Document:

exv10w42

Exhibit 10.42

FORM OF NONQUALIFIED STOCK OPTION AGREEMENT

PURSUANT TO THOMAS & BETTS CORPORATION

2008 STOCK INCENTIVE PLAN

     A NONQUALIFIED STOCK OPTION is hereby granted, as of the date of grant set forth in the
attached Notice of Grant of Stock Option (the “Date of Grant”), to the nonemployee director
identified in the attached Notice of Grant of Stock Option (the “Optionee”) to purchase the number
of shares of Common Stock, par value $.10 per share, of Thomas & Betts Corporation, a Tennessee
corporation (the “Corporation”), set forth in the Notice of Grant of Stock Option. Such Option is
in all respects subject to the terms, definitions and provisions of the Thomas & Betts Corporation
2008 Stock Incentive Plan, as attached to the 2008 Proxy Statement, and as amended from time to
time thereafter (the “Plan”) and which is incorporated herein by reference.

1. Exercise Price. The exercise price for each share is set forth in the attached Notice
of Grant of Stock Option (being one hundred percent (100%) of the Fair Market Value of the Common
Stock, as determined by the Committee, on the date of grant of this Option).

2. Exercise of Option. This Option shall be exercisable in accordance with provisions of
Section 6 of the Plan as follows:

(i) Schedule of Rights to Exercise. This Option shall become fully exercisable on the
business day before the first annual meeting of the Corporation’s shareholders which follows the
Date of Grant if the Optionee’s Termination of Service has not occurred before such business day.
This Option shall become fully exercisable on a Change in Control if the Optionee’s Termination of
Service has not occurred before the Change in Control. If the Optionee’s Termination of Service
occurs prior to the date on which this Option is scheduled to become exercisable, this Option shall
not become exercisable, except as otherwise provided in Paragraph 6, 7 or 8.

(ii) Method of Exercise. This Option may be exercised, to the extent that it is
exercisable, by the Optionee through a broker-facilitated transaction no later than the expiration
date of the Option (as determined under Paragraphs 4 through 9). This Option may not be exercised
for fewer than the lesser of 50 shares of Common Stock or the full number of shares for which this
Option is then exercisable.

(iii) Restrictions on Exercise. This Option may not be exercised if the issuance of the
shares upon such exercise would constitute a violation of any applicable federal or state
securities or other law or regulation. As a condition to the exercise of this Option, the
Corporation may require the person exercising this Option to make any representation and warranty
to the Corporation as may be required by any applicable law or regulation.

3. Non-transferability of Option. This Option may not be transferred by the Optionee other
than by will or by the laws of descent and distribution. During the lifetime of the Optionee, this
Option shall be exercisable only by the Optionee, or by a duly appointed legal representative.

4. Term of Option. This Option may not be exercised more than ten years from the Date of
Grant and may be exercised during such term only in accordance with the Plan and the terms of this
Agreement. As set forth in Section 15 of the Plan and Paragraphs 5 through 8, this Option may
terminate prior to the scheduled expiration date.

 

 

5. Termination of Service for a Reason Other Than Retirement, Disability or Death. If the
Optionee’s Termination of Service occurs for any reason other than Retirement, disability or death,
this Option may be exercised by the Optionee at any time on or before the earlier of (i) the last
day of the term of the Option under Paragraph 4, or (ii) ninety days after the date of such
Termination of Service. This Option may be exercised during this period by the Optionee to the
extent it has become exercisable under Paragraph 2 on the date of the Optionee’s Termination of
Service, and shall terminate on the date of the Optionee’s Termination of Service to the extent it
has not become exercisable under Paragraph 2 on the date of Termination of Service.

6. Retirement. If the Optionee’s Termination of Service occurs as a result of Retirement,
this Option may be exercised by the Optionee at any time on or before the last day of the term of
the Option under Paragraph 4. This Option may be exercised during this period with respect to all
shares covered by the Option even if the Optionee’s Termination of Service occurs before the Option
becomes exercisable under Paragraph 2.

7. Disability. If the Optionee becomes disabled (within the meaning of Code §22(e)(3)) and
the Optionee’s Termination of Service occurs as a result of the disability, this Option may be
exercised by the Optionee at any time on or before the last day of the term of the Option under
Paragraph 4. This Option may be exercised during this period with respect to all shares covered by
the Option even if the Optionee’s Termination of Service occurs before the Option becomes
exercisable under Paragraph 2. In the event of the Optionee’s legal disability, the Option may be
exercised by the Optionee’s legal representative.

8. Death. If the Optionee’s Termination of Service occurs as a result of death or the
Optionee dies before the end of the exercise period described in Paragraph 5, 6 or 7 (as
applicable), this Option may be exercised by the Optionee’s estate, personal representative, or
beneficiary who acquired the right to exercise the Option by bequest or inheritance or by reason of
the death of the Optionee. Such post-death exercise may occur at any time on or before the earlier
of (i) the last day of the term of the Option under Paragraph 4, or (ii) twelve months from the
date of the Optionee’s death. If the Optionee’s Termination of Service occurs as a result of
death, this Option may be exercised during this period with respect to all shares covered by the
Option even if the Optionee’s Termination of Service occurs before the Option becomes exercisable
under Paragraph 2. If the Optionee’s Termination of Service occurs for a reason other than death,
this Option may be exercised during this period to the extent it was exercisable on the date of the
Optionee’s death.

9. Quiet Period. If the last day on which the Optionee (or the Optionee’s legal
representative, estate, personal representative or beneficiary) may exercise the Option under
Paragraph 5 or 8 falls within a Quiet Period, the period during which the Option may be exercised
shall be extended until the earlier of (i) ninety days after the date the Quiet Period ends, or
(ii) the last day of the term of the Option under Paragraph 4.

10. Successors. The terms of this Option shall be binding upon the heirs, personal
representatives and successors of the Optionee and upon the Corporation and its successors and
assigns.

11. Governing Law. This Option shall be construed and enforced in accordance with the laws
of the State of Tennessee (without regard to principles of conflicts of laws), except to the extent
such laws are preempted by federal law. n n n nexv10w45

Exhibit 10.45

THOMAS & BETTS CORPORATION

EXECUTIVE RETIREMENT PLAN

As Amended and Restated Effective January 1, 2005

(Including Amendments Adopted through December 3, 2008)

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	INTRODUCTION
	 	 	1	 
	 
	 	 	 	 
	ARTICLE I. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	1.01 “Actuarial Equivalent”
	 	 	1	 
	1.02 “Affiliated Company”
	 	 	1	 
	1.03 “Average Monthly Compensation”
	 	 	2	 
	1.04 “Beneficiary”
	 	 	2	 
	1.05 “Benefit”
	 	 	2	 
	1.06 “Board of Directors”
	 	 	2	 
	1.07 “Code”
	 	 	2	 
	1.08 “Committee”
	 	 	2	 
	1.09 “Company”
	 	 	2	 
	1.10 “Compensation”
	 	 	2	 
	1.11 “Credited Service”
	 	 	3	 
	1.12 “Early Retirement Date”
	 	 	3	 
	1.13 “Effective Date”
	 	 	3	 
	1.14 “Eligible Employee”
	 	 	3	 
	1.15 “Grandfathered Benefit”
	 	 	3	 
	1.16 “Normal Retirement Date”
	 	 	3	 
	1.17 “Plan”
	 	 	3	 
	1.18 “Retiree”
	 	 	3	 
	1.19 “Retirement Plan”
	 	 	4	 
	1.20 “Section 409A Benefit”
	 	 	4	 
	1.21 “Separation from Service”
	 	 	4	 
	1.22 “10-Year Certain and Life Annuity”
	 	 	4	 
	 
	 	 	 	 
	ARTICLE II. AMOUNT AND PAYMENT OF BENEFITS
	 	 	4	 
	 
	 	 	 	 
	2.01 Payment of Benefit
	 	 	4	 
	2.02 Amount of Normal Retirement Benefit
	 	 	4	 
	2.03 Amount of Early Retirement Benefits
	 	 	5	 
	2.04 Form and Time of Payment for a Grandfathered Benefit
	 	 	5	 
	2.05 Form and Time of Payment for Section 409A
Benefit — Termination On Or
After Early Retirement Date 
	 	 	6	 
	2.06 Termination Prior to Early Retirement Date
	 	 	7	 
	2.07 Pre-Retirement Death Benefit
	 	 	8	 
	2.08 Restoration of Service
	 	 	8	 
	2.09 Designation of Beneficiary
	 	 	8	 
	2.10 Receipt of Single-Sum Payment
	 	 	9	 
	 
	 	 	 	 
	ARTICLE III. GENERAL PROVISIONS
	 	 	9	 
	 
	 	 	 	 
	3.01 Administration
	 	 	9	 
	3.02 Funding
	 	 	9	 
	3.03 No Contract of Employment
	 	 	10	 

-i-

 

Table of Contents

(continued)

	 	 	 	 	 
	 	 	Page	 
	3.04 Competency
	 	 	10	 
	3.05 Withholding Taxes
	 	 	10	 
	3.06 Nonalienation
	 	 	10	 
	3.07 Forfeiture for Cause
	 	 	10	 
	3.08 Mergers/Transfers
	 	 	11	 
	3.09 Change of Control
	 	 	11	 
	3.10 Calculations
	 	 	12	 
	3.11 Elections
	 	 	12	 
	3.12 Acceleration of Payment
	 	 	12	 
	3.13 Construction
	 	 	12	 
	3.14 Insurance Products
	 	 	13	 
	3.15 Nature of Obligation
	 	 	13	 
	3.16 Legal Fees
	 	 	13	 
	3.17 Tax Gross-Up
	 	 	14	 
	 
	 	 	 	 
	ARTICLE IV. AMENDMENT, TERMINATION, OR PARTICIPANT REMOVAL
	 	 	16	 

-ii-

 

THOMAS & BETTS CORPORATION

EXECUTIVE RETIREMENT PLAN

(As Amended and Restated Effective January 1, 2005)

(Including Amendments Adopted through December 3, 2008)

INTRODUCTION

Thomas & Betts Corporation (the “Company”) has adopted and maintained this Executive Retirement
Plan (“Plan”), originally effective as of September 2, 1992, and as subsequently amended on
December 16, 1993, February 5, 1997, June 4, 1997, December 1, 1999, June 7, 2000, December 5,
2000, September 3, 2003 and February 4, 2004, to provide additional retirement income and death
benefit protection to certain officers of the Company in recognition of their contribution to the
Company in carrying out senior management responsibilities.

The Company now desires to amend and restate the Plan in order to (i) incorporate all amendments
and modifications made to the Plan up through and including December 3, 2008, and (ii) ensure that
the provisions of the Plan comply with Section 409A of the Internal Revenue Code of 1986, as
amended, and the related final Treasury Department regulations issued thereunder. The terms and
conditions of participation and benefits under this Plan, as amended, are set out in this document.

All benefits payable under this Plan, which is intended to constitute a non-qualified, unfunded
deferred compensation plan for a select group of management employees under Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), shall be paid out of the general
assets of the Company.

ARTICLE I.  DEFINITIONS

	1.01	 	“Actuarial Equivalent” shall mean the equivalent value when computed based on the UP-84
Mortality Table and an interest rate equal to 100 percent of the interest rate which would be
used by the Pension Benefit Guaranty Corporation (under the pre-November 1, 1993 methodology)
for valuing immediate annuities for single employer plans that terminate on the first day of
the month in which the Eligible Employee’s Benefit payments commence (the “PBGC Interest
Rate”).
	 
	1.02	 	“Affiliated Company” shall mean any company not participating in the Plan which is a member
of a controlled group of corporations (as defined in Section 414(b) of the Code) which also
includes as a member the Company; any trade or business under common control (as defined in
Section 414(c) of the Code) with the Company; any organization (whether or not incorporated)
which is a member of an affiliated service group (as defined in Section 414(m) of the Code)
which includes the Company; and any other entity required to be aggregated with the Company
pursuant to regulations under Section 414(o) of the Code.

 

 

	1.03	 	“Average Monthly Compensation” shall mean the average monthly Compensation of an Eligible
Employee during any sixty (60) consecutive months during his employment with the Company or an
Affiliated Company affording the highest such average. For purposes of determining Average
Monthly Compensation, noncontiguous months of employment interrupted by periods of fewer than
twelve (12) months in which the Employee is not employed shall be treated as consecutive. If
the Eligible Employee has fewer than 60 consecutive full months of employment, Average Monthly
Compensation shall mean the monthly average for all full months of employment completed by
such Eligible Employee. Notwithstanding the foregoing, if an Eligible Employee has
noncontiguous periods of employment and his most recent period of employment commenced at
least twelve (12) full calendar months after the last day of his immediate prior period of
employment, his Average Monthly Compensation shall be determined solely on the basis of his
most recent period of employment.
	 
	1.04	 	“Beneficiary” shall mean the person or persons designated by an Eligible Employee as
beneficiary in a time and manner determined by the Committee. If the Eligible Employee fails
to designate a Beneficiary or if the Beneficiary predeceases the Eligible Employee, the
Eligible Employee’s spouse shall be the Beneficiary or if no spouse survives the Eligible
Employee, the Eligible Employee’s estate shall be the Beneficiary. An Eligible Employee may
change his designated Beneficiary in a time and manner determined by the Committee.
	 
	1.05	 	“Benefit” shall mean the amounts payable under Article 2 of this Plan, including the
Grandfathered Benefit and the Section 409A Benefit.
	 
	1.06	 	“Board of Directors” shall mean the Board of Directors of Thomas & Betts Corporation.
	 
	1.07	 	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
	 
	1.08	 	“Committee” shall mean the Company’s Compensation Committee of the Board of Directors, any
successor or substitute committee thereto, or, during any period of time when no such
committee is in existence, the Company’s entire Board of Directors.
	 
	1.09	 	“Company” shall mean the Thomas & Betts Corporation or any successor by merger, purchase or
otherwise, with respect to its employees and such Affiliated Companies authorized by the Board
of Directors, on such terms and conditions as the Board may determine, to participate in the
Plan.
	 
	1.10	 	“Compensation” shall mean the base cash compensation paid to an Eligible Employee in respect
of each month for services rendered to the Company by such Eligible Employee, plus the amount
paid pursuant to the provisions of the Executive Incentive Plan and the Management Incentive
Plan or such substitute or similar plans, determined prior to any pre-tax contributions under
a “qualified cash or deferred arrangement” (as defined under Section 401(k) of the Code and
its applicable regulations) or under a “cafeteria plan” (as defined under Section 125 of the
Code and its applicable
regulations) and prior to any amount which an Eligible Employee has elected to defer under
the Thomas & Betts Supplemental Executive Investment Plan.

- 2 -

 

	1.11	 	“Credited Service” shall mean with respect to an Eligible Employee service determined
pursuant to the provisions of Section 2.9 (or any successor thereto) of the Retirement Plan.
If an Eligible Employee, who either has received a lump sum distribution from the Plan or is
receiving a monthly payment from the Plan is subsequently rehired and resumes participation in
the plan, his Credited Service attributable to his employment prior to his rehire shall be
disregarded in determining the amount of his Benefit which accrues subsequent to his rehire.
His Credited Service attributable to employment both before and after his rehire shall,
however, be taken into account in determining whether he has satisfied the service eligibility
requirements for a Benefit under the Plan. Notwithstanding the foregoing, an Eligible
Employee may, subject to the approval by the Committee, be granted additional months or years
of age or of Credited Service for purposes of determining the amount of Benefit under the Plan
or for purposes of satisfying the service eligibility requirements necessary for a Benefit
under the Plan or both. The number of months or years of age or of Credited Service so
granted, if any, shall be set forth in Appendix A.
	 
	1.12	 	“Early Retirement Date” shall mean the first day of the calendar month following an Eligible
Employee’s 55th birthday, or the Eligible Employee’s 50th birthday if
such Eligible Employee commenced employment with the Company prior to December 1, 1997. For
purposes of determining whether employment commenced prior to December 1, 1997, “Company”
shall not include Augat Inc. or any Affiliated Company which became authorized to participate
in this Plan after November 30, 1997.
	 
	1.13	 	“Effective Date” shall mean September 2, 1992, for the Plan as originally effective, and
January 1, 2005 for the Plan as amended and restated herein.
	 
	1.14	 	“Eligible Employee” shall mean an employee who occupies a position of senior management with
the Company who has been approved by the Committee and who is listed on Appendix A, as amended
from time to time by the Committee.
	 
	1.15	 	“Grandfathered Benefit” shall mean that portion of the Benefit under the Plan as in effect on
October 3, 2004 which was earned and vested (within the meaning of Treas. Reg. §1.409A-6(a) or
any successor thereto) as of December 31, 2004.
	 
	1.16	 	“Normal Retirement Date” shall mean the first day of the calendar month following an Eligible
Employee’s 65th birthday.
	 
	1.17	 	“Plan” shall mean the Thomas & Betts Corporation Executive Retirement Plan, as amended from
time to time.
	 
	1.18	 	“Retiree” shall mean an Eligible Employee who (i) has completed five or more years of
Credited Service, (ii) has reached either his Early Retirement Date or his Normal Retirement
Date, and (iii) either voluntarily or upon the Company’s request or demand
terminates employment with the Company and all Affiliated Companies, or with respect to any
Section 409A Benefit, has a Separation from Service after becoming a Retiree.

- 3 -

 

	1.19	 	“Retirement Plan” shall mean Part A of the Thomas & Betts Pension Plan, as amended from time
to time.
	 
	1.20	 	“Section 409A Benefit” shall mean that portion of the Benefit under this Plan in excess of
the Grandfathered Benefit.
	 
	1.21	 	“Separation from Service” shall mean an Eligible Employee’s termination of employment within
the meaning of Treas. Reg. §1.409A-1(h) or any successor thereto.
	 
	1.22	 	“10-Year Certain and Life Annuity” shall mean an annuity which provides monthly payments to
the Retiree for his lifetime with a guaranteed minimum of one hundred twenty (120) monthly
payments; provided, however, solely with respect to the Grandfathered Benefit,
if the Retiree dies prior to receiving the full one hundred twenty (120) monthly payments, the
remainder of the guaranteed payments shall be commuted and paid in one lump sum to the
Beneficiary in full discharge of the obligation of the Plan.

ARTICLE II. AMOUNT AND PAYMENT OF BENEFITS

	2.01	 	Payment of Benefit
	 
	 	 	Except as otherwise provided, a Benefit shall be
payable by the Company only with respect to an
Eligible Employee who becomes a Retiree, subject to
the provisions of Section 3.07. Such Benefit shall
be payable from the general assets of the Company.
	 
	2.02	 	Amount of Normal Retirement Benefit
	 
	 	 	The monthly amount of the Benefit payable in the
form of a 10-Year Certain and Life Annuity on or
after an Eligible Employee’s Normal Retirement Date
shall be equal to:

	 	(a)	 	2.5 percent of the Eligible Employee’s Average Monthly Compensation multiplied
by the first 20 years of his Credited Service plus 1.5 percent of the Eligible
Employee’s Average Monthly Compensation multiplied by the next 15 years of his Credited
Service

minus

	 	(b)	 	the monthly amount of benefit which is or would be payable to the Eligible
Employee pursuant to the provisions of the Retirement Plan, assuming such benefit
commenced at the same time as the commencement of his Plan Benefit, in the form of a
100% Joint and Survivor Annuity, as described in Section 2.04(a)(i) (an Eligible
Employee who is unmarried at the time the Benefit is determined shall be deemed, for
purposes of the Plan, to have a survivor annuitant born on the same date as the
Eligible Employee).

- 4 -

 

	2.03	 	Amount of Early Retirement Benefits

	 	(a)	 	Unless the provisions of Section 2.03(b) below are applicable, the Benefit
payable to a Retiree whose employment terminates for any reason prior to his Normal
Retirement Date shall be equal to the Benefit determined under the provisions of
Section 2.02 on the basis of his Average Monthly Compensation and Credited Service on
the date of his termination of employment; provided, however, the portion of his
Benefit determined under the provisions of Section 2.02(a) shall be reduced by 3.6% for
each year and 1/12 of 3.6% for each month of a fractional year by which the date the
Retiree’s Benefit begins precedes the 60th anniversary of his birth.
	 
	 	(b)	 	An Eligible Employee who has completed at least five years of Credited Service
and who terminates employment at the Company’s request prior to his Normal Retirement
Date shall, subject to the approval of the Committee and the provisions of Section
3.07, receive a special early Benefit. The special early Benefit shall solely be at
the discretion of the Committee and may reflect (without limitation) the grant of
additional months or years of Credited Service and/or age.

	2.04	 	Form and Time of Payment for a Grandfathered Benefit

	 	(a)	 	The automatic form of payment under this Plan deemed to have been elected with
respect to a Grandfathered Benefit by a Retiree at the time he became an Eligible
Employee shall be a 10-Year Certain and Life Annuity unless the Retiree elected one of
the following optional forms of payment at the time he became an Eligible Employee.

	 	(i)	 	Payment in the form of a 100% Joint and Survivor Annuity of
Actuarial Equivalent value to the Grandfathered Benefit otherwise payable under
Section 2.04(a) above, providing for a reduced monthly benefit during his
lifetime with 100% of such reduced monthly benefit continuing to his surviving
spouse to whom he was married on the date his Grandfathered Benefit payments
commenced for the remainder of such spouse’s lifetime. If the Retiree and the
spouse to whom he was married on the date his Grandfathered Benefit payments
commenced die before receiving one hundred twenty (120) monthly payments, the
remainder of the one hundred twenty (120) guaranteed payments will be commuted
and paid in one lump sum to the named beneficiary of the last surviving
annuitant in full discharge of the obligation of the Plan with respect to the
Grandfathered Benefit. This optional form of benefit shall become effective on
the first day of the month for which the Retiree’s Grandfathered Benefit is
first payable. If the Retiree’s spouse dies before the first day of the month
for which the Retiree’s Grandfathered Benefit is first payable, this optional
form of payment shall be revoked and payments shall be made as a 10-Year
Certain and Life Annuity.

- 5 -

 

	 	(ii)	 	In one single payment to him (or his Beneficiary if he dies
prior to payment under paragraph (b) below) of the Actuarial Equivalent value
of the Grandfathered Benefit otherwise payable under Section 2.04(a) above.
Notwithstanding the foregoing or any provision of the Plan to the contrary, the
lump sum factor to be used in determining the present value of the
Grandfathered Benefit of a Retiree who terminates employment after his Normal
Retirement Date shall be the same lump sum factor as would be used with respect
to an age 65 Retiree receiving a lump sum payment of his Grandfathered Benefit
as of the same date.

	 	(b)	 	Payments shall commence as of the first day of the month following the Eligible
Employee becoming a Retiree or as soon as administratively practicable thereafter.
	 
	 	(c)	 	Any Eligible Employee may change his payment form election with respect to his
Grandfathered Benefit by making a new payment form election at any time; provided,
however, that no such election shall be effective unless it shall have been made and
submitted to the Committee prior to the last day of the calendar year prior to the
calendar year in which the Eligible Employee terminates employment with the Company and
each Affiliated Company.

	2.05	 	Form and Time of Payment for Section 409A Benefit — Termination On Or After Early Retirement
Date

	 	(a)	 	All elections by an Eligible Employee under this Section 2.05 shall apply to
his Section 409A Benefits hereunder and his benefits accrued under the Thomas & Betts
Pension Restoration Plan, which in both cases are payable upon a Separation from
Service on or after such Eligible Employee’s Early Retirement Date (jointly referred to
under this Section 2.05 as “Aggregate Section 409A Benefits”).
	 
	 	(b)	 	Unless the Eligible Employee has made an effective election with respect to
Aggregate Section 409A Benefits as provided in Section 2.05(d), below, for payments
which commence after 2004 and prior to 2009, the form of payment election made with
respect to Benefits prior to 2005 shall apply to such Aggregate Section 409A Benefits,
provided, however, that the Aggregate Section 409A Benefits shall commence on the first
business day of the month following the six-month anniversary of the Eligible
Employee’s Separation from Service as a Retiree. In the absence of a prior affirmative
election by the Eligible Employee, the Aggregate Section 409A Benefits shall be paid in
one single payment on the first business day of the month following the six-month
anniversary of the Eligible Employee’s Separation from Service as a Retiree. The
portion of the single payment attributable to Section 409A Benefits shall be equal to
the Actuarial Equivalent Value of the Section 409A Benefit otherwise payable to the
Eligible Employee in the form of a 10-Year Certain and Life Annuity. The lump sum
factor shall be the same as in Section 2.04(a)(ii) above.

- 6 -

 

	 	(c)	 	Effective January 1, 2009, unless the Eligible Employee (i) has made an
effective election under Section 2.05 (d) or (e) below, the Eligible Employee’s
Aggregate Section 409A Benefit shall be paid in one single payment on the first
business day of the month following the six-month anniversary of the Eligible
Employee’s Separation from Service as a Retiree. The portion of the single payment
attributable to Section 409A Benefits shall be equal to the Actuarial Equivalent Value
of the Section 409A Benefit otherwise payable to the Eligible Employee in the form of a
10-Year Certain and Life Annuity. The lump sum factor shall be the same as in Section
2.04(a)(ii) above.
	 
	 	(d)	 	An Eligible Employee may elect during 2005, 2006, 2007, and 2008, to have his
Aggregate Section 409A Benefit paid in the form of a 10-Year Certain and Life Annuity
or a 10-Year Certain and 100% Joint and Survivor Annuity in lieu of the lump sum
payment, or may change a prior election of an annuity form of payment to a lump sum
payment, but such election shall be effective only for a Separation from Service after
the year of the election and shall commence to be paid on the first business day of the
month following the six-month anniversary of the Eligible Employee’s Separation from
Service as a Retiree.
	 
	 	(e)	 	An Eligible Employee may make an election after 2008 to change the form of
payment as set forth in 2.05(c) or as elected under 2.05(d) with respect to the
Aggregate Section 409A Benefit, provided that any such election shall be effective only
after twelve months from the date of the election and must be made at least twelve
months prior to the date payment would otherwise have been made or have commenced to be
made. In the event of such election, payment shall be made or commence to be made on
the first business day of the month following the five-year anniversary of the date
specified as the payment date in Section 2.05(b) above. Only one such election shall
be permitted except as otherwise provided in Section 2.05(f).
	 
	 	(f)	 	An Eligible Employee who has elected an annuity form may elect the other
annuity form (provided such form is actuarially equivalent to such prior elected
annuity form) with respect to the Aggregate Section 409A Benefit at any time without
regard to the 12-month and 5-year rules.
	 
	 	(g)	 	All elections under this Section 2.05 shall be irrevocable upon delivery of
such election to the Committee or its designee. All benefits subject to such election
and payable as a result of the Employee’s Separation from Service shall be paid or
commence to be paid at the time and in the form elected by the Eligible Employee to
such Employee or in the event of such Employee’s death prior to commencement, to the
designated beneficiary or joint annuitant.

	2.06	 	Termination Prior to Early Retirement Date
	 
	 	 	Notwithstanding any other provision of the Plan, the Committee in its
sole discretion may waive the requirement that an Eligible Employee
must attain his Early Retirement Date

- 7 -

 

		 	or his Normal Retirement Date as a condition precedent to the receipt of his
Benefit, and may instead provide that an Eligible Employee who Separates from
Service after completing five or more years of Credited Service but prior to
reaching his Early Retirement Date shall be vested in his accrued Benefit. The
Actuarial Equivalent present value of such accrued Benefit shall be paid in one
single sum payment on the first business day of the month following the
six-month anniversary of such Separation from Service.

	2.07	 	Pre-Retirement Death Benefit
	 
	 	 	If an Eligible Employee dies prior to his termination
of employment or, with respect to his Section 409A
Benefit, prior to his Separation from Service and
after he has completed five or more years of Credited
Service with the Company, a spouse’s benefit shall be
payable to his surviving spouse. Such spouse’s
benefit shall be a lump sum payment which is the
Actuarial Equivalent value of the amount of monthly
benefit the spouse would have received if the benefit
which the Eligible Employee would have received under
Section 2.02 of this Plan, reduced pursuant to the
provisions of Section 2.03(a) of this Plan, had
commenced on the later of the month following (A) the
Eligible Employee’s date of death or (B) the Eligible
Employee’s Early Retirement Date, in the form of a
100% Joint and Survivor Annuity and the Eligible
Employee had died immediately thereafter. Such
spouse’s Grandfathered Benefit shall be paid as soon
as practicable following such Eligible Employee’s
date of death and the Section 409A Benefit shall be
paid on the last business day of the first month
following the month in which death occurs. For
purposes of this Section 2.07, “Company” shall not
include Augat Inc. or any other Affiliated Company
which became authorized to participate in this Plan
after November 30, 1997.
	 
	2.08	 	Restoration of Service
	 
	 	 	If an Eligible Employee who retired or otherwise
terminated employment is restored to employment with
the Company or an Affiliated Company, the
Grandfathered Benefit shall be suspended and upon a
subsequent termination of employment with the Company
and all Affiliated Companies shall resume in the same
amount and in the same form. The Aggregate Section
409A Benefit accrued prior to the Eligible Employee’s
reemployment shall continue to be paid if in pay
status or shall be paid or commence to be paid at the
time specified under Section 2.05 without regard to
such reemployment. The Eligible Employee shall be
entitled to an additional Section 409A Benefit
calculated under Section 2.02, taking into account
only his Credited Service subsequent to his rehire
date, and the provisions of Section 2.05 shall apply
with respect to the form and time of payment of this
additional Section 409A Benefit.
	 
	2.09	 	Designation of Beneficiary
	 
	 	 	Each Eligible Employee shall file a written
designation of Beneficiary with the Committee upon
qualifying for participation hereunder. Such
designation shall remain in

- 8 -

 

	 	 	force until revoked by the Eligible Employee by filing a new beneficiary form
with the Committee.
	 
	2.10	 	Receipt of Single-Sum Payment
	 
	 	 	If any Retiree has received a single sum payment,
such Retiree’s Beneficiary shall have no further
interest in the Plan or any benefit payable
thereunder.

 ARTICLE III. GENERAL PROVISIONS

	3.01	 	Administration
	 
	 	 	The administration of the Plan, the exclusive power
to interpret it, and the responsibility for carrying
out its provisions are vested in the Committee. The
Committee shall have full discretionary authority to
interpret the Plan and resolve all matters arising in
connection with the Plan. The Committee may adopt
procedural rules and may employ and rely on such
legal counsel, actuaries, accountants and agents as
it may deem advisable to assist in the administration
of the Plan. All disputes regarding claims for Plan
Benefits shall be resolved in accordance with the
claims procedure set forth in the Retirement Plan.
Decisions of the Committee shall be conclusive and
binding on all persons. The expenses of the
Committee attributable to the administration of this
Plan shall be paid directly by the Company.
	 
	3.02	 	Funding

	 	(a)	 	All amounts payable in accordance with this Plan shall constitute a general
unsecured obligation of the Company. Such amounts, as well as any administrative costs
relating to the Plan, shall be paid out of the general assets of the Company, unless
the provisions of paragraph (b) below are applicable.
	 
	 	(b)	 	The Board of Directors may, for administrative reasons, establish a grantor
trust for the benefit of Eligible Employees in the Plan. The assets of said trust will
be held separate and apart from other Company funds and shall be used exclusively for
the purposes set forth in the Plan and the applicable trust agreement, subject to the
following conditions:

	 	(i)	 	the creation of said trust shall not cause the Plan to be other
than “unfunded” for purposes of Title I of ERISA;
	 
	 	(ii)	 	the Company shall be treated as the “grantor” of said trust for
purposes of Sections 671 through 677 of the Code; and
	 
	 	(iii)	 	said trust agreement shall provide that its assets may be used
to satisfy claims of the Company’s general creditors, provided that the rights
of such general creditors are enforceable under federal and state law.

- 9 -

 

	3.03	 	No Contract of Employment
	 
	 	 	The establishment of the Plan shall not be construed as conferring any legal right upon any
person for a continuation of employment, nor shall it interfere with the right of the
Company to discharge any employee.
	 
	3.04	 	Competency
	 
	 	 	If the Committee shall find that any person to whom any amount is or
was payable hereunder is unable to care for his affairs because of
illness or accident, or has died, then the Company, if it so elects,
may direct that any payment due him or his estate (unless a prior
claim therefore has been made by a duly appointed legal
representative) or any part thereof be paid or applied for the
benefit of such person or for the benefit of his spouse, children or
other dependents, an institution maintaining or having custody of
such person, any other person deemed by the Committee to be a proper
recipient on behalf of such person otherwise entitled to payment, or
any of them, in such manner and proportion as the Company may deem
proper, provided, however, that any Aggregate Section 409A Benefit
shall be paid at the same time and in the same form as payment would
have been made to the Eligible Employee. Any such payment shall be
in complete discharge of the liability of the Company therefor.
	 
	3.05	 	Withholding Taxes
	 
	 	 	The Company shall have the right to deduct from each payment to be
made under the Plan any required withholding taxes.
	 
	3.06	 	Nonalienation
	 
	 	 	Except insofar as may otherwise be required by law, no amount payable
at any time under the Plan shall be subject in any manner to
alienation by anticipation, sale, transfer, assignment, bankruptcy,
pledge, attachment, charge or encumbrance of any kind nor in any
manner be subject to the debts or liabilities of any person and any
attempt to so alienate or subject any such amount, whether presently
or thereafter payable, shall be void. With respect to the
Grandfathered Benefit only, if any person shall attempt to, or shall
alienate, sell, transfer, assign, pledge, attach, charge or otherwise
encumber any amount payable under the Plan, or any part thereof, or
if by reason of his bankruptcy or other event happening at any such
time such amount would be made subject to his debts or liabilities or
would otherwise not be enjoyed by him, then the Committee, if it so
elects, may direct that the Grandfathered Benefit be withheld and
that the same or any part thereof be paid or applied to or for the
benefit of such person, his spouse, children or other dependents, or
any of them, in such manner and proportion as the Committee may deem
proper.
	 
	3.07	 	Forfeiture for Cause
	 
	 	 	In the event that an Eligible Employee or Retiree shall at any time
be convicted for a crime involving dishonesty or fraud on the part of
such Eligible Employee or Retiree in

- 10 -

 

	 	 	his relationship with the Company or an Affiliated Company, all benefits that
would otherwise be payable to him under the Plan shall be forfeited. If a
Retiree shall at any time be under indictment for any such crime, any
Grandfathered Benefit amounts payable to such Retiree shall be suspended
pending conviction, dismissal or acquittal in respect thereof. If the Retiree
is not convicted, the suspended amounts shall be paid to him (with simple
interest accruing at the PBGC Interest Rate) within thirty days after the date
of the dismissal or acquittal. For this purpose, any so-called Alford plea or
plea of nolo contendere shall be deemed to constitute an acquittal.
	 
	3.08	 	Mergers/Transfers
	 
	 	 	This Plan shall be binding upon and inure to the
benefit of the Company and its successors and
assignees and the Eligible Employee, his designees
and his estate. Nothing in this Plan shall preclude
the Company from consolidating or merging into or
with, or transferring all or substantially all of its
assets to, another corporation which assumes this
Plan and all obligations of the Company hereunder.
Upon such a consolidation, merger or transfer of
assets and assumption, the term “Company” shall refer
to such other corporation and this Plan shall
continue in full force and effect.
	 
	3.09	 	Change of Control
	 
	 	 	Notwithstanding any other provision of the Plan, in
the case of an Eligible Employee who has an agreement
with the Company which provides for benefits
following a change of control (“Termination
Protection Agreement”), the following provisions
shall apply in the event that such Eligible
Employee’s employment with the Company is terminated
under the circumstances described in Section 3 of his
or her Termination Protection Agreement.

	 	(a)	 	Such Eligible Employee, if not a Retiree as defined in Section 1.18, shall be
deemed to be a Retiree and shall be entitled to a Benefit determined in accordance with
Section 2.02;
	 
	 	(b)	 	For purposes of Section 2.02 such Eligible Employee’s age and years of Credited
Service shall be increased by three (3) years;
	 
	 	(c)	 	The Actuarial Equivalent value of such Eligible Employee’s Grandfathered
Benefit, if any, shall be paid to him or her in a lump sum within 30 days after the
date of termination of his or her employment; and
	 
	 	(d)	 	The Eligible Employee’s Aggregate Section 409A Benefit shall be paid in
accordance with the foregoing Sections of this Plan unless such change of control is a
change in control event as defined in Treas. Reg. §1.409A-3(i)(5) (or any successor
thereto) and the Separation from Service occurs within two years following such change
of control, in which case payment shall be made in a lump sum (equal to the Actuarial
Equivalent value of such Eligible Employee’s Aggregate Section 409A Benefit) on the
first business day of the month following the six-month anniversary of such Separation
from Service.

- 11 -

 

	3.10	 	Calculations
	 
	 	 	Whenever, under this Plan, it is necessary to determine whether one benefit is less than,
equal to, or larger than another, whether or not such benefits are provided under this Plan,
such determination shall be made by the Company’s independent consulting actuary, using
mortality and interest (unless otherwise specified in this Plan) and any other assumptions
normally used at the time by such actuary in determining actuarial equivalents under the
Retirement Plan.
	 
	3.11	 	Elections
	 
	 	 	All elections, designations, requests, notices, instructions, and other communications from
an Eligible Employee, Retiree, or other person to the Committee that are required or
permitted under the Plan shall be in such form as is prescribed from time to time by the
Committee, shall be mailed by Certified or Registered Mail, Return Receipt Requested, or
personally delivered to the principal offices of the Company, and shall be deemed to have
been given and delivered only upon actual receipt thereof at such location.
	 
	3.12	 	Acceleration of Payment
	 
	 	 	Notwithstanding any other provision of the Plan to the contrary, the Company shall make
payments of any Grandfathered Benefit hereunder to a Retiree or Beneficiary before such
payments are otherwise due if the Committee determines, based on a change in the tax or
revenue laws of the United States of America, a published ruling or similar announcement
issued by the Internal Revenue Service, a regulation issued by the Secretary of the Treasury
or his delegate, a decision by a court of competent jurisdiction involving an Eligible
Employee, Retiree or Beneficiary, or a closing agreement made under Section 7121 of the Code
that is approved by the Internal Revenue Service and involves an Eligible Employee, Retiree
or Beneficiary, that an Eligible Employee, Retiree or Beneficiary has recognized or will
recognize income for federal income tax purposes with respect to amounts that are or will be
payable to him under the Plan before they are paid to him. In such cases, any such Retiree
or Beneficiary so affected shall receive the remaining Grandfathered Benefit payments
payable to him and, where appropriate, his Beneficiary in one single payment of Actuarial
Equivalent value to such remaining payments. Upon receipt of such accelerated payment the
provisions of Section 2.10 shall apply to any Beneficiary of such Retiree. Notwithstanding
any other provision of the Plan to the contrary, the Company shall make payment of any
Aggregate Section 409A Benefit hereunder to a Retiree or Beneficiary before such payments
are due if, and only to the extent such amount becomes taxable as a result of a failure to
comply with the requirements of Section 409A of the Code in accordance with Treas. Reg.
§1.409A-3(j)(4)(vii) (or any successor thereto). Any such payment shall offset the
Aggregate Section 409A Benefit otherwise due hereunder.
	 
	3.13	 	Construction

	 	(a)	 	The Plan is intended to constitute an unfunded deferred compensation
arrangement for a select group of management or highly compensated employees

- 12 -

 

	 	 	 	and therefore exempt from the requirements of Sections 201, 301 and 401 of ERISA.
All rights hereunder shall be governed by and construed in accordance with Section
409A of the Code and the final regulations thereunder and, to the extent such
Section and regulations are inapplicable, in accordance with the laws of the State
of Tennessee (without reference to principles of conflicts of law) and, except to
the extent otherwise herein provided, in accordance with the provisions of the
Retirement Plan.
	 
	 	(b)	 	The masculine pronoun shall mean the feminine wherever appropriate.
	 
	 	(c)	 	The captions preceding the sections and articles hereof have been inserted
solely as a matter of convenience and in no way define or limit the scope or intent of
any provisions of the Plan.

	3.14	 	Insurance Products
	 
	 	 	The Company may require each Eligible Employee to assist it in obtaining life insurance
policies on the lives of each Eligible Employee, which policies would be owned by, and be
payable to, the Company. The Eligible Employee may be required to complete an application
for life insurance, furnish underwriting information including medical examinations by a
life insurance company-approved examiner, and authorize release of medical history to the
life insurance company’s underwriter, as designated by the Company. An Eligible Employee
shall have no right or interest in such policies or the proceeds thereof.
	 
	3.15	 	Nature of Obligation
	 
	 	 	No Eligible Employee, Retiree or Beneficiary shall have any interest
in any specific asset of the Company or any Affiliated Company as a
result of the Plan. Nothing contained herein shall be deemed to
create a trust of any kind or any fiduciary relationship between the
Company (or any Affiliated Company) and any Eligible Employee,
Retiree or Beneficiary. Any right to receive any Benefit under the
Plan shall only be the right of a general unsecured creditor.
	 
	3.16	 	Legal Fees
	 
	 	 	In the event that any claim by an Eligible Employee for payment of
any benefit under the Plan is disputed by the Company or the trustee
of any “rabbi” trust created in connection therewith, or any other
dispute in respect of the Plan or any such trust arises between any
Eligible Employee, the Company and/or such trustee, any such Eligible
Employee shall be promptly reimbursed for all reasonable attorney
fees and expenses incurred by any such Eligible Employee during his
or her lifetime (i) in pursuing any such claim, or (ii) in connection
with any such other dispute. All reimbursements shall be made by the
end of the calendar year following the calendar year in which the
expense is incurred and reimbursement in any year shall not affect
the amount of reimbursement in a subsequent year, provided, however,
that no such payment due with respect to a claim or dispute

- 13 -

 

	 	 	arising as a result of a Separation
from Service shall be made prior to
the six month anniversary of
Separation from Service.
	 
	3.17	 	Tax Gross-Up

	 	(a)	 	Payment. Subject to the requirements stated in this Section 3.17, in
the event that amounts hereunder become subject to the additional tax and interest
under Section 409A of the Code (“409A additional tax”) as a result of a plan document
failure or an operational failure caused solely by the action or inaction of the
Company (and not at the request of the Eligible Employee), the Company shall pay to the
Eligible Employee an amount equal to such 409A additional tax and any additional taxes
imposed upon the Eligible Employee due to the Company’s payment of such 409A additional
tax (a “409A Gross-Up Payment”). In no event, however, shall any amounts become
payable under this Section 3.17 as a result of compensation required to be included in
gross income by reason of Section 409A(b)(3) of the Code. The 409A Gross-Up Payment
shall be paid to the Eligible Employee within five business days of the date such taxes
are remitted to the applicable taxing authority, subject to the notification
requirements set forth in Section 3.17(b) in the event such taxes are not remitted by
withholding, but in no event later than the end of the Eligible Employee’s taxable year
next following the Eligible Employee’s taxable year in which the Eligible Employee
remits such taxes.
	 
	 	(b)	 	Notification and Right to Contest. An Eligible Employee shall notify
the Company in writing of any claim by the Internal Revenue Service that, if
successful, would require the payment by the Company of the 409A Gross-Up Payment.
Such notification shall be given as soon as practicable but no later than (10) ten
business days after such Eligible Employee is informed in writing of such claim and
shall apprise the Company of the nature of such claim and the date on which such claim
is requested to be paid. The Eligible Employee shall not pay such claim prior to the
expiration of the 30-day period following the date on which he gives such notice to the
Company (or such shorter period ending on the date that any payment of taxes with
respect to such claim is due). If the Company notifies the Eligible Employee in
writing prior to the expiration of such period that it desires to contest such claim,
or if the Company notifies the Eligible Employee at the time of payment of the Gross-Up
Payment under Section 3.17(a) that it desires to contest the application of the 409A
additional tax (in either case, a “claim”), the Eligible Employee shall (i) give the
Company any information reasonably requested by the Company relating to such claim,
(ii) take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including ,without limitation,
accepting legal representation with respect to such claim by an attorney reasonably
selected by the Company, (iii) cooperate with the Company in good faith in order
effectively to contest such claim, and (iv) permit the Company to participate in any
proceeding relating to such claim; provided, however, that the Company shall bear and
pay directly all costs and expenses (including additional interest and

- 14 -

 

	 		 	penalties) incurred in connection with such contest and shall indemnify and hold
such Eligible Employee harmless, on an after-tax basis, for any income tax
(including interest and penalties with respect thereto) imposed as a result of such
representation and payment of costs and expenses. All such costs and expenses
incurred due to a tax audit or litigation addressing the existence of or amount of a
tax liability under this Section 3.17 shall be paid by the Company within thirty
(30) days of the date payment of such expenses is due, but in any event not later
than (A) December 31 of the year following the year in which the taxes are remitted
to the taxing authority, or (B) where as a result of such audit or litigation no
taxes are remitted, December 31 of the year following the year in which the audit is
complete or there is a final and nonappealable settlement or other resolution of the
litigation. Without limitation on the foregoing provisions of this Section 3.17(b),
the Company shall control all proceedings taken in connection with such contest and,
at its sole option, may pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of such
claim and the Eligible Employee shall prosecute such contest to a determination
before any administrative tribunal, in a court of initial jurisdiction and in one or
more appellate courts, as the Company shall determine; provided, however, that any
extension of the statute of limitations relating to payment of taxes for the taxable
year of the Eligible Employee with respect to which such contested amount is claimed
to be due is limited solely to such contested amount. Furthermore, the Company’s
control of the contest shall be limited to issues with respect to which a 409A
Gross-Up Payment would be payable hereunder, and the Eligible Employee shall be
entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority.
	 
	 	(c)	 	Refund. If an Eligible Employee becomes entitled to receive one or
more refunds of all or any part of the 409A additional tax with respect to which a 409A
Gross-Up Payment was made, the Eligible Employee shall pay the refund to the Company
within five business days of the receipt of any such refund.
	 
	 	(d)	 	Delayed Payment Date. Notwithstanding the foregoing provisions of this
Section 3.17, if under Section 409A of the Code any payment under this Section 3.17 is
considered to be due as a result of the Eligible Employee’s Separation from Service and
the stock of the Company (or the stock of any entity considered a single employer with
the Company under Treas. Reg. §1.409A-1(g) or any successor thereto) is publicly traded
on an established securities market or otherwise at the time of the Participant’s
Separation from Service, no payment shall be made pursuant to this Section 3.17 prior
to the six-month anniversary of such Separation from Service.

- 15 -

 

ARTICLE IV.  AMENDMENT, TERMINATION, OR PARTICIPANT REMOVAL

The Board of Directors reserves the right to modify or to amend, in whole or in part, or to
terminate this Plan at any time (including with respect to any Eligible Employee who has had a
Separation from Service). However, no modification, amendment or termination of the Plan shall
reduce the Benefit being paid to a Retiree as of the date of any such amendment or termination. In
respect of any Eligible Employee, no modification or amendment shall adversely affect such Eligible
Employee, unless such Eligible Employee consents to such modification or amendment in writing, and,
if the Plan is terminated by the Company, each Eligible Employee shall be entitled to a Benefit
calculated under Article 2 above, based on such Eligible Employee’s service and compensation to the
date of such plan termination. Notwithstanding the foregoing, the Board of Directors reserves the
right to modify the Plan at any time without the consent of any Eligible Employee in order to
comply with Section 409A of the Code and the regulations and other guidance issued thereunder.
With respect to Aggregate Section 409A Benefits, payment may be made upon termination of the Plan
only if permitted under regulations issued under Section 409A of the Code.

An Eligible Employee who has not completed five or more years of Credited Service and reached his
Early Retirement Date, may be removed as a participant from the Plan by the Committee if he
terminates employment with the Company or his position changes so that he is no longer considered a
member of senior management. In such case, the former Eligible Employee shall have no rights to
any Benefit under the Plan, but rather such former Eligible Employee shall only have those rights
that are available to such former Eligible Employee under the Company’s other benefit plans.

IN WITNESS WHEREOF, THOMAS & BETTS CORPORATION has caused this Plan, as amended, to be duly
executed this                      day of                     , 2008.

	 	 	 	 	 	 	 
	Attest:	 	THOMAS & BETTS CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

Name:

	 	 	 	 

Name:
	 	 
	Title:

	 	 	 	Title:	 	 

(Corporate Seal)

- 16 -

 

THOMAS & BETTS CORPORATION

EXECUTIVE RETIREMENT PLAN

APPENDIX A

(As amended December 3, 2008)

The following employees of the Corporation have been approved by the Committee as Eligible
Employees under Section 1.14 of the Executive Retirement Plan:

Kenneth W. Fluke(1) (5)

Imad Hajj

Stanley P. Locke

Dominic J. Pileggi(2)(3)

Jim Raines(2)(4)

William E. Weaver, Jr.

Notes:

(1) Meets the credited service requirement to receive a benefit under the Plan.

(2) Meets the age and credited service requirements to receive a benefit under the Plan upon
termination of employment.

- 17 -

 

(3) The Board of Directors approved on October 24, 2000 five (5) years of additional age and
credited service under the Plan for Mr. Pileggi.

(4) The Compensation Committee of the Board of Directors approved on December 4, 2001 five
(5) years of additional age and credited service under the Plan for Mr. Raines.

(5) The Compensation Committee of the Board of Directors approved on February 20, 2004 five
(5) years of additional age and credited service under the Plan for Mr. Fluke.

- 18 -

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