Document:

Employment Agreement - Jack D. Plating

 Exhibit 10.11 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (herein the “Agreement”) is
entered into between Cellco Partnership d/b/a Verizon Wireless and Jack Plating (herein the “Executive”), effective April 3, 2003. References to the “Company” herein shall include Cellco Partnership d/b/a/ Verizon Wireless,
any company controlled by or under common control with Cellco Partnership, and any company which subsequent to the effective date of this Agreement carries on all or substantially all of the business of Cellco Partnership and affiliates of Cellco
Partnership. 
 WHEREAS, the services to be rendered by Executive are, and for the term of this Agreement will continue to be, of a
unique character and of incalculable value to the Company; and 
 WHEREAS, one of the purposes of the Company is, through contracts
and other business relationships, to operate a national wireless communications business, including without limitation, wireless voice and data, paging and other CMRS businesses; and 
 WHEREAS, if Executive were to engage in “competitive activities,” as defined below, during the term of this Agreement or in violation of
the restrictions set forth in this Agreement, the Company would suffer irreparable injury; and 
 WHEREAS, the success of the Company
depends in substantial part on the competitive advantages afforded by the management and technical skills provided by Executive; and 
 WHEREAS, Executive desires to participate in the Verizon Wireless Long Term Incentive Plan (“LTIP”); 
 NOW,
THEREFORE, the parties hereto, acknowledging the mutual consideration embodied in the terms and conditions of this Agreement and intending to be legally bound, hereby agrees as follows: 
 1. Term. Executive agrees to serve the Company, and the Company agrees to employ Executive, for a term of two years from the effective date of this
Agreement (herein the “Term”). This agreement shall renew automatically for a new two-year term at the expiration of the Term unless (a) at least ninety days before the expiration of the Term the Company provides Executive with
written notice of intent not to renew this Agreement at the expiration of the Term, or (b) this Agreement is terminated pursuant to Sections 4 or 5. 

 2. Duties. During the Term, Executive shall: 
 (a) faithfully and diligently perform all such acts and duties and furnish such services as the Company, its Board of Representatives, its Chief
Executive Officer, its Chief Operating Officer, or his or their designees shall direct, and perform all acts in the ordinary course of the Company’s business reasonably necessary to the advancement of the Company’s best interests;

 (b) devote his full time, energy and skill to the business of the Company and to the promotion of the Company’s best interests,
except during vacations and other authorized absences; and 
 (c) comply with all federal, state and local laws and any applicable foreign
laws, and abide by the Company’s code of business conduct and other policies of the Company while discharging his obligations under this Agreement or otherwise engaging in conduct, whether personal or business-related, which may impact the
Company’s business. 
 3. Compensation. 
 (a) The Company shall compensate Executive as set forth below for all services performed by him, subject to review from time to time in accordance with the Company’s practices for similarly situated executives:

 (i) Base salary at the annualized rate of $383,000 effective as of April 1, 2003. This amount shall be payable in periodic
installments in accordance with the Company’s regular payroll practices; 
 (ii) Short-Term Incentive at a target rate of 60% of base
salary, in accordance with Company’s Short-Term Incentive Plan; 
 (iii) An annual flexible spending allowance of $18,000, paid
periodically; 
 (iv) Reimbursement for all reasonable expenses incurred in the performance of Executive’s duties hereunder, including
but not limited to travel, accommodation, entertainment, and other similar expenses, in accordance with the Company’s policies and directives from Executive’s superiors; 
 (v) Participation, if otherwise eligible, in all individual or group life insurance, health insurance, accident insurance, disability insurance, vacation
and other welfare benefit plans maintained by the Company and provided generally to similarly situated executives; and 
  

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 (vi) Such other additional or special compensation, benefits and perquisites as the Company may generally
provide from time to time to similarly situated executives. 
 (b) The Company shall provide Executive with additional long-term incentive
grants comparable in value to the value of such grants provided to similarly situated executives based on market conditions and in accordance with the LTIP, subject to Board approval. Such grants will be issued not as compensation for services
rendered, but rather as an inducement to Executive to continue employment with the Company and to enter into this Agreement. 
 4. Termination of
Executive’s Employment by the Company. 
 (a) Death or Disability. The Executive’s employment with the
Company will terminate automatically upon Executive’s death, or upon Executive’s continuing disability on the date on which his short-term disability benefits expire if at that time he remains unable, even with reasonable accommodation, to
perform the essential duties and responsibilities he was performing prior to the commencement of eligibility for such benefits. Termination of employment due to disability shall not constitute a bar to Executive’s eligibility for long-term
disability benefits if Executive would have qualified for such benefits in the absence of the termination of his employment. 
 (b) For
Cause. The Company may terminate Executive’s employment for Cause, in writing and without prior notice, upon any of the following reasons: 
 (i) breach by Executive of any of the covenants he makes or material obligations he assumes under this Agreement; or 
 (ii) insubordination or failure to perform job responsibilities with full-time and good-faith efforts; or 
 (iii) conviction of, or plea of nolo contendere to, criminal charges (other than a traffic citation or minor misdemeanor), or conduct which, if prosecuted, would warrant conviction on such charges under a “beyond a reasonable
doubt” standard of proof; or 
 (iv) material violation of the Company’s Code of Business Conduct or other policies of the Company,
including, by way of example, a violation of the employer’s voucher or expense reimbursement rules; or 
 (v) conduct which, if it were
known by the public, would harm the reputation of the Company; or 
  

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 (vi) exercising, using, or discharging the authority, office or duties conferred upon Executive by the
Company other than solely in the best interests of the Company, including without limitation the execution of such authority, the use of such office or the discharge of such duties for the Executive’s personal benefit or that of his family,
friends or associates. 
 (c) Without Cause. The Company may terminate the Executive’s employment at any time without
cause. Written notice of intent not to renew this Agreement shall be deemed termination without cause, but only if Executive remains at work for the Company through the last day of the Term of this Agreement. In such case, Executive shall be
eligible to receive liquidated damages as set forth in Section 6(b). In any proceeding conducted to determine whether Executive’s employment was terminated for Cause, if the finder of fact determines that Executive’s employment was
terminated other than for Cause, then his employment shall be deemed to have been terminated Without Cause, and the remedy shall be limited to liquidated damages as provided in Section 6(b). 
 5. Termination by Executive. 
 (a)
Without Good Reason. Executive may terminate his employment at any time Without Good Reason. Without limiting the meaning of the term “Without Good Reason,” it shall constitute termination of employment Without Good Reason if
Executive refuses to work under a renewal of this Agreement or if the Executive refuses to sign a successor agreement for an additional term of two years, provided that such successor agreement does not reduce Executive’s then current base
salary or short- or long-term incentive targets. 
 (b) For Good Reason. Executive may terminate his employment for Good
Reason, but only on 60 days’ written notice of intent to resign for Good Reason. In such case, Executive shall be eligible to receive liquidated damages on the terms set forth in Section 6(b). Executive shall be deemed to have Good Reason
to terminate his employment if no event has occurred which would constitute Cause for the Company to terminate his employment, and if any of the following events has occurred within six months prior to the effective date of the termination of his
employment: 
 (i) assignment, without written consent of the Executive, to a position which involves more than a change in reporting
structure, but also results in materially less authority and responsibility than immediately before such assignment; or 
 (ii) reduction in
Executive’s base salary; or 
  

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 (iii) reduction in Executive’s short- or long-term incentive targets below the targets of similarly
situated executives; or 
 (iv) “Change in Control,” which shall mean (1) a sale or transfer of more than 50% of the
Company’s assets to an entity other than: (a) Verizon Communications Inc. (“Verizon”) or any affiliate or subsidiary or successor thereof (collectively, “Verizon Companies”) or (b) Vodafone Group Plc
(“Vodafone”) or any affiliate or subsidiary or successor thereof (“Vodafone Companies”), (2) a sale of partnership interests such that Verizon Companies and Vodafone Companies own less than 50% of the partnership interests
in the Company, or (3) a sale of equity interests in the Company; provided that as a result of (1), (2), or (3), Verizon Companies or Vodafone Companies cease to have “actual management control” of the Company; and provided further,
that neither (1) nor (2) nor (3) shall constitute a “Change in Control” if the transaction at issue is an initial public offering or subsequent offerings or distribution to Verizon Companies or Vodafone Companies.
“Actual management control” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management of the Company as it may be constituted following the event described in (1), (2), or (3) above
(including, without limitation, the power to appoint a majority of the Board of Representatives or other comparable governing body of such entity), whether through the beneficial ownership of voting securities or other ownership interest, by
contract or otherwise, whether the loss of actual management control is voluntary or involuntary of the result of any merger, tender offer, stock purchase, other stock acquisition, consolidation, recapitalization, reverse split, or sale or transfer
of assets. In addition to items (1), (2) or (3) above, within twelve months following a “Change of Control”, Executive must have Good Reason to terminate his employment, as defined in Section 5(b). 
 (c) Retirement. If during the Term of the Agreement, Executive terminates employment by reason of Retirement (as that term is defined in
the Verizon Wireless Long Term Incentive Plan and its Award document), and so long as Executive provides at least 60 days prior notice of such Retirement, Executive shall not be subject to liquidated damages obligations under Section 11(a).
Executive’s obligations under Sections 7 and 8 shall continue in the event of Retirement from the Company. 
 6. Post-Termination Liquidated
Damages Payable by the Company. 
 (a) If the Company terminates Executive’s employment for Cause or by reason of disability or
death, or if Executive terminates his employment Without Good Reason, then the Company shall have no further obligations to Executive beyond the date of termination of employment, other than to provide compensation owed for services previously
rendered pursuant to Section 3(a); 

  

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provided, however, that if the termination of Executive’s employment is by reason of disability or death, then Executive (in the case of disability) or
Executive’s executor or administrator (in the case of death) may exercise Executive’s vested long term incentive grants pursuant to the terms of the long-term incentive plan. 
 (b) If the Company terminates Executive’s employment Without Cause, or if Executive terminates his employment with Good Reason, the Company shall
provide to Executive, as liquidated damages, (i) an amount equal to 200% of Executive’s annualized base salary and short-term incentive target at the time of termination, payable in 24 equal monthly installments, subject to required
payroll deductions, and (ii) continued participation in the Company’s medical and dental insurance plans for 24 months, at the Company’s expense but subject to any employee contribution requirements applicable as of Executive’s
last day of active employment (as such requirements may thereafter be revised generally from time to time). Payment of such liquidated damages shall not be deemed compensation for prior services rendered, but rather shall be deemed a settlement of
the parties’ obligations to each other, as provided below. In addition, Executive’s unvested long-term incentive grants shall vest and may be exercised in accordance with the terms of the long-term incentive plan that apply to terminations
“without cause.” Company also shall pay Executive cash in lieu of accrued but unused vacation days, at a daily rate equal to 1/260th of Executive’s annualized base salary rate. 
 (c) (i) Liquidated damages under Section 6(b) shall not be payable if the Executive is in breach of this Agreement at the time of the termination of
his employment. 
 (ii) Upon Executive’s breach of any of his covenants or continuing obligations under Sections 7 through 10 of this
Agreement, Executive’s right, if any, to payment of liquidated damages after the date of such breach shall be forfeited. 
 (d)
Executive’s right to liquidated damages hereunder shall be conditioned on his agreeing to and executing, within the time specified by the Company, a release in such form as reasonably may be required by the Company. The Company shall have no
obligation to pay liquidated damages unless and until such release is signed. The validity and enforceability of such release shall not be impaired if, after signing it, Executive’s right to continued payment of liquidated damages is forfeited
pursuant to Section 6(c)(ii). 
 (e) Liquidated damages hereunder shall be in lieu of any right Executive otherwise may have to receive
benefits under any severance or separation pay plan, program or practice which may otherwise be applicable to him, and he hereby waives any right to receive any such severance benefits. 
  

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 7. Prohibition Against Competitive Activities. 
 (a) Covenant Not to Engage in Competitive Activities. Executive acknowledges that by virtue of his employment with the Company, he will
obtain knowledge, training, experience and access to the Company’s proprietary and confidential information to such an extent that if he were to work for or otherwise provide services to a competitor of the Company, that competitor inevitably
would gain an unfair competitive advantage by means of its access to Executive’s knowledge, training, experience and familiarity with the Company. Therefore, in consideration for (i) the offer of this Agreement for a specific term,
(ii) the right to post-termination liquidated damages on the terms provided in Section 6, and (iii) the opportunity to participate in the Company’s long-term incentive plan, Executive covenants to the fullest extent permitted by
law that he will not engage in Competitive Activities (as that term is defined in Section 7(b)) while he remains employed by the Company and until one year after the date of termination of his employment for any reason (and, in the case of
activities described in Section 7(b)(iii), until two years after the date of termination of his employment for any reason). Executive further acknowledges that this covenant not to compete and other restrictive covenants in this Agreement are
fair and reasonable, that enforcement of the provisions of this Agreement will not cause Executive undue hardship, and that the provisions of this Agreement are reasonably necessary and commensurate with the need to protect the Company and its
business interests and property from irreparable harm. Executive agrees that because of the widespread nature of the Company’s business, breach of this Agreement by engaging in Competitive Activities anywhere in the United States would
irreparably injure the Company and that, therefore, a more limited geographic restriction is neither feasible nor appropriate. Executive represents to the Company that Executive’s education, training and experience are such that this covenant
not to compete will not jeopardize or significantly interfere with Executive’s ability to secure other gainful employment. 
 (b)
Competitive Activities Defined. For purposes of this Agreement, “Competitive Activities” means any or all business activities in the wireless communications industry in the United States relating to products or services of the
same or similar type as those provided or offered by the Company as of the effective date of this Agreement. In addition, “Competitive Activities” also encompasses any or all business activities in the wireless communications industry in
the United States relating to products or services of the same or similar type as those provided or offered by the Company during the term of this Agreement (including products or services the Company planned to provide or offer in accordance with
any Business Plan approved by the Board of Representatives prior to the termination of Executive’s employment), provided that the Executive had management, strategic planning, business planning, 

  

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implementation, operations, administration, or other responsibility for or involvement with the communications services, products and/or business. It,
however, shall not be considered Competitive Activity for Executive to accept employment by Verizon or any affiliate of Verizon or Vodafone or any affiliate of Vodafone provided that Verizon and Vodafone are not competing with the Company at the
time employment is accepted Restricted activities include, but are not limited to: 
 (i) personally working for, owning, managing,
operating, controlling or participating in the ownership, management, operation or control of, or providing consulting or advisory services to, any business engaged in Competitive Activities; provided, however, that Executive’s purchase or
holding of securities of a publicly-traded company, for investment purposes, shall not be prohibited so long as Executive’s equity interest in any such company is less than one percent; 
 (ii) maintaining any appreciable financial interest in any business engaged in Competitive Activities; 
 (iii) soliciting, inducing or influencing employees of the Company or former employees who have worked for the Company within the preceding six months to
engage in Competitive Activities; 
 (iv) interfering with the relationship of the Employer with any of its customers, agents,
representatives, suppliers or vendors under contract; and 
 (v) engaging in or planning to engage in Competitive Activities while still
employed by the Company. 
 (c) Forfeiture of Benefits. Executive acknowledges that any violation of any of the covenants of
this Section 7 may result in the forfeiture of rights to benefits or compensation under one or more benefit or compensation plans of the Company which contain such forfeiture provisions, and will result in his obligation to pay liquidated
damages as provided in Section 11. 
 8. Prohibition Against Disclosure of Proprietary Information; Intellectual Property Rights.

 (a) Duty to Preserve Confidentiality. Executive acknowledges that he will be privy to strategic and sensitive business
information, and that he will have access to confidential and proprietary information of the Company. Therefore, during the course of Executive’s employment and after such employment ends for any reason, (i) Executive will treat with
utmost confidentiality all such strategic and sensitive business information and all such 

  

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confidential and proprietary information (including, without limitation, “Proprietary Information” as that term is defined in Section 8(b)
below), and (ii) except as required to conduct the business of the Company or as authorized in writing by the Company, Executive will not publish, disclose or use such information or authorize anyone else to publish, disclose or use it.
Executive acknowledges that, in addition to his duties under this Agreement, he has common law and statutory duties as an employee to preserve the confidentiality of the Company’s trade secrets, and will continue to have such duties after his
employment terminates for any reason. 
 (b) Definition of Proprietary Information. “Proprietary information”
includes, but is not limited to, information in the possession or control of the Company that has not been fully disclosed in a writing which has been generally circulated to the public at large, and which gives the Company an opportunity to obtain
or maintain advantages over its current and potential competitions. “Proprietary information” includes, without limitation, 
 (i)
marketing plans, strategic or tactical business plans, product plans and designs, undisclosed financial data, agreements with third parties, technical information, computer software or other apparatus programs, databases, budgets and projections,
whether in draft or final form: 
 (ii) ideas, processes, methods, techniques, systems, patented or copyrighted information, models, devices,
programs, computer software or related information and documentation; 
 (iii) documents relating to regulatory matters and correspondence
with governmental entities, including classified National Security information; 
 (iv) pricing and cost data; 
 (v) reports and analyses of business prospects; 
 (vi) business transactions which are contemplated or planned; 
 (vii) research data; 
 (viii) employee information and data, including knowledge of skills, abilities, performance and compensation; 
 (ix) information relating to specific users and purchasers of the Company’s products or services or to such users and purchasers generally, such as
customer names, customer contacts, terms of customer contracts, customer proposals, types, locations, and quantities of service, calling patterns and billing information; and 
  

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 (x) other confidential matters pertaining to or known by the Company, including information that is
proprietary to others which the Company is bound to protect, such as vendor or customer proprietary information or information provided in conjunction with non-disclosure or confidentiality agreements with third parties. 
 (c) Obligation to Return Company Property. Upon the termination of Executive’s employment for any reason, and prior to his last day of
active employment, Executive shall return to the Company all property of the Company in his possession, custody and control, including without limitation, the originals and all copies of all records, papers, programs, computer software, documents
and other materials which contain Proprietary Information, as defined in Section 8(b), and all computer and other equipment of the Company. 
 (d) Intellectual Property. 
 (i) Executive will promptly disclose to the Company, in confidence, all inventions,
discoveries, designs, improvements, technical information, ideas, databases, computer software or other apparatus programs, related documentation, and other works of original authorship, whether or not patentable, copyrightable or susceptible to
other forms of protection, which he makes, creates, develops, writes or conceives during the course of his employment by the Company (hereinafter, “Innovations”). 
 (ii) Executive hereby assigns and grants to the Company all rights, title and interest in and to all Innovations. On request by the Company, Executive
will execute a specific assignment to the Company of all rights, title and interest to any particular Innovation or group of Innovations, and will execute all applications for patent, copyright or other forms of protection for such Innovations in
the United States and in other countries. 
 (iii) An Innovation will be deemed not to have been made in the course of
Executive’s employment by the Company if it (1) was developed on his own time and (2) no equipment, supplies, facilities or trade secret information of the Company were used in developing it. However, even if an Innovation was
developed entirely on Executive’s own time, and even if no equipment, supplies, facilities or trade secret information of the Company were used in developing it, an Innovation shall be deemed to have been made in the course of Executive’s
employment if at the time of its conception or reduction to practice it related to the Company’s business or to the Company’s actual or demonstrably anticipated research or development, or if it resulted from any work that Executive
performed for the Company. 
  

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 (iv) During the course of Executive’s employment and after such employment ends for any reason,
(1) Executive will treat with utmost confidentiality all Innovations and all private, trade secret and proprietary information concerning them, and (2) except as required by the conduct of the business of the Company or as authorized in
writing by the Company, Executive will not publish, disclose or use such information or authorize anyone else to publish, disclose or use it. When Executive’s employment terminates, he will relinquish all documents, equipment and records
containing such information to the Company, regardless of its form. 
 (e) Forfeiture of Benefits. Executive acknowledges that
violation of any of the prohibitions or covenants of this Section 8 may result in the forfeiture of rights to benefits or compensation under one or more benefit or compensation plans of the Company which contain such forfeiture provisions, and
will result in his obligation to pay liquidated damages as provided in Section 11. 
 9. Confidentiality. Executive agrees not to disclose
or discuss, other than with his legal counsel, personal tax or financial advisors, or spouse, either the existence or any details of this Agreement. Executive will use his best efforts to ensure that any such legal counsel, personal tax or financial
advisor, or spouse will not disclose or discuss the existence or any details of this Agreement with any other person. This Agreement shall not prohibit the Executive from disclosing to any person that he has agreed not to compete with the Company
and that he has legal duties not to disclose the Company’s proprietary information. Executive is hereby authorized to reveal to a prospective employer or prospective client or business associate the precise terms of Sections 7, 8(a) and (b),
11(b) and 12 hereof, but in so doing, Executive shall not reveal any other parts of this Agreement. 
 10. Duty to Disclose Acceptance of Offers of
Employment by Other Employers. Executive acknowledges that the Company has an ongoing interest in knowing whether any of its employees or former employees who have, or had, access to proprietary or confidential information intend to provide
services as an employee, consultant or in any other capacity to an entity which the Company considers to be a competitor or potential competitor. Accordingly, during the period of Executive’s employment by the Company, Executive shall give
written notice to the Company of his intention to accept employment with any employer other than the Company, not later than the date on which he gives his written or oral acceptance of an offer of employment, or offer of compensation in exchange
for advice, information or consulting services. That notice shall state the name of the offering entity, the role or position accepted and a brief summary of the responsibilities, the geographic location and scope of that role or position.

  

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 11. The Company’s Remedies for Breach of Agreement 
 (a) Liquidated Damages Payable by Executive upon Resignation. Executive recognizes that his services to the Company are of the highest
value to the Company, that his services cannot be easily replaced in the event he terminates his employment prior to the end of the Term, and that the loss of Executive’s services would cause damages to the Company’s operations which are
substantial but not readily calculable. Therefore, Executive warrants that if he terminates his employment before expiration of the Term other than for Good Reason, he shall pay the Company as liquidated damages an amount equal to 100% of the
Executive’s pre-tax gain from the exercise (during the six month period preceding termination) of any long-term incentive grants issued to Executive by the Company. Such sum shall be payable in a single lump amount which shall be immediately
due and payable upon written demand by the Company following the termination of Executive’s employment. In addition, Executive’s right to exercise any long-term incentive grants issued to Executive by the Company which have not yet been
exercised shall be extinguished as of the last day of his active employment. Further, in the event that Executive resigns during the term of this Agreement to thereafter engage in Competitive Activities as set forth in Section 7, Executive also
shall pay the Company the costs it incurs in recruiting a replacement for Executive in a single lump sum which shall be payable within thirty days after the Company notifies Executive as to the amount of such costs. This replacement cost obligation
is in addition to any other amounts for which Executive may be liable under Section 11(b). 
 (b) Liquidated Damages for Breach of
Covenants Under Sections 7 or 8. Executive acknowledges that his breach of any of his covenants under Sections 7 or 8 of this Agreement would cause substantial damages to the Company that are not readily calculable. Accordingly, in the event
of such a breach, Executive agrees to pay to the Company as liquidated damages an amount equal to the sum of his annualized base salary and short-term incentive target in effect at the time of the breach. In addition, (i) as provided in
Section 6(d), Executive’s right to any payments under Section 6(b) which have not yet been made shall be extinguished and no further such payments shall be due, (ii) he shall return to the Company all payments under
Section 6(b) which theretofore shall have been provided to him (except that Executive shall retain $100 of such sum as consideration for the release executed pursuant to Section 6(d)), (iii) all of his grants under any long-term
incentive plan which have not yet vested or which have vested but not yet been exercised shall be extinguished immediately, (iv) Executive shall owe to the Company all pre-tax gain derived 

  

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from the exercise of any long-term incentive grants during the six months preceding the breach; and (v) Executive also shall pay the Company the costs
it incurs in recruiting a replacement for Executive. Executive promptly shall pay to the Company the sum of all amounts to be paid pursuant to this Section 11(b), in a single lump amount which shall be due immediately and payable on demand
following the breach. 
 (c) Injunctive Relief. Executive acknowledges that if he breaches his covenants under Sections 7 and 8
of this Agreement, competitors of the Company will gain the value of the Executive’s services to the detriment of the Company, and that the Company thereby will suffer irreparable injury. In the event of a breach of any of his covenants under
Sections 7 or 8, whether or not Executive is still employed by the Company at the time of such breach, to the extent permitted by law, Company shall be entitled, in addition to causing the Executive to forfeit benefits as described in Sections 7(c)
and 8(e), and in addition to liquidated damages payable under Section 11(b) and any other remedies available at law, to injunctive relief to restrain further breach of such commitments by the Executive or by any person acting for or with him in
any capacity whatsoever. 
 12. Arbitration. In the event that (a) Executive believes that the Company has breached any provision of this
Agreement or otherwise has violated his rights in connection with his employment by the Company, the manner in which he was treated while so employed or the termination of his employment, or if he believes that the Company violated his rights under
any common law theory of liability or any applicable federal, state or local law, statute, regulation or ordinance (including without limitation 42 U.S.C. Section 1981, Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act and any other state or federal statute that pertains to employee rights or discrimination in employment), or (b) the Company believes that Executive has breached any provision of this Agreement or otherwise has violated its
rights in connection with his employment by the Company, the dispute shall be submitted to the American Arbitration Association in New York or any other state mutually agreeable to all parties, for arbitration pursuant to its rules and procedures
for resolution of employment disputes. The arbitrator shall include in the award the prevailing party’s costs and expenses (including expert witness fees) incurred in connection with the proceedings. The decision of the arbitrator shall be
final and binding. Executive understands and agrees that this provision constitutes a waiver of his right to initiate a proceeding before an administrative tribunal seeking relief for himself and to sue in any court of law or equity, and that the
sole forum available to him for resolution of disputes between himself and the Company is arbitration as provided herein. The parties intend that the arbitration procedure to which they hereby agree shall be the exclusive means for resolving all
disputes between 

  

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them, and their agreement in this regard shall be interpreted as broadly and inclusively as reason and law permits to realize that intent; provided, however,
that nothing herein shall be considered a waiver of either party’s right to seek a temporary restraining order or injunction from a court for purposes of preserving the status quo or preventing irreparable harm pending decision by an
arbitrator. 
 13. Miscellaneous Provisions. 
 (a) Assignment by the Company. The Company expressly reserves the right to assign this Agreement. If and when the Executive transfers from the Company to another employer pursuant to such assignment,
this Agreement shall be deemed to be assigned to the transferee employer in lieu of the Company. This Agreement may not be assigned by the Executive. 
 (b) Waiver. The waiver by any Company of a breach by the Executive of any provision of this Agreement shall not be construed as a waiver of any subsequent breach by him. 
 (c) Executive’s Warranty. Executive warrants and represents that his acceptance of employment by the Company on the terms offered will
not breach any contractual or other obligation he has to any third party, and that he will neither bring to the Company confidential or proprietary information or documents of any third party (other than a third party contributing assets to the
Company), including any former employer, nor use or disclose any confidential or proprietary information of any third party without such third party’s written authorization. 
 (d) Severability. If any clause, phrase or provision of this Agreement (including, without limitation, Section 12), or the application
thereof to any person or circumstance, shall be deemed invalid or unenforceable by any court of competent jurisdiction, such event shall not affect or render invalid or unenforceable the remainder of this Agreement and shall not affect the
application of any clause, phrase or provision hereof to other persons or circumstances. Further, if an arbitrator or court of competent jurisdiction determines that the geographic scope, duration or any other features of the covenants and
commitments set forth in Sections 7 and 8 are not enforceable as drafted, this Agreement shall hereby be deemed to be amended automatically to provide the maximum enforcement thereof permitted by law. 
 (e) Gender. All pronouns used in this Agreement are in the masculine gender solely for purposes of grammatical convenience, and it is the
parties’ intent that all pronouns used herein are intended to comprehend both genders as warranted by context or by the gender of the Executive. 
  

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 (f) Governing Law. The parties acknowledge that the services to be performed by Executive
pursuant to this Agreement will be rendered in a number of different states, and that the Company has a special interest in having its agreements with employees in different places construed according to the same law because it conducts operations
throughout the entire United States. Accordingly, this Agreement shall be construed and enforced in accordance with the laws of the State of New York, headquarters of Verizon Communications, its managing partner, without regard to choice of law
principles. 
 (g) Notices. Whenever this Agreement requires or permits notice to be given to the Company, the notice should be
given in writing to the Chief Executive Officer of the Company, or to such other person as the Company may subsequently identify in writing to Executive. 
 (h) Entire Agreement. Except for the terms and conditions of the compensation and benefit plans applicable to Executive (as such plans may be amended by the Company from time to time), this Agreement
sets forth the entire understanding of the parties and supersedes all prior agreements, arrangements, and communications, whether written or oral, pertaining to the subject matter hereof, including without limitation any employment agreement
previously entered into between Executive and the Company. This Agreement shall not negate (i) any benefits previously earned or rights granted under any long-term incentive plan; (ii) any other benefits maintained by any other entity that
are not duplicative in nature of any benefits provided under this Agreement; or (iii) any obligations that the Executive may have under any non-compete, proprietary information or intellectual property agreement with any entity that is
contributing assets to the Company or any affiliate of such entity. Any such rights, benefits, or obligations shall be determined in accordance with the terms of such agreements or plans. This Agreement shall not be modified or amended except by
written agreement of the Company, the Executive, and the Company which then employs him. Executive has been advised to consult with an attorney regarding this Agreement, acknowledges having had ample opportunity to do so, and fully understands the
binding effect of this Agreement. 
  

 - 15 - 

 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, hereby execute this
Agreement. 
  

							
		 		 	Cellco Partnership
				
	  
	 		 	By:	 	 /s/ Dennis F. Strigl

	 Date
	 		 		 	Chief Executive Officer
			
	 4/4/03
	 		 	 /s/ Jack D. Plating

	Date	 		 		 	Executive

  

 - 16 -Verizon Communications Inc. Long-Term Incentive Plan

 Exhibit 10.12 
 VERIZON COMMUNICATIONS INC. 
 LONG-TERM INCENTIVE PLAN 
 CONTENTS 
  

					
	 Article 1.
	  	Restatement, Objectives, and Duration	  	B-2
	 Article 2.
	  	Definitions	  	B-2
	 Article 3.
	  	Administration	  	B-4
	 Article 4.
	  	Shares Subject to the Plan and Maximum Awards	  	B-5
	 Article 5.
	  	Eligibility and Participation	  	B-6
	 Article 6.
	  	Stock Options	  	B-6
	 Article 7.
	  	Restricted Stock and Restricted Stock Units	  	B-7
	 Article 8.
	  	Performance Units and Performance Shares	  	B-8
	 Article 9.
	  	Other Awards	  	B-9
	 Article 10.
	  	Award Agreements	  	B-9
	 Article 11.
	  	Performance Measures	  	B-10
	 Article 12.
	  	Beneficiary Designation	  	B-10
	 Article 13.
	  	Deferrals	  	B-11
	 Article 14.
	  	No Right to Employment or Participation	  	B-11
	 Article 15.
	  	Change in Control	  	B-11
	 Article 16.
	  	Amendment, Modification, and Termination	  	B-11
	 Article 17.
	  	Withholding	  	B-11
	 Article 18.
	  	Successors	  	B-12
	 Article 19.
	  	Legal Construction	  	B-12

 ARTICLE 1. RESTATEMENT, OBJECTIVES, AND DURATION 
 1.1 RESTATEMENT OF THE PLAN. Verizon Communications Inc., a Delaware corporation (hereinafter referred to as the “Company”), hereby amends and restates the Bell Atlantic 1985 Incentive Stock Option Plan, as
in effect on January 1, 2001. This amended and restated plan shall be known as the “Verizon Communications Inc. Long-Term Incentive Plan” (hereinafter referred to as the “Plan”), as set forth in this document as amended from
time to time. The Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, and Other Awards, including Stock Appreciation Rights. 
 The amended and restated Plan shall be effective on the date the Company’s shareholders first approve the Plan (the “Effective Date”), and shall remain in
effect as provided in Section 1.3 hereof. 
 1.2 OBJECTIVES OF THE PLAN. The objectives of the Plan are to optimize the profitability and growth of the
Company through long-term incentives that are consistent with the Company’s goals and that link the interests of Participants to those of the Company’s shareholders; to provide Participants with incentives for excellence in individual
performance; to provide flexibility to the Company in its ability to motivate, attract, and retain the services of Participants who make significant contributions to the Company’s success; and to allow Participants to share in the success of
the Company. 
 1.3 DURATION OF THE PLAN. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Committee to
amend or terminate the Plan at any time pursuant to Article 16 hereof, until all Shares subject to the Plan shall have been purchased, acquired, or forfeited, and all cash Awards shall have been paid or forfeited, pursuant to the Plan’s
provisions. In no event, however, may an Award be granted more than ten (10) years after the Effective Date. 
 ARTICLE 2. DEFINITIONS

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

2.1 “AWARD” means, individually or collectively, a grant under the Plan of Nonqualified Stock Options, Incentive Stock Options, Restricted Stock, Restricted
Stock Units, Performance Shares, Performance Units, or Other Awards. 
 2.2 “AWARD AGREEMENT” means an agreement entered into by the Company and a
Participant, or another instrument prepared by the Company in lieu of such an agreement, setting forth the terms and conditions applicable to an Award pursuant to Article 10 hereof. 
 2.3 “BENEFICIAL OWNER” or “BENEFICIAL OWNERSHIP” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act, as amended from time to
time, or any successor rule. 
 2.4 “BOARD” or “BOARD OF DIRECTORS” means the Board of Directors of the Company. 
 2.5 “CHANGE IN CONTROL” means a change in control of the Company of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement; provided that, without limitation, such a Change in Control shall be deemed to have occurred if: 
 (a) Any Person becomes a Beneficial Owner of shares of one or more classes of stock of the Company representing twenty percent (20%) or more of the total voting
power of the Company’s then outstanding voting stock; or 
 (b) The Company and any Person consummate a merger, consolidation, reorganization, or other
business combination; or 
 (c) The Board adopts resolutions authorizing the liquidation or dissolution, or sale to any Person of all or substantially all of
the assets, of the Company. 
  

 B-2 

 Notwithstanding the provisions of Section 2.5 (a), (b), and (c) hereof, a Change in Control shall not occur if:

 (i) The Company’s voting stock outstanding immediately before the consummation of the transaction will represent no less than forty-five percent
(45%) of the combined voting power entitled to vote for the election of directors of the surviving parent corporation immediately following the consummation of the transaction; and 
 (ii) Members of the Incumbent Board will constitute at least one-half of the board of directors of the surviving parent corporation; and 
 (iii) The Chief Executive Officer or co-Chief Executive Officer of the Company will be the chief executive officer or co-chief executive officer of the surviving parent corporation; and 
 (iv) The headquarters of the surviving parent corporation will be located in New York, New York. 
 For the purposes of this Section 2.5, “Person” means any corporation, partnership, firm, joint venture, association, individual, trust, or other entity, but does not include the Company or any of its
wholly-owned or majority-owned subsidiaries, employee benefit plans, or related trusts; and “Incumbent Board” means those persons who either (A) have been members of the Board of Directors of the Company since June 30, 2000, or
(B) are new Directors whose election by the Board of Directors or nomination for election by the shareholders of the Company was approved by a vote of at least three-fourths of the members of the Incumbent Board then in office who either were
Directors described in clause (A) hereof or whose election or nomination for election was previously so approved, but shall not include any Director elected as a result of an actual or threatened solicitation of proxies by any Person.

 2.6 “CODE” means the Internal Revenue Code of 1986, as amended from time to time. 
 2.7 “COMMITTEE” means the Human Resources Committee of the Board or any other committee appointed by the Board to administer the Plan and Awards to Participants who are Employees, as specified in Article 3
hereof. 
 2.8 “COMPANY” means Verizon Communications Inc., a Delaware corporation, and any successor thereto as provided in Article 18 hereof.

 2.9 “DIRECTOR” means any individual who is a member of the Board. 
 2.10 “EFFECTIVE DATE” shall have the meaning ascribed to such term in Section 1.1 hereof. 
 2.11
“EMPLOYEE” means any employee of the Company or of a Subsidiary. Directors who are employed by the Company or by a Subsidiary shall be considered Employees under the Plan. 
 2.12 “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute. 
 2.13 “FAIR MARKET VALUE” means the average of the high and low sales prices of Shares on the principal securities exchange on which the Shares are traded or, if there are no such sales on the relevant date, then the average of the
high and low sales prices of Shares on the date or dates that the Committee determines, in its sole discretion, to be appropriate for purposes of valuation. 
 2.14 “FREESTANDING SAR” means an SAR that is granted independently of any Option, as described in Sections 9.2 through 9.6 hereof. 
 2.15
“INCENTIVE STOCK OPTION” or “ISO” means an Option that is designated by the Committee as an Incentive Stock Option. 
 2.16
“INSIDER” means an individual who is, on the relevant date, subject to the reporting requirements of Section 16(a) of the Exchange Act. 
 2.17 “1985 PLAN” means the Bell Atlantic 1985 Incentive Stock Option Plan, as in effect on January 1, 2001. 
 2.18
“NON-EMPLOYEE DIRECTOR” means (a) a Director who is not an Employee or (b) a member of the board of directors (or comparable governing body) of a Subsidiary who is not an Employee. 
  

 B-3 

 2.19 “NONQUALIFIED STOCK OPTION” or “NQSO” means an Option that is not designated by the Committee as
an Incentive Stock Option. 
 2.20 “OPTION” means an Incentive Stock Option or a Nonqualified Stock Option granted pursuant to Article 6 hereof.

 2.21 “OPTION PRICE” means the price at which a Share may be purchased by a Participant pursuant to an Option, as provided in Section 6.2
hereof. 
 2.22 “OTHER AWARD” means an Award granted to a Participant pursuant to Article 9 hereof. 
 2.23 “PARTICIPANT” means an Employee or Non-Employee Director who has been selected to receive an Award or who holds an outstanding Award. 
 2.24 “PERFORMANCE-BASED EXCEPTION” means the performance-based exception from the tax deductibility limitation imposed by Code Section 162(m), as set
forth in Code Section 162(m)(4)(C). 
 2.25 “PERFORMANCE PERIOD” means the period during which performance goals must be met for purposes of
Article 8 hereof. 
 2.26 “PERFORMANCE SHARE” means an Award granted pursuant to Article 8 hereof, which, on the date of grant, shall have a value
equal to the Fair Market Value of a Share on that date. 
 2.27 “PERFORMANCE UNIT” means an Award granted pursuant to Article 8 hereof, which shall
have an initial value established by the Committee on the date of grant. 
 2.28 “PLAN” means the Verizon Communication Inc. Long-Term Incentive
Plan as set forth herein and as it may be amended from time to time. 
 2.29 “RELOAD OPTION” means an Option granted pursuant to Section 6.5
hereof. 
 2.30 “RESTRICTED STOCK” means an Award granted pursuant to Section 7.1 hereof. 
 2.31 “RESTRICTED STOCK UNIT” means an Award granted pursuant to Section 7.5 hereof. 
 2.32 “RESTRICTION PERIOD” means the period during which the transfer of Shares of Restricted Stock is limited in some way (based on the passage of time, the achievement of performance goals, or the
occurrence of other events determined by the Committee in its discretion), and the Shares are subject to a substantial risk of forfeiture, as provided in Article 7 hereof. 
 2.33 “SHARE” means a share of common stock of the Company. 
 2.34 “SHARE POOL” means the number of
Shares available under Section 4.1 hereof, as adjusted pursuant to Sections 4.2 and 4.3 hereof. 
 2.35 “STOCK APPRECIATION RIGHT” or
“SAR” means an Award, granted either alone or in connection with a related Option, pursuant to the terms of Sections 9.2 through 9.6 hereof. 
 2.36 “SUBSIDIARY” means (a) a corporation, partnership, joint venture, or other entity in which the Company has an ownership interest of at least fifty percent (50%), and (b) any corporation, partnership, joint venture,
or other entity in which the Company holds an ownership interest of less than fifty percent (50%) but which, in the discretion of the Committee, is treated as a Subsidiary for purposes of the Plan. 
 2.37 “TANDEM SAR” means an SAR granted with respect to a Share pursuant to Sections 9.2 through 9.6 hereof in connection with a related Option, under which
(a) the exercise of the SAR with respect to the Share shall cancel the right to purchase such Share under the related Option and (b) the purchase of the Share under the related Option shall cancel the right to exercise the SAR with respect
to such Share. 
 ARTICLE 3. ADMINISTRATION 
 3.1 GENERAL.
Except as otherwise determined by the Board in its discretion, the Plan shall be administered by the Committee, which shall consist exclusively of two (2) or more nonemployee directors within the meaning of the rules promulgated by the
Securities and Exchange Commission under Section 16 of the Exchange Act who 

  

 B-4 

 
also qualify as outside directors within the meaning of Code Section 162(m) and the related regulations under the Code. The members of the Committee
shall be appointed from time to time by, and shall serve at the discretion of, the Board. The Committee shall have the authority to delegate administrative duties, including the authority to respond to and decide claims or appeals under the Plan and
to interpret the Plan terms, to the Executive Vice President-Human Resources of the Company. The Committee may not delegate its authority with respect to (a) non-ministerial actions with respect to Insiders; (b) non-ministerial actions
with respect to Awards that are intended to qualify for the Performance-Based Exception; and (c) certifying that any performance goals and other material terms attributable to Awards intended to qualify for the Performance-Based Exception have
been satisfied. 
 3.2 AUTHORITY OF THE COMMITTEE. Except as limited by law or by the Certificate of Incorporation or Bylaws of the Company, and subject to
the provisions hereof, the Committee shall have full power in its discretion to select Employees who shall participate in the Plan; determine the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent with the
Plan; construe and interpret the Plan and any Award Agreement or other agreement or instrument entered into or issued under the Plan; establish, amend, or waive rules and regulations for the Plan’s administration; and (subject to the provisions
of Article 16 hereof) amend the terms and conditions of any outstanding Award as provided in the Plan. Further, the Committee shall make all other determinations that may be necessary or advisable for the administration of the Plan. With respect to
the Non-Employee Directors, the authority conferred by this Section 3.2 shall rest with the Corporate Governance Committee of the Board. 
 3.3
DECISIONS BINDING. All determinations and decisions made by the Committee or the Corporate Governance Committee of the Board pursuant to the provisions of the Plan and all related orders and resolutions of such committee shall be final, conclusive,
and binding on all persons, including the Company, its shareholders, Directors, Non-Employee Directors, Employees, Participants, and their estates and beneficiaries. 
 3.4 PERFORMANCE-BASED AWARDS. For purposes of the Plan, it shall be presumed, unless the Committee indicates to the contrary, that all Awards to Employees are intended to qualify for the Performance-Based Exception.
If the Committee does not intend an Award to an Employee to qualify for the Performance-Based Exception, the Committee shall reflect its intent in its records in such manner as the Committee determines to be appropriate. 
 ARTICLE 4. SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS 
 4.1 NUMBER
OF SHARES AVAILABLE FOR GRANTS. Shares that may be issued pursuant to Awards may be either authorized and unissued Shares, or authorized and issued Shares held in the Company’s treasury, or any combination of the foregoing. Subject to
adjustment as provided in Section 4.3 hereof, (a) there shall be reserved for issuance under Awards 200,000,000 Shares, (b) not more than 30,000,000 of such Shares may be used for Awards other than Options, and (c) not more than
60,000,000 of such Shares shall be available for issuance pursuant to the exercise of Incentive Stock Options. Shares covered by Awards that are canceled or forfeited may be reused to make Awards. The maximum aggregate number of Shares with respect
to which Awards may be granted in a single calendar year to an individual Participant may not exceed the lesser of (i) one-half of one percent of the total number of Shares that are issued and outstanding on the Effective Date or
(ii) 13,500,000 Shares. 
 4.2 SHARE POOL ADJUSTMENTS. (a) The following Awards and Payouts shall reduce, on a Share-for Share basis, the number of
Shares available for issuance under the Share Pool: 
 (1) An Award of an Option (including a Reload Option); 
 (2) An Award of an SAR (except a Tandem SAR); 
 (3) An Award of Restricted
Stock; 
 (4) An Award of a Restricted Stock Unit payable in Shares; 
 (5) An Award of a Performance Share; 
 (6) An Award of a Performance Unit payable in Shares; and 
 (7) Other Awards payable in Shares. 
  

 B-5 

 (b) The following transactions shall restore, on a one-for-one basis, the number of Shares available for issuance under
the Share Pool: 
 (1) A payout of an SAR, Tandem SAR, Restricted Stock Award, or Restricted Stock Unit in the form of cash, or a payout of Performance
Units, Performance Shares, or Other Award in the form of cash (if originally awarded in Shares); 
 (2) A cancellation, termination, expiration, or
forfeiture for any reason (with the exception of the termination of a Tandem SAR upon exercise of the related Option, or the termination of a related Option upon exercise of the corresponding Tandem SAR) of any Award payable in Shares or Shares
subject to an Award; and 
 (3) Payment of an Option Price or tax withholding obligation with previously acquired Shares or by withholding Shares that
otherwise would be acquired on exercise (i.e., the Share Pool shall be increased by the number of Shares turned in or withheld as payment of the Option Price or tax withholding obligation). 
 4.3 ADJUSTMENTS IN AUTHORIZED SHARES. In the event of any change in corporate capitalization, such as a stock split, or a corporate transaction, such as any merger,
consolidation, separation, including a spin-off, or other distribution of stock or property of the Company, any reorganization (whether or not such reorganization comes within the definition of such term in Code Section 368) or any partial or
complete liquidation of the Company, such adjustment shall be made in the number and class of Shares available for grants under Section 4.1 hereof, in the number and class of and/or price of Shares subject to outstanding Awards, and in the
per-Participant Award limit set forth in Section 4.1 hereof, as may be determined to be appropriate and equitable by the Committee, in its discretion, to prevent dilution or enlargement of the benefits available under the Plan and of the rights
of Participants; provided that the number of Shares subject to any Award shall always be a whole number. In a stock-for-stock acquisition of the Company, the Committee may, in its discretion, substitute securities of another issuer for any Shares
subject to outstanding Awards. 
 ARTICLE 5. ELIGIBILITY AND PARTICIPATION 
 5.1 ELIGIBILITY. All Employees and Non-Employee Directors are eligible to participate in the Plan. 
 5.2 ACTUAL
PARTICIPATION. Subject to the provisions of the Plan, the Committee may, from time to time, select from all Employees those to whom Awards shall be granted and shall determine the nature and size of each Award. The Corporate Governance Committee of
the Board shall determine the Awards to be granted to the Non-Employee Directors in accordance with the Company’s compensation program for Non-Employee Directors. 
 ARTICLE 6. STOCK OPTIONS 
 6.1 GRANT OF OPTIONS. Subject to the terms of the Plan, Options may be granted to
Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. 
 6.2 OPTION PRICE. The
Option Price under each Option shall be not less than one hundred percent (100%) of the Fair Market Value of a Share on the date the Option is granted. The Committee may not re-price a previously granted Option. 
 6.3 TERM OF OPTIONS. Each Option granted to a Participant shall expire at such time as the Committee shall determine at the time of grant; provided that no Option shall
be exercisable after the tenth (10th) anniversary of its date of grant. 
 6.4 EXERCISE OF OPTIONS. Options granted under this Article 6 shall be
exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant. Options shall be exercised by the delivery of a written
notice of exercise to the Company, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. 
 6.5 RELOAD OPTIONS. Notwithstanding any other provision of the Plan to the contrary, the Committee may at the time an Option is granted provide for the automatic granting of Options (“Reload Options”) to a
Participant upon the exercise by such Participant of Options (“Predecessor Options”) in transactions in which 

  

 B-6 

 
previously owned Shares are tendered by such Participant to pay the Option Price. In such cases, the number of Reload Options that shall automatically be
granted by the Company to the Participant shall be equal to the number of Shares tendered by the Participant to pay such Option Price. 
 The Option Price
under each Reload Option shall be equal to the Fair Market Value of a Share on the date on which the Reload Option is automatically granted, and such Reload Option shall expire on the same date as the Predecessor Option would have expired in the
absence of being exercised. Reload Options shall be exercisable by the Participant after the date on which they are granted, subsequent to any waiting period that the Committee with the advice of counsel determines is necessary or appropriate to
conform with legal or accounting requirements. 
 Except as otherwise provided in this Section 6.5, the terms and conditions applicable to the Reload
Options shall be the same as those that apply to other Options described in this Article 6. 
 6.6 PAYMENT. When an Option is exercised, the Option Price
shall be payable to the Company in full either: 
 (a) In cash or its equivalent; or 
 (b) By tendering previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Option Price (provided that the Shares that are tendered must have been held by the
Participant for at least six (6) months prior to their tender to satisfy the Option Price); or 
 (c) By a combination of (a) and (b). 

The Committee also may allow broker-assisted exercise as permitted under Federal Reserve Board’s Regulation T, subject to applicable securities law restrictions,
or by any other means that the Committee determines to be consistent with the Plan’s purpose and applicable law. 
 Subject to any governing rules or
regulations, as soon as practicable after receipt of a written notification of exercise and full payment of the Option Price, the Company shall deliver to the Participant, in the Participant’s name (or, at the direction of the Participant,
jointly in the names of the Participant and the Participant’s spouse), one or more Share certificates for the Shares purchased under the Option(s). 
 6.7 LIMITATIONS ON ISOS. Notwithstanding anything in the Plan to the contrary, to the extent required from time to time by the Code and/or applicable regulations, the following additional provisions shall apply to the grant of Options that
are intended to qualify as ISOs: 
 (a) FAIR MARKET VALUE LIMITATION. The aggregate Fair Market Value (determined as of the date the ISO is granted) of the
Shares with respect to which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the Company (or any parent or subsidiary corporation within the meaning of Code Section 424) shall not exceed
one hundred thousand dollars ($100,000) or such other amount as may subsequently be specified by the Code and/or applicable regulations; provided that, to the extent that such limitation is exceeded, any Options on Shares with a Fair Market Value in
excess of such amount shall be deemed to be NQSOs. 
 (b) CODE SECTION 422. ISOs shall contain such other provisions as the Committee shall deem advisable,
but shall in all events be consistent with and contain or be deemed to contain all provisions required in order to qualify as ISOs. Moreover, all ISOs must be granted within ten (10) years from the earlier of the date on which the Plan was
adopted by the Board or the date the Plan was approved by shareholders. 
 ARTICLE 7. RESTRICTED STOCK AND RESTRICTED STOCK UNITS 
 7.1 GRANT OF RESTRICTED STOCK. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock to
Participants in such amounts as the Committee shall determine. 
 7.2 RESTRICTIONS. (a) Subject to Article 11 hereof, the Committee shall impose such
conditions and/or restrictions on any Shares of Restricted Stock as the Committee may determine including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of Restricted Stock, transfer restrictions,
restrictions based upon the achievement of specific performance goals (Company-wide, divisional, 

  

 B-7 

 
and/or individual), time-based restrictions on vesting following the attainment of the performance goals, and/or restrictions under applicable federal or
state securities laws. 
 (b) The Company may retain the certificates representing Shares of Restricted Stock in the Company’s possession until such
time as all conditions and/or restrictions applicable to such Shares have been satisfied. 
 (c) Except as otherwise provided in this Article 7, Shares of
Restricted Stock that have not yet been forfeited or canceled shall become freely transferable (subject to any restrictions under applicable securities laws) by the Participant after the last day of the applicable Restriction Period. 
 7.3 VOTING RIGHTS. Participants holding Shares of Restricted Stock may be granted full voting rights with respect to those Shares during the Restriction Period.

 7.4 DIVIDENDS AND OTHER DISTRIBUTIONS. During the Restriction Period, Participants holding Shares of Restricted Stock may be credited with regular cash
dividends paid with respect to such Shares while they are so held. The Committee may apply any restrictions to the dividends that the Committee deems appropriate. Without limiting the generality of the preceding sentence, if the grant or vesting of
Restricted Stock is designed to comply with the requirements of the Performance-Based Exception, the Committee may apply any restrictions it deems appropriate to the payment of dividends declared with respect to such Restricted Stock, so that the
dividends and/or the Restricted Stock shall be eligible for the Performance-Based Exception. 
 7.5 RESTRICTED STOCK UNITS. In lieu of or in addition to any
Awards of Restricted Stock, the Committee may grant Restricted Stock Units to any Participant, subject to the terms and conditions of this Article 7 being applied to such Awards as if those Awards were for Restricted Stock and subject to such other
terms and conditions as the Committee may determine (including, but not limited to, requiring or permitting deferral of the payment of such Awards after the time that Participants become vested in them, notwithstanding any provision to the contrary
in Section 7.2 hereof). Each Restricted Stock Unit shall have the value of one Share. Restricted Stock Units may be paid at such time as the Committee may determine in its discretion, and payments may be made in a lump sum or in installments,
in cash, Shares, or a combination thereof, as determined by the Committee in its discretion. 
 ARTICLE 8. PERFORMANCE UNITS AND PERFORMANCE SHARES 

 8.1 GRANT OF PERFORMANCE UNITS/SHARES. Subject to the terms of the Plan, Performance Units, and/or Performance Shares may be granted to Participants in
such amounts and upon such terms, and at any time and from time to time, as shall be determined by the Committee. 
 8.2 VALUE OF PERFORMANCE UNITS/SHARES.
Each Performance Unit shall have an initial value that is established by the Committee at the time of grant. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant. The Committee shall set
performance goals in its discretion that, depending on the extent to which they are met, shall determine the number and/or value of Performance Units/Shares that shall be paid out to the Participant. 
 8.3 EARNING OF PERFORMANCE UNITS/SHARES. Subject to the terms of the Plan, after the applicable Performance Period has ended, the holder of Performance Units/Shares
shall be entitled to receive payout with respect to the number and value of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance goals
have been achieved. 
 8.4 FORM AND TIMING OF PAYMENT OF PERFORMANCE UNITS/SHARES. (a) Unless the Committee determines otherwise in its discretion,
payment of earned Performance Units/Shares shall be made in a single lump sum following the close of the applicable Performance Period. Subject to the terms of the Plan, the Committee, in its discretion, may direct that earned Performance
Units/Shares be paid in the form of cash or Shares (or in a combination thereof) that have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares on the last trading day immediately before the close of the
applicable Performance Period. Such Shares may be granted subject to any restrictions deemed appropriate by the Committee. 
 (b) At the discretion of the
Committee, Participants may be entitled to receive any dividends declared with respect to Shares that have been earned in connection with grants of Performance Units and/or Performance Shares that have been earned, but not yet distributed to
Participants; such dividends shall be subject to the same accrual, forfeiture, and payout restrictions as apply to dividends earned with respect to Shares of 

  

 B-8 

 
Restricted Stock set forth in Section 7.4 hereof. In addition, Participants may, at the discretion of the Committee, be entitled to exercise voting
rights with respect to such Shares. 
 ARTICLE 9. OTHER AWARDS 
 9.1 IN GENERAL. Subject to the terms of the Plan, the Committee may grant any types of Awards other than those that are specifically set forth in Articles 6 through 8 hereof, including, but not limited to, SARs and the payment of Shares in
lieu of cash under any Company incentive bonus plan or program. Subject to the terms of the Plan, including the remaining provisions of this Article 9, the Committee, in its sole discretion, shall determine the terms and conditions of such Other
Awards. 
 9.2 GRANT OF SARS. Subject to the terms and conditions of the Plan, SARs may be granted to Participants at any time and from time to time as shall
be determined by the Committee. The Committee may grant Freestanding SARs, Tandem SARs, or any combination of these forms of SAR. 
 The Committee shall have
complete discretion in determining the number of SARs granted to each Participant (subject to Article 4 hereof) and, consistent with the provisions of the Plan, in determining the terms and conditions pertaining to such SARs. 
 The grant price of a Freestanding SAR shall equal the Fair Market Value of a Share on the date of grant of the SAR. The grant price of Tandem SARs shall equal the Option
Price of the related Option. 
 9.3 EXERCISE OF TANDEM SARS. Tandem SARs may be exercised for all or part of the Shares subject to the related Option upon
the surrender of the right to exercise the equivalent portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. 
 Notwithstanding any other provision of the Plan to the contrary, with respect to a Tandem SAR granted in connection with an ISO: (a) the Tandem SAR shall expire no
later than the expiration of the ISO; (b) the value of the payout with respect to the Tandem SAR shall not exceed the excess of the Fair Market Value of the Shares subject to the ISO at the time the Tandem SAR is exercised over the Option Price
under the ISO; and (c) the Tandem SAR may be exercised only when the Fair Market Value of the Shares subject to the ISO exceeds the Option Price of the ISO. 
 9.4 EXERCISE OF FREESTANDING SARS. Freestanding SARs may be exercised upon whatever terms and conditions the Committee, in its discretion, imposes upon them, subject, however, to the terms of the Plan. 
 9.5 TERM OF SARS. The term of an SAR shall be determined by the Committee, in its discretion; provided that such term shall not exceed ten (10) years. 

9.6 PAYMENT OF SAR AMOUNT. Upon exercise of an SAR, a Participant shall be entitled to receive payment from the Company in an amount determined by multiplying:

 (a) The excess of the Fair Market Value of a Share on the date of exercise over the grant price, by 
 (b) The number of Shares with respect to which the SAR is exercised. 
 At
the discretion of the Committee, the payment upon SAR exercise may be in cash, in Shares of equivalent Fair Market Value, or in some combination thereof. 
 ARTICLE 10. AWARD AGREEMENTS 
 10.1 IN GENERAL. Each Award shall be evidenced by an Award Agreement that shall include such provisions as the
Committee shall determine and that shall specify 
 (a) In the case of an Option, the number of the Shares to which the Option pertains, the Option Price,
the term of the Option, the schedule on which the Option becomes exercisable, and whether the Option is intended to be an ISO or an NQSO; 
 (b) In the case
of Restricted Stock or Restricted Stock Units, the number of Shares of Restricted Stock or Restricted Stock Units granted, the applicable restrictions, and the Restriction Period(s); 
 (c) In the case of Performance Units or Performance Shares, the number of Performance Units or Performance Shares granted, the initial value of a Performance Unit (if applicable), and the performance goals; and

  

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 (d) In the case of an SAR, the number of Shares to which the SAR pertains, the grant price, the term of the SAR, the
schedule on which the SAR becomes exercisable, and whether the SAR is a Freestanding SAR or a Tandem SAR. 
 10.2 SEVERANCE FROM SERVICE. Each Award
Agreement shall set forth the extent to which the Participant shall have rights under the Award following the Participant’s severance from service with the Company and its Subsidiaries. The Award Agreement may make distinctions based on the
reason for the Participant’s severance from service. 
 10.3 RESTRICTIONS ON TRANSFERABILITY. Subject to the provisions of the Plan, each Award
Agreement shall set forth such restrictions on the transferability of the Award and on the transferability of Shares acquired pursuant to the Award as the Committee may deem advisable, including, without limitation, restrictions under applicable
securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or then traded, and under any blue sky or state securities laws applicable to such Shares. In the case of an ISO (and in the case of
any other Award, except as otherwise provided in the Award Agreement), a Participant’s Award may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution,
and shall be exercisable during the Participant’s lifetime only by the Participant. 
 10.4 UNIFORMITY NOT REQUIRED. The provisions of the Award
Agreements need not be uniform among all Awards, among all Awards of the same type, among all Awards granted to the same Participant, or among all Awards granted at the same time. 
 ARTICLE 11. PERFORMANCE MEASURES 
 Unless and until the Company’s shareholders approve a change in the general
performance measures set forth in this Article 11, the attainment of which may determine the degree of payout and/or vesting with respect to Awards that are designed to qualify for the Performance-Based Exception, the performance measure(s) to be
used for purposes of such grants may be measured at the Company level, at a subsidiary level, or at an operating unit level, and shall be chosen from among: 
 (a) Income measures (including, but not limited to, gross profit, operating income, earnings before or after taxes, or earnings per share); 
 (b)
Return measures (including, but not limited to, return on assets, investment, equity, or sales); 
 (c) Cash flow return on investments, which equals net
cash flows divided by owners equity; 
 (d) Gross revenues; 
 (e) Marked value added; 
 (f) Economic value added; and 
 (g) Share price (including, but not limited to, growth measures and total shareholder return). 
 The Committee shall have the discretion to adjust
the determinations of the degree of attainment of the preestablished performance goals; provided that Awards that are designed to qualify for the Performance-Based Exception may not be adjusted upward (although the Committee shall retain the
discretion to adjust such Awards downward). 
 In the case of any Award that is granted subject to the condition that a specified performance measure be
achieved, no payment under such Award shall be made prior to the time that the Committee certifies in writing that the performance measure has been achieved. For this purpose, approved minutes of the Committee meeting at which the certification is
made shall be treated as a written certification. No such certification is required, however, in the case of an Award that is based solely on an increase in the value of a Share from the date such Award was made. 
 ARTICLE 12. BENEFICIARY DESIGNATION 
 Each Participant may, from time
to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of the Participant’s death before the Participant receives any or all of such benefit. Each
such designation shall revoke all prior 

  

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designations by the same Participant with respect to such benefit, shall be in a form prescribed by the Company, and shall be effective only when filed by
the Participant in writing with the Company during the Participant’s lifetime. In the absence of any such designation, any benefits remaining unpaid under the Plan at the Participant’s death shall be paid to the Participant’s estate
unless otherwise provided in the Award Agreement. 
 ARTICLE 13. DEFERRALS 
 The Committee may permit or require a Participant to defer receipt of the payment of cash or the delivery of Shares that would otherwise be due pursuant to the exercise of an Option or SAR, the lapse or waiver of
restrictions with respect to Restricted Stock or Restricted Stock Units, the satisfaction of any requirements or goals with respect to Performance Units/Shares, or in connection with any Other Awards. If any such deferral is required or permitted,
the Committee shall, in its discretion, establish rules and procedures for such deferrals. All amounts previously deferred under the 1985 Plan shall remain deferred pursuant to the rules and procedures applicable to such deferrals as amended from
time to time. 
 ARTICLE 14. NO RIGHT TO EMPLOYMENT OR PARTICIPATION 
 14.1 EMPLOYMENT. The Plan shall not interfere with or limit in any way the right of the Company or of any Subsidiary to terminate any Employee’s employment at any time, and the Plan shall not confer upon any
Employee the right to continue in the employ of the Company or of any Subsidiary. 
 14.2 PARTICIPATION. No Employee or Non-Employee Director shall have the
right to be selected to receive an Award or, having been so selected, to be selected to receive a future Award. 
 ARTICLE 15. CHANGE IN CONTROL

 15.1 OUTSTANDING AWARDS. Upon the occurrence of a Change in Control, any and all then-outstanding Options and SARs shall become immediately
exercisable, and any restriction periods and restrictions imposed on then-outstanding Awards shall lapse. 
 15.2 POOLING OF INTERESTS ACCOUNTING.
Notwithstanding any other provision of the Plan to the contrary, if the consummation of a Change in Control or other transaction is contingent on using pooling of interests accounting methodology, the Committee may take any action necessary to
preserve the use of pooling of interests accounting (including, but not limited to, rescinding any Award). 
 ARTICLE 16. AMENDMENT, MODIFICATION, AND
TERMINATION 
 16.1 AMENDMENT, MODIFICATION, AND TERMINATION. Subject to the terms of the Plan, the Committee may at any time and from time to time,
alter, amend, suspend, or terminate the Plan in whole or in part; provided that unless the Committee specifically provides otherwise, any revision or amendment that would cause the Plan to fail to comply with any requirement of applicable law,
regulation, or rule if such amendment were not approved by the shareholders of the Company shall not be effective unless and until shareholder approval is obtained. 
 16.2 AWARDS PREVIOUSLY GRANTED. Notwithstanding any other provision of the Plan to the contrary (but subject to Sections 1.1 and 15.2 hereof), no termination, amendment, or modification of the Plan shall cause,
without the consent of the Participant, any previously granted Awards to be forfeited or altered in a way that adversely affects the Participant. After the termination of the Plan, any previously granted Award shall remain in effect and shall
continue to be governed by the terms of the Plan, the Award, and any applicable Award Agreement. All Awards previously granted under the 1985 Plan shall be governed by the terms and conditions of the 1985 Plan. 
 ARTICLE 17. WITHHOLDING 
 17.1 TAX WITHHOLDING. The Company and its
Subsidiaries shall have the power and the right to deduct or withhold, or to require a Participant to remit to the Company or to a Subsidiary, an amount that the Company or a Subsidiary reasonably determines to be required to comply with federal,
state, local, or foreign tax withholding requirements. 
 17.2 SHARE WITHHOLDING. With respect to withholding required upon the exercise of Options or SARs,
upon the lapse of restrictions on Restricted Stock, or upon any other taxable event arising as a result of Awards 

  

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granted hereunder, Participants may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having
the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory withholding tax that could be imposed on the transaction. All such elections shall be irrevocable, made in writing, signed
by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its discretion, deems appropriate. 
 ARTICLE 18.
SUCCESSORS 
 All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 
 ARTICLE 19. LEGAL CONSTRUCTION 
 19.1 GENDER AND NUMBER. Except where
otherwise indicated by the context, any masculine term used herein also shall include the feminine; any feminine term used herein also shall include the masculine; and the plural shall include the singular and the singular shall include the plural.

 19.2 SEVERABILITY. If any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the
remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 19.3 REQUIREMENTS
OF LAW. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 19.4 GOVERNING LAW. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the State of Delaware (without
regard to the legislative or judicial conflict of laws rules of any state), except to the extent superseded by federal law. 
  

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