{"id":40536,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/severance-pay-plan-schwab.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"severance-pay-plan-schwab","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/severance-pay-plan-schwab.html","title":{"rendered":"Severance Pay Plan &#8211; Schwab"},"content":{"rendered":"<p align=\"center\">THE CHARLES SCHWAB<\/p>\n<p align=\"center\">SEVERANCE PAY PLAN<\/p>\n<p align=\"center\">(As Amended and Restated Effective July  1, 2011)<\/p>\n<\/p>\n<\/p>\n<hr>\n<p align=\"center\"><u>TABLE OF CONTENTS <\/u><\/p>\n<\/p>\n<table align=\"center\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"1%\" valign=\"bottom\"><\/td>\n<td width=\"93%\"><\/td>\n<td width=\"1%\" valign=\"bottom\"><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 1 &#8211; PURPOSE OF PLAN<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>1<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 2 &#8211; DEFINITIONS<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>1<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 3 : PARTICIPATION<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>7<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        3.1.<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Commencement of Participation<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>7<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        3.2<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Termination of Participation<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>7<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 4 &#8211; EFFECT ON OTHER BENEFITS<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>8<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        4.1.<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Eligibility for Benefits<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>8<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        4.2<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Paid Time Off Benefits<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>8<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 5 &#8211; NOTICE PERIOD<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>8<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        5.1<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Notice Period<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>8<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        5.2<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Participants Requested to Work During Notice Period<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>8<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        5.3<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Acceleration of Termination Date<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>8<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 6 &#8211; BENEFITS<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>9<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        6.1<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Non-Officers Severance Pay<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>9<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        6.2<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Officer Severance Pay<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>10<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        6.3<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Group Health Plan Coverage Payment and Long-Term Awards<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>11<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        6.4<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Additional Provisions Related to Severance Benefits<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>11<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 7 &#8211; FUNDING<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>13<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 8 &#8211; ADMINISTRATION<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>13<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        8.1<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Administrator153s Authority<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>13<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        8.2<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Claims for Benefits<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>14<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>        8.3<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Indemnification<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>15<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 9 &#8211; AMENDMENT AND TERMINATION<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>15<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 10 &#8211; MISCELLANEOUS<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>15<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>ARTICLE 11 &#8211; EXECUTION<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>16<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"top\">\n<p>APPENDIX A<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>A<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">i.<\/p>\n<\/p>\n<hr>\n<p align=\"center\"><u>ARTICLE 1 &#8211; PURPOSE OF PLAN <\/u><\/p>\n<p>The purpose of this Plan is to set forth the terms and conditions under which<br \/>\nseverance pay and other severance benefits will be provided to employees of the<br \/>\nCompany. This Plan is intended to constitute an employee welfare benefit plan<br \/>\nwithin the meaning of section  3(1) of ERISA, and is intended to memorialize the<br \/>\nprovisions of the Company153s severance pay program.<\/p>\n<p>The effective date of this restatement is July  1, 2011. The rights of any<br \/>\nperson whose Notice Period Start Date is prior to the Restated Effective Date<br \/>\nshall be determined solely under the terms of the Plan provisions as in effect<br \/>\non such date, unless such person is thereafter reemployed and again becomes a<br \/>\nParticipant. The rights of any other person shall be determined solely under the<br \/>\nterms of this restated Plan, except as may be otherwise required by law.<\/p>\n<p>This Plan is not intended to constitute a &#8220;nonqualified deferred compensation<br \/>\nplan&#8221; within the meaning of section 409A of the Internal Revenue Code of 1986,<br \/>\nas amended (the &#8220;Code&#8221;). In the event that that any benefit hereunder is deemed<br \/>\nby the Administrator to be subject to section 409A of the Code, the<br \/>\nAdministrator may modify such benefit as it deems necessary to comply with, or<br \/>\nto qualify for an exemption from, Code section 409A.<\/p>\n<p align=\"center\"><u>ARTICLE 2 &#8211; DEFINITIONS <\/u><\/p>\n<\/p>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>A.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Administrator&#8221; means Schwab or such person or committee as may be appointed<br \/>\nfrom time to time by Schwab to supervise the administration of the Plan.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>B.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Affiliate&#8221; means any company which is a member of a controlled group of<br \/>\ncorporations (within the meaning of section 414(b) of the Code) or a group of<br \/>\ntrades or businesses under common control (within the meaning of section 414(c)<br \/>\nof the Code) that includes the Company.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>C.<\/p>\n<\/td>\n<td valign=\"top\">\n<p align=\"left\">&#8220;Base Salary&#8221; means the Participant153s annual &#8220;pay rate&#8221;<br \/>\nmaintained under the authoritative system of record used to produce the<br \/>\nParticipant153s regular semi-monthly pay. Base Salary shall be determined as of<br \/>\nthe Participant153s Notice Period Start Date. Unless included by the Company in a<br \/>\nParticipant153s &#8220;pay rate,&#8221; Base Salary shall exclude all other earnings or paid<br \/>\namounts such as bonuses, overtime, commissions, differentials, variable pay,<br \/>\nincentive pay, the value of employee benefits, and any other amounts that are<br \/>\ntreated as &#8220;other earnings&#8221; under the Company153s payroll system. In the case of<br \/>\nan Eligible Employee who is classified by the Administrator as a branch manager<br \/>\nor a financial consultant of a retail, national or satellite branch, the<br \/>\nAdministrator may determine, in its sole discretion, that such individual153s Base<br \/>\nSalary, for purposes of calculating Severance Benefits, shall be supplemented<br \/>\nwith the amount that the<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">1<\/p>\n<\/p>\n<hr>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"8%\"><\/td>\n<td valign=\"top\">\n<p>Administrator determines, in its sole discretion, to be the Participant153s<br \/>\n&#8220;practice service&#8221; payment in effect as of the Participant153s Notice Period Start<br \/>\nDate and as annualized by the Plan Administrator. The Administrator shall have<br \/>\nsole discretionary authority to determine a Participant153s Base Salary for all<br \/>\npurposes, and the Administrator153s discretionary determinations shall be<br \/>\nconclusive and binding on all persons.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>D.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>E.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Company&#8221; means The Charles Schwab Corporation, a Delaware corporation, and<br \/>\n(unless the context requires otherwise) any Participating Company.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>F.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Comparable Position&#8221; means a position that is comparable, as determined by<br \/>\nthe Administrator in its sole and absolute discretion taking into account such<br \/>\nfactors as it deems appropriate including without limitation the similarity of<br \/>\nduties and salary and any increase in the commuting distance to the individual153s<br \/>\nprincipal place of employment, provided that a position will not fail to be a<br \/>\n&#8220;Comparable Position&#8221; unless it would result in a material negative change<br \/>\nwithin the meaning of Treas. Reg. section 1.409A-1(n)(2)(i) or any successor<br \/>\nthereto.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>G.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Corporate Transaction&#8221; means a merger, acquisition, spin-off, stock sale,<br \/>\nsale of assets or portions of a business, outsourcing of all or any portion of a<br \/>\nbusiness or any other similar corporate transaction.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>H.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Eligible Employee&#8221; means an individual classified by the Administrator as a<br \/>\nRegular Employee who has incurred a Job Elimination. The term &#8220;Eligible<br \/>\nEmployee&#8221; shall not include (i)  individuals employed pursuant to the terms of a<br \/>\ncollective bargaining agreement between the Company or an Affiliate and a<br \/>\nbargaining unit representing such individuals; (ii)  an employee who is on an<br \/>\nunpaid leave of absence and has no right to reinstatement under applicable law<br \/>\nupon completion of the leave; and (iii)  any individual who the Administrator, in<br \/>\nits sole discretion, determines to be covered by a Guaranteed Payments<br \/>\nArrangement or any arrangement that, by its terms, makes the individual<br \/>\nineligible for Plan benefits. Notwithstanding the foregoing, the Administrator<br \/>\nmay, in its sole discretion, determine that an individual who is a party to a<br \/>\nGuaranteed Payments Arrangement is an Eligible Employee eligible to receive<br \/>\nbenefits under Section  6.4(g).<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>I.<\/p>\n<\/td>\n<td valign=\"top\">\n<p align=\"left\">&#8220;Guaranteed Payments Arrangement&#8221; is any guarantee or agreement,<br \/>\noffer letter, policy, arrangement or plan (regardless of whether it is written<br \/>\nor oral) that provides for guaranteed payments of any nature, severance<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">2<\/p>\n<\/p>\n<hr>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"8%\"><\/td>\n<td valign=\"top\">\n<p>benefits of any kind, cash payments representing the value of stock options<br \/>\nor restricted stock, and\/or similar amounts.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>J.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Job Elimination&#8221; means involuntary termination of employment solely on<br \/>\naccount of changes in the Company153s operations or organization that result in<br \/>\nthe elimination of the employee153s job, as determined by the Administrator in its<br \/>\nsole and absolute discretion taking into account such factors as it deems<br \/>\nappropriate including without limitation (i)  a relocation or dissolution of a<br \/>\nportion of the business of the Company; (ii)  a withdrawal by the Company from a<br \/>\nsegment of a market served by the Company; (iii)  the elimination of one or more<br \/>\nCompany product lines; (iv)  an elimination, reduction, or change in the<br \/>\nCompany153s need for one or more specialized skills provided by the employee;<br \/>\n(v)  an organizational change in the Company, including without limitation a<br \/>\nbusiness redesign, reorganization or consolidation; (vi)  a significant change in<br \/>\nthe Company153s systems or technology; and (vii)  a reduction in the Company153s<br \/>\nstaffing levels. Notwithstanding anything to the contrary contained herein, a<br \/>\nJob Elimination shall not result (A)  from retirement, death or voluntary<br \/>\nresignation (whether or not in response to changes in the Company153s operations<br \/>\nor organization or in an individual153s title, duties, responsibilities,<br \/>\ncompensation or benefits) prior to Notice of Eligibility; (B)  if the Company or<br \/>\nany successor employer or successor organization offers the employee a<br \/>\nComparable Position; (C)  from termination prior to or after Notice of<br \/>\nEligibility on account of unsatisfactory performance, failure of a condition of<br \/>\nemployment, breach of any agreement to which the employee and the Company are<br \/>\nparties, or violation of any law, regulation, or Company policy (including but<br \/>\nnot limited to the Code of Business Conduct and Ethics, Compliance Manual, and<br \/>\nHR Policies); (D)  where, in connection with a Corporate Transaction, an employee<br \/>\nis employed in the same or a substantially similar position at the closing of<br \/>\nthe Corporate Transaction or the employee is offered a Comparable Position;<br \/>\n(E)  from the employee153s failure to return to work within the time required<br \/>\nfollowing an approved leave of absence; (F)  from a change in employment that<br \/>\nresults from a natural disaster, unforeseeable governmental action, act of war,<br \/>\nor other similar unanticipated business disaster; (G)  from a transfer of<br \/>\nemployment among the Company and any of its Affiliates; (H)  where, in connection<br \/>\nwith the outsourcing of all or any a portion of a business, the employee is<br \/>\noffered a Comparable Position; and (I)  from the Company153s modification or<br \/>\ntermination of any telecommuting arrangement.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>K.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Long-Term Award&#8221; means a long-term award outstanding as of the Participant153s<br \/>\nTermination Date and granted under the plan of a Participating Company that<br \/>\nprovides for long-term or stock-based awards.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>L.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Non-Officer&#8221; means an Eligible Employee who is not an Officer.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">3<\/p>\n<\/p>\n<hr>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>M.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Notice of Eligibility&#8221; means a written or electronic notice, in a form<br \/>\napproved by the Administrator, provided to an Eligible Employee that there will<br \/>\nbe a Job Elimination and that he or she is eligible for Severance Benefits under<br \/>\nthe Plan.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>N.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Notice Period&#8221; means a sixty (60)  calendar day period commencing on the date<br \/>\nspecified in the Notice of Eligibility. Except as provided in Section  5.2,<br \/>\nParticipants are relieved from job responsibilities during the Notice Period and<br \/>\ngenerally are not required to report to work. Also during the Notice Period, all<br \/>\nCompliance, Human Resources and Information Security policies and procedures<br \/>\nthat applied to Participants before receiving Notice of Eligibility continue in<br \/>\nfull force and effect and Participants remain subject to those policies and<br \/>\nprocedures. Participants will continue to receive Base Salary and to participate<br \/>\nin certain employee benefits. Except as otherwise provided under the applicable<br \/>\nbonus or incentive plan, Participants shall not be eligible for bonuses and<br \/>\nother incentive pay during the Notice Period. In all cases, non-production-based<br \/>\nbonuses will be pro-rated to reflect the Participant153s service prior to the<br \/>\nNotice Period Start Date and will be subject to discretionary adjustments by the<br \/>\nCompany in its sole and absolute discretion.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>O.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Notice Period Start Date&#8221; means the first day of the Notice Period.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>P.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Officer&#8221; means an Eligible Employee who is classified by the Company as an<br \/>\n&#8220;officer&#8221; based on job grade, designation and such other factors the Company<br \/>\ndeems relevant.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>Q.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Participant&#8221; means any person who is participating in the Plan as provided<br \/>\nin Article 3.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>R.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Participating Company&#8221; means the Company and any Affiliate that participates<br \/>\nin the Plan (as determined by the Company or Schwab in its sole discretion). A<br \/>\ncurrent list of Participating Companies is set forth in Appendix A.<br \/>\nNotwithstanding the foregoing, if a Participating Company ceases to be an<br \/>\nAffiliate by reason of a Corporate Transaction, then such entity shall cease to<br \/>\nbe a Participating Company upon the closing of such Corporate Transaction.<br \/>\nNotwithstanding anything to the contrary in this Plan, no benefits shall be<br \/>\npayable under the Plan on account of any employment termination (actual or<br \/>\nconstructive) that occurs on or after the closing of such Corporate Transaction<br \/>\nin which such entity ceases to be a Participating Company.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>S.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Plan&#8221; means The Charles Schwab Severance Pay Plan.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">4<\/p>\n<\/p>\n<hr>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>T.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Regular Employee&#8221; means an individual who (i)  is directly employed and paid<br \/>\nby the Company and on whose behalf the Company withholds income tax from his or<br \/>\nher compensation; (ii)  has regular full-time or part-time employment with the<br \/>\nCompany; and (iii)  is considered and classified by the Company as a &#8220;regular<br \/>\nemployee.&#8221; Notwithstanding the foregoing, a &#8220;Regular Employee&#8221; shall not include<br \/>\nany of the following:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>(A) a temporary or seasonal employee, intern, co-op or floater;<\/p>\n<p>(B) an agency temporary or leased employee;<\/p>\n<p>(C) an employee on an unpaid leave of absence who does not have a job<br \/>\nguarantee upon completion of the leave;<\/p>\n<p>(D) an individual who is not directly paid by the Company through its payroll<br \/>\nsystem (without regard to his or her common law employment status);<\/p>\n<p>(E) consultants, contingent workers, independent contractors, persons who<br \/>\nhave signed independent contractor, consultant or vendor agreement(s) or provide<br \/>\nservices to the Company pursuant to an independent contractor, consultant or<br \/>\nvendor agreement, or pursuant to an agreement with any third party, irrespective<br \/>\nof whether any such individuals are determined by any third party (including<br \/>\nwithout limitation any court, arbitrator or governmental or regulatory agency)<br \/>\nto constitute an employee of the Company or any Affiliate (including but not<br \/>\nlimited to, a common law employee, a joint employee or a leased employee); and\n<\/p>\n<p>(F) persons (including but not limited to those identified in subparagraphs<br \/>\n(A)  through (E)) not otherwise considered by the Company to be a Regular<br \/>\nEmployee, irrespective of whether any such individuals are deemed by a court,<br \/>\narbitrator or government agency or other third party to be an employee of the<br \/>\nCompany or any Affiliate (including but not limited to, a common law employee, a<br \/>\njoint employee or a leased employee).<\/p>\n<p>If, during any period, the Company has not treated an individual as a common<br \/>\nlaw employee and, for that reason, has not withheld income and employment taxes<br \/>\nwith respect to that individual, then that individual shall not be a Regular<br \/>\nEmployee for that period, even if the individual is determined, retroactively,<br \/>\nto have been a common law employee during all or any portion of that period by<br \/>\nthe Internal Revenue Service or other third party or pursuant to a court decree,<br \/>\njudgment or settlement in a judicial proceeding or otherwise.<\/p>\n<\/p>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>U.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Restated Effective Date&#8221; means July  1, 2011.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">5<\/p>\n<\/p>\n<hr>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>V.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Return Date&#8221; means the date specified in the Participant153s Notice of<br \/>\nEligibility by which the Participant must sign and return a Severance Agreement.\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>W.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Revocation Period&#8221; means the seven calendar day (or other longer legally<br \/>\nrequired calendar day) period immediately following the date the Participant<br \/>\nsigns the Severance Agreement during which a Participant who is either: (i)  at<br \/>\nleast forty (40)  years old; or (ii)  is under forty (40)  years old and is<br \/>\nemployed in a state that requires a specific Revocation Period, may revoke his<br \/>\nor her signed Severance Agreement. To be effective, a written request to revoke<br \/>\nmust be received by the Administrator (as defined by applicable law) no later<br \/>\nthan 5:00 p.m. PST on the seventh calendar day (or other longer period required<br \/>\nby law) from the date the Participant signed the Severance Agreement or, if<br \/>\nmailed, be postmarked no later than the seventh calendar day (or other longer<br \/>\nperiod required by law) from the date the Participant signed the Severance<br \/>\nAgreement.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>X.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Schwab&#8221; means Charles Schwab  &amp; Co., Inc., a California corporation.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>Y.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Severance Agreement&#8221; means a written agreement in a form satisfactory to the<br \/>\nAdministrator in exchange for payment of Severance Benefits as provided in<br \/>\nArticle 6. In the sole discretion of the Administrator, such agreement may<br \/>\ninclude without limitation, but is not limited to, provisions relating to<br \/>\n(i)  non-disparagement and non-disclosure; (ii)  non-solicitation of customers,<br \/>\nclients and employees; (iii)  use of confidential and proprietary information;<br \/>\n(iv)  return of company property; (v)  cooperation with investigations,<br \/>\narbitrations, and litigation; (vi)  release and waiver of all legal claims; and<br \/>\n(vii)  authorized deductions (if any). To be effective, a Severance Agreement<br \/>\nmust be signed and returned by the Return Date (and not revoked during any<br \/>\napplicable Revocation Period). Severance Agreements are not required to be<br \/>\nidentical among Participants.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>Z.<\/p>\n<\/td>\n<td valign=\"top\">\n<p align=\"left\">&#8220;Severance Benefits&#8221; means all payments and benefits provided<br \/>\nfor in this Plan, including but not limited to all salary and benefits for<br \/>\nperiods during which a Participant remains an employee after being provided a<br \/>\nNotice of Eligibility (such as the Notice Period), all forms of compensation<br \/>\nand\/or benefits of any kind for or in connection with such periods, and all<br \/>\nother amounts paid or payable to Participants in accordance with the Plan. The<br \/>\nSeverance Benefits a Participant may be eligible for are gross amounts from<br \/>\nwhich applicable taxes, withholding and appropriate deductions will be taken,<br \/>\nincluding but not limited to, deduction of any outstanding amount owed to the<br \/>\nCompany by the Participant regardless of the reason for or source of the amount<br \/>\ndue. In order to receive Severance Benefits under Article 6, a Participant must<br \/>\ntimely sign and return (and not revoke, where a Revocation Period applies) a<br \/>\nSeverance Agreement. All Severance Benefits shall be applied toward satisfaction<br \/>\nof the Company153s<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">6<\/p>\n<\/p>\n<hr>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"8%\"><\/td>\n<td valign=\"top\">\n<p>WARN obligations, if any, and shall constitute WARN notice and\/or WARN<br \/>\nbenefits where WARN applies.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>AA.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Severance Period&#8221; means the period of time determined by adding, to the<br \/>\nParticipant153s Termination Date, the number of business days or months for which<br \/>\nthe Participant is eligible to receive severance pay under Section  6.1 or 6.2.\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>BB.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Termination Date&#8221; means the earlier of (i)  last day that the Participant is<br \/>\nemployed by the Company; or (ii)  day that the Participant153s Notice Period ends<br \/>\n(as it may be accelerated under Article 5).<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>CC.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;WARN&#8221; means the Federal Worker Adjustment Retraining and Notification Act,<br \/>\nas amended, and any applicable state plant or facility closing or mass layoff<br \/>\nlaw. In the event WARN applies to a Participant, any Notice Period and\/or<br \/>\nSeverance Period, and all compensation and all benefits of any kind due or paid<br \/>\nwith respect to either are also deemed to constitute WARN notice and\/or WARN<br \/>\nbenefits, and will be applied toward satisfying the Company153s obligations under<br \/>\nWARN.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"BORDER-COLLAPSE:COLLAPSE\" width=\"100%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"4%\"><\/td>\n<td width=\"4%\" valign=\"top\">\n<p>DD.<\/p>\n<\/td>\n<td valign=\"top\">\n<p>&#8220;Year of Service&#8221; means each 365 calendar day period of service completed by<br \/>\na Participant while a Regular Employee including any service commencing on the<br \/>\nParticipant153s date of hire and ending on (and including) the Participant153s<br \/>\nNotice Period Start Date and any service prior to a break in service for any<br \/>\nreason other than Job Elimination. Periods less than 365 calendar days will be<br \/>\ncalculated as a percentage of a 365-calendar day period. A Participant will<br \/>\nreceive credit for service with a predecessor employer that was acquired by the<br \/>\nCompany or an Affiliate if such service must be credited for purposes of an<br \/>\n&#8220;employee benefit plan&#8221; within the meaning of ERISA under the applicable<br \/>\npurchase agreement. Except as provided in Section  6.4(a), a Participant153s Years<br \/>\nof Service shall exclude service previously used to determine a Participant153s<br \/>\nseverance benefits under this Plan, any predecessor plan or any other<br \/>\nAffiliate-sponsored severance arrangement.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\"><u>ARTICLE 3 : PARTICIPATION <\/u><\/p>\n<p>3.1. <u>Commencement of Participation<\/u>. An Eligible Employee will become a<br \/>\nParticipant as of the date he or she is issued a Notice of Eligibility.<\/p>\n<p>3.2 <u>Termination of Participation<\/u>. A Participant153s participation in the<br \/>\nPlan shall terminate on the earlier of (i)  the date when his or her entire Plan<br \/>\nbenefit has been paid; or (ii)  the date that his or her participation ends under<br \/>\nSection  5.3(b) or 6.4(b).<\/p>\n<\/p>\n<p align=\"center\">7<\/p>\n<\/p>\n<hr>\n<p align=\"center\"><u>ARTICLE 4 &#8211; EFFECT ON OTHER BENEFITS <\/u><\/p>\n<p>4.1. <u>Eligibility for Benefits<\/u>. A Participant153s eligibility for all<br \/>\nemployee benefits (including without limitation medical, dental and vision<br \/>\ninsurance) will cease in accordance with the terms of each respective plan no<br \/>\nlater than the last day of the month that includes the Termination Date except<br \/>\nas may be otherwise required by applicable law.<\/p>\n<p>4.2 <u>Paid Time Off Benefits<\/u>. A Participant will continue accruing paid<br \/>\ntime off benefits until the Termination Date. The rate of accrual during the<br \/>\nNotice Period will be the same as the rate of accrual prior to the Participant153s<br \/>\nNotice of Eligibility.<\/p>\n<p align=\"center\"><u>ARTICLE 5 &#8211; NOTICE PERIOD <\/u><\/p>\n<p>5.1 <u>Notice Period<\/u>. Following an Eligible Employee153s Notice of<br \/>\nEligibility, the Participant will enter a Notice Period for a period of sixty<br \/>\n(60)  calendar days. Except as provided in Section  5.2, during the Notice Period<br \/>\nParticipants shall not be required to report to work but shall remain subject to<br \/>\nthe Company153s policies and procedures. If WARN is applicable to a Participant,<br \/>\nthe Notice Period and all compensation (including but not limited to<br \/>\nsalary\/wages, benefits and benefit plan participation) attributable to the<br \/>\nNotice Period shall constitute WARN notice and the payment of WARN benefits,<br \/>\nrespectively, and will be applied against any notice period or other payments<br \/>\nthat would otherwise be due to satisfy the Company153s obligations under WARN.\n<\/p>\n<p>5.2 <u>Participants Requested to Work During Notice Period<\/u>. If a<br \/>\nParticipant is requested to work during the Notice Period, then the Participant<br \/>\nwill be entitled to Severance Benefits only if the Participant continues to<br \/>\nperform his or her assigned duties and responsibilities to the satisfaction of<br \/>\nthe Company through the date established by the Company in its discretion.<\/p>\n<p>5.3 <u>Acceleration of Termination Date<\/u>. The Termination Date, which is<br \/>\noriginally established as the end of the 60 day Notice Period, will be<br \/>\naccelerated or otherwise changed if any of the following events occur:<\/p>\n<p>(a) If, prior to the end of the Notice Period, a Participant resigns or<br \/>\notherwise obtains an external position or acts as an employee, consultant or<br \/>\nindependent contractor or as a sole proprietor of a business or acts as an<br \/>\nofficer, director, or partner in another public or privately held company. In<br \/>\nthat case, the Participant is required to notify the Administrator immediately,<br \/>\nthe end of the Notice Period and the Termination Date will be accelerated to<br \/>\ncoincide with the next day after the Participant resigned or otherwise obtained<br \/>\nthat position. The Participant will receive a payment reflecting the balance of<br \/>\nthe Base Salary attributable to the unused portion of the original Notice<br \/>\nPeriod; however, no payment will be made for the value of bonuses, or other<br \/>\nincentive compensation or the value of other employee benefits that might<br \/>\notherwise have been received if the Termination Date had not been accelerated.<br \/>\nThe Participant remains<\/p>\n<\/p>\n<p align=\"center\">8<\/p>\n<\/p>\n<hr>\n<p>eligible to sign and return the applicable Severance Agreement by the Return<br \/>\nDate in order to obtain additional Severance Benefits under Article  6.<\/p>\n<p>(b) Except as provided in Section  5.2 as determined by the Administrator, if<br \/>\na Participant provides substantial services to the Company or any Affiliate as<br \/>\nan employee (full-time, part-time or seasonal), consultant or independent<br \/>\ncontractor of the Company or any Affiliate within the Notice Period (without<br \/>\nregard to whether the end of the Notice Period has been accelerated pursuant to<br \/>\nSection  5.3(a)), his or her Termination Date under the Plan will be cancelled or<br \/>\naccelerated (as appropriate), his or her participation will end, and the<br \/>\nParticipant will no longer be eligible to receive any Severance Benefits or any<br \/>\npayment of any kind for compensation (including benefits) otherwise attributable<br \/>\nto the unused portion of the Notice Period. If a Participant already received<br \/>\npayment of lump sum severance pay under Section  6.1, 6.2 and\/or 6.3 (as<br \/>\napplicable), the Participant will be required, except as the Administrator<br \/>\notherwise determines in its sole discretion, to repay the lump sum severance<br \/>\npay, including the COBRA payment, in full, as a condition of employment or<br \/>\nproviding services. In addition, if a Participant already received a lump sum<br \/>\npayment for the unused portion of the Notice Period under Section  5.3(a), the<br \/>\nParticipant is required, except as the Administrator otherwise determines in its<br \/>\nsole discretion, to repay the amount by which this lump sum payment exceeds the<br \/>\namount the Participant would have received if the payment had been calculated<br \/>\nbased on the number of business days that actually elapsed between the beginning<br \/>\nof the Notice Period and the date of his or her commencement of service, as a<br \/>\ncondition of employment or providing services.<\/p>\n<p align=\"center\"><u>ARTICLE 6 &#8211; BENEFITS <\/u><\/p>\n<p>Upon being provided with a Notice of Eligibility, a Participant becomes<br \/>\neligible to receive the Severance Benefits described in Sections 6.1, 6.2, and<br \/>\n6.3 (as applicable) only if the Participant returns to the Administrator a<br \/>\nsigned Severance Agreement no later than the Return Date. If a Revocation Period<br \/>\napplies, a Participant153s eligibility to receive these Severance Benefits also is<br \/>\nconditioned upon the Participant not revoking (or attempting to revoke) the<br \/>\nSeverance Agreement during the Revocation Period. Subject to those conditions<br \/>\nand such other conditions set forth in this Plan, the Participant will be<br \/>\nentitled to receive the benefits set forth in Sections  6.1 and 6.2, or 6.3 (as<br \/>\napplicable).<\/p>\n<p>6.1 <u>Non-Officer Severance Pay<\/u>.<\/p>\n<p>A Non-Officer Participant employed by a Participating Company as of his or<br \/>\nher Notice of Eligibility will be eligible to receive a lump sum severance pay<br \/>\nbenefit equal to the amount of the Participant153s Base Salary that would have<br \/>\nbeen payable for ten business days multiplied by the Participant153s full Years of<br \/>\nService plus the number of business days for the Participant153s partial Years of<br \/>\nService shown in the table in (i)  below, but in no event more than the amount of<br \/>\nBase Salary that would have been payable to the Participant for 220 business<br \/>\ndays.<\/p>\n<p>(i) The Participant will receive credit for a partial Year of Service<\/p>\n<\/p>\n<p align=\"center\">9<\/p>\n<\/p>\n<hr>\n<p>(after aggregation of partial years), based on the following table:<\/p>\n<\/p>\n<table align=\"center\" width=\"68%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"75%\"><\/td>\n<td width=\"17%\" valign=\"bottom\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\">\n<p>Length of Partial Year<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Number  of  Business  Days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Less than 3 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>3  days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>At least 3 months but less than 6 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>5 days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>At least 6 months but less than 9 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>7 days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>At least 9 months but less than 12 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>10  days<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>(ii) The minimum Severance Benefit shall be determined by the Participant153s<br \/>\njob grade on the Notice Period Start Date based on the following table:<\/p>\n<\/p>\n<table align=\"center\" width=\"58%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"78%\"><\/td>\n<td width=\"3%\" valign=\"bottom\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\">\n<p>Job Grade<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Minimum  Severance <br \/>\nBenefit<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Individual Contributor (52-55)<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>22  business  days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Sr. Individual Contributor\/Team Lead (56)<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>44 business days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Manager (57)<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>66 business days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Sr. Manager (58 : 59)<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>88 business days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Director (60, U1 and U2)<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>110  business  days<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>6.2 <u>Officer Severance Pay<\/u>.<\/p>\n<p>An Officer Participant employed by a Participating Company as of his or her<br \/>\nNotice of Eligibility will be eligible to receive a lump sum severance pay<br \/>\nbenefit in the following amounts. For Vice Presidents, the amount of the<br \/>\nParticipant153s Base Salary that would have been payable for ten business days<br \/>\nmultiplied by the Participant153s full Years of Service, but in no event less than<br \/>\nthe amount of Base Salary that would have been payable to the Participant for<br \/>\nfive months (110 business days) and no more than the amount of Base Salary that<br \/>\nwould have been payable to the Participant for 10 months (220 business days).<br \/>\nFor Senior Vice Presidents or Executive Vice Presidents, the amount of the<br \/>\nParticipant153s Base Salary that would have been payable for 15 business days<br \/>\nmultiplied by the Participant153s full Years of Service, but in no event less than<br \/>\nthe amount of Base Salary that would have been payable to the Participant for<br \/>\nseven months (154 business days) and no more than the amount of Base Salary that<br \/>\nwould have been payable to the Participant for 12 months (264 business days).\n<\/p>\n<p>The Participant who is a Vice President also will receive credit for a<br \/>\npartial Year of Service (after aggregation of partial years), based on the<br \/>\nfollowing table:<\/p>\n<\/p>\n<table align=\"center\" width=\"68%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"75%\"><\/td>\n<td width=\"17%\" valign=\"bottom\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\">\n<p>Length of Partial Year<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Number  of  Business  Days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Less than 3 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>3  days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>At least 3 months but less than 6 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>5 days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>At least 6 months but less than 9 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>7 days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>At least 9 months but less than 12 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>10  days<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The Participant who is a Senior Vice President or Executive Vice President<br \/>\nalso will receive credit for a partial Year of Service (after aggregation of<br \/>\npartial years), based<\/p>\n<\/p>\n<p align=\"center\">10<\/p>\n<\/p>\n<hr>\n<p>on the following table:<\/p>\n<\/p>\n<table align=\"center\" width=\"68%\" cellpadding=\"0\" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"75%\"><\/td>\n<td width=\"17%\" valign=\"bottom\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\">\n<p>Length of Partial Year<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>Number  of  Business  Days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>Less than 3 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>3  days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>At least 3 months but less than 6 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>7 days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>At least 6 months but less than 9 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>11  days<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<p>At least 9 months but less than 12 months<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\">\n<p>15  days<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>6.3 <u>Group Health Plan Coverage Payment and Long-Term Awards<\/u>.<\/p>\n<p>(a) A Participant who becomes entitled to receive Severance Benefits will be<br \/>\neligible to receive a single lump sum payment to cover a portion of the cost of<br \/>\ngroup health plan coverage for the Participant and his or her enrolled spouse,<br \/>\ndomestic partner and dependents (&#8220;Dependents&#8221;). The amount of such payment shall<br \/>\nbe based on the period of time for which the Participant is eligible to receive<br \/>\nseverance pay and COBRA rates for group health plan coverage in effect for the<br \/>\nParticipant and his or her Dependents as of the Participant153s Notice of<br \/>\nEligibility, without regard to changes in COBRA rates or coverage after Notice<br \/>\nof Eligibility.<\/p>\n<p>(b) If an Officer Participant becomes entitled to Severance Benefits, then:\n<\/p>\n<p>(i) The portion of each of the Participant153s Long-Term Awards, except<br \/>\nperformance-based restricted stock or similar awards designed to meet the<br \/>\nrequirements for performance-based compensation under Section  162(m) of the<br \/>\nCode, that would have vested if the Participant had remained employed during the<br \/>\nSeverance Period shall be vested as soon as administratively practicable after<br \/>\nthe Participant153s Termination Date and the Participant shall be treated as if he<br \/>\nor she continued in employment during the Severance Period for purposes of<br \/>\ndetermining whether the Participant vests in any performance-based restricted<br \/>\nstock or similar award, subject to subparagraph (iii)  below; and<\/p>\n<p>(ii) The determination of whether the Participant has satisfied the<br \/>\nconditions of &#8220;retirement&#8221; under each Long-Term Award agreement (to the extent<br \/>\napplicable) shall be made as of his or her Termination Date, without regard to<br \/>\nthe Participant153s Severance Period.<\/p>\n<p>(iii) The Severance Period shall not modify or extend the exercise period of<br \/>\nany Long-Term Award, and, except as set forth in Section  6.3(b)(i), the Plan<br \/>\nshall not provide any benefit with respect to any Long-Term Award.<\/p>\n<p>6.4 <u>Additional Provisions Related to Severance Benefits<\/u>.<\/p>\n<p>(a) If a Participant receives severance benefits under this Plan, any<br \/>\npredecessor plan or any other Affiliate-sponsored severance arrangement and if<br \/>\nthe Participant subsequently provides services to the Company or an Affiliate,<br \/>\nthen any<\/p>\n<\/p>\n<p align=\"center\">11<\/p>\n<\/p>\n<hr>\n<p>Severance Benefits that may become payable to the Participant under this Plan<br \/>\nfollowing the date of recommencement of service shall be based solely on the<br \/>\nParticipant153s Years of Service following the date of such recommencement;<br \/>\nprovided, however, the Administrator shall have the discretionary authority to<br \/>\nsuspend the application of this provision to a Participant who repaid more than<br \/>\n80% of his or her Severance Benefits pursuant to Section  5.3(b) or 6.4(d).<\/p>\n<p>(b) Notwithstanding anything to the contrary contained herein, (i)  an<br \/>\nemployee or Participant whose employment with the Company (or an Affiliate) is<br \/>\nterminated before or after receipt of Notice of Eligibility for any reason other<br \/>\nthan Job Elimination shall not be entitled to receive any Severance Benefits<br \/>\nhereunder, (ii)  a Participant shall lose eligibility to receive Severance<br \/>\nBenefits if (A)  after receipt of Notice of Eligibility, the employee fails to<br \/>\nwork satisfactorily at the request of the Company through the date it specifies;<br \/>\nor (B)  the Company becomes aware of circumstances which could or would have<br \/>\ncaused a Participant153s termination from employment including but not limited to<br \/>\nmisconduct or any violation of law, regulation or Company policy, and (iii)  in<br \/>\nthe case of an Regular Employee who the Administrator determines, in its sole<br \/>\ndiscretion, is covered by a Guaranteed Payments Arrangement, except as provided<br \/>\nin Section  6.4(g), the calculation of any payment to such Regular Employee upon<br \/>\nsuch termination or resignation shall be governed by the terms of such<br \/>\narrangement, and not by this Article 6.<\/p>\n<p>(c) Lump sum benefits payable pursuant to Section  6.1, 6.2 or 6.3(a) shall be<br \/>\npaid during the next payroll processing cycle that follows the later of (i)  the<br \/>\ndate the Severance Agreement is received, assuming it is signed and returned to<br \/>\nthe Administrator in the required time and is not revoked in accordance with any<br \/>\napplicable Revocation Period; or (ii)  the Termination Date, as it may be<br \/>\naccelerated under Article 5 or  6. All payments made pursuant to this Plan shall<br \/>\nbe paid no later than March  15<sup>th<\/sup> of the calendar year immediately<br \/>\nfollowing the year the Termination Date occurs.<\/p>\n<p>(d) If a Participant receives payment of any or all of his or her Severance<br \/>\nBenefit under Section  6.1, 6.2 and\/or 6.3 and after his Termination Date<br \/>\nsubsequently provides substantial services to the Company or any Affiliate as an<br \/>\nemployee, consultant or independent contractor (other than pursuant to a<br \/>\nCorporate Transaction), the Participant will be required, except as the<br \/>\nAdministrator otherwise determines in its sole discretion, as a condition of<br \/>\nreemployment or otherwise providing services, to repay the amount (if any) by<br \/>\nwhich the lump sum payment (including COBRA payments) exceeds the amount the<br \/>\nParticipant would have received if such payment had been calculated based on the<br \/>\nnumber of business days that have actually elapsed between the Termination Date<br \/>\nand the date that the Participant started to provide such services. The<br \/>\nrepayment obligation is applicable regardless of whether the Participant153s<br \/>\nseverance pay was paid under Section  6.1, 6.2 and\/or 6.3(a); provided, however,<br \/>\nthe repayment obligation shall not apply to benefits provided under<br \/>\nSection  6.3(b). Repayment of a pro rata share of severance benefits does not<br \/>\naffect the validity of the Severance Agreement.<\/p>\n<\/p>\n<p align=\"center\">12<\/p>\n<\/p>\n<hr>\n<p>(e) Notwithstanding anything to the contrary contained in this Plan, in the<br \/>\nevent WARN is applicable to a Participant: (i)  any Notice Period and\/or<br \/>\nSeverance Benefits paid or payable to the Participant will be deemed to<br \/>\nconstitute and shall be attributed to WARN notice and\/or WARN benefits; (ii)  all<br \/>\nSeverance Benefits under this Plan will be reduced and\/or offset by any notice,<br \/>\npayments or benefits to which the Participant may be entitled under WARN; and<br \/>\n(iii)  all Severance Benefits under this Plan will be reduced and\/or offset by<br \/>\nany amount of paid days and\/or paid benefits in lieu of notice the Participant<br \/>\nis given or is required to be given by the Company to satisfy its obligations<br \/>\nunder WARN. A Severance Agreement is not required for receipt of WARN benefits.\n<\/p>\n<p>(f) Notwithstanding anything to the contrary contained herein, the Company<br \/>\nmay revoke a Participant153s Severance Agreement during any applicable Revocation<br \/>\nPeriod.<\/p>\n<p>(g) Notwithstanding anything to the contrary contained herein, in the event<br \/>\nthat the Administrator determines, in its sole discretion, that an individual is<br \/>\na party to a Guaranteed Payments Arrangement and that such individual would<br \/>\notherwise be entitled to a benefit under Section  6.1 or 6.2 and\/or 6.3, then the<br \/>\nAdministrator may determine, in its sole discretion, that such individual shall<br \/>\nbe eligible to receive a cash severance benefit (instead, and in lieu, of any<br \/>\nand all payments under such Guaranteed Payments Arrangement) equal to the<br \/>\ngreater of either (i)  the amount that the Administrator determines, in its sole<br \/>\ndiscretion, to be the amount of the Participant153s payments under the Guaranteed<br \/>\nPayments Arrangement; or (ii)  the total amount of the cash severance payments to<br \/>\nwhich the Administrator determines, in its sole discretion, the Participant<br \/>\notherwise would have been entitled under Section  6.1, 6.2 and\/or 6.3. Payment of<br \/>\nsuch cash severance benefit shall be paid at the time and in the form provided<br \/>\nfor under the Guaranteed Payment Arrangement.<\/p>\n<p>(h) Notwithstanding anything to the contrary contained herein, a Participant<br \/>\nshall be deemed to be employed by a Participating Company for purposes of<br \/>\nbenefits under Article 6 in the event that such Participant, as of his or her<br \/>\nNotice of Eligibility, is designated by the Company, in its sole and absolute<br \/>\ndiscretion, as a dual employee providing fund administration services to the<br \/>\nExcelsior Funds.<\/p>\n<p align=\"center\"><u>ARTICLE 7 &#8211; FUNDING <\/u><\/p>\n<p>The amount required to be paid as Severance Benefit under this Plan shall be<br \/>\npaid from the general assets of the Company at the time such Severance Benefits<br \/>\nare to be paid.<\/p>\n<p align=\"center\"><u>ARTICLE 8 &#8211; ADMINISTRATION <\/u><\/p>\n<p>8.1 <u>Administrator153s Authority<\/u>. The administration of the Plan shall be<br \/>\nunder the supervision of the Administrator. It shall be the responsibility of<br \/>\nthe Administrator to<\/p>\n<\/p>\n<p align=\"center\">13<\/p>\n<\/p>\n<hr>\n<p>assure that the Plan is carried out in accordance with its terms. The<br \/>\nAdministrator shall have full power and sole discretionary authority to<br \/>\nadminister, interpret and construe the Plan, and to determine all claims for<br \/>\nbenefits, subject to the requirements of ERISA. The Administrator153s actions,<br \/>\ninterpretations and determinations shall be final and binding on all concerned<br \/>\nand, in the event of judicial review, shall be entitled to the maximum deference<br \/>\nallowed by law. The Administrator shall have discretionary authority:<\/p>\n<p>(a) To make and enforce such rules and regulations as it deems necessary or<br \/>\nproper for the efficient administration of the Plan;<\/p>\n<p>(b) To interpret and construe the Plan, its interpretation and construction<br \/>\nthereof to be final and conclusive on all persons claiming benefits under the<br \/>\nPlan;<\/p>\n<p>(c) To decide all questions concerning the Plan and the eligibility of any<br \/>\nperson to participate in the Plan;<\/p>\n<p>(d) To compute the amount of benefits which will be payable to any<br \/>\nParticipant in accordance with the provisions of the Plan, and to determine the<br \/>\nperson or persons to whom such benefits will be paid;<\/p>\n<p>(e) To authorize the payment of benefits;<\/p>\n<p>(f) To appoint such agents, counsel, accountants, consultants and actuaries<br \/>\nas may be required to assist in administering the Plan; and<\/p>\n<p>(g) To allocate and delegate its responsibilities under the Plan and to<br \/>\ndesignate other persons to carry out any of its responsibilities under the Plan,<br \/>\nand such allocation, delegation or designation to be by written instrument and<br \/>\nin accordance with Section  405 of ERISA.<\/p>\n<p>The interpretations and determinations of the Administrator shall be final<br \/>\nand binding and are not required to be uniform among similarly situated<br \/>\nindividuals. The Administrator also reserves the right to provide additional<br \/>\nbenefits, in the Administrator153s sole discretion. Determinations to be made in<br \/>\nthe discretion of the Company are made by the Company in its non-fiduciary<br \/>\ncapacity, with regard to the best interests of the Company, and are not required<br \/>\nto be uniform among similarly situated individuals. In administering the Plan,<br \/>\nthe Administrator shall be entitled, to the extent permitted by law, to rely<br \/>\nconclusively on all tables, valuations, certificates, opinions and reports which<br \/>\nare furnished by any accountant, counsel or other expert who is employed or<br \/>\nengaged by the Administrator. Schwab shall be the &#8220;named fiduciary&#8221; for purposes<br \/>\nof section 402(a)(1) of ERISA with authority to control and manage the operation<br \/>\nand administration of the Plan, and shall be responsible for complying with all<br \/>\nof the reporting and disclosure requirements of Part 1 of Subtitle B of Title I<br \/>\nof ERISA.<\/p>\n<p>8.2 <u>Claims for Benefits<\/u>. No person shall be entitled to benefits under<br \/>\nthis Plan unless the Administrator has determined that he or she is entitled to<br \/>\nthem. All<\/p>\n<\/p>\n<p align=\"center\">14<\/p>\n<\/p>\n<hr>\n<p>applications for benefits, and all inquiries concerning the Plan or present<br \/>\nor future rights to benefits under the Plan, must be submitted to the<br \/>\nAdministrator in accordance with the established claims procedure set forth in<br \/>\nthe summary plan description. Notwithstanding anything to the contrary in this<br \/>\nPlan, no person shall have a colorable claim for vested or unvested benefits<br \/>\nunder this Plan unless the Administrator (i)  has determined that the person has<br \/>\nincurred a Job Elimination; and (ii)  has issued to the person a Notice of<br \/>\nEligibility.<\/p>\n<p>8.3 <u>Indemnification<\/u>. The Company agrees to indemnify, defend and hold<br \/>\nharmless to the fullest extent permitted by law any employee serving as or on<br \/>\nbehalf of the Administrator or as a member of a committee designated as<br \/>\nAdministrator (including any employee or former employee who formerly served as<br \/>\nAdministrator or as a member of such committee) against all liabilities,<br \/>\ndamages, costs and expenses (including attorneys153 fees and amounts paid in<br \/>\nsettlement of any claims approved by the Company) occasioned by any act or<br \/>\nomission to act in connection with the Plan, if such act or omission is in good<br \/>\nfaith.<\/p>\n<p align=\"center\"><u>ARTICLE 9 &#8211; AMENDMENT AND TERMINATION <\/u><\/p>\n<p>The Plan and\/or any of its terms may be amended, suspended or terminated at<br \/>\nany time with or without prior notice by action of the Board of Directors of<br \/>\nSchwab or the Company or their respective delegates. Schwab153s Executive Vice<br \/>\nPresident : Human Resources shall have the authority to adopt amendments that do<br \/>\nnot materially increase the cost of the Plan.<\/p>\n<p align=\"center\"><u>ARTICLE 10 &#8211; MISCELLANEOUS<\/u><\/p>\n<p>Except where otherwise indicated by the context, any masculine terminology<br \/>\nused herein shall also include the feminine and vice versa, and the definition<br \/>\nof any term herein in the singular shall also include the plural, and vice<br \/>\nversa.<\/p>\n<p>This Plan shall not be deemed to constitute a contract between the Company<br \/>\nand any Eligible Employee or to be a consideration or an inducement for the<br \/>\nemployment of any Eligible Employee. Nothing contained in this Plan shall be<br \/>\ndeemed to give any Eligible Employee the right to be retained in the service of<br \/>\nthe Company or to interfere with the right of the Company to discharge any<br \/>\nEligible Employee at any time, irrespective of the effect which such discharge<br \/>\nshall have upon such individual as an Eligible Employee of this Plan.<\/p>\n<p>This Plan shall be construed and enforced according to federal law, except<br \/>\nwhere not preempted, by the laws of the State of California other than its laws<br \/>\nrespecting choice of law.<\/p>\n<\/p>\n<p align=\"center\">15<\/p>\n<\/p>\n<hr>\n<p align=\"center\"><u>ARTICLE 11 &#8211; EXECUTION<\/u><\/p>\n<p>To record the amendment and restatement of the Plan to read as set forth<br \/>\nherein effective as of July  1, 2011, Charles Schwab  &amp; Co., Inc. has caused<br \/>\nits authorized officer to execute the same this 10th day of January, 2011.<\/p>\n<p>CHARLES SCHWAB  &amp; CO., INC.<\/p>\n<p>By:        Jay L. Allen <u>                                                                                \/s\/ Jay L.<br \/>\nAllen                                                                                         <\/u><\/p>\n<p>Title:        The Executive Vice President &#8211; Human Resources and Employee<br \/>\nServices<\/p>\n<\/p>\n<p align=\"center\">16<\/p>\n<\/p>\n<hr>\n<p align=\"center\"><u>APPENDIX A <\/u><\/p>\n<p align=\"center\">(January 1, 2011)<\/p>\n<p>Charles Schwab  &amp; Co., Inc.<\/p>\n<p>Charles Schwab Bank<\/p>\n<p>Charles Schwab Investment Advisory, Inc.<\/p>\n<p>Charles Schwab Investment Management, Inc.<\/p>\n<p>Performance Technologies, Inc.<\/p>\n<p>Schwab International Holdings, Inc.<\/p>\n<p>Schwab Retirement Plan Services, Inc.<\/p>\n<p>Schwab Retirement Technologies, Inc.<\/p>\n<p>Schwab Retirement Plan Services Company<\/p>\n<p>Windhaven Investment Management, Inc.<\/p>\n<\/p>\n<p align=\"center\">A<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8775],"corporate_contracts_industries":[9418],"corporate_contracts_types":[9539,9551],"class_list":["post-40536","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-schwab-charles-corp","corporate_contracts_industries-financial__securities","corporate_contracts_types-compensation","corporate_contracts_types-compensation__severance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40536"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40536"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40536"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}