Document:

EX-10.14

 Exhibit 10.14 

CONSULTING AGREEMENT 
 THIS
AGREEMENT (the “Agreement”) is made this 15th day of December, 2014, by and between RESTAURANT BRANDS INTERNATIONAL INC., a Canadian corporation with its principal offices
located at 874 Sinclair Road, Oakville, Ontario, Canada (“RBI”) and Marc Caira, residing at 9 Boardwalk Drive, Toronto, Ontario M4L6T1 (“Consultant”). 

1.      Services. 

(a)      RBI desires to retain the Consultant to provide certain services as described in Exhibit “A”, attached
and made a part of this Agreement (collectively the “Services”). RBI engages the Consultant and the Consultant agrees to perform the Services on the terms and conditions set forth in this Agreement. 

(b)      The Consultant agrees to provide the Services in a professional and efficient manner and with a high degree of care and
diligence. The Consultant further represents and warrants that he is able to perform the Services for RBI without engaging in any conflict of interest with RBI. The Consultant represents and warrants that he is legally authorized to engage in
business in Canada and is either a citizen of Canada or has such lawful status that enables Consultant to provide the Services as contemplated herein. 

2.      Term and Termination. 

(a)      Term. This Agreement shall commence on January 1, 2015 (the “Effective Date”) and
terminate on December 31, 2017 (“Termination Date”), subject to earlier termination in accordance with Section 2(b) of this Agreement. 

(b)      Early Termination. 

(i)      Early Termination by RBI Without Cause. RBI may terminate this Agreement without cause at any time upon written
notice to the Consultant. Upon such termination, the Consultant shall be entitled to: (a) payment for Services duly performed until the time of termination, (b) reimbursement of expenses reasonably paid or incurred prior to the date of
termination (the “Early Termination Date”) or reasonably incident to the termination, in accordance with this Agreement, and (c) full payment of the remaining Fees which would have been due and payable to the Consultant from
the Early Termination Date through the Termination Date, as if such early termination had not occurred. Payment to the Consultant as provided in subsections 2(b)(i)(a), 2(b)(i)(b) and 2(b)(i)(c) shall constitute full settlement of any and all claims
of the Consultant of every description against RBI in connection with this Agreement, including the early termination hereof. 

(ii)      Early Termination by RBI For Cause. RBI may terminate this Agreement for cause at any time upon written notice
to the Consultant. Upon such termination, the Consultant shall be entitled to payment for Services duly performed until the time of termination and to reimbursement of expenses reasonably paid or incurred prior to the time of termination or
reasonably incident to the termination, in accordance with this Agreement, less the cost of rectifying the Consultant’s performance failures, and such payment shall constitute full settlement of any and all claims of the Consultant of every
description against RBI in connection with this Agreement, including the early termination hereof. For purposes of this Agreement, the term “cause” means (a) a material breach by Consultant of any provision of this Agreement;
(b) Consultant’s willful misconduct or gross negligence that has caused or is reasonably expected to result in material injury to the business, reputation or prospects of RBI or any of its Affiliates; (c) Consultant’s fraud or
misappropriation of funds; or (d) the commission by Consultant of a felony or other serious crime involving moral turpitude. 

  
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 (iii)      Early Termination by Consultant. Consultant may terminate this
Agreement with or without cause at any time upon four (4) weeks’ prior written notice to RBI. Upon such termination, the Consultant shall be entitled to payment for Services duly performed until the time of termination and to reimbursement
of expenses reasonably paid or incurred prior to the time of termination, in accordance with this Agreement, and such payment shall constitute full settlement of any and all claims of the Consultant of every description against RBI in connection
with this Agreement. 
 3.      Compensation. 

(a)      The fees for the Services to be provided under this Agreement shall be as set forth in Exhibit “A”
(the “Fees”). In addition, RBI shall reimburse Consultant for those reasonable and necessary out-of-pocket expenses that the Consultant incurs to perform the Services at the request of RBI, subject to RBI’s prior written
approval of any and all such expenses. To the extent practical, all airline and lodging reservations shall be made by RBI travel coordinators. Consultant shall maintain records and receipts relating to the Services and to expenses incurred in
connection therewith for a period of two (2) years and shall provide RBI access to such records upon request. 

(b)      The compensation set forth in this Agreement, including any expenses reimbursable under this Agreement, shall be the
Consultant’s sole compensation pursuant to this Agreement. 
 4.      Review and Evaluation. All Services
shall be performed under the general oversight of RBI’s Chief Executive Officer and its Chair of the Board of Directors. 

5.      Cooperation. Consultant shall use his best efforts in the performance of his obligations under this
Agreement. RBI shall provide such access to its information as may be reasonably required in order to permit Consultant to perform his obligations hereunder. Consultant shall cooperate with RBI’s personnel, shall not interfere with the conduct
of RBI’s business, and shall observe all rules, regulations, and security requirements of RBI concerning the safety of persons and property. Following the termination of this Agreement, Consultant agrees to cooperate with RBI in any litigation
or administrative proceeding regarding any matters with which he was involved during the term of this Agreement. RBI will reimburse Consultant for any reasonable, ordinary and necessary out-of-pocket expenses (e.g., travel) approved by RBI, which
are incurred by Consultant in providing such assistance. 
  

6.      Independent Contractor Status. 

(a)      The Consultant agrees that he is an independent contractor with respect to the performance of the Services for RBI. The
Consultant shall not in any sense be an employee, agent or servant of RBI. The Consultant shall not have any right, power, or authority to create any obligation, express or implied, or make any representation or create any obligation, express or
implied, on behalf of RBI, except as Consultant may be expressly authorized in writing from time to time by RBI and then only to the extent of such authorization. 

(b)      The Consultant shall be solely responsible for any and all employment, withholding and related taxes (including,
without limitation, income taxes, Canada Pension Plan, Employment Insurance, Ontario Health Tax, workers’ compensation and other taxes payable to a federal, provincial or local tax authority which are applicable to Consultant’s services).

 (c)      The Consultant acknowledges that RBI provides valuable pension, welfare, fringe and other compensatory benefits to
certain employees. Consultant agrees that even if a court or government agency determines that Consultant and RBI have had a common law employer-employee relationship, Consultant will still be bound by this Agreement and will not be entitled to
receive from RBI or have RBI provide on his behalf any different or additional pay, or any benefits, insurance coverage, tax payments, withholding or compensation of any kind. Consultant hereby knowingly and voluntarily waives any right to
claim any such benefits or payments on the ground of the performance of services under this Agreement. 

  
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 (d)      The Consultant agrees to indemnify and hold RBI harmless from any and all
expenses, losses, damages, claims, actions, charges, suits or judgments, including reasonable attorneys’ fees, arising out of the Consultant’s non-fulfillment of his obligations as set forth in this Section 6. 

7.      Confidentiality. 

(a)      The Consultant acknowledges that in connection with his performance under this Agreement the Consultant will have
access to certain information of RBI and its Affiliates (as such term is defined below in this Section 7(a)) that is of a confidential, proprietary and/or commercially sensitive nature. For purposes of this Agreement, such “Confidential
Information” includes, but is not limited to, any and all information, ideas, agreements, contractual arrangements, press releases, internal communications, documents, data, systems, techniques, processes, programs, technical data and
know-how, regardless of form, including but not limited to those relating to the development, business, plans, or projections of RBI or its Affiliates; and all human resources data, marketing plans, projections, research, product plans, market
developments, designs, drawings, software/hardware configurations, prospective and existing customer information and lists, or other technical or business information, including information or techniques belonging to third parties and used by RBI or
its Affiliates as confidential information (such as licensed software and related documentation), log-on ID’s, user ID’s, passwords, or other identifying code words or methods of access provided to the Consultant to enable the Consultant
to gain access to any RBI mainframe, PC, PC network, or other computer system or network on equipment maintained or utilized by RBI or its Affiliates. Confidential Information shall not be deemed to include information (i) that is or becomes
publicly known other than through the wrongful act or omission of the Consultant, or (ii) that the Consultant can prove was lawfully known to him at the time of disclosure and not subject to this Section 7 or other confidentiality
obligation of Consultant, or (iii) that the Consultant independently develops without reference to or reliance upon any information provided by RBI or its Affiliates (including prior to the date of this Agreement). For the purposes of this
Agreement, “Affiliates” means any entities that control, are controlled by, or are under common control with RBI. 

(b)      The Consultant agrees to hold the Confidential lnformation in confidence and to use it only for the benefit of RBI and
its Affiliates and solely in connection with the performance of the Services hereunder and not for his own benefit or that of any other person. The Consultant agrees to take all reasonable steps to ensure that he complies with this provision.
Recognizing that damages may not be adequate to redress the injury to RBI for a breach of the provisions of this Section 7, the Consultant agrees that RBI shall be entitled to temporary and permanent injunctive relief against the Consultant
with respect to any such actual or threatened breach. Such relief shall not in any way limit other remedies that RBI may have with respect to such a breach. Upon termination of this Agreement, the Consultant shall return to RBI all originals and
copies of all records in any form that are in the possession of Consultant and that include Confidential Information. The provisions of this Section 7 shall survive the termination or expiration of this Agreement and continue for so long as any
of the information disclosed remains Confidential Information, and in any case for a period of five (5) years after expiration of this Agreement and any extensions of this Agreement. 

8. Ownership of Work Product. 

(a)      As part of or in connection with the Services, the Consultant will or may produce “Work Product.”
“Work Product” includes all works, inventions, agreements, discoveries, methods, processes, systems, reports, documents, templates, studies, abstracts, summaries, plans, projections, budgets, software programs, service code and
object code specifications, data, technology, designs, innovations and improvements originated, created, discovered, developed, compiled or prepared by the Consultant as part of or in connection with the Services. The Consultant agrees that, as
between RBI and the Consultant, any and all Work Product shall be the sole and exclusive property of RBI, and the Consultant hereby waives any “moral rights” the Consultant may have to any and all Work Product. The Consultant shall
document and record all Work Product in the manner specified by RBI, which records shall be part of the Work Product. The Consultant shall deliver to RBI the Work Product and all records thereof on or before the termination of this Agreement. To the
extent that exclusive title and/or ownership rights in and to Work Product may not originally vest in RBI, the Consultant hereby assigns to RBI all right, title and interest which Consultant may have or acquire in and to such Work Product, including
without limitation, any and all related patents, patent applications, copyrights, trademarks, service marks, trademarks, trade names, logos, corporate names, domain names, and other industrial and intellectual property rights and applications
therefore, in the United States, Canada and elsewhere, and appoints any officer of the RBI as its duly authorized attorney to execute, file, prosecute and protect the same before any government agency, court or authority. Any use by the Consultant
of any Work Product other than in connection with his performance of the Services hereunder shall be strictly prohibited. 

  
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 (b)      The Consultant will be required to execute such agreements as RBI may
require with respect to ownership of Work Product. Upon RBI’s request and at RBI’s expense, the Consultant shall execute such further assignments, documents and other instruments as may be necessary or desirable to fully and completely
assign all Work Product and rights therein to RBI and to assist RBI in applying for, obtaining and enforcing patents or copyrights and other rights with respect to any Work Product rights in the United States, Canada and elsewhere. 

9.      Notices. All notices required or permitted under this Agreement shall be in writing and shall be deemed
effective upon personal delivery or three (3) days following deposit in the Canadian Post Office, by registered or certified mail, postage prepaid, addressed to the other party at the address shown above, or at such other address or addresses
as either party shall designate to the other in accordance with this Section 9. Notices to RBI shall be sent to the attention of the Chief Executive Officer and a copy of any such notice shall also be sent to the General Counsel at the address
for notice to RBI. 
 10.      No Assignment. The Consultant shall not assign this Agreement or delegate any of
his obligations under this Agreement without the prior written consent of RBI. 
 11. Miscellaneous. 

(a)      Entire Agreement. This Agreement represents the complete understanding of the parties hereto and
supersedes all prior proposals, agreements, representations and other communications, whether written or oral, relating to the subject matter of this Agreement. 

(b)      Amendments. This Agreement may not be modified except in writing signed by both of the parties. 

(c)      Construction. Captions used in this Agreement are for convenience only do not define or limit the scope
of any provision. The Exhibits to this Agreement are part of this Agreement. In the event of any conflict between provisions in the body of this Agreement and provisions in any Exhibit, the provisions of the body of this Agreement shall control.

 (d)      Governing Law, Jurisdiction and Venue, Jury Trial Waiver. This Agreement will be deemed to have been
executed and delivered in the Province of Ontario, Canada, and it will be governed by and construed in accordance with the laws of Ontario and the laws of Canada applicable in the Province of Ontario without resort to said Province’s conflicts
of laws rules. The parties hereby consent to the exclusive jurisdiction of the courts of the Province of Ontario, as the venue and exclusive forum in which to adjudicate any case or controversy arising either, directly or indirectly, under or in
connection with this Agreement except to the extent otherwise provided in this Agreement and the parties further agree that, in the event of litigation arising out of or in connection with this Agreement in these courts, they will not contest or
challenge the jurisdiction or venue of these courts. The Consultant agrees to the exercise of personal jurisdiction over it by such courts to the full extent permitted by law. The parties hereby waive any and all rights to a trial by jury.

 (e)      SeverabiIity/lnconsistency. If any part of this Agreement is held invalid, illegal or
unenforceable, the remaining provisions will be unimpaired. In the event of any ambiguity or inconsistency between the descriptions, terms and conditions of this Agreement and the provisions of any Exhibit hereunder, the ambiguity or inconsistency,
but only to the extent of such ambiguity or inconsistency, shall be resolved by looking first to the provisions of this Agreement, and if not resolved therein, then to the provisions contained in the applicable Exhibits hereto. 

  
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 (f)      Subcontracting. No work or services to be performed by
Consultant hereunder shall be subcontracted to or performed on behalf of Consultant by any third party. 

(g)      Survival of Terms. All provisions which must survive in order to give effect to their intent and meaning
shall survive termination or expiration of this Agreement, including without limitation, Sections 6-11, inclusive. 
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 The parties now execute this Agreement as of the date first above written. 

 

			
	RESTAURANT BRANDS INTERNATIONAL, INC.
		
	By:	 	/s/ Daniel Schwartz    
	Print Name: Daniel Schwartz                       
              
	Print Title: Chief Executive Officer                     
    
		 	
		
		 	
	CONSULTANT:
	
	/s/ Marc Caira            
	Marc Caira

  

  
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 EXHIBIT “A” 

 

	1.	Services. Consultant agrees to provide the following services to RBI at reasonable times, as requested by RBI, with the expectation that such meetings will correspond with the timing of RBI Board of
Directors meetings: 

  

	  	Provide assistance and deliverables, as reasonably requested, to the Chief Executive Officer and the functional leader within RBI or any of its Affiliates charged with responsibility for the global expansion of Tim
Hortons® Café and Bake Shops around the world, including but not limited to the assessment of competitive, economic, regulatory and other conditions necessary or desirable to determine
the suitability of expansion in those territories identified from time to time by the Chief Executive Officer of RBI. 

  

	2.	Fees and Expenses. 

  

	  	(a)      Fees: $500,000 per year, payable in equal quarterly installments of $125,000.00, in arrears, within fifteen (15) days following the end of each calendar quarter.
Notwithstanding the foregoing, if the Agreement is terminated prior to the Termination Date either by RBI for cause or by the Consultant for any reason, the Fees for the quarter during which the Early Termination Date occurs will be prorated on a
per diem basis through the Early Termination Date. 

  

	  	(b)      Expense Payment Schedule: 

  

	  	Consultant shall submit to RBI on a monthly basis all expenses incurred by him in accordance with this Agreement. Each such expense shall be submitted to RBI by no later than the last day of the month following the date
on which the expense was incurred and shall be paid by RBI in arrears, on the next applicable Fee payment date. 

  
 7RDN-EX10.34_2014.12.31

Exhibit 10.34
RADIAN VOLUNTARY DEFERRED 
COMPENSATION PLAN FOR DIRECTORS
Amended and Restated Effective as of January 1, 2015
Adopted by the Board of Directors on November 11, 2014
Radian Group Inc. currently maintains this Plan.  The Plan was originally established by the Board of Directors of Radian Group Inc. effective October 19, 1999.  The Plan was amended and restated effective December 12, 2005 to incorporate the requirements of section 409A of the Code.  The Plan was again amended and restated as of January 1, 2008 to comply with section 409A of the Code, to provide for transition elections under section 409A of the Code, and to make other appropriate changes.  The Plan is now amended and restated as of January 1, 2015 (the “2015 Effective Date”) to change the distribution provisions with respect to Compensation and RSUs deferred on or after January 1, 2015 and to make other appropriate changes.  
No amounts, including amounts that were earned and vested as of December 31, 2004, are intended to be “grandfathered” for purposes of section 409A of the Code.  
ARTICLE I 
 
DEFINITIONS
Section 1.01    “Account” shall mean a bookkeeping record of the accumulated deferrals determined for each Participant, including any earnings credited to or debited from such deferrals and any Dividend Equivalents credited to such deferrals, if applicable.  Except as provided in ARTICLE VII, a Participant’s Account shall be fully vested and nonforfeitable at all times.  A Participant’s Account shall be divided into the following subaccounts and such other subaccounts as the Committee deems appropriate:
(a)    “Deferred Compensation Account” means a bookkeeping account representing the Participant’s Deferred Compensation, including any adjustments for earnings or losses; and
(b)    “RSU Account” means a bookkeeping account representing the Participant’s Deferred RSUs, including any adjustments for earnings, losses, or Dividend Equivalents.
Section 1.02    “Benefit Commencement Date” means the date irrevocably elected by the Participant pursuant to Section 3.06 with respect to Compensation or Section 7.05 with respect to RSUs, or such later date as elected by the Participant pursuant to Section 3.07 or Section 7.05(f), as applicable.      
Section 1.03    “Board” means the Board of Directors of Radian Group Inc.
Section 1.04    “Code” means the Internal Revenue Code of 1986, as amended.
Section 1.05    “Company” means Radian Group Inc., a Delaware corporation, and its corporate successors and assigns.
Section 1.06    “Committee” means the Compensation and Human Resources Committee of the Board or its delegate.
Section 1.07    “Compensation” means the annual fee, meeting fees, any chairmanship fees and any other cash compensation payable to Participants for services completed during the Plan Year for their services as a member of the Board.

Section 1.08    “Deferred Compensation” means the amount of Compensation that a Participant has irrevocably elected to defer under the terms of this Plan.
Section 1.09    “Deferred RSUs” means the RSUs that a Participant has irrevocably elected to defer under the terms of this Plan.
Section 1.10    “Director” means a director of the Company who is not an employee of the Company or any of its Subsidiaries.
Section 1.11    “Dividend Equivalent” means an amount credited to a subaccount for Deferred RSUs with regard to dividends paid on the Company’s Common Stock as set forth in Section 7.03.
Section 1.12    “Equity Compensation Plan” means the Radian Group Inc. 2014 Equity Compensation Plan, as in effect from time to time, or any subsequently adopted equity compensation plan, as applicable.
Section 1.13    “Participant” means a Director who elects to participate in the Plan.
Section 1.14    “Plan” means this Radian Voluntary Deferred Compensation Plan for Directors, as it may be amended from time to time.
Section 1.15    “Plan Year” means the calendar year during which a Participant’s Compensation is earned or a Participant’s RSU is granted, as applicable.
Section 1.16    “RSU” means a Restricted Stock Unit granted under the Equity Compensation Plan.
Section 1.17    “Separation from Service” means a Director’s separation from service as a member of the Board which constitutes a “separation from service” for purposes of section 409A of the Code. 
Section 1.18    “Subsidiary” means a company of which the Company owns, directly or indirectly, at least a majority of the shares having voting power in the election of directors or other governing body.
Section 1.19    “2015 Effective Date” of this amendment and restatement of the Plan has the meaning set forth in the introductory paragraph.
ARTICLE II 
 
ELIGIBILITY
Section 2.01    Eligibility.  Each Director who completes such forms and provides such data as are reasonably required by the Committee is eligible to participate in the Plan.
Section 2.02    Participant Consent.  By making an election to defer Compensation or RSUs, the Participant shall for all purposes be deemed conclusively to have consented to the provisions of the Plan and to all subsequent amendments thereto. 
ARTICLE III 
 
DEFERRED COMPENSATION ELECTION
Section 3.01    Deferred Compensation Election.  Each Participant must fully complete the deferral election form provided by the Company irrevocably electing to reduce his or her Compensation by an amount equal to between 10% and 100% in increments of 5% only.  

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Section 3.02    Timing of Deferral Election.  Elections to defer Compensation must be filed prior to January 1 of the Plan Year for which the election is to be effective and during which the services related to the Compensation will be performed, or at such earlier time as may be set by the Committee in its sole discretion.  
Section 3.03    New Directors.  Notwithstanding the foregoing Section 3.02, if an individual first becomes a Director during a Plan Year, the Director may elect to defer a percentage of his or her Compensation for such Plan Year so long as the Director files the deferral election form provided by the Company, irrevocably electing to reduce his or her Compensation by an amount equal to between 10% and 100% in increments of 5% only, on or before the date that is 30 days after the date on which the individual first becomes a Director.  The deferral election shall apply only to Compensation earned with respect to services performed after the date on which the Director files his or her deferral election form.  
Section 3.04    Plan Year Elections.  A separate election to defer Compensation must be filed for each Plan Year.
Section 3.05    Form of Payment.  Subject to Section 3.07, the form in which the Participant elects to receive payment of his or her Deferred Compensation Account balance shall be irrevocably elected on the Participant’s deferral election form as described in this ARTICLE III, as set forth below.  
(a)    With respect to Compensation earned for services performed on or after January 1, 2015, a Participant may elect to receive his or her Deferred Compensation Account balance in a single sum payment or annual installment payments over a term of up to ten years. 
(b)    With respect to Compensation earned for services performed prior to January 1, 2015, a Participant was permitted to elect to receive his or her Deferred Compensation Account balance in a single sum payment or annual installment payments over a term of ten years.
Section 3.06    Timing of Payment of Deferred Compensation Account.
(a)    On the Plan deferral election form described in this ARTICLE III, a Participant may elect to receive or commence payment of his or her Deferred Compensation Account balance, in the form elected in Section 3.05, either (i) in January of any year which is at least two years following the Plan Year for which such election is made, or (ii) in January of the year immediately following his or her Separation from Service.  If a Participant does not make an election with respect to the form of payment of his or her Deferred Compensation Account, such Deferred Compensation Account will be paid in a lump sum.   
(b)    The date on which the Participant irrevocably elects to receive, or commence receiving, payment of his or her Deferred Compensation Account balance shall be elected on the Participant’s deferral election form as the Benefit Commencement Date.   
(c)    Notwithstanding the foregoing provisions of this Section 3.06, Deferred Compensation that accrued to a Participant’s Deferred Compensation Account with respect to Compensation earned for services performed prior to the 2015 Effective Date, as adjusted for earnings and losses, will be paid in accordance with the terms of the Plan in effect prior to the 2015 Effective Date, as summarized in Exhibit A.  
Section 3.07    Subsequent Deferral Election.
(a)    A Participant shall have the option of postponing an elected Benefit Commencement Date for Deferred Compensation by making an irrevocable election to defer payment at least 12 full months before distributions under the Plan related to that Benefit Commencement Date are scheduled to commence.  Such re-deferral shall be for at least five years from the year of the Benefit Commencement Date, and shall not take effect until at least 12 months after the date on which the re-deferral election is made.       

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(b)    In connection with a re-deferral election under this Section 3.07, a Participant may also change the form in which the Participant elected to receive his or her Deferred Compensation Account balance under Section 3.05 at the applicable Benefit Commencement Date.  
(c)    A Participant may make a re-deferral election on one or more occasions in accordance with this Section 3.07, on a form, and according to procedures, designated by the Committee.
(d)    The Participant’s Benefit Commencement Date shall remain subject to ARTICLE V in the event of the Participant’s death, without regard to any re-deferral election.
ARTICLE IV 
 
EARNINGS AND INVESTMENTS FOR DEFERRED COMPENSATION ACCOUNTS
Section 4.01    Deferred Compensation Account.  The Committee shall cause a Deferred Compensation Account to be kept in the name of each Participant, which shall reflect the value of the Participant’s Deferred Compensation, as adjusted for any earnings or losses in accordance with this ARTICLE IV.  Each Deferred Compensation Account shall be maintained for bookkeeping purposes only.  Neither the Plan nor any of the Deferred Compensation Accounts established under the Plan shall hold any actual funds or assets.
Section 4.02    Investment Earnings for Deferred Compensation Accounts.
(a)    As soon as practicable after each year, each Participant’s Deferred Compensation Account shall be credited with earnings and debited with losses in accordance with the return on a hypothetical investment in one or more investment funds designated by the Committee, which constitute a “predetermined actual investment” as described in the regulations issued under section 409A of the Code.
(b)    Each Participant may invest amounts held in his or her Deferred Compensation Account among the available investment alternatives selected by the Committee for purposes of measuring investment return for the investment of the Participant’s Deferred Compensation for each Plan Year.  The investment funds shall be used only for purposes of measuring the return on the Participant’s Deferred Compensation Account, and no Participant shall have any interest in any actual investment fund.  The Company shall calculate the return on the hypothetical investments in investment funds on a quarterly or more frequent basis.  
(c)    The Committee shall establish procedures by which Participants can change their investment elections among the available investment alternatives.  Any changes with respect to the Common Stock investment return shall be subject to applicable securities laws and Company policies.
Section 4.03    Timing of Credits.  Each Participant’s Deferred Compensation Account shall be credited with the amount of Deferred Compensation for a Plan Year as of the date such Deferred Compensation would have been paid to the Participant had it not been deferred in accordance with this Plan.
ARTICLE V 
 
DEATH BENEFITS FOR ACCOUNTS
Section 5.01    Death on or before the Benefit Commencement Date.  In the event that a Participant dies on or prior to his or her Benefit Commencement Date, the Participant’s Account shall accrue earnings or losses thereafter in accordance with ARTICLE IV, until such time as the Account is distributed.  The beneficiary of such Participant shall receive as a death benefit a single sum equal to the entire value of the vested Account within 60 days following the Participant’s death.  

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Section 5.02    Death after the Benefit Commencement Date.  In the event that a Participant dies after his or her Benefit Commencement Date, the beneficiary of such Participant shall receive as a death benefit a single sum equal to the entire value of the vested Account within 60 days following the Participant’s death.
ARTICLE VI 
 
PAYMENT OF ACCOUNT
Section 6.01    Payment of Deferred Compensation Account.
(a)    A Participant shall be paid the value of his or her Deferred Compensation Account (or portion thereof) beginning within 60 days after the Benefit Commencement Date in the form irrevocably elected by the Participant under Section 3.05.  The Participant’s Deferred Compensation Account will continue to be adjusted for earnings or losses calculated in accordance with his or her elections until the date upon which the Participant’s entire Deferred Compensation Account balance is distributed.
(b)    If the Participant has elected to receive his or her Deferred Compensation Account in annual installments, the first annual installment shall become payable on the Benefit Commencement Date.  All subsequent installment payments shall be made each year on the anniversary of the date upon which the initial installment payment was made under this Section 6.01(b).  The Participant’s Deferred Compensation Account will continue to be adjusted for earnings or losses calculated in accordance with his or her elections until the date on which the Participant’s entire Deferred Compensation Account balance is distributed.  Each annual payment shall be calculated by dividing the remaining value of the Deferred Compensation Account (or portion thereof) by the number of remaining annual installment payments to be made to the Participant.
Section 6.02    Payment upon Death.  A Participant’s death benefit shall be payable to the Participant’s beneficiary as set forth in ARTICLE V. 
ARTICLE VII 
DEFERRED RSUS
Section 7.01    Election to Defer RSUs.
(a)    A Participant may elect to defer all or a portion of the RSUs to be granted with respect to services rendered in the next Plan Year and subsequent years.  Deferrals must be made in whole RSU shares.  Any Deferred RSUs shall be credited to an RSU Account as of the date such RSUs are granted to the Participant.  A Participant’s Deferred RSUs shall vest pursuant to the terms of the Equity Compensation Plan and the award agreement evidencing the RSU grant.  In the event a Participant forfeits any portion of the Participant’s Deferred RSUs pursuant to the terms of the Equity Compensation Plan or award agreement, the Participant’s RSU Account shall be reduced by the amount attributable to the forfeited Deferred RSUs.
(b)    Any election made by a Participant under this Section 7.01 must be filed prior to January 1 of the Plan Year for which the election is to be effective and during which the services related to the RSUs will be performed, or at such earlier time as may be set by the Committee in its sole discretion.  Notwithstanding the foregoing, if an individual first becomes a Director during a Plan Year, the Director may elect to defer RSUs to be granted to the Director, by making a deferral election within 30 days after the date on which the individual first becomes a Director.   
(c)    An election to defer RSUs must be filed for each applicable Plan Year.  
Section 7.02    Form of Payment.  A Participant may elect to receive his or her RSU Account balance in a single sum payment or annual installment payments over a term of up to ten years.  The form of payment of the RSU Account shall be irrevocably elected on the Participant’s deferral election form as described in this ARTICLE VII.  A Participant may select a different form of payment for each Plan Year’s Deferred RSUs.

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Section 7.03    Dividend Equivalents.  With respect to Deferred RSUs payable in the form of the Company’s Common Stock, Dividend Equivalents shall be credited to a subaccount of the RSU Account for each dividend paid by the Company with respect to shares of Common Stock equal to the vested Deferred RSUs in the Participant’s RSU Account, until such time as the Participant’s RSU Account is distributed to the Participant.  Dividend Equivalents shall be credited to the subaccount of the Participant’s RSU Account as a notional cash amount.  Dividend Equivalents will be credited only on the portion of the Participant’s RSU Account that is vested on the record date for the applicable dividend.  No interest or earnings shall accrue with respect to Dividend Equivalents.  
Section 7.04    Earnings and Investments for RSU Accounts.
(a)    The Committee shall cause a RSU Account and such other subaccounts as the Committee deems appropriate to be established for each Participant who has deferred RSUs, which shall reflect the value of the Deferred RSUs payable to such Participant under the Plan, as adjusted for any earnings, losses, or Dividend Equivalents, as applicable, as set forth herein.  Each RSU Account shall be maintained for bookkeeping purposes only.  Neither the Plan nor any of the RSU Accounts established under the Plan shall hold any actual funds or assets.
(b)    A Participant’s RSU Account relating to Deferred RSUs shall be denominated in notional shares of the Company’s Common Stock, except as provided in subsection (c) below.
(c)    With respect to Deferred RSUs that are payable in cash, a Participant’s RSU Account shall be administered as follows:
(i)    The portion of the Participant’s RSU Account related to unvested Deferred RSUs shall be denominated in notional shares of Common Stock in accordance with subsection (b).
(ii)    Upon vesting of a Deferred RSU that is payable in cash, such vested Deferred RSU shall be converted into a notional cash amount equivalent to the cash amount that would have been paid to the Participant had the RSU not been deferred, as determined under the Equity Compensation Plan and the applicable grant award agreement.  The notional cash amount shall be credited to a subaccount of the Participant’s RSU Account.
(iii)    After vesting of the Deferred RSU, the notional cash amount, as described in subsection (ii) above, shall be adjusted for earnings and losses in accordance with hypothetical investments in one or more investment funds as described in Section 4.02.  The investment funds shall be used only for purposes of measuring the return on the Participant’s RSU Account, and no Participant shall have any interest in any actual investment fund.   
Section 7.05    Payment of RSU Account.
(a)    On the Plan deferral election form described in this ARTICLE VII, a Participant may elect to receive or commence payment of his or her RSU Account balance, in the form elected in Section 7.02, in January of any year following his or her Separation from Service.  The Committee may impose limits on the deferral period, as determined in its discretion.  If a Participant does not make an election with respect to the form of payment of his or her RSU Account, such RSU Account will be paid in a lump sum.    
(b)    Subjection to subsection (f), the date on which the Participant irrevocably elects to receive, or commence receiving, payment of his or her RSU Account balance shall be elected on the Participant’s deferral election form as the Benefit Commencement Date.  
(c)    A Participant’s vested RSU Account shall be distributed in accordance with the payment election made under this Section 7.05, beginning within 60 days after the Benefit Commencement Date.  The Participant’s RSU Account will continue to be adjusted for earnings, losses, or Dividend Equivalents, as applicable, as set forth in this ARTICLE VII, until the date on which the Participant’s entire vested RSU Account balance has 

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been distributed.  Shares of Company Common Stock payable with respect to vested Deferred RSUs shall be issued under the Equity Compensation Plan.    
(d)    If a Participant has elected to receive his or her RSU Account in annual installments, the first annual installment shall become payable on the Benefit Commencement Date.  All subsequent installment payments shall be made each year on the anniversary of the date upon which the initial installment payment was made under this subsection (d).  The Participant’s RSU Account will continue to be adjusted for earnings, losses, or Dividend Equivalents, as applicable, as set forth in this ARTICLE VII, until the date on which the Participant’s entire RSU Account balance has been distributed.  Each annual payment shall be calculated by dividing the remaining value of the RSU Account (or portion thereof) by the number of remaining annual installment payments to be made to the Participant.  Any fractional shares of Company Common Stock shall be rounded down to the nearest whole share.
(e)    Notwithstanding the foregoing provisions of this Section 7.05, Deferred RSUs that accrued to a Participant’s RSU Account with respect to services performed prior to the 2015 Effective Date, as adjusted for earnings, losses, and Dividend Equivalents, will be paid in accordance with the terms of the Plan in effect prior to the 2015 Effective Date, as summarized in Exhibit A.
(f)    A Participant shall have the option of postponing an elected Benefit Commencement Date for Deferred RSUs by making an irrevocable election to defer payment at least 12 full months before distributions under the Plan related to that Benefit Commencement Date are scheduled to commence.  Such re-deferral shall be for at least five years from the year of the Benefit Commencement Date, and shall not take effect until at least 12 months after the date on which the re-deferral election is made.    
(i)    In connection with a re-deferral election under this subsection (f), a Participant may also change the form in which the Participant elected to receive his or her RSU Account balance under Section 7.02 at the applicable Benefit Commencement Date.  
(ii)    A Participant may make a re-deferral election on one or more occasions in accordance with this subsection (f) on a form, and according to procedures, designated by the Committee.
(iii)    The Participant’s Benefit Commencement Date shall remain subject to ARTICLE V in the event of the Participant’s death, without regard to the re-deferral election.
Section 7.06    Changes in Capitalization.  A Participant’s RSU Account denominated in shares of the Company’s Common Stock shall be appropriately adjusted in accordance with the Equity Compensation Plan to reflect changes in capitalization of the Company’s Common Stock as described in the Equity Plan.
ARTICLE VIII 
 
UNFORESEEABLE EMERGENCY
Section 8.01    Unforeseeable Emergency.  A Participant may elect to be paid all or any part of the Participant’s Deferred Compensation Account or vested RSU Account in the event such funds are needed in connection with an “unforeseeable emergency” (as determined by the Committee in accordance with section 409A of the Code and other applicable law).  For purposes of this Section 8.01, an “unforeseeable emergency” is a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or the Participant’s dependent (as defined in section 152 of the Code, without regard to sections 152(b)(1), (b)(2), and (d)(1)(B)), loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance), or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  Unforeseeable emergency shall be administered in accordance with section 409A of the Code.

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ARTICLE IX 
 
MISCELLANEOUS
Section 9.01    Claims Procedures.    
(a)    Any claim by a Participant or a beneficiary (hereafter the “Claimant”) for benefits shall be submitted in writing to the Committee.  The Committee shall be responsible for deciding whether such claim is payable, or the claimed relief otherwise is allowable, under the provisions and rules of the Plan.  The Committee otherwise shall be responsible for providing a full review of the Committee’s decision with regard to any claim, upon a written request, as set forth herein.
(b)    Each Claimant or other interested person shall file with the Committee such pertinent information as the Committee may specify, and in such manner and form as the Committee may specify; and such person shall not have any rights or be entitled to any benefits, or further benefits, hereunder, as the case may be, unless the required information is filed by the Claimant or on behalf of the Claimant.  Each Claimant shall supply, at such times and in such manner as may be required, written proof that the benefit is covered under the Plan.  If it is determined that a Claimant has not incurred a claim covered under the Plan or if the Claimant shall fail to furnish such proof as is requested, no benefits, or no further benefits, hereunder, as the case may be, shall be payable to such Claimant.
(c)    Claim Decision.  The Claimant shall be notified within 90 days after the claim is filed whether the claim is approved or denied, unless the Committee determines that special circumstances require an extension of time, in which case the Committee may have up to an additional 90 days to process the claim.  If the Committee determines that an extension of time for processing is required, the Committee shall furnish written or electronic notice of the extension to the Claimant before the end of the initial 90 day period.  Any notice of extension shall describe the special circumstances necessitating the additional time and the date by which the Committee expects to render its decision.
(d)    Notice of Denial.  If the Committee denies the claim, it must provide to the Claimant, in writing or by electronic communication, a notice which includes:
(i)    The specific reason(s) for the denial;
(ii)    Specific reference to the specific Plan provisions on which such denial is based; and
(iii)    A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation of why such material or information is necessary.
(e)    Appeal Procedures.  A request for appeal of a denied claim must be made in writing to the Committee within 60 days after receiving notice of denial.  The decision on appeal will be made within 60 days after the Committee’s receipt of a request for appeal, unless special circumstances require an extension of time for processing, in which case a decision will be rendered not later than 120 days after receipt of a request for appeal.  A notice of such an extension must be provided to the Claimant within the initial 60 day period and must explain the special circumstances and provide an expected date of decision.  The reviewer shall provide the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits.  The Claimant may submit written comments, documents, records, and other information relating to the claim for benefits.  The reviewer shall take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial benefit determination.
(f)    Notice of Decision on Appeal.  If the Committee denies the appeal, it must provide to the Claimant, in writing or by electronic communication, a notice which includes:

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(i)    The specific reason(s) for the denial;
(ii)    Specific references to the pertinent Plan provisions on which such denial is based;
(iii)    A statement that the Claimant may receive on request all relevant records at no charge;
(iv)    A description of the Plan’s voluntary procedures and deadlines, if any; and
(v)    If an internal rule was relied on to make the decision, either a copy of the internal rule or a statement that this information is available at no charge upon request.
(g)    Claims Procedures Mandatory.  The internal claims procedures set forth in this Section 9.01 are mandatory.  If a Claimant fails to follow these claims procedures, or to timely file a request for appeal in accordance with this Section 9.01, the denial of the Claim shall become final and binding on all persons for all purposes.
(h)    Approval or Denial of Claim.  Commencement of benefit payments shall constitute notice of approval of a claim to the extent of the amount of the approved benefit.  If such claim shall be wholly or partially denied, such notice shall be in writing as described herein.  If the Committee fails to notify the Claimant of the decision regarding their claim in accordance with this section, the claim shall be “deemed” denied, and the Claimant then shall be permitted to proceed with the claims review procedure provided for herein.
(i)    Decisions Final.  For all purposes under the Plan, the decision with respect to a claim (if no review is requested) and the decision with respect to a claims review (if requested), shall be final, binding, and conclusive on all Participants, beneficiaries, and other interested parties, as to all matters relating to the Plan and Plan benefits.  Further, each claims determination under the Plan shall be made in the absolute and exclusive discretion and authority of the Committee.
Section 9.02    Legal Incapacity.  If a Participant or beneficiary entitled to receive any benefits hereunder is a minor or is determined to be legally incapable of giving valid receipt and discharge for such benefits, benefits will be paid to such person as the Committee may designate for the benefit of such Participant or beneficiary.  Such payments shall be considered a payment to such Participant or beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan.
Section 9.03    Locating Participants and Beneficiaries.  The Committee shall make all reasonable attempts to determine the identity and/or whereabouts of a Participant or a Participant’s beneficiary entitled to benefits under the Plan, including the mailing by certified mail of a notice to the last known address shown on the Company’s or the Committee’s records.  If the Committee is unable to locate such a person entitled to benefits hereunder, or if there has been no claim made for such benefits, the Company shall continue to hold the benefit due such person, subject to any applicable state escheat laws.
Section 9.04    Distributions from Accounts.  If a Participant receives a distribution from his or her Account, the Company shall adjust the Account for earnings, losses, or Dividend Equivalents, as applicable, for the portion of the year preceding the distribution date.
Section 9.05    Unfunded Obligation.  Until deferred benefits hereunder are distributed in accordance with the terms of the Plan, the interest of each Participant and beneficiary therein is contingent only.  Title to and beneficial ownership of any assets, which the Company may set aside or earmark to meet its obligations with respect to Participant Accounts hereunder shall at all times remain the property of the Company.  All Plan Participants and beneficiaries are general unsecured creditors of the Company with respect to the benefits due hereunder, and the Plan constitutes an agreement by the Company to make benefit payments in the future.  It is the intention of the Company that the Plan be considered unfunded for tax purposes.

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Section 9.06    No Trust Obligation.  In order to meet its obligations hereunder, funds may be set aside or earmarked by the Company.  These funds may be kept in cash, or invested and reinvested, at the discretion of the Committee.  The Company may, but is not required to, establish a grantor trust which may be used to hold assets of the Company which are maintained as reserves against the Company’s unfunded, unsecured obligations hereunder.  Such reserves shall at all times be subject to the claims of the Company’s creditors.  To the extent such trust or other vehicle is established, and assets contributed, for the purpose of fulfilling the Company’s obligation hereunder, then such obligation of the Company shall be reduced to the extent such assets are utilized to meet its obligations hereunder.
ARTICLE X 
 
BENEFICIARY DESIGNATION
Section 10.01    Beneficiary Designation.  A Participant may designate a beneficiary and a contingent beneficiary as part of his or her deferral election.  Any beneficiary designation hereunder shall remain effective until changed or revoked.
Section 10.02    Changing a Designation.  A beneficiary designation may be changed by the Participant at any time, or from time to time, by filing a new designation in writing with the Company.
Section 10.03    Default Beneficiary.  If the Participant dies without having designated a beneficiary or if the Participant dies and the beneficiary so named by the Participant has predeceased the Participant, then the Participant’s estate shall be deemed to be the beneficiary.
ARTICLE XI 
 
ADMINISTRATION
Section 11.01    Books and Records.  The books and records to be maintained for the purpose of the Plan shall be maintained by the officers and employees of the Company at its expense and subject to the supervision and control of the Committee. 
Section 11.02    Expenses.  The Company shall pay all expenses of administering the Plan either from funds set aside or earmarked under the Plan or from other funds.  
Section 11.03    Transfer Restrictions.  To the extent permitted by law, the right of any Participant or any beneficiary in any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the debts of such Participant or beneficiary; and any such benefit or payment shall not be subject to anticipation, alienation, sale, transfer, assignment, or encumbrance.
Section 11.04    Liability.  No member of the Board or of the Committee and no officer or employee of the Company or a Subsidiary shall be liable to any person for any action taken or omitted in connection with the administration of this Plan unless attributable to his or her own fraud or willful misconduct; nor shall the Company or any Subsidiary be liable to any person for any such action unless attributable to fraud or willful misconduct on the part of a director, officer, or employee of the Company or a Subsidiary.
Section 11.05    Service of Process.  The Committee shall be the agent for service of process on the Plan.
Section 11.06    Withholding.  Benefit payments hereunder shall be subject to withholding, to the extent required (as determined by the Company) by applicable tax or other laws.
Section 11.07    Successors.  The Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Participant and their heirs, executors, administrators, and legal representatives.

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Section 11.08    Invalid or Unenforceable Provisions.  If any provision of this Plan is held invalid or unenforceable, to the extent necessary to effectuate the purposes of this Plan, its invalidity or unenforceability shall not affect any other provisions of the Plan and the Plan shall be construed and enforced as if such provisions had not been included therein.
Section 11.09    Section 409A.  
(a)    The Plan is intended to comply with the requirements of section 409A of the Code, and shall in all respects be administered in accordance with section 409A.  Notwithstanding anything in the Plan to the contrary, distributions may only be made under the Plan upon an event and in a manner permitted by section 409A of the Code, and all payments to be made upon a termination of service under this Plan may only be made upon a “separation from service” as defined under section 409A of the Code.  All amounts to be distributed under this Plan shall be paid, or commence to be paid, within 60 days after the Benefit Commencement Date, subject to the six-month delay described below, if applicable, or the applicable anniversary in the case of installment payments, but in no event shall a payment be made after December 31 of the calendar year in which the payment is scheduled to be made, or otherwise in accordance with section 409A of the Code.  In no event shall a Participant, directly or indirectly, designate the calendar year of payment, except as permitted by section 409A of the Code.
(b)    Notwithstanding anything in the Plan to the contrary, if a Participant’s distribution is to commence, or be paid upon, separation from service, payment of the distribution shall be delayed for a period of six months after the Participant’s separation from service, if the Participant is a “specified employee” as defined under section 409A of the Code (as determined by the Committee) and if required pursuant to section 409A of the Code (“six-month delay”).  If payment is delayed, the Participant’s distribution shall commence, or be paid, within 30 days of the date that is the six-month anniversary of the Participant’s separation from service.  If the Participant dies during the six-month delay, the accumulated postponed amount shall be paid as described in Section 5.02.
ARTICLE XII 
 
AMENDMENT OR TERMINATION OF PLAN
Section 12.01      Amendment.  The Board may amend the Plan in whole or in part, effective as of any date specified.  
Section 12.02    Termination.  The Board may terminate the Plan at any time.  The Board may determine that Account balances shall be distributed to Participants in a lump sum payment after termination of the Plan, in accordance with section 409A of the Code, including in connection with a “change in control” as defined in section 409A of the Code.

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Exhibit A

In accordance with Section 3.06(c) and Section 7.05(e) of the Plan, Deferred Compensation and Deferred RSUs that accrued prior to the 2015 Effective Date, as adjusted for earnings, losses, and Dividend Equivalents, will be paid in accordance with the terms of the Plan in effect prior to the 2015 Effective Date (the “Prior Plan”), as summarized below.

1.    Definitions.  Capitalized terms used herein shall have the meaning set forth in the Prior Plan.  The term “Disability” is defined in the Prior Plan as set forth below.
1.01    “Disability” means a physical or mental condition of a Participant resulting from bodily injury, disease, or mental disorder which renders the Participant incapable of continuing any gainful occupation and which condition constitutes total disability under the federal Social Security Act then in effect.  A determination of Disability shall be made in accordance with the requirements of section 409A of the Code.
2.    Deferral and Payment of Deferred Compensation Account. 
2.01    Form of Payment of Deferred Compensation Account (Section 2.03 of the Prior Plan).  A Participant may elect to receive his or her Account balance in a single sum payment or annual installment payments over a term of ten years.  Subject to Section 2.05 of the Prior Plan, the form in which the Participant elects to receive payment of his or her Account balance shall be irrevocably elected on the Participant’s deferral election form as described in Section 2.02 of the Prior Plan. 
2.02    Payment of Deferred Compensation Account (Section 2.04 of the Prior Plan).      
(a)    On the Plan deferral election form described in Section 2.02 of the Prior Plan, a Participant may elect to receive or commence payment of his or her Account balance, in the form elected in Section 2.03 of the Prior Plan, either (i) in January of any year which is at least two years following the Plan Year for which such election is made, (ii) for Participants who have a Separation from Service on or before December 31, 2008, in January of the year immediately following his or her Separation from Service, or (iii) for Participants who have a Separation from Service after December 31, 2008, within 30 days after the last day of the month in which his or her Separation from Service occurs. 
(b)    Subject to Section 2.05 of the Prior Plan, the date on which the Participant irrevocably elects to receive, or commence receiving, payment of his or her Account balance shall be elected on the Participant’s deferral election form as the Benefit Commencement Date.  However, subject to Section 2.05(e) of the Prior Plan, if the Participant designates a specified date as the Benefit Commencement Date and the Participant’s service with the Board terminates before that specified date as a result of the Participant’s death, Disability, or Separation from Service, the Benefit Commencement Date shall be the first to occur of (i) the specified date, (ii) in the event of the Participant’s death, the date described in Section 4.01 of the Prior Plan, (iii) in the event of the Participant’s Disability, the date described in Section 5.03(a) of the Prior Plan, or (iv) in the event of the Participant’s Separation from Service, the date described in Section 5.03(b) of the Prior Plan. 
2.03    Payment of Deferred Compensation Account upon Disability or Separation from Service (Sections 5.03(a) and (b) of the Prior Plan).      
(a)        In the event of the Participant’s Separation from Service on account of Disability prior to his or her selected Benefit Commencement Date, the Participant’s Benefit Commencement Date shall be adjusted as follows: (i) for Participants who have a Separation from Service on or before December 31, 2008, to January of the year immediately following his or her Separation from Service, and (ii) for Participants who have a Separation from Service after December 31, 2008, the Benefit Commencement Date shall be adjusted to a date that is within 30 days after the last day of the month in which his or her Separation from Service occurs.  

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(b)        Subject to Section 2.05(e) and Section 5.03(d) of the Prior Plan, in the event of the Participant’s Separation from Service as a member of the Board prior to his or her selected Benefit Commencement Date other than on account of death or Disability, the Participant’s Benefit Commencement Date shall be adjusted as follows: (i) for Participants who have a Separation from Service on or before December 31, 2008, to January of the year immediately following his or her Separation from Service, and (ii) for Participants who have a Separation from Service after December 31, 2008, the Benefit Commencement Date shall be adjusted to a date that is within 30 days after the last day of the month in which his or her Separation from Service occurs.
3.    Deferral of Deferred Stock Units.
3.01    Each Director may elect to defer the payment date of any deferred stock units (which includes phantom stock units and restricted stock units) (“DSUs”) that were granted by the Company in consideration for the Director’s service as a director and that are payable upon his or her departure from the Company’s Board.  Such deferral of DSUs: (i) must be made in writing before the year for which they are earned and (ii) shall be for a specified period of years after the date of such departure.  
3.02    All deferral elections with respect to DSUs shall be made in accordance with section 409A of the Code.  Deferral elections after December 31, 2008 that are made in accordance with the “subsequent election” rules of section 409A shall be made as follows: (i) the election must be made at least 12 full months before distribution would otherwise be made, (ii) the deferral must be for at least five years from the original distribution date, and (iii) the deferral election must not take effect until 12 months after the date on which the deferral election is made.  
3.03    All deferred DSUs shall be paid in a lump sum payment at the specified distribution date.  Deferred DSUs shall be paid in shares of Company stock or cash, as specified in the grant agreement, pursuant to the terms of the Company’s equity compensation plan pursuant to which they were granted, and deferred DSUs shall in all respects be subject to the terms of such plan (including plan provisions with respect to adjustments in the event of changes in corporate capitalization).

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