Document:

Form of 2006 Equity and Incentive Plan

 Exhibit 10.5 
 WYNDHAM WORLDWIDE CORPORATION 
 FORM OF 2006 EQUITY AND INCENTIVE PLAN 

 WYNDHAM WORLDWIDE CORPORATION 
 2006 EQUITY AND INCENTIVE PLAN 
 1. Purpose; Types of Awards;
Construction. 
 The purposes of the Wyndham Worldwide Corporation 2006 Equity and Incentive Plan (the “Plan”) are to afford an
incentive to non-employee directors, selected officers and other employees, advisors and consultants of Wyndham Worldwide Corporation (the “Company”), or any Parent or Subsidiary of the Company that now exists or hereafter is organized or
acquired, to continue as non-employee directors, officers, employees, advisors or consultants, as the case may be, to increase their efforts on behalf of the Company and its Subsidiaries and to promote the success of the Company’s business. The
Plan provides for the grant of Options (including “incentive stock options” and “nonqualified stock options”), stock appreciation rights, restricted stock, restricted stock units and other stock- or cash-based awards. The Plan is
designed so that Awards granted hereunder intended to comply with the requirements for “performance-based compensation” under Section 162(m) of the Code comply with such requirements, and the Plan and Awards shall be interpreted in a
manner consistent with such requirements. 
 2. Definitions. 
 For purposes of the Plan, the following terms shall be defined as set forth below: 
 (a) “Annual Incentive Program” means the program described in Section 6(c) hereof. 
 (b) “Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit or Other Stock-Based Award or Other Cash-Based Award
granted under the Plan. 
 (c) “Award Agreement” means any written agreement, contract, or other instrument or
document evidencing an Award. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Cendant” means Cendant Corporation, a Delaware corporation. 
 (f) “Cendant Award” shall have the meaning set forth in Section 6(b)(v). 
 (g) “Change in Control” means, following the Effective Date and excluding the separation transaction pursuant to which the
Company becomes a 

 
separate public corporation for the first time, a change in control of the Company, which will have occurred if: 
 (i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company,
(B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (C) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of Stock), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s
then outstanding voting securities (excluding any person who becomes such a beneficial owner in connection with a transaction immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority
of the Board of the entity surviving such transaction or, if the Company or the entity surviving the transaction is then a subsidiary, the ultimate parent thereof); 
 (ii) the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on
the Effective Date, 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 contest, including but not limited to a consent solicitation, relating to
the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in
office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; 
 (iii) there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than a merger or consolidation immediately following which the
individuals who comprise the Board immediately prior thereto constitute at least a majority of the Board, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate
parent thereof; or 
 (iv) the stockholders of the Company approve a plan of complete liquidation of the Company 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 having a similar effect), other than a sale or disposition by the Company of all or substantially all of
the Company’s assets to an entity, immediately 

  

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following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to
which such assets are sold or disposed of or, if such entity is a subsidiary, the ultimate parent thereof. 
 Notwithstanding the foregoing, a Change in
Control shall not be deemed to have occurred by virtue of (x) a Public Offering or (y) the consummation of any transaction or series of integrated transactions immediately following which individuals who comprise the Board immediately
prior thereto constitute at least a majority of the board of directors of an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder. 
 (i) “Committee” means the committee established by the Board to administer the Plan, the composition
of which shall at all times satisfy the provisions of Rule 16b-3 and Section 162(m) of the Code. 
 (j)
“Company” means Wyndham Worldwide Corporation, a corporation organized under the laws of the State of Delaware, or any successor corporation. 
 (k) “Conversion Option” means an NQSO granted under Section 6(b)(v). 
 (l)
“Conversion Stock” means an Award of Stock granted under Section 6(b)(v). 
 (m) “Covered Employee”
shall have the meaning set forth in Section 162(m)(3) of the Code. 
 (n) “Effective Date” means the date upon
which the Company becomes publicly traded in connection with its separation from Cendant Corporation. 
 (o) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder. 
 (p) “Fair Market Value” means (i) the mean between the highest and lowest reported sales price per share of Stock on the national securities exchange on which the Stock is principally traded, for the
last preceding date on which there was a sale of such Stock on such exchange, or (ii) if the shares of Stock are then traded in an over-the-counter market, the average of the closing bid and asked prices for the shares of Stock in such
over-the-counter market for the last preceding date on which there was a sale of such Stock in such market, or (iii) if the shares of Stock are not then 

  

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listed on a national securities exchange or traded in an over-the-counter market, such value as the Committee, in its sole discretion, shall determine.

 (q) “Grantee” means a person who, as a non-employee director, officer or other employee, advisor or consultant of
the Company or a Parent or Subsidiary of the Company, has been granted an Award under the Plan. 
 (r) “ISO” means
any Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code. 
 (s) “Long Term Incentive Program” means the program described in Section 6(b) hereof. 
 (t)
“Non-Employee Director” means any director of the Company who is not also employed by the Company or any of its Subsidiaries. 
 (u) “NQSO” means any Option that is not designated as an ISO. 
 (v)
“Option” means a right, granted to a Grantee under Section 6(b)(i) or 6(b)(v), to purchase shares of Stock. An Option may be either an ISO or an NQSO, provided that ISOs may be granted only to employees of the Company or a Parent or
Subsidiary of the Company. 
 (w) “Other Cash-Based Award” means cash awarded under the Annual Incentive Program or
the Long Term Incentive Program, including cash awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan. 
 (x) “Other Stock-Based Award” means a right or other interest granted to a Grantee under the Annual Incentive Program or the Long Term Incentive Program that may be denominated or payable in, valued in whole
or in part by reference to, or otherwise based on, or related to, Stock, including but not limited to (i) unrestricted Stock awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan, and
(ii) a right granted to a Grantee to acquire Stock from the Company containing terms and conditions prescribed by the Committee. 
 (y) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
 (z) “Performance Goals” means performance goals based on one or more of the following criteria, determined in accordance with
generally accepted accounting principles where applicable: (i) pre-tax income or after-tax income; (ii) income or earnings including operating income, earnings before or after taxes, earnings before or after interest, depreciation,
amortization, or extraordinary or special items; (iii) net income excluding amortization of intangible assets, depreciation and impairment of goodwill and intangible assets and/or excluding charges attributable to the adoption of new accounting
pronouncements; (iv) earnings or book value per share (basic 

  

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or diluted); (v) return on assets (gross or net), return on investment, return on capital, or return on equity; (vi) return on revenues;
(vii) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (viii) economic value created; (ix) operating margin or profit
margin; (x) stock price or total stockholder return; (xi) income or earnings from continuing operations; (xii) cost targets, reductions and savings, expense management, productivity and efficiencies; (xiii) real estate
transaction sides; and (xiv) strategic business criteria, consisting of one or more objectives based on meeting specified market penetration or market share, geographic business expansion, customer satisfaction, employee satisfaction, human
resources management, supervision of litigation, information technology, and goals relating to divestitures, joint ventures and similar transactions. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of
the particular criterion or the attainment of a percentage increase or decrease in the particular criterion, and may be applied to one or more of the Company or a Parent or Subsidiary of the Company, or a division or strategic business unit of the
Company, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be paid (or
specified vesting will occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur). Each of the foregoing Performance Goals shall be evaluated in accordance with generally accepted
accounting principles, where applicable, and shall be subject to certification by the Committee. The Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events
affecting the Company or any Parent or Subsidiary of the Company or the financial statements of the Company or any Parent or Subsidiary of the Company, in response to changes in applicable laws or regulations, or to account for items of gain, loss
or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles. 
 (aa) “Plan” means this Wyndham Worldwide Corporation 2006 Equity and Incentive Plan, as amended from time to time. 

(bb) “Plan Year” means a calendar year. 
 (cc) “Public Offering” means an offering of securities of the Company that is registered with the Securities and Exchange
Commission. 
 (dd) “Restricted Stock” means an Award of shares of Stock to a Grantee under Section 6(b)(iii)
that may be subject to certain restrictions and to a risk of forfeiture. 
 (ee) “Restricted Stock Unit” or
“RSU” means a right granted to a Grantee under Section 6(b)(iv) or 6(b)(v) to receive Stock or cash at the end of a specified period, which right may be conditioned on the satisfaction of specified performance or other criteria.

  

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 (ff) “Rule 16b-3” means Rule 16b-3, as from time to time in effect promulgated
by the Securities and Exchange Commission under Section 16 of the Exchange Act, including any successor to such Rule. 
 (gg) “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder. 
 (hh) “Stock” means shares of the common stock, par value $0.01 per share, of the Company. 
 (ii) “Stock Appreciation Right” or “SAR” means the right, granted to a Grantee under Section 6(b)(ii), to be paid
an amount measured by the appreciation in the Fair Market Value of Stock from the date of grant to the date of exercise of the right. 
 (jj) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 3. Administration. 
 The Plan shall
be administered by the Board or by such Committee that the Board may appoint for this purpose. If a Committee is appointed to administer the Plan, all references herein to the “Committee” shall be references to such Committee. If no
Committee is appointed by the Board to administer the Plan, all references herein to the “Committee” shall be references to the Board. The Committee shall have the authority in its discretion, subject to and not inconsistent with the
express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the
authority to grant Awards; to determine the persons to whom and the time or times at which Awards shall be granted; to determine the type and number of Awards to be granted, the number of shares of Stock to which an Award may relate and the terms,
conditions, restrictions and performance criteria relating to any Award; to determine Performance Goals no later than such time as required to ensure that an underlying Award which is intended to comply with the requirements of Section 162(m)
of the Code so complies; and to determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; to make adjustments in the terms and conditions of, and the Performance Goals
(if any) included in, Awards; to construe and interpret the Plan and any Award; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the Award Agreements (which need not be identical
for each Grantee); and to make all other determinations deemed necessary or advisable for the administration of the Plan. Notwithstanding the foregoing, neither the Board, the Committee nor their respective delegates shall have the authority to
reprice (or cancel and regrant) any Option or, if applicable, other Award at a lower exercise, base or purchase price without first obtaining the approval of the Company’s stockholders. 
  

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 The Committee may delegate to one or more of its members or to one or more agents such administrative
duties as it may deem advisable, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan.
All decisions, determinations and interpretations of the Committee shall be final and binding on all persons, including but not limited to the Company, any Parent or Subsidiary of the Company or any Grantee (or any person claiming any rights under
the Plan from or through any Grantee) and any stockholder. 
 No member of the Board or Committee shall be liable for any action taken or
determination made in good faith with respect to the Plan or any Award granted hereunder. 
 4. Eligibility. 
 Awards may be granted to selected non-employee directors, officers and other employees, advisors or consultants of the Company or any Parent or
Subsidiary of the Company, in the discretion of the Committee. In determining the persons to whom Awards shall be granted and the type of any Award (including the number of shares to be covered by such Award), the Committee shall take into account
such factors as the Committee shall deem relevant in connection with accomplishing the purposes of the Plan. 
 5. Stock Subject to the
Plan. 
 The maximum number of shares of Stock reserved for issuance under the Plan shall be 43,500,000 including all shares to be issued
pursuant to Conversion Options or Conversion Stock, and pursuant to the Company’s Non-Employee Directors Deferred Compensation Plan, Savings Restoration Plan, and Officer Deferred Compensation Plan, subject to adjustment as provided herein. No
more than (i) 1 million shares of Stock may be made subject to Options (other than Conversion Options) or SARs to a single individual in a single Plan Year, (ii) 250,000 shares of Stock may be made subject to stock-based awards other
than Options or SARs (including Restricted Stock and Restricted Stock Units (but other than Conversion Stock) or Other Stock-Based Awards denominated in shares of Stock) to a single individual in a single Plan Year, and (iii) 1 million
shares of Stock may be issued pursuant to the exercise of ISO’s, in each case, subject to adjustment as provided herein. Determinations made in respect of the limitations set forth in the immediately preceding sentence shall be made in a manner
consistent with Section 162(m) of the Code. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If
any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates or expires without a distribution of shares to the Grantee, or if shares of Stock are surrendered or withheld as payment of either the
exercise price of an Award and/or withholding taxes in respect of an Award, the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, withholding, termination or expiration, again
be available for Awards under the Plan. Upon the 

  

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exercise of any Award granted in tandem with any other Award, such related Award shall be cancelled to the extent of the number of shares of Stock as to
which the Award is exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan. 
 In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other property), recapitalization, Stock split, reverse split, reorganization, merger, consolidation, spin-off,
combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Grantees under the Plan, then the
Committee shall make such equitable changes or adjustments as it deems necessary or appropriate to any or all of (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in connection with
Awards, (ii) the number and kind of shares of Stock or other property (including cash) issued or issuable in respect of outstanding Awards, (iii) the exercise price, grant price, or purchase price relating to any Award; provided, that,
with respect to ISOs, such adjustment shall be made in accordance with Section 424(h) of the Code, (iv) annual award limitations set forth in Section 5; and (v) the Performance Goals applicable to outstanding Awards. 

6. Specific Terms of Awards. 
 (a) General. The term of each Award shall be for such period as may be determined by the Committee. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or a
Parent or Subsidiary of the Company upon the grant, vesting, maturation, or exercise of an Award may be made in such forms as the Committee shall determine at the date of grant or thereafter, including, without limitation, cash, Stock, or other
property, and may be made in a single payment or transfer, in installments, or on a deferred basis. The Committee may make rules relating to installment or deferred payments with respect to Awards, including the rate of interest to be credited with
respect to such payments. In addition to the foregoing, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the
Committee shall determine. 
 (b) Long Term Incentive Program. Under the Long Term Incentive Program, the Committee is
authorized to grant the Awards described in this Section 6(b), under such terms and conditions as deemed by the Committee to be consistent with the purposes of the Plan. Such Awards may be granted with value and payment contingent upon
Performance Goals. Except as otherwise set forth herein or as may be determined by the Committee, each Award granted under the Long Term Incentive Program shall be evidenced by an Award Agreement containing such terms and conditions applicable to
such Award as the Committee shall determine at the date of grant or thereafter. 
 (i) Options. The Committee is
authorized to grant Options to Grantees on the following terms and conditions: 
 (A) Type of Award. The Award
Agreement evidencing the grant of an Option under the Plan shall designate the Option as an ISO or an NQSO. 
  

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 (B) Exercise Price. The exercise price per share of Stock purchasable under an
Option shall be determined by the Committee, but, subject to Section 6(b)(v), in no event shall the per share exercise price of any Option be less than the Fair Market Value of a share of Stock on the date of grant of such Option. The exercise
price for Stock subject to an Option may be paid in cash or by an exchange of Stock previously owned by the Grantee for at least six months (if acquired from the Company), through a “broker cashless exercise” procedure approved by the
Committee (to the extent permitted by law), or a combination of the above, in any case in an amount having a combined value equal to such exercise price. An Award Agreement may provide that a Grantee may pay all or a portion of the aggregate
exercise price by having shares of Stock with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Company. 
 (C) Term and Exercisability of Options. The date on which the Committee adopts a resolution expressly granting an Option shall be considered the day on which such Option is granted. Options shall be exercisable
over the exercise period (which shall not exceed ten years from the date of grant), at such times and upon such conditions as the Committee may determine, as reflected in the Award Agreement; provided, that the Committee shall have the authority to
accelerate the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. An Option may be exercised to the extent of any or all full shares of Stock as to which the Option
has become exercisable, by giving written notice of such exercise to the Committee or its designated agent. 
 (D)
Termination of Employment. An Option may not be exercised unless the Grantee is then a director of, in the employ of, or providing services to, the Company or a Parent or Subsidiary of the Company, and unless the Grantee has remained
continuously so employed, or continuously maintained such relationship, since the date of grant of the Option; provided, that the Award Agreement may contain provisions extending the exercisability of Options, in the event of specified terminations
of employment or service, to a date not later than the expiration date of such Option. 
  

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 (E) Other Provisions. Options may be subject to such other conditions including,
but not limited to, restrictions on transferability of the shares acquired upon exercise of such Options, as the Committee may prescribe in its discretion or as may be required by applicable law. 
 (ii) SARs. The Committee is authorized to grant SARs to Grantees on the following terms and conditions: 
 (A) In General. Unless the Committee determines otherwise, a SAR (1) granted in tandem with an NQSO may be granted at the
time of grant of the related NQSO or at any time thereafter or (2) granted in tandem with an ISO may only be granted at the time of grant of the related ISO. A SAR granted in tandem with an Option shall be exercisable only to the extent the
underlying Option is exercisable. Payment of a SAR may made in cash, Stock, or property as specified in the Award or determined by the Committee. 
 (B) Right Conferred. A SAR shall confer on the Grantee a right to receive an amount with respect to each share subject thereto, upon exercise thereof, equal to the excess of (1) the Fair Market Value of
one share of Stock on the date of exercise over (2) the grant price of the SAR (which in the case of an SAR granted in tandem with an Option shall be equal to the exercise price of the underlying Option, and which in the case of any other SAR
shall be such price as the Committee may determine). 
 (C) Term and Exercisability of SARs. The date on which the
Committee adopts a resolution expressly granting a SAR shall be considered the day on which such SAR is granted. SARs shall be exercisable over the exercise period (which shall not exceed the lesser of ten years from the date of grant or, in the
case of a tandem SAR, the expiration of its related Award), at such times and upon such conditions as the Committee may determine, as reflected in the Award Agreement; provided, that the Committee shall have the authority to accelerate the
exercisability of any outstanding SAR at such time and under such circumstances as it, in its sole discretion, deems appropriate. A SAR may be exercised to the extent of any or all full shares of Stock as to which the SAR (or, in the case of a
tandem SAR, its related Award) has become exercisable, by giving written notice of such exercise to the Committee or its designated agent. 
 (D) Termination of Employment. A SAR may not be exercised unless the Grantee is then a director of, in the employ of, or providing services to, the Company or a Parent or 

  

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Subsidiary of the Company, and unless the Grantee has remained continuously so employed, or continuously maintained such relationship, since the date of
grant of the SAR; provided, that the Award Agreement may contain provisions extending the exercisability of the SAR, in the event of specified terminations of employment or service, to a date not later than the expiration date of such SAR (or, in
the case of a tandem SAR, its related Award). 
 (E) Other Provisions. SARs may be subject to such other conditions
including, but not limited to, restrictions on transferability of the shares acquired upon exercise of such SARs, as the Committee may prescribe in its discretion or as may be required by applicable law. 
 (iii) Restricted Stock. The Committee is authorized to grant Restricted Stock to Grantees on the following terms and conditions:

 (A) Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other
restrictions, if any, as the Committee may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, or otherwise, as the Committee may
determine. The Committee may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of Performance Goals. Except to the extent restricted under the Award Agreement relating to the Restricted Stock, a
Grantee granted Restricted Stock shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 
 (B) Forfeiture. Upon termination of employment with or service to the Company, or upon termination of the director or independent
contractor relationship, as the case may be, during the applicable restriction period, Restricted Stock and any accrued but unpaid dividends that are then subject to restrictions shall be forfeited; provided, that the Committee may provide, by rule
or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified
causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock. 
 (C)
Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted 

  

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Stock are registered in the name of the Grantee, such certificates shall bear an appropriate legend referring to the terms, conditions, and restrictions
applicable to such Restricted Stock, and the Company shall retain physical possession of the certificate. 
 (D)
Dividends. Stock distributed in connection with a stock split or stock dividend, and cash or other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with
respect to which such Stock or other property has been distributed, and shall be settled as the same time as the Restricted Stock to which it relates. 
 (iv) Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units to Grantees, subject to the following terms and conditions: 
 (A) Award and Restrictions. Delivery of Stock or cash, as determined by the Committee, will occur upon expiration of the deferral
period specified for Restricted Stock Units by the Committee. The Committee may place restrictions on Restricted Stock Units that shall lapse, in whole or in part, only upon the attainment of Performance Goals. The Committee may award dividend
equivalents relating to Restricted Stock Units on terms and conditions as it determines. 
 (B) Forfeiture. Upon
termination of employment with or service to the Company, or upon termination of the director or independent contractor relationship, as the case may be, during the applicable deferral period or portion thereof to which forfeiture conditions apply,
or upon failure to satisfy any other conditions precedent to the delivery of Stock or cash to which such Restricted Stock Units relate, all Restricted Stock Units and any accrued but unpaid dividend equivalents that are then subject to deferral or
restriction shall be forfeited; provided, that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock Units will be
waived in whole or in part in the event of termination resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock Units. 
 (C) Director Deferred Compensation Awards. The Company shall issue RSUs pursuant to this Section 6(b)(iv)(C) for the purpose
of fulfilling the Company’s obligations under its Non-Employee Directors Deferred Compensation Plan (the 

  

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“Deferred Compensation Plan”); provided, that certain terms and conditions of the grant and payment of such RSUs set forth in the Deferred
Compensation Plan (and only to the extent set forth in such plan) shall supercede the terms generally applicable to RSUs granted under the Plan. RSUs granted under this paragraph need not be evidenced by an Award Agreement unless the Committee
determines that such an Award Agreement is desirable for the furtherance of the purposes of the Plan and the Deferred Compensation Plan. 
 (D) Non-Employee Director Compensatory Awards. The Company shall issue RSUs payable only in Stock (unless the Committee determines otherwise) pursuant to the Company’s non-employer director compensation
program, and shall issue Stock in settlement of such RSUs in accordance with such program and the terms of this Plan. 
 (v)
Converted Cendant Awards. The Committee is authorized to grant Options and Stock awards (such Options and Stock awards, “Conversion Options” and Conversion Stock,” respectively) in connection with the equitable adjustment by
Cendant of certain stock options and restricted stock unit awards previously granted to Participants by Cendant (such Cendant awards, the “Cendant Awards”). Notwithstanding any other provision of the Plan to the contrary, and in any event
in accordance with a formula for the conversion of Cendant Awards determined by the Board in its sole discretion, (i) the number of shares to be subject to a Conversion Option or Conversion Stock shall be determined by the Committee and
(ii) the per share exercise price of a Conversion Option shall be determined by the Committee 
 (vi) Other Stock- or
Cash-Based Awards. The Committee is authorized to grant Awards to Grantees in the form of Other Stock-Based Awards or Other Cash-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan. Awards granted pursuant to
this paragraph may be granted with value and payment contingent upon Performance Goals, so long as such goals relate to periods of performance in excess of one calendar year. The Committee shall determine the terms and conditions of such Awards at
the date of grant or thereafter. Performance periods under this Section 6(b)(vi) may overlap. The maximum value of the aggregate payment that any Grantee may receive pursuant to this Section 6(b)(vi) in respect of any Plan Year is
$[            ]. Payments earned hereunder may be decreased or, with respect to any Grantee who is not a Covered Employee, increased in the sole discretion of the Committee based on such
factors as it deems appropriate. No such payment shall be made to a Covered Employee prior to the certification by the Committee that the Performance Goals have been attained. The Committee may establish such other rules applicable to the 

  

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Other Stock- or Cash-Based Awards to the extent not inconsistent with Section 162(m) of the Code. 
 (c) Annual Incentive Program. The Committee is authorized to grant Awards to Grantees pursuant to the Annual Incentive Program,
under such terms and conditions as deemed by the Committee to be consistent with the purposes of the Plan. Grantees will be selected by the Committee with respect to participation for a Plan Year. The maximum value of the aggregate payment that any
Grantee may receive under the Annual Incentive Program in respect of any Plan Year is $[            ]. Payments earned hereunder may be decreased or, with respect to any Grantee who is not
a Covered Employee, increased in the sole discretion of the Committee based on such factors as it deems appropriate. No such payment shall be made to a Covered Employee prior to the certification by the Committee that the Performance Goals relating
to Awards hereunder have been attained. The Committee may establish such other rules applicable to the Annual Incentive Program to the extent not inconsistent with Section 162(m) of the Code. 
 7. Change in Control Provisions. 
 Unless otherwise determined by the Committee at the time of grant and evidenced in an Award Agreement, in the event of a Change of Control: 
 (a) any Award carrying a right to exercise that was not previously vested and exercisable shall become fully vested and exercisable; and 
 (b) the restrictions, deferral limitations, payment conditions, and forfeiture conditions applicable to any other Award granted under the
Plan shall lapse and such Awards shall be deemed fully vested, and any performance conditions imposed with respect to Awards shall be deemed to be fully achieved. 
 8. General Provisions. 
 (a) Nontransferability. Unless otherwise provided in
an Award Agreement, Awards shall not be transferable by a Grantee except by will or the laws of descent and distribution and shall be exercisable during the lifetime of a Grantee only by such Grantee or his guardian or legal representative.

 (b) No Right to Continued Employment, etc. Nothing in the Plan or in any Award, any Award Agreement or other
agreement entered into pursuant hereto shall confer upon any Grantee the right to continue in the employ of, or to continue as a director of, or to continue to provide services to, the Company or any Parent or Subsidiary of the Company or to be
entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company or any such Parent or Subsidiary to terminate such Grantee’s
employment, or director or independent contractor relationship. 
 (c) Taxes. The Company or any Parent or Subsidiary
of the Company is authorized to withhold from any Award granted, any payment relating to 

  

 14 

 
an Award under the Plan, including from a distribution of Stock, or any other payment to a Grantee, amounts of withholding and other taxes due in connection
with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company and Grantees to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any
Award. This authority shall include authority to withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Grantee’s tax obligations. The Committee may provide in the Award Agreement that in
the event that a Grantee is required to pay any amount to be withheld in connection with the issuance of shares of Stock in settlement or exercise of an Award, the Grantee may satisfy such obligation (in whole or in part) by electing to have a
portion of the shares of Stock to be received upon settlement or exercise of such Award equal to the minimum amount required to be withheld. 
 (d) Stockholder Approval; Amendment and Termination. 
 (i) The Plan shall take effect upon
its adoption by the Board but the Plan (and any grants of Awards made prior to the stockholder approval mentioned herein) shall be subject to the requisite approval of the stockholders of the Company. 
 (ii) The Board may at any time and from time to time alter, amend, suspend, or terminate the Plan in whole or in part; provided, however,
that unless otherwise determined by the Board, an amendment that requires stockholder approval in order for the Plan to continue to comply with Section 162(m) or any other law, regulation or stock exchange requirement shall not be effective
unless approved by the requisite vote of stockholders. Notwithstanding the foregoing, no amendment to or termination of the Plan shall affect adversely any of the rights of any Grantee, without such Grantee’s consent, under any Award
theretofore granted under the Plan. 
 (e) Expiration of Plan. Unless earlier terminated by the Board pursuant to the
provisions of the Plan, the Plan shall expire on the tenth anniversary of the Effective Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the Plan shall not affect adversely any of the rights of any
Grantee, without such Grantee’s consent, under any Award theretofore granted. 
 (f) Deferrals. The Committee
shall have the authority to establish such procedures and programs that it deems appropriate to provide Grantees with the ability to defer receipt of cash, Stock or other property payable with respect to Awards granted under the Plan. 
 (g) No Rights to Awards; No Stockholder Rights. No Grantee shall have any claim to be granted any Award under the Plan, and there
is no obligation for uniformity of treatment of Grantees. Except as provided specifically herein, a Grantee or a transferee of an Award shall have no rights as a stockholder with 

  

 15 

 
respect to any shares covered by the Award until the date of the issuance of a stock certificate to him for such shares. 
 (h) Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for incentive and deferred
compensation. With respect to any payments not yet made to a Grantee pursuant to an Award, nothing contained in the Plan or any Award shall give any such Grantee any rights that are greater than those of a general creditor of the Company.

 (i) No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 (j) Regulations and Other Approvals. 
 (i) The obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all
applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 
 (ii) Each Award is subject to the requirement that, if at any time the Committee determines, in its absolute discretion, that the listing,
registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or
obtained free of any conditions not acceptable to the Committee. 
 (iii) In the event that the disposition of Stock acquired
pursuant to the Plan is not covered by a then-current registration statement under the Securities Act and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent required by the Securities Act or
regulations thereunder, and the Committee may require a Grantee receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing that the Stock acquired by such Grantee is acquired for
investment only and not with a view to distribution. 
 (iv) The Committee may require a Grantee receiving Stock pursuant to
the Plan, as a condition precedent to receipt of such 

  

 16 

 
Stock, to enter into a stockholder agreement or “lock-up” agreement in such form as the Committee shall determine is necessary or desirable to
further the Company’s interests. 
 (k) Governing Law. The Plan and all determinations made and actions taken
pursuant hereto shall be governed by the laws of the State of Delaware without giving effect to the conflict of laws principles thereof. 
 (l) Tax Laws. Awards under the Plan are intended to comply with Code Section 409A and all Awards shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and
other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the effective date of the Plan. Notwithstanding any provision of the Plan or any Agreement to the contrary,
in the event that the Committee determines that any Award may or does not comply with Code Section 409A, the Company may adopt such amendments to the Plan and the affected Award (without Participant consent) or adopt other policies and
procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (i) exempt the Plan and any Award from the application of Code
Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to Award, or (ii) comply with the requirements of Code Section 409A. 
  

 17Form of Savings Restoration Plan

 Exhibit 10.6 
 WYNDHAM WORLDWIDE CORPORATION 
 FORM OF SAVINGS RESTORATION PLAN 

 WYNDHAM WORLDWIDE CORPORATION 
 SAVINGS RESTORATION PLAN 
 Article I - Sponsorship and Purpose of Plan 
 1.1 Sponsorship. Wyndham Worldwide Corporation, a corporation organized under the laws of the State of Delaware, sponsors the Wyndham Worldwide
Corporation Savings Restoration Plan, a non-qualified deferred compensation plan for the benefit of Participants and Beneficiaries (as defined herein). 
 1.2 Purpose of Plan. The Plan is established and maintained for the purpose of enabling a select group of management or highly compensated employees of the Employer (as defined herein) to enhance their retirement security by
permitting the deferral of compensation in excess of certain limitations on contributions imposed by the Internal Revenue Code of 1986 on the Wyndham Worldwide Corporation Employee Savings Plan. The Plan is also intended to comply with the American
Jobs Creation Act of 2004 and new Internal Revenue Code Section 409A and the regulations and guidance thereunder and shall be interpreted accordingly. 
 Article II - Definitions 
 Wherever used in the Plan the following terms when capitalized shall have the meanings set forth in this Article,
unless otherwise required by the context. 
 2.1 Account shall mean the book entries maintained by the Employer or its designee on behalf of
each Participant reflecting Deferral Contributions that have been made and adjusted to reflect Earnings; provided, however, that the existence of such Account shall not be deemed to vest in any Participant any right, title or interest in or to any
specific assets of the Employer. 
 2.2 Beneficiary shall mean the person(s) or entity designated by the Participant in accordance with the
provisions of Article VIII to receive benefits under the Plan as a result of a Participant’s death. 
 2.3 Board shall mean the Board of
Directors of the Sponsor. 
 2.4 Code shall mean the Internal Revenue Code of 1986, as amended, including regulations thereunder. 

2.5 Committee shall mean Compensation Committee of the Board; provided, that the Committee may designate certain administrative functions to the
Sponsor’s Employee Benefits Committee. 

 2.6 Compensation shall have the meaning set forth under the Qualified Plan, and additionally any bonus
payments to the extent determined by the Committee from time to time in its sole discretion, but without regard to the limitations provided under Code Section 401(a)(17). 
 2.7 Deferral Contribution shall mean the amount allocated to a Participant’s Account for any Plan Year pursuant to Section 4.1 hereof. 
 2.8 Earnings shall mean the amount determined in accordance with Article V hereof by which the value of a Participant’s Account is adjusted.

 2.9 Effective Date shall mean the date on which Cendant Corporation distributes the Wyndham Worldwide Corporation common stock by way of a
pro rata dividend to Cendant stockholders. 
 2.10 Eligible Employee shall mean, with respect to any Plan Year, any officer or other employee
of the Employer who is each of (i) selected for participation by the Committee based upon eligibility criteria that it shall establish from time to time in its sole discretion, (ii) a Management or Highly Compensated Employee (within the
meaning of ERISA, as defined below) and (iii) eligible for participation in the Qualified Plan. 
 2.11 Employer shall mean the Sponsor
and its successors and assigns and any subsidiary or affiliate of the Employer that adopts the Plan with the approval of the Board. 
 2.12 Enrollment
Agreement shall mean the agreement, in a form acceptable to the Committee (including the use of a Voice Response System), by which an Eligible Employee may enroll as a Participant, and which will document the Participant’s elections
under this Plan, including a Participant’s Deferral Contribution election, Investment Fund selection, Beneficiary designation and form of distribution. 
 2.13 Investment Fund shall mean one or more investment vehicles in which amounts allocated to a Participant’s Account shall be deemed to have been invested and which shall be used to determine Earnings in accordance with
Article V. 
 2.14 Participant shall mean any Eligible Employee who has enrolled in the Plan upon the execution of an Enrollment Agreement, or
any former Eligible Employee or Beneficiary for whom an Account is maintained. 
 2.15 Plan shall mean this Wyndham Worldwide Corporation
Savings Restoration Plan. 
 2.16 Plan Year shall mean the twelve consecutive month period ending each December 31st. 

 2.17 Qualified Plan shall mean the Wyndham Worldwide Corporation Employee Savings Plan, as amended and
restated from time to time. 
 2.18 Sponsor shall mean Wyndham Worldwide Corporation. 
 2.19 Termination of Employment shall mean a Participant’s separation from service due to Participant’s death, Disability, retirement or other
termination of employment with the Employer and all of its affiliates (as determined in accordance with Code Section 409A(2)(A)(i)). For this purpose, (a) the employment relationship shall be treated as continuing intact while the
Participant is on military leave, sick leave or other bona fide leave of absence (such as temporary employment by the government), except that if the period of such leave exceeds six (6) months and the Participant’s right to reemployment
is not provided for by statute or contract, then the employment relationship shall be deemed to have terminated on the first day immediately following such six-month period and (b) “Disability” or “Disabled” means
(i) the inability of a Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of
not less than twelve (12) months, or (ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Employer. Notwithstanding the foregoing, a Participant shall be deemed
Disabled if he or she is determined to be totally disabled by the Social Security Administration. The Committee shall determine whether or not a Participant is Disabled based on such evidence as the Committee deems necessary or advisable.

 2.20 Valuation Date shall mean the last day of each Plan Year and any other date upon which the value of a Participant’s Account is
determinable from the custodial records. 
 Article III - Enrollment and Participation 
 3.1 Enrollment. An individual who is an Eligible Employee on the Effective Date may become a Participant by completing an Enrollment Agreement and filing it with the Committee within 30 days following
the Effective Date. Any individual who becomes an Eligible Employee after the Effective Date may become a Participant by completing an Enrollment Agreement and filing it with the Committee within 30 days following the date on which the Committee
gives such individual written notice that the individual is an Eligible Employee. 
 3.2 Continuation of Participation. A Participant shall
continue to remain a Participant as long as he or she is entitled to benefits under the Plan. 
 3.3 Inactive Participants. In the event a
Participant is no longer an Eligible Employee, such Participant shall become an inactive Participant, retaining all the rights described herein, except the right to make any future Deferral Contributions. 

 Article IV - Deferral Contributions 
 4.1 Deferral Contribution. For each Plan Year, a Participant may elect to defer up to 10% of the Compensation payable to such Participant. Such election to defer shall be reflected in the Enrollment
Agreement in effect for the Participant or in such other manner acceptable to the Committee. A Participant’s Deferral Contribution shall not be made available to such Participant, except as provided in Article VII hereof, but instead shall be
allocated to the Participant’s Account as soon as administratively feasible following the date such Compensation would otherwise have been paid to the Participant. 
 4.2 Application of Deferral Contribution Election. The amount of a Participant’s Deferral Contribution election shall be effective for compensation payable in the Plan Year following the execution
of the Enrollment Agreement. Such election shall continue to remain in effect for all future Plan Years until a new election has been made. Except as provided in Section 7.3 hereof, a Participant’s election may not be changed during the
Plan Year. Any change to the amount of a Participant’s Deferral Contribution election shall be effective for Compensation payable in the Plan Year following the Plan Year during which such new election has been made. 
 4.3 Prior Deferred Amounts. The Sponsor has assumed deferred compensation obligations (“Assumed Amounts”) of certain Participants who were
participants of the Cendant Corporation Savings Restoration Plan (the “Cendant Plan”). Assumed Amounts have become obligations of the Sponsor hereunder and have been credited to the Accounts of applicable participants hereunder. Assumed
Amounts credited to Accounts hereunder shall remain subject to the same terms and conditions as were applicable to such amounts under the terms of the Cendant Plan and any applicable Participant election, including any election made pursuant to the
First Amendment to the Cendant Plan; provided, that the Plan Administrator hereunder may prescribe rules and regulations governing the Assumed Amounts, including the ability of Participants to revise the investment vehicles in which the Assumed
Amounts are deemed to be invested. 
 Article V - Earnings 
 5.1 Investment Direction. Each Participant has the right to select, subject to the approval of the Committee, the Investment Fund in which the Deferral Contributions and any related Earnings will be deemed to have been
invested as of the date such amounts have been allocated to the Participant’s Account. Any selection made by the Participant shall be reflected on the Enrollment Agreement or in such other manner acceptable to the Committee. The Committee, in
its sole discretion, may allow, limit or prohibit changes by a Participant to his or her selected Investment Funds. Neither the Employer nor the Committee is liable for any loss resulting from the Investment Fund vehicles offered for investment of a
Participant’s Account nor from a Participant’s direction of the investment of any part of his or her Account. Any Participant election may be subject to the approval of any trustee of any trust holding Deferred Contributions. 

5.2 Calculation of Earnings and Losses. As of each Valuation Date, earnings or losses will be credited to each Participant’s Account for the period
beginning with the previous Valuation Date and ending with the current Valuation Date. Earnings and losses shall be based on rate of return (including a negative return) determined by the performance of the Investment Fund. 

 Article VI - Vesting 
 6.1 Vesting. A Participant’s Deferral Contributions and any related Earnings shall at all times be fully vested. 
 Article
VII - Distribution and Form of Benefits 
 7.1 Timing of Distribution. Except as provided in Section 7.3 hereof, amounts credited to a
Participant’s Account shall be distributed to the Participant or Beneficiary as soon as administratively feasible following the later to occur of the close of the Plan Year during which the Participant has incurred a Termination of Employment
and the date which is seven months following the Participant’s Termination of Employment. 
 7.2 Form of Benefit. Amounts distributable
pursuant to Section 7.1 hereof will be paid in any of the following forms: (i) in one lump sum or (ii) in installments payable for a term not to exceed five years. Distributions shall be made in the form elected by the Participant in
writing in a manner acceptable to the Committee. Such election shall be made in such Participant’s Enrollment Agreement at the time of such Participant’s initial participation in the Plan and can only be amended in accordance with the
procedures established and maintained by the Committee. Notwithstanding the above, if at the time of a Participant’s Termination of Employment the Account balance of a Participant on the date of such Participant’s Termination of Employment
is less than $25,000, the Committee shall distribute the entire Account balance in a single lump sum. 
 7.3 Unforeseeable Emergency
Distribution. Notwithstanding Section 7.1, in the event a Participant (or a former Participant who is then receiving a distribution of his or her Accounts pursuant to the installment method under Section 7.2) suffers an
Unforeseeable Emergency (as hereinafter defined), the Company shall distribute to such Participant as a hardship benefit (the “Hardship Benefit”) all or any portion of the Participant’s Accounts, but only such amount necessary to
satisfy the Unforeseeable Emergency, net of tax withstanding. An Unforeseeable Emergency shall be distributed at such times as the Committee shall determine, and the Participant’s Accounts shall be reduced by the amount so distributed.
Unforeseeable Emergency shall have the meaning set forth under Section 409A of the Code and/or the regulations thereunder as in effect from time to time. The Committee shall make the decision of whether or not, and to what extent, an
Unforeseeable Emergency is payable to the Participant, based on the facts and circumstances of the case. The Committee’s decision as to whether or not an Unforeseeable Emergency is payable, and to what extent it is payable, shall be final,
conclusive and binding on all persons. 
 7.4 Change of Control. As soon as possible following a Change of Control, each Participant shall be
paid his or her entire Account balance in a single lump sum as soon as administratively practicable after such Change of Control. Change of Control shall mean a change in the ownership or effective control of the Company, or in the ownership of a
substantial portion of the Company’s assets, within the meaning of Section 409A of the Code. 

 7.5 Income Inclusion Under Section 409A of the Code. If the Internal Revenue Service or a court of
competent jurisdiction determines that Plan benefits are includible for federal income tax purposes in the gross income of a Participant before his or her actual receipt of such benefits due to a failure of the Plan to satisfy the requirements of
Code Section 409A, the Participant’s Account balance shall be distributed to the Participant in a lump sum cash payment immediately following such determination or as soon as administratively practicable thereafter; provided, however, that
such payment may not exceed the amount required to be included in income as a result of the failure to satisfy the requirements of Section 409A of the Code. 
 Article VIII - Beneficiary Designation 
 8.1 Designation. Upon enrollment in the Plan, each Participant shall file with the
Committee a written designation of one or more persons as the Beneficiary who shall be entitled to receive the amount, if any, payable under the Plan upon the Participant’s death. A Participant may, from time to time, revoke or change his or
her Beneficiary designation without the consent of any prior Beneficiary by filing a new such designation with the Committee on a form designated by the Committee for such purpose. The most recent such designation received by the Committee shall be
controlling and shall be effective upon receipt and acceptance by the Committee; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death.

 8.2 Failure to Designate Beneficiary. If no such Beneficiary designation is in effect at the time of a Participant’s death, or if no
designated Beneficiary survives the Participant, or if such designation conflicts with law, the Participant’s estate shall be deemed to have been designated as the Beneficiary and shall receive the payment of the amount, if any, payable under
the Plan upon the Participant’s death. If the Committee is in doubt as to the right of any person to receive such amount, the Committee may retain such amount, without liability for any interest thereon, until the rights thereto are determined,
or the Committee may pay such amount into any court of appropriate jurisdiction and such payment shall be a complete discharge of the obligations of the Employer under the Plan. 
 8.3 Payment to Representatives. If the Committee determines that a Participant or Beneficiary is legally incapable of giving valid receipt and discharge for the payment due from this Plan, such amounts
shall be paid to a duly appointed and acting guardian, if any. If no such guardian is appointed and acting, the Committee may retain such amount, without liability for any interest thereon, until the rights thereto are determined, or the Committee
may pay such amount into any court of appropriate jurisdiction on behalf of the Participant or Beneficiary and such payment shall be a complete discharge of the obligations of the Employer under the Plan. 
 Article IX - Plan Administration 
 9.1 Powers and Duties of
Administrative Committee. The Committee shall have absolute discretion with respect to the operation, interpretation and administration of the Plan. The Committee’s powers and duties shall include, but not be limited to: 
  

	 	a)	Establishing Accounts for Participants; 

	 	b)	Determining eligibility for, and amount of, distributions from the Plan; 

  

	 	c)	Adopting, interpreting, altering, amending or revoking rules and regulations necessary to administer the Plan; 

  

	 	d)	Delegating ministerial duties and employing outside professionals as may be required; and 

  

	 	e)	Entering into agreements or taking such other actions on behalf of the Employer as are necessary to implement the Plan. 

 In the event a member of the Committee is also a Participant, such member shall not be entitled to make any decision with respect to his or her own participation in, and
benefits under, the Plan. Any action of the Committee may be taken by a vote or written consent of the majority of the Committee members entitled to act. Any Committee member shall be entitled to represent the Committee, including the signing of any
certificate or other written direction, with regard to any action approved by the Committee. 
 9.2 Expenses. All expenses, including, but not
limited to any investment fees, administrative fees and income taxes, incurred with respect to the Plan shall be paid by the Employer. 
 9.3 Claims
Procedure. In the event a claim by a Participant relating to the amount of any distribution is denied, such person will be given written notice by the Committee of such denial, which notice shall set forth the reason for denial. The
Participant may, within sixty (60) days after receiving the notice, request a review of such denial by filing notice in writing with the Committee. The Committee, in its discretion, may request a meeting with the Participant to clarify any
matters it deems pertinent. The Committee will render a written decision within sixty (60) days after receipt of such request, stating the reason for its decision. If the Committee is unable to respond within sixty (60) days, an additional
sixty (60) days may be taken by the Committee to respond. The Participant will be notified if the additional time is necessary by the end of the initial sixty (60) day period. The determination of the Committee as to any disputed questions
or issues arising under the Plan and all interpretations, determinations and decisions of the Committee with respect to any claim hereunder shall be final, conclusive and binding upon all persons. 
 Article X - Amendment and Termination 
 10.1 Amendment.
Subject to Section 409A and Section 10.3, the Sponsor, in its sole discretion, by action of its Board or other governing body charged with the management of the Sponsor, or its designee, may amend the Plan, in whole or in part, at any
time. 
 10.2 Termination. Subject to Section 409A and Section 10.3, the Sponsor, by action of its Board or such other governing body
charged with the management of the Sponsor, or its 

 
designee, may terminate this Plan at any time. Upon termination of the Plan, all future Deferral Contributions hereof will be suspended. However, earnings
will continue to be credited in accordance with Article V until such time that a complete distribution has been made. Upon such Plan termination, distributions from the Plan will be made in accordance with Article VII as if no such termination had
occurred. 
 10.3 Protection of Benefit. No amendment or termination of this Plan shall reduce the rights of any Participant with respect to
amounts allocated to a Participant’s Account prior to the date of such amendment or termination without the Participant’s express written consent. 
 Article XI - Miscellaneous 
 11.1 Tax Withholding. The Employer shall have the right to deduct an amount sufficient in the
opinion of the Employer to satisfy all federal, state and other governmental tax withholding requirements relating to any distribution from the Plan. 
 11.2
Offset to Benefits. Amounts payable to the Participant under the Plan may be offset by any reasonable monetary claims the Employer has against the Participant. 
 11.3 Inalienability. Except as provided in Section 11.2 hereof, a Participant’s right to payments under this Plan are not subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant. In no event shall the Employer make any payment under this Plan to any person or entity other than the Participant or Beneficiary, unless required by law.

 11.4 Employment. The adoption and maintenance of this Plan does not constitute a contract between the Employer and any
Participant and is not consideration for the employment of any person. Nothing contained herein gives any Participant the right to be retained in the employ of the Employer or derogates from the right of the Employer to discharge any Participant at
any time and for any reason without regard to the effect of such discharge upon his or her rights as a Participant in the Plan. 
 11.5 Indemnity of
Committee. The Employer indemnifies and holds harmless the Committee and its designees from and against any and all losses resulting from any liability to which the Committee may be subjected by reason of any act or conduct (except willful
misconduct or gross negligence) in its official capacity in the administration of this Plan, including all costs and expenses reasonably incurred in its defense, in case the Employer fails to provide such defense. 
 11.6 Liability. No member of the Board, the Committee, or management of the Employer shall be liable to any person for any action taken under the Plan.

  

	11.7	Rules of Construction. 

 (a) Governing
Law. The construction and operation of this Plan are governed by the laws of the State of Delaware, except to the extent superseded by federal law. 

 (b) Headings. The headings of Articles, Sections and Subsections are for
reference only and are not to be utilized in construing the Plan. 
 (c) Gender. Unless clearly inappropriate, all
pronouns of whatever gender refer indifferently to persons or objects of any gender. 
 (d) Singular and Plural.
Unless clearly inappropriate, singular terms refer also to the plural number and vice versa. 
 (e) Severability.
If any provision of this Plan is held illegal or invalid for any reason, the remaining provisions are to remain in full force and effect and to be reformed, construed and enforced in accordance with the purposes of the Plan as if the illegal or
invalid provision did not exist. 
 Article XII - Funding 
 12.1 Unfunded Plan. This Plan is intended to be unfunded for tax purposes and all distributions hereunder shall be made out of the general assets of the Employer. No Participant or Beneficiary shall have any right, title,
interest, or claim in or to any assets of the Employer other than as an unsecured creditor. The Plan constitutes only an unsecured commitment by the Employer to pay benefits to the extent, and subject to the limitations, provided for herein.
Although, this Plan constitutes an “employee benefit plan” within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”), it is intended to cover only a select group of management or
highly compensated employees pursuant to Sections 201, 301 and 401 of ERISA. 
 12.2 Trust. Notwithstanding the foregoing, the Employer shall
contribute to an irrevocable grantor trust amounts allocated to a Participant’s Account under Article IV and V hereof. The assets of such trust shall be available to the creditors of the Employer in the event of bankruptcy or insolvency. To the
extent of the trust assets, amounts due under the Plan shall be payable first from such trust to Plan Participants before any claim is made against the Employer. The Committee may provide direction to the trustee or custodian on behalf of the
Employer as it deems necessary to provide for the proper distribution of benefits from the trust.

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