Document:

Exhibit

Exhibit 10.31
COEUR MINING, INC. 
   OFFICER SEVERANCE POLICY

          SECTION 1 
      INTRODUCTION

This Coeur Mining, Inc. Officer Severance Policy (the “Policy”) is effective as of January 1, 2017 (the “Effective Date”) and amends and restates that certain Coeur Mining, Inc. Officer Change in Control Severance Policy effective January 1, 2014. The purpose of the Policy is to provide for the payment of severance benefits to certain officers or key employees of Coeur Mining, Inc. (the “Company”) or one of its subsidiaries in connection with a termination of employment in certain circumstances. The Policy is intended to be an unfunded plan that is maintained primarily to provide severance compensation and benefits to a select group of “management or highly compensated employees” within the meaning of Sections 201, 301, and 401 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and therefore to be exempt from the provisions of Parts 2, 3, and 4 of Title I of ERISA.
        SECTION 
                                                                            DEFINITIONS

For purposes of the Policy, the terms below are defined as follows:

(a)“Administrator” means the Company’s President and Chief Executive Officer, in consultation with the Vice President, Human Resources (or, in the event of a conflict of interest involving the Vice President, Human Resources, the Company’s Senior Vice President, General Counsel and Secretary).

(b)“Base Salary” means the annual base salary payable to an Eligible Employee at the time of the Termination Date.

		
	(c)
	“Board” means the Board of Directors of the Company.

(d)“Cause” means (i) that the Eligible Employee has failed to perform his or her duties after having received from the Company written documentation that such duties are not being performed, which written documentation shall specify how performance is deficient, and the Eligible Employee then fails to resume satisfactory performance promptly after receipt of such documentation and failure of performance is not satisfactorily rectified; (ii) a serious and substantial failure to perform the Eligible Employee’s duties, which failure is so obvious and so harmful to Company that written documentation and an opportunity to rectify conduct need not be afforded by Company to the Eligible Employee; and (ii) conviction of a felony, or engagement in illegal conduct which may not constitute a felony but which is injurious to the Company, in either such case Company need not allow the Eligible Employee to rectify nonperformance. For purposes of this definition, failure to perform duties includes, but is not limited to, misfeasance or nonfeasance of duty which was intended to, or does, injure the Company’s reputation or its business or relationships, including normal working relationships
between employees; willful and continued failure of the Eligible Employee to substantially perform his or her duties (except by reason of physical or mental disability); dishonesty in the performance of the Eligible Employee’s duties and any material breach by the Eligible Employee of any promise to perform his or her duties as set forth in an employment agreement or otherwise.

		
	(e)
	“Change in Control”  means the first occurrence of:

(A)    any organization, group or person (“Person”) (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) (the “Exchange Act”) is or becomes the beneficial owner (as defined in Rule 13d- 3 under the Exchange Act), directly or 

indirectly, of securities of the Company representing 35% or more of the combined voting power of the then outstanding securities of the Company; or

(B)    during any two-year period, a majority of the members of the Board serving at the beginning of such two-year period is replaced by directors who are not nominated and approved by the Board; or

(C)    a majority of the members of the Board is represented by, appointed by or affiliated with any Person whom the Board has determined is seeking to effect a Change in Control of the Company; or

(D)    the Company shall be combined with or acquired by another company and the Board shall have determined, either before such event or thereafter, by resolution, that a Change in Control will or has occurred.

		
	(f)
	“Code” means the Internal Revenue Code of 1986, as amended.

		
	(g)
	“Company” means Coeur Mining, Inc. and its subsidiaries.

(h)“Disability” means inability or incapacity, due to physical or mental illness, of an Eligible Employee to perform his or her duties with the Company for a period of six (6) continuous months. The determination whether an Eligible Employee has suffered a Disability shall be made by the Administrator based upon such evidence as it deems necessary and appropriate.  An Eligible Employee shall not be considered disabled unless he or she furnishes such medical or other evidence of the existence of the Disability as the Administrator, in its sole discretion, may require.

(i)“Eligible Employee” means an officer or other key employee of Coeur Mining, Inc. or any of its subsidiaries who (i) has held his or her current role as officer or key employee of the Company or one of its subsidiaries for at least one (1) year prior to the Termination Date,(ii) has been designated by the Administrator as eligible under the Policy by holding significant duties in the Company at the time of eligibility, (iii) who has executed an acknowledgment of this Policy and (iv) is not a participant under the Company’s Non-Executive Severance Policy.

(j)“Good Reason” means (A) for purposes of a termination of employment that occurs more than 90 days prior to or more than two (2) years following a Change in Control, a termination of employment within sixty (60) days following: (i) a material reduction in the Eligible Employee’s responsibilities, authorities or duties as compared to those in existence as of the later of the date that the Eligible Employee became an Eligible Employee or the Effective Date; or (ii) material failure of the Company to pay to Eligible Employee any amount otherwise vested and due under any agreement, plan or policy of the Company, which failure in either (i) or (ii) is not cured within thirty (30) days from receipt by the Company of written notice from Eligible Employee which specifies the details of the failure, and (B) for purposes of a termination of employment that occurs within the period that begins 90 days prior to and ends two (2) years following a Change in Control, a termination of employment within sixty (60) days following: (i) a material reduction in the Eligible Employee’s annual base salary or annual incentive opportunity under the Company’s Annual Incentive Plan or any successor plan, except for across-the-board reductions generally applicable to all Eligible Employees; (ii) a material reduction in the Eligible Employee’s responsibilities, authorities or duties as compared to those in existence as of the later of the date that the Eligible Employee became an Eligible Employee or the Effective Date; (iii) the Company’s requiring the Eligible Employee to be based at a location which is more than fifty (50) miles from the Eligible Executive’s principal place of employment immediately prior to the change; or (iv) material failure of the Company to pay to Eligible Employee any amount otherwise vested and due under any agreement, plan or policy of the Company, which failure in either (i), (ii), (iii) or (iv) is not cured within thirty (30) days from receipt by the Company of written notice from Eligible Employee which specifies the details of the failure.

(k)“Involuntary Termination” means any termination of an Eligible Employee’s employment with the Company (or its successor) (i) by the Company (or its successor) for any reason other than Cause, the Eligible Employee’s death or Disability or (ii) by the Eligible Employee with Good Reason.

(l)“Target Incentive” means an Eligible Employee’s target annual incentive under the Company’s Annual Incentive Plan or any similar or successor plan for the year in which the Termination Date occurs.

(m)“Termination Date” means (a) for purposes of termination for Good Reason, the date that the Eligible Employee submits his or her written notice of resignation to the Company and (b) for purposes of any other Involuntary Termination, the date specified in the written notice of termination that the Company delivers to the Eligible Employee.
SECTION 3 
ELIGIBILITY FOR BENEFITS

Subject to the requirements set forth in this Section 3, the Company will provide the severance benefits described in Section 4 of this Policy to an Eligible Employee whose termination of employment with the Company is an Involuntary Termination that occurs within the period that is more than 90 days prior to or more than two (2) years following a Change in Control. Alternatively, the Company will provide the severance benefits described in Section 5 of this Policy to an Eligible Employee whose termination of employment with the Company is an Involuntary Termination that occurs within the period that begins 90 days prior to and ends two years following a Change in Control. In the case of an Eligible Employees’ Disability or death, the Company will provide the Accrued Rights described in Section 6 of this Policy.
SECTION 4
POLICY BENEFITS PAYABLE APART FROM A CHANGE IN CONTROL

In the event of an Involuntary Termination that occurs within the period that is more than 90 days prior to or more than two (2) years following a Change in Control, an Eligible Employee shall be entitled to the following benefits (subject to Sections 7 and 8):

(a)Accrued Rights.  A payment of the accrued rights due to the Eligible Employee consisting of the sum of (i) Eligible Employee’s Base Salary through the Termination Date not theretofore paid; (ii) any expenses owed to the Eligible Employee under the Company’s expense reimbursement policy; and (iii) any amount arising from the Eligible Employee’s participation in, or benefits under, any employee benefit plans, programs or arrangements (including, without limitation, the Company’s 2015 Long-Term Incentive Plan, Annual Incentive Plan, and/or any successors thereto), which amounts shall be payable in accordance with the terms and conditions of such employee benefits plans, programs or arrangements (clauses (i)-(iii) collectively shall be the “Accrued Rights”), which (except for amounts under clause (iii) which shall be paid pursuant to the applicable plan, program or arrangement) shall be paid to the Eligible Employee promptly, but in all events within thirty days following the Termination Date;

(b)Severance. Severance pay consisting of an amount equal to the Base Salary for the full year in which the Termination Date occurs which amount shall be payable to the Eligible Employee in twelve (12) equal monthly installments commencing on the date that is thirty days following the Termination Date; and

(c)Benefits Continuation.  Continuation of the health care benefits for the Eligible Employee and his dependents until the earlier of (1) the date Eligible Employee becomes eligible for comparable coverage (at a comparable cost) or (2) the six (6) month anniversary of the Termination Date, which benefits shall be provided at the same coverage level as in effect as of the Termination Date, and at the same premium cost to the Eligible Employee that was paid by the Eligible Employee as of the Termination Date (subject to the terms and conditions of such benefit plans as in effect from time to time). Notwithstanding the foregoing, the benefits continuation can be provided, in the Company’s sole discretion, in the form of a lump sum taxable severance payment in lieu of continued coverage.

SECTION 5
POLICY BENEFITS PAYABLE IN CONNECTION WITH A CHANGE IN CONTROL

In the event of an Involuntary Termination that occurs within the period that begins 90 days prior to and ends two (2) years following a Change in Control, Eligible Employee shall be entitled to the following benefits (subject to Sections 7 and 8):
(a)Accrued Rights.  A payment of the Accrued Rights, which amounts shall be payable in accordance with the terms and conditions of such employee benefits plans, programs or arrangements, which (except for amounts under Section 4(a)(iii) which shall be paid pursuant to the applicable plan, program or arrangement) shall be paid to the Eligible Employee promptly, but in all events within thirty dates following the Termination Date;

(b)Severance. A lump sum severance payment in an amount equal to the sum of the Base Salary and Target Incentive for the full year in which the Termination Date occurs, which amount shall be payable to the Eligible Employee on the date that is thirty days following the Termination Date; and

(c)Benefits Continuation.  Continuation of the health care benefits for the Eligible Employee and his dependents until the earlier of (1) the date Eligible Employee becomes eligible for comparable coverage (at a comparable cost) or (2) the six (6) month anniversary of the Termination Date, which benefits shall be provided at the same coverage level as in effect as of the Termination Date, and at the same premium cost to the Eligible Employee that was paid by the Eligible Employee as of the Termination Date (subject to the terms and conditions of such benefit plans as in effect from time to time). Notwithstanding the foregoing, the benefits continuation can be provided, in the Company’s sole discretion, in the form of a lump sum taxable severance payment in lieu of continued coverage.
SECTION 6
POLICY BENEFITS PAYABLE IN THE CASE OF DISABILITY OR DEATH

Upon termination of an Eligible Employee’s employment by reason of death or Disability, Employee or Employee’s estate (as the case may be) shall be entitled to receive the Accrued Rights as set forth in Section 4(a), and shall have no further rights to any compensation or any other benefits under this Policy.
SECTION 7 
LIMITATIONS ON BENEFITS
(a)Excise Taxes.  If the severance payments provided for under this Policy, either alone or together with other payments which Eligible Employee would have the right to receive from the Company, would constitute a “parachute payment,” as defined in Section 280G(a) of the Code as in effect at the time of payment, such payment shall be reduced to the largest amount as will result in no portion being subject to the excise tax imposed by Section 4999 of the Code or the disallowance of a deduction by Company pursuant to Section 280G of the Code. The determination of the amount of any reduction under this section, and the plan and payment to which such reductions shall apply, shall, to the extent permitted by Section 409A, be made in good faith by the Company and otherwise shall be made in such a manner so as to maximize the value of payments to the Eligible Employee and such determination shall be binding on the Eligible Employee.
(b)Termination of Benefits.  In the event an Eligible Employee, at any time, violates any proprietary information of confidentiality obligation to the Company, any of the restrictive covenants set forth in Section 8 of this Policy or any other obligations of the Eligible Employee under an employment or other agreement with the Company, (i) the Eligible Employee will be deemed in material breach of this Policy and (ii) the Company will be relieved of any ongoing obligation to comply with any of the terms of this Policy, including without limitation the obligation to make the payments described in Sections 4 or 5 (other than the Accrued Rights described in 4(a) and 5(a)).

(c)Non-Duplication of Benefits.  No Eligible Employee is eligible to receive benefits under the Policy more than one time.

(d)Indebtedness of Eligible Employees. If the Eligible Employee is indebted to the Company or an affiliate of the Company at his or her Termination Date, the Company reserves the right to offset any payments due under the Policy by the amount of such indebtedness.

(e)Section 409A Compliance.  All payments pursuant to this Policy shall be subject to the provisions of this Section 7(e). This Policy is intended to be interpreted and operated to the fullest extent possible so that the payments and benefits hereunder either shall be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) or shall comply with the requirements of Section 409A; provided, however, that notwithstanding anything to the contrary in this Policy, in no event shall the Company be liable to the Eligible Employee for or with respect to any taxes, penalties or interest which may be imposed upon the Eligible Employee pursuant to Section 409A.  For purposes of this Policy, the date on which a “separation from service” pursuant to Section 409A (“Separation from Service”) occurs shall be treated as the termination of employment date for purposes of determining the timing of payments under this Policy to the extent necessary to have such payments and benefits under this Policy be exempt from the requirements of Section 409A or comply with the requirements of Section 409A.  For purposes of determining whether a Separation from Service has occurred for purposes of Section 409A, a Separation from Service is deemed to include a reasonably anticipated permanent reduction in the level of services performed by the Eligible Employee to less than fifty percent (50%) of the average level of services performed by the Eligible Employee during the immediately preceding 12-month period (or period of service if less than twelve (12) months).
To the extent that any payment or benefit pursuant to this Policy constitutes a “deferral of compensation” subject to Section 409A (after taking into account to the maximum extent possible any applicable exemptions) (a “409A Payment”) treated as payable upon a Separation from Service, then, if on the date of the Eligible Employee’s Separation from Service, the Eligible Employee is a Specified Employee, then to the extent required for Eligible Employee not to incur additional taxes pursuant to Section 409A, no such 409A Payment shall be made to the Eligible Employee sooner than the earlier of (i) six (6) months after the Eligible Employee’s Separation from Service; or (ii) the date of the Eligible Employee’s death. Should this Section 7(e) otherwise result in the delay of in-kind benefits, any such benefit shall be made available to the Eligible Employee by the Company during such delay period at the Eligible Employee’s expense. Should this Section 7(e) result in payments or benefits to the Eligible Employee at a later time than otherwise would have been made under this Policy, on the first day any such payments or benefits may be made without incurring additional tax pursuant to Section 409A (the “409A Payment Date”), the Company shall make such payments and provide such benefits as provided for in this Policy, provided that any amounts that would have been payable earlier but for the application of this Section 7(e), as well as reimbursement of the amount the Eligible Employee paid for benefits pursuant to the preceding sentence, shall be paid in lump-sum on the 409A Payment Date along with accrued interest at the Prime Rate quoted by JP Morgan Chase on the date that payments or benefits, as applicable, to the Eligible Employee should have been made under this Policy. For purposes of this Section 7(e), the term “Specified Employee” shall have the meaning set forth in Section 409A.

For purposes of complying with Section 409A and without extending the payment timing otherwise provided in this Policy, taxable reimbursements under this Policy, subject to the following sentence and to the extent required to comply with Section 409A, will be made no later than the end of the calendar year following the calendar year in which the expense was incurred. To the extent required to comply with Section 409A, any taxable reimbursements and any in-kind benefits under this Policy will be subject to the following: (a) payment of such reimbursements or in-kind benefits during one calendar year will not affect the amount of such reimbursement or in-kind benefits provided during any other calendar year (other than for medical reimbursement arrangements as excepted under Treasury Regulations §1.409A- 3(i)(1)(iv)(B) solely because the arrangement provides for a limit on the amount of expenses that may be reimbursed under such arrangement over some or all of the period the arrangement remains in effect); (b) such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another form of compensation to the Eligible Employee; and (c) the right to reimbursements under this Policy will be in effect for the lesser of the time specified in this Policy or ten years plus the lifetime of the Eligible Employee.  Any taxable reimbursements or in-kind benefits shall be treated as not subject to Section 409A to the maximum extent provided by Section 409A.

No 409A Payment payable under this Policy shall be subject to acceleration or to any change in the specified time or method of payment, except as otherwise provided under this Policy and consistent with Section 409A.  If under 

this Policy, a 409A Payment is to be paid in two or more installments, for purposes of Section 409A, each installment shall be treated as a separate payment.
SECTION 8
     RELEASE; COVENANTS
(a)Release.  Notwithstanding anything herein to the contrary, an Eligible Employee shall be entitled to the payments and benefits provided for in Sections 4 or 5 (other than the Accrued Rights described in 4(a) and 5(a)) if and only if the Eligible Employee executes and delivers to the Company a general release of claims against the Company in a form reasonably satisfactory to the Company (the “General Release”) within twenty-one (21) days following the Termination Date (which General Release shall be provided to the Eligible Employee on or about the Termination Date) and the General Release has become effective and irrevocable in accordance with its terms.
(b)Agreement Not to Compete.  As a condition to and in consideration for any benefits provided under this Policy, an Eligible Employee shall not for twelve (12) months following an Involuntary Termination (the “Restricted Period”), directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company or any affiliate (collectively, the “Company Group”) within any state, province or region in any country in which the Company Group conducts business, or has plans (of which Eligible Employee was aware) to conduct business, as of the Termination Date, or undertake any planning for any business competitive with the Company Group. Specifically, but without limiting the foregoing, an Eligible Employee shall not to engage in any manner in any activity that is directly or indirectly competitive with the business of the Company Group as conducted as of the Termination Date or that otherwise provides services that directly or indirectly competes with services provided to clients by the Company Group, and further agrees not to work or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of the Company Group or otherwise provides services that directly or indirectly competes with services provided to clients by the Company Group. For the purposes of this Section 8(b), the business of the Company shall include active exploration and precious metals mining operations. The foregoing, however, shall not prevent an Eligible Employee’s passive ownership of two percent (2%) or less of the equity securities of any publicly traded company.

(c)Agreement Not to Solicit Business Contacts.  As a condition to and in consideration for any benefits provided under this Policy, an Eligible Employee shall not, during the Restricted Period, directly or indirectly (i) solicit or encourage any client, customer, bona fide prospective client or customer, supplier, licensee, licensor, landlord or other business relation of the Company and/or any of its affiliates (each a “Business Contact”) to terminate or diminish its relationship with them; or (ii) seek to persuade any such Business Contact to conduct with anyone else the business of the Company that such Business Contact conducts or could conduct with the Company and/or any of its affiliates.

(d)Agreement Not to Solicit or Hire Employees.  As a condition to and in consideration for any benefits provided under this Policy, an Eligible Employee shall not, during the Restricted Period, directly or indirectly solicit for employment, employ or induce or attempt to induce any employees, consultants, contractors or representatives of the Company and/or any of its affiliates to stop working for, contracting with or representing the Company and/or its affiliates.  Notwithstanding the foregoing, an Eligible Employee will not be in breach or violation hereof in the event the Eligible Employee uses any form of industry wide or public media to advertise, seek or solicit employment, consulting, contract or representative services without specifically targeting the employees, consultants, contractors or representatives of the Company.

(e)Non-Disparagement.  As a condition to and in consideration for any benefits provided under this Policy, an Eligible Employee shall not, during the Restricted Period or at any time thereafter, make, directly or indirectly, any public or private statements or other communications that are or could be harmful to or reflect negatively on (or that are otherwise disparaging of) the Company or any of its affiliates or their respective businesses, or any of their past, present or future officers, directors, employees, advisors, agents, policies, procedures, practices, decision-making, conduct, professionalism or compliance with standards, provided that an Eligible Employee may give truthful testimony under oath if so required.

SECTION 9

RIGHT TO INTERPRET POLICY; AMENDMENT AND TERMINATION

(a)Exclusive Discretion.  The Administrator will have the exclusive discretion and authority to establish rules, forms and procedures for the administration of the Policy and to construe and interpret the Policy and to decide any and all questions of fact, interpretation, definition, computation or administration arising in connection with the operation of the Policy, including, but not limited to, the eligibility to participate in the Policy and amount of benefits paid under the Policy.  The rules, interpretations, computations and other actions of the Administrator will be binding and conclusive on all persons.

		
	(b)
	Amendment or Termination.

(i)    Prior to the occurrence of a Change in Control, the Administrator may amend or terminate the Policy at any time and from time to time. Termination or amendment of the Policy shall not affect any obligation of the Company under the Policy, which has accrued and is unpaid as of the effective date of the termination or amendment.

(ii)    From and after the occurrence of a Change in Control, no provision of the Policy shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Eligible Employee and by an authorized officer of the Company (other than the Eligible Employee).

(iii)    Notwithstanding anything herein to the contrary, the Administrator may amend the Policy (which amendment shall be effective upon its adoption or at such other time designated by the Board or the Administrator, as applicable) at any time as may be necessary to avoid the imposition of any additional taxes or penalties under Section 409A; provided, however, that any such amendment shall be implemented in such a manner as to preserve, to the greatest extent possible, the terms and conditions of the Policy as in existence immediately prior to any such amendment.
    SECTION 10

NO RIGHT TO CONTINUED EMPLOYMENT OR SERVICE

Nothing herein shall confer upon an Eligible Employee any right to continue in the employ or service of the Company or any of its affiliates and this Policy shall not be deemed a contract of employment.  If an Eligible Employee’s employment terminates for any reason other than an Involuntary Termination, the Eligible Employee shall not be entitled to any benefits, damages, awards or compensation under this Policy, but may be entitled to payments or benefits in accordance with the Company’s other established employee plans and practices or pursuant to other agreements with the Company.
       SECTION 11
      SUCCESSORS
(a) Company’s Successors .  Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) or to all or substantially all of the Company’s business and/or assets will assume the obligations under the Policy and agree expressly to perform the obligations under the Policy in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.  For all purposes under the Policy, the term “Company” will include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 11(a) or which becomes bound by the terms of the Policy by operation of law or otherwise.

(b) Eligible Employee’s Successors .  The terms of the Policy and all rights of the Eligible Employee hereunder will inure to the benefit of, and be enforceable by, the Eligible Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

SECTION 12 
LEGAL CONSTRUCTION
The Policy is intended to be governed by and will be construed in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and, to the extent not preempted by ERISA or the laws of the State of Illinois.

SECTION 13
CLAIMS, INQUIRIES AND APPEALS

(a)Applications for Benefits and Inquiries. Any application for benefits, inquiries about the Policy or inquiries about present or future rights under the Policy must be submitted to the Administrator in writing.

(b)Denial of Claims.  In the event that any application for benefits is denied in whole or in part, the Administrator must notify the applicant, in writing, of the denial of the application, and of the applicant’s right to request a review of the denial.  The written notice of denial will be set forth in a manner designed to be understood by the applicant and will include specific reasons for the denial, specific references to the Policy provision upon which the denial is based, a description of any information or material that the Administrator needs to complete the review and an explanation of the Policy’s review procedure.

This written notice will be given to the applicant within ninety (90) days after the Administrator receives the application, unless special circumstances require an extension of time, in which case, the Administrator has up to an additional ninety (90) days for processing the application. If an extension of time for processing is required, written notice of the extension will be furnished to the applicant before the end of the initial ninety (90) day period.

This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Administrator is to render its decision on the application.  If written notice of denial of the application for benefits is not furnished within the specified time, the application will be deemed to be denied. The applicant will then be permitted to appeal the denial in accordance with the review procedure described below.

(c)Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits is denied (or deemed denied), in whole or in part, may appeal the denial by submitting a request for a review to the Administrator within sixty (60) days after the application is denied (or deemed denied).  The Administrator will give the applicant (or his or her representative) an opportunity to review pertinent documents in preparing a request for a review.  A request for a review will be in writing and will be addressed to:

Coeur Mining, Inc.
104 S. Michigan Ave, 9th Floor Chicago, IL 60603
Attn: General Counsel

A request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are pertinent. The Administrator may require the applicant to submit additional facts, documents or other material as it may find necessary or appropriate in making its review.

(d)Decision on Review.  The Administrator will act on each request for review within sixty (60) days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional sixty (60) days), for processing the request for a review.  If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial sixty (60) day period.  The Administrator will give prompt, written notice of its decision to the applicant.  In the event that the Administrator confirms the denial of the application for benefits in whole or in part, the notice will outline, in a manner calculated to be understood by the applicant, the specific Policy provisions upon which the decision is based.  If written notice of the Administrator’s decision is not given to the applicant within the time prescribed in this Section 13(d), the application will be deemed denied on review.

(e)Rules and Procedures.  The Administrator will establish rules and procedures, consistent with the Policy and with ERISA, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims.  The Administrator may require an applicant who wishes to submit additional information in connection with an appeal from the denial (or deemed denial) of benefits to do so at the applicant’s own expense.

(f)Exhaustion of Remedies. No legal action for benefits under the Policy may be brought until the claimant (i) has submitted a written application for benefits in accordance with
the procedures described by Section 13(a) above, (ii) has been notified by the Administrator that the application is denied (or the application is deemed denied due to the Administrator’s failure to act on it within the established time period), (iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 13(c) above and (iv) has been notified in writing that the Administrator has denied the appeal (or the appeal is deemed to be denied due to the Administrator’s failure to take any action on the claim within the time prescribed by Section 13(d) above).
  SECTION 14
                                         BASIS OF PAYMENTS TO AND FROM POLICY
All benefits under the Policy will be paid by the Company. The Policy will be unfunded, and benefits hereunder will be paid only from the general assets of the Company.

        SECTION 15
          OTHER POLICY INFORMATION

(a)Employer Identification Numbers. The Employer Identification Number assigned to the Company (which is the “Policy Sponsor” as that term is used in ERISA) by the Internal Revenue Service is 82-0109423.

(b)Agent for the Service of Legal Process. The agent for the service of legal process with respect to the Policy is Coeur Mining, Inc., Attn: General Counsel, at the addresses set forth in Section 13(c) above.

(c)Policy Sponsor and Administrator.  The “Policy Sponsor” and the “Administrator” of the Policy is Coeur Mining, Inc., at the addresses set forth in Section 13(c) above. The Policy Sponsor’s and Administrator’s telephone number is (312) 489-5800. The Administrator is the named fiduciary charged with the responsibility for administering the Policy.
SECTION 16 MISCELLANEOUS
(a)    Notice.  Any and all notices, requests, demands and other communications provided for by this Policy shall be in writing and shall be effective when delivered in person, consigned to a reputable national courier service or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Eligible 

Employee at his or her last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the General Counsel or to such other address as any party may specify by notice to the other actually received.

(b)    No Waiver.  The failure of a party to insist upon strict adherence to any term of the Policy on any occasion shall not be considered a waiver of such party’s rights or to deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of the Policy.

(c)    Severability.  In the event that any one or more of the provisions of the Policy shall be or become invalid, illegal or unenforceable in any respect or to any degree, the validity, legality and enforceability of the remaining provisions of the Policy shall not be affected thereby. The parties intend to give the terms of the Policy the fullest force and effect so that is any provision shall be found to be invalid or unenforceable, the court reaching such conclusion may modify or interpret such provision in a manner that shall carry out the parties’ intent and shall be valid and enforceable.

(d)    Headings.  The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof or to affect the meaning thereof.

(e)    Specific Performance. If in the opinion of any court of competent jurisdiction the covenants described in Section 7(b) and Section 8 of the Policy are not reasonable in any respect, such court shall have the right, power and authority to excise or modify such provision or provisions of this covenant as to the court shall appear not reasonable and to enforce the remainder of the covenant as so amended. Any breach of the covenants contained in Section 7(b) and Section 8 would irreparably injure the Company. Accordingly, the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 7(b) and Section 8 would be inadequate and, in the event of such a breach or threatened breach, the Company may, without posting any bond, in addition to pursuing any other remedies it may have in law or in equity, obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available against the Eligible Employee from any court having jurisdiction over the matter, restraining any further violation of the Policy by the Eligible Employee.

(f)    Creditor Status of Eligible Employees. In the event that any Eligible Employee acquires a right to receive payments from the Company under the Policy such right shall be no greater than the right of any unsecured general creditor of the Company.

(g)    Facility of Payment.  If it shall be found that (i) an Eligible Employee entitled to receive any payment under the Policy is physically or mentally incompetent to receive such payment and to give a valid release therefor, and (ii) another person or an institution is then maintaining or has custody of such Eligible Employee, and no guardian, committee, or other representative of the estate of such person has been duly appointed by a court of competent jurisdiction, the payment may be made to such other person or institution referred to in (ii) above, and the release shall be a valid and complete discharge for the payment.

(h)    Withholding Taxes.  The Company may withhold from any amounts payable under the Policy such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.Exhibit

Exhibit 10.32
COEUR MINING, INC.
DEFERRED COMPENSATION PLAN

Coeur Mining, Inc., a Delaware corporation (the “Company”), hereby establishes the Coeur Mining, Inc. Deferred Compensation Plan (the “Plan”), effective February 1, 2014 (the “Effective Date”), for the purpose of attracting and retaining high quality executives and Directors, and promoting in them increased efficiency and an interest in the successful operation of the Company. The Plan is intended to, and shall be interpreted to, comply in all respects with Code Section 409A and those provisions of ERISA applicable to an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly compensated employees and directors.”

ARTICLE I 
DEFINITIONS

1.1“Account” or “Accounts” shall mean the bookkeeping account or accounts established under this Plan pursuant to Article 4.

1.2“Base Salary” shall mean a Participant's annual base salary, excluding incentive and discretionary bonuses, commissions, reimbursements and other non-regular remuneration, received from the Company prior to reduction for any salary deferrals under benefit plans sponsored by the, Company, including but not limited to, plans established pursuant to Code Section 125 or qualified pursuant to Code Section 40l(k).

1.3“Beneficiary” or “Beneficiaries” shall mean the person, persons or entity designated as such pursuant to Section 7.1.

1.4“Board” shall mean the Board of Directors of the Company.

1.5“Bonus(es)” shall mean amounts paid to the Participant by the Company in the form of discretionary or annual incentive compensation or any other bonus designated by the Committee, before reductions for contributions to or deferrals under any pension, deferred compensation or benefit plans sponsored by the Company.

1.6“Code” shall mean the Internal Revenue Code of 1986, as amended, as interpreted by Treasury regulations and applicable authorities promulgated thereunder.

1.7“Committee” shall mean the person or persons appointed by the Board to administer the Plan in accordance with Article 9.

1.8“Company Contributions” shall mean the contributions made by the Company pursuant to Section 3.3. 

1.9“Company Contribution Account” shall mean the Account maintained for the benefit of the Participant which is credited with Company Contributions, if any, pursuant to Section 4.2.

1.10“Compensation” shall mean all amounts eligible for deferral for a particular Plan Year under Section 3.1.

1.11“Crediting Rate” shall mean the notional gains and losses credited on the Participant's Account balance which are based on the Participant's choice among the investment alternatives made available by the Committee pursuant to Section 3.4 of the Plan.

1.12“Deferral Account” shall mean an Account maintained for each Participant that is credited with Participant deferrals pursuant to Section 4.1

1.13“Director” shall mean a member of the Board.

1.14“Director's Fees” shall mean compensation for services as a member of the Board of Directors of the Company, excluding reimbursement of expenses or other non-regular forms of compensation, before reductions for contributions to or deferrals under any deferred compensation plan sponsored by the Company.

1.15“ Disability” or “ Disabled” shall mean (consistent with the requirements of Code Section 409A) that the 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 three months under an accident and health plan covering employees of the Participant's Employer.  For purposes of this Plan, a Participant shall be deemed Disabled if determined to be totally disabled by the Social Security Administration.  A Participant shall also be deemed Disabled if determined to be disabled in accordance with the applicable disability insurance program of such Participant's Employer, provided that the definition of “disability” applied under such disability insurance program complies with the requirements of this Section.

1.16“Distributable Amount” shall mean the vested balance in the applicable Account as determined under Article 4.

1.17“Eligible Executive” shall mean highly compensated or management level employee or Director of Employer selected by the Committee to be eligible to participate in Plan.

		
	1.18
	“Employer(s)” shall be defined as follows:

(a)Except as otherwise provided in part (b) of this Section, the term “Employer” shall mean the Company and/or any of its subsidiaries (now in existence or hereafter formed or acquired) that have been selected by the Board to participate in the Plan and have adopted the Plan as a sponsor.

(b)For the purpose of determining whether a Participant has experienced a Separation from Service, the term “Employer” shall mean:

i.The entity for which the Participant performs services and with respect to which the legally binding right to compensation deferred or contributed under this Plan arises; and

ii.All other entities with which the entity described above would be aggregated and treated as a single employer under Code Section 414(b) (controlled group of corporations) and Code Section 414(c) (a group of trades or businesses, whether or not incorporated, under common control), as applicable. In order to identify the group of entities described in the preceding sentence, the Committee shall use an ownership threshold of at least 50% as a substitute for the 80% minimum ownership threshold that appears in, and otherwise must be used when applying, the applicable provisions of (A) Code Section 1563 for determining a controlled group of corporations under Code Section 414(b), and (B) Treas. Reg. §1.414(c)-2 for determining the trades or businesses that are under common control under Code Section 414(c).

1.19     “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, including Department of Labor and Treasury regulations and applicable authorities promulgated thereunder.

1.20    “Financial Hardship” 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 Code Section 152, without regard to Code Section 152(b)(l), (b)(2), and (d)(l)(B))) 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, but shall in all events correspond to the meaning of the term “unforeseeable emergency” under Code Section 409A.

1.21“Fund” or “Funds” shall mean one or more of the investments selected by the Committee pursuant to Section 3.4 of the Plan.

1.22“ Hardship Distribution” shall mean an accelerated distribution of benefits or a cancellation of deferral elections pursuant to Section 6.6 to a Participant who has suffered a Financial Hardship.

1.23“ Interest Rate” shall mean, for each Fund, an amount equal to the net gain or loss on the assets of such Fund during each month, as determined by the Committee.

1.24“LTIP Amounts” shall mean any portion of the compensation attributable to a Plan Year that is earned by a Participant under a long-term incentive plan or any other long-term incentive arrangement designated by the Committee, before reductions for contributions to or deferrals under any pension, deferred compensation or benefit plans sponsored by the Company.

1.25“Participant” shall mean any Eligible Executive who becomes a Participant in this Plan in accordance with Article 2.

1.26“Participant Election(s)” shall mean the forms or procedures by which a Participant makes elections with respect to (a) voluntary deferrals of his/her Compensation, (b) the Funds, which shall act as the basis for crediting of interest on Account balances, and (c) the form and timing of distributions from Accounts. Participant Elections may take the form of an electronic communication followed by appropriate confirmation according to specifications established by the Committee.

1.27“Payment Date” shall mean the date by which a total distribution of the Distributable Amount shall be made or the date by which installment payments of the Distributable Amount shall commence.

(a)For benefits triggered by the Participant's Separation from Service, the Payment Date shall be the later of:

(1)The first day of the seventh (7th) month commencing after Separation from Service occurs, in which case the applicable amount shall be calculated as of the last business day of the sixth month commencing after the Separation from Service, or

(2)April of the Plan Year following the Plan Year in which the Separation from Service occurs, in which case the applicable amount shall be calculated as of the last business day of March of the Plan Year following the Plan Year in which the Separation from Service occurs.

Subsequent installments, if any, shall be calculated as of the last business day of March of each Plan Year following the Plan Year in which the initial installment occurs, and shall be made in April of such succeeding Plan Year; and

(b)For benefits triggered by the Participant's death or Disability, the Payment Date shall be the month commencing after the month in which the event triggering the payout occurs, and the applicable amount shall be calculated as of the last business day of the month in which the event triggering the payout occurs. Subsequent installments, if any, shall be calculated as of the last business day of March of each Plan 

Year following the Plan Year in which the initial installment occurs, and shall be made in April of such succeeding Plan Year. In the case of death, the Committee shall be provided with documentation reasonably necessary to establish the fact of the Participant's death; and

(c)The Payment Date of a Scheduled Distribution shall be April of the Plan Year in which the distribution is scheduled to commence, and the applicable amount shall be calculated as of the last business day of March of Plan Year. Subsequent installments, if any, shall be calculated as of the last business day of March of each Plan Year following the Plan Year in which the initial installment occurs, and shall be made in April of succeeding Plan Year

Notwithstanding the foregoing, the Payment Date shall not be before the earliest date on which benefits may be distributed under Code Section 409A without violation of the provisions thereof, as determined by the Committee

1.28“Performance-Based Compensation” shall mean compensation the entitlement to or amount of which is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months, as determined by the Committee in accordance with Treas. Reg. §l.409A-l(e).

1.29“Plan Year” shall mean the calendar year, except that the first Plan Year shall begin on the Effective Date and end on the last day of the calendar year in which the Effective Date occurs.

1.30“Retirement” shall mean a Participant's Separation from Service after having attained (a) age sixty-five (65) or (b) age fifty-five (55) and completed at least ten (10) Years of Service.

1.31“Separation from Service” shall mean a termination of services provided by a Participant to his or her Employer, whether voluntarily or involuntarily, other than by reason of death or Disability, as determined by the Committee in accordance with Treas. Reg. §l.409A- 1(h). In determining whether a Participant has experienced a Separation from Service, the following provisions shall apply:

(a)For a Participant who provides services to an Employer as an employee, except as otherwise provided in part (c) of this Section, a Separation from Service shall occur when such Participant has experienced a termination of employment with such employer. A Participant shall be considered to have experienced a termination of employment when the facts and circumstances indicate that the Participant and his or her employer reasonably anticipate that either (i) no further services will be performed for the employer after a certain date, or (ii) that the level of bona fide services the Participant will perform for the employer after such date (whether as ·an employee or as an independent contractor) will permanently decrease to no more than 20% of the average level of bona fide services performed by such Participant (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period· of services to the employer if the Participant has been .providing services to the Employer less than 36 months).

If a Participant is on military leave, sick leave, or other bona fide leave of absence, the employment relationship between the Participant and the Employer shall.be treated as continuing intact, provided that the period of such leave does not exceed 6 months, or if longer, so long as the Participant retains a right to reemployment with the Employer under an applicable statute or by contract. If the period of a military leave, sick leave, or other bona fide leave of absence exceeds 6 months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship shall be considered to be terminated for purposes of this Plan as of the first day immediately following the end of such 6-month period. In applying the provisions of this paragraph, a leave of absence shall be considered a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Employer.

(b)For a Participant, if any, who provides services to an Employer as an independent contractor, except as otherwise provided in part (c) of this Section, a Separation from Service shall occur upon the expiration of the contract (or in the case of more than one contract, all contracts) under which services are performed for such Employer, provided that the expiration of such contract(s) is determined by the Committee to constitute a good-faith and complete termination of the contractual relationship between the Participant and such Employer.

(c)For a Participant, if any, who provides services to an Employer as both an employee and an independent contractor, a Separation from Service generally shall not occur until the Participant has ceased providing services for such Employer as both an employee and as an independent contractor, as determined in accordance with the provisions set forth in parts (a) and (b) of this Section, respectively. Similarly, if a Participant either (i) ceases providing services for an Employer as an independent contractor and begins providing services for such Employer as an employee, or (ii) ceases providing services for an Employer as an employee and begins providing services for such Employer as an independent contractor, the Participant will not be considered to have experienced a Separation from Service until the Participant has ceased providing services for such Employer in both capacities, as determined in accordance with the applicable provisions set forth in parts (a) and (b) of this Section.

Notwithstanding the foregoing provisions in this part (c), if a Participant provides services for an Employer as both an employee and as a Director, to the extent permitted by Treas. Reg. §1.409A-l(h)(5) the services provided by such Participant as a Director shall not be taken into account in determining whether the Participant has experienced a Separation from Service as an employee, and the services provided by such Participant as an employee shall not be taken into account in determining whether the Participant has experienced a Separation from Service as a Director.

1.32    “Scheduled. Distribution” shall mean a scheduled distribution date elected by the Participant for distribution of amounts from the Deferral Account, including notional earnings thereon, as provided under Section 6.5.

1.33“Termination of Service” shall mean a Participant’s Separation from Service that does not qualify as a Retirement.

1.34“Years of Service” shall mean the cumulative consecutive years of continuous full-time employment with the Employer (including approved leaves of absence of six months or less or legally protected leaves of absence), beginning on the date the Participant first began service with the Employer, and counting each anniversary thereof. A partial year of employment shall not be treated as a Year of Service.

ARTICLE II
 PARTICIPATION

2.1Enrollment Requirements; Commencement of Participation

(a)An Eligible Executive shall become eligible to participate in the Plan as of the first day of the calendar quarter following his or her selection by the Committee. As a condition to participation, each Eligible Executive shall complete, execute and return to the Committee the appropriate Participant Elections, as well as such other documentation and information as the Committee reasonably requests, by the deadline(s) established by the Committee. In addition, the Committee shall establish from time to time such other enrollment requirements as it determines, in its sole discretion, are necessary.

(b)Each Eligible Executive shall commence participation in the Plan on the date that the Committee determines that the Eligible Executive has met all enrollment requirements set forth in this Plan and required by the Committee, including returning all required documents to the Committee within the 

specified time period.
(c)If an Eligible Executive fails to meet all requirements established by the Committee within the period required, that Eligible Executive shall not be eligible to participate in the Plan during such Plan Year.

ARTICLE III 
CONTRIBUTIONS & DEFERRAL ELECTIONS

3.1 Elections to Defer Compensation. Elections to defer Compensation shall take the form of a whole percentage of any or all of the Compensation sources indicated below as may be made available for deferral by the Committee on a Participant Election form (less applicable payroll withholding requirements for Social Security and income taxes and employee benefit plans, as determined in the sole and absolute discretion of the Committee) up to a maximum of:

(1) 75% of Base Salary
(2) 75% of Bonuses
(3) 75% of LTIP Amounts, and
(4) 75% of Director's Fees.

For each deferral type listed above, a Participant’s deferral election for a given Plan Year shall only be valid and accepted by the Committee if such election reflects a minimum deferral of 5% of the applicable type of Compensation.

The Committee may, in its sole discretion, adjust for subsequent Plan Years on a prospective basis the minimum and maximum deferral percentages described in this Section for one or more types of Compensation (including, without limitation, for particular types of Bonuses) and for one or more subsequent Plan Years; such revised deferral percentages shall be indicated on a Participant Election form approved by the Committee.  Notwithstanding the foregoing, in no event shall the minimum and maximum deferral percentages be adjusted after the last date on which deferral elections for the applicable type(s) of Compensation must be submitted and become irrevocable in accordance with Section 3.2 below and the requirements of Code Section 409A.

3.2Timing of Deferral Elections; Effect of Participant Election(s).

(a)General Timing Rule for Deferral Elections.  Except as otherwise provided in this Section 3.2, in order for a Participant to make a valid election to defer Compensation, the Participant must submit Participant Election(s) on or before the deadline established by the Committee, which shall be no later than the December 31st preceding the Plan Year in which such compensation will be earned.

Any deferral election made in accordance with this Section 3.2(a) shall be irrevocable; provided, however, that if the Committee permits or requires Participants to make a deferral election by the deadline described above for an amount that qualifies as Performance-Based Compensation, the Committee may permit a Participant to subsequently change his or her deferral election for such compensation by submitting new Participant Election(s) in accordance with Section 3.2(c) below.

(b)Timing of Deferral Elections for New Plan Participants.  An Eligible Executive who first becomes eligible to participate in the Plan on or after the beginning of a Plan Year, as determined in accordance with Treas.  Reg. §l.409A-2(a)(7)(ii) and the “plan aggregation” rules provided in Treas.  Reg. §l.409A-l(c)(2), may be permitted to make an election to defer the portion of Compensation attributable to services to be performed after such election, provided that the Participant submits Participant Election(s) on or before the deadline established by the Committee, which in no event shall be later than thirty (30) days after the Participant first becomes eligible to participate in the Plan. 

If a deferral election made in accordance with this Section 3.2(b) relates to compensation earned based-upon 

a specified performance ·period, the amount eligible for deferral shall be equal to (i) the total. amount of compensation for the performance period, multiplied by (ii) a fraction, the numerator of which is the number of days remaining in the service period after the Participant’s deferral election is made, and the denominator of which is the total number of days in the performance period.

Any deferral election made in accordance with this Section 3.2(b) shall become irrevocable no later than the 30th day after the date the Participant first becomes eligible to participate in the Plan.

(c)Timing of Deferral Elections for Performance-Based Compensation. Subject to the limitations described below, the Committee may determine that an irrevocable deferral election for an amount that qualifies as Performance-Based Compensation may be made by submitting Participant Election(s) on or before the deadline established by the Committee, which in no event shall be later than six (6) months before the end of the performance period.

In order for a Participant to be eligible to make a deferral election for Performance-Based Compensation in accordance with the deadline established pursuant to this Section 3.2(c), the Participant must have performed services continuously from the later of (i) the beginning of the performance period for such compensation, or (ii) the date upon which the performance criteria for such compensation are established, through the date upon which the Participant makes the deferral election for such compensation.  In no event shall a deferral election submitted under this Section 3.2(c) be permitted to apply to any amount of Performance-Based Compensation that has become readily ascertainable.

(d)Timing Rule for Deferral of Compensation Subject to Risk of Forfeiture. With respect to compensation (i) to which a Participant has a legally binding right to payment in a subsequent year, and (ii) that is subject to a forfeiture condition requiring the  Participant's continued services for a period of at least twelve (12) months from the date  the Participant obtains the legally binding right, the Committee may determine that an irrevocable deferral election for such compensation may be made by timely delivering Participant Election(s) to the Committee in accordance with its rules and procedures, no later  than the 30th day after the Participant obtains the legally binding right to the compensation,  provided that the election is made at least twelve (12) months in advance of the earliest date at which the forfeiture condition could lapse, as determined in accordance with Treas. Reg. §l.409A-2(a)(5).

Any deferral election(s) made in accordance with this Section 3.2(d) shall become irrevocable no later than the 30th day after the Participant obtains the legally binding right to the compensation subject to such deferral election(s).

(e)Separate Deferral Elections for Each Plan Year.  In order to defer Compensation for a Plan Year, a Participant must submit a separate deferral election with respect to Compensation for such Plan Year by affirmatively filing a Participant Election during the enrollment period established by the Committee prior to the beginning of such Plan Year (or at such other time contemplated under this Section 3.2), which election shall be effective on the first 4ay of the next following Plan Year (unless otherwise specified on the Participant Election).

3.3Company Contributions. The Company shall have the discretion to make Company Contributions to the Plan at any time and in any amount on behalf of any Participant. Company Contributions shall be made in the complete and sole discretion of the Company and no Participant shall have the right to receive any Company Contribution in any particular Plan Year regardless of whether Company Contributions are made on behalf of other Participants.

3.4Investment Elections.

(a)Participant Designation.  At the time of entering the Plan and/or of making a deferral election under the Plan, the Participant shall designate, on a Participant Election provided by the Committee, 

the Funds in which the Participant's Accounts shall be deemed to be invested for purposes of determining the amount of earnings and losses to be credited to each Account.   The Participant may specify that all or any percentage of his or her Accounts shall be deemed to be invested, in whole percentage increments, in one or more of the Funds selected as· alternative investments under the Plan from time to time by the Committee pursuant to subsection (b) of this Section.   If a Participant fails to make an election among the Funds as described in this section, the Participant's Account balance shall automatically be allocated into the lowest-risk Fund, as determined by the Committee in its sole discretion.   A Participant may change any designation made under this Section as permitted by the Committee by filing a revised election, on a Participant Election provided by the  Committee.  Notwithstanding the foregoing, the Committee, in its sole discretion, may impose limitations on the frequency with which one or more of the Funds. elected in accordance with this Section may be added or deleted by such Participant; furthermore, the Committee, in its sole discretion, may impose limitations on the frequency with which the Participant may change the portion of his or her Account balance allocated to each previously or newly elected Fund.

(b)     Investment Funds. Prior to the beginning of each Plan Year, the Committee may select, in its sole and absolute discretion, each of the types of commercially available investments communicated to the Participant pursuant to subsection (a) of this Section to be the Funds. The Interest Rate of each such commercially available investment shall be used to determine the amount of earnings or losses to be credited to the Participant's Account under Article IV. The Participant's choice among investments shall be solely for purposes of calculation of the Crediting Rate on Accounts. The Company and the Employers shall have no obligation to set aside or invest amounts as directed by the Participant and, if the Company and/or the Employer elects to invest amounts as directed by the Participant, the Participant shall have no more right to such investments than any other unsecured general creditor.

3.5Distribution Elections.

(a)Initial Election.  At the time of making· a deferral election under the Plan, the Participant shall designate the time and form of distribution of deferrals made pursuant to such election (together with any earnings credited thereon) and Company Contributions (if any) from among the alternatives specified under Article VI for the applicable distribution. Such distribution election for a given Plan Year shall relate solely to that Plan Year's deferrals and Company Contributions (if any).  A new distribution election may be made at the time of subsequent deferral elections with respect to deferrals in Plan Years beginning after the election, is made, in accordance with the Participant Election forms.

(b)Modification of Election.  A distribution election with respect to previously deferred amounts may only be changed under the terms and conditions specified in Code Section 409A and this Section.  Except as permitted under Code Section 409A, no acceleration of a distribution is permitted. A subsequent election that delays payment or changes the form of payment shall be permitted if and only if all of the following requirements are met:

(1)the new election does not take effect until at least twelve (12)
months after the date on which the new election is made;

(2)    in the case of payments made on account of Retirement or a Scheduled Distribution, the new election delays payment for at least five (5) years from the date that payment would otherwise have been made, absent the new election; and

(3)    in the case of payments made according to a Scheduled Distribution, the new election is made not less than twelve (12) months before the date on which payment would have· been made (or, in the case of installment payments, the first installment payment would have been made) absent the new election.

For purposes of application of the above change limitations, installment payments shall be treated as a single payment under Code Section 409A.  Election changes made pursuant to this Section shall be made in accordance 

with rules established by the Committee and shall comply with all requirements of Code Section 409A and applicable authorities.

ARTICLE IV
ACCOUNTS

4.1Deferral Accounts. The Committee shall establish and maintain a Deferral Account for each Participant under the Plan. Each Participant's Deferral Account shall be further divided into separate subaccounts (“Fund Subaccounts”), each of which corresponds to a Fund designated pursuant to Section 3.4. A Participant's Deferral Account shall be credited as follows:

(a)As soon as reasonably possible after amounts are withheld and deferred from a Participant's Compensation, the Committee shall credit the Fund Subaccounts of the Participant's Deferral Account with an amount equal to Compensation deferred by the Participant in accordance with the designation under Section 3.4; that is, the portion of the Participant's deferred Compensation designated to be deemed to be invested in a Fund shall be credited to the Fund Subaccount to be invested in that Fund;

(b)Each business day, each Fund Subaccount of a Participant’s Deferral Account shall be credited with earnings or losses in an amount equal to that determined by multiplying the balance credited to such Fund Subaccount as of the prior day, less any distributions valued as of the end of the prior day, by the Interest Rate for the corresponding Fund as determined by the Committee pursuant to Section 3.4(b); and

(c)In the event that a Participant elects for a given Plan Year's deferral of Compensation a Scheduled Distribution, all amounts attributed to the deferral of Compensation for such Plan Year shall be accounted for in a manner which allows separate accounting for the deferral, of Compensation and investment gains and losses associated with amounts allocated to each such separate Scheduled Distribution.

4.2Company Contribution Account.  The Committee shall establish and maintain a Company Contribution Account for each Participant under the Plan.  Each Participant's Company Contribution Account shall be further divided into separate Fund   Subaccounts corresponding to the Fund designated pursuant to Section 3.4.  A Participant's Company Contribution Account shall be credited as follows:

(a)As soon as reasonably possible after a Company Contribution is made, the Company shall credit the Fund Subaccounts of the Participant's Company Contribution Account with an amount equal to the Company Contributions, if any, made on behalf of that Participant, that is, the proportion of the Company Contributions, if any, designated to be deemed to be invested in a certain Fund shall be credited to the Fund Subaccount to be invested in that Fund. Unless the Participant elects otherwise, any Company Contribution that may not be deemed invested in such a Fund shall be deemed invested in the default Fund selected by the Committee for such purpose; and

(b)Each business day, each Fund Subaccount of a Participant's Company Contribution Account shall be credited with earnings or losses in an amount equal to that determined by multiplying the balance credited to such Fund Subaccount as of the prior day, less any distributions valued as of the end of the prior day, by the Interest Rate for the corresponding Fund as determined by the Committee pursuant to Section 3.4(b).

4.3Trust. The Company shall be responsible for the payment of all benefits under the Plan. At its discretion, the Company may establish one or more grantor trusts for the purpose of providing for payment of benefits under the Plan. Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Company's creditors. Benefits paid to the Participant from any such trust or trusts shall be considered paid by the Company for purposes of meeting the obligations of the Company under the Plan.

4.4     Statement of Accounts.  The Committee shall provide each Participant with electronic statements 

at least quarterly setting forth the Participant's Account balance as of the end of each calendar quarter.

                                                                    
          ARTICLE V
VESTING

5.1.    Vesting of Deferral Accounts.  The Participant shall be vested at all times in amounts credited to the Participant's Deferral Account.

5.2        Vesting of Company Contribution Account.  Amounts credited to the Participant's Company Contribution Account shall be vested based upon the schedule or schedules determined by the Company in its sole discretion and communicated to the Participant.

ARTICLE VI
DISTRIBUTIONS

6.1Retirement Distributions.

(a)Timing and Form of Retirement Distributions.  Except as otherwise provided herein, in the event of a Participant' s Retirement, the Distributable Amount credited to the Participant's Deferral Account and Company Contribution Account shall be paid to the Participant in a lump sum on the Payment Date following the Participant's Retirement, unless the Participant has made an alternative benefit election on a timely basis to receive substantially equal annual installments over up to fifteen (15) years. In accordance with a Participant Election approved by the Committee, the Participant may elect a separate form of distribution applicable upon Retirement for each Plan Year's aggregate deferrals and Company Contributions (if any).  A Participant may elect to change the form of payment applicable upon Retirement for one or more Plan Years in accordance with the requirements of Section 3.5.

(b)Small Benefit Exception.   Notwithstanding any Retirement distribution election to the contrary, if on initial commencement of benefits payable by reason of a Participant's Retirement the aggregate Distributable Amount from a Participant's Deferral Account and Company Contribution Account is less than or equal to  twenty-five thousand dollars ($25,000), the total Distributable Amount shall be paid in a lump  sum on the applicable Payment Date.

6.2Termination Distributions. Except as otherwise provided herein, in the event of a Participant's Termination of Service, the Distributable Amount credited to the Participant's Deferral Account and Company Contribution Account shall be paid to the Participant in a lump sum on the Payment Date following the Participant's Termination of Service.

6.3Disability Distributions. Except as otherwise provided herein, in the event of a Participant's Disability prior to Separation from Service, the Distributable Amount credited to the Participant's, Deferral Account and Company Contribution Account shall be paid to the Participant on the Payment Date following the Participant's Disability in the same form(s) of payment that would have applied in the event the Participant had experienced a Retirement in accordance with Section 6.1.    

6.4Death Benefits. In the event that a Participant dies prior to complete distribution of his or her Accounts, the Company shall pay to the Participant's Beneficiary a death benefit equal to the total Distributable Amount remaining in the Participant's Deferral Account and Company Contribution Account in a lump sum on the Payment Date following the Participant's death.

6.5Scheduled Distributions.

(a)Scheduled Distribution Election. Participants shall be entitled to elect to receive a 

Scheduled Distribution from the Deferral Account for each Plan Year's deferrals; however, a Scheduled Distribution election shall not apply to Company Contributions for the applicable Plan Year. In the case of a Participant who has elected to receive a Scheduled Distribution for a Plan Year, such Participant shall receive the Distributable Amount, with respect to the specified deferrals, including earnings thereon, which have been elected by the Participant to be subject to such Scheduled Distribution election in accordance with Section 3.5 of the Plan. The Committee shall determine the earliest commencement date that may be elected by the Participant for each Scheduled Distribution and such date shall be indicated on the Participant Election.  The Participant may elect to receive the Scheduled Distribution in a single lump sum or substantially equal annual installments over a period of up to five (5) years. A Participant may delay and change the form of a Scheduled Distribution for one or more Plan Years, provided such election change complies with the requirements of Section 3.5.

(b)Relationship to Other Benefits.

(1)In the event that distribution of a Participant's Accounts is triggered prior to commencement of a Scheduled Distribution, the amounts subject to such Scheduled Distribution shall not be distributed under this Section 6.5, but rather shall be distributed in accordance with the other applicable Section of this Article VI.

(2)In the event of a Participant's Separation from Service or Disability after a Scheduled Distribution has commenced installment payments, such Scheduled Distribution benefits shall continue to be paid at the same time and in the same form as they would have been paid to the Participant had the Separation from Service or Disability, as applicable, not occurred.

(3)In the event of a Participant's death after a Scheduled Distribution has commenced installment payments, the amounts subject to such Scheduled Distribution shall not be distributed under this Section 6.5, but rather shall be distributed in accordance with Section 6.4.

6.6Hardship Distribution. Upon a finding that the Participant has suffered a Financial Hardship, in accordance with Code Section 409A, the Committee may, at the request of the Participant, accelerate distribution of benefits and/or approve cancellation of deferral elections under the Plan, subject to the following conditions: 

(a)The request to take a Hardship Distribution shall be made by filing a form provided by and filed with the Committee prior to the end of any calendar month.

(b)Upon a finding that the Participant has suffered a Financial Hardship in accordance with Treasury Regulations promulgated under Code Section 409A, the Committee may, at the request of the Participant, accelerate distribution of benefits and/or approve cancellation of current deferral elections under the Plan in the amount reasonably necessary to alleviate such Financial Hardship. The amount distributed pursuant to this Section with respect to the Financial Hardship shall not exceed the amount necessary to satisfy such Financial Hardship, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant's assets (to the extent the liquidation of such assets would not itself cause severe financial hardship).

(c)The amount (if any) determined by the Committee as a Hardship Distribution shall be paid in a single cash lump sum as soon as practicable after the end of the calendar month in which the Hardship Distribution determination is made by the Committee.

ARTICLE VII
PAYEE DESIGNATIONS AND LIMITATIONS

7.1Beneficiaries.

(a)Beneficiary Designation. The Participant shall have the right, at any time, to designate any person or persons as Beneficiary (both primary and contingent) to whom payment under the Plan shall be made in the event of the Participant's death. If the Participant names someone other than his or her spouse as a Beneficiary, the Committee may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Committee, executed by such Participant's spouse and returned to the Committee. The Beneficiary designation shall be effective when it is submitted to and acknowledged by the Committee during the Participant's lifetime in the format prescribed by the Committee.

(b)Absence of Valid Designation. If a Participant fails to designate a Beneficiary as provided above, or if every person designated as Beneficiary predeceases the Participant or dies prior to complete distribution of the Participant' s benefits, then the Committee shall deem the Participant's estate to be the Beneficiary and shall direct the distribution of such benefits to the Participant's estate.

7.2Payments to Minors.   In the event any amount is payable under the Plan to a minor, payment shall not be made to the minor, but instead such payment shall be made (a) to that person's living parent(s) to act as custodian, (b) if that person's parents are then divorced, and one parent is the sole custodial parent, to such custodial parent, to act .as custodian, or (c) if no parent of that person is then living, to a custodian selected by the Committee to hold the funds for the minor under the Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in which the minor resides.  If no parent is living and the Committee decides not to select another custodian to hold the funds for the minor, then payment shall be made to the duly' appointed and currently acting guardian of the estate for the minor or, if no guardian of the estate for the minor is duly appointed and currently acting within sixty (60) days after the date the amount becomes payable, payment shall be deposited with the court having jurisdiction over the estate of the minor.

7.3         Payments on Behalf of Persons Under Incapacity.  In the event that any amount becomes payable under the Plan to a person who, in the sole judgment of the· Committee, is considered by reason of physical or mental condition to be unable to give a valid receipt therefore, the Committee may direct that such payment be made to any person found by the Committee, in its sole judgment, to have assumed the care of such person. Any payment made pursuant to such determination shall constitute a full release and discharge of any and all liability of the Committee and the Company under the Plan.

ARTICLE VIII 
LEAVE OF ABSENCE

8.1     Paid Leave of Absence.  If a Participant is authorized by the Participant's Employer to take a paid leave of absence from the employment of the Employer, and such leave of absence does not constitute a Separation from Service, (a) the Participant shall continue to be   considered eligible for the benefits provided under the Plan, and (b) deferrals shall continue to be withheld during such paid leave of absence in accordance with Article III.

8.2     Unpaid Leave of Absence.   If a Participant is authorized by the Participant’s Employer to take an unpaid leave of absence from the employment of the Employer for any reason, and such leave of absence does not constitute a Separation from Service, such Participant shall continue to be eligible for the benefits provided under the Plan.  During the unpaid leave of absence, the Participant shall not be allowed to make any additional deferral elections. However, if the Participant returns to employment, the Participant may elect to defer for the Plan Year following his or her return to employment and for every Plan Year thereafter while a Participant in the Plan, provided such deferral elections are otherwise allowed and a Participant Election is 

delivered to and accepted by the Committee for each such election in accordance with Article III above.

ARTICLE IX 
ADMINISTRATION

9.1    Committee.  The Plan shall be administered by a Committee appointed by the Board, which shall have the exclusive right and full discretion (a) to appoint agents to act on its behalf, (b) to  select  and establish Funds (c)  to interpret  the Plan,  (d) to  decide  any  and  all matters arising hereunder (including the right to remedy possible ambiguities, inconsistencies; or admissions),  (e) to make, amend and rescind  such rules as it deems necessary  for the proper administration  of the Plan and (f) to make all other determinations and resolve all questions of fact necessary or advisable for the administration of the Plan, including: determinations regarding eligibility for benefits payable under the Plan.  All interpretations of the Committee with respect to any matter hereunder shall be final, conclusive and binding on all persons affected thereby. No member of the Committee or agent thereof shall be liable for any determination, decision, or action made in good faith with respect to the Plan. The Company will indemnify and hold harmless the members of the Committee and its agents from and against any and all liabilities, costs, and expenses incurred by such persons as a result of any act, or omission, in connection with the performance of such persons' duties, responsibilities, and obligations under the Plan, other than such liabilities, costs, and expenses as may result from the bad faith, willful misconduct, or criminal acts of such persons.

9.2       Claims Procedure. Any Participant, former Participant or Beneficiary may file a written claim with the Committee setting forth the nature of the benefit claimed, the amount thereof, and the basis for claiming entitlement to such benefit. The Committee shall determine the validity of the claim and communicate a decision to the claimant promptly and, in any event, not later than ninety (90) days after the date of the claim. The claim may be deemed by the claimant to have· been denied for purposes of further review described below in the event a decision is not furnished to the claimant within such ninety (90) day period. If additional information is necessary to make a determination on a claim, the claimant shall be advised of the need for such additional information within forty-five (45) days after the date of the claim. The claimant shall have up to one hundred eighty (180) days to supplement the claim information and the claimant shall be advised of the decision on the claim within forty-five (45) days after the earlier of the date the supplemental information is supplied or the end of the one hundred eighty (180) day period. Every claim for benefits which is denied shall be denied by written notice setting forth in a manner calculated to be understood by the claimant (a) the specific reason or reasons for the denial, (b) specific reference to any provisions of the Plan (including any internal rules, guidelines, protocols, criteria, etc.) on which the denial is based, (c) description of any additional material or information that is necessary to process the claim, and (d) an explanation of the procedure for further reviewing the denial of the claim and shall include an explanation of the claimant's right to submit the claim for binding arbitration in the event of an adverse determination on review.

9.3     Review Procedures. Within sixty (60) days after the receipt of a denial on a claim, a claimant or his/her authorized representative may file a written request for review of such denial. Such review shall be undertaken by the Committee and shall be a full and fair review. The claimant shall have the right to review all pertinent documents. The Committee shall issue a decision not later than sixty (60) days after receipt of a request for review from a claimant unless special circumstances, such as the need to hold a hearing, require a longer period of time, in which case a decision shall be rendered as soon as possible but not later than one hundred twenty (120) days after receipt of the claimant's request for review.  The decision on review shall be in writing and shall include specific reasons for the decision written in a manner calculated to be understood by the claimant with specific reference to any provisions of the Plan·on which the decision is based and shall include an explanation of the claimant's right to submit the claim for binding arbitration in the event of an adverse determination on review.

ARTICLE X
MISCELLANEOUS

10.1     Termination of Plan. Although Employer anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that Employer will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, Employer reserves the right to terminate the Plan with respect to all of its Participants. In the event of a Plan termination, no new deferral elections shall be permitted for the affected Participants and such Participants shall no longer be eligible to receive new Company Contributions.  However, after the Plan termination the Account balances of such Participants shall continue to be credited with deferrals attributable to any deferral election that was in effect prior to the Plan termination to the extent deemed necessary to comply with Code Section 409A and related Treasury Regulations, and additional amounts shall continue to be credited or debited to such Participants’ Account balances pursuant to Article IV. In addition, following a Plan termination, Participant Account balances shall remain in the Plan and shall not be distributed until such amounts become eligible for distribution in accordance with the other applicable provisions of the Plan. Notwithstanding the preceding sentence, to the extent permitted by Treas. Reg. §1.409A-3(j)(4)(ix) or as otherwise permitted under Code Section 409A, the Employer may provide that upon termination of the Plan, all Account balances of the Participants shall be distributed, subject to and in accordance with any rules established by such Employer deemed necessary to comply with the applicable requirements and limitations of Code Section 409A.

10.2Amendment. Employer may, at any time, amend or modify the Plan in whole or in part with respect to Employer. Notwithstanding the foregoing, no amendment or modification shall be effective to decrease the value of a Participant's vested Account balance in existence at the time the amendment or modification is made.

10.3Unsecured General Creditor. The benefits paid under the Plan shall be paid from the general assets of the Company, and the Participant and any Beneficiary or their heirs or successors shall be no more than unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations hereunder.  It is the intention of the Company that this Plan be unfunded for purposes of ERISA and the Code.

10.4Restriction Against Assignment.  The Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and not to any other person or entity. No part of a Participant's Accounts shall be liable for the debts, contracts, or engagements of any Participant, Beneficiary, or their successors in interest, nor shall a Participant’s Accounts be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding, nor shall any such person have  any right to alienate,. anticipate, sell, transfer, commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever. No part of a Participant's Accounts shall be subject to any right of offset against or reduction for ·any amount payable by the Participant or Beneficiary, whether to the Company or any other party, under any arrangement other than under the terms of this Plan.

10.5Withholding. The Participant shall make appropriate arrangements with the Company for  satisfaction of any federal, state or local income tax withholding requirements, Social Security and other· employee tax or other requirements applicable to the granting, crediting, vesting or payment of benefits under the Plan; There shall be deducted from each payment made under the Plan or any other Compensation payable to the Participant (or Beneficiary) all taxes that are required to be withheld by the Company in respect to such payment or this Plan. To the extent permissible under Code Section 409A, the Company shall have the right to reduce any payment (or other Compensation) by the amount of cash sufficient to provide the amount of said taxes.

10.6Code Section 409A. The Company intends that the Plan comply with the requirements of Code Section 409A (and all applicable Treasury Regulations and other guidance issued thereunder) and   shall be   operated   and   interpreted   consistent   with   that intent. Notwithstanding the foregoing, the Company 

makes no representation that the Plan complies with Code Section 409A.

10.7Effect of Receipt.  Any payment made in good faith to a Participant or the Participant’s Beneficiary shall, to the extent thereof, be “in full satisfaction of all claims against the Committee, its members, the Employer and the Company.

10.8Errors in Account Statements, Deferrals or Distributions. In the event an error is made in an Account statement, such error shall be corrected on the next statement following the date such error is discovered. In the event of an operational error, including, but not limited to, errors involving deferral amounts, overpayments or underpayments, such operational error shall be corrected in a manner consistent with and as permitted by any correction procedures established under Code Section 409A. If any portion of a Participant's Account(s) under this Plan is required to be included in income by the Participant prior to receipt due to a failure of this Plan to comply with the requirements of Code Section 409A, the Committee may dete1mine that such Participant shall receive a distribution from the Plan in an amount equal to the lesser of (i) the portion of his or her Account required to be included in income as a result of the failure of the Plan to comply with the requirements of Code Section 409A, or (ii) the unpaid vested Account balance.

10.9Employment Not Guaranteed. Nothing contained in the Plan nor any action taken hereunder shall be construed as a contract of employment or as giving any Participant any right to continue the provision of services in any capacity whatsoever to the Employer.

10.10No Guarantee of Tax Consequences.    The Employer, Company, Board and Committee make no commitment or guarantee to any Participant that any federal, state or local tax treatment will apply or be. available to any person eligible for benefits under the· Plan and assume no liability whatsoever for the tax consequences to any Participant.

10.11Successors of the Company. The rights and obligations of the Company under the Plan shall inure·-to the benefit of, and shall be binding upon, the successors and assigns of the Company.

10.12Notice.  Any notice or filing required or permitted to be given to the Company or the Participant under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, in the case of the Company, to the principal office of the Company, directed to the attention of the Committee, and in the case of the Participant, to the last known address of the Participant indicated on the employment records of the Company. 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.  Notices to the Company may be permitted by electronic communication according to specifications established by the Committee.

10.13Headings. Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the construction of the provisions hereof.

10.14Gender, Singular and Plural.  All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may be read as the plural and the plural as the singular.

10.15Governing Law. The Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly compensated employees” within the meaning of Sections 201, 301 and 401 of ERISA and therefore to be exempt from Parts 2, 3 and 4 of Title I of ERISA.  To the extent any provision of or legal issue relating to, this Plan is not fully preempted by federal law, such issue or provision shall be governed by the laws of the State of Delaware.

10.16Entire Agreement. Unless specifically indicated otherwise, this Plan supersedes any and all prior communications, understandings, arrangements or agreements between the parties, including the 

Employer, the Company, the Board, the Committee and any and all Participants, whether written, oral, express or implied relating thereto.

10.17Binding Arbitration. Any claim, dispute or other matter in question of any kind relating to this Plan which is not resolved by the claims procedures under this Plan shall be settled by arbitration in accordance with the applicable employment dispute resolution rules of the American Arbitration Association. Notice of demand for arbitration shall be made in writing to the opposing party and to the American Arbitration Association within a reasonable time after the claim, dispute or other matter in question has arisen. In no event shall a demand for arbitration be made after the date when the applicable statute of limitations would bar the institution of a legal or equitable proceeding based on such claim, dispute or other matter in question. The decision of the arbitrators shall be final and may be enforced in any court of competent jurisdiction. The arbitrators may award reasonable fees and expenses to the prevailing party in, any dispute hereunder and shall award reasonable fees and expenses in the event that the arbitrators find that the losing party acted in bad faith or with intent to harass, hinder or delay the prevailing party in the exercise of its rights in connection with the matter under dispute.

IN WITNESS WHEREOF, the Board of Directors of the Company has approved the
adoption of this Plan as of the Effective Date and has caused the Plan to be executed by its duly authorized representative this 16 day of January, 2014.       

Coeur Mining, Inc.,
By                        
Name                     
Title

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