Document:

Exhibit

EXHIBIT 10.391
2013 Stock Incentive Plan, as amended and restated
The complete text of the 2013 Stock Incentive Plan, as amended and restated, is set forth below:

THE CHARLES SCHWAB CORPORATION 
2013 STOCK INCENTIVE PLAN 
(Adopted by the Board on January 24, 2013) 
(Approved by Stockholders on May 16, 2013) 
(Amended and Restated by the Board on January 25, 2018)
(Approved by Stockholders on May 15, 2018)

	
		
	 
	 

	TABLE OF CONTENTS
	 

	 
	Page

	SECTION 1. ESTABLISHMENT AND PURPOSE
	1

	 
	 

	SECTION 2. ADMINISTRATION
	1

	   (a)  Committee Composition
	1

	   (b)  Committee Administration
	2

	   (c)  Committee Delegation
	2

	 
	 

	SECTION 3. PARTICIPANTS
	2

	   (a)  General Rule
	2

	   (b)  Non-Employee Directors
	3

	 
	 

	SECTION 4. STOCK SUBJECT TO PLAN
	5

	   (a)  Basic Limitation
	5

	   (b)  Share Usage
	5

	   (c)  Participant Limits
	5

	   (d)  Adjustments
	6

	 
	 

	SECTION 5. AWARDS
	6

	   (a)  General
	6

	   (b)  Stock Options
	6

	   (c)  Stock Appreciation Rights
	7

	   (d)  Restricted Stock and Restricted Stock Units
	8

	   (e)  Performance Stock
	8

	   (f)  Other Stock or Cash Awards
	8

	   (g)  Performance Goals
	8

	 
	 

	SECTION 6. ADJUSTMENT OF SHARES
	10

	   (a)  Adjustments
	10

	   (b)  Corporate Transactions
	11

	   (c)  Substitution and Assumption of Benefits
	11

i

	
		
	   (d)  Reservation of Rights
	11

	 
	 

	SECTION 7. TERMS OF AWARDS
	11

	   (a)  Transferability
	11

	   (b)  Change in Control
	12

	   (c)  Taxes
	14

	   (d)  Effective Date, Amendment and Termination
	14

	   (e)  Fair Market Value
	14

	   (f)  Dividend Equivalents
	15

	   (g)  Other Provisions
	15

	   (h)  Non-U.S. Employees
	15

	   (i)  Governing Law
	15

	   (j)  Section 409A
	15

	 
	 

	SECTION 8. PAYMENT OF DIRECTORS' FEES DEFERRALS IN SECURITIES
	16

	 
	 

	SECTION 9. DEFERRAL OF AWARDS
	16

	 
	 

	SECTION 10. DEFINED TERMS
	16

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THE CHARLES SCHWAB CORPORATION 
2013 STOCK INCENTIVE PLAN
 
SECTION 1. ESTABLISHMENT AND PURPOSE. 

The Plan was adopted by the Board of Directors of The Charles Schwab 
Corporation (the “Board”) on January 24, 2013, subject to stockholder approval on
May 16, 2013 (the “Effective Date”). The purposes of The Charles Schwab Corporation
2013 Stock Incentive Plan (the “Plan”) are to promote the long-term success of The
Charles Schwab Corporation (“Schwab” or the “Company”) and the creation of
incremental stockholder value by (i) encouraging non-employee directors, employees
and consultants to focus on long-range objectives, (ii) encouraging the attraction and
retention of non-employee directors, employees and consultants with exceptional
qualifications, (iii) linking non-employee directors, employees and consultants directly to
stockholder interests by providing them stock options and other stock and cash
incentives, and (iv) giving Schwab the opportunity to deduct certain compensation of
officers who were, are or may become “covered employees” within the meaning of
section 162(m) (“Covered Employees”) of the Internal Revenue Code of 1986, as
amended (the “Code”) pursuant to any favorable grandfathering of the pre-2018 terms of
section 162(m) of the Code under either federal or state tax law (the “162(m)
Grandfather”).

This Plan is a successor to The Charles Schwab Corporation 2004 Stock Incentive
Plan, The Charles Schwab Corporation 2001 Stock Incentive Plan, The Charles Schwab
Corporation 1992 Stock Incentive Plan and The Charles Schwab Corporation Employee
Stock Incentive Plan (the “Prior Plans”). As of the Effective Date, no further awards shall 
be made under the Prior Plans. The Prior Plans shall continue to apply to awards
granted to a participant under the Prior Plans prior to the Effective Date. In the event that
this Plan is not approved by stockholders, awards shall continue to be made under the
Prior Plans in accordance with their terms. 

SECTION 2. ADMINISTRATION. 

(a) Committee Composition. The Plan will be administered by a Committee (the
“Committee”) of the Board consisting of two or more directors as the Board may
designate from time to time. The composition of the Committee shall satisfy such
requirements as: 

(i) the Securities and Exchange Commission may establish for administrators
           acting under plans intended to qualify for exemption under Rule 16b-3 or its
           successor under the Securities Exchange Act of 1934 (the “Exchange Act”); 

(ii) may be established by the stock exchange or stock market on which
           Schwab’s common stock may be listed pursuant to the rule-making authority of
           such stock exchange or stock market; and 

(iii) the Internal Revenue Service may establish for outside directors acting
        under plans intended to qualify for exemption under section 162(m) of the Code,
        when appropriate to preserve the 162(m) Grandfather. 

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(b) Committee Administration. The Committee shall have discretionary authority to
construe and interpret the Plan and any benefits granted under the Plan, to establish,
interpret and amend rules for Plan administration, to change the terms and conditions of
options and other benefits at or after grant, and to make all other determinations which it
deems necessary or advisable for the administration of the Plan. The determinations of
the Committee shall be made in accordance with its judgment as to the best interests of
Schwab and its stockholders and in accordance with the purposes of the Plan, and shall
be final and conclusive on all persons. A majority of the members of the Committee shall
constitute a quorum, and all determinations of the Committee shall be made by a
majority of its members in person or by telephone. Any determination of the Committee
under the Plan may be made without notice or meeting of the Committee, and shall be
made in writing signed by all the Committee members. No member of the Committee
shall be liable for any action that such member has taken or failed to take in good faith
with respect to the Plan or any award under the Plan. 

(c) Committee Delegation. 

(i) The Committee may, in its discretion, at any time and from time to time,
delegate to one or more of its members (but not less than two members with
respect to Covered Employees, when appropriate to preserve the 162(m)
Grandfather, and persons subject to section 16 of the Exchange Act) such of its
powers as it deems appropriate.

(ii) The Committee may authorize one or more officers of the Company to
select employees to participate in the Plan and to determine the number of option
shares and other rights to be granted to such participants (other than to the officer
making such determination), except with respect to awards to officers subject to
section 16 of the Exchange Act or Covered Employees, when appropriate to
preserve the 162(m) Grandfather, and any reference in the Plan to the Committee
shall include such officer or officers.

(iii) Except with respect to Covered Employees, when appropriate to preserve
the 162(m) Grandfather, and officers subject to section 16 of the Exchange Act, the
Committee may, in its discretion, at any time and from time to time, delegate to one
or more persons who are not members of the Committee, including one or more 
officers,any or all of its authority and discretion under this Section, to the full extent 
permitted by law and the rules of any exchange on which shares of Schwab
common stock are traded. Subject to the requirements of applicable law, the
Committee may also authorize one or more officers of the Company to administer
claims under the Plan.

(iv) Any action by a delegate or an administrator within the scope of its
delegation shall be deemed for all purposes to have been taken by the Committee,
and references in this Plan to the Committee shall include any administrator,
provided that the actions and interpretations of any administrator shall be subject to
review and approval, disapproval, or modification by the Committee.

SECTION 3. PARTICIPANTS. 

(a) General Rule. Participants may consist of all employees and consultants of
Schwab and its subsidiaries, non-employee directors of the Board (“Non-Employee 

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Directors”) and non-employee directors of any subsidiary as determined by the
Committee (“Subsidiary Directors”) or its delegate. This determination may also be made
by the Board or its delegate, except with respect to officers who are or may become
Covered Employees, when appropriate to preserve the 162(m) Grandfather. Any
corporation or other entity in which a 50% or greater interest is at the time directly or
indirectly owned by Schwab shall be a subsidiary for purposes of the Plan. Designation
of a participant in any year shall not require the Committee to designate that person to
receive a benefit in any other year or to receive the same type or amount of benefit as
granted to the participant in any other year or as granted to any other participant in any
year. The Committee shall consider all factors that it deems relevant in selecting
participants and in determining the type and amount of their respective benefits. 

(b) Non-Employee Directors. In addition to any awards that may be granted to them
under Section 3(a), each Non-Employee Director shall receive an automatic equity grant,
subject to the terms of subparagraph (iv) below, as follows: 

(i) For each calendar year for which he or she serves as a Non-Employee
Director following the year in which the Non-Employee Director begins service,
each Non-Employee Director shall receive an equity grant with an aggregate value
equal to $160,000, consisting of 50 percent Stock Options and 50 percent
Restricted Stock Units covering shares of Schwab common stock. The number of 
Stock Options granted shall be determined by dividing $80,000 by the fair value of
a stock option as determined by an options pricing model on the date of grant and
the number of Restricted Stock Units shall be determined by dividing $80,000 by 
the fair market value (defined as the average of the high and low price) of a share
of Schwab common stock on the date of grant. 

(ii) In the first calendar year upon joining the Board, each Non-Employee
Director shall receive an automatic equity grant calculated in the manner specified
in Section 3(b)(i), except that the value of the grant shall be equal to $160,000
multiplied by the number of months remaining in the calendar year during which the
Non-Employee Director will first serve as a Non-Employee Director divided by
twelve. 

(iii) The awards described in subparagraph (i) for a particular calendar year will
be granted to each Non-Employee Director on the second business day following
each regular annual meeting of the Company’s stockholders, provided that the
Non-Employee Director continues to serve as a Non-Employee Director through the 
date of such annual meeting. Otherwise, no award shall be granted with respect to 
such calendar year. The awards described in subparagraph (ii) for a particular
calendar year will be granted to each Non-Employee Director either (A) on the
second business day following the regular annual meeting of the Company’s 
stockholders for the calendar year in which the Non-Employee Director is first 
appointed or elected to the Board, if the Non-Employee Director is elected or
appointed to the Board on or before the date of such annual meeting or (B) on the
date of the first meeting of the Board following the date the Non-Employee Director
is first appointed or elected to the Board, if the Non-Employee Director is elected or 
appointed to the Board after the date of the regular annual meeting of the
Company’s stockholders. 

(iv) Each stock option shall be subject to the following terms and conditions:  
   

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(A) Each stock option shall be designated as a non-qualified stock option 
that is not intended to meet the specific requirements set forth in section 422
of the Code (“Nonqualified Stock Option”); 

(B) The term of each Nonqualified Stock Option shall be 10 years;
provided, however, that any unexercised Nonqualified Stock Option shall
expire on the earlier of (I) the date 10 years after the date of grant; or (II) three
(3) months following the date that the participant ceases to be a Non-
Employee Director or a Subsidiary Director or an employee for any reason
other than retirement (as defined in subparagraph (v) below), death or
disability. If a participant ceases to be a Non-Employee Director or a
Subsidiary Director or employee on account of death or disability, any
unexercised Nonqualified Stock Option shall expire on the earlier of the date
10 years after the date of grant or one year after the date of death or disability
of such director, and if a participant ceases to be a Non-Employee Director or
a Subsidiary Director or employee on account of retirement, any unexercised
Nonqualified Stock Option shall expire on the date 10 years after the date of
grant; and 

(C) The exercise price under each Nonqualified Stock Option shall be
equal to the fair market value on the date of grant as determined by the
Committee. 
 
(v)   The awards described in subparagraphs (i) and (ii) shall become vested 
and exercisable in accordance with the following schedule: 
 
	
			
	 
	 
	Cumulative Vesting Percentage of Award

	1st  anniversary of grant date
	 
	25%

	2nd anniversary of grant date
	 
	50%

	3rd  anniversary of grant date
	 
	100%

Notwithstanding the foregoing, the awards described in subparagraphs (i) and 
(ii) shall be fully vested on the Non-Employee Director’s death, disability (as such
term is defined in the applicable award agreement) or retirement from the Board
and the boards of directors of Schwab’s  subsidiaries (as applicable). For purposes 
of this Section 3(b), “retirement” shall mean a Non-Employee Director’s resignation 
or removal from the Board and the board of directors of Schwab’s subsidiaries (as 
applicable) at any time after he or she has either attained age 70 or completed five 
years of service as a Non-Employee Director or Subsidiary Director.  Simultaneous 
service for a year as a Non-Employee Director and Subsidiary Director shall be    
counted as one year total for purposes of determining years of service.  If a Non-
Employee Director also serves as a Subsidiary Director, he or she must leave both 
boards to qualify for accelerated vesting based on retirement.

(vi) Each Restricted Stock Unit represents the right to receive a share of
Schwab common stock subject to the conditions set forth in the applicable award 
agreement (“Restricted Stock Unit”).  If Schwab pays cash dividends on shares of 
Schwab common stock, each Restricted Stock Unit shall receive a dividend
equivalent payment equal to the dividend paid per share of Schwab common stock 

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multiplied by the number of unvested Restricted Stock Units. Each such payment
shall be made as soon as practicable following the payment of the actual dividend,
but in no event beyond March 15th of the year following the year the actual dividend 
is paid.

SECTION 4. STOCK SUBJECT TO PLAN. 

(a) Basic Limitation. There is hereby reserved for issuance under the Plan an  
aggregate of: 

(i)  105 million shares of Schwab common stock; plus 

(ii) any shares of Schwab common stock subject to outstanding awards under 
the Prior Plans as of the Effective Date that on or after the Effective Date cease for 
any reason to be subject to such awards (other than by reason of exercise or
settlement of the awards to the extent they are exercised for or settled in shares);   
plus 

(iii) any shares of Schwab common stock that were issued under the Prior
Plans and are reacquired by Schwab after the Effective Date. 

The aggregate maximum number of shares of Schwab common stock available
under subparagraphs (ii) and (iii) is 150 million. To the extent an award is paid in cash, it 
shall not reduce the limits of this Section 4(a).

(b) Share Usage. If there is a lapse, expiration, termination or cancellation of any 
award issued under the Plan prior to the issuance of shares under the Plan or if shares 
of common stock are issued under the Plan and thereafter are reacquired by Schwab,
the shares subject to those awards and the reacquired shares shall be added to the
shares available for benefits under the Plan. Shares covered by awards granted under
the Plan or a Prior Plan shall not be counted as issued unless and until they are actually 
issued and delivered to a participant. Any shares covered by a Stock Appreciation Right 
shall be counted as issued only to the extent shares are actually issued to the participant 
upon exercise of the right. In addition, any shares of common stock exchanged by a 
participant as full or partial payment to Schwab of the exercise price under any Stock
Option exercised under the Plan or a Prior Plan, any shares retained by Schwab
pursuant to a participant’s tax withholding election, and any shares covered by a benefit 
which is settled in cash shall be added to the shares available for benefits under the
Plan. All shares issued under the Plan may be authorized and unissued shares, issued 
shares reacquired by Schwab or other shares that are treasury shares.
 
(c) Participant Limits. Under the Plan, no participant may be granted in any fiscal
year of the Company: 

(i) Stock Options or SARs relating to more than 5 million shares of Schwab 
common stock in the aggregate, and 

(ii) Restricted Stock, Restricted Stock Units, Performance Stock, Performance-
Based Restricted Stock Units, Performance Units denominated in shares of
Schwab common stock, or Other Stock Awards that are subject to the attainment of

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Performance Criteria described in Section 5(g) relating to more than 1 million
shares of Schwab common stock in the aggregate, and

(iii) Performance Units denominated in cash or Other Cash Awards that are 
subject to the attainment of Performance Criteria described in Section 5(g) that
could entitle the participant to more than $10 million in the aggregate from that
year’s awards (considering for this purpose the maximum that could be payable, 
including for above-target performance).

With respect to any Stock Option or SAR granted to a participant who is a Covered
Employee that is canceled, the number of shares of Schwab common stock originally
subject to such Stock Option or SAR shall continue to count against the limit specified in
subparagraph (i) above in accordance with Section 162(m) of the Code, when
appropriate to preserve the 162(m) Grandfather.

(d) Adjustments. The shares reserved for issuance and the limitations set forth in
this Section 4 shall be subject to adjustment in accordance with Section 6. 

SECTION 5. AWARDS. 

(a) General. Benefits under the Plan shall consist of Stock Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Stock,
Performance-Based Restricted Stock Units, Performance Units, and Other Stock or
Cash Awards, all as described below. Each award under the Plan shall be evidenced by
a written award agreement in paper or electronic form approved by the Committee.
Such agreement shall be subject to and incorporate the express terms and conditions, if 
any, required under the Plan or as required by the Committee for the form of award
granted and such other terms and conditions as the Committee may specify.
  
(b) Stock Options. Stock Options may be granted to participants at any time as 
determined by the Committee. The Committee shall determine the number of shares
subject to each option and whether the option is an incentive stock option described in 
section 422(b) of the Code (an “Incentive Stock Option”); provided that only a common-
law employee shall be eligible for the grant of an Incentive Stock Option. No participant 
may be granted Incentive Stock Options (under this Plan or any other Incentive Stock
Option plan of the Company and its affiliates) which are first exercisable in any calendar 
year for shares of Schwab common stock having an aggregate fair market value
(determined as of the date an option is granted) that exceeds $100,000; any Stock
Option granted under the Plan that exceeds this limit shall be a Nonqualified Stock
Option. The option price for each option shall be determined by the Committee but shall 
not be less than 100% of the fair market value of Schwab’s common stock on the date
the option is granted (110% in the case of an Incentive Stock Option granted to an
individual who, at the time of grant, owns stock possessing more than 10% of the total 
combined voting power of all classes of stock of the Company (a “10% Stockholder”).
Each option shall expire at such time as the Committee shall determine at the time of
grant. Options shall be exercisable at such time and subject to such terms and
conditions as the Committee shall determine; provided, however, that no option shall be 
exercisable later than the tenth anniversary of its grant (five years in the case of an
Incentive Stock Option granted to a 10% Stockholder). The option price, upon exercise
of any option, shall be payable to Schwab in full by: 

6

(i) cash payment or its equivalent; 

(ii) surrendering, or attesting to the ownership of, shares of Schwab stock that 
are already owned by the participant; 

(iii) delivery of a properly executed exercise notice, together with irrevocable 
instructions to a broker to promptly deliver to Schwab the amount of sale proceeds
from the option shares or loan proceeds to pay the exercise price and any
withholding taxes due to Schwab; and 

(iv) such other methods of payment as the Committee, at its discretion, deems 
appropriate; provided, however, that no method of payment will be permitted if it
would result in a violation of applicable law, as determined by the Committee in its 
sole discretion. 

In no event shall the Committee cancel any outstanding Stock Option for the
purpose of reissuing the option to the participant at a lower exercise price or reduce the 
option price of an outstanding option. 

Notwithstanding anything in this Section 5(b) to the contrary, Stock Options may be 
granted only to individuals who provide direct services on the date of grant of the Stock 
Option to the Company or another entity in a chain of entities in which the Company or 
another such entity has a controlling interest within the meaning of Treasury Regulation 
section 1.409A-1(b)(iii)(E) in each entity in the chain.

(c) Stock Appreciation Rights. Stock Appreciation Rights (“SARs”) may be granted
to participants at any time as determined by the Committee. An SAR may be granted in 
tandem with a Stock Option granted under this Plan or on a free-standing basis. The 
Committee also may, in its discretion, substitute SARs for outstanding Stock Options.
The grant price of a tandem or substitute SAR shall be equal to the option price of the 
related option. The grant price of a free-standing SAR shall be equal to the fair market
value of Schwab’s common stock on the date of its grant. An SAR may be exercised
upon such terms and conditions and for such term as the Committee in its sole
discretion determines; provided, however, that the term shall not exceed the option term 
in the case of a tandem or substitute SAR or ten years in the case of a free-standing
SAR and the terms and conditions applicable to a substitute SAR shall be substantially
the same as those applicable to the Stock Option which it replaces. Upon exercise of an 
SAR, the participant shall be entitled to receive payment from Schwab in an amount 
determined by multiplying the excess of the fair market value of a share of Schwab
common stock on the date of exercise over the grant price of the SAR by the number of 
shares with respect to which the SAR is exercised. The payment may be made in cash
or stock, at the discretion of the Committee. Notwithstanding anything in this Section 5(c) 
to the contrary, SARs may be granted only to individuals who provide direct services on 
the date of grant of the SAR to the Company or another entity in a chain of entities in
which the Company or another such entity has a controlling interest within the meaning
of Treasury Regulation section 1.409A-1(b)(iii)(E) in each entity in the chain.

In no event shall the Committee cancel any outstanding SAR for the purpose of 
reissuing the SAR to the participant at a lower grant price or reduce the grant price of an
outstanding SAR. 

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(d) Restricted Stock and Restricted Stock Units. Restricted Stock and Restricted
Stock Units may be awarded or sold to participants under such terms and conditions as 
shall be established by the Committee. Restricted Stock and Restricted Stock Units shall 
be subject to such restrictions as the Committee determines, including, without limitation,
any of the following (i) a prohibition against sale, assignment, transfer, pledge, 
hypothecation or other encumbrance for a specified period; or (ii) a requirement that the 
holder forfeit (or in the case of shares or units sold to the participant resell to Schwab at 
cost) such shares or units in the event of termination of employment during the period of 
restriction. All restrictions shall expire at such times as the Committee shall specify. 
Settlement of vested Restricted Stock Units may be made in the form of (a) cash,
(b) shares of Schwab common stock or (c) any combination of both, as determined by
the Committee. Restricted Stock Units may be settled in a lump sum or in installments
as specified in the applicable award agreement. The distribution may occur or
commence when all vesting conditions applicable to the Restricted Stock Units have
been satisfied or have lapsed, or it may be deferred to any later date in accordance with 
Section 9, as provided for in the applicable award agreement. 

(e) Performance Stock. The Committee shall designate the participants to whom
long-term performance stock (“Performance Stock”), long-term performance-based 
restricted stock units (“Performance-Based Restricted Stock Units”)  or long-term 
performance units (“Performance Units”) are to be awarded and determine the number       
of shares or units, the length of the performance period and the other terms and           
conditions of each such award. Each award of Performance Stock, Performance-Based 
Restricted Stock Units or Performance Units shall entitle the participant to a payment in 
the form of shares of common stock or cash (as provided in the award agreement) upon 
the attainment of performance goals and other terms and conditions specified by the 
Committee pursuant to Section 5(g) below. The Committee may, in its discretion, make a 
cash payment equal to the fair market value of shares of common stock otherwise         
required to be issued to a participant pursuant to a Performance Stock award. 

(f) Other Stock or Cash Awards. In addition to the incentives described in           
paragraphs (b) through (e) of this Section 5, the Committee may grant other incentives 
payable in cash or in common stock under the Plan as it determines to be in the best 
interests of Schwab and subject to such other terms and conditions as it deems     
appropriate. 

(g) Performance Goals. 

(i) Awards of Restricted Stock, Restricted Stock Units, Performance Stock, 
Performance-Based Restricted Stock Units, Performance Units and Other Stock or 
Cash Awards under the Plan may be made subject to the attainment of
performance goals for a specified period of time (a “Performance Period”).  In the
case of an award that is intended to satisfy the performance-based exception to the 
deductibility limitation of Section 162(m) of the Code (“Performance-Based 
Exception”), when appropriate to preserve the 162(m) Grandfather, the categories
of permissible performance goals include: income; operating income; pre-tax
income; after-tax income; profit; pre-tax operating profits; pre-tax reported profits; 
pre-tax operating profit margin; pre-tax reported profit margin; after-tax operating
profit margin; after-tax reported profit margin; revenue; revenue growth; operating 
revenue growth; cash flow; stockholder return; net income; client net new assets;
levels of client assets or sales (of products, offers or services); earnings per share;

8

return on stockholders’ equity; return on stockholders’ common equity; return on   
investment; earnings; earnings before interest and taxes (EBIT); earnings before
interest, taxes, depreciation and amortization (EBITDA); consolidated pre-tax
earnings; net earnings; operating cash flow; free cash flow; free cash flow per
share; cash flow return; economic value added; market value added; total
stockholder return; debt/capital ratio; return on total capital; market share of assets;
return on assets; return on net assets; return on capital employed; cost control;
Schwab common stock price; capital expenditures; price/earnings growth ratio;
sales; sales volume; and book value per share; cost of capital; cost of equity; and
changes between years or periods that are determined with respect to any of the
above-listed performance criteria (“Performance Criteria”).  The Committee may
establish other performance measures for awards that are not intended to qualify
under the Performance-Based Exception. A performance goal may be measured
relative to the performance of the Company as a whole or any business unit,
department, division region or function of the Company or any subsidiary in which
the participant is employed and may be measured relative to a peer group or index.
If more than one performance goal is specified by the Committee for a Performance
Period, the Committee shall also specify, in writing, whether one, all or some other 
number of such performance goals must be attained in order for the performance
goals to be satisfied for the applicable award. Notwithstanding satisfaction of any 
performance goals, the number of shares issued or amounts paid under awards
may be adjusted by the Committee on the basis of such further consideration as the 
Committee in its sole discretion shall determine, subject to the provisions of Section
5(g)(ii)(B) below. 

(ii) For an award that is intended to qualify for the Performance-Based 
Exception: 

(A) Not later than the 90th day of the Performance Period (or, in the event 
that a Performance Period is expected to be less than 12 months, not later
than the date when 25% of the Performance Period has elapsed), the
Committee shall select the participants for such period and establish in writing 
(I) the objective performance goals for each participant for that period based
on one or more of the Performance Criteria, (II) the definition of each
applicable performance goal, (III) the maximum amount payable under the
award for attainment of the performance goals and the threshold level of 
attainment below which no amount will be paid under the award, in all cases 
subject to the per-participant limits described in Section 4, (IV) the method by 
which such amounts will be calculated, and (V) how performance will be 
measured against a goal to reflect the impact of any unusual or non-recurring 
items as specified in Section 5(g)(iii) below.

(B) The Committee may not in any event increase the amount of 
compensation payable to a Covered Employee upon the attainment of a 
performance goal. The Committee shall determine and certify in writing, for
each participant, the extent to which the performance goals have been met 
and the amount of the award, if any, to be made.  The Committee has the 
absolute and unrestricted discretion to reduce the amount of the award that
otherwise would be payable in connection with the attainment of the
performance goals applicable to the award.  It is expressly permissible to
reduce the amount otherwise payable to zero.  

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(iii) In determining whether any performance goals have been satisfied, the 
Committee may include or exclude any or all items that are unusual or non-
recurring, including but not limited to, (A) charges, costs, benefits, gains or
income associated with reorganizations or restructurings of the Company,
discontinued operations, goodwill, other intangible assets, long-lived assets (non-
cash), real estate strategy (e.g., costs related to lease terminations or facility
closure obligations), litigation or the resolution of litigation (e.g., attorneys’ fees, 
settlements or judgments), or currency or commodity fluctuations; and (B) the
effects of changes in applicable laws, regulations or accounting principles.  In 
addition, the Committee may adjust any performance goal for a performance
period as it deems equitable to recognize unusual or non-recurring events
affecting the Company, changes in tax laws or regulations or accounting
procedures, mergers, acquisitions and divestitures, and any other factors as the 
Committee may determine.  In the case of an award that is intended to qualify for 
the Performance-Based Exception, such exclusions and adjustments may only 
apply to the extent the Committee specifies in writing (not later than the time the 
performance targets are required to be established) which exclusions and 
adjustments the Committee will apply to determine whether a performance goal   
has been satisfied, as well as an objective manner for applying them, or to the     
extent that the Committee determines (if such determination is memorialized in 
writing) that they may apply without adversely affecting the award’s qualification   
for the Performance-Based Exception.  To the extent that a performance goal is 
based on Schwab common stock, then in the event of any stock dividend, stock 
split, spin-off, split-off, spin-out, recapitalization or other change in the capital 
structure of the Company, merger, consolidation, reorganization, combination of 
shares, partial or complete liquidation or other distribution of assets (other than a 
normal cash dividend), issuance of rights or warrants to purchase securities or
any other corporate transaction having an effect similar to any of the foregoing,      
the Committee shall make or provide for such adjustments in performance goals 
as the Committee in its sole discretion may in good faith determine to be
equitably required in order to prevent dilution or enlargement of the rights of 
participants.  In the case of an award intended to qualify for the Performance-
Based Exception, this shall apply only to the extent the Committee determined it 
will not adversely affect such qualification. 

SECTION 6. ADJUSTMENT OF SHARES. 

(a) Adjustments. If Schwab shall at any time change the number of issued shares 
of common stock by stock dividend, stock split, spin-off, split-off, spin-out, recapitalization,
or other change in the capital structure of the Company, merger, consolidation, 
reorganization, combination, exchange of shares, partial or complete liquidation or other 
distribution of assets (other than a normal cash dividend), issuance of rights or warrants 
to purchase securities or any other corporate transaction having an effect similar to any
of the foregoing, then, in order to prevent unintended dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan, the
Committee shall equitably adjust, as it determines to be necessary and appropriate, the 
total number of shares reserved for issuance under the Plan, the maximum number of 
shares that may be made subject to an award in any fiscal year, and the number of
shares covered by each outstanding award and the price therefor, if any. Any such 
adjustment to an Incentive Stock Option shall be made in a manner that permits the   

10

Incentive Stock Option to continue to meet the requirements of Section 422 of the Code.  
The Committee shall also adjust the terms and conditions of, and the criteria included in, 
awards in recognition of unusual or nonrecurring events (including, without limitation, the 
events described in the first sentence of this Section 6(a)) affecting the Company or the 
financial statements of the Company or of changes in applicable laws, regulations, or 
accounting principles, whenever the Committee determines that such adjustments are 
needed to prevent unintended dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan. The determination of the
Committee as to the foregoing adjustments, if any, shall be conclusive and binding on all 
participants under the Plan. 

(b) Corporate Transactions. In the event that Schwab is a party to a merger or other
reorganization, outstanding awards shall be subject to the agreement of merger or 
reorganization. Such agreement shall provide for (i) the continuation of the outstanding 
awards by Schwab, if Schwab is a surviving corporation, (ii) the assumption of the 
outstanding awards by the surviving corporation or its parent or subsidiary, (iii) the 
substitution by the surviving corporation or its parent or subsidiary of its own awards for 
the outstanding awards under this Plan, (iv) full exercisability or vesting and accelerated 
expiration of the outstanding awards or (v) settlement of the full value of the outstanding 
awards in cash or cash equivalents followed by cancellation of such awards. 

(c) Substitution and Assumption of Benefits. Without affecting the number of shares 
reserved or available hereunder, the Board or the Committee may authorize the
issuance of benefits under this Plan in connection with the assumption of, or substitution 
for, outstanding benefits previously granted to individuals who become employees of 
Schwab or any subsidiary as a result of any merger, consolidation, acquisition of
property or stock, or reorganization, upon such terms and conditions as the Committee 
may deem appropriate, including but not limited to a Stock Option exercise price or SAR 
grant price that is less than fair market value, so long as such exercise price or grant             
price is determined in a manner that complies with the applicable requirements of             
Section 409A and Section 424 of the Code. 

(d) Reservation of Rights. Except as provided in this Section 6, a participant shall   
have no rights by reason of any subdivision or consolidation of shares of stock of any       
class, the payment of any dividend or any other increase or decrease in the number of 
shares of stock of any class. Any issue by Schwab of shares of stock of any class, or 
securities convertible into shares of stock of any class, shall not affect, and no 
adjustment by reason thereof shall be made with respect to, the number, kind or 
exercise price of shares subject to a Stock Option or other award. The grant of an award 
pursuant to the Plan shall not affect in any way the right or power of the Company to             
make adjustments, reclassifications, reorganizations or changes of its capital or            
business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or 
any part of its business or assets (or to undertake any other corporate action described      
in Section 6(a) above). 

SECTION 7. TERMS OF AWARDS. 

(a) Transferability. Except as otherwise determined by the Committee in the case of 
benefits other than Incentive Stock Options or SARs granted in tandem with Incentive
Stock Options, each benefit granted under the Plan shall not be assigned, transferred, 
pledged or encumbered, either voluntarily or by operation of law, other than by will or the

11

laws of descent and distribution and each Stock Option and SAR shall be exercisable
during the participant’s lifetime only by the participant or, in the event of disability, by the 
participant’s personal representative. In the event of the death of a participant, the         
exercise of any benefit or payment with respect to any benefit shall be made only by or      
to the executor or administrator of the estate of the deceased participant or the person or 
persons to whom the deceased participant’s rights under the benefit shall pass by will or 
the laws of descent and distribution. 

(b) Change in Control. The Committee (in its sole discretion) may determine at the 
time of (or at any time after) the grant of an award, that upon a Change in Control of      
Schwab, that any outstanding Stock Option or SAR shall become vested and            
exercisable; all restrictions on any Restricted Stock or Restricted Stock Unit shall lapse;    
all performance goals shall be deemed achieved at target levels and all other terms and 
conditions met; Performance Stock shall be delivered; a Performance-Based Restricted 
Stock Unit shall be paid out as promptly as practicable; a Performance Unit and
Restricted Stock Unit shall be paid out as promptly as practicable; and any Other Stock     
or Cash Award shall be delivered or paid; provided, however, that this Section 7(b) shall 
not apply to awards pursuant to which a deferral election has been made in accordance 
with Section 9. A “Change in Control” shall mean the occurrence of any of the following 
events: 

(i) Upon consummation of a reorganization, merger or consolidation (a      
“Business Combination”), in each case, unless, following such Business      
Combination: 

(A) the individuals and entities who were the beneficial owners,
respectively, of the then outstanding shares of Common Stock of the
Company (the “Outstanding Common Stock”) and the then outstanding voting 
securities of the Company entitled to vote generally in the election of directors 
(the “Outstanding Voting Securities”) immediately prior to such Business 
Combination beneficially own, directly or indirectly, more than 50% of,
respectively, the then outstanding shares of common stock and the combined 
voting power of the then outstanding voting securities entitled to vote generally 
in the election of directors, as the case may be, of the corporation resulting
from such Business Combination (including, without limitation, a corporation 
which as a result of such transaction owns the Company either directly or
through one or more subsidiaries) in substantially the same proportions as
their ownership, immediately prior to such Business Combination, of the 
Outstanding Common Stock and Outstanding Voting Securities, as the case
may be; and 

(B) no Person (as defined in subparagraph (iii) below) (excluding any 
corporation resulting from such Business Combination or any employee 
benefit plan (or related trust) sponsored or maintained by the Company or 
such other corporation resulting from such Business Combination) beneficially 
owns, directly or indirectly, 20% or more of, respectively, the then outstanding 
shares of common stock of the corporation resulting from such Business 
Combination or the combined voting power of the then outstanding voting 
securities of such corporation, except to the extent that such ownership of 
Outstanding Common Stock or Outstanding Voting Securities existed prior to
the Business Combination; and 

12

(C) at least a majority of the members of the board of directors of the 
corporation resulting from such Business Combination were members of the 
Board at the time of the execution of the initial agreement, or of the action of
the Board, providing for such Business Combination; or 

(ii) If individuals who, as of the Effective Date, constitute the Board (the   
“Incumbent Board”) cease for any reason to constitute at least a majority of the         
Board; provided, however, that any individual becoming a director subsequent to            
the date hereof whose election, or nomination for election by the Company’s 
stockholders, was approved by a vote of at least a majority of the directors then 
comprising the Incumbent Board shall be considered as though such individual           
were a member of the Incumbent Board, but excluding, for this purpose, any such 
individual whose initial assumption of office occurs as a result of (A) an actual or 
threatened election contest with respect to the election or removal of directors;          
(B) an actual or threatened solicitation of proxies or consents; or (C) any other           
actual or threatened action by, or on behalf of, any Person other than the Board; or 

(iii) Upon the acquisition after the Effective Date by any individual, entity or         
group (within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act (a 
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated   
under the Exchange Act) of 20% or more of either (A) the then Outstanding             
Common Stock or (B) the combined voting power of the Outstanding Voting      
Securities; provided, however, that the following acquisitions shall not be deemed          
to be covered by this subparagraph (iii): (x) any acquisition of Outstanding Common 
Stock or Outstanding Voting Securities by the Company, (y) any acquisition of 
Outstanding Common Stock or Outstanding Voting Securities by any employee     
benefit plan (or related trust) sponsored or maintained by the Company or (z) any 
acquisition of Outstanding Common Stock or Outstanding Voting Securities by any 
corporation pursuant to a transaction which complies with clauses (A), (B) and           
(C) of subparagraph (i) above; or 

(iv) The consummation of the sale of all or substantially all of the assets of the 
Company or approval by the stockholders of the Company of a complete liquidation 
or dissolution of the Company. 

Notwithstanding anything in this Plan or any award agreement to the contrary, 
to the extent any provision of this Plan or an award agreement would cause a         
payment of an award that is not exempt from Section 409A to be made specifically 
because of – (1) the occurrence of a Change in Control, or (2) a separation from   
service following a Change in Control (if the payment terms for such a separation     
from service are different than for other separations), then such payment shall not      
be made unless such Change in Control also constitutes a “change in the              
ownership of the Company,” a “change in effective control of the Company” or a 
“change in the ownership of a substantial portion of the assets of the Company”          
within the meaning of Section 409A.  Any payment that would have been made        
except for the application of the preceding sentence shall be made in accordance     
with the payment schedule that would have applied in the absence of a Change in 
Control (and other participant rights that are tied to a Change in Control, such as 
vesting, shall not be affected by this paragraph).

13

(c) Taxes. Schwab shall be entitled to withhold the amount of any tax attributable to 
any amounts payable or shares deliverable under the Plan, after giving the person
entitled to receive such payment or delivery notice and Schwab may defer making
payment or delivery as to any award, if any such tax is payable until indemnified to its 
satisfaction. A participant may pay all or a portion of Schwab’s tax withholding obligation 
at the minimum statutory withholding rates (or at any greater rates that will not result in 
adverse accounting, tax or section 16 of the Exchange Act treatment, as determined by   
the Committee) arising in connection with the exercise of a Stock Option or SAR or the 
receipt or vesting of shares hereunder by electing to have Schwab withhold shares of 
common stock having a fair market value equal to such amount. The Committee may
permit a participant to pay the withholding obligation applicable to an award by delivery
to the Company of shares of Schwab common stock owned by the participant having a
fair market value equal to the amount of such taxes or permit cashless exercise.  

(d) Effective Date, Amendment and Termination. The Plan is effective on the
Effective Date and shall automatically terminate one day before the 10th anniversary of 
the Effective Date. The Board or the Committee may alter, amend or suspend the Plan 
from time to time or terminate the Plan at any time. However, no such action shall
reduce the amount of any existing award or change the terms and conditions thereof 
without the participant’s consent unless such action is necessary or desirable (i) for the 
continued validity of the Plan or its compliance with Rule 16b-3 of the Exchange Act or 
any other applicable law, rule or regulation or pronouncement, or (ii) to avoid any
adverse consequences under Section 162(m) of the Code, Section 409A of the Code or 
any requirement of a securities exchange or association or regulation or self-regulatory 
body. Stockholder approval shall be obtained for any Plan amendment to the extent 
necessary or desirable to comply with applicable laws, regulations or rules. 

(e) Fair Market Value. The fair market value of a share of Schwab common stock 
on a given determination date shall equal: 

(i) The closing sales price of a share as reported on the New York Stock      
Exchange (NYSE) on the applicable determination date (except in the case of a
share of Restricted Stock or a Restricted Stock Unit, which shall be the average of 
the high and low price of a share as reported on NYSE on the applicable       
determination date), or  

(ii) If no sales of shares are reported for such date, the mean between the bid 
and asked price of a share on NYSE at the close of the market on such date, or 

(iii) If the day is not a trading day, and as a result, paragraphs (i) and (ii) above 
are not applicable, the fair market value of a share shall be determined as of the           
next preceding day on which sales were made on the NYSE;

(iv) In the event that the method for determining fair market value described in 
clauses (i), (ii)  and (iii) is not practicable, as determined by the Committee in its 
discretion, the fair market value of a share determined in accordance with any other 
reasonable method as the Committee, in its discretion, may deem equitable, or as 
required by applicable law or regulation, which method shall be one that is deemed 
to constitute fair market value for purposes of Section 409A of the Code to the 
extent it is used with respect to a Stock Option or SAR. 

14

(f) Dividend Equivalents. Any participant selected by the Committee, in its sole 
discretion, may be granted dividend equivalents based on the dividends declared on 
shares that are subject to any award, to be credited as of dividend payment dates,
during the period between the date the award is granted and the date the award is
exercised, vests or expires, as determined by the Committee. Such dividend equivalents 
shall be converted to cash or additional shares by such formula and at such time and
subject to such limitations as may be determined by the Committee.  Notwithstanding
the foregoing, no dividend equivalents will be paid contingent on the exercise of a Stock 
Option or SAR. 

(g) Other Provisions. The award of any benefit under the Plan may also be subject
to other provisions (whether or not applicable to the benefit awarded to any other
participant) as the Committee determines appropriate, including provisions intended to 
comply with applicable securities laws and stock exchange or stock market
requirements, understandings or conditions as to the participant’s employment, 
requirements or inducements for continued ownership of common stock after exercise or 
vesting of benefits, forfeiture of awards in the event of termination of employment shortly 
after exercise or vesting, or breach of noncompetition or confidentiality agreements
following termination of employment, or provisions permitting the deferral of the receipt
of a benefit for such period and upon such terms as the Committee shall determine. 

(h) Non-U.S. Employees. In the event any benefit under this Plan is granted to an
employee who is employed or providing services outside the United States and who is
not compensated from a payroll maintained in the United States, the Committee may, in 
its sole discretion, modify the provisions of the Plan as they pertain to such individuals to 
comply with applicable law, regulation or accounting rules. 

(i) Governing Law. The Plan and any actions taken in connection herewith shall be 
governed by and construed in accordance with the laws of the state of Delaware (without 
regard to applicable Delaware principles of conflict of laws). 

(j)  Section 409A. At all times, this Plan shall be interpreted and operated (i) with 
respect to awards subject to Section 409A of the Code (“Section 409A”), in accordance 
with the requirements of Section 409A and the regulatory guidance thereunder unless an 
exemption from Section 409A is available and applicable, and (ii) to maintain the
exemptions from Section 409A of Stock Options, SARs and Restricted Stock and any 
awards designed to meet the short-deferral exception under Section 409A.  To the 
extent there is a conflict between the provisions of the Plan relating to compliance with 
Section 409A and the provisions of any award agreement issued under the Plan, the 
provisions of the Plan control.  Moreover, any discretionary authority that the Committee 
may have pursuant to the Plan shall not be applicable to an award that is subject to 
Section 409A to the extent such discretionary authority would conflict with Section 409A. 
In addition, to the extent required to avoid a violation of the applicable rules under 
Section 409A by reason of Section 409A(a)(2)(B)(i), any payment under an award shall 
be delayed until the earliest date of payment that will result in compliance with the rules 
of Section 409A(a)(2)(B)(i) (regarding the required six-month delay for distributions to 
specified employees that are related to a separation from service).  In the event that any 
award shall be deemed not to comply with Section 409A, then neither the Company, the 
Board, the Committee nor its or their designees or agents, nor any of their affiliates,
assigns or successors (each a “protected party”) shall be liable to any award recipient or 
other person for actions, inactions, decisions, indecisions or any other role in relation to

15

the Plan by a protected party if made or undertaken in good faith or in reliance on the 
advice of counsel (who may be counsel for the Company), or made or undertaken by
someone other than a protected party.

SECTION 8. PAYMENT OF DIRECTORS’ FEES DEFERRALS IN SECURITIES. 

In the event a Non-Employee Director or Subsidiary Director (if the Committee has 
approved participation by Subsidiary Directors in Schwab’s deferred compensation plan 
for directors) elects pursuant to and in accordance with the terms of Schwab’s Directors’ 
Deferred Compensation Plan II (or any predecessor or successor to such plan) to defer 
receipt of the payment of his or her annual cash retainer from Schwab in the form of 
Restricted Stock Units, Nonqualified Stock Options, Restricted Stock, Other Stock 
Awards or a combination thereof, such Nonqualified Stock Options, Restricted Stock 
Units, Restricted Stock, and Other Stock Awards shall be issued under this Plan. The 
number and form of each award to be granted to Non-Employee Directors or Subsidiary 
Directors pursuant to this Section 8 in connection with a deferral election under the
Directors’ Deferred Compensation Plan II (or any predecessor or successor to such
plan) shall be determined in accordance with the provisions of that plan, but the terms of 
each such award shall be determined by the Committee or its delegate in accordance
with the provisions of this Plan. 

SECTION 9. DEFERRAL OF AWARDS. 

Subject to the requirements of Section 409A, the Committee (in its sole discretion) 
may permit or require a participant to have cash or shares that otherwise would be paid
to such participant as a result of the settlement of a restricted stock unit or performance 
unit award credited to a deferred compensation account established for such participant 
by the Committee as an entry on Schwab’s books. A deferred compensation account
may be credited with interest or other forms of investment return, as determined by the 
Committee. A participant for whom such an account is established shall have no rights
other than those of a general creditor of Schwab. Such an account shall represent an 
unfunded and unsecured obligation of Schwab and shall be subject to the terms and 
conditions of the applicable agreement between such participant and Schwab. If the
deferral or conversion of awards is permitted or required, the Committee (in its sole 
discretion) may, consistent with the requirements of Section 409A, establish rules,
procedures and forms pertaining to such awards, including (without limitation) the
settlement of deferred compensation accounts established under this Section 9 and
such rules and procedures shall be set forth in detail in the applicable stock award
agreement or other deferral agreement. 

SECTION 10. DEFINED TERMS. 

	
		
	“10% Stockholder”
	6

	“162(m) Grandfather”
	1

	“Board”
	1

	“Business Combination”
	12

	“Change in Control”
	12

	“Code”
	1

	“Committee”
	1

	“Company”
	1

16

	
		
	“Covered Employees”
	1

	“Effective Date”
	1

	“Exchange Act”
	1

	“Incentive Stock Option”
	6

	“Incumbent Board”
	13

	“Non-Employee Directors”
	3

	“Nonqualified Stock Option”
	4

	“Outstanding Common Stock”
	12

	“Outstanding Voting Securities”
	12

	“Performance Criteria”
	9

	“Performance Period”
	8

	“Performance Stock”
	8

	“Performance Units”
	8

	“Performance-Based Exception”
	9

	“Performance-Based Restricted Stock Units”
	8

	“Person”
	13

	“Plan”
	1

	“Prior Plans”
	1

	“Restricted Stock Unit”
	4

	“SARs”
	7

	“Schwab”
	1

	“Section 409A”
	15

	"Subsidiary Director"
	3

17Exhibit

May 14, 2018

Ms. Jill Jones
7502 Borden Road
Greenville, IN 47124

Dear Jill:

Thank you for your many years of service with Brown-Forman. As discussed, you will transition your duties as President, CCSA, IMEA, and GTR effective May 31, 2018, which will be your final day of employment. This letter outlines the ways in which the Company is offering to support you during this transition.

Attached are three sections that cover your existing benefits, the additional benefits being offered by Brown-Forman, and the subsequent agreement that must be executed to obtain these additional benefits. The items in Section 1 of this letter will be provided to you even if you choose not to sign the attached Release and Agreement in Section 3. If you decide to sign the Release and Agreement, please note you are agreeing to everything contained in both Sections 1 and 2 as outlined below.

Section 1 - General Information

This section describes your status and rights in various matters, and explains steps you may need to take.  You do not have to sign the Release and Agreement to receive any of the benefits listed in Section 1.

Vacation
Because you are participating in the Flex Vacation policy, there will not be any payout for unused vacation.

Holiday Bonus
You will receive a pro-rata portion of current year holiday bonus for your period of employment from December 1st through your last day of employment. This payment will be paid in semi-monthly installments as part of the regular payroll cycle. 

Employee Stock Purchase Plan
If you participate in the Employee Stock Purchase Plan, you can either (a) keep your account or (b) close your account and receive payment of your balance in cash or shares of stock.  You will receive further information and election forms from Stockholder Relations, or you may contact them at 1-800-777-1636 ext. 7658.

Credit Union
You should contact the Brown-Forman Employees Credit Union at 1-800-777-1636 ext. 7636 regarding payment of your credit union account balance or any outstanding loans you may be holding.

Unemployment
You should contact your local Unemployment Compensation Office after your last day of employment to start any unemployment benefits to which you may be entitled.  I can provide you with information on how to start this process.   

Corporate Credit Card and Other Amounts Owed 
Please complete any outstanding expense reports and make arrangements to reimburse any amounts owed the Company.  You must take these actions whether or not you sign the Release and Agreement.

Page 2

 
Employee Benefits
Following is a brief explanation of what happens to certain benefits when you leave Brown-Forman. You will receive additional information directly from the B-F Benefits Service Center as well. If you have any questions about these items, or if you need to change the address on file, please contact the Service Center at (833) 543-1905. 

Medical, Vision and Dental Coverage Continuation. If you are enrolled in medical, dental, and/or vision coverages, those coverages end at the end of the month in which your employment ends. If you choose, you may continue coverage for up to 18 months for you and any covered dependents, at your expense, under a law known as COBRA.  You will receive an “Election and Enrollment” form at your home address within 14 days of your separation. 

PLEASE NOTE: COBRA information will come from Businessolver, Brown-Forman’s partner for administering COBRA.  If you do not receive a COBRA packet within 14 days of your separation date, please contact the B-F Benefits Service Center at (833) 543-1905. You will have 60 days from the date of your COBRA package to enroll in COBRA benefits. Your premium bill will then be forwarded to you shortly after your COBRA election package is received by Businessolver.  Coverage is not reinstated until your premium is received by Businessolver. Failure to pay the premium will result in your coverage not being continued. Reinstatement can take up to three weeks from the time Businessolver receives your premium. Once coverage is reinstated, it will be retroactive to your coverage end date so that no lapse in coverage will occur. If you have claims denied during this period, please request that your provider re-file once reinstatement has occurred.

COBRA/Medicare Note: If you become eligible for Medicare while on COBRA, your COBRA coverage(s) will end in accordance with the federal guidelines. For more information, go to www.Medicare.gov.  

Flexible Spending Accounts (FSAs)
You may elect COBRA for your Health Care FSA if you have a positive balance in your account at the time of your separation (after deducting submitted expenses from contributions thus far from payroll). If you choose to continue the Health Care FSA benefit under COBRA, please note that the Discovery Benefits debit card will no longer be active after your separation date. You may request reimbursement for eligible FSA expenses by contacting Discovery Benefits at (833) 543-1905 or online at brownformanbenefits.com.  If you choose not to continue the Health Care FSA under COBRA, you have 60 days from your coverage end date to submit claims for reimbursement for eligible services incurred through your coverage end date. 

If you elect COBRA for your Health Care FSA and continue that coverage through the end of the plan year, you have until March 1 following the end of the year to file claims for reimbursement for eligible services and items received or purchased up to December 31 of the plan year. Should you drop your COBRA coverage at any point prior to the end of the plan year, you have 60 days from the coverage term date to file for reimbursement for eligible services and items received or purchased prior to the date of the COBRA termination.  

The Dependent Care FSA cannot be continued under COBRA. If you were participating in this program, you have 60 days from your coverage termination date to submit claims for reimbursement for services received through the coverage end date.

Keep copies of all receipts for services and/or items for which you receive reimbursement from either a Health Care or Dependent Care FSA with your tax records for as long as you retain those tax records (recommended seven years). Discovery Benefits, as required by the IRS, may request verification of expenses well after the end of the plan year. For questions regarding your FSA account(s), contact Discovery Benefits at (833) 543-1905.

B-F Live Well  

Page 3

You and your enrolled spouse have 30 days from the separation date to redeem any PulseCash that was earned prior to your departure. 

Group Life Insurance  
All life insurance benefits end on the last day of employment. These include Company-paid life insurance plus any additional life insurance coverage for yourself, your spouse, or dependent child(ren) that you have elected. The plan allows you, in most cases, to continue life coverage under an individual conversion policy, which is a whole life policy with The Hartford.  The plan also allows you, in most cases, to “port” your coverage, that is, to continue coverage under a group term life policy with The Hartford.  To apply for conversion or portability coverage, you must apply within 31 days from your separation date by calling The Hartford at 1-877-320-0484.

Short-Term and Long-Term Disability 
Coverage for any future disability ends upon your separation and cannot be converted to a private policy.  

401(k) Savings Plan
You are entitled to a rollover or distribution of your vested account balance in the 401(k) plan. Generally, all outstanding contributions are credited to your account within a few weeks of your separation date.  Wells Fargo will provide you with distribution information soon after your separation date. You can provide distribution direction to Wells Fargo by logging on to your account at www.wellsfargo.com or contacting Wells Fargo at 1-800-728-3123.

Please note: Wells Fargo is required by law to withhold 20% of any cash distribution.  To avoid this 20% withholding, you will need to instruct Wells Fargo to roll the funds directly into some form of Individual Retirement Account or another employer's plan.  If you have an outstanding loan at the time of separation, you are responsible for making the monthly payments directly to Wells Fargo.  Wells Fargo will send you instructions on how to submit payments.  If you do not receive this within 30 days of your separation date, contact Wells Fargo at 1-800-728-3123.

Executive Savings Plan (Nonqualified Deferred Compensation Plan) 
You will be contacted within four weeks of your separation date with specific information concerning the payment of this benefit.  If you do not receive information within four weeks of your separation, please contact Prudential at (800) 824-0040. Please note, if you enrolled in the Plan for the current calendar year and made an election for a portion of your STIP or LTIP to be deferred, by law, this deferral must still be made into the Plan even though your employment will end prior to the actual payment of these bonuses.

Pension and SERP
As a vested participant in the Brown-Forman Salaried Pension Plan and Supplemental Executive Retirement Plan (SERP), the Brown-Forman Pension Center will send you detailed information approximately eight weeks after your separation date indicating the payment options available to you. If you have questions regarding your pension and SERP information, please contact the Brown-Forman Pension Center at 1-877-775-1477 or Donna Wimbec at 774-7306

Health Savings Account (HSA) 
If you participated in an HSA medical plan and have an HSA with HealthEquity(HE), you are entitled to your HSA balance and any Employer and Employee contributions deposited into your account up to your separation date.

Your account will remain with HE and you can contact HE at 1-866-346-5800 for additional information regarding your account. 

Employee Assistance Program (EAP) 
These completely confidential services are provided by the Company through Optum for 30 days after your separation.  Continuation of this benefit is also available under COBRA for 18 months at a minimal cost; 

Page 4

however, you must elect it on the COBRA continuation form to be entitled to the benefit. Optum may be reached at 1-866-374-6061.

Section 2 - Additional Benefits 

This section lists the additional services and financial assistance that the Company is offering you in return for your signing and fully complying with the Release and Agreement in Section 3 of this letter.
Transition Payment

After your last day of employment, you will have 12 months of transition payments. These payments, less required withholdings, will be automatically deposited to your bank account through the normal semi-monthly payroll process.  The total payment will be Six Hundred Fifty-Six Thousand, One Hundred Eighty-five dollars ($656,185.00), which includes base salary, a pro-rated holiday bonus, a 12-month COBRA subsidy and a lump sum to assist you with transportation costs.  In arriving at the amount of your transition pay the following was calculated: 
 
	
				
	 
	Cash Compensation
	Annualized
	Monthly

	 
	Base Pay
	$590,000.00
	$49,166.66

	 
	Pro-rated Holiday Bonus
	$24, 603.00
	$2,050.25

	 
	Medical Premium Subsidy
Value of Car (lump sum)
	$9,600.00
$31,982.00
	$800.00

	 
	Monthly Compensation
	 
	$52, 016.91

	 
	Months of Transition Pay
	 
	             12

	 
	Total Transition Pay
	 $656, 185.00
	 

 

Short-Term Incentive
The Company will pay you your actual short-term cash incentive for F’18. This amount will be paid in the standard payroll cycle with all other applicable F’18 Short-Term Incentive payments and will be based on a target amount of Four-Hundred Forty Thousand dollars ($440,000), subject to adjustments based on actual performance for F’18. In addition, the Company will pay you a pro-rated amount of your F’19 bonus target based on the number of months worked in F’19, rounded to the nearest whole month, and resulting in an additional payment of Thirty-Six Thousand, Six-Hundred Sixty Seven dollars ($36,667) and paid following F’19 at the same time as to active employees.

Long-Term Incentives
The Company will pay you your long-term incentives issued in F’18 and prior years, based on the timing and performance metrics outlined in each respective grant agreement and governed under our 2013 Omnibus Plan. Your F’19 long-term incentive will be pro-rated based on the number of months worked 

Page 5

during F’19 and provided in the form of a long-term cash incentive. Treatment of each of these items will be as follows:

Long-term Cash Incentives (LTC) - All outstanding Long-Term Cash incentives issued in F’18 and prior years will be adjusted for actual company performance and be paid at the same time and in the same manner as active participants. In addition, the Company will pay you a pro-rated amount of your F’19 long-term incentive in the form of a LTC bonus target, based on the number of months worked in F’19, rounded to the nearest whole month, and resulting in an additional payment of Seventy Thousand dollars ($70,000). This amount will be adjusted for actual company performance and paid at the same time and in the same manner as active participants following F’21.

Outstanding Stock-Settled Appreciation Rights (SSARs) - these will vest as indicated in the award agreements, and continue in force until the earlier of (a) twelve months following the date of termination or (b) twelve months following the first date of exercise.  

Vested Stock-Settled Appreciation Rights (SSARs) - these will continue in force until the earlier of (a) twelve months following the date of termination or (b) the expiration date. 

Outstanding Performance-Based Restricted Stock or Stock Units (PBRS or PBRSU) - Outstanding PBRS or PBRSU grants will vest without pro-ration, be adjusted for actual company performance, and become payable on the date indicated in the applicable award agreements. 

A summary of the long term awards impacted, and their estimated value based on the above parameters is included in the long-term award summary separate to The Agreement. Please note that the values reflected are indicative of the variables noted and actual value will be contingent on the above performance and time implications, as well as the market value of applicable awards.

Outplacement Services
Outplacement services will be provided to help you as you plan the next steps in your career. The Company will cover the cost of executive outplacement services at a total cost not to exceed Fifty Thousand dollars ($50,000). Amounts payable under this benefit will be paid directly to the outplacement agency selected. These invoices must be submitted to the Company for payment within nine months of the date of this Release and Agreement in order for them to be paid.

Health Insurance and COBRA
The Company will pay for its portion of your health and dental coverage for twelve (12) months, in the form of a payment of Nine-Thousand Six-Hundred dollars ($9,600) as noted above under the Transition Payment, meant to cover your cost under COBRA. In the event that you elect to continue coverage beyond this period, you will be responsible for any additional cost to ensure coverage is uninterrupted.

Company Vehicle
You may use your company vehicle through your last day of employment. You will be contacted by our fleet department with instructions if you wish to purchase your vehicle.

Technology
You can retain your iPhone, iPad, and personal computer. All will need to have BF-related information removed prior to your departure and an IT resource can be provided to assist with this process.

Questions
If you have any questions about this letter or the Release and Agreement, please contact Kirsten Hawley, at 502-774-7212.  

Page 6

If you choose to sign the Release and Agreement, please return one complete copy of the letter with the Release and Agreement to Kirsten Hawley, at 850 Dixie Highway, Louisville, KY 40210.

    

Sincerely,

/s/ Kirsten Hawley

Kirsten Hawley
Chief Human Resources Officer
Brown-Forman Corporation

Page 7

Section 3 - Release and Agreement
1. GENERAL
(a) PURPOSE. I understand that I am entitled to the compensation and benefits described in Section 1 above (General Information), even if I do not sign this Section 3 Release and Agreement. I further understand that the Additional Benefits described in Section 2 above are being offered by the Company to me conditioned upon and as consideration for my signing and fully complying with all aspects of this Section 3 Release and Agreement, and that I am not otherwise eligible for these Additional Benefits.
(b) ENCOURAGEMENT TO CONSULT WITH ATTORNEY. I acknowledge that this Release and Agreement is a binding legal document and that the Company advises me to consult with an attorney before signing this Release and Agreement.
(c) REVIEW AND CONSIDERATION PERIOD. I acknowledge that I have been given at least 21 days to review and consider this Release and Agreement and have had the opportunity to use as much of that time as I wish before signing it.
I wish to accept the Additional Benefits described in Section 2 of this letter and in exchange agree as follows:
2. RELEASE AND COVENANT NOT TO SUE. I hereby release, to the extent permitted by law, the Company and all of its divisions, subsidiaries, affiliates, employees, officers, directors, successors and assigns (hereinafter "the Company') from all claims, actions, causes of action, direct or derivative suits, demands, grievances, promises, rights, warranties, debts, judgments, obligations, liabilities, damages, losses, costs and expenses of every kind and nature, known or unknown, suspected or unsuspected, foreseen or unforeseen, which I may have or claim to have against the Company except as noted in Paragraph 2(d) below.
(a) This release includes but is not limited to all claims that I may have for discrimination on the basis of religion, national origin, race, sex, disability, age (including all claims under the Age Discrimination in Employment Act of 1967 as amended (ADEA)), and all other protected classifications under any other federal, state or local laws or regulations, except as noted in Paragraph 2(d) below. I also release, to the extent permitted by law, and except as noted in Paragraph 2(d) below, any and all common law and statutory claims, including but not limited to, contract, tort, or wrongful discharge claims.
(b) Except as provided in Paragraph 2(d) below and to the extent permitted by law, I agree never to file any lawsuit, complaint, proceeding, grievance or action of any sort arising from my employment or the termination of my employment with the Company prior to the Effective Date of this Agreement as set forth in Paragraph 4(a) below. If I violate this promise by suing the Company, then I agree that I will forfeit any outstanding payments or benefits due under Section 2 of this letter and will repay to the Company any amounts and benefits already paid or provided pursuant to Section 2 of this letter.
(c) This Release and Covenant Not to Sue covers both known and unknown claims that may exist prior to the Effective Date of this Agreement, as set forth in Paragraph 4(a) below.
(d) This Release and Covenant Not to Sue does NOT cover:
 
	
			
	 
	(i)
	any rights or claims arising after the Effective Date of this Release and Agreement; or

 

Page 8

	
			
	 
	(ii)
	my right to communicate with, file a charge with, or participate in an investigation conducted by any federal, state, or local government agency or law enforcement entity, or to bring an action under Equal Employment Opportunity Commission ("EEOC")-enforced statutes with respect to rights that I cannot be required to waive; or

	
			
	 
	(iii)
	my rights to commence an action or proceeding to enforce this Release and Agreement or to file a suit challenging its validity under the ADEA; or

 
	
			
	 
	(iv)
	any rights or claims I may have for benefits under the provisions of any pension benefit plan maintained by the Company and which is applicable to me; or

 
	
			
	 
	(v)
	any rights which I may have under the existing or then-current indemnification provision in the Company’s Articles, Bylaws, or any employee benefit plan with which I worked at the Company’s request, or any such provisions applying to employees generally, for any actions or claims against me arising out of my tenure as an officer and employee of the Company; or

 
	
			
	 
	(vi)
	any rights preserved by or created under this Agreement and/or the law.

(e) I agree that I will not file any claim or suit against the Company for any reason without first engaging in discussions with a designated Company representative in a good faith effort to resolve the dispute. Any such claim or suit shall be filed in the state or federal courts located in Jefferson County, Kentucky. In any claim or suit that I file, the prevailing party shall be entitled to its reasonable attorneys’ fees and costs.
3. AGREEMENTS.
(a) MUTUAL NON-DISPARAGEMENT. I will not make any statements (whether orally or in writing) which are intended to be derogatory or damaging to the Company, its business, the business reputation, practices, or conduct of its Board of Directors, or any of the Company’s assets, businesses, or relations with customers, suppliers, or consumers. The Company’s Directors and the Executive Leadership Team in office as of the Effective Date shall also not make any statements (whether orally or in writing) which are intended to be derogatory or damaging to me. This paragraph shall not restrict my ability or the ability of the Company to (i) respond to any inquiry from applicable regulatory or other authorities or to provide information pursuant to legal process, court order, subpoena, or other effective directive by a court, administrative agency, arbitration panel, or legislative body, or pursuant to law, rule, regulation, or other requirement; (ii) enforce this Agreement; (iii) discuss any person or the Company generally with legal counsel in a context in which it reasonably is expected that the attorney will maintain as confidential under the attorney-client privilege; or (iv) communicate with, or participate in an investigation conducted by, the EEOC or any other federal, state, or local government agency or law enforcement entity. Further, this paragraph shall not require me to affirmatively take actions to enhance or support the Company or other stakeholders.
(b) CONFIDENTIALITY. I acknowledge and reaffirm my ongoing legal and professional obligations to maintain confidential and not use or disclose to any other person or entity other than as permitted or required by law any trade secrets or other non-public, confidential information belonging to the Company. Confidential information includes all non-public: manufacturing, marketing and strategic information and data; costs and pricing structures; financial and accounting data; information regarding customers and suppliers; trade secrets and trademarks; information regarding the Board of Directors’ Committees and their activities; information regarding the shareholders’ shareholdings and relationships with the Company; and legal and/or regulatory information. Nothing in this Agreement shall prohibit or restrict me (or my attorney) from

Page 9

 responding to any inquiry, or providing testimony, about the Company’s confidential or proprietary information by or before any federal or state administrative or regulatory agency or authority, including pursuant to legal process, court order, subpoena, or other effective directive by a court, administrative agency, arbitration panel, or legislative body, or pursuant to law, rule, regulation, or other requirement, or in connection with any communication with, or participation in an investigation conducted by, the EEOC or any other federal, state, or local government agency or law enforcement entity.
(c) NON-COMPETITION. I agree, for a period of twelve (12) months following May 31, 2018, not to accept employment with or serve as a Board member of, or consultant to, or have any other advisory or ownership relationship with (other than as an owner of less than one percent of its stock or as a consumer of its products) any spirits Supplier (“Supplier” being defined as any U.S. or non-U.S. spirits producer, manufacturer, brand owner, primary brand marketer, or importer). Notwithstanding the foregoing, the Company agrees and acknowledges that this non-competition provision does not prohibit my employment with, consultancy to, or ownership of (i) any company whose primary business is as a beverage alcohol distributor in the U.S., even if such distributor owns brands and/or is also licensed as a spirits supplier or importer; or (ii) any Supplier whose annual volume is less than 200,000 cases, except Suppliers of bourbon whiskey or Tennessee whiskey.  
 (d) PROSPECTIVE EMPLOYMENT. I and the Company agree that all third party inquiries regarding my employment at Brown Forman, including, but not limited to, all inquiries from prospective employers, shall be referred to the Company’s Human Resources Department and shall be handled pursuant to (i) what is the current Company policy, which policy provides that such inquiries shall be responded to with only the following information: my dates of employment; the positions held during my employment with the Company; and if requested by the party making the inquiry, confirmation of my final compensation package or (ii) by a letter of recommendation from Paul Varga when I have so requested to the company’s Chief Human Resources Officer. The Company has also agreed to provide me an executed copy of a Letter of Introduction which I may use as I see fit. In addition, the Company will fund executive outplacement services at a total cost not to exceed Fifty Thousand Dollars ($50,000.00), which Fifty Thousand Dollars ($50,000) will be paid directly to the outplacement agency I select upon presentation to the Company of an invoice. Such invoice must be submitted to the Company for payment within nine months of the date of this Release and Agreement.
(e) UNEMPLOYMENT CLAIM. The Company agrees not to contest any claim that I may make for unemployment compensation benefits.
 
(f) INDEMNIFICATION. As of the execution date of this Release and Agreement, the Company confirms that it has no intent to assert any legal cause of action against me. Moreover, the Company agrees to indemnify and hold me harmless to the fullest extent permitted by applicable law and/or, at a minimum, the organizational documents and policies of the Company, including all policies allowing the advancement of reasonable and documented attorneys’ fees and expenses and all policies concerning amounts paid in settlement, for my actions or inactions in accordance with my performance of duties as an officer, employee, or agent of the Company or as a fiduciary of any benefit plan of the Company. The Company also agrees to provide me with directors’ and officers’ liability insurance coverage after my employment with regard to matters occurring during my employment with the Company, which coverage will be at a level at least equal to the greatest level afforded other current officers of the Company.
(g) COOPERATION. I agree to (i) cooperate with reasonable requests made to me by the Company to provide information and to respond to questions related to matters that occurred while I was employed by the Company and of which I have knowledge; and (ii) at the Company’s request, participate in any proceeding or litigation before any arbitral, administrative, judicial, legislative, or other body or agency related to such matters. My agreement to cooperate or participate in this regard, however, is premised upon being compensated for reasonable attorneys’ fees and expenses, including but not limited to, reasonable fees and expenses of any lawyer I choose to retain in connection with, as well as reasonable travel, lodging, and meal expenses incurred by me in, performing all acts and executing and delivering any documents that may be reasonably necessary to carry out the provisions of this paragraph.

Page 10

4. OTHER MATTERS
(a) RIGHT TO REVOKE. I understand that I may revoke this Release and Agreement within seven (7) days after I sign it by delivering or sending a written notice of revocation to Kirsten Hawley, SVP Chief HR Officer (with a copy to the General Counsel) at 850 Dixie Highway, Louisville, KY 40210, by no later than the close of business on the seventh day after I sign this Release and Agreement. I understand that if I revoke this Release and Agreement, it shall not be effective or enforceable, and I will not receive the Additional Benefits described in Section 2 of this letter. I also understand that if I sign this Release and Agreement, Additional Benefits will not be paid until this revocation period expires. This Release and Agreement becomes effective on the eighth day after it is signed by me and not revoked ("the Effective Date"). To the extent that the end of the revocation period or the Effective Date fall on a Saturday, Sunday or holiday, the date will be considered the next business day.
(b) ENTIRE AGREEMENT. I agree that this is the entire agreement between me and the Company, that the Company has not made any promises to me other than in this letter, and that no changes may be made to this agreement unless in writing and signed by me and the Company.
(c) SEVERABILITY; GOVERNING LAW; VENUE. I agree that if any part of this Release and Agreement is found to be illegal or unenforceable, the rest of the Release and Agreement will nevertheless be enforceable. This Release and Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Kentucky, without giving effect to the principles of conflict of laws; all disputes arising under or relating to this Agreement, or its breach, shall be decided in the state or federal courts located in Jefferson County, Kentucky, except that the Company may seek enforcement of any of the covenants or commitments contained herein in any jurisdiction where it is necessary in its judgment to do so. In the event I fail to comply with any of the commitments set forth in this Release and Agreement, the Company may seek to terminate this agreement and recover the Additional Benefits provided to me.
 
I ACKNOWLEDGE AND AFFIRM THAT I HAVE CAREFULLY READ THIS RELEASE AND AGREEMENT. I UNDERSTAND IT AND HAVE NO QUESTIONS ABOUT WHAT IT MEANS. I HAVE NOT BEEN FORCED OR INTIMIDATED IN ANY WAY TO SIGN IT, AND I AM KNOWINGLY AND VOLUNTARILY ENTERING INTO IT.

/s/ Jill A. Jones__________________    
Signed

5/14/18________________________
Dated

Page 11

IMPORTANT!
Your health care benefits stop at separation and must be activated
under COBRA or under Retiree Medical (if eligible) before any claims can be considered. The Retiree Medical information below applies to the pre-65 B-F Retiree Medical plan.  If you (or your spouse/partner) are Medicare Eligible (typically age 65 or older), please contact Lindsay Gabbard regarding your post-65 Retiree Medical coverage information.

	
																		
	 
	 
	Insurance terminates at midnight on your separation date.
	 
	 
	 
	 

	 
	 
	 
	 
	 
	ò
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	Receive COBRA letter from Businessolver within 21 days of your separation date. If eligible for Retiree Medical (RM), you’ll receive a RM enrollment worksheet within 2 weeks of your separation date.
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	ò
	 
	 
	 
	 
	 
	 
	 

	If COBRA form or RM form is NOT signed and returned,
You have
NO coverage.
	ï
	If health coverage is to continue, you must sign and return COBRA Enrollment form to Businessolver within the time frame provided in Businessolver ‘s’ letter. If eligible for RM, complete the RM enrollment through the Benefits Service Center within 31 days of your separation from the Company instead of electing COBRA for Medical & Rx coverage.
	ð
	COBRA Enrollment Form signed and returned to Businessolver or RM election made with the Benefits Service Center. You will receive monthly invoices from Businessolver for COBRA and/or RM. Note:  RM is for Medical and Rx only.  Vision & Dental can only be continued under COBRA.  
	 
	 

	 
	 
	÷
	 
	ø
	 
	 

	 
	ý
	 
	 
	 
	 
	 
	 
	    AND
	 
	      AND
	 

	 
	 
	 
	 
	 
	 
	 
	 
	ò
	 
	 
	 
	ò
	 

	 
	 
	 
	 
	 
	 
	Transition Letter Release and Agreement is NOT signed and returned, you will not receive the Medical Premium Subsidy shown in Schedule 2 
	 
	Transition Letter Release and Agreement is signed & returned to HR Generalist.  Company will provide you with a Medical Premium Subsidy for the period stated in letter. You are responsible for paying the full COBRA/RM premium. The subsidy amount will be provided within your monthly transition amount.  

	 
	 
	 
	 
	 
	 
	 
	 
	ò
	 
	 
	 
	ò
	 

	 
	 
	 
	 
	 
	 
	COBRA/RM coverage activated retroactive to separation date.
(May take 3 weeks after premium payment from you is received by Businessolver)
	ð
	COBRA/RM coverage activated retroactive to separation date.
(May take 3 weeks after premium payment from you is received by Businessolver)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	ò
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	For expenses prior to activation, call customer service number on back of your insurance card for reimbursement.

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