Article. NTC shall maintain said books and records for a period of X (X) years after
the calendar quarter for which the price adjustment is made. NTC will permit its books and records, showing its costs and price adjustments of the Products to be examined by an independent auditor, mutually acceptable to Altana and NTC, at any
reasonable time during regular business hours during the Term and for one (1) year thereafter. Each such examination shall be at Altana’s expense, unless a particular examination reveals an overstatement of the price of a Product of X
percent (X%) for the period audited, in which case NTC shall bear the expense of such examination. The audits described in this Section 4 of Exhibit B may not be made more than once in any twelve-month period and the independent auditor shall
disclose to Altana only whether NTC has complied with such price adjustment obligations as stated under this Section and, if not, to what extent. All information that NTC provides in connection with any audit under this Section 4 of Exhibit B
shall be treated as confidential by Altana. 
  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

 B-2 

 EXHIBIT C 

Certificate of Analysis 

 

 

  

							
	Certificate of Analysis

 

									
	 Trade name:
	 	NanoByk X	  	Product Code:	  	 	 	EXP XX
	 				 
	 Product Description:
	 	XXXX	  		  		 	 
	 				 
	 Lot number:
	 	0001183275 - Sample	  	Date:	  	 	 	08/01/10

 

							
	TEST DESCRIPTION	  	METHOD	  	RESULTS	  	
SPECIFICATION

	 Wt% Solids
	  	XXX	  	X	  	XX
	 Specific Gravity
	  	XXX	  	X	  	XX
	 % Transmittance at 800
run
	  	XXX	  	X	  	X % minimum
	 Viscosity,
Brookfield
	  	XXX	  	X	  	X cP maximum

 
  

							
	
Material Certified By: /s/ [Illegible]
	 	 	 	 	  	 
	 	 		 		  	Quality Assurance
	 Safety Precautions: Please see the
MSDS before handling the material.
	 	 	 	 	  	 

NANOPHASE TECHNOLOGIES CORPORATION 

319 Marquette Drive — Romeoville, Illinois 60446
— 630-771-6700 — Fax 630-771-0825 — www.nanophase.com 

 

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

 C-1 

 

 

  

							
	Certificate of Analysis

 

							
	 Trade name:
	  	Product Code:	  	 	  	 
	 			 
	 Product Description:
	  		  		  	 
	 			 
	 Lot number:
	  	Date:	  	 	  	 

  

							
	TEST DESCRIPTION	  	Method    	  	RESULTS    	  	
PROPOSED TARGET

SPECIFICATION:

	 Test 1
	  	 	  	 	  	 
	 Test 2
	  	 	  	 	  	 
	 Test
p
	  	 	  	 	  	 

  

 

							
	
Material Certified By:
	 	 	 	 	  	 
	 Safety Precautions Please see the
MSDS before handling the material.
	 	 	 	 	  	Quality Assurance

NANOPHASE TECHNOLOGIES CORPORATION 

319 Marquette Drive Romeoville, Illinois 60446 — 630-771-6700
— Fax 630-771-0825 — www.nanophase.com 

 

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

 C-2 

 EXHIBIT D 

Specifications 
  

																					
	 Test
	 	Appearance	 	Specific
Surface
Area [m2/g]	 	Average
Particle
Size [nm]	 	Transmission
[%T]	 	Particle
Content
[wt%]	 	Density
[g/cm3]	 	pH Value	 	X
Ratio	 	Viscosity [cPs]	 	Storage
Stability
[months]
											
	 Test Methode
	 	X	 	X	 	X	 	X	 		 		 		 	X	 	X	 	
		 		 		 		 		 		 		 		 		 		 	
											
	 Product
	 		 		 		 		 		 		 		 		 		 	
	 1.   LP-X X
	 		 		 		 	X	 	X	 		 		 		 		 	X
	 2.   LP-X X
	 		 		 		 	X	 	X	 		 		 		 		 	X
	 3.   LP-X X
	 	X	 	    X	 	X	 		 	X	 		 		 		 		 	X
	 4.   LP-X X
	 	X	 	    X	 	X	 		 	X	 		 		 		 		 	X
	 5.   LP-X X
	 		 		 		 	X	 	X	 		 		 		 		 	X
	 6.   LP-X X
	 		 		 		 	X	 	X	 		 		 		 		 	X
	 7.   LP-X X
	 		 		 		 	X	 	X	 		 		 		 		 	X
	 8.   LP-X X
	 	X	 	    X	 	X	 	X	 	X	 		 		 		 		 	X
		 		 	X	 		 		 		 		 		 		 		 	
	 9.   LP-X X
	 		 	    X	 	X	 		 	X	 		 		 	X	 		 	X
		 		 		 		 		 		 		 		 		 		 	
	 10. Nanobyk X
	 		 		 		 	X	 	X	 	X	 	X	 		 	X	 	X
	 11. Nanobyk X
	 		 		 		 	X	 	X	 	X	 		 		 	X	 	X
	 12. Nanobyk X
	 		 		 		 	X	 	X	 	X	 		 		 	X	 	X
	 13. Nanobyk X
	 		 		 		 	X	 	X	 		 		 		 		 	X
	 14. Nanobyk X
	 		 		 		 	X	 	X	 		 	X	 		 		 	X
	 15. Nanobyk X
	 		 		 		 	X	 	X	 		 		 		 		 	X
	 16. Nanobyk X
	 		 		 		 	X	 	X	 		 	X	 		 		 	X
	 17. Nanobyk X
	 		 		 		 	X	 	X	 		 		 		 		 	X
	 18. Nanobyk X
	 		 		 		 	X	 	X	 		 		 		 		 	X
		 		 		 		 		 		 		 		 		 		 	
	 19. Nanobyk X
	 		 		 		 		 	X	 		 	X	 		 		 	X

  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

 D-1 

 EXHIBIT E 

Packaging 
  

															
	 BYK Product Name
	  	NTC Product Name	  	Nano-Oxide	  	Nanoparticle
Content	  	Medium	  	Mat#	  	Ident	  	Packaging
	 LP-XX
	  	NanoTek X	  	NanoTek X	  	X	  	X	  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
								
	 LP-XX
	  	NanoDur X	  	NanoDur X	  	X	  	X	  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
								
	 LP-XX
	  	NanoTek X	  	NanoTek X	  	X	  	X	  	X	  	LPXX	  	X
								
	 LP-XX
	  	NanoTek X	  	NanoTek X	  	X	  	X	  	X	  	LPXX	  	X
								
	 LP-XX
	  	NanoArc X	  	NanoArc X	  	X	  	X	  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
								
	 LP-XX
	  	NanoArc X	  	NanoArc X	  	X	  	X	  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
								
	 LP-XX
	  	NanoArc X	  	NanoArc X	  	X	  	X	  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
		  		  		  		  		  	X	  	LPXX	  	X
								
	 LP-XX
	  	NanoTek X	  	NanoTek X	  	X	  	X	  	X	  	LPXX	  	X
								
	 LP-XX
	  	NanoArc X	  	NanoArc X	  	X	  		  	X	  	LPXX	  	X
								
	 BYK Product Name
	  	NTC Product Name	  	Nano-Oxide	  	Nanoparticle
Content	  	Medium	  	Mat#	  	Indent	  	Packaging
	 NANOBYK X
	  	NanoDur X	  	NanoDur X	  	X	  	X	  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
								
	 NANOBYK X
	  	NanoDur X	  	NanoDur X	  	X	  	X	  	X	  	NANOX	  	
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOBYK-X	  	X
		  		  		  		  		  	X	  	NANOBYK-X	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X

  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

 E-1 

															
	 BYK Product Name
	  	NTC Product Name	  	Nano-Oxide	  	Nanoparticle
Content	  	Medium	  	Mat#	  	Indent	  	Packaging
	 NANOBYK X
	  	NanoDur X	  	NanoDur X	  	X	  	X	  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOBYK-X	  	X
		  		  		  		  		  	X	  	NANOBYK-X	  	X
		  		  		  		  		  	X	  	NANOBYK-X	  	
								
	 NANOBYK X
	  	NanoArc X	  	NanoArc X	  	X	  	X	  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
								
	 NANOBYK X
	  	NanoArc X	  	NanoArc X	  	X	  	X	  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOBYK-X	  	
		  		  		  		  		  	X	  	NANOX	  	
								
	 NANOBYK X
	  	NanoArc X	  	NanoArc X	  	X	  	X	  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
								
	 NANOBYK X
	  	NanoTek X	  	NanoTek X	  	X	  	X	  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
								
	 NANOBYK X
	  	NanoTek X	  	NanoTek X	  	X	  	X	  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
								
	 NANOBYK X
	  	NanoTek X	  	NanoTek X	  	X	  	X	  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
								
	 NANOBYK X
	  	NanoTek X	  	NanoTek X	  	X	  	X	  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X
		  		  		  		  		  	X	  	NANOX	  	X

  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 
  

 E-2 

 EXHIBIT F 
  

																	
	 Reason For

Damage
	  	Delivery
of
Substitute
Product	  	Personal
Injury
Claims 
of
3rd
Parties	  	Proximate
/Direct
Damages
to
ALTANA
	  	Proximate
/Direct
Damages
to
3rd
Party	  	Incidental and
Consequential
Damages to
ALTANA	  	Incidental and
Consequential
Damages
to
3rd Party	  	Loss of
Profit to
ALTANA	  	Loss of
Profit
to 3rd
Party

	 Product does not meet Specifications
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
									
	 Negligent Non-Delivery of Product
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X
									
	 Willful Non-Delivery of Product
	  	X	  	X	  	X	  	X	  	X	  	X	  	X	  	X

 NOTES: 

 

	1)	 NOTE 1 – Except as provided in Sections 10A (i), 10A(ii) and 10A (iii) of the Agreement, NTC shall be liable for X arising from X claims
by third parties based on Product which does not meet the Specifications. 

  

	2)	 CAP 1 – A maximum of $X with respect to all such claims by Altana, throughout the term of the Agreement, ie. total and cumulative.

  

	3)	 CAP 2 – a maximum of $X with respect to all such claims by Altana, throughout the term of the Agreement, i.e. total and cumulative.

  

	4)	 NOTE 2 – Cap 1 and 2 are limitations on damages claims. They are not liquidated damages. In case of each breach, Altana must prove that
NTC’s negligent or willful non-delivery of Product has proximately caused Altana the damages it claimed. Altana need not terminate the Agreement in order to make any such damages claim. The maximum recoverable by Altana under both Caps is $X
(not $X). 

  

XX        CONFIDENTIAL TREATMENT REQUESTED—This confidential portion has been omitted from
this document and filed separately with the Commission. 

	

  

 F-1exhibit10-9.htm

    AUTOMATIC DATA PROCESSING,
INC.

     

    DEFERRED COMPENSATION
PLAN

     

    As Restated Effective July 1,
2010

     

              The
Automatic Data Processing, Inc. Deferred Compensation Plan is intended to
provide a select group of management or highly-compensated employees the ability
to defer certain compensation earned by such employees. This restated Plan
document applies to all deferrals made or vested under the Plan on or after
January 1, 2005 that are subject to the provisions of Section 409A of the
Internal Revenue Code. All other deferrals made and vested prior to January 1,
2005 are subject to the rules in effect at the time the compensation was
deferred. It is intended that this Plan will be supplemented by annual summaries
describing the Plan and participation in the Plan for the applicable Plan Year;
in the event of a conflict between the Plan and an annual summary, the terms of
the Plan shall control.

     

    ARTICLE I
DEFINITIONS

     

              Capitalized terms used in this Plan,
shall have the meanings specified below.

     

         1.1 “Account” or “Accounts” shall mean
all of the Bonus Deferral Subaccounts or Company Matching Contribution
Subaccounts that are specifically provided in this Plan.

     

         1.2 “Affiliate” means (i)
any person or entity that directly or indirectly controls, is controlled by or
is under common control with the Company and/or (ii) to the extent provided by
the Committee, any person or entity in which the Company has a significant
interest. The term “control” (including, with correlative meaning, the terms
“controlled by” and “under common control with”), as applied to any person or
entity, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such person or entity,
whether through the ownership of voting or other securities, by contract or
otherwise.

     

         1.3 “Annual Bonus
Payments” shall mean, with respect to any Eligible Employee who does not
qualify as a sales associate, the compensation earned pursuant to any annual
cash incentive plan or annual cash bonus plan or program adopted by the Company;
provided, however, that the
following compensation shall not qualify as “Annual Bonus Payments” hereunder:
spot bonuses, hiring bonuses, separation payments, retention payments, or other
special or extraordinary payments. Annual Bonus Payments shall only include
compensation that is contingent on the satisfaction of pre-established
organizational or individual performance criteria relating to the Company’s
fiscal year, and the performance criteria in respect of which was established in
writing no later than 90 days after the commencement of the performance period
to which such criteria relate.

     

    

    
    

         1.4 “Annual Incentive
Amounts” shall mean, as applicable, Annual Bonus Payments and Qualifying
Sales Bonuses.

     

         1.5 “Beneficiary” or
“Beneficiaries”
shall mean the person or persons designated in writing by a Participant in
accordance with procedures established by the Committee or the Plan
Administrator to receive the benefits specified hereunder in the event of the
Participant’s death. No Beneficiary designation shall become effective until it
is filed with the Committee or the Plan Administrator. If there is no such
designation or if there is no surviving designated Beneficiary, then the
Participant’s surviving spouse shall be the Beneficiary. If there is no
surviving spouse to receive any benefits payable in accordance with the
preceding sentence, the duly appointed and currently acting personal
representative of the Participant’s estate (which shall include either the
Participant’s probate estate or living trust) shall be the
Beneficiary.

     

         1.6 “Board of Directors”
or “Board”
shall mean the Board of Directors of Automatic Data Processing,
Inc.

     

         1.7 “Bonus Deferral
Subaccount” shall mean the bookkeeping account maintained by the Company
or the Plan Administrator for each Participant that is credited with amounts
equal to (i) the portion of the Participant’s Annual Incentive Amounts that he
or she elects to defer, and (ii) earnings and losses (based on the Investment
Rate) attributable thereto.

     

         1.8 “Code” shall mean the
Internal Revenue Code of 1986, as amended. Reference in the Plan to any section
of the Code shall be deemed to include any regulations or other interpretative
guidance under such section, and any amendments or successor provisions to such
section, regulations or guidance.

     

         1.9 “Committee” shall mean
a committee as the Compensation Committee may appoint to administer the Plan or,
if no such committee has been appointed by the Compensation Committee, then it
shall be the Compensation Committee. As of the effective date of this Plan, the
Committee shall consist of those persons occupying the positions of Vice
President, Human Resources and General Counsel of the Company.

     

         1.10 “Company” shall mean
Automatic Data Processing, Inc., a Delaware corporation.

     

         1.11 “Company Matching
Contribution” shall mean the amount, if any, contributed by the Company
for a Participant with respect to a Plan Year under Section 4.2.

     

         1.12 “Company Matching
Contribution Subaccount” shall mean the bookkeeping account maintained by
the Company or the Plan Administrator for each Participant that is credited with
an amount equal to (i) the Company Matching Contribution, if any, and (ii)
earnings and losses (based on the Investment Rate) attributable
thereto.

     

    2

     

    

    
    

         1.13 “Compensation
Committee” shall mean the Compensation Committee of the Board.

     

         1.14 “Disability” shall mean a
circumstance where the Company shall have cause to terminate a Participant’s
employment or service on account of “disability,” as defined in any
then-existing employment, consulting or other similar agreement between the
Participant and the Company or, in the absence of such an employment, consulting
or other similar agreement, a condition entitling the Participant to receive
benefits under a long-term disability plan of the Company, or, in the absence of
such a plan, as determined by the Committee based upon medical evidence
acceptable to it; provided, however, that a Participant
shall not have a Disability for purposes of the Plan unless the Participant is
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than 12
months, or the Participant is, by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident
and health plan covering the Company’s employees.

     

         1.15 “Distributable Amount” shall
mean the vested balance in a Participant’s Accounts subject to distribution in a
given Plan Year.

     

         1.16 “Eligible Employee” shall mean
those employees selected by the Committee in accordance with the procedures set
forth in Article II.

     

         1.17 “Enrollment Period” shall mean
a period of time, as determined by the Committee with respect to each Plan Year,
ending no later than the December 31 preceding the end of the performance period
with respect to which the Annual Incentive Amounts for such Plan Years relate;
provided, however, that if the relevant
performance period does not end on June 30, the enrollment period shall end at
least six months before the conclusion of the applicable performance
period.

     

         1.18 “ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as amended.

     

         1.19 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and any successor thereto.
Reference in the Plan to any section of (or rule promulgated under) the Exchange
Act shall be deemed to include any rules, regulations or other interpretative
guidance under such section or rule, and any amendments or successor provisions
to such section, rules, regulations or guidance.

     

         1.20 “Fund” or “Funds” shall mean one or more
of the investment funds selected by the Committee, or its designee, to which
Participants may elect to make deemed investments pursuant to Section
3.3.

     

         1.21 “In-Service Distribution Date”
shall mean, in the case of a distribution to be made while the Participant is
still employed by the Company, the month of September of the Plan Year elected
by the Participant.

     

    3

     

    

    
    

         1.22 “Investment Rate” shall mean,
(i) for each Fund with a fixed rate of return, the annual interest rate
applicable to such Fund, as determined by the Committee from time to time, and
(ii) for any Fund that does not have a fixed rate of return, any appreciation or
depreciation in the value of the investment in which the Participant is deemed
invested.

     

         1.23 “Participant” shall mean any
Eligible Employee who becomes a Participant in this Plan in accordance with
Article II.

     

         1.24 “Plan” shall mean this
Automatic Data Processing, Inc. Deferred Compensation Plan.

     

         1.25 “Plan Administrator” shall
mean, if applicable, any record keeper appointed by the Company (which may
include an Affiliate of the Company ) to perform administrative and other
functions associated with the Plan.

     

         1.26 “Plan Year” shall mean the
Company’s fiscal year, which runs from July 1 to June 30.

     

         1.27 “Qualifying Sales Bonuses”
shall mean, with respect to any Eligible Employee who qualifies as a sales
associate and (i) receives sales bonuses on a quarterly basis, the bonus paid to
such person in respect of such person’s performance for the Company’s fourth
fiscal quarter in any Plan Year or (ii) receives sales bonuses on a monthly
basis, the bonus paid to such person in respect of such person’s performance for
the last month in any Plan Year.

     

         1.28 “Scheduled Distribution Date”
shall mean, as applicable, the In-Service Distribution Date or the Separation
from Service Distribution Date

     

         1.29 “Separation from Service”
shall mean that the employment or service provider relationship with the Company
and any entity that is to be treated as a single employer with the Company for
purposes of Treasury Regulations Section 1.409A-1(h) (the “Single Employer”) terminates
such that the facts and circumstances indicate it is reasonably anticipated that
no further services will be performed or that the level of bona fide services
the Participant would perform after the termination (whether as an employee or
as an independent contractor) would permanently decrease to no more than 20
percent of the average level of bona fide services performed (whether as an
employee or an independent contractor) over the immediately preceding 36-month
period (or the full period of services to the Single Employer if the Participant
has been providing services to the Single Employer less than 36
months).

     

         1.30 “Separation from Service Distribution
Date” shall mean, in the case of a distribution on account of a
Separation from Service, the seventh month following the month in which the
Separation from Service occurs.

     

    4

     

    

    
    

         1.31 “Unforeseeable
Emergency” shall mean a severe unforeseeable financial hardship as
defined in Section 409A and the regulations thereunder, including a severe
financial hardship resulting from (i) an illness or accident of the Participant,
the Participant’s spouse, the
Participant’s designated Beneficiary, or the Participant’s dependent (as defined
in Section 152 of the Code, without regard to section 152(b)(1), (b)(2), and
(d)(1)(B)), (ii) the loss of the Participant’s property due to casualty, or
(iii) other similar extraordinary and unforeseeable circumstances arising as a
result of events beyond the Participant’s control.

     

    ARTICLE II 

     

    ELIGIBILITY FOR PARTICIPATION

     

         2.1 Determination of Eligible
Employee. As of the date of this Plan, with respect to a given Plan Year,
Eligible Employees shall consist of all employees of the Company (or of any
subsidiary that is incorporated in any State in the United States of America),
determined as of the June 30 immediately preceding the Plan Year, that are (i)
in executive letter grade positions, and (ii) eligible to receive compensation
pursuant to an annual cash incentive plan or annual cash bonus plan or program;
provided, however, that any employee
whose home country is not the United States of America shall not be considered
an Eligible Employee hereunder.

     

         2.2 Participation. An
Eligible Employee shall become a Participant in the Plan by electing to make a
deferral of Annual Incentive Amounts in a Plan Year in accordance with Article
III.

     

         2.3 Amendment of Eligibility
Criteria. The Committee may, in its discretion, change which employees
are Eligible Employees under the Plan for any reason, including to comply with
any applicable laws relating to the operation of the Plan. Eligibility for
participation in one Plan Year does not guarantee eligibility to participate in
any future Plan Year.

     

    ARTICLE III
ELECTIONS

     

         3.1 Election to Defer Annual
Incentive Amounts.

     

              (a)
Timing of Election to
Defer Annual Incentive Amounts. An Eligible Employee may elect to defer
Annual Incentive Amounts only during the Enrollment Period.

     

              (b)
Amount Eligible for
Deferral.

     

                   (1)
As of July 1, 2010, an Eligible Employee may elect to defer up to up to 100% of
his Annual Incentive Amounts. The Committee may change the amount that may be
deferred in respect of any Plan Year at any time, or from time to
time.

     

    5

     

    

    
    

                   (2)
If necessary, the total amount deferred by a Participant shall be reduced in 1%
increments in order to satisfy Social Security Tax (including Medicare), income
tax withholding for compensation that cannot be deferred, employee benefit plan
withholding requirements and any other withholding requirements.

     

              (c) Irrevocable
Elections. Elections to defer Annual Incentive Amounts shall become
irrevocable as of the date for such Plan Year set by the Committee in its sole
discretion, which (i) in the case of an Annual Bonus Payment shall in no event
be later than six months before the conclusion of the performance period with
respect to which the Annual Bonus Payment relates and (ii) in the case of a
Qualifying Sales Bonus shall in no event be later than the December 31 of the
calendar year preceding the calendar year in which the Qualifying Sales Bonus
will be earned.

     

              (d)
Duration of
Election. An Eligible Employee’s election to defer Annual Incentive
Amounts for any Plan Year is effective only for such Plan Year.

     

              (e)
Method of
Election. Elections to participate may be made in writing, through an
electronic medium such as a website enrollment window or an email enrollment
form or through a Plan Administrator, provided that the election is binding when
made and there is sufficient record of when such election is made.

     

         3.2 Elections as to Time and
Form of Payment. During the Enrollment Period, a Participant shall make
an election regarding the time and form of payment of the Annual Incentive
Amounts deferred for that Plan Year (including earnings and losses (based on the
Investment Rate) attributable thereto).

     

              (a)
Elections as to
Time. A Participant shall elect to receive a distribution of his Annual
Incentive Amounts to be deferred for a Plan Year (and all earnings and losses
(based on the Investment Rate) attributable thereto) (i) on an In-Service
Distribution Date, (ii) on a Separation from Service Distribution Date or (iii)
a portion on an In-Service Distribution Date and a portion on a Separation from
Service Distribution Date; provided, however, that a Participant’s
In-Service Distribution Date may be no earlier than five years following the
date on which the deferral of Annual Incentive Amounts is made.

     

              (b)
Elections as to
Form. A Participant shall elect the form of the distribution of his
Annual Incentive Amounts, whether in a lump sum payment or in annual
installments. If no such election is made, the Participant shall be deemed to
have elected to receive payment in a lump sum. A Participant may elect annual
installments to be paid over a period not to exceed fifteen years. A
Participant’s election to receive payment in annual installments on a Separation
from Service is subject to the terms of Section 6.2(a)(2).

     

              (c)
Application of
Election. An election as to time and form of payment made with respect to
a given Plan Year shall apply only to the Annual Incentive Amounts deferred for
such Plan Year.

     

    6

     

    

    
    

              (d)
No Changes
Permitted. Except as permitted by Section 3.2(e) below, elections as to
time and form of payment shall become irrevocable as of December 31 of the Plan
Year for which Annual Incentive Amounts are deferred.

     

              (e) Subsequent Changes in Time
and Form of Payment. A Participant may delay the timing of a
previously-scheduled payment or may change the form of a payment only if such
subsequent deferral election meets all of the following
requirements:

     

                   (i)
the subsequent deferral election shall not take effect until at least 12 months
after the date on which it is made;

     

                   (ii)
the election must be made at least 12 months prior to the date the payment is
scheduled to be made. For installment payments, the election must be made at
least 12 months prior to the date the first payment in such installment was
scheduled to be made; and

     

                   (iii)
the subsequent deferral election must delay the payment for at least five years
from the date the payment would otherwise have been made. For installment
payments, the delay is measured from the date the first payment was scheduled to
be made.

     

              A
Participant may make only one subsequent change with respect to deferrals made
for a specific Plan Year.

     

              (f)
Initial elections and subsequent elections, if any, may be made in writing or
through an electronic medium such as a website enrollment window or though an
email enrollment form or through a Plan Administrator, provided that there is
sufficient record of when such election is made.

     

         3.3 Elections as to Deemed
Investment Choices.

     

              (a)
Prior to the date on which the actual deferral of an Annual Incentive Amount in
respect of Plan Year is made by the Company, a Participant shall make an
election regarding how such Annual Incentive Amount shall be deemed to be
invested for purposes of determining the amount of earnings or losses to be
credited to the Participant’s Accounts. If no such election is made in respect
of Annual Incentive Amounts deferred in any Plan Year, then (i) the Participant
shall be deemed to have made the same election made by such Participant in
respect of the most recent Plan Year in which there was a deferral of Annual
Incentive Amounts, and (ii) if no election contemplated by clause (i) has been
made, the deferred Annual Incentive Amounts shall be deemed invested in the most
risk-free type of Fund, as determined by the Committee in its sole and absolute
discretion.

     

              (b)
The Committee shall select from time to time, in its sole and absolute
discretion, investments of various types that shall be communicated to the
Participant. The Investment Rate applicable to each Fund shall be used to
determine the amount of earnings or losses to be credited to Participant’s Bonus
Deferral Subaccount and Company Matching Contribution Subaccount. Deemed
investment choices shall not be changed unless the Committee promulgates a rule
of general application permitting such changes.

     

    7

     

    

    
    

    ARTICLE IV
DEFERRAL ACCOUNTS

     

         4.1 Bonus Deferral
Subaccount. The Company or Plan Administrator shall establish and
maintain a Bonus Deferral Subaccount for each Participant under the Plan. Each
Participant’s Bonus Deferral Subaccount shall be further divided into separate
subaccounts (“investment fund subaccounts”), each of which corresponds to a Fund
elected by the Participant. A Participant’s Bonus Deferral Subaccount shall be
credited as follows:

     

              (a) on
the day the amounts are withheld and/or deferred from a Participant’s Annual
Incentive Amounts, with an amount equal to the Annual Incentive Amounts deferred
by the Participant; and

     

              (b) on
a daily basis, each investment fund subaccount of a Participant’s Bonus Deferral Subaccount shall be credited with earnings
or losses based on the applicable Investment Rate.

     

         4.2 Company Matching
Contributions. The Company shall match 50% of the first $20,000 of Annual
Incentive Amounts deferred by a Participant with respect to a Plan Year, but
only if the Participant has elected for such Annual Incentive Amounts to be
distributed following the Participant’s Separation from Service; provided, however, that this matching
contribution shall not be made with respect to any Participant who is either (i)
an “officer” of the Company (as such term is defined under Rule 3b-7 of the
Exchange Act) or (ii) a Corporate Vice President of the Company, in either case,
determined as of the first day of the Plan Year.

     

         4.3 Company Matching
Contribution Subaccount. The Company or Plan Administrator shall
establish and maintain a Company Matching Contribution Subaccount for each
Participant who receives a Company Matching Contribution under the Plan. A
Participant’s Company Matching Contribution Subaccount shall be further divided
into separate investment fund subaccounts, each of which corresponds to a Fund
elected by the Participant. A Participant’s Company Matching Contribution
Subaccount shall be credited as follows:

     

              (a) on
the day such amount is deemed contributed, with an amount equal to the Company
Matching Contribution Amount, if any; and

     

              (b) on
a daily basis, each investment fund subaccount of a Participant’s Company
Matching Contribution Subaccount shall be credited with earnings or losses based
on the applicable Investment Rate.

     

    ARTICLE V
VESTING

     

         5.1 Vesting. A
Participant shall be 100% vested at all times in his or her Bonus Deferral
Subaccount. A Participant shall vest in his or her Company Matching Contribution
Account at the time such Participant either (i) attains 65 years of age, or (ii)
attains 55 years of age, with ten (10) or more years of service credited with
the Company and its subsidiaries. The Committee in its sole discretion may
credit a Participant with additional periods of service solely for purposes of
vesting in his or her Company Matching Contribution Account.

     

    8

     

    

    
    

         5.2 Vesting Upon Death or
Disability. Upon death or the Disability of a Participant, the
Participant shall be 100% vested in his or her Company Matching Contribution
Subaccount.

     

    ARTICLE VI
DISTRIBUTIONS

     

              Distributions
from the Plan shall be made only in accordance with this Article VI. All
distributions shall be in cash.

     

         6.1 Distribution of Accounts
While Employed.

     

              (a)
Scheduled
Distributions.

     

                   (1)
In respect of all Distributable Amounts payable in a lump sum on an In-Service
Distribution Date, the value thereof shall be determined as of the ninth day of
the month of September in which the In-Service Distribution Date occurs, and the
distribution thereof shall be made as soon as administratively possible (and in
no event later than 90 days) thereafter. In respect of all Distributable Amounts
payable in installments on an In-Service Distribution Date, all installments
shall be valued as of the ninth day of the month of September in each applicable
year, and the distribution thereof shall be made as soon as administratively
practicable (and in no event later than 90 days) thereafter.

     

                   (2)
In the event a Participant has a Separation from Service prior to such
Participant’s In-Service Distribution Date, then the provisions of Section 6.2
shall instead apply to such distribution.

     

              (b)
Except as provided in Section 6.3, no unscheduled in-service distributions are
permitted.

     

         6.2 Distribution of Accounts
after Separation from Service. If a Participant has a Separation from
Service, the provisions of this Section 6.2 shall apply to the distribution of
the Participant’s Accounts.

     

              (a)
Separation from
Service.

     

                   (1)
Age 55 with Ten Years
of Service, or Age 65. At the time of the Participant’s Separation from
Service, if the Participant has either (i) attained age 55 and has completed ten
years of service, or (ii) attained age 65, then the Participant’s Account shall
be distributed in accordance with the Participant’s elections.

     

    9

     

    

    
    

                   (A)
Lump Sum. For
Distributable Amounts for which the Participant has elected (or be deemed to
have elected) a lump sum, the value thereof shall be determined as of the ninth
day of the seventh month following the Separation from Service, and the
distribution thereof shall be made as soon as administratively possible (and in
no event later than 90 days) thereafter. If (i) a Participant has made an
irrevocable election to defer his Annual Incentive Amounts, (ii) such Annual
Incentive Amounts are deferred after the Participant’s Account has been
distributed, and (iii) the Participant had elected to receive a lump sum
distribution, then the additional Account balance shall be valued and
distributed on the ninth day of the month immediately following the date the
Annual Incentive Amounts are deferred.

     

                   (B)
Installment
Payments. For Distributable Amounts for which the Participant has elected
installments, (i) the first installment shall be valued as of the ninth day of
the seventh month following the Separation from Service, and the distribution
thereof shall be made as soon as administratively possible (and in no event
later than 90 days) thereafter, and (ii) each subsequent installment shall be
valued as of the ninth day of September of each of the following calendar years,
and the distribution thereof shall be made as soon as administratively possible
(and in no event later than 90 days) thereafter. For the avoidance of doubt,
under no circumstances shall two installments be paid in a single calendar year.
If (x) a Participant has made an irrevocable election to defer his Annual
Incentive, (y) such Annual Incentive is deferred after the Participant’s Account
has started to be distributed, and (z) the Participant had elected to receive
installment payments, the additional deferral shall be added to the
Participant’s balance in his Bonus Deferral Subaccount and shall be distributed
in accordance with the installment election.

     

                   (2)
All other Separations
from Service. If, at the time of the Participant’s Separation from
Service, a Participant has neither (i) attained age 55 and has completed ten
years of service nor (ii) attained age 65, then the Participant’s entire Account
balance shall be distributed in a single lump sum. In any such case, the
Distributable Amounts shall be
valued as of the ninth day of the seventh month following the Separation from
Service, and the distribution thereof shall be made as soon as administratively
possible (and in no event later than 90 days) thereafter.

     

              (b)
Death. In the
case of the death of a Participant, either while employed by the Company or
prior to distribution of the Participant’s entire Account balance, the
Participant’s Account balance shall be distributed to the Participant’s
Beneficiary as soon as administratively possible and in no event later than 90
days following the death of the Participant. The value of the Participant’s
Account shall be determined as of the date on which the Participant
dies.

     

              (c)
Disability. In
the case of the Disability of a Participant prior to the commencement of
distribution of the Participant’s Account balance, the Participant’s Account
balance shall be distributed to the Participant in a lump sum as soon as
administratively possible (and in no event later than 90 days) after it has been
determined that the Participant suffers from a
Disability. The value of the Participant’s Account shall be determined as of the
date on which it has been determined that the Participant suffers from a
Disability.

     

    10

     

    

    
    

         6.3 Unforeseeable
Emergency. A Participant shall be permitted to elect a distribution from
his Bonus Deferral Subaccount and/or his vested Company Matching Contribution
Subaccount, if any, prior to the date the Accounts were otherwise to be
distributed in the event of an Unforeseeable Emergency, subject to the following
restrictions:

     

              (a)
the election to take a distribution due to an Unforeseeable Emergency shall be
made by requesting such a distribution in writing to the Committee, including
the amount requested and a description of the need for the
distribution;

     

              (b)
the Committee shall make a determination, in its sole discretion, that the
requested distribution is on account of an Unforeseeable Emergency;
and

     

              (c)
the Unforeseeable Emergency cannot be relieved (i) through reimbursement or
compensation by insurance or otherwise, (ii) by liquidation of the Participant’s
assets, to the extent the liquidation of assets would not itself cause severe
financial hardship, or (iii) by cessation of deferrals under this
Plan.

     

              The
amount determined by the Committee as distributable due to an Unforeseeable
Emergency shall be paid within 30 days after the request for the distribution is
approved by the Committee. The value of the Participant’s Account shall be
determined as of the date on which the distribution request was
made.

     

         6.4 Valuation Date. In the event
that any valuation date contemplated by Section 6.1 or Section 6.2 is not a
business day, then the valuation date shall be the immediately preceding
business day.

     

    ARTICLE VII
ADMINISTRATION

     

         7.1 Committee. A
Committee shall be appointed by, and serve at the pleasure of, the Compensation
Committee. The number of members comprising the Committee shall be determined by
the Compensation Committee, which may from time to time vary the number of
members. A member of the Committee may resign by delivering a written notice of
resignation to the Compensation Committee. The Compensation Committee or the
Board may remove any member, with or without cause, by delivering a copy of its
resolution of removal to such member.

     

    11

     

    

    
    

         7.2 Committee Action. The
Committee shall act at meetings by affirmative vote of a majority of the members
of the Committee. Any action permitted to be taken at a meeting may be taken
without a meeting if, prior to such action, a written consent to the action is
signed by a majority of members of the Committee and such written consent is
filed with the minutes of the proceedings of the Committee. A member of the
Committee shall not vote or act upon any matter which relates solely to himself
or herself as a Participant. Any member of the Committee may execute any
certificate or other written direction on behalf of the Committee.

     

         7.3 Powers of the
Committee. The Committee, on behalf of the Participants and their
Beneficiaries, shall enforce the Plan in accordance with its terms, shall be
charged with the general administration of the Plan, and shall have all powers
necessary to accomplish its purposes, including, but not limited to, the
following:

     

              (a) to
select the Funds;

     

              (b) to
construe and interpret the terms and provisions of this
Plan;

     

              (c) to
compute and certify to the amount and kind of benefits payable to Participants
and their Beneficiaries;

     

              (d) to
maintain all records that may be necessary for the administration of the
Plan;

     

              (e) to
provide for the disclosure of all information and the filing or provision of all
reports and statements to Participants, Beneficiaries or governmental agencies
as shall be required by law;

     

              (f) to
make and publish such rules for the regulation of the Plan and procedures for
the administration of the Plan as are not inconsistent with the terms
hereof;

     

              (g) to
appoint a Plan Administrator, or any other agent, and to delegate to them such
powers and duties in connection with the administration of the Plan as the
Committee may from time to time prescribe; and

     

              (h) to
take all actions necessary for the administration of the
Plan.

     

         7.4 Construction and
Interpretation. The Committee shall have full discretion to construe and
interpret the terms and provisions of this Plan, which interpretations or
construction shall be final and binding on all parties, including but not
limited to the Company and any Participant or Beneficiary.

     

         7.5 Compensation, Expenses and
Indemnity.

     

              (a)
The members of the Committee shall serve without compensation for their services
hereunder.

     

              (b)
The Committee is authorized at the expense of the Company to employ such legal
counsel as it may deem advisable to assist in the performance of its duties
hereunder. Expenses and fees in connection with the administration of the Plan
shall be paid by the Company.

     

    12

     

    

    
    

    ARTICLE VIII
MISCELLANEOUS

     

         8.1 Unsecured General
Creditor. Participants and their Beneficiaries, heirs, successors, and
assigns shall have no legal or equitable rights, claims, or interest in any
specific property or assets of the Company. No assets of the Company shall be
held in any way as collateral security for the fulfilling of the obligations of
the Company under this Plan. Any and all of the Company’s assets shall be, and
remain, the general unpledged, unrestricted assets of the Company. The Company’s
obligation under the Plan shall be merely that of an unfunded and unsecured
promise of the Company to pay money in the future, and the rights of the
Participants and Beneficiaries shall be no greater than those of unsecured
general creditors. It is the intention of the Company that this Plan be unfunded
for purposes of the Code and for purposes of Title I of ERISA.

     

         8.2 Restriction Against
Assignment. The Company shall pay all amounts payable hereunder only to
the person or persons designated by the Plan and not to any other person or
corporation. No part of a Participant’s Accounts shall be liable for the debts,
contracts, or engagements of any Participant, his or her Beneficiary, or
successors in interest, nor shall a Participant’s Accounts be subject to
execution by levy, attachment, or garnishment or by any other legal or equitable
proceeding, nor shall any such person have any right to alienate, anticipate,
sell, transfer, commute, pledge, encumber, or assign any benefits or payments
hereunder in any manner whatsoever.

     

         8.3 Withholding. There
shall be deducted from each payment made under the Plan or any other
compensation payable to the Participant (or Beneficiary) all taxes which are
required to be withheld by the Company in respect to such payment or this Plan.
The Company shall have the right to reduce any payment (or compensation) by the
amount of cash sufficient to provide the amount of said taxes.

     

         8.4 Amendment, Modification,
Suspension or Termination. The Compensation Committee may amend, modify, suspend or terminate the Plan
in whole or in part, except that no amendment, modification, suspension or
termination shall have any retroactive effect to reduce any amounts allocated to
a Participant’s Accounts. The Committee may also amend the Plan, provided that
the Committee may only adopt amendments that (i) do not have a negative material
financial impact on the Company; or (ii) are required by tax or legal statutes,
regulations or pronouncements.

     

         8.5 Governing Law. Except
to extent preempted by Federal law, this Plan shall be governed by and construed
in accordance with the internal laws of the State of Delaware applicable to
contracts made and performed wholly within the State of Delaware, without giving
effect to the conflict of laws provisions thereof.

     

         8.6 Receipt or Release.
Any payment to a Participant or the Participant’s Beneficiary in accordance with
the provisions of the Plan shall, to the extent thereof, be in full satisfaction
of all claims against the Committee and the Company. The Committee may require
such Participant or Beneficiary, as a condition precedent to such payment, to
execute a receipt and release to such effect.

     

    13

     

    

    
    

         8.7 Limitation
of Rights and Employment Relationship. Neither the establishment of the
Plan nor any modification thereof, nor the creating of any fund or account, nor
the payment of any benefits shall be construed as giving to any Participant, or
Beneficiary or other person any legal or equitable right against the Company
except as provided in the Plan; and in no event shall the terms of employment of
any Employee or Participant be modified or in any way be affected by the
provisions of the Plan.

     

         8.8 Headings. Headings
and subheadings in this Plan are inserted for convenience of reference only and
are not to be considered in the construction of the provisions
hereof.

     

         8.9 Section 409A. All
provisions of the Plan shall be construed and interpreted in a manner consistent
with the requirements for avoiding taxes or penalties under Section 409A of the
Code (“Section
409A”). If the Committee determines that any amounts payable hereunder
may be taxable to a Participant under Section 409A, the Company may (i) adopt
such amendments to the Plan and appropriate policies and procedures, including
amendments and policies with retroactive effect, that the Committee determines
necessary or appropriate to preserve the intended tax treatment of the benefits
provided by the Plan and/or (ii) take such other actions as the Committee
determines necessary or appropriate to avoid or limit the imposition of an
additional tax under Section 409A; provided, that the Company shall have no
liability to a Participant or Beneficiary with respect to the tax imposed by
Section 409A.

     

              As
evidence of the amendment and restatement of this Plan, effective July 1, 2010,
by Automatic Data Processing, Inc., this document is signed by a duly authorized
officer.

     

    
      	
            	AUTOMATIC DATA PROCESSING,
      INC.
	
            	 
	
            	 
	
            	By:  	/s/ Michael A. Bonarti
	
            	 	Name: Michael A.
      Bonarti
	
            	 	Title: Vice President,
      General Counsel
	
            	 	and
  Secretary

    

    14

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