Document:

exv10w23

Exhibit 10.23

Amended and Restated

May 11, 2010*

Symetra Financial Corporation

EMPLOYEE STOCK PURCHASE PLAN

     The following constitute the provisions of the Employee Stock Purchase Plan of Symetra
Financial Corporation.

     1. Purpose. The purpose of the Plan is to provide employees of the Company and its
Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through
accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an
“Employee Stock Purchase Plan” under Section 423 of the Code. The provisions of the Plan,
accordingly, shall be construed so as to extend and limit participation in a uniform and
nondiscriminatory basis consistent with the requirements of Section 423.

     2. Definitions.

          (a) “Administrator” shall mean the Board or any Committee designated by the Board to
administer the plan pursuant to Section 14.

          (b) “Board” shall mean the Board of Directors of the Company.

          (c) “Change of Control” shall, for the purpose of this plan, occur if:

(i) Any person or group (within the meaning of Section 13(d) and 14(d)(2) of
the Exchange Act), other than (x) White Mountains Insurance Group, Ltd.,
Berkshire Hathaway, Inc. or the respective wholly owned subsidiaries
thereof, as applicable (the “Significant Investors”), (y) an underwriter
temporarily holding Shares in connection with a public issuance thereof or
(z) an employee benefit plan of the Company or its affiliates, becomes the
beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act)
of thirty-five percent (35%) or more of the Company’s then outstanding
Shares and such ownership percentage exceeds the beneficial ownership
percentage of the Significant Investors in the Company’s then outstanding
Shares;

(ii) the Continuing Directors (defined as a member of the Board who
either was a member of the Board on the Effective Date, or subsequently
became a director of the Company and whose election, or nomination for
election by the Company’s shareholders was approved by a vote of a majority
of the Continuing Directors then on the Board (which term, for purposes of
this definition, shall mean the whole Board and not any committee thereof),
but excluding any such individual whose initial assumption of office
occurred pursuant to an actual or threatened proxy contest or consent
solicitation with respect to the election or removal of directors) cease for
any reason to constitute a majority of the Board of the Company;

 

*     Paragraph 6(e) amended.

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(iii) the business of the Company and its subsidiaries is disposed of by
the Company pursuant to a sale or other disposition of all or substantially
all of the business or business-related assets of the Company and its
subsidiaries.

          (d) “Code” shall mean the Internal Revenue Code of 1986, as amended.

          (e) “Committee” means the Compensation Committee of the Board appointed by the Board
in accordance with Section 14 hereof.

          (f) “Common Stock” shall mean the common stock of the Company.

          (g) “Company” shall mean Symetra Financial Corporation, a Delaware corporation.

          (h) “Compensation” shall mean all taxable compensation reportable by Employer on IRS
Form W-2, before any salary reduction contributions made to an Employee-sponsored cafeteria,
qualified transportation fringe, simplified employee pension, 401(k), 457(b) or 403(b) plan, and
including sales incentive compensation and overtime pay; but excluding reimbursements or other
expense allowances, fringe benefits, moving expenses, deferred compensation, welfare benefits,
Annual Incentive Bonus (AIB), any other bonus, the taxable value of qualified or non-qualified
stock option, severance pay, Employer-paid cash and non-cash fringe benefits, long-term disability
benefits, and any long term incentive plan payments to include the Performance Share Plan.

          (i) “Designated Subsidiary” shall mean any Subsidiary selected by the Administrator as
eligible to participate in the Plan and noted on Schedule A. Schedule A may be modified by the
Administrator.

          (j) “Eligible Employee” shall mean any individual who is a salaried employee of the
Company or any Designated Subsidiary and whose customary employment with the Company or Designated
Subsidiary is at least twenty (20) hours per week and more than five (5) months in any calendar
year. For purposes of the Plan, the employment relationship shall be treated as continuing intact
while the individual is on sick leave or other leave of absence approved by the Company. Where the
period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed either
by statute or by contract, the employment relationship shall be deemed to have terminated on the
91st day of such leave.

          (k) “Fair Market Value” of a Share shall mean, as of any date, (i) the closing per
share sales price of the Shares (A) as reported by the NYSE for such date or (B) if the Shares are
listed on any other national stock exchange, as reported on the stock exchange composite tape for
securities traded on such stock exchange for such date or, with respect to each of clauses (A) and
(B), if there were no sales on such date, on the closest preceding date on which there were sales
of Shares or (ii) in the event there shall be no public market for the Shares on such date, the
fair market value of the Shares as determined in good faith by the Committee.
Notwithstanding the above, in the event of a Change in Control, the Committee as constituted

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immediately prior to the Change in Control shall determine the manner in which “Fair Market Value”
of Shares will be determined following the Change in Control.

          (l) “Offering Date” shall mean the first Trading Day of each Offering Period.

          (m) “Offering Periods” shall mean the periods of approximately six (6) months during
which payroll deductions of the participants are accumulated under this Plan, commencing on the
first Trading Day on or immediately after February 15 and August 15 of each year and terminating on
the next August 14 or February 14, respectively; provided, however, that in the event the first day
of an Offering Period would not fall on a Trading Day, the Offering Period shall instead begin on
the next Trading Day, and in the event the last day of an Offering Period would not fall on a
Trading Day, the Offering Period shall instead end on the Trading Day immediately prior to such
date. The first Offering Period under the Plan shall commence on the first February 15 or August
15 immediately following the date upon which public trading of shares of the Common Stock commences
on a national securities exchange. The duration and timing of Offering Periods may be changed
pursuant to Section 4 of this Plan.

          (n) “Plan” shall mean this Employee Stock Purchase Plan.

          (o) “Purchase Date” shall mean the last day of each Purchase Period.

          (p) “Purchase Periods” shall mean periods of approximately three (3) months within an
Offering Period, with the first Purchase Period of each Offering Period commencing on the first day
of the Offering Period (for example, February 15 or August 15) and ending on the next May 14 or
November 14, respectively, and with the second Purchase Period of each Offering Period commencing
the next Trading Day following the end of the first Purchase Period (for example, May 15 or
November 15) and ending on the next August 14 or February 14, respectively; provided that in the
event the beginning of a Purchase Period would not fall on a Trading Day, the Purchase Period shall
instead begin on the next Trading Day, and in the event the last date of a Purchase Period would
not fall on a Trading Day, the Purchase Period shall instead end on the Trading Day immediately
prior to such date.

          (q) “Purchase Price” shall mean eighty-five percent (85%) of the Fair Market Value of
a share of Common Stock on the applicable Purchase Date; provided however, that the Purchase Price
may be adjusted by the Administrator pursuant to Section 20.

          (r) “Subsidiary” shall mean a “subsidiary corporation,” whether now or hereafter
existing, as defined in Section 424(f) of the Code.

          (s) “Trading Day” shall mean a day on which national stock exchanges and the NYSE
System are open for trading.

     3. Eligibility.

          (a) Offering Periods. Any individual who is an Eligible Employee one month prior to an
Offering Date shall be eligible to participate in the Plan for that Offering Period.

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          (b) Limitations. Any provisions of the Plan to the contrary notwithstanding, no
Eligible Employee shall be granted an option under the Plan (i) to the extent that, immediately
after the grant, such Eligible Employee (or any other person whose stock would be attributed to
such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the
Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more
of the total combined voting power or value of all classes of the capital stock of the Company or
of any Subsidiary, or (ii) to the extent that his or her rights to purchase stock under all
employee stock purchase plans of the Company and its subsidiaries under Section 423 of the Code
accrues at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined
at the fair market value of the shares at the time such option is granted) for each calendar year
in which such option is outstanding at any time.

     4. Offering Periods. The Plan shall be implemented by consecutive Offering Periods,
which will continue until terminated in accordance with Section 20 hereof. The Committee shall have
the power to change the duration of Offering Periods (including the commencement dates thereof)
with respect to future offerings without shareholder approval if such change is announced prior to
the scheduled beginning of the first Offering Period to be affected thereafter.

     5. Participation.

          (a) First Offering Period. An Eligible Employee shall be entitled to participate in
the first Offering Period only if such individual submits a subscription agreement authorizing
payroll deductions in a form determined by the Administrator (i) no earlier than the effective date
of the Form S-8 registration statement with respect to the issuance of Common Stock under the Plan
and (ii) no later than five (5) business days (or such other number of days as determined by the
Administrator) from the effective date of such S-8 registration statement (the “Enrollment
Window”). An Eligible Employee’s failure to submit the subscription agreement during the
Enrollment Window shall result in the automatic termination of such individual’s participation in
the Offering Period.

          (b) Subsequent Offering Periods. An Eligible Employee may become a participant in the
Plan with respect to Offering Periods after the first Offering Period by completing a subscription
agreement authorizing payroll deductions in a form determined by the Administrator and filing it
with the Company’s payroll office prior to the applicable Offering Date.

     6. Payroll Deductions.

          (a) At the time a participant files his or her subscription agreement, he or she shall elect
to have payroll deductions made on each pay day during the Offering Period in an
amount not exceeding fifteen percent (15%) of the Compensation which he or she receives on
each pay day during the Offering Period (or such lower limit as determined by the Committee), but
in any event not to exceed the limit specified in Section 3(b); provided, however, that should a
payday occur on an Purchase Date, a participant shall have the payroll deductions made on

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such day
applied to his or her account under the new Offering Period or Purchase Period, as the case may be.
A participant’s subscription agreement shall remain in effect for successive Offering Periods
unless terminated as provided in Section 10 hereof.

          (b) Payroll deductions for a participant shall commence on the first payday following the
Offering Date and shall end on the last payday in the Offering Period to which such authorization
is applicable, unless sooner terminated by the participant as provided in Section 10 hereof;
provided, however, that for the first Offering Period, payroll deductions shall commence on the
first payday on or following the end of the Enrollment Window.

          (c) All payroll deductions made for a participant shall be credited to his or her account
under the Plan and shall be withheld in whole percentages only. A participant may not make any
additional payments into such account.

          (d) A participant may discontinue his or her participation in the Plan as provided in Section
10 hereof, or may increase or decrease the rate of his or her payroll deductions during the
Offering Period by completing or filing with the Company a new subscription agreement authorizing a
change in payroll deduction rate. The Administrator may, in its discretion, limit the nature
and/or number of participation rate changes during any Offering Period. The change in rate shall
be effective with the first full payroll period following ten (10) business days after the
Company’s receipt of the new subscription agreement unless the Company elects to process a given
change in participation more quickly.

          (e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b) (8)
of the Code and Section 3(b) hereof, the Company may decrease a participant’s payroll
deductions to zero percent (0%) at any time during a Purchase Period. After such a change
payroll deductions may recommence as soon as the beginning of the first Purchase
Period which is scheduled to end in the following calendar year, or at any time thereafter,
provided the participant timely elects to increase his or her payroll deduction above zero
percent (0%).1

          (f) At the time the option is exercised, in whole or in part, or at the time some or all of
the Company’s Common Stock issued under the Plan is disposed of, the participant must make adequate
provision for the Company’s federal, state, or other tax withholding obligations, if any, which
arise upon the exercise of the option or the disposition of the Common Stock. At any time, the
Company may, but shall not be obligated to, withhold from the participant’s compensation the amount
necessary for the Company to meet applicable withholding obligations, including any withholding
required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by the
Eligible Employee.

 

			
	1	 	Underlining added to highlight new text effective 05/11/10.

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     7. Grant of Option. On the Offering Date of each Offering Period, each Eligible
Employee participating in such Offering Period shall be granted an option to purchase on each
Purchase Date during such Offering Period (at the applicable Purchase Price) up to a number of
shares of the Company’s Common Stock determined by dividing such Eligible Employee’s payroll
deductions accumulated prior to such Purchase Date and retained in the Participant’s account as of
the Purchase Date by the applicable Purchase Price; and provided that such purchase shall be
subject to the limitations set forth in Sections 3(b) and 12 hereof. The Eligible Employee may
accept the grant of such option by turning in a completed Subscription Agreement to the Company on
or prior to an Offering Date, or with respect to the first Offering Period, prior to the last day
of the Enrollment Window. The Administrator may, for future Offering Periods, increase or
decrease, in its absolute discretion, the maximum number of shares of the Company’s Common Stock an
Eligible Employee may purchase during each Purchase Period of such Offering Period. Exercise of
the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn
pursuant to Section 10 hereof. The option shall expire on the last day of the Offering Period.

     8. Exercise of Option.

          (a) Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her
option for the purchase of shares shall be exercised automatically on the Purchase Date, and the
maximum number of full shares subject to option shall be purchased for such participant at the
applicable Purchase Price with the accumulated payroll deductions in his or her account. No
fractional shares shall be purchased; any payroll deductions accumulated in a participant’s account
which are not sufficient to purchase a full share shall be retained in the participant’s account
for the subsequent Purchase Period or Offering Period, subject to earlier withdrawal by the
participant as provided in Section 10 hereof. Any other funds left over in a participant’s account
after the Purchase Date shall be returned to the participant. During a participant’s lifetime, a
participant’s option to purchase shares hereunder is exercisable only by him or her.

          (b) If the Administrator determines that, on a given Purchase Date, the number of shares with
respect to which options are to be exercised may exceed (i) the number of shares of Common Stock
that were available for sale under the Plan on the Offering Date of the applicable Offering Period,
or (ii) the number of shares available for sale under the Plan on such Purchase Date, the
Administrator may in its sole discretion (x) provide that the Company shall make a pro rata
allocation of the shares of Common Stock available for purchase on such Offering Date or Purchase
Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in
its sole discretion to be equitable among all participants exercising options to purchase Common
Stock on such Purchase Date, and continue all Offering Periods then in effect, or (y) provide that
the Company shall make a pro rata allocation of the shares available for purchase on such Offering
Date or Purchase Date, as applicable, in as uniform a manner as shall be practicable and as it
shall determine in its sole discretion to be equitable among all participants exercising options to
purchase Common Stock on such Purchase Date,
and terminate any or all Offering Periods then in effect pursuant to Section 20 hereof. The
Company may make pro rata allocation of the shares available on the Offering Date of any applicable
Offering Period pursuant to the preceding sentence, notwithstanding any authorization 

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of additional
shares for issuance under the Plan by the Company’s shareholders subsequent to such Offering Date.

     9. Delivery. As soon as reasonably practicable after each Purchase Date on which a
purchase of shares occurs, the Company shall arrange the delivery to each participant the shares
purchased upon exercise of his or her option in a form determined by the Administrator.

     10. Withdrawal.

          (a) A participant may withdraw all but not less than all the payroll deductions credited to
his or her account and not yet used to exercise his or her option under the Plan at any time by
giving written notice to the Company in a form determined by the Administrator to this Plan five
(5) or more business days prior to the Purchase Date as designated by the Administrator. All of
the participant’s payroll deductions credited to his or her account shall be paid to such
participant promptly after receipt of notice of withdrawal and such participant’s option for the
Offering Period shall be automatically terminated, and no further payroll deductions for the
purchase of shares shall be made for such Offering Period. If a participant withdraws from an
Offering Period, payroll deductions shall not resume at the beginning of the succeeding Offering
Period unless the participant delivers to the Company a new subscription agreement.

          (b) A participant’s withdrawal from an Offering Period shall not have any effect upon his or
her eligibility to participate in any similar plan which may hereafter be adopted by the Company or
in succeeding Offering Periods which commence after the termination of the Offering Period from
which the participant withdraws.

     11. Termination of Employment. Termination of a participant’s employment for any
reason, including retirement, death or the failure of a participant to remain an Eligible Employee
of the Company or of a Designated Subsidiary, immediately terminates his or her participation in
this Plan. In such event, the payroll deductions credited to the participant’s account during the
Offering Period but not yet used to purchase shares under the Plan will be returned without
interest to him or her or, in the case of his or her death, to the person or persons entitled
thereto under Section 15 hereof. For purposes of this Section 11, an employee will not be deemed
to have terminated employment or failed to remain in the continuous employ of the Company or of a
Designated Subsidiary in the case of sick leave, military leave, or any other leave of absence
approved by the Board; provided that such leave is for a period of not more than ninety (90) days
or reemployment upon the expiration of such leave is guaranteed by contract or statute.

     12. Interest. No interest shall accrue on the payroll deductions of a participant in
the Plan.

     13. Stock.

          (a) Subject to adjustment upon changes in capitalization of the Company as provided in Section
19 hereof, the maximum number of shares of the Company’s Common Stock 

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which shall be made available
for sale under the Plan shall be eight hundred seventy thousand (870,000) shares.

          (b) Until the shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), a participant shall only have the
rights of an unsecured creditor with respect to such shares, and no right to vote or receive
dividends or any other rights as a stockholder shall exist with respect to such shares.

          (c) Shares to be delivered to a participant under the Plan shall be registered in the name of
the participant or in the name of the participant and his or her spouse.

     14. Administration. The Administrator shall administer the Plan and shall have full
and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to
determine eligibility and to adjudicate all disputed claims filed under the Plan. Every finding,
decision and determination made by the Administrator shall, to the full extent permitted by law, be
final and binding upon all parties.

     15. Designation of Beneficiary.

          (a) A participant may file a written designation of a beneficiary who is to receive any shares
and cash, if any, from the participant’s account under the Plan in the event of such participant’s
death subsequent to a Purchase Date on which the option is exercised but prior to delivery to such
participant of such shares and cash. In addition, a participant may file a written designation of
a beneficiary who is to receive any cash from the participant’s account under the Plan in the event
of such participant’s death prior to exercise of the option. If a participant is married and the
designated beneficiary is not the spouse, spousal consent shall be required for such designation to
be effective.

          (b) Such designation of beneficiary may be changed by the participant at any time by written
notice. In the event of the death of a participant and in the absence of a beneficiary validly
designated under the Plan who is living at the time of such participant’s death, the Company shall
deliver such shares and/or cash to the executor or administrator of the estate of the participant,
or if no such executor or administrator has been appointed (to the knowledge of the Company), the
Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more
dependents or relatives of the participant, or if no spouse, dependent or relative is known to the
Company, then to such other person as the Company may designate.

          (c) All beneficiary designations shall be in such form and manner as the Administrator may
designate from time to time.

     16. Transferability. Neither payroll deductions credited to a participant’s account
nor any rights with regard to the exercise of an option or to receive shares under the Plan may be
assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the
laws of descent and distribution or as provided in Section 15 hereof) by the participant. Any such

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attempt at assignment, transfer, pledge or other disposition shall be without effect, except that
the Company may treat such act as an election to withdraw funds from an Offering Period in
accordance with Section 10 hereof.

     17. Use of Funds. All payroll deductions received or held by the Company under the
Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated
to segregate such payroll deductions. Until shares are issued, participants shall only have the
rights of an unsecured creditor.

     18. Reports. Individual accounts shall be maintained for each participant in the
Plan. Statements of account shall be given to participating Eligible Employees at least annually,
which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number
of shares purchased and the remaining cash balance, if any.

     19. Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Change
of Control.

          (a) Changes in Capitalization. Subject to any required action by the shareholders of
the Company, the maximum number of shares of the Company’s Common Stock which shall be made
available for sale under the Plan, the maximum number of shares each participant may purchase each
Purchase Period (pursuant to Section 7), the number of shares that may be added annually to the
shares reserved under the Plan (pursuant to Section 13(a)(i), as well as the price per share and
the number of shares of Common Stock covered by each option under the Plan which has not yet been
exercised shall be proportionately adjusted for any increase or decrease in the number of issued
shares of Common Stock resulting from a stock split, reverse stock split, stock dividend,
combination or reclassification of the Common Stock, or any other change in the number of shares of
Common Stock effected without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to have been “effected
without receipt of consideration.” Such adjustment shall be made by the Administrator, whose
determination in that respect shall be final, binding and conclusive. Except as expressly provided
herein, no issuance by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of shares of Common Stock subject to an option.

          (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Offering Period then in progress shall be shortened by setting a
new Purchase Date (the “New Purchase Date”), and shall terminate immediately prior to the
consummation of such proposed dissolution or liquidation, unless provided otherwise by the
Administrator. The New Purchase Date shall be before the date of the Company’s proposed
dissolution or liquidation. The Administrator shall notify each participant in writing, at least
ten (10) business days prior to the New Purchase Date, that the Purchase Date for the participant’s
option has been changed to the New Purchase Date and that the participant’s option shall be
exercised automatically on the New Purchase Date, unless prior to such date the participant
has withdrawn from the Offering Period as provided in Section 10 hereof.

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          (c) Merger or Change of Control. In the event of a merger or Change of Control, each
outstanding option shall be assumed or an equivalent option substituted by the successor
corporation or a Parent or Subsidiary of the successor corporation. In the event that the
successor corporation refuses to assume or substitute for the option, any Purchase Periods then in
progress shall be shortened by setting a New Purchase Date and any Offering Periods then in
progress shall end on the New Purchase Date. The New Purchase Date shall be before the date of the
Company’s proposed merger or Change of Control. The Administrator shall notify each participant in
writing, at least ten (10) business days prior to the New Purchase Date, that the Purchase Date for
the participant’s option has been changed to the New Purchase Date and that the participant’s
option shall be exercised automatically on the New Purchase Date, unless prior to such date the
participant has withdrawn from the Offering Period as provided in Section 10 hereof.

     20. Amendment or Termination.

          (a) The Administrator may at any time and for any reason terminate or amend the Plan. Except
as otherwise provided in the Plan, no such termination can affect options previously granted,
provided that an Offering Period may be terminated by the Administrator on any Purchase Date if the
Administrator determines that the termination of the Offering Period or the Plan is in the best
interests of the Company and its shareholders. Except as provided in Section 19 and this Section
20 hereof, no amendment may make any change in any option theretofore granted which adversely
affects the rights of any participant. To the extent necessary to comply with Section 423 of the
Code (or any successor rule or provision or any other applicable law, regulation or stock exchange
rule), the Company shall obtain shareholder approval in such a manner and to such a degree as
required.

          (b) Without shareholder consent and without regard to whether any participant rights may be
considered to have been “adversely affected,” the Administrator shall be entitled to change the
Offering Periods, limit the frequency and/or number of changes in the amount withheld during an
Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other
than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant
in order to adjust for delays or mistakes in the Company’s processing of properly completed
withholding elections, establish reasonable waiting and adjustment periods and/or accounting and
crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each
participant properly correspond with amounts withheld from the participant’s Compensation, and
establish such other limitations or procedures as the Administrator determines in its sole
discretion advisable which are consistent with the Plan.

          (c) In the event the Administrator determines that the ongoing operation of the Plan may
result in unfavorable financial accounting consequences, the Board may, in its discretion and, to
the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting
consequence including, but not limited to:

               (i) increasing the Purchase Price for any Offering Period including an Offering Period
underway at the time of the change in Purchase Price;

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               (ii) shortening any Offering Period so that Offering Period ends on a new Purchase Date,
including an Offering Period underway at the time of the Board action; and

               (iii) allocating shares.

Such modifications or amendments shall not require stockholder approval or the consent of any Plan
participants.

     21. Notices. All notices or other communications by a participant to the Company
under or in connection with the Plan shall be deemed to have been duly given when received in the
form and manner specified by the Company at the location, or by the person, designated by the
Company for the receipt thereof.

     22. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an
option unless the exercise of such option and the issuance and delivery of such shares pursuant
thereto shall comply with all applicable provisions of law, domestic or foreign, including, without
limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder, and the requirements of any stock
exchange upon which the shares may then be listed, and shall be further subject to the approval of
counsel for the Company with respect to such compliance.

     23. Term of Plan. The Plan shall become effective upon the earlier to occur of its
adoption by the Board of Directors or its approval by the shareholders of the Company. It shall
continue in effect until terminated under Section 20 hereof.

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SCHEDULE A

Symetra Financial Corporation

Designated Subsidiaries

Symetra Life Insurance Company

Medical Risk Managers, Inc.

- 12 -Exhibit 10.2

Exhibit 10.2

KELLY SERVICES, INC.

EQUITY INCENTIVE PLAN

(As Amended and Restated February 18, 2010)

Section 1 — Purposes

This KELLY SERVICES, INC. EQUITY INCENTIVE PLAN (the “Plan”) provides for long-term
incentive stock-related compensation to selected key employees of the Company or an Affiliated
Entity for their contributions to the Company’s growth and profitability. Such compensation is
intended to help the Company attract and retain superior employees, and it gives those employees
shared financial interests with the Company’s stockholders that are believed to positively affect
their job performance.

Section 2 — Definitions and Rules of Construction

(a) The terms in quotation marks below have the following meanings under the Plan:

“Additional Shares” means immediately vested shares of Company Stock awarded
pursuant to Section 9A(c) of the Plan.

“Affiliated Entity” means a corporation, partnership or other business enterprise in
which the Company directly or indirectly has a significant equity interest under United States
generally accepted accounting principles.

“Award” means a Restricted Award, Performance Award, Other Stock-Based Award, award
of Additional Shares, Option, SAR or Foreign Award granted under the Plan.

“Board” means the Board of Directors of the Company.

“Code” means the Internal Revenue Code of 1986, as amended.

“Committee” means the Compensation Committee of the Board or any other committee
designated by the Board to administer this Plan. The Committee shall be comprised of two or more
“non-employee directors” within the meaning of Rule 16b-3 of the Securities and Exchange
Commission. Further, to the extent that the Company determines it desirable to qualify Awards
granted hereunder as “qualified performance-based compensation” within the meaning of Section
162(m), the Committee shall be comprised of two or more “outside directors” within the meaning of
Section 162(m).

“Company” means Kelly Services, Inc.

“Company Stock” means the Class A Common Stock, $1.00 par value, of the Company.

“Disability” means the total and permanent inability of an Employee by reason of
sickness or injury to perform the material duties of such Employee’s regular occupation with his
or her Employer where such inability has existed for at least six continuous months.

“Employee” means an employee of the Company or an Affiliated Entity.

“Employer” means the Company or the Affiliated Entity which employs an Employee.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

5

 

“Fair Market Value” means, for any given date, the closing market price for a share
of Company Stock as a Nasdaq Stock Market LLC security reported by the National Association of
Securities Dealers, Inc. Automated Quotation System (“Nasdaq”) for that date (or if no such
prices are so reported for such date, for the latest preceding date on which such sale prices
were so reported). If the Fair Market Value for a given date cannot be determined by reference to
Nasdaq, it shall be determined by the reasonable application of a reasonable valuation method
that satisfies the requirements of Treasury Regulation Section 1.409A-1(b)(iv)(B).

“Foreign Award” means an award granted pursuant to Section 10 of the Plan.

“Incentive Stock Option” or “ISO” means an Option that meets the
requirements of Section 422 of the Code (or any successor provision) and that is identified as
intended to be an ISO in the written agreement evidencing the Option.

“Named Executive Officer” means, for purposes of Section 9B, an Employee who is the
chief executive officer or among the three highest compensated officers (other than the chief
executive officer or the chief financial officer) of the Company for any given fiscal year, whose
compensation is subject to disclosure under Exchange Act rules, and who is a Section 16 Reporting
Person, and any other Employee of the Company who is included in the definition of
“covered employee” for purposes of Section 162(m) of the Code pursuant to Treasury Regulations or
other Internal Revenue Service guidance.

“Nonqualified Stock Option” or “NQSO” means an Option that is not an ISO.

“Option” means an Option to purchase Company Stock granted pursuant to Section 6 of
the Plan.

“Over-10% Owner” means an owner of over 10% of the total combined outstanding voting
power of all classes of capital stock of the Company.

“Performance Award” means an award of Performance Shares or Performance Share Units.

“Performance Shares” and “Performance Share Units” mean, respectively,
shares of Company Stock and Share Units granted under Section 9 of the Plan which, until vested,
are subject to forfeiture.

“Restoration Option” means an Option granted under, and subject to the conditions
set forth in, Section 6(g) of the Plan.

“Restricted Award” means an award of Restricted Shares or Restricted Share Units.

“Restricted Shares” and “Restricted Share Units” mean, respectively, shares
of Company Stock and Share Units granted under Section 8 of the Plan which, until vested, are
subject to forfeiture.

“Rule 16b-3” means Securities and Exchange Commission Rule 16b-3, as amended.

“Section 16 Reporting Person” means a person required by Section 16 of the Exchange
Act and related rules to file reports concerning such person’s ownership of and transactions in
Company equity securities.

“Section 162(m)” means Section 162(m) of the Code (or any successor), together with
the related U.S. Department of Treasury regulations.

“Share Unit” means a unit available for award under the Plan which: (1) upon vesting
or payout, shall entitle the holder to receive from the Company for each Share Unit vested or
paid, a share of Company Stock, and (2) until settled after vesting, or until forfeited, shall
entitle the holder to be paid by the Company the equivalent of any cash dividend paid on Company
Stock to which the holder would have been entitled if, on the date of grant of such Share Unit,
the grantee of the Share Unit had instead been granted a Restricted Share or Performance Share.

“Stock Appreciation Right” or “SAR” means a right granted pursuant to
Section 7 of the Plan which, upon exercise, shall entitle the holder to receive from the Company
the Fair Market Value of a share of Company Stock on the exercise date minus the Fair Market
Value of such a share on the date of grant.

 

6

 

(b) References in this Plan to the “issuance” of shares, to shares “issued” or “issuable,” and
the like, include transfers of treasury shares as well as new issuances of authorized but
previously unissued shares.

Section 3 — Administration

(a) General. The Plan shall be administered by the Committee, subject to the express
limitations set forth in the Plan. The Committee may, by majority vote, grant Awards and determine
the type, amount and other terms and conditions of each Award. The Committee shall have authority
to prescribe the forms of written agreements to evidence Awards, to interpret the Plan and the
provisions of such agreements, to adopt administrative rules and procedures concerning
administration of the Plan and to take such other action as it determines to be necessary,
advisable, appropriate or convenient for the administration of the Plan in accordance with its
purposes.

The Committee may delegate to the chief executive officer of the Company, if also a director,
some or all of its authority to grant Awards under the Plan to Employees who are not Section 16
Reporting Persons or Senior Vice Presidents or officers of higher rank, in which case actions taken
by the chief executive officer pursuant to such delegated authority shall have the same effect as
if taken by the Committee. The chief executive officer shall periodically notify the Committee of
any grants made pursuant to such delegation of authority.

The Committee may delegate performance of recordkeeping and other ministerial functions
concerning the Plan and its day-to-day operations to such persons as it may specify from time to
time.

(b) Repricing. Absent stockholder approval, neither the Committee nor the Board shall approve
a program providing for either (i) the cancellation of outstanding Options and/or SARs and the
grant in substitution therefore of new Options and/or SARs having a lower exercise price or (ii)
the amendment of outstanding Options and/or SARs to reduce the exercise price thereof. This
paragraph shall not be construed to apply to “issuing or assuming a stock option in a transaction
to which section 424(a) applies,” within the meaning of Code Section 424.

Section 4 — Eligibility for Awards; No Requirement of Uniformity

Any type of Award may be granted to any Employee at any time, except that Foreign Awards may
be granted only as permitted under Section 10 of the Plan. The type, amount, timing and other terms
and conditions of Awards made to a grantee need not be uniform, comparable or proportionate among
grantees.

Section 5 — Maximum Number of Shares; Award Limits

(a) Maximum Number of Shares. For purposes of this section, “Affected Shares” are
shares of Company Stock that have been issued as Restricted Shares or Units, Performance Shares or
Units, Additional Shares or similar Foreign Awards or that have been made subject to future
issuance in settlement of Options (whether or not with related SARs), Share Units or Foreign
Awards. For a given date, the “Adjustment Period” comprises the Company’s current fiscal
year to date, plus its four immediately preceding fiscal years.

The total number of Affected Shares shall never exceed 10% of the number of outstanding shares
of Company Stock (exclusive of treasury shares) at the end of the immediately preceding Company
fiscal year (rounded downward, if necessary to eliminate fractional shares)

(i) minus the sum, for the Adjustment Period, of the numbers of:

(A) Shares awarded as Restricted Shares, Performance Shares or Additional Shares

(B) Share Units awarded

(C) Shares made subject to Option grants (including Restoration Options)

(D) Shares issued or granted for future issuance as Foreign Awards.

 

7

 

(ii) plus the sum, for the Adjustment Period, of the numbers of:

(A) Shares as to which Options have expired or terminated for any reason other than exercise
of such Options or of related Tandem SARs

(B) Shares as to which Restricted Awards and Performance Awards have been both granted and
forfeited

(C) Shares transferred to the Company (actually or constructively) to satisfy the exercise
price of outstanding Options.

Stock options, SARs and other equity-based awards assumed by the Company in a merger or
acquisition of another company shall not count against the shares available for Award under the
Plan.

(b) Award Limits. The number of shares covered by outstanding ISOs plus the number of shares
issued in settlement of exercised ISOs under this Plan may not exceed 4,000,000 shares.

Section 6 — Options

(a) Incentive Stock Options and Nonqualified Stock Options. At the time of the grant of an
Option, the Committee shall specify whether it is intended to be an Incentive Stock Option or a
Nonqualified Stock Option, and the agreement evidencing such Option shall designate the Option
accordingly. However, notwithstanding such designation, to the extent that the aggregate Fair
Market Value of the shares with respect to which ISOs are exercisable for the first time by the
grantee during any calendar year exceeds $100,000 (or such other amount as permitted by Code
Section 422(d)) such Options shall be treated as Nonqualified Stock Options. For purposes of this
Section 6(a), ISOs shall be taken into account in the order in which they were granted. The
Committee may prescribe such terms and conditions for an ISO grant, other than those specified in
the Plan, as it deems desirable to qualify the Option as an incentive stock option under the Code.
If an Option (or any portion thereof) intended by the Committee to be an ISO fails to qualify as an
ISO, either at the time of grant or subsequently, such failure to qualify shall not invalidate the
Option (or such portion), and instead the nonqualified portion (or, if necessary, the entire
Option) shall be deemed to have been granted as a Nonqualified Stock Option regardless of its
designation in the grant and in the Option agreement.

(b) Number of Shares. The number of shares subject to an Option shall be specified at the
time of grant. The maximum number of shares that may be granted as Options (whether or not in
tandem with SARs) during any consecutive five calendar years to any single Employee shall be
750,000, subject to adjustment under Section 14 of the Plan.

(c) Exercisability. The time at which any portion of an Option first becomes exercisable
(which may be at or after the date of grant) and the latest date on which the Option may be
exercised (the “expiration date”) shall be as specified at the time of grant. However, the
expiration date for any ISO granted to an Over-10% Owner may be no later than five years after the
grant, and the expiration date for any other Option may be no later than ten years after the date
of grant. The Committee may, in its discretion, accelerate the exercisability of any portion of an
Option or provide for automatic acceleration of exercisability of any portion of an Option upon the
occurrence of such events as it may specify, such as upon the death or Disability of a grantee.
However, no acceleration of exercisability of any portion of an ISO shall be effective without the
consent of the Option holder if such acceleration would cause the ISO or any other ISO of such
holder (or any portion thereof) to become a Nonqualified Stock Option. During the lifetime of the
grantee of an Option, the Option may be exercised only by the grantee or the grantee’s legal
representative.

(d) Exercise Price. Unless a higher price is specified at the time of grant, the per share
exercise price of each Option shall be the Fair Market Value of a share of Company Stock on the
date of grant, except that the per share exercise price of any ISO granted to an Over-10% Owner
shall be at least 110% of such Fair Market Value on the grant date.

 

8

 

(e) Exercise Procedures and Payment. The holder of an exercisable Option (or Option portion)
may exercise it in whole or in part by complying with such procedures for exercise as are then in
effect and tendering payment in full of the aggregate exercise price for the number of shares in
respect of which the Option is then being exercised. Except to the extent further restricted or
limited at the time of grant, payment may be made (1) entirely in cash, (2) by delivery of whole
shares of Company Stock owned by the Option holder for more than six months on the date of
surrender, (3) pursuant to a cashless exercise program implemented by the Company in connection
with the Plan or (4) by any combination of the foregoing methods of payment. Any shares delivered
in payment shall be valued at their Fair Market Value on the date of delivery.

(f) Effect of Employment Termination. The Committee shall determine the disposition of the
grant of each Option in the event of the disability, death or other termination of employment of an
Employee.

(g) Restoration Options. Subject to the provisions below, the Committee may provide that an
Option shall also carry with it a right to receive another Option (a “Restoration Option”)
in certain circumstances. A Restoration Option may be created at the time of grant of an Option
(for purposes of this paragraph, an “original Option”) that is not itself a Restoration
Option at the time a Restoration Option arises (so as to provide a subsequent Restoration Option to
it), or at any other time while the grantee continues to be eligible for Awards and the original or
Restoration Option (the “prior Option”) is outstanding. In addition to any other terms and
conditions (including additional limitations on exercisability) that the Committee deems
appropriate, each Restoration Option shall be subject to the following:

(1) A Restoration Option may arise only if, earlier than six months before the expiration
date of the prior Option, the grantee exercises the prior Option (or a portion thereof) while
still an Employee and pays all or some of the relevant exercise price in shares of Company Stock
that have been owned by the grantee for at least six months prior to exercise

(2) The number of shares subject to the Restoration Option shall be the number of whole
shares delivered in exercise of the prior Option, except that the number will be reduced to the
extent necessary for the Plan to comply with the limitations imposed by Sections 5 and 6(b) of
the Plan

(3) The Restoration Option shall arise and be granted (if ever) at the time of payment of
the relevant exercise price in respect of the prior Option

(4) The per share exercise price of the Restoration Option shall be the Fair Market Value of
a share of Company Stock on the date the Restoration Option arises

(5) The expiration date of the Restoration Option shall be the same as that of the prior
Option

(6) The Restoration Option shall first become exercisable six months after it arises

(7) The Restoration Option shall be a Nonqualified Stock Option.

Section 7 — Stock Appreciation Rights

(a) Types of SARs Authorized. SARs may be granted in tandem with all or any portion of a
related Option (a “Tandem SAR”) or may be granted independently of any Option (a
“Stand-Alone SAR”). A Tandem SAR may be granted either concurrently with the grant of the
related Option or at any time thereafter prior to the complete exercise, termination, expiration or
cancellation of such related Option.

(b) Exercise Price. The exercise price for each SAR shall be established in the discretion of
the Committee; provided, however, that (i) the exercise price per share subject to a Tandem SAR
shall be the exercise price per share under the related Option (but not less than the Fair Market
Value per share of Company Stock on the effective date of grant of the SAR) and (ii) the exercise
price per share subject to a Stand-Alone SAR shall not be less than the Fair Market Value of a
share of Company Stock on the effective date of grant of the SAR.

(c) Exercisability and Termination.

(i) Tandem SARs. Tandem SARs shall be exercisable as follows, subject to such other provisions
as the Committee may specify when the Tandem SAR is granted:

 

9

 

(1) The only persons entitled to exercise such SARs shall be the holder of the related Option
or such holder’s legal representative

(2) The expiration date of such SARs shall be the same as that of the related Option

(3) SARs shall be exercisable if (and only if) and to the extent that the related Option is
then exercisable, except that SARs shall not be exercisable by a Section 16 Reporting Person
at any time within six months after the date on which the SARs were granted even if the
related Option is then exercisable

(4) Exercise of SARs shall automatically terminate the related Option with respect to the
same number of shares as the number of SARs being exercised

(5) Exercise, cancellation or termination of an Option shall automatically terminate the same
number of related SARs as the number of shares with respect to which the Option is being
exercised, canceled or terminated

(6) Tandem SARs related to an Incentive Stock Option shall be exercisable only when the then
Fair Market Value of a share of Company Stock exceeds the exercise price of the Incentive
Stock Option.

(ii) Stand-Alone SARs. Stand-Alone SARs shall be exercisable at such time or times, or upon
such event or events, and subject to such terms, conditions, performance criteria and restrictions
as shall be determined by the Committee and set forth in the Award agreement evidencing such SAR;
provided, however, that no Stand-Alone SAR shall be exercisable after the expiration of ten (10)
years after the effective date of grant of such SAR.

(d) Exercise Procedures and Settlement Elections. Exercisable SARs may be exercised at any
time in accordance with such exercise procedures as are then in effect. Except to the extent
further restricted at the time of grant, at or prior to exercise of SARs, the holder may elect to
have the exercised SARs settled (1) entirely in cash, (2) to the extent possible, in whole shares
of Company Stock and the balance in cash, or (3) partially in cash in an amount specified by the
holder and the balance in whole shares of Company Stock plus cash in lieu of any fractional share.
If no election is made, the SARs shall be settled in any of the foregoing manners as the Committee
shall determine. For purposes of settlement, shares of Company Stock shall be valued at their Fair
Market Value as of the settlement date.

(e) Effect of Termination of Employment. A SAR shall be exercisable after a grantee’s
termination of employment to the extent and during such period as determined by the Committee, in
its discretion, and as set forth in the Award agreement evidencing such SAR.

Section 8 — Restricted Awards

(a) General. Awards of Restricted Shares are awards of actual Company Stock, while Awards of
Restricted Share Units are awards that may consist of Company Stock, cash equivalents of Company
Stock, or a combination of both. The restrictions that may be imposed relate to possession, vesting
and conditions to vesting, payment of dividends and potential forfeiture.

(b) Restriction Period. At the time of grant of a Restricted Award, the Committee shall
establish a period of no less than twelve months with respect to such Restricted Award, which
period (the “restriction period”) shall commence on the date of grant. The Committee may
provide for such restriction period to lapse in installments. The Committee may impose such
restrictions or conditions to the vesting of a Restricted Award as it, in its sole discretion,
deems appropriate. By way of example and not by way of limitation, the Committee may require, as a
condition to the vesting of any Restricted Award, that the grantee or the Company achieves such
performance goals as the Committee may specify. If a Restricted Award is intended to qualify as
“qualified performance-based compensation” under Code Section 162(m), all requirements set forth in
Section 9B must be satisfied in order for a grantee to be entitled to payment.

(c) Vesting and Forfeiture. If the grantee of a Restricted Award remains an Employee
throughout the applicable restriction period, and any other conditions imposed by the Committee are
satisfied, the entire Restricted Award shall become fully vested and no longer subject to
forfeiture at the end of the restriction period. If the grantee ceases to be an Employee during the
restriction period due to death or Disability, the Award shall be vested in proportion to the then
elapsed portion of the restriction period, and the remainder of such Award shall be forfeited,
unless the Committee determines to waive such forfeiture in whole or in part, and vest those Shares
or Units. If the grantee otherwise ceases to be an Employee during the restriction period, the
Committee shall determine the disposition of the Award.

 

10

 

(d) Restricted Share Certificates and Dividends or Distributions. Restricted Shares shall be
issued to the grantee as promptly as practicable after the grant, but the certificates representing
such Restricted Shares shall bear an appropriate legend and shall be held by the Company. Non-cash
dividends or other distributions upon Restricted Shares shall be retained and held by the Company,
pending vesting or forfeiture of the Restricted Shares. Such retained non-cash dividends and other
distributions shall be vested or forfeited, as the case may be, upon the vesting or forfeiture of
such Restricted Shares. Non-cash dividends and other distributions that vest shall be distributed
to the grantee of the Restricted Shares as promptly as practicable after the vesting date. The
grantee of Restricted Shares shall be entitled to receive any cash dividends paid with respect to
such Shares during the restriction period.

(e) Settlement of Restricted Share Units. An Award of Restricted Share Units that vests shall
be settled in cash, whole shares of Company Stock (valued at Fair Market Value as of the settlement
date), or a combination thereof, as the Committee shall determine. The mode of settlement shall not
violate the Plan’s limitations on available shares or any limitations imposed by the Committee at
the time of grant of the Award or at any other time while the Award is unvested and the grantee is
still an Employee. Restricted Share Units that vest shall be settled in full as soon as practicable
after the vesting date, and no later than two and one-half months after the calendar year in which
vesting occurs.

Section 9A — Performance Awards and Additional Shares in General

(a) Performance Period and Goals. At the time of grant of a Performance Award, the Committee
shall establish a performance period with respect to such Performance Award of not less than one
year nor more than five years. If the Award is granted during the first fiscal quarter of the
Company’s fiscal year, the performance period will commence on the first day of that fiscal year.
Otherwise, the performance period will commence on the date of grant. At the time of grant of the
Performance Award, the Committee shall also establish one or more business performance goals for
the performance period and, if it establishes more than one, the weight to be given each such goal
(collectively, “performance goals”). The initial performance goals with respect to a
Performance Award may be modified or adjusted during the performance period in light of previously
unforeseen transactions, events or circumstances occurring after the initial performance goals are
established.

(b) Performance Assessment, Vesting and Forfeiture. As soon as practicable after the end of
the performance period for a Performance Award, the Committee shall determine the extent to which
the performance goals for that Award were attained. If the Committee determines that the
performance goals have been fully attained, and if the grantee of the Performance Award has
remained an Employee throughout the performance period, the entire Performance Award shall become
fully vested and no longer subject to forfeiture. If the grantee has remained an Employee
throughout the performance period but the Committee determines that the performance goals were
unmet or only partially met, the Committee nevertheless may permit vesting of all or a portion of
the Performance Award, with the remainder of the Award to be forfeited. If the grantee ceases to be
an Employee during the performance period, the consequences shall be the same, adjusted by a
performance factor as determined by the Committee, as if the Performance Award had been a
Restricted Award and the performance period a restriction period. Performance Awards that vest
shall be settled in full as soon as practicable after the vesting date, and no later than two and
one-half months after the calendar year in which vesting occurs.

(c) Additional Shares. At the end of the performance period, the Committee may recommend a
grant of Additional Shares to the grantee of a Performance Award if the grantee is then an Employee
and the Committee determines that satisfaction of the performance goals so warrants. Additional
Shares awarded to a grantee shall be immediately vested and shall be issued to the grantee as soon
as practicable after the grant.

(d) Other Matters. The provisions of Section 8(d) of the Plan shall also apply to Performance
Shares, and the provisions of Section 8(e) shall also apply to Performance Share Units. The
Committee may make interim grants of Awards to new Employees in a fair and equitable manner.

Section 9B — Performance Awards to Named Executive Officers

(a) Special Provisions Applicable. Notwithstanding other provisions of the Plan, the
provisions of this Section 9B shall apply to all Performance Awards granted to Named Executive
Officers. Such Performance Awards are intended to qualify as “qualified performance-based
compensation” that are not subject to the tax deduction limit imposed by Section 162(m). Except as
superseded by this Section 9B, all provisions of the Plan applicable to Performance Awards shall
also apply to such Awards granted to named executive officers.

 

11

 

(b) Timing of Grants. Performance Awards may be granted to named executive officers only
during the first quarter of the Company’s fiscal year.

(c) Limits on Award Amounts. Subject to the general limits on Award amounts set forth in
Section 5(b), the general limit on the number of Options that may be granted in any five year
period under Section 6(b) and the adjustment provisions of Section 14.

(i) The maximum number of Performance Shares and/or Performance Share Units that may be
granted to any named executive officer with respect to a single performance period is
100,000.

(ii) The maximum number of Options, Stand-Alone SARs or Other Stock — Based Awards that may
be granted to any named executive officer during any consecutive five calendar years shall be
750,000.

(d) Performance Objectives and Payout Schedules. At or prior to the grant of each Performance
Award to a named executive officer, the Committee shall establish one or more objectively
determinable performance goals for the Award relating to one or more or any combination of the
following areas of Company or other business unit performance over the relevant performance period.

(i) Earnings (which includes similar measurements such as net profits, operating profits and
net income, and which may be calculated before or after taxes, interest, depreciation,
amortization or taxes) or earnings per share of Company Stock

(ii) Revenues

(iii) Cash flow

(iv) Return on revenues, assets or equity

(v) Customer or employee retention

(vi) Customer satisfaction

(vii) Expenses or expense levels

(viii) One or more operating ratios

(ix) Stock price

(x) Market share

(xi) Capital expenditures

(xii) Net borrowing, debt leverage levels, credit quality or debt ratings

(xiii) The accomplishment of mergers, acquisitions, dispositions, public offerings or similar
extraordinary business transactions

(xiv) The Company’s Quality Management System

(xv) Shareholder return

(xvi) Organizational health/productivity

(xvii) Sales volume

(xviii) Brand or product recognition/acceptance.

 

12

 

At the same time, the Committee shall establish a payout schedule for the Performance Award,
which shall range from 100 percent of the Performance Shares and/or Performance Share Units
constituting the Award (if actual Company results for the performance period at least equal the
performance goal(s) established) to zero percent of such Award (if actual Company results for the
period do not at least equal a minimum amount or level specified by the Committee) and shall be
structured so as to permit objective determination of payouts over the full range of actual Company
results. The Committee shall specify which (if any) types or categories of extraordinary, unusual,
non-recurring, or other items or events shall be excluded or otherwise not fully taken into account
when actual Company results relating to such goal(s) are calculated, and the only adjustments in
actual Company results which thereafter shall be permissible for purposes of applying the
established payout schedule for the Performance Award shall be objectively determinable adjustments
for the items or events so specified.

(e) No Discretion to Increase Awards or Waive Forfeitures. The Committee may establish other
preconditions to payout of a Performance Award to a named executive officer, including
preconditions that may call for subjective determinations by the Committee. The otherwise scheduled
payout on any Performance Award granted to a named executive officer may be reduced by the
Committee to the extent it deems appropriate if, in the Committee’s judgment, the named executive
officer’s individual performance during the performance period has not warranted the scheduled
payout. However, for so long as Code Section 162(m) may require, the payout on any Performance
Award granted to a named executive officer shall not exceed the payout permissible under the
Award’s payout schedule, and no Additional Shares shall be granted to any named executive officer.

(f) Certification by Committee. As soon as practicable following the completion of the
performance period applicable to a Performance Award, the Committee shall certify in writing the
extent to which the applicable performance goals have been attained and the resulting final value
of the Award earned by the named executive officer.

(g) Effect of Employment Termination.

(i) Disability. If the grantee ceases to be an Employee before the end of the performance
period due to the grantee’s Disability, a number of awarded Performance Shares and/or
Performance Share Units proportional to the portion of the performance period elapsed on the
date of Disability shall be unaffected by the provisions of Section 9A(b) that require
employment throughout the performance period. The unaffected portion of the Award
subsequently shall vest or be forfeited or canceled in accordance with the grant, the payout
schedule, any preconditions, and the provisions of the Plan applicable to the original Award.

(ii) Death. If the grantee’s employment terminates due to death before the end of the
performance period, the performance period for such grantee shall terminate at the end of the
year in which death occurs (but no later than the normal performance period). The number of
Performance Shares and/or Performance Share Units payable to the deceased grantee’s estate or
beneficiary shall be the maximum award payable, adjusted by a performance factor (the percent
of the award earned according to the payout schedule calculated as of the end of the year in
which death occurs), and a time factor (the time between the date of grant and the date of
death divided by the number of days in the performance period).

(iii) Other Termination of Employment. If the grantee of a Performance Award otherwise ceases
to be an Employee before the end of the performance period, the Committee shall determine the
disposition of the Award; provided, however, that the number of Performance Shares and/or
Performance Share Units payable to the grantee shall be no more than the maximum award
payable, adjusted by a performance factor (the percent of the award earned according to the
payout schedule calculated as of the end of the year in which the termination of employment
occurs), and a time factor (the time between the date of grant and the date of termination of
employment divided by the number of days in the performance period), subject to reduction at
the discretion of the Committee.

 

13

 

Section 10 — Foreign Awards

The Committee may modify the terms of any type of Award described in Sections 6, 7, 8 or 9A of
the Plan for grant to an Employee who is subject to tax or similar laws of a country other than the
United States and may grant such modified Award, and structure and grant other types of awards
related to appreciation in value of Company Stock, to such an Employee, as the Committee determines
necessary or advisable in order to provide such grantee with benefits and incentives comparable (to
the extent practically possible) to those which would be provided the grantee if the grantee were
not subject to such foreign laws. Notwithstanding the foregoing, if the Employee is also subject to
Code Section 409A, the modifications of any type of Award described in Sections 6, 7, 8, or 9A of
the Plan, or the structure of other types of awards related to appreciation in value of Company
Stock may not be made in a manner that would cause non-compliance with Code Section 409A.

Section 11 — Other Stock-Based Awards

The Committee may, in its sole discretion, grant Awards of Company Stock or Awards that are
valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of
Company Stock (“Other Stock-Based Awards”). Such Other Stock-Based Awards shall be in such
form, and dependent on such conditions, as the Committee shall determine including, without
limitation, the right to receive one or more shares of Company Stock (or the equivalent cash value
of such shares) upon the completion of a specified period of service, the occurrence of an event,
the attainment of performance objectives and/or other criteria specified by the Committee. Other
Stock-Based Awards may be granted alone or in addition to any other Awards granted under the Plan.
Subject to the provisions of the Plan, the Committee shall determine to whom and when Other
Stock-Based Awards will be made; the number of shares to be awarded under (or otherwise related to)
such Other Stock-Based Awards; whether such Other Stock-Based Awards shall be settled in cash,
Company Stock or a combination of cash and Company Stock; and all other terms and conditions of
such Awards (including, without limitation, the vesting provisions thereof.) If an Other
Stock-Based Award is intended to qualify as “qualified performance-based compensation” under
Section 162(m), all requirements in Section 9B must be satisfied in order for a grantee to be
entitled to payment. Other Stock-Based Awards must provide either that they will be paid no later
than 2 1/2 months after the end of the calendar year in which they vest or that they will be paid in
a lump-sum payment at a specified time, within the meaning of Treasury Regulation Section
1.409A-3(i)(1)(i).

Section 12 — Certain Provisions Generally Applicable to Awards

(a) Award Agreements. Each Award (other than any award of Additional Shares and any similar
Foreign Award unless the Committee otherwise determines) shall be evidenced by a written agreement
setting forth the type, amount and other terms and conditions of such Award, as are not
inconsistent with the Plan as the Committee shall have specified with respect to such Award.

(b) Transfer Restrictions; Potential Forfeiture. No Option or SAR, no Other Stock-Based
Award, no unvested Performance Award or Restricted Award, no Foreign Award similar to any of the
foregoing, and none of the rights or privileges conferred by any such Award may be sold, assigned,
pledged, hypothecated or otherwise transferred in any manner whatsoever, except that, if the
Committee determines that such transfer will not violate any requirements of the Securities and
Exchange Commission or the Internal Revenue Service, the Committee may permit an intervivos
transfer by gift to or for the benefit of a family member of the grantee. Any attempt to sell,
assign, pledge, hypothecate or otherwise transfer any such Award or any of the rights and
privileges conferred thereby contrary to the provisions of the Plan shall be void and unenforceable
against the Company.

(c) Overriding Precondition; Potential Forfeiture. It shall be an overriding precondition to
the vesting of each Performance Award, Restricted Award, Other Stock-Based Award, and similar
Foreign Award and the exercisability of each Option, SAR and similar Foreign Award: (1) that the
grantee of such Award not engage in any activity that, in the opinion of the Committee, is in
competition with any activity of the Company or any Affiliated Entity or is otherwise inimical to
the best interests of the Company and that has not been approved by the Board or the Committee and
(2) that the grantee furnish the Committee with all the information confirming satisfaction of the
foregoing condition that the Committee reasonably requests. If the Committee determines that a
grantee has engaged in any activity prohibited by the foregoing conditions, all of the grantee’s
then outstanding Options, SARs and similar Foreign Awards shall immediately be cancelled, and all
of the grantee’s then unvested Restricted Awards, Performance Awards, Other Stock-Based Awards, and
similar Foreign Awards shall immediately be forfeited.

 

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(d) Tax Withholding; Notice to Company of Certain Actions. Whenever cash is to be paid
pursuant to the settlement of an Award, the Company shall have the right to deduct therefrom an
amount sufficient to satisfy any federal, state and local withholding tax requirements related
thereto.

The Committee may provide, on request of a grantee, for withholding of otherwise issuable
shares upon the grant, exercise, vesting or settlement of Awards or for the tender of other shares
of Company Stock owned by such grantee or holder in order to satisfy tax withholding obligations
arising in connection with the grant, exercise, vesting or settlement of an Award. If the Committee
grants such elections, it may condition, limit or qualify them in any manner it deems appropriate.

If any grantee shall, in connection with the acquisition of shares of Company Stock under the
Plan, make the election permitted under Code Section 83(b) (i.e., an election to include in gross
income in the year of transfer the amounts specified in Code Section 83(b)), the grantee shall
notify the Company of such election within ten days of filing notice with the Internal Revenue
Service, in addition to any filing and notification required pursuant to regulations issued under
the authority of Code Section 83(b).

(e) Stockholder Status. The grantee of an Award, and other persons to whom the Award or the
grantee’s rights thereunder may pass, shall have no rights or privileges of a holder of shares of
Company Stock, in respect of any shares issuable pursuant to or in settlement of such Award, unless
and until certificates representing such shares have been issued in their name(s).

Section 13 — No Right to Employment or Award

No person shall have any claim or right to be granted an Award. The grant of an Award shall
not confer upon any Employee a right with respect to continued employment by the Company or an
Affiliated Entity. Further, the Company and each Affiliated Entity reaffirms its at-will employment
relationship with its Employees and expressly reserves the right to dismiss a grantee at any time
free from any liability or claim, except as provided under this Plan.

Section 14 — Adjustments upon Changes in Capitalization

In the event of a stock split, stock dividend, reverse stock split, combination of shares or
conversion or exchange of voting shares for non-voting shares, the Board shall make a proportionate
adjustment to the number and kind of shares available for issuance in the aggregate and to any
individual under and pursuant to the Plan (including the settlement of ISOs), the number and kind
of shares covered by outstanding Options and the per share exercise price of such Options, the
numbers of outstanding SARs and Share Units and the terms of Foreign Awards. In the event of a
reorganization or recapitalization, merger, consolidation or similar transaction involving the
Company, a rights offering or any other change in the corporate or capital structure of the Company
(other than as provided in the immediately preceding sentence), the Board shall make such
adjustments as it may deem appropriate in the number and kind of shares available for issuance in
the aggregate and to any individual under and pursuant to the Plan (including in settlement of
ISOs), the number and kind of shares covered by outstanding Options and the per share exercise
price of such Options, the numbers of outstanding SARs and Share Units and the terms of Foreign
Awards. Any adjustment with respect to an ISO in connection with a transaction to which Section
424(a) of the Code (or its successor) applies shall be made in accordance therewith unless the
Board specifically determines otherwise. Notwithstanding the foregoing, the Board shall not make
any adjustment to the number of shares covered by outstanding Options or the per share exercise
price of such Options or the number of outstanding SARs that would cause the exercise price to be
less than the Fair Market Value of the underlying shares on the date the Option or SAR was granted
or cause the number of shares subject to the Option or SAR to be other than fixed on the original
date of grant of the Option or SAR.

 

15

 

Section 15 — Duration, Amendment, Suspension and Termination

The Plan shall become effective upon approval by the Board, subject to approval of the
stockholders of the Company, and shall continue in effect for a term of ten (10) years unless
terminated by the Board. The Board may amend, suspend or terminate any portion or all of the Plan
at any time, but no such Board action shall adversely affect the rights of any grantee or other
holder of any Award then outstanding or unvested without the consent of such grantee or holder,
unless such amendment or termination is necessary to comply with any applicable law, regulation or
rule. Notwithstanding the foregoing, the Plan shall not be amended without the approval of the
Company’s stockholders (a) to increase the maximum aggregate number of shares of Company Stock that
may be issued under the Plan (except by operation of Section 14); (b) to change the class of
persons eligible to receive Incentive Stock Options; or (c) to make any other amendment that would
require approval of the Company’s stockholders under any applicable law, regulation or rule.

Section 16 — Miscellaneous Provisions

(a) Governing Law. The Plan shall be governed by and construed in accordance with the laws of
the State of Delaware applicable to contracts made and to be performed in the State of Delaware.

(b) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be
invalid, illegal or unenforceable in any jurisdiction or as to any grantee or Award, or would
disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to the applicable laws or if it cannot be construed
or deemed amended without, in the determination of the Committee, materially altering the intent of
the Plan or the Award, such provision shall be construed or deemed stricken as to such
jurisdiction, grantee or Award, and the remainder of the Plan and any such Award shall remain in
full force and effect.

Adopted by the Board of Directors of the Company: February 7, 2005,

As Amended November 6, 2006, November 8, 2007 and February 18, 2010.

 

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