Document:

Exhibit 4.1

 Exhibit 4.1 
  

			
	 COMMON STOCK
	  	COMMON STOCK
	 CERTIFICATE NO.         
	  	         SHARES
		  	See reverse side for certain definitions
		  	  
 CUSIP
                     

 FAIRFIELD COUNTY BANK CORP. 
 ORGANIZED UNDER THE LAWS OF THE UNITED
STATES 
 THIS CERTIFIES THAT: 
 [SPECIMEN] 
 is the owner of: 
 FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK $0.01 PAR VALUE 
 PER SHARE OF FAIRFIELD COUNTY BANK CORP. 
 The shares represented by this
certificate are transferable only on the stock transfer books of Fairfield County Bank Corp. (the “Company”) by the holder of record hereof, or by his duly authorized attorney or legal representative, upon the surrender of this certificate
properly endorsed. This certificate and the shares represented hereby are issued and shall be held subject to all the provisions of the Charter of the Company and any amendments thereto (copies of which are on file with the Corporate Secretary of
the Company), to all of which provisions the holder by acceptance hereof, assents. This certificate is not valid until countersigned and registered by the Company’s Transfer Agent and Registrar. 
 The shares are not a deposit account and are not federally insured or guaranteed by the Federal Deposit Insurance Corporation.

 IN WITNESS WHEREOF, FAIRFIELD COUNTY BANK CORP. has caused this certificate to be executed by the signatures of
its duly authorized officers and has caused its corporate seal to be hereunto affixed. 
  

					
	 Dated:
                    
	  	[SEAL]              	  	

  
  

					
	  
 Chief Executive Officer
	  		 	  
 Corporate
Secretary

 The shares represented by this Certificate are subject to a limitation contained in the
Company’s Charter to the effect that for a period of five years from the date of the initial issuance of securities in no event shall any person, other than Fairfield County Bank, MHC, directly or indirectly, offer to acquire or acquire the
beneficial ownership of more than 10% of the outstanding shares of common stock. Shares beneficially owned in excess of this limitation shall not be counted as shares entitled to vote and shall not be voted by any person or counted as voting shares.

 The Board of Directors of the Company is authorized by resolution(s), from time to time adopted, to provide for the issuance
of serial preferred stock in series and to fix and state the voting powers, designations, preferences and relative, participating, optional, or other special rights of the shares of each such series and the qualifications, limitations and
restrictions thereof. The Company will furnish to any shareholder upon request and without charge a full description of each class of stock and any series thereof. 
 The shares represented by this Certificate may not be cumulatively voted on any matter. 
 The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	 TEN COM - as tenants in common
	 	UNIF GIFTS MIN ACT -
             custodian             
		 	                                        
 (Cust)                  (Minor)
		 	under Uniform Gifts to Minors Act             
		 	                                        
                   (State)
		
	 TEN ENT - as tenants by the entireties
	 	UNIF TRF MIN ACT -              custodian (until age     )
		 	                                        
 (Cust)                                       
   
		 	             under Uniform Transfers to Minors Act
            
	 JT TEN - as joint tenants with right of
  survivorship and not as tenants in common
	 	(Minor)                                       
                            (State)

 Additional abbreviations may also be used though not in the above list. 
 For
value received              hereby sell, assign and transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFICATION NUMBER OF ASSIGNEE 
  
  
  
 Please print or typewrite name and address
including postal zip code of assignee. 
                      shares of the common stock represented by this certificate and do hereby irrevocably constitute and appoint
                    , attorney, to transfer the said stock on the books of the within-named corporation with full power of substitution in the
premises. 
  

			
	 DATED
                    
	 	  

		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular without alteration or enlargement or any
change whatever.

  

			
	 SIGNATURE GUARANTEED:
	 	  

		 	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION, (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15Exhibit 10.1

 Exhibit 10.1 
 PROPOSED 
 FAIRFIELD COUNTY BANK EMPLOYEE STOCK
OWNERSHIP PLAN 
 Effective as of January 1, 2010 

 PROPOSED 
 FAIRFIELD COUNTY BANK EMPLOYEE STOCK OWNERSHIP PLAN 
 CERTIFICATION 

 I,
                    , Chief Executive Officer of Fairfield County Bank, hereby certify that the attached Fairfield County Bank Employee Stock
Ownership Plan, effective January 1, 2010, was adopted at a duly held meeting of the Board of Directors of the Bank. 
  

			
	FAIRFIELD COUNTY BANK
		
	 By:
	 	  

 PROPOSED 
 Fairfield County Bank Employee Stock Ownership Plan 
 Table of Contents

  

			
	 Section 1 - Introduction
	  	1
		
	 Section 2 - Definitions
	  	1
		
	 Section 3 - Eligibility and Participation
	  	7
		
	 Section 4 - Contributions
	  	9
		
	 Section 5 - Plan Accounting
	  	11
		
	 Section 6 - Vesting and Forfeitures
	  	17
		
	 Section 7 - Distributions
	  	19
		
	 Section 8 - Voting of Company Stock and Tender Offers
	  	24
		
	 Section 9 - The Committee and Plan Administration
	  	25
		
	 Section 10 - Rules Governing Benefit Claims
	  	29
		
	 Section 11 - The Trust
	  	30
		
	 Section 12 - Adoption, Amendment and Termination
	  	31
		
	 Section 13 - General Provisions
	  	32
		
	 Section 14 - Top-Heavy Provisions
	  	38

 SECTION 1 
 Introduction 
 Section 1.01 Nature of the Plan. 
 Effective as of January 1, 2010 (the “Effective Date”), Fairfield County Bank (the “Bank”) hereby establishes the Fairfield County
Bank Employee Stock Ownership Plan (the “Plan”) to enable Eligible Employees (as defined in Section 2.01(o) of the Plan) to acquire stock ownership interests in Fairfield County Bank Corp. (the “Company”), the holding
company of the Bank. The Bank intends this Plan to be a tax-qualified stock bonus plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and an employee stock ownership plan within the meaning of
Section 407(d)(6) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and Sections 409 and 4975(e)(7) of the Code. The Plan is designed to invest primarily in the common stock of the Company, which stock
constitutes “qualifying employer securities” within the meaning of Section 407(d)(5) of ERISA and Sections 409(l) and 4975(e)(8) of the Code. Accordingly, the Plan and Trust Agreement (as defined in Section 2.01(oo) of the Plan)
shall be interpreted and applied in a manner consistent with the Bank’s intent for it to be a tax-qualified plan designed to invest primarily in qualifying employer securities. 
 Section 1.02 Employers and Affiliates. 
 The Bank and each of its Affiliates (as
defined in Section 2.01(c) of the Plan) that, with the consent of the Bank, adopt the Plan pursuant to the provisions of Section 12.01 of the Plan are collectively referred to as the “Employers” and individually as an
“Employer.” The Plan shall be treated as a single plan with respect to all participating Employers. 
 SECTION 2

 Definitions 
 Section 2.01 Definitions.  
 In this Plan, whenever the context so indicates, the singular or the plural number and
the masculine or feminine gender shall be deemed to include the other, the terms “he,” “his,” and “him,” shall refer to a Participant or Beneficiary, as the case may be, and, except as otherwise provided, or unless the
context otherwise requires, the capitalized terms shall have the following meanings: 
  

	(a)	“Account” or “Accounts” mean a Participant’s or Beneficiary’s Company Stock Account and/or his Other Investments Account, as
the context so requires. 

  

	(b)	“Acquisition Loan” means a loan or other extension of credit, including an installment obligation to a “party in interest” (as defined in
Section 3(14) of ERISA) incurred by the Trustee in connection with the purchase of Company Stock. 

  

 1 

	(c)	“Affiliate” means any corporation, trade or business, which, at the time of reference, is, together with the Bank, a member of a controlled group of
corporations, a group of trades or businesses (whether or not incorporated) under common control, or an affiliated service group, as described in Sections 414(b), 414(c), and 414(m) of the Code, respectively, or any other organization treated as a
single employer with the Bank under Section 414(o) of the Code; provided, however, that, where the context so requires, the term “Affiliate” shall be construed to give full effect to the provisions of Sections 409(l)(4) and 415(h) of
the Code. 

  

	(d)	“Bank” means Fairfield County Bank, and any entity that succeeds to the business of the Fairfield County Bank and adopts this Plan in accordance with
the provisions of Section 12.02 of the Plan, or by written agreement assumes the obligations of the Plan. 

  

	(e)	“Beneficiary” means the person(s) entitled to receive benefits under the Plan following a Participant’s death, pursuant to Section 7.03 of
the Plan. 

  

	(f)	“Change in Control” means any one of the following events occurs: 

  

	 	(i)	Merger: The Company or the Bank merges into or consolidates with another corporation, or merges another corporation into the Company or the Bank, and as a result
less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

  

	 	(ii)	Acquisition of Significant Share Ownership: The Company files, or is required to file, a report on Schedule 13D or another form or schedule (other than Schedule
13G) required under Sections 13(d) or 14(d) of the Exchange Act, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of twenty-five percent (25%) or more of a class of the
Company’s voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns fifty (50%) or
more of its outstanding voting securities; 

  

	 	(iii)	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s or the Bank’s board of directors at
the beginning of the two-year period cease for any reason to constitute at least a majority of the Bank’s or the Company’s board of directors; provided, however, that for purposes of this clause (iii), each director who is first elected by
the board of directors (or first nominated by the board of directors for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have
also been a director at the beginning of such period; or 

  

	 	(iv)	Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its assets. 

  

 2 

 Notwithstanding the foregoing, a second step conversion will not constitute a Change in
Control for purposes of this Plan. 
  

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

  

	(h)	“Committee” means the individual(s) responsible for the administration of the Plan in accordance with Section 9 of the Plan.

  

	(i)	“Company” means Fairfield County Bank Corp. and any entity which succeeds to the business of Fairfield County Bank Corp. 

  

	(j)	“Company Stock” means shares of the voting common stock or preferred stock, meeting the requirements of Section 409 of the Code and
Section 407(d)(5) of ERISA, issued by the Company or its Affiliates. 

  

	(k)	“Company Stock Account” means the account established and maintained in the name of each Participant or Beneficiary to reflect his share of the Trust
Fund invested in Company Stock. 

  

	(l)	“Compensation” means a Participant’s wages as defined in Code Section 3401(a) and all other payments of Compensation and all other payments
of compensation by the Employer (in the course of the Employer’s trade or business) for a Plan Year for which Employer is required to furnish the Participant a written statement under Code Sections 6041(d), 6051(a)(3) and 6052. Compensation
must be determined without regard to any rules under Section 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code
Section 3401(a)(2)). Compensation shall also include amounts not currently includible in gross income by reason of the application of Code Sections 125 (cafeteria plan), 132(f)(4) (qualified transportation fringe), 402(e)(3) (401(k) plan),
402(h)(1)(B)(simplified employee pension plan), 414(h) (employer pickup contributions under a governmental plan), 403(b) (tax sheltered annuity) or 457(b) (eligible deferred compensation plan). 

 A Participant’s Compensation shall not exceed the limit set forth in Section 401(a)(17) of the Code $245,000 for the Plan Years
beginning January 1, 2010). If the Plan Year for which a Participant’s Compensation is measured is less than twelve (12) calendar months, then the amount of Compensation taken into account for such Plan Year shall be the adjusted
amount for such Plan Year, as prescribed by the Secretary of the Treasury under Section 401(a)(17) of the Code, multiplied by a fraction, the numerator of which is the number of months taken into account for such Plan Year and the denominator
of which is twelve (12). In determining the dollar limitation hereunder, Compensation received from an Affiliate shall be recognized as Compensation. 
  

 3 

	(m)	“Disability” means to engage in any substantial gainful activity by reason of any medically determinable physical or metal impairment which can be
expected to result in death or to be of long, continued and indefinite duration. An individual shall not be considered to be disabled unless he furnishes proof of the existence thereof in such form and manner as the Secretary of the Treasury may
prescribe. 

  

	(n)	“Effective Date” means January 1, 2010. 

  

	(o)	“Eligible Employee” means any Employee who 19 years of age and is not precluded from participating in the Plan by reason of the provisions of
Section 3.02 of the Plan. 

  

	(p)	“Employee” means any person who is actually performing services for the Employer or an Affiliate in a common-law, employer-employee relationship as
determined under Sections 31.3121(d)-1, 31.3306(i)-1, or 31.3401(c)-1 of the Treasury Regulations. 

  

	(q)	“Employer” or “Employers” means the Bank and any of its Affiliates that adopt the Plan in accordance with the provisions of
Section 12.01 of the Plan, and any entity which succeeds to the business of the Bank or its Affiliates and which adopts the Plan in accordance with the provisions of Section 12.02 of the Plan, or by written agreement assumes the
obligations under the Plan. 

  

	(r)	“Entry Date” means the first day of the month coincident with or next following the date the Employee satisfies the requirements for participation
under Section 3.01 of the Plan. 

  

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

  

	(t)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

	(u)	“Financed Shares” means shares of Company Stock acquired by the Trustee with the proceeds of an Acquisition Loan, which shall constitute
“qualifying employer securities” under Section 409(1) of the Code and any shares of Company Stock received upon conversion or exchange of such shares. 

  

	(v)	“Highly Compensated Employee” means an Employee who, for a particular Plan Year, satisfies one of the following conditions: 

 

	 	(i)	was a “5-percent owner” (as defined in Section 414(q)(2) of the Code) during the year or the preceding year, or 

  

	 	(ii)	for the preceding year, had “compensation” (as defined in Section 414(q)(4) of the Code) from the Bank and its Affiliates exceeding the limit in
Section 414(q)(1) of the Code ($110,000 for Plan Years beginning January 1, 2010). The applicable year for which a determination is being made is called a “determination year” and the preceding 12-month period is called
“look-back year.” 

  

 4 

	(w)	“Hour of Service” means each hour for which an Employee is paid, or entitled to payment, for performing duties for the Employer during the applicable
computation period. 

  

	(x)	“Later Retirement Date” means the first day of the month coincident with or next following a Participant’s date of actual retirement which occurs
after his Normal Retirement Date. 

  

	(y)	“Loan Suspense Account” means that portion of the Trust Fund consisting of Company Stock acquired with an Acquisition Loan which has not yet been
allocated to the Participants’ Accounts. 

  

	(z)	“Named Fiduciary” means the Board of Directors of the Bank. 

  

	(aa)	“Normal Retirement Age” means attainment of age 65. 

  

	(bb)	“Normal Retirement Date” means the first day of the month coincident with or next following the Participant’s attainment of Normal Retirement Age.

  

	(cc)	“One Year Period of Severance” means a twelve (12) consecutive month period following an Employee’s Termination of Service with the Employer
during which the Employee did not perform an Hour of Service. Notwithstanding the foregoing, if an Employee is absent for maternity or paternity reasons, such absence during the twenty-four (24) month period commencing on the first date of such
absence shall not constitute a One Year Period of Severance. An absence from employment for maternity or paternity reasons means an absence: 

  

	 	(i)	by reason of the pregnancy of the Employee; 

  

	 	(ii)	by reason of the birth of a child of the Employee; 

  

	 	(iii)	by reason of the placement of a child with the Employee in connection with the adoption of such child by such Employee; or 

  

	 	(iv)	for purposes of caring for such child for a period beginning immediately following such birth or placement. 

  

	(dd)	“Other Investments Account” means the account established and maintained in the name of each Participant or Beneficiary to reflect his share of the
Trust Fund, other than Company Stock. 

  

	(ee)	“Participant” means any Eligible Employee who has become a Participant in accordance with Section 3.01 of the Plan or any other person with an
Account balance under the Plan. 

  

	(ff)	 “Period of Service” means a period commencing on the date an Employee first performs an Hour of Service for the Employer upon initial
employment or, if applicable, upon reemployment, and ending on the date such Employee first incurs a Termination of Service. Notwithstanding the foregoing, the period between the first and second

  

 5 

	 	 
anniversary of the first date of a maternity or paternity absence described under “One Year Period of Severance” shall not be included in determining a Period of Service. A period
during which an individual was not employed by the Employer shall nevertheless be deemed a Period of Service if such individual incurred a Termination of Service and: 

  

	 	(i)	such Termination of Service was the result of resignation, discharge or retirement and such individual is reemployed by the Employer within one (1) year of such
Termination of Service; or 

  

	 	(ii)	such Termination of Service occurred when the individual was otherwise absent for less than one (1) year and was reemployed by the Employer within one
(1) year of the date such absence began. 

  

	(gg)	“Plan” means this Fairfield County Bank Employee Stock Ownership Plan, as amended from time to time. 

  

	(hh)	“Plan Year” means the calendar year. 

  

	(ii)	“Recognized Absence” means a period for which: 

  

	 	(i)	an Employer grants an Employee a leave of absence for a limited period of time, but only if an Employer grants such leaves of absence on a nondiscriminatory basis to
all Eligible Employees; or 

  

	 	(ii)	an Employee is temporarily laid off by an Employer because of a change in the business conditions of the Employer; or 

  

	 	(iii)	an Employee is on active military duty, but only to the extent that his employment rights are protected by the Military Selective Service Act of 1967 and the Uniformed
Services Employment and Reemployment Rights Act of 1994. 

  

	(jj)	“Retirement Date” means a Participant’s Normal or Later Retirement Date, whichever is applicable. 

  

	(kk)	“Service” means employment with the Bank or an Affiliate. 

  

	(ll)	 “Termination of Service” means the earlier of (a) the date on which an Employee’s Service is terminated by reason of his
resignation, retirement, discharge, death or Disability or (b) the first anniversary of the date on which such Employee’s service is terminated for disability of a short-term nature or any other reason. Service in the Armed Forces of the
United States shall not constitute a Termination of Service but shall be considered to be a period of employment by the Employer provided (i) such military service is caused by war or other emergency or the Employee is required to serve under
the laws of conscription in time of peace, (ii) the Employee returns to employment with the Employer within six (6) months following discharge from such military service and (iii) such Employee is reemployed by the Employer at a time
when the Employee had a

  

 6 

	 	 
right to reemployment at his former position or substantially similar position upon separation from such military duty in accordance with seniority rights as protected under the laws of the
United States. A leave of absence granted to an Employee by the Employer shall not constitute a Termination of Service provided that the Participant returns to the active service of the Employer at the expiration of any such period for which leave
has been granted. Notwithstanding the foregoing, an Employee who is absent from service with the Employer beyond the first anniversary of the first date of absence for maternity or paternity reasons set forth in Section 2.01(cc) of the Plan
shall incur a Termination of Service for purposes of the Plan on the second anniversary of the date of such absence. 

  

	(mm)	“Treasury Regulations” mean the regulations promulgated by the Department of the Treasury under the Code. 

  

	(nn)	“Trust” means the Fairfield County Bank Employee Stock Ownership Plan Trust created in connection with the establishment of the Plan.

  

	(oo)	“Trust Agreement” means the trust agreement establishing the Trust. 

  

	(pp)	“Trust Fund” means the assets held in the Trust for the benefit of Participants and their Beneficiaries. 

  

	(qq)	“Trustee” means the trustee or trustees from time to time in office under the Trust Agreement. 

  

	(rr)	“Valuation Date” means the last day of the Plan Year and each other date as of which the Committee shall determine the investment experience of the
Trust Fund and adjust Participants’ Accounts accordingly. 

  

	(ss)	“Valuation Period” means the period following a Valuation Date and ending with the next Valuation Date. 

  

	(tt)	“Vested Percentage” means a Participant’s nonforfeitable right in the balance of his Accounts. 

  

	(uu)	“Vesting Service” means an Employee’s Period of Service. 

 SECTION 3 
 Eligibility and Participation

 Section 3.01 Participation. 
  

	(a)	All Eligible Employees on the closing date of the Company minority stock offering shall enter the Plan and become Participants as of the later of: (i) the
Effective Date; or (ii) the Eligible Employee’s date of hire. 

  

 7 

	(b)	An Eligible Employee who is first employed by an Employer after the closing date of the Company’s minority stock offering shall become a Participant on the Entry
Date following their commencement of employment. 

 Section 3.02 Certain Employees Ineligible. 
 The following Employees are ineligible to participate in the Plan: 
  

	(a)	Employees covered by a collective bargaining agreement between the Employer and the Employee’s collective bargaining representative if: 

 

	 	(i)	retirement benefits have been the subject of good faith bargaining between the Employer and the representative, and 

  

	 	(ii)	the collective bargaining agreement does not expressly provide that Employees of such unit be covered under the Plan; 

  

	(b)	Employees who are nonresident aliens (within the meaning of Section 7701(b)(1)(B) of the Code) and who receive no earned income (within the meaning of
Section 911(d)(2) of the Code) from an Employer which constitutes income from sources within the United States (within the meaning of Section 861(a)(3) of the Code); 

  

	(c)	Leased Employees; and 

  

	(d)	Employees of an Affiliate of the Bank that has not adopted the Plan pursuant to Sections 12.01 or 12.02 of the Plan. 

 Section 3.03 Transfer to and from Eligible Employment. 
  

	(a)	If an Employee ineligible to participate in the Plan by reason of Section 3.02 of the Plan transfers to employment as an Eligible Employee, he shall enter the Plan
as of the later of: 

  

	 	(i)	the first Entry Date after the date of transfer, or 

  

	 	(ii)	the first Entry Date on which he could have become a Participant pursuant to Section 3.01 of the Plan. 

  

	(b)	If a Participant transfers to an employment position that makes him ineligible to participate in the Plan as of the date of such transfer, he shall cease active
participation in the Plan as of such date and his transfer shall be treated for all purposes under the Plan in the same manner as any other termination of Service. 

  

 8 

 Section 3.04 Participation Not Guarantee of Employment. 
 Participation in the Plan does not constitute a guarantee or contract of employment and will not give any Employee the right to be retained in the employ of
the Bank or any of its Affiliates nor any right or claim to any benefit under the terms of the Plan unless such right or claim has specifically accrued under the Plan. 
 SECTION 4 
 Contributions 
 Section 4.01 Employer Contributions. 
  

	(a)	Discretionary Contributions. Each Plan Year, each Employer, in its discretion, may make a contribution to the Trust. Each Employer making a contribution
for any Plan Year under this Section 4.01(a) will contribute to the Trustee cash equal to, or Company Stock or other property having an aggregate fair market value equal to, such amount as the Board of Directors of the Employer shall determine
by resolution. Notwithstanding the Employer’s discretion with respect to the medium of contribution, an Employer shall not make a contribution in any medium which would make such contribution a prohibited transaction (for which no exemption is
provided) under Section 406 of ERISA or Section 4975 of the Code. 

  

	(b)	Employer Contributions for Acquisition Loans. Each Plan Year, the Employers shall, subject to any regulatory prohibitions, contribute an amount of cash
sufficient to enable the Trustee to discharge any indebtedness incurred with respect to an Acquisition Loan pursuant to the terms of the Acquisition Loan. The Employers’ obligation to make contributions under this Section 4.01(b) shall be
reduced to the extent of any investment earnings attributable to such contributions and any cash dividends paid with respect to Company Stock held by the Trustee in the Loan Suspense Account. If there is more than one Acquisition Loan, the Employers
shall designate the one to which any contribution pursuant to this Section 4.01(b) is to be applied. 

 Section 4.02
Limitations on Contributions. 
 In no event shall an Employer’s contribution(s) made under Section 4.01 of the Plan for any
Plan Year exceed the lesser of: 
  

	(a)	The maximum amount deductible under Section 404 of the Code by that Employer as an expense for Federal income tax purposes; and 

  

	(b)	The maximum amount which can be credited for that Plan Year in accordance with the allocation limitation provisions of Section 5.05 of the Plan.

  

 9 

 Section 4.03 Acquisition Loans. 
 The Trustee may incur Acquisition Loans from time to time to finance the acquisition of Company Stock for the Trust or to repay a prior
Acquisition Loan. An Acquisition Loan shall be for a specific term, shall bear a reasonable rate of interest, shall not be payable on demand, except in the event of default, and shall be primarily for the benefit of Participants and Beneficiaries of
the Plan. An Acquisition Loan may be secured by a collateral pledge of the Financed Shares so acquired and any other Plan assets which are permissible securities within the provisions of Section 54.4975-7(b) of the Treasury Regulations. No
other assets of the Plan or Trust may be pledged as collateral for an Acquisition Loan, and no lender shall have recourse against any other Trust assets. Any pledge of Financed Shares must provide for the release of shares so pledged on a basis
equal to the principal and interest (or if the requirements of Section 54.4975-7(b)(8)(ii) of the Treasury Regulations are met and the Employer so elects, principal payments only), paid by the Trustee on the Acquisition Loan. The released
Financed Shares shall be allocated to Participants’ Accounts in accordance with the provisions of Sections 5.04 or 5.08 of the Plan, whichever is applicable. Payment of principal and interest on any Acquisition Loan shall be made by the Trustee
only from the Employer contributions paid in cash to enable the Trustee to repay such loan in accordance with Section 4.01(b) of the Plan, from earnings attributable to such contributions, and any cash dividends received by the Trustee on
Financed Shares acquired with the proceeds of the Acquisition Loan (including contributions, earnings and dividends received during or prior to the year of repayment less such payments in prior years), whether or not allocated. Financed Shares shall
initially be credited to the Loan Suspense Account and shall be transferred for allocation to the Company Stock Accounts of Participants only as payments of principal and interest (or, if the requirements of Section 54.4975-7(b)(8)(ii) of the
Treasury Regulations are met and the Employer so elects, principal payments only), on the Acquisition Loan are made by the Trustee. The number of Financed Shares to be released from the Loan Suspense Account for allocation to Participants’
Company Stock Account for each Plan Year shall be based on the ratio that the payments of principal and interest (or, if the requirements of Section 54.4975-7(b)(8)(ii) of the Treasury Regulations are met and the Employer so elects, principal
payments only), on the Acquisition Loan for that Plan Year bears to the sum of the payments of principal and interest on the Acquisition Loan for that Plan Year plus the total remaining payment of principal and interest projected (or, if the
requirements of Section 54.4975-7(b)(8)(ii) of the Treasury Regulations are met and the Employer so elects, principal payments only), on the Acquisition Loan over the duration of the Acquisition Loan repayment period, subject to the provisions
of Section 5.05 of the Plan. 
 Section 4.04 Conditions as to Contributions. 
 In addition to the provisions of Section 12.03 of the Plan for the return of an Employer’s contributions in connection with a failure of the Plan
to qualify initially under the Code, any amount contributed by an Employer due to a good faith mistake of fact, or based upon a good faith but erroneous determination of its deductibility under Section 404 of the Code, shall be returned to the
Employer within one year after the date on which the Employer originally made such contribution, or within one year after its nondeductibility has been finally determined. However, the amount to be returned shall be reduced to take account of any
adverse investment experience within the Trust in order that the balance credited to each Participant Account is not less than it would have been if the contribution had never been made by the Employer. 
  

 10 

 Section 4.05 Employee Contributions. 
 Employee contributions are neither required nor permitted under the Plan. 
 Section 4.06 Rollover Contributions. 
 Rollover contributions to the Plan of
assets from other tax-qualified retirement plans are not permitted under the Plan. 
 Section 4.07 Trustee-to-Trustee Transfers.

 Trustee-to-trustee transfers of assets from other tax-qualified retirement plans are not permitted under the Plan. 
 SECTION 5 
 Plan Accounting 
 Section 5.01 Accounting for Allocations. 
 The Committee shall establish the Accounts (and sub-accounts, if deemed necessary) for each Participant, and the accounting procedures for the purpose of
making allocations to Participants’ Accounts as provided for in this Section 5. The Committee shall maintain adequate records of the cost basis of shares of Company Stock allocated to each Participant’s Company Stock Account. The
Committee also shall keep separate records of Financed Shares attributable to each Acquisition Loan and of contributions made by the Employers (and any earnings thereon) made for the purpose of enabling the Trustee to repay any Acquisition Loan.
From time to time, the Committee may modify its accounting procedures for the purpose of achieving equitable and nondiscriminatory allocations among the Accounts of Participants, in accordance with the provisions of this Section 5 and the
applicable requirements of the Code and ERISA. In accordance with Section 9 of the Plan, the Committee may delegate the responsibility for maintaining Accounts and records. 
 Section 5.02 Maintenance of Participants’ Company Stock Accounts. 
 As of
each Valuation Date, the Committee shall adjust the Company Stock Account of each Participant to reflect activity during the Valuation Period as follows: 
  

	(a)	First, charge to each Participant’s Company Stock Account all distributions and payments made to the Participant that have not been previously charged;

  

	(b)	Next, credit to each Participant’s Company Stock Account the shares of Company Stock, if any, that have been purchased with amounts from the Participant’s
Other Investments Account, and adjust such Other Investments Account in accordance with the provisions of Section 5.03 of the Plan; 

  

 11 

	(c)	Next, credit to each Participant’s Company Stock Account the shares of Company Stock representing contributions made by the Employers in the form of Company Stock
and the number of Financed Shares released from the Loan Suspense Account under Section 4.03 of the Plan that are to be allocated and credited as of that date in accordance with the provisions of Section 5.04 of the Plan; and

  

	(d)	Finally, credit to each Participant’s Company Stock Account the shares of Company Stock released from the Loan Suspense Account that are to be allocated in
accordance with the provisions of Section 5.09 of the Plan. 

 Section 5.03 Maintenance of Participants’
Other Investments Accounts. 
 Except as otherwise provided for under Section 5.08 of the Plan, as of each Valuation Date, the
Committee shall adjust the Other Investments Account of each Participant to reflect activity during the Valuation Period as follows: 
  

	(a)	First, charge to each Participant’s Other Investments Account all distributions and payments made to the Participant that have not previously been charged;

  

	(b)	Next, if Company Stock is purchased with assets from a Participant’s Other Investments Account, charge the Participant’s Other Investments Account
accordingly; 

  

	(c)	Next, subject to the dividend provisions of Section 5.09 of the Plan, credit to the Other Investments Account of each Participant any cash dividends paid to the
Trustee on shares of Company Stock held in that Participant’s Company Stock Account (as of the record date for such cash dividends) and dividends paid on shares of Company Stock held in the Loan Suspense Account that have not been used to repay
any Acquisition Loan. Subject to the provisions of Section 5.09 of the Plan, cash dividends that have not been used to repay any Acquisition Loan and have been credited to a Participant’s Other Investments Account shall be applied by the
Trustee to purchase shares of Company Stock, which shares shall then be credited to the Company Stock Account of such Participant. The Participant’s Other Investments Account shall then be charged by the amount of cash used to purchase such
Company Stock. In addition, any earnings on: 

  

	 	(i)	Participants’ Other Investments Accounts will be allocated to Accounts, pro rata, based on Participants’ Other Investments Account balances as of the first
day of the Valuation Period, and 

  

	 	(ii)	the Loan Suspense Account, other than dividends used to repay the Acquisition Loan, will be allocated to Participants’ Other Investments Accounts, pro rata, based
on their Other Investments Account balances as of the first day of the Valuation Period; 

  

 12 

	(d)	Next, allocate and credit the Employer contributions made pursuant to Section 4.01(b) of the Plan for the purpose of repaying any Acquisition Loan, in accordance
with Section 5.04 of the Plan. Such amount shall then be used to repay any Acquisition Loan and such Participant’s Other Investments Account shall be charged accordingly; and 

  

	(e)	Finally, allocate and credit the Employer contributions (other than amounts contributed to repay an Acquisition Loan) that are made in cash (or property other than
Company Stock) for the Plan Year to the Other Investments Account of each Participant in accordance with Section 5.04 of the Plan. 

  

	Section	5.04 Allocation and Crediting of Employer Contributions. 

  

	(a)	Except as otherwise provided for in Sections 5.08 and 5.09 of the Plan, as of the Valuation Date for each Plan Year: 

  

	 	(i)	Company Stock released from the Loan Suspense Account for that year and shares of Company Stock contributed directly to the Plan shall be allocated and credited to each
Active Participant’s (as defined in paragraph (b) of this Section 5.04) Company Stock Account based on the ratio that each Active Participant’s Compensation bears to the aggregate Compensation of all Active Participants for the
Plan Year, and then 

  

	 	(ii)	The cash contributions not used to repay an Acquisition Loan and any other property contributed for that year shall be allocated and credited to each Active
Participant’s Other Investments Account based on the ratio determined by comparing each Active Participant’s Compensation to the aggregate Compensation of all Active Participants for the Plan Year. 

  

	(b)	For purposes of this Section 5.04, the term “Active Participant” means those Eligible Employees who: 

  

	 	(i)	are employed on the last day of the Plan Year; or 

  

	 	(ii)	terminated employment during the Plan Year by reason of death, Disability, or attainment of their Normal or Later Retirement Date. 

 Section 5.05 Limitations on Allocations. 
  

	(a)	In General. Subject to the provisions of this Section 5.05, Section 415 of the Code shall be incorporated by reference into the terms of the
Plan. No allocation shall be made under Section 5.04 of the Plan that would result in a violation of Section 415 of the Code. 

  

	(b)	Code Section 415 Compensation. For purposes of this Section 5.05, Compensation shall be adjusted to reflect the general rule of
Section 1.415(c)-2 of the Treasury Regulations. 

  

 13 

	(c)	Limitation Year. The “limitation year” (within the meaning of Section 415 of the Code) shall be the calendar year.

  

	(d)	Multiple Defined Contribution Plans. In any case where a Participant also participates in another defined contribution plan of the Bank or its Affiliates,
the appropriate committee of such other plan shall first reduce the after-tax contributions under any such plan, shall then reduce any elective deferrals under any such plan subject to Section 401(k) of the Code, shall then reduce all other
contributions under any other such plan and, if necessary, shall then reduce contributions under this Plan. 

  

	(e)	Excess Allocations. If, after applying the allocation provisions under Section 5.04 of the Plan, allocations under Section 5.04 of the Plan
would otherwise result in a violation of Section 415 of the Code, the Committee shall allocate and reallocate employer contributions to other Participants in the Plan for the limitation year or, if such allocation and reallocation causes the
limitations of Section 415 of the Code to be exceeded, shall hold excess amounts in an unallocated suspense account for allocation in a subsequent Plan Year in accordance with Section 1.415-6(b)(6)(i) of the Treasury Regulations. Such
suspense account, if permitted, will be credited before any allocation of contributions for subsequent limitation years. 

  

	(f)	Allocations Pursuant to Section 5.08. For purposes of this Section 5.05, no amount credited to any Participant’s Account pursuant to
Section 5.08 of the Plan shall be counted as an “annual addition” for purposes of Section 415 of the Code. In the event any amount cannot be allocated to Affected Participants (as defined in Section 5.08 of the Plan) under
the Plan pursuant to Section 5.08 of the Plan in the year of a Change in Control, the amount which may not be so allocated in the year of the Change in Control shall be treated in accordance with paragraph (e) of this Section 5.05.

 Section 5.06 Other Limitations. 
 Aside from the limitations set forth in Section 5.05 of the Plan, in no event shall more than one-third of the Employer contributions to the Plan be allocated to the Accounts of Highly Compensated
Employees. In order to ensure that such allocations are not made, the Committee shall, beginning with the Participants whose Compensation exceeds the limit then in effect under Section 401(a)(17) of the Code, reduce the amount of Compensation
of such Highly Compensated Employees on a pro-rata basis per individual that would otherwise be taken into account for purposes of allocating benefits under Section 5.04 of the Plan. If, in order to satisfy this Section 5.06, any such
Participant’s Compensation must be reduced to an amount that is lower than the Compensation amount of the next highest paid (based on such Participant’s Compensation) Highly Compensated Employee (the “breakpoint amount”), then,
for purposes of allocating benefits under Section 5.04 of the Plan, the Compensation of all concerned Participants shall be reduced to an amount not to exceed such breakpoint amount. 
  

 14 

 Section 5.07 Limitations as to Certain Section 1042 Transactions. 
 To the extent that a shareholder of Company Stock sells qualifying Company Stock to the Plan and elects (with the consent of the Bank) nonrecognition of gain
under Section 1042 of the Code, no portion of the Company Stock purchased in such nonrecognition transaction (or other dividends or other income attributable thereto) may accrue or be allocated during the nonallocation period (the ten
(10) year period beginning on the later of the date of the sale of the qualified Company Stock, or the date of the Plan allocation attributable to the final payment of an Acquisition Loan incurred in connection with such sale) for the benefit
of: 
  

	(a)	the selling shareholder; 

  

	(b)	the spouse, brothers or sisters (whether by the whole or half blood), ancestors or lineal descendants of the selling shareholder or descendant referred to in
(a) above; or 

  

	(c)	any other person who owns, after application of Section 318(a) of the Code, more than twenty-five percent (25%) of: 

  

	 	(i)	any class of outstanding stock of the Company or any Affiliate, or 

  

	 	(ii)	the total value of any class of outstanding stock of the Company or any Affiliate. 

 For purposes of this Section 5.07, Section 318(a) of the Code shall be applied without regard to the employee trust exception of Section 318(a)(2)(B)(i) of the Code. 
 Section 5.08 Allocations Upon Termination Prior to Satisfaction of Acquisition Loan. 
  

	(a)	 Notwithstanding any other provision of the Plan, in the event of a Change in Control, the Plan shall terminate as of the effective date of the Change
in Control and, as soon as practicable thereafter, the Trustee shall repay in full any outstanding Acquisition Loan. In connection with such repayment, the Trustee shall: (i) apply cash, if any, received by the Plan in connection with the
transaction constituting a Change in Control, with respect to the unallocated shares of Company Stock acquired with the proceeds of the Acquisition Loan, and (ii) to the extent additionally required to effect the repayment of the Acquisition
Loan, obtain cash through the sale of any stock or security received by the Plan in connection with such transaction, with respect to such unallocated shares of Company Stock. After repayment of the Acquisition Loan, all remaining shares of Company
Stock held in the Loan Suspense Account, all other stock or securities, and any cash proceeds from the sale or other disposition of any shares of Company Stock held in the Loan Suspense Account, shall be allocated among the Accounts of all
Participants who were employed by an Employer on the date immediately preceding the effective date of the Change in Control. Such allocations of shares or cash proceeds shall be credited as earnings for purposes of Section 5.05 of the Plan and
Section 415 of the Code, as of the effective date of the Change in Control, to the Account of each Participant who is either in active Service with an Employer, or is on a Recognized Absence, on the date immediately preceding the effective date
of the Change of Control (each an “Affected

  

 15 

	 	 
Participant”), in proportion to the opening balances in their Company Stock Accounts as of the first day of the current Valuation Period. As of the effective date of a Change in Control, all
Participant Accounts shall be fully vested and nonforfeitable. 

  

	(b)	In the event of a termination of the Plan in connection with a Change in Control, this Section 5.08 shall have no force and effect unless the price paid for the
Company Stock in connection with a Change in Control is greater than the average basis of the unallocated Company Stock held in the Loan Suspense Account as of the date of the Change in Control. 

 Section 5.09 Dividends. 
  

	(a)	Stock Dividends. Dividends on Company Stock which are received by the Trustee in the form of additional Company Stock shall be retained in the portion of
the Trust Fund consisting of Company Stock, and shall be allocated among the Participants’ Accounts and the Loan Suspense Account in accordance with their holdings of the Company Stock on which the dividends have been paid.

  

	(b)	Cash Dividends on Allocated Shares. Dividends on Company Stock credited to Participants’ Accounts which are received by the Trustee in the form of
cash shall, at the direction of the Bank, either: 

  

	 	(i)	be credited to Participants’ Accounts in accordance with Section 5.03 of the Plan and invested as part of the Trust Fund; 

  

	 	(ii)	be distributed immediately to the Participants; 

  

	 	(iii)	be distributed to the Participants within ninety (90) days of the close of the Plan Year in which paid; or 

  

	 	(iv)	be used to repay principal and interest on the Acquisition Loan used to acquire Company Stock on which the dividends were paid. 

 In addition to the alternatives specified in the preceding paragraph regarding the treatment of cash dividends paid with respect to shares of Company Stock
credited to Participants’ Accounts, if authorized by the Committee for the Plan Year, a Participant may elect that cash dividends paid on Company Stock credited to the Participant’s Account shall either be: 
  

	 	(i)	paid to the Plan, reinvested in Company Stock and credited to the Participant’s Account; 

  

	 	(ii)	distributed in cash to the Participant; or 

  

	 	(iii)	distributed to the Participant within ninety (90) days of the close of the Plan Year in which paid. 

  

 16 

 Dividends subject to an election under this paragraph (and any Company Stock acquired therewith pursuant to
a Participant’s election) shall at all times be fully vested. To the extent the Committee authorizes dividend elections pursuant to this paragraph, the Committee shall establish policies and procedures relating to Participant elections and, if
applicable, the reinvestment of cash dividends in Company Stock, which are consistent with guidance issued under Section 404(k) of the Code. 
  

	(c)	Cash Dividends on Unallocated Shares. Dividends on Company Stock held in the Loan Suspense Account received by the Trustee in the form of cash shall be
applied as soon as practicable to payments of principal and then interest under the Acquisition Loan incurred with the purchase of Company Stock. 

  

	(d)	Financed Shares. Financed Shares released from the Loan Suspense Account by reason of dividends paid with respect to Company Stock shall be allocated
under Sections 5.03 and 5.04 of the Plan as follows: 

  

	 	(i)	First, Financed Shares with a fair market value at least equal to the dividends paid with respect to the Company Stock allocated to Participants’ Accounts shall be
allocated among and credited to the Accounts of such Participants, pro rata, according to the number of shares of Company Stock held in such accounts on the date the dividend is declared by the Company; and 

  

	 	(ii)	Next, any remaining Financed Shares released from the Loan Suspense Account by reason of dividends paid with respect to Company Stock held in the Loan Suspense Account
shall be allocated among and credited to the Accounts of all Participants, pro rata, according to each Participant’s Compensation. 

 SECTION 6 
 Vesting and Forfeitures 
 Section 6.01 Deferred Vesting in Accounts. 
  

	(a)	A Participant shall vest in his Accounts according to the following schedule. 

  

			
	 Vesting Service
	  	Vested Percentage
	 Less than 2 years
	  	0
	 2
	  	25%
	 3
	  	25%
	 4
	  	25%
	 5
	  	25%

  

	(b)	For purposes of determining a Participant’s Vesting Service under this Section 6.01, employment with the Bank or an Affiliate shall be deemed employment with
the Employer. For purposes of determining a Participant’s vested percentage in his Accounts, all Periods of Service shall be included. 

  

 17 

 Section 6.02 Immediate Vesting in Certain Situations. 
 Notwithstanding Section 6.01(a) of the Plan, a Participant shall become fully vested in his Accounts upon the earlier of: 
  

	 	(i)	termination of the Plan or the permanent and complete discontinuance of contributions by the Employer to the Plan; provided, however, that in the event of a partial
termination of the Plan, the interest of each Participant shall fully vest only with respect to that part of the Plan which is terminated; 

  

	 	(ii)	Termination of Service on or after the Participant’s Normal Retirement Age; 

  

	 	(iii)	a Change in Control; or 

  

	 	(iv)	Termination of Service by reason of death or Disability. 

 Section 6.03 Treatment of Forfeitures. 
  

	(a)	If a Participant who is not fully vested in his Accounts terminates employment, that portion of his Accounts in which he is not vested shall be forfeited upon the
earlier of: 

  

	 	(i)	the date the Participant receives a distribution of his entire vested benefits under the Plan, or 

  

	 	(ii)	the date at which the Participant incurs five (5) consecutive One Year Periods of Severance. 

  

	(b)	If a Participant who has terminated employment and has received a distribution of his entire vested benefits under the Plan is subsequently reemployed by an Employer
prior to incurring five (5) consecutive One Year Periods of Severance, he shall have the portion of his Accounts which was previously forfeited restored to his Accounts, provided he repays to the Trustee within five (5) years of his
subsequent employment date an amount equal to the previous distribution. The amount restored to the Participant’s Account shall be credited to his Account as of the last day of the Plan Year in which the Participant repays the distributed
amount to the Trustee and the restored amount shall come from other Employees’ forfeitures and, if such forfeitures are insufficient, from a special contribution by the Employer for that year. If a Participant’s employment terminates prior
to his Account having become vested, such Participant shall be deemed to have received a distribution of his entire vested interest as of the Valuation Date next following his termination of employment. 

  

	(c)	If a Participant who has terminated employment but has not received a distribution of his entire vested benefits under the Plan is subsequently reemployed by an
Employer subsequent to incurring five (5) consecutive One Year Periods of Severance, any undistributed balance of his Accounts from his prior participation which was not forfeited shall be maintained as a fully vested subaccount within his
Account. 

  

 18 

	(d)	If a portion of a Participant’s Account is forfeited, assets other than Company Stock must be forfeited before any Company Stock may be forfeited.

  

	(e)	Forfeitures shall be reallocated among the other Participants in the Plan. 

 Section 6.04 Accounting for Forfeitures. 
 A forfeiture shall be charged to the
Participant’s Account as of the first day of the first Valuation Period in which the forfeiture becomes certain pursuant to Section 6.03 of the Plan. Except as otherwise provided in Section 6.03 of the Plan, a forfeiture shall be
added to the contributions of the terminated Participant’s Employer which are to be credited to other Participants pursuant to Section 5 as of the last day of the Plan Year in which the forfeiture becomes certain. 
 Section 6.05 Vesting Upon Reemployment. 
  

	(a)	If an Employee is not vested in his Accounts, incurs a One Year Period of Severance and again performs an Hour of Service, such Employee shall receive credit for his
Periods of Service prior to his One Year Period of Severance only if the number of consecutive One Year Periods of Severance is less than the greater of: (i) five (5) years of (ii) the aggregate number of his Periods of Service
credited before his One Year Period of Severance. 

  

	(b)	If a Participant is partially vested in his Accounts, incurs a One Year Period of Severance and again performs an Hour of Service, such Participant shall receive credit
for his Periods of Service prior to his One Year Period of Severance; provided, however, that after five (5) consecutive One Year Periods of Severance, a former Participant’s vested interest in his Accounts attributable to Periods of
Service prior to his One Year Period of Severance shall not be increased as a result of his Periods of Service following his reemployment date. 

  

	(c)	If a Participant is fully vested in his Accounts, incurs a One Year Period of Severance and again performs an Hour of Service, such Participant shall receive credit for
all his Periods of Service prior to his One Year Period of Severance. 

 SECTION 7 
 Distributions 
 Section 7.01 Distribution of Benefit Upon a Termination of Employment. 
  

	(a)	 A Participant whose employment terminates for any reason shall receive the entire vested portion of his Accounts in a single payment on a date selected
by the Committee; provided, however, that such date shall be on or before the 60th day after the end of the Plan Year in which the Participant’s employment terminated. The benefits from that

  

 19 

 
portion of the Participant’s Other Investments Account shall be calculated on the basis of the most recent Valuation Date before the date of payment. Subject to the provisions of
Section 7.05 of the Plan, if the Committee so provides, a Participant may elect that his benefits be distributed to him in the form of Company Stock, cash, or some combination thereof. 
  

	(b)	Notwithstanding paragraph (a) of this Section 7.01, if the balance credited to a Participant’s Accounts exceeds, at the time such benefit was
distributable, $1,000, his benefits shall not be paid before the latest of his 65th birthday or the tenth anniversary of the year in which he commenced participation in the Plan, unless he elects an early payment date in a written election filed
with the Committee. Such an election is not valid unless it is made after the Participant has received the required notice under Section 1.411(a)-11(c) of the Treasury Regulations that provides a general description of the material features of
a lump sum distribution and the Participant’s right to defer receipt of his benefits under the Plan. The notice shall be provided no less than 30 days and no more than ninety (90) days before the first day on which all events have occurred
which entitle the Participant to such benefit. Written consent of the Participant to the distribution generally may not be made within 30 days of the date the Participant receives the notice and shall not be made more than ninety (90) days from
the date the Participant receives the notice. However, a distribution may be made less than 30 days after the notice provided under Section 1.411(a)-11(c) of the Treasury Regulations is given, if: 

  

	 	(i)	the Committee clearly informs the Participant that he 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), and 

  

	 	(ii)	the Participant, after receiving the notice, affirmatively elects a distribution. 

 A Participant may modify such an election at any time, provided any new benefit payment date is at least 30 days after a modified election is delivered to the Committee. 
 Section 7.02 Minimum Distribution Requirements. 
 With respect to all Participants, other than those who are “5% owners” (as defined in Section 416 of the Code), benefits shall be paid on the required beginning date which is no later than
the April 1st of the later of: 
  

	 	(i)	the calendar year following the calendar year in which the Participant attains age 70-1/2, or 

  

	 	(ii)	the calendar year in which the Participant retires. 

 With respect to all Participants who are 5% owners within the meaning of Section 416 of the Code, such Participants’ benefits shall be paid no later than the April 1st of the calendar year following the calendar year in which
the Participant attains age 70-1/2. 
  

 20 

 Section 7.03 Benefits on a Participant’s Death. 
  

	(a)	If a Participant dies before his benefits are paid pursuant to Section 7.01 of the Plan, the balance credited to his Accounts shall be paid to his Beneficiary in a
single distribution on or before the 60th day after the end of the Plan Year in which the Participant died. If the Participant has not named a Beneficiary or his named Beneficiary should not survive him, then the balance in his Accounts shall be
paid to his estate. The benefits from that portion of the Participant’s Other Investments Account shall be calculated on the basis of the most recent Valuation Date before the date of payment. 

  

	(b)	If a married Participant dies before his benefit payments begin, then, unless he has specifically elected otherwise, the Committee shall cause the balance in his
Accounts to be paid to his spouse, as Beneficiary. A married Participant may name an individual other than his spouse as Beneficiary provided that such election is accompanied by the spouse’s written consent which must:

  

	 	(i)	acknowledge the effect of the election; 

  

	 	(ii)	explicitly provide either that the designated Beneficiary may not subsequently be changed by the Participant without the spouse’s further consent or that it may be
changed without such consent; and 

  

	 	(iii)	must be witnessed by the Committee, its representative, or a notary public. 

 This requirement shall not apply if the Participant establishes to the Committee’s satisfaction that the spouse may not be located. 
  

	(c)	The Committee shall, from time to time, take whatever steps it deems appropriate to keep informed of each Participant’s marital status. Each Employer shall provide
the Committee with the most reliable information in the Employer’s possession regarding its Participants’ marital status, and the Committee may, in its discretion, require a notarized affidavit from any Participant as to his marital
status. The Committee, the Plan, the Trustee, and the Employers shall be fully protected and discharged from any liability to the extent of any benefit payments made as a result of the Committee’s good faith and reasonable reliance upon
information obtained from a Participant as to the Participant’s marital status. 

 Section 7.04 Delay in Benefit
Determination. 
 If the Committee is unable to determine the benefits payable to a Participant or Beneficiary on or before the latest
date prescribed for payment pursuant to this Section 7, the benefits shall in any event be paid within sixty (60) days after they can first be determined. 
  

 21 

 Section 7.05 Options to Receive and Sell Company Stock. 
  

	(a)	Unless ownership of virtually all Company Stock is restricted to active Employees and qualified retirement plans for the benefit of Employees pursuant to the
certificates of incorporation or by-laws of the Employers issuing Company Stock, a terminated Participant or the Beneficiary of a deceased Participant may instruct the Committee to distribute the Participant’s entire vested interest in his
Accounts in the form of Company Stock. In that event, the Committee shall apply the Participant’s vested interest in his Other Investments Account to purchase sufficient Company Stock to make the required distribution. 

 

	(b)	Any Participant who receives Company Stock pursuant to this Section 7.05, and any person who has received Company Stock from the Plan or from such a Participant by
reason of the Participant’s death or incompetency, by reason of divorce or separation from the Participant, or by reason of a rollover distribution described in Section 402(c) of the Code, shall have the right to require the Employer which
issued the Company Stock to purchase the Company Stock for its current fair market value (hereinafter referred to as the “put right”). The put right shall be exercisable by written notice to the Committee during the first sixty
(60) days after the Company Stock is distributed by the Plan, and, if not exercised in that period, during the first sixty (60) days in the following Plan Year after the Committee has communicated to the Participant its determination as to
the Company Stock’s current fair market value. If the put right is exercised, the Trustee may, if so directed by the Committee in its sole discretion, assume the Employer’s rights and obligations with respect to purchasing the Company
Stock. However, the put right shall not apply to the extent that the Company Stock, at the time the put right would otherwise be exercisable, may be sold on an established market in accordance with federal and state securities laws and regulations.

  

	(c)	With respect to a put right, the Employer or the Trustee, as the case may be, may elect to pay for the Company Stock in equal periodic installments, not less frequently
than annually, over a period not longer than five (5) years from the 30th day after the put right is exercised pursuant to paragraph (b) of this Section 7.05, with adequate security and interest at a reasonable rate on the unpaid
balance, all such terms to be set forth in a promissory note delivered to the seller with normal terms as to acceleration upon any uncured default. 

  

	(d)	 Nothing contained in this Section 7.05 shall be deemed to obligate any Employer to register any Company Stock under any federal or state
securities law or to create or maintain a public market to facilitate the transfer or disposition of any Company Stock. The put right described in this Section 7.05 may only be exercised by a person described in paragraph (b) of this
Section 7.05, and may not be transferred with any Company Stock to any other person. As to all Company Stock purchased by the Plan in exchange for any Acquisition Loan, the put right must be nonterminable. The put right for Company Stock
acquired through an Acquisition Loan shall continue with respect to such Company Stock after the Acquisition Loan is repaid or the Plan ceases to be an employee stock ownership plan. Except as provided above, in accordance with the provisions of

  

 22 

	 	 
Sections 54.4975-7(b)(4) of the Treasury Regulations, no Company Stock acquired with the proceeds of an Acquisition Loan may be subject to any put, call or other option or buy-sell or similar
arrangement while held by, and when distributed from, the Plan, whether or not the Plan is then an employee stock ownership plan. 

 Section 7.06 Restrictions on Disposition of Company Stock. 
 Except in the case of Company Stock which is traded on
an established market, a Participant who receives Company Stock pursuant to this Section 7, and any person who has received Company Stock from the Plan or from such a Participant by reason of the Participant’s death or incompetency,
divorce or separation from the Participant, or a rollover distribution described in Section 402(c) of the Code, shall, prior to any sale or other transfer of the Company Stock to any other person, first offer the Company Stock to the issuing
Employer and to the Plan at its current fair market value. This restriction shall apply to any transfer, whether voluntary, involuntary, or by operation of law, and whether for consideration or gratuitous. Either the Employer or the Trustee may
accept the offer within 14 days after it is delivered. Any Company Stock distributed by the Plan shall bear a conspicuous legend describing the right of first refusal under this Section 7.06, as applicable, as well as any other restrictions
upon the transfer of the Company Stock imposed by federal and state securities laws and regulations. 
 Section 7.07 Direct Transfer
of Eligible Plan Distributions. 
  

	(a)	Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this Section, a distributee (as defined below)
may elect to have any portion of an eligible rollover distribution (as defined below) paid directly to an eligible retirement plan (as defined below) specified by the distributee in a direct rollover (as defined below). A “distributee”
includes a Participant or former Participant. In addition, the Participant’s or former Participant’s surviving spouse and the Participant’s or former Participant’s spouse or former spouse who is the alternate payee under a
qualified domestic relations order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse or former spouse. For purposes of this Section 7.07 a “direct rollover” is a payment by the
Plan to the eligible retirement plan specified by the distributee. 

  

	(b)	To effect such a direct transfer, the distributee must notify the Committee that a direct rollover is desired and provide to the Committee sufficient information
regarding the eligible retirement plan to which the payment is to be made. Such notice shall be made in such form and at such time as the Committee may prescribe. Upon receipt of such notice, the Committee shall direct the Trustee to make a
trustee-to-trustee transfer of the eligible rollover distribution to the eligible retirement plan so specified. 

  

	(c)	 For purposes of this Section 7.07, an “eligible rollover distribution” shall have the meaning set forth in Section 402(c)(4) of the
Code and any Treasury Regulations promulgated thereunder. To the extent such meaning is not inconsistent with the above references, an eligible rollover distribution shall mean any distribution of all or any portion of the Participant’s
Account, except that such term shall not include any

  

 23 

	 	 
distribution which is one of a series of substantially equal periodic payments (not less frequently than annually) made (i) for the life (or life expectancy) of the Participant or the joint
lives (or joint life expectancies) of the Participant and a designated Beneficiary, or (ii) for a period of ten (10) years or more. Further, the term “eligible rollover distribution” shall not include any distribution required to
be made under Section 401(a)(9) of the Code or, the portion of any distribution that is not includible in gross income (determined without regard to the exclusions for net unrealized appreciation with respect to Company Stock). To the extent
applicable under the Plan, “eligible rollover distributions” shall also not include any hardship distribution described in Section 401(k)(2)(B)(i)(IV) of the Code. 

  

	(d)	For purposes of this Section 7.07, an “eligible retirement plan” shall have the meaning set forth in Section 402(c)(8) of the Code and any Treasury
Regulations promulgated thereunder. To the extent such meaning is not consistent with the above references, an eligible retirement plan shall mean: (i) an individual retirement account described in Section 408(a) of the Code, (ii) an
individual retirement annuity described in Section 408(b) of the Code, (iii) an annuity or annuity plan described in Section 403(a) or Section 403(b) of the Code, (iv) a qualified trust described in Section 401(a) of
the Code, or (v) a governmental plan under Section 457 of the Code that accepts the distributee’s eligible rollover distribution. However, in the case of an eligible rollover distribution to a surviving spouse, an eligible retirement
plan means an individual retirement account or individual retirement annuity. 

  

	(e)	An eligible retirement plan shall also mean an annuity contract described in Section 403(b) of the Code and an eligible plan under Section 457(b) of the Code
which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state which agrees to separately account for amounts transferred into such plan from this Plan. The
definition of eligible retirement plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order as defined in Section 414(p) of
the Code. 

 SECTION 8 
 Voting of Company Stock and Tender Offers 
 Section 8.01 Voting of Company
Stock. 
  

	(a)	In General. The Trustee shall generally vote all shares of Company Stock held in the Trust in accordance with the provisions of this Section 8.01.

  

	(b)	Allocated Shares. Shares of Company Stock which have been allocated to Participants’ Accounts shall be voted by the Trustee in accordance with the
Participants’ written instructions. 

  

	(c)	 Uninstructed and Unallocated Shares. Shares of Company Stock which have been allocated to Participants’ Accounts but for which no
written instructions have been

  

 24 

	 	 
received by the Trustee regarding voting shall be voted by the Trustee in a manner calculated to most accurately reflect the instructions the Trustee has received from Participants regarding
voting shares of allocated Company Stock. Shares of unallocated Company Stock shall also be voted by the Trustee in a manner calculated to most accurately reflect the instructions the Trustee has received from Participants regarding voting shares of
allocated Company Stock. Notwithstanding the preceding two sentences, all shares of Company Stock which have been allocated to Participants’ Accounts and for which the Trustee has not timely received written instructions regarding voting and
all unallocated shares of Company Stock must be voted by the Trustee in a manner determined by the Trustee to be solely in the best interests of the Participants and Beneficiaries. 

  

	(d)	Voting Prior to Allocation. In the event no shares of Company Stock have been allocated to Participants’ Accounts at the time Company Stock is to be
voted, each Participant shall be deemed to have one share of Company Stock allocated to his Accounts for the sole purpose of providing the Trustee with voting instructions. 

  

	(e)	Procedure and Confidentiality. Whenever such voting rights are to be exercised, the Employers, the Committee, and the Trustee shall see that all
Participants and Beneficiaries are provided with the same notices and other materials as are provided to other holders of the Company Stock, and are provided with adequate opportunity to deliver their instructions to the Trustee regarding the voting
of Company Stock allocated to their Accounts or deemed allocated to their Accounts for purposes of voting. The instructions of the Participants with respect to the voting of shares of Company Stock shall be confidential. 

 Section 8.02 Tender Offers. 
 In
the event of a tender offer, Company Stock shall be tendered by the Trustee in the same manner set forth in Section 8.01 of the Plan regarding the voting of Company Stock. 
 SECTION 9 
 The Committee and Plan Administration

 Section 9.01 Identity of the Committee. 
 The Committee shall consist of three or more individuals selected by the Bank. Any individual, including a director, trustee, shareholder, officer, or Employee of an Employer, shall be eligible to serve
as a member of the Committee. The Bank shall have the power to remove any individual serving on the Committee at any time without cause upon ten (10) days’ written notice to such individual and any individual may resign from the Committee
at any time without reason upon ten (10) days’ written notice to the Bank. The Bank shall notify the Trustee of any change in membership of the Committee. 
  

 25 

 Section 9.02 Authority of Committee. 
  

	(a)	The Committee shall be the “plan administrator” within the meaning of ERISA and shall have exclusive responsibility and authority to control and manage the
operation and administration of the Plan, including the interpretation and application of its provisions, except to the extent such responsibility and authority are otherwise specifically: 

  

	 	(i)	allocated to the Bank, the Employers, or the Trustee under the Plan and Trust Agreement; 

  

	 	(ii)	delegated in writing to other persons by the Bank, the Employers, the Committee, or the Trustee; or 

  

	 	(iii)	allocated to other parties by operation of law. 

  

	(b)	The Committee shall have exclusive responsibility regarding decisions concerning the payment of benefits under the Plan. 

  

	(c)	The Committee shall have full investment responsibility with respect to the Investment Fund except to the extent, if any, specifically provided for in the Trust
Agreement. 

  

	(d)	In the discharge of its duties, the Committee may employ accountants, actuaries, legal counsel, and other agents (who also may be employed by an Employer or the Trustee
in the same or some other capacity) and may pay such individuals reasonable compensation and expenses for their services rendered with respect to the operation or administration of the Plan, to the extent such payments are not otherwise prohibited
by law. 

 Section 9.03 Duties of Committee. 
  

	(a)	The Committee shall keep whatever records may be necessary in connection with the maintenance of the Plan and shall furnish to the Employers whatever reports may be
required from time to time by the Employers. The Committee shall furnish to the Trustee whatever information may be necessary to properly administer the Trust. The Committee shall see to the filing with the appropriate government agencies of all
reports and returns required with respect to the Plan under ERISA, the Code and other applicable laws and regulations. 

  

	(b)	The Committee shall have exclusive responsibility and authority with respect to the Plan’s holdings of Company Stock and shall direct the Trustee in all respects
regarding the purchase, retention, sale, exchange, and pledge of Company Stock and the creation and satisfaction of any Acquisition Loan to the extent such responsibilities are not set forth in the Trust Agreement. 

  

	(c)	 The Committee shall at all times act consistently with the Bank’s long-term intention that the Plan, as an employee stock ownership plan, be
invested primarily in Company Stock. Subject to the direction of the Committee with respect to any Acquisition Loan pursuant

  

 26 

	 	 
to the provisions of Section 4.03 of the Plan, and subject to the provisions of Sections 7.05 and 11.04 of the Plan as to Participants’ rights under certain circumstances to have their
Accounts invested in Company Stock or in assets other than Company Stock, the Committee shall determine, in its sole discretion, the extent to which assets of the Trust shall be used to repay any Acquisition Loan, to purchase Company Stock, or to
invest in other assets selected by the Committee or an investment manager. No provision of the Plan relating to the allocation or vesting of any interests in Company Stock or investments other than Company Stock shall restrict the Committee from
changing any holdings of the Trust Fund, whether the changes involve an increase or a decrease in the Company Stock or other assets credited to Participants’ Accounts. In determining the proper extent of the Trust Fund’s investment in
Company Stock, the Committee shall be authorized to employ investment counsel, legal counsel, appraisers, and other agents and to pay their reasonable compensation and expenses to the extent such payments are not prohibited by law.

  

	(d)	If the valuation of any Company Stock is not established by reported trading on a generally recognized public market, then the Committee shall have the exclusive
authority and responsibility to determine the value of the Company Stock for all purposes under the Plan. Such value shall be determined as of each Valuation Date and on any other date as of which the Trustee purchases or sells Company Stock in a
manner consistent with Section 4975 of the Code and the Treasury Regulations issued thereunder. The Committee shall use generally accepted methods of valuing stock of similar corporations for purposes of arm’s length business and
investment transactions, and in this connection the Committee shall obtain, and shall be protected in relying upon, the valuation of Company Stock as determined by an independent appraiser (as defined in Section 401(a)(28)(c) of the Code).

 Section 9.04 Compliance with ERISA and the Code. 
 The Committee shall perform all acts necessary to ensure the Plan’s compliance with ERISA and the Code. Each individual member of the Committee shall
discharge his duties in good faith and in accordance with the applicable requirements of ERISA and the Code. 
 Section 9.05 Action
by Committee. 
 All actions of the Committee shall be governed by the affirmative vote of a majority of the total number of Committee
members. The members of the Committee may meet informally and may take any action without meeting as a group. 
 Section 9.06
Execution of Documents. 
 Any instrument to be executed by the Committee may be signed by any member of the Committee. 
  

 27 

 Section 9.07 Adoption of Rules. 
 The Committee shall adopt such rules and regulations of uniform applicability as it deems necessary or appropriate for the proper operation, administration
and interpretation of the Plan. 
 Section 9.08 Responsibilities to Participants. 
 The Committee shall determine which Employees qualify to participate in the Plan. The Committee shall furnish to each Eligible Employee whatever summary plan
descriptions, summary annual reports, and other notices and information that may be required under ERISA. The Committee also shall determine when a Participant or his Beneficiary qualifies for the payment of benefits under the Plan. The Committee
shall furnish to each such Participant or Beneficiary whatever information is required under ERISA or the Code (or is otherwise appropriate) to enable the Participant or Beneficiary to make whatever elections may be available pursuant to
Section 7, and the Committee shall provide for the payment of benefits in the proper form and amount from the Trust. The Committee may decide in its sole discretion to permit modifications of elections and to defer or accelerate benefits to the
extent consistent with the terms of the Plan, applicable law, and the best interests of the individuals concerned. 
 Section 9.09
Alternative Payees in Event of Incapacity. 
 If the Committee finds at any time that an individual qualifying for benefits under this
Plan is a minor or is incompetent, the Committee may direct the benefits to be paid, in the case of a minor, to his parents, his legal guardian, a custodian for him under the Uniform Transfers to Minors Act, or the person having actual custody of
him, or, in the case of an incompetent, to his spouse, his legal guardian, or the person having actual custody of him. The Committee and the Trustee shall not be obligated to inquire as to the actual use of the funds by the person receiving them
under this Section 9.09, and any such payment shall completely discharge the obligations of the Plan, the Trustee, the Committee, and the Employers to the extent of the payment. 
 Section 9.10 Indemnification by Employers. 
 Except as separately agreed upon in
writing, the Committee, and any member or employee of the Committee, shall be indemnified and held harmless by the Employers, jointly and severally, to the fullest extent permitted by law, against any and all costs, damages, expenses, and
liabilities reasonably incurred by or imposed upon the Committee or such individual in connection with any claim made against the Committee or such individual, or in which the Committee or such individual may be involved by reason of being, or
having been, the Committee, or a member or employee of the Committee, to the extent such amounts are not paid by insurance. 
 Section 9.11 Abstention by Interested Member.  
 Any member of the Committee who is also a Participant in the Plan
shall take no part in any determination specifically relating to his own participation or benefits under the Plan, unless an abstention would render the Committee incapable of acting on the matter. 
  

 28 

 SECTION 10 
 Rules Governing Benefit Claims 
 Section 10.01 Claim for
Benefits. 
 Any Participant or Beneficiary who qualifies for the payment of benefits shall file a claim for benefits
with the Committee on a form provided by the Committee. The claim, including any election of an alternative benefit form, shall be filed at least thirty (30) days before the date on which the benefits are to begin. If a Participant or
Beneficiary fails to file a claim by the 30th day before
the date on which benefits become payable, he shall be presumed to have filed a claim for payment for the Participant’s benefits in the standard form prescribed by Section 7 of the Plan. 
 Section 10.02 Notification by Committee. 
 Within ninety (90) days after receiving a claim for benefits (or within 180 days, if special circumstances require an extension of time and written notice of the extension is given to the Participant
or Beneficiary within ninety (90) days after receiving the claim for benefits), the Committee shall notify the Participant or Beneficiary whether the claim has been approved or denied. If the Committee denies a claim in any respect, the
Committee shall set forth in a written notice to the Participant or Beneficiary: 
  

	(a)	each specific reason for the denial; 

  

	(b)	specific references to the pertinent Plan provisions on which the denial is based; 

  

	(c)	a description of any additional material or information which could be submitted by the Participant or Beneficiary to support his claim, with an explanation of the
relevance of such information; and 

  

	(d)	an explanation of the claims review procedures set forth in Section 10.03 of the Plan. 

 Section 10.03 Claims Review Procedure. 
 Within sixty (60) days after a
Participant or Beneficiary receives notice from the Committee that his claim for benefits has been denied in any respect, he may file with the Committee a written notice of appeal setting forth his reasons for disputing the Committee’s
determination. In connection with his appeal, the Participant or Beneficiary or his representative may inspect or purchase copies of pertinent documents and records to the extent not inconsistent with other Participants’ and Beneficiaries’
rights of privacy. Within sixty (60) days after receiving a notice of appeal from a prior determination (or within one hundred and twenty (120) days, if special circumstances require an extension of time and written notice of the extension
is given to the Participant or Beneficiary and his representative within sixty (60) days after receiving the notice of appeal), the Committee shall furnish to the Participant or Beneficiary and his representative, if any, a written statement of
the Committee’s final decision with respect to his claim, including the reasons for such decision and the particular Plan provisions upon which it is based. 
  

 29 

 SECTION 11 
 The Trust 
 Section 11.01 Creation of Trust Fund. 

 All amounts received under the Plan from an Employer and investments shall be held in a Trust Fund pursuant to the terms of this Plan and the
Trust Agreement. The benefits described in this Plan shall be payable only from the assets of the Trust Fund. Neither the Bank, any other Employer, its board of directors or trustees, its stockholders, its officers, its employees, the Committee, nor
the Trustee shall be liable for payment of any benefit under this Plan except from the Trust Fund. 
 Section 11.02 Company Stock and
Other Investments. 
 The Trust Fund held by the Trustee shall be divided into Company Stock and investments other than Company Stock.
The Trustee shall have no investment responsibility for the portion of the Trust Fund consisting of Company Stock, but shall accept any Employer contributions made in the form of Company Stock, and shall acquire, sell, exchange, distribute, and
otherwise deal with and dispose of Company Stock in accordance with the instructions of the Committee. 
 Section 11.03 Acquisition
of Company Stock. 
 From time to time the Committee may, in its sole discretion, direct the Trustee to acquire Company Stock from the
issuing Employer or from shareholders, including shareholders who are or have been Employees, Participants, or fiduciaries with respect to the Plan. The Trustee shall pay for such Company Stock no more than its fair market value, which shall be
determined conclusively by the Committee pursuant to Section 9.03(d) of the Plan. The Committee may direct the Trustee to finance the acquisition of Company Stock through an Acquisition Loan subject to the provisions of Section 4.03 of the
Plan. 
 Section 11.04 Participants’ Option to Diversify. 
 The Committee shall establish a procedure under which each Participant may, during the first five years of a certain six-year period, elect to have up to twenty-five percent (25%) of the value of his
Accounts committed to alternative investment options within an “Investment Fund.” For the sixth year in this period, the Participant may elect to have up to fifty percent (50%) of the value of his Accounts committed to other
investments. The six-year period shall begin with the Plan Year following the first Plan Year in which the Participant has both reached age 55 and completed 10 years of participation in the Plan; a Participant’s election to diversify his
Accounts must be made within the 90-day period immediately following the last day of each of the six Plan Years. The Committee shall see that the Investment Fund includes a sufficient number of investment options to comply with
Section 401(a)(28)(B) of the Code. The Committee may, in its discretion, permit a transfer of a portion of the Participant’s Accounts to the Fairfield County Bank Incentive Retirement Plan in order to satisfy this Section 11.04,
provided such investments comply with Section 401(a)(28)(B) of the Code and such transfer is not otherwise prohibited under the Code or ERISA. The Trustee shall comply with any investment directions received from Participants in accordance with
the procedures adopted from time to time by the Committee under this Section 11.04. 
  

 30 

 SECTION 12 
 Adoption, Amendment and Termination 
 Section 12.01
Adoption of Plan by Other Employers. 
 With the consent of the Bank, any entity may become a participating Employer under the Plan
by: 
  

	(a)	taking such action as shall be necessary to adopt the Plan; 

  

	(b)	becoming a party to the Trust Agreement establishing the Trust Fund; and 

  

	(c)	executing and delivering such instruments and taking such other action as may be necessary or desirable to put the Plan into effect with respect to the entity’s
Employees. 

 Section 12.02 Adoption of Plan by Successor. 
 In the event that any Employer shall be reorganized by way of merger, consolidation, transfer of assets or otherwise, so that an entity other than an
Employer shall succeed to all or substantially all of the Employer’s business, the successor entity may be substituted for the Employer under the Plan by adopting the Plan and becoming a party to the Trust Agreement. Contributions by the
Employer shall be automatically suspended from the effective date of any such reorganization until the date upon which the substitution of the successor entity for the Employer under the Plan becomes effective. If, within ninety (90) days
following the effective date of any such reorganization, the successor entity shall not have elected to become a party to the Plan, or if the Employer shall adopt a plan of complete liquidation other than in connection with a reorganization, the
Plan shall be automatically terminated with respect to Employees of the Employer as of the close of business on the 90th day following the effective date of the reorganization, or as of the close of business on the date of adoption of a plan of
complete liquidation, as the case may be. 
 Section 12.03 Plan Adoption Subject to Qualification. 
 Notwithstanding any other provision of the Plan, the adoption of the Plan and the execution of the Trust Agreement are conditioned upon their being
determined initially by the Internal Revenue Service to meet the qualification requirements of Section 401(a) of the Code, so that the Employers may deduct currently for federal income tax purposes their contributions to the Trust and so that
the Participants may exclude the contributions from their gross income and recognize income only when they receive benefits. In the event that this Plan is held by the Internal Revenue Service not to qualify initially under Section 401(a) of
the Code, the Plan may be amended retroactively to the earliest date permitted by the Code and the applicable Treasury Regulations in order to secure qualification under Section 401(a) of the Code. If this Plan is held by the Internal Revenue
Service not to qualify initially under Section 401(a) of the Code either as

  

 31 

 
originally adopted or as amended, each Employer’s contributions to the Trust under this Plan (including any earnings thereon) shall be returned to it and this Plan shall be terminated. In
the event that this Plan is amended after its initial qualification, and the Plan, as amended, is held by the Internal Revenue Service not to qualify under Section 401(a) of the Code, the amendment may be modified retroactively to the earliest
date permitted by the Code and the applicable Treasury Regulations in order to secure approval of the amendment under Section 401(a) of the Code. 
 Section 12.04 Right to Amend or Terminate. 
  

	(a)	The Bank intends to continue this Plan as a permanent program. However, each participating Employer separately reserves the right to suspend, supersede, or terminate
the Plan at any time and for any reason, as it applies to that Employer’s Employees, and the Bank reserves the right to amend, suspend, supersede, merge, consolidate, or terminate the Plan at any time and for any reason, as it applies to the
Employees of all Employers. 

  

	(b)	No amendment, suspension, supersession, merger, consolidation, or termination of the Plan shall reduce any Participant’s or Beneficiary’s proportionate
interest in the Trust Fund, or shall divert any portion of the Trust Fund to purposes other than the exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan. Except as is required for
purposes of compliance with the Code or ERISA, neither the provisions of Section 5.04 relating to the crediting of contributions, forfeitures and shares of Company Stock released from the Loan Suspense Account, nor any other provision of the
Plan relating to the allocation of benefits to Participants, may be amended more frequently than once every six months. Moreover, there shall not be any transfer of assets to a successor plan or merger or consolidation with another plan unless, in
the event of the termination of the successor plan or the surviving plan immediately following such transfer, merger, or consolidation, each participant or beneficiary would be entitled to a benefit equal to or greater than the benefit he would have
been entitled to if the plan in which he was previously a participant or beneficiary had terminated immediately prior to such transfer, merger, or consolidation. Following a termination of this Plan by the Bank, the Trustee shall continue to
administer the Trust and pay benefits in accordance with the Plan and the Committee’s instructions. 

  

	(c)	In the event of a Change in Control, the Plan shall be terminated and allocations made to Participants in accordance with the provisions of Section 5.08 of the
Plan. 

 SECTION 13 
 General Provisions 
 Section 13.01 Nonassignability of Benefits. 

 The interests of Participants and other persons entitled to benefits under the Plan shall not be subject to the claims of their creditors and
may not be voluntarily or involuntarily assigned, alienated, pledged, encumbered, sold, or transferred. The prohibitions set forth in this Section 13.01

  

 32 

 
shall also apply to any judgment, decree, or order (including approval of a property or settlement agreement) which relates to the provision of child support, alimony, or property rights to a
present or former spouse, child, or other dependent of a Participant pursuant to a domestic relations order, unless such judgment, decree or order is determined to be a “qualified domestic relations order” as defined in Section 414(p)
of the Code. 
 Section 13.02 Limit of Employer Liability.  
 The liability of the Employers with respect to Participants and other persons entitled to benefits under the Plan shall be limited to making contributions to the Trust from time to time, in accordance
with Section 4 of the Plan. 
 Section 13.03 Plan Expenses.  
 All expenses incurred by the Committee or the Trustee in connection with administering the Plan and Trust shall be paid by the Trustee from the Trust Fund to
the extent the expenses have not been paid or assumed by the Employer. 
 Section 13.04 Nondiversion of Assets.  

Except as provided in Sections 5.05 and 12.03 of the Plan, under no circumstances shall any portion of the Trust Fund be diverted to or used for any
purpose other than the exclusive benefit of Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan. 
 Section 13.05 Separability of Provisions.  
 If any provision of the Plan is held to be invalid or unenforceable,
the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision had not been included in the Plan. 
 Section 13.06 Service of Process.  
 The agent for the service of process upon
the Plan shall be the Chairman of the Board of the Bank and the Trustee, or such other person as may be designated from time to time by the Bank. 
 Section 13.07 Governing Law.  
 The Plan is established under, and its validity, construction and effect shall be
governed by the laws of the State of Connecticut to the extent those laws are not preempted by federal law, including the provisions of ERISA. 
 Section 13.08 Special Rules for Persons Subject to Section 16(b) Requirements.  
 Notwithstanding anything
herein to the contrary, any former Participant who is subject to the provisions of Section 16(b) of the Exchange Act, who becomes eligible to again participate in the Plan, may not become a Participant prior to the date that is six months from
the date such former

  

 33 

 
Participant terminated participation in the Plan. In addition, any person subject to the provisions of Section 16(b) of the Exchange Act receiving a distribution of Company Stock from the
Plan must hold such Company Stock for a period of six months, commencing with the date of distribution. However, this restriction will not apply to Company Stock distributions made in connection with death, retirement, Disability or termination of
employment, or made pursuant to the terms of a qualified domestic relations order. 
 Section 13.09 Military Service.

 Notwithstanding any other provision of this Plan to the contrary, contributions, benefits and Service credit with respect to qualified
military service will be provided in accordance with Section 414(u) of the Code. 
 Section 13.10 Minimum Distribution
Requirements. 
 General Rules 
 1.1 Precedence. The requirements of this Section 13.10 will take precedence over any inconsistent provisions of the Plan. 
 1.2 Requirements of Treasury Regulations Incorporated. All distributions required under this Section will be determined and made in
accordance with the Treasury Regulations under section 401(a)(9) of the Internal Revenue Code. 
 1.3 TEFRA
Section 242(b)(2) Elections. Notwithstanding the other provisions of this article, 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 the plan that relate to section 242(b)(2) of TEFRA. 
 Time and Manner of Distribution. 

 1.1 Required Beginning Date. The participant’s entire interest will be distributed, or begin to be distributed, to
the participant no later than the participant’s required beginning date. 
 1.2 Death of Participant Before
Distributions Begin. If the participant dies before distributions begin, the participant’s entire interest will be distributed, or begin to be distributed, no later than as follows: 
  

	 	(a)	 If the participant’s surviving spouse is the participant’s sole designated beneficiary, then, except as provided in the adoption agreement,
distributions to the surviving spouse will begin 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.

  

 34 

	 	(b)	If the participant’s surviving spouse is not the participant’s sole designated beneficiary, then, except as provided in the adoption agreement, distributions
to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the participant died. 

  

	 	(c)	If there is no designated beneficiary as of September 30 of the year following the year of the participant’s death, the participant’s entire interest
will be distributed by December 31 of the calendar year containing the fifth anniversary of the participant’s death. 

  

	 	(d)	If the participant’s surviving spouse is the participant’s sole designated beneficiary and the surviving spouse dies after the participant but before
distributions to the surviving spouse begin, this section 1.2, other than section 1.2(a), will apply as if the surviving spouse were the participant. 

 1.3 Forms of Distribution. All distributions under this Plan will be made in a single lump sum. 
 Required Minimum Distributions During Participant’s Lifetime. 
 1.1 Amount of Required Minimum
Distribution For Each Distribution Calendar Year. During the participant’s lifetime, the minimum amount that will be distributed for each distribution calendar year is the lesser of: 
  

	 	(a)	the quotient obtained by dividing the participant’s account balance by the distribution period in the Uniform Lifetime Table set forth in section 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 

  

	 	(b)	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; or 

 1.2 Lifetime Required Minimum Distributions
Continue Through Year of Participant’s Death. Required minimum distributions will be determined under this section 3 beginning with the first distribution calendar year and up to and including the distribution calendar year that includes
the participant’s date of death. 
  

 35 

 Required Minimum Distributions After Participant’s Death. 
  

	 	1.1	Death On or After Date Distributions Begin.  

  

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

  

	 	1.	The participant’s remaining life expectancy is calculated using the age of the participant in the year of death, reduced by one for each subsequent year.

  

	 	2.	If the participant’s surviving spouse is the participant’s sole designated beneficiary, the remaining life expectancy of the surviving spouse is calculated
for each distribution calendar year after the year of the participant’s death using the surviving spouse’s age as of the spouse’s birthday in that year. For distribution calendar years after the year of the surviving spouse’s
death, the remaining life expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse’s birthday in the calendar year of the spouse’s death, reduced by one for each subsequent calendar year.

  

	 	3.	If the participant’s surviving spouse is not the participant’s sole designated beneficiary, the designated beneficiary’s remaining life expectancy is
calculated using the age of the beneficiary in the year following the year of the participant’ death, reduced by one for each subsequent year. 

  

	 	(b)	No Designated Beneficiary. If the participant dies on or after the date distributions begin and there is no designated beneficiary as of September 30 of the year
after the year of the participant’s death, the minimum amount that will be distributed for each distribution calendar year after the year of the participant’s death is the quotient 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. 

  

	 	1.2	Death Before Date Distributions Begin. 

  

	 	(a)	 Participant Survived by Designated Beneficiary. Except as provided in the adoption agreement, if the participant dies before the date distributions

  

 36 

	 	 
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 this Section. 

  

	 	(b)	No Designated Beneficiary. If the participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year
following the year of the participant’s death, distribution of the participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the participant’s death.

  

	 	(c)	Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the participant dies before the date distributions begin, the
participant’s surviving spouse is the participant’s sole designated beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse, this section will apply as if the surviving spouse were the
participant. 

 Definitions for Section 13.10. 
 Designated beneficiary. The individual who is designated as the beneficiary under the Plan and is the designated beneficiary under
section 401(a)(9) of the Internal Revenue Code and section 1.401(a)(9)-1, Q&A-4, of the Treasury Regulations. 
 Distribution calendar year. A calendar year for which a minimum distribution is required. For distributions beginning before the participant’s death, the first distribution calendar year is the calendar year immediately
preceding the calendar year which contains the participant’s required beginning date. For distributions beginning after the participant’s death, the first distribution calendar year is the calendar year in which distributions are required
to begin under section 2.2. 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 beginning date occurs, will be made on or before December 31 of that distribution calendar
year. 
 Life expectancy. Life expectancy as computed by use of the Single Life Table in section 1.401(a)(9)-9 of the
Treasury Regulations. 
 Participant’s account balance. The account balance as of the last valuation date in the
calendar year immediately preceding the distribution calendar year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year
after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The account balance for the valuation calendar year includes any amounts rolled over 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. 
  

 37 

 SECTION 14 
 Top-Heavy Provisions 
 Section 14.01 Top-Heavy
Provisions. 
  

	(i)	Key employee. Key employee means any employee or former employee (including any deceased employee) who at any time during the Plan Year that includes the
Determination Date was an officer of the Employer having annual compensation greater than $160,000 (as adjusted under Section 416(i)(1) of the Code), a 5% owner of the Employer or a 1% owner of the Employer having annual compensation of more
than $150,000. For this purpose, annual compensation means compensation within the meaning of Section 415(c)(3) of the Code. The determination of who is a key employee will be made in accordance with Section 416(i)(1) of the Code and the
applicable regulations and other guidance of general applicability issued thereunder. 

  

	(ii)	Determination of present values and amounts. This section (ii) shall apply for purposes of determining the present values of accrued benefits and the
amounts of account balances of Participants as of the distribution date. 

  

	 	(A)	Distributions during year ending on the Determination Date. The present values of accrued benefits and the amounts of account balances of a Participant as of the
Determination Date shall be increased by the distributions made with respect to the Participant under the Plan and any Plan aggregated with the Plan under Section 416(g)(2) of the Code during the 1-year period ending on the Determination Date.
The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a
reason other than separation from service, death or disability, this provision shall be applied by substituting “5-year period” for “1-year period”. 

  

	 	(B)	Participants not performing services during the year ending on the Determination Date. The accrued benefits and accounts of any individual who has not performed
services for the Employer during the 1-year period ending on the Determination Date shall not be taken into account. 

 Section 14.02 Plan Modifications Upon Becoming Top-Heavy. 
  

	(a)	 Minimum Accruals. Section 5.04 of the Plan will be modified to provide that the aggregate amount of Employer contributions allocated
in each Plan Year to the Accounts of each Participant who is a non-Key Employee (as defined under Section 416(i)(1) of the

  

 38 

	 	 
Code), and who is employed by an Employer as of the last day of the Plan Year, may not be less than the lesser of: 

  

	 	(i)	three percent (3%) of his Compensation for the Plan Year; and 

  

	 	(ii)	a percentage of his Compensation equal to the largest percentage obtained by dividing the sum of the amount credited to the Accounts of any Key Employee by that Key
Employee’s Compensation. 

  

	(b)	The preceding provision will remain in effect for the period in which the Plan is top-heavy. If, for any particular year thereafter, the Plan is no longer top-heavy,
the provisions contained in this Section 14.02 shall cease to apply, except that any previously vested portion of any Account balance shall remain nonforfeitable. 

  

 39

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