Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.2  

 
 

TAX ALLOCATION AGREEMENT
  DATED AS OF SEPTEMBER 30, 2005
  BY AND BETWEEN
  AMERICAN EXPRESS COMPANY
  AND
  AMERIPRISE FINANCIAL, INC.  
  

  

	ARTICLE I

DEFINITIONS AND STANDARDS
	

Section 1.01.	
 	

Definitions	
 	

2
	

Section 1.02.	
 	

General Interpretive Principles	
 	

8
	

Section 1.03.	
 	

Applicable Standards	
 	

8
	

ARTICLE II

U.S. CONSOLIDATED FEDERAL INCOME TAX LIABILITIES
	

Section 2.01.	
 	

Pre-2005 Taxable Years	
 	

8
	

Section 2.02.	
 	

2005 Taxable Year	
 	

9
	

Section 2.03.	
 	

U.S. Federal Alternative Minimum Tax	
 	

10
	

ARTICLE III

U.S. COMBINED STATE AND LOCAL INCOME TAX LIABILITIES
	

Section 3.01.	
 	

Returns Covered	
 	

11
	

Section 3.02.	
 	

Pre-2005 Taxable Years	
 	

11
	

Section 3.03.	
 	

Net Operating Losses	
 	

11
	

Section 3.04.	
 	

2005 Taxable Year	
 	

11
	

Section 3.05.	
 	

Estimated Taxes, Etc	
 	

11
	

Section 3.06.	
 	

Adjustments	
 	

12
	

ARTICLE IV

SEPARATE TAX RETURN OBLIGATIONS
	

Section 4.01.	
 	

Ameriprise Tax Liability	
 	

12
	

Section 4.02.	
 	

AXP Tax Liability	
 	

12
	

Section 4.03.	
 	

Separate Return Adjustments	
 	

12
	

ARTICLE V

TAX-FREE STATUS OF DISTRIBUTION
	

Section 5.01.	
 	

Tax-Free Status Ruling, Etc	
 	

13
	

Section 5.02.	
 	

Maintaining Status of Active Business	
 	

13
	

Section 5.03.	
 	

Limits on Proposed Acquisition Transactions, Etc	
 	

13
	

Section 5.04.	
 	

Twenty Five Percent Proposed Acquisition Transactions	
 	

14
	

Section 5.05.	
 	

Indemnity	
 	

14
	

ARTICLE VI

DUAL CONSOLIDATED LOSSES
	

Section 6.01.	
 	

Ameriprise Liability	
 	

15
	

Section 6.02.	
 	

Recapture Taxes	
 	

15
	

Section 6.03.	
 	

Closing Agreement	
 	

15
	 	 	 	 	 

i

 

	

ARTICLE VII

CARRYOVER AND CARRYBACK ITEMS
	

Section 7.01.	
 	

Carryovers to Post-Affiliation Years	
 	

15
	

Section 7.02.	
 	

Carrybacks from Post-Affiliation Years	
 	

16
	

ARTICLE VIII

U.S. FEDERAL INCOME TAX ADJUSTMENTS
	

Section 8.01.	
 	

Determination	
 	

16
	

Section 8.02.	
 	

Payments	
 	

16
	

Section 8.03.	
 	

Procedures	
 	

17
	

Section 8.04.	
 	

Intercompany Adjustments	
 	

17
	

ARTICLE IX

U.S. FEDERAL INCOME TAX PROCEEDINGS
	

Section 9.01.	
 	

Ameriprise and AXP Issues	
 	

17
	

Section 9.02.	
 	

Procedures	
 	

17
	

Section 9.03.	
 	

Control of Issues	
 	

18
	

Section 9.04.	
 	

Options for Resolution	
 	

18
	

Section 9.05.	
 	

Forum for Judicial Proceedings	
 	

19
	

Section 9.06.	
 	

Settlement of Claims	
 	

19
	

ARTICLE X

PAYMENTS
	

Section 10.01.	
 	

Reporting of Indemnity Payments, Etc	
 	

19
	

Section 10.02.	
 	

Interest on Late Payments	
 	

19
	

ARTICLE XI

TAX RETURNS
	

Section 11.01.	
 	

Cooperation and Furnishing of Tax Return Information	
 	

19
	

Section 11.02.	
 	

Preparation of Tax Returns	
 	

20
	

ARTICLE XII

POST-AFFILIATION YEARS AND POST-COMBINED YEARS
	

Section 12.01.	
 	

Returns	
 	

21
	

Section 12.02.	
 	

Actions or Transactions	
 	

21
	

Section 12.03.	
 	

Proposed Adjustments	
 	

21
	

ARTICLE XIII

BOOKS AND RECORDS
	

Section 13.01.	
 	

Retention Period	
 	

21
	

Section 13.02.	
 	

Record Retention Policy	
 	

21
	

Section 13.03.	
 	

Tax Attributes	
 	

21
	 	 	 	 	 

ii

 

	

ARTICLE XIV

COMPENSATION AND EMPLOYEE BENEFITS
	

Section 14.01.	
 	

General	
 	

22
	

Section 14.02.	
 	

AXP Stock-Based Awards	
 	

22
	

Section 14.03.	
 	

Reporting of Deductions	
 	

22
	

Section 14.04.	
 	

Employment Taxes and Tax Reporting	
 	

22
	

Section 14.05.	
 	

Determinations	
 	

22
	

ARTICLE XV

MISCELLANEOUS
	

Section 15.01.	
 	

Notices	
 	

22
	

Section 15.02.	
 	

Complete Agreement; Representations	
 	

23
	

Section 15.03.	
 	

Amendment, Modification, or Waiver	
 	

24
	

Section 15.04.	
 	

Severability	
 	

24
	

Section 15.05.	
 	

No Assignment; Binding Effect; No Third-Party Beneficiaries	
 	

24
	

Section 15.06.	
 	

Headings	
 	

24
	

Section 15.07.	
 	

Counterparts	
 	

24
	

Section 15.08.	
 	

Governing Law	
 	

24

iii

  

 
 

FORM OF TAX ALLOCATION AGREEMENT    
    

        This TAX ALLOCATION AGREEMENT, dated as of this 30th day of September, 2005 (this "Agreement"), is between American
Express Company, a New York corporation ("AXP"), and Ameriprise Financial, Inc., a Delaware corporation ("Ameriprise," and together
with AXP, each a "Party" and collectively, the "Parties"). AXP has its executive office at American Express Tower, 3 World Financial Center, 200 Vesey Street, New York,
New York 10285. Ameriprise has an executive office at 707 2nd Avenue, South, Minneapolis, Minnesota 55474. 

        WHEREAS,
the Board of Directors of AXP has determined that it is in the best interests of AXP to separate the Ameriprise Business (as defined below) and the AXP Business (as defined
below) into two independent public companies, on the terms and subject to the conditions set forth in the Separation Agreement (as defined below), in order to resolve issues related to the allocation
of capital and management resources between the Ameriprise Business and the AXP Business, and to give Ameriprise greater flexibility to manage, invest in, and expand the Ameriprise Business while
ensuring that AXP can focus its time and resources on the development of the AXP Business; 

        WHEREAS,
in order to effectuate the foregoing, AXP and Ameriprise have entered into a Separation and Distribution Agreement, dated as of August 24, 2005, (the
"Separation Agreement"), pursuant to which and subject to the terms and conditions set forth therein, the Ameriprise Business shall be separated from the AXP Business and
the Ameriprise Common Stock (as defined below) shall be distributed on a pro rata basis to AXP shareholders; 

        WHEREAS,
for U.S. federal income Tax purposes, from January 13, 1984, through the Distribution Date (defined below) of the Distribution (defined below), income of certain present
and former members of the Ameriprise Group (defined below) has been or will be included in AXP Consolidated Returns (defined below) and, from January 1, 1990, through the Distribution Date,
income of certain life insurance companies subject to tax under section 801 of the Code (defined below), that are or were part of the Ameriprise Group, has been or will be included in AXP
Consolidated Returns; 

        WHEREAS,
certain Ameriprise Combined Group (defined below) members have filed or will file Combined Returns (defined below) covering U.S. state and local income Taxes with AXP Combined
Groups (defined below) as part of their respective Total Combined Groups (defined below); 

        WHEREAS,
Ameriprise and other members of the Ameriprise Group will cease to be members of the AXP Group for U.S. federal income Tax purposes after the Distribution Date, and Ameriprise
and other members of Ameriprise Combined Groups will cease to be members of their respective Total Combined Groups for U.S. state and local income Tax purposes after the Distribution Date; 

        WHEREAS,
the failure of the Distribution to have a Tax-Free Status (defined below) or certain actions taken with respect to Ameriprise Capital Stock (defined below) could
subject AXP and its shareholders to additional Tax costs in connection with the Distribution; and 

        WHEREAS,
AXP and Ameriprise desire in this Agreement to (i) set forth Tax allocation principles for Affiliation Years for U.S. federal income Tax purposes and Combined Years for
U.S. state and local income Tax purposes, which, except to the extent provided herein, will supersede all prior policies and procedures governing the allocation of Taxes, (ii) define the
effects upon the settlement and allocation of certain Tax liabilities and Tax benefits of transactions or developments that occur during taxable years commencing after the Distribution Date,
(iii) set forth the responsibility for their respective stand-alone income and other Tax liabilities, and (iv) allocate liability for certain Tax costs that may be incurred in connection
with the Distribution. 

1

 

        NOW,
THEREFORE, in consideration of the foregoing, the promises and covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, AXP and Ameriprise hereby agree as follows: 

 
 

ARTICLE I
  
    DEFINITIONS AND STANDARDS  
    

        SECTION
1.01.    Definitions.    For all purposes of this Agreement, the following terms shall have the following meanings: 

        "2004
Excess AXP Group Benefits" shall mean the term as defined in Section 2.01. 

        "2004
Tax Liability" shall mean the term as defined in Section 2.01. 

        "2004
Tax Year" shall mean the term as defined in Section 2.01. 

        "2005
Excess AXP Group Benefits" shall mean the term as defined in Section 2.02. 

        "2005
Tax Liability" shall mean the term as defined in Section 2.02. 

        "2005
Tax Year" shall mean the term as defined in Section 2.02. 

        "Additional
Excess Items" shall mean the term as defined under "Excess AXP Group Benefits." 

        "Adjusted
Separate Ameriprise Group Federal Tax Liability" shall mean with respect to any Affiliation Year(s) the U.S. federal income Tax liability of the
Ameriprise Group, as determined by AXP in good faith, applying the Highest Federal Tax Rate, computed as if the Ameriprise Group (with Ameriprise as the common parent) filed a consolidated U.S.
federal income Tax Return separately from the AXP Group ("Ameriprise Consolidated Return"), and applying such U.S. Tax laws and regulations as would have been applicable
to the Ameriprise Group if it had so filed separately, but not taking into account any items that are predicated on base amounts determined on a consolidated basis such as research Credits, subject to
the following: 

        (i)    the
Ameriprise Group shall be treated as bound by all accounting methods, elections and other determinations adopted or made by AXP for the AXP Group for all Affiliation
Years, including, but not limited to, determinations made in respect of carrybacks and carryovers; 

        (ii)   the
Ameriprise Group shall be permitted to reduce its Adjusted Separate Ameriprise Group Federal Tax Liability (but not below zero) to the extent that AXP determines
that the AXP Group is able to reduce its U.S. federal income Tax liability in the AXP Consolidated Return for such Affiliation Year by utilizing items of deduction, loss, or Credit of the Ameriprise
Group which AXP determines the Ameriprise Group would have been unable to utilize if it had filed an Ameriprise Consolidated Return ("Excess Items");
provided, that if there are any limitations in the ability of the AXP Group to utilize items in the same category as such Excess Items in their entirety for such year, the
Ameriprise Group shall be limited in the reduction of its Adjusted Separate Ameriprise Group Federal Tax Liability to its share of such Excess Items, as determined by AXP, on a Proportionate Basis;
provided, further, that if, pursuant to the above provisions, an Excess Item is not usable, in whole or in part, by the AXP Group in one
Affiliation Year, it may, as determined by AXP in good faith pursuant to Section 8.03 hereof, be
carried over or carried back as an Excess Item to any other Affiliation Year subject to the same limitations as above; and 

        (iii)  the
Ameriprise Group shall take into account the items of Ameriprise Group income, gain, loss, deduction or Credit attributable to intercompany items, excess loss
accounts, dual consolidated losses and other items that AXP determines are required to be restored, recaptured or otherwise triggered as a result of the Distribution or related transactions. 

2

 

        "Adjustment"
shall mean, with respect to any Affiliation Year, any change in actual Tax liability from the Tax liability reported on an AXP Consolidated
Return, including changes attributable to amended Tax Returns, deficiencies asserted by a Taxing authority, overpayments, and claims for refund, and changes required by application of the Code and
Treasury Regulations including, but not limited to, changes required pursuant to Treasury Regulations Section 1.1502-47 (setting forth consolidated return rules applicable to
life-non-life groups), and Taxing authority audits, examinations, proceedings or litigation resulting from any of the foregoing events (collectively, "Adjustment
Events"). Adjustment shall mean with respect of any Combined Year in which an Ameriprise Combined Group files a Combined Return with an AXP Combined Group as part of a Total Combined
Group, any change in the actual Tax liability of the applicable Total Combined Group, including changes attributable to Adjustment Events. 

        "Affiliate"
shall mean any entity that is directly or indirectly controlled by the person in question. For this purpose, "control" shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management and the policies of a person, whether through ownership of voting securities, by contract or otherwise.
"Ameriprise Affiliate" shall mean an Affiliate of Ameriprise. "AXP Affiliate" shall mean an Affiliate of AXP other than Ameriprise and
Ameriprise Affiliates. 

        "Affiliation
Year" shall mean each taxable year, or portion thereof, with respect to which any member of the Ameriprise Group joined or will join the AXP
Group in the filing of an AXP Consolidated Return. 

        "Ameriprise
AMT Liability" shall mean the term as defined in Section 2.03. 

        "Ameriprise
Business" means the business and operations conducted by the Ameriprise Group from time to time, whether prior to, at or after the Effective
Time, including the business and operations conducted by the Ameriprise Group, as more fully described in the Information Statement; provided that "Ameriprise Business" shall not include AMEX
Assurance. 

        "Ameriprise
Capital Stock" shall mean all classes or series of stock of Ameriprise and all options, warrants, derivatives, rights to acquire stock, and other
interests and instruments taken into account for purposes of determining a Fifty-Percent or Greater Interest in Ameriprise. 

        "Ameriprise
Combined Group" shall mean an affiliated group of corporations (as constituted from time to time), consisting of Ameriprise and/or its directly
or indirectly owned subsidiaries, that AXP determines will join in filing a Combined Return with an AXP Combined Group. 

        "Ameriprise
Common Stock" shall mean the term as defined under "Distribution." 

        "Ameriprise
Group" shall mean the affiliated group of corporations (as constituted from time to time), consisting of Ameriprise and/or its directly or
indirectly owned subsidiaries, that AXP determines will join in filing an AXP Consolidated Return. 

        "Ameriprise
Group State Tax Liability" shall mean the term as defined in Section 3.02. 

        "Ameriprise
Issues" shall mean the term as defined in Section 9.01. 

        "Ameriprise
Separate AMT" shall mean the term as defined in Section 2.03. 

        "Ameriprise
Unsettled Issues" shall mean the term as defined in Section 9.03. 

        "AMT"
shall mean the term as defined in Section 2.03. 

        "Article IX
Taxes" shall mean the term as defined in Section 9.03. 

        "AXP
AMT Liability" shall mean the term as defined in Section 2.03. 

        "AXP
Business" means all businesses and operations of the AXP Group, other than the Ameriprise Business. 

3

 

        "AXP
Combined Group" shall mean an affiliated group of corporations (as constituted from time to time) owned directly or indirectly by AXP that AXP
determines will join in filing a Combined Return excluding members of an Ameriprise Combined Group. 

        "AXP
Consolidated Return" shall mean a consolidated U.S. federal income Tax Return filed by AXP on behalf of the AXP Group. 

        "AXP
Excess Issue" shall mean the term as defined in Section 9.04. 

        "AXP
Group" shall mean the affiliated group of corporations (as constituted from time to time), of which AXP is the common parent, that AXP determines will
join in filing an AXP Consolidated Return. 

        "AXP
Issues" shall mean the term as defined in Section 9.01. 

        "AXP
LOIs", "AXP Options" and "AXP Restricted Stock" shall have the meanings ascribed to them in
the Employee Benefits Agreement by and between AXP and Ameriprise dated as of September 30, 2005. 

        "AXP
Stock-Based Awards" shall mean AXP LOIs, AXP Options and/or AXP Restricted Stock. 

        "Board
Certificate" shall mean the term as defined in Section 5.04. 

        "Closing
Agreement" shall mean the term as defined in Section 6.01. 

        "Code"
shall mean the Internal Revenue Code of 1986, as amended. Any references herein to sections of the Code or Treasury Regulations promulgated thereunder
shall include any successor provisions thereto. 

        "Combined
Return" shall mean a combined or unitary U.S. state or local income, franchise, or gross receipts Tax Return. 

        "Combined
State" shall mean a U.S. state or locality requiring or permitting the filing of a Combined Return. 

        "Combined
Year" shall mean a taxable year (or portion thereof) in which an AXP Combined Group files a Combined Return with an Ameriprise Combined Group. 

        "Credits"
shall mean all of the credits against U.S. federal income Tax or, as applicable, against U.S. state or local Tax. Credits shall include, but not be
limited to, foreign Tax credits, research credits, low-income housing credits, investment Tax credits and targeted job credits. 

        "Distribution"
shall mean the distribution on a pro rata basis to holders of issued and outstanding shares of
common stock, par value $0.20 per share, of AXP, other than shares of AXP common stock held in the treasury of AXP, of all of the issued and outstanding shares of Ameriprise common stock, par value
$0.01 per share ("Ameriprise Common Stock"), beneficially owned by AXP, by means of a dividend of such Ameriprise Common Stock to such shareholders. 

        "Distribution
Date" shall mean the date on which the Distribution shall be effected, such date to be determined by, or under the authority of, the Board of
Directors of AXP in its sole and absolute discretion. 

        "Dual
Consolidated Loss" shall mean the term as defined in Section 6.01. 

        "Effective
Time" means the time at which the Distribution occurs on the Distribution Date. 

        "Estimated
State Taxes" shall mean the term as defined in Section 3.05. 

        "Evaluation"
shall mean the term as defined in Section 9.03. 

4

 

        "Excess
AXP Group Benefits" shall mean the amount by which AXP determines that AXP was able to reduce its U.S. federal income Tax liability in the AXP
Consolidated Return for an Affiliation Year by use of Excess Items (as defined above under "Adjusted Separate Ameriprise Group Federal Tax Liability") which would reduce the Adjusted Separate
Ameriprise Group Federal Tax Liability for such year, if zero, below zero ("Additional Excess Items"). Use of Additional Excess Items shall otherwise be subject to the
same limitations and other provisions applicable to the use of Excess Items, as determined by AXP in good faith. 

        "Exercised
AXP Options" shall mean the term as defined in Section 14.02. 

        "Fifty-Percent
or Greater Interest" shall mean a "50-percent or greater interest" for purposes of Sections 355(d) and (e) of the Code and
the Treasury Regulations promulgated thereunder. 

        "Final
Determination" shall mean a final settlement with a Taxing authority that is binding on all Parties or, if applicable, a final judicial decision upon
the expiration of the time for the decision to be appealed, with respect to the items in question. 

        "Foreign
Attribute" shall mean any item of income, gain, loss or deduction or any asset or liability relevant to the computation of taxable income from
sources without the United States and any item of Credit described in Section 901 of the Code (without regard to the limitation of Section 904 of the Code). 

        "Fund
Management Business" shall mean the business of Ameriprise so designated, as described in the request for rulings from the IRS in respect of the
Distribution and related matters, dated February 27, 2005, as supplemented from time to time. 

        "Highest
Combined Tax Rate" for the taxable year in question shall mean the sum of (i) the Highest Federal Tax Rate, and (ii) in the case of a
corporation, the average, weighted by jurisdiction, of the highest U.S. state and local income, franchise, and gross receipts Tax rates that would be applicable to such a corporation (net of any U.S.
federal income Tax benefit), or in the case of a Person other than a corporation, the highest U.S. state and local income Tax rates (net of any U.S. federal income Tax benefit) that would be
applicable to such Person or the beneficial owner(s) of such Person. 

        "Highest
Federal Tax Rate" for the taxable year in question shall mean (i) in the case of a corporation, the highest U.S. federal income Tax rate
applicable to a corporation, or (ii) in the case of a Person other than a corporation, the highest U.S. federal income Tax rate that would be applicable to such Person or the beneficial
owner(s) of such Person. 

        "Income
Tax Benefit" shall mean the amount of the Tax savings realized by the applicable group, as determined by AXP in good faith. Such amount shall be
determined by comparing (i) the actual U.S. federal income Tax liability and the corresponding U.S. state and local income Tax liability (net of any federal Tax benefit) of the applicable group
for the taxable year in question without giving effect to the items in question with (ii) the actual U.S. federal income Tax liability and the corresponding U.S. state and local Tax liability
(net of any federal Tax benefit) of the applicable group for such year after giving full effect to such items. An Income Tax Benefit shall be deemed to be realized at the time that the applicable
group receives a refund or credit for refund from the relevant Taxing authority. 

        "Income
Tax Detriment" shall mean the amount of additional Tax incurred by the applicable group, as determined by AXP in good faith. Such amount shall be
determined by comparing (i) the actual U.S. federal income Tax and the corresponding U.S. state and local Tax liability (net of any U.S. federal income Tax benefit) of the applicable group for
the taxable year in question after giving full effect to the items in question with (ii) the actual U.S. federal income Tax and the corresponding U.S. state and local Tax liability (net of any
U.S. federal income Tax benefit) of the applicable group without giving effect to such items. Unless otherwise provided herein, an Income Tax Detriment shall be deemed to be incurred at such time as
payment is made to the relevant Taxing authority upon a Final 

5

 

Determination
of items in questions. In computing the Tax liability of the AXP Group for purposes of clause (i) of the second sentence of this definition or clause (ii) of the second
sentence of the definition of "Income Tax Benefit" above, increases or decreases in the U.S. federal, state or local income Tax liability of the AXP Group attributable to the effect on AXP's (or any
AXP subsidiary's) basis in the stock of any member of the Ameriprise Group will not be taken into account. 

        "IRS"
shall mean the U.S. Internal Revenue Service. 

        "IRS
Agreement" shall mean the term as defined in Section 9.04. 

        "Minimum
Tax Credit" shall mean the term as defined in Section 2.03. 

        "New
AXP Issues" shall mean the term as defined in Section 9.04. 

        "NOLs"
shall mean the term as defined in Section 3.03. 

        "Person"
shall mean an individual or a partnership, corporation, limited liability company, association, joint stock company, trust, joint venture,
unincorporated organization, or other entity, without regard to whether such entity is treated as disregarded for U.S. federal income Tax purposes. 

        "Post-Affiliation
Year" shall mean a taxable period after the Distribution Date during which Ameriprise and its subsidiaries do not join the AXP
Group in the filing of an AXP Consolidated Return. 

        "Post-Combined
Year" shall mean a taxable period after the Distribution Date during which Ameriprise and its subsidiaries do not join a Total
Combined Group in the filing of a Combined Return with an AXP Combined Group. 

        "Proportionate
Basis" shall mean, with respect to an item or items attributable to a particular member or members of the Ameriprise Group, the determination
of the portion of such items based on the total value of such items over the total value of all items in the same category for the entire AXP Group for the same Affiliation Year of the AXP Group,
subject to any appropriate Adjustments thereto, as determined by AXP in good faith. 

        "Proposed
Acquisition Transaction" shall mean a transaction or series of transactions (or any agreement, understanding or arrangement, within the meaning of
Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, to enter into a transaction or series of transactions), as a result of which Ameriprise would merge or
consolidate with any other Person or as a result of which any Person or any group of Persons would (directly or indirectly) acquire, or have the right to acquire through the acquisition of an option
or otherwise, from Ameriprise and/or one or more holders of Ameriprise Capital Stock, an amount of Ameriprise Capital Stock that would, when combined with any other changes in ownership of Ameriprise
Capital Stock pertinent for purposes of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, comprise 40% or more of (A) the value of all outstanding
Ameriprise Capital Stock as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (B) the total combined voting power
of all outstanding Ameriprise Capital Stock as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series. For purposes of determining
whether a transaction constitutes an indirect acquisition for purposes of the first sentence of this definition, any recapitalization resulting in a shift of voting power or any redemption of shares
of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended to monitor compliance
with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly by AXP in good faith. 

        "RAR"
shall mean the term as defined in Section 9.02. 

        "Recapture
Taxes" shall mean the term as defined in Section 6.02. 

6

 

        "Representation
Letters" shall mean the term as defined in Section 5.01. 

        "Section 7.02
Claims" shall mean claims for refund attributable to items described in and filed pursuant to Section 7.02 of this Agreement. 

        "SFAS
Exercised AXP Options" shall mean the term as defined in Section 14.02. 

        "Tax"
or "Taxes" shall mean any tax, assessment, duty, fee or other charge imposed or collected by any government or political
subdivision thereof or any taxing authority thereunder, including but not limited to, any income, gross income, gross receipts, profits, capital stock, franchise, withholding, payroll, social
security, premium, guarantee fund, workers compensation, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service,
sales, use, license, lease, transfer, import, export, value added, minimum, alternative minimum, estimated or other tax (including any assessment, duty, fee or other charge in the nature of or in lieu
of any such tax), and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

        "Tax
Advisor" shall mean a United States law or accounting firm of national standing in the field of taxation selected by AXP. 

        "Tax-Free
Status" shall mean the qualification of the Distribution and related transactions as a distribution in which no gain or loss is
recognized, and no amount is includible in income, for U.S. federal income Tax purposes (other than intercompany items, excess loss accounts or other items required to be taken into account pursuant
to the Treasury Regulations promulgated under Section 1502 of the Code). 

        "Tax-Related
Losses" shall mean (i) all U.S. federal, state and local Taxes payable pursuant to any Final Determination or otherwise;
(ii) all professional fees, and court costs incurred in connection with such Taxes; and (iii) all costs, expenses and damages associated with stockholder litigation or controversies,
including but not limited to, any amount paid by AXP or any AXP Affiliate in respect of the liability of shareholders, whether paid to shareholders, the IRS, any other Taxing
authority, or any other person or entity, in each case, arising from the Distribution and related transactions failing to have Tax-Free Status in any manner. 

        "Tax
Return" shall mean any Tax return (including any amended return), report, information return, election, notice or other document filed or to be filed
with a Taxing authority, including any schedules or related or supporting information. 

        "Total
Combined Group" shall mean, with respect to any U.S. jurisdiction that requires or permits the filing of a Combined Return, the affiliated group of
corporations (as constituted from time to time), that AXP determines will join in the filing of such Combined Return, that includes an AXP Combined Group and an Ameriprise Combined Group. 

        "TPIs"
shall mean the term as defined in Section 2.03. 

        "Treasury
Regulations" shall mean U.S. Treasury regulations issued under the Code. 

        "Twenty
Five Percent Proposed Acquisition Transaction" shall mean any transaction or series of transactions that is not a Proposed Acquisition Transaction
but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25% instead of 40%. 

        "Unqualified
Tax Opinion" shall mean an unqualified "will" opinion of a law firm of nationally recognized standing in the field of taxation, which opinion is
acceptable to AXP and on which AXP may rely to confirm that a transaction will not affect the Tax-Free Status, including confirmation that may be provided for purposes of avoiding any
applicable penalties or additions to Tax. Any such opinion shall assume that the Distribution and related transactions would have qualified for Tax-Free Status had the transaction in
question not occurred. 

7

 

        "Vesting
Period" shall mean the period from and including the date on which an AXP Stock-Based Award is granted, to and including the date on which such
award is first exercisable (in the case of AXP Options) or vests, whichever occurs first. For these purposes, an AXP Stock-Based Award will be deemed to be vested when it is considered vested in
accordance with the applicable retirement practice and policies of AXP. 

        "Vesting
Ratio" shall mean the ratio of the number of days during a Vesting Period that an entity was a direct employer of record of a holder of an AXP
Stock-Based Award over the total number of days in the Vesting Period; provided, however, that no more than one entity will be deemed to be a direct employer of a holder on any given day. 

        SECTION
1.02.    General Interpretive Principles.    (a) Words in the singular shall include the plural and vice versa, and words
of one gender shall include the other gender, in each case, as the context requires, (b) the term "hereof," "herein," "hereunder," and "herewith" and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement and not to any particular provision of this Agreement, and any references to Article, Section, paragraph, exhibit and schedule are references
to the Articles, Sections, paragraphs, exhibits and schedules to this Agreement unless otherwise specified, (c) the word "including" and words of similar import when used in this Agreement
shall mean "including, without limitation," unless otherwise specified and (d) any reference to any federal, state, local or non-U.S. statute or law shall be deemed to also refer to
all rules and regulations promulgated thereunder, unless the context otherwise requires. 

        SECTION
1.03.    Applicable Standards.    Except as otherwise specifically provided herein, this Agreement shall supersede in all
respects any and all policies and procedures governing the allocation of Tax liability among the members of the AXP Group or the Total Combined Groups. Except as otherwise specifically provided
hereunder, all determinations and actions required under this Agreement will be taken by AXP and shall be made in good faith taking into account, among other factors, the goal of reducing the
aggregate Taxes of the Parties. It is the intention of the Parties that this Agreement shall be administered in a manner so that the allocation of income, deduction, loss or Credit between the Parties
will produce Tax consequences for the Parties, on a current, carryback and carryover basis, that are consistent with those that are required by the Code and Treasury Regulations. 

 
 

ARTICLE II
  
    U.S. CONSOLIDATED FEDERAL INCOME TAX LIABILITIES  
    

        SECTION
2.01.    Pre-2005 Taxable Years.    (a) Ameriprise and AXP Tax
Liabilities. Ameriprise shall be responsible for, and shall indemnify and hold AXP and the AXP Affiliates harmless against, the U.S. federal income Tax liability of the
Ameriprise Group for all taxable years ending on or before December 31, 2004, including the "2004 Tax Liability" (defined below). Ameriprise shall be liable for and pay AXP the Adjusted
Separate Ameriprise Group Federal Tax Liability for each such Affiliation Year. AXP shall pay Ameriprise, but Ameriprise shall remain liable for, Excess AXP Group Benefits, if any, for any such year
if the Adjusted Separate Ameriprise Group Federal Tax Liability for such year is zero. The "2004 Tax Liability" is the Adjusted Separate Ameriprise Group Federal Tax
Liability for the taxable year ending on December 31, 2004 ("2004 Taxable Year"). 

        (b)    2004 Tax Liability.    On or after the day AXP files the AXP Consolidated Return for the 2004 Taxable Year, AXP
shall determine the amount of the 2004 Tax Liability or any Excess AXP Group Benefits for such year ("2004 Excess AXP Group Benefits"). Ameriprise shall pay to AXP or AXP
shall pay to Ameriprise an amount equal to the difference between (i) the 2004 Tax Liability and (ii) the sum of any payments previously made by Ameriprise to AXP with respect to the
2004 Tax Liability, reduced (to and below zero) by the sum of any payments previously made or to be made by AXP to Ameriprise in respect of any 2004 Excess AXP Group Benefits. Payment by Ameriprise is
due within five (5) business days after billing by AXP. Payment by AXP is due within thirty (30) business days of filing the AXP Consolidated Return for the 2004 Taxable Year. 

8

  

        SECTION 2.02.    2005 Taxable Year.    (a) Ameriprise and
AXP Tax Liabilities. Ameriprise shall be responsible and pay AXP for, and shall indemnify and hold AXP and the AXP Affiliates harmless against, the "2005 Tax Liability" (as
defined below), which shall include, but not be limited to, all liabilities arising from the triggering of intercompany and other items as described in clause (iii) of the definition above of
"Adjusted Separate Ameriprise Group Federal Tax Liability." Notwithstanding anything herein to the contrary, Ameriprise shall be responsible for, and shall indemnify and hold AXP and the AXP
Affiliates harmless against, any Tax liabilities incurred in connection with the sale of AMEX Assurance Company including, but not limited to, any such liabilities arising from the triggering of any
intercompany items relating to such sale. AXP agrees to indemnify, and hold Ameriprise and the Ameriprise Affiliates harmless against, U.S. federal income tax liabilities in respect of members of the
AXP Group (other than members of the Ameriprise Group) under Treasury Regulations Section 1.1502-6. The "2005 Tax Liability" is the Adjusted Separate
Ameriprise Group Federal Tax Liability for the taxable year beginning on January 1, 2005 and ending on and including the Distribution Date (the "2005 Taxable
Year"). AXP shall pay Ameriprise but Ameriprise shall remain liable for the Excess AXP Group Benefits, if any, for the taxable year of the AXP Group ending on December 31, 2005
if the Adjusted Separate Ameriprise Group Federal Tax Liability is zero under the preceding sentence ("2005 Excess AXP Group Benefits"). In determining the 2005 Tax
Liability or 2005 Excess AXP Group Benefits, if applicable, Ameriprise will be credited with any losses or reduction in gain attributable to the sale of its interest in American Express International
Deposit Company, a Cayman Islands company, to AXP, but only to the extent AXP determines in good faith that such losses or reduction in gain (i) reduce the Adjusted Separate Ameriprise Group
Federal Tax Liability or result in Excess AXP Group Benefits for the appropriate periods, and (ii) exceed $15.7 million. 

        (b)    Estimated Payments, Etc.    From and after the date of this Agreement, Ameriprise shall pay to AXP no later
than the day before each due date for the payment of quarterly estimated U.S. federal income Taxes for the taxable year of the AXP Group ending on December 31, 2005 and the payment due on
March 15, 2006, as determined in good faith by AXP, the difference, if any, between (A) the 2005 Tax Liability due, determined in good faith by AXP, based on the method for making
estimated payments elected by AXP pursuant to Section 6655 of the Code, and (B) the sum of any payments previously made by Ameriprise to AXP with respect to the 2005 Tax Liability. 

        (c)    Payment Upon Filing Return.    On or after the day that AXP files the AXP Consolidated Return for the taxable
year ending on December 31, 2005, AXP shall determine the amount of the 2005 Tax Liability or any 2005 Excess AXP Group Benefits. Ameriprise shall pay to AXP or AXP shall pay to Ameriprise, as
the case may be, the difference between (i) the 2005 Tax Liability and (ii) (A) the sum of the amounts previously paid by Ameriprise to AXP with respect to the 2005 Tax Liability,
reduced (to and below zero) by (B) the sum of any payments previously made or to be made by AXP to Ameriprise in respect of any Excess AXP Group Benefits. Payment by Ameriprise is due within
five (5) business days after billing by AXP. Payment by AXP is due within thirty (30) business days of filing the AXP Consolidated Return for the taxable year ending on
December 31, 2005. 

        (d)    Settling Tax Payable Accounts.    On or before the Distribution Date, Ameriprise and AXP shall cooperate to
settle all Tax payable accounts for all Affiliation Years and all Combined Years, in accordance with AXP's direction, based on the most accurate and complete information then available. 

        (e)    Assignment of Taxable Items.    AXP shall determine the amounts of income, gain, loss, deduction, and Credit of
the Ameriprise Group for the 2005 Taxable Year which are properly includable in the AXP Consolidated Return for the taxable year of the AXP Group ending on December 31, 2005. For all relevant
purposes of this Agreement, the members of the Ameriprise Group and each Ameriprise Combined Group shall cease to be members of the AXP Group and their respective Total Combined Groups, as of the end
of the Distribution Date, and Ameriprise shall cause the books of account of the members of the Ameriprise Group and the Ameriprise Combined Groups to be closed for accounting and Tax purposes as of
the end of the Distribution Date in accordance with 

9

 

AXP's
direction. In determining consolidated taxable income for the taxable period that ends on the Distribution Date, the income and other items of the Ameriprise Group shall be determined by AXP in
good faith in accordance with Treasury Regulations Section 1.1502-76(b)(1), -76(b)(2)(i) and -76(b)(2)(iv) and no election shall be made under
1.1502-76(b)(2)(ii)(D) to ratably allocate items. However, an allocation shall be made in good faith by AXP under Treasury Regulations
Section 1.1502-76(b)(2)(iii) if such allocation is determined by AXP in good faith to be necessary to appropriately allocate income in the event that the Distribution Date
occurs on any date other than the last or first day of any month. Pursuant to Treasury Regulations Section 1.1502-76(b)(2)(vi), any item of a passthrough entity that is owned by a
member of the Ameriprise Group shall be allocated as if such member sold its entire interest in the entity immediately before the Distribution. In the event that a member or members of the Ameriprise
Group would be treated as owning an interest of less than 50% in the aggregate in such passthrough entity, then pursuant to Treasury Regulations Section 1.706-1(c)(2)(ii), each such
member's share of any distributive items shall be the amount determined by taking into account the pro rata part of such items that such member would have included in taxable income had such member
remained a partner or owner of the passthrough entity until the end of the partnership taxable year based on the portion of the partnership taxable year that has elapsed through the Distribution Date
or upon such other reasonable method that the Parties may agree. All of the foregoing determinations to be made shall be made in good faith by AXP. Ameriprise and Ameriprise Affiliates shall file
their respective Tax Returns for the taxable period beginning on the first day after the Distribution Date consistently with such determinations. 

        (f)    Determining Foreign Attributes.    Without limiting the foregoing, AXP shall also determine the portion of any
Foreign Attribute for the Ameriprise Group that is allocable to the taxable year ending December 31, 2005, provided, that such portion to be allocated will not include any amount described in
Section 951(a) of the Code (relating to inclusions in income of controlled foreign corporation earnings) or any amount described in Section 1293(a) of the Code (relating to inclusions in
income of qualified electing fund earnings), or any indirect foreign Tax Credit under Sections 960 and 1293(f) of the Code for foreign income Taxes deemed paid with respect to either of these items,
all as determined by AXP in good faith; and provided, further, that, without the prior written consent of AXP, Ameriprise and its subsidiaries
shall not elect to recapture an amount of taxable income from sources without the U.S. of any member of the Ameriprise Group greater than the minimum amount required by Section 904(f)(1)
of the Code for any Affiliation Year. Ameriprise shall provide AXP with all information it requests to make any determination under this subsection (f). AXP will likewise share all information with
Ameriprise necessary for Ameriprise to determine its share of the consolidated foreign Tax Credits for the taxable year ending December 31, 2005 and all prior taxable years. 

        SECTION
2.03.    U.S. Federal Alternative Minimum
Tax.    (a) Ameriprise Tax Liability. Notwithstanding any other provision in this Agreement, if, for any Affiliation
Year, the AXP Group is liable for alternative minimum Tax for U.S. federal income Tax purposes (or any similar U.S. federal Tax) ("AMT") and the Ameriprise Group would be
liable for AMT if it filed a Tax Return as a separate consolidated group ("Ameriprise Separate AMT"), Ameriprise shall pay to AXP an amount (the "Ameriprise
AMT Liability") determined by AXP equal to the product of the AMT liability for the AXP Group (the "AXP AMT Liability") and a fraction (the
"Fraction") (x) the numerator of which is the sum of the Tax preference items and adjustments of the Ameriprise Group relevant for purposes of the computation of
AMT (the "TPIs") for such Affiliation Year and (y) the denominator of which is the sum of the TPIs of all members of the AXP Group for such Affiliation Year. The
Ameriprise AMT Liability for such Affiliation Year shall not exceed the amount of the Ameriprise Separate AMT for such Affiliation Year. 

        (b)    Minimum Tax Credits.    If for any Affiliation Year Ameriprise has paid to AXP the Ameriprise AMT Liability,
AXP shall pay to Ameriprise its proportionate share (determined below) of the minimum Tax credit for U.S. federal income Tax purposes (the "Minimum Tax Credit") arising 

10

 

from
such Affiliation Year which is actually utilized by the AXP Group in a subsequent Affiliation Year. Ameriprise's proportionate share of such credit for any Affiliation Year shall be equal to the
product of such credit and the Fraction (defined in subsection (a) above). In no event shall Ameriprise be paid amounts in the aggregate in respect of such credit in excess of the corresponding
Ameriprise AMT Liability. 

 
 

ARTICLE III
  
    U.S. COMBINED STATE AND LOCAL INCOME TAX LIABILITIES  
    

        SECTION 3.01.    Returns Covered.    If any member of an AXP Combined Group and
any member of an Ameriprise Combined Group are required to file, or if AXP elects that any member of an AXP Combined Group and any member of an Ameriprise Combined Group shall file a Combined
Return for any taxable years, or where any U.S. state or local Taxing authority successfully asserts such a combined filing requirement, the allocation and settlement of amounts due between the
Parties shall be governed by this Article III. 

        SECTION
3.02.    Pre-2005 Taxable Years.    For each taxable year ending on
or before December 31, 2004, AXP shall determine in good faith each Ameriprise Combined Group's respective share, as determined below, of the total U.S. state and local Tax liability in each
such Combined State. The Ameriprise Combined Group's share of such total tax liability ("Ameriprise Group State Tax Liability") will be based on the aggregate
apportionment percentage of all members of the Ameriprise Combined Group, determined with reference only to those companies that are subject to such state's taxing jurisdiction. The Ameriprise Group
State Tax Liability will include any minimum or similar Taxes for members of each Ameriprise Combined Group that may be required by the relevant state or locality. In addition, in determining the
Ameriprise Group State Tax Liability for Minnesota and Nebraska, respectively, AXP will, in good faith, directly reduce the Ameriprise Group State Tax Liability in Minnesota for the employer transit
pass Credit generated by members of the Ameriprise Combined Group and the Ameriprise Group State Tax Liability in Nebraska for the employment Tax Credit generated by members of the Ameriprise Combined
Group, but only if and to the extent such Credit is used to reduce the Tax liability of the Total Combined Group in Minnesota or Nebraska, as the case may be, for that year. Ameriprise shall be
responsible for and pay to AXP, and shall indemnify AXP and the AXP Affiliates from and against, the Ameriprise Group State Tax Liability for each Combined Return for all taxable years ending on or
before December 31, 2004. 

        SECTION
3.03.    Net Operating Losses.    Consistent with the approach applied for
operating units of Total Combined Groups, Ameriprise Group State Tax Liability will not be reduced by, nor will Ameriprise or any other Ameriprise Combined Group member receive any payment, credit or
benefit for, U.S. state or local net operating losses ("NOLs"), including any carryback or carryover NOLs, that any such member generates for U.S. state or local income
Tax purposes on a stand-alone basis, whether or not they are used in a Combined Return (except insofar as such NOLs may reduce the Ameriprise Combined Group's share of the total U.S. state and local
liability for a Total Combined Return). 

        SECTION
3.04.    2005 Taxable Year.    For the taxable year beginning on
January 1, 2005, AXP shall determine in good faith the Ameriprise Combined Group's share of the total U.S. state and local Tax liability in each Combined State in the same manner as set forth
in Sections 3.02 and 3.03 above, taking into account the apportionment percentages and other relevant items of each appropriate Ameriprise Combined Group through the Distribution Date. Ameriprise
shall be responsible for and pay to AXP, and shall indemnify AXP and the AXP Affiliates from and against, the Ameriprise Group State Tax Liability for all Combined Returns for the taxable year
beginning January 1, 2005. 

        SECTION
3.05.    Estimated Taxes, Etc.    For each Combined State, AXP will determine in
good faith the Ameriprise Combined Group's estimated Tax payments and extension payments (collectively, "Estimated State Taxes"), will prescribe the information required
to be provided by the Ameriprise 

11

 

Combined
Group to support AXP's preparation and filing of Combined Returns and payment of Estimated State Taxes, together with a schedule of due dates for providing of such information and paying its
share of Estimated State Taxes, and Ameriprise will timely and accurately provide and pay the same to AXP. AXP will calculate in good faith the aggregate Ameriprise Group State Tax Liability for all
Combined States for a Combined Year less a credit for aggregate Estimated State Taxes paid or determine the refund due to Ameriprise to the extent aggregate Estimated State Taxes paid by Ameriprise
exceed the aggregate Ameriprise Group State Tax Liability. Payment by Ameriprise is due within five (5) business days after billing by AXP. Payment of a refund by AXP is due by
November 30 of the year in which Combined State Tax Returns are filed. 

        SECTION
3.06.    Adjustments.    (a) If an Adjustment occurs, the Ameriprise Group
State Tax Liability for the year in question shall be recomputed by AXP in good faith, including all changes to apportionment percentages that result from such Adjustment. Ameriprise shall make
payments to AXP for an increase in the Ameriprise Group Tax Liability or AXP shall make payments to Ameriprise for a decrease in the Ameriprise Group Tax Liability, including its allocable share of
interest, penalties and additions to Tax and external costs. Payment in respect of such Adjustments by Ameriprise is due within five (5) business days after billing by AXP for the items in
question. Payment in respect of such Adjustments by AXP is due within thirty (30) business days after AXP receives a refund or credit for refund in respect of the items in question.
Notwithstanding anything herein to the contrary, in determining the Ameriprise Group State Tax Liability for Minnesota, as agreed, the Ameriprise Group State Tax Liability for the Combined Years
beginning January 1, 1999 and ending December 31, 2001 has been directly increased for the entire audit Adjustment to date for that period in the total amount of $3,514,710 ($3,086,168
of tax and $248,542 of interest), and such amount has been paid in full by Ameriprise. 

        (b)   AXP
shall in good faith control all contests relating to any such Adjustments, provided, however, in respect of any Combined State in which the Ameriprise Combined Group
would bear at least 50% of the costs of any such Adjustments, AXP shall consult with Ameriprise in good faith, subject to the ultimate authority of AXP to determine how to proceed. 

 
 

ARTICLE IV
  
    SEPARATE TAX RETURN OBLIGATIONS  
    

        SECTION 4.01.    Ameriprise Tax Liability.    Ameriprise shall be responsible for,
and shall indemnify and hold harmless AXP and AXP Affiliates against, any and all U.S. federal, state and local and non-U.S. Taxes that are required to be reported on any separate Tax
Return that does not include AXP or any AXP Affiliate. 

        SECTION
4.02.    AXP Tax Liability.    AXP shall be responsible for, and shall indemnify
and hold harmless Ameriprise and Ameriprise Affiliates against, any and all U.S. federal, state and local and non-U.S. Taxes that are required to be reported on any separate Tax Return
that does not include Ameriprise or any Ameriprise Affiliate. 

        SECTION
4.03.    Separate Return Adjustments.    If there is an adjustment to a separate
Tax Return of AXP and/or AXP Affiliates, or Ameriprise and/or Ameriprise Affiliates, as the case may be, that results in the inclusion in income in such Tax Return of income attributable to the other
group of companies, and the recipient thereby incurs an Income Tax Detriment, Ameriprise shall pay to AXP or AXP shall pay to Ameriprise, as the case may be, an amount equal to such Income Tax
Detriment (including any interest, penalties and additions to Tax) within thirty (30) business days after the Final Determination of such Income Tax Detriment. 

12

 

 
 

ARTICLE V
  
    TAX-FREE STATUS OF DISTRIBUTION  
    

        SECTION 5.01.    Tax-Free Status Ruling, Etc.    Ameriprise
acknowledges and agrees that AXP will control the process of obtaining any rulings or other formal advice from relevant Taxing authorities in respect of the Tax-Free Status, the
Distribution or any related transaction. Ameriprise shall promptly execute and cause to be delivered to the Tax Advisor any representation letters ("Representation
Letters") that the Tax Advisor provides to it and understands that such letter or letters will be relied upon by the Tax Advisor in rendering an opinion or opinions on the
Tax-Free Status and related matters and/or obtaining any such ruling or formal advice. Ameriprise shall represent that, subject to any qualifications therein which are acceptable to the
Tax Advisor, all information contained in its Representation Letters that concerns or relates to it or any Ameriprise Affiliate is true, correct and complete. Ameriprise shall take such other actions
as may be necessary or desirable to obtain any such ruling, formal advice or opinion as the Tax Advisor may request. 

        SECTION
5.02.    Maintaining Status of Active Business.    Ameriprise agrees that, from
the date hereof until the first day after the second anniversary of the Distribution Date, it shall maintain the status of the Fund Management Business as an active trade or business as defined in
Section 355(b)(2) of the Code and the Treasury Regulations promulgated thereunder, that is part of, or treated as part of, the Ameriprise legal entity for U.S. federal income Tax purposes. 

        SECTION
5.03.    Limits on Proposed Acquisition Transactions, Etc.    Ameriprise agrees
that, from the date hereof until the first day after the second anniversary of the Distribution Date, it shall not (i) enter into any Proposed Acquisition Transaction, approve any Proposed
Acquisition Transaction (whether for purposes of Section 203 of the Delaware General Corporation Law, as amended, any similar corporate statute, any "fair price" or other provision of
Ameriprise's charter or bylaws or otherwise) or, to the extent Ameriprise has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur (whether
by redeeming rights under a shareholder rights plan, finding a tender offer to be a "permitted offer" under any such plan or otherwise causing any such plan to be inapplicable or neutralized with
respect to any Proposed Acquisition Transaction), (ii) merge or consolidate with any other Person or liquidate or partially liquidate, (iii) sell or otherwise transfer in a single
transaction or series of transactions 50% or more of the gross or net assets of the Fund Management Business or 50% or more of the consolidated gross or net assets of Ameriprise and the Ameriprise
Affiliates (such percentages to be measured based on fair market value as of the Distribution Date), (iv) redeem or otherwise repurchase (directly or through an Ameriprise Affiliate) any
Ameriprise Capital Stock, or rights to acquire such stock, (v) amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a
stockholder vote or otherwise, affecting the relative voting rights of the separate classes of Ameriprise Capital Stock (including, without limitation, through the conversion of one class of
Ameriprise Capital Stock into another class of Ameriprise Capital Stock) or (vi) take any other action or actions (including any action or transaction that would be reasonably likely to be
inconsistent with any representation made in the Representation Letters, or any rulings, formal advice or opinion described in Section 5.01 above) which in the aggregate (taking into account
any other transactions described in this Section 5.03) would be reasonably likely to have the effect of causing or permitting one or more Persons (whether or not acting in concert) to acquire,
directly or indirectly, Ameriprise Capital Stock representing a Fifty-Percent or Greater Interest in Ameriprise or otherwise jeopardize the Tax-Free Status, unless prior to taking any such
action set forth in the foregoing clauses (i) through (vi), (A) Ameriprise shall have requested that AXP obtain a private letter ruling from the IRS and AXP shall have received such a
ruling in form and substance satisfactory to AXP that confirms that the Tax-Free Status will be preserved, taking into account such action and other transactions in the aggregate, or
(B) Ameriprise shall provide AXP with an Unqualified Tax Opinion in form and substance satisfactory to AXP that confirms that the Tax-Free Status will be preserved, taking into 

13

 

account
such action and other transactions in the aggregate, or (C) AXP shall have waived the requirement to obtain such ruling or opinion. In determining whether such a ruling or opinion is
satisfactory, AXP may consider, among other factors, the appropriateness of any underlying assumptions and representations made in connection with such ruling or opinion. To the extent that any such
ruling or opinion concerns the acquisition of a Fifty-Percent or Greater Interest in Ameriprise, it shall expressly conclude that such acquisition will satisfy one or more of the safe harbors
described in the Treasury Regulations promulgated under Section 355(e) of the Code. Ameriprise shall bear all costs and expenses of securing any such ruling or opinion and shall reimburse AXP
for all external costs and expenses that it may incur in good faith in seeking to obtain or evaluate any such ruling or opinion. 

        SECTION
5.04.    Twenty Five Percent Proposed Acquisition Transactions.    If Ameriprise
proposes to enter into any Twenty Five Percent Proposed Acquisition Transaction, approve a Twenty Five Percent Proposed Acquisition Transaction or, to the extent Ameriprise has the right to prohibit
any Twenty Five Percent Proposed Acquisition Transaction, proposes to permit any Twenty Five Percent Proposed Acquisition Transaction to occur, in each case, during the period from the date hereof
until the first day after the second anniversary of the Distribution Date, Ameriprise shall provide AXP, no later than ten (10) business days prior to the signing of any written agreement or
taking any binding action with respect to such transaction, with a detailed written description of such transaction (including the type and amount of Ameriprise Capital Stock to be issued or
transferred in such transaction) and a certificate duly approved by the Board of Directors of Ameriprise to the effect that the Twenty Five Percent Proposed Acquisition Transaction is not a Proposed
Acquisition Transaction or any other transaction to which the requirements of Section 5.03 above would apply (a "Board Certificate"). 

        SECTION
5.05.    Indemnity.    (a) Subject to subsection (b) of this
section, Ameriprise shall be responsible for, and shall indemnify and hold AXP and AXP Affiliates and their direct and indirect shareholders harmless against any Tax-Related Losses that
are attributable to or result from any one or more of the following: (i) the direct or indirect acquisition of all or a portion of Ameriprise's Capital Stock and/or its assets (or any
transaction or series of transactions that is deemed to be such an acquisition for purposes of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder) by any means
whatsoever by any Person, (ii) any negotiations, understandings, agreements or arrangements by Ameriprise, any Ameriprise Affiliate or any of their direct or indirect shareholders with respect
to transactions or events (including, without limitation, stock issuances pursuant to the exercise of stock options or otherwise, option grants, capital contributions or acquisitions, or a series of
such transactions or events) that cause the Distribution and related transactions to be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly a Fifty-Percent
or Greater Interest in Ameriprise, (iii) any act or failure to act by Ameriprise or any Ameriprise Affiliate described in Section 5.03 above (regardless of whether such act or failure to
act is covered by a ruling, Unqualified Tax Opinion or waiver described in clause (A), (B) or (C), respectively, of Section 5.03 above, or a Board Certificate described in
Section 5.04 above) or (iv) any breach by Ameriprise of its agreements or representations set forth in Sections 5.01 or 5.02 above. 

        (b)   For
purposes of calculating the amount and timing of any Tax-Related Loss in connection with any Tax payable by an indemnified party, such loss shall be
calculated by assuming that the indemnified party pays income Tax at the Highest Combined Tax Rate in effect in each relevant taxable year and that the income arising in connection with the
Tax-Related Losses is the only item of income, deduction, Credit or loss for such year. AXP shall consult with Ameriprise in good faith in respect of any audit, proceeding or contest in
respect of any Tax-Related Loss but shall ultimately control the disposition of the same in good faith. Ameriprise shall pay AXP or such other applicable indemnified party the amount of
any such Tax-Related Losses for which Ameriprise is responsible under this Section 5.05 within one (1) business day before payment is due from AXP or such other party. 

        (c)   Ameriprise
shall not (i) merge or consolidate with any other Person or liquidate or partially liquidate into any other Person, (ii) sell or otherwise
transfer to any other Person or group of Persons, 

14

 

directly
or indirectly, in a single transaction or series of transactions 25% or more of the gross or net assets of Ameriprise (such percentage to be determined based on fair market value as of the
Distribution Date), (iii) engage in any other reorganization or restructuring with any other Person, or (iv) agree or permit any Person or group of Persons, directly or indirectly, in a
single transaction or series of transactions, to acquire a Fifty-Percent or Greater Interest in Ameriprise, unless, in each case, each such Person agrees, to AXP's satisfaction, to be jointly and
severally liable with Ameriprise in its obligations under this Article V. 

 
 

ARTICLE VI
  
    DUAL CONSOLIDATED LOSSES  
    

        SECTION 6.01.    Ameriprise Liability.    Notwithstanding any other provision of
this Agreement or the provisions of any closing agreement relating to Dual Consolidated Losses (defined below) of any member of the Ameriprise Group ("Closing Agreement"),
Ameriprise shall be liable for, and indemnify AXP and AXP Affiliates against (i) any Tax liability together with interest, penalties and additions to Tax (including, without limitation, the
interest charge described in or that results from the application of Treasury Regulations Section 1.1503-2 or Treasury Regulations Section 1.1503-2A, or interest
determined under any Closing Agreement that arises from any triggering event or recapture under such regulations or Closing Agreement), applicable to an item of deduction or loss of Ameriprise or an
Ameriprise Affiliate (a "Dual Consolidated Loss") or from the receipt of any payment under this Article VI and (ii) any costs or expenses (including, without
limitation, external attorneys' and accountants' fees) incurred by AXP or an AXP Affiliate in connection with determining, avoiding or contesting Recapture Taxes (defined below) or enforcing the
provisions of this Article VI. All indemnifiable amounts described in this Section 6.01 shall be collectively referred to as "Recapture Taxes", to be
determined in accordance with Section 6.02 below. 

        SECTION
6.02.    Recapture Taxes.    Recapture Taxes shall be determined by AXP in good
faith, based, in relevant part, on the following assumptions: (i) the amount of gross income realized from a triggering event or recapture of a Dual Consolidated Loss cannot be offset by any
losses, deductions or Credits (other than those offsets actually permitted under Treasury Regulations Section 1.1503-2(g)(vii)(B) or (C)(2), provided that such regulations are
applicable and all applicable requirements of the regulations are fully satisfied); (ii) the amount of gross income, if any, realized upon the receipt of any payment under this
Article VI cannot be offset by any losses, deductions or Credits; and (iii) the amounts described in clause (i) and (ii) of Section 6.01 above are taxable at the
Highest Combined Tax Rate. 

        SECTION
6.03.    Closing Agreement.    At Ameriprise's request, at Ameriprise's sole cost
and expense, AXP will cooperate in good faith in an effort to enter into a closing agreement with the IRS of the type described in Treasury Regulations
Section 1.1503-2(g)(2)(iv)(B)(2), to the effect that Dual Consolidated Losses will not be recaptured as a result of the Distribution. 

 
 

ARTICLE VII
  
    CARRYOVER AND CARRYBACK ITEMS  
    

        SECTION 7.01.    Carryovers to Post-Affiliation Years.    AXP will
apportion, in good faith, any U.S. federal consolidated net operating or capital losses, Credits or other applicable items between members of the Ameriprise Group (departing from the AXP Group as a
consequence of the Distribution and related transactions) and members of the AXP Group (not taking into account Ameriprise Group members) pursuant to applicable Treasury Regulations promulgated under
Section 1502 of the Code. Such consolidated items and their apportionment will be adjusted by AXP to reflect any Adjustments that take place in applicable Affiliation Years. 

15

 

        SECTION
7.02.    Carrybacks from Post-Affiliation
Years.    (a) Carryback Items. If Ameriprise and/or its subsidiaries sustain U.S. federal capital or net operating
losses or generate U.S. federal Credits in a Post-Affiliation Year which may be carried back to an Affiliation Year and will generate an Income Tax Benefit, Ameriprise may request AXP to
file a Section 7.02 Claim with the IRS with respect to the U.S. federal income Tax liability of the AXP Group for such Affiliation Year. AXP shall have sole discretion whether to accept
a request to file carryback claims (except for foreign Tax Credit or domestic source capital loss carryback claims) and file any amended Tax Returns or claims for refund relating thereto, which
discretion may be exercised without regard to satisfying a standard of good faith or any other standard provided for in this Agreement or elsewhere. With regard to requests to file foreign Tax Credit
or domestic source capital loss carryback claims to an Affiliation Year, AXP will implement such requests it determines in good faith to be available on the terms set forth hereinafter. 

        (b)    Procedures.    If AXP files a Section 7.02 Claim, AXP shall have full control over the
Section 7.02 Claim and may determine in good faith the nature of all actions to be taken in connection with such claim. If there is any limitation that applies to the AXP Group in respect of
all or a portion of the items that comprise a Section 7.02 Claim in respect of foreign Tax Credits or domestic source capital losses, any Income Tax Benefit in respect of such claim shall be
determined by AXP in good faith. If there any limitations in the ability of the AXP Group to utilize items in the same category as the items that
comprise such claim, any Income Tax Benefit will be determined by AXP in good faith based on the assumption that the items were utilized on a Proportionate Basis. AXP will pay to Ameriprise for the
amount of the Tax Benefit, if any, it determines in good faith was derived from such claim within 30 business days after it receives a refund or credit for refund therefor. Ameriprise will repay to
AXP all or a portion of such amount as determined by AXP in good faith to the extent the Tax Benefit is reduced as a result of an Adjustment for any Affiliation Year or otherwise, together with
applicable interest and penalties. If AXP elects to file a Section 7.02 Claim in respect of the carryback of any attribute other than foreign Tax Credits or domestic source capital
losses, the terms for payment and other provisions shall be determined based upon the mutual agreement, if any, of the Parties. If AXP files a Section 7.02 Claim, Ameriprise will indemnify AXP
for any additional Taxes or loss of Tax benefits incurred by a member of the AXP Group (including interest, penalties and additions to Tax) arising from such claim. AXP shall also be entitled to
reimbursement from Ameriprise for any reasonable external costs for professional services incurred by AXP in connection with the Section 7.02 Claim whether or not Ameriprise receives payment or
credit therefor. 

 
 

ARTICLE VIII
  
    U.S. FEDERAL INCOME TAX ADJUSTMENTS  
    

        SECTION 8.01.    Determination.    If an Adjustment occurs, the liability of
Ameriprise or AXP, as the case may be, pursuant to Article II hereof, or the amounts allocated pursuant to Article VII, shall be recomputed by AXP. As recomputed for purposes of
Article II, Ameriprise shall make payments to AXP for an increase in Ameriprise's liability or AXP shall make payments to Ameriprise for an increase in AXP's liability. For purposes of Sections
2.01 and 2.02, Ameriprise's liability shall be deemed to have increased by any Adjustment that results in an increase in the Adjusted Separate Ameriprise Group Federal Tax Liability or a decrease in
the Excess AXP Group Benefits, and AXP's liability shall be deemed to have increased by any Adjustment that results in a decrease in the Adjusted Separate Ameriprise Group Federal Tax Liability or an
increase in the Excess AXP Group Benefits. 

        SECTION
8.02.    Payments.    Payments due from Ameriprise to AXP shall be made no later
than one (1) business day before the due date for payment by AXP to a Taxing authority upon the Final Determination of the items in question, or, to the extent no such payment is due, within
thirty (30) business days after the date of such Final Determination. Payments due from AXP to Ameriprise shall be made within thirty (30) business days after AXP receives a refund or a
credit for a refund with 

16

 

regard
to the items in question after a Final Determination therefor. Such payments shall include any applicable interest, penalties and additions to Tax and, if applicable, any reasonable external
costs for professional services incurred by AXP thereon. In calculating any interest payable by Ameriprise to AXP hereunder, interest, if any, due from AXP to the IRS shall first be deemed to arise
with respect to the increase in the liability of Ameriprise, as determined above. 

        SECTION
8.03.    Procedures.    Subject to Section 7.02 hereof, for any
Affiliation Year or Combined Year, AXP will determine in good faith whether to give effect, through any Tax Return, claim for refund or otherwise, to items of loss, deduction or Credit for the
Ameriprise Group which are greater than those reflected on prior Tax Returns and the nature of all actions taken with respect thereto. If AXP files such a claim, Ameriprise will indemnify AXP for any
additional Taxes or loss of Tax benefits incurred by a member of the AXP Group or the applicable Total Combined Group (including interest, penalties and additions to Tax) arising from such claim. 

        SECTION
8.04.    Intercompany Adjustments.    If any transaction or arrangement between
the AXP and/or AXP Affiliates, on the one hand, and Ameriprise and/or Ameriprise Affiliates, on the other hand, is recharacterized for applicable Tax purposes under Section 482 of the Code or
otherwise and such recharacterization results in an Income Tax Detriment to one applicable group of companies and an Income Tax Benefit to the other group, the group incurring the Income Tax Detriment
shall be paid by the other group an amount equal to such Income Tax Detriment (including any interest, penalties and additions to Tax) within thirty (30) business days after the Final
Settlement of such Income Tax Detriment. In addition, each Party hereto shall be responsible for, and shall indemnify and hold the other Party and its Affiliates harmless against, any Taxes
attributable to intercompany items or otherwise for any stock or other assets (tangible or intangible) transferred to it (or an AXP Affiliate, in the case of AXP, or an Ameriprise Affiliate, in the
case of Ameriprise) from the other Party hereto (or an AXP Affiliate, in the case of AXP, or an Ameriprise Affiliate, in the case of Ameriprise) for which it is determined not to have paid or provided
fair market value consideration. 

 
 

ARTICLE IX
  
    U.S. FEDERAL INCOME TAX PROCEEDINGS  
    

        SECTION 9.01.    Ameriprise and AXP Issues.    AXP and Ameriprise hereby agree
that during the course of the audit of any Affiliation Year, they will in good faith endeavor to discuss and resolve separately with the IRS district agents any "Ameriprise
Issues" and "AXP Issues" (defined below). "Ameriprise Issues" are issues relating to items of income, gain, loss, deduction, or Credit that are attributable solely to the Ameriprise
Group and that could not reasonably have material adverse consequences for the U.S. federal income Tax liability of a member of the AXP Group (other than a member of the Ameriprise Group) if resolved
against the taxpayer, as determined in good faith by AXP. "AXP Issues" are any other issues, including issues relating to Foreign Attributes of the Ameriprise Group. 

        SECTION
9.02.    Procedures.    (a) In the event a Revenue Agent's Report
("RAR") is issued with respect to such taxable year, and the RAR contains adjustments proposed with respect to Ameriprise Issues, at Ameriprise's request, AXP shall
protest (as provided for in applicable Treasury Regulations) the adjustments made with respect to Ameriprise Issues. Ameriprise will prepare that portion of any protest which it determines should be
filed in connection with any adjustment proposed with respect to Ameriprise Issues and shall limit such portion of the protest to the defense of the specific Ameriprise Issues raised in the RAR,
unless AXP, in its sole discretion, determines otherwise. 

        (b)   After
the filing of such protest, AXP and Ameriprise shall jointly meet with the representatives of the IRS responsible for disposing of the issues in dispute and
request the separate resolution of the AXP and Ameriprise Issues. They shall further request that the IRS assign separate representatives to conduct any review of or proceedings on their respective
issues. 

17

  

        (c)   Regardless of whether the IRS agrees to resolve the issues affecting each Party or assign separate representatives to deal with the issues of each, AXP and Ameriprise
each will attend meetings and will prepare written presentations to be made to the IRS regarding any adjustments proposed only with respect to its respective issues. AXP and Ameriprise shall keep each
other promptly informed of any developments and discussions at any such meetings concerning adjustments, whether or not formally proposed, affecting the other Party. 

        SECTION
9.03.    Control of Issues.    (a) For each Affiliation Year, AXP shall
have full control of all AXP Issues and all Ameriprise Issues not otherwise settled by Ameriprise at the audit or appellate level of the IRS ("Ameriprise Unsettled
Issues") if the aggregate liability for any Taxes for which Ameriprise would be liable hereunder ("Article IX Taxes") with respect to all Ameriprise
Unsettled Issues for such Affiliation Year does not exceed $1,000,000. If the aggregate liability for Article IX Taxes with respect to Ameriprise Unsettled Issues for any Affiliation Year
exceeds $1,000,000, Ameriprise shall, at its sole cost and expense, unless AXP agrees to waive the same, obtain an evaluation of the Ameriprise Unsettled Issues
("Evaluation") from an independent attorney experienced in the field of U.S. federal corporate income Taxation, who shall be selected jointly by the Parties and who, in
the case of a listed or reportable transaction for U.S. federal income Tax purposes, is not a disqualified Tax advisor within the meaning of Section 6664(d)(3)(B)(ii) of the Code. The
Evaluation shall state, for the Ameriprise Unsettled Issues on an issue-by-issue basis, whether, in the opinion of the attorney (which in the case of a listed transaction or
reportable transaction for U.S. federal income Tax purposes does not constitute a disqualified Tax opinion as defined in Section 6664(d) of the Code) the filing position for each such issue
satisfies the requirements set forth in Section 6662(d) of the Code required for the reduction in any understatement of income Tax penalty and in the case of any such listed transactions or
reportable transactions satisfies the additional requirements set forth in Section 6664(d) of the Code required to avoid a reportable transaction understatement penalty. Any discussions with
respect to the Evaluation shall be held with both Parties jointly, and such attorney shall send a copy of the Evaluation (including any drafts thereof) to both Parties simultaneously. 

        (b)   If
the Evaluation discloses any Ameriprise Unsettled Issues which do not fully meet the aforementioned standards as applicable, Ameriprise shall be obligated to settle
such issues with the IRS at its own cost and expense within a reasonable period of time after receipt of the Evaluation. If the aggregate liability for Article IX Taxes with respect to the
remaining Ameriprise Unsettled Issues does not exceed $1,000,000, Ameriprise also shall be obligated to settle all such issues at its own cost and expense within a reasonable period of time after
receipt of the Evaluation. 

        SECTION
9.04.    Options for Resolution.    If, for any Affiliation Year, the aggregate
liability for Article IX Taxes with respect to the remaining Ameriprise Unsettled Issues exceeds $1,000,000, AXP may select one of two options: (i) retain complete control over and
liability for the remaining Ameriprise Unsettled Issues, or (ii) cede complete control to Ameriprise for the remaining Ameriprise Unsettled Issues. In the event that AXP selects option (ii),
Ameriprise shall assume complete responsibility and liability for such issues, but shall proceed with reasonable diligence to resolve the same. In so doing, Ameriprise may, upon ten
(10) business days written notice to AXP, fund the prepayment of any remaining Ameriprise Unsettled Issue if the effect of such prepayment is to toll an interest charge for such issue and AXP
does not otherwise determine in good faith that such action would adversely affect the U.S. federal income Tax liability of a member of the AXP Group (other than a member of the Ameriprise Group). In
addition, in such event, Ameriprise shall be liable and indemnify AXP and the AXP Affiliates for, but AXP shall control the resolution of, (A) each AXP Issue which is not expressly set forth in
the RAR with respect to such Affiliation Year ("New AXP Issues") and (B) each AXP Excess Issue as defined below. For purposes of this Article IX, an
"AXP Excess Issue" shall mean an AXP Issue the Tax liability for which (including any related interest, penalties and additions to Tax) exceeds any proposed deficiency set
forth in the RAR with respect to 

18

 

such
AXP Issue or, if less, the amount of any deficiency with respect to such AXP Issue in an agreement with the IRS reached during Appellate proceedings ("IRS
Agreement"). Ameriprise's liability for an AXP Excess Issue shall be an amount equal to the excess, if any, of the actual liability for Taxes (including any related interest, penalties
and additions to Tax) with respect to such AXP Excess Issue over the proposed deficiency in the RAR or IRS Agreement, as the case may be. 

        SECTION
9.05.    Forum for Judicial Proceedings.    In any case where judicial
proceedings are instituted, AXP shall be entitled to select the forum for such judicial proceedings, unless AXP determines, in good faith, that such proceedings involve only Ameriprise Unsettled
Issues and has chosen option (ii) described in Section 9.04 above in respect of such issues. In such event, Ameriprise shall be entitled to select the forum for judicial proceedings.
Each Party shall bear the costs of litigation in respect of its own issues, provided, however, that
Ameriprise shall bear the costs of litigation in respect of New AXP Issues and AXP Excess Issues. 

        SECTION
9.06.    Settlement of Claims.    AXP may agree to settle any case involving net
U.S. federal income Tax claims for refund by the Ameriprise Group and net U.S. federal income Tax liabilities by the AXP Group (not including the Ameriprise Group) or otherwise on such terms as it
determines are advisable; provided, however, that if the Ameriprise Group has a fully agreed case providing for a net U.S. federal income Tax refund of at least $1,000,000, AXP may settle the entire
case involving the entire AXP Group by agreeing to forego such refund (or any portion thereof) only if it agrees to reimburse Ameriprise for the amount of such foregone refund (or portion thereof). 

 
 

ARTICLE X
  
    PAYMENTS  
    

        Section 10.01.    Reporting of Indemnity Payments, Etc.    Any Tax indemnity
payments hereunder or payments made in respect of Tax-Related Losses hereunder shall, unless otherwise required by law, be reported for Tax purposes by the payer and the recipient as a
cash capital contribution by AXP or a cash distribution by Ameriprise, as the case may be, immediately before the Distribution. If, notwithstanding such reporting, such payment results in additional
taxable income to the recipient, such payments shall be increased such that the amount that the recipient receives (net of Taxes) shall equal the amount of the payment that it would otherwise be
entitled to receive pursuant to this Agreement. 

        SECTION
10.02.    Interest on Late Payments.    If any payments hereunder are not made
when due, interest shall accrue on the unpaid amount at the underpayment rate for large corporate underpayments, in effect from time to time under Section 6621 of the Code, while such amount is
outstanding. 

 
 

ARTICLE XI
  
    TAX RETURNS  
    

        SECTION
11.01.    Cooperation and Furnishing of Tax Return
Information.    (a) Cooperation. AXP and Ameriprise each agree to cooperate fully in connection with the preparation of
any Tax Return relating to any Affiliation Year or Combined Year and the resolution of any related Tax audits, proceedings or disputes. In this regard, except as provided in the service level
agreement between AXP and Ameriprise relating to Tax services after the Distribution Date or herein, the Tax department of Ameriprise and its subsidiaries shall, at the expense of Ameriprise, and the
Tax department of AXP and its subsidiaries shall, at the expense of AXP, continue to perform the same Tax-related functions with respect to such Tax Returns, audits, proceedings or
disputes they have performed to date. 

        (b)       Tax Return Information.    For purposes of the preparation by AXP of Tax Returns for the taxable
years ending on December 31, 2004 and December 31, 2005, respectively, on or prior to such date(s) as specified by AXP, Ameriprise shall provide AXP with Tax information for the
respective life 

19

 

and
non-life subgroups of the Ameriprise Group and Tax information for all members of each Ameriprise Combined Group, including but not limited to, schedule(s) showing the items of income,
gain, loss, deduction and Credit and Foreign Attributes with respect to each such taxable year required to be included in applicable Tax Returns and complete work papers together with such other
information as AXP may request. The information provided by Ameriprise shall be consistent with any similar information provided by Ameriprise to AXP for prior taxable years. 

        (c)       Disclosures.    Ameriprise represents that it has provided, and agrees to promptly provide, to
AXP complete and accurate information that is required or AXP requests to satisfy all applicable U.S. federal, state and local, and non-U.S., disclosure and reporting requirements in
respect of listed transactions, reportable transactions and other transactions that may be viewed as Tax-motivated, including, but not limited to, U.S. state expense disallowance
information. Ameriprise also represents that is has provided, and agrees to promptly provide, to AXP all documents and other information that is required or AXP requests to satisfy the transfer
pricing and other documentation requirements set forth in Sections 482 and 6662 of the Code and the Treasury Regulations thereunder or otherwise (including analogous provisions under U.S. state and
local or non-U.S. law), including but not limited to, principal documents as defined in Treasury Regulations Section 1.6662-6(d)(2)(iii)(B), and to address any transfer
pricing audit issue arising under Section 482 of the Code or otherwise, shall promptly provide to AXP any documents and information it may request, including background documents as defined in
Treasury Regulations Section 1.6662-6(d)(2)(iii)(C). Ameriprise further represents that it has provided, and agrees to promptly provide, to AXP all internal and external tax
opinions memoranda relating to the transactions and other matters addressed in this subsection (c). If Ameriprise fails to timely satisfy the requirements of this subsection (c), it will indemnify,
and hold AXP and AXP Affiliates harmless against, any Taxes, interest, penalties or additions to Tax arising therefrom. 

        SECTION
11.02.    Preparation of Tax
Returns.    (a)    Preparation.    AXP shall have sole
authority for the preparation and filing of any consolidated U.S. federal income Tax Return or Combined Tax Return, which include the items of income, gain, loss, deduction and Credit of the
Ameriprise Group or any Ameriprise Combined Group for all relevant taxable periods, including but not limited to, determination of Foreign Attributes. With respect to the U.S. federal income Tax
Returns for the taxable years ending December 31, 2004 and December 31, 2005, respectively, AXP agrees to notify Ameriprise and, subject to filing deadlines, give Ameriprise an
opportunity to comment on the reporting, if it plans to file such Tax Returns reflecting data or information that is materially different from the final data or information provided by Ameriprise. In
addition, with respect to any Combined Tax Return for the taxable years ending December 31, 2004 and December 31, 2005, respectively, in which Ameriprise is projected to have Tax
liability in excess of $500,000, AXP agrees to notify Ameriprise and, subject to filing deadlines, give Ameriprise an opportunity to comment on the reporting, if it plans to file such Tax Returns
reflecting data or information that is materially different from the final data or information provided by Ameriprise. Any decisions with respect to the timing, filing, or content of the above Tax
Returns shall be made by AXP in its sole discretion and shall be final and binding upon the Parties hereto. 

        (b)       Elections.    Ameriprise and the appropriate members of the Ameriprise Group or an Ameriprise
Combined Group shall make or give their consent to such elections or other matters relating to the Ameriprise Group or an Ameriprise Combined Group as AXP determines are necessary or advisable in
connection with the filing of any such Tax Returns. In addition, no member of the Ameriprise Group may elect to be considered as not having been a member of the AXP Group for U.S. federal income Tax
purposes and no member of an Ameriprise Combined Group may elect to be considered as not having been a member of a Total Combined Group for U.S. state or local Tax purposes for any taxable year or
portion thereof without the prior written consent of AXP. 

20

 

 
 

ARTICLE XII
  
    POST-AFFILIATION YEARS AND POST-COMBINED YEARS    
    

        Section 12.01.    Returns.    Ameriprise shall not and shall not permit any of the
Ameriprise Affiliates to (i) file or amend any Tax Return for the Post-Affiliation Year or a Post-Combined Year beginning on the first day following the Distribution
Date, in a manner that is inconsistent with the manner in which AXP filed its Tax Returns in an Affiliation Year or a Combined Year or (ii) make any election for any
Post-Affiliation Year or Post-Combined Year if such election would have the effect of binding or requiring conformity by any member of the AXP Group or any Total Combined Group
for any Affiliation Year or Combined Year. 

        SECTION
12.02.    Actions or Transactions.    Ameriprise shall be obligated to inform and
disclose fully to AXP any actions taken or transactions undertaken in a Post-Affiliation Year or a Post-Combined Year which can reasonably be expected to affect in any material
way the Tax liability of the AXP Group for any Affiliation Year or a Total Combined Group for any Combined Year. 

        SECTION
12.03.    Proposed Adjustments.    Ameriprise shall promptly notify AXP and keep
AXP apprised of any proposed adjustments which arise out of an audit or examination of a Post-Affiliation Year or Post-Combined Year Tax Return which could reasonably be
expected to affect in any material way the Tax liability of for any Affiliation Year or Combined Years or which could reasonably result in treatment of items that is inconsistent with the manner in
which AXP filed its Tax Returns for such years. 

 
 

ARTICLE XIII
  
    BOOKS AND RECORDS  
    

        Section 13.01.    Retention Period.    Without limiting any of the provisions of
this Agreement, each of the Parties agrees that it shall retain, until the expiration of the appropriate statutes of limitations (including any extensions) plus ninety (90) days, copies of any
Tax Returns for any open periods during the Affiliation Years and Combined Return Years which might be subject to adjustment under this Agreement, supporting work schedules and other books, records or
information which may be relevant and that it will not destroy or otherwise dispose of such records without first providing the other Party with a reasonable opportunity to review and copy the same.
Without limiting the foregoing, Ameriprise shall cooperate with AXP in identifying such books, records or information and so retain or provide to AXP such books, records or information as may be
specified by AXP in writing within 180 days after the Distribution Date. Any information obtained pursuant to this Agreement, or any other information obtained by AXP or Ameriprise relating to
the Tax position of either Party shall be kept confidential by the Parties hereto, except if otherwise required by a Taxing authority. 

        SECTION
13.02.    Record Retention Policy.    Without limiting the foregoing, each of the
Parties hereto agrees that it shall retain copies of any books and records in its possession as required by any record retention agreement in effect from time to time, between AXP and the IRS or any
other Taxing authority. 

        SECTION
13.03.    Tax Attributes.    Ameriprise shall maintain and provide to AXP upon
request information which will enable AXP to determine, clarify or verify the adjusted book and Tax bases of the Ameriprise stock held by AXP, Ameriprise's assets, both tangible and intangible,
including the stock of all directly and indirectly owned subsidiaries of Ameriprise which were members of the Ameriprise Group or an Ameriprise Combined Group at any time during Affiliation Years or
Combined Years, and the adjusted book and Tax bases of all assets, both tangible and intangible, of such subsidiaries. In addition, Ameriprise shall maintain and provide to AXP upon request all
relevant information for the determination of earnings and profits of any members of the Ameriprise Group, in accordance with applicable provisions of the Code and the Treasury Regulations thereunder. 

21

 

 
 

ARTICLE XIV
  
    COMPENSATION AND EMPLOYEE BENEFITS  
    

        Section 14.01.    General.    For U.S. federal, applicable U.S. state and local
income and other Tax purposes, all deductions in respect of compensation and employee benefits, other than AXP Stock-Based Awards as provided below, whether on or before or after the Distribution
Date, shall be allocated to AXP (or its appropriate subsidiary) or Ameriprise (or its appropriate subsidiary) based on the entity which, directly or indirectly, provides the cash or other
consideration to its employees, former employees or other service providers or any individual whose rights are derived from such individual's relationship with such employee, former employee or
service provider. 

        SECTION
14.02.    AXP Stock-Based Awards.    For U.S. federal, applicable U.S. state and
local income and other Tax purposes, all deductions in respect of AXP Stock-Based Awards, whether on or before or after the Distribution Date, shall be allocated as follows: (i) deductions in
respect of AXP Options that are exercised on or before the Distribution Date ("Exercised AXP Options") shall be allocated to AXP (and shall accordingly not be taken into
account in computing Adjusted Separate Ameriprise Group Federal Tax Liability) except for the amount of deductions (A) reflected in net U.S. federal income deferred Tax assets that are properly
recorded on the Ameriprise Group's books in respect of such Exercised AXP Options immediately before their exercise pursuant to SFAS 123 or SFAS 123(R) as adopted by AXP
("SFAS Exercised AXP Options") or (B) actually realized upon the exercise of such SFAS 123 Exercised AXP Options, whichever is less, and
(ii) deductions in respect of AXP Options that are exercised after the Distribution Date or in respect of AXP Stock-Based Awards (other than AXP Options) shall be allocated between AXP (or its
appropriate subsidiary that was a direct employer of record of the holder of such award during the Vesting Period) and Ameriprise (or its appropriate subsidiary that was a direct employer of record of
the holder of such award during the Vesting Period) pro rata based on their respective Vesting Ratios. 

        SECTION
14.03.    Reporting of Deductions.    Unless otherwise required by law, AXP and
Ameriprise shall for themselves and their appropriate subsidiaries compute their respective Tax liability and file all applicable Tax Returns in accordance with the allocations under Sections 14.01
and 14.02 above. In the event that any deduction allocated under such Sections to one entity is subsequently required by law to be reported by another entity for Tax purposes, AXP or Ameriprise shall
pay the entity to which the deduction was allocated under such Sections such amounts as are necessary to put such entity in the same position, on an after-Tax basis, as it would have been
if the allocation under such Sections had been respected. 

        SECTION
14.04.    Employment Taxes and Tax Reporting.    To the extent that AXP,
Ameriprise or any of their subsidiaries is allocated a deduction for Tax purposes under Sections 14.01 and 14.02 above or otherwise, the entity to which the deduction is allocated shall be solely
responsible for satisfying any
withholding and employment Tax liabilities and Tax reporting obligations in respect of the compensation that corresponds to such deduction. 

        SECTION
14.05.    Determinations.    All determinations necessary to effect this
Article XIV, including those related to the Vesting Period and Vesting Ratios, will be made by AXP in good faith. 

 
 

ARTICLE XV
  
    MISCELLANEOUS  
    

        SECTION
15.01.    Notices.    All notices, requests, claims, demands and other
communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally 

22

 

or
by facsimile transmission or mailed (first class postage prepaid) to the Parties at the following addresses or facsimile numbers: 

        If
to AXP or any member of the AXP Group, to: 

American
Express Company

200 Vesey Street

New York, New York 10285

Attn: Gilbert E. Ahye 

with
a copy to: 

American
Express Company

200 Vesey Street

New York, New York 10285

Attn: Director of Tax 

If
to Ameriprise or any member of the Ameriprise Group, to: 

Ameriprise
Financial, Inc.

707 2nd Avenue, South

Minneapolis, Minnesota 55474

Attn: Walter Berman 

with
a copy to: 

Ameriprise
Financial, Inc.

707 2nd Avenue, South

Minneapolis, Minnesota 55474

Attn: Director of Tax 

All
such notices, requests and other communications will (i) if delivered personally to the address as provided in this section, be deemed given upon delivery, (ii) if delivered by
facsimile transmission to the facsimile number as provided in this section, be deemed given upon receipt and (iii) if delivered by mail in the manner described above to the address as provided
in this section, be deemed given upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice, request or
other communication is to be delivered pursuant to this section). Any Party from time to time may change its address, facsimile number or other information for the purpose of notices to that Party by
giving notice specifying such change to the other Party. 

        SECTION
15.02.    Complete Agreement; Representations.    (a) This Agreement,
together with any exhibits and schedules hereto, constitutes the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations,
commitments and writings with respect to such subject matter. 

        (b)   AXP
represents on behalf of itself and each other member of the AXP Group and Ameriprise represents on behalf of itself and each other member of the Ameriprise Group as
follows: 

          (i)  each
such Person has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to execute, deliver and perform
this Agreement to which it is a Party and to consummate the transactions contemplated by this Agreement; and 

         (ii)  this
Agreement has been duly executed and delivered by such Person (if such Person is a Party) and constitutes a valid and binding agreement of it enforceable in
accordance with the terms thereof (assuming the due execution and delivery thereof by the other Party) except as such 

23

 

enforceability
may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other laws affecting creditors' rights generally and by general equitable principles. 

        SECTION
15.03.    Amendment, Modification, or Waiver.    (a) This Agreement may be
amended, supplemented, modified or superseded only by a written instrument signed by duly authorized signatories of the Parties. 

        (b)   Any
term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set
forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition. No waiver by any Party of any term or condition of this Agreement, in any one or more
instances, shall be deemed or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by law or
otherwise afforded, will be cumulative and not alternative. 

        SECTION
15.04.    Severability.    If any one or more of the provisions of this Agreement
shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 

        SECTION
15.05.    No Assignment; Binding Effect; No Third-Party
Beneficiaries.    (a) Neither this Agreement nor any right, interest or obligation hereunder may be assigned by either Party hereto without the prior written consent of
the other Party hereto and any attempt to do so will be void. Subject to the preceding sentence, this Agreement is binding upon, inures to the benefit of and is enforceable by the Parties hereto and
their respective successors and assigns. 

        (b)   Except
for provisions relating to Affiliates and the provisions of Article V relating to Tax-Related Losses, the terms and provisions of this
Agreement are intended solely for the benefit of each Party hereto and their respective Affiliates, successors or permitted assigns, and it is not the intention of the Parties to confer third-party
beneficiary rights upon any other Person. 

        (c)   Notwithstanding
anything herein to the contrary, unless the context indicates otherwise, if an obligation is imposed on AXP or Ameriprise hereunder it shall cause any
Person that directly or indirectly controls or is controlled by it to comply therewith to the extent reasonably necessary to carry out such obligation. "Control" for these purposes shall have the same
meaning as that set forth under the definition of "Affiliate". 

        SECTION
15.06.    Headings.    The headings used in this Agreement have been inserted for
convenience of reference only and do not define or limit the provisions hereof. 

        SECTION
15.07.    Counterparts.    This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of the counterparts together shall constitute one and the same instrument. 

        SECTION
15.08.    Governing Law.    This Agreement and any dispute arising out of, in
connection with or relating to this Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without giving effect to the conflicts of laws principles
thereof. 

24

 

        IN
WITNESS WHEREOF, the Parties hereto have entered into this Agreement as of the date first above written. 

	 	 	AMERICAN EXPRESS COMPANY
	

 	
 	

By:	

/s/ Gilbert E. Ahye
 Name:    Gilbert E. Ahye

Title:    Senior Vice President
	

 	
 	
AMERIPRISE FINANCIAL, INC.
	

 	
 	

By:	

/s/ Walter S. Berman
 Name:    Walter S. Berman

Title:    Executive Vice President and Chief Financial Officer

25

QuickLinks

TAX ALLOCATION AGREEMENT DATED AS OF SEPTEMBER 30, 2005 BY AND BETWEEN AMERICAN EXPRESS COMPANY AND AMERIPRISE FINANCIAL, INC.

FORM OF TAX ALLOCATION AGREEMENT

ARTICLE I DEFINITIONS AND STANDARDS

ARTICLE II U.S. CONSOLIDATED FEDERAL INCOME TAX LIABILITIES

ARTICLE III U.S. COMBINED STATE AND LOCAL INCOME TAX LIABILITIES

ARTICLE IV SEPARATE TAX RETURN OBLIGATIONS

ARTICLE V TAX-FREE STATUS OF DISTRIBUTION

ARTICLE VI DUAL CONSOLIDATED LOSSES

ARTICLE VII CARRYOVER AND CARRYBACK ITEMS

ARTICLE VIII U.S. FEDERAL INCOME TAX ADJUSTMENTS

ARTICLE IX U.S. FEDERAL INCOME TAX PROCEEDINGS

ARTICLE X PAYMENTS

ARTICLE XI TAX RETURNS

ARTICLE XII POST-AFFILIATION YEARS AND POST-COMBINED YEARS

ARTICLE XIII BOOKS AND RECORDS

ARTICLE XIV COMPENSATION AND EMPLOYEE BENEFITS

ARTICLE XV MISCELLANEOUSExhibit 10.3

 

 

 

 

 

EMPLOYEE BENEFITS
AGREEMENT

BY AND BETWEEN

AMERICAN EXPRESS
COMPANY

AND

AMERIPRISE
FINANCIAL, INC.

DATED AS OF

SEPTEMBER 30, 2005

 

 

 

 

EMPLOYEE BENEFITS
AGREEMENT

This EMPLOYEE BENEFITS AGREEMENT (the “Agreement”),
dated as of September 30, 2005 is by and between American Express Company, a
New York corporation (“AXP”), and Ameriprise Financial, Inc., a Delaware
corporation (“Ameriprise”, and together with AXP, each a “Party”
and collectively, the “Parties”).

WHEREAS, the Board of Directors of AXP has determined
that it is in the best interests of AXP to separate the Ameriprise Business and
the AXP Business into two independent public companies on the terms and subject
to the conditions set forth in the Separation and Distribution Agreement, in
order to resolve systemic issues related to the allocation of capital and
management resources between the Ameriprise Business and the AXP Business, and
give Ameriprise greater flexibility to manage, invest in, and expand the
Ameriprise Business, while ensuring that AXP can focus its time and resources
on the development of the AXP Business;

WHEREAS, in furtherance of the foregoing, AXP has
announced its intention to distribute all of the shares of common stock, par
value $0.01 per share, of Ameriprise (“Ameriprise Common Stock”) owned
by AXP to the holders of AXP Common Stock by means of the Distribution;

WHEREAS, in furtherance of the foregoing, AXP and
Ameriprise have entered into a Separation and Distribution Agreement, dated as
of August 24, 2005 (the “Separation and Distribution Agreement”), and
other Ancillary Agreements that will govern certain matters relating to the
Separation and the relationship of AXP, Ameriprise and their respective
Affiliates prior to and following the Distribution Date; and

WHEREAS, pursuant to the Separation and Distribution
Agreement, AXP and Ameriprise have agreed to enter into this Agreement for the
purpose of allocating Assets, Liabilities and responsibilities with respect to
certain employee compensation and benefit plans and programs between and among
them.

NOW, THEREFORE, in consideration of the premises and
of the respective agreements and covenants contained in this Agreement, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties hereto, intending to be legally bound, agree as
follows:

ARTICLE I

DEFINITIONS

1.1           Definitions.   Capitalized terms used, but not defined
herein shall have the meanings assigned to such terms in the Separation and Distribution
Agreement and the following terms shall have the following meanings:

“AEB” shall have the meaning ascribed thereto in
Section 5.2(c)(i) of this Agreement.

“AEFC RETIREE MEDICAL ELIGIBLE” shall have the meaning
ascribed thereto in Section 5.2(c)(ii) of this Agreement.

 

 

“AGREEMENT” shall have the meaning ascribed thereto in the
preamble to this Agreement.

“AMERIPRISE” shall have the meaning ascribed thereto
in the preamble to this Agreement.

“AMERIPRISE 401(k)” shall have the meaning ascribed
thereto in Section 4.1(a) of this Agreement.

“AMERIPRISE ACTUARY” means an independent actuary
selected by Ameriprise.

“AMERIPRISE BENEFIT PLAN” means any Benefit Plan
sponsored, maintained or contributed to by any member of the Ameriprise Group
including, without limitation, the Ameriprise Retirement Plan, the Ameriprise
401(k), the Ameriprise Reimbursement Account Plan, the Ameriprise SRP, the
Ameriprise Severance Plans, the Ameriprise Retiree Medical Program, the
Ameriprise Retained Welfare Plans and the Ameriprise Welfare Plans.

“AMERIPRISE COMMON STOCK” shall have the meaning
ascribed thereto in the recitals to this Agreement.

“AMERIPRISE DEFERRED COMPENSATION PLANS” means,
collectively, the Ameriprise Financial Deferred Compensation Plan and the Ameriprise
Financial Deferred Equity Program for Independent Financial Advisors.

“AMERIPRISE EMPLOYEE” means any individual who,
immediately following the Distribution Date, will be employed by Ameriprise or
any member of the Ameriprise Group in a capacity considered by Ameriprise to be
common law employment, including active employees and employees on vacation and
approved leave of absence (including maternity, paternity, family, sick,
short-term or long-term disability leave, qualified military service under the
Uniformed Services Employment and Reemployment Rights Act of 1994, and leave
under the Family Medical Leave Act and other approved leaves and any person on
serial severance).

“AMERIPRISE LOI” shall have the meaning ascribed
thereto in Section 7.4(b) of this Agreement.

“AMERIPRISE OPTION” shall have the meaning ascribed
thereto in Section 7.2(c) of this Agreement.

“AMERIPRISE PARTICIPANT” means any individual who,
immediately following the Distribution Date, is an Ameriprise Employee, a
Former Ameriprise Employee, or a beneficiary, dependent or alternate payee of
any of the foregoing.   For purposes of
the Ameriprise Welfare Plans only, “Ameriprise Participant” shall also include
individuals categorized by Ameriprise as “qualifying P2 55/10 advisors” or as
“members of the field organization” who were on an approved leave of absence as
of March 22, 2000; provided, that the treatment of any such
individual as an Ameriprise Participant shall be limited to those Ameriprise
Welfare Plans that are analogous to the AXP Welfare Plans under which such
individual was covered as of the Distribution Date.

 

2

 

“AMERIPRISE PG AWARDS” shall have the meaning ascribed
thereto in Section 7.5(a) of this Agreement.

“AMERIPRISE PLAN PARTICIPANTS” shall have the meaning
ascribed thereto in Section 3.1 of this Agreement.

“AMERIPRISE PRICE RATIO” means the quotient obtained
by dividing the Ameriprise Stock Value by the AXP Pre-Distribution Stock Value.

“AMERIPRISE REIMBURSEMENT ACCOUNT PLAN” shall have the
meaning ascribed thereto in Section 5.2(d) of this Agreement.

“AMERIPRISE RETIREE MEDICAL PROGRAM” shall have the
meaning ascribed thereto in Section 5.2(c)(ii) of this Agreement.

“AMERIPRISE RETAINED WELFARE PLANS” shall have the
meaning ascribed thereto in Section 5.1 of this Agreement.

“AMERIPRISE RETIREMENT PLAN” shall have the meaning
ascribed thereto in Section 3.1 of this Agreement.

“AMERIPRISE SERVICE PLANS” means, collectively, the
Ameriprise Retirement Plan, the Ameriprise 401(k), and the Ameriprise Severance
Plans.

“AMERIPRISE SEVERANCE PLANS” shall have the meaning
ascribed thereto in Section 8.4(a) of this Agreement.

“AMERIPRISE SHARE RATIO” means the quotient obtained
by dividing the AXP Pre-Distribution Stock Value by the Ameriprise Stock Value.

“AMERIPRISE SRP” shall have the meaning ascribed
thereto in Section 6.1(a) of this Agreement.

“AMERIPRISE STOCK PLAN” shall have the meaning
ascribed thereto in Section 2.5 of this Agreement.

“AMERIPRISE STOCK VALUE” means the official NYSE Only
closing price of Ameriprise trading “when issued” on September 30, 2005 as
reported by the NYSE.

“AMERIPRISE UK ACTUARY” means an independent UK
actuary selected by Ameriprise.

“AMERIPRISE UK PLAN PARTICIPANTS” shall have the
meaning ascribed thereto in Section 9.1(a) of this Agreement.

“AMERIPRISE UK RETIREMENT PLAN” shall have the meaning
ascribed thereto in Section 9.1(a) of this Agreement.

 

3

 

“AMERIPRISE WELFARE PLANS” shall have the meaning
ascribed thereto in Section 5.2(a) of this Agreement.

“AMP KEL CASH BENEFIT” shall have the meaning ascribed
thereto in Section 5.5(b) of this Agreement.

“AXP” shall have the meaning ascribed thereto in the
preamble to this Agreement.

“AXP ACTUARY” means Towers, Perrin, Forster, and
Crosby, Inc. (New York), or any other independent actuary appointed by AXP.

“AXP BENEFIT PLAN” means any Benefit Plan sponsored,
maintained or contributed to by AXP or any of its Affiliates including, without
limitation, the AXP Retirement Plan, the AXP ISP, the AXP Reimbursement Account
Plan, the AXP SRP, the AXP Severance Plans, the AXP Retiree Medical Program,
and the AXP Welfare Plans.

“AXP COMMITTEE” means the Compensation and Benefits
Committee of the Board of Directors of AXP.

“AXP DC PARTICIPANTS” shall have the meaning ascribed
thereto in Section 8.2(a) of this Agreement.

“AXP DC PARTICIPANT ACCOUNTS” shall have the meaning
ascribed thereto in Section 8.2(a) of this Agreement.

“AXP DEFERRED COMPENSATION PLANS” means, collectively,
those deferred compensation plans and arrangements set forth on Schedule A
attached hereto.

“AXP EMPLOYEE” means any individual who, immediately
following the Distribution Date, will be employed by AXP or any member of the
AXP Group in a capacity considered by AXP to be common law employment,
including active employees and employees on vacation and approved leave of
absence (including maternity, paternity, family, sick, short-term or long-term
disability leave, qualified military service under the Uniformed Services
Employment and Reemployment Rights Act of 1994, and leave under the Family
Medical Leave Act and other approved leaves and any person on serial
severance).

“AXP ISP” means the American Express Incentive Savings
Plan.

“AXP KEL” shall have the meaning ascribed thereto in
Section 5.5(a) of this Agreement.

“AXP LOI” shall have the meaning ascribed thereto in
Section 7.4(a) of this Agreement.

“AXP OPTION” shall have the meaning ascribed thereto
in Section 7.2(b) of this Agreement.

“AXP PARTICIPANT” means any individual
who, immediately following the Distribution Date, is an AXP Employee, a Former
AXP Employee or a beneficiary, dependent or alternate payee of any of the
foregoing.

 

4

 

“AXP POST-DISTRIBUTION STOCK VALUE” means the official
NYSE Only adjusted closing price of AXP on September 30, 2005 as reported by
the NYSE.

“AXP PRE-DISTRIBUTION STOCK VALUE” means the official
NYSE Only closing price of AXP on September 30, 2005 as reported by the NYSE.

“AXP PRICE RATIO” means the quotient obtained by
dividing the AXP Post-Distribution Stock Value by the AXP Pre-Distribution
Stock Value.

“AXP REIMBURSEMENT ACCOUNT PLAN” shall have the
meaning ascribed thereto in Section 5.2(d) of this Agreement.

“AXP RESTRICTED STOCK” shall have the meaning ascribed
thereto in Section 7.3(a) of this Agreement.

“AXP RETAINED CLAIM” shall have the meaning ascribed
thereto in Section 8.5(a) of this Agreement.

“AXP RETIREE MEDICAL PROGRAM” shall have the meaning ascribed thereto in
Section 5.2(c) of this Agreement.

“AXP RETIREMENT PLAN” means the American Express
Retirement Plan.

“AXP SERVICE PLANS” means, collectively, the AXP
Retirement Plan, the AXP ISP, and the AXP Severance Plans.

“AXP SEVERANCE PLANS” means, collectively, the American Express
Senior Executive Severance Plan and the American Express Severance Pay Plan.

“AXP SHARE RATIO” means the quotient obtained by
dividing the AXP Pre-Distribution Stock Value by the AXP Post-Distribution
Stock Value.

“AXP SRP” means the American Express Supplemental
Retirement Plan.

“AXP STOCK PLANS” means, collectively, the American
Express Company 1989 Long-Term Incentive Plan and the American Express Company
1998 Incentive Compensation Plan and any other stock option or stock incentive
compensation plan or arrangement for employees, officers, or independent
contractors of AXP, as amended.

 “AXP UK
ACTUARY” means Towers, Perrin, Forster, and Crosby, Inc. (United Kingdom), or
any other independent actuary appointed by AXP.

“AXP UK PLAN” means the American Express UK Pension
Plan.

“AXP WELFARE PLANS” shall have the
meaning ascribed thereto in Section 5.2(a) of this Agreement.

“BENEFIT PLAN” shall mean, with respect to an entity, each
plan, program, arrangement, agreement or commitment that is an employment,
consulting, non-competition or

 

5

 

deferred compensation agreement, or an executive compensation,
incentive bonus or other bonus, employee pension, profit-sharing, savings,
retirement, supplemental retirement, stock option, stock purchase, stock
appreciation rights, restricted stock, other equity-based compensation,
severance pay, salary continuation, life, health, hospitalization, sick leave,
vacation pay, disability or accident insurance plan, corporate-owned or key-man
life insurance or other employee benefit plan, program, arrangement, agreement
or commitment, including any “employee benefit plan” (as defined in Section
3(3) of ERISA), sponsored or maintained by such entity (or to which such entity
contributes or is required to contribute).

“CHQ” shall have the meaning ascribed thereto in
Section 5.2(c)(i) of this Agreement.

“CHQ/AEB/TRS RETIREE MEDICAL ELIGIBLE” shall have the
meaning ascribed thereto in Section 5.2(c)(i) of this Agreement.

“COBRA” means the continuation coverage requirements
for “group health plans” under Title X of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, and as codified in Code Section 4980B
and Sections 601 through 608 of ERISA, and any similar state group health plan
continuation Law, together with all regulations and proposed regulations
promulgated thereunder.

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

“CONTROL” means, as to any Person, the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise. 
The term “Controlled” shall have a correlative meaning.

“DELAYED PRICE RATIO” means, with respect to a Delayed
Transfer Employee, the quotient obtained by dividing (i) the price at which
Ameriprise Common Stock first trades on the NYSE immediately after such Delayed
Transfer Employee’s Transfer Date, as determined by the AXP Committee, by (ii)
the price at which AXP Common Stock last trades on the NYSE immediately prior
to such Delayed Transfer Employee’s Transfer Date, as determined by the AXP
Committee.

“DELAYED SHARE RATIO” means, with respect to a Delayed
Transfer Employee, the quotient obtained by dividing (i) the price at which AXP
Common Stock last trades on the NYSE immediately prior to such Delayed Transfer
Employee’s Transfer Date, as determined by the AXP Committee, by (ii) the price
at which Ameriprise Common Stock first trades on the NYSE immediately after
such Delayed Transfer Employee’s Transfer Date, as determined by the AXP
Committee.

“DELAYED TRANSFER AMERIPRISE LOI” shall have the
meaning ascribed thereto in Section 7.4(d)(ii) of this Agreement.

“DELAYED TRANSFER AMERIPRISE OPTION” shall have the
meaning ascribed thereto in Section 7.2(e)(ii) of this Agreement.

 

6

 

“DELAYED TRANSFER AMERIPRISE RESTRICTED STOCK” shall
have the meaning ascribed thereto in Section 7.3(d)(ii) of this Agreement.

“DELAYED TRANSFER AXP LOI” shall have the meaning
ascribed thereto in Section 7.4(d)(i) of this Agreement.

“DELAYED TRANSFER AXP OPTION” shall have the meaning
ascribed thereto in Section 7.2(e)(i) of this Agreement.

“DELAYED TRANSFER AXP RESTRICTED STOCK” shall have the
meaning ascribed thereto in Section 7.3(d)(i) of this Agreement.

“DELAYED TRANSFER CALCULATION DATE” shall have the
meaning ascribed thereto in Section 3.3(b)(i) of this Agreement.

“DELAYED TRANSFER EMPLOYEES” shall mean those AXP
Employees (and the beneficiaries, dependents or alternate payees of such
Persons), as set forth on Schedule B (which Schedule may be amended by mutual
agreement of the Parties at any time prior to the first anniversary of the
Distribution Date), who are considered by the Parties to be important to the
Ameriprise Business and whose transfer from AXP to the Ameriprise Group in
connection with the Separation and Distribution will be delayed, due to certain
business constraints, until after the Distribution Date but prior to the first
anniversary of the Distribution Date (or such later date as mutually agreed to
by the Parties).

“DETRIMENTAL CONDUCT PROVISIONS” means (i) the
Detrimental Conduct Provisions Attachment to the American Express Company 1998
Incentive Compensation Plan Master Agreement (as amended), effective as of
February 26, 2001; (ii) the Detrimental Conduct Provisions Attachment to the
American Express Company 1989 Long-Term Incentive Plan Master Agreement (as
amended), effective as of January 1, 1998; (iii) any Consent to the Application
of Forfeiture and Detrimental Conduct Provisions to Incentive Compensation Plan
Awards to which an Ameriprise Participant is a party; and (iv) any other
similar detrimental conduct provisions applicable to outstanding AXP long-term
incentive awards issued under the AXP Stock Plans, in each case as in effect
from time to time.

“DOL” means the United States Department of Labor.

“ERISA” means the Employee Retirement Income Security
Act of 1974, as amended.

“ERISA AFFILIATE” means with respect to any Person,
each business or entity which is a member of a “controlled group of
corporations,” under “common control” or a member of an “affiliated service
group” with such Person within the meaning of Sections 414(b), (c) or (m) of
the Code, or required to be aggregated with such Person under Section 414(o) of
the Code, or under “common control” with such Person within the meaning of
Section 4001(a)(14) of ERISA.

“ESTIMATED DELAYED TRANSFER AMOUNT” shall have the
meaning ascribed thereto in Section 3.3(b)(ii) of this Agreement.

 

7

 

“ESTIMATED RETIREMENT PLAN TRANSFER AMOUNT” shall have
the meaning ascribed thereto in Section 3.2(b)(ii) of this Agreement.

“EXCLUDED INVESTMENTS” shall have the meaning ascribed
thereto in Section 3.2(b)(iii) of this Agreement.

“FINAL DELAYED TRANSFER AMOUNT” shall have the meaning
ascribed thereto in Section 3.3(b)(ii) of this Agreement.

“FINAL DELAYED TRANSFER DATE” shall have the meaning
ascribed thereto in Section 3.3(b)(iii) of this Agreement.

“FINAL RETIREMENT PLAN TRANSFER AMOUNT” shall have the
meaning ascribed thereto in Section 3.2(b)(iv) of this Agreement.

“FINAL TRANSFER DATE” shall have the meaning ascribed
thereto in Section 3.2(b)(v) of this Agreement.

“FORMER AMERIPRISE EMPLOYEE” means, as of the Distribution Date, any former
employee of AXP or an Affiliate, including retired, deferred vested, non-vested
and other inactive terminated individuals, whose most recent active employment
with AXP or an Affiliate was with a member of the Ameriprise Group and such
active employment has ended on or before the Distribution Date.

“FORMER AXP EMPLOYEE” means, as of the Distribution Date, any former
employee of AXP or an Affiliate, including retired, deferred vested, non-vested
and other inactive terminated individuals, whose most recent active employment
with AXP or an Affiliate was with a member of the AXP Group.

“HIPAA” means the Health Insurance Portability and
Accountability Act of 1996, as amended.

“INITIAL CASH TRANSFER” shall have the meaning
ascribed thereto in Section 3.2(b)(iii) of this Agreement.

“INITIAL TRANSFER AMOUNT” shall have the meaning
ascribed thereto in Section 3.2(b)(iii) of this Agreement.

“INITIAL TRANSFER DATE” shall have the meaning
ascribed thereto in Section 3.2(b)(iii) of this Agreement.

“IRS” means the United States Internal Revenue
Service.

“MEASUREMENT DATE” shall have the meaning ascribed
thereto in Section 7.2(b) of this Agreement. 

 

8

 

“OUTSTANDING PG AWARDS” shall mean, collectively, the
PG-XIV, PG-XV, and PG-XVI awards granted pursuant to the 1998 American Express
Company Incentive Compensation Plan and any related agreement.

“PARTICIPATING COMPANY” means AXP or any Person (other than an
individual) participating in an AXP Benefit Plan.

“PARTIES” shall have the meaning ascribed thereto in
the preamble to this Agreement.

“PAYMENT DATE” means the fifth business day after the
date on which the conditions set forth in Section 9.1(c)(ii) of this Agreement
have been fulfilled and satisfied or such other date as the Parties may agree
to in writing.

“PRE-DISTRIBUTION CLAIM PERIOD” shall have the meaning
ascribed thereto in Section 5.2(g)(ii) of this Agreement.

“PRE-DISTRIBUTION DATE CLAIMS” shall have the meaning
ascribed thereto in Section 5.2(g)(ii) of this Agreement.

“REMAINING AXP LOI” shall have the meaning ascribed
thereto in Section 7.4(a) of this Agreement.

“REMAINING AXP OPTION” shall have the meaning ascribed
thereto in Section 7.2(b) of this Agreement.

“REMAINING AXP RESTRICTED STOCK” shall have the
meaning ascribed thereto in Section 7.3(a) of this Agreement.

“REVISED RETIREMENT PLAN TRANSFER AMOUNT”
shall have the meaning ascribed thereto in Section 3.2(b)(iv) hereof.

“RUN-OUT COVERAGE OPTIONS” shall have the meaning
ascribed thereto in Section 5.2(g)(ii) of this Agreement.

“SECURITIES ACT” means the Securities Act of 1933, as
amended.

“SEPARATION AND DISTRIBUTION AGREEMENT” shall have the meaning ascribed thereto in the
recitals to this Agreement.

“SERIAL SEVERANCE EMPLOYEE” means any Former Ameriprise
Employee who, as of the Distribution Date or such later date as determined by
Ameriprise in its sole discretion, (i) has executed and delivered to AXP or
Ameriprise, as appropriate, a written severance agreement, and (ii) who is
entitled to receive the payment of severance benefits on a serial basis
pursuant to such severance agreement.

“SERVICE CREDITING DATE” shall have the meaning
ascribed thereto in Section 2.4(b)(i) of this Agreement.

 

9

 

“TRANSFER AMOUNT” means the UK Transfer Amount,
adjusted in accordance with the provisions of the Actuary’s Letter.

“TRANSFER DATE” shall mean, with respect to a Delayed
Transfer Employee, the date that such Delayed Transfer Employee commences
active employment with a member of the Ameriprise Group.

“TRS” shall have the meaning ascribed thereto in
Section 5.2(c)(i) of this Agreement.

“TRUE-UP AMOUNT” shall have the meaning ascribed
thereto in Section 3.2(b)(v) of this Agreement.

“UK ACTUARY’S LETTER” means the letter from the AXP UK
Actuary to the Ameriprise UK Actuary, a copy of which is attached hereto as
Exhibit A.

“UK TRANSFER AMOUNT” means the amount determined as
such in accordance with the provisions of the UK Actuary’s Letter.

“UNVESTED AXP OPTION” shall have the meaning ascribed
thereto in Section 7.2(c) of this Agreement.

“U.S.” means the United States of America.

                1.2           General
Interpretive Principles.  (a) Words
in the singular shall include the plural and vice versa, and words of one
gender shall include the other gender, in each case, as the context requires;
(b) the terms “hereof,” “herein,” and “herewith” and words of similar import
shall, unless otherwise stated, be construed to refer to this Agreement and not
to any particular provision of this Agreement, and references to Article,
Section, paragraph, Exhibit, and Schedule are references to the Articles,
Sections, paragraphs, Exhibits, and Schedules to this Agreement unless
otherwise specified; (c) the word “including” and words of similar import when
used in this Agreement shall mean “including, without limitation,” unless
otherwise specified; and (d) any reference to any federal, state, local or
non-U.S. statute or Law shall be deemed to also refer to all rules and
regulations promulgated thereunder, unless the context otherwise requires.

ARTICLE II

GENERAL PRINCIPLES

2.1           ASSUMPTION AND RETENTION OF
LIABILITIES; RELATED ASSETS.

(a)           As of the Effective Time, except as
otherwise expressly provided for in this Agreement, AXP shall, or shall cause
one or more members of the AXP Group to, assume or retain and AXP hereby agrees
to pay, perform, fulfill and discharge, in due course in full (i) all
Liabilities under all AXP Benefit Plans, (ii) all Liabilities with respect to
the employment, service, termination of employment or termination of service of
all AXP Employees, Former AXP Employees, their dependents and beneficiaries,
and other service providers (including any individual who is, or was, an
independent contractor, temporary employee, temporary service worker,
consultant, freelancer, agency employee, leased employee, on-call worker,
incidental

 

10

 

worker, or nonpayroll worker of any member of the AXP
Group or in any other employment, non-employment, or retainer arrangement, or
relationship with any member of the AXP Group), in each case to the extent
arising in connection with or as a result of employment with or the performance
of services for any member of the AXP Group, and (iii) any other Liabilities or
obligations expressly assigned to AXP or any of its Affiliates under this
Agreement.  For purposes of
clarification, the Liabilities assumed or retained by the AXP Group as provided
for in this Section 2.1(a) are intended to be AXP Liabilities as such term is
defined in the Separation and Distribution Agreement.

(b)           As of the Effective Time, except as
otherwise expressly provided for in this Agreement, Ameriprise shall, or shall
cause one or more members of the Ameriprise Group to, assume or retain, as
applicable, and Ameriprise hereby agrees to pay, perform, fulfill and
discharge, in due course in full (i) all Liabilities under all Ameriprise
Benefit Plans, (ii) all Liabilities with respect to the employment, service,
termination of employment or termination of service of all Ameriprise
Employees, Former Ameriprise Employees, their dependents and beneficiaries and
other service providers (including any individual who is, or was, an
independent contractor, temporary employee, temporary service worker,
consultant, freelancer, agency employee, leased employee, on-call worker,
incidental worker, or nonpayroll worker of any member of the Ameriprise Group
or in any other employment, non-employment, or retainer arrangement, or
relationship with any member of the Ameriprise Group), and (iii) any other
Liabilities or obligations expressly assigned to Ameriprise or any of its
Affiliates under this Agreement.  For
purposes of clarification, the Liabilities assumed or retained by the
Ameriprise Group as provided for in this Section 2.1(b) are intended to be
Ameriprise Liabilities as such term is defined in the Separation and
Distribution Agreement.

(c)           From
time to time after the Distribution, Ameriprise shall promptly reimburse AXP,
upon AXP’s reasonable request and the presentation by AXP of such
substantiating documentation as Ameriprise shall reasonably request, for the
cost of any obligations or Liabilities satisfied by AXP or its Affiliates that
are, or that have been made pursuant to this Agreement, the responsibility of
Ameriprise or any of its Affiliates.

(d)           From
time to time after the Distribution, AXP shall promptly reimburse Ameriprise,
upon Ameriprise’s reasonable request and the presentation by Ameriprise of such
substantiating documentation as AXP shall reasonably request, for the cost of
any obligations or Liabilities satisfied by Ameriprise that are, or that have
been made pursuant to this Agreement, the responsibility of AXP or its
Affiliates.

2.2           AMERIPRISE PARTICIPATION IN AXP
BENEFIT PLANS. 
Except as otherwise expressly provided for in this Agreement or as
otherwise expressly agreed to in writing between the Parties, (i) effective as
of the Effective Time, Ameriprise and each member of the Ameriprise Group shall
cease to be a Participating Company in any AXP Benefit Plan, and (ii) each (A)
Ameriprise Participant and any other service providers (including any
individual who is, or was, an independent contractor, temporary employee,
temporary service worker, consultant, freelancer, agency employee, leased
employee, on-call worker, incidental worker, or nonpayroll worker of any member
of the AXP Group or the Ameriprise Group or in any other employment,
non-employment, or retainer arrangement, or relationship with any member of the
AXP Group or the Ameriprise Group), effective as of the Effective Time, and (B)
Delayed

 

11

 

Transfer Employee, effective as of such Delayed
Transfer Employee’s Transfer Date, shall cease to participate in, be covered
by, accrue benefits under, be eligible to contribute to or have any rights
under any AXP Benefit Plan, and AXP and Ameriprise shall take all necessary
action to effectuate each such cessation.

2.3           COMPARABLE COMPENSATION AND
BENEFITS.  Except as otherwise agreed to
by AXP, (i) with respect to an Ameriprise Employee, for the one-year period
commencing on the Distribution Date and ending on the one-year anniversary of
such date and (ii) with respect to a Delayed Transfer Employee whose Transfer
Date occurs prior to the one-year anniversary of the Distribution Date, for the
period commencing on such Delayed Transfer Employee’s Transfer Date and ending
on the one-year anniversary of the Distribution Date, Ameriprise (acting
directly or through its Affiliates) intends to provide such Ameriprise
Employees and Delayed Transfer Employees with compensation opportunities
(including, without limitation, salary, wages, commissions and bonus
opportunities) and employee benefits that are substantially comparable, in the
aggregate, to the compensation opportunities and employee benefits to which
such Ameriprise Employees and Delayed Transfer Employees were entitled to
immediately prior to the Distribution Date.

2.4           SERVICE RECOGNITION.

(a)           Pre-Distribution
Service Credit.  Ameriprise shall
give each Ameriprise Participant and Delayed Transfer Employee full credit for
purposes of eligibility, vesting, determination of level of benefits, and, to
the extent applicable, benefit accruals under any Ameriprise Benefit Plan for
such Ameriprise Participant’s or Delayed Transfer Employee’s service with any
member of the AXP Group prior to the Distribution Date or applicable Transfer
Date to the same extent such service was recognized by the applicable AXP
Benefit Plans immediately prior to the Distribution Date or applicable Transfer
Date; provided, however, that such service shall not be
recognized to the extent that such recognition would result in the duplication
of benefits.

 (b)          Post-Distribution Reciprocal
Service Crediting.   Each of AXP and
Ameriprise (acting directly or through their respective Affiliates) shall cause
each of the AXP Service Plans and the Ameriprise Service Plans, respectively,
to provide the following service crediting rules effective as of the Distribution
Date:

                                (i)            If
an AXP Employee who participates in any of the AXP Service Plans becomes
employed by a member of the Ameriprise Group prior to the first anniversary of
the Distribution Date (or such later date as mutually agreed to by the Parties)
(the “Service Crediting Date”) and such AXP Employee is continuously
employed by the AXP Group from the Distribution Date through the date such AXP
Employee commences active employment with a member of the Ameriprise Group,
then such AXP Employee’s service with the AXP Group following the Distribution
Date shall be recognized for purposes of eligibility, vesting and level of
benefits under the appropriate Ameriprise Service Plans, in each case to the
same extent as such AXP Employee’s service with the AXP Group was recognized
under the corresponding AXP Service Plans.

 

12

 

                                (ii) 
         If an AXP Employee who
participates in any of the AXP Service Plans becomes employed by a member of
the Ameriprise Group either (A) on or after the Service Crediting Date or (B)
without having been continuously employed by the AXP Group from the
Distribution Date through the date such AXP Employee commences active
employment with a member of the Ameriprise Group, then, except to the extent
required by applicable Law, such individual’s service with the AXP Group
following the Distribution Date will not be recognized for any purpose under
any Ameriprise Service Plan.

                                (iii)          If
an Ameriprise Employee who participates in any of the Ameriprise Service Plans
becomes employed by a member of the AXP Group prior to the Service Crediting
Date and such Ameriprise Employee is continuously employed by the Ameriprise
Group from the Distribution Date through the date such Ameriprise Employee
commences active employment with a member of the AXP Group, then such
Ameriprise Employee’s service with the Ameriprise Group following the
Distribution Date shall be recognized for purposes of eligibility, vesting and
level of benefits under the appropriate AXP Service Plans, in each case to the
same extent as such Ameriprise Employee’s service with the Ameriprise Group was
recognized under the corresponding Ameriprise Service Plans.

(iv)          If
an Ameriprise Employee who participates in any of the Ameriprise Service Plans
becomes employed by a member of the AXP Group either (A) on or after the
Service Crediting Date or (B) without having been continuously employed by the
Ameriprise Group from the Distribution Date through the date such Ameriprise
Employee commences active employment with a member of the AXP Group, then the
corresponding AXP Service Plans will only take into consideration such
individual’s service with the AXP Group and the Ameriprise Group, in each case,
prior to the Distribution Date and, thus, except to the extent required by
applicable Law, such Ameriprise Employee’s service with the Ameriprise Group
following the Distribution Date will not be recognized for any purpose under
any AXP Service Plan.

(v)           Notwithstanding anything in this
Agreement to the contrary, for the one (1) year period commencing on the
Distribution Date, the AXP Service Plans and the Ameriprise Service Plans shall
provide that no break in service occurs with respect to any AXP Employee or
Ameriprise Employee who is hired or rehired by any member of the Ameriprise
Group or the AXP Group after the termination of such AXP Employee’s or
Ameriprise Employee’s employment with either the AXP Group or the Ameriprise
Group within such one (1) year period.

2.5           APPROVAL BY AXP AS SOLE STOCKHOLDER.  Effective as of the Distribution Date,
Ameriprise shall have adopted the Ameriprise Financial 2005 Incentive
Compensation Plan (the “Ameriprise Stock Plan”) which shall permit the
issuance of long-term incentive awards that have material terms and conditions
substantially similar to those long-term incentive awards issued under the
relevant AXP Stock Plans that are to be substituted with Ameriprise long-term incentive awards
in connection with the Distribution.  The
Ameriprise Stock Plan shall be approved prior to the
Distribution by AXP as Ameriprise’s sole shareholder.

 

ARTICLE III

U.S. QUALIFIED DEFINED BENEFIT PLAN

 

13

 

3.1           ESTABLISHMENT OF AMERIPRISE
PLAN.  Effective as of the Distribution
Date, Ameriprise shall, or shall have caused one or more members of the
Ameriprise Group to, establish a defined benefit pension plan and related trust
to provide retirement benefits to Ameriprise Participants who immediately prior
to the Distribution Date were participants in, or entitled to present or future
benefits (whether or not vested) under, the AXP Retirement Plan (such defined
benefit pension plan, the “Ameriprise Retirement Plan” and such
Ameriprise Participants, the “Ameriprise Plan Participants”).  Ameriprise shall be responsible for taking
all necessary, reasonable, and appropriate action to establish, maintain and
administer the Ameriprise Retirement Plan so that it is qualified under Section
401(a) of the Code and that the related trust thereunder is exempt under
Section 501(a) of the Code. 
Notwithstanding the above, until October 18,
2005, all benefits payable to Ameriprise Plan Participants (including benefits
that have accrued under the Ameriprise Retirement Plan following the Distribution
Date) shall be paid from the AXP Retirement Plan.  Ameriprise
(acting directly or through its Affiliates) shall be responsible for any and
all Liabilities (including Liability for funding) and other obligations with
respect to the Ameriprise Retirement Plan.

3.2           AMERIPRISE PARTICIPANTS

(a)           Assumption
of AXP Retirement Plan Liabilities. 
Effective as of the Initial Transfer Date, Ameriprise (acting directly
or through its Affiliates) hereby agrees to cause the Ameriprise Retirement
Plan to assume, and to fully perform, pay and discharge, all accrued benefits
under the AXP Retirement Plan relating to all Ameriprise Plan Participants as
of the Distribution Date (inclusive of benefits paid by the AXP Retirement Plan
to Ameriprise Plan Participants following the Distribution Date, but prior to
the Initial Transfer Date in accordance with Section 3.1 above, but excluding
benefits attributable to lost participants).

(b)           Transfer
of AXP Retirement Plan Assets.

                (i)            The Parties intend that the portion
of the AXP Retirement Plan covering Ameriprise Plan Participants (excluding
forfeitures attributable to lost participants) shall be transferred to the
Ameriprise Retirement Plan in accordance with Section 414(l) of the Code,
Treasury Regulation Section 1.414(l)-1, and Section 208 of ERISA.  No later than thirty (30) days prior to the
Distribution Date, AXP and Ameriprise (acting directly or through their
respective Affiliates) shall, to the extent necessary, file an IRS Form 5310-A
regarding the transfer of Assets and Liabilities from the AXP Retirement Plan
to the Ameriprise Retirement Plan.

                (ii)           As soon as reasonably practicable
following the Distribution Date, AXP shall cause the AXP Actuary to determine
the estimated value, as of the Distribution Date, of the Assets to be
transferred to the Ameriprise Retirement Plan in accordance with the
assumptions and valuation methodology set forth on Schedule C attached hereto
(the “Estimated Retirement Plan Transfer Amount”).

                (iii)          On or before October 18, 2005, AXP
shall transfer to the Ameriprise Retirement Plan an amount in cash at least
sufficient to fund benefit payments reasonably projected to be required under
the Ameriprise Retirement Plan prior to the Initial Transfer Date (the “Initial
Cash Transfer”).  Within thirty (30)
days (or such later time as mutually agreed to by

 

14

 

the Parties) following
the determination of the Estimated Retirement Plan Transfer Amount, AXP and
Ameriprise (each acting directly or through their respective Affiliates) shall
cooperate in good faith to cause an initial transfer of Assets (the date of
such transfer, the “Initial Transfer Date”) from the AXP Retirement Plan
to the Ameriprise Retirement Plan in an amount equal to ninety percent (90%) of
the Estimated Retirement Plan Transfer Amount minus the Initial Cash Transfer,
adjusted to reflect earnings or losses during the period from the Distribution
Date to the Initial Transfer Date (such amount, the “Initial Transfer Amount”).  Such earnings or losses shall be determined
based on the actual rate of return of the AXP Retirement Plan without regard to
those investments set forth on Schedule D attached hereto (the “Excluded
Investments”) for the period commencing on the Distribution Date and ending
on the last calendar day of the month ending immediately prior to the Initial
Transfer Date.  Earnings or losses for
the period from such last day of the month to the Initial Transfer Date shall
be based on a blended index (thirty-seven percent (37%) S&P 500 Index,
twenty percent (20%) Russell 2000 Index, twenty-two percent (22%) MSCI EAFE
Index, and twenty-one percent (21%) Lehman Aggregate Bond Index) determined as
of the date that is as close as administratively practicable to the Initial
Transfer Date, but in no event more than five (5) business days prior to the
Initial Transfer Date.  AXP shall satisfy
its obligation pursuant to this Section 3.2(b)(iii) by transferring Assets, in
kind, equal to the Initial Transfer Amount consisting of a pro rata percentage
(rounded up or down to the nearest whole lot or distributable unit) of all
investments, excluding the Excluded Investments, under the AXP Retirement Plan.

(iv)         Within ninety (90) days following the
Initial Transfer Date, AXP shall cause the AXP Actuary to provide Ameriprise
with a revised calculation of the value, as of the Distribution Date, of the
Assets to be transferred to the Ameriprise Retirement Plan determined in
accordance with the assumptions and valuation methodology set forth on Schedule
C attached hereto (the “Revised Retirement Plan Transfer Amount”).  Ameriprise may submit, at its sole cost and
expense, the Revised Retirement Plan Transfer Amount to the Ameriprise Actuary
for verification; provided, that, such verification process and
any calculation performed by the Ameriprise Actuary in connection therewith
shall be performed solely on the basis of the assumptions and valuation
methodology set forth on Schedule C attached hereto.  Furthermore, the AXP Actuary and Ameriprise
Actuary shall cooperate in good faith to ensure that any such verification
process is performed in a timely manner. 
In the event the Ameriprise Actuary determines that the value, as of the
Distribution Date, of the Assets to be transferred to the Ameriprise Retirement
Plan differs from the Revised Retirement Plan Transfer Amount, the Ameriprise
Actuary and AXP Actuary shall use good faith efforts to reconcile any such
difference.  If the Ameriprise Actuary
and the AXP Actuary fail to reconcile such difference and (A) the Ameriprise
Actuary’s calculation is within two percent (2%) of the Revised Retirement Plan
Transfer Amount, the average of the Revised Retirement Plan Transfer Amount and
the Ameriprise Actuary’s calculation shall be used; or (B) the difference between
the Ameriprise Actuary’s calculation and the Revised Retirement Plan Transfer
Amount exceeds two percent (2%), the Ameriprise Actuary and the AXP Actuary
shall jointly designate a third, independent actuary whose calculation of the
value, as of the Distribution Date, of the Assets to be transferred to the
Ameriprise Retirement Plan shall be final and binding; provided, that,
such calculation must be performed in accordance with the assumptions and
valuation methodology set forth on Schedule C attached hereto; and, provided,
further, that such value shall be between the value determined by the
Ameriprise Actuary and the Revised Retirement Plan Transfer Amount or equal to
either such value.  AXP and Ameriprise
shall each pay one-half of the costs incurred in

 

15

 

connection with the
retention of such independent actuary. 
The final, verified value, as of the Distribution Date, of the Assets to
be transferred to the Ameriprise Retirement Plan as determined in accordance
with this Section 3.2(b)(iv) shall be referred to herein as the “Final
Retirement Plan Transfer Amount.”

(v)           Within forty-five (45) days of the
determination of the Final Retirement Plan Transfer Amount, AXP shall cause the
AXP Retirement Plan to transfer to the Ameriprise Retirement Plan (the date of
such transfer, the “Final Transfer Date”) an amount, in cash, equal to
(A) the Final Retirement Plan Transfer Amount minus (B) the sum of (1) the
Initial Transfer Amount, (2) the Initial Cash Transfer, and (3) the aggregate
amount of payments made from the AXP Retirement Plan to Ameriprise Plan
Participants in order to satisfy any benefit obligation with respect to such
Ameriprise Plan Participants during the period commencing on the Distribution Date
and ending on the date of the Initial Cash Transfer (such amount the “True-Up
Amount”); provided, that, the True-Up Amount shall be
adjusted to reflect earnings or losses as described below; and provided,
further, that in the event the sum of clauses (1), (2) and (3) above is
greater than the Final Retirement Plan Transfer Amount, AXP shall not be
required to cause any such additional transfer and instead Ameriprise shall be
required to cause a transfer of cash from the Ameriprise Retirement Plan to the
AXP Retirement Plan in amount equal to the amount by which the sum of clauses
(1), (2) and (3) above exceeds the Final Retirement Plan Transfer Amount.  The parties hereto acknowledge that the AXP
Retirement Plan’s transfer of the True-Up Amount to the Ameriprise Retirement
Plan shall be in full settlement and satisfaction of the obligations of AXP and
AXP Retirement Plan to transfer Assets to the Ameriprise Retirement Plan
pursuant to this Section 3.2(b).

The True-Up Amount shall
be paid from the AXP Retirement Plan to the Ameriprise Retirement Plan, in
cash, and adjusted to reflect earnings or losses during the period from the
Distribution Date to the Final Transfer Date. 
Such earnings or losses shall be determined based on the actual rate of
return of the AXP Retirement Plan without regard to the Excluded Investments
for the period commencing on the Distribution Date and ending on the last
calendar day of the month ending immediately prior to the Final Transfer
Date.  Earnings or losses for the period
from such last day of the month to the Final Transfer Date shall be based on a
blended index (thirty-seven percent (37%) S&P 500 Index, twenty percent
(20%) Russell 2000 Index, twenty-two percent (22%) MSCI EAFE Index, and
twenty-one percent (21%) Lehman Aggregate Bond Index) determined as of the date
that is as close as administratively practicable to the Final Transfer Date,
but in no event more than five (5) business days prior to the Final Transfer
Date.  In the event that Ameriprise is
obligated to cause the Ameriprise Retirement Plan to reimburse the AXP
Retirement Plan pursuant to this Section 3.2(b)(v), such reimbursement shall be
performed in accordance with the same principles set forth herein with respect
to the payment of the True-Up Amount.

                (c)           Continuation
of Elections.  As of the Distribution
Date, Ameriprise (acting directly or through its Affiliates) shall cause the
Ameriprise Retirement Plan to recognize and maintain all existing elections,
including, but not limited to, beneficiary designations, payment form elections
and rights of alternate payees under qualified domestic relations orders with
respect to Ameriprise Plan Participants under the AXP Retirement Plan.

 

16

 

(d)           Terminated
Non-Vested Employees. 
Notwithstanding anything herein to the contrary, the Ameriprise
Retirement Plan shall fully restore the hypothetical account of any individual
who becomes employed by any member of the Ameriprise Group following the
Distribution Date and whose employment with the AXP Group terminated on or
before the Distribution Date with no vested benefit under the AXP Retirement
Plan; provided, that, pursuant to AXP’s existing practices and
policies, such individual would have been entitled to restoration of such
individual’s hypothetical account under the AXP Retirement Plan had such
individual been re-employed by a member of the AXP Group rather than by a
member of the Ameriprise Group.

(e)           Lost
Participants.  AXP hereby
acknowledges and agrees that it shall cause the AXP Retirement Plan to retain
responsibility for all Liabilities and fully perform, pay and discharge all
obligations, when such obligations become due, relating to benefits
attributable to any lost participant in the AXP Retirement Plan as of the
Distribution Date.

3.3           DELAYED
TRANSFER EMPLOYEES.

(a)           Assumption
of AXP Retirement Plan Liabilities. 
With respect to each Delayed Transfer Employee, effective as of such
Delayed Transfer Employee’s Transfer Date, Ameriprise (acting directly or
through its Affiliates) shall cause the Ameriprise Retirement Plan to assume,
and to fully perform, pay and discharge, all benefits accrued under the AXP
Retirement Plan relating to such Delayed Transfer Employee through such Delayed
Transfer Employee’s Transfer Date.

(b)           Transfer
of AXP Retirement Plan Assets.

(i)  The parties intend that the portion of the
AXP Retirement Plan covering Delayed Transfer Employees shall be transferred to
the Ameriprise Retirement Plan in accordance with Section 414(l) of the Code, Treasury
Regulation Section 1.414(l)-1, and Section 208 of ERISA.  No later than thirty (30) days prior to the
first anniversary of the Distribution Date (or such other date as mutually
agreed to by the parties) (the “Delayed Transfer Calculation Date”), AXP
and Ameriprise (acting directly or through their respective Affiliates) shall,
to the extent necessary, file an IRS Form 5310-A regarding the transfer of
Assets and Liabilities from the AXP Retirement Plan to the Ameriprise
Retirement Plan with respect to the Delayed Transfer Employees.

                (ii)           No later than ninety (90) days
following the Delayed Transfer Calculation Date, the AXP Actuary shall
determine the value of the Assets to be transferred to the Ameriprise
Retirement Plan with respect to the Delayed Transfer Employees in accordance
with the assumptions and valuation methodology set forth on Schedule C attached
hereto with respect to the Delayed Transfer Employees (the “Estimated
Delayed Transfer Amount”). 
Ameriprise may submit, at its sole cost and expense, the Estimated
Delayed Transfer Amount to the Ameriprise Actuary for verification; provided,
that, such verification process and any calculation performed by the
Ameriprise Actuary in connection therewith shall be performed solely on the
basis of the assumptions and valuation methodology set forth on Schedule C
attached hereto.  Furthermore, the AXP
Actuary and Ameriprise Actuary shall cooperate in good faith to ensure that any
such verification process is performed in a timely manner.  In the event the Ameriprise

 

17

 

Actuary determines that
the value of the Assets to be transferred to the Ameriprise Retirement Plan
differs from the Estimated Delayed Transfer Amount, the Ameriprise Actuary and
AXP Actuary shall use good faith efforts to reconcile any such difference.  If the Ameriprise Actuary and the AXP Actuary
fail to reconcile such difference and (A) the Ameriprise Actuary’s calculation
is within two percent (2%) of the Estimated Delayed Transfer Amount, the
average of the Estimated Delayed Transfer Amount and the Ameriprise Actuary’s
calculation shall be used; or (B) the difference between the Ameriprise
Actuary’s calculation and the Estimated Delayed Transfer Amount exceeds two
percent (2%), the Ameriprise Actuary and the AXP Actuary shall jointly
designate a third, independent actuary whose calculation of the value of the
Assets to be transferred to the Ameriprise Retirement Plan shall be final and
binding; provided, that, such calculation must be performed in
accordance with the assumptions and valuation methodology set forth on Schedule
C attached hereto; and, provided, further, that such value
shall be between the value determined by the Ameriprise Actuary and the
Estimated Delayed Transfer Amount or equal to either such value.  AXP and Ameriprise shall each pay one-half of
the costs incurred in connection with the retention of such independent
actuary.  The final, verified value of
the Assets to be transferred to the Ameriprise Retirement Plan as determined in
accordance with this Section 3.3(b)(ii) shall be referred to herein as the “Final
Delayed Transfer Amount.”

(iii)          Within thirty (30) days following the
determination of the Final Delayed Transfer Amount, AXP shall cause the AXP
Retirement Plan to transfer to the Ameriprise Retirement Plan (the date of such
transfer, the “Final Delayed Transfer Date”) an amount, in cash, equal
to the Final Delayed Transfer Amount, adjusted to reflect earnings or losses
during the period from the Delayed Transfer Calculation Date through the Final
Delayed Transfer Date.  Such earnings or
losses shall be determined based on the actual rate of return of the AXP
Retirement Plan without regard to the Excluded Investments for the period
commencing on the Delayed Transfer Calculation Date and ending on the last
calendar day of the month ending immediately prior to the Final Delayed
Transfer Date.  Earnings or losses for
the period from such last day of the month to the Final Delayed Transfer Date
shall be based on a blended index (thirty-seven percent (37%) S&P 500
Index, twenty percent (20%) Russell 2000 Index, twenty-two percent (22%) MSCI
EAFE Index, and twenty-one percent (21%) Lehman Aggregate Bond Index)
determined as of the date that is as close as administratively practicable to
the Final Delayed Transfer Date, but in no event more than five (5) business
days prior to the Final Delayed Transfer Date.

                (d)           Continuation
of Elections.  As of each Delayed
Transfer Employee’s Transfer Date, Ameriprise (acting directly or through its
Affiliates) shall cause the Ameriprise Retirement Plan to recognize and
maintain all existing elections including, but not limited to, beneficiary
designations, payment form elections and rights of alternate payees under
qualified domestic relations orders with respect to such Delayed Transfer
Employee under the AXP Retirement Plan.

3.4           AMERICAN
EXPRESS FUNDED PENSION PLAN. 
Notwithstanding anything herein to the contrary, all Liabilities and
other obligations accrued prior to May 1, 1985 under the American Express
Funded Pension Plan shall at all times remain Liabilities and obligations of
AXP regardless of whether such Liabilities or obligations relate to any
Ameriprise Participant or Delayed Transfer Employee.

 

18

 

ARTICLE IV

U.S. QUALIFIED
DEFINED CONTRIBUTION PLAN

4.1           THE
AMERICAN EXPRESS INCENTIVE SAVINGS PLAN

(a)           Establishment
of the Ameriprise 401(k).  Effective
as of the Distribution Date, Ameriprise shall, or shall have caused one of its
Affiliates to, establish a defined contribution plan and trust for the benefit
of Ameriprise Participants (the “Ameriprise 401(k)”).  Ameriprise shall be responsible for taking
all necessary, reasonable and appropriate action to establish, maintain and administer
the Ameriprise 401(k) so that it is qualified under Section 401(a) of the Code
and that the related trust thereunder is exempt under Section 501(a) of the
Code.  Ameriprise (acting directly or
through its Affiliates) shall be responsible for any and all Liabilities
(including Liability for funding) and other obligations with respect to the
Ameriprise 401(k).

(b)           Transfer
of AXP ISP Assets.

(i)           Ameriprise Participants.  As soon as reasonably practicable (but not
later than thirty (30) days) following the Distribution Date, AXP shall cause
the accounts (including any outstanding loan balances and forfeitures, but
excluding forfeitures attributable to lost participants) in the AXP ISP
attributable to Ameriprise Participants and all of the Assets in the AXP ISP
related thereto to be transferred in-kind to the Ameriprise 401(k), and
Ameriprise shall cause the Ameriprise 401(k) to accept such transfer of
accounts and underlying Assets and, effective as of the date of such transfer,
to assume and to fully perform, pay and discharge, all obligations of the AXP
ISP relating to the accounts of Ameriprise Participants (to the extent the
Assets related to those accounts are actually transferred from the AXP ISP to
the Ameriprise 401(k)) as of the Distribution Date.  The transfer of Assets shall be conducted in
accordance with Section 414(l) of the Code, Treasury Regulation Section
1.414(1)-1, and Section 208 of ERISA.

(ii)          Delayed Transfer Employees.  As soon as reasonably practicable (but not
later than thirty (30) days) following a Delayed Transfer Employee’s Transfer
Date, AXP shall cause the accounts (including any outstanding loan balances) in
the AXP ISP attributable to such Delayed Transfer Employee and all of the
Assets in the AXP ISP related thereto to be transferred in-kind to the
Ameriprise 401(k), and Ameriprise shall cause the Ameriprise 401(k) to accept
such transfer of accounts and underlying Assets and, effective as of the date
of such transfer, to assume and to fully perform, pay and discharge, all obligations
of the AXP ISP relating to the accounts of such Delayed Transfer Employee (to
the extent the Assets related to such accounts are actually transferred from
the AXP ISP to the Ameriprise 401(k)) as of such Transfer Date.  The transfer of Assets shall be conducted in
accordance with Section 414(l) of the Code, Treasury Regulation Section
1.414(l)-1, and Section 208 of ERISA.

  (c)         Continuation of Elections.  As of (i) the Distribution Date with respect
to Ameriprise Participants, and (ii) a Delayed Transfer Employee’s Transfer
Date with respect to the Delayed Transfer Employees, Ameriprise (acting
directly or through its Affiliates) shall cause the Ameriprise 401(k) to
recognize and maintain all elections, including, but not limited to, deferral, investment
and payment form elections, beneficiary designations, and the rights of

 

19

 

alternate payees under qualified domestic relations orders with respect
to Ameriprise Participants or Delayed Transfer Employees, as applicable, under
the AXP ISP; provided, that, investment elections relating to the
American Express Company Stock Fund under the AXP ISP shall be deemed to apply
to the Ameriprise Financial Stock Fund under the Ameriprise 401(k).

(d)             Employer
Securities.  AXP and Ameriprise each
agrees to ensure that the shares of both Ameriprise Common Stock and AXP Common
Stock held in both the AXP ISP and the Ameriprise 401(k) are maintained in
compliance with all requirements of applicable Law.

(e)           Form
5310-A.  No later than thirty (30)
days prior to (i) the Distribution Date or, (ii) with respect to each Delayed
Transfer Employee, the date on which Assets and Liabilities associated with
such Delayed Transfer Employee under the AXP ISP transfer to the Ameriprise
401(k) in accordance with Section 4.1(b)(ii) above, AXP and Ameriprise (each
acting directly or through their respective Affiliates) shall, to the extent
necessary, file IRS Form 5310-A regarding the transfer of Assets and
Liabilities from the AXP ISP to the Ameriprise 401(k) as discussed in this
Article IV.

(f)            Terminated
Non-Vested Employees. 
Notwithstanding anything herein to the contrary, the Ameriprise 401(k)
shall fully restore the unvested portion of the account of any individual who
becomes employed by any member of the Ameriprise Group following the
Distribution Date and whose employment with the AXP Group (inclusive of
Ameriprise) terminated on or before the Distribution Date with a portion of
such individual’s benefits under the AXP ISP not being vested; provided,
that, pursuant to AXP’s existing practices and policies, such individual
would have been entitled to the restoration of the unvested portion of such
individual’s AXP ISP account had such individual been rehired by a member of
the AXP Group rather than a member of the Ameriprise Group.

(g)           Lost
Participants.  AXP hereby
acknowledges and agrees that it shall cause the AXP ISP to retain
responsibility for all Liabilities and fully perform, pay and discharge all
obligations, when such obligations become due, relating to benefits
attributable to any lost participant in the AXP ISP as of the Distribution
Date.

4.2           CONTRIBUTIONS
AS OF THE DISTRIBUTION DATE.  All
contributions payable to the AXP ISP with respect to employee deferrals, matching
contributions and AXP stock contributions for Ameriprise Participants through
the Distribution Date and for Delayed Transfer Employees through the date on
which such Delayed Transfer Employees cease providing services to a member of
the AXP Group, determined in accordance with the terms and provisions of the
AXP ISP, ERISA and the Code, shall be paid by AXP to the AXP ISP prior to the
date of the Asset transfer described in Sections 4.1(b)(i) and (ii) above.

ARTICLE V

U.S. HEALTH AND
WELFARE PLANS

5.1           HEALTH
AND WELFARE PLANS MAINTAINED BY THE AMERIPRISE GROUP PRIOR TO THE DISTRIBUTION
DATE.  Following the Distribution Date,
Ameriprise (acting directly or through its Affiliates) shall retain, and AXP
shall have no obligation whatsoever with regard to, all obligations and
Liabilities under, or with respect to, the

 

20

 

health and welfare plans
maintained by Ameriprise or any of its Affiliates that are listed on Schedule E
attached hereto (the “Ameriprise Retained Welfare Plans”).

5.2           HEALTH
AND WELFARE PLANS MAINTAINED BY AXP PRIOR TO THE DISTRIBUTION DATE.

                (a)           Establishment
of the Ameriprise Welfare Plans.  AXP
or one or more of its Affiliates maintain each of the health and welfare plans
set forth on Schedule F attached hereto (the “AXP Welfare Plans”) for
the benefit of eligible AXP Participants and Ameriprise Participants.  Effective as of the Distribution Date,
Ameriprise shall, or shall cause an Ameriprise Affiliate to, adopt, for the
benefit of eligible Ameriprise Participants, health and welfare plans, the
terms of which are substantially comparable, in the aggregate, to the terms of
the AXP Welfare Plans as in effect immediately prior to the Distribution Date
(collectively, the “Ameriprise Welfare Plans”).

                (b)           Terms
of Participation in Ameriprise Welfare Plans.  Ameriprise (acting directly or through its
Affiliates) shall cause all Ameriprise Welfare Plans to (i) waive
all limitations as to preexisting conditions, exclusions, and service
conditions with respect to participation and coverage requirements applicable
to Ameriprise Participants and Delayed Transfer Employees, other than
limitations that were in effect with respect to (A) Ameriprise Participants as
of the Distribution Date and (B) each Delayed Transfer Employee as of such
Delayed Transfer Employee’s Transfer Date, in each case under the AXP Welfare
Plans, (ii) honor any deductible, out-of-pocket maximum, and co-payment
incurred by Ameriprise Participants and Delayed Transfer Employees under the
AXP Welfare Plans in which they participated immediately prior to the
Distribution Date or such Transfer Date, as the case may be, in satisfying any
applicable deductible or out-of-pocket requirements under any Ameriprise
Welfare Plans during the same plan year in which such deductible, out-of-pocket
maximums and co-payments were made, (iii) waive any waiting period limitation
or evidence of insurability requirement that would otherwise be applicable to
an Ameriprise Participant following the Distribution Date or Delayed Transfer
Employee following such Delayed Transfer Employee’s Transfer Date, to the
extent such Ameriprise Participant or Delayed Transfer Employee, as applicable,
had satisfied any similar limitation under the analogous AXP Welfare Plan, and
(iv) other than with respect to the Ameriprise Welfare Plan that is comparable
to the American Express Vision Care Plan, provide each Ameriprise Participant
and Delayed Transfer Employee with new annual and lifetime maximums.

                (c)           Retiree Medical Eligibility.

(i)           AXP Retiree Medical Program.  Notwithstanding anything herein to the
contrary, for so long as it maintains the AXP Retiree Medical Program described
in Schedule G attached hereto, as may be amended from time to time, (the “AXP
Retiree Medical Program”), AXP shall cause the AXP Retiree Medical Program
to contain provisions regarding eligibility and service crediting that ensure
that Ameriprise Participants and Delayed Transfer Employees who, as of the
Distribution Date or Transfer Date, as applicable, were eligible to immediately
commence benefits under the AXP Retiree Medical Program under the cost of
coverage provisions applicable to retirees of American Express Corporate
Headquarters (“CHQ”), American Express Bank Ltd (“AEB”), or
American Express Travel Related Services Company,

 

21

 

Inc,
(“TRS”) (the “CHQ/AEB/TRS Retiree Medical Eligible”) remain
eligible for benefits under the AXP Retiree Medical Program after the
Distribution Date or the relevant Transfer Date, as applicable.  In addition, AXP shall cause the AXP Retiree
Medical Program to contain provisions regarding eligibility and service
crediting that ensure that Ameriprise Participants who, during the period
commencing on February 1, 2005, and ending immediately prior to the
Distribution Date, transferred employment from an AXP Affiliate at which they
were CHQ/AEB/TRS Retiree Medical Eligible to an AXP Affiliate at which they
were no longer CHQ/AEB/TRS Retiree Medical Eligible, remain eligible for
benefits under the AXP Retiree Medical Program after the Distribution Date.

(ii)          Ameriprise Retiree Medical Program.  Notwithstanding anything herein to the
contrary, for so long as it maintains the retiree medical program established
pursuant to Section 5.2(a) above (the “Ameriprise Retiree Medical Program”),
as may be amended from time to time, Ameriprise shall cause the Ameriprise
Retiree Medical Program to contain provisions regarding eligibility and service
crediting that ensure that: (A) AXP Participants who, as of the Distribution
Date, were eligible to immediately commence benefits under the AXP Retiree
Medical Program under the cost of coverage provisions applicable to retirees of
American Express Financial Corporation (the “AEFC Retiree Medical Eligible”);
and Ameriprise Employees who become members of the AXP Group prior to the first
anniversary of the Distribution Date (or such later date as mutually agreed to
by the Parties) who, as of such transfer date were eligible to immediately
commence benefits under the Ameriprise Retiree Medical Program are eligible for
benefits under the Ameriprise Retiree Medical Program as of the Distribution
Date or later transfer date, as applicable. 
In addition, Ameriprise shall cause the Ameriprise Retiree Medical
Program to contain provisions regarding eligibility and service crediting that
ensure that AXP Participants who, during the period commencing on February 1,
2005, and ending immediately prior to the Distribution Date, transferred
employment from an AXP Affiliate at which they were AEFC Retiree Medical
Eligible to an AXP Affiliate at which they were not AEFC Retiree Medical
Eligible, are eligible for benefits under the Ameriprise Retiree Medical
Program as of the Distribution Date.

                (d)           Reimbursement
Account Plan.  Effective as of the
Distribution Date, Ameriprise (acting directly or through its Affiliates) shall
have established a health and dependent care reimbursement account plan (the “Ameriprise
Reimbursement Account Plan”) with features that are comparable to those
contained in the health and dependent care reimbursement account plan
maintained by AXP for the benefit of Ameriprise Participants immediately prior
to the Distribution Date (the “AXP Reimbursement Account Plan”).  With respect to Ameriprise Participants,
effective as of the Effective Time, Ameriprise (acting directly or through its
Affiliates) shall assume responsibility for administering all reimbursement
claims of Ameriprise Participants with respect to calendar year 2005, whether
arising before, on, or after the Distribution Date, under the Ameriprise
Reimbursement Account Plan.  With respect
to each Delayed Transfer Employee, effective as of each such Delayed Transfer
Employee’s Transfer Date, Ameriprise (acting directly or through its
Affiliates) shall assume responsibility for administering all reimbursement
claims of such Delayed Transfer Employee with respect to the calendar year in
which such Delayed Transfer Employee’s Transfer Date occurs, whether arising
before, on, or after such Transfer Date, under the Ameriprise Reimbursement
Account Plan.  With respect to Ameriprise
Participants, as soon as practicable but no more than 45 days following the
Distribution Date, AXP shall cause to be transferred to Ameriprise an amount in

 

22

 

cash equal to (i) the sum
of all contributions to the AXP Reimbursement Account Plan made with respect to
calendar year 2005 by or on behalf of any Ameriprise Participant prior to the
Distribution Date, reduced by (ii) the sum of all claims incurred in calendar
year 2005 and paid by the AXP Reimbursement Account Plan with respect to such
Ameriprise Participants prior to the Distribution Date.  With respect to each Delayed Transfer
Employee, as soon as practicable but no more than forty five (45) days
following the Delayed Transfer Calculation Date, AXP shall cause to be
transferred to Ameriprise an amount in cash equal to (i) the sum of all
contributions to the AXP Reimbursement Account Plan made by or on behalf of
such Delayed Transfer Employee prior to his or her Transfer Date with respect
to the calendar year in which his or her Transfer Date occurs, reduced by (ii)
the sum of all claims incurred by such Delayed Transfer Employee during the
calendar year in which such Delayed Transfer Employee’s Transfer Date occurs
and paid by the AXP Reimbursement Account Plan prior to such Transfer Date.

                (e)           Continuation
of Elections.  With respect to
Ameriprise Participants, as of the Distribution Date, Ameriprise (acting
directly or through its Affiliates) shall cause the Ameriprise Welfare Plans to
recognize and maintain all elections and designations (including, without
limitation, all coverage and contribution elections and beneficiary
designations) made by Ameriprise Participants under, or with respect to, the
AXP Welfare Plans and apply such elections and designations under the
Ameriprise Welfare Plans for the remainder of the period or periods for which
such elections or designations are by their original terms applicable, to the
extent such election or designation is available under the corresponding
Ameriprise Welfare Plan.  With respect to
each Delayed Transfer Employee, as of such Delayed Transfer Employee’s Transfer
Date, Ameriprise (acting directly or through its Affiliates) shall cause the
Ameriprise Welfare Plans to recognize and maintain all elections and
designations (including, without limitation, all coverage and contribution
elections and beneficiary designations) made by such Delayed Transfer Employee
under, or with respect to, the AXP Welfare Plans and apply such elections and
designations under the Ameriprise Welfare Plans for the remainder of the period
or periods for which such elections or designations are by their original terms
applicable, to the extent such election or designation is available under the
corresponding Ameriprise Welfare Plan.

                (f)            COBRA
and HIPAA.  Effective as of the
Effective Time, Ameriprise (acting directly or through its Affiliates) shall
assume, or shall have caused the Ameriprise Welfare Plans to assume,
responsibility for compliance with the health care continuation coverage
requirements of COBRA with respect to Ameriprise Participants who, as of the
day prior to the Distribution Date, were covered under an AXP Welfare Plan pursuant
to COBRA.  Effective as of a Delayed
Transfer Employee’s Transfer Date, Ameriprise (acting directly or through its
Affiliates) shall assume, or shall have caused the Ameriprise Welfare Plans to
assume, responsibility for compliance with the health care continuation
coverage requirements of COBRA with respect to such Delayed Transfer Employee
to the extent such Delayed Transfer Employee was, as of the day prior to such
Delayed Transfer Employee’s Transfer Date, covered under an AXP Welfare Plan
pursuant to COBRA.  AXP (acting directly
or through its Affiliates) shall be responsible for administering compliance
with the certificate of creditable coverage requirements of HIPAA applicable to
the AXP Welfare Plans with respect to Ameriprise Participants and Delayed
Transfer Employees.  The Parties hereto
agree that neither the Distribution nor a Delayed Employee’s transfer of employment
on such Delayed Transfer

 

23

 

Employee’s Transfer Date
shall constitute a COBRA qualifying event for any purposes of COBRA.

                (g)           Liabilities.

(i)            Insured Benefits.  With respect to employee welfare and fringe
benefits that are provided through the purchase of insurance, AXP shall cause
the AXP Welfare Plans to fully perform, pay and discharge all claims of (A)
Ameriprise Participants that are incurred prior to the Distribution Date and
(B) each Delayed Transfer Employee that are incurred prior to such Delayed
Transfer Employee’s Transfer Date and Ameriprise shall cause the Ameriprise
Welfare Plans to fully perform, pay and discharge all claims of (A) Ameriprise
Participants that are incurred on or after the Distribution Date and (B) each
Delayed Transfer Employee that are incurred on or after such Delayed Transfer
Employee’s Transfer Date.

(ii)           Self-Insured Benefits.          With respect to employee welfare and
fringe benefits that are provided on a self-insured basis, except as otherwise
provided herein, Ameriprise (acting directly or through its Affiliates) shall
fully perform, pay and discharge, under the Ameriprise Welfare Plans, all
claims of (A) Ameriprise Participants from and after the Distribution Date that
are incurred on or after the Distribution Date and (B) each Delayed Transfer
Employee from and after such Delayed Transfer Employee’s Transfer Date that are
incurred on or after such Delayed Transfer Employee’s Transfer Date.  Except as provided otherwise herein, from and
after the Distribution Date (or, in the case of a Delayed Transfer Employee,
such Delayed Transfer Employee’s Transfer Date), Ameriprise shall reimburse AXP
for all self-insured vision benefit claims paid by the AXP Welfare Plans or AXP
which were (A) claims of Ameriprise Participants incurred but not paid prior to
the Distribution Date or (B) claims of any Delayed Transfer Employees incurred
but not paid prior to such Delayed Transfer Employee’s Transfer Date.  AXP shall submit a monthly written invoice to
Ameriprise detailing Ameriprise’s Liability for such claims.  Ameriprise shall have the right, at its own expense,
to audit, or to cause an inspection body selected by Ameriprise and composed of
members with appropriate professional qualifications to audit, such invoices in
a commercially reasonable manner during normal AXP business hours.  Notwithstanding the above, from and after the
Distribution Date, Ameriprise (acting directly or through its Affiliates) shall
reimburse AXP for its proportionate share of the Liability, as calculated
below, with respect to self-insured medical and dental benefits under the AXP
Welfare Plans that were incurred prior to the Distribution Date, but submitted
to, or paid by, the AXP Welfare Plans or AXP during the twenty-four month
period beginning on the Distribution Date (the “Pre-Distribution Claim
Period”, and such claims, the “Pre-Distribution Date Claims”).  Claims submitted to the AXP Welfare Plans or
AXP after the expiration of the Pre-Distribution Claim Period shall be the sole
liability of the AXP Welfare Plans and AXP. 
Ameriprise’s proportionate share of the Pre-Distribution Date Claims
shall be determined separately on a monthly basis for each of the self-insured
medical plan coverage options set forth on Schedule H attached hereto (the “Run-Out
Coverage Options”), beginning with the month following the Distribution
Date, by multiplying the Pre-Distribution Date Claims paid under such Run-Out
Coverage Option during the month by the applicable percentage set forth on
Schedule H attached hereto with respect to such Run-Out Coverage Option.  AXP shall submit a monthly written invoice to
Ameriprise detailing Ameriprise’s portion of the Pre-Distribution Date
Claims.  Ameriprise shall have the right,
at its own expense, to audit, or to cause an inspection body selected by
Ameriprise and composed of members with appropriate

 

24

 

professional
qualifications to audit, such invoices in a commercially reasonable manner
during normal AXP business hours.

(iii)         Retiree Medical.  From and after the Distribution Date,
Ameriprise (acting directly or through its Affiliates) shall fully perform, pay
and discharge all claims of Ameriprise Participants under the Ameriprise
Retiree Medical Program that are incurred on or after the Distribution Date and
all claims of Delayed Transfer Employees under the Ameriprise Retiree Medical
Program that are incurred on or after such Delayed Transfer Employee’s Transfer
Date.  From and after the Distribution
Date (or in the case of a Delayed Transfer Employee, such Delayed Transfer
Employee’s Transfer Date), Ameriprise shall reimburse AXP for all claims paid
by the AXP Retiree Medical Plan or AXP which were (A) claims of Ameriprise
Participants incurred but not paid prior to the Distribution Date or (B) claims
of any Delayed Transfer Employee incurred but not paid prior to such Delayed
Transfer Employee’s Transfer Date.  AXP
shall submit a monthly written invoice to Ameriprise detailing Ameriprise’s
Liability for such claims.  Ameriprise shall
have the right, at its own expense, to audit, or to cause an inspection body
selected by Ameriprise and composed of members with appropriate professional
qualifications to audit, such invoices in a commercially reasonable manner
during normal AXP business hours.

(iv)         Incurred Claim Definition.  For purposes of this Section 5.2(g), a claim
or Liability is deemed to be incurred (A) with respect to medical, dental,
vision and/or prescription drug benefits, upon the rendering of health services
giving rise to such claim or Liability; (B) with respect to life insurance,
accidental death and dismemberment and business travel accident insurance, upon
the occurrence of the event giving rise to such claim or Liability; (C) with
respect to disability benefits, upon the date of an individual’s disability, as
determined by the disability benefit insurance carrier or claim administrator,
giving rise to such claim or Liability; and (D) with respect to a period of
continuous hospitalization, upon the date of admission to the hospital.

(v)          Treatment of Other Liabilities,
Recoveries and Adjustments.  For purposes
of applying the claim Liability provisions of clauses (ii) and (iii)
above:  (A) recoveries made by the AXP
Welfare Plans or AXP prior to the expiration of the Pre-Distribution Claim
Period with respect to claims incurred prior to the Distribution Date or
relevant Transfer Date, as applicable, including, but not limited to,
subrogation/reimbursement recoveries, claim adjustment recoveries and
demutualization proceeds, shall be taken into account as positive claim
adjustments; and (B) other non-routine claim Liabilities paid by the AXP
Welfare Plans or AXP with respect to claims incurred prior to the Distribution
Date or relevant Transfer Date, as applicable, including, but not limited to,
Medicare Secondary Payer Liability, shall be taken into account as claim
Liabilities.

(vi)         Claim Experience.  Notwithstanding the foregoing, Ameriprise
(acting directly or through its Affiliates) shall take any action necessary to
ensure that any claims experience under the AXP Welfare Plans attributable to
Ameriprise Participants and Delayed Transfer Employees shall be allocated to
the Ameriprise Welfare Plans.

5.3           DISPOSITION
OF VEBA ASSETS.  Following the
Distribution Date, AXP and Ameriprise hereby agree to cooperate in good faith
to ensure that AXP and the AXP Affiliates

 

25

 

shall retain all
Voluntary Employee Beneficiary Association Assets and any related trusts, and
in no event will any such Assets or such related trusts transfer to Ameriprise
or one of its Affiliates.

                5.4           TIME-OFF
BENEFITS.  Ameriprise shall credit each
Ameriprise Participant and Delayed Transfer Employee with the amount of accrued
but unused vacation time, sick time and other time-off benefits as such
Ameriprise Participant or Delayed Transfer Employee had with the AXP Group as
of the Distribution Date, or with respect to Delayed Transfer Employees, the
relevant Transfer Date.  Notwithstanding
the above, Ameriprise shall not be required to credit any Ameriprise
Participant or Delayed Transfer Employee with any accrual to the extent that a
benefit attributable to such accrual is provided by the AXP Group.

                5.5           KEY
EXECUTIVE LIFE INSURANCE.

                (a)           AXP
Split Dollar Arrangement.  AXP shall
retain the American Express Company Key Executive Life Insurance Plan As
Amended and Restated Effective January 1, 1992 and as subsequently amended (the
“AXP KEL”).  Ameriprise shall not
assume any portion of the AXP KEL or the split-dollar insurance policies held
by AXP thereunder.  Pursuant to the terms
of the AXP KEL, Ameriprise Participants shall be treated thereunder as having
terminated employment other than by reason of retirement.  The Parties shall agree as to the amount, if
any, that AXP shall reimburse Ameriprise out of the proceeds AXP receives as a
result of Ameriprise Participants purchasing the split-dollar insurance
policies held on their lives or as a result of AXP’s disposal of such
split-dollar insurance policies.

                (b)           Ameriprise
Arrangement.  Ameriprise shall
establish a key executive life insurance program that provides eligible
Ameriprise Participants with term life insurance coverage in an amount equal to
four times annual base salary, subject to a maximum of $1,500,000.  Such term life insurance coverage shall
terminate upon an Ameriprise Participant’s termination from active employment
with the Ameriprise Group, subject to any conversion rights then available
under the group policy.  In addition to
such term life insurance coverage, for eligible Ameriprise Participants who
were participants in the AXP KEL prior to April 1, 2003, Ameriprise shall
provide a non-qualified deferred compensation benefit (the “AMP KEL Cash
Benefit”), either through the Ameriprise Financial Deferred Compensation
Plan for Key Employees or through another non-qualified arrangement determined
by Ameriprise, in an amount equal to the cash value that would have been
payable to the Ameriprise Participant under the AXP KEL assuming that: (i) in
the case of an Ameriprise Participant who was a participant in the AXP KEL prior
to August 1, 2002, (A) the Ameriprise Participant had continued to participate
in the AXP KEL through the date of his termination of employment with the
Ameriprise Group and (B) premium payments on the split-dollar insurance policy
held on the Ameriprise Participant’s life under the AXP KEL had continued to be
made after August 2002 and through the date of such Ameriprise Participant’s
termination of employment with the Ameriprise Group; or (ii) in the case of an
Ameriprise Participant who became a participant in the AXP KEL after August
2002, (A) a split-dollar insurance policy had been purchased on the life of the
Ameriprise Participant under the AXP KEL, (B) the Ameriprise Participant had
continued to participate in the AXP KEL through the date of his termination of
employment with the Ameriprise Group, and (C) premium payments on such
hypothetical policy had been made through the date of his termination of
employment with the Ameriprise Group. 
The amount and terms of payment of the AMP KEL Cash Benefit shall be
determined by Ameriprise in its sole

 

26

 

discretion and may be
reduced by Ameriprise to reflect any compensation paid by Ameriprise to
reimburse an Ameriprise Participant who elects to purchase from AXP the
split-dollar insurance policy held on his life under the AXP KEL.

ARTICLE VI

SUPPLEMENTAL
RETIREMENT PLAN

6.1           AMERICAN
EXPRESS SUPPLEMENTAL RETIREMENT PLAN

                (a)           Establishment
of Ameriprise SRP.  Effective as of
the Distribution Date, Ameriprise shall, or shall cause one of its Affiliates
to, establish a non-qualified deferred compensation plan to benefit Ameriprise
Participants who have accrued, or were eligible to accrue, benefits under the
AXP SRP (the “Ameriprise SRP”) immediately prior to the Distribution
Date.  Effective as of the Effective
Time, Ameriprise hereby agrees to cause the Ameriprise SRP to assume
responsibility for all Liabilities and fully perform, pay and discharge all
obligations, when such obligations become due, of the AXP SRP with respect to
all Ameriprise Participants therein. 
With respect to each Delayed Transfer Employee who participated in the
AXP SRP, effective as of such Delayed Transfer Employee’s Transfer Date,
Ameriprise shall cause the Ameriprise SRP to assume, and to fully perform, pay
and discharge, all Liabilities and obligations of the AXP SRP with respect to
such Delayed Transfer Employee. 
Ameriprise (acting directly or through its Affiliates) shall be
responsible for any and all Liabilities (including Liability for funding) and
other obligations with respect to the Ameriprise SRP.

                (b)           Continuation
of Elections.  As of the Distribution
Date, Ameriprise (acting directly or through an Affiliate) shall cause the
Ameriprise SRP to recognize and maintain all elections (including deferral,
distribution and investment elections) and beneficiary designations with
respect to Ameriprise Participants under the AXP SRP.  With respect to each Delayed Transfer
Employee who participated in the AXP SRP, effective as of such Delayed Transfer
Employee’s Transfer Date, Ameriprise (acting directly or through an Affiliate)
shall cause the Ameriprise SRP to recognize and maintain all elections
(including deferral, distribution and investment elections) and beneficiary
designations with respect to such Delayed Transfer Employee.

ARTICLE VII

LONG-TERM
INCENTIVE AWARDS

                7.1           LONG-TERM
INCENTIVE AWARDS.  This Article VII sets
forth obligations and agreements between the Parties with respect to the
treatment of outstanding long-term incentive awards held by Ameriprise
Participants under the AXP Stock Plans.

7.2           TREATMENT
OF OUTSTANDING AXP OPTIONS HELD BY AMERIPRISE EMPLOYEES.

(a)           Participating
Company.  Notwithstanding anything in
this Agreement to the contrary (including, without limitation, Section 2.2
hereof), neither Ameriprise nor any member

 

27

 

of the Ameriprise Group that is a “participating company” (as such term
is used in the AXP Stock Plans) in the AXP Stock Plans immediately prior to the
Distribution Date shall cease to be a “participating company” in the AXP Stock
Plans as a result of the Distribution with respect to outstanding awards held
by Ameriprise Participants thereunder. 
Furthermore, Ameriprise and any such member of the Ameriprise Group that
is a “participating company” in the AXP Stock Plans immediately prior to the
Distribution Date will continue to be a “participating company” in the AXP
Stock Plans until such time as no AXP Option, share of AXP Restricted Stock or
AXP LOI (including, without limitation, a Remaining AXP Option, Delayed
Transfer AXP Option, share of Remaining AXP Restricted Stock, share of Delayed
Transfer AXP Restricted Stock, Remaining AXP LOI and Delayed Transfer AXP LOI)
held by an Ameriprise Participant remains outstanding or until such earlier
time as may be mutually agreed to by the AXP Committee and the board of
directors or other governing body of Ameriprise or such member of the
Ameriprise Group.

(b)           Vested
AXP Options.  Each option to purchase
shares of AXP Common Stock (each, an “AXP Option”) outstanding under the
AXP Stock Plans and held by an Ameriprise Participant as of the Distribution
Date that is or would have become vested or exercisable, in accordance with its
terms, by December 31, 2005 (the “Measurement Date”) (i) had such
Ameriprise Participant remained employed by AXP or its Affiliates until the
Measurement Date or (ii) in accordance with the applicable retirement practices
and policies of AXP had the Ameriprise Participant holding such AXP Option
retired immediately prior to the Measurement Date, in each case assuming the
Distribution had not occurred, shall remain an option on AXP Common Stock
issued under the AXP Stock Plans (each such option, a “Remaining AXP Option”).   Each Remaining AXP Option shall be subject
to the same terms and conditions after the Distribution as the terms and
conditions applicable to the corresponding AXP Option immediately prior to the
Distribution, it being understood that by reason of Ameriprise and members of
the Ameriprise Group each continuing to be a “participating company” in the AXP
Stock Plans, the employment of an Ameriprise Participant who holds Remaining
AXP Options shall not be considered terminated for purposes of the AXP Stock
Plans as a result of the Distribution and such employment shall only be
considered to terminate for purposes of the AXP Stock Plans when the employment
of such Ameriprise Participant with the Ameriprise Group terminates.  The exercise price and number of shares
subject to each Remaining AXP Option shall be adjusted in accordance with
Section 424 of the Code.  As a result,
(i) the number of shares of AXP Common Stock subject to such Remaining AXP
Option shall be equal to the product of (x) the number of shares of AXP Common
Stock subject to the corresponding AXP Option immediately prior to the
Distribution Date and (y) the AXP Share Ratio, with fractional shares rounded
down to the nearest whole share and (ii) the per-share exercise price of such
Remaining AXP Option shall be equal to the product of (x) the per-share
exercise price of the corresponding AXP Option immediately prior to the
Distribution Date and (y) the AXP Price Ratio, rounded up to the nearest whole
cent.

(c)           Unvested
AXP Options.  Each AXP Option
outstanding under the AXP Stock Plans and held by an Ameriprise Participant as
of the Distribution Date that would not be vested or treated as vested as of
the Measurement Date, as determined in accordance with Section 7.2(b) above
(each such AXP Option, an “Unvested AXP Option”), shall be substituted
with an option to purchase shares of Ameriprise Common Stock (each such option,
an “Ameriprise Option”) issued under the Ameriprise Stock Plan and
subject to terms and conditions after the Distribution

 

28

 

that are substantially
similar to the terms and conditions applicable to the corresponding Unvested
AXP Option immediately prior to the Distribution.  The exercise price and number of shares
subject to such Ameriprise Option shall be determined in accordance with
Section 424 of the Code.  As a result,
(i) the number of shares of Ameriprise Common Stock subject to each such
Ameriprise Option shall be equal to the product of (x) the number of shares of
AXP Common Stock subject to the corresponding Unvested AXP Option immediately
prior to the Distribution Date and (y) the Ameriprise Share Ratio, with
fractional shares rounded to the nearest whole share and (ii) the per-share
exercise price of each such Ameriprise Option shall be equal to the product of
(x) the per-share exercise price of the corresponding Unvested AXP Option
immediately prior to the Distribution Date and (y) the Ameriprise Price Ratio,
rounded up to the nearest whole cent.

(d)           Serial
Severance Employees.  Notwithstanding
anything in this Section 7.2 to the contrary, all outstanding AXP Options held
by Serial Severance Employees under the AXP Stock Plans as of the Distribution
Date, regardless of whether or not vested as of the Distribution Date, shall be
treated as Remaining AXP Options in accordance with Section 7.2(b) above.

(e)           Delayed
Transfer Employees.

(i)           Each AXP Option outstanding under the
AXP Stock Plans and held by a Delayed Transfer Employee as of such Delayed
Transfer Employee’s Transfer Date that (A) vested on or prior to the
Measurement Date or, in the event such Delayed Transfer Employee’s Transfer
Date occurs prior to the Measurement Date, would have become vested or
exercisable, in accordance with its terms, by the Measurement Date had such Delayed
Transfer Employee remained employed by AXP or its Affiliates until the
Measurement Date or (B) that would have vested in accordance with the
applicable retirement practices and policies of AXP had the Delayed Transfer
Employee retired immediately prior to the Measurement Date, shall remain an
option on AXP Common Stock issued under the AXP Stock Plans (each such option,
a “Delayed Transfer AXP Option”). 
Each Delayed Transfer AXP Option held by a Delayed Transfer Employee
shall be subject to the same terms and conditions after such Delayed Transfer
Employee’s Transfer Date as the terms and conditions applicable to the
corresponding AXP Option immediately prior to such Delayed Transfer Employee’s
Transfer Date, it being understood that by reason of Ameriprise and members of
the Ameriprise Group each continuing to be a “participating company” in the AXP
Stock Plans, the employment of a Delayed Transfer Employee who holds Delayed
Transfer AXP Options shall not be considered terminated for purposes of the AXP
Stock Plans as a result of such Delayed Transfer Employee’s transfer to the AMP
Group in connection with the Distribution and such employment shall only be
considered to terminate for purposes of the AXP Stock Plans when the employment
of such Delayed Transfer Employee with the Ameriprise Group terminates.

(ii)          Each AXP Option outstanding under the
AXP Stock Plans and held by a Delayed Transfer Employee as of such Delayed
Transfer Employee’s Transfer Date that was not vested or treated as vested as
of the Measurement Date, as determined in accordance with Section 7.2(e)(i)
above, shall be substituted with an option to purchase shares of Ameriprise
Common Stock (each such option, a “Delayed Transfer Ameriprise Option”)
issued under the Ameriprise Stock Plan and subject to terms and conditions
after such Delayed Transfer Employee’s Transfer Date that are substantially
similar to the terms and conditions applicable to

 

29

 

the corresponding AXP
Option immediately prior to such Delayed Transfer Employee’s Transfer
Date.  The exercise price and number of
shares subject to such Delayed Transfer Ameriprise Option shall be determined
in accordance with Section 424 of the Code. 
As a result, (i) the number of shares of Ameriprise Common Stock subject
to each such Delayed Transfer Ameriprise Option shall be equal to the product
of (x) the number of shares of AXP Common Stock subject to the corresponding
AXP Option immediately prior to such Delayed Transfer Employee’s Transfer Date
and (y) the Delayed Share Ratio, with fractional shares rounded to the nearest
whole share and (ii) the per-share exercise price of each such Delayed Transfer
Ameriprise Option shall be equal to the product of (x) the per-share exercise
price of the corresponding AXP Option immediately prior to such Delayed
Transfer Employee’s Transfer Date and (y) the Delayed Price Ratio, rounded up
to the nearest whole cent.

(f)            Restriction
on Exercisability of Options.  The
Parties acknowledge and agree that blackout periods may be implemented with
respect to the Remaining AXP Options and Ameriprise Options for administrative
reasons in accordance with the terms of the AXP Stock Plans or the Ameriprise
Stock Plan, as applicable.

                7.3           TREATMENT
OF OUTSTANDING AXP RESTRICTED STOCK.

                (a)           AXP Restricted Stock Vesting by the Measurement Date.  Each restricted share of AXP Common Stock (“AXP
Restricted Stock”) outstanding under the AXP Stock Plans and held by an
Ameriprise Participant as of the Distribution Date that would have become
vested, in accordance with its terms, by the Measurement Date (i) had such
Ameriprise Participant remained employed by AXP or its Affiliates until the
Measurement Date or (ii) in accordance with the applicable retirement practices
and policies of AXP had the Ameriprise Participant holding such AXP Restricted
Stock retired immediately prior to the Measurement Date, in each case assuming
the Distribution had not occurred, shall remain a share of AXP Restricted Stock
issued under the AXP Stock Plans (each such share of AXP Restricted Stock, “Remaining
AXP Restricted Stock”).  Each share
of Remaining AXP Restricted Stock shall be subject to the same terms and
conditions after the Distribution as the terms and conditions applicable to the
corresponding share of AXP Restricted Stock immediately prior to the
Distribution, it being understood that by reason of Ameriprise and members of
the Ameriprise Group each continuing to be a “participating company” in the AXP
Stock Plans, the employment of an Ameriprise Participant who holds such shares
of Remaining AXP Restricted Stock shall not be considered to have terminated
for purposes of the AXP Stock Plans as a result of the Distribution and such
employment shall only be considered to terminate for purposes of the AXP Stock
Plans when the employment of such Ameriprise Participant with the Ameriprise
Group terminates.  The number of shares
of Remaining AXP Restricted Stock held by an Ameriprise Participant shall be adjusted
in a manner so that the number of shares of Remaining AXP Restricted Stock held
by an Ameriprise Participant immediately following the Distribution Date will
equal the product of (x) the number of shares of corresponding AXP Restricted
Stock held by such Ameriprise Participant immediately prior to the Distribution
Date and (y) the AXP Share Ratio, with fractional shares rounded to the nearest
whole share.

                (b)           Unvested AXP Restricted Stock.  Except as otherwise expressly provided in any
written agreement entered into between AXP and any Ameriprise Participant and
provided to Ameriprise, each share of AXP Restricted Stock outstanding under
the AXP Stock Plans held by

 

30

 

an Ameriprise
Employee as of the Distribution Date that would not be vested or treated as
vested as of the Measurement Date, as determined in accordance with Section
7.3(a) above, shall be substituted with restricted shares of Ameriprise Common
Stock (“Ameriprise Restricted Stock”) issued under the Ameriprise Stock
Plan and subject to terms and conditions after the Distribution that are
substantially similar to the terms and conditions applicable to the
corresponding shares of AXP Restricted Stock immediately prior to the
Distribution.  The number of shares of
Ameriprise Restricted Stock to which an Ameriprise Participant is entitled
pursuant to this Section 7.3(b) will equal the product of (x) the number of
shares of corresponding AXP Restricted Stock held by such Ameriprise
Participant immediately prior to the Distribution Date and (y) the Ameriprise
Share Ratio, with fractional shares rounded to the nearest whole share.

                (c)           Serial Severance Employees.  Notwithstanding anything in this Section 7.3
to the contrary, all outstanding shares of AXP Restricted Stock held by Serial
Severance Employees under the AXP Stock Plans as of the Distribution Date,
regardless of when such AXP Restricted Shares would otherwise vest, shall be
treated as Remaining AXP Restricted Stock in accordance with Section 7.3(a)
above.

                (d)           Delayed Transfer Employees.

                                (i)            Each share of AXP Restricted Stock
outstanding under the AXP Stock Plans and held by a Delayed Transfer Employee
as of such Delayed Transfer Employee’s Transfer Date that would have become
vested (A) in accordance with the applicable retirement practices and policies
of AXP had the Delayed Transfer Employee retired immediately prior to the
Measurement Date or (B) in the event such Delayed Transfer Employee’s Transfer
Date occurs prior to the Measurement Date, would have become vested, in accordance
with its terms, by the Measurement Date had such Delayed Transfer Employee
remained employed by AXP or its Affiliates until the Measurement Date, shall
remain a share of AXP Restricted Stock issued under the AXP Stock Plans (each
such share of AXP Restricted Stock, “Delayed Transfer AXP Restricted Stock”).  Each share of Delayed Transfer AXP Restricted
Stock shall be subject to the same terms and conditions after a Delayed
Transfer Employee’s Transfer Date as the terms and conditions applicable to the
corresponding share of AXP Restricted Stock immediately prior to such Delayed
Transfer Employee’s Transfer Date, it being understood that by reason of
Ameriprise and members of the Ameriprise Group each continuing to be a
“participating company” in the AXP Stock Plans, the employment of a Delayed
Transfer Employee who holds shares of Delayed Transfer AXP Restricted Stock
shall not be considered terminated for purposes of the AXP Stock Plans as a
result of such Delayed Transfer Employee’s transfer to the AMP Group in
connection with the Distribution and such employment shall only be considered
to terminate for purposes of the AXP Stock Plans when the employment of such
Delayed Transfer Employee with the Ameriprise Group terminates.

                                (ii)           Each share of AXP Restricted Stock
outstanding under the AXP Stock Plans held by a Delayed Transfer Employee as of
such Delayed Transfer Employee’s Transfer Date that would not be treated as
vested in accordance with Section 7.3(d)(i) above, shall be substituted with
restricted shares of Ameriprise Common Stock (“Delayed Transfer Ameriprise
Restricted Stock”) issued under the Ameriprise Stock Plan and subject to
terms and conditions after such Delayed Transfer Employee’s Transfer Date that
are substantially similar to the terms and conditions applicable to the
corresponding shares of AXP Restricted Stock immediately

 

31

 

prior to such
Delayed Transfer Employee’s Transfer Date. 
The number of shares of Delayed Transfer Ameriprise Restricted Stock to
which a Delayed Transfer Employee is entitled pursuant to this Section
7.3(d)(ii) will equal the product of (x) the number of shares of corresponding
AXP Restricted Stock held by such Delayed Transfer Employee immediately prior
to such Delayed Transfer Employee’s Transfer Date and (y) the Delayed Share
Ratio, with fractional shares rounded to the nearest whole share.

                7.4           TREATMENT OF OUTSTANDING LETTERS OF INTENT.

                (a)           AXP LOIs Vesting by the Measurement Date.  Each letter of intent evidencing a promise to
deliver shares of AXP Common Stock in the future (each, an “AXP LOI”)
outstanding under the AXP Stock Plans and held by an Ameriprise Participant as
of the Distribution Date that would have become vested, in accordance with its
terms, by the Measurement Date (i) had such Ameriprise Participant remained
employed by AXP or its Affiliates until the Measurement Date or (ii) in
accordance with the applicable retirement practices and policies of AXP had the
Ameriprise Participant holding such AXP LOI retired immediately prior to the
Measurement Date, in each case assuming the Distribution had not occurred,
shall remain an AXP LOI issued under the AXP Stock Plans (each such AXP LOI, a
“Remaining AXP LOI”).  Each
Remaining AXP LOI shall be subject to the same terms and conditions after the
Distribution as the terms and conditions applicable to the corresponding AXP
LOI immediately prior to the Distribution, it being understood that by reason
of Ameriprise and members of the Ameriprise Group each continuing to be a
“participating company” in the AXP Stock Plans, the employment of an Ameriprise
Participant who holds Remaining AXP LOIs shall not be considered to have
terminated for purposes of the AXP Stock Plans as a result of the Distribution
and such employment shall only be considered to terminate for purposes of the
AXP Stock Plans when the employment of such Ameriprise Participant with the
Ameriprise Group terminates.  The number
of shares of AXP Common Stock to which a Remaining AXP LOI held by an
Ameriprise Participant relates shall be adjusted to equal the product of (x)
the number of shares of AXP Common Stock to which the corresponding AXP LOI
relates immediately prior to the Distribution Date and (y) the AXP Share Ratio,
with fractional shares rounded to the nearest whole share.

                (b)           Unvested AXP LOIs. 
Except as otherwise expressly provided in any written agreement entered
into between AXP and any Ameriprise Participant and provided to Ameriprise,
each AXP LOI outstanding under the AXP Stock Plans held by an Ameriprise
Employee as of the Distribution Date that would not be vested or treated as
vested as of the Measurement Date, as determined in accordance with Section
7.4(a) above, shall be substituted with a letter of intent evidencing a promise
to deliver shares of Ameriprise Common Stock (each, an “Ameriprise LOI”)
issued under the Ameriprise Stock Plan and subject to terms and conditions
after the Distribution that are substantially similar to the terms and
conditions applicable to the corresponding AXP LOI immediately prior to the
Distribution.  The number of shares of
Ameriprise Common Stock to which an Ameriprise LOI relates will equal the
product of (x) the number of shares of AXP Common Stock to which the
corresponding AXP LOI relates immediately prior to the Distribution Date and
(y) the Ameriprise Share Ratio, with fractional shares rounded to the nearest
whole share.

 

32

 

                (c)           Serial Severance Employees.  Notwithstanding anything in this Section 7.4
to the contrary, all outstanding AXP LOIs held by Serial Severance Employees
under the AXP Stock Plans as of the Distribution Date, regardless of when such
AXP LOIs would otherwise vest, shall be treated as Remaining AXP LOIs in
accordance with Section 7.4(a) above.

                (d)           Delayed Transfer Employees.

                                (i)            Each AXP LOI outstanding under the
AXP Stock Plans and held by a Delayed Transfer Employee as of such Delayed
Transfer Employee’s Transfer Date that would have become vested (A) in accordance
with the applicable retirement practices and policies of AXP had the Delayed
Transfer Employee retired immediately prior to the Measurement Date or (B) in
the event such Delayed Transfer Employee’s Transfer Date occurs prior to the
Measurement Date, would have become vested, in accordance with its terms, by
the Measurement Date had such Delayed Transfer Employee remained employed by
AXP or its Affiliates until the Measurement Date, shall remain an AXP LOI
issued under the AXP Stock Plans (each such AXP LOI, a “Delayed Transfer AXP
LOI”).  Each Delayed Transfer AXP LOI
shall be subject to the same terms and conditions after a Delayed Transfer
Employee’s Transfer Date as the terms and conditions applicable to the
corresponding AXP LOI immediately prior to such Delayed Transfer Employee’s
Transfer Date, it being understood that by reason of Ameriprise and members of
the Ameriprise Group each continuing to be a “participating company” in the AXP
Stock Plans, the employment of a Delayed Transfer Employee who holds any
Delayed Transfer AXP LOIs shall not be considered terminated for purposes of
the AXP Stock Plans as a result of such Delayed Transfer Employee’s transfer to
the AMP Group in connection with the Distribution and such employment shall
only be considered to terminate for purposes of the AXP Stock Plans when the
employment of such Delayed Transfer Employee with the Ameriprise Group
terminates.

                                (ii)           Each AXP LOI outstanding under the
AXP Stock Plans held by a Delayed Transfer Employee as of such Delayed Transfer
Employee’s Transfer Date that would not be treated as vested, as determined in
accordance with Section 7.4(d)(i) above, shall be substituted with a letter of
intent evidencing a promise to deliver shares of Ameriprise Common Stock (each,
a “Delayed Transfer Ameriprise LOI”) issued under the Ameriprise Stock
Plan and subject to terms and conditions after such Delayed Transfer Employee’s
Transfer Date that are substantially similar to the terms and conditions
applicable to the corresponding AXP LOI immediately prior to such Delayed
Transfer Employee’s Transfer Date.  The
number of shares of Ameriprise Common Stock to which such a Delayed Transfer
Ameriprise LOI relates will equal the product of (x) the number of shares of
AXP Common Stock to which the corresponding AXP LOI relates immediately prior
to such Delayed Transfer Employee’s Transfer Date and (y) the Delayed Share
Ratio, with fractional shares rounded to the nearest whole share.

                7.5           TREATMENT
OF OUTSTANDING PORTFOLIO GRANTS.

(a)           Assumption of Liability.  Effective as of the Effective Time,
Ameriprise shall assume responsibility for all Liabilities and fully perform,
pay and discharge all obligations, when such obligations become due, relating
to the Outstanding PG Awards held, as of the Distribution Date, by Ameriprise
Participants (such assumed Outstanding PG Awards, the “Ameriprise PG Awards”).

 

33

 

(b)           Terms and Conditions.  Ameriprise PG Awards shall be issued pursuant
to the Ameriprise Stock Plan.  Except
with respect to performance goals and targets, Ameriprise PG Awards shall be
subject to terms and conditions after the Distribution that are substantially
similar to the terms and conditions applicable to the corresponding Outstanding
PG Awards immediately prior to the Distribution.  With respect to the performance goals and
targets relating to each of the Ameriprise PG Awards, such performance goals
and targets shall be adjusted by Ameriprise, in its sole discretion, in
accordance with their terms (including, without limitation, the terms of the
Ameriprise Stock Plan and any related award agreement).

7.6           DETRIMENTAL CONDUCT PROVISIONS.  Ameriprise hereby acknowledges that any
Detrimental Conduct Provisions applicable to the Remaining AXP Options,
Remaining AXP Restricted Stock, or Remaining AXP LOIs held by Ameriprise
Participants and any Detrimental Conduct Provisions applicable to Delayed
Transfer AXP Options, Delayed Transfer AXP Restricted Stock or Delayed Transfer
AXP LOIs held by Delayed Transfer Employees shall continue in full force and
effect following the Distribution.  In
addition, Ameriprise agrees to use reasonable commercial efforts to provide AXP
with any Information reasonably requested by AXP in connection with the
enforcement of such Detrimental Conduct Provisions.  Furthermore, the Parties
acknowledge that with respect to any Ameriprise Participant who holds Remaining
AXP Options, Remaining AXP Restricted Stock, or Remaining AXP LOIs and any
Delayed Transfer Employee who holds Delayed Transfer AXP Options, Delayed Transfer AXP
Restricted Stock or Delayed Transfer AXP LOIs, AXP will waive any
violation of the Detrimental Conduct Provisions applicable to such awards that
would otherwise be caused by the employment, in and of itself, of such holder
with Ameriprise or any member of the Ameriprise Group.

7.7           SEC REGISTRATION.  The Parties mutually agree to use
commercially reasonable efforts to maintain effective registration statements
with the SEC with respect to the long-term incentive awards described in this
Article VII, to the extent any such registration statement is required by
applicable Law.

7.8           SAVINGS
CLAUSE.  The Parties hereby acknowledge
that the provisions of this Article VII are intended to achieve certain tax,
legal and accounting objectives and, in the event such objectives are not
achieved, the Parties agree to negotiate in good faith regarding such other
actions that may be necessary or appropriate to achieve such objectives.

ARTICLE VIII

ADDITIONAL COMPENSATION MATTERS; SEVERANCE

8.1           ANNUAL INCENTIVE AWARDS.

(a)           Ameriprise
Assumption of Annual Incentive Liability. 
Effective as of the Effective Time, Ameriprise shall assume or retain,
as applicable, responsibility for all Liabilities and fully perform, pay and
discharge all obligations, when such obligations become due, relating to any
annual incentive awards that any Ameriprise Participant is eligible to receive
with respect to calendar year 2005 and, effective as of the Effective Time, AXP
shall have no obligation with respect to any such annual incentive award.

 

34

 

(b)           AXP
Assumption of Annual Incentive Liability. 
Effective as of the Effective Time, AXP shall assume or retain, as
applicable, responsibility for all Liabilities and fully perform, pay and
discharge all obligations relating to any annual incentive awards that any AXP
Participant is eligible to receive with respect to calendar year 2005 and,
effective as of the Effective Time, Ameriprise shall have no obligation with
respect thereto.

                8.2           DEFERRED COMPENSATION.

(a)           Outstanding
Deferred Compensation Liabilities. 
Effective as of the Effective Time, Ameriprise shall assume or retain,
as applicable, responsibility for all Liabilities and fully perform, pay and
discharge all obligations, when such obligations become due, relating to the
deferred compensation accounts of Ameriprise Participants under the AXP
Deferred Compensation Plans as of the Distribution Date.  Such deferred compensation accounts shall be
subject to terms and conditions that are substantially similar to the terms and
conditions of the AXP Deferred Compensation Plans as in effect immediately
prior to the Distribution Date, it being understood that the crediting rates
applicable to each such deferred compensation account shall be determined in
accordance with the terms and conditions of the applicable Ameriprise Deferred
Compensation Plan and the principles set forth on Schedule I attached
hereto.  Notwithstanding anything in this
Section 8.2(a) to the contrary, with respect to those Ameriprise Participants
who, as of the Distribution Date, could have elected to retire in accordance
with the applicable retirement practices and policies of AXP and who previously
were employed by CHQ, AEB or TRS (the “AXP DC Participants”), AXP shall
retain all Liabilities (including future interest accruals) and fully perform,
pay and discharge all obligations related to that portion of the deferred
compensation accounts of the AXP DC Participants under the AXP Deferred
Compensation Plans that was deferred by each AXP DC Participant while employed
by CHQ, AEB or TRS (the “AXP DC Participant Accounts”).  Following the Distribution, the AXP DC
Participant Accounts shall continue to be subject to the terms and conditions
of the AXP Deferred Compensation Plans, as in effect from time to time, it
being understood that the employment of an AXP DC Participant shall not be
considered to have terminated as a result of the Distribution, and such
employment shall only be considered to terminate for purposes of the AXP
Deferred Compensation Plans when the employment of such AXP DC Participant with
the Ameriprise Group terminates in accordance with the terms of the Ameriprise
Deferred Compensation Plan.  Ameriprise shall
retain all Liabilities (including future interest accruals) and fully perform,
pay and discharge all obligations related to that portion of the deferred
compensation accounts of the AXP DC Participants under the AXP Deferred
Compensation Plans that was deferred by each AXP DC Participant while employed
by the Ameriprise Group.

(b)             Continuing
Elections.  All elections by
Ameriprise Participants with respect to outstanding deferred compensation
account balances retained or assumed by Ameriprise in accordance with this
Section 8.2 that were controlling under the terms of the applicable AXP
Deferred Compensation Plan prior to the Distribution shall continue in effect
with respect to such account balances until a new election that by its terms
supersedes such original election is made by such Ameriprise Participant in
accordance with applicable Law and the terms and conditions applicable to such
account balances.

(c)           2005
Termination Election.  In accordance
with Q&A 20 of Internal Revenue Service Notice 2005-1, Ameriprise intends
to offer all Ameriprise Participants who have

 

35

 

outstanding deferred
compensation account balances under any of the AXP Deferred Compensation Plans
that are to be retained or assumed by Ameriprise in accordance with this
Section 8.2 the right to irrevocably elect to terminate participation in such
plans and to receive all such outstanding deferred compensation account
balances in a lump sum cash payment to be made by Ameriprise as soon as
reasonably practicable after such Ameriprise Participant properly files such
election with Ameriprise, but in no event later than December 31, 2005.

8.3           AMERIPRISE
KEY EMPLOYEE RETENTION AWARDS. 
Ameriprise hereby acknowledges and agrees that it shall have full
responsibility with respect to any Liabilities and the payment or performance
of any obligations arising out of or relating to the arrangements listed on
Schedule J attached hereto.

8.4           SEVERANCE PLANS.

(a)           Establishment
of Ameriprise Severance Plans. 
Effective as of the Distribution Date, Ameriprise shall take all steps
necessary to establish (i) the Ameriprise Financial Senior Executive Severance
Plan for those Ameriprise Employees who, immediately prior to the Distribution
Date, were eligible to participate in the American Express Senior Executive
Severance Plan and (ii) the Ameriprise Financial Severance Pay Plan for all
Ameriprise Employees who, immediately prior to the Distribution Date, were
eligible to participate in the American Express Severance Pay Plan (the
Ameriprise Senior Executive Severance Plan and the Ameriprise Severance Pay
Plan referred to herein collectively as the “Ameriprise Severance Plans”).

(b)           Assumption
of Severance Liabilities.  Effective
as of the Effective Time, Ameriprise shall assume or retain, as applicable,
responsibility for all Liabilities and fully perform, pay and discharge all
obligations, when such obligations become due, relating to any severance
benefit to which an Ameriprise Participant is entitled under an AXP Severance
Plan as of the Distribution Date.

(c)           Severance
Benefits.  With respect to any
Ameriprise Participant or Delayed Transfer Employee who becomes eligible to
receive severance benefits pursuant to an Ameriprise Severance Plan during the
period commencing on the Close of the Distribution Date and ending on the first
anniversary of the Distribution Date, the applicable Ameriprise Severance Plan
shall provide to such Ameriprise Participant an amount of severance benefit
that is not less than the number of weeks of pay that such Ameriprise
Participant would have received under the corresponding AXP Severance Plan as
in effect immediately prior to the Distribution Date.

(d)           Effect
of the Separation on Severance. AXP and Ameriprise acknowledge and agree
that the transactions contemplated by the Separation and Distribution Agreement
will not constitute a termination of employment of any Ameriprise Participant
for purposes of any policy, plan, program or agreement of AXP or Ameriprise or
any member of the AXP Group or Ameriprise Group that provides for the payment
of severance, separation pay, salary continuation or similar benefits in the
event of a termination of employment.

8.5           WORKERS’
COMPENSATION LIABILITIES.

 

36

 

(a)           Pre-Distribution
Date Claims.  Except as set forth
below, all workers’ compensation Liabilities relating to, arising out of, or
resulting from any claim by an Ameriprise Employee or Former Ameriprise
Employee that results from an accident, incident or event occurring, or from an
occupational disease which becomes manifest, before the Effective Time shall be
retained by Ameriprise.  Notwithstanding
the foregoing, Ameriprise shall not assume or retain any workers’ compensation Liability
relating to, arising out of, or resulting from any claim by an Ameriprise
Employee that results from an accident, incident or event occurring, or from an
occupational disease which becomes manifest, while such Ameriprise Employee was
employed by any member of the AXP Group (such a claim, an “AXP Retained
Claim”).  All workers’ compensation
Liabilities relating to, arising out of, or resulting from (i) any AXP Retained
Claim or (ii) any claim by an AXP Employee or Former AXP Employee that results
from an accident, incident, or event occurring, or from an occupational disease
which becomes manifest before the Effective Time shall be retained by AXP.

(b)           Post-Distribution
Date Claims.  All workers’
compensation Liabilities relating to, arising out of, or resulting from any
claim by an Ameriprise Employee or Former Ameriprise Employee that results from
an accident, incident or event occurring, or from an occupational disease which
becomes manifest, on or after the Effective Time shall be retained by Ameriprise.  All workers’ compensation Liabilities
relating to, arising out of, or resulting from any claim by an AXP Employee or
Former AXP Employee that results from an accident, incident or event occurring,
or from an occupational disease which becomes manifest, on or after the
Effective Time shall be retained by AXP.

(c)           Delayed
Transfer Employees.  All workers’
compensation Liabilities relating to, arising out of, or resulting from any
claim by an Ameriprise Delayed Transfer Employee that results from an accident,
incident or event occurring, or from an occupational disease which becomes
manifest, before such Ameriprise Delayed Transfer Employee’s Transfer Date
shall be assumed or retained, as applicable, by Ameriprise.  All workers’ compensation Liabilities
relating to, arising out of, or resulting from any claim by an AXP Delayed
Transfer Employee that results from an accident, incident or event occurring,
or from an occupational disease which becomes manifest, before such AXP Delayed
Transfer Employee’s Transfer Date shall be assumed or retained, as applicable,
by AXP.  All workers’ compensation
Liabilities relating to, arising out of, or resulting from any claim by a
Delayed Transfer Employee that results from an accident, incident or event
occurring, or from an occupational disease which becomes manifest, on or after
such Delayed Transfer Employee’s Transfer Date shall be retained or assumed, as
applicable, by Ameriprise.  For purposes
of this Section 8.5(c), (i) “Ameriprise Delayed Transfer Employee” means any
Delayed Transfer Employee who, prior to such Delayed Transfer Employee’s
Transfer Date, devotes a majority of his or her time to performing services for
Ameriprise, and (ii) “AXP Delayed Transfer Employee” means any Delayed Transfer
Employee who, prior to such Delayed Transfer Employee’s Transfer Date, devotes
a majority of his or her time to performing services for AXP, in each case as
determined in good faith by the Parties.

(d)           General.  For purposes of this Section 8.5, a
compensable injury shall be deemed to be sustained upon the occurrence of the
event giving rise to eligibility for workers’ compensation benefits or an
occupation disease becomes manifest, as the case may be.  AXP and Ameriprise shall cooperate in good
faith with respect to the notification to appropriate

 

37

 

governmental agencies of
the Distribution and the issuance of new, or the transfer of existing, workers’
compensation insurance policies and claims handling contracts.

8.6           SECTION
162(m).  Notwithstanding anything in this
Agreement to the contrary (including, without limitation, the treatment of
outstanding long-term incentive awards and annual incentive awards as described
herein), the Parties agree to negotiate in good faith regarding any alternative
treatment of any outstanding long-term incentive award, annual incentive award
or other compensation to which any Ameriprise Participant who is a “covered
employee” of Ameriprise (within the meaning of Section 162(m) of the Code) may
be entitled to ensure that the payment of such long-term incentive award,
annual incentive award or other compensation is deductible by the Party
responsible for the payment thereof or otherwise entitled to the deduction
related thereto.

ARTICLE IX

UK PENSION ISSUES

9.1                                 UK PENSION ASSET TRANSFER.

(a)           Establishment
of Ameriprise UK Retirement Plan. 
Effective as of the Distribution Date, Ameriprise shall, or shall cause
one or more members of the Ameriprise Group to, establish an occupational
defined benefit pension plan to provide retirement benefits to Ameriprise
Participants who immediately prior to the Distribution Date were participants
in, or entitled to present or future benefits (whether or not vested) under,
the AXP UK Plan (such defined benefit pension plan, the “Ameriprise UK
Retirement Plan” and such Ameriprise Participants, the “Ameriprise UK
Plan Participants”).  For the
avoidance of doubt, Ameriprise shall procure that each of the Ameriprise
Employees who was a member of the AXP UK Plan immediately prior to the
Distribution Date is invited to become a member of the Ameriprise UK Retirement
Plan with effect from the Distribution Date. 
Ameriprise undertakes to ensure that the Ameriprise UK Retirement Plan
(i) is an exempt approved scheme under UK Income and Corporation Taxes Act
1988, (ii) is a scheme which is contracted out on a reference scheme basis,
(iii) is capable of receiving the Transfer Amount without prejudicing the
status of the AXP UK Plan as an exempt approved scheme and without requiring
the consent of the Ameriprise UK Plan Participants to the transfer, and (iv)
for a period of not less than twelve (12) months from the Distribution Date,
provides benefits in respect of the future service of each Ameriprise Employee
who is an Ameriprise UK Plan Participant which are, in the opinion of the AXP
UK Actuary, substantially comparable in the aggregate to the benefits provided
by the AXP UK Scheme as in effect immediately prior to the Distribution Date.

(b)           Assumption
of AXP UK Plan Liabilities. 
Effective as of the Payment Date, Ameriprise (acting directly or through
its Affiliates) hereby agrees to cause the Ameriprise UK Retirement Plan to
accept the Transfer Amount in full and final settlement of all claims against
the AXP UK Plan in respect of the Ameriprise UK Plan Participants (whose
consent shall not be required).  Subject
to the payment of the Transfer Amount in accordance with Section 9.1(c) below,
Ameriprise shall procure that the Ameriprise UK Retirement Plan shall provide
benefits in respect of each Ameriprise UK Plan Participant which are, in the
case of any pensioner, deferred pensioner or pension credit member, identical
to those provided under the AXP UK

 

38

 

Plan to such Ameriprise
UK Plan Participant immediately prior to the Distribution Date and otherwise in
respect of pensionable service (including transfer credits) of each Ameriprise
UK Plan Participant at least equal to those required to allow the rights and
entitlements of the Ameriprise UK Plan Participants in the AXP UK Plan to be
transferred to the Ameriprise UK Retirement Plan without consent in accordance
with the provisions of Regulation 12 of The Occupational Pension Schemes
(Preservation of Benefit) Regulations 1991 and actuarial guidance note GN16 (as
either may be in force at the Payment Date).

(c)           Transfer
of AXP UK Plan Assets.

                (i)            As soon as reasonably practicable
following the Distribution Date, AXP shall cause the AXP UK Actuary to
determine the UK Transfer Amount.  Within
thirty (30) days of the calculation of the UK Transfer Amount by the AXP UK
Actuary, the Ameriprise UK Actuary shall verify and agree to such UK Transfer
Amount.  AXP and Ameriprise undertake to
procure that all such Information as shall be reasonably required by the AXP UK
Actuary and the Ameriprise UK Actuary for the purpose of calculating and
verifying the UK Transfer Amount shall be promptly provided to them and that
all such Information shall (to the best of their knowledge and belief) be true,
complete and accurate in all material respects as of the date the Information
is required for the purposes of this Section 9.1.  If the AXP UK Actuary and the Ameriprise UK
Actuary are unable to agree to the UK Transfer Amount within thirty (30) days
of its calculation by the AXP UK Actuary, the matter shall be referred to an
independent actuary in accordance with Section 9.1(e) hereof.

                (ii)           The Transfer Amount is only payable
if the following conditions have been and remain satisfied: (A) the Ameriprise
UK Retirement Plan has been established as an exempt approved and contracted
out scheme and Ameriprise has delivered to AXP a copy of (1) the initial letter
from HM Customs and Revenue confirming such approval and (2) the contracting
out certificate issued by the National Insurance Services to Pensions Industry
with respect to the Ameriprise UK Retirement Plan; (B) HM Customs and Revenue
have consented to the transfer of the Transfer Amount; (C) the AXP UK Actuary
has issued a GN16 certificate in respect of the transfer of the Transfer
Amount; (D) the requirements of Regulation 12 of the Occupational Pension
Schemes (Preservation of Benefit) Regulations 1991 are satisfied (including any
notice requirements); and (E) the UK Transfer Amount has been agreed or
determined in accordance with this Section 9.1.

                (iii)          Subject to satisfaction of the
conditions set forth in Section 9.1(c)(ii) above, AXP shall use all reasonable
endeavours to procure that the AXP UK Plan shall, on the Payment Date, transfer
the Transfer Amount to the Ameriprise UK Retirement Plan such assets as the
respective plans may agree, the mid-market value of which is equal to the
Transfer Amount.  To the extent the AXP
UK Plan and the Ameriprise UK Retirement Plan are unable to agree to the
appropriate asset transfer, cash equal to the Transfer Amount (reduced by 5% to
cover encashment costs) shall be transferred in full settlement and
satisfaction of the obligations of AXP and the AXP UK Plan pursuant to this
Section 9.1.

(d)           Funding.  Without regard to whether such funding is
required by applicable Law, Ameriprise shall ensure that the Ameriprise UK
Retirement Plan will be maintained at (or

 

39

 

returned to) a fully
funded (100%) position as determined on a “PBO” basis within five (5) years of
the Distribution Date.

(e)           Independent
Actuary.  Any disagreement or dispute
between the AXP UK Actuary and the Ameriprise UK Actuary concerning any matter
to be agreed to by them under this Section 9.1 shall be referred to an
independent actuary for determination. 
The Parties shall jointly appoint the independent actuary.  If the Parties fail to reach agreement on the
appointment of an independent actuary, either AXP or Ameriprise may request the
President for the time being of the Institute of Actuaries to nominate an
independent actuary, the Parties shall then appoint such nominee.  The determination and certificate of the
independent actuary shall (in the absence of clear or manifest error) be final and
binding on the Parties.  In addition, the
Parties shall comply with and shall respectively procure that the AXP UK Plan
and the Ameriprise UK Retirement Plan and their respective agents comply with
any directions of the independent actuary made to facilitate his investigation
or determination.  The costs and fees of
the independent actuary shall be paid one half by AXP and one half by
Ameriprise unless the independent actuary determines some other division
between the Parties (such determination to be final and binding).

(f)            AVCs.  Nothing in this Section 9.1 shall apply to
AVCs or to the benefits secured by them. 
However, AXP will use all reasonable endeavours to procure that the AXP
UK Plan will transfer the assets representing the Ameriprise UK Plan Participants’
AVCs to the Ameriprise UK Retirement Plan. 
Ameriprise will ensure that the Ameriprise UK Retirement Plan provides
benefits for the Ameriprise UK Plan Participants which are equivalent to those
assets.

(g)           No
Assistance.  Ameriprise shall not
(and shall procure that its Affiliates shall not) encourage or assist or
initiate or facilitate any action for the purpose of requiring the AXP UK Plan
to pay an amount larger than the Transfer Amount to the Ameriprise UK
Retirement Plan.

ARTICLE X

INDEMNIFICATION

10.1         GENERAL
INDEMNIFICATION.  Article IV of the
Separation and Distribution Agreement applies to this Agreement as if such
Article were set forth herein and all references to “Agreement” in such Article
IV shall be deemed to be references to this Agreement.

ARTICLE XI

GENERAL AND
ADMINISTRATIVE

11.1         SHARING
OF INFORMATION. 
AXP and Ameriprise (acting directly or through their respective
Affiliates) shall provide to the other and their respective agents and vendors
all Information as the other may reasonably request to enable the requesting
Party to administer efficiently and accurately each of its Benefit Plans and to
determine the scope of, as well as fulfill, its obligations under this
Agreement.  Such Information shall, to
the extent reasonably practicable, be provided in the format and at the times and
places requested, but in no

 

40

 

event shall the Party providing such Information be obligated to incur
any out-of-pocket expenses not reimbursed by the Party making such request or
make such Information available outside of its normal business hours and
premises.  Any Information shared or
exchanged pursuant to this Agreement shall be subject to the same
confidentiality requirements set forth in the Separation and Distribution
Agreement.  The Parties also hereby agree
to enter into any business associate agreements that may be required for the
sharing of any Information pursuant to this Agreement to comply with the
requirements of HIPAA.

11.2         REASONABLE
EFFORTS/COOPERATION. 
Each of the Parties hereto will use its commercially reasonable efforts
to promptly take, or cause to be taken, all actions and to do, or cause to be
done, all things necessary, proper or advisable under applicable Laws and
regulations to consummate the transactions contemplated by this Agreement,
including, without limitation, adopting plans or plan amendments.  Each of the Parties hereto shall cooperate
fully on any issue relating to the transactions contemplated by this Agreement
for which the other Party seeks a determination letter or private letter ruling
from the IRS, an advisory opinion from the DOL or any other filing, consent or
approval with respect to or by a Governmental Authority.

11.3         EMPLOYER
RIGHTS.  Subject to Ameriprise’s
obligations pursuant to Section 2.3 of this Agreement, nothing in this
Agreement shall prohibit Ameriprise or any Ameriprise Affiliate from amending,
modifying or terminating any Ameriprise Benefit Plan at any time within its
sole discretion.  In addition, nothing in
this Agreement shall prohibit AXP or any AXP Affiliate from amending, modifying
or terminating any AXP Benefit Plan at any time within its sole discretion.

11.4         NON-TERMINATION
OF EMPLOYMENT; NO THIRD-PARTY BENEFICIARIES. 
Except as expressly provided for in this Agreement or the Separation and
Distribution Agreement, no provision of this Agreement or the Separation and
Distribution Agreement shall be construed to create any right, or accelerate
entitlement, to any compensation or benefit whatsoever on the part of any AXP
Employee or Ameriprise Employee or other future, present, or former employee of
any member of the AXP Group or Ameriprise Group under any AXP Benefit Plan or
Ameriprise Benefit Plan or otherwise. 
Without limiting the generality of the foregoing, except as expressly
provided in this Agreement, the occurrence of the Distribution alone shall not
cause any employee to be deemed to have incurred a termination of employment
which entitles such individual to the commencement of benefits under any of the
AXP Benefit Plans.  Furthermore, this
Agreement is solely for the benefit of the Parties hereto and their respective
successors and permitted assigns. 
Nothing in this Agreement, express or implied, is intended to or shall
confer upon any other person or persons any rights, benefits or remedies of any
nature whatsoever under or by reason of this Agreement.   Furthermore, nothing in this Agreement is
intended to confer upon any employee or former employee of AXP, Ameriprise or
either of their respective Affiliates any right to continued employment, or any
recall or similar rights to an individual on layoff or any type of approved
leave.

11.5         CONSENT
OF THIRD PARTIES. 
If any provision of this Agreement is dependent on the Consent of any
third party and such consent is withheld, the Parties hereto shall use their
reasonable best efforts to implement the applicable provisions of this
Agreement to the fullest extent practicable. 
If any provision of this Agreement cannot be implemented due to the

 

41

 

failure of such third party to consent, the Parties hereto shall
negotiate in good faith to implement the provision in a mutually satisfactory
manner.

11.6         ACCESS
TO EMPLOYEES.  Following the Distribution
Date, AXP and Ameriprise shall, or shall cause each of their respective
Affiliates to, make available to each other those of their employees who may
reasonably be needed in order to defend or prosecute any legal or administrative
action (other than a legal action between AXP and AMP) to which any employee,
director or Benefit Plan of the AXP Group or Ameriprise Group is a party and
which relates to their respective Benefit Plans prior to the Distribution Date.  The Party to whom an employee is made
available in accordance with this Section 11.6 shall pay or reimburse the other
Party for all reasonable expenses which may be incurred by such employee in
connection therewith, including, without limitation, all reasonable travel,
lodging, and meal expenses, but excluding any amount for such employee’s time
spent in connection herewith.

11.7         BENEFICIARY
DESIGNATION/RELEASE OF INFORMATION/RIGHT TO REIMBURSEMENT.  To the extent permitted by applicable Law and
except as otherwise provided for in this Agreement, all beneficiary
designations, authorizations for the release of Information and rights to
reimbursement made by or relating to Ameriprise Participants under AXP Benefit
Plans shall be transferred to and be in full force and effect under the
corresponding Ameriprise Benefit Plans until such beneficiary designations,
authorizations or rights are replaced or revoked by, or no longer apply, to the
relevant Ameriprise Participant.

11.8         NOT
A CHANGE IN CONTROL.  The Parties hereto
acknowledge and agree that the transactions contemplated by the Separation and
Distribution Agreement and this Agreement do not constitute a “change in
control” for purposes of any AXP Benefit Plan or Ameriprise Benefit Plan.

ARTICLE XII

MISCELLANEOUS

12.1         EFFECT
IF DISTRIBUTION DOES NOT OCCUR. 
Notwithstanding anything in this Agreement to the contrary, if the
Separation and Distribution Agreement is terminated prior to the Effective
Time, then all actions and events that are, under this Agreement, to be taken
or occur effective immediately prior to, as of or following the Distribution
Date, or otherwise in connection with the Separation, shall not be taken or
occur except to the extent specifically agreed to in writing by AXP and
Ameriprise and neither Party shall have any Liability or further obligation to
the other Party under this Agreement.

12.2         RELATIONSHIP
OF PARTIES. 
Nothing in this Agreement shall be deemed or construed by the Parties or
any third party as creating the relationship of principal and agent,
partnership or joint venture between the Parties, it being understood and
agreed that no provision contained herein, and no act of the Parties, shall be
deemed to create any relationship between the Parties other than the relationship
set forth herein.

12.3         AFFILIATES. 
Each of AXP and Ameriprise shall cause to be performed, and hereby
guarantees the performance of, all actions, agreements and obligations set
forth in this Agreement to be performed by each of their Affiliates,
respectively.

 

42

 

12.4         NOTICES. 
All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be deemed given to a Party when (a)
delivered to the appropriate address by hand or by nationally recognized
overnight courier service (costs prepaid); (b) sent by facsimile with
confirmation of transmission by the transmitting equipment; or (c) received or
rejected by the addressee, if sent by certified mail, return receipt requested,
in each case to the following addresses and facsimile numbers and marked to the
attention of the person (by name or title) designated below (or to such other
address, facsimile number or person as a Party may designate by notice to the
other Parties):

(a)           if to AXP, to:

American Express Company

200 Vesey Street

New York, New York 10285-4905

Attention:  Gilbert E. Ahye

Fax:  (212) 640-3784

with copies to:

American Express Company

200 Vesey Street

New York, New York 10285-4905

Attn:  General Counsel

Fax:  (212) 640-0388

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, New York 10006

Attention:  A. Richard Susko, Esq.

Fax:  (212) 225-3999

and

Harter, Secrest & Emery LLP

1600 Bausch and Lomb Place

Rochester, New York 14604

Attention:  Paul W. Holloway, Esq.

Fax: (585) 232-2152

(b)           if to Ameriprise, to:

Ameriprise Financial, Inc.

1546 Ameriprise Financial Center

Minneapolis, Minnesota 55474

Attention:  Walter Berman

Fax: (612) 678-4945

                                with
a copy to:

 

43

 

Ameriprise Financial,
Inc.

1546 Ameriprise Financial Center

Minneapolis, Minnesota 55474

Attention:  General Counsel

Fax: (612) 678-1491

12.5         ENTIRE
AGREEMENT. 
This Agreement, the Separation and Distribution Agreement, and each
other Ancillary Agreement, including any annexes, schedules and exhibits hereto
and thereto, as well as any other agreements and documents referred to herein
and therein, shall together constitute the entire agreement between the Parties
with respect to the subject matter hereof and shall supersede all prior
negotiations, agreements and understandings of the Parties of any nature,
whether oral or written, with respect to such subject matter.

12.6         AMENDMENTS
AND WAIVERS.  This Agreement may not be
modified or amended except by an instrument or instruments in writing signed by
an authorized officer of each Party. 
Except as otherwise provided in this Agreement, any failure of any of
the Parties to comply with any obligation, covenant, agreement or condition
herein may be waived by the Party entitled to the benefits thereof only by a
written instrument signed by an authorized officer of the Party granting such
waiver, but such waiver or failure to insist upon strict compliance with such
obligation, covenant, agreement or condition shall not operate as a waiver of,
or estoppel with respect to, any subsequent or other failure.

12.7         GOVERNING
LAW.  This Agreement and any dispute
arising out of, in connection with or relating to this Agreement shall be
governed by and construed in accordance with the Laws of the State of New York,
without giving effect to the conflicts of laws principles thereof.

12.8         HEADINGS.  The article, section, paragraph and other
headings contained in this Agreement are inserted for convenience of reference
only and shall not affect in any way the meaning or interpretation of this
Agreement.

12.9         COUNTERPARTS.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same Agreement.

12.10       ASSIGNMENT.  This Agreement may not be assigned by either
Party without the written consent of the other Party.  No such assignment shall relieve either Party
of any of its rights and obligations hereunder.

12.11       SEVERABILITY.  The invalidity or unenforceability of any
term or provision of this Agreement shall not affect the validity or
enforceability of this Agreement or of any other term or provision of this
Agreement, which shall remain in full force and effect.  If it is ever held that any restriction
hereunder is too broad to permit enforcement of such restriction to its fullest
extent, each Party hereby agrees that such restriction may be enforced to the maximum
extent permitted by Law, and each Party hereby consents and agrees that such
scope may be judicially modified accordingly in any proceeding brought to
enforce such restriction.

 

44

 

 Remainder of this page intentionally left
blank.

 

45

 

IN WITNESS WHEREOF, the
Parties have caused this Agreement to be duly executed as of the day and year
first above written.

	
   

  	
  AMERICAN
  EXPRESS COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gilbert
  E. Ahye

  
	
   

  	
  Name:  Gilbert E. Ahye

  
	
   

  	
  Title:  Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMERIPRISE
  FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kelli A. Hunter

  
	
   

  	
  Name:  Kelli A. Hunter

  
	
   

  	
  Title:  Executive Vice President, Human Resources

  

 

46

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]