Document:

exv10w1

	 	 	 	 	 

Exhibit 10.1

SCHAWK, INC.

OUTSIDE DIRECTORS’ FORMULA STOCK OPTION PLAN

(as amended and restated)

     1. The Purpose of the Plan. The purpose of the Outside Directors Formula Stock Option
Plan (the “Plan”) is to promote the interests of Schawk, Inc. (the “Company”) and its subsidiaries
by providing an incentive for Outside Directors (as defined herein) to join and remain on the Board
of Directors of the Company (“Board”).

     2. Eligibility For Participation. Awards under the Plan shall be made to each Outside
Director of the Company in the form of a nonqualified stock option to acquire shares of the
Company’s Class A Common Stock. An “Outside Director” shall be deemed to be any Director who is
not an employee of the Company; provided, however, that serving in the capacity as any officer of
the Company shall not constitute an Outside Director as being an employee of the Company provided
that such Director receives no compensation for acting in the capacity of an officer.

     3. Awards Under The Plan. Commencing with the annual grant to be made in connection with
the election of Directors at the 2010 Annual Meeting of Stockholders of the Company, each Outside
Director shall receive a nonstatutory stock option to purchase 2,500 shares of Class A Common Stock
on the date that is 30 calendar days after the date he or she is elected, re-elected or appointed
as an Outside Director of the Company. If the date of grant falls on a day that is not a trading
day on the stock exchange on which the Class A Common Stock is then listed or quoted, the grant
will be awarded on the next succeeding trading day. The exercise price of any option issued
hereunder shall be equal to the closing price of the Class A Common Stock on such stock exchange on
the date of grant. Options granted under the Plan shall vest in equal one-third installments on
each of the date of grant and the first and second anniversaries of the date of grant, provided
that the Outside Director has not ceased to be a Director of the Board on such vesting date for
such installment to so vest. Options shall be exercisable for a term of 10 years from the date of
grant, subject to limitations on exercise determined by the Board in the event the Outside Director
terminates services as a Director of the Board. Awards shall include such other terms and
conditions as are determined by the Board and that are consistent with the Plan.

     4. Non-Assignability. No option granted under the Plan shall be assignable or
transferrable, other than by will or by the laws of descent and distribution.

     5. Adjustments Upon Changes and Capitalization. The number of shares of Class A Common
Stock with respect to which stock options shall be granted under the Plan and the option exercise
price shall be equitably adjusted for any increase or decrease in the number of issued shares of
Class A Common Stock resulting from the subdivision or combination of shares of Class A Common
Stock or other capital adjustments, or the payment of a stock dividend after the effective date of
the Plan. Adjustments under this section shall be made by the Board’s determination as to what
adjustments shall be made, and the extent thereof, and shall be final binding and conclusive.
Anything in the Plan and any award hereunder to the contrary notwithstanding, no adjustment shall
be made under the Plan, or to any option previously

 

 

awarded and outstanding, to the extent such
adjustment would result in such option constituting a deferral of compensation under Section 409A
of the Internal Revenue Code.

     6. Death. If an Outside Director dies, the option may be exercised by the executor,
administrator, or personal representative of the deceased Outside Director through a period to be
determined by the Board, but not to exceed the date on which the option expires or six months after
the death of such Outside Director, whichever is earlier.

     7. Effective Date and Term of Plan. The effective date of the Plan, as amended, is May
19, 2010. The Plan shall terminate 10 years after such date, unless earlier terminated or extended
by the Board, and no award shall thereafter be made under the Plan. Notwithstanding the foregoing,
all awards made under the Plan prior to such date shall remain in effect until such awards shall be
satisfied or terminated in accordance with the terms and provisions of the Plan as in effect on the
date of grant.

     8. Amendment. The Board may from time to time amend the Plan in any respect whatsoever,
except that no such amendment shall be made without the approval of the holders of a majority of
the outstanding shares of Class A Common Stock of the Company if such amendment would increase the
benefits to be provided under the Plan or such approval otherwise is required pursuant to the
listing requirements of the stock exchange on which Class A Common Stock of the Company is listed.

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EXHIBIT 10.2

TIME WARNER

EXCESS BENEFIT PENSION PLAN

(As Amended Through July 28, 2010)

ARTICLE I

ESTABLISHMENT OF THE PLAN

                    1.1.       Establishment of Plan. The Plan was established
by Time Incorporated, a predecessor of
Time Warner Inc., the plan sponsor (the “Company”), as the Excess Benefit Pension Plan of Time
Incorporated and Subsidiary Companies (the “Plan”) for certain Employees, effective as of January
1, 1976. The Plan was renamed the Time Warner Excess Benefit Pension Plan, effective April 2, 1991.
Effective as of January 11, 2001, the Plan was renamed the Time Warner Excess Benefit Pension
Plan-AOLTW. Effective January 1, 2004, the name of the Plan was changed back to the Time Warner
Excess Benefit Pension Plan.

                    The Plan has been amended and restated from time to time, and is now further amended and
restated effective as of May 1, 2008. The provisions of the Plan as currently amended and restated
are applicable only to amounts payable with respect to Separations From Service occurring on or
after May 1, 2008. Participants who are entitled to receive benefits under the Plan with respect
to Separations From Service occurring prior to May 1, 2008 shall receive (or continue to receive,
as applicable) their benefits pursuant to the terms of the Plan as in effect on October 3, 2004, in
a manner consistent with the procedures implemented by the Company for purposes of such
distributions since January 1, 2005, that are intended to comply with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”).

                    1.2.       Purpose of Plan. The purpose of the Plan is
to provide Participants with benefits in
excess of those benefits which may be provided under an Employing Company’s tax-qualified defined
benefit pension plan, due to limitations on benefits imposed by Section 415 of the Code.

          In addition, the Plan provides Participants with certain benefits based on a compensation
level which is not limited by the compensation amount set forth in Section 401(a)(17) of the Code
as such section was amended, effective January 1, 1994, by the Omnibus Budget Reconciliation Act of
1993.

                    1.3.       Applicability of Plan. The provisions of
the Plan are applicable only to Employees of
Employing Companies employed on or after the date the Plan is effective for such Employing
Companies.

          The Plan is intended to be an “excess benefit plan” within the meaning of Section 3(36) of the
Employee Retirement Income Security Act of 1974 (“ERISA”) and an unfunded, non-qualified deferred
compensation plan for a select group of management or highly compensated employees under Section
201(2) of ERISA. The Plan is also intended to comply with certain requirements of section 114 of
chapter 4, Title 4 U.S.C.

 

 

ARTICLE II

DEFINITIONS

                    2.1.       Definitions. Whenever used in the Plan,
the following terms shall have the respective
meanings set forth below unless otherwise expressly provided, and when the defined meaning is
intended, the term is capitalized.

                    2.2.       “Affiliate” means an Employing Company and any entity
affiliated with the Employing
Company within the meaning of Code Section 414(b), with respect to controlled groups of
corporations, Section 414(c) with respect to trades or businesses under common control with the
Employing Company, and Section 414(m) with respect to affiliated service groups, and any other
entity required to be aggregated with an Employing Company pursuant to regulations under Section
414(o) of the Code.

                    2.3.       “Assistant Benefits Officer” means the
Assistant Benefits Officer as provided for herein.

                    2.4.        “Beneficiary” means (i) with respect to
Participants who have not yet terminated
employment with an Employing Company or begun receiving benefits under the Employing Company’s
Pension Plan, the person who would be entitled to receive pre-retirement joint and survivor death
benefits under the Employing Company’s Pension Plan, and (ii) with respect to Participants who have
already terminated employment with an Employing Company, the person or persons designated by a
Participant, by notice to the Benefits Officer, to receive any benefits payable under the Plan
after his or her death, which designation has not been revoked by notice to the Benefits Officer at
the date of the Participant’s death. Such notice shall be in a form as required by the Benefits
Officer or acceptable to it, which is properly completed and delivered to the Benefits Officer, or
such officer’s designee. Notice to the Benefits Officer shall be deemed to have given when it is
actually received by any such individual.

                    2.5.       “Benefits Officer” means the Benefits Officer as provided for
in Section 6.2 herein.

                    2.6.       “Code” means the Internal Revenue Code of 1986, as amended.

                    2.7.       “Committee” means the committee appointed by the Company
as provided in Section 6.1 herein.

                    2.8.       “Company” means Time Warner Inc. or any successor thereto.

                    2.9.       “Compensation Limit” means the compensation limit of
Section 401(a)(17) of the Code, as
adjusted under Section 401(a)(17)(B) of the Code for increases in the cost of living.

                    2.10.       “Employee” means “Employee” as defined in the applicable Pension Plan.

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                    2.11.        “Employing Company” means the Company and each
Affiliate which has been authorized by
the Benefits Officer to participate in the Plan and has adopted the Plan.

                    2.12.       “Participant” means each Employee who meets the eligibility requirement of Section 3.1.

                    2.13.       “Pension Plan” means a qualified defined benefit pension plan in which any Employing
Company participates and which has been so designated by the Benefits Officer.

                    2.14.       “Plan” means this plan, the Time Warner Excess Benefit Pension Plan as set forth herein
and as it may be amended from time to time.

                    2.15.       “Separation From Service” means termination of employment with the Company or an
Affiliate that also constitutes a “separation from service” under Section 409A(a)(2)(A)(i) of the
Code; provided, however, that for purposes for determining the controlled group of entities
comprising the Participant’s employer under Treas. Reg. Section 1.409A-1(h)(3), the determination
shall be made pursuant to the test for controlled groups under Sections 414(b) and (c) of the Code,
using a common control ownership threshold of “at least 80%” ownership, rather than “at least 50%”
ownership.

                    2.16.       “Severance Period” means the period of time following a Separation From Service during
which a Participant is entitled to receive both salary continuation payments and continued
participation under an Affiliate’s health benefit plans pursuant to an employment contract between
an Affiliate and the Participant, or in a severance plan or other arrangement maintained by an
Affiliate. For the avoidance of doubt, unless otherwise determined by the Benefits Officer, the
Severance Period shall not include any time period following the date on which a Participant
commences employment with a subsequent employer that is not an Affiliate, regardless of whether the
Participant continues to receive salary continuation payments from the Affiliate after such date.

ARTICLE III

ELIGIBILITY

                    3.1.       Eligibility. An Employee of an Employing Company who is a participant in a Pension Plan
shall become a Participant in the Plan if, with respect to any calendar year, the amount of pension
benefits otherwise payable to such Employee or former Employee under a Pension Plan is restricted
as a result of the limitations of Sections 401(a)(17) or 415 of the Code or any successor
provisions thereto.

ARTICLE IV

BENEFITS

                    4.1.       (a) Amount of Benefit. The benefit payable under the Plan to a Participant or his
Beneficiary who is entitled to receive payments under the Pension Plan shall be equal to:

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                    (1)       The amount, if any, by which the annual benefit (determined without regard to any
actuarial increase to which such Participant or Beneficiary would be entitled on account of
retirement after attainment of age 65) which would be payable to, or with respect to, such
Participant or Beneficiary under the Pension Plan if the provisions set forth in the Pension Plan
to comply with the limitations of Section 415 of the Code were not applicable, exceeds

                    (2)       The amount of benefit actually payable (or, with respect to a Participant who is receiving
minimum distributions under the Pension Plan required under Section 401(a)(9) of the Code, the
amount of benefit payable without regard to any adjustment for offsets allowed under the minimum
distributions rules of Section 401(a)(9) of the Code) to, or with respect to, such Participant or
Beneficiary under the Pension Plan.

                    (b) In determining the annual benefit under the Pension Plan for purposes of Section 4.1(a) of
the Plan: (i) compensation in excess of the Compensation Limit shall be counted, up to a maximum
compensation of $250,000 for 1994; (ii) for calendar years after 1994, such $250,000 maximum
compensation shall be increased by 5% annually for each year, but shall in no event exceed
$350,000; and (iii) regular annual bonuses deferred under the Time Warner Deferred Compensation
Plan or pursuant to an individual employment agreement with Time Warner Inc. shall be included to
the extent such bonuses would have been included in compensation under the Pension Plan, were it
not for the Compensation Limit applicable to the Pension Plan and the fact that such bonuses were
deferred, but assuming that the maximum compensation in effect for the Pension Plan had been as
specified in (b)(i) and (ii).

                    (c) In addition, in determining the annual benefit under the Pension Plan for purposes of
Section 4.1(a) of the Plan, any Regular Death Benefits provided under a Pension Plan shall be
disregarded.

                    4.2.       Eligibility, Participation and Vesting. As to any Employee, the rules regarding
eligibility, participation and vesting of the Pension Plan of the Employing Company with respect to
which the benefit hereunder is applicable shall also apply to this Plan. The Benefits Officer may
make such modifications to such rules with respect to the Plan as it considers necessary or
desirable.

ARTICLE V

PAYMENT OF BENEFITS

                    5.1.       Payment of Benefits. In the event of the Participant’s Separation From Service, the
Participant’s benefit shall be distributed as follows:

                    (a) On or prior to September 15, 2008 (or such later date as may be permitted by the Benefits
Officer, to the extent permissible under Section 409A of the Code), each Participant who has not
had a Separation From Service prior to May 1, 2008 shall be permitted (to the extent permissible
under Section 409A of the Code, as reasonably determined by the Benefits Officer) to designate, in
an election form to be provided by the Company, whether his or her benefits under this Plan shall
be distributed to such Participant or Beneficiary either in (i) a single lump sum or (ii) 120 equal
monthly installments, in either case, in an amount or amounts actuarially

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equivalent to the amounts payable under Section 4.1 hereof, based on such actuarial tables and
interest rates as may be adopted from time to time under the Pension Plan for the purpose of
computing such equivalencies; provided, however, that any Employee who becomes a
Participant on or after January 1, 2008 shall make the designation described in the preceding
sentence by January 30 of the calendar year following the calendar year in which such Employee
becomes a Participant, or by such earlier date as the Benefits Officer may, in such officer’s sole
and absolute discretion, prescribe, in a manner consistent with Treas. Reg. Section
1.409A-2(a)(7)(iii). In the event no designation as to the method of payment is made in a manner
that complies with (i) Section 409A of the Code and (ii) the rules set forth from time to time by
the Committee or the Benefits Officer, payment shall be made in a lump sum.

                    (b) Except as otherwise required to comply with Section 409A of the Code, the payment(s)
described under Section 5.1(a) above shall be made or commence on the first day of the month
following a period of six full calendar months following the date of the Participant’s Separation
From Service (or within 30 days thereafter), and any subsequent annual installment payments shall
be paid on the anniversaries of the date of such first payment (or within 30 days thereafter).

                    (c) Notwithstanding the forgoing, the Benefits Officer may, in such officer’s sole and
absolute discretion, permit Participants to change their elections under the Plan; provided that
such election changes comply with Section 409A of the Code or the transitional relief rules
promulgated by the Treasury Department thereunder.

                    5.2.       No Suspended Benefits. In the event a Participant who is receiving payments pursuant to
Section 5.1 returns to employment with an Employing Company in whose employ he accrued such
benefits or an entity affiliated within the meaning of Sections 414(b), (c), (m) or (o) of the Code
with such Employing Company, payments under the Plan shall not be suspended under the suspension of
benefits provisions of the Pension Plan, and payment of benefits shall continue in accordance with
the election provided for in Section 5.1(a).

                    5.3.       Payment on Account of Death. If the Participant dies with an accrued benefit under the
Plan after the date of the Participant’s Separation From Service, 100% of the payments described
under Section 4.1 shall be made to his or her Beneficiary. If a Participant dies on or prior to the
date of his or her Separation From Service, then (in lieu of any amounts otherwise payable under
Section 4.1) the Participant’s Beneficiary shall receive a benefit in the form of a single lump sum
equal to 60% (100% with respect to a Participant who dies on or after July 1, 2010) of the lump sum
payment that the Participant would have been entitled to receive under Section 5.1 if the
Participant had a Separation From Service (other than due to death) on the date of the
Participant’s death; provided, however, that if the Participant is married on the date of the
Participant’s death, then such death benefit shall be no less than the actuarial equivalent of a 50
percent joint and survivor annuity payable to the Beneficiary immediately and payable in accordance
with Section 5.1.

                    5.4       Payment Relating to Severance Period. In the event the Participant is entitled to receive
severance benefits during a Severance Period, the Participant will be entitled to receive a payment
under this Plan on third anniversary of the Participant’s Separation From Service in an amount
equal to the excess, if any, of (i) the actuarial equivalent of the benefits

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determined under Section 4.1 as of the date of the Participant’s Separation From Service, but
including the additional vesting service, if any, that the Participant would have earned had the
Participant remained employed by an Affiliate during the Severance Period, over (ii) the actuarial
equivalent of the benefits that were paid or payable to the Participant pursuant to 4.1 as of the
date of the Participant’s Separation From Service without the inclusion of such additional vesting
service.

ARTICLE VI

ADMINISTRATION AND FIDUCIARY DUTIES

                    6.1.       The Committee. The Plan shall be administered by the Administrative Committee of the Time
Warner Pension Plan as set forth in Article XI of such Pension Plan. No member of the Committee
shall receive any compensation for his or her services as such. Participants may be members of the
Committee but may not participate in any decision affecting their own account in any case where the
Committee may take discretionary action under Article V.

          A majority of the members of the Committee shall constitute a quorum for the transaction of
business. All resolutions or other action taken by the Committee shall be by a vote of a majority
of its members present at any meeting or, without a meeting, by instrument in writing signed by all
its members. Members of the Committee may participate in a meeting of such Committee by means of a
conference telephone or similar communications equipment that enables all persons participating in
the meeting to hear each other, and such participation in a meeting shall constitute presence in
person at the meeting.

          The Committee shall be the administrator of the Plan within the meaning of Section 3(16)(A) of
ERISA and shall have all powers necessary to administer the Plan except to the extent that any such
powers are vested in any other fiduciary by the Plan or by the Committee. The Committee may from
time to time establish rules for the administration of the Plan. It shall have exclusive authority
and sole and absolute discretion to interpret the Plan, to determine eligibility for benefits and
the amount of benefit payments and to make any factual determinations, resolve factual disputes and
decide all matters arising in connection with the interpretation, administration and operation of
the Plan or with the determination of eligibility for benefits or the amount of benefit payments.
All its rules, interpretations and decisions shall be applied in a uniform manner to all employees
similarly situated and shall be conclusive and binding on the Employing Companies and on
Participants and their beneficiaries to the extent permitted by law.

          The Committee may delegate any of its powers or duties to others as it shall determine and may
retain counsel, agents and such clerical and accounting, actuarial or other services as it may
require in carrying out the provisions of the Plan.

          The Committee may rely conclusively upon all tables, valuations, certificates, opinions and
reports furnished by any actuary, accountant, controller, counsel or other person who is employed
or engaged for any purpose in connection with the administration of the Plan.

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          Neither the Committee nor a member of the board of directors of the Company or the board of
directors (or governing body) of an Affiliate as such terms are defined in the Pension Plan and no
officer or employee of the Company or any Affiliate shall be liable for any act or action
hereunder, whether of omission or commission, by any other member or employee or by any agent to
whom duties in connection with the administration of the Plan have been delegated or for anything
done or omitted to be done in connection with the Plan.

          The Committee shall keep a record of all its proceedings and of all payments directed by it to
be made to Participants or payments made by it for expenses or otherwise.

                    6.2       The Benefits Officer; Appointment. The Benefits Officer shall be appointed by the Chief
Executive Officer of the Company and may be removed by the Chief Executive Officer of the Company
at any time. The Benefits Officer may not serve concurrently on the Committee. The Benefits Officer
may resign at any time by giving notice to the Chief Executive Officer of the Company. Any such
resignation shall take effect at the date of receipt of such notice or at any later date specified
therein; and, unless otherwise specified therein, the acceptance of such resignation shall not be
necessary to make it effective. A Participant may be appointed as the Benefits Officer. The
Benefits Officer shall not receive compensation for his services as such.

                    6.3       Delegation of Duties. The Benefits Officer may authorize others to execute or deliver any
instrument or to make any payment in his or her behalf and may delegate any of his or her powers or
duties to others as he or she shall determine, including the delegation of such powers and duties
to an Assistant Benefits Officer who shall be appointed by the Benefits Officer. In the event of
such delegation, the Assistant Benefits Officer shall for all purposes of the Plan be considered
the Benefits Officer and all references to the Benefits Officer shall be deemed to be references to
such Assistant Benefits Officer when acting in such capacity. The Benefits Officer and the
Assistant Benefits Officer may retain such counsel, agents and clerical, medical, accounting and
actuarial services as they may require in carrying out their functions.

                    6.4       Benefits Officer; Settlor and Ministerial Functions. The Benefits Officer shall have the
duty to execute settlor and ministerial functions on behalf of the Company, including, without
limitation, amending and modifying the terms of the Plan and performing ministerial functions with
respect to the Plan, except to the extent specifically limited by resolution of the Board or by the
terms herein. The Benefits Officer shall have solely ministerial and settlor functions, and shall
have no fiduciary authority, obligations or status with respect to the Plan. The Company has named
the Benefits Officer for administrative efficiency; the Benefits Officer acts as the Company and
not individually or independently. Prior to March 15, 2000, the Administrative Committee has the
functions delegated to the Benefits Officer.

                    6.5       Indemnification. The Company shall, to the fullest extent permitted by law, indemnify each
director, officer or employee of the Company or any Affiliate (including the heirs, executors,
administrators and other personal representatives of such person) and each member of the Committee
against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement,
actually and reasonably incurred by such person in connection with any threatened, pending or
actual suit, action or proceeding (whether civil, criminal,

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administrative or investigative in nature or otherwise) in which such person may be involved
by reason of the fact that he or she is or was serving any employee benefit plans of the Company or
any Affiliate in any capacity at the request of such company.

                    6.6       Expenses of Administration. Any expense incurred by the Company, the Committee or the
Benefits Officer relative to the administration of the Plan shall be paid by the Employing
Companies in such proportions as the Company may direct.

                    6.7       Allocation of Benefit Payment Expenses. The expense incurred with respect to the benefit
payable to a Participant pursuant to Section 4.1 shall be allocated to the Employing Company which
employs or employed such Participant for the period with respect to which the benefit is
attributable.

ARTICLE VII

CLAIMS PROCEDURE

                    7.1.       Participant or Beneficiary Request for Claim. Any request for a benefit payable under the
Plan shall be made in writing by a Participant or Beneficiary (or an authorized representative of
any of them), as the case may be, and shall be delivered to any member of the Committee. Such
written request shall be deemed filed upon receipt thereof by the Committee. Such request shall be
made within the time prescribed in the Plan for claiming a particular benefit or, if no time is so
prescribed, within a reasonable time before payment of the benefit is to commence. Effective as of
January 1, 2001, such request must be made within the earlier of (a) one year after payment of the
benefit has commenced, or (b) one year after the claimant first knew or should have known that he
had a claim for benefits under the Plan.

                    7.2.       Insufficiency of Information. In the event a request for benefits contains insufficient
information, the Committee shall, within a reasonable period after receipt of such request, send a
written notification to the claimant setting forth a description of any additional material or
information necessary for the claimant to perfect the claim and an explanation of why such material
is necessary. The claimant’s request shall be deemed filed with the Committee on the date the
Committee receives in writing such additional information.

                    7.3.       Request Notification. The Committee shall make a determination with respect to a request
for benefits within ninety (90) days after such request is filed (or within such extended period
prescribed below). The Committee shall notify the claimant whether his claim has been granted or
whether it has been denied in whole or in part. Such notification shall be in writing and shall be
delivered, by mail or otherwise, to the claimant within the time period described above. If the
claim is denied in whole or in part, the written notification shall set forth, in a manner
calculated to be understood by the claimant:

	 	(1)	 	The specific reason or reasons for the denial;

	 
	 	(2)	 	Specific reference to pertinent provisions of
the Plan on which the denial is based; and

	 
	 	(3)	 	An explanation of the Plan’s claim review
procedure.

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Failure by the Committee to give notification pursuant to this Section within the time prescribed
shall be deemed a denial of the request for the purpose of proceeding to the review stage.

                    7.4.       Extensions. If special circumstances require an extension of time for processing the
claim, the Committee shall furnish the claimant with written notice of such extension. Such notice
shall be furnished prior to the termination of the initial ninety (90)-day period and shall set
forth the special circumstances requiring the extension and the date by which the Committee expects
to render its decision. In no event shall such extension exceed a period of ninety (90) days from
the end of such initial ninety (90)-day period.

                    7.5.       Claim Review. A claimant whose request for benefits has been denied in whole or in part,
or his duly authorized representative, may, within sixty (60) days after written notification of
such denial, file with a reviewer appointed for such purpose by the Committee (or, if none has been
appointed, with the Committee itself, with a copy to the Committee, a written request for a review
of his claim. Such written request shall be deemed filed upon receipt of same by the reviewer.

                    7.6.       Time Limitation on Review. A claimant who timely files a request for review of his claim
for benefits, or his duly authorized representative, may review pertinent documents (upon
reasonable notice to the reviewer) and may submit the issues and his comments to the reviewer in
writing. The reviewer shall, within sixty (60) days after receipt of the written request for review
(or within such extended period prescribed below), communicate its decision in writing to the
claimant and/or his duly authorized representative setting forth, in a manner calculated to be
understood by the claimant, the specific reasons for its decision and the pertinent provisions of
the Plan on which the decision is based. If the decision is not communicated within the time
prescribed, the claim shall be deemed denied on review.

                    7.7.       Special Circumstances. If special circumstances require an extension of time beyond the
sixty (60)-day period described above for the reviewer to render his decision, the reviewer shall
furnish the claimant with written notice of the extension required. Such notice shall be furnished
prior to the termination of the initial sixty (60)-day period and shall set forth the special
circumstances requiring the extension period. In no event shall such extension exceed a period of
sixty (60) days from the end of such initial sixty (60)-day period.

ARTICLE VIII

AMENDMENT AND TERMINATION

                    8.1.       Amendments. The Company (for the Company and the other Employing Companies) may at any
time amend the Plan by action of its board of directors. In addition, any amendment of the Plan
which shall not result in significant cost to an Employing Company or have a material effect on the
benefits provided hereunder may be made by the Benefits Officer (for all Employing Companies).

                    8.2.       Termination or Suspension. The continuance of the Plan is not assumed as a contractual
obligation of the Company or any other Employing Company. The Company reserves the right (for
itself and the other Employing Companies) by action of its board of

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directors, to terminate or suspend the Plan, or to terminate or suspend the Plan with respect
to itself or an Employing Company to the extent such termination is permitted under Section 409A of
the Code. Any Employing Company may terminate or suspend the Plan with respect to itself by
executing and delivering to the Company or the Benefits Officer such documents as the Company or
Benefits Officer shall deem necessary or desirable.

                    8.3.       Participants’ Rights to Payment. No termination of the Plan or amendment thereto shall
deprive a Participant or Beneficiary of the right to an aggregate benefit from the Plan and the
Pension Plan which is being paid in accordance with the terms of the Plan and the Pension Plan as
of the date of such termination or amendment or any aggregate amount which would have been payable
to such Participant or Beneficiary under the Plan and the Pension Plan if immediately prior to the
adoption of such amendment or termination the person had terminated employment and was entitled to
receive benefits under the Pension Plan; provided, however, that in the event of termination of the
Plan, or termination of the Plan with respect to the Company or one or more other Employing
Companies, the Benefits Officer accelerate the payment on a uniform basis for all Participants or,
in the case of termination of the Plan with respect to one or more Employing Companies, for all
Participants of the Company or such other Employing Companies only.

ARTICLE IX

PARTICIPATING COMPANIES

                    9.1.       Adoption by Other Entities. Upon the approval of the Company or the Benefits Officer, the
Plan may be adopted by any Affiliate by executing and delivering to the Company or the Benefits
Officer such documents as the Company or Benefits Officer shall deem necessary or desirable. The
provisions of the Plan shall be fully applicable to such entity except as may otherwise be agreed
to by such adopting company and the Company or Benefits Officer.

ARTICLE X

GENERAL PROVISIONS

                    10.1.       Participants’ and Beneficiaries’ Rights Unsecured. The right of any Participant or
Beneficiary to receive future payments under the provisions of the Plan shall be an unsecured claim
against the general assets only of that Employing Company which employed the Participant for the
period with respect to which such payments are attributable. The Company and any other Employing
Company or former Employing Company shall not guarantee or be liable for payment of benefits to the
employees of any other Employing Company or former Employing Company under the Plan.

                    10.2.       Non-Assignability. The right of any person to receive any benefit payable under the Plan
shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, lien or charge, and any such benefit shall not, except to such extent as may be
required by law, in any manner be liable for or subject to the debts, contracts, liabilities,
engagements or torts of the person who shall be entitled to such benefits, nor shall it be subject
to attachment or legal process for or against such person.

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                    10.3.       Affiliate Ceasing to be Such. (a) In the event that a corporation or other entity
ceases at any time to meet the definition of an Affiliate, such entity shall cease as of such time
to be an Employing Company, if it had been such, and those of its Employees who would have been
eligible under the Plan shall cease to be eligible, in each case, to the extent that the event
causing such entity to no longer be an Affiliate constitutes a change in ownership or effective
control of such entity within the meaning of Section 409A(a)(2)(A)(v) of the Code.

                    (b) Payments to Participants employed by any entity which ceases to be an Affiliate under the
circumstances described under Section 10.3(a) shall be made pursuant to Article V as if the
Participant had a Separation From Service.

                    10.4.       No Rights Against the Company. The establishment of the Plan, any amendment or other
modification thereof, or any payments hereunder, shall not be construed as giving to any Employee,
Participant or Beneficiary any legal or equitable rights against the Company or any other Employing
Company or former Employing Company, its shareholders, directors, officers or other employees,
except as may be contemplated by or under the Plan including, without limitation, the right of any
Participant or Beneficiary to be paid as provided under the Plan. Participation in the Plan does
not give rise to any actual or implied contract of employment. A Participant or Beneficiary may be
terminated at any time for any reason in accordance with the procedures of the Employing Company.

                    10.5.       Withholding. Each Employing Company or former Employing Company or paying agent shall
withhold any federal, state and local income or employment tax (including F.I.C.A. obligations for
both social security and Medicare) which by any present or future law it is, or may be, required to
withhold with respect to any payment pursuant to the Plan, with respect to any of its former or
present Employees. The Benefits Officer shall provide or direct the provision of information
necessary or appropriate to enable each such company to so withhold.

                    10.6.       No Guarantee of Tax Consequences. The Benefits Officer, the Committee, the Company and
any Employing Company or former Employing Company do not make any commitment or guarantee that any
amounts accrued for the benefit of a Participant or Beneficiary will be excludible from the gross
income of the Participant or Beneficiary the year accrued or paid for federal, state or local
income or employment tax purposes, or that any other federal, state or local tax treatment will
apply to or be available to any Participant or Beneficiary. It shall be the obligation of each
Participant or Beneficiary to determine whether any accrual under the Plan is excludible from his
or her gross income for federal, state and local income or employment tax purposes, and to take
appropriate action if he or she has reason to believe that any such accrual is not so excludible.

                    10.7.       Severability. If a provision of the Plan shall be held illegal or invalid, the
illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be
construed and enforced as if the illegal or invalid provision had not been included in the Plan.

                    10.8.       Governing Law. The provisions of the Plan shall be governed by and construed in
accordance with the laws of the State of New York, to the extent not preempted by the laws of the
United States.

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                    10.9.       Compliance with Section 409A of the Code. This Plan is intended to comply with Section
409A of the Code and will be interpreted in a manner intended to comply with Section 409A of the
Code. In furtherance thereof, no payments may be accelerated under the Plan other than to the
extent permitted under Section 409A of the Code. To the extent that any provision of the Plan
violates Section 409A of the Code such that amounts would be taxable to a Participant prior to
payment or would otherwise subject a Participant to a penalty tax under Section 409A, such
provision shall be automatically reformed or stricken to preserve the intent hereof.
Notwithstanding anything herein to the contrary, (i) if at the time of a Participant’s Separation
From Service the Participant is a “specified employee” as defined in Section 409A of the Code (and
any related regulations or other pronouncements thereunder) and the deferral of the commencement of
any payments or benefits otherwise payable hereunder as a result of such Separation From Service is
necessary in order to prevent any accelerated or additional tax under Section 409A of the Code,
then the Company shall defer the commencement of the payment of any such payments or benefits
hereunder (without any reduction in such payments or benefits ultimately paid or provided to the
Participant) until the date that is six months following the Participant’s Separation From Service
(or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other
payments due to a Participant hereunder could cause the application of an accelerated or additional
tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral
will make such payment compliant under Section 409A of the Code, or otherwise such payment shall be
restructured, to the extent possible, in a manner, determined by the Benefits Officer or the
Committee, that does not cause such an accelerated or additional tax. The Benefits Officer and the
Committee shall implement the provisions of this Section 10.9 in good faith; provided that none of
the Company, the Benefits Officer, the Committee nor any of the Company’s or its subsidiaries’
employees or representatives shall have any liability to Participants with respect to this Section
10.9.

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