RDN-EX10.34_2014.12.31

Radian Group Inc. currently maintains this Plan. The Plan was originally established by the Board of Directors of Radian Group Inc. effective October 19, 1999. The Plan was amended and restated effective December 12, 2005 to incorporate the requirements of section 409A of the Code. The Plan was again amended and restated as of January 1, 2008 to comply with section 409A of the Code, to provide for transition elections under section 409A of the Code, and to make other appropriate changes. The Plan is now amended and restated as of January 1, 2015 (the “2015 Effective Date”) to change the distribution provisions with respect to Compensation and RSUs deferred on or after January 1, 2015 and to make other appropriate changes.

Section 1.01 “Account” shall mean a bookkeeping record of the accumulated deferrals determined for each Participant, including any earnings credited to or debited from such deferrals and any Dividend Equivalents credited to such deferrals, if applicable. Except as provided in ARTICLE VII, a Participant’s Account shall be fully vested and nonforfeitable at all times. A Participant’s Account shall be divided into the following subaccounts and such other subaccounts as the Committee deems appropriate:

Section 1.02 “Benefit Commencement Date” means the date irrevocably elected by the Participant pursuant to Section 3.06 with respect to Compensation or Section 7.05 with respect to RSUs, or such later date as elected by the Participant pursuant to Section 3.07 or Section 7.05(f), as applicable.

Section 2.02 Participant Consent. By making an election to defer Compensation or RSUs, the Participant shall for all purposes be deemed conclusively to have consented to the provisions of the Plan and to all subsequent amendments thereto.

Section 3.01 Deferred Compensation Election. Each Participant must fully complete the deferral election form provided by the Company irrevocably electing to reduce his or her Compensation by an amount equal to between 10% and 100% in increments of 5% only.

Section 3.02 Timing of Deferral Election. Elections to defer Compensation must be filed prior to January 1 of the Plan Year for which the election is to be effective and during which the services related to the Compensation will be performed, or at such earlier time as may be set by the Committee in its sole discretion.

Section 3.03 New Directors. Notwithstanding the foregoing Section 3.02, if an individual first becomes a Director during a Plan Year, the Director may elect to defer a percentage of his or her Compensation for such Plan Year so long as the Director files the deferral election form provided by the Company, irrevocably electing to reduce his or her Compensation by an amount equal to between 10% and 100% in increments of 5% only, on or before the date that is 30 days after the date on which the individual first becomes a Director. The deferral election shall apply only to Compensation earned with respect to services performed after the date on which the Director files his or her deferral election form.

Section 3.05 Form of Payment. Subject to Section 3.07, the form in which the Participant elects to receive payment of his or her Deferred Compensation Account balance shall be irrevocably elected on the Participant’s deferral election form as described in this ARTICLE III, as set forth below.

(a) With respect to Compensation earned for services performed on or after January 1, 2015, a Participant may elect to receive his or her Deferred Compensation Account balance in a single sum payment or annual installment payments over a term of up to ten years.

(b) With respect to Compensation earned for services performed prior to January 1, 2015, a Participant was permitted to elect to receive his or her Deferred Compensation Account balance in a single sum payment or annual installment payments over a term of ten years.

(a) On the Plan deferral election form described in this ARTICLE III, a Participant may elect to receive or commence payment of his or her Deferred Compensation Account balance, in the form elected in Section 3.05, either (i) in January of any year which is at least two years following the Plan Year for which such election is made, or (ii) in January of the year immediately following his or her Separation from Service. If a Participant does not make an election with respect to the form of payment of his or her Deferred Compensation Account, such Deferred Compensation Account will be paid in a lump sum.

(b) The date on which the Participant irrevocably elects to receive, or commence receiving, payment of his or her Deferred Compensation Account balance shall be elected on the Participant’s deferral election form as the Benefit Commencement Date.

(c) Notwithstanding the foregoing provisions of this Section 3.06, Deferred Compensation that accrued to a Participant’s Deferred Compensation Account with respect to Compensation earned for services performed prior to the 2015 Effective Date, as adjusted for earnings and losses, will be paid in accordance with the terms of the Plan in effect prior to the 2015 Effective Date, as summarized in Exhibit A.

(a) A Participant shall have the option of postponing an elected Benefit Commencement Date for Deferred Compensation by making an irrevocable election to defer payment at least 12 full months before distributions under the Plan related to that Benefit Commencement Date are scheduled to commence. Such re-deferral shall be for at least five years from the year of the Benefit Commencement Date, and shall not take effect until at least 12 months after the date on which the re-deferral election is made.

(b) In connection with a re-deferral election under this Section 3.07, a Participant may also change the form in which the Participant elected to receive his or her Deferred Compensation Account balance under Section 3.05 at the applicable Benefit Commencement Date.

Section 4.01 Deferred Compensation Account. The Committee shall cause a Deferred Compensation Account to be kept in the name of each Participant, which shall reflect the value of the Participant’s Deferred Compensation, as adjusted for any earnings or losses in accordance with this ARTICLE IV. Each Deferred Compensation Account shall be maintained for bookkeeping purposes only. Neither the Plan nor any of the Deferred Compensation Accounts established under the Plan shall hold any actual funds or assets.

(a) As soon as practicable after each year, each Participant’s Deferred Compensation Account shall be credited with earnings and debited with losses in accordance with the return on a hypothetical investment in one or more investment funds designated by the Committee, which constitute a “predetermined actual investment” as described in the regulations issued under section 409A of the Code.

(b) Each Participant may invest amounts held in his or her Deferred Compensation Account among the available investment alternatives selected by the Committee for purposes of measuring investment return for the investment of the Participant’s Deferred Compensation for each Plan Year. The investment funds shall be used only for purposes of measuring the return on the Participant’s Deferred Compensation Account, and no Participant shall have any interest in any actual investment fund. The Company shall calculate the return on the hypothetical investments in investment funds on a quarterly or more frequent basis.

(c) The Committee shall establish procedures by which Participants can change their investment elections among the available investment alternatives. Any changes with respect to the Common Stock investment return shall be subject to applicable securities laws and Company policies.

Section 4.03 Timing of Credits. Each Participant’s Deferred Compensation Account shall be credited with the amount of Deferred Compensation for a Plan Year as of the date such Deferred Compensation would have been paid to the Participant had it not been deferred in accordance with this Plan.

Section 5.01 Death on or before the Benefit Commencement Date. In the event that a Participant dies on or prior to his or her Benefit Commencement Date, the Participant’s Account shall accrue earnings or losses thereafter in accordance with ARTICLE IV, until such time as the Account is distributed. The beneficiary of such Participant shall receive as a death benefit a single sum equal to the entire value of the vested Account within 60 days following the Participant’s death.

Section 5.02 Death after the Benefit Commencement Date. In the event that a Participant dies after his or her Benefit Commencement Date, the beneficiary of such Participant shall receive as a death benefit a single sum equal to the entire value of the vested Account within 60 days following the Participant’s death.

(a) A Participant shall be paid the value of his or her Deferred Compensation Account (or portion thereof) beginning within 60 days after the Benefit Commencement Date in the form irrevocably elected by the Participant under Section 3.05. The Participant’s Deferred Compensation Account will continue to be adjusted for earnings or losses calculated in accordance with his or her elections until the date upon which the Participant’s entire Deferred Compensation Account balance is distributed.

(b) If the Participant has elected to receive his or her Deferred Compensation Account in annual installments, the first annual installment shall become payable on the Benefit Commencement Date. All subsequent installment payments shall be made each year on the anniversary of the date upon which the initial installment payment was made under this Section 6.01(b). The Participant’s Deferred Compensation Account will continue to be adjusted for earnings or losses calculated in accordance with his or her elections until the date on which the Participant’s entire Deferred Compensation Account balance is distributed. Each annual payment shall be calculated by dividing the remaining value of the Deferred Compensation Account (or portion thereof) by the number of remaining annual installment payments to be made to the Participant.

(a) A Participant may elect to defer all or a portion of the RSUs to be granted with respect to services rendered in the next Plan Year and subsequent years. Deferrals must be made in whole RSU shares. Any Deferred RSUs shall be credited to an RSU Account as of the date such RSUs are granted to the Participant. A Participant’s Deferred RSUs shall vest pursuant to the terms of the Equity Compensation Plan and the award agreement evidencing the RSU grant. In the event a Participant forfeits any portion of the Participant’s Deferred RSUs pursuant to the terms of the Equity Compensation Plan or award agreement, the Participant’s RSU Account shall be reduced by the amount attributable to the forfeited Deferred RSUs.

(b) Any election made by a Participant under this Section 7.01 must be filed prior to January 1 of the Plan Year for which the election is to be effective and during which the services related to the RSUs will be performed, or at such earlier time as may be set by the Committee in its sole discretion. Notwithstanding the foregoing, if an individual first becomes a Director during a Plan Year, the Director may elect to defer RSUs to be granted to the Director, by making a deferral election within 30 days after the date on which the individual first becomes a Director.

Section 7.02 Form of Payment. A Participant may elect to receive his or her RSU Account balance in a single sum payment or annual installment payments over a term of up to ten years. The form of payment of the RSU Account shall be irrevocably elected on the Participant’s deferral election form as described in this ARTICLE VII. A Participant may select a different form of payment for each Plan Year’s Deferred RSUs.

Section 7.03 Dividend Equivalents. With respect to Deferred RSUs payable in the form of the Company’s Common Stock, Dividend Equivalents shall be credited to a subaccount of the RSU Account for each dividend paid by the Company with respect to shares of Common Stock equal to the vested Deferred RSUs in the Participant’s RSU Account, until such time as the Participant’s RSU Account is distributed to the Participant. Dividend Equivalents shall be credited to the subaccount of the Participant’s RSU Account as a notional cash amount. Dividend Equivalents will be credited only on the portion of the Participant’s RSU Account that is vested on the record date for the applicable dividend. No interest or earnings shall accrue with respect to Dividend Equivalents.

(a) The Committee shall cause a RSU Account and such other subaccounts as the Committee deems appropriate to be established for each Participant who has deferred RSUs, which shall reflect the value of the Deferred RSUs payable to such Participant under the Plan, as adjusted for any earnings, losses, or Dividend Equivalents, as applicable, as set forth herein. Each RSU Account shall be maintained for bookkeeping purposes only. Neither the Plan nor any of the RSU Accounts established under the Plan shall hold any actual funds or assets.

(ii) Upon vesting of a Deferred RSU that is payable in cash, such vested Deferred RSU shall be converted into a notional cash amount equivalent to the cash amount that would have been paid to the Participant had the RSU not been deferred, as determined under the Equity Compensation Plan and the applicable grant award agreement. The notional cash amount shall be credited to a subaccount of the Participant’s RSU Account.

(iii) After vesting of the Deferred RSU, the notional cash amount, as described in subsection (ii) above, shall be adjusted for earnings and losses in accordance with hypothetical investments in one or more investment funds as described in Section 4.02. The investment funds shall be used only for purposes of measuring the return on the Participant’s RSU Account, and no Participant shall have any interest in any actual investment fund.

(a) On the Plan deferral election form described in this ARTICLE VII, a Participant may elect to receive or commence payment of his or her RSU Account balance, in the form elected in Section 7.02, in January of any year following his or her Separation from Service. The Committee may impose limits on the deferral period, as determined in its discretion. If a Participant does not make an election with respect to the form of payment of his or her RSU Account, such RSU Account will be paid in a lump sum.

(b) Subjection to subsection (f), the date on which the Participant irrevocably elects to receive, or commence receiving, payment of his or her RSU Account balance shall be elected on the Participant’s deferral election form as the Benefit Commencement Date.

(c) A Participant’s vested RSU Account shall be distributed in accordance with the payment election made under this Section 7.05, beginning within 60 days after the Benefit Commencement Date. The Participant’s RSU Account will continue to be adjusted for earnings, losses, or Dividend Equivalents, as applicable, as set forth in this ARTICLE VII, until the date on which the Participant’s entire vested RSU Account balance has

(d) If a Participant has elected to receive his or her RSU Account in annual installments, the first annual installment shall become payable on the Benefit Commencement Date. All subsequent installment payments shall be made each year on the anniversary of the date upon which the initial installment payment was made under this subsection (d). The Participant’s RSU Account will continue to be adjusted for earnings, losses, or Dividend Equivalents, as applicable, as set forth in this ARTICLE VII, until the date on which the Participant’s entire RSU Account balance has been distributed. Each annual payment shall be calculated by dividing the remaining value of the RSU Account (or portion thereof) by the number of remaining annual installment payments to be made to the Participant. Any fractional shares of Company Common Stock shall be rounded down to the nearest whole share.

(e) Notwithstanding the foregoing provisions of this Section 7.05, Deferred RSUs that accrued to a Participant’s RSU Account with respect to services performed prior to the 2015 Effective Date, as adjusted for earnings, losses, and Dividend Equivalents, will be paid in accordance with the terms of the Plan in effect prior to the 2015 Effective Date, as summarized in Exhibit A.

(f) A Participant shall have the option of postponing an elected Benefit Commencement Date for Deferred RSUs by making an irrevocable election to defer payment at least 12 full months before distributions under the Plan related to that Benefit Commencement Date are scheduled to commence. Such re-deferral shall be for at least five years from the year of the Benefit Commencement Date, and shall not take effect until at least 12 months after the date on which the re-deferral election is made.

(i) In connection with a re-deferral election under this subsection (f), a Participant may also change the form in which the Participant elected to receive his or her RSU Account balance under Section 7.02 at the applicable Benefit Commencement Date.

Section 7.06 Changes in Capitalization. A Participant’s RSU Account denominated in shares of the Company’s Common Stock shall be appropriately adjusted in accordance with the Equity Compensation Plan to reflect changes in capitalization of the Company’s Common Stock as described in the Equity Plan.

Section 8.01 Unforeseeable Emergency. A Participant may elect to be paid all or any part of the Participant’s Deferred Compensation Account or vested RSU Account in the event such funds are needed in connection with an “unforeseeable emergency” (as determined by the Committee in accordance with section 409A of the Code and other applicable law). For purposes of this Section 8.01, an “unforeseeable emergency” is a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or the Participant’s dependent (as defined in section 152 of the Code, without regard to sections 152(b)(1), (b)(2), and (d)(1)(B)), loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance), or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Unforeseeable emergency shall be administered in accordance with section 409A of the Code.

(a) Any claim by a Participant or a beneficiary (hereafter the “Claimant”) for benefits shall be submitted in writing to the Committee. The Committee shall be responsible for deciding whether such claim is payable, or the claimed relief otherwise is allowable, under the provisions and rules of the Plan. The Committee otherwise shall be responsible for providing a full review of the Committee’s decision with regard to any claim, upon a written request, as set forth herein.

(b) Each Claimant or other interested person shall file with the Committee such pertinent information as the Committee may specify, and in such manner and form as the Committee may specify; and such person shall not have any rights or be entitled to any benefits, or further benefits, hereunder, as the case may be, unless the required information is filed by the Claimant or on behalf of the Claimant. Each Claimant shall supply, at such times and in such manner as may be required, written proof that the benefit is covered under the Plan. If it is determined that a Claimant has not incurred a claim covered under the Plan or if the Claimant shall fail to furnish such proof as is requested, no benefits, or no further benefits, hereunder, as the case may be, shall be payable to such Claimant.

(c) Claim Decision. The Claimant shall be notified within 90 days after the claim is filed whether the claim is approved or denied, unless the Committee determines that special circumstances require an extension of time, in which case the Committee may have up to an additional 90 days to process the claim. If the Committee determines that an extension of time for processing is required, the Committee shall furnish written or electronic notice of the extension to the Claimant before the end of the initial 90 day period. Any notice of extension shall describe the special circumstances necessitating the additional time and the date by which the Committee expects to render its decision.

(e) Appeal Procedures. A request for appeal of a denied claim must be made in writing to the Committee within 60 days after receiving notice of denial. The decision on appeal will be made within 60 days after the Committee’s receipt of a request for appeal, unless special circumstances require an extension of time for processing, in which case a decision will be rendered not later than 120 days after receipt of a request for appeal. A notice of such an extension must be provided to the Claimant within the initial 60 day period and must explain the special circumstances and provide an expected date of decision. The reviewer shall provide the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits. The Claimant may submit written comments, documents, records, and other information relating to the claim for benefits. The reviewer shall take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial benefit determination.

(g) Claims Procedures Mandatory. The internal claims procedures set forth in this Section 9.01 are mandatory. If a Claimant fails to follow these claims procedures, or to timely file a request for appeal in accordance with this Section 9.01, the denial of the Claim shall become final and binding on all persons for all purposes.

(h) Approval or Denial of Claim. Commencement of benefit payments shall constitute notice of approval of a claim to the extent of the amount of the approved benefit. If such claim shall be wholly or partially denied, such notice shall be in writing as described herein. If the Committee fails to notify the Claimant of the decision regarding their claim in accordance with this section, the claim shall be “deemed” denied, and the Claimant then shall be permitted to proceed with the claims review procedure provided for herein.

(i) Decisions Final. For all purposes under the Plan, the decision with respect to a claim (if no review is requested) and the decision with respect to a claims review (if requested), shall be final, binding, and conclusive on all Participants, beneficiaries, and other interested parties, as to all matters relating to the Plan and Plan benefits. Further, each claims determination under the Plan shall be made in the absolute and exclusive discretion and authority of the Committee.

Section 9.02 Legal Incapacity. If a Participant or beneficiary entitled to receive any benefits hereunder is a minor or is determined to be legally incapable of giving valid receipt and discharge for such benefits, benefits will be paid to such person as the Committee may designate for the benefit of such Participant or beneficiary. Such payments shall be considered a payment to such Participant or beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan.

Section 9.03 Locating Participants and Beneficiaries. The Committee shall make all reasonable attempts to determine the identity and/or whereabouts of a Participant or a Participant’s beneficiary entitled to benefits under the Plan, including the mailing by certified mail of a notice to the last known address shown on the Company’s or the Committee’s records. If the Committee is unable to locate such a person entitled to benefits hereunder, or if there has been no claim made for such benefits, the Company shall continue to hold the benefit due such person, subject to any applicable state escheat laws.

Section 9.04 Distributions from Accounts. If a Participant receives a distribution from his or her Account, the Company shall adjust the Account for earnings, losses, or Dividend Equivalents, as applicable, for the portion of the year preceding the distribution date.

Section 9.05 Unfunded Obligation. Until deferred benefits hereunder are distributed in accordance with the terms of the Plan, the interest of each Participant and beneficiary therein is contingent only. Title to and beneficial ownership of any assets, which the Company may set aside or earmark to meet its obligations with respect to Participant Accounts hereunder shall at all times remain the property of the Company. All Plan Participants and beneficiaries are general unsecured creditors of the Company with respect to the benefits due hereunder, and the Plan constitutes an agreement by the Company to make benefit payments in the future. It is the intention of the Company that the Plan be considered unfunded for tax purposes.

Section 9.06 No Trust Obligation. In order to meet its obligations hereunder, funds may be set aside or earmarked by the Company. These funds may be kept in cash, or invested and reinvested, at the discretion of the Committee. The Company may, but is not required to, establish a grantor trust which may be used to hold assets of the Company which are maintained as reserves against the Company’s unfunded, unsecured obligations hereunder. Such reserves shall at all times be subject to the claims of the Company’s creditors. To the extent such trust or other vehicle is established, and assets contributed, for the purpose of fulfilling the Company’s obligation hereunder, then such obligation of the Company shall be reduced to the extent such assets are utilized to meet its obligations hereunder.

Section 10.03 Default Beneficiary. If the Participant dies without having designated a beneficiary or if the Participant dies and the beneficiary so named by the Participant has predeceased the Participant, then the Participant’s estate shall be deemed to be the beneficiary.

Section 11.01 Books and Records. The books and records to be maintained for the purpose of the Plan shall be maintained by the officers and employees of the Company at its expense and subject to the supervision and control of the Committee.

Section 11.03 Transfer Restrictions. To the extent permitted by law, the right of any Participant or any beneficiary in any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the debts of such Participant or beneficiary; and any such benefit or payment shall not be subject to anticipation, alienation, sale, transfer, assignment, or encumbrance.

Section 11.04 Liability. No member of the Board or of the Committee and no officer or employee of the Company or a Subsidiary shall be liable to any person for any action taken or omitted in connection with the administration of this Plan unless attributable to his or her own fraud or willful misconduct; nor shall the Company or any Subsidiary be liable to any person for any such action unless attributable to fraud or willful misconduct on the part of a director, officer, or employee of the Company or a Subsidiary.

Section 11.08 Invalid or Unenforceable Provisions. If any provision of this Plan is held invalid or unenforceable, to the extent necessary to effectuate the purposes of this Plan, its invalidity or unenforceability shall not affect any other provisions of the Plan and the Plan shall be construed and enforced as if such provisions had not been included therein.

(a) The Plan is intended to comply with the requirements of section 409A of the Code, and shall in all respects be administered in accordance with section 409A. Notwithstanding anything in the Plan to the contrary, distributions may only be made under the Plan upon an event and in a manner permitted by section 409A of the Code, and all payments to be made upon a termination of service under this Plan may only be made upon a “separation from service” as defined under section 409A of the Code. All amounts to be distributed under this Plan shall be paid, or commence to be paid, within 60 days after the Benefit Commencement Date, subject to the six-month delay described below, if applicable, or the applicable anniversary in the case of installment payments, but in no event shall a payment be made after December 31 of the calendar year in which the payment is scheduled to be made, or otherwise in accordance with section 409A of the Code. In no event shall a Participant, directly or indirectly, designate the calendar year of payment, except as permitted by section 409A of the Code.

(b) Notwithstanding anything in the Plan to the contrary, if a Participant’s distribution is to commence, or be paid upon, separation from service, payment of the distribution shall be delayed for a period of six months after the Participant’s separation from service, if the Participant is a “specified employee” as defined under section 409A of the Code (as determined by the Committee) and if required pursuant to section 409A of the Code (“six-month delay”). If payment is delayed, the Participant’s distribution shall commence, or be paid, within 30 days of the date that is the six-month anniversary of the Participant’s separation from service. If the Participant dies during the six-month delay, the accumulated postponed amount shall be paid as described in Section 5.02.

Section 12.02 Termination. The Board may terminate the Plan at any time. The Board may determine that Account balances shall be distributed to Participants in a lump sum payment after termination of the Plan, in accordance with section 409A of the Code, including in connection with a “change in control” as defined in section 409A of the Code.

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

1.01 “Disability” means a physical or mental condition of a Participant resulting from bodily injury, disease, or mental disorder which renders the Participant incapable of continuing any gainful occupation and which condition constitutes total disability under the federal Social Security Act then in effect. A determination of Disability shall be made in accordance with the requirements of section 409A of the Code.

2.01 Form of Payment of Deferred Compensation Account (Section 2.03 of the Prior Plan). A Participant may elect to receive his or her Account balance in a single sum payment or annual installment payments over a term of ten years. Subject to Section 2.05 of the Prior Plan, the form in which the Participant elects to receive payment of his or her Account balance shall be irrevocably elected on the Participant’s deferral election form as described in Section 2.02 of the Prior Plan.

(a) On the Plan deferral election form described in Section 2.02 of the Prior Plan, a Participant may elect to receive or commence payment of his or her Account balance, in the form elected in Section 2.03 of the Prior Plan, either (i) in January of any year which is at least two years following the Plan Year for which such election is made, (ii) for Participants who have a Separation from Service on or before December 31, 2008, in January of the year immediately following his or her Separation from Service, or (iii) for Participants who have a Separation from Service after December 31, 2008, within 30 days after the last day of the month in which his or her Separation from Service occurs.

(b) Subject to Section 2.05 of the Prior Plan, the date on which the Participant irrevocably elects to receive, or commence receiving, payment of his or her Account balance shall be elected on the Participant’s deferral election form as the Benefit Commencement Date. However, subject to Section 2.05(e) of the Prior Plan, if the Participant designates a specified date as the Benefit Commencement Date and the Participant’s service with the Board terminates before that specified date as a result of the Participant’s death, Disability, or Separation from Service, the Benefit Commencement Date shall be the first to occur of (i) the specified date, (ii) in the event of the Participant’s death, the date described in Section 4.01 of the Prior Plan, (iii) in the event of the Participant’s Disability, the date described in Section 5.03(a) of the Prior Plan, or (iv) in the event of the Participant’s Separation from Service, the date described in Section 5.03(b) of the Prior Plan.

(a) In the event of the Participant’s Separation from Service on account of Disability prior to his or her selected Benefit Commencement Date, the Participant’s Benefit Commencement Date shall be adjusted as follows: (i) for Participants who have a Separation from Service on or before December 31, 2008, to January of the year immediately following his or her Separation from Service, and (ii) for Participants who have a Separation from Service after December 31, 2008, the Benefit Commencement Date shall be adjusted to a date that is within 30 days after the last day of the month in which his or her Separation from Service occurs.

(b) Subject to Section 2.05(e) and Section 5.03(d) of the Prior Plan, in the event of the Participant’s Separation from Service as a member of the Board prior to his or her selected Benefit Commencement Date other than on account of death or Disability, the Participant’s Benefit Commencement Date shall be adjusted as follows: (i) for Participants who have a Separation from Service on or before December 31, 2008, to January of the year immediately following his or her Separation from Service, and (ii) for Participants who have a Separation from Service after December 31, 2008, the Benefit Commencement Date shall be adjusted to a date that is within 30 days after the last day of the month in which his or her Separation from Service occurs.

3.01 Each Director may elect to defer the payment date of any deferred stock units (which includes phantom stock units and restricted stock units) (“DSUs”) that were granted by the Company in consideration for the Director’s service as a director and that are payable upon his or her departure from the Company’s Board. Such deferral of DSUs: (i) must be made in writing before the year for which they are earned and (ii) shall be for a specified period of years after the date of such departure.

3.02 All deferral elections with respect to DSUs shall be made in accordance with section 409A of the Code. Deferral elections after December 31, 2008 that are made in accordance with the “subsequent election” rules of section 409A shall be made as follows: (i) the election must be made at least 12 full months before distribution would otherwise be made, (ii) the deferral must be for at least five years from the original distribution date, and (iii) the deferral election must not take effect until 12 months after the date on which the deferral election is made.

3.03 All deferred DSUs shall be paid in a lump sum payment at the specified distribution date. Deferred DSUs shall be paid in shares of Company stock or cash, as specified in the grant agreement, pursuant to the terms of the Company’s equity compensation plan pursuant to which they were granted, and deferred DSUs shall in all respects be subject to the terms of such plan (including plan provisions with respect to adjustments in the event of changes in corporate capitalization).