Document:

Exhibit 10.3

 

First Defiance 

Deferred Compensation Plan

 

Revised October 30, 2014

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1	Definitions	1
	 	 	 
	ARTICLE 2	Selection, Enrollment, Eligibility	9
	 	 	 
	2.1	Selection by Committee	9
	2.2	Enrollment and Eligibility Requirements; Commencement of Participation	10
	2.3	Termination of a Participant’s Eligibility	11
	 	 	 
	ARTICLE 3	Deferral Commitments/Company Contribution Amounts/ Vesting/Crediting/Taxes	11
	 	 	 
	3.1	Reference source not found. Maximum Deferral	11
	3.2	Minimum Deferrals	11
	3.3	Election to Defer; Effect of Election Form	12
	3.4	Withholding and Crediting of Annual Deferral Amounts	14
	3.5	Company Contribution Amount	14
	3.6	Vesting	15
	3.7	Crediting/Debiting of Account Balances	16
	3.8	FICA and Other Taxes	18
	 	 	 
	ARTICLE 4	Scheduled Distribution; Unforeseeable Financial Emergencies	18
	 	 	 
	4.1	Scheduled Distribution	18
	4.2	Postponing Scheduled Distributions	19
	4.3	Other Benefits Take Precedence Over Scheduled Distributions	19
	4.4	Unforeseeable Financial Emergencies	19
	 	 	 
	ARTICLE 5	Retirement Benefit	21
	 	 	 
	5.1	Retirement Benefit	21
	5.2	Payment of Retirement Benefit	21
	 	 	 
	ARTICLE 6	Termination Benefit	22
	 	 	 
	6.1	Termination Benefit	22
	6.2	Payment of Termination Benefit	22
	 	 	 
	ARTICLE 7	Disability Benefit	22
	 	 	 
	7.1	Disability Benefit	22
	7.2	Payment of Disability Benefit	22
	 	 	 
	ARTICLE 8	Death Benefit	22
	 	 	 
	8.1	Death Benefit	22
	8.2	Payment of Death Benefit	22

 

     

     

    

 

	ARTICLE 9	Beneficiary Designation	22
	 	 	 
	9.1	Beneficiary	22
	9.2	Beneficiary Designation; Change; Spousal Consent	23
	9.3	Acknowledgement	23
	9.4	No Beneficiary Designation	23
	9.5	Doubt as to Beneficiary	23
	9.6	Discharge of Obligations	23
	 	 	 
	ARTICLE 10	Leave of Absence	23
	 	 	 
	10.1	Paid Leave of Absence	23
	10.2	Unpaid Leave of Absence	24
	 	 	 
	ARTICLE 11	Termination of Plan, Amendment or Modification	24
	 	 	 
	11.1	Termination of Plan	24
	11.2	Amendment	25
	11.3	Plan Agreement	26
	11.4	Effect of Payment	26
	 	 	 
	ARTICLE 12	Administration	26
	 	 	 
	12.1	Committee Duties	26
	12.2	Administration Upon Change In Control	26
	12.3	Agents	26
	12.4	Binding Effect of Decisions	26
	12.5	Indemnity of Committee	27
	12.6	Employer Information	27
	 	 	 
	ARTICLE 13	Other Benefits and Agreements	27
	 	 	 
	13.1	Coordination with Other Benefits	27
	 	 	 
	ARTICLE 14	Claims Procedures	27
	 	 	 
	14.1	Presentation of Claim	27
	14.2	Notification of Decision	27
	14.3	Review of a Denied Claim	28
	14.4	Decision on Review	28
	14.5	Legal Action	29
	 	 	 
	ARTICLE 15	Trust	29
	 	 	 
	15.1	Establishment of the Trust	29
	15.2	Interrelationship of the Plan and the Trust	29
	15.3	Distributions From the Trust	29
	 	 	 

 

     

     

    

 

	ARTICLE 16	Miscellaneous	29
	 	 	 
	16.1	Status of Plan	29
	16.2	Unsecured General Creditor	29
	16.3	Employer’s Liability	29
	16.4	Nonassignability	30
	16.5	Not a Contract of Employment	30
	16.6	Furnishing Information	30
	16.7	Terms	30
	16.8	Captions	30
	16.9	Governing Law	30
	16.10	Notice	30
	16.11	Successors	31
	16.12	Spouse’s Interest	31
	16.13	Validity	31
	16.14	Incompetent	31
	16.15	Court Order	31
	16.16	Insurance	31
	16.15   	Domestic Relations Orders	31
	16.18	Distribution in the Event of Income Inclusion Under Code Section 409A	31
	16.19	Deduction Limitation on Benefit Payments	32
	16.20	Fair Construction	32

 

     

     

    

 

FIRST DEFIANCE

DEFERRED COMPENSATION PLAN

Effective July 1, 2014

 

Purpose

 

The purpose
of this Plan is to provide specified benefits to Directors and a select group of management or highly compensated Employees who
contribute materially to the continued growth, development and future business success of First Defiance Financial Corp., an Ohio
corporation, and its subsidiaries and affiliates, if any, that sponsor this Plan. This Plan shall be unfunded for tax purposes
and for purposes of Title I of ERISA.

 

Effective July
1, 2014 (the “Restatement Date”), the provisions of this Plan shall amend and restate the Plan as restated December
31, 2008.

 

The Plan is
intended to comply with all applicable law, including Code Section 409A and related Treasury guidance and Regulations, and shall
be operated and interpreted in accordance with this intention.

 

ARTICLE 1

Definitions

 

For the purposes
of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated
meanings:

 

		1.1	“Account Balance” shall mean, with respect to a Participant, an entry on the records
of the Employer equal to the sum of (i) the Deferral Account balance, (ii) the Company Contribution Account balance and (iii) the
Participant’s Transfer Account balance. Subaccounts shall be maintained for each type of Company Contribution described in
Plan section 3.5. The Account Balance shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement
and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan.

 

If a Participant
is both an Employee and a Director and participates in the Plan in each capacity, then separate Account Balances (and separate
Annual Accounts, if applicable) shall be established for such Participant as a device for the measurement and determination of
the (a) amounts deferred under the Plan that are attributable to the Participant’s status as an Employee, and (b) amounts
deferred under the Plan that are attributable to the Participant’s status as a Director.

 

		1.2	“Annual Deferral Amount” shall mean that portion of a Participant's Base Salary, Bonus,
Commissions, Director Fees and LTIP Amounts that a Participant defers in accordance with Article 3 for any one Plan Year, without
regard to whether such amounts are withheld and credited during such Plan Year. In the event of a Participant's Retirement, Disability,
death or Separation from Service prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount
withheld prior to such event.

 

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		1.3	“Annual Installment Method” shall be an annual installment
payment over the number of years selected by the Participant in accordance with this Plan, calculated as follows: (i) for the first
annual installment, the Participant’s vested Account Balance shall be calculated as of the close of business on or around
the Participant’s Benefit Distribution Date, as determined by the Committee in its sole discretion, and (ii) for remaining
annual installments, the Participant’s vested Account Balance shall be calculated on every anniversary of such calculation
date, as applicable. Each annual installment shall be calculated by multiplying this balance by a fraction, the numerator of which
is one and the denominator of which is the remaining number of annual payments due to the Participant. By way of example, if the
Participant elects a ten (10) year Annual Installment Method for the Retirement Benefit, the first payment shall be 1/10 of the
vested Account Balance, calculated as described in this definition. The following year, the payment shall be 1/9 of the vested
Account Balance, calculated as described in this definition. Shares of Stock that shall be distributable from a Participant’s
Deferral Account shall be distributable in shares of actual Stock in the same manner previously described. However, the Committee
may, in its sole discretion, adjust the annual installments in order to distribute whole shares of actual Stock.

 

		1.4	“Base Salary” shall mean the annual cash compensation relating to services performed
during any calendar year, excluding distributions from nonqualified deferred compensation plans, bonuses, commissions, overtime,
fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, director fees and other fees, and
automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included
in the Employee’s gross income). Base Salary shall be calculated before reduction for compensation voluntarily deferred or
contributed by the Participant pursuant to all qualified or nonqualified plans of any Employer and shall be calculated to include
amounts not otherwise included in the Participant's gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant
to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent
that had there been no such plan, the amount would have been payable in cash to the Employee.

 

		1.5	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated
in accordance with Article 9, that are entitled to receive benefits under this Plan upon the death of a Participant.

 

		1.6	“Beneficiary Designation Form” shall mean the form established from time to time by
the Committee that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries.

 

		1.7	“Benefit Distribution Date” shall mean the date that triggers distribution of a Participant’s
vested Account Balance. A Participant’s Benefit Distribution Date shall be determined upon the occurrence of any one of the
following:

 

		(a)	If the Participant Retires, his
                                         or her Benefit Distribution Date shall be the last day of the six-month period immediately
                                         following the date on which the Participant Retires; provided, however, in the
                                         event the Participant changes his or her Retirement Benefit election in accordance with
                                         Section 5.2(b), his or her Benefit Distribution Date shall be postponed in accordance
                                         with Section 5.2(b); or

 

		(b)	If the Participant experiences a Separation from Service, his or her Benefit Distribution Date
shall be the last day of the six-month period immediately following the date on which the Participant experiences a Separation
from Service; or

 

		(c)	The date on which the Committee is provided with proof that is satisfactory to the Committee of
the Participant’s death, if the Participant dies prior to the complete distribution of his or her vested Account Balance;
or

 

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		(d)	The date on which the Participant becomes Disabled.

 

		1.8	“Board” shall mean the board of directors of the Company.

 

		1.9	“Bonus” shall mean any compensation, in addition to Base Salary, Commissions and LTIP
Amounts, earned by a Participant for services rendered during a Plan Year, under any Employer's annual bonus and cash incentive
plans, or other arrangement designated by the Committee, as further specified on an Election Form.

 

		1.10	“Change in Control” shall mean the occurrence of a “change
in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion
of the assets” of a corporation, as determined in accordance with this Section.

 

In order
for an event described below to constitute a Change in Control with respect to a Participant, except as otherwise provided in part
(b)(ii) of this Section, the applicable event must relate to the corporation for which the Participant is providing services, the
corporation that is liable for payment of the Participant’s Account Balance (or all corporations liable for payment if more
than one), as identified by the Committee in accordance with Treas. Reg. §1.409A- 3(i)(5)(ii)(A)(2), or such other corporation
identified by the Committee in accordance with Treas. Reg. §1.409A-3(i)(5)(ii)(A)(3).

 

In determining
whether an event shall be considered a “change in the ownership,” a “change in the effective control” or
a “change in the ownership of a substantial portion of the assets” of a corporation, the following provisions shall
apply:

 

		(a)	A “change in the ownership” of the applicable corporation
shall occur on the date on which any one person, or more than one person acting as a group, acquires ownership of stock of such
corporation that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or
total voting power of the stock of such corporation, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(v). If a
person or group is considered either to own more than 50% of the total fair market value or total voting power of the stock of
such corporation, or to have effective control of such corporation within the meaning of part (b) of this Section, and such person
or group acquires additional stock of such corporation, the acquisition of additional stock by such person or group shall not be
considered to cause a “change in the ownership” of such corporation.

 

		(b)	A “change in the effective control” of the applicable corporation shall occur on either
of the following dates:

 

		(i)	The date on which any one 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 such
corporation possessing 30% or more of the total voting power of the stock of such corporation, as determined in accordance with
Treas. Reg. §1.409A-3(i)(5)(vi). If a person or group is considered to possess 30% or more of the total voting power of the
stock of a corporation, and such person or group acquires additional stock of such corporation, the acquisition of additional stock
by such person or group shall not be considered to cause a “change in the effective control” of such corporation; or

 

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		(ii)	The date on which a majority of the members of the applicable corporation’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 such corporation’s board of directors before the date of the appointment or election, as determined in accordance with
Treas. Reg. §1.409A-3(i)(5)(vi). In determining whether the event described in the preceding sentence has occurred, the applicable
corporation to which the event must relate shall only include a corporation identified in accordance with Treas. Reg. §1.409A-3(i)(5)(ii)
for which no other corporation is a majority shareholder.

 

		(c)	A “change in the ownership of a substantial portion of the
assets” of the applicable corporation shall occur on the date on which any one 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 corporation that have a total gross fair market value equal to or more than 40% of the total gross
fair market value of all of the assets of the corporation immediately before such acquisition or acquisitions, as determined in
accordance with Treas. Reg. §1.409A-3(i)(5)(vii). A transfer of assets shall not be treated as a “change in the ownership
of a substantial portion of the assets” when such transfer is made to an entity that is controlled by the shareholders of
the transferor corporation, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vii)(B).

 

		1.11	“Claimant” shall have the meaning set forth in Section 14.1.

 

		1.12	“Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time.

 

		1.13	“Commissions” shall mean the cash commissions earned by a Participant from any Employer
for services rendered during a Plan Year, excluding Bonus, LTIP Amounts or other additional incentives or awards earned by the
Participant, and determined in accordance with Code Section 409A and related Treasury Regulations and Guidance.

 

		1.14	“Committee” shall mean the committee described in Article 12.

 

		1.15	“Company” shall mean First Defiance Financial Corp., an Ohio corporation, and any successor
to all or substantially all of the Company’s assets or business.

 

		1.16	“Company Contribution Account” shall mean (i) the sum of the Participant’s Company
Contributions, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance with
Section 3.7 of this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan
that relate to the Participant’s Company Contribution Account.

 

		1.17	“Company Contributions” shall mean the Company Contributions determined in accordance
with Section 3.5.

 

		1.18	“Compensation” means a Participant’s Compensation as defined in the plan document
for the Qualified Plan for the type of Supplemental Contribution being made under the terms of this Plan.

 

		1.19	“Death Benefit” shall mean the benefit set forth in Article 8.

 

		1.20	“Deferral Account” shall mean (i) the sum of all of a
Participant's Annual Deferral Amounts, plus (ii) amounts credited or debited to the Participant’s Deferral Account in accordance
with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that
relate to his or her Deferral Account.

 

    	 	 	 -4-

     

    

 

		1.21	“Designated Participant” means a Participant who has been designated by the Committee
to receive either or both of the Supplemental Contributions provided by Plan section 3.5(c).

 

		1.22	“Director” shall mean any member of the board of directors of any Employer.

 

		1.23	“Director Fees” shall mean the annual fees earned by a Director from any Employer,
including retainer fees and meetings fees, as compensation for serving on the board of directors.

 

		1.24	“Disability” or “Disabled” shall mean that a Participant is (i) unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) by reason of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under
an accident or health plan covering employees of the Participant’s Employer. For purposes of this Plan, a Participant shall
be deemed Disabled if determined to be totally disabled by the Social Security Administration. A Participant shall also be deemed
Disabled if determined to be disabled in accordance with the applicable disability insurance program of such Participant’s
Employer, provided that the definition of “disability” applied under such disability insurance program complies with
the requirements of this Section.

 

		1.25	“Disability Benefit” shall mean the benefit set forth in Article 7.

 

		1.26	“Discretionary Contribution” shall mean, for any one Plan Year, the Company Contribution made at the discretion
of an Employer pursuant to Plan Section 3.5(b).

 

		1.27	“Election Form” shall mean the form, which may be in electronic format, established
from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the
Plan.

 

		1.28	“Employee” shall mean a person who is an employee of any Employer.

 

		1.29	“Employer(s)” shall mean the Company and/or any of its subsidiaries or affiliates (now
in existence or hereafter formed or acquired) that have been selected by the Board to participate in the Plan and have adopted
the Plan as a sponsor, all of which will be listed at the end of this document.

 

For the purpose
of determining whether a Participant has experienced a Separation from Service, the term “Employer” shall mean:

 

		(i)	The entity for which the Participant performs services and with respect to which the legally binding
right to compensation deferred or contributed under this Plan arises; and

 

		(ii)	All other entities with which the entity described above would be
aggregated and treated as a single employer under Code Section 414(b) (controlled group of corporations) and Code Section 414(c)
(a group of trades or businesses, whether or not incorporated, under common control), as applicable. In order to identify the group
of entities described in the preceding sentence, the Committee shall use an ownership threshold of at least 50% as a substitute
for the 80% minimum ownership threshold that appears in, and otherwise must be used when applying, the applicable provisions of
(A) Code Section 1563 for determining a controlled group of corporations under Code Section 414(b), and (B) Treas. Reg. §1.414(c)-
2 for determining the trades or businesses that are under common control under Code Section 414(c).

 

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		1.30	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be
amended from time to time.

 

		1.31	“LTIP Amounts” shall mean any portion of the compensation attributable to a Plan Year
that is earned by a Participant as an Employee under any Employer's long-term incentive plan or any other long-term incentive arrangement
designated by the Committee.

 

		1.32	“Participant” shall mean any Employee or Director (i) who is selected to participate in the Plan, (ii) who submits
an executed Plan Agreement, Election Form and Beneficiary Designation Form, which are accepted by the Committee, and (iii) whose
Plan Agreement has not terminated.

 

		1.33	“Performance-Based Compensation” shall mean compensation the entitlement to or amount
of which is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance
period of at least 12 consecutive months, as determined by the Committee in accordance with Treas. Reg. §1.409A-1(e)

 

		1.34	“Plan” shall mean the First Defiance Deferred Compensation Plan, which shall be evidenced
by this instrument and by each Plan Agreement, as they may be amended from time to time, and by any other documents that together
with this instrument define a Participant’s rights to amounts credited to his or her Account Balance.

 

		1.35	“Plan Agreement” shall mean a written agreement, as may be amended from time to time,
which is entered into by and between an Employer and a Participant. Each Plan Agreement executed by a Participant and the Participant’s
Employer shall provide for the entire benefit to which such Participant is entitled under the Plan; should there be more than one
Plan Agreement, the Plan Agreement bearing the latest date of acceptance by the Employer shall supersede all previous Plan Agreements
in their entirety and shall govern such entitlement. The terms of any Plan Agreement may be different for any Participant, and
any Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the
Plan; provided, however, that any such additional benefits or benefit limitations must be agreed to by both the Employer and the
Participant.

 

		1.36	“Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing
through December 31 of such calendar year.

 

		1.37	“Qualified Plan” means the First Defiance Financial Corp. 401(k) Employee Savings Plan.

 

		1.38	“Required Company Contribution” shall mean, for any one Plan Year, the Company Contribution made by an Employer
pursuant to Plan Section 3.5(a) as required by an agreement between the Company and a Participant.

 

    	 	 	 -6-

     

    

 

		1.39	“Retirement,” “Retire(s)” or “Retired”
shall mean with respect to a Participant who is an Employee, a Separation from Service on or after the attainment of age 55 with
5 Years of Service, and shall mean with respect to a Participant who is a Director, a Separation from Service. If a Participant
is both an Employee and a Director and participates in the Plan in each capacity, (a) the determination of whether the Participant
qualifies for Retirement as an Employee shall be made when the Participant experiences a Separation from Service as an Employee
and such determination shall only apply to the applicable Account Balance established in accordance with Section 1.1 for amounts
deferred under the Plan as an Employee, and (b) the determination of whether the Participant qualifies for Retirement as a Director
shall be made at the time the Participant experiences a Separation from Service as a Director and such determination shall only
apply to the applicable Account Balance established in accordance with Section 1.1 for amounts deferred under the Plan as a Director.

 

		1.40	“Retirement Benefit” shall mean the benefit set forth in Article 5.

 

		1.41	“Salary Deferral Plan” shall mean the deferred compensation agreements, effective as of September 1, 2002, entered
into between First Federal Bank (now known as First Federal Bank of the Midwest) and the applicable individual identified in such
agreement, including such agreements as have been attested to by the First Federal Bank of the Midwest (each, a “Salary Deferral
Plan”), with respect to amounts credited to such Salary Deferral Plan.

 

		1.42	“Scheduled Distribution” shall mean the distribution set forth in Section 4.1.

 

		1.43	“Separation from Service” shall mean a termination of services provided by a Participant
to his or her Employer, whether voluntarily or involuntarily, other than by reason of death or Disability, as determined by the
Committee in accordance with Treas. Reg. §1.409A-1(h). In determining whether a Participant has experienced a Separation from
Service, the following provisions shall apply:

 

		(a)	For a Participant who provides services to an Employer as an Employee, except as otherwise provided
in part (c) of this Section, a Separation from Service shall occur when such Participant has experienced a Separation from Service
with such Employer. A Participant shall be considered to have experienced a Separation from Service when the facts and circumstances
indicate that the Participant and his or her Employer reasonably anticipate that either (i) no further services will be performed
for the Employer after a certain date, or (ii) that the level of bona fide services the Participant will perform for the Employer
after such date (whether as an Employee or as an independent contractor) will permanently decrease to no more than 20% of the average
level of bona fide services performed by such Participant (whether as an Employee or an independent contractor) over the immediately
preceding 36-month period (or the full period of services to the Employer if the Participant has been providing services to the
Employer less than 36 months).

 

If a Participant
is on military leave, sick leave, or other bona fide leave of absence, the employment relationship between the Participant and
the Employer shall be treated as continuing intact, provided that the period of such leave does not exceed 6 months, or if longer,
so long as the Participant retains a right to reemployment with the Employer under an applicable statute or by contract. If the
period of a military leave, sick leave, or other bona fide leave of absence exceeds 6 months and the Participant does not retain
a right to reemployment under an applicable statute or by contract, the employment relationship shall be considered to be terminated
for purposes of this Plan as of the first day immediately following the end of such 6-month period. In applying the provisions
of this paragraph, a leave of absence shall be considered a bona fide leave of absence only if there is a reasonable expectation
that the Participant will return to perform services for the Employer.

 

    	 	 	 -7-

     

    

 

		(b)	For a Participant who provides services to an Employer as an independent contractor, except as
otherwise provided in part (c) of this Section, a Separation from Service shall occur upon the expiration of the contract (or in
the case of more than one contract, all contracts) under which services are performed for such Employer, provided that the expiration
of such contract(s) is determined by the Committee to constitute a good-faith and complete termination of the contractual relationship
between the Participant and such Employer.

 

		(c)	For a Participant who provides services to an Employer as both an Employee and an independent contractor,
a Separation from Service generally shall not occur until the Participant has ceased providing services for such Employer as
both as an Employee and as an independent contractor, as determined in accordance with the provisions set forth in parts (a) and
(b) of this Section, respectively. Similarly, if a Participant either (i) ceases providing services for an Employer as an independent
contractor and begins providing services for such Employer as an Employee, or (ii) ceases providing services for an Employer as
an Employee and begins providing services for such Employer as an independent contractor, the Participant will not be considered
to have experienced a Separation from Service until the Participant has ceased providing services for such Employer in both capacities,
as determined in accordance with the applicable provisions set forth in parts (a) and (b) of this Section.

 

Notwithstanding
the foregoing provisions in this part (c), if a Participant provides services for an Employer as both an Employee and as a Director,
to the extent permitted by Treas. Reg. §1.409A-1(h)(5) the services provided by such Participant as a Director shall not be
taken into account in determining whether the Participant has experienced a Separation from Service as an Employee, and the services
provided by such Participant as an Employee shall not be taken into account in determining whether the Participant has experienced
a Separation from Service as a Director.

 

		1.44	“Specified Employee” shall mean any Participant who is determined to be a “key
employee” (as defined under Code Section 416(i) without regard to paragraph (5) thereof) for the applicable period, as determined
annually by the Committee in accordance with Treas. Reg. §1.409A-1(i). In determining whether a Participant is a Specified
Employee, the following provisions shall apply:

 

		(a)	The Committee’s identification of the individuals who fall within the definition of “key
employee” under Code Section 416(i) (without regard to paragraph (5) thereof) shall be based upon the 12-month period ending
on each December 31st (referred to below as the “identification date”). In applying the applicable provisions of Code
Section 416(i) to identify such individuals, “compensation” shall be determined in accordance with Treas. Reg. §1.415(c)-2(a)
without regard to (i) any safe harbor provided in Treas. Reg. §1.415(c)-2(d),
(ii) any of the special timing rules provided in Treas. Reg. §1.415(c)-2(e), and (iii) any of the special rules provided in
Treas. Reg. §1.415(c)-2(g); and

 

    	 	 	 -8-

     

    

 

		(b)	Each Participant who is among the individuals identified as a “key employee” in accordance
with part (a) of this Section shall be treated as a Specified Employee for purposes of this Plan if such Participant experiences
a Separation from Service during the 12-month period that begins on the April 1st following the applicable identification date.

 

		1.45	“Stock” shall mean First Defiance Financial Corp. common stock, $0.01 par value, or
any other equity securities of the Company designated by the Committee.

 

		1.46	“Supplemental Contributions” shall mean the Company Supplemental Contributions determined in accordance with Section
3.5(c).

 

		1.47	“Supplemental Matching Contribution” shall mean, for any one Plan Year, the Supplemental
Matching Contributions determined in accordance with Section 3.5(c)(1).

 

		1.48	“Supplemental Nonelective Contribution” shall mean, for any one Plan Year, the Supplemental
Nonelective Contributions determined in accordance with Section 3.5(c)(2).

 

		1.49	“Termination Benefit” shall mean the benefit set forth in Article 6.

 

		1.50	“Transfer Account” shall mean any and all such balances accrued by a Participant under
a Salary Deferral Plan shall be credited to the Participant’s Transfer Account (subject to the terms and conditions of this
Plan) on or around December 31, 2005.

 

		1.51	“Treasury Guidance” shall mean any official releases of the Department of Treasury
and the Internal Revenue Service including regulations, notices, revenue rulings, revenue procedures and other like official materials.

 

		1.52	“Trust” shall mean one or more trusts established by the Company in accordance with Article 15.

 

		1.53	“Unforeseeable Financial Emergency” shall mean a severe financial hardship of the Participant
resulting from (a) an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary
or the Participant’s dependent (as defined in Code Section 152 without regard to paragraphs (b)(1), (b)(2) and (d)(1)(b)
thereof), (b) a loss of the Participant’s property due to casualty, or (c) such other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Participant, all as determined by the Committee based on
the relevant facts and circumstances.

 

		1.54	“Years of Service” shall mean the total number of full years in which a Participant
has been employed by one or more Employers. For purposes of this definition, a year of employment shall be a 365 day period (or
366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee's date of hiring and
that, for any subsequent year, commences on an anniversary of that hiring date. The Committee shall make a determination as to
whether any partial year of employment shall be counted as a Year of Service.

 

ARTICLE 2

Selection, Enrollment,
Eligibility

 

		2.1	Selection by Committee Participation in the Plan shall
be limited to Directors and, as determined by the Committee in its sole discretion, a select group of management or highly compensated
Employees. The Committee shall determine, in its sole discretion, from among the select group of management or highly compensated
Employees, which Employees may actually participate in this Plan and which benefits of the Plan will apply to the selected Employee.
A Employee selected for participation is not necessarily eligible for all benefits of the Plan, e.g. a Participant may be
eligible to make Deferral Contributions, but not be eligible to receive Employer Contributions.

 

    	 	 	 -9-

     

    

 

		2.2	Enrollment and Eligibility Requirements;
                                         Commencement of Participation

 

		(a)	As a condition to participation, each Director or selected Employee who is eligible to participate
in the Plan effective as of the first day of a Plan Year shall complete, execute and return to the Committee a Plan Agreement,
an Election Form and a Beneficiary Designation Form, prior to the first day of such Plan Year, or such other earlier deadline as
may be established by the Committee in its sole discretion. In addition, the Committee shall establish from time to time such other
enrollment requirements as it determines, in its sole discretion, are necessary.

 

		(b)	A Director or selected Employee who first becomes eligible to participate in this Plan after the
first day of a Plan Year must complete these requirements to submit an Election Form and a Beneficiary Designation Form within
thirty (30) days after he or she first becomes eligible to participate in the Plan, or within such other earlier deadline as may
be established by the Committee, in its sole discretion, in order to participate for that Plan Year. In such event, such person’s
participation in this Plan shall not commence earlier than the date determined by the Committee pursuant to Section 2.2(c) and
such person shall not be permitted to defer under this Plan any portion of his or her Base Salary, Bonus, LTIP Amounts, Commissions
and/or Director Fees that are paid with respect to services performed prior to his or her participation commencement date, except
to the extent permissible under Code Section 409A and related Treasury Guidance.

 

		(c)	Each Director or selected Employee who is eligible to participate in the Plan shall commence participation
in the Plan on the date that the Committee determines, in its sole discretion, that the Director or Employee has met all enrollment
requirements set forth in this Plan and required by the Committee, including returning all required documents to the Committee
within the specified time period. Notwithstanding the foregoing, the Committee shall process such Participant’s deferral
election as soon as administratively practicable after such deferral election is submitted to and accepted by the Committee.

 

		(d)	If a Director or an Employee fails to meet all requirements contained in this Section 2.2 within
the period required, that Director or Employee shall not be eligible to participate in the Plan during such Plan Year. A Director
or an Employee who has been eligible for and enrolled in the Plan with respect to any form of deferred compensation under Article
3 at an earlier date who is subsequently made eligible for a different type or form of deferred compensation under Article 3 shall
not again be required to re-enroll, except to the extent necessary to make any election that might be specifically required for
the new form or type of deferred compensation.

 

    	 	 	 -10-

     

    

 

		2.3	Termination of a Participant’s Eligibility. If
the Committee determines that an Employee Participant no longer qualifies as a member of a select group of management or highly
compensated employees, as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of
ERISA, or that the inclusion of Directors in this Plan could jeopardize the status of this Plan as a plan intended to be “unfunded”
and “maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management
or highly compensated employees” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1), the Committee
shall have the right, in its sole discretion, to (i) terminate any deferral election the Participant has made for the remainder
of the Plan Year in which the Committee makes such determination, (ii) prevent the Participant from making future deferral elections,
and/or (iii) take further action that the Committee deems appropriate. Notwithstanding the foregoing, in the event of a Termination
of the Plan, the termination of the affected Participants’ eligibility for participation in the Plan shall not be governed
by this Section 2.3, but rather shall be governed by Section 11.1. In the event that a Participant is no longer eligible to defer
compensation under this Plan, the Participant’s Account Balance shall continue to be governed by the terms of this Plan until
such time as the Participant’s Account Balance is paid in accordance with the terms of this Plan.

 

ARTICLE 3

Deferral Commitments/Company
Contribution Amounts/

Vesting/Crediting/Taxes

 

		3.1	Maximum Deferral

 

		(a)	Annual Deferral Amount. For each Plan Year, a Participant may elect to defer, as
his or her Annual Deferral Amount, Base Salary, Bonus, Commissions, LTIP Amounts and/or Director Fees up to the following maximum
percentages for each deferral elected:

 

	Deferral	 	Maximum Percentage	 
	Base Salary	 	 	80	%
	Bonus	 	 	100	%
	Commissions	 	 	80	%
	LTIP Amounts	 	 	100	%
	Director Fees	 	 	100	%

 

		(b)	Short Plan Year. Notwithstanding the foregoing, if a Participant first becomes a
Participant after the first day of a Plan Year, then to the extent required by Section 3.2 and Code Section 409A and related Treasury
Guidance, the maximum amount of the Participant’s Base Salary, Bonus, Commissions, LTIP Amounts or Director Fees that may
be deferred by the Participant for the Plan Year shall be determined by applying the percentages set forth in Section 3.1(a) to
the portion of such compensation attributable to services performed after the date that the Participant’s deferral election
is made.

 

		3.2	Minimum Deferrals

 

		(a)	Annual Deferral Amount. For each Plan Year, a Participant may elect to defer, as
his or her Annual Deferral Amount, Base Salary, Bonus, Commissions, LTIP Amounts and/or Director Fees in the following minimum
amounts for each deferral elected:

 

    	 	 	 -11-

     

    

 

	Deferral	 	Minimum Amount	 
	Base Salary, Bonus, Commissions and/or LTIP Amounts	 	$	2,000 aggregate	 
	Director Fees	 	$	0	 

 

If the Committee
determines, in its sole discretion, prior to the beginning of a Plan Year that a Participant has made an election for less than
the stated minimum amounts, or if no election is made, the amount deferred shall be zero.

 

		(b)	Short Plan Year. Notwithstanding the foregoing, if a Participant first becomes a
Participant after the first day of a Plan Year, the minimum Annual Deferral Amount shall be an amount equal to the minimum
set forth above, multiplied by a fraction, the numerator of which is the number of complete months remaining in the Plan Year and
the denominator of which is 12.

 

		3.3	Election to Defer; Effect of Election FormGeneral Timing Rule for Deferral Elections.
Except as otherwise provided in this Section 3.3(a), in order for a Participant to make a valid election to defer Base Salary,
Bonus, Commissions, Director Fees and/or LTIP Amounts, the Participant must submit an Election Form on or before the deadline established
by the Committee, which in no event shall be later than the December 31st preceding the Plan Year in which such compensation will
be earned.

 

Any deferral
election made in accordance with this Section 3.3(a) shall be irrevocable; provided, however, that if the Committee permits or
requires Participants to make a deferral election by the deadline described above for an amount that qualifies as Performance-Based
Compensation, the Committee may permit a Participant to subsequently change his or her deferral election for such compensation
by submitting a new Election Form in accordance with Section 3.3(d) below.

 

		(a)	Timing of Deferral Elections for Newly Eligible Plan Participants. A Director or
selected Employee who first becomes eligible to participate in the Plan on or after the beginning of a Plan Year, as determined
in accordance with Treas. Reg. §1.409A- 2(a)(7)(ii) and the “plan aggregation” rules provided in Treas. Reg. §1.409A-1(c)(2),
may be permitted to make an election to defer the portion of Base Salary, Bonus, Commissions, Director Fees and/or LTIP Amounts
attributable to services to be performed after such election, provided that the Participant submits an Election Form on or before
the deadline established by the Committee, which in no event shall be later than 30 days after the Participant first becomes eligible
to participate in the Plan.

 

If a deferral
election made in accordance with this Section 3.3(b) relates to compensation earned based upon a specified performance period,
the amount eligible for deferral shall be equal to (i) the total amount of compensation for the performance period, multiplied
by (ii) a fraction, the numerator of which is the number of days remaining in the service period after the Participant’s
deferral election is made, and the denominator of which is the total number of days in the performance period.

 

    	 	 	 -12-

     

    

 

Any deferral election
made in accordance with this Section 3.3(b) shall become irrevocable no later than the 30th day
after the date the Director or selected Employee becomes eligible to participate in the Plan.

 

		(b)	Timing of Deferral Elections for Fiscal Year Compensation. In the event that the
fiscal year of an Employer is different than the taxable year of a Participant, the Committee may determine that a deferral election
may be made for “fiscal year compensation” (as defined below), by submitting an Election Form on or before the deadline
established by the Committee, which in no event shall be later than the last day of the Employer’s fiscal year immediately
preceding the fiscal year in which the services related to such compensation will begin to be performed. For purposes of this Section,
the term “fiscal year compensation” shall only include Bonus and LTIP Amounts relating to a service period coextensive
with one or more consecutive fiscal years of the Employer, of which no amount is paid or payable during the Employer’s fiscal
year(s) that constitute the service period.

 

A deferral
election made in accordance with this Section 3.3(c) shall be irrevocable; provided, however, that if the Committee permits or
requires Participants to make a deferral election by the deadline described in this Section 3.3(c) for an amount that qualifies
as Performance-Based Compensation, the Committee may permit a Participant to subsequently change his or her deferral election for
such compensation by submitting a new Election Form in accordance with 3.3(d) below.

 

		(d)	Timing of Deferral Elections for Performance-Based Compensation. Subject to the limitations
described below, the Committee may determine that an irrevocable deferral election for an amount that qualifies as Performance-Based
Compensation may be made by submitting an Election Form on or before the deadline established by the Committee, which in no event
shall be later than 6 months before the end of the performance period.

 

In order
for a Participant to be eligible to make a deferral election for Performance-Based Compensation in accordance with the deadline
established pursuant to this Section 3.3(d), the Participant must have performed services continuously from the later of (i) the
beginning of the performance period for such compensation, or (ii) the date upon which the performance criteria for such compensation
are established, through the date upon which the Participant makes the deferral election for such compensation. In no event shall
a deferral election submitted under this Section 3.3(d) be permitted to apply to any amount of Performance-Based Compensation that
has become readily ascertainable.

 

		(e)	Timing Rule for Deferral of Compensation Subject
to Risk of Forfeiture. With respect to compensation (i) to which a Participant has a legally binding right to payment
in a subsequent year, and (ii) that is subject to a forfeiture condition requiring the Participant’s continued services
for a period of at least 12 months from the date the Participant obtains the legally binding right, the Committee may determine
that an irrevocable deferral election for such compensation may be made by timely delivering an Election Form to the Committee
in accordance with its rules and procedures, no later than the 30th day after the Participant
obtains the legally binding right to the compensation, provided that the election is made at least 12 months in advance of the
earliest date at which the forfeiture condition could lapse, as determined in accordance with Treas. Reg. §1.409A-2(a)(5).

 

    	 	 	 -13-

     

    

 

Any deferral
election(s) made in accordance with this Section 3.3(e) shall become irrevocable no later than the 30th
day after the Participant obtains the legally binding right to the compensation subject to such deferral election(s).

 

		3.4	Withholding and Crediting of Annual
                                         Deferral Amounts

 

		(a)	For each Plan Year, the Base Salary portion of the Annual Deferral Amount shall be withheld from
each regularly scheduled Base Salary payroll in equal amounts, as adjusted from time to time for increases and decreases in Base
Salary. The Bonus, Commissions, LTIP Amounts and/or Director Fees portion of the Annual Deferral Amount shall be withheld at the
time the Bonus, Commissions, LTIP Amounts or Director Fees are or otherwise would be paid to the Participant, whether or not this
occurs during the Plan Year itself. Annual Deferral Amounts shall be credited to a Participant’s Deferral Account at the
time such amounts would otherwise have been paid to the Participant.

 

		(b)	Notwithstanding any provision or election under this Plan to the contrary, if necessary to comply
with Code Section 409A or to facilitate administration of the Company’s payroll system, the Committee, in its sole discretion,
may choose to either (i) not withhold Base Salary or Commissions during any payroll period in which any portion of such Base Salary
or Commissions relates to services performed in a prior Plan Year, or (ii) withhold Base Salary or Commissions during any payroll
period in which any portion of such Base Salary or Commissions relates to services performed in a prior Plan Year in accordance
with the Participant’s deferral election submitted for the prior Plan Year. Accordingly, in order to carry out the intent
of this provision, the Committee may adjust a Participant’s Base Salary or Commissions deferral election submitted pursuant
to this Article 3.

 

		3.5	Company
                                         Contributions.

 

		(a)	For each Plan Year, an Employer may be required to credit amounts to a Participant’s Required
Company Contribution subaccount in accordance with employment or other agreements entered into between the Participant and the
Employer. Such amounts shall be credited on the date or dates prescribed by such agreements.

 

		(b)	For each Plan Year, an Employer, in its sole discretion, may, but is not required to, credit any
amount it desires to any Participant’s Discretionary Contribution Account under this Plan, which amount shall be for that
Participant the Company Contribution Amount for that Plan Year. The amount so credited to a Participant may be smaller or larger
than the amount credited to any other Participant, and the amount credited to any Participant for a Plan Year may be zero, even
though one or more other Participants receive a Company Contribution Amount for that Plan Year. The Company Contribution Amount
described in this Section 3.5(b), if any, shall be credited on a date or dates to be determined by the Committee, in its sole discretion.

 

		(c)	Company Supplemental Contributions:

 

(1)  Supplemental
Matching Contributions. Each Designated Participant who is eligible to receive a matching montribution under the Qualified
Plan shall be entitled to receive a Supplemental Matching Contribution as defined herein. The Supplemental Matching Contribution
is the amount equal to the excess, if any, of A minus B, where:

 

“A” is the
matching contribution that would have been contributed to the Qualified Plan and allocated to the Participant for the Taxable
Year, determined without the limitations imposed by Code §402(g), §401(a)(4), §401(a)(17) or §415
calculated using the Participant’s Compensation for the Taxable Year; and

“B”
is the actual matching contribution made on behalf of the Participant’s account under the Qualified Plan for the Taxable
Year.

 

    	 	 	 -14-

     

    

 

(2)   Supplemental
Nonelective Contributions. Each Designated Participant who is eligible to receive a nonelective contribution under the Qualified
Plan shall be entitled to receive a Supplemental Nonelective Contribution as defined herein. The Supplemental Nonelective Contribution
is the amount equal to the excess, if any, of C minus D, where:

 

“C”
is the nonelective contribution that would have been contributed to the Qualified Plan and allocated to the Participant for the
Taxable Year, determined without the limitations imposed by Code §401(a)(4), §401(a)(17), or §415 calculated using
the Participant’s Compensation for the Taxable Year; and

 

“D”
is the actual nonelective contribution made on behalf of the Participant’s account under the Qualified Plan for the Taxable
Year.

 

		(d)	If not otherwise specified in the Participant’s employment or other agreement entered into between the Participant and
the Employer, or as set forth in this Plan, the amount (or the method or formula for determining the amount) of a Participant’s
Company Contribution shall be set forth in writing in one or more documents, which shall be deemed to be incorporated into this
Plan in accordance with Section 1.34, no later than the date on which such Company Contribution Amount is credited to the applicable
Company Contributions Account of the Participant.

 

		3.6	Vesting.

 

		(a)	A Participant shall at all times be 100% vested in his or her Deferral Account and Transfer Account.

 

		(b)	A Participant shall be vested in his or her Company Contribution Account in accordance with:

 

		(1)	The vesting schedule(s) set forth in his or her Plan Agreement, employment agreement or any other
agreement entered into between the Participant and his or her Employer.

 

		(2)	If not addressed in such agreements described in subparagraph (1), a vesting schedule declared
by the Committee in its sole discretion.

 

		(3)	If not addressed as provided in subparagraphs (1 or 2), the Participant shall be deemed 100% vested
in any Company Contribution not subject to a vesting schedule described in subparagraph (1 or 2).

 

		(4)	Each different type of Company Contribution may be subject to a different vesting schedule and
each year’s contributions of any type may be subject to a different vesting schedule; the Company Contribution account does
not have to be subject to only one or a uniform vesting schedule.

 

    	 	 	 -15-

     

    

 

		(c)	Notwithstanding anything to the contrary contained in this Section 3.6, upon a Participant’s
(i) death while employed by an Employer, (ii) Disability, or (iii) Retirement that occurs on or after the Participant’s attainment
of age sixty-five (65), the Participant’s Company Contribution Account shall immediately become 100% vested (if it is not
already vested in accordance with the above vesting schedules).

 

		3.7	Crediting/Debiting of Account Balances In accordance with, and subject to, the rules
and procedures that are established from time to time by the Committee, in its sole discretion, amounts shall be credited or debited
to a Participant's Account Balance in accordance with the following rules:

 

		(a)	Measurement Funds. Subject to the restrictions found in Section 3.7(c) below, the
Participant may elect one or more of the measurement funds selected by the Committee, in its sole discretion, which are based on
certain mutual funds (the “Measurement Funds”), for the purpose of crediting or debiting additional amounts to his
or her Account Balance. As necessary, the Committee may, in its sole discretion, discontinue, substitute or add a Measurement Fund.
Each such action will take effect as of the first day of the first calendar quarter that begins at least thirty (30) days after
the day on which the Committee gives Participants advance written notice of such change.

 

		(b)	Election of Measurement Funds. Subject to the restrictions found in Section 3.7(c)
below, a Participant, in connection with his or her initial deferral election in accordance with Section 3.70 above, shall elect,
on the Election Form, one or more Measurement Fund(s) (as described in Section 3.7(a) above) to be used to determine the amounts
to be credited or debited to his or her Account Balance. If a Participant does not elect any of the Measurement Funds as described
in the previous sentence, the Participant’s Account Balance shall automatically be allocated into the lowest-risk Measurement
Fund, as determined by the Committee, in its sole discretion. Subject to the restrictions found in Section 3.7(c) below, the Participant
may (but is not required to) elect, by submitting an Election Form to the Committee that is accepted by the Committee, to add or
delete one or more Measurement Fund(s) to be used to determine the amounts to be credited or debited to his or her Account Balance,
or to change the portion of his or her Account Balance allocated to each previously or newly elected Measurement Fund. If an election
is made in accordance with the previous sentence, it shall apply as of the first business day deemed reasonably practicable by
the Committee, in its sole discretion, and shall continue thereafter for each subsequent day in which the Participant participates
in the Plan, unless changed in accordance with the previous sentence. Notwithstanding the foregoing, the Committee, in its sole
discretion, may impose limitations on the frequency with which one or more of the Measurement Funds elected in accordance with
this Section may be added or deleted by such Participant; furthermore, the Committee, in its sole discretion, may impose limitations
on the frequency with which the Participant may change the portion of his or her Account Balance allocated to each previously or
newly elected Measurement Fund.

 

    	 	 	 -16-

     

    

 

		(c)	First
                                         Defiance Stock Unit Fund.

 

		(i)	The Committee, in its sole discretion, may permit a Participant to initially elect to irrevocably
allocate all or a portion of his or her future Director Fees, in accordance with the terms of this Plan, to the First Defiance
Stock Unit Fund. Any deferrals of Director Fees allocated to the First Defiance Stock Unit Fund by such Participant cannot be re-allocated
to any other Measurement Fund and shall only be distributable in actual shares of Stock.

 

		(ii)	Any stock dividends, cash dividends or other non-cash dividends that would have been payable on
the Stock credited to such Participant’s Account Balance shall be credited to the Participant’s Account Balance in
the form of additional shares of Stock and shall automatically and irrevocably be deemed to be re-invested in the First Defiance
Stock Unit Fund until such amounts are distributed to the Participant. The number of shares credited to the Participant for a particular
stock dividend shall be equal to (a) the number of shares of Stock credited to the Participant’s Account Balance as of the
payment date for such dividend in respect of each share of Stock, multiplied by (b) the number of additional or fractional shares
of Stock actually paid as a dividend in respect of each share of Stock. The number of shares credited to the Participant for a
particular cash dividend or other non-cash dividend shall be equal to (a) the number of shares of Stock credited to the Participant’s
Account Balance as of the payment date for such dividend in respect of each share of Stock, multiplied by (b) the fair market value
of the dividend, divided by (c) the “fair market value” of the Stock on the payment date for such dividend.

 

		(iii)	The number of shares of Stock credited to the Participant’s Account Balance may be adjusted
by the Committee, in its sole discretion, to prevent dilution or enlargement of Participants’ rights with respect to the
portion of his or her Account Balance allocated to the First Defiance Stock Unit Fund in the event of any reorganization, reclassification,
stock split, or other unusual corporate transaction or event which affects the value of the Stock, provided that any such adjustment
shall be made taking into account any crediting of shares of Stock to the Participant under Section 3.7.

 

		(iv)	For purposes of this Section 3.7(c), the “fair market value” of the Stock shall be
determined by the Committee in its sole discretion.

 

		(d)	Proportionate Allocation. In making any election described in Section 3.7(b) above,
the Participant shall specify on the Election Form, in increments of one percent (1%), the percentage of his or her Account Balance
or Measurement Fund, as applicable, to be allocated/reallocated.

 

		(e)	Crediting or Debiting Method. The performance of each Measurement Fund (either positive
or negative) will be determined on a daily basis based on the manner in which such Participant’s Account Balance has been
hypothetically allocated among the Measurement Funds by the Participant.

 

    	 	 	 -17-

     

    

 

		(f)	No Actual Investment. Notwithstanding any other provision
of this Plan that may be interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only,
and a Participant's election of any such Measurement Fund, the allocation of his or her Account Balance thereto, the calculation
of additional amounts and the crediting or debiting of such amounts to a Participant's Account Balance shall not be considered
or construed in any manner as an actual investment of his or her Account Balance in any such Measurement Fund. In the event that
the Company or the Trustee (as that term is defined in the Trust), in its own discretion, decides to invest funds in any or all
of the investments on which the Measurement Funds are based, no Participant shall have any rights in or to such investments themselves.
Without limiting the foregoing, a Participant's Account Balance shall at all times be a bookkeeping entry only and shall not represent
any investment made on his or her behalf by the Company or the Trust; the Participant shall at all times remain an unsecured creditor
of the Company.

 

		3.8	FICA and Other Taxes.

 

		(a)	Annual Deferral Amounts. For each Plan Year in which an Annual Deferral Amount is
being withheld from a Participant, the Participant’s Employer(s) shall withhold from that portion of the Participant’s
Base Salary, Bonus, Commissions and/or LTIP Amounts that is not being deferred, in a manner determined by the Employer(s), the
Participant’s share of FICA and other employment taxes on such Annual Deferral Amount. If necessary, the Committee may reduce
the Annual Deferral Amount in order to comply with this Section 3.8.

 

		(b)	Company Contribution Account. When a Participant becomes vested in a portion of his
or her Company Contribution Account, the Participant’s Employer(s) shall withhold from that portion of the Participant’s
Base Salary, Bonus, Commissions and/or LTIP Amounts that is not deferred, in a manner determined by the Employer(s), the Participant’s
share of FICA and other employment taxes on such Company Contribution Amount. If necessary, the Committee may reduce the vested
portion of the Participant’s Company Contribution Account, as applicable, in order to comply with this Section 3.8.

 

		(c)	Distributions. The Participant’s Employer(s), or the trustee of the Trust,
shall withhold from any payments made to a Participant under this Plan all federal, state and local income, employment and other
taxes required to be withheld by the Employer(s), or the trustee of the Trust, in connection with such payments, in amounts and
in a manner to be determined in the sole discretion of the Employer(s) and the trustee of the Trust.

 

ARTICLE 4

Scheduled Distribution;
Unforeseeable Financial Emergencies

 

		4.1	Scheduled Distribution In connection with each election
to defer an Annual Deferral Amount, a Participant may irrevocably elect to receive a Scheduled Distribution, in the form of a lump
sum payment, from the Plan with respect to all or a portion of the Annual Deferral Amount. The Scheduled Distribution shall be
a lump sum payment in an amount that is equal to the portion of the Annual Deferral Amount the Participant elected to have distributed
as a Scheduled Distribution, plus amounts credited or debited in the manner provided in Section 3.7 above on that amount, calculated
as of the close of business on or around the date on which the Scheduled Distribution becomes payable. Subject to the other terms
and conditions of this Plan, each Scheduled Distribution elected shall be paid out during a sixty (60) day period commencing immediately
after the first day of any Plan Year designated by the Participant (the “Scheduled Distribution Date”). A Participant
may only select one Scheduled Distribution Date for each elected Scheduled Distribution; a Participant may not elect
to receive a Scheduled Distribution in the form of installment payments. The Plan Year designated by the Participant must be at
least three (3) Plan Years after the end of the Plan Year to which the Participant’s deferral election described in Section
3.3 relates. By way of example, if a Scheduled Distribution is elected for Annual Deferral Amounts that are earned in the Plan
Year commencing January 1, 2008, the earliest Scheduled Distribution Date that may be designated by a Participant would be January
1, 2012, and the Scheduled Distribution would become payable during the sixty (60) day period commencing immediately after such
Scheduled Distribution Date.

 

    	 	 	 -18-

     

    

 

		4.2	Postponing Scheduled Distributions A Participant may elect to postpone a Scheduled
Distribution described in Section 4.1 above, and have such amount paid out during a sixty (60) day period commencing immediately
after an allowable alternative Benefit Distribution Date designated by the Participant in accordance with this Section 4.2. In
order to make this election, the Participant must submit a new Election Form to the Committee in accordance with the following
criteria:

 

		(a)	The election of the new Benefit Distribution Date shall have no effect until at least 12 months
after the date on which the election is made and such Scheduled Distribution Election Form must be submitted to and accepted by
the Committee in its sole discretion at least twelve (12) months prior to the Participant's previously designated Scheduled Distribution
Date;

 

		(b)	The new Benefit Distribution Date selected by the Participant must be the first day of a Plan Year,
and must be at least five years after the previously designated Benefit Distribution Date; and

 

		(c)	The election must be made at least 12 months prior to the Participant’s previously designated
Benefit Distribution Date for such Scheduled Distribution.

 

For purposes
of applying the provisions of this Section 4.2, a Participant’s election to postpone a Scheduled Distribution shall not be
considered to be made until the date on which the election becomes irrevocable. Such an election shall become irrevocable no later
than the date that is 12 months prior to the Participant’s previously designated Benefit Distribution Date for such Scheduled
Distribution.

 

		4.3	Other Benefits Take Precedence Over Scheduled Distributions Should a Benefit Distribution
Date occur that triggers a benefit under Articles 5, 6, 7 or 8, any Annual Deferral Amount that is subject to a Scheduled Distribution
election under Section 4.1 shall not be paid in accordance with Section 4.1, but shall be paid in accordance with the other applicable
Article. Notwithstanding the foregoing, the Committee shall interpret this Section 4.3 in a manner that is consistent with Code
Section 409A and other applicable tax law, including but not limited to Treasury guidance and Regulations issued after the effective
date of this Plan.

 

		4.4	Payout/Suspensions for Unforeseeable
                                         Financial Emergencies

 

		(a)	If the Participant experiences an Unforeseeable Financial Emergency,
the Participant may petition the Committee to suspend deferrals of Base Salary, Bonus, Commissions, Director Fees and LTIP Amounts
to the extent deemed necessary by the Committee to satisfy the Unforeseeable Financial Emergency. If suspension of deferrals is
not sufficient to satisfy the Participant’s Unforeseeable Financial Emergency, or if suspension of deferrals is not
required under Code Section 409A and other applicable tax law, the Participant may further petition the Committee to receive a
partial or full payout from the Plan. The Participant shall only receive a payout from the Plan to the extent such payout is deemed
necessary by the Committee to satisfy the Participant’s Unforeseeable Financial Emergency, plus amounts necessary to pay
taxes reasonably anticipated as a result of the distribution.

 

    	 	 	 -19-

     

    

 

		(b)	The payout shall not exceed the lesser of (i) the Participant's vested Account Balance, calculated
as of the close of business on or around the date on which the amount becomes payable, as determined by the Committee in its sole
discretion, or (ii) the amount necessary to satisfy the Unforeseeable Financial Emergency, plus amounts necessary to pay taxes
reasonably anticipated as a result of the distribution. Notwithstanding the foregoing, a Participant may not receive a payout from
the Plan to the extent that the Unforeseeable Financial Emergency is or may be relieved (A) through reimbursement or compensation
by insurance or otherwise, (B) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would
not itself cause severe financial hardship or (C) by suspension of deferrals under this Plan, if the Committee, in its sole discretion,
determines that suspension is required by Code Section 409A and other applicable tax law.

 

If the Committee,
in its sole discretion, approves a Participant’s petition for suspension, the Participant’s deferrals under this Plan
shall be suspended as of the date of such approval. If the Committee, in its sole discretion, approves a Participant’s petition
for suspension and payout, the Participant’s deferrals under this Plan shall be suspended as of the date of such approval
and the Participant shall receive a payout from the Plan within sixty (60) days of the date of such approval.

 

If the Committee,
in its sole discretion, approves a Participant’s petition for payout from the Plan, the Participant’s Benefit Distribution
Date for such payout shall be the date on which such Committee approval occurs and such payout shall be distributed to the Participant
in a lump sum no later than 60 days after such Benefit Distribution Date. In addition, in the event of such approval the Participant’s
outstanding deferral elections under the Plan shall be cancelled.

 

		(c)	A Participant’s deferral elections under this Plan shall also be cancelled to the extent
the Committee determines that such action is required for the Participant to obtain a hardship distribution from an Employer’s
401(k) plan pursuant to Treas. Reg. §1.401(k)-1(d)(3).

 

		(d)	Notwithstanding the foregoing, the Committee shall interpret all provisions relating to suspension
and/or payout under this Section 4.4 in a manner that is consistent with Code Section 409A and other applicable tax law, including
but not limited to Treasury guidance and Regulations issued after the effective date of this Plan.

 

    	 	 	 -20-

     

    

 

ARTICLE 5

 

		5.1	Retirement Benefit A Participant who Retires shall
receive, as a Retirement Benefit, his or her vested Account Balance, calculated as of the close of business on or around the Participant’s
Benefit Distribution Date, as determined by the Committee in its sole discretion. If a Participant experiences a Separation from
Service that qualifies as a Retirement, the Participant shall be eligible to receive his or her vested Account Balance in
either a lump sum or annual installment payments, as elected by the Participant in accordance with Section 5.2 (the “Retirement
Benefit”). A Participant’s Retirement Benefit shall be calculated as of the close of business on or around the applicable
Benefit Distribution Date for such benefit, which shall be (i) the first day after the end of the 6-month period immediately following
the date on which the Participant experiences such Separation from Service if the Participant is a Specified Employee, and (ii)
for all other Participants, the date on which the Participant experiences a Separation from Service; provided, however, if a Participant
changes the form of distribution for the Retirement Benefit in accordance with Section 5.2(b), the Benefit Distribution Date for
the Retirement Benefit shall be determined in accordance with Section 5.2(b).

 

		5.2	Payment of Retirement Benefit

 

		(a)	A Participant, in connection with his or her commencement of participation in the Plan, shall elect
on an Election Form to receive the Retirement Benefit in a lump sum or pursuant to an Annual Installment Method of up to fifteen
(15) years. If a Participant does not make any election with respect to the payment of the Retirement Benefit, then such Participant
shall be deemed to have elected to receive the Retirement Benefit in a lump sum.

 

		(b)	A Participant may change the form of payment of the Retirement Benefit by submitting an Election
Form to the Committee in accordance with the following criteria:

 

		(i)	The election shall not take effect until at least 12 months after the date on which the election
is made;

 

		(ii)	The new Benefit Distribution Date for the Participant’s Retirement Benefit shall be 5 years
after the Benefit Distribution Date that would otherwise have been applicable to such benefit; and

 

		(iii)	The election must be made at least 12 months prior to the Benefit Distribution Date that would
otherwise have been applicable to the Participant’s Retirement Benefit.

 

For purposes
of applying the provisions of this Section 5.2, a Participant’s election to change the form of payment for the Retirement
Benefit shall not be considered to be made until the date on which the election becomes irrevocable. Such an election shall become
irrevocable no later than the date that is 12 months prior to the Benefit Distribution Date that would otherwise have been applicable
to the Participant’s Retirement Benefit. Subject to the requirements of this Section 5.2, the Election Form most recently
accepted by the Committee that has become effective shall govern the form of payout of the Participant’s Retirement Benefit.

 

Notwithstanding
the foregoing, the Committee shall interpret all provisions relating to changing the Retirement Benefit election under this Section
5.2 in a manner that is consistent with Code Section 409A and other applicable tax law, including but not limited to Treasury Guidance
or Regulations issued after the effective date of this Plan.

 

		(c)	The lump sum payment shall be made, or installment payments shall
commence, no later than sixty (60) days after the Participant’s Benefit Distribution Date. Remaining installments,
if any, shall be paid no later than sixty (60) days after each anniversary of the Participant’s Benefit Distribution Date.

 

    	 	 	 -21-

     

    

 

ARTICLE 6

 

		6.1	Termination Benefit. If a Participant experiences a Separation from Service that
does not qualify as a Retirement, the Participant shall receive his or her vested Account Balance in the form of a lump sum payment
(the “Termination Benefit”). A Participant’s Termination Benefit shall be calculated as of the close of business
on or around the Benefit Distribution Date for such benefit, which shall be (i) the first day after the end of the 6-month period
immediately following the date on which the Participant experiences such Separation from Service if the Participant is a Specified
Employee, and (ii) for all other Participants, the date on which the Participant experiences a Separation from Service.

 

		6.2	Payment of Termination Benefit The Termination Benefit shall be paid to the Participant
in a lump sum payment no later than sixty (60) days after the Participant’s Benefit Distribution Date.

 

ARTICLE 7

 

		7.1	Disability Benefit If a Participant becomes Disabled prior to the occurrence of a
distribution event described in Articles 5 and 6, as applicable, the Participant shall receive his or her vested Account Balance
in the form of a lump sum payment (the “Disability Benefit”). The Disability Benefit shall be calculated as of the
close of business on or around the Participant’s Benefit Distribution Date for such benefit, which shall be the date on which
the Participant becomes Disabled.

 

		7.2	Payment of Disability Benefit. The Disability Benefit shall be paid to the Participant
no later than 60 days after the Participant’s Benefit Distribution Date.

 

ARTICLE 8

 

		8.1	Death Benefit In the event of a Participant’s death prior to the complete distribution
of his or her vested Account Balance, the Participant's Beneficiary(ies) shall receive the Participant's unpaid vested Account
Balance in a lump sum payment (the “Death Benefit”). The Death Benefit shall be calculated as of the close of business
on or around the Benefit Distribution Date for such benefit, which shall be the date on which the Committee is provided with proof
that is satisfactory to the Committee of the Participant’s death.

 

		8.2	Payment of Death Benefit The Death Benefit shall be paid to the Participant’s
Beneficiary(ies) no later than sixty (60) days after the Participant’s Benefit Distribution Date.

 

ARTICLE 9

Beneficiary Designation

 

		9.1	Beneficiary Each Participant shall have the right,
at any time, to designate his or her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under
the Plan to a beneficiary upon the death of a Participant. The Beneficiary designated under this Plan may be the same as
or different from the Beneficiary designation under any other plan of an Employer in which the Participant participates.

 

    	 	 	 -22-

     

    

 

		9.2	Beneficiary Designation; Change; Spousal Consent A Participant shall designate his
or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to the Committee or its designated
agent. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms
of the Beneficiary Designation Form and the Committee's rules and procedures, as in effect from time to time. If the Participant
names someone other than his or her spouse as a Beneficiary, spousal consent is required and shall be provided in a form designated
by the Committee, executed by such Participant's spouse and returned to the Committee. Upon the acceptance by the Committee of
a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled. The Committee shall be entitled
to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Committee prior to his or her death.

 

		9.3	Acknowledgment No designation or change in designation of a Beneficiary shall be
effective until received and acknowledged in writing by the Committee or its designated agent.

 

		9.4	No Beneficiary Designation If a Participant fails to designate a Beneficiary as provided
in Sections 9.1, 9.2 and 9.3 above or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution
of the Participant's benefits, then the Participant's designated Beneficiary shall be deemed to be his or her surviving spouse.
If the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall be payable
to the executor or personal representative of the Participant's estate.

 

Any beneficiary
designation made by a Participant of an individual who was a spouse of the Participant at the date of the designation, but from
whom the Participant was subsequently divorced, shall be deemed automatically revoked unless the Participant affirms or reinstates
such designation subsequent to the divorce or a domestic relations court order created at the time of the divorce requires that
the beneficiary be the former spouse.

 

		9.5	Doubt as to Beneficiary If the Committee has any doubt as to the proper Beneficiary
to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in its discretion, to cause the Participant's
Employer to withhold such payments until this matter is resolved to the Committee's satisfaction.

 

		9.6	Discharge of Obligations The payment of benefits under the Plan to a Beneficiary
shall fully and completely discharge all Employers and the Committee from all further obligations under this Plan with respect
to the Participant, and that Participant's Plan Agreement shall terminate upon such full payment of benefits.

 

 

ARTICLE 10

Leave of Absence

 

		10.1	Paid Leave of Absence If a Participant is authorized by the Participant's Employer
to take a paid leave of absence from the employment of the Employer, (i) the Participant shall continue to be considered eligible
for the benefits provided in Articles 4, 5, 6, 7 or 8 in accordance with the provisions of those Articles, and (ii) the Annual
Deferral Amount shall continue to be withheld during such paid leave of absence in accordance with Section 3.2.

 

    	 	 	 -23-

     

    

 

		10.2	Unpaid Leave of Absence If a Participant is authorized by the Participant's Employer
to take an unpaid leave of absence from the employment of the Employer for any reason, such Participant shall continue to be eligible
for the benefits provided in Articles 4, 5, 6, 7 or 8 in accordance with the provisions of those Articles. However, the Participant
shall be excused from fulfilling his or her Annual Deferral Amount commitment that would otherwise have been withheld during the
remainder of the Plan Year in which the unpaid leave of absence is taken. During the unpaid leave of absence, the Participant shall
not be allowed to make any additional deferral elections. However, if the Participant returns to employment, the Participant may
elect to defer an Annual Deferral Amount for the Plan Year following his or her return to employment and for every Plan Year thereafter
while a Participant in the Plan, provided such deferral elections are otherwise allowed and an Election Form is delivered to and
accepted by the Committee for each such election in accordance with Section 3.2 above.

 

ARTICLE 11

Termination of Plan,
Amendment or Modification

 

		11.1	Termination of Plan Although each Employer anticipates that it will continue the
Plan for an indefinite period of time, there is no guarantee that any Employer will continue the Plan or will not terminate the
Plan at any time in the future. Accordingly, each Employer reserves the right to terminate the Plan with respect to all of its
Participants. In the event of a Plan termination no new deferral elections shall be permitted for the affected Participants and
such Participants shall no longer be eligible to receive new company contributions. However, after the Plan termination the Account
Balances of such Participants shall be credited with Annual Deferral Amounts attributable to salary reductions taken from any type
compensation prior to the Plan termination to the extent deemed necessary to comply with Code Section 409A and related Treasury
Regulations The Measurement Funds available to Participants following the termination of the Plan shall be comparable in number
and type to those Measurement Funds available to Participants in the Plan Year preceding the Plan Year in which the Plan termination
is effective. Except as provided in the following paragraphs, subsequent to a Plan termination, Participant Account Balances shall
remain in the Plan and shall not be distributed until such amounts become eligible for distribution in accordance with the other
applicable provisions of the Plan.

 

Following termination,
the Company may distribute each Participant’s Account Balance, but is not required to so liquidate the Plan, under the following
circumstances:

 

(1)       Dissolution/Bankruptcy.
The Company may terminate and liquidate the Plan within 12 months following a dissolution of a corporate company taxable under
Code §331 or with approval of a Bankruptcy court under 11 U.S.C. §503(b)(1)(A), provided that the Deferred Compensation
is paid to the Participants and is included in the Participants’ gross income in the latest of (or, if earlier, the Taxable
Year in which the amount is actually or constructively received): (i) the calendar year in which the plan termination and liquidation
occurs; (ii) the first calendar year in which the amounts no longer are subject to a Substantial Risk of Forfeiture; or

(iii) the first
calendar year in which the payment is administratively practicable.

 

    	 	 	 -24-

     

    

 

(2)       Change
in Control. The Company may terminate and liquidate the Plan by irrevocable action taken within the 30 days preceding or the
12 months following a Change in Control, provided The Company distributes all Plan Accounts (and must distribute the accounts
under any Aggregated Plans which plan The Company also must terminate and liquidate as to each Participant who has experienced
the Change in Control) within 12 months following the date of Company’s irrevocable action to terminate and liquidate the
Plan and Aggregated Plans. Where the Change in Control results from an asset purchase transaction, the employer with discretion
to terminate and liquidate the Plan is the employer, or entity, that is primarily liable after the transaction to pay the Deferred
Compensation.

 

(3)       Other.
The Company may terminate the Plan for any other reason in The Company’s discretion provided that: (i) the termination and
liquidation does not occur proximate to a downturn in The Company’s financial health; (ii) The Company also terminates all
Aggregated Plans in which any Participant also is a participant; (ii) the Plan makes no payments in the 12 months following the
date of Company’s irrevocable action to terminate and liquidate the Plan other than payments the Plan would have made irrespective
of Plan termination; (iii) the Plan makes all payments within 24 months following the date of Company’s irrevocable action
to terminate and liquidate the Plan; and (iv) The Company within 3 years following the date of Company’s irrevocable action
to terminate and liquidate the Plan does not adopt a new plan covering any Participant that would be an Aggregated Plan.

 

(4)       Applicable
Treasury Guidance. The Company may terminate and liquidate the Plan under such other circumstances as Treasury Guidance may
permit. Any adopting Employer can only terminate and liquidate its portion of the Plan (i.e. make distributions to its affected
Participants) with the approval of the Company and only if such termination and liquidation will be in compliance with Code section
409A and any related Treasury Guidance.

 

(5)       Rules
and Procedures. The Administrator or The Company may establish such rules and procedures to carry out the termination of the
Plan as it deems necessary to comply with the applicable requirements and limitations of Treas. Reg. §1.409A-3(j)(4)(ix)
and any other Treasury Guidance.

 

		11.2	Amendment

 

		(a)	The Company may, at any time, amend or modify the Plan; no Employer other than the Company may
so amend or modify the Plan in whole or in part, regardless of whether the amendment is limited to that Employer except with the
approval of the Company. Notwithstanding the foregoing, (i) no amendment or modification shall be effective to decrease the value
of a Participant's vested Account Balance in existence at the time the amendment or modification is made, and (ii) no amendment
or modification of this Section 11.2 or Section 12.2 of the Plan shall be effective.

 

		(b)	Notwithstanding any provision of the Plan to the contrary, in the event that the Company determines
that any provision of the Plan may cause amounts deferred under the Plan to become immediately taxable to any Participant under
Code Section 409A, and related Treasury guidance or Regulations, the Company may (i) adopt such amendments to the Plan and appropriate
policies and procedures, including amendments and policies with retroactive effect, that the Company determines necessary or appropriate
to preserve the intended tax treatment of the Plan benefits provided by the Plan and/or (ii) take such other actions as the Company
determines necessary or appropriate to comply with the requirements of Code Section 409A, and related Treasury guidance or Regulations.

 

    	 	 	 -25-

     

    

 

		11.3	Plan Agreement Despite the provisions of Sections 11.1 and 11.2 above, if a Participant's
Plan Agreement contains benefits or limitations that are not in this Plan document, the Employer may only amend or terminate such
provisions with the written consent of the Participant.

 

		11.4	Effect of Payment The full payment of the Participant’s vested Account Balance
under Articles 4, 5, 6, 7, 8, or 11 of the Plan shall completely discharge all obligations to a Participant and his or her designated
Beneficiaries under this Plan, and the Participant's Plan Agreement shall terminate.

 

ARTICLE 12

Administration

 

		12.1	Committee Duties Except as otherwise provided in this Article 12, this Plan shall
be administered by a Committee, which shall consist of the Board, or such committee as the Board shall appoint. Members of the
Committee may be Participants under this Plan. The Committee shall also have the discretion and authority to (i) make, amend, interpret,
and enforce all appropriate rules and regulations for the administration of this Plan, and (ii) decide or resolve any and all questions,
including benefit entitlement determinations and interpretations of this Plan, as may arise in connection with the Plan. Any individual
serving on the Committee who is a Participant shall not vote or act on any matter relating solely to himself or herself. When making
a determination or calculation, the Committee shall be entitled to rely on information furnished by a Participant or the Company.

 

		12.2	Administration Upon Change In Control Within one hundred and twenty (120) days following
a Change in Control, the individuals who comprised the Committee immediately prior to the Change in Control (whether or not such
individuals are members of the Committee following the Change in Control) may, by written consent of the majority of such individuals,
appoint an independent third party administrator (the “Administrator”) to perform any or all of the Committee’s
duties described in Section 12.1 above, including without limitation, the power to determine any questions arising in connection
with the administration or interpretation of the Plan, and the power to make benefit entitlement determinations. Upon and after
the effective date of such appointment, (i) the Company must pay all reasonable administrative expenses and fees of the Administrator,
and (ii) the Administrator may only be terminated with the written consent of the majority of Participants with an Account Balance
in the Plan as of the date of such proposed termination.

 

		12.3	Agents In the administration of this Plan, the Committee or the Administrator, as
applicable, may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting
through a duly appointed representative) and may from time to time consult with counsel.

 

		12.4	Binding Effect of Decisions The decision or action of the Committee or Administrator,
as applicable, with respect to any question arising out of or in connection with the administration, interpretation and application
of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having
any interest in the Plan.

 

    	 	 	 -26-

     

    

 

 

		12.5	Indemnity of Committee All Employers shall indemnify and hold harmless the members
of the Committee, any Employee to whom the duties of the Committee may be delegated, and the Administrator against any and all
claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in
the case of willful misconduct by the Committee, any of its members, any such Employee or the Administrator.

 

		12.6	Employer Information To enable the Committee and/or Administrator to perform its
functions, the Company and each Employer shall supply full and timely information to the Committee and/or Administrator, as the
case may be, on all matters relating to the Plan, the Trust, the Participants and their Beneficiaries, the Account Balances of
the Participants, the compensation of its Participants, the date and circumstances of the Retirement, Disability, death or Separation
from Service of its Participants, and such other pertinent information as the Committee or Administrator may reasonably require.

 

ARTICLE 13

Other Benefits and Agreements

 

		13.1	Coordination with Other Benefits The benefits
provided for a Participant and Participant's Beneficiary under the Plan are in addition to any other benefits available to such
Participant under any other plan or program for employees of the Participant's Employer. The Plan shall supplement and shall not
supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

 

ARTICLE 14

Claims Procedures

 

		14.1	Presentation of Claim Any Participant or Beneficiary of a deceased Participant (such
Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written claim for
a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents
of a notice received by the Claimant, the claim must be made within sixty (60) days after such notice was received by the Claimant.
All other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred. The claim
must state with particularity the determination desired by the Claimant.

 

		14.2	Notification of Decision. The Committee shall consider a Claimant's claim within
a reasonable time, but no later than ninety (90) days after receiving the claim. If the Committee determines that special circumstances
require an extension of time for processing the claim, written notice of the extension shall be furnished to the Claimant prior
to the termination of the initial ninety (90) day period. In no event shall such extension exceed a period of ninety (90) days
from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time
and the date by which the Committee expects to render the benefit determination. The Committee shall notify the Claimant in writing:

 

		(a)	that the Claimant's requested determination has been made, and that the claim has been allowed in full; or

 

    	 	 	 -27-

     

    

 

		(b)	that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant's requested
determination, and such notice must set forth in a manner calculated to be understood by the Claimant:

 

		(i)	the specific reason(s) for the denial of the claim, or any part of it;

 

		(ii)	specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

 

		(iii)	a description of any additional material or information necessary for the Claimant to perfect the
claim, and an explanation of why such material or information is necessary;

 

		(iv)	an explanation of the claim review procedure set forth in Section 14.3 below; and

 

		(v)	a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review.

 

		14.3	Review of a Denied Claim On or before sixty (60) days after receiving a notice from
the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant's duly authorized representative)
may file with the Committee a written request for a review of the denial of the claim. The Claimant (or the Claimant's duly authorized
representative):

 

		(a)	may, upon request and free of charge, have reasonable access to, and copies of, all documents,
records and other information relevant (as defined in applicable ERISA regulations) to the claim for benefits;

 

		(b)	may submit written comments or other documents; and/or

 

		(c)	may request a hearing, which the Committee, in its sole discretion, may grant.

 

		14.4	Decision on Review The Committee shall render its decision on review promptly, and
no later than sixty (60) days after the Committee receives the Claimant’s written request for a review of the denial of the
claim. If the Committee determines that special circumstances require an extension of time for processing the claim, written notice
of the extension shall be furnished to the Claimant prior to the termination of the initial sixty (60) day period. In no event
shall such extension exceed a period of sixty (60) days from the end of the initial period. The extension notice shall indicate
the special circumstances requiring an extension of time and the date by which the Committee expects to render the benefit determination.
In rendering its decision, the Committee shall take into account all comments, documents, records and other information submitted
by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit
determination. The decision must be written in a manner calculated to be understood by the Claimant, and it must contain:

 

		(a)	specific reasons for the decision;

 

		(b)	specific reference(s) to the pertinent Plan provisions upon which the decision was based;

 

		(c)	a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable
access to and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to
the Claimant’s claim for benefits; and

 

		(d)	a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).

 

    	 	 	 -28-

     

    

 

		14.5	Legal Action A Claimant's compliance with the foregoing provisions of this Article
14 is a mandatory prerequisite to a Claimant's right to commence any legal action with respect to any claim for benefits under
this Plan.

 

ARTICLE 15

Trust

 

		15.1	Establishment of the Trust In order to provide assets from which to fulfill the obligations
of the Participants and their beneficiaries under the Plan, the Company may establish a trust by a trust agreement with a third
party, the trustee, to which each Employer may, in its discretion, contribute cash or other property, including securities issued
by the Company, to provide for the benefit payments under the Plan, (the “Trust”).

 

		15.2	Interrelationship of the Plan and the Trust The provisions of the Plan and the Plan
Agreement shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall
govern the rights of the Employers, Participants and the creditors of the Employers to the assets transferred to the Trust. Each
Employer shall at all times remain liable to carry out its obligations under the Plan.

 

		15.3	Distributions From the Trust Each Employer's obligations under the Plan may be satisfied
with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Employer's obligations
under this Plan.

 

ARTICLE 16

Miscellaneous

 

		16.1	Status of Plan. The Plan is intended to be a plan that is not qualified within the
meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees” within the meaning of ERISA Sections
201(2), 301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted (i) in a manner consistent with that intent, and
(ii) in accordance with Code Section 409A and related Treasury guidance and Regulations.

 

		16.2	Unsecured General Creditor Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interests or claims in any property or assets of an Employer. For purposes
of the payment of benefits under this Plan, any and all of an Employer's assets shall be, and remain, the general, unpledged unrestricted
assets of the Employer. An Employer's obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay
money in the future.

 

		16.3	Employer's Liability An Employer's liability for the payment of benefits shall be
defined only by the Plan and the Plan Agreement, as entered into between the Employer and a Participant. An Employer shall have
no obligation to a Participant under the Plan except as expressly provided in the Plan and his or her Plan Agreement.

 

    	 	 	 -29-

     

    

 

		16.4	Nonassignability Neither a Participant nor any other
person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate,
alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are,
and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall,
prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments,
alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of
a Participant's or any other person's bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement
or otherwise.

 

		16.5	Not a Contract of Employment The terms and conditions of this Plan shall not be deemed
to constitute a contract of employment between any Employer and the Participant. Such employment is hereby acknowledged to be an
“at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without
cause, and with or without notice, unless expressly provided in a written employment agreement. Nothing in this Plan shall be deemed
to give a Participant the right to be retained in the service of any Employer, either as an Employee or a Director, or to interfere
with the right of any Employer to discipline or discharge the Participant at any time.

 

		16.6	Furnishing Information A Participant or his or her Beneficiary will cooperate with
the Committee by furnishing any and all information requested by the Committee and take such other actions as may be requested
in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking
such physical examinations as the Committee may deem necessary.

 

		16.7	Terms Whenever any words are used herein in the masculine, they shall be construed
as though they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular
or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases
where they would so apply.

 

		16.8	Captions The captions of the articles, sections and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its provisions.

 

		16.9	Governing Law Subject to ERISA, the provisions of this Plan shall be construed and
interpreted according to the internal laws of the State of Ohio without regard to its conflicts of laws principles.

 

		16.10	Notice Any notice or filing required or permitted to be given to the Committee under
this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:

 

	 	First Defiance Financial Corp.	 
	 	Attn: Chief Financial Officer	 
	 	601 Clinton Street	 
	 	Defiance, Ohio 43512	 

 

Such notice
shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt
for registration or certification.

 

Any notice
or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered,
or sent by mail, to the last known address of the Participant.

 

    	 	 	 -30-

     

    

 

		16.11	Successors The provisions of this Plan shall bind and inure to the benefit of the
Participant's Employer and its successors and assigns and the Participant and the Participant's designated Beneficiaries.

 

		16.12	Spouse's Interest The interest in the benefits hereunder of a spouse of a Participant
who has predeceased the Participant shall automatically pass to the Participant and shall not be transferable by such spouse in
any manner, including but not limited to such spouse's will, nor shall such interest pass under the laws of intestate succession.

 

		16.13	Validity In case any provision of this Plan shall be illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if
such illegal or invalid provision had never been inserted herein.

 

		16.14	Incompetent If the Committee determines in its discretion that a benefit under this
Plan is to be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person's
property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and
custody of such minor, incompetent or incapable person. The Committee may require proof of minority, incompetence, incapacity or
guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for
the account of the Participant and the Participant's Beneficiary, as the case may be, and shall be a complete discharge of any
liability under the Plan for such payment amount.

 

		16.15	Court Order The Committee is authorized to comply with any court order in any action
in which the Plan or the Committee has been named as a party, including any action involving a determination of the rights or interests
in a Participant’s benefits under the Plan. Notwithstanding the foregoing, the Committee shall interpret this provision in
a manner that is consistent with Code Section 409A and other applicable tax law, including but not limited to guidance issued after
the effective date of this Plan.

 

		16.16	Insurance. The Employers, on their own behalf or on behalf of the trustee of the
Trust, and, in their sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in
such forms as the Trust may choose. The Employers or the trustee of the Trust, as the case may be, shall be the sole owner and
beneficiary of any such insurance. The Participant shall have no interest whatsoever in any such policy or policies, and at the
request of the Employers shall submit to medical examinations and supply such information and execute such documents as may be
required by the insurance company or companies to whom the Employers have applied for insurance.

 

		16.17	Domestic Relations Orders If necessary to comply with a domestic relations order,
as defined in Code Section 414(p)(1)(B), pursuant to which a court has determined that a spouse or former spouse of a Participant
has an interest in the Participant’s benefits under the Plan, the Committee shall have the right to immediately distribute
the spouse’s or former spouse’s interest in the Participant’s benefits under the Plan to such spouse or former
spouse.

 

		16.18	Distribution in the Event of Income Inclusion Under Code Section
409A. If any portion of a Participant’s Account Balance under this Plan is required to be included in income by the
Participant prior to receipt due to a failure of this Plan to comply with the requirements of Code Section 409A and related Treasury
Regulations, the Committee may determine that such Participant shall receive a distribution from the Plan in an amount equal to
the lesser of (i) the portion of his or her Account Balance required to be included in income as a result of the failure
of the Plan to comply with the requirements of Code Section 409A and related Treasury Regulations, or (ii) the unpaid vested Account
Balance.

 

    	 	 	 -31-

     

    

 

		16.19	Deduction Limitation on Benefit Payments. If an Employer
reasonably anticipates that the Employer’s deduction with respect to any distribution from this Plan would be limited or
eliminated by application of Code Section 162(m), then to the extent permitted by Treas. Reg. §1.409A-2(b)(7)(i), payment
shall be delayed as deemed necessary to ensure that the entire amount of any distribution from this Plan is deductible. Any amounts
for which distribution is delayed pursuant to this Section shall continue to be credited/debited with additional amounts in accordance
with Section 3.7. The delayed amounts (and any amounts credited thereon) shall be distributed to the Participant (or his or her
Beneficiary in the event of the Participant’s death) at the earliest date the Employer reasonably anticipates that the deduction
of the payment of the amount will not be limited or eliminated by application of Code Section 162(m). In the event that such date
is determined to be after a Participant’s Separation from Service and the Participant to whom the payment relates is determined
to be a Specified Employee, then to the extent deemed necessary to comply with Treas. Reg. §1.409A-3(i)(2), the delayed payment
shall not made before the end of the six-month period following such Participant’s Separation from Service.

 

		16.20	Fair Construction. The Company, any adopting Employer, Participants and Beneficiaries
intend that this Plan in form and in operation comply with Code 409A, the regulations thereunder, and all other present and future
Applicable Guidance. The Company and any other party with authority to interpret or administer the Plan will interpret the Plan
terms in a manner which is consistent with Applicable Law. However, as required under Treas. Reg. §1.409A-1(c)(1), the “interpretation”
of the Plan does not permit the deletion of material terms which are expressly contrary to Code §409A and the regulations
thereunder and also does not permit the addition of missing terms necessary to comply therewith. Such deletions or additions may
be accomplished only by means of a Plan amendment under Section 11.2. Any Participant, Beneficiary or Company permitted Annual
Deferral Amount election, initial payment election, change payment election or any other Plan permitted election, notice or designation
which is not compliant with Code section 409A and related Treasury Guidance is not an “election” or other action under
the Plan and has no effect whatsoever.

 

IN WITNESS WHEREOF,
the Company has signed this Plan document as of [month]               ,
2014.

 

	 	“Company”
	 	First Defiance Financial Corp., an Ohio corporation
	 	 	 
	 	By:	 
	 	Title:	 

 

    	 	 	 -32-

     

    

 

First
Defiance Deferred Compensation Plan

 

List of Adopting Employers

 

	Entity	 	Effective Date
	 	 	 
	First Insurance and Investments, Inc.	 	December 31, 2005
	 	 	 
	First Federal Bank of the Midwest	 	September 1, 2002

 

    	 	 	 -33-EX-4.1

 Exhibit 4.1 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

COMMON STOCK PURCHASE WARRANT 

INSEEGO CORP. 
  

			
	Warrant Shares: 3,166,275	  	Initial Exercise Date: February 6, 2019

 Issue Date: August 6, 2018 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,
Golden Harbor Ltd. or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
February 6, 2019 (the “Initial Exercise Date”) and on or prior to 6:30 p.m., New York City time, on August 6, 2023 (the “Termination
Date”), but not thereafter, to subscribe for and purchase from Inseego Corp., a Delaware corporation, up to 3,166,275 shares (as adjusted from time to time as provided in Section 3) of common stock, par value $0.001
per share, of the Company (the “Common Stock”) (each such share, a “Warrant Share” and all such shares, the “Warrant
Shares”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1 Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set
forth in that certain Securities Purchase Agreement (as amended from time to time, the “Purchase Agreement”), dated as of August 6, 2018, among the Company and the purchasers signatory
thereto. 
 Section 2 Exercise. 

(a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part (but not as to
fractional shares), at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency that the Company may designate by notice to the registered Holder at the
address of the Holder appearing on the books of the Company) of an appropriately completed and duly executed Notice of Exercise in the form annexed hereto as Annex I (the “Notice of 

  
 1 

 
Exercise”) and the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn
on a United States bank unless the Cashless Exercise (as defined below) procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. 

(b) Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $2.52, subject to adjustment hereunder (the
“Exercise Price”). 
 (c) Cashless Exercise. 

(i) If at any time from and after the Initial Exercise Date, and prior to the Termination Date, (A) there is not an effective registration
statement permitting the resale of the Warrant Shares by the Holder and (B) the Warrant Shares are not eligible for resale by the Holder without volume or
manner-of-sale limitations pursuant to Rule 144, then this Warrant may be exercised, in whole or in part (but not as to fractional shares), by means of a cashless
exercise in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A) (a “Cashless
Exercise”), where: 
  

	 	(A) =	 the last Closing Bid Price of the Common Stock on the Trading Day immediately preceding the time of delivery of
the Notice of Exercise giving rise to the applicable Cashless Exercise, as set forth in the applicable Notice of Exercise; 

  

	 	(B) =	 the Exercise Price of this Warrant, as adjusted hereunder; and 

 

	 	(X) =	 the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms
of this Warrant if such exercise were by means of a cash exercise rather than a Cashless Exercise. 

 (ii) If Warrant
Shares are issued in a Cashless Exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding
period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c). 

(iii) In no event will the Holder be required to pay any Exercise Price for any Warrant Shares issued pursuant to a Cashless Exercise. For the
avoidance of doubt, under no circumstances shall the Company be required to settle any Cashless Exercise of this Warrant by cash payment or to otherwise “net cash settle” this Warrant. 

(d) Mechanics of Exercise. 

(i) Delivery of Warrant Shares Upon Exercise. 

(1) Warrant Shares purchased hereunder shall be promptly transmitted by the Transfer Agent to the Holder following receipt of the Notice of
Exercise and payment of 

  
 2 

 
the aggregate Exercise Price, if applicable, by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or
Withdrawal at Custodian system if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or
(B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery
of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise. 
 (2) Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the
holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares; provided, however, that if payment of the Exercise Price, if applicable, is not
received by the Company with such Notice of Exercise, the Holder shall be deemed to have become the holder of record of the Warrant Shares specified in such Notice of Exercise one (1) Trading Day following the Company’s receipt of the
Exercise Price therefor. 
 (ii) Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within two (2) Trading Days of the date the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise within two (2) Business Days of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph,
following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

(iii) Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to
Section 2(d)(i) by within two (2) Trading Days following receipt of the Notice of Exercise and aggregate Exercise Price, if applicable, then the Holder will have the right to rescind such exercise. 

(iv) No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant. 

  
 3 

 (v) Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without
charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of
the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant, when surrendered for exercise, shall be
accompanied by the Assignment Form attached hereto as Annex II (the “Assignment Form”), duly executed by the Holder, and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto. For the avoidance of doubt, the Company shall not be responsible for any tax which may be payable in respect of any transfers involved in the registration of any book entry or
certificates for Warrant Shares or Warrants in a name other than that of the Holder. 
 (vi) Closing of Books. The Company will not
close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 
 (e)
Holder’s Exercise Limitations. 
 (i) The Holder shall not have the right to exercise any portion of this Warrant,
pursuant to this Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons
acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as
defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of
its Attribution Parties, and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including any preferred stock) beneficially owned by the Holder or any of its Attribution Parties that, in
the case of both (A) and (B), are subject to a limitation on conversion or exercise similar to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this Section 2(e)(i), beneficial ownership and
determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the
rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e)(i) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership

  
 4 

 
Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. For purposes of this Section 2(e)(i), in determining the number of outstanding
shares of Common Stock, a Holder may rely on the number of shares of outstanding Common Stock as reflected in (1) the Company’s most recent periodic or annual report filed with the Securities Exchange Commission, as the case may be,
(2) a more recent public announcement by the Company or (3) a more recent notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company
shall within three (3) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. This provision shall not restrict the
number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction (as defined below) as
contemplated in this Warrant. 
 (ii) The “Beneficial Ownership Limitation” shall
initially be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 2(e) to an amount not to exceed 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of Common Stock upon exercise of this Warrant
(the “Maximum Percentage”). Any increase or decrease in the Beneficial Ownership Limitation will not be effective until the (sixty-first) 61st day after such notice is delivered to the Company. The
limitations contained in this paragraph shall apply to a successor holder of this Warrant. 
 (iii) Notwithstanding the foregoing, a Holder
who opted out of the exercise limitation described in this Section 2(e) at the time the Purchase Agreement was entered into shall be permitted to increase the Beneficial Ownership Limitation above the Maximum Percentage, provided that the
Beneficial Ownership Limitation shall in no event exceed 19.999% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of Common Stock upon exercise of this Warrant held by the Holder. 

Section 3 Certain Adjustments. 

(a) Voluntary Adjustment by the Company. The Company may, at any time, reduce the then current Exercise Price to any amount and for any
period of time deemed appropriate by the Board of Directors. 
 (b) Stock Dividends and Splits. If the Company, at any time while this
Warrant is outstanding: (i) pays a stock dividend or otherwise makes a Distribution (as defined below) on its Common Stock or any other equity or equity equivalent securities payable in Common Stock (which, for the avoidance of doubt, shall not
include any Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding Common Stock

  
 5 

 
into a smaller number of shares or (iv) issues by reclassification of Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this
Section 3(b) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or Distribution and shall become effective immediately after the effective date in the case of a
subdivision, combination or re-classification; provided that if such record date is fixed and such dividend is not fully paid or such Distribution is not fully made on the date fixed therefor, the Exercise
Price shall be recomputed accordingly as of the close of business on such record date and thereafter such Exercise Price shall be adjusted pursuant to this Section 3(b) to reflect the actual payment of such dividends or Distributions. 

(c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) and Section 3(b) above, if at any
time the Company grants, issues or sells any rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase Rights”),
then such Purchase Rights shall be held in abeyance for the Holder until the Holder exercises this Warrant in full and, upon the exercise of the Warrant in full, the Holder shall be entitled to acquire, upon the terms applicable to such Purchase
Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including, without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights; provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Stock as a result of such Purchase Right to such extent) and such Purchase Right
to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation. When such a Purchase Right is granted, issued or sold, the Company
shall promptly notify the Holder of such event and of the Purchase Rights that such Holder is entitled to receive upon exercise of the Warrant. 

(d) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of its Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), then, in each such case, the Board of Directors shall set
aside the amount of such dividend or Distribution that the Holder would have participated in if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant in full (without regard to any limitations on
exercise 

  
 6 

 
hereof, including, without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such dividend or Distribution, or, if no such record is
taken, the date as of which the record holders of Common Stock are to be determined for the participation in such dividend or Distribution, and upon the exercise of the Warrant, the Holder shall be entitled to receive such dividend or Distribution;
provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any Common Stock as a result of such Distribution to such extent), such Distribution shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not
result in the Holder exceeding the Beneficial Ownership Limitation. When such a dividend or Distribution is made, the Company shall promptly notify the Holder of such event and of the dividend or other Distribution that such Holder is entitled to
receive upon exercise of the Warrant. 
 (e) Treatment Upon a Fundamental Transaction. 

(i) Upon consummation of any Fundamental Transaction at any time while this Warrant remains outstanding, this Warrant shall be automatically
converted into the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitations on exercise hereof, including,
without limitation, the Beneficial Ownership Limitation), the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if the Holder had been, immediately
prior to such Fundamental Transaction, the holder of one share of Common Stock (the “Alternate Consideration”), net of the Exercise Price in effect immediately prior to the occurrence of such
Fundamental Transaction. If the holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any exercise of this Warrant following such Fundamental Transaction. 
 (ii) “Fundamental
Transaction” means any of the following occurring after the Issue Date: (A) completion of any tender offer or exchange offer (whether by the Company or another Person) pursuant to which holders of Common Stock are
permitted to tender or exchange their shares for other securities, cash or property; (B) a merger or consolidation of the Company or a sale of all or substantially all of the assets of the Company in one or a series of related transactions,
unless following such transaction or series of transactions, the holders of the Company’s securities prior to the first such transaction continue to hold at least fifty percent (50%) of the voting rights or voting equity interests in the
surviving entity or acquirer of such assets; (C) a recapitalization, reorganization or other transaction involving the Company that constitutes or results in the holders of the Company’s outstanding shares as of immediately before the
transaction (or series of related transactions) beneficially owning less than a majority by voting powers of the outstanding shares of the surviving or successor entity as of immediately after the transaction; (D) consummation of a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act with respect to the Company; or (E) the acquisition by any “person” (together with his,
her or its Affiliates) or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), directly or indirectly, of the beneficial ownership (as such term is defined in Rule 13d-3
promulgated under the Exchange Act) of outstanding shares of capital stock and/or 

  
 7 

 
other equity securities of the Company, in a single transaction or series of related transactions (including, without limitation, one or more tender offers or exchange offers), representing more
than fifty percent (50%) of the voting power of, or economic interests in, the then outstanding shares of capital stock of the Company. 

(f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and
outstanding. 
 (g) Notice to Holder of Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any
provision of this Section 3, the Company shall promptly deliver to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of
the facts requiring such adjustment. 
 Section 4 Transfer of Warrant. 

(a) Subject to the Holder’s appropriate compliance with the restrictive legend on this Warrant and the transfer restrictions set forth
herein and in the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its
designated agent, together with an Assignment Form duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer; provided, however, that no Warrants for
fractional Warrants shall be transferred. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or
denominations specified in such Assignment Form and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within two (2) Trading Days of the date
the Holder delivers an Assignment Form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 (b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

  
 8 

 (c) Warrant Register. The Company shall register this Warrant, upon records to be
maintained by the Company for that purpose, in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 (d) Representation by the Holder. The
Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act. 

Section 5 Miscellaneous. 

(a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. 

(b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant and security reasonably satisfactory to it (which shall not include the posting of any bond), and upon surrender and cancellation of such Warrant, if mutilated, the
Company will make and deliver a new Warrant of like tenor and dated as of such cancellation, in lieu of such Warrant. 
 (c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day. 
 (d) Authorized Shares. 

(i) The Company covenants that (A) during the period the Warrant is outstanding it will reserve from its authorized and unissued shares of
Common Stock a sufficient number of shares of Common Stock to provide for the issuance of the Warrant Shares upon the exercise of this Warrant; and (B) the Company will take commercially reasonable steps to assure that such Warrant Shares may
be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company’s officers who are charged with the duty of issuing the
necessary Warrant Shares upon the exercise of this Warrant are fully authorized to do so. All Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of this Warrant and payment of
the Exercise Price for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes
in respect of any transfer occurring contemporaneously with such issue). 

  
 9 

 (ii) Except and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its Certificate of Incorporation or through any recapitalization, reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against impairment. 
 (e) Jurisdiction. This Warrant shall
be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflict of laws. 
 (f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, may have restrictions upon resale imposed by state and federal securities laws. 

(g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

(h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be
delivered in accordance with the notice provisions of the Purchase Agreement. 
 (i) Remedies. The Holder, in addition to being
entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

(j) Successors and Assigns. Subject to applicable securities laws and the restrictions on transfer described herein and in the Purchase
Agreement, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this
Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 

(k) Amendment. This Warrant may be modified, amended or the provisions hereof waived with the written consent of the Company and the
holders of a majority of the Warrant Shares underlying the then-outstanding Warrants (disregarding for this purpose any and all 

  
 10 

 
limitations of any kind on exercise of the Warrants). Any amendment effected in accordance with the foregoing shall be binding on all Warrants and Holders thereof. 

(l) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Warrant. 
 (m) Headings. The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 [Signature Page to Follow] 

  
 11 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	INSEEGO CORP.
		
	By:	 	 /s/ Stephen Smith

	Name: Stephen Smith
	Title: Chief Financial Officer

 [Signature Page to Common Stock Purchase Warrant] 

 ANNEX I 

NOTICE OF EXERCISE 
 TO: INSEEGO CORP.

 (1) The undersigned hereby elects to purchase
                     Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full) and tenders
herewith payment of the Exercise Price in full, together with all applicable transfer taxes, if any. 
 (2) The Holder intends that payment
of the aggregate Exercise Price shall be made as follows (check applicable box): 
 ☐ A cash exercise pursuant to Section 2(b)
with respect to                  Warrant Shares for an aggregate Exercise Price of
$                 (equal to $ 2.52 per Warrant Share) 

☐ A Cashless Exercise pursuant to Section 2(c) with respect to
                 Warrant Shares through the cancellation of a number of Warrant Shares in accordance with the formula set forth in Section 2(c)
(provided, however, that pursuant to the Warrant, Cashless Exercise shall only be available if, at the time of exercise, (A) there is not an effective registration statement permitting the resale of the Warrant Shares by the
Holder and (B) the Warrant Shares are not eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144) 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

(4) The Warrant Shares shall be delivered to the following DWAC Account Number:
                     
 (5) The
undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended. 
 Name of Investing
Entity:                             

By:
                                         
    
 [Signature of Authorized Signatory of Investing Entity] 

Name of Authorized Signatory:
                           

Title of Authorized Signatory:
                             

Date:                         

 ANNEX II 

ASSIGNMENT FORM 
 (To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the
foregoing Warrant and all rights evidenced thereby are hereby assigned to 
 Name (Please Print): 

Address (Please Print): 
 Phone Number: 

Email Address: 
 Dated: 

 

	
	 Holder’s Signature:
                            

	
	 Holder’s Address:

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