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Exhibit
10.59
SECOND AMENDMENT to the
NATIONWIDE INDIVIDUAL
DEFERRED COMPENSATION PLAN
AS
AMENDED AND
RESTATED
January 1,
2005
It is hereby understood and
agreed that the Nationwide Individual Deferred Compensation Plan as
Adopted January 1, 2005 (“Plan”), is further amended,
as follows:
| 1. |
Effective
September 1, 2005, the first sentence of the last paragraph of
Section 4.02 is restated as:
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Except for
Insiders, the Participant may change the investment options in
which his or her account is deemed to be invested for this purpose
once every seven (7) calendar days, and may make different
elections with respect to such deemed investments with respect to
each of his or her sub-accounts.
| 2. |
Effective
July 1, 2006, the definition of “Eligible Participant”
is restated as follows:
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1.20 |
Eligible Participant: An individual who is an Executive
and any employee of the Companies who had an individual deferred
compensation agreement or deferred compensation election under this
Plan in effect for any prior calendar year. A newly hired Executive
will become eligible to participate in the Plan on the first of the
month following completion of a waiting period of one month from
date of hire. An individual who was eligible to participate in the
Nationwide Employee Deferred Compensation Plan will not become an
Eligible Participant under this Plan until the year following the
year in which he or she first becomes an Executive.
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| 3. |
Effective
January 1, 2006, the following new Sections 1.09 and 1.10 are
added:
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1.09 |
Business Unit Target Award Compensation (“BUTA
Compensation”): the payment of Business Unit Target Award
under the Nationwide Property and Casualty, Long Term Performance
Plan (“LTPP”).
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1.10 |
Business Unit Target Award Compensation Deferral
Percentage: The percentage elected for deferral from BUTA
Compensation by an Eligible Participant pursuant to Article 3.
Participants may elect to cap the deferral percentage with a dollar
amount maximum each year.
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| 4. |
Effective
January 1, 2006, the existing Sections 1.09 through 1.45 are
renumbered as 1.11 through 1.47.
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| 5. |
Effective
January 1, 2006, the defined term “Key Employee” is
hereby replac
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