Document:

2013.12.31 EX 10.13

Exhibit 10.13

CHICAGO BRIDGE & IRON SAVINGS PLAN
As amended and restated as of January 1, 2014 

TABLE OF CONTENTS
        
        

	
				
	 
	 
	PAGE

	 
	 
	 

	Article I
	Adoption
	1

	1.01
	

	Adoption, Amendment and Restatement
	1

	 
	 
	 

	Article II
	 Definitions
	2

	2.01
	

	“Account”
	2

	2.02
	

	“Account Balance”
	2

	2.03
	

	“Active Account”
	2

	2.04
	

	“Active Participant”
	3

	2.05
	

	“Authorized Leave of Absence”
	4

	2.06
	

	“Beneficiary”
	4

	2.07
	

	“Board”
	4

	2.08
	

	“Code”
	4

	2.09
	

	“Company”
	4

	2.10
	

	“Company Contributions”
	4

	2.11
	

	“Company Stock”
	4

	2.12
	

	“Company Stock Fund”
	4

	2.13
	

	“Compensation”
	5

	2.14
	

	“Compensation Limit”
	7

	2.15
	

	“Disability” or “Disabled”
	7

	2.16
	

	“Dollar Limit”
	7

	2.17
	

	“Effective Date”
	7

	2.18
	

	“Elective Deferrals”
	7

	2.19
	

	“Eligible Employee”
	7

	2.20
	

	“Employee”
	9

	2.21
	

	“Employer” or “Employers”
	9

	2.22
	

	“Employer Stock”
	9

	2.23
	

	“ERISA"
	9

	2.24
	

	“Forfeiture”
	9

	2.25
	

	“Former Plan”
	9

	2.26
	

	“Hardship”
	9

	2.27
	

	“Highly Compensated Employee”
	10

	2.28
	

	“Hour of Service”
	11

	2.29
	

	“Hourly Plan”
	12

	2.30
	

	“Inactive Account”
	12

	2.31
	

	“Investment Committee”
	12

	2.32
	

	“Investment Fund”
	12

	2.33
	

	“Investment Manager”
	12

	2.34
	

	“Matching Contributions”
	13

	2.35
	

	“Maternity or Paternity Leave”
	13

	2.36
	

	“Normal Retirement Date”
	13

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	PAGE

	 
	 
	 

	2.37
	

	“Participant”
	13

	2.38
	

	“Period of Severance”
	13

	2.39
	

	“Plan”
	13

	2.40
	

	“Plan Administrator”
	13

	2.41
	

	“Plan Year”
	13

	2.42
	

	“QMAC”
	14

	2.43
	

	“Qualified Military Leave”
	14

	2.44
	

	“QNEC”
	14

	2.45
	

	“Reduction-in-Force Termination”
	14

	2.46
	

	“Related Company”
	14

	2.47
	

	“Related Plan”
	15

	2.48
	

	“Required Distribution Date”
	15

	2.49
	

	“Restricted Account”
	15

	2.50
	

	“Retirement”
	15

	2.51
	

	“Rollover Contribution”
	15

	2.52
	

	“Roth Contribution”
	15

	2.53
	

	“Safe Harbor Matching Contribution”
	16

	2.54
	

	“Safe Harbor Notice”
	16

	2.55
	

	“Salary Reduction Agreement”
	16

	2.56
	

	“Service”
	16

	2.57
	

	“Termination of Employment”
	17

	2.58
	

	“Transferor Plan”
	17

	2.59
	

	“True-Up Contributions”
	17

	2.60
	

	“Trust”
	17

	2.61
	

	“Trust Agreement”
	17

	2.62
	

	“Trust Fund”
	17

	2.63
	

	“Trustee”
	17

	2.64
	

	“Valuation Date”
	18

	

	 
	 

	Article III
	 Participation
	19

	3.01
	

	Participation
	19

	3.02
	

	Duration of Participation
	19

	3.03
	

	Participation Upon Re-Employment
	20

	3.04
	

	Participation Forms
	20

	

	 
	 

	Article IV
	Contributions and Vesting
	21

	4.01
	

	Elective Deferrals
	21

	4.02
	

	Matching Contributions
	23

	4.03
	

	Company Contributions
	25

	4.04
	

	Rollover Contributions into the Plan
	25

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	4.05
	

	Special Contributions; QNECs and QMACs
	26

	4.06
	

	Crediting of Contributions
	28

	4.07
	

	Determination and Amount of Employer Contributions
	28

	4.08
	

	Condition on Company Contributions
	28

	4.09
	

	Form of Company Contributions
	28

	4.10
	

	Vesting
	29

	4.11
	

	Catch-Up Deferrals
	31

	4.12
	

	Military Service
	33

	 
	 
	 

	Article V
	Limitations on Contributions
	34

	5.01
	

	Excess Deferrals
	34

	5.02
	

	Excess Contributions:  The ADP Test
	34

	5.03
	

	Excess Aggregate Contributions:  The ACP Test
	37

	5.04
	

	Order of Application of Limitations
	40

	5.05
	

	Allocation of Income or Loss
	40

	5.06
	

	Section 415 Limitation on Contributions
	41

	

	 
	 

	Article VI
	Trustee and Trust Fund
	43

	6.01
	

	Trust Agreement
	43

	6.02
	

	Selection of Trustee
	43

	6.03
	

	Plan and Trust Expenses
	43

	6.04
	

	Trust Fund
	43

	6.05
	

	Separate Accounts
	43

	6.06
	

	Investment Committee
	44

	6.07
	

	Investment Funds
	44

	6.08
	

	Investment of Participants’ Accounts
	45

	6.09
	

	Shareholder Rights in Company Stock
	46

	6.10
	

	Trust Income
	47

	6.11
	

	Correction of Error
	48

	6.12
	

	Right of the Employers to Trust Assets
	48

	6.13
	

	Group Trust
	48

	

	 
	 

	Article VII
	Loans and Withdrawals
	49

	7.01
	

	Participant Withdrawals
	49

	7.02
	

	Participant Loans
	51

	7.03
	

	Request for Distribution
	53

	 
	 
	 

	Article VIII
	Benefits
	54

	8.01
	

	Payment of Benefits in General
	54

	8.02
	

	Payment on Termination of Employment
	54

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	8.03
	

	Time of Payment
	54

	8.04
	

	Lump Sum Payment Without Election
	55

	8.05
	

	Payment Upon Death
	55

	8.06
	

	Minimum Distribution Requirements
	58

	8.07
	

	Facility of Payment
	61

	8.08
	

	Form of Payment
	61

	8.09
	

	Direct Rollover to Another Plan
	61

	8.10
	

	Deduction of Taxes from Amounts Payable
	63

	 
	 
	 

	Article IX
	Administration
	64

	9.01
	

	Sponsor Rights and Duties
	64

	9.02
	

	Plan Administrator Rights and Duties
	64

	9.03
	

	Plan Administrator Bonding and Expenses
	65

	9.04
	

	Information To Be Supplied by Participants
	65

	9.05
	

	Information To Be Supplied by Employers
	65

	9.06
	

	Records
	65

	9.07
	

	Electronic Media
	65

	9.08
	

	Plan Administrator Decisions Final
	66

	

	 
	 

	Article X
	Claims Procedure
	67

	10.01
	

	Initial Claim for Benefits
	67

	10.02
	

	Review of Claim Denial
	67

	 
	 
	 

	Article XI
	Amendment, Merger and Termination of the Plan
	69

	11.01
	

	Amendments
	69

	11.02
	

	Plan Merger
	69

	11.03
	

	Plan Termination
	70

	11.04
	

	Payment Upon Termination
	70

	11.05
	

	Withdrawal from the Plan by an Employer
	70

	 
	 
	 

	Article XII
	Top Heavy Provisions
	72

	12.01
	

	Application
	72

	12.02
	

	Special Top Heavy Definitions
	72

	12.03
	

	Special Top Heavy Provisions
	77

	

	 
	 

	Article XIII
	Miscellaneous Provisions
	80

	13.01
	

	Employer Joinder
	80

	13.02
	

	Non-Alienation of Benefits
	80

	13.03
	

	Qualified Domestic Relations Order
	81

	13.04
	

	Unclaimed Amounts
	82

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	PAGE

	 
	 
	 

	13.05
	

	No Contract of Employment
	82

	13.06
	

	Recoupment of or Reduction for Overpayment
	82

	13.07
	

	Employees’ Trust
	83

	13.08
	

	Source of Benefits
	83

	13.09
	

	Interest of Participants
	83

	13.10
	

	Indemnification
	83

	13.11
	

	Company Action
	83

	13.12
	

	Company Merger
	83

	13.13
	

	Multiple Capacity
	84

	13.14
	

	Gender and Number
	84

	13.15
	

	Headings
	84

	13.16
	

	Uniform and Non-Discriminatory Application of Provisions
	84

	13.17
	

	Invalidity of Certain Provisions
	84

	13.18
	

	Law Governing
	84

	

	 
	 

	APPENDIX A
	85

	

	

	 
	 

	SCHEDULE 1
	88

CHICAGO BRIDGE & IRON SAVINGS PLAN

ARTICLE I
Adoption

1.01    Adoption, Amendment and Restatement.  The Chicago Bridge & Iron Savings Plan was originally established by the Company’s corporate predecessor effective June 16, 1964.  Chicago Bridge & Iron Company, a Delaware corporation, became the sponsor of the Plan effective March 18, 1997.  The Company merged the CBI Hourly Employees’ Saving Plan into this Plan and amended and restated the Plan effective January 1, 1997.  The Company further merged the Howe-Baker Engineers, Inc. Employees’ Profit-Sharing 401(k) Plan, the Matrix Engineering, Inc. Savings Plan, the A&B Builders, Inc. Savings Plan, and the Callidus Technologies 401(k) Savings Plan, into this Plan effective December 31, 2000.  The Company previously amended and restated the Plan effective January 1, 2008 and effective January 1, 2013.  The Company now amends and restates the Plan effective January 1, 2014 (except as otherwise provided in this document) to read as set forth in this document.  The Plan is intended to be a qualified profit sharing plan described in Section 401(a) of the Code with a qualified cash or deferred arrangement described in Section 401(k) of the Code.
 

ARTICLE II
Definitions

The following terms, whenever used in the following capitalized form, shall have the meanings set forth below, unless the context clearly indicates otherwise:

2.01    “Account” means an Active Account or an Inactive Account, each comprising a record of a Participant’s undivided share in the Trust plus income and gains thereon, and less expenses, losses and distributions therefrom:  The Plan Administrator may maintain (or cause the Trustee to maintain) such subaccounts within any Account as the Plan Administrator deems necessary or desirable for purposes of this Plan.  If assets and liabilities of a Transferor Plan or portion thereof are transferred to this Plan pursuant to Section 11.02, the Plan Administrator may establish additional Inactive Accounts for such assets and liabilities, or may allocate such assets and liabilities to an existing Active or Inactive Account, all as the Plan Administrator in its discretion determines is necessary or desirable for the purposes of this Plan.

2.02    “Account Balance” means a Participant’s total interest in the Trust composed of the aggregate balance of all such Participant’s Accounts.  The value of an Account Balance at any time during any Plan Year shall be its value as adjusted on the coinciding or immediately preceding Valuation Date.

2.03    “Active Account” means any one or more of the following seven (7) separate Accounts to which Elective Deferrals, Company Matching Contributions, Company Contributions and Rollover Contributions, if any, may currently be allocated: 

(a)    “Employee 401(k) Account” credited with pre-tax Elective Deferrals made in accordance with Section 4.01(a).

(b)    “Company Matching Account” credited with Matching Contributions made in accordance with Section 4.02.  Effective January 1, 2001, Company Matching Accounts for pre-2001 Matching Contributions are Inactive Accounts, and new Company Matching Accounts were established as of January 1, 2001.  Effective January 1, 2014, the Company Matching Account shall include discretionary Matching Contributions which are in addition to Safe Harbor Matching Contributions.

(c)    “Company Contribution Account” credited with Company Contributions, if any, made in accordance with Section 4.03.  To the extent necessary to comply with Section 411(c) (relating to vesting), the Plan Administrator shall maintain separate subaccounts within a Participant’s Company Contribution Account for (i) Company Contributions for Plan Years beginning before January 1, 2007 (and earnings thereon); and (2) Company Contributions for Plan Years beginning after December 31, 2006 (and earnings thereon).
(d)    “Prior Plan and Rollovers Account” credited with Rollover Contributions, if any, made in accordance with Section 4.04, other than Rollover Contributions derived from Roth accounts under any other qualified cash or deferred arrangement.

2

(e)    "Roth Contribution Account" credited with Roth Contributions (including Catch-Up Deferrals designated as Roth Contributions), if any, that are made on behalf of the Participant pursuant to a Participant's election under Section 4.01(b).

(f)    "Roth Rollover Account" credited with Rollover Contributions, if any, made in accordance with Section 4.04 that are derived from Roth accounts under another qualified cash or deferred arrangement.

(g)    "Safe Harbor Matching Account" credited with Safe Harbor Matching Contributions made in accordance with Section 4.02 for Plan Years beginning on or after January 1, 2014.  

2.04    “Active Participant” for a Plan Year means a Participant who is employed by an Employer as an Eligible Employee for any portion of the Plan Year; provided, however that

(a)    for purposes of making Elective Deferrals under Section 4.01 (including Roth Contributions under Section 4.0l(b)), an Active Participant for the Plan Year is a Participant who has Compensation in that Plan Year; 

(b)    for purposes of Matching Contributions under Section 4.02, an Active Participant for the Plan Year is a Participant who makes Elective Deferrals in that Plan Year; 
 
(c)    for purposes of Company Contributions under Section 4.03, an Active Participant for the Plan Year:

		
	(i)
	Prior to January 1, 1014, is a Participant who:

(A)    is an Employee on the last day of the Plan Year, and

(B)    has completed 1,000 or more Hours of Service during the Plan Year; 

(C)    had a Termination of Employment during the Plan Year by reason of Retirement, Disability, death, or a Reduction-in-Force Termination;

(D)    transferred employment during that Plan Year to The Shaw Group, Inc. or any entity which has adopted The Shaw Group, Inc. 401(k) Plan, and (A) is employed by such entity on the last day of the Plan Year, and (B) during the Plan Year completed a combined total of 1,000 or more Hours of Service with the Employer and The Shaw Group, Inc. (or any entity which has adopted The Shaw Group, Inc. 401(k) Plan); or

3

(E)    transferred employment during that Plan Year to work outside of the United States on a non-U.S. based payroll, and (A) is employed by an affiliated non-U.S. entity on the last day of the Plan Year, and (B) during the Plan Year completed a combined total of 1,000 or more Hours of Service with the Employer and its non-U.S. affiliate. 

		
	(ii)
	Effective January 1, 1014, is a Participant who is an Employee on the last day of the Plan Year.

(d)    for purposes of any minimum contributions required under Article XII, an Active Participant for the Plan Year is a Participant who is an Employee on the last day of the Plan Year. 

2.05    “Authorized Leave of Absence” means an absence with or without pay, authorized by an Employer on a non-discriminatory basis, for Disability, accident, jury duty, military duty, or other reasons.

2.06    “Beneficiary” means any person affirmatively designated by a Participant pursuant to Section 8.05 to receive death benefits under the Plan (a “Designated Beneficiary”) or if there is no Designated Beneficiary or the designation is ineffective under Section 8.05, the person or persons entitled to receive death benefits under the Plan by default under Section 8.05.

2.07    “Board” means the Board of Directors of the Company.

2.08    “Code” means the Internal Revenue Code of 1986, as amended, or any succeeding Internal Revenue Code.  References to sections of the Code shall be include any such sections as amended, modified or renumbered.

2.09    “Company” means (a) before March 18, 1997, Chi Bridge Holdings, Inc., a Delaware corporation, and (b) on and after March 18, 1997, Chicago Bridge & Iron Company, a Delaware corporation, a wholly-owned subsidiary of Chicago Bridge & Iron Company N.V., a Netherlands corporation; or any successor corporation, by merger, consolidation, purchase or otherwise, which elects to adopt the Plan and the Trust.

2.10    “Company Contributions” means the contributions made from time to time by an Employer to the Trustee in accordance with Section 4.03.

2.11    “Company Stock” means the publicly traded common shares of the Company’s parent corporation, Chicago Bridge & Iron Company N.V., a Netherlands corporation.

2.12    “Company Stock Fund” means an Investment Fund designated for investment in Company Stock.  Up to one hundred percent (100%) of the assets of the Company Stock Fund may be invested in Company Stock.

4

2.13    “Compensation” means the amounts below:

(a)    Compensation.  Except as provided in subsection (b), Compensation means the total cash salary and wages paid by the Employer through the U.S. payroll system of an Employer to a Participant while an Eligible Employee, or paid by the Employer through its payroll system for U.S. expatriate employees to a Participant while an Eligible Employee  (i) including short-term disability payments made directly from the assets of the Employer, overtime, and cash bonuses under any annual or other short-term incentive pay or bonus plan, (ii) excluding long-term incentives, stock options, restricted stock, similar non-cash benefits, contributions or benefits under any employee benefit plan and special allowances provided to U.S. Expatriate Employees for the purpose of equalizing their salary and wages, reimbursements or other expense allowances, fringe benefits (cash  and  non­ cash), moving expenses, deferred compensation and welfare benefits; and (iii) increased by the amount of any Elective Deferrals under this Plan and any other elective contributions or deferrals made by an Employer on behalf of an Employee that are excluded from the Participant’s income by Section 125, Section 132(f), Section 402(e)(3), Section 402(h)(1)(B), Section 403(b), Section 408(p)(2)(A)(i) or Section 457 of the Code, and (iv) excluding all compensation in excess of the Compensation Limit.  Compensation for a Plan Year shall also include compensation paid by the later of two and one-half (2-1/2) months after a Participant’s Termination of Employment or the end of the Plan Year that includes the Participant’s Termination of Employment, if:

(1)    the payment is regular compensation for services during the Participant’s regular working hours, or compensation for services outside the Participant’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and, absent a Termination of Employment, the payments would have been paid to the Participant while the Participant continued in employment with the Employer; or

(2)    the payment is for unused accrued bona fide sick, vacation, or other leave that the Participant would have been able to use if employment had continued.

Any payments not described above shall not be considered Compensation if paid after Termination of Employment, even if they are paid by the later of two and one-half (2-1/2) months after the date of Termination of Employment or the end of the Plan Year that includes the date of Termination of Employment.

Back pay, within the meaning of Treasury Regulation Section 1.401(c)-2(g)(8), shall be treated as Compensation for the Plan Year in which the back pay is actually paid to the Participant, to the extent the back pay represents wages and compensation that would otherwise be included under this definition.

(b)    Statutory Compensation.  For purposes of applying the limitations of Article V (including the identification of Highly Compensated Employees), and applying the requirements of Article XII (including the identification of Key Employees), subject to the 

5

exceptions below, Statutory Compensation means compensation as defined for purposes of Section 415(c)(3) and Treasury Regulations Sections 1.415-2(d)(11)(i) thereunder, including wages within the meaning of Section 3401(a) of the Code and all other payments of compensation to an employee by his 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 sections 6041(d), 6051(a)(3), and 6052 of the Code, determined without regard to any rules under section 3401(a) 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)).  Notwithstanding the foregoing:

(1)    For purposes of the identification of Highly Compensated Employees under Section 2.27 for Plan Years beginning before January 1, 1998, Statutory Compensation means compensation as defined for purposes of Section 415(c)(3) of the Code and Treasury Regulations Sections 1.415-2(d)(2), (3) and (10) thereunder, (i) including wages, salaries, fees for professional services, and other amounts received (without regard to whether or not an amount is paid in cash) for personal services actually rendered in the course of employment with the Employer or any Related Company to the extent that the amounts are included in gross income (including, but not limited to, commissions paid salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits and reimbursements or other expense allowances under a nonaccountable plan), but (ii) excluding contributions of the Employer or a Related Company to (unless includible in the gross income of the Employee for the taxable year when contributed), or distributions from, a plan of deferred compensation (other than an unfunded nonqualified plan), amounts realized from the exercise of a non-qualified stock option or when restricted stock (or property) held by an Employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture (as determined under Section 83 of the Code), amounts realized from the sale, exchange or other disposition of stock acquired under an incentive stock option, and other amounts which receive special tax benefits.

(2)    In applying Statutory Compensation for purposes of determining whether an Employee is a Highly Compensated Employee under Section 2.27 or a Key Employee under Section 12.02(d), for purposes of determining the Actual Deferral Percentage under Section 5.02 and the Actual Contribution Percentage under Section 5.03, and for purposes of determining for Plan Years beginning on or after January 1, 1998 the limitations under Section 5.06 and Minimum Employer Contributions under Section 12.03(a), Statutory Compensation under this subsection shall be increased by the amount of Elective Deferrals under this Plan and any other elective contributions or deferrals made by an Employer or Related Company on behalf of an Employee that excluded from the Participant’s income by Section 125, Section 132(f), Section 402(e)(3), Section 402(h)(1)(B), Section 403(b), Section 408(p)(2)(A)(i) or Section 457 of the Code. 

6

(3)    Except for purposes of determining Highly Compensated Employees under Section 2.27, Key Employees under Section 12.02(d), and the limitations under Section 5.06, Statutory Compensation will not exceed the Compensation Limit.

2.14    “Compensation Limit” means two hundred sixty thousand dollars ($260,000) (for 2014), as adjusted for increases in the cost-of-living in accordance with Section 401(a)(17)(B) of the Code.  The cost-of-living adjustment in effect for a calendar year applies to any determination period beginning in such calendar year.  If a determination period consists of fewer than twelve (12) months, the annual Compensation Limit is an amount equal to the otherwise applicable annual Compensation Limit multiplied by a fraction, the numerator of which is the number of months in the short determination period, and the denominator of which is twelve (12).

2.15    “Disability” or “Disabled” means a Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous or indefinite period of at least twelve (12) months, and which is substantiated by proof of disability satisfactory to the Plan Administrator (which proof shall include a written statement of licensed physician or other appropriate medical care provider appointed or approved by the Employer).

2.16    “Dollar Limit” has the meaning defined for such term in Section 5.01.

2.17    “Effective Date” means January 1, 2014, the effective date of this amendment and restatement.  The original effective date of the Plan was June 16, 1964.

2.18    “Elective Deferrals” means the contributions made by an Employer to the Trustee on behalf of an Active Participant attributable to reductions in the Participant’s Compensation pursuant to a Salary Reduction Agreement in accordance with Section 4.01.

2.19    “Eligible Employee” means any Employee who is employed by an Employer and paid through the U.S. payroll system of the Employer, including an Employee transferred from the United States to work outside the United States but retained on the U.S. payroll system of the Employer, but excluding:

(a)    Union Employees.  Any Employee who is a member of a collective bargaining unit of employees represented by a collective bargaining agent with which an Employer or a Related Company has a bargaining agreement, unless that agreement requires inclusion of the Employee in this Plan.

(b)    Nonresident Aliens.  Any Employee who (i) (A) is neither a citizen nor resident of the United States or (B) is first employed by an Employer or Related Company outside the United States other than as a U.S. Expatriate Employee, and (ii) receives no earned income (within the meaning at Section 911(d)(2) of the Code) from the Employer or a Related Company from sources within the United States (within the meaning of Section 861(a)(3) of the Code).

7

(c)    Leased Employees.  Any individual who is (or who would be at the expiration of the 1-year period described in clause (2) below) classified by a recipient Employer at the relevant time as a Leased Employee (defined below), even if such person is subsequently determined to be, or to have been, a common-law employee of that Employer.  For this purpose “Leased Employee” means a person who is not an employee of a recipient and who provides services to the recipient if:

(1)    such services are provided pursuant to an agreement between the recipient and any other person,

(2)    such person has performed such services for the recipient (or for the recipient and related persons) on a substantially full-time basis for a period of a least one (1) year, and 

(3)    such services are performed under the primary direction and control of the recipient.

Notwithstanding the above, an Employee of an Employer (or Related Company) who performs services for a recipient that is another Employer (or Related Company) shall not be excluded as a Leased Employee. 

(d)    Independent Contractors.  Any individual who is classified by the Employer at the relevant time as an independent contractor, even if such person is subsequently determined to be, or to have been, a common-law employee of an Employer.

(e)    Field Employees.  Any Employee of an Employer or a Related Company, who is paid on an hourly basis from the “field payroll”, and whose duties consist of transient construction or related services performed on-site in the field and not at a permanent office, manufacturing or warehouse facility of the Employer or a Related Company.

(f)    Other Workers.  The following Employees are not Eligible Employees:  temporary employees, co-ops, interns, benefit ineligible employees and employees who are in the United States on an F1 Visa.  Notwithstanding any other Plan provision, an ineligible Employee listed in this subsection (f) who subsequently becomes an Eligible Employee shall be credited with Hours of Service performed during his service as an ineligible Employee.

(g)    Payroll Determinative.  For purposes of this Plan, an Employee shall be treated as the Employee of (and only of) the Employer (or Related Company) through whose payroll his or her salary or wages are paid.  

8

(h)    Lutech Employees. Any individual who is an employee of Lutech Resources, Inc.

2.20    “Employee” means any common law employee of an Employer or a Related Company, and any leased employee (within the meaning of Section 414(n)(2) of the Code) of an Employer or any Related Company.

2.21    “Employer” or “Employers” means the Company and any Related Company which has adopted the Plan pursuant to Section 13.01.

2.22    “Employer Stock” means Company Stock, and stock of a Participant’s former employer accumulated in an account for the Participant under a Transferor Plan that is maintained as an Inactive Account under this Plan.

2.23    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

2.24    “Forfeiture” means the portion of a Participant’s Account Balance that is forfeited as provided in Sections 4.11, 5.01, 5.02(c), or 13.04.

2.25    “Former Plan” means this Plan (formerly known as the CBI 401(k) Pay Deferral Plan), as in effect immediately before the Effective Date of this amendment and restatement and including, to the extent relevant for administering this Plan, the Hourly Plan.

2.26    “Hardship” means an immediate and heavy financial need of the Participant on account of:

(a)    Medical Expenses.  Expenses for medical care described in Section 213(d) of the Code previously incurred by the Participant, the Participant’s Spouse, any dependents of the Participant (as defined in Section 152 of the Code), or the Participant’s Beneficiary or amounts necessary for these persons to obtain medical care described in Section 213(d) of the Code.

(b)    Home Purchase.  Costs directly related to the purchase of a principal residence for the Participant (excluding mortgage payments).

(c)    Educational Expenses.  Payment of tuition, related educational fees and room and board expenses for the next twelve (12) months of post-secondary education for the Participant, the Participant’s Spouse, the Participant’s children, any dependents of the Participant (as defined in Section 152 of the Code), or the Participant’s Beneficiary.

(d)    Prevention of Eviction or Foreclosure.  Payments necessary to prevent the eviction of the Participant from his or her principal residence or foreclosure on the mortgage of the Participant’s principal residence.

9

(e)    Home Damage Repair.  Repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under Section 165 of the Code (determined without regard to whether the loss exceeds ten percent (10%) of adjusted gross income), to the extent creating an immediate and heavy financial need on the basis of all the relevant facts and circumstances.

(f)    Funeral.  Payments for burial or funeral expenses for the Participant’s deceased parents, spouse, children, dependents (as defined in Section 152 of the Code, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B) of the Code), or the Participant’s deceased Beneficiary.

(g)    Other Deemed Hardship Events Designated by the Internal Revenue Service.  Such other events, if any, that are designated by the Internal Revenue Service as constituting deemed immediate and heavy financial needs in regulations, revenue rulings, notices, or other documents of general applicability.

2.27    “Highly Compensated Employee” means, for any Plan Year, any individual who is an Employee described in subsection (a) or (b) below, or who is a former Employee described in subsection (c) below:

(a)    An Employee who at any time during the current Plan Year or the preceding Plan Year is a more than five percent (5%) owner (or is considered as owning more than five percent (5%) within the meaning of Section 318 of the Code) of the Employer or a Related Company (“5% Owner”).

(b)    An Employee who received Statutory Compensation during the preceding Plan Year in excess of one hundred fifteen thousand dollars ($115,000) (as adjusted in accordance with regulations and rulings under Section 414(q) of the Code), and is in the group consisting of the top twenty percent (20%) of the total number of persons employed by the Employer and Related Companies when ranked on the basis of Statutory Compensation paid during the preceding Plan Year, provided, however, that, for purposes of determining the total number of persons employed by the Employer and Related Companies, the following Employees shall be excluded:
(i)    Employees who have not completed an aggregate of six (6) months of service during the preceding Plan Year,
(ii)    Employees who work less than seventeen and one-half (17-1/2) hours per week for fifty percent (50%) or more of the total weeks worked by such employees during the preceding Plan Year,
(iii)    Employees who normally work not more than six (6) months during any year,
(iv)    Employees who have not attained age twenty-one (21) by the end of the preceding Plan Year, 

10

(v)    Employees who are nonresident aliens and who receive no earned income (within the meaning of Section 911(d)(2) of the Code) from the Employer or Related Companies which constitutes income during the preceding Plan Year from sources within the United States (within the meaning of Section 861(a)(3) of the Code), and

(vi)    Except to the extent provided in regulations prescribed by the Secretary of the Treasury, Employees who are members of a collective bargaining unit represented by a collective bargaining agent with which an Employer or Related Company has or has had a bargaining agreement.

(c)    A former Employee of an Employer or any Related Company if such former Employee was a Highly Compensated Employee at the time he or she had a Termination of Employment, or at any time after he or she attains age fifty-five (55).  For purposes of this subsection, (i) an Employee who performs no services for the Employer or a Related Company during a Plan Year (for example, an Employee who is on an Authorized Leave of Absence throughout the Plan Year) shall be treated as having had a Termination of Employment in the Plan Year in which he last performed services for the Employer or a Related Company and (ii) an Employee who performs services for the Employer or a Related Company during a Plan Year shall nevertheless be deemed to have had a Termination of Employment (solely for purposes of determining whether such Employee is a Highly Compensated Employee for any period after he or she has an actual Termination of Employment) if (1) in a Plan Year prior to his or her attainment of age fifty-five (55), the Employee receives Statutory Compensation in an amount less than fifty percent (50%) of his or her average annual Statutory Compensation for the three (3) consecutive calendar years preceding such Plan Year during which his or her Statutory Compensation was the greatest (or the total period of the Employee’s service with the Employer and Related Companies, if less), and (2) after such Plan Year in which the Employee is deemed to have had a Termination of Employment and before the Plan Year in which the Employee has an actual Termination of Employment, the Employee’s services for and Compensation from the Employer and Related Companies do not increase significantly.

2.28    “Hour of Service” means each hour for which an Employee is paid, or entitled to payment, by an Employer or a Related Company:

(a)    for the performance of duties;

(b)    on account of a period of time during which no duties were performed; provided, however, that (i) no more than five hundred one (501) Hours of Service shall be credited for any single continuous period during which an Employee performs no duties, and (ii) no Hours of Service shall be credited for payments made or due under a plan maintained solely for the purpose of complying with applicable workers’ compensation, unemployment compensation or disability insurance laws, or for reimbursement of medical expenses; and

11

(c)    for which back pay, irrespective of mitigation of damages, is awarded or agreed to by the Employer or Related Company; provided, however, that (i) no more than five hundred one (501) Hours of Service shall be credited for any single continuous period of time during which the Employee did not or would not have performed duties, and (ii) Hours of Service credited under (a) or (b) shall not also be credited under (c).

The determination of Hours of Service for reasons other than the performance of duties shall be determined in accordance with the provisions of Labor Department Regulations Section 2530.200b-2(b), and Hours of Service shall be credited to computation periods in accordance with the provisions of Labor Department Regulations Section 2530.200b-2(c).

2.29    “Hourly Plan” means the CBI Hourly Employees’ Savings Plan as in effect immediately prior to merging into the Plan.  

2.30    “Inactive Account” means an separate Account maintained under this Plan (including any account transferred from a Transferor Plan) to which no further Elective Deferrals, Matching Contributions, Company Contributions, Travelers Contributions or Rollover Contributions are currently allocated, but which the Plan Administrator in its discretion maintains as a separate Account to reflect any special vesting schedule applicable to the Account, any special distribution options required or permitted for such Account, and any other special benefits, rights or features pertaining to such Account.  Schedule 1 sets forth the Accounts, including Inactive Accounts (and their vesting schedules, special distribution options, and other salient benefits, rights and features) maintained under this Plan from time to time.

2.31    “Investment Committee” means the committee appointed by the Company pursuant to Section 6.06 to act on behalf of the Company with respect to the investment of Plan assets. 

2.32    “Investment Fund” means each pooled or commingled investment fund or investment arrangement designated or authorized by the Investment Committee pursuant to Section 6.07 from among (i) regulated investment companies registered under the Investment Company Act of 1940; (ii) common trust funds or collective investment funds qualified under Sections 401 and 501 of the Code; (iii) a discount brokerage account provided by a brokerage firm that is a member of NASD/SIPC designated or authorized by the Investment Committee to provide individually directed accounts for purposes of this Plan; (iv) any other funding vehicle (including, but not limited to, a limited partnership); (v) the Company Stock Fund; (vi) any other fund for the holding of other Employer Stock maintained in connection with an Inactive Account transferred from a Transferor Plan, and (vii) for former participants in the Hourly Plan, guaranteed investment contracts issued by Principal Mutual Life Insurance Company.  Solely for the purpose of segregating notes representing loans to a Participant under Section 7.02, the Trustee and Plan Administrator shall hold such notes as a separate Investment Fund pursuant to Section 7.02(f).

2.33    “Investment Manager” means a person who has acknowledged in writing that he, she or it is a fiduciary with respect to this Plan and who (i) is registered as an investment adviser under the Investment Advisers Act of 1940 (the “Act”), or (ii) is not registered as an investment 

12

adviser under such Act by reason of paragraph (1) of Section 203(A) of such Act but is registered as an investment adviser under the laws of the state in which such person maintains his, her or its principal office and place of business, and who, at the time such person last filed with such state the most recent the registration form required to maintain such person’s registration under the laws of such state also filed a copy of such form with the Secretary of Labor, or (iii) is a bank as defined in the Act, or (iv) is an insurance company qualified to perform investment management or investment advisory services under the laws of more than one state.

2.34    “Matching Contributions” means the contributions made from time to time by an Employer to the Trustee in accordance with Section 4.02.

2.35    “Maternity or Paternity Leave” means an absence from work (i) by reason of pregnancy of the individual; (ii) by reason of a birth of a child of the individual; (iii) by reason of the placement of a child with the individual in connection with the adoption of such child by such individual; or (iv) for purposes of caring for such child for a period beginning immediately following such birth or placement.  The Participant shall give the Plan Administrator such timely information as the Plan Administrator may reasonably require to establish that the absence from work is for one of the foregoing reasons and to establish the number of days for which there was such an absence.

2.36    “Normal Retirement Date” means the date on which the Participant attains age 65.

2.37    “Participant” means a current or former Eligible Employee participating in the Plan as provided in Article III.

2.38    “Period of Severance” means the period of time from the earliest of (i) an Employee’s Termination of Employment, or (ii) the first anniversary of an Employee’s first absence from work for any reason other than a Termination of Employment, until the date the Employee is credited with an Hour of Service upon reemployment by or return to service with an Employer or a Related Company.  However if one of the reasons for an Employee’s Termination of Employment or other absence was Maternity or Paternity Leave, the Period of Severance shall not include the first year that would otherwise be included in that Period of Severance.

2.39    “Plan” means this Chicago Bridge & Iron Savings Plan as set forth in this document and as from time to time amended; including, for periods prior to the Effective Date, the Former Plan.

2.40    “Plan Administrator” means the person appointed by the Company in accordance with Section 9.01 to serve as the plan administrator within the meaning of Section 414(g) of the Code and as the administrator within the meaning of Section 3(16)(A) of ERISA.

2.41    “Plan Year” means the calendar year.

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2.42    “QMAC” means the qualified matching contribution made from time to time by an Employer to the Trustee in accordance with Section 4.05.

2.43    “Qualified Military Leave” means an absence due to service in the uniformed services (as defined in chapter 43 of the United States Code) by any Employee provided the Employee returns to employment with the Company or Employer with re-employment rights provided by law.

2.44    “QNEC” means the qualified non-elective contribution made from time to time by an Employer to the Trustee in accordance with Section 4.05.

2.45    “Reduction-in-Force Termination” means any permanent Termination of Employment of an Employee initiated by the Company or any Related Company, including any Termination of Employment caused by the sale by the Company or a Related Company of an ownership interest in a Related Company or the assets of a business or business segment, causing the sold Related Company, business or business segment to cease being (or being part of) a Related Company, but excluding:

		
	(a)
	any Termination of Employment by Retirement, or by early retirement under any retirement arrangement of an Employer applying to that Employee, elected by the Employee before being given notice of any impending Termination of Employment, or pursuant to an election under any special program of retirement incentive offered by the Company or Employer prior to any notice of impending Termination of Employment;

(b)    any Termination of Employment by reason of Disability or death;

(c)    any Authorized Leave of Absence;

		
	(d)
	any Termination of Employment for or after “Cause,” as “Cause” is defined in the Chicago Bridge & Iron Salaried Employee Severance Pay Plan as from time to time in effect (the “Severance Plan”), whether or not the Severance Plan applies to the Employee;

(e)    any voluntary resignation by the Employee; or

(f)    any event that is not a Termination of Employment as defined in Section 2.57

2.46    “Related Company” means a corporation, trade, or business however organized (including any limited liability company) during the time that it and an Employer are (i) members of a controlled group of corporations as defined in Section 414(b) of the Code; (ii) under common control as defined in Section 414(c) of the Code, (iii) members of an affiliated service group as defined in Section 414(m) of the Code, or (iv) members of a group the members of which are required to be aggregated pursuant to regulations under Section 414(o) of the Code; provided, however, that for purposes of determining applying Section 5.06, the standard of control under 

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Sections 414(b) and 414(c) of the Code (and thus also Company and Related Plans) shall be determined as provided in Section 5.06(d).

2.47    “Related Plan” means any other defined contribution plan or any defined benefit plan (as defined in Sections 414(i), (j) and (k) of the Code) maintained by an Employer or a Related Company and intended to qualify under Section 401(a) of the Code, respectively called a “Related Defined Contribution Plan” and “Related Defined Benefit Plan.”

2.48    “Required Distribution Date” means April 1 of the calendar year following the later of (i) the calendar year in which the Participant attains age seventy and one-half (70-1/2), or (ii) the calendar year in which the Participant has a Termination of Employment; provided, however, that this clause (ii) shall not apply (A) if the Participant is a five percent (5%) owner (as determined under Code Section 416(i)) of the Employer or a Related Company at any time during the Plan Year ending with or within the calendar year in which he or she attains age seventy and one-half (70-1/2), or (B) to a Participant who attained age seventy and one-half (70-1/2) before January 1, 1999. 

2.49    “Restricted Account” means an Inactive Account that is subject to the survivor annuity requirements of Section 417 of the Code.

2.50    “Retirement” means a Termination of Employment on or after the date a Participant (i) has attained age fifty-five (55) and has completed ten (10) years of Service, (ii) has completed thirty (30) years of Service, or (iii) has attained his or her Normal Retirement Date.

2.51     “Rollover Contribution” means a contribution made from time to time by an Eligible Employee to the Trustee in accordance with Section 4.04 of the Plan (i) from a qualified trust as described in Section 402(c) of the Code, an annuity contract described in Section 403(b) of the Code or an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state; or (ii) from an individual retirement account or individual retirement annuity (“IRA”) as described in Section 408(d)(3) of the Code if the sole source of contributions to such IRA was one or more rollover contributions from a qualified trust described in Section 402(c) of the Code.  A Rollover Contribution shall include any direct transfer of an eligible rollover distribution described in Section 401(a)(31) of the Code from a qualified trust, annuity contract, eligible governmental plan or IRA described in the preceding sentence.  A Rollover Contribution shall include any direct transfer to the Participant's Roth Rollover Account from another Roth elective deferral account under an applicable plan described in Section 402A(e)(I) of the Code, but only to the extent the Rollover Contribution is permitted under the rules of Section 402A(c) of the Code.

2.52    “Roth Contribution” means that portion of a Participant’s Elective Deferrals that the Participant designates as a Roth Contribution in the Participant’s Salary Reduction Agreement and that is contributed to the Plan on an after-tax basis in accordance with Section 4.01(b). 

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2.53    “Safe Harbor Matching Contribution” means the fixed Matching Contribution that is contributed to the Plan in accordance with Section 4.02(b). 

2.54    "Safe Harbor Notice" means the comprehensive notice that the Company provides to each Participant eligible to participate in Company contributions that describes the Participant's rights and obligations under the Plan, written in a manner calculated to be understood by the average Participant.  The Safe Harbor Notice shall be given at least 30 days, but not more than 90 days, before the beginning of the Plan Year.  If a Participant becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Eligible Employee becomes a Participant, but not later than the date the Employee becomes a Participant.

2.55     “Salary Reduction Agreement” means the properly completed and executed form provided by the Plan Administrator which has been filed by the Participant with the Plan Administrator as provided in Section 4.01.

2.56     “Service”  means  the  aggregate  of  all  periods  of  employment   of  an Employee  by an Employer or Related Company (including  periods of Authorized  Leave of Absence) measured from the date an Employee first performs an Hour of Service upon employment or  reemployment  to  the  date  of  the  Employee's  Termination  of Employment,  but excluding any Period of Severance other than an Authorized Leave of Absence;  provided,  however, that (i) an Employee shall  not be credited  with more than twelve (12) months of Service with respect to any single period of Authorized  Leave of Absence; and (ii)  if an  Employee  who  has a Termination  of  Employment  is reemployed  by an Employer or a Related Company and performs an Hour of Service before he or she incurs a one (1)-year Period of Severance, such Termination of Employment  shall  be disregarded and his or her Service shall  be treated as continuous through the date he or she resumes employment as an  Employee.   An Employee shall receive credit for one-twelfth (1/12) of a year of Service for each full or partial calendar month of Service.   Service once credited  under this Section shall not be disregarded  by reason of any subsequent Period of Severance; except  that if a Participant has five (5) consecutive  one-year  Periods of Severance,  Service after such five (5)-year  period shall not be taken into account for purposes of Section 4.10 in determining  the nonforfeitable percentage of his or her Account Balance derived  from Employer  contributions  which  accrued  before such  five (5)-year  period.   For  purposes  of determining  whether  or  to  what  extent a  Participant's  Accounts transferred from a Transferor  Plan are vested and nonforfeitable under Section 4.10, Service of a Participant who was a  participant  in a Transferor  Plan shall  include service  with  the  predecessor employer  credited  for  vesting  purposes  under  the  Transferor  Plan.     

For purposes of determining whether or to what extent Accounts of a Participant who was employed by CRI/Criterion, Inc., a Delaware corporation ("CRI"), or an employer that is a Related Company to CRI, immediately before the acquisition by an Employer of the capital stock of Chemical Research and Licensing Company, a Texas corporation, are vested and nonforfeitable under Section 4.10, Service shall include service with CRI or such Related Company prior to such acquisition.  

16

With respect to a Participant who, as of February 13, 2013, was an employee of The Shaw Group, Inc. or any entity related to Shaw Group, Inc. as a Related Company, service with Shaw Group, Inc. or any entity related to Shaw Group, Inc. as a Related Company shall be treated as service with an Employer.  

2.57    “Termination of Employment” occurs when for any reason (other than a layoff for lack of work with recall rights) an individual is no longer an Employee of an Employer or any Related Company, except that:

(a)    If an individual incurs a layoff for lack of work with recall rights, a Termination of Employment shall occur on the first anniversary of the date of layoff, unless the individual has in the interim been recalled to employment with the Employer or a Related Company.

(b)    A Participant’s Elective Deferrals, QNECs, QMACs, and earnings attributable to these contributions shall be distributed on account of the Participant’s severance from employment satisfying the requirements of Section 401(k)(10) of the Code and Treasury Regulations and rulings thereunder, all as in effect at the time of such severance from employment, as determined in the sole discretion of the Plan Administrator.  However, such a distribution shall be subject to the other provisions of the Plan regarding distributions, other than provisions that require a separation from service before such amounts may be distributed.

2.58    “Transferor Plan” means an employee benefit plan that is qualified under Section 401(a) of the Code and that transfers part or all of its assets and liabilities to, or merges or consolidates into, this Plan in a trust-to-trust transfer described in Section 414(l) of the Code.

2.59    “True-Up Contributions” has the meaning defined for such term in Section 4.02(d).

2.60    “Trust” means the trust established under the Trust Agreement by which contributions shall be received, held, invested and distributed to or for the benefit of Participants and Beneficiaries.

2.61    “Trust Agreement” means the trust agreement dated December 31, 1996, by and between the Company and T. Rowe Price Trust Company, a Maryland limited trust company, as Trustee, and any amendments thereto or successor or supplemental agreements.

2.62    “Trust Fund” means any property, real or personal, received by the Trustee, plus all income and gains and less losses, expenses and distributions chargeable thereto.

2.63    “Trustee” means the corporation, bank, trust company, individual or individuals who accept appointment as trustee to execute the duties of the Trustee set forth in the Trust Agreement.

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2.64    “Valuation Date” means the last business day of each calendar year and such additional dates as the Plan Administrator shall deem appropriate.  The Plan Administrator may designate different additional Valuation Dates for different Investment Funds and for different purposes under the Plan.
 

18

ARTICLE III
Participation

3.01    Participation.

(a)    Each Eligible Employee who was a Participant in the Former Plan immediately before the Effective Date shall continue as a Participant in the Plan from and after the Effective Date.

(b)    Except as provided in subsections (c) and (d), each other Eligible Employee:

(i)    hired prior to January 1, 2014, shall become a Participant on the first day on which he or she is an Eligible Employee.

		
	(ii)
	hired on or after January 1, 2014, shall become a Participant:

		
	(A)
	with respect to Elective Deferrals and Rollover Contributions,  on the first day of the pay period coincident with or immediately following the date on which he or she becomes an Eligible Employee;

 
		
	(B)
	with respect to Matching Contributions, Company Contributions and corrective contributions described in Section 4.05, on the first day of the pay period coincident with or immediately following the date on which he or she completes one (1) year of Service. 

(c)    Except as otherwise provided in a currently effective collective bargaining agreement, an Eligible Employee who is a shop employee at the Clive Shop (“Clive Shop Employee”), and whose participation in this Plan is governed by such collective bargaining agreement, shall become a Participant on the date he or she first becomes an Eligible Employee.  

(d)    An Eligible Employee who was an employee of ABB Lummus Global Inc. when such company was acquired shall become a Participant (i) for purposes of making Elective Deferrals (and receiving an allocation of Matching Contributions) on January 1, 2008; and (ii) for all other purposes of this Plan on the first day on which he or she is an Eligible Employee.  An Eligible Employee who was an employee of ABB Lummus Global Inc. shall be deemed to be an Active Employee for purposes of receiving a Company Contributions under Section 4.03 for the Plan Year ending December 31, 2007.

3.02    Duration of Participation.  An Eligible Employee who becomes a Participant shall continue to be a Participant until the later of (i) his or her Termination of Employment, or (ii) the distribution of his or her entire vested Account Balance from the Plan.

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3.03    Participation Upon Re-Employment.  A Participant who has a Termination of Employment, and thereafter resumes employment with an Employer as an Eligible Employee shall again become a Participant immediately upon becoming an Eligible Employee.  An Eligible Employee described in Section 3.01(c) who has a Termination of Employment before becoming a Participant and thereafter resumes employment with an Employer as an Eligible Employee shall again become a Participant in accordance with Section 3.01.

3.04    Participation Forms.  A Participant shall not be eligible to make Elective Deferrals (or to receive an allocation of Matching Contributions) until the effective date of his or her Salary Reduction Agreement as determined under Section 4.01(d).  A Participant shall execute and deliver to the Plan Administrator a Beneficiary designation and an investment election, on such form or forms provided or permitted by the Plan Administrator, and in such manner, as the Plan Administrator may prescribe.

 

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ARTICLE IV
Contributions and Vesting

4.01    Elective Deferrals.

(a)    General.  Each Active Participant may elect to make Elective Deferrals from his or her Compensation, and may designate the portion, if any, of the Elective Deferrals to be contributed as Roth Contributions, at least annually during any Plan Year and at such other times as the Plan Administrator may prescribe by executing and filing an appropriately completed Salary Reduction Agreement with the Plan Administrator on such form or forms provided or permitted by the Plan Administrator and in such manner as the Plan Administrator may prescribe.  The Salary Reduction Agreement shall specify the percentage of Compensation to be contributed to the Plan as Elective Deferrals and the portion, if any, of the Elective Deferrals to be contributed as Roth Contributions.  A Participant’s percentage for Elective Deferrals shall not be more than the seventy-five percent (75%) of Compensation.  The maximum percentage for Elective Deferrals may be changed by the Plan Administrator from time to time and shall be uniformly applicable to all Participants and effective from and after the date prescribed.  Except for that portion, if any, of the Elective Deferrals that the Participant has designated as Roth Contributions in accordance with subsection (b) below, such contribution shall be on a pre-tax basis, and the Employer shall reduce each Participant’s Compensation by, and contribute to the Trust as Elective Deferrals on behalf of such Participant, the amount (if any) by which the Compensation available to the Participant (after applicable deductions) has been reduced under such Participant’s Salary Reduction Agreement.  A Participant’s Salary Reduction Agreement shall continue in effect, subject to subsection (f) below, notwithstanding any change in his or her Compensation, until he or she changes or revokes his or her Salary Reduction Agreement.

Notwithstanding the above, a Participant who is a Clive Shop Employee and whose participation in this Plan is governed by a collective bargaining agreement may elect to make Elective Deferrals from his or her Compensation in accordance with the provisions of the currently effective collective bargaining agreement.

(b)    Roth Contributions.  If the Participant affirmatively  designates a portion of his or her Elective Deferrals as Roth Contributions,  such amount will be deducted from his or her Compensation  on an after-tax  basis, subject to withholding of applicable  federal, state and local income taxes on such  Roth Contributions  from the Participant's Compensation  other  than such Roth  Contributions.     Except  as  provided  in  the  preceding  sentence   or  otherwise  expressly specified  in  this  Plan,  Roth  Contributions  shall  be treated  as  Elective  Deferrals (or  Catch-Up Deferrals,  as applicable), for all purposes of this Plan.  In the absence of an affirmative designation, none of the Participant's Elective  Deferrals  under this Plan shall be contributed  as Roth Contributions.

(c)    Changes of Salary Reduction Agreements.  A Participant may change his or her rate of Elective Deferrals, or the designation of any portion of Elective Deferrals as Roth 

21

Contributions, by executing and filing a new Salary Reduction Agreement with the Plan Administrator on such form provided or permitted by the Plan Administrator and in such manner as the Plan Administrator may prescribe.

(d)    Effective Date of Salary Reduction Agreement.  A Salary Reduction Agreement or a change thereof shall apply solely to Compensation not yet paid or payable as of the date such new or changed Salary Reduction Agreement is filed with the Plan Administrator.  Subject to the foregoing requirement, a Salary Reduction Agreement or change thereof shall take effect on the first day of the payroll period as of which the start or change of the Participant’s Elective Deferrals, or the designation of any portion of Elective Deferrals as Roth Contributions, is administratively practicable (determined under procedures established by the Plan Administrator) after the Participant has executed and filed an initial or changed Salary Reduction Agreement with the Plan Administrator as provided in subsection (a) or (c) of this Section 4.01.

(e)    Revocations of Salary Reduction Agreements.  A Participant may revoke a Salary Reduction Agreement with respect to Compensation not paid or payable as of the date of such revocation by executing and filing a revocation of such Salary Reduction Agreement on such form provided or permitted by the Plan Administrator and in such manner as the Plan Administrator may prescribe.  Revocation of a Salary Reduction Agreement shall take effect on the first day of the payroll period as of which implementing the revocation is administratively practicable (determined under procedures established by the Plan Administrator) after the Participant has executed and filed such revocation with the Plan Administrator.  A Participant’s Salary Reduction Agreement shall become ineffective upon his or her ceasing to be an Active Participant. But the Participant may make a new Salary Reduction Agreement in accordance with subsection (a) upon again becoming an Active Participant.

(f)    Other Reductions and Limitations.  Elective Deferrals shall not exceed the lowest maximum amount permitted by Article V.  Notwithstanding anything in a Salary Reduction Agreement, the Plan Administrator may reduce the Elective Deferrals and amend the Salary Reduction Agreement of any Participant to prevent a reasonably anticipated violation of the limitations of Section 5.06, and may reduce the Elective Deferrals and Salary Reduction Agreement of any Participant who is a Highly Compensated Employee to prevent a reasonably anticipated violation of the limitations of Sections 5.01 or 5.02.  Any reduction of Elective Deferrals under this subsection (f) shall be applied pro rata to Elective Deferrals that are not Roth Contributions and to Elective Deferrals that are Roth Contributions.  If a Participant receives a Hardship distribution pursuant to Section 7.01, his or her Salary Reduction Agreement shall be suspended in accordance with Section 7.01(c)(5).  The Plan Administrator may, in its discretion, impose such additional rules, regulations and limitations on the amount of Elective Deferrals that may be elected, including limitations on the amount of Elective Deferrals that an Active Participant may elect for each payroll period to a pro-rata portion of the Dollar Limit, and limitations on the amount of Elective Deferrals that a Highly Compensated Employee may elect, to ensure that the limitations of Article V are not exceeded.

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(g)    Time for Contributing Elective Deferrals.  For each payroll period during a Plan Year, each Employer shall pay the Elective Deferrals of Participants who are its Employees over to the Trustee as of, or as soon as reasonably possible after, the date such amount would otherwise have been paid to the Participant in cash; but not earlier (except as required by bona fide administrative considerations) than the date that the Participant performs the services with respect to which the contribution is made (or the date such amount would otherwise have been paid to the Participant in cash, if earlier), and not later than the fifteenth (15th) business day of the month following the month in which such amount would otherwise have been paid to the Participant in cash.

(h)    Allocation of Elective Deferrals.  Elective Deferrals that are not Roth Contributions shall be allocated to the Employee 401(k) Account of each Participant on whose behalf such Elective Deferrals were made.  Elective Deferrals that are Roth Contributions shall be allocated to the Roth Contribution Account of each  Participant  on  whose behalf such  Roth Contributions were made.

(i)    Automatic Increase.  A Participant may elect to automatically increase his pre-tax Elective Deferrals each year. Following such an election, each year such Participant's Elective Deferrals shall be increased by an amount equal to 2% of such Participant’s Compensation, subject to a maximum deemed Elective Deferral Contribution of 20% of Compensation, unless prior to such anniversary such Participant has made an affirmative election to the contrary.  

4.02    Matching Contributions.

 (a)    For Plan Years beginning on and after January 1, 2014, and subject to the limitations described in Article 5, the Company shall contribute to the Plan on behalf of each Participant who made Elective Deferrals (whether or not designated as Roth Contributions or Catch-up Contributions) a Safe Harbor Matching Contribution equal to: (i) 100% of the Elective Deferrals that are not in excess of 3% of the Participant's Compensation, plus (ii) 50% of the amount of the Elective Deferrals that exceed 3% of the Participant's Compensation but that do not exceed 5% of the Participant's Compensation.  

The Board may provide for Matching Contributions to be made in addition to the foregoing.  In any Plan Year that the Plan is deemed to meet the tests under Article 5 because the Plan is meeting the requirements of Code section 401(k)(12) by virtue of a Matching Contribution or if the Plan is intended to satisfy the ACP safe harbor of Code section 401(m)(11), no Highly Compensated Employee can receive a greater rate of Matching Contributions than a Nonhighly Compensated Employee at the same rate of Elective Deferral Contributions. In any Plan Year the Plan is intended to satisfy the ACP safe harbor of Code section 401(m)(11): (i) the rate of Elective Deferral Contributions cannot increase as a Participant's Elective Deferral Contributions increase, (ii) Matching Contributions cannot be made on Elective Deferrals in excess of six percent (6%) of Compensation, and (iii) the amount of Matching Contributions subject to the Company's discretion shall not exceed four percent (4%) of Compensation.

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(b)    Time for Contributing Matching Contributions.  Matching contributions shall be determined and made, on the basis of Elective Deferrals, for each payroll period, subject to the subsection (d), below.  However the Employer may pay its Matching Contributions over to the Trustee at any time not later than the due date for the filing of the federal income tax return (including any extensions) of the Employer for the tax year during which occurs the last day of the Plan Year containing the last day of such payroll period.

If Safe Harbor Matching Contributions are made separately with respect to each payroll period (or with respect to all payroll periods ending with or within each month or quarter of a Plan Year), such Safe Harbor Matching Contributions must be contributed to the Plan by the last day of the immediately following Plan Year quarter.

(c)    Allocation of Matching Contributions.  Matching Contributions shall be allocated to the Company Matching Account of each Participant on whose behalf such Matching Contributions were made; provided, however, that effective January 1, 2001, a Participant’s Company Matching Account as of December 31, 2000 shall become an Inactive Account for pre-2001 Matching Contributions (including accumulated and future earnings thereon), as indicated in Schedule 1, and a new Company Matching Account shall be established for each such Participant as of January 1, 2001.  Effective January 1, 2014, a new Safe Harbor Matching Account shall be established for fixed Matching Contributions described in subsection 4.02(b).

(d)    True-Up Contributions.  As of the last day of each Plan Year, the applicable Matching Contributions formula under subsection (a) shall be applied to the total of the Participant’s Elective Deferrals for the Plan Year then ending, and each Employer shall contribute (within the time specified by subsection (b)), on behalf of each Participant on whose behalf Elective Deferrals are made, the amount, if any (the “True-Up Contribution”), by which the total Matching Contributions so required exceed the actual Matching Contributions previously determined on the basis of payroll periods for such Active Participant during the course of the Plan Year.  If an Employer has changed its determination of percentages for its Matching Contribution formula during the Plan Year, the amount of the True-Up Contribution shall be determined separately for each portion of a Plan Year during which a given Matching Contribution formula was in effect.  

Notwithstanding the above, a Participant who is a Clive Shop Employee and whose participation in this Plan is governed by a collective bargaining agreement may receive Matching Contributions in accordance with the provisions of the currently effective collective bargaining agreement.

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4.03    Company Contributions.

(a)    General.  Subject to Sections 11.01, 11.02 and 11.04, for each Plan Year for which the Company elects in its sole discretion for Employers to make a Company Contribution, each Employer that has adopted or is deemed to have adopted this Plan pursuant to Section 13.01 for purposes of Company Contributions shall make a Company Contribution for each Active Participant.  The Amount of the Company Contribution shall be a percentage, determined by the Company in its discretion and uniformly applicable to all such Active Participants equal to a percentage of the Compensation of each Active Participant for the portion of the Plan Year during which the Participant is an Active Participant.  If an Employer changes its determination of the percentage of its Company Contribution during the Plan Year, the amount of the Company Contribution shall be determined separately for each portion of a Plan Year during which a given percentage was in effect.  

Notwithstanding the above, a Participant who is a Clive Shop Employee and whose participation in this Plan is governed by a collective bargaining agreement may receive Company Contributions in accordance with the provisions of the currently effective collective bargaining agreement.

(b)    Time for Company Contributions. For each Plan Year, each Employer shall pay its Company Contributions over to the Trustee not later than the due date for the filing of the federal income tax return (including any extensions) of the Employer for the tax year during which the last day of such Plan Year occurs.

(c)    Allocation of Company Contributions.  Company Contributions shall be allocated to the Company Contribution Account of each Active Participant eligible for such allocation under subsection (a) in the same ratio that the eligible Compensation of such Active Participant bears to the total eligible Compensation of all Active Participants.

4.04    Rollover Contributions into the Plan.  At the request of any Eligible Employee, the Plan Administrator shall direct the Trustee to accept a Rollover Contribution on behalf of the Eligible Employee.  Unless the Rollover Contribution is a direct transfer from another Roth elective deferral account under an applicable retirement plan described in Section 402A(c)(l)  of the Code, the Rollover Contribution shall be held in the Prior Plan and Rollovers Account for the Eligible Employee. A Rollover Contribution that is a direct transfer from another Roth elective deferral account under an applicable retirement plan described in Section 402A(e)(l) of the Code shall  be held  in the Participant's  Roth Rollover Account.  If the Rollover Contribution includes amounts that would not be includible in gross income (except as provided by Sections 402(c), 403(a)(4), 403(b)(8) and 457(e)(16) of the Code and except by reason of being a direct transfer from another Roth elective deferral account) if not transferred as an Rollover Contribution, the Plan Administrator shall separately account for the portion of the Rollover Contribution which is so includible in gross income and the portion of such Rollover Contribution which is not so includible.  Each Rollover Contribution shall be made in cash, in notes representing a loan to the Participant from a qualified trust under provisions of such qualified trust similar to Section 7.02, or in property (which may be stock or securities issued by the former employer) acceptable to the Trustee in its sole discretion 

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for purposes of this Plan.  Prior to accepting a Rollover Contribution, the Plan Administrator may require that the Eligible Employee who wants to make the Rollover Contribution shall provide evidence reasonably satisfactory to the Plan Administrator that such contribution qualifies as a Rollover Contribution.  Acceptance of a Rollover Contribution shall not in any manner guarantee the result of such contribution under any tax laws; and neither the Company, the Investment Committee, any Employer, the Plan Administrator, the Trustee nor any Investment Manager, shall be responsible for such tax results.  If the Plan Administrator determines after any Rollover Contribution that such contribution did not in fact qualify as a Rollover Contribution, the amount of the Rollover Contribution, increased by income and gains and reduced (but not below zero) by losses and expenses, shall be returned to the Eligible Employee.

4.05    Special Contributions; QNECs and QMACs.

(a)    QNECs and QMACs.  For each Plan Year, the Company may elect to have the Company and the other Employers make a special contribution in such amount (if any) as the Company may determine as QNECs and/or QMACs.  In any Plan Year in which the Company elects to have such a QNEC or QMAC made, each Employer shall contribute a fractional portion of the QNEC or QMAC in such amount as the Company shall determine to be appropriate in the circumstances.

(b)    Time for QNECs or QMACs.  Each Employer shall pay its QNECs or QMACs for a Plan Year over to the Trustee not later than the last day of the following Plan Year; provided, however, that if the Employer intends to deduct such QNEC or QMAC in the tax year in which the last day of the Plan Year for which such QNEC or QMAC was made occurs, the Employer shall pay its QNEC or QMAC over to the Trustee on or before the due date for the filing of the federal income tax return (including any extensions) of the Employer for such tax year.

(c)    Allocation of QNECs or QMACs.  As of the last day of each Plan Year, any QNECs or QMACs made to the Plan for the Plan Year shall be allocated to the Employee 401(k) Account of each Designated Participant (as defined below) who is an Active Participant, as determined by the Company in its discretion, in whichever one or more of the following methods as the Company shall determine:

(i)    Compensation-Based QNEC.

(A)    Compensation-based QNECs may be allocated to the Employee 401(k) Account of each Designated Participant who has Compensation not in excess of an amount specified by the Company in the ratio that such Participant's Compensation for the Plan Year bears to the total Compensation of all such Participants for the Plan Year.

(B)    A Section 415-based QNEC may be allocated to the Employee 401(k) Account of each Designated Participant in an amount that maximizes 

26

each such Participant’s annual additions under Code Section 415(c) of the code.

(ii)    Per Capita-Based QNEC.  A per capita-based QNEC may be allocated to the Employee 401(k) Account of each Designated Participant in an amount equal to the total per capita-based QNEC divided by the total number of such Participants for the Plan Year.

(iii)    Section 401(k)-Based QMAC.  A Section 401(k)-based QMAC may be allocated to the Employee 401(k) Account of each Designated Participant in the ratio that the amount of Elective Deferrals made to the Plan for such Plan Year on behalf of such Participant bears to the total amount of Elective Deferrals made to the Plan for such Plan Year on behalf of all such Participants, based on Elective Deferrals up to a specified percentage or dollar amount of Compensation, as determined by the Plan Administration.

(d)    Limitation on Allocation of QNECs and QMACs.  Notwithstanding subsection (c) above, QNECs and QMACs shall not be allocated to the Employee 401(k) Account of any Designated Participant in an amount in excess of (i) the Participant’s Statutory Compensation, multiplied by (ii) the greater of (A) five percent (5%), or (B) the Plan’s Representative Contribution Rate.  For this purpose the Plan’s Representative Contribution Rate is the lowest Applicable Contribution Rate of any eligible Participant who is not a Highly Compensated Employee (“NHCE”) within a group of NHCEs that that consists of half of all eligible NHCEs for the Plan Year (or, if greater, the lowest Applicable Contribution Rate of any eligible employee who is employed on the last day of the Plan Year.  For this purpose the Applicable Contribution Rate for an eligible NHCE is the sum of the QMACs and QNECs for the eligible NHCE for the Plan Year, divided by the eligible NHCE’s Statutory Compensation for the same period. Notwithstanding the foregoing provisions of this subsection (d), QNECs and QMACs that are made in connection with an Employer’s obligations under the Davis-Beacon Act, the Public Service Contract Act of 1965, or similar legislation may be allocated to the Employee 401(k) Account of a NHCE to the extent that such contributions do not exceed ten percent (10%) of such NHCE’s Statutory Compensation.

The limitations of this subsection (d) shall be applied separately to QNECs and QMACs; but QNECs taken into account in applying the limitations of Section 5.03 (including the related determination of the Representative Contribution Rate) shall not be taken into account in applying the limitations of Section 5.02 (including the related determination of the Representative Contribution Rate); and similarly QMACs taken into account in applying the limitations of Section 5.02 (including the related determination of the Representative Contribution Rate) shall not be taken in to account in applying the limitations of Section 5.03 (including the related determination of the Representative Contribution Rate).

(e)    Definition of Designated Participant.  With respect to any QNEC or QMAC, a Designated Participant is a Participant who is not a Highly Compensated Employee for 

27

the Plan Year and who is designated by the Plan Administrator on the basis of any one or more of the following:

(i)    such Participant’s level of Compensation;

(ii)    such Participant’s employment on the last day of the Plan Year;

(iii)    such Participant’s completion of a year of vesting Service;

(iv)    such Participant’s making of a Salary Reduction Agreement Election; or

(v)    such Participant’s job classification that satisfies the nondiscriminatory classification test.

4.06    Crediting of Contributions.  Contributions to be allocated to a Participant’s Account shall be credited to such Account (and available for Participant direction of investment pursuant to Section 6.08(a) and loans, withdrawals and benefits pursuant to Articles VII and VIII) on or as soon as reasonably practicable (under procedures established or approved by the Plan Administrator) after the contributions (and a reconciliation of the contributions to Participants’ Accounts) are actually received by the Trustee from time to time during or after the Plan Year.  However, for purposes of determining the Account Balance to which a Participant is entitled, contributions made or to be made for a particular Plan Year but credited under this Section after the last day of such Plan Year shall nevertheless be deemed made and allocated on such last day of such Plan Year.

4.07    Determination and Amount of Employer Contributions.  Subject to the Company’s determination of the rate (if any) of Company Contributions pursuant to Section 4.03, the Plan Administrator shall determine the amount of any contribution to be made by the Company and each Employer hereunder.  In making such determination, the Plan Administrator shall be entitled to rely upon the estimates of Compensation made by the accounting officers of each respective Employer with respect to the Employees of that Employer.  Such determination shall be binding on all Participants, all Employers, and the Trustee.  Under no circumstances shall any Participant or Beneficiary have any right to examine the books and records of any Employer.

4.08    Condition on Company Contributions.  All contributions of Elective Deferrals, Matching Contributions, Company Contributions, QNECs or QMACs by the Company or any other Employer under this Plan are hereby expressly conditioned upon their being deductible for federal income tax purposes under Section 404 of the Code; and notwithstanding anything else in the Plan shall not exceed the amount so deductible.

4.09    Form of Company Contributions.  Contributions of the Company or any other Employer under this Plan shall be in the form of cash if they are Elective Deferrals.  All other contributions of the Company or any other Employer under this Plan may, in the discretion of the 

28

Company, be made in cash, in Company Stock that is a qualifying employer security (as defined in Section 407(d)(5) of ERISA), or in other property acceptable to the Trustee in its sole discretion.

4.10    Vesting.

(a)    Vesting Upon Normal Retirement Date, Death or Disability.  A Participant’s Account Balance shall be fully vested and nonforfeitable if and when the Participant attains his or her Normal Retirement Date, dies or becomes Disabled on or before the date he or she has a Termination of Employment, or incurs a Termination of Employment by reason of a Reduction-In-Force Termination.

(b)    Fully Vested Accounts.  A Participant’s Account Balance shall be fully vested and nonforfeitable at all times to the extent represented by the balance of his or her Employee 401(k) Account, Roth Contribution Account, Rollover Account, Roth Rollover Account and Safe Harbor Matching Account.

In addition, the portion of a Participant’s Company Matching Account which is attributable to discretionary Matching Contributions made for Plan Years beginning on and after January 1, 2014 shall be fully vested and nonforfeitable.

(c)    Other Termination.  Except as provided in subsection (a):

(1)    The vested and nonforfeitable portion of a Participant’s Account Balance attributable to the subaccount in his or her Company Contribution Account for Company Contributions for Plan Years beginning before January 1, 2007, shall be the percentage of such Account determined in accordance with the vesting schedule specified below:

     Years of                Vested
Vesting Service        Percentage

Less than five years                0%
Five years or more            100%

(2)    The vested and nonforfeitable portion of a Participant’s Account Balance attributable to the subaccount in his or her Company Contribution Account for Company Contributions for Plan Years beginning after December 31, 2006 shall be the percentage of such Account determined in accordance with the vesting schedule specified below:

     Years of                Vested
Vesting Service        Percentage

Less than three years                0%
Three years or more            100%

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(3)    Except as otherwise provided in subsection 4.10(b), the vested and nonforfeitable portion of a Participant’s Account Balance attributable to his or her Company Matching Account (excluding his or her Inactive Account for pre-2001 Matching Contributions and excluding Matching Contributions for Plan Years beginning on and after January 1, 2014) shall be the percentage of such Account determined in accordance with the vesting schedule specified below:

     Years of                Vested
Vesting Service        Percentage

Less than three years                0%
Three years or more            100%

The Company Matching Account of Clive Shop Employees shall vest in accordance with the foregoing schedule. 

(d)    Inactive Accounts.  A Participant’s Account Balance shall be fully vested and nonforfeitable at all times to the extent represented by an Inactive Account (including the Participant’s Inactive Account for pre-2001 Matching Contributions, if any), other than an Inactive Account that comprises contributions (including matching contributions) made by an employer under a Transferor Plan.  The nonforfeitable percentage of an Inactive Account that comprises contributions (including matching contributions) made by an employer under a Transferor Plan shall be determined under the vesting schedule specified in the applicable Transferor Plan for accounts containing such contributions, as shown on Schedule 1, taking into account (without duplication) all of the Participant’s years of service including service with the predecessor employer credited for vesting purposes under the Transferor Plan.

(e)    Forfeitures.  If a Participant has a Termination of Employment, then that portion of the Participant’s Account Balance  which is not vested as of his or her Termination of Employment shall become a Forfeiture as soon as administratively practicable after the earliest of (i) the date on which the balance of the Participant’s Accounts is distributed, (ii) the last day of the Plan Year in which the Participant incurs a one year Period of Severance, or (iii) the date of Termination of Employment; provided, however, if the Participant has no vested interest in any Accounts, such portion shall become a Forfeiture on the date of Termination of Employment.

(f)    Return to Employment.  If a Participant or a former Participant resumes service with an Employer as an Employee before incurring a Period of Severance lasting five (5) or more years, the amount forfeited under subsection (e) (without adjustment for interest, gains or losses) shall be reinstated to the Participant’s or former Participant’s Account(s) from which the Forfeiture arose, as soon as administratively practicable after the Participant resumes service with an Employer as an Employee, first out of Forfeitures for the Plan Year in which reemployment occurs, and to the extent that Forfeitures for such Plan Year are not sufficient, out of the Trust Fund as an administrative expense of the Trust. If a former Participant does not resume employment with an Employer before the end of a 

30

Period of Severance lasting at least five (5) years, the amounts forfeited under subsection (e) shall not be reinstated.

(g)    Application of Forfeitures.  Forfeitures arising pursuant to Sections 4.11(e), 5.01, 5.02(c), or 13.04 during a Plan Year shall be applied first to restore any Forfeitures that are reinstated during the Plan Year pursuant to Sections 4.11(f) or 13.04; second, to correct in such Plan Year any errors in the adjustment of Participants’ Accounts pursuant to Section 6.11, third, to the payment of expenses of administering the Plan and the Trust pursuant to Section 6.03, and fourth, toward the payment of Company Contributions.  Forfeitures that are applied toward payment of Company Contributions shall be considered to be Company Contributions, shall reduce the amount of Company Contributions otherwise required to be made to the Trust, and shall be allocated in accordance with Section 4.03(c).

4.11    Catch-Up Deferrals.  Effective for Plan Years beginning on or after January 1, 2002, each Participant who is an "Eligible Active Participant" (as defined in subsection (a)) may elect to make Catch-Up Deferrals from his or her Compensation, and may elect to designate all or any portion of such Catch-Up Deferrals as Roth Contributions, by written election on a Salary Reduction Form filed with the Plan Administrator in such manner as the Plan Administrator may prescribe.  The Employer shall reduce each Eligible Active Participant’s Compensation by, and contribute to the Trust as Catch-Up Deferrals on behalf of such Participant, the amount (if any) of the Participant’s Catch-Up Deferrals.  For purposes of this Section 4.11:

(a)    An "Eligible Active Participant" is a Participant who:

(i)    will have attained age fifty (50) on or before the last day of the Plan Year; and

(ii)    has made Elective Deferrals for the Plan Year that are in excess of the maximum Elective Deferrals allowed under the Plan, taking into account the provisions of Article V.

(b)    For each Plan Year, the amount of the Catch-Up Deferrals made on behalf of a Participant who is an Eligible Active Participant shall be equal to the dollar amount or percentage (in increments of one percent (1%)) of the Participant's Compensation specified by the Participant for Catch-Up Deferrals on his or her Salary Reduction Form, provided that such Catch-Up Deferrals may not exceed the lesser of the following for a Plan Year:

(i)    five thousand five hundred dollars ($5,500) for 2014, as adjusted for cost-of-living increases by the Secretary of the Treasury or his delegate pursuant to the provisions of Section 414(v)(2)(C) of the Code; or

(ii)    The excess of (i) the Participant's Statutory Compensation for the Plan Year as determined under Section 2.13(b) (as applied for purposes of Sections 5.02 and 5.03), over (ii) the Participant's Elective Deferrals for the Plan Year.

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(c)    A Participant's initial Catch-Up Deferral election shall be effective for Compensation payable on or after the date on which such election is made and shall remain in effect until changed or revoked.  Thereafter, changes in the percentage (solely in increments or decrements of one percent (1%)) or dollar amount of Compensation to be deferred or revocation of any such election, or changes in the designation of any portion of Catch-Up Deferrals as Roth Contributions, may be made by written election on a Salary Reduction Form filed with the Plan Administrator in such manner as the Plan Administrator may prescribe.

(d)    The Catch-Up Deferrals for the Plan Year (other than Catch-Up Deferrals designated as Roth Contributions) shall be credited to the Participants' Employee 401(k) Accounts, and Catch-Up Deferrals for the Plan Year designated as Roth Contributions shall be credited to the Participants'  Roth Contribution Accounts, in the amounts of their respective Catch-Up Deferral elections for such Plan Year and the designation, if any, of any portion of such Catch-Up Deferrals as Roth Contributions.  Catch-Up Deferrals shall be fully vested and nonforfeitable.

(e)    Catch-Up Deferrals shall not be subject to any of the limitations under Article V.

(f)    The Plan Administrator may specify rules from time to time governing Catch-Up Deferrals, including, but not limited to, rules regarding (i) the timing, method, and implementation dates of Catch-Up Deferral elections, (ii) the return or recharacterization of Catch-Up Deferrals as Elective Deferrals, and (iii) the recharacterization of Elective Deferrals of an Eligible Active Participant as Catch-Up Deferrals, to the extent the Elective Deferrals of the Eligible Active Participant would otherwise exceed the limitations of Article V and the total Catch-Up Deferrals of the Participant (after recharacterization) do not exceed the limits of subsection (b) above. Such rules shall be in compliance with any applicable guidance issued by the Secretary of the Treasury, and, to the extent deemed advisable by the Plan Administrator in order to comply with such guidance, such rules may override any of the preceding provisions of this Section 4.11.

(g)    Catch-Up Deferrals will be treated as Elective Deferrals for all purposes of this Plan other than Article V (relating to Limitations on Contributions); provided, however, that Catch-Up Deferrals recharacterized under subsection (f) as Elective Deferrals will be eligible for Matching Contributions to the extent provided for Elective Deferrals in Section 4.02.  In addition, for Plan Years beginning prior to January 1, 2014, Catch-up Deferrals will not be treated as Elective Deferrals for purposes of Section 4.02 (relating to Matching Contributions).

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4.12    Military Service.  Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service shall be provided in accordance with Code section 414(u).

(a)    Death Benefits Under USERRA.  Effective January 1, 2007, if a Participant dies while performing Qualified Military Service, the survivors of the Participant are entitled to any additional benefits provided under the Plan as if the Participant had resumed and then terminated employment on account of death pursuant to Code section 401(a)(37), Notice 2010-5 and any superseding guidance.

(b)    Differential Military Pay. Effective for Plan Years beginning after December 31, 2008, pursuant to Code section 414(u)(12), Notice 2010-5 and any superseding guidance, a Participant receiving differential wage payments (as defined in Code section 3401(h)(2)) shall be treated as an Employee of the Employer making the payment and the differential wage payments shall be treated as Compensation under the Plan.

 (c)    Qualified Reservist Distributions.  Notwithstanding any provision of the Plan to the contrary, a Participant who, by reason of being a member of a "reserve component" (as defined in Section 101 of Title 37 of the United States Code), is ordered or called to active duty after September 11, 2001 for a period in excess of one hundred seventy-nine (179) days or for an indefinite period may take a "qualified reservist distribution" (as defined in Code Section 72(t)(2)(G)(iii)), from amounts attributable to Employer contributions made pursuant to the Participant’s Elective Deferrals described in Section Code 402(g)(3)(A), during the period beginning on the date the Participant is ordered or called to duty and ending at the close of the Participant's active duty period.  

(d)    Withdrawal of Elective Deferrals for Participants in Uniformed Services.  For purposes of Code Section 40l(k)(2)(B)(i)(I), any Participant shall be treated as having been severed from employment during the period he or she is performing service in the uniformed services described in Code Section 340l(h)(2)(A) while on active duty for a period of more than thirty (30) days. If such a Participant elects to receive a distribution of Elective Deferrals, the Participant may not contribute any Elective Deferrals to the Plan during the six (6)-month period beginning on the date of distribution.  

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ARTICLE V
Limitations on Contributions

5.01    Excess Deferrals.  Notwithstanding Section 4.01 or anything in a Participant’s Salary Reduction Agreement, the sum for any calendar year of (i) Elective Deferrals of any Participant under this Plan, (ii) any elective deferrals excluded from the Participant’s gross income made under a Related Plan, and (iii) the amount of elective deferrals under any other plan if the Participant notifies the Plan Administrator in writing by March 1 of the following calendar year that such other plan exists under which elective deferrals were excluded from the Participant’s gross income and the amount of such elective deferrals (excluding in every case Catch-Up Deferrals made under Section 4.11 of this Plan or corresponding provisions authorized by Section 414(v) of the Code of any Related Plan or other plan), shall not exceed the applicable Dollar Limit.  The “Dollar Limit” is seventeen thousand five hundred dollars ($17,500) for 2014, as adjusted for Plan Years thereafter for cost-of-living increases by the Secretary of the Treasury or his or her delegate pursuant to Sections 402(g)(4) and 415(d) of the Code.  If the sum of such amounts exceeds the Dollar Limit for a calendar year, the Plan Administrator shall, not later than the April 15 following the close of such calendar year, distribute to the Participant all or such portion of the Participant’s Elective Deferrals in excess of the Dollar Limit (by first distributing unmatched Elective Deferrals that are not Roth Contributions, then by distributing unmatched Elective Deferrals that are Roth Contributions, then by distributing matched Elective Deferrals that are not Roth Contributions, and finally by distributing matched Elective Deferrals that are Roth Contributions) for such calendar year in an amount equal to the greater of (i) the amount the Plan Administrator determines is necessary to eliminate the excess of the sum of the amount described in clauses (i) and (ii) above over the, including net income and minus any loss allocable to such amount determined in accordance with Section 5.05, or (ii) the amount requested in writing by the Participant on or before the March 1 following the close of such calendar year.  Any Matching Contributions (including any net income and minus any loss allocable thereto determined in accordance with Section 5.05) made with respect to such distributed Elective Deferrals matched Plan Administrator shall be forfeited and allocated in accordance with Section 4.10(f).

5.02    Excess Contributions:  The ADP Test.  Effective January 1, 2014 and because the Plan is intended to be a safe harbor plan, the Plan shall comply with the Safe Harbor Notice requirements as described in Section 2.54, and the Plan shall be deemed to meet the requirements of this Section 5.02 with respect to Elective Deferrals.  However, for any year the Plan is not deemed to meet the requirements of this Section 5.02, the Plan must meet one of the two tests (as described in subsection (a), below), with respect to Elective Deferrals for any Plan Year.

Notwithstanding Section 4.01 or anything in a Participant’s Salary Reduction Agreement, a Participant’s Elective Deferrals shall not exceed the amounts permitted under the non-discrimination rules of Section 401(k) of the Code as set forth in this Section.

(a)    Imposition of Limit.  Elective Deferrals made with respect to a Highly Compensated Employee for a Plan Year shall not exceed such amount as the Plan Administrator determines is necessary to cause the Average ADP (as defined in subsection 

34

(d) below) of Active Participants who are Highly Compensated Employees to not exceed the greater of the following limits (the “Required ADP Test”):

(1)    General Limit.  The Average ADP of the Highly Compensated Employees for such Plan Year shall not be more than the Average ADP of all other Active Participants for such Plan Year multiplied by 1.25; or

(2)    Alternative Limit.  The excess of the Average ADP of Highly Compensated Employees for such Plan Year over the Average ADP of all other Active Participants for such Plan Year shall not be more than two (2) percentage points, and the Average ADP of the Highly Compensated Employees for such Plan Year shall be not more than the Average ADP of all other Active Participants for such Plan Year multiplied by two (2).

If the Plan Administrator so elects by amendment to this Plan, it may apply the limits set forth in paragraphs (1) and (2) of this subsection (a) by using the Average ADP of Active Participants (other than Highly Compensated Employees) for the Plan Year preceding the Plan Year for which the determination is made rather than for the current Plan Year; provided that such election may not be changed except as provided by the Secretary of the Treasury.

(b)    Manner of Reduction to Satisfy Limit.  To the extent the Plan Administrator determines is necessary to pass the Required ADP Test, Elective Deferrals (and Matching Contributions allocated with respect to Elective Deferrals that are reduced) shall be reduced for Highly Compensated Employees in the following steps:

Step 1:  The Plan Administrator shall first determine the dollar amount of the reductions which would have to be made to the Elective Deferrals of each Highly Compensated Employee who is an Active Participant for the Plan Year in order for the Average ADP of the Highly Compensated Employees for the Plan Year to satisfy the Required ADP Test.  Such amount shall be calculated by first determining the dollar amount by which the Elective Deferrals of Highly Compensated Employees who have the highest Actual Deferral Percentage (as defined in subsection (d)) would have to be reduced until the first to occur of:  (i) such Employees’ Actual Deferral Percentage would equal the Actual Deferral Percentage of the Highly Compensated Employee or group of Highly Compensated Employees with the next highest Actual Deferral Percentage; or (ii) the Average ADP of all of the Highly Compensated Employees, as recalculated after the reductions made under this Step 1, satisfies the Required ADP Test.  Then, unless the recalculated Average ADP of the Highly Compensated Employees satisfies the Required ADP Test, the reduction process shall be repeated by determining the dollar amount of reductions which would have to be made to the Elective Deferrals of the Highly Compensated Employees who, after the prior reductions made in this step 1, would have the highest Actual Deferral Percentage until the first to occur of: (iii) such Employees’ Actual Deferral Percentage, after the current and all prior reductions under this Step 1, would equal the Actual Deferral Percentage of the Highly Compensated Employee or group of Highly Compensated Employees with the next highest Actual Deferral Percentage; or (iv) the Average ADP of all of the Highly Compensated 

35

Employees, as recalculated after the current and all prior reductions made under this Step 1, satisfies the Required ADP Test.  This process is repeated until the Average ADP of all of the Highly Compensated Employees, after all reductions, satisfies the Required ADP Test.

Step 2.  Next, the Plan Administrator shall determine the total dollar amount of reductions to the Elective Deferrals calculated under Step 1 (“Total Excess Contributions”).

Step 3.  Finally, the Plan Administrator shall reduce the Elective Deferrals of the Highly Compensated Employees with the highest dollar amount of Elective Deferrals by the lesser of the dollar amount which: (i) causes each such Highly Compensated Employee’s Elective Deferrals to equal the dollar amount of the Elective Deferrals of the Highly Compensated Employee or group of Highly Compensated Employees with the next highest dollar amount of Elective Deferrals; or (ii) reduces the Highly Compensated Employees’ Elective Deferrals by the Total Excess Contributions.  Then, unless the total amount of reductions made to Highly Compensated Employees’ Elective Deferrals under this Step 3 equals the amount of the Total Excess Contributions, the reduction process shall be repeated by reducing the Elective Deferrals of the group of Highly Compensated Employees with the highest dollar amount of Elective Deferrals, after the prior reductions made in this Step 3, by the lesser of the dollar amount which:  (iii) causes each such Highly Compensated Employees’ Elective Deferrals, after the current and all prior reductions under this Step 3 to equal the dollar amount of the Elective Deferrals of the Highly Compensated Employees with the next highest dollar amount of Elective Deferrals; or (iv) causes total reductions to equal the Total Excess Contributions.  This process is repeated with each successive group of Highly Compensated Employees with the highest dollar amount, after all reductions, of the Elective Deferrals until the total reductions made under this Step 3 is equal to the Total Excess Contributions.

(c)    Distribution of Excess Contributions.  The Plan Administrator shall, not later than the last day of the Plan Year next following the Plan Year in which such amounts are contributed, distribute the Total Excess Contributions (including any income earned and minus any loss allocable to such amounts determined in accordance with Section 5.6) to the Highly Compensated Employees on whose behalf such Elective Deferrals were made.  Any required distribution will be made first from Elective Deferrals that are not Roth Contributions and then if necessary form Elective Deferrals that are Roth Contributions.  Matching Contributions (including any income earned and minus any loss allocable thereto determined in accordance with Section 5.6) made with respect to such distributed Elective Deferrals shall be forfeited and allocated in accordance with Section 4.10(f).

(d)    Average ADP; Actual Deferral Percentage.  The “Average ADP” for a specified group of Active Participants for a Plan Year shall be the average of the Actual Deferral Percentages (as defined below) of the members of such group.  The “Actual Deferral Percentage” of an Active Participant is the ratio of the amount of Elective Deferrals actually paid over to the Plan on behalf of such Active Participant for such Plan Year divided by the Active Participant’s Statutory Compensation for the Plan Year, or, at the discretion of the 

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Plan Administrator to the extent not prohibited by regulations prescribed by the Secretary of the Treasury or his or her delegate, the sum of (i) Elective Deferrals (to the extent not included in the Actual Contribution Percentage under Section 5.03(d)), and (ii) any portion on all of the QNECS and QMACS actually paid over to the Plan on behalf of such Active Participant for the Plan Year, divided by the Active Participant’s Compensation for the Plan Year.

(e)    Aggregation Rules.  The Actual Deferral Percentage for any Active Participant who is a Highly Compensated Employee for the Plan Year and who is eligible to have Elective Deferrals allocated under this Plan and is also eligible to have elective deferrals (within the meaning of Section 401(m)(4)(B) of the Code), qualified matching contributions (within the meaning of Treas. Reg. § 1.401(k)-6) or qualified nonelective contributions (within the meaning of Treas. Reg. § 1.401(k)-6), allocated pursuant to a cash or deferred arrangement under one or more Related Plans shall be determined as if such elective deferrals, qualified matching contributions and qualified nonelective contributions were made under a single arrangement.  If a Highly Compensated Employee participates in two or more cash or deferred arrangements that have different plan years, all cash or deferred arrangements ending with or within the same calendar year shall be treated as a single arrangement.

In the event that this Plan satisfies the requirements of Section 401(k), 401(a)(4) or 410(b) of the Code only if aggregated with one or more Related Plans, or if one or more Related Plans satisfy the requirements of such sections of the Code only if aggregated with this Plan, then this Section shall be applied by determining the Actual Contribution Percentages of Participants as if this Plan and all such Related Plans were a single plan; provided, however, that the Plan and one or more Related Plans may be aggregated in order to satisfy the non-discrimination requirements of Section 401(k) of the Code only if such plans have the same plan year and employ consistent testing methods.

5.03    Excess Aggregate Contributions:  The ACP Test.  Effective January 1, 2014 and because the Plan is intended to be a safe harbor plan, the Plan shall comply with the Safe Harbor Notice requirements as described in Section 2.54, the Plan shall be deemed to meet the requirements of this Section 5.03 with respect to Matching Contributions.  However, for any year the Plan is not deemed to meet the requirements of this Section 5.03, the Plan must meet one of the two tests (as described in subsection (a), below) with respect to Matching Contributions for any Plan Year.  

Notwithstanding Section 4.02, Matching Contributions shall not exceed the amounts permitted under the non-discrimination rules of Section 401(m) of the Code as set forth in this Section.

(a)    Imposition of Limit.  Matching Contributions made on behalf of Highly Compensated Employees for a Plan Year shall not exceed such amount as the Plan Administrator determines is necessary to cause the Average ACP (as defined in subsection (d) below) of Active Participants who are Highly Compensated Employees not to exceed the greater of the following limits (the “Required ACP Test”):

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(1)    General Limit.  The Average ACP of the Highly Compensated Employees for such Plan Year shall not be more than the Average ACP of all other Active Participants for such Plan Year Multiplied by 1.25; or

(2)    Alternative Limit.  The excess of the Average ACP for Highly Compensated Employees for such Plan Year over the Average ACP of all other Active Participants for such Plan Year shall not be more than two (2) percentage points, and the Average ACP of the Highly Compensated Employees for such Plan Year shall not be more than the Average ACP of all other Active Participants for such Plan Year multiplied by two (2).

If the Plan Administrator so elects, it may apply the limits set forth in paragraphs (1) and (2) of this subsection (a) by using the Average ACP of all other Active Participants (other than Highly Compensated Employees) for the Plan Year preceding the Plan Year for which the determination is made rather than for the current Plan Year; provided that such election may not be changed except as provided by the Secretary of the Treasury.

(b)    Manner of Reduction to Satisfy Limit.  To the extent that the Plan Administrator, after giving effect to any reduction in the amount of Matching Contributions pursuant to Section 5.02(c), determines is necessary to pass the Required ACP Test, Matching Employer Contributions shall be reduced for Highly Compensated Employees in the following steps:

Step 1:  The Plan Administrator shall first determine the dollar amount of the reductions which would have to be made to the Matching Contributions of each Highly Compensated Employee who is an Active Participant for the Plan Year in order for the Average ACP of the Highly Compensated Employees to satisfy the Required ACP Test.  Such amount shall be calculated by first determining the dollar amount by which the Matching Contributions of the Highly Compensated Employees who have the highest Actual Contribution Percentage (as defined in subsection (d)) would have to be reduced until the first to occur of:  (i) such Employees’ Actual Contribution Percentage would equal the Actual Contribution Percentage of the Highly Compensated Employee or group of Highly Compensated Employees with the next highest Actual Contribution Percentage; or (ii) the Average ACP of all of the Highly Compensated Employees, as recalculated after the reductions made under this Step 1, satisfies the Required ACP Test.  Then, unless the recalculated Average ACP of the Highly Compensated Employees satisfies the Required ACP Test, the reduction process shall be repeated by determining the dollar amount of reductions which would have to be made to the Matching Contributions of the Highly Compensated Employees who, after the prior reductions made in this Step 1 would have the highest Actual Contribution Percentage until the first to occur of: (iii) such Employees Actual Contribution Percentage, after all the current and prior reductions under this Step 1 would equal the Actual Contribution Percentage of the Highly Compensated Employee or group of Highly Compensated Employees with the next highest Actual Contribution 

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Percentage; or (iv) the Average ACP of all of the Highly Compensated Employees, as recalculated after the current and all prior reductions under this Step 1, satisfies the Required ACP Test.  This process is repeated until the Average ACP of all of the Highly Compensated Employees, as recalculated after all reductions made under this Step 1, satisfies the Required ACP Test.

Step 2.  Next, the Plan Administrator shall determine the total dollar amount of reductions to the Matching Employer Contributions calculated under Step 1 (“Total Excess Aggregate Contributions”).

Step 3.  Finally, the Plan Administrator shall reduce the Matching Employer Contributions of the Highly Compensated Employees with the highest dollar amount of Matching Employer Contributions by the lesser of the dollar amount which:  (i) causes each such Highly Compensated Employee’s Matching Contributions to equal the dollar amount of the Matching Employer Contributions of the Highly Compensated Employee or group of Highly Compensated Employees with the next highest dollar amount of Matching Contributions; or (ii) reduces the Highly Compensated Employees’ Matching Contributions by the Total Excess Aggregate Contributions.  Then, unless the total amount of reductions made to Highly Compensated Employees’ Matching Employer Contributions under this Step 3 equals the amount of Total Excess Aggregate Contributions, the reduction process shall be repeated by reducing the Matching Contributions of the group of Highly Compensated Employees with the highest dollar amount of Matching Employer Contributions, after the prior reductions made in this Step 3, by the lesser of the dollar amount which: (iii) causes each such Highly Compensated Employee’s Matching Contributions, after the current and cell prior reductions under this Step 3, to equal the dollar amount of the Matching Contributions of Highly Compensated Employees with the next highest dollar amount of Matching Contributions; or (iv) causes total reductions to equal the Total Excess Aggregate Contributions.  This process is repeated with each successive group of Highly Compensated Employees with the highest dollar amount, after all reductions, of the Matching Contributions until the total reductions made under this Step 3 is equal to the Total Excess Aggregate Contributions.

(c)    Distribution of Excess Contributions.  The Plan Administrator shall, not later than the last day of the Plan Year next following the Plan Year in which such amounts are contributed, distribute the Total Excess Aggregate Contributions (including any income earned and minus any loss allocable to such amounts determined in accordance with Section 5.05), to the Highly Compensated Employees on whose behalf such Matching Contributions were made.

(d)    Average ACP; Actual Contribution Percentage.  The “Average ACP” for a specified group of Active Participants for a Plan Year shall be the average of the Actual Contribution Percentages (as defined below) of the members of such group.  The “Actual Contribution Percentage” of an Active Participant is the ratio of the amount of Matching Employer Contributions actually paid over to the Plan on behalf of such Active Participant for such Plan Year divided by the Active Participant’s Statutory Compensation for the Plan 

39

Year, or at the discretion of the Plan Administrator to the extent not prohibited by regulations prescribed by the Secretary of Treasury or his or her delegate, the sum of (i) Matching Contributions (and QMACs to the extent not included in the Actual Deferral Percentage under Section 5.02(d)), and (ii) any portion or all of the Elective Deferrals or QNECs (to the extent not included in the Actual Deferral Percentage under Section 5.02(d)) actually paid over to the Plan on behalf of such Active Participant for the Plan Year, divided by the Active Participant’s Statutory Compensation during the Plan Year.

(e)    Aggregation Rules.  The Actual Contribution Percentage for any Active Participant who is a Highly Compensated Employee for the Plan Year and who is eligible to have Matching Contributions allocated under this Plan and is also eligible to make employee nondeductible contributions or to have matching contributions (within the meaning of Section 401(m)(4)(A) of the Code) allocated under one or more Related Plans shall be determined as if the total of such Matching Employer Contributions, employee nondeductible contributions, and matching contributions were made under a single arrangement.

In the event that this Plan satisfies the requirements of Section 401(m), 401(a)(4) or 410(b) of the Code only if aggregated with one or more Related Plans, or if one or more Related Plans satisfy the requirements of such sections of the Code only if aggregated with this Plan, then this Section shall be applied by determining the Actual Contribution Percentages of Participants as if this Plan and all such Related Plans were a single plan; provided, however, that the Plan and one or more Related Plans may be aggregated in order to satisfy the non-discrimination requirements of Section 401(m) of the Code only if such plans have the same plan year and employ consistent testing methods.

5.04    Order of Application of Limitations.  Section 5.01 shall be first applied to contributions under the Plan; second, Section 5.02 shall be applied to contributions under the Plan; and last, Section 5.03 shall be applied to contributions under the Plan.  Section 5.06 shall be applied to contributions under the Plan without regard to Sections 5.01, 5.02 or 5.03.

5.05    Allocation of Income or Loss.  Any income or loss for the applicable Plan Year attributable to contributions distributed pursuant to Sections 5.01, 5.02 or 5.03 shall be distributed or forfeited, as applicable.  The Plan Administrator shall determine such distributable income or loss by computing income or loss attributable to distributed contributions for the completed Plan Year using any reasonable method permitted under Treas. Reg. §§ 1.401(k)-2(b)(2)(iv), 1.401(m)-2(b)(2)(iv), and 1.402(g)-1(e)(5), as applicable; provided that the method does not violate Section 401(a)(4) of the Code, is used consistently for all Participants and for all corrective distributions under the Plan for the Plan Year, and is used by the Plan for allocating income to Participants’ Accounts.  No income (or loss) shall be distributed for the period between the end of the applicable Plan Year and the date of the distribution.

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5.06    Section 415 Limitation on Contributions.

(a)    Limitations on Contributions.  Notwithstanding any provisions of this Plan to the contrary, a Participant’s Annual Additions (as defined in subsection (b)(1) below) for any Plan Year shall not exceed his or her Maximum Annual Additions (as defined in subsection (b)(2) below) for the Plan Year.  If a Participant’s Annual Additions exceed his or her Maximum Annual Additions, the Participant’s Annual Additions for the Plan Year shall be reduced according to subsection (c) below by the amount necessary to eliminate such excess (the “Annual Excess”).

(b)    Definitions.

(1)    “Annual Additions” of a Participant for a Plan Year means the sum of the following:

(A)    Elective Deferrals, Matching Contributions, Company Contributions, QNECs, QMACs, and Minimum Top Heavy Employer Contributions (if any, as determined under Article XII) and any Forfeitures thereof, allocated for the Plan Year.

(B)    All employer contributions, non-deductible employee contributions and forfeitures for such Plan Year allocated to such Participant’s accounts for such Plan Year under any Related Defined Contribution Plan,

(C)    contributions allocated to any individual medical account (as defined in Code Section 401(h)) established for the Participant which is part of a Related Defined Benefit Plan as provided in Code Section 415(l) and any amount attributable to post-retirement medical benefits allocated to an account established under Code Section 419A(d)(1) for the Participant; provided, however, that the limitation in Section (b)(2)(A) below shall not apply to any amounts treated as an Annual Addition under this subsection (b)(1)(C).

A Participant’s Annual Additions shall include amounts described in this subsection (b)(1) that are determined to be excess contributions as defined in Section 401(k)(8)(B) of the Code, excess aggregate contributions as defined in Section 401(m)(6)(B) of the Code, and excess deferrals as described in Section 402(g) of the Code, regardless of whether such amounts are distributed or forfeited.  Rollover Contributions and trust-to-trust transfers shall not be included as part of a Participant’s Annual Additions.  The Annual Additions for any Plan Year beginning before January 1, 1987 shall not be recomputed to treat all non-deductible employee contributions as Annual Additions.

(2)    “Maximum Annual Additions” of a Participant for a Plan Year means the lesser of (A) or (B) below:

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(A)    Percentage Limitation.  100% of the Participant’s Statutory Compensation during the Plan Year; or

(B)    Dollar Limitation.  Fifty-two thousand dollars $52,000 (in 2014, as adjusted for cost-of-living increases in accordance with regulations prescribed by the Secretary of the Treasury or his or her delegate pursuant to the provisions of Section 415(d) of the Code).

(c)    Elimination of Annual Excess.  If a Participant has an Annual Excess for a Plan Year, such excess shall not be allocated to the Participant’s Accounts but shall be eliminated as follows:

(1)    Unmatched Elective Deferrals Participant Contributions.  The Participant’s unmatched Elective Deferrals (first unmatched Elective Deferrals that are not Roth Contributions and then unmatched Elective Deferrals that are Roth Contributions) for the Plan Year shall be reduced to the extent necessary to eliminate the Annual Excess.

(2)    Matched Elective Deferrals and Related Matching Contributions.  If any Annual Excess remains, the Participant’s matched Elective Deferrals (first unmatched Elective Deferrals that are not Roth Contributions and then unmatched Elective Deferrals that are Roth Contributions) and the related Matching Contributions for the Plan Year shall be reduced in proportionate amounts to the extent necessary to eliminate the Annual Excess.

(3)    Company Contributions.  If any Annual Excess remains, the Company Contributions for the Plan Year shall be reduced to the extent necessary to eliminate the Annual Excess.

(4)    QNECs or QMACs.  If any Annual Excess remains, the Participant’s QNECs or QMACs for the Plan Year shall be reduced to the extent necessary to eliminate the Annual Excess.

(d)    Standard of Control.  For purposes of this Section 5.06, the standard of control for determining a Related Company under Sections 414(b) and 414(c) of the Code (and thus also Related Plans) shall be deemed to be “more than 50%” rather than “at least 80%.”

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ARTICLE VI
Trustee and Trust Fund

6.01    Trust Agreement.  The Company and the Trustee have entered into a Trust Agreement which provides for the investment of the assets of the Plan and administration of the Trust Fund.  The Trust Agreement, as from time to time amended, shall continue in force and shall be deemed to form a part of the Plan and any and all rights or benefits which may accrue to any person under the Plan are subject to all the terms and provisions of the Trust Agreement.

6.02    Selection of Trustee.  The Company shall select and may remove the Trustee and the Trustee may resign in accordance with the Trust Agreement.  The resignation or removal of a Trustee and the appointment of a successor Trustee and the approval of his, her or its accounts shall be accomplished in the manner provided in the Trust Agreement.

6.03    Plan and Trust Expenses.  All expenses incurred by the Trustee or the Plan Administrator in the administration of the Plan and the Trust (including compensation of the Trustee, accountants, attorneys and other persons who render advice or services to the Plan or Trust, if any) shall be paid by the Trust except to the extent paid by the Company.  Expenses uniquely attributable to the Accounts of a particular Participant (and not paid by the Company), including but not limited to expenses of a discount brokerage account, shall, to the extent permitted by law, be charged to such Account and shall not be treated as a general Trust expense chargeable to the Accounts of all Participants.  Expenses uniquely attributable to a particular Investment Fund (and not paid by the Company) shall be charged to such Investment Fund and shall not be treated as a general expense chargeable to the Accounts of all Participants.

6.04    Trust Fund.  The Trust under this Plan shall be a separate entity aside and apart from Employers or their assets.  All Elective Deferrals, Matching Contributions, Company Contributions and Rollover Contributions to the Plan shall be paid into the Trust, and all benefits payable under the Plan shall be paid from the Trust.  An Employer shall have no rights or claims of any nature in or to the assets of the Trust Fund except (1) the right of the Company to require the Trustee to hold, use, apply and pay such assets held by the Trustee, in accordance with the directions of the Plan Administrator, for the exclusive benefit of the Participants and their Beneficiaries, and (2) the Employers’ rights of reversion as provided in Sections 5.06 and 6.11.  The Trust, and the corpus and income thereof, shall in no event and in no manner whatsoever be subject to the rights or claims of any creditor of any Employer.

6.05    Separate Accounts.  The Plan Administrator shall maintain separate Accounts for each Participant as described in Section 2.01 hereof.  Contributions shall be credited to Participant’s Accounts in accordance with Section 4.07.  Withdrawals and distributions shall be charged to a Participant’s Accounts on the Valuation Date coinciding with or next preceding the date such withdrawal or distribution is made from the Participant’s Accounts.  Earnings, gains and losses shall be credited or charged to a Participant’s Accounts on the Valuation Date coinciding with or next following the date such amounts are actually credited or charged by the Investment Fund in which such Participant’s Accounts are invested.  Expenses shall be charged to a Participant’s Accounts on 

43

the Valuation Date coinciding with or next preceding the date such expenses are actually paid by the Investment Fund in which such Participant’s Accounts are invested.

6.06    Investment Committee.  The Company shall appoint an Investment Committee composed of one (1) or more persons who are officers, directors or employees of the Company or a Related Company to select Investment Funds, to appoint and remove any Investment Manager, to engage consultants, to formulate an investment policy, to monitor the performance of Investment Funds and Investment Managers, and to perform such other functions with respect to the investment of the assets of the Plan as the Company may direct.  Each member of the Committee shall serve until death, resignation, removal, or until he or she ceases to be an officer, director or employee of any of the Company and any Related Company.  Any member of the Committee may resign upon fifteen (15) days written notice to the Company.  The Company may remove any member of the Committee upon fifteen (15) days written notice to such member and all other members of the Committee.  If a vacancy occurs in the membership of the Committee the Company may (and if there would otherwise be no members of the Committee, shall) appoint a successor member of the Committee who shall have the same powers and duties as those conferred upon his or her predecessor(s).  The Company shall advise the Trustee, any Investment Manager and the Plan Administrator of the membership of the Committee and of any change therein; and the Trustee, any Investment Manager and the Plan Administrator shall be protected in reliance on any such notice.  The Committee shall act at a meeting, or in writing without a meeting, by the vote or concurrence of a majority of its members; provided, however, that no member of the Committee who is a Participant shall take part in any action having particular reference to his or her own benefits hereunder.  All written directions by the Committee may be made over the signatures of a majority or its members and all persons shall be protected in relying on such written directions.

6.07    Investment Funds.  The assets of the Trust Fund shall be invested in the Investment Funds authorized by the Investment Committee for the investment of Participants’ Accounts.  The Investment Committee may, from time to time, authorize additional Investment Funds with such investment characteristics, as it deems appropriate.  The Investment Committee may also terminate the use of any Investment Fund by this Plan as it deems appropriate.  The Trustee, Investment Manager, or the manager of any Investment Fund, may modify the investment characteristics of any Investment Fund as it deems appropriate.  The designation, modification or termination of any Investment Fund shall be reflected in the records of the Plan and shall be communicated promptly to the Plan Administrator.  Subject to the provisions of Section 6.08, up to one hundred percent (100%) of a Participant’s Accounts may be invested in the Company Stock Fund.

In order to maintain appropriate or adequate liquidity and pending or pursuant to investment directions, the Trustee, Investment Manager or the manager of any Investment Fund is authorized to hold such portions of each of the Investment Funds as it deems necessary in cash or liquid short-term cash equivalent investments or securities (including, but not limited to, United States government treasury bills, commercial paper, and savings accounts and certificates of deposit, and common or commingled trust funds invested in such securities).

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6.08    Investment of Participants’ Accounts.

(a)    In General.  Except as provided in subsections (b) or (c) below, a Participant may direct the investment of his or her Accounts among the Investment Funds in accordance with such rules and procedures as the Plan Administrator may establish or adopt.  A Participant’s investment election made pursuant to this Section shall continue in effect, notwithstanding any change in the amount of contributions to the Plan, until such Participant shall change his or her investment election in accordance with such rules and procedures. If for any reason contributions are allocated to an Account of a Participant who has not given such direction, such Account shall be invested in the default Investment Fund, as determined by the Plan Administrator.  Notwithstanding any provision in this Section to this contrary, the Plan Administrator, the Trustee or the manager of any Investment Fund may issue rules and regulations imposing such restrictions and limitations on the investment of contributions in, and transfers of Account balances among, the Investment Funds as it deems appropriate from time to time, consistent with the investment objectives of the respective Investment Funds.

A Participant may elect to invest up to fifty percent (50%) of his Account Balance in a discount brokerage account provided by a brokerage firm that is a member of NASD/SIPC designated or authorized by the Investment Committee to provide individually directed accounts for purposes of this Plan.

(b)    Company Stock.  Notwithstanding the foregoing, if the Company in its sole discretion makes Company Contributions or Matching Contributions in part or in whole in the form of Company Stock, such Company Stock shall be initially contributed to the Company Stock Fund.  A Participant may, in accordance with such rules and procedures as the Plan Administrator may establish or adopt, direct the investment of Elective Deferrals and Rollover Contributions, Matching Contributions and Company Contributions made in cash, into the Company Stock Fund.  A Participant may elect to transfer into the Company Stock Fund any portion of his or her Accounts that are invested in another Investment Fund if:

(i)    immediately prior to the transfer, the balance of the Participant’s Accounts held in Company Stock does not exceed 20% of the balance of his entire Plan Accounts; and

(ii)    the transfer will not cause the balance of the Participant’s Accounts held in Company Stock to exceed 20% of the balance of his entire Plan Accounts. 

A Participant also may elect to transfer all or a portion of his or her Accounts that are invested in the Company Stock Fund into another Investment Fund in accordance with such rules and procedures as the Plan Administrator may establish or adopt.  Cash dividends and other cash distributions received with respect to the portion of a Participant’s or Beneficiary’s Accounts invested in the Company Stock Fund shall be retained in the Company Stock Fund and reinvested in Company Stock.

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To the extent provided in Code section 401(a)(35), Treas. Reg. section 1.401(a)(35)-1 and any superseding guidance, an applicable individual may elect to direct the Plan to divest any publicly traded employer securities held in the applicable portion of his or her Account and to reinvest an equivalent amount in other investment options offered under the Plan. This diversification right only applies to publicly traded employer securities that are held in the Account for which the individual meets the definition of applicable individual. 

(c)    Other Employer Stock.  If a Participant has an Inactive Account invested in Employer Stock other than Company Stock, he or she may, in accordance with such procedures as the Plan Administrator may establish or adopt, elect to transfer all or a portion of such Account into another Investment Fund.  A Participant may not elect to transfer into Employer Stock any portion of his or her Accounts that are invested in another Investment Fund, nor to direct the investment of Elective Deferrals, Matching Contributions, Company Contributions or Rollover Contributions into Employer Stock, other than Company Stock as provided by subsection (c).

(d)    GICs.  Accounts of former participants in the Hourly Plan invested in guaranteed investment contracts (“GICs”) issued by the Principal Mutual Life Insurance Company as of the Effective Date shall remain invested in such GICs until the GIC matures or the Participant (or Beneficiary) elects to transfer part or all of his or her Account balance from such GIC to another Investment Fund.  No funds may be transferred into a GIC.  Unless otherwise elected by the Participant (or Beneficiary) in accordance with such rules and procedures as the Plan Administrator may establish or adopt, amounts becoming available from maturing GICs will be invested in the default Investment Fund, as determined by the Plan Administrator.  

(e)    Fiduciary Responsibility.  Except as expressly limited by subsections (b) and (c) above, the Participant has sole authority and discretion, fully and completely, to select the Investment Fund(s) for the investment of his or her Accounts.  The Participant accepts full and sole responsibility for the success or failure of any selection he or she makes.  To the maximum extent permitted by Section 404(c) of ERISA, neither the Trustee, the Company, the Investment Committee, any Investment Manager, the Plan Administrator, any Employer, nor any other person shall be responsible for losses that are the direct and necessary result of investment instructions given by any Participant.

6.09    Shareholder Rights in Company Stock.

(a)    Participant Directions.  Each Participant as a named fiduciary, shall have the right to direct the Trustee as to the manner of voting and the exercise of all other rights which a shareholder of record has (including, but not limited to, the right to sell or retain shares in a public or private tender offer) with respect to shares (and fractional shares) of Company Stock which have been allocated to the Participant’s Accounts in the Company Stock Fund and not yet become a Forfeiture under Section 4.11(d).  Subject to subsection (c) below, the Trustee shall vote or exercise shareholder rights with respect to all shares (and fractional 

46

shares) of Company Stock in the Company Stock Fund for which the Trustee received timely directions from Participants in accordance with such Participants’ directions.  The Trustee shall vote all shares (and fractional shares) of Company Stock in the Company Stock Fund for which the Trustee has not received timely voting instructions in the Trustee’s sole discretion.  In the event of a tender offer for Company Stock, the Trustee shall determine in its sole discretion whether to tender any shares (or fractional shares) of Company Stock in the Company Stock Fund for which the Trustee does not receive a timely direction from the Participant or Beneficiary as to whether to tender such shares (and fractional shares).

(b)    Confidentiality.  The Trustee shall solicit the directions of Participants in accordance with Section 6.09(a) and shall follow such directions by delivering aggregate votes to the Company or otherwise implementing such directions in any convenient manner that preserves the confidentiality of the votes or other directions of individual Participants, except to the extent necessary to comply with applicable federal laws or state laws that are not preempted by ERISA.  Any designee of the Trustee who assists in the solicitation or tabulation of the directions of Participants shall certify in writing that he, she or it will maintain the confidentiality of all directions given.

(c)    Fiduciary Override.  Notwithstanding the foregoing, in the event that the Trustee determines that the manner of voting and the exercise of other shareholder rights with respect to shares of Company Stock held in the Company Stock Fund is not proper or is contrary to the provisions of ERISA (including, without limitation, the fiduciary responsibility requirements of Section 404 of ERISA), the Trustee shall disregard such direction and assume responsibility for the voting or exercise of other shareholder rights with respect to such shares of Company Stock held in the Company Stock Fund.

6.10    Trust Income.  As of each Valuation Date, the fair market value of the Trust and of each Investment Fund shall be determined (other than the value of GICs, which shall be as determined by Principal Mutual Life Insurance Company) and recorded by the Trustee.  The Trustee’s (or Principal Mutual Life Insurance Company’s) determination of fair market value shall be final and conclusive on all persons.  As of each Valuation Date, the Trustee shall determine the net income, gains or losses of the Trust Fund and of each separate Investment Fund since the preceding Valuation Date.  The net income, gains or losses thus derived from the Trust shall be accumulated and shall from time to time be invested as a part of the Trust Fund.  The Trustee shall proportionately allocate the net income, gains or losses of each Investment Fund among (a) the Participants’ Accounts and (b) the suspense account maintained under Section 5.06(c) for unallocated Employer contributions, all as valued as of the preceding Valuation Date (reduced by any distributions therefrom since the preceding Valuation Date) by crediting (or charging) each such Account by an amount equal to the net income, gains or losses of each Investment Fund multiplied by a fraction, the numerator of which is the balance of such Account invested in such Investment Fund as of the preceding Valuation Date (reduced by any distributions therefrom since the preceding Valuation Date) and the denominator of which is the total value of all Accounts invested in such Investment Fund as of the preceding Valuation Date (reduced by any distributions therefrom since the preceding Valuation Date).  Not later than ninety (90) days after the last day of the Plan Year (or after such additional date or dates as the Plan Administrator in its discretion may request), the Trustee shall provide the 

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Plan Administrator and the Investment Committee with a written report detailing the fair market value of the Trust and of each Investment Fund as of the last day of the Plan Year (or as of such other date or dates as the Plan Administrator in its discretion may request).

6.11    Correction of Error.  In the event of an error in the administration or the Plan or otherwise in maintaining a Participant’s Accounts that is not otherwise corrected in accordance with Sections 5.01, 5.02(c), 5.03(c) or 5.06(c), the Company may in its sole discretion elect for one or more Employers to contribute such amount as it shall determine is necessary and appropriate to correct the error.  Unless the Company so elects, the Plan Administrator, in its sole discretion, may correct such error by either (i) in the case of an error resulting in reducing a Participant’s Account balance, allocating Forfeitures for the Plan Year to such Participant’s Accounts in such amount as he shall determine to be needed to correct the error, or (ii) crediting or charging the adjustment required to make such correction to or against income or as an expense of the Trust for the Plan Year in which the correction is made.  Except as provided in this Section, the Accounts of other Participants shall not be readjusted on account of such error.

6.12    Right of the Employers to Trust Assets.  Except as provided in Section 5.06(c) and subject to (a) and (b) below, the Employers shall have no right or claims to the Trust Fund except the right to require the Trustee to hold, use, apply, and pay such assets in its possession in accordance with the Plan for the exclusive benefit of the Participants or their Beneficiaries and for defraying the reasonable expenses of administering the Plan and Trust.

(a)    Return of Contributions Where Deduction is Disallowed.  If, and to the extent that, a deduction for Elective Deferrals, Matching Contributions, Company Contributions, QNECs or QMACs is disallowed under Section 404 of the Code, Elective Deferrals conditioned on deductibility will be distributed to the appropriate Participant and Matching Contributions, Company Contributions, QNECs and QMACs conditioned upon deductibility will be returned to the appropriate Employer (as determined by the Plan Administrator) within one (1) year after the disallowance of the deduction.

(b)    Return of Contributions Made Through Mistake of Fact.  If, and to the extent that, a contribution of Elective Deferrals, Matching Contributions, Company Contributions, QNECs or QMACs is made through mistake of fact, Elective Deferrals will be distributed to the appropriate Participant and Matching Contributions, Company Contributions, QNECs and QMACs will be returned to the appropriate Employer (as determined by the Plan Administrator) within one year of the payment of the contribution.

6.13    Group Trust.  In the event that the Trust is a part of any group trust (within the meaning of Internal Revenue Service Revenue Rulings 81-100 and 2011-1): (i) participation in the Trust is limited to (1) individual retirement accounts which are exempt from taxation under Code section 408(e) and Roth individual retirement accounts described in Code Section 408A pursuant to Internal Revenue Service Revenue Ruling 2004-67, (2) pension and profit-sharing trusts which are exempt from taxation under Code section 501(a) by qualifying under Code section 401(a), (3) eligible governmental plan trusts described in Code section 457(b) pursuant to Internal Revenue Service Revenue Ruling 2004-67, and (4) effective as provided in Internal Revenue Service Revenue 

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Ruling 2011-1 (as modified by Internal Revenue Service Notice 2012-6 and any superseding guidance) the accounts and plans described in Internal Revenue Service Revenue Ruling 2011-1; (ii) no part of the corpus or income which equitably belongs to any individual retirement account or a plan's trust may be used for or diverted to any purposes other than for the exclusive benefit of the individual or the employees, respectively, or their beneficiaries who are entitled to benefits under such participating individual retirement account or a plan's trust,; (iii) no part of the equity or interest in the Trust Fund shall be subject to assignment by a participating individual retirement account or a plan's trust; (iv) the Trustee shall maintain separate accounts for each Plan; (v) the group trust is created or organized in the United States and is maintained at all times as a domestic trust in the United States; and (vi) for the plans and accounts described in Internal Revenue Service Revenue Ruling 2011-1, the requirement of such ruling and superseding guidance is met.

ARTICLE VII
Loans and Withdrawals

7.01    Participant Withdrawals.  A Participant may, in accordance with this Section, withdraw all or a portion of his or her Accounts, pursuant to subsection (a), (b) or (c); provided, however, that the amount withdrawn pursuant to this Section 7.01 shall not be greater than the amount of the Participant's vested Account Balance available for withdrawal under this Section.  Withdrawals shall be made pro rata from each Investment Fund (including the Company Stock Fund) in which the Account or Accounts from which the withdrawal is paid are invested.  Subject to the restrictions imposed by Appendix A, withdrawals from a Transferor Plan are permitted as set forth on subject Schedule 1.

(a)    In-Service Withdrawals from Rollover Account and Certain Prior Plan Accounts.  A Participant may withdraw, in accordance with Section 7.03, for any reason, all or any portion of his or her Rollover Account or Roth Rollover Account and, subject to the restrictions imposed by Appendix A and Schedule 1, any other Inactive Account comprising Rollover Contributions or after-tax employee contributions made under this Plan or a Transferor Plan.

(b)    Age 59-1/2 Withdrawals.  A Participant who has attained age 59-1/2 may withdraw, in accordance with Section 7.03, for any reason, all or any part of all of his or her vested Account Balances in any or all of his or her Accounts, other than an Account arising under a Transferor Plan that was subject to Section 412 of the Code.

(c)    Hardship Withdrawal.  A Participant may withdraw, in accordance with Section 7.03, for reasons of Hardship, that portion of his or her Employee 401(k) Account, his Prior Employee Contribution Account (as described on Schedule 1) and, to the extent vested, his Prior Employer Contribution Account (as described on Schedule 1) excluding any income or gain credited to his or her Elective Deferrals for any period after December 31, 1988; subject to the following requirements:

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(i)    Maximum Amount.  The maximum amount available for a Hardship withdrawal is one hundred percent (100%) of the sum of (i) the vested portion of the Participant’s Prior Employer Contribution Account, (ii) the Participant’s Elective Deferrals as of December 31, 1988, plus (iii) the dollar amount of Elective Deferrals made after December 31, 1988, minus (iv) previous Hardship withdrawals of Elective Deferrals or of income or gain thereon.

(ii)    Necessary to Satisfy Immediate and Heavy Financial Need.  The amount of the withdrawal on account of Hardship shall not exceed the amount necessary to satisfy the Participant’s immediate and heavy financial need arising by reason of a Hardship, including the amount needed to pay any federal, state and local income taxes and penalties reasonably expected to be incurred by reason of the withdrawal.

(iii)    Exhaustion of Other Sources of Funds.  The Participant must have obtained all distributions and withdrawals other than Hardship distributions or withdrawals, and all non-taxable loans currently available under the Plan and all Related Plans and the Participant must have exercised all options to acquire Company Stock granted under an equity incentive or any similar plan maintained by an Employer or any Related Company if such options are currently exercisable and if the fair market value of Company Stock exceeds the exercise price of the option.

(iv)    Certification by Participant.  The Plan Administrator may rely on a certification by the Participant in writing (or in such other form as may be prescribed by the Commissioner of Internal Revenue) that the immediate and heavy financial need cannot be relieved from other resources that are reasonably available to the Participant, including (i) by reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets, (iii) by cessation of elective contributions or employee contributions under the Plan, (iv) by other currently available distributions under plans described in clause (iii) above, or (v) by borrowing from commercial sources on reasonable commercial terms in an amount sufficient to satisfy the need.  For purposes of this clause (iv) a need cannot reasonably be relieved by one of the foregoing actions if the effect would be to increase the amount of the need.

(v)    Six Month Suspension of Elective Deferrals.  The Participant’s Elective Deferrals under the Plan, and voluntary participant contribution and elective deferrals under all other qualified and nonqualified plans of deferred compensation (including equity incentive or any similar plans, and cash or deferred arrangements which are part of a cafeteria plan within the meaning of Section 125 of the Code but excluding health or welfare benefits and flexible spending arrangements that are part of a cafeteria plan) maintained by an Employer or a Related Company, shall be suspended for a period of six (6) months following the receipt of the Hardship withdrawal.

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(vi)    Minimum Amount.  The minimum amount that may be distributed under this subsection (c) is $500.

7.02    Participant Loans.  Upon proper application of a Participant who is an Eligible Employee for any reason, the Plan Administrator shall grant a loan to such Participant on such terms and conditions, consistent with this Section, as the Plan Administrator shall determine.  

(a)    Loan Amount.  The maximum loan amount, when added to all outstanding amounts loaned to the Participant from the Plan and all Related Plans shall not exceed the least of:

(1)    fifty thousand dollars ($50,000), reduced by the excess (if any) of:

(A)    the Participant’s highest outstanding balance of loans from the Plan and all Related Plans during the one (1)-year period ending on the day before the date on which such loan is made, over

(B)    the Participant’s outstanding balance of loans from the Plan and all Related Plans on the date on which such loan is made;

(2)    fifty percent (50%) of the Participant’s vested Account Balance  valued as of the most recent Valuation Date for which a valuation has been completed preceding the date of disbursement of the loan.

The minimum loan amount shall be one thousand dollars ($1,000).  No loan shall be available to a Participant unless the maximum loan available under this subsection (a) exceeds one thousand dollars ($1,000).  A Participant may not have more than one loan from the Plan outstanding at any time.

(b)    Loan Terms.  Any loan made under this Section 7.02 shall, by its terms, be required to be repaid within five (5) years, unless the loan is used to acquire a dwelling unit which within a reasonable time is to be used (determined at the time the loan is made) as a principal residence of the Participant, in which case the loan shall, by its terms, be required to be repaid within ten (10) years.  A Participant who, prior to January 1, 2014, had an outstanding home loan with a term exceeding ten (10) years shall be permitted to continue repayment on that loan under its original terms.

(c)    Level Amortization.  All loans, except as provided in the regulations prescribed by the Secretary of the Treasury, shall be amortized over the term of the loan in substantially level payments not less frequently than quarterly.  A Participant’s loan shall be repaid by means of payroll deduction.

(1)    Authorized Leave of Absence.  Notwithstanding the foregoing provisions of this Section, a Participant’s loan payments shall be suspended for a period of up to one year while the Participant is on an unpaid Authorized Leave of 

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Absence (other than a military leave described in clause (2) below); provided that the loan must be repaid within the term specified in subsection (b) and the installments due after the earlier of the Participant’s resumption of active service or the first anniversary of the commencement of the Authorized Leave of Absence may not be less than the installments payable immediately prior to the commencement of the Authorized Leave of Absence.

(2)    Military Leave.  Notwithstanding the provisions of subsection (b) and (a), a Participant’s loan repayments shall be suspended as permitted under Section 414(u)(4) of the Code during periods of absence from employment due to Qualified Military Leave effective as of December 12, 1994.

(d)    Loans Granted on a Reasonably Equivalent Basis.  The Plan Administrator may grant such loans and may direct the Trustee to lend Trust Fund assets to such Participant, provided that such loans are available to all Participants on a reasonably equivalent basis, are not made available to Highly Compensated Employees in amounts greater than the amounts made available to other Employees, bear a reasonable rate of interest, and are adequately secured.

(e)    Pledge of Accounts.  Any loan made pursuant to this Section 7.02 shall be made pro rata from the Participant’s Accounts other than his or her Roth Contribution Account.  If a Participant’s Account is invested in more than one Investment Fund at the time of the loan, the loan shall be made pro rata from each Investment Fund in which the Accounts from which the loan is disbursed are invested, except to the extent an Inactive Account is not available for loans as set forth in Schedule 1.  Such loan and any accrued but unpaid interest with respect thereto, shall constitute a first lien upon the interest of such Participant in the Accounts from and to the extent to which the loan is made and, to the extent that the loan may be unpaid at the time the Participant’s Accounts become payable, shall be deducted from the amount payable to such Participant or his Beneficiary at the time of distribution of any portion of his or her Accounts.  In the event that a Participant fails to repay a loan according to its terms and foreclosure occurs, the Plan may foreclose on the portion of the Participant’s Accounts which secure the loan and which would be distributable to the Participant as of the earliest date on which the Participant could elect a distribution or withdrawal pursuant to this Article or Article VII.  Such foreclosed amount shall be deemed to be a distribution.

(f)    Loan Earmarked as a Separate Investment for Participant’s Accounts.  The note representing the loan shall be segregated as a separate Investment Fund held by the Trustee as a separate earmarked investment solely for the account of the Participant.  Interest and principal payments on a Participant’s loan shall be credited to each of the Participant’s Accounts in the ratio that the amount of the loan borrowed from the Account bears to the total amount of the loan borrowed from all of the Participant’s Accounts.  Interest and principal payments shall be invested in accordance with the Participant’s investment election under Section 6.08 in effect at the time such interest and principal payment is made.

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(g)    Spousal Consent.  If any part of the loan will be disbursed from a Restricted Account, the Participant must obtain the consent of his or her spouse, if any, to use of his or her Accounts as security for the loan.  Spousal consent shall be obtained no earlier than the beginning of the ninety (90)-day period that ends on the date on which the loan is to be so secured.  The consent must be in writing, must acknowledged the effect of the loan and must be witnessed by a notary public.  Such consent shall thereafter be binding with respect to the consenting spouse or any subsequent spouse with respect to that loan.  A new consent shall be required if the Accounts are used as security for the renegotiation, extension, renewal or other revision of the loan.

(h)    Loans Subject to Terms and Conditions Imposed by Plan Administration.  Any loan made pursuant to this Section, subject to the foregoing requirements, shall be subject to such origination fee and other terms and conditions as the Plan Administrator may in its discretion impose.  The Plan Administrator may adopt such non-discriminatory rules and regulations relating to loans to Participants as it may deem appropriate.

7.03    Request for Distribution.  A withdrawal or loan shall be paid only if the Participant or Beneficiary files a written request for a withdrawal with the Plan Administrator on such form as the Plan Administrator shall provide or permit and in accordance with such rules and regulations as the Plan Administrator may prescribe.  A withdrawal or loan disbursed to a married participant from a Restricted Account shall require the consent of the participant’s spouse in accordance with Appendix A.  A withdrawal or loan shall be paid as soon as administratively feasible after the first Valuation Date that after the Plan Administrator receives a valid written request for a withdrawal or loan.
 

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ARTICLE VIII
Benefits

8.01    Payment of Benefits in General.  Subject to the special rules applicable to Restricted Accounts set forth in Appendix A, a Participant’s benefits under this Plan shall be payable in accordance with the provisions of this Article.  Except as otherwise specifically provided, the provisions of this Article shall apply to all distributions occurring on or after the Effective Date including distributions to Participants (or to the Beneficiaries of deceased Participants) who had a Termination of Employment prior to the Effective Date.

8.02    Payment on Termination of Employment.  If a Participant has a Termination of Employment, the Participant (or if the Participant has died, his or her Beneficiary) shall be entitled to a distribution of the vested portion of the Participant’s Account Balance in such one of the following methods as the Participant (or if the Participant has died and has not elected a form of distribution which precludes his or her Beneficiary from making a subsequent election, the Participant’s Beneficiary), may elect by written notice to the Plan Administrator in a form acceptable to the Plan Administrator:

(a)    a single lump sum;

(b)    installments at monthly, quarterly or annual intervals over a period certain not exceeding the period determined under Section 8.06(b) and in compliance with the requirements of Section 8.06.

Notwithstanding the foregoing, if for any reason no election of a form of benefit is on file with the Plan Administrator when payment of the Participant’s Account Balance is required under Section 8.03, or if the Participant’s vested Account Balance does not exceed five thousand dollars ($5,000) at the time of the Participant’s Termination of Employment, the Trustee will pay the Participant’s vested Account Balance in a single lump sum.

8.03    Time of Payment.

(a)    General.  Distribution of a Participant’s benefits upon Termination of Employment will normally be available as soon as reasonably practicable after the Valuation Date coinciding or with or next following the Participant’s Termination of Employment, but not more than sixty (60) days following the end of the Plan Year in which his or her Termination of Employment occurred.  However, except as otherwise provided in this Section, a distribution shall be paid only if and after the Participant or Beneficiary files a written request for a distribution with the Plan Administrator on such form as the Plan Administrator shall provide or permit and in accordance with such rules and regulations as the Plan Administrator may prescribe.  The time of any distribution is subject to subsection (b), (c) and (d).

(b)    Consent Requirement.  If the Participant’s distributable Account balance is more than five thousand dollars ($5,000), and if the Participant is living but has not attained 

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age sixty-five (65), distribution will not be made without the Participant’s prior written consent before the Participant attains age sixty-five (65) or dies.  The Plan Administrator will notify each such terminated Participant of his or her right to give or withhold such consent at least thirty (30) days, but no more than ninety (90) days, before the date distribution is made (if in a lump sum) or begins (if in installments).  Such distribution may be made less than thirty (30) days after such notice is given if the Plan Administrator clearly informs the Participant that the Participant has a right to a period of at least thirty (30) days after receiving the notice to consider the decision whether to elect a distribution, and the Participant, after receiving the notice, affirmatively elects a distribution.

(c)    Limitation on Mandatory Deferral.  The making (if in a lump sum) or commencement (if in installments) of any distribution shall not be delayed without the consent of the Participant (or Beneficiary) beyond sixty (60) days after the close of the Plan Year in which occurs the latest of (i) the Participant’s Termination of Employment, or (ii) the Participant’s Normal Retirement Date.  The failure of a Participant or Beneficiary to otherwise elect payment in accordance with the provisions of the Plan shall be deemed to be an election to defer the making or commencement of payment of benefits until such Participant files a request in accordance with subsection (a) and (if applicable) a consent in accordance with subsection (b), or until the Required Distribution Date as provided in subsection (d) below.

(d)    Required Distribution Date.  Notwithstanding any other provision of this Plan or any Participant election, payment of benefits shall be made (if in a lump sum) or shall commence (if in installments) not later than the Participant’s Required Distribution Date, or such later date as the Secretary of the Treasury or his or her delegate shall by applicable regulation, ruling or notice permit.  If the payment is made in installments, the installment schedule shall comply with Section 8.06.  If the payment is made by reason of the death of the Participant, the schedule shall comply with Section 8.05(d).

8.04    Lump Sum Payment Without Election.  Notwithstanding any other provision of this Article VIII, if a Participant (or the Beneficiary of a deceased Participant) is entitled to a distribution (including distributions with respect to Participants who had a Termination of Employment prior to January 1, 1997) and if the value of a Participant’s vested Account Balance  does not exceed five thousand dollars ($5,000), the Plan Administrator shall direct the immediate distribution of such benefit in a single lump sum regardless of any election or consent of the Participant, his or her spouse or other Beneficiary; provided, however, that no cash-out payment under this subsection shall be made after distribution of benefits has begun without the consent of the Participant or (if the Participant has died and his or her surviving spouse is his or her Beneficiary) his or her surviving spouse.

8.05    Payment Upon Death.  

(a)    Designated Beneficiary.  Each Participant shall designate a Beneficiary to receive payment of that portion, which may be all, of his or her Account Balance  that is payable after the Participant’s death, on such form as the Plan Administrator shall provide 

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or permit and in accordance with such rules and regulations as the Plan Administrator may prescribe.  The Participant may change his or her Beneficiary from time to time by filing a Beneficiary designation in writing with the Plan Administrator.  No designation of Beneficiary or change of Beneficiary shall be effective unless and until it is received by the Plan Administrator during the Participant’s lifetime and, if applicable, unless and until the consent of the Participant’s spouse (in accordance with subsection) is received by the Plan Administrator.

(b)    Default Beneficiary.  If a Participant shall fail to file a valid Beneficiary designation, or if all persons designated as the Beneficiary shall have died, (or, in the case of a Beneficiary other than an individual, ceased to exist), or if, after a reasonable search, the Plan Administrator is unable to locate the Participant’s Beneficiary within a period of two years following the Participant’s death, the Participant’s Beneficiary shall be the first of the following in order of precedence:

(1)    the Participant’s surviving spouse;

(2)    the Participants then-living descendants, if any, per stirpes;

(3)    the Participant’s then-living parent or parents, equally;

(4)    the estate of the last to die of the Participant and any designated Beneficiary.

(c)    Spousal Consent.  If the Participant is married, his or her designation of a Beneficiary other than his or her surviving spouse will not be valid unless the spouse has consented to such designation of Beneficiary.  Such consent shall be:

(1)    in a writing acknowledging the effect of the consent;

(2)    signed by the Participant’s spouse and witnessed by a notary public or (if the Plan Administrator is an individual employed by the Company or an Employer) the Plan Administrator or an Employee of the Company or an Employer working under the organizational supervision of the Plan Administrator;

(3)    effective only for the spouse who gives the consent;

(4)    effective only with respect to the specific beneficiary named in the consent unless the spouse voluntarily in such consent expressly permits subsequent elections of Beneficiaries without further spousal consent and acknowledges the spouse’s right to limit the consent to a specific Beneficiary; and

(5)    irrevocable unless and until the Participant revokes his or her designation of Beneficiary.

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However, the consent of a Participant’s spouse shall not be required if (i) it is established to the satisfaction of a Plan representative that such consent may not be obtained because there is no spouse, or because the spouse cannot be located, (ii) the Participant is legally separated or the Participant has been abandoned (within the meaning of local law) and the Participant has a court order to such effect, or (iii) because of such other circumstances as the Secretary of the Treasury may by regulations prescribe. If the spouse is legally incompetent to give consent, the spouse’s legal guardian, even if the guardian is the Participant, may give consent.  To the extent provided in any Qualified Domestic Relations Order (as defined in Section 13.03), the former spouse of a Participant shall be treated as the surviving spouse of such Participant for purposes of providing consent in accordance with this Section 8.05.

(d)    Time and Period of Distribution.  Notwithstanding the foregoing provisions of this Section 8.05, if a Participant dies before distributions begin, the Participant's entire interest will be distributed, or begin to be distributed,  no later than as follows:

(i)    If the Participant's surviving spouse is the Participant's sole designated Beneficiary, then distributions to the surviving spouse will begin no later than December 31 of the calendar year immediately following the calendar year containing the fifth anniversary of the Participant's death, or by December 31 of the calendar year in which the Participant would have attained age seventy and one-half (70-1/2), if later,

(ii)    If the Participant's surviving spouse is not the Participant's sole designated Beneficiary, or if there is no designated Beneficiary, then the Participant's entire interest will be distributed to the Beneficiary no later than December 31 of the calendar year containing the fifth anniversary of the Participant's death.  If the Participant's surviving spouse is the Participant's sole designated Beneficiary and the surviving spouse dies after the Participant but before distributions to either the Participant or the surviving spouse begin, then this clause (ii) shall apply as if the surviving spouse were the Participant.

(iii)   Notwithstanding the foregoing provisions of this Article VIII or Section 8.06, if for any reason any portion of a Participant's vested Account Balance is to be paid after his or her death to a trust or to an estate, distribution shall be made in the form of an immediate lump sum payment.

For purposes of this Section 8.05(d) and Section 8.06, distributions are considered to begin on the Participant's Required Distribution Date. If distributions under an annuity purchased from an insurance company irrevocably commence to the Participant before the Participant's Required Distribution Date (or to the Participant's surviving spouse before the date distributions are required to begin to the surviving spouse under clause (i)), the date distributions are considered to begin is the date distributions actually commence.  The minimum amount of distributions beginning pursuant to this Section 8.05(d) shall be determined under Section 8.06(e)

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(e)    Rights of Beneficiary.  The Beneficiary of a Participant who has died shall have the same rights and obligations as the Participant with respect to the portion of the interest of the Participant as to which he or she is the Beneficiary, to direct the investment of Accounts pursuant to Section 6.08 and to direct the Trustee with respect to exercise of rights in Company Stock pursuant to Section 6.09.

8.06    Minimum Distribution Requirements.

(a)    A Participant's entire interest will be distributed, or begin to be distributed, to the Participant no later than the Participant's Required Distribution Date.  Unless a Participant's interest is distributed in a single sum on or before his or her Required Distribution Date, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year (as defined in subsection (f)), will be made in accordance with this Section 8.06.  If the Participant's interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code and Treasury regulations.

(b)    During the Participant's lifetime, the minimum amount that will be distributed for each distribution calendar year is the lesser of: (i) the quotient obtained by dividing the Participant's account balance by the distribution period in the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the Participant's age as of the Participant's birthday in the distribution calendar year; or (ii) if the Participant's sole designated Beneficiary for the distribution calendar year is the Participant's spouse, the quotient obtained by dividing the Participant's account balance by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant's and spouse's attained ages as of the Participant's and spouse's birthdays in the distribution calendar year.  Required minimum distributions will be determined under this Section 8.06 beginning with the first distribution calendar year and up to and including the distribution calendar year that includes the Participant's date of death.

(c)    If a Participant dies on or after the date distributions begin and there is a designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant's death is the quotient obtained by dividing the Participant's account balance by the longer of the remaining life expectancy of the Participant or the remaining life expectancy of the Participant's designated Beneficiary, determined as follows:

(i)     The Participant's remaining life expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.

(ii)     If the Participant's surviving spouse is the Participant's sole designated Beneficiary, the remaining life expectancy of the surviving spouse is calculated for each distribution calendar year after the year of the Participant's death using the surviving spouse's age as of the spouse's birthday in that year. For 

58

distribution calendar years after the year of the surviving spouse's death, the remaining life expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse's birthday in the calendar year of the spouse's death, reduced by one for each subsequent calendar year.

(iii)     If the Participant's surviving spouse is not the Participant's sole designated Beneficiary, the designated Beneficiary's remaining life expectancy is calculated using the age of the Beneficiary in the year following the year of the Participant's death, reduced by one for each subsequent year.

(d)    If the Participant dies on or after the date distributions begin and there is no designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant's death is the quotient obtained by dividing the Participant's account balance by the Participant's remaining life expectancy calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.

(e)    If the Participant dies before the date distributions begin then, subject to Section 8.05(d):

(i)    If there is a designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant's death is the quotient obtained by dividing the Participant's account balance by the remaining life expectancy of the Participant's designated Beneficiary, determined as provided in subsection (d).

(ii)     If there is no designated Beneficiary, distribution of the Participant's entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant's death.

(iii)    If the Participant's surviving spouse is the Participant's sole designated Beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under Section 8.05(d), this Section 8.06(e) will apply as if the surviving spouse were the Participant.

(f)    For purposes of this Section 8.05(d) and this Section 8.06:

(i)    "Designated Beneficiary" means the individual who is designated as the Beneficiary under Section 8.05(a) of the Plan and is the designated Beneficiary under Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-4, of the Treasury regulations.

(ii)    "Distribution calendar year" means a calendar year for which a minimum distribution is required. For distributions beginning before the Participant's death, the first distribution calendar year is the calendar year immediately preceding 

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the calendar year which contains the Participant's Required Distribution Date.  For distributions beginning after the Participant's death, the first distribution calendar year is the calendar year in which distributions are required to begin under Section 8.05(d).  The required minimum distribution for the Participant's first distribution calendar year will be made on or before the Participant's Required Distribution Date.  The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participant's Required Distribution Date occurs, will be made on or before December 31 of that distribution calendar year.

(iii)     "Life expectancy" means life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations.

(iv)     "Participant's account balance" means the account balance as of the last valuation date in the calendar year immediately preceding the distribution calendar year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The account balance for the valuation calendar year includes any amounts rolled over or transferred to the plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the valuation calendar year.

(g)    The requirements of Section 8.05(d) and this Section 8.06 will take precedence over any inconsistent provisions of the Plan.  Distributions required under Section 8.05(d) and this Section 8.06 will be determined and made in accordance with the Treasury Regulations under Section 401(a)(9) of the Internal Revenue Code.

(h)    2009 Waiver of Requirements. Notwithstanding other provisions of the Plan to the contrary; to the extent provided by Code section 401(a)(9), IRS Notice 2009,-82 and any superseding guidance:

(i)    a Participant or Beneficiary who would have been required to receive a 2009 RMD will not receive that distribution for 2009 unless the Participant or Beneficiary chooses to receive such distribution. Participants and Beneficiaries described in the preceding sentence will be given the opportunity to elect to receive the distribution described in the preceding sentence. 

(ii)    a Participant or Beneficiary who would have been required to receive an Extended 2009 RMD will receive that distribution for 2009 unless the Participant or Beneficiary chooses not to receive such distribution. Participants and Beneficiaries described in the preceding sentence will be given the opportunity to elect to receive the distribution described in the preceding sentence. 

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In addition, notwithstanding other provisions of the Plan to the contrary, and solely for purposes of applying the direct rollover provisions of the Plan, 2009 RMDs and Extended 2009 RMDs will be treated as Eligible Rollover Distributions.

(iii)    Definitions:

1.    "2009 RMDs" are Required Minimum Distributions for 2009 but for the enactment of section 401(a)(9)(H) of the Code;

2.    "Extended 2009 RMDs" are one or more payments in a series of substantially equal distributions (that include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant and the Participant’s designated Beneficiary, or for a period of at least 10 years.

8.07    Facility of Payment.  If a Participant or Beneficiary is (i) declared an incompetent or is a minor, (ii) a conservator, guardian, or other person legally charged with his or her care has been appointed, and (iii) written notice of such incompetency and appointment is filed with the Plan Administrator before distribution of benefits, then any benefits to which such Participant or Beneficiary is entitled shall be payable to such conservator, guardian, or other person legally charged with his or her care.  Neither the Company, any Employer, the Trustee, the Investment Committee, any Investment Manager, nor the Plan Administrator, shall be under any duty to see to the proper application of such payments made to a Participant, conservator, guardian, or relatives of a Participant.

8.08    Form of Payment.  Each distribution shall be paid in cash (including negotiable check or other cash equivalent), except that a Participant or Beneficiary may elect in accordance with such procedures as the Plan Administrator may establish or adopt to receive that portion of his or her distributable Accounts invested in the Company Stock Fund or in other Employer Stock in the form of whole shares (with cash in lieu of fractional shares) of such Company Stock or other Employer Stock. 

8.09    Direct Rollover to Another Plan.  Notwithstanding any provision of this Plan to the contrary, a Participant or other Distributee (as defined below), may elect, at such time and in such manner as prescribed by the Plan Administrator, to have all or any portion of the benefits payable to such Distributee which constitutes an Eligible Rollover Distribution (as defined below) as paid by the Trustee directly to the Eligible Retirement Plan specified by such Distributee.  Such election shall be subject to such reasonable administrative requirements as the Plan Administrator may from time to time establish which may include, but shall not be limited to, requirements consistent with Treasury Regulations and other guidance issued by the Internal Revenue Service permitting de minimis requirements for amounts eligible to be rolled over or paid partly to the Participant and partly rolled over.  An election may be made pursuant to this Section only after the Distributee has met otherwise applicable requirements for receipt of a distribution under the Plan, including any applicable requirements of Appendix A.  As used in this Section, the following terms shall have the following meanings:

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(1)    “Eligible Rollover Distribution” means any distribution of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee and the Distributee’s designated Beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Section 8.06(b); any distribution by reason of Hardship pursuant to Section 7.01(b); and except as provided in the following sentence the portion of any distribution that is not includable in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). A portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because the portion consists of after-tax employee contributions which are not includable in gross income.  However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not so includable.

A  portion  of  a  distribution  will  not  fail  to  be  an eligible rollover distribution merely because the portion consists of all or a portion of the Participant's Roth Contribution Account or Roth Rollover Account.  However, such portion may be transferred only to another Roth elective deferral account under an applicable retirement plan described in Section 402A(e)(l)  of the Code or to a Roth IRA described in Section 408A of the Code, and only to the extent the direct rollover is permitted under the rules of Section 402(c) of the Code.

(2)    “Eligible Retirement Plan” means an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the Distributee’s Eligible Rollover Distributions.  However, in the case of an Eligible Rollover Distribution to a Participant’s surviving spouse or surviving former spouse who is a Distributee pursuant to a Qualified Domestic Relations Order (as defined in Section 13.03), an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.  For purposes of this Section an Eligible Retirement Plan shall also mean an annuity contract described in section 403(b) of the Code and an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this plan.  The definition of Eligible Retirement Plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in section 414(p) of the Code.  

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Notwithstanding the foregoing, effective for distributions made after December 31, 2007, a Participant may roll over a distribution from the Plan to a Roth IRA provided that the amount rolled over is an eligible rollover distribution (as defined in Code section 402(c)(4)) and, pursuant to Code section 408A(d)(3)(A), there is included in gross income any amount that would be includible if the distribution were not rolled over.

Notwithstanding any provisions of this Plan to the contrary, a nonspouse Beneficiary may elect to have all or any portion of the benefits payable to such Distributee which constitutes an eligible rollover distribution as defined in Section 402(c)(4) of the Code transferred directly to (A) an individual retirement account described in Section 408(a) of the Code or (B) an individual retirement annuity described in Section 408(b) of the Code (other than an endowment contract) that was established for the purpose of receiving the benefits on behalf of the nonspouse Beneficiary.

(3)    “Distributee” means a Participant.  In addition, a Participant’s surviving spouse, former spouse who is an alternative payee under a Qualified Domestic Relations Order, and a nonspouse Beneficiary are Distributees with regard to the interest of the spouse, former spouse, or nonspouse Beneficiary.

(4)    “Direct Rollover” means a payment by the Plan to the Eligible Retirement Plan specified by the Distributee.

(5)    Automatic Rollovers. In the event of a mandatory distribution greater than one thousand dollars ($1,000), if the Participant does not elect to have such distribution paid directly to an eligible retirement plan specified by the Participant in a direct rollover or to receive the distribution directly in accordance with Section 8.03(b), then the Plan Administrator will pay the distribution in a direct rollover to an individual retirement plan designated by the Plan Administrator. For purposes of determining whether a mandatory distribution is greater than one thousand dollars ($1,000), the portion of the Participant's distribution attributable to any rollover contribution is included. 

8.10    Deduction of Taxes from Amounts Payable.  The Trustee may deduct from any amounts to be distributed under this Plan such amounts as the Trustee, in his, her or its sole discretion, deems proper to protect the Trustee and the Trust against liability for the payment of death, succession, inheritance, income, or other federal, state or local taxes, and out of the money so deducted, the Trustee may discharge any such liability and pay the amount remaining to the Participant or his or her Beneficiary, as the case may be.
 

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ARTICLE IX
Administration

9.01    Sponsor Rights and Duties.  The Company shall have overall responsibility for the administration and operation of the Plan, which the Company shall discharge by the appointment and removal (with or without cause) of the Trustee, the Investment Committee and the Plan Administrator.

9.02    Plan Administrator Rights and Duties.  The Plan Administrator shall administer and enforce the Plan and the Trust in accordance with the terms of the Plan and the Trust Agreement and shall have all powers necessary to accomplish that purpose, including but not by way of limitation, the following, all to be exercised in the sole and absolute discretion of the Plan Administrator:

(a)    To issue rules, regulations and procedures and prescribe forms necessary for the proper conduct and administration of the Plan and to change, alter, or amend such rules, regulations and procedures and forms;

(b)    To construe the Plan and Trust Agreement;

(c)    To determine all questions arising in the administration of the Plan, including those relating to the eligibility of persons to become Participants; the rights of Participants, former Participants and their Beneficiaries; and Employer contributions;

(d)    To determine and advise the Trustee of the amount and kind of benefits payable to Participants or their Beneficiaries;

(e)    To authorize the Trustee to disburse funds from the Trust Fund in accordance with the provisions of the Plan;

(f)    To employ and compensate such accountants and attorneys (who may but need not be the accountants or attorneys of the Company) and other persons to render advice, and such clerical employees as the Plan Administrator may deem necessary to the performance of his, her or its duties;

(g)    To invest all or a portion of the Trust Fund in loans to Participants and to segregate the notes representing such loan in a separate fund in accordance with Section 7.2;

(h)    To have prepared and furnished to Participants and Beneficiaries all information required under federal law or provisions of this Plan to be furnished to them;

(i)    To have prepared and filed or published with the Department of Labor and the Department of Treasury or other governmental agency all reports and other information required under federal law;

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(j)    To make available to Participants upon request, for examination during business hours, such records as pertain exclusively to the examining Participant; 

(k)    To hear, review and determine claims for benefits; 

(l)    To delegate his, her or its responsibilities under the Plan to such person or persons as he, she or it may deem advisable; and

(m)    To do all other acts and things necessary he, she or it deems in his, her or its sole discretion to be necessary or appropriate for the administration of the Plan.

9.03    Plan Administrator Bonding and Expenses.  The Plan Administrator shall serve without bond (except as otherwise required by federal law) and without compensation for his, her or its service as such; but all expenses incurred in the administration of the Plan and the Trust shall be paid by the Trust pursuant to Section 6.03 except to the extent paid by the Company.

9.04    Information To Be Supplied by Participants.  Participants and Beneficiaries shall provide the Plan Administrator and the Trustee or their delegates with such information, as they shall from time to time determine to be necessary in the discharge of their duties for the administration of the Plan and the Trust.  The Plan Administrator and the Trustee may rely conclusively on the information certified to them by a Participant or Beneficiary.

9.05    Information To Be Supplied by Employers.  Employers shall provide the Plan Administrator and the Trustee or their delegates with such information, as they shall from time to time determine to be necessary in the discharge of their duties for the administration of the Plan and the Trust.  The Plan Administrator and the Trustee may rely conclusively on the information certified to them by an Employer.

9.06    Records.  The regularly kept records of the Plan Administrator, the Company and the other Employers shall be conclusive evidence of the Service of a Participant, his or her Compensation, his or her age, marital status, status as an Eligible Employee, and all other matters contained in such records applicable to this Plan.

9.07    Electronic Media.  Under procedures authorized or approved by the Plan Administrator, any form for any notice, election, designation, or similar communication required or permitted to be given to or received from a Participant or Beneficiary under this Plan may be made available to such Participant or Beneficiary in an electronic medium (including computer network, e-mail or voice response system) and any such communication to or from a Participant or Beneficiary through such electronic media shall be fully effective under this Plan for such purposes as such procedures shall prescribe; provided, however, that the consent of a spouse under Section 7.02(g), 8.05(c), or Appendix A, shall be effective only if made in a written document.  Any record of such communication retrieved from such electronic medium under its normal storage and retrieval parameters shall be effective as a fully authentic executed writing for all purposes of this Plan absent manifest error in the storage or retrieval process.

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9.08    Plan Administrator Decisions Final.  The Plan Administrator shall have discretion to determine all matters within his, her or its jurisdictions.  The decisions of the Plan Administrator shall be final, binding and conclusive upon the Employers, and the Trustee and upon each Employee, Participant, former Participant, Beneficiary and every other person or party interested or concerned.
 

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ARTICLE X
Claims Procedure

10.01    Initial Claim for Benefits.  Except as provided in Section 8.03 for requests for and consents to distribution in certain circumstances, and in Appendix A, no claim shall be required for benefits routinely due to be made or begin under this Plan.  Any Participant or Beneficiary (a “Claimant”) may submit to the Plan Administrator (or to such other person or persons as may be designated by the Plan Administrator) a claim for benefits not received or received in an improper amount.  A claim shall be in writing in such form as is provided or approved by the Plan Administrator.  A Claimant shall have no right to seek review of a denial of benefits, or to bring any action in any court to enforce a claim for benefits, prior to his or her filing a claim for benefits under this Section 10.01 and exhausting his or her rights to review under Section 10.02.

When a claim for benefits has been filed properly, the Plan Administrator shall evaluate such claim for benefits and notify the Claimant of its approval or the denial within ninety (90) days after the receipt of such claim unless special circumstances require an extension of time for processing the claim.  If such an extension of time for processing is required, the Plan administrator shall furnish written notice of the extension to the Claimant prior to the termination of the initial ninety (90) day period.  The notice shall specify the special circumstances requiring an extension and the date by which a final decision will be reached (which date shall not be later than one hundred and eighty (180) days after the date on which the claim was filed).  The Plan Administrator shall give the Claimant written notice whether the claim is granted or denied, in whole or in part.  If a claim is denied, in whole or in part, the Plan Administrator shall give the Claimant written notice which shall contain (1) the specific reasons for the denial, (2) references to pertinent plan provisions upon which the denial is based, (3) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary, and (4) the Claimant’s rights to seek review of the denial.

10.02    Review of Claim Denial.  If a claim is denied, in whole or in part (or if within the time periods presented in Section 10.01 the Claimant has not received an approval or a denial and the claim is therefore deemed denied), the Claimant shall have the right to request that the Plan Administrator (or such other person or persons as may be designated by the Plan Administrator) review the denial.  The Plan Administrator may in the sole and absolute discretion of the Plan Administrator appoint a third person other than the Plan Administrator, with such person’s consent but without the consent of any Claimant, to make any decision on review of a claim under this Section 10.02, provided such person acknowledges in writing that he, she or it is a fiduciary with respect to this Plan for such purpose.  A request for review shall be in writing and must be filed with the Plan Administrator within sixty (60) days after the date on which the Claimant received written notification of the denial.  A Claimant (or his or her duly authorized representative) may request and receive copies of pertinent documents and submit issues and comments in writing to the Plan Administrator (or other designated person).  Within sixty (60) days after such request for review is received, the Plan Administrator (or other designated person) shall reconsider the decision and advise the Claimant in writing of the decision on review, unless special circumstances require an extension of time for processing the review, in which case the Plan Administrator (or other designated person) shall give the Claimant a written notification within such initial sixty (60) day 

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period specifying the reasons for the extension and advising the Claimant when such review shall be completed.  Such review shall be completed within one hundred and twenty (120) days after the date on which the request for review was filed.  The Plan Administrator (or other designated person) shall forward the decision on review to the Claimant in writing and shall include specific reasons for the decision and references to plan provisions upon which the decision is based.  A decision on review shall be final and binding on all persons for all purposes.  No action may be brought in any court respecting benefits, which were the subject of a denial of a claim for benefits (other than an action by the Plan Administrator to enforce such denial) more than one (1) year after the denial of such claim.  If a Claimant shall fail to file a request for review in accordance with the procedures described in Sections 10.01 and 10.02, such Claimant shall have no right to review and shall have no right to bring action in any court and the denial of the claim shall become final and binding on all persons for all purposes.
 

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ARTICLE XI
Amendment, Merger and Termination of the Plan

11.01    Amendments.  The Company may amend, modify, change, revise, discontinue or terminate the Plan at any time prospectively or retroactively.  Such amendment, modification, change, revision, discontinuance or termination shall be done by written resolution of the Board, except that (i) an amendment or modification required (in the reasonable judgment of the Plan Administrator or the Company) to comply with changes in applicable law or to permit the issuance of or conform to the conditions of a favorable determination letter from the Internal Revenue Service on the qualification of the Plan under Section 401(a) of the Code may be done by written instrument signed on behalf of the Company by the Plan Administrator or officer of the Company; and (ii) the Plan Administrator may revise Schedule 1 from time to time to reflect the Accounts maintained from time to time under the Plan as long as such revision does not have an effect prohibited by this Section or Section 11.02.  However, except as authorized or permitted by provisions of the Code, or any other statute relating to employees’ trusts, or regulations or ruling issued pursuant thereto, no amendment shall:  (i) increase the duties or liabilities of the Trustee or the Plan Administrator without the consent of the person affected;  (ii) have the effect of vesting in any Employer any interest in any funds, securities or other property subject to the terms of this Plan and the Trust Agreement; or authorizing or permitting at any time any part of the corpus or income of the Trust Fund to be used or diverted to purposes other than for the exclusive benefit of Participants and their Beneficiaries, except as provided in Sections 5.06 and 6.11 or applicable law as in effect from time to time, or (iii) divest any Participant of his or her vested Account Balance, decrease the Account Balance of any Participant, or eliminate or reduce any early retirement benefit or retirement-type subsidy or eliminate an optional form of benefit except as permitted by Section 411(d)(6) of the Code and Treasury Regulations and rulings thereunder or other applicable law as in effect from time to time.

11.02    Plan Merger.  The Company may direct the merger or consolidation of this Plan with, or transfer of assets from this Plan to, another employee benefit plan qualified under Section 401(a) of the Code (“Other Plan”), or may direct the Trustee to accept the merger or consolidation of a Transferor Plan into, or a transfer of assets and liabilities, or portion thereof, from a Transferor Plan to this Plan, on such terms and conditions as the Company in its sole discretion deems desirable, in the same manner (and subject to the same conditions) as an amendment to this Plan under Section 11.01.  However, the Plan shall not merge or consolidate with, or transfer to or receive from any Transferor Plan or Other Plan any assets or liabilities, (i) unless each Participant would receive a benefit immediately after the merger, consolidation or transfer (if the Plan were then terminated) which is equal to or greater than the benefit to which he would have been entitled immediately before the merger, consolidation, or transfer (if the Plan were then terminated), and (ii) the merger, consolidation or transfer of assets does not have an effect prohibited by clause (iii) of the last sentence of Section 11.01 above.  The portion of any assets and liabilities received from a Transferor Plan that was attributable to elective contributions, qualified nonelective contributions or qualified matching contributions (as defined in Treas. Reg. § 1.401(k)-6 (“401(k) Assets and Liabilities”) shall remain subject to the distribution limitations of Treas. Reg. § 1.401(k)-1(d).  401(k) Assets and Liabilities of this Plan shall not be transferred to an Other Plan unless the Other Plan provides (as determined by the Plan Administrator) that such 401(k) Assets and Liabilities may not be 

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distributed before the times specified in Treas. Reg. § 1.401(k)-1(d).  The portion of any assets and liabilities received from a Transferor Plan that was subject to Section 412 of the Code shall not be distributable before the earlier of the Participant’s Normal Retirement Date or Termination of Employment except as otherwise required by Section 401(a)(9) of the Code.  No merger, consolidation, or transfer of assets shall impose on the Company or any Related Company any liabilities or obligations of the sponsor of a Transferor Plan respecting the Transferor Plan or accounts transferred from the Transferor Plan (including but not limited to the obligation to make contributions to such accounts) unless the Company or Related Company expressly assumes such liabilities or obligations.

Subject to the conditions and limitations of Revenue Ruling 2008-40, a transfer of assets from the Plan’s Trust to a nonqualified foreign trust shall be treated as a distribution.

Sponsorship of the Plan may not be transferred to an unrelated taxpayer if such transfer would violate Revenue ruling 2008-45.

11.03    Plan Termination.  The Company, by resolution of the Board, may reduce, suspend or discontinue Employer contributions hereunder, and terminate the Plan at any time in whole or in part, provided, however, that the termination of the Plan or the reduction, suspension or discontinuance of contributions hereunder shall not have any retroactive effect as to deprive any Participant or Beneficiary of any benefit already accrued.

11.04    Payment Upon Termination.  Upon termination of the Plan or complete discontinuance of Employer contributions, the unvested portion of each Participant’s Account Balance that has not been forfeited pursuant to Section 4.11 prior to the termination of the Plan or complete discontinuance of Employer contributions shall become fully vested and nonforfeitable.  Upon a partial termination of the Plan, the Account Balance of each former Active Participant who lost status as an Active Participant because of such partial termination shall become fully vested and nonforfeitable.  In determining whether a partial plan termination has occurred, the Plan Administrator shall employ the analysis set forth in IRS Revenue Ruling 2007-43.  In the event of termination of the Plan and after payment of all expenses, the Plan Administrator may direct that either (1) each Participant and each Beneficiary of a deceased Participant receive his or her entire Account Balance as soon as reasonably possible and permitted by regulations under Section 401(k) of the Code where the applicable Employer does not continue to maintain an alternative defined contribution plan, or (2) the Trust be continued and Participants’ Account Balances be distributed at such times and in such manner as provided in Article VIII, in which case continued allocations of net income, gains, losses and expenses of the Trust Fund as provided in Article VI shall be made.  Any distribution upon Plan termination shall be deemed to include a distribution of Excess Deferrals, Total Excess Contributions, and Total Excess Aggregate Contributions, to the extent such distribution is required by Article V of the Plan.

11.05    Withdrawal from the Plan by an Employer.  Any Employer other than the Company may withdraw from the Plan and Trust Agreement, under such terms and conditions as the Board may prescribe, by delivery to the Trustee and the Company of a resolution of its board of directors electing to so withdraw.  An Employer that ceases to be an Employer shall automatically withdraw 

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from the Plan effective as of the date such Employer ceases to be an Employer unless then or thereafter such Employer affirmatively elects, and the Board affirmatively consents, to such Employer continuing to be an Employer under this Plan.
 

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ARTICLE XII
Top Heavy Provisions

12.01    Application.  The definitions in Section 12.02 shall apply under this Article XII and the special rules in Section 12.03 shall apply, notwithstanding any other provisions of the Plan, for any Plan Year in which the Plan is a Top Heavy Plan and for such other Plan Years as may be specified herein.  In any year in which the Plan is a multiple employer plan as described in Code Section 413(c), the provisions of this Article XII shall be applied separately to each Employer and Related Company taking account of benefits under the Plan provided to employees of the Employer or Related Company because of service with that Employer or Related Company.

12.02    Special Top Heavy Definitions.  The following special definitions shall apply under this Article XII.

(a)    “Aggregate Employer Contributions” means the sum of all Employer contributions under this Plan allocated for a Participant to the Plan and employer contributions and forfeitures allocated for the Participant to all Related Defined Contribution Plans in the Aggregation Group.  With respect to Non-Key Employees, Elective Deferrals under the Plan and employer contributions attributable to salary reduction or similar arrangement under any Related Defined Contribution Plans shall not be included in Aggregate Employer Contributions.  Matching Contributions under the Plan and employer matching contributions (within the meaning of Section 401(m)(4)(A) of the Code) under any Related Defined Contribution Plans shall be included in Aggregate Employer Contributions.  Matching Contributions that are used to satisfy the minimum contribution requirements of Section 12.03(a) shall be treated as Matching Contributions for purposes of the actual contribution percentage test of Section 5.03 of the Plan and other applicable requirements of Section 401(m) of the Code.

(b)    “Aggregation Group” means the group of plans in a Mandatory Aggregation Group, if any, that includes the Plan, unless the inclusion of Related Plans in the Permissive Aggregation Group would prevent the Plan from being a Top Heavy Plan, in which case “Aggregation Group” means the group of plans consisting of the Plan and each other Related Plan in a Permissive Aggregation Group with the Plan.

(1)    “Mandatory Aggregation Group” means each plan (considering the Plan and Related Plans) that, during the Plan Year that contains the Determination Date or any of the four preceding Plan Years,

(A)    had a participant who was a Key Employee, or

(B)    was necessary to be considered with a plan in which a Key Employee participated in order to enable the plan in which the Key Employee participated to meet the requirements of Section 401(a)(4) or 410 of the Code.

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If the Plan is not described in (A) or (B) above, it shall not be part of a Mandatory Aggregation Group.

(2)    “Permissive Aggregation Group” means the group of plans consisting of (A) the plans, if any, in a Mandatory Aggregation Group with the Plan, and (B) any other Related Plan, that, when considered as a part of the Aggregation Group, does not cause the Aggregation Group to fail to satisfy the requirements of Section 401(a)(4) and Section 410 of the Code.  A Related Plan in (B) of the preceding sentence may include a simplified employee pension plan, as defined in Code Section 408(k), and a collectively bargained plan, if when considered as a part of the Aggregation Group such plan does not cause the Aggregation Group to fail to satisfy the requirements of Section 401(a)(4) and Section 410 of the Code considering, if the plan is a multiemployer plan as described in Code Section 414(f) or a multiple employer plan as described in Code Section 413(c), benefits under the plan only to the extent provided to employees of the employer because service with the employer and, if the plan is a simplified employee pension plan, only the employer’s contribution to the plan.

(c)    “Determination Date” means, with respect to a Plan Year, the last day of the preceding Plan Year or, in the case of the first Plan Year, the last day of such Plan Year.  If the Plan is aggregated with other plans in the Aggregation Group, the Determination Date for each other plan shall be, with respect to any plan year, the Determination Date for each such other plan which falls in the same calendar year as the Determination Date for the Plan.

(d)    “Key Employee” means, for the Plan Year containing the Determination Date, any Employee or former Employee (including any deceased employee) who at any time during such Plan Year was:

(1)    an officer (including administrative executives as described in Treasury Regulations Section 1.416-1(T-13)) of the Employer or a Related Company having annual Compensation for the Plan Year greater than one hundred sixty-five thousand dollars ($165,000) (as adjusted under Section 416(i) of the Code for Plan Years beginning after December 31, 2012);

(2)    a more than five percent (5%) owner (or is considered as owning more than five percent (5%) within the meaning of Code Section 318) of the Employer or a Related Company; or

(3)    a more than one percent (1%) owner (or is considered as owning more than one percent (1%) within the meaning of Code Section 318) of the Employer or a Related Company and has an annual Compensation for such Plan Year from the Employer and Related Companies of more than one hundred fifty thousand dollars ($150,000).

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No more than a total of fifty (50) persons (or, if lesser, the greater of three (3) persons or ten percent (10%) of all persons or beneficiaries of persons who are employees or former employees) shall be treated as Key Employees under paragraph (1) above for any Plan Year.  If the number of persons who meet the requirements to be treated as Key Employees under paragraph (1) exceeds such limitation those persons with the highest annual Compensation in a Plan Year for which the requirements are met and who are within the limitation on the number of Key Employees will be treated as Key Employees.  For purposes of determining the number of officers taken into account hereunder, employees described in Section 2.27(b)(i) through (vi) shall be excluded.  The determination of who is a Key Employee will be made in accordance with Section 416(i) of the Code and the applicable regulations

(e)    “Non-Key Employee” means a person with an accrued benefit or account balance in the Plan or any Related Plan in the Aggregation Group at any time during the Measurement Period who is not a Key Employee, and any beneficiary of such a person.

(f)    “Present Value of Accrued Benefits” means, for any Plan Year, an amount equal to the sum of (1), (2) and (3), subject to (4), for each person who, in the Plan Year containing the Determination Date, was a Key Employee or a Non-Key Employee.

(1)    The value of a person’s accrued benefit under the Plan and each Related Defined Contribution Plan in the Aggregation Group, determined as of the valuation date coincident with or immediately preceding the Determination Date, adjusted for contributions due as of the Determination Date, as follows:

(A)    in the case of a plan not subject to the minimum funding requirements of Section 412 of the Code, by including the amount of any contributions actually made after the valuation date but on or before the Determination Date, and, in the first plan year of a plan, by including contributions made after the Determination Date that are allocated as of a date in that first plan year; and

(B)    in the case of a plan that is subject to the minimum funding requirements, by including the amount of any contributions that would be allocated as of a date not later than the Determination Date, plus adjustments to those amounts as required under applicable rulings, even though those amounts are not yet required to be contributed or allocated (e.g., because they have been waived) and by including the amount of any contributions actually made (or due to be made) after the valuation date but before the expiration of the extended payment period in Section 412(c)(10) of the Code.

(2)    The sum of the actuarial present values of a person’s accrued benefits under each Related Defined Benefit Plan in the Aggregation Group, expressed as a benefit commencing at Normal Retirement Date (or the person’s attained age, if later) determined based on the following actuarial assumptions:

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(A)    Interest rate: five percent (5%); and

(B)    Post Retirement Mortality: 1984 Unisex Pension Table;

and determined in accordance with Code Section 416(g), provided, however, that the accrued benefit of any Non-Key Employee shall be determined under the method which is used for accrual purposes for all Related Defined Benefit Plans or, if no single accrual method is used in all such plans, such accrued benefit shall be determined as if such benefit accrued not more rapidly than the slowest accrual rate permitted under Code Section 411(b)(1)(C).  The present value of an accrued benefit for any person who is employed by an employer maintaining a plan on the Determination Date is determined as of the most recent valuation date which is within a twelve (12)-month period ending on the Determination Date, provided however that:

(C)    for the first plan year of the plan, the present value for an employee is determined as if the employee had a Termination of Employment (i) on the Determination Date or (ii) on such valuation date but taking into account the estimated accrued benefit as of the Determination Date; and

(D)    for the second and subsequent plan years of the plan, the accrued benefit taken into account for an employee is not less than the accrued benefit taken into account for the first plan year unless the difference is attributable to using an estimate of the accrued benefit as of the Determination Date for the first plan year and using the actual accrued benefit as of the Determination Date for the second plan year.

For purposes of this paragraph (2), the valuation date is the valuation date used by the plan for computing plan costs for minimum funding, regardless of whether a valuation is performed that year.

If the Plan provides for a nonproportional subsidy as described in Treasury Regulations Section 1.416-1(T-27), the present value of accrued benefits shall be determined taking into account the value of nonproportional subsidized early retirement benefits and nonproportional subsidized benefit options.

(3)    Distributions made with respect to the Employee under the Plan and any Related Plan within the Aggregation Group during the one (1)-year period ending on the determination date.  The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been a Related Plan within the Aggregation Group.  In the case of a distribution for a reason other than severance from employment, death or disability, this provision shall be applied by substituting “five (5)-year period” for “one (1)-year period.”

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(4)    The following rules shall apply in determining the Present Value of Accrued Benefits:

(A)    Amounts attributable to qualified voluntary employee contributions, as defined in Section 219(e) of the Code, shall be excluded.

(B)    In computing the Present Value of Accrued Benefits with respect to rollovers or plan-to-plan transfers, the following rules shall be applied to determine whether amounts which have been distributed during the five (5) year period ending on the Determination Date from or accepted into this Plan or any plan in the Aggregation Group shall be included in determining the Present Value of Accrued Benefits:

(i)    Unrelated Transfers accepted into the Plan or any plan in the Aggregation Group after December 31, 1983 shall not be included.

(ii)    Unrelated Transfers accepted on or before December 31, 1983 and all Related Transfers accepted at any time into the Plan or any plan in the Aggregation Group shall be included.

(iii)    Unrelated Transfers made from the Plan or any plan in the Aggregation Group shall be included.

(iv)    Related Transfers made from the Plan or any plan in the Aggregation Group shall not be included by the transferor plan (but shall be counted by the accepting plan).

(C)    The Accrued Benefit of any individual who has not performed services for the Employer maintaining the Plan at any time during the one (1) year period ending on the Determination Date shall be excluded.

(g)    “Related Transfer” means a rollover or a plan-to-plan transfer which is either not initiated by the Employee or is made between plans each of which is maintained by a Related Company.

(h)    A “Top Heavy Aggregation Group” exists in any Plan Year for which, as of the Determination Date, the sum of the Present Value of Accrued Benefits for Key Employees under all plans in the Aggregation Group exceeds sixty percent (60%) of the sum of the Present Value of Accrued Benefits for all employees under all plans in the Aggregation Group; provided that, for purposes of determining the sum of the Present Value of Accrued Benefits for all employees, there shall be excluded the Present Value of Accrued Benefits of any Non-Key Employee who was a Key Employee for any Plan Year preceding the Plan 

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Year that contains the Determination Date.  For purposes of applying the special rules herein with respect to a Super Top Heavy Plan, a Top Heavy Aggregation Group will also constitute a “Super Top Heavy Aggregation Group” if in any Plan Year as of the Determination Date, the sum of the Present Value of Accrued Benefits for Key Employees under all plans in the Aggregation Group exceeds ninety percent (90%) of the sum of the Present Value of Accrued Benefits for all employees under all plans in the Aggregation Group.

(i)    “Top Heavy Plan” means the Plan in any Plan Year in which the Plan is a member of a Top Heavy Aggregation Group, including a Top Heavy Aggregation Group consisting solely of the Plan.  For purposes of applying the rules herein with respect to a Super Top Heavy Plan, a Top Heavy Plan will also constitute a “Super Top Heavy Plan” if the Plan in any Plan Year is a member of a Super Top Heavy Aggregation Group, including a Super Top Heavy Aggregation Group consisting solely of the Plan.

(j)    “Unrelated Transfer” means a rollover or a plan-to-plan transfer which is both initiated by the Employee and (a) made from a plan maintained by a Related Company to a plan maintained by an employer which is not a Related Company or (b) made to a plan maintained by a Related Company from a plan maintained by an employer which is not a Related Company.

12.03    Special Top Heavy Provisions.  For each Plan Year in which the Plan is a Top Heavy Plan, the following rules shall apply, except that the special provisions of this Section 12.03  shall not apply with respect to any employee included in a unit of employees covered by an agreement which the Secretary of Labor finds to be a collective-bargaining agreement between employee representatives and one or more Employers if there is evidence that retirement benefits were the subject of good faith bargaining between such employee representative and the Employer or Employers:

(a)    Minimum Employer Contributions.  In any Plan Year in which the Plan is a Top Heavy Plan, the Employers shall make additional Employer Contributions to the Plan as necessary for each Participant who is employed on the last day of the Plan Year and who is a Non-Key Employee to bring the amount of his or her Aggregate Employer Contributions for the Plan Year up to at least three percent (3%) of his or her Compensation, or if the Plan is not required to be included in an Aggregation Group in order to permit a Related Defined Benefit Plan in the Aggregation Group to satisfy the requirements of Section 401(a)(4) or Section 410 of the Code, such lesser amount as is equal to the largest percentage of a Key Employee’s Compensation allocated to the Key Employee as Aggregate Employer Contributions, unless such Participant is a Participant in a Related Defined Benefit Plan and receives a minimum benefit thereunder in accordance with Section 416(c) of the Code in which case such Participant shall not receive a minimum contribution under this Section 12.03(a).

For purposes of determining whether a Non-Key Employee is a Participant entitled to have minimum Employer Contributions made on his or her behalf, a Non-Key Employee 

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will be treated as a Participant even if he is not otherwise a Participant (or accrues no benefit) under the Plan because:

(i)    he has failed to complete the requisite number of hours of service (if any) after becoming a Participant in the Plan,

(ii)    he is excluded from participation in the Plan (or accrues no benefit) merely because his or her compensation is less than a stated amount, or

(iii)    he is excluded from participation in the Plan (or accrues no benefit) merely because of a failure to make mandatory employee contributions or, if the Plan is a 401(k) plan, because of a failure to make elective 401(k) contributions.

Contributions required by this subsection shall be allocated to the Company Contribution Account of the affected Non-Key Employee.

(b)    Vesting.  For each Plan Year in which the Plan is a Top Heavy Plan and any Plan Year thereafter, the Employer Contribution Account of a Participant who has at least one (1) Hour of Service after the Plan becomes a Top Heavy Plan and who has completed three (3) or more years of Vesting Service shall become fully vested and nonforfeitable.

(c)    Transition Rule for a Top Heavy Plan.  For each Plan Year commencing prior to January 1, 2000 in which the Plan is a Top Heavy Plan and in which the Plan does not meet the special requirements of Section 416(h)(2) of the Code in order to use 1.25 in the denominator of the Defined Contribution Plan Fraction and the Defined Benefit Plan Fraction, if an Employee was a participant in one or more defined benefit plans and in one or more defined contribution plans maintained by the employer before the plans became Top Heavy Plans and if such Participant’s Combined Fraction exceeds 1.00 because of accruals and additions that were made before the plans became Top Heavy Plans, a factor equal to the lesser of 1.25 or such lesser amount (but not less than 1.00) as shall be needed to make the Employee’s Combined Fraction equal to 1.00 shall be used in the denominator of the Defined Benefit Plan Fraction and the Defined Contribution Plan Fraction if there are no further accruals or annual additions under any Top Heavy Plans until the Participant’s Combined Fraction is not greater than 1.00 when a factor of 1.00 is used in the denominators of the Defined Benefit Plan Fraction and the Defined Contribution Plan Fraction.  Any provisions herein to the contrary notwithstanding, for Plan Years commencing prior to January 1, 2000, if the Plan is a Top Heavy Plan and the Plan does not meet the special requirements of Section 416(h)(2) of the Code in order to use 1.25 in the denominators of the Defined Benefit Plan Fraction and the Defined Contribution Plan Fraction, there shall be no further Annual Additions for a Participant whose Combined Fraction is greater than 1.00 when a factor of 1.00 is used in the denominator of the Defined Benefit Plan Fraction and the Defined Contribution Plan Fraction, until such time as the Participant’s Combined Fraction is not greater than 1.00.  This Section 12.03(d) shall not apply to any Plan Year commencing after December 31, 1997.

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(d)    Terminated Plan.  If the Plan becomes a Top Heavy Plan after it has formally been terminated, has ceased contributions and has been or is distributing all Plan assets to Participants and their Beneficiaries as soon as administratively feasible or if a terminated Plan has distributed all benefits of Participants and their Beneficiaries, the provisions of Section 12.03 shall not apply to the Plan.

(e)    Frozen Plans.  If the Plan becomes a Top Heavy Plan after contributions have ceased under the Plan but all assets have not been distributed to Participants or their Beneficiaries, the provisions of Section 12.03 shall apply to the Plan.
 

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ARTICLE XIII
Miscellaneous Provisions
13.01    Employer Joinder.      

(a)     Any Employer immediately before the Effective Date that continues to be a Related Company immediately after the Effective Date shall continue as an Employer under this Plan.  Any entity that is a Related Company as of the Effective Date or which is created by a transfer of assets from an Employer after the Effective Date, and that employs Employees within the United States who would be Eligible Employees if such Related Company were an Employer, shall be an Employer and shall be deemed to have adopted this Plan and the Trust unless such Related Company by resolution of its board of directors, or the Company by resolution of the Board, affirmatively provides that such Related Company shall not be an Employer or shall be an Employer only as to selected features pursuant to subsection (b) below.  Any other Related Company shall become an Employer as of the date (if any) as of which such Related Company adopts the Plan by resolution of its board of directors, or as of which the Company designates such Related Company as an Employer under the Plan by resolution of the Board.  

(b)    An Employer may adopt this Plan (or the Company may designate a Related Company as an Employer) separately for each of (i) Elective Deferrals (including Catch-Up Deferrals) (ii) Matching Contributions (if it has also adopted the Plan for Elective Deferrals); (iii) Company Contributions; or (iv) combination thereof; in each case as specified by resolution of the Employer’s board of directors or of the Company’s Board.  Adoption of any of those Plan features will include for such Employer and its Eligible Employees all Plan provisions relating thereto and all generally applicable Plan provisions, but will not include for such Employer or its Eligible Employees Plan provisions to the extent relating to the features not adopted.  If the resolution of the Employer’s board of directors or of the Company’s Board does not specifically limit Plan adoption to fewer than all of the above features the Employer will be deemed to have adopted the Plan in its entirety for itself and its Eligible Employees. An Employer may withdraw separately from one or more of the above features by resolution of the Employer’s board of directors in accordance with Section 11.05. 

(c)    Each Employer other than the Company so adopting or deemed to have adopted the Plan thereby irrevocably appoints the Company as its agent to do on its behalf all acts and things required of an Employer under this Plan and authorizes the Plan Administrator to determine the Employer contributions required of such Employer under this Plan, to the end that Participants, Beneficiaries, the Trustee, the Plan Administrator, and all other persons may deal with the Company as if it were the only Employer under this Plan.

13.02    Non-Alienation of Benefits.  Except as provided in Section 13.03, no benefit payable at any time under this Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, or other legal processes, or encumbrance of any kind, other than federal tax 

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levies and judgments which are enforceable under federal law.  Any attempt to alienate, sell, transfer, assign, pledge or otherwise encumber any such benefits, whether currently or thereafter payable, shall be void.  No benefit, nor any fund which may be established for the payment of such benefits, shall, in any manner, be liable for or subject to the debts or liabilities of any person entitled to such benefits.

13.03    Qualified Domestic Relations Order.  Notwithstanding Section 13.02, the Plan will pay all or the designated portion of a Participant’s Accounts to an Alternate Payee (as defined below) pursuant to a Qualified Domestic Relations Order (defined below).  Payments to an Alternate Payee pursuant to a Qualified Domestic Relations Order may not be made before the earlier of (i) the date on which the Participant corresponding to the Qualified Domestic Relations Order is entitled to a distribution under the Plan; or (ii) the later of (A) the date on which such Participant attains age 50 or (B) the earliest date on which such Participant could begin receiving benefits under the Plan if the Participant had separated from service; provided, however, that clause (ii)(A) shall not apply (and therefore the Plan will make distributions to an Alternate Payee under a Qualified Domestic Relations Order regardless of whether the Participant has attained age 50) if the Order specifies distributions at an earlier date than otherwise permitted by clause (ii)(A) or permits the Alternate Payee to request or consent to a distribution prior to the date specified by clause (ii)(A).

The term “Qualified Domestic Relations Order” means any judgment, decree or order (including approval of a property settlement agreement) which:

(a)     relates to the provision of child support, alimony payments, or marital property rights to a spouse, child or other dependent of a Participant,

(b)    is made pursuant to a State domestic relations law (including a community property law),

(c)    creates or recognizes the existence of an Alternate Payee’s right to, or assigns to an Alternate Payee the right to, receive all or a portion of the benefits payable with respect to the Participant,

(d)    clearly specifies the name and last known mailing address, if any, of the Participant and the name and mailing address of each Alternate Payee covered by the order, the amount and percentage of the Participant’s benefits to be paid by the Plan to each Alternate Payee, or the manner in which such amount or percentage is to be determined, the number of payments or period to which such order applies and each plan to which such order applies, and
(e)    does not require the Plan to provide (i) any form or type of benefit, or any option, not otherwise provided under the Plan, (ii) increased benefits (determined on the basis of actuarial value), (iii) benefits to a beneficiary inconsistent with the form of distribution available under Article VIII (or, if applicable, Appendix A), (iv) benefits to an Alternate Payee which are required to be paid to another payee under another order previously determined by the Plan Administrator to be a Qualified Domestic Relations Order; or (v) payments or other benefits to a person other than an Alternate Payee.

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The Plan Administrator shall establish reasonable procedures to determine the qualified status of domestic relations order and to administer distributions under such qualified orders, including the establishment of segregated accounts for Alternate Payees. All expenses incurred by the Plan Administrator in determining the qualified status of a domestic relations order shall be paid as an administrative expense of the Plan as a whole.

The term “Alternate Payee” means any spouse, former spouse, child or other dependent of a Participant who is recognized by a Qualified Domestic Relations Order as having a right to receive all, or a portion of, the benefits payable under the Plan with respect to the Participant. To the extent provided in any Qualified Domestic Relations Order, the former spouse of a Participant shall be treated as the surviving spouse of such Participant for purposes of consenting to the naming of another Beneficiary to the extent provided in Sections 8.05 and Appendix A.  An Alternate Payee shall be considered a Beneficiary under the terms of this Plan until the Alternate payee’s benefits are distributed.

In the case of any domestic relations order received by the Plan, the Plan Administrator shall separately account for the amounts payable under the domestic relations order.  If it is determined that the order is not a Qualified Domestic Relations Order, the amounts separately accounted for during such determination shall no longer be accounted for separately.

Pursuant to DOL regulation 2530.206, a domestic relations order will not fail to be a Qualified Domestic Relations Order solely because the domestic relations order: (i) revises or is issued after another domestic relations order or Qualified Domestic Relations Order, or (ii) the domestic relations order is issued after the Participant's death, divorce or annuity starting date.

13.04    Unclaimed Amounts.  Unclaimed amounts shall consist of the amounts of the Accounts of a retired, deceased or terminated Participant which cannot be distributed because of the Plan Administrator’s inability, after a reasonable search, to locate a Participant or his or her Beneficiary within a period of two (2) years after the payment of benefits becomes due in accordance with Section 8.03.  Unclaimed amounts for a Plan Year shall become a Forfeiture and shall be applied in accordance with Section 4.11(f) as of the close of the Plan Year in which such two (2)-year period shall end.  If an unclaimed amount is subsequently properly claimed by the Participant or the Participant’s Beneficiary, said amount shall be paid to such Participant or Beneficiary out of Forfeitures for the Plan Year in which such benefits are properly claimed and to the extent that Forfeitures for such Plan Year are not sufficient, such payments shall be charged ratably against income or gain of the Trust Fund unless paid by an Employer.

13.05    No Contract of Employment.  Nothing contained in this Plan shall be construed as a contract of employment between any Employer and any Employee or as creating a right of any Employee to be continued in the employment of any Employer.

13.06    Recoupment of or Reduction for Overpayment.  If the Plan Administrator determines that any payment previously made to a putative Participant or Beneficiary was not properly payable, the person to whom such payment was made shall promptly upon notice and demand from the Plan Administrator repay such amount to the Trust, subject to the right of such payee to request review 

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of such determination in accordance with Section 10.02.  If the person to whom such payment was made does not, within a reasonable time, make the requested repayment to the Plan, and if such person is entitled to other benefits from the Plan, the Plan Administrator may in his, her or its discretion treat the overpayment as an advance payment of benefits, and the Plan Administrator shall direct the Trustee to reduce all future benefits payable to that person, if any, by the amount of the overpayment.

13.07    Employees’ Trust.  The Plan and Trust are created for the exclusive purpose of providing benefits to the Participants in the Plan and their Beneficiaries and defraying reasonable expenses of administering the Plan and Trust. The Plan and Trust shall be interpreted in a manner consistent with their being a Plan described in Section 401(a) of the Code and a Trust exempt under Section 501(a) of the Code.

13.08    Source of Benefits.  All benefits payable under the Plan shall be paid or provided solely from the Trust and the Employers assume no liability or responsibility therefore.

13.09    Interest of Participants.  No Participant or Beneficiary shall have any interest in any specific assets of the Trust Fund (other than notes representing a loan to the Participant pursuant to Section 7.02) but shall have only an undivided interest in the Trust Funds as a whole.

13.10    Indemnification.  The Company shall indemnify and hold harmless the Plan Administrator, the members of the Investment Committee, and, if the Trustees are one or more individuals, the Trustees, and each officer and employee of an Employer to whom are delegated duties, responsibilities, and authority with respect to the Plan, from and against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him or her (including, but not limited to, reasonable attorney fees) which arise as a result of his or her actions or failure to act in connection with the operation and administration of the Plan to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for by the Company.  Notwithstanding the foregoing, the Company shall not indemnify any person for any such amount incurred through any settlement or compromise of any action unless the Company consents in writing to such settlement or compromise.

13.11    Company Action.  Any action this Plan requires or permits the Company to do (including any action taken by the Company as agent for any other Employer pursuant to Section 13.01) shall be properly done if done by resolution of its Board, or, unless this Plan expressly requires action by such Board, by any officer or employee of the Company authorized to take actions of such type on behalf of the Company (i) under the by-laws of the Company, (ii) by resolution of the Board, or (iii) by delegation from a person authorized under clause (i) or (ii).

13.12    Company Merger.  In the event that any successor corporation to the Company, by merger, consolidation, purchase or otherwise, shall elect to adopt the Plan, such successor corporation shall be substituted hereunder for the Company upon filing in writing with the Trustee its election so to do.

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13.13    Multiple Capacity.  Any person or group of persons may serve in more than one capacity (including more than one fiduciary or nonfiduciary capacity or both a fiduciary and non-fiduciary capacity) with respect to the Plan.

13.14    Gender and Number.  Except when the context indicates to the contrary, when used herein, masculine terms shall be deemed to include the feminine or neuter, and singular the plural.

13.15    Headings. The headings of articles and sections are included solely for convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text shall control.

13.16    Uniform and Non-Discriminatory Application of Provisions.  The provisions of this Plan shall be interpreted and applied in a uniform and non-discriminatory manner with respect to all similarly situated Participants, former Participants, and Beneficiaries.

13.17    Invalidity of Certain Provisions.  If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and the Plan shall be construed and enforced as if such provisions, to the extent invalid or unenforceable, had not been included.

13.18    Law Governing.  The Plan shall be construed and enforced according to the laws of Illinois other than its laws with respect to choice of law, to the extent not preempted by ERISA.

Executed this ______ day of December, 2013.

CHICAGO BRIDGE & IRON COMPANY
                        

By_______________________________________
                            
Title______________________________________
                            
            
 

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APPENDIX A

A-1.    Distribution of Restricted Accounts.  Notwithstanding any provisions in the Plan to the contrary, the balance of a Participant’s Restricted Accounts may be distributed, in addition to the options specified in Section 8.02(a) and (b), by purchase with the vested balance of his or her Restricted Accounts and distribution to the Participant of a nontransferable annuity contract, providing for payment in the form of a Qualified Joint and Survivor Annuity (as defined below), and in any other form of distribution to which the participant would have been entitled under Section 6.02(b) of the Hourly Plan as in effect on December 31, 1996.  The Participant shall select the method by which his or her benefits shall be distributed in accordance with Section 8.03, except as modified by this Appendix A.  If no other election has been made under Section 8.03 and this Appendix A, the Participant’s benefits attributable to his or her Restricted Accounts will be distributed in the form of a Qualified Joint and Survivor Annuity.  

For purposes of this Appendix A, a “Qualified Joint and Survivor Annuity”, for a Participant who is legally married on his or her Annuity Starting Date, is an immediate installment refund annuity for the life of the Participant with a survivor annuity for the life of such spouse (if such spouse survives the Participant) that is fifty percent (50%) or seventy-five percent (75%), as selected by the Participant prior to the Annuity Starting Date, of the amount of the annuity which is payable during the joint lives of the Participant and the spouse, and which is the amount of such benefit that can be purchased with the vested balance of the Participant’s Restricted Accounts.  If the Participant does not select a Qualifying Joint and Survivor Annuity of fifty percent (50%) or seventy-five percent (75%), then the default distribution shall be a fifty percent (50%) survivor annuity.  If the Participant is not married on his or her Annuity Starting Date, a “Qualified Joint and Survivor Annuity” is an immediate installment refund annuity for the life of such Participant, which is the amount of such benefit that can be purchased with the vested balance of the Participant’s Restricted Accounts.  The “Annuity Starting Date” is the first day of the first period for which an amount is paid as an annuity or any other form.

A-2.    Election and Revocation of Joint and Survivor Annuity Form.  If a Participant is married on his or her Annuity Starting Date, his or her Restricted Account balances shall be paid in the form of a Qualified Joint and Survivor Annuity, subject to the following provisions of this subsection.  Within one hundred eighty (180) days, but not less than thirty (30) days, preceding the Participant’s Annuity Starting Date, the Plan Administrator will provide, by a means reasonably calculated to reach the Participant and his or her spouse, election information consisting of:

(a)    a written description of the Qualified Joint and Survivor Annuity and the relative financial effect of payment of his or her Restricted Account balances in that form;

(b)    a notification of the right to waive payment in that form, the rights of his or her spouse with respect to such waiver and the right to revoke such waiver, and the effect of such revocation; and

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(c)    the relative values of the various optional forms of benefit under the plan as provided in Treasury Regulation Section 1.417(a)-3.

During an election period commencing on the date the Participant receives such election information and ending on the later of the one hundred eightieth (180th) day thereafter or the Annuity Starting Date, a Participant may waive payment in the Qualified Joint and Survivor Annuity form and elect payment in such another form permitted by Section A-1; provided that, the Participant’s surviving spouse, if any, has consented in writing to such waiver and the spouse’s consent acknowledges the effect of such revocation and is witnessed by a notary public.  A Participant may, at any time during his or her election period, revoke any prior waiver of the Qualified Joint and Survivor Annuity form.  However, the consent of his or her spouse once given shall be irrevocable unless and until the Participant revokes his or her prior waiver of the Joint and Survivor Annuity form.  A Participant may request, by writing filed with the Plan Administrator during his or her election period, an explanation, written in nontechnical language, of the terms, conditions and financial effect (in terms of dollars per monthly benefit payment) of payment in the Qualified Joint and Survivor Annuity form.  If not previously provided to the Participant, the Plan Administrator shall provide him or her with such explanation within thirty (30) days of his or her request by a method reasonably calculated to reach the Participant and his or her spouse, and the Participant’s election period will be extended, if necessary, to include the one hundred eightieth (180th) day next following the date on which he or she receives such explanation.  No distribution shall be made from a Participant’s Restricted Accounts until his or her election period has terminated.  Notwithstanding the foregoing, if the Participant’s total distributable Account balances (not just Restricted Account balances) are less than one thousand dollars ($1,000) as of his or her date of Termination, the Trustee shall immediately distribute such benefits in a lump sum without such Participant’s consent pursuant to Section 8.03 of the Plan.

A-3.     Pre-Retirement Survivor Annuity.  The term “Pre-Retirement Survivor Annuity” means an installment refund annuity for the life of the Participant’s surviving spouse, the payments under which are equal to the amount of benefit which can be purchased with the Participant’s Restricted Accounts as of the date of his or her death.  Payment of such benefits will commence as soon as practicable after the date of the Participant’s death, unless the surviving spouse elects a later date. Any election to waive the Pre-Retirement Survivor Annuity must be made by the Participant in writing during the election period described herein and shall require the spouse’s consent in the same manner provided for in Section A-2.  The election period to waive the Pre-Retirement Survivor Annuity shall begin on the first day of the Plan Year in which the Participant attains age thirty-five (35) and end on the date of the Participant’s death.  In the event a Participant separates from service prior to the beginning of the election period, the election period shall begin on the data of such separation from service.  In connection with the election, the Plan Administrator shall provide each Participant within the period beginning with the first day of the Plan Year in which the Participant attains age thirty-two (32) and ending with the close of the Plan Year preceding the Plan Year in which the Participant attains age thirty-five (35), a written explanation of the Pre-Retirement Survivor Annuity containing comparable information to that required pursuant to the provisions of subsections A-2(a), (b), and (c).  If the Participant enters the Plan after the first day of the Plan Year in which the Participant attained age thirty-two (32), the Plan Administrator shall provide notice no later than the close of the second Plan Year following the entry of the Participant into the Plan.  

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In the case of a Participant who has a Termination of Employment before the Plan Year in which age thirty-five (35) is attained, the written explanation shall be provided within the two (2) year period beginning one (1) year prior to Termination of Employment and ending one year after Termination of Employment.  If such a Participant thereafter returns to employment with the Employer, the applicable period for providing the written explanation shall be redetermined.  If the total distributable balance of the Participant’s Accounts (not just Restricted Accounts) is less than one thousand dollars ($1,000) as of his or her date of Termination, the Trustees shall provide for the immediate distribution of such Accounts to the Participant’s spouse.  If the value exceeds one thousand dollars ($1,000), an immediate distribution of the entire amount may be made to the surviving spouse, provided such surviving spouse consents in writing to such distribution.
 

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Schedule 1
Chicago Bridge & Iron Company
Employee Savings Plan
Participant Accounts
CB&I PLAN
	
							
	SOURCE NAME
	EXCHANGES
	CONTRIBUTION MIX CHANGES
	WITHDRAWALS
	VESTING SCHEDULE
	ANNUITY RESTRICTIONS
	COMMENTS

	Employee 401(k)
	permitted
	Permitted
	Age 59 1⁄2
Hardship
Termination
Loans
	N/A
	N/A
	Converted 12/31/96 from Towers Perrin for 401(k) Plan

	Prior Employee
	permitted
	N/A
	Age 59 1⁄2
Hardship
Termination
Loans
	N/A
	Annuity provisions 
Spousal consent
	Contains pretax deferred money from Callidus, Howe-Baker, A&B, and Matrix Plans

	Prior Employer
	permitted (exchanges into stock are not permitted)
	N/A
	Age 59 1⁄2
Hardship
Termination
Loans
	3 yr. cliff
	Annuity provisions 
Spousal consent
	Contains match and stock sources from Callidus Plan

	Prior Hourly Employee 401(k)
	permitted
	N/A
	Age 59 1⁄2
Hardship
Termination
	N/A
	Annuity provisions 
Spousal consent
	Converted 12/31/96 from Principal Financial for Hourly Employees Plan

	Annual Company Contribution
	permitted
	Permitted
	Age 59 1⁄2
Termination
Loans
	5 yr. cliff
	N/A
	 

	MPPP Employee Contribution
	permitted
	N/A
	Age 59 1⁄2
Termination
In-service
Loans
	N/A
	Annuity provisions 
Spousal consent
	Converted 12/31/96 from Principal Financial for Hourly Employees Plan

	Post 86 After-Tax
	permitted
	N/A
	In-service
Loans
	100%
	N/A
	Contains Howe-Baker, Matrix, A&B after-tax sources

	USERRA
Employee 401(k)
	permitted
	Permitted
	Age 59 1⁄2 
Hardship
Termination
Loans
	N/A
	N/A
	Contains pre-tax deferrals made by participants on military leave

	Travelers Benefit
	permitted
	N/A
	Age 59 1⁄2
Termination
	100%
	N/A
	 

	
							
	SOURCE NAME
	EXCHANGES
	CONTRIBUTION MIX CHANGES
	WITHDRAWALS
	VESTING SCHEDULE
	ANNUITY RESTRICTIONS
	COMMENTS

	Prior Plan
	permitted
	N/A
	Age 59 1⁄2
Termination
In-service
Loans
	N/A
	Annuity provisions 
Spousal consent
	Converted 12/31/96 from Principal Financial for Hourly Employees Plans
Contains rollover money from CB&I, Callidus, Howe-Baker, A&B, and Matrix Plans

	MPPP Company Contribution
	permitted
	N/A
	Termination
Loans
	100%
	Annuity provisions 
Spousal consent
	Converted 12/31/96 from Principal Financial for Hourly Employees Plans

	Pre-2001 Company Match
	permitted
	N/A
	Age 59 1⁄2
Termination
Loans
	100% immediate
	N/A
	 

	Prior QNEC
	permitted
	N/A
	Termination
Loans
	100%
	Annuity provisions 
Spousal consent
	Contains Howe-Baker QNEC

	Prior Profit Sharing
	none
	N/A
	Age 59 1⁄2
Termination
In-service (20% available after 5 yrs. of service)
Loans
	100%
	Annuity provisions 
Spousal consent
	Contains Howe-Baker, Matrix, A&B PS sources

	Company Contribution CB&I Stock
	no exchange out
	no exchange out
	Age 59 1⁄2
Termination
Loans
	100%
	N/A
	 

	Prior Employer Match
	permitted
	N/A
	Age 59 1⁄2
Termination
Loans
	5 yr. graded
	Annuity provisions 
Spousal consent
	Contains match sources from Howe-Baker, Matrix, and A&B Plans

	Company Match
	permitted
	permitted
	Age 59 1⁄2
Termination
Loans
	5 yr. cliff
	N/A
	Contain new company match for 2001 and forward

	USERRA
Company Match
	permitted
	Permitted
	Age 59 1⁄2 
Termination
Loans
	3 yr. cliff
	N/A
	Contains Company Matching Contributions for participants on military leave

	Prior Plan & Rollovers
	permitted
	permitted
	Age 59 1⁄2
Termination
In-service
Loans
	N/A
	N/A
	Converted 12/31/96 from Towers Perrin for 401(k) Plan

	Lummus Rollover
	permitted
	N/A
	Age 59 1⁄2
Termination
In-service
Loans
	N/A
	N/A
	Contains pre-tax rollover contributions from Lummus

	Lummus After Tax Rollover
	permitted
	N/A
	In-service
	N/A
	N/A
	Contains after-tax rollover contributions from Lummus

	
							
	SOURCE NAME
	EXCHANGES
	CONTRIBUTION MIX CHANGES
	WITHDRAWALS
	VESTING SCHEDULE
	ANNUITY RESTRICTIONS
	COMMENTS

	Post-2006 Company Contribution
	permitted
	permitted
	Age 59 1⁄2
Termination
Loans
	3 yr. cliff
	N/A
	 

	Force Reduction Rehire Company Contribution
	permitted
	permitted
	Age 59 1⁄2
Termination
Loans
	100%
	N/A
	 

	Force Reduction Rehire Matching Contribution
	permitted
	Permitted
	Age 59 1⁄2
Termination
Loans
	100%
	N/A2013.12.31 EX 10.27

Exhibit 10.27

THE SHAW GROUP INC. 401(k) PLAN

Effective January 1, 2014
 

TABLE OF CONTENTS

	
			
	ARTICLE I

	INVESTMENT OF CONTRIBUTIONS

	 
	 
	 

	1.1
	Account
	1

	1.2
	Actual Contribution Percentage
	1

	1.3
	Actual Deferral Percentage
	1

	1.4
	Affiliated Employer
	2

	1.5
	Authorized Leave of Absence
	2

	1.6
	Beneficiary
	2

	1.7
	Board of Directors
	2

	1.8
	Break in Service
	2

	1.9
	Code
	3

	1.10
	Compensation
	3

	1.11
	Deferral Contributions
	5

	1.12
	Disability or Disabled 
	5

	1.13
	Earnings
	5

	1.14
	Effective Date
	5

	1.15
	Eligibility Service
	5

	1.16
	Eligible Employee 
	6

	1.17
	Employee
	6

	1.18
	Employee Deferral Account
	6

	1.19
	Employer
	6

	1.20
	Employer Matching Contribution Account
	7

	1.21
	Employer Profit Sharing Contribution Account
	7

	1.22
	Employer Stock 
	7

	1.23
	Employment Commencement Date
	7

	1.24
	ERISA
	7

	1.25
	Enrollment Date
	7

	1.26
	Fund 
	7

	1.27
	Highly Compensated Employee
	7

	1.28
	Hour of Service
	8

	1.29
	Leased Employee
	9

	1.30
	Matching Contributions 
	9

	1.31
	Normal Retirement Plan
	9

	1.32
	Participant 
	9

	1.33
	Period of Severance 
	9

	1.34
	Plan
	10

	1.35
	Plan Administrator
	10

	1.36
	Plan Year
	10

	1.37
	Pre-Tax Contributions Account
	10

	1.38
	Pre-Tax Contributions
	10

	1.39
	Profit Sharing Contributions
	10

	
			
	1.40
	Reduction-in-Force-Termination
	10

	1.41
	Reemployment Commencement Date
	11

	1.42
	Rollover Contribution Account
	11

	1.43
	Rollover Contributions
	11

	1.44
	Roth Contribution Account
	11

	1.45
	Roth Contributions
	11

	1.46
	Safe Harbor Matching Contribution
	11

	1.47
	Safe Harbor Notice
	11

	1.48
	Severance Date
	11

	1.49
	Spousal Consent
	12

	1.50
	Statutory Compensation
	12

	1.51
	Termination of Employment
	13

	1.52
	Trust
	13

	1.53
	Trust Agreement
	13

	1.54
	Trustee
	13

	1.55
	Valuation Date
	14

	1.56
	Vested Portion
	14

	1.57
	Vesting Service
	14

	 
	 
	 

	ARTICLE II

	ELIGIBILITY AND PARTICIPATION

	 
	 
	 

	2.1
	Eligibility 
	14

	2.2
	Participation
	15

	2.3
	Reemployment of Former Employees and Former Participants
	15

	2.4
	Transferred Participants
	15

	2.5
	Termination of Participation
	15

	 
	 
	 

	ARTICLE III

	CONTRIBUTIONS

	 
	 
	 

	3.1
	Deferral Contributions
	15

	3.2
	Matching Contributions
	19

	3.3
	Profit Sharing Contributions
	20

	3.4
	Participant Rollover Contributions and Transfers
	21

	3.5
	Change in Contributions
	22

	3.6
	Revocation of Contributions
	23

	3.7
	Limitations Affecting Highly Compensated Employees
	23

	3.8
	Maximum Annual Additions
	27

	3.9
	Return of Contributions
	28

	3.10
	Contributions Not Contingent Upon Profits
	28

	 
	 
	 

	
			
	 
	 
	 

	ARTICLE IV

	INVESTMENT OF CONTRIBUTIONS

	 
	 
	 

	4.1
	Investment Funds
	29

	4.2
	Investment of Participant’s Accounts
	29

	4.3
	Responsibility for Investments
	29

	4.4
	Change of Election
	30

	4.5
	Transfers Between Funds
	30

	4.6
	Limitations Imposed by Contract
	30

	4.7
	Employer Stock
	31

	 
	 
	 

	ARTICLE V

	VALUATION OF THE ACCOUNTS

	 
	 
	 

	5.1
	Valuation of the Accounts
	37

	 
	 
	 

	ARTICLE VI

	VESTED PORTION OF ACCOUNTS

	 
	 
	 

	6.1
	Fully Vested Account
	38

	6.2
	Other Accounts
	38

	6.3
	Disposition of Forfeitures
	40

	 
	 
	 

	ARTICLE VII

	WITHDRAWALS WHILE STILL EMPLOYED

	 
	 
	 

	7.1
	Withdrawal of Rollover Contributions
	41

	7.2
	Withdrawals Upon Attainment of Age 59-1/2
	41

	7.3
	Hardship Withdrawal
	41

	7.4
	Withdrawal Procedures
	42

	7.5
	Qualified Reservist Distributions
	43

	7.6
	Withdrawal of Deferral Contributions for Participants in Uniformed Services
	43

	 
	 
	 

	ARTICLE VIII

	LOANS TO PARTICIPANTS

	 
	 
	 

	8.1
	Amount Available
	43

	8.2
	Terms
	43

	8.3
	General Administration
	44

	 
	 
	 

	 
	 
	 

	
			
	 
	 
	 

	 
	 
	 

	ARTICLE IX

	DISTRIBUTION OF ACCOUNTS UPON TERMINATION OF EMPLOYMENT

	 
	 
	 

	9.1
	Eligibility
	44

	9.2
	Form of Distribution
	45

	9.3
	Commencement of Payments
	45

	9.4
	Minimum Distribution Requirements
	46

	9.5
	Status of Accounts Pending Distribution
	51

	9.6
	Proof of Death and Right of Beneficiary or Other Person
	51

	9.7
	Distribution Limitation
	51

	9.8
	Rollover Distributions
	51

	 
	 
	 

	ARTICLE X

	ADMINISTRATION OF PLAN

	 
	 
	 

	10.1
	Plan Administration
	53

	10.2
	Service in More Than One Fiduciary Capacity
	54

	10.3
	Limitation of Liability
	54

	10.4
	Indemnification
	54

	10.5
	Appointment of Investment Manager
	54

	 
	 
	 

	ARTICLE XI

	MANAGEMENT OF FUNDS

	 
	 
	 

	11.1
	Trust Agreement
	54

	11.2
	Exclusive Benefit Rule
	55

	11.3
	Payment of Expenses
	55

	 
	 
	 

	ARTICLE XII

	GENERAL PROVISIONS

	 
	 
	 

	12.1
	Non-alienation
	55

	12.2
	Conditions of Employment Not Affected by Plan
	56

	12.3
	Facility of Payment
	56

	12.4
	Information
	57

	12.5
	Top-Heavy Provisions
	57

	12.6
	Prevention of Escheat
	59

	12.7
	Transfers of Trust Fund Assets
	60

	12.8
	Construction
	60

	12.9
	USERRA Compliance
	60

	
			
	12.10
	Death Benefits Under USERRA-Qualified Active Military Service
	60

	12.11
	Qualified Hurricane Disaster Relief
	61

	 
	 
	 

	ARTICLE XIII

	AMENDMENT, MERGER, AND TERMINATION

	 
	 
	 

	13.1
	Amendment of Plan
	61

	13.2
	Merger, Consolidation, or Transfer
	61

	13.3
	Additional Participating Employers
	61

	13.4
	Termination of Plan
	62

PREAMBLE

The Shaw Group Inc. 401(k) Plan ("Plan") became effective January 1, 1994, to provide a financial incentive and retirement security for Eligible Employees of The Shaw Group Inc. and participating employers. The Plan was subsequently restated effective October 1, 2006 using Fidelity non-standardized prototype documents.

Effective June 1, 2010, except as otherwise noted, The Shaw Group Inc. amended and restated the Plan into an individually designed Plan document. The amendment and restatement incorporated into the Plan document the prior amendments made to the Plan since its October 1, 2006 restatement, including the amendments required by the Economic Growth and Tax Relief Reconciliation Act of 2001, the amendments required or pe1mitted by the Pension Protection Act of 2006 and the Heroes Earnings Assistance and Relief Tax Act of 2008, and other amendments.

Also effective June 1, 2010, The Shaw Group Inc. amended and restated the Plan  to  include  the provisions needed to implement the merger into the Plan of The Shaw Group Inc. 40l (k) Plan for  Hourly Employees. The merged Plan was intended to provide similar benefits to employees through one plan as previously provided under the pre-merger, two-plan structure. Further, the merged Plan met all of the following conditions:

		
	(1)
	The sum of the account balances in each plan prior to the merger equaled the value of the entire Plan assets at the time of the merger;

		
	(2)
	The assets of each plan were combined at the time of the merger to form the assets of the merged Plan; and

		
	(3)
	Immediately after the merger, each Participant in the merged Plan had an Account equal to the sum of the account balances the Pa1ticipant had in each plan immediately prior to the merger.

Effective January 1, 2013, The Shaw Group Inc. amended and restated the Plan. This amendment and restatement is effective February 13, 2013.

Effective February 13, 2013, Chicago Bridge & Iron Company is the sponsor of the Plan (the “Plan Sponsor”).  The Plan Sponsor now amends and restates the Plan effective January 1, 2014.

It is intended that this Plan, together with the Trust Agreement, meet all the requirements of the Internal Revenue Code of 1986, as amended ("Code"), and that the Plan shall be interpreted, wherever possible, to comply with the terms of the Code and all formal regulations and rulings issued under the Code.

 

THE SHAW GROUP INC. 401(k) PLAN

Restated Effective January 1, 2014

ARTICLE I 
DEFINITIONS

		
	1.1
	"Account" means the Pre-Tax Contribution Account, Roth Contribution Account, Employer Matching Contribution Account, Safe Harbor Matching Contribution Account, Employer Profit Sharing Contribution Account, Rollover Contribution Account, and any other subaccounts maintained for each Participant or Beneficiary pursuant to the terms of this Plan.  Effective January 1, 2014, the Employer Matching Contribution Account shall include discretionary Matching Contributions which are in addition to Safe Harbor Matching Contributions.

		
	1.2
	"Actual  Contribution  Percentage"  means,  with  respect  to  a  specified  group  of  Employees,  the  average   of   the   ratios,   calculated   separately   for   each   Employee   in   that   group,   of   (a)  the Employee's  Matching  Contributions   for  that  Plan  Year,  to  (b) his  or  her  Statutory  Compensation for  that  entire  Plan   Year,   provided   that,   upon   direction   of  the  Plan   Administrator,   Statutory Compensation  for  a  Plan Year  shall only  be  counted if received  during  the  period  an Employee  is  a Participant  or is eligible to become  a  Participant.   The Actual  Contribution  Percentage  for  each group and  the ratio  determined  for  each  Employee  in the  group  shall  be  calculated  to the  nearest one-hundredth  of  one  percent.

		
	1.3
	"Actual Deferral Percentage" means, with respect to a specified group of Employees,  the average of the ratios, calculated separately for each Employee in that group, of (a) the amount of Deferral Contributions made pursuant to Section 3.1 for a Plan Year (including Deferral Contributions returned to a Highly Compensated Employee under Section 3.1(c) and Deferral Contributions returned to any Employee pursuant to Section 3.1(d)), to (b) the  Employee's Statutory Compensation for that entire Plan Year, provided that upon direction of the Plan Administrator, Statutory Compensation shall only be counted if received during  the period an Employee is a Participant or is eligible to become a Participant. The Actual Deferral Percentage for each group and the ratio determined for each Employee in the group shall be calculated to the nearest one-hundredth of one percent. For purposes of determining the Actual Deferral Percentage for a Plan Year, Deferral Contributions may be taken into account for a Plan Year only if they:

		
	(a)
	relate to compensation that would have been received by the Employee in the Plan Year but for the deferral election, or are attributable to services performed by the Employee in the Plan Year and would have been received by the Employee within 2-1/2, months after the close of the Plan Year but for the deferral election;

		
	(b) 
	are allocated to the Employee as of a date within that Plan Year and the allocation is not contingent on the participation or performance of service after such date; and

		
	(c) 
	are actually paid to the Trustee no later than twelve (12) months after the end of the Plan Year to which the contributions relate.

		
	1.4
	"Affiliated Employer" means any company which is a member of a controlled group of corporations (as defined in Code Section 414(b)) which also includes the Employer; any trade or business under common control (as defined in Code Section 414(c)) with the Employer; any organization (whether or not incorporated) which is a member of an affiliated service group (as defined in Code Section 414(m)) which includes the Employer; and any other entity required to be aggregated with the Employer pursuant to regulations under Code Section 414(o). Notwithstanding the foregoing sentence, for purposes of Section 3.8, the definitions in Code Sections 414(b) and (c) shall be modified as provided in Code Section 415(h).

		
	1.5
	“Authorized Leave of Absence” means an absence with or without pay, authorized by an Employer on a non-discriminatory basis, for Disability, accident, jury duty, military duty, or other reasons.

		
	1.6
	"Beneficiary" means any person, persons, or entity designated by a Participant to receive benefits payable in the event of the Participant’s death, and filed with the Plan Administrator in such manner and form as may be prescribed by the Plan Administrator. However, if the Participant is married, his or her spouse shall be deemed to be the Beneficiary unless or until he or she elects another Beneficiary in such manner and form as may be prescribed by the Plan Administrator. Any such designation shall not be effective without Spousal Consent or except as provided in Section 1.44.  If no such designation is in effect at the time of death of the Participant, or if no person, persons or entity so designated shall survive the Participant, the Participant’s surviving spouse, if any, shall be deemed to be the Beneficiary; or if there is no surviving spouse, then the Beneficiary shall be the estate of the Participant. Whether an individual is a spouse or surviving spouse shall be determined in accordance with the law of the state in which the Participant resides on the date of his or her death.

		
	1.7
	"Board of Directors" means the Board of Directors of Chicago Bridge & Iron Company.

		
	1.8
	"Break in Service" means a 12 consecutive month period beginning on an Employee's Severance Date or any anniversary thereof in which the Employee is not credited with an Hour of Service. Notwithstanding the foregoing, the following special rules apply in determining whether an Employee who is on leave has incurred a Break in Service:

		
	(a)
	If an individual is absent from work because  of "maternity/paternity leave" beyond  the first anniversary of his Severance Date, the 12-consecutive-month period  beginning  on the individual's Severance Date shall not constitute a Break in Service. For purposes of this paragraph, "maternity/paternity leave" means a leave of absence 

2

(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 the individual, or (4) for purposes of caring for a child for the period beginning immediately following such birth or placement.

		
	(b)
	If an individual is absent from work because of "FMLA leave"  and  returns  to employment with the Employer or an Affiliated Employer following such  "FMLA leave," he shall not incur a Break in Service during any 12-consecutive-month period beginning on his Severance Date or anniversaries thereof in which he is absent because of such "FMLA leave." For purposes of this paragraph, "FMLA leave" means an approved leave of absence pursuant to the Family and Medical Leave Act of 1993.

		
	1.9
	"Code" means the Internal Revenue Code of 1986, as amended from time to time.

		
	1.10
	"Compensation" means wages as defined in Code Section 3401(a) (for purposes of income tax withholding at the source) plus amounts that would be included in wages but for an election under Code Section 125(a), 132(f)(4), 402(e)(3), 402(h)(l)(B),  403(b), 408(p)(2)(A)(i), or 457(b) and all other payments of compensation to an Eligible Employee by the Employer (in the course of the Employer's trade or business) for services to the Employer while employed as an Eligible Employee for which the Employer is required to furnish the Eligible Employee a written statement under Code Sections 6041(d), 6051(a)(3) and 6052. Compensation must be  determined without regard to any rules under Code Section 3401 (a) 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 Code Section 3401(a)(2)).However, "Compensation" shall be subject to the following adjustments and limitations:

		
	(a)
	The following shall be excluded:

		
	(i)
	the value of a qualified or non-qualified stock option granted to an Employee by the Employer to the extent such value is includable in the Employee's taxable income;

		
	(ii)
	the amount includable in the gross income of an Employee upon making the election described in Code Section 83(b);

		
	(iii) 
	amounts realized  from the exercise of a nonstatutory  option, or when restricted stock or other property held by an Employee either becomes  freely transferable or is no longer subject to a substantial risk of forfeiture;

		
	(iv)
	amounts realized from the sale, exchange, or other disposition of stock acquired under a statutory stock option;

3

		
	(v)
	reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, deferred compensation and welfare benefits; and

		
	(vi)
	amounts paid after a Participant's severance from employment with the Employer, except as described in Section l .9(b) below.

		
	(b)
	The following shall be included:

		
	(i)
	Compensation shall include compensation paid by the later of 2 months after a Participant's severance from  employment with the Employer or the end of the Plan Year that includes the Participant's severance from employment with the Employer, if: (A) the payment is regular compensation for services during the Participant's regular working hours, or compensation for services outside the Participant's regular working hours (such as overtime or shift differential), bonuses, commissions, or other similar payments, and, absent a severance from employment, the payments would  have been paid to the Participant while such Participant continued in employment with the Employer; or (B) such amounts are either payments for unused accrued bona fide sick, vacation, or other leave (but only if the Eligible Employee would have been able to use the leave if employment had continued), but only if the payment would have been paid to the Participant at the same time if the Participant had continued in employment with the Employer and only to the extent that the payment is includable in the Participant's  gross income.

		
	(ii)
	effective for Plan Years beginning after December 31, 2008, Compensation shall include any differential wage payment (within  the  meaning  of  Code  Section 3401(h)(2)) made by the Employer to a Participant with respect to any period during which the Participant is performing service in the uniformed services (as defined in Code Section 3401(h)(2)(A)) while on active duty for more than 30 days, which represents all or a portion of the wages the Participant would have received from the Employer if the individual were performing service for the Employer.

		
	(c)
	The Compensation of any Participant taken into account for purposes of the Plan shall be limited to $200,000 for any Plan Year beginning after December 31, 2001, with such limitation to be adjusted automatically to reflect any amendments to Code Section 401(a)(l7) and any cost-of-living increases authorized by Code Section 401(a)(17)(B).

		
	(d)
	For a Participant's initial year of participation, Compensation shall be recognized for the entire Plan Year.

4

		
	1.11
	"Deferral Contributions" means all amounts contributed pursuant to Section 3.1 of the Plan, including, on and after June 1, 2010, any Roth Contributions.

		
	1.12
	“Disability” or “Disabled” means a Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous or indefinite period of at least twelve (12) months, and which is substantiated by proof of disability satisfactory to the Plan Administrator (which proof shall include a written statement of licensed physician or other appropriate medical care provider appointed or approved by the Employer).

		
	1.13
	"Earnings" means the amount of earnings to be returned to a Participant with any excess deferrals, excess contributions or excess aggregate contributions under Article III as determined in accordance with regulations prescribed by the Secretary of the Treasury under the provisions of Sections 402(g), 401(k) and 401(m) of the Code, provided that for Plan Years beginning before January 1, 2008, Earnings for the period between the end of the applicable Plan Year and the date of the corrective distribution ("gap period income") shall be included for purposes of correction of any excess deferrals. For Plan Years beginning on and after January 1, 2008, Earnings shall not include gap period income.

		
	1.14
	"Effective Date" means January 1, 2014.  The original effective date of the Plan was January 1, 1994.

		
	1.15
	“Eligibility Service”  means  the  aggregate  of  all  periods  of  employment   of  an Employee  by an Employer or Related Company (including  periods of Authorized  Leave of Absence) measured from the date an Employee first performs an Hour of Service upon employment or  reemployment  to  the  date  of  the  Employee's  Termination  of Employment,  but excluding any Period of Severance other than an Authorized Leave of Absence;  provided,  however, that (i) an Employee shall  not be credited  with more than twelve (12) months of Service with respect to any single period of Authorized  Leave of Absence; and (ii)  if an  Employee  who  has a Termination  of  Employment  is reemployed  by an Employer or a Related Company and performs an Hour of Service before he or she incurs a one (1)-year Period of Severance, such Termination of Employment  shall  be disregarded and his or her Service shall  be treated as continuous through the date he or she resumes employment as an  Employee.   An Employee shall receive credit for one-twelfth (1/12) of a year of Service for each full or partial calendar month of Service.   

With respect to a Participant who, as of February 13, 2013, was an employee of Chicago Bridge & Iron Company or any entity related to Chicago Bridge & Iron Company as a Affiliated Employer, service with Chicago Bridge & Iron Company or any entity related to Chicago Bridge & Iron Company as a Affiliated Employer shall be treated as service with an Employer.  

5

		
	1.16
	"Eligible Employee" means an Employee who is employed by an Employer and paid through the U.S. payroll system of the Employer, including an Employee transferred from the United States to work outside the United States but retained on the U.S. payroll system of the Employer, but excluding:

		
	(a)
	any Leased Employee;

		
	(b)
	any individual who is included in a unit of employees covered by a collective bargaining agreement which does not provide for his or her participation in the Plan;

		
	(c)
	any individual who is a nonresident alien who receives no earned income (within  the meaning of Code Section 91l(d)(2)) from the Employer that constitutes income from sources within the United States (within the meaning of Code Section 86l(a)(3));

		
	(d)
	any individual who is a signatory to a contract, letter of agreement or other document that acknowledges his status as an independent contractor not entitled to benefits under the Plan or who is not otherwise classified by the Employer as a common law employee and with respect to whom the Employer does not withhold income taxes and file Form W-2 (or any replacement form), with the Internal Revenue Service and does not remit Social Security payments to the Federal government, even if such individual is later adjudicated to be a common law employee; 

		
	(e)
	any individual who is a resident of Puerto Rico, and

		
	(f)
	with respect to Employees hired on or after January 1, 2014, temporary employees, co-ops, interns, benefit ineligible employees and employees who are in the United States on an F1 Visa.  Notwithstanding any other Plan provision, an ineligible Employee listed in this subsection (f) who subsequently becomes an Eligible Employee shall be credited with Hours of Service performed during his service as an ineligible Employee.

		
	1.17
	"Employee" means a person currently employed by the Employer or an Affiliated Employer, including Leased Employees.

		
	1.18
	"Employee Deferral Account" means the separate subaccount into which shall be credited the Deferral Contributions made on a Participant’s behalf and earnings on those contributions.

		
	1.19
	"Employer" means The Shaw Group Inc., or any successor by merger, purchase or otherwise, with respect to its Employees; or any other Affiliated Employer participating in the Plan as provided in Section 13.3, with respect to its Employees.

6

		
	1.20
	"Employer Matching Contribution Account” means the separate subaccount into which shall be credited the Matching Contributions made on a Participant's behalf and earnings on those contributions.

		
	1.21
	"Employer Profit Sharing Contribution Account" means the separate subaccount into which shall be credited the Profit Sharing Contributions made on a Participant's behalf and earnings on those contributions.

		
	1.22
	"Employer Stock" means the common stock of Chicago Bridge & Iron Company N.V.

		
	1.23
	"Employment Commencement Date" means the date on which an Employee first performs an Hour of Service.

		
	1.24
	"ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time.

		
	1.25
	"Enrollment Date" means the first day of each payroll period.

		
	1.26
	"Fund" or "Investment Fund" means the separate funds into which contributions to the Plan are invested in accordance with Article IV.

		
	1.27
	"Highly Compensated  Employee" means, with respect to a Plan Year,  any Employee  classified as a highly compensated employee as determined under Code Section 414(q) and any regulations issued thereunder, who

		
	(a)
	Was a 5-percent owner of the Employer or an Affiliated Employer at any time during the Plan Year or preceding Plan Year; or

		
	(b)
	For  the  preceding  Plan  Year  had  Statutory  Compensation  from  the  Employer  or  an Affiliated Employer in excess of $80,000 (indexed as provided in Code Section 415(d)) and is in the group consisting of the top twenty percent (20%) of the total number of persons employed by the Employer and Affiliated Employers when ranked on the basis of Statutory Compensation paid during the preceding Plan Year, provided, however, that, for purposes of determining the total number of persons employed by the Employer and Affiliated Employers , the following Employees shall be excluded:

		
	(i)
	Employees who have not completed an aggregate of six (6) months of service during the preceding Plan Year,

		
	(ii)
	Employees who work less than seventeen and one-half (17-1/2) hours per week for fifty percent (50%) or more of the total weeks worked by such employees during the preceding Plan Year,

		
	(iii)
	Employees who normally work not more than six (6) months during any year,

7

		
	(iv)
	Employees who have not attained age twenty-one (21) by the end of the preceding Plan Year, 

		
	(v)
	Employees who are nonresident aliens and who receive no earned income (within the meaning of Section 911(d)(2) of the Code) from the Employer or Related Companies which constitutes income during the preceding Plan Year from sources within the United States (within the meaning of Section 861(a)(3) of the Code), and

		
	(vi)
	Except to the extent provided in regulations prescribed by the Secretary of the Treasury, Employees who are members of a collective bargaining unit represented by a collective bargaining agent with which an Employer or Affiliated Employer has or has had a bargaining agreement.

An Employee shall be treated as a 5-percent owner of the Employer or an Affiliated Employer for any Plan Year if at any time during such year the Employee was a 5-percent owner (as defined in Code Section 416(i)(1)) of the Employer or Affiliated Employer.

Any former Employee shall be treated as a Highly Compensated Employee if such employee was a Highly Compensated Employee when he or she terminated employment, or in any year following attainment of age fifty-five (55).

		
	1.28
	"Hour of Service" means, with respect to any applicable computation period:

		
	(a)
	Each hour for which the Employee is paid or entitled to payment for the performance of duties for the Employer or an Affiliated Employer,

		
	(b)
	Each hour for which the Employee is paid or entitled to payment by the Employer or an Affiliated Employer on account of a period during which no duties are performed, whether or not the employment relationship has terminated, due to vacation, holiday, illness, incapacity (including Disability), layoff, jury duty, military duty or leave of absence, but not more than five hundred one (501) hours for any single continuous period, and

		
	(c)
	Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Employer or an Affiliated Employer, excluding any hour credited under (a) or (b), which shall be credited to the computation period or periods to which the award, agreement or payment pertains rather than to the computation period in which the award, agreement or payment is made.

No hours shall be credited on account of any period during which the Employee performs no duties and receives payment solely for the purpose of complying with unemployment compensation, workers' compensation or disability insurance laws.  The Hours of Service credited shall be determined as required by Department of Labor Regulations, Section 2530.200b-2(b) and (c), which are incorporated herein by reference.

8

		
	1.29
	"Leased Employee" means any person (other than an employee of the recipient) who pursuant to an agreement between the recipient and any other person ("leasing organization") has performed services for the recipient (or for the recipient and related persons determined in accordance with Code Section 414(n)(6)) on a substantially full time basis for a period of at least one (1) year, and such services are performed under the primary direction or control of the recipient employer. Contributions or benefits provided a Leased Employee by the leasing organization which are attributable to service performed for the recipient employer shall be treated as provided by the recipient employer. A Leased Employee shall not be considered an Employee of the recipient:

		
	(a)
	if such Leased Employee is covered by a money purchase pension plan maintained by the leasing organization providing:

		
	(i) 
	a non-integrated employer contribution rate of at least ten percent (10%) of compensation, as defined in Code Section 415(c)(3), but including amounts which are contributed by the employer pursuant to a salary reduction agreement and which are not includible in the gross income under Code Sections 125, 132(1)(4), 402(e)(3), 402(h)(1)(B), 403(b), or 457(b), and employee contributions described in Code Section 414(h)(2) that are treated as employer contributions;

(ii)        immediate participation; and

		
	(iii)     
	full and immediate vesting; and

		
	(b)
	if Leased Employees do not constitute more than twenty percent (20%) of the recipient's non-highly compensated work force.

		
	1.30
	"Matching Contributions" means all amounts contributed pursuant to Section 3.2 of the Plan.

		
	1.31
	"Normal Retirement Date" means the date the Participant attains age sixty-five (65).

		
	1.32
	"Participant" means any person who is participating in the Plan as provided in Article II.

		
	1.33
	“Period of Severance” means the period of time from the earliest of (i) an Employee’s Termination of Employment, or (ii) the first anniversary of an Employee’s first absence from work for any reason other than a Termination of Employment, until the date the Employee is credited with an Hour of Service upon reemployment by or return to service with an Employer or a Related Company.  However if one of the reasons for an Employee’s Termination of Employment or other absence was Maternity or Paternity Leave, the Period of Severance shall not include the first year that would otherwise be included in that Period of Severance.

9

		
	1.34
	"Plan" means The Shaw Group Inc. 401(k) Plan, as set forth in this document or as amended from time to time.    

		
	1.35
	"Plan Administrator" means the person or entity who administers the Plan.  The Plan Administrator will be Chicago Bridge & Iron Company unless a different entity or person is designated as Plan Administrator in a resolution duly adopted by Chicago Bridge & Iron Company and such person accepts the designation in writing.

		
	1.36
	"Plan Year" means the 12-month period beginning on January 1 of each year and ending on the following December 31.

		
	1.37
	"Pre-Tax Contribution Account" means the separate subaccount into which shall be credited the Pre-Tax Contributions made on a Participant’s behalf and earnings on those contributions.

		
	1.38
	"Pre-Tax Contributions" means all amounts contributed pursuant to Section 3.1 of the Plan other than Roth Contributions.

		
	1.39
	"Profit Sharing Contributions" means all amounts contributed pursuant to Section 3.3 of the Plan.

		
	1.40
	“Reduction-in-Force Termination” means any permanent Termination of Employment of an Employee initiated by the Employer or any Affiliated Employer, including any Termination of Employment caused by the sale by the Employer or an Affiliated Employer of an ownership interest in an Affiliated Employer or the assets of a business or business segment, causing the sold Affiliated Employer, business or business segment to cease being (or being part of) an Affiliated Employer, but excluding:

		
	(a)
	any Termination of Employment, or by early retirement under any retirement arrangement of an Employer applying to that Employee, elected by the Employee before being given notice of any impending Termination of Employment, or pursuant to an election under any special program of retirement incentive offered by the Employer prior to any notice of impending Termination of Employment;

		
	(b)
	any Termination of Employment by reason of Disability or death;

		
	(c)
	any Authorized Leave of Absence;

		
	(d)
	any Termination of Employment for or after “Cause,” as “Cause” is defined in the Chicago Bridge & Iron Salaried Employee Severance Pay Plan as from time to time in effect (the “Severance Plan”), whether or not the Severance Plan applies to the Employee;

		
	(e)
	any voluntary resignation by the Employee; or

10

		
	(f)
	any event that is not a Termination of Employment as defined in Section 1.51.

		
	1.41
	"Reemployment Commencement Date" means the date on which an Employee who terminates employment with the Employer or all Affiliated Employers first performs an Hour of Service following such Termination of Employment.

		
	1.42
	"Rollover Contribution Account" means the account into which shall be credited the Rollover Contributions made by a Participant and earnings on those contributions.

		
	1.43
	"Rollover Contributions" means all amounts contributed pursuant to Section 3.4 of the Plan.

		
	1.44
	"Roth Contribution Account" means the separate subaccount into which shall be credited the Roth Contributions made on a Participant's behalf and earnings on those contributions.

		
	1.45
	"Roth Contributions" means all amounts contributed pursuant to Section 3.1(f) of the Plan (including catch-up contributions contributed pursuant to Section 3.1(e)) that are includible in the Participant's gross income at the time deferred and have been irrevocably designated as Roth Contributions by the Participant in his or her deferral election.

		
	1.46
	“Safe Harbor Matching Contribution” means the fixed Matching Contribution that is contributed to the Plan in accordance with Section 3.2.

		
	1.47
	"Safe Harbor Notice" means the comprehensive notice that the Employer provides to each Participant eligible to participate in Employer contributions that describes the Participant's rights and obligations under the Plan, written in a manner calculated to be understood by the average Participant.  The Safe Harbor Notice shall be given at least 30 days, but not more than 90 days, before the beginning of the Plan Year.  If a Participant becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Eligible Employee becomes a Participant, but not later than the date the Employee becomes a Participant.

		
	1.48
	"Severance Date" means the earlier of (a) the date an Employee retires, dies, quits, or is discharged from employment with the Employer and all Affiliated Employers or (b) the 12-month anniversary of the date on which the Employee was otherwise first absent from employment; provided, however, that if an individual terminates or is absent from employment with the Employer and all Affiliated Employers because of military duty, such individual shall not incur a Severance Date if his employment rights are protected under Federal law and he returns to employment with the Employer or an Affiliated Employer within the period during which he retains such employment rights, but, if he does not return to such employment within such period, his Severance Date shall be the earlier of (1) the anniversary of the date his absence commenced or (2) the last day of the period during which he retains such employment rights.

11

		
	1.49
	"Spousal Consent" means written consent given by a Participant's spouse to a designation by the Participant of a specified Beneficiary. That consent shall be duly witnessed by a Plan representative or notary public and shall acknowledge the effect on the spouse of the Participant’s election. The requirement for Spousal Consent may be waived by the Plan Administrator if it is established to its satisfaction that there is no spouse, the Participant is legally separated and such separation allows the change in Beneficiary, or the spouse cannot be located, or because of such other circumstances as may be established by applicable law.

		
	1.50
	"Statutory Compensation" means wages as defined in Code Section 3401(a) (for purposes of income tax withholding at the source) plus amounts that would be included in wages but for an election under Code Section 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b) and all other payments of compensation to an Eligible Employee by the Employer (in the course of the Employer's trade or business) for services to the Employer while employed as an Eligible Employee for which the Employer is required to furnish the Eligible Employee a written statement under Code Sections 604l (d), 6051(a)(3) and 6052. Statutory Compensation must be determined without regard to any rules under Code Section 3401(a) 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 Code Section 3401(a)(2)). However, "Statutory Compensation" shall be subject to the following adjustments and limitations:

		
	(a)
	Amounts paid after a Participant’s severance from employment with the Employer shall be excluded, except as described in Section l .50(b) below.

		
	(b)
	The following shall be included:

		
	(i)
	compensation paid by the later of 2-1/2, months after a Participant’s severance from employment with the Employer or the end of the Plan Year that includes the Participant's severance from employment with the Employer,  if: (A) the payment is regular compensation for services during the Participant' s regular working hours, or compensation for services outside the Participant’s  regular working hours (such as overtime or shift differential), bonuses, commissions, or other similar payments, and, absent a severance from employment,  the  payments would have been paid to the Participant pant while such Participant continued in employment with the Employer; or (B) such amounts are either payments for unused accrued bona fide sick, vacation, or other leave (but only if the Eligible Employee would have been able to use the leave if employment had continued), or received by a Participant pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been paid to the Participant at the same time if the Participant had continued in employment with the Employer and only to the extent that the payment is includable in the Participant's  gross income.

12

		
	(ii) 
	for Plan Years beginning  after  December  31,  2008,  any  differential  wage payment (within the meaning of Code Section 3401(h)(2)) made by the Employer to a Participant with respect to any period during which the Participant is performing  service  in  the  uniformed  services  (as  defined  in  Code  Section 3401(h)(2)(A)) while on active duty for more than 30 days, which represents all or a portion of the wages the Participant would have received from the Employer if the individual were performing service for the Employer.

		
	(c)
	The Statutory Compensation of any Participant taken into account  for purposes  of the Plan shall be limited to $200,000 for any Plan Year, with such limitation to be adjusted automatically to reflect any amendments to Code Section  401(a)( l 7) and any cost-of­ living increases authorized by Code Section 401(a)(17)(B).

		
	(d)
	For   a   Participant’s   initial   year   of   participation,   Statutory   Compensation   shall   be recognized for the entire Plan Year.

		
	1.51
	“Termination of Employment” occurs when for any reason (other than a layoff for lack of work with recall rights) an individual is no longer an Employee of an Employer or any Affiliated Employer, except that:

		
	(a)
	If an individual incurs a layoff for lack of work with recall rights, a Termination of Employment shall occur on the first anniversary of the date of layoff, unless the individual has in the interim been recalled to employment with the Employer or an Affiliated Employer.

		
	(b)
	A Participant’s Deferral Contributions, qualified non-elective contributions and earnings attributable to these contributions shall be distributed on account of the Participant’s severance from employment satisfying the requirements of Section 401(k)(10) of the Code and Treasury Regulations and rulings thereunder, all as in effect at the time of such severance from employment, as determined in the sole discretion of the Plan Administrator.  However, such a distribution shall be subject to the other provisions of the Plan regarding distributions, other than provisions that require a separation from service before such amounts may be distributed.

		
	1.52
	"Trust" means the trust(s) established under the Trust Agreement(s) to hold and invest the contributions made under the Plan and income thereon, and from which Plan benefits are distributed.

		
	1.53
	"Trust Agreement" means the agreement entered into between the Employer and the Trustee pursuant to Article XI.

		
	1.54
	"Trustee" means the trustee or trustees by whom the assets of the Plan are held as provided in Article XI.

13

		
	1.55
	"Valuation Date" means each business day of the Plan Year. A business day is each day that the New York Stock Exchange is open for the trading of registered securities, or any other date or dates that the Plan Administrator establishes.

		
	1.56
	"Vested Portion" means the portion of the Account in which the Participant has a nonforfeitable interest as provided in Article VI.

		
	1.57
	"Vesting Service" means service credited to an Employee for the aggregate of the periods beginning with the Employee's Employment Commencement Date (or Reemployment Commencement Date) and ending on his subsequent Severance Date; provided, however, that an Employee who has a Reemployment Commencement Date within  the  12-consecutive-month period following the earlier of the first date of his absence or his Severance Date shall be credited with Vesting Service for the period between his  Severance Date and his Reemployment Commencement Date.  Fractional periods of a year shall be expressed in terms of days.

With respect to a Participant who, as of February 13, 2013, was an employee of Chicago Bridge & Iron Company or any entity related to Chicago Bridge & Iron Company as a Affiliated Employer, service with Chicago Bridge & Iron Company or any entity related to Chicago Bridge & Iron Company as a Affiliated Employer shall be treated as service with an Employer.  

Vesting Service shall also include service with any and all employers whose employees become Employees of the Employer as a result of a (i) contract takeover or acquisition, or (ii) corporate acquisition, whether by asset purchase or stock purchase, to the extent provided  in Section 13.3.

ARTICLE II 
ELIGIBILITY AND PARTICIPATION

2.1    Eligibility

		
	(a)
	An Eligible Employee hired prior to January 1, 2014 who has attained age 21 shall be eligible to participate in the Plan as of the date he satisfies such requirement.

		
	(b)
	An Eligible Employee hired on or after January 1, 2014 shall be eligible to participate in the Plan:

		
	(i)
	with respect to Deferral Contributions and Rollover Contributions, on the date he becomes an Eligible Employee; and

		
	(ii)
	with respect to Matching Contributions, Profit Sharing Contributions and corrective contributions described in Section 3.7, the date he or she completes one (1) year of Eligibility Service.

14

2.2    Participation

(a)   An Eligible Employee shall automatically become a Participant on the first Enrollment Date coinciding with or immediately following his or her completion of the eligibility requirement in Section 2.1. Any election or deemed election to have the Participant's Compensation contributed to the Plan as Deferral Contributions shall be made in the manner described in Section 3.1.

		
	(b) 
	The Plan Administrator or its designee shall notify each Participant who is an Eligible Employee, but who does not currently have in effect an affirmative investment  election, about the opportunity and process for making investment elections under the Plan. In addition, the Plan Administrator or its designee shall make available to each Participant a means by which the Participant may designate a Beneficiary. The responsibility for completing and filing a Beneficiary designation rests solely with each Plan Participant.

2.3    Reemployment of Former Employees and Former Participants

Any person reemployed by an Employer as an Eligible Employee, who was previously a Participant or who was previously eligible to become a Participant, shall be immediately eligible to become a Participant of the Plan. Any person reemployed by an Employer as an Eligible Employee, who was not previously eligible to become a Participant, shall become a Participant upon completing the eligibility requirement in Section 2.1.

2.4    Transferred Participants

A Participant who remains in the employ of the Employer or an Affiliated Employer but ceases to be an Eligible Employee shall continue to be a Participant of the Plan but shall not be eligible to make Deferral Contributions, or to receive Matching Contributions or Profit Sharing Contributions while his or her employment status is other than as an Eligible Employee.

2.5    Termination of Participation

A Participant’s participation shall terminate on his or her Severance Date unless the Participant is entitled to benefits under the Plan, in which event his or her participation shall terminate when those benefits are distributed to him or her.

ARTICLE III
CONTRIBUTIONS

3.1    Deferral Contributions

		
	(a)
	Any Deferral Contributions elected under this Section 3.1 shall be considered Pre-Tax Contributions and shall be allocated to the Participant’s Pre-Tax Contribution 

15

Account unless the Participant makes a timely, irrevocable election to designate the contributions, or any portion thereof, as Roth Contributions pursuant to Section 3.1(f) below. Pre-Tax Contributions shall be allocated to the Participant's Pre-Tax Contribution Account pursuant to the following election rules:

		
	(i)
	Employee Initiated Compensation Reduction Election.  An  Eligible  Employee may elect at any time, in the manner prescribed by the Plan Administrator or its designee, to reduce his Compensation payable while a Participant by a specified percentage that is not more than 75% of Compensation, and have that amount contributed to the Plan by an Employer as Pre-Tax Contributions; provided, however, that the Employer may limit the amount of deferrals to the amount sufficient to allow other legally required and elected withholdings and deductions to be withheld from the Eligible Employee's Compensation.  An  Eligible Employee's initial election to make Pre-Tax Contributions may  be effective on the first Enrollment Date that coincides with or immediately follows the Employee's satisfaction of the eligibility requirements under  Section 2.1, or on the first day of any subsequent payroll period following processing of the initial deferral  election  by  the  Plan  Administrator  or  its  designee. Any subsequent election to change the percentage of the Participant’s authorized Compensation reduction shall be effective as of the first day of the payroll period following processing of the Participant's election by the Plan Administrator or its designee, as provided in Section 3.5. A Participant may elect to revoke his deferral election at any time, as described in Section 3.6.

		
	(ii)
	Automatic Increase.  A Participant may elect to automatically increase his pre-tax Deferral Contributions each year. Following such an election, each year such Participant's Deferral Contributions shall be increased by an amount equal to 1%, 2% or 3% of such Participant’s Compensation, subject to a maximum deemed Deferral Contributions of 20% of Compensation, unless prior to such anniversary such Participant has made an affirmative election to the contrary. 

Any Deferral Contributions elected under  this  Section  3.1 shall  be  allocated  to  the Participant within  the Plan Year for which they are contributed and shall be paid to the Trustee  as  soon  as  practicable.      Deferral Contributions shall be further limited as provided in Sections 3.7 and 3.8 and paragraph (b) below.   Notwithstanding  anything to the  contrary  herein,  except  for  occasional,   bona  fide  administrative   considerations, Deferral  Contributions  made  pursuant  to  an  election  under  this  Section  3.1 cannot precede the earlier of (1) the performance  of services relating to such contributions and (2) the date the Compensation  that is subject to the election would be currently available to the Participant in the absence of an election to defer.

16

		
	(b)
	No Participant shall be permitted to make Deferral Contributions under this Plan, or any other qualified plan maintained by the Employer during any taxable year, in excess of the dollar limitation contained in Section 402(g) of the Code in effect for such taxable year, except to the extent permitted under 3.1(e) of the Plan and Section 414(v) of the Code, if applicable. If a Participant’s Deferral Contributions in a calendar year reach that dollar limitation, his election of Deferral Contributions for the remainder of the calendar year will be canceled. As of the first pay period of the calendar year following such cancellation, the Participant’s election of Deferral Contributions shall again become effective in accordance with his previous election.

		
	(c)
	In the event that the sum of the Deferral Contributions and similar contributions to any other qualified defined contribution plan maintained by an Employer or an Affiliated Employer exceeds the dollar limitation under paragraph (b) for any calendar year, the Participant shall be deemed to have elected a return of Deferral Contributions in excess of such limit ("excess deferrals") from this Plan. The excess deferrals, together with Earnings, shall be returned to the Participant no later than the April 15 following the end of the calendar year in which the excess deferrals were made. The amount of excess deferrals to be returned for any calendar year shall be reduced by any Deferral Contributions previously returned to the Participant under Section 3.7(a)(ii) for that calendar year. In the event any Deferral Contributions returned under this paragraph (c) were matched by deferred Matching Contributions under Section 3.2, those deferred Matching Contributions, together with earnings thereon, shall be forfeited and used to reduce Employer contributions.

		
	(d)
	If a Participant makes tax-deferred contributions under another qualified defined contribution plan maintained by an employer other than the Employer or an Affiliated Employer for any calendar year and those contributions when added to his or her Deferral Contributions under this Plan exceed the dollar limitation under Section 3.l(b) above for that calendar year, the Participant may allocate all or a portion of such excess deferrals to this Plan. In that event, the excess deferrals, together with Earnings, as allocated shall be returned to the Participant no later than the April 15 following the end of the calendar year in which the excess deferrals were made. However, the Plan shall not be required to return excess deferrals unless the Participant notifies the Plan Administrator, in writing, by March 1 of that following calendar year of the amount of the excess deferrals allocated to this Plan. In addition, the amount of any excess deferrals to be returned for any calendar year shall be reduced by any Deferral Contributions previously returned to the Participant under Section 3.7(a)(ii) for that calendar year. In the event any Deferral Contributions    returned under this Section 3.1(d) were matched by Matching Contributions under Section 3.2, those Matching Contributions, together with earnings thereon, shall be forfeited and used to reduce Employer contributions.

17

		
	(e)
	All Eligible Employees who have attained age fifty (50) before the close of the Plan Year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Code Section 4 l 4(v). Such catch-up contributions shall not be taken into account for purposes of the provisions of the Plan implementing the required limitations of Code Sections 402(g) and 415. The Plan shall not be treated as failing to satisfy the provisions of the  Plan  implementing  the  requirements  of  Code  Sections  40l(k)(3), 40l(k)(l1), 40l(k)(l2), 40l(k)(l3), 410(b), or 416, as applicable, by reason  of  the making of such catch-up contributions. For Plan Years beginning on and after January 1, 2014, Catch-up contributions shall be eligible for Matching Contributions. Catch-up contributions shall be fully vested at all times and not subject to forfeiture for any reason.

		
	(f)
	All Roth Contributions are permitted for periods beginning on and after June 1, 2010. Unless specifically stated otherwise in this Section 3.1(f), Roth Contributions shall be treated in the same manner as Pre-Tax Contributions for all purposes under the Plan, including, but not limited to, applicability of the 75% compensation deferral limit and the availability of catch-up contributions and Matching Contributions. Roth Contributions shall be fully vested at all times and not subject to forfeiture for any reason. A Participant’s Roth Contributions will be separately accounted for, as will gains and losses attributable to the Roth Contributions. No contributions other than Roth Contributions and properly attributable earnings will be credited to a Participant's Roth Contribution Account. The Plan must also maintain a record of a Participant’s investment of the Roth Contributions (i.e., designated Roth Contributions that have not been distributed).

A Participant may  receive  an  in-service  distribution from the Roth Contribution Account after attaining age 59-1/2, provided the distribution satisfies the same conditions that apply to in-service distributions from the Pre-Tax Contribution Account. A direct rollover of a distribution from a Roth Contribution Account under the Plan will be made only to another Roth elective deferral account under an applicable retirement plan described in Code Section 402A(e)(1) or to a Roth IRA described in Code Section 408A, and only to the extent the rollover is permitted under the rules of Code Section 402(c).
In  the event of a withdrawal (including but not limited to, hardship or other in-service withdrawals) of a Participant’s  Deferral Contributions prior to age 59-1/2, amounts will be distributed from the Participant’s Pre-Tax Contributions and Roth  Contributions in the hierarchy prescribed by the Plan Administrator from time to time. If a withdrawal of Deferral Contributions is made after a Participant reaches age 59-1/2, the Participant shall have the right to elect whether to receive a distribution of Pre-Tax Contributions or Roth Contributions.
For any Plan Year in which a Participant may make both Roth Contributions and Pre-Tax Contributions, the distribution of excess deferrals (Code Section 402(g)), excess contributions (Code   Section 401(k)), excess   aggregate   contributions   (Code   Section 401(m)), and excess annual additions (Code Section 415) will be 

18

made first from the Participant’s Pre-Tax Contributions and then from his Roth Contributions, to the extent such type of elective deferrals was made for the year.
The Plan Administrator may modify the loan policy or program to provide limitations on the ability to borrow from, or use as security, a Participant’s Roth Contribution Account. Similarly, the loan policy or program may be modified to provide for an ordering rule with respect to the default of a loan that is made from the Participant’s Roth Contribution Account and other subaccounts of the Participant’s Account under the Plan.
The Plan Administrator will administer Roth Contributions in accordance with Code Section 402A and in accordance with applicable regulations or other binding authority not reflected herein. Any applicable regulations or other binding authority shall supersede any contrary provisions of this Section.
3.2    Matching Contributions

		
	(a)
	For each payroll period beginning on and after January 1, 2014, subject to the limitations described in Section 3.7, the Employer shall contribute to the Plan on behalf of each Participant who made Deferral Contributions (whether or not designated as Roth Contributions or Catch-up Contributions) a Safe Harbor Matching Contribution equal to: (i) 100% of the Deferral Contributions that are not in excess of 3% of the Participant's Compensation, plus (ii) 50% of the amount of the Deferral Contributions that exceed 3% of the Participant's Compensation but that do not exceed 5% of the Participant's Compensation.  

The Board of Directors may provide for Matching Contributions to be made in addition to the foregoing.  In any Plan Year that the Plan is deemed to meet the tests under Section 3.7 because the Plan is meeting the requirements of Code section 401(k)(12) by virtue of a Matching Contribution or if the Plan is intended to satisfy the ACP safe harbor of Code section 401(m)(11), no Highly Compensated Employee can receive a greater rate of Matching Contributions than a Nonhighly Compensated Employee at the same rate of Deferral Contributions. In any Plan Year the Plan is intended to satisfy the ACP safe harbor of Code section 401(m)(11): (i) the rate of Matching Contributions cannot increase as a Participant's Deferral Contributions increase, (ii) Matching Contributions cannot be made on Deferral Contributions in excess of six percent (6%) of Compensation, and (iii) the amount of Matching Contributions subject to the Employer’s discretion shall not exceed four percent (4%) of Compensation.

		
	(b)
	In addition, for each Participant for whom Deferral Contributions were made for a Plan Year, the Employer shall contribute to the Trust, as a "true up" Matching Contribution, an amount equal to the difference, if any, between (1) the Matching Contribution, if any, made pursuant to Section 3.2(a) on a per payroll basis and (2) the maximum annual Matching Contribution, if any, determined based upon the Participant’s Compensation and Deferral Contributions for the Plan Year. 

19

		
	(c)
	Matching Contributions for Plan Years beginning prior to January 1, 2014, are subject to the vesting requirements of Article VI below.   In no event may the Matching Contributions be paid to the Trustee later than the time required by law for filing the Employee's federal income tax return (with extensions) for the year with respect to which the contribution is made.  If Safe Harbor Matching Contributions are made separately with respect to each payroll period (or with respect to all payroll periods ending with or within each month or quarter of a Plan Year), such Safe Harbor Matching Contributions must be contributed to the Plan by the last day of the immediately following Plan Year quarter.

3.3    Profit Sharing Contributions

		
	(a)
	The Employer may, in its sole and absolute discretion, contribute to the Plan for any Plan Year, a Profit Sharing Contribution equal to a percentage of each Participant's Compensation, provided that:

		
	(i)
	for Plan Years beginning prior to January 1, 2014, in order to receive an allocation of Profit Sharing Contributions, a Participant must:

		
	(A) 
	complete 1,000 Hours of Service during the Plan Year, 

		
	(B) 
	be employed by the Employer or an Affiliated Employer as of the last day of the Plan Year

Or

		
	(C)  
	die, become disabled or retire on or after age 65 during the Plan Year.

		
	(D)
	A Participant who transfers employment during the Plan Year to Chicago Bridge & Iron Company or any entity which has adopted the Chicago Bridge & Iron Savings Plan, and (A) is employed by such entity on the last day of the Plan Year, and (B) during the Plan Year completed a combined total of 1,000 or more Hours of Service with the Employer and Chicago Bridge & Iron Company (or any entity which has adopted the Chicago Bridge & Iron Savings Plan); or

		
	(E)
	A Participant who transfers employment during that Plan Year to work outside of the United States on a non-U.S. based payroll, and (A) is employed by an affiliated non-U.S. entity on the last day of the Plan Year, and (B) during the Plan Year completed a combined total of 1,000 or more Hours of Service with the Employer and its non-U.S. affiliate.   

20

		
	(ii)
	for Plan Years beginning on and after January 1, 2014, a Participant must be employed by the Employer or an Affiliated Employer as of the last day of the Plan Year in order to receive an allocation of the Profit Sharing Contribution. 

The amount of such Profit Sharing Contribution, if any, shall be determined by the Board of Directors.

		
	(b) 
	The allocation to each eligible Participant’s Employer Profit Sharing Contribution Account shall be that po1tion of the Profit Sharing Contribution which is in the same proportion that each eligible Participant’s Compensation bears to the total of all such eligible Participants’ Compensation.

		
	(c)  
	Profit Sharing Contributions are subject to the vesting requirements of Article VI below. Profit Sharing Contributions shall be paid to the Trustee at such time or times as the Board of Directors shall determine, but not later than the due date, with extensions, for the Employer's federal income tax return.

3.4    Participant Rollover Contributions and Transfers

		
	(a)
	With the consent of the Plan Administrator, Eligible Employees and Participants may transfer amounts from other corporate and noncorporate plans, provided that the trust from which such funds are transferred permits the transfer to be made and the transfer will not jeopardize the tax exempt status of the Plan or create adverse tax consequences for the Employer. The Plan will accept Rollover Contributions and/or direct rollovers of distributions made after December 31, 2001 from: qualified plans described in  Code Section 401(a) or 403(a), excluding after-tax employee contributions; annuity contracts described in Code Section 403(b), excluding after-tax employee contributions; and eligible plans under Code Section 457(b)  which  are  maintained  by  a  state,  political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. The Plan will also accept Rollover Contributions of the portion of a distribution from an individual retirement account described in Code Section 408(a) that is eligible to be rolled over and would otherwise be includible in gross income.  The amounts transferred shall be allocated to the Participant’s Rollover Contribution Account. The Plan will accept a Rollover Contribution to a Roth Contribution Account only if it is a direct rollover from another Roth elective deferral account under an applicable retirement plan described in Code Section 402A(e)(1) and only to the extent the rollover is permitted under the rules of Code Section 402(c). The Plan will not accept a rollover contribution from a Roth IRA described in Code Section 408A.

		
	(b)
	Such Rollover Contribution Account shall be fully vested at all times and shall not be subject to forfeiture for any reason. Amounts in a Participant's Rollover Contribution Account shall be held by the Trustee pursuant to the provisions of this Plan and may be withdrawn by or distributed to the Participant, in whole or in part, 

21

in accordance with the provisions of Article VII below, except as provided  in subsection (c) below.

(c)      Amounts attributable to elective contributions (as defined in Treasury Regulation Section l.401(k)-6, including amounts treated as elective contributions, which  are  transferred from another qualified plan in a plan-to-plan transfer shall be subject to the distribution limitations provided for in Treasury Regulation Section 1.401(k)-1(d).

		
	(d) 
	Upon termination of employment, or such other date when the Participant or his or her Beneficiary shall be entitled to receive benefits, the fair market value of the Participant's Rollover Contribution Account shall be used to provide additional benefits to the Participant or his or her Beneficiary.  A  Participant’s Rollover Contribution  Account shall not be considered as part of the Participant's benefit in determining whether an involuntary cash-out of benefits without Participant consent may be made.

		
	(e) 
	Prior to accepting any transfers to which this Section applies, the Plan Administrator may require the Employee to establish that the amounts to be transferred to this Plan meet the requirements of this Section and may also require the Employee to provide an opinion of counsel satisfactory to the Employer that the amounts to be transferred meet the requirements of this Section.

		
	(f) 
	Notwithstanding anything  herein  to  the  contrary,  a transfer  directly  to  this Plan  from another plan (or a transaction having the effect of such a transfer) shall only be permitted if it will not result in the elimination or reduction of any benefit protected by the provisions of Code Section 411(d)(6).

(g)     All amounts allocated to a Participant's Rollover Contribution Account may be treated as a directed investment account pursuant to Article IV.

3.5    Change in Contributions

The percentage of Compensation designated or deemed designated by a Participant under Section 3.1 shall automatically apply to increases and decreases in the Participant’s Compensation. Subject to the provisions of Section 3.1, a Participant may change the percentage of his or her authorized payroll reduction by giving prior notice to the Plan Administrator not later than at the time determined by the Plan Administrator in a uniform and nondiscriminatory manner and communicated to all Participants. Elections under this Article III may be filed with the Plan Administrator in such manner and form as may be prescribed by the Plan Administrator from time to time, including but not limited to in writing, online, or by telephone voice response systems. The changed percentage shall become effective as soon as reasonably practicable following the Plan Administrator's receipt and processing of the Participant’s request for such change.

22

3.6    Revocation of Contributions

A Participant may revoke his or her election or deemed election under Section 3.1 at any time. The revocation shall become effective as soon as reasonably practicable following the Plan Administrator's receipt and processing of the request. A Participant who has revoked his or her election under Section 3.I may elect to have his or her Compensation reduction resumed in accordance with Section 3.1 as soon as reasonably practicable following the Plan Administrator's receipt and processing of the Participant’s request for such resumption.

3.7    Limitations Affecting Highly Compensated Employees

Effective January 1, 2014 and because the Plan is intended to be a safe harbor plan, the Plan shall comply with the Safe Harbor Notice requirements as described in Section 1.47, and the Plan shall be deemed to meet the requirements of Section 3.7(a) with respect to Deferral Contributions.  However, for any year the Plan is not deemed to meet the requirements of Section 3.7(a), the Plan must meet one of the two tests (as described in Section 3.7(a), below), with respect to Deferral Contributions for any Plan Year.

		
	(a)
	Limitation  Based  on  Actual  Deferral  Percentage: This Section 3.7(a) shall be  construed and  administered  in accordance with  the  requirements  of  Code  Section  40l(k), Treas. Reg. Section l.401(k)-2, and any subsequent IRS guidance issued under applicable Code provisions, all of which materials shall be incorporated in the Plan by  reference. The Actual Deferral Percentage for Highly Compensated Employees who are Participants or eligible to become Participants shall not exceed the Actual Deferral Percentage for the preceding Plan Year for all other Employees who were Participants or were eligible to become Participants multiplied by l.25. If the Actual Deferral Percentage does not meet the foregoing test, the Actual Deferral Percentage for Highly Compensated Employees may not exceed the lesser of the Actual Deferral Percentage for the preceding Plan Year for all other Employees who were Participants or were eligible to become Participants plus two (2) percentage points or such Actual Deferral Percentage multiplied by 2.0. For Plan Years beginning prior to January 1, 2014, the Plan shall be considered to be using the "prior year  testing  method"  as  such  term  is defined in Treas. Reg. Section  l .401(k)-6.  For Plan Years beginning on and after January 1, 2014, the Plan shall be considered to be using the "current year testing method."  

With respect to the foregoing limitations, if, in any Plan Year, the Plan benefits Employees otherwise excludable from the Plan if the Plan had imposed the greatest minimum age and service conditions permissible under Code Section 410(a),  and the Employer applies Code Section 410(b) separately to the portion of the Plan that benefits only Employees who satisfy age and service conditions under the Plan that are lower than the greatest minimum age and service conditions permissible under Code Section 410(a) and to the portion of the Plan that benefits  Employees who have satisfied the greatest minimum age and service conditions permissible under 

23

Code Section 410(a), the Plan may be treated as comprising two separate Plans and the Actual Deferral Percentage  test set forth above may be applied separately for each group of Employees in each Plan.

In the alternative, if, in any Plan Year, the Plan benefits Employees otherwise excludable from the Plan if the Plan had imposed the greatest minimum age and service conditions permissible under Code Section 410(a), and the Employer applies Code Section 410(b) separately to the portion of the Plan that benefits only Employees who satisfy age and service conditions under the Plan that are lower than the  greatest  minimum  age  and service conditions permissible under Code Section 410(a) and to the portion  of the Plan that benefits employees who have satisfied the greatest minimum age and service conditions permissible under Code Section 410(a), the Actual Deferral Percentage test set faith above may be applied by excluding from  consideration  all  eligible  Employees (other than Highly Compensated Employees) who have not  satisfied  the  greatest minimum age and service conditions permissible under Code Section 410(a).

The Plan Administrator may implement rules limiting the Deferral Contributions which may  be  made  on  behalf  of some  or all  Highly  Compensated  Employees  so that this limitation is satisfied. If the Plan Administrator determines that the limitation under this Section 3.7(a) has been exceeded in any Plan Year, the following provisions shall apply:

		
	(i)
	Any distribution of Deferral Contributions subject to reduction under this Section ("excess contributions") shall be made to Highly Compensated Employees by leveling based on the amount of contributions by, or on behalf of, such employees.

		
	(ii)
	Excess contributions, together with Earnings, shall be paid to the Participant before the close of the Plan Year following the Plan Year in which the excess contributions were made and, to the extent practicable, within 2-1/2 months of the close of the Plan Year in which the excess contributions were made.  In the event any Deferral Contributions returned under this Section 3.7(a) were matched by Matching Contributions, such corresponding Matching Contributions,  together with Earnings thereon, to the extent vested shall be paid to the Participant and to the extent forfeitable under the Plan shall be forfeited and used to reduce Employer  contributions.

Effective January 1, 2014 and because the Plan is intended to be a safe harbor plan, the Plan shall comply with the Safe Harbor Notice requirements as described in Section 1.47, the Plan shall be deemed to meet the requirements of Section 3.7(b) with respect to Matching Contributions.  However, for any year the Plan is not deemed to meet the requirements of Section 3.7(b), the Plan must meet one of the two tests (as described in Section 3.7(b), below) with respect to Matching Contributions for any Plan Year.  

24

		
	(b)
	Limitation Based on Contribution Percentage: This Section 3.7(b) shall be construed and administered in accordance with the requirements of Code Section 401(m), Treas.  Reg. Section l.401(m)-2, and any  subsequent  IRS  guidance  issued under applicable Code provisions, all of which materials shall be incorporated in the Plan  by reference.  The Actual Contribution Percentage for Highly Compensated Employees who are Participants or eligible to become Participants shall not exceed the Actual Contribution Percentage for the preceding Plan Year for all other Employees who were Participants or were eligible to become Participants multiplied by 1.25. If the Actual Contribution Percentage does not meet the foregoing test, the Actual  Contribution  Percentage  for  Highly  Compensated Employees  may  not  exceed  the  lesser  of  the  Actual  Contribution Percentage for the preceding Plan Year for  all other Employees who were  Participants were eligible to become   Participants   plus   two   (2)  percentage   points   or  such   Actual   Contribution Percentage multiplied  by 2.0.   For Plan Years beginning prior to January 1, 2014, the Plan shall be considered to be using the "prior year testing method" as such term is defined in Treas. Reg. Section l.401(m)-5.  For Plan Years beginning on and after January 1, 2014, the Plan shall be considered to be using the “current year testing method.”

With respect to the foregoing limitations, if, in any Plan Year, the Plan benefits Employees otherwise excludable from the Plan if the Plan had imposed the greatest minimum age and service conditions permissible under Code Section 410(a), and the Employer applies Code Section 410(b) separately to the portion of the Plan that benefits only Employees who satisfy age and service conditions under the Plan that are lower than the greatest minimum age and service conditions permissible under Code Section 410(a), and to the portion of the Plan that benefits Employees who have satisfied the greatest minimum age and service conditions permissible under Code Section  410(a),  the  Plan may be treated as comprising two separate Plans and the Actual Contribution Percentage test set forth above may be applied separately for each group of Employees in each Plan.

In the alternative,  if, in any Plan Year, the Plan benefits Employees otherwise excludable from the Plan if the Plan had  imposed the greatest minimum age and service conditions pe1missible under  Code Section  410(a),  and the Employer applies Code Section  410(b) separately  to the portion of the Plan  that benefits only Employees  who satisfy age and service  conditions  under  the  Plan that  are  lower  than  the  greatest  minimum  age  and service conditions permissible  under Code Section 410(a) and to the portion of the Plan that  benefits  Employees  who  have  satisfied  the  greatest  minimum   age  and  service conditions permissible under Code  Section 410(a), the  Actual  Contribution  Percentage test set forth above may  be applied by excluding from consideration all eligible Employees (other than Highly Compensated Employees) who have not satisfied the greatest minimum age and service conditions permissible under Code Section 410(a).

25

The Plan Administrator may implement rules limiting the Deferral Contributions that may be made by some or all Highly Compensated Employees so that this limitation is satisfied. If the Plan Administrator determines that the limitation under this Section 3.7(b) has been exceeded in any Plan Year, the following provisions shall apply:

		
	(i)
	Any distribution of Matching Contributions subject to reduction under this Section ("excess aggregate contributions") shall be made to Highly Compensated Employees by leveling based on the amount of contributions by, or on behalf of, such employees.

		
	(ii)
	Any excess aggregate contributions, together with Earnings thereon, shall be reduced, with the vested Matching Contributions being paid to the Participant and the Matching Contributions which are forfeitable under the Plan being forfeited and applied to reduce Employer contributions.

Any repayment or forfeiture of excess aggregate contributions shall be made before the close of the Plan Year following the Plan Year for which the excess aggregate contributions were made and, to the extent practicable, any repayment shall be made within 2-1/2 months of the close of the Plan Year in which the excess aggregate contributions were made.

		
	(c)
	The multiple use test described in prior Treas. Reg. Section 1.401(m)-2 shall not apply for any Plan Year.

		
	(d)
	If any Highly Compensated Employee is a participant in another qualified plan of the Employer or an Affiliated Employer, other than an employee stock ownership plan described in Code Section 4975(e)(7), under which pre-tax deferral contributions or matching contributions are made on behalf of the Highly  Compensated  Employee  or under which the Highly Compensated Employee makes after-tax contributions, the Plan Administrator shall implement rules, which shall  be  uniformly  applicable  to  all employees similarly situated, to take into account all such contributions for the Highly Compensated Employee under all such plans in applying the limitations  of this Section. If any other such qualified plan has a plan year other than the Plan Year, the contributions to be taken into account in applying the limitations of this Section will be those made on the plan years ending with or within the same calendar year.

		
	(e)
	In the event that this Plan is aggregated with one or more other plans to satisfy the requirements of Code Sections 401(a)(4) and 410(b) (other than for purposes of  the average benefit percentage test) or if one or more other plans is aggregated with this Plan to satisfy the requirements of such sections of the Code, then  the provisions  of  this Section 3.7 shall be applied by determining the Actual Deferral Percentage and Actual Contribution Percentage of employees as if all such plans were a single plan.  If this Plan is permissively aggregated with any other plan or plans for purposes of satisfying the provisions of Code Section 401(k)(3), the aggregated plans must 

26

also satisfy the provisions of Code Sections 401(a)(4) and 410(b) as though  they  were  a  single  plan. Plans may be aggregated under this Section 3.7(e) only if they have the same plan year.

		
	 (f) 
	The Plan Administrator may authorize that special "qualified non-elective contributions" shall be made for a Plan Year, which shall be allocated in such amounts and to such Participants who are not Highly Compensated Employees, as the Plan Administrator shall determine; provided, however, that such contributions cannot be taken into account for purposes of this Section 3.7 for a Plan Year to the extent the contributions exceed the limitations set out in Treas. Reg. Sections l.401(k)-2(a)(6)(iv), l.401(m)-2(a)(5) and 1.401(m)-2(a)(6). The Plan Administrator shall establish such separate accounts as may be necessary. Qualified non-elective contributions shall be 100% non-forfeitable when made.  Qualified non-elective contributions made for the Plan Year shall be used to satisfy the tests described in subsections (a) and (b) above. The provisions of this Section 3.7(f) shall be subject to any applicable regulations which may be issued.

		
	(g) 
	The Plan shall satisfy the requirements of Code Sections 401(k)(3) and 401(m)(2) and the regulations thereunder as in effect from time to time, and such  requirements are incorporated herein by reference.

3.8    Maximum Annual Additions

The provisions of this Section 3.8 shall govern notwithstanding any other provisions of the Plan. Accordingly, the limitations, adjustments, and other requirements prescribed in the Plan shall comply with the provisions of Code Section 415 and the final regulations promulgated thereunder, the terms of which are specifically incorporated herein by reference.

		
	(a)
	Effective for limitation years beginning after December 31, 2001, except to the extent permitted under Code Section 414(v), if applicable, the annual addition that may be contributed or allocated to a Participant’s Account under the Plan for any limitation year shall not exceed the lesser of (a) $40,000, as adjusted for increases in the cost-of-living under Code Section 415(d), or (b) 100% of the Participant's Statutory Compensation for the limitation year.

		
	(b)
	For purposes of this Section 3.8, the term "limitation year" shall mean the Plan Year.

		
	(c)
	For purposes of this Section 3.8, the term "annual addition" shall mean the sum for any limitation year of Employee contributions, Employer contributions, and forfeitures as provided in Code Section 415(c)(2) and applicable regulations, including Treas. Reg. Section  1.415(c)-1(b).

		
	(d)
	If the annual addition to a Participant's Account for any Plan Year, prior to the application of the limitation set forth in Section 3.8(a) above, exceeds that limitation, the Employer may use any appropriate correction under the Employee Plans 

27

Compliance Resolution System (EPCRS) as set out in Rev. Proc. 2013-12 or superseding guidance, including, but not limited to, the preamble to the final regulations under Code Section 415.

3.9    Return of Contributions

		
	(a)
	If the Commissioner of Internal Revenue, on timely application made after the initial establishment of the Plan, determines that the Plan is not qualified under Code Section 401(a), or refuses, in writing, to issue a determination as to whether the Plan is so qualified, the Employer's contribution is made on or after the date on which that determination or refusal is applicable shall be returned to the Employer. The return shall be made within one year after the denial of initial qualification. The provisions of this Section 3.9(a) shall apply only if the application for the determination is made by the time prescribed by law for filing the Employer's return for the taxable year in which the Plan was adopted, or such later date as the Secretary of the Treasury may prescribe.

		
	(b)
	The Employer's contributions to the Plan are conditioned upon their deductibility under Code Section 404. If all or part of the Employer's deductions for contributions to the Plan are disallowed by the Internal Revenue Service, the portion of the contributions to which that disallowance applies shall be returned to the Employer without interest but reduced by any investment loss attributable to those contributions. The return shall be made within one year after the disallowance of the deduction.

		
	(c)  
	The Employer may recover without  interest the amount of its contributions to the Plan made on account of a mistake of fact, reduced by any investment loss attributable to those contributions, if recovery is made within one year after the date of those contributions.

		
	(d) 
	In the event that Deferral Contributions made  under  Section  3.1 are  returned  to  the Employer in accordance  with the provisions of this Section 3.9, the elections to reduce Compensation which were made by Participants on whose  behalf  those  contributions were made shall  be void retroactively to the beginning of the period for which those contributions were made. The Deferral Contributions so returned shall be distributed in cash to those Participants for whom those contributions were made, provided, however, that if the contributions are returned under the provisions of Section 3.9(a) above, the amount of Deferral Contributions to be distributed to Participants shall be adjusted to reflect any investment gains or losses attributable to those contributions.

3.10    Contributions Not Contingent Upon Profits

The Employer may make contributions to the Plan without regard to the existence or the amount of profits. Profits shall include both accumulated earnings and current net taxable 

28

income of the Employer before deduction of federal, state, and local income taxes and before any contributions made by the Employer to this or any other employee benefit plan maintained by the Employer, as determined by its independent public accountants in accordance with generally accepted accounting principles.  Notwithstanding the foregoing, however, this Plan is designed to qualify as a "profit sharing plan" for all purposes of the Code.

ARTICLE IV 
INVESTMENT OF CONTRIBUTIONS

4.1    Investment Funds

Contributions to the Plan shall be invested in one or more of the Investment Funds as may be selected by the Plan Administrator from time to time. The Plan Administrator shall provide at least four (4) different Funds with varying degrees of investment risk consistent with ER ISA Section 404(c) and the regulations thereunder.

4.2    Investment of Participants' Accounts

A Participant shall make an investment election that covers the Participant's entire Account, in accordance with one of the following options:

		
	(a)
	Except  as provided  in  Section  4.7(a)  with  respect  to  Employer  Stock,  one  hundred percent (l00%) investment in any one (l) Investment Fund;

		
	(b)
	In more than one (1) Investment Fund allocated in multiples of one percent (1%).

If a Participant to make an investment election, contributions to his or her Account shall be invested by default in an Investment Fund or Funds that meet the requirements of a qualified default investment alternative as determined under applicable regulations, which Fund or Funds shall be designated as the Plan's default Investment Fund in the Plan's summary plan description.

4.3    Responsibility for Investments

Each Participant is solely responsible for the selection of his or her investment options. The Trustee, Plan Administrator, Employer, and the officers, supervisors, and other employees of the Employer are not empowered to advise a Participant as to the manner in which his or her Account shall be invested. The fact that an Investment Fund is available to Participants for investment under the Plan shall not be construed as a recommendation for investment in that Investment Fund.

29

4.4    Change of Election

A Participant may change his or her investment allocation election under Section 4.2, including any investment election with respect to Employer Stock, each Valuation Date of a Plan Year by giving notice to the Trustee in the manner approved by the Plan Administrator. The changed investment allocation election shall become effective as promptly as practicable following receipt by the Trustee of such notice of change, in accordance with the Trustee's customary procedures.

4.5    Transfers Between Funds

A Participant may elect to transfer all or any fraction in multiples of one percent (1%) of his or her Account between or among the Investment Funds, including any investment election with respect to Employer Stock, at any time by giving notice to the Trustee in the manner approved by the Plan Administrator. The transfer or transfers shall be effective as of the earliest practicable Valuation Date following the receipt by the Trustee of such notice of transfer.

4.6    Limitations Imposed by Contract

Notwithstanding anything in this Article to the contrary, any contributions invested in a guaranteed investment contract shall be subject to any and all terms of such contract, including any limitations placed on the exercise of any rights otherwise granted to a Participant under any other provisions of this Plan with respect to such contributions. The Investment Funds available under the Plan are generally intended to be long-term investments suitable for retirement savings and are not designed to accommodate frequent exchanges (purchases and sales) by Participants. An exchange occurs any time a Participant transfers all or a portion of his or her Account from one Investment Fund to another. Frequent exchanges by Participants may be harmful to the performance of the Plan's investments by increasing transaction costs that are shared by all investors and by interfering with portfolio management. Therefore, the Plan Administrator or the entities that provide investments and administrative services to the Plan may adopt procedures to discourage these activities. Such procedures shall be consistent with ERISA Section 404(c) and may include, but are not limited to, the following:

		
	(a)
	Limits on the frequency with which a Participant may submit investment directions;

		
	(b)
	Limits on the frequency with which a Participant may transfer in and out of Investment Funds;

		
	(c)
	Limits on the dollar value of transactions;

		
	(d)
	Fees when a Participant transfers out of an Investment Fund within a certain period of time after transferring into the Fund;

30

		
	(e)
	Restrictions on the means by which a Participant may submit investment directions; and

		
	(f)
	Such  other  procedures  which  the  Plan  Administrator   or  the  Plan's  service  provider determines to be appropriate to prevent or discourage frequent trading activity.

Participants will be notified of any such procedures applicable under the Plan.

4.7    Employer Stock

Investments in Employer Stock shall be made via an Investment Fund which invests primarily in Employer Stock (the "Stock Fund") which shall consist of either (i) the shares of Employer Stock held for each Participant who participates in the Stock Fund (a "Share Accounting Stock Fund"), or (ii) a combination of shares of Employer Stock and short-term liquid investments, consisting of mutual fund shares or commingled money market pool units as agreed to by the Employer and the Trustee, which are necessary to satisfy the Stock Fund's cash needs for transfers and payments (a "Unitized Stock Fund"). Dividends received by the Stock Fund are reinvested in additional shares of Employer Stock or, in the case of a Unitized Stock Fund, in short-term liquid investments.

In the case of a Unitized Stock Fund, such units shall represent a proportionate interest in all assets of the Unitized Stock Fund, which includes shares of Employer Stock, short-term investments, and at times, receivables for dividends and/or Employer Stock sold and payables for Employer Stock purchased. A net asset value per unit shall be determined daily for each cash unit outstanding of the Unitized Stock Fund. The return earned by the Unitized Stock Fund shall represent a combination of the dividends paid on the shares of Employer Stock held by  the Unitized  Stock  Fund,  gains  or  losses  realized  on  sales  of  Employer  Stock,  appreciation  or depreciation in the market price of those shares owned, and interest on the short-term investments held by the Unitized Stock Fund. A target range for the short-te1m liquid investments shall be maintained for the Unitized Stock Fund. The Named Fiduciary shall, after consultation with the Trustee, establish and communicate to the Trustee in writing such target range and a drift allowance for such short-term liquid investments. Such target range and drift allowance may be changed by the Named Fiduciary, after consultation with the Trustee, provided any such change is communicated to the Trustee in writing. The Trustee is responsible for ensuring that the actual short-term liquid investments held in the Unitized Stock Fund fall within the agreed upon target range over time, subject to the Trustee's ability to execute open-market trades in Employer Stock or to otherwise trade with the Employer.

Investments in Employer Stock shall be subject to the following limitations:

		
	(a)
	Contribution Limit. Notwithstanding anything in the Plan to the contrary, effective January l, 2012, no contributions to the Plan may be invested in the Stock Fund and no amounts may be transferred from any other Investment Fund into the Stock Fund.

31

		
	(b)
	Fiduciary Duty of Named Fiduciary. The Plan Administrator shall act as the Named Fiduciary, and the Named Fiduciary shall continuously monitor the suitability under the fiduciary duty rules of ERISA Section 404(a)(l) (as modified by ERISA Section 404(a)(2)) of acquiring and holding Employer Stock.

		
	(c)
	Execution of Purchases and Sales. Purchases and sales of Employer Stock shall be made on the open market on the date on which the Trustee receives in good order all information and documentation necessary to accurately effect such purchases and sales or (i)    if later, in the case of purchases, the date on which the Trustee has received a transfer of the funds necessary to make such purchases, (ii) as otherwise provided in the applicable service agreement, or (iii) as provided in paragraph (d) below. Such general rules shall not apply in the following circumstances:

		
	(i)
	If the Trustee is unable to determine the number of shares required to be purchased or sold on such day;

		
	(ii)
	If the Trustee is unable to purchase or sell the total number of shares required to be purchased or sold on such day as a result of market conditions; or

		
	(iii) 
	If the Trustee is prohibited by the Securities and Exchange Commission, the New York Stock Exchange, or any other regulatory body from purchasing or selling any or all of the shares required to be purchased or sold on such day.

In the event of the occurrence of the circumstances described in (1), (2), or (3) above, the Trustee shall purchase or sell such shares as soon as possible thereafter.

		
	(d)
	Purchases and Sales from or to Employer. If directed by the Employer in writing prior to the  trading  date,  the  Trustee  may  purchase  or  sell  Employer  Stock  from  or  to  the Employer  if the purchase  or sale is for adequate consideration  (within the meaning  of ERISA  Section  3(18))  and  no  commission  is  charged.  If Employer contributions or contributions made by the Employer on behalf of the Participants under the Plan are to be invested in Employer Stock, the Employer may transfer Employer Stock in lieu of cash to the Trust. In such case, the shares of Employer Stock to be transferred to the Trust will be valued at a price that constitutes adequate consideration (within the meaning of ERISA Section 3(18)).

		
	(e)
	Securities Law Reports. The Named Fiduciary shall be responsible for filing all reports required under Federal or state securities laws with respect to the Trust's ownership of Employer Stock; including, without limitation, any reports required under Section 13 or 16 of the Securities Exchange Act of 1934 and shall immediately notify the Trustee in writing of any requirement to stop purchases or sales of Employer Stock pending the filing of any report. The Trustee shall provide to the 

32

Named Fiduciary such information on the Trust's ownership of Employer Stock as the Named Fiduciary may reasonably request in order to comply with Federal or state securities laws.

		
	(f)
	Voting and Tender Offers. Notwithstanding any other provision of the Trust Agreement the provisions of this Subsection shall govern the voting and tendering of Employer Stock. For purposes of this Subsection, each Participant shall be designated as a named fiduciary under ERISA with respect to shares of Employer Stock that reflect that portion, if any, of the Participant's interest in the Stock Fund not acquired at the direction of the Participant in accordance with ERISA Section 404(c).

The Employer, after consultation with the Trustee, shall provide and pay for all printing, mailing, tabulation and other costs associated with the voting and tendering of Employer Stock, except as required by law. The Trustee, after consultation with the Employer, shall prepare the necessary documents associated with the voting and tendering of Employer Stock, unless the Employer directs the Trustee not to do so.

(i)    Voting.

		
	(A)
	When the issuer of the Employer Stock prepares for any annual or special meeting, the Employer shall notify the Trustee thirty (30) days in advance of the intended record date and shall cause a copy of all proxy solicitation materials to be sent to the Trustee. If requested by the Trustee, the Employer shall ce1tify to the Trustee that the aforementioned materials represent the same information that is distributed to shareholders of Employer Stock. Based on these materials the Trustee shall prepare a voting instruction form. At the time of mailing of notice of each annual or special stockholders' meeting of the issuer of the Employer Stock, the Employer shall cause a copy of the notice and all proxy solicitation materials to be sent to each Participant with an interest in Employer Stock held in the Trust, together with the foregoing voting instruction form to be returned to the Trustee or its designee. The form shall show the proportional interest in the number of full and fractional shares of Employer Stock credited to the Participant's sub-Accounts held in the Stock Fund. The Employer shall provide the Trustee with a copy of any materials provided to the Participants and shall (if the mailing is not handled by the Trustee) notify the Trustee that the materials have been mailed or otherwise sent to Participants.

		
	(B)
	Each Participant with an interest in the Stock Fund shall have the right to direct the Trustee as to the manner in which the Trustee is to vote (including not to vote) that number of shares of Employer Stock 

33

that is credited   to  his  Account,   if  the  Plan   uses  share  accounting, or, if accounting is by units of participation, that reflects such Participants proportional interest in the Stock Fund (both vested and unvested). Directions from a Participant to the Trustee concerning the voting of Employer Stock shall be communicated in writing, or by such  other means mutually acceptable to the Trustee and the Employer. These directions shall be held in confidence by the Trustee and shall not be divulged to the Employer, or any officer or employee thereof, or any other person, except to the extent that the consequences of such directions are reflected in reports regularly communicated to any such persons in the ordinary course of the performance of the Trustee's services hereunder. Upon its receipt of the directions, the Trustee shall vote the shares of Employer Stock that reflect the Participant’s interest in the Stock Fund as directed by the Participant. The Trustee shall not vote shares of Employer Stock that reflect a Participant's interest in the Stock Fund for which the Trustee has received  no  direction  from  the Participant, except as required by law.

(ii)    Tender Offers.

		
	(A)
	Upon commencement of a tender offer for any securities  held  in  the Trust that are Employer Stock, the Employer shall timely notify the Trustee in advance of the intended tender date and shall cause a copy of all materials to be sent to the Trustee. The Employer shall certify to the Trustee that the aforementioned materials represent the same information distributed to shareholders of Employer Stock. Based on these materials, and after consultation with the Employer, the Trustee shall prepare a tender instruction form and shall provide a copy of all tender materials to be sent to each Participant with an interest in the Stock Fund, together with the foregoing tender instruction form, to be returned to the Trustee or its designee. The tender instruction form shall show the number of full and fractional shares of Employer Stock that are credited to the Participant's Account, if the Plan uses share accounting, or, if accounting is by units of participation, that reflect the Participant’s proportional interest in  the Stock Fund (both vested  and  unvested).  The Employer shall notify each Participant with an interest in such Employer Stock of the tender offer and utilize its best efforts to timely distribute or cause to be distributed to the Participant the tender materials and the tender instruction form described herein. The Employer shall provide the Trustee with a copy of any materials provided to the Participants and shall (if the mailing is not handled by the Trustee) notify the Trustee that the materials have been mailed or otherwise sent to Participants.

34

		
	(B)
	Each Participant with an interest in the Stock Fund shall have the right to direct the Trustee to tender or not to tender some or all of the shares of Employer Stock that are credited to the Participant’s Account, if the Plan uses share accounting, or, if accounting is by units of participation, that reflect such Participant's proportional interest in the Stock Fund (both vested and unvested). Directions from a Participant to the Trustee concerning the tender of Employer Stock shall be communicated in writing, or by such other means as is agreed upon by the Trustee and the Employer under the preceding paragraph. These directions shall be held in confidence by the Trustee and shall not be divulged to the Employer, or  any officer or employee thereof, or any  other person, except to the extent that the consequences of such directions are reflected in reports regularly communicated to any such persons in the ordinary course of the performance of the Trustee's services hereunder.  The Trustee  shall tender or not tender shares of Employer Stock as directed by the Participant. Except as otherwise required by law, the Trustee shall not tender shares of Employer Stock that are credited to the Participant’s Account, if the Plan uses share accounting,  or, if accounting is by units of participation, that reflect a Participant’s proportional interest in the Stock Fund for which the Trustee has received no direction from the Participant.

		
	(C)
	A Participant who has directed the Trustee to tender some or all of the shares of Employer Stock that reflect the Participant's proportional interest in the Stock Fund may, at any time prior to the tender offer withdrawal date, direct the Trustee to withdraw some or all of such tendered shares, and the Trustee shall withdraw the directed number of shares from the tender offer prior to the tender offer withdrawal deadline. A Participant shall not be limited as to the number of directions to tender or withdraw that the Participant may give to the Trustee.

		
	(D) 
	A direction by a Participant to the Trustee to tender shares of Employer Stock that reflect the Participant's proportional interest in the Stock Fund shall not be considered a written election  under the Plan by the Participant withdraw, or have distributed, any or all of his withdrawable shares. If the Plan uses share accounting, the Trustee shall credit to the Participant's Account the proceeds received by the Trustee in exchange for the shares of Employer Stock tendered from the Participant's Account. If accounting is by units of participation, the Trustee shall credit to each proportional interest of the Participant from which the tendered shares were taken the proceeds received by the Trustee in exchange for the shares of Employer Stock tendered from that interest. Pending receipt of direction (through the Plan 

35

Administrator) from the Participant or the Named Fiduciary as to which of the remaining Investment Funds the proceeds should be invested in, the Trustee shall invest the proceeds in the Plan's default Investment Fund.

		
	(g)
	Shares Credited. If accounting with respect to the Stock Fund is by units of participation, then for all purposes of this Section 4.7, the number of shares of Employer Stock deemed "reflected" in a Participant's proportional interest shall be determined as of the last preceding valuation date. The trade date is the date the transaction is valued.

		
	(h)
	General. With respect to all rights other than the right to vote, the right to tender, and the right to withdraw shares previously tendered, in the case of Employer Stock credited to a Participant's Account or a Participant’s proportional interest in the Stock Fund, the Trustee shall follow the directions of the Participant and if no such directions are received, the directions of the Named Fiduciary. The Trustee shall have no duty to solicit directions from Participants.

		
	 (i)
	Conversion. All provisions in this Section 4.7 shall also apply to any securities received as a result of a conversion to Employer Stock.

		
	(j)
	Diversification out of Employer Stock. Notwithstanding anything herein to the contrary and in addition to the general Employer Stock diversification rights otherwise available under the Plan, the following rules shall apply:

		
	(i) 
	With respect to the portion of a Participant’s or Beneficiary’s Account attributable to:

		
	(A)
	Matching and/or Profit Sharing Contributions and invested in Employer Stock, the Participant or Beneficiary shall be permitted to exchange out of Employer Stock into any other permissible investment otherwise available, no later than the date on which either (1) or (2) below is applicable:

		
	(1)
	If a Participant has completed at least three years of      service, or

		
	(2)
	If a Beneficiary is the Beneficiary of a Participant     who is either described in (1) above or who is deceased.

		
	(B)
	Pre-Tax, Roth and/or Rollover Contributions and invested in Employer Stock, the Participant or Beneficiary shall immediately be 

36

permitted to exchange out of Employer Stock into any other permissible investment otherwise available. 
    
		
	(ii)
	The Plan must have no fewer than three permissible investments, other than Employer Stock, each of which must be diversified and have materially different risk and return characteristics. A Participant or Beneficiary who is permitted to exchange out of Employer Stock must be permitted to direct the investment of the proceeds from such an exchange out of Employer Stock into the permissible     investments described in this Section 4.7(j)(ii). Notwithstanding anything to the contrary in this section 4.7(j)(ii):

		
	(A)
	The Plan shall not be treated as failing to meet the requirements of this section 4.7(j)(ii) merely because the Plan limits the time for divestment  and reinvestment to periodic, reasonable opportunities occurring no less frequently than quarterly, and 

		
	(B)
	Except as provided in otherwise applicable guidance, the Plan shall not impose restrictions or conditions with respect to the investment of Employer Stock that are not imposed on the investment of other assets of the Plan. This subsection (B) shall not apply to any restrictions or conditions imposed by reason     of the application of securities law.

ARTICLE V 
VALUATION OF THE ACCOUNTS

A Participant's Account shall be represented in shares in each Investment Fund, and in shares or units in a Stock Fund as provided in Section 4.7. The value of any such Account on any Valuation Date shall equal the number of shares of the applicable Investment Fund and in the Stock Fund held for the Participant in such Account multiplied by the value on such Valuation Date of the shares or units. The share or unit value shall be determined in accordance with the applicable Investment Fund's and Stock Fund's customary procedures. A Participant's Account shall also be adjusted as of each Valuation Date to reflect contributions, loan payments, withdrawals, distributions, loan disbursements, and transfers between Investment Funds since the next preceding Valuation Date.  For purposes of the foregoing sentence:

		
	(a)
	contributions and loan repayments shall be credited as of the Valuation Date coincident with or next following the date the amounts are actually invested in the applicable Investment Funds, in accordance with the Trustee's customary procedures;

		
	(b)
	withdrawals, distributions, and loan disbursements shall be deducted as of the Valuation Date coincident with or next following the date the required document is processed by the Trustee, in accordance with its usual procedures; and

37

		
	(c)
	transfers between Investment Funds shall be reflected as of their effective date under Section 4.5.

Each calendar quarter a Participant shall be furnished by the Trustee with a statement setting forth the value of his or her Account.

ARTICLE VI
VESTED PORTION OF ACCOUNTS

		
	6.1
	Fully Vested Accounts 

A Participant shall at all times be  100% vested in, and have a non-forfeitable right to, his or her Employee Deferral Account, his Safe Harbor Matching Contribution Account, his Rollover Contribution Account, and his catch-up contributions and qualified non-elective contributions, if any.

In addition, the portion of a Participant’s Employer Matching Contribution Account which is attributable to discretionary Matching Contributions made for Plan Years beginning on and after January 1, 2014 shall be fully vested and nonforfeitable.

		
	6.2
	Other Accounts

		
	(a)
	Except as otherwise provided in Section 6.1 and in subsection (b), below, a Participant shall be vested in, and have a non-forfeitable right to, his Employer Matching Contribution Account (excluding Matching Contributions for Plan Years beginning on and after January 1, 2014) and Employer Profit Sharing Contribution Account in accordance with the following schedule:

Years of Vesting Service            Percent Vested
1                        20%
2                        40%
3                        60%
4                        80%
5                        100%
 
Notwithstanding the foregoing vesting schedule, effective as of and subject to the Closing Date, if a Participant’s employment in the Employer's Energy & Chemicals Group is terminated in conjunction with the sale of the Employer's Energy & Chemicals Group to Technip SA, and the Participant becomes employed by Technip SA or an affiliate following the acquisition, such Participant shall become 100% vested in, and have a non­forfeitable. right to, his Employer Matching Contribution Account and Employer Profit Sharing Contribution Account.

38

		
	(b)
	Notwithstanding the foregoing, a Participant shall be 100% vested in, and have a nonforfeitable right to, his Employer Matching Contribution Account and Employer Profit Sharing Contribution Account (i) upon attainment of age 65, or upon his death, Disability, retirement on or after age 65, in each case, in the employment of an Employer or an Affiliated Employer; or (ii) his employment terminates by reason of a Reduction-in-Force Termination.  

		
	(c)
	The following rules describe how Vesting Service earned before and after a period of Break in Service of five years shall be applied for purposes of determining a Participant’s vested interest in his Employer Matching Contribution Account and Employer Profit Sharing Contribution Account.

		
	(i)
	If a Participant has a period of Break in Service of five years, all years of Vesting Service earned by the Participant after such period of Break in Service shall be disregarded in determining the Participant’s vested interest in his Employer Matching Contribution Account and Employer Profit Sharing Contribution Account balances attributable to employment before such Break in Service. In addition, Vesting Service earned before a period of Break in Service of five years shall be disregarded in determining the Participant's vested interest in his Employer Matching Contribution Account and Employer Profit Sharing Contribution Account balances attributable to employment after such Break in Service.

		
	(ii)
	If a Participant has a period of Break in Service of less than five years, Vesting Service earned both before and after such Break in Service shall be included in determining the Participant’s vested interest in his Employer Matching Contribution Account and Employer Profit Sharing Contribution Account balances attributable to employment both before and after such Break in Service.

		
	(d)
	Notwithstanding the vesting schedule above, upon  the complete discontinuance of contributions to the Plan or upon any full or partial termination of the Plan, all amounts credited to the Account of any affected Participant shall become 100% vested and shall not thereafter be subject to forfeiture.

		
	(e)
	The computation of a Participant's Vested Portion of his interest in the Plan shall not be reduced as the result of any direct or indirect amendment to this Plan. For this purpose, the Plan shall be treated as having been amended if the Plan provides for an automatic change in vesting due to a change in top heavy status. In the event that the Plan is amended to change or modify any vesting schedule, a Participant with at least three (3) whole years of Vesting Service as of the expiration date of the election period may elect to have his Vested Portion computed under the Plan without regard to such amendment. If a Participant fails to make such election, then such Participant shall be subject to the new vesting schedule. The Participant’s election period shall commence on the adoption date of the amendment and shall end 60 days after the latest of:

39

		
	(i)
	the adoption date of the amendment,

		
	(ii)
	the effective date of the amendment, or

		
	(iii)
	the  date  the  Participant  receives  written  notice  of  the  amendment  from  the Employer or Plan Administrator.

6.3    Disposition of Forfeitures

		
	(a)
	Upon termination of employment of a Participant who was not fully vested in his Employer Matching Contribution Account or Employer Profit Sharing Contribution Account, the non-vested portion of such Accounts shall remain in the Participant's Account until the Participant has a period of Break in Service of five years or receives a distribution of the Vested Portion of his Account, if earlier. If a former Participant, who has not received a distribution of the Vested Portion of his Account, is not reemployed by the Employer or an Affiliated Employer before he has a Break in Service of five years or receives such a distribution, the non-vested portion of his Employer Matching Contribution Account or Employer Profit Sharing Contribution Account shall be forfeited.    

Any amounts forfeited pursuant to this paragraph (a) shall first be made available to reinstate previously forfeited Account balances of former Participant’s, if any, in accordance with Section 6.3(b). The remaining forfeitures shall be applied in the following manner:

		
	(i)
	First, to pay Plan administration expenses, and

		
	(ii)
	Next,   to   reduce   the   Employer's   Matching   Contribution   or   Profit   Sharing Contribution for the Plan Year in which such forfeitures occur.

		
	(b) 
	If a portion of a Participant’s Employer Matching Contribution Account or Employer Profit Sharing Contribution Account has been forfeited in accordance with paragraph (a) above, that amount shall be subsequently restored to the Participant's Employer Matching Contribution Account or Employer Profit Sharing Contribution Account, whichever is applicable, provided (i) he is reemployed by an Employer or an Affiliated Employer before he has a period of Break in Service of five years, and, except as provided in paragraph (c) below, (ii) he repays to the Plan during his period of reemployment and within five years of his date of reemployment an amount in cash equal to the full amount distributed to him, if any, from the Plan on account of his termination of employment, other than Rollover Contributions made under Section 3.4; provided, however, that he may elect to repay to the Plan all or part of this amount as well.

		
	(c)
	In the event that any amounts to be restored by an Employer to a Participant's Employer Matching Contribution Account or Employer Profit Sharing Contribution 

40

Account have been forfeited under paragraph (a) above, those amounts shall be taken first from any forfeitures which have not as yet been applied against Employer contributions and if any amounts remain to be restored, the Employer shall make a special Employer contribution equal to those amounts.

		
	(d)
	Generally, repayments under this Section must be made in a lump sum within five years of a Participant's reemployment. A repayment shall be invested in the available Investment Funds as the Participant elects at the time of repayment.

ARTICLE VII
WITHDRAWALS WHILE STILL EMPLOYED

7.1    Withdrawal of Rollover Contributions

A Participant may elect to withdraw all or part of his or her Rollover Contribution Account at any time.

7.2    Withdrawals Upon Attainment of Age 59-1/2

A Participant who has attained age 59-1/2, may withdraw all or any part of the Vested Portion of his or her Account.

7.3    Hardship Withdrawal

A Participant who has a financial hardship and who has made all available withdrawals pursuant to the Sections above and pursuant to the provisions of any other plans of the Employer and any Affiliated Employers of which he or she is a member, and who has obtained all available loans pursuant to A1ticle VIII and pursuant to the provisions of any other plans of the Employer and any Affiliated Employers of which he or she is a member, may withdraw from his or  her Employee Deferral Account (excluding Roth Contributions) an amount not to exceed the amount determined by the Plan Administrator as being available for withdrawal pursuant to this Section. For purposes of this Section, financial hardship shall mean the immediate and heavy financial need of the Participant. A withdrawal based upon financial hardship pursuant to this Section 7.3 shall not exceed the amount required to meet the immediate financial need created by the hardship and not reasonably available from other resources of the Participant. The amount required to meet the immediate financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution. The determination of the existence of a Participant's financial hardship and the amount required to be distributed to meet the need created by the hardship shall be made by the Plan Administrator or its delegate. The decision of the Plan Administrator shall be final and binding, provided that all Participants similarly situated shall be treated in a uniform and nondiscriminatory  manner.  A withdrawal shall be deemed to be made on account of an immediate and heavy financial need of a Participant if the withdrawal is for:

41

		
	(a)
	Expenses for (or necessary to obtain) medical care that would be deductible under Code Section 213(d) (determined without regard to whether the expenses exceed 7.5% of adjusted gross income) and expenses for or necessary to obtain medical care that would be deductible under Code Section 213(d) (determined without regard to whether the expenses exceed 7.5% of adjusted gross income);

		
	(b)
	Costs directly related to the purchase of a principal residence of the Participant (excluding mortgage payments);

		
	(c)
	Payment of tuition and related educational foes, and room and board expenses, for up to the next twelve (12) months of post-secondary education for the Participant or the Participant's spouse, children, or dependents (as defined in Code Section  152,  and without regard to Code Sections  152(b)(l), (b)(2) and (d)(l)(B));

		
	(d)
	Payments necessary to prevent the eviction of the Participant from his or her principal residence or foreclosure on the mortgage of the Participant's principal residence;

		
	(e)
	Payments for burial or funeral expenses for the Participant’s deceased parent, spouse, children or dependents (as defined in Code Section 152, and without regard to Code Section 152(d)(l)(B));

		
	(f)
	Expenses for the repair of damage to the Participant's principal residence that would qualify for the casualty deduction under Code Section 165 (determined without regard to whether the loss exceeds 10% of adjusted gross income); or

		
	(g) 
	Such other financial needs that the Commissioner of Internal Revenue may deem to be immediate and heavy financial needs through the publication of revenue rulings, notices, and other documents of general applicability.

A Participant who makes a withdrawal from his or her Employee Deferral Account under this Section may not make elective contributions or employee contributions to the Plan or any other qualified or nonqualified plan of the Employer or any Affiliated Employer for a period of six (6) months following the date of such withdrawal.

7.4    Withdrawal Procedures

To make a withdrawal, a Participant shall give prior notice to the Plan Administrator or its designee not later than at the time determined by the Plan Administrator in a uniform and non­discriminatory manner and communicated to all Participants. A withdrawal shall be made as of the earliest practicable Valuation Date following receipt by the Trustee of the application for withdrawal. The amount of the withdrawal shall be allocated between and among the Investment Funds in proportion to the value of the Participant's Account from 

42

which the withdrawal is made in each Investment Fund as of the date of the withdrawal. All payments to Participant’s under this Article VII shall be made in cash as soon as practicable.

7.5    Qualified Reservist Distributions

Notwithstanding any provision of the Plan to the contrary,  a Participant who, by reason of being a member of a "reserve component" (as defined in Section 101 of Title 37 of the United States Code), is ordered or called to active duty after September 11, 2001 for a period in excess of 179 days or for an indefinite period may take a “qualified reservist distribution” (as defined in Code Section 72(t)(2)(G)(iii)), from amounts attributable to Employer contributions made pursuant to the Participant’s elective deferrals described in Section Code 402(g)(3)(A), during the period beginning on the date the Participant is ordered or called to duty and ending at the close of the Participant's active duty period.

7.6    Withdrawal of Deferral Contributions for Participants in Uniformed Services

For purposes of Code Section 401(k)(2)(B)(i)(I), any Participant shall be treated as having been severed from employment during the period he or she is performing service in the uniformed services described in Code Section 3401(h)(2)(A) while on active duty for a period of more than 30 days. If such a Participant elects to receive a distribution of Deferral Contributions, the Participant may not contribute any Deferral Contributions to the Plan during the six-month period beginning on the date of distribution.

ARTICLE VIII 
LOANS TO PARTICIPANTS

8.1    Amount Available

A Participant who is an Eligible Employee may borrow, by giving notice to the Trustee in the manner approved by the Plan Administrator and on approval by the Plan Administrator under such uniform rules as it shall adopt, an amount which is not less than $1,000 and, when added to the outstanding balance of any other loans to the Participant from the Plan, does not exceed the lesser of (a) 50% of the Vested Portion of the Participant' s Account, or (b) $50,000 reduced by the excess, if any, of (i) the highest outstanding balance of loans to the Participant from the Plan during the one year period ending on the day before the day the loan is made, over (ii) the outstanding balance of loans to the Participant from the Plan on the date on which the loan is made. A loan may be made from any portion of a Participant’s Account except Roth Contributions. The loan shall be made under such terms, security interest, and conditions as the Plan Administrator deems appropriate.  

8.2    Terms

In addition to such rules and regulations as the Plan Administrator may adopt, all loans shall comply with the following terms and conditions:

43

		
	(a)
	An application for a loan by a Participant shall be made to the Plan Administrator, or to its designee, in the manner described in the Plan's loan policy, whose action in approving or disapproving the application shall be final.

		
	(b)
	Each loan shall be evidenced by a promissory note payable to the Plan and shall bear interest at a rate to be fixed by the Plan Administrator. The Plan Administrator shall determine a reasonable rate of interest based on the prevailing interest rates charged by persons in the business of lending money for loans which would be made under similar circumstances.  The interest rate shall remain fixed throughout the duration of the loan.

		
	(c)
	The period of repayment for any loan shall be arrived at by mutual agreement between the Plan Administrator and the Participant. That period shall not exceed five (5) years, except that a payment period of ten (10) years will be allowed if the loan is being used for the purchase of a principal residence of the Participant.

		
	(d)
	Payments of principal and interest will be made by payroll deductions or in a manner agreed to by the Participant and the Plan Administrator in substantially level amounts, but no less frequently than quarterly, in an amount sufficient to amortize the loan over the repayment period.

		
	 (e)
	If a loan is not repaid in accordance with the terms contained in the promissory note and a default occurs, the Plan may execute upon its security interest in the Participant's Account under the Plan to satisfy the debt; however, amounts in a Participant's Account may not be offset and used to satisfy the payment of such loan (including interest) prior to the earliest time such amounts would otherwise be permitted to be distributed under applicable law.

8.3    General Administration

The Plan Administrator shall have the right to establish such policies and procedures  as may be reasonable, necessa1y or desirable to carry out the provisions of this Article VIII.

ARTICLE IX 
DISTRIBUTION OF ACCOUNTS UPON
TERMINATION OF EMPLOYMENT

9.1    Eligibility

Upon a Participant's Severance Date, the Vested Portion of the Participant's Account, as determined under Article VI, shall be distributed as provided in this Article.

44

9.2    Form of Distribution

Distribution of the Vested Portion of a Participant's Account shall be paid in a single lump sum payment, subject to the distribution limitations set out in Section 9.7.

9.3    Commencement of Payments

		
	(a)
	Unless a Participant elects otherwise, distribution of the Vested Portion of a Participant’s Account shall be made as soon as administratively practicable following the latest of: (i) the Participant's Severance Date; (ii) the sixty-fifth (65th) anniversary of the Participant's date of birth; or (iii) the tenth (10th) anniversary of the date on which he or she became a Participant (but not more than sixty (60) days after the close of the Plan Year in which the latest of (i), (ii), or (iii) occurs). Notwithstanding the preceding, the failure of a Participant to elect to receive a distribution shall be deemed an election to defer the receipt of payment of the Vested Portion of the Participant’s Account until the Participant's required beginning date as described in Section 9.4, if later.

		
	(b)
	In lieu of a distribution as described in Section 9.3(a) above, a Participant may, in accordance with such procedures as the Plan Administrator shall prescribe, elect to have the distribution of the Vested Portion of his or her Account made as soon as administratively practicable after any Valuation Date coincident with or following his or her Severance Date which is before the date described in subsection (a) above.

		
	(c)
	Notwithstanding the provisions of subsections (a) and (b), beginning effective  June 1, 2010, if the value of the Vested Portion  of the Participant’s Account  amounts to $5,000 or less, a lump sum payment shall automatically be made as soon as administratively practicable following the Participant’s Severance Date; provided, however,  that  in the event of an involuntary cash-out of benefits greater than $1,000,  if the Participant does not elect to receive the distribution directly or to have such distribution paid directly to an eligible  retirement  plan  specified  by the Participant  in  a direct rollover,  then  the Plan Administrator will pay the distribution in a direct rollover to an individual retirement plan designed by the Plan Administrator. For purposes of this Section 9.3(c), the value of the Vested Portion of the Participant’s Account shall be calculated by excluding any portion attributable to Rollover Contributions.

		
	(d)
	In the case of the death of a Participant before his or her benefits commence, the Vested Portion of his or her Account shall be distributed to his or her Beneficiary in one lump sum as soon as administratively practicable following the Participant’s date of death.

45

9.4    Minimum Distribution Requirements

		
	(a)
	General rules

		
	(i)
	Effective Date. The provisions of this Section 9.4 will apply for purposes of determining minimum distributions for calendar years beginning with the 2003 calendar year.

		
	(ii)
	Precedence. The requirements of this Section will take precedence over any inconsistent provisions of the Plan.

		
	(iii)
	Requirements of Treasury Regulations Incorporated. All distributions required under this Plan as amended will be determined and made in accordance with the Treasury regulations under Code Section 40l(a)(9).

		
	(b)
	Time and Manner of Distribution

		
	(i)
	Required Beginning Date. The Participant's entire interest will be distributed, or begin to be distributed, to the Participant no later than the Participant’s required beginning date.

		
	(ii)
	Death of Participant Before Distributions Begin. If the Participant dies before distributions begin, the Participant’s entire interest will be distributed, no later than as follows:

		
	(A)
	If the Participant’s surviving spouse is the Participant's sole designated Beneficiary, then, except as otherwise elected under Section 9.4(f), distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Pa1ticipant died, or by December 31 of the calendar year in which the Participant would have attained age 70-1/2, if later.

		
	(B) 
	If the Participant's surviving spouse is not the sole designated Beneficiary; then, except as otherwise elected under Section 9.4(f), distributions to the designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died.

		
	(C) 
	If there is no designated Beneficiary as of September 30 of the year following the year of the Participant’s death, the Participant's entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

		
	(D) 
	If the Participant’s surviving spouse is the Participant’s sole designated Beneficiary and the surviving spouse dies after the 

46

Participant but before distributions to the surviving spouse begin, this Section 9.4(b)(2), other than Section 9.4(b)(2)(A), will apply as if the surviving spouse were the Participant.

For purposes of this Section 9.4(b)(2) and Section 9.4(d), unless Section 9.4(b)(2)(D) applies, distributions are considered to begin on the Participant’s required beginning date. If Section 9.4(b)(2)(D) applies, distributions are considered to begin on the date distributions are  required to begin to the surviving spouse under Section 9.4(b)(2)(A). If distributions under an annuity purchased from an insurance company irrevocably commence to the Participant before the Participant’s required beginning date (or to the Participant's surviving spouse before the date distributions are required to begin to the surviving spouse under Section 9.4(b)(2)(A)), the date distributions are considered to begin is the date distributions actually commence.

		
	(iii)
	Forms of Distribution.  Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the required beginning date, as of the first distribution calendar year distributions will be made in accordance with Sections 9.4(c) and (d).  If the Participant's interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Code Section 40l(a)(9) and the Treasury Regulations.

		
	(c)
	Required Minimum Distributions During Participant's Lifetime

		
	(i)
	Amount of Required Minimum Distribution for Each Distribution Calendar Year.  During the Participant's lifetime, the minimum amount that will be distributed for each distribution calendar year is the lesser of:

		
	(A)
	The quotient obtained by dividing the Participant's account  balance  by the distribution period in the Uniform Lifetime Table set forth in Section l.401(a)(9)-9 of the Treasury Regulations, using the Participant's  age as of the Participant's birthday in the distribution calendar year; or

		
	(B) 
	If the Participant’s sole designated Beneficiary for the distribution calendar year is the Participant's spouse, the quotient obtained by dividing the account balance by the number in the Joint and Last Survivor Table set forth in Section l.401(a)(9)-9 of the Treasury regulations, using the Participant’s and spouse's attained ages as of the Participant's and spouse's birthdays in the distribution calendar year.

47

		
	(ii)  
	Lifetime Required Minimum Distributions Continue through Year of Participant’s Death. Required minimum distributions will be determined under this Section 9.4(c) beginning with the first distribution calendar year and up to and including the distribution calendar year that includes the Participant’s date of death.

		
	(d)
	Required Minimum Distributions  After Participant’s Death

		
	(i)
	Death On or After Date Distributions Begin

		
	(A)
	Participant Survived by Designated Beneficiary.  If the Participant dies on or after the date distributions begin and there is a designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s account balance by the longer of the remaining life expectancy of the Participant or the remaining life expectancy of the Participant’s designated Beneficiary, determined as follows:

		
	(1)
	The Participant's remaining life expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.

		
	(2)
	If the Participant's surviving spouse is the Participant's sole designated Beneficiary, the remaining life expectancy of the surviving spouse is calculated for each distribution calendar year after the year of the Participant’s death using  the surviving spouse's age as of the spouse's birthday in that year. For distribution calendar years after the year of the surviving spouse's death, the remaining life expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse's birthday in the calendar year of the spouse's death, reduced by one for each subsequent calendar year.

		
	(3)
	If the Participant's surviving spouse is not the Participant’s sole designated Beneficiary, the designated Beneficiary’s remaining life expectancy is calculated using the age of the Beneficiary in the year following the year of the Participant's death, reduced by one for each subsequent year.

		
	(B) 
	No Designated Beneficiary.  If the Participant dies on or after the date distributions begin and there is no designated Beneficiary  as  of September 30 of the year after the year of the Participant's death, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant’s death is the quotient 

48

obtained by dividing the Participant's account balance by the Participant’s remaining life expectancy calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.

		
	(ii)
	Death Before Date Distributions Begin

		
	(A)
	Participant Survived by Designated Beneficiary. Except as otherwise provided in Section 9.4(f), if the Participant dies before the date distributions begin and there is a designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant's death is the quotient obtained by dividing the Participant’s account balance by the remaining life expectancy of the Participant's designated Beneficiary, determined as provided in Section 9.4(d)(i).

		
	(B) 
	No Designated Beneficiary. If the Participant dies before the date distributions begin and there is no designated Beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

		
	(C) 
	Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the Participant's surviving spouse is the Participant’s sole designated    Beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under Section 9.4(b)(2)(A), this Section 9.4(d)(2) will apply as if the surviving spouse were the Participant.

		
	(e)
	Definitions

		
	(i)
	Designated Beneficiary. The individual who is designated as the  Beneficiary under Section 1.5 of the Plan and is the designated Beneficiary under Code Section 40l(a)(9) and Section 1.401(a)(9)-1,  Q&A-4,  of  the  Treasury Regulations.

		
	(ii)
	Distribution calendar year. A calendar year for which a minimum distribution is required. For distributions beginning before the Participant’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Participant's required beginning date. For distributions beginning after the Participant’s death, the first distribution calendar year is the calendar year in which distributions are required to begin  under Section 9.4(b)(2). The required minimum distribution for the 

49

Participant’s first distribution calendar year will be made on or before the Participant's required beginning date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participant's required beginning date occurs, will be made on or before December 31 of that distribution calendar year.

		
	(iii)
	Life expectancy.   Life expectancy as computed by use of the Single Life Table in Section l .401(a)(9)-9 of the Treasury Regulations.

(iv)      Participant's account balance.  The account balance as of the last Valuation Date in the calendar year immediately preceding the distribution calendar year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year after the Valuation Date and decreased by distributions made in the valuation calendar year after the Valuation Date.  The account balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the valuation year.

		
	(v)    
	Required  beginning date.   The "required beginning date" of a Participant is the later of the April 1 of the calendar year following the calendar year in which the Participant attains age 70-1/2 or retires, except that benefit distributions to a 5-percent owner (as defined in Code Section 416) must commence by the April 1 of the calendar year following the calendar year in which the Participant attains 70-1/2, even if such Participant has not retired.

		
	(f)       
	Participants or Beneficiaries May Elect 5-Year Rule. Participants or  Beneficiaries may elect on an individual basis whether the 5-year rule or the life expectancy rule in Sections 9.4(b) and 9.4(d) apply to distributions after the death of a Participant who has a designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would  be required to begin under Section 9.4(b), or by September 30 of the calendar year which contains the fifth anniversary of the Participant’s (or, if applicable, the  surviving   spouse's)  death.  If neither the Participant nor the Beneficiary makes an election under this Section 9.4(d), distributions will be made in accordance with Sections 9.4(b) and 9.4(d).

		
	(g)       
	2009 Required Minimum Distributions.  Notwithstanding  the preceding  paragraphs  of this Section 9.4, a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but for the enactment of Code Section 401(a)(9)(H) ("2009 RMDs"), and who would have satisfied that requirement by receiving distributions that are (1) equal to the 2009 RMDs or (2) one or more payments in a series of substantially equal distributions (that include 

50

the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant and the Participant’s designated Beneficiary, or for a period of at least 10 years ("Extended 2009 RMDs"),  will  not receive those distributions for 2009 unless the Participant or Beneficiary chooses  to receive such distributions. Participants and Beneficiaries described in the preceding sentence will be given the opportunity to elect to receive the distributions described in the preceding sentence. A direct rollover will be offered only for distributions that would be eligible rollover distributions without regard to Code Section 40l(a)(9)(H).
9.5    Status of Accounts Pending Distribution
Until distributed under Section 9.3 or 9.4, the Account of a Participant who is entitled to a distribution shall continue to be invested as part of the Funds of the Plan.
9.6    Proof of Death and Right of Beneficiary or Other Person
The Plan Administrator may require and rely upon such proof of death and such evidence of the right of any Beneficiary or other person to receive the value of the Account of a deceased Pat1icipant as the Plan Administrator may deem proper, and its determination of the right of that Beneficiary or other person to receive payment shall be conclusive.
9.7    Distribution Limitation

		
	(a)
	Notwithstanding any other provision  of this Article IX, all distributions from this Plan shall conform to the regulations issued under Code Section 401(a)(9), including the incidental death benefit provisions of Code  Section  401(a)(9)(G).  Further, such regulations shall override any Plan provision that is inconsistent with Code Section 401(a)(9).

		
	(b)
	Payments shall be made in cash and shall not be made in kind (except as provided immediately below and in Section 9.8(b)(i) below); provided, however, that a Participant or Beneficiary may elect to have the portion of his or her Account that is invested in Employer Stock paid or transferred (pursuant to Section 9.8 below) in whole shares of Employer Stock with any balance (including fractional shares of Employer Stock) to be paid or transferred in cash. Conversions of Employer Stock to or from cash shall be based upon the value of the Employer Stock on the date the benefit payment is made.

9.8    Rollover Distributions

		
	(a)
	Notwithstanding any provision of the Plan to the contrary that would otherwise limit a Distributee's election under this Section 9.8, a Distributee may elect, at the time and  in the manner prescribed by the Plan Administrator, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover.

51

		
	(b)
	Definitions.  For purposes of Section 9.8(a) above, the following terms and phrases shall mean:

		
	(i)
	Eligible Rollover Distribution. An Eligible Rollover Distribution (as defined in Code Section 402(c)(4)) is any distribution, including in kind distributions of promissory notes for Plan loans, of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee and the Distributee's designated beneficiary, or for a specified period of ten  years  of more; any distribution to the extent such distribution is required under Code Section 401(a)(9); the portion of any distribution that is not includable in gross income (determined without regard to the exclusion for net  unrealized appreciation with respect to employer securities); and, effective for distributions after December 31, 2001, any amount that is distributed on account of hardship.

		
	(ii)
	Eligible Retirement Plan. An Eligible Retirement Plan (as defined in Code Section 402(c)(8)(B)) is an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a), or a qualified trust described in Code Section 401(a) that accepts the Distributee's Eligible Rollover Distribution. An Eligible Retirement Plan shall also mean an annuity contract described in Code Section 403(b) and an eligible plan under Code Section 457(b), which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan. An Eligible Retirement Plan includes a Roth individual retirement account described in Code Section 408A. The definition of Eligible Retirement Plan shall apply in the case of a distribution to any Distributee, including a surviving spouse, or a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p).

Effective for distributions after December 31, 2006, if, with respect to any portion of a distribution from an "eligible retirement plan" (as defined in Code Section 402(c)(8)(B)) of a deceased Participant, a direct trustee-to-trustee transfer is made to an individual retirement account or individual retirement annuity (as defined in Code Sections 402(c)(8)(B)(i) and (ii)) that is established for the purpose of receiving the distribution on behalf of an individual who is a designated beneficiary (as defined in Code Section 401(a)(9)(E)) of  the Participant and who is not the surviving spouse of the Participant,

52

		
	(A)
	the  transfer  shall  be  treated  as  an  eligible  rollover  distribution  for purposes of Code Section 402(c),

		
	(B) 
	the individual retirement plan shall be treated as an inherited individual retirement account or individual retirement annuity (within the meaning of Code Section 408(d)(3)(C)), and

		
	(C)  
	Code Section 401(a)(9)(B) (other than clause (iv) thereof) shall apply to such plan.

		
	(iii) 
	Distributee. A Distributee includes an Employee, former Employee,  or any individual designated as a Beneficiary by the Participant (as described in Code Section 401(a)(9)(E) and Treas. Reg. Section  l.401(a)(9)-4  Q&A  1)  who receives a direct trustee-to-trustee transfer pursuant to Code Section 402(c)(11). In addition, the Employee's or former Employee's surviving spouse and the Employee's former Employee's spouse or former spouse who is the alternate payee  under  a qualified  domestic  relations  order,  as defined  in  Code  Section 414(p), are Distributees with regard to the interest of the spouse  or  former spouse.

		
	(iv) 
	Direct Rollover. A Direct Rollover is a payment by the Plan to the Eligible Retirement Plan specified by the Distributee.

ARTICLE X
ADMINISTRATION OF PLAN

10.1    Plan Administration

The general administration of the Plan and the responsibility for carrying out the provisions of the Plan shall be upon Chicago Bridge & Iron Company. Chicago Bridge & Iron Company shall be the "Plan Administrator" and the "Named Fiduciary" for the operation and administration of the Plan under the provisions of ERISA. In the exercise of its sole and absolute discretion, the Plan Administrator shall interpret the Plan's provisions and shall determine the eligibility of individuals for benefits. The Plan Administrator may appoint in its sole discretion a third-party administrator to act as administrator and to perform such duties as designated by the Plan Administrator. The Plan Administrator shall also engage such certified public accountants, actuaries, and other advisers and service providers, who may be accountants, actuaries, advisers or service providers for the Employer or an Affiliated Employer, as it shall require or may deem advisable for purposes of the Plan.

53

10.2    Service in More Than One Fiduciary Capacity
Any individual, entity, or group of persons may serve in more than one fiduciary capacity with respect to the Plan and/or the Funds of the Plan.
10.3    Limitation of Liability
The Plan Sponsor, Employer, an Affiliated Employer, the directors of the Employer or an Affiliated Employer, or any officer, employee, or agent of the Employer or Affiliated Employer shall not incur any liability individually or on behalf of any other individuals or on behalf of the Employer or an Affiliated Employer for any act or failure to act, made in good faith in relation to the Plan or the funds of the Plan. However, this limitation shall not act to relieve any such individual or the Employer from a responsibility or liability for any fiduciary responsibility, obligation, or duty under Part 4, Title I of ERISA.
10.4    Indemnification
The directors, officers, and employees of the Plan Sponsor, Employer or an Affiliated Employer shall be indemnified against any and all liabilities arising by reason of any act, or failure to act, in relation to the Plan or the funds of the Plan, including, without limitation, expenses reasonably inc1med in the defense of any claim relating to the Plan or the funds of the Plan, and amounts paid in any compromise or settlement relating to the Plan or the funds of the Plan, except for actions or failure to act made in bad faith. The foregoing indemnification shall be from the funds of the Plan to the extent of those funds and to the extent permitted under applicable law; otherwise from the assets of the Employer or an Affiliated Employer.
10.5    Appointment of Investment Manager
The Plan Administrator may, in its discretion, appoint one or more investment managers (within the meaning of ERISA Section 3(38)) to manage (including the power to acquire and dispose of) all or part of the assets of the Plan, as the Plan Administrator shall designate. In that event authority over and responsibility for the management of the assets so designated shall be the sole responsibility of that investment manager.

ARTICLE XI 
MANAGEMENT OF FUNDS

11.1    Trust Agreement

All the Funds of the Plan shall be held by the Trustee appointed from time to time by the Board of Directors under a Trust Agreement adopted, or as amended, by the Board of Directors for use in providing the benefits of the Plan and paying its expenses not paid directly by the Employer. The Employer shall have no liability for the payment of benefits under the Plan or for the administration of the Funds paid over to the Trustee.

54

11.2    Exclusive Benefit Rule

Except as otherwise provided in the Plan, no part of the corpus or income of the Funds of the Plan shall be used for, or diverted to, purposes other than for the exclusive benefit of Participants and other persons entitled to benefits under the Plan.  No person shall have any interest in or right to any part of the earnings of the Funds of the Plan, or any right in, or to, any part of the assets held under the Plan, except as and to the extent expressly provided in the Plan.

11.3    Payment of Expenses

		
	(a)
	Except as provided in Section 11.3(b) below, all expenses incident to the administration of the Plan and Trust, including but not limited to, legal, accounting, Trustee fees, expenses of the Plan Administrator, and the cost of furnishing any bond or  security required of the Plan Administrator shall be paid by the Trustee from the Trust, and, until paid, shall constitute a claim against the Trust which is paramount to the claims of Participants and Beneficiaries; provided, however, that (i) the obligation of the Trustee to pay such expenses from the Trust shall cease to exist to the extent such expenses are paid by the Employer and (ii) in the event the Trustee's compensation is to be paid, pursuant to this Section, from the Trust, any individual serving as Trustee  who already receives full-time pay from an employer or an  association of employers whose employees are Participants in the Plan, or from an employee organization whose  members  are Participants in the Plan, shall not receive any additional compensation for serving as Trustee.    This Section shall be deemed to be a part of any contract to provide for expenses of Plan and Trust administration, whether or not the signatory to such contract is, as a matter of convenience, the Employer.

		
	(b)
	The Plan Administrator and any fiduciary under the Plan may charge against the Account of a Participant any actual and reasonable fees and expenses associated with the determination of eligibility of such Participant or his or her alternate payee for a distribution pursuant to a qualified domestic relations order or pursuant to a request for a hardship withdrawal, or associated with the documentation and enforcement of any loan from the Plan.

ARTICLE XII 
GENERAL PROVISIONS

12.1    Non-alienation

Except as required by any applicable law, no benefit under the Plan shall in any manner be anticipated, assigned, or alienated, and any attempt to do so shall be void.  However, payment shall be made in accordance with the provisions of any judgment, decree, or order which:

55

		
	(a)
	Creates for, or assigns to, a spouse, former spouse, child or other dependent of a Participant the right to receive all or a portion of the Participant’s benefits under the Plan for the purpose of providing child support, alimony payments, or marital property rights to that spouse, child, or dependent;

		
	(b)
	Is made pursuant to a state domestic relations law;

		
	(c)
	Does not require the Plan to provide any type of benefit, or any option, not otherwise provided under the Plan; and

		
	(d)
	Otherwise meets the requirements of ERISA Section 206(d), as amended, as a "qualified domestic relations order" ("QDRO"), as determined by the Plan Administrator.

Any distribution due an alternate payee under a qualified domestic relations order may be made as soon as practicable following the earliest date specified in such order, even if the Participant has not terminated employment with the Employer or reached "earliest retirement age" as defined in Code Section 414(p)(4), or as otherwise permitted under such order pursuant to an agreement between the Plan and the alternate payee; provided, however, that if  the amount of the distribution exceeds $5,000 and the order requires the alternate payee must consent to the distribution. Effective April 6, 2007, a domestic relations order that otherwise satisfies the requirements for a QDRO will not fail to be a QDRO: (a) solely because the order is issued after, or revises, another domestic relations order or QDRO; or (b) solely because of the time at which the order is issued, including issuance after the annuity starting date or after the Participant's death.

12.2    Conditions of Employment Not Affected by Plan

The establishment of the Plan shall not confer any legal rights upon any Employee or other person for a continuation of employment, nor shall it interfere with the rights of the Employer to discharge any Employee and to treat him or her without regard to the effect which that treatment might have upon him or her as a Participant or potential Participant of the Plan.

12.3    Facility of Payment

If the Plan Administrator shall find that a Participant or other person entitled to a benefit is unable to care for his or her affairs because of illness or accident or is a minor, the Plan Administrator may direct that any benefit due him or her, unless claim shall have been made for the benefit by a duly appointed legal representative, be paid to his or her spouse, a child, a parent or other blood relative, or to a person with whom he or she resides. Any payment so made shall be a complete discharge of the liabilities of the Plan for that benefit.

56

12.4    Information

Each Participant, Beneficiary, or other person entitled to a benefit, before any benefit shall be payable to him or her or on his or her account under the Plan, shall file with the Plan Administrator the information that it shall require to establish his or her rights and benefits under the Plan.

12.5    Top-Heavy Provisions

		
	(a)
	The following definitions apply to the terms used in this Section:

		
	(i)
	"applicable determination date" means the last day of the later of the first Plan Year or the preceding Plan Year;

		
	(ii)
	"top-heavy ratio" means the ratio of (A) the value of the aggregate of the Accounts under the Plan for key employees to (B) the value of the aggregate of the Accounts under the Plan for all key employees and non-key employees;

(iii)    "key employee"  means,  for  any Plan Year beginning  after December  31, 2001, any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the determination date was an officer of the Employer having annual compensation greater than $130,000 (as adjusted under  Code  Section  416(i)(1)  for  Plan   Years  beginning  after  December  21, 2002), a "5-percent owner" (as defined below) of the Employer, or a "1-percent owner" (as defined below) of the Employer having annual compensation of more than $150,000. For this purpose, annual compensation means Statutory Compensation as defined in Section 1.45. The determination of who is a key employee will be made in accordance with Code Section 416(i)(I) and the applicable regulations and other guidance of general applicability issued thereunder.

		
	(iv)
	"5-percent owner" means any person who owns (or is considered as owning within the meaning of Code Section 318) more than five percent (5%) of the outstanding stock of the Employer or stock possession more than five percent (5%) of the total combined voting power of all stock of the Employer. "1-percent owner" means any person who owns (or is considered as owning within the meaning of Code Section 318) more than one percent (1%) of the outstanding stock of the Employer or stock possession more than one percent (1%) of the total combined voting power of all stock of the Employer.

In determining percentage ownership hereunder, Employers that would otherwise be aggregated under Code Sections 414(b), (c), (m) and (o) shall be treated as separate Employers. However, in determining whether an individual receives annual compensation 

57

of more than $150,000, compensation from each Employer required to be aggregated  under Code Sections 414(b), (c) and (m) shall be taken into account;

		
	(v)
	"non-key employee" means any Employee who is not a key employee;

		
	(vi)
	"applicable Valuation Date" means the  Valuation Date coincident with or immediately preceding the last day of the first Plan Year or the preceding Plan Year, whichever is applicable;

		
	(vii)
	"required aggregation group" means any other qualified plan(s) of the Employer or an Affiliated Employer in which there are members who are key employees or which enable(s) the Plan to meet the requirements of Code Section 40l(a)(4) or 410; and

		
	(viii)
	"permissive aggregation group" means each plan in the  required  aggregation group and any other qualified plan(s) of the Employer or an Affiliated Employer in which all members are non-key employees, if the resulting aggregation group continues to meet the requirements of Code Sections 40l(a)(4) and 410.

		
	(b)     
	For purposes of this Section, the Plan shall be "top-heavy" with respect to any Plan Year if as of the applicable determination date the top-heavy ratio exceeds 60%. The top­ heavy ratio shall be determined as of the applicable Valuation Date in accordance with Code Section 416(g)(3) and (4) and Article V of this Plan, and shall take into account any contributions made after the applicable Valuation Date but before the last day of the Plan Year in which the applicable Valuation Date occurs. For purposes of determining whether the Plan is top-heavy, the Account balances under the Plan will be combined with the Account balances or the present value of accrued benefits under each other plan in the required aggregation group, and, in the Employer's discretion, may be combined with the Account balances or the present value of accrued benefits under any other qualified plan in the permissive aggregation group.  Distributions made with respect to a Participant under the Plan during the five-year period ending on the applicable determination date shall be taken into account for purposes of determining the top-heavy ratio; distributions under plans that terminated within such five-year period shall also be taken into account, if any such plan contained key employees and therefore would have been part of the required aggregation group. For any Plan Year beginning after December 31, 2001, the present values of accrued benefits and the amounts of Account balances of an Employee as of the determination date shall be increased by the distributions made with respect to the Employee under the Plan and any plan aggregated with the Plan under Code Section 416(g)(2) during the 1-year period  ending on  the determination date. The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under Code Section 416(g)(2)(A)(i). In the case of a distribution made for a reason other than severance from employment, death, or Disability, this provision shall be applied by 

58

substituting "5-year period" for "1-year period." The accrued benefits and Account of any individual who has not performed services for the Employer during the 1-year period ending on the determination date shall not be taken into account.

		
	(c)
	For  any  Plan  Year  with  respect  to which  the  Plan  is top-heavy,  an  additional  Employer contribution  shall  be  allocated  on behalf  of each  Participant  (and  each  Employee eligible to  become  a  Participant)  who  is  a  non-key  employee,  and  who  has  not   separated  from service as of the last day of the Plan Year, to the extent that the  contributions made on his or  her  behalf  under  Sections  3.2 and  3.3 for the  Plan  Year  (and  not  needed  to  meet  the contribution  percentage  test  set forth in  Section 3.7(b)) would  otherwise be less than 3% of his or her remuneration. However, if   the   greatest  percentage    of   remuneration contributed  on  behalf  of  a  key  employee  under  Sections  3.1,  3.2,  and  3.3  for  the  Plan Year  would  be  less than  3%, that  lesser  percentage  shall be  substituted   for  "3%"  in  the preceding  sentence.   Notwithstanding  the  foregoing provisions  of this  Section  12.5(c), no minimum  contribution  shall  be  made  under  this  Plan  with  respect  to  a Participant  (or an employee  eligible  to  become  a  Participant)  if the required  minimum  benefit  under  Code Section  416(c)(1)  is provided  to  him  or her  by  any  other  qualified  pension  plan  of  the Employer  or  an  Affiliated  Employer.    For  any Plan  Year  beginning  after  December  31, 2001,  Matching  Contributions  shall  be  taken  into  account  for  purposes  of  satisfying  the  minimum  contribution  requirements  of Code  Section  416(c)(2).    The  preceding  sentence shall apply  with  respect  to Matching Contributions  under the  Plan or, if the  Plan provides that   the  minimum   contribution  requirement shall be made in another plan, such other plan.    

Matching Contributions   that   are   used   to   satisfy   the   minimum   contribution requirements   shall   be   treated   as matching   contributions   for   purposes   of   the   Actual Contribution Percentage test and other requirements of Code Section 401(m).

12.6    Prevention of Escheat

If the Plan Administrator cannot ascertain the whereabouts of any person to whom a payment is due under the Plan, the Plan Administrator may, no earlier than three (3) years from the date such payment is due, mail a notice of such due and owing payment to the last known address of such person, as shown on the records of the Plan Administrator or the Employer.  If such person has not made written claim therefor within three (3) months of the date of the mailing, the Plan Administrator may, if it so elects and upon receiving advice from counsel to the Plan, direct that such payment and all remaining payments otherwise due such person be canceled on the records of the Plan and the amount thereof applied to reduce the contributions of the Employer. Upon such cancellation, the Plan and the Trust shall have no further liability therefor except that, in the event such person or his or her Beneficiary later notifies the Plan Administrator of his or her whereabouts and requests the payment or payments due to him or her under the Plan, the amount so applied shall be paid to him or her in accordance with the provisions of the Plan applicable to the restoration of forfeitures.

59

12.7    Transfers of Trust Fund Assets

The Plan Administrator may make a transfer of liabilities and corresponding assets from the Trust Fund to trusts of plans of an Affiliated Employer and other plans qualified under Code Section 401(a), subject to Section 13.2. The Plan Administrator may accept a transfer of liabilities and corresponding assets from the trustees of plans of an Affiliated Employer and other plans qualified under Code Section 401(a). Any assets received under this Section shall thereafter constitute part of the corpus of the Trust Fund. All such transfers and allocations shall be made in accordance with ERISA.

12.8    Construction

		
	(a)
	The Plan shall be construed, regulated, and administered under ERISA and the laws of Louisiana, except where ERISA controls.

		
	(b)
	The masculine pronoun shall mean the feminine wherever appropriate and vice versa, and the singular shall mean the plural wherever appropriate and vice versa.

		
	(c)
	The titles and headings of the Articles and Sections in this Plan are for convenience only. In the case of ambiguity or inconsistency, the text rather than the titles or headings shall control.

12.9    USERRA  Compliance

		
	(a)
	Notwithstanding any provision of this Plan to the contrary, contributions, benefits, and service credit with respect to qualified military service will be provided in accordance with Code Section 414(u).

		
	(b)
	Loan repayments may be suspended under this Plan as permitted under Code Section 414(u)(4).

12.10    Death Benefits Under USERRA-Qualified  Active Military Service

Notwithstanding any provision of the Plan to the contrary, in the case of a Participant who dies on or after January 1, 2007 while performing qualified military service (as defined in Code Section 414(u)), the survivors of the Participant are entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan had the Participant resumed and then terminated employment on account of death.

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12.11    Qualified Hurricane Disaster Relief
This Section 12.11 reflects the amendment of the Plan to implement any and all relief that  is made available with respect to Plan distributions and loans by IRS Announcement 2005-70, the Katrina Emergency Tax Relief Act of 2005 ("KETRA") and the Gulf Opportunity Zone Act of 2005 ("GOZA"). This amendment shall be interpreted in accordance with Code Section l400Q and Announcement 2005-70, which are incorporated herein by reference, and all other applicable and related IRS guidance, including, but not limited to, Notice 2005-92.  This amendment, which is effective as of the effective dates and for the  periods set forth in  Code Section 1400Q and Announcement 2005-70, shall supersede the provisions of the Plan to the extent, and for  the periods, that those provisions are inconsistent with the provisions of this amendment.

ARTICLE XIII
AMENDMENT, MERGER, AND TERMINATION

13.1    Amendment  of Plan

Chicago Bridge & Iron Company reserves the right at any time and from time to time, and retroactively if deemed necessary or appropriate, to amend in whole or in part any or all of the provisions of the Plan by duly adopted resolution; provided, however, that amendments to the Plan which do not have a significant cost impact on the Employer and amendments necessary to acquire and maintain the qualified status of the Plan under the Code, whether or not retroactive, may be made by Chicago Bridge & Iron Company. However, no amendment shall make it possible for any part of the Funds of the Plan to be used for, or diverted to, purposes other than for the exclusive benefit of persons entitled to benefits under the Plan. No amendment shall be made which has the effect of decreasing the balance of the Account of any Participant or of reducing the non-forfeitable percentage of the balance of the Account of a Participant below the non-forfeitable percentage computed under the Plan as in effect on the date on which the amendment is adopted or, if later, the date on which the amendment becomes effective.

13.2    Merger, Consolidation, or Transfer

The Plan may not be merged or consolidated with, and its assets or liabilities may not be transferred to, any other plan unless each person entitled to benefits under the Plan would, if the resulting plan were then terminated, receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit he or she would have been entitled to receive immediately before the merger, consolidation, or transfer if the Plan had then terminated.

13.3    Additional Participating Employers

		
	(a)
	If any company is or becomes an Affiliated Employer, the Board of Directors may include the employees of that Affiliated Employer in the membership of the Plan 

61

upon appropriate action by that company necessary to adopt the Plan. In that event, or if any persons become Employees of the Employer as the result of merger or consolidation or as the result of acquisition of all or part of the assets or business of another company, the Board of Directors shall determine to what extent, if any, previous service with the Affiliated Employer shall be recognized under the Plan, but subject to the continued qualification of the Trust for the Plan as tax-exempt under the Code.

		
	(b)
	Any Affiliated Employer may terminate its participation in the Plan upon appropriate action by it. In that event the Funds of the Plan held on account of Participants in the employ of that company, and any unpaid balances of the Accounts of all Participants who have separated from the employ of that company, shall be determined by the Plan Administrator. Those Funds shall be distributed as provided in Section 13.4 if the Plan should be terminated, or shall be segregated by the Trustee as a separate trust, pursuant to ce1tification to the Trustee by the Plan Administrator, continuing the Plan as a separate plan for the employees of that company under which the board of directors of that company shall succeed to all the powers and duties of the Board of Directors.

13.4    Termination of Plan

		
	(a)
	The Board of Directors, by duly adopted resolution, may terminate the Plan in whole or in part, or completely discontinue contributions under the Plan, for any  reason at any time.

In case of termination or partial termination of the Plan, or complete discontinuance of Employer contributions to the Plan, the rights of affected Participants to their Accounts under the Plan as of the date of the termination or discontinuance shall be non-forfeitable.  The total amount in each Participant' s Account shall be distributed, as the Plan Administrator shall direct, to him or her or for his or her benefit or continued in trust for his or her benefit.
		
	(b) 
	Upon termination of the Plan, Deferral Contributions, with earnings thereon, shall be distributed to Participants as soon as administratively practicable, provided that (i) neither the Employer nor an Affiliated Employer establishes or maintains an alternative defined contribution plan within the meaning of Treasury Regulation Section 1.401(k)-1(d)(4)(i), and (ii) payment is made to the Participant in the form of a lump sum.

Executed this _____ day of December, 2013.
CHICAGO BRIDGE & IRON COMPANY

By_______________________________________
                            
Title______________________________________ 

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