Document:

Exhibit 10.3

 

WAMU EXECUTIVE OFFICER SEVERANCE PLAN

Effective as of April 1, 2008

 

PREAMBLE

 

Washington
Mutual, Inc. has established the WaMu Executive Officer Severance Plan
(the “Plan”) with the intention of providing benefits to Eligible Executives
(as defined herein) of the Company (as defined herein) in the event of
termination of their employment by the Company without “Cause.”  This document sets forth the basic terms that
are applicable to all eligible participants. 
The Plan covers a select group of management or highly compensated
employees and is intended to be a top-hat welfare benefit plan governed by
ERISA.

 

SECTION 1.  DEFINITIONS

 

For
the purpose of this Plan, the following definitions shall apply unless the
context requires otherwise.  Words used
in the masculine gender shall apply to the feminine, where applicable, and
wherever the context of the Plan dictates, the plural shall be read as the
singular and the singular as the plural. 
The words “Section” or “Sections” in this Plan shall refer to a Section or
Sections of this Plan (i.e., and not to a statutory provision) unless
specifically stated otherwise.  Compounds
of the word “here” such as “herein” and “hereof” shall be construed to refer to
another provision of this Plan, unless otherwise specified or required by the
context.  It is the intention of the
Company that the Plan be governed the provisions of
the Code and ERISA and that all its provisions shall be construed to that
result.

 

In
determining the time within which an event or action is to take place for
purposes of the Plan, no fraction of a day shall be considered, and any act,
the performance of which would fall on a Saturday, Sunday, holiday or other
non-business day, may be performed on the next following business day.

 

1.1           Base Pay.  Base Pay means the Eligible Employee’s annual
base salary in the year in which termination occurs.

 

1.2           Cause.  Cause means the termination of the Eligible
Executive’s employment by the Company in connection with any of the following
events:  (i) the Eligible Executive
violates the Company’s policies on drug or alcohol abuse on a recurring basis, (ii) the
Eligible Executive has been convicted of any felony or of a misdemeanor
involving moral turpitude (including forgery, fraud, theft or embezzlement), or
the Eligible Executive is convicted or enters into a pretrial diversion or
similar program in connection with the prosecution for an offense involving
fraud, dishonesty, breach of trust or money laundering, or (iii) the
Eligible Executive has engaged in dishonesty, fraud, destruction or theft of
property of the Company, physical attack on another employee, willful
malfeasance or gross negligence in the performance of his or her duties, or
misconduct materially injurious to the Company.

 

1.3           Code.  The Internal Revenue Code of 1986, as
amended.

 

 

1.4           Company.  Washington Mutual, Inc.
and its majority-owned subsidiaries and affiliates.

 

1.5           Eligible Executive.  Each employee of the Company who is (i) classified
as either a Level 2 or Level 3 executive, and (ii) not a party to an
individual employment agreement with the Company that provides for any form of
separation payment or severance benefit upon a termination unrelated to a
change of control.

 

1.6           ERISA.  The Employee Retirement Income Security Act
of 1974, as amended.

 

1.7           Participant.  An Eligible Executive who becomes eligible
for benefits under this Plan by satisfying the requirements of Section 2.

 

1.8           Plan.  This WaMu Executive Officer Severance Plan,
as amended from time to time.

 

1.9           Severance Agreement.  A written agreement provided by the Company
by which a Participant releases any claims he or she might have against the
Company in exchange for the benefits set forth in Section 3.1.

 

1.10         Termination Date.  The last active day of
employment.  For these purposes, a
Participant will be deemed to have terminated on the last day of employment at
5:00 p.m. in the Participant’s time zone.

 

SECTION 2.  ELIGIBILITY

 

An
Eligible Executive will be eligible for benefits under Section 3 only if
his or her employment is terminated by the Company without Cause.  Benefits shall not be payable under this Plan
in connection with the Eligible Executive’s termination of employment from the
Company for any other reason (including, without limitation, due to the Eligible
Executive’s death, disability or resignation). 
In addition, notwithstanding any other provision of the Plan to the
contrary, an Eligible Executive shall not be entitled to benefits under this
Plan if he or she satisfies the requirements to receive severance benefits
under (a) an individual change in control agreement with the Company or (b) an
employment agreement that provides separation payments or severance benefits
following a change in control.

 

SECTION 3.  BENEFITS

 

3.1           In General.  If an Eligible Executive is eligible for
severance benefits under this Plan pursuant to Section 2, he or she shall
be paid a cash severance benefit equal to one and one-half (1-1/2) multiplied
by the sum of (a) the Eligible Executive’s Base Pay, and (b) the
higher of the Eligible Executive’s unadjusted target bonus for the year in
which the termination of employment occurs or the Eligible Executive’s actual
annual bonus for the immediately-preceding year (the “Severance Payment”).  The Severance Payment shall be paid in a lump
sum 

 

 

upon the
effectiveness of the Severance Agreement. 
State and federal taxes will be withheld from the payment as required by
law.

 

3.2           Offset.  The Severance Payment shall be offset
dollar-for-dollar by any severance payment payable to the Eligible Executive
under any other plan, program or arrangement of the Company.

 

3.3           Severance Agreement.  The Severance Payment shall in all events be
subject to the Eligible Executive entering into and not revoking a Severance
Agreement.

 

SECTION 4. 
ADMINISTRATION COMMITTEE

 

4.1           Plan Administrator.  The Plan Administrator shall be the Human
Resources Committee (the “Committee”). 
The Administrator may delegate any of its duties, responsibilities, or
authority to one or more person (by name or by title), committee, or unrelated
service provider.  The Plan Administrator
has absolute discretion to make all decisions under this Plan, including making
determinations about eligibility for and the amounts of benefits payable under
this Plan and interpreting all provisions of this plan.  All decisions of the Plan Administrator are
final, binding and conclusive.

 

4.2           Powers of the Administration
Committee.  The
Committee shall have the following powers and duties:

 

(a)           To adopt rules of procedure (including distribution
procedures) necessary for the administration of the Plan provided the rules are
not inconsistent with the terms of the Plan;

 

(b)           To direct the administration of the Plan in
accordance with the provisions herein set forth;

 

(c)           To interpret the provisions of the Plan and
determine all questions with respect to rights of Participants under the Plan,
including but not limited to rights of eligibility of a Participant to
participate in the Plan, and the value of a Participant’s benefit.

 

(d)           To interpret and enforce the terms of the Plan and
the rules it adopts;

 

(e)           To review and render decisions with respect to a
claim for, (or denial of a claim for) a benefit under the Plan;

 

(f)            To furnish the Company with information which the
Company may require for tax or other purposes;

 

(g)           To engage the service of counsel (who may, if
appropriate, be counsel for the Company) and agents whom it may deem advisable
to assist it with the performance of its duties;

 

 

(h)           To receive from the Company and from Participants
such information as shall be necessary for the proper administration of the
Plan; and

 

(i)            To interpret and construe the terms of the Plan in
its discretion.

 

The
Committee shall have no power to add to, subtract from, or modify any of the
terms of the Plan, or to change or add to any benefits provided by the Plan, or
to waive or fail to apply any requirements of eligibility for a benefit under
the Plan provided that the Committee may amend the Plan to comply with changes
in relevant laws, to provide for more efficient administration or other changes
it deems appropriate as long as the changes do not materially increase the
obligation or liabilities of the Company. 
Nonetheless, the Committee shall have absolute discretion in the
exercise of its powers in this Plan.  All
exercises of power by the Committee hereunder shall be final, conclusive and
binding on all interested parties, unless found by a court of competent
jurisdiction, in a final judgment that is no longer subject to review or
appeal, to be arbitrary and capricious.

 

SECTION 5.  COMPANY ADMINISTRATIVE PROVISIONS

 

5.1           Amendment or Termination.  The Plan may be amended or terminated by the
Company or the Human Resources Committee (for certain enumerated reasons) at
any time when, in its judgment, such amendment or termination is necessary or
desirable.  No such termination or
amendment shall affect the rights of any individual who is then entitled to
receive a Severance Payment at the time of such amendment or termination.

 

Severance
Payments are not intended to be a vested right. 
The Committee reserves the right to interpret the Plan, prescribe, amend
and rescind rules relating to it, determine the terms and provisions of
the Severance Payments and make all other determinations it deems necessary or
advisable for the administration of the Plan. 
The determination of the Committee on all matters regarding the Plan
shall be conclusive.

 

5.2           Claim Procedure.

 

(a)           In General.   If a Participant’s claim for benefits is
denied, the Plan Administrator will furnish written notice of denial to the
Participant making the claim (the “Claimant”) within sixty (60) days of the
date the claim is received, unless special circumstances require an extension
of time for processing the claim.  This
extension will not exceed sixty (60) days, and the Claimant must receive
written notice stating the grounds for the extension and the length of the
extension within the initial sixty (60) day review period.  If the Plan Administrator does not provide
written notice, the Claimant may deem the claim denied and seek review
according to the appeals procedures set forth below.

 

(b)           Denial Notice.   The notice of denial to the Claimant shall
state:

 

(i).     the
specific reasons for the denial;

 

 

(ii).     specific
references to pertinent provisions of the Plan upon which the denial was based;

 

(iii).     a
description of any additional material or information needed for the Claimant
to perfect his or her claim and an explanation of why the material or
information is needed; and

 

(iv).     a
statement that the Claimant may request a review upon written application to
the Plan Administrator, review pertinent Plan documents, and submit issues and
comments in writing, and that any appeal that the Claimant wishes to make of
the adverse determination must be in writing to the Plan Administrator within
ninety (90) days after the Claimant receives notice of denial of benefits.

 

The
notice of denial of benefits shall identify the name and address of the
Administrator to which the Claimant may forward an appeal.  The notice may state that failure to appeal
the action to the Plan Administrator in writing within the ninety (90) day
period will render the determination final, binding and conclusive.

 

5.3           Appeal Procedure.  If the Claimant appeals to the Administrator,
the Claimant or his or her authorized representative may submit in writing
whatever issues and comments he or she believes to be pertinent to the
appeal.  The Administrator shall reexamine
all facts related to the appeal and make a final determination about whether
the denial of benefits is justified under the circumstances.  The Administrator shall advise the Claimant
in writing of:

 

(a)           its decision on
appeal;

 

(b)           The specific reasons for the
decision; and

 

(c)           The specific provisions of
the Plan upon which the decision is based.

 

Notice
of the Administrator’s decision shall be given within sixty (60) days of the
Claimant’s written request for review, unless additional time is required due
to special circumstances.  In no event
shall the Administrator render a decision on an appeal later than one hundred
twenty (120) days after receiving a request for a review.

 

SECTION 6.  MISCELLANEOUS PROVISIONS

 

6.1           Severance Agreement.  The Severance Agreement will not be valid
unless it is signed and returned after the date of the Eligible Executive’s
termination of employment without Cause and within 21 business days or other
time period prescribed by the Administrator. 
The Severance Agreement will be generally effective for any claims
against the Company through the Termination Date, but will not cover any claims
or appeal processes set forth in any ERISA plans sponsored by the Company.  Failure to sign and return the Severance
Agreement within 

 

 

twenty one (21)
business days will result in Participant being ineligible for Severance
Payments under the Plan.

 

6.2           Governing Law.  To the extent not preempted by ERISA, the
terms of the Plan shall be governed by, and construed and enforced in
accordance with, the laws of the State of Washington, including all matters of
construction, validity and performance.

 

6.3           Miscellaneous Provisions.

 

(a)           Anti-Alienation.  Severance Payments and benefits under the
Plan shall not be subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance or charge prior to actual receipt
thereof by an Participant; and any attempt to so anticipate, alienate, sell,
transfer, assign, pledge, encumber or charge prior to such receipt shall be
void; and the Company shall not be liable in any manner for, or subject to, the
debts, contacts, liabilities, engagements or torts of any person entitled to
any Severance Payments under the Plan.

 

(b)           Employment at Will.  Nothing contained herein shall confer upon
any Participant the right to be retained in the
service of the Company or an affiliate nor limit the right of the Company or an
affiliate to discharge or otherwise deal with any Participant with regard to
the existence of the Plan.

 

(c)           Unfunded.  The Plan shall at all times be entirely
unfunded and no provision shall at any time be made with respect to segregating
assets of the Company or an affiliate for payment of any Severance Payment
hereunder.  No Participant or any other
person shall have any interest in any particular assets of the Company or an
affiliate by reason of the right to receive Severance Payments under the Plan
and any such Participant or any other person shall have only the rights of a
general unsecured creditor of the Company or an affiliate with respect to any
rights under the Plan.

 

(d)           Section 409A.  Notwithstanding any provision of this Plan to
the contrary, if, at the time of Participant’s termination of employment with
the Company, he or she is a “specified employee” as defined in Section 409A
of the Code, and one or more of the payments or benefits received or to be
received by a Participant pursuant to this Plan would constitute deferred
compensation subject to Section 409A, no such payment or benefit will be
provided under this Plan until the earlier of (a) the date that is six (6) months
following Participant’s termination of employment with the Company, or (b) the
Participant’s death.  The provisions of
this Section 6.3(d) shall only apply to the extent required to avoid
Participant’s incurring any penalty tax or interest under Section 409A of
the Code or any regulations or Treasury guidance promulgated thereunder.  In addition, if any provision of this Plan
would cause Participant to incur any penalty tax or interest under Section 409A
of the Code or any regulations or Treasury guidance promulgated thereunder, the
Company may reform such provision to maintain to the maximum extent practicable
the original intent of the applicable provision without violating the
provisions of Section 409A of the Code.

 

 

Pursuant
to the authority delegated to me by the Human Resources Committee, this Plan is
hereby adopted effective as of the date specified above:

 

	
   

  	
   

  	
   

  
	
   

  	
  Daryl
  D. David

  
	
   

  	
  Executive
  Vice President

  
	
   

  	
  Chief
  Human Resources Officer

  
	
   

  	
  Washington
  Mutual, Inc.exhibit10_4.htm

    EXHIBIT 10.4

    

      Option
Grant under the

      Enterprise
Products 1998 Long-Term Incentive Plan

       

      

       

      
        	
                Date
      of Grant:

                 

              	
                ____________________,
      200__

              
	
                Name
      of Optionee:

                 

              	
                __________________________

              
	
                Option
      Exercise Price per Common Unit:

                 

              	
                $_________
      (“Exercise Price”)

              
	
                Number
      of Options Granted (One

                      Option
      equals the Right to

                      Purchase
      One Common Unit):

                 

              	
                 

                 

                _________

              
	
                Option
      Grant Number:

                 

              	
                O08-_______

              

      

       

              EPCO,
Inc. (the “Company”) is pleased to inform you that you have been granted options
(the “Options”) under the Enterprise Products 1998 Long-Term Incentive Plan (the
“Plan”) to purchase units representing limited partner interests (“Common
Units”) of Enterprise Products Partners L.P. (the “Partnership”) as
follows:

       

       

              1.       
You are hereby granted the number of Options to acquire a Common Unit set forth
above, each such Option having the option exercise price set forth
above.

       

       

              2.       
The Options shall become fully vested (exercisable) on the earlier of (i) the
date that is four years after the Date of Grant set forth above (the “Vesting
Date”) and (ii) a Qualifying Termination.  A “Qualifying Termination”
means your employment with the Company and its Affiliates is terminated due to
your (a) death, (b) receiving long-term disability benefits under the
Company’s long-term disability plan provided such disability qualifies as a
“disability” under Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”), or (c) retirement with the approval of the Company on or after
reaching age 60.

       

       

              3.       
Subject to the further provisions of this Agreement and the Plan, the Options,
to the extent vested, may be exercised (in whole or in part or in two or more
successive parts) during your employment with the Company and its Affiliates
only during the month of February, May, August or November (a “Qualified Month”)
in the first (1st) calendar year following the year in which the Vesting Date
occurs (and the Option will expire at the end of such year if it is not so
exercised).  In the event your employment with the Company and its
Affiliates is terminated prior to the Vesting Date for any reason other than a
Qualifying Termination, the Options shall automatically and immediately be
forfeited and cancelled unexercised on the date of such termination of
employment. For purposes of this Option grant award, the term “year” shall mean
a period comprised of 365 (or 366, as appropriate) days beginning on a day
of a calendar year and ending on the day immediately preceding
the corresponding day of the next calendar year. For example, if the Date
of Grant of an Option grant award is May 20, 2008, one year after the Date of
Grant would be May 20, 2009, the Vesting Date would be May 20, 2012
(assuming no earlier Qualifying Termination) and the calendar year in which the
Options could be exercised (except as described in Sections 7 and 8 hereof)
would be 2013.

       

       

              4.       
To the extent vested and subject to the procedures set forth in Addendum
No. 2, the Options may be exercised by submitting the “Options
Transaction Clearance Request and Tax Withholding Election” (“Transaction
Request”) with respect to such exercise which references the Option Grant Number
set forth above and the number of Options (or Common Units relating thereto)
which are being exercised. Such Transaction Request shall be delivered or mailed
to the Company at its corporate offices in Houston, Texas, as
follows:

       

       

              Mailing Address:
EPCO, Inc., P.O. Box 4324, Houston, Texas 77210-4324, Attention: Sr. Vice President, Human
Resources

       

      
        
          
             

            

          

           

        

        
           

          
            

          

        

        
           

        

      

       

              Delivery Address:
EPCO, Inc., 1100 Louisiana, 10th Floor, Houston, Texas 77002, Attention: Sr.
Vice President, Human
Resources

       

       

      An
election to exercise shall be made in accordance with Addendum
No. 2 and shall be irrevocable. If you are an employee of the Company or
an Affiliate and such exercise occurs other than in a Qualified Month, it shall
be deemed exercised in the next Qualified Month.

       

       

              5.       
No exercise shall be effective until you have made arrangements acceptable to
the Company and in accordance with the Plan to satisfy the aggregate Exercise
Price and all applicable tax withholding requirements of the Company, if any,
with respect to such exercise.

       

       

              6.       
None of the Options are transferable (by operation of law or otherwise) by you,
other than by will or the laws of descent and distribution. If, in the event of
your divorce, legal separation or other dissolution of your marriage, your
former spouse is awarded ownership of, or an interest in, all or part of the
Options granted hereby to you (the “Awarded Options”), (i) to the extent the
Awarded Options are not fully vested, the Awarded Options shall automatically
and immediately be forfeited and cancelled unexercised as of the original date
of the award thereof and (ii) to the extent the Awarded Options are fully
vested, the Company, in its sole discretion, may at any time thereafter, during
the period in which the Awarded Options are exercisable under the terms of the
domestic relations order providing for the assignment, cancel the Awarded
Options by delivering to such former spouse Common Units having an aggregate
Fair Market Value on the payment date equal to the excess of the aggregate Fair
Market Value of the Common Units subject to the Awarded Options over their
aggregate Exercise Price.

       

       

              7.       
In the event you terminate employment with the Company and its Affiliates for
any reason (which termination is a “separation from service” under Section 409A
of the Internal Revenue Code) other than a Qualifying Termination, the Options,
if fully vested, may be exercised by you (or, in the event of your death, by the
person to whom your rights shall pass by will or the laws of the descent and
distribution (“Beneficiary”)) only during the Qualified Month next following
your employment termination date.  If you cease to be an “active,
full-time employee”, as determined by the Company in its sole discretion,
without regard as to how your status is treated by the Company for any of its
other compensation or benefit plans or programs, you will be deemed to have
terminated employment with the Company and its Affiliates for purposes of this
Agreement.

       

       

              8.       
In the event of a Qualifying Termination or an “unforeseeable emergency” (as
defined in Section 409A) which is approved by the Company, the vested portion of
the Options may be exercised by you only during the Qualified Month next
following such event. Notwithstanding the above, in the event such Qualifying
Termination is due to your death, the vested portion of the Options may be
exercised by your Beneficiary only during the second Qualified Month next
following such event.

       

       

              9.       
Nothing in this Agreement or in the Plan shall confer any right on you to
continue employment with the Company or its Affiliates or restrict the Company
or its Affiliates from terminating your employment at any time. Unless you have
a separate written employment agreement with the Company or an Affiliate, you
are, and shall continue to be, an “at will” employee.

       

      
        
          
             

            -2-

          

           

        

        
           

          
            

          

        

        
           

        

      

      

       

              10.       
Notwithstanding any other provision of this Agreement, the Options shall not be
exercisable, and the Company shall not be obligated to deliver to you any Common
Units, if counsel to the Company determines such exercise or delivery, as the
case may be, would violate any law or regulation of any governmental authority
or agreement between the Company and any national securities exchange upon which
the Common Units are listed or any policy of the Company or any Affiliate of the
Company.

       

       

              11.       
Notwithstanding any other provision of this Agreement, if you give notice of
exercise within a “quiet period,” as provided in Addendum
No. 1 hereto, the timing of the delivery of Common Units pursuant to your
exercise shall be governed by the terms of Addendum
No. 1. Further, the Company shall have no liability to you for any loss
you may suffer (whether by a decrease in the value of the Common Units, failure
or inability to receive Partnership distributions or otherwise) from any delay
by the Company in delivering to you Common Units in connection with the whole or
partial exercise by you of the Options.

       

       

              12.       
These Options are subject to the terms of the Plan, which is hereby incorporated
by reference as if set forth in its entirety herein, including, without
limitation, the ability of the Company, in its discretion, to accelerate the
termination of the Option and to amend your Option grant award without your
approval. In the event of a conflict between the terms of this Agreement and the
Plan, the Plan shall be the controlling document. Capitalized terms that are
used, but are not defined, in this Option grant award have the respective
meanings provided for in the Plan. The Plan, as in effect on the Date of Grant,
is attached hereto as Exhibit
A.

       

      
        	 
      	
                EPCO,
      Inc.

              
	 
      
	 
      	
                By:_________________________________

              
	 
      	
                     ____________,
      Vice President

              

      

      

       

       

      -3-

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