SEC Contract Filing

Filing Date: 2015-02-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.K
<SEQUENCE>4
<FILENAME>cbs_ex10k-123114.htm
<DESCRIPTION>EXHIBIT 10.K
<TEXT>
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<a name="sB8875B70B37939C0218160DD8A1C595B"></a><div><div style="line-height:120%;padding-bottom:16px;text-align:right;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10(k)</font></div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:center;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CBS CORPORATION <br>DEFERRED COMPENSATION PLAN FOR OUTSIDE DIRECTORS</font><font style="font-family:inherit;font-size:10pt;">&#32;<br>(Amended and Restated as of January 29, 2015)</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Establishment of Plan</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The CBS Corporation (the "Company&#8221;) Deferred Compensation Plan for Outside Directors (the "Plan") has been established by the Company for eligible members of the Board of Directors (as described below). </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Plan is intended to meet all of the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), so that Participants will be eligible to defer receipt of, and the liability for the federal income tax with respect to, certain items of compensation from one year to a later year in accordance with the provisions of applicable law and the provisions of the Plan. With respect to compensation for the performance of services that is considered to have been &#8220;deferred&#8221; (within the meaning of Section 1.409A-6(a)(2) of the Treasury Regulations) on or after January 1, 2005 through December 31, 2008, the Plan shall be administered in accordance with a reasonable, good faith interpretation of Code Section 409A, and such interpretation shall govern the rights of a Participant with respect to that period of time.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Plan Participation</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;padding-top:6px;text-align:left;text-indent:48px;"><font style="padding-bottom:16px;padding-top:6px;text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:10pt;">Each person who is a member of the Board of Directors of the Company and who is not an employee of the Company (an "Outside Director" or "Director") may elect to become a participant in this Plan (a "Participant"), and as such defer all cash fees (which shall include retainer, meeting and committee attendance fees and any other amounts that the Board so determines) to which the Director may thereafter be entitled. Such election shall be in writing, in a form prescribed by the Company that includes the alternatives for the investment election and payment election, and, except as otherwise provided below, shall remain in effect as long as the Participant shall continue to receive compensation as a Director. Any such election shall become irrevocable for a calendar year as of the December 31 of the preceding calendar year.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b) &#160;&#160;&#160;&#160;A Participant may elect to participate in the Plan within 30 days following the beginning of his or her term in office as a Director, for the fees earned following the date of his or her election. A Participant may also elect to participate in the Plan before December 31 of each year, for the fees earned in the subsequent calendar year and thereafter. A Participant may discontinue participation in the Plan and/or change or modify his or her investment election and/or payment election annually by filing a written notice with the Company prior to December 31 of a particular year, which notice shall be effective for all fees earned in the subsequent calendar year and thereafter. No existing account may be converted into another type of account. </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Deferred Compensation Accounts</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There shall be available two types of accounts, an "Income Account" and a "Stock Unit Account" to which the fees deferred by the Participant pursuant to this Plan may be credited. At the time of electing to participate in this Plan, the Participant shall also select one of the two types accounts into which his or her deferred fees shall be credited. </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:6px;text-align:left;text-indent:48px;font-size:10pt;"><font st