Document:

exv10w04

Exhibit 10.04

Symantec Corporation

Deferred Compensation Plan

Symantec Corporation Deferred Compensation Plan

Restated and Amended January 1, 2008

Adopted December 17, 2008

Effective with respect to amounts

deferred on or after January 1, 2005

 

 

Symantec Corporation

Deferred Compensation Plan

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE 1 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2 Selection, Enrollment, Eligibility
	 	 	7	 
	 
	 	 	 	 
	2.1 Selection by Committee
	 	 	7	 
	2.2 Enrollment and Eligibility Requirements; Commencement of Participation
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 3 Deferral Commitments/Amounts/Vesting/Crediting/Taxes
	 	 	9	 
	 
	 	 	 	 
	3.1 Maximum Deferral
	 	 	9	 
	3.2 Timing of Deferral Elections; Effect of Election Form
	 	 	9	 
	3.3 Withholding and Crediting of Annual Deferral Amounts
	 	 	12	 
	3.4 Vesting
	 	 	12	 
	3.5 Crediting/Debiting of Account Balances
	 	 	12	 
	3.6 FICA and Other Taxes
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 4 Scheduled Distribution; Unforeseeable Emergencies
	 	 	13	 
	 
	 	 	 	 
	4.1 Scheduled Distributions
	 	 	13	 
	4.2 Postponing Scheduled Distributions
	 	 	14	 
	4.3 Other Benefits Take Precedence Over Scheduled Distributions
	 	 	14	 
	4.4 Unforeseeable Emergencies
	 	 	14	 
	 
	ARTICLE 5 Change In Control Benefit
	 	 	15	 
	 
	 	 	 	 
	5.1 Change in Control Benefit
	 	 	15	 
	5.2 Payment of Change in Control Benefit
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 6 Retirement Benefit
	 	 	16	 
	 
	 	 	 	 
	6.1 Retirement Benefit
	 	 	16	 
	6.2 Payment of Retirement Benefit
	 	 	16	 
	 
	 	 	 	 
	ARTICLE 7 Termination Benefit
	 	 	17	 
	 
	 	 	 	 
	7.1 Termination Benefit
	 	 	17	 
	7.2 Payment of Termination Benefit
	 	 	17	 
	 
	 	 	 	 
	ARTICLE 8 Disability Benefit
	 	 	17	 
	 
	 	 	 	 
	8.1 Disability Benefit
	 	 	17	 
	8.2 Payment of Disability Benefit
	 	 	17	 
	 
	 	 	 	 
	ARTICLE 9 Death Benefit
	 	 	17	 

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Deferred Compensation Plan

	 	 	 	 	 
	 	 	 	Page	 
	9.1 Death Benefit
	 	 	17	 
	9.2 Payment of Death Benefit
	 	 	17	 
	 
	 	 	 	 
	ARTICLE 10 Beneficiary Designation
	 	 	18	 
	 
	 	 	 	 
	10.1 Beneficiary
	 	 	18	 
	10.2 Beneficiary Designation; Change; Spousal Consent
	 	 	18	 
	10.3 Acknowledgement
	 	 	18	 
	10.4 No Beneficiary Designation
	 	 	18	 
	10.5 Doubt as to Beneficiary
	 	 	18	 
	10.6 Discharge of Obligations
	 	 	18	 
	 
	 	 	 	 
	ARTICLE 11 Leave of Absence
	 	 	19	 
	 
	 	 	 	 
	11.1 Paid Leave of Absence
	 	 	19	 
	11.2 Unpaid Leave of Absence
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 12 Termination of Plan, Amendment or Modification
	 	 	19	 
	 
	 	 	 	 
	12.1 Termination of Plan
	 	 	19	 
	12.2 Amendment
	 	 	20	 
	12.3 Election Form
	 	 	20	 
	12.4 Effect of Payment
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 13 Administration
	 	 	20	 
	 
	 	 	 	 
	13.1 Committee Duties
	 	 	20	 
	13.2 Administration Upon Change In Control
	 	 	20	 
	13.3 Agents
	 	 	20	 
	13.4 Binding Effect of Decisions
	 	 	21	 
	13.5 Indemnity of Committee
	 	 	21	 
	13.6 Employer Information
	 	 	21	 
	 
	 	 	 	 
	ARTICLE 14 Other Benefits and Agreements
	 	 	21	 
	 
	 	 	 	 
	14.1 Coordination with Other Benefits
	 	 	21	 
	 
	 	 	 	 
	ARTICLE 15 Claims Procedures
	 	 	21	 
	 
	 	 	 	 
	15.1 Presentation of Claim
	 	 	21	 
	15.2 Notification of Decision
	 	 	21	 
	15.3 Review of a Denied Claim
	 	 	22	 
	15.4 Decision on Review
	 	 	22	 
	15.5 Legal Action
	 	 	23	 
	 
	 	 	 	 
	ARTICLE 16 Trust
	 	 	23	 

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	16.1 Establishment of the Trust
	 	 	23	 
	16.2 Interrelationship of the Plan and the Trust
	 	 	23	 
	16.3 Distributions From the Trust
	 	 	23	 
	 
	 	 	 	 
	ARTICLE 17 Miscellaneous
	 	 	23	 
	 
	 	 	 	 
	17.1 Compliance with 409A
	 	 	23	 
	17.2 Status of the Plan
	 	 	24	 
	17.3 Unsecured General Creditor
	 	 	24	 
	17.4 Employer’s Liability
	 	 	24	 
	17.5 Nonassignability
	 	 	24	 
	17.6 Not a Contract of Employment
	 	 	24	 
	17.7 Furnishing Information
	 	 	24	 
	17.8 Terms
	 	 	25	 
	17.9 Captions
	 	 	25	 
	17.10 Governing Law
	 	 	25	 
	17.11 Notice
	 	 	25	 
	17.12 Successors
	 	 	25	 
	17.13 Spouse’s Interest
	 	 	25	 
	17.14 Validity
	 	 	25	 
	17.15 Incompetent
	 	 	25	 
	17.16 Domestic Relations Orders
	 	 	26	 
	17.17 Distribution in the Event of Income Inclusion Under Code Section 409A
	 	 	26	 
	17.18 Deduction Limitation on Benefit Payments
	 	 	26	 
	17.19 Lost Participants or Beneficiaries
	 	 	26	 
	 
	 	 	 	 
	APPENDIX A LIMITED TRANSITION RELIEF FOR DISTRIBUTION ELECTIONS
	 	 	28	 

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Deferred Compensation Plan

Purpose

     The purpose of this Plan is to provide specified benefits to a select group of management or
highly compensated Employees
who 
contribute materially to the continued growth, development and
future business success of Symantec Corporation, a Delaware corporation. This Plan shall be
unfunded for tax purposes and for purposes of Title I of ERISA.

     The terms of this Plan shall govern all amounts deferred on or after January 1, 2005. All
amounts deferred prior to January 1, 2005, under the Symantec Corporation Deferred Compensation
Plan originally adopted November 7, 1996, as amended (“Frozen Plan”), shall continue to be governed
by the terms of the Frozen Plan and will be held in a Participant’s Grandfathered Accounts. This
Plan as restated and amended effective January 1, 2008, is intended to comply with all applicable
law, including Code Section 409A and related Treasury guidance and Regulations, and shall be
operated and interpreted in accordance with this intention. In order to transition to the
requirements of Code Section 409A and related Treasury Regulations, the Committee may make
available to Participants certain transition relief provided under Notices 2006-79 and 2007-86, as
described more fully in Appendix A of this Plan.

ARTICLE 1

Definitions

     For the purposes of this Plan, unless otherwise clearly apparent from the context, the
following phrases or terms shall have the following indicated meanings:

	1.1	 	“Account Balance” shall mean, with respect to a Participant, an entry on the records of the
Employer equal to the sum of the Participant’s Annual Accounts. The Account Balance shall be
a bookkeeping entry only and shall be utilized solely as a device for the measurement and
determination of the amounts to be paid to a Participant, or his or her designated
Beneficiary, pursuant to this Plan. The Account Balance shall segregate the Grandfathered
Accounts from the deferrals made after December 31, 2004, for bookkeeping purposes, and the
portion of the Account Balance attributable to Grandfathered Accounts shall be distributed in
accordance with the terms of the Frozen Plan.
	 
	1.2	 	“Annual Account” shall mean, with respect to a Participant, an entry on the records of the
Employer equal to the sum of (a)  the Participant’s Annual Deferral Amount, if any, for any
one Plan Year, plus (b) amounts credited or debited to such amounts pursuant to this Plan,
less (c) all distributions made to the Participant or his or her Beneficiary pursuant to this
Plan that relate to the Annual Account for such Plan Year. The Annual Account shall be a
bookkeeping entry only and shall be utilized solely as a device for the measurement and
determination of the amounts to be paid to a Participant, or his or her designated
Beneficiary, pursuant to this Plan.
	 
	1.3	 	“Annual Deferral Amount” shall mean that portion of a Participant’s Base Salary, Bonus and
Commissions that a Participant defers in accordance with Article 3 for any one Plan Year,
without regard to whether such amounts are withheld and credited during such Plan Year.
	 
	1.4	 	“Annual Installment Method” shall mean the method used to determine the amount of each
payment due to a Participant who has elected to receive a benefit over a period of years in
accordance with the applicable provisions of the Plan. The amount of each annual payment due

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	 	 	to the Participant shall be calculated by multiplying the balance of the Participant’s benefit
by a
fraction, the numerator of which is one and the denominator of which is the remaining number
of annual payments due to the Participant. The amount of the first annual payment shall be
calculated as of the close of business on or around the Participant’s Benefit Distribution
Date, and the amount of each subsequent annual payment shall be calculated on or around each
anniversary of such Benefit Distribution Date. For purposes of this Plan, the right to
receive a benefit payment in annual installments shall be treated as the entitlement to a
single payment.
	 
	1.5	 	“Base Salary” shall mean the annual cash compensation relating to services performed during
any calendar year, including wages, overtime, bonuses, commissions, tips and other
compensation reported on Form W-2, excluding stock options, relocation expenses, incentive
payments, non-monetary awards, fringe benefits and allowances that are paid to a Participant
for employment services rendered (whether or not such allowances are included in the
Employee’s gross income), and that are treated by the Employer as Base Salary for purposes of
the Plan. Base Salary shall be calculated before reduction for compensation voluntarily
deferred or contributed by the Participant pursuant to all qualified or nonqualified plans of
the Employer and shall be calculated to include amounts not otherwise included in the
Participant’s gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to
plans established by the Employer; provided, however, that all such amounts will be included
in compensation only to the extent that had there been no such plan, the amount would have
been payable in cash to the Employee.
	 
	1.6	 	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated
in accordance with Article 10, that are entitled to receive benefits under this Plan upon the
death of a Participant.
	 
	1.7	 	“Beneficiary Designation Form” shall mean the form established from time to time by the
Committee, which may be electronic in format, that a Participant completes, signs and returns
to the Committee to designate one or more Beneficiaries.
	 
	1.8	 	“Benefit Distribution Date” shall mean the date upon which all or an objectively determinable
portion of a Participant’s vested benefits will become eligible for distribution. Except as
otherwise provided in the Plan, a Participant’s Benefit Distribution Date shall be determined
based on the earliest to occur of an event or scheduled date set forth in Articles 4 through
9, as applicable.
	 
	1.9	 	“Board” shall mean the board of directors of the Company.
	 
	1.10	 	“Bonus” shall mean any compensation, annual or long-term incentive amounts, or variable pay,
in addition to Base Salary and Commissions, earned by a Participant under the Employer’s
annual bonus, variable pay and/or cash incentive plans.
	 
	1.11	 	“Change in Control” shall mean the occurrence of a “change in the ownership,” a “change in
the effective control” or a “change in the ownership of a substantial portion of the assets”
of the Company, as determined in accordance with this Section.
	 
	 	 	In determining whether an event shall be considered a “change in the ownership,” a “change
in the effective control” or a “change in the ownership of a substantial portion of the
assets” of the Company, the following provisions shall apply:

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Deferred Compensation Plan

	 	(a)	 	A “change in the ownership” of the Company shall occur on the date on which any
one person, or more than one person acting as a group, acquires ownership of stock of
the
Company that, together with stock held by such person or group, constitutes more than
50% of the total fair market value or total voting power of the stock of the Company,
as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(v). If a person or
group is considered either to own more than 50% of the total fair market value or
total voting power of the stock of the Company, or to have effective control of the
Company within the meaning of part (b) of this Section, and such person or group
acquires additional stock of the Company, the acquisition of additional stock by such
person or group shall not be considered to cause a “change in the ownership” of the
Company.
	 
	 	(b)	 	A “change in the effective control” of the Company shall occur on either of the
following dates:

	 	(i)	 	The date on which any one person, or more than one person acting
as a group, acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) ownership of
stock of the Company possessing 30% or more of the total voting power of the
stock of the Company, as determined in accordance with Treas. Reg.
§1.409A-3(i)(5)(vi). If a person or group is considered to possess 30% or more
of the total voting power of the stock of the Company, and such person or group
acquires additional stock of the Company, the acquisition of additional stock by
such person or group shall not be considered to cause a “change in the effective
control” of the Company; or
	 
	 	(ii)	 	The date on which a majority of the members of the Company’s
board of directors is replaced during any 12-month period by directors whose
appointment or election is not endorsed by a majority of the members of the
Company’s board of directors before the date of the appointment or election, as
determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vi). In determining
whether the event described in the preceding sentence has occurred, the
applicable corporation to which the event must relate shall only include a
corporation identified in accordance with Treas. Reg. §1.409A-3(i)(5)(ii) for
which no other corporation is a majority shareholder.

	 	(c)	 	A “change in the ownership of a substantial portion of the assets” of the
Company shall occur on the date on which any one person, or more than one person acting
as a group, acquires (or has acquired during the 12-month period ending on the date of
the most recent acquisition by such person or persons) assets from the Company that
have a total gross fair market value equal to or more than 40% of the total gross fair
market value of all of the assets of the Company immediately before such acquisition or
acquisitions, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vii). A
transfer of assets shall not be treated as a “change in the ownership of a substantial
portion of the assets” when such transfer is made to an entity that is controlled by
the shareholders of the transferor corporation, as determined in accordance with Treas.
Reg. §1.409A-3(i)(5)(vii)(B).

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

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	1.13	 	“Commissions” shall mean the cash commissions earned by a Participant during a Plan Year or
the Employer’s Fiscal Year, as determined in accordance with Code Section 409A and related
Treasury Regulations.
	 
	1.14	 	“Committee” shall mean the committee described in Article 13.
	 
	1.15	 	“Company” shall mean Symantec Corporation, a Delaware corporation, and any successor to all
or substantially all of the Company’s assets or business.
	 
	1.16	 	“Director” shall mean any member of the board of directors of any Employer.
	 
	1.17	 	“Disability” or “Disabled” shall mean that a Participant is either (a) unable to engage in
any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or (b) by reason of any medically determinable physical or
mental impairment that 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 employees of the
Employer. For purposes of this Plan, a Participant shall be deemed Disabled if determined to
be totally disabled by the Social Security Administration. A Participant shall also be deemed
Disabled if determined to be disabled in accordance with the applicable disability insurance
program of the Employer, provided that the definition of “disability” applied under such
disability insurance program complies with the requirements of this Section.
	 
	1.18	 	“Election Form” shall mean the form established from time to time by the Committee that a
Participant completes, signs, transmits, authorizes and returns to the Committee, which may be
in electronic format, to make an election under the Plan and shall evidence the terms of the
Plan. Unless otherwise provided in this Plan herein or determined by the Committee, the most
recent Election Form accepted with respect to a Participant shall supersede any prior Election
Forms for such Participant with respect to future deferrals.
	 
	1.19	 	“Employee” shall mean a person who is an employee of an Employer.
	 
	1.20	 	“Employer” shall mean the Company and/or any of its subsidiaries that have been selected by
the Board to participate in the Plan and have adopted the Plan as a sponsor. For purposes of
determining whether a Participant has experienced a Separation from Service, “Employer” shall
be defined consistent with Treas. Reg. § 1.409A-1(h)(3).
	 
	1.21	 	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended
from time to time.
	 
	1.22	 	“Fiscal Year” shall mean the fiscal year of the Company, as may be changed from time to time.
	 
	1.23	 	“Grandfathered Account(s)” shall mean amounts deferred (including earnings thereon) that were
earned and vested prior to January 1, 2005 and that are not intended to be subject to Code
Section 409A in accordance with Treas. Reg. § 1.409A-6(a)(2). Such amounts are accounted for
separate and apart from a Participant’s Account Balance and are governed by the terms of the
Frozen Plan.

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	1.24	 	“401(k) Plan” shall mean a plan qualified under Code Section 401(a) that contains a cash or
deferral arrangement described in Code Section 401(k), adopted by the Employer, as it may be
amended from time to time, or any successor thereto.
	 
	1.25	 	“Participant” shall mean any Employee (a) who is eligible to participate in the Plan, and
(b) whose executed Election Form and Beneficiary Designation Form are accepted by the
Committee.
	 
	1.26	 	“Performance-Based Compensation” shall mean compensation the entitlement to or amount of
which is contingent on the satisfaction of pre-established organizational or individual
performance criteria relating to a performance period of at least 12 consecutive months, as
determined by the Committee in accordance with Treas. Reg. §1.409A-1(e).
	 
	1.27	 	“Plan” shall mean the Symantec Corporation Deferred Compensation Plan, which shall govern
amounts deferred on or after January 1, 2005, and which, as restated and amended as of January
1, 2008, is evidenced by this instrument, as it may be amended from time to time, and by any
other documents that together with this instrument define a Participant’s rights to amounts
credited to his or her Account Balance.
	 
	1.28	 	“Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing
through December 31 of such calendar year.
	 
	1.29	 	“Retirement,” “Retire(s)” or “Retired” shall mean a Separation from Service on or after the
attainment of age 65.
	 
	1.30	 	“Separation from Service” shall mean a termination of services provided by a Participant to
the Employer, whether voluntarily or involuntarily, other than by reason of death or
Disability, as determined by the Committee in accordance with Treas. Reg. §1.409A-1(h). In
determining whether a Participant has experienced a Separation from Service, the following
provisions shall apply:

	 	(a)	 	For a Participant who provides services to the Employer as an Employee, except
as otherwise provided in part (c) of this Section, a Separation from Service shall
occur when such Participant has experienced a termination of employment with the
Employer. A Participant shall be considered to have experienced a termination of
employment when the facts and circumstances indicate that the Participant and the
Employer reasonably anticipate that either (i) no further services will be performed
for the Employer after a certain date, or (ii) that the level of bona fide services the
Participant will perform for the Employer after such date (whether as an Employee or as
an independent contractor) will permanently decrease to no more than 20% of the average
level of bona fide services performed by such Participant (whether as an Employee or an
independent contractor) over the immediately preceding 36-month period (or the full
period of services to the Employer if the Participant has been providing services to
the Employer less than 36 months).
	 
	 	 	 	If a Participant is on military leave, sick leave, or other bona fide leave of
absence, the employment relationship between the Participant and the Employer shall
be treated as continuing intact, provided that the period of such leave does not
exceed 6 months, or if longer, so long as the Participant retains a right to
reemployment with the Employer under an applicable statute or by contract. If the
period of a military leave, sick leave, or

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	 	 	 	other bona fide leave of absence exceeds 6
months and the Participant does not retain a right to reemployment under an
applicable statute or by contract, the employment relationship shall be considered to
be terminated for purposes of this Plan as of the first day immediately following the
end of such 6-month period. In applying the provisions of
this paragraph, a leave of absence shall be considered a bona fide leave of absence
only if there is a reasonable expectation that the Participant will return to perform
services for the Employer.
	 
	 	(b)	 	For a Participant who provides services to the Employer as an independent
contractor, except as otherwise provided in part (c) of this Section, a Separation from
Service shall occur upon the expiration of the contract (or in the case of more than
one contract, all contracts) under which services are performed for the Employer,
provided that the expiration of such contract(s) is determined by the Committee to
constitute a good-faith and complete termination of the contractual relationship
between the Participant and the Employer.
	 
	 	(c)	 	For a Participant who provides services to the Employer as both an Employee and
an independent contractor, a Separation from Service generally shall not occur until
the Participant has ceased providing services for the Employer as both as an Employee
and as an independent contractor, as determined in accordance with the provisions set
forth in parts (a) and (b) of this Section, respectively. Similarly, if a Participant
either (i) ceases providing services for the Employer as an independent contractor and
begins providing services for the Employer as an Employee, or (ii) ceases providing
services for the Employer as an Employee and begins providing services for the Employer
as an independent contractor, the Participant will not be considered to have
experienced a Separation from Service until the Participant has ceased providing
services for the Employer in both capacities, as determined in accordance with the
applicable provisions set forth in parts (a) and (b) of this Section.
	 
	 	 	 	Notwithstanding the foregoing provisions in this part (c), if a Participant provides
services for the Employer as both an Employee and as a Director, to the extent
permitted by Treas. Reg. §1.409A-1(h)(5) the services provided by such Participant as
a Director shall not be taken into account in determining whether the Participant has
experienced a Separation from Service as an Employee.

	1.31	 	“Specified Employee” shall mean any Participant who is determined to be a “key employee” (as
defined under Code Section 416(i) without regard to paragraph (5) thereof) for the applicable
period, as determined annually by the Committee in accordance with Treas. Reg. §1.409A-1(i).
In determining whether a Participant is a Specified Employee, the following provisions shall
apply:

	 	(a)	 	The Committee’s identification of the individuals who fall within the
definition of “key employee” under Code Section 416(i) (without regard to paragraph (5)
thereof) shall be based upon the 12-month period ending on each December
31st (referred to below as the “identification date”). In applying the
applicable provisions of Code Section 416(i) to identify such individuals,
“compensation” shall be determined in accordance with Treas. Reg. §1.415(c)-2(a)
without regard to (i) any safe harbor provided in Treas. Reg. §1.415(c)-2(d), (ii) any
of the elective special timing rules provided in Treas. Reg.

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	 	 	 	§1.415(c)-2(e), and (iii)
any of the elective special rules provided in Treas. Reg. §1.415(c)-2(g); and
	 
	 	(b)	 	Each Participant who is among the individuals identified as a “key employee” in
accordance with part (a) of this Section shall be treated as a Specified Employee for
purposes of this Plan if such Participant experiences a Separation from Service
during the 12-month period that begins on the April 1st following the
applicable identification date.

	1.32	 	“Trust” shall mean one or more trusts established by the Company in accordance with Article
16.
	 
	1.33	 	“Unforeseeable Emergency” shall mean a severe financial hardship of the Participant resulting
from (a) an illness or accident of the Participant, the Participant’s spouse, the
Participant’s Beneficiary or the Participant’s dependent (as defined in Code Section 152
without regard to paragraphs (b)(1), (b)(2) and (d)(1)(B) thereof), (b) a loss of the
Participant’s property due to casualty, or (c) such other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the
Participant, all as determined by the Committee based on the relevant facts and circumstances
in accordance with Treas. Reg. Section 1.409A-3(i)(3).
	 
	1.34	 	“Years of Service” shall mean the total number of full years in which a Participant has been
employed by the Employer. For purposes of this definition, a year of employment shall be a
365 day period (or 366 day period in the case of a leap year) that, for the first year of
employment, commences on the Employee’s date of hiring and that, for any subsequent year,
commences on an anniversary of that hiring date. A partial year of employment shall not be
treated as a Year of Service.

ARTICLE 2

Selection, Enrollment, Eligibility

	2.1	 	Selection by Committee. Participation in the Plan shall be limited to a select group
of management or highly compensated Employees. From that group, the Committee shall select,
in its sole discretion, those individuals who may actually participate in this Plan.
	 
	2.2	 	Enrollment and Eligibility Requirements; Commencement of Participation.

	 	(a)	 	As a condition to participation, each selected Employee shall enroll once they
complete, execute and return to the Election Form and a Beneficiary Designation Form by
the deadline(s) established by the Committee in accordance with the applicable
provisions of this Plan. In addition, the Committee shall establish from time to time
such other enrollment requirements as it determines, in its sole discretion, are
necessary.
	 
	 	(b)	 	Each selected Employee who is eligible to participate in the Plan shall
commence participation in the Plan on the date that the Committee determines that the
Employee (i) has met all enrollment requirements set forth in this Plan and required by the
Committee, including (a) being either an Executive staff member or in salary grades
13 (or equivalent) and above, (b) earning more than $150,000 per year, and (c)
receiving written notice of his or her eligibility, and (ii) has returned all
required documents to the Committee within the specified time period. Nonresident
aliens shall not be eligible to

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	 	 	 	participate in the Plan unless specifically permitted
by the Committee. To the extent the Committee, in its sole discretion, revises the
eligibility criteria, it shall notify Employees in writing.
	 
	 	(c)	 	If an Employee fails to meet all requirements established by the Committee
within the period required, that Employee shall not be eligible to participate in the
Plan during such Plan Year.

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ARTICLE 3

Deferral Commitments/ Amounts/Vesting/Crediting/Taxes

	3.1	 	Maximum Deferral

	 	(a)	 	Annual Deferral Amount. For each Plan Year beginning on or after
January 1, 2006, a Participant may elect to defer, as his or her Annual Deferral
Amount, Base Salary, Bonus and/or Commissions up to the following maximum percentages
for each deferral elected:

	 	 	 
	 	 	Maximum Deferral
	Deferral	 	Percentage
	Base Salary

	 	75%
	Bonus
	 	100%
	Commissions
	 	100%

	 	(b)	 	2005 Deferral Amount. For the 2005 Plan Year, a Participant was able
to elect to defer, as his or her Annual Deferral Amount, 50% of Base Salary, Bonus
and/or Commissions.
	 
	 	(c)	 	Mid-Year Initial Deferral Amount. Notwithstanding the foregoing, if a
Participant first becomes a Participant after the first day of a Plan Year, then to the
extent required by Section 3.2 and Code Section 409A and related Treasury Regulations,
the maximum amount of the Participant’s Base Salary, Bonus or Commissions that may be
deferred by the Participant for the Plan Year shall be determined by applying the
percentages set forth in Section 3.1(a) to the portion of such compensation
attributable to services performed after the date that the Participant’s deferral
election is made.

	3.2	 	Timing of Deferral Elections; Effect of Election Form.

	 	(a)	 	General Timing Rule for Deferral Elections. Except as otherwise
provided in this Section 3.2, in order for a Participant to make a valid election to
defer Base Salary, Bonus and/or Commissions, the Participant must submit an Election
Form on or before the deadline established by the Committee, which in no event shall be
later than the December 31st preceding the Plan Year in which such
compensation will be earned.
	 
	 	 	 	Any deferral election made in accordance with this Section 3.2(a) shall be
irrevocable as of the December 31st preceding the Plan Year in which such
Base Salary, Bonus and/or Commissions are earned.
	 
	 	 	 	Any deferral election for Bonus and/or Commissions that qualifies as Fiscal Year
Compensation made in accordance with this Section 3.2(a) shall be irrevocable;
provided, however, that the Committee may permit a Participant to make an irrevocable
deferral election for an amount that qualifies as Fiscal Year Compensation, as
described in Section 3.2(c) below, until no later than the last day of the Employer’s
immediately preceding Fiscal Year.

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	 	 	 	Any deferral election for an amount that qualifies as Performance-Based Compensation
shall be irrevocable; provided, however, that if the Committee permits or requires
Participants to make a deferral election by the deadline described above for an
amount that qualifies as Performance-Based Compensation, the Committee may permit a
Participant to subsequently change his or her deferral election for such compensation
by submitting a new Election Form in accordance with Section 3.2(d) below.
	 
	 	 	 	Notwithstanding anything herein to the contrary, all deferral elections shall conform
to, and be made in accordance with the requirements of Code Section 409A. In no
event may a deferral election with respect to Base Salary, Bonus and/or Commissions
be made after the last date that such deferral election can be made in order to
comply with the provisions of Code Section 409A and related Treasury Regulations.
	 
	 	(b)	 	Timing of Deferral Elections for Newly Eligible Plan Participants. A
selected Employee who first becomes eligible to participate in the Plan on or after the
beginning of a Plan Year, as determined in accordance with Treas. Reg.
§1.409A-2(a)(7)(ii) and the “plan aggregation” rules provided in Treas. Reg.
§1.409A-1(c)(2), may be permitted to make an election to defer the portion of Base
Salary, Bonus and/or Commissions attributable to services to be performed after such
election, provided that the Participant submits an Election Form on or before the
deadline established by the Committee, which in no event shall be later than 30 days
after the Participant first becomes eligible to participate in the Plan.
	 
	 	 	 	If a deferral election made in accordance with this Section 3.2(b) relates to
compensation earned based upon a specified performance period, the amount eligible
for deferral shall be equal to (i) the total amount of compensation for the
performance period, multiplied by (ii) a fraction, the numerator of which is the
number of days remaining in the service period after the Participant’s deferral
election is made, and the denominator of which is the total number of days in the
performance period.
	 
	 	 	 	Any deferral election made in accordance with this Section 3.2(b) shall become
irrevocable no later than the 30th day after the date the selected
Employee becomes eligible to participate in the Plan.
	 
	 	(c)	 	Timing of Deferral Elections for Fiscal Year
Compensation. In the
event that the Fiscal Year of the Employer is different than the taxable year of a
Participant, the Committee may determine that a deferral election may be made for
“Fiscal Year Compensation” (as defined below), by submitting an Election Form on or
before the deadline established by the Committee, which in no event shall be later than
the last day of the Employer’s Fiscal Year immediately preceding the Fiscal Year in
which the services related to such compensation will begin to be performed. For
purposes of this Section, the term “Fiscal Year Compensation” shall include Bonus or
Commissions relating to a service period coextensive with one or more consecutive
Fiscal Years of the Employer, of which no amount is paid or payable during the
Employer’s Fiscal Year(s) that constitute the service period. A deferral election made
in accordance with this Section 3.2(c) shall be irrevocable as of the last day of the
immediately preceding Fiscal
Year(s) to which the deferral election applies. deadline established by the Committee
in

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	 	 	 	the preceding paragraph, which in no event shall be later than the last day of the
immediately preceding Fiscal Year.
	 
	 	 	 	A deferral election made in accordance with this Section 3.2(c) shall be irrevocable;
provided, however, that if the Committee permits or requires Participants to make a
deferral election by the deadline described in this Section 3.2(c) for an amount that
qualifies as Performance-Based Compensation, the Committee may permit a Participant
to subsequently change his or her deferral election for such compensation by
submitting a new Election Form in accordance with 3.2(d) below.

	 	(d)	 	Timing of Deferral Elections for Performance-Based Compensation.
Subject to the limitations described below, the Committee may determine that an
irrevocable deferral election for an amount that qualifies as Performance-Based
Compensation may be made by submitting an Election Form on or before the deadline
established by the Committee, which in no event shall be later than 6 months before the
end of the performance period.
	 
	 	 	 	In order for a Participant to be eligible to make a deferral election for
Performance-Based Compensation in accordance with the deadline established pursuant
to this Section 3.2Error! Reference source not found., the Participant must have
performed services continuously from the later of (i) the beginning of the
performance period for such compensation, or (ii) the date upon which the performance
criteria for such compensation are established, through the date upon which the
Participant makes the deferral election for such compensation. In no event shall a
deferral election submitted under this Section 3.2Error! Reference source not found.
be permitted to apply to any amount of Performance-Based Compensation that has become
readily ascertainable.
	 
	 	(e)	 	Grandfathered Elections. Participant elections with respect to
deferrals of amounts earned and vested before January 1, 2005 shall remain in effect
for such amounts (any earnings thereon) and, thus, such amounts (and any earnings
thereon) and elections are not subject to the deferred compensation rules under Code
Section 409A. Such amounts will be held in a Participant’s Grandfathered Account.
	 
	 	(f)	 	Effect of Election on Deferrals. The Participant’s deferral election
shall be calculated with respect to the Base Salary, Bonus and/or Commissions payable
to the Participant after any amounts for other deductions or withholdings, but shall be
reduced by the Committee as necessary so that it does not exceed 75% of the Base Salary
and 100% of Bonus and/or Commissions of the Participant remaining after deduction of
all required income and employment taxes, 401(k) and other employee benefit deductions,
and other deductions required by law. Notwithstanding anything herein to the contrary,
any changes to 401(k) deferrals and other payroll withholdings made or effective after
December 31st of a Plan Year or the last day of the immediately preceding
Fiscal Year, if such later deferral is permitted by the Committee, that would affect
the amount of Base Salary, Bonus and/or Commissions being deferred to the Plan (or any
other changes that would cause a deferral election to be treated as being revocable for
purposes of Code Section 409A, or which would otherwise cause a deferral election or
the terms of the Plan to violate 409A) shall be disregarded for purposes of the Plan
and shall not become
effective under the Plan until the first day of the Plan Year or Fiscal Year for
which a new deferral election could be effective under Section 3.2(a).

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	3.3	 	Withholding and Crediting of Annual Deferral
Amounts. For each Plan Year, the Base
Salary portion of the Annual Deferral Amount shall be withheld from each regularly scheduled
Base Salary payroll in equal amounts, as adjusted from time to time for increases and
decreases in Base Salary. The Bonus and/or Commissions portion of the Annual Deferral Amount
shall be withheld at the time the Bonus or Commissions are or otherwise would be paid to the
Participant, whether or not this occurs during the Plan Year itself. Annual Deferral Amounts
shall be credited to the Participant’s Annual Account for such Plan Year at the time such
amounts would otherwise have been paid to the Participant.
	 
	3.4	 	Vesting. A Participant shall at all times be 100% vested in the portion of his or her
Account Balance attributable to Annual Deferral Amounts, plus amounts credited or debited on
such amounts pursuant to Section 3.5.
	 
	3.5	 	Crediting/Debiting of Account Balances. In accordance with, and subject to, the rules
and procedures that are established from time to time by the Committee, in its sole
discretion, amounts shall be credited or debited to a Participant’s Account Balance in
accordance with the following rules:

	 	(a)	 	Measurement Funds. A Participant may elect one or more of the
measurement funds selected by the Committee, in its sole discretion, which are based on
certain mutual funds (the “Measurement Funds”), for the purpose of crediting or
debiting additional amounts to his or her Account Balance. As necessary, the Committee
may, in its sole discretion, discontinue, substitute or add a Measurement Fund.
	 
	 	(b)	 	Election of Measurement Funds. A Participant, in connection with his
or her initial deferral election in accordance with Section 3.2 above, shall elect, on
the Election Form, one or more Measurement Fund(s) (as described in Section 3.5(a)
above) to be used to determine the amounts to be credited or debited to his or her
Account Balance. If a Participant does not elect any of the Measurement Funds as
described in the previous sentence, the Participant’s Account Balance shall
automatically be allocated into the lowest-risk Measurement Fund, as determined by the
Committee, in its sole discretion. The Participant may (but is not required to) elect,
by submitting an Election Form to the Committee that is accepted by the Committee, to
add or delete one or more Measurement Fund(s) to be used to determine the amounts to be
credited or debited to his or her Account Balance, or to change the portion of his or
her Account Balance allocated to each previously or newly elected Measurement Fund. If
an election is made in accordance with the previous sentence, it shall apply as of the
first business day deemed reasonably practicable by the Committee, in its sole
discretion, and shall continue thereafter for each subsequent day in which the
Participant participates in the Plan, unless changed in accordance with the previous
sentence. Notwithstanding the foregoing, the Committee, in its sole discretion, may
impose limitations on the frequency with which one or more of the Measurement Funds
elected in accordance with this Section 3.5(b) may be added or deleted by such
Participant; furthermore, the Committee, in its sole discretion, may
impose limitations on the frequency with which the Participant may change the portion
of his or her Account Balance allocated to each previously or newly elected
Measurement Fund.

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	 	(c)	 	Proportionate Allocation. In making any election described in Section
3.5(b) above, the Participant shall specify on the Election Form, in increments of one
percent (1%), the percentage of his or her Account Balance or Measurement Fund, as
applicable, to be allocated/reallocated.
	 
	 	(d)	 	Crediting or Debiting Method. The performance of each Measurement Fund
(either positive or negative) will be determined on a daily basis based on the manner
in which such Participant’s Account Balance has been hypothetically allocated among the
Measurement Funds by the Participant.
	 
	 	(e)	 	No Actual Investment. Notwithstanding any other provision of this Plan
that may be interpreted to the contrary, the Measurement Funds are to be used for
measurement purposes only, and a Participant’s election of any such Measurement Fund,
the allocation of his or her Account Balance thereto, the calculation of additional
amounts and the crediting or debiting of such amounts to a Participant’s Account
Balance shall not be considered or construed in any manner as an actual investment of
his or her Account Balance in any such Measurement Fund. In the event that the Company
or the Trustee (as that term is defined in the Trust), in its own discretion, decides
to invest funds in any or all of the investments on which the Measurement Funds are
based, no Participant shall have any rights in or to such investments themselves.
Without limiting the foregoing, a Participant’s Account Balance shall at all times be a
bookkeeping entry only and shall not represent any investment made on his or her behalf
by the Company or the Trust; the Participant shall at all times remain an unsecured
creditor of the Company.

	3.6	 	FICA and Other Taxes.

	 	(a)	 	Annual Deferral Amounts. For each Plan Year in which an Annual
Deferral Amount is being withheld from a Participant, the Employer shall withhold from
that portion of the Participant’s Base Salary, Bonus and/or Commissions that is not
being deferred, in a manner determined by the Employer, the Participant’s share of FICA
and other employment taxes on such Annual Deferral Amount. If necessary, the Committee
may reduce the Annual Deferral Amount in order to comply with this Section 3.6.
	 
	 	(b)	 	Distributions. The Employer, or the trustee of the Trust, shall
withhold from any payments made to a Participant under this Plan all federal, state and
local income, employment and other taxes required to be withheld by the Employer, or
the trustee of the Trust, in connection with such payments, in amounts and in a manner
to be determined in the sole discretion of the Employer and the trustee of the Trust.

ARTICLE 4

Scheduled Distribution; Unforeseeable Emergencies 

	4.1	 	Scheduled Distributions. In connection with each election to defer an Annual
Deferral Amount, a Participant may elect to receive all or a portion of such Annual Deferral
Amount, plus amounts credited or debited on that amount pursuant to Section 3.5, in the form
of a lump sum payment or installments, as elected by the Participant (a “Scheduled
Distribution”). The lump sum payment shall be calculated as of the close of business on or
around the Benefit Distribution Date designated by the Participant in accordance with this
Section. The Participant may elect

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	 	 	installments of Scheduled Distributions in accordance with
the Annual Installment Method of 5, 10 or 15 years. The Benefit Distribution Date for the
amount subject to a Scheduled Distribution election shall be the first day of any Plan Year
designated by the Participant, which may be no sooner than 5 Plan Years after the end of the
Plan Year to which the Participant’s deferral election relates, unless otherwise provided on
an Election Form approved by the Committee.
	 
	 	 	Subject to the other terms and conditions of this Plan, each Scheduled Distribution elected
shall be paid out during a 60 day period commencing immediately after the Benefit
Distribution Date. By way of example, if a Scheduled Distribution is elected for Annual
Deferral Amounts that are earned in the Plan Year commencing January 1, 2008, the earliest
Benefit Distribution Date that may be designated by a Participant would be January 1, 2014,
and the Scheduled Distribution would be paid out during the 60 day period commencing
immediately after such Benefit Distribution Date.
	 
	4.2	 	Postponing Scheduled Distributions. A Participant may elect to postpone a Scheduled
Distribution described in Section 4.1 above, and have such amount paid out during a 60 day
period commencing immediately after an allowable alternative Benefit Distribution Date
designated in accordance with this Section 4.2. In order to make such an election, the
Participant must submit an Election Form to the Committee in accordance with the following
criteria:

	 	(a)	 	The election of the new Benefit Distribution Date shall have no effect until at
least 12 months after the date on which the election is made;
	 
	 	(b)	 	The new Benefit Distribution Date selected by the Participant for such
Scheduled Distribution must be the first day of a Plan Year that is no sooner than 5
years after the previously designated Benefit Distribution Date; and
	 
	 	(c)	 	The election must be made at least 12 months prior to the Participant’s
previously designated Benefit Distribution Date for such Scheduled Distribution.

	 	 	For purposes of applying the provisions of this Section 4.2, a Participant’s election to
postpone a Scheduled Distribution shall not be considered to be made until the date on which
the election becomes irrevocable. Such an election shall become irrevocable no later than
the date that is 12 months prior to the Participant’s previously designated Benefit
Distribution Date for such Scheduled Distribution. An election to postpone a Scheduled
Distribution is specific to the
Annual Account or payment event to which it applies, and shall not be construed to affect
the Scheduled Distribution of any other accounts. Notwithstanding anything herein to the
contrary, any election to postpone a Scheduled Distribution shall be made in accordance with
the requirements of Code Section 409A.
	 
	4.3	 	Other Benefits Take Precedence Over Scheduled Distributions. Should an event occur
prior to any Benefit Distribution Date designated for a Scheduled Distribution that would
trigger a benefit under Articles 5 through 9, as applicable, all amounts subject to a
Scheduled Distribution election shall be paid in accordance with the other applicable
provisions of the Plan and not in accordance with this Article 4.

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	4.4	 	Unforeseeable Emergencies.

	 	(a)	 	If a Participant experiences an Unforeseeable Emergency prior to the occurrence
of a distribution event described in Articles 5 through 9, as applicable, the
Participant may petition the Committee to receive a partial or full payout from the
Plan. The payout, if any, from the Plan shall not exceed the lesser of (i) the
Participant’s vested Account Balance, calculated as of the close of business on or
around the Benefit Distribution Date for such payout, as determined by the Committee in
accordance with provisions set forth below, or (ii) the amount necessary to satisfy the
Unforeseeable Emergency, plus amounts necessary to pay Federal, state, or local income
taxes or penalties reasonably anticipated as a result of the distribution. A
Participant shall not be eligible to receive a payout from the Plan to the extent that
the Unforeseeable Emergency is or may be relieved (A) through reimbursement or
compensation by insurance or otherwise, (B) by liquidation of the Participant’s assets,
to the extent the liquidation of such assets would not itself cause severe financial
hardship, or (C) by cessation of deferrals under this Plan.
	 
	 	 	 	If the Committee, in its sole discretion, approves a Participant’s petition for
payout from the Plan, the Participant’s Benefit Distribution Date for such payout
shall be the date on which such Committee approval occurs and such payout shall be
distributed to the Participant in a lump sum no later than 60 days after such Benefit
Distribution Date. In addition, in the event of such approval the Participant’s
outstanding deferral elections under the Plan shall be cancelled.
	 
	 	(b)	 	A Participant’s deferral elections under this Plan shall also be cancelled to
the extent the Committee determines that such action is required for the Participant to
obtain a hardship distribution from the Employer’s 401(k) Plan pursuant to Treas. Reg.
§1.401(k)-1(d)(3).

ARTICLE 5

Change in Control Benefit 

	5.1	 	Change in Control Benefit. A Participant, in connection with his or her commencement
of participation in the Plan, shall have an opportunity to irrevocably elect to receive his or
her vested Account Balance in the form of a lump sum payment in the event that a Change in
Control occurs prior to the Participant’s Separation from
Service, Disability or death (the “Change in Control Benefit”). The Benefit Distribution
Date for the Change in Control Benefit, if any, shall be the date on which the Change in
Control occurs.
	 
	 	 	If a Participant elects not to receive a Change in Control Benefit, or fails to make an
election in connection with his or her commencement of participation in the Plan, the
Participant’s Account Balance shall be paid in accordance with the other applicable
provisions of the Plan.
	 
	5.2	 	Payment of Change in Control Benefit. The Change in Control Benefit, if any, shall
be calculated as of the close of business on or around the Participant’s Benefit Distribution
Date, as determined by the Committee, and paid to the Participant no later than 60 days after
the Participant’s Benefit Distribution Date.

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ARTICLE 6

Retirement Benefit

	6.1	 	Retirement Benefit. If a Participant experiences a Separation from Service that
qualifies as a Retirement, the Participant shall be eligible to receive his or her vested
Account Balance in either a lump sum or annual installment payments, as elected by the
Participant in accordance with Section 6.2 (the “Retirement Benefit”). A Participant’s
Retirement Benefit shall be calculated as of the close of business on or around the applicable
Benefit Distribution Date for such benefit, which shall be (i) the first day after the end of
the 6-month period immediately following the date on which the Participant experiences such
Separation from Service if the Participant is a Specified Employee, and (ii) for all other
Participants, the date on which the Participant experiences a Separation from Service;
provided, however, if a Participant changes the form of distribution for one or more Annual
Accounts in accordance with Section 6.2(b), the Benefit Distribution Date for the Annual
Account(s) subject to such change shall be determined in accordance with Section 6.2(b).
	 
	6.2	 	Payment of Retirement Benefit.

	 	(a)	 	In connection with a Participant’s election to defer an Annual Deferral Amount,
the Participant shall elect the form in which his or her Annual Account for such Plan
Year will be paid. The Participant may elect to receive each Annual Account in the
form of a lump sum or pursuant to an Annual Installment Method of 5, 10, or 15 years.
If a Participant does not make any election with respect to the payment of an Annual
Account, then the Participant shall be deemed to have elected to receive such Annual
Account as a lump sum.
	 
	 	(b)	 	A Participant may change the form of payment for an Annual Account by
submitting an Election Form to the Committee in accordance with the following criteria:

	 	(i)	 	The election shall not take effect until at least 12 months after
the date on which the election is made;
	 
	 	(ii)	 	The new Benefit Distribution Date for such Annual Account shall
be 5 years after the Benefit Distribution Date that would otherwise have been
applicable to such Annual Account; and
	 
	 	(iii)	 	The election must be made at least 12 months prior to the
Benefit Distribution Date that would otherwise have been applicable to such
Annual Account.

	 	 	 	For purposes of applying the provisions of this Section 6.2(b), a Participant’s
election to change the form of payment for an Annual Account shall not be considered
to be made until the date on which the election becomes irrevocable. Such an
election shall become irrevocable no later than the date that is 12 months prior to
the Benefit Distribution Date that would otherwise have been applicable to such
Annual Account. Subject to the requirements of this Section 6.2(b), the Election
Form most recently accepted by the Committee that has become effective for an Annual
Account shall govern the form of payout of such Annual Account.

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	 	(c)	 	The lump sum payment shall be made, or installment payments shall commence, no
later than 60 days after the applicable Benefit Distribution Date. Remaining
installments, if any, shall continue in accordance with the Participant’s election for
each Annual Account and shall be paid no later than 60 days after each anniversary of
the Benefit Distribution Date.

ARTICLE 7

Termination Benefit

	7.1	 	Termination Benefit. If a Participant experiences a Separation from Service that
does not qualify as a Retirement, the Participant shall receive his or her vested Account
Balance in the form of a lump sum payment (the “Termination Benefit”). A Participant’s
Termination Benefit shall be calculated as of the close of business on or around the Benefit
Distribution Date for such benefit, which shall be (i) the first day after the end of the
6-month period immediately following the date on which the Participant experiences such
Separation from Service if the Participant is a Specified Employee, and (ii) for all other
Participants, the date on which the Participant experiences a Separation from Service.
	 
	7.2	 	Payment of Termination Benefit. The Termination Benefit shall be paid to the
Participant no later than 60 days after the Participant’s Benefit Distribution Date.

ARTICLE 8

Disability Benefit

	8.1	 	Disability Benefit. If a Participant becomes Disabled prior to the occurrence of a
distribution event described in Articles 5 through 7, as applicable, the Participant shall
receive his or her vested Account Balance in the form of a lump sum payment (the “Disability
Benefit”). The Disability Benefit shall be calculated as of the close of business on or
around the Participant’s Benefit Distribution Date for such benefit, which shall be the date
on which the Participant becomes Disabled.
	 
	8.2	 	Payment of Disability Benefit. The Disability Benefit shall be paid to the
Participant no later than 60 days after the Participant’s Benefit Distribution Date.

ARTICLE 9

Death Benefit

	9.1	 	Death Benefit. In the event of a Participant’s death prior to the complete
distribution of his or her vested Account Balance, the Participant’s Beneficiary(ies) shall
receive the Participant’s unpaid vested Account Balance in a lump sum payment (the “Death
Benefit”). The Death Benefit shall be calculated as of the close of business on or around the
Benefit Distribution Date for such benefit, which shall be the date on which the Committee is
provided with proof that is satisfactory to the Committee of the Participant’s death.
	 
	9.2	 	Payment of Death Benefit. The Death Benefit shall be paid to the Participant’s
Beneficiary(ies) no later than 60 days after the Participant’s Benefit Distribution Date.

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ARTICLE 10

Beneficiary Designation

	10.1	 	Beneficiary. Each Participant shall have the right, at any time, to designate his or
her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable
under the Plan to a beneficiary upon the death of a Participant. The Beneficiary designated
under this Plan may be the same as or different from the Beneficiary designation under any
other plan of the Employer in which the Participant participates.
	 
	10.2	 	Beneficiary Designation; Change; Spousal Consent. A Participant shall designate his
or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning
it to the Committee or its designated agent. A Participant shall have the right to change a
Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary
Designation Form and the Committee’s rules and procedures, as in effect from time to time. If
the Participant names someone other than his or her spouse as a Beneficiary, the Committee
may, in its sole discretion, determine that spousal consent is required to be provided in a
form designated by the Committee, executed by such Participant’s spouse and returned to the
Committee. Upon the acceptance by the Committee of a new Beneficiary Designation Form, all
Beneficiary designations previously filed shall be canceled. The Committee shall be entitled
to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the
Committee prior to his or her death.
	 
	10.3	 	Acknowledgment. No designation or change in designation of a Beneficiary shall be
effective until received and acknowledged in writing by the Committee or its designated agent.
	 
	10.4	 	No Beneficiary Designation. If a Participant fails to designate a Beneficiary as
provided in Sections 10.1, 10.2 and 10.3 above or, if all designated
Beneficiaries predecease the Participant or die prior to complete distribution of the
Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to be
his or her surviving spouse. If the Participant has no surviving spouse, the benefits
remaining under the Plan to be paid to a Beneficiary shall be payable to the executor or
personal representative of the Participant’s estate.
	 
	10.5	 	Doubt as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary
to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in
its discretion, to cause the Employer to withhold such payments until this matter is resolved
to the Committee’s satisfaction.
	 
	10.6	 	Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary
shall fully and completely discharge the Employer and the Committee from all further
obligations under this Plan with respect to the Participant, and that Participant’s Election
Form shall terminate upon such full payment of benefits. In addition, if the Employer shall
find that any person to whom any amount is or was payable hereunder is unable to care for his
or her affairs because of illness or accident, or is a minor, or has died, then the Employer,
if it so elects, may direct that any payment due him or her or his or her estate (unless a
prior claim therefore has been made by a duly appointed legal representative) or any part
thereof, be paid or applied for the benefit of such person (or such person’s spouse, children
or other dependents), to an institution maintaining or having custody of such person, or to
any other person deemed by the Employer to be a proper recipient on behalf of such person
otherwise entitled to payment, or any of them, in such manner

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	 	 	and proportion as the Employer
may deem proper. Any such payment shall be in full and complete discharge of the Employer’s
obligation under this Plan.

ARTICLE 11

Leave of Absence

	11.1	 	Paid Leave of Absence. If a Participant is authorized by the Employer to take a paid
leave of absence, and such leave of absence does not constitute a Separation from Service, (a)
the Participant shall continue to be considered eligible for the benefits provided under the
Plan, and (b) the Annual Deferral Amount shall continue to be withheld during such paid leave
of absence in accordance with Section 3.2.
	 
	11.2	 	Unpaid Leave of Absence. If a Participant is authorized by the Employer to take an
unpaid leave of absence for any reason, and such leave of absence does not constitute a
Separation from Service, such Participant shall continue to be eligible for the benefits
provided under the Plan. During the unpaid leave of absence, the Participant shall not be
allowed to make any additional deferrals. However, if the Participant returns to employment,
the Participant may elect to defer an Annual Deferral Amount for the Plan Year following his
or her return to employment and for every Plan Year thereafter while a Participant in the
Plan, provided such deferral elections are otherwise allowed and an Election Form is delivered
to and accepted by the Committee for each such election in accordance with Section 3.2 above.

ARTICLE 12

Termination of Plan, Amendment or Modification

	12.1	 	Termination of Plan. Although the Employer anticipates that it will continue the
Plan for an indefinite period of time, there is no guarantee that the Employer will continue
the Plan or will not terminate the Plan at any time in the future. Accordingly, the Employer
reserves the right to terminate the Plan with respect to all of its Participants. In the
event of a Plan termination no new deferral elections shall be permitted for the affected
Participants. However, after the Plan termination the Account Balances of such Participants
shall continue to be credited with Annual Deferral Amounts attributable to a deferral election
that was in effect prior to the Plan termination to the extent deemed necessary to comply with
Code Section 409A and related Treasury Regulations, and additional amounts shall continue to
credited or debited to such Participants’ Account Balances pursuant to Section 3.5. The
Measurement Funds available to Participants following the termination of the Plan shall be
comparable in number and type to those Measurement Funds available to Participants in the Plan
Year preceding the Plan Year in which the Plan termination is effective. In addition,
following a Plan termination, Participant Account Balances shall remain in the Plan and shall
not be distributed until such amounts become eligible for distribution in accordance with the
other applicable provisions of the Plan. Notwithstanding the preceding sentence, to the
extent permitted by Treas. Reg. §1.409A-3(j)(4)(ix), the Employer may provide that upon
termination of the Plan, all Account Balances of the Participants shall be distributed in a
lump sum, subject to and in accordance with any rules established by the Employer deemed
necessary to comply with the applicable requirements and limitations of Treas. Reg.
§1.409A-3(j)(4)(ix).

19

 

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	12.2	 	Amendment. The Employer may, at any time, amend or modify the Plan in whole or in
part. Notwithstanding the foregoing, (i) no amendment or modification shall be effective to
decrease the value of a Participant’s vested Account Balance in existence at the time the
amendment or modification is made, and (ii) no amendment or modification of this Section 12.2
or Section 13.2 of the Plan shall be effective.
	 
	12.3	 	Election Form. Despite the provisions of Sections 12.1, if a Participant’s Election
Form or any other employee communication contains benefits or limitations that are not in this
Plan document, the Employer may only amend or terminate such provisions with the written
consent of the Participant.
	 
	12.4	 	Effect of Payment. The full payment of the Participant’s vested Account Balance in
accordance with the applicable provisions of the Plan shall completely discharge all
obligations to a Participant and his or her designated Beneficiaries under this Plan, and the
Participant’s Election Form shall terminate.

ARTICLE 13

Administration 

	13.1	 	Committee Duties. Except as otherwise provided in this Article 13, this Plan shall
be administered by the Employee Benefits Administrative Committee, which members shall be
appointed by the Board. Members of the Committee may be Participants under this Plan,
including Board members that are employees. The Committee shall
also have the discretion and authority to (a) make, amend, interpret, and enforce all
appropriate rules and regulations for the administration of this Plan, and (b) decide or
resolve any and all questions, including benefit entitlement determinations and
interpretations of this Plan, as may arise in connection with the Plan. Any individual
serving on the Committee who is a Participant shall not vote or act on any matter relating
solely to himself or herself. When making a determination or calculation, the Committee
shall be entitled to rely on information furnished by a Participant or the Company.
	 
	13.2	 	Administration Upon Change In Control. Within 120 days following a Change in Control,
the individuals who comprised the Committee immediately prior to the Change in Control
(whether or not such individuals are members of the Committee following the Change in Control)
may, by written consent of the majority of such individuals, appoint an independent third
party administrator (the “Administrator”) to perform any or all of the Committee’s duties
described in Section 13.1 above, including without limitation, the power to determine any
questions arising in connection with the administration or interpretation of the Plan, and the
power to make benefit entitlement determinations. Upon and after the effective date of such
appointment, (a) the Company must pay all reasonable administrative expenses and fees of the
Administrator, and (b) the Administrator may only be terminated with the written consent of
the majority of Participants with an Account Balance in the Plan as of the date of such
proposed termination.
	 
	13.3	 	Agents. In the administration of this Plan, the Committee or the Administrator, as
applicable, may, from time to time, employ agents and delegate to them such administrative
duties as it sees fit (including acting through a duly appointed representative) and may from
time to time consult with counsel.

20

 

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	13.4	 	Binding Effect of Decisions. The decision or action of the Committee or
Administrator, as applicable, with respect to any question arising out of or in connection
with the administration, interpretation and application of the Plan and the rules and
regulations promulgated hereunder shall be final and conclusive and binding upon all persons
having any interest in the Plan.
	 
	13.5	 	Indemnity of Committee. The Employer shall indemnify and hold harmless the members
of the Committee, any Employee to whom the duties of the Committee may be delegated, and the
Administrator against any and all claims, losses, damages, expenses or liabilities arising
from any action or failure to act with respect to this Plan, except in the case of willful
misconduct by the Committee, any of its members, the Employee or the Administrator.
	 
	13.6	 	Employer Information. To enable the Committee and/or Administrator to perform its
functions, the Employer shall supply full and timely information to the Committee and/or
Administrator, as the case may be, on all matters relating to the Plan, the Trust, the
Participants and their Beneficiaries, the Account Balances of the Participants, the
compensation of its Participants, the date and circumstances of the Separation from Service,
Disability or death of its Participants, and such other pertinent information as the Committee
or Administrator may reasonably require.

ARTICLE 14

Other Benefits and Agreements

	14.1	 	Coordination with Other Benefits. The benefits provided for a Participant and
Participant’s Beneficiary under the Plan are in addition to any other benefits available to
such Participant under any other plan or program for employees of the Employer. The Plan
shall supplement and shall not supersede, modify or amend any other such plan or program
except as may otherwise be expressly provided.

ARTICLE 15

Claims Procedures

	15.1	 	Presentation of Claim. Any Participant or Beneficiary of a deceased Participant
(such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the
Committee a written claim for a determination with respect to the amounts distributable to
such Claimant from the Plan. If such a claim relates to the contents of a notice received by
the Claimant, the claim must be made within 60 days after such notice was received by the
Claimant. All other claims must be made within 180 days of the date on which the event that
caused the claim to arise occurred. The claim must state with particularity the determination
desired by the Claimant.
	 
	15.2	 	Notification of Decision. The Committee shall consider a Claimant’s claim within a
reasonable time, but no later than 90 days after receiving the claim. If the Committee
determines that special circumstances require an extension of time for processing the claim,
written notice of the extension shall be furnished to the Claimant prior to the termination of
the initial 90 day period. In no event shall such extension exceed a period of 90 days from
the end of the initial period. In the event of a claim based upon a Disability, the Committee
shall respond within 45 days of receiving the Disability claim and the extension of time for
processing the Disability claim may

21

 

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Deferred Compensation Plan

	 	 	not exceed 30 days. The extension notice shall indicate
the special circumstances requiring an extension of time and the date by which the Committee
expects to render the benefit determination. The Committee shall notify the Claimant in
writing:

	 	(a)	 	that the Claimant’s requested determination has been made, and that the claim
has been allowed in full; or
	 
	 	(b)	 	that the Committee has reached a conclusion contrary, in whole or in part, to
the Claimant’s requested determination, and such notice must set forth in a manner
calculated to be understood by the Claimant:

	 	(i)	 	the specific reason(s) for the denial of the claim, or any part
of it;
	 
	 	(ii)	 	specific reference(s) to pertinent provisions of the Plan upon
which such denial was based;
	 
	 	(iii)	 	a description of any additional material or information
necessary for the Claimant to perfect the claim, and an explanation of why such
material or information is necessary;
	 
	 	(iv)	 	an explanation of the claim review procedure set forth in Section
15.3 below; and
	 
	 	(v)	 	a statement of the Claimant’s right to bring a civil action under
ERISA Section 502(a) following an adverse benefit determination on review.

	15.3	 	Review of a Denied Claim. On or before 60 days after receiving a notice from the
Committee that a claim has been denied (180 days for a Disability claim), in whole or in part,
a Claimant (or the Claimant’s duly authorized representative) may file with the Committee a
written request for a review of the denial of the claim. The Claimant (or the Claimant’s duly
authorized representative):

	 	(a)	 	may, upon request and free of charge, have reasonable access to, and copies of,
all documents, records and other information relevant (as defined in applicable ERISA
regulations) to the claim for benefits;
	 
	 	(b)	 	may submit written comments or other documents; and/or
	 
	 	(c)	 	may request a hearing, which the Committee, in its sole discretion, may grant.

	15.4	 	Decision on Review. The Committee shall render its decision on review promptly, and
no later than 60 days after the Committee receives the Claimant’s written request for a review
of the denial of the claim. If the Committee determines that special circumstances require an
extension of time for processing the review of the claim, written notice of the extension
shall be furnished to the Claimant prior to the termination of the initial 60 day period. In
no event shall such extension exceed a period of 60 days from the end of the initial period.
In the case of a Disability claim, the Committee shall render a final decision no later than
45 days after the Committee receives the Claimant’s written request for a review of the denial
of the claim. The extension of time for reviewing a Disability claim shall not exceed 90
days. The extension notice shall indicate the special circumstances requiring an extension of
time and the date by which the Committee expects to render the benefit determination. In
rendering its decision, the Committee shall take into account all comments, documents, records
and other information submitted by the Claimant relating to the claim, without regard to
whether such information was

22

 

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Deferred Compensation Plan

	 	 	submitted or considered in the initial benefit determination.
The decision must be written in a manner calculated to be understood by the Claimant, and it
must contain:

	 	(a)	 	specific reasons for the decision;
	 
	 	(b)	 	specific reference(s) to the pertinent Plan provisions upon which the decision
was based;
	 
	 	(c)	 	a statement that the Claimant is entitled to receive, upon request and free of
charge, reasonable access to and copies of, all documents, records and other
information relevant (as defined in applicable ERISA regulations) to the Claimant’s
claim for benefits; and
	 
	 	(d)	 	a statement of the Claimant’s right to bring a civil action under ERISA Section
502(a).

	15.5	 	Legal Action. A Claimant’s compliance with the foregoing provisions of this Article
15 is a mandatory prerequisite to exhaustion of his or her administrative remedies and a
Claimant’s right to commence any legal action, including any arbitration, with respect to any
claim for benefits under this Plan. 

ARTICLE 16

Trust

	16.1	 	Establishment of the Trust. In order to provide assets from which to fulfill its
obligations to the Participants and their Beneficiaries under the Plan, the Company may
establish a trust by a trust agreement with a third party, the trustee, to which the Employer
may, in its discretion, contribute cash or other property, including securities issued by the
Company, to provide for the benefit payments under the Plan (the “Trust”).
	 
	16.2	 	Interrelationship of the Plan and the Trust. The provisions of the Plan and the
Election Form shall govern the rights of a Participant to receive distributions pursuant to
the Plan. The provisions of the Trust shall govern the rights of the Employer, Participants
and the creditors of the Employer to the assets transferred to the Trust. The Employer shall
at all times remain liable to carry out its obligations under the Plan.
	 
	16.3	 	Distributions From the Trust. The Employer’s obligations under the Plan may be
satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such
distribution shall reduce the Employer’s obligations under this Plan.

ARTICLE 17

Miscellaneous

	17.1	 	Compliance with 409A. The Plan, including all deferral decisions or elections and
all distributions hereunder, shall be administered and interpreted (a) to the extent possible
in a manner consistent with the intent described in the preceding sentence, and (b) in
accordance with Code Section 409A and related Treasury guidance and Regulations, and if any
provision of the Plan is subject to more than one interpretation or construction, such
ambiguity shall be resolved in favor of the interpretation or construction which is consistent
with the Plan complying with the provisions of Code Section 409A. The Company makes no
representations as to the tax consequences of the deferrals under the Plan (including, without
limitation, under Code Section 409A). Participants are solely responsible for any and all
income, excise or other taxes imposed

23

 

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Deferred Compensation Plan

	 	 	on a Participant with respect to participation in the
Plan (and deferrals made under the Plan). Notwithstanding anything herein to the contrary, no
amount of “deferred compensation” (within the meaning of Code Section 409A) shall be paid
earlier than the earliest date permitted under Code Section 409A, and all deferral decisions
or elections made hereunder shall be made in accordance with the provisions of Code Section
409A.

	17.2	 	Status of the Plan. The Plan is intended to be a plan that is not qualified within
the meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer
primarily for the purpose of providing deferred compensation for a select group of management
or highly compensated employees” within the meaning of ERISA Sections 201(2), 301(a)(3) and
401(a)(1).
	 
	17.3	 	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interests or claims in any property or
assets of the Employer. For purposes of the payment of benefits under this Plan, any and all
of the Employer’s assets shall be, and remain, the general, unpledged unrestricted assets of
the Employer. An Employer’s obligation under the Plan shall be merely that of an unfunded and
unsecured promise to pay money in the future.
	 
	17.4	 	Employer’s Liability. The Employer’s liability for the payment of benefits shall be
defined only by the Plan and the Election Form, as entered into between the Employer and a
Participant. The Employer shall have no obligation to a Participant under the Plan except as
expressly provided in the Plan and his or her Election Form.
	 
	17.5	 	Nonassignability. Neither a Participant nor any other person shall have any right to
commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are expressly declared to
be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual
payment, be subject to seizure, attachment, garnishment or sequestration for the payment of
any debts, judgments, alimony or separate maintenance owed by a Participant or any other
person, be transferable by operation of law in the event of a Participant’s or any other
person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property
settlement or otherwise.
	 
	17.6	 	Not a Contract of Employment. The terms and conditions of this Plan shall not be
deemed to constitute a contract of employment between the Employer and the Participant. Such
employment is hereby acknowledged to be an “at will” employment relationship that can be
terminated at any time for any reason, or no reason, with or without cause, and with or
without notice, unless expressly provided in a written employment agreement. Nothing in this
Plan shall be deemed to give a Participant the right to be retained in the service of the
Employer or to interfere with the right of the Employer to discipline or discharge the
Participant at any time.
	 
	17.7	 	Furnishing Information. A Participant or his or her Beneficiary will cooperate with
the Committee by furnishing any and all information requested by the Committee and take such
other actions as may be requested in order to facilitate the administration of the Plan and
the payments of benefits hereunder, including but not limited to taking such physical
examinations as the Committee may deem necessary.

24

 

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Deferred Compensation Plan

	17.8	 	Terms. Whenever any words are used herein in the masculine, they shall be construed
as though they were in the feminine in all cases where they would so apply; and whenever any
words are used herein in the singular or in the plural, they shall be construed as though they
were used in the plural or the singular, as the case may be, in all cases where they would so
apply.
	 
	17.9	 	Captions. The captions of the articles, sections and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its
provisions.
	 
	17.10	 	Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and
interpreted according to the internal laws of the State of California without regard to its
conflicts of laws principles.
	 
	17.11	 	Notice. Any notice or filing required or permitted to be given to the Committee
under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or
certified mail, to the address below:

Symantec Corporation

Attn: Global Benefits Department

20330 Stevens Creek Blvd.

Cupertino, California 95014

	 	 	Such notice shall be deemed given as of the date of delivery or, if delivery is made by
mail, as of the date shown on the postmark on the receipt for registration or certification.
	 
	 	 	Any notice or filing required or permitted to be given to a Participant under this Plan
shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Participant.
	 
	17.12	 	Successors. The provisions of this Plan shall bind and inure to the benefit of the
Employer and its successors and assigns and the Participant and the Participant’s designated
Beneficiaries.
	 
	17.13	 	Spouse’s Interest. The interest in the benefits hereunder of a spouse of a
Participant who has predeceased the Participant shall automatically pass to the Participant
and shall not be transferable by such spouse in any manner, including but not limited to such
spouse’s will, nor shall such interest pass under the laws of intestate succession.
	 
	17.14	 	Validity. In case any provision of this Plan shall be illegal or invalid for any
reason, said illegality or invalidity shall not affect the remaining parts hereof, but this
Plan shall be construed and enforced as if such illegal or invalid provision had never been
inserted herein.
	 
	17.15	 	Incompetent. If the Committee determines in its discretion that a benefit under
this Plan is to be paid to a minor, a person declared incompetent or to a person incapable of
handling the disposition of that person’s property, the Committee may direct payment of such
benefit to the guardian, legal representative or person having the care and custody of such
minor, incompetent or incapable person. The Committee may require proof of minority,
incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of
the benefit. Any payment of a benefit shall be a payment for the account of the Participant
and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of
any liability under the Plan for such payment amount.

25

 

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Deferred Compensation Plan

	17.16	 	Domestic Relations Orders. If necessary to comply with a domestic relations order,
as defined in Code Section 414(p)(1)(B), pursuant to which a court has determined that a
spouse or former spouse of a Participant has an interest in the Participant’s benefits under
the Plan, the Committee shall have the right to immediately
distribute the spouse’s or former spouse’s interest in the Participant’s benefits under the
Plan to such spouse or former spouse as permitted by Treas. Reg. 1.409A-2(b)(4).
	 
	17.17	 	Distribution in the Event of Income Inclusion Under
Code Section 409A. If any
portion of a Participant’s Account Balance under this Plan is required to be included in
income by the Participant prior to receipt due to a failure of this Plan to comply with the
requirements of Code Section 409A and related Treasury Regulations, the Committee may
determine that such Participant shall receive a distribution from the Plan in an amount equal
to the lesser of (i) the portion of his or her Account Balance required to be included in
income as a result of the failure of the Plan to comply with the requirements of Code Section
409A and related Treasury Regulations, or (ii) the unpaid vested Account Balance.
	 
	17.18	 	Deduction Limitation on Benefit Payments. If the Employer reasonably anticipates
that the Employer’s deduction with respect to any distribution from this Plan would be limited
or eliminated by application of Code Section 162(m), then to the extent permitted by Treas.
Reg. §1.409A-2(b)(7)(i), payment shall be delayed as deemed necessary to ensure that the
entire amount of any distribution from this Plan is deductible. Any amounts for which
distribution is delayed pursuant to this Section shall continue to be credited/debited with
additional amounts in accordance with Section 3.5. The delayed amounts (and any amounts
credited thereon) shall be distributed to the Participant (or his or her Beneficiary in the
event of the Participant’s death) at the earliest date the Employer reasonably anticipates
that the deduction of the payment of the amount will not be limited or eliminated by
application of Code Section 162(m). In the event that such date is determined to be after a
Participant’s Separation from Service and the Participant to whom the payment relates is
determined to be a Specified Employee, then to the extent deemed necessary to comply with
Treas. Reg. §1.409A-3(i)(2), the delayed payment shall not made before the end of the
six-month period following such Participant’s Separation from Service.
	 
	17.19	 	Lost Participants or Beneficiaries. Any Participant or Beneficiary who is entitled
to a benefit from the Plan has the duty to keep the Committee advised of his or her current
mailing address. If benefit payments are returned to the Plan or are not presented for
payment after a reasonable amount of time, the Committee shall presume that the payee is
missing. The Committee, after making such effectors as in its discretion it deems reasonable
and appropriate to locate the payee, shall stop payment on any uncashed checks and may
discontinue making future payments until contact with the payee is restored.

26

 

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Deferred Compensation Plan

IN WITNESS WHEREOF, the Company has signed this Plan document as of December 17, 2008.

	 	 	 	 	 	 	 
	 	 	“Company”	 	 
	 
	 	 	 	 	 	 
	 	 	Symantec Corporation,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	
 

	 	 
	 

	 	Title:
	 	Sr. Director Global Benefits	 	 

27

 

 Symantec Corporation

Deferred Compensation Plan

APPENDIX A

LIMITED TRANSITION RELIEF FOR DISTRIBUTION ELECTIONS

The capitalized terms below shall have the same meaning as provided in Article 1 of the Plan.

Opportunity to Make New (or Revise Existing) Distribution Elections. Notwithstanding the
required deadline for the submission of an initial distribution election under Articles 4, 5 and 6
of the Plan, the Committee may, to the extent permitted by Notice 2006-79 (which was modified and
superseded by Notice 2007-86) provide a limited period in which Participants may make new
distribution elections, or revise existing distribution elections, with respect to amounts subject
to the terms of the Plan, by submitting an Election Form on or before the deadline established by
the Committee, which in no event shall be later than December 31, 2007. Any distribution
election(s) made by a Participant, and accepted by the Committee, in accordance with this Appendix
A shall not be treated as a change in either the form or timing of a Participant’s benefit payment
for purposes of Code Section 409A or the Plan. If any distribution election submitted by a
Participant in accordance with this Appendix A either (a) relates to an amount that would otherwise
be paid to the Participant in 2007, or (b) would cause an amount to be paid to the Participant in
2007, such election shall not be effective.

28exv10w1

Exhibit 10.1

			
	Loan Agreement
	 	

     THIS LOAN AGREEMENT (the “Agreement”), is entered into as of January 30, 2008, between ERIE
INDEMNITY COMPANY, a Pennsylvania corporation (the “Borrower”), with an address at 100 Erie
Insurance Place, Erie, Pennsylvania 16530, and PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an
address at 901 State Street, P.O. Box 8480, Erie, Pennsylvania 16553.

     The Borrower and the Bank, with the intent to be legally bound, agree as follows:

     1. Loan. The Bank has made or may make one or more loans (collectively, the “Loan”
or “Loans”) to the Borrower subject to the terms and conditions and in reliance upon the
representations and warranties of the Borrower set forth in this Agreement. The Loan is or will be
evidenced by a promissory note or notes of the Borrower and all renewals, extensions, amendments
and restatements thereof (if one or more, collectively, the “Note”) acceptable to the Bank, which
shall set forth the interest rate, repayment and other provisions, the terms of which are
incorporated into this Agreement by reference. The Loan governed by this Agreement as of the date
hereof shall include, but is not limited to, the following:

          1.1. Committed Revolving Line of Credit. A committed revolving line of credit under
which the Borrower may request and the Bank, subject to the terms and conditions of this Agreement,
will make advances to the Borrower from time to time until the Expiration Date, in an amount in the
aggregate at any time outstanding not to exceed $50,000,000.00 (the “Line of Credit”). The
“Expiration Date” means December 31, 2008, or such later date as may be designated by the Bank by
written notice from the Bank to the Borrower. Advances under the Line of Credit will be used for
working capital or other general business purposes of the Borrower.

     2. Security. The security for repayment of the Loan shall include but not be limited
to (i) a pledge agreement (the “Pledge Agreement”), dated on or about the date hereof, between the
Bank and the Borrower, granting the Bank a first priority perfected lien on pledged collateral of
the Borrower consisting of marketable securities acceptable to the Bank and properly margined as
set forth in the Pledge Agreement, (the “Pledged Collateral”), together with a notification and
control agreement, in form and content satisfactory to the Bank, and (ii) any additional
collateral, guaranties and other documents heretofore, contemporaneously or hereafter executed and
delivered to the Bank (the “Security Documents”), which shall secure repayment of the Loan, the
Note and all other loans, advances, debts, liabilities, obligations, covenants and duties owing by
the Borrower to the Bank or to any other direct or indirect subsidiary of The PNC Financial
Services Group, Inc., of any kind or nature, present or future (including any interest accruing
thereon after maturity, or after the filing of any petition in bankruptcy, or the commencement of
any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim
for post-filing or post-petition interest is allowed in such proceeding), whether direct or
indirect (including those acquired by assignment or participation), absolute or contingent, joint
or several, due or to become due, now existing or hereafter arising, whether or not (i) evidenced
by any note, guaranty or other instrument, (ii) arising under any agreement, instrument or
document, (iii) for the payment of money, (iv) arising by reason of an extension of credit, opening
of a letter of credit, loan, equipment lease or guarantee, (v) under any interest or currency swap,
future, option or other interest rate protection or similar agreement, (vi) under or by reason of
any foreign currency transaction, forward, option or other similar transaction providing for the
purchase of one currency in exchange for the sale of another currency, or in any other manner, or
(vii) arising out of overdrafts on deposit or other accounts or out of electronic funds transfers
(whether by wire transfer or through automated clearing houses or otherwise) or out of the return
unpaid of, or other failure of the Bank to receive final payment for, any check, item, instrument,
payment order or other deposit or credit to a deposit or other account, or out of the Bank’s
non-receipt of or inability to collect funds or otherwise not being made whole in connection with
depository or other similar arrangements; and any amendments, extensions, renewals and increases of
or to any of the foregoing, and all costs and expenses of the Bank incurred in the documentation,
negotiation, modification, enforcement, collection and otherwise in connection with any of the
foregoing, including reasonable attorneys’ fees and expenses (hereinafter referred to collectively
as the “Obligations”). Unless expressly provided to the contrary in documentation for any other
loan or loans, it is the

 

 

express intent of the Bank and the Borrower that all Obligations including those included in
the Loan be cross-collateralized and cross-defaulted, such that collateral securing any of the
Obligations shall secure repayment of all Obligations and a default under any Obligation shall be a
default under all Obligations.

     This Agreement, the Note, the Security Documents and all other agreements and documents
executed and/or delivered pursuant hereto, as each may be amended, modified, extended or renewed
from time to time, are collectively referred to as the “Loan Documents.” Capitalized terms not
defined herein shall have the meanings ascribed to them in the Loan Documents.

     3. Representations and Warranties. The Borrower hereby makes the following
representations and warranties, which shall be continuing in nature and remain in full force and
effect until the Obligations are paid in full, and which shall be true and correct except as
otherwise set forth on the Addendum attached hereto and incorporated herein by reference (the
“Addendum”):

          3.1. Existence, Power and Authority. If not a natural person, the Borrower is duly
organized, validly existing and in good standing under the laws of the State of its incorporation
or organization and has the power and authority to own and operate its assets and to conduct its
business as now or proposed to be carried on, and is duly qualified, licensed and in good standing
to do business in all jurisdictions where its ownership of property or the nature of its business
requires such qualification or licensing. The Borrower is duly authorized to execute and deliver
the Loan Documents, all necessary action to authorize the execution and delivery of the Loan
Documents has been properly taken, and the Borrower is and will continue to be duly authorized to
borrow under this Agreement and to perform all of the other terms and provisions of the Loan
Documents.

          3.2. Financial Statements. If the Borrower is not a natural person, it has delivered
or caused to be delivered to the Bank its most recent balance sheet, income statement and statement
of cash flows, or if the Borrower is a natural person, its personal financial statement and tax
returns (as applicable, the “Historical Financial Statements”). The Historical Financial
Statements are true, complete and accurate in all material respects and fairly present the
financial condition, assets and liabilities, whether accrued, absolute, contingent or otherwise and
the results of the Borrower’s operations for the period specified therein. The Historical
Financial Statements have been prepared in accordance with generally accepted accounting principles
(“GAAP”) consistently applied from period to period, subject in the case of interim statements to
normal year-end adjustments and to any comments and notes acceptable to the Bank in its sole
discretion.

          3.3. No Material Adverse Change. Since the date of the most recent Financial
Statements (as hereinafter defined), the Borrower has not suffered any damage, destruction or loss,
and no event or condition has occurred or exists, which has resulted or could result in a material
adverse change in its business, assets, operations, condition (financial or otherwise) or results
of operation (a “Material Adverse Effect”).

          3.4. Binding Obligations. The Borrower has full power and authority to enter into
the transactions provided for in this Agreement and has been duly authorized to do so by
appropriate action of its Board of Directors if the Borrower is a corporation, all its general
partners if the Borrower is a partnership or otherwise as may be required by law, charter, other
organizational documents or agreements; and the Loan Documents, when executed and delivered by the
Borrower, will constitute the legal, valid and binding obligations of the Borrower enforceable in
accordance with their terms.

          3.5. No Defaults or Violations. There does not exist any Event of Default under this
Agreement or any default or violation by the Borrower of or under any of the terms, conditions or
obligations of: (i) its partnership agreement if the Borrower is a partnership, its articles or
certificate of incorporation, regulations or bylaws if the Borrower is a corporation or its other
organizational documents as applicable; (ii) any indenture, mortgage, deed of trust, franchise,
permit, contract, agreement, or other instrument to which it is a party or by which it is bound; or
(iii) any law, ordinance, regulation, ruling, order, injunction, decree, condition or other
requirement applicable to or imposed upon it by any law, the action of any court or any
governmental authority or agency; and the consummation of this Agreement and the transactions set
forth herein will not result in any such default or violation or Event of

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Default.

          3.6. Title to Assets. The Borrower has good and marketable title to the assets
reflected on the most recent Financial Statements, free and clear of all liens and encumbrances,
except for (i) current taxes and assessments not yet due and payable, (ii) assets disposed of by
the Borrower in the ordinary course of business since the date of the most recent Financial
Statements, and (iii) those liens or encumbrances in excess of $25,000,000.00 per instance, if any,
specified on the Addendum.

          3.7. Litigation. There are no actions, suits, proceedings or governmental
investigations pending or, to the knowledge of the Borrower, threatened against the Borrower, which
could result in a Material Adverse Effect, and there is no basis known to the Borrower for any
action, suit, proceeding or investigation which could result in such a Material Adverse Effect to
such an extent as to cause the Borrower to fail to be in compliance with the financial covenants
set forth on the Addendum. All pending and threatened litigation against the Borrower which the
Borrower reasonably believes to be in excess of $25,000,000.00 per instance is listed on the
Addendum.

          3.8. Tax Returns. The Borrower has filed all returns and reports that are required
to be filed by it in connection with any federal, state or local tax, duty or charge levied,
assessed or imposed upon it or its property or withheld by it, including income, unemployment,
social security and similar taxes, and all of such taxes have been either paid or adequate reserve
or other provision has been made therefor.

          3.9. Employee Benefit Plans. Each employee benefit plan as to which the Borrower may
have any liability complies in all material respects with all applicable provisions of the Employee
Retirement Income Security Act of 1974 (as amended from time to time, “ERISA”), including minimum
funding requirements, and (i) no Prohibited Transaction (as defined under ERISA) has occurred with
respect to any such plan, (ii) no Reportable Event (as defined under Section 4043 of ERISA) has
occurred with respect to any such plan which would cause the Pension Benefit Guaranty Corporation
to institute proceedings under Section 4042 of ERISA, (iii) the Borrower has not withdrawn from any
such plan or initiated steps to do so, and (iv) no steps have been taken to terminate any such
plan.

          3.10. Environmental Matters. The Borrower is in compliance, in all material
respects, with all Environmental Laws (as hereinafter defined), including, without limitation, all
Environmental Laws in jurisdictions in which the Borrower owns or operates, or has owned or
operated, a facility or site, stores Collateral, arranges or has arranged for disposal or treatment
of hazardous substances, solid waste or other waste, accepts or has accepted for transport any
hazardous substances, solid waste or other wastes or holds or has held any interest in real
property or otherwise. Except as otherwise disclosed on the Addendum, no litigation or proceeding
arising under, relating to or in connection with any Environmental Law is pending or, to the best
of the Borrower’s knowledge, threatened against the Borrower, any real property which the Borrower
holds or has held an interest or any past or present operation of the Borrower. No release,
threatened release or disposal of hazardous waste, solid waste or other wastes is occurring, or to
the best of the Borrower’s knowledge has occurred, on, under or to any real property in which the
Borrower holds or has held any interest or performs or has performed any of its operations, in
violation of any Environmental Law. As used in this Section, “litigation or proceeding” means any
demand, claim notice, suit, suit in equity, action, administrative action, investigation or inquiry
whether brought by a governmental authority or other person, and “Environmental Laws” means all
provisions of laws, statutes, ordinances, rules, regulations, permits, licenses, judgments, writs,
injunctions, decrees, orders, awards and standards promulgated by any governmental authority
concerning health, safety and protection of, or regulation of the discharge of substances into, the
environment.

          3.11. Intellectual Property. The Borrower owns or is licensed to use all patents,
patent rights, trademarks, trade names, service marks, copyrights, intellectual property,
technology, know-how and processes necessary for the conduct of its business as currently conducted
that are material to the condition (financial or otherwise), business or operations of the
Borrower.

          3.12. Regulatory Matters. No part of the proceeds of the Loan will be used for
“purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted
terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from
time to time in effect or for any purpose which

-3-

 

violates the provisions of the Regulations of such Board of Governors.

          3.13. Solvency. As of the date hereof and after giving effect to the transactions
contemplated by the Loan Documents, (i) the aggregate value of the Borrower’s assets will exceed
its liabilities (including contingent, subordinated, unmatured and unliquidated liabilities), (ii)
the Borrower will have sufficient cash flow to enable it to pay its debts as they become due, and
(iii) the Borrower will not have unreasonably small capital for the business in which it is
engaged.

          3.14. Disclosure. None of the Loan Documents contains or will contain any untrue
statement of material fact or omits or will omit to state a material fact necessary in order to
make the statements contained in this Agreement or the Loan Documents not misleading. There is no
fact known to the Borrower which materially adversely affects or, so far as the Borrower can now
foresee, might materially adversely affect the business, assets, operations, condition (financial
or otherwise) or results of operation of the Borrower and which has not otherwise been fully set
forth in this Agreement or in the Loan Documents.

     4. Affirmative Covenants. The Borrower agrees that from the date of execution of
this Agreement until all Obligations have been paid in full and any commitments of the Bank to the
Borrower have been terminated, the Borrower will:

          4.1. Books and Records. Maintain books and records in accordance with GAAP and give
representatives of the Bank access thereto at all reasonable times, including permission to
examine, copy and make abstracts from any of such books and records and such other information as
the Bank may from time to time reasonably request, and the Borrower will make available to the Bank
for examination copies of any reports, statements and returns which the Borrower may make to or
file with any federal, state or local governmental department, bureau or agency.

          4.2. Interim Financial Statements; Compliance Certificate. Furnish the Bank within
45 days after the end of each quarter the Borrower’s Financial Statements for such period, in
reasonable detail, certified by an authorized officer of the Borrower and prepared in accordance
with GAAP consistently applied from period to period. The Borrower shall also deliver a
certificate as to its compliance with applicable financial covenants (containing detailed
calculations of all financial covenants) for the period then ended and whether any Event of Default
exists, and, if so, the nature thereof and the corrective measures the Borrower proposes to take
(“Compliance Certificate”). “Financial Statements” means the Borrower’s consolidated and, if
required by the Bank in its sole discretion, consolidating balance sheets, income statements and
statements of cash flows for the year, month or quarter together with year-to-date figures and
comparative figures for the corresponding periods of the prior year.

          4.3. Annual Financial Statements; Compliance Certificate. Furnish the Borrower’s
Financial Statements to the Bank within 120 days after the end of each fiscal year, together with a
Compliance Certificate. Those Financial Statements will be prepared on an audited basis in
accordance with GAAP by an independent certified public accountant selected by the Borrower and
satisfactory to the Bank. Audited Financial Statements shall contain the unqualified opinion of an
independent certified public accountant and all accountant examinations shall have been made in
accordance with GAAP consistently applied from period to period.

          4.4. Pledged Collateral Statements. Furnish to the Bank, within 20 days after the
end of each month (or more frequently as the Bank may request in its sole discretion), valuation
statements from the custodian of the Pledged Collateral, in form and content satisfactory to the
Bank.

          4.5. Payment of Taxes and Other Charges. Pay and discharge when due all indebtedness
and all taxes, assessments, charges, levies and other liabilities imposed upon the Borrower, its
income, profits, property or business, except those which currently are being contested in good
faith by appropriate proceedings and for which the Borrower shall have set aside adequate reserves
or made other adequate provision with respect thereto.

-4-

 

          4.6. Maintenance of Existence, Operation and Assets. Do all things necessary to (i)
maintain, renew and keep in full force and effect its organizational existence and all rights,
permits and franchises necessary to enable it to continue its business as currently conducted; (ii)
continue in operation in substantially the same manner as at present; (iii) keep its properties in
good operating condition and repair; and (iv) make all necessary and proper repairs, renewals,
replacements, additions and improvements thereto.

          4.7. Insurance. Maintain, with financially sound and reputable insurers, insurance
with respect to its property and business against such casualties and contingencies, of such types
and in such amounts, as is customary for established companies engaged in the same or similar
business and similarly situated. In the event of a conflict between the provisions of this Section
and the terms of any Security Documents relating to insurance, the provisions in the Security
Documents will control.

          4.8. Compliance with Laws. Comply with all laws applicable to the Borrower and to
the operation of its business (including without limitation any statute, ordinance, rule or
regulation relating to employment practices, pension benefits or environmental, occupational and
health standards and controls).

          4.9. Bank Accounts. Establish and maintain at the Bank the Borrower’s primary
operating accounts.

          4.10. Financial Covenants. Comply with all of the financial and other covenants, if
any, set forth on the Addendum.

          4.11. Additional Reports. Provide prompt written notice to the Bank of the
occurrence of any of the following (together with a description of the action which the Borrower
proposes to take with respect thereto): (i) any Event of Default or any event, act or condition
which, with the passage of time or the giving of notice, or both, would constitute an Event of
Default (a “Default”), (ii) any litigation filed by or against the Borrower, which could reasonably
be expected to have a Material Adverse Effect, (iii) any Reportable Event or Prohibited Transaction
with respect to any Employee Benefit Plan(s) (as defined in ERISA) or (iv) any event which might
result in a Material Adverse Effect.

     5. Negative Covenants. The Borrower covenants and agrees that from the date of this
Agreement until all Obligations have been paid in full and any commitments of the Bank to the
Borrower have been terminated, except as set forth in the Addendum, the Borrower will not, without
the Bank’s prior written consent:

          5.1. Indebtedness. Create, incur, assume or suffer to exist any indebtedness for
borrowed money other than: (i) the Loan and any subsequent indebtedness to the Bank; and (ii) open
account trade debt incurred in the ordinary course of business and not past due; and (iii)
indebtedness in respect of purchase money financings of real or personal property.

          5.2. Liens and Encumbrances. Except as provided in Section 3.6, create, assume,
incur or permit to exist any mortgage, pledge, encumbrance, security interest, lien or charge of
any kind upon any of its property, now owned or hereafter acquired, or acquire or agree to acquire
any kind of property subject to any conditional sales or other title retention agreement, except
liens securing purchase money indebtedness permitted pursuant to Section 5.1 above.

          5.3. Guarantees. Guarantee, endorse or become contingently liable for the
obligations of any person, firm, corporation or other entity, in excess of $50,000,000.00 in the
aggregate at any time, except in connection with the endorsement and deposit of checks in the
ordinary course of business for collection.

          5.4. Loans or Advances. Purchase or hold beneficially any stock, other securities or
evidences of indebtedness of, or make or have outstanding, any loans or advances to, or otherwise
extend credit to, or make any investment or acquire any interest whatsoever in, any other person,
firm, corporation or other entity in excess of $50,000,000.00 in the aggregate at any time, except
(i) investments disclosed on the Borrower’s Historical Financial Statements or acceptable to the
Bank in its sole discretion, (ii) investments that are disclosed as soon as practicable on

-5-

 

the Borrower’s Financial Statements required pursuant to Sections 4.2 and 4.3 herein, (iii) the
$100,000,000.00 stock buy-back program in progress by the Borrower as of the date of this
Agreement, and (iv) the stock buy-back in respect of the Borrower’s stock equity executive
compensation plans for officers and directors.

          5.5. Merger or Transfer of Assets. Liquidate or dissolve, or merge or consolidate
with or into any person, firm, corporation or other entity, or sell, lease, transfer or otherwise
dispose of all or any substantial part of its property, assets, operations or business, whether now
owned or hereafter acquired.

          5.6. Change in Business, Management or Ownership. Make or permit any change in its
form of organization or the nature of its business as carried on as of the date hereof.

          5.7. Acquisitions. Make acquisitions of all or substantially all of the property or
assets of any person, firm, corporation or other entity; provided, that the Borrower may
make such acquisitions if (i) at the time of any such acquisition, the Borrower is able to
demonstrate pro forma compliance with the financial covenants set forth in the Addendum to this
Agreement, and (ii) such acquisition results in the Borrower being the surviving legal entity.

     6. Events of Default. The occurrence of any of the following will be deemed to be an
Event of Default:

          6.1. Covenant Default. The Borrower shall default in the performance of any of the
covenants or agreements contained in this Agreement.

          6.2. Breach of Warranty. Any Financial Statement, representation, warranty or
certificate made or furnished by the Borrower to the Bank in connection with this Agreement shall
be false, incorrect or incomplete when made.

          6.3. Other Default. The occurrence of an Event of Default as defined in the Note or
any of the Loan Documents.

Upon the occurrence of an Event of Default, the Bank will have all rights and remedies specified in
the Note and the Loan Documents and all rights and remedies (which are cumulative and not
exclusive) available under applicable law or in equity.

     7. Conditions. The Bank’s obligation to make any advance under the Loan is subject
to the conditions that as of the date of the advance:

          7.1. No Event of Default. No Event of Default or event which with the passage of
time, the giving of notice or both would constitute an Event of Default shall have occurred and be
continuing;

          7.2. Authorization Documents. The Bank shall have received certified copies of
resolutions of the board of directors, the general partners or the members or managers of any
partnership, corporation or limited liability company that executes this Agreement, the Note or any
of the other Loan Documents; or other proof of authorization satisfactory to the Bank;

          7.3. Opinion of Counsel. The Bank shall have received an opinion of counsel to the
Borrower addressing such matters relating to the Borrower and this transaction as the Bank may
reasonably request; and

          7.4. Receipt of Loan Documents. The Bank shall have received the Loan Documents and
such other instruments and documents which the Bank may reasonably request in connection with the
transactions provided for in this Agreement.

     8. Fees. On or before the date of this Agreement, the Borrower shall pay to the
Bank a fee of $7,500.00.

     9. Expenses. The Borrower agrees to pay the Bank, upon the execution of this
Agreement, and otherwise on

-6-

 

demand, all costs and expenses incurred by the Bank in connection with the preparation,
negotiation and delivery of this Agreement and the other Loan Documents, and any modifications
thereto, and the collection of all of the Obligations, including but not limited to enforcement
actions, relating to the Loan, whether through judicial proceedings or otherwise, or in defending
or prosecuting any actions or proceedings arising out of or relating to this Agreement, including
reasonable fees and expenses of counsel (which may include costs of in-house counsel), expenses for
auditors, appraisers and environmental consultants, lien searches, recording and filing fees and
taxes.

     10. Increased Costs. On written demand, together with written evidence of the
justification therefor, the Borrower agrees to pay the Bank all direct costs incurred and any
losses suffered or payments made by the Bank as a consequence of making the Loan by reason of any
change in law or regulation, or the interpretation thereof, imposing any reserve, deposit,
allocation of capital or similar requirement (including without limitation, Regulation D of the
Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of their
respective assets.

     11. Miscellaneous.

          11.1. Notices: All notices, demands, requests, consents, approvals and other
communications required or permitted hereunder (“Notices”) must be in writing and will be effective
upon receipt. Notices may be given in any manner to which the parties may separately agree,
including electronic mail. Without limiting the foregoing, first-class mail, facsimile
transmission and commercial courier service are hereby agreed to as acceptable methods for giving
Notices. Regardless of the manner in which provided, Notices may be sent to a party’s address as
set forth above or to such other address as any party may give to the other for such purpose in
accordance with this section.

          11.2. Preservation of Rights. No delay or omission on the Bank’s part to exercise
any right or power arising hereunder will impair any such right or power or be considered a waiver
of any such right or power, nor will the Bank s action or inaction impair any such right or power.
The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or
remedies which the Bank may have under other agreements, at law or in equity.

          11.3. Illegality. If any provision contained in this Agreement should be invalid,
illegal or unenforceable in any respect, it shall not affect or impair the validity, legality and
enforceability of the remaining provisions of this Agreement.

          11.4. Changes in Writing. No modification, amendment or waiver of, or consent to any
departure by the Borrower from, any provision of this Agreement will be effective unless made in a
writing signed by the party to be charged, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. No notice to or demand on the
Borrower will entitle the Borrower to any other or further notice or demand in the same, similar or
other circumstance.

          11.5. Entire Agreement. This Agreement (including the documents and instruments
referred to herein) constitutes the entire agreement and supersedes all other prior agreements and
understandings, both written and oral, between the parties with respect to the subject matter
hereof.

          11.6. Counterparts. This Agreement may be signed in any number of counterpart copies
and by the parties hereto on separate counterparts, but all such copies shall constitute one and
the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by
facsimile transmission shall be effective as delivery of a manually executed counterpart. Any
party so executing this Agreement by facsimile transmission shall promptly deliver a manually
executed counterpart, provided that any failure to do so shall not affect the validity of the
counterpart executed by facsimile transmission.

          11.7. Successors and Assigns. This Agreement will be binding upon and inure to the
benefit of the Borrower and the Bank and their respective heirs, executors, administrators,
successors and assigns; provided,

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however, that the Borrower may not assign this Agreement in whole or in part without the
Bank’s prior written consent and the Bank at any time may assign this Agreement in whole or in
part.

          11.8. Interpretation. In this Agreement, unless the Bank and the Borrower otherwise
agree in writing, the singular includes the plural and the plural the singular; words importing any
gender include the other genders; references to statutes are to be construed as including all
statutory provisions consolidating, amending or replacing the statute referred to; the word “or”
shall be deemed to include “and/or”, the words “including”, “includes” and “include” shall be
deemed to be followed by the words “without limitation”; references to articles, sections (or
subdivisions of sections) or exhibits are to those of this Agreement; and references to agreements
and other contractual instruments shall be deemed to include all subsequent amendments and other
modifications to such instruments, but only to the extent such amendments and other modifications
are not prohibited by the terms of this Agreement. Section headings in this Agreement are included
for convenience of reference only and shall not constitute a part of this Agreement for any other
purpose. Unless otherwise specified in this Agreement, all accounting terms shall be interpreted
and all accounting determinations shall be made in accordance with GAAP. If this Agreement is
executed by more than one party as Borrower, the obligations of such persons or entities will be
joint and several.

          11.9. No Consequential Damages, Etc. The Bank will not be responsible for any
damages, consequential, incidental, special, punitive or otherwise, that may be incurred or alleged
by any person or entity, including the Borrower and any Guarantor, as a result of this Agreement,
the other Loan Documents, the transactions contemplated hereby or thereby, or the use of the
proceeds of the Loan.

          11.10. Assignments and Participations. At any time, without any notice to the
Borrower, the Bank may sell, assign, transfer, negotiate, grant participations in, or otherwise
dispose of all or any part of the Bank’s interest in the Loan. The Borrower hereby authorizes the
Bank to provide, without any notice to the Borrower, any information concerning the Borrower,
including information pertaining to the Borrower’s financial condition, business operations or
general creditworthiness, to any person or entity which may succeed to or participate in all or any
part of the Bank’s interest in the Loan.

          11.11. Governing Law and Jurisdiction. This Agreement has been delivered to and
accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated
above is located. This Agreement will be interpreted and the rights and liabilities of the
parties hereto determined in accordance with the laws of the State where the Bank’s office
indicated above is located, excluding its conflict of laws rules. The Borrower hereby
irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or
judicial district where the Bank’s office indicated above is located; provided that nothing
contained in this Agreement will prevent the Bank from bringing any action, enforcing any award or
judgment or exercising any rights against the Borrower individually, against any security or
against any property of the Borrower within any other county, state or other foreign or domestic
jurisdiction. The Bank and the Borrower agree that the venue provided above is the most convenient
forum for both the Bank and the Borrower. The Borrower waives any objection to venue and any
objection based on a more convenient forum in any action instituted under this Agreement.

          11.12. WAIVER OF JURY TRIAL. EACH OF THE BORROWER AND THE BANK IRREVOCABLY WAIVES
ANY AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE
RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY
TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE BORROWER AND THE BANK ACKNOWLEDGE THAT THE
FOREGOING WAIVER IS KNOWING AND VOLUNTARY.

The Borrower acknowledges that it has read and understood all the provisions of this Agreement,
including the waiver of jury trial, and has been advised by counsel as necessary or appropriate.

-8-

 

WITNESS the due execution hereof as a document under seal, as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	WITNESS / ATTEST:	 	 	 	ERIE INDEMNITY COMPANY, a Pennsylvania

corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Philip A. Garcia	 	 
	 	 	 	 	 	 	 	 	 
	Print Name:	 	 
	 	 	 	 	 	Print Name:
	 	Philip A. Garcia	 	 
	Title:
	 	 	 	 	 	 	 	Title:
	 	Executive Vice President & CFO	 	 
	(Include title only an officer or
entity signing to the right)	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ James F. Stevenson
 	 
	 	 	James F. Stevenson 	 
	 	 	Vice President 	 

-9-

 

	 	 	 	 	 

ADDENDUM to that certain Loan Agreement dated January 30, 2008 between Erie Indemnity Company as
the Borrower and PNC Bank, National Association, as the Bank. Capitalized terms used in this
Addendum and not otherwise defined shall have the meanings given them in the Agreement. Section
numbers below refer to the sections of the Agreement.

3.6 Title to Assets. Describe additional liens and encumbrances below:

3.7 Litigation. Describe pending and threatened litigation, investigations, proceedings,
etc. below:

-10-

 

CONTINUATION OF ADDENDUM

FINANCIAL COVENANTS

(1) The Borrower will maintain at all times a minimum consolidated net worth of the sum of (A) 70%
of the Borrower’s consolidated net worth as of December 31, 2007, plus (B) 50% of positive
net income on a cumulative basis for each succeeding fiscal quarter, commencing with the fiscal
quarter ending March 31, 2008.

(2) The Borrower will maintain at all times a ratio (expressed as a percentage) of consolidated
debt to consolidated total capitalization of not more than 35%.

All of the above financial covenants shall be computed and determined in accordance with GAAP
applied on a consistent basis (subject to normal year-end adjustments).

-11-

 

	 	 	 
	Amendment to Loan Documents

	 	

     THIS AMENDMENT TO LOAN DOCUMENTS (this “Amendment”) is made as of February 27, 2008, by and
between ERIE INDEMNITY COMPANY (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

BACKGROUND

     A. The Borrower has executed and delivered to the Bank (or a predecessor which is now known by
the Bank’s name as set forth above), one or more promissory notes, letter agreements, loan
agreements, security
agreements, mortgages, pledge agreements, collateral assignments, and other
agreements, instruments,
certificates and documents, some or all of which are more fully described on attached Exhibit
A, which is made a
part of this Amendment (collectively as amended from time to time, the “Loan Documents”) which
evidence or
secure some or all of the Borrower’s obligations to the Bank for one or more loans or other
extensions of credit
(the “Obligations”).

     B. The Borrower and the Bank desire to amend the Loan Documents as provided for in this
Amendment.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained and intending to be
legally bound hereby, the parties hereto agree as follows:

     1. Certain of the Loan Documents are amended as set forth in Exhibit A. Any and all references
to
any Loan Document in any other Loan Document shall be deemed to refer to such Loan Document as
amended
by this Amendment. This Amendment is deemed incorporated into each of the Loan Documents.
Any initially
capitalized terms used in this Amendment without definition shall have the meanings assigned
to those terms in
the Loan Documents. To the extent that any term or provision of this Amendment is or may be
inconsistent with
any term or provision in any Loan Document, the terms and provisions of this Amendment shall
control.

     2. The Borrower hereby certifies that: (a) all of its representations and warranties in the
Loan
Documents, as amended by this Amendment, are, except as may otherwise be stated in this
Amendment: (i) true
and correct as of the date of this Amendment, (ii) ratified and confirmed without condition as
if made anew, and
(iii) incorporated into this Amendment by reference, (b) no Event of Default or event which,
with the passage of
time or the giving of notice or both, would constitute an Event of Default, exists under any
Loan Document
which will not be cured by the execution and effectiveness of this Amendment, (c) no consent,
approval, order or
authorization of, or registration or filing with, any third party is required in connection
with the execution,
delivery and carrying out of this Amendment or, if required, has been obtained, and (d) this
Amendment has been
duly authorized, executed and delivered so that it constitutes the legal, valid and binding
obligation of the
Borrower, enforceable in accordance with its terms. The Borrower confirms that the
Obligations remain
outstanding without defense, set off, counterclaim, discount or charge of any kind as of the
date of this
Amendment.

     3. The Borrower hereby confirms that any collateral for the Obligations, including liens,
security
interests, mortgages, and pledges granted by the Borrower or third parties (if applicable),
shall continue
unimpaired and in full force and effect, and shall cover and secure all of the Borrower’s
existing and future
Obligations to the Bank, as modified by this Amendment.

 

 

     4. As a condition precedent to the effectiveness of this Amendment, the Borrower shall comply
with the terms and conditions (if any) specified in Exhibit A.

     5. To induce the Bank to enter into this Amendment, the Borrower waives and releases and
forever
discharges the Bank and its officers, directors, attorneys, agents, and employees from any
liability, damage,
claim, loss or expense of any kind that it may have against the Bank or any of them arising
out of or relating to
the Obligations. The Borrower further agrees to indemnify and hold the Bank and its
officers, directors,
attorneys, agents and employees harmless from any loss, damage, judgment, liability or expense
(including
attorneys’ fees) suffered by or rendered against the Bank or any of them on account of any
claims arising out of
or relating to the Obligations. The Borrower further states that it has carefully read the
foregoing release and
indemnity, knows the contents thereof and grants the same as its own free act and deed.

     6. This Amendment may be signed in any number of counterpart copies and by the parties to this
Amendment on separate counterparts, but all such copies shall constitute one and the same
instrument. Delivery
of an executed counterpart of a signature page to this Amendment by facsimile transmission
shall be effective as
delivery of a manually executed counterpart. Any party so executing this Amendment by
facsimile transmission
shall promptly deliver a manually executed counterpart, provided that any failure to do so
shall not affect the
validity of the counterpart executed by facsimile transmission.

     7. This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank
and
their respective heirs, executors, administrators, successors and assigns.

     8. This Amendment has been delivered to and accepted by the Bank and will be deemed to be made
in the State where the Bank’s office indicated in the Loan Documents is located. This
Amendment will be
interpreted and the rights and liabilities of the parties hereto determined in accordance with
the laws of the State
where the Bank’s office indicated in the Loan Documents is located, excluding its conflict of
laws rules.

     9. Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged,
are and shall remain in full force and effect unless and until modified or amended in writing
in accordance with
their terms, and are hereby ratified and confirmed. Except as expressly provided herein, this
Amendment shall
not constitute an amendment, waiver, consent or release with respect to any provision of any
Loan Document, a
waiver of any default or Event of Default under any Loan Document, or a waiver or release of
any of the Bank’s
rights and remedies (all of which are hereby reserved). The Borrower expressly ratifies and
confirms the
waiver of jury trial provisions contained in the Loan Documents.

     WITNESS the due execution of this Amendment as a document under seal as of the date first
written above.

	 	 	 
	WITNESS / ATTEST:

	       ERIE INDEMNITY COMPANY
	 
	 	 
	/s/ Donald A. McRae

	By:	 /s/ Philip A. Garcia
	 

	 	 
	Print Name: Donald A. McRae

	 	Print Name: Philip A. Garcia
	Title:             AVP & Cash Manager

	 	Title:             EVP & CFO
	(Include title only if an officer of entity signing to the right)
	 	 
	 
	 	 
	 

	       PNC BANK, NATIONAL ASSOCIATION
	 
	 	 
	 

	By:	 /s/ James F. Stevenson
	 

	 	 
	 

	 	James F. Stevenson

Vice President

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EXHIBIT A TO

AMENDMENT TO LOAN DOCUMENTS

DATED AS OF FEBRUARY 27, 2008

	A.	 	The “Loan Documents” that are the subject of this Amendment include the following (as any of
the
foregoing have previously been amended, modified or otherwise supplemented):

	 	1.	 	Loan Agreement, dated January 30, 2008, between the Borrower and
the Bank (the
“Agreement”); and
	 
	 	2.	 	All other documents, instruments, agreements, and certificates executed and
delivered in
connection with the Loan Documents listed in this Section A.

	B.	 	The Agreement is amended as follows:

	 	1.	 	Section 1.1 of the Agreement is hereby amended by adding the following
two (2) paragraphs to the end thereof:

     “The Borrower may request that the Bank, in lieu of cash advances, issue standby
letters of credit (individually, a “Letter of Credit” and collectively the “Letters
of Credit”) under the Line of Credit in the face amount in the aggregate at any time
outstanding not to exceed $50,000,000.00; provided, however, that after giving effect
to the face amount of such Letter of Credit, the sum of the aggregate outstanding
advances under the Line of Credit and the aggregate face amount of all Letters of
Credit issued and outstanding shall not exceed the Line of Credit.. The availability
of advances under the Line of Credit shall be reduced by the face amount of each
Letter of Credit issued and outstanding (whether or not drawn). For purposes of this
Agreement, the “face amount” of any Letter of Credit shall include any automatic
increases in face amount under the terms of such Letter of Credit, whether or not any
such increase in face amount has become effective. Unless otherwise consented to by
the Bank in writing, each Letter of Credit shall have an expiry date which is not
later than twelve (12) months following the Expiration Date (the “Final LC Expiration
Date”). Each payment by the Bank under a Letter of Credit shall constitute an advance
of principal under the Line of Credit and shall be evidenced by the Note. The Letters
of Credit shall be governed by the terms of this Agreement and by one or more
reimbursement agreements, in form and content satisfactory to the Bank, executed by
the Borrower in favor of the Bank (collectively if more than one, the “Reimbursement
Agreement”). Each request for the issuance of a Letter of Credit must be accompanied
by the Borrower’s execution of an application on the Bank’s standard forms (each, an
“Application”), together with all supporting documentation. Each Letter of Credit
will be issued in the Bank’s sole discretion and in a form acceptable to the Bank.
This Agreement is not a pre-advice for the issuance of a letter of credit and is not
irrevocable.

     The Borrower shall pay the Bank’s standard issuance fee on the face amount of
each Letter of Credit upon issuance, together with such other customary fees and
expenses therefore as shall be required by the Bank. In addition, the Borrower shall
pay to the Bank a fee (the “Letter of Credit Commission”), calculated daily (on the
basis of a year of 360 days), equal to the amount available to be drawn at such time
under all Letters of Credit issued under the Line of Credit (including any amounts
drawn thereunder and not reimbursed, regardless of the existence or satisfaction of
any conditions or limitations on drawing) on each day multiplied by fifty (50) basis
points (0.50%). The Letter of Credit Commission shall be payable quarterly in arrears
beginning on April 1, 2008, and continuing on the first day of each fiscal quarter
thereafter and on the Final LC Expiration Date. Notwithstanding the foregoing, after
the occurrence and during

 

 

the continuance of an Event of Default, the Letter of Credit Commission, as
calculated above, shall be increased by three percent (3.00%) per annum.”

	C.	 	Conditions to Effectiveness of Amendment: The Bank’s willingness to agree to the amendments set
forth
in this Amendment is subject to the prior satisfaction of the following conditions:

	 	1.	 	Execution by all parties and delivery to the Bank of this Amendment,
and a Reimbursement Agreement for Standby Letters of Credit, in form and content
satisfactory to the Bank.

 

 

	 	 	 
	Reimbursement Agreement

for Standby Letter(s) of Credit

	 	

     THIS REIMBURSEMENT AGREEMENT FOR STANDBY LETTER(S) OF CREDIT (this “Agreement”) is made as of
this 27th day of February, 2008, by ERIE INDEMNITY COMPANY (the “Obligor”), with an
address at 100 Erie Insurance Place, Erie, Pennsylvania 16530, in favor of PNC BANK, NATIONAL
ASSOCIATION (the “Bank”), with an address at 500 First Avenue, Third Floor, Pittsburgh, PA 15219.
From time to time by submitting an application in a form approved by the Bank (an “Application”),
the Obligor or any of its subsidiaries or affiliates may request the Bank to issue one or more
letters of credit (each, a “Credit”). The Bank may issue any such Credit, but the Bank shall have
no obligation to do so unless otherwise agreed in writing. The Obligor agrees that the following
terms and conditions shall apply to any Credit:

     1. Definitions and Interpretation. (a) In addition to terms defined elsewhere in
this Agreement:
“Bank Affiliate” means any direct or indirect subsidiary of The PNC Financial Services Group,
Inc.; “Base
Rate” means a fluctuating rate per annum equal to the greater of (i) the interest rate per
annum announced from
time to time by the Bank as its then prime rate, which rate may not be the lowest rate then
being charged
commercial borrowers by the Bank; or (ii) the rate applicable to federal funds transactions,
as reasonably
determined by the Bank, plus .50%; “Business Day” means any day other than a Saturday, Sunday
or other day
on which banks in Pittsburgh, Pennsylvania, or any other city of which the Bank may give the
Obligor notice
from time to time, are authorized or required by law to close; “Dollar Equivalent” means, with
respect to an
amount in any currency other than U.S. dollars, as of any date, the amount of U.S. dollars
into which such amount
in such currency may be converted at the spot rate at which U.S. dollars are offered by the
Bank in Pittsburgh for
such currency at approximately 11:00 a.m., Prevailing Time, on such date, plus all actual
costs of settlement,
including amounts incurred by the Bank to comply with currency exchange requirements of any
Governmental
Authority; “Governmental Authority” means any de facto or de jure domestic or foreign
government, court,
tribunal, agency, or other purported authority; “ISP98” means the International Standby
Practices 1998, and any
subsequent official revision thereof; “Prevailing Time” means the prevailing time in
Pittsburgh, Pennsylvania (or
any other city of which the Bank may have given the Obligor notice) on the date in question;
“Taxes” means all
taxes, fees, duties, levies, imposts, deductions, charges or withholdings of any kind (other
than taxes on the
Bank’s net income); and “UCP” means the Uniform Customs and Practice for Documentary Credits
as most
recently published by the International Chamber of Commerce at the time a Credit is issued.

     (b) If this Agreement is signed by more than one Obligor, each shall be deemed to make to the
Bank all the representations, warranties and covenants contained herein, and each shall be jointly
and severally liable hereunder. Any reference herein to this Agreement, an Application, a Credit,
or any other instrument, agreement or document related hereto or thereto shall be deemed to refer
to all amendments, modifications, extensions and renewals hereof and thereof. Determinations made
by the Bank pursuant to the terms hereof shall be conclusive absent manifest error.

     2. Payments. (a) The Obligor will pay to the Bank the amount to be paid by the Bank
with respect to
each draft or other payment demand made under a Credit no later than 10 a.m., Prevailing Time,
on the date such
payment is to be made by the Bank, or such earlier time as the Bank may reasonably require. If
a Credit calls for
the delivery by the Bank of an item other than money, the Obligor shall deliver or cause to be
delivered such item
to the Bank at such time, in advance of the time the Bank is to deliver such item, as the Bank
may reasonably
require.

 

 

     (b) The Obligor agrees to be primarily liable for payment to the Bank with respect to any
Credit issued
by the Bank at the request of any subsidiary or affiliate of the Obligor. The Obligor
authorizes the Bank to accept
Applications from the Obligor’s subsidiaries and affiliates.

     (c) The Obligor will pay to the Bank upon receipt of the Bank’s invoice therefor (i)
interest on all
amounts payable to the Bank hereunder from the date due to the date of payment, at the Base Rate
plus ___%
(or, if the preceding blank is not completed, the Base Rate plus 4%); provided that in no event
shall the Obligor pay interest in excess of the maximum rate permitted by applicable law; (ii) the
Bank’s fees as separately agreed to by the Obligor and the Bank, as well as the customary
commissions and other charges regularly charged by the Bank for letters of credit; and (iii) all
charges and expenses paid or incurred by the Bank or any of its correspondents in connection with
this Agreement or any Credit, including all reasonable legal fees and expenses, whether of internal
or external counsel to the Bank. All periodic interest, fees and commissions shall be calculated
on the basis of the actual days elapsed in a 360 day year, and interest shall continue to accrue at
the applicable rate set forth herein whether or not a default exists or a judgment has been
entered.

     (d) All amounts payable hereunder by the Obligor shall be paid to the Bank at its address set
forth above
or at such other place as the Bank may give notice from time to time, in immediately available
funds in the
currency specified by the Bank, without set off, defense, recoupment, deduction, cross-claim
or counterclaim of
any kind; and free and clear of, and without deduction for, any present or future Taxes. If
the Bank or the Obligor
pays any Taxes, whether or not correctly or legally assessed, the amounts payable hereunder
shall be increased so
that, after the payment of such Taxes, the Bank shall have received an amount equal to the sum
the Bank would
have received had no such Taxes been paid. If any amount payable hereunder is denominated in a
currency other
than U.S. dollars, the Obligor shall make payment in such currency or, at the Bank’s option,
shall pay the Dollar
Equivalent thereof. To effect any payment due hereunder, the Bank may debit any account that
the Obligor may
have with the Bank or any Bank Affiliate.

     3. Nature of Obligations. (a) The Obligor’s obligations to the Bank under this
Agreement are absolute, unconditional and irrevocable, and shall be paid and performed in
accordance with the terms hereof irrespective of any act, omission, event or condition, including,
without limitation (i) the form of, any lack of power or authority of any signer of, or the lack
of validity, sufficiency, accuracy, enforceability or genuineness of (or any defect in or forgery
of any signature or endorsement on) any draft, demand, document, certificate or instrument
presented in connection with any Credit, or any fraud or alleged fraud in connection with any
Credit or any obligation underlying any Credit, in each case, even if the Bank or any of its
correspondents have been notified thereof; (ii) any claim of breach of warranty that might be made
by the Obligor or the Bank against any beneficiary of a Credit, or the existence of any claim, set
off, recoupment, counterclaim, cross-claim, defense, or other right that the Obligor may at any
time have against any beneficiary, any successor beneficiary, any transferee or assignee of the
proceeds of a Credit, the Bank or any correspondent or agent of the Bank, or any other person,
however arising; (iii) any acts or omissions by, or the solvency of, any beneficiary of any
Credit, or any other person having a role in any transaction or obligation relating to a Credit;
(iv) any failure by the Bank to issue any Credit in the form requested by the Obligor, unless the
Bank receives written notice from the Obligor of such failure within three Business Days after the
Bank shall have furnished the Obligor (by facsimile transmission or otherwise) a copy of such
Credit and such error is material; and (v) any action or omission (including failure or compulsion
to honor a presentation under any Credit) by the Bank or any of its correspondents in connection
with a Credit, draft or other demand for payment, document, or any property relating to a Credit,
and resulting from any censorship, law, regulation, order, control, restriction, or the like,
rightfully or wrongly exercised by any Governmental Authority, or from any other cause beyond the
reasonable control of the Bank or any of its correspondents, or for any loss or damage to the
Obligor or to anyone else, or to any property of the Obligor or anyone else, resulting from any
such action or omission.

     (b) The Bank is authorized to honor any presentation under a Credit without regard to, and
without any duty on the Bank’s part to inquire into, any transaction or obligation underlying such
Credit, or any disputes or controversies between the Obligor and any beneficiary of a Credit, or
any other person, notwithstanding that the Bank may have assisted the Obligor in the preparation
of the wording of any Credit or documents required to be

-2-

 

presented thereunder or that the Bank may be aware of any underlying transaction or obligation or
be familiar with any of the parties thereto.

     (c) The Obligor agrees that any action or omission by the Bank or any of its correspondents in
connection
with any Credit or presentation thereunder shall be binding on the Obligor and shall not
result in any liability of
the Bank or any of its correspondents to the Obligor in the absence of the gross negligence or
willful misconduct
of the Bank. Without limiting the generality of the foregoing, the Bank and each of its
correspondents (i) may
rely on any oral or other communication believed in good faith by the Bank or such
correspondent to have been
authorized or given by or on behalf of the Obligor; (ii) may honor any presentation if the
documents presented
appear on their face substantially to comply with the terms and conditions of the relevant
Credit; (iii) may honor a
previously dishonored presentation under a Credit, whether such dishonor was pursuant to a
court order, to settle
or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to
reimbursement to the same
extent as if such presentation had initially been honored, together with any interest paid by
the Bank; (iv) may
honor any drawing that is payable upon presentation of a statement advising negotiation or
payment, upon receipt
of such statement (even if such statement indicates that a draft or other document is being
separately delivered),
and shall not be liable for any failure of any such draft or other document to arrive, or to
conform in any way with
the relevant Credit; and (v) may pay any paying or negotiating bank claiming that it
rightfully honored under the
laws or practices of the place where such bank is located. In no event shall the Bank be
liable to the Obligor for
any indirect, consequential, incidental, punitive, exemplary or special damages or expenses
(including without
limitation attorneys’ fees), or for any damages resulting from any change in the value of any
property relating to a
Credit.

     (d) If the Obligor or any other person seeks to delay or enjoin the honor by the Bank of a
presentation
under a Credit, the Bank shall have no obligation to delay or refuse to honor the presentation
until validly so
ordered by a court of competent jurisdiction.

     4. Set Off and Security. As collateral security for the due payment and performance
of the Obligor’s
obligations to the Bank hereunder and otherwise, whether such obligations are absolute or
contingent and exist
now or arise after the date hereof, the Obligor grants to the Bank a contractual possessory
security interest in, an
unqualified right to possession and disposition of, and a contractual right of set off
against, in each case, to the
fullest extent permitted by law (a) all property relating to any Credit, and all drafts,
payment demands, transport
documents, warehouse receipts, documents of title, policies or certificates of insurance and
other documents
relating to any Credit; (b) property in the possession of, on deposit with, or in transit to,
the Bank or any Bank
Affiliate, now or hereafter, regardless of how obtained or held (whether in a general or
special account or deposit,
jointly or with someone else, in safekeeping, or otherwise); and (c) the proceeds (including
insurance proceeds) of
each of the above (collectively, the “Collateral”). The Bank’s rights with respect to the
Collateral may be
exercised without demand on or notice to the Obligor. The Bank shall be deemed to have
exercised its right of set
off immediately upon the occurrence of an Event of Default hereunder without any action of the
Bank, although
the Bank may enter such setoff on its books and records at a later time. The Obligor agrees
from time to time to
deliver to the Bank, on demand, such further agreements and instruments, and such additional
security, as the
Bank may require to secure, or further secure, the Obligor’s obligations hereunder.

     5. Representations, Warranties, Covenants. The Obligor represents, warrants, and
covenants that (a)
if not a natural person, the Obligor is duly organized, validly existing and in good standing
under the laws of the
jurisdiction of its organization and duly qualified to do business in those jurisdictions in
which its ownership of
property or the nature of its business activities makes such qualification necessary; (b) the
Obligor has the
requisite power and authority to execute and deliver this Agreement and to perform its
obligations hereunder; and
all such action has been duly authorized by all necessary proceedings on the Obligor’s part,
and neither now nor
hereafter shall contravene or result in a breach of any organizational document of the
Obligor, any agreement,
document, or instrument binding on the Obligor or its property, or any law, treaty,
regulation, or order of any
Governmental Authority, or require any notice, filing, or other action to or by any
Governmental Authority; (c) all
financial statements and other information received from the Obligor by the Bank prior to the
date hereof fairly
and accurately present its financial condition in accordance with generally accepted
accounting principles, and no
material adverse change has occurred in the Obligor’s financial condition or business
operations since the date

-3-

 

thereof; (d) there are no actions, suits, proceedings or governmental investigations pending or, to
the knowledge of the Obligor, threatened against the Obligor which could result in a material
adverse change in its financial condition or business operations; (e) the Obligor will promptly
submit to the Bank such information relating to the Obligor’s affairs (including but not limited to
annual financial statements) as the Bank may reasonably request; and
(f) the Obligor and each
transaction and obligation underlying each Credit are and shall remain in compliance with all laws,
treaties, rules, and regulations of any Governmental Authority, including, without limitation,
foreign exchange control, United States foreign assets control, and currency reporting laws and
regulations, now or hereafter applicable.

     6. Events of Default. The occurrence of any of the following is an “Event of Default”
hereunder: (a) the Obligor’s failure to pay when due any obligation to the Bank or any Bank Affiliate under
this Agreement or otherwise; (b) the Obligor’s failure to perform or observe any other term or covenant of this
Agreement; (c) any representation or warranty contained in this Agreement or in any document given now or
hereafter by the Obligor in connection herewith is materially false, erroneous, or misleading; (d) the occurrence of
any event of default or default and the lapse of any notice or cure period under any other debt, liability or
obligation of the Obligor to the Bank or any Bank Affiliate; (e) the failure to pay or perform any material obligation to any
other person if such failure may cause any such obligation to be due or performable immediately; (f) any levy,
garnishment, attachment, or similar proceeding is instituted against the Obligor’s property in possession
of, on deposit with, or in transit to, the Bank; (g) the Obligor’s dissolution or termination, or the institution by
or against the Obligor or any of its property of any proceeding relating to bankruptcy, receivership, insolvency,
reorganization, liquidation, conservatorship, foreclosure, execution, attachment, garnishment, levy, assignment for the
benefit of creditors, relief of debtors, or similar proceeding (and, in the case of any such proceeding instituted
against the Obligor, such proceeding is not dismissed or stayed within 30 days of the commencement thereof); (h)
the entry of a material final judgment against the Obligor and the failure of the Obligor to discharge the
judgment within 10 days of the final entry thereof; (i) any material adverse change in the Obligor’s business,
assets, operations, financial condition or results of operations; (j) the death, incarceration, indictment, or
legal incompetency of an individual Obligor or, if the Obligor is a partnership or limited liability company, the
death, incarceration, indictment, or legal incompetency of any individual general partner or member; (k) the
occurrence of any of the above events with respect to any person which has now or hereafter guarantied or provided any
collateral for any of the Obligor’s obligations hereunder; or (l) any guarantee, or any document, instrument or
agreement purporting to provide the Bank security for the Obligor’s obligations hereunder shall be challenged,
repudiated, or unenforceable for any reason.

     7. Remedies. Upon the occurrence of any Event of Default (a) the amount of each
Credit, together with any additional amounts payable hereunder, shall, at the Bank’s option, become due and payable
immediately without demand upon or notice to the Obligor; (b) the Bank may exercise from time to time any
of the rights and remedies available to the Bank under this Agreement, under any other documents now or in the
future evidencing or securing obligations of the Obligor to the Bank, or under applicable law, and all such
remedies shall be cumulative and not exclusive; and (c) upon request of the Bank, the Obligor shall promptly
deliver to the Bank in immediately available funds, as collateral for any and all obligations of the Obligor to the
Bank, an amount equal to 105% of the maximum aggregate amount then or at any time thereafter available to be drawn
under all outstanding Credits, and the Obligor hereby pledges to the Bank and grants to the Bank a
security interest in all such funds as security for such obligations, acknowledges that the Bank shall at all times
have control of such funds and shall be authorized to give entitlement orders (as defined in the UCC) with respect
to such funds, without further consent of the Obligor or any other person, and agrees promptly to do all
further things that the Bank may deem necessary in order to grant and perfect the Bank’s security interest in such
funds. The Obligor waives presentment, protest, dishonor, notice of dishonor, demand, notice of protest, notice
of non-payment, and notice of acceptance of this Agreement, and any other notice or demand of any kind from the
Bank.

     8. Subrogation. The Bank, at its option, shall be subrogated to the Obligor’s rights
against any person who may be liable to the Obligor on any transaction or obligation underlying any Credit, to
the rights of any holder in due course or person with similar status against the Obligor, and to the rights of
any beneficiary or any successor or assignee of any beneficiary.

-4-

 

     9. Indemnification. The Obligor agrees to indemnify the Bank and each Bank Affiliate
and each of their respective officers, directors, shareholders, employees and agents (each, an “Indemnified
Party”) and to hold each Indemnified Party harmless from and against any and all claims, liabilities, losses,
damages, Taxes, penalties, interest, judgments, costs and expenses (including reasonable legal fees and costs,
whether of internal or external counsel to the Bank and all expenses of litigation or preparation therefor), which
may be incurred by or awarded against any Indemnified Party, and which arise out of or in connection with (a) any
Credit, this Agreement, or any suit, action, claim, proceeding or governmental investigation, pending or
threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or
governmental authority, which arise out of or relates to this Agreement or any Credit (and irrespective of who may be
the prevailing party); (b) any payment or action taken in connection with any Credit, including, without
limitation, any action or proceeding seeking to restrain any drawing under a Credit or to compel or restrain any payment
or any other action under a Credit or this Agreement (and irrespective of who may be the prevailing party);
(c) the enforcement of this Agreement or the collection or sale of any property or collateral; and (d) any act or
omission of any Governmental Authority or other cause beyond the Bank’s reasonable control; except, in each
case, to the extent such claim, liability, loss, damage, Tax, penalty, interest, judgment, cost or expense is
found by a final judgment of a court of competent jurisdiction to have resulted from the Bank’s gross negligence or
willful misconduct.

     10. Miscellaneous. All notices, demands, requests, consents, approvals and other
communications required or permitted hereunder (“Notices”) must be in writing and will be effective upon
receipt. Notices may be given in any manner to which the parties may separately agree, including electronic mail.
Without limiting the foregoing: (i) first class mail, facsimile transmission and commercial courier service are
hereby agreed to as acceptable methods for giving Notices and (ii) Applications may be submitted electronically
via, and in accordance with the terms and conditions of, the PINACLE Network System (or such other network
system offered by the Bank), if Obligor is an authorized user of such system or by such other
electronic means acceptable to the Bank. Regardless of the manner in which provided, Notices may be sent to a party’s
address as set forth above or to such other address as any party may give to the other for such purpose in
accordance with this section. The Bank may rely, and shall be protected in acting or refraining from acting, upon any Notice
or Application believed by the Bank to be genuine and to have been given by the proper party or parties. No
delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such right or
power or be considered to be a waiver of any such right or power, nor will the Bank’s action or inaction
impair any such right or power. No modification, amendment or waiver of, or consent to any departure by the
Obligor from, any provision of this Agreement, will be effective unless made in a writing signed by the Bank,
and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. If any provision of this Agreement is found to be invalid by a court, all the other provisions of the Agreement
will remain in full force and effect. If this Agreement is executed by more than one Obligor, each Obligor
waives any and all defenses to payment and performance hereunder based upon principles of suretyship, impairment
of collateral, or otherwise and, without limiting the generality of the foregoing, each Obligor consents to: any
change in the time, manner, or place of payment of or in any other term of all or any of the obligations of any
other Obligor hereunder or otherwise, and any exchange or release of any property or collateral, or the release or
other amendment, extension, renewal, waiver of, or consent to departure from, the terms hereof or of any
guaranty or security agreement or any other agreement related hereto. This Agreement will be binding upon and inure
to the benefit of the Obligor and the Bank and their respective heirs, executors, administrators, successors and
assigns; provided, however, that the Obligor may not assign this Agreement in whole or in part without the Bank’s
prior written consent and the Bank may at any time assign this Agreement in whole or in part. The Obligor
hereby authorizes the Bank, from time to time without notice to the Obligor, to record telephonic and other
electronic communications of the Obligor and provide any information pertaining to the financial
condition, business operations or credit worthiness of the Obligor to or at the direction of any Governmental
Authority, to any of the Bank’s correspondents, and any Bank Affiliate, and to any of its or their directors, officers,
employees, auditors and professional advisors, to any person which in the ordinary course of its business makes
credit reference inquiries, to any person which may succeed to or participate in all or part of the Bank’s
interest hereunder, and as may be necessary or advisable for the preservation of the Bank’s rights hereunder. This is
a continuing Agreement and shall remain in full force and effect until no obligations of the Obligor and no
Credit exist hereunder; provided, however, that termination of this Agreement shall not release the Obligor
from any payment or performance that is subsequently rescinded or recouped, and the obligation to make any such
payment or

-5-

 

performance shall continue until paid or performed as if no such payment or performance ever
occurred. Provisions concerning payment, indemnification, increased costs, Taxes, immunity, and
jurisdiction shall survive the termination of this Agreement.

     11. Financial Institution Obligor. If one of two or more Obligors is a financial
institution (the “Financial Institution”), the Financial Institution shall be deemed to request the issuance of
any Credit for its customer (the “Customer”) who has also executed this Agreement as an Obligor. In
consideration of any such issuance, and as a direct and primary obligation, the Financial Institution agrees to pay the
Bank all amounts that become due and payable to the Bank under this Agreement, when and as due, in accordance with
the terms hereof. The Financial Institution hereby assigns to the Bank all security interests now or at any time
existing granted in favor of the Financial Institution as security for the Customer’s obligations to the Financial
Institution arising out of this Agreement or any Credit, and agrees to do all things necessary from time to time to
effect such assignment.

     12. Representative of Obligor. If this Agreement is executed by more than one Obligor
and neither is a Financial Institution, the Obligor whose signature is first shown below shall have the
exclusive right to deal with the Bank in connection with the matters addressed herein, notwithstanding conflicting
instructions or requests from any other Obligor.

     13. Waiver of Immunity. The Obligor acknowledges that this Agreement is entered
into, and each Credit will be issued, for commercial purposes and, if the Obligor now or hereafter acquires
any immunity (sovereign or otherwise) from the jurisdiction of any court or from any legal process with
respect to itself or any of its property, the Obligor hereby irrevocably waives such immunity.

     14. Jurisdiction. The Obligor hereby irrevocably consents to the exclusive
jurisdiction of any state or federal court for the county or judicial district in the State of Pennsylvania where the
Bank’s office set forth above is located; provided that nothing contained in this Agreement will prevent the Bank from
bringing any action, enforcing any award or judgment, or exercising any right against the Obligor individually,
against any security, or against any property of the Obligor within any other county, state or other foreign or
domestic jurisdiction. The Obligor agrees that the venue provided above is the most convenient forum for the Bank and the
Obligor. The Obligor waives any objection to venue and any objection based on a more convenient forum in
any action under this Agreement.

     15. WAIVER OF JURY TRIAL. THE OBLIGOR IRREVOCABLY WAIVES ALL RIGHTS
THE OBLIGOR MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM
OF ANY NATURE RELATING TO THIS AGREEMENT, ANY CREDIT, ANY DOCUMENTS
EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY CREDIT, OR ANY
OBLIGATION OR TRANSACTION UNDERLYING ANY OF THE FOREGOING. THE OBLIGOR
ACKNOWLEDGES THAT THIS WAIVER IS KNOWING AND VOLUNTARY.

     16. Governing Law. This Agreement and each Credit shall be interpreted, construed,
and enforced according to (a) the laws of the Commonwealth of Pennsylvania, including, without limitation,
the Uniform Commercial Code (“UCC;” with the definitions of Article 5 of the UCC controlling over any
conflicting definitions in other UCC Articles); and (b) the UCP or the ISP, as set forth in each Credit,
which are, as applicable, incorporated herein by reference and which shall control (to the extent not
prohibited by the law referred to in (a)) in the event of any inconsistent provisions of such law. In the event
that a body of law other than that set forth above is applicable to a Credit, the Obligor shall be obligated to pay and
reimburse the Bank for any payment made under such Credit if such payment is, in the Bank’s judgment, justified under
either the law governing this Agreement or the law governing such Credit.

-6-

 

	 	 	 	 	 
	ERIE INDEMNITY COMPANY

 	 	 
	By:  	/s/ Philip A. Garcia
 	 	 
	 	 Print Name:  	Philip A. Garcia 	 	 
	 	Title:  	EVP & CFO 	 	 
	 

-7-

 

			
	Sixth
Amendment to Loan Documents
	 	

     THIS SIXTH AMENDMENT TO LOAN DOCUMENTS (this “Amendment”) is made as of December 29, 2008, by
and between ERIE INDEMNITY COMPANY (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the
“Bank”).

BACKGROUND

     A. The Borrower has executed and delivered to the Bank (or a predecessor which is now known by
the Bank’s name as set forth above), one or more promissory notes, letter agreements, loan
agreements, security agreements, mortgages, pledge agreements, collateral assignments,
and other agreements, instruments, certificates and documents, some or all of which are more
fully described on attached Exhibit A, which is made a part of this Amendment (collectively as
amended from time to time, the “Loan Documents”) which evidence or secure some or all of the
Borrower’s obligations to the Bank for one or more loans or other extensions of credit (the
“Obligations”).

     B. The Borrower and the Bank desire to amend the Loan Documents as provided for in this
Amendment.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained and intending to be
legally bound hereby, the parties hereto agree as follows:

     1. Certain of the Loan Documents are amended as set forth in Exhibit A. Any and all references
to any Loan Document in any other Loan Document shall be deemed to refer to such Loan Document as
amended by this Amendment. This Amendment is deemed incorporated into each of the Loan Documents.
Any initially capitalized terms used in this Amendment without definition shall have the meanings
assigned to those terms in the Loan Documents. To the extent that any term or provision of this
Amendment is or may be inconsistent with any term or provision in any Loan Document, the terms and
provisions of this Amendment shall control.

     2. The Borrower hereby certifies that: (a) all of its representations and warranties in the
Loan Documents, as amended by this Amendment, are, except as may otherwise be stated in this
Amendment: (i) true and correct as of the date of this Amendment, (ii) ratified and confirmed
without condition as if made anew, and (iii) incorporated into this Amendment by reference, (b) no
Event of Default or event which, with the passage of time or the giving of notice or both, would
constitute an Event of Default, exists under any Loan Document which will not be cured by the
execution and effectiveness of this Amendment, (c) no consent, approval, order or authorization of,
or registration or filing with, any third party is required in connection with the execution,
delivery and carrying out of this Amendment or, if required, has been obtained, and (d) this
Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid
and binding obligation of the Borrower, enforceable in accordance with its terms. The Borrower
confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount
or charge of any kind as of the date of this Amendment.

     3. The Borrower hereby confirms that any collateral for the Obligations, including liens,
security interests, mortgages, and pledges granted by the Borrower or third parties (if
applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all
of the Borrower’s existing and future Obligations to the Bank, as modified by this Amendment.

 

 

     4. As a condition precedent to the effectiveness of this Amendment, the Borrower shall comply
with the terms and conditions (if any) specified in Exhibit A.

     5. To induce the Bank to enter into this Amendment, the Borrower waives and releases and
forever discharges the Bank and its officers, directors, attorneys, agents, and employees from any
liability, damage, claim, loss or expense of any kind that it may have against the Bank or any of
them arising out of or relating to the Obligations. The Borrower further agrees to indemnify
and hold the Bank and its officers, directors, attorneys, agents and employees harmless from any
loss, damage, judgment, liability or expense (including attorneys’ fees) suffered by or rendered
against the Bank or any of them on account of any claims arising out of or relating to the
Obligations. The Borrower further states that it has carefully read the foregoing release and
indemnity, knows the contents thereof and grants the same as its own free act and deed.

     6. This Amendment may be signed in any number of counterpart copies and by the parties to
this Amendment on separate counterparts, but all such copies shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Amendment by
facsimile transmission shall be effective as delivery of a manually executed counterpart. Any
party so executing this Amendment by facsimile transmission shall promptly deliver a manually
executed counterpart, provided that any failure to do so shall not affect the validity of the
counterpart executed by facsimile transmission.

     7. This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank
and their respective heirs, executors, administrators, successors and assigns.

     8. This Amendment has been delivered to and accepted by the Bank and will be deemed to be
made in the State where the Bank’s office indicated in the Loan Documents is located. This
Amendment will be interpreted and the rights and liabilities of the parties hereto determined in
accordance with the laws of the State where the Bank’s office indicated in the Loan Documents is
located, excluding its conflict of laws rules.

     9. Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged,
are and shall remain in full force and effect unless and until modified or amended in writing in
accordance with their terms, and are hereby ratified and confirmed. Except as expressly provided
herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect
to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan
Document, or a waiver or release of any of the Bank’s rights and remedies (all of which are hereby
reserved). The Borrower expressly ratifies and confirms the waiver of jury trial provisions
contained in the Loan Documents.

     WITNESS the due execution of this Amendment as a document under seal as of the date first
written above.

	 	 	 	 	 	 	 	 	 
	WITNESS / ATTEST:	 	 	 	ERIE INDEMNITY COMPANY
	 
	 	 	 	 	 	 	 	 
	/s/ Donald A. McRae
 

	 	  
	 	By:
	 	/s/ Douglas F. Ziegler
 

	 	 
	Print Name: Donald A. McRae

	 	 	 	 	 	Print Name: DOUGLAS F. ZIEGLER	 	 
	Title:            AVP

	 	 	 	 	 	Title:            Sup, Treasurer & CIO	 	 
	(Include title only if an officer of entity signing to the right)
	 	 	 	 	 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ James F. Stevenson
 	 
	 	 	James F. Stevenson 	 
	 	 	Senior Vice President 	 
	 

-2-

 

EXHIBIT A TO

SIXTH AMENDMENT TO LOAN DOCUMENTS

DATED AS OF DECEMBER 29, 2008

	A.	 	The “Loan Documents” that are the subject of this Amendment include the
following (as any of the foregoing have previously been amended, modified or otherwise
supplemented):

	 	1.	 	Loan Agreement, dated January 30, 2008, between the Borrower and
the Bank (the “Loan Agreement”);
	 
	 	2.	 	Second Amended and Restated Committed Line of Credit Note, dated
June 30, 2008, in the original principal amount of $100,000,000.00, made by the
Borrower to the Bank (the “Note”), evidencing a line of credit extended by the
Bank to the Borrower in an amount not to exceed $100,000,000.00 (the “Line of
Credit”); and
	 
	 	3.	 	All other documents, instruments, agreements, and certificates
executed and delivered in connection with the Loan Documents listed in this
Section A.

	B.	 	The Loan Agreement is amended as follows:

	 	1.	 	The second sentence of the first paragraph of Section 1.1 of the
Loan Agreement is hereby amended and restated in its entirety to read as follows:

     “The “Expiration Date” means December 31, 2009, or such later date as
may be designated by the Bank by written notice from the Bank to the
Borrower.”

	 	2.	 	The second sentence of the third paragraph of Section 1.1 of the
Loan Agreement is hereby amended and restated in its entirety to read as follows:

     “In addition, the Borrower shall pay to the Bank a fee (the “Letter of
Credit Commission”), calculated daily (on the basis of a year of 360 days),
equal to the amount available to be drawn at such time under all Letters of
Credit issued under the Line of Credit (including any amounts drawn
thereunder and not reimbursed, regardless of the existence or satisfaction
of any conditions or limitations on drawing) on each day multiplied by one
hundred twelve and one-half (112.5) basis points (1.125%).”

	 	3.	 	Section 8 of the Loan Agreement is hereby amended and restated in
its entirety to read as follows:

     “8. Fees. Beginning on March 31, 2009 and continuing on the last
day of each quarter thereafter until the Expiration Date, the Borrower shall
pay a commitment fee to the Bank, in arrears, at the rate of seventy-five
one-thousandths percent (0.075%) per annum on the average daily balance of
the Line of Credit which is undisbursed and uncancelled during the preceding
quarter. The commitment fee shall be computed on the basis of a year of 360
days and paid on the actual number of days elapsed.”

	C.	 	Restated Note. Concurrently with the execution and delivery of this
Amendment, the Borrower shall execute and deliver to the Bank a Third Amended and
Restated Committed Line of Credit Note (the “Restated Note”), evidencing the Line of
Credit in the principal amount of $100,000,000.00, in form and substance satisfactory to
the Bank. Upon receipt by the Bank of the Restated Note, the original Note shall be
canceled and returned to the Borrower; the Line of Credit and all accrued and unpaid
interest on

 

 

	 	 	the original Note shall thereafter be evidenced by the Restated Note; and all
references to the “Note” evidencing the Line of Credit in any documents relating
thereto shall thereafter be deemed to refer to the Restated Note. Without
duplication, the Restated Note shall not constitute a novation and shall in no way
extinguish the Borrower’s unconditional obligation to repay all indebtedness,
including accrued and unpaid interest, evidenced by the original Note.

	D.	 	Conditions to Effectiveness of Amendment: The Bank’s willingness to
agree to the amendments set forth in this Amendment is subject to the prior
satisfaction of the following conditions:

	 	1.	 	Execution by all parties and delivery to the Bank of this Amendment and the
Restated Note.
	 
	 	2.	 	Payment by the Borrower to the Bank of a renewal fee in the amount
of $40,000.00, in respect of the Line of Credit, on or before the date of this
Amendment.

 

 

Eighth Amendment to Loan Documents

     THIS
EIGHTH AMENDMENT TO LOAN DOCUMENTS (this “Amendment”) is made as of April 21, 2009, by
and between ERIE INDEMNITY COMPANY (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the
“Bank”).

BACKGROUND

     A. The Borrower has executed and delivered to the Bank (or a predecessor which is now known
by the Bank’s name as set forth above), one or more promissory notes, letter agreements, loan
agreements, security agreements, mortgages, pledge agreements, collateral assignments,
and other agreements, instruments, certificates and documents, some or all of which are more
fully described on attached Exhibit A, which is made a part of this Amendment (collectively as
amended from time to time, the “Loan Documents”) which evidence or secure some or all of the
Borrower’s obligations to the Bank for one or more loans or other extensions of credit (the
“Obligations”).

     B. The Borrower and the Bank desire to amend the Loan Documents as provided for in this
Amendment.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained and intending to
be legally bound hereby, the parties hereto agree as follows:

     1. Certain of the Loan Documents are amended as set forth in Exhibit A. Any and all
references to any Loan Document in any other Loan Document shall be deemed to refer to such Loan
Document as amended by this Amendment. This Amendment is deemed incorporated into each of the
Loan Documents. Any initially capitalized terms used in this Amendment without definition shall
have the meanings assigned to those terms in the Loan Documents. To the extent that any term or
provision of this Amendment is or may be inconsistent with any term or provision in any Loan
Document, the terms and provisions of this Amendment shall control.

     2. The Borrower hereby certifies that: (a) all of its representations and warranties in the
Loan Documents, as amended by this Amendment, are, except as may otherwise be stated in this
Amendment: (i) true and correct as of the date of this Amendment, (ii) ratified and confirmed
without condition as if made anew, and (iii) incorporated into this Amendment by reference, (b) no
Event of Default or event which, with the passage of time or the giving of notice or both, would
constitute an Event of Default, exists under any Loan Document which will not be cured by the
execution and effectiveness of this Amendment, (c) no consent, approval, order or authorization of,
or registration or filing with, any third party is required in connection with the execution,
delivery and carrying out of this Amendment or, if required, has been obtained, and (d) this
Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid
and binding obligation of the Borrower, enforceable in accordance with its terms. The Borrower
confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount
or charge of any kind as of the date of this Amendment.

     3. The Borrower hereby confirms that any collateral for the Obligations, including liens,
security interests, mortgages, and pledges granted by the Borrower or third parties (if
applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all
of the Borrower’s existing and nature Obligations to the Bank, as modified by this Amendment.

 

 

     4. As a condition precedent to the effectiveness of this Amendment, the Borrower shall
comply with the terms and conditions (if any) specified in Exhibit A.

     5. To induce the Bank to enter into this Amendment, the Borrower waives and releases and
forever discharges the Bank and its officers, directors, attorneys, agents, and employees from
any liability, damage, claim, loss or expense of any kind that it may have against the Bank or
any of them arising out of or relating to the Obligations. The Borrower further agrees to
indemnify and hold the Bank and its officers, directors, attorneys, agents and employees harmless
from any loss, damage, judgment, liability or expense (including attorneys’ fees) suffered by or
rendered against the Bank or any of them on account of any claims arising out of or relating to
the Obligations. The Borrower further states that it has carefully read the foregoing release
and indemnity, knows the contents thereof and grants the same as its own free act and deed.

     6. This Amendment may be signed in any number of counterpart copies and by the parties to
this Amendment on separate counterparts, but all such copies shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Amendment by
facsimile transmission shall be effective as delivery of a manually executed counterpart. Any
party so executing this Amendment by facsimile transmission shall promptly deliver a manually
executed counterpart, provided that any failure to do so shall not affect the validity of the
counterpart executed by facsimile transmission.

     7. This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank
and their respective heirs, executors, administrators, successors and assigns.

     8. This Amendment has been delivered to and accepted by the Bank and will be deemed to be
made in the State where the Bank’s office indicated in the Loan Documents is located. This
Amendment will be interpreted and the rights and liabilities of the parties hereto determined in
accordance with the laws of the State where the Bank’s office indicated in the Loan Documents is
located, excluding its conflict of laws rules.

     9. Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged,
are and shall remain in full force and effect unless and until modified or amended in writing in
accordance with their terms, and are hereby ratified and confirmed. Except as expressly provided
herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect
to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan
Document, or a waiver or release of any of the Bank’s rights and remedies (all of which are hereby
reserved). The Borrower expressly ratifies and confirms the waiver of jury trial provisions
contained in the Loan Documents.

     WITNESS the due execution of this Amendment as a document under seal as of the date first
written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	WITNESS / ATTEST:	 	 	 	ERIE INDEMNITY COMPANY
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	/s/ Penny Hokins	 	 	 	By:	 	/s/ Douglas F. Ziegler	 	(SEAL)
	 	 	 	 	 	 	 	 	 
	Print Name:

	 	Penny Hokins
	 	 	 	 	 	Print Name:
	 	Douglas F. Ziegler	 	 
	Title:

	 	Investment Accountant
	 	 	 	 	 	Title:	 	 	 	 
	(Include
title only if an officer of entity signing to the right)

	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	PNC BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	/s/ James F. Stevenson	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	James F. Stevenson	 	 
	 	 	 	 	 	 	 	 	Senior Vice President	 	 

-2-

 

EXHIBIT A TO

EIGHTH AMENDMENT TO LOAN DOCUMENTS

DATED AS OF APRIL 21, 2009

	A.	 	The “Loan Documents” that are the subject of this Amendment include the following (as any of
the foregoing have previously been amended, modified or otherwise supplemented):

	 	1.	 	Pledge Agreement, dated January 30, 2008, made by the Borrower in favor of the
Bank (the “Pledge Agreement”); and
	 
	 	2.	 	All other documents, instruments, agreements, and certificates executed and
delivered in connection with the Loan Documents listed in this Section A.

	B.	 	The Pledge Agreement is amended as follows:

	 	1.	 	Exhibit A to the Pledge Agreement is hereby amended and restated to
read as set forth in Exhibit B attached to this Amendment.

	C.	 	Conditions to Effectiveness of Amendment: The Bank’s willingness to agree to the amendments
set forth in this Amendment is subject to the prior satisfaction of the following conditions:

	 	1.	 	Execution by all parties and delivery to the Bank of this Amendment.

 

EXHIBIT B TO

EIGHTH AMENDMENT TO LOAN DOCUMENTS

DATED AS OF APRIL 21, 2009

EXHIBIT A TO PLEDGE AGREEMENT

(UNCERTIFICATED SECURITIES)

With respect to the following account:

	 	 	 
	 	Title of the Securities Account:

	Erie Indemnity Company
	 	Securities Account No.:

	EIRF 2221002
	 	Custodian:

	Mellon Bank, N.A.

The specific assets listed below, which are in the securities account referred to above, are being
pledged as Collateral, and must at all times meet the following criteria: (i) at least
$62,500,000.00 of the Collateral pledged to the Secured Party hereunder must consist of securities
having a rating at all times equal to or greater than “AAA”, (ii) not more than $18,750,000.00 of
the Collateral pledged to the Secured Party hereunder may consist of securities having a rating at
any time equal to “A”, and (iii) the balance of the Collateral pledged to the Secured Party
hereunder must consist of securities having a rating at all times equal to or greater than “AA”. A
specific security will be considered based upon the higher of Moody’s/S&P rating of the underlying
security or the rating provided by the monoline insurer (i.e., AMBAC, MBIA, FSA, FGIC, etc.)
wrapping the specific security itself. If a security has no rating and the wrap would identify it
as less than an “A” rating, such security will be disqualified as Collateral hereunder, and the
Pledgor will be required to provide to the Secured Party additional Collateral in accordance with
Section 4.1 of the Pledge Agreement.

Trading and withdrawals are permitted provided that the above criteria are met, and provided that
the Collateral pledged to the Secured Party at all times meets the minimum market value
requirement set forth in Section 4.1 of this Pledge Agreement.

	 	 	 	 	 	 	 
	Par Value (in millions of dollars)	 	Description of Securities	 	CUSIP #
	 
	 	 	 	 	 	 
	2

	 	Alaska GO

@5% due 08/01/2015
	 	 	011770p73	 
	 
	 	 	 	 	 	 
	3

	 	Alaska Airport

@5% due 10/01/2017
	 	 	 011842pe5	 
	 
	 	 	 	 	 	 
	2.105

	 	Central Puget Snd

@5% due 11/01/2015
	 	 	 15504raj8	 
	 
	 	 	 	 	 	 
	2

	 	Chicago Trans

@5.25% due 06/01/2012
	 	 	 167723bb0	 
	 
	 	 	 	 	 	 
	4

	 	Collier Cty Sch

@5.25% due 02/15/2018
	 	 	 194653jg7	 
	 
	 	 	 	 	 	 
	2

	 	Detroit Sch

@5% due 05/01/2018
	 	 	 251129x72	 
	 
	 	 	 	 	 	 
	2.655

	 	Hillsboro Cty Airport

@5% due 10/01/2011
	 	 	 432308ux0	 

 

 

	 	 	 	 	 	 	 
	Par Value (in millions of dollars)	 	Description of Securities	 	CUSIP #
	 
	 	 	 	 	 	 
	1.390

	 	Alabama Hsg

@4.875% due 10/01/2019
	 	 	 01030rem0	 
	 
	 	 	 	 	 	 
	1

	 	Chicago MidwyArpt

@5.5% due 01/01/2012
	 	 	 167562fr3	 
	 
	 	 	 	 	 	 
	1

	 	Chicago MidwyArpt

@5.5% due 01/01/2013
	 	 	 167562fsl	 
	 
	 	 	 	 	 	 
	2

	 	Indiana Bd Bk

@4.5% due 02/01/2013
	 	 	 4546233m9	 
	 
	 	 	 	 	 	 
	1.45

	 	Joliet Wtr

@5% due 01/01/2015
	 	 	 479790hb6	 
	 
	 	 	 	 	 	 
	1

	 	Kentucky Prop

@5% due 08/01/2013
	 	 	 49151eyz0	 
	 
	 	 	 	 	 	 
	2.805

	 	Ohio Hsg

@4.2% due 09/01/2014
	 	 	 676907kp2	 
	 
	 	 	 	 	 	 
	1

	 	Port Houston

@5% due 10/01/2014
	 	 	 734260g22	 
	 
	 	 	 	 	 	 
	1

	 	Port Houston

@5% due 10/01/2015
	 	 	 734260g30	 
	 
	 	 	 	 	 	 
	2

	 	Port Seattle

@5% due 11/01/2015
	 	 	 735371hz2	 
	 
	 	 	 	 	 	 
	1.035

	 	Bedford, TX

@5% due 02/01/2015
	 	 	 076465ug6	 
	 
	 	 	 	 	 	 
	1

	 	Bedford, TX

@5% due 02/01/2017
	 	 	 076465tt0	 
	 
	 	 	 	 	 	 
	2.065

	 	Cal Hsg

@3.95% due 02/01/2012
	 	 	 13034pba4	 
	 
	 	 	 	 	 	 
	1.93

	 	Chicago O’Hare

@5.5% due 01/01/2014
	 	 	 167592vm3	 
	 
	 	 	 	 	 	 
	1.25

	 	Indiana Hlth

@5% due 05/01/2013
	 	 	 454798qa0	 
	 
	 	 	 	 	 	 
	1

	 	Indianapolis Loc

@5.5% due 01/01/2017
	 	 	 45528smq6	 

 

 

	 	 	 	 	 	 	 
	Par Value (in millions of dollars)	 	Description of Securities	 	CUSIP #
	 
	 	 	 	 	 	 
	2.035

	 	PhillyWtr

@5% due 07/01/2014
	 	 	 717893pf2	 
	 
	 	 	 	 	 	 
	2.19

	 	Pierce Cty SD

@5% due 06/01/2013
	 	 	 720424uv0	 
	 
	 	 	 	 	 	 
	1.83

	 	Pima Sch

@4.625% due 07/01/2013
	 	 	 721799vg6	 
	 
	 	 	 	 	 	 
	2.685

	 	Chip Vly Sch

@5% due 05/01/2012
	 	 	 170016up2	 
	 
	 	 	 	 	 	 
	2

	 	Memphis GO

@5% due 10/01/2015
	 	 	 586145nz3	 
	 
	 	 	 	 	 	 
	2

	 	Minneap Sch

@4.25% due 02/01/2012
	 	 	 603792nr9	 
	 
	 	 	 	 	 	 
	2

	 	NJ Trans

@5.25% due 12/15/2013
	 	 	 6461355d1	 
	 
	 	 	 	 	 	 
	2.17

	 	PaGos

@4% due 02/01/2016
	 	 	 709141g33	 
	 
	 	 	 	 	 	 
	2

	 	PinellasHlth

@4% due 11/15/2011
	 	 	 72316med7	 
	 
	 	 	 	 	 	 
	2.41

	 	Pinellas Hlth

@5% due 11/15/2012
	 	 	 72316mdy2	 
	 
	 	 	 	 	 	 
	2.19

	 	RI Econ Dev

@5% due 07/01/2012
	 	 	 76223pdd4	 
	 
	 	 	 	 	 	 
	3.165

	 	Suffolk Cty

@4% due 02/01/2016
	 	 	 864766n71	 
	 
	 	 	 	 	 	 
	2.1

	 	Trinity Rvr

@5% due 02/01/2014
	 	 	 89657pcv3	 
	 
	 	 	 	 	 	 
	3

	 	Round Rock Sch

@5% due 08/01/2015
	 	 	 7792398f2	 
	 
	 	 	 	 	 	 
	2

	 	Virginia Hsg

@3.90% due 04/01/2012
	 	 	 92812ufg8	 
	 
	 	 	 	 	 	 
	3

	 	Virginia Hsg

@3.65% due 10/01/2012
	 	 	 92812ufz6	 
	 
	 	 	 	 	 	 
	1

	 	Virginia Hsg

@4% due 04/01/2013
	 	 	 92812ufh6	 

 

 

	 	 	 	 	 	 	 
	Par Value (in millions of dollars)	 	Description of Securities	 	CUSIP #
	 
	 	 	 	 	 	 
	2.535

	 	Indiana Ofc Bld

@5% due 07/01/2016
	 	 	 455066kg4	 
	 
	 	 	 	 	 	 
	2.27

	 	Kane & DuPage Ctys

@3.25% due 01/01/2010
	 	 	 483800qr2	 
	 
	 	 	 	 	 	 
	2

	 	Memphis Elec

@5% due 12/01/2015
	 	 	 586158lb1	 
	 
	 	 	 	 	 	 
	2.565

	 	Met DC Airport

@5.25% due 10/01/2014
	 	 	 592646nh2	 
	 
	 	 	 	 	 	 
	4

	 	Michigan Mun Bd Det

@5% due 06/01/2014
	 	 	 59455tgt3	 
	 
	 	 	 	 	 	 
	2

	 	Michigan Trunk

@5% due 09/01/2013
	 	 	 594700cb0	 
	 
	 	 	 	 	 	 
	3

	 	Moon Twnshp Sch

@5% due 11/15/2024
	 	 	615401jg2	 
	 
	 	 	 	 	 	 
	2.41

	 	Nevada Bond Bk

@5% due 12/01/2017
	 	 	 641460p38	 
	 
	 	 	 	 	 	 
	2

	 	New Jersey Econ

@5% due 09/01/2018
	 	 	 6459164y0	 
	 
	 	 	 	 	 	 
	2

	 	NE MD Wst

@5.5% due 04/01/2016
	 	 	 664257ba9	 
	 
	 	 	 	 	 	 
	2

	 	Orange Sch

@5.25% due 08/01/2015
	 	 	 684517dr3	 
	 
	 	 	 	 	 	 
	2

	 	Denton Util

@5% due 12/01/2018
	 	 	 249015vv7	 
	 
	 	 	 	 	 	 
	2

	 	DuPage Cty Sch

@4% due 12/01/2013
	 	 	 263417hs9	 
	 
	 	 	 	 	 	 
	2.2

	 	Joliet Wtr

@5% due 01/01/2016
	 	 	 479790hc4	 
	 
	 	 	 	 	 	 
	2

	 	Kane & DuPage Ctys

@5% due 01/01/2015
	 	 	 483800qwl	 
	 
	 	 	 	 	 	 
	2

	 	NY Thruway

@4.75% due 04/01/2018
	 	 	 650013L37	 

 

 

	 	 	 	 	 	 	 
	Par Value (in millions of dollars)	 	Description of Securities	 	CUSIP #
	 
	 	 	 	 	 	 
	2

	 	Lake Cty Sch

@3.6% due 01/01/2015
	 	 	 509250cb0	 
	 
	 	 	 	 	 	 
	1.5

	 	Los Angeles Hbr

@5% due 08/01/2011
	 	 	 544552pv8	 
	 
	 	 	 	 	 	 
	1.795

	 	NC Medcare

@5% due 10/01/2018
	 	 	 65820pcf0	 
	 
	 	 	 	 	 	 
	2.24

	 	Port Auth NY/NJ

@4% due 10/01/2010
	 	 	 73358tly5	 
	 
	 	 	 	 	 	 
	2

	 	Virginia Ports

@5% due 07/01/2019
	 	 	 928075cj7	 
	 
	 	 	 	 	 	 
	1.28

	 	Univ KS Hosp.

@5% due 09/01/2011
	 	 	 914367bt3	 
	 
	 	 	 	 	 	 
	TOTAL at par

	 	 	 		$126,255,000.00	 
	 

	 	 	 	 	 	 

 

 

	 	 	 
	Ninth
Amendment to Loan Documents

	 	

     THIS NINTH AMENDMENT TO LOAN DOCUMENTS (this “Amendment”) is made as of June 29, 2009, by and
between ERIE INDEMNITY COMPANY (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

BACKGROUND

     A. The Borrower has executed and delivered to the Bank (or a predecessor which is now known by
the Bank’s name as set forth above), one or more promissory notes, letter agreements, loan
agreements, security
agreements, mortgages, pledge agreements, collateral assignments, and other
agreements, instruments,
certificates and documents, some or all of which are more fully described on attached Exhibit
A, which is made a
part of this Amendment (collectively as amended from time to time, the “Loan Documents”) which
evidence or
secure some or all of the Borrower’s obligations to the Bank for one or more loans or other
extensions of credit
(the “Obligations”).

     B. The
Borrower and the Bank desire to amend the Loan Documents as provided for in this
Amendment.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained and intending to be
legally bound hereby, the parties hereto agree as follows:

     1. Certain of the Loan Documents are amended as set forth in Exhibit A. Any and all references
to
any Loan Document in any other Loan Document shall be deemed to refer to such Loan Document as
amended
by this Amendment. This Amendment is deemed incorporated into each of the Loan Documents.
Any initially
capitalized terms used in this Amendment without definition shall have the meanings assigned
to those terms in
the Loan Documents. To the extent that any term or provision of this Amendment is or may be
inconsistent with
any term or provision in any Loan Document, the terms and provisions of this Amendment shall
control.

     2. The Borrower hereby certifies that: (a) all of its representations and warranties in the
Loan
Documents, as amended by this Amendment, are, except as may otherwise be stated in this
Amendment: (i) true
and correct as of the date of this Amendment, (ii) ratified and confirmed without condition as
if made anew, and
(iii) incorporated into this Amendment by reference, (b) no Event of Default or event which,
with the passage of
time or the giving of notice or both, would constitute an Event of Default, exists under any
Loan Document
which will not be cured by the execution and effectiveness of this Amendment, (c) no consent,
approval, order or
authorization of, or registration or filing with, any third party is required in connection
with the execution,
delivery and carrying out of this Amendment or, if required, has been obtained, and (d) this
Amendment has been
duly authorized, executed and delivered so that it constitutes the legal, valid and binding
obligation of the
Borrower, enforceable in accordance with its terms. The Borrower confirms that the
Obligations remain
outstanding without defense, set off, counterclaim, discount or charge of any kind as of the
date of this
Amendment.

     3. The Borrower hereby confirms that any collateral for the Obligations, including liens,
security
interests, mortgages, and pledges granted by the Borrower or third parties (if applicable),
shall continue
unimpaired and in full force and effect, and shall cover and secure all of the Borrower’s
existing and future
Obligations to the Bank, as modified by this Amendment.

 

 

     4. As a condition precedent to the effectiveness of this Amendment, the Borrower shall comply
with the terms and conditions (if any) specified in Exhibit A.

     5. To induce the Bank to enter into this Amendment, the Borrower waives and releases and
forever
discharges the Bank and its officers, directors, attorneys, agents, and employees from any
liability, damage,
claim, loss or expense of any kind that it may have against the Bank or any of them arising
out of or relating to
the Obligations. The Borrower further agrees to indemnify and hold the Bank and its
officers, directors,
attorneys, agents and employees harmless from any loss, damage, judgment, liability or expense
(including
attorneys’ fees) suffered by or rendered against the Bank or any of them on account of any
claims arising out of
or relating to the Obligations. The Borrower further states that it has carefully read the
foregoing release and
indemnity, knows the contents thereof and grants the same as its own free act and deed.

     6. This Amendment may be signed in any number of counterpart copies and by the parties to this
Amendment on separate counterparts, but all such copies shall constitute one and the same
instrument. Delivery
of an executed counterpart of a signature page to this Amendment by facsimile transmission
shall be effective as
delivery of a manually executed counterpart. Any party so executing this Amendment by
facsimile transmission
shall promptly deliver a manually executed counterpart, provided that any failure to do so
shall not affect the
validity of the counterpart executed by facsimile transmission.

     7. This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank
and their respective heirs, executors, administrators, successors and assigns.

     8. This Amendment has been delivered to and accepted by the Bank and will be deemed to be made
in the State where the Bank’s office indicated in the Loan Documents is located. This
Amendment will be
interpreted and the rights and liabilities of the parties hereto determined in accordance with
the laws of the State
where the Bank’s office indicated in the Loan Documents is located, excluding its conflict of
laws rules.

     9. Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged,
are and shall remain in full force and effect unless and until modified or amended in writing
in accordance with
their terms, and are hereby ratified and confirmed. Except as expressly provided herein, this
Amendment shall
not constitute an amendment, waiver, consent or release with respect to any provision of any
Loan Document, a
waiver of any default or Event of Default under any Loan Document, or a waiver or release of
any of the Bank’s
rights and remedies (all of which are hereby reserved). The Borrower expressly ratifies and
confirms the
waiver of jury trial provisions contained in the Loan Documents.

     WITNESS the due execution of this Amendment as a document under seal as of the date first
written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	WITNESS / ATTEST:	 	 	 	ERIE INDEMNITY COMPANY	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	/s/ Donald A. McRae	 	 	 	By:	 	/s/ Douglas F. Ziegler	 	 
	 	 	 	 	 	 	 	 	 
	Print Name:

	 	Donald A. McRae
	 	 	 	 	 	Print Name:
	 	Douglas F. Ziegler	 	 
	Title:

	 	Assistant Vice President
	 	 	 	 	 	Title:
	 	Senior Vice President & Treasurer	 	 
	(Include title only if
an officer of
entity signing to the right)	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	

PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/
James F. Stevenson
 	 
	 	 	James F. Stevenson 	 
	 	 	Senior Vice President 	 

-2-

 

EXHIBIT A TO

NINTH AMENDMENT TO LOAN DOCUMENTS

DATED AS OF JUNE 29, 2009

	A.	 	The “Loan Documents” that are the subject of this Amendment include the following (as any of
the foregoing have previously been amended, modified or otherwise supplemented):

	 	1.	 	Loan Agreement, dated January 30, 2008, between the Borrower and the Bank (the
“Loan Agreement”); and
	 
	 	2.	 	All other documents, instruments, agreements, and certificates executed and
delivered in connection with the Loan Documents listed in this Section A.

	B.	 	The Loan Agreement is amended as follows:

	 	1.	 	Section (1) as set forth in the Continuation of Addendum to the Agreement is hereby
amended and restated in its entirety to read as follows:

“(1) Beginning June 30, 2009, the Borrower will maintain at all times a minimum
consolidated net worth of $579,875,000.00, to be increased on the last day of each
fiscal quarter thereafter by an amount equal to 50% of the Borrower’s cumulative
positive net income for the fiscal quarter then ending.”

	C.	 	Conditions to Effectiveness of Amendment: The Bank’s willingness to agree to the amendments
set forth in this Amendment is subject to the prior satisfaction of the following conditions:

	 	1.	 	Execution by all parties and delivery to the Bank of this Amendment.
	 
	 	2.	 	Payment by the Borrower to the Bank of an amendment fee of $20,000.00.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}]]