Document:

EX-10.22

 Exhibit 10.22 
  

 
  

REVOLVING CREDIT AGREEMENT 

Dated as of September 26, 2013 

by and among 
 THE NEW
HOME COMPANY NORTHERN CALIFORNIA LLC, 
 a Delaware limited liability company, 

as Borrower 
 and

 U.S. BANK NATIONAL ASSOCIATION, 

d/b/a Housing Capital Company, 

as Lender 
 Loan
No. 2157B 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I        DEFINITIONS
	  	 	1	  
			
	 Section 1.1
	    	 Definitions
	  	 	1	  
			
	 Section 1.2
	    	 General; References
	  	 	21	  
		
	 ARTICLE II       CREDIT FACILITY
	  	 	21	  
			
	 Section 2.1
	    	 Revolving Advances
	  	 	21	  
			
	 Section 2.2
	    	 Rates and Payment of Interest; Late Fees; Post-Default Rate
	  	 	22	  
			
	 Section 2.3
	    	 Repayment of Advances
	  	 	24	  
			
	 Section 2.4
	    	 Prepayments
	  	 	24	  
			
	 Section 2.5
	    	 Note
	  	 	25	  
			
	 Section 2.6
	    	 Extension of Maturity Date
	  	 	25	  
			
	 Section 2.7
	    	 Guaranties
	  	 	26	  
			
	 Section 2.8
	    	 Full Recourse
	  	 	27	  
		
	 ARTICLE III      PAYMENTS, FEES AND OTHER GENERAL PROVISIONS
	  	 	27	  
			
	 Section 3.1
	    	 Payments
	  	 	27	  
			
	 Section 3.2
	    	 Fees
	  	 	27	  
			
	 Section 3.3
	    	 Computations
	  	 	28	  
			
	 Section 3.4
	    	 Usury
	  	 	28	  
			
	 Section 3.5
	    	 Agreement Regarding Interest and Charges
	  	 	28	  
			
	 Section 3.6
	    	 Statements of Account
	  	 	28	  
			
	 Section 3.7
	    	 Taxes
	  	 	28	  
			
	 Section 3.8
	    	 Funds Transfer Disbursements
	  	 	29	  
		
	 ARTICLE IV      BORROWING BASE PROPERTIES
	  	 	30	  
			
	 Section 4.1
	    	 Eligibility of Properties
	  	 	30	  
			
	 Section 4.2
	    	 Bulk Sales
	  	 	32	  
			
	 Section 4.3
	    	 Partial Release of Eligible Property
	  	 	34	  
			
	 Section 4.4
	    	 Release of a Project
	  	 	35	  
			
	 Section 4.5
	    	 Frequency of Appraisals; Updating of Appraisals
	  	 	36	  
			
	 Section 4.6
	    	 Frequency of Calculations of Borrowing Base
	  	 	37	  
		
	 ARTICLE V       CONDITIONS PRECEDENT
	  	 	37	  
			
	 Section 5.1
	    	 Initial Conditions Precedent
	  	 	37	  
			
	 Section 5.2
	    	 Conditions Precedent to All Advances
	  	 	39	  
			
	 Section 5.3
	    	 Conditions as Covenants
	  	 	40	  

  
 i 

							
	 ARTICLE VI      REPRESENTATIONS AND WARRANTIES
	  	 	40	  
			
	 Section 6.1
	    	 Representations and Warranties
	  	 	40	  
			
	 Section 6.2
	    	 Survival of Representations and Warranties, Etc.
	  	 	46	  
		
	 ARTICLE VII     AFFIRMATIVE COVENANTS
	  	 	46	  
			
	 Section 7.1
	    	 Punctual Payment
	  	 	46	  
			
	 Section 7.2
	    	 Maintenance of Office
	  	 	46	  
			
	 Section 7.3
	    	 Preservation of Existence and Similar Matters
	  	 	47	  
			
	 Section 7.4
	    	 Compliance with Applicable Law and Material Contracts
	  	 	47	  
			
	 Section 7.5
	    	 Maintenance of Property; Completion of Construction
	  	 	47	  
			
	 Section 7.6
	    	 Insurance
	  	 	47	  
			
	 Section 7.7
	    	 Payment of Taxes and Claims
	  	 	48	  
			
	 Section 7.8
	    	 Books and Records; Inspections
	  	 	49	  
			
	 Section 7.9
	    	 Use of Proceeds
	  	 	49	  
			
	 Section 7.10
	    	 Environmental Matters
	  	 	49	  
			
	 Section 7.11
	    	 Further Assurances
	  	 	50	  
			
	 Section 7.12
	    	 Material Contracts
	  	 	50	  
			
	 Section 7.13
	    	 ERISA Compliance
	  	 	50	  
			
	 Section 7.14
	    	 Business Operations
	  	 	50	  
			
	 Section 7.15
	    	 Lien Free Completion
	  	 	50	  
			
	 Section 7.16
	    	 Condominium Covenants
	  	 	51	  
			
	 Section 7.17
	    	 Inspection of Borrowing Base Properties
	  	 	51	  
			
	 Section 7.18
	    	 Deposit Accounts; Principal Depository
	  	 	51	  
			
	 Section 7.19
	    	 Bonded Stop Notices
	  	 	51	  
		
	 ARTICLE VIII    INFORMATION
	  	 	52	  
			
	 Section 8.1
	    	 Financial Statements
	  	 	52	  
			
	 Section 8.2
	    	 Monthly Reporting Requirements
	  	 	53	  
			
	 Section 8.3
	    	 Other Information
	  	 	53	  
		
	 ARTICLE IX      NEGATIVE COVENANTS
	  	 	55	  
			
	 Section 9.1
	    	 Restrictions on Other Indebtedness
	  	 	55	  
			
	 Section 9.2
	    	 Negative Pledge
	  	 	56	  
			
	 Section 9.3
	    	 Merger, Consolidation, Sales of Assets and Other Arrangements
	  	 	56	  

  
 ii 

							
	 Section 9.4
	    	 Modifications of Organizational Documents and Material Contracts
	  	 	56	  
			
	 Section 9.5
	    	 Transactions with Affiliates
	  	 	57	  
			
	 Section 9.6
	    	 Limitations On Distributions
	  	 	57	  
			
	 Section 9.7
	    	 Unrelated Business
	  	 	57	  
		
	 ARTICLE X       DEFAULT
	  	 	58	  
			
	 Section 10.1
	    	 Events of Default
	  	 	58	  
			
	 Section 10.2
	    	 Remedies Upon Event of Default
	  	 	60	  
			
	 Section 10.3
	    	 Marshaling; Payments Set Aside
	  	 	61	  
			
	 Section 10.4
	    	 Allocation of Proceeds
	  	 	62	  
			
	 Section 10.5
	    	 Performance by Lender
	  	 	62	  
			
	 Section 10.6
	    	 Rights Cumulative
	  	 	62	  
		
	 ARTICLE XI      MISCELLANEOUS
	  	 	63	  
			
	 Section 11.1
	    	 Notices
	  	 	63	  
			
	 Section 11.2
	    	 Expenses
	  	 	63	  
			
	 Section 11.3
	    	 Stamp, Intangible and Recording Taxes
	  	 	64	  
			
	 Section 11.4
	    	 Setoff
	  	 	64	  
			
	 Section 11.5
	    	 Litigation; Jurisdiction; Other Matters; Waivers
	  	 	65	  
			
	 Section 11.6
	    	 Successors and Assigns
	  	 	67	  
			
	 Section 11.7
	    	 Amendments
	  	 	68	  
			
	 Section 11.8
	    	 Nonliability of Lender
	  	 	68	  
			
	 Section 11.9
	    	 Tax Reporting
	  	 	69	  
			
	 Section 11.10
	    	 Indemnification
	  	 	69	  
			
	 Section 11.11
	    	 Termination; Survival
	  	 	71	  
			
	 Section 11.12
	    	 Severability of Provisions
	  	 	71	  
			
	 Section 11.13
	    	 GOVERNING LAW
	  	 	71	  
			
	 Section 11.14
	    	 Counterparts
	  	 	71	  
			
	 Section 11.15
	    	 Obligations with Respect to Loan Parties
	  	 	71	  
			
	 Section 11.16
	    	 Independence of Covenants
	  	 	72	  
			
	 Section 11.17
	    	 Limitation of Liability
	  	 	72	  
			
	 Section 11.18
	    	 Entire Agreement
	  	 	72	  
			
	 Section 11.19
	    	 Construction
	  	 	72	  
			
	 Section 11.20
	    	 Compliance with Anti-Terrorism Laws
	  	 	72	  

  
 iii 

 EXHIBITS AND SCHEDULES 

 

			
	 SCHEDULE 1.1(a)
	    	 Authorized Signatories

	 SCHEDULE 4.1(a)
	    	 Initial Borrowing Base Properties

	 SCHEDULE 6.1(h)
	    	 Material Contracts

	 SCHEDULE 6.1(x)
	    	 Options to Acquire; Restrictions on Development

	 EXHIBIT A
	    	 Form of Compliance Certificate

	 EXHIBIT B
	    	 Form of Notice of Borrowing

	 EXHIBIT C
	    	 Form of Borrowing Base Report

	 EXHIBIT D
	    	 Form of Transfer Authorization Designation

	 EXHIBIT E
	    	 Form of Eligible Property Agreement

  
 iv 

 REVOLVING CREDIT AGREEMENT 

THIS REVOLVING CREDIT AGREEMENT (this “Agreement”) dated as of September 26, 2013 by and between THE NEW HOME
COMPANY NORTHERN CALIFORNIA LLC, a Delaware limited liability company (“Borrower”), and U.S. BANK NATIONAL ASSOCIATION, d/b/a Housing Capital Company (“Lender”). 

WHEREAS, the parties hereto are entering into this Agreement to, among other things, make available to Borrower a secured revolving credit
facility all on the terms and conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
  

	 	Section 1.1	Definitions. 

 In addition to terms defined elsewhere herein, the following terms shall
have the following meanings for the purposes of this Agreement: 
 “A&D Component” means the portion of the
Project Budget applicable to a Project allocated to the acquisition of an Eligible Property comprised of Entitled Land or Finished Lots, the grading of any such Entitled Land, and the construction on such Entitled Land of the improvements (other
than Homes) necessary to prepare such Entitled Land for the construction of Homes. 
 “Account” shall mean a deposit
account maintained by Borrower with Citibank, N.A. as designated by Borrower to Lender in writing into which Advances shall be deposited, or such replacement account as Borrower may designate to Lender in writing from time to time. 

“Actual Cost” means (a) the Home Cost for Sold Homes, Models and Spec Homes, and (b) the Lot Cost for Finished
Lots, Lots Under Development and Entitled Land. 
 “Advance” means an advance made by Lender to Borrower pursuant to
Section 2.1(a). 
 “Affiliate” means as to any Person: (a) any other Person directly or indirectly
controlling, controlled by, or under common control with such Person; (b) any other Person directly or indirectly owning or holding ten percent (10%) or more of any Equity Interest in such Person; or (c) any other Person where ten percent
(10%) or more of such other Person’s voting stock or other Equity Interest is directly or indirectly owned or held by such Person. For purposes of this definition, “control” (including with correlative meanings, the
terms “controlling”, “controlled by” and “under common control with”) means the possession directly or indirectly of the power to direct or cause the direction of the management and policies of a Person, whether through
the ownership of voting securities or by contract or otherwise. In no event shall Lender be deemed to be an Affiliate of Borrower. 

 “Aggregate Borrowing Base Value” means an amount equal to the sum of the
Borrowing Base Values for all Borrowing Base Properties; provided, however, that the Aggregate Borrowing Base Value shall be adjusted as follows: 

(a) no amount shall be contributed to the Aggregate Borrowing Base Value by Land which does not constitute Lots Under Development or Finished
Lots; and 
 (b) the aggregate amount contributed to the Aggregate Borrowing Base Value by Models and Spec Homes shall not at any time
exceed thirty-five percent (35%) of the aggregate Borrowing Base Values for all Borrowing Base Properties; and 
 (c) (i) during
the initial twelve (12) month period after the Agreement Date, the aggregate amount contributed to the Aggregate Borrowing Base Value by Lots Under Development and Finished Lots shall not at any time exceed sixty-five percent (65%) of the
aggregate Borrowing Base Values for all Borrowing Base Properties, and (ii) from and after the end of the initial twelve (12) month period after the Agreement Date, the aggregate amount contributed to the Aggregate Borrowing Base Value by
Lots Under Development and Finished Lots shall not at any time exceed fifty percent (50%) of the aggregate Borrowing Base Values for all Borrowing Base Properties; and 

(d) to the extent the aggregate number of Spec Homes in any Project (except a Condominium Project) exceeds the Maximum Spec Home Limit for
such Project, then any Borrowing Base Value attributable to such excess shall be excluded from the Aggregate Borrowing Base Value; and 

(e) to the extent the aggregate number of Spec Homes in any Condominium Project, exceeds the Maximum Condominium Spec Home Limit applicable to
such Condominium Project, then any Borrowing Base Value attributable to such excess shall be excluded from the Aggregate Borrowing Base Value; and 

(f) to the extent the aggregate number of Spec Homes and Sold Homes in any Project (except a Condominium Project) exceeds the Maximum Total
Home Limit for such Project, then any Borrowing Base Value attributable to such excess shall be excluded from the Aggregate Borrowing Base Value; and 

(g) to the extent the aggregate number of Spec Homes and Sold Homes in any Condominium Project, exceeds the Maximum Total Condominium Home
Limit applicable to such Condominium Project, then any Borrowing Base Value attributable to such excess shall be excluded from the Aggregate Borrowing Base Value. 

For the avoidance of doubt, if there are, for example, twenty (20) Spec Homes in a Project (which is not a Condominium Project) and the
Maximum Spec Home Limit applicable to such Project is ten (10), then to be in compliance with subsection (d) above, only ten (10) of such Spec Homes shall be included in the Aggregate Borrowing Base Value. The same concept applies to
subsections (e), (f) and (g), respectively. 
 For the avoidance of doubt, if there are Spec Homes and/or Sold Homes in excess of the
limitations set forth in subsections (d), (e), (f) and (g) above (the “Excess Homes”), for purposes 

  
 2 

 
of this definition of Aggregate Borrowing Base Value only, such Excess Homes shall be deemed re-classified as Finished Lots. Therefore, subject to the limitations set forth in subsection
(c) above, the value of such Excess Homes shall not be eliminated entirely from the Aggregate Borrowing Base Value but rather the Borrowing Base Value attributable to such Excess Homes shall be calculated as if such Excess Homes were classified
as Finished Lots. 
 The exclusion from time to time of any Borrowing Base Value from the calculation of Aggregate Borrowing Base Value
pursuant to any subsection above shall not mean that the subject Borrowing Base Property (or any portion thereof) shall be excluded from the Collateral. 

“Agreement Date” means the date as of which this Agreement is dated. 

“Allowed Project Standards” means, with respect to a Project (including all phases thereof), the requirements of
Lender that (a) in such Project there shall not be more than one hundred (100) Homes; (b) the A&D Component of the Project Budget for such Project is not more than $15,000,000.00; (c) as of the date admitted into the
Borrowing Base, the average base sales price of a Home in such Project shall be not more than (i) $1,000,000.00 for a Condominium Unit, and (ii) $1,000,000.00 for a Home which is not a Condominium Unit; provided, however, that, so long as
there are no changes to the general size and plan-type of the Homes in such Project, the average base sales price of such Homes may increase during the period that such Project is included in the Borrowing Base based on market demand, so long as
such price increase will not have, in the reasonable judgment of Lender, a materially adverse effect on the rate of absorption of Homes in such Project; and (d) the Project shall be located in the State of California. 

“Applicable Law” means all applicable provisions of constitutions, statutes, rules, regulations, orders and decrees of
all Governmental Authorities. 
 “Applicable Rate” means, on any day of determination, a per annum rate equal to the
sum of the Base Rate then in effect, plus the then applicable margin, as determined by Lender by reference to the chart below: 
  

			
	Guarantor Leverage Ratio	  	Applicable Margin
		
	£ 1.0:1.0	  	325 basis points
		
	> 1.0:1.0, but £ 1.25:1.0	  	375 basis points
		
	> 1.25:1.0	  	425 basis points

 “Appraisal” means, with respect to any Project, an M.A.I. appraisal commissioned by
and addressed to Lender (acceptable to Lender as to form, substance and appraisal date), prepared by a professional appraiser acceptable to Lender, having at least the minimum qualifications required under Applicable Law governing Lender, including
without limitation, FIRREA, and determining market value as follows: 

  
 3 

			
	Eligible Property Type	  	Appraisal Basis
		
	Sold Homes	  	aggregate retail value*
		
	Spec Homes	  	aggregate retail value*
		
	Models	  	aggregate retail value*
		
	Finished Lots	  	finished bulk value
		
	Lots Under Development	  	finished bulk value

  

	*	Notwithstanding the foregoing, if, at any time, the appraised absorption rate or the actual absorption rate for Homes in any building within a Condominium Project exceeds twelve (12) months, then the appraisal
basis used for the Homes in such building (whether Sold Homes, Spec Homes or Models) shall be finished bulk value and, if applicable, the Borrowing Base Value for such Condominium Project shall be adjusted to reflect such adjusted Appraised Value
and Borrower shall make any payments required under Section 2.4(b)(iii) as and when due thereunder. 

“Appraised Value” means, with respect to any Project, the applicable as completed market value of such Project as
reflected in the most recent Appraisal of such Project; provided, however, Lender shall have the right to review such Appraisal for errors and request revisions to such Appraisal to correct such errors, which review shall be conducted prior to
acceptance of such Appraisal by Lender. 
 “Authorized Signatories” means, collectively, all of the authorized
agents listed on Schedule 1.1(a) or such additional authorized agents as Borrower shall designate in writing to Lender. 

“Base Rate” means the one-month LIBOR rate quoted by Lender from Reuters Screen LIBOR01 Page, or any successor
thereto, which shall be that one-month LIBOR rate in effect and reset each Business Day, adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation, such rate rounded up to the nearest one- sixteenth
percent. Notwithstanding the immediately preceding sentence, if on any date for determining the one-month LIBOR rate, Lender shall determine (which determination shall be conclusive in the absence of manifest error) that (a) because of
circumstances affecting the Money Markets, adequate and fair means do not exist for ascertaining the one-month LIBOR rate, or (b) it is unlawful to maintain any advance of the Loan at a rate based on the one-month LIBOR rate, Lender shall
promptly give to Borrower telephonic notice (confirmed as soon as practicable in writing) of the nature and effect of such circumstances and/or illegality. After receipt of such notice and during the existence of such circumstances and/or
illegality, the interest rate applicable to the outstanding principal balance shall be determined based upon an alternate index selected by Lender, in its sole discretion, reasonably comparable to that of one- month LIBOR, intended to generate a
return substantially the same as that generated by the one- month LIBOR rate, and all references in the Loan Documents to the Base Rate shall be deemed to be references to such alternate index while such rate is in effect. Lender’s internal
records of applicable interest rates shall be determinative in the absence of manifest error. Each change in the Base Rate shall become effective without prior notice to Borrower automatically as of the opening of business on the date of such change
in the Base Rate. 

  
 4 

 “Bonding Obligations” means the potential monetary liability of a Person
with respect to completion bonds, letters of credit or other similar instruments that are required by insurance companies that issue completion bonds, cities, counties, the California Department of Real Estate, sellers of Land or other Governmental
Authorities in connection with the development of Land, the creation of residential communities and the construction of subdivisions of Homes, the terms of which shall be normal and customary for similar developments. 

“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include Borrower’s successors
and permitted assigns. 
 “Borrowing Base” means, at any time, all Borrowing Base Properties. 

“Borrowing Base Property” means each Eligible Property, and “Borrowing Base Properties” means
all Eligible Properties included in calculations of the Aggregate Borrowing Base Value pursuant to Section 4.1, which as of the Effective Date shall include all Projects listed on Schedule 4.1(a). A Project shall cease to be a
Borrowing Base Property if (a) at any time such Project shall cease to be an Eligible Property, or (b) Lender shall cease to hold a valid and perfected first priority Lien in such Project; provided, however, that Lender shall only be
obligated to reconvey the lien encumbering any such Project in accordance with the provisions of Section 4.1, Section 4.2, Section 4.3, or Section 4.4. 

“Borrowing Base Report” means a report prepared from time to time by Borrower in accordance with the provisions of
this Agreement which details (a) the then Borrowing Base Properties, (b) the Appraised Value and Borrowing Base Value for each such Borrowing Base Property, (c) the Aggregate Borrowing Base Value, and (d) the then Maximum
Availability, all in the form as set forth on Exhibit C hereto, which report is certified by Borrower as being accurate and complete pursuant to a certificate in the form attached on Exhibit C hereto. 

“Borrowing Base Value” means, for each Eligible Property, the least of the following amounts based upon the applicable
Eligible Property type: 
  

													
	 Eligible Property Type
	  	Borrowing Base Value
(the Lesser of in $$)	 
	 	  	Appraised Value1	 	 	Actual Costs	 	 	Costs as set forth
in Project Budget	 
	 Sold Homes
	  	 	75	% 	 	 	90	% 	 	 	90	% 
	 Spec Homes
	  	 	70	% 	 	 	80	% 	 	 	80	% 
	 Models
	  	 	70	% 	 	 	80	% 	 	 	80	% 
	 Finished Lots
	  	 	65	% 	 	 	65	% 	 	 	65	% 
	 Lots Under Development
	  	 	50	% 	 	 	50	% 	 	 	50	% 
	 Entitled Land
	  	 	0	% 	 	 	0	% 	 	 	0	% 

  

	1 	In the case of Sold Homes, Spec Homes, Models and Lots Under Development, there shall be deducted from the Appraised Value the development costs, if any, necessary to complete the same. Also, notwithstanding the chart
above, the Borrowing Base Value for each Sold Home, Spec Home and Model in a Condominium Project shall not exceed $1,000,000, and the Borrowing Base Value for each Sold Home, Spec Home and Model in a Project which is not a Condominium Project shall
not exceed $1,000,000. 

  
 5 

 An Eligible Property shall be deemed moved from one Eligible Property type to another Eligible
Property type upon Lender’s receipt of a Borrowing Base Report which identifies such re-classification from one Eligible Property type to another Eligible Property type; provided, however, if, at any time after such re-classification, Lender,
in its reasonable discretion, determines that such Eligible Property should not have been re-classified from one Eligible Property type to another Eligible Property type, Lender may, in its reasonable discretion, reclassify such Eligible Property to
its former Eligible Property type in which case Borrower shall immediately comply with the provisions of Section 2.4(b)(ii), if applicable. No Finished Lot shall be reclassified as a Sold Home if the anticipated delivery date of such
Home is after the Maturity Date. 
 Notwithstanding anything to the contrary set forth herein, (a) the Borrowing Base Value of each Lot
Under Development shall automatically reduce to Zero Dollars ($0) on the date that is eighteen (18) months after such Lot Under Development was first included in the calculation of the Borrowing Base, (b) the Borrowing Base Value of each
Finished Lot shall automatically reduce to Zero Dollars ($0) on the date that is eighteen (18) months after such Finished Lot was first included in the calculation of the Borrowing Base, whether as a Lot Under Development or a Finished Lot,
(c) the Borrowing Base Value of each Spec Home and each Sold Home shall automatically reduce to Zero Dollars ($0) on the date that is twelve (12) months after such Spec Home or Sold Home was first included in the calculation of the
Borrowing Base (whether as a Spec Home or a Sold Home), (d) the Borrowing Base Value of each Model Home shall automatically reduce to Zero Dollars ($0) on the date that is twenty-four (24) months after such Model Home was first included in
the calculation of the Borrowing Base, and (e) to the extent Borrower commences vertical construction of any Home on a Lot within ninety (90) days prior to the then existing Maturity Date, there shall be no increase in the Borrowing Base
Value to the applicable Lot (or any re-classification thereof as a Sold Home, Spec Home or Model, as the case may be, for purposes of the calculation of the Borrowing Base) unless and until the Maturity Date is extended in accordance with the terms
and conditions of the Loan Documents. 
 “Bulk Sale” means, for any Project, a sale to a third party on an
arms’ length basis (including a sale price not less than the then-current fair market value of the affected Property) of any Project or portion thereof that does not otherwise constitute a sale of an individual Home to a member of the general
home-buying public in the ordinary course of Borrower’s business. 
 “Business Day” means any day (other than a
Saturday or Sunday) on which commercial banks are open for business in New York, New York. 
 “Capitalized Lease”
means a lease under which a Person is the lessee or obligor, the discounted future rental payment obligations under which are required to be capitalized on the balance sheet of the lessee or obligor in accordance with GAAP. 

“Change of Control” shall be deemed to occur upon the occurrence of any of the following events: (a) Borrower
ceases to be a wholly-owned direct or indirect Subsidiary of Guarantor, (b) for any reason whatsoever, less than two (2) of Lawrence Webb, Wayne J. Stelmar, Joseph D. Davis and Thomas Redwitz shall be responsible for the day to day
operations of Borrower and Guarantor, or (c) other than pursuant to a Permitted Transaction, the members 

  
 6 

 
of Guarantor on the date hereof shall collectively cease to hold a Controlling Interest in Guarantor. 

“Closing” means, with respect to the sale of any Home or Lot, when title to the applicable Home or Lot passes to a
third-party purchaser and Borrower receives full payment in cash of the Net Sales Proceeds. 
 “Collateral” means
any real or personal property directly or indirectly securing any of the Obligations or any other obligation of a Person under or in respect of any Loan Document to which it is a party, pursuant to a Security Document. 

“Commitment Amount” means Thirty Million and No/100 Dollars ($30,000,000.00). 

“Completion” means, for each Home in the Borrowing Base and for each Lot Under Development, that all lot development
improvements on such Lot Under Development and construction on such Home in the Borrowing Base has been completed in accordance with the Project Budget, as approved by Lender, and paid for in full, free of all mechanics’ liens and other similar
lien claims (other than any Liens or similar claims being contested in good faith and in accordance with the terms of this Agreement or any other Loan Document); and Lender has received satisfactory evidence of such completion which may include
without limitation, as determined by Lender in its reasonable discretion, evidence that (a) completion has been approved by an engineer, architect or consultant selected by Lender, (b) a valid notice of completion has been recorded,
(c) a certificate of substantial completion for the Home and/or Lot Under Development has been signed by Borrower and the general contractor, (d) no punch-list items remain to be completed, and (e) Lender has received evidence that
all governmental requirements and all private restrictions and covenants relating to such Home and/or Lot Under Development have been complied with or satisfied and that all necessary Governmental Approvals have been obtained, including a
certificate of occupancy for a completed Home. 
 “Completion Guaranty” means that certain Completion Guaranty of
even date herewith executed by Guarantor in favor Lender. 
 “Compliance Certificate” means a report in
substantially the form of Exhibit A, certified by any Authorized Signatory certifying and setting forth compliance with all financial covenants set forth in the Repayment Guaranty, all in form and detail satisfactory to Lender. 

“Condominium Project” means each Borrowing Base Property identified on Schedule 4.1(a) or any applicable
Eligible Property Agreement as a condominium project. 
 “Condominium Unit” means each of the spaces to be developed
at a Condominium Project as a “unit” and constituting a “unit” under California Civil Code Section 3051(f), together with an undivided interest in the portions of such Condominium Project which are not Condominium Units.

 “Controlling Interests” means, with respect to any Person, voting or ownership interests or both totaling in
excess of fifty percent (50%) of the voting or ownership interests in such Person. 

  
 7 

 “Cost Overrun Event,” with respect to any Project (or any phase thereof),
shall have been deemed to have occurred on any date of determination if the aggregate amount of all Project Costs actually incurred and necessary to complete construction and development of the Project (or any phase thereof) exceed the Project Costs
as estimated in the Project Budget for such Project then most recently approved by Lender. 
 “Deed of Trust” means
a Construction Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing or other mortgage/deed of trust document executed by Borrower in favor of Lender, in form and substance satisfactory to Lender. 

“Default” means any of the events specified in Section 10.1, whether or not there has been satisfied any
requirement for the giving of notice, the lapse of time, or both. 
 “Derivatives Obligations” means all obligations
of any Person in respect of any interest rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, forward equity transaction, equity or equity index option, bond option, interest
rate option, foreign exchange transaction, cap transaction, forward transaction, collar transaction, currency swap, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of
the foregoing transactions) or any combination of the foregoing transactions. 
 “Development Plan” means, with
respect to each Project, Borrower’s development plan for such project, which shall be in form and substance reasonably acceptable to Lender, and shall include, without limitation, Borrower’s construction progress schedule for all Homes to
be constructed within such Project (whether in one or more phases), and Borrower’s estimate of the maximum number of Homes in such Project which may be under construction at any one time. 

“Distribution” means, with respect to any Person, the declaration or payment of any cash, cash flow, dividend, loan,
distribution or other advance of any type on or in respect of any shares of any class of capital stock, partner’s interest, member’s interest or other beneficial interest of such Person; the purchase, redemption, exchange or other
retirement of any shares of any class of capital stock, partner’s interest, member’s interest or other beneficial interest of such Person, directly or indirectly through a Subsidiary of such Person or otherwise; the return of capital by a
Person to its shareholders, partners, members or other beneficial owners as such; or any other distribution on or in respect of any shares of any class of capital stock, partner’s interest, member’s interest or other beneficial interest of
such Person. This definition of “Distribution” shall not be interpreted to include profit participation fees, marketing fees, or similar amounts paid to third parties (i.e., not Affiliates of any Loan Party). 

“Dollars” or “$” means the lawful currency of the United States of America. 

“Effective Date” means the later of: (a) the Agreement Date; and (b) the date on which all of the conditions
precedent set forth in Section 5.1 shall have been fulfilled or waived in writing by Lender. 
 “Eligible
Property” means each Project, and “Eligible Properties” means all Projects, which satisfies all of the conditions set forth in Section 4.1(b), as confirmed by Lender. 

  
 8 

 “Eligible Property Agreement” means an Eligible Property Agreement in the
form attached hereto as Exhibit E executed by Borrower and Lender with respect to each Borrowing Base Property 

“Entitled Land” means Land (based on evidence in form and substance satisfactory to Lender) (a) that is zoned and
otherwise suitable for the development of Homes or certain limited commercial development incidental to the development and sale of Lots or Homes, (b) which the Borrower intends to develop for the sale of Lots or Homes or certain limited
commercial development incidental to the development and sale of Lots or Homes, and (c) with respect to which approval and entitlement from required Governmental Authorities of a tentative map, a preliminary Development Plan and all other plan
and related Governmental Approvals required by Applicable Law in accordance with the provisions of all Applicable Law have been obtained such that in each instance Borrower has the vested right to develop such Land for Homes substantially in
accordance with Borrower’s intentions and the Development Plan applicable thereto. 
 “Environmental Laws”
means any Applicable Law relating to environmental protection or the manufacture, storage, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water
Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42
U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, applicable provisions of the California Health and Safety Code and the California Water Code, and any applicable rule of common law and any judicial interpretation
thereof relating primarily to the environment or Hazardous Materials. 
 “Equity Interest” means, with respect to
any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or
profit interests in) such Person, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such
Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share,
warrant, option, right or other interest is authorized or otherwise existing on any date of determination. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to time. 

“Event of Default” means any of the events specified in Section 10.1, provided that any requirement for
notice or lapse of time or any other condition has been satisfied. 
 “Federal Funds Rate” means, for any day, the
rate per annum (rounded upward to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by
the Federal Reserve Bank of New York on the Business Day next 

  
 9 

 
succeeding such day, provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next succeeding Business Day, and
(b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to Lender by federal funds dealers selected by Lender on such day on such transaction as determined
by Lender. 
 “Fees” means the fees payable by Borrower to Lender hereunder or under any other Loan Document. 

“Finished Lots” means Entitled Land that has been subdivided into Lots and as to which (a) a final subdivision plat or
map has been approved by all applicable Governmental Authorities and recorded in all appropriate records, (b) Borrower has legal and physical access to all Lots sufficient to commence vertical construction of the applicable Homes thereon,
(c) utilities have been stubbed and utility services are available (subject only to Completion of the Home) to each Lot in accordance with the applicable requirements of Governmental Authorities, (d) the building permits for the
construction of Homes may be promptly pulled and construction commenced by Borrower without satisfaction of any further material conditions, and (e) all offsite construction and all major infrastructure required to be completed by any
Applicable Law as a condition of commencing vertical construction on the applicable Lot or Lots have been substantially completed in compliance with Applicable Law. As used in this definition of “Finished Lots,” “substantially
completed” shall not include the completion of any punch list work with respect to the foregoing items of work (provided that Borrower delivers to Lender for Lender’s review and approval (which approval shall not be unreasonably withheld)
a copy of such punch list work), warranty work required by any Governmental Authority having jurisdiction or the final lift of the street on which such Lots are located. 

“FIRREA” means the Financial Institution Recovery, Reform and Enforcement Act of 1989, as amended. 

“Force Majeure” means delays in the performance of Borrower’s construction and development of a Project when
caused by strikes, acts of God, failure of transportation, lockouts, labor disputes, weather, natural disasters, inability to obtain labor, equipment, facilities, energy, supplies or materials or reasonable substitutes therefor, enemy or hostile
governmental action, declared or undeclared war, riots, mob violence, civil commotion, fire, earthquake, flood, explosion, other casualty, or condemnation, and other causes beyond the reasonable control of Borrower. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of
the accounting profession, which are applicable to the circumstances as of the date of determination, and which have been consistently applied. 

“Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and
filings with, and reports to, all Governmental Authorities. 

  
 10 

 “Governmental Authority” means any national, state or local government
(whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity (including, without limitation, the Federal
Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central lender or any comparable authority) or any arbitrator with authority to bind a party at law. 

“Guarantor” means THE NEW HOME COMPANY LLC, a Delaware limited liability, and its successors and permitted assigns.

 “Guaranty”, “Guaranteed” or to “Guarantee” as applied to any
obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an
agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of
such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with
respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the
supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn by beneficiaries of letters of credit, (v) legal or other flow-through liability applicable to a Person
(e.g., general partner liability) by virtue of ownership interests owned by such Person, or (vi) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or
indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. 
 “Hazardous
Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous
materials”, “hazardous wastes”, “toxic substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity,
reproductive toxicity, “TCLP” toxicity, or “EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated
with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; and (e) electrical equipment which
contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million. 

“Hazardous Materials Indemnity Agreement” means that certain Hazardous Materials Indemnity Agreement (Unsecured) of
even date herewith executed by Borrower and Guarantor in favor of Lender. 
 “Home” means a for-sale detached
single-family dwelling, constructed on a separate fee simple absolute Lot or a for-sale Condominium Unit. “Home” shall not include any housing developed for rental purposes. 

  
 11 

 “Home Construction Cost” means, with respect to each Home, the sum of
(a) the “hard costs” associated with the construction of the Home, (b) the “soft costs” associated with the construction of the Home, including, without limitation, architects’ and engineers’ fees, entitlement
costs, project supervision costs, development management costs, general and administrative expenses, and review and inspection fees, (c) “up-front fees” with respect to such Home, including building permit fees, tap fees and fees of
any Governmental Authority which are required to be paid prior to the start of the construction of the Home, (d) to the extent not included in (a), (b), or (c) above, capitalized sales and marketing costs, property taxes, HOA costs,
insurance, contingency or other construction costs and financing costs, and (e) any other amount approved by Lender, all as set forth in the applicable approved Project Budget (including any approved updates thereto). As used herein, “soft
costs” shall not include selling costs paid out of sales proceeds, including escrow fees and costs, commissions, points paid to homebuyers’ lenders, and sales taxes. With respect to each Condominium Project, Home Construction Costs shall
be allocated on a pro rata basis among the Condominium Units included in such Condominium Project based on their relative sales value as determined in accordance with GAAP. 

“Home Cost” for a particular Home means the sum of (a) the Lot Cost for the Lot applicable to such Home and
(b) the Home Construction Cost for the Home, incurred as of the date of determination. 
 “Indebtedness” means,
with respect to a Person, at the time of computation thereof, all obligations, contingent and otherwise that in accordance with GAAP should be classified upon the obligor’s balance sheet as liabilities, or to which reference should be made by
footnotes thereto, including in any event and whether or not so classified: (a) all debt and similar monetary obligations, whether direct or indirect; (b) all liabilities secured by any mortgage, pledge, security interest, lien, charge or
other encumbrance existing on property owned or acquired subject thereto, whether or not the liability secured thereby shall have been assumed; (c) all Guarantees; (d) any obligation as a lessee or obligor under a Capitalized Lease;
(e) all obligations with respect to letters of credit or similar instruments issued by a Person; (f) all subordinated debt; (g) all amounts available to be drawn under letters of credit for which such Person is the applicant
thereunder or is otherwise obligated for reimbursement of any amounts drawn thereunder; (h) all Derivatives Obligations; (i) current liabilities of a Person incurred in the ordinary course of business including credit on an open account
basis customarily extended and in fact extended in connection with normal purchases of goods and services; and (j) Bonding Obligations. Subsections (a) and (c) of the preceding sentence shall not include indemnities and guarantees of
performance, such as construction completion guarantees, environmental indemnities and non-recourse carve-out guarantees that are given in connection with the closing of a loan for the project described in such instruments until such time as any of
such obligations become quantified as the Indebtedness becomes due or as the result of a judgment, settlement or other agreement. 

“Intellectual Property” has the meaning given that term in Section 6.1(s). 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 

  
 12 

 “Land” means real property, together with all of the tenements,
hereditaments, easements, rights-of-way, rights, privileges and appurtenances thereunto belonging or in any way pertaining thereto, all reversions, remainders, and all of the estate, right, title, interest, claim and demand whatsoever of any Person
therein and in the streets, alleys, vaults and ways adjacent thereto, all rights to the use of common drive entries, all rights pursuant to any reciprocal easement agreement or trackage agreement, all strips and gores within or adjoining such
property, the air space and right to use the air space above such property, all transferable development rights arising therefrom or transferred thereto, and the drainage, mineral, water, oil and gas rights with respect to such property, either at
law or in equity, if any, in possession or expectancy, now or hereafter acquired. 
 “Lender” has the meaning set
forth in the introductory paragraph hereof and shall include Lender’s successors and permitted assigns. 
 “Leverage
Ratio” means, on any date of determination, the ratio of Guarantor’s Total Liabilities to Guarantor’s Tangible Net Worth. 

“Lien” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to
secure debt, deed of trust, pledge, lien, Capitalized Lease, conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect of any property of such Person, or upon the income or profits therefrom;
(b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of indebtedness or performance of any other obligation in
priority to the payment of the general, unsecured creditors of such Person; (c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction; and (d) any agreement by such Person to grant, give or otherwise
convey any of the foregoing. 
 “Loan” means the credit facility provided to Borrower pursuant to the terms of this
Agreement. 
 “Loan Document” means this Agreement, the Note, the Repayment Guaranty, the Completion Guaranty, the
Hazardous Materials Indemnity Agreement, each Security Document, each Eligible Property Agreement, and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this
Agreement. 
 “Loan Party” means, individually and collectively, Borrower and Guarantor. 

“Lot” or “Lots” means an individual residential lot designated on the final subdivision plat,
map or filing (or in the case of Lots Under Development, an individual lot designated on an approved tentative tract map, preliminary plat map, preliminary subdivision plat or similar plat or map). 

“Lot Cost” means, with respect to each Lot in question, the Lot Improvement Construction Costs incurred as of the date
of determination allocable to such Lot, less (a) the amount of any write downs or impairments, and (b) the amount of any Governmental Authority reimbursements received by Borrower. 

  
 13 

 “Lot Improvement Construction Costs” means the aggregate “hard”
and “soft” costs incurred by Borrower to acquire each Lot and to plan, design and construct the applicable Lot improvements on each Lot. As used in this definition, “hard” costs shall include the actual net purchase price paid by
Borrower to acquire the Lot(s) in question, as reasonably determined by Lender. With respect to each Condominium Project, Lot Improvement Construction Costs shall be allocated on a pro rata basis among the Condominium Units included in such
Condominium Project based on their relative sales value as determined in accordance with GAAP. 
 “Lots Under
Development” means Entitled Land where (a) a tentative subdivision plat or map has been approved by all applicable Governmental Authorities to the extent necessary to permit the development of such Entitled Land, (b) all
Governmental Approvals have been obtained for all grading, offsite and infrastructure work necessary to improve such Entitled Land to a Finished Lot, (c) physical site improvements have commenced and are continuing or are scheduled to commence,
in each case, within one hundred eighty (180) days after the date on which such Entitled Land is first included in the calculation of the Borrowing Base, (d) all fees required in connection with such licenses, permits, Governmental
Approvals and grading have been paid and/or are included within the applicable Project Budget, and (e) no material impediments exist to the issuance of all further permits, licenses or Governmental Approvals necessary or appropriate in
connection with the development of utilities, infrastructure and other physical site improvements on such Lots. If, for any reason whatsoever, physical site improvements are not commenced within one hundred eighty (180) days after the date on
which such Lots Under Development are first included in the calculation of the Borrowing Base, then such Lots Under Development shall be reclassified as Entitled Land and Borrower shall make any payment due under Section 2.4(b)(iii) in
connection with such reclassification. 
 “Material Adverse Effect” means a materially adverse effect on
(a) the business, assets, liabilities, financial condition, or results of operations of Borrower or Guarantor which would materially and adversely impact the ability of Borrower or Guarantor to perform their respective obligations under any
Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of Lender under any of the Loan Documents, or (e) the timely payment of the principal of or interest on
the Advances or other amounts payable in connection therewith. 
 “Material Contract” means any contract or other
arrangement (other than Loan Documents), whether written or oral, to which Borrower is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could have a Material Adverse Effect. This definition of
“Material Contract” is not intended to include trade contracts. 
 “Maturity Date” means
September 26, 2015, as the same may be extended by Borrower as provided in Section 2.6, or such earlier date on which the Loan shall become due and payable pursuant to the terms hereof. 

“Maximum Availability” shall, at any time, be the lesser of (a) the Commitment Amount and (b) the Aggregate
Borrowing Base Value. 

  
 14 

 “Maximum Condominium Spec Home Limit” means, with respect to each
Condominium Project, the lesser of (a) the Spec Home limit specified with respect to such Condominium Project in the Eligible Property Agreement applicable to such Condominium Project, which limit shall be determined by Lender based on the
phasing, product type, site configuration and appraised absorption of such Condominium Project, and (b) the appraised unit absorption over a ninety (90) day period, as determined by Lender based on the then-current Appraisal of such
Condominium Project. 
 “Maximum Spec Home Limit” means, on any date of determination with respect to each Project
that is not a Condominium Project, an amount equal to unit absorption over a ninety (90) day period, as determined by Lender based on the then-current Appraisal of such Project. 

“Maximum Total Condominium Home Limit” means, with respect to each Project that is a Condominium Project, one hundred
(100) Condominium Units (including Sold Homes which are Condominium Units, but excluding Models). 
 “Maximum Total Home
Limit” means, with respect to each Project that is not a Condominium Project, one hundred (100) Homes (including Sold Homes and Spec Homes, but excluding Models). 

“Model” means a single-family residential model which is designated by Borrower to be utilized in the sales and
marketing for a Project. 
 “Mold Condition” means, with respect to any Project, a condition whereby such Project
(or any operations or improvements thereon) is or has been damaged, impacted, or otherwise affected by or subject to the growth or existence of surficial or airborne microbial constituents, regardless of genus, species, or whether commonly referred
to as mildew, mold, mold spores, fungi, bacteria or similar description, in such condition, location or quantity as would, individually or in the aggregate, have any material adverse effect on (a) human health or the environment; (b) the
value or condition of such Project; or (c) the business or financial condition as a whole of Borrower. 
 “Money
Markets” refers to one or more wholesale funding markets available to Lender, including negotiable certificates of deposit, commercial paper, Eurodollar deposits, bank notes, federal funds and others. 

“Net Sales Proceeds” means, with respect to the sale of any Collateral, the gross sales price payable by the purchaser
thereof less all customary and reasonable costs of sale that are charged to sellers of property and that are provided for in the Project Budget (if applicable) ad standard for such market as determined by Lender in its sole discretion, including
without limitation, title insurance charges, escrow fees, legal fees, homeowner association and homeowner insurance fees, mortgage brokerage fees, buyer incentives, loan fees, real estate taxes, transfer taxes, community facilities district fees or
assessments, real estate brokers’ commissions, warranty reserves (not to exceed 1.5% of the gross sales price) and development management fees. In addition, Borrower may include any profit participation fees, marketing fees, or similar amounts
paid to third parties in connection with a Project pursuant to agreements 

  
 15 

 
delivered to Lender prior to the acceptance by Lender of such Project as a Borrowing Base Property as a “cost of sale” in the calculation of Net Sales Proceeds. 

“Note” means that certain Revolving Note of even date herewith made by Borrower payable to the order to Lender in the
principal amount of Thirty Million and No/100 Dollars ($30,000,000.00), as amended, restated or otherwise modified from time to time. 

“Notice of Borrowing” means a notice substantially in the form of Exhibit B to be delivered to Lender pursuant
to Section 2.1, signed by any Authorized Signatory and evidencing Borrower’s request for an Advance. 

“Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all accrued and
unpaid interest on, all Advances, and (b) all other indebtedness, liabilities, obligations, covenants and duties of Borrower owing to Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan
Documents (other than the Guaranty), including, without limitation, the Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not
evidenced by any promissory note. 
 “Participant” has the meaning given that term in Section 11.6(b).

 “Permitted Indebtedness” means the indebtedness of Borrower that is not prohibited pursuant to
Section 9.1 below. 
 “Permitted Liens” means (a) Liens securing taxes, assessments (including any
community facilities district bond assessments or similar bond assessments) and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental
Laws) or the inchoate claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time required to be paid or discharged under
Section 7.7; (b) any restrictions, easements, rights, Liens or other matters of record appearing in Part I of Schedule B to the mortgagee title insurance policies issued with respect to the Deeds of Trust and approved by Lender;
(c) all profit participation agreements and repurchase agreements delivered to Lender prior to the acceptance by Lender of the applicable Project as a Borrowing Base Property and which are, to the extent required by Lender, the subject of a
subordination agreement in form and substance satisfactory to Lender; (d) Liens consented to in writing by Lender; and (e) Liens in favor of Lender. 

“Permitted Transaction” means the conversion of Guarantor from a limited liability company to a corporation and the
issuance of shares in such corporation pursuant to a public offering of securities. 
 “Person” means an individual,
corporation, partnership, limited partnership, limited liability company, association, trust or unincorporated organization, or a government or any agency or political subdivision thereof. 

“Post-Default Rate” means a rate per annum equal to five percent (5.0%) plus the Applicable Rate as in effect
from time to time. 

  
 16 

 “Project” means a parcel or parcels of real property owned by Borrower
which constitutes Collateral and which is comprised of (or will be comprised of) a discrete single-family residential development on which Borrower will develop Lots for the construction of Homes to be sold by Borrower to individual buyers or sales
of Lots in bulk to other developers, including, without limitation, the initial Projects described on Schedule 4.1(a) attached hereto. 

“Project Budget” means, with respect to each Project, the budget for total estimated Project Costs (including among
other things any Project contingencies in connection with such Project) as well as the number of units and projected sales and sales prices for each type of Lot or Home for each Project, as submitted by Borrower. Borrower shall submit all proposed
updates, amendments or modifications to any Project Budget for Lender’s approval. 
 “Project Costs” means,
with respect to each Project, the sum of all costs related to the Project including but not limited to (a) acquisition costs, (b) the costs of all entitlements and all labor, materials, fixtures, machinery and equipment required to
develop, construct, equip and complete the development of the Finished Lots on Entitled Land and construction of Homes and related amenities (such as recreation centers and swimming pools) thereon, and (c) title insurance premiums, survey
charges, engineering fees, architectural fees, real estate taxes, Appraisal costs, premiums for insurance, marketing, advertising and sales costs, legal fees, accounting fees, overhead and administrative costs, and all other expenses, which are fees
for reimbursement of expenditures relating to the Project and are not described in clauses (a) or (b) above, that will be incurred by Borrower in connection with the development and construction of the Project (including, among other
things, any Project contingencies or interest expenses incurred in connection with such as identified in the applicable Project Budget). 

“Project Information” means the following information and other items with respect to any parcel of real property
which has been deemed approved as a Borrowing Base Property or which Borrower is requesting that Lender approve as a Borrowing Base Property: 

(a) an Appraisal of such parcel; 

(b) a soils report for such parcel; 

(c) a copy of Borrower’s most recent Owner’s Policy of Title Insurance covering such parcel (if applicable), together with a
preliminary title report covering such parcel dated no earlier than a date thirty (30) days prior to the date that such preliminary title report is delivered to Lender along with copies of all exceptions to title with respect to such parcel;

 (d) copies of the plans and specifications for all improvements located or to be located on such parcel, including, without limitation,
all Homes (provided that, if the plans and specifications for such Homes have not been prepared when Borrower submits its Eligible Property Notice to Lender for such parcel of real property, then Borrower shall deliver such plans and specifications
to Lender as soon as such plans and specifications have been prepared); 
 (e) all Material Contracts relating to the development, use,
occupancy, operation, maintenance, enjoyment or ownership of such Project; 

  
 17 

 (f) a Borrowing Base Report for such Project in form and substance satisfactory to Lender; 

(g) a Site Assessment for such Project in form and substance satisfactory to Lender; 

(h) the Project Budget for such Project, including, without limitation, a cost estimate of all on-site and off-site improvements to be
constructed on such parcel, prepared by a third party consultant acceptable to Lender; 
 (i) copies of all tract maps and, if applicable,
condominium plans, which have been obtained by Borrower (including, without limitation, the approved vesting tentative map or tentative map covering such parcel, and the recorded final map covering such parcel); 

(j) a copy of the conditions of approval of any vesting tentative map or tentative map covering such parcel, which conditions shall be
acceptable to Lender in its sole and absolute discretion; 
 (k) such consents, subordination agreements and other documents and instruments
executed by Persons party to Material Contracts relating to such parcel as Lender may request; 
 (l) certificates of insurance and loss
payable endorsements for all policies required pursuant to Section 7.6, showing the same to be in full force and effect with respect to such parcel; 

(m) upon Lender’s request, copies of all building permits and similar permits, licenses, approvals and other authorizations of
Governmental Authorities; 
 (n) a schedule of all Mello-Roos community facility district taxes, special assessment district assessments,
homeowners’ association dues and assessments and other regularly scheduled fees and charges which will be applicable to each Home to be built within such parcel; 

(o) the Development Plan for such Project; 

(p) upon Lender’s request, copies of all construction, architectural and engineering contracts; and 

(q) such other information, documents and materials with respect to such parcel as Lender may reasonably request. 

“Qualified Contract” means a written contract or reservation for the sale of a Home, made and entered into by and
between Borrower, or its duly authorized agent, and a bona fide third party purchaser, on a form approved by Lender, and (a) the consideration for such sale consists solely of cash, (b) the purchaser has deposited earnest money thereunder
in an amount not less than (i) $1,000.00 with respect to conventionally financed Homes or (ii) the minimum required percentage of the sale price under applicable programs of the Federal Housing

  
 18 

 
Administration and/or the Department of Veterans Affairs, (c) the sale is approved by any and all appropriate Governmental Authorities to the extent that such approval is required by such
Governmental Authority, (d) the sale is in compliance with any and all Applicable Law and agreements, (e) the contract or reservation was not entered into more than eighteen (18) months prior to the date of such determination with
respect to the applicable Project, (f) no defaults exist under such contract or reservation as of the date of such determination and (g) the contract or reservation shall not be subject to contingencies other than timely Completion of the
Home, obtaining financing for the purchase of the Home by homebuyer and a contingency related to the sale of the buyer’s existing residence. 

“Repayment Guaranty” means that certain Repayment Guaranty of even date herewith executed by Guarantor in favor of
Lender. 
 “Security Document” means any Deed of Trust and any other security agreement, financing statement, or
other document, instrument or agreement creating, evidencing or perfecting the Liens in favor of Lender in any of the Collateral. 

“Site Assessment” means an environmental engineering report for a Project prepared by an engineer engaged by Lender at
Borrower’s expense, and in a manner satisfactory to Lender, based upon an investigation relating to and making appropriate inquiries concerning the existence of Hazardous Materials on or about the Project, and the past or present discharge,
disposal, release or escape of any such substances, all consistent with ASTM Standard E 1527 05 (or any successor thereto published by ASTM) and other good customary and commercial practice. 

“Sold Homes” means, as of any date, Homes and Lots thereunder, if applicable, under construction on Entitled Land for
which building permits have been issued and for which Qualified Contracts have been entered into on or prior to such date, and are still in effect on such date, but with respect to which a closing under such Qualified Contract has not occurred. Sold
Homes shall not include Models or Homes which are intended for use as Models as designated by Borrower to Lender. 

“Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable value of its
assets (excluding any indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities); (b) such Person is able to pay its debts or other obligations in
the ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 

“Spec Homes” means, as of any date, Homes (including the Lots thereunder, if applicable) completed or under
construction (i.e., on which construction of the slab or foundation has commenced on Entitled Land for which building permits have been issued), and for which Qualified Contracts (a) have not been entered into on or prior to such date, or
(b) do not then remain in effect. Spec Homes shall not include Models or Homes which are intended for use as Models as designated by Borrower to Lender. 

  
 19 

 “Subsidiary” means any corporation, association, partnership, limited
partnership, trust, or other business or legal entity of which the designated parent shall at any time own directly or indirectly through a Subsidiary or Subsidiaries at least a majority (by number of votes or Controlling Interests) of the
outstanding Voting Interests, and any other entity the accounts of which are consolidated with the accounts of the designated parent. 

“Tangible Net Worth” means, on any date of determination with respect to any Person, the amount by which such
Person’s Total Assets exceeds Total Liabilities less, to the extent included in Total Assets, the sum of: 
 (a) the total book
value of all assets of such Person and its Subsidiaries properly classified as intangible assets under GAAP, including such items as good will, the purchase price of acquired assets in excess of the fair market value thereof, trademarks, trade
names, service marks, brand names, copyrights, patents and licenses, and rights with respect to the foregoing; plus 
 (b) all
amounts representing any write-up in the book value of any assets of such Person and its Subsidiaries resulting from a revaluation thereof subsequent to the date of the applicable balance sheet. 

“Taxes” has the meaning given that term in Section 3.11. 

“Title Company” means First American Title Insurance Company. 

“Total Assets” means, on any date of determination, all assets of a Person and its Subsidiaries determined on a
consolidated basis in accordance with GAAP. 
 “Total Liabilities” means, on any date of determination, all
liabilities of a Person and its Subsidiaries determined on a consolidated basis in accordance with GAAP. 
 “UCC”
means the Uniform Commercial Code as in effect in any applicable jurisdiction. 
 “Voting Interests” means stock or
similar ownership interests of any class or classes (however designated), the holders of which are at the time entitled, as such holders, (a) to vote for the election of a majority of the directors (or persons performing similar functions) of
the corporation, association, partnership, trust, limited partnership or other business entity involved, or (b) to control, manage, or conduct the business of the corporation, partnership, association, trust or other business entity involved.

 “Work Stoppage Event” means (a) after the commencement of any work rising vertically from the Land in
connection with the construction of a Home, Borrower discontinues further improvements of such Home without the written consent of Lender for a period of thirty (30) consecutive days or more, or (b) after the commencement of any lot
development work on Lots Under Development in any Project, Borrower discontinues all such lot development work within such Project without the written consent of Lender for a period of thirty (30) consecutive days or more, subject in each case,
to any Force Majeure delays and any reasonable seasonal delays in accordance with Borrower’s historical building practices. 

  
 20 

	 	Section 1.2	General; References. 

 Unless otherwise indicated, all accounting terms, ratios and
measurements shall be interpreted or determined in accordance with GAAP or the federal income tax basis method of accounting in effect as of the Agreement Date. References in this Agreement to “Sections”, “Articles”,
“Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall include all exhibits,
schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or
replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent permitted hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in
either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Titles and captions of Articles, Sections, subsections and
clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. All references to time are references to Costa Mesa, California time. Whenever in this Agreement or the other Loan Documents
reference is made to “at the discretion of” or “with consent of” (or similar language) Lender, such discretion shall be deemed to be Lender’s sole and absolute discretion, unless otherwise indicated. 

ARTICLE II 
 CREDIT FACILITY 

 

	 	Section 2.1	Revolving Advances. 

 (a) Revolving Advances Generally. Subject to the terms and
conditions hereof, during the period from the Effective Date to but excluding the Maturity Date, Lender agrees to make Advances to Borrower in an aggregate principal amount at any one time outstanding up to, but not to exceed, the Maximum
Availability. Lender shall have no obligations to make any Advance to the extent that after the making of such Advance, the aggregate principal amount of all outstanding Advances would exceed the Maximum Availability. Subject to the terms and
conditions of this Agreement, Borrower may borrow, repay and reborrow Advances hereunder. 
 (b) Requesting Advances. With respect to
each Advance hereunder, Borrower shall give Lender notice pursuant to a Notice of Borrowing of each borrowing of Advances. Each Notice of Borrowing shall be delivered to Lender before 12:00 p.m. on the date three (3) Business Days prior to the
proposed date of such borrowing. Each Notice of Borrowing shall be irrevocable once given and binding on Borrower. Unless otherwise approved by Lender in its sole discretion in each instance, Borrower may only submit one Notice of Borrowing in any
calendar week. 
 (c) Disbursements of Loan Proceeds. 

(i) Lender shall disburse Loan proceeds pursuant to the Notices of Borrowing received by Lender. If Lender determines that the
applicable 

  
 21 

 
conditions set forth in Section 5.2 for such Advance are satisfied, Lender will make the proceeds of such Advance available to Borrower no later than 12:00 p.m. on the date and at the
account specified by Borrower in such Notice of Borrowing. Unless directed otherwise by Borrower, Lender shall directly deposit proceeds of each Advance directly into Borrower’s Account. 

(ii) Disbursements of the Loan with respect to each Project shall be made on a percentage of completion basis in accordance
with the final approved Project Budget for such Project (i.e., if the work on such Project is 25% complete, then up to 25% of the Loan funds set forth in the Project Budget for such Project shall be available for disbursement to Borrower), all as
determined by Lender based on periodic inspections of such Project. In no event shall Lender have any obligation to disburse Loan proceeds with respect to any Project in excess of the percentage of the Loan funds in the applicable Project Budget
which corresponds to the then current percentage of completion of the work on such Project, as determined by Lender based on periodic inspections of such Project. Each Notice of Borrowing shall be accompanied (if required by Lender) by invoices and
lien releases satisfactory to Lender, including partial lien releases executed by each contractor and subcontractor who has received any payment for work performed, a detailed disbursement schedule for each Project, and all other documents and
information reasonably required by Lender. 
  

	 	Section 2.2	Rates and Payment of Interest: Late Fees: Post-Default Rate. 

 (a) Rates. Borrower
promises to pay to Lender interest on the unpaid principal amount of each Advance made by Lender for the period from and including the date of the making of such Advance to but excluding the date such Advance shall be paid in full, at the Applicable
Rate (as in effect from time to time). Notwithstanding the foregoing, during the continuance of an Event of Default, Borrower shall pay to Lender interest at the Post-Default Rate on the outstanding principal amount of any Advance made by Lender and
on any other amount payable by Borrower hereunder or under the Note to or for the account of Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 

(b) Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Advance shall be payable
(i) monthly in arrears beginning on November 1, 2013, and on the same date of each consecutive month thereafter, and (ii) on any date on which the principal balance of such Advance is due and payable in full (whether at maturity, due
to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by Lender of an interest rate hereunder shall be conclusive and binding on Borrower for all purposes, absent
manifest error. 
 (c) Late Fees. Borrower acknowledges that late payment to Lender will cause Lender to incur costs not contemplated
by this Agreement. Such costs include, without limitation, processing and accounting charges. Therefore, if Borrower fails to pay (whether by direct debit or otherwise) within fifteen (15) days of the date when due any sum due and payable
hereunder through the Maturity Date (other than payment of the entire outstanding balance of the 

  
 22 

 
Loan on the Maturity Date or any acceleration of the outstanding Advances), a late charge of four percent (4%) of any such principal payment, interest or other charge due hereunder shall be
charged by Lender and paid by Borrower for the purpose of defraying the expense incident to handling such delinquent payment. Borrower and Lender agree that this late charge represents a reasonable sum considering all of the circumstances existing
on the date hereof and represents a fair and reasonable estimate of the costs that Lender will incur by reason of late payment. Borrower and Lender further agree that proof of actual damages would be costly and inconvenient. Acceptance of any late
charge shall not constitute a waiver of the default with respect to the overdue installment, and shall not prevent Lender from exercising any of the other rights available hereunder or any other Loan Document. Such late charge shall be paid without
prejudice to any other rights of Lender. 
 (d) Yield Protection. If, on or after the date of this Agreement, the adoption of any law
or any governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether or not having the force of law), or any change in the interpretation, promulgation, implementation or administration thereof by any governmental or
quasi- governmental authority, central bank or comparable agency charged with the interpretation or administration thereof including, notwithstanding the foregoing, all requests, rules, guidelines or directives in connection with Dodd-Frank Wall
Street Reform and Consumer Protection Act regardless of the date enacted, adopted or issued, or compliance by Lender with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency:

 (i) subjects Lender to any Taxes, or changes the basis of taxation of payments to Lender in respect of the Loan or
Lender’s commitment to lend under this Agreement, or 
 (ii) imposes or increases or deems applicable any reserve,
assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by Lender, or 

(iii) imposes any other condition the result of which is to increase the cost to Lender of making, funding or maintaining the
Loan or reduces any amount receivable by Lender in connection with the Loan or Lender’s commitment to lend under this Agreement, or requires Lender to make any payment calculated by reference to the amount of the Loan by an amount deemed
material by Lender, 
 and the result of any of the foregoing is to increase the cost to Lender of making or maintaining the Loan or to reduce the return
received by Lender, as the case may be, in connection with the Loan, then, within thirty (30) days of demand by Lender, Borrower shall pay Lender such additional amount or amounts as will compensate Lender for such increased cost or reduction
in amount received. 
 (e) Changes in Capital Adequacy Regulations. If Lender determines the amount of capital required or expected
to be maintained by Lender, or any corporation controlling Lender is increased as a result of a Change (defined below), then, within thirty (30) days of demand by Lender, Borrower shall pay Lender the amount necessary to compensate for

  
 23 

 
any shortfall in the rate of return on the portion of such increased capital which Lender determines is attributable to this Agreement (after taking into account Lender’s policies as to
capital adequacy). “Change” means (i) any change after the date of this Agreement in the Risk-Based Capital Guidelines (defined below) or (ii) any adoption of or change in any other law, governmental or
quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) or in the interpretation, promulgation, implementation or administration thereof after the date of this Agreement which
affects the amount of capital required or expected to be maintained by Lender or any corporation controlling Lender. Notwithstanding the foregoing, for purposes of this Agreement, all requests, rules, guidelines or directives in connection with the
Dodd-Frank Wall Street Reform and Consumer Protection Act shall be deemed to be a Change regardless of the date enacted, adopted or issued and all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States financial regulatory authorities shall be deemed to be a Change regardless of the date adopted, issued, promulgated or
implemented. “Risk-Based Capital Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the date of this Agreement, including transition rules, and (ii) the corresponding capital
regulations promulgated by regulatory authorities outside the United States including transition rules, and any amendments to such regulations adopted prior to the date of this Agreement. 

 

	 	Section 2.3	Repayment of Advances. 

 Borrower shall repay the entire outstanding principal amount of,
and all accrued but unpaid interest on, the Advances on the Maturity Date. 
  

	 	Section 2.4	Prepayments. 

 (a) Optional. Borrower may prepay any Advance (or a portion
thereof), or the entire outstanding principal balance of the Loan at any time without premium or penalty. 
 (b) Mandatory. 

(i) Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Advances exceeds the
Commitment Amount, Borrower shall immediately upon demand pay to Lender the amount of such excess. 
 (ii) Cost Balancing
Requirement. If at any time the aggregate unfunded Project Costs for all Borrowing Base Properties with respect to all work in progress (but excluding future phases and vertical construction contemplated but not yet commenced) exceeds, whether
as a result of one or more Cost Overrun Events or otherwise, that amount which is equal to (1) the Commitment Amount then in effect, less (2) the then outstanding Loan balance, then Borrower shall within thirty (30) days of Borrower
obtaining knowledge of the occurrence of any such excess, pay to Lender the amount of such excess for application to the principal balance of the Loan; provided, however, that, if an Event of Default has occurred and is continuing, then such
payment(s) received by Lender may be 

  
 24 

 
applied to the Obligations in such manner and priority as Lender may determine in its sole discretion. 

(iii) Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Advances, exceeds the
Aggregate Borrowing Base Value, Borrower shall within thirty (30) days of Borrower obtaining knowledge of the occurrence of any such excess, pay to Lender the amount of such excess. 

All payments under this subsection (b) shall be applied to pay principal outstanding under the Loan; provided, however, that, if an Event of Default has
occurred and is continuing, then such payment(s) received by Lender may be applied to the Obligations in such manner and priority as Lender may determine in its sole discretion. 

(c) Instructions for Payment of Principal, Interest and Fees. All payments of principal, interest and Fees to be made to Lender under
this Agreement shall be made as provided in the Agreement and in accordance with the following wiring instructions: 
  

			
	ABA:	  	091 000 022
	Name:	  	U.S. Bank National Association
	Account:	  	1 731 0007 7366
	Account Name:	  	Housing Capital Company
	Address:	  	Minneapolis, Minnesota
	OBI/BBI:	  	The New Home Company Northern California LLC
		  	Loan No. 2157B

  

	 	Section 2.5	Note. 

 The Advances made by Lender shall, in addition to this Agreement, also be
evidenced by the Note. 
  

	 	Section 2.6	Extension of Maturity Date. 

 Provided that no Default or Event of Default shall have
occurred and be continuing, Borrower may request a one (1) year extension of the term of the Loan by submitting a request for an extension to Lender (an “Extension Request”) by no earlier than one-hundred eighty
(180) days and no later than forty-five (45) days prior to the then existing Maturity Date. Borrower may revoke such Extension Request at any time at least forty-five (45) days prior to the then existing Maturity Date; provided,
however, Borrower shall reimburse Lender for all costs and expenses incurred by Lender in connection with such Extension Request. The right of Borrower to obtain an extension of the term of the Loan as provided in this Section shall be subject to
the satisfaction of the following conditions precedent on or prior to the then existing Maturity Date: 
 (a) No Default. On the date
the Extension Request is submitted and on the then existing Maturity Date, there shall exist no Default or Event of Default; 

  
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 (b) Title Reports. Borrower shall cause to be delivered to Lender an updated title report
for each Borrowing Base Property, which shall show no new Liens (other than Permitted Liens) or other adverse matters or items; 
 (c) No
Material Adverse Effect. There shall not have occurred or become known to Lender any event, condition, situation or status since the date of the information contained in the most recent financial and business projections, budgets, pro forma data
and forecasts concerning Borrower delivered to Lender prior to the then existing Maturity Date that has had or could be expected to result in a Material Adverse Effect; 

(d) Overadvance. On the date the Extension Request is submitted and on the then existing Maturity Date, Borrower shall be in compliance
with Section 2.4(b) of this Agreement as determined by Lender. Lender may, for the purpose of such determination obtain, at Borrower’s sole cost and expense, an Appraisal for each Project at the time of such Extension Request; 

(e) Representations and Warranties. The representations and warranties made by or on behalf of Borrower in the Loan Documents or
otherwise made by or on behalf of the Borrower in connection therewith or after the date thereof shall have been true and correct on the date the Extension Request is made and on the then existing Maturity Date with the same force and effect as if
made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date)
and except for changes in factual circumstances specifically and expressly permitted hereunder; 
 (f) Extension Fee. Borrower shall
have paid to Lender the extension fee described in Section 3.2(b) with respect to such extension. Borrower authorizes and directs Lender to debit the Loan to pay such extension concurrently with such extension of the Maturity Date; 

(g) Documentation. No later than the then existing Maturity Date, the extension shall have been consented to and documented to
Lender’s satisfaction by Borrower and all other parties deemed necessary by Lender (such as any permitted subordinate lienholders); and 

(h) Costs and Expenses. Borrower shall pay all costs and expenses incurred by Lender in connection with such extension of the Loan,
including Appraisal costs, attorneys’ fees and disbursements. 
 Each Extension Request shall constitute a representation and warranty by the Borrower
that all of the foregoing conditions have been satisfied on the date of such Extension Request or will be satisfied prior to the approaching Maturity Date. 
  

	 	Section 2.7	Guaranties. 

 Guarantor shall jointly and severally and at all times, provide guaranties
or indemnities as follows: 

  
 26 

 (a) Through execution of the Hazardous Materials Indemnity Agreement in form and substance
acceptable to Lender, Guarantor, jointly and severally with Borrower, shall defend, indemnify and hold harmless Lender from and against any and all claims, loss, damage, cost, expense or liability arising out of the presence of Hazardous Materials
on a Project; 
 (b) Through execution of the Repayment Guaranty, Guarantor shall guaranty all amounts due and owing under the Note or any
of the other Loan Documents together with interest and any other sums payable under the Note or any of the other Loan Documents; and 
 (c)
Through execution of the Completion Guaranty, Guarantor shall guaranty completion of construction of (i) all lot development improvements on Lots Under Development included in the Borrowing Base necessary to re-classify such Lots as Finished
Lots, and (ii) all Homes in the Borrowing Base on which vertical construction has commenced but has not been completed. 
  

	 	Section 2.8	Full Recourse. 

 The Obligations of Borrower hereunder shall be full recourse to Borrower
and all of Borrower’s assets. 
 ARTICLE III 

PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 
  

	 	Section 3.1	Payments. 

 Except to the extent otherwise provided herein, all payments of principal,
interest and other amounts to be made by Borrower under this Agreement or any other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to Lender, not later than 11:00 a.m. on the date
on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). If the due date of any payment under this Agreement or any other Loan Document would
otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall be payable for the period of such extension. 

 

	 	Section 3.2	Fees. 

 (a) Loan Fee. Borrower agrees to pay to Lender upon the closing of the
Loan a loan fee in an amount equal to Three Hundred Thousand Dollars ($300,000), which loan fee shall be non-refundable and fully earned when paid. 

(b) Extension Fee. If the Maturity Date is extended pursuant to Section 2.6, Borrower shall pay to Lender an extension fee
with respect to each such extension period in an amount equal to (i) one-half of one percent (0.50%), multiplied by (ii) the Commitment Amount in effect immediately prior to the effectiveness of such extension, which extension fee shall be
due and payable as and when contemplated by Section 2.6 above and shall be non-refundable and fully earned when paid. 

  
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	 	Section 3.3	Computations. 

 Unless otherwise expressly set forth herein, any accrued interest on the
Loan, any Fees or other Obligations due hereunder shall be computed on the basis of a year of 360 days and the actual number of days elapsed. 
  

	 	Section 3.4	Usury. 

 In no event shall the amount of interest due or payable on the Advances or other
Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by Borrower or received by Lender, then such excess sum shall be credited as a payment of principal, unless Borrower shall notify Lender in
writing that Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that Borrower not pay and Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that
which may be lawfully paid by Borrower under Applicable Law. 
  

	 	Section 3.5	Agreement Regarding Interest and Charges. 

 The parties hereto hereby agree and stipulate
that the only charge imposed upon Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.2(a). Notwithstanding the foregoing, the parties hereto further agree and
stipulate that all agency fees, syndication fees, facility fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for
costs and expenses paid by Lender to third parties or for damages incurred by Lender, are charges made to compensate Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by
Lender in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be fully earned and nonrefundable when due. 

 

	 	Section 3.6	Statements of Account. 

 Lender will account to Borrower monthly with a statement of
Advances, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by Lender shall be deemed conclusive upon Borrower absent manifest error. The failure of Lender to
deliver such a statement of accounts shall not relieve or discharge Borrower from any of its obligations hereunder. 
  

	 	Section 3.7	Taxes. 

 All payments by Borrower of principal of, and interest on, the Advances and all
other Obligations shall be made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any
taxing authority, but excluding (i) franchise taxes, and (ii) any taxes imposed on or measured by Lender’s assets, net income, receipts or branch profits. 

  
 28 

	 	Section 3.8	Funds Transfer Disbursements. 

 (a) Borrower hereby authorizes Lender to disburse the
proceeds of any Advance as requested by any Authorized Signatory pursuant to a completed Transfer Statement in the form of Exhibit D attached hereto to the account designated thereon. Borrower agrees to be bound by any transfer request:
(i) authorized or transmitted by Borrower; or, (ii) made in Borrower’s name and accepted by Lender in good faith and in compliance with these transfer instructions, even if not properly authorized by Borrower. Borrower further agrees
and acknowledges that Lender may rely solely on any lender routing number or identifying lender account number or name provided by Borrower to effect a wire or funds transfer even if the information provided by Borrower identifies a different lender
or account holder than named by Borrower. Lender is not obligated or required in any way to take any actions to detect errors in information provided by Borrower. 

(b) If Lender takes any actions in an attempt to detect errors in the transmission or content of transfer requests or takes any actions in an
attempt to detect unauthorized funds transfer requests, Borrower agrees that no matter how many times Lender takes these actions Lender will not in any situation be liable for failing to take or correctly perform these actions in the future and such
actions shall not become any part of the transfer disbursement procedures authorized under this provision, the Loan Documents, or any agreement between Lender and Borrower. Borrower agrees to notify Lender of any errors in the transfer of any funds
or of any unauthorized or improperly authorized transfer requests within fourteen (14) days after Lender’s confirmation to Borrower of such transfer. Lender will, in its sole discretion, determine the funds transfer system and the means by
which each transfer will be made. 
 (c) Lender may delay or refuse to accept a funds transfer request if the transfer would:
(i) violate the terms of this authorization; (ii) require use of a lender unacceptable to Lender or prohibited by any Governmental Authority; (iii) cause Lender to violate any Federal Reserve or other regulatory risk control program
or guideline, or (iv) otherwise cause Lender to violate any Applicable Law or regulation. 
 (d) Lender shall not be liable to Borrower
or any other parties for (i) errors, acts or failures to act of others, including other entities, lenders, communications carriers or clearinghouses, through which Borrower’s transfers may be made or information received or transmitted,
and no such entity shall be deemed an agent of Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks,
legal constraints or other events beyond Lender’s control, or (iii) any special, consequential, indirect or punitive damages, whether or not (A) any claim for these damages is based on tort or contract or (B) Lender or Borrower
knew or should have known the likelihood of these damages in any situation. Lender makes no retranslations or warranties with respect to the foregoing or otherwise other than as expressly set forth in this Agreement. 

  
 29 

 ARTICLE IV 

BORROWING BASE PROPERTIES 
  

	 	Section 4.1	Eligibility of Properties. 

 (a) Initial Borrowing Base Properties. As of the date
hereof, Lender has approved the Borrowing Base Properties identified on Schedule 4.1(a), as well as the Appraised Value and Borrowing Base Value initially attributable to each such Project and all of the conditions precedent to each such
Project being an Eligible Property have been satisfied. 
 (b) Additional Borrowing Base Properties. Subject to the terms and
conditions of this Agreement, Borrower shall have the right to add additional Borrowing Base Properties to the Collateral from time to time on any Business Day during the period from the Effective Date through the date that is ninety (90) days
prior to the Maturity Date, by delivering to Lender a written notice (each an “Eligible Property Notice”). Each Eligible Property Notice shall include, with respect to the real property covered by such Eligible Property
Notice, the Project Information with respect to such real property. A parcel of real property shall be considered a Borrowing Base Property for purposes of this Agreement upon the approval of such parcel of real property by Lender in its sole
discretion so long as such real property satisfies all of the following conditions precedent: 
 (i) such Project is owned in
fee simple by Borrower; 
 (ii) Lender has received all Project Information with respect to such Project as may be required
by Lender, and an Appraised Value shall have been established with respect to such Project; 
 (iii) such Project meets the
Allowed Project Standards in each respect as determined by Lender in its sole discretion; 
 (iv) such Project is comprised
of Lots Under Development, Finished Lots and/or Homes; 
 (v) Borrower and Lender shall have executed an Eligible Property
Agreement with respect to such Project, which agreement shall be executed upon the satisfaction of all other requirements under this Section 4.1(a); 

(vi) Lender shall have received and approved the Project Budget applicable to such Project in Lender’s sole discretion

 (vii) such Project is not subject to any Lien other than Permitted Liens; 

(viii) such Project is free from all Hazardous Materials (other than such Hazardous Materials which may be at the Project in
strict compliance with all applicable Environmental Laws, but only to the extent that such Hazardous Materials are in the nature and amount customarily used or present in connection with the development and construction of single-family homes), and
Lender shall 

  
 30 

 
have received evidence in form and substance satisfactory to Lender of such parcel’s compliance with this condition; 

(ix) such Project has not been deemed otherwise ineligible in accordance with Section 4.1(c); 

(x) such Project is encumbered by a first priority Deed of Trust in favor of Lender subject only to Permitted Exceptions; 

(xi) a first priority UCC-1 financing statement shall have been filed with the Secretary of State of Borrower’s state of
formation and all other officials necessary, in Lender’s sole judgment, to perfect the security interests created by the Security Documents relating to such Project and all related personal property; 

(xii) Lender shall have completed, at Borrower’s cost and expense, a site visit and inspection; 

(xiii) if requested by Lender, Lender shall have received collateral assignments in favor of Lender covering any Material
Contracts relating to the development, use, occupancy, operation, maintenance, enjoyment or ownership of such Project; 

(xiv) Lender holds an ALTA 2006 Form, or other form acceptable to Lender, extended coverage mortgagee’s policy of title
insurance with respect to such Project, including endorsements with respect to such items of coverage as Lender may request (or an irrevocable, unconditional commitment from Title Company to issue same), in an amount of coverage equal to the
Commitment Amount then in effect, issued by the Title Company and (if required by Lender) with coinsurance or reinsurance (with direct access agreements) with title insurance companies acceptable to Lender, showing the fee simple title to the land
and improvements described in the applicable Deed of Trust as vested in Borrower and insuring that the Lien granted by such Deed of Trust is a valid first priority Lien against said Project, subject only to Permitted Liens; and copies of all
documents of record reflected in Schedule B of such policies of title insurance; 
 (xv) Lender shall have received such UCC,
tax, judgment and lien search reports as it may require with respect to Borrower and such Project in all necessary or appropriate jurisdictions as Lender may require indicating that there are no Liens of record on such Project or any of the
Collateral relating thereto other than Permitted Liens; 
 (xvi) Borrower shall have paid to Lender all amounts payable
pursuant to Section 11.2 in connection with such Project and the Security Documents relating to such Project; 

(xvii) Lender shall have received written confirmation from Borrower that no condemnation proceedings are pending or, to
Borrower’s knowledge, threatened against any portion of such Project; and 

  
 31 

 (xviii) Lender shall have received satisfactory evidence that Borrower has paid
all title insurance premiums, tax service charges, documentary stamp taxes, recording fees and mortgage taxes payable in connection with such Project, the recording of the Security Documents relating to such Project and the issuance of an ALTA
extended coverage mortgagee’s policy of title insurance in the amount of the Commitment Amount in favor of Lender. 
 (c)
Ineligibility. If, at any time, Lender determines in its reasonable discretion that a Borrowing Base Property (i) fails to satisfy the conditions set forth in subsections (i), (iii), (iv), (vi), (vii) and (x) of
Section 4.1(b) above, or (ii) contains structural defects, title defects, environmental conditions or other materially adverse matters which prevent or materially impede the development or sale of such Project in accordance with the
Project Information for such Project provided to Lender in connection with the admission of such Project to the Borrowing Base, Lender may thereafter, in its sole and absolute discretion, direct that such Project be no longer considered a Borrowing
Base Property in which case Borrower shall immediately comply with the provisions of Section 2.4(b)(iii), if applicable. If Borrower subsequently repairs or remedies such condition, structural defect, title defect, environmental
condition or other adverse matter and such Project continues to satisfy the requirements for being an Eligible Property, in each case as determined by Lender in its sole and absolute discretion, Lender shall re-designate such Project a Borrowing
Base Property at Borrower’s request. In the event that Lender directs that a Project no longer be considered a Borrowing Base Property or to avoid an Event of Default caused by an adverse matter or condition related solely to a specific
Project, subject to the satisfaction of Section 2.4(b)(iii), if applicable, Borrower may remove such Project from the Borrowing Base so long as no other Default or Event of Default shall have occurred and be continuing or will occur or
continue upon the removal of such Project from the Borrowing Base. If Borrower subsequently repairs or remedies such adverse matter or condition and such Project continues to satisfy the requirements for being an Eligible Property, in each case as
determined by Lender in its reasonable discretion, Lender shall redesignate such Project a Borrowing Base Property at Borrower’s request. For the avoidance of doubt the rights provided to Borrower under this Section 4.1(c) are
independent of Borrower’s rights under Section 4.4 of this Agreement. 
  

	 	Section 4.2	Bulk Sales. 

 From time to time Borrower may request, upon not less than fifteen
(15) days prior written notice to Lender, that Lots or Homes be released from the Liens created by the Security Documents applicable thereto in connection with a Bulk Sale, which release shall be effected by Lender if all of the following
conditions are satisfied as of the date of such Bulk Sale: 
 (a) No Default or Event of Default exists or will exist immediately after
giving effect to such Bulk Sale and after giving effect to the resulting reduction in the Aggregate Borrowing Base Value (and Borrower’s delivery of a request in accordance with this Section 4.2 shall be deemed to be a
representation by Borrower that the foregoing statement is true and correct); 
 (b) Borrower shall have delivered to Lender an updated
interim Borrowing Base Report confirming to the satisfaction of Lender that the outstanding principal balance of the 

  
 32 

 
Advances will not exceed the Maximum Availability, after giving effect to such request for a Bulk Sale and any prepayment to be made concurrently with such request in accordance with subsection
(c) below or otherwise; 
 (c) The aggregate then-current Appraised Value of the Lots and Homes included in such Bulk Sale does not
exceed Five Million Dollars ($5,000,000); 
 (d) Borrower shall have paid to Lender an amount equal to any amounts required to ensure that
the outstanding principal balance of the Advances does not exceed the Maximum Availability after giving effect to such release; provided, however, that if the Net Sales Proceeds derived from the applicable Bulk Sale exceed the amount required to
ensure that the outstanding principal balance of the Advances does not exceed the Maximum Availability after giving effect to such release, then Lender may, in its sole discretion, require Borrower to pay to Lender one hundred percent (100%) of
such Net Sales Proceeds as condition to the release of the Lots and Homes covered by such Bulk Sale; 
 (e) If the Bulk Sale covers less
than all of a Borrowing Base Property, Lender shall have received evidence satisfactory to Lender that: (i) the portion(s) of the applicable Borrowing Base Property to be reconveyed and the portion of such Borrowing Base Property which shall
remain encumbered by the applicable Security Document are all legal parcels lawfully created in compliance with all subdivision laws and ordinances and, at Borrower’s sole cost, Lender shall have received any title insurance endorsements to
that effect requested by Lender; (ii) that the portion of such Borrowing Base Property which shall remain encumbered by the Security Documents have the benefit of all utilities, easements, public and/or private streets, covenants, conditions
and restrictions as may be necessary, in Lender’s sole discretion, for the anticipated development and improvement thereof in accordance with the applicable Development Plan; and (iii) with respect to the release of a Condominium Unit
only, the building in which the Condominium Unit is located, and all related improvements necessary for the use and occupancy thereof have been completed in Lender’s reasonable opinion; 

(f) Lender shall have received evidence satisfactory to Lender that any tax, bond or assessment, including, without limitation, under the
Mello-Roos Community Facilities Act of 1982, which constitutes a lien against such Borrowing Base Property has been properly allocated between the portion of such Borrowing Base Property to be reconveyed and the portion of such Borrowing Base
Property which shall remain encumbered by the Security Documents; and 
 (g) Lender shall have received any and all sums then due and owing
under the Loan Documents (including pursuant to subsection (c) above), together with all escrow, closing and recording costs, the costs of preparing and delivering such partial reconveyance(s) or release(s) and the cost of any title insurance
endorsements required by Lender, including, without limitation, to the extent required by Lender, a CLTA 116.3 and CLTA 111 endorsement or the equivalents thereof; 

(h) Borrower shall have delivered to Lender all documents and instruments reasonably and timely requested by Lender in connection with such
Bulk Sale including, without limitation, the following: (i) the reconveyance or other instruments to be used to effect such Bulk 

  
 33 

 
Sale; and (ii) if required by Lender, an appropriate endorsement to the mortgagee title insurance policies in effect with respect to the remaining Borrowing Base Properties; and 

(i) In addition to the requirements set forth in Section 4.2(a)-(e) above, in the event any such Bulk Sale is to include a
Model, either (i) another Home of the same plan type shall have been designated, furnished and equipped as an alternate Model, all as reasonably acceptable to Lender, or (ii) not less than ninety percent (90%) of the Homes with that
Model’s same plan type located (including any Homes to be constructed) within the applicable Project must have then sold and closed or, in the alternative, not more than three (3) Homes with that Model’s same plan type located
(including any Homes to be constructed) within the applicable Project remain to be sold and closed. 
 Except as set forth in this Section 4.2,
Section 4.3, or Section 4.4 below, no Borrowing Base Property shall be released from the Liens created by the Security Documents applicable thereto. 
  

	 	Section 4.3	Partial Release of Eligible Property. 

 At any time prior to the Maturity Date, in
connection with the sale of one or more Lots or Homes to third-party purchasers or the transfer of Streets (as defined below) or Common Area (as defined below) to the applicable Governmental Authority or homeowners association, as the case may be,
Lender shall, at Borrower’s request (i) issue a payoff demand to the applicable escrow with respect to the any such sale or transfer of Eligible Property, which demand shall, if required by Lender, be in an amount not to exceed the amount,
if any, due and payable under Section 2.4(b)(iii) after giving effect to each such requested reconveyance, and (ii) on a monthly basis after Lender’s receipt of the monthly Borrowing Base Report, issue partial reconveyances
from the lien of the applicable Security Documents of the affected Eligible Property; provided, however, that prior to or simultaneously with each such partial reconveyance all of the following conditions shall be satisfied: 

(a) No Default or Event of Default exists or will exist immediately after giving effect to such partial release(s) (and Borrower’s
delivery of a request in accordance with this Section 4.3 shall be deemed to be a representation by Borrower that the foregoing statement is true and correct); 

(b) Lender shall have received any and all sums then due and owing under the Loan Documents (including pursuant to subsection (d) below),
together with all escrow, closing and recording costs, the costs of preparing and delivering such partial reconveyance(s) or release(s) and the cost of any title insurance endorsements required by Lender, including, without limitation, to the extent
required by Lender, a CLTA 116.3 and CLTA 111 endorsement or the equivalents thereof; 
 (c) Lender shall have received evidence
satisfactory to Lender that: (i) the portion(s) of the applicable Borrowing Base Property to be reconveyed and the portion of such Borrowing Base Property which shall remain encumbered by the applicable Security Document are all legal parcels
lawfully created in compliance with all subdivision laws and ordinances and, at Borrower’s sole cost, Lender shall have received any title insurance endorsements to that effect requested by Lender; (ii) that the portion of such Borrowing
Base Property which shall 

  
 34 

 
remain encumbered by the Security Documents have the benefit of all utilities, easements, public and/or private streets, covenants, conditions and restrictions as may be necessary, in
Lender’s reasonable opinion, for the anticipated development and improvement thereof in accordance with the applicable Development Plan; and (iii) with respect to the release of a Condominium Unit only, the building in which the
Condominium Unit is located, and all related improvements necessary for the use and occupancy thereof have been completed in Lender’s reasonable opinion; 

(d) Borrower shall have paid to Lender an amount equal to any amounts required to ensure that the outstanding principal balance of the
Advances for all remaining Borrowing Base Properties does not exceed the Maximum Availability after giving effect to such release(s); 
 (e)
Lender shall have received evidence satisfactory to Lender that any tax, bond or assessment, including, without limitation, under the Mello-Roos Community Facilities Act of 1982, which constitutes a lien against such Borrowing Base Property has been
properly allocated between the portion of such Borrowing Base Property to be reconveyed and the portion of such Borrowing Base Property which shall remain encumbered by the Security Documents; and 

(f) In addition to the requirements set forth in Section 4.3(a)-(e) above, with respect any requested release of a Model,
either (i) another Home of the same plan type shall have been designated, furnished and equipped as an alternate Model, all as reasonably acceptable to Lender, or (ii) not less than ninety percent (90%) of the Homes with that
Model’s same plan type located (including any Homes to be constructed) within the applicable Project must have then sold and closed or, in the alternative, not more than three (3) Homes with that Model’s same plan type located
(including any Homes to be constructed) within the applicable Project remain to be sold and closed. 
 Lender shall issue a partial
reconveyance of any private or public street or road located within a Project (collectively, the “Street”) and of any “common area” located within a project (“Common Area”) which is to be
conveyed to any Governmental Authority or any homeowners association, provided that (1) the conditions set forth in Section 4.3(a)-(e) above shall have been satisfied with respect to such reconveyance, and (2) not more
than ten (10) days after such partial reconveyance, the applicable Street or the Common Area, as the case may be, shall be conveyed by Borrower to such Governmental Authority or homeowners association. 

Neither the acceptance of any payment nor the issuance of any partial reconveyance or release by Lender shall affect Borrower’s
obligation to repay all amounts owing under the Loan Documents or under the Lien of the Security Documents on the remainder of the applicable Borrowing Base Property which is not reconveyed or released. 

 

	 	Section 4.4	Release of a Project. 

 From time to time Borrower may request, upon not less than
fifteen (15) days prior written notice to Lender, that a Project be released from the Liens created by the Security 

  
 35 

 
Documents applicable thereto, which release shall be effected by Lender if all of the following conditions are satisfied as of the date of such release: 

(a) No Default or Event of Default exists or will exist immediately after giving effect to such release and after giving effect to the
resulting reduction in the Aggregate Borrowing Base Value (and Borrower’s delivery of a request in accordance with this Section 4.4 shall be deemed to be a representation by Borrower that the foregoing statement is true and
correct); 
 (b) Borrower shall have delivered to Lender an updated interim Borrowing Base Report confirming to the satisfaction of Lender
that the outstanding principal balance of the Advances will not exceed the Maximum Availability, after giving effect to such request for a release and any prepayment to be made concurrently with such request in accordance with subsection
(d) below or otherwise; 
 (c) Lender shall have received any and all sums then due and owing under the Loan Documents (including
pursuant to subsection (d) below), together with all escrow, closing and recording costs, the costs of preparing and delivering such full reconveyance(s) or release(s) and the cost of any title insurance endorsements required by Lender; and

 (d) Borrower shall have paid any amounts as are required pursuant to subsection (b) above in order to ensure that the outstanding
principal balance of the Advances will not exceed the Maximum Availability after giving effect to such release. 
 For the avoidance of doubt, Borrower may
request that a Project be released from the Liens created by the Security Documents applicable thereto in accordance with this Section 4.4 to avoid an Event of Default related to solely to such Project. 

 

	 	Section 4.5	Frequency of Appraisals; Updating of Appraisals. 

 (a) Lender may obtain, at
Borrower’s sole cost and expense, Appraisals for each Project (i) at least once every twelve (12) months from the Effective Date, and (ii) after the occurrence and during the continuance of an Event of Default. 

(b) Lender may at any time or from time to time obtain, at Lender’s sole cost and expense, interim Appraisals updating and revising prior
Appraisals with respect to the Borrowing Base Properties; provided; however, that, so long as no Event of Default shall have occurred and be continuing, Lender shall not use an updated Appraisal of a Project obtained pursuant to this
Section 4.5(b) to recalculate the Appraised Value of any Borrowing Base Property more frequently than once during any six (6) month period. 

(c) In connection with Borrower’s notice to Lender that Borrower is materially changing the plans for individual Homes at a Project (such
notice shall be delivered to Lender promptly after Borrower decides to materially change the plans for individual Homes at a Project), Lender, may, if it deems necessary in its reasonable discretion, at Borrower’s sole cost and expense, for the
purpose of determining the Appraised Value of the redesigned Homes at the Project, obtain an interim Appraisal updating and revising the prior Appraisal obtained in connection with such Project. 

  
 36 

 (d) At all times based upon the results of any re-Appraisal, Borrower shall immediately comply
with the provisions of Section 2.4(b)(iii), if applicable. 
  

	 	Section 4.6	Frequency of Calculations of Borrowing Base. 

 Initially, the Aggregate Borrowing Base
Value shall be the amount set forth as such in the Borrowing Base Report delivered under Section 5.1. Thereafter, the Aggregate Borrowing Base Value shall be the amount set forth as such in the Borrowing Base Report (which shall be
subject to Lender’s approval) delivered from time to time under Section 8.2, or on an interim basis in accordance with Sections 4.2, or 4.3. Any change (based on an updated Appraisal or otherwise) in the Borrowing Base
Value of a Borrowing Base Property shall become effective as of the next determination of the Aggregate Borrowing Base Value as provided in this Section. 

ARTICLE V 
 CONDITIONS PRECEDENT

  

	 	Section 5.1	Initial Conditions Precedent. 

 The effectiveness of this Agreement, and the obligation
of Lender to make the initial Advance hereunder is subject to the satisfaction or waiver of the following conditions precedent; provided, however, disbursement of the first Advance shall constitute Lender’s acknowledgement that all of the
following conditions have been satisfied or waived. 
 (a) Lender shall have received each of the following, in form and substance
satisfactory to Lender: 
 (i) counterparts of this Agreement executed by each of the parties hereto; 

(ii) the Note executed by Borrower; 

(iii) a Repayment Guaranty executed by Guarantor; 

(iv) a Completion Guaranty executed by Guarantor; 

(v) a Hazardous Materials Indemnity Agreement executed by Borrower and Guarantor; 

(vi) the certificate or articles of incorporation, articles of organization, certificate of limited partnership, declaration of
trust or other comparable organizational instrument (if any) of Borrower and Guarantor certified as of a recent date by the Secretary of State of the State of formation of such Person; 

(vii) a certificate of good standing (or certificate of similar meaning) with respect to each of Borrower and Guarantor issued
as of a recent date by the Secretary of State of the State of formation of such Person and certificates of qualification to transact business or other comparable certificates issued by each 

  
 37 

 
Secretary of State (and any state department of taxation, as applicable) of each state in which such Person is required to be so qualified; 

(viii) a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar
functions) or other comparable document of Borrower and Guarantor with respect to each of the officers, members, managers or partners of such Person authorized to execute and deliver the Loan Documents to which such Person is a party, and in the
case of Borrower, the Authorized Signatories; 
 (ix) copies certified by the Secretary or Assistant Secretary (or other
individual performing similar functions) of Borrower and Guarantor of (A) the by-laws of such Person, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or
other comparable document in the case of any other form of legal entity and (B) all corporate, partnership, member or other necessary action taken by such Person to authorize the execution, delivery and performance of the Loan Documents to
which it is a party; 
 (x) a Compliance Certificate calculated as of the Effective Date; 

(xi) a Borrowing Base Report calculated as of the Effective Date, based upon the initial Borrowing Base Properties; 

(xii) with respect to each Project identified on Schedule 4.1(a), all requirements for being an Eligible Property have
been satisfied; 
 (xiii) evidence satisfactory to Lender that the Fees, if any, then due and payable under
Section 3.2, together with all other fees, expenses and reimbursement amounts due and payable to Lender, including without limitation, the fees and expenses of counsel to Lender, have been paid or will be paid with the first Advance;

 (xiv) evidence satisfactory to Lender that Borrower has obtained Property Insurance for each Project in accordance with
Section 7.6(b); and 
 (xv) such other documents and instruments as Lender may reasonably request. 

(b) In the good faith judgment of Lender: 

(i) There shall not have occurred or become known to Lender any event, condition, situation or status since the date of the
information contained in the financial and business projections, budgets, pro forma data and forecasts concerning any Loan Party delivered to Lender prior to the Agreement Date that has had or could be expected to result in a Material Adverse
Effect; 

  
 38 

 (ii) No litigation, action, suit, investigation or other arbitral, administrative
or judicial proceeding shall be pending or threatened which could reasonably be expected to (A) result in a Material Adverse Effect or (B) restrain or enjoin, impose burdensome conditions on, or otherwise affect the ability of any Loan
Party to fulfill its obligations under the Loan Documents; and 
 (iii) Borrower and Guarantor shall have received all
approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of
(A) any Applicable Law or (B) any agreement, document or instrument to which any Loan Party is a party or by which any Loan Party or their respective properties is bound, except for such approvals, consents, waivers, filings and notices
the receipt, making or giving of which, or the failure to make, give or receive which, would not reasonably be likely to (1) have a Material Adverse Effect, or (2) restrain or enjoin, impose materially burdensome conditions on, or
otherwise materially and adversely affect the ability of any Loan Party to fulfill its obligations under the Loan Documents to which it is a party. 
  

	 	Section 5.2	Conditions Precedent to All Advances. 

 The obligation of Lender to make any Advances is
subject to the further condition precedent that: (a) no Default or Event of Default shall exist as of the date of the making of such Advance or would exist immediately after giving effect thereto and Borrower shall be in full compliance with
the provisions of ARTICLE VII; (b) the representations and warranties made or deemed made by Borrower and Guarantor in the Loan Documents to which either of them is a party shall be true and correct in all material respects on and as of
the date of the making of such Advance with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and
warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder; (c) in the case of the borrowing of Advances (other than the first
Advance), Lender shall have received a timely Notice of Borrowing; and (d) Lender shall have received all endorsements to the title policies issued by the Title Company with respect to the Borrowing Base Property as Lender may require in
connection with such Advance. Each Advance shall constitute a certification by Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Advance and, unless Borrower otherwise notifies
Lender prior to the date of such Advance, as of the date of the occurrence of such Advance). In addition, Borrower shall be deemed to have represented to Lender at the time such Advance is made that all conditions to the making of such Advance
contained in this Section have been satisfied. 

  
 39 

	 	Section 5.3	Conditions as Covenants. 

 If, in is sole discretion, Lender elects to make any Advances
prior to the satisfaction of all conditions precedent set forth in Section 5.1 and Section 5.2, Borrower shall nevertheless cause such condition or conditions to be satisfied within five (5) Business Days after the date
of the making of such Advances. No such election by Lender shall constitute a waiver by Lender of the requirements of Section 5.1 and Section 5.2 with respect to any subsequent Advance. 

ARTICLE VI 
 REPRESENTATIONS AND
WARRANTIES 
  

	 	Section 6.1	Representations and Warranties. 

 In order to induce Lender to enter into this Agreement
and to make Advances, Borrower represents and warrants to Lender as follows: 
 (a) Organization; Power; Qualification. Each of
Borrower and Guarantor is a corporation, partnership, limited liability company or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and
authority to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership, limited liability
company or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or
authorized could be expected to have, in each instance, a Material Adverse Effect. 
 (b) Intentionally Omitted. 

(c) Authorization of Agreement, Note, Loan Documents and Borrowings. Borrower and Guarantor each has the right and power, and has taken
all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder (in the case of Borrower) and to execute, deliver and perform its obligations under each of the Loan Documents to which it is a party in accordance with
their respective terms and to consummate the transactions contemplated hereby and thereby, as the case may be. Each of this Agreement, the Note and each of the other Loan Documents to which Borrower or Guarantor is a party has been duly executed and
delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy,
insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations contained herein or therein may be limited by equitable principles generally. 

(d) Compliance of Agreement, Etc. with Laws. The execution, delivery and performance of this Agreement and the other Loan Documents to
which Borrower or Guarantor is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of time, the giving of notice, or both: (i) require any
Governmental Approval or violate any Applicable Law (including all Environmental 

  
 40 

 
Laws) relating to Borrower or Guarantor; (ii) conflict with, result in a breach of or constitute a default under the certificate of formation or operating agreement of Borrower or Guarantor,
or any indenture, agreement or other instrument to which Borrower or Guarantor is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect
to any property now owned or hereafter acquired by Borrower or Guarantor other than in favor of Lender. 
 (e) Compliance with Law;
Governmental Approvals. Each of Borrower and Guarantor is in compliance with each Governmental Approval and all other Applicable Law relating to it except for noncompliances which, and Governmental Approvals the failure to possess which, could
not, individually or in the aggregate, be expected to cause a Default or Event of Default or have a Material Adverse Effect. 
 (f) Title
to Properties; Liens. Borrower has good, marketable and legal title to its assets. None of the Collateral is subject to any Lien other than Permitted Liens. 

(g) Existing Indebtedness. As of the Agreement Date, Borrower has performed and is in compliance with all of the terms of any
Indebtedness and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a default or event of default, exists with
respect to any such indebtedness, which default or non-compliance would have a Material Adverse Effect. As of the Agreement Date, other than the Indebtedness set forth in the financial statements of Borrower dated as of June 30, 2013, Borrower
has no Indebtedness. 
 (h) Material Contracts. Schedule 6.1(h) is, as of the Agreement Date, a true, correct and complete
listing of all Material Contracts. Each of Borrower and Guarantor (to the extent party to any Material Contract) has performed and is in compliance with all of the terms of all Material Contracts, and no default or event of default, or event or
condition which with the giving of notice, the lapse of time, or both, would constitute a default or event of default, exists with respect to any such Material Contract. 

(i) Litigation. (i) There are no actions, suits or proceedings pending (nor, to the knowledge of Borrower, are there any actions,
suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting Borrower or Guarantor or any of their respective property in any court or before any arbitrator of any kind or before or
by any other Governmental Authority which, if adversely determined, could be expected to have a Material Adverse Effect, and (ii) there are no strikes, work slowdowns, work stoppages or walkouts or other labor disputes in progress or threatened
relating to any Project. 

  
 41 

 (j) Taxes: Tax Shelter Regulations. 

(i) All federal, state and other tax returns of Borrower and Guarantor required by Applicable Law to be filed have been duly
filed (subject to any permitted extensions thereof), and all federal, state and other taxes, assessments and other governmental charges or levies upon Borrower and Guarantor and their respective properties, income, profits and assets which are due
and payable have been paid prior to delinquency thereof, except any such nonpayment or non-filing which is at the time permitted under Section 7.7. As of the Agreement Date, none of the United States income tax returns of Borrower or
Guarantor is under audit. All charges, accruals and reserves on the books of Borrower or Guarantor in respect of any taxes or other governmental charges are in accordance with GAAP. 

(ii) Neither Borrower nor Guarantor nor any subsidiary or Affiliate of Borrower or Guarantor intends to treat the Loan or the
transactions contemplated by this Agreement and the other Loan Documents as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4). If Borrower or Guarantor determines to take any action
inconsistent with such intention, Borrower will promptly notify Lender thereof. If Borrower so notifies Lender, Borrower acknowledges that Lender may treat the Loan as part of a transaction that is subject to Treasury Regulation
Section 301.6112-1, and that Lender will maintain the lists and other records, including the identity of the applicable party to the Loan as required by such Treasury Regulation. 

(k) Financial Statements. Borrower has furnished to Lender copies of the audited financial statements for Guarantor and the
self-prepared financial statements for Borrower (in each case, consisting of a balance sheet, income statement, and a statement of sources and uses of funds, together with related schedules and supplemental reports) for the calendar year ending
December 31, 2012. Such balance sheets and statements (including in each case related schedules and notes) are complete and correct and present fairly, in accordance with GAAP throughout the periods involved, the respective financial position
of Guarantor, Borrower and each other Person combined therein as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to changes resulting from normal year-end audit
adjustments). Neither Guarantor nor Borrower has any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments, except as
referred to or reflected or provided for in said financial statements to the extent required by GAAP. 
 (l) No Material Adverse Change;
Solvency. There has been no material adverse change in the financial condition, or business of Borrower or Guarantor reflected in the most recent financial statements of Borrower provided to Lender. Borrower and Guarantor are each Solvent. 

(m) ERISA. Borrower and Guarantor shall at all times comply with the provisions of ERISA with respect to any retirement or other
employee benefit plan to which it is a party as employer, and as soon as possible after Borrower or Guarantor knows, or has reason to know, that any Reportable Event (as defined in ERISA) with respect to any such plan of

  
 42 

 
Borrower or Guarantor has occurred, it shall furnish to Lender a written statement setting forth details as to such Reportable Event and the action, if any, which Borrower or Guarantor, as
applicable, proposes to take with respect thereto, together with a copy of the notice of such Reportable Event furnished to the Pension Benefit Guaranty Corporation. 

(n) Absence of Defaults. Neither Borrower nor Guarantor is in default under its articles of incorporation, bylaws, partnership
agreement, operating agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which
with the passage of time, the giving of notice, or both, would constitute, a default or event of default by Borrower or Guarantor under any agreement or judgment, decree or order to which any such Person is a party or by which any such Person or any
of its respective properties may be bound where such default or event of default could, individually or in the aggregate, have a Material Adverse Effect. 

(o) Environmental Laws. 

(i) In the ordinary course of business and from time to time each of Borrower and Guarantor conducts reviews of the effect of
Environmental Laws on its respective business, operations and properties, including without limitation, the Properties, in the course of which each of Borrower and Guarantor identifies and evaluates associated liabilities and costs (including,
without limitation, determining whether any capital or operating expenditures are required for cleanup or closure of properties presently or previously owned, determining whether any capital or operating expenditures are required to achieve or
maintain compliance in all material respects with Environmental Laws or required as a condition of any Governmental Approval, any contract, or any related constraints on operating activities, determining whether any costs or liabilities exist in
connection with off-site disposal of wastes or Hazardous Materials, and determining whether any actual or potential liabilities to third parties, including employees, and any related costs and expenses exist). 

(ii) To Borrower’s knowledge after due inquiry, except as disclosed in any Site Assessment delivered to Lender prior to
the acceptance of any applicable Project as a Borrowing Base Property, Borrower is in compliance with all applicable Environmental Laws and has obtained all Governmental Approvals which are required under Environmental Laws and is in compliance with
all terms and conditions of such Governmental Approvals, where with respect to each of the foregoing the failure to obtain or to comply with could be reasonably expected to have a Material Adverse Effect. 

(iii) Neither Borrower nor Guarantor is aware of, nor has it received notice of, except as disclosed in any Site Assessment
delivered to Lender prior to the acceptance of any applicable Project as a Borrowing Base Property, any past or present events, conditions, circumstances, activities, practices, incidents, actions, or plans which, with respect to Borrower or
Guarantor, may unreasonably interfere with or prevent compliance or continued compliance with Environmental 

  
 43 

 
Laws, or may give rise to any common-law or legal liability, based on or related to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling or the
emission, discharge, release or threatened release into the environment, of any Hazardous Materials; and to Borrower’s knowledge after due inquiry, (A) there is no civil, criminal, or administrative action, suit, demand, claim, hearing,
notice, or demand letter, notice of violation, investigation, or proceeding pending or threatened, against or in relation to any current or prior Borrowing Base Property relating in any way to Environmental Laws, and (B) without limitation of
the representations made pursuant to clause (A) above, there is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, notice of violation, investigation, or proceeding pending or threatened,
against Borrower or Guarantor relating in any way to Environmental Laws. 
 (iv) To Borrower’s knowledge after due
inquiry, except as disclosed in any Site Assessment delivered to Lender prior to the acceptance of any applicable Project as a Borrowing Base Property, none of the Borrowing Base Properties has a Mold Condition. 

As used in this Section 6.1(o), “due inquiry” means the examination or investigation of facts required as a result of some
suspicion that such set of facts are no longer true. For example, in Section 6.1(o)(iv), Borrower represents that “to Borrower’s knowledge after due inquiry, none of the Borrowing Base Properties has a Mold
Condition.” In accordance with Section 5.2, as a condition precedent to each Advance, Borrower must assure Lender that such representation is still correct. The phrase “due inquiry” does not obligate the Borrower to
reexamine each Borrowing Base Property for a Mold Condition each time an Advance is requested; rather the phrase “due inquiry” obligates the Borrower to reexamine a Borrowing Base Property for a Mold Condition if Borrower has some reason
to believe that a Mold Condition may exist on such Borrowing Base Property. 
 (p) Investment Company. Neither Borrower nor Guarantor
is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other Applicable Law which
purports to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document. 

(q) Margin Stock. Neither Borrower nor Guarantor is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 

(r) Affiliate Transactions. Except as permitted by Section 9.5, neither Borrower nor Guarantor is a party to or bound by
any agreement or arrangement (whether oral or written) with any Affiliate. 

  
 44 

 (s) Intellectual Property. Each of Borrower and Guarantor owns or has the right to use,
under valid license agreements or otherwise, all patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to
the conduct of its businesses, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person. All such Intellectual Property is fully protected and/or duly
and properly registered, filed or issued in the appropriate office and jurisdictions for such registrations, filing or issuances. No material claim has been asserted by any Person with respect to the use of any such Intellectual Property, or
challenging or questioning the validity or effectiveness of any such Intellectual Property. 
 (t) Business. Borrower is engaged
primarily and predominantly in the business of acquiring, developing and constructing residential Homes, together with related business activities and investments incidental thereto. 

(u) Broker’s Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the
transactions contemplated hereby. No other similar fees or commissions will be payable by Borrower or Guarantor for any other services rendered to Borrower or Guarantor ancillary to the transactions contemplated hereby. 

(v) Accuracy and Completeness of Information. To the best of Borrower’s knowledge, all written information, reports and other
papers and data furnished to Lender by, on behalf of, or at the direction of, Borrower or Guarantor were, at the time the same were so furnished, complete and correct to the extent necessary to give the recipient a true and accurate knowledge of the
subject matter in all material respects, or, in the case of financial statements, present fairly, in accordance with GAAP consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and
the results of operations for such periods. No document furnished or written statement made to Lender pursuant to, or in connection with the negotiation, preparation or execution of, this Agreement or any of the other Loan Documents contains or will
contain any untrue statement of a fact material to the creditworthiness of Borrower or Guarantor or omits or will omit to state a fact necessary in order to make the statements contained therein not misleading. 

(w) Collateral. Each Borrowing Base Property satisfies all requirements under the Loan Documents for being an Eligible Property. 

(x) Options to Acquire; Restrictions on Development. None of the Borrowing Base Properties are subject to any right of first refusal,
right of first offer or other options to purchase except as set forth on Schedule 6.1(x) attached hereto or as otherwise provided to Lender in connection with Borrower’s request to add an additional Project to the Borrowing Base pursuant
to the terms and conditions set forth in this Agreement. Other than the Permitted Liens and any other standard and customary development agreements entered into in the ordinary course of the Borrower’s business or standard and customary
conditions and restrictions of record affecting the applicable Project (including any disposition and development agreements) which do not, taken individually, have an economic impact on the development of the applicable Project as contemplated in
the materials submitted by Borrower to Lender prior to the Agreement 

  
 45 

 
Date, none of the Properties is subject to any agreement restricting or limiting its development except as set forth on such Schedule 6.1(x). 

(y) Restrictions. Borrower is familiar with all restrictions that affect each Project and the construction of the improvements thereon
and the contemplated use thereof. Borrower has obtained, or will be able to obtain, all permits, Governmental Approvals, consents and other authorization necessary under the restrictions for such construction and use, and such construction and use
will comply with the restrictions. There is no violation or asserted violation of any zoning, use or other recorded restrictions concerning any of the Projects or the existing or contemplated use thereof. 

 

	 	Section 6.2	Survival of Representations and Warranties, Etc.. 

 All statements contained in any
certificate, financial statement or other instrument delivered by or on behalf of Borrower or Guarantor to Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement
made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of Borrower or Guarantor prior to the Agreement Date and delivered to Lender in
connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by Borrower under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be
deemed to be made at and as of the Agreement Date, the Effective Date and at and as of the date of each Advance, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically permitted hereunder. All such representations and warranties shall survive the
effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Advances. 
 ARTICLE VII 

AFFIRMATIVE COVENANTS 
 For so
long as this Agreement is in effect, Borrower shall comply with the following covenants: 
  

	 	Section 7.1	Punctual Payment. 

 Borrower will duly and punctually pay or cause to be paid the
principal and interest on the Loan and all interest and fees provided for in this Agreement, all in accordance with the terms of this Agreement and the Note as well as all other sums owing pursuant to the Loan Documents. 

 

	 	Section 7.2	Maintenance of Office. 

 Borrower and Guarantor will maintain their chief executive
office at 95 Enterprise, Suite 325, Aliso Viejo, California 92656, or at such other place in the United States of America as Borrower shall designate upon prior written notice to Lender, where notices, presentations and demands to or upon Borrower
in respect of the Loan Documents may be given or made. 

  
 46 

	 	Section 7.3	Preservation of Existence and Similar Matters. 

 Borrower shall, and shall cause
Guarantor to, preserve and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in
which the character of its properties or the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified could be expected to have a Material Adverse Effect. 

 

	 	Section 7.4	Compliance with Applicable Law and Material Contracts. 

 Borrower shall, and shall cause
Guarantor to, comply with (a) all Applicable Law, including the obtaining of all Governmental Approvals, the failure with which to comply could be expected to have a Material Adverse Effect, and (b) all terms and conditions of all Material
Contracts to which it is a party. 
  

	 	Section 7.5	Maintenance of Property; Completion of Construction. 

 In addition to the requirements of
any of the other Loan Documents, Borrower shall, and shall cause Guarantor to, (a) protect and preserve all of its properties, including, but not limited to, all Intellectual Property necessary to the conduct of its respective business, and
maintain in good repair, working order and condition all tangible properties, ordinary wear and tear excepted, and (b) from time to time make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such
properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times. Borrower shall diligently prosecute to Completion development and construction of all Lots and Homes on which such
development or construction is commenced. 
  

	 	Section 7.6	Insurance. 

 Borrower shall, while any obligation of Borrower or Guarantor under any Loan
Document remains outstanding, at Borrower’s sole expense, maintain or cause to be maintained the following policies of insurance in form and substance satisfactory to Lender. Capitalized terms used in this Section shall have the same meaning as
such terms are commonly and presently defined in the insurance industry. 
 (a) Title Insurance. With respect to each Project covered
by any Security Document, a title policy, together with any endorsements which Lender may require, insuring Lender, in the Commitment Amount then in effect, of the validity and the priority of the lien of the Deed of Trust covering such Project,
subject only to matters approved by Lender in writing. During the term of the Loan, Borrower shall deliver or cause to be delivered to Lender, within ten (10) days of Lender’s written request, such other endorsements to the title policies
as Lender may require with respect to the Properties. 
 (b) Property Insurance. With respect to each Project, a Builders All
Risk/Special Form Completed Value (Non-Reporting Form) Hazard Insurance policy, including without limitation, theft coverage and such other coverages and endorsements as Lender may require, insuring Lender against damage to such Project in an amount
not less than one hundred 

  
 47 

 
percent (100%) of the full replacement cost at the time of Completion of any improvements on such Project. Such coverage should adequately insure any and all Collateral, whether such
Collateral is onsite, stored offsite or otherwise. Lender shall be named on the policy as Mortgagee and named under a Lender’s Loss Payable Endorsement (form #438BFU or equivalent). 

(c) Flood Hazard Insurance. With respect to each Project, a policy of flood insurance, as required by applicable governmental
regulations, or as deemed necessary by Lender, in an amount sufficient to meet the requirements of Applicable Law. 
 (d) Liability
Insurance. With respect to Borrower, a policy of Commercial General Liability insurance on an occurrence basis, with coverages and limits as required by Lender insuring against liability for injury and/or death to any person and/or damage to any
property occurring on a Project. During the period of any construction, Borrower may cause its respective contractors and/or subcontractors to maintain in full force and effect any or all of the liability insurance required hereunder. Lender may
require that Lender and/or Borrower be named as an additional insured on any such policy(ies). Whether Borrower employs a general contractor or performs as an owner-builder, Lender may require that coverage include statutory workers’
compensation insurance. 
 (e) Other Coverage. Borrower shall provide to Lender evidence of such other insurance in such amounts as
Lender may from time to time request against such other insurable hazards which are commonly insured against for property similar to the subject Project located in or around the region in which the subject Project is located. 

(f) General. Borrower shall provide to Lender insurance certificates or other evidence of coverage in form acceptable to Lender, with
coverage amounts, deductibles, notice requirements, limits and retentions as required by Lender. Lender shall be named under a Lender’s Loss Payable Endorsement (form #438BFU or equivalent) on all insurance policies which Borrower actually
maintains with respect to the Properties. All insurance policies shall be issued and maintained by insurers approved to do business in the state in which the applicable Project is located and must have an A.M. Best Company financial rating and
policyholder surplus acceptable to Lender. 
  

	 	Section 7.7	Payment of Taxes and Claims. 

 Borrower shall, and shall cause Guarantor to, pay and
discharge prior to delinquency (a) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers,
warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties of such Person; provided, however, that this Section shall not require the payment or discharge of any such tax,
assessment, charge, levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such Person in accordance with
GAAP or federal income tax accounting principles consistently applied; provided, further however, that if any claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals, whether lawful

  
 48 

 
or unlawful, result in a Lien being filed against any Collateral, then, notwithstanding any continuing contest of such claim in accordance with this Section 7.7, Borrower shall cause
each such Lien to be released, removed from record title by court order or bonded in a manner and in an amount sufficient to remove such Lien from the Collateral within thirty (30) days (or such longer period as may be approved by Lender in
writing in each instance, which approval may be given or withheld in Lender’s sole discretion) after the filing thereof. 
  

	 	Section 7.8	Books and Records; Inspections. 

 Borrower will, and will cause Guarantor to, keep proper
books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities. Borrower will, and will cause Guarantor to, permit representatives of Lender to visit and
inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public
accountants, all at such reasonable times during business hours and as often as may be requested and, so long as no Event of Default exists, with reasonable prior notice. 
  

	 	Section 7.9	Use of Proceeds. 

 Borrower may use the proceeds of Advances solely for payment of costs,
reimbursement of costs, or return of capital, in each case related to (a) land acquisition, development and construction of single-family residential Lots and Homes on and with respect to Borrowing Base Properties, or (b) paying off any
existing financing secured by the initial Borrowing Base Properties on the Effective Date. 
  

	 	Section 7.10	Environmental Matters. 

 Borrower shall comply with all Environmental Laws. To the extent
required by any Environmental Law, Borrower shall include a deed restriction which complies with such Environmental Law in any deed pursuant to which Borrower transfers any Lot or Home comprising Collateral to any other Person. If Borrower or
Guarantor shall (a) receive notice that any violation of any Environmental Law may have been committed or is about to be committed by such Person, (b) receive notice that any administrative or judicial complaint or order has been filed or
is about to be filed against any such Person alleging violations of any Environmental Law or requiring any such Person to take any action in connection with the release of Hazardous Materials or (c) receive any notice from a Governmental
Authority or private party alleging that any such Person may be liable or responsible for costs associated with a response to or cleanup of a release of Hazardous Materials or any damages caused thereby, and such notices, individually or in the
aggregate, could be expected to have a Material Adverse Effect, Borrower shall provide Lender with a copy of such notice within ten (10) days after the receipt thereof by Borrower. Borrower shall promptly take all actions necessary to prevent
the imposition of any Liens on any of the Properties covered by any Security Document arising out of or related to any Environmental Laws. Notwithstanding the foregoing, Borrower may contest the existence of any such Lien in good faith by
appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such Person in accordance with GAAP or federal income tax accounting principles consistently applied. 

  
 49 

	 	Section 7.11	Further Assurances. 

 At Borrower’s cost and expense and upon request of Lender,
Borrower shall, and shall cause Guarantor to, duly execute and deliver or cause to be duly executed and delivered, to Lender such further instruments, documents and certificates, and do and cause to be done such further acts that may be necessary or
advisable in the opinion of Lender to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents. 
  

	 	Section 7.12	Material Contracts. 

 Borrower shall, and shall cause Guarantor to, duly and punctually
perform and comply with any and all representations, warranties, covenants and agreements expressed as binding upon any such Person under any Material Contract. Borrower shall not, and shall not permit Guarantor to, do or knowingly permit to be done
anything to impair the value of any of the Material Contracts without adequate replacement or substitution thereof. 
  

	 	Section 7.13	ERISA Compliance. 

 Borrower shall, and shall cause Guarantor to, at all times comply
with the provisions of ERISA with respect to any retirement or other employee benefit plan to which it is a party as employer, and as soon as possible after Borrower knows, or has reason to know, that any Reportable Event (as defined in ERISA) with
respect to any such plan of Borrower or Guarantor has occurred, it shall furnish to Lender a written statement setting forth details as to such Reportable Event and the action, if any, which Borrower or Guarantor proposes to take with respect
thereto, together with a copy of the notice of such Reportable Event furnished to the Pension Benefit Guaranty Corporation. If Borrower or Guarantor forms any employee benefit plan subject to ERISA, Borrower shall promptly disclose same to Lender
and shall promptly thereafter execute an amendment to this Agreement to add appropriate representations, covenants and defaults with respect to such ERISA plan and compliance. 

 

	 	Section 7.14	Business Operations. 

 Borrower, Guarantor and their respective Subsidiaries shall
operate their respective businesses generally in the same general manner as such businesses have been previously conducted and shall not change the fundamental nature of such businesses. Borrower shall not engage in any other businesses or
activities. Borrower, Guarantor and their respective Subsidiaries shall further operate their respective businesses in compliance with the terms and conditions of this Agreement and the Loan Documents. 

 

	 	Section 7.15	Lien Free Completion. 

 Borrower shall cause Completion, in accordance with each
applicable Development Plan (subject to Force Majeure) and each applicable Project Budget, of all lot development improvements on Lots Under Development necessary to re-classify such Lots to Finished Lots and all Homes in the Borrowing Base on which
vertical construction has commenced but has not yet been completed. 

  
 50 

	 	Section 7.16	Condominium Covenants. 

 (a) Borrower promptly shall observe and perform all of
Borrower’s obligations under each Condominium Project’s Constituent Documents. As used herein, the term “Constituent Documents” shall mean all of the following, as applicable to a Condominium Unit, a Condominium
Project and the owners association or other entity which acts for the Condominium Project (the “Owners Association”): (i) the declaration or any other document which creates the Condominium Project; (ii) the
by-laws; (iii) the code of regulations; and (iv) other similar documents. 
 (b) Borrower shall take such actions to ensure that
each Condominium Unit and the common elements of each Condominium Project are covered by public liability insurance conforming to the standards of this Agreement, whether carried by Borrower or by the Owners Association. 

(c) Borrower shall not, without the prior written consent of Lender, consent to (i) the abandonment or termination of the Condominium
Project; (ii) any amendment to any provision of the Constituent Documents; or (iii) any action which would have the effect of causing the public liability insurance coverage maintained by the Owners Association to fail to comply with the
standards of the Constituent Documents. 
 (d) Each Condominium Project shall at all times be in compliance with the requirements of
applicable statutes and ordinances which govern the formation and governance of condominiums. 
  

	 	Section 7.17	Inspection of Borrowing Base Properties. 

 Borrower shall permit Lender, by its employees
and independent contractors, to enter upon and inspect, at any time and from time to time, all Borrowing Base Properties, provided, that such inspections shall not be made more frequently than once per month per Project; provided further, however,
that (a) if a Default or Event of Default shall have occurred and be continuing, (b) if, in Lender’s reasonable discretion, unusual or unforeseen circumstances should arise, or (c) should any such inspections uncover
unanticipated or unusual situations, Lender may elect to conduct additional inspections. Upon demand, Borrower shall pay to Lender Five Hundred and No/100 Dollars ($500.00) per inspection per Borrowing Base Property. 

 

	 	Section 7.18	Deposit Accounts; Principal Depository. 

 Without limitation of any other requirements
under the Loan Documents, Borrower shall, and shall cause Guarantor and/or one or more of Guarantor’s affiliates and/or subsidiaries, to maintain one or more deposit accounts with Lender. 

 

	 	Section 7.19	Bonded Stop Notices. 

 In the event that any bonded stop notice is served on Lender in
connection with the Loan or any Project, within thirty (30) days after Lender delivers notice thereof to Borrower, Borrower shall either (a) cause such bonded stop notice to be fully satisfied or withdrawn, or (b) deposit with Lender
an amount acceptable to Lender in its sole discretion (provided that such amount 

  
 51 

 
shall not exceed equal to one hundred fifty percent (150%) of the amount of such bonded stop notice), which amount shall be held by Lender in an account with Lender (the
“Borrower’s Deposit Account”) as additional security for the Obligations. Borrower agrees that it shall include any and all interest and earnings on any such deposit as its income (and, if Borrower is a partnership or
other pass-through entity, the income of its partners, members or beneficiaries, as the case may be), and shall be the owner of all funds on deposit in such Borrower’s Deposit Account for federal and applicable state and local tax purposes.
Lender shall have the exclusive right to manage and control all funds in the Borrower’s Deposit Account, but Lender shall have no fiduciary duty with respect to such funds. In the event that litigation is commenced against Lender in connection
with any such bonded stop notice, Lender shall provide prompt written notice thereof to Borrower and, in connection with any answer filed by Lender in any such action, Lender may advance funds on deposit in the Borrower’s Deposit Account to the
claimant under such bonded stop notice in an amount reasonably necessary to satisfy such bonded stop notice in full. Any account fees and charges may be deducted from the balance, if any, in the Borrower’s Deposit Account. Borrower grants to
Lender a security interest in the Borrower’s Deposit Account and all such deposited funds hereafter deposited to such deposit account, and any proceeds thereof, as security for the Obligations. Such security interest shall be governed by the
Uniform Commercial Code of the State of California, and Lender shall have available to it all of the rights and remedies available to a secured party thereunder. The Borrower’s Deposit Account may be established and held in such name or names
as Lender shall deem appropriate, including in the name of Lender. Borrower hereby constitutes and appoints Lender and any officer or agent of Lender its true and lawful attorneys-in-fact with full power of substitution to open the Borrower’s
Deposit Account and to do any and every act that Borrower might do on its own behalf to fulfill the terms of this Section 7.19. To the extent permitted by law, Borrower hereby ratifies all that said attorneys shall lawfully do or cause
to be done by virtue hereof. It is understood and agreed that this power of attorney, which shall be deemed to be a power coupled with an interest, cannot be revoked. In the event that any bonded stop notice with respect to which Borrower has
deposited funds into the Borrower’s Deposit Account in accordance with this Section 7.19 is withdrawn or satisfied in full (and Lender shall have received evidence thereof reasonably satisfactory to Lender), then, so long as no
Event of Default shall have occurred and be continuing, Lender shall return to Borrower any remaining funds deposited into the Borrower’s Deposit Account with respect to such bonded stop notice promptly after Borrower’s written request
therefor. 
 ARTICLE VIII 

INFORMATION 
 For so long as this
Agreement is in effect, Borrower shall furnish to Lender: 
  

	 	Section 8.1	Financial Statements. 

 Borrower shall furnish or cause to be furnished to Lender: 

(a) Annual. As soon as practicable, but in any event within one-hundred twenty (120) days after the end of each calendar year
financial statements of Borrower and Guarantor. Such financial statements shall be prepared in accordance with GAAP or the federal income tax basis method of accounting consistently applied. Guarantor’s financial statements

  
 52 

 
shall be prepared and audited (without qualification) by a national accounting firm. Borrower’s financial statements may be self-prepared. The required financial statements shall include a
balance sheet, income statement, a statement showing sources and uses of funds, and such related schedules and supplemental reports as required pursuant to GAAP. 

(b) Quarterly. As soon as practicable, but in any event within forty-five days after the end of each calendar quarter unaudited
financial statements of Borrower and Guarantor. The required financial statements shall include a balance sheet, income statement, a statement showing sources and uses of funds, and such related schedules and supplemental reports as required
pursuant to GAAP. Such financial statements shall set forth in comparative form the figures as of the end of and for the corresponding period of the previous calendar year and shall contain a certification by the chief financial officer (or similar
financial officer) of Borrower and Guarantor, respectively, that, in his or her opinion, such financial statements present fairly, in accordance with GAAP or the federal income tax basis method of accounting consistently applied, the financial
position of Borrower and Guarantor, respectively, as of the date thereof and the results of operations for such period. 
 (c) Compliance
Certificate. Contemporaneously with the delivery of the financial statements delivered pursuant to this Section, a Compliance Certificate setting forth the information to be contained therein and evidencing compliance with the financial
covenants set forth in the Repayment Guaranty, as of the last day of such calendar year or calendar quarter, as applicable. 
  

	 	Section 8.2	Monthly Reporting Requirements. 

 Within fifteen (15) days after the end of each
calendar month, Borrower shall (a) certify and deliver a Borrowing Base Report, (b) deliver a listing of each Project and its location, its size, unit sales and unsold inventory of Lots and Homes for each Project, a breakdown of the
composition of such inventory, a summary of the status of existing Projects, a report of the historical cost expended on each Project, current reporting period net income and such other information as Lender may reasonably request, (c) deliver
to Lender, for each residential subdivision then being developed into Finished Lots or Homes, the last closing report for each month with cumulative information for the month, together with a current sales report, (d) indicate any Projects for
which Borrower requests a re-classification from one type of Project to another (e.g., from Lots Under Development to Finished Lots), and (e) identify any Cost Overrun Events, together with an updated Project Budget for any Project affected by
a Cost Overrun Event. All of the foregoing information shall be in form and substance reasonably acceptable to Lender. 
  

	 	Section 8.3	Other Information. 

 Borrower shall also provide, or cause to be provided, the following
information to Lender: 
 (a) To the extent Borrower or Guarantor is aware of the same, prompt notice of the commencement of any proceeding
or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator 

  
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against or in any other way relating to, or affecting, Borrower or Guarantor or any of their respective properties, assets or businesses which, if determined or resolved adversely to such Person,
could be expected to have a Material Adverse Effect, and prompt notice of the receipt of notice that any United States income tax returns of Borrower or Guarantor are being audited; 

(b) A copy of any amendment to the certificate of formation, operating agreement, or other similar organizational documents of Borrower or
Guarantor not less than five (5) Business Days prior to the effectiveness thereof; 
 (c) Prompt notice of any change in the management
of Borrower or Guarantor and any change in the business, assets, liabilities, financial condition, or results of operations of Borrower or Guarantor which has had or could have Material Adverse Effect; 

(d) Prompt notice of the occurrence of any Default or Event of Default or any event which constitutes or which with the passage of time, the
giving of notice, or both, would constitute a material default or event of default by Borrower or Guarantor under any Material Contract to which such Person is a party or by which Borrower or Guarantor or any of their respective properties may be
bound; 
 (e) Promptly upon entering into any Material Contract after the Agreement Date, a copy of such Material Contract to Lender; 

(f) Prompt notice of any proposed material acquisition, merger, asset disposition or public debt or equity offerings by Borrower or Guarantor
or of any proposed material merger contemplated by Borrower or Guarantor or any contemplated disposition by Borrower or Guarantor of all or substantially all of such Person’s assets; 

(g) Prompt notice of any order, judgment or decree in excess of $500,000.00 having been entered against Borrower or Guarantor or any of their
respective properties or assets; 
 (h) Prompt notice of any litigation affecting Borrower or Guarantor in which the amount of damages not
fully covered (excluding any applicable deductible) by insurance sought is $500,000.00 or more or in which the award of any non-monetary relief sought might have a Material Adverse Effect on the business, assets or financial condition of Borrower or
Guarantor; 
 (i) Any notification of a material violation of any Applicable Law or regulation or any inquiry received by Borrower or
Guarantor from any Governmental Authority; 
 (j) Prompt notice upon Borrower or Guarantor obtaining knowledge of (i) any potential or
known release, or threat of release, of any Hazardous Materials at or from any Borrowing Base Property which is not in compliance with all Applicable Law or which a reasonably prudent person would investigate; (ii) any violation of any
Environmental Law with respect to any Collateral that Borrower or Guarantor reports in writing or is required under any Environmental Law to be reported by such Person in writing (or for which any written report supplemental to any oral report is
made) to any federal, state or local environmental agency; and (iii) any inquiry, proceeding, investigation, or other action, including a notice from any agency of 

  
 54 

 
potential environmental liability, or any federal, state or local environmental agency or board, that in either case involves a Borrowing Base Property or has the potential to affect the assets,
liabilities, financial conditions or operations of Borrower or Guarantor or Lender’s liens on any Collateral pursuant to the Security Documents; 

(k) Prompt notice upon Borrower or Guarantor obtaining knowledge or otherwise becoming aware of any Mold Condition affecting a Borrowing Base
Property; 
 (l) Prompt notice of any material casualty to or any condemnation of all or any portion of a Borrowing Base Property; 

(m) Prompt notice of any Work Stoppage Event or any other event which might disqualify a Borrowing Base Property as an Eligible Property; and

 (n) From time to time and promptly upon each request, such data, certificates, reports, statements, opinions of counsel, documents or
further information regarding any Project or the business, assets, liabilities, financial condition, or results of operations of Borrower and/or Guarantor as Lender may reasonably request (without duplication and after taking into account all
previously delivered information). 
 ARTICLE IX 

NEGATIVE COVENANTS 
 For so long
as this Agreement is in effect, Borrower shall comply with the following covenants: 
  

	 	Section 9.1	Restrictions on Other Indebtedness. 

 Neither Borrower nor Guarantor shall not create,
incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Indebtedness other than: 
 (a) Indebtedness
to Lender arising under any of the Loan Documents; 
 (b) current liabilities of such Persons incurred in the ordinary course of business
but not incurred through (i) the borrowing of money, or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services; 

(c) Indebtedness in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent
that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.7; 
 (d)
Indebtedness in respect of judgments or awards only to the extent, for the period and in an amount not resulting in an Event of Default; 

(e) Endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course
of business; 

  
 55 

 (f) Indebtedness incurred in the ordinary course of business with respect to Bonding Obligations,
completion guaranties and environmental indemnities; 
 (g) Indebtedness with respect to unsecured advances and unsecured loans which may be
made from time to time to Borrower by Guarantor; provided that all such loans and advances are expressly subject to and subordinate in all respects to the Loan and shall only be entitled to repayment so long as no Default or Event of Default exists;

 (h) Indebtedness arising under Permitted Liens or Material Contracts, in each case, approved by Lender, which approval shall not be
unreasonably delayed, conditioned or withheld, so long as such Indebtedness is not secured by any assets of Borrower which are included in the Borrowing Base or otherwise constitute Collateral for the Loan; 

(i) Non-recourse project financing on any assets of Borrower which are not included in the Borrowing Base and do not otherwise constitute
Collateral for the Loan; 
 (j) Bonding Obligations in an aggregate amount not to exceed Twelve Million Dollars ($12,000,000), so long as
such Bonding Obligations are not secured by any assets of Borrower which are included in the Borrowing Base or otherwise constitute Collateral for the Loan. 
  

	 	Section 9.2	Negative Pledge. 

 Borrower shall not create, assume or suffer to exist any Lien on any
Borrowing Base Property or any of the other Collateral or any other assets of Borrower, now owned or hereafter acquired, except for Permitted Liens. 
  

	 	Section 9.3	Merger. Consolidation. Sales of Assets and Other Arrangements. 

 Other than pursuant to a
Permitted Transaction, Borrower shall not, and shall not permit Guarantor to, (a) enter into any transaction of merger or consolidation; (b) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); (c) convey,
sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, substantially all of its business or assets, whether now owned or hereafter acquired, except in the ordinary course of business or as otherwise
contemplated by the Loan Documents, or (d) make any material change in the general nature and purpose of its business as presently conducted. Further, neither Borrower nor Guarantor shall enter into any sale-leaseback transactions or other
transaction by which Borrower or Guarantor shall remain liable as lessee (or the economic equivalent thereof) of any real or personal property that it has sold or leased to another Person, other than the sale-leaseback of Models on customary,
arms’-length terms. 
  

	 	Section 9.4	Modifications of Organizational Documents and Material Contracts. 

 (a) Borrower shall
not enter into (or allow to be entered into) any amendment or modification to any Material Contract that could reasonably be expected to have a Material Adverse Effect or default in the performance of any obligations of Borrower or Guarantor in any
Material Contract or permit any cancellation or termination of a Material Contract prior to its 

  
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stated maturity to the extent such cancellation or termination could reasonably be expected to have a Material Adverse Effect. 

(b) Borrower shall not, and shall not permit Guarantor to, amend, supplement, restate or otherwise modify its certificate of formation,
operating agreement or other organizational documents in any material respects without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. 

 

	 	Section 9.5	Transactions with Affiliates. 

 Borrower shall not, and shall not permit Guarantor to,
permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of Borrower or Guarantor, or with any director, officer or employee of Borrower of
Guarantor, except transactions in the ordinary course of and pursuant to the reasonable requirements of the business of Borrower or Guarantor and upon fair and reasonable terms that, on an overall basis, are no less favorable to Borrower or
Guarantor than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate. 
  

	 	Section 9.6	Limitations On Distributions. 

 Following the occurrence and during the continuance of
Default or Event of Default, Borrower shall not make, and shall cause Guarantor not to make, any Distributions. 
  

	 	Section 9.7	Unrelated Business. 

 Borrower shall not engage, and shall not permit Guarantor to
engage, directly or indirectly, in any activities in the State of California except as described in Section 7.14. Notwithstanding the foregoing, the following activities shall not be engaged in or undertaken directly, indirectly, in
whole or in part by Borrower: (a) acquiring, owning, operating or managing rental housing or apartments, other than the sale and lease back of model homes; (b) acquiring, constructing, owning, operating or managing office, hotel, retail,
industrial, mixed-use or other income-producing facilities or acquiring or holding any debt secured by the same other than (i) limited commercial development which is incidental to the construction and development of Homes, and (ii) any
commercial development specified in the Development Plan provided to and approved by Lender in connection with the admission of the applicable Project to the Borrowing Base pursuant to Section 4.1(b) hereof, (c) acquiring unimproved
Land for any of the purposes described in clause (b) of this sentence, or (d) engaging in Projects located outside of the State of California. 

  
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 ARTICLE X 

DEFAULT 
  

	 	Section 10.1	Events of Default. 

 Each of the following shall constitute an Event of Default, whatever
the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 

(a) Default in Payment. Borrower shall fail to pay (i) any amount due on the Maturity Date, (ii) any principal when due
(whether upon demand, at maturity, a scheduled amortization payment, by reason of acceleration or otherwise), (iii) any interest within fifteen (15) days of the date when due, or (iv) any other or other amount due under this Agreement
or any other Loan Document when due (whether upon demand, at maturity, by reason of acceleration or otherwise). 
 (b) Default in
Performance. Borrower shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section 10.1 and such
failure shall continue for a period of thirty (30) days after the earlier or (i) the date upon which Borrower first obtains actual knowledge of such failure, or (ii) the date upon which Borrower receives written notice of such failure
from Lender; provided that (1) if such failure cannot, by its nature, be cured within such thirty (30) day period, (2) Borrower commences efforts to cure such failure within the initial thirty (30) day period and is diligently
pursuing such cure, and (3) the continuation of such failure does not otherwise have a Material Adverse Effect, Borrower shall up to an additional sixty (60) days in which to cure such failure. 

(c) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of Borrower or Guarantor
under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, Borrower or Guarantor to Lender, shall at any time prove to have been
incorrect or misleading in any material respect when furnished or made or deemed made. 
 (d) Indebtedness Cross-Default. 

(i) Borrower, Guarantor or The New Home Company Southern California LLC, a Delaware limited liability company (“TNHC
SoCal”), shall fail to pay when due and payable the principal of, or interest on, any other recourse Indebtedness, whether now existing or hereafter arising, to Lender, and such failure shall continue beyond any applicable notice and
cure period; or 
 (ii) The maturity of any other recourse Indebtedness of Borrower, Guarantor or TNHC SoCal to Lender shall
have (A) been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such indebtedness or (B) been required to be prepaid or repurchased
prior to the stated maturity thereof; or 

  
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 (iii) Any other un-waived event shall have occurred and be continuing which, with
or without the passage of time, the giving of notice, or both, would permit Lender (or any trustee or agent acting on its behalf), as the holder or holders of any other recourse Indebtedness of Borrower, Guarantor or TNHC SoCal, to accelerate the
maturity of such Indebtedness or require any such Indebtedness to be prepaid or repurchased prior to its stated maturity. 
 (e)
Voluntary Bankruptcy Proceeding. Borrower or Guarantor shall: (i) commence a voluntary case under the Bankruptcy Code of 1978, as amended or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking
to take advantage of any other Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner,
any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Law or consent to any proceeding or action described in the immediately following subsection; (iv) apply for or consent to, or fail to contest
in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) be unable to or admit in writing
its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a fraudulent conveyance as to creditors under any Applicable Law; or (viii) take any corporate or partnership
action for the purpose of effecting any of the foregoing. 
 (f) Involuntary Bankruptcy Proceeding. A case or other proceeding shall
be commenced against Borrower or Guarantor in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code of 1978, as amended or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable
Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any
substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of sixty (60) days, or an order granting the
relief requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

(g) Revocation of Loan Documents. Borrower or Guarantor shall (or shall attempt to) disavow, revoke or terminate any Loan Document to
which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document. 

(h) Judgment. A judgment or order for the payment of money shall be entered against Borrower or Guarantor by any court or other
tribunal and (i) such judgment or order shall continue for a period of thirty (30) days without being paid, bonded, stayed or dismissed through appropriate appellate proceedings, and (ii) either (A) the amount for which insurance
has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such judgments or orders entered against the Loan Parties,
$500,000.00, or (B) such judgment or order could be expected to have a Material Adverse Effect. 

  
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 (i) Attachment. A warrant, writ of attachment, execution or similar process shall be
issued against any property of Borrower or Guarantor, which exceeds, individually or together with all other such warrants, writs, executions and processes, $500,000.00 in amount and such warrant, writ, execution or process shall not be paid,
discharged, vacated, stayed or bonded for a period of thirty (30) days. 
 (j) Loan Documents. An Event of Default (as defined
therein) shall occur under any of the other Loan Documents. 
 (k) Change of Control. The occurrence of a Change of Control. 

(l) Work Stoppage Event. The occurrence of a Work Stoppage Event. 

(m) Mechanic’s Liens. Borrower fails, for any reason, to comply with the requirements of Section 7.7. 

(n) Bonded Stop Notice. Borrower fails, for any reason, to comply with the requirements of Section 7.19 hereof. 

(o) Financial Covenants. Guarantor fails, for any reason, to comply with the financial covenants set forth in the Repayment Guaranty.

 (p) Damage; Strike; Casualty. Any material damage to, or loss or destruction of, any Collateral, whether or not insured, or any
strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than thirty (30) days beyond the coverage period of any applicable business interruption insurance, the cessation or
substantial curtailment of revenue producing activities of a Borrower; provided that no such event shall constitute an Event of Default if (i) after deeming such Collateral as ineligible pursuant to Section 4.1(c) any required
payment under Section 2.4(b) has been paid or (ii) such Collateral has been released pursuant to and in accordance with Section 4.2, Section 4.3 or Section 4.4. 

In the event that any Event of Default shall occur under Sections 10.1(b), (c), (i), (j), (l) or (m) only with respect to a specific Project
(a “Designated Event of Default”), Borrower may cure such Designated Event of Default within fifteen (15) days after notice thereof by causing the release of such Project pursuant to and in accordance with
Section 4.2, Section 4.3 or Section 4.4, and, so long as no other Event of Default shall have occurred and be continuing, Lender shall permit the release of such Property pursuant to and in accordance with
Section 4.2, Section 4.3 or Section 4.4 notwithstanding the continuance of such Designated Event of Default. 
  

	 	Section 10.2	Remedies Upon Event of Default. 

 If any Event of Default exists, the following
provisions shall apply: 
 (a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Section 10.1(e) or
Section 10.1(f), (A)(1) the principal of, and all accrued 

  
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interest on, the Advances and the Note at the time outstanding, and (2) all of the other Obligations of Borrower, including, but not limited to, the other amounts owed to Lender under this
Agreement, the Note or any of the other Loan Documents shall become immediately and automatically due and payable by Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by Borrower, and
(B) the Commitment Amount and the obligation of Lender to make Advances hereunder shall immediately and automatically terminate. 

(ii) Optional. If any other Event of Default shall exist, Lender may (A) declare (1) the principal of, and
accrued interest on, the Advances and the Note at the time outstanding, and (2) all of the other Obligations, including, but not limited to, the other amounts owed to Lender under this Agreement, the Note or any of the other Loan Documents to
be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by Borrower, and (B) terminate the Commitment Amount
and the obligation of Lender to make Advances hereunder. 
 (b) Loan Documents. Lender may, in its sole discretion, exercise any and
all of its rights under any and all of the other Loan Documents. 
 (c) Applicable Law. Lender may, in its sole discretion, exercise
all other rights and remedies it may have under any Applicable Law. 
 (d) Appointment of Receiver. To the extent permitted by
Applicable Law, Lender shall be entitled to the appointment, without bond, of a receiver for the assets and properties of Borrower, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the
solvency of any party bound for its payment, to take possession of all or any portion of the Collateral and/or the business operations of Borrower and to exercise such power as the court shall confer upon such receiver. 

 

	 	Section 10.3	Marshaling; Payments Set Aside. 

 Lender shall not be under any obligation to marshal any
assets in favor of Borrower or Guarantor or any other party or against or in payment of any or all of the Obligations. To the extent that Borrower or Guarantor makes a payment or payments to Lender, or Lender enforces its security interests or
exercises its rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a
trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or part thereof originally intended to be satisfied, and all Liens, rights and
remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 

  
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	 	Section 10.4	Allocation of Proceeds. 

 If an Event of Default exists and maturity of any of the
Obligations has been accelerated, all payments received by Lender under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by Borrower hereunder or thereunder, shall be applied in
the following order and priority: 
 (a) amounts due to Lender in respect of Fees and expenses due under Section 11.2; 

(b) payments of interest on Advances; 

(c) payments of principal of Advances; 

(d) amounts due to Lender pursuant to Section 11.10; 

(e) payments of all other amounts due under any of the Loan Documents, if any; and 

(f) any amount remaining after application as provided above, shall be paid to Borrower or whomever else may be legally entitled thereto. 

 

	 	Section 10.5	Performance by Lender. 

 If Borrower shall fail to perform any covenant, duty or
agreement contained in any of the Loan Documents, Lender may perform or attempt to perform such covenant, duty or agreement on behalf of Borrower after the expiration of any cure or grace periods set forth herein. In such event, Borrower shall, at
the request of Lender, promptly pay any amount reasonably expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid.
Notwithstanding the foregoing, Lender shall have no liability or responsibility whatsoever for the performance of any obligation of Borrower under this Agreement or any other Loan Document. 

 

	 	Section 10.6	Rights Cumulative. 

 The rights and remedies of Lender under this Agreement and each of
the other Loan Documents shall be cumulative and not exclusive of any rights or remedies which Lender may otherwise have under Applicable Law. In exercising its rights and remedies, Lender may be selective and no failure or delay by Lender in
exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power or right. 

  
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 ARTICLE XI 

MISCELLANEOUS 
  

	 	Section 11.1	Notices. 

 Unless otherwise provided herein, communications provided for hereunder shall
be in writing and shall be mailed, sent by overnight delivery, sent by facsimile or delivered as follows: 
 If to Borrower: 

The New Home Company Northern California, LLC 

95 Enterprise, Suite 325 
 Aliso
Viejo, California 92656 
 Attn: Wayne Stelmar 

Telephone: (949) 382-7811 

Facsimile: (949) 382-7801 

If to Lender: 
 US Bank National
Association 
 d/b/a Housing Capital Company 

3200 Bristol Street, Suite 800 

Costa Mesa, CA 92626 
 Attn:
Loan Administration 
 Telephone: (714) 438-4410 

Facsimile: (714) 438-4435 
 Each of
Borrower and Lender may designate an alternative notice address for itself in a written notice to the other party delivered in compliance with this Section. All such notices and other communications shall be effective (a) if mailed or sent by
overnight courier, when received; (b) if sent by facsimile, when transmitted; or (c) if hand delivered, when delivered. Notwithstanding the immediately preceding sentence, all notices or communications to Lender under ARTICLE II
shall be effective only when actually received. Lender shall not incur any liability to Borrower for acting upon any telephonic notice referred to in this Agreement which Lender believes in good faith to have been given by a Person authorized to
deliver such notice or for otherwise acting in good faith hereunder. The failure of any Person designated to receive only a copy of any notice shall not render ineffective notice otherwise properly given to the Person to receive such notice. 

 

	 	Section 11.2	Expenses. 

 Borrower agrees (a) to pay or reimburse Lender for all of its reasonable
out-of-pocket costs and reasonable expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and reasonable
travel expenses related to closing), and the consummation of the transactions contemplated thereby, including the reasonable fees and disbursements of counsel to Lender and all costs and expenses of Lender in connection with the review of Properties
for (i) inclusion in calculations of the Borrowing Base and Lender’s other 

  
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activities under ARTICLE IV, including the cost of Appraisals, an aggregate, one-time Appraisal review fee of $1,000.00 with respect to all Projects, and the reasonable fees and
disbursements of counsel to Lender relating to all such activities, and (ii) in connection with any subsequent Project inspections conducted by Lender from time to time in Lender’s reasonable discretion, (b) to pay or reimburse Lender
for all its costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable fees and disbursements of Lender’s counsel and any payments in indemnification or
otherwise payable to Lender pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless Lender from any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay
in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or
modification of, or any waiver or consent under or in respect of, any Loan Document, and (d) to the extent not already covered by any of the preceding subsections, to pay the fees and disbursements of counsel to Lender incurred in connection
with the representation of Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Section 10.1(e) or Section 10.1(f), including, without limitation (i) any motion
for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations, and (iii) the negotiation and preparation of any debtor- in-possession financing or any plan
of reorganization of Borrower or Guarantor, whether proposed by Borrower, Guarantor, Lender or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or
conclusion of any such proceeding. 
  

	 	Section 11.3	Stamp, Intangible and Recording Taxes. 

 Borrower will pay any and all stamp, intangible,
registration, recordation and similar taxes, fees or charges and shall indemnify Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes, fees or charges, which may be
payable or determined to be payable in connection with the execution, delivery, recording, performance or enforcement of this Agreement, the Note and any of the other Loan Documents or the perfection of any rights or Liens thereunder. 

 

	 	Section 11.4	Setoff. 

 In addition to any rights now or hereafter granted under any Applicable Law and
not by way of limitation of any such rights, Lender is hereby authorized by Borrower, at any time or from time to time while an Event of Default exists, without notice to Borrower or to any other Person, any such notice being hereby expressly
waived, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held
or owing by Lender to or for the credit or the account of Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Advances and all other Obligations have been declared to be, or have otherwise
become, due and payable as permitted by Section 10.2, and although such obligations shall be contingent or unmatured. 

  
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	 	Section 11.5	Litigation; Jurisdiction; Other Matters; Waivers. 

 (a) EACH PARTY HERETO ACKNOWLEDGES
THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG BORROWER AND LENDER WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF
LENDER AND BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, THE NOTE, OR
ANY OTHER LOAN DOCUMENT OR IN CONNECTION WITH ANY COLLATERAL OR ANY LIEN OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG BORROWER AND LENDER OF ANY KIND OR NATURE. 

(b) EACH OF BORROWER AND LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE CENTRAL DISTRICT OF CALIFORNIA OR, AT THE OPTION OF
LENDER, ANY STATE COURT LOCATED IN ORANGE COUNTY, CALIFORNIA SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG BORROWER AND LENDER PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOAN, THE NOTE OR ANY
OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM OR THE COLLATERAL. EACH OF BORROWER AND LENDER EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. BORROWER HEREBY
WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO BORROWER AT
ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. 
 (c) EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE
OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. 

(d) THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY LENDER OR THE ENFORCEMENT BY
LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (e) BORROWER AGREES THAT ALL OF ITS PAYMENT
OBLIGATIONS HEREUNDER SHALL BE ABSOLUTE AND UNCONDITIONAL, AND FOR THE PURPOSES OF MAKING PAYMENTS HEREUNDER, BORROWER HEREBY WAIVES ANY RIGHT TO ASSERT ANY SETOFF, COUNTERCLAIM OR CROSS-CLAIM. 

  
 65 

 (f) THE FOREGOING WAIVERS HAVE BEEN MADE WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING
OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOAN AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS AGREEMENT. 

(g) Notwithstanding the foregoing, any and all disputes, claims and controversies arising out of the Loan Documents or the transactions
contemplated thereby (including, but not limited to, actions arising in contract or tort) and any claims by Lender against Borrower or Guarantor (each a “Party” and together collectively the “Parties”)
related in any way to the Loan (individually, a “Dispute”) that are brought before a forum in which pre-dispute waivers of the right to trial by jury are invalid under applicable law shall be subject to the terms of this
Agreement in lieu of the jury trial waivers otherwise provided in the Loan Documents. 
 (h) Any and all Disputes shall be heard by a
referee and resolved by judicial reference pursuant to California Code of Civil Procedure Sections 638 et seq. 
 (i) The referee shall be a
retired California state court judge. The Parties shall not seek to appoint a referee that may be disqualified pursuant to California Code of Civil Procedure Section 641 or 641.2 without the prior written consent of all Parties. 

(j) If the Parties are unable to agree upon a referee within ten (10) calendar days after one Party serves a written notice of intent for
judicial reference upon the other Party or Parties, then the referee will be selected by the court in accordance with California Code of Civil Procedure Section 640(b). 

(k) The referee shall render a written statement of decision and shall conduct the proceedings in accordance with the California Code of Civil
Procedure, the Rules of Court, and California Evidence Code, except as otherwise specifically agreed by the Parties and approved by the referee. The referee’s statement of decision shall set forth findings of fact and conclusions of law. The
decision of the referee shall be entered as a judgment in the court in accordance with the provisions of California Code of Civil Procedure Sections 644 and 645. The decision of the referee shall be appealable to the same extent and in the same
manner that such decision would be appealable if rendered by a judge of the superior court. 
 (l) Nothing in this Agreement shall be deemed
to apply to or limit the right of Lender (i) to exercise self-help remedies such as (but not limited to) setoff, or (ii) to foreclose judicially or nonjudicially against any real or personal property collateral, or to exercise judicial or
nonjudicial power of sale rights, (iii) to obtain from a court provisional or ancillary remedies (including, but not limited to, injunctive relief, a writ of possession, prejudgment attachment, a protective order or the appointment of a
receiver), or (iv) to pursue rights against a Party in a third-party proceeding in any action brought against Lender (including actions in bankruptcy court). Lender may exercise the rights set forth in the foregoing clauses (i) through
(iv), inclusive, before, during or after the pendency of any judicial reference proceeding. Neither the exercise of self-help remedies nor the institution or maintenance of an action for foreclosure or provisional or ancillary remedies or the
opposition to any such provisional remedies shall 

  
 66 

 
constitute a waiver of the right of any Party, including, but not limited to, the claimant in any such action, to require submission to judicial reference the merits of the Dispute occasioning
resort to such remedies. No provision in the Loan Documents regarding submission to jurisdiction and/or venue in any court is intended or shall be construed to be in derogation of the provisions in any Loan Document for judicial reference of any of
Dispute. 
 (m) If a Dispute includes multiple claims, some of which are found not subject to this Agreement, the Parties shall stay the
proceedings of the Disputes or part or parts thereof not subject to this Agreement until all other Disputes or parts thereof are resolved in accordance with this Agreement. If there are Disputes by or against multiple parties, some of which are not
subject to this Agreement, the Parties shall sever the Disputes subject to this Agreement and resolve them in accordance with this Agreement. 

(n) During the pendency of any Dispute which is submitted to judicial reference in accordance with this Agreement, each of the Parties to such
Dispute shall bear equal shares of the fees charged and costs incurred by the referee in performing the services described in this Agreement. The compensation of the referee shall not exceed the prevailing rate for like services. The prevailing
party shall be entitled to reasonable court costs and legal fees, including customary attorney fees, expert witness fees, paralegal fees, the fees of the referee and other reasonable costs and disbursements charged to the party by its counsel, in
such amount as is determined by the referee. 
 (o) In the event of any challenge to the legality or enforceability of this Agreement, the
prevailing Party shall be entitled to recover the costs and expenses from the non- prevailing Party, including reasonable attorneys’ fees, incurred by it in connection therewith. 

(p) THIS AGREEMENT CONSTITUTES A “REFERENCE AGREEMENT” BETWEEN OR AMONG THE PARTIES WITHIN THE MEANING OF AND FOR PURPOSES OF
CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638. 
  

	 	Section 11.6	Successors and Assigns. 

 (a) Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that Borrower may not assign or otherwise transfer any of its rights under this Agreement without the prior written consent of all Lender
(and any such assignment or transfer to which Lender has not consented shall be void). 
 (b) Loan Sales and Participations. Borrower
agrees that Lender may elect, at any time, to sell, assign or grant participations in all or any portion of its rights and obligations under the Loan Documents, and that any such sale, assignment or participation may be to one or more financial
institutions, private investors, and/or other entities, at Lender’s sole discretion (“Participant”). In the event of any such sale, assignment or participation, Lender and the parties to such transaction shall share in
the rights and obligations of Lender as set forth in the Loan Documents only as and to the extent they agree among themselves. In connection with any such sale, assignment or participation, Borrower further agrees that the Loan Documents shall be
sufficient evidence of the obligations of Borrower to each purchaser, assignee, or participant, and 

  
 67 

 
upon written request by Lender, Borrower shall enter into such amendments or modifications to the Loan Documents as may be reasonably required in order to evidence any such sale, assignment or
participation. The indemnity obligations of Borrower under the Loan Documents shall also apply with respect to any purchaser, assignee or participant. 

(c) Federal Reserve Bank Assignments. Lender may at any time and from time to time, pledge and assign all or any portion of its rights
under all or any of the Loan Documents to a Federal Reserve Bank; provided that no such pledge of assignment shall release Lender from its obligation thereunder. 

(d) Information to Assignee, Etc. Lender may furnish any information concerning Borrower, Guarantor and their respective properties in
the possession of Lender from time to time to assignees and participants (including prospective assignees and participants), provided that all such information shall only be shared pursuant to a confidentiality agreement, signed by the recipient of
such information, which requires that such recipient take commercially customary and reasonable precautions to maintain the confidentiality of all such non-public information (subject to customary exceptions). In connection with such negotiation,
execution and delivery, Borrower authorizes Lender to communicate all information and documentation related to the Loan (whether to Borrower or to any participant, assignee, legal counsel, appraiser or other necessary party) directly by e-mail, fax,
or other electronic means used to transmit information. 
  

	 	Section 11.7	Amendments. 

 No amendment, waiver or consent unless in writing and signed by Lender,
shall affect the rights or duties of Lender under this Agreement or any of the other Loan Documents. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent
shall be effective only in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial
thereto. Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by Borrower
subsequent to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon Borrower shall entitle Borrower to other or further notice or demand in similar or
other circumstances. 
  

	 	Section 11.8	Nonliability of Lender. 

 The relationship between Borrower, on the one hand, and Lender,
on the other hand, shall be solely that of borrower and lender. Lender shall have no fiduciary responsibilities to Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of
the parties hereto, shall be deemed to create any fiduciary duty owing by Lender to Borrower or Guarantor. Lender does not undertake, and expressly disclaims, any responsibility to Borrower or Guarantor to review or inform Borrower or Guarantor of
any matter in connection with any phase of Borrower’s, Guarantor’s or TNHC SoCal’s business or operations. 

  
 68 

	 	Section 11.9	Tax Reporting. 

 Notwithstanding anything to the contrary set forth herein or in any
other written or oral understanding or agreement to which the parties hereto are parties or by which they are bound, the parties hereto acknowledge and agree that (a) any obligations of confidentiality contained herein and therein do not apply
and have not applied from the commencement of discussions between the parties to the tax treatment and tax structure of the transactions contemplated by the Loan Documents (and any related transactions or arrangements), and (b) each party (and
each of its employees, representatives, or other agents) may disclose to any and all parties as required, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by the Loan Documents and all materials of
any kind (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure, all within the meaning of Treasury Regulations Section 1.6011-4; provided, however, that each party recognizes
that the privilege each has to maintain, in its sole discretion, the confidentiality of a communication relating to the transactions contemplated by the Loan Documents, including a confidential communication with its attorney or a confidential
communication with a federally authorized tax practitioner under Section 7525 of the Internal Revenue Code, is not intended to be affected by the foregoing. 
  

	 	Section 11.10	Indemnification. 

 (a) Borrower shall and hereby agrees to indemnify, defend and hold
harmless Lender, any Affiliate of Lender and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all actual losses,
costs, claims, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any
litigation, investigation, claim or proceeding or any advice rendered in connection therewith) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or
settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the
transactions contemplated thereby; (ii) the making of any Advances; (iii) any actual or proposed use by Borrower of the proceeds of the Advances; (iv) Lender’s entering into this Agreement; (v) the fact that Lender has
established the credit facility evidenced hereby in favor of Borrower; (vi) the fact that Lender is a creditor of Borrower and has or is alleged to have information regarding the financial condition, strategic plans or business operations of
Borrower; (vii) the fact that Lender is a material creditor of Borrower and is alleged to influence directly or indirectly the business decisions or affairs of Borrower or its financial condition; (viii) the exercise of any right or remedy
Lender may have under this Agreement or the other Loan Documents including, but not limited to, the foreclosure upon, or seizure of, any Collateral or the exercise of any other rights of a secured party; (ix) any violation or non-compliance by
Borrower of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other
Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause Borrower (or its properties) (or Lender as successor-in-interest to Borrower) to
be 

  
 69 

 
in compliance with such Environmental Laws; provided, however, that Borrower shall not be obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified
party in connection with matters described in this clause (a) that constitute gross negligence or willful misconduct. Notwithstanding anything to the contrary contained herein, the foregoing indemnification obligations shall not apply to any
acts or events that first occur subsequent to the date Lender acquires title to the Properties by foreclosure (as evidenced by the recordation of a trustee’s deed or order of judicial foreclosure in the applicable public records) or acceptance
of a deed in lieu thereof unless such acts or events are caused by Borrower or any Affiliate of Borrower. 
 (b) The Borrower’s
indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this
indemnification shall cover all costs and expenses of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This
indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of Borrower, any account debtor of Borrower or by any Governmental Authority. 

(c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against
Borrower and/or any other Loan Party. 
 (d) All out-of-pocket fees and expenses of, and all amounts paid to third- persons by, an
Indemnified Party shall be advanced by Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by
such Indemnified Party that such Indemnified Party will reimburse Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder. 

(e) An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity
Proceeding covered by this Section and, as provided above, all costs and expenses incurred by such Indemnified Party shall be reimbursed by Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending
against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of Borrower hereunder to indemnify and hold harmless each such Indemnified Party; provided, however, that (i) if Borrower is required to
indemnify an Indemnified Party pursuant hereto and (ii) Borrower has provided evidence reasonably satisfactory to such Indemnified Party that Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such
Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of Borrower (which consent shall not be unreasonably withheld or
delayed). 

  
 70 

 (f) If and to the extent that the obligations of Borrower hereunder are unenforceable for any
reason, Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 
  

	 	Section 11.11	Termination; Survival. 

 At such time as (a) Lender’s commitment to lend under
the Loan Documents has been terminated and Lender is no longer obligated under this Agreement to make any Advances, and (b) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and
satisfied in full, this Agreement shall terminate. The indemnities to which Lender is entitled under the provisions of Section 3.8, Section 11.2, Section 11.7 and Section 11.10 and any other provision
of this Agreement and the other Loan Documents, and the provisions of Section 11.5, shall continue in full force and effect and shall protect Lender (i) notwithstanding any termination of this Agreement, or of the other Loan
Documents, against events arising after such termination as well as before and (ii) if applicable, at all times after Lender ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date Lender
ceased to be a party to this Agreement. 
  

	 	Section 11.12	Severability of Provisions. 

 Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions or affecting the validity or
enforceability of such provision in any other jurisdiction. 
  

	 	Section 11.13	GOVERNING LAW. 

 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  

	 	Section 11.14	Counterparts. 

 This Agreement and any amendments, waivers, consents or supplements may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the
same instrument. 
  

	 	Section 11.15	Obligations with Respect to Loan Parties. 

 The obligations of Borrower to direct or
prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute and not subject to any defense Borrower may have that Borrower does not control such Loan Parties. 

  
 71 

	 	Section 11.16	Independence of Covenants. 

 All covenants hereunder shall be given in any jurisdiction
independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the
occurrence of a Default or an Event of Default if such action is taken or condition exists. 
  

	 	Section 11.17	Limitation of Liability. 

 Neither Lender, nor any Affiliate, officer, director,
employee, attorney, or agent of Lender shall have any liability with respect to, and Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or
incurred by Borrower in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. Borrower hereby
waives, releases, and agrees not to sue Lender or any of Lender’s Affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this
Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby. 
  

	 	Section 11.18	Entire Agreement. 

 This Agreement, the Note, and the other Loan Documents referred to
herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not
be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 

 

	 	Section 11.19	Construction. 

 Lender and Borrower each acknowledge that it has had the benefit of legal
counsel of its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by Lender and
Borrower. 
  

	 	Section 11.20	Compliance with Anti-Terrorism Laws. 

 (a) Notice. To help the government fight
the funding of terrorism and money laundering activities, Federal law requires Lender to obtain, verify, and record information that identifies each person who opens an account. This means that Lender will ask for Borrower’s name, Tax ID
number, address, and other information, as applicable, including identifying documents that will allow Lender to properly identify Borrower. 

(b) Representations and Warranties. Borrower represents and warrants as follows: 

  
 72 

 (i) Neither Borrower nor Guarantor is in violation of any laws relating to
terrorism or money laundering, including, but not limited to, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”) and the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 10756 (the “Patriot Act”), collectively referred to herein as “Anti-Terrorism Laws”. 

(ii) No action, proceeding, investigation, charge, claim, report, or notice has been filed, commenced, or threatened against
Borrower or Guarantor alleging any violation of any Anti-Terrorism Law. 
 (iii) Neither Borrower nor Guarantor has, after
due investigation and inquiry, knowledge, or notice of any fact, event, circumstance, situation, or condition that could reasonably be expected to result in (A) any action, proceeding, investigation, charge, claim, report, or notice being
filed, commenced, or threatened against any of them alleging any violation of, or failure to comply with, any Anti-Terrorism Law, or (B) the imposition of any civil or criminal penalty against any of them for any failure to so comply. 

(iv) Neither Borrower nor Guarantor is a Prohibited Person. As used herein, “Prohibited Person” means
any of the following: 
 (A) a Person that is listed in the Annex to, or is otherwise subject to the provisions of, the
Executive Order; 
 (B) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the
Annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (C) a Person with whom Lender is prohibited
from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (D) a Person who commits, threatens, or
conspires to commit or supports “terrorism” as defined in the Executive Order; or 
 (E) a Person that is named as
a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website or any replacement website or other replacement official
publication of such list. 
 (v) Neither Borrower nor Guarantor (A) conducts any business or engages in making or
receiving any contribution of funds, goods, or services to or for the benefit of any Prohibited Person, (B) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive
Order, or (C) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

  
 73 

 (vi) Borrower agrees to provide Lender, from time to time, with sufficient
information (including names, addresses, and where applicable, jurisdiction of formation or organization) to reasonably permit Lender to verify the foregoing. 

(c) Covenants. 

(i) Borrower shall not (A) conduct any business or engage in making or receiving any contribution of funds, goods, or
services to or for the benefit of any Prohibited Person, (B) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or any other Anti-Terrorism Law, or
(C) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

(ii) Borrower agrees to deliver to Lender any certification or other evidence requested from time to time by Lender in its
reasonable discretion, and sufficient information (including names, addresses, and where applicable, jurisdiction of formation or organization) to reasonably permit Lender to verify and confirm the accuracy of, and Borrower’s compliance with,
the foregoing representations, warranties and agreements. 
 [Signatures on Following Page] 

  
 74 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
set forth. 
  

			
	BORROWER:
	
	THE NEW HOME COMPANY NORTHERN CALIFORNIA LLC,
	a Delaware limited liability company
		
	By:	 	

		 	  

	Name:	 	 Wayne J Stelmar

	Title:	 	 Chief Financial Officer

		
	By:	 	

		 	  

	Name:	 	 Mark Kawanami

	Title:	 	 Senior VP

	
	LENDER:
	
	U.S. BANK NATIONAL ASSOCIATION,
	d/b/a Housing Capital Company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 S-1 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
set forth. 
  

			
	BORROWER:
	
	THE NEW HOME COMPANY NORTHERN CALIFORNIA LLC,
	a Delaware limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	LENDER:
	
	U.S. BANK NATIONAL ASSOCIATION,
	d/b/a Housing Capital Company
		
	By:	 	

		 	  

	Name:	 	 Karen Goodbody

	Title:	 	 V. P.

  
 S-1 

 SCHEDULE 1.1(a) 

Authorized Signatories 

Wayne Stelmar, Kim Forbes, Mark Kawanami and Mike Cunningham 

  
 Schedule 1.1(a) 

 SCHEDULE 4.1(a) 

Initial Borrowing Base Properties 

Each of the following properties, as more particularly described in the applicable Deed of Trust: 

 

	 	1.	Olive Ranch, Placer County, California 

 As each such Project is more particularly described in the separate
Eligible Property Agreement of even date herewith between Borrower and Lender executed with respect thereto. 

  
 Schedule 4.1(a) 

 SCHEDULE 6.1(h) 

Material Contracts 
 None 

  
 Schedule 6.1(h) 

 SCHEDULE 6.1(x) 

Options to Acquire; Restrictions on Development 

None 

  
 Schedule 6.1(x) 

 EXHIBIT A 

Form of Compliance Certificate 
 U.S. Bank
National Association 
 d/b/a Housing Capital Company 
 3200
Bristol Street, Suite 800 
 Costa Mesa, CA 92626 
 Attn: Loan
Administration 
 Ladies and Gentlemen: 

Reference is made to the Revolving Credit Agreement dated as of September 26, 2013 (as amended, supplemented or restated from time to
time, the “Credit Agreement”) by and among THE NEW HOME COMPANY NORTHERN CALIFORNIA LLC, a Delaware limited liability company (“Borrower”), and U.S. BANK NATIONAL ASSOCIATION, d/b/a Housing Capital
Company. All capitalized defined terms used herein shall have the meanings given to them in the Credit Agreement. 
 Pursuant to
Section 8.1 of the Credit Agreement, the undersigned, on behalf of Borrower and Guarantor, is furnishing to you herewith (or has most recently furnished to you) (a) the financial statements of Guarantor for the fiscal period ended
            , 20     (the “Balance Sheet Date”), (b) the information attached hereto as Schedule 1 of this Compliance Certificate to
demonstrate compliance as of the Balance Sheet Date with the financial covenants set forth in the Repayment Guaranty, and (c) a Borrowing Base Report current as of the Balance Sheet Date. The undersigned further certifies that all of the
aforementioned information (including all information on attached Schedule 1) accurately and completely sets forth in all material respects, as of the calendar [quarter/year] ending
                    , the information provided therein. 

A review of the activities of Borrower during the calendar period covered by this Certificate has been made under my supervision with a view
towards determining whether during such calendar period Borrower performed and observed all obligations under the Loan Documents. Accordingly, the undersigned knows of no Default or Event of Default under the Loan Documents, or any physical or
environmental condition which will or could be reasonably anticipated to cause the Appraised Value of any Borrowing Base Property to be materially less than the amount set forth on the attached Borrowing Base Report. 

[Signature on the Following Page] 

  
 A-1 

									
	Dated:	 	  
	 		 	BORROWER:
				
		 		 		 	THE NEW HOME COMPANY NORTHERN CALIFORNIA LLC,
		 		 		 	a Delaware limited liability company
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

  
 A-2 

 EXHIBIT B 

Form of Notice of Borrowing 

            , 20     

U.S. Bank National Association 
 d/b/a Housing Capital Company

 3200 Bristol Street, Suite 800 
 Costa Mesa, CA 92626 

Attn: Loan Administration 
 Ladies and Gentlemen: 

Reference is made to that certain Revolving Credit Agreement dated as of September 26, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among THE NEW HOME COMPANY NORTHERN CALIFORNIA LLC, a Delaware limited liability company (“Borrower”), and U.S. BANK NATIONAL
ASSOCIATION, d/b/a Housing Capital Company (“Lender”). Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

(a) Pursuant to Section 2.1(b) of the Credit Agreement, Borrower hereby requests that Lender make an Advance to Borrower in an
amount equal to $        . 
 (b) Borrower requests that such Advance be made available on
            , 20    . 
 (c) The aggregate principal amount
of all outstanding Advances as of the date hereof, as of the date of the making of the requested Advances, and after making such Advances does not exceed the Maximum Availability as of the date hereof. 

Borrower hereby certifies to Lender that as of the date hereof and as of the date of the making of the requested Advances (after taking into
effect such requested Advances), (a) no Default or Event of Default exists or will exist (including, without limitation, under the financial covenants set forth in the Repayment Guaranty) and (b) the representations and warranties of
Borrower and Guarantor contained in the Credit Agreement and the other Loan Documents are and shall be true and correct in all material respects, except to the extent such representations or warranties specifically relate to an earlier date or such
representations or warranties become untrue by reason of events or conditions otherwise permitted under the Credit Agreement or the other Loan Documents. In addition, Borrower certifies to Lender that all conditions to the making of the requested
Advances contained in Section 5.2 of the Credit Agreement will have been satisfied at the time such Advances are made. 

  
 B-1 

 
			
	BORROWER:
	
	THE NEW HOME COMPANY NORTHERN CALIFORNIA LLC,
	a Delaware limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 B-2EX-4.(E)

 Exhibit 4(e) 

VOLUME SUBMITTER 

DEFINED CONTRIBUTION PLAN 

FIDELITY BASIC PLAN DOCUMENT NO. 14 

  
 The CORPORATEplan for RetirementSM 
 © 2008 FMR LLC 

All rights reserved. 

 Advanced Atomization Technologies 

 

											
	 PREAMBLE
	   
	  	 	1	  
				
	 ARTICLE 1.
	 	 ADOPTION AGREEMENT
	  				  	 	1	  
				
	 ARTICLE 2.
	 	 DEFINITIONS
	  				  	 	1	  
				
	 2.01.
	 	 DEFINITIONS
	  	 	1	  	  			
	 2.02.
	 	 INTERPRETATION AND CONSTRUCTION OF
TERMS
	  	 	10	  	  			
	 2.03.
	 	 SPECIAL EFFECTIVE DATES
	  	 	10	  	  			
				
	 ARTICLE 3.
	 	 SERVICE
	  				  	 	10	  
				
	 3.01.
	 	 CREDITING OF ELIGIBILITY SERVICE
	  	 	10	  	  			
	 3.02.
	 	 RE-CREDITING OF ELIGIBILITY SERVICE
FOLLOWING TERMINATION OF EMPLOYMENT 
	  	 	11	  	  			
	 3.03.
	 	 CREDITING OF VESTING SERVICE
	  	 	11	  	  			
	 3.04.
	 	 APPLICATION OF VESTING SERVICE TO A
PARTICIPANT’S ACCOUNT FOLLOWING A BREAK IN VESTING SERVICE
	  	 	11	  	  			
	 3.05.
	 	 SERVICE WITH PREDECESSOR EMPLOYER
	  	 	11	  	  			
	 3.06.
	 	 CHANGE IN SERVICE CREDITING
	  	 	11	  	  			
				
	 ARTICLE 4.
	 	 PARTICIPATION
	  				  	 	12	  
				
	 4.01.
	 	 DATE OF PARTICIPATION
	  	 	12	  	  			
	 4.02.
	 	 TRANSFERS OUT OF COVERED
EMPLOYMENT
	  	 	12	  	  			
	 4.03.
	 	 TRANSFERS INTO COVERED EMPLOYMENT
	  	 	12	  	  			
	 4.04.
	 	 RESUMPTION OF PARTICIPATION FOLLOWING
REEMPLOYMENT
	  	 	12	  	  			
				
	 ARTICLE 5.
	 	 CONTRIBUTIONS
	  				  	 	13	  
				
	 5.01.
	 	 CONTRIBUTIONS SUBJECT TO LIMITATIONS
	  	 	13	  	  			
	 5.02.
	 	 COMPENSATION TAKEN INTO ACCOUNT IN
DETERMINING CONTRIBUTIONS
	  	 	13	  	  			
	 5.03.
	 	 DEFERRAL CONTRIBUTIONS
	  	 	13	  	  			
	 5.04.
	 	 EMPLOYEE CONTRIBUTIONS
	  	 	15	  	  			
	 5.05.
	 	 NO DEDUCTIBLE EMPLOYEE CONTRIBUTIONS
	  	 	15	  	  			
	 5.06.
	 	 ROLLOVER CONTRIBUTIONS
	  	 	15	  	  			
	 5.07.
	 	 QUALIFIED NONELECTIVE EMPLOYER
CONTRIBUTIONS
	  	 	16	  	  			
	 5.08.
	 	 MATCHING EMPLOYER CONTRIBUTIONS
	  	 	17	  	  			
	 5.09.
	 	 QUALIFIED MATCHING EMPLOYER CONTRIBUTIONS
	  	 	17	  	  			
	 5.10.
	 	 NONELECTIVE EMPLOYER CONTRIBUTIONS
	  	 	17	  	  			
	 5.11.
	 	 VESTED INTEREST IN CONTRIBUTIONS
	  	 	19	  	  			
	 5.12.
	 	 TIME FOR MAKING CONTRIBUTIONS
	  	 	19	  	  			
	 5.13.
	 	 RETURN OF EMPLOYER CONTRIBUTIONS
	  	 	20	  	  			
	 5.14.
	 	 FROZEN PLAN
	  	 	20	  	  			
				
	 ARTICLE 6.
	 	 LIMITATIONS ON CONTRIBUTIONS
	  				  	 	20	  
				
	 6.01.
	 	 SPECIAL DEFINITIONS
	  	 	20	  	  			
	 6.02.
	 	 CODE SECTION 402(G) LIMIT ON DEFERRAL
CONTRIBUTIONS
	  	 	26	  	  			
	 6.03.
	 	 ADDITIONAL LIMIT ON DEFERRAL CONTRIBUTIONS
(“ADP” TEST)
	  	 	27	  	  			
	 6.04.
	 	 ALLOCATION AND DISTRIBUTION OF “EXCESS
CONTRIBUTIONS”
	  	 	28	  	  			
	 6.05.
	 	 REDUCTIONS IN DEFERRAL CONTRIBUTIONS TO
MEET CODE REQUIREMENTS
	  	 	28	  	  			
	 6.06.
	 	 LIMIT ON MATCHING EMPLOYER CONTRIBUTIONS
AND EMPLOYEE CONTRIBUTIONS (“ACP” TEST)
	  	 	28	  	  			

  
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 © 2008 FMR LLC 

All rights reserved. 
 i 

											
	 6.07.
	 	 ALLOCATION, DISTRIBUTION, AND FORFEITURE OF
“EXCESS AGGREGATE CONTRIBUTIONS”
	  	 	30	  	  			
	 6.08.
	 	 INCOME OR LOSS ON DISTRIBUTABLE
CONTRIBUTIONS
	  	 	30	  	  			
	 6.09.
	 	 DEEMED SATISFACTION OF “ADP” TEST
	  	 	30	  	  			
	 6.10.
	 	 DEEMED SATISFACTION OF “ACP” TEST WITH
RESPECT TO MATCHING EMPLOYER CONTRIBUTIONS
	  	 	32	  	  			
	 6.11.
	 	 CHANGING TESTING METHODS
	  	 	33	  	  			
	 6.12.
	 	 CODE SECTION 415 LIMITATIONS
	  	 	34	  	  			
				
	 ARTICLE 7.
	 	 PARTICIPANTS’ ACCOUNTS
	  				  	 	36	  
				
	 7.01.
	 	 INDIVIDUAL ACCOUNTS
	  	 	36	  	  			
	 7.02.
	 	 VALUATION OF ACCOUNTS
	  	 	37	  	  			
				
	 ARTICLE 8.
	 	 INVESTMENT OF CONTRIBUTIONS
	  				  	 	37	  
				
	 8.01.
	 	 MANNER OF INVESTMENT
	  	 	37	  	  			
	 8.02.
	 	 INVESTMENT DECISIONS
	  	 	37	  	  			
	 8.03.
	 	 PARTICIPANT DIRECTIONS TO TRUSTEE
	  	 	38	  	  			
				
	 ARTICLE 9.
	 	 PARTICIPANT LOANS
	  				  	 	38	  
				
	 9.01.
	 	 SPECIAL DEFINITION
	  	 	38	  	  			
	 9.02.
	 	 PARTICIPANT LOANS
	  	 	38	  	  			
	 9.03.
	 	 SEPARATE LOAN PROCEDURES
	  	 	38	  	  			
	 9.04.
	 	 AVAILABILITY OF LOANS
	  	 	38	  	  			
	 9.05.
	 	 LIMITATION ON LOAN AMOUNT
	  	 	38	  	  			
	 9.06.
	 	 INTEREST RATE
	  	 	38	  	  			
	 9.07.
	 	 LEVEL AMORTIZATION
	  	 	39	  	  			
	 9.08.
	 	 SECURITY
	  	 	39	  	  			
	 9.09.
	 	 LOAN REPAYMENTS
	  	 	39	  	  			
	 9.10.
	 	 DEFAULT
	  	 	39	  	  			
	 9.11.
	 	 EFFECT OF TERMINATION WHERE PARTICIPANT
HAS OUTSTANDING LOAN BALANCE
	  				  	 	39	  
	 9.12.
	 	 DEEMED DISTRIBUTIONS UNDER CODE SECTION
72(P)
	  	 	40	  	  			
	 9.13.
	 	 DETERMINATION OF VESTED INTEREST UPON
DISTRIBUTION WHERE PLAN LOAN IS OUTSTANDING
	  	 	40	  	  			
				
	 ARTICLE 10.
	 	 IN-SERVICE WITHDRAWALS
	  				  	 	40	  
				
	 10.01.
	 	 AVAILABILITY OF IN-SERVICE WITHDRAWALS
	  	 	40	  	  			
	 10.02.
	 	 WITHDRAWAL OF EMPLOYEE CONTRIBUTIONS
	  	 	40	  	  			
	 10.03.
	 	 WITHDRAWAL OF ROLLOVER CONTRIBUTIONS
	  	 	41	  	  			
	 10.04.
	 	 AGE 59 1/2 WITHDRAWALS
	  	 	41	  	  			
	 10.05.
	 	 HARDSHIP WITHDRAWALS
	  	 	41	  	  			
	 10.06.
	 	 PRESERVATION OF PRIOR PLAN IN-SERVICE
WITHDRAWAL RULES
	  	 	42	  	  			
	 10.07.
	 	 RESTRICTIONS ON IN-SERVICE WITHDRAWALS
	  	 	43	  	  			
				
	 ARTICLE 11.
	 	 RIGHT TO BENEFITS
	  				  	 	43	  
				
	 11.01.
	 	 NORMAL OR EARLY RETIREMENT
	  	 	43	  	  			
	 11.02.
	 	 LATE RETIREMENT
	  	 	43	  	  			
	 11.03.
	 	 DISABILITY RETIREMENT
	  	 	43	  	  			
	 11.04.
	 	 DEATH
	  	 	44	  	  			
	 11.05.
	 	 OTHER TERMINATION OF EMPLOYMENT
	  	 	44	  	  			
	 11.06.
	 	 APPLICATION FOR DISTRIBUTION
	  	 	44	  	  			
	 11.07.
	 	 APPLICATION OF VESTING SCHEDULE FOLLOWING
PARTIAL DISTRIBUTION
	  	 	44	  	  			
	 11.08.
	 	 FORFEITURES
	  	 	45	  	  			
	 11.09.
	 	 APPLICATION OF FORFEITURES
	  	 	45	  	  			
	 11.10.
	 	 REINSTATEMENT OF FORFEITURES
	  	 	45	  	  			

  
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 © 2008 FMR LLC 

All rights reserved. 
 ii 

											
	 11.11.
	 	 ADJUSTMENT FOR INVESTMENT EXPERIENCE
	  	 	46	  	  			
				
	 ARTICLE 12.
	 	 DISTRIBUTIONS
	  				  	 	46	  
				
	 12.01.
	 	 RESTRICTIONS ON DISTRIBUTIONS
	  	 	46	  	  			
	 12.02.
	 	 TIMING OF DISTRIBUTION FOLLOWING RETIREMENT
OR TERMINATION OF EMPLOYMENT
	  				  			
		 		  	 	46	  	  			
	 12.03.
	 	 PARTICIPANT CONSENT TO DISTRIBUTION
	  	 	47	  	  			
	 12.04.
	 	 REQUIRED COMMENCEMENT OF DISTRIBUTION TO
PARTICIPANTS
	  	 	47	  	  			
	 12.05.
	 	 REQUIRED COMMENCEMENT OF DISTRIBUTION TO
BENEFICIARIES
	  	 	47	  	  			
	 12.06.
	 	 WHEREABOUTS OF PARTICIPANTS AND
BENEFICIARIES
	  	 	49	  	  			
				
	 ARTICLE 13.
	 	 FORM OF DISTRIBUTION
	  				  	 	49	  
				
	 13.01.
	 	 NORMAL FORM OF DISTRIBUTION UNDER
PROFIT SHARING PLAN
	  	 	49	  	  			
	 13.02.
	 	 CASH OUT OF SMALL ACCOUNTS
	  	 	49	  	  			
	 13.03.
	 	 MINIMUM DISTRIBUTIONS
	  	 	50	  	  			
	 13.04.
	 	 DIRECT ROLLOVERS
	  	 	53	  	  			
	 13.05.
	 	 NOTICE REGARDING TIMING AND FORM OF
DISTRIBUTION
	  	 	53	  	  			
	 13.06.
	 	 DETERMINATION OF METHOD OF DISTRIBUTION
	  	 	54	  	  			
	 13.07.
	 	 NOTICE TO TRUSTEE
	  	 	54	  	  			
				
	 ARTICLE 14.
	 	 SUPERSEDING ANNUITY DISTRIBUTION PROVISIONS
	  				  	 	54	  
				
	 14.01.
	 	 SPECIAL DEFINITIONS
	  	 	54	  	  			
	 14.02.
	 	 APPLICABILITY
	  	 	55	  	  			
	 14.03.
	 	 ANNUITY FORM OF PAYMENT
	  	 	55	  	  			
	 14.04.
	 	 “QUALIFIED JOINT AND SURVIVOR ANNUITY”
AND “QUALIFIED PRERETIREMENT SURVIVOR ANNUITY” REQUIREMENTS
	  	 	55	  	  			
	 14.05.
	 	 WAIVER OF THE “QUALIFIED JOINT AND
SURVIVOR ANNUITY” AND/OR “QUALIFIED PRERETIREMENT SURVIVOR ANNUITY” RIGHTS
	  	 	56	  	  			
	 14.06.
	 	 SPOUSE’S CONSENT TO WAIVER
	  	 	56	  	  			
	 14.07.
	 	 NOTICE REGARDING “QUALIFIED JOINT AND
SURVIVOR ANNUITY”
	  	 	57	  	  			
	 14.08.
	 	 NOTICE REGARDING “QUALIFIED PRERETIREMENT
SURVIVOR ANNUITY”
	  	 	57	  	  			
	 14.09.
	 	 FORMER SPOUSE
	  	 	57	  	  			
				
	 ARTICLE 15.
	 	 TOP-HEAVY PROVISIONS
	  				  	 	57	  
				
	 15.01.
	 	 DEFINITIONS
	  	 	57	  	  			
	 15.02.
	 	 APPLICATION
	  	 	59	  	  			
	 15.03.
	 	 MINIMUM CONTRIBUTION
	  	 	59	  	  			
	 15.04.
	 	 DETERMINATION OF MINIMUM REQUIRED
CONTRIBUTION
	  	 	60	  	  			
	 15.05.
	 	 ACCELERATED VESTING
	  	 	60	  	  			
	 15.06.
	 	 EXCLUSION OF COLLECTIVELY-BARGAINED
EMPLOYEES
	  	 	60	  	  			
				
	 ARTICLE 16.
	 	 AMENDMENT AND TERMINATION
	  				  	 	61	  
				
	 16.01.
	 	 AMENDMENTS BY THE EMPLOYER THAT DO
NOT AFFECT VOLUME SUBMITTER STATUS 
	  	 	61	  	  			
	 16.02.
	 	 AMENDMENTS BY THE EMPLOYER ADOPTING
PROVISIONS NOT INCLUDED IN VOLUME SUBMITTER SPECIMEN PLAN
	  	 	61	  	  			
	 16.03.
	 	 AMENDMENT BY THE VOLUME SUBMITTER
SPONSOR
	  	 	61	  	  			
	 16.04.
	 	 AMENDMENTS AFFECTING VESTED INTEREST
AND/OR ACCRUED BENEFITS
	  	 	61	  	  			
	 16.05.
	 	 RETROACTIVE AMENDMENTS MADE BY VOLUME
SUBMITTER SPONSOR
	  	 	62	  	  			
	 16.06.
	 	 TERMINATION AND DISCONTINUATION OF
CONTRIBUTIONS
	  	 	62	  	  			
	 16.07.
	 	 DISTRIBUTION UPON TERMINATION OF THE
PLAN
	  	 	62	  	  			
	 16.08.
	 	 MERGER OR CONSOLIDATION OF PLAN;
TRANSFER OF PLAN ASSETS
	  	 	62	  	  			
				
	 ARTICLE 17.
	 	 AMENDMENT AND CONTINUATION OF PRIOR PLAN; TRANSFER OF FUNDS TO OR FROM OTHER QUALIFIED PLANS
	  				  			
			  	 	63	  

  
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 © 2008 FMR LLC 

All rights reserved. 
 iii 

											
	 17.01.
	 	 AMENDMENT AND CONTINUATION OF PRIOR
PLAN
	  	 	63	  	  			
	 17.02.
	 	 TRANSFER OF FUNDS FROM AN EXISTING
PLAN
	  	 	63	  	  			
	 17.03.
	 	 ACCEPTANCE OF ASSETS BY TRUSTEE
	  	 	64	  	  			
	 17.04.
	 	 TRANSFER OF ASSETS FROM TRUST
	  	 	65	  	  			
				
	 ARTICLE 18.
	 	 MISCELLANEOUS
	  				  	 	66	  
				
	 18.01.
	 	 COMMUNICATION TO PARTICIPANTS
	  	 	66	  	  			
	 18.02.
	 	 LIMITATION OF RIGHTS
	  	 	66	  	  			
	 18.03.
	 	 NONALIENABILITY OF BENEFITS
	  	 	66	  	  			
	 18.04.
	 	 QUALIFIED DOMESTIC RELATIONS ORDERS
PROCEDURES
	  	 	66	  	  			
	 18.05.
	 	 APPLICATION OF PLAN PROVISIONS FOR
MULTIPLE EMPLOYER PLANS
	  	 	67	  	  			
	 18.06.
	 	 VETERANS REEMPLOYMENT RIGHTS
	  	 	67	  	  			
	 18.07.
	 	 FACILITY OF PAYMENT
	  	 	67	  	  			
	 18.08.
	 	 INFORMATION BETWEEN EMPLOYER AND/OR
ADMINISTRATOR AND TRUSTEE
	  	 	67	  	  			
	 18.09.
	 	 EFFECT OF FAILURE TO QUALIFY UNDER
CODE
	  	 	67	  	  			
	 18.10.
	 	 DIRECTIONS, NOTICES AND DISCLOSURE
	  	 	67	  	  			
	 18.11.
	 	 GOVERNING LAW
	  	 	68	  	  			
	 18.12.
	 	 DISCHARGE OF DUTIES BY FIDUCIARIES
	  	 	68	  	  			
				
	 ARTICLE 19.
	 	 PLAN ADMINISTRATION
	  				  	 	68	  
				
	 19.01.
	 	 POWERS AND RESPONSIBILITIES OF THE
ADMINISTRATOR
	  	 	68	  	  			
	 19.02.
	 	 NONDISCRIMINATORY EXERCISE OF AUTHORITY
	  	 	68	  	  			
	 19.03.
	 	 CLAIMS AND REVIEW PROCEDURES
	  	 	68	  	  			
	 19.04.
	 	 NAMED FIDUCIARY
	  	 	68	  	  			
	 19.05.
	 	 COSTS OF ADMINISTRATION
	  	 	69	  	  			
				
	 ARTICLE 20.
	 	 TRUST AGREEMENT
	  				  	 	69	  
				
	 20.01.
	 	 ACCEPTANCE OF TRUST RESPONSIBILITIES
	  	 	69	  	  			
	 20.02.
	 	 ESTABLISHMENT OF TRUST FUND
	  	 	69	  	  			
	 20.03.
	 	 EXCLUSIVE BENEFIT
	  	 	69	  	  			
	 20.04.
	 	 POWERS OF TRUSTEE
	  	 	69	  	  			
	 20.05.
	 	 ACCOUNTS
	  	 	70	  	  			
	 20.06.
	 	 APPROVAL OF ACCOUNTS
	  	 	70	  	  			
	 20.07.
	 	 DISTRIBUTION FROM TRUST FUND
	  	 	71	  	  			
	 20.08.
	 	 TRANSFER OF AMOUNTS FROM QUALIFIED
PLAN
	  	 	71	  	  			
	 20.09.
	 	 TRANSFER OF ASSETS FROM TRUST
	  	 	71	  	  			
	 20.10.
	 	 SEPARATE TRUST OR FUND FOR EXISTING
PLAN ASSETS
	  	 	71	  	  			
	 20.11.
	 	 SELF-DIRECTED BROKERAGE OPTION
	  	 	72	  	  			
	 20.12.
	 	 EMPLOYER STOCK INVESTMENT OPTION
	  	 	73	  	  			
	 20.13.
	 	 VOTING; DELIVERY OF INFORMATION
	  	 	78	  	  			
	 20.14.
	 	 COMPENSATION AND EXPENSES OF TRUSTEE
	  	 	78	  	  			
	 20.15.
	 	 RELIANCE BY TRUSTEE ON OTHER
PERSONS
	  	 	78	  	  			
	 20.16.
	 	 INDEMNIFICATION BY EMPLOYER
	  	 	78	  	  			
	 20.17.
	 	 CONSULTATION BY TRUSTEE WITH COUNSEL
	  	 	78	  	  			
	 20.18.
	 	 PERSONS DEALING WITH THE TRUSTEE
	  	 	78	  	  			
	 20.19.
	 	 RESIGNATION OR REMOVAL OF TRUSTEE
	  	 	79	  	  			
	 20.20.
	 	 FISCAL YEAR OF THE TRUST
	  	 	79	  	  			
	 20.21.
	 	 AMENDMENT
	  	 	79	  	  			
	 20.22.
	 	 PLAN TERMINATION
	  	 	79	  	  			
	 20.23.
	 	 PERMITTED REVERSION OF FUNDS TO
EMPLOYER
	  	 	79	  	  			
	 20.24.
	 	 GOVERNING LAW
	  	 	80	  	  			
	 20.25.
	 	 ASSIGNMENT AND SUCCESSORS
	  	 	80	  	  			

  
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 © 2008 FMR LLC 

All rights reserved. 
 iv 

 Preamble. 

This volume submitter plan consists of three parts: (1) an Adoption Agreement that is a separate document incorporated by reference into this Basic Plan
Document; (2) this Basic Plan Document; and (3) a Trust Agreement that is a part of this Basic Plan Document and is found in Article 20. Each part of the volume submitter plan contains substantive provisions that are integral to the
operation of the plan. The Adoption Agreement is the means by which an adopting Employer elects the optional provisions that shall apply under its plan. The Basic Plan Document describes the standard provisions elected in the Adoption Agreement. The
Trust Agreement describes the powers and duties of the Trustee with respect to plan assets. 
 The volume submitter plan is intended to qualify under Code
Section 401(a). Depending upon the Adoption Agreement completed by an adopting Employer, the volume submitter plan may be used to implement a profit sharing plan with or without a cash or deferred arrangement intended to qualify under Code
Section 401(k). Provisions appearing on the Additional Provisions Addendum of the Adoption Agreement, if present, supplement or alter provisions appearing in the Adoption Agreement in the manner described therein. Provisions appearing on the
Additional Provisions Addendum of the Basic Plan Document, if present, supplement or alter provisions appearing in the Basic Plan Document in the manner described therein. Provisions appearing on the Superseding Provisions Addendum of the Adoption
Agreement, if present, supersede any conflicting provisions appearing in the Adoption Agreement, Basic Plan Document or any addendum to either in the manner described therein. 

Article 1. Adoption Agreement. 
 Article 2.
Definitions. 
 2.01. Definitions. Wherever used herein, the following terms have the meanings set forth below, unless a different
meaning is clearly required by the context: 
 (a) “Account” means an account established for the purpose of recording any
contributions made on behalf of a Participant and any income, expenses, gains, or losses incurred thereon. The Administrator shall establish and maintain sub-accounts within a Participant’s Account as necessary to depict accurately a
Participant’s interest under the Plan. 
 (b) “Active Participant” means any Eligible Employee who has met the
requirements of Article 4 to participate in the Plan and who may be entitled to receive allocations under the Plan. 
 (c)
“Administrator” means the Employer adopting this Plan, as listed in Subsection 1.02(a) of the Adoption Agreement, or any other person designated by the Employer in Subsection 1.01(c) of the Adoption Agreement. 

(d) “Adoption Agreement” means Article 1, under which the Employer establishes and adopts, or amends the Plan and Trust and
designates the optional provisions selected by the Employer, and the Trustee accepts its responsibilities under Article 20. The provisions of the Adoption Agreement shall be an integral part of the Plan. 

(e) “Annuity Starting Date” means the first day of the first period for which an amount is payable as an annuity or in any
other form permitted under the Plan. 
 (f) “Basic Plan Document” means this Fidelity volume submitter plan document,
qualified with the Internal Revenue Service as Basic Plan Document No. 14. 
 (g) “Beneficiary” means the person or
persons (including a trust) entitled under Section 11.04 or 14.04 to receive benefits under the Plan upon the death of a Participant. 

  
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 © 2008 FMR LLC 

All rights reserved. 
  

 1
 

 (h) “Break in Vesting Service” means a 12-consecutive-month period beginning on
an Employee’s Severance Date or any anniversary thereof in which the Employee is not credited with an Hour of Service. 

Notwithstanding the foregoing, the following special rules apply in determining whether an Employee who is on leave has
incurred a Break in Vesting Service: 
 (1) If an individual is absent from work because of maternity/paternity leave on the first
anniversary of his Severance Date, the 12-consecutive-month period beginning on the individual’s Severance Date shall not constitute a Break in Vesting Service. For purposes of this paragraph, “maternity/paternity leave” means a leave
of absence (i) by reason of the pregnancy of the individual, (ii) by reason of the birth of a child of the individual, (iii) by reason of the placement of a child with the individual in connection with the adoption of such child by
the individual, or (iv) for purposes of caring for a child for the period beginning immediately following such birth or placement. 

(2) If an individual is absent from work because of FMLA leave and returns to employment with the Employer or a Related Employer following
such FMLA leave, he shall not incur a Break in Vesting Service due to such FMLA leave. For purposes of this paragraph, “FMLA leave” means an approved leave of absence pursuant to the Family and Medical Leave Act of 1993. 

(i) “Catch-Up Contribution” means any Deferral Contribution made to the Plan by the Employer in accordance with the provisions
of Subsection 5.03(a). 
 (j) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

(k) “Compensation” means wages as defined in Code Section 3401(a) and all other payments of compensation to an Eligible
Employee by the Employer (in the course of the Employer’s trade or business) for services to the Employer while employed as an Eligible Employee for which the Employer is required to furnish the Eligible Employee a written statement under Code
Sections 6041(d) and 6051(a)(3). Compensation must be determined without regard to any rules under Code Section 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed
(such as the exception for agricultural labor in Code Section 3401(a)(2)). Compensation shall include amounts that are not includable in the gross income of the Participant under a salary reduction agreement by reason of the application of Code
Section 125, 132(f)(4), 402(g)(3), 402(h), 403(b), or 457. 
 For any Self-Employed Individual, Compensation means
Earned Income; provided, however, that if the Employer elects to exclude specified items from Compensation, such Earned Income shall be adjusted in a similar manner so that it is equivalent under regulations issued under Code Section 414(s) to
Compensation for Participants who are not Self-Employed Individuals. 
 Compensation shall generally be based on the amount
actually paid to the Eligible Employee during the Plan Year or, for purposes of Article 5, if so elected by the Employer in Subsection 1.05(b) of the Adoption Agreement, during that portion of the Plan Year during which the Eligible Employee is an
Active Participant. Notwithstanding the preceding sentence, Compensation for purposes of Section 6.12 (Code Section 415 Limitations) and Article 15 (Top-Heavy Provisions) shall be based on the amount actually paid or made available to the
Participant during the Limitation Year for purposes of Section 6.12 and during the Plan Year for purposes of Article 15. 

If the initial Plan Year of a new plan consists of fewer than 12 months, calculated from the Effective Date listed in
Subsection 1.01(g)(1) of the Adoption Agreement through the end of such initial Plan Year, Compensation for such initial Plan Year shall generally be determined as follows: 

  
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 (1) For purposes of determining Highly Compensated Employees under Subsection 2.01(cc) and, if
selected in Subsection 1.05(b)(1)(A) or (2)(A) of the Adoption Agreement, for purposes of allocating Nonelective Employer Contributions under Section 1.12 of the Adoption Agreement (other than 401(k) Safe Harbor Nonelective Employer
Contributions), the initial Plan Year shall be the 12-month period ending on the last day of the Plan Year. 
 (2) For purposes of
Section 6.12 (Code Section 415 Limitations), if the Employer has designated in Subsection 1.01(f) of the Adoption Agreement that the Limitation Year is based on the Plan Year, the Limitation Year shall be the 12-month period ending on the
last day of the Plan Year. 
 (3) For all other purposes, the initial Plan Year shall be the period from the Effective Date listed in
Subsection 1.01(g)(1) of the Adoption Agreement through the end of the initial Plan Year. 
 The annual Compensation of each
Active Participant taken into account for determining benefits provided under the Plan for any 12-month determination period shall not exceed the annual Compensation limit under Code Section 401(a)(17) as in effect on the first day of the
determination period (e.g., $210,000 for determination periods beginning in 2005). A “determination period” means the Plan Year or other 12-consecutive-month period over which Compensation is otherwise determined for purposes of the Plan
(e.g., the Limitation Year). 
 The annual Compensation limit under Code Section 401(a)(17) shall be adjusted by the
Secretary to reflect increases in the cost of living, as provided in Code Section 401(a)(17)(B); provided, however, that the dollar increase in effect on January 1 of any calendar year is effective for determination periods beginning in
such calendar year. If a Plan determines Compensation over a determination period that contains fewer than 12 calendar months (a “short determination period”), then the Compensation limit for such “short determination period” is
equal to the Compensation limit for the calendar year in which the “short determination period” begins multiplied by the ratio obtained by dividing the number of full months in the “short determination period” by 12; provided,
however, that such proration shall not apply if there is a “short determination period” because (i) the Employer elected in Subsection 1.05(b) of the Adoption Agreement to determine contributions based only on Compensation paid during
the portion of the Plan Year during which an individual was an Active Participant or (ii) an Employee is covered under the Plan less than a full Plan Year. 

In lieu of requiring an Active Participant to cease making Deferral Contributions for a Plan Year after his Compensation has
reached the annual Compensation limit under Code Section 401(a)(17), the annual Compensation limit shall be applied with respect to Deferral Contributions by limiting the total Deferral Contributions an Active Participant may make for a Plan
Year to the product of (i) such Active Participant’s Compensation for the Plan Year up to the annual Compensation limit multiplied by (ii) the deferral limit specified in Subsection 1.07(a)(1)(A) of the Adoption Agreement or
Subsection 5.03(a), as applicable. 
 (l) “Contribution Period” means the period for which Matching Employer and Nonelective
Employer Contributions are made and calculated. The Contribution Period for Matching Employer Contributions described in Subsection 1.11 of the Adoption Agreement is the period specified by the Employer in Subsection 1.11(d) of the Adoption
Agreement. 
 The Contribution Period for Nonelective Employer Contributions is the Plan Year, unless the Employer designates
a different Contribution Period in Subsection 1.12(c) of the Adoption Agreement. 
 (m) “Deferral Contribution” means any
contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03. 

  
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 (n) “Early Retirement Age” means the early retirement age specified in
Subsection 1.14(b) of the Adoption Agreement, if any. 
 (o) “Earned Income” means the net earnings of a Self-Employed
Individual derived from the trade or business with respect to which the Plan is established and for which the personal services of such individual are a material income-providing factor, excluding any items not included in gross income and the
deductions allocated to such items, except that net earnings shall be determined with regard to the deduction allowed under Code Section 164(f), to the extent applicable to the Employer. Net earnings shall be reduced by contributions of the
Employer to any qualified plan, to the extent a deduction is allowed to the Employer for such contributions under Code Section 404. 

(p) “Effective Date” means the effective date specified by the Employer in Subsection 1.01(g)(1). The Employer may select
special Effective Dates with respect to specified Plan provisions, as set forth in Section (a) of the Special Effective Dates Addendum to the Adoption Agreement. In the event that another plan is merged into and made a part of the Plan, the
effective date of the merger shall be reflected in the Plan Mergers Addendum to the Adoption Agreement. 
 (q) “Eligibility
Computation Period” means each 12-consecutive-month period beginning with an Employee’s Employment Commencement Date and each anniversary thereof 

(r) “Eligibility Service” means an Employee’s service that is taken into account in determining his eligibility to
participate in the Plan as may be required under Subsection 1.04(b) of the Adoption Agreement. Eligibility Service shall be credited in accordance with Article 3. 

(s) “Eligible Employee” means any Employee of the Employer who is in the class of Employees eligible to participate in the
Plan. The Employer must specify in Subsection 1.04(d) of the Adoption Agreement any Employee or class of Employees not eligible to participate in the Plan. Regardless of the provisions of Subsection 1.04(d) of the Adoption Agreement, the following
Employees are automatically excluded from eligibility to participate in the Plan: 
 (1) any individual who is a signatory to a contract,
letter of agreement, or other document that acknowledges his status as an independent contractor not entitled to benefits under the Plan or who is not otherwise classified by the Employer as a common law employee, even if such individual is later
determined to be a common law employee; and 
 (2) any Employee who is a resident of Puerto Rico. 

If the Employer elects, in Subsection 1.04(d)(2)(A) of the Adoption Agreement, to exclude collective bargaining employees from
the eligible class, the exclusion applies to any Employee of the Employer included in any unit of Employees covered by an agreement which the Secretary of Labor finds to be a collective bargaining agreement between employee representatives and one
or more employers, unless the collective bargaining agreement requires the Employee to be covered under the Plan. The term “employee representatives” does not include any organization more than half the members of which are owners,
officers, or executives of the Employer. 
 If the Employer does not elect, in Subsection 1.04(d)(2)(C) of the Adoption
Agreement, to exclude Leased Employees from the eligible class, contributions or benefits provided by the leasing organization which are attributable to services performed for the Employer shall be treated as provided by the Employer and there shall
be no duplication of benefits under this Plan. 
 Anything to the contrary herein notwithstanding, unless the Employer elects
to exclude statutory employees who are full-time life insurance salespersons (as described in Code Section 7701(a)(20)) from the eligible class in Subsection 1.04(d)(2)(E) of the Adoption Agreement, such statutory employees are Eligible
Employees. 

  
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 (t) “Employee” means any common law employee (or statutory employee who is a
full-time life insurance salesperson as described in Code Section 7701(a)(20)) of the Employer or a Related Employer, any Self-Employed Individual, and any Leased Employee. Notwithstanding the foregoing, a Leased Employee shall not be
considered an Employee if Leased Employees do not constitute more than 20 percent of the Employer’s non-highly compensated work-force (taking into account all Related Employers) and the Leased Employee is covered by a money purchase pension
plan maintained by the leasing organization and providing (1) a nonintegrated employer contribution rate of at least 10 percent of compensation, as defined for purposes of Code Section 415(c)(3), (2) full and immediate vesting, and
(3) immediate participation by each employee of the leasing organization. 
 (u) “Employee Contribution” means any
after-tax contribution made by an Active Participant to the Plan. 
 (v) “Employer” means the employer named in Subsection
1.02(a) of the Adoption Agreement and any Related Employer designated in the Participating Employers Addendum to the Adoption Agreement. If the Employer has elected in Subsection (b) of the Participating Employers Addendum to the Adoption
Agreement that the term “Employer” includes all Related Employers, an employer that becomes a Related Employer as a result of an asset or stock acquisition, merger or other similar transaction shall not be included in the term
“Employer” for periods prior to the first day of the second Plan Year beginning after the date of such transaction, unless the Employer has designated therein to accept such Related Employer as a participating employer prior to that date.
Notwithstanding the foregoing, the term “Employer” for purposes of authorizing any particular action under the Plan means solely the employer named in Subsection 1.02(a) of the Adoption Agreement. 

If the organization or other entity named in the Adoption Agreement is a sole proprietor or a professional corporation and the
sole proprietor of such proprietorship or the sole shareholder of the professional corporation dies, then the legal representative of such sole proprietor or shareholder shall be deemed to be the Employer until such time as, through the disposition
of such sole proprietor’s or sole shareholder’s estate or otherwise, any organization or other entity succeeds to the interests of the sole proprietor in the proprietorship or the sole shareholder in the professional corporation. The legal
representative of a sole proprietor or shareholder shall be (1) the person appointed as such by the sole proprietor or shareholder prior to his death under a legally enforceable power of attorney, or, if none, (2) the executor or
administrator of the sole proprietor’s or shareholder’s estate. 
 If a participating Employer designated through
Subsection 1.02(b) of the Adoption Agreement is not related to the Employer (hereinafter “un-Related Employer”), the term “Employer” includes such unRelated Employer and the provisions of Section 18.05 shall apply. 

(w) “Employment Commencement Date” means the date on which an Employee first performs an Hour of Service. 

(x) “Entry Date” means the date(s) specified by the Employer in Subsection 1.04(e) of the Adoption Agreement as of which an
Eligible Employee who has met the applicable eligibility requirements begins to participate in the Plan. The Employer may specify different Entry Dates for purposes of eligibility to participate in the Plan for purposes of (1) making Deferral
Contributions and (2) receiving allocations of Matching and/or Nonelective Employer Contributions. 
 (y) “ERISA” means
the Employee Retirement Income Security Act of 1974, as from time to time amended. 
 (z) “401(k) Safe Harbor Matching Employer
Contribution” means any Matching Employer Contribution made by the Employer to the Plan in accordance with Subsection 1.11(a)(3) of the Adoption Agreement, the 401(k) Safe Harbor Matching Employer Contributions Addendum to the Adoption
Agreement, and Section 5.08, that is intended to satisfy the requirements of Code Section 401(k)(12)(B). 

  
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 (aa) “401(k) Safe Harbor Nonelective Employer Contribution” means any
Nonelective Employer Contribution made by the Employer to the Plan in accordance with Subsection 1.12(a)(3) of the Adoption Agreement, the 401(k) Safe Harbor Nonelective Employer Contributions Addendum to the Adoption Agreement, and
Section 5.10, that is intended to satisfy the requirements of Code Section 401(k)(12)(C). 
 (bb) “Fund Share”
means the share, unit, or other evidence of ownership in a Permissible Investment. 
 (cc) “Highly Compensated Employee”
means both highly compensated active Employees and highly compensated former Employees. 
 A highly compensated active
Employee includes any Employee who performs service for the Employer during the “determination year” and who (1) at any time during the “determination year” or the “look-back year” was a five percent owner or
(2) received Compensation from the Employer during the “look-back year” in excess of the dollar amount specified in Code Section 414(q)(1)(B)(i) adjusted pursuant to Code Section 415(d) (e.g., $95,000 for “determination
years” beginning in 2005 and “look-back years” beginning in 2004) and, if elected by the Employer in Subsection 1.06(d)(1) of the Adoption Agreement, was a member of the top-paid group for such year. 

For this purpose, the “determination year” shall be the Plan Year. The “look-back year” shall be the
twelve-month period immediately preceding the “determination year”, unless the Employer has elected in Subsection 1.06(c)(1) of the Adoption Agreement to make the “look-back year” the calendar year beginning within the preceding
Plan Year. 
 A highly compensated former Employee includes any Employee who separated from service (or was deemed to have
separated) prior to the “determination year”, performs no service for the Employer during the “determination year”, and was a highly compensated active Employee for either the separation year or any “determination year”
ending on or after the Employee’s 55th birthday, as determined under the rules in effect for determining Highly Compensated Employees for such separation year or “determination year”. 

The determination of who is a Highly Compensated Employee, including the determinations of the number and identity of Employees
in the top-paid group, shall be made in accordance with Code Section 414(q) and the Treasury Regulations issued thereunder. 
 (dd)
“Hour of Service”, with respect to any individual, means: 
 (1) Each hour for which the individual is directly or indirectly
paid, or entitled to payment, for the performance of duties for the Employer or a Related Employer, each such hour to be credited to the individual for the Eligibility Computation Period in which the duties were performed; 

(2) Each hour for which the individual is directly or indirectly paid, or entitled to payment, by the Employer or a Related Employer
(including payments made or due from a trust fund or insurer to which the Employer contributes or pays premiums) on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated)
due to vacation, holiday, illness, incapacity, disability, layoff, jury duty, military duty, or leave of absence, each such hour to be credited to the individual for the Eligibility Computation Period in which such period of time occurs, subject to
the following rules: 
 (A) No more than 501 Hours of Service shall be credited under this paragraph (2) on account of any single
continuous period during which the individual performs no duties, unless the individual performs no duties because of military duty, the individual’s 

  
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employment rights are protected by law, and the individual returns to employment with the Employer or a Related Employer during the period that his employment rights are protected under Federal
law; 
 (B) Hours of Service shall not be credited under this paragraph (2) for a payment which solely reimburses the individual for
medically-related expenses, or which is made or due under a plan maintained solely for the purpose of complying with applicable worker’s compensation, unemployment compensation or disability insurance laws; and 

(C) If the period during which the individual performs no duties falls within two or more Eligibility Computation Periods and if the payment
made on account of such period is not calculated on the basis of units of time, the Hours of Service credited with respect to such period shall be allocated between not more than the first two such Eligibility Computation Periods on any reasonable
basis consistently applied with respect to similarly situated individuals; 
 (3) Each hour not counted under paragraph (1) or
(2) for which he would have been scheduled to work for the Employer or a Related Employer during the period that he is absent from work because of military duty, provided the individual’s employment rights are protected under Federal law
and the individual returns to work with the Employer or a Related Employer during the period that his employment rights are protected, each such hour to be credited to the individual for the Eligibility Computation Period for which he would have
been scheduled to work; and 
 (4) Each hour not counted under paragraph (1), (2), or (3) for which back pay, irrespective of
mitigation of damages, has been either awarded or agreed to be paid by the Employer or a Related Employer, shall be credited to the individual for the Eligibility Computation Period to which the award or agreement pertains rather than the
Eligibility Computation Period in which the award, agreement, or payment is made. 
 For purposes of paragraphs (2) and
(4) above, Hours of Service shall be calculated in accordance with the provisions of Section 2530.200b-2(b) and (c) of the Department of Labor regulations, which are incorporated herein by reference. 

The Employer may elect to credit Hours of Service in accordance with one of the other equivalencies set forth in paragraphs
(d), (e), or (f) of Department of Labor Regulation Section 2530.200b-3. If the Employer does not maintain records that accurately reflect the actual Hours of Service to be credited to an Employee, 190 Hours of Service will be credited to
the Employee for each month worked, unless the Employer has elected to credit Hours of Service in accordance with one of the other equivalencies set forth in paragraphs (d), (e), or (f) of Department of Labor Regulation
Section 2530.200b-3, as provided in Subsection 1.04(b)(4) of the Adoption Agreement. 
 (ee) “Inactive Participant”
means any individual who was an Active Participant, but is no longer an Eligible Employee and who has an Account under the Plan. 
 (ff)
“Leased Employee” means any individual who provides services to the Employer or a Related Employer (the “recipient”) but is not otherwise an employee of the recipient if (1) such services are provided pursuant to an
agreement between the recipient and any other person (the “leasing organization”), (2) such individual has performed services for the recipient (or for the recipient and any related persons within the meaning of Code
Section 414(n)(6)) on a substantially full-time basis for at least one year, and (3) such services are performed under primary direction of or control by the recipient. The determination of who is a Leased Employee shall be made in
accordance with any rules and regulations issued by the Secretary of the Treasury or his delegate. 

  
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 (gg) “Limitation Year” means the 12-consecutive-month period designated by the
Employer in Subsection 1.01(f) of the Adoption Agreement. If no other Limitation Year is designated by the Employer, the Limitation Year shall be the calendar year. All qualified plans of the Employer and any Related Employer must use the same
Limitation Year. If the Limitation Year is amended to a different 12-consecutive-month period, the new Limitation Year must begin on a date within the Limitation Year in which the amendment is made. 

(hh) “Matching Employer Contribution” means any contribution made by the Employer to the Plan in accordance with
Section 5.08 or 5.09 on account of an Active Participant’s eligible contributions, as elected by the Employer in Subsection 1.11(c) of the Adoption Agreement. 

(ii) “Nonelective Employer Contribution” means any contribution made by the Employer to the Plan in accordance with
Section 5.10. 
 (jj) “Non-Highly Compensated Employee” means any Employee who is not a Highly Compensated Employee.

 (kk) “Normal Retirement Age” means the normal retirement age specified in Subsection 1.14(a) of the Adoption Agreement.
If the Employer enforces a mandatory retirement age in accordance with Federal law, the Normal Retirement Age is the lesser of that mandatory age or the age specified in Subsection 1.14(a) of the Adoption Agreement. 

(ll) “Participant” means any individual who is either an Active Participant or an Inactive Participant. 

(mm) “Permissible Investment” means each investment specified by the Employer as available for investment of assets of the
Trust and agreed to by the Trustee and the Volume Submitter Sponsor. The Permissible Investments under the Plan shall be listed in the Service Agreement. 

(nn) “Plan” means the plan established by the Employer in the form of the volume submitter plan, as set forth herein as a new
plan or as an amendment to an existing plan, by executing the Adoption Agreement, together with any and all amendments hereto. 
 (oo)
“Plan Year” means the 12-consecutive-month period ending on the date designated in Subsection 1.01(d) of the Adoption Agreement, except that the initial Plan Year of a new Plan may consist of fewer than 12 months, calculated from the
Effective Date listed in Subsection 1.01(g)(1) of the Adoption Agreement through the end of such initial Plan Year, in which event Compensation for such initial Plan Year shall be treated as provided in Subsection 2.01(k). Additionally, in the event
the Plan has a short Plan year, i.e., a Plan Year consisting of fewer than 12 months, otherwise applicable limits and requirements that are applied on a Plan Year basis shall be prorated, but only if and to the extent required by law. 

(pp) “Qualified Matching Employer Contribution” means any contribution made by the 

Employer to the Plan on account of Deferral Contributions or Employee Contributions made by or on behalf of Active Participants in accordance
with Section 5.09, that may be included in determining whether the Plan meets the “ADP” test described in Section 6.03. 

(qq) “Qualified Nonelective Employer Contribution” means any contribution made by the Employer to the Plan on behalf of
Non-Highly Compensated Employees in accordance with Section 5.07, that may be included in determining whether the Plan meets the “ADP” test described in Section 6.03 or the “ACP” test described in Section 6.06.

 (rr) “Reemployment Commencement Date” means the date on which an Employee who terminates employment with the Employer and
all Related Employers first performs an Hour of Service following such termination of employment. 

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

(1) for a Participant who is not a five percent owner, April 1 of the calendar year following the calendar year in which occurs the later
of (i) the Participant’s retirement or (ii) the Participant’s attainment of age 70 1/2; provided, however, that a Participant may elect to have his Required Beginning Date determined without regard to the provisions of clause
(i). 
 (2) for a Participant who is a five percent owner, April 1 of the calendar year following the calendar year in which the
Participant attains age 70 1/2. 
 Once the Required Beginning Date of a five percent owner or a Participant who has elected
to have his Required Beginning Date determined in accordance with the provisions of Section 2.01(tt)(1)(ii) has occurred, such Required Beginning Date shall not be re-determined, even if the Participant ceases to be a five percent owner in a
subsequent year or continues in employment with the Employer or a Related Employer. 
 For purposes of this Subsection
2.01(tt), a Participant is treated as a five percent owner if such Participant is a five percent owner as defined in Code Section 416(i) (determined in accordance with Code Section 416 but without regard to whether the Plan is top-heavy)
at any time during the Plan Year ending with or within the calendar year in which such owner attains age 70 1/2. 
 (uu) “Rollover
Contribution” means any distribution from an eligible retirement plan, as defined in Section 13.04, that an Employee elects to contribute to the Plan in accordance with the provisions of Section 5.06. 

(vv) “Roth 401(k) Contribution” means any Deferral Contribution made to the Plan by the Employer in accordance with the
provisions of Subsection 5.03(b) that is not excludable from gross income and is intended to satisfy the requirements of Code Section 402A. 

(ww) “Self-Employed Individual” means an individual who has Earned Income for the taxable year from the Employer or who would
have had Earned Income but for the fact that the trade or business had no net profits for the taxable year, including, but not limited to, a partner in a partnership, a sole proprietor, a member in a limited liability company or a shareholder in a
subchapter S corporation. 
 (xx) “Service Agreement” means the agreement between the Employer and the Volume Submitter
Sponsor (or an agent or affiliate of the Volume Submitter Sponsor) relating to the provision of investment and other services to the Plan and shall include any addendum to the agreement and any other separate written agreement between the Employer
and the Volume Submitter Sponsor (or an agent or affiliate of the Volume Submitter Sponsor) relating to the provision of services to the Plan. 

(yy) “Severance Date” means the earlier of (i) the date an Employee retires, dies, quits, or is discharged from
employment with the Employer and all Related Employers or (ii) the 12-month anniversary of the date on which the Employee was otherwise first absent from employment; provided, however, that if an individual terminates or is absent from
employment with the Employer and all Related Employers because of military duty, such individual shall not incur a Severance Date if his employment rights are protected under Federal law and he returns to employment with the Employer or a Related
Employer within the period during which he retains such employment rights, but, if he does not return to 

  
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such employment within such period, his Severance Date shall be the earlier of (1) the first anniversary of the date his absence commenced or (2) the last day of the period during which
he retains such employment rights. 
 (zz) “Trust” means the trust created by the Employer in accordance with the provisions
of Section 20.01. 
 (aaa) “Trust Agreement” means the agreement between the Employer and the Trustee, as set forth in
Article 20, under which the assets of the Plan are held, administered, and managed. 
 (bbb) “Trustee” means the trustee
designated in Section 1.03 of the Adoption Agreement, or its successor or permitted assigns. The term Trustee shall include any delegate of the Trustee as may be provided in the Trust Agreement. 

(ccc) “Trust Fund” means the property held in Trust by the Trustee for the benefit of Participants and their Beneficiaries.

 (ddd) “Vesting Service” means an Employee’s service that is taken into account in determining his vested interest in
his Matching Employer and Nonelective Employer Contributions Accounts as may be required under Section 1.16 of the Adoption Agreement. Vesting Service shall be credited in accordance with Article 3. 

(eee) “Volume Submitter Sponsor” means Fidelity Management & Research Company or its successor. 

2.02. Interpretation and Construction of Terms. Where required by the context, the noun, verb, adjective, and adverb forms of each defined term
shall include any of its other forms. Pronouns used in the Plan are in the masculine gender but include the feminine gender unless the context clearly indicates otherwise. Wherever used herein, the singular shall include the plural, and the plural
shall include the singular, unless the context requires otherwise. 
 2.03. Special Effective Dates. Some provisions of the Plan are only
effective beginning as of a specified date or until a specified date. Any such special effective dates are specified within Plan text where applicable and are exceptions to the general Plan Effective Date as defined in Section 2.01(p). 

Article 3. Service. 
 3.01. Crediting of
Eligibility Service. If the Employer has selected an Eligibility Service requirement in Subsection 1.04(b) of the Adoption Agreement for an Eligible Employee to become an Active Participant, Eligibility Service shall be credited to an
Employee as follows: 
 (a) If the Employer has selected the one year or two years of Eligibility Service requirement described in Subsection
1.04(b) of the Adoption Agreement, an Employee shall be credited with a year of Eligibility Service for each Eligibility Computation Period during which the Employee has been credited with the number of Hours of Service specified in that Subsection,
as applicable. 
 (b) If the Employer has selected a days or months of Eligibility Service requirement described in Subsection 1.04(b) of the
Adoption Agreement, an Employee shall be credited with Eligibility Service for the aggregate of the periods beginning with the Employee’s Employment Commencement Date (or Reemployment Commencement Date) and ending on his subsequent Severance
Date; provided, however, that an Employee who has a Reemployment Date within the 12-consecutive-month period following the earlier of the first date of his absence or his Severance Date shall be credited with Eligibility Service for the period
between his Severance Date and his Reemployment Date. A day of Eligibility Service shall be 

  
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credited for each day on which an Employee is credited with Eligibility Service. Months of Eligibility Service shall be measured from the Employee’s Employment Commencement Date or
Reemployment Commencement Date to the corresponding date in the applicable following month. 
 3.02. Re-Crediting of Eligibility Service Following
Termination of Employment. An Employee whose employment with the Employer and all Related Employers terminates and who is subsequently reemployed by the Employer or a Related Employer shall be re-credited upon reemployment with his
Eligibility Service earned prior to his termination of employment. 
 3.03. Crediting of Vesting Service. If the Plan provides for Matching
Employer and/or Nonelective Employer Contributions that are not 100 percent vested when made, Vesting Service shall be credited to an Employee, subject to any exclusions elected by the Employer in Subsection 1.16(b) of the Adoption Agreement, for
the aggregate of the periods beginning with the Employee’s Employment Commencement Date (or Reemployment Commencement Date) and ending on his subsequent Severance Date; provided, however, that an Employee who has a Reemployment Date within the
12-consecutive-month period following the earlier of the first date of his absence or his Severance Date shall be credited with Vesting Service for the period between his Severance Date and his Reemployment Date. Fractional periods of a year shall
be expressed in terms of days. 
 3.04. Application of Vesting Service to a Participant’s Account Following a Break in Vesting Service.
The following rules describe how Vesting Service earned before and after a Break in Vesting Service shall be applied for purposes of determining a Participant’s vested interest in his Matching Employer and Nonelective Employer Contributions
Accounts. 
 (a) If a Participant incurs five-consecutive Breaks in Vesting Service, all years of Vesting Service earned by the Employee
after such Breaks in Service shall be disregarded in determining the Participant’s vested interest in his Matching Employer and Nonelective Employer Contributions Account balances attributable to employment before such Breaks in Vesting
Service. However, Vesting Service earned both before and after such Breaks in Vesting Service shall be included in determining the Participant’s vested interest in his Matching Employer and Nonelective Employer Contributions Account balances
attributable to employment after such Breaks in Vesting Service. 
 (b) If a Participant incurs fewer than five-consecutive Breaks in Vesting
Service, Vesting Service earned both before and after such Breaks in Vesting Service shall be included in determining the Participant’s vested interest in his Matching Employer and Nonelective Employer Contributions Account balances
attributable to employment both before and after such Breaks in Vesting Service. 
 3.05. Service with Predecessor Employer. If the Plan is
the plan of a predecessor employer, an Employee’s Eligibility and Vesting Service shall include years of service with such predecessor employer. In any case in which the Plan is not the plan maintained by a predecessor employer, service for an
employer specified in Section 1.17 of the Adoption Agreement shall be treated as Eligibility and/or Vesting Service as specified in Subsection 1.17(a)(1) and/or Subsection 1.17(a)(2) of the Adoption Agreement. 

3.06. Change in Service Crediting. If an amendment to the Plan or a transfer from employment as an Employee covered under another qualified plan
maintained by the Employer or a Related Employer results in a change in the method of crediting Eligibility and/or Vesting Service with respect to a Participant between the Hours of Service crediting method set forth in Section 2530.200b-2 of
the Department of Labor Regulations and the elapsed-time crediting method set forth in Section 1.410(a)-7 of the Treasury Regulations, each Participant with respect to whom the method of crediting Eligibility and/or Vesting Service is changed
shall have his Eligibility and/or Vesting Service determined using either the Hours of Service method for the entire Eligibility Computation Period and/or Plan Year, for vesting purposes, or the elapsed time method for the entire Eligibility
Computation Period and/or Plan Year, for vesting purposes, whichever provides the greater period of Eligibility Service and/or Vesting Service. 

  
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 Article 4. Participation. 

4.01. Date of Participation. If the Plan is an amendment, as indicated in Subsection 1.01(g)(2)(B) of the Adoption Agreement, all employees who
were active participants in the Plan immediately prior to the Effective Date shall continue as Active Participants on the Effective Date, provided that they are Eligible Employees on the Effective Date. If elected by the Employer in Subsection
1.04(f) of the Adoption Agreement, all Eligible Employees who are in the service of the Employer on the date specified in Subsection 1.04(f) (and, if this is an amendment, as indicated in Subsection 1.01(g)(2)(B) of the Adoption Agreement, were not
active participants in the Plan immediately prior to that date) shall become Active Participants on the date elected by the Employer in Subsection 1.04(f) of the Adoption Agreement. Any other Eligible Employee shall become an Active Participant in
the Plan on the Entry Date coinciding with or immediately following the date on which he first satisfies the eligibility requirements set forth in Subsections 1.04(a) and (b) of the Adoption Agreement. 

Any age and/or Eligibility Service requirement that the Employer elects to apply in determining an Eligible Employee’s eligibility to
make Deferral Contributions shall also apply in determining an Eligible Employee’s eligibility to make Employee Contributions, if Employee Contributions are permitted under the Plan, and to receive Qualified Nonelective Employer Contributions.
An Eligible Employee who has met the eligibility requirements with respect to certain contributions, but who has not met the eligibility requirements with respect to other contributions, shall become an Active Participant in accordance with the
provisions of the preceding paragraph, but only with respect to the contributions for which he has met the eligibility requirements. 

Notwithstanding any other provision of the Plan, if the Employer selects in Subsection 1.01(g)(5) of the Adoption Agreement that the Plan is a
frozen plan, no Employee who was not already an Active Participant on the date the Plan was frozen shall become an Active Participant while the Plan is frozen. If the Employer amends the Plan to remove the freeze, Employees shall again become Active
Participants in accordance with the provisions of the amended Plan. 
 4.02. Transfers Out of Covered Employment. If any Active Participant
ceases to be an Eligible Employee, but continues in the employ of the Employer or a Related Employer, such Employee shall cease to be an Active Participant, but shall continue as an Inactive Participant until his entire Account balance is forfeited
or distributed. An Inactive Participant shall not be entitled to receive an allocation of contributions or forfeitures under the Plan for the period that he is not an Eligible Employee and wages and other payments made to him by the Employer or a
Related Employer for services other than as an Eligible Employee shall not be included in Compensation for purposes of determining the amount and allocation of any contributions to the Account of such Inactive Participant. Such Inactive Participant
shall continue to receive credit for Vesting Service completed during the period that he continues in the employ of the Employer or a Related Employer. 

4.03. Transfers Into Covered Employment. If an Employee who is not an Eligible Employee becomes an Eligible Employee, such Eligible Employee
shall become an Active Participant immediately as of his transfer date if such Eligible Employee has already satisfied the eligibility requirements and would have otherwise previously become an Active Participant in accordance with
Section 4.01. Otherwise, such Eligible Employee shall become an Active Participant in accordance with Section 4.01. 
 Wages and
other payments made to an Employee prior to his becoming an Eligible Employee by the Employer or a Related Employer for services other than as an Eligible Employee shall not be included in Compensation for purposes of determining the amount and
allocation of any contributions to the Account of such Eligible Employee. 
 4.04. Resumption of Participation Following Reemployment. If a
Participant who terminates employment with the Employer and all Related Employers is reemployed as an Eligible Employee, he shall again become an Active Participant on his Reemployment Commencement Date. If a former Employee is reemployed as an
Eligible Employee on or after an Entry Date coinciding with or following the date on which he met the age and service requirements elected by the Employer in Section 1.04 of the Adoption Agreement, he shall become an Active Participant on his
Reemployment Commencement Date. Any other former Employee who is reemployed as an 

  
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Eligible Employee shall become an Active Participant as provided in Section 4.01 or 4.03. Any distribution which a Participant is receiving under the Plan at the time he is reemployed by the
Employer or a Related Employer shall cease, except as otherwise required under Section 12.04. 
 Article 5. Contributions. 

5.01. Contributions Subject to Limitations. All contributions made to the Plan under this Article 5 shall be subject to the limitations contained
in Article 6. 
 5.02. Compensation Taken into Account in Determining Contributions. In determining the amount or allocation of any
contribution that is based on a percentage of Compensation, only Compensation paid to a Participant prior to termination for services rendered to the Employer while employed as an Eligible Employee shall be taken into account. Except as otherwise
specifically provided in this Article 5, for purposes of determining the amount and allocation of contributions under this Article 5, Compensation shall not include any amounts elected by the Employer with respect to such contributions in Subsection
1.05(a) or (b), as applicable, of the Adoption Agreement. 
 If the initial Plan Year of a new plan consists of fewer than 12 months,
calculated from the Effective Date listed in Subsection 1.01(g)(1) of the Adoption Agreement through the end of such initial Plan Year, except as otherwise provided in this paragraph, Compensation for purposes of determining the amount and
allocation of contributions under this Article 5 for such initial Plan Year shall include only Compensation for services during the period beginning on the Effective Date listed in Subsection 1.01(g)(1) of the Adoption Agreement and ending on the
last day of the initial Plan Year. Notwithstanding the foregoing, to the extent selected in Subsection 1.05(b)(1)(A) or (2)(A) of the Adoption Agreement, Compensation for purposes of determining the amount and allocation of Nonelective Employer
Contributions, other than 401(k) Safe Harbor Nonelective Employer Contributions, under this Article 5 for such initial Plan Year shall include Compensation for the full 12-consecutive-month period ending on the last day of the initial Plan Year.

 5.03. Deferral Contributions. If so provided in Subsection 1.07(a) of the Adoption Agreement, each Active Participant may elect to execute
a salary reduction agreement with the Employer to reduce his Compensation by an amount, as specified in Subsection 1.07(a) of the Adoption Agreement, for each payroll period. Except as specifically elected by the Employer within Subsections 1.07(a)
of the Adoption Agreement, with respect to each payroll period, an Active Participant may not elect to make Deferral Contributions in excess of the percentage of Compensation specified by the Employer in Subsection 1.07(a)(1)(A) of the Adoption
Agreement and Subsection 5.03(a) below. Notwithstanding the foregoing, if the Employer has elected 401(k) Safe Harbor Matching Contributions in Option 1.11(a)(3) of the Adoption Agreement, a Participant must be permitted to make Deferral
Contributions under the Plan sufficient to receive the full 401(k) Safe Harbor Matching Employer Contribution provided under Subsection (a)(1) or (2), as applicable of the 401(k) Safe Harbor Matching Employer Contributions Addendum to the Adoption
Agreement. 
 An Active Participant’s salary reduction agreement shall become effective on the first day of the first payroll period
for which the Employer can reasonably process the request, but not earlier than the later of (a) the effective date of the provisions permitting Deferral Contributions or (b) the date the Employer adopts such provisions. The Employer shall
make a Deferral Contribution on behalf of the Participant corresponding to the amount of said reduction. Under no circumstances may a salary reduction agreement be adopted retroactively. 

An Active Participant may elect to change or discontinue the amount by which his Compensation is reduced by notice to the Employer as provided
in Subsection 1.07(a)(1)(C) or (D) of the Adoption Agreement. Notwithstanding the Employer’s election in Subsection 1.07(a)(1)(C) or (D) of the Adoption Agreement, if the Employer has elected 401(k) Safe Harbor Matching Employer
Contributions in Subsection 1.11(a)(3) of the Adoption Agreement or 401(k) Safe Harbor Nonelective Employer Contributions in; Subsection 1.12(a)(3) of the Adoption Agreement, an Active Participant may elect to change or discontinue the amount by
which his Compensation is reduced by notice to the Employer within a reasonable period, as specified by the Employer (but not less than 30 days), of receiving the notice described in Section 6.09. 

  
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 Based upon the Employer’s elections in Subsection 1.07(a) of the Adoption Agreement, the
following special types of Deferral Contributions may be made to the Plan: 
 (a) Catch-Up Contributions. If elected by the Employer
in Subsection 1.07(a)(4) of the Adoption Agreement, an Active Participant who has attained or is expected to attain age 50 before the close of the calendar year shall be eligible to make Catch-Up Contributions to the Plan in excess of an otherwise
applicable Plan limit, but not in excess of (i) the dollar limit in effect under Code Section 414(v)(2)(B)(i) for the calendar year or (ii) when added to the other Deferral Contributions made by the Participant for the calendar year,
the deferral limit described in Subsection 1.07(a)(1)(A) of the Adoption Agreement, provided such deferral limit is not less than 75 percent. Except as otherwise elected by the Employer in the Adoption Agreement, if the Employer elects to provide
for Catch-Up Contributions pursuant to Subsection 1.07(a)(4) of the Adoption Agreement, such deferral limit shall be 75 percent of Compensation. An otherwise applicable Plan limit is a limit that applies to Deferral Contributions without regard to
Catch-Up Contributions, including, but not limited to, (1) the dollar limitation on Deferral Contributions under Code Section 402(g), described in Section 6.02, (2) the limitations on annual additions in effect under Code
Section 415, described in Section 6.12, and (3) the limitation on Deferral Contributions for Highly Compensated Employees under Code Section 401(k)(3), described in Section 6.03. 

In the event that the deferral limit described in Subsection 1.07(a)(1)(A) of the Adoption Agreement or the administrative
limit described in Section 6.05, as applicable, is changed during the Plan Year, for purposes of determining Catch-Up Contributions for the Plan Year, such limit shall be determined using the time-weighted average method described in
Section 1.414(v)-1(b)(2)(i)(B)(1) of the Treasury Regulations, applying the alternative definition of compensation permitted under Section 1.414(v)-1(b)(2)(i)(B)(2) of the Treasury Regulations. 

(b) Roth 401(k) Contributions. Notwithstanding any other provision of the Plan to the contrary, if the Employer elects in Subsection
1.07(a)(5) of the Adoption Agreement to permit Roth 401(k) Contributions, then a Participant may irrevocably designate all or a portion of his Deferral Contributions made pursuant to Subsection 1.07(a) of the Adoption Agreement as Roth 401(k)
Contributions that are includible in the Participant’s gross income at the time deferred, pursuant to Code Section 402A and any applicable guidance or regulations issued thereunder. A Participant may change his designation prospectively
with respect to future Deferral Contributions as of the date or dates elected by the Employer in Subsection 1.07(a)(1)(C) of the Adoption Agreement. The Administrator will maintain all such contributions made pursuant to Code Section 402A
separately and make distributions in accordance with the Plan unless required to do otherwise by Code Section 402A and any applicable guidance or regulations issued thereunder. 

(c) Automatic Enrollment Contributions. If the Employer elected Option 1.07(a)(6) of the Adoption Agreement, for each Active Participant
to whom the Employer has elected to apply the automatic enrollment contribution provisions, such Active Participant’s Compensation shall be reduced by the percentage specified by the Employer in Option 1.07(a)(6) of the Adoption Agreement.
These amounts shall be contributed to the Plan on behalf of such Active Participant as Deferral Contributions. 
 An Active
Participant’s Compensation shall continue to be reduced and Deferral Contributions made to the Plan on his behalf until the Active Participant elects to change or discontinue the percentage by which his Compensation is reduced by notice to the
Employer as provided in Subsection 1.07(a)(1)(C) or (D) of the Adoption Agreement. An Eligible Employee may affirmatively elect not to have his Compensation reduced in accordance with this Subsection 5.03(c) by notice to the Employer within a
reasonable period ending no later than the date Compensation subject to reduction hereunder becomes available to the Active Participant. 

If the Employer elected Option 1.07(b) of the Adoption Agreement, the deferral election of an Active Participant on whose
behalf Deferral Contributions are being made pursuant to the automatic enrollment provisions described above shall be increased annually by the percentage of Compensation 

  
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specified in Subsection 1.07(b)(1) of the Adoption Agreement, unless and until the percentage of Compensation being contributed on behalf of the Active Participant reaches the limit specified in
Subsection 1.07(b)(2) of the Adoption Agreement or, if none, in Subsection 1.07(a)(1) of the Adoption Agreement. An Active Participant may affirmatively elect not to have his deferral election increased in accordance with the provisions of this
paragraph by notice to the Employer within a reasonable period ending no later than the date Compensation subject to the increase becomes available to the Active Participant. 

Notwithstanding any other provision of this Section or of any Participant’s salary reduction agreement, in no event shall a Participant
be permitted to make Deferral Contributions in excess of his “effectively available Compensation.” A Participant’s “effectively available Compensation” is his Compensation remaining after all applicable amounts have been
withheld (e.g., tax-withholding and withholding of contributions to a cafeteria plan). 
 5.04. Employee Contributions. If so provided by the
Employer in Subsection 1.08(a) of the Adoption Agreement, each Active Participant may elect to make non-deductible Employee Contributions to the Plan in accordance with the rules and procedures established by the Employer and subject to the limits
provided in Subsection 1.08(a) of the Adoption Agreement. An Active Participant may not elect to make non-deductible Employee Contributions in excess of the percentage of Compensation specified by the Employer in Subsection 1.08(a)(1) of the
Adoption Agreement.  
 5.05. No Deductible Employee Contributions. No deductible Employee Contributions may be made to the Plan.
Deductible Employee Contributions made prior to January 1, 1987 shall be maintained in a separate Account. No part of the deductible Employee Contributions Account shall be used to purchase life insurance. 

5.06. Rollover Contributions. If so provided by the Employer in Subsection 1.09(a) of the Adoption Agreement, an Eligible Employee who is or was
entitled to receive an eligible rollover distribution, as defined in Code Section 402(c)(4) and Treasury Regulations issued thereunder, including an eligible rollover distribution received by the Eligible Employee as a surviving spouse or as a
spouse or former spouse who is an alternate payee under a qualified domestic relations order, from an eligible retirement plan, as defined in Section 13.04, may elect to contribute all or any portion of such distribution to the Trust directly
from such eligible retirement plan (a “direct rollover”) or within 60 days of receipt of such distribution to the Eligible Employee. Rollover Contributions shall only be made in the form of cash, allowable Fund Shares, or promissory notes
evidencing a plan loan to the Eligible Employee; provided, however, that Rollover Contributions shall only be permitted in the form of promissory notes if the Plan otherwise provides for loans. 

Notwithstanding the foregoing, the Plan shall not accept the following as Rollover Contributions: 

(a) any rollover of after-tax employee contributions that is not made by a direct rollover; 

(b) if elected by the Employer in Subsection 1.09(a)(1) of the Adoption Agreement, a direct rollover of after-tax employee contributions from a
qualified plan described in Code Section 401(a) or 403(a); 
 (c) any rollover of after-tax employee contributions from an annuity
contract described in Code Section 403(b) or from an individual retirement account or annuity described in Code Section 408(a) or (b); 

(d) any rollover of nondeductible individual retirement account or annuity contributions; 

(e) any rollover of after-tax employee contributions from an eligible deferred compensation plan described in Code Section 457(b) that is
maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state; 

(f) if elected by the Employer in Subsection 1.09(a)(2) of the Adoption Agreement, any rollover of “designated Roth contributions”,
as defined in Subsection 6.01(e); 

  
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 (g) any rollover of the non-taxable portion of an Eligible Employee’s “designated Roth
contributions”, as defined in Subsection 6.01(e), that is not made by a direct rollover; or 
 (h) any rollover of “designated Roth
contributions”, as defined in Subsection 6.01(e), from a Roth IRA described in Code Section 408A. 
 To the extent the Plan
accepts Rollover Contributions of after-tax employee contributions, the Plan will separately account for such contributions, including separate accounting for the portion of the Rollover Contribution that is includible in gross income and the
portion that is not includible in gross income. 
 Any rollover of “designated Roth contributions”, as defined in Subsection
6.01(e), shall be subject to the requirements of Code Section 402(c). To the extent the Plan accepts Rollover Contributions of “designated Roth contributions”, the Plan will separately account for such contributions in accordance with
the provisions of Section 7.01, including separate accounting for the portion of the Rollover Contribution that is includible in gross income and the portion that is not includible in gross income, if applicable. If the Plan accepts a direct
rollover of “designated Roth contributions”, the Trustee and the Plan Administrator shall be entitled to rely on a statement from the distributing plan’s administrator identifying (i) the Eligible Employee’s basis in the
rolled over amounts and (ii) the date on which the Eligible Employee’s 5-taxable-year period of participation (as required under Code Section 402A(d)(2) for a qualified distribution of “designated Roth contributions”)
started under the distributing plan. If the 5-taxable-year period of participation under the distributing plan would end sooner than the Eligible Employee’s 5-taxable-year period of participation under the Plan, the 5-taxable-year period of
participation applicable under the distributing plan shall continue to apply with respect to the Rollover Contribution. 
 An Eligible
Employee who has not yet become an Active Participant in the Plan in accordance with the provisions of Article 3 may make a Rollover Contribution to the Plan. Such Eligible Employee shall be treated as a Participant under the Plan for all purposes
of the Plan, except eligibility to have Deferral Contributions made on his behalf and to receive an allocation of Matching Employer or Nonelective Employer Contributions. 

The Administrator shall develop such procedures and require such information from Eligible Employees as it deems necessary to ensure that
amounts contributed under this Section 5.06 meet the requirements for tax-deferred rollovers established by this Section 5.06 and by Code Section 402(c). No Rollover Contributions may be made to the Plan until approved by the
Administrator. 
 If a Rollover Contribution made under this Section 5.06 is later determined by the Administrator not to have met the
requirements of this Section 5.06 or of the Code or Treasury regulations, the Trustee shall, within a reasonable time after such determination is made, and on instructions from the Administrator, distribute to the Employee the amounts then held
in the Trust attributable to such Rollover Contribution. 
 A Participant’s Rollover Contributions Account shall be subject to the
terms of the Plan, including Article 14, except as otherwise provided in this Section 5.06. 
 5.07. Qualified Nonelective Employer
Contributions. The Employer may, in its discretion, make a Qualified Nonelective Employer Contribution for the Plan Year in any amount necessary to satisfy or help to satisfy the “ADP” test, described in Section 6.03, and/or
the “ACP” test, described in Section 6.06. Unless the Employer elects the allocation provisions in Subsection 1.10(a)(1) of the Adoption Agreement, any Qualified Nonelective Employer Contribution shall be allocated among the Accounts
of Non-Highly Compensated Employees who were Active Participants at any time during the Plan Year in the ratio that each eligible Active Participant’s “testing compensation”, as defined in Subsection 6.01(r), for the Plan Year bears
to the total “testing compensation” paid to all eligible Active Participants for the Plan Year. If the Employer elects the allocation provisions in Subsection 1.10(a)(1) of the Adoption Agreement, any Qualified Nonelective Employer
Contribution shall be allocated among the Accounts of only those Non-Highly Compensated Employees who are designated by the Employer and who were Active Participants at any time during the Plan Year and shall be allocated to each such Non-Highly
Compensated Employee in the amount determined by the Employer; provided, however, that the amount of any Qualified Nonelective Contribution included in a Non-Highly Compensated Employee’s “contribution percentage

  
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amounts”, as defined in Subsection 6.01(c), shall not exceed 5% of such Non-Highly Compensated Employee’s “testing compensation”, as defined in Subsection 6.01(r), and the
amount of any Qualified Nonelective Contribution included as “ in a Non-Highly Compensated Employee’s “includable contributions”, as defined in Subsection 6.01(n), shall not exceed 5% of such Non-Highly Compensated
Employee’s “testing compensation”, as defined in Subsection 6.01(r). 
 Participants shall not be required to satisfy any
Hours of Service or employment requirement for the Plan Year in order to receive an allocation of Qualified Nonelective Employer Contributions. 

Qualified Nonelective Employer Contributions shall be distributable only in accordance with the distribution provisions that are applicable to
Deferral Contributions; provided, however, that a Participant shall not be permitted to take a hardship withdrawal of amounts credited to his Qualified Nonelective Employer Contributions Account after the later of December 31, 1988 or the last
day of the Plan Year ending before July 1, 1989. 
 5.08. Matching Employer Contributions. If so provided by the Employer in
Section 1.11 of the Adoption Agreement, the Employer shall make a Matching Employer Contribution on behalf of each of its “eligible” Participants. For purposes of this Section 5.08, an “eligible” Participant means any
Participant who was an Active Participant during the Contribution Period, who meets the requirements in Subsection 1.11(e) of the Adoption Agreement or Section 1.13 of the Adoption Agreement, as applicable, and who had eligible contributions,
as elected by the Employer in Subsection 1.11(c) of the Adoption Agreement, made on his behalf during the Contribution Period. The amount of the Matching Employer Contribution shall be determined in accordance with Subsection 1.11(a) and/or
(b) of the Adoption Agreement and/or the 401(k) Safe Harbor Matching Employer Contributions Addendum to the Adoption Agreement, as applicable. 

Notwithstanding the foregoing, unless otherwise elected in Subsection 1.11(c)(1)(A) of the Adoption Agreement, the Employer shall
not make Matching Employer Contributions, other than 401(k) Safe Harbor Matching Employer Contributions, with respect to an “eligible” Participant’s Catch-Up Contributions. If, due to application of a Plan limit,
Matching Employer Contributions other than 401(k) Safe Harbor Matching Employer Contributions are attributable to Catch-Up Contributions, such Matching Employer Contributions, plus any income and minus any loss allocable thereto, shall be forfeited
and applied as provided in Section 11.09. 
 5.09. Qualified Matching Employer Contributions. If so provided by the Employer in
Subsection 1.11(f) of the Adoption Agreement, prior to making its Matching Employer Contribution (other than any 401(k) Safe Harbor Matching Employer Contribution) to the Plan, the Employer may designate all or a portion of such Matching Employer
Contribution as a Qualified Matching Employer Contribution. The Employer shall notify the Trustee of such designation at the time it makes its Matching Employer Contribution. Qualified Matching Employer Contributions shall be distributable only in
accordance with the distribution provisions that are applicable to Deferral Contributions; provided, however, that a Participant shall not be permitted to take a hardship withdrawal of amounts credited to his Qualified Matching Employer
Contributions Account after the later of December 31, 1988 or the last day of the Plan Year ending before July 1, 1989. 
 If the
amount of an Employer’s Qualified Matching Employer Contribution is determined based on a Participant’s Compensation, and the Qualified Matching Employer Contribution is necessary to satisfy the “ADP” test described in
Section 6.03, the compensation used in determining the amount of the Qualified Matching Employer Contribution shall be “testing compensation”, as defined in Subsection 6.01(r). If the Qualified Matching Employer Contribution is not
necessary to satisfy the “ADP” test described in Section 6.03, the compensation used to determine the amount of the Qualified Matching Employer Contribution shall be Compensation as defined in Subsection 2.01(k), modified as provided
in Section 5.02. 
 5.10. Nonelective Employer Contributions. If so provided by the Employer in Section 1.12 of the Adoption
Agreement, the Employer shall make Nonelective Employer Contributions to the Trust in accordance with Subsection 1.12(a) and/or (b) of the Adoption Agreement to be allocated among “eligible” Participants. For purposes of this
Section 5.10, an “eligible” Participant means any Participant who was an Active Participant during the period for which the contribution is made and who meets the requirements in Subsection 1.12(d) of the Adoption

  
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Agreement or Section 1.13 of the Adoption Agreement, as applicable. Nonelective Employer Contributions shall be allocated as follows: 

(a) If the Employer has elected a fixed contribution formula, Nonelective Employer Contributions shall be allocated among “eligible”
Participants in the manner specified in Section 1.12 of the Adoption Agreement or the 401(k) Safe Harbor Nonelective Employer Contributions Addendum to the Adoption Agreement, as applicable. 

(b) If the Employer has elected a discretionary contribution amount, Nonelective Employer Contributions shall be allocated among
“eligible” Participants, as determined in accordance with Section 1.12 and Section 1.13 of the Adoption Agreement, as follows: 

(1) If the non-integrated formula is elected in Subsection 1.12(b)(1) of the Adoption Agreement, Nonelective Employer Contributions shall be
allocated to “eligible” Participants in the ratio that each “eligible” Participant’s Compensation bears to the total Compensation paid to all “eligible” Participants for the Contribution Period. 

(2) If the integrated formula is elected in Subsection 1.12(b)(2) of the Adoption Agreement, Nonelective Employer Contributions shall be
allocated in the following steps: 
 (A) First, to each “eligible” Participant in the same ratio that the sum of the
“eligible” Participant’s Compensation and “excess Compensation” for the Plan Year bears to the sum of the Compensation and “excess Compensation” of all “eligible” Participants for the Plan Year. This
allocation as a percentage of the sum of each “eligible” Participant’s Compensation and “excess Compensation” shall not exceed the “permitted disparity limit”, as defined in Section 1.12 of the Adoption
Agreement. 
 Notwithstanding the foregoing, if in any Plan Year an “eligible” Participant has reached the
“cumulative permitted disparity limit”, such “eligible” Participant shall receive an allocation under this Subsection 5.10(b)(2)(A) based on two times his Compensation for the Plan Year, rather than the sum of his Compensation
and “excess Compensation” for the Plan Year. If an “eligible” Participant did not benefit under a qualified defined benefit plan or target benefit plan for any Plan Year beginning on or after January 1, 1994, the
“eligible” Participant shall have no “cumulative disparity limit”. 
 (B) Second, if any Nonelective Employer
Contributions remain after the allocation in Subsection 5.10(b)(2)(A), the remaining Nonelective Employer Contributions shall be allocated to each “eligible” Participant in the same ratio that the “eligible” Participant’s
Compensation for the Plan Year bears to the total Compensation of all “eligible” Participants for the Plan Year. 

Notwithstanding the provisions of Subsections 5.10(b)(2)(A) and (B) above, if in any Plan Year an “eligible”
Participant benefits under another qualified plan or simplified employee pension, as defined in Code Section 408(k), that provides for or imputes permitted disparity, the Nonelective Employer Contributions for the Plan Year allocated to such
“eligible” Participant shall be in the ratio that his Compensation for the Plan Year bears to the total Compensation paid to all “eligible” Participants. 

For purposes of this Subsection 5.10(b)(2), the following definitions shall apply: 

(C) “Cumulative permitted disparity limit” means 35 multiplied by the sum of an “eligible” Participant’s
annual permitted disparity fractions, as defined in Sections 1.401(l)-5(b)(3) through (b)(7) of the Treasury Regulations, attributable to the 

  
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“eligible” Participant’s total years of service under the Plan and any other qualified plan or simplified employee pension, as defined in Code Section 408(k), maintained by
the Employer or a Related Employer. For each Plan Year commencing prior to January 1, 1989, the annual permitted disparity fraction shall be deemed to be one, unless the Participant never accrued a benefit under any qualified plan or simplified
employee pension maintained by the Employer or a Related Employer during any such Plan Year. In determining the annual permitted disparity fraction for any Plan Year, the Employer may elect to assume that the full disparity limit has been used for
such Plan Year. 
 (D) “Excess Compensation” means Compensation in excess of the “integration level” specified by
the Employer in Subsection 1.12(b)(2) of the Adoption Agreement. 
 5.11. Vested Interest in Contributions. A Participant’s vested
interest in the following sub-accounts shall be 100 percent: 
  

	 	(a)	his Deferral Contributions Account; 

  

	 	(b)	his Qualified Nonelective Employer Contributions Account; 

  

	 	(c)	his Qualified Matching Employer Contributions Account; 

  

	 	(d)	his 401(k) Safe Harbor Nonelective Employer Contributions Account; 

  

	 	(e)	his 401(k) Safe Harbor Matching Employer Contributions Account; 

  

	 	(f)	his Rollover Contributions Account; 

  

	 	(g)	his Employee Contributions Account; and 

  

	 	(h)	his deductible Employee Contributions Account. 

 Except as otherwise specifically provided in
the Vesting Schedule Addendum to the Adoption Agreement or as may be required under Section 15.05, a Participant’s vested interest in his Nonelective Employer Contributions Account attributable to Nonelective Employer Contributions other
than those described in Subsection 5.11(d) above, shall be determined in accordance with the vesting schedule elected by the Employer in Subsection 1.16(c)(1) of the Adoption Agreement. Except as otherwise specifically provided in the Vesting
Schedule Addendum to the Adoption Agreement, a Participant’s vested interest in his Matching Employer Contributions Account attributable to Matching Employer Contributions other than those described in Subsection 5.11(e) above, shall be
determined in accordance with the vesting schedule elected by the Employer in Subsection 1.16(c)(2) of the Adoption Agreement. 
 5.12. Time for
Making Contributions. The Employer shall pay its contribution for each Plan Year not later than the time prescribed by law for filing the Employer’s Federal income tax return for the fiscal (or taxable) year with or within which such
Plan Year ends (including extensions thereof). 
 If the Employer has elected the payroll period as the Contribution Period in Subsection
1.11(d) of the Adoption Agreement, the Employer shall remit any 401(k) Safe Harbor Matching Employer Contributions made during a Plan Year quarter to the Trustee no later than the last day of the immediately following Plan Year quarter. 

The Employer should remit Employee Contributions and Deferral Contributions to the Trustee as of the earliest date on which such contributions
can reasonably be segregated from the Employer’s general assets, but not later than the 15th business day of the calendar month following the month in which such amount otherwise would 

  
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have been paid to the Participant, or within such other time frame as may be determined by applicable regulation or legislation. 

The Trustee shall have no authority to inquire into the correctness of the amounts contributed and remitted to the Trustee, to determine
whether any contribution is payable under this Article 5, or to enforce, by suit or otherwise, the Employer’s obligation, if any, to make a contribution to the Trustee. The Trustee is a directed trustee pursuant to ERISA Section 403(a)(1)
for all purposes, and, specifically, has no responsibility or authority to collect Plan contributions or loan repayments or to pursue any claim the Plan might have with respect to loan repayments or Plan contributions. 

5.13. Return of Employer Contributions. The Trustee shall, upon request by the Employer, return to the Employer the amount (if any) determined
under Section 20.23. Such amount shall be reduced by amounts attributable thereto which have been credited to the Accounts of Participants who have since received distributions from the Trust, except to the extent such amounts continue to be
credited to such Participants’ Accounts at the time the amount is returned to the Employer. Such amount shall also be reduced by the losses of the Trust attributable thereto, if and to the extent such losses exceed the gains and income
attributable thereto, but shall not be increased by the gains and income of the Trust attributable thereto, if and to the extent such gains and income exceed the losses attributable thereto. To the extent such gains exceed losses, the gains shall be
forfeited and applied as provided in Section 11.09. In no event shall the return of a contribution hereunder cause the balance of the individual Account of any Participant to be reduced to less than the balance which would have been credited to
the Account had the mistaken amount not been contributed. 
 5.14. Frozen Plan. If the Employer has selected in Subsection 1.01(g)(5) of the
Adoption Agreement that the Plan is a frozen plan, then during the period that the Plan is a frozen Plan and notwithstanding any other provision of the Plan to the contrary, no further contributions may be made to the Plan in accordance with this
Article 5. If the Employer amends the Plan to remove the freeze, contributions shall resume in accordance with the provisions of the amended Plan. 

Article 6. Limitations on Contributions. 
 6.01.
Special Definitions. For purposes of this Article, the following definitions shall apply: 
 (a) “Annual
additions” mean the sum of the following amounts allocated to an Active Participant for a Limitation Year: 
 (1) all employer
contributions allocated to an Active Participant’s account under qualified defined contribution plans maintained by the “415 employer”, including amounts applied to reduce employer contributions as provided under Section 11.09,
but excluding amounts treated as Catch-Up Contributions; 
 (2) all employee contributions allocated to an Active Participant’s account
under a qualified defined contribution plan or a qualified defined benefit plan maintained by the “415 employer” if separate accounts are maintained with respect to such Active Participant under the defined benefit plan; 

(3) all forfeitures allocated to an Active Participant’s account under a qualified defined contribution plan maintained by the “415
employer”; 
 (4) all amounts allocated to an “individual medical benefit account” which is part of a pension or annuity plan
maintained by the “415 employer”; 
 (5) all amounts derived from contributions paid or accrued after December 31, 1985, in
taxable years ending after such date, which are attributable to post-retirement medical benefits 

  
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allocated to the separate account of a key employee, as defined in Code Section 419A(d)(3), under a “welfare benefit fund” maintained by the “415 employer”; and 

(6) all allocations to an Active Participant under a “simplified employee pension”. 

(b) “Contribution percentage” means the ratio (expressed as a percentage) of (1) the “contribution percentage
amounts” allocated to an “eligible participant’s” Accounts for the Plan Year to (2) the “eligible participant’s” “testing compensation” for the Plan Year. 

(c) “Contribution percentage amounts” mean those amounts included in applying the “ACP” test. 

(1) “Contribution percentage amounts” include the following: 

(A) any Employee Contributions made by an “eligible participant” to the Plan; 

(B) any Matching Employer Contributions on eligible contributions as elected by the Employer in Subsection 1.11(c) of the Adoption Agreement,
made for the Plan Year, but excluding (A) Qualified Matching Employer Contributions that are taken into account in satisfying the “ADP” test described in Section 6.03 and (B) Matching Employer Contributions that are
forfeited either to correct “excess aggregate contributions” or because the contributions to which they relate are “excess deferrals”, “excess contributions”, “excess aggregate contributions”, or Catch-Up
Contributions (in the event the Plan does not provide for Matching Employer Contributions with respect to Catch-Up Contributions); 
 (C) if
elected, Qualified Nonelective Employer Contributions, excluding Qualified Nonelective Employer Contributions that are taken into account in satisfying the “ADP” test described in Section 6.03; 

(D) if elected, 401(k) Safe Harbor Nonelective Employer Contributions, to the extent such contributions are not required to satisfy the safe
harbor contribution requirements under Section 1.401(k)-3(b) of the Treasury Regulations, excluding 401(k) Safe Harbor Nonelective Employer Contributions that are taken into account in satisfying the “ADP” test described in
Section 6.03; and 
 (E) if elected, Deferral Contributions, provided that the “ADP” test described in Section 6.03 is
satisfied both including Deferral Contributions included as “contribution percentage amounts” and excluding such Deferral Contributions. 

(2) Notwithstanding the foregoing, for any Plan Year in which the “ADP” test described in Section 6.03 is deemed satisfied
pursuant to Section 6.09 with respect to some or all Deferral Contributions, “contribution percentage amounts” shall not include the following: 

(A) any Deferral Contributions with respect to which the “ADP” test is deemed satisfied; and 

(B) if elected, the following Matching Employer Contributions: 

(i) if the requirements described in Section 6.10 for deemed satisfaction of the “ACP” test with respect to some or all
Matching Employer Contributions are met, those Matching Employer Contributions with respect to which the “ACP” test is deemed satisfied; or 

  
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 (ii) if the “ADP” test is deemed satisfied using 401(k) Safe Harbor Matching Employer
Contributions, but the requirements described in Section 6.10 for deemed satisfaction of the “ACP” test with respect to Matching Employer Contributions are not met, any Matching Employer Contributions made on behalf of an
“eligible participant” for the Plan Year that do not exceed four percent of the “eligible participant’s” Compensation for the Plan Year. 

(3) Notwithstanding any other provisions of this Subsection, if an Employer elects to change from the current year testing method described in
Subsection 1.06(a)(1) of the Adoption Agreement to the prior year testing method described in Subsection 1.06(a)(2) of the Adoption Agreement, the following shall not be considered “contribution percentage amounts” for purposes of
determining the “contribution percentages” of Non-Highly Compensated Employees for the prior year immediately preceding the Plan Year in which the change is effective: 

(A) Qualified Matching Employer Contributions that were taken into account in satisfying the “ADP” test described in
Section 6.03 for such prior year; 
 (B) Qualified Nonelective Employer Contributions that were taken into account in satisfying the
“ADP” test described in Section 6.03 or the “ACP” test described in Section 6.06 for such prior year; 
 (C)
401(k) Safe Harbor Nonelective Employer Contributions that were taken into account in satisfying the “ADP” test described in Section 6.03 or the “ACP” test described in Section 6.06 for such prior year or that were
required to satisfy the safe harbor contribution requirements under Section 1.401(k)-3(b) of the Treasury Regulations for such prior year; and 

(D) all Deferral Contributions. 

To be included in determining an “eligible participant’s” “contribution percentage” for a Plan Year,
Employee Contributions must be made to the Plan before the end of such Plan Year and other “contribution percentage amounts” must be allocated to the “eligible participant’s” Account as of a date within such Plan Year and
made before the last day of the 12-month period immediately following the Plan Year to which the “contribution percentage amounts” relate. If an Employer has elected the prior year testing method described in Subsection 1.06(a)(2) of the
Adoption Agreement, “contribution percentage amounts” that are taken into account for purposes of determining the “contribution percentages” of Non-Highly Compensated Employees for the prior year relate to such prior year.
Therefore, such “contribution percentage amounts” must be made before the last day of the Plan Year being tested. 
 (d)
“Deferral ratio” means the ratio (expressed as a percentage) of (1) the amount of “includable contributions” made on behalf of an Active Participant for the Plan Year to (2) the Active Participant’s
“testing compensation” for such Plan Year. An Active Participant who does not receive “includable contributions” for a Plan Year shall have a “deferral ratio” of zero. 

(e) “Designated Roth contributions” mean any Roth 401(k) Contributions made to the Plan and any “elective deferrals”
made to another plan that would be excludable from a Participant’s income, but for the Participant’s election to designate such contributions as Roth contributions and include them in income. 

(f) “Determination year” means (1) for purposes of determining income or loss with respect to “excess
deferrals”, the calendar year in which the “excess deferrals” were made and (2) for purposes of determining income or loss with respect to “excess contributions”, and “excess aggregate contributions”, the Plan
Year in which such “excess contributions” or “excess aggregate contributions” were made. 

  
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 (g) “Elective deferrals” mean all employer contributions, other than Deferral
Contributions, made on behalf of a Participant pursuant to an election to defer under any qualified cash or deferred arrangement as described in Code Section 401(k), any simplified employee pension cash or deferred arrangement as described in
Code Section 402(h)(1)(B), any eligible deferred compensation plan under Code Section 457, any plan as described under Code Section 501(c)(18), and any employer contributions made on behalf of a Participant pursuant to a salary
reduction agreement for the purchase of an annuity contract under Code Section 403(b). “Elective deferrals” include “designated Roth contributions” made to another plan. “Elective deferrals” do not include any
deferrals properly distributed as excess “annual additions” or any deferrals treated as catch-up contributions in accordance with the provisions of Code Section 414(v). 

(h) “Eligible participant” means any Active Participant who is eligible to make Employee Contributions, or Deferral
Contributions (if the Employer takes such contributions into account in calculating “contribution percentages”), or to receive a Matching Employer Contribution. Notwithstanding the foregoing, the term “eligible participant” shall
not include any Active Participant who is included in a unit of Employees covered by an agreement which the Secretary of Labor finds to be a collective bargaining agreement between employee representatives and one or more employers. 

(i) “Excess aggregate contributions” with respect to any Plan Year mean the excess of 

(1) The aggregate “contribution percentage amounts” actually taken into account in computing the average “contribution
percentages” of “eligible participants” who are Highly Compensated Employees for such Plan Year, over 
 (2) The maximum
amount of “contribution percentage amounts” permitted to be made on behalf of Highly Compensated Employees under Section 6.06 (determined by reducing “contribution percentage amounts” made for the Plan Year on behalf of
“eligible participants” who are Highly Compensated Employees in order of their “contribution percentages” beginning with the highest of such “contribution percentages”). 

“Excess aggregate contributions” shall be determined after first determining “excess deferrals” and then
determining “excess contributions”. 
 (j) “Excess contributions” with respect to any Plan Year mean the excess of

 (1) The aggregate amount of “includable contributions” actually taken into account in computing the average “deferral
percentage” of Active Participants who are Highly Compensated Employees for such Plan Year, over 
 (2) The maximum amount of
“includable contributions” permitted to be made on behalf of Highly Compensated Employees under Section 6.03 (determined by reducing “includable contributions” made for the Plan Year on behalf of Active Participants who are
Highly Compensated Employees in order of their “deferral ratios”, beginning with the highest of such “deferral ratios”). 

(k) “Excess deferrals” mean those Deferral Contributions and/or “elective deferrals” that are includable in a
Participant’s gross income under Code Section 402(g) to the extent such Participant’s Deferral Contributions and/or “elective deferrals” for a calendar year exceed the dollar limitation under such Code Section for such
calendar year. 
 (l) “Excess 415 amount” means the excess of an Active Participant’s “annual additions” for
the Limitation Year over the “maximum permissible amount”. 
 (m) “415 employer” means the Employer and any other
employers which constitute a controlled group of corporations (as defined in Code Section 414(b) as modified by Code Section 415(h)) or which 

  
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constitute trades or businesses (whether or not incorporated) which are under common control (as defined in Code Section 414(c) as modified by Code Section 415(h)) or which constitute
an affiliated service group (as defined in Code Section 414(m)) and any other entity required to be aggregated with the Employer pursuant to regulations issued under Code Section 414(o). 

(n) “Includable contributions” mean those amounts included in applying the “ADP” test. 

(1) “Includable contributions” include the following: 

(A) any Deferral Contributions made on behalf of an Active Participant, including “excess deferrals” of Highly Compensated Employees
and “designated Roth contributions”, except as specifically provided in Subsection 6.01(n)(2); 
 (B) if elected, Qualified
Nonelective Employer Contributions, excluding Qualified Nonelective Employer Contributions that are taken into account in satisfying the “ACP” test described in Section 6.06; and 

(C) if elected, Qualified Matching Employer Contributions on Deferral Contributions or Employee Contributions made for the Plan Year;
provided, however, that the maximum amount of Qualified Matching Employer Contributions included in “includable contributions” with respect to an Active Participant shall not exceed the greater of 5% of the Active Participant’s
“testing compensation” or 100% of his Deferral Contributions for the Plan Year. 
 (2) “Includable contributions” shall
not include the following: 
 (A) Catch-Up Contributions, except to the extent that a Participant’s Deferral Contributions are
classified as Catch-Up Contributions as provided in Section 6.04 solely because of a failure of the “ADP” test described in Section 6.03; 

(B) “excess deferrals” of Non-Highly Compensated Employees that arise solely from Deferral Contributions made under the Plan or
plans maintained by the Employer or a Related Employer; 
 (C) Deferral Contributions that are taken into account in satisfying the
“ACP” test described in Section 6.06; 
 (D) additional elective contributions made pursuant to Code Section 414(u) that
are treated as Deferral Contributions; 
 (E) for any Plan Year in which the “ADP” test described in Section 6.03 is deemed
satisfied pursuant to Section 6.09 with respect to some or all Deferral Contributions, the following: 
 (i) any Deferral Contributions
with respect to which the “ADP” test is deemed satisfied; and 
 (ii) Qualified Matching Employer Contributions, except to the
extent that the “ADP” test described in Section 6.03 must be satisfied with respect to some Deferral Contributions and such Qualified Matching Employer Contributions are used in applying the “ADP” test. 

  
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 (3) Notwithstanding any other provision of this Subsection, if an Employer elects to change from
the current year testing method described in Subsection 1.06(a)(1) of the Adoption Agreement to the prior year testing method described in Subsection 1.06(a)(2) of the Adoption Agreement, the following shall not be considered “includable
contributions” for purposes of determining the “deferral ratios” of Non-Highly Compensated Employees for the prior year immediately preceding the Plan Year in which the change is effective: 

(A) Deferral Contributions that were taken into account in satisfying the “ACP” test described in Section 6.06 for such prior
year; 
 (B) Qualified Nonelective Employer Contributions that were taken into account in satisfying the “ADP” test described in
Section 6.03 or the “ACP” test described in Section 6.06 for such prior year; 
 (C) 401(k) Safe Harbor Nonelective
Employer Contributions that were taken into account in satisfying the “ADP” test described in Section 6.03 or the “ACP” test described in Section 6.06 for such prior year or that were required to satisfy the safe harbor
contribution requirements under Section 1.401(k)-3(b) of the Treasury Regulations for such prior year; 
 (D) 401(k) Safe Harbor
Matching Employer Contributions that were taken into account in satisfying the “ADP” test described in Section 6.03 for such prior year or that were required to satisfy the safe harbor contribution requirements under
Section 1.401(k)-3(c) of the Treasury Regulations for such prior year; and 
 (E) all Qualified Matching Employer Contributions. 

To be included in determining an Active Participant’s “deferral ratio” for a Plan Year, “includable
contributions” must be allocated to the Participant’s Account as of a date within such Plan Year and made before the last day of the 12-month period immediately following the Plan Year to which the “includable contributions”
relate. If an Employer has elected the prior year testing method described in Subsection 1.06(a)(2) of the Adoption Agreement, “includable contributions” that are taken into account for purposes of determining the “deferral
ratios” of Non-Highly Compensated Employees for the prior year relate to such prior year. Therefore, such “includable contributions” must be made before the last day of the Plan Year being tested. 

(o) “Individual medical benefit account” means an individual medical benefit account as defined in Code
Section 415(l)(2). 
 (p) “Maximum permissible amount” means for a Limitation Year with respect to any Active
Participant the lesser of (1) the maximum dollar amount permitted for the Limitation Year under Code Section 415(c)(1)(A) adjusted as provided in Code Section 415(d) (e.g., $42,000 for the Limitation Year ending in 2005) or
(2) 100 percent of the Active Participant’s Compensation for the Limitation Year. If a short Limitation Year is created because of an amendment changing the Limitation Year to a different 12-consecutive-month period, the dollar limitation
specified in clause (1) above shall be adjusted by multiplying it by a fraction the numerator of which is the number of months in the short Limitation Year and the denominator of which is 12. 

The Compensation limitation specified in clause (2) above shall not apply to any contribution for medical benefits within
the meaning of Code Section 401(h) or 419A(f)(2) after separation from service which is otherwise treated as an “annual addition” under Code Section 419A(d)(2) or 415(l)(1). 

(q) “Simplified employee pension” means a simplified employee pension as defined in Code Section 408(k). 

  
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 (r) “Testing compensation” means compensation as defined in Code
Section 414(s). “Testing compensation” shall be based on the amount actually paid to a Participant during the “testing year” or, at the option of the Employer, during that portion of the “testing year” during which
the Participant is an Active Participant; provided, however, that if the Employer elected different Eligibility Service requirements for purposes of eligibility to make Deferral Contributions and to receive Matching Employer Contributions, then
“testing compensation” must be based on the amount paid to a Participant during the full “testing year”. 

The annual “testing compensation” of each Active Participant taken into account in applying the “ADP” test
described in Section 6.03 and the “ACP” test described in Section 6.06 for any “testing year” shall not exceed the annual compensation limit under Code Section 401(a)(17) as in effect on the first day of the
“testing year” (e.g., $210,000 for the “testing year” beginning in 2005). This limit shall be adjusted by the Secretary to reflect increases in the cost of living, as provided in Code Section 401(a)(17)(B); provided,
however, that the dollar increase in effect on January 1 of any calendar year is effective for “testing years” beginning in such calendar year. If a Plan determines “testing compensation” over a period that contains fewer
than 12 calendar months (a “short determination period”), then the Compensation limit for such “short determination period” is equal to the Compensation limit for the calendar year in which the “short determination
period” begins multiplied by the ratio obtained by dividing the number of full months in the “short determination period” by 12; provided, however, that such proration shall not apply if there is a “short determination
period” because (1) an election was made, in accordance with any rules and regulations issued by the Secretary of the Treasury or his delegate, to apply the “ADP” test described in Section 6.03 and/or the “ACP”
test described in Section 6.06 based only on Compensation paid during the portion of the “testing year” during which an individual was an Active Participant or (2) an Employee is covered under the Plan for fewer than 12 calendar
months or (3) there is a short initial Plan Year. 
 (s) “Testing year” means 

(1) if the Employer has elected the current year testing method in Subsection 1.06(a)(1) of the Adoption Agreement, the Plan Year being
tested. 
 (2) if the Employer has elected the prior year testing method in Subsection 1.06(a)(2) of the Adoption Agreement, the Plan Year
immediately preceding the Plan Year being tested. 
 (t) “Welfare benefit fund” means a welfare benefit fund as defined in
Code Section 419(e). 
 To the extent that types of contributions defined in Section 2.01 are referred to in this Article 6, the
defined term includes similar contributions made under other plans where the context so requires. 
 6.02. Code Section 402(g) Limit on Deferral
Contributions. In no event shall the amount of Deferral Contributions, other than Catch-Up Contributions, made under the Plan for a calendar year, when aggregated with the “elective deferrals” made under any other plan maintained
by the Employer or a Related Employer, exceed the dollar limitation contained in Code Section 402(g) in effect at the beginning of such calendar year. 

A Participant may assign to the Plan any “excess deferrals” made during a calendar year by notifying the Administrator on or before
March 15 following the calendar year in which the “excess deferrals” were made of the amount of the “excess deferrals” to be assigned to the Plan. A Participant is deemed to notify the Administrator of any “excess
deferrals” that arise by taking into account only those Deferral Contributions made to the Plan and those “elective deferrals” made to any other plan maintained by the Employer or a Related Employer. Notwithstanding any other
provision of the Plan, “excess deferrals”, plus any income and minus any loss allocable thereto, as determined under Section 6.08, shall be distributed no later than April 15 to any Participant to whose Account “excess
deferrals” were so assigned for the preceding calendar year and who claims “excess deferrals” for such calendar year. In the event that “excess deferrals” are allocated to a Participant’s Deferral Contributions
Accounts, such “excess deferrals” will be distributed first from the Participant’s Deferral Contributions for the Plan Year other than his Roth 401(k) Contributions then from his Roth 401(k) Contributions. 

  
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 “Excess deferrals” to be distributed to a Participant for a calendar year shall be
reduced by any “excess contributions” for the Plan Year beginning within such calendar year that were previously distributed or re-characterized in accordance with the provisions of Section 6.04. 

Any Matching Employer Contributions attributable to “excess deferrals”, plus any income and minus any loss allocable thereto, as
determined under Section 6.08, shall be forfeited and applied as provided in Section 11.09. 
 “Excess deferrals” shall
be treated as “annual additions” under the Plan, unless such amounts are distributed no later than the first April 15 following the close of the calendar year in which the “excess deferrals” were made. 

6.03. Additional Limit on Deferral Contributions (“ADP” Test). Unless the Employer has elected in Subsection 1.11(a)(3) or Subsection
1.12(a)(3) of the Adoption Agreement to make 401(k) Safe Harbor Matching Employer Contributions or 401(k) Safe Harbor Nonelective Employer Contributions for a Plan Year, notwithstanding any other provision of the Plan to the contrary, the Deferral
Contributions, excluding additional elective contributions made pursuant to Code Section 414(u) that are treated as Deferral Contributions and Catch-Up Contributions (except to the extent that a Participant’s Deferral Contributions are
classified as Catch-Up Contributions as provided in Section 6.04 solely because of a failure of the “ADP” test described herein), made with respect to the Plan Year on behalf of Active Participants who are Highly Compensated Employees
for such Plan Year may not result in an average “deferral ratio” for such Active Participants that exceeds the greater of: 
 (a)
the average “deferral ratio” for the “testing year” of Active Participants who are Non-Highly Compensated Employees for the “testing year” multiplied by 1.25; or 

(b) the average “deferral ratio” for the “testing year” of Active Participants who are Non-Highly Compensated Employees for
the “testing year” multiplied by two, provided that the average “deferral ratio” for Active Participants who are Highly Compensated Employees for the Plan Year being tested does not exceed the average “deferral ratio”
for Participants who are Non-Highly Compensated Employees for the “testing year” by more than two percentage points. 
 For the
first Plan Year in which the Plan provides a cash or deferred arrangement, the average “deferral ratio” for Active Participants who are Non-Highly Compensated Employees used in determining the limits applicable under Subsections 6.03(a)
and (b) shall be either three percent or the actual average “deferral ratio” for such Active Participants for such first Plan Year, as elected by the Employer in Section 1.06(b) of the Adoption Agreement. 

The “deferral ratios” of Active Participants who are included in a unit of Employees covered by an agreement which the Secretary of
Labor finds to be a collective bargaining agreement shall be disaggregated from the “deferral ratios” of other Active Participants and the provisions of this Section 6.03 shall be applied separately with respect to each group. 

The “deferral ratio” for any Active Participant who is a Highly Compensated Employee for the Plan Year being tested and who is
eligible to have “includable contributions” allocated to his accounts under two or more cash or deferred arrangements described in Code Section 401(k) that are maintained by the Employer or a Related Employer, shall be determined as
if such “includable contributions” were made under the Plan. If a Highly Compensated Employee participates in two or more cash or deferred arrangements that have different plan years, all “includable contributions” made during
the Plan Year under all such arrangements shall be treated as having been made under the Plan. Notwithstanding the foregoing, certain plans, and contributions made thereto, shall be treated as separate if mandatorily disaggregated under regulations
under Code Section 401(k). 
 If this Plan satisfies the requirements of Code Section 401(k), 401(a)(4), or 410(b) only if
aggregated with one or more other plans, or if one or more other plans satisfy the requirements of such Code Sections only if aggregated with this Plan, then this Section 6.03 shall be applied by determining the “deferral ratios” of
Employees as if all such plans were a single plan. Plans may be aggregated in order to satisfy Code Section 401(k) only if they have the same plan year and use the same method to satisfy the “ADP” test. 

  
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 Notwithstanding anything herein to the contrary, if the Plan permits Employees to make Deferral
Contributions prior to the time the Employees have completed the minimum age and service requirements of Code Section 410(a)(1)(A) and the Employer elects, pursuant to Code Section 410(b)(4)(B), to disaggregate the Plan into two component
plans for purposes of complying with Code Section 410(b)(1), one benefiting Employees who have completed such minimum age and service requirements and the other benefiting Employees who have not, the Plan must be disaggregated in the same
manner for ADP testing purposes, unless the Plan applies the alternative rule in Code Section 401(k)(3)(F). In determining the component plans for purposes of such disaggregation, the Employer may apply the maximum entry dates permitted under
Code Section 410(a)(4). 
 The Employer shall maintain records sufficient to demonstrate satisfaction of the “ADP” test and
the amount of Qualified Nonelective Employer Contributions and/or Qualified Matching Employer Contributions used in such test. 
 6.04. Allocation and
Distribution of “Excess Contributions”. Notwithstanding any other provision of this Plan, the “excess contributions” allocable to the Account of a Participant, plus any income and minus any loss allocable thereto, as
determined under Section 6.08, shall be distributed to the Participant no later than the last day of the Plan Year immediately following the Plan Year in which the “excess contributions” were made, unless the Employer elected Catch-Up
Contributions in Subsection 1.07(a)(4) of the Adoption Agreement and such “excess contributions” are classified as Catch-Up Contributions. 

If “excess contributions” are to be distributed from the Plan and such “excess contributions” are distributed more than
2 1/2 months after the last day of the Plan Year in which the “excess contributions” were made, a ten percent excise tax shall be imposed on the Employer maintaining the Plan with respect to such amounts. 

The “excess contributions” allocable to a Participant’s Account shall be determined by reducing the “includable
contributions” made for the Plan Year on behalf of Active Participants who are Highly Compensated Employees in order of the dollar amount of such “includable contributions”, beginning with the highest such dollar amount. “Excess
contributions” allocated to a Participant for a Plan Year shall be reduced by the amount of any “excess deferrals” previously distributed for the calendar year ending in such Plan Year. 

“Excess contributions” shall be treated as “annual additions”. 

For purposes of distribution, “excess contributions” shall be considered allocated among a Participant’s Deferral Contributions
Accounts and, if applicable, the Participant’s Qualified Nonelective Employer Contributions Account and/or Qualified Matching Employer Contributions Account in the order prescribed and communicated to the Trustee, which order shall be uniform
with respect to all Participants and nondiscriminatory. In the event that “excess contributions” are allocated to a Participant’s Deferral Contributions Accounts, such “excess contributions” will be distributed first from
the Participant’s Deferral Contributions for the Plan Year other than his Roth 401(k) Contributions then from his Roth 401(k) Contributions. 

Any Matching Employer Contributions attributable to “excess contributions”, plus any income and minus any loss allocable thereto, as
determined under Section 6.08, shall be forfeited and applied as provided in Section 11.09. 
 6.05. Reductions in Deferral Contributions to
Meet Code Requirements. If the Administrator anticipates that the Plan will not satisfy the “ADP” and/or “ACP” test for the year, the Administrator may reduce the rate of Deferral Contributions of Participants who are
Highly Compensated Employees to an amount determined by the Administrator to be necessary to satisfy the “ADP” and/or “ACP” test. 

6.06. Limit on Matching Employer Contributions and Employee Contributions (“ACP” Test). The provisions of this Section 6.06 shall
not apply to Active Participants who are included in a unit of Employees covered by an agreement which the Secretary of Labor finds to be a collective bargaining agreement between employee representatives and one or more employers. The provisions of
this Section shall not apply to Matching 

  
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Employer Contributions made on account of amounts deferred pursuant to Code Section 457 under a separate eligible deferred compensation plan. 

Notwithstanding any other provision of the Plan to the contrary, Matching Employer Contributions and Employee Contributions made with respect
to a Plan Year by or on behalf of “eligible participants” who are Highly Compensated Employees for such Plan Year may not result in an average “contribution percentage” for such “eligible participants” that exceeds the
greater of: 
 (a) the average “contribution percentage” for the “testing year” of “eligible participants” who
are Non-Highly Compensated Employees for the “testing year” multiplied by 1.25; or 
 (b) the average “contribution
percentage” for the “testing year” of “eligible participants” who are Non-Highly Compensated Employees for the “testing year” multiplied by two, provided that the average “contribution percentage” for the
Plan Year being tested of “eligible participants” who are Highly Compensated Employees does not exceed the average “contribution percentage” for the “testing year” of “eligible participants” who are Non-Highly
Compensated Employees for the “testing year” by more than two percentage points. 
 For the first Plan Year in which the Plan
provides for “contribution percentage amounts” to be made, the “ACP” for “eligible participants” who are Non-Highly Compensated Employees used in determining the limits applicable under paragraphs (a) and
(b) of this Section 6.06 shall be either three percent or the actual “ACP” of such eligible participants for such first Plan Year, as elected by the Employer in Section 1.06(b) of the Adoption Agreement. 

The “contribution percentage” for any “eligible participant” who is a Highly Compensated Employee for the Plan Year and
who is eligible to have “contribution percentage amounts” allocated to his accounts under two or more plans described in Code Section 401(a) that are maintained by the Employer or a Related Employer, shall be determined as if such
“contribution percentage amounts” were contributed to the Plan. If a Highly Compensated Employee participates in two or more such plans that have different plan years, all “contribution percentage amounts” made during the Plan
Year under such other plans shall be treated as having been contributed to the Plan. Notwithstanding the foregoing, certain plans shall be treated as separate if mandatorily disaggregated under Treasury Regulations issued under Code
Section 401(m). 
 If this Plan satisfies the requirements of Code Section 401(m), 401(a)(4) or 410(b) only if aggregated with one
or more other plans, or if one or more other plans satisfy the requirements of such Code Sections only if aggregated with this Plan, then this Section 6.06 shall be applied by determining the “contribution percentages” of Employees as
if all such plans were a single plan. Plans may be aggregated in order to satisfy Code Section 401(m) only if they have the same plan year and use the same method to satisfy the “ACP” test. 

Notwithstanding anything herein to the contrary, if the Plan permits Employees to make Employee Contributions and/or receive Matching Employer
Contributions prior to the time the Employees have completed the minimum age and service requirements of Code Section 410(a)(1)(A) and the Employer elects, pursuant to Code Section 410(b)(4)(B), to disaggregate the Plan into two component
plans for purposes of complying with Code Section 410(b)(1), one benefiting Employees who have completed such minimum age and service requirements and the other benefiting Employees who have not, the Plan must be disaggregated in the same
manner for ACP testing purposes, unless the Plan applies the alternative rule in Code Section 401(m)(5)(C). In determining the component plans for purposes of such disaggregation, the Employer may apply the maximum entry dates permitted under
Code Section 410(a)(4). 
 The Employer shall maintain records sufficient to demonstrate satisfaction of the “ACP” test and
the amount of Deferral Contributions, Qualified Nonelective Employer Contributions, and/or Qualified Matching Employer Contributions used in such test. 

  
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 6.07. Allocation, Distribution, and Forfeiture of “Excess Aggregate Contributions”.
Notwithstanding any other provision of the Plan, the “excess aggregate contributions” allocable to the Account of a Participant, plus any income and minus any loss allocable thereto, as determined under Section 6.08, shall be
forfeited, if forfeitable, or if not forfeitable, distributed to the Participant no later than the last day of the Plan Year immediately following the Plan Year in which the “excess aggregate contributions” were made. If such excess
amounts are distributed more than 2 1/2 months after the last day of the Plan Year in which such “excess aggregate contributions” were made, a ten percent excise tax shall be imposed on the Employer maintaining the Plan with respect to
such amounts. 
 The “excess aggregate contributions” allocable to a Participant’s Account shall be determined by reducing
the “contribution percentage amounts” made for the Plan Year on behalf of “eligible participants” who are Highly Compensated Employees in order of the dollar amount of such “contribution percentage amounts”, beginning
with the highest such dollar amount. 
 “Excess aggregate contributions” shall be treated as “annual additions”. 

“Excess aggregate contributions” shall be forfeited or distributed from a Participant’s Employee Contributions Account,
Matching Employer Contributions Account and, if applicable, the Participant’s Deferral Contributions Account and/or Qualified Nonelective Employer Contributions Account in the order prescribed and communicated to the Trustee, which order shall
be uniform with respect to all Participants and nondiscriminatory. In the event that “excess aggregate contributions” are allocated to a Participant’s Deferral Contributions Accounts, such “excess aggregated contributions”
will be distributed first from the Participant’s Deferral Contributions for the Plan Year other than his Roth 401(k) Contributions then from his Roth 401(k) Contributions. 

Forfeitures of “excess aggregate contributions” shall be applied as provided in Section 11.09. 

6.08. Income or Loss on Distributable Contributions. The income or loss allocable to “excess deferrals”, “excess
contributions”, and “excess aggregate contributions” shall be determined under one of the following methods: 
 (a) the income
or loss attributable to such distributable contributions shall be the sum of (i) the income or loss for the “determination year” allocable to the Participant’s Account to which such contributions were made multiplied by a
fraction, the numerator of which is the amount of the distributable contributions and the denominator of which is the balance of the Participant’s Account to which such contributions were made, determined as of the end of the
“determination year” without regard to any income or loss occurring during the “determination year”, plus (ii) 10 percent of the amount determined under (i) multiplied by the number of whole calendar months between the
end of the “determination year” and the date of distribution, counting the calendar month of distribution if distribution occurs after the 15th of the month; or 

(b) the income or loss attributable to such distributable contributions shall be the sum of (i) the income or loss on such contributions
for the “determination year”, determined under any other reasonable method, plus (ii) the income or loss on such contributions for the “gap period”, determined under such other reasonable method. Any reasonable method used
to determine income or loss hereunder shall be used consistently for all Participants in determining the income or loss allocable to distributable contributions hereunder and shall be the same method that is used by the Plan in allocating income or
loss to Participants’ Accounts. For purposes of this paragraph, the “gap period” means the period between the end of the “determination year” and the date of distribution; provided, however, that income or loss for the
“gap period” may be determined as of a date that is no more than seven days before the date of distribution. 
 6.09. Deemed Satisfaction of
“ADP” Test. Notwithstanding any other provision of this Article 6 to the contrary, if the Employer has elected in Subsection 1.11(a)(3) or Subsection 1.12(a)(3) of the Adoption Agreement to make 401(k) Safe Harbor Matching Employer
Contributions or 401(k) Safe Harbor Nonelective Employer Contributions, , the Plan shall be deemed to have satisfied the “ADP” test described in Section 6.03 for a Plan Year provided all of the following requirements are met: 

  
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 (a) The 401(k) Safe Harbor Matching Employer Contribution or 401(k) Safe Harbor Nonelective
Employer Contribution must be allocated to an Active Participant’s Account as of a date within such Plan Year and must be made before the last day of the 12-month period immediately following such Plan Year. 

(b) If the Employer has elected to make 401(k) Safe Harbor Matching Employer Contributions, such 401(k) Safe Harbor Matching Employer
Contributions must be made with respect to Deferral Contributions made by the Active Participant for such Plan Year. 
 (c) The Employer
shall provide to each Active Participant during the Plan Year a comprehensive notice, written in a manner calculated to be understood by the average Active Participant, of the Active Participant’s rights and obligations under the Plan. If the
Employer either (i) is considering amending its Plan to satisfy the “ADP” test using 401(k) Safe Harbor Nonelective Employer Contributions, as provided in Section 6.11, or (ii) has selected 401(k) Safe Harbor Nonelective
Employer Contributions under Subsection 1.12(a)(3) of the Adoption Agreement and selected Subsection (a)(2), but not Subsection (a)(2)(A) of the 401(k) Safe Harbor Nonelective Employer Contributions Addendum, the notice shall include a statement
that the Plan may be amended to provide a 401(k) Safe Harbor Nonelective Employer Contribution for the Plan Year. The notice shall be provided to each Active Participant within one of the following periods, whichever is applicable: 

(1) if the Employee is an Active Participant 90 days before the beginning of the Plan Year, within the period beginning 90 days and ending 30
days, or any other reasonable period, before the first day of the Plan Year; or 
 (2) if the Employee becomes an Active Participant after
the date described in paragraph (f) above, within the period beginning 90 days before and ending on the date he becomes an Active Participant. 

If the notice provides that the Plan may be amended to provide a 401(k) Safe Harbor Nonelective Employer Contribution for the
Plan Year and the Plan is amended to provide such contribution, a supplemental notice shall be provided to all Active Participants stating that a 401(k) Safe Harbor Nonelective Employer Contribution in the specified amount shall be made for the Plan
Year. Such supplemental notice shall be provided to Active Participants at least 30 days before the last day of the Plan year. 
 (d) If the
Employer has elected to make 401(k) Safe Harbor Matching Employer Contributions, the ratio of Matching Employer Contributions made on behalf of each Highly Compensated Employee for the Plan Year to each such Highly Compensated Employee’s
eligible contributions for the Plan Year is not greater than the ratio of Matching Employer Contributions to eligible contributions that would apply to any Non-Highly Compensated Employee for whom such eligible contributions are the same percentage
of Compensation, adjusted as provided in Section 5.02, for the Plan Year. 
 (e) Except as otherwise provided in Subsection 6.11(b), or
with respect to the Plan Year described in (2) below the Plan is amended to provide for 401(k) Safe Harbor Matching Employer Contributions or 401(k) Safe Harbor Nonelective Employer Contributions before the first day of such Plan Year, and
except as otherwise provided in Subsection 6.11(d) or with respect to a Plan Year described in (1) through (4) below, such provisions remain in effect for an entire 12-month Plan Year. The 12-month Plan Year requirement shall not apply to:

 (1) The first Plan Year of a newly established Plan (other than a successor plan) if such Plan Year is at least 3 months long,
provided that the 3-month requirement shall not apply in the case of a newly established employer that establishes a plan as soon as administratively feasible; 

  
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 (2) The Plan Year in which a cash or deferred arrangement is first added to an existing plan
(other than a successor plan) if the cash or deferred arrangement is effective no later than 3 months before the end of such Plan Year; 

(3) Any short Plan Year resulting from a change in Plan Year if (i) the Plan satisfied the safe harbor requirements for the immediately
preceding Plan Year and (ii) the Plan satisfies the safe harbor requirements for the immediately following Plan Year (or the immediately following 12 months, if the following Plan Year has fewer than 12 months); 

(4) The final Plan Year of a terminating Plan if any of the following applies: (i) the Plan would satisfy the provisions of paragraph
Subsection 6.11(d) below, other than the provisions of paragraph Subsection 6.11(d)(3), treating the termination as an election to reduce or suspend 401(k) Safe Harbor Matching Employer Contributions; (ii) the termination is in connection with
a transaction described in Code Section 410(b)(6)(C); or (iii) the Employer incurs a substantial business hardship comparable to a substantial business hardship described in Code Section 412(d). 

Notwithstanding any other provision of this Section, if the Employer has elected a more stringent eligibility requirement in Section 1.04
of the Adoption Agreement for 401(k) Safe Harbor Matching Employer Contributions or 401(k) Safe Harbor Nonelective Employer Contributions than for Deferral Contributions, the Plan shall be disaggregated and treated as two separate plans pursuant to
Code Section 410(b)(4)(B). The separate disaggregated plan that satisfies Code Section 401(k)(12) shall be deemed to have satisfied the “ADP” test. The other disaggregated plan shall be subjected to the “ADP” test
described in Section 6.03. 
 If the Employer has elected in Subsection (a)(1)(B) or (a)(2)(B) of the 401(k) Safe Harbor Matching
Employer Contributions Addendum to the Adoption Agreement or Section (b) of the 401(k) Safe Harbor Nonelective Employer Contributions Addendum to the Adoption Agreement to exclude collectively-bargained employees from receiving 401(k) Safe
Harbor Matching Employer Contributions or 401(k) Safe Harbor Nonelective Employer Contributions, the Plan shall be deemed to have satisfied the “ADP” test only with respect to those employees who are eligible to receive such contributions.
The remainder of the Plan shall be subjected to the “ADP” test described in Section 6.03. 
 Except as otherwise provided in
Subsection 6.11(d) regarding amendments suspending or eliminating 401(k) Safe Harbor Matching Contributions, a plan that does not meet the requirements specified in (a) through (e) above with respect to a Plan Year may not default to ADP
testing in accordance with Section 6.03 above. 
 6.10. Deemed Satisfaction of “ACP” Test With Respect to Matching Employer
Contributions. The portion of the Plan that is deemed to satisfy the “ADP” test pursuant to Section 6.09 shall also be deemed to have satisfied the “ACP” test described in Section 6.06 with respect to Matching
Employer Contributions, if Matching Employer Contributions to the Plan for the Plan Year meet all of the following requirements: 
 (a)
Matching Employer Contributions meet the requirements of Subsections 6.09(a) and (b) as if they were 401(k) Safe Harbor Matching Employer Contributions; 

(b) the percentage of eligible contributions matched does not increase as the percentage of Compensation contributed increases; 

(c) the ratio of Matching Employer Contributions made on behalf of each Highly Compensated Employee for the Plan Year to each such Highly
Compensated Employee’s eligible contributions for the Plan Year is not greater than the ratio of Matching Employer Contributions to eligible contributions that would apply to each Non-Highly Compensated Employee for whom such eligible
contributions are the same percentage of Compensation, adjusted as provided in Section 5.02, for the Plan Year; 
 (d) eligible
contributions matched do not exceed six percent of a Participant’s Compensation; and 

  
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 (e) if the Employer elected in Subsection 1.11(a)(2) or 1.11(b) of the Adoption Agreement to
provide discretionary Matching Employer Contributions, the Employer also elected in Subsection 1.11(a)(2)(A) or 1.11(b)(1) of the Adoption Agreement, as applicable, to limit the dollar amount of such discretionary Matching Employer Contributions
allocated to a Participant for the Plan Year to no more than four percent of such Participant’s Compensation for the Plan Year. 
 The
portion of the Plan not deemed to have satisfied the “ACP” test pursuant to this Section shall be subject to the “ACP” test described in Section 6.06 with respect to Matching Employer Contributions. 

If the Plan provides for Employee Contributions, the “ACP” test described in Section 6.06 must be applied with respect to such
Employee Contributions. 
 6.11. Changing Testing Methods. Notwithstanding any other provisions of the Plan, if the Employer elects to change
between the “ADP” testing method and the safe harbor testing method, the following shall apply: 
 (a) Except as otherwise
specifically provided in this Section or Subsection 6.09(e), the Employer may not change from the “ADP” testing method to the safe harbor testing method unless Plan provisions adopting the safe harbor testing method are adopted before the
first day of the Plan Year in which they are to be effective and remain in effect for an entire 12-month Plan Year. 
 (b) A Plan may be
amended during a Plan Year to make 401(k) Safe Harbor Nonelective Employer Contributions to satisfy the testing rules for such Plan Year if: 

(1) The Employer provides both the initial and subsequent notices described in Section 6.09 for such Plan Year within the time period
prescribed in Section 6.09. 
 (2) The Employer amends its Adoption Agreement no later than 30 days prior to the end of such Plan Year
to provide for 401(k) Safe Harbor Nonelective Employer Contribution in accordance with the provisions of the 401(k) Safe Harbor Nonelective Employer Contributions Addendum to the Adoption Agreement. 

(c) Except as otherwise specifically provided in this Section, a Plan may not be amended during the Plan Year to discontinue 401(k) Safe Harbor
Nonelective or Matching Employer Contributions and revert to the “ADP” testing method for such Plan Year. 
 (d) A Plan may be
amended to reduce or suspend 401(k) Safe Harbor Matching Contributions on future contributions during a Plan Year and revert to the “ADP” testing method for such Plan Year if: 

(1) All Active Participants are provided notice of the reduction or suspension describing (i) the consequences of the amendment,
(ii) the procedures for changing their salary reduction agreements and (iii) the effective date of the reduction or suspension. 

(2) The reduction or suspension of 401(k) Safe Harbor Matching Contributions is no earlier than the later of (i) 30 days after the date
the notice described in paragraph (1) is provided to Active Participants or (ii) the date the amendment is adopted. 
 (3) Active
Participants are given a reasonable opportunity before the reduction or suspension occurs, including a reasonable period after the notice described in paragraph (1) is provided to Active Participants, to change their salary reduction agreements
elections. 
 (4) The Plan makes 401(k) Safe Harbor Matching Employer Contributions in accordance with the provisions of the Adoption
Agreement in effect prior to the amendment with respect to Deferral Contributions made through the effective date of the amendment. 

  
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 If the Employer amends its Plan in accordance with the provisions of this
paragraph (d), the “ADP” test described in Section 6.03 shall be applied as if it had been in effect for the entire Plan Year using the current year testing method in Subsection 1.06(a)(1) of the Adoption Agreement. 

6.12. Code Section 415 Limitations. Notwithstanding any other provisions of the Plan, the following limitations shall apply: 

(a) Employer Maintains Single Plan: If the “415 employer” does not maintain any other qualified defined contribution plan or
any “welfare benefit fund”, “individual medical benefit account”, or “simplified employee pension” in addition to the Plan, the provisions of this Subsection 6.12(a) shall apply. 

(1) If a Participant does not participate in, and has never participated in any other qualified defined contribution plan, “welfare
benefit fund”, “individual medical benefit account”, or “simplified employee pension” maintained by the “415 employer”, which provides an “annual addition”, the amount of “annual additions” to
the Participant’s Account for a Limitation Year shall not exceed the lesser of the “maximum permissible amount” or any other limitation contained in the Plan. If a contribution that would otherwise be contributed or allocated to the
Participant’s Account would cause the “annual additions” for the Limitation Year to exceed the “maximum permissible amount”, the amount contributed or allocated shall be reduced so that the “annual additions” for
the Limitation Year shall equal the “maximum permissible amount”. 
 (2) Prior to the determination of a Participant’s actual
Compensation for a Limitation Year, the “maximum permissible amount” may be determined on the basis of a reasonable estimation of the Participant’s Compensation for such Limitation Year, uniformly determined for all Participants
similarly situated. Any Employer contributions based on estimated annual Compensation shall be reduced by any “excess 415 amounts” carried over from prior Limitation Years. 

(3) As soon as is administratively feasible after the end of the Limitation Year, the “maximum permissible amount” for such
Limitation Year shall be determined on the basis of the Participant’s actual Compensation for such Limitation Year. 
 (4) If there is
an “excess 415 amount” with respect to a Participant for a Limitation Year as a result of the estimation of the Participant’s Compensation for the Limitation Year, the allocation of forfeitures to the Participant’s Account, or a
reasonable error in determining the amount of Deferral Contributions that may be made on behalf of the Participant under the limits of this Section 6.12, such “excess 415 amount” shall be disposed of as follows: 

(A) Any Employee Contributions that have not been matched shall be reduced to the extent necessary to reduce the “excess 415
amount”. 
 (B) If after application of Subsection 6.12(a)(4)(A) an “excess 415 amount” still exists, any Employee
Contributions that have been matched and the Matching Employer Contributions attributable thereto shall be reduced to the extent necessary to reduce the “excess 415 amount”. 

(C) If after application of Subsection 6.12(a)(4)(B) an “excess 415 amount” still exists, any Deferral Contributions that have not
been matched shall be reduced to the extent necessary to reduce the “excess 415 amount”. If both pre-tax Deferral Contributions and Roth 401(k) Contributions have been made on behalf of a Participant, the pre-tax Deferral Contributions
that have not been matched shall be reduced first. If there is still an “excess 415 amount” after all such pre-tax Deferral Contributions have been distributed, then Roth 401(k) Contributions that have not been matched shall be reduced to
the extent necessary. 

  
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 (D) If after application of Subsection 6.12(a)(4)(C) an “excess 415 amount” still
exists, any Deferral Contributions that have been matched and the Matching Employer Contributions attributable thereto shall be reduced to the extent necessary to reduce the “excess 415 amount”. If both pre-tax Deferral Contributions and
Roth 401(k) Contributions have been made on behalf of a Participant, the pre-tax Deferral Contributions that have been matched and the Matching Contributions attributable thereto shall be reduced first. If there is still an “excess 415
amount” after all such pre-tax Deferral Contributions have been distributed, then Roth 401(k) Contributions that have been matched and the Matching Contributions attributable thereto shall be reduced to the extent necessary. 

(E) If after the application of Subsection 6.12(a)(4)(D) an “excess 415 amount” still exists, any Nonelective Employer Contributions
shall be reduced to the extent necessary to reduce the “excess 415 amount”. 
 (F) If after the application of Subsection
6.12(a)(4)(E) an “excess 415 amount” still exists, any Qualified Nonelective Employer Contributions shall be reduced to the extent necessary to reduce the “excess 415 amount”. 

Employee Contributions and Deferral Contributions that are reduced as provided above shall be returned to the Participant. Any
income allocable to returned Employee Contributions or Deferral Contributions shall also be returned or shall be treated as additional “annual additions” for the Limitation Year in which the excess contributions to which they are allocable
were made. 
 If Matching Employer, Nonelective Employer, or Qualified Nonelective Employer Contributions to a
Participant’s Account are reduced as an “excess 415 amount”, as provided above, then such “excess 415 amount” shall be allocated and re-allocated among Active Participants, except to the extent such allocation or
re-allocation pursuant to the provisions of the Plan would cause an Active Participant to exceed the limitations contained in this Section. If any excess remains after allocation and re-allocation has been made as provided in the preceding sentence,
then such excess shall be held unallocated in a suspense account established for the Limitation Year and shall be allocated and re-allocated among Active Participants for the next Limitation Year. 

If a suspense account is in existence at any time during the Limitation Year pursuant to this Subsection 6.12(a)(4), it shall
participate in the allocation of the Trust Fund’s investment gains and losses. All amounts in the suspense account must be allocated to the Accounts of Active Participants before any Employer contribution may be made for the Limitation Year.

 Except as otherwise specifically provided in this Subsection 6.12, “excess 415 amounts” may not be distributed
to Participants. 
 (b) Employer Maintains Multiple Defined Contribution Type Plans: Unless the Employer specifies another method for
limiting “annual additions” in the 415 Correction Addendum to the Adoption Agreement, if the “415 employer” maintains any other qualified defined contribution plan or any “welfare benefit fund”, “individual medical
benefit account”, or “simplified employee pension” in addition to the Plan, the provisions of this Subsection 6.12(b) shall apply. 

(1) If a Participant is covered under any other qualified defined contribution plan or any “welfare benefit fund”, “individual
medical benefit account”, or “simplified employee pension” maintained by the “415 employer”, that provides an “annual addition”, the amount of “annual additions” to the Participant’s Account for a
Limitation Year shall not exceed the lesser of 
 (A) the “maximum permissible amount”, reduced by the sum of any “annual
additions” to the Participant’s accounts for the same Limitation Year under such other 

  
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qualified defined contribution plans and “welfare benefit funds”, “individual medical benefit accounts”, and “simplified employee pensions”, or 

(B) any other limitation contained in the Plan. 

If the “annual additions” with respect to a Participant under other qualified defined contribution plans,
“welfare benefit funds”, “individual medical benefit accounts”, and “simplified employee pensions” maintained by the “415 employer” are less than the “maximum permissible amount” and a contribution
that would otherwise be contributed or allocated to the Participant’s Account under the Plan would cause the “annual additions” for the Limitation Year to exceed the “maximum permissible amount”, the amount to be contributed
or allocated shall be reduced so that the “annual additions” for the Limitation Year shall equal the “maximum permissible amount”. If the “annual additions” with respect to the Participant under such other qualified
defined contribution plans, “welfare benefit funds”, “individual medical benefit accounts”, and “simplified employee pensions” in the aggregate are equal to or greater than the “maximum permissible amount”, no
amount shall be contributed or allocated to the Participant’s Account under the Plan for the Limitation Year. 
 (2) Prior to the
determination of a Participant’s actual Compensation for the Limitation Year, the amounts referred to in Subsection 6.12(b)(1)(A) above may be determined on the basis of a reasonable estimation of the Participant’s Compensation for such
Limitation Year, uniformly determined for all Participants similarly situated. Any Employer contribution based on estimated annual Compensation shall be reduced by any “excess 415 amounts” carried over from prior Limitation Years. 

(3) As soon as is administratively feasible after the end of the Limitation Year, the amounts referred to in Subsection 6.12(b)(1)(A) shall be
determined on the basis of the Participant’s actual Compensation for such Limitation Year. 
 (4) Notwithstanding the provisions of any
other plan maintained by a “415 employer”, if there is an “excess 415 amount” with respect to a Participant for a Limitation Year as a result of estimation of the Participant’s Compensation for the Limitation Year, the
allocation of forfeitures to the Participant’s account under any qualified defined contribution plan maintained by the “415 employer”, or a reasonable error in determining the amount of Deferral Contributions that may be made on
behalf of the Participant to the Plan or any other qualified defined contribution plan maintained by the “415 employer” under the limits of this Subsection 6.12(b), such “excess 415 amount” shall be deemed to consist first of the
“annual additions” allocated to this Plan and shall be reduced as provided in Subsection 6.12(a)(4). 
 Article 7. Participants’
Accounts. 
 7.01. Individual Accounts. The Administrator shall establish and maintain an Account for each Participant that shall
reflect Employer and Employee contributions made on behalf of the Participant and earnings, expenses, gains and losses attributable thereto, and investments made with amounts in the Participant’s Account. The Administrator shall separately
account for any Deferral Contributions made on behalf of a Participant and the earnings, expenses, gains and losses attributable thereto. The Administrator shall establish and maintain such other accounts and records as it decides in its discretion
to be reasonably required or appropriate in order to discharge its duties under the Plan. The Administrator shall notify the Trustee of all Accounts established and maintained under the Plan. 

If “designated Roth contributions”, as defined in Section 6.01, are held under the Plan either as Rollover Contributions or
because of an Active Participant’s election to make Roth 401(k) Contributions under the terms of the Plan, separate accounts shall be maintained with respect to such “designated Roth contributions.” Contributions and withdrawals of
“designated Roth contributions” will be credited and debited to the “designated Roth contributions” sub-account maintained for each Participant within the Participant’s Account. The Plan will maintain

  
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a record of the amount of “designated Roth contributions” in each such sub-account. Gains, losses, and other credits or charges will be separately allocated on a reasonable and
consistent basis to each Participant’s “designated Roth contributions” sub-account and the Participant’s other sub-accounts within the Participant’s Account under the Plan. No contributions other than “designated Roth
contributions” and properly attributable earnings will be credited to each Participant’s “designated Roth contributions” sub-account. 

7.02. Valuation of Accounts. Participant Accounts shall be valued at their fair market value at least annually as of a “determination
date”, as defined in Subsection 15.01(a), in accordance with a method consistently followed and uniformly applied, and on such date earnings, expenses, gains and losses on investments made with amounts in each Participant’s Account shall
be allocated to such Account. 
 Article 8. Investment of Contributions. 

8.01. Manner of Investment. All contributions made to the Accounts of Participants shall be held for investment by the Trustee. Except as
otherwise specifically provided in Section 20.10, the Accounts of Participants shall be invested and reinvested only in Permissible Investments selected by the Employer and designated in the Service Agreement. The Trustee shall have no
responsibility for the selection of investment options under the Trust and shall not render investment advice to any person in connection with the selection of such options. 

8.02. Investment Decisions. Investments shall be directed by the Employer or by each Participant or both, in accordance with the Employer’s
election in Subsection 1.24 of the Adoption Agreement. Pursuant to Section 20.04, the Trustee shall have no discretion or authority with respect to the investment of the Trust Fund; however, an affiliate of the Trustee may exercise investment
management authority in accordance with Subsection (e) below. 
 (a) With respect to those Participant Accounts for which Employer
investment direction is elected, the Employer (in its capacity as a named fiduciary under ERISA) has the right to direct the Trustee in writing with respect to the investment and reinvestment of assets comprising the Trust Fund in the Permissible
Investments designated in the Service Agreement. 
 (b) With respect to those Participant Accounts for which Participant investment direction
is elected, each Participant shall direct the investment of his Account among the Permissible Investments designated in the Service Agreement. The Participant shall file initial investment instructions using procedures established by the
Administrator, selecting the Permissible Investments in which amounts credited to his Account shall be invested. 
 (1) While any balance
remains in the Account of a Participant after his death, the Beneficiary of the Participant shall make decisions as to the investment of the Account as though the Beneficiary were the Participant. To the extent required by a qualified domestic
relations order as defined in Code Section 414(p), an alternate payee shall make investment decisions with respect to any segregated account established in the name of the alternate payee as provided in Section 18.04. 

(2) If the Trustee receives any contribution under the Plan as to which investment instructions have not been provided, such amount shall be
invested in the Permissible Investment selected by the Employer for such purposes. 
 To the extent that the Employer elects
to allow Participants to direct the investment of their Account in Section 1.24 of the Adoption Agreement, the Plan is intended to constitute a plan described in ERISA Section 404(c) and regulations issued thereunder. The fiduciaries of
the Plan shall be relieved of liability for any losses that are the direct and necessary result of investment instructions given by the Participant, his Beneficiary, or an alternate payee under a qualified domestic relations order. The Employer
shall not be relieved of fiduciary responsibility for the selection and monitoring of the Permissible Investments under the Plan. 

  
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 (c) All dividends, interest, gains and distributions of any nature received in respect of Fund
Shares shall be reinvested in additional shares of that Permissible Investment. 
 (d) Expenses attributable to the acquisition of
investments shall be charged to the Account of the Participant for which such investment is made. 
 (e) The Employer may appoint an
investment manager (which may be the Trustee or an affiliate) to determine the allocation of amounts held in Participants’ Accounts among various investment options (the “Managed Account” option) for Participants who direct the
Trustee to invest any portion of their accounts in the Managed Account option. The investment options utilized under the Managed Account option may be those generally available under the Plan or may be as selected by the investment manager for use
under the Managed Account option. Participation in the Managed Account option shall be subject to such conditions and limitations (including account minimums) as may be imposed by the investment manager. The Employer may also appoint an investment
manager (which may be the Trustee or an affiliate) to manage any Permissible Investment subject to management by such investment manager. 
 8.03.
Participant Directions to Trustee. The method and frequency for change of investments shall be determined under (a) the rules applicable to the Permissible Investments selected by the Employer and designated in the Service Agreement
and (b) any additional rules of the Employer limiting the frequency of investment changes, which are included in a separate written administrative procedure adopted by the Employer and accepted by the Trustee. The Trustee shall have no duty to
inquire into the investment decisions of a Participant or to advise him regarding the purchase, retention, or sale of assets credited to his Account. 

Article 9. Participant Loans. 
 9.01. Special
Definition. For purposes of this Article, a “participant” is any Participant or Beneficiary, including an alternate payee under a qualified domestic relations order, as defined in Code Section 414(p), who is a
party-in-interest (as determined under ERISA Section 3(14)) with respect to the Plan. 
 9.02. Participant Loans. If so provided by the
Employer in Section 1.18 of the Adoption Agreement, the Administrator shall allow “participants” to apply for a loan from their Accounts under the Plan, subject to the provisions of this Article 9. 

9.03. Separate Loan Procedures. All Plan loans shall be made and administered in accordance with separate loan procedures that are hereby
incorporated into the Plan by reference. 
 9.04. Availability of Loans. Loans shall be made available to all “participants” on a
reasonably equivalent basis. Loans shall not be made available to “participants” who are Highly Compensated Employees in an amount greater than the amount made available to other “participants”. 

9.05. Limitation on Loan Amount. No loan to any “participant” shall be made to the extent that such loan when added to the outstanding
balance of all other loans to the “participant” would exceed the lesser of (a) $50,000 reduced by the excess (if any) of the highest outstanding balance of plan loans during the one-year period ending on the day before the loan is
made over the outstanding balance of plan loans on the date the loan is made, or (b) one-half the present value of the “participant’s” vested interest in his Account. For purposes of the above limitation, plan loans include all
loans from all plans maintained by the Employer and any Related Employer. 
 9.06. Interest Rate. Subject to the requirements of the
Servicemembers Civil Relief Act, all loans shall bear a reasonable rate of interest as determined by the Administrator based on the prevailing interest rates charged by persons in the business of lending money for loans which would be made under
similar circumstances. The determination of a reasonable rate of interest must be based on appropriate regional factors unless the Plan is administered on a national basis in which case the Administrator may establish a uniform reasonable rate of
interest applicable to all regions. 

  
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 9.07. Level Amortization. All loans shall by their terms require that repayment (principal and
interest) be amortized in level payments, not less than quarterly, over a period not extending beyond five years from the date of the loan unless such loan is for the purchase of a “participant’s” primary residence. Notwithstanding
the foregoing, the amortization requirement may be waived while a “participant” is on a leave of absence from employment with the Employer and any Related Employer either without pay or at a rate of pay which, after withholding for
employment and income taxes, is less than the amount of the installment payments required under the terms of the loan, provided that the period of such waiver shall not exceed one year, unless the “participant” is absent because of
military leave during which the “participant” performs services with the uniformed services (as defined in chapter 43 of title 38 of the United States Code), regardless of whether such military leave is a qualified military leave in
accordance with the provisions of Code Section 414(u). Installment payments must resume after such leave of absence ends or, if earlier, after the first year of such leave of absence, in an amount that is not less than the amount of the
installment payments required under the terms of the original loan. Unless a “participant” is absent because of military leave, as discussed below, no waiver of the amortization requirements shall extend the period of the loan beyond five
years from the date of the loan, unless the loan is for purchase of the “participant’s” primary residence. If a “participant” is absent because of military leave during which the “participant” performs services
with the uniformed services (as defined in chapter 43 of title 38 of the United States Code), regardless of whether such military leave is a qualified military leave in accordance with the provisions of Code Section 414(u), waiver of the
amortization requirements may extend the period of the loan to the maximum period permitted for such loan under the separate loan procedures extended by the period of such military leave. 

9.08. Security. Loans must be secured by the “participant’s” vested interest in his Account not to exceed 50 percent of such
vested interest. If the provisions of Section 14.04 apply to a Participant, a Participant must obtain the consent of his or her spouse, if any, to use his vested interest in his Account as security for the loan. Spousal consent shall be
obtained no earlier than the beginning of the 90-day period that ends on the date on which the loan is to be so secured. The consent must be in writing, must acknowledge the effect of the loan, and must be witnessed by a Plan representative or
notary public. Such consent shall thereafter be binding with respect to the consenting spouse or any subsequent spouse with respect to that loan. 

9.09. Loan Repayments. If a “participant’s” loan is being repaid through payroll withholding, the Employer shall remit any such
loan repayment to the Trustee as of the earliest date on which such amount can reasonably be segregated from the Employer’s general assets, but not later than the earlier of (a) the close of the period specified in the separate loan
procedures for preventing a default or (b) the 15th business day of the calendar month following the month in which such amount otherwise would have been paid to the “participant”. 

9.10. Default. The Administrator shall treat a loan in default if 

(a) any scheduled repayment remains unpaid at the end of the period specified in the separate loan procedures (unless payment is not made due
to a waiver of the amortization schedule for a “participant” who is on a leave of absence, as described in Section 9.07), or 

(b) there is an outstanding principal balance existing on a loan after the last scheduled repayment date. 

Upon default, the entire outstanding principal and accrued interest shall be immediately due and payable. If a distributable event (as defined
by the Code) has occurred, the Administrator shall direct the Trustee to foreclose on the promissory note and offset the “participant’s” vested interest in his Account by the outstanding balance of the loan. If a distributable event
has not occurred, the Administrator shall direct the Trustee to foreclose on the promissory note and offset the “participant’s” vested interest in his Account as soon as a distributable event occurs. The Trustee shall have no
obligation to foreclose on the promissory note and offset the outstanding balance of the loan except as directed by the Administrator. 
 9.11. Effect
of Termination Where Participant has Outstanding Loan Balance. If a Participant has an outstanding loan balance at the time his employment terminates, the entire outstanding principal and accrued interest shall be immediately due and
payable. Any outstanding loan amounts that are immediately due and payable hereunder shall be treated in accordance with the provisions of Sections 9.10 and 9.12 as if the Participant had 

  
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defaulted on the outstanding loan. Notwithstanding the foregoing, if a Participant with an outstanding loan balance terminates employment with the Employer and all Related Employers under
circumstances that do not constitute a separation from service, as described in Subsection 12.01(b), such Participant may elect, within 60 days of such termination, to roll over the outstanding loan to an eligible retirement plan, as defined in
Section 13.04, that accepts such rollovers. 
 9.12. Deemed Distributions Under Code Section 72(p). Notwithstanding the provisions
of Section 9.10, if a “participant’s” loan is in default, the “participant” shall be treated as having received a taxable “deemed distribution” for purposes of Code Section 72(p), whether or not a
distributable event has occurred. The tax treatment of that portion of a defaulted loan that is secured by Roth 401(k) Contributions shall be determined in accordance with Code Section 402A and guidance issued thereunder. 

The amount of a loan that is a deemed distribution ceases to be an outstanding loan for purposes of Code Section 72, except as otherwise
specifically provided herein, and a Participant shall not be treated as having received a taxable distribution when the Participant’s Account is offset by the outstanding balance of the loan amount as provided in Section 9.10. In addition,
interest that accrues on a loan after it is deemed distributed shall not be treated as an additional loan to the Participant and shall not be included in the income of the Participant as a deemed distribution. Notwithstanding the foregoing, unless a
Participant repays a loan that has been deemed distributed, with interest thereon, the amount of such loan, with interest, shall be considered an outstanding loan under Code Section 72(p) for purposes of determining the applicable limitation on
subsequent loans under Section 9.05. 
 If a Participant makes payments on a loan that has been deemed distributed, payments made on
the loan after the date it was deemed distributed shall be treated as Employee Contributions to the Plan for purposes of increasing the Participant’s tax basis in his Account, but shall not be treated as Employee Contributions for any other
purpose under the Plan, including application of the “ACP” test described in Section 6.06 and application of the Code Section 415 limitations described in Section 6.12. 

The provisions of this Section 9.12 regarding treatment of loans that are deemed distributed shall not apply to loans made prior to
January 1, 2002, except to the extent provided under the transition rules in Q & A 22(c)(2) of Section 1.72(p)-l of the Treasury Regulations. 

9.13. Determination of Vested Interest Upon Distribution Where Plan Loan is Outstanding. Notwithstanding any other provision of the Plan, the
portion of a “participant’s” vested interest in his Account that is held by the Plan as security for a loan outstanding to the “participant” in accordance with the provisions of this Article shall reduce the amount of the
Account payable at the time of death or distribution, but only if the reduction is used as repayment of the loan. If less than 100 percent of a “participant’s” vested interest in his Account (determined without regard to the preceding
sentence) is payable to the “participant’s” surviving spouse or other Beneficiary, then the Account shall be adjusted by first reducing the “participant’s” vested interest in his Account by the amount of the security
used as repayment of the loan, and then determining the benefit payable to the surviving spouse or other Beneficiary. 
 Article 10. In-Service
Withdrawals. 
 10.01. Availability of In-Service Withdrawals. Except as otherwise permitted under Section 11.02 with respect to
Participants who continue in employment past Normal Retirement Age, or as required under Section 12.04 with respect to Participants who continue in employment past their Required Beginning Date, a Participant shall not be permitted to make a
withdrawal from his Account under the Plan prior to retirement or termination of employment with the Employer and all Related Employers, if any, except as provided in this Article. 

10.02. Withdrawal of Employee Contributions. a Participant may elect to withdraw, in cash, up to 100 percent of the amount then credited to his
Employee Contributions Account. Such withdrawals may be made at any time, unless the Employer elects in Subsection 1.19(c)(1)(A) of the Adoption Agreement to limit the frequency of such withdrawals. 

  
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 10.03. Withdrawal of Rollover Contributions. A Participant may elect to withdraw, in cash, up to
100 percent of the amount then credited to his Rollover Contributions Account. Such withdrawals may be made at any time. 
 10.04. Age 59 1/2
Withdrawals. If so provided by the Employer in Subsection 1.19(b) of the Adoption Agreement or the In-Service Withdrawals Addendum to the Adoption Agreement, a Participant who continues in employment as an Employee and who has attained the
age of 59 1/2 is permitted to withdraw upon request all or any portion of his Accounts specified by the Employer in Subsection 1.19(b) of the Adoption Agreement or the In-Service Withdrawals Addendum to the Adoption Agreement, as applicable. 

10.05. Hardship Withdrawals. If so provided by the Employer in Subsection 1.19(a) of the Adoption Agreement, a Participant who continues in
employment as an Employee may apply to the Administrator for a hardship withdrawal of all or any portion of (a) his Deferral Contributions Account (excluding any earnings thereon accrued after the later of December 31, 1988 or the last day
of the last Plan Year ending before July 1, 1989), if elected by the Employer in Subsection 1.19(a)(1)(A) of the Adoption Agreement or (b), if elected by the Employer in Subsection 1.19(a)(1)(B) of the Adoption Agreement, such Accounts as may
be specified in Section (c) of the In-Service Withdrawals Addendum to the Adoption Agreement. The minimum amount that a Participant may withdraw because of hardship is the dollar amount specified by the Employer in Subsection 1.19(a) of the
Adoption Agreement, if any. 
 For purposes of this Section 10.05, a withdrawal is made on account of hardship if made on account of an
immediate and heavy financial need of the Participant where such Participant lacks other available resources. The Administrator shall direct the Trustee with respect to hardship withdrawals and those withdrawals shall be based on the following
special rules: 
 (a) The following are the only financial needs considered immediate and heavy: 

(1) expenses incurred or necessary for medical care (that would be deductible under Code Section 213(d), determined without regard to
whether the expenses exceed any applicable income limit) of the Participant, the Participant’s spouse, children, or dependents; 
 (2)
costs directly related to the purchase (excluding mortgage payments) of a principal residence for the Participant; 
 (3) payment of
tuition, related educational fees, and room and board for the next 12 months of post-secondary education for the Participant, the Participant’s spouse, children or dependents (as defined in Code Section 152, without regard to subsections
(b)(1), (b)(2), and (d)(1)(B) thereof); 
 (4) payments necessary to prevent the eviction of the Participant from, or a foreclosure on the
mortgage on, the Participant’s principal residence; 
 (5) payments for funeral or burial expenses for the Participant’s deceased
parent, spouse, child, or dependent (as defined in Code Section 152, without regard to subsection (d)(1)(B) thereof); 
 (6) expenses
for the repair of damage to the Participant’s principal residence that would qualify for a casualty loss deduction under Code Section 165 (determined without regard to whether the loss exceeds any applicable income limit); or 

(7) any other financial need determined to be immediate and heavy under rules and regulations issued by the Secretary of the Treasury or his
delegate; provided, however, that any such financial need shall constitute an immediate and heavy need under this paragraph (7) no sooner than administratively practicable following the date such rule or regulation is issued. 

  
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 (b) A distribution shall be considered as necessary to satisfy an immediate and heavy financial
need of the Participant only if: 
 (1) The Participant has obtained all distributions, other than the hardship withdrawal, and all
nontaxable (at the time of the loan) loans currently available under all plans maintained by the Employer or any Related Employer; 
 (2)
The Participant suspends Deferral Contributions and Employee Contributions to the Plan for the 6-month period following receipt of his hardship withdrawal. The suspension must also apply to all elective contributions and employee contributions to
all other qualified plans and non-qualified plans maintained by the Employer or any Related Employer, other than any mandatory employee contribution portion of a defined benefit plan, including stock option, stock purchase, and other similar plans,
but not including health and welfare benefit plans (other than the cash or deferred arrangement portion of a cafeteria plan); and 
 (3) The
withdrawal amount is not in excess of the amount of an immediate and heavy financial need (including amounts necessary to pay any Federal, state or local income taxes or penalties reasonably anticipated to result from the distribution). 

10.06. Preservation of Prior Plan In-Service Withdrawal Rules. As indicated by the Employer in Subsection 1.19(d) of the Adoption Agreement, to
the extent required under Code Section 411(d)(6), in-service withdrawals that were available under a prior plan shall be available under the Plan. 

(a) The following provisions shall apply to preserve prior in-service withdrawal provisions. 

(1) If the Plan is an amendment and restatement of a prior plan document or is a transferee plan of a prior plan that provided for in-service
withdrawals from a Participant’s vested interest in his Matching Employer and/or Nonelective Employer Contributions Accounts of amounts that have been held in such Accounts for a specified period of time, a Participant shall be entitled to
withdraw at any time prior to his termination of employment, any vested interest in amounts attributable to such Employer Contributions held in such Accounts for the period of time specified by the Employer in Subsection 1.19(d)(1)(A) of the
Adoption Agreement. Any such withdrawal shall be subject to any restrictions applicable under the prior plan or document that the Employer elects in Subsection 1.19(d)(1)(A)(i) of the Adoption Agreement to continue under the Plan as amended and
restated hereunder (other than any mandatory suspension of contributions restriction). 
 (2) If the Plan is an amendment and restatement of
a prior plan document or is a transferee plan of a prior plan that provided for in-service withdrawals from a Participant’s vested interest in his Matching Employer and/or Nonelective Employer Contributions Accounts by Participants with at
least 60 months of participation, a Participant with at least 60 months of participation shall be entitled to withdraw at any time prior to his termination of employment, his vested interest held in such Accounts. Any such withdrawal shall be
subject to any restrictions applicable under the prior plan or document that the Employer elects in Subsection 1.19(d)(1)(B)(i) of the Adoption Agreement to continue under the Plan as amended and restated hereunder (other than any mandatory
suspension of contributions restriction). 
 (3) If the Plan is an amendment and restatement of a prior plan document or is a transferee
plan of a prior plan that provided for in-service withdrawals from a Participant’s vested interest in his Matching Employer and/or Nonelective Employer Contributions Accounts under any other circumstances, a Participant who has met any
applicable requirements, as set forth in the In-Service Withdrawals Addendum to the Adoption Agreement, shall be entitled to withdraw at any time prior to his termination of employment his vested interest held in such Accounts. Any such withdrawal
shall be subject to any restrictions applicable under the prior plan or document that the 

  
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Employer elects to continue under the Plan as amended and restated hereunder, as set forth in the In-Service Withdrawal Addendum to the Adoption Agreement. 

(b) If the Plan is a transferee plan of a prior profit sharing plan that provided for in-service withdrawals from any portion of a
Participant’s Account other than his Employee Contributions and/or Rollover Contributions Accounts, a Participant who has met any applicable requirements, as set forth in the In-Service Withdrawals Addendum to the Adoption Agreement, shall be
entitled to withdraw at any time prior to his termination of employment his vested interest in amounts attributable to such prior profit sharing accounts, subject to any restrictions applicable under the prior plan that the Employer elects to
continue under the Plan as amended and restated hereunder (other than any mandatory suspension of contributions restriction), as set forth in the In-Service Withdrawals Addendum to the Adoption Agreement. 

10.07. Restrictions on In-Service Withdrawals. The following restrictions apply to any in-service withdrawal made from a Participant’s
Account under this Article: 
 (a) If the provisions of Section 14.04 apply to a Participant’s Account, the Participant must obtain
the consent of his spouse, if any, to obtain an in-service withdrawal. 
 (b) In-service withdrawals under this Article shall be made in a
lump sum payment, except that if the provisions of Section 14.04 apply to a Participant’s Account, the Participant shall receive the in-service withdrawal in the form of a “qualified joint and survivor annuity”, as defined in
Subsection 14.01(a), unless the consent rules in Section 14.05 are satisfied. 
 (c) Notwithstanding any other provision of the Plan to
the contrary other than the provisions of Section 11.02 or 12.04, a Participant shall not be permitted to make an in-service withdrawal from his Account of amounts attributable to contributions made to a money purchase pension plan, except
employee and/or rollover contributions that were held in a separate account(s) under such plan. 
 Article 11. Right to Benefits. 

11.01. Normal or Early Retirement. Each Participant who continues in employment as an Employee until his Normal Retirement Age or, if so provided
by the Employer in Subsection 1.14(b) of the Adoption Agreement, Early Retirement Age, shall have a vested interest in his Account of 100 percent regardless of any vesting schedule elected in Section 1.16 of the Adoption Agreement. If a
Participant retires upon the attainment of Normal or Early Retirement Age, such retirement is referred to as a normal retirement. 
 11.02. Late
Retirement. If a Participant continues in employment as an Employee after his Normal Retirement Age, he shall continue to have a 100 percent vested interest in his Account and shall continue to participate in the Plan until the date he
establishes with the Employer for his late retirement. Until he retires, he has a continuing right to elect to receive distribution of all or any portion of his Account in accordance with the provisions of Articles 12 and 13; provided, however, that
a Participant may not receive any portion of his Deferral Contributions, Qualified Nonelective Employer Contributions, Qualified Matching Employer Contributions, 401(k) Safe Harbor Matching Employer Contributions, or 401(k) Safe Harbor Nonelective
Employer Contributions Accounts prior to his attainment of age 59 1/2. 
 11.03. Disability Retirement. If so provided by the Employer in
Subsection 1.14(c) of the Adoption Agreement, a Participant who becomes disabled while employed as an Employee shall have a 100 percent vested interest in his Account regardless of any vesting schedule elected in Section 1.16 of the Adoption
Agreement. An Employee is considered disabled if he satisfies any of the requirements for disability retirement selected by the Employer in Section 1.15 of the Adoption Agreement and terminates his employment with the Employer. Such termination
of employment is referred to as a disability retirement. 

  
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 11.04. Death. A Participant who dies while employed as an Employee shall have a 100 percent vested
interest in his Account and his designated Beneficiary shall be entitled to receive the balance of his Account, plus any amounts thereafter credited to his Account. If a Participant whose employment as an Employee has terminated dies, his designated
Beneficiary shall be entitled to receive the Participant’s vested interest in his Account. 
 A copy of the death notice or other
sufficient documentation must be filed with and approved by the Administrator. If upon the death of the Participant there is, in the opinion of the Administrator, no designated Beneficiary for part or all of the Participant’s Account, such
amount shall be paid to his surviving spouse or, if none, to his estate (such spouse or estate shall be deemed to be the Beneficiary for purposes of the Plan). If a Beneficiary dies after benefits to such Beneficiary have commenced, but before they
have been completed, and, in the opinion of the Administrator, no person has been designated to receive such remaining benefits, then such benefits shall be paid in a lump sum to the deceased Beneficiary’s estate. 

Subject to the requirements of Section 14.04, a Participant may designate a Beneficiary, or change any prior designation of Beneficiary
by giving notice to the Administrator using procedures established by the Administrator. If more than one person is designated as the Beneficiary, their respective interests shall be as indicated on the designation form. In the case of a married
Participant, the Participant’s spouse shall be deemed to be the designated Beneficiary unless the Participant’s spouse has consented to another designation in the manner described in Section 14.06. Notwithstanding the foregoing, if a
Participant’s Account is subject to the requirements of Section 14.04 and the Employer has specified in Subsection 1.20(c)(2)(B)(ii) of the Adoption Agreement that less than 100 percent of the Participant’s Account that is subject to
Section 14.04 shall be used to purchase the “qualified preretirement survivor annuity”, as defined in Section 14.01, the Participant may designate a Beneficiary other than his spouse for the portion of his Account that would not
be used to purchase the “qualified preretirement survivor annuity,” regardless of whether the spouse consents to such designation. 
 11.05.
Other Termination of Employment. If a Participant terminates his employment with the Employer and all Related Employers, if any, for any reason other than death or normal, late, or disability retirement, he shall be entitled to a
termination benefit equal to the sum of (a) his vested interest in the balance of his Matching Employer and/or Nonelective Employer Contributions Account(s), other than the balance attributable to 401(k) Safe Harbor Matching Employer and/or
401(k) Safe Harbor Nonelective Employer Contributions, such vested interest to be determined in accordance with the vesting schedule(s) selected by the Employer in Section 1.16 of the Adoption Agreement, and (b) the balance of his
Deferral, Employee, Qualified Nonelective Employer, 401(k) Safe Harbor Nonelective Employer, Qualified Matching Employer, 401(k) Safe Harbor Matching Employer, and Rollover Contributions Accounts. 

11.06. Application for Distribution. Except as provided in Subsection 1.21(a) of the Adoption Agreement or Section 13.02, a Participant (or
his Beneficiary, if the Participant has died) who is entitled to a distribution hereunder must make application, using procedures established by the Administrator, for a distribution from his Account and no such distribution shall be made without
proper application. 
 11.07. Application of Vesting Schedule Following Partial Distribution. If a distribution from a Participant’s
Matching Employer and/or Nonelective Employer Contributions Account has been made to him at a time when his vested interest in such Account balance is less than 100 percent, the vesting schedule(s) in Section 1.16 of the Adoption Agreement
shall thereafter apply only to the balance of his Account attributable to Matching Employer and/or Nonelective Employer Contributions allocated after such distribution. The balance of the Account from which such distribution was made shall be
transferred to a separate account immediately following such distribution. 
 At any relevant time prior to a forfeiture of any portion
thereof under Section 11.08, a Participant’s vested interest in such separate account shall be equal to P(AB+(RxD))-(RxD), where P is the Participant’s vested interest expressed as a percentage at the relevant time determined under
Section 11.05; AB is the account balance of the separate account at the relevant time; D is the amount of the distribution; and R is the ratio of the account balance at the relevant time to the account balance after distribution. Following a
forfeiture of any portion of such separate account under Section 11.08 below, the Participant’s vested interest in any balance in such separate account shall remain 100 percent. 

  
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 11.08. Forfeitures. If a Participant terminates his employment with the Employer and all Related
Employers before his vested interest in his Matching Employer and/or Nonelective Employer Contributions Accounts is 100 percent, the non-vested portion of his Account (including any amounts credited after his termination of employment) shall be
forfeited by him as follows: 
 (a) If the Inactive Participant elects to receive distribution of his entire vested interest in his Account,
the non-vested portion of his Account shall be forfeited upon the complete distribution of such vested interest, subject to the possibility of reinstatement as provided in Section 11.10. For purposes of this Subsection, if the value of an
Employee’s vested interest in his Account balance is zero, the Employee shall be deemed to have received a distribution of his vested interest immediately following termination of employment. 

(b) If the Inactive Participant elects not to receive distribution of his vested interest in his Account following his termination of
employment, the non-vested portion of his Account shall be forfeited after the Participant has incurred five consecutive Breaks in Vesting Service. 

No forfeitures shall occur solely as a result of a Participant’s withdrawal of Employee Contributions. 

11.09. Application of Forfeitures. Any forfeitures occurring during a Plan Year shall be applied to reduce the contributions of the Employer,
unless the Employer has elected in Subsection 1.16(f)(1) of the Adoption Agreement that such remaining forfeitures shall be allocated among the Accounts of Active Participants who are eligible to receive allocations of Nonelective Employer
Contributions for the Plan Year in which the forfeiture occurs. Forfeitures that are allocated among the Accounts of eligible Active Participants shall be allocated as provided in the Adoption Agreement. Notwithstanding any other provision of the
Plan to the contrary, forfeitures shall first be used to pay administrative expenses under the Plan, if so directed by the Employer. To the extent that forfeitures are not used to reduce administrative expenses under the Plan, as directed by the
Employer, forfeitures will be applied in accordance with this Section 11.09. 
 Pending application, forfeitures shall be held in the
Permissible Investment selected by the Employer for such purpose. 
 Notwithstanding any other provision of the Plan to the contrary, in no
event may forfeitures be used to reduce the Employer’s obligation to remit to the Trust (or other appropriate Plan funding vehicle) loan repayments made pursuant to Article 9, Deferral Contributions or Employee Contributions. 

11.10. Reinstatement of Forfeitures. If a Participant forfeits any portion of his Account under Subsection 11.08(a) because of distribution of
his complete vested interest in his Account, but again becomes an Eligible Employee, then the amount so forfeited, without any adjustment for the earnings, expenses, losses, or gains of the assets credited to his Account since the date forfeited,
shall be recredited to his Account (or to a separate account as described in Section 11.07, if applicable) if he repays the entire amount of his distribution not attributable to Employee Contributions before the earlier of: 

(a) his incurring five-consecutive Breaks in Vesting Service following the date complete distribution of his vested interest was made to him;
or 
 (b) five years after his Reemployment Date. 

If an Employee is deemed to have received distribution of his complete vested interest as provided in Section 11.08, the Employee shall
be deemed to have repaid such distribution on his Reemployment Date. 
 Upon such an actual or deemed repayment, the provisions of the Plan
(including Section 11.07) shall thereafter apply as if no forfeiture had occurred. The amount to be recredited pursuant to this paragraph shall be derived first from the forfeitures, if any, which as of the date of recrediting have yet to be
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Section 11.09 and, to the extent such forfeitures are insufficient, from a special contribution to be made by the Employer. 

11.11. Adjustment for Investment Experience. If any distribution under this Article 11 is not made in a single payment, the amount retained by
the Trustee after the distribution shall be subject to adjustment until distributed to reflect the income and gain or loss on the investments in which such amount is invested and any expenses properly charged under the Plan and Trust to such
amounts. 
 Article 12. Distributions. 

12.01. Restrictions on Distributions. 

(a) Severance from Employment Rule. A Participant, or his Beneficiary, may not receive a distribution from the Participant’s
Deferral Contributions, Qualified Nonelective Employer Contributions, Qualified Matching Employer Contributions, 401(k) Safe Harbor Matching Employer Contributions or 401(k) Safe Harbor Nonelective Employer Contributions Accounts earlier than upon
the Participant’s severance from employment with the Employer and all Related Employers, death, or disability, except as otherwise provided in Article 10, Section 11.02 or Section 12.04. If the Employer elected Subsection 1.21(c) of
the Adoption Agreement, distribution from the Participant’s Deferral Contributions, Qualified Nonelective Employer Contributions, Qualified Matching Employer Contributions, 401(k) Safe Harbor Matching Employer Contributions or 401(k) Safe
Harbor Nonelective Employer Contributions Accounts may be further postponed in accordance with the provisions of Subsection 12.01(b) below. 

(b) Same Desk Rule. If elected by the Employer in Subsection 1.21(c) of the Adoption Agreement, a Participant, or his Beneficiary, may
not receive a distribution from the Participant’s Deferral Contributions, Qualified Nonelective Employer Contributions, Qualified Matching Employer Contributions, 401(k) Safe Harbor Matching Employer Contributions or 401(k) Safe Harbor
Nonelective Employer Contributions Accounts earlier than upon the Participant’s separation from service with the Employer and all Related Employers, death, or disability, except as otherwise provided in Article 10, Section 11.02 or
Section 12.04. Notwithstanding the foregoing, amounts may also be distributed from such Accounts, in the form of a lump sum only, upon 

(1) The disposition by a corporation to an unrelated corporation of substantially all of the assets (within the meaning of Code
Section 409(d)(2)) used in a trade or business of such corporation if such corporation continues to maintain the Plan with respect to the Participant after the disposition, but only with respect to former Employees who continue employment with
the corporation acquiring such assets. 
 (2) The disposition by a corporation to an unrelated entity of such corporation’s interest in
a subsidiary (within the meaning of Code Section 409(d)(3)) if such corporation continues to maintain the Plan with respect to the Participant, but only with respect to former Employees who continue employment with such subsidiary. 

In addition to the distribution events described in paragraph (a) or (b) above, as applicable, such amounts may also be distributed
upon the termination of the Plan provided that the Employer does not maintain another defined contribution plan (other than an employee stock ownership plan as defined in Code Section 4975(e)(7) or 409(a), a simplified employee pension plan as
defined in Code Section 408(k), a SIMPLE IRA plan as defined in Code Section 408(p), a plan or contract described in Code Section 403(b) or a plan described in Code Section 457(b) or (f)) at any time during the period beginning
on the date of plan termination and ending 12 months after all assets have been distributed from the Plan. Subject to Section 14.04, such a distribution must be made in a lump sum. 

12.02. Timing of Distribution Following Retirement or Termination of Employment. Except as otherwise elected by the Employer in Subsection
1.21(b) of the Adoption Agreement and provided in the Postponed Distribution Addendum to the Adoption Agreement, the balance of a Participant’s vested interest in his Account 

  
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shall be distributable upon his termination of employment with the Employer and all Related Employers, if any, because of death, normal, early, or disability retirement (as permitted under the
Plan), or other termination of employment. Notwithstanding the foregoing, a Participant may elect to postpone distribution of his Account until the date in Subsection 1.21(a) of the Adoption Agreement, unless the Employer has elected in Subsection
1.20(e)(1) of the Adoption Agreement to cash out de minimus Accounts and the Participant’s vested interest in his Account does not exceed the amount subject to automatic distribution pursuant to Section 13.02. A Participant who elects to
postpone distribution has a continuing election to receive such distribution prior to the date as of which distribution is required, unless such Participant is reemployed as an Employee. 

12.03. Participant Consent to Distribution. No distribution shall be made to the Participant before he reaches his Normal Retirement Age (or age
62, if later) without the Participant’s consent, unless the Employer has elected in Subsection 1.20(e)(1) of the Adoption Agreement to cash out de minimus Accounts and the Participant’s vested interest in his Account does not exceed the
amount subject to automatic distribution pursuant to Section 13.02. Such consent shall be made within the 90-day period ending on the Participant’s Annuity Starting Date. 

If a Participant’s vested interest in his Account exceeds the maximum cash out limit permitted under Code Section 411(a)(11)(A)
($5,000 as of January 1, 2005), the consent of the Participant’s spouse must also be obtained if the Participant’s Account is subject to the provisions of Section 14.04, unless the distribution shall be made in the form of a
“qualified joint and survivor annuity” or “qualified preretirement survivor annuity” as those terms are defined in Section 14.01. A spouse’s consent to early distribution, if required, must satisfy the requirements of
Section 14.06. 
 Neither the consent of the Participant nor the Participant’s spouse shall be required to the extent that a
distribution is required to satisfy Code Section 401(a)(9) or Code Section 415. In addition, upon termination of the Plan if it does not offer an annuity option (purchased from a commercial provider) and if the Employer or any Related
Employer does not maintain another defined contribution plan (other than an employee stock ownership plan as defined in Code Section 4975(e)(7)) the Participant’s Account shall, without the Participant’s consent, be distributed to the
Participant. However, if any Related Employer maintains another defined contribution plan (other than an employee stock ownership plan as defined in Code Section 4975(e)(7)) then the Participant’s Account shall be transferred, without the
Participant’s consent, to the other plan if the Participant does not consent to an immediate distribution. 
 12.04. Required Commencement of
Distribution to Participants. In no event shall distribution to a Participant commence later than the date in Section 1.21(a) of the Adoption Agreement, which date shall not be later than the earlier of the dates described in
(a) and (b) below: 
 (a) unless the Participant (and his spouse, if appropriate) elects otherwise, the 60th day after the close of
the Plan Year in which occurs the latest of (i) the date on which the Participant attains Normal Retirement Age, or age 65, if earlier, (ii) the date on which the Participant’s employment with the Employer and all Related Employers
ceases, or (iii) the 10th anniversary of the year in which the Participant commenced participation in the Plan; and 
 (b) the
Participant’s Required Beginning Date. 
 Notwithstanding the provisions of Subsection 12.04(a) above, the failure of a Participant
(and the Participant’s spouse, if applicable) to consent to a distribution shall be deemed to be an election to defer commencement of payment as provided in Section 12.02 above. 

12.05. Required Commencement of Distribution to Beneficiaries. Subject to the requirements of Subsection 12.05(a) below, if a Participant dies
before his Annuity Starting Date, the Participant’s Beneficiary shall receive distribution of the Participant’s vested interest in his Account in the form provided under Article 13 or 14, as applicable, beginning as soon as reasonably
practicable following the date the Beneficiary’s application for distribution is filed with the Administrator. If distribution is to be made to a Participant’s spouse, it shall be made 

  
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available within a reasonable period of time after the Participant’s death that is no less favorable than the period of time applicable to other distributions. 

(a) Death of Participant Before Distributions Begin. If the Participant dies before distributions begin, the Participant’s entire
vested interest will be distributed, or begin to be distributed, no later than as follows: 
 (1) If the Participant’s surviving spouse
is the Participant’s sole “designated beneficiary,” then, except as otherwise elected under Subsection 12.05(b), minimum distributions, as described in Section 13.03, will begin to the surviving spouse by December 31 of the
calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant would have attained age 70  1⁄2, if later. 
 (2) If the Participant’s surviving spouse is not the Participant’s sole
“designated beneficiary,” then, except as otherwise elected under Subsection 12.05(b), minimum distributions, as described in Section 13.03, will begin to the “designated beneficiary” by December 31 of the calendar year
immediately following the calendar year in which the Participant died. 
 (3) If there is no “designated beneficiary” as of
September 30 of the year following the year of the Participant’s death, the Participant’s entire vested interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant’s
death. 
 (4) If the Participant’s surviving spouse is the Participant’s sole “designated beneficiary” and the surviving
spouse dies after the Participant but before distributions to the surviving spouse begin, this Subsection 12.05(a), other than Subsection 12.05(a)(1), will apply as if the surviving spouse were the Participant. 

For purposes of this Subsection 12.05(a), unless Subsection 12.05(a)(4) applies, distributions are considered to begin on the
Participant’s Required Beginning Date. If Subsection 12.05(a)(4) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Subsection 12.05(a)(1). If distributions under an
annuity purchased from an insurance company irrevocably commence to the Participant before the Participant’s Required Beginning Date (or to the Participant’s surviving spouse before the date distributions are required to begin to the
surviving spouse under Subsection 12.05(a)(1)), the date distributions are considered to begin is the date distributions actually commence. 

(b) Election of 5-Year Rule. Participants or Beneficiaries may elect on an individual basis whether the 5-year rule described in
Subsection 12.05(a)(3) or the minimum distribution rule described in Section 13.03 applies to distributions after the death of a Participant who has a “designated beneficiary.” The election must be made no later than the earlier of
September 30 of the calendar year in which distribution would be required to begin under Subsection 12.05(a), or by September 30 of the calendar year which contains the fifth anniversary of the Participant’s (or, if applicable, the
surviving spouse’s) death. If neither the Participant nor the Beneficiary makes an election under this Subsection 12.05(b), distributions will be made in accordance with Subsection 12.05(a) and Section 13.03. 

Subject to the requirements of Subsection 12.05(a) above, if a Participant dies on or after his Annuity Starting Date, but before his entire
vested interest in his Account is distributed, his Beneficiary shall receive distribution of the remainder of the Participant’s vested interest in his Account beginning as soon as reasonably practicable following the Participant’s date of
death in a form that provides for distribution at least as rapidly as under the form in which the Participant was receiving distribution. 

For purposes of this Section 12.05, “designated beneficiary” is as defined in Subsection 13.03(c)(1). 

  
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 12.06. Whereabouts of Participants and Beneficiaries. The Administrator shall at all times be
responsible for determining the whereabouts of each Participant or Beneficiary who may be entitled to benefits under the Plan and shall direct the Trustee as to the maintenance of a current address of each such Participant or Beneficiary. The
Trustee shall be under no duty to make any distributions other than those for which it has received satisfactory direction from the Administrator. 

Notwithstanding the foregoing, if the Trustee attempts to make a distribution in accordance with the Administrator’s instructions but is
unable to make such distribution because the whereabouts of the distributee is unknown, the Trustee shall notify the Administrator of such situation and thereafter the Trustee shall be under no duty to make any further distributions to such
distributee until it receives further written instructions from the Administrator. 
 If the Administrator is unable after diligent attempts
to locate a Participant or Beneficiary who is entitled to a benefit under the Plan, the benefit otherwise payable to such Participant or Beneficiary shall be forfeited and applied as provided in Section 11.09. If a benefit is forfeited because
the Administrator determines that the Participant or Beneficiary cannot be found, such benefit shall be reinstated by the Employer if a claim is filed by the Participant or Beneficiary with the Administrator and the Administrator confirms the claim
to the Employer. Notwithstanding the above, forfeiture of a Participant’s or Beneficiary’s benefit may occur only if a distribution could be made to the Participant or Beneficiary without obtaining the Participant’s or
Beneficiary’s consent in accordance with the requirements of Section 1.411(a)-11 of the Treasury Regulations. 
 Article 13. Form of
Distribution. 
 13.01. Normal Form of Distribution Under Profit Sharing Plan. Unless a Participant’s Account is subject to the
requirements of Section 14.03 or 14.04, distributions to a Participant or to the Beneficiary of the Participant shall be made in a lump sum in cash or, if elected by the Participant (or the Participant’s Beneficiary, if applicable) and
provided by the Employer in Section 1.20 of the Adoption Agreement, under a systematic withdrawal plan (installments). A Participant (or the Participant’s Beneficiary, if applicable) who is receiving distribution under a systematic
withdrawal plan may elect to accelerate installment payments or to receive a lump sum distribution of the remainder of his Account balance. 

Notwithstanding anything herein to the contrary, if distribution to a Participant commences on the Participant’s Required Beginning Date
as determined under Subsection 2.01(tt), the Participant may elect to receive distributions under a systematic withdrawal plan that provides the minimum distributions required under Code Section 401(a)(9), as described in Section 13.03.

 Distributions shall be made in cash, except that distributions may be made in Fund Shares of marketable securities (as defined in Code
Section 731(c)(2)), other than Fund Shares of Employer Stock as defined in Section 20.12, at the election of the Participant, pursuant to the qualifying rollover of such distribution to a Fidelity Investments® individual retirement account. 
 13.02. Cash Out Of Small Accounts. Notwithstanding any
other provision of the Plan to the contrary, if the Employer elected to cash out small Accounts as provided in Subsection 1.20(e)(1) of the Adoption Agreement, and a Participant’s vested interest in his Account does not exceed $1,000 the
Participant’s vested interest in his Account shall be distributed in a lump sum following the Participant’s termination of employment because of retirement, disability, or other termination of employment. If elected by the Employer in
Subsection 1.20(e)(1)(A) of the Adoption Agreement, if a mandatory distribution greater than $1,000 is made to a Participant in accordance with the provisions of this Section prior to the Participant’s Normal Retirement Age (or age 62, if
later) and the Participant does not elect to have such distribution paid directly to an eligible retirement plan specified by the Participant in a direct rollover or to receive such distribution directly, then the Administrator will pay the
distribution in a direct rollover to an individual retirement plan designated by the Administrator. For purposes of determining whether an amount being distributed pursuant to this Section 13.02 will be subject to a direct rollover by the
Administrator, a Participant’s Roth 401(k) Contributions Account will be considered separately from the amount within the Participant’s non-Roth Account. 

  
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 If the Employer elected to cash out small Accounts as provided in Subsection 1.20(e)(1) of the
Adoption Agreement and if distribution is to be made to a Participant’s Beneficiary following the death of the Participant and the Beneficiary’s vested interest in the Participant’s Account does not exceed the maximum cash out limit
permitted under Code Section 411(a)(11)(A) ($5,000 as of January 1, 2005), distribution shall be made to the Beneficiary in a lump sum following the Participant’s death. 

13.03. Minimum Distributions. Unless a Participant’s vested interest in his Account is distributed in the form of an annuity purchased from
an insurance company or in a single sum on or before the Participant’s Required Beginning Date, as of the first “distribution calendar year” distributions will be made in accordance with this Section. If the Participant’s vested
interest in his Account is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Code Section 401(a)(9) and the Treasury Regulations issued
thereunder. 
 Notwithstanding the foregoing or any other provisions of this Section, distributions may be made under a designation made
before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of Subsection 13.03(d) below. 

(a) Required Minimum Distributions During a Participant’s Lifetime. During a Participant’s lifetime, the minimum amount that
will be distributed for each “distribution calendar year” is the lesser of: 
 (1) the quotient obtained by dividing the
Participant’s “account balance” by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations, using the Participant’s age as of the Participant’s birthday in
the “distribution calendar year”; or 
 (2) if the Participant’s sole “designated beneficiary” for the
“distribution calendar year” is the Participant’s spouse, the quotient obtained by dividing the Participant’s “account balance” by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9
of the Treasury Regulations, using the Participant’s and spouse’s attained ages as of the Participant’s and spouse’s birthdays in the “distribution calendar year.” 

Required minimum distributions will be determined under this Subsection 13.03(a) beginning with the first “distribution
calendar year” and up to and including the “distribution calendar year” that includes the Participant’s date of death. 

(b) Required Minimum Distributions After Participant’s Death. 

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

(A) The Participant’s remaining “life expectancy” is calculated using the age of the Participant in the year of death, reduced
by one for each subsequent year. 
 (B) If the Participant’s surviving spouse is the Participant’s sole “designated
beneficiary,” the remaining life expectancy of the surviving spouse is calculated for each distribution calendar year after the year of the Participant’s death using the surviving spouse’s age as of the spouse’s birthday in that
year. For “distribution calendar years” after the year of the surviving spouse’s death, the remaining “life expectancy” of the surviving spouse is calculated using the age of the surviving spouse as of the spouse’s
birthday in the calendar year of the spouse’s death, reduced by one for each subsequent calendar year. 

  
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 (C) If the Participant’s surviving spouse is not the Participant’s sole
“designated beneficiary,” the “designated beneficiary’s” remaining “life expectancy” is calculated using the age of the “designated beneficiary” in the year following the year of the Participant’s
death, reduced by one for each subsequent year. 
 (2) If the Participant dies on or after the date distributions begin and there is no
“designated beneficiary” as of September 30 of the year after the year of the Participant’s death, the minimum amount that will be distributed for each “distribution calendar year” after the year of the
Participant’s death is the quotient obtained by dividing the Participant’s “account balance” by the Participant’s remaining “life expectancy” calculated using the age of the Participant in the year of death,
reduced by one for each subsequent year. 
 (3) Unless the Participant or Beneficiary elects otherwise in accordance with Subsection
12.05(b), if the Participant dies before the date distributions begin and there is a “designated beneficiary,” the minimum amount that will be distributed for each “distribution calendar year” after the year of the
Participant’s death is the quotient obtained by dividing the Participant’s “account balance” by the remaining “life expectancy” of the Participant’s “designated beneficiary,” determined as provided in
Subsection 13.03(b)(1). 
 (4) If the Participant dies before the date distributions begin and there is no “designated
beneficiary” as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s full vested interest in his Account will be completed by December 31 of the calendar year
containing the fifth anniversary of the Participant’s death. 
 (5) If the Participant dies before the date distributions begin, the
Participant’s surviving spouse is the Participant’s sole “designated beneficiary,” and the surviving spouse dies before distributions are required to begin to the surviving spouse under Subsection 12.05(a)(1), Subsections
13.03(b)(3) and (4) will apply as if the surviving spouse were the Participant. 
 For purposes of this Subsection
13.03(b), unless Subsection 13.03(b)(5) applies, distributions are considered to begin on the Participant’s Required Beginning Date. If Subsection 13.03(b)(5) applies, distributions are considered to begin on the date distributions are required
to begin to the surviving spouse under Subsection 12.05(a)(1). If distributions under an annuity purchased from an insurance company irrevocably commence to the Participant before the Participant’s Required Beginning Date (or to the
Participant’s surviving spouse before the date distributions are required to begin to the surviving spouse under Subsection 12.05(a)(1)), the date distributions are considered to begin is the date distributions actually commence. 

(c) Definitions. For purposes of this Section 13.03, the following special definitions shall apply: 

(1) “Designated beneficiary” means the individual who is the Participant’s Beneficiary as defined under
Section 2.01(g) and is the designated beneficiary under Code Section 401(a)(9) and Section 1.401(a)(9)-4 of the Treasury Regulations. 

(2) “Distribution calendar year” means a calendar year for which a minimum distribution is required. For distributions
beginning before the Participant’s death, the first “distribution calendar year” is the calendar year immediately preceding the calendar year which contains the Participant’s Required Beginning Date. For distributions beginning
after the Participant’s death, the first “distribution calendar year” is the calendar year in which distributions are required to begin under Subsection 12.05(a). The required minimum distribution for the Participant’s first
“distribution calendar year” will be made on or before the Participant’s Required Beginning Date. The required minimum distribution for other “distribution calendar years,” including the required minimum distribution for the
“distribution calendar year” in which the Participant’s Required 

  
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Beginning Date occurs, will be made on or before December 31 of that “distribution calendar year.” 

(3) “Life expectancy” means life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the
Treasury Regulations. 
 (4) A Participant’s “account balance” means the balance of the Participant’s vested
interest in his Account as of the last valuation date in the calendar year immediately preceding the “distribution calendar year” (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures
allocated to the Account as of dates in the valuation calendar year after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The “account balance” for the valuation calendar year
includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the “distribution calendar year” if distributed or transferred in the valuation calendar year. 

(d) Section 242(b)(2) Elections. Notwithstanding any other provisions of this Section and subject to the requirements of Article
14, if applicable, distribution on behalf of a Participant, including a five-percent owner, may be made pursuant to an election under Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act of 1982 and in accordance with all of the
following requirements: 
 (1) The distribution is one which would not have disqualified the Trust under Code Section 401(a)(9), if
applicable, or any other provisions of Code Section 401(a), as in effect prior to the effective date of Section 242(a) of the Tax Equity and Fiscal Responsibility Act of 1982. 

(2) The distribution is in accordance with a method of distribution elected by the Participant whose vested interest in his Account is being
distributed or, if the Participant is deceased, by a Beneficiary of such Participant. 
 (3) Such election was in writing, was signed by the
Participant or the Beneficiary, and was made before January 1, 1984. 
 (4) The Participant had accrued a benefit under the Plan as of
December 31, 1983. 
 (5) The method of distribution elected by the Participant or the Beneficiary specifies the form of the
distribution, the time at which distribution will commence, the period over which distribution will be made, and in the case of any distribution upon the Participant’s death, the Beneficiaries of the Participant listed in order of priority.

 A distribution upon death shall not be made under this Subsection 13.03(d) unless the information in the election contains
the required information described above with respect to the distributions to be made upon the death of the Participant. For any distribution which commences before January 1, 1984, but continues after December 31, 1983, the Participant or
the Beneficiary to whom such distribution is being made will be presumed to have designated the method of distribution under which the distribution is being made, if this method of distribution was specified in writing and the distribution satisfies
the requirements in Subsections 13.03(d)(1) and (5). If an election is revoked, any subsequent distribution will be in accordance with the other provisions of the Plan. Any changes in the election will be considered to be a revocation of the
election. However, the mere substitution or addition of another Beneficiary (one not designated as a Beneficiary in the election), under the election will not be considered to be a revocation of the election, so long as such substitution or addition
does not alter the period over which distributions are to be made under the election directly, or indirectly (for example, by altering the relevant measuring life). 

The Administrator shall direct the Trustee regarding distributions necessary to comply with the minimum distribution rules set forth in this
Section 13.03. 

  
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 13.04. Direct Rollovers. Notwithstanding any other provision of the Plan to the contrary, a
“distributee” may elect, at the time and in the manner prescribed by the Administrator, to have any portion or all of an “eligible rollover distribution” paid directly to an “eligible retirement plan” specified by the
“distributee” in a direct rollover; provided, however, that a “distributee” may not elect a direct rollover with respect to a portion of an “eligible rollover distribution” if such portion totals less than $500. In
applying the $500 minimum on rollovers of a portion of a distribution, any “eligible rollover distribution” from a Participant’s Roth 401(k) Contributions Account will be considered separately from any “eligible rollover
distribution” from the Participant’s non-Roth Account. 
 The portion of any “eligible rollover distribution” consisting
of Employee Contributions may only be rolled over to an individual retirement account or annuity described in Code Section 408(a) or (b) or to a qualified defined contribution plan described in Code Section 401(a) or 403(a) that
provides for separate accounting with respect to such accounts, including separate accounting for the portion of such “eligible rollover distribution” that is includible in income and the portion that is not includible in income. That
portion of any “eligible rollover distribution” consisting of Roth 401(k) Contributions, may only be rolled over to another designated Roth account established for the individual under an applicable retirement plan described in Code
Section 402A(e)(1) that provides for “designated Roth contributions”, as defined in Section 6.01, or to a Roth individual retirement account described in Code Section 408A, subject to the rules of Code Section 402(c).

 For purposes of this Section 13.04, the following definitions shall apply: 

(a) “Distributee” means a Participant, the Participant’s surviving spouse, and the Participant’s spouse or former spouse
who is the alternate payee under a qualified domestic relations order, who is entitled to receive a distribution from the Participant’s vested interest in his Account. 

(b) “Eligible retirement plan” means an individual retirement account described in Code Section 408(a), an individual retirement
annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a), a qualified defined contribution plan described in Code Section 401(a), an annuity contract described in Code Section 403(b), an eligible
deferred compensation plan described in Code Section 457(b) that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state, provided that such 457 plan provides
for separate accounting with respect to such rolled over amounts, that accepts “eligible rollover distributions”, or a Roth individual retirement account described in Code Section 408A. 

(c) “Eligible rollover distribution” means any distribution of all or any portion of the balance to the credit of the
“distributee”, except that an “eligible rollover distribution” does not include the following: 
 (1) any distribution
that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the “distributee” or the joint lives (or joint life expectancies) of the “distributee”
and the “distributee’s” designated beneficiary, or for a specified period of ten years or more; 
 (2) any distribution to
the extent such distribution is required under Code Section 401(a)(9); or 
 (3) any hardship withdrawal made in accordance with the
provisions of Section 10.05 or the In-Service Withdrawals Addendum to the Adoption Agreement. 
 13.05. Notice Regarding Timing and Form of
Distribution. Within the period beginning 90 days before a Participant’s Annuity Starting Date and ending 30 days before such date, the Administrator shall provide such Participant with written notice containing a general description of
the material features of each form of distribution available under the Plan and an explanation of the financial effect of electing each form of distribution available under the Plan. The notice shall also inform the Participant of his right to defer
receipt of the distribution until the date in Subsection 1.21(a) of the Adoption Agreement and his right to make a direct rollover. 

  
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 Distribution may commence fewer than 30 days after such notice is given, provided that: 

(a) the Administrator clearly informs the Participant that the Participant has a right to a period of at least 30 days after receiving the
notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option); 
 (b) the
Participant, after receiving the notice, affirmatively elects a distribution, with his spouse’s written consent, if necessary; 
 (c) if
the Participant’s Account is subject to the requirements of Section 14.04, the following additional requirements apply: 
 (1) the
Participant is permitted to revoke his affirmative distribution election at any time prior to the later of (A) his Annuity Starting Date or (B) the expiration of the seven-day period beginning the day after such notice is provided to him;
and 
 (2) distribution does not begin to such Participant until such revocation period ends. 

13.06. Determination of Method of Distribution. Subject to Section 13.02, the Participant shall determine the method of distribution of
benefits to himself and may determine the method of distribution to his Beneficiary. If the Participant does not determine the method of distribution to his Beneficiary or if the Participant permits his Beneficiary to override his determination, the
Beneficiary, in the event of the Participant’s death, shall determine the method of distribution of benefits to himself as if he were the Participant. A determination by the Beneficiary must be made no later than the close of the calendar year
in which distribution would be required to begin under Section 12.05 or, if earlier, the close of the calendar year in which the fifth anniversary of the death of the Participant occurs. 

13.07. Notice to Trustee. The Administrator shall notify the Trustee in any medium acceptable to the Trustee, which may be specified in the
Service Agreement, whenever any Participant or Beneficiary is entitled to receive benefits under the Plan. The Administrator’s notice shall indicate the form of payment of benefits that such Participant or Beneficiary shall receive, (in the
case of distributions to a Participant) the name of any designated Beneficiary or Beneficiaries, and such other information as the Trustee shall require. 

Article 14. Superseding Annuity Distribution Provisions. 

14.01. Special Definitions. For purposes of this Article, the following special definitions shall apply: 

(a) “Qualified joint and survivor annuity” means (1) if the Participant is not married on his Annuity Starting Date, an
immediate annuity payable for the life of the Participant or (2) if the Participant is married on his Annuity Starting Date, an immediate annuity for the life of the Participant with a survivor annuity for the life of the Participant’s
spouse (to whom the Participant was married on the Annuity Starting Date) equal to 50 percent (or the percentage designated in Subsection 1.20(c)(2)(A)(i)(I) or 1.20(c)(2)(B)(i), as applicable, of the Adoption Agreement) of the amount of the annuity
which is payable during the joint lives of the Participant and such spouse, provided that the survivor annuity shall not be payable to a Participant’s spouse if such spouse is not the same spouse to whom the Participant was married on his
Annuity Starting Date. 
 (b) “Qualified preretirement survivor annuity” means an annuity purchased with at least 50 percent
of a Participant’s vested interest in his Account that is payable for the life of a Participant’s surviving spouse. The Employer shall specify that portion of a Participant’s vested interest in his Account that is to be used to
purchase the “qualified preretirement survivor annuity” in Section 1.20 of the Adoption Agreement. 

  
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 14.02. Applicability. The provisions of this Article shall apply to a Participant’s Account
if: 
 (a) the Plan includes assets transferred from a money purchase pension plan; 

(b) the Plan is an amendment and restatement of a plan that provided an annuity form of payment and such form of payment has not
been eliminated pursuant to Subsection 1.20(d) of the Adoption Agreement; 
 (c) the Plan is an amendment and restatement of a plan that
provided an annuity form of payment and such form of payment has been eliminated pursuant to Subsection 1.20(d) of the Adoption Agreement, but the Participant elected a life annuity form of payment before the effective date of the
elimination; 
 (d) the Participant’s Account contains assets attributable to amounts directly or indirectly transferred from a plan
that provided an annuity form of payment and such form of payment has not been eliminated pursuant to Subsection 1.20(d) of the Adoption Agreement; 

(e) the Participant’s Account contains assets attributable to amounts directly or indirectly transferred from a plan that provided an
annuity form of payment and such form of payment has been eliminated pursuant to Subsection 1.20(d) of the Adoption Agreement, but the Participant elected a life annuity form of payment before the effective date of the elimination.

 14.03. Annuity Form of Payment. To the extent provided in Section 1.20 of the Adoption Agreement, a Participant may elect
distributions made in whole or in part in the form of an annuity contract. Any annuity contract distributed under the Plan shall be subject to the provisions of this Section 14.03 and, to the extent provided therein, Sections 14.04 through
14.09. 
 (a) At the direction of the Administrator, the Trustee shall purchase the annuity contract on behalf of a Participant or
Beneficiary from an insurance company. Such annuity contract shall be nontransferable. 
 (b) The terms of the annuity contract shall comply
with the requirements of the Plan and distributions under such contract shall be made in accordance with Code Section 401(a)(9) and the Treasury Regulations issued thereunder. 

(c) The annuity contract may provide for payment over the life of the Participant and, upon the death of the Participant, may provide a
survivor annuity continuing for the life of the Participant’s designated Beneficiary. Such an annuity may provide for an annuity certain feature for a period not exceeding the life expectancy of the Participant or, if the annuity is payable to
the Participant and a designated Beneficiary, the joint life and last survivor expectancy of the Participant and such Beneficiary. If the Participant dies prior to his Annuity Starting Date, the annuity contract distributed to the Participant’s
Beneficiary may provide for payment over the life of the Beneficiary, and may provide for an annuity certain feature for a period not exceeding the life expectancy of the Beneficiary. The types of annuity contracts provided under the Plan shall be
limited to the types of annuities described in Section 1.20 of the Adoption Agreement and the Forms of Payment Addendum to the Adoption Agreement. 

(d) The annuity contract must provide for nonincreasing payments. 

14.04. “Qualified Joint and Survivor Annuity” and “Qualified Preretirement Survivor Annuity” Requirements. The requirements
of this Section 14.04 apply to a Participant’s Account if: 
 (a) the Plan includes assets transferred from a money purchase
pension plan; 
 (b) the Employer has selected in Subsection 1.20(c)(2)(B) of the Adoption Agreement that distribution in the form of a life
annuity is the normal form of distribution with respect to such Participant’s Account; or 

  
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 (c) the Employer has selected in Subsection 1.20(c)(2)(A) of the Adoption Agreement that
distribution in the form of a life annuity is an optional form of distribution with respect to such Participant’s Account and the Participant is permitted to elect and has elected distribution in the form of an annuity contract payable over the
life of the Participant. 
 If a Participant’s Account is subject to the requirements of this Section 14.04, distribution shall be made to the
Participant with respect to such Account in the form of a “qualified joint and survivor annuity” (with a survivor annuity in the percentage amount specified by the Employer in Subsection 1.20 of the Adoption Agreement) in the amount that
can be purchased with such Account unless the Participant waives the “qualified joint and survivor annuity” as provided in Section 14.05. If the Participant dies prior to his Annuity Starting Date, distribution shall be made to the
Participant’s surviving spouse, if any, in the form of a “qualified preretirement survivor annuity” in the amount that can be purchased with such Account unless the Participant waives the “qualified preretirement survivor
annuity” as provided in Section 14.05, or the Participant’s surviving spouse elects in writing to receive distribution in one of the other forms of payment provided under the Plan. A Participant’s Account that is subject to the
requirements of this Section 14.04 shall be used to purchase the “qualified preretirement survivor annuity” and the balance of the Participant’s vested interest in his Account that is not used to purchase the “qualified
preretirement survivor annuity” shall be distributed to the Participant’s designated Beneficiary in accordance with the provisions of Sections 11.04 and 12.05. 

14.05. Waiver of the “Qualified Joint and Survivor Annuity” and/or “Qualified Preretirement Survivor Annuity” Rights. A
Participant may waive the “qualified joint and survivor annuity” described in Section 14.04 and elect another form of distribution permitted under the Plan at any time during the 90-day period ending on his Annuity Starting Date;
provided, however, that if the Participant is married, his spouse must consent in writing to such election as provided in Section 14.06. 

A Participant may waive the “qualified preretirement survivor annuity” and designate a non-spouse Beneficiary at any time during the
“applicable election period”; provided, however, that the Participant’s spouse must consent in writing to such election as provided in Section 14.06. The “applicable election period” begins on the later of (1) the
date the Participant’s Account becomes subject to the requirements of Section 14.04 or (2) the first day of the Plan Year in which the Participant attains age 35 or, if he terminates employment prior to such date, the date he
terminates employment with the Employer and all Related Employers. The “applicable election period” ends on the earlier of the Participant’s Annuity Starting Date or the date of the Participant’s death. A Participant whose
employment has not terminated may elect to waive the “qualified preretirement survivor annuity” prior to the Plan Year in which he attains age 35, provided that any such waiver shall cease to be effective as of the first day of the Plan
Year in which the Participant attains age 35. 
 A Participant’s waiver of the “qualified joint and survivor annuity” or
“qualified preretirement survivor annuity” shall be valid only if the applicable notice described in Section 14.07 or 14.08 has been provided to the Participant. 

14.06. Spouse’s Consent to Waiver. A spouse’s written consent to a Participant’s waiver of the “qualified joint and survivor
annuity” or “qualified preretirement survivor annuity” forms of distribution must acknowledge the effect of the Participant’s election and must be witnessed by a Plan representative or a notary public. In addition, the
spouse’s written consent must either (a) specify the form of distribution elected instead of the “qualified joint and survivor annuity”, if applicable, and that such form may not be changed (except to a “qualified joint and
survivor annuity”) without written spousal consent and specify any non-spouse Beneficiary designated by the Participant, if applicable, and that such designation may not be changed without written spousal consent or (b) acknowledge that
the spouse has the right to limit consent as provided in clause (a) above, but permit the Participant to change the form of distribution elected or the designated Beneficiary without the spouse’s further consent. 

A Participant’s spouse shall be deemed to have given written consent to a Participant’s waiver if the Participant establishes to the
satisfaction of a Plan representative that spousal consent cannot be obtained because the spouse cannot be located or because of other circumstances set forth in Code Section 401(a)(11) and Treasury Regulations issued thereunder. 

  
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 Any written consent given or deemed to have been given by a Participant’s spouse hereunder
shall be irrevocable and shall be effective only with respect to such spouse and not with respect to any subsequent spouse. 
 A
spouse’s consent to a Participant’s waiver shall be valid only if the applicable notice described in Section 14.07 or 14.08 has been provided to the Participant. 

14.07. Notice Regarding “Qualified Joint and Survivor Annuity”. The notice provided to a Participant under Section 14.05 shall
include a written explanation of (a) the terms and conditions of the “qualified joint and survivor annuity” provided herein, (b) the financial effect of receiving payment under the “qualified joint and survivor
annuity”, (c) the Participant’s right to make, and the effect of, an election to waive the “qualified joint and survivor annuity”, (d) the rights of the Participant’s spouse under Section 14.06, and
(e) the Participant’s right to revoke an election to waive the “qualified joint and survivor annuity” prior to his Annuity Starting Date. 

14.08. Notice Regarding “Qualified Preretirement Survivor Annuity”. If a Participant’s Account is subject to the requirements of
Section 14.04, the Participant shall be provided with a written explanation of the “qualified preretirement survivor annuity” comparable to the written explanation provided with respect to the “qualified joint and survivor
annuity”, as described in Section 14.07. Such explanation shall be furnished within whichever of the following periods ends last: 

(a) the period beginning with the first day of the Plan Year in which the Participant reaches age 32 and ending with the end of the Plan Year
preceding the Plan Year in which he reaches age 35; 
 (b) a reasonable period ending after the Employee becomes an Active Participant; 

(c) a reasonable period ending after Section 14.04 first becomes applicable to the Participant’s Account; or 

(d) in the case of a Participant who separates from service before age 35, a reasonable period ending after such separation from service. 

For purposes of the preceding sentence, the two-year period beginning one year prior to the date of the event described in Subsection
14.08(b), (c) or (d) above, whichever is applicable, and ending one year after such date shall be considered reasonable, provided, that in the case of a Participant who separates from service under Subsection 14.08(d) above and
subsequently recommences employment with the Employer, the applicable period for such Participant shall be redetermined in accordance with this Section 14.08. 

14.09. Former Spouse. For purposes of this Article, a former spouse of a Participant shall be treated as the spouse or surviving spouse of the
Participant, and a current spouse shall not be so treated, to the extent required under a qualified domestic relations order, as defined in Code Section 414(p). 

Article 15. Top-Heavy Provisions. 
 15.01.
Definitions. For purposes of this Article, the following special definitions shall apply: 
 (a) “Determination
date” means, for any Plan Year subsequent to the first Plan Year, the last day of the preceding Plan Year. For the first Plan Year of the Plan, “determination date” means the last day of that Plan Year. 

(b) “Determination period” means the Plan Year containing the “determination date”. 

(c) “Distribution period” means (i) for any distribution made to an employee on account of severance from employment,
death, disability, or termination of a plan which would have been part of the 

  
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“required aggregation group” had it not been terminated, the one-year period ending on the “determination date” and (ii) for any other distribution, the five-year period
ending on the “determination date”. 
 (d) “Key employee” means any Employee or former Employee (including any
deceased Employee) who at any time during the “determination period” was (1) an officer of the Employer or a Related Employer having annual Compensation greater than the dollar amount specified in Code Section 416(i)(1)(A)(I)
adjusted under Code Section 416(i)(1) for Plan Years beginning after December 31, 2002 (e.g., $135,000 for Plan Years beginning in 2005), (2) a five-percent owner of the Employer or a Related Employer, or (3) a one-percent owner
of the Employer or a Related Employer having annual Compensation of more than $150,000. The determination of who is a “key employee” shall be made in accordance with Code Section 416(i)(1) and any applicable guidance or regulations
issued thereunder. 
 (e) “Permissive aggregation group” means the “required aggregation group” plus any other
qualified plans of the Employer or a Related Employer which, when considered as a group with the “required aggregation group”, would continue to satisfy the requirements of Code Sections 401(a)(4) and 410. 

(f) “Required aggregation group” means: 

(1) Each qualified plan of the Employer or Related Employer in which at least one “key employee” participates, or has participated
at any time during the “determination period” or, unless and until modified by future Treasury guidance, any of the four preceding Plan Years (regardless of whether the plan has terminated), and 

(2) any other qualified plan of the Employer or Related Employer which enables a plan described in Subsection 15.01(f)(1) above to meet the
requirements of Code Section 401(a)(4) or 410. 
 (g) “Top-heavy plan” means a plan in which any of the following
conditions exists: 
 (1) the “top-heavy ratio” for the plan exceeds 60 percent and the plan is not part of any “required
aggregation group” or “permissive aggregation group”; 
 (2) the plan is a part of a “required aggregation group”
but not part of a “permissive aggregation group” and the “top-heavy ratio” for the “required aggregation group” exceeds 60 percent; or 

(3) the plan is a part of a “required aggregation group” and a “permissive aggregation group” and the “top-heavy
ratio” for both groups exceeds 60 percent. 
 Notwithstanding the foregoing, a plan is not a “top-heavy plan” for a Plan Year
if it consists solely of a cash or deferred arrangement that satisfies the nondiscrimination requirements under Code Section 401(k) by application of Code Section 401(k)(12) and, if matching contributions are provided under such plan,
satisfies the nondiscrimination requirements under Code Section 401(m) by application of Code Section 401(m)(11). 
 (h)
“Top-heavy ratio” means: 
 (1) With respect to the Plan, or with respect to any “required aggregation group” or
“permissive aggregation group” that consists solely of defined contribution plans (including any simplified employee pension, as defined in Code Section 408(k)), a fraction, the numerator of which is the sum of the account balances of
all “key employees” under the plans as of the “determination date” (including any part of any account balance distributed during the “distribution period”), and the denominator of which is the sum of all account
balances (including 

  
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any part of any account balance distributed during the “distribution period”) of all participants under the plans as of the “determination date”. Both the numerator and
denominator of the “top-heavy ratio” shall be increased, to the extent required by Code Section 416, to reflect any contribution which is due but unpaid as of the “determination date”. 

(2) With respect to any “required aggregation group” or “permissive aggregation group” that includes one or more defined
benefit plans which, during the “determination period”, has covered or could cover an Active Participant in the Plan, a fraction, the numerator of which is the sum of the account balances under the defined contribution plans for all
“key employees” and the present value of accrued benefits under the defined benefit plans for all “key employees”, and the denominator of which is the sum of the account balances under the defined contribution plans for all
participants and the present value of accrued benefits under the defined benefit plans for all participants. Both the numerator and denominator of the “top-heavy ratio” shall be increased for any distribution of an account balance or an
accrued benefit made during the “distribution period” and any contribution due but unpaid as of the “determination date”. 

For purposes of Subsections 15.01(h)(1) and (2) above, the value of accounts shall be determined as of the most recent
“determination date” and the present value of accrued benefits shall be determined as of the date used for computing plan costs for minimum funding that falls within 12 months of the most recent “determination date”, except as
provided in Code Section 416 and the regulations issued thereunder for the first and second plan years of a defined benefit plan. When aggregating plans, the value of accounts and accrued benefits shall be calculated with reference to the
“determination dates” that fall within the same calendar year. 
 The accounts and accrued benefits of a
Participant who is not a “key employee” but who was a “key employee” in a prior year, or who has not performed services for the Employer or any Related Employer at any time during the one-year period ending on the
“determination date”, shall be disregarded. The calculation of the “top-heavy ratio”, and the extent to which distributions, rollovers, and transfers are taken into account, shall be made in accordance with Code Section 416
and the regulations issued thereunder. Deductible employee contributions shall not be taken into account for purposes of computing the “top-heavy ratio”. 

For purposes of determining if the Plan, or any other plan included in a “required aggregation group” of which the
Plan is a part, is a “top-heavy plan”, the accrued benefit in a defined benefit plan of an Employee other than a “key employee” shall be determined under the method, if any, that uniformly applies for accrual purposes under all
plans maintained by the Employer or a Related Employer, or, if there is no such method, as if such benefit accrued not more rapidly than the slowest accrual rate permitted under the fractional accrual rate of Code Section 411(b)(1)(C). 

15.02. Application. If the Plan is or becomes a “top-heavy plan” in any Plan Year or is automatically deemed to be a “top-heavy
plan” in accordance with the Employer’s selection in Subsection 1.22(a)(1) of the Adoption Agreement, the provisions of this Article shall apply and shall supersede any conflicting provision in the Plan. Notwithstanding the foregoing, the
provisions of this Article shall not apply if Subsection 1.22(a)(3) of the Adoption Agreement is selected. 
 15.03. Minimum Contribution.
Except as otherwise specifically provided in this Section 15.03, the Nonelective Employer Contributions made for the Plan Year on behalf of any Active Participant who is not a “key employee”, when combined with the Matching Employer
Contributions made on behalf of such Active Participant for the Plan Year, shall not be less than the lesser of three percent (or five percent, if selected by the Employer in Subsection 1.22(b) of the Adoption Agreement) of such Participant’s
Compensation for the Plan Year or, in the case where neither the Employer nor any Related Employer maintains a defined benefit plan which uses the Plan to satisfy Code Section 401(a)(4) or 410, the largest percentage of Employer contributions
made on behalf of any “key employee” for the Plan Year, expressed as a percentage of the “key employee’s” Compensation for the Plan Year. 

  
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Catch-Up Contributions made on behalf of a “key employee” for the Plan Year shall not be taken into account for purposes of determining the amount of the minimum contribution required
hereunder. 
 If an Active Participant is entitled to receive a minimum contribution under another qualified plan maintained by the Employer
or a Related Employer that is a “top-heavy plan”, no minimum contribution shall be made hereunder unless the Employer has provided in Subsection 1.22(b)(1) of the Adoption Agreement that the minimum contribution shall be made under this
Plan in any event. If the Employer has provided in Subsection 1.22(b)(2) that an alternative means shall be used to satisfy the minimum contribution requirements where an Active Participant is covered under multiple plans that are “top-heavy
plans”, no minimum contribution shall be required under this Section, except as provided under the 416 Contributions Addendum to the Adoption Agreement. If a minimum contribution is required to be made under the Plan for the Plan Year on behalf
of an Active Participant who is not a “key employee” and who is a participant in a defined benefit plan maintained by the Employer or a Related Employer that is aggregated with the Plan, the minimum contribution shall not be less than five
percent of such Participant’s Compensation for the Plan Year. 
 The minimum contribution required under this Section 15.03 shall
be made to the Account of an Active Participant even though, under other Plan provisions, the Active Participant would not otherwise be entitled to receive a contribution, or would have received a lesser contribution for the Plan Year, because
(a) the Active Participant failed to complete the Hours of Service requirement selected by the Employer in Subsection 1.11(e) or 1.12(d) of the Adoption Agreement, or (b) the Participant’s Compensation was less than a stated amount;
provided, however, that no minimum contribution shall be made for a Plan Year to the Account of an Active Participant who is not employed by the Employer or a Related Employer on the last day of the Plan Year. 

That portion of a Participant’s Account that is attributable to minimum contributions required under this Section 15.03, to the
extent required to be nonforfeitable under Code Section 416(b), may not be forfeited under Code Section 411(a)(3)(B). 
 15.04.
Determination of Minimum Required Contribution. For purposes of determining the amount of any minimum contribution required to be made on behalf of a Participant who is not a “key employee” for a Plan Year, the Matching Employer
Contributions made on behalf of such Participant and the Nonelective Employer Contributions allocated to such Participant for the Plan Year shall be aggregated. If the aggregate amount of such contributions, when expressed as a percentage of such
Participant’s Compensation for the Plan Year, is less than the minimum contribution required to be made to such Participant under Section 15.03, the Employer shall make an additional contribution on behalf of such Participant in an amount
that, when aggregated with the Matching Employer Contributions and Nonelective Employer Contributions previously allocated to such Participant, will equal the minimum contribution required to be made to such Participant under Section 15.03.

 15.05. Accelerated Vesting. For any Plan Year in which the Plan is or is deemed to be a “top-heavy plan” and all Plan Years
thereafter, the top-heavy vesting schedule provided in Subsection 1.22(c) of the Adoption Agreement shall automatically apply to the Plan. The top-heavy vesting schedule applies to all benefits within the meaning of Code Section 411(a)(7)
except those already subject to a vesting schedule which vests at least as rapidly in all cases as the schedule elected in Subsection 1.22(c) of the Adoption Agreement, including benefits accrued before the Plan becomes a “top-heavy plan”.
Notwithstanding the foregoing provisions of this Section 15.05, the top-heavy vesting schedule does not apply to the Account of any Participant who does not have an Hour of Service after the Plan initially becomes or is deemed to have become a
“top-heavy plan” and such Employee’s Account attributable to Employer Contributions shall be determined without regard to this Section 15.05. 

15.06. Exclusion of Collectively-Bargained Employees. Notwithstanding any other provision of this Article 15, Employees who are included in a
unit covered by an agreement which the Secretary of Labor finds to be a collective bargaining agreement between employee representatives and one or more employers shall not be included in determining whether or not the Plan is a “top-heavy
plan”. In addition, such Employees shall not be entitled to a minimum contribution under Section 15.03 or accelerated vesting under Section 15.05, unless otherwise provided in the collective bargaining agreement. 

  
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 Article 16. Amendment and Termination. 

16.01. Amendments by the Employer that do Not Affect Volume submitter Status. The Employer reserves the authority through a board of
directors’ resolution or similar action, subject to the provisions of Article 1 and Section 16.04, to amend the Plan as provided herein, and such amendment shall not affect the status of the Plan as a volume submitter plan. 

(a) The Employer may amend the Adoption Agreement to make a change or changes in the provisions previously elected by it. Such amendment may be
made either by (1) completing an amended Adoption Agreement, or (2) adopting an amendment in the form provided by the Volume Submitter Sponsor. Any such amendment must be filed with the Trustee. 

(b) The Employer may adopt certain model amendments published by the Internal Revenue Service which specifically provide that their adoption
shall not cause the Plan to be treated as an individually designed plan. 
 16.02. Amendments by the Employer Adopting Provisions not Included in
Volume Submitter Specimen Plan. The Employer reserves the authority, subject to the provisions of Section 16.04, to amend the Plan by adopting provisions that are not included in the Volume Submitter Sponsor’s specimen plan. Any
such amendment shall be made through use of the Superseding Provisions Addendum to the Adoption Agreement. Any such amendment may affect the Plan’s status as a volume submitter adopter. 

16.03. Amendment by the Volume Submitter Sponsor. Effective as of the date the Volume Submitter Sponsor receives approval from the Internal
Revenue Service of its Volume Submitter specimen plan, the Volume Submitter Sponsor may in its discretion amend the volume submitter plan at any time, which amendment may also apply to the Plan maintained by the Employer. The Volume Submitter
Sponsor shall satisfy any recordkeeping and notice requirements imposed by the Internal Revenue Service in order to maintain its amendment authority. The Volume Submitter Sponsor shall provide a copy of any such amendment to each Employer adopting
its volume submitter plan at the Employer’s last known address as shown on the books maintained by the Volume Submitter Sponsor or its affiliates. 

Notwithstanding the above, the Volume Submitter Sponsor will no longer have the authority to amend the Plan on behalf of an adopting Employer
as of the earlier of (a) the date the Internal Revenue Service requires the Employer to file Form 5300 as an individually-designed plan as a result of an Employer amendment to the Plan to incorporate a type of plan that is not allowable in the
Volume Submitter program, as described in Section 16.02 of Rev. Proc. 2005-16 (or the successor thereto), or (b) the date the Employer’s Plan is otherwise considered an individually-designed plan due to the nature and extent of
amendments, as described in Section 24.03 of Rev. Proc. 2005-16 (or the successor thereto). 
 16.04. Amendments Affecting Vested Interest and/or
Accrued Benefits. Except as permitted by Section 16.05, Section 1.20(d) of the Adoption Agreement, and/or Code Section 411(d)(6) and regulations issued thereunder, no amendment to the Plan shall be effective to the extent that
it has the effect of decreasing a Participant’s Account or eliminating an optional form of benefit with respect to benefits attributable to service before the amendment. Furthermore, if the vesting schedule of the Plan is amended, the
nonforfeitable interest of a Participant in his Account, determined as of the later of the date the amendment is adopted or the date it becomes effective, shall not be less than the Participant’s nonforfeitable interest in his Account
determined without regard to such amendment. 
 If the Plan’s vesting schedule is amended because of a change to “top-heavy
plan” status, as described in Subsection 15.01(g), the accelerated vesting provisions of Section 15.05 shall continue to apply for all Plan Years thereafter, regardless of whether the Plan is a “top-heavy plan” for such Plan
Year. 
 If the Plan’s vesting schedule is amended and an Active Participant’s vested interest, as calculated by using the amended
vesting schedule, is less in any year than the Active Participant’s vested interest calculated under the 

  
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Plan’s vesting schedule immediately prior to the amendment, the amended vesting schedule shall apply only to Employees first hired on or after the effective date of the change in vesting
schedule. 
 16.05. Retroactive Amendments made by Volume Submitter Sponsor. An amendment made by the Volume Submitter Sponsor in accordance
with Section 16.03 may be made effective on a date prior to the first day of the Plan Year in which it is adopted if, in published guidance, the Internal Revenue Service either permits or requires such an amendment to be made to enable the Plan
and Trust to satisfy the applicable requirements of the Code and all requirements for the retroactive amendment are satisfied. 
 16.06. Termination
and Discontinuation of Contributions. The Employer has adopted the Plan with the intention and expectation that assets shall continue to be held under the Plan on behalf of Participants and their Beneficiaries indefinitely and, unless the
Plan is a frozen plan as provided in Subsection 1.01(g)(5) of the Adoption Agreement, that contributions under the Plan shall be continued indefinitely. However, said Employer has no obligation or liability whatsoever to maintain the Plan for any
length of time and may amend the Plan to discontinue contributions under the Plan or terminate the Plan at any time without any liability hereunder for any such discontinuance or termination. 

If the Plan is not already a frozen plan, the Employer may amend the Plan to discontinue further contributions to the Plan by selecting
Subsection 1.01(g)(5) of the Adoption Agreement. An Employer that has selected in Subsection 1.01(g)(5) of the Adoption Agreement may change its selection and provide for contributions under the Plan to recommence with the intention that such
contributions continue indefinitely, as provided in the preceding paragraph. 
 The Employer may terminate the Plan by written notice
delivered to the Trustee. Notwithstanding the effective date of the termination of the Plan, loan payments being made pursuant to Section 9.07 shall continue to be remitted to the Trust until the loan has been defaulted or distributed pursuant
to Sections 9.10 and 9.11 or Section 9.13, respectively. 
 16.07. Distribution upon Termination of the Plan. Upon termination or partial
termination of the Plan or complete discontinuance of contributions thereunder, each Participant (including a terminated Participant with respect to amounts not previously forfeited by him) who is affected by such termination or partial termination
or discontinuance shall have a vested interest in his Account of 100 percent. Subject to Section 12.01 and Article 14, upon receipt of instructions from the Administrator, the Trustee shall distribute to each Participant or other person
entitled to distribution the balance of the Participant’s Account in a single lump sum payment. In the absence of such instructions, the Trustee shall notify the Administrator of such situation and the Trustee shall be under no duty to make any
distributions under the Plan until it receives instructions from the Administrator. Upon the completion of such distributions, the Trust shall terminate, the Trustee shall be relieved from all liability under the Trust, and no Participant or other
person shall have any claims thereunder, except as required by applicable law. 
 If distribution is to be made to a Participant or
Beneficiary who cannot be located, following the Administrator’s completion of such search methods as described in applicable Department of Labor guidance, the Administrator shall give instructions to the Trustee to roll over the distribution
to an individual retirement account established by the Administrator in the name of the missing Participant or Beneficiary, which account shall satisfy the requirements of the Department of Labor automatic rollover safe harbor generally applicable
to amounts less than or equal to the maximum cashout amount specified in Code Section 401(a)(31)(B)(ii) ($5,000 as of January 1, 2005) that are mandatorily distributed from the Plan. In the absence of such instructions, the Trustee shall
make no distribution to the distributee. 
 16.08. Merger or Consolidation of Plan; Transfer of Plan Assets. In case of any merger or
consolidation of the Plan with, or transfer of assets and liabilities of the Plan to, any other plan, provision must be made so that each Participant would, if the Plan then terminated, receive a benefit immediately after the merger, consolidation
or transfer which is equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation or transfer if the Plan had then terminated. 

  
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 Article 17. Amendment and Continuation of Prior Plan; Transfer of Funds to or from Other Qualified
Plans. 
 17.01. Amendment and Continuation of Prior Plan. In the event the Employer has previously established a plan
(the “prior plan”) which is a defined contribution plan under the Code and which on the date of adoption of the Plan meets the applicable requirements of Code Section 401(a), the Employer may, in accordance with the provisions of the
prior plan, amend and restate the prior plan in the form of the Plan and become the Employer hereunder, subject to the following: 
 (a)
Subject to the provisions of the Plan, each individual who was a Participant in the prior plan immediately prior to the effective date of such amendment and restatement shall become a Participant in the Plan on the effective date of the amendment
and restatement, provided he is an Eligible Employee as of that date. 
 (b) Except as provided in Section 16.04, no election may be
made under the vesting provisions of the Adoption Agreement if such election would reduce the benefits of a Participant under the Plan to less than the benefits to which he would have been entitled if he voluntarily separated from the service of the
Employer immediately prior to such amendment and restatement. 
 (c) No amendment to the Plan shall decrease a Participant’s accrued
benefit or eliminate an optional form of benefit, except as permitted under Subsection 1.20(d) of the Adoption Agreement. 
 (d) The amounts
standing to the credit of a Participant’s account immediately prior to such amendment and restatement which represent the amounts properly attributable to (1) contributions by the Participant and (2) contributions by the Employer and
forfeitures shall constitute the opening balance of his Account or Accounts under the Plan. 
 (e) Amounts being paid to an Inactive
Participant or to a Beneficiary in accordance with the provisions of the prior plan shall continue to be paid in accordance with such provisions. 

(f) Any election and waiver of the “qualified preretirement survivor annuity”, as defined in Section 14.01, in effect after
August 23, 1984, under the prior plan immediately before such amendment and restatement shall be deemed a valid election and waiver of Beneficiary under Section 14.04 if such designation satisfies the requirements of Sections 14.05 and
14.06, unless and until the Participant revokes such election and waiver under the Plan. 
 (g) All assets of the predecessor trust shall be
invested by the Trustee as soon as reasonably practicable pursuant to Article 8. The Employer agrees to assist the Trustee in any way requested by the Trustee in order to facilitate the transfer of assets from the predecessor trust to the Trust
Fund. 
 17.02. Transfer of Funds from an Existing Plan. The Employer may from time to time direct the Trustee, in accordance
with such rules as the Trustee may establish, to accept cash, allowable Fund Shares or participant loan promissory notes transferred for the benefit of Participants from a trust forming part of another qualified plan under the Code, provided such
plan is a defined contribution plan. Such transferred assets shall become assets of the Trust as of the date they are received by the Trustee. Such transferred assets shall be credited to Participants’ Accounts in accordance with their
respective interests immediately upon receipt by the Trustee. A Participant’s vested interest under the Plan in transferred assets which were fully vested and nonforfeitable under the transferring plan or which were transferred to the Plan in a
manner intended to satisfy the requirements of subsection (b) of this Section 17.02 shall be fully vested and nonforfeitable at all times. A Participant’s interest under the Plan in transferred assets which were transferred to the
Plan in a manner intended to satisfy the requirements of subsection (a) of this Section 17.02 shall be determined in accordance with the terms of the Plan, but applying the Plan’s vesting schedule or the transferor plan’s vesting
schedule, whichever is more favorable, for each year of Vesting Service completed by the Participant. Such transferred assets shall be invested by the Trustee in accordance with the provisions of Subsection 17.01(g) as if such assets were
transferred from a prior plan, as defined in Section 17.01. Except as 

  
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otherwise provided below, no transfer of assets in accordance with this Section 17.02 may cause a loss of an accrued or optional form of benefit protected by Code Section 411(d)(6).

 The terms of the Plan as in effect at the time of the transfer shall apply to the amounts transferred regardless of whether such
application would have the effect of eliminating or reducing an optional form of benefit protected by Code Section 411(d)(6) which was previously available with respect to any amount transferred to the Plan pursuant to this Section 17.02,
provided that such transfer satisfies the requirements set forth in either (a) or (b): 
  

	 	(a)	(1) The transfer is conditioned upon a voluntary, fully informed election by the Participant to transfer his entire account balance to the Plan. As an alternative to the transfer, the Participant is offered the
opportunity to retain the form of benefit previously available to him (or, if the transferor plan is terminated, to receive any optional form of benefit for which the participant is eligible under the transferor plan as required by Code
Section 411(d)(6)); 

 (2) If the defined contribution plan from which the transfer is made includes a qualified cash or
deferred arrangement, the Plan includes a cash or deferred arrangement; 
 (3) The defined contribution plan from which the transfer is made
is not a money purchase pension plan and 
 (4) The transfer is made either in connection with an asset or stock acquisition, merger or
other similar transaction involving a change in employer of the employees of a trade or business 
 (i.e., an acquisition or disposition
within the meaning of Section 1.410(b)-2(f) of the Treasury Regulations) or in connection with the participant’s change in employment status such that the participant is not entitled to additional allocations under the transferor plan.

  

	 	(b)	(1) The transfer satisfies the requirements of subsection (a)(1) of this Section 17.02; 

(2) The transfer occurs at a time when the Participant is eligible, under the terms of the transferor plan, to receive an immediate
distribution of his account; 
 (3) The transfer occurs at a time when the participant is not eligible to receive an immediate distribution
of his entire nonforfeitable account balance in a single sum distribution that would consist entirely of an eligible rollover distribution within the meaning of Code Section 401(a)(31)(C); and 

(4) The amount transferred, together with the amount of any contemporaneous Code Section 401(a)(31) direct rollover to the Plan, equals
the entire nonforfeitable account of the participant whose account is being transferred. 
 It is the Employer’s obligation to ensure
that all assets of the Plan, other than those maintained in a separate trust or fund pursuant to the provisions of Section 20.10, are transferred to the Trustee. The Trustee shall have no liability for and no duty to inquire into the
administration of such transferred assets for periods prior to the transfer. 
 17.03. Acceptance of Assets by Trustee. The
Trustee shall not accept assets which are not either in a medium proper for investment under the Plan, as set forth in the Plan and the Service Agreement, or in cash. Such assets shall be accompanied by instructions in writing (or such other medium
as may be acceptable to the Trustee) showing separately the respective contributions by the prior employer and by the Participant, and identifying the assets attributable to such contributions. The Trustee shall establish such accounts as may be
necessary or appropriate to reflect such contributions under the Plan. The Trustee shall hold such assets for investment in accordance with the provisions of Article 8, and shall in accordance with the instructions of the Employer make appropriate
credits to the Accounts of the Participants for whose benefit assets have been transferred. 

  
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 17.04. Transfer of Assets from Trust. The Employer may direct the Trustee to
transfer all or a specified portion of the Trust assets to any other plan or plans maintained by the Employer or the employer or employers of an Inactive Participant or Participants, provided that the Trustee has received evidence satisfactory to it
that such other plan meets all applicable requirements of the Code, subject to the following: 
 (a) The assets so
transferred shall be accompanied by instructions from the Employer naming the persons for whose benefit such assets have been transferred, showing separately the respective contributions by the Employer and by each Inactive Participant, if any, and
identifying the assets attributable to the various contributions. The Trustee shall not transfer assets hereunder until all applicable filing requirements are met. The Trustee shall have no further liabilities with respect to assets so transferred.

 (b) A transfer of assets made pursuant to this Section 17.04 may result in the elimination or reduction of an
optional form of benefit protected by Code Section 411(d)(6), provided that the transfer satisfies the requirements set forth in either (1) or (2): 
  

	 	(1)	(i) The transfer is conditioned upon a voluntary, fully informed election by the Participant to transfer his entire Account to the other defined contribution plan. As an alternative to the transfer, the Participant
is offered the opportunity to retain the form of benefit previously available to him (or, if the Plan is terminated, to receive any optional form of benefit for which the Participant is eligible under the Plan as required by Code
Section 411(d)(6)); 

 (ii) If the Plan includes a qualified cash or deferred arrangement under Code Section 401(k),
the defined contribution plan to which the transfer is made must include a qualified cash or deferred arrangement; and 
 (iii) The transfer
is made either in connection with an asset or stock acquisition, merger or other similar transaction involving a change in employer of the employees of a trade or business (i.e., an acquisition or disposition within the meaning of
Section 1.410(b)-2(f) of the Treasury Regulations) or in connection with the Participant’s change in employment status such that the Participant becomes an Inactive Participant. 

 

	 	(2)	(i) The transfer satisfies the requirements of subsection (1)(i) of this Section 17.04; 

(ii) The transfer occurs at a time when the Participant is eligible, under the terms of the Plan, to receive an immediate distribution of his
benefit; 
 (iii) The transfer occurs at a time when the Participant is not eligible to receive an immediate distribution of his entire
nonforfeitable Account in a single sum distribution that would consist entirely of an eligible rollover distribution within the meaning of Code Section 401(a)(31)(C); 

(iv) The Participant is fully vested in the transferred amount in the transferee plan; and 

(v) The amount transferred, together with the amount of any contemporaneous Code Section 401(a)(31) direct rollover to the transferee
plan, equals the entire nonforfeitable Account of the Participant whose Account is being transferred. 

  
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 Article 18. Miscellaneous. 

18.01. Communication to Participants. The Plan shall be communicated to all Eligible Employees by the Employer promptly after the Plan is
adopted. 
 18.02. Limitation of Rights. Neither the establishment of the Plan and the Trust, nor any amendment thereof, nor the creation of
any fund or account, nor the payment of any benefits, shall be construed as giving to any Participant or other person any legal or equitable right against the Employer, Administrator or Trustee, except as provided herein; and in no event shall the
terms of employment or service of any Participant be modified or in any way affected hereby. It is a condition of the Plan, and each Participant expressly agrees by his participation herein, that each Participant shall look solely to the assets held
in the Trust for the payment of any benefit to which he is entitled under the Plan. 
 18.03. Nonalienability of Benefits. Except as provided
in Code Sections 401(a)(13)(C) and (D) (relating to offsets ordered or required under a criminal conviction involving the Plan, a civil judgment in connection with a violation or alleged violation of fiduciary responsibilities under ERISA, or a
settlement agreement between the Participant and the Department of Labor in connection with a violation or alleged violation of fiduciary responsibilities under ERISA), Section 1.401(a)-13(b)(2) of the Treasury Regulations (relating to Federal
tax levies), or as otherwise required by law, the benefits provided hereunder shall not be subject to alienation, assignment, garnishment, attachment, execution or levy of any kind, either voluntarily or involuntarily, and any attempt to cause such
benefits to be so subjected shall not be recognized. The preceding sentence shall also apply to the creation, assignment, or recognition of a right to any benefit payable with respect to a Participant pursuant to a domestic relations order, unless
such order is determined in accordance with procedures established by the Administrator to be a qualified domestic relations order, as defined in Code Section 414(p), or any domestic relations order entered before January 1, 1985. 

18.04. Qualified Domestic Relations Orders Procedures. The Administrator must establish reasonable procedures to determine the qualified status
of a domestic relations order. Upon receiving a domestic relations order, the Participant and any alternate payee named in the order shall be notified, in writing, of the receipt of the order and the Plan’s procedures for determining the
qualified status of the order. Within a reasonable period of time after receiving the domestic relations order, the Administrator must determine the qualified status of the order. The Participant and each alternate payee shall be provided notice of
such determination by mailing to the individual’s address specified in the domestic relations order, or in a manner consistent with the Department of Labor regulations. 

If any portion of the Participant’s Account is payable during the period the Administrator is making its determination of the qualified
status of the domestic relations order, the Administrator must make a separate accounting of the amounts payable. If the Administrator determines the order is a qualified domestic relations order within 18 months of the date amounts first are
payable following receipt of the order, the Administrator shall direct the Trustee to distribute the payable amounts in accordance with the order. If the determination of the qualified status of the order is not made within the 18-month
determination period, the Administrator shall direct the Trustee to distribute the payable amounts in the manner the Plan would distribute if the order did not exist and shall apply the order prospectively if the Administrator later determines that
the order is a qualified domestic relations order. 
 The Trustee shall set up segregated accounts for each alternate payee as directed by
the Administrator. 
 A domestic relations order shall not fail to be deemed a qualified domestic relations order merely because it permits
distribution or requires segregation of all or part of a Participant’s Account with respect to an alternate payee prior to the Participant’s earliest retirement age (as defined in Code Section 414(p)) under the Plan. A distribution to
an alternate payee prior to the Participant’s attainment of the earliest retirement age is available only if the order provides for distribution at that time and the alternate payee consents to a distribution occurring prior to the
Participant’s attainment of earliest retirement age. 

  
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 Notwithstanding any other provisions of this Section or of a domestic relations order, if the
Employer has elected to cash out small Accounts as provided in Subsection 1.20(e)(1) of the Adoption Agreement and the alternate payee’s benefits under the Plan do not exceed the maximum cash out limit permitted under Code
Section 411(a)(11)(A) ($5,000 as of January 1, 2005), distribution shall be made to the alternate payee in a lump sum as soon as practicable following the Administrator’s determination that the order is a qualified domestic relations
order. 
 18.05. Application of Plan Provisions for Multiple Employer Plans. Notwithstanding any other provision of the Plan to the contrary,
if one of the Employers designated in Subsection 1.02(b) of the Adoption Agreement is or ceases to be a Related Employer (hereinafter “un-Related Employer”), the Plan shall be treated as a multiple employer plan (as defined in Code
Section 413(c)) in accordance with applicable guidance. 
 For the period, if any, that the Plan is a multiple employer plan, each
un-Related Employer shall be treated as a separate Employer for purposes of contributions, application of the “ADP” and “ACP” tests described in Sections 6.03 and 6.06, top-heavy determinations and application of the top-heavy
requirements under Article 15, and application of such other Plan provisions as the Employers determine to be appropriate. For any such period, the Volume Submitter Sponsor shall continue to treat the Employer as participating in this volume
submitter plan arrangement for purposes of notice or other communications in connection with the Plan, and other Plan-related services. The Administrator shall be responsible for administering the Plan as a multiple employer plan. 

18.06. Veterans Reemployment Rights. Notwithstanding any other provision of the Plan to the contrary, contributions, benefits, and service
credit with respect to qualified military service shall be provided in accordance with Code Section 414(u) and the regulations thereunder. The Administrator shall notify the Trustee of any Participant with respect to whom additional
contributions are made because of qualified military service. Additional contributions made to the Plan pursuant to Code Section 414(u) shall be treated as Deferral Contributions (if Option 1.07(a)(5) is selected in the Adoption Agreement,
including, to the extent designated by the Participant, Roth 401(k) Contributions), Employee Contributions, Matching Employer Contributions, Qualified Matching Employer Contributions, Qualified Nonelective Employer Contributions, or Nonelective
Employer Contributions based on the character of the contribution they are intended to replace; provided, however, that the Plan shall not be treated as failing to meet the requirements of Code Section 401(a)(4), 401(k)(3), 401(k)(12), 401(m),
410(b), or 416 by reason of the making of or the right to make such contribution. 
 18.07. Facility of Payment. In the event the
Administrator determines, on the basis of medical reports or other evidence satisfactory to the Administrator, that the recipient of any benefit payments under the Plan is incapable of handling his affairs by reason of minority, illness, infirmity
or other incapacity, the Administrator may direct the Trustee to disburse such payments to a person or institution designated by a court which has jurisdiction over such recipient or a person or institution otherwise having the legal authority under
state law for the care and control of such recipient. The receipt by such person or institution of any such payments shall be complete acquittance therefore, and any such payment to the extent thereof, shall discharge the liability of the Trust for
the payment of benefits hereunder to such recipient. 
 18.08. Information between Employer and/or Administrator and Trustee. The Employer
and/or Administrator will furnish the Trustee, and the Trustee will furnish the Employer and/or Administrator, with such information relating to the Plan and Trust as may be required by the other in order to carry out their respective duties
hereunder, including without limitation information required under the Code and any regulations issued or forms adopted by the Treasury Department thereunder or under the provisions of ERISA and any regulations issued or forms adopted by the
Department of Labor thereunder. 
 18.09. Effect of Failure to Qualify Under Code. Notwithstanding any other provision contained herein, if
the Employer’s plan fails to be a qualified plan under the Code, such plan can no longer participate in this volume submitter plan arrangement and shall be considered an individually designed plan. 

18.10. Directions, Notices and Disclosure. Any notice or other communication in connection with this Plan shall be deemed delivered in writing
if addressed as follows and if either actually delivered at said address or, in the case 

  
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of a letter, three business days shall have elapsed after the same shall have been deposited in the United States mail, first-class postage prepaid and registered or certified: 

(a) If to the Employer or Administrator, to it at the address as the Administrator shall direct pursuant to the Service Agreement; 

(b) If to the Trustee, to it at the address set forth in Subsection 1.03(a) of the Adoption Agreement; 

or, in each case at such other address as the addressee shall have specified by written notice delivered in accordance with the foregoing to the
addressor’s then effective notice address. 
 Any direction, notice or other communication provided to the Employer, the Administrator
or the Trustee by another party which is stipulated to be in written form under the provisions of this Plan may also be provided in any medium which is permitted under applicable law or regulation. Any written communication or disclosure to
Participants required under the provisions of this Plan may be provided in any other medium (electronic, telephone or otherwise) that is permitted under applicable law or regulation. 

18.11. Governing Law. The Plan and the accompanying Adoption Agreement shall be construed, administered and enforced according to ERISA, and to
the extent not preempted thereby, the laws of the Commonwealth of Massachusetts. 
 18.12. Discharge of Duties by Fiduciaries. The Trustee,
the Employer and any other fiduciary shall discharge their duties under the Plan in accordance with the requirements of ERISA solely in the interests of Participants and their Beneficiaries and with the care, skill, prudence, and diligence under the
applicable circumstances that a prudent man acting in a like capacity and familiar with such matters would use in conducting an enterprise of like character with like aims. 

Article 19. Plan Administration. 
 19.01.
Powers and Responsibilities of the Administrator. The Administrator has the full power and the full responsibility to administer the Plan in all of its details, subject, however, to the requirements of ERISA. The Administrator is the
agent for service of legal process for the Plan. In addition to the powers and authorities expressly conferred upon it in the Plan, the Administrator shall have all such powers and authorities as may be necessary to carry out the provisions of the
Plan, including the discretionary power and authority to interpret and construe the provisions of the Plan, such interpretation to be final and conclusive on all persons claiming benefits under the Plan; to make benefit determinations; to utilize
the correction programs or systems established by the Internal Revenue Service (such as the Employee Plans Compliance and Resolution System) or the Department of Labor; and to resolve any disputes arising under the Plan. The Administrator may, by
written instrument, allocate and delegate its fiduciary responsibilities in accordance with ERISA Section 405, including allocation of such responsibilities to an administrative committee formed to administer the Plan. 

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

19.03. Claims and Review Procedures. As required under Section 2560.503-1(b)(2) of Regulations issued by the Department of Labor, the
claims and review procedures are described in detail in the Summary Plan Description for the Plan. 
 19.04. Named Fiduciary. The
Administrator is a “named fiduciary” for purposes of ERISA Section 402(a)(1) and has the powers and responsibilities with respect to the management and operation of the Plan described herein. 

  
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 19.05. Costs of Administration. Unless paid by the Employer, all reasonable costs and expenses
(including legal, accounting, and employee communication fees) incurred by the Administrator and the Trustee in administering the Plan and Trust may be paid from the forfeitures (if any) resulting under Section 11.08, or from the remaining
Trust Fund. All such costs and expenses paid from the Trust Fund shall, unless allocable to the Accounts of particular Participants, be charged against the Accounts of all Participants as provided in the Service Agreement. 

Article 20. Trust Agreement. 
 20.01.
Acceptance of Trust Responsibilities. By executing the Adoption Agreement, the Employer establishes a trust to hold the assets of the Plan that are invested in Permissible Investments. By executing the Adoption Agreement, the Trustee
agrees to accept the rights, duties and responsibilities set forth in this Article. If the Plan is an amendment and restatement of a prior plan, the Trustee shall have no liability for and no duty to inquire into the administration of the assets of
the Plan for periods prior to the date such assets are transferred to the Trust. 
 20.02. Establishment of Trust Fund. A trust is hereby
established under the Plan. The Trustee shall open and maintain a trust account for the Plan and, as part thereof, Accounts for such individuals as the Employer shall from time to time notify the Trustee are Participants in the Plan. The Trustee
shall accept and hold in the Trust Fund such contributions on behalf of Participants as it may receive from time to time from the Employer. The Trust Fund shall be fully invested and reinvested in accordance with the applicable provisions of the
Plan in Fund Shares or as otherwise provided in Section 20.10. 
 20.03. Exclusive Benefit. The Trustee shall hold the assets of the
Trust Fund for the exclusive purpose of providing benefits to Participants and Beneficiaries and defraying the reasonable expenses of administering the Plan. No assets of the Plan shall revert to the Employer except as specifically permitted by the
terms of the Plan. 
 20.04. Powers of Trustee. The Trustee shall have no discretion or authority with respect to the investment of the Trust
Fund but shall act solely as a directed trustee of the funds contributed to it. In addition to and not in limitation of such powers as the Trustee has by law or under any other provisions of the Plan, the Trustee shall have the following powers,
each of which the Trustee exercises solely as a directed trustee in accordance with the written direction of the Employer except to the extent a Plan asset is subject to Participant direction of investment and provided that no such power shall be
exercised in any manner inconsistent with the provisions of ERISA: 
 (a) to deal with all or any part of the Trust Fund and to invest all or
a part of the Trust Fund in Permissible Investments, without regard to the law of any state regarding proper investment; 
 (b) to transfer
to and invest all or any part of the Trust in any collective investment trust which is then maintained by a bank or trust company (or any affiliate) and which is tax-exempt pursuant to Code Section 501(a) and Rev. Rul. 81-100; provided that
such collective investment trust is a Permissible Investment; and provided, further, that the instrument establishing such collective investment trust, as amended from time to time, shall govern any investment therein, and is hereby made a part of
the Plan and this Trust Agreement to the extent of such investment therein; 
 (c) to retain uninvested such cash as the Named Fiduciary or
Administrator may, from time to time, direct; 
 (d) to sell, lease, convert, redeem, exchange, or otherwise dispose of all or any part of
the assets constituting the Trust Fund; 
 (e) to borrow funds from a bank or other financial institution not affiliated with the Trustee in
order to provide sufficient liquidity to process Plan transactions in a timely fashion, provided that the cost of borrowing shall be allocated in a reasonable fashion to the Permissible Investment(s) in need of liquidity; 

  
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 (f) to enforce by suit or otherwise, or to waive, its rights on behalf of the Trust, and to
defend claims asserted against it or the Trust, provided that the Trustee is indemnified to its satisfaction against liability and expenses; 

(g) to employ legal, accounting, clerical, and other assistance to carry out the provisions of this Trust and to pay the reasonable expenses of
such employment, including compensation, from the Trust if not paid by the Employer; 
 (h) to compromise, adjust and settle any and all
claims against or in favor of it or the Trust; 
 (i) to oppose, or participate in and consent to the reorganization, merger, consolidation,
or readjustment of the finances of any enterprise, to pay assessments and expenses in connection therewith, and to deposit securities under deposit agreements; 

(j) to apply for or purchase annuity contracts in accordance with Article 14; 

(k) to hold securities unregistered, or to register them in its own name or in the name of nominees in accordance with the provisions of
Section 2550.403a-1(b) of Department of Labor Regulations; 
 (l) to appoint custodians to hold investments within the jurisdiction of
the district courts of the United States and to deposit securities with stock clearing corporations or depositories or similar organizations; 

(m) to make, execute, acknowledge and deliver any and all instruments that it deems necessary or appropriate to carry out the powers herein
granted; 
 (n) generally to exercise any of the powers of an owner with respect to all or any part of the Trust Fund; and 

(o) to take all such actions as may be necessary under the Trust Agreement, to the extent consistent with applicable law. 

The Employer specifically acknowledges and authorizes that affiliates of the Trustee may act as its agent in the performance of ministerial,
nonfiduciary duties under the Trust. 
 The Trustee shall provide the Employer with reasonable notice of any claim filed against the Plan or
Trust or with regard to any related matter, or of any claim filed by the Trustee on behalf of the Plan or Trust or with regard to any related matter. 

20.05. Accounts. The Trustee shall keep full accounts of all receipts and disbursements and other transactions hereunder. Within 120 days after
the close of each Plan Year and at such other times as may be appropriate, the Trustee shall determine the then net fair market value of the Trust Fund as of the close of the Plan Year, as of the termination of the Trust, or as of such other time,
whichever is applicable, and shall render to the Employer and Administrator an account of its administration of the Trust during the period since the last such accounting, including all allocations made by it during such period. 

20.06. Approval of Accounts. To the extent permitted by law, the written approval of any account by the Employer or Administrator shall be final
and binding, as to all matters and transactions stated or shown therein, upon the Employer, Administrator, Participants and all persons who then are or thereafter become interested in the Trust. The failure of the Employer or Administrator to notify
the Trustee within six months after the receipt of any account of its objection to the account shall, to the extent permitted by law, be the equivalent of written approval. If the Employer or Administrator files any objections within such six month
period with respect to any matters or transactions stated or shown in the account, and the Employer or Administrator and the Trustee cannot amicably 

  
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settle the question raised by such objections, the Trustee shall have the right to have such questions settled by judicial proceedings. Nothing herein contained shall be construed so as to
deprive the Trustee of the right to have judicial settlement of its accounts. In any proceeding for a judicial settlement of any account or for instructions, the only necessary parties shall be the Trustee, the Employer and the Administrator. 

20.07. Distribution from Trust Fund. The Trustee shall make such distributions from the Trust Fund as the Employer or Administrator may direct
(in writing or such other medium as may be acceptable to the Trustee), consistent with the terms of the Plan and either for the exclusive benefit of Participants or their Beneficiaries, or for the payment of expenses of administering the Plan. 

20.08. Transfer of Amounts from Qualified Plan. If amounts are to be transferred to the Plan from another qualified plan or trust under Code
Section 401(a), such transfer shall be made in accordance with the provisions of the Plan and with such rules as may be established by the Trustee. The Trustee shall only accept assets which are in a medium proper for investment under this
Trust Agreement or in cash, and that are accompanied in a timely manner, as agreed to by the Administrator and the Trustee, by instructions in writing (or such other medium as may be acceptable to the Trustee) showing separately the respective
contributions by the prior employer and the transferring Employee, the records relating to such contributions, and identifying the assets attributable to such contributions. The Trustee shall hold such assets for investment in accordance with the
provisions of this Trust Agreement. 
 20.09. Transfer of Assets from Trust. Subject to the provisions of the Plan, the Employer may direct
the Trustee to transfer all or a specified portion of the Trust assets to any other plan or plans maintained by the Employer or the employer or employers of an Inactive Participant or Participants, provided that the Trustee has received evidence
satisfactory to it that such other plan meets all applicable requirements of the Code. The assets so transferred shall be accompanied by written instructions from the Employer naming the persons for whose benefit such assets have been transferred,
showing separately the respective contributions by the Employer and by each Participant, if any, and identifying the assets attributable to the various contributions. The Trustee shall have no further liabilities with respect to assets so
transferred. 
 20.10. Separate Trust or Fund for Existing Plan Assets. With the consent of the Trustee, the Employer may maintain a trust or
fund (including a group annuity contract) under this volume submitter plan document separate from the Trust Fund for Plan assets which are not Permissible Investments listed in the Service Agreement and which (i) are purchased prior to the
adoption of this volume submitter plan document or (ii) are transferred to the Plan in connection with the merger of another plan into the Plan, provided that such transferred assets were acquired by such other plan prior to the merger date
specified for such other plan in the Plan Mergers Addendum to the Adoption Agreement. The Trustee shall have no authority and no responsibility for the Plan assets held in such separate trust or fund. The Employer shall be responsible for assuring
that such separate trust or fund is maintained pursuant to a separate trust agreement signed by the Employer and a trustee. The duties and responsibilities of the trustee of a separate trust shall be provided by the separate trust agreement, between
the Employer and the trustee of the separate trust. Notwithstanding any other provision of the Plan to the contrary, in the event such separate trust contains illiquid assets, to the extent a Participant’s account is invested in such illiquid
assets and Plan loans are otherwise available, such illiquid assets shall be disregarded in determining the amount available as a loan from the Plan and shall in no event be included in a Plan loan. 

Notwithstanding the preceding paragraph, the Trustee or an affiliate of the Trustee may agree in writing to provide ministerial recordkeeping
services for guaranteed investment contracts held in the separate trust or fund. The guaranteed investment contract(s) shall be valued as directed by the Employer or the trustee of the separate trust. 

The trustee of the separate trust shall be the owner of any insurance contract purchased prior to the adoption of this volume submitter plan
document. The insurance contract(s) must provide that proceeds shall be payable to the trustee of the separate trust; provided, however, that the trustee of the separate trust shall be required to pay over all proceeds of the contract(s) to the
Participant’s designated Beneficiary in accordance with the distribution provisions of this Plan. A Participant’s spouse shall be the designated Beneficiary of the proceeds in all 

  
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circumstances unless a qualified election has been made in accordance with Article 14. Under no circumstances shall the trust retain any part of the proceeds. In the event of any conflict between
the terms of the Plan and the terms of any insurance contract purchased hereunder, the Plan provisions shall control. 
 Any life insurance
contracts held in the Trust Fund or in the separate trust are subject to the following limits: 
 (a) Ordinary life - For purposes of these
incidental insurance provisions, ordinary life insurance contracts are contracts with both nondecreasing death benefits and nonincreasing premiums. If such contracts are held, less than 1/2 of the aggregate employer contributions allocated to any
Participant shall be used to pay the premiums attributable to them. 
 (b) Term and universal life - No more than 1/4 of the aggregate
employer contributions allocated to any participant shall be used to pay the premiums on term life insurance contracts, universal life insurance contracts, and all other life insurance contracts which are not ordinary life. 

(c) Combination - The sum of 1/2 of the ordinary life insurance premiums and all other life insurance premiums shall not exceed 1/4 of the
aggregate employer contributions allocated to any Participant. 
 20.11. Self-Directed Brokerage Option. If one of the Permissible Investments
under the Plan is Fidelity BrokerageLink®, the self-directed brokerage option (“BrokerageLink”), the Employer hereby directs the Trustee to use Fidelity Brokerage Services LLC
(“FBSLLC”) to purchase or sell individual securities for each Participant BrokerageLink account (“PBLA”) in accordance with investment directions provided by such Participant. The Employer directs the Trustee to establish a PBLA
with FBSLLC in the name of the Trustee for each Participant electing to utilize the BrokerageLink option. Each electing Participant shall be granted limited trading authority over the PBLA established for such Participant, and FBSLLC shall accept
and act upon instructions from such Participants to buy, sell, exchange, convert, tender, trade and otherwise acquire and dispose of securities in the PBLA. The provision of BrokerageLink shall be subject to the following: 

(a) Each Participant who elects to utilize the BrokerageLink option must complete a BrokerageLink Participant Acknowledgement Form which
incorporates the provisions of the BrokerageLink Account Terms and Conditions. Upon acceptance by FBSLLC of the BrokerageLink Participant Acknowledgement Form, FBSLLC will establish a PBLA for the Participant. Participant activity in the PBLA will
be governed by the BrokerageLink Participant Acknowledgement Form and the BrokerageLink Account Terms and Conditions. If the BrokerageLink Participant Acknowledgement Form or the BrokerageLink Account Terms and Conditions conflicts with the terms of
this Trust, the Plan or an applicable statute or regulation, the Trust, the Plan or the applicable statute or regulation shall control. 

(b) Any successor organization of FBSLLC, through reorganization, consolidation, merger or similar transactions, shall, upon consummation of
such transaction, become the successor broker in accordance with the terms of this authorization provision. 
 (c) The Trustee and FBSLLC
shall continue to rely on this direction provision until notified to the contrary. The Employer reserves the right to terminate this direction upon written notice to FBSLLC (or its successor) and the Trustee, such termination to be implemented as
soon as administratively feasible. Such notice shall be deemed a direction to terminate BrokerageLink as an investment option. 
 (d) The
Trustee shall provide the Employer with a list of the types of securities which may not be purchased under BrokerageLink. Administrative procedures governing investment in and withdrawals from a PBLA will also be provided to the Employer by the
Trustee. 
 (e) With respect to exchanges from the Participant’s Account holding investments outside of the BrokerageLink option
(hereinafter, the “SPO”) into the PBLA, the named fiduciary hereby directs the Trustee to submit for processing all instructions for purchases into the core account indicated in the 

  
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BrokerageLink Account Terms and Conditions (the “BrokerageLink Core Account”) received before the close of the New York Stock Exchange (“NYSE”) on a particular date resulting
from such exchange requests the next day that the NYSE is operating. 
 (f) A Participant has the authority to designate an agent to have
limited trading authority over assets in the PBLA established for such Participant. Such agent as the Participant may designate shall have the same authority to trade in and otherwise transact business in the PBLA, in the same manner and to the same
extent as the Participant is otherwise empowered to do hereunder, and FBSLLC shall act upon instructions from the agent as if the instructions had come from the Participant. Designation of an agent by the Participant is subject to acceptance by
FBSLLC of a completed BrokerageLink Third Party Limited Trading Authorization Form, the terms of which shall govern the activity of the Participant and the authorized agent. In the event that a provision of the BrokerageLink Third Party Limited
Trading Authorization Form conflicts with the terms of the BrokerageLink Participant Acknowledgement Form, the BrokerageLink Account Terms and Conditions, this Trust, the Plan or an applicable statute or regulation, the terms of the BrokerageLink
Participant Acknowledgement Form, the Brokerage Link Account Terms and Conditions, this Trust, the Plan or the applicable statute or regulation shall control. 

(g) The Participant shall be solely responsible for receiving and responding to all trade confirmations, account statements, prospectuses,
annual reports, proxies and other materials that would otherwise be distributed to the owner of the PBLA. With respect to proxies for securities held in the PBLA, FBSLLC shall send a copy of the meeting notice and all proxies and proxy solicitation
materials, together with a voting direction form, to the Participant and the Participant shall have the authority to direct the exercise of all shareholder rights attributable to those securities. The Trustee shall not exercise such rights in the
absence of direction from the Participant. 
 (h) FBSLLC shall buy, sell, exchange, convert, tender, trade and otherwise acquire and dispose
of securities in each PBLA, transfer funds to and from the BrokerageLink Core Account and the SPO default fund, collect any fees or other remuneration due FBSLLC or any of its affiliates (other than the Fidelity BrokerageLink Plan related Account
Fee, which shall be assessed and collected as described in the Service Agreement), and make distributions to the Participant, in accordance with the Service Agreement. No prior notice to or consent from the Participant is required. In the event of a
transfer of the Plan to another service provider, the directions of the Employer in transferring Plan assets shall control. Such transfers may be effected without notice to or consent from the Participant. 

(i) FBSLLC may accept from the Participant changes to indicative data including, but not limited to, postal address, email address, and phone
number associated with the PBLA established for the Participant. 
 20.12. Employer Stock Investment Option. If one of the Permissible
Investments is equity securities issued by the Employer or a Related Employer (“Employer Stock”), such Employer Stock must be publicly traded and “qualifying employer securities” within the meaning of ERISA
Section 407(d)(5). Plan investments in Employer Stock shall be made via the Employer Stock Investment Fund (the “Stock Fund”) which shall consist of either (i) the shares of Employer Stock held for each Participant who
participates in the Stock Fund (a “Share Accounting Stock Fund”), or (ii) a combination of shares of Employer Stock and short-term liquid investments, consisting of mutual fund shares or commingled money market pool units as agreed to
by the Employer and the Trustee, which are necessary to satisfy the Stock Fund’s cash needs for transfers and payments (a “Unitized Stock Fund”). Dividends received by the Stock Fund are reinvested in additional shares of Employer
Stock or, in the case of a Unitized Stock Fund, in short-term liquid investments. The determination of whether each Participant’s interest in the Stock Fund is administered on a share-accounting or a unitized basis shall be determined by the
Employer’s election in the Service Agreement. 
 In the case of a Unitized Stock Fund, such units shall represent a proportionate
interest in all assets of the Unitized Stock Fund, which includes shares of Employer Stock, short-term investments, and at times, receivables for dividends and/or Employer Stock sold and payables for Employer Stock purchased. A net asset value per
unit shall 

  
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be determined daily for each cash unit outstanding of the Unitized Stock Fund. The return earned by the Unitized Stock Fund shall represent a combination of the dividends paid on the shares of
Employer Stock held by the Unitized Stock Fund, gains or losses realized on sales of Employer Stock, appreciation or depreciation in the market price of those shares owned, and interest on the short-term investments held by the Unitized Stock Fund.
A target range for the short-term liquid investments shall be maintained for the Unitized Stock Fund. The named fiduciary shall, after consultation with the Trustee, establish and communicate to the Trustee in writing such target range and a drift
allowance for such short-term liquid investments. Such target range and drift allowance may be changed by the named fiduciary, after consultation with the Trustee, provided any such change is communicated to the Trustee in writing. The Trustee is
responsible for ensuring that the actual short-term liquid investments held in the Unitized Stock Fund fall within the agreed upon target range over time, subject to the Trustee’s ability to execute open-market trades in Employer Stock or to
otherwise trade with the Employer. 
 Investments in Employer Stock shall be subject to the following limitations: 

(a) Acquisition Limit. Pursuant to the Plan, the Trust may be invested in Employer Stock to the extent necessary to comply with
investment directions under Section 8.02 of the Plan. Notwithstanding the foregoing, effective for Deferral Contributions made for Plan Years beginning on or after January 1, 1999, the portion of a Participant’s Deferral Contributions
that the Employer may require to be invested in Employer Stock for a Plan Year cannot exceed one percent of such Participant’s Compensation for the Plan Year. 

(b) Fiduciary Duty of Named Fiduciary. The Administrator or any person designated by the Administrator as a named fiduciary under
Section 19.01 (the “named fiduciary”) shall continuously monitor the suitability under the fiduciary duty rules of ERISA Section 404(a)(1) (as modified by ERISA Section 404(a)(2)) of acquiring and holding Employer Stock. The
Trustee shall not be liable for any loss, or by reason of any breach, which arises from the directions of the named fiduciary with respect to the acquisition and holding of Employer Stock, unless it is clear on their face that the actions to be
taken under those directions would be prohibited by the foregoing fiduciary duty rules or would be contrary to the terms of the Plan or this Trust Agreement. 

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

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

(2) If the Trustee is unable to purchase or sell the total number of shares required to be purchased or sold on such day as a result of market
conditions; or 
 (3) If the Trustee is prohibited by the Securities and Exchange Commission, the New York Stock Exchange, or any other
regulatory body from purchasing or selling any or all of the shares required to be purchased or sold on such day. 
 In the
event of the occurrence of the circumstances described in (1), (2), or (3) above, the Trustee shall purchase or sell such shares as soon as possible thereafter and, in the case of a Share Accounting Stock Fund, shall determine the price of such
purchases or sales to be the average purchase or sales price of all such shares purchased or sold, respectively. 
 (d) Purchases and
Sales from or to Employer. If directed by the Employer in writing prior to the trading date, the Trustee may purchase or sell Employer Stock from or to the Employer if the purchase or 

  
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sale is for adequate consideration (within the meaning of ERISA Section 3(18)) and no commission is charged. If Employer contributions or contributions made by the Employer on behalf of the
Participants under the Plan are to be invested in Employer Stock, the Employer may transfer Employer Stock in lieu of cash to the Trust. In such case, the shares of Employer Stock to be transferred to the Trust will be valued at a price that
constitutes adequate consideration (within the meaning of ERISA Section 3(18)). 
 (e) Use of Broker to Purchase Employer Stock.
The Employer hereby directs the Trustee to use Fidelity Capital Markets, Inc., an affiliate of the Trustee, or any other affiliate or subsidiary of the Trustee (collectively, “Capital Markets”), to provide brokerage services in connection
with all market purchases and sales of Employer Stock for the Stock Fund, except in circumstances where the Trustee has determined, in accordance with its standard trading guidelines or pursuant to Employer direction, to seek expedited settlement of
trades. The Trustee shall provide the Employer with the commission schedule for such transactions and a copy of Capital Markets’ brokerage placement practices. The following shall apply as well: 

(1) Any successor organization of Capital Markets through reorganization, consolidation, merger, or similar transactions, shall, upon
consummation of such transaction, become the successor broker in accordance with the terms of this provision. 
 (2) The Trustee shall
continue to rely on this Employer direction until notified to the contrary. The Employer reserves the right to terminate this authorization upon sixty (60) days written notice to Capital Markets (or its successor) and the Trustee and the
Employer and the Trustee shall decide on a mutually-agreeable alternative procedure for handling brokerage transactions on behalf of the Stock Fund. 

(f) Securities Law Reports. The named fiduciary shall be responsible for filing all reports required under Federal or state securities
laws with respect to the Trust’s ownership of Employer Stock; including, without limitation, any reports required under Section 13 or 16 of the Securities Exchange Act of 1934 and shall immediately notify the Trustee in writing of any
requirement to stop purchases or sales of Employer Stock pending the filing of any report. The Trustee shall provide to the named fiduciary such information on the Trust’s ownership of Employer Stock as the named fiduciary may reasonably
request in order to comply with Federal or state securities laws. 
 (g) Voting and Tender Offers. Notwithstanding any other provision
of the Trust Agreement the provisions of this Subsection shall govern the voting and tendering of Employer Stock. For purposes of this Subsection, each Participant shall be designated as a named fiduciary under ERISA with respect to shares of
Employer Stock that reflect that portion, if any, of the Participant’s interest in the Stock Fund not acquired at the direction of the Participant in accordance with ERISA Section 404(c). 

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

	 	(1)	Voting. 

 (A) When the issuer of the Employer Stock prepares for any annual or special
meeting, the Employer shall notify the Trustee thirty (30) days in advance of the intended record date and shall cause a copy of all proxy solicitation materials to be sent to the Trustee. If requested by the Trustee, the Employer shall certify
to the Trustee that the aforementioned materials represent the same information that is distributed to shareholders of Employer Stock. Based on these materials the Trustee shall prepare a voting instruction form. At the time of mailing of notice of
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stockholders’ meeting of the issuer of the Employer Stock, the Employer shall cause a copy of the notice and all proxy solicitation materials to be sent to each Participant with an interest
in Employer Stock held in the Trust, together with the foregoing voting instruction form to be returned to the Trustee or its designee. The form shall show the proportional interest in the number of full and fractional shares of Employer Stock
credited to the Participant’s Sub-Accounts held in the Stock Fund. The Employer shall provide the Trustee with a copy of any materials provided to the Participants and shall (if the mailing is not handled by the Trustee) notify the Trustee that
the materials have been mailed or otherwise sent to Participants. 
 (B) Each Participant with an interest in the Stock Fund shall have the
right to direct the Trustee as to the manner in which the Trustee is to vote (including not to vote) that number of shares of Employer Stock that is credited to his Account, if the Plan uses share accounting, or, if accounting is by units of
participation, that reflects such Participant’s proportional interest in the Stock Fund (both vested and unvested). Directions from a Participant to the Trustee concerning the voting of Employer Stock shall be communicated in writing, or by
such other means mutually acceptable to the Trustee and the Employer. These directions shall be held in confidence by the Trustee and shall not be divulged to the Employer, or any officer or employee thereof, or any other person, except to the
extent that the consequences of such directions are reflected in reports regularly communicated to any such persons in the ordinary course of the performance of the Trustee’s services hereunder. Upon its receipt of the directions, the Trustee
shall vote the shares of Employer Stock that reflect the Participant’s interest in the Stock Fund as directed by the Participant. The Trustee shall not vote shares of Employer Stock that reflect a Participant’s interest in the Stock Fund
for which the Trustee has received no direction from the Participant, except as required by law; provided, however, that the Employer (acting as named fiduciary) may direct the Trustee in the Service Agreement to vote shares of Employer Stock that
reflect a Participant’s interest in the Stock Fund for which the Trustee has received no directions from the Participant in the same proportion on each issue as it votes those shares that reflect all Participants’ interests in the Stock
Fund (in the aggregate) for which it received voting instructions from Participants. 
  

	 	(2)	Tender Offers. 

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

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

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

(D) A direction by a Participant to the Trustee to tender shares of Employer Stock that reflect the Participant’s proportional interest
in the Stock Fund shall not be considered a written election under the Plan by the Participant to withdraw, or have distributed, any or all of his withdrawable shares. If the Plan uses share accounting, the Trustee shall credit to the
Participant’s Account the proceeds received by the Trustee in exchange for the shares of Employer Stock tendered from the Participant’s Account. If accounting is by units of participation, the Trustee shall credit to each proportional
interest of the Participant from which the tendered shares were taken the proceeds received by the Trustee in exchange for the shares of Employer Stock tendered from that interest. Pending receipt of direction (through the Administrator) from the
Participant or the named fiduciary, as provided in the Plan, as to which of the remaining Permissible Investments the proceeds should be invested in, the Trustee shall invest the proceeds in the Permissible Investment specified for such purposes in
the Service Agreement. 
 (h) Shares Credited. If accounting with respect to the Stock Fund is by units of participation, then for all
purposes of this Section 20.12, the number of shares of Employer Stock deemed “reflected” in a Participant’s proportional interest shall be determined as of the last preceding valuation date. The trade date is the date the
transaction is valued. 
 (i) General. With respect to all rights other than the right to vote, the right to tender, and the right to
withdraw shares previously tendered, in the case of Employer Stock credited to a Participant’s Account or proportional interest in the Stock Fund, the Trustee shall follow the directions of the Participant and if no such directions are
received, the directions of the named fiduciary. The Trustee shall have no duty to solicit directions from Participants. The Administrator is responsible for ensuring that (i) the procedures established in accordance with the provisions of
Subsection 20.12(g) are sufficient to safeguard the confidentiality of the information described therein, (ii) such procedures are being followed, and (iii) an independent fiduciary, as described in regulations issued under ERISA
Section 404(c), is appointed when needed in accordance with those regulations. 

  
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 (j) Conversion. All provisions in this Section 20.12 shall also apply to any
securities received as a result of a conversion to Employer Stock. 
 20.13. Voting; Delivery of Information. The Trustee shall deliver, or
cause to be executed and delivered, to the Employer or Administrator all notices, prospectuses, financial statements, proxies and proxy soliciting materials received by the Trustee relating to securities held by the Trust or, if applicable, deliver
these materials to the appropriate Participant or the Beneficiary of a deceased Participant. Unless provided otherwise in the Service Agreement, the Trustee shall vote any securities held by the Trust in accordance with the instructions of the
Participant or the Beneficiary of a deceased Participant and shall not vote securities for which it has not received instructions. 
 20.14.
Compensation and Expenses of Trustee. The Trustee’s fee for performing its duties hereunder shall be such reasonable amounts as specified in the Service Agreement or any other written agreement with the Employer. Such fee, any taxes
of any kind which may be levied or assessed upon or with respect to the Trust Fund, and any and all expenses, including without limitation legal fees and expenses of administrative and judicial proceedings, reasonably incurred by the Trustee in
connection with its duties and responsibilities hereunder shall, unless some or all have been paid by said Employer, be paid from the Trust in the method specified in the Service Agreement. 

20.15. Reliance by Trustee on Other Persons. The Trustee may rely upon and act upon any writing from any person authorized by the Employer or
the Administrator pursuant to the Service Agreement or any other written direction to give instructions concerning the Plan and may conclusively rely upon and be protected in acting upon any written order from the Employer or the Administrator or
upon any other notice, request, consent, certificate, or other instructions or paper reasonably believed by it to have been executed by a duly authorized person, so long as it acts in good faith in taking or omitting to take any such action. The
Trustee need not inquire as to the basis in fact of any statement in writing received from the Employer or the Administrator. 
 The Trustee
shall be entitled to rely on the latest certificate it has received from the Employer or the Administrator as to any person or persons authorized to act for the Employer or the Administrator hereunder and to sign on behalf of the Employer or the
Administrator any directions or instructions, until it receives from the Employer or the Administrator written notice that such authority has been revoked. 

Except with respect to instructions from a Participant as to the Participant’s Account that are otherwise authorized under the Plan, the
Trustee shall be under no duty to take any action with respect to any Participant’s Account (other than as specified herein) unless and until the Employer or the Administrator furnishes the Trustee with written instructions on a form acceptable
to the Trustee, and the Trustee agrees thereto in writing. The Trustee shall not be liable for any action taken pursuant to the Employer’s or the Administrator’s written instructions (nor for the collection of contributions under the Plan,
nor the purpose or propriety of any distribution made thereunder). 
 20.16. Indemnification by Employer. The Employer shall indemnify and
save harmless the Trustee, and all affiliates, employees, agents and sub-contractors of the Trustee, from and against any and all liability or expense (including reasonable attorneys’ fees) to which the Trustee, or such other individuals or
entities, may be subjected by reason of any act or conduct being taken in the performance of any Plan-related duties, including those described in this Trust Agreement and the Service Agreement, unless such liability or expense results from the
Trustee’s, or such other individuals’ or entities’, negligence or willful misconduct. 
 20.17. Consultation by Trustee with
Counsel. The Trustee may consult with legal counsel (who may be but need not be counsel for the Employer or the Administrator) concerning any question which may arise with respect to its rights and duties under the Plan and Trust, and the
opinion of such counsel shall, to the extent permitted by law, be full and complete protection in respect of any action taken or omitted by the Trustee hereunder in good faith and in accordance with the opinion of such counsel. 

20.18. Persons Dealing with the Trustee. No person dealing with the Trustee shall be bound to see to the application of any money or property
paid or delivered to the Trustee or to inquire into the validity or propriety of any transactions. 

  
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 20.19. Resignation or Removal of Trustee. The Trustee may resign at any time by written notice to
the Employer, which resignation shall be effective 60 days after delivery to the Employer. The Trustee may be removed by the Employer by written notice to the Trustee, which removal shall be effective 60 days after delivery to the Trustee or such
shorter period as may be mutually agreed upon by the Employer and the Trustee. 
 Except in the case of Plan termination, upon resignation
or removal of the Trustee, the Employer shall appoint a successor trustee. Any such successor trustee shall, upon written acceptance of his appointment, become vested with the estate, rights, powers, discretion, duties and obligations of the Trustee
hereunder as if he had been originally named as Trustee in this Agreement. 
 Upon resignation or removal of the Trustee, the Employer shall
no longer participate in this volume submitter plan and shall be deemed to have adopted an individually designed plan. In such event, the Employer shall appoint a successor trustee within said 60-day period and the Trustee shall transfer the assets
of the Trust to the successor trustee upon receipt of sufficient evidence (such as a determination letter or opinion letter from the Internal Revenue Service or an opinion of counsel satisfactory to the Trustee) that such trust shall be a qualified
trust under the Code. 
 The appointment of a successor trustee shall be accomplished by delivery to the Trustee of written notice that the
Employer has appointed such successor trustee, and written acceptance of such appointment by the successor trustee. The Trustee may, upon transfer and delivery of the Trust Fund to a successor trustee, reserve such reasonable amount as it shall deem
necessary to provide for its fees, compensation, costs and expenses, or for the payment of any other liabilities chargeable against the Trust Fund for which it may be liable. The Trustee shall not be liable for the acts or omissions of any successor
trustee. 
 20.20. Fiscal Year of the Trust. The fiscal year of the Trust shall coincide with the Plan Year. 

20.21. Amendment. In accordance with provisions of the Plan, and subject to the limitations set forth therein, this Trust Agreement may only be
amended by an instrument in writing signed by the Employer and the Trustee. No amendment to this Trust Agreement shall divert any part of the Trust Fund to any purpose other than as provided in Section 20.03. 

20.22. Plan Termination. Upon termination or partial termination of the Plan or complete discontinuance of contributions thereunder, the Trustee
shall make distributions to the Participants or other persons entitled to distributions as the Employer or Administrator directs in accordance with the provisions of the Plan. In the absence of such instructions and unless the Plan otherwise
provides, the Trustee shall notify the Employer or Administrator of such situation and the Trustee shall be under no duty to make any distributions under the Plan until it receives written instructions from the Employer or Administrator. Upon the
completion of such distributions, the Trust shall terminate, the Trustee shall be relieved from all liability under the Trust, and no Participant or other person shall have any claims thereunder, except as required by applicable law. 

20.23. Permitted Reversion of Funds to Employer. If it is determined by the Internal Revenue Service that the Plan does not initially qualify
under Code Section 401, all assets then held under the Plan shall be returned by the Trustee, as directed by the Administrator, to the Employer, but only if the application for determination is made by the time prescribed by law for filing the
Employer’s return for the taxable year in which the Plan was adopted or such later date as may be prescribed by regulations. Such distribution shall be made within one year after the date the initial qualification is denied. Upon such
distribution the Plan shall be considered to be rescinded and to be of no force or effect. 
 Contributions under the Plan are conditioned
upon their deductibility under Code Section 404. In the event the deduction of a contribution made by the Employer is disallowed under Code Section 404, such contribution (to the extent disallowed) must be returned to the Employer within
one year of the disallowance of the deduction. 
 Any contribution made by the Employer because of a mistake of fact must be returned to the
Employer within one year of the contribution. 

  
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 20.24. Governing Law. This Trust Agreement shall be construed, administered and enforced according
to ERISA and, to the extent not preempted thereby, the laws of the State or Commonwealth in which the Trustee has its principal place of business. 

20.25. Assignment and Successors. This Trust Agreement, and any of its rights and obligations hereunder, may not be assigned by any party
without the prior written consent of the other party(ies), and such consent may be withheld in any party’s sole discretion. Notwithstanding the foregoing, the Trustee may assign this Agreement in whole or in part, and any of its rights and
obligations hereunder, to a subsidiary or affiliate of the Trustee without consent of the Employer. Any successor to the Trustee or successor trustee, either through sale or transfer of the business or trust department of the Trustee or successor
trustee, or through reorganization, consolidation, or merger, or any similar transaction of either the Trustee or successor trustee, shall, upon consummation of the transaction, become the successor trustee under this Agreement. All provisions in
this Trust Agreement shall extend to and be binding upon the parties hereto and their respective successors and permitted assigns. 

  
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 Volume Submitter Defined Contribution Plan 

ADDENDUM 
 RE: Code Sections
401(k) and 415 2007 Final Regulations 
 Katrina Emergency Tax Relief Act of 2005 and 

Gulf Opportunity Zone Act of 2005 

Amendments for Fidelity Basic Plan Document No. 14 

PREAMBLE 
 Adoption and Effective Date of
Amendment. This amendment of the Plan is adopted to reflect the final regulations under Internal Revenue Code (Code) Sections 401(k) and 415 and to reflect amendments to the Code pursuant to the Katrina Emergency Tax Relief Act
(“KETRA”) and the Gulf Opportunity Zone Act of 2005 (“GOZA”). This amendment is intended as good faith compliance with the requirements of Code Sections 401(k) and 415, KETRA, and GOZA and is to be construed in accordance with
guidance issued thereunder. This amendment shall be effective as described below. 
 Supersession of Inconsistent Provisions. This amendment
shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this amendment. 
  

	 	1.	Effective for Plan Years and Limitation Years beginning on and after July 1, 2007, the first paragraph of Section 2.01(k) is hereby amended in its entirety, to provide as follows: 

(k) “Compensation” (subject to any adjustments thereto in Section 5.02, for purposes of determining the amount and
allocation of contributions, or in Section 6.12(c), for purposes of applying the Code Section 415 limitations) means wages as defined in Code Section 3401(a) (for purposes of income tax withholding at the source) plus amounts that
would be included in wages but for an election under Code Section 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b) and all other payments of compensation to an Eligible Employee by the Employer (in the course of the Employer’s
trade or business) for services to the Employer while employed as an Eligible Employee for which the Employer is required to furnish the Eligible Employee a written statement under Code Sections 6041(d), 6051(a)(3) and 6052. Compensation must be
determined without regard to any rules under Code Section 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code
Section 3401(a)(2)). Notwithstanding anything to the contrary herein, however, severance amounts paid after severance from employment shall be excluded from Compensation. 

(1) For purposes of this Section 2.01(k), “severance amounts” are any amounts paid after severance from employment, except a
payment of regular compensation for services during the Eligible Employee’s regular working hours, or compensation for services outside the Eligible Employee’s regular working hours (such as overtime or shift differential), commissions,
bonuses, or other similar payments provided such payment would have been made prior to a severance from employment if the Eligible Employee had continued in employment with the Employer, provided such amounts are paid by the later of (A) 2-1/2
months after or (B) the end of the Limitation Year that includes the date of the Eligible Employee’s severance from employment (as defined in Subsection 2.01(k)(2) below). 

  
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 (2) For purposes of this Section 2.01(k), an Eligible Employee has a “severance from
employment” when (i) the employee ceases to be an employee of an employer (applying the aggregation rules in Code Section 414) maintaining a plan and (ii) in connection with a change of employment, the individual’s new
employer does not maintain such plan with respect to the individual. The determination of whether an Eligible Employee ceases to be an employee of an employer maintaining a plan is based on all of the relevant facts and circumstances. 

 

	 	2.	Effective for Plan Years and Limitation Years beginning on and after July 1, 2007, the third paragraph of Section 2.01(k) is hereby amended, in its entirety to provide as follows: 

Compensation shall generally be based on the amount actually paid to the Eligible Employee during the Plan Year or, for
purposes of Article 5, if so elected by the Employer in Subsection 1.05(b) of the Adoption Agreement, during that portion of the Plan Year during which the Eligible Employee is an Active Participant. Notwithstanding the preceding sentence,
Compensation for purposes of Article 15 (Top-Heavy Provisions) shall be based on the amount actually paid or made available to the Participant during the Plan Year. Compensation is treated as paid on a date if it is actually paid on that date or it
would have been paid on that date but for an election under Code Section 125, 132(f)(4), 401(k), 403(b), 408(k), 408(p)(2)(A)(i), or 457(b). 
  

	 	3.	Effective for Plan Years and Limitation Years beginning on and after July 1, 2007, Subsections (1), (2), and (3) of Section 2.01(k) are re-numbered as Subsections (3), (4), and (5). 

 

	 	4.	Effective for Plan Years beginning on and after July 1, 2007, the first paragraph of Section 5.02 is hereby amended to provide as follows: 

5.02 Compensation Taken into Account in Determining Contributions. In determining the amount or allocation of any contribution
that is based on Compensation, only Compensation paid to a Participant for services rendered to the Employer while employed as an Eligible Employee shall be taken into account. Except as otherwise specifically provided in this Article 5, for
purposes of determining the amount and allocation of contributions under this Article 5, Compensation shall not include any amounts elected by the Employer with respect to such contributions in Subsection 1.05(a) or (b), as applicable, of the
Adoption Agreement. 
  

	 	5.	Effective for Limitation Years beginning on and after July 1, 2007, Section 6.12 is hereby amended in its entirety to provide as follows: 

6.12. Code Section 415 Limitations. Notwithstanding any other provisions of the Plan, the following limitations shall apply:

 (a) Employer Maintains Single Plan: If the “415 employer” does not maintain any other qualified defined contribution plan
or any “welfare benefit fund”, “individual medical benefit account”, or “simplified employee pension” in addition to the Plan, the provisions of this Subsection 6.12(a) shall apply. 

(1) If a Participant does not participate in, and has never participated in any other qualified defined contribution plan, “welfare
benefit fund”, “individual medical benefit account”, or “simplified employee pension” maintained by the “415 employer”, which provides an “annual addition”, the amount of “annual additions” to
the Participant’s Account for a Limitation Year shall not exceed the lesser of the “maximum permissible amount” or any other limitation contained in the Plan. If a contribution that would otherwise be contributed or allocated to the
Participant’s Account would cause the “annual additions” for the Limitation Year to exceed the “maximum permissible amount”, the amount contributed or allocated shall be reduced so that the “annual additions” for
the Limitation Year shall equal the “maximum permissible amount”. 

  
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 (2) Prior to the determination of a Participant’s actual Compensation for a Limitation
Year, the “maximum permissible amount” may be determined on the basis of a reasonable estimation of the Participant’s Compensation for such Limitation Year, uniformly determined for all Participants similarly situated. Any Employer
contributions based on estimated annual Compensation shall be reduced by any “excess 415 amounts” carried over from prior Limitation Years. 

(3) As soon as is administratively feasible after the end of the Limitation Year, the “maximum permissible amount” for such
Limitation Year shall be determined on the basis of the Participant’s actual Compensation for such Limitation Year. 
 (b) Employer
Maintains Multiple Defined Contribution Type Plans: Unless the Employer specifies another method for limiting “annual additions” in the 415 Correction Addendum to the Adoption Agreement, if the “415 employer” maintains any
other qualified defined contribution plan or any “welfare benefit fund”, “individual medical benefit account”, or “simplified employee pension” in addition to the Plan, the provisions of this Subsection 6.12(b) shall
apply. 
 (1) If a Participant is covered under any other qualified defined contribution plan or any “welfare benefit fund”,
“individual medical benefit account”, or “simplified employee pension” maintained by the “415 employer”, that provides an “annual addition”, the amount of “annual additions” to the Participant’s
Account for a Limitation Year shall not exceed the lesser of 
 (A) the “maximum permissible amount”, reduced by the sum of any
“annual additions” to the Participant’s accounts for the same Limitation Year under such other qualified defined contribution plans and “welfare benefit funds”, “individual medical benefit accounts”, and
“simplified employee pensions”, or 
 (B) any other limitation contained in the Plan. 

If the “annual additions” with respect to a Participant under other qualified defined contribution plans,
“welfare benefit funds”, “individual medical benefit accounts”, and “simplified employee pensions” maintained by the “415 employer” are less than the “maximum permissible amount” and a contribution
that would otherwise be contributed or allocated to the Participant’s Account under the Plan would cause the “annual additions” for the Limitation Year to exceed the “maximum permissible amount”, the amount to be contributed
or allocated shall be reduced so that the “annual additions” for the Limitation Year shall equal the “maximum permissible amount”. If the “annual additions” with respect to the Participant under such other qualified
defined contribution plans, “welfare benefit funds”, “individual medical benefit accounts”, and “simplified employee pensions” in the aggregate are equal to or greater than the “maximum permissible amount”, no
amount shall be contributed or allocated to the Participant’s Account under the Plan for the Limitation Year. 
 (2) Prior to the
determination of a Participant’s actual Compensation for the Limitation Year, the amounts referred to in Subsection 6.12(b)(1)(A) above may be determined on the basis of a reasonable estimation of the Participant’s Compensation for such
Limitation Year, uniformly determined for all Participants similarly situated. Any Employer contribution based on estimated annual Compensation shall be reduced by any “excess 415 amounts” carried over from prior Limitation Years. 

  
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 (3) As soon as is administratively feasible after the end of the Limitation Year, the amounts
referred to in Subsection 6.12(b)(1)(A) shall be determined on the basis of the Participant’s actual Compensation for such Limitation Year. 

(c) Adjustments to Compensation: Compensation for purposes of this Section 6.12 shall be subject to the following: 

(1) Compensation shall be based on compensation for all services to the “415 employer.” 

(2) Compensation shall be based on the amount actually paid or made available to the Participant (or, if earlier, includible in the gross
income of the Participant) during the Limitation Year. 
 (3) An Eligible Employee’s severance from employment, as defined in
Section 2.01(k), shall be applied using the modification to the employer aggregation rules prescribed in Code Section 415(h). 

(4) Compensation shall include amounts paid by the later of (A) 2-1/2 months after or (B) the end of the Limitation Year that
includes the date of the Participant’s severance from employment (as defined in Section 2.01(k), modified as provided in subparagraph (c)(3) above) if such amounts are either payments for unused accrued bona fide sick, vacation, or other
leave (but only if the Eligible Employee would have been able to use the leave if employment had continued), or received by a Participant pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been paid to
the Participant at the same time if the Participant had not severed employment and only to the extent that the payment is includible in the Participant’s gross income. 

(5) Compensation shall include amounts that otherwise would be excluded as “severance amounts” if such amounts are paid to an
individual who does not currently perform services for the employer because of qualified military service (as used in Code Section 414(u)(1)) to the extent those amounts do not exceed the amounts the individual would have received if the
individual had continued to perform services for the employer rather than entering qualified military service or to a Participant who is permanently and totally disabled. 

(6) Compensation shall include amounts earned, but not paid during the Limitation Year solely because of the timing of pay periods and pay
dates, provided 
 (A) such amounts are paid during the first few weeks of the next Limitation Year; 

(B) such amounts are included on a uniform and consistent basis with respect to all similarly situated Participants; and 

(C) no such amounts are included in more than one Limitation Year. 

In addition, for Limitation Years beginning on or after July 1, 2007, Compensation for purposes of this Section 6.12
shall not reflect compensation for a year greater than the limit under Code Section 401(a)(17) that applies to that year. 
 (d)
Corrections: In correcting an “excess 415 amount” in a Limitation Year beginning on or after July 1, 2007, the Employer may use any appropriate correction under the Employee Plans Compliance Resolution System, or any successor
thereto. 

  
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 (e) Exclusion from Annual Additions: Restorative payments allocated to a
Participant’s Account, which include payments made to restore losses to the Plan resulting from actions (or a failure to act) by a fiduciary for which there is a reasonable risk of liability under Title I of ERISA or under other applicable
federal or state law, where similarly situated Participants are similarly treated do not give rise to an “annual addition” for any Limitation Year. 
  

	 	6.	Effective August 25, 2005, a new Section 10.08 is added at the end of Article 10 to provide as follows: 

10.08 Qualified Hurricane Distributions. Qualified Individuals (as defined in subsection (b) below) may designate all or a portion
of a qualifying distribution as a Qualified Hurricane Distribution (as defined in subsection (a) below). 
 (a) A “Qualified
Hurricane Distribution” means any distribution made on or after the QHD Effective Date (as defined in subsection (c) below) and before the QHD Distribution Date (as defined in subsection (d) below) to a Qualified Individual, to the
extent that such distribution, when aggregated with all other Qualified Hurricane Distributions to the Qualified Individual made under the Plan (and under any other plan maintained by the Employer or a Related Employer), does not exceed $100,000. A
Qualified Hurricane Distribution must be made in accordance with and pursuant to the distribution provisions of the Plan, except that: 

(1) A Qualified Hurricane Distribution of amounts attributable to Nonelective Employer Contributions, Deferral Contributions and Qualified
Nonelective Employer contributions shall be deemed to be made after the occurrence of any distributable events otherwise applicable under Code section 401(k)(2)(B)(i), such as termination of employment (and shall be deemed permissible under
Section 12.01), and 
 (2) The requirements of Code sections 401(a)(31), 402(f) and 3405 and Section 13.04 shall not apply. 

(b) A “Qualified Individual” means any individual whose principal place of abode on 

(1) August 28, 2005, is located in the Hurricane Katrina disaster area (as defined in Code section 1400M(2))and who has sustained an
economic loss by reason of Hurricane Katrina; 
 (2) September 23, 2005, is located in the Hurricane Rita disaster area (as defined in
Code section 1400M(4)) and who has sustained an economic loss by reason of Hurricane Rita; or 
 (3) October 23, 2005, is located in
the Hurricane Wilma disaster area (as defined in Code section 1400M(6)) and who has sustained an economic loss by reason of Hurricane Wilma. 

(c) The “QHD Effective Date” means 

(1) August 25, 2005, with respect to a Qualified Individual described in subsection (b)(1) above; 

(2) September 23, 2005, with respect to a Qualified Individual described in subsection (b)(2) above; and 

  
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 (3) October 23, 2005, with respect to a Qualified Individual described in subsection (b)(3)
above. 
 (d) The “QHD Distribution Date” means 

(1) January 1, 2007, with respect to a Qualified Individual described in subsection (b)(1), (2), or (3) above. 

(e) If the Employer elected to provide for Rollover Contributions in Subsection 1.09(a) of the Adoption Agreement, an Eligible Employee who
received a Qualified Hurricane Distribution, as defined herein, may repay to the Plan the Qualified Hurricane Distribution, provided the Qualified Hurricane Distribution is eligible for tax-free rollover treatment. Any such re-contribution will be
treated as having been made in a direct rollover to the Plan, provided it is made during the three-year period beginning on the day after the date on which the Qualified Hurricane Distribution was received and does not exceed the amount of such
distribution. 

  
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 Volume Submitter Defined Contribution Plan 

ADDENDUM 
 RE: Compensation Taken
into Account 
 Amendment for Fidelity Basic Plan Document No. 14 

Effective December 11, 2008, the first paragraph of Section 5.02 is hereby amended to provide as follows: 

5.02 Compensation Taken into Account in Determining Contributions. In determining the amount or allocation of any contribution
that is based on Compensation, only Compensation paid to a Participant for services rendered to the Employer while employed as an Eligible Employee shall be taken into account. Except as otherwise specifically provided in this Article 5, for
purposes of determining the amount and allocation of contributions under this Article 5, Compensation shall not include reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, deferred compensation, welfare
benefits, and any amounts elected by the Employer with respect to such contributions in Subsection 1.05(a) or (b), as applicable, of the Adoption Agreement. 

  
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 Volume Submitter Defined Contribution Plan 

ADDENDUM 
 RE: Pension Protection
Act of 2006, 
 The Heroes Earnings Assistance and Relief Act of 2008, 

The Worker, Retiree and Employee Recovery Act of 2008 

And Code Sections 401(k) and 401(m) 2009 Proposed Regulations 

Amendments for Fidelity Basic Plan Document No. 14 

PREAMBLE 
 Adoption and Effective Date of
Amendment. This amendment of the Plan is adopted to reflect statutory changes pursuant to the Pension Protection Act of 2006 (“PPA”) and the Heroes Earnings Assistance and Relief Act of 2008 (“HEART”) and related
guidance. This amendment is intended as good faith compliance with the requirements of the PPA and HEART and is to be construed in accordance with guidance issued thereunder. 

Except as provided otherwise below, the amendments contained herein shall be effective for Plan Years beginning after December 31, 2006. 

Supersession of Inconsistent Provisions. This amendment shall supersede the provisions of the Plan to the extent those provisions are
inconsistent with the provisions of this amendment. 
 Article 1. Qualified Reservist Distribution. If elected by the Employer in Section (g) of
the corresponding Adoption Agreement Addendum, and notwithstanding anything herein to the contrary, effective September 11, 2001 (or the later effective date elected by the Employer in such Section (g)), a Participant ordered or called to
active duty for a period in excess of 179 days or for an indefinite period after September 11, 2001 by reason of being a member of a reserve component (as defined in section 101 of title 37, United States Code), shall be eligible to elect to
receive a Qualified Reservist Distribution. For purposes of this Article 1, a “Qualified Reservist Distribution” means a distribution from the Participant’s Account of amounts attributable to Deferral Contributions, provided such
distribution is made during the period beginning on the date of the order or call to active duty and ending at the close of the active duty period. 

Article 2. Direct Rollover Distributions. 
  

	2.1	Employee Contributions. Effective for taxable years beginning after December 31, 2006, the portion of an “eligible rollover distribution” consisting of after-tax Employee Contributions that
are not includable in gross income may be rolled over in a direct rollover distribution to an annuity contract described in Code section 403(b), provided such contract provides for separate accounting of amounts so transferred (and earnings
thereon). 

  

	2.2	Nonspouse Beneficiary Rollovers. Effective for distributions after December 31, 2006, a designated beneficiary (as defined in Code section 401(a)(9)(E)) of a Participant who is not the surviving
spouse of the Participant may elect to roll over such distribution to an individual retirement plan described in clause (i) or (ii) of paragraph (8)(B) of Code section 402(c) established for the purposes of receiving such
distribution. 

  

	2.3	Roth IRA. Effective for distributions after December 31, 2007, a Roth IRA described in Code section 408A shall be an “eligible retirement plan,” as defined in Section 13.04(b).

 Article 3. Pre-Normal Retirement Age Pension Plan Distributions. If elected by the Employer in Section (a) of the corresponding
Adoption Agreement Addendum, and notwithstanding anything herein to the contrary, effective for distributions in Plan Years beginning after December 31, 2006 (or the later effective date elected by the Employer in such Section (a)), an Active
Participant may elect to receive a distribution of the portion of his Account attributable to pension plan contributions (if applicable) prior to the Active Participant’s attainment of Normal Retirement Age, provided such Active Participant has
attained at least age 62. 
 Article 4. Qualified Optional Survivor Annuity. Notwithstanding anything herein to the contrary, if Article 14 is
applicable to the Plan, then, effective for Plan Years beginning after December 31, 2007 (subject to the effective date 

  
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applicable in the event that the Plan is maintained pursuant to a collective bargaining agreement under certain circumstances, as described in section 4.3, below), the Plan shall also permit the
Participant, subject to the spousal consent rules described in Section 14.05, to elect a qualified optional survivor annuity, which provides for a life annuity payable to the Participant and a survivor annuity payable to the Participant’s
beneficiary equal to either 75% or 50% as described in 4.1 or 4.2 below, as applicable. 
  

	4.1	If the survivor annuity portion of the Plan’s qualified joint and survivor annuity (as defined in Section 14.01) is less than 75%, then the survivor annuity portion of the qualified optional survivor annuity
shall be 75%. 

  

	4.2	If the survivor annuity portion of the Plan’s qualified joint and survivor annuity (as defined in Section 14.01) is greater than or equal to 75%, then the survivor annuity portion of the qualified optional
survivor annuity shall be 50%. 

  

	4.3	Notwithstanding the effective date described above in this Article 4, if the Plan is maintained pursuant to one or more collective bargaining agreements between employee representatives and one or more employers
ratified on or before August 17, 2006, then this Article 4 shall be effective for Plan Years beginning on and after the earlier of— 

  

	 	(a)	The later of— 

  

	 	(i)	January 1, 2008, or 

  

	 	(ii)	The date on which the last of such collective bargaining agreements terminates (determined without regard to any extension thereof after August 17, 2006), or 

 

	 	(b)	January 1, 2009. 

 Article 5. Transfers to the Pension Benefit Guarantee Corporation upon Plan
Termination. In the event that the Employer terminates the Plan, as described in Section 16.06, and, at the time, the whereabouts of one or more distributees are unknown, as described in Section 12.06, and the Employer so directs the
Trustee, subject to applicable guidance, the Trustee shall transfer the Accounts of such distributees to the Pension Benefit Guarantee Corporation. 

Article 6. Modification of rules governing Hardship Distributions. On and after August 17, 2006, a hardship withdrawal described in
Section 10.05, if otherwise available under the Plan, shall be available as a result of the financial needs described in paragraphs (1), (3) and (5) of subsection 10.05(a) for a primary beneficiary under the Plan. For this purpose, a
“primary beneficiary under the Plan” is an individual who is named as a beneficiary under the Plan and has an unconditional right to all or a portion of the Participant’s Account upon the death of the Participant. 

Article 7. Removal of Gap Period Income. Effective for plan years beginning after December 31, 2007, notwithstanding anything in the Basic Plan
Document or Adoption Agreement (including addenda thereto) to the contrary, the calculation of income or loss allocable to “excess deferrals”, “excess contributions”, and “excess aggregate contributions” shall be
determined without regard to the period of time elapsing between the end of the “determination year” and the date of distribution (also known as the “gap period”). 

Article 8. Notification of a Participant for purposes of Automatic Enrollment Contributions. Notwithstanding anything in the Basic Plan Document or
Adoption Agreement (including addenda thereto) to the contrary, the Notification Date elected by the Employer in the Adoption Agreement (including addenda thereto) may precede the Automatic Enrollment Effective Date. 

Article 9. Modification of Provisions for QACA. Effective for plan years beginning after December 31, 2007, except where a different treatment is
indicated in this amendment or the PPA Addendum, any provision of the Plan applying to a 401(k) Safe Harbor Matching Employer Contribution or a 401(k) Safe Harbor Nonelective Employer Contribution, respectively, will apply to a QACA Matching
Employer Contribution or a QACA Nonelective Employer Contribution, respectively. In addition, effective for Plan Years beginning on and after January 1, 2010, the same constraints and requirements regarding Compensation exclusions applied to
QACA Matching Employer Contributions under the Plan shall apply for determining default deferral contributions under the QACA pursuant to Section (b)(1) of the PPA Addendum.  

Article 10. Changing Testing Methods. Effective for plan years beginning after December 31, 2007, Section 6.11 is amended by replacing it in
its entirety with the following:  
 6.11. Changing Testing Methods. Notwithstanding any other provisions of the Plan,
if the Employer elects to change between the “ADP” testing method and the safe harbor testing method, the following shall apply: 

  
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 (a) Except as otherwise specifically provided in this Section, Section 6.09, or applicable
regulation, the Employer may not change from the “ADP” testing method to the safe harbor testing method unless Plan provisions adopting the safe harbor testing method are adopted before the first day of the Plan Year in which they are to
be effective and remain in effect for an entire 12-month Plan Year. 
 (b) A Plan may be amended during a Plan Year to make safe harbor or
QACA Nonelective Employer Contributions to satisfy the testing rules for such Plan Year if: 
 (1) The Employer provides both the
initial and subsequent notices described in Section 6. 09 for such Plan Year within the time period prescribed in Section 6.09. 

(2) The Employer amends its Adoption Agreement no later than 30 days prior to the end of such Plan Year to provide for 401(k) Safe Harbor
Nonelective Contribution or QACA Nonelective Employer Contribution in accordance with the provisions of the 401(k) Safe Harbor Nonelective Employer Contributions Addendum to the Adoption Agreement or the PPA Addendum to the Adoption Agreement. 

(c) Except as otherwise specifically provided in this Article, a Plan may not be amended during the Plan Year to discontinue 401(k) Safe Harbor
Nonelective Employer Contributions, 401(k) Safe Harbor Matching Employer Contributions, QACA Nonelective Employer Contributions, or QACA Matching Employer Contributions and revert to the “ADP” testing method for such Plan Year. 

(d) A Plan may be amended to reduce or suspend 401(k) Safe Harbor Matching Employer Contributions or QACA Matching Employer Contributions on
future contributions, or, effective on and after July 1, 2009, for an Employer which has incurred a substantial business hardship (comparable to a substantial business hardship described in Code Section 412(c)), 401(k) Safe Harbor
Nonelective Employer Contributions or QACA Nonelective Employer Contributions, during a Plan Year and revert to the “ADP” testing method for such Plan Year if: 

(1) All Active Participants are provided notice of the reduction or suspension describing (i) the consequences of the amendment,
(ii) the procedures for changing their salary reduction agreements, and (iii) the effective date of the reduction or suspension. 

(2) The reduction or suspension of such contributions is no earlier than the later of (i) 30 days after the date the notice described in
paragraph (a) is provided to Active Participants or (ii) the date the amendment is adopted. 
 (3) Active Participants are given a
reasonable opportunity before the reduction or suspension occurs, including a reasonable period after the notice described in paragraph (a) is provided to Active Participants, to change their salary reduction agreements elections. 

(4) The Plan satisfies the 401(k) Safe Harbor Matching Employer Contributions or QACA Matching Employer Contributions provisions of the
Adoption Agreement in effect prior to the amendment with respect to Deferral Contributions made through the effective date of the amendment. 

(5) The Plan satisfies the 401(k) Safe Harbor Nonelective Employer Contributions or QACA Nonelective Contributions provisions of the Adoption
Agreement in effect prior to the amendment with respect to the safe harbor compensation (compensation meeting the requirements of Section 1.401(k)-3(b)(2) of the Treasury Regulations) paid through the effective date of the amendment. 

If the Employer amends its Plan in accordance with the provisions of this Subsection (d), the “ADP” test described in
Section 6.03 and the “ACP” test described in Section 6.06 shall be applied as if it had been in effect for the entire Plan Year using the current year testing method in Subsection 1.06(a)(1) of the Adoption Agreement. 

Article 11. Eligible Automatic Contribution Arrangement (EACA). Effective for plan years beginning after December 31, 2007, if the Employer has
elected in Section (e) of the PPA Addendum to the Adoption Agreement to have the Plan be an EACA, then references to “2  1⁄2” months in Sections
6.04 and 6.07 of the Basic Plan Document are hereby changed to read “6” months. The Employer shall also provide to each Active Participant covered by the EACA pursuant to Section (f) of the PPA Addendum to the Adoption Agreement a
comprehensive notice, written in a manner calculated to be understood by the average Active Participant, of the Active Participant’s rights and obligations under the Plan within the time described in Section 6.09 for a safe harbor
contribution notice. 

  
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 Article 12. Notice Timing Adjustment. Effective for plan years (and the notices issued therein) beginning
after December 31, 2006, references to a period of “90” days in Sections 12.03, 13.05 and 14.05 are hereby changed to “180” days in the text of each such section. 

Article 13. Diversification out of Employer Securities. Notwithstanding anything herein to the contrary, if one of the Plan’s Permissible
Investments is Employer Securities, the following rules shall apply:  
 13.1 With respect to the portion of a Participant’s or
Beneficiary’s Account attributable to: 
  

	 	(a)	Matching and/or Nonelective Employer Contributions and invested in Employer Securities, the Participant or Beneficiary shall be permitted to exchange out of Employer Securities into any other Permissible Investment
otherwise available, no later than the date on which either (1) or (2) below is applicable: 

  

	 	(1)	If a Participant, the Participant has completed at least three years of service (as defined in section III.B. of Notice 2006-107, or its successor), or 

 

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

  

	 	(b)	Deferral, Employee and/or Rollover Contributions and invested in Employer Securities, the Participant or Beneficiary shall immediately be permitted to exchange out of Employer Securities into any other Permissible
Investment otherwise available. 

 13.2 The Plan must have no fewer than three Permissible Investments, other than Employer Securities, each
of which must be diversified and have materially different risk and return characteristics. A Participant or Beneficiary who is permitted to exchange out of Employer Securities pursuant to 13.1 above must be permitted to direct the investment of the
proceeds from such an exchange out of Employer Securities into the Permissible Investments described in this section 13.2. Notwithstanding anything to the contrary in this section 13.2: 

 

	 	(a)	The Plan shall not be treated as failing to meet the requirements of this section 13.2 merely because the Plan limits the time for divestment and reinvestment to periodic, reasonable opportunities occurring no less
frequently than quarterly; and 

  

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

13.3 The following definitions apply for purposes of this Article 13— 
  

	 	(a)	“Employer Securities” shall mean publicly traded equity securities issued by the Employer Corporation, provided that: 

  

	 	(1)	Except as provided in otherwise applicable regulations or in paragraph (2) of this subsection (a), if the Employer Securities are not publicly traded they shall nevertheless be treated as publicly traded if any
Employer Corporation, or any member of a Controlled Group of Corporations that includes such Employer Corporation, has issued a class of stock that is a publicly traded Employer Security. 

 

	 	(2)	Paragraph (1) shall be inapplicable if no Employer Corporation, or Parent Corporation of an Employer Corporation, has issued any— 

 

	 	(A)	Publicly traded Employer Security, or 

  

	 	(B)	Any special class of stock that grants particular rights to, or bears particular risks for, the holder or issuer with respect to the Employer Corporation or any Parent Corporation of an Employer Corporation that has
issued any Publicly Traded Employer Security. 

  

	 	(b)	“Controlled group of Corporations” has the meaning given such term by Code section 1563(a), except that “50 percent” shall be substituted for “80 percent” each place it appears.

  

	 	(c)	“Employer Corporation” means a corporation that is an employer maintaining the Plan. 

  
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	 	(d)	“Parent Corporation” has the meaning given such term by Code section 424(e). 

 13.4 The following
transition rule applies to Employer Securities: 
  

	 	(a)	In the case of the portion of an Account to which subsection 13.1(a) applies and which consists of Employer Securities acquired in a Plan Year beginning before January 1, 2007, subsection 13.1(a) shall only apply
to the “applicable percentage” of such securities. This subsection 13.4 (a) shall be applied separately with respect to each class of Employer Securities. 

 

	 	(b)	Subsection (a) shall not apply to a Participant who has attained age 55 and completed at least three years of service (as defined in paragraph 13.1(a)(1) above) before the first Plan Year beginning after
December 31, 2005. 

  

	 	(c)	For purposes of subsection (a), the “applicable percentage” shall be determined as follows: 

  

	 	(1)	For the first Plan Year to which subsection 13.1(a) applies, the applicable percentage is 33. 

  

	 	(2)	For the second Plan Year to which subsection 13.1(a) applies, the applicable percentage is 66. 

  

	 	(3)	For the third Plan Year to which subsection 13.1(a) applies and following, the applicable percentage is 100. 

13.5 Notwithstanding the effective date of this amendment, if the Plan is maintained pursuant to one or more collective bargaining agreements between employee
representatives and one or more employers ratified on or before August 17, 2006, then this Article 13 shall be effective for Plan Years beginning after the earlier of— 

 

	 	(a)	The later of— 

  

	 	(i)	December 31, 2007, or 

  

	 	(ii)	The date on which the last of such collective bargaining agreements terminates (determined without regard to any extension thereof after August 17, 2006), or 

 

	 	(b)	December 31, 2008. 

  
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 Volume Submitter Defined Contribution Plan 

ADDENDUM 
 RE: In-kind
Distributions 
 Amendment for Fidelity Basic Plan Document No. 14 

Effective March 15, 2010, the following shall replace in its entirety the third paragraph of Section 13.01: 

Distributions shall be made in cash, except that distributions may be made in Fund Shares of marketable securities (as defined in Code
Section 731(c)(2)), other than Fund Shares of Employer Stock as defined in Section 20.12, at the election of the Participant and, to the extent each such security allows the Trustee to facilitate such a transfer, pursuant to the qualifying
rollover of such distribution to a Fidelity Investments® individual retirement account or a taxable distribution directly to another Fidelity Investments® account. 

  
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 1 

 Volume Submitter Defined Contribution Plan 

ADDENDUM 
 RE: The Heroes Earnings
Assistance and Relief Act of 2008, 
 The Worker, Retiree and Employee Recovery Act of 2008 

And The Emergency Economic Stabilization Act of 2008 

Amendments for Fidelity Basic Plan Document No. 14 

PREAMBLE 
 Adoption and Effective Date of
Amendment. This amendment of the Plan is adopted to reflect statutory changes pursuant to the Heroes Earnings Assistance and Relief Act of 2008 (“HEART”), the Worker, Retiree and Employee Recovery Act of 2008 (“WRERA”),
the Emergency Economic Stabilization Act of 2008 (“EESA”), and related guidance. This amendment is intended as good faith compliance with the requirements of the HEART, WRERA and EESA and is to be construed in accordance with guidance
issued thereunder. 
 Except as provided otherwise below, the amendments contained herein shall be effective for Plan Years beginning after
December 31, 2008. 
 Supersession of Inconsistent Provisions. This amendment shall supersede the provisions of the Plan to the extent
those provisions are inconsistent with the provisions of this amendment. 
 Article 1. Death of Participant While Performing Qualified Military
Service. In the case of a Participant who dies on or after January 1, 2007 while performing qualified military service as defined in Code Section 414(u)(5) (“QMS”), such Participant shall be treated (except as otherwise
provided in Article 2 for purposes of benefit accruals related to QMS as described in Code Section 414(u)(9)) under the Plan as having resumed employment with the Employer and then terminated employment on account of death. Such treatment shall
include, but not be limited to: 
  

	1.1	Vesting. Section 11.04 of the Plan is hereby amended to give any Participant dying while performing QMS a 100 percent vested interest in his Account regardless of the vesting schedule elected in
Section 1.16 of the Adoption Agreement. 

  

	2.2	Exceptions to Continuing Eligibility Requirements. Any Plan providing through Section 1.13 of the Adoption Agreement that a Participant who dies shall be excluded from any last day or Hours of Service
requirement shall be treated as having the same apply for any Participant who dies while performing QMS. 

 Article 2. Treatment of QMS for
Other Benefit Accrual Purposes. Except to the extent that the Employer, or its prior pre-approved plan provider, has amended the Plan prior to the end of the first plan year beginning on or after January 1, 2010 to provide otherwise,
Participants dying and/or becoming disabled while performing QMS on or after January 1, 2007 shall not be treated as having resumed employment pursuant to Section 18.06 of the Plan on the day prior to dying or becoming disabled for
purposes of calculating contributions pursuant to Code Section 414(u)(9). Notwithstanding any prior plan amendment to the contrary, effective for any Participants dying or becoming disabled while performing QMS after the end of the first plan
year beginning on or after January 1, 2010, unless the Employer provides otherwise in the Superseding Provisions Addendum for the Plan, such Participants shall not be treated as having resumed employment pursuant to Section 18.06 of the
Plan on the day prior to dying or becoming disabled for purposes of calculating contributions pursuant to Code Section 414(u)(9). 
 Article 3.
Differential Wages. For purposes of this Amendment, “Differential Wages” shall be defined as wages paid to an Employee by the Employer with regard to military service meeting the definition of differential wage payment found in Code
Section 3401(h)(2). 
  

	3.1	Effective for wages paid after 12/31/2008, Differential Wages shall be specifically included in the definition of Compensation under the Plan. 

 

	3.2	Except to the extent that the Employer, or its prior pre-approved plan provider, has amended the Plan prior to the end of the first plan year beginning on or after January 1, 2010 to include Differential Wages as
Compensation taken 

  
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into account in determining contributions for some or all types of contributions, Compensation shall not include Differential Wages for purposes of determining the amount or allocation of
contributions under Article 5 of the Plan effective for all Differential Wages paid after 12/31/2008. Notwithstanding any prior plan amendment to the contrary, effective for any Differential Wages paid after the end of the first plan year beginning
on or after January 1, 2010, unless the Employer provides otherwise in the Superseding Provisions Addendum for the Plan, Compensation shall not include Differential Wages for purposes of determining the amount or allocation of contributions
under Article 5 of the Plan. 

 Article 4. Available In-Service Withdrawal. 

 

	4.1	Except to the extent that the Employer, or its prior pre-approved plan provider, has amended the Plan prior to the end of the first plan year beginning on or after January 1, 2010 to provide otherwise, a
Participant performing service in the uniformed services as described in Code Section 3401(h)(2)(A) shall be treated as having been severed from employment with the Employer for purposes of Code Section 401(k)(2)(B)(i)(I) and shall, as
long as that service in the uniformed services continues, have the option to request a distribution of all or any part of his or her Account restricted from distribution only due to Code Section 401(k)(2)(B)(i)(I). Notwithstanding any prior
plan amendment to the contrary, effective after the end of the first plan year beginning on or after January 1, 2010, unless the Employer provides otherwise in the Superseding Provisions Addendum for the Plan, a Participant performing service
in the uniformed services as described in Code Section 3401(h)(2)(A) shall be treated as having been severed from employment with the Employer for purposes of Code Section 401(k)(2)(B)(i)(I) and shall, as long as that service in the
uniformed services continues, have the option to request a distribution of all or any part of his or her Account restricted from distribution only due to Code Section 401(k)(2)(B)(i)(I). 

 

	4.2	Any distribution taken by a Participant pursuant to section 4.1 shall be considered an eligible rollover distribution pursuant to Section 13.04(c) of the Plan and any Participant taking such a distribution shall be
suspended from making Deferral Contributions and Employee Contributions under the Plan for a period of 6 months following the date of any such distribution. 

Article 5. Modification of minimum distribution rules for 2009.  
  

	5.1	Except to the extent that the Employer, or its prior pre-approved plan provider, has amended the Plan prior to the end of the first plan year beginning on or after January 1, 2011 to provide otherwise and
notwithstanding Section 13.03 of the Plan, a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but for the enactment of Code Section 401(a)(9)(H) (“2009 RMDs”), and who
would have satisfied that requirement by receiving distributions specifically equal to the 2009 RMDs, will not receive those distributions for 2009 unless the Participant or Beneficiary chooses to receive such distributions. 

 

	5.2	Any Participant or Beneficiary who had elected a systematic withdrawal plan (“installments”) pursuant to Section 13.01 of the Plan to satisfy (in part or wholly) a 2009 RMD is hereby permitted to elect to stop
those installments. 

  

	5.3	For only those Participants and Beneficiaries who have made the election described in section 5.2, there is hereby added to the Plan a partial withdrawal to allow such a Participant or Beneficiary to withdraw any part
of his or her Account prior to December 31, 2009. 

  

	5.4	Participants and Beneficiaries described in section 5.1 will be given the opportunity to elect to receive 2009 RMDs as described in the preceding sentences of this Article 5. 

 

	5.5	Notwithstanding Section 13.03 of the Plan, and solely for purposes of applying the direct rollover provisions of the plan, 2009 RMDs will be treated as eligible rollover distributions. 

Temporary Relief for 2008 Midwestern Disaster Area. For purposes of this Article 6, the “Applicable Disaster Date” means the
date declared by the President on or after May 20, 2008, and before August 1, 2008, under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of severe storms, tornados, or flooding occurring in any
of the States of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin (the “Midwest Disaster Area”). Section 10.08 of the Plan (added as part of the amendment to the Plan regarding Code
Sections 401(k) and 415 2007 Final Regulations) shall be treated as applying to any Participant who, on the Applicable Disaster Date, has his principal place of abode within the Midwest Disaster Area, sustains an economic loss attributable to the
reasons mentioned in the previous sentence of this Article 6, and takes a distribution after the Applicable Disaster Date and prior to December 31, 2009. 

  
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 Volume Submitter Defined Contribution Plan 

ADDENDUM 
 RE: Small Business Jobs
Act of 2010 
 Amendment for Fidelity Basic Plan Document No. 14 

PREAMBLE 
 Adoption and Effective Date of
Amendment. This amendment of the Plan is adopted to reflect statutory changes pursuant to the Small Business Jobs Act of 2010 (“SBJA”) and related guidance. This amendment is intended as good faith compliance with the requirements
of the SBJA and is to be construed in accordance with guidance issued thereunder. 
 Except as provided otherwise below, the amendments contained herein
shall be effective for distributions from the Plan after September 27, 2010. 
 Supersession of Inconsistent Provisions. This amendment
shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this amendment. 

In-Plan Roth Rollover Contributions. If elected by the Employer in Section (a) of the corresponding Adoption Agreement Addendum,
and effective for distributions on and after the date elected by the Employer in such Section (a), any Participant or Beneficiary meeting the requirements set forth in Section (a) of the corresponding Adoption Agreement Addendum may elect to
have otherwise distributable portions of his Account, which are not “designated Roth contributions” under the Plan and meet the definition of an “eligible rollover distribution” found in Section 13.04(c), be considered
“designated Roth contributions” for purposes of the Plan. Any assets transferred in such a way shall be separately accounted for, be maintained in such records as are necessary for the proper reporting thereof, and have any distribution
constraints, such as those found in Article 14, applicable to them prior to the transfer continue to apply to them. 
 The Volume Submitter Sponsor
(Fidelity Management & Research Company) executed this Amendment by separate resolution on October 11, 2011. 

  
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