Document:

Trust for Anthony Indurstries, INc. Supplemental Employee Retirement Plan

 EXHIBIT 10(e) 
 TRUST FOR ANTHONY INDUSTRIES, INC. 
 SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN 
 FOR THE BENEFIT OF 
 B. I. FORESTER

 This Agreement made this 20 day of November, 1995, by and between ANTHONY INDUSTRIES, INC. (“the Company”) and WELLS FARGO
BANK N.A. (“Trustee”). 
 WHEREAS, pursuant to that certain agreement between the Company and B. I. Forester
(“Forester”) dated November 20, 1995 (the “November 20 Agreement”), the Company has adopted a “Supplemental Employee Retirement Plan” for the benefit of B. I. Forester (“SERP”); 
 WHEREAS, the Company will incur liability under the terms of such SERP with respect to benefits payable to Forester and his spouse (hereinafter the
“Foresters”); 
 WHEREAS, the Company wishes to establish a trust (hereinafter called “Trust”) and to contribute assets
to the Trust that shall be held therein, subject only to the claims of the Company’s creditors in the event of the Company’s Insolvency, as herein defined, until paid to the Foresters in such manner and at such times as specified in the
SERP; 
 WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status
of the SERP as an unfunded plan maintained for the purpose of providing deferred compensation for a “select group of management or highly compensated employees” for purposes of Title I of the Employee Retirement Income Security Act of
1974; 
 WHEREAS, it is the intention of the Company to make contributions to the Trust to provide it with a source of funds to assist it in
the meeting of its liabilities under the SERP; 
 NOW, THEREFORE, Anthony Industries, Inc. and Wells Fargo Bank N.A. do hereby establish the
Trust and agree that the Trust shall be comprised, held and disposed of as follows: 
 ARTICLE 1 
 ESTABLISHMENT OF TRUST 
 1.1 The
Company hereby deposits with Trustee in trust not less than One Dollar ($1.00), which shall be the initial principal of the Trust to be held, administered and disposed of by the Trustee as provided in this Trust Agreement and the SERP. This Trust
Agreement and the SERP are intended to be administered together by the Company. 
 1.2 The Trust hereby established shall be irrevocable by
the Company. 
 1.3 The Trust is intended to be a grantor trust, of which the Company is the grantor, within the meaning of subpart E, part
I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. 

 1.4 The principal of the Trust, and any earnings thereon shall be held separate and apart from other
funds of the Company and shall be used exclusively for the uses and purposes of the Foresters and general creditors as herein set forth. The Foresters shall have no preferred claim on, or any beneficial ownership interest in, any assets of the
Trust. Any rights created under the SERP and this Trust Agreement shall be mere unsecured contractual rights of the Foresters against the Company. Any assets held by the Trust will be subject to the claims of the Company’s general creditors
under federal and state law in the event of Insolvency, as defined in Section 3.1 herein. 
 1.5 The Company may, from time to time,
make additional deposits of cash in Trust with the Trustee as required by the terms of the SERP, to augment the principal to be held, administered and disposed of by the Trustee as provided in the SERP and the Trust. 
 ARTICLE 2 
 PAYMENTS TO THE
FORESTERS 
 2.1 At such time as the Foresters become entitled to receive distributions, the Company shall deliver to the Trustee a
schedule (the “Payment Schedule”) that indicates the monthly amounts payable in respect of Forester, and the monthly due date for payment of such monthly amounts. Upon the death of Forester, and if Forester’s spouse shall have
survived him, the Company shall deliver a new Payment Schedule to the Trustee indicating the monthly amount payable to Forester’s surviving spouse. Except as otherwise provided herein, Trustee shall make payments to the Foresters in accordance
with such Payment Schedule. The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the SERP and
shall pay amounts withheld to the appropriate taxing authorities unless the Trustee determines that such amounts have already been reported, withheld and paid by the Company. 
 2.2 The entitlement of the Foresters to benefits under the SERP shall be determined solely by the Company under the terms of the SERP. 
 2.3 The Company may make payment of benefits directly to the Foresters as they become due under the terms of the SERP. The Company shall notify the
Trustee of its decision to make payment of benefits directly prior to the time each payment is payable to the Foresters. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in
accordance with the terms of the SERP, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company when principal and earnings are not sufficient. 
 ARTICLE 3 
 TRUSTEE
RESPONSIBILITY REGARDING PAYMENTS TO THE 
 FORESTERS WHEN THE COMPANY IS INSOLVENT 
 3.1 The Trustee shall cease payment of benefits to the Foresters if the Company is Insolvent. The Company shall be considered “Insolvent” for
purposes of this Trust if (a) the Company is unable to pay its debts as they become due, or (b) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 
  

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 3.2 At all times during the continuance of this Trust, as provided in Section 1.4 hereof, the
principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below. 
 (a) The Board of Directors and Chief Executive Officer of the Company shall have the duty to inform the Trustee in writing of the Company’s Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the
Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to the Foresters. 
 (b) Unless the Trustee has actual knowledge of the Company’s Insolvency, or has received notice from the Company or a person claiming to be a
creditor alleging that the Company is Insolvent, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency as may be furnished to the
Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency. 
 (c) If at
any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to the Foresters and shall hold the assets of the Trust for the benefit of the Company’s general creditors. Nothing in this Trust
Agreement shall in any way diminish any rights of the Foresters to pursue their rights as general creditors of the Company with respect to benefits due under the SERP or otherwise. 
 (d) The Trustee shall resume the payment of benefits to the Foresters in accordance with Article 2 of this Trust Agreement only after the Trustee
has determined that the Company is not Insolvent (or is no longer Insolvent). 
 3.3 Provided that there are sufficient assets, if the
Trustee discontinues the payment of benefits from the Trust pursuant to Section 3.2 hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to the
Foresters under the terms of the SERP for the period of such discontinuance, less the aggregate amount of any payments made to the Foresters by the Company in lieu of the payments provided for hereunder during any such period of discontinuance.

 ARTICLE 4 
 PAYMENTS TO THE COMPANY 
 Except as permitted under the terms of the SERP or in the case of Insolvency, the Company shall
have no right or power to direct the Trustee to return to the Company or to divert to others any of the Trust assets before all payments of benefits have been made to the Foresters pursuant to the terms of the SERP. In accordance with
Section 4(e) of the SERP, the Company shall have the right and power to direct the Trustee to return Trust assets (including income that is accumulated and reinvested) to the Company to the extent that the fair market value of the net
assets of the Trust on the last day of the year exceeds 110% of the Full Funding Amount for such year. 
  

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 ARTICLE 5 
 INVESTMENT OF SERP ASSETS 
 5.1 Except as provided in Article 4, during the term of this Trust,
all income received by the Trust, net of expenses and taxes, shall be accumulated and reinvested. The Company or an investment manager retained by the Company, shall direct the Trustee as to the investment of Trust assets. All investments shall be
made at the sole discretion of the Company or such investment manager, except that in no event may the Trustee invest in securities (including stock or rights to acquire stock) or obligations issued by the Company, other than a de minimis amount
held in common investment vehicles. Subject to the Company’s obligation to fund the Trust in accordance with the SERP, the Company shall have no responsibility to make the Trust whole for any losses resulting from such investments. All rights
associated with assets of the Trust, other than the investment decisions retained by the Company, shall be exercised by the Trustee or the person designated by the Trustee, and shall in no event be exercised by or rest with the Foresters.

 5.2 Except as provided below, the Company shall have all power and responsibility for the management, disposition, and investment of the
Trust assets, and the Trustee shall comply with proper written directions of the Company concerning the Trust assets. The Company shall not issue directions in violation of the terms of this Agreement. The Trustee shall have no duty or
responsibility to review, initiate action, or make recommendations regarding the Trust assets and shall retain such assets until directed in writing by the Company to dispose of them. 
 5.3 The Company may appoint an Investment Manager or Managers to direct, control or manage the investment of all or a portion of the Trust assets. The
Company shall notify the Trustee in writing of the appointment of each Investment Manager and the portion of the Trust assets subject to the Investment Manager’s direction. If the foregoing conditions are met, the Investment Manager shall have
the power to manage, acquire, retain or dispose of such portion of the Trust assets and the Trustee shall not be liable for the acts or omissions of the Investment Manager or be under an obligation to invest or otherwise manage the portion of the
Trust assets which is subject to the direction of such Investment Manager. 
 5.4 Except as provided in Section 5.1 above, the Trust may
hold assets of any kind, including shares of any registered investment company, whether or not the Trustee or any of its affiliates is an advisor to, or other service provided to, such company and received compensation from such company for the
services provided. 
 ARTICLE 6 
 ACCOUNTING BY TRUSTEE 
 The Trustee shall keep accurate and detailed records of all investments,
receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Company and the Trustee. Within sixty (60) days following the close of each calendar year
and within sixty (60) days after the removal or resignation of the Trustee, the Trustee shall deliver to the Company a written account of its administration of the Trust during such year or during the period from the close of the last

  

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 preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and
other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all
cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be, valued separately at cost and at market value. 
 ARTICLE 7 
 RESPONSIBILITY OF
TRUSTEE 
 7.1 The Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent
person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that the Trustee shall incur no liability to any person for any action taken pursuant
to a direction, request or approval given by the Company which is contemplated by, and in conformity with, the terms of the SERP or this Trust and is given in writing by the Company. In the event of a dispute between the Company and a party, the
Trustee may apply to a court of competent jurisdiction to resolve the dispute. 
 7.2 If the Trustee undertakes or defends any litigation
arising in connection with this Trust, the Company agrees to indemnify the Trustee against the Trustee’s reasonable costs, expenses and liabilities (including, without limitation, attorneys’ fees and expenses) relating thereto and to be
primarily liable for such payments. If the Company does not pay such costs, expenses and liabilities in a reasonably timely manner, the Trustee may obtain payment from the Trust, provided, however, that the Company shall have the right to assume the
defense of any such litigation with counsel reasonably acceptable to the Trustee and to settle any such litigation with the consent of the Trustee, which consent will not be unreasonably withheld. 
 7.3 The Trustee may consult with legal counsel (who may also be counsel for the Company generally) with respect to any of its duties or obligations
hereunder. 
 7.4 The Trustee shall have, without exclusion, all powers conferred on trustees by applicable law, unless expressly provided
otherwise herein, provided, however, that if an insurance policy is held as an asset of the Trust, the Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the
policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policy. 
 7.5 Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains
therefrom, within the meaning of section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code. 
  

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 ARTICLE 8 
 COMPENSATION AND EXPENSES OF TRUSTEE 
 The Company shall pay all reasonable administrative expenses
of the Trustee and such fees of the Trustee on which the Company and the Trustee may agree. If not so paid, the fees and expenses shall be paid from the Trust. 
 ARTICLE 9 
 REMOVAL OF TRUSTEE 
 9.1 The Trustee may resign at any time by written notice to the Company, which shall be effective sixty (60) days after receipt of such notice
unless the Trustee agrees otherwise. 
 9.2 The Trustee may be removed by the Company on sixty (60) days notice or upon shorter notice
accepted by the Trustee. 
 9.3 Upon resignation or removal of the Trustee and appointment of a successor Trustee, all assets shall
subsequently be transferred to the successor Trustee. The transfer shall be completed within sixty (60) days after receipt of notice of resignation, removal or transfer, unless the Company extends the time limit. 
 9.4 If the Trustee resigns or is removed, a successor shall be appointed, in accordance with Article 10 hereof, by the effective date of resignation
or removal under Sections 9.1 or 9.2. If no such appointment has been made, the Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of the Trustee in connection with the
proceeding shall be allowed as administrative expenses of the Trust. 
 ARTICLE 10 
 APPOINTMENT OF SUCCESSOR 
 10.1 If the
Trustee resigns, or is removed, in accordance with Section 9.1 or 9.2 hereof, the Company may appoint any bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace the Trustee
upon resignation or removal, except that such bank trust department or other party may not be a lender or an affiliate of a lender to the Company. The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of
the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by the Company or the successor Trustee to evidence the transfer.

 10.2 The successor Trustee need not examine the records and acts of any prior Trustee. The successor Trustee shall not be responsible for
and the Company shall indemnify and defend the successor Trustee from any claim or liability resulting from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes the successor
Trustee. 
  

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 ARTICLE 11 
 AMENDMENT OR TERMINATION 
 11.1 This Trust Agreement may be amended by a written instrument executed
by the Trustee and the Company. Notwithstanding the foregoing, no such amendment shall conflict with the terms of the SERP or shall make the Trust revocable. 
 11.2 The Trust shall not terminate until the date on which the Foresters are no longer entitled to benefits pursuant to the terms of the SERP. Upon termination of the Trust any assets remaining in the Trust shall be
returned to the Company. 
 11.3 Upon written approval of the Foresters, the Company may terminate this Trust prior to the time all benefit
payments under the SERP have been made. All assets in the Trust at termination shall be returned to the Company. 
 ARTICLE 12

 MISCELLANEOUS 
 12.1
Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. 
 12.2 Benefits payable to the Foresters under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution
or other legal or equitable process. 
 12.3 This Trust Agreement shall be governed by and construed in accordance with the laws of the State
of California. 
 ARTICLE 13 
 EFFECTIVE DATE 
 The effective date of this Trust Agreement shall be November 20, 1995. 
 ARTICLE 14 
 ACCEPTANCE BY THE
TRUSTEE 
 This Trust has been accepted by the Trustee which agrees to hold in trust and administer the Fund hereunder, subject to all of
the terms and conditions hereof. 
  

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 IN WITNESS WHEREOF, ANTHONY INDUSTRIES, INC. and WELLS FARGO BANK N.A. have executed this Agreement this
20 day of November, 1995. 
  

			
	THE COMPANY:
	
	ANTHONY INDUSTRIES, INC.
		
	By:	 	 /s/ John J. Rangel

  

			
	THE TRUSTEE:
	
	WELLS FARGO BANK N.A.
		
	By:	 	 /s/ M. J. Cowen

		
	By:	 	 /s/ Pamela Howard

  

 8Special Supplement Benefit Agreement between K2 and Berard I Forester

 EXHIBIT (10) (f) 
 ANTHONY INDUSTRIES, INC. 
 SPECIAL SUPPLEMENTAL BENEFIT AGREEMENT 
 BETWEEN ANTHONY INDUSTRIES, INC. 
 AND BERNARD
I. FORESTER 
 A Special Supplemental Benefit Agreement 
 For Bernard I. Forester 

 TABLE OF CONTENTS 
  

					
	 Title of Plan
	  	Page 1
			
	 I.
	 	 The Facts
	  	Page 1
			
	 II.
	 	 This Agreement
	  	Page 2
		 	 Definitions
	  	Page 2
		 	 Beneficiary
	  	Page 2
		 	 Committee
	  	Page 3
		 	 Cost of Capital
	  	Page 3
		 	 Special Survivor Benefit
	  	Page 3
		 	 Determination of Survivor Benefit
	  	Page 4
		 	 Withholding; Unemployment Taxes
	  	Page 5
		 	 Amendment
	  	Page 5
		 	 Unsecured General Creditor
	  	Page 5
		 	 Nonassignability
	  	Page 5
		 	 Employment Not Guaranteed
	  	Page 6
		 	 Gender, Singular and Plural
	  	Page 6
		 	 Notice
	  	Page 6
		 	 Arbitration
	  	Page 7
		 	 Captions
	  	Page 7
		 	 Validity
	  	Page 7
		 	 Applicable Law
	  	Page 7
		 	 Counterpart Signatures
	  	Page 8

 ANTHONY INDUSTRIES, INC. 
 SPECIAL SUPPLEMENTAL BENEFIT 
 AGREEMENT 
  

	I.	THE FACTS: 

 The important facts concerning this
Agreement are as follows: 
 A. Bernard I. Forester (“Executive”) is an officer and employee of the Corporation. 
 B. Executive has applied for a Pacific Mutual Life Insurance Company Increasing Whole Life Insurance Policy (“Policy”) as evidenced by Exhibit
B attached hereto. Executive and Corporation have entered into a Split-Dollar Insurance Agreement as of December 9, 1986 regarding the Policy (“Contract”) as evidenced by Exhibit A attached hereto. Pacific Mutual Life Insurance
Company and any other company issuing a policy of insurance which shall be subject to the Contract shall be referred to as an “Insurer.” From time to time Executive may acquire additional insurance on Executive’s life, and Corporation
may assist Executive in carrying such additional insurance under the terms of the Contract. Any such additional insurance shall be considered part of the Policy for purposes of this Agreement. 
 C. Pursuant to the terms of the Contract, the Corporation will assist the Executive in carrying the Policy. 
  

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 In return for this assistance, Corporation will receive a portion of the Policy proceeds that are payable
upon Executive’s death. 
 D. Corporation desires to recover all sums that are payable by the Corporation under the terms of the
contract plus 10% pretax on said sums and wishes to transfer certain amounts as provided herein, in excess of such recovery that Corporation may receive to the Executive’s designated beneficiaries; accordingly, the Corporation and Executive
desire to enter into this Special Executive Supplemental Benefit Agreement for Executive and/or his designated beneficiaries. 
  

	II.	THIS AGREEMENT: 

 NOW, THEREFORE, in consideration
of the foregoing, Corporation and Executive agree: 
 A. Definitions. 
 For purposes of this Agreement the following words and phrases shall have the meanings indicated, unless the context clearly indicates otherwise:

 (1) Beneficiary. “Beneficiary” means the person or persons designated by Executive as his Beneficiary
(both principal as well as contingent) to whom payment under this Agreement shall be made upon Executive’s death. Each Beneficiary designation shall become effective only when filed in writing with the Committee during the Executive’s
lifetime on a form prescribed by the Committee. If the 

  

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Executive fails to designate a Beneficiary or if all designated Beneficiaries predecease the Executive, the Beneficiary shall be the Executive’s estate.

 (2) Committee. “Committee” means the Compensation Committee appointed by the Board of Directors to
administer all compensation matters with the Executive, including matters related to this Agreement. 
 (3) Cost Of
Capital. “Cost Of Capital” means the Corporation’s cost of funds for money invested by the Corporation under the terms of the Contract and for money paid to Executive pursuant to the terms of this Agreement. For purposes of this
Agreement, the Corporation’s cost of funds shall be deemed to be 10% pre-tax. Whenever, Cost Of Capital must be calculated hereunder for money invested under the terms of the Contract or paid under the terms of this Agreement, such money shall
be credited with 10% pre-tax interest compounded on an annual basis. 
 B. Special Survivor Benefit. 
 Upon the death of the Executive, Corporation shall pay a Special Survivor Benefit to the Beneficiary. This Special Survivor Benefit shall be paid within
30 days of the receipt of the Corporation’s share of Policy proceeds as determined under the terms of the Contract. The amount of this Special Survivor Benefit, if any, shall be equal to the Executive’s Vested Percentage of the Excess
Proceeds. For this purpose, Excess Proceeds shall mean Corporation’s share of the net Policy proceeds as determined under the terms of the 

  

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Contract, less the total amount of money invested under the terms of the Contract or paid pursuant to the terms of this Agreement plus the Corporation’s
Cost Of Capital for the money so invested and paid. For purposes of this Agreement, Vested Percentage will be determined as of the date of Executive’s death according to the following table: 
  

				
	 Date of Distribution
	  	Vested
Percentage	 
	 Before the first anniversary hereof
	  	0	%
	 On or after the first anniversary hereof but before the second anniversary
	  	10	%
	 On or after the second anniversary hereof but before the third anniversary
	  	20	%
	 On or after the third anniversary hereof but before the fourth anniversary
	  	30	%
	 On or after the fourth anniversary hereof but before the fifth anniversary
	  	40	%
	 On or after the fifth anniversary hereof
	  	50	%

 C. Annual Determination Of Special Survivor Benefit. 
 The Corporation shall provide the Executive each year on the Policy’s anniversary date a statement that shows the amount, if any, of the Special
Survivor Benefit that would have been paid in the event the Executive had died on the Policy anniversary date in question. The Executive shall acknowledge his receipt of this statement and signify his approval of the Special Survivor Benefit
calculation by dating and signing a copy of the statement. 
  

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 D. Withholding; Unemployment Taxes. 
 To the extent required by the law in effect at the time payments are made, the Corporation shall withhold from payments made hereunder the minimum taxes
required to be withheld by the Federal or any state or local government. 
 E. Amendment. 
 This Agreement may not be amended without the written consent of both parties. 
 F. Unsecured General Creditor. 
 Executive and his Beneficiary, heirs, successors, and assigns shall have no legal or equitable rights, interest, or claims in any property or assets of Corporation, nor shall they be Beneficiaries of, or have any rights, claims, or
interests in the Corporation’s interest in the Policy as determined pursuant to the terms of the Contract. Any and all of the Corporation’s assets, including its interest in the Policy, shall be, and remain, the general, unpledged,
unrestricted assets of the Corporation. Corporation’s obligations under this Agreement shall be merely that of an unfunded and unsecured promise of Corporation to pay money in the future. 
 G. Nonassignability. 
 Neither the
Executive nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any
part thereof, which are, and 

  

 - 5 - 

 
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 or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by Executive or any other person, nor be transferable by operation of law in the event of the Executive’s or any other
person’s bankruptcy or insolvency. 
 H. Employment Not Guaranteed. 
 Nothing contained in this Agreement nor any action taken hereunder shall be construed as a contract of employment or as giving the Executive any right to
be retained in the employ of the Corporation or to serve as a director. 
 I. Gender, Singular And Plural. 
 All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may
require. As the context may require, the singular may be read as the plural and the plural as the singular. 
 J. Notice. 

Any notice or filing required or permitted to be given to the Committee under the Agreement shall be sufficient if in writing and hand delivered, or
sent by registered or certified mail, to the principal office of the Corporation, directed to the attention of the Secretary of the Corporation. 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. 
  

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 K. Arbitration. 
 Any controversy or claim arising out of or relating to the Agreement, or the breach thereof, including specifically any dispute over the annual determination of the amount, if any, of the Special Survivor Benefit,
shall be settled by arbitration in accordance with the rules of the American Arbitration Association, and judgment on the award rendered may be entered in any court having jurisdiction thereof. The arbitrator shall be authorized to award reasonable
legal fees and expenses to the prevailing party. 
 L. Captions. 
 The captions of the various paragraphs herein are for convenience only, and none of them is intended to be any part of the body or text of this
Agreement, nor intended to be referred to in construing any of the provisions hereof. 
 M. Validity. 
 If any portion of this Agreement should be held illegal, unenforceable, void or voidable by any court, each of the remaining terms hereof shall
nevertheless remain in full force and effect as a separate contract. 
 N. Applicable Law. 
 This Agreement shall be subject to and shall be interpreted under the laws of the State of California. 
  

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 O. Counterpart Signatures. 
 This Agreement may be executed in any number of counterparts, any of which shall be deemed to be an original. 
  

									
					
	 DATED
	 	 December 9, 1986
	 		 		 	 /s/ Bernard I. Forester

		 		 		 		 	 Bernard I. Forester

  

									
		 		 	ANTHONY INDUSTRIES, INC.
					
	 DATED
	 	 3-14-87
	 		 		 	 /s/ M. Philip Anthony

		 		 		 		 	 M. Philip Anthony

		 		 		 		 	 Chairman of the Executive Committee

  

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 EXHIBIT A 
 SPLIT DOLLAR INSURANCE AGREEMENT 
 An Agreement between Anthony Industries, Inc. 
 and Bernard I. Forester 

 TABLE OF CONTENTS 
  

					
	 Title of Contract
	  	Page 1
			
	 I.
	 	 The Parties
	  	Page 1
			
	 II.
	 	 Date Of The Agreement
	  	Page 1
			
	 III.
	 	 The Facts
	  	Page 1
			
	 IV.
	 	 This Agreement
	  	Page 2
		 	 Owner’s Rights
	  	Page 2
		 	 Corporation’s Premium Obligation
	  	Page 2
		 	 Right To Borrow From Policy
	  	Page 3
		 	 Obligation To Pay Policy Loan Interest
	  	Page 4
		 	 Right To Surrender Paid-Up Additions
	  	Page 4
		 	 Division Of Policy Proceeds
	  	Page 5
		 	 Possession Of The Policy
	  	Page 5
		 	 Right To Surrender Policy
	  	Page 5
		 	 Insurer Not A Party
	  	Page 5
		 	 ERISA Provisions
	  	Page 6
		 	 Execution Of Other Documents
	  	Page 6
		 	 Defaults Not Waived
	  	Page 6
		 	 Captions
	  	Page 6
		 	 Parties Bound
	  	Page 7
		 	 Construction Of Agreement
	  	Page 7
		 	 Miscellaneous Provisions
	  	Page 7
		 	 Termination Of Employment
	  	Page 7
		 	 Arbitration
	  	Page 8
		 	 Applicable Law
	  	Page 9
		 	 Counterpart Signatures
	  	Page 9
			
	 V.
	 	 Signatures
	  	Page 9
		
	 Exhibit B
	  	Page 10

 SPLIT DOLLAR INSURANCE 
 AGREEMENT 
  

	I.	THE PARTIES: 

 This Agreement is made and entered
into by and between the following who are hereinafter collectively referred to as the “Parties”: Anthony Industries, Inc. (“Corporation”) and Bernard I. Forester (“Owner”). 
  

	II.	DATE OF THE AGREEMENT: 

 The date of this Agreement
is the 9th day of December, 1986. 
  

	III.	THE FACTS: 

 The important facts concerning this
Agreement are as follows: 
 A. Owner is an officer and employee of the Corporation. 
 B. Owner has applied for a Pacific Mutual Life Insurance Company Increasing Whole Life Insurance Policy (“Policy”) as evidenced by Exhibit B
attached hereto. Such insurance company and any other company issuing a policy of insurance which shall be subject to this Agreement shall be referred to as an “Insurer.” From time to time Owner may acquire additional insurance on Owner’s life, and Corporation 

  

 - 1 - 

 
may assist Owner in carrying such additional insurance. Any such additional insurance shall be scheduled on a rider to this Agreement, and shall be subject
to all of the terms of this Agreement. 
 C. The Corporation wishes to assist the owner in carrying insurance on Owner’s life.

 D. The Corporation and Owner have entered into a Special Supplemental Benefit Agreement (“Benefit Agreement”) . Terms used in this Agreement shall have the same meaning as in the Benefit Agreement, unless otherwise indicated.

  

	IV.	THIS AGREEMENT; 

 NOW, THEREFORE, in consideration
of the foregoing, and of the respective promises hereinafter set forth, the Parties agree as follows: 
 A. Owner Retains All Rights
Except As Provided Hereunder. 
 Owner shall continue to be the owner of the Policy, and Owner may exercise all ownership rights granted
to the Owner by the terms of the Policy, except as provided in this Agreement. 
 B. Corporation’s Obligation To Pay Premium.

 The Corporation shall pay the entire premium on the Policy to the Insurer on the due date of the premium, including a special roll-in of
$325,000 during the first Policy year. The Corporation’s interest in the Policy shall be as provided in this Agreement, and Owner agrees to execute and deliver a collateral assignment of the Policy to the Corporation 

  

 - 2 - 

 
upon execution of this Agreement. The assignment shall be security for the repayment of the Corporation’s interest in the Policy. The obligation of the
Corporation to pay premiums shall begin on the date when the Insurer issues a premium statement for the Policy and shall continue for as long as Owner remains living. 
 C. Right To Make Policy Loans. 
 The rights of the Corporation and of the Owner with respect to
policy loans shall be as follows: 
 (a) As collateral assignee of the Policy, the Corporation may exercise any loan
privileges under the Policy without the consent of the Owner, but such loan privileges shall be exercised only as provided in this Agreement. 
 (b) The Corporation shall have the right to borrow against the Policy as follows: 
 (1)
During the first Policy Year, Corporation may borrow the maximum amount of cash that may be borrowed from the Policy after taking into account the amount that Owner may borrow from the Policy in Policy Year One; provided, however, the maximum amount
that Corporation may borrow shall be $50,000. 
  

 - 3 - 

 (2) During the second Policy Year, Corporation may borrow an amount equal to the
difference between $50,000 and the amount borrowed by the Corporation in Policy Year One so that the total Policy loans made by the Corporation equals $50,000. 
 (3) No borrowing from the Policy may be made by the Corporation after its total Policy loans equal $50,000. 
 (c) Owner shall have the right to borrow $350,000 from the Policy in Policy Year One. Thereafter, Owner shall have no right to borrow from
the Policy. 
 D. Obligations To Pay Policy Loan Interest. 
 Owner and Corporation shall each pay all interest attributable to their Policy loans. 
 E. Right To Surrender Paid-Up Additions. 
 Commencing with Policy Year Seven, Corporation may elect to pay annual Policy premiums by surrendering paid-up additions that have accumulated within the Policy. The Corporation shall not have the right to surrender paid-up additions to pay
all or any part of the Policy loan interest. The Owner shall have no right to surrender paid-up additions; provided, however, if the Corporation fails to pay an annual Policy premium, Owner may surrender paid-up additions for that purpose.

  

 - 4 - 

 F. Division Of Policy Proceeds. 
 Upon the death of the Owner, this Agreement shall terminate and the beneficiary or beneficiaries designated by the owner in the beneficiary provision
endorsed on the Policy shall receive $350,000 of the Policy’s gross proceeds and said proceeds shall be first applied against any borrowings made by the Owner pursuant to the terms of this Agreement. The balance of the Policy proceeds shall be
paid to the Corporation. 
 G. Possession Of The Policy. 
 The Corporation shall have possession of the Policy during the period that the owner shall be obligated to the Corporation, but the Corporation shall
make the Policy available to the Owner and to the Insurer whenever necessary to endorse changes of beneficiaries on the Policy. 
 H.
Right To Surrender Policy. 
 The Owner shall have the sole right to exercise all rights granted to the Owner under the Policy, subject
to the collateral assignment to the Corporation. However, notwithstanding anything herein to the contrary or anything in the Policy to the contrary, neither the Owner nor the Corporation shall have the right to cancel or surrender the Policy without
the written consent of the other party to this Agreement. 
 I. Insurer Not A Party To This Agreement. 
 In no event shall the Insurer be considered a party to this Agreement nor to any modifications or amendment of this Agreement, nor to any supplement to
this Agreement. 

  

 - 5 - 

 
Payment or other performance of Insurer’s obligations in accordance with the terms of the Policy shall fully discharge the Insurer from any and all
liability under the Policy. The Insurer shall not be obligated to inquire as to the distribution or application of any amounts payable or paid by the Insurer under the Policy. 
 J. ERISA Provisions. 
 If this plan
is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”), the Corporation is the “named fiduciary” of the Split-Dollar Life Insurance Plan for which this Agreement is hereby designated the written plan
instrument. 
 K. Execution Of Other Documents. 
 Each of the Parties shall execute promptly all documents and instruments now or hereafter necessary or convenient to effectuate the purpose and intent of this Agreement. 
 L. Defaults Not Waived. 
 No waiver
of the breach of any of the terms or provisions of this Agreement shall be, or be construed to be, a waiver of any preceding or succeeding breach of the same or any other provisions hereof. 
 M. Captions. 
 The captions of the
various paragraphs herein are for convenience only, and none of them is intended to be any part of the body or text of this Agreement, nor intended to be referred to in construing any of the provisions hereof. 
  

 - 6 - 

 N. Parties Bound. 
 This Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective heirs, executors, administrators, successors, assigns and legal representatives . 
 O. Construction Of Agreement. 
 This
Agreement has been prepared and negotiations in connection therewith have been carried on by the joint efforts of the respective counsel for the Parties. This Agreement is to be construed simply and fairly and not strictly for or against any of the
Parties. 
 P. Miscellaneous Provisions. 
 If any portion of this Agreement should be held illegal, unenforceable, void or voidable by any court, each of the remaining terms hereof shall nevertheless remain in full force and effect as a separate contract.

 Q. Owner’s Termination Of Employment. 
 If Owner’s employment with the Corporation terminates (i) for cause, (ii) because Owner materially breaches the Employment Agreement between the Corporation and the Owner dated May 10, 1984 or a
successor employment agreement (the “Employment Agreement”), or (iii) because Owner fails to enter into a successor employment agreement, expiring no later than December 31, 1993, on substantially the same terms as the Employment
Agreement if so requested by the Corporation, the Policy shall be surrendered and the Owner shall receive $350,000 of the Policy’s gross surrender proceeds which 

  

 - 7 - 

 
said proceeds shall be first applied against any borrowings made by the Owner pursuant to the terms of this Agreement. The balance of the Policy’s
surrender proceeds shall be paid to the Corporation and shall be treated as the Corporation’s share of the Policy’s proceeds arising from the death of Owner for purposes of Article II, paragraph B of the Benefit Agreement. If the
Corporation’s share of such proceeds are sufficient to produce Excess Proceeds, the Corporation shall pay to Owner the Vested Percentage of such Excess Proceeds. If the Corporation’s share of such proceeds is less than the total amount of
money invested under the terms of the Contract or paid pursuant to the terms of this Agreement plus the Corporation’s Cost of Capital for the money so invested and paid, Owner shall pay the difference to the Corporation within 90 days of the
Corporation’s receipt of the surrender proceeds. 
 R. Arbitration. 
 Any controversy or claim arising out of or relating to the Agreement, or the breach thereof, including specifically any dispute over the annual
determination of the amount, if any, of the Special Survivor Benefit, shall be settled by arbitration in accordance with the rules of the American Arbitration Association, and judgment on the award rendered may be entered in any court having
jurisdiction thereof. The arbitrator shall be authorized to award reasonable legal fees and expenses to the prevailing party. 
  

 - 8 - 

 S. Applicable Law. 
 This Agreement shall be subject to and shall be interpreted under the laws of the State of California. 
 T. Counterpart Signatures. 
 This Agreement may be executed in any number of counterparts, any of which shall be deemed to
be an original. 
 IN WITNESS WHEREOF, the Parties have executed this Agreement effective the ninth day of December 1986, in both their
individual capacities and in their fiduciary capacities set forth above. 
  

									
					
	 DATED
	 	 December 9, 1986
	 		 		 	 /s/ Bernard I. Forester

		 		 		 		 	 Bernard I. Forester

		 		 		 	
					
		 		 		 		 	 ANTHONY INDUSTRIES, INC.

					
	 DATED
	 	 3 - 14 - 87
	 		 		 	 /s/ M. Philip Anthony

		 		 		 		 	 M. Philip Anthony

		 		 		 		 	 Chairman of the Executive Committee

  

 - 9 - 

 EXHIBIT B 
  

 - 10 - 

 PACIFIC MUTUAL 
 LIFE INSURANCE COMPANY 
 INCREASING 
 WHOLE LIFE 
 INSURANCE 
 POLICY

 Illegible 

 INDEX 
 Illegible 

 POLICY DATA 
  

			
	POLICY NUMBER	  	012175736
		
	PLAN	  	INCREASING WHOLE LIFE-IV
		
	INSURED	  	BERNARD I FORESTER
		
	INITIAL AMOUNT OF INSURANCE	  	$343,782
		
	POLICY DATE	  	SEPTEMBER 1 1986
		
	PREMIUM PERIOD	  	42 YEARS
		
	SEX AND ISSUE AGE	  	MALE, AGE 58
		
	PREMIUM CLASS	  	PREFERRED
		
	TOTAL FIRST PREMIUM	  	$57,000.14
		
	PREMIUM INTERVAL	  	ANNUAL
		
	LOAN INTEREST RATE	  	INDEXED IN ADVANCE

 OWNER 
 THE INSURED

 BENEFICIARY DESIGNATION 
 INSURED’S ESTATE &
ANTHONY INDUSTRIES INC 
  

 PAGE 3 

											
	 BENEFITS AND PREMIUMS
	 		  			  	 
 
 	012175736
BERNARD I FORESTER
MALE ISSUE AGE 58
					
	 FORM
	 	 POLICY PLAN
	  	 INITIAL
 AMOUNT
	  	ANNUAL
PREMIUM	  	 PAYABLE
 FOR

	 85-24
	 	INCREASING WHOLE LIFE-IV PREFERRED RISK DISCOUNT	  	$
 	343,782
—  	  	$
$	57,000.14
.00	  	 42 YEARS
 42
YEARS

		 	 ADDITIONAL RIDERS
	  			  			  	

 A PREMIUM IS DUE ON THE POLICY DATE AND EVERY 12 MONTHS AFTER THAT FOR 42 YEARS. 
  

 PAGE 4 

 TABLE OF VALUES 
  

			
	THE VALUES SHOWN BELOW, OTHER THAN DEATH BENEFITS, ARE AS OF THE END OF THE YEAR IF ALL PREMIUMS DUE HAVE BEEN PAID. DEATH BENEFITS ARE AS OF THE START OF THE YEAR. WE WILL ADJUST THE CASH VALUE
AND DEATH BENEFIT AS DESCRIBED ON PAGE 6. CREDITS, WHICH INCREASE THE ACCUMULATION VALUES AND CASH VALUES, WILL INCREASE THE DEATH BENEFIT IN LATER YEARS SO THAT THE ACCUMULATION VALUE DOES NOT EXCEED THE NET SINGLE PREMIUM FOR THE DEATH
BENEFIT.	  	012175736
BERNARD I FORESTER
MALE ISSUE AGE 58

  

															
	 POLICY
YEAR
	  	ATTAINED
AGE OF
INSURED	  	DEATH
BENEFIT	  	ACCUMULATION
VALUE	  	CASH
VALUE	  	PAID-UP
LIFE
INSURANCE
AMOUNT
	 1
	  	59	  	$	343,782	  	$	40,340	  	$	21,365	  	$	41,085
	 2
	  	60	  	$	343,782	  	$	91,871	  	$	76,691	  	$	143,712
	 3
	  	61	  	$	343,782	  	$	146,242	  	$	132,959	  	$	242,896
	 4
	  	62	  	$	370,096	  	$	202,587	  	$	191,202	  	$	340,676
	 5
	  	63	  	$	464,151	  	$	260,501	  	$	251,013	  	$	436,424
	 6
	  	64	  	$	555,722	  	$	319,628	  	$	312,038	  	$	529,693
	 7
	  	65	  	$	644,960	  	$	379,941	  	$	374,248	  	$	620,633
	 8
	  	66	  	$	732,006	  	$	441,407	  	$	441,407	  	$	715,540
	 9
	  	67	  	$	816,993	  	$	503,992	  	$	503,992	  	$	799,069
	 10
	  	68	  	$	900,016	  	$	567,662	  	$	567,662	  	$	880,741
	 11
	  	69	  	$	980,658	  	$	632,061	  	$	632,061	  	$	960,129
	 12
	  	70	  	$	1,060,038	  	$	697,832	  	$	697,832	  	$	1,038,347
	 13
	  	71	  	$	1,137,191	  	$	764,261	  	$	764,261	  	$	1,114,503
	 14
	  	72	  	$	1,213,217	  	$	831,953	  	$	831,953	  	$	1,189,711
	 15
	  	73	  	$	1,286,774	  	$	899,828	  	$	899,828	  	$	1,262,701
	 16
	  	74	  	$	1,359,464	  	$	968,783	  	$	968,783	  	$	1,335,078
	 17
	  	75	  	$	1,430,085	  	$	1,037,724	  	$	1,037,724	  	$	1,405,601
	 18
	  	76	  	$	1,499,348	  	$	1,106,935	  	$	1,106,935	  	$	1,474,893
	 19
	  	77	  	$	1,567,843	  	$	1,176,696	  	$	1,176,696	  	$	1,543,453
	 20
	  	78	  	$	1,635,231	  	$	1,246,666	  	$	1,246,666	  	$	1,610,876

 CONTINUED- 
  

				
	SURRENDER CHARGE	  	 
		
	 POLICY YE AR
	  	CHARGE
	 1
	  	$	18,975
	 2
	  	$	15,180
	 3
	  	$	13,283
	 4
	  	$	11,385
	 5
	  	$	9,488
	 6
	  	$	7,590
	 7
	  	$	5,693
	 8 AND AFTER
	  	$	0

  

 PAGE 5 

 TABLE OF VALUES 
  

			
	THE VALUES SHOWN BELOW. OTHER THAN DEATH BENEFITS, ARE AS OF THE END OF THE YEAR IF ALL PREMIUMS DUE HAVE BEEN PAID. DEATH BENEFITS ARE AS OF THE START OF THE YEAR. WE WILL ADJUST THE CASH VALUE
AND DEATH BENEFIT AS DESCRIBED ON PAGE 6. CREDITS, WHICH INCREASE THE ACCUMULATION VALUES AND CASH VALUES, WILL INCREASE THE DEATH BENEFIT IN LATER YEARS SO THAT THE ACCUMULATION VALUE DOES NOT EXCEED THE NET SINGLE PREMIUM FOR THE DEATH
BENEFIT.	  	 012175738
 BERNARD I FORESTER
 MALE ISSUE AGE 58

  

															
	 POLICY
 YEAR
	  	 ATTAINED
 AGE OF
 INSURED
	  	DEATH
BENEFIT	  	 ACCUMULATION
 VALUE
	  	CASH
VALUE	  	 PAID-UP LIFE
 INSURANCE
 AMOUNT

	 21
	  	79	  	$	1,701,604	  	$	1,316,881	  	$	1,316,881	  	$	1,677,191
	 22
	  	80	  	$	1,767,355	  	$	1,387,675	  	$	1,387,675	  	$	1,742,843
	 23
	  	81	  	$	1,832,422	  	$	1,458,999	  	$	1,458,999	  	$	1,807,875
	 24
	  	82	  	$	1,896,435	  	$	1,530,469	  	$	1,530,469	  	$	1,871,993
	 25
	  	83	  	$	1,959,482	  	$	1,601,997	  	$	1,801,997	  	$	1,935,396
	 26
	  	84	  	$	2,021,746	  	$	1,673,472	  	$	1,673,472	  	$	1,998,299
	 27
	  	85	  	$	2,083,514	  	$	1,744,835	  	$	1,744,835	  	$	2,060,883
	 28
	  	86	  	$	2,145,016	  	$	1,816,083	  	$	1,816,083	  	$	2,123,188
	 29
	  	87	  	$	2,206,752	  	$	1,887,560	  	$	1,887,560	  	$	2,185,639
	 30
	  	88	  	$	2,268,083	  	$	1,958,760	  	$	1,958,760	  	$	2,247,497
	 31
	  	89	  	$	2,329,783	  	$	2,030,475	  	$	2,030,475	  	$	2,309,446
	 32
	  	90	  	$	2,391,784	  	$	2,102,867	  	$	2,102,867	  	$	2,371,336
	 33
	  	91	  	$	2,453,985	  	$	2,176,159	  	$	2,176,159	  	$	2,432,983
	 34
	  	92	  	$	2,516,292	  	$	2,250,674	  	$	2,250,674	  	$	2,494,168
	 35
	  	93	  	$	2,579,136	  	$	2,327,347	  	$	2,327,347	  	$	2,555,180
	 36
	  	94	  	$	2,641,873	  	$	2,406,310	  	$	2,406,310	  	$	2,615,192
	 37
	  	95	  	$	2,704,517	  	$	2,488,500	  	$	2,488,500	  	$	2,674,417
	 38
	  	96	  	$	2,766,089	  	$	2,573,799	  	$	2,573,799	  	$	2,732,233
	 39
	  	97	  	$	2,825,983	  	$	2,662,113	  	$	2,662,113	  	$	2,788,748
	 40
	  	98	  	$	2,883,662	  	$	2,752,717	  	$	2,752,717	  	$	2,844,470
	 41
	  	99	  	$	2,939,875	  	$	2,845,045	  	$	2,845,045	  	$	2,901,202
	 42
	  	100	  	$	2,998,514	  	$	2,940,473	  	$	2,940,473	  	$	2,940,473

  

 PAGE 5.1 

 Policy Benefits 
 Death Benefits - When we receive proof that the insured’s death occurred while this policy was in effect, we will pay the insurance provided by this policy and its riders. The insurance amount on the Policy Date is the
“initial amount of insurance” shown on page 3. Thereafter, the insurance amount will be no less than the greater of the guaranteed insurance amount, which is the death benefit shown on page 5 for the current policy year, or that amount
which is required for this policy to be deemed “life insurance” according to the Internal Revenue Code of 1954 (the Code) as amended in Section 7702 by the Deficit Reduction Tax Act of 1984, as applicable when this policy was issued.
Such required amount will be determined based on the Accumulation Value (defined below and the Cash Value Accumulation Test defined in Section 7702 of the Code. We reserve the right to amend this policy to comply with future changes in the Code
and any regulations or rulings issued under the provisions of the Code as they relate to the definition of “life insurance.” We will provide you with a copy of any such amendment. 
 A refund or charge will be made to adjust any premium payments required by this policy to the end of the month in which the insured dies; and, any policy loan debt will
be deducted. We will not refund extra premiums for substandard risks. We will pay the resulting amount to the beneficiary. We will also pay interest on that amount from the date of death to the date of payment. The yearly rate of interest will be
the same as we use for death benefits left with us at interest. 
 Guaranteed Accumulation Value - The guaranteed accumulation value at the end
of each year is shown on page 5. 
 Accumulation Value - The accumulation value is never less than the guaranteed accumulation value.

 The accumulation value is: 
  

	 	•	 	the guaranteed accumulation value; 

  

	 	•	 	plus any additional accumulation value from credits; 

  

	 	•	 	plus the cash value provided by dividends and any riders; 

  

	 	•	 	less mortality charges for any increased death benefits. 

 The increased
death benefit at any time is: 
  

	 	•	 	the current insurance amount; 

  

	 	•	 	less the guaranteed insurance amount; 

  

	 	•	 	less the current accumulation value; 

  

	 	•	 	plus the guaranteed accumulation value. Increased death benefits will generally result from credits or dividends, but could also result from any increases in the insurance amount
required to satisfy the definition of “life insurance.” 

 The guaranteed mortality charges for each age are shown on page 10.

 Cash Values - The guaranteed cash value amount at the end of each year is shown on page 5. If larger, the cash value will be the
accumulation value less the surrender charge shown on page 5. 
  

	 	•	 	The cash value of any paid-up insurance under this policy is equal to the reserve for that paid-up insurance. 

  

	 	•	 	The cash value within 90 days of lapse will equal the cash value on the date of lapse. 

  

	 	•	 	The cash value of any paid-up insurance within 31 days after an anniversary will not be less than the cash value on that anniversary. 

 Cash Benefits - You may surrender this policy at any time for its cash value. When you do, we will pay you the net cash value, which is: 
  

	 	•	 	the total cash value provided by this policy; 

  

	 	•	 	less any policy loan debt. 

 Loan Benefits - We will make a
loan to you on the sole security of this policy. The loan may be for any amount up to the loan value. Interest may be charged in advance or in arrears; this is an option at issue only. The method applicable to this contract is shown on page 3.

 The following section applies only to policies with interest charged in arrears. 
 The loan value is the amount which, with interest to the next policy anniversary, will equal the net cash value as of the next premium due date. 
  

	 	•	 	Policy loan debt at any time means the amount of any outstanding loan plus accrued interest. 

  

	 	•	 	Interest will be charged on a loan from the date of the loan at a yearly rate described below. Interest is payable at the end of each year. If it is not paid, we will add it to the
loan. 

  

	 	•	 	You may repay all or a part of the loan at any time while this policy is in force. 

  

	 	•	 	If the policy loan debt exceeds the total cash value of the policy, this policy will terminate 31 days after we mail notice to your last known address and that of any known
assignee. 

 The following section applies only to policies with interest charged in advance. 
 The loan value is the amount which, with any unpaid interest, will equal the net cash value as of the policy loan date. 
  

	 	•	 	Policy loan debt at any time means the amount of any outstanding loan less unearned interest. 

  

	 	•	 	Interest will be charged in advance on a loan from the date of the loan at a yearly rate described below. Interest is payable at the beginning of each year, or when the loan is made
or increased. If it is not paid, we will add it to the loan. 

  

 Page 6 

 Policy Benefits (continued) 
 Loan Benefits (continued) 
  

	 	•	 	You may repay all or a part of the loan debt at any time while this policy is in force. 

  

	 	•	 	If the policy loan debt exceeds the total cash value of the policy, this policy will terminate 31 days after we mail notice to your last known address and that of any known
assignee. 

 The remainder of this Loan Benefits section applies to all policies. 
 Except as described in the next paragraph, the rate that we charge will be determined by the Maximum Interest Rate. The interest rate that we charge will equal the
Maximum Interest Rate, when interest is charged in arrears. When interest is charged in advance, the interest rate that we charge will equal the discount rate equivalent to the Maximum Interest Rate. The discount rate is determined as the Maximum
Interest Rate divided by the sum of one and the Maximum Interest Rate. The Maximum Interest Rate is the higher of: 
  

	 	•	 	the monthly average of the Moody’s Corporate Bond Yield Average-Monthly Average Corporates, as published by Moody’s Investors Service, Inc. or its successor, for the
calendar month ending two months before the month in which the policy anniversary occurs; or 

  

	 	•	 	5%. 

 The Maximum Interest Rate applicable to your policy will be
determined annually; 
  

	 	•	 	The interest rate we charge may be increased if the increase is  1/2% or more per year. 

  

	 	•	 	The interest rate we charge will be decreased if the decrease is  1/2% or more per year. 

  

	 	•	 	Any change in the interest rate will be effective on the policy anniversary. 

  

	 	•	 	The revised interest rate will be charged on the entire outstanding loan during the year. 

 We will notify you of the current policy loan interest rate on your policy when: 
  

	 	•	 	you make a loan on your policy; or 

  

	 	•	 	you first exercise the Automatic Premium Loan provision of your policy; or 

  

	 	•	 	we increase the interest rate on an existing loan. We will give you reasonable advance notice before the anniversary on which the increase is effective. 

 In the event that the Moody’s Corporate Bond Yield Average-Monthly Average Corporates is no longer published, we will use a substantially similar average as
established by regulation within the state in which this policy is delivered. 
 Dividends - At the end of the first and each following year,
we will determine your dividend, if any. Currently, dividends are zero and we do not expect that any dividends will become payable. At your choice, any dividends that do become payable may be: 
  

	 	•	 	paid in cash; 

  

	 	•	 	applied toward any premium due but not paid; 

  

	 	•	 	used to buy paid-up life insurance additions; or 

  

	 	•	 	left to accumulate at interest at 4% per year. 

 If you do not make a
choice, dividends will be used to buy paid-up life insurance additions. You may turn in paid-up life insurance additions and accumulated dividends at any time for their net cash value. 
 Interest Credit - At the end of each policy year, we will determine an Interest Credit on your policy. This credit will be added to the accumulation value. This credit will never be less than zero. The
amount of the interest credit will equal: 
  

	 	•	 	the product of the Unloaned Interest Rate and the Unloaned Policy Value; 

  

	 	•	 	plus the product of the Loaned Interest Rate and the Loaned Policy Value; 

  

	 	•	 	less 4 1/2% times the Accumulation Value;
where these elements have the following definitions. 

 Unloaned Interest Rate is a rate set annually by us. This rate will not be less
than the Average T-Bill Rate. Average T-Bill Rate means the average, over a 12-month period ending two months prior to the month in which the policy anniversary occurs, of the published discount rate for 13-week United States Treasury Bills. This
average is established from the results of the regularly scheduled weekly auctions. This average will not be affected by any special auction which may occur between regularly scheduled weekly auctions. If the auction program is discontinued, we
reserve the right to adopt an index which in our sole opinion is a comparable index. 
 Loaned Interest Rate means the policy loan interest rate applicable
to the policy year, expressed as an effective yield rate, times a factor which will never be less than 87 1/2%.

 Accumulation Value means the year-end accumulation value of this policy as defined on page 6 before any credits are applied for the current policy
year. 
 Loaned Policy Value means the average outstanding loan during the policy year. This will be determined by dividing the policy loan interest incurred
during the policy year by the policy loan interest rate applicable to the policy year. 
 Unloaned Policy Value means the excess of the Accumulation Value
over the Loaned Policy Value. 
 Mortality/Expense Credit - At the end of each policy year, we will determine a mortality expense credit on
your policy. This credit will be added to the accumulation value. This credit will never be less than zero. 
  

 Page 7 

 Premiums, Lapse and Reinstatement 
 Payment - Premiums are payable: 
  

	 	•	 	in the amounts, at the intervals and on the due dates shown on page 4: 

  

	 	•	 	to us or to our agent who will give you a receipt. 

 Grace Period -
There is a grace period of 31 days for you to pay each premium after the first. Insurance will continue during the grace period. 
 Automatic Premium
Loan - Any premium not paid by the end of its grace period will be paid by charging it as a policy loan if: 
  

	 	•	 	you have told us in writing to do this; and 

  

	 	•	 	the loan value on the due date is a least as much as the premium, with interest, then due. 

 Each loan will take effect as of the due date of the premium not paid. 
 Lapse - If any premium is not paid by the
end of its grace period, this policy will lapse. The date of lapse is the due date of the premium not paid. Upon lapse, the net cash value may be taken in cash. Otherwise, the total cash value will be used to buy paid-up life insurance in the amount
which it will buy for the lifetime of the insured at net single premium rates. Paid-up insurance may be surrendered at any time for its net cash value. 
 Any paid-up whole life additions and any policy loan debt will be continued under the paid-up insurance option. 
 Reinstatement - You may
reinstate this policy within five years of lapse if: 
  

	 	•	 	it has not been surrendered; 

  

	 	•	 	you provide evidence of insurability which satisfies us; and 

  

	 	•	 	you pay all past due premiums with interest on each from its due date, compounded each year at the policy loan interest rate applicable to that year. 

 Change Provision 
 Change of Plan - You may change this policy
to any permanent life insurance plan agreed to by you and us by: 
  

	 	•	 	paying the required costs; and 

  

	 	•	 	meeting any other conditions set by us. 

 Change of Insured - You
may change the insured on this policy by: 
  

	 	•	 	paying the required costs; and 

  

	 	•	 	meeting any other conditions set by us including the following: 

  

	 	•	 	on the change date, the current insured’s age may not be more than 80 and the proposed insured’s age may not be more than 75; and 

  

	 	•	 	the proposed insured must be insurable according to our criteria for underwriting insurance risks. 

 Change Date - For either type of change allowed above, the change date is the first monthly anniversary of the policy date on or after which the conditions for change are met. 
 When there is a change of insured, the policy date after the change will be the later of: 
  

	 	•	 	the policy date before the change; or 

  

	 	•	 	the first anniversary following the date of birth of the new insured. 

 The contestable and suicide periods in the policy will begin anew on the change date. 
 The new amount of insurance will be set so that the cash
value after the change is the same as it was before the change. If the policy has no cash value, the amount will be set so that premiums are the same. 
 Any
policy loan debt or assignment of this policy will continue on the new policy. 
 Change of Loan Benefits 
 Benefit - You may change the Loan Benefits provision of this policy at any time to a fixed policy loan interest rate. The fixed rate is 8% if interest is charged
in arrears or 7.4% if charged in advance. When you elect this option, the Interest Credit provision of this policy is no longer operative. The interest credited to your policy in excess of the guaranteed 4% is at our sole discretion. 
 You have the right to change back to the original Loan Benefits provision but not during the first five years after election of this option. If you do this, the original
Interest Credit provision again becomes operative. 
 Any election to change the Loan Benefits provision: 
  

	 	•	 	will be effective on the policy anniversary following the election; 

  

	 	•	 	will apply to all outstanding loans; and 

  

	 	•	 	will apply to all future policy years until changed. 

  

 Page 8 

 Income Benefits 
 Income Benefits - Cash benefits may be used to buy a monthly income for the lifetime of the insured. Death benefits may be used to buy a monthly income for the lifetime of the beneficiary. After it starts the income will last for at
least ten years. The purchase rates for the monthly income will be set from time to time. However, the income bought by each $1,000 will always be at least as large as that shown below. 
  

							
	 	  	Monthly Income
	 Age
	  	Male	  	Female
	30	  	$	3.98	  	$	3.82
	32	  	 	4.04	  	 	3.88
	34	  	 	4.12	  	 	3.92
	36	  	 	4.20	  	 	3.98
	38	  	 	4.28	  	 	4.06
	40	  	 	4.38	  	 	4.12
	42	  	 	4.48	  	 	4.20
	44	  	 	4.60	  	 	4.30
	46	  	 	4.72	  	 	4.40
	48	  	 	4.86	  	 	4.50
	50	  	 	5.02	  	 	4.62
	52	  	 	5.18	  	 	4.76
	54	  	 	5.34	  	 	4.92
	56	  	 	5.54	  	 	5.08
	58	  	 	5.74	  	 	5.26
	60	  	 	5.96	  	 	5.46
	62	  	 	6.22	  	 	5.68
	64	  	 	6.48	  	 	5.94
	66	  	 	6.78	  	 	6.22
	68	  	 	7.10	  	 	6.54
	70	  	 	7.44	  	 	6.90
	72	  	 	7.78	  	 	7.28
	74	  	 	8.14	  	 	7.68
	75	  	 	8.32	  	 	7.89

 Monthly income amounts for ages not shown are halfway between the two amounts for the nearest two ages which are
shown. 
 Guaranteed amounts for ages under 30 are the same as those for age 30; guaranteed amounts for ages over 75 are the same as those for age 75.
Amounts shown are based on the 1971 Individual Annuity Mortality Table with interest at 4%. 
 This benefit is not available if the income would be less than
$25 a month. We may require evidence of survival for incomes which last more than ten years. 
 General Provisions 
 The Contract - The application is attached to the policy. Together, they make up the entire contract. All statements in the application are representations and not
warranties. Only statements in the application can be used to void this policy or to defend a claim on the grounds of misrepresentation. 
 Compliance
With Law - If any provision of this policy is in conflict with any applicable statute, it is hereby amended to conform to the minimum requirements of such statute. 
 This policy shall be construed in accordance with the laws of the state where it is delivered. 
 Modifications - Only
our President or Secretary has the right to change or waive the terms of this policy. 
 Incontestability - This policy will be incontestable after it
has been in force during the insured’s lifetime for two years from the policy date. 
 Suicide Exception - If the insured dies by suicide, while
sane or insane, within two years of the policy date, no death benefits will be paid. Instead, we will return the premiums paid less any policy loan debt, and less any dividends or credits paid to you in cash. 
 Misstatements - If any of the insured’s age, sex, or smoking habits is misstated, benefits will be those the premiums paid would have bought for the correct
age, sex, or smoking habits. 
 Settlements - All payments under this policy are to be made at our home office. 
 Deferment of Cash Value - We may defer payments of net cash value for up to six months. We may similarly defer policy loans except those made for the sole purpose
of paying premiums on our policies. Interest will be paid on any payment of net cash value which we defer more than 30 days. The rate of interest will be at least 4% per year. 
 Owner - The owner of this policy is as shown on page 3 or in a later written change. If there are two or more owners, they will own this contract as joint tenants with right of survivorship unless stated
otherwise. 
 Beneficiary - The beneficiary of this policy is as shown on page 3 or in a later written change. Unless you state otherwise, death
benefits will be paid in equal shares to the beneficiaries who live to receive them, or if none, amounts due will be paid to you or your estate. 
 Assignment - If you assign this policy, your rights and those of any beneficiary are subject to the rights of the assignee. 
 Notice - Changes, assignments, and requests will not affect us unless we receive them in writing at our home office. 
 Age and Dates - As used in this policy and any riders, age means age as of nearest birthday on the policy anniversary. Policy years, months and anniversaries are determined from the policy date shown on page 3. 
 Calculations - We use the Commissioners 1980 Standard Ordinary Mortality Table to compute all values, reserves and net premiums under this policy. Calculations
are based on continuous functions and interest at 4% per year. Separate tables are used for males and females. All values and reserves are at least equal to those required by the insurance law for the state in which this policy is delivered.
The cash value within a policy year is adjusted for lapse of time and premiums paid for any portion of the policy year. A detailed statement of the method of computing these items has been filed with the insurance supervisory official of that state.
Reserves are never less than the corresponding cash values. 
  

 Page 9 

 Guaranteed Mortality Charges 
 As described on page 6, there is a mortality charge for any increased death benefit generated by credits or dividends. The guaranteed annual mortality charge for the increased death benefit is the 1980 CSO mortality
rate, male or female, for the age at the beginning of the policy year. These rates are as follows: 
  

					
	 Attained Age
 Beginning of Year
	  	 1980 CSO Rate
 Per Thousand

	 	  	MALE	  	FEMALE
	0	  	4.18	  	2.89
	1	  	1.07	  	0.87
	2	  	0.99	  	0.81
	3	  	0.98	  	0.79
	4	  	0.95	  	0.77
	5	  	0.90	  	0.76
	6	  	0.86	  	0.73
	7	  	0.80	  	0.72
	8	  	0.76	  	0.70
	9	  	0.74	  	0.69
	10	  	0.73	  	0.68
	11	  	0.77	  	0.69
	12	  	0.85	  	0.72
	13	  	0.99	  	0.75
	14	  	1.15	  	0.80
	15	  	1.33	  	0.85
	16	  	1.51	  	0.90
	17	  	1.67	  	0.95
	18	  	1.78	  	0.98
	19	  	1.86	  	1.02
	20	  	1.90	  	1.05
	21	  	1.91	  	1.07
	22	  	1.89	  	1.09
	23	  	1.86	  	1.11
	24	  	1.82	  	1.14
	25	  	1.77	  	1.16
	26	  	1.73	  	1.19
	27	  	1.71	  	1.22
	28	  	1.70	  	1.26
	29	  	1.71	  	1.30
	30	  	1.73	  	1.35
	31	  	1.78	  	1.40
	32	  	1.83	  	1.45
	33	  	1.91	  	1.50
	34	  	2.00	  	1.58
	35	  	2.11	  	1.65
	36	  	2.24	  	1.76
	37	  	2.40	  	1.89
	38	  	2.58	  	2.04
	39	  	2.79	  	2.22
	40	  	3.02	  	2.42
	41	  	3.29	  	2.64
	42	  	3.56	  	2.87
	43	  	3.87	  	3.09
	44	  	4.19	  	3.32
	45	  	4.55	  	3.56
	46	  	4.92	  	3.80
	47	  	5.32	  	4.05
	48	  	5.74	  	4.33
	49	  	6.21	  	4.63
	50	  	6.71	  	4.96
	51	  	7.30	  	5.31
	52	  	7.96	  	5.70
	53	  	8.71	  	6.15
	54	  	9.56	  	6.61
	55	  	10.47	  	7.09
	56	  	11.46	  	7.57
	57	  	12.49	  	8.03
	58	  	13.59	  	8.47
	59	  	14.77	  	8.94
	60	  	16.08	  	9.47
	61	  	17.54	  	10.13
	62	  	19.19	  	10.96
	63	  	21.06	  	12.02
	64	  	23.14	  	13.25
	65	  	25.42	  	14.59
	66	  	27.85	  	16.00
	67	  	30.44	  	17.43
	68	  	33.19	  	18.84
	69	  	36.17	  	20.36
	70	  	39.51	  	22.11
	71	  	43.30	  	24.23
	72	  	47.65	  	26.87
	73	  	52.64	  	30.11
	74	  	58.19	  	33.93
	75	  	64.19	  	38.24
	76	  	70.53	  	42.97
	77	  	77.12	  	48.04
	78	  	83.90	  	53.45
	79	  	91.05	  	59.35
	80	  	98.84	  	65.99
	81	  	107.48	  	73.60
	82	  	117.25	  	82.40
	83	  	128.26	  	92.53
	84	  	140.25	  	103.81
	85	  	152.95	  	116.10
	86	  	166.09	  	129.29
	87	  	179.55	  	143.32
	88	  	193.27	  	158.18
	89	  	207.29	  	173.94
	90	  	221.77	  	190.75
	91	  	236.98	  	208.87
	92	  	253.45	  	228.81
	93	  	272.11	  	251.51
	94	  	295.90	  	279.31
	95	  	329.96	  	317.32
	96	  	384.55	  	375.74
	97	  	480.20	  	474.97
	98	  	657.98	  	655.85
	99	  	1000.00	  	1000.00

  

 Page 10

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