MILACRON INC
MILACRON INC FORM 10-Q Q2, 03 EXHIBIT 10.8
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>7
<FILENAME>mz10q081403-exh108.htm
<DESCRIPTION>MILACRON INC FORM 10-Q Q2, 03 EXHIBIT 10.8
<TEXT>
<html>
<head>
<title>Exhibit 10.8 Milacron Inc. Retirement Plan for Non-Employee Directors</title>
</head>

<body>

<font size="2"><b>Exhibit 10.8</b></font>

<br>
<br>
<br>
<br>

<center><font size="2"><b>MILACRON<br>
RETIREMENT PLAN FOR NON-EMPLOYEE DIRECTORS</b></font></center>
<br>
<br>

<TABLE WIDTH="95%" CELLPADDING="0" CELLSPACING="0" BORDER="0">

<tr>
<TD HEIGHT="20"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE I</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">PURPOSE</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">1.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">The purpose of this Plan is to provide retirement
benefits to Directors of Milacron Inc. (the "Company") who meet the eligibility
requirements of the Plan.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE II</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">DEFINITIONS</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">2.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Base Retainer" means the basic annual retainer
for non-employee Directors in effect as of an Eligible Director's last date of
service on the Milacron Inc.  Board of Directors.  As used herein, Base Retainer
shall not include any additional annual retainer available as a result of a Director
acting as chairman of any committee nor shall it include any fees available as a result
of attendance at Board of Directors' or its committees' meetings, or other payments made
for other services a Director may render.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">2.2</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Board of Directors" means the Board of Directors of Milacron Inc.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">2.3</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Company" means Milacron Inc.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">2.4</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Compensation Committee" means the Compensation Committee of the Board of Directors.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">2.5</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Director" means a duly-elected member of the Board of Directors.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">2.6</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Eligible Director" means a Director or former Director who has served on the Board
of Directors on or after the Effective Date of this Plan as set forth in Item 3.1, who is not an employee of the
Company and who does not qualify to receive a retirement benefit under any pension plan of the Company or its subsidiaries
other than this Plan.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">2.7</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Employee" means a person employed by the Company or its subsidiaries in
any capacity other than as a Director.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">2.8</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Plan" means this Retirement Plan for Non-Employee Directors.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">2.9</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Service" means service as an Eligible Director.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE III</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">EFFECTIVE DATE</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">3.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">This Plan shall be effective as of September 12, 1989 (the "Effective Date").</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE IV</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">PARTICIPATION</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">4.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">Each Eligible Director serving on the Board of Directors on or after the Effective Date and prior
to February 6, 1998, who does not elect to cease participation under the Plan as set forth in Item 4.2, shall participate in the
Plan.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">4.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">During the period of February 6, 1998 to April 6, 1998, an Eligible Director who is currently serving
on the Board of Directors may make an irrevocable one time election to cease participation under the Plan effective January 1, 1998
and have the current value of the Eligible Director's projected benefit under the Plan, as determined by the Board of Directors,
credited to a special account under the Milacron Plan for the Deferral of Directors' Compensation, to be held and paid in
accordance with the terms of such plan, as amended effective February 6, 1998.  No benefits shall be
payable from the Plan after the date of the
election.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE V</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">RETIREMENT BENEFITS/VESTING</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">5.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">Each Eligible Director serving on the Board of Directors on or after the Effective Date and
prior to February 6, 1998, who does
not elect to cease participation under the Plan as set forth in Item 4.2, shall participate in the Plan.</font></td>
</tr>

</table>

<table width="95%" align="center" cellpadding="0" cellspacing="0" border="0">

<tr>
<td colspan="9" align="center"><font size="2"></font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2"><u>Years of Service</u></font></td>
<td colspan="3" align="center"><font size="2"><u>Percentage of Base Retainer</u></font></td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td><font size="2">Less than 6 years</font></td>
<td colspan="3" align="center"><font size="2">0%</font></td>
<td></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td><font size="2">6 years</font></td>
<td colspan="3" align="center"><font size="2">60%</font></td>
<td></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td><font size="2">7 years</font></td>
<td colspan="3" align="center"><font size="2">70%</font></td>
<td></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td><font size="2">8 years</font></td>
<td colspan="3" align="center"><font size="2">80%</font></td>
<td></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td><font size="2">9 years</font></td>
<td colspan="3" align="center"><font size="2">90%</font></td>
<td></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td><font size="2">10 years and above</font></td>
<td colspan="3" align="center"><font size="2">100%</font></td>
<td></td>
</tr>

</table>
<table width="95%" align="center" cellpadding="0" cellspacing="0" border="0">

<tr>
<td colspan="9" align="center"><font size="2"></font></td>
</tr>


<tr>
<td height="10"></td>
</tr>


<tr>
<td valign="top"><font size="2"></font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">In no event shall an Eligible Director's percentage of benefit under this Plan
exceed One Hundred Percent (100%)
of the Eligible Director's Base Retainer.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>


<tr>
<td colspan="9" align="center"><font size="2">ARTICLE VI</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">YEARS OF SERVICE</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">6.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">For purposes of this Plan, one year of Service shall mean 365 days of
Service as an Eligible Director beginning with an Eligible Director's initial election or appointment
to the Board of Directors.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">6.2</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">In the event of a break in Service, a Director's Service as an Eligible
Director before and after the break in Service shall be combined to determine years of service
for vesting as set forth in Item 5.1.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">6.3</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">A Director's Service as an Eligible Director prior to the Effective Date of
this Plan shall count toward the vesting rules of Item 5.1.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE VII</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">PAYMENT OF RETIREMENT BENEFITS</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">7.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">An Eligible Director will be entitled to receive retirement benefits upon
(i) the vesting of the benefit as set forth in Item 5.1 and (ii) the Eligible Director reaching
age seventy (70).  An Eligible Director who has met the two requirements in the preceding sentence shall
be entitled to receive retirement benefits whether or not the Eligible Director is a member of
the Board of Directors on his seventieth (70th) birthday.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">7.2</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">All retirement benefits hereunder shall be payable in monthly installments equal
to one-twelfth (1/12th) of the annual amounts determined under this Plan.  An Eligible
Director's vested retirement benefit hereunder, if any, shall be payable for the life of the Eligible Director,
commencing on the month next following the Eligible Director's seventieth (70th) birthday.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE VIII</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">DEATH BENEFIT</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">8.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">Notwithstanding anything herein to the contrary, in the event an Eligible Director whose
benefit under this Plan is vested dies prior to age seventy (70), his estate shall receive thirty-six (36) monthly payments
in an amount equal to one-twelfth (1/12th) of his annual vested benefit on the date of his death.  In the event an Eligible
Director whose benefit under this Plan is vested dies after attaining age seventy (70) but prior to receiving thirty-six (36)
monthly retirement payments, the Eligible Director's estate shall receive monthly payments in an amount equal to the last monthly
payment received hereunder by the Eligible Director before his death and for a number of months which, when added with the number
of payments the Eligible Director received during life, equal thirty-six (36).  The Company may, at its option, make the payments
above to the Director's estate in a lump sum payment calculated on a present value basis.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE IX</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">FUNDING</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">9.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">This Plan shall be unfunded. </font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE X</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">PLAN ADMINISTRATION</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">10.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">The general administration of this Plan and the responsibility for
carrying out the provisions hereof shall be vested in the Compensation Committee.  The Compensation
Committee may adopt such rules and regulations as it may deem necessary for the proper administration
of this Plan, which are not inconsistent with the provisions hereof, and its decision in all matters
shall be final, conclusive and binding.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE XI</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">AMENDMENT AND TERMINATION</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">11.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">The Board of Directors reserves in its sole and
exclusive discretion the right at any time and from time to time to amend this
Plan in any respect or terminate this Plan without restriction and without the
consent of any Eligible Director, provided, however, that no amendment or
termination of this Plan shall impair the right of any Eligible Director
to receive benefits which have become vested pursuant to Item 5.1 prior to
such amendment or termination, except as provided in Item 4.2.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE XII</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">MISCELLANEOUS PROVISIONS</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">12.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">Nothing contained in this Plan guarantees the
continued retention of a Director on the Board of Directors, nor does this Plan
limit the right to terminate a Director's Service on the Board of Directors.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">12.2</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">No retirement benefit payable hereunder may be
assigned, pledged, mortgaged or hypothecated and, to the extent permitted by law,
no such retirement benefit shall be subject to legal process or attachment for the
payment of any claims against any person entitled to receive the same.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">12.3</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">If an Eligible Director entitled to receive any retirement
benefit payments hereunder is deemed by the Compensation Committee or is adjudged by a court
of competent jurisdiction to be legally incapable of giving valid receipt and discharge for such
retirement benefit, such payments shall be paid to such person or persons as the Compensation
Committee shall designate or to the duly appointed guardian or other legal representative of
such Eligible Director.  Such payments shall, to the extent made, be deemed a complete discharge for
such payments under this Plan.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">12.4</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">Payments made by the Company under this Plan to any Eligible
Director shall be subject to withholding as shall, at the time for such payment, be required under any
income tax or other laws, whether
of the United States or any other jurisdiction.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">12.5</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">All expenses and costs in connection with the operation of
this Plan shall be borne by the Company.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">12.6</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">The provisions of this Plan will be construed according to the laws of the State of Ohio.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">12.7</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size=2>The masculine pronoun wherever used herein shall include the
feminine gender and the feminine the masculine and the singular number as used herein shall include the plural and the
plural the singular
unless the context clearly indicates a different meaning.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">12.8</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">The titles to articles and headings of sections of this Plan are for convenience of
reference only and in case of any conflict, the text of the Plan, rather than such titles and headings, shall control.</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">ARTICLE XIII</font></td>
</tr>

<tr>
<td colspan="9" align="center"><font size="2">CHANGE OF CONTROL</font></td>
</tr>

<tr>
<td height="10"></td>
</tr>

<tr>
<td valign="top"><font size="2">13.1</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">The provisions of Section 13.3 shall become effective immediately upon the
occurrence of a Change of Control (as defined in Section 13.2).</font></td>
</tr>

<tr>
<td valign="top"><font size="2">13.2</font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">"Change of Control" - shall mean any one of the following:</font></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td valign="top"><font size="2">(a)</font></td>
<td></td>
<td colspan="4"><font size="2">A Person or Group other than a trustee or other fiduciary of securities
held under an employee benefit plan of the Company or any of its subsidiaries, is or becomes a Beneficial Owner, directly or
indirectly, of stock of the Company representing 20% or more of the total voting power of the Company's then
outstanding stock and securities; provided, however, that for purposes of this subparagraph (a), the following acquisitions
shall not constitute a Change of Control: (i) any acquisition directly from the Company, (ii) any acquisition by the
Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company or (iv) any acquisition by any corporation pursuant to a transaction
which complies with clause (i) of subparagraph (c) of this paragraph;</font></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td valign="top"><font size="2">(b)</font></td>
<td></td>
<td colspan="4"><font size="2">individuals who, as of the date hereof, constitute the Board of
Directors (the "Incumbent Board"), cease for any reason to constitute a majority thereof; provided, however, that any
individual becoming a director
whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least 60% of the
.directors then comprising the
Incumbent Board shall be considered as though such individual was a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of
an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of
proxies or consents by or on behalf of a Person or Group other than the Board of Directors;</font></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td valign="top"><font size="2">(c)</font></td>
<td></td>
<td colspan="4"><font size="2">there is consummated a merger, consolidation or other corporate transaction, other than (i) a merger,
consolidation or transaction that would result in the voting securities of the Company outstanding immediately prior to
such merger, consolidation or transaction continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity or any parent thereof) at least 66-2/3% of the combined voting power of the stock and
securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger, consolidation or
transaction, or (ii) a merger, consolidation or transaction effected to implement a recapitalization of the Company
(or similar transaction) in which no Person or Group is or becomes the Beneficial Owner, directly or indirectly, of stock and
securities of the Company representing more than 20% of the combined voting power of the Company's then
outstanding stock and securities;</font></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td valign="top"><font size="2">(d)</font></td>
<td></td>
<td colspan="4"><font size="2">the sale or disposition by the Company of all or substantially all of the Company's assets
other than a
sale or disposition by the Company of all or substantially all of the assets to an entity at least 66-2/3% of the combined
voting power of the stock and securities which is owned by Persons in substantially the same proportions as their ownership of the
Company's voting stock immediately prior to such sale; or </font></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td valign="top"><font size="2">(e)</font></td>
<td></td>
<td colspan="4"><font size="2">the stockholders of the Company approve a plan of complete liquidation or dissolution
of the Company.</font></td>
</tr>

<tr>
<td valign="top"><font size="2"></font></td>
<td>&nbsp;&nbsp;</td>
<td colspan="7"><font size="2">For purposes of this paragraph 1.04-1, "Person" shall mean any person (as defined in Section 3(a)(9)
of the Securities Exchange Act (the "Exchange Act"), as such term is modified in Section 13(d) and 14(d) of the Exchange Act) other
than (i) any employee plan established by the Company, (ii) any affiliate (as defined in Rule 12b-2 promulgated under the
 Exchange Act)
of the Company, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a
corporation
owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of
the Company;
"Group" shall mean any group as defined in Section 14(d)(2) of the Exchange Act; and "Beneficial Owner" shall mean beneficial
owner as
defined in Rule 13d-3 under the Exchange Act.</font></td>
</tr>

<tr>
<td valign="top"><font size="2">13.3</font></td>
<td></td>
<td></td>
<td valign="top"><font size="2">(a)</font></td>
<td></td>
<td colspan="4"><font size="2">Section 7.2 is deleted and the following is inserted in lieu thereof:</font></td>
</tr>

<tr>
<td valign="top"><font size="2"></font></td>
<td></td>
<td></td>
<td valign="top"><font size="2"></font></td>
<td></td>
<td colspan="4"><font size="2">"All vested retirement benefits hereunder shall be immediately payable upon a Change
of Control in one lump sum payment.  The lump sum shall be the present value actuarially determined with reference to
the life expectancy of the Eligible Director whose benefits have vested pursuant to this Plan and prevailing interest
rates".</font></td>
</tr>

<tr>
<td valign="top"><font size="2"></font></td>
<td></td>
<td></td>
<td valign="top"><font size="2">(b)</font></td>
<td></td>
<td colspan="4"><font size="2">Section 12.4 is deleted.</font></td>
</tr>

<tr>
<td valign="top"><font size="2"></font></td>
<td></td>
<td></td>
<td valign="top"><font size="2">(c)</font></td>
<td></td>
<td colspan="4"><font size="2">New Section 12.9 is inserted as follows:</font></td>
</tr>

<tr>
<td valign="top"><font size="2"></font></td>
<td></td>
<td></td>
<td valign="top"><font size="2"></font></td>
<td></td>
<td colspan="4"><font size="2">"Notwithstanding any other provisions of the Plan to the contrary:</font></td>
</tr>

<tr>
<td valign="top"><font size="2"></font></td>
<td></td>
<td></td>
<td valign="top"><font size="2"></font></td>
<td></td>
<td><font size="2">(i)</font></td>
<td colspan="3"><font size="2">the vested benefit hereunder of any Eligible Director as of the date of a Change
of Control may not be reduced;</font></td>
</tr>

<tr>
<td valign="top"><font size="2"></font></td>
<td></td>
<td></td>
<td valign="top"><font size="2"></font></td>
<td></td>
<td><font size="2">(ii)</font></td>
<td colspan="3"><font size="2">any Service accrued by an Eligible Director as of the date of a Change of Control
cannot be reduced".</font></td>
</tr>

</table>

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