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As it did previously, the Plan permits participants to elect, before any annuity payment has been made, to change their form of payment from the designated five year certain life annuity to an actuarially equivalent optional life annuity. The Plan now also permits participants, until 12 months prior to their termination date, to change their form of payment from the life annuity to a lump sum. Payment of the lump sum to any current Plan participants would occur on the five-year anniversary of the originally scheduled commencement date of the annuity. Future participants, prior to their participation in the plan, could elect to receive the lump sum following retirement without the five year distribution restriction.

•	The Plan previously provided a death benefit for surviving spouses only. The Plan now also provides that the estate of a Participant who dies while employed without a spouse, will receive a lump sum payment in an amount actuarially equivalent to the pre-retirement death benefit that a surviving spouse of the deceased participant would have received.

•	The Amendment clarifies that in the event of a change of control, all accrued benefits become fully vested and paid out in a lump sum to Plan participants who are retired, not just to Plan participants who are current employees.

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The assumptions used in calculating the lump sums payable under the Plan were conformed to the discount rate and mortality assumptions used by the Company to accrue liabilities with respect to U.S. retirement plans for financial reporting purposes, as set forth in the Company’s Annual Report on Form 10-K. The lump sum payments payable to the Company’s named executive officers under the Plan are consistent with the amounts set forth in the Pension Benefits table and Quantification of Payments and Benefits section of the Company’s proxy statement. Prior to the amendment, the lump sum payment calculation assumed an interest rate of 6.5% and the UP84 mortality table.

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