Document:

Exhibit 10.5

 Exhibit 10.5 
 IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION 
 EMPLOYEE STOCK OWNERSHIP
PLAN 
 Adopted effective
                     

 IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION 

EMPLOYEE STOCK OWNERSHIP PLAN 
 Iroquois Federal Savings and Loan Association Employee Stock Ownership Plan (the “Plan”) is hereby adopted, on the      day of
            , 2011, by Iroquois Federal Savings and Loan Association, a federally-chartered stock savings bank (the “Bank”), effective as of July 1, 2011. 

W I T N E S S E T H  T H A T 
 WHEREAS, the board of directors of the Bank has resolved to adopt an employee stock ownership plan for eligible employees of the Bank and subsidiaries of the Bank, if any, in accordance with the terms and
conditions set forth herein; 
 NOW, THEREFORE, the Bank hereby adopts the Plan setting forth the terms and conditions
pertaining to contributions by the Employer and the payment of benefits to Participants and Beneficiaries. 
 IN WITNESS
WHEREOF, the Bank has adopted this Plan and caused this instrument to be executed by its duly authorized officers as of the above date. 

ATTEST: 
  

							
	  
	 		 	By:	 	  

	Corporate Secretary	 		 	Authorized Officer

 C O N T E N T S 

 

							
	 	  	 	  	Page No.	 
	Section 1. Plan Identity	  	 	1	  
	1.1	  	 Name
	  	 	1	  
	1.2	  	 Purpose
	  	 	1	  
	1.3	  	 Effective Date
	  	 	1	  
	1.4	  	 Fiscal Period
	  	 	1	  
	1.5	  	 Single Plan for All Employers
	  	 	1	  
	1.6	  	 Interpretation of Provisions
	  	 	1	  
	Section 2. Definitions	  	 	1	  
	Section 3. Eligibility for Participation	  	 	9	  
	3.1	  	 Initial Eligibility
	  	 	9	  
	3.2	  	 Definition of Eligibility Year
	  	 	9	  
	3.3	  	 Terminated Employees
	  	 	9	  
	3.4	  	 Certain Employees Ineligible
	  	 	9	  
	3.5	  	 Participation and Reparticipation
	  	 	10	  
	3.6	  	 Omission of Eligible Employee
	  	 	10	  
	3.7	  	 Inclusion of Ineligible Employee
	  	 	10	  
	Section 4. Contributions and Credits	  	 	10	  
	4.1	  	 Discretionary Contributions
	  	 	10	  
	4.2	  	 Contributions for Exempt Loans
	  	 	10	  
	4.3	  	 Conditions as to Contributions
	  	 	11	  
	4.4	  	 Rollover Contributions
	  	 	11	  
	Section 5. Limitations on Contributions and Allocations	  	 	11	  
	5.1	  	 Limitation on Annual Additions
	  	 	11	  
	5.2	  	 Effect of Limitations
	  	 	13	  
	5.3	  	 Limitations as to Certain Participants
	  	 	13	  
	5.4	  	 Erroneous Allocations
	  	 	14	  
	Section 6. Trust Fund and Its Investment.	  	 	14	  
	6.1	  	 Creation of Trust Fund
	  	 	14	  
	6.2	  	 Stock Fund and Investment Fund
	  	 	14	  
	6.3	  	 Acquisition of Stock
	  	 	14	  
	6.4	  	 Participants’ Option to Diversify
	  	 	15	  
	Section 7. Voting Rights and Dividends on Stock	  	 	16	  
	7.1	  	 Voting and Tendering of Stock
	  	 	16	  
	7.2	  	 Application of Dividends
	  	 	16	  
	Section 8. Adjustments to Accounts	  	 	17	  
	8.1	  	 ESOP Allocations
	  	 	17	  
	8.2	  	 Charges to Accounts
	  	 	18	  
	8.3	  	 Stock Fund Account
	  	 	18	  
	8.4	  	 Investment Fund Account
	  	 	18	  
	8.5	  	 Adjustment to Value of Trust Fund
	  	 	19	  
	8.6	  	 Participant Statements
	  	 	19	  
	Section 9. Vesting of Participants’ Interests	  	 	19	  
	9.1	  	 Deferred Vesting in Accounts
	  	 	19	  
	9.2	  	 Computation of Vesting Years
	  	 	19	  
	9.3	  	 Full Vesting Upon Certain Events
	  	 	20	  

							
	9.4    	  	Full Vesting Upon Plan Termination	  	 	21	  
	9.5    	  	Forfeiture, Repayment, and Restoral	  	 	21	  
	9.6    	  	Accounting for Forfeitures	  	 	21	  
	9.7    	  	Vesting and Nonforfeitability	  	 	21	  
	Section 10. Payment of Benefits	  	 	21	  
	10.1  	  	Benefits for Participants	  	 	22	  
	10.2  	  	Time for Distribution	  	 	22	  
	10.3  	  	Marital Status	  	 	23	  
	10.4  	  	Delay in Benefit Determination	  	 	24	  
	10.5  	  	Accounting for Benefit Payments	  	 	24	  
	10.6  	  	Options to Receive Stock	  	 	24	  
	10.7  	  	Restrictions on Disposition of Stock	  	 	25	  
	10.8  	  	Continuing Loan Provisions; Creations of Protections and Rights	  	 	25	  
	10.9  	  	Direct Rollover of Eligible Distribution	  	 	25	  
	10.10	  	Waiver of 30-Day Period After Notice of Distribution	  	 	26	  
	Section 11. Rules Governing Benefit Claims and Review of Appeals	  	 	26	  
	11.1  	  	Claim for Benefits	  	 	26	  
	11.2  	  	Notification by Committee	  	 	26	  
	11.3  	  	Claims Review Procedure	  	 	26	  
	Section 12.   The Committee and its Functions	  	 	27	  
	12.1  	  	Authority of Committee	  	 	27	  
	12.2  	  	Identity of Committee	  	 	27	  
	12.3  	  	Duties of Committee	  	 	27	  
	12.4  	  	Valuation of Stock.	  	 	27	  
	12.5  	  	Compliance with ERISA	  	 	28	  
	12.6  	  	Action by Committee	  	 	28	  
	12.7  	  	Execution of Documents	  	 	28	  
	12.8  	  	Adoption of Rules	  	 	28	  
	12.9  	  	Responsibilities to Participants	  	 	28	  
	12.10	  	Alternative Payees in Event of Incapacity	  	 	28	  
	12.11	  	Indemnification by Employers	  	 	28	  
	12.12	  	Nonparticipation by Interested Member	  	 	28	  
	Section 13. Adoption, Amendment, or Termination of the Plan	  	 	29	  
	13.1  	  	Adoption of Plan by Other Employers	  	 	29	  
	13.2  	  	Plan Adoption Subject to Qualification	  	 	29	  
	13.3  	  	Right to Amend or Terminate	  	 	29	  
	Section 14. Miscellaneous Provisions	  	 	29	  
	14.1  	  	Plan Creates No Employment Rights	  	 	29	  
	14.2  	  	Nonassignability of Benefits	  	 	29	  
	14.3  	  	Limit of Employer Liability	  	 	30	  
	14.4  	  	Treatment of Expenses	  	 	30	  
	14.5  	  	Number and Gender	  	 	30	  
	14.6  	  	Nondiversion of Assets	  	 	30	  
	14.7  	  	Separability of Provisions	  	 	30	  
	14.8  	  	Service of Process	  	 	30	  
	14.9  	  	Governing State Law	  	 	30	  
	14.10	  	Employer Contributions Conditioned on Deductibility	  	 	30	  
	14.11	  	Unclaimed Accounts	  	 	31	  
	14.12	  	Qualified Domestic Relations Order	  	 	31	  

  
 (ii)

							
	14.13	  	Use of Electronic Mediums to Provide Notices and Make Participant Elections	  	 	32	  
	14.14	  	Acquisition of Securities	  	 	32	  
	Section 15. Top-Heavy Provisions	  	 	32	  
	15.1  	  	Top-Heavy Plan	  	 	32	  
	15.2  	  	Definitions	  	 	32	  
	15.3  	  	Top-Heavy Rules of Application	  	 	33	  
	15.4  	  	Minimum Contributions	  	 	34	  
	15.5  	  	Top-Heavy Provisions Control in Top-Heavy Plan	  	 	34	  

  
 (iii)

 IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION 

EMPLOYEE STOCK OWNERSHIP PLAN 
 Section 1. Plan Identity. 
 1.1 Name. The name of
this Plan is “Iroquois Federal Savings and Loan Association Employee Stock Ownership Plan.” 
 1.2
Purpose. The purpose of this Plan is to describe the terms and conditions under which contributions made pursuant to the Plan will be credited and paid to the Participants and their Beneficiaries. 

1.3 Effective Date. The Effective Date of this Plan is July 1, 2011. 

1.4 Fiscal Period. This Plan shall be operated on the basis of a July 1 to June 30 fiscal year for the purpose of
keeping the Plan’s books and records and distributing or filing any reports or returns required by law. 
 1.5 Single
Plan for All Employers. This Plan shall be treated as a single plan with respect to all participating Employers for the purpose of crediting contributions and forfeitures and distributing benefits, determining whether there has been any
termination of Service, and applying the limitations set forth in Section 5. 
 1.6 Interpretation of
Provisions. The Employers intend this Plan and the Trust Agreement to be a qualified stock bonus plan under Section 401(a) of the Code and an employee stock ownership plan within the meaning of Section 407(d)(6) of ERISA and
Section 4975(e)(7) of the Code. The Plan is intended to have its assets invested primarily in qualifying employer securities of one or more Employers within the meaning of Section 407(d)(3) of ERISA, and to satisfy any requirement under
ERISA or the Code applicable to such a plan. 
 Accordingly, the Plan and Trust Agreement shall be interpreted and applied in a
manner consistent with this intent and shall be administered at all times and in all respects in a nondiscriminatory manner. 

Section 2. Definitions. 
 The following capitalized words and phrases shall have the meanings specified when used in this Plan and in the Trust Agreement, unless the context clearly indicates otherwise: 

“Account” means a Participant’s interest in the assets accumulated under this Plan as expressed in terms of a
separate account balance which is periodically adjusted to reflect his Employer’s contributions, the Plan’s investment experience, and distributions and forfeitures. 
 “Active Participant” means a Participant who has satisfied the eligibility requirements under Section 3 and who has at least 1,000 Hours of Service during the current Plan Year.
However, a Participant shall not qualify as an Active Participant unless (i) he is in active Service with an Employer as of the last day of the Plan Year, or (ii) he is on a Recognized Absence as of that date, or (iii) his Service
terminated during the Plan Year by reason of Disability, death or Normal Retirement. 

 “Bank” means Iroquois Federal Savings and Loan Association and any entity
which succeeds to the business of Iroquois Federal Savings and Loan Association and adopts this Plan as its own pursuant to Section 13.1 of the Plan. 
 “Beneficiary” means the person or persons who are designated by a Participant to receive benefits payable under the Plan on the Participant’s death. In the absence of any designation
or if all the designated Beneficiaries shall die before the Participant dies or shall die before all benefits have been paid, the Participant’s Beneficiary shall be his surviving Spouse, if any, or his estate if he is not survived by a Spouse.
The Committee may rely upon the advice of the Participant’s executor or administrator as to the identity of the Participant’s Spouse. 
 “Break in Service” means any Plan Year, or, for the initial eligibility computation period under Section 3.2, the 12-consecutive month period beginning on the first day of which an
Employee has an Hour of Service, in which an Employee has 500 or fewer Hours of Service. Solely for this purpose, an Employee shall be considered employed for his normal hours of paid employment during a Recognized Absence (said Employee shall not
be credited with more than 501 Hours of Service to avoid a Break in Service), unless he does not resume his Service at the end of the Recognized Absence. Further, if an Employee is absent for any period (i) by reason of the Employee’s
pregnancy, (ii) by reason of the birth of the Employee’s child, (iii) by reason of the placement of a child with the Employee in connection with the Employee’s adoption of the child, or (iv) for purposes of caring for such
child for a period beginning immediately after such birth or placement, the Employee shall be credited with the Hours of Service which would normally have been credited but for such absence, up to a maximum of 501 Hours of Service. 

“Closing Date” means the closing date of the stock offering of the Company. 

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

“Committee” means the committee responsible for the administration of this Plan in accordance with Section 12.

 “Company” means [Iroquois Bancorp, Inc.], the holding company of the Bank, and any successor entity which
succeeds to the business of the Company. 
 “Disability” means the inability to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. An individual shall
not be considered to be permanently and totally disabled unless he furnishes proof of the existence thereof in such form and manner, and at such times, as the Committee may require. 

“Eligible Employee” means an Employee, other than an Employee identified in Section 3.4, who has both
(i) satisfied the age requirement of Section 3.1(ii) and (ii) has performed 1,000 Hours of Service in the applicable Eligibility Year in accordance with Section 3.2. 

“Employee” means any individual who is or has been employed or self-employed by an Employer. “Employee” also
means an individual employed by a leasing organization who, pursuant to an agreement between an Employer and the leasing organization, has performed services for the Employer and any related persons (within the meaning of Section 414(n)(6) of
the Code) on a substantially full-time basis for more than one year, if such services are performed under the primary direction or control of the Employer. However, such a “leased employee” shall not be considered an Employee if
(i) he participates in a money purchase pension plan sponsored by the leasing organization which provides for immediate participation, immediate full vesting, 

  
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and an annual contribution of at least 10 percent of the Employee’s 415 Compensation, and (ii) leased employees do not constitute more than 20 percent of the Employer’s total work
force (including leased employees, but excluding Highly Compensated Employees and any other Employees who have not performed services for the Employer on a substantially full-time basis for at least one year). 

“Employer” means the Bank or any affiliate within the purview of section 414(b), (c) or (m) and 415(h) of the
Code, any other corporation, partnership, or proprietorship which adopts this Plan with the Bank’s consent pursuant to Section 13.1, and any entity which succeeds to the business of any Employer and adopts the Plan pursuant to
Section 13.2. 
 “Entry Date” means the Effective Date and each January 1 and July 1 of each
Plan Year after the Effective Date. 
 “ERISA” means the Employee Retirement Income Security Act of 1974 (P.L.
93-406, as amended). 
 “Exempt Loan” means an indebtedness arising from any extension of credit to the Plan or
the Trust which satisfies the requirements set forth in Section 6.3 and which was obtained for any or all of the following purposes: 
  

	 	(i)	to acquire qualifying Employer securities as defined in Treasury Regulations §54.4975-12; 

 

	 	(ii)	to repay such Exempt Loan; or 

  

	 	(iii)	to repay a prior Exempt Loan. 

“415 Compensation” 
 (a) shall mean wages within the meaning of Code Section 3401(a) and all other payments of compensation to an Employee by the Employer (in the course of the Employer’s trade or business) for which the
Employer is required to furnish the Employee a written statement under Code Sections 6041(d), 6051(a)(3), and 6052, but determined without regardt to any rules that limit the remuneration included in wages based on the nature or location of the
employment or services performed (such as the exception for agricultural labor in Code Section 3401(a)(2)). 415 Compensation shall be calculated on the basis of the Plan Year. 

(b) Compensation shall include elective contributions. For this purpose, elective contributions are elective deferrals (as
defined in Code Section 402(g)(3)) and amounts contributed or deferred by the Employer at the election of the Employee which are not includible in the gross income of the Employee by reason of Code Section 125 (including any
“deemed” Code Section 125 compensation), 132(f)(4), or 457. 
 (c) 415 Compensation shall include
amounts that are includible in income under Code Section 409A or Code Section 457(f)(1)(A). 
 (d) 415
Compensation in excess of $245,000 (as indexed) shall be disregarded for all Participants. For purposes of this sub-section, the $245,000 limit shall be referred to as the “applicable limit” for the Plan Year in question. The $245,000
limit shall be adjusted for increases in the cost of living in accordance with Section 401(a)(17)(B) of the Code, effective for the Plan Year which begins within the applicable calendar year. For purposes of the applicable limit, 415

  
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Compensation shall be prorated over short Plan Years. 
 (e) 415 Compensation shall also include the following types of compensation paid after a Participant’s severance from employment with the Employer, provided that amounts described in paragraphs
(i) or (ii) below shall only be included as 415 Compensation to the extent such amounts are paid by the later of
2 1/2 months after severance from employment, or by
the end of the limitation year that includes the date of such severance from employment. 
 (i) Regular
Pay. 415 Compensation shall include regular pay after severance from employment if (a) the payment is for regular compensation for services during the Participant’s regular working hours, or compensation for services outside of the
Participant’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and (b) the payment would have been paid to the Participant prior to severance from employment if the
Participant had continued in employment with the Employer. 
 (ii) Leave Cashouts. 415 Compensation shall include
leave cashouts if those amounts would have been included in the definition of 415 Compensation if they were earned prior to the Participant’s severance from employment, and the amounts are payment for unused accrued bona fide sick, vacation or
other leave, but only if the Participant would have been able to use the leave if his employment had continued. 

(f) 415 Compensation shall also include differential wage payments (as defined in Code Section 3401(h)) paid by the
Employer to a former Employee who is performing qualified military services (as defined in Code Section 414(u)(1)) but only to the extent that those differential wage payments do not exceed the amounts the individual would have received if the
individual had continued to perform services for the Employer rather than entering qualified military service. 
 “Highly Compensated Employee” for any Plan Year means an Employee who, during either that or the immediately preceding Plan Year was at any time a five percent owner of the Employer (as
defined in Code Section 416(i)(1)) or, during the immediately preceding Plan Year, had 415 Compensation exceeding $110,000 and was among the most highly compensated one-fifth of all Employees (the $110,000 amount is adjusted at the same time
and in the same manner as under Code Section 415(d)). For these purposes, “the most highly compensated one-fifth of all Employees” shall be determined by taking into account all individuals working for all related Employer entities
described in the definition of “Service,” but excluding any individual who has not completed six months of Service, who normally works fewer than
17 1/2 hours per week or in fewer than six months
per year, who has not reached age 21, whose employment is covered by a collective bargaining agreement, or who is a nonresident alien who receives no earned income from United States sources. The applicable year for which a determination is being
made is called a “determination year” and the preceding 12-month period is called a look-back year. 

“Hours of Service” means hours to be credited to an Employee under the following rules: 

(a) Each hour for which an Employee is paid or is entitled to be paid for services to an Employer is an Hour of Service.

 (b) Each hour for which an Employee is directly or indirectly paid or is entitled to be paid for a period of
vacation, holidays, illness, disability, lay-off, jury duty, temporary military duty, or leave of absence is an Hour of Service. However, except as otherwise specifically provided, no more than 501 Hours of Service shall be credited for any single
continuous period which an Employee 

  
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performs no duties. No more than 501 Hours of Service will be credited under this paragraph for any single continuous period (whether or not such period occurs in a single computation period).
Further, no Hours of Service shall be credited on account of payments made solely under a plan maintained to comply with worker’s compensation, unemployment compensation, or disability insurance laws, or to reimburse an Employee for medical
expenses. 
 (c) Each hour for which back pay (ignoring any mitigation of damages) is either awarded or agreed to
by an Employer is an Hour of Service. However, no more than 501 Hours of Service shall be credited for any single continuous period during which an Employee would not have performed any duties. The same Hours of Service will not be credited both
under paragraph (a) or (b) as the case may be, and under this paragraph (c). These hours will be credited to the employee for the computation period or periods to which the award or agreement pertains rather than the computation period in
which the award agreement or payment is made. 
 (d) Hours of Service shall be credited in any one period only
under one of the foregoing paragraphs (a), (b) and (c); an Employee may not get double credit for the same period. 
 (e) If an Employer finds it impractical to count the actual Hours of Service for any class or group of non-hourly Employees, each Employee in that class or group shall be credited with 45 Hours of Service
for each weekly pay period in which he has at least one Hour of Service. However, an Employee shall be credited only for his normal working hours during a paid absence. 

(f) Hours of Service to be credited on account of a payment to an Employee (including back pay) shall be recorded in the
period of Service for which the payment was made. If the period overlaps two or more Plan Years, the Hours of Service credit shall be allocated in proportion to the respective portions of the period included in the several Plan Years. However, in
the case of periods of 31 days or less, the Plan Administrator may apply a uniform policy of crediting the Hours of Service to either the first Plan Year or the second. 

(g) In all respects an Employee’s Hours of Service shall be counted as required by Section 2530.200b-2(b) and
(c) of the Department of Labor’s regulations under Title I of ERISA. 
 “Investment Fund” means that
portion of the Trust Fund consisting of assets other than Stock. Notwithstanding the above, assets from the Investment Fund may be used to purchase Stock in the open market or otherwise, or used to pay on the Exempt Loan, and shares so purchased
will be allocated to a Participant’s Stock Fund. 
 “Normal Retirement” means retirement on or after the
Participant’s Normal Retirement Date. 
 “Normal Retirement Date” means the first day
of the month coincident with or next following the a Participant’s 65th birthday. 
 “Participant” means any Eligible Employee who is an
Active Participant participating in the Plan, or Eligible Employee or former Employee who was previously an Active Participant and still has a balance credited to his Account. 
 “Period of Uniformed Service” means the length of time that an Employee serves in the Uniformed Services. 

  
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 “Plan Year” means the twelve-month period commencing July 1, 2011 and
ending June 30, 2012 and each period of 12 consecutive months beginning on July 1 of each succeeding year. 

“Recognized Absence” means a period for which -- 

(a) an Employer grants an Employee a leave of absence for a limited period, but only if an Employer grants such leave on a
nondiscriminatory basis; or 
 (b) an Employee is temporarily laid off by an Employer because of a change in
business conditions; or 
 (c) 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 (38 U.S.C. Sec. 2021). 
 “Reemployment After a
Period of Uniformed Service” 
 (a) “Reemployment (or Reemployed) After a Period of Uniformed Service”
means that an Employee returned to employment with a Participating Employer, within the time frame set forth in subparagraph (b) below, after a Period of Uniformed Service in the Uniformed Services and the following rules corresponding to
provisions of the Uniformed Services Employment and Reemployment Rights Act of 1994 (“USERRA”) apply: (i) he or she gives sufficient notice of leave to the Participating Employer prior to commencing a Period of Uniformed Service,
or is excused from providing such notice; (ii) his or her employment with the Participating Employer prior to a Period of Uniformed Service was not of a brief, nonrecurrent nature that would preclude a reasonable expectation that such
employment would continue indefinitely or for a significant period; (iii) the Participating Employer’s circumstances have not changed so that reemployment is unreasonable or an undue hardship to the Participating Employer; and
(iv) the applicable cumulative Periods of Uniformed Service under USERRA equals five years or less, unless service in the Uniformed Services: 
 (1) in excess of five years is required to complete an initial Period of Uniformed Service; 
 (2) prevents the Participant from obtaining orders releasing him or her from such Period of Uniformed Service prior to the expiration of a five-year period (through no fault of the Participant);

 (3) is required in the National Guard for drill and instruction, field exercises or active duty training, or
to fulfill necessary additional training, or to fulfill necessary additional training requirements certified in writing by the Secretary of the branch of Uniformed Services concerned; or 

(4) for a Participant is 
 (A) required other than for training under any provisions of law during a war or national agency declared by the President or Congress; 

(B) required (other than for training) in support of an operational mission for which personnel have been ordered to
active duty other than during war or national emergency; 

  
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 (C) required in support of a critical mission or requirement of the
Uniformed Services; or 
 (D) the result of being called into service as a member of the National Guard by the
President in the case of rebellion or danger of rebellion against the authority of the United States Government or if the President is unable to execute the laws of the United States with the regular forces. 

(b) The applicable statutory time frames within which an Employee must report to a Participating Employer after a Period of Uniformed
Service are as follows: 
 (1) If the Period of Uniformed Service was less than 31 days, 

(A) not later than the beginning of the first full regularly scheduled work period on the first full calendar day
following the completion of the Period of Uniformed Service and the expiration of eight hours after a period of time allowing for the safe transportation of the Employee from the place of service in the Uniformed Services to the Employee’s
residence; or 
 (B) as soon as possible after the expiration of the eight-hour period of time referred to in
Clause (A), if reporting within the period referred to in such clause is impossible or unreasonable through no fault of the Employee. 
 (2) In the case of an Employee whose Period of Uniformed Service was for more than 30 days but less than 181 days, by submitting an application for reemployment with a Participating Employer not later
than 14 days after the completion of the Period of Uniformed Service or, if submitting such application within such period is impossible or unreasonable through no fault of the Employee, the next first full calendar day when submission of such
application becomes reasonable. 
 (3) In the case of an Employee whose Period of Uniformed Service was for more
than 180 days, by submitting an application for reemployment with a Participating Employer not later than 90 days after the completion of the Period of Uniformed Service. 

(4) In the case of an Employee who is hospitalized for, or convalescing from, an illness or injury related to the Period
of Uniformed Service the Employee shall apply for reemployment with a Participating Employer at the end of the period that is necessary for the Employee to recover. Such period of recovery shall not exceed two years, unless circumstances beyond the
Employee’s control make reporting as above unreasonable or impossible. 
 (c) Notwithstanding subparagraph (a),
Reemployment After a Period of Uniformed Service terminates upon the occurrence of any of the following: 
 (1) a
dishonorable or bad conduct discharge from the Uniformed Services; 
 (2) any other discharge from the Uniformed
Services under circumstances other than an honorable condition; 
 (3) a discharge of a commissioned officer from
the Uniformed Services by court martial, by commutation of sentence by court martial, or, in time of war, by the President; or 

  
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 (4) a demotion of a commissioned officer in the Uniformed Services for
absence without authorized leave of at least 3 months confinement under a sentence by court martial, or confinement in a federal or state penitentiary after being found guilty of a crime under a final sentence. 

“Service” means an Employee’s period(s) of employment or self-employment with an Employer, excluding for initial
eligibility purposes any period in which the individual was a nonresident alien and did not receive from an Employer any earned income which constituted income from sources within the United States. An Employee’s Service shall include any
Service which constitutes Service with a predecessor Employer within the meaning of Section 414(a) of the Code, provided, however, that Service with an acquired entity shall not be considered Service under the Plan unless required by applicable
law or agreed to by the parties to such transaction. An Employee’s Service shall also include any Service with an entity which is not an Employer, but only either (i) for a period after 1975 in which the other entity is a member of a
controlled group of corporations or is under common control with other trades and businesses within the meaning of Section 414(b) or 414(c) of the Code, and a member of the controlled group or one of the trades and businesses is an Employer,
(ii) for a period after 1979 in which the other entity is a member of an affiliated service group within the meaning of Section 414(m) of the Code, and a member of the affiliated service group is an Employer, or (iii) all Employers
aggregated with the Employer under Section 414(o) of the Code (but not until the Proposed Regulations under Section 414(o) become effective). Notwithstanding any 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. 

“Spouse” means the individual, if any, to whom a Participant is lawfully married on the date benefit payments to the
Participant are to begin, or on the date of the Participant’s death, if earlier. A former Spouse shall be treated as the Spouse or surviving Spouse to the extent provided under a qualified domestic relations order as described in section 414(p)
of the Code. 
 “Stock” means common stock issued by the Employer (or by a corporation which is a member of the
same controlled group) which is readily tradable on an established securities market. In the event there is no common stock which meets the requirements of the preceding sentence, then “Stock” means common stock issued by the Employer (or
by a corporation which is a member of the same controlled group) having a combined voting power and dividend rights equal to or in excess of (A) that class of common stock of the Employer (or of any other such corporation) having the greatest
voting power; and (B) that class of common stock of the Employer (or of any other such corporation) having the greatest dividend rights. 
 “Stock Fund” means that portion of the Trust Fund consisting of Stock. 
 “Trust” or “Trust Fund” means the trust fund created under this Plan. 
 “Trust Agreement” means the agreement between the Bank and the Trustee concerning the Trust Fund. If any assets of the Trust Fund are held in a co-mingled trust fund with assets of other
qualified retirement plans, “Trust Agreement” shall be deemed to include the trust agreement governing that co-mingled trust fund. With respect to the allocation of investment responsibility for the assets of the Trust Fund, the provisions
of Article II of the Trust Agreement are incorporated herein by reference. 
 “Trustee” means one or more
corporate persons or individuals selected from time to time by the Bank to serve as trustee or co-trustees of the Trust Fund. 

“Unallocated Stock Fund” means that portion of the Stock Fund consisting of the Plan’s holding of Stock which have
been acquired in exchange for one or more Exempt Loans and which have not yet been allocated to the Participant’s Accounts in accordance with Section 4.2. 

  
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 “Uniformed Service” means the performance of duty on a voluntary or
involuntary basis in the uniformed service of the United States, including the U.S. Public Health Services, under competent authority and includes active duty, active duty for training, initial activity duty for training, inactive duty training,
full-time National Guard duty, and the period for which a person is absent from a position of employment for purposes of an examination to determine the fitness of the person to perform any such duty. 

“Valuation Date” means each business day provided the Stock is readily tradable on an established securities market. If
the Stock is not readily tradable on an established securities market, then “Valuation Date” shall mean the last day of the Plan Year and each other date as of which the Committee shall determine the investment experience of the Investment
Fund and adjust the Participants’ Accounts accordingly. 
 “Valuation Period” means the period following a
Valuation Date and ending with the next Valuation Date. 
 “Vesting Year” means a unit of Service credited to a
Participant pursuant to Section 9.2 for purposes of determining his vested interest in his Account. 
 Section 3. Eligibility
for Participation. 
 3.1 Initial Eligibility. An Employee who is an Eligible Employee on or prior to the
Closing Date shall enter the Plan, retroactively, on the Effective Date. Thereafter, an Eligible Employee shall enter the Plan as of the Entry Date coincident with or next following the later of the following dates: 

(i) the last day of the Eligible Employee’s first Eligibility Year, and 

(ii) the Eligible Employee’s 21st birthday. However, if an Eligible Employee is not in active Service with an
Employer on the date he would otherwise first enter the Plan, his entry shall be deferred until the next day he is in Service. 

3.2 Definition of Eligibility Year. “Eligibility Year” means an applicable eligibility period (as defined below)
in which the Eligible Employee has completed 1,000 Hours of Service for the Employer. For this purpose, an Eligible Employee’s first “eligibility period” is the 12-consecutive month period beginning on the first day on which he has an
Hour of Service, and subsequent eligibility periods shall be the 12 consecutive month periods beginning on each July 1 after that first day of Service. 
 3.3 Terminated Employees. No Employee shall have any interest or rights under this Plan if he is never in active Service with an Employer on or after the Effective Date. 

3.4 Certain Employees Ineligible. 
 3.4-1. No Employee shall participate in the Plan while his Service is covered by a collective bargaining agreement between an 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 provide for the Employee’s participation in the Plan. 

3.4-2. Leased Employees are not eligible to participate in the Plan. 

  
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 3.4-3. Employees who are nonresident aliens with no earned income (within
the meaning of Code Section 911(d)(2)) from the Employer which constitutes income from sources within the United States (within the meaning of Code Section 861(a)(3)). 

3.5 Participation and Reparticipation. Subject to the satisfaction of the foregoing requirements, an Eligible Employee
shall participate in the Plan during each period of his Service from the date on which he first becomes eligible until his termination. For this purpose, an Eligible Employee who returns before five (5) consecutive one year Breaks in Service
who previously satisfied the initial eligibility requirements or who returns after five (5) consecutive one year Breaks in Service with a vested Account balance in the Plan shall re-enter the Plan as of the date of his return to Service with an
Employer. 
 3.6 Omission of Eligible Employee. If, in any Plan Year, any Eligible Employee who should be included
as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his Employer for the year has been made, the Employer shall make a subsequent contribution with respect to the omitted
Eligible Employee in the amount which the said Employer would have contributed regardless of whether or not it is deductible in whole or in part in any taxable year under applicable provisions of the Code. 

3.7 Inclusion of Ineligible Employee. If, in any fiscal year, any person who should not have been included as a Participant
in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible
person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a forfeiture for the fiscal year in which the discovery is
made. 
 Section 4. Contributions and Credits. 
 4.1 Discretionary Contributions. 
 4.1-1. The Employer shall from
time to time contribute, with respect to a Plan Year, such amounts as it may determine from time to time. The Employer shall have no obligation to contribute any amount under this Plan except as so determined in its sole discretion. The
Employer’s contributions and available forfeitures for a Plan Year shall be credited as of the last day of the year to the Accounts of the Active Participants in the manner set forth in Section 8.1-2. 

4.1-2. Upon a Participant’s Reemployment After a Period of Uniformed Service, the Employer shall make an additional contribution on
behalf of such Participant that would have been made on his or her behalf during the Plan Year or Years corresponding to the Participant’s Period of Uniformed Service. 
 4.2 Contributions for Exempt Loans. If the Trustee, upon instructions from the Committee, incurs any Exempt Loan upon the purchase of Stock, the Employer may contribute for each Plan Year an
amount sufficient to cover all payments of principal and interest as they come due under the terms of the Exempt Loan. If there is more than one Exempt Loan, the Employer shall designate the one to which any contribution is to be applied. Investment
earnings realized on Employer contributions and any dividends paid by the Employer on Stock held in the Unallocated Stock Account, shall be applied to the Exempt Loan related to that Stock, subject to Section 7.2. 

In each Plan Year in which Employer contributions, earnings on contributions, or dividends on Stock in the Unallocated Stock Fund are
used as payments under an Exempt Loan, a certain number of shares of the Stock acquired with that Exempt Loan which is then held in the Unallocated Stock Fund shall be released for 

  
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allocation among the Participants. The number of shares released shall bear the same ratio to the total number of those shares then held in the Unallocated Stock Fund (prior to the release) as
(i) the principal and interest payments made on the Exempt Loan in the current Plan Year bears to (ii) the sum of (i) above, and the remaining principal and interest payments required (or projected to be required on the basis of the
interest rate in effect at the end of the Plan Year) to satisfy the Exempt Loan. 
 At the direction of the Committee, the
current and projected payments of interest under an Exempt Loan may be ignored in calculating the number of shares to be released in each year if (i) the Exempt Loan provides for annual payments of principal and interest at a cumulative rate
that is not less rapid at any time than level annual payments of such amounts for 10 years, (ii) the interest included in any payment is ignored only to the extent that it would be determined to be interest under standard loan amortization
tables, and (iii) the term of the Exempt Loan, by reason of renewal, extension, or refinancing, has not exceeded 10 years from the original acquisition of the Stock. 
 4.3 Conditions as to Contributions. Employers’ contributions shall in all events be subject to the limitations set forth in Section 5. Contributions may be made in the form of
cash, or securities and other property to the extent permissible under ERISA, including Stock, and shall be held by the Trustee in accordance with the Trust Agreement. In addition to the provisions of Section 13.3 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 contribution was originally made, 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 Fund in order that the balance credited to each Participant’s Account is not less that it would have been if the contribution had never
been made. 
 4.4 Rollover Contributions. This Plan shall not accept a direct rollover or rollover contribution of
an “eligible rollover distribution” as such term is defined in Section 10.9-1 of the Plan. 
 Section 5. Limitations
on Contributions and Allocations. 
 5.1 Limitation on Annual Additions. Notwithstanding anything herein to
the contrary, allocation of Employer contributions for any Plan Year shall be subject to the following: 
 5.1-1
If allocation of Employer contributions in accordance with Section 4.1 will result in an allocation of more than one-third the total contributions for a Plan Year to the accounts of Highly Paid Employees, and such allocation would cause any
Highly Paid Employee to exceed the limitations under Code Section 415(c) or the Employer to exceed the deduction limits under Code Section 404, then no more than one-third of the Employer contributions used for repayment of any Exempt Loan
in accordance with Section 4.2 shall be allocated to the accounts of Highly Compensated Employees (within the meaning of Code Section 414(q)), with the remaining Employer contributions to be made to Non-Highly Compensated Employees in the
manner specified under Section 8.1. Such adjustments shall be made before any allocations occur. 
 5.1-2
After adjustment, if any, required by the preceding paragraph, the annual additions during any Plan Year to any Participant’s Account under this and any other defined contribution plans maintained by the Employer or an affiliate (within the
purview of Section 414(b), (c) and (m) and Section 415(h) of the Code, which affiliate shall be deemed the Employer for this purpose) shall not exceed the lesser of $49,000 (or such other dollar amount which results from
cost-of-living adjustments under Section 415(d) of the Code) (the “dollar limitation”) or 100 percent of the 

  
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Participant’s 415 Compensation for such limitation year (the “percentage limitation”). The percentage limitation shall not apply to any contribution for medical benefits after
separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an annual addition. If, as a result of the allocation of forfeitures, a reasonable error in estimating a
Participant’s annual compensation, a reasonable error in determining the amount of elective deferrals (within the meaning of Code Section 402(g)(3)) that may be made with respect to any individual under the limits of Code Section 415,
or under other limited facts and circumstances that the Commissioner of the Internal Revenue Service finds justify the availability of the rules set forth in this paragraph, the Plan may only correct such excess in accordance with the Employee Plans
Compliance Resolution System (EPCRS) as set forth in Revenue Procedure 2008-50 or any subsequent guidance. 

5.1-3 For purposes of this Section 5.1, the “annual addition” to a Participant’s Accounts means the
sum of (i) Employer contributions, (ii) Employee contributions, if any, and (iii) forfeitures. Annual additions to a defined contribution plan also include amounts allocated, after March 31, 1984, to an individual medical
account, as defined in Section 415(l)(2) of the Internal Revenue Code, which is part of a pension or annuity plan maintained by the Employer, amounts derived from contributions paid or accrued after December 31, 1985, in taxable years
ending after such date, which are attributable to post-retirement medical benefits allocated to the separate account of a Key Employee under a welfare benefit fund, as defined in Section 419A(d) of the Internal Revenue Code, maintained by the
Employer. 
 Annual additions to the Participant’s Account shall not include a restorative payment in
accordance with Treasury Regulation Section 1.415(c)-1(b)(2)(C) that is made to restore losses to the Plan resulting from actions by a fiduciary for which there is a reasonable risk of liability for breach of fiduciary duty under ERISA or other
applicable federal and state law. 
 In the event Stock is released from the Unallocated Stock Fund and allocated
to a Participant’s Account for a particular Plan Year, the Employer may determine for such year that an annual addition shall be calculated on the basis of the fair market value of the Stock so released and allocated (such fair market value to
be based on the valuation as of the Valuation Date immediately preceding the Plan Year in respect of which the release and allocation are made) if the annual addition, as so calculated, is lower than the annual addition calculated on the basis of
Employer contributions. 
 5.1-4 Notwithstanding the foregoing, if no more than one-third of the Employer
contributions to the Plan for a year which are deductible under Section 404(a)(9) of the Code are allocated to Highly Compensated Employees (within the meaning of Section 414(q) of the Internal Revenue Code), the limitations imposed herein
shall not apply to: 
 (i) forfeitures of Employer securities (within the meaning of Section 409 of the
Code) under the Plan if such securities were acquired with the proceeds of a loan described in Section 404(a)(9)(A) of the Code), or 
 (ii) Employer contributions to the Plan which are deductible under Section 404(a)(9)(B) and charged against a Participant’s Account. 

5.1-5 If the Employer contributes amounts, on behalf of Eligible Employees covered by this Plan, to other “defined
contribution plans” as defined in Section 3(34) of ERISA, the limitation on annual additions provided in this Section shall be applied to annual additions in the aggregate to this Plan and to such other plans. Reduction of annual
additions, where required, shall be accomplished first by reductions under such other plan pursuant to the directions of the named fiduciary for 

  
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administration of such other plans or under priorities, if any, established under the terms of such other plans and then by allocating any remaining excess for this Plan in the manner and
priority set out above with respect to this Plan. 
 5.1-6 A limitation year shall mean each 12 consecutive month
period ending on December 31 within the Plan Year. 
 5.2 Effect of Limitations. The Committee shall take
whatever action may be necessary from time to time to assure compliance with the limitations set forth in Section 5.1. Specifically, the Committee shall see that each Employer restrict its contributions for any Plan Year to an amount which,
taking into account the amount of available forfeitures, may be completely allocated to the Participants consistent with those limitations. Where the limitations would otherwise be exceeded by any Participant, further allocations to the Participant
shall be curtailed to the extent necessary to satisfy the limitations. Where an excessive amount is contributed on account of a mistake as to one or more Participants’ compensation, or there is an amount of forfeitures which may not be credited
in the Plan Year in which it becomes available, the amount shall be corrected in accordance with Section 5.1-2 of the Plan. If it is determined at any time that the Committee and/or Trustee has erred in accepting and allocating any
contributions or forfeitures under this Plan, or in allocating net gain or loss pursuant to Sections 8.2 and 8.3, then the Committee, in a uniform and nondiscriminatory manner, shall determine the manner in which such error shall be corrected and
shall promptly advise the Trustee in writing of such error and of the method for correcting such error. The Accounts of any or all Participants may be revised, if necessary, in order to correct such error. 

5.3 Limitations as to Certain Participants. Aside from the limitations set forth in Section 5.1, if the Plan acquires
any Stock in a transaction as to which a selling shareholder or the estate of a deceased shareholder is claiming the benefit of Section 1042 of the Code, the Committee shall see that none of such Stock, and no other assets in lieu of such
Stock, are allocated to the Accounts of certain Participants in this Plan or be allocated directly or indirectly under any plan of the Employer meeting the requirements of Code Section 401(a) during the non-allocation period, in order to comply
with Code Section 409(n). 
 This restriction shall apply at all times to a Participant who owns (taking into account the
attribution rules under Section 318(a) of the Code, without regard to the exception for employee plan trusts in Section 318(a)(2)(B)(i)) more than 25 percent of (i) any class of outstanding stock of a corporation and (ii) the
total value of any class of outstanding stock of a corporation which issued the Stock acquired by the Plan, or another corporation within the same controlled group, as defined in Section 409(l)(4) of the Code (any such class of stock hereafter
called a “Related Class”). For this purpose, a Participant who owns more than 25 percent of Related Class at any time within the one year preceding the Plan’s purchase of the Stock shall be subject to the restriction as to all
allocations of the Stock, but any other Participant shall be subject to the restriction only as to allocations which occur at a time when he owns more than 25 percent of any Related Class. 

Further, this restriction shall apply to the selling shareholder claiming the benefit of Section 1042 and any other Participant who
is related to such a shareholder within the meaning of Section 267(b) of the Code, during the period beginning on the date of sale and ending on the later of (1) the date that is ten years after the date of sale, or (2) the date of
the Plan allocation attributable to the final payment of acquisition indebtedness incurred in connection with the sale. 
 This
restriction shall not apply to any Participant who is a lineal descendant of a selling shareholder if the aggregate amounts allocated under the Plan for the benefit of all such descendants do not exceed five percent of the Stock acquired from the
shareholder. 

  
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 5.4 Erroneous Allocations. No Participant shall be entitled to any annual
additions or other allocations to his Account in excess of those permitted under Section 5. If it is determined at any time that the Plan Administrator and/or Trustee have erred in accepting and allocating any contributions or forfeitures under
this Plan, or in allocating investment adjustments, or in excluding or including any person as a Participant, then the Plan Administrator, in a uniform and nondiscriminatory manner, shall determine the manner in which such error shall be corrected,
after taking into consideration Sections 3.6 and 3.7 and any revenue procedure or other notice published by the Internal Revenue Service regarding permissible correction methods, if applicable, and shall promptly advise the Trustee in writing of
such error and of the method for correcting such error. The Accounts of any or all Participants may be revised, if necessary, in order to correct such error. 
 Section 6. Trust Fund and Its Investment. 
 6.1 Creation
of Trust Fund. All amounts received under the Plan from Employers and investments shall be held as the Trust Fund pursuant to the terms of this Plan and of the Trust Agreement between the Bank and the Trustee. The benefits described in this
Plan shall be payable only from the assets of the Trust Fund, and none of the Bank, any other Employer, its board of directors or trustees, its stockholders, its officers, its employees, the Committee, and the Trustee shall be liable for payment of
any benefit under this Plan except from the Trust Fund. 
 6.2 Stock Fund and Investment Fund. The Trust Fund held
by the Trustee shall be divided into the Stock Fund, consisting entirely of Stock, and the Investment Fund, consisting of all assets of the Trust other than Stock. The Trustee shall have no investment responsibility for the Stock Fund, but shall
accept any Employer contributions made in the form of Stock, and shall acquire, sell, exchange, distribute, and otherwise deal with and dispose of Stock in accordance with the instructions of the Committee. The Trustee shall have full responsibility
for the investment of the Investment Fund, except to the extent such responsibility may be delegated from time to time to one or more investment managers pursuant to Section 2.3 of the Trust Agreement, or to the extent the Committee directs the
Trustee to purchase Stock with the assets in the Investment Fund. 
 6.3 Acquisition of Stock. From time to time
the Committee may, in its sole discretion, direct the Trustee to acquire 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 Stock no more than its fair market value, which shall be determined conclusively by the Committee pursuant to Section 12.4. The Committee may direct the Trustee to finance the acquisition of Stock by incurring or assuming
indebtedness to the seller or another party which indebtedness shall be called an “Exempt Loan.” The term “Exempt Loan” shall refer to a loan made to the Plan by a disqualified person within the meaning of Section 4975(e)(2)
of the Code, or a loan to the Plan which is guaranteed by a disqualified person. An Exempt Loan includes a direct loan of cash, a purchase-money transaction, and an assumption of an obligation of a tax-qualified employee stock ownership plan under
Section 4975(e)(7) of the Code (“ESOP”). For these purposes, the term “guarantee” shall include an unsecured guarantee and the use of assets of a disqualified person as collateral for a loan, even though the use of assets
may not be a guarantee under applicable state law. An amendment of an Exempt Loan in order to qualify as an “exempt loan” is not a refinancing of the Exempt Loan or the making of another Exempt Loan. The term “exempt loan” refers
to a loan that satisfies the provisions of this paragraph. A “non-exempt loan” fails to satisfy this paragraph. Any Exempt Loan shall be subject to the following conditions and limitations: 

6.3-1 An Exempt Loan shall primarily be for the benefit of Plan Participants and Beneficiaries, shall be for a specific
term, shall not be payable on demand except in the event of default, and shall bear a reasonable rate of interest, such that the interest rate and the price of the securities to be acquired with the Exempt Loan will not cause the Plan’s assets
to be drained off in 

  
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violation of Treasury Regulation Section 54.4975-7(b)(3). 
 6.3-2 An Exempt Loan may, but need not, be secured by a collateral pledge of either the Stock acquired in exchange for the Exempt Loan, or the Stock previously pledged in connection with a prior Exempt
Loan which is being repaid with the proceeds of the current Exempt Loan. No other assets of the Plan and Trust may be used as collateral for an Exempt Loan, and no creditor under an Exempt Loan shall have any right or recourse to any Plan and Trust
assets other than Stock remaining subject to a collateral pledge. 
 6.3-3 Any pledge of Stock to secure an
Exempt Loan must provide for the release of pledged Stock in connection with payments on the Exempt Loan in the ratio prescribed in Section 4.2. 
 6.3-4 Repayments of principal and interest on any Exempt Loan during any Plan Year must not exceed an amount equal to the sum of contributions and earnings received during or prior to such Plan Year, less
such payments in prior Plan Years and from cash dividends received on Stock, in the last case, however, subject to the further requirements of Section 7.2. All contributions and earnings shall be separately accounted for in the Plan’s
records until the Exempt Loan is repaid. 
 6.3-5 In the event of default of an Exempt Loan, the value of Plan
assets transferred in satisfaction of the Exempt Loan must not exceed the amount of the default. If the lender is a disqualified person within the meaning of Section 4975 of the Code, an Exempt Loan must provide for a transfer of Plan assets
upon default only upon and to the extent of the failure of the Plan to meet the payment schedule of said Exempt Loan. For purposes of this paragraph, the making of a guarantee does not make a person a lender. 

6.4 Participants’ Option to Diversify. The Committee shall provide for a procedure under which each Participant may,
during the qualified election period, elect to “diversify” a portion of the Employer Stock allocated to his Account, as provided in Section 401(a)(28)(B) of the Code. An election to diversify must be made on the prescribed form and
filed with the Committee within the period specified herein. For each of the first five (5) Plan years in the qualified election period, the Participant may elect to diversify an amount which does not exceed 25% of the number of shares
allocated to his Account since the inception of the Plan, less all shares with respect to which an election under this Section has already been made. For the last year of the qualified election period, the Participant may elect to have up to 50
percent of the value of his Account committed to other investments, less all shares with respect to which an election under this Section has already been made. The term “qualified election period” shall mean the six (6) Plan Year
period beginning with the first Plan Year in which a Participant has both attained age 55 and completed 10 years of participation in the Plan. A Participant’s election to diversify his Account may be made within each year of the qualified
election period and shall continue for the 90-day period immediately following the last day of each year in the qualified election period. Once a Participant makes such election, the Plan must complete diversification in accordance with such
election within 90 days after the end of the period during which the election could be made for the Plan Year. In the discretion of the Committee, the Plan may satisfy the diversification requirement by any of the following methods: 

6.4-1 The Plan may distribute all or part of the amount subject to the diversification election. 

6.4-2 The Plan may offer the Participant at least three other distinct investment options, if available under the Plan.
The other investment options shall satisfy the requirements of Regulations under Section 404(c) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 

  
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 6.4-3 The Plan may transfer the portion of the Participant’s Account
subject to the diversification election to another qualified defined contribution plan of the Employer that offers at least three investment options satisfying the requirements of the Regulations under Section 404(c) of ERISA. 

Section 7. Voting Rights and Dividends on Stock. 
 7.1 Voting and Tendering of Stock. 
 7.1-1. The Trustee generally
shall vote all shares of Stock held under the Plan in accordance with the written instructions of the Committee. However, if any Employer has registration-type class of securities within the meaning of Section 409(e)(4) of the Code, or if
a matter submitted to the holders of the Stock involves a merger, consolidation, recapitalization, reclassification, liquidation, dissolution, or sale of substantially all assets of an entity, then (i) the shares of Stock which have been
allocated to Participants’ Accounts shall be voted by the Trustee in accordance with the Participants’ written instructions, and (ii) the Trustee shall vote any unallocated Stock, allocated Stock for which it has received no voting
instructions, and Stock for which Participants vote to “abstain,” in the same proportions as it votes the allocated Stock for which it has received instructions from Participants. 

Notwithstanding any provision hereunder to the contrary, all unallocated shares of Stock must be voted by the Trustee in a manner
determined by the Trustee to be for the exclusive benefit of the Participants and Beneficiaries. Whenever such voting rights are to be exercised, the Employers shall provide the Trustee, in a timely manner, with the same notices and other materials
as are provided to other holders of the Stock, which the Trustee shall distribute to the Participants. The Participants shall be provided with adequate opportunity to deliver their instructions to the Trustee regarding the voting of Stock allocated
to their Accounts. The instructions of the Participants with respect to the voting of allocated shares hereunder shall be confidential. 
 7.1-2 In the event of a tender offer, Stock shall be tendered by the Trustee in the same manner as set forth above with respect to the voting of Stock. Notwithstanding any provision hereunder to the
contrary, Stock must be tendered by the Trustee in a manner determined by the Trustee to be for the exclusive benefit of the Participants and Beneficiaries. 
 7.2 Application of Dividends. 
 7.2-1 Stock
Dividends. Dividends on Stock which are received by the Trustee in the form of additional Stock shall be retained in the Stock Fund, and shall be allocated among the Participants’ Accounts and the Unallocated Stock Fund in accordance with
their holdings of the Stock on which the dividends are paid. 
 7.2-2 Cash Dividends. The treatment of
dividends paid in cash shall be determined after consideration to whether the cash dividends are paid on Stock held in Participants’ Accounts or the Unallocated Stock Fund. 

(i) On Stock in Participants’ Accounts. 

(A) Employer Exercises Discretion. Dividends on Stock credited to Participants’ Accounts which are received by
the Trustee in the form of cash shall, at the direction of the Employer paying the dividends, either (i) be credited to the Accounts in accordance with Section 8.4(c) and invested as part of the Investment Fund, (ii) be distributed
immediately to the Participants in proportion with the Participants’ Stock Fund Account balance (iii) be distributed to the Participants 

  
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within 90 days of the close of the Plan Year in which paid in proportion with the Participants’ Stock Fund Account balance or (iv) be used to make payments on the Exempt Loan. If
dividends on Stock allocated to a Participant’s Account are used to repay the Exempt Loan, Stock with a fair market value equal to the dividends so used must be allocated to such Participant’s Account in lieu of the dividends. 

(B) Participant Exercises Discretion over Dividend. In addition, in the sole discretion of the Employer, the
Employer may grant Participants the right to elect: (I) to have cash dividends paid on shares of Stock credited to such Participants’ Stock Fund Accounts distributed to the Participant, or (II) to leave the cash dividends allocated to the
Participant’s Account in the Plan, to be credited to the Stock Fund Account and invested in shares of Stock. Dividends on which such election may be made will be fully vested in the Participant (even if not otherwise vested, absent the ability
to make such election). Accordingly, the Employer may choose to offer this election only to Participants who are fully vested in their Account. In the event the Employer elects to give Participants the right to determine the treatment of such
dividends, the Participant’s election shall be made by filing with the Committee the appropriate written direction as provided by the Committee at such time and in accordance with such procedures and limitations which the Committee may from
time to time establish; provided, however, that the procedures established by the Committee shall provide a reasonable opportunity to change the election at least annually, may establish a default election if a Participant fails to make an
affirmative election within the time established for making elections, may provide that the election is applicable for the Plan Year and cannot be revoked with respect to such Plan Year, shall otherwise be implemented in a manner such that the
dividends paid or reinvested will constitute “applicable dividends” which may be deducted under Code Section 404(k), and are in accordance with applicable guidance issued or to be issued by the Secretary of the Treasury. If the
Employer elects to give Participants the right to exercise the discretion in this Paragraph 7.2-2(i)(B), the ability to make such election shall be available to the Participant with respect to dividends paid for the entire Plan Year. 

(ii) On Stock in the Unallocated Stock Fund. Dividends received on shares of Stock held in the Unallocated Stock
Fund shall be applied to the repayment of principal and interest then due on the Exempt Loan used to acquire such shares. If the amount of dividends exceeds the amount needed to repay such principal and interest (including any prepayments of
principal and interest deemed advisable by the Employer), then in the sole discretion of the Committee, the excess shall: (A) be allocated to Active Participants, pro rata, in proportion to the Compensation of each such person that was earned
during that portion of the Plan Year that such person participated in the Plan compared to total Compensation of each Active Participant for such year, or (B) be deemed to be general earnings of the Trust Fund and used for paying appropriate
Plan or Trust related expenditures for the Plan Year. Notwithstanding the foregoing dividends paid on a share of Stock may not be used to make payments on a particular Exempt Loan unless the share was acquired with the proceeds of such loan or a
refinancing of such loan. 
 Section 8. Adjustments to Accounts. 

8.1 ESOP Allocations. Amounts available for allocation for a particular Plan Year will be divided into two categories. The
first category relates to shares of Stock released from the Unallocated Stock Fund attributable to using cash dividends to make Exempt Loan payments. The second category relates to contributions made by the Employer and shares of Stock released from
the Unallocated Stock Fund on the basis of such Employer contributions and amounts forfeited from Stock Fund Accounts pursuant to Section 9.5. 

  
 -17-

 8.1-1. Shares of Stock attributable to the first category will be allocated
to the Stock Fund Accounts of eligible Participants as follows: 
 (i) first, if dividends paid on shares of
Stock held in Participants’ Stock Fund Accounts are used to make payments on an Exempt Loan, there shall be allocated to each such account a number of shares of Stock released from the Unallocated Stock Fund with a fair market value (determined
as of the Valuation Date coincident with or immediately preceding the loan payment date) that at least equals the amount of dividends so used, 
 (ii) second, if necessary, any remaining shares of Stock shall be applied to reinstate amounts forfeited from Stock Fund Accounts of former employees who are entitled to a reinstatement under
Section 9.5, and 
 (iii) finally, any remaining shares of Stock shall be allocated as of the last
Valuation Date of the Plan Year for which they are allocated in the same manner as described in Section 8.2-1. 
 8.1-2. Shares of Stock or cash attributable to the second category (i.e., Employer contributions, Stock released from the Unallocated Stock Fund on the basis of Employer contributions, and amounts
forfeited, and to the extent applicable, shares of Stock released in accordance with Section 8.101(iii)) will be allocated to the Stock Fund Accounts or Investment Fund Accounts, as the case may be, pro rata, in proportion to the 415
Compensation of each Active Participant that was earned by such Participant for the portion of the Plan Year during which he or she was a Participant compared to total 415 Compensation for all Active Participants. 

8.1-3. Shares of Stock or cash attributable to contributions made under Section 4.1-2 shall be allocated specifically
to the Participants on whose behalf such contributions were made. 
 8.2 Charges to Accounts. When a Valuation
Date occurs, any distributions made to or on behalf of any Participant or Beneficiary since the last preceding Valuation Date shall be charged to the proper Accounts maintained for that Participant or Beneficiary. 

8.3 Stock Fund Account. Subject to the provisions of Sections 5 and 8.1, as of the last day of each Plan Year, the Trustee
shall credit to each Participant’s Stock Fund Account: (a) the Participant’s allocable share of Stock purchased by the Trustee or contributed by the Employer to the Trust Fund for that year; (b) the Participant’s allocable
share of the Stock that is released from the Unallocated Stock Fund for that year; (c) the Participant’s allocable share of any forfeitures of Stock arising under the Plan during that year; and (d) any stock dividends declared and
paid during that year on Stock credited to the Participant’s Stock Fund Account. 
 8.4 Investment Fund
Account. Subject to the provisions of Sections 5 and 8.1 as of the last day of each Plan Year, the Trustee shall credit to each Participant’s Investment Fund Account: (a) the Participant’s allocable share of any contribution
for that year made by the Employer in cash or in property other than Stock that is not used by the Trustee to purchase Employer Stock or to make payments due under an Exempt Loan; (b) the Participant’s allocable share of any forfeitures
from the Investment Fund Accounts of other Participants arising under the Plan during that year; (c) any cash dividends paid during that year on Stock credited to the Participant’s Stock Fund Account, other than dividends which are paid
directly to the Participant and other than dividends which are used to repay Exempt Loan; and (d) the share of the net income or loss of the Trust Fund properly allocable to that Participant’s Investment Fund Account, as provided in
Section 8.5. 

  
 -18-

 8.5 Adjustment to Value of Trust Fund. As of the last day of each Plan Year,
the Trustee shall determine: (i) the net worth of that portion of the Trust Fund which consists of properties other than Stock (the “Investment Fund”); and (ii) the increase or decrease in the net worth of the Investment Fund
since the last day of the preceding Plan Year. The net worth of the Investment Fund shall be the fair market value of all properties held by the Trustee under the Trust Agreement other than Stock, net of liabilities other than liabilities to
Participants and their beneficiaries. The Trustee shall allocate to the Investment Fund Account of each Participant that percentage of the increase or decrease in the net worth of the Investment Fund equal to the ratio which the balances credited to
the Participant’s Investment Fund Account bear to the total amount credited to all Participants’ Investments Fund Accounts. This allocation shall be made after application of Section 7.2, but before application of Sections 8.1, 8.4
and 5.1. 
 8.6 Participant Statements. Each Plan Year, the Trustee will provide each Participant with a statement
of his or her Account balances as of the last day of the Plan Year. 
 Section 9. Vesting of Participants’ Interests.

 9.1 Deferred Vesting in Accounts. A Participant’s vested interest in his Account shall be based on his
Vesting Years in accordance with the following table, subject to the balance of this Section 9: 
  

			
	 Vesting

Years
	  	 Percentage of

Interest Vested

	 Fewer than 1
	  	0%
	 1
	  	0%
	 2
	  	20%
	 3
	  	40%
	 4
	  	60%
	 5
	  	80%
	 6 or more
	  	100%

 9.2 Computation
of Vesting Years. For purposes of this Plan, a “Vesting Year” means generally a Plan Year in which an Eligible Employee has performed at least 1,000 Hours of Service, beginning with the first Plan Year in which the Eligible
Employee has completed an Hour of Service with the Employer, and including Service with other Employers as provided in the definition of “Service.” However, a Participant’s Vesting Years shall be computed subject to the following
conditions and qualifications: 
 9.2-1 A Participant’s Vesting Years shall not include any Service prior to
the date on which an Eligible Employee attains age 18. 
 9.2-2 To the extent applicable, a Participant’s
vested interest in his Account accumulated before five (5) consecutive one year Break in Service shall be determined without regard to any Service after such five consecutive Breaks in Service. Further, if a Participant has five
(5) consecutive one year Break in Service before his interest in his Account has become vested to some extent, pre-Break in Service years of Service shall not be required to be taken into account for purposes of determining his post-Break in
Service vested percentage. 
 9.2-3 To the extent applicable, in the case of a Participant who has 5 or more
consecutive one year Break in Service, the Participant’s pre-Break in Service will count in vesting of the Employer-derived post-Break in Service accrued benefit only if either: 

  
 -19-

 (i) such Participant has any nonforfeitable interest in the accrued benefit
attributable to Employer contributions at the time of separation from Service, or 
 (ii) upon returning to
Service the number of consecutive one year Breaks in Service is less than the number of years of Service. 

9.2-4 Notwithstanding any provision of the Plan to the contrary, calculation of service for determining Vesting Years with
respect to qualified military service will be provided in accordance with Section 414(u) of the Code. 

9.2-5 To the extent applicable, if any amendment changes the vesting schedule, including an automatic change to or from a
top-heavy vesting schedule, any Participant with three (3) or more Vesting Years may, by filing a written request with the Employer, elect to have his vested percentage computed under the vesting schedule in effect prior to the amendment. The
election period must begin not later than the later of sixty (60) days after the amendment is adopted, the amendment becomes effective, or the Participant is issued written notice of the amendment by the Employer or the Committee. 

9.3 Full Vesting Upon Certain Events. 

9.3-1 Notwithstanding Section 9.1, a Participant’s interest in his Account shall fully vest on the
Participant’s Normal Retirement Date. The Participant’s interest shall also fully vest in the event that his Service is terminated by Disability or by death. 

9.3-2 The Participant’s interest in his Account shall also fully vest in the event of a “Change in Control”
of the Bank or the Company. For these purposes, “Change in Control” shall mean a change in control of a nature that: (i) would be required to be reported in response to Item 5.01 of the Current Report on Form 8-K, as in effect on
the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the Company within the meaning of the Home Owners Loan Act, as
amended (“HOLA”), and applicable rules and regulations promulgated thereunder, as in effect at the time of the Change in Control; or (iii) without limitation such a Change in Control shall be deemed to have occurred at such time as
(a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner”(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing 25% or more of the combined voting power of Company’s outstanding securities except for any securities purchased by the Bank’s employee stock ownership plan or trust; or (b) individuals who constitute the Board on
the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least
three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Company’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause
(b), considered as though he were a member of the Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Company or similar transaction in which the Bank or
Company is not the surviving institution occurs; or (d) a proxy statement soliciting proxies from stockholders of the Company, by someone other than the current management of the Company, seeking stockholder approval of a plan of
reorganization, merger or consolidation of the Company or similar transaction with one or more corporations as a result of which the outstanding shares of the class of securities then subject to the Plan are to be exchanged for or converted into
cash or property or securities not issued by the Company; or (e) a tender offer is made for 25% or more of the voting securities of the Company 

  
 -20-

 
and the shareholders owning beneficially or of record 25% or more of the outstanding securities of the Company have tendered or offered to sell their shares pursuant to such tender offer and such
tendered shares have been accepted by the tender offeror. 
 9.3-3 Upon a Change in Control described in 9.3-2,
the Plan shall be terminated. 
 9.3-4 Participants who die or suffer a Disability while performing qualified
military service (as defined in accordance with Code Section 414(u)(1)) shall be deemed to be fully vested, in accordance with the HEART Act of 2008. 
 9.4 Full Vesting Upon Plan Termination. Notwithstanding Section 9.1, a Participant’s interest in his Account shall fully vest upon termination of this Plan or upon the permanent
and complete discontinuance of contributions by his Employer. In the event of a partial termination, the interest of each affected Participant shall fully vest with respect to that part of the Plan which is terminated. A partial termination of the
Plan shall be determined based on the facts and circumstances of the particular case in accordance with Code Section 411(d)(3) and the corresponding Treasury Regulations issued thereunder. 

9.5 Forfeiture, Repayment, and Restoral. If a Participant’s Service terminates before his interest in his Account is
fully vested, that portion which has not vested shall be forfeited if he either (i) receives a distribution of his entire vested interest pursuant to Section 10.1, or (ii) incurs five consecutive one-year Breaks in Service. If a
Participant’s Service terminates prior to having any portion of his Account become vested, such Participant shall be deemed to have received a distribution of his vested interest immediately upon his termination of Service. 

If a Participant who has suffered a forfeiture of the nonvested portion of his Account returns to Service before he has five
(5) consecutive one-year Break in Service, the nonvested portion shall be restored, provided that, if the Participant had received a distribution of his vested Account balance, the amount distributed shall be repaid prior to such restoral. The
Participant may repay such amount at any time within five years after he has returned to Service. The amount repaid shall be credited to his Account at the time it is repaid; an additional amount equal to that portion of his Account which was
previously forfeited shall be restored to his Account at the same time from other Employees’ forfeitures and, if such forfeitures are insufficient, then from amounts allocated in accordance with Section 8.1-1(ii), and if insufficient, then
from a special contribution by his Employer for that year. A Participant who was deemed to have received a distribution of his vested interest in the Plan shall have his Account restored as of the first day on which he performs an Hour of Service
after his return. 
 9.6 Accounting for Forfeitures. If a portion of a Participant’s Account is forfeited,
Stock allocated to said Participant’s Account shall be forfeited only after other assets are forfeited. If interests in more than one class of Stock have been allocated to a Participant’s Account, the Participant must be treated as
forfeiting the same proportion of each class of Stock. 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 9.5. Except as
otherwise provided in that Section, 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 4.1 as of the last day of the Plan Year in
which the forfeiture becomes certain. 
 9.7 Vesting and Nonforfeitability. A Participant’s interest in his
Account which has become vested shall be nonforfeitable for any reason. 
 Section 10. Payment of Benefits. 

  
 -21-

 10.1 Benefits for Participants. For a Participant whose Service ends for any
reason, distribution will be made to or for the benefit of the Participant or, in the case of the Participant’s death, his Beneficiary, by payment in a lump sum, in accordance with Section 10.2. Prior to any such distribution, any
Participant entitled to a distribution will receive a form upon which the Participant can elect the manner of such distribution (e.g., whether to receive the distribution directly or transfer such distribution to an individual retirement account or
other tax-qualified plan), a special tax notice regarding the consequences of such distribution, and, if applicable, that the Participant has the right not to consent to a distribution at such time. Notice to the Participant with regard to having
the right to elect the manner in which his vested Account balance will be distributed to him may be given up to 180 days before the first day of the first period for which an amount is payable. 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. Notwithstanding any provision to the contrary, if the value of a Participant’s vested Account balance at the time of any
distribution does not exceed $1,000, then such Participant’s vested Account shall be distributed in a lump sum within 60 days (or as soon as administratively feasible) after the end of the Plan Year in which employment terminates. If the value
of a Participant’s vested Account balance is in excess of $5,000, then his benefits shall not be paid prior to the later of the time he has attained Normal Retirement or age 62, unless he elects an early payment date in a written election filed
with the Committee. Failure of a Participant to consent to a distribution prior to the later of Normal Retirement or age 62 shall be deemed to be an election to defer commencement of payment of any benefit under this section. Notwithstanding the
foregoing, in the event a distribution of more than $1,000 but not exceeding $5,000 is made in accordance with the above without the Participant’s consent, then the Plan Administrator shall pay the distribution in a direct rollover to an
individual retirement plan designated by the Plan Administrator in accordance with Code Section 401(a)(31)(B) and the regulations promulgated thereunder. All distributions of $5,000 or less that are made pursuant to this Section without the
Participant’s consent shall be made in cash. 
 Notwithstanding anything to the contrary, in the event the Participant dies
while performing qualified military service (as defined Section 414(u) of the Code), the Participant’s Beneficiary shall be entitled to any additional benefit provided under the Plan had the Participant resumed and then severed from
employment on account of death. 
 10.2 Time for Distribution. 

10.2-1 If the Participant and, if applicable, with the consent of the Participant’s spouse,
elects the distribution of the Participant’s Account balance in the Plan, distribution shall commence as soon as practicable following his termination of Service, but no later than (i) one year after the close of the Plan Year in which the
Participant separates from service by reason of attainment of Normal Retirement Age under the Plan, Disability, or death, or (ii) which is the fifth (5th) Plan Year following the Plan Year in which the Participant otherwise separates from service, except that this
clause shall not apply if the Participant is reemployed by the Employer before distribution is required to begin under this Section 10.2-1. 
 10.2-2 Unless the Participant elects otherwise, the distribution of the balance of a Participant’s Account shall commence not later than the 60th day after the latest of the close of the Plan Year in
which - 
 (i) the Participant attains the age of 65; 

(ii) occurs the tenth anniversary of the year in which the Participant commenced participation in the Plan; or 

  
 -22-

 (iii) the Participant terminates his Service with the Employer. 

10.2-3 Notwithstanding anything to the contrary, (1) with respect to a 5-percent owner (as
defined in Code Section 416), distribution of a Participant’s Account shall commence (whether or not he remains in the employ of the Employer) not later than the April 1 of the calendar year next following the calendar year in which
the Participant attains age 70 1/2, and
(2) with respect to all other Participants, payment of a Participant’s benefit will commence not later than April 1 of the calendar year following the calendar year in which the Participant attains age 70 1/2, or, if later, the year in which the Participant retires. A
Participant’s benefit from that portion of his Account committed to the Investment Fund shall be calculated on the basis of the most recent Valuation Date before the date of payment. 

10.2-4 Distribution of a Participant’s Account balance after his death shall comply with the following requirements:

 (i) If a Participant dies before his distributions have commenced, distribution of his
Account to his Beneficiary shall commence not later than one year after the end of the Plan Year in which the Participant died; however, if the Participant’s Beneficiary is his surviving Spouse, distributions may commence on the date on which
the Participant would have attained age 70 1/2. In
either case, distributions shall be completed within five years after they commence. 
 (ii) If the
Participant dies after distribution has commenced pursuant to Section 10.1 but before his entire interest in the Plan has been distributed to him, then the remaining portion of that interest shall, in accordance with Section 401(a)(9) of
the Code, be distributed at least as rapidly as under the method of distribution being used under Section 10.1 at the date of his death. 
 (iii) 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 Account to be paid to his Spouse. No
election by a married Participant of a different Beneficiary shall be valid unless the election is accompanied by the Spouse’s written consent, which (i) must acknowledge the effect of the election, (ii) must 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.) 
 10.2-5 If a participant or any other distributee’s distribution is rolled over to another eligible retirement plan in accordance with Section 10.9, the amount distributed is still treated as a
distribution by the Plan for purposes of Code Section 401(a)(9), notwithstanding the rollover. 
 10.2-6 All
distributions under this section shall be determined and made in accordance with Code Section 401(a)(9) and final Treasury Regulations Sections 1.401(a)(9)-1 through 1.401(a)(9)-9, including the minimum distribution incidental benefit
requirements of Code Section 401(a)(9)(G). These provisions override any distribution options in the Plan inconsistent with Code Section 401(a)(9). 
 10.3 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 and his Employer as to his marital status. 

  
 -23-

 10.4 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 Section 10.1 or 10.2, the benefits shall in any event be paid within 60 days after they can first be determined, with whatever
makeup payments may be appropriate in view of the delay. 
 10.5 Accounting for Benefit Payments. Any benefit
payment shall be charged to the Participant’s Account as of the first day of the Valuation Period in which the payment is made. 
 10.6 Options to Receive Stock. Unless ownership of virtually all 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 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 Account in
the form of Stock. In the event the Participant elects to receive all Stock, the Committee shall apply the Participant’s vested interest in the Investment Fund to purchase sufficient Stock from the Stock Fund or from any owner of Stock to make
the required distribution. In all other cases, other than as specifically set forth in Section 10.1, the Participant’s vested interest in the Stock Fund shall be distributed in shares of Stock, and his vested interest in the Investment
Fund shall be distributed in cash. 
 Any Participant who receives Stock pursuant to Section 10.1, and any person who has
received Stock from the Plan or from such a Participant by reason of the Participant’s death or incompetence, by reason of divorce or separation from the Participant, or by reason of a rollover contribution described in Section 402(a)(5)
of the Code, shall have the right to require the Employer which issued the Stock to purchase the 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 60 days after the Stock is distributed by the Plan, and, if not exercised in that period, during the first 60 days in the following Plan Year after the Committee has communicated to the Participant its determination as
to the Stock’s current fair market value. However, the put right shall not apply to the extent that the 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. Similarly, the put option shall not apply with respect to the portion of a Participant’s Account which the Employee elected to have reinvested under Code Section 401(a)(28)(B). 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 Stock. Notwithstanding anything herein to the contrary, in the case of a plan
established by a bank (as defined in Code Section 581), the put option shall not apply if prohibited by a federal or state law and Participants are entitled to elect their benefits be distributed in cash. 

The Employer or the Trustee, as the case may be, may elect to pay for the Stock in equal periodic installments, not less frequently than
annually, over a period beginning not later than 30 days after the exercise of the put right and not exceeding five years, 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. 
 Nothing contained herein shall be
deemed to obligate any Employer to register any Stock under any federal or state securities law or to create or maintain a public market to facilitate the transfer or disposition of any Stock. The put right described herein may only be exercised by
a person described in the second preceding paragraph, and may not be transferred with any Stock to any other person. As to all Stock purchased by the Plan in exchange for any Exempt Loan, the put right shall be nonterminable. The put right for Stock
acquired through an Exempt Loan shall continue with respect to such Stock after the Exempt Loan is repaid or the Plan ceases to be an employee stock ownership plan. Notwithstanding anything in the Plan to the contrary, if securities acquired with
the proceeds of an Exempt Loan available for distribution consist of more than one 

  
 -24-

 
class, a distributee must receive substantially the same proportion of each such class, in accordance with Treasury Regulations Section 54.4975-11(f)(2). 

10.7 Restrictions on Disposition of Stock. Except in the case of Stock which is traded on an established market, a
Participant who receives Stock pursuant to Section 10.1, and any person who has received Stock from the Plan or from such a Participant by reason of the Participant’s death or incompetence, by reason of divorce or separation from the
Participant, or by reason of a rollover contribution described in Section 402(a)(5) of the Code, shall, prior to any sale or other transfer of the Stock to any other person, first offer the Stock to the issuing Employer and to the Plan at the
greater of (i) its current fair market value, or (ii) the purchase price offered in good faith by an independent third party purchaser. 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 Stock distributed by the Plan shall bear a conspicuous legend describing the right of first refusal under
this Section 10.7, as well as any other restrictions upon the transfer of the Stock imposed by federal and state securities laws and regulations. 
 10.8 Continuing Loan Provisions; Creations of Protections and Rights. Except as otherwise provided in Sections 10.6 and 10.7 and this Section, no shares of Employer Stock held or distributed
by the Trustee may be subject to a put, call or other option, or buy-sell arrangement. The provisions of this Section shall continue to be applicable to such Stock even if the Plan ceases to be an employee stock ownership plan under
Section 4975(e)(7) of the Code. 
 10.9 Direct Rollover of Eligible Distribution. A Participant or
distributee may elect, at the time and in the manner prescribed by the Trustee or the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the Participant or distributee in a
direct rollover. 
 10.9-1 An “eligible rollover” is any distribution that does not include: any
distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the Participant and the
Participant’s Beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Code Section 401(a)(9); any hardship distribution described in Section 401(k)(2)(B)(i)(IV)
of the Code; and the portion of any distribution that is not included in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). Notwithstanding the foregoing, an “eligible
rollover” shall include a distribution that is made to a “distribute” as defined in Section 10.9-4. 
 10.9-2 An “eligible retirement plan” is an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity
plan described in Code Section 403(a), or a qualified trust described in Code Section 401(a), that accepts the distributee’s eligible rollover distribution. An eligible retirement plan shall also include 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, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for
amounts transferred into such plan from this Plan. An “eligible retirement plan” shall also include a deemed individual retirement account described in Code Section 408(q) and a Roth individual retirement account in accordance with
Code Section 408A(e). 
 10.9-3 A “direct rollover” is a payment by the Plan to the eligible
retirement plan specified by the distributee. 

  
 -25-

 10.9-4 The term “distributee” shall refer to a deceased
Participant’s Spouse or a Participant’s former Spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p). A distribution shall also include non-spouse Beneficiaries pursuant to
Code Section 402(c)(11). 
 10.9-5 The Plan Administrator shall provide Participants or other distributes of
eligible rollover distributions with a written notice designed to comply with the requirements of Code Section 402(f). Such notice shall be provided within a reasonable period of time before making an eligible rollover distribution. Such notice
may be provided up to 180 days before the first day of the first period for which an amount is payable. 
 10.10 Waiver of
30-Day Period After Notice of Distribution. If a distribution is one to which Sections 401(a)(11) and 417 of the Code do not apply, such distribution may commence less than 30 days after the notice required under Treasury Regulations
Section 1.411(a)-11(c) is given, provided that: 
 (i) the Trustee or Committee, as applicable, clearly
informs the Participant that the Participant has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular option), and 

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

Section 11. Rules Governing Benefit Claims and Review of Appeals. 

11.1 Claim for Benefits. Any Participant or Beneficiary who qualifies for the payment of benefits shall file a claim for his
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 30 days before the date on which the benefits are to begin. If a Participant or Beneficiary
fails to file a claim by the 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 Sections 10.1 or 10.2. 

11.2 Notification by Committee. Within 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 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: 

(i) each specific reason for the denial; 

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

(iii) 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 
 (iv) an explanation of the
claims review procedures set forth in Section 11.3. 
 11.3 Claims Review Procedure. Within 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 

  
 -26-

 
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 60 days after receiving a notice of appeal from a prior determination (or within 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 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. 

Section 12. The Committee and its Functions. 
 12.1 Authority of Committee. 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. The Committee shall have exclusive
responsibility regarding decisions concerning the payment of benefits under the Plan. The Committee shall have no investment responsibility with respect to the Investment Fund except to the extent, if any, specifically provided in the Trust
Agreement. 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 their reasonable
expenses and compensation. 
 12.2 Identity of 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 10 days written notice, and any individual may resign from the Committee at any time upon 10 days written notice to the Bank. The Bank shall notify the Trustee of any change in membership of the
Committee. 
 12.3 Duties of Committee. The Committee shall keep whatever records may be necessary to implement
the Plan and shall furnish whatever reports may be required from time to time by the Bank. 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 of the Plan under ERISA and other laws. 
 Further, the
Committee shall have exclusive responsibility and authority with respect to the Plan’s holdings of Stock and shall direct the Trustee in all respects regarding the purchase, retention, sale, exchange, and pledge of Stock and the creation and
satisfaction of Exempt Loans. 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 Stock. In determining the proper extent of the
Trust’s investment in Stock, the Committee shall be authorized to employ investment counsel, legal counsel, appraisers, and other agents and to pay their reasonable expenses and compensation. 

12.4 Valuation of Stock. If the Stock is not readily tradable on an established securities market, the valuation of such
Stock shall be determined by an independent appraiser. For purposes of the preceding sentence, the term “independent appraiser” means any appraiser meeting requirements similar to the requirements of the regulations prescribed under Code
Section 170(a)(1). The valuation date for all Plan transactions, including transactions between the Plan and a disqualified person, shall be the date of the 

  
 -27-

 
transaction, in accordance with Treasury Regulations Section 54.4975-11(d)(5). 
 12.5 Compliance with ERISA. The Committee shall perform all acts necessary to comply with ERISA. Each individual member or employee of the Committee shall discharge his duties in good faith
and in accordance with the applicable requirements of ERISA. 
 12.6 Action by Committee. All actions of the
Committee shall be governed by the affirmative vote of a number of members which is a majority of the total number of members currently appointed, including vacancies. 
 12.7 Execution of Documents. Any instrument executed by the Committee shall be signed by any member or employee of the Committee. 

12.8 Adoption of Rules. The Committee shall adopt such rules and regulations of uniform applicability as it deems necessary
or appropriate for the proper administration and interpretation of the Plan. 
 12.9 Responsibilities to
Participants. The Committee shall determine which Employees qualify to enter the Plan. The Committee shall furnish to each Eligible Employee whatever summary plan descriptions, summary annual reports, and other notices and information 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 is otherwise appropriate) to enable the Participant or Beneficiary to make whatever elections may be available pursuant to Sections 6 and 10, and the Committee shall provide for the payment of benefits in the proper form and amount
from the assets of the Trust Fund. The Committee may decide in its sole discretion to permit modifications of elections and to defer or accelerate benefits to the extent consistent with applicable law and the Plan document and the best interests of
all Participants and Beneficiaries in a non-discriminatory manner. 
 12.10 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, or a custodian for him under the Uniform Gifts to Minors Act, or, in the case of an incompetent, to his spouse, or his legal guardian, the payments to be used for the individual’s benefit. 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 12.10, 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. 
 12.11 Indemnification by Employers. Except as separately agreed in writing, the
Committee, and any member or employee of the Committee, shall be indemnified and held harmless by the Employer, jointly and severally, to the fullest extent permitted by ERISA, and subject to and conditioned upon compliance with 12 C.F.R.
Section 545.121, to the extent applicable, against any and all costs, damages, expenses, and liabilities reasonably incurred by or imposed upon it or him in connection with any claim made against it or him or in which it or he may be involved
by reason of its or his being, or having been, the Committee, or a member or employee of the Committee, to the extent such amounts are not paid by insurance. 
 12.12 Nonparticipation by Interested Member. Any member of the Committee who also is a Participant in the Plan shall take no part in any determination specifically relating to his own
participation or benefits, unless his abstention would leave the Committee incapable of acting on the matter. 

  
 -28-

 Section 13. Adoption, Amendment, or Termination of the Plan. 

13.1 Adoption of Plan by Other Employers. With the consent of the Bank, any entity may become a participating Employer under
the Plan by (i) taking such action as shall be necessary to adopt the Plan, (ii) becoming a party to the Trust Agreement establishing the Trust Fund, and (iii) 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. 
 13.2 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), the Plan may be amended retroactively to the earliest date
permitted by U.S. Treasury Regulations in order to secure qualification under Section 401(a). If this Plan is held by the Internal Revenue Service not to qualify initially under Section 401(a) either as 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), the amendment may be modified retroactively to the earliest date permitted by U.S. Treasury Regulations in order to secure approval of the amendment under
Section 401(a). 
 13.3 Right to Amend or Terminate. 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 each Employer. No amendment, suspension, supersession, merger, consolidation, or termination of the Plan shall
(i) reduce any Participant’s or Beneficiary’s proportionate interest in the Trust Fund, (ii) reduce or restrict, either directly or indirectly, the benefit provided any Participant prior to the amendment, or (iii) 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. 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 as amended from time to time and the Committee’s instructions. 
 Section 14. Miscellaneous Provisions. 
 14.1 Plan Creates
No Employment Rights. Nothing in this Plan shall be interpreted as giving any Employee the right to be retained as an Employee by an Employer, or as limiting or affecting the rights of an Employer to control its Employees or to terminate the
Service of any Employee at any time and for any reason, subject to any applicable employment or collective bargaining agreements. 
 14.2 Nonassignability of Benefits. No assignment, pledge, or other anticipation of benefits from the Plan will be permitted or recognized by the Employer, the Committee, or the Trustee.
Moreover, benefits from the Plan shall not be subject to attachment, garnishment, or other legal process for debts or liabilities of 

  
 -29-

 
any Participant or Beneficiary, to the extent permitted by law. This prohibition on assignment or alienation shall apply to any judgment, decree, or order (including approval of a property
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 state domestic relations or community property law, unless the
judgment, decree, or order is determined by the Committee to be a qualified domestic relations order within the meaning of Section 414(p) of the Code, as more fully set forth in Section 14.12 hereof. 

14.3 Limit of Employer Liability. The liability of the Employer with respect to Participants under this Plan shall be
limited to making contributions to the Trust from time to time, in accordance with Section 4. 
 14.4 Treatment of
Expenses. All expenses incurred by the Committee and the Trustee in connection with administering this Plan and Trust Fund shall be paid by the Trustee from the Trust Fund to the extent the expenses have not been paid or assumed by the
Employer or by the Trustee. The Committee may determine that, and shall inform the Trustee when, reasonable expenses may be charged directly to the Account or Accounts of a Participant or group of Participants to whom or for whose benefit such
expenses are allocable, subject to the guidelines set forth in Field Assistance Bulletin 2003-03, to the extent not superseded, or any successor directive issued by the Department of Labor. 

14.5 Number and Gender. Any use of the singular shall be interpreted to include the plural, and the plural the singular.
Any use of the masculine, feminine, or neuter shall be interpreted to include the masculine, feminine, or neuter, as the context shall require. 
 14.6 Nondiversion of Assets. Except as provided in Sections 5.2 and 14.12, under no circumstances shall any portion of the Trust Fund be diverted to or used for any purpose other than the
exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan. 

14.7 Separability of Provisions. If any provision of this 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. 
 14.8 Service of Process. The agent for the service of process upon the Plan shall be the president of the Bank, or such other person as may be designated from time to time by the Bank.

 14.9 Governing State Law. This Plan shall be interpreted in accordance with the laws of the State of Illinois
to the extent those laws are applicable under the provisions of ERISA. 
 14.10 Employer Contributions Conditioned on
Deductibility. Employer Contributions to the Plan are conditioned on deductibility under Code Section 404. In the event that the Internal Revenue Service shall determine that all or any portion of an Employer Contribution is not
deductible under that Section, the nondeductible portion shall be returned to the Employer within one year of the disallowance of the deduction. In addition, reversions of Employer contributions (including earnings or losses attributable thereto)
are permitted within one year after the applicable determination date, if the reversion is due to a good faith mistake of fact. The maximum amount that may be returned to the Employer in the case of a mistake of fact or the disallowance of a
deduction is the excess of (1) the amount contributed, over, as relevant, (2) (A) the amount that would have been contributed had no mistake of fact occurred, or (B) the amount that would have been contributed had the
contribution been limited to the amount that is deductible after any disallowance by the Internal Revenue Service. 

  
 -30-

 14.11 Unclaimed Accounts. Neither the Employer nor the Trustees shall be under
any obligation to search for, or ascertain the whereabouts of, any Participant or Beneficiary. The Employer or the Trustees, by certified or registered mail addressed to his last known address of record with the Employer, shall notify any
Participant or Beneficiary that he is entitled to a distribution under this Plan, and the notice shall quote the provisions of this Section. If the Participant or Beneficiary fails to claim his benefits or make his whereabouts known in writing to
the Employer or the Trustees within seven (7) calendar years after the date of notification, the benefits of the Participant or Beneficiary under the Plan will be disposed of as follows: 

(i) If the whereabouts of the Participant is unknown but the whereabouts of the Participant’s Beneficiary is known to
the Trustees, distribution will be made to the Beneficiary. 
 (ii) If the whereabouts of the Participant and his
Beneficiary are unknown to the Trustees, the Plan will forfeit the benefit, provided that the benefit is subject to a claim for reinstatement if the Participant or Beneficiary make a claim for the forfeited benefit. 

Any payment made pursuant to the power herein conferred upon the Trustees shall operate as a complete discharge of all obligations of the
Trustees, to the extent of the distributions so made. 
 14.12 Qualified Domestic Relations Order.
Section 14.2 shall not apply to a “qualified domestic relations order” defined in Code Section 414(p), and such other domestic relations orders permitted to be so treated under the provisions of the Retirement Equity Act of 1984.
Further, to the extent provided under a “qualified domestic relations order,” a former Spouse of a Participant shall be treated as the Spouse or surviving Spouse for all purposes under the Plan. 

In the case of any domestic relations order received by the Plan: 

(i) The Employer or the Committee shall promptly notify the Participant and any other alternate payee of the receipt of
such order and the Plan’s procedures for determining the qualified status of domestic relations orders, and 

(ii) Within a reasonable period after receipt of such order, the Employer or the Committee shall determine whether such
order is a qualified domestic relations order and notify the Participant and each alternate payee of such determination. The Employer or the Committee shall establish reasonable procedures to determine the qualified status of domestic relations
orders and to administer distributions under such qualified orders. 
 During any period in which the issue of whether a
domestic relations order is a qualified domestic relations order is being determined (by the Employer or Committee, by a court of competent jurisdiction, or otherwise), the Employer or the Committee shall segregate in a separate account in the Plan
or in an escrow account the amounts which would have been payable to the alternate payee during such period if the order had been determined to be a qualified domestic relations order. If within eighteen (18) months the order (or modification
thereof) is determined to be a qualified domestic relations order, the Employer or the Committee shall pay the segregated amounts (plus any interest thereon) to the person or persons entitled thereto. If within eighteen (18) months it is
determined that the order is not a qualified domestic relations order, or the issue as to whether such order is a qualified domestic relations order is not resolved, then the Employer or the Committee shall pay the segregated amounts (plus any
interest thereon) to the person or persons who would have been entitled to such amounts if there had been no order. Any determination that an order is a qualified domestic relations order which is made after the close of the eighteen (18) month
period shall be applied prospectively only. The term “alternate payee” means any Spouse, former Spouse, child or other dependent of a Participant 

  
 -31-

 
who is recognized by a domestic relations order as having a right to receive all, or a portion of, the benefit payable under a Plan with respect to such Participant. 

14.13 Use of Electronic Media to Provide Notices and Make Participant Elections. Pursuant to Treasury Regulations
Section 1.401(a)-21, the Plan may elect to use electronic media to provide notices required to be provided to Participants under the Plan and will accept elections from Participants communicated to the Plan using such electronic media.

 14.14 Acquisition of Securities. Notwithstanding any other provision of the Plan to the contrary, at no time
shall the Plan be obligated to acquire securities from a particular security holder at an indefinite time determined upon the happening of an event such as the death of the security holder, pursuant to Treasury Regulations
Section 54.4975-11(a)(7)(i). 
 Section 15. Top-Heavy Provisions. 

15.1 Top-Heavy Plan. This Plan is top-heavy if any of the following conditions exist: 

(i) If the top-heavy ratio for this Plan exceeds sixty percent (60%) and this Plan is not part of any required
aggregation group or permissive aggregation group; 
 (ii) If this Plan is a part of a required aggregation group
(but is not part of a permissive aggregation group) and the aggregate top-heavy ratio for the group of Plans exceeds sixty percent (60%); or 
 (iii) If this Plan is a part of a required aggregation group and part of a permissive aggregation group and the aggregate top-heavy ratio for the permissive aggregation group exceeds sixty percent (60%).

 15.2 Definitions. 
 In making this determination, the Committee shall use the following definitions and principles: 
 15.2-1 The “Determination Date,” with respect to the first Plan Year of any plan, means the last day of that Plan Year, and with respect to each subsequent Plan Year, means the last day of the
preceding Plan Year. If any other plan has a Determination Date which differs from this Plan’s Determination Date, the top-heaviness of this Plan shall be determined on the basis of the other plan’s Determination Date falling within the
same calendar years as this Plan’s Determination Date. 
 15.2-2 A “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 $145,000 (as adjusted under section
416(i)(1) of the Code), a 5-percent owner of the employer, or a 1-percent 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. 

15.2-3 A “Non-key Employee” means an Employee who at any time during the five years ending on the top-heavy
Determination Date for the Plan Year has received compensation from an Employer and who has never been a Key Employee, and the Beneficiary of any such Employee. 

  
 -32-

 15.2-4 A “required aggregation group” includes (a) each
qualified Plan of the Employer in which at least one Key Employee participates in the Plan Year containing the Determination Date and (b) any other qualified Plan of the Employer which enables a Plan described in (a) to meet the
requirements of Code Sections 401(a)(4) or 410. For purposes of the preceding sentence, a qualified Plan of the Employer includes a terminated Plan maintained by the Employer within the period ending on the Determination Date. In the case of a
required aggregation group, each Plan in the group will be considered a top-heavy Plan if the required aggregation group is a top-heavy group. No Plan in the required aggregation group will be considered a top-heavy Plan if the required aggregation
group is not a top-heavy group. All Employers aggregated under Code Sections 414(b), (c) or (m) or (o) (but only after the Code Section 414(o) regulations become effective) are considered a single Employer. 

15.2-5 A “permissive aggregation group” includes the required aggregation group of Plans plus any other
qualified Plan(s) of the Employer that are not required to be aggregated but which, when considered as a group with the required aggregation group, satisfy the requirements of Code Sections 401(a)(4) and 410 and are comparable to the Plans in the
required aggregation group. No Plan in the permissive aggregation group will be considered a top-heavy Plan if the permissive aggregation group is not a top-heavy group. Only a Plan that is part of the required aggregation group will be considered a
top-heavy Plan if the permissive aggregation group is top-heavy. 
 15.3 Top-Heavy Rules of Application.

 For purposes of determining the value of Account balances and the present value of accrued benefits the following provisions
shall apply: 
 15.3-1 The value of Account balances and the present value of accrued benefits will be determined
as of the most recent Valuation Date that falls within or ends with the twelve (12) month period ending on the Determination Date. 
 15.3-2 For purposes of testing whether this Plan is top-heavy, the present value of an individual’s accrued benefits and an individual’s Account balances is counted only once each year.

 15.3-3 The Account balances and accrued benefits of a Participant who is not presently a Key Employee but who
was a Key Employee in a Plan Year beginning on or after January 1, 1984 will be disregarded. 
 15.3-4
Employer contributions attributable to a salary reduction or similar arrangement will be taken into account. Employer matching contributions also shall be taken into account for purposes of satisfying the minimum contribution requirements of
Section 416(c)(2) of the Code and the Plan. 
 15.3-5 When aggregating Plans, the value of Account balances
and accrued benefits will be calculated with reference to the Determination Dates that fall within the same calendar year. 
 15.3-6 The present values of accrued benefits and the amounts of account balances of an employee as of the determination date shall be increased by the distributions made with respect to the employee
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 

  
 -33-

 
reason other than separation from service, death, or disability, this provision shall be applied by substituting “five (5) year period” for “one (1) year period.”

 15.3-7 Accrued benefits and Account balances of an individual shall not be taken into account for purposes of
determining the top-heavy ratios if the individual has performed no services for the Employer during the one (1) year period ending on the applicable Determination Date. Compensation for purposes of this subparagraph shall not include any
payments made to an individual by the Employer pursuant to a qualified or non-qualified deferred compensation plan. 
 15.3-8 The present value of the accrued benefits or the amount of the Account balances of any Employee participating in this Plan shall not include any rollover contributions or other transfers
voluntarily initiated by the Employee except as described below. If this Plan transfers or rolls over funds to another Plan in a transaction voluntarily initiated by the Employee, then this Plan shall count the distribution for purposes of
determining Account balances or the present value of accrued benefits. A transfer incident to a merger or consolidation of two or more Plans of the Employer (including Plans of related Employers treated as a single Employer under Code
Section 414), or a transfer or rollover between Plans of the Employer, shall not be considered as voluntarily initiated by the Employee. 
 15.4 Minimum Contributions. For any Top-Heavy Year, each Employer shall make a special contribution on behalf of each Participant to the extent that the total allocations to his Account
pursuant to Section 4 is less than the lesser of: 
 (i) three percent of his 415 Compensation for that
year, or 
 (ii) the highest ratio of such allocation to 415 Compensation received by any Key Employee for that
year. For purposes of the special contribution of this Section, a Key Employee’s 415 Compensation shall include amounts the Key Employee elected to defer under a qualified 401(k) arrangement. Such a special contribution shall be made on
behalf of each Participant who is employed by an Employer on the last day of the Plan Year, regardless of the number of his Hours of Service, and shall be allocated to his Account. 

If the Employer maintains a qualified plan in addition to this Plan and more than one such plan is determined to be Top-Heavy, a minimum
contribution or a minimum benefit shall be provided in one of such other plans, including a plan that consists solely of a cash or deferred arrangement which meets the requirements of Section 401(k)(12) of the Code and matching contributions
with respect to which the requirements of Section 401(m)(11) of the Code are met. 
 15.5 Top-Heavy Provisions
Control in Top-Heavy Plan. In the event this Plan becomes top-heavy and a conflict arises between the top-heavy provisions herein set forth and the remaining provisions set forth in this Plan, the top-heavy provisions shall control.

  
 -34-Exhibit 10.6

 Exhibit 10.6 
 IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION 
 EMPLOYEE SEVERANCE
COMPENSATION PLAN 
  

	A.	Purpose. 

 The
primary purpose of the Iroquois Federal Savings and Loan Association Employee Severance Compensation Plan (the “Plan”) is to ensure the successful continuation of the business of Iroquois Federal Savings and Loan Association (the
“Bank”) and the fair and equitable treatment of the Bank’s employees following a Change in Control (as defined below). 
  

	B.	Covered Employees. 

Subject to paragraph C below, any full-time employee of the Bank with at least one year of service as of his or her termination date shall
be eligible to receive a Change in Control Severance Benefit (as defined below) if, within the period beginning on the effective date of a Change in Control and ending on the first anniversary of such date, (i) the employee’s employment
with the Bank is involuntarily terminated or (ii) the employee terminates employment with the Bank voluntarily after being offered continued employment in a position that is not a Comparable Position (as defined below). 

 

	C.	Limitations on Eligibility for Change in Control Severance Benefits or Management Restructuring Benefits. 

 

	 	(1)	No employee shall be eligible for a Change in Control Severance Benefit if (a) his or her employment is terminated for “Cause,” (b) he or she is
offered a Comparable Position and declines to accept such position, or (c) the employee is, at the time of termination of employment, a party to an individual employment agreement or change in control agreement with the Bank and/or [Iroquois
Bancorp, Inc.] (the “Company”). 

  

	 	(2)	For purposes of this Plan, a termination of employment for “Cause” shall include termination because of the employee’s personal dishonesty, incompetence,
willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or similar offenses) or final cease-and-desist
order, or material breach of any provision of the Plan. 

  

	 	(3)	 For purposes of this Plan, a “Comparable Position” shall mean a position that would (a) provide the employee with base compensation and
benefits that are comparable in the aggregate to those provided to the employee prior to the Change in Control; (b) provide the employee with an opportunity for variable bonus compensation that is comparable to the opportunity provided to the
employee prior to the Change in Control; (c) be 

	 	 
in a location that would not require the employee to increase his or her daily one way commuting distance by more than thirty-five (35) miles as compared to the employee’s commuting
distance immediately prior to the Change in Control; and (d) have job skill requirements and duties that are comparable to the requirements and duties of the position held by the employee prior to the Change in Control.

  

	D.	Definitions of Change in Control. 

 For purposes of this Plan, “Change in Control” means the occurrence of any one of the following events: 
  

	 	(1)	There occurs a “Change in Control” of the Company, as defined or determined by either the Company’s primary federal regulator or under regulations
promulgated by such regulator; 

  

	 	(2)	As a result of, or in connection with, any merger or other business combination, sale of assets or contested election, wherein the persons who were non-employee
directors of the Company before such transaction or event cease to constitute a majority of the Board of Directors of the Company or any successor to the Company; 

 

	 	(4)	The Company transfers all or substantially all of its assets to another corporation or entity which is not an affiliate of the Company; The Company is merged or
consolidated with another corporation or entity and, as a result of such merger or consolidation, less than sixty percent (60%) of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors
of the Company; 

  

	 	(5)	The Company is merged or consolidated with another corporation or entity and, as a result of such merger or consolidation, less than sixty percent (60%) of the
equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Company; or 

  

	 	(6)	The Company sells or transfers more than a fifty percent (50%) equity interest in the Company to another person or entity which is not an affiliate of the Company,
excluding a sale or transfer to a person or persons who are employed by the Company. 

 Notwithstanding anything
in this Plan to the contrary, in no event shall the merger of any subsidiary or affiliate of the Company into another subsidiary or affiliate of the Company constitute a “Change in Control” for purposes of this Plan. 

 

	E.	Determination of the Change in Control Severance Benefit. 

  

	 	(1)	 The Change in Control Severance Benefit payable to an eligible employee 

  
 2 

	 	 
under this Plan shall be determined under the following schedule: 

  

	 	(a)	An eligible employee who does not receive a benefit pursuant to paragraph (b) of this Section shall receive a Change in Control Severance Benefit equal to the
product of (i) the employee’s years of credited service from his or her hire date (including partial years) through the termination date and (ii) an amount equal to one month of the employee’s Base Compensation (as defined
below). A “year of credited service” shall mean each 12-month period of service following an employee’s hire date determined without regard the number of hours worked during such period(s), provided, however, that upon the written
resolution of the Compensation Committee (which may take into consideration recommendations by the Chief Executive Officer of the Company or the Bank), an eligible employee may be credited with additional years of credited service hereunder in order
to increase the Severance Benefit payable to such person. The minimum payment to an eligible employee under this paragraph shall be an amount equal to one month of Base Compensation and the maximum payment to an eligible employee shall be an amount
equal to twenty-six (26) months of Base Compensation. 

  

	 	(b)	An eligible employee, who has the title of Vice President or above, shall receive a Change in Control Severance Benefit equal to the greater of the benefit in paragraph
E(1)(a) or fifty-two (52) weeks of Base Compensation. 

  

	 	(c)	The Change in Control Severance Benefit shall be paid in a lump sum not later than five (5) business days after the date of the employee’s termination of
employment. 

  

	 	(2)	For purpose of determinations under this paragraph E, “Base Compensation” shall mean: 

 

	 	(a)	For salaried employees, the employee’s annual base salary at the rate in effect on his or her termination date or, if greater, the rate in effect on the date
immediately preceding the Change in Control. 

  

	 	(b)	 For employees whose compensation is determined in whole or in part on the basis of commission income, the employee’s base salary at termination
(or, if greater, the employee’s base salary on the date immediately preceding the effective date of the Change in Control), if any, plus the commissions earned by the employee in the twelve (12) full calendar months preceding his or her
termination date (or, if greater, the commissions earned in the twelve (12) full calendar months immediately preceding the 

  
 3 

	 	 
effective date of the Change in Control). 

  

	 	(c)	For hourly employees, the employee’s total hourly wages for the twelve (12) full calendar months preceding his or her termination date or, if greater, the
twelve (12) full calendar months preceding the effective date of the Change in Control. 

  

	 	(3)	Continued Health Coverage. In addition to the Change in Control Severance Benefit described above, employees who are at the Vice President level and above on the date
of termination of employment shall also be eligible to continue to participate in the Bank’s health insurance coverage for a period of up to one year after the date of his or her termination of employment on the same cost-sharing terms and
conditions with respect to the employer-paid and employee-paid portion of such coverage as was in effect on the date of the employee’s termination. If the employee obtains health insurance coverage from a new employer, coverage under this
paragraph shall cease as of the date that coverage under the new employer’s health plan begins. Any health insurance continuation coverage provided under this paragraph shall not be counted towards federal or state mandated “COBRA”
health care continuation coverage, such that upon the expiration of coverage under this paragraph, the employee shall experience a COBRA qualifying event. Notwithstanding anything herein to the contrary, if as the result of any change in, or
interpretation of, the laws applicable to the payments or provisions of benefits hereunder, such payments or provisions are deemed illegal or subject to penalties, then the Bank shall, to the extent permitted under such laws, pay to the employee a
cash lump sum payment reasonably estimated to be equal to the amount of benefits (or the remainder of such amount) that employee is no longer permitted to receive in-kind. Such lump sum payment shall be required to be made no later than two and
one-half months following employee’s termination of employment, or if later, within two and one-half months following a determination that such payment would be illegal or subject to penalties. 

 

	F.	Withholding. 

 All
payments will be subject to customary withholding for federal, state and local tax purposes. 
  

	G.	Parachute Payment. 

Notwithstanding anything in this Plan to the contrary, if a Change in Control Severance Benefit to an employee who is a “Disqualified
Individual” shall be in an amount which includes an “Excess Parachute Payment,” taking into account payments under this Plan and otherwise, the benefit payable under this Plan shall be reduced to the maximum amount which does not
include an Excess Parachute Payment. The 

  
 4 

 
terms “Disqualified Individual” and “Excess Parachute Payment” shall have the same meanings as under Section 280G of the Internal Revenue Code of 1986, as amended, or any
successor provision thereto. 
  

	H.	Administration. 

The Plan is administered by the Board of Directors, which shall have the discretion to interpret the terms of the Plan and to make all
determinations about eligibility and payment of benefits. All decisions of the Board of Directors, any action taken by the Board of Directors with respect to the Plan and within the powers granted to the Board of Directors under the Plan, and any
interpretation by the Board of Directors of any term or condition of the Plan, are conclusive and binding on all persons, and will be given the maximum possible deference allowed by law. The Board of Directors may delegate and reallocate any
authority and responsibility with respect to the Plan. 
  

	I.	Source of Payments. 

Unless otherwise determined by the Board of Directors, all payments and benefits provided under this Agreement shall be paid solely by the
Bank. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement shall be construed so as to result in the duplication of any payment or benefit. 

 

	J.	Inalienability. 

In no event may any Employee sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan. At no time
will any such right or interest be subject to the claims of creditors, nor liable to attachment, execution or other legal process. 
  

	K.	Governing Law. 

The provisions of the Plan will be construed, administered and enforced in accordance with the laws of the State of Illinois, except to
the extent that federal law applies. 
  

	L.	Severability. 

 If
any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the Plan, and the Plan will be construed and enforced as if such provision had not been included. 

 

	M.	No Employment Rights. 

  
 5 

 Neither the establishment nor the terms of this Plan shall be held or construed to confer
upon any employee the right to a continuation of employment by the Bank, nor constitute a contract of employment, express or implied. The Bank reserves the right to dismiss or otherwise deal with any employee to the same extent and on the same basis
as though this Plan had not been adopted. Nothing in this Plan is intended to alter the at-will status of the Bank’s employees, it being understood that, except to the extent otherwise expressly set forth to the contrary in an individual
employment-related agreement, the employment of any employee may be terminated at any time by either the Bank or the employee with or without cause. 
  

	N.	Amendment and Termination. 

 The Plan may be terminated or amended in any respect by resolution adopted by a majority of the Board of Directors, unless a Change in Control has previously occurred. If a Change in Control occurs, the
Plan no longer shall be subject to amendment, change, substitution, deletion, revocation or termination in any respect whatsoever. The form of any proper amendment or termination of the Plan shall be a written instrument signed by a duly authorized
officer or officers of the Bank, certifying that the amendment or termination has been approved by the Board of Directors. A proper amendment of the Plan automatically shall effect a corresponding amendment to each Participant’s rights
hereunder. A proper termination of the Plan automatically shall effect a termination of all employees’ rights and benefits hereunder. 
  

	O.	Required Provisions. 

  

	 	(1)	In the event any of the provisions of this Section O are in conflict with the terms of this Plan, this Section O shall prevail. 

 

	 	(2)	The Bank’s Board of Directors may terminate an employee’s employment at any time, but any termination by the Bank, other than termination for Cause, shall not
prejudice an employee’s right to compensation or other benefits under this Plan. An employee shall not have the right to receive compensation or other benefits for any period after Termination for Cause. 

 

	 	(3)	If an employee is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under
Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this Plan shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the
charges in the notice are dismissed, the Bank may in its discretion: (i) pay the employee all or part of the compensation withheld while its obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which
were suspended. 

  

	 	(4)	 If an employee is removed and/or permanently prohibited from 

  
 6 

	 	 
participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all
obligations of the Bank under this Plan to such employee shall terminate as of the effective date of the order. 

  

	 	(5)	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1), all obligations of the Bank under this
Plan shall terminate as of the date of default. 

  

	 	(6)	All obligations of the Bank under this Plan shall be terminated, except to the extent it is determined that continuation of the Plan is necessary for the continued
operation of the Bank: (i) by the Director of the OTS (or his designee), the FDIC or the Resolution Trust Corporation, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained
in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems related to
the operations of the Bank, or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

 

	 	(7)	Any payments made to employees pursuant to this Plan, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC
regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

  

	P.	Claims Procedures and Arbitration. 

  

	 	(1)	In the event that benefits under this Plan are not paid to the employee and such employee (or former employee) feels entitled to receive such benefits, then a written
claim must be made to the Board of Directors within sixty (60) days from the date payments are refused. The Board of Directors shall review the written claim and, if the claim is denied, in whole or in part, they shall provide in writing,
within thirty (30) days of receipt of such claim, their specific reasons for such denial, reference to the provisions of this Plan upon which the denial is based, and any additional material or information necessary to perfect the claim. Such
writing by the Board of Directors shall further indicate the additional steps which must be undertaken by the employee or former employee if an additional review of the claim denial is desired. 

 

	 	(2)	 If the employee or former employee desires a second review, he or she shall notify the Board of Directors in writing within thirty (30) days of
the first claim denial. The employee or former employee may review this Plan or any documents relating thereto and submit any issues and comments, 

  
 7 

	 	 
in writing, they may feel appropriate. In its sole discretion, the Board of Directors shall then review the second claim and provide a written decision within thirty (30) days of receipt of
such claim. This decision shall state the specific reasons for the decision and shall include reference to specific provisions of this Plan upon which the decision is based. 

 

	 	(3)	If claimants continue to dispute the benefit denial based upon completed performance of this Plan or the meaning and effect of the terms and conditions thereof, it
shall be settled by arbitration administered by the AAA under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 

  
 8 

 This plan has been approved and adopted by the Board of Directors of the Bank and is
effective as of                                 , 2011. 

 

									
		 		 		 	 IROQUOIS FEDERAL SAVINGS AND
 LOAN ASSOCIATION

					
	Attest:	 	  
	 		 	By:	 	  

		 		 		 	Its President and Chief Executive Officer

  
 9

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