Document:

Form of Option Terms and Conditions

 Exhibit 10.2 
 Kellogg Company 
 Long Term Incentive Plan 

OPTION TERMS AND CONDITIONS 
 For Performance Year 2011, Options awarded in 2012 
  

	1.	Kellogg Company (the “Company”) awards to you and you accept an option to purchase the number of shares of the Company’s Common Stock ($0.25 par value)
(the “Common Stock”) at the option price per share on the date of award described in the Employee Compensation Statement and distributed to you by your manager (such document, together with the Terms and Conditions, being the
“Option”). This option will be forfeited if you are terminated, retired, on long-term disability, on a severance leave of absence or otherwise not an active employee on the date of grant. 

 

	2.	This Option is not a tandem grant nor an Incentive Stock Option under the provisions of the U.S. Internal Revenue Code and, notwithstanding any other provision of this
Option or the Kellogg Company 2009 Long Term Incentive Plan (the “Plan”), it must be exercised prior to or on the expiration date ten (10) years from the Award Date (the “Expiration Date”). This Option vests and becomes
exercisable in equal installments over three (3) years: one-third on the first anniversary date of the grant, one-third on the second anniversary date of the grant and the remaining one-third on the third anniversary date of the grant. It is
your responsibility to exercise this Option prior to or on its Expiration Date, just as is the case with any other employee stock option. The Company has no obligation to notify or contact you prior to the Expiration Date of this Option, or any
other option. 

  

	3.	This Option fully vests if your employment terminates because of death, Disability (as defined in the Plan) or Retirement (as defined in the Plan). If your employment
terminates because of death, the legal representative of your estate or your beneficiary, if so designated, may exercise this Option on or before the first to occur of the Expiration Date and two days after the first anniversary of your death. If
your employment terminates because of Disability or Retirement, you may exercise this Option on or before the first to occur of the Expiration Date and the day after the fifth anniversary of your termination of employment due to Disability or
Retirement. 

  

	4.	Except as set forth in Section 6, if the Company terminates your employment for cause or if you voluntarily terminate employment, vesting stops as of the date of
your termination of employment and any vested portion of this Option must be exercised by you on or before such termination date (or the Expiration Date, if earlier). Any unvested Options or any vested and unexercised Options outstanding on the date
of termination shall be forfeited by you and cancelled by the Company. 

  

	5.	Except as set for the in Section 6, if the Company terminates your employment without cause, vesting stops as of your date of termination of employment and any
vested portion of this Option must be exercised by you on or before the first to occur of the Expiration Date and the date that is three months and one day following the date of your termination of employment. Any unvested Options outstanding on the
date of termination shall be forfeited by you and cancelled by the Company. 

	6.	In the event of a Change of Control, as defined in the Plan, this Option becomes fully exercisable and vested as of the date of such Change of Control if the
award has not been assumed or replaced by a Substitute Award, as defined below. 

 An award will qualify as a
Substitute Award (“Substitute Award”) if it is assumed by any successor corporation, affiliate thereof, person or other entity, or replaced with awards that, solely in the discretionary judgment of the Company’s Compensation Committee
preserves the existing value of the outstanding Option at the time of the Change in Control and provide vesting and other terms and conditions, as applicable, that are at least as favorable to Participants as vesting and other terms and conditions
applicable to the Option (including the terms and conditions that would apply in the event of a subsequent Change in Control). 

If and to the extent this Option is assumed by the successor corporation (or affiliate, person or other entity thereto) or is replaced
with a Substitute Award, then all such Substitute Awards thereof shall remain outstanding and be governed by their respective terms and the provisions of the applicable plan. 
 If this Option is assumed or replaced with a Substitute Award and the participant’s employment with the Company is thereafter terminated by (i) the Company or successor, as the case may be, for
any reason other than cause; or (ii) a participant eligible to participate in the Kellogg Company Change of Control Severance Policy for Key Executives, for Good Reason (as defined in that Policy), in each case, within the two year period
commencing on the date of the Change in Control, then all Substitute Awards for that participant will fully vest immediately as of the date of such participant’s termination and will be fully exercisable subject to the terms and conditions of
that award; provided, however, that Options that become exercisable in accordance with this Section shall remain exercisable until the earlier of (x) expiration of the original term or (y) the second anniversary of the date of termination.

  

	7.	If the exercise of this Option within the time periods set forth herein is prevented by the provisions of Section 16.6 of the Plan, the Option shall remain
exercisable until thirty (30) days after the date such exercise first would no longer be prevented by such provisions, but in any event no later than the Expiration Date. 

This Option may be exercised, in whole or in part during the term, by contacting Merrill Lynch at 1- 866-866-4050 or 1-609-818-8669
(outside of the U.S., Canada, or Puerto Rico), or the Merrill Lynch Grand Rapids Office at 1-877-884-4371 or 1-616-774-4252 (outside of the U.S., Canada, or Puerto Rico). You will have until the market close on the Expiration Date to exercise your
stock options. If your Expiration Date falls on a weekend or a New York Stock Exchange holiday, you must exercise 

 
by the market close on the trading day prior to your Expiration Date. This Option may be exercised by paying the exercise price in cash or surrendering (or attesting to) shares of Common Stock
duly owned by you as provided in the Plan, based on the Fair Market Value (as provided in the Plan) or via a buy/sell exercise with Merrill Lynch. 
  

	8.	The Company shall have the right to deduct or otherwise require any payment by you of any Federal, state, local or foreign taxes required by law to be withheld. The
Company has the right to deduct or require this payment prior to, and as a condition precedent to, issuing or delivering any shares of Common Stock, to you pursuant to this Option. Subject to any terms and conditions which the Committee (as defined
in the Plan) may impose, the minimum required withholding obligation may be satisfied by reducing the number of shares of Common Stock otherwise deliverable pursuant to this Option. You acknowledge that (i) the ultimate liability for any and
all taxes is and remains your responsibility, (ii) the Company makes no representations or undertaking regarding the amount or timing of any taxes, (iii) the Company does not commit to structure the terms of this Option or any aspect of
the transfer of the shares to reduce or eliminate your liability for taxes, and (iv) in no event shall the Company be liable for any tax or other costs to you that may arise under Section 409A of the Internal Revenue Code of 1986 (the
“Code”). 

  

	9.	You will not receive any accelerated ownership feature or “reload” options when this Option is exercised or any tax withholding is paid using shares of Common
Stock or otherwise. 

  

	10.	This Option shall be construed according to the laws of the State of Delaware (regardless of the law that might otherwise govern under applicable Delaware principles of
conflict laws) to the extent not superseded by Federal U.S. law. 

  

	11.	If you exercise any portion of this Option and voluntarily leave employment of the Company or any of its subsidiaries within one (1) year after such exercise to
work for a direct competitor of the Company or any of its subsidiaries, then the gain on exercise represented by the mean market price of the Common Stock on the date of exercise over the exercise price, multiplied by the number of shares purchased,
less any tax withholding or tax obligations, without regard to any subsequent market price decrease or increase, shall be immediately due and payable by you without notice, to the Company. 

 

	12.	 If at any time (including after a notice of exercise has been delivered) the Committee, including any person authorized pursuant to Section 3.2 of
the Plan (any such person, an “Authorized Officer”), reasonably believes that you have committed an act of misconduct as described in this Section, the Committee or an Authorized Officer may suspend your right to exercise this Option
pending a determination of whether an act of misconduct has been committed. If the Committee or an Authorized Officer determines you have engaged in any activity that is contrary or harmful to the interest of the Company or any of its subsidiaries,
including, but not limited to, (i) conduct 

 
relating to your employment for which either criminal or civil penalties against you may be sought, (ii) breaching your fiduciary duty or deliberately disregarding any of the Company’s
(or any of its subsidiaries’) policies or code of conduct, (iii) violating the Company’s insider trading policy, (iv) accepting employment with or serving as a consultant, advisor, or in any other capacity to an entity or person
that is in competition with or acting against the interests of the Company or any of its subsidiaries, (v) directly or indirectly soliciting, hiring, or otherwise encouraging any present, former, or future employee of the Company or any of its
subsidiaries to leave the Company or any of its subsidiaries, (vi) disclosing or misusing any confidential information or material concerning the Company or any of its subsidiaries, or (vii) participating in a hostile takeover attempt of
the Company, then this Option and all rights thereunder shall terminate immediately without notice effective the date on which you perform such act of misconduct, unless terminated sooner by operation of another term or condition of this Option or
the Plan. In addition, if the Committee determines that you engaged in an act of fraud or intentional misconduct during your employment that caused the Company to restate all or a portion of the Company’s financial statements
(“Misconduct”), you may be required to repay to the Company, in cash and upon demand, the Option Proceeds (as defined below) resulting from the sale or other disposition (including to the Company) of shares of Common Stock issued or
issuable upon exercise of this Option if the sale or disposition was effected after the first public issuance or filing with the Securities and Exchange Commission of the financial statements required to be restated. The term “Option
Proceeds” means, with respect to any sale or other disposition (including to the Company) of shares of Common Stock issued or issuable upon exercise of this Option, an amount reasonably determined appropriate by the Committee to reflect the
effect of the restatement on the Company’s stock price, up to the amount equal to the number of shares of Common Stock sold or disposed of multiplied by the difference between the market value per share of Common Stock at the time of such sale
or disposition and the exercise price. The return of Option Proceeds is in addition to and separate from any other relief available to the Company due to your Misconduct. For anyone who is an executive officer for purposes of Section 16 of the
Exchange Act, the determination of the Committee shall be subject to the approval of the Board of Directors. 
 The rights
contained in this section shall be in addition to, and shall not limit, any other rights or remedies that the Company may have under law or in equity, including, without limitation, (i) any right that the Company may have under any other
Company recoupment policy or other agreement or arrangement with a Participant, or (ii) any right or obligation that the Company may have regarding the clawback of “incentive-based compensation” under Section 10D of the
Securities Exchange Act of 1934, as amended (as determined by the applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission). 

	13.	Any amounts the Company or any subsidiary owes you from time to time (including amounts owed to you as wages or other compensation, fringe benefits, or vacation pay, as
well as, any other amounts owed to you by the Company or any subsidiary) may be offset, to the extent of the amounts you owe the Company under paragraphs 11 and 12 above, provided that amounts owed to you which constitute “non-qualified
deferred compensation” under Code Section 409A shall only be offset to the extent allowed under Code Section 409A. Whether or not the Company elects to make any set-off for the full amount owed, calculated as set forth above, you
agree to pay immediately the unpaid balance to the Company. You may be released from obligations under this paragraph only if the Compensation Committee of the Board of Directors of the Company (the “Committee”) (or its duly appointed
agent) determines in its sole discretion that such action is in the best interests of the Company. 

  

	14.	This Option shall be personal to you and not be assignable or transferable by you except as otherwise specifically provided in this document or the Plan.

  

	15.	The Plan is hereby incorporated by reference. Capitalized terms not defined herein shall have the meaning given such term in the Plan. In the event of any conflict
between the Plan and this Option, the provisions of the Plan shall control and this Option shall be deemed modified accordingly. 

  

	16.	The Plan and this Option shall be administered and interpreted by the Committee, as provided in the Plan. Any decision, interpretation or other action made or taken in
good faith by the Committee, arising out of or in connection with the Plan shall be final, binding and conclusive on the Company and all employees and their respective heirs, executors, administrators, successors and assigns. Determinations by the
Committee, including without limitation determinations of employee eligibility, the form, amount and timing of awards, the terms and provisions of awards, and the agreements evidencing awards, need not be uniform and may be made selectively among
eligible employees who receive or are eligible to receive awards, hereunder, whether or not such eligible employees are similarly situated. The Committee may amend this Option to the extent provided in the Plan or this Option.

  

	17.	You agree and understand that applicable securities laws and stock option exchange rules may restrict your right to exercise this Option or to dispose of any shares
which you may acquire upon any such exercise and may govern the manner in which such shares must be sold. You acknowledge access to a copy of the Plan and the prospectus (including all supplements and amendments thereto) most recently issued by the
Company under the Securities Act of 1933, as amended relating to the Plan. The prospectus consists of a Statement of General Information and a Statement of Availability of Information. You also acknowledge that you have no right to receive any
future option grants. 

  

	18.	 This document does not confer on you any right to continue in the employ of the Company or any subsidiary, nor does it interfere with the
Company’s or any subsidiary’s right to terminate your employment or alter other duties at any time. This Option will not be deemed to be compensation for purposes of computing benefits under any retirement plan of the Company or any of its
subsidiaries or affiliates, nor will it affect benefits under any other benefit plan, including any benefit plan under 

 
which the availability or amount of benefits is related to compensation. The grant of this Option is voluntary and occasional and does not create any contractual or other right to receive future
grants of options. All decisions with respect to future option grants, if any, will be at the sole discretion of the Company. 
  

	19.	The Committee shall have the ability to substitute, without receiving your permission, Stock Appreciation Rights to be paid only in shares of Common Stock for any or
all outstanding Options on a one-for-one basis; so long as the term of the substituted Stock Appreciation Rights is the same as the term of the Options and the exercise price of the Stock Appreciation Rights is the same as the exercise price of the
Options, provided that such substitution shall not be allowed to the extent any such substitution constitutes a “modification” of this Option for purposes of Code Section 409A and Treasury Regulation 1.409A-1(b)(5)(v).

  

	20.	For employees who are Senior Vice Presidents of Kellogg Company or an equivalent or higher level, upon the approval by the Company’s Legal and Compliance
Department, you can transfer this Option to (a) members of your immediate family (spouse, children, stepchildren, grandchildren); (b) a trust of the benefit of such family members; (c) a partnership whose only partners are such family
members; and (d) pursuant to decrees of domestic relations orders from tribunals or agencies of competent jurisdiction authorized by laws in the state to provide such orders. The Company shall not be obligated to provide any family member
notices regarding this Option, including, but not limited to, early termination of this Option due to termination of the transferor’s employment. Consideration cannot be paid for the transfer of this Option. All terms and conditions applicable
to this Option prior to its transfer shall remain in place. Subsequent transfers by the transferee are not permitted except by the laws of descent and distribution, and by will. 

 

	21.	By entering into and accepting receipt of this Option, you (i) authorize the Company and any agent of the Company administering the Plan or providing plan
recordkeeping services to disclose to the Company or any of its subsidiaries such information and data as the Company or any such subsidiary shall request in order to facilitate the grant of options and the administration of the Plan;
(ii) waive any data privacy rights you may have with respect to such information; and (iii) authorize the Company to store and transmit such information in electronic form. 

 

	22.	The provisions of this Option are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the
remaining provisions, and any partially unenforceable provision to the extent enforceable in any jurisdiction, shall nevertheless be binding and enforceable. 

 Revised and reissued February 2012Stock Equivalent Plan for Outside Directors of C. R. Bard, Inc.

 Exhibit 10bb 
 STOCK EQUIVALENT PLAN FOR OUTSIDE DIRECTORS OF C. R. BARD, INC. (AS AMENDED AND RESTATED) 
 C. R. Bard, Inc. hereby amends and restates the Stock Equivalent Plan for Outside Directors of C. R. Bard, Inc. (the “Plan”). The Corporation’s objectives in maintaining the Plan are
(a) providing a means of attracting and retaining Outside Directors whose abilities, experience and judgment can contribute to the Corporation’s continued progress and (b) retaining the Outside Director’s continuing counsel
following retirement from the Board of Directors. 
 SECTION 1. DEFINITIONS. 

Except as otherwise specified, or as the context may otherwise require, the following terms have the meanings indicated below for all
purposes of the Plan: 
 1.01 “Account” shall mean a book account maintained by the Committee to disclose
the interest of each Participant under the Plan. 
 1.02 “Annual Retainer” shall mean the annual amount,
exclusive of any Meeting Fees, received by an Outside Director as may from time to time be set by the Board of Directors. 

1.03 “Beneficiary” shall mean the person (or persons) who are designated by the Director to receive benefits
payable upon the Director’s death under this Plan. Such designation shall be made by the Director on a form prescribed by the Corporation. The Director may at any time change or revoke such designation by written notice to the Corporation. If
the Director has no living designated beneficiary on the date of Director’s death, then the benefits otherwise payable to the designated beneficiary under this Agreement shall be paid to the Director’s estate. 

1.04 “Board of Directors” shall mean the Board of Directors of the Corporation. 

1.05 “Cause” shall mean any act or omission (a) in breach of the Outside Director’s duty of loyalty to
the Corporation or its Corporate Stockholders, (b) not in good faith or involving a knowing violation of law, or (c) resulting in receipt by the Outside Director of an improper personal benefit. 

1.06 “Change of Control” shall mean a change of control of the nature that would be required to be reported on the
Current Report on Form 8-K, pursuant to Section 13 or 15(d) of the Act (other than such a change of control involving a Permitted Holder); provided, that, without limitation, a Change of Control shall be deemed to have occurred if: 

(a) any “person” (other than a Permitted Holder) shall become the “beneficial owner”, as those terms are
defined below, of capital stock of the Corporation, the voting power of which constitutes 20% or more of the general voting power of all of the Corporation’s outstanding capital stock; or 

(b) individuals who, as of April 21, 2005, constituted the Board (the “Incumbent Board”) cease for any reasons to
constitute at least a majority of the Board; provided , that any person becoming a Director subsequent to April 21, 2005, whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote of at
least three quarters of the Directors comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of
the Directors of the Corporation, which is or would be subject to Rule 14a-11 of the Regulation 14A promulgated under the Act) shall be, for purposes of the Plan, considered as though such person were a member of the Incumbent Board. 

 For purposes of the definition of Change of Control, the following definitions shall be applicable:

 (c) The term “person” shall mean any individual, group, corporation or other entity. 

(d) For purposes of this definition only, any person shall be deemed to be the “beneficial owner” of any shares of
capital stock of the Corporation: 
 (i) which that person owns directly, whether or not of record, or 

(ii) which that person has the right to acquire pursuant to any agreement or understanding or upon exercise of conversion rights,
warrants, or options, or otherwise, or 
 (iii) which are beneficially owned, directly or indirectly (including shares deemed
owned through application of clause (ii) above), by an “affiliate” or “associate” (as defined in the rules of the Securities and Exchange Commission under the Securities Act of 1933, as amended) of that person, or

 (iv) which are beneficially owned, directly or indirectly (including shares deemed owned through application of clause
(ii) above), by any other person with which that person or such person’s “affiliate” or “associate” (defined as aforesaid) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or
disposing of capital stock of the Corporation. 
 (e) The outstanding shares of capital stock of the Corporation shall
include shares deemed owned through application of clauses (d)(ii), (iii) and (iv), above, but shall not include any other shares which may be issuable pursuant to any agreement or upon exercise of conversion rights, warrants or options, or
otherwise, but which are not actually outstanding. 
 1.07 “Committee” shall mean the Governance Committee
of the Board of Directors or such other committee as may be designated by the Board. 
 1.08 “Corporation
Stock” shall mean the common stock, par value $.25 per share, of the Corporation. 
 1.09 “Effective
Date” shall mean December 14, 2011. 
 1.10 “Fair Market Value” shall mean on a given date,
(a) if there should be a public market for Corporation Stock on such date, the arithmetic mean of the high and low prices of Corporation Stock as reported on such date on the composite tape of the principal national securities exchange on which
shares of Corporation Stock are listed or admitted to trading, or, if Corporation Stock is not listed or admitted on any national securities exchange, the arithmetic mean of the per share closing bid price and per share closing asked price of
Corporation Stock on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such prices are regularly quoted) (the “NASDAQ”), or, if no sale of shares of Corporation Stock
shall have been reported on the composite tape of any national securities exchange or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of shares Corporation Stock have been so reported or quoted shall be used,
and (b) if there should not be a public market for shares of Corporation Stock on such date, the Fair Market Value shall be the value established by the Committee in good faith. 

  
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 1.11 “Meeting Fee” shall mean the fee paid to an Outside Director for
attendance at each meeting of the Board of Directors and each meeting of any Committee of the Board of Directors, but shall not include the additional fee paid to a Committee Chairman. 

1.12 “Outside Director” shall mean a member of the Board of Directors who is not also an employee of the
Corporation. 
 1.13 “Outside Director Fee” shall mean an amount equal to the amount of the Annual
Retainer received by an Outside Director at the time his or her Service terminates, plus 12 times the amount of the Meeting Fee received by the Outside Director at the time his or her Service terminates. 

1.14 “Participant” shall mean an Outside Director who has fulfilled the eligibility requirements of Section 2
and whose distributable interest under the Plan has not been fully paid, forfeited or cancelled. 

1.15 “Plan” shall mean the Stock Equivalent Plan for Outside Directors of C.R. Bard, Inc., as amended and restated.

 1.16 “Pension Plan” shall mean the Employees’ Retirement Plan of C. R. Bard, Inc., as amended and
restated. 
 1.17 “Service” shall mean the number of years that the Outside Director serves on the Board
of Directors, commencing on the date of his or her election as an Outside Director and ending on the date of his or her termination as an Outside Director. With regard to an Outside Director who is a former Chief Executive Officer of the
Corporation, “Service” means the number of years served as a member of the Board of Directors, commencing on the date of his election as a Director and ending on his termination as an Outside Director. For purposes of determining Service,
a partial year shall be rounded up to a full year. 
 1.18 “Unit” shall mean an unfunded promise to pay an
amount of cash equal to one share of Corporation Stock in accordance with the terms of this Plan. 
 SECTION 2. ELIGIBILITY.

 Each Outside Director who was a Participant on the Effective Date shall continue to be a Participant in the Plan. An
individual who becomes an Outside Director after the Effective Date shall become a Participant on the date his or her Service as an Outside Director commences. Except as otherwise provided by the Committee, no Outside Director (other than a former
Chief Executive Officer of the Corporation) shall be a Participant if such Outside Director is a participant or former participant under the Pension Plan. 
 SECTION 3. GRANT OF UNITS. 

3.01 Annual Unit Credits. Each year, effective on the date on which annual stock-based awards are granted
pursuant to the 2005 Directors’ Stock Award Plan of C. R. Bard, Inc. (as Amended and Restated) or similar plan then in effect, the Committee shall grant each Participant a number of Units determined by: (a) adding (i) the Annual
Retainer in effect on such date plus (ii) the Meeting Fee on such date multiplied by 12; then (b) dividing by the Fair Market Value of Corporation Stock on the date of grant of such Units; provided, however, that, notwithstanding any other
provision hereof, in the event that the Board of Directors terminates the Plan effective as of a date other than a December 31st, the grant of Units for the year of the Plan termination shall be prorated based on the portion of the calendar year
that has elapsed through the effective date of the Plan termination. 

  
 3 

 3.02 Participant Accounts. The Committee shall maintain an Account for each
Participant in which Units shall be entered when granted. The Committee shall furnish annually to each Participant a statement of his or her Account. A Participant shall not have any dividend or voting rights with respect to Units credited to his or
her Account. 
 3.03 Grandfathered Benefits. Each Participant who participated in the Retirement Plan for Outside
Directors of C. R. Bard, Inc. (the “Prior Plan”) on December 31, 1996 had additional amounts credited to his or her Account as elected, in writing by him or her prior to January 15, 1997. 

SECTION 4. VESTING. 
 4.01 In General. A Participant shall be vested in the balance in his Account based on his or her Service at termination as an Outside Director according to the following schedule: 

 

			
	 Service at Termination
	  	Vested Percentage
	 Less than 5 years
	  	    0%
	 5 years or more
	  	100%

 Any balance in a Participant’s Account which is not vested on the date of his or her termination of
Service shall be forfeited. 
 4.02 Acceleration of Vesting. Notwithstanding the foregoing provisions of this
section, each Participant shall be 100% vested in the balance in his or her Account upon the effective date of a Change of Control. 

SECTION 5. AMOUNT AND FORM OF BENEFITS. 
 5.01 Determination of Distributable Interest. If a Participant elects to receive quarterly installment payments in accordance with Section 6 below, a Participant shall receive a quarterly
installment benefit (commencing on the date, and for the period of time set forth in Section 6 below) in an amount equal to the number of vested Units in the Participant’s Account multiplied by the average closing price of the Corporation
Stock as listed on the New York Stock Exchange during the six-month period immediately preceding his or her termination date and divided by four times the number of years of the Participant’s Service (each a “Quarterly Installment”).
If a Participant does not elect to receive quarterly installments in accordance with Section 6 below, he or she shall receive an amount equal to the present value of all of the Quarterly Installments that he or she would have received had he or
she elected quarterly installments, discounted using the 30-year treasury rate as in effect on the date of the Participant’s termination of service as a Director. 
 5.02 Form of Benefit. All payments under the Plan shall be made in cash. 

SECTION 6. TIME OF PAYMENTS. 
 6.01 Payment of Benefits. Unless a Participant elects quarterly installment payments pursuant to Section 6.02 or 6.03 below, payment of the Participant’s distributable interest shall
be paid in a lump sum payment as of the first day of the calendar quarter next following the later of (a) the date the Participant terminates service as a Director or (b) the date the Participant attains age 55. 

  
 4 

 6.02 Deferred Payment of Benefits. A Participant may make an
irrevocable election to receive distributions of the Participant’s interest under the Plan in equal quarterly installments for a period of years equal to the number of years of the Participant’s Service by filing an election with the
Committee. If such election is made prior to the later of the 30th day after the Participant commences participation in the Plan or January 1, 2006, such installment payments shall commence on the first day of the calendar quarter next following the later of
(a) the date the Participant terminates service as a Director or (b) the date the Participant attains age 55. 

6.03 Subsequent Deferral Elections. If the election described in Section 6.02 is made after the date on which the grant
is made, installment payments shall commence as of the first day of the calendar quarter next following the later of (a) five years after the Participant terminates Service or (b) the date the Participant attains age 60. A
Participant’s subsequent election to receive benefits in quarterly installments must be made at least twelve months prior to the later of the Participant’s termination of Service or his reaching age 55 in order to be effective. An election
by the Participant made within the twelve month period prior to the Participant’s termination of service shall be null and void and the Participant’s benefits under the Plan shall be distributed in a lump sum as described in
Section 6.01. 
 SECTION 7. INCREASES IN OUTSIDE DIRECTOR FEES. 

If the Annual Retainer and/or Meeting Fees are increased to an amount higher than that in effect as of the date an Outside Director ceased
his or her Service, the Committee may, in its sole discretion, prospectively increase the amount of benefits under the Plan to be paid, or then being paid, to a retired Outside Director to reflect the increase in the Annual Retainer and/or Meeting
Fee. 
 SECTION 8. DEATH BENEFITS. 
 8.01 Post-Termination. If a Participant dies on or after the date payment of the Participant’s distributable interest under the Plan is made or commences, the Participant’s
Beneficiary shall receive the Participant’s remaining distributable interest under the Plan in the manner determined under Section 6 and any election of the Participant in effect as of the Participant’s date of death. 

8.02 Pre-Termination. If a Participant dies prior to the date payment of the Participant’s distributable interest under
the Plan is made or commences, the Participant’s Beneficiary shall receive the payment or payments, if any, the Participant would have received had the Participant terminated Service on the date of the Participant’s death. 

SECTION 9. FORFEITURE OF BENEFITS. 
 9.01 Removal for Cause. If a Participant is removed as an Outside Director for Cause, as determined by the Board of Directors, the Participant shall forfeit all benefits and rights under the
Plan. 
 9.02 Obligations of Retired Outside Directors. A Participant shall forfeit any unpaid benefits under the
Plan if after the Participant ceases to provide Services to the Corporation, the Participant (a) fails to remains available to provide advice and counsel to the Corporation or (b) engages in business activity or other conduct which the
Board of Directors determines in its sole and absolute discretion is competitive to the Corporation’s interests following the Participant’s termination of Service; provided, however, that the obligations of this section do not apply after
the effective date of a Change of Control or after a Participant’s death. 

  
 5 

 SECTION 10. ADJUSTMENTS TO UNITS. 

In the event of (a) a reorganization, recapitalization, stock split, stock dividend, combination of Corporate Stocks, rights
offering, merger, consolidation or other like change in the corporate structure or capital stock of the Corporation, (b) changes in generally accepted principles of accounting, (c) an extraordinary, nonrecurring event, such as a merger or
sale or purchase of assets, resulting in an adjustment to the net book value of a Corporate Stock of Corporation Stock which, in the opinion of the Committee, inequitably affects the value of a Unit, or (d) a Change of Control, the Committee
shall have the power and authority to make such adjustment, as it may deem appropriate, in the number of Units then credited to a Participant’s Account or in the net book value in order to preserve for each Participant rights substantially
proportionate to such Participant’s rights existing prior to such event, provided however that in the event of a Change of Control in no event shall the net book value be an amount less than the net book value immediately preceding the Change
of Control. 
 SECTION 11. ADMINISTRATION. 
 The Plan shall be administered by the Committee, which may delegate its duties and powers in whole or in part to any subcommittee thereof; it is expected that such subcommittee shall consist solely of at
least two individuals who are intended to qualify as “Non-Employee Directors” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934 (or any successor rule thereto) and “outside directors” within the meaning
of Section 162(m) of the Code; provided, however, that the failure of the subcommittee to be so constituted shall not impair the validity of any benefit made by such subcommittee. Subject to the provisions of the Plan, the Committee
shall have exclusive power to determine the amount of, or method of determining, the benefit to be paid to the Participants. The Committee is authorized to interpret the Plan, to establish, amend or rescind any rules and regulations relating to the
Plan and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent
the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all
parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Committee shall have the full power and authority, consistent with the provisions of the Plan, to establish the terms and conditions of any
benefit and to waive any such terms or conditions at any time. The Committee shall require payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of benefit paid under this Plan.

 SECTION 12. UNFUNDED PLAN. 
 12.01 Any benefit under this Plan is intended to constitute an “unfunded” deferred compensation benefit for Outside Directors and as such, to be exempt from ERISA. 

12.02 Any amount due and payable pursuant to the terms of the Plan shall be paid out of the general assets of the Corporation. The
Participants and any Beneficiaries shall not have an interest in any specific asset of the Corporation or any specific asset held hereunder as a result of this Plan. The Corporation shall have no obligation to set aside any funds for the purpose of
making any benefit payments under this Plan. Nothing contained herein shall give the Participant or any Beneficiaries any rights that are greater than those of an unsecured creditor of the Corporation with respect to any unpaid benefits under this
Plan. No action taken pursuant to the terms of this Plan shall be construed to create a funded arrangement, a plan asset, or fiduciary relationship among the Corporation, its designee, and the Participants or any Beneficiaries. 

  
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 SECTION 13. AMENDMENT AND TERMINATION. 

The Board of Directors reserves the right, at any time and from time to time, to alter, amend or terminate this Plan in whole or in part;
provided, however, that no such action may reduce or eliminate the vested Account balance of any Participant. 

SECTION 14. DISPUTE RESOLUTION. 
 14.01 Arbitration. 
 (a) The parties agree that any dispute or claim
concerning this Plan or the terms thereof, including whether such dispute or claim is arbitrable, will be settled by arbitration. The arbitration proceedings shall be conducted under the Commercial Arbitration Rules of the American Arbitration
Association in effect at the time a demand for arbitration under the rules is made. Either party shall make a demand for arbitration by giving a demand in writing to the other party. 

(b) The parties may agree upon one arbitrator, but in the event that they cannot agree, there shall be three, one named in writing by
each of the parties and a third chosen by the two arbitrators. Should either party refuse or neglect to join in the appointment of the arbitrator(s) or to furnish the arbitrator(s) with any papers or information demanded, the arbitrator(s) are
empowered by both parties to proceed ex parte. The arbitrators shall be persons who have a minimum of five years’ experience in resolving pension trust disputes during the ten years immediately preceding the dispute. 

(c) Arbitration shall take place in the Borough of New Providence, State of New Jersey, and the hearing before the arbitrator(s) of the
matter to be arbitrated shall be at the time and place within said Borough as is selected by the arbitrator(s). 
 (d) At the
hearing, any relevant evidence may be presented by either party, and the formal rules of evidence and discovery applicable to judicial proceedings shall not be applicable. Evidence may be admitted or excluded in the sole discretion of the
arbitrator(s). Said arbitrator(s) shall hear and determine the matter and shall execute and acknowledge their binding award in writing and cause a copy thereof to be delivered to each of the parties. The decision of the arbitrator(s) including
determination of amount of any damages suffered shall be exclusive, final and binding upon both parties, their heirs, executors, administrators, successors, and assigns. 
 (e) A judgment confirming the award of the arbitrator(s) may be rendered by any court having jurisdiction; or such court may vacate, modify, or correct the award in accordance with the prevailing laws of
the State of New Jersey. To the extent that any language contained in this arbitration clause shall be inconsistent with any provision of NJS 2A:24-1 et seq. or any provision of the Commercial Arbitration Rules referred to herein, it is the
intention of the parties hereto that the subsequent inconsistent provision of this clause shall control. 
 (f) Notwithstanding
anything contrary in this Plan, this section is in no way an attempt to limit discovery which shall be at the sole discretion and prior approval of the arbitrator(s) and his (their) rulings on discovery shall be binding; however, he (they) is (are)
to be guided by the most expeditious manner in resolving disputes under this Plan. 
 14.02 Costs and Attorney Fees.

 The costs of such arbitration shall be borne by the Corporation. In the event that the Outside Director shall be the
prevailing party in any arbitration or any action at law or in equity to enforce an arbitration award, the Corporation shall pay the Outside Director all costs, expenses and reasonable attorneys’ fees incurred therein by such Outside Director
including, without limitation, such costs, expenses and fees on any appeals. 

  
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 SECTION 15. TRANSFERABILITY. 

Neither the Outside Director nor the Outside Director’s Beneficiary or estate shall have any right to commute, sell, assign, transfer
or otherwise convey the rights to receive any payment hereunder, which payments and all the rights thereto are expressly declared to be non-assignable and non-transferable, and in the event of any attempted assignment or transfer, the Corporation
shall have no further liability hereunder. No benefit payment shall, in any manner be subject to garnishment, attachment, execution, levy, debts, contracts, liabilities, engagements or torts of the Outside Director or the Outside Director’s
designated beneficiary or estate. 
 SECTION 16. ASSIGNMENT. 

Except as herein provided, this Plan shall be binding upon the parties hereto, their heirs, executors, administrators, successors
(including but not limited to successors resulting from any corporate merger or acquisition) or assigns. 
 SECTION 17. NO RIGHTS
TO CONTINUED DIRECTORSHIP. 
 Nothing in this Plan shall confer upon a Outside Director any right to continue to service as a
member of the Board of Directors or any committee of the Board of Directors, to be retained by the Corporation as a consultant or to be employed by the Corporation as an employee and shall not interfere in any way with the right of the Corporation
to terminate the Outside Director’s service as a member of the Board of Directors or any committee of the Board of Directors as set forth in the by-laws of the Corporation or the Outside Director’s consulting or employment relationship
with the Corporation, if any, at any time. 
 SECTION 18. NOTICES. 

Any notice required or permitted under this Plan shall be deemed given when delivered personally, or when deposited in a United States
Post Office as registered mail, postage prepaid, addressed, as appropriate, either to the Outside Director at his or her address hereinabove set forth or such other address as he or she may designate in writing to the Corporation, or to the
Corporation, Attention: Secretary, at 730 Central Avenue, Murray Hill, New Jersey 07974, or such other address as the Corporation may designate in writing to the Outside Director. 
 SECTION 19. GOVERNING LAW. 
 This Plan shall be governed by and
construed according to the laws of the State of New Jersey, determined without regard to its conflicts of law rules. 

  
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