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Exhibit 10.3  

ADOLPH COORS COMPANY  

 EQUITY COMPENSATION PLAN

FOR

NON-EMPLOYEE DIRECTORS  

Amended and Restated

Effective November 13, 2003
  As Corrected and Conformed

June 30, 2004 

 
TABLE OF CONTENTS  

	 
	 	 
	 	Page

	SECTION 1 INTRODUCTION	 	1
	1.1	 	Establishment	 	1
	1.2	 	Purposes	 	1
	1.3	 	Effective Date	 	1
	
SECTION 2 DEFINITIONS	
 	

1
	2.1	 	Definitions	 	1
	2.2	 	Gender and Number	 	2
	
SECTION 3 PLAN ADMINISTRATION	
 	

2
	
SECTION 4 STOCK SUBJECT TO THE PLAN	
 	

2
	4.1	 	Number of Shares	 	2
	4.2	 	Other Shares of Stock	 	3
	4.3	 	Adjustments for Stock Split, Stock Dividend, Etc	 	3
	4.4	 	Other Distributions and Changes in the Stock	 	3
	4.5	 	General Adjustment Rules	 	3
	4.6	 	Determination by the Board	 	4
	
SECTION 5 PARTICIPATION	
 	

4
	5.1	 	In General	 	4
	5.2	 	Restriction on Award Grants to Certain Individuals	 	4
	
SECTION 6 OPTIONS	
 	

4
	6.1	 	Grant	 	4
	6.2	 	Terms	 	4
	6.3	 	Shareholder Privileges	 	7
	
SECTION 7 RESTRICTED STOCK AWARDS	
 	

7
	7.1	 	Grant of Restricted Stock	 	7
	7.2	 	Restrictions	 	7
	7.3	 	Lapse of Restrictions	 	7
	7.4	 	Privileges of a Stockholder, Transferability	 	7
	7.5	 	Enforcement of Restrictions	 	7
	
SECTION 8 CHANGE OF CONTROL	
 	

7
	8.1	 	Reorganization	 	7
	8.2	 	Change of Control	 	8
	
SECTION 9 RIGHTS OF DIRECTORS	
 	

9
	9.1	 	Retention as Director	 	9
	9.2	 	Nontransferability	 	9
	
SECTION 10 COMPANY RIGHT TO PURCHASE STOCK	
 	

9
	10.1	 	Right of First Refusal	 	9
	10.2	 	Marking of Certificates	 	10
	
SECTION 11 GENERAL RESTRICTIONS	
 	

10
	11.1	 	Investment Representations	 	10
	11.2	 	Compliance with Securities Laws	 	11
	11.3	 	Changes in Accounting Rules	 	11
	11.4	 	Withholding of Tax	 	11
	 	 	 	 	 

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SECTION 12 PLAN AMENDMENT, MODIFICATION AND TERMINATION	
 	

11
	
SECTION 13 REQUIREMENTS OF LAW	
 	

11
	13.1	 	Requirements of Law	 	11
	13.2	 	Federal Securities Law Requirements	 	11
	13.3	 	Governing Law	 	11
	
SECTION 14 DURATION OF THE PLAN	
 	

11

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ADOLPH COORS COMPANY
  EQUITY COMPENSATION PLAN
  FOR
  NON-EMPLOYEE DIRECTORS    
    

Amended and Restated

Effective November 13, 2003
  As Corrected and Conformed

June 30, 2004 

SECTION 1
  INTRODUCTION

        1.1    Establishment.    Adolph Coors Company, a Delaware corporation (the "Company"), established the Adolph Coors
Company Equity Compensation Plan for Non-Employee Directors (the "Plan") effective May 16, 1991, for those directors ("Directors") of the Company who are neither officers nor
employees of the Company. The Plan is hereby amended and restated in its entirety, effective November 13, 2003, and as corrected and conformed June 30, 2004 to provide for the grant of
non-qualified stock options and restricted stock awards to Directors of the Company. 

        1.2    Purposes.    The purposes of the Plan are to encourage the Directors to own shares of the Company's stock and
thereby to align their interests more closely with the interests of the other shareholders of the Company, to encourage the highest level of Director performance by providing the Directors with a
direct interest in the Company's attainment of its financial goals, and to provide a financial incentive that will help attract and retain the most qualified Directors. 

        1.3    Effective Date.    The effective date of the amended and restated Plan is November 13, 2003. The amended
and restated Plan and each award granted under the amended and restated Plan is conditioned on and shall be of no force or effect until approval of the Plan by the holders of a majority
of the shares of voting stock of the Company, unless the Company, on the advice of counsel, determines that shareholder approval is not necessary. 

SECTION 2
  DEFINITIONS

        2.1    Definitions.    The following terms shall have the meanings set forth below: 

        (a)   "Affiliated Corporation" means any corporation or other entity that is affiliated with the Company through stock
ownership or otherwise and is designated as an "Affiliated Corporation" by the Board. 

        (b)   "Award" means an Option or a Restricted Stock Award issued hereunder. 

        (c)   "Board" means the Board of Directors of the Company. 

        (d)   "Director" means a member of the Board who is neither an officer nor an employee of the Company. For purposes of the
Plan, an employee is an individual whose wages are subject to the withholding of federal income tax under section 3401 of the Internal Revenue Code, and an officer is an individual elected or
appointed by the Board or chosen in such other manner as may be prescribed in the bylaws of the Company to serve as such. 

        (e)   "Disability" means a physical or mental condition of a Director that is determined by the Social Security Administration
to entitle the Director to a Social Security disability benefit. 

        (f)    "Fair Market Value" means the average of the highest and lowest sales prices for a share of Stock on the New York Stock
Exchange on a particular date. If there are no Stock transactions 

1

 

on
such date, the Fair Market Value shall be determined as of the immediately preceding date on which there were Stock transactions. In the event that the method for determining the Fair Market Value
of a share of Stock provided above shall not be practicable, then such Fair Market Value shall be determined by such other reasonable valuation method as the Board shall, in its discretion, select and
apply in good faith as of the given date. If, upon exercise of an Option, the exercise price is paid by a broker's transaction as provided in Section 6.2(f), Fair Market Value, for purposes of
the exercise, shall be the price at which the Stock is sold by the broker. 

        (g)   "Internal Revenue Code" means the Internal Revenue Code of 1986, as it may be amended from time to time. 

        (h)   "Option" means the right to purchase Stock at a stated price for a specified period of time. All Options granted under
the Plan shall be "non-qualified stock options" whose grant is not intended to fall under the provisions of section 422(a) of the Internal Revenue Code. 

        (i)    "Option Price" means the price at which shares of Stock subject to an Option may be purchased, determined in accordance
with Section 6.2(b). 

        (j)    "Restricted Stock Award" means an award of Stock granted to a Director pursuant to Section 7 that is subject to
certain restrictions imposed by the Board in accordance with the provisions of the Plan. 

        (k)   "Stock" means the $.01 par value (non-voting) Class B Common Stock of the Company. 

        (l)    "Voting Stock" means the $.01par value (voting) Class A Common Stock of the Company. 

        2.2    Gender and Number.    Except when otherwise indicated by the context, the masculine gender shall also include
the feminine gender, and the definition of any term herein in the singular shall also include the plural. 

SECTION 3
  PLAN ADMINISTRATION

        The
Board shall be responsible for the administration of the Plan. The Board, by majority action thereof, is authorized to grant Options and Restricted Stock Awards to one or more
Directors, as determined in their sole discretion, and to interpret the Plan, prescribe, amend and rescind rules and regulations relating to the Plan, provide for conditions and assurances deemed
necessary or advisable to protect the interests of the Company and make all other determinations necessary or advisable for the administration of the Plan, but only to the extent not contrary to the
express provisions of the Plan. The Board shall determine the form or forms of the agreements with Directors which shall evidence the particular provisions, terms, conditions, rights and duties of the
Company and the Directors with respect to Awards granted pursuant to the Plan, which provisions need not be identical except as may be provided herein. The Board may correct any defect, supply any
omission or reconcile any inconsistency in the Plan or in any agreement entered into hereunder in the manner and to the extent it shall deem expedient and it shall be the sole and final judge of such
expediency. No member of the Board shall be liable for any action or determination made in good faith. The determinations, interpretations and other actions of the Board pursuant to the provisions of
the Plan shall be binding and conclusive for all purposes and on all persons. 

SECTION 4
  STOCK SUBJECT TO THE PLAN

        4.1    Number of Shares.    Sixty thousand (60,000) shares of Stock are authorized for issuance under the Plan in
accordance with the provisions of the Plan and subject to such restrictions or other provisions as the Board may from time to time deem necessary. This authorization may be increased 

2

 

from
time to time by approval of the Board and by the shareholders of the Company if, in the opinion of counsel for the Company, such shareholder approval is required. Shares of Stock that may be
issued upon exercise of Options and that are issued as Restricted Stock Awards shall be applied to reduce the maximum number of shares of Stock remaining available for use under the Plan. The Company
shall at all times during the term of the Plan retain as authorized and unissued Stock at least the number of shares from time to time required under the provisions of the Plan, or otherwise assure
itself of its ability to perform its obligations hereunder. 

        4.2    Other Shares of Stock.    Any shares of Stock that are subject to an Option that expires or for any reason is
terminated unexercised and any shares of Stock that are subject to a Restricted Stock Award and which are forfeited, and any shares of Stock that for any other reason are not issued to a Director,
shall automatically become available for use under the Plan. 

        4.3    Adjustments for Stock Split, Stock Dividend, Etc.    If the Company shall at any time increase or decrease the
number of its outstanding shares of Stock or change in any way the rights and privileges of such shares by means of the payment of a stock dividend or any other distribution upon such shares payable
in Stock, or through a stock split, subdivision, consolidation, combination, reclassification or recapitalization involving the Stock, then in relation to the Stock that is affected by one or more of
the above events, the numbers, rights and privileges of the following shall be increased, decreased or changed in like manner as if they had been issued and outstanding, fully paid and nonassessable
at the time of such occurrence: (i) the shares of Stock as to which Awards may be granted under the Plan; (ii) the number of shares of Stock subject to the automatic grant of Options to
Directors in accordance with the provisions of Section 6; and (iii) the shares of the Stock then included in each outstanding Award granted hereunder. 

        4.4    Other Distributions and Changes in the Stock.    If 

        (a)   the
Company shall at any time distribute with respect to the Stock assets or securities of persons other than the Company (excluding cash or distributions referred to in
Section 4.3), 

        (b)   the
Company shall at any time grant to the holders of its Stock rights to subscribe pro rata for additional shares
thereof or for any other securities of the Company, or 

        (c)   there
shall be any other change (except as described in Section 4.3), in the number or kind of outstanding shares of Stock or of any stock or other securities
into which the Stock shall be changed or for which it shall have been exchanged, 

and
if the Board shall in its discretion determine that the event described in subsection (a), (b), or (c) above equitably requires an adjustment in the number or kind of shares subject to an
Option or other Award, an adjustment in the Option Price or the taking of any other action by the Board, including without limitation, the setting aside of any property for delivery to the Director
upon the exercise of an Option or the full vesting of an Award, then such adjustments shall be made, or other action shall be taken, by the Board and shall be effective for all purposes of the Plan
and on each outstanding Option or Award that involves the particular type of stock for which a change was effected. Notwithstanding the foregoing provisions of this Section 4.4, pursuant to
Section 7.4 below, a Director holding Stock received as a Restricted Stock Award shall have the right to receive all amounts, including cash and property of any kind, distributed with respect
to the Stock upon the Director's becoming a holder of record of the Stock. 

        4.5    General Adjustment Rules.    No adjustment or substitution provided for in this Section 4 shall require
the Company to sell a fractional share of Stock under any Option, or otherwise issue a fractional share of Stock, and the total substitution or adjustment with respect to each Option and other Award
shall be limited by deleting any fractional share. In the case of any such substitution or adjustment, the total Option Price for the shares of Stock then subject to the Option shall remain unchanged
but the Option Price per share under each such Option shall be equitably adjusted by the 

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Board
to reflect the greater or lesser number of shares of Stock or other securities into which the Stock subject to the Option may have been changed, and appropriate adjustments shall be made to
Restricted Stock Awards to reflect any such substitution or adjustment. 

        4.6    Determination by the Board.    Adjustments under this Section 4 shall be made by the Board, whose
determinations with regard thereto shall be final and binding upon all parties thereto. 

SECTION 5
  PARTICIPATION

        5.1    In General.    Each Director may receive Options and Restricted Stock Awards, as determined by the Board in its
sole discretion, on the terms and conditions set forth under the Plan. Each Director shall, if required by the Board, enter into an agreement with the Company with respect to an Award, in such form as
the Board shall determine and which is consistent with the provisions of the Plan. In the event of any inconsistency between the provisions of the Plan and any such agreement entered into hereunder,
the provisions of the Plan shall govern. Notice of the grant of an Award to a Participant, the terms and conditions with respect to such Award, and the acceptance of the Award by the Participant may
be accomplished through such electronic, internet or such other non-paper means as may be specified from time to time by the Board for this purpose. 

        5.2    Restriction on Award Grants to Certain Individuals.    Notwithstanding the foregoing provisions of
Section 5.1, no Awards shall be granted to any lineal descendant of Adolph Coors, Jr. without the prior written approval of counsel to the Company as to the effect of any such grant on the
possible status of the Company as a "personal holding company" within the meaning of Section 542 of the Internal Revenue Code. 

SECTION 6
  OPTIONS

        6.1    Grant.    (a) Each Director who is elected or re-elected to the Board at the annual meeting
of shareholders, beginning with the annual meeting of shareholders held coincident with or immediately after the Effective Date, shall be eligible to receive an Option, granted on the last business
day of the month during which the annual meeting of shareholders of the Company is held, to purchase such number of shares of Stock, if any, as shall be determined by the Board in its sole discretion.
If a Director is elected as a Director after the beginning of the annual term for Directors, which begins at the May annual shareholders meeting, the Director shall be eligible to receive an Option
for such number of shares of Stock, if any, as shall be determined by the Board in its sole discretion. 

        (b)   Date of Grant. The date on which a Director receives an Option hereunder is referred to as the date of grant of such
Option. 

        (c)   Option Certificates. Each Option granted under the Plan shall be evidenced by a written stock option agreement or
certificate (an "Option Certificate") issued in the name of the Director to whom the Option is granted. The Option Certificate shall incorporate and conform to the terms and conditions set forth
herein. However, the grant of options may be reflected through the use of electronic, internet or such other non-paper means of communication as may be approved from time to time for this
purpose by the Board and the terms and conditions of such Options, as well as the acceptance of such terms and conditions by the Option Holders may be accomplished through the use of electronic
transmissions and signatures, as may be specified from time to time by the Board. References herein to the use of a stock option agreement or a stock option certificate shall include any such
electronic documentation as may be established and approved for this purpose from time to time by the Board. 

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        6.2    Terms.    Options issued pursuant to the Plan have the following terms and conditions in addition to those set
forth elsewhere herein: 

        (a)   Number. Each Director shall receive under the Plan Options to purchase the number of shares of Stock specified in
Section 6.1, subject to adjustment as provided in Section 4. Such grants shall be effective at the times specified in Section 6.1. 

        (b)   Price. The price at which each share of Stock covered by the Option may be purchased by each Director shall be the Fair
Market Value of the Stock on the date of grant, subject to adjustment as provided in Section 4. 

        (c)   Duration of Options. The period within which each Option may be exercised shall expire ten years from the date the Option
is granted (the "Option Period"), unless terminated sooner pursuant to subsection (d) below or fully exercised prior to the end of such period. 

        (d)   Termination of Service, Death, Etc. The Option shall terminate in the following circumstances if the Director ceases to
be a Director of the Company: 

        (i)    If
the Director is removed as a Director of the Company during the Option Period for cause, as determined by the Board in its sole discretion, the Option shall be void
thereafter for all purposes. 

        (ii)   If
the Director ceases to be a Director of the Company on account of Disability, the Option may be exercised by the Director (or, in case of death thereafter, by the
persons specified in Section 6.2(d)(iii)) within 36 months following the date on which the Director ceased to be a Director (if otherwise within the Option Period), but not thereafter.
In any such case, the Option may be exercised only as to the shares as to which the Option had become exercisable on or before the date the Director ceased to be a Director. 

        (iii)  If
the Director dies during the Option Period while still serving as a Director or within the three-month period referred to in Section 6.2(d)(iv) below,
the Option may be exercised by those entitled to do so under the Director's will or by the laws of descent and distribution within 15 months following the Director's death (if otherwise within
the Option Period), but not thereafter. In any such case, the Option may be exercised only as to the shares as to which the Option had become exercisable on or before the date the Director ceased to
be a Director. 

        (iv)  If
the Director ceases to be a director within the Option Period for any reason other than removal for cause, Disability or death, the Option may be exercised by the
Director within three months following the date of such termination (if otherwise within the Option Period), but not thereafter. In any such case, the Option may be exercised only as to the shares as
to which the Option had become exercisable on or before the date the Director ceased to be a director. 

        (e)   Transferability. 

        (i)    Except
as specifically provided in Section 6.2(e)(ii) below, an Option shall not be transferable by the Director except by will or pursuant to the laws of
descent and distribution. An Option shall be exercisable during the Director's lifetime only by him or her, or in the event of Disability or incapacity, by his or her guardian or legal representative.
The Director's guardian or legal representative shall have all of the rights of the Director under this Plan. 

        (ii)   The
Board may, however, provide at the time of grant or thereafter that the Director may transfer an Option to a member of the Director's immediate family, a trust of
which members of the Director's immediate family are the only beneficiaries, or a partnership of which members of the Director's immediate family or trusts for the sole benefit of the 

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Director's
immediate family are the only partners (the "InterVivos Transferee"). Immediate family means the Director's spouse, issue (by birth or adoption), parents, grandparents, siblings (including
half brothers and sisters and adopted siblings) and nieces and nephews. No transfer shall be effective unless the Director shall have notified the Company of the transfer in writing and has furnished
a copy of the documents that effect the transfer to the Company. The InterVivos Transferee shall be subject to all of the terms of this Plan and the Option, including, but not limited to, the vesting
schedule, termination provisions, and the manner in which the Option may be exercised. The Board may require the Director and the InterVivos Transferee to enter into an appropriate agreement with the
Company providing for, among other things, the satisfaction of required tax withholding with respect to the exercise of the transferred Option and the satisfaction of any Stock retention requirements
applicable to the Director, together with such other terms and conditions as may be specified by the Board. Except to the extent provided otherwise in such agreement, the InterVivos Transferee shall
have all of the rights and obligations of the Director under this Plan. 

        (f)    Exercise, Payments, Etc.

        (i)    The
method for exercising each Option shall be by delivery to the Company of written notice specifying the number of shares with respect to which the Option is
exercised. For purposes of notification of exercise of an Option, the Option Holder may use such means of electronic communication as may be approved from time to time by the Board, which may include
notice of exercise through the use of electronic, internet or other computer communications. The purchase of Stock pursuant to the Option shall take place at the principal office of the Company within
thirty days following delivery of such notice, at which time the purchase price of the Stock shall be paid in full by any of the methods set forth in Section 6.2(f)(ii) or a combination
thereof. If the purchase price is paid by means of a broker's loan transaction as described in clause (C) of Section 6.2(f)(ii), in whole or on part, the closing of the purchase of the
Stock under the Option shall take place on the date on which, and only if, the sale of Stock upon which the broker's loan was based has been closed and settled, unless the Director makes an
irrevocable written election, at the time of exercise of the Option, to have the exercise treated as fully effective for all purposes upon receipt of the purchase price by the Company regardless of
whether or not the sale of the Stock by the broker is closed and settled. A properly executed certificate or certificates representing the Stock shall be delivered to the Director upon payment
therefor. If Options on less than all shares evidenced by an Option Certificate are exercised, the Company shall deliver a new Option Certificate evidencing the Option on the remaining shares on
delivery of the outstanding Option Certificate for the Option being exercised. 

        (ii)   The
exercise price shall be paid by any of the following methods or any combination of such methods, at the option of the Director: (A) cash;
(B) certified, cashier's or other check acceptable to the Company, payable to the order of the Company; or (C) delivery to the Company of irrevocable instructions to a broker to deliver
promptly to the Company the amount of sale or loan proceeds required to pay the purchase price of the Stock; or (D) delivery to the Company of certificates representing the number of shares of
Stock then owned by the Director, the Fair Market Value of which (determined as of the date the notice of exercise is delivered to the Company) equals the exercise price of the Stock to be purchased
pursuant to the Option, properly endorsed for transfer to the Company. No Option may be exercised by delivery to the Company of certificates representing Stock that has been held by the Director for
less than six months or such other period as shall be sufficient for the Company to avoid, if possible, the recognition of expense with respect to the Option for accounting purposes. 

6

 

        (g)   Service Required for Exercise. Except as set forth in Sections 6.2(d) and 8, each Option shall become exercisable on the
earlier of the one year anniversary of the date of grant or the next following annual shareholders meeting following the date of grant, provided that the Director is still serving as a Director of the
Company on such date. Except as set forth in Section 8, the Option shall not be exercisable as to any shares as to which the continuous service requirement has not been satisfied, regardless of
the circumstances under which the Director ceased to be a director. The number of shares as to which the Option may be exercised shall be cumulative, so that once the Option becomes exercisable as to
any shares it shall continue to be exercisable as to those shares until expiration or termination of the Option as provided in the Plan. 

        6.3    Shareholder Privileges.    No Director shall have any rights as a shareholder with respect to any shares of
Stock covered by an Option until the Director becomes a holder of record of such Stock, and no adjustment shall be made for dividends or other distributions or other rights as to which there is a
record date preceding the date such Director becomes the holder of record of such Stock, except as provided in Section 4. 

SECTION 7
  RESTRICTED STOCK AWARDS

        7.1    Grant of Restricted Stock.    The Board may, from time to time in its sole discretion, grant an Award of
Restricted Stock to one or more Directors. Any such Award shall be subject to such vesting and forfeiture provisions, and such other terms and conditions, as may be specified by the Board at the time
of the grant of the Award. 

        7.2    Restrictions.    Except as otherwise provided in the Plan, shares of Stock received pursuant to a Restricted
Stock Award may not be sold, assigned, pledged, hypothecated, transferred or otherwise disposed of until the restrictions applicable to such Stock have lapsed pursuant to Section 7.3. 

        7.3    Lapse of Restrictions.    Except as provided in Section 10, all restrictions on Stock covered by a
Restricted Stock Award pursuant to this Section 7 shall lapse upon the satisfaction of such terms and conditions as may be specified by the Board at the time of the grant of the Award. 

        7.4    Privileges of a Stockholder, Transferability.    A Director shall have all voting, dividend, liquidation and
other rights with respect to Stock in accordance with its terms received by him as a Restricted Stock Award under this Section 7. A Director's right to sell, encumber or otherwise transfer
Stock after restrictions applicable to such Stock pursuant to this Section 7 have lapsed shall be subject to the limitations of Section 10. 

        7.5    Enforcement of Restrictions.    The Board shall cause a legend to be placed on the Stock certificates issued
pursuant to each Restricted Stock Award referring to the restrictions imposed in the Plan and, in addition, may in its sole discretion require one or more of the following methods of enforcing such
restrictions: 

        (a)   Requiring
the Director to keep the Stock certificates, duly endorsed, in the custody of the Company while the restrictions remain in effect; or 

        (b)   Requiring
that the Stock certificates, duly endorsed, be held in the custody of a third party while the restrictions remain in effect. 

SECTION 8
  CHANGE OF CONTROL

        8.1    In General.    In the event of a Change of Control of the Company as defined in Section 8.3, then,
subject to the provisions of Section 8.2, (a) all Options shall become immediately exercisable in full during the remaining term thereof, and shall remain so, whether or not the
Participants to whom 

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such
Options have been granted remain employees of the Company or an Affiliated Corporation; and (b) all restrictions with respect to outstanding Restricted Stock Awards shall immediately
lapse. The Committee shall, in the event of a Change of Control of the Company, either (x) make appropriate provision for the adoption and continuation of the Plan and the outstanding Options
by the acquiring or successor corporation and for the protection of outstanding Options by the substitution on an equitable basis of appropriate stock of the Company or of the merged, consolidated or
other reorganized corporation that will be issuable with respect to the Stock, provided that the excess of the aggregate Fair Market Value of the shares subject to the Options immediately after such
substitution over the Option Price thereof is not less than the excess of the aggregate Fair Market Value of the shares subject to such Options immediately before such substitution over the Option
Price thereof, or (y) upon written notice to the Participants, provide that all unexercised Options must be exercised within a specified number of days (not less than ninety (90)) of the date
of such notice or they will be terminated. 

        8.2    Limitation on Payments.    If the provisions of Section 8 would result in the receipt by any Participant
of a payment within the meaning of Section 280G of the Internal Revenue Code and the regulations promulgated thereunder and if the receipt of such payment by any Participant would, in the
opinion of independent tax counsel of recognized standing selected by the Company, result in the payment by such Participant of any excise tax provided for in Section 4999 of the Internal
Revenue Code, then either (a) the amount of such payment shall be reduced in the manner determined by the Committee to the extent required, in the opinion of such independent tax counsel, to
prevent the imposition of such excise tax; or (b) the amount of such payment shall not be reduced, depending upon whichever approach results in the greatest net after-tax benefit to
the Participant, as determined by such independent tax counsel. 

        8.3    Definitions.    a) For purposes of the Plan, a "Change of Control" shall occur if: 

        (i)    a
Person or Persons become(s) the direct or indirect Beneficial Owner of more than 20% of the total voting power of the Voting Stock of the Company at a time when the
Existing Shareholder does not hold more than 50% of the voting power of the Voting Stock of the Company, provided that any such acquisition of beneficial ownership of Voting Stock by any of the
following Persons shall not by itself constitute a Change of Control hereunder: (i) the Company or one of its wholly-owned subsidiaries or (ii) any employee benefit plan (or related
trust) sponsored or maintained by the Company or one of its wholly-owned subsidiaries; 

        (ii)   the
Company consummates a merger, reorganization, recapitalization, joint venture, consolidation, share exchange, business combination or similar form of corporate
transaction involving the Company (each, a "Business Combination") unless, immediately following such Business Combination, more than
50% of the voting power of the then outstanding Voting Stock of the Person resulting from consummation of such Business Combination (including, without limitation, any parent or ultimate parent
corporation of such Person that as a result of such transaction owns directly or indirectly the Company and all or substantially all of the Company's assets) is held by the Existing Shareholder. 

        (iii)  individuals
who constitute the Board (the "Incumbent Directors") cease for any reason to constitute at least a majority of the Board, provided that any person becoming
a director subsequent to February 14, 2002, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board
(either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an
Incumbent Director; provided, however, that no individual initially elected or nominated as a director
of the Company as a result of an actual or threatened election contest 

8

 

with
respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall be deemed to be an Incumbent
Director; or 

        (iv)  the
shareholders of the Company approve a dissolution or liquidation involving all or substantially all of the Company's assets, or the Company consummates the sale of
all or substantially all of the Company's assets to a Person, unless more than 50% of the voting power of the Voting Stock of such Person is held directly or indirectly by the Existing Shareholder. 

        (a)   For
purposes of this Section 8.3, the following definitions are applicable: 

        (i)    "Beneficial Owner and Beneficially Own" mean beneficial ownership as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934, except that a person shall be deemed to beneficially own all securities that such person has the right to acquire, whether such right is
exercisable immediately or only after the passage of time. 

        (ii)   "Company Common Stock" means the Company's Class B Common Stock and any other common stock (whether voting or
non-voting) that may be hereafter issued. 

        (iii)  "Existing Shareholder" shall mean the Adolph Coors, Jr. Trust and any successor trust thereto the primary beneficiaries
of which are descendants of Adolph Coors, Sr. 

        (iv)  "Person" means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934
Act). 

        (v)   "Voting Stock" means any and all shares, interests, participants, rights in or other equivalents of capital stock and
warrants or options exchangeable for or convertible into such capital stock which ordinarily have the power to vote for the election of directors, managers or other voting members of the governing
body (the "Governing Board") of a Person. 

SECTION 9
  RIGHTS OF DIRECTORS

        9.1    Retention as Director.    Nothing contained in the Plan or in any Option or Restricted Stock Award granted
under the Plan shall interfere with or limit in any way the right of the shareholders of the Company to remove any Director from the Board pursuant to the bylaws of the Company, nor confer upon any
Director any right to continue in the service of the Company. 

        9.2    Nontransferability.    Except as provided in Section 6.2(e), no right or interest of any Director in an
Option or a Restricted Stock Award (prior to the completion of the restriction period applicable thereto), granted pursuant to the Plan, shall be assignable or transferable during the lifetime of the
Director, either voluntarily or involuntarily, or subjected to any lien, directly or indirectly, by operation of law, or otherwise, including execution, levy, garnishment, attachment, pledge or
bankruptcy. In the event of a Director's death, a Director's rights and interests in Options and Restricted Stock Awards shall, to the extent vested, be transferable by testamentary will or the laws
of descent and distribution. If in the opinion of the Board a person entitled to payments or to exercise rights with respect to the Plan is disabled from caring for his affairs because of mental
condition, physical condition or age, payment due such person may be made to, and such rights shall be exercised by, such person's guardian, conservator or other legal personal representative upon
furnishing the Board with evidence satisfactory to the Board of such status. 

9

 

SECTION 10
  COMPANY RIGHT TO PURCHASE STOCK

        10.1    Right of First Refusal.    (a) The Board may, in its sole discretion, provide at the time of the grant
of an Award and cause to be reflected in the agreement with respect to such Award that the Stock acquired pursuant to the Plan shall be subject to the Company's right of first refusal set forth in the
following subsections of this Section 10.1. The Board may also, in its sole discretion, waive the Company's rights under this Section 10 with respect to outstanding Awards and may modify
outstanding Awards accordingly, at any time and from time to time, in its sole discretion. 

        (b)   In
the event of the death of a Director, or if a Director at any time proposes to transfer to a third party any of the Stock acquired pursuant to the Plan on or after
the effective date of this amended and restated Plan, the Director (or his personal representative or estate, as the case may be) shall make a written offer (the "Offer") to sell all of the Stock
acquired pursuant to the Plan then owned by the Director (or thereafter acquired by the Director's estate or personal representative pursuant to any Option or Restricted Stock Award hereunder) to the
Company at the "purchase price" as hereinafter defined. In the case of a proposed sale of any of the Stock to a third party, the Offer shall state the name of the proposed transferee and the terms and
conditions of the proposed transfer. In a case of a proposed sale through or to a registered broker/dealer, the Offer shall state the name and address of the broker. The Company shall have the right
to elect to purchase all (but not less than all) of the shares of Stock. The Company shall have the right to elect to purchase the shares of Stock for a period of ten (10) days after the
receipt by the Company of the Offer. The provisions of this Section 10 shall apply to proposed sales through or to a registered broker/dealer at the prevailing market price, even if the
prevailing market price should fluctuate between the date the Company receives the Offer and the date the Company elects to purchase the shares of Stock. In all cases, the purchase price for the Stock
shall be determined pursuant to subsection 10.1(e). 

        (c)   The
Company shall exercise its right to purchase the Stock by giving written notice of its exercise to the Director (or his personal representative or estate, as the
case may be). If the Company elects to purchase the Stock, payment for the shares of Stock shall be made in full by Company check. Any such payments shall be made within ten (10) days after the
election to purchase has been exercised. 

        (d)   If
the Stock is not purchased pursuant to the foregoing provisions, the shares of Stock may be transferred by the Director the proposed transferee named in the Offer to
the Company, in the case of a proposed sale to a third party. However, if such transfer is not made within 120 days following the termination of the Company's right to purchase, a new offer
must be made to the Company before the Director can transfer any portion of his shares and the provisions of this Section 10 shall again apply to such transfer. If the Company's right of first
refusal under this Section 10 is created by an event other than a proposed transfer to a third party, the shares of Stock shall remain subject to the provisions of this Section 10 in the
hands of the registered owner of the Stock. 

        (e)   The
purchase price for each share of Stock purchased by the Company pursuant to this Section 10 shall be equal to the Fair Market Value of the Stock on the date
the Company receives the Offer under Section 10.1(a). 

        10.2    Marking of Certificates.    Each certificate representing shares of Stock acquired pursuant to this Plan shall
bear the following legend: 

The
shares of stock represented by this Certificate are subject to all the terms of the Adolph Coors Company Equity Incentive Plan for Non-Employee Directors, as the Plan may be amended
from time to time (the "Plan"). Copies of the Plan are on file at the office of the Company. The Plan, among other things, limits the right of the Owner to transfer the shares 

10

 

represented
hereby and provides that in certain circumstances the shares may be purchased by the Company. 

SECTION 11
  GENERAL RESTRICTIONS

        11.1    Investment Representations.    The Company may require any Director to whom an Award is granted, as a
condition of receiving such Option or Restricted Stock Award, to give written assurances in substance and form satisfactory to the Company and its counsel to the effect that such person is acquiring
the Stock subject to the Option or Restricted Stock Award for his own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects
as the Company deems necessary or appropriate in order to comply with Federal and applicable state securities laws. 

        11.2    Compliance with Securities Laws.    Each Option and Restricted Stock Award shall be subject to the requirement
that, if at any time counsel to the Company shall determine that the listing, registration or qualification of the shares subject to such Option or Restricted Stock Award upon any securities exchange
or under any state or federal law, or the consent or approval of any governmental or regulatory body, is necessary as a condition of, or in connection with, the issuance of shares thereunder, such
Option or Restricted Stock Award may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on
conditions acceptable to the Board. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration or qualification. 

        11.3    Changes in Accounting Rules.    Notwithstanding any other provision of the Plan to the contrary, if, during
the term of the Plan, any changes in the financial or tax accounting rules applicable to Options and Restricted Stock Awards shall occur which, in the sole judgment of the Board, may have a material
adverse effect on the reported earnings, assets or liabilities of the Company, the Board shall have the right and power to modify as necessary any then outstanding Option or Restricted Stock Awards as
to which the applicable restrictions have not been satisfied. 

        11.4    Withholding of Tax.    To the extent required by applicable law and regulation, each Director must arrange
with the Company for the payment of any federal, state or local income or other tax applicable to the exercise of an Option or the grant of a Restricted Stock Award granted hereunder before the
Company shall be required to deliver to the Director a certificate for such Stock free and clear of all restrictions under this Plan. 

SECTION 12
  PLAN AMENDMENT, MODIFICATION AND TERMINATION

        The
Board may at any time terminate, and from time to time may amend or modify the Plan provided, however, that no amendment or modification may become effective without approval of the
amendment or modification by the shareholders if shareholder approval is required to enable the Plan to satisfy any applicable statutory or regulatory requirements, or if the Company, on the advice of
counsel, determines that shareholder approval is otherwise necessary or desirable. 

        No
amendment, modification or termination of the Plan shall in any manner adversely affect any Options or Restricted Stock Awards theretofore granted under the Plan without the consent
of the Director holding such Options or Restricted Stock Awards. 

11

 

SECTION 13
  REQUIREMENTS OF LAW

        13.1    Requirements of Law.    The issuance of Stock and the payment of cash pursuant to the Plan shall be subject to
all applicable laws, rules and regulations. 

        13.2    Federal Securities Law Requirements.    Awards granted hereunder shall be subject to all conditions required
under Rule 16b-3 to qualify Option or the Restricted Stock Award for any exception from the provisions of Section 16(b) of the 1934 Act available under that Rule. Such
conditions shall be set forth in the agreement with the Director which describes the Option or Restricted Stock Award. 

        13.3    Governing Law.    The Plan and all agreements hereunder shall be construed in accordance with and governed by
the laws of the State of Delaware. 

SECTION 14
  DURATION OF THE PLAN

        The
Plan shall terminate at such time as may be determined by the Board of Directors, and no Option or Restricted Stock Award shall be granted after such termination. Options and
Restricted Stock Awards outstanding at the time of the Plan termination shall become exercisable or free of restrictions, as the case may be, in accordance with their terms. 

	Dated:	 	                        
	 	 	 	 
	

ATTEST:	
 	

ADOLPH COORS COMPANY
	

  
	
 	

By:	
 	

  

12

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ADOLPH COORS COMPANY EQUITY COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORSQuickLinks
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Exhibit 10.16  

ADOLPH COORS COMPANY  

DEFERRED COMPENSATION PLAN  

As Amended and Restated Effective January 1, 2002

As Corrected and Conformed June 30, 2004 

 
TABLE OF CONTENTS

	 
	 	 
	 	 
	 	Page

	RECITALS	 	2
	

ARTICLE I—Definitions	
 	

2
	 	 	1.1	 	"Affiliated Entity"	 	2
	 	 	1.2	 	"Base Salary"	 	2
	 	 	1.3	 	"Beneficiary"	 	2
	 	 	1.4	 	"Change of Control"	 	2
	 	 	1.5	 	"Committee"	 	3
	 	 	1.6	 	"Company"	 	3
	 	 	1.7	 	"Company Stock"	 	3
	 	 	1.8	 	"Compensation"	 	3
	 	 	1.9	 	"Credited Earnings"	 	3
	 	 	1.10	 	"Disability"	 	4
	 	 	1.11	 	"Election Agreement"	 	4
	 	 	1.12	 	"Executive Bonus"	 	4
	 	 	1.13	 	"Participant"	 	4
	 	 	1.14	 	"Participant Deferrals"	 	4
	 	 	1.15	 	"Plan Account"	 	4
	 	 	1.16	 	"Plan Year"	 	4
	 	 	1.17	 	"Retirement"	 	4
	 	 	1.18	 	"Stock Option"	 	4
	 	 	1.19	 	"Trust"	 	4
	 	 	1.20	 	"Trust Agreement"	 	4
	 	 	1.21	 	"Trustee"	 	4
	

ARTICLE II—Eligibility and Participation	
 	

4
	 	 	2.1	 	Eligibility and Participation	 	4
	 	 	2.2	 	Enrollment	 	5
	 	 	2.3	 	Failure of Eligibility	 	5
	

ARTICLE III—Contribution Deferrals	
 	

5
	

ARTICLE IV—Accounting and Investments	
 	

6
	 	 	4.1	 	Accounting	 	6
	 	 	4.2	 	Deemed Investment Elections	 	6
	

ARTICLE V—Distributions	
 	

6
	 	 	5.1	 	Time of Distribution	 	6
	 	 	5.2	 	Method and Amount of Distribution	 	7
	 	 	5.3	 	Early Distribution With Penalty	 	8
	 	 	5.4	 	Distribution Upon Change of Control	 	8
	 	 	5.5	 	Hardship Distributions	 	8
	 	 	5.6	 	Source of Payments	 	9
	 	 	5.7	 	Beneficiaries	 	9
	 	 	5.8	 	Withholding	 	9
	

ARTICLE VI—Administration	
 	

9
	 	 	6.1	 	The Committee—Plan Administrator	 	9
	 	 	6.2	 	Committee to Administer and Interpret Plan	 	9
	 	 	6.3	 	Organization of Committee	 	9
	 	 	 	 	 	 	 

i

 

	 	 	6.4	 	Indemnification	 	10
	 	 	6.5	 	Agent for Process	 	10
	 	 	6.6	 	Determination of Committee Final	 	10
	 	 	6.7	 	The Trustee	 	10
	

ARTICLE VII—Trust	
 	

10
	 	 	7.1	 	Trust Agreement	 	10
	 	 	7.2	 	Expenses of Trust	 	10
	

ARTICLE VIII—Affiliated Entities	
 	

10
	 	 	8.1	 	Adoption of Plan	 	10
	 	 	8.2	 	Agency of the Company	 	11
	 	 	8.3	 	Disaffiliation and Withdrawal From Plan	 	11
	 	 	8.4	 	Effect of Disaffiliation or Withdrawal	 	11
	

ARTICLE IX—Amendment and Termination	
 	

11
	 	 	9.1	 	Termination of Deferrals	 	11
	 	 	9.2	 	Termination of Plan	 	11
	 	 	9.3	 	Benefits Distributable Upon Termination	 	11
	 	 	9.4	 	Amendment by Company	 	11
	

ARTICLE X—Miscellaneous	
 	

12
	 	 	10.1	 	Funding of Benefits—No Fiduciary Relationship	 	12
	 	 	10.2	 	Reimbursement for Certain Expenses	 	12
	 	 	10.3	 	Right to Terminate Employment	 	12
	 	 	10.4	 	Inalienability of Benefits	 	12
	 	 	10.5	 	Claims Procedure	 	12
	 	 	10.6	 	Disposition of Unclaimed Distributions	 	13
	 	 	10.7	 	Distributions Due Minors or Incompetents	 	13
	 	 	10.8	 	Governing Law	 	13

ii

  

 
 

ADOLPH COORS COMPANY
  DEFERRED COMPENSATION PLAN    
    

RECITALS: 

        Adolph
Coors Company, a Delaware corporation (the "Company"), previously established the Adolph Coors Company Deferred Compensation Plan (the "Plan"), effective as of February 1,
1998. The Plan was amended and restated in its entirety, effective as of February 16, 2001, further amended and restated in its entirety, effective as of January 1, 2002, and is hereby
corrected and conformed June 30, 2004. The Plan is intended to provide a mechanism whereby certain of the highly compensated and select management employees of the Company and those affiliates
that adopt the Plan may defer compensation and have such amounts, together with credited earnings, if applicable, paid out upon the participant's retirement, death, disability or other termination of
service with the Company or affiliate and upon certain other specified events. The Company intends that the Plan shall not be treated as a "funded" plan for purposes of either the Internal Revenue
Code of 1986, as amended (the "Code") or the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). 

ARTICLE I

Definitions  

        Defined terms used in this Plan shall have the meanings set forth below: 

        1.1   "Affiliated Entity" means any corporation or other entity, including but not limited to partnerships and joint ventures,
affiliated with Adolph Coors Company, directly or indirectly through ownership, control or otherwise, as determined by the Committee. 

        1.2   "Base Salary" means the actual amount of base remuneration payable to an employee by the Company from time to time before
reduction for contributions to plans covered by sections 401(k) and 125 of the Code. 

        1.3   "Beneficiary" means the person or persons, trust or other entity designated by a Participant, pursuant to
Section 5.7, to receive any amounts distributable under the Plan at the time of the Participant's death. 

        1.4   "Change of Control" means such time as: 

        (a)   a
Person or Persons become(s) the direct or indirect Beneficial Owner of more than 20% of the total voting power of the Voting Stock of the Company at a time when the
Existing Shareholder does not hold more than 50% of the voting power of the Voting Stock of the Company, provided that any such acquisition of beneficial ownership of Voting Stock by any of the
following Persons shall not by itself constitute a Change of Control hereunder: (i) the Company or one of its wholly-owned subsidiaries or (ii) any employee benefit plan (or related
trust) sponsored or maintained by the Company or one of its wholly-owned subsidiaries; 

        (b)   the
Company consummates a merger, reorganization, recapitalization, joint venture, consolidation, share exchange, business combination or similar form of corporate
transaction involving the Company (each, a "Business Combination") unless, immediately following such Business Combination, more than 50% of the voting power of the then outstanding Voting Stock of
the Person resulting from consummation of such Business Combination (including, without limitation, any parent or ultimate parent corporation of such Person that as a result of such transaction owns
directly or indirectly the Company and all or substantially all of the Company's assets) is held by the Existing Shareholder. 

        (c)   individuals
who constitute the Board (the "Incumbent Directors") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a
director 

2

 

subsequent
to February 14, 2002, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a
specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated as a director of the
Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any
Person other than the Board shall be deemed to be an Incumbent Director; or 

        (d)   the
shareholders of the Company approve a dissolution or liquidation involving all or substantially all of the Company's assets, or the Company consummates the sale of
all or substantially all of the Company's assets to a Person, unless more than 50% of the voting power of the Voting Stock of such Person is held directly or indirectly by the Existing Shareholder. 

        (e)   For
purposes of this Section, the following definitions are applicable: 

        (i)    "Beneficial Owner and Beneficially Own" mean beneficial ownership as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934 (the Exchange Act), except that a person shall be deemed to beneficially own all securities that such person has the right to acquire,
whether such right is exercisable immediately or only after the passage of time. 

        (ii)   "Company Common Stock" means the Company's Class B Common Stock and any other common stock (whether voting or
non-voting) that may be hereafter issued. 

        (iii)  "Existing Shareholder" shall mean the Adolph Coors, Jr. Trust and any successor trust thereto the primary beneficiaries
of which are descendants of Adolph Coors, Sr. 

        (iv)  "Person" means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act). 

        (v)   "Voting Stock" means any and all shares, interests, participants, rights in or other equivalents of capital stock and
warrants or options exchangeable for or convertible into such capital stock which ordinarily have the power to vote for the election of directors, managers or other voting members of the governing
body (the "Governing Board") of a Person. 

        Change
of Control 

        1.5   "Committee" means the administrative committee provided for in Section 6. 

        1.6   "Company" means Adolph Coors Company and, where the context requires, any Affiliated Entity that has elected to
participate in this Plan in accordance with the provisions of Article VIII. 

        1.7   "Company Stock" means the Class B Common Stock of Adolph Coors Company. 

        1.8   "Compensation" means an employee's Base Salary, Executive Bonus and the amount of income, in the form of shares of
Company Stock, attributable to the exercise of a Stock Option through payment of the exercise price with shares of Company Stock. In addition, "Compensation" shall mean any other compensatory payment
or payments made to the Participant that are specifically approved for inclusion within the meaning of "Compensation" by the senior officer in charge of Human Resources for the Company. 

        1.9   "Credited Earnings" means the amount of earnings credited to the Participant's Plan Account as of the date specified for
such purpose in the applicable provision of the Plan. Credited Earnings shall be determined based upon the deemed investment elections made by the Participant in accordance with the provisions of
Article IV. Except as otherwise provided in Section 4.1, Credited Earnings shall be accounted for and credited to a Participant's Plan Account beginning upon the date 

3

 

that
the Participant's deemed investment elections pursuant to Article IV are implemented within the Trust. 

        1.10 "Disability" shall have the same meaning given to such term from time to time in the Company's Long-Term
Disability Plan. 

        1.11 "Election Agreement" means an agreement between an eligible employee and the Company providing for the employee's
participation in the Plan and for the employee's elections with respect to deferrals under Article III, the deemed investment of the Participant's Plan Account under Article IV and
distributions under Article V, execution of which by an eligible employee is required under Article II for Plan participation. 

        1.12 "Executive Bonus" means a bonus paid pursuant to the Company's Management Incentive Compensation Plan or such other
incentive or bonus programs as may be designated for this purpose by the Committee. 

        1.13 "Participant" means any eligible employee of the Company selected to participate in this Plan by the Committee who has
completed an Election Agreement and is entitled to the distribution of benefits hereunder. A Participant shall remain a Participant for all purposes of this Plan so long as the Participant is entitled
to the distribution of benefits hereunder, except to the extent provided in Section 2.3. 

        1.14 "Participant Deferrals" means the amounts of a Participant's Compensation which he elects to defer and have allocated to
his Plan Account pursuant to Article III. 

        1.15 "Plan Account" means a bookkeeping account maintained by the Company which shall show at all times the amounts of
Participant Deferrals made by a Participant and all Credited Earnings allocable to such amounts. 

        1.16 "Plan Year" means the twelve month period on which the Plan records are kept, which shall be the calendar year. 

        1.17 "Retirement" means an employee's termination of employment with the Company after the normal retirement age established
by the Company's Retirement Plan, which is presently age 65. 

        1.18 "Stock Option" means an option to acquire shares of the Company's Common Stock granted pursuant to the Company's 1990
Equity Incentive Plan. 

        1.19 "Trust" means the trust created by the Company or any Affiliated Entity which has adopted the Plan pursuant to
Article VIII which may be used to provide funding for the distribution of benefits hereunder in accordance with the provisions of the Plan. 

        1.20 "Trust Agreement" means the written instrument pursuant to which the Trust is created. 

        1.21 "Trustee" means the bank, trust company or individual appointed by the Company or any Affiliated Entity pursuant to
Article VII and acting from time to time as the trustee of the Trust formed to provide benefits under the Plan. 

ARTICLE II

Eligibility and Participation  

        2.1   Eligibility and Participation

        From
time to time the Committee, in its sole discretion, shall determine the eligibility requirements for participation and shall designate those highly compensated and select management
employees of the Company and those Affiliated Entities that have adopted this Plan pursuant to Article VIII to whom the opportunity to participate in this Plan shall be extended. The transfer
of 

4

 

employment
by a Participant between the Company and an Affiliated Entity, or between Affiliated Entities, shall not be considered a termination of employment and shall not cause a disruption in
participation in this Plan. 

        2.2   Enrollment

        Employees
who have been selected by the Committee to participate in this Plan shall enroll in the Plan, prior to the calendar year during which the employee will participate in the Plan
(or in the case of an individual who becomes an eligible employee of the Company after the beginning of a calendar year, within 30 days after the date the individual becomes an eligible
employee), by (a) entering into an Election Agreement with the Company, which shall contain the Participant's election as to the Compensation to be deferred under the Plan for the subsequent
calendar year, the period of deferral, the method of payment, the initial investment elections of the Participant pursuant to Article IV, and such other terms as the Company deems appropriate
and necessary, and (b) completing such other forms and furnishing such other information as the Company may reasonably require. In the case of an employee who becomes eligible to and elects to
participate in the Plan during a calendar year, any election to defer Compensation shall apply only to Compensation earned after the effective date of such election. A Participant shall enter into a
new Election Agreement with respect to each Plan Year of participation under the Plan. 

        2.3   Failure of Eligibility  

        If a Participant ceases to meet the eligibility criteria as determined by the Committee for participation herein for any reason but continues to be a Company
employee, participation herein and benefits hereunder shall cease as of the effective date of the change in employment status, position or title which results in termination of eligibility for
participation herein. The determination of the Committee with respect to the termination of participation in the Plan shall be final and binding on all parties affected thereby. Any benefits accrued
hereunder at the time of such change, together with Credited Earnings, shall be distributed to such Participant on the third anniversary of the date on which such Participant's eligibility ceased, or,
at the sole election of the Committee, at any time prior to such third anniversary. 

ARTICLE III

Contribution Deferrals  

        Each Plan Year, a Participant may elect to have Participant Deferrals withheld from his Base Salary and credited to his Plan Account in any whole percentage of
his Base Salary from 1-100%. In addition, a Participant may elect to have the Company withhold from his Executive Bonus any amount up to 100% of such Executive Bonus and have such amount
credited to his Plan Account as a Participant Deferral. A Participant may also elect to have the Company withhold from any other type of Compensation otherwise payable to the Participant any amount up
to 100% of such Compensation and have such amount credited to his Plan Account as a Participant Deferral. Participant Deferrals shall be deducted from a Participant's Base Salary, Executive Bonus and
other Compensation through payroll withholding in accordance with the Participant's election and credited to the Participant's Plan Account at such time. If a Participant exercises a Stock Option
during a Plan Year through payment of the exercise price with shares of Company Stock, the Participant may elect to defer the receipt of the shares of Company Stock representing the shares in excess
of the shares used to exercise the Stock Option (the "Gain Shares"). The shares of Company Stock representing the Gain Shares that would otherwise be issued to the Participant upon the exercise of a
Stock Option through payment of the exercise price with shares of Company Stock shall be withheld by the Company, transferred to the Trust and treated as a deemed investment of the Participant in
accordance with the provisions of Article IV. All elections with respect to the deferral of Compensation, including Gain Shares, must be made in accordance with the provisions of
Section 2.2. 

5

 

ARTICLE IV

Accounting and Investments  

        4.1   Accounting

        The
Company shall maintain or cause to be maintained a book accounting record of the Participant's Plan Account, showing the amounts of Participant Deferrals and the Credited Earnings
thereon, based upon the deemed investment elections of each Participant pursuant to Section 4.2. The Company shall also maintain or cause to be maintained appropriate accounting records of the
Trust. 

        4.2   Deemed Investment Elections

        Each
Participant shall elect from time to time, in accordance with such procedures as may be established for this purpose by the Committee, the manner in which Credited Earnings shall be
determined with respect to the Participant's Plan Account, based upon the deemed investment elections made by the Participant. The deemed investment options available to Participants shall be
determined from time to time by the Committee and may be changed from time to time. In the case of Participant Deferrals attributable to Stock Options, such Participant Deferrals shall be deemed to be
invested only in Company Stock and the Participant may not change the deemed investment election with respect to such amounts. Subject to the foregoing restriction, the Participant shall be permitted
to change his deemed investment elections in accordance with such procedures as may be established for this purpose by the Committee. If at any time the Committee does not possess deemed investment
directions for all of a Participant's Plan Account, the Participant shall be deemed to have directed that the undesignated portion of the Plan Account be deemed to be invested in a money market, fixed
income or similar fund made available under the Plan as determined by the Committee in its discretion. Each Participant hereunder, as a condition to his or her participation hereunder, agrees to
indemnify and hold harmless the Company, the Committee and their agents and representatives from any losses or damages of any kind relating to the Participant's choice of deemed investments and the
investment results of such deemed investments. 

ARTICLE V

Distributions  

        5.1   Time of Distribution. 

	(a)
	Unless
a Participant otherwise elects in accordance with the provisions of subsection 5.1(b), or unless Section 5.3, 5.4 or 5.5 applies, the amount credited to a Participant's
Plan Account shall be distributed to the Participant (or his Beneficiary), or distributions shall begin, on the first day of the month next following 60 days after the date on which the
Participant's service with the Company terminates, whether such service terminates because of death, Disability, Retirement, voluntary termination or termination by the Company. The transfer of a
Participant between the Company and an Affiliated Entity, or between Affiliated Entities, shall not be considered a termination of employment for purposes of this Plan.

	(b)
	At
the time a Participant elects to make Participant Deferrals in accordance with Section 3.1 with respect to a specified Plan Year, the Participant may also elect to receive
payment of the amounts deferred under Article III of the Plan with respect to such Plan Year, together with Credited Earnings thereon, immediately upon termination of employment in accordance
with subsection 5.1(b) or one, three, five, ten, fifteen or twenty years following termination of employment or, regardless of when service terminates, after a period of three, five, ten, fifteen or
twenty years. A Participant shall also be permitted to elect to receive payment of the Participant Deferrals with respect to a Plan Year at 

6

 

such
other times as may be permitted by the Committee from time to time. If a Participant makes an election to receive payment after a specified number of years, regardless of employment termination,
then the amounts deferred under Article III with respect to such Plan Year, together with Credited Earnings thereon, shall be distributed to the Participant (or his Beneficiary) on the first
business day of the calendar year that is three, five, ten, fifteen or twenty years after the calendar year of the deferrals as elected by the Participant, or at such other time as may be elected by
the Participant with the permission of the Committee. Amounts payable under this subsection after a specified period of years shall be paid in a lump sum, except as provided in Section 5.2. 

        5.2   Method and Amount of Distribution. 

	(a)
	Unless
a Participant otherwise elects with respect to a Plan Year in accordance with the provisions of this Section 5.2, or unless Section 5.4 applies, payment of all
Participant Deferrals, together with Credited Earnings, shall be made at the time determined in accordance with the provisions of Section 5.1 in a lump sum in an amount equal to the amount
credited to his Plan Account as of the last day of the month prior to the date of payment.

	(b)
	At
the time a Participant elects to make Participant Deferrals in accordance with Section 3.1 with respect to a specified Plan Year, the Participant may also elect to receive
payment of the amounts deferred under Article III of the Plan with respect to such Plan Year, together with Credited Earnings thereon, over a three, five, ten, fifteen or twenty year
installment payout instead of a lump sum. In order to be valid, an election under this subsection must be filed, in writing, with the Committee at least two years before the date of the Participant's
termination of service with the Company. Payments in accordance with this subsection shall be made in annual installments, with the first installment payable upon the first day of the month next
following 60 days after the termination of service of the Participant, or the date specified by the Participant in accordance with the provisions of subsection 5.1(b), as the case may be. Each
annual installment shall be determined by dividing the value of the Participant's Plan Account as of the last day of the month prior to the date of payment by the number of remaining annual
installments to be made in accordance with the Participant's election.

	(c)
	Notwithstanding
the foregoing provisions of this Section 5.2, in the event of the death or Disability of the Participant, whether prior to or following Retirement, the
Participant or his Beneficiary, as the case may be, may request a lump sum payout of the Participant's entire Plan Account. Any such request shall be considered by the Committee, which shall have the
sole discretion to either approve such a payment or to deny such a payment. If a lump sum payment is authorized by the Committee under these circumstances, payment of the Participant's Plan Account,
based upon the amount credited to such Plan Account as of the last day of the month prior to the date of payment, shall be made within 60 days after the date on which the Committee approves
such payment.

	(d)
	During
the period following a Participant's termination of employment with the Company and before payment of his Plan Account begins, and during the period that a Participant's Plan
Account is being distributed in accordance with an installment payout election, the Plan Account shall continue to be credited with Credited Earnings in accordance with the provisions of
Article IV and the Participant shall be entitled to make deemed investment elections with respect to the investment of his or her Plan Account.

	(e)
	Notwithstanding
the foregoing provisions of this Section 5, to the extent that a Participant's Plan Account is deemed to be invested in Company Stock at the time that
distribution commences hereunder, such distribution shall be made, to the extent thereof, 

7

 

in
whole shares of Company Stock, rather than in cash, with the value of any fractional share distributed in cash. In all other instances, a Participant's Plan Account shall be distributed in cash. 

        5.3   Early Distribution With Penalty. 

        Instead
of receiving the distribution of a Participant's Plan Account at the time and in the manner otherwise specified in this Article V, a Participant may elect to receive his
entire Plan Account in a lump sum at any time. If a Participant so elects, the amount of his Plan Account shall be reduced by 10% as a penalty for early distribution and the amount in such Plan
Account as of the last day of the month prior to receipt by the Company of the Participant's election under this subsection, reduced by the 10% penalty amount, shall be paid to the Participant in a
lump sum within 30 days after receipt by the Company of the Participant's election. To the extent that a Participant's Plan Account is invested in Company Stock, the lump sum distribution shall
be made in whole shares of Company Stock, with the value of any fractional share distributed in cash. A Participant who makes such an election shall no longer be eligible to participate in the Plan.
All elections under this section shall be made in writing, shall be effective when delivered to the Company and shall be irrevocable once made. 

        5.4   Distribution Upon Change of Control. 

        At
the time a Participant elects to make Participant Deferrals in accordance with Section 3.1 with respect to a specified Plan Year, the Participant may also elect to receive
payment of the amounts deferred under Article III of the Plan with respect to such Plan Year, or any or all earlier Plan Years, together with Credited Earnings thereon, in a lump sum or over a
three, five, ten, fifteen or twenty year installment payout in the event of a Change of Control of the Company. A Participant may also elect to commence receiving payment in such circumstances, either
immediately following the date of the Change of Control, after a period of one, three, five, ten, fifteen or twenty years following the date of the Participant's termination of employment, or,
regardless of when service terminates, after a period of three, five, ten, fifteen or twenty years, as elected by the Participant. A Participant may also make such an election with respect to the
payment of his or her Plan Account in the event of a Change of Control at any other time, provided, however, that any such election, whether in connection with the Participant's Participant Deferrals
Election or otherwise, must be received by the Company at least six months before the date of the closing of the transaction that constitutes a Change of Control. If a Participant does not otherwise
elect, or if any such election is ineffective because made within six months of a Change of Control, then such Participant shall receive an immediate lump sum payment of the amount allocated to his
Plan Account as of the date of such Change of Control. Any Beneficiary receiving payments from the Plan at the time of a Change of Control of the Company shall receive an immediate lump sum payment of
the amount allocated to his or her Plan Account as of the date of such Change of Control. All lump sum payments shall be made as soon as administratively possible following the date of the Change of
Control. 

        5.5   Hardship Distributions. 

        In
the event of hardship endured by a Participant and recognized as such by the Committee, and upon receipt by the Committee of a written application for the early distribution of
amounts deferred, the Committee shall direct the distribution to the Participant of all amounts allocated to the Plan Account to the extent reasonably required to satisfy the hardship need. For
purposes of this Plan, "hardship" shall mean a Participant's severe, unforeseeable financial hardship resulting from a sudden unexpected illness or accident of the Participant (or any of his family),
loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. In no event may
a distribution be made to the extent that such hardship is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, or (ii) by liquidation of the
Participant's assets, to the extent the liquidation of such assets would not itself cause severe financial hardship. If the Committee grants a hardship distribution 

8

 

pursuant
to this Section 5.5, the Committee may also permit the Participant to reduce or eliminate his deferrals under the Plan for the remainder of the Plan Year. The Committee's decision with
respect to the existence or nonexistence of hardship with respect to a particular Participant shall be final and binding on all parties. 

        5.6   Source of Payments. 

        All
amounts payable to any person under this Plan shall be paid from the general assets of the Company as such amounts become due and payable or, in the sole discretion of the Company,
such amounts may be paid from the Trust in accordance with the provisions of the Trust and upon the written direction of the Company. If a Participant is employed by more than one entity during his
period of participation in the Plan, the various employers shall agree among themselves with respect to the allocation of the obligation to make payments to the Participant in accordance with the
provisions of this Plan. 

        5.7   Beneficiaries. 

        Each
Participant shall designate one or more persons, trusts or other entities as his Beneficiary to receive any amounts distributable hereunder at the time of the Participant's death.
Such designation shall be made by the Participant on a Beneficiary Designation Form supplied by the Committee at his initial enrollment and may be changed from time to time by the Participant. Any
such beneficiary designation shall apply to all amounts payable to a Participant hereunder. All payments to a Participant's Beneficiary under the Plan shall be made at the times and in the manner
previously elected by the Participant with respect to distributions under the Plan, except as otherwise provided in Section 5.4. In the absence of an effective beneficiary designation as to
part or all of a Participant's interest in the Plan, such amount shall be distributed to the personal representative of the Participant's estate. 

        5.8   Withholding. 

        All
amounts payable under the provisions of this Plan to any person shall be subject to withholding of applicable tax and other items in accordance with federal, state and local law. 

ARTICLE VI

Administration  

        6.1   The Committee Plan Administrator. 

	(a)
	The
Company's Retirement Committee, or a subcommittee thereof appointed by the Retirement Committee, shall serve as the Administrative Committee for this Plan. The Committee shall
administer the Plan in accordance with its terms and purposes.

	(b)
	The
Committee may designate an individual to serve as Plan Administrator and may at any time revoke a prior designation and select a different individual to serve as Plan
Administrator. 

        6.2   Committee to Administer and Interpret Plan. 

        The
Committee shall administer the Plan and shall have all powers necessary for that purpose, including, but not by way of limitation, power to interpret the Plan, to determine the
eligibility, status and rights of all persons under the Plan and, in general, to decide any dispute. The Committee shall maintain all Plan records except records of the Trust fund. 

        6.3   Organization of Committee. 

        The
Committee shall adopt such rules as it deems desirable for the conduct of its affairs and for the administration of the Plan. It may appoint agents (who need not be members of the
Committee) to 

9

 

whom
it may delegate such powers as it deems appropriate, except that any dispute shall be determined by the Committee. The Committee may make its determinations with or without meetings. It may
authorize one or more of its members or agents to sign instructions, notices and determinations on its behalf. The action of a majority of the Committee shall constitute the action of the Committee. 

        6.4   Indemnification. 

        The
Committee, the Plan Administrator and all of the other agents and representatives of the Committee shall be indemnified and saved harmless by the Company against any claims, and the
expenses of defending against such claims, resulting from any action or conduct relating to the administration of the Plan, except claims judicially determined to be attributable to gross negligence
or willful misconduct. 

        6.5   Agent for Process. 

        The
Committee shall be agent of the Plan for service of all process. 

        6.6   Determination of Committee Final. 

        The
decisions made by the Committee shall be final and conclusive on all persons. 

        6.7   The Trustee. 

        The
Trustee shall be responsible for: (a) the investment of the Trust fund to the extent and in the manner provided herein and in the Trust Agreement; (b) the custody and
preservation of Trust assets delivered to it; and (c) for making such distributions from the Trust fund as the Company shall direct. The Trustee shall have only the responsibilities specified
in this section and in the Trust Agreement. 

ARTICLE VII

Trust  

        7.1   Trust Agreement. 

        The
Company and each Affiliated Entity which has adopted the Plan have each entered into a Trust Agreement with the Trustee, which shall initially be Fidelity Management Trust Company,
to provide for the holding, investment and administration of the funds of the Plan for the Participants who are employed by each such entity. The Trust Agreement shall be part of the Plan, and the
rights and duties of any person under the Plan shall be subject to all of the terms and provisions of the Trust Agreement. 

        7.2   Expenses of Trust. 

        The
parties expect that the Trust will be treated as though it were not a separate taxpaying entity for federal and state income tax purposes and that, as a consequence, the Trust will
not be subject to income tax with respect to its income. However, if the Trust should be taxable, the Company shall contribute the amount necessary to pay such taxes to the Trust and the Trustee shall
pay all such taxes out of the Trust. All expenses of administering the Trust shall be paid by the Company. 

ARTICLE VIII

Affiliated Entities  

        8.1   Adoption of Plan. 

        Any
Affiliated Entity, whether or not presently existing, may with the consent of the Committee become a party to the Plan by adopting the Plan for one or more of its highly-compensated
and select management employees. In accordance with the provisions of Section 2.1, the Committee shall have the sole discretion to determine which employees of such an Affiliated Entity, if
any, may participate in the 

10

 

Plan.
Thereafter, such Affiliated Entity shall promptly deliver to the Company a copy of the document evidencing its adoption of the Plan. The Company and each such Affiliated Entity shall enter into
such written agreements as they may consider necessary and appropriate in order to allocate the responsibility for payments due under the provisions of the Plan with respect to employees who transfer
employment between participating employers. 

        8.2   Agency of the Company. 

        Each
Affiliated Entity by becoming a party to the Plan constitutes the Company its agent with authority to act for it in all transactions in which the Company believes such agency will
facilitate the administration of the Plan and with authority to amend and terminate the Plan. 

        8.3   Disaffiliation and Withdrawal From Plan. 

        Any
Affiliated Entity which has adopted the Plan and which thereafter ceases for any reason to be an Affiliated Entity shall forthwith cease to be a party to the Plan. Any Affiliated
Entity may, by resolution of its governing body and written notice thereof to the Company provide from and after the end of any plan year for the discontinuance of Plan participation by such employer
and its employees. 

        8.4   Effect of Disaffiliation or Withdrawal. 

        At
the time of disaffiliation or withdrawal, the disaffiliating or withdrawing employer shall by resolution of its governing body determine whether to continue the Plan for its covered
employees or to terminate the Plan as to such employees. 

ARTICLE IX

Amendment and Termination  

        9.1   Termination of Deferrals. 

        The
Company, through action of its Board of Directors, may terminate future Participant Deferrals under the Plan at any time, for any reason. If deferrals are discontinued, the Plan and
Trust shall continue to operate in accordance with their respective terms and distributions shall be made to Participants (and Beneficiaries) in accordance with the provisions of the Plan. 

        9.2   Termination of Plan. 

        The
Company and each Affiliated Entity which has adopted the Plan expect to continue this Plan indefinitely, but the Company and each such Affiliated Entity may terminate this Plan as to
its employees at any time. Notwithstanding the foregoing, the Company and each such Affiliated Entity shall not terminate this Plan as to its employees solely for the purpose of accelerating the
distribution of benefits to its employees. 

        9.3   Benefits Distributable Upon Termination. 

        Notwithstanding
9.1 above, the Company or the Affiliated Entity, as the case may be, shall distribute, or cause the Trustee to distribute, all benefits that have accrued under the Plan
for Participants employed by the entity that terminates its participation in the Plan, together with all benefits that have accrued under the Plan for former Participants or Beneficiaries, as of the
date of termination of the Plan, with such benefits computed and distributed as though all Participants terminated employment with the Company or the Affiliated Entity on the date of Plan termination. 

        9.4   Amendment by Company. 

        The
Company may amend this Plan at any time and from time to time, but no amendment shall reduce any benefit that has accrued on the effective date of the amendment. 

11

 

ARTICLE X

Miscellaneous  

        10.1 Funding of Benefits—No Fiduciary Relationship. 

        All
benefits payable under this Plan shall be distributed as they become due and payable either by the Company out of its general assets or from the Trust, as determined by the Company
in its sole discretion. The Company and each Affiliated Entity that adopts the Plan pursuant to Article VIII shall be responsible for providing the benefits only for its own employees who are
Participants in the Plan. Nothing contained in this Plan shall be deemed to create any fiduciary relationship between the Company and the Participants. To the extent that any person acquires a right
to receive benefits under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Company. 

        10.2 Reimbursement for Certain Expenses. 

        The
Plan and Trust have been established with the intent and understanding that, for federal income tax purposes, Participants in the Plan will not be subject to tax with respect to
their participation in the
Plan until such time as distributions are actually made to the Participants in accordance with the provisions of the Plan. If a Participant is treated by the Internal Revenue Service as having
received income with respect to the Plan in a year prior to the actual receipt of distributions under the Plan, the Company shall reimburse the Participant for all reasonable legal and accounting
costs incurred by the Participant in contesting such proposed treatment. 

        10.3 Right to Terminate Employment. 

        The
Company and each Affiliated Entity may terminate the employment of any Participant as freely and with the same effect as if this Plan were not in existence. 

        10.4 Inalienability of Benefits. 

        No
Participant shall have the right to assign, transfer, hypothecate, encumber or anticipate his interest in any benefits under this Plan, nor shall the benefits under this Plan be
subject to any legal process to levy upon or attach the benefits for payment for any claim against the Participant or his spouse. If any Participant's benefits are garnished or attached by the order
of any court, the Company may bring an action for declaratory judgment in a court of competent jurisdiction to determine the proper recipient of the benefits to be distributed pursuant to the Plan.
During the pendency of the action, any benefits that become distributable shall be paid into the court as they become distributable, to be distributed by the court to the recipient it deems proper at
the conclusion of the action. Notwithstanding the foregoing provisions of this Section 10.4, a Participant shall have the right to assign any amounts that may become payable hereunder for any
reason other than the death of the Participant to a revocable trust of which the Participant is the grantor or a family partnership controlled by the Participant, provided that any such assignment
shall not enable the Participant to anticipate or otherwise receive current economic benefit from such assignment. 

        10.5 Claims Procedure. 

	(a)
	All
claims shall be filed in writing by the Participant, his spouse or the authorized representative of the claimant, by completing such procedures as the Committee shall require.
Such procedures shall be reasonable and may include the completion of forms and the submission of documents and additional information.

	(b)
	If
a claim is denied, notice of denial shall be furnished by the Committee to the claimant within 90 days after the receipt of the claim by the Committee, unless special
circumstances require an extension of time for processing the claim, in which event 

12

 

notification
of the extension shall be provided to the Participant or beneficiary and the extension shall not exceed 90 days. 

	(c)
	The
Committee shall provide adequate notice, in writing, to any claimant whose claim has been denied, setting forth the specific reasons for such denial, specific reference to
pertinent Plan provisions, a description of any additional material or information necessary for the claimant to perfect his claims and an explanation of why such material or information is necessary,
all written in a manner calculated to be understood by the claimant. Such notice shall include appropriate information as to the steps to be taken if the claimant wishes to submit his claim for
review. The claimant or the claimant's authorized representative may request such review within the reasonable period of time prescribed by the Committee. In no event shall such a period of time be
less than 60 days. A decision on review shall be made not later than 60 days after the Committee's receipt of the request for review. If special circumstances require a further extension
of time for processing, a decision shall be rendered not later than 120 days following the Committee's receipt of the request for review. If such an extension of time for review is required,
written notice of the extension shall be furnished to the claimant prior to the commencement of the extension. The decision on review shall be furnished to the claimant. Such decision shall be in
writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Plan provisions on which
the decision is based. 

        10.6 Disposition of Unclaimed Distributions. 

        Each
Participant must file with the Company from time to time in writing his address and each change of address. Any communication, statement or notice addressed to a Participant at his
last address filed with the Company, or if no address is filed with the Company, then at his last address as shown on the Company's records, will be binding on the Participant and his spouse for all
purposes of the Plan. The Company shall not be required to search for or locate a Participant or his spouse. If the Committee notifies a Participant (or Beneficiary) that he is entitled to a
distribution and also notifies him of the provisions of this section, and the individual fails to claim his benefits under this Plan or make his address known to the Committee within five calendar
years after the notification, the benefits under the Plan of such individual shall be forfeited as of the end of the Plan Year coincident with or following the five year waiting period. If the
individual should later make a claim for his forfeited benefit, the Company shall cause the amount of the forfeited benefit to be distributed to the individual, either through a direct payment by the
Company or through a payment from the Trust. 

        10.7 Distributions Due Minors or Incompetents. 

        If
any person entitled to a distribution under the Plan is a minor, or if the Committee determines that any such person is incompetent by reason of physical or mental disability, whether
or not legally adjudicated an incompetent, the Committee shall have the power to cause the distributions becoming due to such person to be made to another for his or her benefit, without
responsibility of the Committee or the Trustee to see to the application of such distributions. Distributions made pursuant to such power shall operate as a complete discharge of the Company, the
Trust fund, the Trustee and the Committee. 

        10.8 Governing Law. 

        This
Plan shall be governed by the laws of the State of Delaware. 

        Dated:
                                   

	ATTEST:	 	ADOLPH COORS COMPANY
	

By:	
 	

  
	
 	

By:	
 	

  

13

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ADOLPH COORS COMPANY DEFERRED COMPENSATION PLAN

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