Document:

Stock Option Plan

	

INTERNATIONAL FLAVORS
& FRAGRANCES INC.
2000 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS

 AS AMENDED AND RESTATED AS OF DECEMBER 15, 2004

        
        International
Flavors & Fragrances Inc., a New York corporation (herein called “IFF”,
hereby establishes the 2000 Stock Option Plan for Non-Employee Directors (herein called
the “Plan”) on the following terms and conditions:  

        
        1.              Purpose:
To attract and retain the services of qualified independent directors           of IFF
who are not employees of IFF and provide additional incentive for such
          directors to work for the best interest of IFF and its shareholders.  

        
        2.              Method
of Adoption: By the approval of the Board of Directors of IFF (herein           called
the “Board”) and of the holders of a majority of the shares of           IFF
Common Stock, par value of $.12-1/2 each (“Common Stock”).  

        
        3.              Grant
of Options: An option to purchase 3,000 shares of Common Stock will be
          automatically granted to each non-employee director in each year commencing in
          2000 and ending in 2009, and each such grant in each year shall be made on the
          date of the Annual Meeting of Shareholders of IFF in that year. The foregoing
          notwithstanding, beginning in 2004 the automatic grant of options under this
          Section 3 shall be suspended (i.e., will not occur as provided above), such
          suspension to continue in subsequent years until such time as the Board further
          amends this Plan to resume option grants as provided herein or as otherwise
then           determined by the Board.  

        
        4.              Number
of Shares: The Plan shall cover an aggregate of 450,000 shares of Common           Stock.
Either authorized and unissued shares or treasury shares may be used. If           any
options expire or terminate without being exercised in full, including           options
voluntarily surrendered for cancellation, the shares subject thereto           which have
not been purchased in accordance with the terms of such options shall           be
available for the grant of new options under the Plan.  

        
        5.              Purchase
Price: The purchase price per share for any stock optioned at any time           under
this Plan shall be the fair market value thereof on the date of granting           the
option. Upon exercise of any stock option the director may pay for the stock
          covered by the stock option with Common Stock of IFF taken at its fair market
          value, providing the director has held such Common Stock for at least six
months           or such longer period as determined by the Board.  

        
        6.              Eligibility:
All members of the Board who are not employees of IFF or one of its
          subsidiaries (including subsidiaries which may become such after adoption of
          this Plan), at the close of business on the date of grant of an option,
          including any such members elected to the Board by the shareholders on the date
          of grant.  

        
        7.              Individual
Options: The maximum number of shares for which stock options may be           granted to
any individual under the Plan shall be 30,000.  

        
        8.              Exercise
of Options: Each stock option may be exercised as follows: up to           one-third of
the shares covered at any time after 24 months from the date of           grant, up to
two-thirds of such shares at any time after 36 months from such           date; and all
the shares at any time after 48 months from such date. The           foregoing
notwithstanding, the Board may modify this vesting schedule or           accelerate the
vesting of any option and vary the post-termination exercise           period thereof. An
option may not be exercised, if, in the opinion of counsel           for IFF, exercise of
the option or delivery of shares pursuant thereto might           result in a violation
of any law or regulation of an agency of government or           have an adverse effect
on the listing status or qualification of the IFF shares           on any securities
exchange.  

	

        
        9.              Exercise
Period; Persons Entitled to Exercise Options: Except as otherwise           provided in
Section 14 and Section 16, each stock option shall be exercisable as           follows:  

		                (a)                           An
active director who has not transferred the option to a  “Beneficiary”,
as hereinafter defined, or a Beneficiary to whom an active director has transferred the
option may exercise the option as to shares which the director is at any time entitled to
purchase under the terms of the option until the tenth anniversary after the date of its
grant. 

		                (b)                                  If
on or after his or her 65th birthday a director resigns, is not reelected by
                    the shareholders of IFF, becomes totally disabled or retires, then he
or she (or                     in the event of his or her incapacitation his or her legal
representatives), or,                     if he or she has transferred the option to a
Beneficiary, the Beneficiary, may                     exercise the option until its
expiration date as to the balance, if any, of the                     shares which the
director was entitled to purchase under the terms of the option                     at
the date of such resignation, failure of reelection, disability or
                    retirement.  

		                (c)                                                     If
before his or her 65th birthday a director resigns, is not reelected by the
                    shareholders of IFF, becomes totally disabled or retires, then he or
she (or in                     the event of his or her incapacitation his or her legal
representatives), or, if                     he or she has transferred the option to a
Beneficiary, the Beneficiary, may                     exercise the option within three
(3) months thereafter (but not later than the                     expiration date of the
option) as to the balance, if any, of the shares which                     the director
was entitled to purchase under the terms of the option at the date                     of
such resignation, failure of reelection, disability or retirement.  

		                (d)                                                     If
a director dies while a director of IFF or after having ceased to be a
                    director of IFF,  

		                                                (i)                        if
he or she has not transferred the option to a Beneficiary, then
his or her legal representatives, distributees or legatees, as the case may be, or 

		                                                (ii)                        if
he or she has transferred the option to a Beneficiary, then the Beneficiary may exercise
the option within twelve (12) months after his or her death or such longer period as the
Committee may permit (but in no event later than the expiration date of the option) as to
the balance, if any, of the shares which the director was entitled to purchase under the
terms of the option at the date of his or her death or, in case such death occurs less
than 48 months from the date of the grant of the option, that proportion of the shares
covered by the option which the number of days in the period from the date of grant to
the date of the director’s death bears to the number 1460, less any shares
previously purchased under the option. 

	

2 

	

For purposes of the Plan, the term
“Beneficiary” shall mean any family member or members, including by marriage or
adoption, any trust in which the Employee or any family member or members have more than
fifty percent (50%) of the beneficial interest, and any other entity in which the Employee
or any family member or members own more than fifty percent (50%) of the voting interests,
in each case designated by the Employee in his or her most recent written Beneficiary
designation filed with the Committee as entitled to exercise the option (or any portion
thereof), or if there is no surviving designated Beneficiary, then the person, persons,
trust or trusts entitled by will or the laws of descent and distribution to exercise the
option on behalf or in lieu of such non-surviving designated Beneficiary. 

        
        10.                 Rights
of Optionees Before Issuance of Stock Certificates: No optionee or           Beneficiary
shall have any rights as a shareholder with respect to any shares           covered by
any stock option until the date of the issuance of the stock           certificate for
such shares following exercise of the options. No adjustment           shall be made for
dividends or other rights for which the record date is prior           to the date such
stock certificate is issued.  

        
        11.                 Anti-Dilution
Provisions: Each option agreement shall contain such provisions as           the Board or
the Committee shall deem to be appropriate, including provisions           for
appropriate adjustment of the option price and the number of shares covered,           or
both, to protect the optionee in the event of a reorganization,
          recapitalization, stock split, stock dividend, combination of shares, merger or
          consolidation (except as otherwise stated below) or in the event of any other
          change in the corporate capital structure of IFF. In the event of any such
          adjustment, the aggregate number and class of shares available under the Plan,
          the maximum number of shares as to which options may be granted to any director
          and the number of shares subject to options automatically granted each year
          under Section 3 may also be appropriately adjusted.  

        
        12.                 Nonassignability:
No option shall be assignable or transferable by an optionee           except by will or
by the laws of descent and distribution or to a Beneficiary,           and shall not be
pledged, mortgaged, hypothecated or otherwise encumbered, or           otherwise subject
to the claims of creditors by the director or any Beneficiary.           The provisions
of Sections 8 and 9 notwithstanding, the Stock Option and           Compensation
Committee of the Board (herein called the “Committee”)           may reserve to
itself the right to extend or vary the terms of any option to           allow the
exercise of the option by a director or his or her Beneficiary as to           any or all
of the shares subject to the option and/or for periods after the           director for
any reason ceases to serve (but not later than the expiration date           of the
option).  

        
        13.              Administration:
The Plan is intended to be self-operative to the maximum extent           consistent with
prudent business practice. Otherwise, the Plan shall be           administered by vote of
a majority of the Board, or by a majority of the           Committee.  

        
        14.              Acceleration
of Option upon Merger or Consolidation: In the event of the merger           or
consolidation of IFF with or into another corporation as a result of which           IFF
is not the surviving corporation, then the optionee shall have the right (a)           to
exercise the option, as to the entire number of shares subject thereto, on           and
after the effective date of such merger or consolidation, or (b) if such
          exercise is no longer possible, to receive in cash for such option the
          difference between (i) the value of the consideration paid for a share of
Common           Stock in such merger or consolidation to holders of Common Stock and
(ii) the           option exercise price of such share, and the option shall cease and
terminate as           to any shares as to which it has not been so exercised or cashed
out on a date           180 days after the effective date of such merger or consolidation
or on the           expiration date of such option, whichever is earlier.  

        
        15.              Agreements:
Options issued under the Plan shall be evidenced by agreements in           such form as
the Board or the Committee may approve. The terms of such           agreements shall
comply with the applicable terms of the Plan contained herein.           The option
agreement shall not impose on IFF or its subsidiaries any obligation           to
continue any individual as a director for any period.  

        
        16.              Change
in Control: In the event of a “change in control” of IFF, all           options
previously granted to a director shall become immediately exercisable in           full,
and he or she or his or her legal representatives, distributees or           legatees in
the event of the death of a director may exercise within 12 months           thereafter
(but not later than the respective expiration dates of the options)           any and all
outstanding options.  

        
        “Change
in control” shall have the same meaning set forth in Section 9 of IFF’s
2000 Stock Award and Incentive Plan.  

        
        17.              Interpretation:
In the event of any difference of opinion between an optionee or           any
Beneficiary and IFF concerning the meaning or effect of the Plan, such
          difference shall be resolved by the Board.  

        
        18.              Compliance
with Applicable Laws: All options granted under the Plan are not           intended to
qualify as incentive stock options under Section 422 of the Internal           Revenue
Code of 1986, as amended. No shares shall be offered under the Plan, and           no
stock certificate shall be delivered upon exercise of options, until such
          offering has been registered under the Securities Act of 1933, as amended, and
          any other applicable governmental laws and regulations, unless in the opinion
of           counsel such offering is exempt from registration under such Act, and until
IFF           shall have complied with any applicable provisions of the Securities
Exchange           Act of 1934, as amended, and applicable requirements of the New York
Stock           Exchange.  

        
        19.              Amendment
and Termination of the Plan: The Board may amend, alter, suspend,           discontinue
or terminate the Plan or the Committee’s authority to grant           options under
the Plan without the consent of shareholders or any optionee,           except that any
such action shall be subject to the approval of the shareholders           of IFF at or
before the next Annual Meeting of Shareholders for which the record           date is
after such Board action if such shareholder approval is required by any           federal
or state law or regulation of the rules of any stock exchange or           automated
quotation system on which the Common Stock may then be listed or           quoted, and
the Board may otherwise, in its discretion, determine to submit           other such
changes to the Plan to shareholders for approval; provided, however,           that,
without the consent of an affected optionee, no such action may materially
          impair the rights of such optionee under any option previously granted to him
or           her (as such rights are set forth in the Plan and in any stock option
agreement           evidencing the grant of such option).Executive Separation Policy

	

INTERNATIONAL FLAVORS
& FRAGRANCES INC. 

     

Restated and Amended

Executive Separation Policy Document 

(As Amended through and including December 13, 2004) 

     

	

INTERNATIONAL FLAVORS
& FRAGRANCES INC. 

     

Executive Separation
Policy 

     

			Page
	1.	Purpose	1 
		 	
	2.	Definitions	1 
		 	
	3.	Eligibility	5 
		 	
	4.	Severance Payments and Benefits	6 
		 	
	5.	Acceleration of Equity Awards Upon a Change in
Control; Certain Provisions Applicable to Equity Awards	6
		 	
	 6.	Excise Tax Gross-Up	6 
		 	
	7.	Employee Obligations and Conditions to Receipt of Payments and Benefits	9
		 	
	8.	Other Provisions Applicable to Severance Payments and Benefits	12
		 	
	9.	Other Plans and Policies; Non-Duplication of Payments or Benefits	13
		 	
	10.	Miscellaneous	14

	

INTERNATIONAL FLAVORS
& FRAGRANCES INC. 

Executive Separation
Policy 

             1.       
          Purpose. The purpose of this International Flavors & Fragrances Inc.
          Executive Separation Policy (the “Policy”) is to provide certain
          severance payments and benefits to designated officers and other key executives
          and employees of the Company and its subsidiaries (each, an
          “Employee”) in the event of termination of employment (i) prior to or
          more than two years after a Change in Control or (ii) within two years after a
          Change in Control. This Policy shall not affect the right of the Company or a
          subsidiary to terminate an Employee’s employment with or without Cause. 

             2.       
          Definitions. The following definitions are applicable for purposes of
          this Policy (including in any Annex hereto), in addition to terms defined in
          Section 1 above: 

		    (a)                        “Annual
Compensation” means the sum of salary and annual incentive           compensation,
calculated as follows:  

          		    (i)       
               Salary shall be calculated as the Employee’s annual salary with the Company
               and its subsidiaries at the highest rate in effect at any time during the five
               years preceding termination of employment; and 

               

          		    (ii)       
               Annual incentive shall be calculated as the greater of Employee’s average
               annual incentive award paid for performance in the three years preceding the
               year of termination under the AIP or the Employee’s target annual incentive
               for the year of termination. 

               

		    (b)                        “AIP” means
any plan or arrangement of the Company providing           cash-denominated bonuses for
annual performance.  

          		    (c)       
               “Beneficiary” means any family member or members, including by
               marriage or adoption, any trust in which the Employee or any family member or
               members have more than 50% of the beneficial interest, and any other entity in
               which the Employee or any family member or members own more than 50% of the
               voting interests, in each case designated by the Employee in his most recent
               written Beneficiary designation filed with the Committee as entitled to receive
               payments or benefits in connection with this Policy or, if there is no surviving
               designated Beneficiary, then the person, persons, trust or trusts entitled by
               will or the laws of descent and distribution to receive payments or benefits in
               connection with this Policy on behalf or in lieu of such non-surviving
               designated Beneficiary. 

               

          		    (d)       
               “Cause” means (i) the willful and continued failure by the Employee to
               perform substantially his duties with the Company (other than any such failure
               resulting from the Employee’s incapacity due to physical or mental illness)
               after a written demand for substantial performance is delivered to the Employee
               by the Chairman of the Board of Directors or the President of the Company which
               specifically identifies the manner in which the Employee has not substantially
               performed his duties, (ii) the willful engagement by the Employee in conduct
               which is not authorized by the Board of Directors of the Company or within the
               normal course of the Employee’s business decisions and is known by the
               Employee to be materially detrimental to the best interests of the Company or
               any of its subsidiaries, including any misconduct that results in material
               noncompliance with any financial reporting requirement under the Federal
               securities laws if such noncompliance results in an accounting restatement (as
               these terms are used in Section 304 of the Sarbanes-Oxley Act of 2002), or (iii)
               the willful engagement by the Employee in illegal conduct or any act of serious
               dishonesty which adversely affects, or, in the reasonable estimation of the
               Board of Directors of the Company, could in the future adversely affect, the
               value, reliability or performance of the Employee to the Company in a material
               manner. Any act, or failure to act, based upon authority given pursuant to a
               resolution duly adopted by the Board of Directors of the Company or based upon
               the advice of counsel for the Company shall be conclusively presumed to be done,
               or omitted to be done, by the Employee in good faith and in the best interests
               of the Company. Notwithstanding the foregoing, an Employee shall not be deemed
               to have been terminated for Cause unless and until there shall have been
               delivered to the Employee a copy of the resolution duly adopted by the
               affirmative vote of not less than three-quarters of the entire membership of the
               Board of Directors after reasonable notice to the Employee and an opportunity
               for him, together with his counsel, to be heard before the Board of Directors,
               finding that, in the good faith opinion of the Board of Directors, the Employee
               was guilty of the conduct set forth above in (i), (ii) or (iii) of this Section
               2(c) and specifying the particulars thereof in detail. 

               

          		    (e)       
               A “Change in Control” shall be deemed to have occurred if, after the
               Effective Date and while the affected Employee is employed by the Company or a
               subsidiary, there shall have occurred any of the following: 

               

          		    (i)       
               Any “person,” as such term is used in Section 13(d) and 14(d) of the
               Exchange Act (other than the Company, any trustee or other fiduciary holding
               securities under an employee benefit plan of the Company, or any company owned,
               directly or indirectly, by the shareholders of the Company in substantially the
               same proportions as their ownership of stock of the Company), acquires voting
               securities of the Company and immediately thereafter is a “40% Beneficial
               Owner.” For purposes of this provision, a “40% Beneficial Owner”
               shall mean a person who is the “beneficial owner” (as defined in Rule
               13d-3 under the Exchange Act), directly or indirectly, of securities of the
               Company representing 40% or more of the combined voting power of the
               Company’s then-outstanding voting securities; provided, however, that the
               term “40% Beneficial Owner” shall not include any person who was a
               beneficial owner of outstanding voting securities of the Company at February 20,
               1990, or any person or persons who was or becomes a fiduciary of any such person
               or persons who is, or in the aggregate, are a “40% Beneficial Owner”
               (an “Existing Shareholder”), including any group that may be formed
               which is comprised solely of Existing Shareholders, unless and until such time
               after February 20, 1990 as any such Existing Shareholder shall have become the
               beneficial owner (other than by means of a stock dividend, stock split, gift,
               inheritance or receipt or exercise of, or accrual of any right to exercise, a
               stock option granted by the Company or receipt or settlement of any other
               stock-related award granted by the Company) by purchase of any additional voting
               securities of the Company; and provided further, that the term “40%
               Beneficial Owner” shall not include any person who shall become the
               beneficial owner of 40% or more of the combined voting power of the
               Company’s then-outstanding voting securities solely as a result of an
               acquisition by the Company of its voting securities, until such time thereafter
               as such person shall become the beneficial owner (other than by means of a stock
               dividend or stock split) of any additional voting securities and becomes a 40%
               Beneficial Owner in accordance with this Section; 

               

	

2 

          		    (ii)       
               Individuals who on September 1, 2000 constitute the Board, and any new director
               (other than a director whose initial assumption of office is in connection with
               an actual or threatened election consent, including but not limited to a consent
               solicitation, relating to the election of directors of the Company) whose
               election by the Board or nomination for election by the Company’s
               shareholders was approved by a vote of at least two-thirds (2/3) of the
               directors then still in office who either were directors on September 1, 2000 or
               whose election or nomination for election was previously so approved or
               recommended, cease for any reason to constitute at least a majority thereof; 

               

          		    (iii)       
               There is consummated a merger, consolidation, recapitalization, or
               reorganization of the Company, or a reverse stock split of any class of voting
               securities of the Company, if, immediately following consummation of any of the
               foregoing, either (A) individuals who, immediately prior to such consummation,
               constitute the Board do not constitute at least a majority of the members of the
               board of directors of the Company or the surviving or parent entity, as the case
               may be, or (B) the voting securities of the Company outstanding immediately
               prior to such recommendation do not represent (either by remaining outstanding
               or by being converted into voting securities of a surviving or parent entity) at
               least 60% or more of the combined voting power of the outstanding voting
               securities of the Company or such surviving or parent entity; or 

               

          		    (iv)       
               The shareholders of the Company have approved a plan of complete liquidation of
               the Company and there occurs a distribution or other substantive step pursuant
               to such plan of complete liquidation, or there is consummated an agreement for
               the sale or disposition by the Company of all or substantially all of the
               Company’s assets (or any transaction have a similar effect), and in each
               case all material contingencies to the completion of the transaction have been
               satisfied or waived. 

               

          		    (f)       
               “Committee” means the Compensation Committee of the Company’s
               Board of Directors or such other committee as the Board may designate to perform
               administrative functions under the Policy. 

               

		    (g)                        “Company” means
International Flavors & Fragrances Inc., a New           York corporation, or any
successor corporation.  

	

3 

          		    (h)       
               “Designated Awards” means (i) options granted under the Company’s
               Employee Stock Option Plan of 1988, Employee Stock Option Plan of 1992 and 1997
               Employee Stock Option Plan, (ii) any other options granted under a Plan, whether
               currently existing or hereafter adopted by the Company, that, by its terms, does
               not permit such options to become vested and exercisable upon occurrence of a
               Change in Control and to remain outstanding for the periods provided in Section
               5(a), and (iii) restricted stock and other equity-based awards granted under a
               Plan or arrangement that, by its terms, does not permit such awards to become
               vested and non-forfeitable upon occurrence of a Change in Control as provided in
               Section 5(a) in each case if such options or other awards remain outstanding and
               held by the Employee at the date of his termination of employment. 

               

          		    (i)       
               “Disability” means a disability entitling the Employee to long-term
               disability benefits under the Company’s long-term disability policy as in
               effect at the date of Employee’s termination of employment. 

               

          		    (j)       
               “Effective Date” means the date the Policy became effective, as set
               forth in Section 10(i) hereof. 

               

          		    (k)       
               “Excess Benefit Plan” means the Company’s Supplemental Retirement
               Plan and any supplemental pensions provided to the Employee under any
               resolutions adopted by the Board of Directors of the Company or any subsidiary,
               and as the same may be modified, replaced or added to by the Company and its
               subsidiaries from time to time. 

               

          		    (l)       
               “Good Reason” means the occurrence of any of the following events,
               unless the Employee has consented in writing thereto: 

               

          		    (i)       
               a reduction by the Company and its subsidiaries in the Employee’s base
               salary as in effect immediately prior to the Change in Control; 

               

          		    (ii)       
               the failure by the Company or a subsidiary to continue in effect any Plan (as
               hereinafter defined) in which the Employee was participating at the time of the
               Change in Control, unless such Plan (x) is replaced by a successor Plan
               providing to the Employee substantially similar compensation and benefits (which
               replacement Plan shall continue to be subject to this provision) or (y)
               terminates as a result of the normal expiration of such Plan in accordance with
               its terms, as in effect immediately prior to the Change in Control; or the
               taking of any other action, or the failure to act, by the Company or a
               subsidiary which would materially adversely affect the Employee’s continued
               participation in any of such Plans as compared to the terms of such
               participation on the date of the Change in Control, including by materially
               reducing the Employee’s benefits in the future under any such Plans; 

               

	

4 

          		    (iii)       
               effecting a change in the position of the Employee which does not represent a
               position commensurate in level, authority and responsibilities with or a
               promotion from Employee’s position with the Company or any of its
               subsidiaries immediately prior to the date of the Change in Control, or
               assigning to the Employee responsibilities which are materially inconsistent
               with such prior position; 

               

          		    (iv)       
               the Company’s or a subsidiary’s requiring the Employee to be based
               anywhere more than 45 miles from the location of Employee’s office
               immediately prior to the Change in Control, except for required travel on the
               business of the Company or subsidiaries to an extent substantially consistent
               with the business travel obligations which the Employee undertook on behalf of
               the Company or subsidiaries prior to the Change in Control; or 

               

          		    (v)       
               the failure of the Company to obtain the binding agreement of any successor to
               the Company expressly to assume and agree to fully perform the Company’s
               obligations under this Policy, as contemplated in Section 10(f) hereof; 

               

	  	in
each case after notice in writing from the Employee to the Company and a period of 30 days
after such notice during which the Company and its subsidiaries fail to correct such
conduct. 

          		    (m)       
               “LTIP” means a long-term performance incentive plan of the Company. 

               

          		    (n)       
               “Plan” means any compensation plan of the Company or a subsidiary such
               as an incentive, stock option or restricted stock plan or any employee benefit
               plan of the Company or a subsidiary such as a pension, profit sharing, medical,
               dental or life insurance plan. 

               

          		    (o)       
               “Prior Executive Severance Agreement” means an Executive Severance
               Agreement between the Employee and the Company in effect immediately prior to
               the Effective Date of this Policy. 

               

          		    (p)       
               “Retirement” means retirement after attaining age 62. 

               

          		    (q)       
               “Retirement Plan” means the Company’s tax-qualified pension plan
               in which the Employee participates, as the same may be modified, replaced or
               added to by the Company or a subsidiary from time to time. 

               

	

             3.       
          Eligibility. Each officer of the Company or other key executive or
          employee of the Company or its subsidiaries who has been designated in writing
          by the Committee shall be eligible for the severance payments and benefits and
          other provisions of this Policy if his termination of employment qualifies
          hereunder. Eligible persons shall include persons employed outside the United
          States, if designated by the Committee and subject to Section 10(h) of this
          Policy. 

             4.       
          Severance Payments and Benefits. For each class or tier of Employees
          eligible to participate under this Policy, the Committee shall specify the terms
          and conditions under which severance payments and benefits will be paid and
          other terms and conditions of participation. Such terms and conditions shall be
          set forth in an annex hereto that is specific to each such class or tier. The
          foregoing and the provisions of any such annex notwithstanding, the Committee
          may vary the terms or provide enhanced benefits in a document provided to a
          participant otherwise designated as a participant in a specified tier, except
          that the Committee shall not vary such terms and conditions in a way adverse to
          a previously designated participant without the written consent of such
          participant. 

5 

	

             5.       
          Acceleration of Equity Awards Upon a Change in Control; Certain Provisions
          Applicable to Equity Awards. 

          		    (a)       
               Acceleration Upon Change in Control. In the event of a Change in Control,
               the following provisions will apply to any stock options, restricted stock and
               other awards based on stock then held by the Employee, other than Designated
               Awards and limited stock appreciation rights relating thereto: 

               

          		    (i)       
               Any such option or other award carrying a right to exercise that was not
               previously vested and exercisable shall become fully vested and exercisable as
               of the time of the Change in Control. 

               

          		    (ii)       
               All forfeiture conditions, deferral of settlement conditions, and other
               restrictions applicable to such restricted stock and other equity awards shall
               lapse and such awards shall be fully payable or settleable as of the time of the
               Change in Control without regard to deferral and vesting conditions, except to
               the extent of any waiver by the Employee or other express Employee election to
               defer beyond a Change in Control. 

               

          		    (iii)       
               With respect to such an outstanding equity award subject to achievement of
               performance goals and conditions, such award will be governed by the applicable
               plan, award document(s), or other agreement governing such award. 

               

	

        Notwithstanding
the foregoing, Section 7 shall continue to apply to any such award in accordance with its
terms. 

          		    (b)       
               More Favorable Terms Apply. If and to the extent that the terms of an
               option, restricted stock award, or other award based on stock are more favorable
               to the Employee, in the event of a Change in Control, than those terms provided
               under this Section 5, those terms shall apply, and this Section 5 shall not
               operate in any way to restrict or cut back on the rights of the Employee with
               respect to such award. 

               

	

             6.       
          Excise Tax Gross-Up. If an Employee who has been designated as eligible
          for benefits under this Section 6, as set forth in the Annex hereto designating
          the terms of such Employee’s participation, becomes entitled to one or more
          payments in connection with a Change in Control or termination of employment
          during the two years following a Change in Control, other than a termination by
          the Company for Cause, (with a “payment” including, without
          limitation, the vesting of an option or other non-cash benefit or property,
          including under Section 5 of this Policy) pursuant to any plan, agreement or
          arrangement of the Company (together, “Severance Payments”) which are
          or would be subject to the tax imposed by Section 4999 of the Internal Revenue
          Code of 1986, as amended (or any similar tax that may be imposed) (the
          “Excise Taxes”), the Company shall pay to the Employee an additional
          amount (“Gross-Up Payment”) such that, after the payment by the
          Employee of all taxes (including without limitation all income and employment
          tax and Excise Tax and treating as a tax the lost tax benefit resulting from the
          disallowance of any deduction of the Employee by virtue of the inclusion of the
          Gross-Up Payment in the Employee’s adjusted gross income), and interest and
          penalties with respect to such taxes, imposed upon the Gross-Up Payment, the
          Employee retains an amount of the Gross-Up Payment equal to the Excise Taxes
          imposed upon the Severance Payments. The foregoing notwithstanding, if a
          reduction of any compensation under Section 4 or vesting of equity awards under
          Section 5 by an amount not exceeding 10% of the Safe Harbor Amount would avoid
          the imposition of the Excise Taxes on Employee, compensation pursuant to Section
          4 and/or vesting of equity awards under Section 5 of this Agreement shall be
          reduced to the extent necessary, but not more than 10% of the Safe Harbor
          Amount, to result in no imposition of the Excise Taxes on Employee. This
          “cut-back” provision shall apply to cash payments under Section 4
          and/or vesting under Section 5 so as to minimize the amount of compensation that
          is reduced (i.e., it applies to payments or vesting that to the greatest extent
          represent parachute payments), with the amount of compensation based on vesting
          to be measured (for purposes of this provision) by the intrinsic value of the
          equity award at the date of such vesting. “Safe Harbor Amount” shall
          mean one dollar less than 300% of the “base amount” as determined in
          accordance with Section 280G(b)(3) of the Code. 

6 

	

        For
purposes of determining whether any of the Severance Payments will be subject to the
Excise Tax and the amount of such Excise Tax: 

          		    (i)       
               The Severance Payments shall be treated as “parachute payments” within
               the meaning of Section 280G(b)(2) of the Code, and all “excess parachute
               payments” within the meaning of Section 280G(b)(1) of the Code shall be
               treated as subject to the Excise Tax, unless, and except to the extent that, in
               the written opinion of independent compensation consultants, counsel or auditors
               of nationally recognized standing (“Independent Advisors”) selected by
               the Company and reasonably acceptable to the Employee, the Severance Payments
               (in whole or in part) do not constitute parachute payments, or such excess
               parachute payments (in whole or in part) represent reasonable compensation for
               services actually rendered within the meaning of Section 280G(b)(4) of the Code
               in excess of the base amount within the meaning of Section 280G(b)(3) of the
               Code or are otherwise not subject to the Excise Tax. 

               

          		    (ii)       
               The amount of the Severance Payments which shall be treated as subject to the
               Excise Tax shall be equal to the lesser of (A) the total amount of the Severance
               Payments or (B) the total amount of excess parachute payments within the meaning
               of Section 280G(b)(1) of the Code (after applying clause (i) above). 

               

          		    (iii)       
               The value of any non-cash benefits or any deferred payment or benefit shall be
               determined by the Independent Advisors in accordance with the principles of
               Sections 280G(d)(3) and (4) of the Code. 

               

	

7 

	

        For
purposes of determining the amount of the Gross-Up Payment, the Employee shall be deemed
(A) to pay federal income taxes at the highest marginal rate of federal income taxation
for the calendar year in which the Gross-Up Payment is to be made; (B) to pay any
applicable state and local income taxes at the highest marginal rate of taxation for the
calendar year in which the Gross-Up Payment is to be made, net of the maximum reduction in
federal income taxes which could be obtained from deduction of such state and local taxes
if paid in such year (determined without regard to limitations on deductions based upon
the amount of the Employee’s adjusted gross income); and (C) to have otherwise
allowable deductions for federal, state, and local income tax purposes at least equal to
those disallowed because of the inclusion of the Gross-Up Payment in the Employee’s
adjusted gross income. In the event that the Excise Tax is subsequently determined to be
less than the amount taken into account hereunder at the time the Gross-Up Payment is
made, the Employee shall repay to the Company at the time that the amount of such
reduction in Excise Tax is finally determined (but, if previously paid to the taxing
authorities, not prior to the time the amount of such reduction is refunded to the
Employee or otherwise realized as a benefit by the Employee) the portion of the Gross-Up
Payment that would not have been paid if such Excise Tax had been applied in initially
calculating the Gross-Up Payment, plus interest on the amount of such repayment at the
rate provided in Section 1274(b)(2)(B) of the Code. In the event that the Excise Tax is
determined to exceed the amount taken into account hereunder at the time the Gross-Up
Payment is made (including by reason of any payment the existence or amount of which
cannot be determined at the time of the Gross-Up Payment), the Company shall make an
additional Gross-Up Payment in respect of such excess (plus any interest and penalties
payable with respect to such excess) at the time that the amount of such excess is finally
determined. 

        The
Gross-Up Payment provided for above shall be paid on the 30th day (or such earlier date as
the Excise Tax becomes due and payable to the taxing authorities) after it has been
determined that the Severance Payments (or any portion thereof) are subject to the Excise
Tax; provided, however, that if the amount of such Gross-Up Payment or portion thereof
cannot be finally determined on or before such day, the Company shall pay to the Employee
on such day an estimate, as determined by the Independent Advisors, of the minimum amount
of such payments and shall pay the remainder of such payments (together with interest at
the rate provided in Section 1274(b)(2)(B) of the Code), as soon as the amount thereof can
be determined. In the event that the amount of the estimated payments exceeds the amount
subsequently determined to have been due, such excess shall constitute a loan by the
Company to the Employee, payable on the fifth day after demand by the Company (together
with interest at the rate provided in Section 1274(b)(2)(B) of the Code). If more than one
Gross-Up Payment is made, the amount of each Gross-Up Payment shall be computed so as not
to duplicate any prior Gross-Up Payment. 

        The
Company shall have the right to control all proceedings with the Internal Revenue Service
that may arise in connection with the determination and assessment of any Excise Tax and,
at its sole option, the Company may pursue or forego any and all administrative appeals,
proceedings, hearings, and conferences with any taxing authority in respect of such Excise
Tax (including any interest or penalties thereon); provided, however, that the
Company’s control over any such proceedings shall be limited to issues with respect
to which a Gross-Up Payment would be payable hereunder, and the Employee shall be entitled
to settle or contest any other issue raised by the Internal Revenue Service or any other
taxing authority. The Employee shall cooperate with the Company in any proceedings
relating to the determination and assessment of any Excise Tax and shall not take any
position or action that would materially increase the amount of any Gross-Up Payment
hereunder. 

8 

	

             7.       
          Employee Obligations and Conditions to Receipt of Payments and Benefits. 

          		    (a)       
               Obligations of the Employee. The following requirements must be met by
               the Employee as a condition to his right to receive, continue to receive, or
               retain payments and benefits under the Policy, as specified in Section 7(b), (c)
               and (d): 

               

          		    (i)       
               The Employee, acting alone or with others, directly or indirectly, shall not,
               during the Non-competition Period, either as employee, employer, consultant,
               advisor, or director, or as an owner, investor, partner, or shareholder unless
               the Employee’s interest is insubstantial, engage in or become associated
               with a “Competitive Activity.” For this purpose, (A) the
               “Non-competition Period” means the period prior to a Change in Control
               and during Employee’s employment and within two years (or such other period
               as the Committee may specify) following termination of such employment with the
               Company and any subsidiary or for such shorter period following such termination
               as may be provided by applicable law; and (B) the term “Competitive
               Activity” means any business or other endeavor that engages in a line of
               business in any geographic location that is substantially the same as either (1)
               any line of operating business which the Company or a subsidiary engages in,
               conducts, or, to the knowledge of the Executive, has definitive plans to engage
               in or conduct, or (2) any operating business that has been engaged in or
               conducted by the Company or a subsidiary and as to which, to the knowledge of
               the Employee, the Company or subsidiary has covenanted in writing, in connection
               with the disposition of such business, not to compete therewith. The Committee
               shall, in the reasonable exercise of its discretion, determine which lines of
               business the Company and its subsidiaries conduct on any particular date and
               which third parties may reasonably be deemed to be in competition with the
               Company and its subsidiaries. For purposes of this Section 7(a) (including
               clause (ii) below), the Employee’s interest as a shareholder is
               insubstantial if it represents beneficial ownership of less than five percent of
               the outstanding class of stock, and the Employee’s interest as an owner,
               investor, or partner is insubstantial if it represents ownership, as determined
               by the Committee in its discretion, of less than five percent of the outstanding
               equity of the entity. 

               

          		    (ii)       
               During the period prior to a Change in Control and during the Employee’s
               employment and within two years (or such other period as the Committee may
               specify) following termination of such employment with the Company or any
               subsidiary or for such shorter period following termination as may be provided
               by applicable law, the Employee, acting alone or with others, directly or
               indirectly, shall not (A) induce any customer or supplier of the Company or a
               subsidiary or affiliate, or other company with which the Company or a subsidiary
               or affiliate has a business relationship, to curtail, cancel, not renew, or not
               continue his or her or its business with the Company or any subsidiary or
               affiliate; or (B) induce, or attempt to influence, any employee of or service
               provider to the Company or a subsidiary or affiliate to terminate such
               employment or service. 

               

	

9 

          		    (iii)       
               The Employee shall not disclose, use, sell, or otherwise transfer, except in the
               course of employment with or other service to the Company or any subsidiary or
               affiliate, any confidential or proprietary information of the Company or any
               subsidiary or affiliate, including but not limited to information regarding the
               Company’s current and potential customers, organization, employees,
               finances, and methods of operation and investments, so long as such information
               has not otherwise been disclosed to the public or is not otherwise in the public
               domain, except as required by law or pursuant to legal process, and the Employee
               shall not make statements or representations, or otherwise communicate, directly
               or indirectly, in writing, orally, or otherwise, or take any other action which
               may, directly or indirectly, disparage or be damaging to the Company or any of
               its subsidiaries or affiliates or their respective officers, directors,
               employees, advisors, businesses or reputations, except as required by law or
               pursuant to legal process. 

               

          		    (iv)       
               The Employee shall cooperate with the Company or any subsidiary or affiliate by
               making himself available to testify on behalf of the Company or such subsidiary
               or affiliate in any action, suit, or proceeding, whether civil, criminal,
               administrative, or investigative, and otherwise to assist the Company or any
               subsidiary or affiliate in any such action, suit, or proceeding by providing
               information and meeting and consulting with members of management of, other
               representatives of, or counsel to, the Company or such subsidiary or affiliate,
               as reasonably requested. 

               

          		    (v)       
               The Employee shall deliver promptly to the Company on termination of the
               Employee’s employment, or at any time the Company may so request, all
               documents, memoranda, notes, records, files, reports, and other materials, and
               all copies thereof, including digital versions, relating to the Company and its
               subsidiaries and affiliates, and all other property of the Company and its
               subsidiaries and affiliates, then in the possession of or under the
               Employee’s control. 

               

          		    (b)       
               Effect of the Employee’s Failure to Comply with Obligations. The
               Company shall have no obligations to make payments or provide benefits to the
               Employee under this Policy if, in the case of an Employee whose employment
               terminates prior to a Change in Control, the Employee has failed or fails to
               comply with the obligations set forth in Section 7(a), other than inadvertent
               and inconsequential events constituting non-compliance, during the period of two
               years prior to the Employee’s termination of employment or at any time
               following such termination of employment. 

               

	

10 

          		    (c)       
               Employee Obligation to Execute Release and Termination Agreement. The
               Company’s obligations under this Policy to make payments and provide
               benefits is conditioned upon the Employee’s signing a release and
               termination agreement and the expiration of any revocation period set forth
               therein. The Committee shall specify the form and content of such agreement, and
               may modify such form and content from time to time; provided, however, that,
               such agreement shall set forth the obligations in Section 7(a) and the Employee
               shall agree to comply therewith, and the Employee shall agree to the terms of
               Section 7(d); and provided further, that during the two years following a Change
               in Control, such agreement shall not be modified in a manner that increases the
               obligations or decreases the rights of the Employee as compared to the form of
               such agreement in use prior to the Change in Control. 

               

          		    (d)       
               Clawback Provision. In the case of any termination of the Employee’s
               employment prior to a Change in Control, if the Employee has failed to comply
               with the obligations under Section 7(a) (other than an inadvertent and
               inconsequential event constituting non-compliance) during the two years prior to
               termination or during the period following termination which is the lesser of
               two years or the period during which the obligations under Section 7(a) continue
               to apply, all of the following forfeitures will result: 

               

          		    (i)       
               The unexercised portion of any option, whether or not vested, and any other
               award not then vested will be immediately forfeited and canceled. 

               

          		    (ii)       
               The Employee will be obligated to repay to the Company, in cash, within five
               business days after demand is made therefor by the Company, 

               

          		    (A)       
               the total amount of any cash payments made to the Employee under this Policy,
               other than (i) such Employee’s annual salary that had been payable as of
               the date of termination of employment, together with salary, incentive
               compensation and benefits which had been earned or become payable as of the date
               of termination but which had not yet been paid to the Employee and unreimbursed
               business expenses reimbursable under Company policies then in effect, and (ii)
               cash payments under welfare benefit plans; 

               

          		    (B)       
               other cash amounts paid to the Employee under any AIP and LTIP awards since the
               date two years prior to the Employee’s termination of employment; and 

               

          		    (C)       
               the Award Gain (as defined below) realized by the Employee upon each exercise of
               an option or settlement of a restricted stock or stock unit award (regardless of
               any elective deferral) since the date two years prior to Employee’s
               termination of employment. For purposes of this Section 7(d), the term
               “Award Gain” shall mean (1), in respect of a given option exercise,
               the product of (X) the fair market value per share of stock at the date of such
               exercise (without regard to any subsequent change in the market price of shares)
               minus the exercise price times (Y) the number of shares as to which the option
               was exercised at that date, and (ii), in respect of any other settlement of an
               award granted to the Employee, the fair market value of the cash or stock paid
               or payable to the Employee (regardless of any elective deferral) less any cash
               or the fair market value of any stock or property (excluding any payment of tax
               withholding) paid by the Employee to the Company as a condition of or in
               connection such settlement. 

               

	

11 

	

        8.              Other
Provisions Applicable to Severance Payments and Benefits.  

          		    (a)       
               Timing of Payments. All payments required to be paid as a lump sum under
               Section 4 and any Annex hereto implementing Section 4 shall be paid not later
               than the 15th day following the date of termination of Employee’s
               employment (or the date such lump sum otherwise became payable hereunder). Other
               payments shall be made as promptly as practicable following the earliest date
               such payments are due. 

               

          		    (b)       
               Limitation of Benefits In Case of Certain Business Dispositions.
               Notwithstanding anything in this Policy to the contrary, an Employee shall not
               be entitled to any payments or benefits upon a termination of employment prior
               to or more than two years after a Change in Control under Section 4, and any
               Annex implementing Section 4, unless the Committee in its sole discretion
               provides otherwise, in the event such termination of employment results from the
               sale or spin-off of a subsidiary, the sale of a division, other business unit or
               facility in which the Employee was employed immediately prior to such sale, and
               the Employee has been offered employment with the purchaser of such subsidiary,
               division, other business unit or facility or the spun-off entity on
               substantially the same terms and conditions under which the Employee worked
               prior to the sale. Such terms and conditions must include an agreement or plan
               binding on such purchaser or spun-off entity providing that, upon any
               termination of the Employee’s employment with the purchaser or spun-off
               entity of the kinds described in Section 4, and any Annex hereto applicable to
               the Employee, within two years following such sale or spin-off (but not past the
               attainment of age 65 by the Employee), the purchaser or spun-off entity shall
               pay to such Employee amounts comparable to the payments that the Employee would
               have received under the applicable provision of Section 4 and such Annex, and
               provide comparable benefits, as if the Employee had been terminated in like
               circumstances at the time of such sale and provided payments and benefits under
               this Policy. 

               

          		    (c)       
               Deferrals Included in Salary and Bonus. All references in this Policy to
               salary and annual incentive amounts mean those amounts before reduction pursuant
               to any deferred compensation plan or agreement. 

               

          		    (d)       
               Payments and Benefits to Beneficiary Upon Employee’s Death. In the
               event of the death of an Employee, all payments and benefits hereunder due to
               such Employee shall be paid or provided to his Beneficiary. 

               

	

12 

          		    (e)       
               Transfers of Employment. Anything in this Policy to the contrary
               notwithstanding, a transfer of employment from the Company to a subsidiary or
               vice versa shall not be considered a termination of employment for purposes of
               this Policy. 

               

          		    (f)       
               Calculation of Months. Provisions of this Policy which calculate the
               number of months remaining until age 65 will treat, for example, the period from
               August 16 through October 15 as two whole months, will treat any remaining
               partial month as one whole month, and will treat any negative number resulting
               from termination after age 65 as zero. 

               

          		    (g)       
               Modifications to Rights to Avoid Constructive Receipt. Other provisions
               of this Policy notwithstanding, if under U.S. federal income tax laws as
               presently in effect or hereafter amended the terms (including timing) of any
               payment hereunder would result in an Employee’s constructive receipt of
               income relating to such right to payment prior to the payment date, any deferral
               of such payment date from the time the right to payment arises and is
               non-forfeitable shall be of no effect, so that the payment will be made to the
               Employee at the date he or she would be deemed to constructively receive the
               payment. 

               

	

        9.              Other
Plans and Policies; Non-Duplication of Payments or Benefits.  

          		    (a)       
               Rights Under Other Plans. Except to the extent that the terms of this
               Policy confer rights to severance payments and benefits that are more favorable
               to the Employee than are available under any other employee (including
               executive) benefit plan or executive compensation plan of the Company or a
               subsidiary in which the Employee is a participant, the Employee’s rights
               under any such employee (including executive) benefit plan or executive
               compensation plan shall be determined in accordance with the terms of such plan
               (as it may be modified or added to by the Company from time to time), except as
               otherwise provided in Section 5. 

               

          		    (b)       
               Superseded Agreements and Rights. This Policy constitutes the entire
               understanding between the Company and the Employee relating to severance
               payments and benefits to be paid or provided to the Employee by the Company and
               its subsidiaries, and supersedes and cancels all prior agreements and
               understandings with respect to the subject matter of this Policy, except as
               otherwise provided in this Section 9(b). In order for the Employee to be
               entitled to any payments or benefits under this Policy, Employee must agree,
               within such period after the Committee has designated Employee as eligible to be
               covered by the Policy as the Committee may specify, that the Employee shall not
               be entitled to benefits under any Prior Executive Severance Agreement between
               the Company and the Employee. If, however, the Employee has previously entered
               or after the Effective Date enters into an employment agreement with the Company
               or a subsidiary, that employment agreement will not be superseded by this Policy
               unless it specifically so provides. 

               

          		    (c)       
               Non-Duplication of Payments and Benefits. The Employee shall not be
               entitled to any payment or benefit under this Policy which duplicates a payment
               or benefit received or receivable by the Employee under any other employment
               agreement, severance agreement, or other agreement or understanding, or under
               any employee (including executive) compensation or benefit plan, of the Company
               or a subsidiary. 

               

	

13 

	

        10.              Miscellaneous 

          		    (a)       
               Withholding. The Company shall have the right to deduct from all payments
               hereunder any taxes required by law to be withheld therefrom. 

               

          		    (b)       
               No Right To Employment. Nothing in this Policy shall be construed as
               giving any person the right to be retained in the employment of the Company or
               any subsidiary, nor shall it affect the right of the Company or any subsidiary
               to dismiss an Employee without any liability except as provided in this Policy. 

               

          		    (c)       
               Legal Fees. The Company shall pay all legal fees and related expenses
               incurred by an Employee in seeking to obtain or enforce any payment, benefit or
               right provided by this Policy; provided; however, that the Employee shall be
               required to repay any such amounts to the Company to the extent that an
               arbitrator or a court of competent jurisdiction issues a final, unappealable
               order setting forth a determination that the position taken by the Employee was
               frivolous or advanced in bad faith. 

               

          		    (d)       
               Amendment and Termination. The Board of Directors of the Company may
               amend or terminate this Policy at any time, provided, however, that, without the
               written consent of an affected Employee, (i), during the two years following a
               Change in Control, this Policy may not be amended or terminated in any manner
               materially adverse to an Employee, and (ii), at any other time, this Policy may
               not be amended or terminated in any manner materially adverse to an Employee
               except with one year’s advance notice to the affected Employee, and no such
               amendment or termination shall be effective to limit any right or benefit
               relating to a termination during the two years after a Change in Control under
               Section 4 and any Annex implementing Section 4, Section 5 or Section 6 if a
               Change in Control has occurred prior to the lapse of such one-year period. 

               

          		    (e)       
               Governing Law; Arbitration. THE VALIDITY, CONSTRUCTION, AND EFFECT OF
               THIS POLICY AND ANY RULES AND REGULATIONS RELATING TO THIS POLICY SHALL BE
               DETERMINED IN ACCORDANCE WITH THE LAWS (INCLUDING THOSE GOVERNING CONTRACTS) OF
               THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS,
               AND APPLICABLE FEDERAL LAW. If any provision hereof shall be held by a court or
               arbitrator of competent jurisdiction to be invalid and unenforceable, the
               remaining provisions hall continue to be fully effective. Any dispute or
               controversy arising under or in connection with this Policy shall be settled
               exclusively by arbitration in New York, New York by three arbitrators in
               accordance with the rules of the American Arbitration Association in effect at
               the time of submission to arbitration. Judgment may be entered on the
               arbitrators’ award in any court having jurisdiction. For purposes of
               settling any dispute or controversy arising hereunder or for the purpose of
               entering any judgment upon an award rendered by the arbitrators, the Company and
               the Employee hereby consent to the jurisdiction of any or all of the following
               courts: (i) the United States District Court for the Southern District of New
               York, (ii) any of the courts of the State of New York, or (iii) any other court
               having jurisdiction. The Company and the Employee hereby waive, to the fullest
               extent permitted by applicable law, any objection which it may now or hereafter
               have to such jurisdiction and any defense of inconvenient forum. The Company and
               the Employee hereby agree that a judgment upon an award rendered by the
               arbitrators may be enforced in other jurisdictions by suit on the judgment or in
               any other manner provided by law. 

               

	

14 

          		    (f)       
               Nonassignability. Payments and benefits under this Policy may not be
               assigned by the Employee. The terms and conditions of this Policy shall be
               binding on the successors and assigns of the Company. 

               

          		    (g)       
               No Duty to Mitigate. No employee shall be required to mitigate, by
               seeking employment or otherwise, the amount of any payment that the Company
               becomes obligated to make under this Policy, and, except as expressly provided
               in this Policy, amounts or other benefits to be paid or provided to an Employee
               pursuant to this Policy shall not be reduced by reason of the Employee’s
               obtaining other employment or receiving similar payments or benefits from
               another employer. 

               

          		    (h)       
               Foreign Participants.  The terms and conditions of participation of any
               Employee whose employment is subject to the laws or customs of any jurisdiction
               other than the United States or a state thereof may be modified by the Committee
               to conform to or otherwise take into account such laws and customs. In no event
               shall payments or benefits be payable hereunder if and to the extent that such
               benefits would duplicate severance payments or benefits payable in accordance
               with such laws and customs, although severance payments and benefits payable
               hereunder may supplement those payable under such laws and customs. This Policy
               will be of no force or effect to the extent superseded by foreign law. 

               

          		    (i)       
               Effective Date. This Policy became effective as of April 13, 2000. This
               amendment and restatement of the Policy is effective as of __________, 2004. 

               

	

15 

	

Annex I 

Executive Separation
Policy 

TIER I 

Designation of
Participants and Terms 

        This
documents sets forth the participants designated in the Tier I participation level under
the International Flavors & Fragrances Inc. Executive Separation Policy (the
“Policy”). All of the terms of the Policy are incorporated into this Annex, and
capitalized terms defined in the Policy have the same meaning in this Annex. 

I.         
      Designation of Participants in Tier I.  

        The
Committee and/or the Board shall designate the Tier I participants under the Policy. 

II.          
     Terms of Participation in Tier I  

        Subject
to all of the terms and conditions of the Policy, the terms and conditions set forth below
apply to Employees designated as Tier I participants. This Annex shall have no application
to Employees designated as participants at a level other than Tier I, unless the Committee
shall adopt such terms and conditions and so specify in a separate Annex to the Policy. 

          		    (a)       
               Termination by the Company Not for Cause Prior to or More than Two Years
               After a Change in Control. An Employee who is eligible for Tier I severance
               payments and benefits under the Policy pursuant to Part I of this Annex shall be
               entitled to receive the payments and benefits from the Company upon termination
               of employment at any time prior to a Change in Control or more than two years
               following a Change in Control, if such termination is by the Company (or its
               subsidiaries) other than for Cause and such termination is not due to death,
               Disability or Retirement, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A lump-sum cash payment of a prorated portion of the Employee’s annual
               incentive under any AIP that would have become payable for performance in the
               year of termination had Employee’s employment continued, with such award
               prorated based on the number of days during the year of termination which
               preceded the Employee’s termination. This amount will be payable at such
               time as annual incentives for performance in the year of termination otherwise
               become payable. 

               

          		    (iii)       
               For a period terminating on the earliest of 24 months following the date of
               termination of employment or the Employee’s attaining age 65, severance
               payments, paid periodically at the date annual salary payments would otherwise
               have been made, at a monthly rate equal to one-twelfth of the sum of the
               Employee’s annual salary at the date of termination plus the
               Employee’s average annual incentive award paid for performance in the three
               years preceding the year of termination under any AIP (or averaged over the
               lesser number of years during which the Employee was eligible for AIP awards or,
               if not eligible before the year of termination, the Employee’s target
               annual incentive under the AIP for the year of termination). 

               

          		    (iv)       
               Unless otherwise determined by the Committee, the Employee’s options, both
               those vested and not vested at the time of the Employee’s termination of
               employment, shall be governed by the terms of the option agreements in respect
               of such options. 

               

          		    (v)       
               Unless otherwise determined by the Committee, the Employee’s restricted
               stock and stock unit grants and LTIP awards which have not vested at the time of
               the Employee’s termination of employment shall be immediately forfeited. 

               

          		    (vi)       
               For a period terminating on the earliest of 24 months following the date of
               termination of employment, the commencement of eligibility for benefits under a
               new employer’s welfare benefits plan, or the Employee’s attaining age
               65, the maintenance in effect for the continued benefit of the Employee and his
               dependents of: 

               

          		    (A)       
               all insured and self-insured medical and dental benefit Plans of the Company and
               subsidiaries in which the Employee was participating immediately prior to
               termination, provided that the Employee’s continued participation is
               possible under the general terms and conditions of such Plans (and any
               applicable funding media) and the Employee continues to pay an amount equal to
               the Employee’s regular contribution for such participation; and 

               

          		    (B)       
               the group life insurance, group accident insurance, and group disability
               insurance policies of the Company and subsidiaries then in effect and covering
               the Employee immediately prior to termination; 

               

	

2 

	  	
provided,
however, that if the Company so elects, or if such continued participation is not possible
under the general terms and conditions of such plans or under such policies, the Company,
in lieu of the foregoing, shall arrange to have issued for the benefit of the Employee and
the Employee’s dependents individual policies of insurance providing benefits
substantially similar (on an after-tax basis) to those described in this Part II(a)(vi),
or, if such insurance is not available at a reasonable cost to the Company, shall
otherwise provide to the Employee and the Employee’s dependents substantially
equivalent benefits (on an after-tax basis); provided further that, in no event shall the
Employee be required to pay any premiums or other charges in an amount greater than that
which the Employee would have paid in order to participate in the Company’s Plans and
policies. 

          		    (vii)       
               The Employee’s benefits and rights under the Retirement Plan and any Excess
               Benefit Plan shall be determined under the applicable provisions of such Plans. 

               

          		    (b)       
               Termination by the Company for Cause or Voluntary Termination by the Employee
               Prior to or More than Two Years After a Change  in Control. An
               Employee who is eligible for Tier I severance payments and benefits under the
               Policy pursuant to Part I of this Annex shall be entitled to receive the
               payments and benefits from the Company upon termination of employment at any
               time prior to a Change in Control or more than two years following a Change in
               Control, if such termination is by the Company (or its subsidiaries) for Cause
               or is voluntary by the Employee and such termination is not due to death,
               Disability or Retirement, and shall be subject to other terms, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               No portion of the Employee’s annual incentive under any AIP for the year of
               termination shall be or become payable. 

               

          		    (iii)       
               Unless otherwise determined by the Committee, the Employee’s options which
               have not vested at the time of the Employee’s termination of employment
               shall be immediately forfeited and the Employee’s options which have vested
               at or before the Employee’s termination of employment (A), if termination
               is by the Company (or its subsidiaries) for Cause, such options shall be
               immediately canceled, and (B), if termination is voluntary by the Employee, such
               options shall remain outstanding and exercisable only for 90 days after such
               termination (but in no event past the stated expiration date of the option), and
               at the end of such period such options shall be canceled. 

               

	

3 

          		    (iv)       
               The Employee’s restricted stock and stock unit grants and LTIP awards which
               have not vested at the time of the Employee’s termination of employment
               shall be immediately forfeited. 

               

          		    (v)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans. 

               

          		    (c)       
               Termination Due to Death, Disability or Retirement Prior to or More than Two
               Years After a Change in Control. An Employee who is eligible for Tier I
               severance payments and benefits under the Policy pursuant to Part I of this
               Annex shall be entitled to receive the payments and benefits from the Company
               upon termination of employment at any time prior to a Change in Control or more
               than two years following a Change in Control, if such termination is due to
               death, Disability or Retirement and is not for Cause, and shall be subject to
               other terms, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A cash payment of a prorated portion of the Employee’s annual incentive
               under any AIP that would have become payable for performance in the year of
               termination had Employee’s employment continued, with such award prorated
               based on the number of days during the year of termination which preceded the
               Employee’s termination. This amount will be payable at such time as annual
               incentives for performance in the year of termination otherwise become payable. 

               

          		    (iii)       
               Unless otherwise determined by the Committee, the Employee’s options, both
               those vested and not vested at the time of the Employee’s termination of
               employment, shall be governed by the terms of the option agreements in respect
               of such options. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit awards which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and, unless deferred by the Employee in the case of
               termination due to Disability or Retirement, stock unit awards shall be settled
               as promptly as practicable following termination. 

               

          		    (v)       
               A cash payment of a prorated portion of each of the Employee’s LTIP awards
               that would have become payable for each performance cycle on-going at the time
               of termination had Employee’s employment continued through the end of such
               performance cycle, with such LTIP award prorated based on the number of days
               during the performance cycle preceding the Employee’s termination (divided
               by the total number of days in the performance cycle). This amount will be
               payable at such time as the LTIP awards for the applicable performance cycle
               otherwise become payable, except the Committee may instead make a good faith
               estimate of the actual performance achieved through the date of termination and
               rely on this estimate to determine the amount payable in settlement of such LTIP
               award, in which case such payment will constitute full settlement of such LTIP
               award. 

               

	

4 

          		    (vi)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans. 

               

          		    (d)       
               Termination by the Company Not for Cause or by Employee for Good Reason
               Within Two Years After a Change in Control. An Employee who is eligible for
               Tier I severance payments and benefits under the Policy pursuant to Part I of
               this Annex shall be entitled to receive the payments and benefits from the
               Company upon termination of employment within two years following a Change in
               Control, if such termination is by the Company (or its subsidiaries) not for
               Cause or is by the Employee for Good Reason and such termination is not due to
               death, Disability or Retirement, and shall be subject to other terms, as
               follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A cash payment of a prorated portion of the Employee’s annual incentive
               under any AIP, determined as the target annual incentive for the year of
               termination, with the award so determined then prorated based on the number of
               days during the year of termination which preceded the Employee’s
               termination. This amount will be payable as a lump sum. 

               

          		    (iii)       
               A lump-sum cash severance payment equal to the product of the Employee’s
               Annual Compensation, multiplied by 3. 

               

          		    (iv)       
               A cash payment of a prorated portion of each of the Employee’s LTIP awards
               for each performance cycle on-going at the time of termination, determined as
               the target LTIP award for that performance cycle, with each LTIP award prorated
               based on the number of days during the performance cycle preceding the
               Employee’s termination (divided by the total number of days in the
               performance cycle) This amount will be payable as a lump sum. 

               

	

5 

          		    (v)       
               Except for Designated Awards, the Employee’s options which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and exercisable, and the Employee’s options shall
               remain outstanding and exercisable for the remaining period until the stated
               expiration date of the option. 

               

          		    (vi)       
               The Employee’s restricted stock and stock unit awards which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and, unless waived or deferred by the Employee, stock
               unit awards shall be settled as promptly as practicable following termination. 

               

          		    (vii)       
               The Employee’s Designated Awards, if any, will be subject to the terms of
               the Plan and/or stock option agreement under which they were granted, except
               that, in the case of options which are Designated Awards, and irrespective of
               such Plan and/or stock option agreement, Employee will be entitled to a payment
               equal to the following: for each share of the Company’s Common Stock
               subject to any option which is a Designated Award that remains outstanding at
               the date of Employee’s termination subject to this Part II(d), whether or
               not such option is then exercisable, the Company shall pay to Employee the
               amount determined by subtracting the exercise price thereof from the highest of
               (A) the market price per share of Common Stock on the New York Stock Exchange at
               the close of business on the effective day of termination, (B) the price per
               share contained in any published tender offer made within one year before or
               after the date of the Change in Control, (C) the price contained in any merger
               or acquisition agreement entered into by the Company and any third party within
               one year before or after the date of the Change in Control, or (D) the market
               price per share of Common Stock on the New York Stock Exchange on the date of
               the Change in Control, and, upon such payment, such option shall be deemed
               canceled and annulled. 

               

          		    (viii)       
               The Employee will be credited with additional age and years of service under any
               Excess Benefit Plan as though the Employee continued to be employed for a period
               of 36 months after termination at a rate of compensation equal to his or her
               Annual Compensation, and the Employee will be deemed to be fully vested under
               any such Excess Benefit Plan, with the time or times at which benefits are
               payable under any such Plan unchanged; provided, however, that if an Excess
               Benefit Plan does not permit such additional crediting of age and years of
               service, then Employee will be paid in a lump sum the present value of the
               additional benefits he would have received under such Plan had Employee’s
               employment continued to the third anniversary of his termination at an annual
               rate of compensation equal to his or her Annual Compensation; provided further,
               that the Company’s obligations under any such Excess Benefit Plan shall be
               fully funded by deposits into a “rabbi trust” the trustee of which
               shall be independent of the Company and the terms of which shall preclude access
               by the Company to any of the trust assets, except for attachments by creditors
               of the Company upon insolvency or bankruptcy of the Company, until all
               obligations to the Employee and his beneficiaries have been satisfied; and
               provided further, that the Company may elect to satisfy all obligations to the
               Employee and his beneficiaries by payment, as a lump sum, of the present value
               of the accrued benefit under any Excess Plan. 

               

	

6 

          		    (ix)       
               For a period terminating on the earlier of 36 months following the date of
               termination of employment or the commencement of eligibility for benefits under
               a new employer’s welfare benefits plan, the maintenance in effect for the
               continued benefit of the Employee and his dependents of: 

               

          		    (A)       
               all insured and self-insured medical and dental benefit plans of the Company and
               subsidiaries in which the Employee was participating immediately prior to
               termination, provided that the Employee’s continued participation is
               possible under the general terms and conditions of such plans (and any
               applicable funding media) and the Employee continues to pay an amount equal to
               the Employee’s regular contribution for such participation; and 

               

          		    (B)       
               the group life insurance and group disability insurance policies of the Company
               and subsidiaries then in effect for Employee; 

               

	  	
provided,
however, that if the Company so elects, or if such continued participation is not possible
under the general terms and conditions of such plans or under such policies, the Company,
in lieu of the foregoing, shall arrange to have issued for the benefit of the Employee and
the Employee’s dependents individual policies of insurance providing benefits
substantially similar (on an after-tax basis) to those described in this Part II(d)(ix),
or, if such insurance is not available at a reasonable cost to the Company, shall
otherwise provide the Employee and the Employee’s dependents substantially equivalent
benefits (on an after-tax basis); provided further that, in no event shall the Employee be
required to pay any premiums or other charges in an amount greater than that which the
Employee would have paid in order to participate in the Company’s plans and policies.
Notwithstanding anything to the contrary contained herein, in the event the Employee
becomes eligible for benefits under a new employer’s welfare benefit plan during the
36 month period following the date of termination, the benefits required to be provided to
the employee pursuant to this Part II(d)(iv) shall be reduced by the amount of
substantially similar benefits provided to the Employee at no additional cost by such new
employer. 

          		    (e)       
               Termination by the Company for Cause or Voluntary Termination by the Employee
               Within Two Years After a Change in Control. An Employee who is eligible for
               Tier I severance payments and benefits under the Policy pursuant to Part I of
               this Annex shall be entitled to receive the payments and benefits from the
               Company upon termination of employment at any time within two years following a
               Change in Control, if such termination is by the Company (or its subsidiaries)
               for Cause or is voluntary by the Employee not for Good Reason and such
               termination is not due to death, Disability or Retirement, and shall be subject
               to other terms, as follows: 

               

	

7 

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               No portion of the Employee’s annual incentive under any AIP for the year of
               termination shall be or become payable. 

               

          		    (iii)       
               Unless otherwise determined by the Committee, if termination is by the Company
               (or its subsidiaries) for Cause all of the Employee’s options (vested and
               unvested) shall be immediately forfeited and canceled, and if termination is
               voluntary by the Employee, all of the Employee’s options which have not
               vested at the time of his termination shall be immediately fully vested and
               exercisable, and all of the Employee’s options which have vested at or
               before his termination shall remain outstanding and exercisable for 90 days
               after such termination (but in no event past the stated expiration date of the
               option), and at the end of such period such options shall be canceled. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit grants and LTIP awards which
               have not vested at the time of the Employee’s termination of employment
               shall be immediately forfeited. 

               

          		    (v)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans. 

               

          		    (f)       
               Termination Due to Death, Disability or Retirement Within Two Years After a
               Change in Control. An Employee who is eligible for Tier I severance payments
               and benefits under the Policy pursuant to Part I of this Annex shall be entitled
               to receive the payments and benefits from the Company upon termination of
               employment at any time within two years following a Change in Control, if such
               termination is due to death, Disability or Retirement and is not for Cause or
               voluntary by the Employee for Good Reason, and shall be subject to other terms,
               as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

	

8 

          		    (ii)       
               A cash payment of a prorated portion of the Employee’s annual incentive
               under any AIP, determined as the target annual incentive for the year of
               termination, with the award so determined then prorated based on the number of
               days during the year of termination which preceded the Employee’s
               termination. This amount will be payable as a lump sum. 

               

          		    (iii)       
               Except for Designated Awards, the Employee’s options which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and exercisable, and the Employee’s options shall
               remain outstanding and exercisable after termination for the following periods
               (but in no event past the stated expiration date of the option): (A) for one
               year if termination resulted from the Employee’s death, (B) three years if
               termination resulted from the Employee’s Disability, or (C) for the
               remaining period until the stated expiration date of the option if termination
               resulted from Retirement. At the end of the applicable post-termination exercise
               period, such options shall be canceled. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit awards which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and, unless waived or deferred by the Employee in the
               case of termination due to Disability or Retirement, stock unit awards shall be
               settled as promptly as practicable following termination. 

               

          		    (v)       
               The Employee’s Designated Awards, if any, will be subject to the terms of
               the Plan and/or stock option agreement under which they were granted, except
               that, in the case of options which are Designated Awards, and irrespective of
               such Plan or stock option agreement, Employee will be entitled to a payment
               equal to the following: for each share of the Company’s Common Stock
               subject to any option which is a Designated Award that remains outstanding at
               the date of Employee’s termination subject to this Part II(f), whether or
               not such option is then exercisable, the Company shall pay to Employee the
               amount determined by subtracting the exercise price thereof from the highest of
               (A) the market price per share of Common Stock on the New York Stock Exchange at
               the close of business on the effective day of termination, (B) the price per
               share contained in any published tender offer made within one year before or
               after the date of the Change in Control, (C) the price contained in any merger
               or acquisition agreement entered into by the Company and any third party within
               one year before or after the date of the Change in Control, or (D) the market
               price per share of Common Stock on the New York Stock Exchange on the date of
               the Change in Control, and, upon such payment, such option shall be deemed
               canceled and annulled.) 

               

	

9 

          		    (vi)       
               A cash payment of a prorated portion of each of the Employee’s LTIP awards
               that would have become payable for each performance cycle on-going at the time
               of termination, determined as the target LTIP award for that performance cycle ,
               with each LTIP award prorated based on the number of days during the performance
               cycle preceding the Employee’s termination (divided by the total number of
               days in the performance cycle). This amount will be payable as a lump sum. 

               

          		    (vii)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans, except that the Employee will be deemed to
               be fully vested under any such Excess Benefit Plan. 

               

          		    (g)       
               Entitlement to Gross-Up.  Tier I level participants shall be entitled to
               the Gross-Up Payment in accordance with Section 6 of the Policy. 

               

	

10 

	

Annex II 

Executive Separation
Policy 

TIER II 

Designation of
Participants and Terms 

        This
documents sets forth the participants designated in the Tier II participation level under
the International Flavors & Fragrances Inc. Executive Separation Policy (the
“Policy”). All of the terms of the Policy are incorporated into this Annex, and
capitalized terms defined in the Policy have the same meaning in this Annex. 

I.           
    Designation of Participants in Tier II.  

        The
Committee and/or the Board shall designate the Tier II participants under the Policy. 

II.         
      Terms of Participation in Tier II  

        Subject
to all of the terms and conditions of the Policy, the terms and conditions set forth below
apply to Employees designated as Tier II level participants. This Annex shall have no
application to Employees designated as participants at a level other than Tier II, unless
the Committee shall adopt such terms and conditions and so specify in a separate Annex to
the Policy. 

          		    (a)       
               Termination by the Company Not for Cause Prior to or More than Two Years
               After a Change in Control. An Employee who is eligible for Tier II severance
               payments and benefits under the Policy pursuant to Part I of this Annex shall be
               entitled to receive the payments and benefits from the Company upon termination
               of employment at any time prior to a Change in Control or more than two years
               following a Change in Control, if such termination is by the Company (or its
               subsidiaries) other than for Cause and such termination is not due to death,
               Disability or Retirement, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A lump-sum cash payment of a prorated portion of the Employee’s annual
               incentive under any AIP that would have become payable for performance in the
               year of termination had Employee’s employment continued, with such award
               prorated based on the number of days during the year of termination which
               preceded the Employee’s termination. This amount will be payable at such
               time as annual incentives for performance in the year of termination otherwise
               become payable. 

               

          		    (iii)       
               For a period terminating on the earliest of 18 months following the date of
               termination of employment or the Employee’s attaining age 65, severance
               payments, paid periodically at the date annual salary payments would otherwise
               have been made, at a monthly rate equal to one-twelfth of the sum of the
               Employee’s annual salary at the date of termination plus the
               Employee’s average annual incentive award paid for performance in the three
               years preceding the year of termination under any AIP (or averaged over the
               lesser number of years during which the Employee was eligible for AIP awards or,
               if not eligible before the year of termination, the Employee’s target
               annual incentive under the AIP for the year of termination). 

               

          		    (iv)       
               Unless otherwise determined by the Committee, the Employee’s options, both
               those vested and not vested at the time of the Employee’s termination of
               employment, shall be governed by the terms of the option agreements in respect
               of such options. 

               

          		    (v)       
               Unless otherwise determined by the Committee, the Employee’s restricted
               stock and stock unit grants and LTIP awards which have not vested at the time of
               the Employee’s termination of employment shall be immediately forfeited. 

               

          		    (vi)       
               For a period terminating on the earliest of 18 months following the date of
               termination of employment, the commencement of eligibility for benefits under a
               new employer’s welfare benefits plan, or the Employee’s attaining age
               65, the maintenance in effect for the continued benefit of the Employee and his
               dependents of: 

               

          		    (A)       
               all insured and self-insured medical and dental benefit Plans of the Company and
               subsidiaries in which the Employee was participating immediately prior to
               termination, provided that the Employee’s continued participation is
               possible under the general terms and conditions of such Plans (and any
               applicable funding media) and the Employee continues to pay an amount equal to
               the Employee’s regular contribution for such participation; and 

               

          		    (B)       
               the group life insurance, group accident insurance, and group disability
               insurance policies of the Company and subsidiaries then in effect and covering
               the Employee immediately prior to termination; 

               

	  	
provided,
however, that if the Company so elects, or if such continued participation is not possible
under the general terms and conditions of such plans or under such policies, the Company,
in lieu of the foregoing, shall arrange to have issued for the benefit of the Employee and
the Employee’s dependents individual policies of insurance providing benefits
substantially similar (on an after-tax basis) to those described in this Part II(a)(vi),
or, if such insurance is not available at a reasonable cost to the Company, shall
otherwise provide to the Employee and the Employee’s dependents substantially
equivalent benefits (on an after-tax basis); provided further that, in no event shall the
Employee be required to pay any premiums or other charges in an amount greater than that
which the Employee would have paid in order to participate in the Company’s Plans and
policies. 

	

2 

          		    (vii)       
               The Employee’s benefits and rights under the Retirement Plan and any Excess
               Benefit Plan shall be determined under the applicable provisions of such Plans. 

               

          		    (b)       
               Termination by the Company for Cause or Voluntary Termination by the Employee
               Prior to or More than Two Years After a Change  in Control. An
               Employee who is eligible for Tier II severance payments and benefits under the
               Policy pursuant to Part I of this Annex shall be entitled to receive the
               payments and benefits from the Company upon termination of employment at any
               time prior to a Change in Control or more than two years following a Change in
               Control, if such termination is by the Company (or its subsidiaries) for Cause
               or is voluntary by the Employee and such termination is not due to death,
               Disability or Retirement, and shall be subject to other terms, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               No portion of the Employee’s annual incentive under any AIP for the year of
               termination shall be or become payable. 

               

          		    (iii)       
               Unless otherwise determined by the Committee, the Employee’s options which
               have not vested at the time of the Employee’s termination of employment
               shall be immediately forfeited and the Employee’s options which have vested
               at or before the Employee’s termination of employment (A), if termination
               is by the Company (or its subsidiaries) for Cause, such options shall be
               immediately canceled, and (B), if termination is voluntary by the Employee, such
               options shall remain outstanding and exercisable only for 90 days after such
               termination (but in no event past the stated expiration date of the option), and
               at the end of such period such options shall be canceled. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit grants and LTIP awards which
               have not vested at the time of the Employee’s termination of employment
               shall be immediately forfeited. 

               

	

3 

          		    (v)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans. 

               

          		    (c)       
               Termination Due to Death, Disability or Retirement Prior to or More than Two
               Years After a Change in Control. An Employee who is eligible for Tier II
               severance payments and benefits under the Policy pursuant to Part I of this
               Annex shall be entitled to receive the payments and benefits from the Company
               upon termination of employment at any time prior to a Change in Control or more
               than two years following a Change in Control, if such termination is due to
               death, Disability or Retirement and is not for Cause, and shall be subject to
               other terms, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A cash payment of a prorated portion of the Employee’s annual incentive
               under any AIP that would have become payable for performance in the year of
               termination had Employee’s employment continued, with such award prorated
               based on the number of days during the year of termination which preceded the
               Employee’s termination. This amount will be payable at such time as annual
               incentives for performance in the year of termination otherwise become payable. 

               

          		    (iii)       
               Unless otherwise determined by the Committee, the Employee’s options, both
               those vested and not vested at the time of the Employee’s termination of
               employment, shall be governed by the terms of the option agreements in respect
               of such options. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit awards which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and, unless deferred by the Employee in the case of
               termination due to Disability or Retirement, stock unit awards shall be settled
               as promptly as practicable following termination. 

               

          		    (v)       
               A cash payment of a prorated portion of each of the Employee’s LTIP awards
               that would have become payable for each performance cycle on-going at the time
               of termination had Employee’s employment continued through the end of such
               performance cycle, with such LTIP award prorated based on the number of days
               during the performance cycle preceding the Employee’s termination. This
               amount will be payable at such time as the LTIP awards for the applicable
               performance cycle otherwise become payable, except the Committee may instead
               make a good faith estimate of the actual performance achieved through the date
               of termination and rely on this estimate to determine the amount payable in
               settlement of such LTIP award, in which case such payment will constitute full
               settlement of such LTIP award. 

               

	

4 

          		    (vi)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans. 

               

          		    (d)       
               Termination by the Company Not for Cause or by Employee for Good Reason
               Within Two Years After a Change in Control. An Employee who is eligible for
               Tier II severance payments and benefits under the Policy pursuant to Part I of
               this Annex shall be entitled to receive the payments and benefits from the
               Company upon termination of employment within two years following a Change in
               Control, if such termination is by the Company (or its subsidiaries) not for
               Cause or is by the Employee for Good Reason and such termination is not due to
               death, Disability or Retirement, and shall be subject to other terms, as
               follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A cash payment of a prorated portion of the Employee’s annual incentive
               under any AIP, determined as the target annual incentive for the year of
               termination, with the award so determined then prorated based on the number of
               days during the year of termination which preceded the Employee’s
               termination. This amount will be payable as a lump sum. 

               

          		    (iii)       
               A lump-sum cash severance payment equal to the product of the Employee’s
               Annual Compensation, multiplied by 2. 

               

          		    (iv)       
               A cash payment of a prorated portion of each of the Employee’s LTIP awards
               for each performance cycle on-going at the time of termination, determined as
               the target LTIP award for that performance cycle, with each LTIP award prorated
               based on the number of days during the performance cycle preceding the
               Employee’s termination (divided by the total number of days in the
               performance cycle). This amount will be payable as a lump sum. 

               

          		    (v)       
               Except for Designated Awards, the Employee’s options which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and exercisable, and the Employee’s options shall
               remain outstanding and exercisable for the remaining period until the stated
               expiration date of the option. 

               

	

5 

          		    (vi)       
               The Employee’s restricted stock and stock unit awards which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and, unless waived or deferred by the Employee, stock
               unit awards shall be settled as promptly as practicable following termination. 

               

          		    (vii)       
               The Employee’s Designated Awards, if any, will be subject to the terms of
               the Plan and/or stock option agreement under which they were granted, except
               that, in the case of options which are Designated Awards, and irrespective of
               such plan and/or stock option agreement, Employee will be entitled to a payment
               equal to the following: for each share of the Company’s Common Stock
               subject to any option which is a Designated Award that remains outstanding at
               the date of Employee’s termination subject to this Part II(d), whether or
               not such option is then exercisable, the Company shall pay to Employee the
               amount determined by subtracting the exercise price thereof from the highest of
               (A) the market price per share of Common Stock on the New York Stock Exchange at
               the close of business on the effective day of termination, (B) the price per
               share contained in any published tender offer made within one year before or
               after the date of the Change in Control, (C) the price contained in any merger
               or acquisition agreement entered into by the Company and any third party within
               one year before or after the date of the Change in Control, or (D) the market
               price per share of Common Stock on the New York Stock Exchange on the date of
               the Change in Control, and, upon such payment, such option shall be deemed
               canceled and annulled. 

               

          		    (viii)       
               The Employee will be credited with additional age and years of service under any
               Excess Benefit Plan as though the Employee continued to be employed for a period
               of 24 months after termination at a rate of compensation equal to his or her
               Annual Compensation, and the Employee will be deemed to be fully vested under
               any such Excess Benefit Plan, with the time or times at which benefits are
               payable under any such Plan unchanged; provided, however, that if an Excess
               Benefit Plan does not permit such additional crediting of age and years of
               service, then Employee will be paid in a lump sum the present value of the
               additional benefits he would have received under such Plan had Employee’s
               employment continued to the third anniversary of his termination at an annual
               rate of compensation equal to his or her Annual Compensation; provided further,
               that the Company’s obligations under any such Excess Benefit Plan shall be
               fully funded by deposits into a “rabbi trust” the trustee of which
               shall be independent of the Company and the terms of which shall preclude access
               by the Company to any of the trust assets, except for attachments by creditors
               of the Company upon insolvency or bankruptcy of the Company, until all
               obligations to the Employee and his beneficiaries have been satisfied; and
               provided further, that the Company may elect to satisfy all obligations to the
               Employee and his beneficiaries by payment, as a lump sum, of the present value
               of the accrued benefit under any Excess Plan. 

               

	

6 

          		    (ix)       
               For a period terminating on the earlier of 24 months following the date of
               termination of employment or the commencement of eligibility for benefits under
               a new employer’s welfare benefits plan, the maintenance in effect for the
               continued benefit of the Employee and his dependents of: 

               

          		    (A)       
               all insured and self-insured medical and dental benefit plans of the Company and
               subsidiaries in which the Employee was participating immediately prior to
               termination, provided that the Employee’s continued participation is
               possible under the general terms and conditions of such plans (and any
               applicable funding media) and the Employee continues to pay an amount equal to
               the Employee’s regular contribution for such participation; and 

               

          		    (B)       
               the group life insurance and group disability insurance policies of the Company
               and subsidiaries then in effect for Employee; 

               

	  	
provided,
however, that if the Company so elects, or if such continued participation is not possible
under the general terms and conditions of such plans or under such policies, the Company,
in lieu of the foregoing, shall arrange to have issued for the benefit of the Employee and
the Employee’s dependents individual policies of insurance providing benefits
substantially similar (on an after-tax basis) to those described in this Part II(d)(ix),
or, if such insurance is not available at a reasonable cost to the Company, shall
otherwise provide the Employee and the Employee’s dependents substantially equivalent
benefits (on an after-tax basis); provided further that, in no event shall the Employee be
required to pay any premiums or other charges in an amount greater than that which the
Employee would have paid in order to participate in the Company’s plans and policies.
Notwithstanding anything to the contrary contained herein, in the event the Employee
becomes eligible for benefits under a new employer’s welfare benefit plan during the
24-month period following the date of termination, the benefits required to be provided to
the employee pursuant to this Part II(d)(iv) shall be reduced by the amount of
substantially similar benefits provided to the Employee at no additional cost by such new
employer. 

          		    (e)       
               Termination by the Company for Cause or Voluntary Termination by the Employee
               Within Two Years After a Change in Control. An Employee who is eligible for
               Tier II severance payments and benefits under the Policy pursuant to Part I of
               this Annex shall be entitled to receive the payments and benefits from the
               Company upon termination of employment at any time within two years following a
               Change in Control, if such termination is by the Company (or its subsidiaries)
               for Cause or is voluntary by the Employee not for Good Reason and such
               termination is not due to death, Disability or Retirement, and shall be subject
               to other terms, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

	

7 

          		    (ii)       
               No portion of the Employee’s annual incentive under any AIP for the year of
               termination shall be or become payable. 

               

          		    (iii)       
               Unless otherwise determined by the Committee, if termination is by the Company
               (or its subsidiaries) for Cause all of the Employee’s options (vested and
               unvested) shall be immediately forfeited and canceled, and if termination is
               voluntary by the Employee, all of the Employee’s options which have not
               vested at the time of his termination shall be immediately fully vested and
               exercisable, and all of the Employee’s options which have vested at or
               before his termination shall remain outstanding and exercisable for 90 days
               after such termination (but in no event past the stated expiration date of the
               option), and at the end of such period such options shall be canceled. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit grants and LTIP awards which
               have not vested at the time of the Employee’s termination of employment
               shall be immediately forfeited. 

               

          		    (v)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans. 

               

          		    (f)       
               Termination Due to Death, Disability or Retirement Within Two Years After a
               Change in Control. An Employee who is eligible for Tier II severance
               payments and benefits under the Policy pursuant to Part I of this Annex shall be
               entitled to receive the payments and benefits from the Company upon termination
               of employment at any time within two years following a Change in Control, if
               such termination is due to death, Disability or Retirement and is not for Cause
               or voluntary by the Employee for Good Reason, and shall be subject to other
               terms, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A cash payment of a prorated portion of the Employee’s annual incentive
               under any AIP, determined as the target annual incentive for the year of
               termination, with the award so determined then prorated based on the number of
               days during the year of termination which preceded the Employee’s
               termination. This amount will be payable as a lump sum. 

               

	

8 

          		    (iii)       
               Except for Designated Awards, the Employee’s options which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and exercisable, and the Employee’s options shall
               remain outstanding and exercisable after termination for the following periods
               (but in no event past the stated expiration date of the option): (A) for one
               year if termination resulted from the Employee’s death, (B) three years if
               termination resulted from the Employee’s Disability, (C) for the remaining
               period until the stated expiration date of the option if termination resulted
               from Retirement or (D), unless otherwise determined by the Committee, for 90
               days. At the end of the applicable post-termination exercise period, such
               options shall be canceled. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit awards which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and, unless waived or deferred by the Employee in the
               case of termination due to Disability or Retirement, stock unit awards shall be
               settled as promptly as practicable following termination. 

               

	

9 

          		    (v)       
               The Employee’s Designated Awards, if any, will be subject to the terms of
               the Plan and/or stock option agreement under which they were granted, except
               that, in the case of options which are Designated Awards, and irrespective of
               such Plan and/or stock option agreement, Employee will be entitled to a payment
               equal to the following: for each share of the Company’s Common Stock
               subject to any option which is a Designated Award that remains outstanding at
               the date of Employee’s termination subject to this Part II(f), whether or
               not such option is then exercisable, the Company shall pay to Employee the
               amount determined by subtracting the exercise price thereof from the highest of
               (A) the market price per share of Common Stock on the New York Stock Exchange at
               the close of business on the effective day of termination, (B) the price per
               share contained in any published tender offer made within one year before or
               after the date of the Change in Control, (C) the price contained in any merger
               or acquisition agreement entered into by the Company and any third party within
               one year before or after the date of the Change in Control, or (D) the market
               price per share of Common Stock on the New York Stock Exchange on the date of
               the Change in Control, and, upon such payment, such option shall be deemed
               canceled and annulled. 

               

          		    (vi)       
               A cash payment of a prorated portion of each of the Employee’s LTIP awards
               that would have become payable for each performance cycle on-going at the time
               of termination, determined as the target LTIP award for that performance cycle,
               with each LTIP award prorated based on the number of days during the performance
               cycle preceding the Employee’s termination (divided by the total number of
               days in the performance cycle). This amount will be payable as a lump sum. 

               

          		    (vii)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans, except that the Employee will be deemed to
               be fully vested under any such Excess Benefit Plan. 

               

          		    (g)       
               Entitlement to Gross-Up.  Tier II level participants shall be entitled to
               the Gross-Up Payment in accordance with Section 6 of the Policy. 

               

          		    (h)       
               Period During Which Restrictions Under Section 7(a)(i) and (ii) Apply. 
               Tier II level participants shall be subject to the Non-competition Period under
               Section 7(a)(i) of this Policy for 18 months following termination of employment
               rather than two years, and shall be subject to the restrictions under Section
               7(a)(ii) of this Policy for 18 months following termination of employment rather
               than two years. Except for this limitation, Sections 7(a)(i) and 7(a)(ii) apply
               to each such participant in accordance with their terms. 

               

	

10 

	

Annex III 

Executive Separation
Policy 

TIER III 

Designation of
Participants and Terms 

        This
documents sets forth the participants designated in the Tier III participation level under
the International Flavors & Fragrances Inc. Executive Separation Policy (the
“Policy”). All of the terms of the Policy are incorporated into this Annex, and
capitalized terms defined in the Policy have the same meaning in this Annex. 

I.         
      Designation of Participants in Tier III.  

        The
Committee and/or the Board shall designate the Tier III participants under the Policy. 

II.         
      Terms of Participation in Tier III  

        Subject
to all of the terms and conditions of the Policy, the terms and conditions set forth below
apply to Employees designated as Tier III level participants. This Annex shall have no
application to Employees designated as participants at a level other than Tier III, unless
the Committee shall adopt such terms and conditions and so specify in a separate Annex to
the Policy. 

          		    (a)       
               Termination by the Company Not for Cause Prior to or More than Two Years
               After a Change in Control. An Employee who is eligible for Tier III
               severance payments and benefits under the Policy pursuant to Part I of this
               Annex shall be entitled to receive the payments and benefits from the Company
               upon termination of employment at any time prior to a Change in Control or more
               than two years following a Change in Control, if such termination is by the
               Company (or its subsidiaries) other than for Cause and such termination is not
               due to death, Disability or Retirement, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A lump-sum cash payment of a prorated portion of the Employee’s annual
               incentive under any AIP that would have become payable for performance in the
               year of termination had Employee’s employment continued, with such award
               prorated based on the number of days during the year of termination which
               preceded the Employee’s termination. This amount will be payable at such
               time as annual incentives for performance in the year of termination otherwise
               become payable. 

               

          		    (iii)       
               For a period terminating on the earliest of 12 months following the date of
               termination of employment or the Employee’s attaining age 65, severance
               payments, paid periodically at the date annual salary payments would otherwise
               have been made, at a monthly rate equal to one-twelfth of the sum of the
               Employee’s annual salary at the date of termination plus the
               Employee’s average annual incentive award paid for performance in the three
               years preceding the year of termination under any AIP (or averaged over the
               lesser number of years during which the Employee was eligible for AIP awards or,
               if not eligible before the year of termination, the Employee’s target
               annual incentive under the AIP for the year of termination). 

               

          		    (iv)       
               Unless otherwise determined by the Committee, the Employee’s options, both
               those vested and not vested at the time of the Employee’s termination of
               employment, shall be governed by the terms of the option agreements in respect
               of such options. 

               

          		    (v)       
               Unless otherwise determined by the Committee, the Employee’s restricted
               stock and stock unit grants and LTIP awards which have not vested at the time of
               the Employee’s termination of employment shall be immediately forfeited. 

               

          		    (vi)       
               For a period terminating on the earliest of 12 months following the date of
               termination of employment, the commencement of eligibility for benefits under a
               new employer’s welfare benefits plan, or the Employee’s attaining age
               65, the maintenance in effect for the continued benefit of the Employee and his
               dependents of: 

               

          		    (A)       
               all insured and self-insured medical and dental benefit Plans of the Company and
               subsidiaries in which the Employee was participating immediately prior to
               termination, provided that the Employee’s continued participation is
               possible under the general terms and conditions of such Plans (and any
               applicable funding media) and the Employee continues to pay an amount equal to
               the Employee’s regular contribution for such participation; and 

               

          		    (B)       
               the group life insurance, group accident insurance, and group disability
               insurance policies of the Company and subsidiaries then in effect and covering
               the Employee immediately prior to termination; 

               

	  	
provided,
however, that if the Company so elects, or if such continued participation is not possible
under the general terms and conditions of such plans or under such policies, the Company,
in lieu of the foregoing, shall arrange to have issued for the benefit of the Employee and
the Employee’s dependents individual policies of insurance providing benefits
substantially similar (on an after-tax basis) to those described in this Part II(a)(vi),
or, if such insurance is not available at a reasonable cost to the Company, shall
otherwise provide to the Employee and the Employee’s dependents substantially
equivalent benefits (on an after-tax basis); provided further that, in no event shall the
Employee be required to pay any premiums or other charges in an amount greater than that
which the Employee would have paid in order to participate in the Company’s Plans and
policies. 

	

3 

          		    (vii)       
               The Employee’s benefits and rights under the Retirement Plan and any Excess
               Benefit Plan shall be determined under the applicable provisions of such Plans. 

               

          		    (b)       
               Termination by the Company for Cause or Voluntary Termination by the Employee
               Prior to or More than Two Years After a Change  in Control. An
               Employee who is eligible for Tier III severance payments and benefits under the
               Policy pursuant to Part I of this Annex shall be entitled to receive the
               payments and benefits from the Company upon termination of employment at any
               time prior to a Change in Control or more than two years following a Change in
               Control, if such termination is by the Company (or its subsidiaries) for Cause
               or is voluntary by the Employee and such termination is not due to death,
               Disability or Retirement, and shall be subject to other terms, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               No portion of the Employee’s annual incentive under any AIP for the year of
               termination shall be or become payable. 

               

          		    (iii)       
               Unless otherwise determined by the Committee, the Employee’s options which
               have not vested at the time of the Employee’s termination of employment
               shall be immediately forfeited and the Employee’s options which have vested
               at or before the Employee’s termination of employment (A), if termination
               is by the Company (or its subsidiaries) for Cause, such options shall be
               immediately canceled, and (B), if termination is voluntary by the Employee, such
               options shall remain outstanding and exercisable only for 90 days after such
               termination (but in no event past the stated expiration date of the option), and
               at the end of such period such options shall be canceled. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit grants and LTIP awards which
               have not vested at the time of the Employee’s termination of employment
               shall be immediately forfeited. 

               

	

4 

          		    (v)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans. 

               

          		    (c)       
               Termination Due to Death, Disability or Retirement Prior to or More than Two
               Years After a Change in Control. An Employee who is eligible for Tier III
               severance payments and benefits under the Policy pursuant to Part I of this
               Annex shall be entitled to receive the payments and benefits from the Company
               upon termination of employment at any time prior to a Change in Control or more
               than two years following a Change in Control, if such termination is due to
               death, Disability or Retirement and is not for Cause, and shall be subject to
               other terms, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A cash payment of a prorated portion of the Employee’s annual incentive
               under any AIP that would have become payable for performance in the year of
               termination had Employee’s employment continued, with such award prorated
               based on the number of days during the year of termination which preceded the
               Employee’s termination. This amount will be payable at such time as annual
               incentives for performance in the year of termination otherwise become payable. 

               

          		    (iii)       
               Unless otherwise determined by the Committee, the Employee’s options, both
               those vested and not vested at the time of the Employee’s termination of
               employment, shall be governed by the terms of the option agreements in respect
               of such options. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit awards which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and, unless deferred by the Employee in the case of
               termination due to Disability or Retirement, stock unit awards shall be settled
               as promptly as practicable following termination. 

               

          		    (v)       
               A cash payment of a prorated portion of each of the Employee’s LTIP awards
               that would have become payable for each performance cycle on-going at the time
               of termination had Employee’s employment continued through the end of such
               performance cycle, with such LTIP award prorated based on the number of days
               during the performance cycle preceding the Employee’s termination. This
               amount will be payable at such time as the LTIP awards for the applicable
               performance cycle otherwise become payable, except the Committee may instead
               make a good faith estimate of the actual performance achieved through the date
               of termination and rely on this estimate to determine the amount payable in
               settlement of such LTIP award, in which case such payment will constitute full
               settlement of such LTIP award. 

               

	

5 

          		    (vi)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans. 

               

          		    (d)       
               Termination by the Company Not for Cause or by Employee for Good Reason
               Within Two Years After a Change in Control. An Employee who is eligible for
               Tier III severance payments and benefits under the Policy pursuant to Part I of
               this Annex shall be entitled to receive the payments and benefits from the
               Company upon termination of employment within two years following a Change in
               Control, if such termination is by the Company (or its subsidiaries) not for
               Cause or is by the Employee for Good Reason and such termination is not due to
               death, Disability or Retirement, and shall be subject to other terms, as
               follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A cash payment of a prorated portion of the Employee’s annual incentive
               under any AIP, determined as the target annual incentive for the year of
               termination, with the award so determined then prorated based on the number of
               days during the year of termination which preceded the Employee’s
               termination. This amount will be payable as a lump sum. 

               

          		    (iii)       
               A lump-sum cash severance payment equal to the product of the Employee’s
               Annual Compensation, multiplied by 1.5. 

               

          		    (iv)       
               A cash payment of a prorated portion of each of the Employee’s LTIP awards
               for each performance cycle on-going at the time of termination, determined as
               the target LTIP award for that performance cycle, with each LTIP award prorated
               based on the number of days during the performance cycle preceding the
               Employee’s termination (divided by the total number of days in the
               performance cycle). This amount will be payable as a lump sum. 

               

          		    (v)       
               Except for Designated Awards, the Employee’s options which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and exercisable, and the Employee’s options shall
               remain outstanding and exercisable for the remaining period until the stated
               expiration date of the option. 

               

	

6 

          		    (vi)       
               The Employee’s restricted stock and stock unit awards which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and, unless waived or deferred by the Employee, stock
               unit awards shall be settled as promptly as practicable following termination. 

               

          		    (vii)       
               The Employee’s Designated Awards, if any, will be subject to the terms of
               the Plan and/or stock option agreement under which they were granted, except
               that, in the case of options which are Designated Awards, and irrespective of
               such plan and/or stock option agreement, Employee will be entitled to a payment
               equal to the following: for each share of the Company’s Common Stock
               subject to any option which is a Designated Award that remains outstanding at
               the date of Employee’s termination subject to this Part II(d), whether or
               not such option is then exercisable, the Company shall pay to Employee the
               amount determined by subtracting the exercise price thereof from the highest of
               (A) the market price per share of Common Stock on the New York Stock Exchange at
               the close of business on the effective day of termination, (B) the price per
               share contained in any published tender offer made within one year before or
               after the date of the Change in Control, (C) the price contained in any merger
               or acquisition agreement entered into by the Company and any third party within
               one year before or after the date of the Change in Control, or (D) the market
               price per share of Common Stock on the New York Stock Exchange on the date of
               the Change in Control, and, upon such payment, such option shall be deemed
               canceled and annulled. 

               

          		    (viii)       
               The Employee will be credited with additional age and years of service under any
               Excess Benefit Plan as though the Employee continued to be employed for a period
               of 18 months after termination at a rate of compensation equal to his or her
               Annual Compensation, and the Employee will be deemed to be fully vested under
               any such Excess Benefit Plan, with the time or times at which benefits are
               payable under any such Plan unchanged; provided, however, that if an Excess
               Benefit Plan does not permit such additional crediting of age and years of
               service, then Employee will be paid in a lump sum the present value of the
               additional benefits he would have received under such Plan had Employee’s
               employment continued to the third anniversary of his termination at an annual
               rate of compensation equal to his or her Annual Compensation; provided further,
               that the Company’s obligations under any such Excess Benefit Plan shall be
               fully funded by deposits into a “rabbi trust” the trustee of which
               shall be independent of the Company and the terms of which shall preclude access
               by the Company to any of the trust assets, except for attachments by creditors
               of the Company upon insolvency or bankruptcy of the Company, until all
               obligations to the Employee and his beneficiaries have been satisfied; and
               provided further, that the Company may elect to satisfy all obligations to the
               Employee and his beneficiaries by payment, as a lump sum, of the present value
               of the accrued benefit under any Excess Plan. 

               

	

7 

          		    (ix)       
               For a period terminating on the earlier of 18 months following the date of
               termination of employment or the commencement of eligibility for benefits under
               a new employer’s welfare benefits plan, the maintenance in effect for the
               continued benefit of the Employee and his dependents of: 

               

          		    (A)       
               all insured and self-insured medical and dental benefit plans of the Company and
               subsidiaries in which the Employee was participating immediately prior to
               termination, provided that the Employee’s continued participation is
               possible under the general terms and conditions of such plans (and any
               applicable funding media) and the Employee continues to pay an amount equal to
               the Employee’s regular contribution for such participation; and 

               

          		    (B)       
               the group life insurance and group disability insurance policies of the Company
               and subsidiaries then in effect for Employee; 

               

	  	
provided,
however, that if the Company so elects, or if such continued participation is not possible
under the general terms and conditions of such plans or under such policies, the Company,
in lieu of the foregoing, shall arrange to have issued for the benefit of the Employee and
the Employee’s dependents individual policies of insurance providing benefits
substantially similar (on an after-tax basis) to those described in this Part II(d)(ix),
or, if such insurance is not available at a reasonable cost to the Company, shall
otherwise provide the Employee and the Employee’s dependents substantially equivalent
benefits (on an after-tax basis); provided further that, in no event shall the Employee be
required to pay any premiums or other charges in an amount greater than that which the
Employee would have paid in order to participate in the Company’s plans and policies.
Notwithstanding anything to the contrary contained herein, in the event the Employee
becomes eligible for benefits under a new employer’s welfare benefit plan during the
18-month period following the date of termination, the benefits required to be provided to
the employee pursuant to this Part II(d)(iv) shall be reduced by the amount of
substantially similar benefits provided to the Employee at no additional cost by such new
employer. 

          		    (e)       
               Termination by the Company for Cause or Voluntary Termination by the Employee
               Within Two Years After a Change in Control. An Employee who is eligible for
               Tier III severance payments and benefits under the Policy pursuant to Part I of
               this Annex shall be entitled to receive the payments and benefits from the
               Company upon termination of employment at any time within two years following a
               Change in Control, if such termination is by the Company (or its subsidiaries)
               for Cause or is voluntary by the Employee not for Good Reason and such
               termination is not due to death, Disability or Retirement, and shall be subject
               to other terms, as follows: 

               

	

8 

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               No portion of the Employee’s annual incentive under any AIP for the year of
               termination shall be or become payable. 

               

          		    (iii)       
               Unless otherwise determined by the Committee, if termination is by the Company
               (or its subsidiaries) for Cause all of the Employee’s options (vested and
               unvested) shall be immediately forfeited and canceled, and if termination is
               voluntary by the Employee, all of the Employee’s options which have not
               vested at the time of his termination shall be immediately fully vested and
               exercisable, and all of the Employee’s options which have vested at or
               before his termination shall remain outstanding and exercisable for 90 days
               after such termination (but in no event past the stated expiration date of the
               option), and at the end of such period such options shall be canceled. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit grants and LTIP awards which
               have not vested at the time of the Employee’s termination of employment
               shall be immediately forfeited. 

               

          		    (v)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans. 

               

          		    (f)       
               Termination Due to Death, Disability or Retirement Within Two Years After a
               Change in Control. An Employee who is eligible for Tier III severance
               payments and benefits under the Policy pursuant to Part I of this Annex shall be
               entitled to receive the payments and benefits from the Company upon termination
               of employment at any time within two years following a Change in Control, if
               such termination is due to death, Disability or Retirement and is not for Cause
               or voluntary by the Employee for Good Reason, and shall be subject to other
               terms, as follows: 

               

          		    (i)       
               Such Employee’s annual salary otherwise payable through the date of
               termination of employment, together with salary, incentive compensation and
               benefits which have been earned or become payable as of the date of termination
               but which have not yet been paid to the Employee and unreimbursed business
               expenses reimbursable under Company policies then in effect; provided, however,
               that the Company and its subsidiaries may offset such amounts against
               obligations and liabilities of the Employee to the Company and its subsidiaries. 

               

          		    (ii)       
               A cash payment of a prorated portion of the Employee’s annual incentive
               under any AIP, determined as the target annual incentive for the year of
               termination, with the award so determined then prorated based on the number of
               days during the year of termination which preceded the Employee’s
               termination. This amount will be payable as a lump sum. 

               

	

9 

          		    (iii)       
               Except for Designated Awards, the Employee’s options which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and exercisable, and the Employee’s options shall
               remain outstanding and exercisable after termination for the following periods
               (but in no event past the stated expiration date of the option): (A) for one
               year if termination resulted from the Employee’s death, (B) three years if
               termination resulted from the Employee’s Disability, (C) for the remaining
               period until the stated expiration date of the option if termination resulted
               from Retirement or (D), unless otherwise determined by the Committee, for 90
               days. At the end of the applicable post-termination exercise period, such
               options shall be canceled. 

               

          		    (iv)       
               The Employee’s restricted stock and stock unit awards which have not vested
               at the time of the Employee’s termination of employment shall be
               immediately fully vested and, unless waived or deferred by the Employee in the
               case of termination due to Disability or Retirement, stock unit awards shall be
               settled as promptly as practicable following termination. 

               

          		    (v)       
               The Employee’s Designated Awards, if any, will be subject to the terms of
               the Plan and/or stock option agreement under which they were granted, except
               that, in the case of options which are Designated Awards, and irrespective of
               such Plan and/or stock option agreement, Employee will be entitled to a payment
               equal to the following: for each share of the Company’s Common Stock
               subject to any option which is a Designated Award that remains outstanding at
               the date of Employee’s termination subject to this Part II(f), whether or
               not such option is then exercisable, the Company shall pay to Employee the
               amount determined by subtracting the exercise price thereof from the highest of
               (A) the market price per share of Common Stock on the New York Stock Exchange at
               the close of business on the effective day of termination, (B) the price per
               share contained in any published tender offer made within one year before or
               after the date of the Change in Control, (C) the price contained in any merger
               or acquisition agreement entered into by the Company and any third party within
               one year before or after the date of the Change in Control, or (D) the market
               price per share of Common Stock on the New York Stock Exchange on the date of
               the Change in Control, and, upon such payment, such option shall be deemed
               canceled and annulled. 

               

          		    (vi)       
               A cash payment of a prorated portion of each of the Employee’s LTIP awards
               that would have become payable for each performance cycle on-going at the time
               of termination, determined as the target LTIP award for that performance cycle,
               with each LTIP award prorated based on the number of days during the performance
               cycle preceding the Employee’s termination (divided by the total number of
               days in the performance cycle). This amount will be payable as a lump sum. 

               

	

10 

          		    (vii)       
               The Employee’s benefits and rights under any welfare benefit Plan, the
               Retirement Plan and any Excess Benefit Plan shall be determined under the
               applicable provisions of such Plans, except that the Employee will be deemed to
               be fully vested under any such Excess Benefit Plan. 

               

          		    (g)       
               Entitlement to Gross-Up.  Tier III level participants shall be entitled
               to the Gross-Up Payment in accordance with Section 6 of the Policy. 

               

          		    (h)       
               Period During Which Restrictions Under Section 7(a)(i) and (ii) Apply. 
               Tier III level participants shall be subject to the Non-competition Period under
               Section 7(a)(i) of this Policy for 12 months following termination of employment
               rather than two years, and shall be subject to the restrictions under Section
               7(a)(ii) of this Policy for 12 months following termination of employment rather
               than two years. Except for this limitation, Sections 7(a)(i) and 7(a)(ii) apply
               to each such participant in accordance with their terms. 

               

	

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]