Document:

EX-10.1

 Exhibit 10.1 
  

 
  
 We Create
Happiness, Laughter and Love 
 Rewards for Your Contribution to Our Success 

Executive Incentive Plan 

 

 
  

Creativity. Innovation. Collaboration. 
 Our commitment to these ideals has allowed us to become one of the world’s largest producers and distributors of social expressions products. As a leader at American Greetings, you
have a unique opportunity to focus our associates on these key areas and to cultivate a work environment that is stimulating, productive and rewarding. 
 In addition, the decisions you make and the things you do every day have a direct and meaningful impact both within your department and across the company. We have designed the Executive
Incentive Plan (also referred to herein as the “Plan”) to reward you for the critical role you play. As a leader, you help foster and channel your energy and the energy of those around you into delivering winning products and strategies to
the marketplace and bringing our corporate mission to life. 
 Table of Contents 

Plan Objectives and Who Is Eligible .2 
 How Plan Works 3 
 Measuring Performance 4

 Award Calculation .5 
 Important Administrative Plan Details .6-7 
 Key
Terms.8 

 

 
  
 Plan
Objectives 

	 •
	  
	 Emphasizes teamwork and mutual cooperation | Our success depends on the collaborative effort of all of our
associates who demonstrate commitment to quality. 

	 •
	  
	 Rewards leaders for success | Award opportunity is greatest when attention is given to the achievement of
Corporate EBITDA objectives. 

 Who Is Eligible 

You are eligible to participate in the Plan if you are a company executive. 

Refer to the sections entitled Important Administrative Plan Details and Key Terms for additional details on eligibility
for participation in the Plan. 
 Watch for Your Participant Letter 

You will receive a Participant Letter that outlines information specific to your participation in the Plan, such as your
target award. 
 As a result of the privatization of American Greetings that occurred on August 9, 2013,
certain of the performance measures previously established under the Executive Incentive Plan became obsolete as they no longer align with the goals of the Company. As a result, this Plan document amends, restates and supersedes the plan originally
established for Fiscal 2014. 

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 How the
Plan Works 
 The Plan provides a cash award for the achievement of Corporate EBITDA measured over a 12-month
fiscal year. EBITDA is the sum of the corporation’s earnings before interest, taxes, depreciation and amortization as calculated based on the consolidated statement of cash flows. 

Your Award Opportunity 
 Your target award is established at the beginning of each fiscal year and will be communicated to you at that time. 
 Your target award is: 

	 •
	  
	 A percentage of your base earnings based on your job level 

	 •
	  
	 The award you would earn if we achieve 100% of our Corporate EBITDA goal 

The amount of the award you receive will increase or decrease based on actual Corporate EBITDA performance. 

American Greetings will establish goals prior to the end of each fiscal year. At the end of the fiscal year, American
Greetings determines the extent the Corporate EBITDA performance goal has been met. 
 EXAMPLE 

If base earnings are $200,000 and target award percentage is 30% of base earnings, total target award is $60,000.

 Base Earnings ($200,000) x Target Award % (30%) 

Target Award ($60,000) 

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 Measuring
Performance 
 When the American Greetings Corporate EBITDA result for the fiscal year is final, it is compared
to the EBITDA goal that was established for the purpose of the Executive Incentive Plan. 
 Financial Performance
Award Scale 
 Your actual award is based on fiscal year-end performance results using the award scale shown at
right. Your actual award may range from 0% to 200% of the target award. 
 To earn an award, Corporate EBITDA
must at least reach threshold. There is no award for below-threshold performance. Corporate EBITDA threshold is 90% of the goal. 
 Achieving goal means American Greetings pays awards at target levels. 
 Performance above goal will result in an increased award up to a maximum level. 
 Performance Multiplier 
 How It’s Used in the
Award Scale 
 Performance multipliers are another way to think about the award scale. There is a relationship
between performance and your actual award. The 4:1 multiplier for the Corporate EBITDA performance measure means that for every 1% increase or decrease in the percentage of goal achieved, your target award will be adjusted up or down by 4% to
determine your actual award. 
 Performance 

Above Goal 
 Goal 
 Below Goal Below Threshold 

MAXIMUM 
 G O A L 
 THRESHOLD 

Actual Award 
 200% of Target 
 100% of Target 

60% of Target 
 0% of Target 
 (No Award 

Below Threshold) 

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 Ben’s
Award Example 
 Ben, Manager $200,000 base earnings, $60,000 target award 

Corporate EBITDA 
 Award Performance Actual Award Actual Award Scale (4:1) as % of Goal as a % of Target in Dollars Maximum 125% 200% $120,000 120% 180% $108,000 110% 140% $84,000 Goal 100% 100% $60,000
Threshold 90% 60% $36,000 
 HOW IT’S CALCULATED 

The formula to calculate your actual award as a percent of target is: 

(Actual Performance – Goal) x 4 + 100% = Actual Award as a % of Target Award Performance Above Goal: (110%—100%)
x 4 + 100% = 140% of Target Award Performance Below Goal: (90%—100%) x 4 + 100% = 60% of Target Award 

BEN’S ACTUAL AWARD FOR CORPORATE COMPONENT 

	 •
	  
	 EBITDA Performance: 110% of goal = actual award of 140% of target ($84,000) 

Total Award = $84,000 
 $100,000 
 Target Award x Award as % of Target =
Actual Award $60,000 x 140% = $84,000 
 $80,000 

$60,000 
 $40,000 $60,000 $84,000 
 $20,000 

$0 
 Target Award Actual Award $60,000 $84,000 

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 Important
Administrative Plan Details 
 If your employment status changes, your Plan participation and any payouts may be
affected as described below: 
 New Hires 

If you are hired during the Plan year — defined as the American Greetings fiscal year ending February 28, 2014
— and are eligible to participate in the Executive Incentive Plan, you will receive a prorated incentive award for the period of time you participated in the Plan during the applicable fiscal year based on the base earnings paid to you during
that period. 
 Promotions and Transfers 
 If you are promoted during the Plan year, your individual target award or base earnings may change. If either of these do change, your award will be prorated to the first payroll date on
or after the date of promotion or transfer based on the award target and base earnings of the corresponding periods. 
 Termination 
 No award is earned if you separate
from the Company for any reason (other than qualified leave of absence, disability, or death) before the completion of the fiscal performance period. 
 Leave of Absence, Disability, Death 
 If you take a
leave of absence, suffer a permanent disability or die, your actual award will be prorated to the first payroll date on or after the date of leave, permanent disability or death based on the award targets and base earnings of the corresponding
periods. 
 An associate will be deemed to suffer a permanent disability only in the following circumstances:
(A) where an associate is absent from employment with American Greetings due to his or her inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment, which either can be
expected to result in death, or can be expected to last for a continuous period of not less than 12 months; or (B) where an associate is scheduled to receive income replacement benefits for a period of not less than 3 months under an accident
and health plan covering an American Greetings associate on account of a medically determinable physical or mental impairment that can be expected to result in death or last for a continuous period of not less than 12 months. 

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 Important
Administrative Plan Details 
 Incentive Award 

Incentive awards earned in fiscal year 2014 will be paid to participants within two and one-half months following the end
of fiscal 2014, typically within 60 days after the end of the fiscal year. Plan awards are subject to normal tax withholding at a standardized rate and will be deposited to a bank account of your choice. 

It is the intent that incentive awards either fall under the short-term deferral rules of Section 409A of the
Internal Revenue Code to exempt the payment of such Executive Incentive Plan benefits from the requirements of Section 409A or otherwise comply with the requirement of Section 409A. If incentive awards are subject to Section 409A, the
Plan will be interpreted in accordance with Section 409A and the regulations promulgated thereunder. 

Calculating Payouts 
 For computation purposes, financial goals and actual performance results are rounded to the nearest $1,000. The percent of the financial goal achieved and the percent of target award
earned is rounded to the nearest one-tenth of one percent. The actual incentive award is rounded to the nearest dollar. 
 Questions 
 If you have questions about the
Executive Incentive Plan and how it works, please contact your manager. Your manager will work with you to ensure you understand the Plan so you can maximize your annual award. 

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 Key Terms

 The following provides definitions of some common terms used throughout this brochure. 

Base Earnings 
 Your base earnings are defined as your base salary earned during the fiscal year. Base earnings exclude health and welfare benefits, bonus, commission, and incentive payments, overtime and
other direct or indirect compensation. Base earnings for Plan participants outside of the U.S. may be defined differently and may vary by country. 
 Corporate EBITDA 
 The sum of the
corporation’s earnings before interest, taxes, depreciation, and amortization as calculated based on the consolidated statement of cash flows. 
 Eligibility. 
 You are eligible to participate in
Executive Incentive Plan if you are a company executive in job class 319 or above. 
 Fiscal Year 

March 1 through February 28 or 29 of the following calendar year. 

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 Nothing in
this brochure or in any Participant Letter should be construed to create or imply any contract of employment between an associate and American Greetings and its subsidiaries or to create any binding contractual right to payment of any specific
amount under the American Greetings Executive Incentive Plan. The provisions of this brochure describe the general guidelines used by American Greetings in determining the benefits payable to Plan participants; however, in every case, American
Greetings reserves the right to reduce or eliminate the amount that would otherwise be payable to a participant or participants under such guidelines where it determines, in its discretion, that such a reduction is necessary or appropriate, in light
of the participant’s performance or other relevant business circumstances. In its capacity as administrator of the Executive Incentive Plan, American Greetings reserves the right to construe and interpret the Plan in all respects and to make
all determinations and take all actions necessary or advisable for the management and administration of the Executive Incentive Plan, including establishing, adopting or revising any rules as it may deem necessary. 

Any award earned under this Executive Incentive Plan shall be subject to rescission, cancellation or recoupment, in whole
or part, if and to the extent so provided under any “clawback,” recoupment or similar policy of American Greetings in effect on the date of payment or that may be established thereafter. Interest in any award under the Executive Incentive
Plan may not be assigned, alienated or encumbered by any Plan participant. 
 American Greetings reserves the
right to terminate or make changes to the Executive Incentive Plan, including retroactively, at any time without prior notice to any of the Executive Incentive Plan’s participants. The Board of Directors (or committee thereof) are the only
persons who have the authority to alter or amend this Plan. Any such alteration or amendment must be done in writing. No participant should rely on an alteration or amendment to this Plan unless it is made in writing and signed by a Co-Chief
Executive Officer or the Chairman. The Plan will be governed, construed and administered in accordance with the laws of the State of Ohio, without reference to its conflict of laws provisions. 

9 

 

 
  
 Notes

 10 

 

 
  
 [graphic]EX-10.2

 Exhibit 10.2 
  

 
  
 Rewarding
Your Long-Term Performance 
 Long-Term Incentive 

FY14 • FY15 • FY16 

 

 
  
 Sharing in
American Greetings Success 
 The Long-Term Incentive Plan (also referred to herein as the “Plan” or
“LTIP”) is designed to reward you for your contributions toward the achievement of the Company’s long-term financial objectives. 
 Table of Contents 
 Plan Overview .2 

Performance Goals and Measurement .3 
 Award Calculation Examples .4 
 Important
Administrative Plan Details .5-7 

 

 
  
 Plan
Objectives 

	 •
	  
	 Focus on driving exceptional financial results | Motivate leaders to substantially improve our earnings
performance over the long-term. 

	 •
	  
	 Share in the success of the Company when results are achieved | Instill a sense of purpose, direction and
collective unity as efforts are directed toward the achievement of a common objective. 

 Who
Is Eligible 
 Associates in job class 317 (85/86) or above are eligible to participate. 

Refer to the sections entitled Important Administrative Plan Details for additional details on eligibility for
participation in the Plan. 
 How the Plan Works 

The Long-Term Incentive Plan provides you with an opportunity to earn a cash award if American Greetings achieves its
planned three-year earnings goal. This goal represents the cumulative earnings before interest, taxes, depreciation, and amortization (EBITDA) that the Company needs to generate over fiscal years 2014, 2015 and 2016 to achieve its financial
objectives. 
 Your Long-Term Incentive Plan (LTIP) award is tied directly to our three-year, cumulative EBITDA
performance. The more EBITDA we generate, the greater your potential award. 
 Provided we achieve at least
threshold performance, your LTIP award will be equal to your target award opportunity multiplied by the earned award percentage. 

	 •
	  
	 Target award opportunity: a fixed dollar amount tied to your job level that represents what your earned award
would be if we achieved 100% of our three-year, cumulative EBITDA goal. Your target award opportunity will be communicated to you separately. 

	 •
	  
	 Earned award percentage: represents how much of your target award opportunity you have earned as a result of
the Company’s EBITDA performance. It can range from 0% (no award) to 200% (maximum possible award). 

 If an award is earned, it will be paid to you through the Company’s regular payroll process following the calculation of the cumulative EBITDA which will occur after the close of
fiscal 2016. 

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Performance Goals and Measurement 
 When American Greetings three-year, cumulative EBITDA result is calculated, it will be compared to the threshold, target and maximum EBITDA performance goals that have been established for
the purposes of the Long-Term Incentive Plan. This comparison of our actual result to our goals is considered our EBITDA performance and is directly tied to the Plan’s earned award percentage. 

Earned Award Performance Level What it Means Percentage 

The minimum performance that can be 
 Threshold 50% achieved and still earn an award Target What we want to achieve 100% The performance at which the largest possible Maximum 200% award can be earned 

No award is earned for performance below Threshold. The award is capped at 200% for performance above Maximum. The earned
award percentage is interpolated for performance between Threshold and Maximum. 

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 Award
Calculation Examples 
 For the purposes of these examples, assume our three-year, cumulative EBITDA goals are as
presented in the table to the right (Note that these goals are strictly for illustration purposes only. Our actual goal may be different and will be communicated to you separately). 

Example A: 

	 •
	  
	 Target Award Opportunity = $5,000 

	 •
	  
	 Fiscal 2014—2016 EBITDA performance = $510 million 

	 •
	  
	 Earned Award Percentage = 120% (see Example A Calculation) 

	 •
	  
	 Earned Award = $6,000 ($5,000 x 120%) 

Example B: 

	 •
	  
	 Target Award Opportunity = $5,000 

	 •
	  
	 Fiscal 2014—2016 EBITDA performance = $480 million 

	 •
	  
	 Earned Award Percentage = 80% (see Example B Calculation) 

	 •
	  
	 Earned Award = $4,000 ($5,000 x 80%) 

Three-Year Cumulative Earned Award Performance EBITDA Goal Percentage 

Threshold $450 million 50% Target $500 million 100% Maximum $550 million 200% 

Example A Calculation 
 ($510 – $500) 
 Earned Award % = x
(200%—100%) + 100% = 120% ($550 – $500) 
 Example B Calculation 

($480 – $450) 
 Earned Award % = x (100%—50%) + 50% = 80% ($500 – $450) 
 HOW IT’S CALCULATED 
 The interpolation
formula used to calculate the earned award percentage. When Actual Performance less than Target Goal: 
 (Actual
Performance – Threshold Goal) 
 Earned Award % = x (100%—50%) + 50% (Target Goal – Threshold
Goal) 
 When Actual Performance greater than Target Goal: 

(Actual Performance – Target Goal) 
 Earned Award % = x (200%—100%) + 100% (Maximum Goal – Target Goal) 

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 Important
Administrative Plan Details 
 Eligibility 

To be eligible to participate in the Long-Term Incentive Plan, you must be actively employed in a corporate-level job
class of 317 (85/86) or above. 
 New Hires 

If you are hired between March 1, 2013 and February 29, 2016, your award will be prorated for the period of time
(to the nearest full month) you are a participant in the Plan. 
 Promotions 

If you are promoted, your award will be prorated to the nearest full month, based on the period of participation.

 Termination 
 No award is earned if you separate from the Company for any reason (other than qualified leave of absence, retirement, disability, or death) before the completion of the fiscal 2014-2016
performance period. 
 Leave of Absence, Permanent Disability, Death 

If you take a qualified leave of absence, retire on or after attaining age 65 with 10 years of continuous service, suffer
a permanent disability or die, your award will be prorated to the first of the month on or after the date of leave, permanent disability or death. 
 An associate will be deemed to suffer a permanent disability only in the following circumstances: (A) where an associate is absent from employment with American Greetings due to his
or her inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment, which either can be expected to result in death, or can be expected to last for a continuous period of not less
than 12 months; or (B) where an associate is scheduled to receive income replacement benefits for a period of not less than 3 months under an accident and health plan covering an American Greetings associate on account of a medically
determinable physical or mental impairment that can be expected to result in death or last for a continuous period of not less than 12 months. 

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 Important
Administrative Plan Details 
 Award Payments 

Incentive awards earned will be paid to participants within two and one-half months following the end of fiscal 2016,
typically within 60 days after the end of the fiscal year. Plan awards are subject to normal tax withholding at a standardized rate and will be deposited to a bank account of your choice. 

It is the intent that incentive awards fall under the short-term deferral rules of Section 409A of the Internal
Revenue Code to exempt the payment of such Long-Term Incentive Plan benefits from the requirements of Section 409A or otherwise comply with the requirement of Section 409A. If incentive awards are subject to Section 409A, the Plan
will be interpreted in accordance with Section 409A and the regulations promulgated thereunder. 

Calculating Payouts 
 For computation purposes, financial goals and actual performance results are rounded to the nearest $1,000. The percent of the financial goal achieved and the percent of target award
earned is rounded to the nearest one-tenth of one percent. The actual incentive award is rounded to the nearest dollar. 

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 Nothing in
this brochure or in any Participant Letter should be construed to create or imply any contract of employment between an associate and American Greetings and its subsidiaries or to create any binding contractual right to payment of any specific
amount under the American Greetings Long-Term Incentive Plan. The provisions of this brochure describe the general guidelines used by American Greetings in determining the benefits payable to Plan participants; however, in every case, American
Greetings reserves the right to reduce or eliminate the amount that would otherwise be payable to a participant or participants under such guidelines where it determines, in its discretion, that such a reduction is necessary or appropriate, in light
of the participant’s performance or other relevant business circumstances. In its capacity as administrator of the Long-Term Incentive Plan, American Greetings reserves the right to construe and interpret the Plan in all respects and to make
all determinations and take all actions necessary or advisable for the management and administration of the Long-Term Incentive Plan, including establishing, adopting or revising any rules as it may deem necessary. 

Questions 
 If you have general questions about the American Greetings Long-Term Incentive Plan, please contact the American Greetings Shared Services Department at World Headquarters in Cleveland at
1-800-321-3040 ext. 4711. 
 Any award earned under this Long-Term Incentive Plan shall be subject to rescission,
cancellation or recoupment, in whole or part, if and to the extent so provided under any “clawback,” recoupment or similar policy of American Greetings in effect on the date of payment or that may be established thereafter. Interest in any
award under the Long-Term Incentive Plan may not be assigned, alienated or encumbered by any Plan participant. 

American Greetings reserves the right to terminate or make changes to the LTIP, including retroactively, at any time
without prior notice to any of the LTIP’s participants. The Board of Directors (or committee thereof) are the only persons who have the authority to alter or amend this LTIP. Any such alteration or amendment must be done in writing. No
participant should rely on an alteration or amendment to this LTIP unless it is made in writing and signed by a Co-Chief Executive Officer or the Chairman. The Plan will be governed, construed and administered in accordance with the laws of the
State of Ohio, without reference to its conflict of laws provisions. 

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 Notes

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 [graphic]

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