Document:

Merck & Co., Inc. 2006 Non-Employee Director Stock Option Plan

 Exhibit 10.5 
  
  
  
 MERCK & CO., INC. 

 2006 NON-EMPLOYEE DIRECTORS 
 STOCK OPTION PLAN 
 (Effective as Amended and Restated on the Closing
Date of the Transactions) 
  
  
  

 2006 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN 
 The 2006 Non-Employee Directors Stock Option Plan (the “Plan”) was established and is maintained to attract, retain and compensate
for service as members of the Board of Directors of Merck & Co., Inc. highly qualified individuals who are not current or former employees of the Company and to enable them to increase their ownership in the Company’s Common Stock. As
of the Closing Date (“Closing Date”) of the Agreement and Plan of Merger dated as of March 8, 2009, as amended, by and among Merck & Co., Inc. Schering Plough Corporation, SP Merger Subsidiary One, Inc., and SP Merger
Subsidiary Two, Inc. (the “Transactions”), the Plan is being amended and restated. For purposes of this Plan, the “Company or “Merck” includes (a) Merck & Co., Inc. as in effect prior to the consummation of the
Transactions and (b) Merck & Co., Inc. (formerly known as Schering-Plough Corporation) as in effect on and after the consummation of the Transactions. The Plan will be beneficial to the Company and its stockholders since it will allow
these Directors to have a greater personal financial stake in the Company through the ownership of Company stock, in addition to underscoring their common interest with stockholders in increasing the value of the Company stock longer term.

  

	1.	Eligibility 

 All members
of the Company’s Board of Directors who are not current or former employees of the Company or any of its subsidiaries (“Non-Employee Directors”) shall participate in this Plan; provided, however, that any Non-Employee Director who was
a member of the Board of Directors of Schering-Plough Corporation on the Closing Date shall not be eligible to participate in this Plan, unless Company shareholders re-approve this Plan at shareholder meeting held after the Closing Date. 

 

	2.	Awards 

 Only nonqualified
stock options to purchase shares of Merck Common Stock (“NQSOs”) and Restricted Stock Grants (collectively, “Incentives”) may be granted under this Plan. 
  

	3.	Shares Available 

  

	 	a)	Number of Shares Available: There is hereby reserved for issuance under this Plan 1 million shares of Merck Common Stock, which may be authorized but unissued
shares, treasury shares, or shares purchased on the open market. 

  

	 	b)	Recapitalization Adjustment: In the event of a reorganization, recapitalization, stock split, stock dividend, extraordinary cash dividend, combination of shares,
merger, consolidation, rights offering or other similar change in the capital structure or shares of the Company, adjustments in the number and kind of shares authorized by this Plan, in the number and kind of shares covered by Incentives, and in
the option price of outstanding NQSOs under, this Plan shall be made if, and in the same manner as, such adjustments are made to incentives issued under the then current Incentive Stock Plan for Merck (including the Merck Sharp & Dohme
Corp. 2007 Stock Incentive Plan, as amended and restated, until Company shareholders approve a Merck Incentive Stock Plan after the consummation of the Transactions) (the “ISP”) subject to any required action by the Board of Directors or
the stockholders of the Company and compliance with applicable securities laws. 

  

 1 

	4.	Annual Grant of Nonqualified Stock Options 

 Each year on the first Friday following the Company’s Annual Meeting of Stockholders, each individual elected, reelected or continuing as a Non-Employee Director shall automatically receive an NQSO
to purchase 5,000 shares of Merck Common Stock or such other amount as may be determined by the Board from time to time. Notwithstanding the foregoing, if, on that first Friday, the General Counsel of the Company determines, in her/his sole
discretion, that the Company is in possession of material, undisclosed information about the Company, then the annual grant of NQSOs to Non-Employee Directors shall be suspended until the second business day after public dissemination of such
information and the price, exercisability date and option period shall then be determined by reference to such later date. If Merck Common Stock is not traded on the New York Stock Exchange on any date a grant would otherwise be awarded, then the
grant shall be made the next day thereafter that Merck Common Stock is so traded. 
  

	5.	Option Price 

 The price
of the NQSO shall be the closing price of Merck Common Stock on the date of the grant as quoted on the New York Stock Exchange. 
  

	6.	Option Period 

 An NQSO
granted under this Plan shall become exercisable at 12:01 a.m. in three equal installments (subject to rounding) on each of the first, second and third anniversaries of the date of grant and shall expire at 11:59 p.m. on the day before the tenth
anniversary thereof (“Option Period”). As used in this Plan, all times shall mean the time for New York, NY. 
  

	7.	Payment 

 The NQSO price
and any required tax withholding, if any, shall be paid in cash in U.S. dollars at the time the NQSO is exercised or in such other manner as permitted for option exercises under the ISP applicable to “officers” (as defined in Rule 16a-1 of
the Securities Exchange Act of 1934 (the “Exchange Act”)) of Merck and its affiliates. If the Compensation and Benefits Committee of the Board of Directors of the Company approves the use of previously owned shares of Common Stock for any
portion of the exercise price for NQSOs granted under the ISP, then that same provision also shall apply to this Plan. The NQSOs shall be exercised through the Company’s broker-assisted stock option exercise program, provided such program is
available at the time of the option exercise, or by such other means as in effect from time to time for the ISP. 
  

	8.	Cessation of Service 

 Upon cessation of service as a Non-Employee Director (for reasons other than Retirement or death), only those NQSOs immediately exercisable at the date of cessation of service shall be exercisable by the grantee. Such NQSOs must be
exercised by 11:59 p.m. on the day before the same day of the third month after such cessation of service (but in no event after the expiration of the Option Period) or they shall be forfeited. For example, if service ends on January 12 and
this section applies, the NQSOs would expire no later than 11:59 p.m. on April 11. All other NQSOs shall expire at 11:59 p.m. on the day of such cessation of service. 
  

 2 

	9.	Retirement 

 If a grantee
ceases service as a Non-Employee Director and is then at least age 65 with ten or more years of service or age 70 with five or more years of service (such cessation of service is a “Retirement” and begins on the first day after service
ends), then any of his/her outstanding NQSOs shall continue to become exercisable as if service had continued. All outstanding NQSOs must be exercised by the expiration of the Option Period, or such NQSOs shall be forfeited. Notwithstanding the
foregoing, if a grantee dies before the NQSOs are forfeited, Section 10 shall control. 
  

	10.	Death 

 Upon the death of
a grantee, all unvested NQSOs shall become immediately exercisable. The NQSOs which become exercisable upon the date of death and those NQSOs which were exercisable on the date of death may be exercised by the grantee’s legal representatives or
heirs by the earlier of (i) 11:59 p.m. on the day before the third anniversary of the date of death (ii) the expiration of the Option Period; if not exercised by the earlier of (i) or (ii), such NQSOs shall be forfeited.
Notwithstanding the foregoing, if local law applicable to a deceased grantee requires a longer or shorter exercise period, these provisions shall comply with that law. 
  

	11.	Restricted Stock Grant 

 The Board may award actual shares of Common Stock (“Restricted Stock”) or phantom shares of Common Stock (“Restricted Stock Units”) to a Non-Employee Director, which shares shall be subject to the terms and conditions
and as the Board may prescribe from time to time. 
  

	12.	Administration and Amendment of the Plan 

 This Plan shall be administered by the Board of Directors of Merck. The Board may delegate to any person or group, who may further so delegate, the Board’s powers and obligations hereunder as they
relate to day to day administration of the exercise process. This Plan may be terminated or amended by the Board of Directors as it deems advisable. However, an amendment revising the price, date of exercisability, option period of, or amount of
shares under an NQSO shall not be made more frequently than every six months unless necessary to comply with applicable laws or regulations. Unless approved by the Company’s stockholders, no adjustments or reduction of the exercise price of any
outstanding NQSO shall be made directly or by cancellation of outstanding NQSOs and the subsequent regranting of NQSOs at a lower price to the same individual. No amendment may revoke or alter in a manner unfavorable to the grantees any Incentives
then outstanding, nor may the Board amend this Plan without stockholder approval where the absence of such approval would cause the Plan to fail to comply with Rule 16b-3 under the Exchange Act or any other requirement of applicable law or
regulation. An Incentive may not be granted under this Plan after December 31, 2015 but NQSOs granted prior to that date shall continue to become exercisable and may be exercised, and Restricted Stock Grants shall continue to vest, according to
their terms, 
  

 3 

	13.	Transferability 

 Except
as set forth in this section, the NQSOs granted under this Plan shall not be exercisable during the grantee’s lifetime by anyone other than the grantee, the grantee’s legal guardian or the grantee’s legal representative, and shall not
be transferable other than by will or by the laws of descent and distribution. Incentives granted under this Plan shall be transferable during a grantee’s lifetime only in accordance with the following provisions. 
 The grantee may only transfer an NQSO while serving as a Non-Employee Director of the Company or within one year of ceasing service as a
Non-Employee Director due to Retirement as defined in Section 9. 
 The NQSO may be transferred only to the grantee’s
spouse, children (including adopted children and stepchildren) and grandchildren (collectively, “Family Members”), to one or more trusts for the benefit of Family Members or, at the discretion of the Board of Directors, to one or more
partnerships where the grantee and his Family Members are the only partners, in accordance with the rules set forth in this section. The grantee shall not receive any payment or other consideration for such transfer (except that if the transfer is
to a partnership, the grantee shall be permitted to receive an interest in the partnership in consideration for the transfer). 
 Any NQSO transferred in accordance with this section shall continue to be subject to the same terms and conditions in the hands of the transferee as were applicable to such NQSO prior to the transfer, except that the grantee’s right to
transfer such NQSO in accordance with this section shall not apply to the transferee. However, if the transferee is a natural person, upon the transferee’s death, the NQSO privileges may be exercised by the legal representatives or
beneficiaries of the transferee within the exercise periods otherwise applicable to the NQSO. 
 Any purported transfer of an
NQSO under this section shall not be effective unless, prior to such transfer, the grantee has (1) met the minimum stock ownership target then in place for Directors of the Company, (2) notified the Company of the transferee’s name
and address, the number of shares under the Option to be transferred, and the grant date and exercise price of such shares, and (3) demonstrated, if requested by the Board of Directors, that the proposed transferee qualifies as a permitted
transferee under the rules set forth in this section. In addition, the transferee must sign an agreement that he or she is bound by the rules and regulations of the Plan and by the same insider trading restrictions that apply to the grantee and
provide any additional documents requested by the Company in order to effect the transfer. No transfer shall be effective unless the Company has in effect a registration statement filed under the Securities Act of 1933 covering the securities to be
acquired by the transferee upon exercise of the NQSO, or the General Counsel of Merck has determined that registration of such shares is not necessary. 
  

	14.	Compliance with SEC Regulations 

 It is the Company’s intent that the Plan comply in all respects with Rule 16b-3 of the Exchange Act, and any regulations promulgated thereunder. If any provision of this Plan is later found not to be in compliance with the Rule, the
provision shall be deemed null and void. All grants and exercises of NQSOs under this Plan shall be executed in accordance with the requirements of Section 16 of the Exchange Act, as amended, and any regulations promulgated thereunder.

  

 4 

	15.	Miscellaneous 

 Except as
provided in this Plan, no Non-Employee Director shall have any claim or right to be granted an NQSO under this Plan. Neither the Plan nor any action thereunder shall be construed as giving any director any right to be retained in the service of the
Company. 
  

	16.	Effective Date 

 This Plan
shall be effective April 25, 2006 or such later date as stockholder approval is obtained and is being amended and restated as of the Closing Date. 
  

	17.	No Constraint on Corporate Action 

 Nothing in this Plan shall be construed (i) to limit or impair or otherwise affect the Company’s right or power to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, or to merge
or consolidate, liquidate, sell or transfer all or any part of its business or assets, or (ii) except as provided in Section 12, to limit the right or power of the Company or any subsidiary to take any action which such entity deems to be
necessary or appropriate. 
  

	18.	Governing Law 

 This Plan,
and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of New Jersey. 
  

 5Merck & Co., Inc. Plan for Deferred Payment of Directors' Compensation

 Exhibit 10.6 
  

 
  
 MERCK & CO., INC. 
 PLAN FOR DEFERRED PAYMENT OF 
 DIRECTORS’ COMPENSATION

 (Effective as Amended and Restated on the Closing Date of the Transactions) 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Article I
	  	Purpose	  	1
			
	 Article II
	  	Election of Deferral, Investment Alternatives and Distribution Schedule	  	1
			
	 Article III
	  	Valuation of Deferred Amounts	  	3
			
	 Article IV
	  	Redesignation Within a Deferral Account	  	4
			
	 Article V
	  	Payment of Deferred Amounts	  	5
			
	 Article VI
	  	Designation of Beneficiary	  	6
			
	 Article VII
	  	Plan Amendment or Termination	  	6
			
	 Article VIII
	  	Section 409A Compliance	  	6
			
	 Article IX
	  	Effective Date	  	6

 MERCK & CO., INC. 
 PLAN FOR DEFERRED PAYMENT OF 
 DIRECTORS’
COMPENSATION 
  

	I.	PURPOSE 

 The
Merck & Co., Inc. Plan for Deferred Payment of Directors’ Compensation (“Plan”) provides an unfunded arrangement for directors of Merck & Co., Inc., formerly known as Schering-Plough Corporation (“Merck” or
the “Company”) prior to the closing date (“Closing Date”) of the Agreement and Plan of Merger dated as of March 8, 2009, as amended, by and among Merck & Co., Inc., Schering-Plough Corporation, SP Merger Subsidiary
One, Inc. and SP Merger Subsidiary Two, Inc. (the “Transactions”), other than directors that are current employees of the Company or its subsidiaries, to value, account for and ultimately distribute amounts deferred (i) voluntarily in
case of annual retainers and Board and committee meeting fees and (ii) mandatorily in certain other cases as described herein. Prior to the Closing Date, the predecessor to this Plan provided identical benefits to directors of Merck
Sharp & Dohme Corp. (formerly Merck & Co, Inc. prior to the Closing Date) (“MSD”). 
  

	II.	ELECTION OF DEFERRAL, INVESTMENT ALTERNATIVES AND DISTRIBUTION SCHEDULE 

  

	 	A.	Election of Voluntary Deferral Amount 

  

	 	1.	Prior to December 31 of each year, each director may irrevocably elect (an “Initial Election”) to defer, until termination of service as a director or
later, 50% or 100% of each of the following (together, the “Voluntary Deferral Amount”) with respect to the 12 months beginning April 1 of the next calendar year after such Initial Election: 

 (a) Board retainer 
 (b) Committee Chairperson retainer 
 (c) Audit Committee member retainer, and 
 (d) Board and committee meeting fees. 
  

	 	2.	Prior to commencement of duties as a director or within the first 30 days following commencement of services, a director newly elected or appointed to the Board during
a calendar year may make an Initial Election for the portion of the Voluntary Deferral Amount applicable to such director’s first year of service (or part thereof). 

  

	 	3.	The Voluntary Deferral Amount shall be credited as follows: (1) Board and committee meeting fees that are deferred are credited as of the last business day of each
calendar quarter; (2) if the Board retainer, Lead Director retainer, Committee Chairperson retainer and/or Audit Committee member retainer are deferred, a pro-rata share of the deferred retainer is credited as of the last business day of each
calendar quarter. The dates as of which the Voluntary Deferral Amount, or parts thereof, are credited to the director’s deferred account are hereinafter referred to as the Voluntary Deferral Dates. 

  

	 	4.	Once an Initial Election is made, including, effective December’s 2008, elections made by directors of MSD prior to the Transactions, it shall continue to apply in
successive years on the same terms and conditions until the director makes a new Initial Election. 

	 	5.	Certain directors (the “Schering Directors”) who were directors of Schering-Plough Corporation on the Closing Date of the Transactions will continue service
following the Closing Date. Anything in the Plan to the contrary notwithstanding, the Schering Directors are first eligible to elect Voluntary Deferrals by December 31 of the year that includes the Closing Date. That initial election may not
apply earlier than January 1 of the following year and shall continue through the April 1 of the second year following the Closing Date. 

  

	 	B.	Mandatory Deferral Amount 

  

	 	1.	As of the Friday following the Company’s Annual Meeting of Stockholders (the “Mandatory Deferral Date”), each director will be credited with an amount
equivalent to the annual cash retainer for the 12 month period beginning on the April 1 preceding the Annual Meeting (the “Mandatory Deferral Amount”). The Mandatory Deferral Amount will be measured by the Merck Common Stock account.

  

	 	2.	A director newly elected or appointed to the Board after the Mandatory Deferral Date will be credited with a pro rata portion of the Mandatory Deferral Amount
applicable to such director’s first year of service (or part thereof). Such pro rata portion shall be credited to the director’s account as of the first day of such director’s service. 

  

	 	3.	For purposes of the Mandatory Deferral Amount, the Schering Directors shall be treated as if newly elected or appointed to the Board as of the Closing Date.

  

	 	C.	Automatic Deferral of Executive Committee Fees 

 Between June 2005, and April 2007, directors of MSD who served as either Chairperson or member of the Board’s Executive Committee, in lieu of any cash payment for such service, were credited with an
amount provided by way of retainer or meeting fees (the “Automatic Deferral Amount”). The Automatic Deferral Amount is measured by the Merck Common Stock account. 
  

	 	D.	Election of Investment Alternatives 

 Each Initial Election shall include an election as to the investment alternatives by which the value of amounts deferred will be measured in accordance with Article III, below. Investment alternatives
available under this Plan shall be the same as the investment alternatives available from time to time under the Merck Sharp & Dohme Corp. Deferral Program (the “Executive Deferral Program”); provided, however, that at all times
there shall be a Merck Common Stock fund. All investment alternatives other than Merck Common Stock are referred to herein as “Other Investment Alternatives.” 
  

 2 

	 	E.	Initial Election of Distribution Schedule 

 An Initial Election shall include an election of the year during which the Distribution Date (as defined below) shall occur and shall apply to all Voluntary Deferral Amounts, Mandatory Deferral Amounts
and Automatic Deferral Amounts credited during the same period. The Distribution Date shall be the 15th day of the month (or, if such day is not a business day, the next business day) of a calendar quarter following the Director’s termination
of service as a director or such number of years thereafter as would be permitted for distributions elected under the Executive Deferral Program. 
  

	 	F.	Changes to Distribution Schedule  

 If and to the extent that participants in the Executive Deferral Program are permitted to make re-deferral elections from time to time, participants in this Plan may elect to defer their Distribution
Dates subject to the same restrictions applicable under the Executive Deferral Program; provided, however, that no re-deferral election may have the effect of accelerating a distribution prior to a director’s termination of service or death.

  

	III.	VALUATION OF DEFERRED AMOUNTS 

  

	 	A.	Merck Common Stock 

  

	 	1.	Initial Crediting. The annual Mandatory Deferral Amount shall be used to determine the number of full and partial shares of Merck Common Stock that such amount
would purchase at the closing price of the Common Stock on the New York Stock Exchange (“NYSE”) on the Mandatory Deferral Date. 

 The Automatic Deferral Amount was used to determine the number of full and partial shares of Merck Common Stock that such amount would have purchased at the closing price of the Common Stock on the NYSE.

 That portion of the Voluntary Deferral Amount allocated to Merck Common Stock shall be used to determine the number of full
and partial shares of Merck Common Stock that such amount would purchase at the closing price of the Common Stock on the NYSE on the applicable Voluntary Deferral Date. 
 This Plan is unfunded: at no time will any shares of Merck Common Stock be purchased or earmarked for such deferred amounts nor will any rights of a shareholder exist with respect to such amounts.

  

	 	2.	Dividends. Each director’s account will be credited with the additional number of full and partial shares of Merck Common Stock that would have been
purchasable with the dividends on shares previously credited to the account at the closing price of the Common Stock on the NYSE on the date each dividend was paid. 

  

	 	3.	Distributions. Distributions from the Merck Common Stock account will be valued at the closing price of Merck Common Stock on the NYSE as of the Distribution
Date. 

  

 3 

	 	4.	For purposes of valuation of Merck Common Stock, if Merck Common Stock is no longer traded on the NYSE, but is publicly traded on any other exchange, references to NYSE
shall mean such other exchange. If Merck Common Stock is not publicly traded and if the Committee on Corporate Governance of the Board of Directors determines that a measurement of Merck Common Stock on any Mandatory or Voluntary Deferral Date or
Distribution Date would not constitute fair market value, then the Committee shall decide on the date and method to determine fair market value, which shall be in accord with any requirements set forth under Section 409A or any successor
thereto. 

  

	 	B.	Other Investment Alternatives 

  

	 	1.	Initial Crediting. The amount allocated to each Other Investment Alternative shall be used to determine the full and partial Other Investment Alternative shares
that such amount would purchase at the closing net asset value of the Other Investment Alternative shares on the Mandatory or Voluntary Deferral Date, whichever is applicable. The director’s account will be credited with the number of full and
partial Other Investment Alternative shares so determined. 

 At no time will any Other Investment Alternative
shares be purchased or earmarked for such deferred amounts nor will any rights of a shareholder exist with respect to such amounts. 
  

	 	2.	Dividends. Each director’s account will be credited with the additional number of full and partial Other Investment Alternative shares that would have been
purchasable, at the closing net asset value of the Other Investment Alternative shares as of the date each dividend is paid on the Other Investment Alternative shares, with the dividends that would have been paid on the number of shares previously
credited to such account (including pro rata dividends on any partial shares). 

  

	 	3.	Distributions. Other Investment Alternative distributions will be valued based on the closing net asset value of the Other Investment Alternative shares as of
the Distribution Date. 

  

	 	C.	Adjustments 

 In the
event of a reorganization, recapitalization, stock split, stock dividend, combination of shares, merger, consolidation, rights offering or any other change in the corporate structure or shares of the Company or an Other Investment Alternative, the
number and kind of shares or units shall be adjusted accordingly. 
  

	IV.	REDESIGNATION WITHIN A DEFERRAL ACCOUNT 

  

	 	A.	General 

 A director may
redesignate how his or her account is invested among the Other Investment Alternatives (a “Redesignation”). A Redesignation affects only the Investment Alternatives; it does not affect the timing of distributions from the Plan. Amounts
deferred using the Merck Common Stock method and any earnings attributable to such deferrals may not be redesignated prior to the

  

 4 

 
first anniversary of the termination of the director’s service. The change will be effective at the closing price as of (i) the day when the redesignation request is received
pursuant to administrative guidelines established by the Human Resources Financial Services area provided the request is received prior to the close of the NYSE on such day or (ii) the next following business day if the request is received when
the NYSE is closed. 
  

	 	B.	When Redesignation May Occur 

  

	 	1.	During Active Service. There is no limit on the number of times a director may Redesignate the portion of his/her deferred account permitted to be Redesignated.
Each such request shall be irrevocable and can be Redesignated in whole percentages or as a dollar amount. 

  

	 	2.	After Death. Following the death of a director, the legal representative or beneficiary of such director may Redesignate subject to the same rules as for active
directors set forth in Article IV, Section B.1. 

  

	 	C.	Valuation of Amounts to be Redesignated  

 The portion of the director’s account to be Redesignated will be valued at its cash equivalent and such cash equivalent will be converted into shares or units of the Other Investment Alternatives.
For purposes of such Redesignations, the cash equivalent of the value of the Other Investment Alternative shares shall be the closing net asset value of such Other Investment Alternative as of (i) the day when the Redesignation request is
received pursuant to administrative guidelines established by the Human Resources Financial Services area of the Treasury department, provided the request is received prior to the close of the NYSE on such day or (ii) the next following
business day if the request is received when the NYSE is closed. 
  

	V.	PAYMENT OF DEFERRED AMOUNTS 

  

	 	A.	Payment 

 All payments to
directors of amounts deferred will be in cash as of the Distribution Date. Distributions shall be pro rata by investment alternative. Distributions shall be paid as soon as administratively feasible after the Distribution Date. 
  

	 	B.	Forfeitures 

 A
director’s deferred amount attributable to the Mandatory Deferral Amount and earnings thereon shall be forfeited upon his or her removal as a director or upon a determination by the Committee on Corporate Governance, in its sole discretion
that, a director has: 
  

	 	(i)	 joined the Board of, managed, operated, participated in a material way in, entered employment with, performed consulting (or any other) services for,
or otherwise been connected in any material manner with a company, corporation, enterprise, firm, limited partnership, partnership, person, sole

  

 5 

	 	 
proprietorship or any other business entity determined by the Committee on Corporate Governance in its sole discretion to be competitive with the business of the Company, its subsidiaries or its
affiliates (a “Competitor”); 

  

	 	(ii)	directly or indirectly acquired an equity interest of 5 percent or greater in a Competitor; or 

  

	 	(iii)	disclosed any material trade secrets or other material confidential information, including customer lists, relating to the Company or to the business of the Company to
others, including a Competitor. 

  

	VI.	DESIGNATION OF BENEFICIARY 

 In the event of the death of a director: 
 A. The deferred amount at the date of death shall be paid to the last named
beneficiary or beneficiaries designated by the director, or, if no beneficiary has been designated, to the legal representative of the director’s estate. 
 B. A lump sum distribution of any remaining account balance will be made to the director’s beneficiary or estate’s legal representative as soon as administratively feasible following such death,
whether or not the director was in service at the time of death or has commenced to receive payments of his or her account balance. The Distribution Date of such a distribution shall be the 15th day of the month (or, if such day is not a business
day, the next business day) of the calendar quarter following the date the Company learns of such death. 
  

	VII.	PLAN AMENDMENT OR TERMINATION 

 The Committee on Corporate Governance shall have the right to amend or terminate this Plan at any time for any reason. 
  

	VIII.	SECTION 409A COMPLIANCE 

 Anything in the Plan to the contrary notwithstanding, the Plan shall comply with Section 409A of the Internal Revenue Code of 1986, as amended (or any successor thereto) (the “Code”) and shall be interpreted in accordance
therewith. Any payment called for under the Plan as of or as soon as administratively feasible on or after a designated date shall be made no later than a date within the same tax year of a director, or by March 15 of the following year, if
later (or such other time as permitted in Treas. Reg. Sec. 1.409A-3(d) or any successor thereto); provided further, that the director is not permitted to change the taxable year of payment, except in accordance with Article II, Section F and
Section 409A of the Code . Where the Plan’s obligation to pay is unclear, including a dispute about who is the proper beneficiary of a director who dies, payment shall be made as soon as administratively feasible after the Program’s
obligation becomes clear and at a time permitted by Treas. Reg. Sec. 1.409A-3(g)(4) or any successor thereto. 
  

	IX.	EFFECTIVE DATE. 

 This
amendment and restatement of this plan shall be effective as of the Closing Date of the Transactions. 
  

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]