Exhibit 10.24


 


The
CORPORATEplan for RetirementSM


EXECUTIVE
PLAN


 


BASIC PLAN DOCUMENT


 


CORPORATEplan
for Retirement EXECUTIVE


BASIC PLAN DOCUMENT


 


ARTICLE 1


ADOPTION AGREEMENT


 


ARTICLE 2


DEFINITIONS


 


2.01 - Definitions


 


ARTICLE 3


PARTICIPATION


 


3.01 - Date of Participation


3.02 - Resumption of Participation Following Re
employment


3.03 - Cessation or Resumption of Participation Following
a Change in Status


 


ARTICLE 4


CONTRIBUTIONS


 


4.01 - Deferral Contributions


4.02 - Matching Contributions


4.03 - Employer Contributions


4.04 - Time of Making Contributions


 


ARTICLE 5


PARTICIPANTS' ACCOUNTS


 


5.01 - Individual Accounts


 


ARTICLE 6


INVESTMENT OF CONTRIBUTIONS


 


6.01 - Manner of Investment


6.02 - Investment Decisions


 


ARTICLE 7


RIGHT TO BENEFITS


 


7.01 - Normal or Early Retirement


7.02 - Death


7.03 - Other Termination of Employment


7.04 - Separate Account


7.05 - Forfeitures


7.06 - Adjustment for Investment Experience


7.07 - Unforeseeable Emergency Withdrawals


7.08 - Change in Control


 


ARTICLE 8


DISTRIBUTION OF BENEFITS PAYABLE AFTER TERMINATION
OF SERVICE


 


8.01 - Distribution of Benefits to Participants
and Beneficiaries


8.02 - Determination of Method of Distribution


8.03 - Notice to Trustee


8.04 - Time of Distribution


 






    2


     


    

 


ARTICLE 9


AMENDMENT AND TERMINATION


 


9.01 - Amendment by Employer


9.02 - Retroactive Amendments


9.03 - Termination


9.04 - Distribution Upon Termination of the Plan


 


ARTICLE 10


MISCELLANEOUS


 


10.01 - Communication to Participants


10.02 - Limitation of Rights


10.03 - Nonalienability of Benefits


10.04 - Facility of Payment


10.05 - Information between Employer and Trustee


10.06 - Notices


10.07 - Governing Law


 


ARTICLE 11


PLAN ADMINISTRATION


 


11.01 - Powers and responsibilities of the Administrator


11.02 - Nondiscriminatory Exercise of Authority


11.03 - Claims and Review Procedures


 






    3


     


    

 


PREAMBLE


 


It is the intention of the Employer to establish herein an
unfunded plan maintained solely for the purpose of providing deferred compensation for a select group of management or highly compensated
employees as provided in ERISA.


 


Article 1. Adoption Agreement.


 


Article 2. Definitions.


 


		2.01.	Definitions.



 


 (a) Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the context:




 


(1)       "Account"
means an account established on the books of the Employer for the purpose of recording amounts credited on behalf of a Participant
and any income, expenses, gains or losses included thereon.


 


(2)       "Administrator"
means the Employer adopting this Plan, or other person designated by the Employer in Section 1.01(b).


 


(3)       "Adoption
Agreement" means Article 1, under which the Employer establishes and adopts or amends the Plan and designates the optional
provisions selected by the Employer. The provisions of the Adoption Agreement shall be an integral part of the Plan.


 


(4)       "Beneficiary"
means the person or persons entitled under Section 7.02 to receive benefits under the Plan upon the death of a Participant.


 


(5)       “Bonus”
means any performance-based Compensation based on services performed for the Employer over a period of at least 12 months.


 


(6)       “Change
of Control” means a change in the ownership or effective control of the Employer, or a substantial portion of the Employer’s
assets as defined in the regulations under Code Section 409A.


 


 (7)       "Code" means the Internal Revenue Code of 1986, as amended from time to time.




 


(8)      "Compensation"
means for purposes of Article 4 (Contributions) wages as defined in Section 3401(a) of the Code and all other payments
of compensation to an employee by the Employer (in the course of the Employer’s trade or business) for which the Employer
is required to furnish the employee a written statement under Section 6041(d) and 6051(a)(3) of the Code, excluding
any items elected by the Employer in Section 1.04, reimbursements or other expense allowances, fringe benefits (cash and
non-cash), moving expenses, deferred compensation and welfare benefits, but including amounts that are not includable in the gross
income of the Participant under a salary reduction agreement by reason of the application of Sections 125, 132(f)(4), 402(e)(3),
402(h) or 403(b) of the Code. Compensation shall be determined without regard to any rules under Section 3401(a) of
the Code that limit the remuneration included in wages based on the nature or location of the employment or the services performed
(such as the exception for agricultural labor in Section 3401(a)(2) of the Code).


 






    	 	 	 



     


    

 


Compensation shall also include amounts
deferred pursuant to an election under Section 4.01.


 


In the case of any Self-Employed Individual
or an Owner-Employee, Compensation means the Self-Employed Individual's Earned Income.


 


(9)       "Earned
Income" means the net earnings of a Self-Employed Individual derived from the trade or business with respect to which the
Plan is established and for which the personal services of such individual are a material income-providing factor, excluding any
items not included in gross income and the deductions allocated to such items, except that for taxable years beginning after December 31,
1989 net earnings shall be determined with regard to the deduction allowed under Section 164(f) of the Code, to the extent
applicable to the Employer. Net earnings shall be reduced by contributions of the Employer to any qualified plan, to the extent
a deduction is allowed to the Employer for such contributions under Section 404 of the Code.


 


(10)     "Employee"
means any employee of the Employer, Self-Employed Individual or Owner-Employee.


 


(11)     "Employer"
means the employer named in Section 1.02(a) and any Related Employers designated in Section 1.02(b).


 


(12)     "Employment
Commencement Date" means the date on which the Employee first performs an Hour of Service.


 


 (13)     “Entry Date” means the date(s) designated in Section 1.03(b).




 


(14)     "ERISA"
means the Employee Retirement Income Security Act of 1974, as from time to time amended.


 


(15)     "Fund
Share" means the share, unit, or other evidence of ownership in a Permissible Investment.


 


 (16)     "Hour of Service" means, with respect to any Employee,




 


 (A)    Each hour for which the Employee is directly or indirectly paid, or entitled to payment, for the performance of duties for the Employer or a Related Employer, each such hour to be credited to the Employee for the computation period in which the duties were performed;




 


 (B)    Each hour for which the Employee is directly or indirectly paid, or entitled to payment, by the Employer or Related Employer (including payments made or due from a trust fund or insurer to which the Employer contributes or pays premiums) on account of a period of time during which no duties are performed (irrespective of whether the employ-ment relationship has terminated) due to vacation, holiday, illness, incapacity, disability, layoff, jury duty, military duty, or leave of absence, each such hour to be credited to the Employee for the Eligibility Computation Period in which such period of time occurs, subject to the following rules:




 


(i)       No
more than 501 Hours of Service shall be credited under this paragraph (B) on account of any single continuous period during
which the Employee performs no duties;


 






    2


     


    

 


(ii)      Hours
of Service shall not be credited under this paragraph (B) for a payment which solely reimburses the Employee for medically-related
expenses, or which is made or due under a plan maintained solely for the purpose of complying with applicable workmen's compensation,
unemployment compensation or disability insurance laws; and


 


(iii)     If
the period during which the Employee performs no duties falls within two or more computation periods and if the payment made on
account of such period is not calculated on the basis of units of time, the Hours of Service credited with respect to such period
shall be allocated between not more than the first two such computation periods on any reasonable basis consistently applied with
respect to similarly situated Employees; and


 


 (C) Each hour not counted under paragraph (A) or (B) for which back pay, irrespective of mitigation of damages, has been either awarded or agreed to be paid by the Employer or a Related Employer, each such hour to be credited to the Employee for the computation period to which the award or agreement pertains rather than the computation period in which the award agreement or payment is made.




 


For purposes
of determining Hours of Service, Employees of the Employer and of all Related Employers will be treated as employed by a single
employer. For purposes of paragraphs (B) and (C) above, Hours of Service will be calculated in accordance with the provisions
of Section 2530.200b-2(b) of the Department of Labor regulations, which are incorporated herein by reference.


 


Solely
for purposes of determining whether a break in service for participation purposes has occurred in a computation period, an
individual who is absent from work for maternity or paternity reasons shall receive credit for the hours of service which
would otherwise been credited to such individual but for such absence, or in any case in which such hours cannot be
determined, 8 hours of service per day of such absence. For purposes of this paragraph, an absence from work for maternity
reasons means an absence (1) by reason of the pregnancy of the individual, (2) by reason of a birth of a child of
the individual, (3) by reason of the placement of a child with the individual in connection with the adoption of such
child by such individual, or (4) for purposes of caring for such child for a period beginning immediately following such
birth or placement. The hours of service credited under this paragraph shall be credited (1) in the computation period
in which the absence begins if the crediting is necessary to prevent a break in service in that period, or (2) in all
other cases, in the following computation period.


 


(17)      “Key
Employee” means a Participant who is key employee pursuant to Code Section 416(i), without regard to paragraph (5) thereof.
A Participant will not be considered a Key Employee unless the Employer is a corporation which has any of its stock publicly traded
according to Code Section 409A and regulations thereunder.


 


(18)     "Normal
Retirement Age" means the normal retirement age specified in Section 1.07(f) of the Adoption Agreement.


 


(19)      "Owner-Employee"
means, if the Employer is a sole proprietorship, the individual who is the sole proprietor, or, if the Employer is a partnership,
a partner who owns more than 10 percent of either the capital interest or the profits interest of the partnership.


 


(20)      "Participant"
means any Employee who participates in the Plan in accordance with Article 3 hereof.


 






    3


     


    

 


(21)     "Permissible
Investment" means the investments specified by the Employer as available for investment of assets of the Trust and agreed
to by the Trustee. The Permissible Investments under the Plan shall be listed in the Service Agreement.


 


(22)     "Plan"
means the plan established by the Employer as set forth herein as a new plan or as an amendment to an existing plan, by executing
the Adoption Agreement, together with any and all amendments hereto.


 


(23)     "Plan
Year" means the 12-consecutive-month period designated by the Employer in Section 1.01(c).


 


(24)     "Related
Employer" means any employer other than the Employer named in Section 1.02(a), if the Employer and such other employer
are members of a controlled group of corporations (as defined in Section 414(b) of the Code) or an affiliated service
group (as defined in Section 414(m)), or are trades or businesses (whether or not incorporated) which are under common control
(as defined in Section 414(c)), or such other employer is required to be aggregated with the Employer pursuant to regulations
issued under Section 414(o).


 


(25)     "Self-Employed
Individual" means an individual who has Earned Income for the taxable year from the Employer or who would have had Earned
Income but for the fact that the trade or business had no net profits for the taxable year.


 


(26)     “Service
Agreement” means the agreement between the Employer and Trustee regarding the arrangement between the parties for recordkeeping
services with respect to the Plan.


 


 (27)     "Trust" means the trust created by the Employer.




 


(28)     "Trust
Agreement" means the agreement between the Employer and the Trustee, as set forth in a separate agreement, under which assets
are held, administered, and managed subject to the claims of the Employer's creditors in the event of the Employer's insolvency,
until paid to Plan Participants and their Beneficiaries as specified in the Plan.


 


 (29)     "Trust Fund" means the property held in the Trust by the Trustee.




 


(30)     "Trustee"
means the corporation or individual(s) appointed by the Employer to administer the Trust in accordance with the Trust Agreement.


 


(31)     "Years
of Service for Vesting" means, with respect to any Employee, the number of whole years of his periods of service with the
Employer or a Related Employer (the elapsed time method to compute vesting service), subject to any exclusions elected by the Employer
in Section 1.07(c). An Employee will receive credit for the aggregate of all time period(s) commencing with the Employee's
Employment Commencement Date and ending on the date a break in service begins, unless any such years are excluded by Section 1.07(c).
An Employee will also receive credit for any period of severance of less than 12 consecutive months. Fractional periods of a year
will be expressed in terms of days.


 


In the case of a Participant
who has 5 consecutive 1-year breaks in service, all years of service after such breaks in service will be disregarded for the purpose
of vesting the Employer-derived account balance that accrued before such breaks, but both pre-break and post-break service will
count for the purposes of vesting the Employer -derived account balance that accrues after such breaks. Both accounts will share
in the earnings and losses of the fund.


 


In the case of a Participant
who does not have 5 consecutive 1-year breaks in service, both the pre-break and post-break service will count in vesting both
the pre-break and post-break employer-derived account balance.


 






    4


     


    

 


A break
in service is a period of severance of at least 12 consecutive months. Period of severance is a continuous period of time during
which the Employee is not employed by the Employer. Such period begins on the date the Employee retires, quits or is discharged,
or if earlier, the 12-month anniversary of the date on which the Employee was otherwise first absent from service.


 


In the case
of an individual who is absent from work for maternity or paternity reasons, the 12-consecutive month period beginning on the first
anniversary of the first date of such absence shall not constitute a break in service. For purposes of this paragraph, an absence
from work for maternity or paternity reasons means an absence (1) by reason of the pregnancy of the individual, (2) by
reason of the birth of a child of the individual, (3) by reason of the placement of a child with the individual in connection
with the adoption of such child by such individual, or (4) for purposes of caring for such child for a period beginning immediately
following such birth or placement.


 


If the Plan
maintained by the Employer is the plan of a predecessor employer, an Employee's Years of Service for Vesting shall include years
of service with such predecessor employer. In any case in which the Plan maintained by the Employer is not the plan maintained
by a predecessor employer, service for such predecessor shall be treated as service for the Employer to the extent provided in
Section 1.08.


 


(b) Pronouns used in the Plan are in the masculine
gender but include the feminine gender unless the context clearly indicates otherwise.


 


Article 3. Participation.


 


3.01.
Date of Participation. An eligible Employee (as set forth in Section 1.03(a)) who has filed an election
pursuant to Section 4.01 will become a Participant in the Plan on the first Entry Date coincident with or following the date
on which such election would otherwise become effective, as determined under Section4.01.


 


3.02.
Resumption of Participation Following Reemployment. If a Participant ceases to be an Employee and thereafter
returns to the employ of the Employer he will again become a Participant as of an Entry Date following the date on which he completes
an Hour of Service for the Employer following his re employment, if he is an eligible Employee as defined in Section 1.03(a),
and has filed an election pursuant to Section 4.01.


 


3.03.
Cessation or Resumption of Participation Following a Change in Status. If any Participant continues in the employ
of the Employer or Related Employer but ceases to be an eligible Employee as defined in Section 1.03(a), the individual shall
continue to be a Participant until the entire amount of his benefit is distributed; however, the individual shall not be entitled
to make Deferral Contributions or receive an allocation of Matching or Employer Contributions during the period that he is not
an eligible Employee. Such Participant shall continue to receive credit for service completed during the period for purposes of
determining his vested interest in his Accounts. In the event that the individual subsequently again becomes an eligible Employee,
the individual shall resume full participation in accordance with Section 3.01.


 






    5


     


    

 


Article 4. Contributions.


 


4.01. Deferral
Contributions. Each Participant may elect to execute a salary reduction agreement with the Employer to reduce
his Compensation by a specified percentage, not exceeding the percentage set forth in Section 1.05(a) and equal to
a whole number multiple of one (1) percent, per payroll period, subject to any election regarding Bonuses, as set out in
Subsection 1.05(a)(2). Such agreement shall become effective on the first day of the period as set forth in the Participant's
election. The election will be effective to defer Compensation relating to all services performed in a calendar year
subsequent to the filing of such an election, subject to any election regarding Bonuses, as set out in Subsection 1.05(a)(2).
An election once made will remain in effect until a new election is made; provided, however that such an election choosing a
distribution date pursuant to 1.06(b)(1)(B) will only be effective for the Plan Year indicated. A new election will be
effective as of the first day of the following calendar year and will apply only to Compensation payable with respect to
services rendered after such date, except that a separate election made pursuant to Section 1.05(a)(2) will be
effective immediately if made no later than 6 months before the end of the period during which the services on which the
Bonus is based are performed. If the Employer has selected 1.05(a)(2), no amount will be deducted from Bonuses unless the
Participant has made a separate election. Amounts credited to a Participant's account prior to the effective date of any new
election will not be affected and will be paid in accordance with that prior election. The Employer shall credit an amount to
the account maintained on behalf of the Participant corresponding to the amount of said reduction. Under no circumstances may
a salary reduction agreement be adopted retroactively. To the extent permitted in regulations under Code Section 409A, a
Participant may revoke a salary reduction agreement for a calendar year during that year, provided, however, that such
revocation shall apply only to Compensation not yet earned. In that event, the Participant shall be precluded from electing
to defer future Compensation hereunder during the calendar year to which the revocation applies. Notwithstanding the above,
in the calendar year in which the Plan first becomes effective or in the year in which the Participant first becomes eligible
to participate, an election to defer compensation may be made within 30 days after the Participant is first eligible or the
Plan is first effective, which election shall be effective with respect to Compensation payable with respect to services
rendered after the date of the election.


 


4.02.
Matching Contributions. If so provided by the Employer in Section 1.05(b), the Employer shall make a “Matching
Contribution” to be credited to the account maintained on behalf of each Participant who had “Deferral Contributions”
pursuant to Section 4.01 made on his behalf during the year and who meets the requirement, if any, of Section 1.05(b)(3).
The amount of the “Matching Contribution” shall be determined in accordance with Section 1.05(b).


 


4.03.
Employer Contributions. If so provided by the Employer in Section 1.05(c)(1), the Employer shall make an
 “Employer Contribution” to be credited to the account maintained on behalf of each Participant who meets the requirement,
if any, of Section 1.05(c)(3) in the amount required by Section 1.05(c)(1). If so provided by the Employer in Section 1.05(c)(2),
the Employer may make an “Employer Contribution” to be credited to the account maintained on behalf of any Participant
in such an amount as the Employer, in its sole discretion, shall determine. In making “Employer Contributions” pursuant
to Section 1.05(c)(2), the Employer shall not be required to treat all Participants in the same manner in determining such
contributions and may determine the “Employer Contribution” of any Participant to be zero.


 


4.04.
Time of Making Contributions. The Employer shall remit contributions deemed made hereunder to the Trust as soon
as practicable after such contributions are deemed made under the terms of the Plan.


 


Article 5. Participants' Accounts.


 


5.01.
Individual Accounts . The Administrator will establish and maintain an Account for each Participant, which will
reflect Matching, Employer and Deferral Contributions credited to the Account on behalf of the Participant and earnings, expenses,
gains and losses credited thereto, and deemed investments made with amounts in the Participant's Account. The Administrator will
establish and maintain such other accounts and records as it decides in its discretion to be reasonably required or appropriate
in order to discharge its duties under the Plan. Participants will be furnished statements of their Account values at least once
each Plan Year. The Administrator shall provide the Trustee with information on the amount credited to the separate account of
each Participant maintained by the Administrator in its records.


 






    6


     


    

 


Article 6. Investment of Contributions.


 


6.01.
Manner of Investment. All amounts credited to the Accounts of
Participants shall be treated as though invested and reinvested only in eligible investments selected by the Employer in the Service
Agreement.


 


6.02.
Investment Decisions. Investments in which the Accounts of Participants shall be treated as invested and reinvested
shall be directed by the Employer or by each Participant, or both, in accordance with the Employer's election in Section 1.11(a).


 


 (a) All dividends, interest, gains and distributions of any nature that would be earned in respect of Fund Shares in which the Account is treated as investing shall be credited to the Account as though reinvested in additional shares of that Permissible Investment.




 


 (b) Expenses that would be attributable to the acquisition of investments shall be charged to the Account of the Participant for which such investment is treated as having been made.




 


Article 7. Right to Benefits.


 


7.01.
Normal or Early Retirement. If provided by the Employer in Section 1.07(e), each Participant who attains
his Normal Retirement Age or Early Retirement Age will have a nonforfeitable interest in his Account in accordance with the vesting
schedule(s) elected in Section 1.07. If a Participant retires on or after attainment of Normal or Early Retirement Age,
such retirement is referred to as a normal retirement. On or after his normal retirement, the balance of the Participant's Account,
plus any amounts thereafter credited to his Account, subject to the provisions of Section 7.06, will be distributed to him
in accordance with Article 8.


 


If provided by the
Employer in Section 1.07, a Participant who separates from service before satisfying the age requirements for early retirement,
but has satisfied the service requirement will be entitled to the distribution of his Account, subject to the provisions of Section 7.06,
in accordance with Article 8, upon satisfaction of such age requirement.


 


7.02.
Death. If a Participant dies before the distribution of his Account has commenced, or before such distribution
has been completed, his Account shall become vested in accordance with the vesting schedule(s) elected in Section 1.07
and his designated Beneficiary or Beneficiaries will be entitled to receive the balance or remaining balance of his Account, plus
any amounts thereafter credited to his Account, subject to the provisions of Section 7.06. Distribution to the Beneficiary
or Beneficiaries will be made in accordance with Article 8. A distribution to a beneficiary of a Key Employee is not considered
to be a distribution to a Key Employee for purposes of Sections 1.06 and 7.08.


 


A Participant may designate
a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries, by giving notice to the Administrator
on a form designated by the Administrator. If more than one person is designated as the Beneficiary, their respective interests
shall be as indicated on the designation form.


 


A copy of the death
certificate or other sufficient documentation must be filed with and approved by the Administrator. If upon the death of the Participant
there is, in the opinion of the Administrator, no designated Beneficiary for part or all of the Participant's Account, such amount
will be paid to his surviving spouse or, if none, to his estate (such spouse or estate shall be deemed to be the Beneficiary for
purposes of the Plan). If a Beneficiary dies after benefits to such Beneficiary have commenced, but before they have been completed,
and, in the opinion of the Administrator, no person has been designated to receive such remaining benefits, then such benefits
shall be paid to the deceased Beneficiary's estate.


 






    7


     


    

 


7.03. Other
Termination of Employment. If provided by the Employer in Section 1.07, if a Participant terminates his
employment for any reason other than death or normal retirement, he will be entitled to a termination benefit equal to
(i) the vested percentage(s) of the value of the Matching and Employer Contributions to his Account, as adjusted
for income, expense, gain, or loss, such percentage(s) determined in accordance with the vesting
schedule(s) selected by the Employer in Section 1.07, and (ii) the value of the Deferral Contributions to his
Account as adjusted for income, expense, gain or loss. The amount payable under this Section 7.03 will be subject to the
provisions of Section 7.06 and will be distributed in accordance with Article 8. For purposes of the Plan, a
termination of employment is a separation from service as defined pursuant to Code Section 409A and regulations
thereunder.


 


7.04.
Separate Account. If a distribution from a Participant's Account has been made to him at a time when he has a
nonforfeitable right to less than 100 percent of his Account, the vesting schedule in Section 1.07 will thereafter apply only
to amounts in his Account attributable to Matching and Employer Contributions allocated after such distribution. The balance of
his Account immediately after such distribution will be transferred to a separate account that will be maintained for the purpose
of determining his interest therein according to the following provisions.


 


At any relevant time
prior to a forfeiture of any portion thereof under Section 7.05, a Participant's nonforfeitable interest in his Account held
in a separate account described in the preceding paragraph will be equal to P(AB + (RxD))-(RxD), where P is the nonforfeitable
percentage at the relevant time determined under Section 7.05; AB is the account balance of the separate account at the relevant
time; D is the amount of the distribution; and R is the ratio of the account balance at the relevant time to the account balance
after distribution. Following a forfeiture of any portion of such separate account under Section 7.05 below, any balance in
the Participant's separate account will remain fully vested and nonforfeitable.


 


7.05.
Forfeitures. If a Participant terminates his employment, any portion of his Account (including any amounts credited
after his termination of employment) not payable to him under Section 7.03 will be forfeited by him.


 


7.06.
Adjustment for Investment Experience. If any distribution under this Article 7 is not made in a single payment,
the amount remaining in the Account after the distribution will be subject to adjustment until distributed to reflect the income
and gain or loss on the investments in which such amount is treated as invested and any expenses properly charged under the Plan
to such amounts.


 


7.07.
Unforeseeable Emergency Withdrawals. Subject to the provisions of Article 8, a Participant shall not be
permitted to withdraw his Account (and earnings thereon) prior to retirement or termination of employment, except that, to the
extent permitted under Section 1.09, a Participant may apply to the Administrator to withdraw some or all of his Account if
such withdrawal is made on account of an unforeseeable emergency as determined by the Administrator in accordance with the requirements
of and subject to the limitations provided within Code Section 409A and regulations thereunder.


 


7.08.
Change in Control Distributions. If the Employer has elected to apply Section 1.06(c), then, upon a Change
in Control, notwithstanding any other provision of the Plan to the contrary, all Participants shall have a nonforfeitable right
to receive the entire amount of their account balances under the Plan. All distributions due to a Change in Control shall be paid
out to Participants as soon as administratively practicable, except that any such distribution to a Key Employee who has terminated
employment pursuant to Section 7.03 shall not be earlier than the 1st day of the seventh month following that Key Employee’s
termination of employment.


 


Article 8. Distribution of Benefits.


 


8.01.
Form of Distribution of Benefits to Participants and Beneficiaries. The Plan provides for distribution as
a lump sum to be paid in cash on the date specified by the Employer in Section 1.06 pursuant to the method provided in Section 8.02.
If elected by the Employer in Section 1.10 and specified in the Participant's deferral election, the distribution will be
paid through a systematic withdrawal plan (installments) for a time period not exceeding 10 years beginning on the date specified
by the Employer in Section 1.06.


 






    8


     


    

 


8.02. Events Requiring Distribution of Benefits to Participants
and Beneficiaries.


 


(a)      If
elected by the Employer in Section 1.06(a), the Participant will receive a distribution upon the earliest of the events specified
by the Employer in Section 1.06(a), subject to the provisions of Section 7.08, and at the time indicated in Section 1.06(a)(2).
If the Participant dies before any event in Section 1.06(a) occurs, the Participant shall be considered to have terminated
employment and the Participant’s benefit will be paid to the Participant’s Beneficiary in the same form and at the
same time as it would have been paid to the Participant pursuant to this Article 8.


 


(b)     If
elected by the Employer in Section 1.06(b), the Participant will receive a distribution of all amounts not deferred pursuant
to Section 1.06(b)(1)(B) (and earnings attributable to those amounts) upon termination of employment, subject to the
delay applicable to Key Employees described therein, as applicable. If elected by the Employer in Section 1.06(b)(1)(B), the
Participant shall have the election to receive distributions of amounts deferred pursuant to Section 4.01 (and earnings attributable
to those amounts) after a date specified by the Participant in his deferral election which is at least 12 months after the first
day of the calendar year in which such amounts would be earned. Amounts distributed to the Participant pursuant to Section 1.06(b) shall
be distributed at the time indicated in Section 1.06(b)(2). Subject to the provisions of Section 7.08, the Participant
shall receive a distribution in the form provided in Section 8.01. If the Participant dies before any event in Section 1.06(a) occurs,
the Participant shall be considered to have terminated employment and the Participant’s benefit will be paid to the Participant’s
Beneficiary in the same form and at the same time as it would have been paid to the Participant pursuant to this Article 8.
However, if the Participant dies before the date specified by the Participant in an election pursuant to Section 1.06(b)(1)(B),
then the Participant’s benefit shall be paid to the Participant’s Beneficiary in the form provided in Section 8.01
as if the Participant had elected to be paid at termination of employment.


 


8.03.     Determination
of Method of Distribution. The Participant will determine the method of distribution of benefits to himself and
his Beneficiary, subject to the provisions of Section 8.02. Such determination will be made at the time the Participant makes
a deferral election. A Participant's election cannot be altered, except, if elected by the Employer in Section 1.10(b), if
the Participant's balance falls below the level described in regulations under Code Section 409A, the Participant's benefit
payable due to termination of employment will be distributed in a lump sum rather than installments.


 


 (a) When Section 1.06(a) has been elected by the Employer. The distribution period specified in a Participant's first deferral election specifying distribution under a systematic withdrawal plan shall apply to all subsequent elections of distributions under a systematic withdrawal plan made by the Participant. Once a Participant has made an election for the method of distribution, that election shall be effective for all contributions made on behalf of the Participant attributable to any Plan Year after that election was made and before the Plan Year for which that election has been altered in the manner prescribed by the Administrator. If the Participant does not designate in the manner prescribed by the Administrator the method of distribution, such method of distribution shall be a lump sum at termination of employment.




 


 (b) When Section 1.06(b) has been elected by the Employer. The distribution period for distributions under a systematic withdrawal plan shall be specified in each Participant's contribution election selecting payments under a systematic withdrawal plan. If the Participant does not designate in the manner prescribed by the Administrator the method of distribution, such method of distribution for all such contributions shall be a lump sum at termination of employment.




 


8.04.
Notice to Trustee. The Administrator will notify the Trustee, pursuant to the method stated in the Trust Agreement
for providing direction, whenever any Participant or Beneficiary is entitled to receive benefits under the Plan. The Administrator's
notice shall indicate the form, amount and frequency of benefits that such Participant or Beneficiary shall receive.


 


8.05. Time
of Distribution. In no event will distribution to a Participant be made later than the date specified by the
Participant in his salary reduction agreement. All distributions will be made as soon as administratively feasible following
the distribution date specified in Section 1.06 or Section 7.08, if applicable.


 






    9


     


    

 


Article 9. Amendment and Termination.


 


9.01
Amendment by Employer. The Employer reserves the authority to amend the Plan by filing with the Trustee an amended
Adoption Agreement, executed by the Employer only, on which said Employer has indicated a change or changes in provisions previously
elected by it. Such changes are to be effective on the effective date of such amended Adoption Agreement. Any such change notwithstanding,
no Participant's Account shall be reduced by such change below the amount to which the Participant would have been entitled if
he had voluntarily left the employ of the Employer immediately prior to the date of the change. The Employer may from time to time
make any amendment to the Plan that may be necessary to satisfy the Code or ERISA. The Employer's board of directors or other individual
specified in the resolution adopting this Plan shall act on behalf of the Employer for purposes of this Section 9.01.


 


9.02
Retroactive Amendments. An amendment made by the Employer in accordance with Section 9.01 may be made effective
on a date prior to the first day of the Plan Year in which it is adopted if such amendment is necessary or appropriate to enable
the Plan and Trust to satisfy the applicable requirements of the Code or ERISA or to conform the Plan to any change in federal
law or to any regulations or ruling thereunder. Any retroactive amendment by the Employer shall be subject to the provisions of
Section 9.01.


 


9.03.
Termination. The Employer has adopted the Plan with the intention and expectation that contributions will be
continued indefinitely. However, said Employer has no obligation or liability whatsoever to maintain the Plan for any length of
time and may discontinue contributions under the Plan or terminate the Plan at any time by written notice delivered to the Trustee
without any liability hereunder for any such discontinuance or termination.


 


9.04.
Distribution upon Termination of the Plan. Upon termination of the Plan, no further Deferral, Employer or Matching
Contributions shall be made under the Plan, but Accounts of Participants maintained under the Plan at the time of termination shall
continue to be governed by the terms of the Plan until paid out in accordance with the terms of the Plan.


 


Article 10. Miscellaneous.


 


10.01.
Communication to Participants. The Plan will be communicated to all Participants by the Employer promptly after
the Plan is adopted.


 


10
02. Limitation of Rights. Neither the establishment of the Plan and the Trust, nor any amendment thereof, nor
the creation of any fund or account, nor the payment of any benefits, will be construed as giving to any Participant or other person
any legal or equitable right against the Employer, Administrator or Trustee, except as provided herein; and in no event will the
terms of employment or service of any Participant be modified or in any way affected hereby.


 


10.03.
Nonalienability of Benefits. The benefits provided hereunder will not be subject to alienation, assignment, garnishment,
attachment, execution or levy of any kind, either voluntarily or involuntarily, and any attempt to cause such benefits to be so
subjected will not be recognized, except to such extent as may be required by law.


 


10
04. Facility of Payment. In the event the Administrator determines, on the basis of medical reports or other
evidence satisfactory to the Administrator, that the recipient of any benefit payments under the Plan is incapable of handling
his affairs by reason of minority, illness, infirmity or other incapacity, the Administrator may disburse such payments, or direct
the Trustee to disburse such payments, as applicable, to a person or institution designated by a court which has jurisdiction
over such recipient or a person or institution otherwise having the legal authority under State law for the care and control of
such recipient. The receipt by such person or institution of any such payments shall be complete acquittance therefore, and any
such payment to the extent thereof, shall discharge the liability of the Trust for the payment of benefits hereunder to such recipient.


 






    10


     


    

 


10.05.
Information between Employer and Trustee. The Employer agrees to furnish the Trustee, and the Trustee agrees
to furnish the Employer with such information relating to the Plan and Trust as may be required by the other in order to carry
out their respective duties hereunder, including without limitation information required under the Code or ERISA and any regulations
issued or forms adopted thereunder.


 


10.06.
Notices. Any notice or other communication in connection with this Plan shall be deemed delivered in writing
if addressed as provided below and if either actually delivered at said address or, in the case of a letter, three business days
shall have elapsed after the same shall have been deposited in the United States mails, first-class postage prepaid and registered
or certified:


 


(a)      If
to the Employer or Administrator, to it at the address set forth in the Adoption Agreement, to the attention of the person specified
to receive notice in the Adoption Agreement;


 


 (b)      If to the Trustee, to it at the address set forth in the Trust Agreement;




 


or, in each case at such other address
as the addressee shall have specified by written notice delivered in accordance with the foregoing to the addressor's then effective
notice address.


 


10.07.
Governing Law. The Plan and the accompanying Adoption Agreement will be construed, administered and enforced
according to ERISA, and to the extent not preempted thereby, the laws of the Commonwealth of Massachusetts, without regard to its
conflicts of law principles.


 


Article 11. Plan Administration.


 


11.01.
Powers and responsibilities of the Administrator . The Administrator has the full power and the full responsibility
to administer the Plan in all of its details, subject, however, to the applicable requirements of ERISA. The Administrator's powers
and responsibilities include, but are not limited to, the following:


 


(a)            To
make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan;


 


(b)            To
interpret the Plan, its interpretation thereof in good faith to be final and conclusive on all persons claiming benefits under
the Plan;


 


(c)            To
decide all questions concerning the Plan and the eligibility of any person to participate in the Plan;


 


 (d)            To administer the claims and review procedures specified in Section 11.03;




 


(e)           To
compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the
provisions of the Plan;


 


 (f)             To determine the person or persons to whom such benefits will be paid;




 


 (g)             To authorize the payment of benefits;




 


(h)            To
comply with any applicable reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA;


 






    11


     


    

 


(i)             To
appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan;


 


(j)             By
written instrument, to allocate and delegate its responsibilities, including the formation of an Administrative Committee to administer
the Plan;


 


11.02.   Nondiscriminatory
Exercise of Authority. Whenever, in the administration of the Plan, any discretionary action by the Administrator
is required, the Administrator shall exercise its authority in a nondiscriminatory manner so that all persons similarly situated
will receive substantially the same treatment.


 


 11.03.   Claims and Review Procedures.




 


(a) Claims
Procedure. If any person believes he is being denied any rights or benefits under the Plan, such person may file a claim in
writing with the Administrator. If any such claim is wholly or partially denied, the Administrator will notify such person of its
decision in writing. Such notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent
Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim
and an explanation of why such material or information is necessary, and (iv) information as to the steps to be taken if the
person wishes to submit a request for review, including a statement of the such person’s right to bring a civil action under
Section 502(a) of ERISA following as adverse determination upon review. Such notification will be given within 90 days
after the claim is received by the Administrator (or within 180 days, if special circumstances require an extension of time for
processing the claim, and if written notice of such extension and circumstances is given to such person within the initial 90-day
period).


 


If the claim
concerns disability benefits under the Plan, the Plan Administrator must notify the claimant in writing within 45 days after the
claim has been filed in order to deny it. If special circumstances require an extension of time to process the claim, the Plan
Administrator must notify the claimant before the end of the 45-day period that the claim may take up to 30 days longer to process.
If special circumstances still prevent the resolution of the claim, the Plan Administrator may then only take up to another 30
days after giving the claimant notice before the end of the original 30-day extension. If the Plan Administrator gives the claimant
notice that the claimant needs to provide additional information regarding the claim, the claimant must do so within 45 days of
that notice.


 


(b) Review Procedure.
Within 60 days after the date on which a person receives a written notice of a denied claim (or, if applicable, within 60 days
after the date on which such denial is considered to have occurred), such person (or his duly authorized representative) may (i) file
a written request with the Administrator for a review of his denied claim and of pertinent documents and (ii) submit written
issues and comments to the Administrator. This written request may include comments, documents, records, and other information
relating to the claim for benefits. The claimant shall be provided, upon the claimant’s request and free of charge, reasonable
access to, and copies of, all documents, records, and other information relevant to the claim for benefits. The review will take
into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without
regard to whether such information was submitted or considered in the initial benefit determination. The Administrator will notify
such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person
and will contain specific reasons for the decision as well as specific references to pertinent Plan provisions. The decision on
review will be made within 60 days after the request for review is received by the Administrator (or within 120 days, if special
circumstances require an extension of time for processing the request, such as an election by the Administrator to hold a hearing,
and if written notice of such extension and circumstances is given to such person within the initial 60-day period). The extension
notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render
the determination on review.


 






    12


     


    

 


If the initial claim
was for disability benefits under the Plan and has been denied by the Plan Administrator, the claimant will have 180 days from
the date the claimant received notice of the claim’s denial in which to appeal that decision. The review will be handled
completely independently of the findings and decision made regarding the initial claim and will be processed by an individual who
is not a subordinate of the individual who denied the initial claim. If the claim requires medical judgment, the individual handling
the appeal will consult with a medical professional whom was not consulted regarding the initial claim and who is not a subordinate
of anyone consulted regarding the initial claim and identify that medical professional to the claimant.


 


The Plan Administrator
shall provide the claimant with written notification of a plan’s benefit determination on review. In the case of an adverse
benefit determination, the notification shall set forth, in a manner calculated to be understood by the claimant – the specific
reason or reasons for the adverse determinations, reference to the specific plan provisions on which the benefit determination
is based, a statement that the claimant is entitled to receive, upon the claimant’s request and free of charge, reasonable
access to, and copies of, all documents, records, and other information relevant to the claim for benefits.


 






    13