AMERICAN GREETINGS CORPORATION SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

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EXHIBIT 10

AMERICAN GREETINGS CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(As Amended and Restated Effective March 1, 2004)

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TABLE OF CONTENTS

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ARTICLE I INTRODUCTION...................................................... 1

ARTICLE II DEFINITIONS....................................................... 2

ARTICLE III PLAN PARTICIPATION................................................ 7

ARTICLE IV CALCULATION, FORM OF A PARTICIPANT'S ACCRUED BENEFIT.............. 9

ARTICLE V FORMS OF RETIREMENT; ELIGIBILITY CONDITIONS....................... 10

ARTICLE VI DISTRIBUTION OF BENEFITS; LIMITATIONS............................. 13

ARTICLE VII DEATH BENEFIT..................................................... 19

ARTICLE VIII ADMINISTRATION; PLAN MODIFICATION................................. 21

ARTICLE IX GENERAL PROVISIONS................................................ 25

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ARTICLE I

INTRODUCTION

1.1 NAME OF PLAN. This Plan shall be known as the American Greetings

Corporation Supplemental Executive Retirement Plan (as amended and

restated effective March 1, 2004). It constitutes a full and complete

amendment and restatement of, and continuation of, the American

Greetings Corporation Supplemental Executive Retirement Plan, effective

as of March 1, 1986.

1.2 PURPOSE. The purpose of the Plan is to provide any Executive designated

to participate in the Plan with a retirement benefit that supplements

those benefits provided under any other pension, retirement or

profit-sharing plan maintained by American Greetings Corporation (the

"Company"). The Plan is being maintained primarily for the purpose of

providing deferred compensation for a select group of management or

highly compensated Company employees on an unfunded basis, within the

meaning of section 201(2) of the Employee Retirement Income Security

Act, as amended ("ERISA").

1.3 RIGHTS OF FORMER EMPLOYEES. The terms of the Plan, as in effect

immediately prior to this amendment and restatement, shall control and

be used exclusively to determine the rights and duties of any Executive

or former Executive who separated from employment by the Company and

all Company subsidiaries and affiliates prior to the March 1, 2004

effective date of this amendment and restatement.

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ARTICLE II

DEFINITIONS

The following words and phrases, where used in the Plan, shall have the

following meanings, unless a different meaning is plainly required by the

context.

2.1 ACCRUED BENEFIT shall have the meaning set forth in Article IV hereof.

2.2 AFFILIATE means any limited liability company, general partnership,

limited partnership, business trust, or other non-corporate

organization with respect to which American Greetings Corporation

directly or indirectly owns at least fifty percent (50%) of either the

capital or profits interest therein, and directly or indirectly has the

power and authority to select and appoint, and where applicable remove,

such organization's managers, general partner(s) and/or trustees (as

applicable).

2.3 ASSUMED BONUS PERCENTAGE shall mean, for any Fiscal Year, the assumed

bonus award percentage to which an Executive is entitled under the

corporate component of the Company's key management incentive plan,

earned while a Participant, based on his job classification and

assuming a one hundred percent (100%) of target bonus award is payable

for said Fiscal Year. For this purpose, the schedule set forth by the

Company's Board for the various levels of job classifications covered

by the Company's key management incentive plan shall be used to

calculate such awards.

2.4 BENEFICIARY shall mean any person or persons designated by the

Executive to receive payments hereunder in the event of such

Executive's death. If an Executive fails to designate one or more

persons as his Beneficiary, or no such "beneficiary" designation is

held to be lawful and in effect, any Plan benefit becoming due and

payable to a Participant's Beneficiary hereunder shall be paid over to

such Participant's estate.

2.5 BOARD shall mean the board of directors of the Company; provided, that

if the Board by resolution designates a person or a committee to act

specifically on matters relevant to this Plan, such person or committee

shall act (and, have the power and authority to act) as the Board with

respect to such matters.

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2.6 CHANGE IN CONTROL shall mean an event, shall mean the occurrence of any

of the following events, individually or in combination:

(a) American Greetings Corporation, an Ohio corporation ("AGCorp")

is merged or consolidated or reorganized into or with another

corporation or other legal person, and as a result of such

merger, consolidation or reorganization less than a majority

of the combined voting power of the then-outstanding

securities of such corporation or person immediately after

such transition is held in the aggregate by the holders of

AGCorp's common shares immediately prior to such transaction;

(b) AGCorp sells or otherwise transfers all or substantially all

of its assets to any other corporation or other legal person,

and less than a majority of the combined voting power of the

then-outstanding securities of such corporation or person

immediately after such sale or transfer is held in the

aggregate by the holders of AGCorp's common shares immediately

prior to such sale or transfer;

(c) There is a report filed on Schedule 13D or Schedule 14D-1 (or

any successor schedule, form or report), each as promulgated

pursuant to the Securities Exchange Act of 1934 (the "Exchange

Act"), disclosing that any person (as the term "person" is

used in Section 13(d)(3) or Section 14(d)(2) of the Exchange

Act) has become the beneficial owner (as the term "beneficial

owner" is defined under Rule 13d-3 or any successor rule or

regulation promulgated under the Exchange Act) of securities

representing 20% or more of the voting power of AGCorp's

common shares;

(d) AGCorp files a report or proxy statement with the Securities

and Exchange Commission pursuant to the Exchange Act

disclosing in response to Form 8-K or Schedule 14A (or any

successor schedule, form or report or item therein) that a

change in control of AGCorp has or may have occurred or will

or may occur in the future pursuant to any then-existing

contract or transaction; or

(e) If during any period of two consecutive years, individuals who

at the beginning of any such period constitute the directors

of AGCorp cease for any reason to constitute at least a

majority thereof, unless the election, or the nomination for

election by AGCorp's shareholders, of each director of AGCorp

first elected during such period was approved by a vote of at

least two-thirds of the directors

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of AGCorp then still in office who were directors of AGCorp at

the beginning of any such period.

Notwithstanding the foregoing provisions of Section 12c and (d) above,

a "Change in Control" shall not be deemed to have occurred for purposes

of this Plan (i) solely because (A) AGCorp; (B) a Subsidiary; (C) any

AGCorp-sponsored employee stock ownership plan or other employee

benefit plan of AGCorp; or (D) any family member of Jacob Sapirstein

(including lineal descendants, spouses of such descendants, the lineal

descendants of any such spouses, the spouse of any such spouses' lineal

descendants and trusts (including voting trusts) either files or

becomes obligated to file a report or proxy statement under or in

responses to Schedule 13D, Schedule 14D-1, Form 8-K or Schedule 14A (or

any successor schedule, form or report or item therein) under the

Exchange Act, disclosing beneficial ownership by it of shares, whether

in excess of 20% of the voting power of AGCorp's common shares or

otherwise, or because AGCorp reports that a Change in Control of AGCorp

has or may have occurred or will or may occur in the future by reason

of such beneficial ownership or (ii) solely because of a Change in

Control of any Subsidiary.

2.7 COMMITTEE shall mean the Compensation & Management Development

Committee of the Board.

2.8 COMPANY shall mean AGCorp, together with any successor thereto that

specifically assumes sponsorship of the Plan by written action taken by

its board of directors (or comparable governing body). Such term also

shall include any Subsidiary, or Affiliate (both, as herein defined)

that adopts the Plan in a written instrument that (a) is signed by such

Subsidiary or Affiliate (as applicable) and by AGCorp, (b) delegates to

AGCorp all right, power and authority to act as the "Company" with

respect to the Plan as the agent and attorney-in-fact for such

Subsidiary or Affiliate (as applicable), and (c) obligates such

Subsidiary or Affiliate (as applicable) to reimburse AGCorp for the

direct and indirect cost of providing benefits to those employees of

such Subsidiary or Affiliate who participate herein.

2.9 COMPENSATION shall mean, for any calendar year preceding the calendar

year in which an Executive who is a Participant attains Normal

Retirement Date (or Late Retirement Date,

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where applicable), the annual base pay received by such Participant

from the Company while a Participant. In the event an Executive who is

also a Participant becomes disabled and is eligible for and receiving

benefits under the Long Term Disability Plan, such Participant's

participation in the Plan shall be deemed to continue and, for Plan

purposes, the "Compensation" attributable to such Participant shall be

deemed to continue until the close of the calendar year coincident with

or next preceding the date such Participant no longer receives such

disability income benefits.

2.10 EFFECTIVE DATE shall mean March 1, 2004. The effective date of the

Plan, in effect prior to this amendment and restatement, was March 1,

1986.

2.11 EXECUTIVE shall mean an employee of the Company, or of a Subsidiary, or

of an Affiliate, who is either a named executive officer, a senior vice

president, or a vice president, of such Company; provided, that such

term shall specifically exclude any individual who is (or, is

classified as) a non-resident alien of the United States during any

period(s) such individual performs services outside of the United

States.

2.12 FINAL AVERAGE COMPENSATION shall mean an amount, expressed in dollars

and cents, determined by the sum of (a) and (b), where: (a) is the

average of a Participant's two (2) calendar years of Compensation that

provide the highest average, and (b) is the product derived from

multiplying (i) that amount determined in part (a) hereof, by (ii) that

average of such Participant's two (2) Fiscal Year Assumed Bonus

Percentages which provide the highest average; provided, that for this

purpose, if a Participant has only one Assumed Bonus Percentage, such

Percentage will be considered to be the average.

2.13 FISCAL YEAR shall mean that period which begins on March 1 of each year

and ends on the last day of February of the ensuing year.

2.14 LONG TERM DISABILITY PLAN shall mean the American Greetings Corporation

Long Term Disability Plan, an employee welfare benefit plan sponsored

and maintained by the Company to provide long-term disability income

benefits to plan-covered employees.

2.15 PARTICIPANT shall mean any Executive who is, or becomes, eligible to

participate in the Plan in accordance with the provisions of Sections

3.1 or 3.2 hereof; provided, that such

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Executive shall continue as a Participant hereunder only so long as

such Executive remains eligible to participate in the Plan and has not

had such participation terminated or suspended in accordance with

Section 3.3 hereof. An Executive, or other individual, who was a

Participant shall remain a Participant so long as such Executive or

individual has a vested interest in the Plan, without regard to whether

such Executive or individual is then employed by the Company, or a

Subsidiary, or an Affiliate.

2.16 PLAN shall mean the American Greetings Corporation Supplemental

Executive Retirement Plan, as amended and restated effective March 1,

2004, as set forth in this instrument and as further amended from time

to time.

2.17 PLAN ADMINISTRATOR shall mean that person identified in Section 8.1

hereof.

2.18 PLAN BENEFIT shall mean the monthly benefit amount a Participant is

eligible to receive pursuant to Article IV, calculated in accordance

with Article V, and payable in the form of a monthly annuity for life

(with 180 months, guaranteed) in accordance with (and limited by)

Article VI and the remaining provisions of the Plan.

2.19 SERVICE shall mean that period of time an Executive is in the employ of

the Company, commencing with such Executive's date of hire and ending

with the date such Executive separates from Company employment, as

further determined in accordance with the following rules:

(a) Service shall specifically exclude any period(s) when an

Executive is employed by a Subsidiary or an Affiliate, unless

such Subsidiary or Affiliate participates in the Plan as part

of the "Company" in accordance with Section 2.8 hereof, or the

Committee by written action specifically recognizes such

period(s) of service as Service for Plan purposes.

(b) Service shall specifically include any period(s) when an

Executive is on a medical, military, family or personal leave

of absence that either has been approved by the Company or is

required by law to be recognized as employment service for

seniority and benefit plan purposes.

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(c) Service shall specifically include any period(s) of time an

Executive (who is also a Plan Participant) is disabled and

receiving benefits under the Long Term Disability Plan, even

though no longer classified as a Company employee.

(d) Periods of employment by a predecessor-in-interest to the

Company or by a predecessor-in-interest to a Subsidiary or an

Affiliate, and any periods of employment by a Subsidiary or an

Affiliate during which such Subsidiary or Affiliate has not

adopted the Plan, shall be recognized as Service only where

(and, to the extent) recognized by the Board by written

action.

2.20 SUBSIDIARY shall mean any corporation at least eighty percent (80%) of

whose equity securities (determined either by voting power or by

interest in profits) are directly or indirectly owned by American

Greetings Corporation.

In this document, unless the context clearly requires otherwise, the

singular shall include the plural and the masculine gender shall include the

feminine.

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ARTICLE III

PLAN PARTICIPATION

3.1 AUTOMATIC PARTICIPATION, AS OF THE EFFECTIVE DATE. Each Executive who

was a Participant in the Plan on the day before the Effective Date of

this amendment and restatement shall automatically continue as a

Participant, as of the Effective Date.

3.2 PARTICIPATION AFTER THE EFFECTIVE DATE; NEW ENTRANTS. Any Executive who

does not automatically become a Participant as of the Effective Date

shall become a Participant on any date, subsequent to the Effective

Date, that such Executive is designated as eligible to participate in a

written action taken by the Board. Where a written Board action

designates an Executive as eligible to participate in the Plan without

also specifying a date for commencing such participation, the date such

Board action was taken shall constitute the commencement date.

3.3 TERMINATION OR SUSPENSION OF PARTICIPATION; RENEWED PARTICIPATION. A

Participant's continued participation in the Plan may be discontinued

at any time by the Board by written action, in accordance with and

subject to the following rules:

(a) In the event a Participant's participation herein is

discontinued, the terms of such discontinuation shall be set

forth in writing and a copy of such terms shall be provided to

such Participant, the Plan Administrator, and the Committee.

(b) Subject to the provisions of Article VI hereof, if at the time

a Participant discontinues participation hereunder such

Participant has a right to a Plan benefit based on the term of

the Plan then in effect, said right shall not be forfeitable

and such Participant shall be entitled to receive such Plan

benefit, based on and in accordance with the terms of the Plan

in effect at the time of such discontinuation.

(c) In the event a Participant whose Plan participation has been

discontinued is again designated for participation in the Plan

in accordance with Section 3.2 hereof, the Board by written

action may specify the terms and conditions under which such

Participant's Compensation and Service (and

previously-determined Plan benefit, if any) are to be taken

into account when determining such Participant's Plan

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rights hereunder. In the absence of any direction from the

Board, such Participant shall be considered a newly-eligible

Participant for all Plan purposes (other than with respect to

any Plan benefit such Participant already has qualified to

receive); provided, that such Participant's Service shall only

be used once.

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ARTICLE IV

CALCULATION, FORM OF PARTICIPANT'S ACCRUED BENEFIT

4.1 FORM OF ACCRUED BENEFIT. A Participant's accrued benefit hereunder

shall consist of a monthly benefit, commencing on the first day of the

calendar month coincident with or next following the date such

Participant attains such Participant's Normal Retirement Date, and

payable thereafter to such Participant as an annuity for life (with 180

monthly payments, guaranteed) (the "Accrued Benefit").

4.2 CALCULATION OF ACCRUED BENEFIT. A Participant's Accrued Benefit, when

payable in its normal form and commencing as provided in Section 4.1

hereof, is equal in amount to one-twelfth (1/12th) of the product of

(a) times (b), where:

(a) is equal to one percent (1%) of such Participant's Final

Average Compensation; and

(b) consists of such Participant's years of Service, calculated to

the nearest attained calendar month, but in any event subject

to a maximum of twenty (20) years of Service.

4.3 CERTAIN COMPENSATION, SERVICE TO BE DISREGARDED. Notwithstanding any

contrary Plan provision, when calculating a Participant's Accrued

Benefit there shall be disregarded (a) any Compensation paid to such

Participant and any Service rendered by such Participant for any Fiscal

Year (or, fraction thereof) in which such Participant is determined by

the Committee (acting in its reasonable discretion, following

consultation with legal counsel) to have violated Section 304 or

Section 306 of the Sarbanes-Oxley Act (15 U.S.C. Sections 7243, 7244),

or other applicable law (including, without limitation, any

otherwise-applicable faithless servant doctrine), and (b) any

Compensation received by such Participant that is attributable to any

period prior to the date such Participant first commences participation

hereunder as a Participant.

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ARTICLE V

FORMS OF RETIREMENT; ELIGIBILITY CONDITIONS

5.1 NORMAL/LATE RETIREMENT BENEFIT. A Participant shall be entitled to

receive a Normal Retirement benefit as of the first day of the calendar

month coinciding with or next following the date such Participant

attains age 65. If a Participant retires after attaining age 65, such

Participant shall qualify to receive a Late Retirement benefit. The

Normal/Late Plan Benefit payable to a Participant who retires on such

Participant's Normal/Late Retirement Date shall consist of such

Participant's Accrued Benefit, determined as of the later of such

Normal Retirement Date or Late Retirement Date (as applicable).

5.2 EARLY RETIREMENT BENEFIT.

A Participant who has not attained age 65 but nevertheless has

a vested interest in the Plan may retire on the first day of any

calendar month coinciding with or next following:

(a) the date such Participant attains age 55 and completes ten

(10) years of Service (at least five (5) of which must be

completed while a Participant); or

(b) any date certain designated by the Board in writing, acting in

its sole discretion or by agreement with said Participant,

irrespective of said Participant's age and years of Service.

The Early Retirement Benefit payable to a Participant who

retires under this Section 5.2 shall be in an amount equal to such

Participant's Accrued Benefit, determined as of the date such Benefit

commences payment hereunder, but reduced by the appropriate reduction

factor specified in Schedule A (attached hereto). A Participant seeking

to receive an Early Retirement Benefit shall otherwise apply for it, as

provided in Section 6.1 hereof, but shall specify the date such

Participant wishes to have such Benefit commence; provided, that such

Benefit can commence no earlier than the latest to occur of: (a)

(above); or (b) (above); or the first day of the calendar month next

following the date the Plan Administrator receives such application.

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5.3 DEFERRED VESTED BENEFIT.

A Participant's right to an Accrued Benefit shall vest after

completing ten (10) years of Service (at least five (5) of which is

completed while a Participant), even though such Participant separates

from Company employment prior to attaining age 55, but only if one (1)

or more of the following events occur(s) after such Participant's 45th

birthday:

(a) Such Participant's Company employment is terminated

unilaterally by the Company; or

(b) Such Participant is a member of a class of Company executives

(or where applicable, Subsidiary or Affiliate executives)

declared by written Board action to be ineligible to

participate further in the Plan; or

(c) Such Participant is demoted to non-Executive status by the

Company; or

(d) A Change in Control occurs.

Any Participant who vests hereunder (as provided above) but

separates from Company employment prior to attaining age 55

nevertheless shall be eligible to commence receiving a Plan Benefit

either on such Participant's 65th birthday or on the first of any

calendar month between such Participant's 55th birthday and his or her

65th birthday (as such Participant may elect); however, the Accrued

Benefit of a Participant who separates from Company employment prior to

attaining age 55 shall be computed and frozen as of the date such

Participant separates from Company employment.

The Plan Benefit actually payable to a Participant whose

Accrued Benefit vests hereunder shall be determined in accordance with

(i) Section 5.1 hereof, if such Participant commences receiving such

Plan Benefit on or after attaining age 65; or (ii) Sectio