Document:

SunTrust Banks, Inc. 401(k) Plan Trust Agreement

 Exhibit 10.27 

 
 SUNTRUST BANKS, INC. 

401(K) PLAN 
 TRUST AGREEMENT 
 Amended and Restated as of January 1, 2011

 SunTrust Banks, Inc. 
 401(k) Plan Trust Agreement 
 Amended and Restated effective January 1, 2011

 Table of Contents 
  

							
	Introduction	  	 	1	  
		
	Article 1 General	  	 	2	  
			
	 1.1
	  	Continuing Acceptance of Trust and Trusteeship	  	 	2	  
			
	 1.2
	  	Ownership	  	 	2	  
			
	 1.3
	  	Plan as Part of Agreement	  	 	2	  
			
	 1.4
	  	Applicable Law	  	 	2	  
			
	 1.5
	  	Definitions and Construction	  	 	3	  
		
	Article 2 – Trust Fund	  	 	6	  
			
	 2.1
	  	Composition	  	 	6	  
			
	 2.2
	  	Commingled Fund	  	 	6	  
			
	 2.3
	  	Contributions	  	 	6	  
			
	 2.4
	  	Distributions	  	 	7	  
			
	 2.5
	  	Exclusive Benefit of Plan Participants and Beneficiaries	  	 	7	  
		
	Article 3 – Named Fiduciaries	  	 	8	  
			
	 3.1
	  	Named Fiduciaries	  	 	8	  
			
	 3.2
	  	Certification of Committee	  	 	8	  
			
	 3.3
	  	Ministerial Duties	  	 	9	  
			
	 3.4
	  	Co-Trustees	  	 	9	  
			
	 3.5
	  	Custodian	  	 	10	  
		
	Article 4 – Trust Administration	  	 	11	  
			
	 4.1
	  	General Responsibilities of Trustee	  	 	11	  
			
	 4.2
	  	Powers of Trustee	  	 	11	  
			
	 4.3
	  	Delegation of Investment Authority	  	 	15	  
			
	 4.4
	  	Expenses	  	 	17	  
		
	Article 5 – Investments	  	 	18	  
			
	 5.1
	  	Investment Funds	  	 	18	  
			
	 5.2
	  	Participant-Directed Investments	  	 	18	  
			
	 5.3
	  	Employer Stock Fund	  	 	18	  
			
	 5.4
	  	Investment Powers	  	 	21	  
			
	 5.5
	  	Limitations	  	 	23	  
			
	 5.6
	  	Investment Policy	  	 	23	  
			
	 5.7
	  	Transfers to Insurance Company	  	 	24	  

  
 i 

 SunTrust Banks, Inc. 

401(k) Plan Trust Agreement 
 Amended and Restated effective January 1, 2011 
 Table of Contents 

 

							
	Article 6 – Accounting	  	 	25	  
			
	 6.1
	  	Valuation	  	 	25	  
			
	 6.2
	  	Records and Accounts	  	 	26	  
		
	Article 7 – Indemnification	  	 	27	  
			
	 7.1
	  	Indemnification of Trustee	  	 	27	  
			
	 7.2
	  	Liability for Another’s Acts or Omissions	  	 	27	  
			
	 7.3
	  	Indemnification by Trustee	  	 	28	  
		
	Article 8 – Change in Trustee	  	 	30	  
			
	 8.1
	  	Resignation or Removal	  	 	30	  
			
	 8.2
	  	Successor	  	 	30	  
			
	 8.3
	  	Duties of Successor Trustee	  	 	30	  
			
	 8.4
	  	Changes in Organization of Trustee	  	 	31	  
		
	Article 9 – Miscellaneous	  	 	32	  
			
	 9.1
	  	Benefits May Not Be Assigned or Alienated	  	 	32	  
			
	 9.2
	  	Evidence	  	 	32	  
			
	 9.3
	  	Dealings of Other with Trustee	  	 	32	  
			
	 9.4
	  	Allocation of Responsibility	  	 	32	  
			
	 9.5
	  	Waiver of Notice	  	 	32	  
			
	 9.6
	  	Governing Document	  	 	32	  
			
	 9.7
	  	Counterparts	  	 	33	  
			
	 9.8
	  	Audits	  	 	33	  
		
	Article 10 – Amendment and Termination	  	 	34	  
			
	 10.1
	  	Amendment	  	 	34	  
			
	 10.2
	  	Termination of Plan	  	 	34	  

  
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 This Trust Agreement (the “Agreement” or “Trust Agreement”) is made and entered into
effective as of the first day of January, 2011, by and between the Benefits Plan Committee (the “Committee”) of SunTrust Banks, Inc., a financial institution with its principal corporate offices in Atlanta, Georgia (the
“Company”), and SunTrust Bank, Atlanta, Georgia, as Trustee (the “Trustee”). The Committee is the Plan Administrator and Named Fiduciary of the Plan. 
 Introduction 
 The Company is the sponsor of a retirement plan known as the SunTrust
Banks, Inc. 401(k) Plan (the “Plan”) established for the exclusive benefit of eligible employees of the Company and the affiliates and subsidiaries in the Company’s controlled group. The Plan is intended to be a qualified plan within
the meaning of Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and to qualify as a cash-or-deferred arrangement under Sections 401(k) and 401(m) of the Code. The Plan’s Employer Stock Fund is
intended to qualify as an employee stock ownership plan as defined in Sections 409 and 4975(e)(7) of the Code (“ESOP”), the assets of which are invested primarily in common stock of the Company. This Agreement is intended to be exempt from
taxation under Section 501(a) of the Code. 
 The Plan document’s Introduction briefly describes the history of the Plan, including
the establishment of the Plan as an ESOP with a Section 401(k) cash-or-deferred feature effective January 1, 1993, by amending and restating the SunTrust Banks, Inc. Employee Stock Ownership Plan. Effective January 1, 2007, the Plan
was converted to a Section 401(k) plan with an Employer Stock Fund that constitutes an ESOP feature of the Plan. 
 This Agreement is an
amendment and restatement of the previous Trust Agreement amended and restated as of January 1, 1993 (the “Prior Agreement”). The trust fund governed by this Agreement (the “Trust Fund”) is a continuation of the Trust Fund
established and governed by the Prior Agreement. It continues to be the funding vehicle for the Plan and continues to be known as the SunTrust Banks, Inc. 401(k) Plan Trust (the “Trust”). 

The Committee and the Trustee (the “Parties”), by the signatures of their respective authorized representatives to this Agreement, adopt this
Agreement effective as of January 1, 2011. 

  
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 ARTICLE 1 
 GENERAL 
  

	1.1	Continuing Acceptance of Trust and Trusteeship. The Trust Fund governed by this Agreement is a continuation of the Trust Fund previously established by the
Company and the Trustee to hold assets of the Plan. This Agreement serves as (a) evidence of the Trustee’s consent to continue its trusteeship of the Trust Fund and (b) confirmation that the Trust Fund continues to be the funding
vehicle for the Plan. The Trustee agrees to administer the Trust Fund upon the terms and conditions as set forth in this Agreement. 

  

	1.2	Ownership. The Trustee is the owner of all Plan assets held in the Trust Fund. The Trustee holds Plan assets in trust for the exclusive benefit of Plan
Participants and their beneficiaries and for defraying reasonable administrative costs of the Plan. Plan Participants and their beneficiaries have an undivided beneficial interest in the Trust. No Plan Participants or beneficiaries have any right,
title or interest in or to any specific assets of the Trust. 

  

	1.3	Plan as Part of Agreement. The Plan is a part of this Agreement and as such both documents shall be interpreted as an integrated whole. The Committee has
furnished a true and correct copy of the Plan document to the Trustee. The Committee agrees to furnish promptly to the Trustee a true and correct copy of any amendment to the Plan document. The Trustee may rely upon the most recently dated Plan
documents delivered to it by the Committee without further inquiry or verification. No Plan amendment shall have the effect of changing the rights, duties and liabilities of the Trustee without the Trustee’s prior written consent.

  

	1.4	Applicable Law. 

  

	 	(a)	 Qualification intended. This Trust is intended to continue to be a qualified trust under Section 401(a) of the Code and entitled to tax
exemption under Section 501(a) of the Code. The Trustee may assume, until advised to the contrary, that the Trust is so qualified and is entitled to such tax exemption. It is also intended that this Trust shall continue to be in full compliance
with applicable requirements of Sections 40l(k), 401(m), 409 and 4975(e)(7) of the Code and the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time. This Agreement shall be construed and administered in
accordance with the applicable provisions of the Code 

  
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and ERISA and their regulations. 

  

	 	(b)	Governing Law. This Agreement shall be construed in accordance with the laws of the State of Georgia, without regard to its choice-of-law rules, except to the
extent that such laws are preempted by ERISA or the Code or any other applicable federal law. Any litigation involving any controversy, dispute, or claims arising under this Agreement or the Plan shall be submitted to the United States Federal
District Court of the Northern District of Georgia. 

  

	1.5	Definitions and Construction. 

  

	 	(a)	Definitions. All terms defined in the Plan shall have the same meanings when used in this Agreement unless expressly provided to the contrary. For convenience of
reference, some terms defined in the Plan are also defined in this Subsection. 

  

	 	(1)	“Committee” means the Benefits Plan Committee, which is the committee, as provided in the Plan document that serves as the Plan Administrator and Named
Fiduciary of the Plan. 

  

	 	(2)	“Effective Date” means the effective date of this amended and restated Agreement, which is January 1, 2011. 

 

	 	(3)	“Employer Stock” means common stock of the Company that is readily tradable on an established securities market and is a qualifying employer
security within the meaning of ERISA Section 407. 

  

	 	(4)	“Employer Stock Fund” means the Investment Fund consisting primarily of shares of Employer Stock and cash and/or cash equivalents.

  

	 	(5)	“Investment Account” means a separate account established by the Trustee, consisting of all or a portion of the assets of the Trust Fund for which the
Trustee serves as a directed Trustee and invests the assets at the direction of the Committee, the Investment Committee or an Investment Manager or pursuant to directions of Plan Participants or beneficiaries, rather than by the Trustee in its
discretion. 

  

	 	(6)	 “Investment Committee” means the Investment Sub-Committee designated by the Committee. The Committee shall decide whether the
Investment Committee’s duties are limited to advising the Committee as to the overall or specific 

  
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investments in the Trust Fund or to directing the Trustee with respect to Investment Funds (excluding the Employer Stock Fund) to be made available to the Plan Participants or their beneficiaries
or with respect to certain investments in an Investment Account. 

  

	 	(7)	“Investment Funds” means the available funds from which Plan Participants and/or their beneficiaries may elect for the investment of their Accounts.

  

	 	(8)	“Investment Manager” means a person: 

  

	 	(i)	who is appointed in writing by the Committee or Investment Committee as an investment manager for an Investment Account, 

 

	 	(ii)	who is either 

  

	 	(x)	registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Act”), 

 

	 	(y)	a bank as defined in the Act, or 

  

	 	(z)	an insurance company which is qualified to manage, acquire and dispose of the assets of an employee benefit plan as contemplated under Section 3(38) of ERISA,

  

	 	(iii)	who has acknowledged in writing that such person is an ERISA fiduciary with respect to the Plan and this Trust, and 

 

	 	(iv)	who shall make the investment decisions with respect to all or a portion of the Trust Fund (excluding the Employer Stock Fund) and shall take such other action with
respect to the Trust Fund or such Investment Account as the Trustee, Committee or Investment Committee, as applicable, shall specify in the agreement appointing such person as Investment Manager. 

An Investment Manager (who otherwise satisfies the requirements above) may include any parent, subsidiary or brother-sister corporation
that is a member of a controlled group of corporations (as defined in Code Section 1563(a), disregarding Code Sections 1563(a)(4) and 1563(e)(3)(C)) of which the Company or the Trustee is a member. 

 

	 	(b)	Other Defined Terms. The terms “Account”, “Acquisition Loan”, “Financed Shares”, “Share Units” and “Suspense
Account” shall have the meanings set forth in the Plan. 

  

	 	(c)	 Other Rules. The headings and subheadings in this Agreement have been inserted for convenient reference, and to the extent any heading or
subheading conflicts with the text, the text will govern. Section references indicate sections of this Agreement unless 

  
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otherwise stated. The masculine includes the plural and the plural the singular, wherever applicable. 

  
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 ARTICLE 2 
 TRUST FUND 
  

	2.1	Composition. The Trust Fund shall consist of the Plan assets held in the Trust Fund as of the Effective Date of this Agreement, plus the total amount at any
given time of additional property and cash transferred to the Trustee less distributions made by the Trustee, all as adjusted for net income or net loss. The Trustee shall hold such assets in trust and shall hold, manage and administer the Trust
Fund in accordance with the provisions of the Plan and this Agreement without distinction between principal and income. 

  

	2.2	Commingled Fund. Unless directed otherwise by the Committee, the Investment Committee or an Investment Manager, the Trustee shall consolidate assets of all Plan
Accounts in a single Trust Fund which shall be commingled for investment purposes; all transactions shall be recorded on a combined basis. Any assets received by the Trustee shall be promptly invested in accordance with written instructions provided
by the Committee, the Investment Committee or the Investment Manager, as applicable, or by Plan Participants or their beneficiaries. In accordance with the terms of the Plan, the Committee will communicate in writing to the Trustee the instructions
received from Plan Participants or their beneficiaries as to their elected investments, or the Trustee may agree to receive Participant instructions from the Plan’s record keeper. 

 

	2.3	Contributions. The Trustee shall receive all contributions made under the terms of the Plan. The Committee and the Trustee shall establish reasonable procedures
for making and accepting contributions to the Trust Fund. The responsibility of the Trustee shall be limited to the sums of money, securities, and other property the Trustee actually receives. Except as otherwise provided by law or by this
Agreement, the Trustee is not liable for the manner in which such amounts are deposited or the allocations among Plan Participants’ Accounts. The Committee is responsible for allocating investments among Plan Accounts. Except as otherwise
required by law or provided in this Agreement, the Trustee shall have no duty to collect any contributions payable to the Trust Fund pursuant to the Plan, to require any contributions to be made to the Trust Fund or to request the Company to make
contributions to the Trust Fund or to determine whether the contributions it receives are correct in amount or comply with the terms of the Plan, the Code or ERISA. 

  
 6 

	2.4	Distributions. The Trustee will make distributions from the Trust in accordance with the written directions of the Committee or other authorized
representative or such other means of communication as may be mutually agreed upon by the Trustee and the Committee. To the extent the Trustee follows such written direction, the Trustee is not obligated in any manner to ensure that a distribution
complies with the terms of the Plan, that a Participant or beneficiary is entitled to such a distribution, or that the amount distributed is proper under the terms of the Plan. Upon any such payment by the Trustee, the amount of the payment shall no
longer constitute a part of the Trust Fund. The Committee retains all responsibility with respect to all distribution directions and the application of payments for distribution. If there is a dispute as to a payment from the Trust, the Trustee may
decline to make payment of such amounts until the proper payment of such amounts is determined by a court of competent jurisdiction, or the Trustee has been indemnified to its satisfaction. In the event that any payment directed by the Committee is
mailed by the Trustee and is returned to the Trustee because the Participant or beneficiary cannot be located at the mailing address, the Trustee shall promptly notify the Committee of such returned payment and shall take no further action with
respect to such returned payment except as directed by the Committee. The Trustee shall have no responsibility to search for or ascertain the whereabouts of any Participant or beneficiary. 

 

	2.5	Exclusive Benefit of Plan Participants and Beneficiaries. At no time shall any part of the Trust Fund be used for or diverted to purposes other than the
exclusive benefit of Plan Participants and their beneficiaries, provided, however, that nothing in this Agreement shall be construed to prohibit the use of Trust assets for the payment of taxes, reasonable administrative expenses and other charges
properly assessed against the Trust Fund to the full extent allowable under ERISA, and to the return of contributions to the Company under the specific conditions set forth in the Plan, provided further that no such payment or reimbursement shall be
a non-exempt prohibited transaction under ERISA. 

  
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 ARTICLE 3 
 NAMED FIDUCIARIES 
  

	3.1	Named Fiduciaries. 

  

	 	(a)	General. The Committee and the Trustee shall each be a Named Fiduciary for the Trust Fund, and as between the Committee and the Trustee, the Committee shall not
be responsible for the performance of any duty or function assigned under this Trust to the Trustee and the Trustee shall not be responsible for the performance of any duty or function so assigned to the Committee. Any person may serve in more than
one fiduciary capacity under this Agreement. 

  

	 	(b)	Assignment of Responsibility. Each Named Fiduciary shall have only such powers and responsibilities as are expressly assigned to it in this Trust Agreement for
the control, safekeeping, management, investment and administration of the Fund; provided, in the event of any ambiguity or in the event a power or responsibility is not expressly assigned to a specific Named Fiduciary the power or responsibility
shall be deemed to have been assigned to the Committee. The Trustee shall have no responsibility to inquire into the acts and omissions of the Committee or the Investment Committee in the exercise of powers or the discharge of responsibilities
assigned to the Committee or Investment Committee under this Agreement. 

  

	 	(c)	Allocation of Responsibilities. A Named Fiduciary may allocate fiduciary responsibilities (other than the responsibilities of the Trustee in the management and
control of the assets of the Fund) to another Named Fiduciary or may designate a person who is not a Named Fiduciary to carry out any of its responsibilities under this Agreement (other than the responsibilities of the Trustee in the management and
control of the assets of the Fund). However, no designation is effective unless the delegate agrees in writing. 

  

	 	(d)	Agents. A Name Fiduciary or a delegate of a Named Fiduciary may employ one or more persons to render advice or perform other services with respect to any
responsibility such Named Fiduciary or such delegate may have under this Agreement. 

  

	3.2	 Certification of Committee. The Trustee shall recognize the Committee as the Plan Administrator of the Plan within the meaning of ERISA unless
and until the Trustee receives written notice from the Chairman of the Committee evidencing the appointment of some other person or persons as Plan Administrator. The Chairman of the Committee or a Committee delegate will certify to the Trustee the
name of the person or persons with authority to act on 

  
 8 

	 	 
behalf of the Committee to direct the Trustee as to disbursements from the Trust Fund for purposes of the Plan and the name of the person or persons who have authority on behalf of the Committee
to communicate with the Trustee with respect to any other matters relating to the Trust Fund. The Committee shall provide the Trustee with a specimen signature of each of the authorized persons referred to above. Actions taken by the Committee that
affect the Trustee or the Trust Fund will be certified by a member of the Committee by letter or written resolution. The Trustee may rely on the latest relevant certificate without further inquiry or verification. 

 

	3.3	Ministerial Duties. The Parties understand and agree that although the Trustee will perform certain ministerial and custodial duties with respect to the assets
held in Trust, such duties will be performed in the normal course by officers and other employees of the Trustee or by such other person or persons with whom the Trustee has contracted to perform services for it, all of whom may be unfamiliar with
investment management, and that such duties will not include the exercise of any discretionary authority or other authority to manage and control assets comprising the Trust Fund. 

 

	3.4	Co-Trustees. 

  

	 	(a)	More than one Trustee. If the Plan has more than one person acting as Trustee, the Trustees may allocate the Trustee responsibilities by mutual agreement and
Trustee decisions will be made by a majority vote (unless otherwise agreed to by the Trustees) or as otherwise provided in a separate trust agreement or other binding document. 

 

	 	(b)	 Appointment of Ancillary Trustees. In the event that any property that is or may become a part of the Trust Fund is situated in any state in
which the Trustee is prohibited from holding real estate as trustee, or in a foreign country, the Trustee may, in its discretion, name an individual or corporate trustee qualified to act in any such state or foreign country as Ancillary Trustee of
such property situated there and require such security as may be determined by the Trustee. The naming of such Ancillary Trustee shall be subject to prior written approval by the Committee. Any Ancillary Trustee so appointed shall have such rights
powers, discretions, responsibilities, and duties as are delegated to it by the Trustee, but subject to such limitations or directions specified in the Trustee’s instrument evidencing the appointment. The Ancillary Trustee shall be answerable
to the Trustee for all monies, assets, or other property entrusted to it or received by it in connection with the 

  
 9 

	 	 
administration of the Trust. The Trustee may remove any such Ancillary Trustee and may appoint a successor at any time or from time to time as to any or all of the assets, in each case subject to
prior written approval of the successor by the Committee. 

  

	3.5	Custodian. The Committee may appoint a Custodian to hold all or any portion of the Plan assets. A Custodian has the same powers, rights and duties as a directed
Trustee. The Custodian will be protected from liability with respect to actions taken pursuant to the direction of the Trustee, the Committee or other third party with authority to provide direction to the Custodian. 

  
 10 

 ARTICLE 4 
 TRUST ADMINISTRATION 
  

	4.1	General Responsibilities of Trustee. 

  

	 	(a)	Trustee Responsibilities. The Trustee’s powers, right and duties are limited to those described in this Article; the Committee is responsible for any other
administrative duties required under the Plan or by applicable law. 

  

	 	(b)	Separate Agreement. The Trustee’s powers, rights and duties may be supplemented or limited by a separate trust agreement, investment policy, funding
agreement, or other binding documents entered into between the Trustee and the Committee which designates the Trustee’s responsibilities with respect to the Plan. A separate trust agreement must be consistent with the terms of the Plan and must
comply with all qualification requirements under the Code and regulations. 

  

	 	(c)	Safekeeping of Plan Assets. The Trustee shall be responsible for the safekeeping of the assets of the Trust in accordance with the provisions of the Plan and
this Agreement. 

  

	 	(d)	No Guaranteed Value. The Trustee does not guarantee the Trust Fund in any manner against investment loss or depreciation in asset value, or guarantee the
adequacy of the Trust to meet and discharge any or all liabilities of the Plan. 

  

	 	(e)	Written Communication. Communications to or from the Trustee that are required to be in writing under this Agreement or the Plan may be made by electronic means,
which shall include facsimile, email or other electronic medium if the receiving party consents. 

  

	4.2	 Powers of Trustee. In the administration of the Trust, in addition to, and not in limitation of, any powers, rights, duties or authority granted
to the Trustee under this Agreement or under applicable law (all such additional powers and authority being specifically hereby granted), the Trustee is authorized and empowered to invest, manage and control any portion of the Trust Fund as directed
by Plan Participants or their beneficiaries, or retained by the Committee, or assigned to the Investment Committee or Investment Manager in a manner that is consistent with the Plan’s funding policy and investment objectives including the
following powers which may be exercised in its sole discretionary as the Trustee deems 

  
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advisable and prudent. 

  

	 	(a)	Cash Assets. The Trustee may retain such portion of the Plan assets in cash or cash balances as the Trustee may, from time to time, deem to be reasonably
necessary to meet the anticipated cash requirements of the Plan from time to time without liability for interest on such cash assets. The Trustee may deposit all or part of cash assets either separately or together with other trust funds under the
control of the Trustee, in its own deposit department or in its name as Trustee in such other depositories as it may select. 

  

	 	(b)	Claims and Debts, Legal Proceedings. The Trustee may collect and receive any and all moneys and other property due the Plan and may settle, compromise, or submit
to arbitration any claims and liabilities asserted against or in favor or the Trust Fund or the Trustee or with respect to the Plan. The Trustee may commence or defend on behalf of the Plan any law suit, or other legal or administrative proceedings
but shall have no duty or obligation to do so unless it shall have been indemnified to its satisfaction against any and all loss, cost expense and liability it could sustain or anticipate because of taking such action. 

 

	 	(c)	Titling of Assets. The Trustee may hold any securities or other property in bearer form or in the name of a nominee, and may hold any investments in bearer form,
provided the books and records of the Trustee at all times show such investment to be part of the Trust. No such registration or holding shall relieve the Trustee from liability for the safe custody and disposition of such securities or other
property in accordance with the terms of the Plan and this Agreement. The Trustee may participate in and use the Federal Reserve Bank’s System, a service provided by the Federal Reserve Bank to its member banks for securities.

  

	 	(d)	 Powers of Individual Owner. Subject to the following subsection with respect to securities of the Company or an Affiliate, the Trustee may
exercise any of the powers of an individual owner with respect to stocks, bonds, securities or other property (excluding securities of the Company or its Affiliates): the right to vote upon such stocks, bonds or securities; to give general or
special proxies or powers of attorney; to exercise or sell any conversion privileges, subscription rights, or other options; to participate in corporate reorganizations, mergers, consolidations, or other changes affecting corporate securities and to
make any incidental payments in connection with such stocks, bonds, securities or other property. The Trustee may also sell, grant 

  
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options to buy, transfer, assign, convey, exchange, mortgage, pledge, lease or otherwise dispose of any of the properties held in the Trust Fund at such prices and on such terms and in such
manner as it may deem proper, and for terms with or extending beyond the duration of the Trust. 

  

	 	(e)	Voting Stock. Notwithstanding the preceding Subsection, unless specifically agreed upon in writing between the Trustee and the Committee or its delegate, the
Trustee shall not have the power or responsibility to vote proxies with respect to any securities of the Company or an Affiliate or with respect to any Plan assets that are subject to the investment direction (including the power to manage, acquire
or dispose of) of the Company or the Committee, or an Investment Committee or Investment Manager or any Named Fiduciary in accordance with ERISA Section 403. The Trustee shall follow the requirements set forth in Section 5.3(e) and
(f) to the extent voting and similar rights have been passed through to Plan Participants and beneficiaries. 

  

	 	(f)	Real Estate. The Trustee may manage, administer, operate, lease for any number of years, regardless of any restrictions on leases made by fiduciaries, develop,
improve, repair, alter, demolish, mortgage, pledge, grant options with respect to, or otherwise deal with any real property or interest therein at any time held by it; and to cause to be formed a corporation or trust to hold title to any such real
property with the powers in this Subsection, all upon such terms and conditions as may be deemed advisable. Despite the preceding, no investment may be made in employer real property (whether or not such property is qualifying employer real property
as such term is defined for purposes of Section 407 of ERISA), unless the Committee consents in writing. 

  

	 	(g)	 Borrowing. The Trustee may borrow or raise money on behalf of the Plan from any lender in such amount, and upon such terms and conditions, as
the Trustee deems advisable. The Trustee may issue a promissory note as Trustee to secure the repayment of such amounts and may pledge all or any part, of the Trust as security. The Trustee may renew or extend or participate in the renewal or
extension of any note, bond or other evidence of indebtedness, or any other contract or lease, or may exchange the same, or agree to a reduction in the rate of interest or rent or any other modification or change in the terms of such loan, or of the
security or any guaranty of such loan, in any manner and to any extent that it may deem advisable in its absolute discretion. The Trustee may waive any default, whether in the performance of any covenant or condition of any such note, bond or other
evidence of indebtedness, or any other contract or lease, or of the security for such loan, and may carry such 

  
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borrowing as past due or may enforce any such default as it may in its absolute discretion deem advisable. The Trustee may exercise and enforce any and all rights to foreclose and to bid on
property in foreclosure; may exercise and enforce in any action, suit, or proceeding at law or in equity any rights or remedies in respect to any such note, bond or other evidence of indebtedness, or any other contract or lease, or the security for
such loan. The Trustee may pay, compromise, and discharge with the funds of the Trust Fund any and all liens, charges, or encumbrances, in its absolute discretion, and may make, execute, and deliver any and all instruments, contracts, or agreements
necessary or proper for the accomplishment of any of the foregoing powers. 

  

	 	(h)	Insurance Contracts. The Trustee may apply for any contract issued by an insurance company to be purchased under the Plan and may accept and hold any such
contract, and may assign and deliver any such contract. 

  

	 	(i)	Asset Transfers. The Trustee, upon the written direction of the Committee, is authorized to enter into a transfer agreement with the Trustee of another qualified
retirement plan and to accept a transfer of assets from such retirement plan on behalf of any Employee of the Company or an Affiliate. The Trustee is also authorized, upon the written direction of the Committee, to transfer all or part of a
Participant’s vested account balance to another qualified retirement plan on behalf of such Participant. 

  

	 	(j)	Acknowledgments. The Trustee is authorized to execute, acknowledge and deliver all documents of transfer and conveyance, receipts, releases, and any other
instruments that the Trustee deems necessary or appropriate to carry out its powers, rights and duties hereunder. 

  

	 	(k)	Commingling Assets. If the Company maintains more than one qualified Plan, the assets of such other qualified plans may be commingled for investment purposes
with the assets of this Plan. The Trustee must separately account for the assets of each Plan. Such commingling of assets does not cause the Trusts maintained with respect to the Employers’ Plans to be treated as a single Trust, except as
provided in a separate document authorized in Section. 

  

	 	(l)	 Common/Collective Trust. The Trustee is authorized to invest Plan assets in a common/collective trust fund, or in a group trust fund that
satisfies the requirements of IRS Revenue Ruling 81-100 and is described more fully in Article 5 as a permissible 

  
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investment. All of the terms and provisions of any such common/collective trust fund or group trust into which Plan assets are invested are incorporated by reference into the provisions of the
Trust for this Plan. 

  

	 	(m)	Financial Institution Relationship. If the Trustee is a bank or similar financial institution, the Trustee is authorized to invest in any type of deposit of the
Trustee (including its own money market fund) at a reasonable rate of interest so long as such investment is not a non-exempt prohibited transaction under ERISA. 

 

	 	(n)	Bonding. The Trustee must be bonded as required by applicable law. The bonding requirements shall not apply to a bank, insurance company, or similar financial
institution that satisfies the requirement of Section 412(a)(2) of ERISA. 

  

	 	(o)	Taxes. The Trustee may pay from the Trust Fund any estate, inheritance, income or other tax, charge or assessment attributable to any benefit under the Plan
which, in the Trustee’s opinion, is or may be required in order to pay out such benefit and to require such releases or other documentation as the Trustee deems appropriate. 

 

	4.3	Delegation of Investment Authority. 

  

	 	(a)	Status of Trustee. The Trustee shall act only as a directed Trustee and shall exercise no discretion over the investment or distribution of the Trust Fund unless
and only if the Trustee has not received written direction from the Committee with respect to a particular asset held in the Trust Fund. The Trustee shall invest and reinvest the Trust Fund in accordance with investment directions as provided in
Article 5. The Trustee will have no responsibility to review or question such investment directions or to review any investment to be acquired, held or disposed of pursuant to such investment directions or to make any recommendations with respect to
the disposition or continued retention of any such investment. When accepting and implementing such investment directions, the Trustee will have no responsibility or liability for compliance with any applicable requirements concerning plan
investments under the Plan or for any loss or diminution in value which results from the choice of investments for the Trust Fund. Whenever the Trustee is permitted or required to act upon instructions or directions of a Named Fiduciary, Plan
Administrator, Plan Participant, or Investment Manager, the Trustee will have no responsibility or liability for any action taken or omitted by the Trustee in reliance thereon. 

  
 15 

	 	(b)	Appointment. The Committee shall have the right to retain investment authority or to appoint the Investment Committee or an Investment Manager with respect to
all or a portion of the investments of the Trust Fund. 

  

	 	(c)	Notice to Trustee. The Committee shall advise the Trustee in writing regarding the Committee’s retention of investment authority or the investment
delegation to the Investment Committee or the appointment of an Investment Manager. The notice shall state what portion of the Trust Fund is to be invested by the Committee, the Investment Committee or the Investment Manager and shall, if
applicable, direct the Trustee to segregate assets into a separate Investment Account for each such entity directing investments. Such retention, delegation or appointment shall remain in effect until revoked or amended in writing. The Committee
and, except as restricted in any agreement with the Committee, the Investment Committee or Investment Manager shall have authority to exercise all the powers granted to the Trustee in this Agreement. The Trustee shall receive a copy of each such
agreement between the Committee and the Investment Committee or Investment Managers. All directions to the Trustee shall be in a form and according to a procedure acceptable to the Trustee. 

 

	 	(d)	Trustee’s Duties. The Trustee must act solely in accordance with the directions of the Committee, the Investment Committee or the Investment Manager when
investments are subject to its or their direction. The Trustee shall not be responsible for the propriety of any directed investment made by the Committee, an Investment Committee or Investment Manager and shall not be required to consult with or
advise the Committee, the Investment Committee or Investment Manager or any other person regarding the investment quality of any such directed investment held in the Trust Fund. The Trustee shall furnish the Committee, the Investment Committee or
the Investment Manager with such periodic financial statements of the Investment Account as the Committee shall direct. 

  

	 	(e)	Assumptions. In the event of any ambiguity or in the event a power or responsibility is not expressly allocated or assigned to a specific fiduciary, the power or
responsibility shall be that of the Committee. The Trustee shall have no responsibility or duty to inquire into the acts or omissions of any other fiduciary in the exercise of powers or discharge of responsibilities assigned to such other fiduciary
under the Plan or this Agreement. The Trustee shall not be liable for losses or unfavorable results arising from its compliance with the investment instructions of the Committee, the Investment Committee or an Investment Manager.

  
 16 

	 	(f)	Termination of Appointment. If the Committee relinquishes its authority to direct investments and if authority of the Investment Committee or an Investment
Manager is terminated and a successor is not appointed, the assets held in the related Investment Account may or may not continue to be segregated, as the Trustee may determine. Until receipt of written notice of the termination of the authority of
the Committee, the Investment Committee or an Investment Manager, the Trustee shall be fully protected in assuming the continuing authority of the Committee, the Investment Committee or such Investment Manager. 

 

	 	(g)	Compensation. An Investment Manager appointed by the Committee shall be entitled to receive such reasonable compensation for its services as may be agreed upon
with the Committee. The Trustee shall not be responsible for determining the reasonableness of any compensation to be paid to an Investment Manager. An employee of the Company or an Affiliate shall not receive any additional compensation for serving
on the Committee or the Investment Committee. 

  

	4.4	Expenses. Reasonable expenses incurred by the Trustee in the performance of its duties, including fees for legal services or other services pursuant to
Section 3.1(d) above rendered to the Trustee and such other expenses as may be agreed upon in writing from time to time between the Committee and the Trustee, and all other proper charges and disbursements of the Trustee, shall be paid from the
Trust Fund, unless paid by the Company, but until paid shall constitute a charge upon the Trust Fund. All taxes of any and all kinds whatsoever that may be levied or assessed under existing or future laws, upon or in respect of the Trust Fund or the
income therefrom, shall be paid from the Trust Fund. Notwithstanding the preceding, no such expense shall be paid from the Trust Fund to the extent it would be a non-exempt prohibited transaction under ERISA or the Code. 

  
 17 

 ARTICLE 5 
 INVESTMENTS 
  

	5.1	Investment Funds. The Plan provides that Plan Participants or their beneficiaries may choose to have their Plan Accounts invested in the Employer Stock Fund or
other Investment Funds selected by the Committee. The Trustee shall follow the instructions of the Committee, or if appointed, the Investment Committee or an Investment Manager with regard to the selection, retention and replacement of Investment
Funds (excluding the Employer Stock Fund). 

  

	5.2	Participant-Directed Investments. For so long as Plan Participants or their beneficiaries may direct investments, the Trustee will invest the Trust Fund pursuant
to the terms of the Plan and the investment directions of Plan Participants or their beneficiaries. Each Participant or beneficiary shall convey investment instructions to the Committee or the Committee’s designee who, in either case, shall
transmit those instructions promptly to the Trustee in writing. The Trustee may agree to accept investment instructions from the Plan’s record keeper. Implementation of ERISA Section 404(c) shall not impose any greater duties upon the
Trustee than those duties expressly provided for in written procedures adopted by the Committee and agreed to in writing by the Trustee. 

  

	5.3	Employer Stock Fund. 

  

	 	(a)	Composition. The Employer Stock Fund is an ESOP and therefore is designed to invest primarily in Employer Stock without limitation. Notwithstanding the
preceding, the Trustee may hold cash in the Employer Stock Fund in such amounts as the Trustee decides, in its sole discretion, is reasonable for liquidity purposes in order to make distributions, loans, withdrawals and investment transfers. The
Trust shall not be required to pay interest on such cash balance and shall not be liable if the cash balance is not invested. 

  

	 	(b)	 Acquisition of Employer Stock. Each year the Employers will make contributions to the Employer Stock Fund sufficient to amortize any outstanding
balance of an Acquisition Loan. To the extent contributions are made in Employer Stock, the Trustee will be expected to retain such Employer Stock in the Employer Stock Fund until liquidation is necessary for Fund transactions. The Trustee may not
obligate the Trust to acquire Employer Stock from a particular holder at an indefinite time determined upon the occurrence of an event, such as the death of the holder or to to acquire

  
 18 

	 	 
Employer Stock including, without limitation, Employer Stock under a put option binding upon the Plan. However, the Trust may be given an option to assume, at the time a put option is exercised,
the right and obligations under a put option binding upon the Employers. All purchases of Employer Stock shall be made at a price which, in the judgment of the Trustee, or its designated purchasing agent, does not exceed the fair market value. All
sales of Employer Stock shall be made at a price which, in the judgment of the Trustee, or its designated purchasing agent, is not less than the fair market value. 

 

	 	(c)	Acquisition Loans. On the direction of the Company, the Trustee will make an Acquisition Loan, solely for the purpose of purchasing Employer Stock or
repaying a previous Acquisition Loan. The Trustee may make Acquisition Loans from any financial institution or other entity it considers appropriate, including a party in interest as defined in ERISA Section 3(14), or a disqualified person as
defined in Code Section 4975(e)(2). A party in interest and/or disqualified person may guarantee any Acquisition Loan. No lender will have recourse against any Plan assets other than Financed Shares that remain subject to pledge at the time of
default. 

  

	 	(1)	Each Acquisition Loan shall comply with the requirements set forth in the Plan, including but not limited to, term, collateral and payment of principal and interest.

  

	 	(2)	The Trustee will maintain a separate Suspense Account to hold Financed Shares acquired with each separate Acquisition Loan. The Committee will direct the Trustee as to
whether dividends paid on the Financed Shares should be used to repay the Acquisition Loan or should be released from the Suspense Account and in what number. 

 

	 	(3)	If an Acquisition Loan should go into default, the Trustee will transfer to the lender Plan assets equal in value to the amount of the defaulted balance, but if the
lender is a party in interest as defined in ERISA Section 3(14), or a disqualified person as defined in Code Section 4975(e)(2), the Trustee will transfer only the number of Financed Shares necessary to meet the repayment schedule of the
Acquisition Loan. 

  
 19 

	 	(d)	Dividends on Employer Stock. The Trustee will use dividends issued on Financed Shares held in a Suspense Account to repay any outstanding balance on an
Acquisition Loan. The Trustee will honor elections made by Plan Participants or their beneficiaries to have all or part of the dividends attributable to the Share Units in their Accounts either invested in the Employer Stock Fund or paid to them in
a cash payment no later than 90 days after the end of the Plan Year in which such dividends are paid. Absent an affirmative election of a Participant or beneficiary, such dividends shall be reinvested in the Employer Stock Fund. The Trustee will
follow instructions received from the Committee with respect to the reinvestment or distribution of such dividends except that no election will be honored to the extent that it requests a distribution of earnings on any dividends that are reinvested
in the Employer Stock Fund and subsequently distributed pursuant to an election under this Subsection. The Trustee will decrease elected cash distributions made after 2002 to reflect any losses attributable to the dividend between the record date
and the distribution date. 

  

	 	(e)	Voting Rights. Each Participant or beneficiary whose Account is invested in the Employer Stock Fund may direct the Trustee as to the manner in which the shares
of Employer Stock represented by the Share Units held in his/her Accounts will be voted. The Trustee will vote combined fractional shares of Employer Stock represented by the Share Units in the manner that most closely reflects Plan
Participants’ direction. The Trustee will refrain from voting any shares for which Plan Participants fail to give voting instructions, except as required by any applicable law. The Trustee will vote unallocated shares of Employer Stock in the
Suspense Account in the manner that the Trustee determines to be in the best interest of Plan Participants and beneficiaries. For voting purposes, each Participant or beneficiary will be a named fiduciary with respect to the shares of Employer Stock
represented by the Share Units allocated to his Account. The Committee will see that affected Plan Participants or their beneficiaries and the Trustee receive the same proxy materials provided to other stockholders as well as notices and information
statements when voting rights are to be exercised, the content of which shall be generally the same as for all holders of Employer Stock. 

  

	 	(f)	 Tender Offers. If the Trustee receives any information or material that reasonably indicates a tender offer is being made to holders of Employer
Stock, the Committee will furnish such information or material to each Participant or beneficiary with an Account invested in the Employer Stock Fund, together with a form on which the Participant or beneficiary may confidentially direct the Trustee
whether to tender the Employer Stock represented by his/her Share Units or take any other solicited action with respect to the 

  
 20 

	 	 
Employer Stock represented by his/her Share Units. The Trustee will tender combined fractional shares of Employer Stock represented by the Share Units in the manner that most closely reflects
Plan Participants’ direction. The Trustee will refrain from tendering the shares of Employer Stock represented by Share Units held in the Accounts of Plan Participants who fail to give directions, except as required by any applicable law. The
Trustee will tender unallocated shares of Employer Stock in the Suspense Account in the manner that the Trustee determines to be in the best interest of Plan Participants and beneficiaries. For each Participant or beneficiary who sells the Share
Units held in his/her Accounts, the Trustee will reinvest the proceeds according to his/her current investment election, unless he/she elects otherwise under Subsection 4.2(e). For purposes of any tender offer, each Participant will be a named
fiduciary with respect to the Employer Stock represented by the Share Units held in his/her own Accounts. 

  

	5.4	Investment Powers. The Committee, the Investment Committee or the Investment Manager(s) will have sole responsibility for the investment and, unless reserved to
a Named Fiduciary, the voting and subscription action of the portion of the Trust Fund under its or their respective management and the Trustee shall take such action only upon the proper instructions of the Committee, the Investment Committee or
the Investment Manager, as applicable. The Trustee will not be liable for, or obligated to inquire into, the acts or omissions of the Committee or an Investment Committee or Investment Manager who manages all or part of the Trust Fund. In acting
upon the directions of the Committee or the Investment Committee or the Investment Manager or the Plan’s Named Fiduciary, the Trustee may: 

  

	 	(a)	Invest and reinvest principal and income of the Trust Fund in common, preferred, and other stocks of any corporation; voting trust certificates; interests in investment
trusts, including, without limiting the generality of such investments, participations issued by an investment company as defined in the Investment Company Act of 1940, as from time to time amended (including those which it or its affiliates are
interested as Trustee); bonds, notes, and debentures, secured or unsecured; mortgages on real or personal property; conditional sales contracts; and real estate and leases. 

 

	 	(b)	Invest and reinvest the principal and income of the Trust Fund by investing in an annuity contract or contracts (including any agreement or supplemental agreements)
issued by an insurance company. 

  
 21 

	 	(c)	Engage in the writing, sale, and buying in, of covered call option contracts; and the Trustee may acquire and may exercise options to purchase or sell securities or
other assets. 

  

	 	(d)	Invest in qualifying employer securities that are shares of Employer Stock if such assets are purchased or sold as an investment of the Employer Stock Fund and from or
to a disqualified person or party in interest, as those terms are used in ERISA, and if there is no generally recognized market for such securities or property, the purchase shall be for not more than fair market value and the sale shall be for not
less than fair market value, as determined in good faith by the Trustee. 

  

	 	(e)	Invest and reinvest principal and income of the Trust Fund in deposits (including savings accounts, savings certificates, and similar interest-bearing instruments or
accounts) in itself or its affiliates, provided such deposits bear a reasonable rate of interest. 

  

	 	(f)	Lend any securities or security from time to time constituting a part of the Trust Fund in exchange for such consideration and upon such terms and conditions as the
Trustee deems appropriate. In any such transaction the Trustee may transfer legal title respecting the securities being loaned to the obligator, and may permit the obligator to return to the Trust Fund securities that are identical (but not
necessarily evidenced by the same certificates) to those transferred to it by the Trustee. 

  

	 	(g)	Purchase or sell financial futures contracts in transactions executed through a generally recognized commodities or securities exchange. 

 

	 	(h)	Invest all, or any part, of the assets of the fund in any common, collective or group trust fund which is maintained under Code Section 584 or Revenue Ruling
81-100, 1981-1 C.B. 326 by the Trustee or any bank which is a member of an “affiliated group” (as that term is defined in Section 1504 of the Code) with the Trustee and such common, collective or group trust shall automatically be
adopted as part of this Trust Agreement for the period such investment is made in such common, collective or group trust fund and all the terms of such common, collective or group trust fund as in effect during the period such investment is made
shall automatically be incorporated by this reference into this Trust Agreement. 

  
 22 

	5.5	Limitations. 

  

	 	(a)	Limited Borrowing. While the Committee or the Investment Committee may direct the Trustee with respect to Plan investments pursuant to this Section, and in
furtherance of that capacity may generally invest in any media in which the Trustee may invest (excluding transactions involving the Employer Stock Fund as described in other provisions of this Agreement), the Committee and the Investment Committee
may not borrow from the Trust or pledge any of the assets of the Trust as security for a loan to the Company or any other Employer; or on behalf of the Company or any other Employer, buy property or assets from or sell property or assets to the
Trust; charge the Trust Fund for any fee for services rendered to the Trust; or receive any services from the Trust on a preferential basis not available to other clients of the Trustee. If the Investment Manager is an affiliate of the Trustee or
the Company or any other employer, the restrictions in this Subsection that apply to the Committee shall also apply to such Investment Manager. 

  

	 	(b)	Foreign Securities. If the Trustee is directed to purchase, retain, or sell securities issued by any foreign government or any agency of a foreign government, or
by any corporation domiciled outside of the United States, it shall be the responsibility of the Committee, the Investment Committee or the Investment Manager, as applicable, to advise the Trustee in writing with respect to any laws or regulations
of any foreign country or any United States territory or possession that may be applicable in any manner whatsoever to such securities including, but not limited to, receipt of dividends or interest by the Trustee from such securities. No indicia of
ownership of Plan assets may be held outside the United States. 

  

	 	(c)	Delivery of Investment Information. The Trustee shall deliver or cause to be executed and delivered, to the Committee or the appointed Investment Committee, or
the designated Investment Manager, all notices, prospectuses, finance statements, proxies and proxy soliciting materials relating to investments held in the Investment Account (excluding Employer Stock held in the Employer Stock Fund or a Suspense
Account). 

  

	5.6	 Investment Policy. The Committee shall formulate an investment policy and method and communicate it in writing to the Trustee or other fiduciary
responsible for Plan investments. If any adjustment from such policy or method is subsequently deemed appropriate, the Committee shall give written notice of such adjustment as soon as practicable to the

  
 23 

	 	 
responsible fiduciary and the fiduciary shall be under no duty to make any such adjustment prior to receiving such notice. 

 

	5.7	Transfers to Insurance Company. The Committee may direct the Trustee to transfer all or any part of the Trust Fund to an insurance company designated by the
Committee. 

  

	 	(a)	Notice and Contract. The Committee shall give the Trustee written notice of such transfer within a reasonable time before the transfer. The amounts transferred
shall be held by the insurance company pursuant to a contract between the insurance company and the Trustee. The Committee shall determine the terms of the contract (including any supplemental agreement and, on the Committee’s written
direction, the Trustee shall apply for the contract, hold the contract as an asset of the Trust Fund and shall pay premiums as directed in writing by the Committee. 

 

	 	(b)	Committee Direction. Except as otherwise agreed in writing by the Trustee and the Committee, the Trustee shall take actions with respect to such contract only as
directed in writing by the Committee. It is intended that the Trustee shall have no discretion whatsoever with respect to the provisions of such an insurance contract or the Trustee actions taken in connection with the contract. Notwithstanding any
of the foregoing provisions of this Subsection to the contrary, the Trustee shall make no payment for investment in an insurance company account other than the general account of the insurance company, unless the insurance company has met the
requirements of Section 3(38) of ERISA to serve as an Investment Manager as defined in ERISA and has acknowledged in writing that it is a fiduciary with respect to the Plan and the Trust. No transfer shall be made from the general account of
any other account maintained by the insurance company until the requirements of the preceding sentence are met. 

  
 24 

 ARTICLE 6 
 Accountings 
  

	6.1	Valuation. 

  

	 	(a)	Annual Valuation and Final Report. As soon as reasonably practicable following the close of each annual accounting period of the Trust, or after the resignation
or removal of a Trustee has become effective, the Trustee shall file with the Committee a written account setting forth all investments, receipts, disbursements, and other transactions it has effected during such year, or during the part of the year
to the date the resignation or removal is effective, as the case may be, and containing a description of all securities purchased and sold, the cost or net proceeds of sale, the securities and investments held at the end of such period, and the cost
of each item as carried on the books of the Trustee. The Trustee and the Committee may agree to value the Trust on a more frequent basis. 

  

	 	(b)	Committee Approval of Report. Upon receipt of the Trustee’s report described in Subsection (a), the Committee must promptly notify the Trustee of its
approval or disapproval of the information. If the Committee does not provide a written disapproval within one-hundred and eighty (180) days following the receipt of the information, including a written description of the items in question, the
Trustee is forever released and discharged from any liability with respect to all matters reflected in such information. The Trustee shall have thirty (30) days following its receipt of a written disapproval from the Committee to provide a
written explanation of the terms in question. If the Committee again disapproves of the accounting, the Trustee may file its accounting with a court of competent jurisdiction for audit and adjudication. 

 

	 	(c)	Valuations Binding. If the fair market value of an asset in the Trust Fund is not available when necessary for accounting or reporting purposes, the fair market
value of the asset shall be determined in good faith by the Trustee, assuming an orderly liquidation at the time of such determination. In determining the value of the Trust Fund, the Trustee will exercise its best judgment, and all determinations
of Trust Fund value made by the Trustee and approved by the Committee will be binding upon Plan Participants and their beneficiaries. 

  
 25 

	6.2	Records and Accounts. 

  

	 	(a)	Accurate Records. The Trustee shall keep accurate and detailed records and accounts of all investments, receipts, and disbursement, and other transactions
involving assets of the Trust Fund, and all records, books, and accounts relating to the Trust Fund shall be open to inspection by any person designated by the Committee at all reasonable times. 

 

	 	(b)	Other Information and Reports. In addition to the annual valuation reports, the Trustee shall also furnish the Committee such other information as the Trustee
may possess and as may be necessary for the Committee to comply with the reporting requirements of ERISA, the Securities and Exchange Commission or other governmental agency. The Trustee shall make such other reports as may be agreed upon with the
Committee. No other person or entity may require an accounting of the Trustee. 

  

	 	(c)	Record Retention. The Trustee shall retain its records relating to the Trust as long as necessary for the proper administration of the Trust Fund and at least
for any period required by ERISA or other applicable law. 

  

	 	(d)	Data Backup. The Trustee agrees to maintain a backup on all data in its possession related to the Plan and the Trust on a separate network and in a separate
geographic location (to reduce the risk of an event occurring in one region of the country affecting the ability of the Trustee to perform its duties under this Agreement. The backup data and separate network will be reasonably available to the
Trustee to process Plan transactions upon the inability of the Trustee to process Plan transactions through its primary source. 

  
 26 

 ARTICLE 7 
 INDEMNIFICATION 
  

	7.1	Indemnification of Trustee. Except to the extent that the Trustee has acted with gross negligence or willful misconduct, the Company shall indemnify the Trustee
(whether or not the Trustee has resigned or been removed) against any and all claims, liabilities, losses, damages, and expenses, including reasonable attorney, accountant, and other advisory fees (“Losses”), incurred as a result of:

  

	 	(a)	any action or omission of the Trustee taken in good faith in accordance with any information, instruction, direction, or opinion given to the Trustee by the Company,
the Committee, the Investment Committee, an Investment Manager, a Named Fiduciary, or any person or entity appointed by any of them and authorized to give any information, instruction, direction, or opinion to the Trustee; 

 

	 	(b)	the failure of the Committee, Investment Committee, Investment Manager, Named Fiduciary or any person or entity appointed by any of them to make timely disclosure to
the Trustee of information necessary for the Trustee to fulfill its duties under this Agreement which any of them or any appointee knows or should know if it acted in a reasonably prudent manner; or 

 

	 	(c)	any breach of fiduciary duty by the Company (to the extent the Company is a fiduciary), the Committee, Investment Committee, Investment Manager, Named Fiduciary or any
person or entity appointed by any of them, other than such a breach which is caused by any failure of the Trustee to perform its duties under this Trust Fund. 

 The duties and obligations of the Trustee shall be limited to those expressly imposed upon it by this Agreement or any later amendment agreed upon by the Parties. The Committee shall retain responsibility
for administrative duties required under the Plan or applicable law, which are not expressly imposed upon or agreed to in writing by the Trustee. 
  

	7.2	Liability for Another’s Acts or Omissions. 

  

	 	(a)	 Trustee Liability. The Trustee shall not be liable for the acts or omissions of the Committee or the Investment Committee or any Investment
Manager except where the Trustee is acting as an Investment Manager or has appointed an affiliate as Investment Manager, and except with respect to any acts or omissions of the Committee or the

  
 27 

	 	 
Investment Committee or an Investment Manager in which the Trustee participates knowingly or which the Trustee knowingly undertakes to conceal, and which the Trustee knows or reasonably should
know constitutes a breach of fiduciary responsibility. 

  

	 	(b)	Liabilities of Directed Trustee. As a directed Trustee, the Trustee shall have no responsibility to review or question the distribution instructions or the
investment directions it receives from any authorized persons or to review any such investment directions regarding the acquisition, holding or disposition of any investment or to make any recommendations with respect to the disposition or continued
retention of any such investment. When accepting and implementing investment directions, the Trustee will have no responsibility or liability for compliance with any applicable requirements in the Plan document or this Agreement concerning Plan
investments or for any loss or diminution in value which results from the choice of investments for the Trust Fund. The Trustee will have no responsibility or liability for any action taken or not taken in reliance on the investment instructions of
any person properly authorized to direct investments as described in Section 4.3. 

  

	 	(c)	Liability for Trustee Acts and Omissions. The Committee and the Investment Committee shall not be liable for the acts or omissions of the Trustee except with
respect to any acts or omissions of the Trustee in which the Committee or the Investment Committee participate knowingly or which the Committee or the Investment Committee knowingly undertakes to conceal, and which Committee or Investment Committee
knows or reasonably should know constitutes a breach of fiduciary responsibility. 

  

	 	(d)	Absence of Directions. If at any time the Committee shall be incapable for any reason of giving instructions, directions or authorizations to the Trustee as
provided in this Agreement, the Trustee may, without liability to itself, act without such instructions, directions or authorizations as it, in its discretion, shall deem appropriate or advisable under the circumstances for carrying out the
provisions of the Plan or this Agreement. 

  

	7.3	 Indemnification by Trustee. Except to the extent that a SunTrust Indemnified Party (defined below) has acted with negligence or willful
misconduct, the Trustee shall indemnify the Company and the Committee and their officers, employees and agents (“SunTrust Indemnified Parties”) against, and hold them harmless from Losses (as defined in Section 7.1) which may be
imposed on, incurred by or asserted against the SunTrust Indemnified 

  
 28 

	 	 
Parties at any time by reason of the Trustee’s gross negligence, bad faith, willful misconduct or failure to fulfill its duties under this Agreement. This provision shall survive termination
of this Agreement. 

  
 29 

 ARTICLE 8 
 CHANGE IN TRUSTEE 
  

	8.1	Resignation or Removal. The Trustee may resign at any time by giving ninety (90) days advance written notice to the Committee. The Committee may remove the
Trustee by giving sixty (60) days advance written notice to the Trustee. The Parties may mutually agree to a shorter notice period. A departing Trustee shall file a final accounting with the Committee as described in Article 6 and shall provide
for the transfer of Trust records to the successor or to the Committee, as directed by the Committee. 

  

	8.2	Successor. In the event of the resignation or removal of the Trustee, the Committee shall promptly appoint a successor. If no appointment of a successor is made
within a reasonable time after the Trustee’s resignation or removal, the Trustee may petition any court of competent jurisdiction to appoint a successor, after giving advance notice to the Committee and the retiring Trustee, as the court may
deem proper and suitable. The retiring Trustee shall be furnished with written notice from the Committee or the court, as the case may be, of the appointment of the successor, and shall also be furnished with written evidence of the successor’s
acceptance of the trusteeship. Only then shall the retiring Trustee cease to serve as trustee under this Agreement. 

  

	8.3	Duties of Successor Trustee. Every successor Trustee serving under this Agreement shall have all the rights, title, powers, duties, exemptions, and limitations
of the predecessor Trustee as set forth in the Plan and this Agreement. Upon the appointment and acceptance of a successor Trustee, the retiring Trustee shall transfer and deliver the assets of the Trust Fund to the successor, after reserving such
reasonable amount as it shall deem necessary to provide for permissible fees and expenses and any sums chargeable against the Trust Fund for which the retiring Trustee may be liable. Any predecessor Trustee shall do all acts necessary to vest title
of record in the successor Trustee. If any assets in the Trust Fund have been invested in a common or collective trust fund of the predecessor Trustee, the predecessor shall cause that investment to be liquidated at the earliest practical time after
notice has been given or received by the predecessor of the resignation or removal. No person becoming a Trustee of the Trust Fund shall be in any way liable or responsible for anything done or omitted by any Trustee before such person’s
acceptance of the trusteeship, nor shall such person have any duty to examine the administration of the Trust prior to such acceptance. 

  
 30 

	8.4	Changes in Organization of Trustee. If any corporate trustee acting under this Agreement is merged with another corporation or association, or is succeeded by
another corporation or association, through consolidation or otherwise, the acquiring corporation or association shall automatically become Trustee under this Agreement. If any corporate trustee acting under this Agreement sells and transfers
substantially all of its assets and business to another corporation or association, the acquiring corporation or association shall automatically become Trustee under this Agreement. When authorized by statute or court order any corporate trustee
acting hereunder may permit itself to be succeeded as such corporate trustee by another corporation or association and such other corporation or association shall become Trustee under this Agreement. In each case the acquiring corporation or
association shall be Trustee of the Trust as though specifically so named in this Agreement. Notwithstanding the foregoing provisions of this section, an acquiring corporation or association shall become Trustee under this Agreement only if it has
trust powers and is formed under the laws of the United States of America or any U.S. subdivision. 

  
 31 

 ARTICLE 9 
 MISCELLANEOUS 
  

	9.1	Benefits May Not Be Assigned or Alienated. Except as otherwise expressly permitted by the Plan or required by law, the interests of Plan Participants and their
beneficiaries under the Plan or this Trust Agreement may not in any manner whatsoever be assigned or alienated, whether voluntarily or involuntarily, or directly or indirectly. 

 

	9.2	Evidence. Evidence required of anyone under this Trustee Agreement may be by certificate, affidavit, document, or other instruction which the person acting in
reliance thereon considers to be pertinent and reliable, and to be signed, made, or presented by the proper party. Communications required to be in writing may be made by letter, memorandum or form and may be transmitted by U.S. mail or private
delivery service or, if agreed by the parties, by facsimile, email or other electronic means. 

  

	9.3	Dealings of Others with Trustee. No person (corporation or individual) dealing with the Trustee shall be required to see to the application of any money paid or
property delivered to the Trustee or to determine whether the Trustee is acting pursuant to any authority granted to it under this Trust Agreement. 

  

	9.4	Allocation of Responsibility. The responsibilities and obligations of the Trustee shall be strictly limited to those set forth in this Trust Agreement. Except to
the extent imposed by ERISA, no fiduciary of the Plan shall have the duty to question whether any other fiduciary is fulfilling all of the responsibility imposed upon such other fiduciary by ERISA or by any regulations or rulings issued under ERISA.
The Trustee shall not be responsible in any way or any manner in which the Committee, or any other fiduciary appointed by the Committee, carries out their respective responsibilities under this Trust Agreement, or more generally, under the Plan.

  

	9.5	Waiver of Notice. Any notice required under this Trust Agreement may be waived by the person entitled receive such notice. 

 

	9.6	Governing Document. To the extent the terms of this Trust may vary from the terms of the Plan document with respect to depositing Plan assets into this Trust,
the terms of this Trust shall govern. 

  
 32 

	9.7	Counterparts. This Trust Agreement may be executed in any number of counterparts, each of which shall be deemed an original. Such counterparts shall constitute
but one and the same instrument, which may be sufficiently evidenced by any one counterpart. 

  

	9.8	Audits. The Committee shall have the right to cause the books, records, and accounts of the Trustee that relate to the Trust to be examined and audited by
independent auditors designated by the Committee at such times as the Committee may determine, and the Trustee shall make such books, records, and accounts available for such purposes at all reasonable times. This provision shall survive termination
of this Agreement. 

  
 33 

 ARTICLE 10 
 AMENDMENT AND TERMINATION 
  

	10.1	Amendment. This Trust Agreement may be amended at any time or from time to time and in any manner by written agreement of the Trustee and the Committee, and the
provisions of any such amendment may be applicable to the Trust Fund as constituted at the time of the amendment as well as to the part of the Trust Fund subsequently acquired. 

 

	10.2	Termination of Plan. If the Plan is terminated, this Trust shall nevertheless continue in effect until the Trust Fund has been distributed in accordance with the
provisions of the Plan. 

  
 34 

 IN WITNESS WHEREOF, the Committee and the Trustee have caused this Trust
Agreement to be executed by their duly authorized officers or members on the 9th day of February, 2011, effective as of January 1, 2011. 

 

			
	 SUNTRUST BANKS, INC.
  

BENEFITS PLAN COMMITTEE

		
	By	 	/s/ Donna Lange
	Its	 	SVP, Corporate Benefits Director

  

			
	Attest:
		
	By	 	/s/ John Barker
	Its	 	VP, HR Benefits Manager

  

			
	SUNTRUST BANK, TRUSTEE
		
	By	 	/s/ Jeffrey Rhineheart
	Its	 	FVP

  

			
	Attest:
		
	By	 	/s/ Jim Pope
	Its	 	AVP

  
 352010 Stock Incentive Plan, as amended November 9, 2010

 Exhibit 10.3 
 THE LUBRIZOL CORPORATION 2010 STOCK INCENTIVE PLAN 
 (As Amended, November 9, 2010) 

Section 1. Purpose. 
 The purposes of The
Lubrizol Corporation 2010 Stock Incentive Plan are to encourage selected employees of The Lubrizol Corporation and its Subsidiaries and Outside Directors of the Company to acquire a proprietary and vested interest in the growth and performance of
the Company, to generate an increased incentive to contribute to the Company’s future success and prosperity, thus enhancing the value of the Company for the benefit of shareholders, and to enhance the ability of the Company and its
Subsidiaries to attract and retain individuals of exceptional talent upon whom, in large measure, the sustained progress, growth and profitability of the Company depends. 
 Section 2. Definitions. 
 As used in the Plan, the following terms have the meanings set forth
below: 
 (a) “Award” means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit
Award, Performance Share Unit Award or Stock Award granted pursuant to the provisions of the Plan. 
 (b) “Award
Agreement” means a written document evidencing any Award granted hereunder, signed by the Company and the Participant, or signed by the Company and delivered to an Outside Director, as the case may be. 

(c) “Base Price” means the Grant Date price of a Share underlying a Stock Appreciation Right. 

(d) “Board” means the Board of Directors of the Company. 

(e) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

(f) “Committee” means a committee of not less than three Outside Directors of the Board, each of whom must: (i) be a
“non-employee director” within the meaning of Rule 16b-3(b)(i) promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor rule or statute,
(ii) be an “outside director” within the meaning of Section 1.162-27(e)(3) promulgated by the Treasury Department under the Code, and (iii) meet the independence tests under Section 303A.02 of the New York Stock
Exchange Listed Company Manual; provided, however, that with respect to Awards granted to non-Section 16 officers, “Committee” may mean the Chair of the Organization and Compensation Committee of the Board of Directors and at least
one other member of the Organization and Compensation Committee. 
 (g) “Company” means The Lubrizol
Corporation. 
 (h) “Employee” means any employee of the Company or of any Subsidiary. 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 (i) “Fair Market Value” means the closing price of a Share on the New
York Stock Exchange on the Grant Date (in the case of a Grant), or any other relevant date; provided, however, if the Grant Date or any other relevant date is on a day when the New York Stock Exchange is closed, then Fair Market Value means the
closing price of a Share on the New York Stock Exchange on the next following date when the New York Stock Exchange is open. 
 (j) “Full-value Awards” means Awards that result in the Company transferring the full value of any underlying Share issued in the transaction. Full-value Awards will include all Restricted Stock,
Restricted Stock Unit, Performance Share Unit and certain other stock based Awards. 
 (k) “Grant Date” means
the date on which the Board or Committee approves the grant of an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Share Unit Award or Stock Award, and, with respect to a Restricted Stock Unit Award
granted to an Outside Director, the date specified pursuant to Section 11 on which such Award is granted. 
 (l)
“Incentive Stock Option” means an Option that is intended to meet the requirements of Section 422A of the Code or any successor provision thereto. 

(m) “Non-Statutory Stock Option” means an Option that is not intended to be an Incentive Stock Option. 

(n) “Option” means an option to purchase Shares granted hereunder. 

(o) “Option Price” means the purchase price of each Share under an Option. 

(p) “Outside Director” means a member of the Board who is not an employee of the Company or of any Subsidiary.

 (q) “Participant” means an Employee who is selected by the Committee to receive an Award under the Plan.

 (r) “Performance Share Unit Award” means an award of Share units based on target performance measures under
Section 10 hereof. 
 (s) “Plan” means The Lubrizol Corporation 2010 Stock Incentive Plan. 

(t) “Restricted Stock Award” means an award of restricted Shares under Section 8 hereof. 

(u) “Restricted Stock Unit Award” means an award of restricted Share units under Section 11 hereof. 

(v) “Restriction Period” means the period of time specified in an Award Agreement during which the following conditions
remain in effect: (i) certain restrictions on the sale or other disposition of Shares awarded under the Plan, (ii) subject to the terms of the applicable Award Agreement, the continued employment of the Participant, and (iii) other
conditions set forth in the applicable Award Agreement. 

  
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 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 (w) “Shareholders’ Meeting” means the annual meeting of
shareholders of the Company in each calendar year. 
 (x) “Shares” means common shares without par value of the
Company. 
 (y) “Stock Appreciation Right” means the right to receive a payment in cash or in Shares, or in any
combination thereof, from the Company equal to the excess of the Fair Market Value of a stated number of Shares at the exercise date over the Base Price for such Shares. 

(z) “Stock Award” means the grant of Shares under the Plan. 

(aa) “Subsidiary” means a corporation which is at least 50% owned, directly or indirectly, by the Company. 

(bb) “Voting Stock” means the then-outstanding securities entitled to vote generally in the election of directors of the
Company. 
 Section 3. Administration. 
 The Plan is administered by the Committee. Members of the Committee are appointed by and serve at the pleasure of the Board, and may resign by written notice filed with the Chairman of the Board or the Secretary of
the Company. A vacancy on the Committee will be filled by the appointment of a successor member by the Board. Subject to the express provisions of this Plan, the Committee has (i) conclusive authority to: (A) select Employees to be
Participants for Awards, (B) determine the type and number of Awards to be granted, (C) construe and interpret the Plan, any Award granted hereunder and any Award Agreement entered into hereunder and (D) establish, amend and rescind
rules and regulations for the administration of this Plan, and (ii) any additional authority as the Board may from time to time determine to be necessary or desirable. 
 Section 4. Shares Subject to the Plan. 
 (a) Subject to adjustment as provided in
the Plan, the maximum number of shares as to which Awards may be granted under this Plan is 3,000,000 Shares, of which no more than 1,500,000 Shares can be settled as Full-value Awards; provided, however, that no more than 500,000 Shares will be
available for grant to any Participant or Outside Director during a calendar year. In addition to the stated maximums described above, this Plan provides the Committee with the flexibility to convert the Shares reserved solely for Options into
Full-value Awards (e.g., Restricted Stock, Restricted Stock Units, Performance Share Units, etc.). Specifically: 
 (i)
For every Option or Stock Appreciation Right granted, the number of Shares available for grant shall be reduced by one Share for every one Share granted; provided, however, that any Stock Appreciation Right that may be settled only in cash shall not
reduce the number of Shares available for grant; 

  
 3 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 (ii) For each of the first 1,500,000 Shares granted as Full-value Awards, the
number of Shares available for grant shall be reduced by one Share for every one Share granted; 
 (iii) For any
Full-value Awards granted in excess of the 1,500,000 Share limit, the number of Shares available for grant shall be reduced by three Shares for every one Share granted. 
 For example, if we issue 1,500,000 Shares as Restricted Stock prior to exhausting our pool of shares for Options, the Committee has the flexibility to convert a portion of the remaining Options into other
Full-value Awards, but it must be consistent with the 3-to1 ratio described above. 
 The Company believes this provision
provides for the maximum equity plan design flexibility while continuing to protect the long-term interests of shareholders. 
 (b) Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued Shares or treasury shares. Shares: (i) used to pay the Option Price of an Option or the Base Price of a Stock
Appreciation Right; or (ii) withheld from issuance to pay withholding taxes on Options or Stock Appreciation Rights settled in Shares, to the extent of any such consideration or withholding, will not again be available for issuance under the
Plan. Shares that only can be settled in cash will not reduce the number of Shares available for issuance under the Plan. Shares: (i) subject to any Award that is forfeited; or (ii) subject to any Award that otherwise terminates without
issuance of the Shares will be added to the reserve and will again be available for issuance under the Plan. 
 (c) The
number of Shares that remain available for issuance pursuant to this Plan, the number of Shares subject to outstanding Awards and the individual and Full-value Award limits imposed by the Plan, as well as the Option Price per Share of any
outstanding Options and the Base Price per Share of any outstanding Stock Appreciation Rights, at the time of any change in the Company’s capitalization, including stock splits, stock dividends, mergers, reorganizations, consolidations,
recapitalizations or other changes in corporate structure, will be adjusted in the manner the Committee deems equitable; provided, however, that the number of Shares will always be a whole number. 

(d) Shares underlying Awards assumed by the Company in a merger will not reduce the Share reserve specified in Section 4(a).

 Section 5. Eligibility. 
 Any
Employee is eligible to be selected as a Participant, and any Outside Director is eligible to participate in the Plan. 

  
 4 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 Section 6. Stock Options. 
 Non-Statutory Stock Options and Incentive Stock Options may be granted hereunder to Participants either separately or in conjunction with other Awards granted under the Plan. Any Option granted to a Participant
under the Plan will be evidenced by an Award Agreement in the form as the Committee may from time to time approve. Any Option will be subject to the following terms and conditions and to any additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Committee deems desirable. 
 (a) Option Price. The purchase price per Share under an
Option will be fixed by the Committee in its sole discretion; provided that the purchase price will not be less than one hundred percent (100%) of the Fair Market Value of the Share on the Grant Date of the Option. Payment of the Option Price
may be made in cash, Shares, or a combination of cash and Shares, as provided in the Award Agreement relating thereto. 

(b) Option Period. The term of each Option will be fixed by the Committee in its sole discretion; provided that no Non-Statutory
Stock Option or Incentive Stock Option may be exercisable after the expiration of 10 years from the Grant Date. 
 (c)
Exercise of Option. Options may be exercisable to the extent of fifty percent (50%) of the Shares subject thereto after one year from the Grant Date, seventy-five percent (75%) of such Shares after two years from the Grant Date, and one
hundred percent (100%) of such Shares after three years from the Grant Date, subject to any provisions respecting the exercisability of Options that may be contained in an Award Agreement. 

(d) Incentive Stock Options. The aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options held by
any Participant that are exercisable for the first time by such Participant during any calendar year under the Plan (and under any other benefit plans of the Company, of any parent corporation, or Subsidiary) will not exceed $100,000 or, if
different, the maximum limitation in effect at the Grant Date under Section 422A of the Code, or any successor provision, and any regulations promulgated thereunder; provided however, that any such Incentive Stock Option above the limitation
automatically will be converted into a Non-Statutory Stock Option. The terms of any Incentive Stock Option will comply in all respects with the provisions of Section 422A of the Code, or any successor provision, and any regulations promulgated
thereunder. 
 Section 7. Stock Appreciation Rights. 
 (a) Stock Appreciation Rights may be granted hereunder to Participants either separately or in conjunction with other Awards granted under the Plan and may, but need not, relate to a specific Option granted under
Section 6. The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Any Stock Appreciation Right related to a Non-Statutory Stock Option may be granted at the same time such Option is granted or at any
time thereafter before exercise or expiration of such Option. Any Stock Appreciation Right related to an Incentive Stock Option must be granted at the same time such Option is granted. Any Stock Appreciation Right related to an Option will be
exercisable only to the extent the related Option is exercisable. In the case of any Stock Appreciation Right related to any Option, the Stock Appreciation Right 

  
 5 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 
or applicable portion thereof terminates and is no longer exercisable upon the termination or exercise of the related Option. Similarly, upon exercise of a Stock Appreciation Right as to some or
all of the Shares covered by a related Option, the related Option will be canceled automatically to the extent of the Stock Appreciation Rights exercised, and such Shares will not thereafter be eligible for grant under Section 4(a). The
Committee may impose any conditions or restrictions on the exercise of any Stock Appreciation Right as it deems appropriate. 
 (b) Any Stock Appreciation Right not granted in conjunction with another Award will be subject to the following terms and conditions and to any additional terms and conditions, not inconsistent with the provisions
of the Plan, as the Committee deems desirable. 
 (i) Base Price. The Base Price per Share under a Stock Appreciation
Right will be fixed by the Committee in its sole discretion; provided that the Base Price will not be less than one hundred percent (100%) of the Fair Market Value of the Share on the Grant Date of the Stock Appreciation Right. 

(ii) Stock Appreciation Right Period. The term of each Stock Appreciation Right will be fixed by the Committee in its sole
discretion; provided that no Stock Appreciation Right may be exercisable after the expiration of 10 years from the Grant Date. 
 (iii) Exercise of Stock Appreciation Right. Each Stock Appreciation Right may be exercisable to the extent of fifty percent (50%) of the Rights subject thereto after one year from the Grant Date,
seventy-five percent (75%) of such Rights after two years from the Grant Date, and one hundred percent (100%) of such Rights after three years from the Grant Date, subject to any provisions respecting the exercisability of Stock
Appreciation Rights that may be contained in an Award Agreement. 
 Section 8. Restricted Stock Awards. 

(a) Issuance. Restricted Stock Awards may be issued hereunder to Participants, either separately or in conjunction with other
Awards granted under the Plan. Each Award under this Section 8 will be evidenced by an Award document from the Company that will specify the vesting schedule, any rights of acceleration and such other terms and conditions as the Committee
determines, which need not be the same with respect to each Participant; provided, however, that any performance-based Restricted Stock Award may not have a vesting period shorter than one year and any service-based Restricted Stock Award may not
vest over a period shorter than three years. 
 (b) Registration. Shares issued under this Section 8 may be issued in
book entry form or be evidenced by issuance of a stock certificate or certificates registered in the name of the Participant bearing the following legend and any other legend required by, or deemed appropriate under, any federal or state securities
laws: 

  
 6 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 The sale or other transfer of the common shares represented by this certificate is subject to
certain restrictions set forth in the Award document granted to
                                 (the registered owner) by The Lubrizol Corporation dated
                                , under The Lubrizol Corporation 2010 Stock Incentive
Plan. A copy of the Plan and Award document may be obtained from the Secretary of The Lubrizol Corporation. 
 Unless otherwise provided
in the Award document from the Company, the certificates will be retained by the Company until the expiration of the Restriction Period. Upon the expiration of the Restriction Period, the Company will (i) have the legend removed from the
certificates for the Shares to which a Participant is entitled in accordance with the Award document from the Company and (ii) release the Shares to the custody of the Participant. 

(c) Forfeiture. Except as otherwise determined by the Committee at the Grant Date, upon separation of service of the Participant
for any reason during the Restriction Period, all Shares still subject to restriction will be forfeited by the Participant and retained by the Company; provided that in the event of a Participant’s retirement, permanent disability, death, or in
cases of special circumstances, the Committee may, in its sole discretion, when it finds that a waiver would be in the best interests of the Company, waive in whole or in part any or all remaining restrictions with respect to the Participant’s
Shares. In such case, unrestricted Shares will be issued to the Participant at the time determined by the Committee. 

(d) Rights as Shareholders. At all times during the Restriction Period, Participants will be entitled to full voting rights with
respect to all Shares awarded under this Section 8. The Committee in its discretion at the time of grant of the Restricted Stock Award, may determine to allow dividends with respect to the Shares to be paid to the Participant at the time
dividends are paid on Shares, or to hold the dividends until the lapse of the applicable vesting schedule of the corresponding Restricted Stock. 

Section 9. Stock Awards. 
 Awards of Shares or
other stock-based awards may be granted hereunder to Participants, either separately or in conjunction with other Awards granted under the Plan. Subject to the provisions of the Plan, the Committee has the sole and complete authority to determine
(i) the Employees to whom Awards will be granted, (ii) the time or times at which the Awards will be granted, (iii) the number of Shares to be granted pursuant to the Awards and (iv) all other conditions of the Awards. Conditions
may include issuance of Shares at the time that the Award is granted or issuance of Shares at a time or times subsequent to the time the Award is granted, which subsequent times specifically may be established by the Committee and/or may be
determined by reference to the satisfaction of one or more performance measures specified by the Committee. The provisions of Stock Awards need not be the same with respect to each Participant. 

  
 7 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 Section 10. Performance Share Unit Awards. 

Performance Share Unit Awards may be granted hereunder to Participants, either separately or in conjunction with other Awards granted under the
Plan. Subject to the provisions of the Plan, the Committee has the sole and complete authority to determine (i) the Employees to whom Performance Share Unit Awards will be granted, (ii) the time or times at which Performance Share Unit
Awards will be granted, (iii) the number of Performance Share Units to be granted pursuant to the Awards and (iv) all other conditions of the Awards. Any payment of Performance Share Unit Awards will be made in the number of Shares equal
to the number of Performance Share Units payable under the Award, unless otherwise specifically stated in the Award document that it will be paid in cash. Performance Share Unit Awards and performance-based Restricted Stock Awards granted to any
executive officer of the Company will have one or more of the following performance-based measures: revenues, cost reductions, operating income, income before taxes, net income, adjusted net income, earnings per share, adjusted earnings per share,
operating margins, working capital measures, earnings before income taxes and depreciation, return on assets, return on equity, return on invested capital, cash flow measures, market share, shareholder return and/or economic value added, of the
Company or any of its subsidiaries, affiliates, segments, divisions or businesses for or within which the Participant is employed. Performance goals may be based on the achievement of specified levels of Company performance (or performance of an
applicable subsidiary, affiliate, segment, division or business) under one or more of the measures described above relative to the performance of other corporations or comparable businesses. 
 Section 11. Outside Directors’ Restricted Stock Unit Awards. 
 (a) On the close of business
on the date of each Annual Meeting of Shareholders, each Outside Director automatically will be granted a number of Restricted Stock Units equal to an amount calculated by dividing $100,000 by the Fair Market Value of a Share on the Grant Date,
which will be subject to the following terms and conditions and to any additional terms and conditions, not inconsistent with the provisions of the Plan, as are contained in the applicable Award Agreement. For Outside Directors who are appointed to
the Board of Directors on a date other than an Annual Meeting of Shareholders, there automatically will be granted a number of Restricted Stock Units equal to an amount calculated by dividing $100,000 by 12 and multiplying the result by the number
of remaining full months until the next Annual Meeting of Shareholders and then dividing that result by the Fair Market Value of a Share on the date the Outside Director is appointed to the Board of Directors. 

(b) Vesting. Restricted Stock Unit Awards granted pursuant to this Section 11 will vest upon the earliest to occur of the following dates:

  

	 	(i)	the next Annual Meeting of Shareholders; 

  

	 	(ii)	separation from service under a retirement plan or policy of the Company; 

  

	 	(iii)	death while serving as a director; or 

  

	 	(iv)	Change in Control of the Company, as defined in Section 12(b). 

  
 8 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 Section 12. Change in Control. 
 (a) Notwithstanding any provision in this Plan to the contrary, in the event of an occurrence of a Change in Control of the Company (as defined in paragraph (b)), the portion of outstanding Performance Share Unit
Awards and performance-based Restricted Stock Awards that may be paid to a Participant will be determined based on performance as of the date of the Change in Control, subject to the terms of the Award Agreement, and outstanding Options and Stock
Appreciation Rights will become 100% exercisable, and any other outstanding Awards (other than Restricted Stock Unit Awards, Performance Share Unit Awards and performance-based Restricted Stock Awards) will become fully vested without any
restrictions, upon the occurrence of one or more of the following events (regardless of whether any other reason, other than Cause (as defined below), for such separation from service exists or has occurred, including without limitation other
employment): 
 (i) Any separation from service of the Participant by the Company within three years following the Change
in Control of the Company, which separation from service is for any reason other than for Cause, or is as a result of the death of the Participant, or is by reason of the Participant’s disability and the actual receipt of disability benefits
pursuant to the long-term disability plan in effect for Employees immediately prior to the Change in Control of the Company; or 
 (ii) Separation from service by the Participant of his employment with the Company and any Subsidiary within three years after the Change in Control of the Company upon the occurrence of any of the following
events: 
 (A) Failure to elect or reelect or otherwise to maintain the Participant in the office or the position, or a
substantially equivalent office or position, of or with the Company and/or a Subsidiary, as the case may be, which the Participant held immediately prior to a Change in Control of the Company; 

(B) A significant adverse change in the nature or scope of the authorities, powers, functions, responsibilities or duties attached
to the position with the Company and any Subsidiary that the Participant held immediately prior to the Change in Control of the Company, a reduction in the aggregate of the Participant’s base and incentive pay opportunities, any of which is not
remedied within 10 calendar days after receipt by the Company of written notice from the Participant of the change or reduction, as the case may be; 
 (C) A determination by the Participant made in good faith that as a result of a Change in Control of the Company and a change in circumstances thereafter significantly affecting his position, including without
limitation a change in the scope of the business or other activities for which he was responsible immediately prior to a Change in Control of the Company, he has been rendered substantially unable to carry out, has been substantially hindered in the
performance of, or has suffered a substantial reduction in, any of the authorities, powers, functions, responsibilities or duties attached to the position held by the Participant immediately prior to the Change in Control of the Company, which
situation is not remedied within 10 calendar days after written notice to the Company from the Participant of such determination; 

  
 9 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 (D) The liquidation, dissolution, merger, consolidation or reorganization of the
Company or transfer of all or a significant portion of its business and/or assets, unless the successor or successors (by liquidation, merger, consolidation, reorganization or otherwise) to which all or a significant portion of its business and/or
assets have been transferred (directly or by operation of law) assumes all the duties and obligations of the Company under this Agreement; or 
 (E) The Company relocates its principal executive offices, or requires the Participant to have his principal location of work changed, to any location which is in excess of 25 miles from the location thereof
immediately prior to the Change in Control of the Company or to travel away from his office in the course of discharging his responsibilities or duties hereunder significantly more (in terms of either consecutive days or aggregate days in any
calendar year) than was required of him prior to the Change in Control of the Company without, in either case, his prior written consent. 

(b) For purposes of this Plan, a “Change in Control of the Company” means the occurrence of any of the following events: 

(i) The date that any one person, or more than one person acting as a group, acquires ownership of stock of the Company that,
together with the stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company. 

(ii) The date any person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on
the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30 percent or more of the total voting power of the stock of the Company. 

(iii) The date a majority of members of the Company’s board of directors is replaced during any 12-month period by directors
whose appointment or election is not endorsed by a majority of the members of the Company’s board of directors before the date of the appointment or election. 

(iv) The date that any person, or more than one person acting as a group, acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company
immediately before the acquisition or acquisitions. 
 For purposes of this Section 12(b) of the Plan, the terms “person” and
“group” have the same meaning as provided in Section 13(d)(3) or 14(d)(2) of the Exchange Act. 
 (c) For purposes of this
Section 12 of the Plan, “Cause” means that, prior to any separation from service pursuant to Section 12(a) hereof, the Participant committed: 

  
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 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 (i) an intentional act of fraud, embezzlement or theft in connection with his
duties or in the course of his employment with the Company and/or any Subsidiary; 
 (ii) intentional wrongful damage to
property of the Company and/or any Subsidiary; 
 (iii) intentional wrongful disclosure of secret processes or
confidential information of the Company and/or any Subsidiary; or 
 (iv) intentional wrongful engagement in any
Competitive Activity (as defined below); 
 and any such act materially is harmful to the Company. For purposes of this Agreement, no act, or failure to
act, on the part of the Participant will be deemed “intentional” if it was due primarily to an error in judgment or negligence, but will be deemed “intentional” only if done, or omitted to be done, by the Participant not in good
faith and without reasonable belief that his action or omission was in the best interest of the Company. Notwithstanding the foregoing, the Participant will not be deemed to have been separated from service for “Cause” hereunder unless and
until there is delivered to the Participant a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the Board then in office at a meeting of the Board called and held for such purpose (after reasonable notice
to the Participant and an opportunity for the Participant, together with his counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Participant had committed an act set forth above in this
Section 12(c) and specifying the particulars thereof in detail. Nothing herein will limit the right of the Participant or his beneficiaries to contest the validity or propriety of any such determination. 

(d) For purposes of this Section 12 of the Plan, the term “Competitive Activity” means the Participant’s participation, without
the written consent of an officer of the Company, in the management of any business enterprise if such enterprise engages in substantial and direct competition with the Company and such enterprise’s sales of any product or service competitive
with any product or service of the Company amounted to 25% of such enterprise’s net sales for its most recently completed fiscal year and if the Company’s net sales of said product or service amounted to 25% of the Company’s net sales
for its most recently completed fiscal year. “Competitive Activity” does not include (i) the mere ownership of securities in any such enterprise and exercise of rights appurtenant thereto or (ii) participation in management of
any such enterprise other than in connection with the competitive operations of such enterprise. 
 Section 13. Amendments and Termination.

 The Board may, at any time, amend, alter or terminate the Plan, but no amendment, alteration, or termination may be made that would
impair the rights of an Outside Director or Participant under an Award previously granted, without the Outside Director’s or Participant’s consent, or that without the approval of the shareholders would: 

(a) result in the repricing or exchange of outstanding Options or Stock Appreciation Rights; 

(b) except as is provided in Sections 4(c) of the Plan, increase the total number of Shares which may be issued under the Plan;

  
 11 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 (c) materially increase the benefits accruing to Participants or Outside
Directors under the Plan. 
 The Committee may amend the terms of any Award heretofore granted, prospectively or retroactively, but no
such amendment may impair the rights of any Participant or Outside Director without his consent. 
 Section 14. Claw-back and Forfeiture Policy

 The Committee may cause to be forfeited any outstanding Award and may seek to recoup any economic gains from any Participant who
engages in conduct that was not in good faith and that disrupts, damages, impairs or interferes with the business, reputation or employees of the Company or its Subsidiaries, including but not limited to, conduct that leads to a restatement of the
Company’s financial statements. 
 Section 15. General Provisions. 

(a) No Option or other Award may be assignable or transferable by a Participant or an Outside Director otherwise than by will or
the laws of descent and distribution, and Options and Stock Appreciation Rights may be exercised during the Participant’s lifetime only by the Participant, or, if permissible under applicable law, by the guardian or legal representative of the
Participant. 
 (b) The term of each Award will be for a period of months or years from its Grant Date as may be
determined by the Committee or as set forth in the Plan. 
 (c) No Employee may have any claim to be granted any Award
under the Plan and there is no obligation for uniformity of treatment of Employees or Participants under the Plan. 
 (d)
The prospective recipient of any Award under the Plan will not, with respect to the Award, be deemed to have become a Participant, or to have any rights with respect to the Award, until and unless the recipient complies with the then applicable
terms and conditions. 
 (e) All certificates for Shares delivered under the Plan pursuant to any Award will be subject to
any stock-transfer orders and other restrictions as the Committee deems advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed, and any
applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

(f) Except as otherwise required in any applicable Award document or by the terms of the Plan, Participants will not be required,
under the Plan, to make any payment other than the rendering of services. 

  
 12 

 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 
  

 (g) The Company is authorized to withhold from any payment under the Plan,
whether the payment is in Shares or cash, withholding taxes due in respect of the payment hereunder, but in no event more than the statutory minimum for tax withholding, to the extent required to avoid adverse accounting treatment, and to take such
other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes. 

(h) Nothing contained in this Plan prevents the Board from adopting other or additional compensation arrangements, subject to
shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 
 (i) Nothing in the Plan interferes with or limits in any way the right of the Company or any Subsidiary to terminate any Participant’s employment at any time, nor does the Plan confer upon any Participant any
right to continued employment with the Company or any Subsidiary. 
 (j) Awards granted under this Plan are intended to
comply with Section 409A of the Code, or an exemption thereto. 
 Section 16. Effective Date of the Plan. 

The Plan will be effective upon adoption of the Plan by the Board of the Company. The Plan will be submitted to the shareholders of the Company for
approval within one year after its adoption by the Board, and if the Plan is not approved by the shareholders, the Plan will be void and of no effect. Any Awards granted under the Plan prior to the date the Plan is submitted for approval by the
shareholders will be void if the shareholders do not approve the Plan. 
 Section 17. Expiration of the Plan. 

Awards may be granted under this Plan at any time prior to April 1, 2015, on which date the Plan will expire but without affecting any
outstanding awards. 

  
 13

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