Document:

exv10w4

Exhibit 10.4

[***] — Indicates confidential information. Confidential treatment requested.

Portion omitted filed separately with the Securities and Exchange Commission.

TWELFTH AMENDMENT TO THE

YOPLAIT MANUFACTURING AND DISTRIBUTION LICENSE AGREEMENT

Between the undersigned :

SODIMA (hereinafter referred to as « SODIMA »), a private limited company incorporated under the
laws of France (Société par Actions Simplifiée) with a capital of 74.147.940 euros, registered with
the Trade and Companies Register of Paris under n°440 769 032, with its registered offices at 170
bis Boulevard du Montparnasse, 75014 Paris, France, and its administrative offices at 150 rue
Gallieni, 92640 Boulogne-Billancourt France, represented by Mr. Lucien Fa, its President, duly
authorized for the purpose of this Amendment,

On the one hand,

and

General Mills, Inc., a US Corporation, incorporated in Delaware with its head office located at
Number One General Mills, Minneapolis, Minnesota 55426, United States of America (hereinafter
referred to as « GMI »), on behalf of itself and all of its more than fifty percent (50%) owned or
controlled (directly or indirectly) domestic subsidiaries (hereinafter referred to as « Licensee
»), represented by Ms. Becky O’Grady, duly authorized for the purpose of this Amendment,

On the other hand,

Hereafter referred to individually as a “Party” or collectively as the “Parties”,

WHEREAS, « Société de Développements et d’Innovations des Marchés Agricoles et
Alimentaires-Sodima-Union de Coopératives Agricoles » and GMI executed on September
9, 1977 a YOPLAIT MANUFACTURING AND DISTRIBUTION LICENSE AGREEMENT (hereinafter referred to as the
« Agreement »),

WHEREAS, the rights of « Société de Développements et d’Innovations des Marchés Agricoles et
Alimentaires-Sodima-Union de Coopératives Agricoles » in the Agreement have been transferred to
SODIMA International SA and then to SODIMA,

 

 

WHEREAS, the Agreement provided in article VI.8 that the Licensee shall not use any of the
Trademarks in connection with any other trademarks or trade name not owned by SODIMA,

WHEREAS, the Licensee now wishes to test new Yoplait yogurts [***](hereinafter referred to as the «
[***] Yogurts »),

WHEREAS, the Licensee wishes to use the GMI owned trademark [***] as identified in Appendix 1 to
this Amendment (hereinafter referred to as the « GMI Trademark ») in connection with:

	-	 	the packaging and sale of the [***] Yogurts, and
	 
	-	 	the Trademarks in the advertisement of the [***] Yogurts, and

WHEREAS, SODIMA is willing to permit the Licensee to use the GMI Trademark in the advertisement and
sale of the [***] Yogurts.

NOW, THEREFORE, in consideration of the promises herein contained, it is agreed as follows :

	1. Notwithstanding Article VI.8 of the Agreement, the Licensee may use the GMI Trademark in
connection with the Trademarks in the advertisement and sale of the [***] Yogurts in the Territory
(with the exception of export countries or territories):

	 
	-	 	so long as the GMI Trademark is used in reference to [***], and
	 
	-	 	for the duration of the present Amendment.

	 
	2. The Licensee will not use the GMI Trademark in connection with any Products, other than the
[***] Yogurts, covered by the Agreement without the prior written approval of SODIMA.
	 
	3. SODIMA acknowledges that GMI owns the GMI Trademark and SODIMA shall not claim any rights
therein anywhere in the world.
	 
	4. Sales of [***] Yogurts are subject to the payment of a royalty by the Licensee and shall be
included in the Gross Revenues for calculation of such royalty according to the Agreement. Such
royalty shall be calculated at a royalty rate of [***]% whatever the Licensee’s Gross Revenues may
be.

Royalty shall not be subject to any reduction or discount mentioned in the Agreement or in any of
its Amendments, and in particular to the royalty reductions and discounts set forth in Sections
4.2, 4.3 and 6.2 of the Eighth Amendment to the Agreement (relating to New Products Launch, New
Technology and Health Claims), which shall not apply to the sales of [***] Yogurts.

	5. Unless otherwise provided, all the terms used herein with capital letters shall have the meaning
ascribed to them in the Agreement.
	 
	6. This Twelfth Amendment shall be effective for a duration of 2 months, from 1st
November until 31st December 2010 (the “Test Period”).

 

 

	7. In the event of termination of the Agreement before the end of the Test Period, this Twelfth
Amendment shall also be terminated.
	 
	8. Since this Amendment only refers to a market test limited in time and territory (Territory
excluding export countries or territories), no product shall be sold after 31st December
2010. If products are sold after that date, such event will be considered as a breach of contract
by the Licensee.
	 
	9. This derogation is subject to all applicable provisions of the Agreement with the exception of
the terms of the Agreement which would be inconsistent with the present Amendment. All other
provisions of the Agreement will remain in full force and effect.

IN
WITNESS WHEREOF, the Parties have caused this Twelfth Amendment to be executed in duplicate by
their duly authorized representatives.

	 	 	 

	GENERAL MILLS, INC.

	 	SODIMA
	 
	 	 
	By /s/ Becky O’Grady

	 	By Lucien Fa
	 

	 	P/O /s/ [illegible]
	 
	 	 
	Date November 11, 2010

	 	Date 8 November 2010

Appendix 1

GMI Trademark

The current version of the GMI Trademark (subject to updating by GMI from time to time) is
represented as follows:

[***]exv10wbw1

EXHIBIT 10-b-1

NORDSON CORPORATION

2005 DEFERRED COMPENSATION PLAN

Effective January 1, 2005

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	Purpose
	 	 	1	 
	 
	ARTICLE 1 Definitions
	 	 	1	 
	 
	ARTICLE 2 Selection, Enrollment, Eligibility
	 	 	7	 
	 
	ARTICLE 3 Deferral Commitments/Company Matching/Crediting/Taxes
	 	 	8	 
	 
	ARTICLE 4 Short-Term Payout; Unforeseeable Financial Emergencies; Withdrawal
Election
	 	 	14	 
	 
	ARTICLE 5 Retirement Benefit
	 	 	15	 
	 
	ARTICLE 6 Pre-Retirement Survivor Benefit
	 	 	16	 
	 
	ARTICLE 7 Termination Benefit
	 	 	16	 
	 
	ARTICLE 8 Disability Benefit
	 	 	17	 
	 
	ARTICLE 9 Beneficiary Designation
	 	 	18	 
	 
	ARTICLE 10 Leave of Absence
	 	 	19	 
	 
	ARTICLE 11 Termination, Amendment or Modification
	 	 	19	 
	 
	ARTICLE 12 Administration
	 	 	20	 
	 
	ARTICLE 13 Other Benefits and Agreements
	 	 	21	 
	 
	ARTICLE 14 Claims Procedures
	 	 	21	 
	 
	ARTICLE 15 Trust
	 	 	23	 
	 
	ARTICLE 16 Miscellaneous
	 	 	23	 

-i-

 

2005 DEFERRED COMPENSATION PLAN

Effective January 1, 2005

Purpose

     The purpose of this 2005 Deferred Compensation Plan, established effective as of January 1,
2005, is to provide specified benefits to a select group of management and highly compensated
Employees who contribute materially to the continued growth, development, and future business
success of Nordson Corporation, and its subsidiaries, if any, that sponsor this Plan. This Plan
shall be unfunded for tax purposes and for purposes of Title I of ERISA. This Plan applies to
compensation earned, deferred, or vested on and after January 1, 2005; the Nordson Corporation
Deferred Compensation Plan, dated November 3, 2000, as amended on January 22, 2003, and as in
effect on October 3, 2004 (the “2000 Plan”), applies to compensation earned, deferred, and vested
on or before December 31, 2004. No provisions of this Plan shall alter, affect, or amend any
provisions of the 2000 Plan applicable to compensation earned, deferred, and vested on or before
December 31, 2004.

ARTICLE 1

Definitions

     For purposes of this Plan, unless otherwise clearly apparent from the context, the following
phrases or terms shall have the following indicated meanings:

	1.1	 	“Account Balance” shall mean, with respect to a Participant, a credit on the records of the
Company equal to the sum of (i) the Deferral Account balance, (ii) the vested Company
Contribution Account balance, (iii) the Rollover Account balance, and (iv) the Unilateral
Committee Contribution Account balance. The Account Balance, and each other specified account
balance, shall be a bookkeeping entry only and shall be utilized solely as a device for the
measurement and determination of the amounts to be paid to a Participant, or his or her
designated Beneficiary, pursuant to this Plan.
	 
	1.2	 	“Annual Company Contribution Amount” shall mean, for any one Plan Year, the amount determined
in accordance with Section 3.5.
	 
	1.3	 	“Annual Installment Method” shall be an annual installment payment over the number of years
selected by the Participant in accordance with this Plan, calculated as follows: (i) for the
first annual installment, the vested Account Balance of the Participant shall be calculated as
of the close of business on or around (a) the last business day of the Plan Year in which the
Participant Retires or is deemed to have Retired in accordance with Section 8.1, or (b) the
date on which the Participant experiences a Termination of Employment or is deemed to have
experienced a Termination of Employment in accordance with Section 8.1, and (ii) for remaining
annual installments, the vested Account Balance of the Participant shall be calculated on
every applicable anniversary of (a) the last business day of the Plan Year in which the
Participant Retires is deemed to have Retired in accordance with Section 8.1, or (b) the date
on which the Participant experiences a Termination of Employment or is deemed to have
experienced a 

-1-

 

	 	 	Termination of Employment in accordance with Section 8.1. Each annual installment shall be calculated by multiplying
this balance by a fraction, the numerator of which is one and the denominator of which is
the remaining number of annual payments due the Participant. By way of example, if the
Participant elects a ten (10) year Annual Installment Method, the first payment shall be
1/10 of the vested Account Balance, calculated as described in this definition. The
following year, the payment shall be 1/9 of the vested Account Balance, calculated as
described in this definition.

	1.4	 	“Base Salary” shall mean the annual cash compensation relating to services performed during
any calendar year, whether or not paid in such calendar year or included on the Federal Income
Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe
benefits, stock options, relocation expenses, incentive payments, non-monetary awards, fees,
automobile and other allowances paid to a Participant for employment services rendered
(whether or not such allowances are included in the Employee’s gross income). Base Salary
shall be calculated before reduction for compensation voluntarily deferred or contributed by
the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be
calculated to include amounts not otherwise included in the Participant’s gross income under
Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer;
provided, however, that all such amounts will be included in compensation only to the extent
that, had there been no such plan, the amount would have been payable in cash to the Employee.
	 
	1.5	 	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated
in accordance with Article 9, that are entitled to receive benefits under this Plan upon the
death of a Participant.
	 
	1.6	 	“Beneficiary Designation Form” shall mean the form established from time to time by the
Committee that a Participant completes, signs and returns to the Committee to designate one or
more Beneficiaries.
	 
	1.7	 	“Board” shall mean the board of directors of the Company.
	 
	1.8	 	“Bonus” shall mean any compensation relating to services performed during any calendar
year(s), whether or not paid in a calendar year or included on the Federal Income Tax Form W-2
for a calendar year, payable to a Participant as an Employee under any Employer’s written
bonus or cash compensation incentive plans, excluding stock options and restricted stock.
	 
	1.9	 	“Change in Control” shall mean an event described below occurring at any time after the date
of the adoption of this Plan:

     (i) any person (other than the Company, any of its subsidiaries, any employee benefit
plan or employee stock ownership plan of the Company, or any Person organized, appointed, or
established by the Company for or pursuant to the terms of any such plan), alone or together
with any of its Affiliates or Associates, becomes the Beneficial Owner of 20% or more of the
Common Shares then outstanding, or any such Person commences or

-2-

 

publicly announces an intent to commence a tender offer or exchange offer the
consummation of which would result in the Person becoming the Beneficial Owner of 20% or
more of the Common Shares then outstanding (provided, however, that, for purposes of
determining whether Eric T. Nord or Evan W. Nord, together with each of their Affiliates or
Associates, is the Beneficial Owner of 20% or more of the Common Shares then outstanding,
the Common Shares then held by the Walter G. Nord trust, by the Nord Family Foundation (or
any successor to the Nord Family Foundation), and by the Eric and Jane Nord Foundation shall
be excluded; for purposes of determining whether the Walter G. Nord Trust, the Nord Family
Foundation (or any successor), or the Eric and Jane Nord Foundation, together with each of
their Affiliates and Associates, is the Beneficial Owner of 20% or more of the Common Shares
then outstanding, the Common Shares then held by Eric T. Nord and by Evan W. Nord shall be
excluded; for purposes of determining whether the Nord Family Foundation (or any successor),
together with its Affiliates and Associates, is the Beneficial Owner of 20% or more of the
Common Shares then outstanding, the Common Shares then held by the Eric and Jane Nord
Foundation will be excluded; and, for purposes of determining whether the Eric and Jane Nord
Foundation, together with its Affiliates and Associates, is the Beneficial Owner of 20% or
more of the Common Shares then outstanding, the Common Shares then held by the Nord Family
Foundation (or any successor) will be excluded. For purposes of this Section 1.9, the terms
“Affiliates,” “Associates,” “Beneficial Owner,” and “Person” will have the meanings given to
them in the Restated Rights Agreement, dated as of November 7, 1997, between the Company and
National City Bank, as Rights Agent, as amended from time to time.

     (ii) At any time during a period of 24 consecutive months, individuals who were
directors of the Company at the beginning of the period no longer constitute a majority of
the members of the Board, unless the election, or the nomination for election by the
Company’s shareholders, of each director who was not a director at the beginning of the
period is approved by at least a majority of the directors who were members of the Board at
the time of the election or nomination and were directors at the beginning of the period.

     (iii) A record date is established for determining shareholders entitled to vote upon
(A) a merge or consolidation of the Company with another corporation in which the Company is
not the surviving or continuing corporation or in which all or part of the outstanding
Common Shares are to be converted into or exchanged for cash, securities, or other property,
(B) a sale or other disposition of all or substantially all of the assets of the Company, or
(C) the dissolution of the Company.

     (iv) Any person who proposes to make a “control share acquisition” of the Company,
within the meaning of the applicable Section of the Ohio General Corporation Law, submits or
is required to submit an acquiring person statement to the Company.

	1.10	 	“Claimant” shall have the meaning set forth in Section 14.1.
	 
	1.11	 	“Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time.

-3-

 

	1.12	 	“Committee” shall mean the Compensation Committee of the Board of Directors of the Company.
	 
	1.13	 	“Company” shall mean Nordson Corporation, an Ohio corporation, and any successor to all or
substantially all of the Company’s assets or business.
	 
	1.14	 	“Company Contribution Account” shall mean (i) the sum of the Participant’s Annual Company
Contribution Amounts, plus (ii) amounts credited in accordance with all the applicable
crediting provisions of this Plan that relate to the Participant’s Company Contribution
Account, less (iii) all distributions made to the Participant or his or her Beneficiary
pursuant to this Plan that relate to the Participant’s Company Contribution Account.
	 
	1.15	 	“Deduction Limitation” shall mean the following described limitation on a benefit that may
otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise
provided, this limitation shall be applied to all distributions that are “subject to the
Deduction Limitation” under this Plan. If an Employer determines in good faith prior to a
Change in Control that there is a reasonable likelihood that any compensation paid to a
Participant for a taxable year of the Employer would not be deductible by the Employer solely
by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by
the Employer to ensure that the entire amount of any distribution to the Participant pursuant
to this Plan prior to the Change in Control is deductible, the Employer may defer all or any
portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation
shall continue to be credited/debited with additional amounts in accordance with Section 3.9
below, even if such amount is being paid out in installments. The amounts so deferred and
amounts credited thereon shall be distributed to the Participant or his or her Beneficiary (in
the event of the Participant’s death) at the earliest possible date, as determined by the
Employer in good faith, on which the deductibility of compensation paid or payable to the
Participant for the taxable year of the Employer during which the distribution is made will
not be limited by Section 162(m), or if earlier, the effective date of a Change in Control.
Notwithstanding anything to the contrary in this Plan, the Deduction Limitation shall not
apply to any distributions made after a Change in Control.
	 
	1.16	 	“Deferral Account” shall mean (i) the sum of all of a Participant’s Deferral Amounts, plus
(ii) amounts credited in accordance with all the applicable crediting provisions of this Plan
that relate to the Participant’s Deferral Account, less (iii) all distributions made to the
Participant or his or her Beneficiary pursuant to this Plan that relate to his or her Deferral
Account.
	 
	1.17	 	“Deferral Amount” shall mean that portion of a Participant’s Base Salary and Bonus that a
Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan
Year. In the event of a Participant’s Retirement, Disability, death or a Termination of
Employment prior to the end of a Plan Year, such year’s Deferral Amount shall be the actual
amount withheld prior to such event.

-4-

 

	1.18	 	“Disability” shall mean a period of disability during which a Participant (a) is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (b) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident and health plan
covering employees of the Participant’s employer.
	 
	1.19	 	“Disability Benefit” shall mean the benefit set forth in Article 8.
	 
	1.20	 	“Election Form” shall mean the form established from time to time by the Committee that a
Participant completes, signs and returns to the Committee to make an election under the Plan.
	 
	1.21	 	“Employee” shall mean a person who is an employee of any Employer.
	 
	1.22	 	“Employer(s)” shall mean the Company and any of its subsidiaries (now in existence or
hereafter formed or acquired) that have been selected by the Committee to participate in the
Plan and have adopted the Plan as a sponsor.
	 
	1.23	 	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended
from time to time.
	 
	1.24	 	“Excess Cash Compensation” shall mean, for any Plan Year, that portion of a Participant’s
cash compensation relating to services performed during any Plan Year, including, without
limitation, Base Salary, Bonus or payments from any cash compensation incentive plan, that the
Committee, in its sole discretion, determines is in excess of the amount set forth in Code
Section 162(m)(1). For purposes of this Section 1.24, a Participant’s cash compensation: (i)
shall be calculated after reduction for compensation voluntarily deferred or contributed by
the Participant pursuant to all qualified or non-qualified plans of any Employer and any
amounts not otherwise included in the Participant’s gross income under Code Sections 125,
402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; and (ii) shall not
include any distributions from this Plan.
	 
	1.25	 	“Fair Market Value,” with respect to a common share of the Company as of any given day, shall
mean the last reported closing price for a common share on the National Association of
Securities Dealers Automated Quotation System (“NASDAQ”) for that day or, if there was no sale
of common shares so reported for that day, on the most recently preceding day on which there
was such a sale. If the common shares are not listed or admitted to trading on NASDAQ on any
given day, the Fair Market Value on that day will be as determined by the Committee.
	 
	1.26	 	“NEST” shall mean the Nordson Corporation Employees Savings Trust Plan.
	 
	1.27	 	“Participant” shall mean any Employee (i) who is selected to participate in the Plan, (ii)
who elects to participate in the Plan, (iii) who signs a Plan Agreement, an Election 

-5-

 

	 	 	Form and a Beneficiary Designation Form, (iv) whose signed Plan Agreement, Election Form and
Beneficiary Designation Form are accepted by the Committee, (v) who commences participation
in the Plan, and (vi) whose Plan Agreement has not terminated. A spouse or former spouse of
a Participant shall not be treated as a Participant in the Plan or have an account balance
under the Plan, even if he or she has an interest in the Participant’s benefits under the
Plan as a result of applicable law or property settlements resulting from legal separation
or divorce.

	1.28	 	“Plan” shall mean the Nordson Corporation 2005 Deferred Compensation Plan, as amended from
time to time.
	 
	1.29	 	“Plan Agreement” shall mean a written agreement, as may be amended by the Committee from time
to time, which is entered into by and between an Employer and a Participant. Should there be
more than one Plan Agreement, the Plan Agreement bearing the latest date of acceptance by the
Employer shall supersede all previous Plan Agreements in their entirety and shall govern such
entitlement.
	 
	1.30	 	“Plan Year” shall, except for the First Plan Year, mean a period beginning on January 1 of
each calendar year and continuing through December 31 of such calendar year.
	 
	1.31	 	“Pre-Retirement Survivor Benefit” shall mean the benefit set forth in Article 6.
	 
	1.32	 	“Retirement”, “Retire(s)” or “Retired” shall mean, with respect to an Employee, severance
from employment from all Employers for any reason other than a leave of absence, death or
Disability on or after the attainment of age fifty-five (55).
	 
	1.33	 	“Retirement Benefit” shall mean the benefit set forth in Article 5.
	 
	1.34	 	“Short-Term Payout” shall mean the payout set forth in Section 4.1.
	 
	1.35	 	“Stock” shall mean the common shares of the Company or any other equity securities of the
Company designated by the Committee.
	 
	1.36	 	“Termination Benefit” shall mean the benefit set forth in Article 7.
	 
	1.37	 	“Termination of Employment” shall mean the severing of employment with the Company or an
Employer, voluntarily or involuntarily, for any reason other than Retirement, Disability, or
death.
	 
	1.38	 	“Trust” shall mean one or more rabbi trusts established by the Company or an Employer in
accordance with Article 15 of this Plan as amended from time to time.
	 
	1.39	 	“Unforeseeable Financial Emergency” shall mean a severe financial hardship to the Participant
resulting from an illness or accident of the Participant, the Participant’s spouse, or a
dependent (as defined in Section 152(a) of the Code) of the Participant, loss of the
Participant’s property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Participant.

-6-

 

	1.40	 	“Unilateral Committee Contribution Account” shall mean: (i) the sum of all of the
Participant’s Unilateral Committee Contribution Amounts, plus (ii) amounts credited in
accordance with all the applicable crediting provisions of this Plan that relate to the
Participant’s Unilateral Committee Contribution Account, less (iii) all distributions made to
the Participant or his or her Beneficiary pursuant to this Plan that relate to his or her
Unilateral Committee Contribution Account.
	 
	1.41	 	“Unilateral Committee Contribution Amount” shall mean, for any one Plan Year, the amount
determined in accordance with Section 3.6.
	 
	1.42	 	“Years of Vested Service” shall have the meaning as that term is defined in the NEST.

ARTICLE 2

Selection, Enrollment, Eligibility

	2.1	 	Selection by Committee. Participation in the Plan shall be limited to those
employees of an Employer who (i) are officers or key employees of an Employer, (ii) received,
or would have received but for an election to defer compensation under this Plan and any other
plan of the Company, from the Employer aggregate cash compensation for the prior Plan Year (or
calendar year for purposes of the initial Plan Year) of not less than $100,000, or such higher
amount as the Committee may decide from time to time, and (iii) are, upon recommendation of
the President and Chief Executive Officer of the Company, approved for such participation by
the Committee, in its sole discretion,
	 
	2.2	 	Enrollment Requirements. As a condition to participation, each selected Employee
shall complete, execute and return to the Committee a Plan Agreement, an Election Form and a
Beneficiary Designation Form, all within 30 days (or such shorter time as the Committee may
determine) after he or she is selected to participate in the Plan. In addition, the Committee
shall establish from time to time such other enrollment requirements as it determines in its
sole discretion are necessary.
	 
	2.3	 	Eligibility; Commencement of Participation. Provided an Employee selected to
participate in the Plan has met all enrollment requirements set forth in this Plan and
required by the Committee, including returning all required documents to the Committee within
thirty (30) days (or such shorter time as the Committee may determine) after he or she is
selected to participate in the Plan, that Employee shall commence participation in the Plan on
the first day of the month following the month in which the Employee completes all enrollment
requirements. If an Employee fails to meet all such requirements within the period required,
that Employee shall not be eligible to participate in the Plan until the first day of the Plan
Year following the delivery to and acceptance by the Committee of the required documents.
	 
	2.4	 	Termination of Participation and/or Deferrals. If the Committee determines in good
faith that a
Participant no longer qualifies as a member of a select group of management or highly
compensated employees, as membership in such group is determined in accordance with Sections
201(2), 301(a)(3) and 401(a)(1) of ERISA, the Committee shall have the right, in its sole
discretion, to prevent the Participant from making future deferral elections.

-7-

 

ARTICLE 3

Deferral Commitments/Company Matching/Crediting/Taxes

	3.1	 	Minimum Deferrals.

	 	(a)	 	Base Salary and Bonus. For each Plan Year, a Participant may elect to
defer, as his or her Deferral Amount, a minimum of at least Five Thousand dollars
($5,000) between his Base Salary and Bonus. If an election is made for less than
stated minimum amounts, or if no election is made, the amount deferred shall be zero.
	 
	 	(b)	 	Short Plan Year. Notwithstanding the foregoing, if a Participant first
becomes a Participant after the first day of a Plan Year, or in the case of the first
Plan Year of the Plan itself, the minimum Base Salary deferral shall be an amount equal
to the minimum set forth above, multiplied by a fraction, the numerator of which is the
number of complete months remaining in the Plan Year and the denominator of which is
12.

	3.2	 	Maximum Deferral.

	 	(a)	 	Base Salary and Bonus. For each Plan Year, a Participant may elect to
defer, as his or her Deferral Amount, Base Salary and/or Bonus up to the following
maximum percentages for each deferral elected:

	 	 	 	 	 
	 	 	Maximum
	Deferral	 	Percentage
	Base Salary
	 	 	100	%
	Bonus
	 	 	100	%

	 	(b)	 	Notwithstanding the foregoing, if a Participant first becomes a Participant
after the first day of a Plan Year, or in the case of the first Plan Year of the Plan
itself, the maximum Deferral Amount, with respect to Base Salary and/or Bonus shall be
limited to the amount of compensation not yet earned by the Participant as of the date
the Participant submits a Plan Agreement and Election Form to the Committee for
acceptance.

	3.3	 	Election to Defer; Effect of Election Form.

	 	(a)	 	First Plan Year. In connection with a Participant’s commencement of
participation in the Plan, the Participant shall make an irrevocable deferral election
for the Plan
Year in which the Participant commences participation in the Plan, along with such
other elections as the Committee deems necessary or desirable under the Plan. For
these elections to be valid, the Election Form must be completed and signed by the
Participant, timely delivered to the Committee (in accordance with Section 2.2
above) and accepted by the Committee.

-8-

 

	 	(b)	 	Subsequent Plan Years. For each succeeding Plan Year, an irrevocable
deferral election for that Plan Year, and such other elections as the Committee deems
necessary or desirable under the Plan, shall be made by timely delivering to the
Committee, in accordance with its rules and procedures, before the end of the Plan Year
preceding the Plan Year for which the election is made, or at such other time as the
Committee may determine from time to time, a new Election Form. If no such Election
Form is timely delivered for a Plan Year, the Deferral Amount shall be zero for that
Plan Year.

	3.4	 	Withholding of Deferral Amounts. For each Plan Year, the Base Salary portion of the
Deferral Amount shall be withheld from each regularly scheduled Base Salary payroll in equal
amounts, as adjusted from time to time for increases and decreases in Base Salary. The Bonus
portion of the Deferral Amount shall be withheld at the time the Bonus is or otherwise would
be paid to the Participant, whether or not this occurs during the Plan Year itself.
	 
	3.5	 	Annual Company Contribution Amount. For each Plan Year, the Committee, in its sole
discretion, may, but is not required to, credit any amount it desires to any Participant’s
Company Contribution Account under this Plan, which amount shall equal any Annual Company
Contribution Amount for that Participant for that Plan Year. The amount so credited to a
Participant may be smaller or larger than the amount credited to any other Participant, and
the amount credited to any Participant for a Plan Year may be zero, even though one or more
other Participants receive an Annual Company Contribution Amount for that Plan Year. The
Annual Company Contribution Amount described in this Section 3.5, if any, shall be credited on
a date or dates to be determined by the Committee, in its sole discretion.
	 
	3.6	 	Unilateral Committee Contribution Amount. For each Plan Year, the Committee, in its
sole discretion, may, but is not required to, credit any amount, including any Excess Cash
Compensation, to a Participant’s Unilateral Committee Contribution Account under this Plan,
which amount shall be the Participant’s Unilateral Committee Contribution Amount for that Plan
Year. The amount so credited to a Participant may be smaller or larger than the amount
credited to any other Participant, and the amount credited to any Participant for a Plan Year
may be zero, even though one or more other Participants receive a Unilateral Committee
Contribution Amount for that Plan Year. The Unilateral Committee Contribution Amount
described in this Section 3.6, if any, shall be credited on a date or dates to be determined
by the Committee, in its sole discretion.
	 
	3.7	 	Investment of Trust Assets. The Trustee of the Trust shall be authorized, upon
written instructions received from the Committee or investment manager appointed by the
Committee, to invest and reinvest the assets of the Trust in accordance with the applicable
Trust Agreement, including the disposition of Stock and reinvestment of the proceeds in one or
more investment vehicles designated by the Committee.

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	3.8	 	Vesting.

	 	(a)	 	A Participant shall at all times be 100% vested in his or her Deferral Account,
Rollover Account and Unilateral Committee Contribution Account. A Participant shall
vest in his or her Company Contribution Account in accordance with the same vesting
schedule as set forth in the NEST.
	 
	 	(b)	 	Notwithstanding anything to the contrary contained in this Section 3.8, in the
event of a Change in Control, a Participant’s Company Contribution Account shall
immediately become 100% vested (if it is not already vested in accordance with the
above vesting schedules).
	 
	 	(c)	 	Notwithstanding subsection (a), the vesting schedule for a Participant’s
Company Contribution Account shall not be accelerated to the extent that the Committee
determines that such acceleration would cause the deduction limitations of Section 280G
of the Code to become effective. In the event that all of a Participant’s Company
Contribution Account is not vested pursuant to such a determination, the Participant
may request independent verification of the Committee’s calculations with respect to
the application of Section 280G. In such case, the Committee must provide to the
Participant within 15 business days of such a request an opinion from a nationally
recognized accounting firm selected by the Participant (the “Accounting Firm”). If the
Accounting Firm’s opinion is in agreement with the Committee’s determination, the
opinion shall state that any limitation in the vested percentage hereunder is necessary
to avoid the limits of Section 280G and contain supporting calculations. The cost of
such opinion shall be paid for by the Company.

	3.9	 	Crediting/Debiting of Account Balances. In accordance with, and subject to, the
rules and procedures that are established from time to time by the Committee, in its sole
discretion, amounts shall be credited or debited to a Participant’s Account Balance in
accordance with the following rules:

	 	(a)	 	Allocation of Deferrals. A Participant, in connection with his or her
deferral election made in accordance with Section 3.3(a) or 3.3(b) above, shall elect,
on the Election Form, one or more Measurement Fund(s) (as described in Section 3.9(c)
below) to be used to determine the additional amounts to be credited to his or her
Account Balance for each business day thereof in which the Participant commences
participation in the Plan and continuing thereafter for each subsequent business day
in which the Participant participates in the Plan. Thereafter, the Participant may
(but is not required to) elect, either by submitting an Election Form to the
Committee that is accepted by the Committee or through any other manner approved by
the Committee, to add or delete one or more Measurement Fund(s) to be used to
determine the additional amounts to be credited to his or her Account Balance, or to
change the portion of his or her Account Balance allocated to each previously or
newly elected Measurement Fund, all in a manner permitted by the Committee.
Notwithstanding the foregoing, however, any election made in accordance with Section
3.3(a) or 3.3(b) and this Section 3.9(a) to allocate any

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	 	 	 	portion of his Deferral
Amount to the Nordson Stock Measurement Fund shall not be effective unless such
election is completed prior to the end of the Plan Year preceding the Plan Year for
which the election is made, provided, however, that a Participant may change his or
her Measurement Fund election with respect to amounts already in his or her Deferral
Account at such times and in such manner as the Committee shall provide.

	 	(b)	 	Proportionate Allocation. In making any election described in Section
3.9(a) above, the Participant shall specify on the Election Form, in increments of five
percentage points (5%), the percentage of his or her Account Balance to be allocated to
a Measurement Fund (as if the Participant was making an investment in that Measurement
Fund with that portion of his or her Account Balance).
	 
	 	(c)	 	Measurement Funds. The following measurement funds (each a
“Measurement Fund”) will be used for the purpose of crediting or debiting amounts to
the Participant’s Account Balance in accordance with this Article 3. The Committee
may, in its sole discretion, discontinue, substitute or add a Measurement Fund(s), and
shall maintain appropriate accounts with respect to each. Each such action will take
effect seven (7) days following the day on which the Committee gives Participants
advance written notice of such change, provided, however, that prior to such date the
prior restrictions of the Plan apply.

	 	 	 	The following funds shall be Measurement Funds under the Plan:

	 	•	 	Equity Index Fund
	 
	 	•	 	Large Cap Value Fund
	 
	 	•	 	Large Cap Growth Fund
	 
	 	•	 	International Equity Index
	 
	 	•	 	Money Market Fund
	 
	 	•	 	Investment Contract Fund
	 
	 	•	 	Nordson Stock Measurement Fund

	 	 	 	Amounts deferred or transferred by a Participant to the Nordson Stock Measurement
Fund shall be in the form of stock equivalent units (hereinafter referred to as
“Stock Equivalent Units”), the number of which shall be determined by dividing the
amount so deferred or transferred by the Fair Market Value of one of the Company’s
common shares at the time the Participant’s compensation would otherwise have been
paid to the Participant or the transfer is otherwise made, as the case may be.
Dividends on the Stock Equivalent Units credited to a Participant’s Nordson Stock
Measurement Fund account shall be credited to the Participant’s Nordson Stock
Measurement Fund account in the form of additional Stock 

-11-

 

	 	 	 	Equivalent Units, based on
the Fair Market Value of one of the Company’s common shares on the date the dividend
is otherwise payable.

	 	(d)	 	Crediting or Debiting Method. The performance of each elected
Measurement Fund (either positive or negative) will be determined by the Committee, in
its reasonable discretion, based on the performance of the Measurement Funds
themselves. A Participant’s Account Balance (whether or not vested, for purposes of
making the adjustments described in this Section 3.9(d)) shall be credited or debited
on a schedule as determined by the Committee in its sole discretion, as though (i) a
Participant’s Account Balance were invested in the Measurement Fund(s) selected by the
Participant, in the percentages applicable to such business day, as of the close of
business on the business day, at the closing price on such date; (ii) the portion of
the Deferral Amount that was actually deferred during any business day were invested in
the Measurement Fund(s) selected by the Participant, in the percentages applicable to
such business day, no later than the close of business on that business day after the
day on which such amounts are actually deferred from the Participant’s Base Salary
through reductions in his or her payroll, at the closing price on such date; and (iii)
any distribution made to a Participant that decreases such Participant’s Account
Balance ceased being invested in the Measurement Fund(s), in the percentages applicable
to such business day, no earlier than one business day prior to the distribution, at
the closing price on such date. The Participant’s Company Contributions Amount shall
be credited to his or her Company Contribution Account for purposes of this Section
3.9(d) as of the date(s) determined by the Company, in its sole discretion. The
Participant’s Unilateral Committee Contribution Amount shall be credited to his or her
Unilateral Committee Contribution Account for purposes of this Section 3.9(d) as of the
date(s) determined by the Company, in its sole discretion. Notwithstanding the
foregoing, in the case of the Nordson Stock Measurement Fund, adjustments shall be made
each day to the portion of a Participant’s Account Balance which is expressed in Stock
Equivalent Units to reflect as of that date the number of additional Stock Equivalent
Units resulting from additional deferrals allocated by the Participant to the Nordson
Stock Measurement Fund, transfer allocations by the Participant to the Nordson Stock
Measurement Fund, dividend credits to the Nordson Stock Measurement Fund, and
distributions to the Participant that decrease the portion of such Participant’s
Account Balance reflected by Stock Equivalent Units.
	 
	 	(e)	 	No Actual Investment. Notwithstanding any other provision of this Plan
that may be interpreted to the contrary, the Measurement Funds are to be used for
measurement purposes only, and a Participant’s election of any such Measurement Fund,
the allocation to his or her Account Balance thereto, the calculation of additional
amounts and the crediting or debiting of such amounts to a Participant’s Account
Balance shall not be considered or construed in any manner as an actual investment of
his or her Account Balance in any such Measurement Fund. In the event that the Company
or the Trustee (as that term is defined in the Trust), in its own discretion, decides
to invest funds in any or all of the Measurement Funds, no

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	 	 	 	Participant shall have any
rights in or to such investments themselves. Without limiting the foregoing, a
Participant’s Account Balance shall at all times be a bookkeeping entry only and shall
not represent any investment made on his or her behalf by the Company or the Trust; the
Participant shall at all times remain an unsecured creditor of the Company.

	 	(f)	 	Special Rules for Nordson Stock Measurement Fund. Notwithstanding any
provision of this Plan that may be construed to the contrary, an election to allocate
deferrals to the Nordson Stock Measurement Fund may not be revoked and any amounts
allocated to the Nordson Stock Measurement Fund by a Participant can never be
reallocated to any other Measurement Fund(s) in this Plan.
	 
	 	 	 	Moreover, no distribution of amounts allocated to the Nordson Stock Measurement Fund
shall be made other than (i) on a fixed date more than six months following the date
of the Participant’s election with respect to the Deferral Amount allocated to the
Nordson Stock Measurement Fund, or (ii) automatically on an earlier date pursuant to
the Plan on the Participant’s death, Disability while eligible to Retire,
Retirement, or Termination, provided that in the event of Termination such amount
shall be paid in a lump sum, notwithstanding the provisions of Section 7.2 of the
Plan. Accordingly, the provisions of Sections 4.3 and the second and third
sentences of Section 5.2 of this Plan shall not be applicable to any portion of the
Participant’s Account Balance allocated to the Nordson Stock Measurement Fund, nor
shall the provisions of Section 8.1 of this Plan be applicable to any portion of the
Participant’s Account Balance allocated to the Nordson Stock Measurement Fund in the
case of a Participant suffering a Disability prior to the date he is eligible to
Retire.
	 
	 	 	 	Finally, when distribution is to be made of amounts allocated to the Nordson Stock
Measurement Fund, Stock Equivalent Units credited to the Participant’s Account
Balance shall be converted to the same number of common shares of Stock for
distribution to the Participant. Except in the case of a fractional Stock
Equivalent Unit, which shall be paid in cash, all distributions from the Nordson
Stock Measurement Fund shall be made only in the form of Stock.

	3.10	 	FICA and Other Taxes.

	 	(a)	 	Deferral Amounts. For each Plan Year in which a Deferral Amount is
being withheld from a Participant, the Participant’s Employer(s) shall withhold from
that
portion of the Participant’s Base Salary and Bonus that is not being deferred, in a
manner determined by the Employer(s), the Participant’s share of FICA and other
employment taxes on such Deferral Amount. If necessary, the Committee may reduce
the Deferral Amount in order to comply with this Section 3.10.
	 
	 	(b)	 	Company Contribution Amounts. When a Participant becomes vested in a
portion of his or her Company Contribution Account, the Participant’s Employer(s) shall
withhold from the Participant’s Base Salary and/or Bonus that is not deferred, in a
manner determined by the Employer(s), the Participant’s share of FICA and other
employment taxes. If necessary, the Committee may reduce the vested

-13-

 

	 	 	 	portion of the
Participant’s Company Contribution Account in order to comply with this Section 3.10.

	 	(c)	 	Unilateral Committee Contribution Amounts. When the Participant’s
Employer(s) credits a Unilateral Committee Contribution Amount to a Participant’s
Unilateral Committee Contribution Account, the Participant’s Employer(s) shall withhold
from the Participant’s Base Salary and/or Bonus that is not deferred, in a manner
determined by the Employer(s), the Participant’s share of FICA and other employment
taxes. If necessary, the Committee may reduce the Participant’s Unilateral Committee
Contribution Amount in order to comply with this Section 3.10. 

	3.11	 	Distributions. The Participant’s Employer, or the trustee of the Trust, shall
withhold from any payments made to a Participant under this Plan all federal, state and local
income, employment and other taxes required to be withheld by the Employer, or the trustee of
the Trust, in connection with such payments, in amounts and in a manner to be determined in
the sole discretion of the Employer and the trustee of the Trust.

ARTICLE 4

Short-Term Payout; Unforeseeable Financial Emergencies;

Withdrawal Election

	4.1	 	Short-Term Payout. In connection with each election to defer a Deferral Amount, a
Participant may irrevocably elect to receive a Short-Term Payout from the Plan with respect to
all or a portion of such Deferral Amount. The Short-Term Payout shall be a lump sum payment
in an amount that is equal to the portion of the Deferral Amount that the Participant elected
to have distributed as a Short-Term Payout, plus amounts credited or debited in the manner
provided in Section 3.9 above on that amount, calculated as of the close of business on or
around the date on which the Short-Term Payout becomes payable, as determined by the Committee
in its sole discretion. Subject to the Deduction Limitation and other terms and conditions of
this Plan, each Short-Term Payout elected shall be paid out during a sixty (60) day period
commencing immediately after the last day of any Plan Year designated by the Participant.
The Plan Year designated by the Participant must be at least five (5) Plan Years after Plan
Year in which the Deferral Amount is actually deferred. By way of example, if a Short-Term
Payout is elected for Deferral Amounts that are deferred in the Plan Year commencing January
1, 2005, the Short-Term Payout would become payable during a sixty (60) day period
commencing January 1, 2011.
	 
	4.2	 	Other Benefits Take Precedence Over Short-Term. Should an event occur that triggers
a benefit under Article 5, 6, 7 or 8, any Deferral Amount, plus amounts credited or debited
thereon, that is subject to a Short-Term Payout election under Section 4.1 shall not be paid
in accordance with Section 4.1 but shall be paid in accordance with the other applicable
Article. Moreover, any Short-Term Payout shall be adjusted to take into account any
contribution under Section 3.5 above.

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	4.3	 	Payout/Suspensions for Unforeseeable Financial Emergencies. If the Participant
experiences an Unforeseeable Financial Emergency, the Participant may petition the Committee
to receive a partial or full payout from the Plan. The payout shall not exceed the lesser of
the Participant’s Account Balance, calculated as if such Participant were receiving a
Termination Benefit, or the amount reasonably needed to satisfy the Unforeseeable Financial
Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the
payout, after taking into account the extent to which such Unforeseeable Financial Emergency
is or may be relieved through reimbursement or compensation by insurance or otherwise or by
liquidation of the Participant’s assets (to the extent such liquidation would not itself cause
severe financial hardship). If, subject to the sole discretion of the Committee, the petition
for a suspension and/or payout is approved, suspension shall take effect upon the date of
approval and any payout shall be made within 60 days of the date of approval. The payment of
any amount under this Section 4.3 shall not be subject to the Deduction Limitation.

ARTICLE 5

Retirement Benefit

	5.1	 	Retirement Benefit. Subject to the Deduction Limitation, a Participant who Retires
shall receive, as a Retirement Benefit, his or her Account Balance.
	 
	5.2	 	Payment of Retirement Benefit. A Participant, in connection with his or her
commencement of participation in the Plan, shall elect on an Election Form to receive the
Retirement Benefit with respect to the compensation deferred pursuant to such Election Form in
a lump sum or pursuant to an Annual Installment Method of 5, 10 or 15 years. Notwithstanding
the preceding sentence, if the Participant’s Account Balance at the time of his or her
Retirement is less than $10,000, payment of his or her Retirement Benefit shall be paid in a
lump sum on or before the later of (a) December 31 of the calendar year in which occurs the
Participant’s separation from service or (b) the date 2-1/2 months after the Participant’s
separation from
service. If a Participant does not make any election with respect to the payment of the
Retirement Benefit, then such benefit shall be payable in a lump sum. The lump sum payment
shall be made, or installment payments shall commence, no later than 60 days after the last
day of the Plan Year which the Participant Retires. Any payment made shall be subject to
the Deduction Limitation.
	 
	5.3	 	Death Prior to Completion of Retirement Benefit. If a Participant dies after
Retirement but before the Retirement Benefit is paid in full, the Participant’s unpaid
Retirement Benefit payments shall continue and shall be paid to the Participant’s Beneficiary
over the remaining number of years and in the same amounts as that benefit would have been
paid to the Participant had the Participant survived.
	 
	5.4	 	Change in Time or Form of Payment. Notwithstanding the method of payment for the
Retirement Benefit elected by a Participation on an Election Form with respect to the
Compensation deferred pursuant to such Election Form, the Participant may elect to change the
time or Form of such payment under a subsequent election that meets the following
requirements:

-15-

 

	 	(a)	 	The subsequent election may not take effect until at least 12 months after the
date on which the subsequent election is made.
	 
	 	(b)	 	The first payment with respect to which the subsequent election is made must be
deferred for a period of not less than five years from the date such payment would
otherwise have been made.
	 
	 	(c)	 	The subsequent election may not accelerate the time of any payment.

	 	 	The form of payment elected in a subsequent election must be a lump sum or an Annual
Installment Method of 5, 10, or 15 years.
	 
	5.5	 	Limitation on Key Employees. Notwithstanding any other provision of the Plan to the
contrary, the payment of a Retirement Benefit with respect to a “key employee” of the Company,
within the meaning of Section 416(i)(1) of the Code, shall not be made within six months
following his separation from service with the Company, except in the event of death.

ARTICLE 6

Pre-Retirement Survivor Benefit

	6.1	 	Pre-Retirement Survivor Benefit. Subject to the Deduction Limitation, the
Participant’s Beneficiary shall receive a Pre-Retirement Survivor Benefit equal to the
Participant’s Account Balance if the Participant dies before he or she Retires, experiences a
Termination of Employment or suffers a Disability.
	 
	6.2	 	Payment of Pre-Retirement Survivor Benefit. A Participant’s Beneficiary shall
receive the Pre-Retirement Survivor Benefit in a lump sum. The lump sum payment shall be made
no later than 60 days after the last day of the Plan Year in which the Committee is provided
with proof that is satisfactory to the Committee of the Participant’s death. Any payment made
shall be subject to the Deduction Limitation.

ARTICLE 7

Termination Benefit

	7.1	 	Termination Benefit. Subject to the Deduction Limitation, the Participant shall
receive a Termination Benefit, which shall be equal to the Participant’s Account Balance if a
Participant experiences a Termination of Employment prior to his or her Retirement, death or
Disability.
	 
	7.2	 	Payment of Termination Benefit. If the Participant’s Account Balance at the time of
his or her Termination of Employment is less than $10,000, payment of his or her Termination
Benefit shall be paid in a lump sum on or before the later of (a) December 31 of the calendar
year in which occurs the Participant’s separation from service or (b) 2-1/2 months after the
Participant’s separation from service. If his or her Account Balance at such time is equal to
or greater than that amount, the Termination Benefit shall be paid in a lump sum or pursuant
to an Annual Installment Method of 5, 10 or 15 years as elected by the

-16-

 

	 	 	Participant for the
payment of the Retirement Benefit with respect to such amount. The lump sum payment shall be
made, or installment payments shall commence, no later than 60 days after the Participant
experiences the Termination of Employment. Any payment made shall be subject to the Deduction
Limitation.

	7.3	 	Change in Time or Form of Payment. Notwithstanding the method of payment elected by
a Participant on an Election Form with respect to Compensation deferred pursuant to such
Election Form, the Participant may elect to change the form of payment for Termination
Benefits under a subsequent election that meets the following requirements:

	 	(a)	 	The subsequent election may not take effect until at least 12 months after the
date on which the subsequent election is made.
	 
	 	(b)	 	The subsequent election may not accelerate the time or schedule of any payment.

	 	 	The form of payment elected in a subsequent election must be a lump sum or an Annual
Installment Method of 5, 10, or 15 years.
	 
	7.4	 	Limitation on Key Employees. Notwithstanding any other provision of the Plan to the
contrary, the payment of a Termination Benefit with respect to a “key employee” of the
Company, within the meaning of Section 416(i)(1) of the Code, shall not be made within six
months following his separation from service with the Company, except in the event of death.

ARTICLE 8

Disability Benefit

	8.1	 	Disability Benefit. A Participant suffering a Disability shall, for benefit purposes
under this Plan, be deemed to have experienced a Termination of Employment, or in the case of
a Participant who is eligible to Retire to have Retired, as soon as practicable after such
Participant is determined to be suffering a Disability, in which case the Participant shall
receive a Disability Benefit equal to his or her Account Balance provided, however, that
should the Participant otherwise have been eligible to Retire, he or she shall be paid in
accordance with Article 5. The Disability Benefit shall be paid in a lump sum within sixty
(60) days of the Participant’s deemed Termination of Employment. Any payment made shall be
subject to the Deduction Limitation.
	 
	8.2	 	Limitation on Key Employees. Notwithstanding any other provision of the Plan to the
contrary, the payment of a Disability Benefit with respect to a “key employee” of the Company,
within the meaning of Section 416(i)(1) of the Code, shall not be made within six months
following his separation from service with the Company, except in the event of death.

-17-

 

ARTICLE 9

Beneficiary Designation

	9.1	 	Beneficiary. Each Participant shall have the right, at any time, to designate his or
her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable
under the Plan to a beneficiary upon the death of a Participant. The Beneficiary designated
under this Plan may be the same as or different from the Beneficiary designation under any
other plan of an Employer in which the Participant participates.
	 
	9.2	 	Beneficiary Designation; Change; Spousal Consent. A Participant shall designate his
or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning
it to the Committee or its designated agent. A Participant shall have the right to change a
Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary
Designation Form and the Committee’s rules and procedures, as in effect from time to time. If
the Participant names someone other than his or her spouse as a
Beneficiary, a spousal consent, in the form designated by the Committee, must be signed by
that Participant’s spouse and returned to the Committee. Upon the acceptance by the
Committee of a new Beneficiary Designation Form, all Beneficiary designations previously
filed shall be canceled. The Committee shall be entitled to rely on the last Beneficiary
Designation Form filed by the Participant and accepted by the Committee prior to his or her
death.
	 
	9.3	 	Acknowledgment. No designation or change in designation of a Beneficiary shall be
effective until received and acknowledged in writing by the Committee or its designated agent.
	 
	9.4	 	No Beneficiary Designation. If a Participant fails to designate a Beneficiary as
provided in Sections 9.1, 9.2 and 9.3 above or, if all designated Beneficiaries predecease the
Participant or die prior to complete distribution of the Participant’s benefits, then the
Participant’s designated Beneficiary shall be deemed to be his or her surviving spouse. If
the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a
Beneficiary shall be payable to the Participant’s estate.
	 
	9.5	 	Doubt as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary
to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in
its discretion, to cause the Participant’s Employer to withhold such payments until this
matter is resolved to the Committee’s satisfaction.
	 
	9.6	 	Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary
shall fully and completely discharge all Employers and the Committee from all further
obligations under this Plan with respect to the Participant, and that Participant’s Plan
Agreement shall terminate upon such full payment of benefits.

-18-

 

ARTICLE 10

Leave of Absence

	10.1	 	Paid Leave of Absence. If a Participant is authorized by the Participant’s Employer
for any reason to take a paid leave of absence from the employment of the Employer, the
Participant shall continue to be considered employed by the Employer and the Deferral Amount
shall continue to be withheld during such paid leave of absence in accordance with Section
3.3.
	 
	10.2	 	Unpaid Leave of Absence. If a Participant is authorized by the Participant’s
Employer for any reason to take an unpaid leave of absence from the employment of the
Employer, the Participant shall continue to be considered employed by the Employer and the
Participant shall be excused from making deferrals until the Participant returns to a paid
employment status. Upon such return, deferrals shall resume for the remaining portion of the
Plan Year in which the return
occurs, based on the deferral election, if any, made for that Plan Year. If no election was
made for that Plan Year, no deferral shall be withheld.

ARTICLE 11

Termination, Amendment or Modification

	11.1	 	Termination. Although the Company anticipates that it will continue the Plan for an
indefinite period of time, there is no guarantee that the Company will continue the Plan or
will not terminate the Plan at any time in the future. Accordingly, the Company reserves the
right to terminate the Plan at any time with respect to any or all of its participating
Employees, by action of the Committee. Upon the termination of the Plan with respect to any
Employer, the Plan Agreements of the affected Participants who are employed by that Employer
shall terminate and their Account Balances, determined as if they had experienced a
Termination of Employment on the date of Plan termination or, if Plan termination occurs after
the date upon which a Participant was eligible to Retire, then with respect to that
Participant as if he or she had Retired on the date of Plan termination, shall be paid to the
Participants in accordance with the elections made by the Participants.
	 
	11.2	 	Amendment. The Company may, at any time, amend or modify the Plan in whole or in
part by the action of the Committee; provided, however, that: (i) no amendment or modification
shall be effective to decrease or restrict the value of a Participant’s Account Balance in
existence at the time the amendment or modification is made, calculated as if the Participant
had experienced a Termination of Employment as of the effective date of the amendment or
modification or, if the amendment or modification occurs after the date upon which the
Participant was eligible to Retire, the Participant had Retired as of the effective date of
the amendment or modification, and (ii) no amendment or modification of this Section 11.2 or
Section 12.2 of the Plan shall be effective. The amendment or modification of the Plan shall
not affect any Participant or Beneficiary who has become entitled to the payment of benefits
under the Plan as of the date of the amendment or modification. The Company specifically
reserves the right to amend the Plan to conform the provisions of the Plan to the guidance
issued by the Secretary of the Treasury with respect to Section 409A of the Code, in
accordance with such guidance.

-19-

 

	11.3	 	Effect of Payment. The full payment of the applicable benefit under Articles 4, 5,
6, 7 or 8 of the Plan shall completely discharge all obligations to a Participant and his or
her designated Beneficiaries under this Plan and the Participant’s Plan Agreement shall
terminate.

ARTICLE 12

Administration

	12.1	 	Committee Duties. This Plan will be administered by the Committee. The Committee
will, subject to the terms of this Plan, have the authority to: (i) approve for participation
employees who are recommended for participation by the president and Chief Executive Officer
of the Company, (ii) adopt, alter,
and repeal administrative rules and practices governing this Plan, (iii) interpret the terms
and provisions of this Plan, and (iv) otherwise supervise the administration of this Plan.
All decisions by the Committee will be made with the approval of not less than a majority of
its members. The Committee may delegate any of its authority to any other person or persons
that it deems appropriate, provided the delegation does not cause this Plan or any awards
granted under this Plan to fail to qualify for the exemption provided by Rule 16b-3, or, if
applicable, to meet the requirements of the regulations under Section 162(m) of the Code.
	 
	12.2	 	Administration Upon Change In Control. For purposes of this Plan, the Company shall
be the “Administrator” at all times prior to the occurrence of a Change in Control. Upon and
after the occurrence of a Change in Control, the “Administrator” shall be an independent third
party selected by the Trustee and approved by the individual who, immediately prior to such
event, was the Company’s Chief Executive Officer or, if not so identified, the Company’s then
highest ranking officer (the “Ex-Chief Executive Officer”). The Administrator shall have the
discretionary power to determine all questions arising in connection with the administration
of the Plan and the interpretation of the Plan and Trust including, but not limited to benefit
entitlement determinations; provided, however, upon and after the occurrence of a Change in
Control, the Administrator shall have no power to direct the investment of Plan or Trust
assets or select any investment manager or custodial firm for the Plan or Trust. Upon and
after the occurrence of a Change in Control, the Company must: (1) pay all reasonable
administrative expenses and fees of the Administrator; (2) indemnify the Administrator against
any costs, expenses and liabilities including, without limitation, attorney’s fees and
expenses arising in connection with the performance of the Administrator hereunder, except
with respect to matters resulting from the gross negligence or willful misconduct of the
Administrator or its employees or agents; and (3) supply full and timely information to the
Administrator or all matters relating to the Plan, the Trust, the Participants and their
Beneficiaries, the Account Balances of the Participants, the date of circumstances of the
Retirement, Disability, death or Termination of Employment of the Participants, and such other
pertinent information as the Administrator may reasonably require. Upon and after a Change in
Control, the Administrator may be terminated (and a replacement appointed) by the Trustee only
with the approval of the Ex-Chief Executive Officer. Upon and after a Change in Control, the
Administrator may not be terminated by the Company.

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	12.3	 	Agents. In the administration of this Plan, the Committee may, from time to time,
employ agents and delegate to them such administrative duties as it sees fit (including acting
through a duly appointed representative) and may from time to time consult with counsel who
may be counsel to any Employer.
	 
	12.4	 	Binding Effect of Decisions. All decisions by the Committee, and by any other person
or persons to whom the Committee has delegated authority, shall be final and conclusive and
binding upon all persons having any interest in the Plan.
	 
	12.5	 	Indemnity of Committee. The Company shall indemnify and hold harmless the members
of the Committee, and any Employee to whom the duties of the Committee may be delegated, and
the Administrator against any and all claims, losses, damages, expenses or liabilities arising
from any action or failure to act with respect to this Plan, except in the case of willful
misconduct by the Committee, any of its members, any such Employee or the Administrator.
	 
	12.6	 	Employer Information. To enable the Committee and/or Administrator to perform its
functions, the Company and each Employer shall supply full and timely information to the
Committee and/or Administrator, as the case may be, on all matters relating to the
compensation of its Participants, the date and circumstances of the Retirement, Disability,
death or Termination of Employment of its Participants, and such other pertinent information
as the Committee or Administrator may reasonably require.

ARTICLE 13

Other Benefits and Agreements

	13.1	 	Coordination with Other Benefits. The benefits provided for a Participant and
Participant’s Beneficiary under the Plan are in addition to any other benefits available to
such Participant under any other plan or program for employees of the Participant’s Employer.
The Plan shall supplement and shall not supersede, modify or amend any other such plan or
program except as may otherwise be expressly provided.

ARTICLE 14

Claims Procedures

	14.1	 	Presentation of Claim. Any Participant or Beneficiary of a deceased Participant
(such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the
Committee a written claim for a determination with respect to the amounts distributable to
such Claimant from the Plan. If such a claim relates to the contents of a notice received by
the Claimant, the claim must be made within 60 days after such notice was received by the
Claimant. All other claims must be made within 180 days of the date on which the event that
caused the claim to arise occurred. The claim must state with particularity the determination
desired by the Claimant.
	 
	14.2	 	Notification of Decision. The Committee shall consider a Claimant’s claim within a
reasonable time, and shall notify the Claimant in writing:

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	 	(a)	 	that the Claimant’s requested determination has been made, and that the claim
has been allowed in full; or
	 
	 	(b)	 	that the Committee has reached a conclusion contrary, in whole or in part, to
the Claimant’s requested determination, and such notice must set forth in a manner
calculated to be understood by the Claimant:

	 	(i)	 	the specific reason(s) for the denial of the claim, or any part
of it;
	 
	 	(ii)	 	specific reference(s) to pertinent provisions of the Plan upon
which such denial was based;
	 
	 	(iii)	 	a description of any additional material or information
necessary for the Claimant to perfect the claim, and an explanation of why such
material or information is necessary; and
	 
	 	(iv)	 	an explanation of the claim review procedure set forth in
Section 14.3 below.

	14.3	 	Review of a Denied Claim. Within 60 days after receiving a notice from the Committee
that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly
authorized representative) may file with the Committee a written request for a review of the
denial of the claim. Thereafter, but not later than 30 days after the review procedure began,
the Claimant (or the Claimant’s duly authorized representative):

	 	(a)	 	may review pertinent documents;
	 
	 	(b)	 	may submit written comments or other documents; and/or
	 
	 	(c)	 	may request a hearing, which the Committee, in its sole discretion, may grant.

	14.4	 	Decision on Review. The Committee shall render its decision on review promptly, and
not later than 60 days after the filing of a written request for review of the denial, unless
a hearing is held or other special circumstances require additional time, in which case the
Committee’s decision must be rendered within 120 days after such date. Such decision must be
written in a manner calculated to be understood by the Claimant, and it must contain:

	 	(a)	 	specific reasons for the decision;
	 
	 	(b)	 	specific reference(s) to the pertinent Plan provisions upon which the decision
was based; and
	 
	 	(c)	 	such other matters as the Committee deems relevant.

	14.5	 	Legal Action. A Claimant’s compliance with the foregoing provisions of this Article
14 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect
to any claim for benefits under this Plan.

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ARTICLE 15

Trust

	15.1	 	Establishment of the Trust. The Company may establish one or more Trusts to which
the Company may transfer such assets as the Company determines in its sole discretion to
assist in meeting its obligations under the Plan.
	 
	15.2	 	Interrelationship of the Plan and the Trust. The provisions of the Plan and the Plan
Agreement shall govern the rights of a Participant to receive distributions pursuant to the
Plan. The provisions of the Trust shall govern the rights of the Company, Participants and
the creditors of the Employers to the assets transferred to the Trust.
	 
	15.3	 	Distributions From the Trust. Each Employers obligations under the Plan may be
satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such
distribution shall reduce the Company’s obligations under this Plan.
	 
	15.4	 	Stock Transferred to the Trust. Notwithstanding any other provision of this Plan or
the Trust, any Stock transferred to the Trust in accordance with Section 3.7 may not be
otherwise distributed or disposed of by the Trustee until at least 6 months after the date
such Stock is transferred to the Trust.

ARTICLE 16

Miscellaneous

	16.1	 	Status of Plan. The Plan is intended to be a plan that is not qualified within the
meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer
primarily for the purpose of providing deferred compensation for a select group of management
or highly compensated employee” within the meaning of ERISA Sections 201(2), 301(a)(3) and
401(a)(1). The Plan shall be administered and interpreted to the extent possible in a manner
consistent with that intent.
	 
	16.2	 	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interests or claims in any property or
assets of the Company or an Employer. For purposes of the payment of benefits under this
Plan, any and all of the Company’s or an Employer’s assets shall be, and remain, the general,
unpledged unrestricted assets of the Company or an Employer, respectively. The Company’s or
an Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured
promise to pay money in the future.
	 
	16.3	 	Employer’s Liability. An Employer’s liability for the payment of benefits shall be
defined only by the Plan and the Plan Agreement, as entered into between the Employer and a
Participant. An Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan and his or her
Plan Agreement.
	 
	16.4	 	Nonassignability. Neither a Participant nor any other person shall have any right to
commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, 

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	 	 	payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to
be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual
payment, be subject to seizure, attachment, garnishment or sequestration for the payment of
any debts, judgments, alimony or separate maintenance owed by a Participant or any other
person, be transferable by operation of law in the event of a Participant’s or any other
person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property
settlement or otherwise.
	 
	16.5	 	Not a Contract of Employment. The terms and conditions of this Plan shall not be
deemed to constitute a contract of employment between any Employer and the Participant, either
expressed or implied. Such employment is hereby acknowledged to be an “at will” employment
relationship that can be terminated at any time for any reason, or no reason, with or without
cause, and with or without notice, unless expressly provided in a written employment
agreement. Nothing in this Plan shall be deemed to give a Participant the right to be
retained in the service of any Employer, or to interfere with the right of any Employer to
discipline or discharge the Participant at any time.
	 
	16.6	 	Furnishing Information. A Participant or his or her Beneficiary will cooperate with
the Committee by furnishing any and all information requested by the Committee and take such
other actions as may be requested in order to facilitate the administration of the Plan and
the payments of benefits hereunder, including but not limited to taking such physical
examinations as the Committee may deem necessary.
	 
	16.7	 	Terms. Whenever any words are used herein in the masculine, they shall be construed
as though they were in the feminine in all cases where they would so apply; and whenever any
words are used herein in the singular or in the plural, they shall be construed as though they
were used in the plural or the singular, as the case may be, in all cases where they would so
apply.
	 
	16.8	 	Captions. The captions of the articles, sections and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its
provisions.
	 
	16.9	 	Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and
interpreted according to the internal laws of the State of Ohio without regard to its
conflicts of laws principles.
	 
	16.10	 	Notice. Any notice or filing required or permitted to be given to the Committee
under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or
certified mail, to the address below:

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Robert E. Veillette

Secretary and Assistant General Counsel

Nordson Corporation

28601 Clemens Road

Westlake, Ohio 44145

	 	 	Such notice shall be deemed given as of the date of delivery or, if delivery is made by
mail, as of the date shown on the postmark on the receipt for registration or certification.
	 
	 	 	Any notice or filing required or permitted to be given to a Participant under this Plan
shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Participant.
	 
	16.11	 	Successors. The provisions of this Plan shall bind and inure to the benefit of the
Company Employer and its successors and assigns and the Participant and the Participant’s
designated Beneficiaries.
	 
	16.12	 	Spouse’s Interest. The interest in the benefits hereunder of a spouse of a
Participant who has predeceased the Participant shall automatically pass to the Participant
and shall not be transferable by such spouse in any manner, including but not limited to such
spouse’s will, nor shall such interest pass under the laws of intestate succession.
	 
	16.13	 	Validity. In case any provision of this Plan shall be illegal or invalid for any
reason, said illegality or invalidity shall not affect the remaining parts hereof, but this
Plan shall be construed and enforced as if such illegal or invalid provision had never been
inserted herein.
	 
	16.14	 	Incompetent. If the Committee determines in its discretion that a benefit under
this Plan is to be paid to a minor, a person declared incompetent or to a person incapable of
handling the disposition of that person’s property, the Committee may direct payment of such
benefit to the guardian, legal representative or person having the care and custody of such
minor, incompetent or incapable person. The Committee may require proof of minority,
incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of
the benefit. Any payment of a benefit shall be a payment for the account of the Participant
and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of
any liability under the Plan for such payment amount.
	 
	16.15	 	Court Order. The Committee is authorized to make any payments directed by court
order in any action in which the Plan or the Committee has been named as a party. In
addition, if a court determines that a spouse or former spouse of a Participant has an
interest in the Participant’s benefits under the Plan in connection with a
property settlement or otherwise, the Committee, in its sole discretion, shall have the
right, notwithstanding any election made by a Participant, to immediately distribute the
spouse’s or former spouse’s interest in the Participant’s benefits under the Plan to that
spouse or former spouse.
	 
	16.16	 	Insurance. The Company, on its own behalf or on behalf of the trustee of the
Trust, and, in its sole discretion, may apply for and procure insurance on the life of the
Participant, in

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	 	 	such amounts and in such forms as the Trust may choose. The Company or the
trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such
insurance. The Participant shall have no interest whatsoever in any such policy or policies,
and at the request of the Company shall submit to medical examinations and supply such
information and execute such documents as may be required by the insurance company or
companies to whom the Company has applied for insurance.
	 
	16.17	 	Legal Fees To Enforce Rights After Change in Control. The Company is aware that
upon the occurrence of a Change in Control, the Board or a shareholder of the Company, or of
any successor corporation might then cause or attempt to cause the Company, or such successor
to refuse to comply with its obligations under the Plan and might cause or attempt to cause
the Company to institute, or may institute, litigation seeking to deny Participants the
benefits intended under the Plan. In these circumstances, the purpose of the Plan could be
frustrated. Accordingly, if, following a Change in Control, it should appear to any
Participant that the Company or any successor corporation has failed to comply with any of its
obligations under the Plan or any agreement thereunder or, if the Company or any other person
takes any action to declare the Plan void or unenforceable or institutes any litigation or
other legal action designed to deny, diminish or to recover from any Participant the benefits
intended to be provided, then the Company hereby irrevocably authorizes such Participant to
retain counsel of his or her choice at the expense of the Company to represent such
Participant in connection with the initiation or defense of any litigation or other legal
action, whether by or against the Company or any director, officer, shareholder or other
person affiliated with the Company or any successor thereto in any jurisdiction.
	 
	16.18	 	No Acceleration of Benefits. The acceleration of the time or schedule of any
payment under the Plan is not permitted, except as provided in regulations by the Secretary of
the Treasury.
	 
	16.19	 	Compliance with Section 409A of the Code. The Plan is intended to provide for the
deferral of compensation in accordance with Section 409A of the Code for compensation earned,
vested, or deferred after December 31, 2004. Notwithstanding any provisions of the Plan, any
Plan Agreement, or any Election Form to the contrary, no otherwise permissible election under
the Plan shall be given effect that would result in the taxation of any amount under Section
409A of the Code. To the extent permitted in guidance issued by the Secretary of the Treasury
and in accordance with procedures established by the Committee, a Participant may be permitted
to terminate participation in the Plan or cancel an election with respect deferral elections
made under the Plan prior to January 1, 2005.

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IN WITNESS WHEREOF, the Company has signed this Plan document on
                                        
, 2004.

	 	 	 	 	 	 	 

	 	 	NORDSON CORPORATION	 	 
	 
	 	 	 	 	 	 
	 	 	Nordson Corporation, an Ohio corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

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