Document:

EXHIBIT 10.6

 

 

Executive Incentive Plan

 

Mueller Water Products, Inc.

 

 

Contents

 

	
  Article 1. Establishment, Objectives, and
  Duration

  	
   

  	
  A-3

  
	
   

  	
   

  	
   

  
	
  Article 2. Definitions

  	
   

  	
  A-3

  
	
   

  	
   

  	
   

  
	
  Article 3. Administration

  	
   

  	
  A-4

  
	
   

  	
   

  	
   

  
	
  Article 4. Eligibility and Participation

  	
   

  	
  A-5

  
	
   

  	
   

  	
   

  
	
  Article 5. Awards

  	
   

  	
  A-5

  
	
   

  	
   

  	
   

  
	
  Article 6. Beneficiary Designation

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 7. Deferrals

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 8. No Right to Employment or
  Participation

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 9. Amendment, Modification, and
  Termination

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 10. Withholding

  	
   

  	
  A-6

  
	
   

  	
   

  	
   

  
	
  Article 11.
  Successors

  	
   

  	
  A-7

  
	
   

  	
   

  	
   

  
	
  Article 12. Legal Construction

  	
   

  	
  A-7

  

 

A-2

 

Mueller Water
Products, Inc. 

Executive Incentive Plan

 

Article 1. Establishment, Objectives, and
Duration

 

1.1                         Establishment
of the Plan. Mueller Water Products, Inc., a Delaware corporation (the
“Company”), hereby establishes an incentive compensation plan to be known as
the “Mueller Water Products, Inc. Executive Incentive Plan” (the “Plan”),
as set forth herein and as it may be amended from time to time.

 

Subject to approval by the Company’s shareholders, the
Plan shall become effective as of the date the shareholders first approve the
Plan (the “Effective Date”), and shall remain in effect as provided in Section 1.3
hereof.

 

1.2                         Objectives
of the Plan. The primary objectives of the Plan are: (a) to attract,
motivate, and retain high-caliber individuals by providing competitive annual
incentive opportunities, (b) to provide an incentive to key employees of
the Company who have significant responsibility for the success and growth of
the Company, and (c) to satisfy the requirements of Section 162(m) of
the Code.

 

1.3                         Duration
of the Plan. The Plan shall commence on the Effective Date and shall remain
in effect, subject to the right of the Committee to amend or terminate the Plan
at any time pursuant to Article 9 hereof, for a period of ten (10) years,
at which time the right to grant Awards under the Plan shall terminate.

 

Article 2. Definitions

 

Whenever the following terms
are used in the Plan, with their initial letter(s) capitalized, they shall have
the meanings set forth below:

 

(a)                            “Award” means an award described in Article 5 hereof.

 

(b)                           “Award Pool” means, with respect to a Plan Year, three
percent (3%) of the Company’s operating income for the Plan Year.

 

(c)                            “Beneficial Owner” or “Beneficial Ownership”
shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and
Regulations under the Exchange Act, as amended from time to time, or any
successor rule.

 

(d)                           “Board” or “Board of Directors”
means the Board of Directors of the Company.

 

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

 

(f)                              “Committee” means the Compensation Committee of the Board or
any other committee appointed by the Board to administer the Plan and Awards to
Participants hereunder, as specified in Article 3 hereof.

 

(g)                           “Company” means Mueller Water Products, Inc., a Delaware
corporation, and any successor thereto as provided in Article 11 hereof.

 

(h)                           “Director” means any individual who is a member of the Board.

 

(i)                               “Effective Date” shall have the meaning ascribed to such term
in Section 1.1 hereof.

 

(j)                               “Employee” means any employee of the Company or of a Subsidiary.
Directors who are employed by the Company or by a Subsidiary shall be
considered Employees under the Plan.

 

A-3

 

(k)                            “Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time, or any successor statute.

 

(l)                               “Insider” means an individual who is, on the relevant date,
subject to the reporting requirements of Section 16(a) of the
Exchange Act.

 

(m)                         “Participant” means a key Employee who has been selected to
receive an Award or who holds an outstanding Award.

 

(n)                           “Performance-Based Exception” means the performance-based
exception from the tax deductibility limitation imposed by Code Section 162(m),
as set forth in Code Section 162(m) (4) (C).

 

(o)                           “Plan” means the Mueller Water Products, Inc. Executive
Incentive Plan, as set forth herein and as it may be amended from time to time.

 

(p)                           “Plan Year” means the Company’s fiscal year.

 

(q)                           “Subsidiary” means a corporation, partnership, joint venture,
or other entity in which the Company has an ownership or other proprietary
interest of more than fifty percent (50%).

 

Article 3. Administration

 

3.1                         General.
Except as otherwise determined by the Board in its discretion, the Plan shall
be administered by the Committee, which shall consist exclusively of two (2) or
more nonemployee Directors within the meaning of the rules promulgated by
the Securities and Exchange Commission under Section 16 of the Exchange
Act who also qualify as outside directors within the meaning of Code Section 162(m)
and the related regulations under the Code. The members of the Committee shall
be appointed from time to time by, and shall serve at the discretion of, the
Board. The Committee shall have the authority to delegate administrative duties
to officers or Directors of the Company; provided that the Committee may
not delegate its authority with respect to: (a) nonministerial actions
with respect to Insiders; (b) nonministerial actions with respect to
Awards that are intended to qualify for the Performance-Based Exception;
and (c) certifying that any performance goals and other material
terms attributable to Awards intended to qualify for the Performance-Based
Exception have been satisfied.

 

3.2                         Authority
of the Committee. Except as limited by law or by the Certificate of
Incorporation or Bylaws of the Company, and subject to the provisions hereof,
the Committee shall have full power in its discretion to select key Employees
who shall participate in the Plan; determine the sizes and types of Awards;
determine the terms and conditions of Awards in a manner consistent with the
Plan; construe and interpret the Plan and any Award, document, or instrument
issued under the Plan; establish, amend, or waive rules and regulations
for the Plan’s administration; and (subject to the provisions of Article 9
hereof) amend the terms and conditions of any outstanding Award as provided in
the Plan. Further, the Committee shall make all other determinations that may
be necessary or advisable for the administration of the Plan.

 

3.3                         Decisions
Binding. All determinations and decisions made by the Committee pursuant to
the provisions of the Plan and all related orders and resolutions of the
Committee shall be final, conclusive, and binding on all persons, including the
Company, its shareholders, Directors, Employees, Participants, and their
estates and beneficiaries.

 

3.4                         Performance-Based
Awards. For purposes of the Plan, it shall be presumed, unless the
Committee indicates to the contrary, that all Awards are intended to qualify
for the Performance-Based Exception. If the Committee does not intend an Award
to qualify for the Performance-Based Exception, the Committee shall reflect its
intent in its records in such manner as the Committee determines to be
appropriate.

 

A-4

 

Article 4. Eligibility and Participation

 

4.1                         Eligibility.
All key Employees are eligible to participate in the Plan.

 

4.2                         Actual
Participation. Subject to the provisions of the Plan, the Committee may,
from time to time, select from all eligible Employees those to whom Awards
shall be granted and shall determine the nature and amount of each Award.

 

Article 5. Awards

 

5.1                         Grant
of Awards.  All Awards under the Plan
shall be granted upon terms approved by the Committee. However, no Award shall
be inconsistent with the terms of the Plan or fail to satisfy the requirements
of applicable law. Each Award shall relate to a designated Plan Year.

 

5.2                         Award
Pool Limitation. The sum of the Awards for a single Plan Year shall not
exceed one hundred percent (100%) of the amount in the Award Pool for that Plan
Year.

 

5.3                         Individual
Maximum Awards. For any given Plan Year, no one Participant shall receive
an Award in excess of fifty percent (50%) of the Award Pool.

 

5.4                         Limitations
on Committee Discretion. The Committee may reduce, but may not increase,
any of the following:

 

(a)                            The
maximum Award for any Participant; and

 

(b)                           The
size of the Award Pool.

 

5.5                         Payment.
Payment of Awards shall be subject to the following:

 

(a)                            Unless
otherwise determined by the Committee, in its sole discretion, a Participant
shall have no right to receive a payment under an Award for a Plan Year unless
the Participant is employed by the Company or a Subsidiary at all times during
the Plan Year.

 

(b)                           The
Committee may, in its discretion, authorize payment to a Participant of less
than the Participant’s maximum Award and may provide that a Participant shall
not receive any payment with respect to an Award. In exercising its discretion,
the Committee shall consider such factors as it considers appropriate. The
Committee’s decision shall be final and binding upon any person claiming a
right to a payment under the Plan.

 

(c)                            In
no event may the portion of the Award Pool allocated to a Participant for a
given Plan Year be increased in any way, including as a result of the reduction
of any other Participant’s allocated portion.

 

(d)                           Payments
of Awards shall be wholly in cash.

 

(e)                            Each
Award shall be paid on a date prescribed by the Committee, but in no event
later than two and one-half (21⁄2) months following the end of the Plan Year.

 

Article 6. Beneficiary Designation

 

Each Participant may, from
time to time, name any beneficiary or beneficiaries (who may be named
contingently or successively) to whom any benefit under the Plan is to be paid
in case of the Participant’s death before the Participant receives any or all
of such benefit. Each such designation shall revoke all prior designations

 

A-5

 

by the same Participant
with respect to such benefit, shall be in a form prescribed by the Company, and
shall be effective only when filed by the Participant in writing with the
Company during the Participant’s lifetime. In the absence of any such
designation, any benefits remaining unpaid under the Plan at the Participant’s
death shall be paid to the Participant’s estate.

 

Article 7. Deferrals

 

The Committee may permit or
require a Participant to defer such Participant’s receipt of the payment of
cash that would otherwise be due to such Participant in connection with any
Awards. If any such deferral election is required or permitted, the
Committee shall, in its discretion, establish rules and procedures for
such payment deferrals that meet the requirements of Section 409A of
the Code.

 

Article 8. No Right to Employment or
Participation

 

8.1                         Employment.
The Plan shall not interfere with or limit in any way the right of the Company
or of any Subsidiary to terminate any Participant’s employment at any time, and
the Plan shall not confer upon any Participant the right to continue in the
employ of the Company or of any Subsidiary.

 

8.2                         Participation.
No Employee shall have the right to be selected to receive an Award or, having
been so selected, to be selected to receive a future Award.

 

Article 9. Amendment, Modification, and
Termination

 

9.1                         Amendment,
Modification, and Termination. Subject to the terms of the Plan, the
Committee may at any time and from time to time, alter, amend, suspend, or
terminate the Plan in whole or in part; provided that unless the Committee
specifically provides otherwise, any revision or amendment that would cause the
Plan to fail to comply with any requirement of applicable law, regulation, or rule if
such amendment were not approved by the shareholders of the Company shall not
be effective unless and until shareholder approval is obtained.

 

9.2                         Adjustment
of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events.
The Committee may make adjustments in the terms and conditions of, and the
criteria included in, Awards in recognition of unusual or nonrecurring events
affecting the Company or the financial statements of the Company or of changes
in applicable laws, regulations, or accounting principles, whenever the
Committee determines that such adjustments are appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan; provided that the Committee shall not be
authorized to adjust an Award that the Committee intends to qualify for the
Performance-Based Exception if such adjustment (or the authority to make such
adjustment) would prevent the Award from qualifying for the Performance-Based
Exception.

 

9.3                         Awards
Previously Granted. Notwithstanding any other provision of the Plan to the
contrary (but subject to Section 1.1 hereof), no termination, amendment,
or modification of the Plan shall cause any previously granted Awards to be
forfeited. After the termination of the Plan, any previously granted Award
shall remain in effect and shall continue to be governed by the terms of the
Plan and the Award.

 

Article 10. Withholding

 

The Company and its
Subsidiaries shall have the power and the right to deduct or withhold, or to
require a Participant to remit to the Company or to a Subsidiary, an amount
that the Company or a Subsidiary reasonably determines to be required to comply
with federal, state, local, or foreign tax withholding requirements.

 

Article 11. Successors

 

All obligations of the Company
under the Plan with respect to Awards granted hereunder shall be binding on any
successor to the Company, whether the existence of such successor is the result
of a direct or indirect purchase, merger, consolidation, or otherwise, of all
or substantially all of the business and/or assets of the Company.

 

A-6

 

Article 12. Legal Construction

 

12.1                                          Gender
and Number. Except where otherwise indicated by the context, any masculine
term used herein also shall include the feminine, any feminine term used herein
also shall include the masculine, and the plural shall include the singular and
the singular shall include the plural.

 

12.2                                          Severability.
If any provision of the Plan shall be held illegal or invalid for any reason,
such illegality or invalidity shall not affect the remaining parts of the Plan,
and the Plan shall be construed and enforced as if the illegal or invalid
provision had not been included.

 

12.3                                          Requirements
of Law. The granting of Awards under the Plan shall be subject to all
applicable laws, rules, and regulations, and to such approvals by any
governmental agencies as may be required.

 

12.4                                          Governing
Law. The Plan and all Awards shall be construed in accordance with
and governed by the laws of the state of Delaware (without regard to the
legislative or judicial conflict of laws rules of any state), except to the
extent superseded by federal law.

 

12.5                                          Section 409A.
To the extent an Award would be subject to the requirements of Code Section 409A
and the regulations thereunder, the Plan shall be construed and administered so
that the Award complies with Code Section 409A.

 

A-7EXHIBIT 10.7

 

MUELLER WATER
PRODUCTS, INC. 

DIRECTORS’
DEFERRED FEE PLAN

 

Effective
Date: April 26, 2006

 

1.                                       Establishment
of Plan

 

The Mueller Water Products, Inc. Directors’ Deferred Fee Plan (the
“Plan”) has been established by Mueller Water Products. Inc. (the “Company”)
for eligible members of the Board of Directors (the “Board”) of the Company.  The Plan shall become effective as of the
date the Board approves the Plan, or such later date as is designated by the
Board (such date, as set forth above, the “Effective Date”).

 

2.                                       Eligibility

 

Each person who is elected to be a member of the Board and who is not
an employee of the Company or any of its subsidiaries (each, a “Director”) is
eligible to elect to participate in the Plan.

 

3.                                       Participation

 

a)                                      Form of Election. 
A Director may elect to become a Participant (as defined below) and, as
such, to defer all or a portion of the fees to which he may thereafter be
entitled to receive as a Director (not including expense reimbursement) by
completing and signing an “Election to Participate in the Mueller Water
Products, Inc. Directors’ Deferred Fee Plan”.  A Director electing to participate (a “Participant”)
shall designate whether his fees are to be credited to an “Income Account” or
to a “Stock Equivalent Account,” or divided in any manner between such two
accounts.

 

b)                                     Initial Election.  A
Director’s initial election to participate in the Plan must be made no later
than 30  days following the date on which the individual becomes
eligible to participate in the Plan (i.e., either following the initial
adoption of the Plan or upon first becoming a Director).  If the Director does not elect to participate
in the Plan upon first becoming eligible to participate, the Director may only
elect to participate in the Plan with respect to subsequent terms of
office.  Any such initial election with
respect to a subsequent term of office must be made no later than December 31st
of the year preceding the year in which the Director will commence services for
the subsequent term of office.

 

 

c)                                      Elections as to Future Services.  The Director’s most-recently filed election
shall be deemed to be irrevocable and effective for fees to be earned with
respect to services to be provided in future terms of office unless the
Director files a new election in the manner and form established by the
Committee on or before December 31st of the year preceding the
year in which the Director expects to commence services for the future term of
office.

 

d)                                     Elections as to Prior Services.  A Director’s election as to fees previously
earned and deferred under the Plan may be amended or revoked only in a manner
established by the Committee (as defined below) and on such terms as comply
with applicable law.

 

4.                                       Operation of
Plan

 

a)                                      Income Account

 

A Participant’s fees otherwise payable shall be credited as a dollar
amount to the Participant’s Income Account on the date the fee would have
otherwise been paid.  At the end of each
calendar quarter, the Participant’s Income Account will be credited with interest
at an annual rate equal to the yield of a 10-year U.S. Treasury Note as of the
beginning of such calendar quarter plus 1.00%.  Interest shall be computed on the basis of the
beginning monthly credit balance in the Participant’s Income Account during
such quarter.

 

b)                                Stock Equivalent Account

 

On the first business day of each calendar quarter, a Participant’s
fees otherwise payable during the preceding calendar quarter shall be credited
as “Stock Equivalent Shares” in the Participant’s Stock Equivalent
Account.  The Stock Equivalent Shares
credited shall be equal in number to the maximum number of shares of the
Company’s Class A common stock (the “Common Stock”), or fraction thereof,
to the nearest one hundredth of one share, which could be purchased with the dollar
amount of the deferred fees at the closing market price for such stock on that
date, or if that date is not a trading date, on the next date that is a trading
date.

 

If the Participant is not serving as a Director on the first business
day of any calendar quarter due to death, resignation or removal (a “Termination
Event”), such Participant’s fees otherwise payable prior to the Termination
Event shall, no later than the tenth day after the Termination Event, be
converted into Stock Equivalent Shares equal in number to the maximum number of
shares of the Company’s Common Stock, or fraction thereof, to the nearest one
hundredth of one share, which could be purchased with such dollar amount at the
closing market price for such

 

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stock on that date, or if that date is not a trading date, on the next
date that is a trading date.

 

Stock Equivalent Shares shall be appropriately adjusted in the event of
any stock dividends, stock splits or any other similar changes in the Company’s
Common Stock (such change, a “Change in the Capital Structure”).  In the event that the Company’s Common Stock
is converted into other securities or property in connection with a Change in
the Capital Structure, all references herein to the Company’s “Common Stock”
shall be deemed references to the new security or property.  With respect to the payment of any cash
dividends, on each dividend payment date, an amount equal to the cash dividend
which would have been payable had the Participant been the actual owner of the
number of shares of the Company’s Common Stock reflected as Stock Equivalent
Shares in his Stock Equivalent Account shall be credited to such account, and
such amount shall be converted to Stock Equivalent Shares, in the manner
described in this Section 4 based on the market price of the Company’s
Common Stock on such dividend payment date.

 

5.                                       Payments

 

In January of the year determined by the Participant pursuant to a
valid election filed with the Secretary of the Company, which may be any
calendar year in which or after which the Participant has his 72nd birthday
or which may be the year of the Participant’s first termination of his services
as a Director (such date, the “Payment Date”), the Company shall make the payment
of the Income Account and the Stock Equivalent Account in cash to the
Participant in one, five, ten or fifteen annual installments, as shall be
determined by the Participant in accordance with the terms of his election form.
 Each annual installment payment shall be
made no later than January 30, beginning with the first Payment
Date.  Until complete payment of a Participant’s Deferred Fee Accounts,
such accounts shall be appropriately adjusted from time to time in accordance
with paragraphs 4(a) and 4(b) above.  In the event of a Participant’s death, payment
of all or the remaining portion of his Deferred Fee Accounts will continue to
be made to his beneficiary or beneficiaries in the series of annual
installments as determined by the Participant in the last election form on file
with the Secretary.  In the absence of an
election filed by the Participant with the Secretary of the Company, the entire
balance of a Participant’s Income Account and Stock Equivalent Account shall be
paid in a lump sum to the Participant (or in the event of a Participant’s
death, to his beneficiary or beneficiaries) between January 1 and January 30
of the calendar year following the year of the Participant’s first termination
of services as a director.

 

6.                                       General

 

a)                                      Each Participant
or former Participant entitled to payment of deferred fees hereunder from time
to time may name any beneficiary or

 

3

 

beneficiaries (who may be named contingently or successively) to whom
any such deferred fees are to be paid in case of his death before he receives
any or all of such fees.  Each beneficiary
designation will revoke all prior designations by the same Participant or
former Participant, shall be in form prescribed by the Company, and will be
effective only when filed by the Participant or former Participant in writing
with the Committee during his lifetime.  In
the absence of any such designation, any fees remaining unpaid at a Participant’s
or former Participant’s death shall be paid to his estate.

 

b)                                     The establishment
of the Plan and the eligibility of or participation by any person shall not be
construed to confer any right on the part of such person to be nominated for
re-election, or to be re-elected, to the Board or to otherwise remain in the
service of the Company.

 

c)                                      Deferred fees
hereunder are not in any way subject to the debts or other obligations of
persons entitled thereto, and may not be voluntarily or involuntarily sold,
transferred or assigned. When a person entitled to a payment under the Plan is
under legal disability or, in the Company’s opinion, is in any way
incapacitated so as to be unable to manage his financial affairs, the Committee
may direct that payment be made to such person’s legal representative, if any,
and if none the Committee may at its election make payment to such person’s
spouse or otherwise apply such payment for such person’s benefit in any manner
it deems proper. Any payment made in accordance with the preceding sentence
shall be in complete discharge of the obligation of the Company or any of its
subsidiaries to make such payment under the Plan.

 

d)                                     This plan is an
unfunded plan that is either not classified as an “employee pension benefit
plan” or “pension plan” within the meaning of Section 3(2) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or is an
unfunded plan maintained primarily to provide deferred compensation benefits
for a select group of “management or highly-compensated employees” within the
meaning of Sections 201, 301, and 401 of ERISA, and therefore may be exempt
from the provisions of Parts 2, 3 and 4 of Title I of ERISA upon the making of
certain filings with the Department of Labor. 
Accordingly, the Company may terminate the Plan and make no further
benefit payments or amend the Plan to prevent certain individuals from
participating in the Plan if it is determined that such steps are necessary to
bring the Plan into compliance with certain requirements under ERISA.

 

e)                                      The establishment
of Deferred Fee Accounts for a Participant shall give him no right or security
interest in any asset of the Company or any of its subsidiaries, and no trust
relationship with respect to such accounts is intended. The right of the
Participant or his beneficiary to receive a

 

4

 

distribution under this Plan shall be an unsecured claim against the
general assets of the Company, and neither the Participant nor his beneficiary
shall have any rights in or against any amounts credited to his Deferred Fee
Accounts or any other specific asset of the Company.  All amounts credited to the Deferred Fee
Accounts shall constitute general assets of the Company.

 

f)                                        A Stock
Equivalent Account for a Participant shall give him no right to receive either
treasury or unissued shares of Common Stock or any other classes of stock of
the Company and no rights as a stockholder of the Company.

 

7.                                       Section 409A

 

Notwithstanding anything in the Plan to the contrary, it is intended
that the administration of the Plan, and the deferral and payment of all
amounts under this Plan, shall be done in accordance with Section 409A of
the Internal Revenue Code of 1986, as amended from time to time (the “Code”)
and the Department of Treasury regulations and other interpretive guidance
issued thereunder, including any guidance or regulations that may be issued
after the effective date of this Plan, and shall not cause the acceleration of,
or the imposition of the additional, taxes provided for in Section 409A of
the Code.  Any amounts shall be deferred,
paid out or modified under this Plan in a manner that shall be intended to
avoid resulting in the acceleration of taxation, or the imposition of penalty
taxation, under Section 409A upon a Participant.  In the event that it is reasonably determined
by the Committee that any amounts payable under the Plan will be taxable to a
Participant under Section 409A of the Code prior to the payment and/or
delivery to such Participant of such amounts, or will be subject to the
acceleration of taxation or the imposition of penalty taxation under Section 409A
of the Code, the Committee may either (i) adopt such amendments to the
Plan and appropriate policies and procedures, including amendments and policies
with retroactive effect, that the Committee determines necessary or appropriate
to preserve the intended tax treatment of the benefits provided by the Plan
hereunder, and/or (ii) take such other actions as the Committee determines
necessary or appropriate to comply with the requirements of Section 409A
of the Code.

 

8.                                       Administration
and Choice of Law.

 

The Plan shall be administered by the Board, or a committee of one or
more members of the Board (or other individuals who are not members of the
Board to the extent allowed by law) duly appointed by the Board in accordance
with the Plan and applicable law (the “Committee”).  At any time that no such committee has been
appointed, the Board shall constitute the “Committee” hereunder.  The Committee is authorized to interpret the
Plan, to establish, amend and rescind any rules and regulations relating
to the Plan, and to make any other determinations that it deems necessary or
desirable for the administration of the Plan. 
The

 

5

 

Committee may correct any defect or supply any omission or reconcile
any inconsistency in the Plan in the manner and to the extent the Committee
deems necessary or desirable.  Any
decision of the Committee in the interpretation and administration of the Plan,
as described herein, shall lie within its sole and absolute discretion and
shall be final, conclusive and binding on all parties concerned (including, but
not limited to, Participants and their beneficiaries or successors).  The law of the State of Delaware shall govern
all questions concerning the construction, validity and interpretation of this
Plan, without regard to such state’s conflict of laws rules.

 

9.                                       Amendment and
Discontinuance

 

The Committee hereby reserves the right to amend or discontinue the
Plan at any time; provided, however, that any amendment or discontinuance of
the Plan shall be prospective in operation only and shall not affect the
payment of any deferred fees theretofore earned by any Participant or former
Participant unless the person affected shall expressly consent thereto.

 

6

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