Document:

The Fisher-Price Excess Benefit Plan

 Exhibit 10.46 
  
 The Fisher-Price Excess Benefit Plan 
  

 The Fisher-Price Excess Benefit Plan (the “Plan”) is continued with this document. The Plan was originally established
June 28, 1991. Following a corporate reorganization in January, 1995, the Plan was continued by the newly formed and renamed corporate entities now known as Fisher-Price, Inc. and Mattel Operations, Inc. Beginning in January, 1998, the Plan was
extended to Tyco Preschool, Inc. upon the inclusion of Tyco Preschool, Inc. as a covered employer under the Fisher-Price Pension Plan, as amended from time to time (the “Pension Plan”). The term “Company” as used in
the Plan shall refer to each employer that has adopted and has employees participating in the Pension Plan. As a result of the enactment in 2004 of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and
the regulations and other guidance promulgated thereunder (“Section 409A”), the Company wishes to amend and restate the Plan effective as of January 1, 2009 to conform the written terms of the Plan to the requirements of
Section 409A. 
  
 The Plan is intended to be an unfunded
“excess benefit plan” within the meaning of Sections 3(36) and 4(b)(5) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); provided, however, that, to the extent, if any, that the Plan
provides benefits which cannot be provided by an “excess benefit plan,” the Plan shall be considered and interpreted in all respects as an unfunded “top-hat” plan maintained primarily to provide deferred compensation benefits for
a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and therefore to be exempt from Parts 2, 3 and 4 of Subtitle B of Title I of ERISA to the maximum extent permissible
under the provisions thereof. The purpose of the Plan is to provide benefits to certain participants in the Pension Plan in excess of the compensation limitation under Section 401(a)(17) of the Code (“Section 401(a)(17)”) or
the limitations on benefits imposed by Section 415 of the Code (“Section 415”) and to make up for any loss in benefit under the Pension Plan as a result of the deferral of compensation by the Participant pursuant to a
non-qualified deferred compensation plan. 
  
 Fisher-Price, Inc.,
on behalf of itself and the other Companies participating in the Pension Plan, hereby continues the terms and provisions of the Plan by restating the Plan as follows: 
  

	 	1.	Each term used in the Plan and also used in the Pension Plan shall have the same meaning herein as under the Pension Plan. 

  

	 	2.	If a Participant shall be entitled to receive a retirement benefit under the Pension Plan, the Participant will be entitled to a benefit payable under the Plan equal to:

  

	 	(a)	 the Participant’s accrued monthly pension benefit (as calculated under the Pension Plan using the actuarial assumptions and methods then used under the Pension
Plan) that such Participant would have been paid under the Pension Plan upon normal retirement (i) without regard to the limitation on benefits imposed by Section 401(a)(17) or Section 415 and (ii) by including any deferral of
compensation by the Participant pursuant to a nonqualified deferred compensation plan as compensation for purposes of the Pension Plan, at the time such deferrals would have been paid absent 

	 	 
the deferral, provided that had the compensation been paid to the Participant it would have been treated as compensation for purposes of the Pension Plan,
regardless of whether such amounts are includable in the Participant’s gross income; 

  

	 	    	reduced by 

  

	 	(b)	the Participant’s accrued monthly pension benefit under the Pension Plan. 

  
 Subject to the following paragraph, such amount shall be paid upon the later of (i) a Participant’s
“separation from service” within the meaning of Treas. Reg. §1.409A-1(h), whether voluntary or involuntary and (ii) the Participant’s attainment of age 55; provided, however, that if a Participant is a “specified
employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code) as of the date of the Participant’s “separation from service” and the benefit under the Plan becomes payable as a result of such “separation from
service,” such amount shall not be paid prior to the first business day of the seventh month following the Participant’s “separation from service” or, if earlier, during the calendar year in which the Participant’s death
occurred. Simple interest will be paid on the amount delayed hereunder from the date such payment would have been made to the Participant but for the proviso in the preceding sentence, to the date of actual payment, at the interest rate used to
determine the benefit under the Plan. Any payment pursuant to this paragraph on account of the Participant’s death will be paid to the Participant’s surviving spouse or, if none, the Participant’s estate. 
  
 If a Participant dies before payment of the benefit payable under the Plan
(other than during any delay required pursuant to the proviso in the prior paragraph), such amount shall be paid to the Participant’s surviving spouse or, if the Participant has no spouse, to the Participant’s dependents, if such spouse or
dependent is otherwise eligible for a death benefit under the Pension Plan. The amount of the benefit shall be calculated as set forth above in this Section 2, but substituting the corresponding survivor benefit under the Pension Plan for the
Participant’s pension benefit in both paragraphs (a) and (b), above. Such amount shall be paid upon the later of (i) the date the Participant would have reached age 55 or (ii) during the calendar year in which the
Participant’s death occurred. 
  
 Payment will be in the
form of a single lump sum only. For purposes of the foregoing, the lump sum value shall be determined using the 1971 Group Annuity Mortality Tables (compiled on a unisex basis weighted 60% male and 40% female) and the interest rate shall be such
rate as of the January 1 preceding the date of the distribution (or as of the date of the distribution if the rate is then less) used by the Pension Benefit Guaranty Corporation for purposes of determining the present value of a lump sum
distribution on plan termination. Notwithstanding the immediately preceding sentence, the lump sum value of accruals after December 31, 2008 shall be determined on the same basis used for determining the value of lump sum distributions under
the Pension Plan for such period. 

	 	3.	The Plan shall not be a funded plan for purposes of ERISA, and the Company shall not set aside any funds, or make any investments, for the specific purpose of making payments under
the Plan in a manner that would cause the Plan to be considered funded under ERISA. Any payments hereunder shall be made out of the general assets of the Company. Notwithstanding the preceding, the Company may transfer funds to and may, but need
not, make payments through any trust which it deems to comply with the preceding in order to meet its obligation under the Plan. Notwithstanding anything herein or in any trust providing benefits under the Plan to the contrary, no asset shall be set
aside or transferred to any such trust if such set aside or transfer would violate applicable law or result in the imposition of the additional tax under Section 409A. 

  

	 	4.	Fisher-Price, Inc., by action of its Board of Directors, or a designated officer through authority delegated by such Board of Directors, shall have the right at any time to amend
the Plan in any respect or to terminate the Plan; provided, however, that such amendment or termination shall not (i) reduce the benefits payable under the Plan below the benefits to which any person would have been entitled hereunder at
the time of such amendment or termination or (ii) accelerate the payment of any amount from the date on which such amount otherwise is payable hereunder except as permitted pursuant to Treas. Reg. §1.409A-3(j). 

  

	 	5.	The Plan shall be administered, interpreted and construed by the Mattel Administrative Committee. The claims procedure applicable to claims and appeals under the Pension Plan shall
apply to any claims under the Plan and appeals of any such denied claims. 

  

	 	6.	The interest of any Participant and the interest, if any, of any Participant’s spouse or other beneficiary of any Participant’s spouse or other beneficiary of any
Participant may not be assigned or alienated either by voluntary or involuntary assignment or by operation of law. 

  

	 	7.	Neither the Plan nor any of its provisions shall be construed as giving any Participant a right to continue in the employ of the Company. 

  

	 	8.	Subject to the provisions of Section 4, the Plan shall terminate when the Pension Plan terminates; provided, however, that any distribution in respect of a termination
pursuant to this Section 8 will be only in accordance with the provisions of Section 409A and Treas. Reg. §1.409A-3(j)(4)(ix). 

  

	 	9.	 Notwithstanding any other provisions of the Plan to the contrary, it is intended that the Plan comply with the requirements of Section 409A regardless of
whether amounts were deferred (within the meaning of Treas. Reg. 1.409A-6(a)(1)) on, prior to, or after January 1, 2005, and the Plan shall be interpreted, construed and administered in accordance with this intent, so as to avoid the imposition
of taxes and penalties on Participants pursuant to Section 409A; provided, however, that amounts deferred as of December 31, 2004 with respect to Participants who terminated employment on or before December 31, 2004 and for
whom no 

	 	 
amounts are deferred after December 31, 2004, are not intended to be subject to the provisions of Section 409A and such amounts shall continue to
be subject to the terms and conditions of the Plan in effect prior to January 1, 2005. The Company shall have no liability to any Participant, Participant’s spouse or otherwise if the Plan or any amounts paid or payable hereunder are
subject to the additional tax and penalties under Section 409A. Prior to January 1, 2009, the Company operated the Plan in good faith compliance with Section 409A and certain Internal Revenue Service transitional rules then in effect.

  
 IN WITNESS WHEREOF, the Plan is executed by
a duly authorized officer of Fisher-Price, Inc. 
  

			
	FISHER-PRICE, INC.
		
	By:	 	/s/ ROBERT NORMILE
		 	Name: Robert Normile
		 	Title:   Senior Vice President and Secretary

  
 Date: December 22, 2008Mattel, Inc. Personal Investment Plan, First Amendment

 Exhibit 10.48 
  
 MATTEL, INC. 
 PERSONAL INVESTMENT PLAN 
 FIRST AMENDMENT TO THE JANUARY 1, 2006 RESTATEMENT 
  
 WHEREAS, Mattel, Inc. (the “Company”) desires to amend the Plan to
(i) revise the eligibility provisions for certain employees, (ii) add an automatic enrollment feature, (iii) make required legislative changes and (iv) make other desired revisions; and 
  
 NOW THEREFORE, the Plan is hereby amended effective as of January 1,
2008, unless otherwise specified herein, as follows: 
  
 1.
Article II of the Plan is amended by the addition of the following Sections 2.3A and 2.3B immediately after Section 2.3: 
  
 “2.3A American Girl Flagship Store Employee. 
  
 ‘American Girl Flagship Store Employee’ shall mean an Employee at an American Girl store in one of the following locations:
Chicago, IL, Los Angeles, CA, or New York, NY. 
  
 2.3B
American Girl Boutique and Bistro Employee. 
  
 ‘American Girl Boutique and Bistro Employee’ shall mean an Employee at an American Girl Boutique and Bistro store in one of the following locations: Atlanta, GA, Boston, MA, Minneapolis, MN or Dallas, TX.” 
  
 2. Section 3.1(a) of the Plan is amended to read as follows: 

 
 “(a) Every Eligible Employee who is not a Murray
Hourly Employee, an American Girl Flagship Store Employee or an American Girl Boutique and Bistro Employee shall become eligible to participate in the Plan on the date he becomes an Eligible Employee. Every Eligible Employee who is a Murray Hourly
Employee, an American Girl Flagship Store Employee or and American Girl Boutique and Bistro Employee shall become eligible to participate in the Plan on the later of (i) the date he becomes an Eligible Employee and (ii) the date he
completes a period of service recognized under Section 2.48 of ninety (90) days.” 
  
 3. The first paragraph of Section 5.1 of the Plan is designated paragraph “(a)” and a new Section 5.1(b) is added after
Section 5.1(a) of the Plan to read as follows: 
  
 “(b) A Participant who is first hired or newly rehired on or after January 1, 2008 and who has not elected to have Compensation reduced in accordance with Section 5.1(a) shall be deemed to have elected under
Section 5.1(a) to have Compensation reduced by two percent (2%) beginning as soon as administratively practicable following the date the Eligible Employee becomes a Participant. Unless a Participant elects otherwise, such deemed election
to have Compensation reduced by two percent (2%) shall be automatically increased by one 

 percent (1%), effective as of the first April 1 after the initial deemed deferral election (provided
that the first such automatic increase shall not be before April 1, 2009) and as of each April 1 thereafter until such election has been increased to a deemed deferral election of six percent (6%) of Compensation. Each Participant may
elect at any time, in accordance with procedures established by the Committee or its designee, not to have Compensation so reduced, or to have Compensation reduced by a different percentage allowed under Section 5.2, which election shall become
effective as soon as administratively practicable following receipt of the Participant election. Before-Tax Contributions made pursuant to this automatic election shall be invested in a default investment fund designated for such purpose by the
Committee, unless the Participant elects to have such contributions invested otherwise in accordance with Article IV.” 
  
 4. Effective January 1, 2006, the second sentence of Section 5.5(a) of the Plan is amended to read as follows and all references in
Section 5.5 to “Non-Gap Period income” shall be changed to “income”: 
  
 “If, pursuant to the determination by the Committee, any or all of a Participant’s Before-Tax Contributions are not eligible for tax-deferral treatment, then any excess Before-Tax Contributions and any
income for that Plan Year (and to the extent required by the Code, gains and income for the Plan Year in which distributed) allocable thereto shall be disposed of in accordance with (i) or (ii) below.” 
  
 5. Effective January 1, 2007, the first sentence of Section 5.6(a)
is amended to read as follows: 
  
 “In the event that due to
error or otherwise, a Participant’s Before-Tax Contributions under this Plan exceed the Deferral Limitation for any calendar year (but without regard to amounts of compensation deferred under any other plan), excess Before-Tax Contributions for
the Plan Year, if any, together with any income allocable to such amount for such Plan Year (and to the extent required by the Code, gains and income for the Plan Year in which distributed) shall be distributed to the Participant on or before the
first April 15 following the close of the calendar year in which such excess contribution is made.” 
  
 6. Effective January 1, 2006, all references to “Non-Gap Period income” in Section 6.4 are changed to “income” and the
following is added to the end of Section 6.4(c): 
  
 “Any distribution of an excess contribution pursuant to this Section 6.4 shall include any Trust gains or other income allocable to the distributed contribution while held in the Trust (but need not include Trust gains and income
for the Plan Year in which distributed except to the extent required by the Code).” 

 IN WITNESS WHEREOF, Mattel, Inc. has caused this instrument to be executed by its duly authorized officer
this 19 day of December, 2008, effective as of the dates set forth above. 
  

			
	MATTEL, INC.
		
	By:	 	/s/ ALAN KAYE
	Name:	 	 Alan Kaye

	Title:	 	 Senior Vice President, Human Resources

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