Document:

Transition Agreement and General Release

 Exhibit 10.1 
 TRANSITION AGREEMENT 
 AND GENERAL RELEASE 
 THIS AGREEMENT, made and entered into as of this 11th day of December, 2007, by and between Radian Group Inc. a Delaware corporation (hereinafter
“Radian” or the “Company”), and Mark Casale (“Executive”), reads as follows: 
 I. BACKGROUND 

A. The Company currently employs Executive. The Company and Executive have mutually agreed to terminate Executive’s employment with the Company
effective December 31, 2007 (the “Termination Date”). The Company and Executive agree that between November 1, 2007 and the Termination Date, Executive shall continue as an employee of the Company as set forth below. 

B. In appreciation for Executive’s service to the Company and in exchange for all of Executive’s undertakings in this Agreement, the Company
and Executive wish to enter into an agreement to (i) provide releases by Executive and the Company as to claims that might be asserted by the Executive or the Company, as further described herein, and (ii) assuming that Executive complies
with, executes, and does not revoke this Agreement and the Second Release, as defined below, provide Executive with the benefits and entitlements as provided herein. 
 II. SUBSTANTIVE PROVISIONS 
 In consideration of the mutual promises contained in this Agreement, the
Company and Executive, intending to be legally bound, agree as follows: 
 1. Executive’s employment with the Company shall terminate on the Termination
Date. Executive shall continue as an employee of the Company until the Termination Date and shall perform such services as the Company may reasonably request to provide an orderly transition until the Termination Date. On November 1, 2007,
Executive shall relinquish the title of President, Radian Guaranty, and shall cease to serve as an executive officer of the Company or an officer or director of any subsidiaries. Executive shall not be required to be at work in his office after
November 1, 2007. Executive shall perform his duties from another location and shall be reasonably available by telephone and email. 
 (a) Through the Termination Date, Executive shall continue to receive his current base salary, at the monthly rate (prior to any deductions) in effect for Executive on the date of this Agreement, in regular payroll installments. 

(b) Through the Termination Date, Executive shall continue to be subject to, and eligible for, all of the Company’s regular benefits and
perquisites, policies and programs for executives generally; provided that, except as provided in subsection (f) below, Executive shall not be entitled to receive any bonus compensation or other incentive compensation with respect to his
employment with the Company before or after the date of this Agreement. 

 (c) Through the Termination Date, Executive shall continue to vest in all equity grants made to him
prior to the date of this Agreement but shall not be eligible for any additional grants after the date of this Agreement. 
 (d) As soon as
practicable after the Termination Date, Executive shall receive conversion rights under those welfare benefit plans of the Company in which he participated and which provide for such rights, and Executive shall be entitled to COBRA health care
continuation coverage under section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”). All other employee and executive benefits not so converted shall cease on the Termination Date. 
 (e) As soon as practicable after the Termination Date, Executive shall be paid for all unused personal and vacation time. 
 (f) If Executive complies with all the terms of this Agreement (including without limitation continuing in employment through the Termination Date and
complying with Sections 4, 5, 6, 7 and 8 below) and Executive executes and does not revoke the Second Release, as described in Section 7 below, Executive shall receive the following after the Termination Date: 
 (i) Executive shall receive a lump sum 2007 bonus payment of $100,000 within 30 days following the Termination Date. 
 (ii) During the period beginning on the first business day following the Termination Date and ending on October 31, 2009 (the
“Severance Period”), Executive shall receive monthly severance payments of $31,250 per month, which shall commence within 30 days following the Termination Date and shall be paid in regular payroll installments. 
 (iii) During the Severance Period, until Executive is eligible for health insurance coverage from a subsequent employer (including through
self-employment), if Executive elects COBRA health care continuation coverage under the Company’s health plan, Executive shall receive monthly reimbursement of his COBRA health care continuation coverage monthly premium paid under the
Company’s health plan; the reimbursement shall commence within 30 days following the Termination Date and shall be paid on the first payroll date of each month. 
 (iv) The 18,000 shares of restricted stock that Executive currently holds shall become fully vested on the date on which this Agreement is
executed; provided, however, that the shares (net of tax withholding, as described below) shall be held by the Company, and may not be transferred by Executive, until October 31, 2009. Executive understands that the shares will be taxable on
the date on which this Agreement is executed, and the Company has agreed that shares will be withheld to satisfy the minimum tax withholding requirements. If Executive complies with all the terms of this Agreement, the Company shall deliver the
shares (net of the tax withholding) to Executive within 10 days after October 31, 2009. If Executive breaches any provision of this Agreement, the shares will be immediately forfeited and will not be delivered to Executive on October 31,
2009. 
  

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 (v) Executive is eligible for executive outplacement services, for up to 12 months after
the Termination Date, and not to exceed a maximum of $25,000 in cost. These services will be paid for by the Company. 
 Except to the extent provided in
Section 7(a) below, all payments and benefits due in accordance with the terms of this Section 1 shall be made to Executive (or his estate) regardless of whether he dies or becomes disabled following the date of this Agreement and prior to
payment being made. In addition to the foregoing, and not conditioned on the execution of this Agreement, Executive shall receive all benefits due under any employee benefit plans or programs under which Executive participated and under which
Executive has accrued and become or may become entitled to benefits (other than under any Company separation or severance plan or programs), in accordance with the terms of the applicable plan or program and applicable law. All payments under
this Agreement are subject to applicable tax withholding. Executive is solely responsible for all taxes arising in connection with this Agreement. 
 2. Executive and the Company agree that the change in control agreement between Executive and the Company dated November 9, 2004 (the “CIC Agreement”) will terminate and be of no further force or effect as of November 1,
2007. 
 3. Executive agrees and acknowledges that the Company, on a timely basis, has paid, or agreed to pay, to Executive all other amounts
due and owing based on his prior services and that the Company has no obligation, contractual or otherwise to Executive, except as provided herein, nor does it have any obligation to hire, rehire or re-employ Executive after the Termination Date.
Executive acknowledges that the Company is not required to enter into this Agreement and that the provisions of this Agreement will provide Executive with payments and benefits that are in excess of that to which Executive otherwise would have been
entitled. 
 4. (a) Until the Termination Date, Executive shall have no other employment or consulting relationships. Executive hereby agrees
that through the Termination Date and during the six-month period following the Termination Date, (i) he will not, without the Company’s express written consent, be employed by, associated with or otherwise engaged (directly or indirectly)
with any of the following companies (all of whose primary business involves providing mortgage insurance or financial guaranty to financial institutions): Genworth Financial, PMI or MGIC (or their respective successors), and (ii) he will not,
either directly or through others, solicit, divert or appropriate, or attempt to solicit, divert or appropriate any customer or actively sought prospective customer of the Company for the purpose of providing such customer or actively sought
prospective customer with services or products competitive with those offered by the Company on the Termination Date. Executive agrees that his covenants set forth in this Section 4 extend throughout the United States. 
 (b) For purposes of this Section 4, Section 5, Section 6, Section 7 and Section 8, the term “Company” shall be deemed
to include Radian and the subsidiaries and affiliates of Radian. 
  

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 5. (a) For purposes of this Agreement, Executive acknowledges and agrees that the terms
“Confidential Information” and “Trade Secrets” shall mean information that the Company owns or possesses, that it uses or is potentially useful in its business, that it treats as proprietary, private or confidential, and that is
not generally known to the public, including confidential information as described in the Company’s Code of Conduct in effect on the Termination Date; provided, however, that the terms “Confidential Information” and “Trade
Secrets” shall not include information which: (i) was known to Executive prior to his initial employment with the Company; or (ii) is or becomes a part of the public domain through no wrongful act of Executive; or (iii) is
rightfully obtained by Executive from a third party and is not governed by a confidentiality agreement or similar restrictions; or (iv) is required to be disclosed pursuant to an order of a court or government agency or authority (provided that
in the event any such order is received by Executive, Executive notifies the Company in writing within two business days of Executive’s receipt of such order). Executive further acknowledges that Executive’s relationship with the Company
is one of confidence and trust such that Executive has in the past been, and may in the future be, privy to Confidential Information and Trade Secrets of the Company. 
 (b) Executive covenants and agrees that during Executive’s employment by the Company and at all times thereafter, Executive shall keep all Confidential Information and Trade Secrets strictly confidential, and
Executive shall safeguard the Confidential Information and Trade Secrets from exposure to, or appropriation by, unauthorized persons, and Executive shall not, without the prior written consent of the Company, divulge, reveal, report, publish,
transfer or use, for any purpose whatsoever, such Confidential Information and Trade Secrets, except as may be required by law or in any judicial or administrative proceeding. Executive also covenants and agrees that he will comply with the
applicable requirements of the Company’s Code of Conduct. 
 (c) Executive covenants and agrees that during Executive’s employment
by the Company and for a period of six months following the Termination Date, Executive shall not, directly or indirectly, for the benefit of any person, solicit, aid in solicitation of, induce, encourage or in any way cause any employee of the
Company to leave the employ of the Company. 
 (d) Executive covenants and agrees that during Executive’s employment by the Company and
at all times thereafter, Executive will not in any way disparage the Company, its principals, shareholders, officers, directors, employees, agents and related entities in any way, including, but not limited to, its name, business reputation or
business practices. The Company agrees that it will not disparage Executive in any way. 
 (e) Executive covenants and agrees that during
Executive’s employment by the Company and for a period of six months following the Termination Date, without the prior written consent of the Board of Directors of the Company, Executive shall not (directly or indirectly, through one or more
intermediaries or in any other consulting capacity) (i) purchase, offer or agree to purchase, or announce an intention to purchase, directly or indirectly, any voting securities or assets of the Company in excess of 5% of the outstanding common
stock of the Company; (ii) make, or in any way participate, directly or indirectly, in any “solicitation” of “proxies” to vote or “consents” (as such terms are used in the rules and regulations of the 

  

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Securities and Exchange Commission) or seek to advise or influence any person with respect to the voting of any voting securities of the Company or any
subsidiary thereof; (iii) initiate or support, directly or indirectly, any stockholder proposal with respect to the Company; (iv) directly or indirectly make any public announcement with respect to, or submit a proposal for, or offer of
(with or without conditions) any extraordinary transaction involving the Company or its securities or assets or any subsidiary thereof, or of any successor to or person in control of the Company or any of its businesses, or any assets of the Company
or any subsidiary or division thereof or of any such successor or controlling person; (v) seek or propose to influence or control the Company’s management or policies; (vi) seek to negotiate or influence the terms and conditions of
employment of employees of the Company or any agreement of collective bargaining with employees of the Company or (vii) form, join or in any way participate in a “group” as defined in Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) in connection with any of the foregoing. Nothing contained herein shall restrict Executive from making a cash tender offer for all of the outstanding capital stock of the Company after such time
as both (i) a third party has commenced, within the meaning of Rule 14d-2 of the Exchange Act, a cash tender offer for the capital stock of the Company at a lower price and (ii) the Company has recommended to its stockholders that they
accept such offer. 
 (f) Immediately after the date of this Agreement, upon the Termination Date, and at any earlier time the Company
requests, Executive will deliver to the person designated by the Company all originals and copies of all documents and other property of the Company in the Executive’s possession, under the Executive’s control or to which the Executive may
have access. 
 6. (a) Executive acknowledges and agrees that the restrictions contained in Sections 4 and 5 are reasonable and necessary to
protect and preserve the legitimate interests, properties, goodwill and business of the Company, that the Company would not have entered into this Agreement in the absence of such restrictions and that irreparable injury will be suffered by the
Company should Executive breach the provisions of that Section. Executive represents and acknowledges that (i) Executive has been advised by the Company to consult Executive’s own legal counsel in respect of this Agreement, and
(ii) that Executive has had full opportunity, prior to execution of this Agreement, to review thoroughly this Agreement with Executive’s counsel. 
 (b) Executive further acknowledges and agrees that a breach of the restrictions in Sections 4 and 5 cannot be adequately compensated by monetary damages. Executive agrees that, in addition to monetary damages, the
Company shall be entitled to (i) preliminary and permanent injunctive relief, without the necessity of proving actual damages, and (ii) an equitable accounting of all earnings, profits and other benefits arising from any violation of
Section 4 or 5, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. In the event that the provisions of Section 4 or 5 should ever be adjudicated to exceed the limitations
permitted by applicable law in any jurisdiction, it is the intention of the parties that the provision shall be amended to the extent of the maximum limitations permitted by applicable law, that such amendment shall apply only within the
jurisdiction of the court that made such adjudication and that the provision otherwise be enforced to the maximum extent permitted by law. 
  

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 (c) If Executive breaches his obligations under Section 4 or 5, he agrees that suit may be brought,
and that he consents to personal jurisdiction, in the United States District Court for the Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in
Philadelphia, Pennsylvania, Executive consents to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding, and Executive waives any objection which he may have to the laying of venue of any such suit, action or
proceeding in any such court. Executive also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers. If Executive breaches any provision of this Agreement, all payments under Section 1(f)
shall immediately cease. 
 7. (a) For and in consideration of the benefits to be paid pursuant to this Agreement, and intending to be
legally bound, Executive does hereby REMISE, RELEASE, AND FOREVER DISCHARGE the Company and each of its past or present subsidiaries and affiliates, its and their past or present officers, directors, stockholders, employees and agents, their
respective successors and assigns, heirs, executors and administrators, the pension and employee benefit plans of the Company, or of its past or present subsidiaries or affiliates, and the past or present trustees, administrators, agents, or
employees of the pension and employee benefit plans (hereinafter in this Agreement collectively included within the term the “Company”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions,
suits, debts, claims and demands whatsoever in law or in equity, which Executive ever had, now has, or hereafter may have, or which Executive’s heirs, executors or administrators hereafter may have, by reason of any matter, cause or thing
whatsoever from the beginning of Executive’s employment with the Company to the date of this Agreement and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s
employment relationship and the termination of Executive’s employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future under
any federal, state or local laws, including any claims under the Pennsylvania Human Relations Act, 43 PA. C.S.A. §§ 951 et seq., as amended, the Rehabilitation Act of 1973, 29 USC §§ 701 et seq., as amended, Title VII of the
Civil Rights Act of 1964, 42 USC §§ 2000e et seq., as amended, the Civil Rights Act of 1991, 2 USC §§ 60 et seq., as applicable, the Age Discrimination in Employment Act of 1967, 29 USC §§ 621 et seq., as amended (
“ADEA”), the Americans with Disabilities Act, 29 USC §§ 706 et seq., and the Employee Retirement Income Security Act of 1974, 29 USC §§ 301 et seq., as amended, any contracts between the Company and Executive and any
common law claims now or hereafter recognized and all claims for counsel fees and costs. As further consideration for the obligations of the Company to Executive under Section 1(f) above (which obligations shall be null and void if he does not
do so), Executive also agrees to execute an additional release to the Company, as set forth in Appendix A, as of the Termination Date (the “Second Release”), and Executive agrees that the Second Release shall be executed within 21 days
after the Termination Date. 
 (b) Notwithstanding anything in this Agreement, including, without limitation, subparagraph (a) hereof,
to the contrary, Executive does not waive any breach by the Company of any provisions hereof and any entitlements under the terms of this Agreement or under the bylaws of the Company or any insurance policies purchased by the Company that provide
for indemnification for his actions while an officer or employee of the Company or any of its affiliates. The Company agrees that the Company’s indemnification obligations to Executive under the Company’s bylaws shall continue in
effect according to their terms. 
  

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 (c) For and in consideration of the promises made by Executive pursuant to this Agreement, and intending
to be legally bound, the Company does hereby REMISE, RELEASE, AND FOREVER DISCHARGE Executive and his heirs and assigns, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in
equity, which the Company ever had, now has, or hereafter may have, by reason of any matter, cause or thing whatsoever from the beginning of Executive’s employment with the Company to the date of this Agreement and particularly, but without
limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s employment relationship and the termination of Executive’s employment relationship with the Company, including but not limited to, any
claims which have been asserted, could have been asserted, or could be asserted now or in the future under any federal, state or local laws; provided, however, that the foregoing release shall not apply to any conduct of Executive that is in breach
of his fiduciary duty to the Company or his obligations under this Agreement or that would constitute a criminal offense. As further consideration for the promises of Executive to the Company hereunder, the Company also agrees to execute the Second
Release to the Executive, as set forth in Appendix A, as of the Termination Date, and the Company agrees that the Second Release shall be executed within 21 days after the Termination Date. 
 (d) Executive and the Company expressly waive all of their respective rights afforded by any statute that expressly limits the effect of a release with
respect to unknown claims. Executive and the Company acknowledge the significance of this release of unknown claims and the waiver of statutory protection against a release of unknown claims which provides that a general release does not extend to
claims that the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by it must have materially affected its settlement with the debtor. 
 8. Executive also agrees that for a period of 12 months following the Termination Date, Executive will provide, and that at all times after the date
hereof the Company may similarly provide, a copy of Sections 4 and 5 to any business or enterprise (i) which Executive may directly or indirectly own, manage, operate, finance, join, control or of which he may participate in the ownership,
management, operation, financing, or control, or (ii) with which Executive may be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise, or in connection with which Executive may use or
permit to be used Executive’s name. 
 9. Nothing in this Agreement shall prohibit or restrict Executive from (a) making any
disclosure of information required by law, (b) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any
self-regulatory organization, or the Company’s designated legal, compliance or human resource officers, or (c) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal,
state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization. 
  

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 10. The parties agree and acknowledge that the agreements by the Company described herein, and the
settlement and termination of any asserted or unasserted claims against the Company, are not and shall not be construed to be an admission of any violation of any federal, state or local statute or regulation, or of any duty owned by the Company to
Executive. 
 11. Executive hereby certifies that he has read the terms of this Agreement, including the release set forth in Section 7,
that he has had the opportunity to discuss it with his attorney, and that he understands its terms and effects. Executive acknowledges, further, that he is executing this Agreement of his own volition with a full understanding of its terms and
effects and with the intention of releasing all claims recited herein in exchange for the consideration described above, which he acknowledges is adequate and satisfactory to him. None of the parties named in Section 7, nor their agents,
representatives, or attorneys have made any representations to Executive concerning the terms or effects of this Agreement other than those contained herein. 
 12. Executive hereby acknowledges that he has had the right to consider this Agreement for a period of 21 days prior to execution. Executive also understands that he has the right to revoke this Agreement, and the
release set forth in Section 7, for a period of seven days following execution by giving written notice to the Company at 1601 Market Street, 11th Floor, Philadelphia, PA 19103, Attention: Executive Vice President and General Counsel, in which
event the provisions of this Agreement shall be null and void (except as provided in Section 13 below), and the parties shall have the rights, duties, obligations and remedies afforded by applicable law. 
 13. Executive acknowledges and agrees that if he revokes this Agreement and the release set forth in Section 7, (i) Executive’s employment
with the Company will terminate as of December 31, 2007, (ii) Executive will not receive any payments under this Agreement, (iii) Executive will receive only any amounts due for services performed through December 31, 2007, and
(iii) Executive will be subject to the confidentiality provisions of the Company’s Code of Conduct as in effect on the Termination Date. 
 14. This Agreement may be assigned to any subsidiary, affiliate or successor of the Company and shall inure to the benefit of and be binding upon the Company and Executive and the successors and assigns of each; provided, however, that any
assignment by the Company shall not relieve it of its obligation to ensure the satisfaction of its obligations to Executive as required by Section 1. Executive may not assign any of his personal undertakings hereunder. 
 15. This Agreement supersedes all prior agreements, including the CIC Agreement previously entered into by Executive and the Company, and sets forth the
entire understanding among the parties hereto with respect to the subject matter hereof and cannot be changed, modified, extended or terminated except upon written amendment approved and executed by Executive and a member of the Board on behalf of
the Company. 
 16. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the
amounts payable to Executive under any of the provisions of this Agreement and, except as provided in Section 1(f)(iii), such amounts shall not be reduced, regardless of whether Executive obtains other employment. 
  

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 17. This Agreement is intended to comply with the requirements of section 409A of the Code or an
exemption from section 409A. Payments under this Agreement shall be paid under the section 409A “separation pay” exception to the maximum extent allowable. For purposes of section 409A of the Code, the right to a series of payments under
the Agreement shall be treated as a right to a series of separate payments. In no event may the Executive, directly or indirectly, designate the calendar year of a payment. 
 18. This Agreement shall be interpreted and enforced under the laws of the Commonwealth of Pennsylvania. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. 
  

							
	RADIAN GROUP INC.
		
	 By:
	 	 /s/ Robert E. Croner 12/11/07

  

							
	 /s/ Frank H. Edwards
	 		 	 /s/ Mark A. Casale

	Witness	 		 	Executive

  

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 APPENDIX A 
 SECOND RELEASE TO THE COMPANY 
 In further consideration of compensation and benefits provided
to Mark Casale (“Executive”) pursuant to Section 1(f) of the Agreement between Executive and Radian Group, Inc. (the “Company”) entered into as of November 1, 2007 (the “Agreement”), Executive hereby executes
this Second Release to the Company (herein the “Second Release”) and does hereby REMISE, RELEASE, AND FOREVER DISCHARGE the Company and each of its past or present subsidiaries and affiliates, its and their past or present officers,
directors, stockholders, employees and agents, their respective successors and assigns, heirs, executors and administrators, the pension and employee benefit plans of the Company, or of its past or present subsidiaries or affiliates, and the past or
present trustees, administrators, agents, or employees of the pension and employee benefit plans (hereinafter collectively included within the term the “Company”), acting in any capacity whatsoever, of and from any and all manner of
actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, which Executive ever had, now has, or hereafter may have, or which Executive’s heirs, executors or administrators hereafter may have, by reason of
any matter, cause or thing whatsoever from the beginning of Executive’s employment with the Company to the date of this Second Release and particularly, but without limitation of the foregoing general terms, any claims arising from or relating
in any way to Executive’s employment relationship and the termination of Executive’s employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be
asserted now or in the future under any federal, state or local laws, including any claims under the Pennsylvania Human Relations Act, 43 PA. C.S.A. §§ 951 et seq., as amended, the Rehabilitation Act of 1973, 29 USC §§ 701 et
seq., as amended, Title VII of the Civil Rights Act of 1964, 42 USC §§ 2000e et seq., as amended, the Civil Rights Act of 1991, 2 USC §§ 60 et seq., as applicable, the Age Discrimination in Employment Act of 1967, 29 USC
§§ 621 et seq., as amended ( “ADEA”), the Americans with Disabilities Act, 29 USC §§ 706 et seq., and the Employee Retirement Income Security Act of 1974, 29 USC §§ 301 et seq., as amended, any contracts
between the Company and Executive and any common law claims now or hereafter recognized and all claims for counsel fees and costs. 
 Notwithstanding anything in this Agreement to the contrary, Executive does not waive breach by the Company of any provision of the Agreement or any entitlements under the terms of the Agreement or under any other plans or programs of the
Company in which Executive participated and under which Executive has accrued and become or may become entitled to benefits (other that under any Company separation or severance plan or programs), in accordance with the terms of the
applicable plan or program and applicable law.  
 For and in consideration of the promises made by Executive pursuant to the
Agreement, and intending to be legally bound, the Company does hereby REMISE, RELEASE, AND FOREVER DISCHARGE Executive and his heirs and assigns, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands
whatsoever in law or in equity, 

  

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which the Company ever had, now has, or hereafter may have, by reason of any matter, cause or thing whatsoever from the beginning of Executive’s
employment with the Company to the date of this Second Release and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s employment relationship and the termination of
Executive’s employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future under any federal, state or local laws; provided,
however, that the foregoing release shall not apply to any conduct of Executive that is in breach of his fiduciary duty to the Company or his obligations under the Agreement or that would constitute a criminal offense. 
 Executive shall have twenty-one (21) days to execute this Second Release following his Termination Date. The provisions of Sections 6(a), 11, 12 and
13, as set forth in the Agreement, are hereby incorporated herein and references therein to the release shall be deemed to include this Second Release. 
 The undersigned hereby executed this Second Release as of
                                        .

  

			
	  

	Mark Casale
	
	  

	Witness
	
	RADIAN GROUP, INC.
		
	By:	 	  

  

 11Supplemental Executive Retirement Plan

 EXHIBIT 10.1 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 FOR EMPLOYEES OF THE BOEING COMPANY 
 (As Amended and Restated on January 1, 2008) 
 SECTION 1. PURPOSE OF THE PLAN 
 The Supplemental Executive Retirement Plan for Employees of The Boeing Company was originally
effective January 1, 1999. Prior to 2008, the plan provided two separate benefits to participants, the Supplemental Benefit and the Excess Benefit. The purpose of the Supplemental Benefit is to provide retirement benefits to supplement the
benefits provided by the Pension Value Plan, for a select group of management or highly compensated employees of The Boeing Company and its Affiliates or Subsidiaries who are participants in the Pension Value Plan. The purpose of the Excess Benefit
component is to provide restoration and excess benefits to eligible employees of The Boeing Company and its Affiliates or Subsidiaries who are participants in the Pension Value Plan. Effective January 1, 2008, for ease of communications with
participants, the plan was restated to merge both components into a single SERP Benefit. This change was not intended to have a substantive impact on participant benefits. 
 The adoption of the Plan is not intended to result in any duplication of benefits by awarding additional benefits for any period of service with the Company for which the participant is otherwise entitled to benefits
under another non-qualified plan. The Committee will have sole and absolute discretion in determining whether an adjustment in benefits under this Plan is necessary to prevent a prohibited duplication of benefits. 
 The Plan is restated effective January 1, 2008 to comply with section 409A of the Internal Revenue Code of 1986, as amended. 
 SECTION 2. DEFINITIONS 
 Except as otherwise specified in this
Section, capitalized terms have the same meaning as provided for those terms under the Pension Value Plan. 
 Actuarial Equivalent or Actuarially
Equivalent – means an amount of equal value determined as follows: 
  

	 	(a)	For purposes of calculating a lump sum, the Actuarial Equivalent will be determined on the basis of the interest and mortality assumptions used to calculate lump sum benefits under
the PVP, as it shall be amended from time to time. 

  

	 	(b)	For purposes of calculating a Surviving Spouse Option, the Actuarial Equivalent will be determined on the basis of a 

	 	6% interest rate and the RP-2000 healthy mortality table with no collar adjustment, projected 15 years with projection scale AA, with a 50/50 male/female blend.

 Affiliate or Subsidiary – means a member of a controlled group of corporations (as defined in Code section 1563(a), determined
without regard to Code sections 1563(a)(4) and (e)(3)(C)), 

  

 - 1 - 

 
a group of trades or businesses (whether incorporated or not) which are under common control within the meaning of Code section 414(c), or an affiliated
service group (as defined in Code sections 414(m) or 414(o)) of which The Boeing Company is a part. 
 Benefit Service – means the Benefit
Service recognized under the PVP, except as modified below. 
 If a Participant has commenced a benefit under this Plan following a deemed Separation from
Service under Code section 409A due to an Authorized Period of Absence classified as Pre-Retirement Leave, additional Benefit Service will not be recognized during this Authorized Period of Absence. Nor will Benefit Service be recognized for a
period of reduced services, where a Participant Separates from Service due to a reasonably anticipated permanent reduction in services of at least 50 percent (for reasons other than an Authorized Period of Absence). 
 Code – means the Internal Revenue Code of 1986, as amended. 
 Commencement Date – means the date as of which an Employee’s payments commence under Section 6.A.2. of this Plan. 
 Committee – means the Employee Benefit Plans Committee. 
 Company – means The Boeing Company, its successors in interest,
and its Affiliates and Subsidiaries. 
 Compensation – means annualized base rate of pay from the Company. 
 E-Series Payroll – means the executive designation of level E1 to E6 at the Company. 
 Employee – means any person who is employed as a common law employee of the Company. 
 Excess Benefit
– means the benefits provided by Section 5 of this Plan. 
 Final Average Pay – means the greater of the following: 
  

	 	(a)	the highest five completed consecutive calendar years of Compensation divided by five, or 

  

	 	(b)	the daily Compensation received during the last 1,825 days before the Participant’s Termination of Employment, divided by 1,825 and multiplied by 365 or, if a Participant has
less than 1,825 days between his or her Employment Commencement Date and his or her Termination of Employment, the Compensation received during that period divided by the number of days in that period and multiplied by 365. For purposes of this
calculation, February 29 and March 1 of any leap year shall be treated as one day. 

  

 - 2 - 

 For purposes of computing Final Average Pay, periods during an Authorized Period of Absence generally will be included as
if the Participant were compensated at the rate of pay he or she was receiving immediately before the Authorized Period of Absence. However, if a Participant has commenced a benefit under this Plan following a deemed Separation from Service under
Code section 409A due to an Authorized Period of Absence classified as Pre-Retirement Leave, Compensation will not be counted during this Authorized Period of Absence. 
 Similarly, Compensation will not be counted toward Final Average Pay to the extent paid during a Participant’s period of reduced services, where the Participant has Separated from Service due to a reasonably
anticipated permanent reduction in services of at least 50 percent (for reasons other than an Authorized Period of Absence). 
 ULA and USA Pay. For
purposes of determining Final Average Pay for a Participant who transfers employment directly from the Company to ULA or USA, the term Compensation generally includes the Participant’s annualized base rate of pay with ULA or USA for the period
of uninterrupted executive service at ULA or USA, as applicable, provided that the Participant transfers directly from the E-Series Payroll at the Company to executive status at ULA or USA. ULA and USA base pay will not be included under this Plan
for any period following the Participant’s removal from this executive status. In addition, ULA and USA base pay will not be included as Compensation under this Plan for any period after a Participant has commenced a benefit under this Plan.

 Final Average Incentive Pay – means the five consecutive awards made under the Incentive Compensation Plan that produce the highest sum,
divided by five. The term “awards” include amounts awarded instead of cash and amounts not yet vested, but it does not include any accrued awards not yet made or awards made after the month in which a Termination of Employment occurs.
Where fewer than five awards have been made to a Participant under the Incentive Compensation Plan during the five-year averaging period, all awards during this period will be counted. 
 However, if a Participant has commenced a benefit under this Plan following a deemed Separation from Service under Code section 409A due to an Authorized Period of Absence classified as Pre-Retirement Leave, awards
made during this Authorized Period of Absence will not be included. Similarly, incentive awards will not be counted toward Final Average Incentive Pay to the extent awarded during a Participant’s period of reduced services, where the
Participant has Separated from Service due to a reasonably anticipated permanent reduction in services of at least 50 percent (for reasons other than an Authorized Period of Absence). 
 In addition, Final Average Incentive Pay will not include any portion of an incentive award that the Company seeks to recover under the Clawback Policy provision of the Incentive Compensation Plan. 
 ULA and USA Incentive Pay. For purposes of determining Final Average Incentive Pay for a Participant who transfers employment directly from the Company to ULA or
USA, the term 

  

 - 3 - 

 
Incentive Compensation Plan generally includes any applicable annual incentive plan at ULA or USA for the period of uninterrupted executive service at ULA or
USA, as applicable, provided that the Participant transfers directly from the E-Series Payroll at the Company to executive status at ULA or USA. ULA and USA annual incentive plans will not be included under this Plan for any period following the
Participant’s removal from this executive status. Solely for the Plan Year in which the Participant transfers to ULA or USA, Final Average Incentive Pay will include awards made under both the Incentive Compensation Plan of the Company and the
similar plan maintained by ULA or USA, as applicable. In addition, ULA and USA incentive pay will not be included as Compensation under this Plan for any period after a Participant has commenced a benefit under this Plan. 
 Frozen Benefit – has the meaning given in Section 4.F.3. 
 Heritage Boeing Participant – means a Participant who has a Heritage Benefit from The Boeing Company Employee Retirement Plan. 
 Heritage MDC Participant – means a Participant who has a Heritage Benefit from the Employee Retirement Income Plan of McDonnell Douglas Corporation, Salaried Plan. 
 Heritage BNA Participant – means a Participant who has a Heritage Benefit from the Boeing North American Retirement Plan. 
 Incentive Compensation Plan – means The Boeing Company Elected Officer Annual Incentive Plan or the Incentive Compensation Plan for Employees of The Boeing Company and Subsidiaries, as applicable.

 MDC 50/30 Date – means the date on which a Participant with a Heritage MDC Benefit both attains age 50 and earns 30 years of Accumulated
Benefit Service. 
 Offset Benefit – has the meaning given in Section 4.B. 
 Participant – means an Employee who satisfies the eligibility criteria in either Section 4.A. or Section 5.A. 
 PVP or Pension Value Plan – means The Pension Value Plan for Employees of The Boeing Company (formerly known as The Boeing Company Pension Value Plan for Heritage MDC Employees and The Boeing Company Pension Value Plan), as
amended from time to time. 
 Plan – means the Supplemental Executive Retirement Plan for Employees of The Boeing Company as herein set forth,
together with any amendments that may be adopted. 
 Plan Year – means the calendar year. 
 Separation from Service or Separates from Service – means an Employee’s death, retirement, or termination of employment from the Company within the
meaning of Code section 409A. For purposes of determining whether a Separation from Service has occurred, Affiliates and 

  

 - 4 - 

 
Subsidiaries are defined by using the language “at least 80 percent” to define the controlled group under Code section 1563(a) in lieu of the 50
percent default rule stated in Treasury Regulation section 1.409A-1(h)(3). 
 A Separation from Service is deemed to include a reasonably anticipated
permanent reduction in the level of services performed by an Employee, to less than 50 percent of the average level of services performed by the Employee during the immediately preceding 36-month period. 
 SERP Benefit – For a Participant whose most recent date of hire or rehire was before January 1, 2008, the SERP Benefit equals the greater of the
Participant’s vested Supplemental Benefit, to the extent eligible, or the Participant’s vested Excess Benefit. 
 For a Participant hired or
rehired on or after January 1, 2008, the SERP Benefit will equal the vested Excess Benefit for periods after this date. No Supplemental Benefit will accrue for periods after January 1, 2008. Solely for purposes of eligibility for the
Supplemental Benefit, the term “rehire” will not include a Participant’s return directly from an Authorized Period of Absence or a Participant’s rehire during a Layoff Period. 
 The SERP Benefit will be calculated after the Supplemental Benefit (if eligible) and Excess Benefit are each reduced to reflect commencement before age 65, if
applicable, in accordance with the actuarial factors described in Sections 4 and 5 herein. Supplemental Benefits or Excess Benefits that are not 100% vested will be disregarded for purposes of calculating the SERP Benefit. 
 Specified Employee – means an Employee who is a “specified employee” within the meaning of Code section 409A. Specified Employee status is
determined on the last day of the prior Plan Year, to take effect as of April 1 of the Plan Year for a 12-month period. Notwithstanding the foregoing, Specified Employees shall be determined by including the employees whom the Company
reasonably determines to be the 75 top-paid officers of the Company rather than the 50 top-paid officers as provided under Code section 416(i)(1)(A), to the extent permitted under Code section 409A. 
 Supplemental Benefit – means the benefits provided by Section 4 of this Plan. 
 Target Benefit – has the meaning given in Section 4.B. 
 Total Average Compensation – means
Final Average Pay plus Final Average Incentive Pay, with the result divided by twelve. Total Average Compensation for a Participant who ceased to be on the E-Series Payroll before January 1, 1999 will be determined as of January 1, 1999.
Total Average Compensation for a Participant who ceases to be on the E-Series Payroll on or after January 1, 1999 will be determined as of the date the Participant first ceases to be on the E-Series Payroll. 
  

 - 5 - 

 ULA – means United Launch Alliance, LLC, a joint venture of The Boeing Company and Lockheed Martin
Corporation. The term ULA includes its subsidiary United Launch Services, LLC. 
 USA – means United Space Alliance, LLC, a joint venture of The
Boeing Company and Lockheed Martin Corporation. 
  

 - 6 - 

 SECTION 3. THE SERP BENEFIT 
 The SERP Benefit under this Plan generally is calculated as the greater of a Participant’s vested Supplemental Benefit (to the extent eligible) or the Participant’s vested Excess Benefit, each reduced to
reflect commencement prior to age 65, if applicable. However, a Participant hired or rehired on or after January 1, 2008 will not be eligible to accrue a Supplemental Benefit for periods after this date. Solely for purposes of eligibility for
the Supplemental Benefit, the term “rehire” will not include a Participant’s return directly from an Authorized Period of Absence or a Participant’s rehire during a Layoff Period. 
 Supplemental Benefits are described in Section 4. Excess Benefits are described in Section 5. Rules applicable to both Supplemental Benefits and Excess
Benefits are provided under this Section 3. 
 Prior to 2008, the Supplemental Benefit and Excess Benefit were described herein and communicated to
Participants as two separate benefits. For ease of communication, these dual components are restated as a single benefit effective as of January 1, 2008. In all cases, the restatement will provide the same total benefit as of December 31,
2007 as the formulas of the pre-2008 plan. 
 In no event will the SERP Benefit for any Participant who is transferred to ULA or USA duplicate any benefits
provided under an individual agreement with the Company. 
  

	 	A.	Special Bridging Rules for Early Retirement Benefits 

 Special bridging rules apply to a Participant who is described in both Sections 3.A.1. and 3.A.2. below. In this case, the Participant’s SERP Benefit will be calculated as of the date on which he or she would satisfy the conditions for
an Early Retirement Date under the PVP. The SERP Benefit will be reduced to reflect early commencement as follows. First, the separate components of the SERP Benefit will be reduced as of the Early Retirement Date, in accordance with the actuarial
reduction described in Section 4.C.1. (Supplemental Benefit) or Section 5 (Excess Benefit), as applicable. Second, the SERP Benefit will be further reduced for each month that the Participant’s Commencement Date under this Plan
precedes the month in which the Participant would satisfy the conditions for an Early Retirement Date, in accordance with the Actuarial Equivalent factors for calculating lump sums under the PVP. 
 Benefits under this Section 3.A. remain payable in accordance with the timing rules of Section 6.A.2. 
  

	 	1.	The Participant Separated from Service (including deemed Separations from Service) in a manner (such as layoff) that permits the accrual of additional vesting service credit toward
early retirement eligibility following such separation. 

  

	 	2.	The Participant is described in one of the following categories as of his or her Separation from Service: 

  

 - 7 - 

	 	(a)	The Participant has attained age 54 or older with 9 or more years of Vesting Service (but has not yet attained both age 55 and 10 years of Vesting Service), or

  

	 	(b)	The Participant has a Heritage MDC Benefit and has attained age 54 or older with 29 or more years of Accumulated Benefit Service (but has not yet reached an MDC 50/30 Date).

  

	 	B.	Special Calculation for MDC 50/30 Date After Separation 

 Special calculation rules apply to a Participant described in both Sections 3.B.1. and 3.B.2. 
  

	 	1.	The Participant Separated from Service (including deemed Separations from Service) in a manner (such as layoff) that permits the accrual of additional vesting service credit toward
early retirement eligibility following such separation. 

  

	 	2.	The Participant has a Heritage MDC Benefit and has attained age 49 or older (but not age 54) with 29 or more years of Accumulated Benefit Service as of his or her Separation from
Service (but has not yet reached an MDC 50/30 Date). 

 In this case, the Participant’s SERP Benefit will remain payable in accordance
with the timing rules of Section 6.A.2. 
 In addition, upon the Participant’s Early Retirement Date, a separate lump sum payment will be made to
the Participant to represent any missed payments as a result of the delayed commencement beyond the Participant’s MDC 50/30 Date. Specifically, this lump sum will equal the total of the monthly payments that would have been payable to the
Participant, beginning on the first of the month following the Participant’s MDC 50/30 Date and ending immediately prior to his or her Early Retirement Date, plus interest at the rate used to calculate lump sums under the PVP. 
  

	 	C.	Forfeiture 

 The Committee may determine, in its sole
discretion, that a Participant will forfeit any part or all of his or her SERP Benefit (whether or not vested) if any of the following circumstances occur while employed by the Company or within five (5) years after termination of such
employment, provided that the provisions of paragraphs 3. and 4. shall apply only with respect to benefits accrued on or after January 1, 2008: 
  

	 	1.	 The Participant is convicted of a felony involving theft, fraud, embezzlement, or other similar unlawful acts against the Company or against the Company’s
interests. For purposes of this Plan, “other similar unlawful acts against the Company or against the Company’s interests” shall include any other unlawful act (i) committed against the Company, or the interests of the Company,
including, but not limited to, a governmental agency or instrumentality which conducts 

  

 - 8 - 

	 	 
business with the Company, or a customer of the Company, or (ii) affecting the Company or the interests of the Company, in such a manner that is
determined to be detrimental to, prejudicial to or in conflict with the Company or the interests of the Company, as determined by the Committee in its sole discretion. 

  

	 	2.	The Participant, directly or indirectly, engages in any activity, whether individually or as an employee, consultant or otherwise, which the Committee determines, in its sole
discretion, to be an activity in which the Participant is “engaging in competition” with any significant aspect of Company business. For purposes of this Plan, “engaging in competition” shall include but is not limited to
representing, providing services to, or being an employee of or associated in a business capacity, any person or entity that is engaged, directly or indirectly, in competition with any Company business or that takes a position adverse to any Company
business, regardless of the position or duties the Participant takes, in such a manner that is determined to be detrimental to, prejudicial to or in conflict with the interests of the Company, all as determined by the Committee in its sole
discretion. 

  

	 	3.	The Participant, without the advance approval of the Company’s Senior Vice President, Human Resources and Administration, induces or attempts to induce, directly or indirectly,
any of the Company’s employees, representatives or consultants to terminate, discontinue or cease working with or for the Company, or to breach any contract with the Company, in order to work with or for, or enter into a contract with, the
Participant or any third party. 

  

	 	4.	The Participant disparages or otherwise makes any statements about the Company, its products, or its employees that could be in any way viewed as negative or critical. Nothing in
this paragraph will apply to legally protected statements to government agencies or statements made in the course of sworn testimony in administrative, judicial, or arbitral proceedings. 

 To the extent the Participant has already commenced payment of his or her SERP benefit, the Committee will be entitled to pursue any and all legal and equitable relief
against the Participant to enforce the forfeiture of and recover such SERP benefit. The forfeiture provisions will continue to apply unless and to the extent modified by a court of competent jurisdiction. However, if any portion of these forfeiture
provisions is held by such a court to be unenforceable, these provisions shall be deemed amended to limit their scope to the broadest scope that such authority determines is enforceable, and as so amended shall continue in effect. 
 In addition, the Committee will, in all appropriate circumstances, require reimbursement of any SERP Benefit attributable to an incentive award that the Company seeks to
recover under the Clawback Policy provision of the Incentive Compensation Plan. 
  

	 	D.	Participants Rehired After Commencement Date 

  

 - 9 - 

 The SERP Benefit of a Participant who is rehired (or who returns from an Authorized Period of Absence or a period of a
reduced level of services that constitutes a deemed Separation from Service under Code section 409A) after his or her Commencement Date will be determined under this Section 3.D. 
  

	 	1.	Calculation and Payment of Old SERP Benefit 

 The portion of the
Participant’s SERP Benefit that accrued before the initial Commencement Date (or during an Authorized Period of Absence or a period of a reduced level of services that constitutes a deemed Separation from Service) will be referred to as the
“Old SERP Benefit” for purposes of this Section 3.D. 
 A Participant’s Old SERP Benefit will not be suspended by reason of the
Participant’s rehire or return from Authorized Period of Absence or a period of a reduced level of services. This portion of the SERP Benefit will continue to be paid following rehire or return, in the form originally elected by the
Participant, without regard to the period following rehire or return. 
  

	 	2.	Calculation and Payment of New SERP Benefit 

  

	 	(a)	Rehires After 1/1/08 – Excess Benefit Only 

 In general, a
Participant rehired on or after January 1, 2008 will not be eligible to accrue a Supplemental Benefit for periods after this date. (This exclusion does not apply to a Participant hired before January 1, 2008, who returns on or after this
date directly from an Authorized Period of Absence or a period of a reduced level of services, or who is rehired on or after this date but during a Layoff Period). Following rehire, this Participant will be entitled to accrue only an Excess
Benefit attributable to periods after the date of rehire (“New SERP Benefit”). The New SERP Benefit for this Participant will equal: (a) the Participant’s benefits under the PVP for periods after rehire determined without regard
to the limitations under Code sections 415 and 401(a)(17), reduced (but not below zero) by (b) any benefit payable to or on account of the Participant under the PVP for periods after rehire. The New SERP Benefit will be determined without
regard to benefits, compensation, and Benefit Service accrued before rehire. 
 The Participant’s New SERP Benefit will remain subject to the timing
rules under Section 6.A.2., without regard to any Separation from Service that occurred prior to rehire. The Participant may elect the form of payment for the New SERP Benefit at the time of commencement, in accordance with Section 6.A.1.

  

	 	(b)	Returns from Leave, Reduced Services or Layoff After 1/1/08– Supplemental and Excess Benefit 

 A Supplemental Benefit can accrue (to the extent eligible) for a Participant hired before January 1, 2008, who returns on or after this date directly from an Authorized Period of Absence or a period of a reduced
level of services, or who is rehired on or after this date but during a Layoff Period. For such Participant, the total SERP Benefit will be recalculated (as described below) as of the subsequent Commencement Date as if no prior Separation from
Service had 

  

 - 10 - 

 
occurred, then reduced by the payments previously received. This total SERP Benefit will be further reduced by the Old SERP, but to no less than zero, to
produce the New SERP Benefit payable. 
 The total SERP Benefit equals the greater of (i) and (ii) below. 
  

	 	(i)	The total Supplemental Benefit (if eligible). For purposes of calculating the Participant’s total Supplemental Benefit as of his or her subsequent Commencement Date, the total
Target Benefit will equal the amount determined under Section 4.B. (taking account of Benefit Service and Total Average Compensation accrued before and after rehire), reduced for early commencement by the applicable reduction factors described
in Section 4.C. The total Target Benefit will be reduced by the total Offset Benefit (accrued before and after rehire), which offset represents the PVP benefit as if no prior Separation had occurred. 

  

	 	(ii)	The total Excess Benefit, calculated as if no prior Separation from Service had occurred and reduced for early retirement as applicable. 

 The Participant’s total SERP Benefit is further offset by the value of payments made prior to the subsequent Commencement Date from this Plan, or from any other
non-qualified defined benefit-type pension plan or arrangement (including under an individual contract) sponsored or paid for by the Company. The value of these benefit payments will be determined by (i) increasing each benefit payment with
interest from the time such benefit payment was made to the time of the subsequent Commencement Date in accordance with the Actuarial Equivalent factors for calculating lump sums under the PVP (the “Commencement Date Factors”), and then
(ii) converting the sum of the interest-adjusted benefit payments from (i) above at the subsequent Commencement Date to a Single Life Annuity using the Commencement Date Factors. No reduction will be made for benefit payments payable under
any tax-qualified pension plan (and its corresponding non-qualified plan) attributable to service not treated as Benefit Service taken into account under Section 4.B.1.(a). 
 For any Participant hired on or after January 1, 2008 who returns directly from an Authorized Period of Absence or a period of a reduced level of services, or who is rehired during a Layoff Period, the total SERP
Benefit will be recalculated following the methodology described above (with regard to the Excess Benefit only). No Supplemental Benefit will be payable. 
 In no event will this Participant’s recalculated total SERP Benefit be less than the Old SERP Benefit which is in pay status. 
 For purposes
of this Section 3.D.2.(b), the New SERP Benefit will equal: (i) the recalculated total SERP Benefit described above, minus (ii) the Old SERP Benefit defined in Section 3.D.1. 
 The Participant’s New SERP Benefit will remain subject to the timing rules under Section 6.A.2., without regard to any Separation from Service that occurred
prior to rehire. The 

  

 - 11 - 

 
Participant may elect the form of payment for the New SERP Benefit at the time of commencement, in accordance with Section 6.A.1. 
  

	 	(c)	Rehires Who Retired Prior to 2008 

 For a Participant who rehired
and had a subsequent Commencement Date before January 1, 2008, the New SERP Benefit was comprised of a New Supplemental Benefit and a New Excess Benefit (both as defined below) which were calculated and paid separately, in accordance with the
terms of the Plan at that time. 
 The New Supplemental Benefit was recalculated as if no prior retirement had occurred, and then offset for all payments
previously made, as described in Section 3.D.2.(b) above. 
 The New Excess Benefit was recalculated solely with regard to new accruals under the PVP,
as described in Section 3.D.2.(a) above. 
  

	 	E.	Participants Rehired Before Commencement Date 

 The SERP
Benefit of a Participant who is rehired before his or her Commencement Date will be determined under this Section 3.E. 
  

	 	1.	Calculation and Payment of Old SERP Benefit 

 The Participant’s
Old SERP Benefit for purposes of this Section 3.E. is calculated as the amount that would have been payable to the Participant at age 55, attributable to the prior period of employment, if he or she had not rehired or returned. This amount will
be the greater of (a) and (b) below: 
  

	 	(a)	The Supplemental Benefit accrued and vested before the prior Separation from Service (or as of the end of an Authorized Period of Absence or a period of a reduced level of services
that constitutes a deemed Separation from Service), calculated as described further below. 

  

	 	(b)	The Excess Benefit accrued and vested as to the first period of employment, reduced for early retirement as applicable, in accordance with the applicable Vested Termination factors
under the PVP. 

 For purposes of calculating the Participant’s Supplemental Benefit, his or her Target Benefit will equal the amount
determined under Section 4.B., taking account of the Participant’s Benefit Service and Total Average Compensation as of the prior Separation from Service (or as of the end of an Authorized Period of Absence or a period of a reduced level
of services that constitutes a deemed Separation from Service). The Target Benefit will be reduced for early commencement by the applicable terminated vested reduction factors described in Section 4.C.2. and further reduced by the Offset
Benefit. The Participant’s Offset Benefit will be calculated as the PVP benefit earned prior to the original Separation from Service and payable at age 55 (i.e., with 

  

 - 12 - 

 
interest credits projected to age 55), in accordance with the applicable reduction factors under the PVP for calculating a Vested Termination Benefit.

 The Participant’s Old SERP Benefit will remain subject to the timing rules under Section 6.A.2. With regard to the Participant’s Old SERP
Benefit, the Participant will be treated as having experienced a Separation from Service. Payment of the Old SERP Benefit will commence as of the first of the month following the Participant’s attainment of age 55. Payment of the Old SERP
Benefit will commence as of this date even if the Participant attains age 55 while on an Authorized Period of Absence, or after he or she rehires. The Participant may elect the form of payment for this Old SERP Benefit at the time of commencement,
in accordance with Section 6.A.1. 
  

	 	2.	Calculation and Payment of New SERP Benefit 

 In general, a
Participant rehired on or after January 1, 2008 will not be eligible to accrue a Supplemental Benefit for periods after this date. (This exclusion does not apply to a Participant hired before January 1, 2008, who returns on or after this
date directly from an Authorized Period of Absence or a period of a reduced level of services, or who is rehired on or after this date but during a Layoff Period). Following rehire, this Participant will be entitled to accrue only an Excess Benefit
attributable to periods after the date of rehire (“New SERP Benefit”). The New SERP Benefit for this Participant will equal: (a) the Participant’s benefits under the PVP for periods after rehire determined without regard to the
limitations under Code sections 415 and 401(a)(17), reduced (but not below zero) by (b) any benefit payable to or on account of the Participant under the PVP for periods after rehire. The New SERP Benefit will be determined without regard to
benefits, compensation, and service accrued before rehire. 
 A Supplemental Benefit can accrue (to the extent eligible) for a Participant hired before
January 1, 2008, who returns on or after this date directly from an Authorized Period of Absence or a period of a reduced level of services, or who is rehired on or after this date but during a Layoff Period. For such Participant, the total
SERP Benefit will be recalculated as of the subsequent Commencement Date as if no prior Separation from Service had occurred, following the methodology in Section 3.D.2.(b). For purposes of this Section 3.E.2., the New SERP Benefit will
equal: (i) the recalculated total SERP Benefit described above, minus (ii) the Old SERP Benefit defined in Section 3.E.1. 
 For any
Participant hired on or after January 1, 2008 who returns directly from an Authorized Period of Absence or a period of a reduced level of services, or who is rehired during a Layoff Period, the total SERP Benefit will be recalculated as
of the subsequent Commencement Date as if no prior Separation from Service had occurred, subject to offset for the value of any non-qualified benefits previously paid, following the methodology in Section 3.D.2.(b) (with regard to the
Excess Benefit only). For purposes of this Section 3.E.2., the New SERP Benefit will equal: (i) the recalculated total SERP Benefit described above, minus (ii) the Old SERP Benefit defined in Section 3.E.1. No Supplemental
Benefit will be payable. 
 With regard to the timing of payment of the New SERP Benefit, the Participant will be treated as if no Separation from Service
had occurred prior to rehire or return. The Participant may elect 

  

 - 13 - 

 
the form of payment for the New SERP Benefit at the time of commencement, in accordance with Section 6.A.1. 
  

	 	F.	Pilot Early Leave  

 An annual recalculation will be made for
a Participant who commences benefits under Section 6.A.2.(a) following a deemed Separation from Service under Code section 409A due to an Authorized Period of Absence classified as Pilot Early Leave. 
 For this Participant, the benefit payable under this Plan will be recalculated as of January 1 of each Plan Year following the year in which benefits commence
following the methodology in Section 3.D.2.(b), as if no prior Separation from Service had occurred. For purposes of this calculation, the Participant’s benefit will be reduced by early retirement reduction factors and further offset by
the value of payments previously made, to compute additional accruals (if any) earned during the period of Pilot Early Leave in the prior Plan Year, calculated using the same methodology of Section 3.D.2.(b). Such additional accruals (if any)
will be paid commencing February 1 of each year in which recalculation occurs, in the form originally elected by the Participant. In no event will this recalculation reduce a participant’s benefit. 
 Recalculation will cease after the Plan Year following the end of the Pilot Early Leave. 
  

 - 14 - 

 SECTION 4. THE SUPPLEMENTAL BENEFIT 
  

	 	A.	Eligibility and Participation 

 An Employee will be eligible
for the Supplemental Benefit if the Employee either (1) is on the E-Series Payroll on or after January 1, 1999, or (2) was a participant in the Supplemental Retirement Plan for Executives of The Boeing Company as of December 31,
1998 and as of January 1, 1999 was (a) on an Authorized Period of Absence from the E-Series Payroll, (b) on a layoff (bridging period) from the E-Series Payroll that began on or after January 1, 1996, or (c) on the
management payroll but had been on the E-Series Payroll for some period on or after January 1, 1989. 
 An Employee who retired on January 1, 1999
is not eligible to participate in the Plan. 
 An Employee eligible to participate in the Plan will become a Participant on the later of (1) the date
the Employee satisfies the eligibility conditions or (2) the date the Employee becomes an Active Participant in the PVP. A rehired Employee who previously participated in the Plan will become a Participant again on the later of (1) the
date the Employee satisfies the eligibility conditions again after rehire or (2) the date the Employee becomes an Active Participant in the PVP again after rehire. 
 If a Participant remains actively employed by the Company, but is no longer on the E-Series Payroll, the Target Benefit will remain frozen as of the later of January 1, 1999 or the date the Participant was
removed from the E-Series Payroll. 
  

	 	B.	Amount of Supplemental Benefit 

 Except as otherwise provided
in Section F, the Supplemental Benefit payable to a Participant retiring at his or her Normal Retirement Date is a monthly amount equal to (1) minus (2) below, provided that the monthly Supplemental Benefit shall not be less than zero.

  

	 	(1)	The greater of the following: 

 (a) the Target Benefit
– a monthly amount equal to 1.6% multiplied by the Participant’s Benefit Service multiplied by the Participant’s Total Average Compensation, or 
 (b) the Frozen Benefit, as described in Section 4.F.3., if applicable, 
 provided, however, that the
amount determined under this Section 4.B.1. shall not exceed the Participant’s Compensation at Termination of Employment divided by twelve. 
  

	 	(2)	 The Offset Benefit – a monthly amount equal to the benefits payable to or on account of the Participant under the PVP, adjusted to reflect payment at the

  

 - 15 - 

	 	 
Participant’s Commencement Date as a Single Life Annuity according to the provisions of the PVP. 

 If the Participant retires after his or her Normal Retirement Date, calculation of the Target Benefit will include Compensation and Benefit Service attained before and
after the Normal Retirement Date, and the Offset Benefit will be adjusted to reflect the late retirement according to the provisions of the PVP. 
  

	 	C.	Early Retirement Benefits and Vested Terminated Retirement Benefits 

 Subject to the timing rules in Section 6 and the actuarial reductions described below, a Participant will be entitled to retire and commence benefits before his or her Normal Retirement Date in accordance with the provisions of the PVP
governing early retirement benefits and vested retirement benefits. An unreduced benefit will not be available, even to a Heritage MDC Participant who has attained age 50 with 30 years of Accumulated Benefit Service. 
  

	 	1.	Early Retirement Benefits 

 If the Participant retires directly from active employment with the Company and commences benefits before his or her Normal Retirement Date, the Target Benefit will be reduced by  1/4% for each month that the Participant’s Commencement Date precedes his or her sixty-second birthday. The
Offset Benefit will be adjusted to reflect the early retirement according to the provisions of the PVP. 
  

	 	2.	Vested Terminated Retirement Benefits 

 If a Participant terminates employment with a vested Supplemental Benefit and commences benefits before his or her Normal Retirement Date, the Target Benefit will be reduced by  1/2% for each month that the Vested Terminated Participant’s Commencement Date precedes his or her sixty-fifth
birthday. The Offset Benefit will be adjusted to reflect the Vested Terminated Participant’s early commencement of benefits according to the provisions of the PVP. 
  

	 	D.	Disability Retirement Benefits 

 A Participant who was on an
approved medical leave of absence on or before April 1, 2003 and who otherwise met the eligibility requirements for a Disability Retirement Date under the PVP on or before December 1, 2004 would be entitled to a disability retirement
benefit equal to his unreduced Supplemental Benefit in accordance with the provisions of the PVP governing disability retirement benefits. Disability benefits were payable under this Plan only when and to the extent that the Participant received
disability retirement benefits under the PVP. This Section 4.D. applies only to benefits that accrued and commenced payment before December 31, 2004, and it has no application after that date. 
  

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	 	E.	Vesting 

 No Supplemental Benefit shall be payable to a
Participant until such Participant is vested in such Supplemental Benefit. A Participant will vest 100% in his Supplemental Benefit at the later of the following: (1) the date the Participant vests 100% in retirement benefits provided under the
PVP, or (2) the date the Participant has been on the E-Series Payroll for a period of 36 consecutive months. For these purposes, an Authorized Period of Absence from the E-Series Payroll will count as a period on the E-Series Payroll. If an
Employee ceases to be on the E-Series Payroll for any reason other than an Authorized Period of Absence, and the Employee later returns to the E-Series Payroll, periods of service on E-Series Payroll will not be aggregated for purpose of determining
whether the 36-consecutive month requirement has been met. 
 For purposes of computing vesting for a Participant who transfers employment directly from the
Company to ULA or USA, uninterrupted service at ULA or USA as an executive will be credited toward the 36 consecutive months requirement described herein, provided that the Participant transfers directly from the E-Series Payroll at the Company to
executive status at ULA or USA, as applicable. ULA and USA service will not be credited toward vesting under this Plan for any period following the Participant’s removal from this executive status. For purposes of computing vesting for a
participant who transfers employment directly from ULA or USA to the Company, uninterrupted service at ULA or USA as an executive will be credited toward the 36 consecutive months requirement described herein, provided that the Participant transfers
directly from executive status at ULA or USA to the E-Series Payroll at the Company. ULA and USA service will not be credited toward vesting under this Plan for any period prior to the Participant’s attainment of this executive status at ULA or
USA, as applicable. 
 Any Participant who was on the E-Series Payroll on January 1, 1999 or was a Participant in the Supplemental Retirement Plan for
Executives of The Boeing Company as of December 31, 1998, will be 100% vested in his or her Supplemental Benefit if he or she is vested in his or her benefits under the PVP. A Participant will also be 100% vested if he or she dies before
benefits commence with a surviving spouse or becomes eligible for a disability retirement benefit, but only if he or she has vested in his or her benefits under the PVP. 
 If a Participant retires or Separates from Service (other than a deemed Separation from Service due to an Authorized Period of Absence) before vesting in the Supplemental Benefit, the Participant generally will
forfeit all rights to the Supplemental Benefit. To the extent the benefit under this Plan becomes 100% vested during an Authorized Period of Absence that constitutes a deemed Separation from Service, it will remain subject to the payment timing
rules under Section 6.A.2. 
 If a Participant Separates from Service after becoming vested in the Supplemental Benefit, and the Participant is
subsequently rehired or returns from an Authorized Period of Absence, the Supplemental Benefit accrued after rehire and return will be 100% vested (even if the Participant fails to be on the E-Series Payroll for 36 consecutive months following
rehire or return). 
  

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	 	F.	Transfers 

 Effective January 1, 1999, certain
participants in certain of the qualified plans sponsored by the Company and its Affiliates or Subsidiaries were transferred from those qualified plans to the PVP. In addition, effective July 1, 1999, certain participants in the Boeing North
American Retirement Plan were transferred from that plan to the PVP. In conjunction with the transfer to the PVP, those participants were also transferred from various non-qualified plans in which they participated into this Plan. As of
October 5, 2000, certain participants in The Times Mirror Pension Plan became participants in the PVP. 
 The following provisions are intended to
insure that no benefits were lost as a result of transfers into this Plan or otherwise. These provisions are not intended to result in any duplication of benefits by awarding additional benefits for any period of service with the Company for which
the Participant is otherwise entitled to benefits under another non-qualified plan. 
  

	 	1.	Final Average Pay 

 For Heritage Boeing and Heritage MDC
Participants, Final Average Pay will equal the greater of (1) Final Average Pay as defined in Section 2, or (2) the following amount as calculated solely for the period ending January 1, 1999: 
  

	 	(a)	For Heritage Boeing Participants, the portion of Final Average Monthly Total Earnings as defined in the Supplemental Retirement Plan for Executives of The Boeing Company, determined
by reference to Final Average Monthly Earnings as defined in The Boeing Company Employee Retirement Plan, multiplied by twelve; 

  

	 	(b)	For Heritage MDC Participants, the portion of Average Monthly Salary as defined in the Employee Retirement Income Plan of McDonnell Douglas Corporation, Salaried Plan determined
without inclusion of any payments of incentive compensation awards and without regard to any compensation limits under the Code, multiplied by twelve. 

  

	 	2.	Final Average Incentive Pay 

 For Heritage Boeing and Heritage MDC
Participants, Final Average Incentive Pay will equal the greater of (1) Final Average Incentive Pay as defined in Section 2, or (2) the following amount as calculated solely for the period ending January 1, 1999: 
  

	 	(a)	For Heritage Boeing Participants, the portion of Final Average Monthly Total Earnings as defined in the Supplemental Retirement Plan for Executives of The Boeing Company, determined
by reference to awards under the Incentive Compensation Plan, multiplied by twelve; 

  

	 	(b)	 For Heritage MDC Participants, the portion of Average Monthly Salary as defined in the Employee Retirement Income Plan of McDonnell Douglas Corporation, 

  

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Salaried Plan determined by reference to incentive compensation awards of such Participants, multiplied by twelve. 

 For Heritage Boeing Participants retiring during February or March 1999, this section will be applicable through such Participant’s Commencement Date, so that the
Final Average Incentive Pay calculated under (a) above will include awards made in 1999 under the Incentive Compensation Plan. 
  

	 	3.	Frozen Benefit 

 For a Heritage Boeing Participant, the Frozen
Benefit will be the Participant’s benefits under the Supplemental Retirement Plan for Executives of The Boeing Company determined as of January 1, 1999, adjusted according to the provisions of the PVP for commencement of benefits on the
Participant’s Commencement Date and for payment in the form of a Single Life Annuity. 
 For a Participant on the E-Series Payroll as of July 1,
1999 who was eligible to retire from the Boeing North American Retirement Plan as of June 30, 1999, that Participant’s Frozen Benefit as of June 30, 1999 will equal the Target Benefit (as defined in Section 4.B.) as of
June 30, 1999 plus the Participant’s benefit under the Boeing North American Retirement Plan and Boeing North American non-qualified plans as of June 30, 1999, all adjusted according to the provisions of the PVP for commencement of
benefits on June 30, 1999 and for payment in the form of a Single Life Annuity. 
  

	 	4.	Times Mirror Indexing Benefit 

 As the result of the Company’s
acquisition of Jeppesen Sanderson, Inc., its two subsidiaries (Jeppesen DataPlan, Inc. and Nobeltec Corporation), and Airspace Safety Analysis Corporation (“ASAC”), certain participants in the PVP were provided a Jeppesen/ASAC Indexing
Benefit, but no Benefit Service was provided for Periods of Service prior to October 5, 2000. Notwithstanding Section 4.B., the calculation of the Offset Benefit under this Plan shall not include the Jeppesen/ASAC Indexing Benefit.

  

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 SECTION 5. THE EXCESS BENEFITS 
  

	 	A.	Eligibility 

 An Employee will be eligible for an Excess
Benefit if the Employee is entitled to a benefit from the PVP and such benefit is limited by Code sections 415 and/or 401(a)(17). 
  

	 	B.	Amount of Excess Benefits 

 A Participant’s Excess
Benefit is equal to the Participant’s benefits under the PVP determined without regard to the limitations under Code sections 415 and 401(a)(17), reduced (but not below zero) by any benefit payable to or on account of the Participant under the
PVP. 
 For Heritage BNA Participants, the Excess Benefit shall also include any benefit accrued as of June 30, 1999 under the Unfunded Supplemental
Deferred Compensation Plan for Employees who are Participating in the Rockwell International Deferred Compensation Plan due to the failure to include deferred bonuses as compensation under the Boeing North American Retirement Plan, indexed after
June 30, 1999 for increases in compensation in accordance with the provisions governing the Participant’s Heritage Benefit under the PVP. 
 The
Excess Benefit is not intended to duplicate any similarly determined benefit under any other non-qualified plan. 
  

	 	C.	Adjustments for Commencement Dates other than the Normal Retirement Date 

 The Excess Benefit generally will be adjusted for a Participant’s Commencement Date that is not his or her Normal Retirement Date according to the same rules governing such adjustments under the PVP. 

However, where a Participant’s Commencement Date occurs after January 1, 2008, and after
April 1st of the Plan Year following the Plan Year in which he or she attains age 70 1/2, his or her Excess Benefit will be calculated as if the Participant’s benefit under the PVP had not previously commenced. 

 

	 	D.	Vesting 

 The Excess Benefit will vest and be forfeited
according to the same rules governing vesting and forfeitures under the PVP. 
  

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 SECTION 6. PAYMENT OF BENEFITS 
  

	 	A.	Payment of Benefits 

  

	 	1.	Form of Payment 

 In general, a Participant’s
SERP Benefit will be paid in the form of a Single Life Annuity. Married Participants may elect at the time of commencement to receive the SERP Benefit in the form of either a Single Life Annuity or an Actuarially Equivalent Surviving Spouse Option
(with a 50%, 75%, or 100% survivor benefit). Marital status will be determined at the time of commencement of benefits. To the extent a Participant does not elect a Surviving Spouse Option before the Commencement Date, the SERP Benefit will be paid
in the form of a Single Life Annuity for unmarried Participants and in the form of a 50% Surviving Spouse Option for married Participants. 
 If the Participant receives his or her benefit in the form of a Surviving Spouse Option and survives his or her Spouse, the Participant’s monthly payment will increase on a prospective basis, commencing as of the Spouse’s death,
to equal the monthly payment the Participant would have received had he or she been paid in the form of a Single Life Annuity. 
 Notwithstanding the foregoing, the SERP Benefit will be paid in a single lump sum if the Actuarial Equivalent present value is $15,000 or less as of the commencement date. 
 In the event that guidance issued by the IRS or Treasury Department under Code section 409A requires application of the aggregation rule provided under
Treasury Regulation section 1.409A-3(j)(4)(v)(A) to a nondiscretionary cashout, the cashout described above will operate only to the extent that this aggregation rule is satisfied. 
  

	 	2.	Timing of Payment 

  

	 	(a)	General Rule 

 The SERP Benefit will be paid or
commence as of the first day of the month following the later of the events described in (A) and (B) below. 
 (A) The
Participant’s attainment of age 55. 
 (B) The Participant’s Separation from Service. 
  

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 A special rule applies to a Heritage MDC Participant who Separates from Service after attaining age 50,
and who has 30 years of Accumulated Benefit Service. For this Heritage MDC Participant, the SERP Benefit will be paid as of the first of the month following the Separation from Service. 
 See subsection (c) below for special timing rules applicable to Specified Employees. 
  

	 	 (b)
	 Participants Working Past Age 70 1/2 

 Effective January 1, 2008, the SERP Benefit for a Participant who continues to work past age 70 1/2 will be paid as of the first of the month following the Participant’s Separation from Service. This rule does not apply to any Participant whose benefits commenced prior to January 1, 2008. 
  

	 	(c)	Specified Employees 

 A Specified Employee will not
receive any distribution under this Plan during the six-month period immediately following his or her Separation from Service. 
 The SERP
Benefit of a Specified Employee will be calculated as of the first day of the month immediately following his or her Separation from Service (or age 55 if later). All payments missed during the six-month waiting period described above will be paid
in a single sum after the completion of this six-month waiting period. 
 In the event of a Specified Employee’s death during the
six-month waiting period, the waiting period will cease to apply. The Specified Employee’s benefits will be distributed in accordance with Section 6.B.2. (Death Benefits). 
  

	 	B.	Death Benefits 

  

	 	1.	Death Before Commencement of Benefits 

 If a
Participant dies before benefit commencement under the Plan, a death benefit based upon the Participant’s accrued SERP Benefit at the time of death will be payable to his or her surviving Spouse, as of the first of the month following the
Participant’s death. 
  

 - 22 - 

 If a Participant dies after commencing a portion of his or her benefit, but less than the entire
benefit, the survivor benefit described herein will apply solely to the portion of the benefit that has not yet commenced. 
 In general,
where a Participant dies after attaining age 55, death benefits under this subsection B.1. will be paid to the Spouse in the form of a 100% Surviving Spouse Option. Where a Participant dies before attaining age 55, except as provided below, these
death benefits will be paid in the form of a 50% Surviving Spouse Option. 
 A special rule applies to a Heritage MDC Participant who dies
after attaining age 50. For this Heritage MDC Participant, death benefits under this subsection B.1. will be paid to the Spouse in the form of a 100% Surviving Spouse Option rather than a 50% Surviving Spouse Option. 
 Benefits payable in the form of a Surviving Spouse Option generally will be reduced by the appropriate actuarial factors under this Plan, based on
whether the Participant satisfied the requirements for an Early Retirement Benefit or Vested Terminated Benefit at the time of death. Benefits payable before a Participant’s earliest commencement date under Section 6.A.2.(a) will be
further reduced below this age based on the Actuarial Equivalent factors used to calculate lump sum benefits under the PVP. 
 No death
benefit will be payable to a non-Spouse. 
 Notwithstanding the foregoing, the SERP Benefit will be paid in a single lump sum if the
Actuarial Equivalent present value is $15,000 or less as of the commencement date. In the event that guidance issued by the IRS or Treasury Department under Code section 409A requires application of the aggregation rule provided under Treasury
Regulation section 1.409A-3(j)(4)(v)(A) to a nondiscretionary cashout, the cashout described above will operate only to the extent that this aggregation rule is satisfied. 
  

	 	2.	Death After Commencement of Benefits 

 If the
Participant dies after his or her benefits commence, benefits will be paid in accordance with the form of benefits elected under Section 6.A.1. above. 
 If a Participant dies after commencing a portion of his or her benefit, but less than the entire benefit, the survivor benefit described herein will apply solely to the portion of the benefit that has already
commenced. 
 If the surviving Spouse dies while receiving benefit payments, no further payments will be made to the Spouse’s estate or
beneficiaries. 
  

 - 23 - 

	 	C.	Delays in Payment 

 Payment of benefits under
this Article may be delayed to the extent permitted under Code section 409A, as determined by the Committee. 
  

	 	D.	Involuntary Inclusion in Income 

 If a
determination is made by the Internal Revenue Service that the benefit of any Participant (or his or her beneficiary) is subject to current income taxation under Code section 409A, then the taxable portion of such benefit will be immediately
distributed to the Participant (or his or her beneficiary), notwithstanding the general timing rule described in Section 6.A.2. above. 
  

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 SECTION 7. NONASSIGNABILITY 
 Except as otherwise provided herein, the SERP Benefit shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, charge, execution, attachment, garnishment or any other legal
process. Any attempt to take any such action shall be void and shall authorize the Committee, in its sole and absolute discretion, to forfeit all further right and interest in any benefit under this Plan. The Committee may, however, recognize
domestic relations orders, generally subject to the same rules and procedures governing qualified domestic relations orders under the PVP, and provided that any benefits transferred due to such domestic relations order shall reduce any benefits to
which the Participant would otherwise be entitled under this Plan. Notwithstanding the foregoing, a domestic relations order will be recognized under this Plan solely to the extent that benefits commence to the alternate payee or beneficiary at the
same time as benefit payments commence to the Participant. In addition, the SERP Benefit may be reduced by the amount of any tax obligation paid by the Company, its Affiliates or Subsidiaries on behalf of a Participant or surviving spouse if the
Participant or surviving spouse fails to reimburse the Company or an Affiliate or Subsidiary for such obligation. 
 SECTION 8. UNFUNDED STATUS OF PLAN

 No funds shall be segregated or earmarked for any current or former Participant, beneficiary or other person under the Plan. However, the Company
may establish one or more trusts to assist in meeting its obligations under the Plan, the assets of which shall be subject to the claims of the Company’s general creditors. No current or former Participant, beneficiary or other person,
individually or as a member of a group, shall have any right, title or interest in any account, fund, grantor trust, or any asset that may be acquired by the Company or an Affiliate in respect of its obligations under the Plan (other than as a
general creditor of the Company or such Affiliate with an unsecured claim against its general assets. 
 SECTION 9. ADMINISTRATION 

The Plan shall be administered by the Committee. The Committee shall make such rules, interpretations, determinations of fact and computations as it may, in its sole
and absolute discretion, deem appropriate. Any decision of the Committee with respect to the Plan, including (without limitation) any calculation of a benefit, shall be conclusive and binding on all persons. 
 SECTION 10. AMENDMENT AND TERMINATION 
 The Board of Directors
of The Boeing Company shall have the authority to amend or terminate the Plan at any time. The Board of Directors of The Boeing Company may delegate the authority to amend the Plan at any time, in its sole discretion. Such amendment or termination
shall not adversely affect or impair the benefit entitlements in course of payment to retired employees and surviving spouses, the contingent rights to the continuance of benefit payments of the spouses of retired employees named as joint
annuitants, or the accrued benefit as defined in this Section of all eligible employees then in the employ of the Company. 
  

 - 25 - 

 For the purpose of this section, an accrued benefit will be determined for each eligible employee in accordance with the
provisions of Sections 3 through 5 but based on Benefit Service, Total Average Compensation, Compensation and the accrued benefit provided by the PVP, all determined as of the effective date of the amendment or termination. 
 In general, upon the termination of the Plan with respect to any Participant, the affected Participants will not be entitled to receive a distribution until the time
specified in Section 6. Notwithstanding the foregoing, the Company may, in its discretion, terminate the entire Plan and pay each Participant a single lump-sum distribution of his or her entire accrued benefit to the extent permitted under
conditions set forth in Code section 409A and IRS or Treasury guidance thereunder. 
 SECTION 11. DISTINCT STATUS OF PLANS 
 For purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended, the Plan shall consist of the following three distinct employee benefit plans:
(1) a plan granting the Supplemental Benefit; (2) a plan granting the portion of the Excess Benefit determined by disregarding the limitations imposed by section 415 of the Code; and (3) a plan granting the portion of the Excess
Benefit determined by disregarding the limitations imposed by section 401(a)(17) of the Code. 
 SECTION 12. EMPLOYMENT RIGHTS 
 Nothing in the Plan shall be deemed to give any person any right to remain in the employ of the Company or affect any right of the Company to terminate a person’s
employment with or without cause. 
 SECTION 13. CLAIMS PROCEDURE 
 The procedures for making claims for benefits under the Plan and for having the denial of a benefits claim reviewed shall be the same as those procedures set forth in the PVP. 
 SECTION 14. COMPLIANCE WITH CODE SECTION 409A 
 It is intended
that amounts deferred under this Plan will not be taxable under section 409A of the Code with respect to any individual. All provisions of this Plan shall be construed in a manner consistent with this intent. 
 SECTION 15. CONSTRUCTION 
 The validity of the Plan or any of
its provisions will be determined under and will be construed according to federal law and, to the extent permissible, according to the internal laws of the state of Illinois. If any provision of the Plan is held illegal or invalid for any reason,
such determination will not affect the remaining provisions of the Plan and the Plan will be construed and enforced as if said illegal or invalid provision had never been included. 
  

 - 26 - 

 SECTION 16. LEGAL ACTION 
 No legal action may be brought in court on a claim for benefits under the Plan after 180 days following the decision on appeal (or 
 180 days following the expiration of the time to make an appeal if no appeal is made). 
  

 - 27 -

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