Common use of Excess Benefit Plan Clause in Contracts

Excess Benefit Plan. Effective January 1, 2019, the Company will establish an unfunded “excess benefit plan” (“Excess Plan”) solely for the purposes of providing benefits that would have been provided under the VIP but for the limitations of Internal Revenue Code §415(c). The eligibility requirements, amount of benefits, time and form of benefit distribution and administrative provisions of the Excess Plan will mirror the provisions of the Company’s Supplemental Benefit Plan that provide for benefits in excess of the limitations of Internal Revenue Code §415(c) in all material respects. The Company reserves the right to unilaterally establish, alter, amend, and/or modify any or all terms of the Excess Plan as it deems necessary to comply with all applicable laws and regulations, at its sole discretion without further discussion or negotiation with the Union. All terms and conditions of the Excess Plan, as may be so established, amended or modified, will apply to employees covered by this Agreement. The Union understands that the Excess Plan will be a non-qualified deferred compensation plan under the Internal Revenue Code, and as such, employees who elect to participate in the Excess Plan will be subject to special restrictions and election rules with respect to the VIP (including, but not limited to, restrictions on changing deferral elections during a plan year and electing to defer Employee Incentive Plan payments), in addition to restrictions on elections under and distributions from the Excess Plan. The Company reserves the right to unilaterally alter, amend, and/or modify any or all terms of the VIP as it deems necessary to cause the Excess Plan to comply with the Internal Revenue Code, but no such alteration, amendment or modification deemed necessary by the Company to comply with the IRC shall impact individuals who do not enroll in the Excess Plan. Nothing under the Excess Plan will be subject to the grievance and arbitration procedure of Article 3.

Excess Benefit Plan. Effective January 1, 2019, the Company will establish an unfunded 13 “excess benefit plan” (“Excess Plan”) solely for the purposes of providing benefits that would have 14 been provided under the VIP but for the limitations of Internal Revenue Code §415(c). The eligibility 15 requirements, amount of benefits, time and form of benefit distribution and administrative provisions 16 of the Excess Plan will mirror the provisions of the Company’s Supplemental Benefit Plan that provide 17 for benefits in excess of the limitations of Internal Revenue Code §415(c) in all material respects. The 18 Company reserves the right to unilaterally establish, alter, amend, and/or modify any or all terms of 19 the Excess Plan as it deems necessary to comply with all applicable laws and regulations, at its sole 20 discretion without further discussion or negotiation with the Union. All terms and conditions of the 21 Excess Plan, as may be so established, amended or modified, will apply to employees covered by this 22 Agreement. 23 The Union understands that the Excess Plan will be a non-qualified deferred compensation plan under 25 the Internal Revenue Code, and as such, employees who elect to participate in the Excess Plan will be 26 subject to special restrictions and election rules with respect to the VIP (including, but not limited to, 27 restrictions on changing deferral elections during a plan year and electing to defer Employee Incentive 28 Plan payments), in addition to restrictions on elections under and distributions from the Excess Plan. 29 The Company reserves the right to unilaterally alter, amend, and/or modify any or all terms of the VIP 30 as it deems necessary to cause the Excess Plan to comply with the Internal Revenue Code, but no such 31 alteration, amendment or modification deemed necessary by the Company to comply with the IRC shall 32 impact individuals who do not enroll in the Excess Plan. 33 Nothing under the Excess Plan will be subject to the grievance and arbitration procedure of Article 3.. 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 1 Professional Unit 2

Excess Benefit Plan. Effective January 1, 2019, the Company will 16 establish an unfunded “excess benefit plan” (“Excess Plan”) solely for the purposes of 17 providing benefits that would have been provided under the VIP but for the limitations 18 of Internal Revenue Code §415(c). The eligibility requirements, amount of benefits, 19 time and form of benefit distribution and administrative provisions of the Excess 20 Plan will mirror the provisions of the Company’s Supplemental Benefit Plan that 21 provide for benefits in excess of the limitations of Internal Revenue Code §415(c) 22 in all material respects. The Company reserves the right to unilaterally establish, alter, 23 amend, and/or modify any or all terms of the Excess Plan as it deems necessary to 24 comply with all applicable laws and regulations, at its sole discretion without 25 further discussion or negotiation with the Union. All terms and conditions of the 26 Excess Plan, as may be so established, amended or modified, will apply to employees 27 covered by this Agreement. 29 The Union understands that the Excess Plan will be a non-qualified deferred 30 compensation plan under the Internal Revenue Code, and as such, employees 31 who elect to participate in the Excess Plan will be subject to special restrictions and 32 election rules with respect to the VIP (including, but not limited to, restrictions 33 on changing deferral elections during a plan year and electing to defer Employee 34 Incentive Plan payments), in addition to restrictions on elections under and 35 distributions from the Excess Plan. The Company reserves the right to unilaterally 36 alter, amend, and/or modify any or all terms of the VIP as it deems necessary to cause 37 the Excess Plan to comply with the Internal Revenue Code, but no such alteration, 38 amendment or modification deemed necessary by the Company to comply with the IRC 39 shall impact individuals who do not enroll in the Excess Plan. 41 Nothing under the Excess Plan will be subject to the grievance and arbitration procedure 42 of Article 3.9. 43 44 45 46 47 48 49 50 51 52 53 54 55 56