Document:

Exhibit 10.3

 

LOUISIANA-PACIFIC
CORPORATION

 

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

 

Amended
and Restated Effective January 1, 2005

 

 

LOUISIANA-PACIFIC
CORPORATION

 

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

 

Amended
and Restated Effective January 1, 2005

 

1.             PURPOSE; EFFECTIVE DATE

 

The purpose of this
Supplemental Executive Retirement Plan (the “Plan”) is to provide supplemental
retirement and death benefits for certain key employees of Louisiana-Pacific
Corporation (the “Corporation”) and certain of its subsidiary companies.  It is intended that the Plan will aid in
retaining and attracting employees of exceptional ability by providing them
with these benefits. The Plan became effective as of July 1, 1997, was amended
and restated as of January 1, 2000, January 1, 2002, May I, 2002, and September
1, 2004, and is further amended and restated as of January 1, 2005 as set forth
herein.

 

2.             DEFINITIONS

 

For the purposes of the
Plan, the following terms shall have the meanings indicated, unless the context
clearly indicates otherwise:

 

2.1           Acquiring
Person.  An “Acquiring Person” or a “Person” means any
individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

2.2           Accumulated
with Interest.  “Accumulated with Interest” means to project
Qualified and Other Plan Accounts amounts from one date to a subsequent date
assuming an interest rate of seven percent (7%) compounded annually.

 

2.3           Actuarial
Equivalent.  “Actuarial Equivalent” means equality in
value of the aggregate amounts expected to be received under different forms
and timing of payment, which shall be determined by using the Pension Benefit
Guaranty Corporation Lump Sum Interest Rate for Private Sector Payments (as
published in appendix C of 29 CFR 4022, or any successor or replacement rate)
and the UP84 Mortality Table set back four (4) years for males and females. For
purposes of calculating an Actuarial Equivalent for a Participant’s benefits,
the interest rate assumptions and calculation methodology will be made in
the manner described on Appendix A to the Plan, which Appendix may be modified
from time to time by the Committee.

 

2.4           Beneficiary.  “Beneficiary” means the person, persons or
entity entitled under Article VI to receive any Plan benefits payable after a
Participant’s death.

 

2.5           Benefit
Commencement Date.  “Benefit Commencement Date” means the date
specified by a Participant in his or her Form and Time of Benefit Election as
described in Section 5.7(c) with respect to any Early Retirement, Early
Termination, or Change in Control Benefit that may become payable to the
Participant.

 

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2.6           Board.  “Board” means the Board of Directors of the
Corporation.

 

2.7           Change
in Control.  “Change
in Control” means:

 

(a)           The
acquisition by an Acquiring Person of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of
either (i) the then outstanding shares of common stock of Corporation (the “Outstanding
Corporation Common Stock”) or (ii) the combined voting power of the then
outstanding voting securities of Corporation entitled to vote generally in the
election of directors (the “Outstanding Corporation Voting Securities”); provided,
however, that for purposes of this subsection (a), the following acquisitions
will not constitute a Change in Control: (i) any acquisition directly from
Corporation, (ii) any acquisition by Corporation, (iii) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by Corporation
or any corporation controlled by Corporation or (iv) any acquisition pursuant
to a transaction which complies with clauses (i), (ii) and (iii) of subsection
(c) of this definition; or

 

(b)           Individuals
who, as of January 1, 2005, constitute the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to January 1, 2005,
whose election, or nomination for election by Corporation’s shareholders, was
approved by a vote of at least a majority of the directors then comprising the
Incumbent Board will be considered as though such individual were a member of
the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board; or

 

(c)           Consummation
by Corporation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of Corporation or the
acquisition of assets of another entity (a “Business Combination”), in each
case, unless, following such Business Combination, (i) all or substantially all
of the individuals and entities who were the beneficial owners, respectively,
of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 60% of, respectively, the then outstanding
shares of common stock and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors, as
the case may be, of the corporation resulting from such Business Combination
(including, without limitation, a corporation which as a result of such
transaction owns Corporation or all or substantially all of Corporation’s
assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership, immediately prior to such Business
Combination, of the Outstanding Corporation Common Stock and Outstanding
Corporation Voting Securities, as the case may be, (ii) no Person (excluding
any employee benefit

 

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plan (or related trust)
of Corporation or such corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 20% or more of, respectively, the
then outstanding shares of common stock of the corporation resulting from such
Business Combination or the combined voting power of the then outstanding
voting securities of such corporation except to the extent that such ownership
existed prior to the Business Combination and (iii) at least a majority of the
members of the board of directors of the corporation resulting from such
Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board, providing
for such Business Combination; or

 

(d)           Approval
by the shareholders of Corporation of a complete liquidation or dissolution of
Corporation.

 

2.8           Committee.  “Committee” means the Committee appointed by
the Corporation to administer the Plan pursuant to Section 7.

 

2.9           Compensation.  “Compensation” means base pay and annual cash
incentive bonuses paid to a Participant during the calendar year, before
reduction for amounts deferred under the Louisiana-Pacific Executive Deferred
Compensation Plan or any other salary reduction program. Compensation does not
include expense reimbursements, any form of noncash compensation or benefits,
stock option income, group life insurance premiums, severance pay, or any other
payments or benefits other than base pay and annual cash incentive bonuses.

 

2.10         Corporation.  “Corporation” means Louisiana-Pacific
Corporation, a Delaware corporation, or any successor to the business thereof.

 

2.11         Deferred
Retirement Date.  “Deferred Retirement Date” means the first
day of the month coincident with or next following the Participant’s
termination of employment with the Employer if it occurs after the Participant’s
Normal Retirement Date.

 

2.12         Disability.  “Disability” means a physical or mental
condition which, in the opinion of the Committee, prevents an employee from
satisfactorily performing employee’s usual duties for Employer. The Committee’s
decision as to Disability will be based upon medical reports and/or evidence
satisfactory to the Committee.  In no
event shall a Disability be deemed to occur or to continue after a Participant’s
Normal Retirement Date.

 

2.13         Early
Retirement Date.  “Early Retirement Date” means the date on
which the Participant terminates employment with the Employer if it occurs on
or after the first day of the month coincidental with or next following a
Participant’s attainment of age fifty-five (55) and completion of five (5)
Years of Participation, but prior to his Normal Retirement Date.

 

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2.14         Employer.  “Employer” means the Corporation and any
affiliated or subsidiary company of the Corporation which is organized under
the laws of any state of the United States.

 

2.15         Final
Average Compensation.  “Final Average Compensation” means the
Participant’s Compensation during the sixty (60) consecutive complete
calendar months of paid employment out of the last one hundred twenty (120)
months of employment with the Employer in which the Participant’s Compensation
is the highest divided by sixty (60).  If
a Participant’s number of complete calendar months of paid employment with the
Employer is less than sixty (60), the Participant’s Final Average Compensation
shall be the monthly average of all such complete calendar months of paid
employment.

 

2.16         Final
Compensation.  “Final Compensation” means a Participant’s
base pay for the twelve (12) months prior to termination of employment with the
Employer, plus the average annual cash incentive bonus paid the last three (3)
years, divided by twelve (12). If the Participant has not been a Participant in
the Employer’s annual incentive plan for three (3) full years or been an
employee for a full twelve (12) months, then the proceeding determination shall
be adjusted pro rata.

 

2.17         Form
and Time of Benefit Election.  “Form and Time of Benefit Election” means an
election by a Particpant pursuant to Section 5.7(c) by which the
Particpant elects one of the forms of benefit payments described in
Section 5.7(a) and specifies a Benefit Commencement Date with respect to
any Early Retirement, Early Termination, or Change in Control Benefit that may
become payable to the Participant.

 

2.18         Involuntarily
Terminated.  “Involuntarily Terminated” means a
Participant is discharged or resigns in response to a change in day-to-day
duties, or reduction in Compensation or benefits, to a downward change of
title, or to a relocation requested by Employer.

 

2.19         Normal
Retirement Date.  “Normal Retirement Date” means the first day
of the month coincident with or next following the Participant’s attainment of
age sixty-two (62).

 

2.20         Participant.  “Participant” means any individual who is
participating or has participated in the Plan as provided in Section 3.

 

2.21         Qualified
and Other Plan Accounts.  “Qualified and Other Plan Accounts” means a
Participant’s (1) ESOT, ESOT Transfer, Matching, Profit Sharing and Frozen
Profit Sharing Accounts under the Louisiana-Pacific Salaried 401(k) and Profit
Sharing Plan, (2) accrued benefits attributable to employer contributions under
the Louisiana-Pacific Corporation Retirement Account Plan and any other
employee pension benefit plan maintained by the Employer, (3) Qualified Plan
Supplemental Credit Account under the Louisiana-Pacific Corporation 2004
Executive Deferred Compensation Plan (the “EDCP”) (4) Qualified Plan Makeup
Credit Account under the EDCP; (5) Employer Matching Contribution Account under
the EDCP; and (6) any account plan defined as a

 

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“Qualified
and Other Account Plan” under the terms of the Plan as in effect prior to
September 1, 2004.

 

2.22         Retirement.  “Retirement” means a Participant’s
termination of employment with the Employer at the Participant’s Early Retirement
Date, Normal Retirement Date, or Deferred Retirement Date.

 

2.23         Spouse.  “Spouse” means a Participant’s wife or
husband who is lawfully married to the Participant at the time of the Participant’s
death.

 

2.24         Supplemental
Retirement Benefit.  “Supplemental Retirement Benefit” means the benefit
determined under Section 5 of this Plan.

 

2.25         Target
Retirement Percentage.  “Target Retirement Percentage” means the
percentage of Final Average Compensation which will be used as a target from
which other forms of retirement benefits are subtracted, as provided in Section
5, to arrive at the amount of the Supplemental Retirement Benefit actually
payable to a Participant. This percentage shall equal fifty percent (50%)
multiplied by a fraction, the numerator of which is the Participant’s Years of
Credited Service, not to exceed fifteen (15), and the denominator of which is
fifteen (15). The adjusted Target Retirement Percentage shall be rounded to
four (4) decimal places.

 

2.26         Years
of Credited Service.  “Years of Credited Service” means the whole
number of years of vesting service credited under the provisions of the
Louisiana-Pacific Corporation Retirement Account Plan.

 

2.27         Years
of Participation.  “Years of Participation” means the number of
twelve (12) month periods the  
Participant has been a Participant in the Plan as set out in Section 3.1(b)
of the Plan. For the individuals who became initial Participants as of July 1,
1997, Years of Participation shall be measured from January 1, 1997.

 

3.             PARTICIPATION AND VESTING

 

3.1           Eligibility
and Participation.

 

(a)           Eligibility.  Employees eligible to participate in the Plan
shall be those employees of an Employer who are designated as Participants by
the Chief Executive Officer of the Corporation and whose participation in the
Plan is approved by the Committee; provided, that the participation of an
employee who is an executive officer of the Corporation for purposes of Section
16 of the Securities Exchange Act, or is otherwise designated by the Board as
an employee whose compensation is subject to the authority of the Compensation
Committee Committee of the Board, shall be subject to the specific approval of
the Compensation Committee of the Board.

 

(b)           Participation.  An employee’s participation in the Plan shall
be effective upon notification of the employee of his status as a Participant
by the Committee. Participation in the Plan shall continue until such time as
the

 

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Participant terminates
employment with the Employer, and as long thereafter as the Participant is
eligible to receive benefits under this Plan.

 

3.2           Vesting.  Each Participant shall be one hundred percent
(100%) vested in benefits under this Plan after completing five (5) Years of
Participation in the Plan. The proceeding notwithstanding, each Participant
shall be one hundred percent (100%) vested in benefits under this Plan upon
death, Disability or a Change in Control.

 

3.3           Cessation
of Eligibility.  Notwithstanding Section 3.1(b) of this Plan,
if a Participant ceases to be designated by the Committee as eligible to
participate in the Plan, by reason of a change in employment status or
otherwise, participation herein and eligibility to receive benefits hereunder shall
be limited to the Participant’s interest in such benefits as of the date designated
by the Committee.

 

4.             PRE-TERMINATION SURVIVOR BENEFIT

 

If a Participant dies
while employed by the Employer, the Employer shall pay a supplemental survivor
benefit to the Participant’s Spouse. The amount of this benefit shall be an
amount equal to one-half (1/2) of the amount that would have been payable to
the Participant as a fully vested Normal Retirement Benefit in the form of a
life annuity payable monthly (as if the Participant had terminated employment with
the Employer immediately before his or her date of death and elected a life
annuity form of benefit), payable monthly for the life of the Spouse,
calculated using the three percent (3%) reduction per year specified in 5.3 to
the Participant’s age at death if the Participant died before attaining age 62,
with payments commencing to the Spouse within thirty (30) days following the
Participant’s date of death; provided, that if the Participant would have been
entitled to a benefit described in Section 5.7(e) had the Participant terminated
employment with the Employer immediately prior to the date of death and such
benefit has a greater Acturial Equivalent value than the benefit under this
Section 4.1, then the benefit described in 5.7(c) shall be payable to the
Participant’s Spouse or Beneficiary as the case may be.

 

5.             SUPPLEMENTAL RETIREMENT BENEFITS

 

5.1           Normal
Retirement Benefit.  If a Participant retires on the Normal
Retirement Date, the Employer shall pay to the Participant (payable at the time
specified in Section 5.7(d)) a Supplemental Retirement Benefit that is the
Actuarial Equivalent of a life annuity payable monthly, calculated as if it
commenced on the first day of the calendar month following the Participant’s
date of termination of employment with the Employer, for the Participant’s life
in an amount equal to the Target Retirement Percentage multiplied by the
Participant’s Final Average Compensation, less:

 

(a)           Fifty
percent (50%) of the Participant’s primary Social Security benefit determined
at age 62, and

 

(b)           An
amount equal to the Participant’s Qualified and Other Plan Accounts amounts,
determined as of the Participant’s date of termination and

 

6

 

subject to Section 5.8,
converted to a monthly life annuity on an Actuarial Equivalent basis

 

times
the vesting percentage determined under Section 3.2 of this Plan.

 

5.2           Deferred
Retirement Benefit.  If a Participant retires at a Deferred
Retirement Date, the Employer shall pay to the Participant (payable at the time
specified in Section 5.7(d)) a Supplemental Retirement Benefit calculated
pursuant to Section 5.1, except that 5.1(a) and 5.1(b) shall be measured at the
Participant’s date of termination.

 

5.3           Early
Retirement Benefit.  If a Participant retires at an Early
Retirement Date, the Employer shall pay to the Participant (payable at the time
specified in Section 5.7(d)) a Supplemental Retirement Benefit that is the
Actuarial Equivalent of a life annuity payable monthly, calculated as if it
commenced on the first day of the calendar month following the Participant’s 62nd
birthday and reduced as provided for in this Section 5.3, for the Participant’s
life in an amount equal to the Target Retirement Percentage multiplied by the
Participant’s Final Average Compensation, less:

 

(a)           Fifty
percent (50%) of the Participant’s primary Social Security benefit projected to
be paid at age 62 assuming no future increases in Compensation, no change in
the Social Security Act and no change in the cost of living or the average wage
indexes, and

 

(b)           An
amount equal to the Participant’s Qualified and Other Plan Accounts amounts,
determined as of the Participant’s date of termination of employment with the
Employer and subject to Section 5.8, converted to a monthly life annuity beginning
at age 62 on an Actuarial Equivalent basis but assuming no growth in such
amounts to age 62;

 

times
the vesting percentage determined under Section 3.2 of this Plan.

 

If a Participant retires
with the approval of the Committee, the above Early Retirement Benefit shall be
reduced by three percent (3%) for each year by which the actual benefit
commencement date precedes the Participant’s 62nd birthday (prorated for
partial years on a monthly basis). If a Participant retires without the
approval of the Committee, the above Early Retirement Benefit shall be reduced
by five percent (5%) for each year by which the actual benefit commencement
date precedes the first day of the calendar month following the Participant’s
62nd birthday (prorated for partial years on a monthly basis).  For Participants who retire without approval
of the Committee, this benefit shall be further reduced by a fraction equal to
the Participant’s actual Years of Credited Service at termination over Years of
Credited Service the Participant would have had at age 62.

 

5.4           Early
Termination Retirement Benefit.  If a Participant terminates employment with
an Employer prior to Early Retirement, the Employer shall pay to the Participant
(payable at the time specified in Section 5.7(d)) a Supplemental
Retirement Benefit that is the Actuarial Equivalent of a life annuity payable
monthly, calculated as if

 

7

 

it
commenced on the first day of the calendar month following the Participant’s
62nd birthday, for the Participant’s life in an amount equal to the product of
(a) times (b) times (c) where:

 

(a)           is
an amount equal to the Target Retirement Percentage multiplied by the
Participant’s Final Average Compensation, less:

 

(i)            Fifty
percent (50%) of the Participant’s primary Social Security benefit projected to
be paid at age 62 assuming no future increases in Compensation, no change in
the Social Security act and no change in the cost of living or the average wage
indexes, and

 

(ii)           An
amount equal to the Qualified and Other Plan Accounts amounts, determined as of
the date of the Participant’s date of termination and subject to Section 5.8,
converted to a monthly life annuity beginning at age 62 on an Actuarial
Equivalent basis but assuming no growth in such amounts to age 62.

 

(b)           is
the vesting percentage determined under Section 3.2 of this Plan; and

 

(c)           is
a fraction equal to the Participant’s Years of Credited Service at termination
over Years of Credited Service the Participant would have had at age 62.

 

5.5           Change
in Control Benefits.  If a Participant is Involuntarily Terminated
within thirty-six (36) months of a Change in Control, such Participant shall be
granted two (2) extra Years of Credited Service under the Plan, and the greater
of Final Compensation or Final Average Compensation shall be used in
determining the Participant’s Supplemental Retirement Benefit. For such Involuntarily
Terminated Participants, the Employer shall pay to the Participant (payable at
the time specified in Section 5.7(d)) a Supplemental Retirement Benefit calculated
in the same manner as an Early Retirement Benefit pursuant to Section 5.3 as if
the Participant retired with the approval of the Committee.

 

5.6           Disability
Retirement Benefit.  If a Participant terminates employment prior
to Normal Retirement as a result of Disability, the Employer shall pay to the
Participant (payable at the time specified in Section 5.7(d)) a
Supplemental Retirement Benefit that is the Actuarial Equivalent of a life
annuity payable monthly, calculated as if it commenced 30 days after the
Participant’s 62nd birthday, for the Participant’s life in an amount equal to
the amount the Participant would have received at such time under the Normal
Retirement provisions of this Article. For purposes of this calculation, Years
of Credited Service and Years of Participation shall continue to accrue during
the period of Disability and the Participant’s Final Average Compensation shall
be based only on the amounts earned during the sixty (60) months prior to
Disability if this provides the Participant with a greater benefit.

 

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5.7           Payment
of Benefits.

 

(a)           Form
of Benefit Payments.  The normal form of benefit payment shall be a
single lump sum payment equal to the Actuarial Equivalent of a life annuity
payable monthly.  Any other form of
monthly benefit elected by the Participant must be the Actuarial Equivalent of
a life annuity payable monthly. The form of benefit payments available to
Participants shall be:

 

(i)            Lump
Sum Payment

 

(ii)           Life
Annuity

 

(iii)          10-Year
Certain and Life Annuity

 

(iv)          50%
Joint and Spouse Survivor Annuity

 

(v)           100%
Joint and Spouse Survivor Annuity

 

(b)           Default
Form of Benefit Payment.  If there is no effective Form and Time of
Benefit Election by a Participant, such Participant’s form of benefit payment
shall be a single lump sum payment equal to the Actuarial Equivalent of a life
annuity payable monthly.

 

(c)           Form
and Time of Benefit Election.  Except as provided in Section (c)(i)
with respect to Participants as of January 1, 2005, at the time of enrollment
the Participant shall deliver to the Employer a Form and Time of Benefit
Election (in a form satisfactory to Corporation) specifying (i) one of the
forms of benefit payments described in Section (a), and (ii) a Benefit
Commencement Date (which may not be later than the first day of the first
calendar month beginning after the Participant’s 62nd birthday) applicable in the
event the Participant receives an Early Retirement, Early Termination, or
Change in Control Benefit.

 

(i)            Form
and Time of Benefit Election for Participants as of January 1, 2005.  Each Participant who was a Participant as of
January 1, 2005, shall make a Form and Time of Benefit Election not later than
December 31, 2005.

 

(ii)           Changes
to Form and Time of Benefit Elections.  A Participant may amend, revoke, or replace a
Form and Time of Benefit Election, subject to the following restrictions
(unless the Committee expressly waives or modifies one or more of such
restrictions based on the Committee’s determination that such waiver or
modification would not result in constructive receipt or cause the Plan not to
meet the requirements of applicable law or Treasury Regulations):

 

9

 

(1)           In
no event may a Participant change his or her Form and Time of Benefit Election
to accelerate the time or schedule of any benefit payment under the Plan
(including without limitation any change from any annuity form of benefit
payment to a lump sum form of payment);

 

(2)           No
change to an existing a Form and Time of Benefit Election may take effect until
at least 12 months after the date of such amended Form and Time of Benefit Election;

 

(3)           With
respect to distributions other than distributions upon the death or Disability
of a Participant, the first date on which a distribution or installment may be
made under an amended Form and Time of Benefit Election may not be earlier than
five years after the date the distribution or payment would otherwise have been
made; and

 

(4)           In
no event may a Participant make more than one amendment to a Form and Time of
Benefit Election to delay any distribution or payment.

 

The Committee may modify
the foregoing restrictions and/or adopt other restrictions from time to time to
provide for efficient administration of the Plan and to cause the Plan to
comply with applicable law and Treasury Regulations.

 

(d)           Time
of Payment or Commencement of Benefit Payments.

 

(i)            Normal
and Deferred Retirement Benefits.  A Participant’s Normal Retirement or Deferred
Retirement Benefit will be payable or will commence on the first day of the
seventh calendar month beginning after the Participant’s termination of employment.

 

(ii)           Early
Retirement, Early Termination, and Change in Control Benefits.  A Participant’s Early Retirement, Early
Termination, or Change in Control Benefit will be payable or will commence on
the later of:

 

(1)           The
first day of the seventh calendar month beginning after the Participant’s
termination of employment; or

 

(2)           The
Benefit Commencement Date specified in the Participant’s Form and Time of Benefit
Election.

 

(iii)          Disability
Retirement Benefits.  A Participant’s Disability Retirement Benefit
will be payable or will commence on the first day of the first calendar month
beginning after the earlier of (1) the Participant’s 62nd birthday or (2) the
date the Participant ceases to be Disabled.

 

10

 

(e)           Death
Prior to Commencement of Benefit Payments.  If a Participant terminates employment and
dies before the commencement of benefits as provided under Section 5.7(d), any
survivor benefit under the form of benefit that was elected by the Participant
under Sections 5.7(a)(iii), (a)(iv), or (a)(v) shall be payable to the
Participant’s Spouse or Beneficiary, as the case may be, at the time benefits
otherwise would have commenced to the Participant.

 

5.8           Qualified
and Other Retirement Plan Accounts Offset.
 In the event that all or a portion of a
Participant’s Qualified and Other Retirement Plan Accounts are paid out prior
to the applicable benefit calculation date under any provision of Section 5 of
the Plan, the value of such Accounts at termination shall be the amount
distributed Accumulated with Interest to the date of termination.

 

5.9           Excise
Tax and Lost Benefit Makeup.  If as a result of participating in the Plan
the Participant is required to pay additional excise tax under Section 4999 of
the Internal Revenue Code (“IRC”), or receives a smaller benefit from any other
Employer retirement plan as a result of any IRC Section 280G Golden
Parachute limitations, then a makeup amount shall be payable from the Plan.
This amount shall be equal to the amount of Section 4999 excise tax
payable and any lost benefit from other Employer retirement plans due to IRC
Section 280G Golden Parachute limitation, as a result of participation in the
Plan, plus any excise tax and income taxes payable due to this payment. The Corporation
and Participant shall cooperate in good faith in making such determination and
in providing the necessary information for this purpose.

 

5.10         Withholding;
Payroll Taxes.  The Employer shall withhold from payments
made hereunder any taxes required to be withheld from a Participant’s wages for
the federal or any state or local government. However, a Beneficiary may elect
not to have withholding for federal income tax purposes pursuant to Section
3405 of the Internal Revenue Code, or any successor provision.

 

5.11         Payment
to Guardian.  If a Plan benefit is payable to a minor or a
person declared incompetent or to a person incapable of handling the
disposition of his property, the Committee may direct payment of such Plan
benefit to the guardian, legal representative or person having the care and
custody of such minor, incompetent or person. The Committee may require proof
of incompetency, minority, incapacity or guardianship as it may deem
appropriate prior to distribution of the Plan benefit. Such distribution shall
completely discharge the Committee and the Employer from all liability with
respect to such benefit.

 

6.             BENEFICIARY DESIGNATION

 

6.1           Beneficiary
Designation.  Each Participant shall have the right, at any
time, to designate any person or persons as his Beneficiary or Beneficiaries
(both primary as well as secondary) to whom benefits under this Plan shall be
paid in the event of his death prior to payment to Participant of the benefits
due to the Participant under the Plan. Each Beneficiary designation shall be in
a written form prescribed by

 

11

 

the
Committee, and will be effective only when filed with the Committee during the
Participant’s lifetime.

 

6.2           Changing
Beneficiary.  Subject to Section 6.3, any Beneficiary
designation may be changed by a Participant without the consent of the
previously named Beneficiary by the filing of a new designation with the
Committee. The filing of a new designation shall cancel all designations
previously filed. If a Participant’s benefits under the Plan are subject to the
community property laws of any state, any Beneficiary designation or change in
Beneficiary designation shall be valid or effective only as permitted by applicable
law.

 

6.3           No
Beneficiary Designation.  In the absence of an effective Beneficiary
Designation, or if all designated Beneficiaries predecease the Participant or
dies prior to complete distribution of the Participant’s benefits, then the
Participant’s designated Beneficiary shall be deemed to be the person in the
first of the following classes in which there is a survivor:

 

(a)           the
surviving Spouse;

 

(b)           the
Participant’s children, except that if any of the children predeceases the
Participant but leaves issue surviving, then such issue shall take by right of
representation the share the parent would have taken if living;

 

(c)           the
Participant’s estate.

 

7.             ADMINISTRATION

 

7.1           Committee;
Duties.  The Plan shall be administered by a Committee
consisting of not less than three (3) persons appointed by the
Corporation.  Members of the Committee
may be Participants in the Plan. The members of the Committee on January 1, 2005
are Curtis M. Stevens, Russell S. Pattee and Andrea L. Vicino. The Committee
shall have the authority to make, amend, interpret and enforce all appropriate
rules and regulations for the administration of the Plan and decide or resolve
any and all questions, including interpretations of the Plan, as may arise in
connection with the Plan.  Members of the
Committee may be Participants under the Plan; provided, that a member of the
Committee who is also a Participant shall not participate in any decision or
interpretation of the Committee that relates specifically to the calculation of
or right to receive his or her accrued benefit under the Plan.  A majority vote of the Committee members
entitled to vote shall control any Committee decision.

 

7.2           Agents.  The Committee may, from time to time, employ
other agents and delegate to them such administrative duties as it sees fit, and
may from time to time consult with counsel who may be counsel to the Employer.

 

7.3           Binding
Effect of Decisions.  The decision or action of the Committee with
respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and the rules and
regulations promulgated

 

12

 

hereunder
shall be final, conclusive and binding upon all persons having any interest in
the Plan.

 

7.4           Indemnity
of Committee.  The Employer shall indemnify and hold
harmless the members of the Committee against any and all claims, loss, damage,
expense or liability arising from any action or failure to act with respect to
the Plan, except in the case of gross negligence or willful misconduct.

 

8.             CLAIMS PROCEDURE

 

8.1           Claim.  Any person claiming a benefit, requesting an
interpretation or ruling under the Plan or requesting information under the
Plan shall present the request in writing to the Committee which shall respond
in writing within thirty (30) days.

 

8.2           Denial
of Claim.  If the claim or request is denied, the
written notice of denial shall state:

 

(a)           The
reason for denial, with specific reference to the Plan provisions on which the
denial is based.

 

(b)           A
description of any additional material or information required and an
explanation of why it is necessary.

 

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

 

8.3           Review
of Claim.  Any person whose claim or request is denied
or who has not received a response within thirty (30) days may request
review by notice given in writing to the Committee. The claim or request shall
be reviewed by the Committee who may, but shall not be required to, grant the
claimant a hearing. On review, the claimant may have representation, examine
pertinent documents, and submit issues and comments in writing.

 

8.4           Final
Decision.  The decision on review shall normally be made
within sixty (60) days. If an extension of time is required for a hearing or
other special circumstances, the claimant shall be notified and the time limit
shall be one hundred twenty (120) days. The decision shall be in writing and
shall state the reason and the relevant plan provisions. All decisions on
review shall be final and bind all parties concerned.

 

9.             TERMINATION, SUSPENSION OR
AMENDMENT

 

9.1           Termination,
Suspension or Amendment of Plan.  The Corporation may at any time terminate,
suspend or amend the Plan in whole or in part; provided, however, that any such
termination or suspension, or any amendment that would materially change the
benefits provided under the Plan, shall be subject to the prior approval of the
Compensation Committee of the Board. 
Provided, further, that no such action shall be effective to decrease or
restrict the accrued benefit of any Participant as of the date of such action.

 

13

 

10.          MISCELLANEOUS

 

10.1         Unfunded
Plan.  The Plan is intended to be an unfunded plan
maintained primarily to provide deferred compensation benefits for a select
group of “management or highly-compensated employees” within the meaning of
Sections 201, 301 and 401 of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), and therefore is exempt from the provisions of
Parts 2, 3 and 4 of Title I of ERISA. Accordingly, the Plan shall terminate and
no further benefits shall accrue hereunder in the event it is determined by a
court of competent jurisdiction or by an opinion of counsel that the Plan
constitutes an employee pension benefit plan within the meaning of Section 3(2)
of ERISA which is not so exempt. In the event of such termination, the amount
of each Participant’s vested benefits under the Plan shall be distributed to
such Participant at such time and in such manner as the Committee, in its sole discretion,
determines.

 

10.2         Unsecured
General Creditor.  In the event of Employer’s insolvency,
Participants and their Beneficiaries, heirs, successors, and assigns shall have
no legal or equitable rights, interest or claims in any property or assets of the
Employer, nor shall they be Beneficiaries of, or have any rights, claims or
interests in any life insurance policies, annuity contracts or the proceeds
therefrom owned or which may be acquired by the Employer. In that event, any
and all of the Employer’s assets and policies shall be, and remain, the
general, unpledged, unrestricted assets of the Employer. The Employer’s
obligation under the Plan shall be that of an unfunded and unsecured promise of
the Employer to pay money in the future.

 

10.3         Trust
Fund.  The Employer shall be responsible for the
payment of all benefits provided under the Plan. At its discretion, the
Employer may establish one or more trusts, with such trustees as the Board may
approve, for the purpose of providing for the payment of such benefits. Such
trust or trusts may be irrevocable, but the assets thereof shall be subject to
the claims of the Employer’s creditors. To the extent any benefits provided
under the Plan are actually paid from any such trust, the Employer shall have
no further obligation with respect thereto, but to the extent not so paid, such
benefits shall remain the obligation of, and shall be paid by, the Employer.

 

10.4         Nonassignability.  Neither a Participant nor any other person
shall have any right to commute, sell, assign, transfer, pledge, anticipate,
mortgage or otherwise encumber, transfer, hypothecate or convey in advance of
actual receipt the amounts, if any, payable hereunder, or any part thereof,
which are, and all rights to which are, expressly declared to be unassignable
and nontransferable. No part of the amounts payable shall, prior to actual
payment, be subject to seizure or sequestration for the payment of any debts,
judgments, alimony or separate maintenance owed by a Participant or any other
person, nor be transferable by operation of law in the event of a Participant’s
or any other person’s bankruptcy or insolvency.

 

10.5         Not
a Contract of Employment.  The terms and conditions of the Plan shall
not be deemed to constitute a contract of employment between the Employer and
the Participant, and the Participant (or his or her Beneficiary) shall have no
rights against

 

14

 

the
Employer except as may otherwise be specifically provided herein. Moreover,
nothing in the Plan shall be deemed to give a Participant the right to be
retained in the service of the Employer or to interfere with the right of the
Employer to discipline or discharge the Participant at any time.

 

10.6         Protective
Provisions.  A Participant will cooperate with the
Employer by furnishing any and all information requested by the Employer, in
order to facilitate the payment of benefits hereunder, and by taking such
physical examinations as the Employer may deem necessary and taking such other
action as may be requested by the Employer.

 

10.7         Terms.  Whenever any words are used herein in the
masculine, they shall be construed as though they were used in the feminine in
all cases where they would so apply; and wherever any words are used herein in
the singular or in the plural, they shall be construed as though they were used
in the plural or the singular, as the case may be, in all cases where they
would so apply.

 

10.8         Captions.  The captions of the articles, sections and
paragraphs of the Plan are for convenience only and shall not control or affect
the meaning or construction of any of its provisions.

 

10.9         Governing
Law; Arbitration.  The provisions of the Plan shall be construed
and interpreted according to the laws of the State of Oregon. Any dispute or
claim that arises out of or that relates to the Plan or to the interpretation,
breach, or enforcement of the Plan, must be resolved by mandatory arbitration
in accordance with the then effective arbitration rules of Arbitration Service
of Portland, Inc., and any judgment upon the award rendered pursuant to such
arbitration may be entered in any court having jurisdiction thereof.

 

10.10       Validity.  In case any provision of the Plan shall be
held illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts hereof, but the Plan shall be construed and enforced
as if such illegal and invalid provision had never been inserted herein.

 

10.11       Notice.  Any notice or filing required or permitted to
be given to the Committee under the Plan shall be sufficient if in writing and
hand delivered, or sent by registered or certified mail, to any member of the
Committee or the Secretary of the Employer. Such notice shall be deemed given
as of the date of delivery or, if delivery is made by mail, as of the date
shown on the postmark on the receipt for registration or certification.

 

15

 

10.12       Successors.  The provisions of the Plan as it may be
amended from time to time shall bind and inure to the benefit of the Employer
and its successors and assigns. The term successors as used herein shall
include any corporate or other business entity which shall, whether by merger,
consolidation, purchase or otherwise acquire all or substantially all of the
business and assets of the Employer, and successors of any such corporation or
other business entity.

 

 

	
   

  	
  LOUISIANA-PACIFIC CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Curtis M. Stevens

  	
   

  
	
   

  	
   

  	
  Executive Vice President, Administration,

  and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   August 6, 2005

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anton C. Kirshhof

  	
   

  
	
   

  	
   

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   August 6, 2005

  	
   

  
						

 

16

 

LOUISIANA-PACIFIC
CORPORATION

SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN

 

APPENDIX A

 

Definitions

 

Termination
Date

This is the date a
participant leaves employment with the Company. 
Offset account balances are determined as of this date (0% return assumed
to age 62).

 

Commencement
Date

This is the date the first payment is made.  This date will be the first of the 7th month
following the Termination Date for Early Termination, Early Retirement, Normal
Retirement, Deferred Retirement, Change in Control Benefits and Section 5.7(e) Post-Termination
Death Benefits unless a later date was elected by the Participant.  This date will be the first of the month
following the Termination Date for Disability Benefits and Section 4
Pre-Termination Death Benefits (not subject to the 6 month wait).

 

PBGC Interest Rate

The interest rate to use for
the Actuarial Equivalence calculations as specified in Section 2.3 should be
the PBGC Lump Sum Interest Rate for Private Sector Payments effective for the
month immediately preceding the Commencement Date.

 

Actuarial Equivalent Calculations

 

Actuarial
Equivalent assumptions are used for converting:

 

I.      the offset account balances to an immediate
annuity payable at age 62

 

II.    the monthly SERP annuity to a lump-sum

 

III.   the monthly SERP annuity to an optional
annuity benefit form

 

IV.   the monthly age 62 SERP annuity to an
actuarially increased benefit if the benefit commences later than the first of
the month following attainment of age 62

 

1

 

Calculation Methodology

 

In
general, the following calculation methodology should be applied:

 

a)     Calculate the target benefit at age 62

 

b)    Subtract the offset balances as of the
Termination Date converted to an annuity payable at age 62 (0% investment
return assumed to age 62)

 

c)     Subtract 50% of the Social Security Benefit
payable at age 62

 

d)    Convert to an annuity payable as of the
Commencement Date, using the Early Retirement Reduction Factors if applicable

 

e)     Benefits that commence later than the first
of the month following the Participant’s 62nd birthday will be actuarially increased
to adjust for the late commencement

 

f)     Convert the annuity as of the Commencement
Date to a lump-sum or optional annuity benefit form if elected by participant

 

Specific calculation
methodologies for each type of benefit are defined below.

 

NORMAL RETIREMENT BENEFIT

 

a)     Calculate the target benefit at age 62

 

b)    Subtract the offset balances as of the
Termination Date converted to an annuity payable at age 62

 

c)     Subtract 50% of the Social Security Benefit
payable at age 62

 

d)    Actuarially increase the annuity benefit from
age 62 to the Commencement Date

 

e)     Convert the annuity as of the Commencement
Date to a lump-sum or optional annuity benefit form if elected by participant

 

DEFERRED RETIREMENT BENEFIT

 

a)     Calculate the target benefit as of the
Termination Date

 

b)    Subtract the offset balances as of the
Termination Date converted to an annuity payable as of the Determination Date

 

c)     Subtract 50% of the Social Security Benefit
payable as of the Determination Date

 

d)    Actuarially increase the annuity benefit from
the Termination Date to the Commencement Date

 

e)     Convert the annuity as of the Commencement
Date to a lump-sum or optional annuity benefit form if elected by participant

 

2

 

EARLY RETIREMENT BENEFIT

 

a)     Calculate the target benefit at age 62

 

b)    Subtract the offset balances as of the
Termination Date converted to an annuity payable at age 62 (0% investment
return assumed to age 62)

 

c)     Subtract 50% of the Social Security Benefit
payable at age 62

 

d)    Multiply by the Early Retirement Factor (with
or without approval as defined in the Plan Document) to convert to an annuity
payable as of the Commencement Date. 
Actuarially increase the annuity benefit from age 62 to the Commencement
Date if the benefit commences later than the first of the month following the
Participant’s 62nd birthday.

 

e)     Convert the annuity as of the Commencement
Date to a lump-sum or optional annuity benefit form if elected by participant

 

EARLY TERMINATION BENEFIT

 

a)     Calculate the target benefit at age 62

 

b)    Subtract the offset balances as of the
Termination Date converted to an annuity payable at age 62 (0% investment
return assumed to age 62)

 

c)     Subtract 50% of the Social Security Benefit
payable at age 62

 

d)    Multiply by the service ratio as defined in
the Plan Document

 

e)     Actuarially adjust the annuity benefit from
age 62 to the Commencement Date

 

f)     Convert the annuity as of the Commencement
Date to a lump-sum or optional annuity benefit form if elected by participant

 

DISABILITY BENEFIT

 

a)     Use Final Average Compensation for the 60
month prior to the Disability if this results in a larger benefit

 

b)    Participant continues to accrue service until
the later of age 62 or recovery from Disability

 

c)     Calculate the target benefit at age 62

 

d)    Subtract the offset balances as of the
Termination Date converted to an annuity payable at age 62 (0% investment
return assumed to age 62)

 

e)     Subtract 50% of the Social Security Benefit
payable at age 62

 

f)     Actuarially adjust the annuity benefit from
age 62 to the Commencement Date

 

g)    Convert the annuity as of the Commencement
Date to a lump-sum or optional annuity benefit form if elected by participant

 

3

 

CHANGE IN CONTROL BENEFIT

 

a)     Add 2 years of Credited Service

 

b)    Use the greater of Final Compensation or
Final Average Compensation

 

c)     Assume Early Retirement with Approval

 

e)     Calculate the target benefit at age 62

 

f)     Subtract the offset balances as of the
Termination Date converted to an annuity payable at age 62 (0% investment
return assumed to age 62)

 

g)    Subtract 50% of the Social Security Benefit
payable at age 62

 

h)    Multiply by the Early Retirement Factor (with
approval) to convert to an annuity payable as of the Commencement Date

 

i)      Convert the annuity as of the Commencement
Date to a lump-sum or optional annuity benefit form if elected by participant

 

PRE-TERMINATION DEATH BENEFIT

 

a)     Calculate the target benefit as of the later
of age 62 or the Termination Date

 

b)    Subtract the offset balances as of the
Termination Date converted to an annuity payable at the later of age 62 or the
Termination Date (0% investment return assumed to age 62)

 

c)     Subtract 50% of the Social Security Benefit
payable at the later of age 62 or the Termination Date

 

d)    Convert to an annuity payable as of the
Commencement Date using the 3% per year Early Retirement Reduction Factor if
participant died prior to attaining age 62

 

e)     Divide the benefit in half

 

f)     Benefit is payable as of the Commencement
Date for the life of the Spouse

 

g)    Compare the benefit to the Post-Termination
Death Benefit and pay the larger of the two

 

POST-TERMINATION DEATH BENEFIT

 

a)     Applies to death between Termination Date and
Commencement Date

 

b)    Death benefit is based on form elected and is
payable as of the participant’s Commencement Date.  No death benefit is due if a Single Life
Annuity was elected.  If a lump-sum was
elected, it will be paid to the beneficiary.

 

c)     Follow procedures above for applicable
benefit type

 

4Exhibit 10.4

 

UNITED
ONLINE, INC.

RESTRICTED STOCK UNIT ISSUANCE AGREEMENT

 

RECITALS

 

A.            The Board has adopted the Plan for
the purpose of retaining the services of selected Employees and consultants and
other independent advisors who provide services to the Corporation (or any
Parent or Subsidiary).

 

B.            Participant is to render valuable
services to the Corporation (or a Parent or Subsidiary), and this Agreement is
executed pursuant to, and is intended to carry out the purposes of, the Plan in
connection with the Corporation’s issuance of shares of Common Stock to the
Participant under the Stock Issuance Program.

 

C.            All capitalized terms in this
Agreement shall have the meaning assigned to them in the attached Appendix A.

 

NOW, THEREFORE,
it is hereby agreed as follows:

 

1.     Grant
of Restricted Stock Units. 
The Corporation hereby awards to the Participant, as of the Award Date,
Restricted Stock Units under the Plan. Each Restricted Stock Unit represents
the right to receive one share of Common Stock on the vesting date of that
unit. The number of shares of Common Stock subject to the awarded Restricted
Stock Units, the applicable vesting schedule for those shares, the dates on
which those vested shares shall become issuable to Participant and the
remaining terms and conditions governing the award (the “Award”) shall be as
set forth in this Agreement.

 

AWARD SUMMARY

 

	
  Award Date:

  	
   

  	
                                                    ,
  200    

  
	
   

  	
   

  	
   

  
	
  Number of Shares
  Subject to Award:

  	
   

  	
                                  shares
  of Common Stock (the “Shares”)

  
	
   

  	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  	
  The Shares shall vest in a series of one or more installments as
  follows:
                                                           
  . However, one or more Shares may be subject to accelerated vesting in
  accordance with the provisions of Paragraph 5 [ALTERNATIVE: Paragraphs 4 and
  6] of this Agreement.

  
	
   

  	
   

  	
   

  
	
  Issuance Schedule

  	
   

  	
  The Shares in which the Participant vests in accordance with the
  foregoing Vesting Schedule will be issuable immediately upon vesting, subject
  to the Corporation’s collection of the applicable Withholding Taxes. The
  procedures pursuant to which the applicable Withholding Taxes are to be
  collected are set forth in Paragraph 8 of this Agreement.

  

 

2.     Limited
Transferability.  Prior to
actual receipt of the Shares which vest hereunder, the Participant may not
transfer any interest in the Award or the underlying Shares. Any Shares which
vest hereunder but which otherwise remain unissued at the time of the
Participant’s death may be transferred pursuant to the provisions of the
Participant’s will or the laws of inheritance or to the Participant’s
designated beneficiary or beneficiaries of this Award. The Participant may also
direct the

 

 

Corporation to issue the stock certificates for any
Shares which in fact vest and become issuable under the Award during his or her
lifetime to one or more designated family members or a trust established for
the Participant and/or his or her family members. The Participant may make such
a beneficiary designation or certificate directive at any time by filing the
appropriate form with the Plan Administrator or its designee.

 

3.     Cessation
of Service.  Except as
otherwise provided in Paragraph 5 [ALTERNATIVE: Paragraphs 4 and 6] below,
should the Participant cease Service for any reason prior to vesting in one or
more Shares subject to this Award, then the Award will be immediately cancelled
with respect to those unvested Shares, and the number of Restricted Stock Units
will be reduced accordingly.  The
Participant shall thereupon cease to have any right or entitlement to receive
any Shares under those cancelled units.

 

ALTERNATIVE 1 (Paragraphs 4-8):

 

4.               Stockholder Rights and Dividend Equivalents

 

(a)           The holder of this Award shall not
have any stockholder rights, including voting or dividend rights, with respect
to the Shares subject to the Award until the Participant becomes the record
holder of those Shares following their actual issuance upon the Corporation’s
collection of the applicable Withholding Taxes.

 

(b)           Notwithstanding the foregoing, should
any dividend or other distribution, whether regular or extraordinary and
whether payable in cash, shares of Common Stock or other property, be declared
and paid on the outstanding Common Stock while one or more Shares remain
subject to this Award (i.e., those Shares are not otherwise issued and
outstanding for purposes of entitlement to the dividend or distribution), then
the following provisions shall govern the Participant’s interest in that
dividend or distribution:

 

(i)            If the dividend is a
regularly-scheduled cash dividend on the Common Stock, then the Participant
shall be entitled to a current cash distribution from the Corporation equal to
the cash dividend the Participant would have received with respect to the
Shares at the time subject to this Award had those Shares actually been issued
and outstanding and entitled to that cash dividend. Each cash dividend
equivalent payment under this subparagraph (i) shall be paid within five (5)
business day following the payment of the actual cash dividend on the
outstanding Common Stock, subject to the Corporation’s collection of all
applicable federal, state and local income and employment withholding taxes.

 

(ii)           For any other dividend or
distribution, a special book account shall be established for the Participant
and credited with a phantom dividend equivalent to the actual dividend or
distribution which would have been paid on the Shares at the time subject to
this Award had they been issued and outstanding and entitled to that dividend
or distribution.  As the Shares
subsequently vest hereunder, the phantom dividend equivalents so credited to
those Shares in the book account shall be distributed to the Participant (in
the same form the actual dividend or distribution was paid to the holders of
the Common Stock entitled to that dividend or distribution) concurrently with
the issuance of the vested Shares to which those phantom dividend equivalents
relate.  However, each such distribution
shall be subject to the Corporation’s collection of the Withholding Taxes
applicable to that distribution.

 

5.               Change of Control.

 

(a)           Any Restricted Stock Units subject to
this Award at the time of a Change in Control may be assumed by the successor
entity or otherwise continued in full force and effect or may

 

2

 

be replaced with a cash incentive program of the
successor entity which preserves the Fair Market Value of the unvested shares
of Common Stock subject to the Award at the time of the Change in Control and
provides for subsequent payout of that value in accordance with the vesting
schedule applicable to the Award. In the event of such assumption or
continuation of the Award or such replacement of the Award with a cash incentive
program, no accelerated vesting of the Restricted Stock Units shall occur at
the time of the Change in Control.

 

(b)           In the event the Award is assumed or
otherwise continued in effect, the Restricted Stock Units subject to the Award
shall be adjusted immediately after the consummation of the Change in Control
so as to apply to the number and class of securities into which the Shares
subject to those units immediately prior to the Change in Control would have
been converted in consummation of that Change in Control had those Shares
actually been issued and outstanding at that time.  To the extent the actual holders of the
outstanding Common Stock receive cash consideration for their Common Stock in
consummation of the Change in Control, the successor corporation (or parent
entity) may, in connection with the assumption or continuation of the
Restricted Stock Units subject to the Award at that time, substitute one or
more shares of its own common stock with a fair market value equivalent to the
cash consideration paid per share of Common Stock in the Change in Control
transaction, provided the substituted common stock is readily tradable on an
established U.S. securities exchange or market.

 

(c)           Any Restricted Stock Units which are
assumed or otherwise continued in effect in connection with a Change in Control
or replaced with a cash incentive program under Paragraph 5(a) shall be subject
to accelerated vesting in accordance with the following provisions:

 

If
an Involuntary Termination of the Participant’s Service occurs within twelve
(12) months after the Change in Control event, then the Participant shall
immediately vest in an additional number of Shares equal to the greater of (i) twenty-five percent
(25%) of the total number of Shares subject to the Award or (ii) the additional
number of Shares in which the Participant would have been vested at the time of
such Involuntary Termination if (A) he or she had completed an additional
period of Service equal in duration to the actual period of Service completed
by the Participant between the Award Date and the date of such Involuntary
Termination and (B) the Shares subject to this Award had vested in forty-eight
(48) successive equal monthly installments over the duration of the Vesting
Schedule.  In no event, however, shall
the number of Shares which vest on such an accelerated basis exceed the number
of Shares unvested immediately prior to the date of the Participant’s
Involuntary Termination.

 

(d)           If the Restricted Stock Units subject
to this Award at the time of the Change in Control are not assumed or otherwise
continued in effect or replaced with a cash incentive program in accordance
with Paragraph 5(a), then those units will vest immediately prior to the
closing of the Change in Control.  The
Shares subject to those vested units will be issued immediately upon such
vesting (or otherwise converted into the right to receive the same
consideration per share of Common Stock payable to the other stockholders of
the Corporation in consummation of that Change in Control), subject to the
Corporation’s collection of the applicable Withholding Taxes pursuant to the
provisions of Paragraph 7.

 

(e)           This Agreement shall not in any way
affect the right of the Corporation to adjust, reclassify, reorganize or
otherwise change its capital or business structure or to merge, consolidate,
dissolve, liquidate or sell or transfer all or any part of its business or
assets.

 

6.     Adjustment in Shares.  Should any change be made to the Common Stock
by reason of any stock split, stock dividend, recapitalization, combination of
shares, exchange of shares or other change affecting the outstanding Common
Stock as a class without the Corporation’s receipt of

 

3

 

consideration, appropriate adjustments shall be made
to the total number and/or class of securities issuable pursuant to this Award
in order to reflect such change and thereby preclude a dilution or enlargement
of benefits hereunder.

 

7.               Issuance of
Shares of Common Stock.

 

(a)           As soon as administratively
practicable following each date one or more Shares vest in accordance with the
provisions of this Agreement, the Corporation shall issue to or on behalf of
the Participant a certificate (which may be in electronic form) for the shares
of Common Stock which vest on that date under the Award and shall concurrently
distribute to the Participant any phantom dividend equivalents with respect to
those Shares, subject in each instance to the Corporation’s collection of the
applicable Withholding Taxes. The Corporation shall collect the Withholding
Taxes with respect to the distributed phantom dividend equivalents by
withholding a portion of that distribution equal to the amount of the
applicable Withholding Taxes, with the cash portion of the distribution to be
the first portion so withheld.  Until
such time as the Corporation provides the Participant with notice to the
contrary, the Corporation shall collect the Withholding Taxes with respect to
the vested Shares through an automatic Share withholding procedure pursuant to
which the Corporation will withhold, immediately as the Shares vest under the
Award, a portion of those vested Shares with a Fair Market Value (measured as
of the vesting date) equal to the amount of such Withholding Taxes  (the “Share Withholding Method”); provided, however, that the amount of any Shares so
withheld shall not exceed the amount necessary to satisfy the Corporation’s
required tax withholding obligations using the minimum statutory withholding
rates for federal and state tax purposes, including payroll taxes, that are
applicable to supplemental taxable income. Participant shall be notified in
writing in the event such Share Withholding Method is no longer available.

 

(b)           Should any Shares vest under the
Award at time the Share Withholding Method is not available, then the
Withholding Taxes shall be collected from the Participant through either of the
following alternatives:

 

•        the
Participant’s delivery of his or her separate check payable to the Corporation
in the amount of such Withholding Taxes, or

 

•        the use of
the proceeds from a next-day sale of the Shares issued to the Participant,
provided and only if (i) such a sale is permissible under the Corporation’s
trading policies governing the sale of Common Stock, (ii) the Participant makes
an irrevocable commitment, on or before the vesting date for those Shares, to
effect such sale of the Shares and (iii) the transaction is not otherwise
deemed to constitute a prohibited loan under Section 402 of the Sarbanes-Oxley
Act of 2002.

 

(c)           Except
as otherwise provided in Paragraph 5 or Paragraph 7(a), the settlement of all
Restricted Stock Units which vest under the Award shall be made solely in
shares of Common Stock.  In no event,
however, shall any fractional shares be issued. 
Accordingly, the total number of shares of Common Stock to be issued at
the time the Award vests shall, to the extent necessary, be rounded down to the
next whole share in order to avoid the issuance of a fractional share.

 

8.               (Intentionally Omitted)

 

4

 

ALTERNATIVE 2 (Paragraphs 4-8):

 

4.     Accelerated Vesting.   The following special vesting acceleration
provisions shall be in effect for the Award and shall be in addition to the
vesting acceleration provisions of Paragraph 6(c) of this Agreement:

 

(a)           Should the Participant’s Service
terminate by reason of death or permanent disability, then all the Shares at
the time subject to this Award shall immediately vest.

 

(b)           Should the Participant’s Service be
terminated by the Corporation (or any Parent or Subsidiary) other than for
Cause under circumstances which would not otherwise trigger the vesting
acceleration provisions of Paragraph 6(c), then the Participant shall
immediately vest in the additional number of Shares in which the Participant
would have been vested at the time of such termination if  (i) the Participant had completed an
additional twelve (12) months of Service and (ii) the Shares subject to this
Award had vested in successive equal monthly installments over the duration of
the Vesting Schedule.

 

ALTERNATIVE:

 

(b)           Should the Participant’s Service be
terminated at any time by the Corporation (or any Parent or Subsidiary) other
than for Cause, then all the Shares at the time subject to this Award shall
immediately vest.

 

5.               Stockholder Rights and Dividend Equivalents

 

(a)           The holder of this Award shall not
have any stockholder rights, including voting or dividend rights, with respect
to the Shares subject to the Award until the Participant becomes the record
holder of those Shares following their actual issuance upon the Corporation’s
collection of the applicable Withholding Taxes.

 

(b)           Notwithstanding the foregoing, should
any dividend or other distribution, whether regular or extraordinary and
whether payable in cash, shares of Common Stock 
or other property, be declared and paid on the outstanding Common Stock
while one or more Shares remain subject to this Award (i.e., those Shares are
not otherwise issued and outstanding for purposes of entitlement to the
dividend or distribution), then the following provisions shall govern the
Participant’s interest in that dividend or distribution:

 

(i)            If the dividend is a
regularly-scheduled cash dividend on the Common Stock, then the Participant shall
be entitled to a current cash distribution from the Corporation equal to the
cash dividend the Participant would have received with respect to the Shares at
the time subject to this Award had those Shares actually been issued and
outstanding and entitled to that cash dividend. Each cash dividend equivalent
payment under this subparagraph (i) shall be paid within five (5) business day
following the payment of the actual cash dividend on the outstanding Common
Stock, subject to the Corporation’s collection of all applicable federal, state
and local income and employment withholding taxes.

 

(ii)           For any other dividend or
distribution, a special book account shall be established for the Participant
and credited with a phantom  dividend
equivalent to the actual dividend or distribution which would have been paid on
the Shares at the time subject to this Award 
had they been issued and outstanding and entitled to that dividend or
distribution.  As the Shares subsequently
vest hereunder, the phantom dividend equivalents so credited to those Shares in
the book account shall be

 

5

 

distributed to the Participant (in the same form the actual dividend or
distribution was paid to the holders of the Common Stock entitled to that
dividend or distribution) concurrently with the issuance of the vested Shares
to which those phantom dividend equivalents relate.  However, each such distribution shall be
subject to the Corporation’s collection of the Withholding Taxes applicable to
that distribution.

 

6.               Change of Control.

 

(a)           Any Restricted Stock Units subject to
this Award at the time of a Change in Control may be assumed by the successor
entity or otherwise continued in full force and effect or may be replaced with
a cash incentive program of the successor entity which preserves the Fair
Market Value of the unvested shares of Common Stock subject to the Award at the
time of the Change in Control and provides for subsequent payout of that value
in accordance with the vesting schedule applicable to the Award. In the event
of such assumption or continuation of the Award or such replacement of the
Award with a cash incentive program, no accelerated vesting of the Restricted
Stock Units shall occur at the time of the Change in Control.

 

(b)           If the Award is assumed or otherwise
continued in effect, the Restricted Stock Units subject to the Award shall be
adjusted immediately after the consummation of the Change in Control so as to
apply to the number and class of securities into which the Shares subject to
those units immediately prior to the Change in Control would have been
converted in consummation of that Change in Control had those Shares actually
been issued and outstanding at that time. 
To the extent the actual holders of the outstanding Common Stock receive
cash consideration for their Common Stock in consummation of the Change in
Control, the successor corporation (or parent entity) may, in connection with
the assumption or continuation of the Restricted Stock Units subject to the
Award at that time and with the Participant’s prior written consent, substitute
one or more shares of its own common stock with a fair market value equivalent
to the cash consideration paid per share of Common Stock in the Change in
Control transaction, provided the substituted common stock is readily tradable
on an established U.S. securities exchange or market.

 

(c)           Any Restricted Stock Units which are
assumed or otherwise continued in effect in connection with a Change in Control
or replaced with a cash incentive program in accordance with Paragraph 6(a)
shall be subject to accelerated vesting in accordance with the following
provision:

 

Should
the Participant’s Service be Involuntarily Terminated in connection with or
following the Change in Control event, then the Participant shall immediately
vest in all of the unvested Shares at the time subject to the Award.

 

(d)           If the Restricted Stock Units subject
to this Award at the time of the Change in Control are not assumed or otherwise
continued in effect or replaced with a cash incentive program in accordance
with Paragraph 6(a), then those units will vest immediately prior to the
closing of the Change in Control.  The
Shares subject to those vested units will be issued immediately upon such
vesting (or otherwise converted into the right to receive the same
consideration per share of Common Stock payable to the other stockholders of
the Corporation in consummation of that Change in Control), subject to the
Corporation’s collection of the applicable Withholding Taxes pursuant to the
provisions of Paragraph 8.

 

(e)           Should the accelerated vesting of the
Shares pursuant to the provisions of this Paragraph 6 result in a parachute
payment under Code Section 280G, then the 
Participant shall be entitled to the Code Section 4999 tax gross-up
payment provided under his Employment Agreement, whether or not that Employment
Agreement with such gross-up payment provision is in effect at the time of such
accelerated vesting.  Accordingly, the
Code Section 4999 tax gross-up payment provisions of the

 

6

 

Participant’s Employment Agreement are hereby
incorporated by reference into this Agreement and shall form part of the terms
and provisions of this Agreement as if expressly set forth herein.

 

(f)            This Agreement shall not in any way
affect the right of the Corporation to adjust, reclassify, reorganize or
otherwise change its capital or business structure or to merge, consolidate,
dissolve, liquidate or sell or transfer all or any part of its business or
assets.

 

7.     Adjustment in Shares.  Should any change be made to the Common Stock
by reason of any stock split, stock dividend, recapitalization, combination of
shares, exchange of shares or other change affecting the outstanding Common
Stock as a class without the Corporation’s receipt of consideration,
appropriate adjustments shall be made to the total number and/or class of
securities issuable pursuant to this Award in order to reflect such change and
thereby preclude a dilution or enlargement of benefits hereunder.

 

8.               Issuance of
Shares of Common Stock.

 

(a)           As soon as administratively
practicable following each date one or more Shares vest in accordance with the
provisions of this Agreement, the Corporation shall issue to or on behalf of
the Participant a certificate (which may be in electronic form) for the shares
of Common Stock which vest on that date under the Award and shall concurrently
distribute to the Participant any phantom dividend equivalents with respect to
those Shares, subject in each instance to the Corporation’s collection of the
applicable Withholding Taxes. The Corporation shall collect the Withholding
Taxes with respect to the distributed phantom dividend equivalents by
withholding a portion of that distribution equal to the amount of the
applicable Withholding Taxes, with the cash portion of the distribution to be
the first portion so withheld.  Until
such time as the Corporation provides the Participant with notice to the
contrary, the Corporation shall collect the Withholding Taxes with respect to
the vested Shares through an automatic Share withholding procedure pursuant to
which the Corporation will withhold, immediately as the Shares vest under the
Award, a portion of those vested Shares with a Fair Market Value (measured as
of the vesting date) equal to the amount of such Withholding Taxes  (the “Share Withholding Method”); provided, however, that the amount of any Shares so
withheld shall not exceed the amount necessary to satisfy the Corporation’s
required tax withholding obligations using the minimum statutory withholding
rates for federal and state tax purposes, including payroll taxes, that are
applicable to supplemental taxable income. Participant shall be notified in
writing in the event such Share Withholding Method is no longer available.

 

(b)           Should any Shares vest under the
Award at time the Share Withholding Method is not available, then the
Withholding Taxes shall be collected from the Participant through either of the
following alternatives:

 

•              the Participant’s delivery of his
or her separate check payable to the Corporation in the amount of such
Withholding Taxes, or

 

•              the use of the proceeds from a
next-day sale of the Shares issued to the Participant, provided and only if (i)
such a sale is permissible under the Corporation’s trading policies governing
the sale of Common Stock, (ii) the Participant makes an irrevocable commitment,
on or before the vesting date for those Shares, to effect such sale of the
Shares and (iii) the transaction is not otherwise deemed to constitute a
prohibited loan under Section 402 of the Sarbanes-Oxley Act of 2002.

 

(c)           Except
as otherwise provided in Paragraph 6 and Paragraph 8(a), the settlement of all
Restricted Stock Units which vest under the Award shall be made solely in
shares of

 

7

 

Common Stock.  In no event,
however, shall any fractional shares be issued. 
Accordingly, the total number of shares of Common Stock to be issued at
the time the Award vests shall, to the extent necessary, be rounded down to the
next whole share in order to avoid the issuance of a fractional share.

 

9.     Compliance with Laws and Regulations.
The issuance of shares of Common Stock pursuant to the Award shall be subject
to compliance by the Corporation and Participant with all applicable
requirements of law relating thereto and with all applicable regulations of any
stock exchange (or the Nasdaq National Market, if applicable) on which the
Common Stock may be listed for trading at the time of such issuance.

 

10.   Notices.  Any notice required to be given or delivered
to the Corporation under the terms of this Agreement shall be in writing and
addressed to the Corporation at its principal corporate offices.  Any notice required to be given or delivered
to Participant shall be in writing and addressed to Participant at the address
indicated below Participant’s signature line on this Agreement.  All notices shall be deemed effective upon
personal delivery or upon deposit in the U.S. mail, postage prepaid and
properly addressed to the party to be notified.

 

11.   Successors and Assigns.  Except to the extent otherwise provided in
this Agreement, the provisions of this Agreement shall inure to the benefit of,
and be binding upon, the Corporation and its successors and assigns and
Participant, Participant’s assigns, the legal representatives, heirs and
legatees of Participant’s estate and any beneficiaries of the Award designated
by Participant.

 

12.   Construction.  This Agreement and the Award evidenced hereby
are made and granted pursuant to the Plan and are in all respects limited by
and subject to the terms of the Plan. 
All decisions of the Plan Administrator with respect to any question or
issue arising under the Plan or this Agreement shall be conclusive and binding
on all persons having an interest in the Award.

 

13.   Governing Law.  The interpretation, performance and
enforcement of this Agreement shall be governed by the laws of the State of
California without resort to that State’s conflict-of-laws rules.

 

8

 

IN WITNESS WHEREOF,
the parties have executed this Agreement on the day and year first indicated
above.

 

	
   

  	
  UNITED ONLINE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

9

 

APPENDIX
A

DEFINITIONS

 

The following
definitions shall be in effect under the Agreement:

 

A.           Agreement
shall mean this Restricted Stock Unit Issuance Agreement.

 

B.    Award
shall mean the award of restricted stock units made to the Participant pursuant
to the terms of this Agreement.

 

C.    Award
Date shall mean the date the restricted stock units are awarded
to Participant pursuant to the Agreement and shall be the date indicated in
Paragraph 1 of the Agreement.

 

D.    Board
shall mean the Corporation’s Board of Directors.

 

E.     [Alternative: Cause  shall
have the meaning assigned to such term in the Employment Agreement.]

 

F.     Change
in Control shall mean a change in ownership or control of the
Corporation effected through any of the following transactions:

 

(i)            a merger or consolidation approved
by the Corporation’s stockholders, unless securities possessing more than fifty
percent (50%) of the total combined voting power of the voting securities of
the successor corporation are immediately thereafter beneficially owned,
directly or indirectly and substantially in the same proportion, by the persons
who beneficially owned the Corporation’s outstanding voting securities immediately
prior to such transaction,

 

(ii)           the sale, transfer or other
disposition of all or substantially all of the Corporation’s assets  approved by the Corporation’s stockholders,

 

(iii)          the acquisition, directly or
indirectly by any person or related group of persons (other than the
Corporation or a person that directly or indirectly controls, is controlled by,
or is under common control with, the Corporation), of beneficial ownership
(within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the
Corporation’s outstanding securities pursuant to a tender or exchange offer
made directly to the Corporation’s stockholders, or

 

(iv)          a change in the composition of the
Board over a period of thirty-six (36) consecutive months or less such that a
majority of the Board members ceases, by reason of one or more contested
elections for Board membership, to be comprised of individuals who either (A)
have been Board members continuously since the beginning of such period or (B)
have been elected or nominated for election as Board members during such period
by at least a majority of the Board members described in clause (A) who were
still in office at the time the Board approved such election or nomination.

 

A-1

 

G.    Code
shall mean the Internal Revenue Code of 1986, as amended.

 

H.    Common
Stock shall mean shares of the Corporation’s common stock.

 

I.      Corporation
shall mean United Online, Inc., a Delaware corporation, and any successor
corporation to all or substantially all of the assets or voting stock of United
Online, Inc. which shall by appropriate action adopt the Plan.

 

J.     Employee
shall mean an individual who is in the employ of the Corporation (or any Parent
or Subsidiary), subject to the control and direction of the employer entity as
to both the work to be performed and the manner and method of performance.

 

K.    [Alternative: Employment
Agreement  shall mean the Amended and Restated Employment Agreement
between the Participant and the Corporation dated as of January 27, 2004 and as
in effect on the date of the Award.]

 

L.     Fair
Market Value per share of Common Stock on any relevant date
shall be determined in accordance with the following provisions:

 

(i)      If the
Common Stock is at the time traded on the Nasdaq National Market, then the Fair
Market Value shall be the closing selling price per share of Common Stock, as
such price is reported by the National Association of Securities Dealers. If
there is no closing selling price for the Common Stock on the date in question,
then the Fair Market Value shall be the closing selling price on the last
preceding date for which such quotation exists.

 

(ii)     If the
Common Stock is at the time listed on any Stock Exchange, then the Fair Market
Value shall be the closing selling price per share of Common Stock on the date
in question on the Stock Exchange determined by the Plan Administrator to be
the primary market for the Common Stock, as such price is officially quoted in
the composite tape of transactions on such exchange.  If there is no closing selling price for the
Common Stock on the date in question, then the Fair Market Value shall be the
closing selling price on the last preceding date for which such quotation
exists.

 

M.   Involuntary Termination  shall
mean the termination of the Service of any individual which occurs by reason
of:

 

(i)      such
individual’s involuntary dismissal or discharge by the Corporation (or any
Parent or Subsidiary) for reasons other than Misconduct, or

 

(ii)     such
individual’s voluntary resignation following (A) a material reduction in the
scope of his or her day-to-day responsibilities with the Corporation (or any
Parent or Subsidiary) it being understood that a change in such individual’s
title shall not, in and of itself, be deemed a material reduction, (B) a
reduction in his or her base salary by more than fifteen percent (15%) or (C) a
relocation of such individual’s place of employment by more than
fifty (50) miles, provided and only if such change, reduction or
relocation is effected by the Corporation (or any Parent or Subsidiary) without
the individual’s consent.

 

[Alternative: Involuntarily Terminated  shall
have the meaning assigned to that term in the Employment Agreement.]

 

A-2

 

N.    Misconduct  shall mean the
commission of any act of fraud, embezzlement or dishonesty by the Optionee or
Participant, any unauthorized use or disclosure by such person of confidential
information or trade secrets of the Corporation (or any Parent or Subsidiary),
or any other intentional misconduct by such person adversely affecting the
business or affairs of the Corporation (or any Parent or Subsidiary) in a
material manner.  The foregoing definition
shall not in any way preclude or restrict the right of the Corporation (or any
Parent or Subsidiary) to discharge or dismiss the Participant or any other
person in the Service of the Corporation (or any Parent or Subsidiary) for any
other acts or omissions, but such other acts or omissions shall not be deemed,
for purposes of this Agreement, to constitute grounds for termination for
Misconduct.

 

[Alternative: No definition for “Misconduct”.]

 

O.    1934 Act shall mean the
Securities Exchange Act of 1934, as amended from time to time.

 

P.     Participant
shall mean the person to whom the Award is made pursuant to the Agreement.

 

Q.    Parent
shall mean any corporation (other than the Corporation) in an unbroken chain of
corporations ending with the Corporation, provided each corporation in the
unbroken chain (other than the Corporation) owns, at the time of the
determination, stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations in
such chain.

 

R.    Plan
shall mean the Corporation’s 2001 Stock Incentive Plan, as amended and
restated.

 

S.     Plan
Administrator shall mean either the Board or a committee of the
Board acting in its capacity as administrator of the Plan.

 

T.    Service
shall mean the Participant’s performance of services for the Corporation (or
any Parent or Subsidiary) in the capacity of an Employee, a non-employee member
of the board of directors or a consultant or independent advisor. For purposes
of this Agreement, Participant shall be deemed to cease Service immediately
upon the occurrence of the either of the following events: (i) Participant no
longer performs services in any of the foregoing capacities for the Corporation
(or any Parent or Subsidiary) or (ii) the entity for which Participant performs
such services ceases to remain a Parent or Subsidiary of the Corporation, even
though Participant may subsequently continue to perform services for that
entity. Service shall not be deemed to cease during a period of military leave,
sick leave or other personal leave approved by the Corporation; provided, however, that except to the extent otherwise
required by law or expressly authorized by the Plan Administrator, no Service
credit shall be given for vesting purposes for any period the Participant is on
a leave of absence.

 

U.    Stock
Exchange shall mean the American Stock Exchange or the New York
Stock Exchange.

 

V.    Subsidiary
shall mean any corporation (other than the Corporation) in an unbroken chain of
corporations beginning with the Corporation, provided each corporation (other
than the last corporation) in the unbroken chain owns, at the time of the
determination, stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations
in such chain.

 

A-3

 

W.   Withholding
Taxes shall mean the federal, state and local income taxes and
the employee portion of the federal, state and local employment taxes required
to be withheld by the Corporation in connection with the issuance of the shares
of Common Stock which vest under of the Award and any phantom dividend
equivalents distributed with respect to those shares.

 

A-4

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