Document:

ex10-1.htm

    
      
        

      

      EXHIBIT
        10.1

       

      

      VERSO
        TECHNOLOGIES, INC.

      2007
        STOCK INCENTIVE PLAN

       

      Effective
        Date: December 19, 2007

      

      

      
        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

      

      

      TABLE
        OF CONTENTS

      
        	 	
              	
              	
                   

              	 	
                   

              	
                Page

              
	
                1.

              	
                   

              	
                   

              	
                   

              	
                Purpose

              	
                   

              	
                    

              	
                3

              	
                   

              
	
                2.

              	
                   

              	
                   

              	
                   

              	
                Definitions

              	
                   

              	
                    

              	
                3

              	
                   

              
	
                3.

              	
                   

              	
                   

              	
                   

              	
                Successor
                  to Prior Plan

              	
                   

              	
                    

              	
                6

              	
                   

              
	
                4.

              	
                   

              	
                   

              	
                   

              	
                Shares
                  Subject to this Plan

              	
                   

              	
                    

              	
                7

              	
                   

              
	
                5.

              	
                   

              	
                   

              	
                   

              	
                Option
                  Rights

              	
                   

              	
                    

              	
                8

              	
                   

              
	
                6.

              	
                   

              	
                   

              	
                   

              	
                Restricted
                  Stock

              	
                   

              	
                    

              	
                8

              	
                   

              
	
                7.

              	
                   

              	
                   

              	
                   

              	
                Restricted
                  Stock Units

              	
                   

              	
                    

              	
                9

              	
                   

              
	
                8.

              	
                   

              	
                   

              	
                   

              	
                Performance
                  Shares and Performance Units

              	
                   

              	
                    

              	
                10

              	
                   

              
	
                9.

              	
                   

              	
                   

              	
                   

              	
                Effect
                  of Termination of Employment or Other Service

              	
                   

              	
                    

              	
                11

              	
                   

              
	
                10

              	
                   

              	
                   

              	
                   

              	
                Administration
                  of this Plan

              	
                   

              	
                    

              	
                12

              	
                   

              
	
                11

              	
                   

              	
                   

              	
                   

              	
                Adjustments

              	
                   

              	
                    

              	
                12

              	
                   

              
	
                12

              	
                   

              	
                   

              	
                   

              	
                Change
                  of Control

              	
                   

              	
                    

              	
                12

              	
                   

              
	
                13

              	
                   

              	
                   

              	
                   

              	
                Non-U.S.
                  Participants

              	
                   

              	
                    

              	
                13

              	
                   

              
	
                14

              	
                   

              	
                   

              	
                   

              	
                Transferability

              	
                   

              	
                    

              	
                13

              	
                   

              
	
                15

              	
                   

              	
                   

              	
                   

              	
                Withholding
                  Taxes

              	
                   

              	
                    

              	
                13

              	
                   

              
	
                16

              	
                   

              	
                   

              	
                   

              	
                Compliance
                  with Section 409A of the Code

              	
                   

              	
                    

              	
                14

              	
                   

              
	
                17

              	
                   

              	
                   

              	
                   

              	
                Parachute
                  Limitations

              	
                   

              	
                    

              	
                14

              	
                   

              
	
                18

              	
                   

              	
                   

              	
                   

              	
                Effective
                  Date

              	
                   

              	
                    

              	
                15

              	
                   

              
	
                19

              	
                   

              	
                   

              	
                   

              	
                Amendments

              	
                   

              	
                    

              	
                15

              	
                   

              
	
                20

              	
                   

              	
                   

              	
                   

              	
                Termination

              	
                   

              	
                    

              	
                16

              	
                   

              
	
                21

              	
                   

              	
                   

              	
                   

              	
                Requirements
                  of Law

              	
                   

              	
                    

              	
                16

              	
                   

              
	
                22

              	
                   

              	
                   

              	
                   

              	
                Governing
                  Law

              	
                   

              	
                    

              	
                16

              	
                   

              
	
                23

              	
                   

              	
                   

              	
                   

              	
                Unfunded
                  Plan

              	
                   

              	
                    

              	
                16

              	
                   

              
	
                24

              	
                   

              	
                   

              	
                   

              	
                Miscellaneous
                  Provisions

              	
                   

              	
                    

              	
                17

              	
                   

              

      

      

      

      
        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

      

      

      VERSO
        TECHNOLOGIES, INC.

      2007
        STOCK INCENTIVE PLAN

       

      1.  Purpose.
        The purpose of the Verso Technologies, Inc. 2007 Stock Incentive Plan is
        to
        advance the interest of the shareholders of the Company by enhancing its
        ability
        to attract, retain and motivate persons who are expected to make important
        contributions to the Company and by providing such persons with equity ownership
        opportunities and performance-based incentives that are intended to align
        their
        interests with those of the Company’s shareholders.

       

      2.  Definitions.
        As used in this Plan,

       

      (a)  “1999
        Stock Incentive Plan”
        means the Company’s 1999 Stock Incentive Plan, as amended.

       

      (b)  “Board”
        means the Board of
        Directors of the Company and, to the extent of any delegation by the Board
        to a
        committee (or subcommittee thereof) pursuant to Section 9 of this Plan, such
        committee (or subcommittee).

       

      (c)  “Benefit
        Arrangement” means
        any formal or informal plan or arrangement for the direct or indirect provision
        of compensation to a Participant (including groups or classes of Participants
        or
        beneficiaries of which the Participant is a member), whether or not such
        compensation is deferred, is in cash, or is in the form of a benefit to or
        for
        the Participant.

       

      (d)  “Cause”
        means (i) with
        respect to any Participant subject to any employment or other agreement with
        the
        Company or any Subsidiary, as such term is defined in such employment or
        other
        agreement, or (ii) if such term is not defined in such employment or other
        agreement or with respect to any Participant not subject to any employment
        or
        other agreement with the Company or any Subsidiary (A) fraud, misrepresentation,
        embezzlement or deliberate injury or attempted injury, in each case related
        to
        the Company or any Subsidiary, (B) any unlawful or criminal activity of a
        serious nature, (C) any intentional and deliberate breach of a duty or duties
        that, individually or in the aggregate, are material in relation to the
        Participant’s overall duties, or (D) any material breach of any employment,
        service or noncompete agreement entered into with the Company or any
        Subsidiary.

       

      (e)  “Change
        of Control” has the
        meaning provided in Section 12 of this Plan.

       

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

       

      (g)  “Common
        Stock” means the
        common stock, par value $0.01 per share, of the Company or any security into
        which such shares of Common Stock may be changed by reason of any transaction
        or
        event of the type referred to in Section 11 of this Plan.

       

      (h)  “Company”
        means Verso
        Technologies, Inc., a Minnesota corporation, and its successors.

       

      (i)  “Covered
        Employee” means a
        Participant who is, or is determined by the Board to be a Participant who
        may
        become, a “covered employee” within the meaning of Section 162(m) of the
        Code.

       

      (j)  “Date
        of Grant” means the
        date specified by the Board on which a grant of Option Rights, Performance
        Shares, Performance Units or a grant or sale of Restricted Stock or Restricted
        Stock Units, will become effective (which date will not be earlier than the
        date
        on which the Board takes action with respect thereto).

       

      (k)  “Director”
        means a member of
        the Board.

       

      (l)  “Disability”
        means, with
        respect to any Participant, the disability of the Participant such as would
        entitle the Participant to receive disability income benefits pursuant to
        the
        long-term disability plan of the Company or any Subsidiary then covering
        the
        Participant or, if no such plan exists or is applicable to the Participant,
        then
        the permanent and total disability of the Participant within the meaning
        of
        Section 22(e)(3) of the Code.

       

      (m)  “Effective
        Date” means the
        date immediately following the date that this Plan is approved by the
        shareholders of the Company.

       

      (n)  “Evidence
        of Award” means an
        agreement, certificate, resolution or other type or form of writing or other
        evidence that sets forth the terms and conditions of Option Rights, Performance
        Shares or Performance Units granted, or a grant or sale of Restricted Stock
        or
        Restricted Stock Units. An Evidence of Award may be in an electronic medium,
        may
        be limited to notation on the books and records of the Company and need not
        be
        signed by a representative of the Company or a Participant; provided, however,
        that in the case of any grant of an IncentiveStock
        Option, such Evidence of Award must satisfy the requirements of Treasury
        Regulation § 1.421-1(a)(3) (including any successor provision
        thereto).

      

      
        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

      

      

      (o)  “Exchange
        Act” means the
        Securities Exchange Act of 1934, as amended, and the rules and regulations
        thereunder, as such law, rules and regulations may be amended from time to
        time.

       

      (p)  “Incentive
        Stock Options”
        means Option Rights that are intended to qualify as “incentive stock options”
under Section 422 of the Code.

       

      (q)  “Incumbent
        Directors” means
        the individuals who, as of the Effective Date, are Directors of the Company
        and
        any individual becoming a Director subsequent to the date thereof whose
        election, nomination for election by the Company’s shareholders, or appointment,
        was approved by a vote of at least a majority of the then Incumbent Directors
        (either by a specific vote or by approval of the proxy statement of the Company
        in which such individual is named as a nominee for Director, without objection
        to such nomination); provided, however,
        that an
        individual shall not be an Incumbent Director if such individual’s election or
        appointment to the Board occurs as a result of an actual or threatened election
        contest (as described in Rule 14a-12(c) promulgated under the Exchange Act)
        with
        respect to the election or removal of Directors or other actual or threatened
        solicitation of proxies or consents by or on behalf of a Person other than
        the
        Board.

       

      (r)  “Management
        Objectives” means
        the measurable performance objective or objectives established pursuant to
        this
        Plan for Participants who have received grants of Performance Shares or
        Performance Units or, when so determined by the Board, Option Rights, Restricted
        Stock, Restricted Stock Units or dividend credits pursuant to this Plan.
        Management Objectives may be described in terms of Company-wide objectives
        or
        objectives that are related to the performance of the individual Participant
        or
        of the Subsidiary, division, department, region or function within the Company
        or Subsidiary in which the Participant is employed. The Management Objectives
        may be made relative to the performance of other companies. The Management
        Objectives applicable to any award to a Covered Employee will be based on
        specified levels of, or growth in, one or more of the following
        criteria:

       

      
        	
                (i)  

              	
              	
                Appreciation
                  in value of shares;

              

      

      

      
        	
                (ii)

              	
              	
                Total
                  shareholder return;

              

      

      

      
        	
                (iii)

              	
              	
                Earnings
                  per share;

              

      

      

      
        	
                (iv)

              	
              	
                Operating
                  income;

              

      

      

      
        	
                (v)

              	
              	
                Operating
                  income before depreciation or
                  amortization;

              

      

      

      
        	
                (vi)

              	
              	
                Net
                  income;

              

      

      

      
        	
                (vii)

              	
              	
                Pretax
                  earnings;

              

      

      

      
        	
                (viii)

              	
              	
                Earnings
                  before interest, taxes, depreciation and
                  amortization;

              

      

      

      
        	
                (ix)

              	
              	
                Pro
                  forma net income;

              

      

      

      
        	
                (x)

              	
              	
                Return
                  on equity;

              

      

      

      
        	
                (xi)

              	
              	
                Return
                  on designated assets;

              

      

      

      
        	
                (xii)

              	
              	
                Return
                  on capital;

              

      

      

      
        	
                (xiii)

              	
              	
                Economic
                  value added;

              

      

      

      
        	
                (xiv)

              	
              	
                Revenues
                  or sales;

              

      

      

      
        	
                (xv)

              	
              	
                Expenses;

              

      

      

      
        	
                (xvi)

              	
              	
                Operating
                  profit margin;

              

      

      

      
        	
                (xvii)

              	
              	
                Operating
                  cash flow;

              

      

       

      
        
          	
                  (xviii)

                	
                	
                  
                    Free
                      cash flow;

                  

                

        

      

    

     

    
      

      
        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

      

       

      
        	
                (xix)

              	
              	
                Cash
                  flow return on investment;

              

      

      

      
        	
                (xx)

              	
              	
                Operating
                  margin or net profit margin; or

              

      

      

      
        	
                (xxi)

              	
              	
                Any
                  of the above criteria as compared to the performance of a published
                  or a
                  special index deemed applicable by the
                  Board.

              

      

      

      If
        the
        Board determines that a change in the business, operations, corporate structure
        or capital structure of the Company, or the manner in which it conducts its
        business, or other events or circumstances render the Management Objectives
        unsuitable, then the Board may in its discretion modify such Management
        Objectives or the related level or levels of achievement, in whole or in
        part,
        as the Board deems appropriate and equitable, except in the case of a Covered
        Employee where such action would result in the loss of the otherwise available
        exemption of the award under Section 162(m) of the Code and the Board intends
        that such award should qualify as “performance-based compensation” for purposes
        of such section. In such case, the Board will not make any modification of
        the
        Management Objectives or the level or levels of achievement with respect
        to such
        Covered Employee.

       

      (s)  “Market
        Value Per Share”
        means the value of a share of Common Stock determined as follows: if on the
        Date
        of Grant or other determination date the Common Stock is listed on an
        established national or regional stock exchange, or is publicly traded on
        an
        established securities market, the Market Value Per Share shall be the closing
        price of the Common Stock on such exchange or in such market (if there is
        more
        than one such exchange or market the Board shall determine the appropriate
        exchange or market) on the Date of Grant or such other determination date
        (or if
        there is no such reported closing price, the Market Value Per Share shall
        be the
        mean between the highest bid and lowest asked prices or between the high
        and low
        sale prices on such trading day) or, if no sale of Common Stock is reported
        for
        such trading day, on the next preceding day on which any sale shall have
        been
        reported. If the Common Stock is not listed on such an exchange, quoted on
        such
        system or traded on such a market, then the Market Value Per Share shall
        be the
        value of the Common Stock as determined by the Board in good faith in a manner
        consistent with Section 409A of the Code.

       

      (t)  “Optionee”
        means the optionee
        named in an Evidence of Award evidencing an outstanding Option
        Right.

       

      (u)  “Option
        Price” means the
        purchase price payable on exercise of an Option Right.

       

      (v)  “Option
        Right” means the
        right to purchase shares of Common Stock upon exercise of an option granted
        pursuant to Section 5 of this Plan.

       

      (w)  “Other
        Agreement” means any
        agreement, contract or understanding entered into by a Participant with the
        Company or any Subsidiary that expressly addresses Section 280G or Section
        4999
        of the Code.

       

      (x)  “Parachute
        Payment” means a
“parachute payment” within the meaning of Section 280G(b)(2) of the
        Code.

       

      (y)  “Participant”
        means a person
        who is selected by the Board to receive benefits under this Plan and who
        is at
        the time (i) a Director, officer or other employee of the Company or any
        one or
        more of its Subsidiaries, or who has agreed to commence serving in any of
        such
        capacities within 90 days of the Date of Grant, or (ii) a consultant or advisor
        (who is a natural person) to the Company or any one or more of its
        Subsidiaries.

       

      (z)  “Performance
        Period” means,
        in respect of a Performance Share or Performance Unit, a period of time
        established pursuant to Section 8 of this Plan within which the Management
        Objectives relating to such Performance Share or Performance Unit are to
        be
        achieved.

       

      (aa)  “Performance
        Share” means a
        bookkeeping entry that records the equivalent of one share of Common Stock
        awarded pursuant to Section 8 of this Plan.

       

      (bb)  “Performance
        Unit” means a
        bookkeeping entry awarded pursuant to Section 8 of this Plan that records
        a unit
        equivalent to $1.00 or such other value as is determined by the
        Board.

       

      (cc)  “Person”
        means any
        individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2)
        of the Exchange Act.

      

      
        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

      

       

      (dd)  “Plan”
        means the Verso
        Technologies, Inc. 2007 Stock Incentive Plan, as may be amended from time
        to
        time.

       

      (ee)  “Prior
        Stock Incentive Plan”
        means each of the 1999 Stock Incentive Plan, the Company’s 1995 Stock Incentive
        Plan, the Company’s 1997 Stock Incentive Plan and the Company’s 1998 Stock
        Incentive Plan.

       

      (ff)  “Restricted
        Stock” means
        shares of Common Stock granted or sold pursuant to Section 6 of this Plan
        as to
        which neither the substantial risk of forfeiture nor the prohibition on transfer
        has expired.

       

      (gg)  “Restriction
        Period” means
        the period of time during which Restricted Stock Units are subject to
        restrictions, as provided in Section 7 of this Plan.

       

      (hh)  “Restricted
        Stock Unit” means
        an award made pursuant to Section 7 of this Plan of the right to receive
        shares
        of Common Stock or cash at the end of a specified period.

       

      (ii)  “Retirement”
        means, with
        respect to any Participant, termination of employment or service pursuant
        to and
        in accordance with the regular (or, if approved by the Board for purposes
        of
        this Plan, early) retirement/pension plan or practice of the Company or any
        Subsidiary then covering the Participant; provided, however, that if the
        Participant is not covered by any such plan or practice, then the Participant
        will be deemed to be covered by the Company’s plan or practice for purposes of
        this determination.

       

      (jj)  “Securities
        Act” means the Securities Act of 1933, as amended, and the rules and regulations
        thereunder, as such law, rules and regulations may be amended from time to
        time.

       

      (kk)  “Subsidiary”
        means a
        corporation, company or other entity (i) at least 50% of whose outstanding
        shares or securities (representing the right to vote for the election of
        directors or other managing authority) are, or (ii) which does not have
        outstanding shares or securities (as may be the case in a partnership, joint
        venture or unincorporated association), but at least 50% of whose ownership
        interest representing the right generally to make decisions for such other
        entity is, now or hereafter, owned or controlled, directly or indirectly,
        by the
        Company except that (A) for purposes of determining whether a Participant
        may
        receive a grant of Incentive Stock Options, “Subsidiary” means any corporation
        in which at the time the Company owns or controls, directly or indirectly,
        at
        least 50% of the total combined voting power represented by all classes of
        stock
        issued by such corporation, and (B) for purposes of determining whether a
        Participant may receive a grant of any other Option Rights, “Subsidiary” means
        any member of the Company’s controlled group described in Section 16(b) of this
        Plan.

       

      (ll)  “Surviving
        Incumbent
        Directors” means (i) the individuals who were Incumbent Directors
        immediately prior to the effective date of a merger or consolidation to which
        the Company is a party, or the effective date of a share exchange in which
        the
        Company exchanges the Company’s shares for shares of another corporation, which
        does not constitute a Change of Control as a result of Section 12(d) of this
        Plan and who constitute immediately after such effective date at least a
        majority of the board of directors of the surviving corporation resulting
        from
        such merger or consolidation, and (ii) any individual becoming a director
        of
        such surviving corporation whose election, nomination for election by such
        surviving corporation’s shareholders, or appointment, was approved by a vote of
        at least a majority of the then Surviving Incumbent Directors (either by
        a
        specific vote or by approval of the proxy statement of such surviving
        corporation in which such individual is named as a nominee for director,
        without
        objection to such nomination); provided, however, that an
        individual shall not be a Surviving Incumbent Director if such individual’s
        election or appointment to the board of directors of such surviving corporation
        occurs as a result of an actual or threatened election contest (as described
        in
        Rule 14a-12(c) promulgated under the Exchange Act) with respect to the election
        or removal of directors of such surviving corporation or other actual or
        threatened solicitation of proxies or consents by or on behalf of a Person
        other
        than the board of directors of such surviving corporation.

       

      (mm)  “Voting
        Securities” means, at
        any time, (i) the securities entitled to vote generally in the election of
        Directors in the case of the Company, or (ii) the securities entitled to
        vote
        generally in the election of members of the board of directors or similar
        body
        in the case of another legal entity.

       

      3.  Successor
        to
        Prior Plan. This Plan was adopted by the Board on October 24, 2007. This
        Plan is intended as the successor to the 1999 Stock Incentive Plan. As of
        the
        Effective Date, no additional awards shall be granted under the 1999 Stock
        Incentive Plan. Any shares of Common Stock remaining available for issuance
        under the 1999 Stock
        Incentive Plan as of the Effective Date shall be included in the number of
        shares of Common Stock that may be issued pursuant to this Plan as provided
        in
        Section 4(a)(i) of this Plan and shall be available for issuance pursuant
        to
        grants of Option Rights, Performance Shares, Performance Units, or grants
        or
        sales of Restricted Stock or Restricted Stock Units, under this Plan.
        Outstanding awards granted under any Prior Stock Incentive Plan shall remain
        subject to the terms of such Prior Stock Incentive Plan, except that the
        Board
        may elect to extend one or more of the features of this Plan to awards granted
        under any Prior Stock Incentive Plan. Any shares of Common Stock subject
        to
        outstanding awards granted under any Prior Stock Incentive Plan that expire
        or
        are forfeited or are cancelled after the Effective Date shall be added to
        the
        maximum number of shares available under this Plan as provided in Section
        4(a)(i) of this Plan and shall become available for the grant of Option Rights,
        Performance Shares, Performance Units, or the grant or sale of Restricted
        Stock
        or Restricted Stock Units, under this Plan. All grants of Option Rights,
        Performance Shares, Performance Units, or grants or sales of Restricted Stock
        or
        Restricted Stock Units, under this Plan subsequent to the Effective Date
        shall
        be subject to the terms of this Plan.

      

      
        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

      

       

      4.  Shares
        Subject to this
        Plan.

       

      (a)  Maximum
        Shares
        Available Under this Plan.

       

      (i)  Subject
        to adjustment as provided in Section 11 of this Plan, the number of shares
        of
        Common Stock that may be issued or transferred (A) upon the exercise of Option
        Rights; (B) as Restricted Stock and released from substantial risks of
        forfeiture thereof; (C) in payment of Restricted Stock Units; (D) in payment
        of
        Performance Shares or Performance Units that have been earned; or (E) in
        payment
        of dividend equivalents paid with respect to awards made under this Plan
        will
        not exceed in the aggregate 10,000,000 shares of Common Stock, plus (1) any
        shares of Common Stock remaining available for issuance under the 1999 Stock
        Incentive Plan as of the Effective Date and (2) any shares of Common Stock
        subject to outstanding awards granted under any Prior Stock Incentive Plan
        which
        subsequently expire or are forfeited or are cancelled after the Effective
        Date.
        Such shares may be shares of original issuance or treasury shares or a
        combination of the foregoing.

       

      (ii)  Shares
        of Common Stock subject to an award granted under this Plan shall not be
        counted
        as used unless and until they are actually issued and delivered to a
        Participant. Without limiting the generality of the foregoing, (A) upon payment
        in cash of all or any portion of the benefit provided by any award granted under
        this Plan (including, without limitation, any cash utilized by the Company
        to
        satisfy any tax withholding requirement with respect to such award), any
        unissued shares of Common Stock that otherwise would have been issued pursuant
        to that award will be available for issue or transfer under this Plan and
        (B)
        any shares of Common Stock subject to awards granted under this Plan that
        expire
        or are forfeited or are cancelled will be available for issue or transfer
        under
        this Plan. Notwithstanding anything to the contrary contained herein: (1)
        shares
        of Common Stock tendered in payment of the Option Price of an Option Right
        shall
        not be added to the aggregate plan limit described above; (2) shares of
        outstanding Common Stock withheld from the Participant and redeemed by the
        Company or sold on the Participant’s behalf to satisfy any tax withholding
        obligation shall not be added to the aggregate plan limit described above;
        and
        (3) shares of Common Stock that are repurchased by the Company with Option
        Right
        proceeds shall not be added to the aggregate plan limit described
        above.

       

      (b)  Life-of-Plan
        Limits. Notwithstanding anything in this Section 4, or elsewhere in this
        Plan, to the contrary and subject to adjustment pursuant to Section 11 of
        this
        Plan:

       

      (i)  The
        aggregate number of shares of Common Stock actually issued or transferred
        by the
        Company upon the exercise of Incentive Stock Options shall not exceed
        10,000,000.

       

      (ii)  The
        aggregate number of shares of Common Stock issued as Restricted Stock (and
        released from substantial risks of forfeiture), Restricted Stock Units,
        Performance Shares or Performance Units shall not exceed
        10,000,000.

       

      (c)  Individual
        Participant Limits. Notwithstanding anything in this Section 4, or
        elsewhere in this Plan, to the contrary and subject to adjustment pursuant
        to
        Section 11 of this Plan:

       

      (i)  No
        Participant shall be granted Option Rights, in the aggregate, for more than
        2,000,000 shares of Common Stock during any calendar year.

       

      
        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

      

       

      (ii)  No
        Participant will be granted Restricted Stock or Restricted Stock Units that
        specify Management Objectives or Performance Shares, in the aggregate, for
        more
        than 2,000,000 shares of Common Stock during any calendar year.

       

      (iii)  Notwithstanding
        any other provision of this Plan to the contrary, in no event will any
        Participant in any calendar year receive an award of Performance Units having
        an
        aggregate maximum value as of their respective Dates of Grant in excess of
        $2,000,000.

       

      5.  Option
        Rights. The Board may, from time to time and upon such terms and
        conditions as it may determine, authorize the granting to Participants of
        options to purchase shares of Common Stock. Each such grant will be subject
        to
        all of the requirements contained in the following provisions:

       

      (a)  Each
        grant of Option Rights will specify the number of shares of Common Stock
        to
        which it pertains subject to the limitations set forth in Section 4 of this
        Plan.

       

      (b)  Each
        grant of Option Rights will specify an Option Price per share, which may
        not be
        less than the Market Value Per Share on the Date of Grant.

       

      (c)  Each
        grant of Option Rights will specify whether the Option Price will be payable
        (i)
        in cash or by check acceptable to the Company or by wire transfer of immediately
        available funds, (ii) by the actual or constructive transfer to the Company
        of
        shares of Common Stock owned by the Optionee having a value at the time of
        exercise equal to the total Option Price, (iii) by a combination of such
        methods
        of payment, or (iv) by such other methods as may be approved by the
        Board.

       

      (d)  To
        the extent permitted by law, any grant of Option Rights may provide for deferred
        payment of the Option Price from the proceeds of sale through a bank or broker
        on a date satisfactory to the Company of some or all of the shares to which
        such
        exercise relates.

       

      (e)  Successive
        grants of Option Rights may be made to the same Participant whether or not
        any
        Option Rights previously granted to such Participant remain
        unexercised.

       

      (f)  Each
        grant of Option Rights will specify the period or periods (if any) of continuous
        service by the Optionee with the Company or any Subsidiary that is necessary
        before the Option Rights or installments thereof will become exercisable.
        A
        grant of Option Rights may provide for the earlier exercise of such Option
        Rights as provided in Section 9 of this Plan or, subject to Section 17 of
        this
        Plan, in the event of a Change of Control.

       

      (g)  Any
        grant of Option Rights may specify Management Objectives that must be achieved
        as a condition to the exercise of such rights. The grant of such Option Rights
        will specify that, before the exercise of such rights, the Board must determine
        that the Management Objectives have been satisfied.

       

      (h)  Option
        Rights granted under this Plan may be (i) options, including, without
        limitation, Incentive Stock Options that are intended to qualify under
        particular provisions of the Code, (ii) options that are not intended so
        to
        qualify or (iii) combinations of the foregoing.

       

      (i)  No
        Option Right will be exercisable more than 10 years from the Date of
        Grant.

       

      (j)  Each
        grant of Option Rights will be evidenced by an Evidence of Award. Each Evidence
        of Award shall be subject to this Plan and shall contain such terms and
        provisions, consistent with this Plan, as the Board may approve.

       

      6.  Restricted
        Stock. The Board may also authorize the grant or sale of Restricted Stock
        to Participants. Each such grant or sale will be subject to all of the
        requirements contained in the following provisions:

       

      (a)  Each
        grant or sale of Restricted Stock will constitute an immediate transfer of
        the
        ownership of shares of Common Stock to the Participant in consideration of
        the
        performance of services, entitling such Participant to voting, dividend and
        other ownership rights, but subject to the substantial risk of forfeiture
        and
        restrictions on transfer hereinafter referred to.

       

      (b)  Each
        grant or sale of Restricted Stock may be made without additional consideration
        or in consideration of a payment by such Participant that is less than the
        Market Value Per Share at the Date of Grant.

      

      
        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

      

       

      (c)  Each
        such grant or sale of Restricted Stock may provide that the Restricted Stock
        covered by such grant or sale vest upon the passage of time, subject to a
        “substantial risk of forfeiture” within the meaning of Section 83 of the Code
        for a period of time as determined by the Board at the Date of Grant, and
        may
        provide for the earlier lapse of such substantial risk of forfeiture as provided
        in Sections 6(e) or 9 of this Plan or, subject to Section 17 of this Plan,
        in
        the event of a Change of Control.

       

      (d)  Each
        grant or sale of Restricted Stock will provide that during the period for
        which
        any such substantial risk of forfeiture is to continue, the transferability
        of
        the Restricted Stock will be prohibited or restricted in the manner and to
        the
        extent prescribed by the Board at the Date of Grant (which restrictions may
        include, without limitation, rights of repurchase or first refusal in the
        Company or provisions subjecting the Restricted Stock to a continuing
        substantial risk of forfeiture in the hands of any transferee).

       

      (e)  Any
        grant or sale of Restricted Stock may specify Management Objectives that,
        if
        achieved, will result in termination or early termination of the restrictions
        applicable to such Restricted Stock and, in addition, may provide for the
        earlier termination of these restrictions as provided in Section 9 of this
        Plan
        or, subject to Section 17 of this Plan, in the event of a Change of Control.
        Each grant may specify in respect of such Management Objectives a minimum
        acceptable level of achievement and may set forth a formula for determining
        the
        number of shares of Restricted Stock on which restrictions will terminate
        if
        performance is at or above the minimum level, but falls short of full
        achievement of the specified Management Objectives. The grant of Restricted
        Stock will specify that, before the termination or early termination of the
        restrictions applicable to such Restricted Stock, the Board must determine
        that
        the Management Objectives have been satisfied.

       

      (f)  Any
        grant or sale of Restricted Stock may require that any or all dividends or
        other
        distributions paid thereon during the period of such restrictions be
        automatically deferred and reinvested in additional shares of Restricted
        Stock,
        which may be subject to the same restrictions as the underlying
        award.

       

      (g)  Each
        grant or sale of Restricted Stock will be evidenced by an Evidence of Award
        and
        will contain such terms and provisions, consistent with this Plan, as the
        Board
        may approve. Unless otherwise directed by the Board, all certificates
        representing shares of Restricted Stock will be held in custody by the Company
        until all restrictions thereon will have lapsed, together with a stock power
        or
        powers executed by the Participant in whose name such certificates are
        registered, endorsed in blank and covering such Shares.

       

      (h)  Without
        limiting the generality of the foregoing, if and to the extent that the Board
        determines that any award of Restricted Stock to be granted or sold to a
        Covered
        Employee should qualify as “performance-based compensation” for purposes of
        Section 162(m) of the Code, then (i) the grant or sale of such award shall
        specify, and the payment and/or settlement of such award shall be contingent
        upon the achievement of, Management Objectives; and (ii) such Restricted
        Stock
        shall otherwise be subject to such other terms and conditions as are necessary
        for the award thereof to comply with Section 162(m) of the Code.

       

      7.  Restricted
        Stock
        Units. The Board may also authorize the granting or sale of Restricted
        Stock Units to Participants. Each such grant or sale will be subject to all
        of
        the requirements contained in the following provisions:

       

      (a)  Each
        grant or sale of Restricted Stock Units will constitute the agreement by
        the
        Company to deliver shares of Common Stock, cash or any combination thereof,
        as
        determined by the Board, to the Participant in the future in consideration
        of
        the performance of services, but subject to the fulfillment of such conditions
        (which may include the achievement of Management Objectives) during the
        Restriction Period as the Board may specify. Each grant of Restricted Stock
        Units may specify in respect of such Management Objectives a minimum acceptable
        level of achievement and may set forth a formula for determining the number
        of
        shares of Restricted Stock Units on which restrictions will terminate if
        performance is at or above the minimum level, but falls short of full
        achievement of the specified Management Objectives. The grant of such Restricted
        Stock Units will specify that, before the termination or early termination
        of
        the restrictions applicable to such Restricted Stock Units, the Board must
        determine that the Management Objectives have been satisfied.

       

      (b)  Each
        grant or sale of Restricted Stock Units may be made without additional
        consideration or in consideration of a payment by such Participant that is
        less
        than the Market Value Per Share at the Date of Grant.

       

      (c)  The
        duration of the Restriction Period applicable to each grant or sale of
        Restricted Stock Units shall be determined by the Board at the Date of Grant
        and
        may provide for the earlier lapse or other modification of such Restriction
        Period as provided in Section 9 of this Plan or, subject to Section 17 of
        this
        Plan, in the event of a Change of Control.

       

      
        
          
            
            

          

          
            9

            
              

            

          

          
            
            

          

        

      

       

      (d)  During
        the Restriction Period, the Participant will have no right to transfer any
        rights under the Participant’s award and will have no rights of ownership in the
        Restricted Stock Units and will have no right to vote them, but the Board
        may,
        at the Date of Grant, authorize the payment of dividend equivalents on such
        Restricted Stock Units on either a current, deferred or contingent basis,
        either
        in cash or in additional shares of Common Stock.

       

      (e)  Each
        grant or sale of Restricted Stock Units will specify the time and manner
        of
        payment of Restricted Stock Units that have been earned. Any grant or sale
        may
        specify that the amount payable with respect thereto may be paid by the Company
        in cash, in shares of Common Stock or in any combination thereof and may
        either
        grant to the Participant or retain in the Board the right to elect among
        those
        alternatives.

       

      (f)  Each
        grant or sale of Restricted Stock Units will be evidenced by an Evidence
        of
        Award and will contain such terms and provisions, consistent with this Plan,
        as
        the Board may approve.

       

      (g)  Without
        limiting the generality of the foregoing, if and to the extent that the Board
        determines that any award of Restricted Stock Units to be granted or sold
        to a
        Covered Employee should qualify as “performance-based compensation” for purposes
        of Section 162(m) of the Code, then (i) the grant or sale of such award shall
        specify, and the payment and/or settlement of such award shall be contingent
        upon the achievement of, Management Objectives; and (ii) such Restricted
        Stock
        Units shall otherwise be subject to such other terms and conditions as are
        necessary for the award thereof to comply with such section.

       

      8.  Performance
        Shares and Performance Units. The Board may also authorize the granting
        of Performance Shares and Performance Units that will become payable to a
        Participant upon achievement of specified Management Objectives during the
        Performance Period. Each such grant will be subject to all of the requirements
        contained in the following provisions:

       

      (a)  Each
        grant will specify the number of Performance Shares or Performance Units
        to
        which it pertains, which number may be subject to adjustment to reflect changes
        in compensation or other factors; provided, however,
        that no such
        adjustment will be made in the case of a Covered Employee where such action
        would result in the loss of the otherwise available exemption of the award under
        Section 162(m) of the Code and the Board intends that such award should qualify
        as “performance-based compensation” for purposes of Section 162(m) of the
        Code.

       

      (b)  The
        Performance Period with respect to each Performance Share or Performance
        Unit
        will be such period of time (not less than one year), commencing with the
        Date
        of Grant as will be determined by the Board at the time of grant which may
        be
        subject to earlier lapse or other modification as provided in Section 9 of
        this
        Plan or, subject to Section 17 of this Plan, in the event of a Change of
        Control.

       

      (c)  Any
        grant of Performance Shares or Performance Units will specify Management
        Objectives which, if achieved, will result in payment or early payment of
        the
        award, and each grant may specify in respect of such specified Management
        Objectives level or levels of achievement and will set forth a formula for
        determining the number of Performance Shares or Performance Units that will
        be
        earned if performance is at or above the level(s), but falls short of full
        achievement of the specified Management Objectives. The grant of Performance
        Shares or Performance Units will specify that, before the Performance Shares
        or
        Performance Units will be earned and paid, the Board must determine that
        the
        Management Objectives have been satisfied; provided, however
        the Board may
        provide for the earlier termination of these restrictions as provided in
        Section
        9 of this Plan or, subject to Section 17 of this Plan, in the event of a
        Change
        of Control.

       

      (d)  Each
        grant will specify the time and manner of payment of Performance Shares or
        Performance Units that have been earned. Any grant may specify that the amount
        payable with respect thereto may be paid by the Company in cash, in shares
        of
        Common Stock or in any combination thereof and may either grant to the
        Participant or retain in the Board the right to elect among those
        alternatives.

       

      (e)  Any
        grant of Performance Shares may specify that the amount payable with respect
        thereto may not exceed a maximum specified by the Board at the Date of Grant.
        Any grant of Performance Units may specify that the amount payable or the
        number
        of shares of Common Stock issued with respect thereto may not exceed maximums
        specified by the Board at the Date of Grant.

       

      
        
          
            
            

          

          
            10

            
              

            

          

          
            
            

          

        

      

       

      (f)  The
        Board may, at the Date of Grant of Performance Shares, provide for the payment
        of dividend equivalents to the holder thereof on either a current, deferred
        or
        contingent basis, either in cash or in additional shares of Common
        Stock.

       

      (g)  Each
        grant of Performance Shares or Performance Units will be evidenced by an
        Evidence of Award and will contain such other terms and provisions, consistent
        with this Plan, as the Board may approve.

       

      (h)  Without
        limiting the generality of the foregoing, if and to the extent that the Board
        determines that any award of Performance Shares or Performance Units to be
        granted to a Covered Employee should qualify as “performance-based compensation”
for purposes of Section 162(m) of the Code, then (i) the grant of such award
        shall specify, and the payment and/or settlement of such award shall be
        contingent upon the achievement of, Management Objectives; and (ii) such
        Performance Shares or Performance Units shall otherwise be subject to such
        other
        terms and conditions as are necessary for the award thereof to comply with
        Section 162(m) of the Code.

       

      9.  Effect
        of
        Termination of Employment or Other Service. The Board shall determine the
        effect on an award granted under this Plan of the death, Disability, Retirement,
        termination of employment or service or other change in the employment or
        other
        status of a Participant. Unless otherwise provided in the applicable Evidence
        of
        Award:

       

      (a)  In
        the event a Participant’s employment or other service with the Company and all
        Subsidiaries is terminated by reason of death or Disability: (i) all Option
        Rights held by the Participant will become immediately exercisable in full
        and
        will remain exercisable for a period of one year after such termination (but
        in
        no event after the expiration date of any such Option Right); (ii) all
        restrictions applicable to Restricted Stock held by the Participant will
        be
        deemed fully satisfied upon such termination; (iii) all restrictions and
        the
        Restriction Period applicable to Restricted Stock Units held by the Participant
        will be deemed fully satisfied and will lapse, respectively, upon such
        termination; and (iv) the Management Objectives and the Performance Period
        applicable to Performance Shares or Performance Units held by the Participant
        will be deemed satisfied and will lapse, respectively, upon such
        termination.

       

      (b)  In
        the event a Participant’s employment or other service with the Company and all
        Subsidiaries is terminated by reason of Retirement: (i) all Option Rights
        which
        are not Incentive Stock Options held by the Participant will become immediately
        exercisable in full and will remain exercisable for a period of one year
        after
        such termination (but in no event after the expiration date of any such Option
        Right); (ii) all Option Rights which are Incentive Stock Options held by
        the
        Participant will become immediately exercisable in full and will remain
        exercisable for a period of three months after such termination (but in no
        event
        after the expiration date of any such Option Right); (iii) all restrictions
        applicable to Restricted Stock held by the Participant will be deemed fully
        satisfied upon such termination; (iv) all restrictions and the Restriction
        Period applicable to Restricted Stock Units held by the Participant will
        be
        deemed fully satisfied and will lapse, respectively, upon such termination;
        and
        (v) the Management Objectives and the Performance Period applicable to
        Performance Shares or Performance Units held by the Participant will be deemed
        satisfied and will lapse, respectively, upon such termination.

       

      (c)  Subject
        to the second sentence of this Section 9(c) with respect to Option Rights,
        in
        the event a Participant’s employment or other service is terminated with the
        Company and all Subsidiaries for any reason other than death, Disability
        or
        Retirement, or a Participant is in the employ or service of a Subsidiary
        and the
        Subsidiary ceases to be a Subsidiary of the Company (unless the Participant
        continues in the employ or service of the Company or another Subsidiary):
        (i)
        all rights of the Participant under this Plan and any Evidence of Award will
        immediately terminate without notice of any kind; (ii) any Option Rights
        held by
        the Participant will be terminated; (iii) any Restricted Stock held by the
        Participant will be forfeited; (iv) any Restricted Stock Units held by the
        Participant which are subject to restrictions that have not been satisfied
        or to
        a Restriction Period which has not lapsed will be forfeited; and (v) any
        Performance Shares or Performance Units held by the Participant which have
        not
        become payable to the Participant will be forfeited. However, (i) if the
        termination of the Participant’s employment or other service is due to any
        reason other than termination by the Company or any Subsidiary for Cause,
        then
        all Option Rights held by the Participant will remain exercisable to the
        extent
        exercisable as of such termination for a period of three months after such
        termination (but in no event after the expiration date of any such Option
        Rights), and (ii) if such termination is due to termination by the Company
        or
        any Subsidiary for Cause, then Option Rights held by the Participant will
        remain
        exercisable as of such termination for a period of one month after such
        termination (but in no event after the expiration date of any such Option
        Rights).

      

      
        
          
            
            

          

          
            11

            
              

            

          

          
            
            

          

        

      

       

      10.  Administration
        of this
        Plan.

       

      (a)  This
        Plan will be administered by the Board, which may from time to time delegate
        all
        or any part of its authority under this Plan to the Compensation Committee
        of
        the Board or any other committee of the Board (or a subcommittee thereof),
        as
        constituted from time to time. To the extent of any such delegation, references
        in this Plan to the Board will be deemed to be references to such committee
        or
        subcommittee.

      (b)  The
        interpretation and construction by the Board of any provision of this Plan
        or of
        any agreement, notification or document evidencing the grant of Option Rights,
        Restricted Stock, Restricted Stock Units, Performance Shares or Performance
        Units and any determination by the Board pursuant to any provision of this
        Plan
        or of any such agreement, notification or document will be final and conclusive.
        The Board may correct any defect, supply any omission or reconcile any
        inconsistency in this Plan or any agreement, notification or document evidencing
        the grant of Option Rights, Restricted Stock, Restricted Stock Units,
        Performance Shares or Performance Units in the manner and to the extent the
        Board shall deem expedient to carry this Plan into effect.

       

      (c)  To
        the extent permitted by applicable law, the Board may delegate to one or
        more
        officers of the Company the power to grant Option Rights, Restricted Stock,
        Restricted Stock Units, Performance Shares or Performance Units (subject
        to any
        limitations under this Plan) to employees or officers of the Company or any
        of
        its present or future Subsidiaries and to exercise such other powers under
        this
        Plan as the Board may determine; provided, however,
        that (i) the
        Board shall fix the maximum number of shares subject to any Option Rights,
        Restricted Stock, Restricted Stock Units, Performance Shares or Performance
        Units that the officers may grant and (ii) no officer shall be authorized
        to
        grant any awards under this Plan to any “executive officer” of the Company (as
        defined by Rule 3b-7 promulgated under the Exchange Act) , any “officer” of the
        Company (as defined by Rule 16a-1 promulgated under the Exchange Act) or
        any
        other Covered Employee.

       

      (d)  No
        Director or officer of the Company acting pursuant to the authority delegated
        to
        a committee of the Board (or a subcommittee thereof) or to such officer by
        the
        Board pursuant to this Section 9 shall be liable for any action or determination
        relating to or under this Plan made in good faith.

       

      11.  Adjustments.
        The Board shall make or provide for such adjustments in the numbers of shares
        of
        Common Stock covered by outstanding Option Rights, Restricted Stock Units,
        Performance Shares and Performance Units granted under this Plan, in the
        Option
        Price, and in the kind of shares covered thereby, as the Board, in its sole
        discretion, may determine is equitably required to prevent dilution or
        enlargement of the rights of Participants or Optionees that otherwise would
        result from (i) any stock dividend, stock split, combination of shares,
        recapitalization or other change in the capital structure of the Company
        or (ii)
        any merger, consolidation, spin-off, split- off, spin-out, split-up,
        reorganization, partial or complete liquidation or other distribution of
        assets,
        issuance of rights or warrants to purchase securities or (iii) any other
        corporate transaction or event having an effect similar to any of the foregoing.
        Moreover, in the event of any such transaction or event, the Board, in its
        discretion, may provide in substitution for any or all outstanding awards
        under
        this Plan such alternative consideration (including cash), if any, as it
        may
        determine to be equitable in the circumstances and may require in connection
        therewith the surrender of all awards so replaced. The Board may also make
        or
        provide for such adjustments in the numbers of shares specified in Section
        4 of
        this Plan as the Board in its sole discretion may determine is appropriate
        to
        reflect any transaction or event described in this Section 11; provided, however, that any
        such adjustment to the number specified in Section 4(b)(i) of this Plan will
        be
        made only if and to the extent that such adjustment would not cause any option
        intended to qualify as an Incentive Stock Option to fail so to
        qualify.

       

      12.  Change
        of
        Control. For purposes of this Plan, except as may be otherwise defined in
        an individual Participant’s Evidence of Award, a “Change of Control” shall mean
        the occurrence of any of the following events:

       

      (a)  the
        sale, lease, exchange or other transfer, directly or indirectly, of
        substantially all of the assets of the Company (in one transaction or in
        a
        series of related transactions) to a Person that is not controlled by the
        Company;

       

      (b)  the
        approval by the shareholders of the Company of any plan or proposal for the
        liquidation or dissolution of the Company;

       

      (c)  any
        person becomes after the Effective Date the beneficial owner (within the
        meaning
        of Rule 13d-3 promulgated under the Exchange Act), directly or indirectly,
        of
        (i) 20% or more, but less than 50%, of the then-outstanding Voting Securities
        of
        the Company unless the transaction resulting in such ownership has been approved
        in advance by the Incumbent Directors, or (ii) 50% or more of the
        then-outstanding Voting Securities of the Company (regardless of any approval
        by
        the Incumbent Directors) other than as a result of a merger, consolidation
        or
        share exchange that would not constitute a Change of Control pursuant to
        Section
        12(d) of this Plan;

       

      
        
          
            
            

          

          
            12

            
              

            

          

          
            
            

          

        

      

       

      (d)  a
        merger or consolidation to which the Company is a party, or a share exchange
        in
        which the Company exchanges the Company’s shares for shares of another
        corporation, if the shareholders of the Company immediately prior to the
        effective date of such merger, consolidation or share exchange have beneficial
        ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
        Act),
        immediately following the effective date of such merger, consolidation or
        share
        exchange, of securities of the surviving corporation representing 50% or
        less of
        the then-outstanding Voting Securities of the surviving corporation (regardless
        of any approval by the Incumbent Directors) unless persons who are Incumbent
        Directors immediately prior to the effective date of such merger, consolidation
        or share exchange constitute a least a majority of the board of directors
        of the
        surviving corporation immediately after such effective date;

       

      (e)  the
        Incumbent Directors cease for any reason to constitute at least a majority
        of
        the Board;

       

      (f)  the
        Surviving Incumbent Directors cease for any reason to constitute at least
        a
        majority of the board of directors of the surviving corporation resulting
        from a
        merger or consolidation to which the Company is a party, or a share exchange
        in
        which the Company exchanges the Company’s shares for shares of another
        corporation, which does not constitute a Change of Control as a result of
        Section 12(d) of this Plan; or

       

      (g)  any
        other change in control of the Company of a nature that would be required
        to be
        reported pursuant to Section 13 or 15(d) of the Exchange Act, whether or
        not the
        Company is then subject to such reporting requirements.

       

      13.  Non-U.S.
        Participants. In order to facilitate the making of any grant or
        combination of grants under this Plan, the Board may provide for such special
        terms for awards to Participants who are foreign nationals or who are employed
        by the Company or any Subsidiary outside of the United States of America
        or who
        provide services to the Company under an agreement with a foreign nation
        or
        agency, as the Board may consider necessary or appropriate to accommodate
        differences in local law, tax policy or custom. Moreover, the Board may approve
        such supplements to or amendments, restatements or alternative versions of
        this
        Plan (including, without limitation, sub-plans) as it may consider necessary
        or
        appropriate for such purposes, without thereby affecting the terms of this
        Plan
        as in effect for any other purpose, and the Secretary or other appropriate
        officer of the Company may certify any such document as having been approved
        and
        adopted in the same manner as this Plan. No such special terms, supplements,
        amendments or restatements, however, will include any provisions that are
        inconsistent with the terms of this Plan as then in effect unless this Plan
        could have been amended to eliminate such inconsistency without further approval
        by the shareholders of the Company.

       

      14.  Transferability.

       

      (a)  No
        Option Right granted under this Plan shall be transferable by the Participant
        except by will or the laws of descent and distribution. Except as otherwise
        determined by the Board, Option Rights will be exercisable during the
        Participant’s lifetime only by the Participant or, in the event of the
        Participant’s legal incapacity to do so, by the Participant’s guardian or legal
        representative acting on behalf of the Participant in a fiduciary capacity
        under
        state law and/or court supervision.

       

      (b)  The
        Board may specify at the Date of Grant that part or all of the shares of
        Common
        Stock that are (i) to be issued or transferred by the Company upon the exercise
        of Option Rights, upon the termination of the Restriction Period applicable
        to
        Restricted Stock Units or upon payment under any grant of Performance Shares
        or
        Performance Units or (ii) no longer subject to the substantial risk of
        forfeiture and restrictions on transfer referred to in Section 6 of this
        Plan,
        will be subject to further restrictions on transfer.

       

      15.  Withholding
        Taxes. The Participant must satisfy all applicable federal, state, and
        local or other income and employment tax withholding obligations before the
        Company will deliver stock certificates or otherwise recognize ownership
        of
        Common Stock under an award made under this Plan. The Company may satisfy
        the
        withholding obligations through additional withholding on salary or wages.
        If
        the Company elects not to or cannot withhold from other compensation, then
        the
        Participant must pay the Company the full amount, if any, required for
        withholding or have a broker tender to the Company cash equal to the withholding
        obligations. Payment of withholding obligations is due before the Company
        will
        issue any shares on exercise or release from forfeiture or otherwise in payment
        of any award granted under this Plan or, if the Company so requires, at the
        same
        time as the payment of the Option Price unless the Company determines otherwise.
        If provided for in an Evidence of Award or approved by the Board in its sole
        discretion, a Participant may satisfy such tax obligations in whole or in
        part
        by delivery of shares of Common Stock, including shares retained from the
        award
        made under this Plan creating the tax obligation, valued at their Market
        Value
        Per Share; provided,
        however, except as otherwise provided by the Board, that the total tax
        withholding where Common Stock is being used to satisfy such tax obligations
        cannot exceed the Company’s minimum statutory withholding obligations (based on
        minimum statutory withholding rates for federal and state tax purposes,
        including payroll taxes, that are applicable to such supplemental taxable
        income). Shares surrendered to satisfy tax withholding requirements cannot
        be
        subject to any repurchase, forfeiture, unfulfilled vesting or other similar
        requirements.

      

      
        
          
            
            

          

          
            13

            
              

            

          

          
            
            

          

        

      

       

      16.  Compliance
        with Section 409A of the
        Code.

       

      (a)  To
        the extent applicable, it is intended that this Plan and any grants made
        hereunder comply with the provisions of Section 409A of the Code. This Plan
        and
        any grants made hereunder shall be administrated in a manner consistent with
        this intent, and any provision that would cause this Plan or any grant made
        hereunder to fail to satisfy Section 409A of the Code shall have no force
        and
        effect until amended to comply with Section 409A of the Code (which amendment
        may be retroactive to the extent permitted by Section 409A of the Code and
        may
        be made by the Company without the consent of Participants). Any reference
        in
        this Plan to Section 409A of the Code will also include any regulations or
        any
        other guidance promulgated with respect to such Section by the U.S. Department
        of the Treasury or the Internal Revenue Service.

       

      (b)  In
        order to determine for purposes of Section 409A of the Code whether a
        Participant is employed by a member of the Company’s controlled group of
        corporations under Section 414(b) of the Code (or by a member of a group
        of
        trades or businesses under common control with the Company under Section
        414(c)
        of the Code) and, therefore, whether the shares of Common Stock that are
        or have
        been purchased by or awarded under this Plan to the Participant are shares
        of
“service recipient” stock within the meaning of Section 409A of the
        Code:

       

      (i)  In
        applying Code Section 1563(a)(1), (2) and (3) for purposes of determining
        the
        Company’s controlled group under Section 414(b) of the Code, the language “at
        least 50 percent” is to be used instead of “at least 80 percent” each place it
        appears in Code Section 1563(a)(1), (2) and (3); and

       

      (ii)  In
        applying Treasury Regulation Section 1.414(c)-2 for purposes of determining
        trades or businesses under common control with the Company for purposes of
        Section 414(c) of the Code, the language “at least 50 percent” is to be used
        instead of “at least 80 percent” each place it appears in Treasury Regulation
        Section 1.414(c)-2.

       

      (c)  Notwithstanding
        any provision of this Plan to the contrary, to the extent an award shall
        be
        deemed to be vested or restrictions lapse, expire or terminate upon the
        occurrence of a Change of Control and such Change of Control does not constitute
        a “change in the ownership or effective control” or a “change in the ownership
        or a substantial portion of the assets” of the Company within the meaning of
        Section 409A(a)(2)(A)(v) of the Code, then even though such award may be
        deemed
        to be vested or restrictions lapse, expire or terminate upon the occurrence
        of
        the Change of Control or any other provision of this Plan, payment will be
        made,
        to the extent necessary to comply with the provisions of Section 409A of
        the
        Code, to the Participant upon the earliest to occur of (i) the Participant’s
“separation from service” with the Company (determined in accordance with
        Section 409A of the Code); provided, however, that if
        the Participant is a “specified employee” (within the meaning of Section 409A of
        the Code), then the payment date shall be the date that is six months after
        the
        date of the Participant’s separation from service with the Company, (ii) the
        date payment otherwise would have been made in the absence of any provisions
        in
        this Plan to the contrary (provided such date is permissible under Section
        409A
        of the Code), or (iii) the Participant’s death.

      

      
        
          
            
            

          

          
            14

            
              

            

          

          
            
            

          

        

      

       

      17.  Parachute
        Limitations. Notwithstanding any other provision of this Plan or of any
        other agreement, contract, or understanding heretofore or hereafter entered
        into
        by a Participant with the Company or any Subsidiary, except an Other Agreement,
        and notwithstanding any Benefit Arrangement, if the Participant is a
“disqualified individual,” as defined in Section 280G(c) of the Code, any Option
        Right, Restricted Stock, Restricted Stock Unit, Performance Share or Performance
        Unit held by that Participant and any right to receive any payment or other
        benefit under this Plan shall not become exercisable or vested (i) to the
        extent
        that such right to exercise, vesting, payment, or benefit, taking into account
        all other rights, payments, or benefits to or for the Participant under this
        Plan, all Other Agreements and all Benefit Arrangements, would cause any
        payment
        or benefit to the Participant under this Plan to be considered a Parachute
        Payment and (ii) if, as a result of receiving a Parachute Payment, the aggregate
        after-tax amounts received by the Participant from the Company under this
        Plan,
        all Other Agreements and all Benefit Arrangements would be less than the
        maximum
        after-tax amount that could be received by the Participant without causing
        any
        such payment or benefit to be considered a Parachute Payment. In the event
        that
        the receipt of any such right to exercise, vesting, payment or benefit under
        this Plan, in conjunction with all other rights, payments or benefits to
        or for
        the Participant under any Other Agreement or any Benefit Arrangement would
        cause
        the Participant to be considered to have received a Parachute Payment under
        this
        Plan that would have the effect of decreasing the after-tax amount received
        by
        the Participant as described in clause (ii) of the preceding sentence, then
        the
        Participant shall have the right, in the Participant’s sole discretion, to
        designate those rights, payments or benefits under this Plan, any Other
        Agreements and any Benefit Arrangements that should be reduced or eliminated
        so
        as to avoid having the payment or benefit to the Participant under this Plan
        be
        deemed to be a Parachute Payment.

       

      18.  Effective
        Date. This Plan will be effective as of the Effective Date.

       

      19.  Amendments.

       

      (a)  The
        Board may at any time and from time to time amend this Plan in whole or in
        part;
provided, however,
        that if an
        amendment to this Plan (i) would materially increase the benefits accruing
        to
        Participants under this Plan, (ii) would materially increase the number of
        securities which may be issued under this Plan, (iii) would materially modify
        the requirements for participation in this Plan or (iv) must otherwise be
        approved by the shareholders of the Company in order to comply with applicable
        law or the rules of the Nasdaq Stock Market LLC or, if the shares of Common
        Stock are not traded on the Nasdaq Capital Market, the principal national
        securities exchange upon which the shares of Common Stock are traded or quoted,
        then, such amendment will be subject to shareholder approval and will not
        be
        effective unless and until such approval has been obtained. In addition,
        if at
        any time the approval of the Company’s shareholders is required under Section
        422 of the Code in order to amend this Plan, then such amendment will also
        be
        subject to shareholder approval and will not be effective unless and until
        such
        approval has been obtained. Unless otherwise specified in the amendment,
        any
        amendment to this Plan adopted in accordance with this Section 19 shall apply
        to, and be binding on the holders of, all awards outstanding under this Plan
        at
        the time the amendment is adopted, provided the Board determines that such
        amendment does not materially or adversely affect the rights of
        Participants.

       

      (b)  The
        Board will not, without the further approval of the shareholders of the Company,
        authorize the amendment of any outstanding Option Right to reduce the Option
        Price. Furthermore, no Option Right will be cancelled and replaced with awards
        having a lower Option Price without further approval of the shareholders
        of the
        Company. This Section 19(b) is intended to prohibit the repricing of
“underwater” Option Rights and will not be construed to prohibit the adjustments
        provided for in Section 11 of this Plan or other adjustments necessary to
        continue compliance with Section 409A of the Code.

       

      (c)  If
        permitted by Section 409A of the Code, in case of termination of employment
        by
        reason of death, Disability or Retirement, or in the case of unforeseeable
        emergency or other special circumstances, of a Participant who holds an Option
        Right not immediately exercisable in full, or any shares of Restricted Stock
        as
        to which the substantial risk of forfeiture or the prohibition or restriction
        on
        transfer has not lapsed, or any Restricted Stock Units as to which the
        Restriction Period has not been completed, or any Performance Shares or
        Performance Units which have not been fully earned, or who holds shares of
        Common Stock subject to any transfer restriction imposed pursuant to Section
        14
        of this Plan, the Board may, in its sole discretion, accelerate the time
        at
        which such Option Right, or other award may be exercised or the time at which
        such substantial risk of forfeiture or prohibition or restriction on transfer
        will lapse or the time when such Restriction Period will end or the time
        at
        which such Performance Shares or Performance Units will be deemed to have
        been
        fully earned or the time when such transfer restriction will terminate or
        may
        waive any other limitation or requirement under any such award.

       

      (d)  Subject
        to Section 19(b) of this Plan, the Board may amend the terms of any award
        theretofore granted under this Plan prospectively or retroactively, except
        in
        the case of a Covered Employee where such action would result in the loss
        of the
        otherwise available exemption of the award under Section 162(m) of the Code
        and
        the Board intends that such award should qualify as “performance-based
        compensation” for purposes such section. In such case, the Board will not make
        any modification of the Management Objectives or the level or levels of
        achievement with respect to such Covered Employee. Subject to Section 11
        of this
        Plan, no such amendment shall impair the rights of any Participant without
        the
        Participant’s consent.

      

      
        
          
            
            

          

          
            15

            
              

            

          

          
            
            

          

        

      

       

      20.  Termination.
        The Board may, in its discretion, terminate this Plan at any time. Termination
        of this Plan will not affect the rights of Participants or their successors
        under any awards outstanding hereunder and not exercised in full on the date
        of
        termination. No grant will be made under this Plan more than 10 years after
        the
        date on which this Plan is first approved by the shareholders of the Company,
        but all grants made on or prior to such date will continue in effect thereafter
        subject to the terms thereof and of this Plan.

       

      21.  Requirements
        of
        Law.

       

      (a)  The
        Company shall not be required to sell or issue any shares of Common Stock
        under
        any award under this Plan if the sale or issuance of such shares would
        constitute a violation by the Participant, any other individual exercising
        an
        Option Right, or the Company of any provision of any law or regulation of
        any
        governmental authority, including, without limitation, any federal or state
        securities laws or regulations. If at any time the Company shall determine,
        in
        its discretion, that the listing, registration or qualification of any shares
        subject to an award under this Plan upon any securities exchange or under
        any
        governmental regulatory body is necessary or desirable as a condition of,
        or in
        connection with, the sale or issuance of shares under this Plan, no shares
        of
        Common Stock may be issued or sold to the Participant or any other individual
        exercising an Option Right pursuant to such award unless such listing,
        registration, qualification, consent or approval shall have been effected
        or
        obtained free of any conditions not acceptable to the Company, and any delay
        caused thereby shall in no way affect the date of termination of the award.
        Without limiting the generality of the foregoing, in connection with the
        Securities Act, upon the exercise of any Option Right or the delivery of
        any
        shares of Common Stock underlying an award under this Plan, unless a
        registration statement under the Securities Act is in effect with respect
        to the
        shares of Common Stock covered by such award, the Company shall not be required
        to sell or issue such shares unless the Board has received evidence satisfactory
        to it that the Participant or any other individual exercising an Option Right
        may acquire such shares pursuant to an exemption from registration under
        the
        Securities Act. Any determination in this connection by the Board shall be
        final, binding and conclusive. The Company may, but shall in no event be
        obligated to, register any securities covered by this Plan pursuant to the
        Securities Act. The Company shall not be obligated to take any affirmative
        action in order to cause the exercise of an Option Right or the issuance
        of
        shares of Common Stock pursuant to the Plan to comply with any law or regulation
        of any governmental authority. As to any jurisdiction that expressly imposes
        the
        requirement that an Option Right shall not be exercisable until the shares
        of
        Common Stock covered by such Option Right are registered or are exempt from
        registration, the exercise of such Option Right under circumstances in which
        the
        laws of such jurisdiction apply shall be deemed conditioned upon the
        effectiveness of such registration or the availability of such an
        exemption.

       

      (b)  With
        respect to Persons subject to Section 16 of the Exchange Act, transactions
        under
        this Plan are intended to comply with all applicable conditions of Rule 16b-3
        promulgated under the Exchange Act. To the extent any provision of this Plan
        or
        action by the Board fails to so comply, it shall be deemed modified so as
        to be
        in compliance with such rule or, if such modification is not possible, it
        shall
        be deemed to be null and void to the extent permitted by law and deemed
        advisable by the Board. In the event that Rule 16b-3 promulgated under the
        Exchange Act is revised or replaced, the Board may exercise its discretion
        to
        modify this Plan in any respect necessary to satisfy the requirements of,
        or to
        take advantage of any features of, the revised exemption or its
        replacement.

       

      22.  Governing
        Law. This Plan and all grants and awards and actions taken thereunder
        shall be governed by and construed in accordance with the internal substantive
        laws of the State of Minnesota.

       

      23.  Unfunded
        Plan. This Plan is intended to be an unfunded plan. Participants are and
        shall be at all times general creditors of the Company with respect to all
        awards granted under this Plan. If the Board or the Company chooses to set
        aside
        funds in a trust or otherwise for the payment of awards granted under this
        Plan,
        such funds shall at all times be subject to the claims of the creditors of
        the
        Company in the event of its bankruptcy or insolvency.

      

      
        
          
            
            

          

          
            16

            
              

            

          

          
            
            

          

        

      

       

      24.  Miscellaneous
        Provisions.

       

      (a)  The
        Company will not be required to issue any fractional shares of Common Stock
        pursuant to this Plan. The Board may provide for the elimination of fractions
        or
        for the settlement of fractions in cash.

       

      (b)  This
        Plan will not confer upon any Participant any right with respect to continuance
        of employment or other service with the Company or any Subsidiary, nor will
        it
        interfere in any way with any right the Company or any Subsidiary would
        otherwise have to terminate such Participant’s employment or other service at
        any time.

       

      (c)  To
        the extent that any provision of this Plan would prevent any Option Right
        that
        was intended to qualify as an Incentive Stock Option from qualifying as such,
        that provision will be null and void with respect to such Option Right. Such
        provision, however, will remain in effect for other Option Rights and there
        will
        be no further effect on any provision of this Plan.

       

      (d)  Absence
        on leave approved by a duly constituted officer of the Company or any of
        its
        Subsidiaries shall not be considered interruption or termination of service
        of
        any employee for any purposes of this Plan or awards granted hereunder, except
        that no awards may be granted to an employee while he or she is absent on
        leave.

       

      (e)  No
        Participant shall have any rights as a shareholder with respect to any shares
        subject to awards granted to such Participant under this Plan prior to the
        date
        as of which such Participant is actually recorded as the holder of such shares
        upon the stock records of the Company.

       

      (f)  The
        Board may condition the grant of any award or combination of awards authorized
        under this Plan on the surrender or deferral by the Participant of such
        Participant’s right to receive a cash bonus or other compensation otherwise
        payable by the Company or a Subsidiary to the Participant.

       

      (g)  Participants
        shall provide the Company with a written election form setting forth the
        name
        and contact information of the Person who will have beneficial ownership
        rights
        upon the death of the Participant.

       

      (h)  If
        any provision of this Plan is or becomes invalid, illegal or unenforceable
        in
        any jurisdiction, or would disqualify this Plan or any award under any law
        deemed applicable by the Board, such provision shall be construed or deemed
        amended or limited in scope to conform to applicable laws or, in the discretion
        of the Board, it shall be stricken and the remainder of this Plan shall remain
        in full force and effect.

       

       

      17Second Amended and Restated Supplemental Executive Retirement Plan

 Exhibit 10(f) 
 

 
 GREIF, INC. 
 SECOND AMENDED AND RESTATED 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 Effective January 1, 2008 

 GREIF, INC. 
 SECOND AMENDED AND RESTATED 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 1.00 Purpose 
 Prior to the Effective Date (as defined
below), Greif Bros. Corporation (the predecessor of Greif, Inc.) entered into a series of Individual Agreements with various of its select management and highly compensated employees. Effective January 1, 2004 (the “Effective Date”),
Greif, Inc. (the “Corporation”) adopted the Greif Supplemental Executive Retirement Plan (the “Plan”) [1] as a means of providing the benefits described in the Plan to each Eligible Employee who was a party to an
Individual Agreement as of the Effective Date and to each other Eligible Employee who became a Participant after the Effective Date and [2] to supersede and replace the provisions of any and all of the Individual Agreements. Effective
January 1, 2005, the Corporation amended and restated the Plan to [a] incorporate changes required by the American Jobs Creation Act of 2004 and [b] make other appropriate changes. Effective January 1, 2008, the Corporation
amended the Plan to comply with Code Section 409A and the temporary regulations promulgated thereunder. Effective January 1, 2008 (the “Restatement Effective Date”), the Corporation adopts this second amended and
restated version of the Plan to incorporate changes required by Code Section 409A and the final regulations promulgated thereunder. This Plan is intended to be an unfunded, nonqualified program of deferred compensation within the meaning of
Title I of ERISA. 
 2.00 Definitions 
 Whenever used in this Plan, the following words, terms and phrases will have the meanings given to them in this Section, unless another meaning is expressly provided elsewhere in this Plan. Also, the form of any word, term or phrase will
include all of its other forms. Other words, terms and phrases also may be defined in the Plan text. Other capitalized terms are defined in the Qualified Plan and are incorporated into this document by reference. Any amendment to any term defined in
the Qualified Plan will automatically be deemed to be an amendment to that same term as used in this document regardless of the restrictions and procedures described in Section 8.00. 
 2.01 Administrator: The person or entity employed by the Committee to assist in the administration of the Plan in accordance with Section 7.00. 

2.02 Annual SERP Compensation: The base compensation and any short-term incentive compensation earned by a Participant from his or her Employer during the
relevant year. 
 2.03 Average Annual SERP Compensation: [1] the Annual SERP Compensation earned during the three (3) consecutive
year period during the Participant’s last five (5) years of employment in which his or her Annual SERP Compensation is the highest, divided by [2] three. 
 2.04 Beneficiary: The person or persons designated by a Member to receive any Plan Benefit that is unpaid on the date of the Member’s death. A Beneficiary may be designated only by following
the procedures described in Section 10.01. 
  

 1 

 2.05 Board: The Corporation’s board of directors or other governing body. 
 2.06 Cause: 
 [1] Any act which the
Corporation, in its sole discretion, concludes is detrimental to the Corporation’s, the Group’s or any Group Member’s best interests; 
 [2] Serious, willful misconduct relating to the discharge of the duties owed to the Member’s Employer; 
 [3]
Conviction of a felony or perpetuation of a common law fraud; 
 [4] Willful failure to comply with laws applicable to the
execution of the Corporation’s, any Group Member’s or the Group’s business; 
 [5] Theft, fraud, embezzlement,
dishonesty or other willful misconduct that has resulted in economic damage to the Corporation, the Group or any Group Member; or 
 [6]
Failure to comply with the Corporation’s drug and alcohol abuse policy. 
 2.07 Change in Control: The occurrence of the first of any of the
following events: 
 [1] Any direct or indirect acquisition by a “person,” including a “group” [as such terms are
used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (“Act”)] after which the “person” or “group” is the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly
or indirectly, of securities of the Corporation representing more than thirty (30) percent of the combined voting power of the Corporation’s then outstanding securities entitled to vote in the election of the Board; provided, however, that
“person” or “group” will not include [a] the Corporation, [b] any entity under common control with the Corporation (within the meaning of Code Section 414), or [c] any employee benefit
plan of any entity described in subclauses [a] and/or [b] of this Section 2.07[1]; or 
 [2] The adoption or authorization by the
shareholders of the Corporation of a definitive agreement or a series of related agreements [a] for the merger or other business combination of the Corporation with or into another entity in which the shareholders of the Corporation
immediately before the effective date of that merger or other business combination own less than fifty (50) percent of the voting power entitled to be exercised in the election of the board of directors of the entity immediately after the
effective date of that merger or other business combination; or [b] for the sale or other disposition of all or substantially all of the assets of the Corporation; or 
 [3] The adoption by the shareholders of the Corporation of a plan relating to the liquidation or dissolution of the Corporation. 
 2.08 Code: The Internal Revenue Code of 1986, as amended, and any applicable rulings and regulations issued thereunder. 
  

 2 

 2.09 Committee: The Compensation Committee of the Board. 
 2.10 Corporation: Greif, Inc., a Delaware corporation. 
 2.11
Disability: “Disability” as defined in the Corporation’s long-term disability plan. An amendment to the definition of “Disability” specified in the Corporation’s long-term disability plan will automatically amend
the definition of “Disability” used in this Plan regardless of the restrictions and procedures described in Section 8.00. 
 2.12 Effective
Date: January 1, 2004. 
 2.13 Eligible Employee: Each person employed by an Employer who also [1] is a member of its select group of
management employees or is a highly compensated employee within the meaning of Title I of ERISA and [2] is accruing a benefit under the Qualified Plan. 
 2.14 Employer: The Corporation and any Group Member that adopts the Plan by following the procedures described in Section 12.11. 
 2.15 Enrollment Form: The form described in Section 3.00[4] that each Eligible Employee must complete before beginning to accrue a Plan Benefit. If there is a conflict between the terms of the Plan and the terms of the
Enrollment Form, the terms of the Plan will govern. 
 2.16 ERISA: The Employee Retirement Income Security Act of 1974, as amended, and any applicable
rulings and regulations issued thereunder. 
 2.17 Good Reason: Without the affected Member’s written consent, one or more of the following
events that occurs while he or she is a Member and that occurs other than as a direct result of the Member’s Termination: 
 [1] A
material reduction in the Member’s compensation; 
 [2] The permanent assignment to the Member of duties inconsistent in any
material respect with his or her position (including, without limitation, his or her status, office and title), authority, duties or responsibilities normally allotted to the Member or any other action that results in a material diminution in the
Member’s position, authority, duties or responsibilities; 
 [3] Before the Member Terminates, any material breach by the
Corporation or the Employer of (or the Corporation’s or the Employer’s inability to perform) the terms of any employment agreement with the Member; or 
 [4] Failure or refusal of any successor or assign of any Employer [a] to assume the duties and liabilities owed by that Employer to the Member under this Plan that arose before the Member’s
Termination or [b] to assume the duties and liabilities owed by the Employer before the Member’s Termination under any employment agreement between the Employer (including those assumed from predecessor employers, if any) and the
Member. 
  

 3 

 2.18 Group: The Corporation and all of its subsidiaries and affiliates that, along with the Corporation, would be
considered a single employer under Code Sections 414(b) and (c). 
 2.19 Group Member: Each member of the Group. 
 2.20 Individual Agreement: The separate nonqualified deferred compensation agreements [1] between Greif Bros. Corporation and each employee who was an
Eligible Employee on the Effective Date and [2] identified in each affected Member’s Enrollment Form. 
 2.21 Key Employee: A
Participant who is a “specified employee” as defined in Code Section 409A and Treasury Regulation Section 1.409A-1(i) and as determined under the Corporation’s policy for determining specified employees. 
 2.22 Member: Collectively, [1] a Participant and [2] a former Participant who no longer is accruing a Plan Benefit but who has not
received a full distribution of his or her Plan Benefit. 
 2.23 Normal Retirement Age: The date on which [1] a Member, other than the Chief
Executive Officer of the Corporation as of the Restatement Effective Date, attains the age of sixty-five (65) or [2] the Chief Executive Officer of the Corporation as of the Restatement Effective Date attains the age of sixty-two (62).

 2.24 Participant: An Eligible Employee who has met and continues to meet the conditions described in Section 3.00. A Participant’s
participation will end automatically (but he or she will continue to be a Member) for any period [1] before the Participant’s Termination but during which he or she is not an Eligible Employee or [2] after Termination.

 2.25 Plan: The Greif, Inc. Second Amended and Restated Supplemental Executive Retirement Plan, as described in this document and any amendments to
it. 
 2.26 Plan Benefit: The benefit calculated under Section 4.00. 
 2.27 Qualified Plan: The Greif Pension Plan as in effect on the Effective Date and as it may be amended at any time after the Effective Date and any successor to it. Any amendment to the Qualified Plan that
affects Plan Benefits will automatically be taken into account when calculating a Member’s Plan Benefit regardless of the restrictions and procedures described in Section 8.00. 
 2.28 Qualified Plan Benefit: The benefit each Member has accrued under the Qualified Plan on any relevant date and determined as described in Section 4.00. 
 2.29 Restatement Effective Date: [January 1, 2008] 
 2.30
Termination: A separation from service from the Group within the meaning of Code Section 409A and Treasury Regulation Section 1.409A-1(h). 
 2.31 Year of Vesting Service: On any given date, a Member will have the same number of “Years of Vesting Service” under this Plan that the Member has under the Qualified Plan on the same date, calculated as if the Member
had participated in the Qualified Plan beginning on the first date of the Member’s employment with any Group Member. 
  

 4 

 3.00 Eligibility and Participation 
 [1] Each Eligible Employee who was a party to an Individual Agreement and all Eligible Employees who were participating in the Plan immediately prior to the Restatement Effective Date shall remain Participants
in this Plan. 
 [2] In its sole discretion, each Employer (with the Committee’s concurrence) will decide which of its other Eligible Employees
may participate in the Plan and the earliest date on which they may participate. 
 [3] A Participant will continue to be a Member until the earlier
of the date he or she [a] is no longer an Eligible Employee, [b] Terminates, [c] is excluded (for any reason or for no reason) from the Plan by his or her Employer or [d] has received a complete
distribution of his or her Plan Benefit. 
 [4] The Committee (and the Participant’s Employer) will prepare an Enrollment Form for each Eligible
Employee who is to become a Participant. This Enrollment Form will specify the date the Eligible Employee may begin to earn a Plan Benefit and any other term or provision specifically affecting the Participant’s benefit or participation in the
Plan. 
 [5] Before an Eligible Employee may participate in the Plan, he or she must complete the Enrollment Form providing any information the
Committee may reasonably request. 
 4.00 Plan Benefits 
 4.01 Plan Benefit. A Member who Terminates after completing at least ten (10) Years of Vesting Service or otherwise after becoming fully vested as provided in Section 4.03 will receive a Plan Benefit
equal to the difference between subclauses [1] and [2] below: 
  

							
		 		  	[1]	 	[a] The percentage of the Member’s Average Annual SERP Compensation specified in the Member’s Enrollment Form; times
				
		 		  		 	[b] Years of Vesting Service (up to a maximum of twenty (20) years); divided by
				
		 		  		 	[c] twenty (20); minus

 [2] The annual Qualified Plan Benefit to which he or she is entitled on the same date,
calculated as if the Member had participated in the Qualified Plan beginning on the first date of the Member’s employment with any Group Member. Notwithstanding the foregoing, for purposes of this Section 4.01, the annual Qualified Plan
Benefit for a Member who previously was employed by Down River International, Inc. and Terminates after October 1, 2006, shall be the annual Qualified Plan Benefit to which he or she is entitled on the same date. 
  

 5 

 4.02 Rules Affecting Calculation of Benefit. The following rules will be applied when calculating the amounts
described in Section 4.01: 
 [1] Any factor relevant to calculating the benefit amount described in Section 4.01[2] will be
applied for purposes of calculating the amount described in Section 4.01[1], except that, for purposes of calculating the amount described in Section 4.01[1]: 
 [a] Annual SERP Compensation will not be subject to the limitations imposed by Code Section 401(a)(17); and 
 [b] The benefit will not be subject to the limitations imposed by Code Section 415. 
 [2]
The benefit amounts described in Sections 4.01[1] and [2] will be calculated: 
 [a] With respect to the benefit amount under
Section 4.01[2], in the normal form of payment provided for the Member under the Qualified Plan; 
 [b] Without regard to the
effect of any Qualified Domestic Relations Order; and 
 [c] As of the date distribution of the Plan Benefit under this Plan is to
begin and will include the value of any amount previously paid under the Qualified Plan as if the Qualified Plan Benefit had begun on the date distribution of the Plan Benefit under this Plan begins. 
 [3] Any Plan Benefit commencing prior to the Member’s Normal Retirement Age will be reduced by one-half of one percent (0.5%) for each month
that the benefit commencement date precedes the Member’s Normal Retirement Age; and 
 [4] Once calculated, the Plan Benefit will
not be adjusted. 
 4.03 Vesting. 
 [1]
Except as provided in Sections 4.03[2] and 4.04, a Member will be fully vested in the Member’s Plan Benefit upon the earliest of the date he or she: 
 [a] Completes at least ten (10) Years of Vesting Service; 
 [b] Reaches his or her Normal
Retirement Age; 
 [c] Dies; 
 [d] Suffers a Disability; or 
 [e] Terminates for Good Reason or is Terminated without Cause within twenty-four
(24) consecutive calendar months beginning immediately after a Change in Control. 
  

 6 

 However, a Termination for Good Reason will not
arise unless the Member notifies the Employer in writing of the event claimed to constitute Good Reason and the Employer fails to correct that event within thirty (30) days of receiving that written notice. Notwithstanding the foregoing,
“Good Reason” will cease to exist for an event on the sixtieth (60th) day following the later of its occurrence or the Member’s
knowledge thereof, unless the Member has given his or her Employer written notice thereof prior to such date. 
 [2] A Member
will not be entitled to a Plan Benefit if he or she: 
 [a] Terminates before meeting one of the conditions listed in
Section 4.03[1]; 
 [b] Is Terminated for Cause at any time; or 
 [c] Violates his or her confidentiality or noncompetition agreement. 
 4.04 Occurrence of Certain Events. Regardless of any other provision of this Plan, if, at any time after distribution of the Plan Benefit begins under Section 5.00, the Corporation learns that the Member
engaged in conduct that [1] would have constituted “Cause” had it been known before the Member Terminated or [2] violates the Member’s confidentiality or noncompetition agreement, any unpaid installments of the Plan
Benefit will be forfeited and the Corporation will have no further liability to the Member. 
 5.00 Distribution of Plan Benefits

 5.01 Time and Form of Payment. Subject to Sections 5.02 through 5.05, the Committee will calculate a Member’s vested Plan Benefit
(determined under Section 4.00) and distribute that Plan Benefit for fifteen (15) years in substantially equal quarterly installments beginning on the later of [a] the first day of the calendar quarter that begins after the
Member’s Normal Retirement Age or [b] the first day of the calendar quarter that begins after the Member’s Termination. 
 [Note: Old
Section 5.02, regarding the optional election to receive Plan Benefits beginning at age 60, was removed because Members were not making the election and it posed potential Code Section 409A issues.] 
 5.02 Effect of Death. If a Member dies before distribution of his or her Plan Benefit has begun, the Member’s Plan Benefit will be paid to his or her
Beneficiary in accordance with the provisions of Section 5.01, beginning the first day of the calendar quarter following the Member’s death. If a Member dies after distribution of his or her Plan Benefit has begun to be made to him or her,
payments will continue, in the same form and amount, to the Member’s Beneficiary. 
 5.03 Limited Cash-Out. Notwithstanding any provision in the
Plan to the contrary, the Corporation, in its sole discretion, may require a lump sum distribution of a Member’s Plan Benefit if: [1] the distribution results in the termination and liquidation of the entirety of the Member’s
interest under the Plan and all agreements, methods, programs or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a 

  

 7 

 
single nonqualified deferred compensation plan under Treasury Regulation Section 1.409A-1(c)(2); and [2] the aggregate distribution under the
arrangements is not greater than the applicable dollar amount under Code Section 402(g)(1)(B), as in effect in the year of distribution. 
 5.04
Distributions to Key Employees. Notwithstanding any provision in the Plan to the contrary, any Plan Benefit payable to a Key Employee upon a Termination will not be (or begin to be) distributed until the earlier of [a] six (6) months
after the date on which the Key Employee Terminates or [b] the date on which the Key Employee dies. The first payment to be made shall include the cumulative amount (if any) of any amounts that could not be paid during such postponement
period. 
 5.05 Payments Upon Income Inclusion Under Code Section 409A. The Corporation may accelerate the time or schedule of a payment to a
Member to pay an amount the Member includes in income as a result of the Plan failing to meet the requirements of Code Section 409A. Such payment shall not exceed the amount required to be included in income as a result of the failure to comply
with Code Section 409A. 
 6.00 Taxes 
 6.01 Withholding for Taxes Due on Plan Payments. Regardless of any other provision of this Plan, any payment due under Section 5.00 will be reduced by the amount of any federal, state and local income and wage taxes the Employer
is required to withhold under any applicable law or regulation from such payment. 
 6.02 Withholding for Taxes Due Before Payments Begin. Subject to
any limit prescribed under Code Section 409A and Treasury Regulation Section 1.409A-3(j)(4)(vi), the Committee and each Member will agree on the method to be applied to pay the Member’s portion of any employment, wage and other taxes
imposed under any applicable law or regulation on any Plan Benefit before that benefit is paid to the Member. Subject to any limit prescribed under Code Section 409A, if the Committee and the Member fail to agree on the method to be applied,
the Employer will [1] withhold the amount of the Member’s liability from his or her other compensation, or [2] if no other compensation is then payable to the Member, such Member shall remit to the Corporation an amount sufficient
to satisfy the Member’s liability. 
 7.00 Administration 
 7.01 Committee. The Corporation will be the “plan administrator” with respect to the Plan as such term is defined under ERISA. The Committee will be responsible for administering the Plan. 

7.02 Committee Procedure. The Committee will keep minutes of its proceedings and, with the assistance of the Administrator, all data, records and documents
pertaining to the Committee’s administration of the Plan. The Committee will act by a majority of its members at the time in office and such action may be taken either by a vote at a meeting or in writing without a meeting. The Committee may by
such majority action authorize any one or more of its 

  

 8 

 
members to execute any document or documents on behalf of the Committee. A member of the Committee who is also a Member hereunder will not vote or act upon
any matter relating solely to himself. 
 7.03 Authority. The Committee, on behalf of the Members, will enforce the Plan in accordance with its terms,
will be charged with the general administration of the Plan and will have full discretionary authority to manage and control the operation and administration of the Plan, including but not by way of limitation, the following authority: 

[1] To determine all questions relating to the eligibility of employees to participate; 
 [2] To determine the identity of all Members; 
 [3] To certify the amount and kind of benefits, as calculated by the Administrator, payable to Members; 
 [4] To
authorize all disbursements from the Plan; 
 [5] To maintain, with the assistance of the Administrator, all the necessary records for
the administration of the Plan; 
 [6] To interpret the provisions of the Plan and to make and publish such rules for the regulation of
the Plan as are not inconsistent with the terms thereof; 
 [7] To determine all questions arising with respect to the Plan’s
operation; and its interpretations and determinations, made in good faith, will be final and conclusive on all parties; and 
 [8] To
allocate or delegate, at its discretion and to the extent it considers appropriate, the powers and duties described in Sections 7.03[3], [4] and [5] to one or more persons of its selection and to engage persons to advise or render assistance to the
Committee or any fiduciary with respect to the Plan. 
 7.04 Information to the Committee. To enable the Committee to perform its functions, the
Employers will fully and timely provide information to the Committee on all matters relating to the compensation of all Participants, their continuous service and regular employment, their retirement, death or the cause for Termination and such
other pertinent facts as the Committee may require. 
 7.05 Resignation. Any member of the Committee may resign at any time by submission of a written
notice of resignation to the Secretary of the Corporation. No bond or other security will be required of any member of the Committee. No compensation will be paid to any member of the Committee for his services as a member. 
 7.06 Expenses. All expenses pertaining to the maintenance of this Plan incurred by the Committee or its delegees will be borne by the Employers. 
  

 9 

 7.07 Records. The Committee will keep such records as it deems necessary or appropriate in connection with
administration of the Plan. 
 7.08 Agents. The Committee, at any time, may employ any person or entity to perform any act, keep any records or
accounts or make any computations which are required of the Employers or the Committee under the Plan and may compensate said person or entity therefor; and such employment will not be deemed to be contrary to, or inconsistent with, the provisions
of this Plan. In the event of such employment, neither the Committee nor the Employers will be liable for any errors, omissions or malfeasance of such person or entity. 
 7.09 Claims Procedure. 
 [1] Any Member or Beneficiary or estate of a Member (the
“claimant”) who believes that he, she or it is entitled to an unpaid Plan benefit or that wishes to resolve a dispute or disagreement which arises under, or in any way relates to, the interpretation or construction of the Plan may file a
claim with the Administrator. 
 [2] If the claim is wholly or partially denied, the Administrator will, within a reasonable period of
time, and within ninety (90) days of the receipt of such claim, or if the claim is a claim on account of Disability, within forty-five (45) days of the receipt of such claim, provide the claimant with written notice of the denial setting
forth in a manner calculated to be understood by the claimant: 
 [a] The specific reason or reasons for which the claim was denied;

 [b] Specific reference to pertinent Plan provisions, rules, procedures or protocols upon which the Administrator relied to deny the
claim; 
 [c] A description of any additional material or information that the claimant may file to perfect the claim and an
explanation of why this material or information is necessary; 
 [d] An explanation of the Plan’s claims review procedure and the
time limits applicable to such procedure and a statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse determination upon review; and 
 [e] In the case of an adverse determination of a claim on account of Disability, the information to the claimant shall include, to the extent
necessary, the information set forth in Department of Labor Regulation Section 2560.503-1(g)(1)(v). 
 If special circumstances require
the extension of the forty-five (45) day or ninety (90) day period described above, the claimant will be notified before the end of the initial period of the circumstances requiring the extension and the date by which the Administrator
expects to reach a decision. Any extension for deciding a claim will not be for more than an additional ninety (90) day period, or if the claim is on account of Disability, for not more than two additional thirty (30) day periods.

  

 10 

 [3] If a claim has been wholly or partially denied, the affected claimant, or such claimant’s
authorized representative, may: 
 [a] Request that the Administrator reconsider its initial denial by filing a written appeal within
sixty (60) days after receiving written notice that all or part of the initial claim was denied (one hundred eighty (180) days in the case of a denial of a claim on account of Disability); 
 [b] Review pertinent documents and other material upon which the Administrator relied when denying the initial claim; and 
 [c] Submit a written description of the reasons for which the claimant disagrees with the Administrator’s initial adverse decision.

 An appeal of an initial denial of benefits and all supporting material must be made in writing within the time periods described above and
directed to the Administrator. The Administrator is solely responsible for reviewing all benefit claims and appeals and taking all appropriate steps to implement its decision. 
 The Administrator’s decision on review will be sent to the claimant in writing and will include specific reasons for the decision, written in a
manner calculated to be understood by the claimant, as well as specific references to the pertinent Plan provisions, rules, procedures or protocols upon which the Administrator relied to deny the appeal. The Administrator will consider all
information submitted by the claimant, regardless of whether the information was part of the original claim. The decision will also include a statement of the claimant’s right to bring an action under ERISA Section 502(a). 
 The Administrator’s decision on review will be made not later than sixty (60) days (forty-five (45) days in the case of a claim on account
of Disability) after his or her receipt of the request for review, unless special circumstances require an extension of time for processing, in which case a decision will be rendered as soon as possible, but not later than one hundred and twenty
(120) days (ninety (90) days in the case of a claim on account of Disability) after receipt of the request for review. This notice to the claimant will indicate the special circumstances requiring the extension and the date by which the
review official expects to render a decision and will be provided to the claimant prior to the expiration of the initial forty-five (45) day or sixty (60) day period. 
 In the case of a claim on account of Disability: [i] the review of the denied claim shall be conducted by a named fiduciary who is neither the
individual who made the benefit determination nor a subordinate of such person; and [ii] no deference shall be given to the initial benefit determination. For issues involving medical judgment, the named fiduciary must consult with an
independent health care professional who may not be the health care professional who decided the initial claim. 
  

 11 

 To the extent permitted by law, the decision of the claims official (if no review is properly requested)
or the decision of the review official on review, as the case may be, will be final and binding on all parties. No legal action for benefits under the Plan will be brought unless and until the claimant has exhausted such claimant’s remedies
under this Section. 
 8.00 Plan Amendment 
 The Corporation has the right, at any time, by an instrument in writing, to modify, alter or amend the Plan, in whole or in part. Except as permitted by Code Section 411(d)(6) (applied as if the Plan was a tax-qualified plan), no
amendment to the Plan will reduce the Member’s accrued Plan Benefit. The Board, an executive committee of the Board or other committee of the Board or any executive officer to which or whom the Board delegates discretionary authority with
respect to the Plan may exercise the Corporation’s right to amend the Plan. Notwithstanding anything to the contrary in this Plan, as a condition of earning a Plan Benefit, each Member agrees (without further consideration) to any amendments
necessary to avoid penalties under Code Section 409A. 
 9.00 Termination of Plan 
 9.01 No Contractual Obligation. The Plan may be wholly discontinued or terminated at any time by action of the Corporation or may be terminated at any time as to
its own employees by any Employer. 
 9.02 Vesting Upon Termination of the Plan. Upon termination or partial termination of the Plan (within the
meaning of Code Section 411(d)(3), applied as if the Plan is a tax-qualified plan), the rights of all affected Members (with respect to whom the Plan is deemed terminated) to Plan Benefits accrued to the date of such termination or partial
termination will be deemed fully vested. 
 9.03 Distribution of Plan Benefits After Termination of the Plan. Except to the extent permitted under
Code Section 409A and Treasury Regulation Section 1.409A-3(j)(4)(ix), termination of the Plan will not accelerate the distribution of any Plan Benefits. Instead, Plan Benefits will be distributed on the date(s) the Plan Benefits would have
been paid had the Plan not been terminated. 
 9.04 Successor Employer. If an Employer dissolves, reorganizes, merges into or consolidates with
another entity, provision may be made by which the successor will continue the Plan, in which case the successor will be substituted for the Employer under the terms and provisions of this Plan. The substitution of the successor for the Employer
will constitute an assumption by the successor of all Plan liabilities and the successor will have all of the powers, duties and responsibilities of the Employer under the Plan. 
 10.00 Beneficiaries 
 10.01 Beneficiaries. Each Member may from time to time designate
one or more persons (who may be any one or more members of such person’s family or other persons, administrators, 

  

 12 

 
trusts, foundations or other entities) as his or her Beneficiary under the Plan. Such designation shall be made in a form prescribed by the Committee. Each
Member may at any time and from time to time, change any previous Beneficiary designation, without notice to or consent of any previously designated Beneficiary, by amending his or her previous designation in a form prescribed by the Committee. If
the Beneficiary does not survive the Member (or is otherwise unavailable to receive payment) or if no Beneficiary is validly designated, then the amounts payable under this Plan shall be paid to the Member’s surviving spouse or, if there is no
surviving spouse, the Member’s estate. If more than one person is the Beneficiary of a deceased Member, each such person shall receive a pro rata share of any death benefit payable unless otherwise designated in the applicable form. If a
Beneficiary who is receiving benefits dies, all benefits that were payable to such Beneficiary shall then be payable to the estate of that Beneficiary. 
 10.02 Lost Member and/or Beneficiary. All Members and Beneficiaries shall have the obligation to keep the Administrator informed of their current address until such time as all benefits due have been paid. Under no circumstances
shall any amount under this Plan escheat to any governmental authority. 
 11.00 Funding 
 This Plan constitutes an unfunded, unsecured promise by the Employer to pay only those benefits that are accrued by Members under the terms of the Plan. Neither the
Corporation nor any other Group Member is required to segregate any assets into a fund established exclusively to pay Plan Benefits. Also, Members have only the rights of a general unsecured creditor and do not have any interest in or right to any
specific asset of any Group Member. Nothing in this Plan constitutes a guaranty by any Group Member or any other entity or person that the assets of the Employers or any other entity will be sufficient to pay Plan Benefits. 
 12.00 Miscellaneous 
 12.01 No Contract. The
adoption and maintenance of this Plan will not be deemed to constitute a contract of employment or otherwise between any Group Member and any Member or other person, and will not be a consideration for or an inducement or condition of any
employment. Nothing contained herein will be deemed to give to any Member or other person the right to be retained in the service of any Group Member or to interfere with the right of any Group Member (which right is expressly reserved) to
discharge, with or without Cause, a Member or other person at any time without any liability for any claim either against the Plan (except to the extent provided herein) or against the Group Member. 
 12.02 No Alienation. None of the benefits, payments, proceeds, claims or rights of any Member hereunder will be subject to any claims of any creditor or to
attachment or garnishment or other legal process by any creditor, nor will any such Member have any right to alienate, anticipate, commute, pledge, encumber or assign any claim or right hereunder or any of the benefits or payments or proceeds which
he may expect to receive, contingent or otherwise, under the provisions hereof. In the event any person attempts to take any action contrary to the provisions of this Section 12.02, [1] such action will be null and void and of no effect
whatsoever; [2] the Employers, the Corporation and the Committee may disregard such action 

  

 13 

 
and will not be in any manner bound thereby; and [3] the Employers, the Corporation and the Committee will suffer no liability by reason thereof. If
any Member or other person attempts to take any action contrary to this Section 12.02, each Employer, the Corporation and the Committee will be reimbursed and indemnified on demand out of the interest of such Member in the Plan for any loss,
cost or expense incurred as a result of disregarding or of acting in disregard of such action. 
 12.03 Applicable Law. This Plan will be construed,
administered and governed in all respects under and by the laws of the State of Ohio, except to the extent that such laws are preempted by applicable federal law. 
 12.04 Headings. Headings and subheadings in this agreement are inserted for convenience of reference only. They constitute no part of the Plan. 
 12.05 Gender. The masculine gender will include the feminine; and wherever appropriate, the singular will include the plural or the plural may be read as the singular. 
 12.06 Mistakes and Misstatements. In the event of a mistake or a misstatement by a Member as to any item of information that is furnished pursuant to the terms of the Plan that has an effect on the amount paid
or to be paid to such Member, or a mistake by the Plan as to the amount paid or to be paid to a Member, the Committee will take such action as in its judgment will accord to such person the payment to which he is properly entitled under the Plan.
The action to be taken by the Committee will include, without limitation, the reduction of future payments to the Member, the restatement of such person’s accrued Plan Benefit on the books and records of the Committee and the Corporation or a
request of the Member that the amounts paid in error to such person be repaid. 
 12.07 Limitations on Payment. If, in the judgment of the Committee,
a Member is legally, physically or mentally incapable of personally receiving and executing a receipt for any distribution or payment due him under the Plan, the distribution or payment may be made to the person’s guardian or other legal
representative (or, if none is known, to any other person or institution who has custody of the person), and that distribution or payment will constitute a full discharge of any obligation with respect to the amount paid or distributed. 

12.08 Invalid Provision. If any provision of this Plan is held to be illegal or invalid for any reason, the Plan will be construed and enforced as if the
offending provision had not been included in the Plan. However, that determination will not affect the legality or validity of the remaining parts of this Plan. 
 12.09 One Plan. This Plan may be executed in any number of counterparts, each of which will be deemed to be an original. 
 12.10
Coordination with Other Plans. Members’ rights to any benefits accrued or payable under this Plan will be determined solely by reference to the terms of this Plan document and to the terms of the Qualified Plan document and will be
unaffected by any other document or agreement between Members and the Employers. 
  

 14 

 12.11 Extension of Plan to Group Members. By action of its Board, the Corporation may extend participation of this
Plan to other Group Members but only if the board of directors or governing body of the other Group Members accept participation in the Plan, agree to the terms of the Plan and delegate to the Corporation and the Committee the authority to amend,
terminate and administer the Plan according to its terms. 
 12.12 Code Section 409A Compliance. It is intended that this Plan comply with Code
Section 409A and the Treasury Regulations promulgated thereunder (and any subsequent IRS notices or guidance), and, to the maximum extent permitted by law, this Plan shall be interpreted, administered and operated in good faith accordingly.
Nothing herein shall be construed as an entitlement to or guarantee of any particular tax treatment to a Member. 
  

			
	GREIF, INC.
		
	Signature:	 	 /s/ Michael J. Gasser

	Name:	 	Michael J. Gasser
	Title:	 	Chairman of the Board of Directors and Chief Executive Officer

  

 15 

 GREIF, INC. 
 SECOND AMENDED AND RESTATED 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 ENROLLMENT FORM 
 1.00 Notice of Participation and
Percentage of Average Annual SERP Compensation 
 You have been selected to participate in the Greif, Inc. Second Amended and Restated Supplemental
Executive Retirement Plan (the “Plan”). However, there are several things you should know. 
 First, if you were a party to an individual deferred
compensation agreement entered into before the Restatement Effective Date, this Plan supersedes and replaces the provisions of that agreement. 
 Second,
your participation is subject to the terms and conditions specified in the Plan (a complete copy of which is attached) and in this Enrollment Form. 
 Third,
your designated percentage of your Average Annual SERP Compensation under the Plan has been separately communicated. 
 Fourth, several terms used in this
Enrollment Form are defined in the Plan. These terms are capitalized. To be sure that you understand the effect of your participation in the Plan, you should review the Plan document carefully. 
 2.00 Instructions for Completing This Enrollment Form 
 You must
complete, sign and return this Enrollment Form to the Committee at the address shown at the end of this form before you may participate in the Plan. 
 3.00 Identification of Participant 
 Note: This part of the Enrollment Form must be completed whenever you file this form. Any revisions
or elections made without completing this part of this form will be ignored. Please print. 
  

			
	 Participant Name:
	 	  

	 Soc. Sec. No.:
	 	  

	 Date of Birth:
	 	  

	 Address:
	 	  

		 	  

 4.00 Distributions 
 Distribution of your Plan Benefit will begin shortly after your Normal Retirement Age (or, if later, the date you Terminate). If you die before benefit payments under the Plan have begun or before receiving the promised number of payments,
a death benefit (as specified in the Plan) will be paid to your Beneficiary. 

 5.00 Beneficiary Designation 
 I hereby designate the following beneficiary(ies) to receive any and all benefits to which they may be entitled under the terms of the Plan: 
  

					
		  	Primary
		
	Beneficiary Name:	  	  

	Address:	  	  

		  	  

	Relationship:	  	  
	  	
	Percentage:            %	  		  	
		
	Beneficiary Name:	  	  

	Address:	  	  

		  	  

	Relationship:	  	  
	  	
	Percentage:            %	  		  	
		
	Beneficiary Name:	  	  

	Address:	  	  

		  	  

	Relationship:	  	  
	  	
	Percentage:            %	  		  	
		
		  	Contingent
		
	Beneficiary Name:	  	  

	Address:	  	  

		  	  

	Relationship:	  	  
	  	
	Percentage:            %	  		  	
		
	Beneficiary Name:	  	  

	Address:	  	  

		  	  

	Relationship:	  	  
	  	
	Percentage:            %	  		  	
		
	Beneficiary Name:	  	  

	Address:	  	  

		  	  

	Relationship:	  	  
	  	
	Percentage:            %	  		  	

  

 2 

 6.00 Acknowledgement 
 I acknowledge and agree, on my own behalf and on behalf of my spouse, Beneficiary and my heirs and assigns, that [1] the Plan is unfunded and is maintained primarily for the purpose of providing deferred compensation to a select
group of management or highly compensated employees (as defined in the Employee Retirement Income Security Act of 1974, as amended), [2] I may lose all or part of my Plan Benefit (including any unpaid installments) if my Employer becomes
bankrupt, [3] I may not earn a benefit for any period I am not an Eligible Employee, [4] I have read and understand the terms of the Plan, [5] any disputes relating to the Plan must be resolved through procedures
described in Section 7.09 of the Plan, [6] if I was a party to an individual deferred compensation agreement prior to the Restatement Effective Date, the provisions of such individual agreement are void and of no effect as of the
date of my participation in this Plan, [7] I am solely responsible for ensuring that the Committee’s files contain my current mailing address and that of my spouse and Beneficiary and [8] as a condition of earning a Plan
Benefit, I agree (without any further consideration) to any amendments necessary to avoid penalties under Code Section 409A. 
  

					
	                          
	 		 	  

	Date	 		 	Signature
			
		 		 	  

		 		 	Name (please print)

 ****************************************************************************** 

Return this signed Enrollment Form to the Committee at the following address: 
 Greif, Inc. 
 Attn: Michael L. Roane, Sr. Vice President of Global Human Resources 
 425 Winter Road 
 Delaware, Ohio 43015 
  

 3

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