Document:

Exhibit
10.2

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	Principal
    Amount: $53,000.00	Issue
    Date: December 10, 2019
	Purchase
    Price: $53,000.00	 

 

CONVERTIBLE
PROMISSORY NOTE

 

FOR
VALUE RECEIVED, Stealth Technologies, Inc., a Nevada corporation (hereinafter called the “Borrower”), hereby
promises to pay to the order of POWER UP LENDING GROUP LTD., a Virginia corporation, or registered assigns (the “Holder”)
the sum of $53,000.00 together with any interest as set forth herein, on December 10, 2020 (the “Maturity Date”),
and to pay interest on the unpaid principal balance hereof at the rate of ten percent (10%)(the “Interest Rate”) per
annum from the date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon
acceleration or by prepayment or otherwise. This Note may not be prepaid in whole or in part except as otherwise explicitly set
forth herein. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty
two percent (22%) per annum from the due date thereof until the same is paid (“Default Interest”). Interest shall
be computed on the basis of a 365 day year and the actual number of days elapsed. Interest shall commence accruing on the Issue
Date but shall not be payable until the Note becomes payable (whether at Maturity Date or upon acceleration or by prepayment).
All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share (the “Common Stock”)
in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments shall be made
at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of
this Note. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain
Securities Purchase Agreement dated the date hereof, pursuant to which this Note was originally issued (the “Purchase Agreement”).

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

    	 	 	 

    	 

    

 

The
following terms shall apply to this Note:

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1
Conversion Right. The Holder shall have the right from time to time, and at any time during the period beginning on the
date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date
and (ii) the date of payment of the Default Amount (as defined in Article III), each in respect of the remaining outstanding amount
of this Note to convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non- assessable
shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the
Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion
Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall
the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the
sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common
Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised
or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the
limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this
Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder
and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately
preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1)
of such proviso. The beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the Holder.
The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion
Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion,
in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in
accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means
resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion
date (the “Conversion Date”); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the
Conversion Date shall be the next business day. The term “Conversion Amount” means, with respect to any conversion
of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at the Holder’s
option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion
Date, plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding
clauses (1) and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

 

1.2
Conversion Price. The Conversion Price shall equal the Variable Conversion Price (as defined herein)(subject to equitable
adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities
or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions
and similar events). The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein)
(representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common
Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading
Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation
system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”)
designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid
price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no
closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any
market makers for such security that are listed in the “pink sheets”. If the Trading Price cannot be calculated for
such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined
by the Borrower and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading
Price is required in order to determine the Conversion Price of such Notes. “Trading Day” shall mean any day on which
the Common Stock is tradable for any period on the OTC, or on the principal securities exchange or other securities market on
which the Common Stock is then being traded.

 

    	 	2	 

    	 

    

 

1.3
Authorized Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve
from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance
of Common Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all
times to have authorized and reserved six times the number of shares that would be issuable upon full conversion of the Note (assuming
that the 4.99% limitation set forth in Section 1.1 is not in effect)(based on the respective Conversion Price of the Note (as
defined in Section 1.2) in effect from time to time, initially 306,653,809)(the “Reserved Amount”). The Reserved Amount
shall be increased (or decreased with the written consent of the Holder) from time to time in accordance with the Borrower’s
obligations hereunder. The Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and
non-assessable. In addition, if the Borrower shall issue any securities or make any change to its capital structure which would
change the number of shares of Common Stock into which the Notes shall be convertible at the then current Conversion Price, the
Borrower shall at the same time make proper provision so that thereafter there shall be a sufficient number of shares of Common
Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Note. The Borrower (i) acknowledges
that it has irrevocably instructed its transfer agent to issue certificates for the Common Stock issuable upon conversion of this
Note, and (ii) agrees that its issuance of this Note shall constitute full authority to its officers and agents who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock in accordance
with the terms and conditions of this Note.

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of
the Note.

 

1.4
Method of Conversion.

 

(a)
Mechanics of Conversion. As set forth in Section 1.1 hereof, from time to time, and at any time during the period beginning
on the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity
Date and (ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part at any time
from time to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other
reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject
to Section 1.4(b), surrendering this Note at the principal office of the Borrower (upon payment in full of any amounts owed hereunder).

 

(b)
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless
the entire unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the
principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the
Holder and the Borrower, so as not to require physical surrender of this Note upon each such conversion.

 

    	 	3	 

    	 

    

 

(c)
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail
(or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in
this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder
certificates for the Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”)
(and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with
the terms hereof and the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed
to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount
of accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on
its obligations hereunder, all rights with respect to the portion of this Note being so converted shall forthwith terminate except
the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the
Holder shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver the certificates
for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same,
any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to
enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or
any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation
to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the
Holder in connection with such conversion.

 

(d)
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock
issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated
Securities Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions set forth
herein, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable
upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal
Agent Commission (“DWAC”) system.

 

(e)
Failure to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other
remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon
conversion of this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall pay
to the Holder $2,000 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the
“Fail to Deliver Fee”); provided; however that the Fail to Deliver Fee shall not be due if the failure is a result
of a third party (i.e., transfer agent; and not the result of any failure to pay such transfer agent) despite the best efforts
of the Borrower to effect delivery of such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month
following the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day
of the month following the month in which it has accrued), shall be added to the principal amount of this Note, in which event
interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible
into Common Stock in accordance with the terms of this Note. The Borrower agrees that the right to convert is a valuable right
to the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult
if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages provision contained in this Section
1.4(e) are justified.

 

    	 	4	 

    	 

    

 

1.5
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred
unless: (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer
agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for
opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred
pursuant to an exemption from such registration (such as Rule 144 or a successor rule) (“Rule 144”); or (iii) such
shares are transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees to sell or otherwise
transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined in the Purchase Agreement).

 

Any
restrictive legend on certificates representing shares of Common Stock issuable upon conversion of this Note shall be removed
and the Borrower shall issue to the Holder a new certificate therefore free of any transfer legend if the Borrower or its transfer
agent shall have received an opinion of counsel from Holder’s counsel, in form, substance and scope customary for opinions
of counsel in comparable transactions, to the effect that (i) a public sale or transfer of such Common Stock may be made without
registration under the Act, which opinion shall be accepted by the Company so that the sale or transfer is effected; or (ii) in
the case of the Common Stock issuable upon conversion of this Note, such security is registered for sale by the Holder under an
effective registration statement filed under the Act; or otherwise may be sold pursuant to an exemption from registration. In
the event that the Company does not reasonably accept the opinion of counsel provided by the Holder with respect to the transfer
of Securities pursuant to an exemption from registration (such as Rule 144), at the Deadline, it will be considered an Event of
Default pursuant to Section 3.2 of the Note.

 

1.6
Effect of Certain Events.

 

(a)
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which
more than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of
the Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed
to be an Event of Default (as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon
the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III).
“Person” shall mean any individual, corporation, limited liability company, partnership, association, trust or other
entity or organization.

 

(b)
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar
event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares
of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of
all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower,
then the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon
the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion,
such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted
in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such
case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that
the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares
issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities
or assets thereafter deliverable upon the conversion hereof. The Borrower shall not affect any transaction described in this Section
1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days prior written notice (but in any event at least five
(5) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record
date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event
or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring
entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions shall similarly
apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

    	 	5	 

    	 

    

 

(c)
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire
its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any
dividend or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock
of a subsidiary (i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion
of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such
assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had
such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to
such Distribution.

 

1.7
Prepayment. Notwithstanding anything to the contrary contained in this Note, at any time during the periods set forth on
the table immediately following this paragraph (the “Prepayment Periods”), the Borrower shall have the right, exercisable
on not more than three (3) Trading Days prior written notice to the Holder of the Note to prepay the outstanding Note (principal
and accrued interest), in full, in accordance with this Section 1.7. Any notice of prepayment hereunder (an “Optional Prepayment
Notice”) shall be delivered to the Holder of the Note at its registered addresses and shall state: (1) that the Borrower
is exercising its right to prepay the Note, and (2) the date of prepayment which shall be not more than three (3) Trading Days
from the date of the Optional Prepayment Notice. On the date fixed for prepayment (the “Optional Prepayment Date”),
the Borrower shall make payment of the Optional Prepayment Amount (as defined below) to Holder, or upon the direction of the Holder
as specified by the Holder in a writing to the Borrower (which shall direction to be sent to Borrower by the Holder at least one
(1) business day prior to the Optional Prepayment Date). If the Borrower exercises its right to prepay the Note, the Borrower
shall make payment to the Holder of an amount in cash equal to the percentage (“Prepayment Percentage”) as set forth
in the table immediately following this paragraph opposite the applicable Prepayment Period, multiplied by the sum of: (w) the
then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this
Note to the Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and (x)
plus (z) any amounts owed to the Holder pursuant to Section 1.4 hereof (the “Optional Prepayment Amount”).
If the Borrower delivers an Optional Prepayment Notice and fails to pay the Optional Prepayment Amount due to the Holder of the
Note within two (2) business days following the Optional Prepayment Date, the Borrower shall forever forfeit its right to prepay
the Note pursuant to this Section 1.7.

 

	Prepayment
    Period	 	Prepayment
    Percentage
	1. The
    period beginning on the Issue Date and ending on the date which is sixty (60) days following the Issue Date.	 	120%
	2. The period beginning
    on the date which is sixty-one (61) days following the Issue Date and ending on the date which is ninety (90) days following
    the Issue Date.	 	125%

 

    	 	6	 

    	 

    

 

	3. The
    period beginning on the date which is ninety-one (91) days from the Issue Date and ending one hundred twenty (120) days following
    the Issue Date.	 	130%
	4. The period beginning
    on the date which is one hundred twenty-one (121) day from the Issue Date and ending one hundred fifty (150) days following
    the Issue Date.	 	135%
	5. The period beginning
    on the date which is one hundred fifty-one (151) day from the Issue Date and ending one hundred eighty (180) days following
    the Issue Date.	 	139%

 

After
the expiration of one hundred eighty (180) days following the Issue Date, the Borrower shall have no right of prepayment.

 

ARTICLE
II. CERTAIN COVENANTS

 

2.1
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the
Holder’s written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary
course of business. Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

ARTICLE
III. EVENTS OF DEFAULT

 

If
any of the following events of default (each, an “Event of Default”) shall occur:

 

3.1
Failure to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this
Note, whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from
the Holder.

 

3.2
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens
in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder
in accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or
in certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant
to this Note as and when required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or
hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of
Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note,
or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing)
any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of
Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or
makes any written announcement, statement or threat that it does not intend to honor the obligations described in this paragraph)
and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations shall
not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice of Conversion. It is an
obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of this
Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent.
If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion,
such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

 

    	 	7	 

    	 

    

 

3.3
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this
Note and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of
twenty (20) days after written notice thereof to the Borrower from the Holder.

 

3.4
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement,
statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase
Agreement), shall be false or misleading in any material respect when made and the breach of which has (or with the passage of
time will have) a material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business,
or such a receiver or trustee shall otherwise be appointed.

 

3.6
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any
subsidiary of the Borrower.

 

3.7
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC
(which specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange,
the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

 

3.8
Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange
Act; and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act (the filing of a Form 15
with the SEC is an immediate Event of Default).

 

3.9
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10
Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to
pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as
a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.11
Financial Statement Restatement. The restatement of any financial statements filed by the Borrower with the SEC at any
time after 180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of
such restatement would, by comparison to the un-restated financial statement, have constituted a material adverse effect on the
rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.12
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails
to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form
as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares
of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

    	 	8	 

    	 

    

 

3.13
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents,
a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after
the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under
this Note and the Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights
and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement
or hereunder. “Other Agreements” means, collectively, all agreements and instruments between, among or by: (1) the
Borrower, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation, promissory
notes; provided, however, the term “Other Agreements” shall not include the related or companion documents to this
Note. Each of the loan transactions will be cross-defaulted with each other loan transaction and with all other existing and future
debt of Borrower to the Holder.

 

Upon
the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to
pay the principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable
and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Amount
(as defined herein). UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE
SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER,
AN AMOUNT EQUAL TO: (Y) THE DEFAULT AMOUNT (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the
continuation of any Event of Default specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or
interest thereon when due on this Note upon a Trading Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3,
3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or 3.14 exercisable through the delivery of written notice to the Borrower by such
Holders (the “Default Notice”), and upon the occurrence of an Event of Default specified the remaining sections of
Articles III (other than failure to pay the principal hereof or interest thereon at the Maturity Date specified in Section 3,1
hereof), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its
obligations hereunder, an amount equal to 150% times the sum of (w) the then outstanding principal amount of this
Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory
Prepayment Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus
(z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this
Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the
“Default Amount”) and all other amounts payable hereunder shall immediately become due and payable, all without demand,
presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal
fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law
or in equity.

 

If
the Borrower fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable,
then the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that
there are sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default
Amount, the number of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then
in effect.

 

    	 	9	 

    	 

    

 

ARTICLE
IV. MISCELLANEOUS

 

4.1
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder
are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

4.2
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, facsimile or email, addressed as set forth below or to such other address as such
party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given
hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business
hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business
day during normal business hours where such notice is to be received) or (b) on the second business day following the date of
mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever
shall first occur. The addresses for such communications shall be:

 

If
to the Borrower, to:

 

Stealth
Technologies, Inc.

801
West Bay Drive, Suite 470

Largo,
Florida 33770

Attn:
Alexander J. Clair, Chief Executive Officer

Fax:

Email:
aclair@stealthtechinc.com

 

If
to the Holder:

 

POWER
UP LENDING GROUP LTD.

111
Great Neck Road, Suite 214

Great
Neck, NY 11021

Attn:
Curt Kramer, Chief Executive Officer

e-mail:
info@poweruplending.com

 

With
a copy by fax only to (which copy shall not constitute notice):

 

Naidich
Wurman LLP

111
Great Neck Road, Suite 216

Great
Neck, NY 11021

Attn:
Allison Naidich

facsimile:
516-466-3555

e-mail:
allison@nwlaw.com

 

    	 	10	 

    	 

    

 

4.3
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and
the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
(and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then
as so amended or supplemented.

 

4.4
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined
in Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may
be pledged as collateral in connection with a bona fide margin account or other lending arrangement; and may be assigned
by the Holder without the consent of the Borrower.

 

4.5
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

4.6
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Virginia without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the state courts of New York or in the federal courts located in the Eastern District of
New York. The parties to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Borrower
and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s
fees and costs. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Note, any agreement or any other document delivered in connection with this Note by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law.

 

4.7
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase
Agreement.

 

4.8
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that
the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened
breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

    	 	11	 

    	 

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer this on December 10, 2019

 

Stealth
Technologies, Inc.

 

	By:	/s/
    Alexander J. Clair	 
	 	Alexander
    J. Clair	 
	 	Chief
    Executive Officer	 

 

    	 	12	 

    	 

    

 

EXHIBIT
A — NOTICE OF CONVERSION

 

The
undersigned hereby elects to convert $             principal amount of the Note (defined below) into that number of shares of Common
Stock to be issued pursuant to the conversion of the Note (“Common Stock”) as set forth below, of Stealth
Technologies, Inc., a Nevada corporation (the “Borrower”) according to the conditions of the convertible note of
the Borrower dated as of December 10, 2019 (the “Note”), as of the date written below. No fee will be charged to
the Holder for any conversion, except for transfer taxes, if any.

 

Box
Checked as to applicable instructions:

 

	 	[  ]	The
    Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the
    undersigned or its nominee with DTC through its Deposit Withdrawal Agent At Custodian (“DWAC Transfer”).
	 	 	 
	 	 	Name
    of DTC Prime Broker:
	 	 	Account
    Number:
	 	 	 
	 	[  ]	The
    undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock
    set forth below (which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately
    below or, if additional space is necessary, on an attachment hereto:

 

	 	POWER
    UP LENDING GROUP LTD.	 
	 	111
    Great Neck Road, Suite 214 	 
	 	Great
    Neck, NY 11021 	 
	 	Attention:
    Certificate Delivery	 
	 	e-mail:
    info@poweruplendinggroup.com	 

 

	 	Date
    of conversion:	 	 
	 	Applicable
    Conversion Price:	$	 
	 	Number
    of shares of common stock to be issued pursuant to conversion of the Notes:	 	 
	 	Amount
    of Principal Balance due remaining under the Note after this conversion:	 	 

 

	 	POWER
    UP LENDING GROUP LTD.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	Curt
    Kramer	 
	 	Title:	Chief
    Executive Officer	 
	 	Date:		 

 

    	 	13Ingredion Incorporated Retirement Savings Plan for Salaried Employees

 Exhibit 4.5 
  

 
 INGREDION INCORPORATED 

RETIREMENT SAVINGS PLAN 

FOR SALARIED EMPLOYEES 

Effective January 1, 1998 

Amended and Restated Effective as of January 1, 2016 
  

 
  
  

 

 Table of Contents 

 

					
	 	  	Page	 
	 Article 1 - Definitions
	  	 	2	 
	 Article 2 - Eligibility And Participation
	  	 	7	 
	 Article 3 - Participant Contributions and Deferred Contributions
	  	 	9	 
	 Article 4 - Employer Contributions
	  	 	13	 
	 Article 5 - Statutory Limitations on Benefits
	  	 	14	 
	 Article 6 - Trust
	  	 	16	 
	 Article 7 - Investment Elections and Allocations to Participants’
Accounts
	  	 	17	 
	 Article 8 - Withdrawals and Loans
	  	 	21	 
	 Article 9 - Distributions Upon Termination of Employment
	  	 	29	 
	 Article 10 - Special Participation and Distribution Rules
	  	 	33	 
	 Article 11 - Shareholder Rights with Respect to Company Stock
	  	 	39	 
	 Article 12 - Administration
	  	 	42	 
	 Article 13 - Participation in Plan by Affiliate
	  	 	46	 
	 Article 14 - Amendment and Termination
	  	 	47	 
	 Article 15 - Top-Heavy Provisions
	  	 	48	 
	 Article 16 - General Provisions
	  	 	51	 

  
 i 

 Introduction 

Effective as of the close of business on December 31, 1997, CPC International Inc. (“CPC”) spun off its corn refining business to CPC
shareholders through a distribution of all of the shares of Corn Products International, Inc. (the “Company”) (the “Spin-off”). In connection with the
Spin-off, the Company adopted the Corn Products International, Inc. Retirement Savings Plan (the “Plan”) for the benefit of certain employees. As soon as practicable after December 31, 1997, CPC
caused the Trustee of the trust maintained with respect to the CPC International Inc. Savings/Retirement Plan for Salaried Employees (the “CPC Plan”) to transfer assets from the CPC Plan trust fund to the Trustee of the Plan with respect
to the accounts of the Company’s salaried employees. On June 4, 2012, the Company was renamed Ingredion Incorporated. Effective July 18, 2012, the Plan was renamed the Ingredion Incorporated Retirement Savings Plan. 

Effective December 3, 2012, the Retirement Savings Plan for Salaried Employees of National Starch LLC was merged into this Plan, which was renamed the
Ingredion Incorporated Retirement Savings Plan for Salaried Employees. 
 Effective March 11, 2015, Ingredion Incorporated acquired Penford
Corporation. Effective January 15, 2016, the accounts relating to union employees in the Penford Corporation Savings and Stock Ownership Plan were merged into the Ingredion Incorporated Retirement Savings Plan for Hourly Employees, and the
remaining accounts in the Penford Corporation Savings Stock Ownership Plan were merged into this Plan. 
 This amendment and restatement shall be effective
January 1, 2016. The rights and benefits of Participants who terminate their employment with any Employer (or any Affiliate thereof) on or after January 1, 2016, and the rights and benefits of Beneficiaries of such Participants, shall be
determined solely by reference to the terms of this amendment and restatement, as amended from time to time. Unless otherwise required by applicable law, each Participant who terminated employment with all Employers and Affiliates thereof prior to
January 1, 2016 shall be entitled to receive a benefit under the terms of the applicable prior Plan document, the Retirement Savings Plan for Salaried Employees of National Starch LLC document, or the Penford Corporation Savings and Stock
Ownership Plan as in effect on the date of such termination. 
 The Plan is intended to qualify as a profit-sharing plan within the meaning of section
401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), with a qualified cash or deferred arrangement described in section 401(k) of the Code, and its related trust is intended to be
tax-exempt under section 501(a) of the Code. 

  
 1 

 Article 1 - Definitions 

The following words and phrases shall, for the purpose of this Plan and any subsequent amendment thereof, have the following meanings, unless
a different meaning is plainly required by the context: 
 1.1 “Account” means a Participant’s Account under the Plan, which is
composed of the Participant Contribution Account, Deferred Contribution Account, Matching Contribution Account, Profit Sharing Account, Service Award Contribution Account and Rollover Account, maintained for a Participant under the Plan to which are
credited the Participant’s share of contributions and earnings and debited the withdrawals and losses thereon. 
 1.2 “Affiliate”
means (i) any corporation which is a member of a controlled group of corporations (as defined in section 414(b) of the Code) which includes the Company, (ii) any trade or business (whether or not incorporated) which is under common control
(as defined in section 414(c) of the Code) with the Company, (iii) any organization (whether or not incorporated) which is a member of an affiliated service group (as defined in section 414(m) of the Code) which includes the Company; and
(iv) any other entity required to be aggregated with the Company pursuant to final regulations under section 414(o) of the Code; provided, however, that such corporation, trade or business, organization, or other entity shall be
deemed to be an Affiliate only during the period in which the particular relationship existed. 
 1.3 “Board of Directors” means the Board
of Directors of the Company, as constituted from time to time. 
 1.4 “Break in Service” means any period during which an Employee is not
employed by an Employer which is not included in a Period of Employment and which is in excess of twelve months. 
 1.5 “Code” means the
Internal Revenue Code of 1986, as amended from time to time. 
 1.6 “Committee” means the Committee appointed by the Company to administer
the Plan, pursuant to Article 12. 
 1.7 “Company” means Ingredion Incorporated. 

1.8 “Company Stock” means common stock of the Company. 

1.9 “Compensation” means an Employee’s wages as identified under Box 1 of Form W-2 (but
determined without regard to rules that limit remuneration based on the nature or location of the employment or the services performed), plus elective contributions that are made by an Employer on behalf of the Employee that are not includible in
gross income under section 125, 132(f)(4) or 402(e)(3) of the Code; but reduced by all of the following items, even if includible in gross income: amounts received as long-term incentive bonuses or retention bonuses or signing bonuses or one-time bonus payments, income attributable to the exercise of stock options, reimbursements or other expense allowances (such as car allowances), fringe benefits (cash and noncash), moving expenses, deferred
compensation, welfare benefits, and any amounts 

  
 2 

 
paid to an Employee more than 30 days following such Employee’s termination of employment with an Employer. For purposes of determining Compensation earned for services performed outside the
United States, Compensation shall be imputed at a rate equal to the current base rate of pay in effect for the Participant based on U.S. dollars and what would otherwise be includible in Box 1 of Form W-2.

 Notwithstanding the foregoing, an Employee’s Compensation in a Plan Year in excess of (i) with respect to the 2016 Plan Year, $265,000 and
(ii) with respect to each subsequent Plan Year, the amount prescribed by section 401(a)(17) of the Code, shall be disregarded for all purposes under the Plan. 

For purposes of applying the limitations described in Section 5.1 of the Plan, in the case of a Participant who terminates employment during the Plan
Year, Compensation shall include amounts paid after such Participant’s termination of employment if such amounts (i) are paid by the later of 2-1⁄2 months
after termination of employment and the end of the Plan Year that includes the date of termination of employment and (ii) are payments of regular compensation for services performed during the Participant’s regular working hours or outside
of such working hours (such as overtime), commissions, bonuses, and other similar payments that would have been paid to the Participant prior to a termination of employment if the Participant had continued in employment with the Employer. 

1.10 “CPC Plan” means the CPC International Inc. Savings/Retirement Plan for Salaried Employees. 

1.11 “Deferred Contribution” means a contribution made by an Employer on behalf of a Participant on a
before-tax basis, as described in Section 3.3. 
 1.12 “Deferred Contribution Account” means
the account maintained for a Participant to which are allocated the Deferred Contributions made on behalf of such Participant pursuant to Section 3.3 on a before-tax basis, plus earnings and net of any
withdrawals or losses. 
 1.13 “Disabled Participant” means a Participant who is entitled to receive long-term disability benefits under a
long-term disability plan maintained by an Employer and who has terminated employment. 
 1.14 “Effective Date” means January 1, 2016
(the effective date of this amendment and restatement). Unless expressly provided to the contrary, the new Effective Date set forth herein shall not affect the prior effectiveness of any provisions of the Plan as set forth in the prior version of
the Plan. 
 1.15 “Eligible Employee” means (a) each Employee of an Employer and (b) any United States citizen or any permanent
United States resident of an Employer who is employed by a foreign affiliate of an Employer which is an Affiliate, but excluding (i) any Employee who at the time is or later becomes covered by a collective bargaining agreement with an Employer,
resulting from negotiations in which retirement benefits were the subject of good faith bargaining between the Employer and employee representatives, that does not provide for participation in this Plan, (ii) an Employee who is neither a
citizen nor a resident alien of the United States and who receives no earned income within the meaning of section 911(d)(2) of the Code from an Employer which 

  
 3 

 
constitutes income from sources within the United States within the meaning of section 861(a)(3) of the Code or who is hired for a temporary assignment, (iii) any “leased employee”
as defined in section 414(n) of the Code and (iv) any Employee who is a member of a class of Employees, or is employed at a division or unit of the Company or another participating Employer, which has been designated by the Company or such
Employer as excluded from participation in this Plan. Notwithstanding anything in the immediately preceding paragraph or elsewhere in the Plan to the contrary, an Employee who is not a citizen of the United States and who transfers from employment
outside of the United States to employment in the United States shall not be an Eligible Employee and shall not be eligible to participate in the Plan. 

1.16 “Employee” means each individual whose relationship with an Employer is, under common law, that of an employee. Notwithstanding the
foregoing, the term “Employee” shall exclude any individual retained by an Employer to perform services for such Employer (for either a definite or indefinite duration) and is characterized thereby as a fee-for-service worker or independent contractor or in a similar capacity (rather than in the capacity of an employee), regardless of such individual’s status under common law or for purposes of federal,
state or local tax withholding, employment tax or employment law. 
 1.17 “Employer” means the Company and any other Affiliate which, with
the consent of the Company, elects to participate in this Plan pursuant to Section 13.1. 
 1.18 “Employer Contribution” means a
contribution made by an Employer, other than a Deferred Contribution, to a Participant’s Account pursuant to the terms of the Plan as in effect at the applicable time. 

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

1.20 “Hour of Employment” means each hour for which an Employee is directly or indirectly compensated by, or entitled to receive compensation
from, an Employer including hours for any period during which he or she receives compensation without rendering services such as paid holidays, vacations, sick leave, disability leave, layoff, jury duty, or leave of absence. For purposes of the
preceding sentence, “compensation” shall include any back pay, irrespective of mitigation of damages, either awarded to the Employee or agreed to by an Employer. In addition, an Employee shall be credited with the number of Hours of
Employment that the Committee determines he or she would have completed during any period of qualified military service but for such qualified military service, provided that such Employee returns to active employment with his or her Employer within
the period prescribed by USERRA. The computation of Hours of Employment and the period to which Hours of Employment are to be credited shall be determined under uniform rules adopted by the Committee in accordance with Department of Labor
Regulations section 2530.200b-2(b), (c) and (f). 
 1.21 “Matching Contribution” means a
contribution made by an Employer on behalf of a Participant as provided in Section 4.1. 

  
 4 

 1.22 “Matching Contribution Account” means the account maintained for a Participant to
which are allocated the Matching Contributions, if any, made on such Participant’s behalf, plus earnings and net of any withdrawals or losses. 
 1.23
“Participant” means an Eligible Employee who satisfies the requirements for participation pursuant to Article 2. Notwithstanding anything herein to the contrary, any person who was a non-union
participant in the Penford Corporation Savings and Stock Ownership Plan as of January 1, 2016 (“Penford Participants”) shall continue to be eligible to participate in this Plan as of such date. 

1.24 “Participant Contribution” means a contribution made by a Participant on an after-tax basis, as
described in Section 3.1. 
 1.25 “Participant Contribution Account” means the account maintained for a Participant to which are
credited the Participant Contributions made by such Participant, plus earnings and net of any withdrawals or losses. 
 1.26 “Period of
Employment” means each period of time during which an Employee is employed by an Employer. An Employee’s employment shall not be terminated by reason of a leave of absence from active employment granted by his Employer, pursuant to a
policy uniformly applied in all similar circumstances, because of (a) military service, attendance at a school or training program at the request of his Employer, government service in a civilian capacity, jury duty, or layoff; or
(b) because of disability, provided that if he does not return to active employment with an Employer before the later of (i) the time specified in his leave, or if not specified therein, three years from the inception thereof, or
(ii) cessation of his disability, as the case may be, his employment shall be considered terminated as of the earlier of twelve months after the last day of the month in which such leave began and the last day of the month in which such leave
of absence terminated. 
 Maternity or paternity leave shall be deemed to be a Period of Employment where necessary to prevent a Break in Service, either in
the Plan Year such leave is begun or the following Plan Year. 
 An Employee’s absence from Service because of military service shall be considered a
leave of absence granted by his Employer and notwithstanding any provision of the first paragraph of this subsection shall not terminate his employment if he returns to active employment with an Employer within thirty days following the period of
time during which he has reemployment rights under any applicable federal law. 
 1.27 “Plan” means the plan as set forth herein and as it
may be amended from time to time. 
 1.28 “Plan Administrator” means the person appointed by the Committee pursuant to Section 12.4 to
fulfill the responsibilities relating to the administration of the Plan specified therein. 
 1.29 “Plan Year” means the 12-month period ending on each December 31. 

  
 5 

 1.30 “Profit Sharing Account” means the account maintained for a Participant to which were
allocated the Profit Sharing Contributions, if any, made on behalf of such Participant plus earnings and net of any withdrawals or losses. 
 1.31
“Profit Sharing Contribution” means a contribution, if any, made by an Employer on behalf of a Participant. 
 1.32 “Qualified
Reservist” means an individual who is (i) a member of a reserve component (as defined in 37 U.S.C. § 101) and (ii) ordered or called to active duty, for a period in excess of 179 days or for an indefinite period, after
September 11, 2001. 
 1.33 “Rollover Account” means the account maintained for a Participant to which are allocated the rollover
contributions made by the Participant pursuant to Section 3.5, plus earnings and net of any withdrawals or losses. 
 1.34 “Service”
means, if required by the terms of this Plan or by operation of law to determine participation or vesting of an Employee, the total of his Periods of Employment by an Employer. Service shall be computed in terms of completed years and completed days
(with 365 days being equal to one year). Any Break in Service of twelve months or less shall be included in an Employee’s Service. Notwithstanding anything herein to the contrary, an Employee’s Service determined as of December 31,
2004 shall not be less than such Employee’s “Years of Service” as determined under the Plan as in effect as of such date. 
 1.35
“Service Award Contribution Account” means the account maintained for a Participant to which have been credited the service award contributions, if any, made on behalf of such Participant prior to May 1, 2013, plus earnings and
net of any withdrawals or losses. 
 1.36 “Trust Agreement” means the trust agreement as amended from time to time, between the Company
(acting on behalf of the Employers) and the Trustee or Trustees, established for the purpose of funding the benefits under this Plan. 
 1.37 “Trust
Fund” means all such money or other property which shall be held by the Trustee pursuant to the terms of the Trust Agreement. 
 1.38
“Trustee” means the trustee or trustees acting as such under the Trust Agreement, including any successor or successors. 
 1.39
“USERRA” means the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended. 
 1.40 “Valuation Date”
means any date on which the New York Stock Exchange is open for trading. 

  
 6 

 Article 2 - Eligibility And Participation 

2.1 Eligibility to Become a Participant. An Eligible Employee shall be eligible to become a Participant as of his first day of employment with an
Employer. 
 2.2 Election to Commence Participation. 

(a) Participant Elections. Each Eligible Employee is required to make an election to participate prior to his commencement of
participation in the Plan. An Eligible Employee may make an election to participate in the Plan immediately upon hire and any such election to commence participation in the Plan shall become effective as soon as administratively practicable. 

(b) Deemed Elections. Effective January 1, 2012, each Eligible Employee other than a Penford Participant who (i) commences
employment (or reemployment) with an Employer on or after January 1, 2012 and (ii) has not affirmatively elected within 30 days after becoming an Eligible Employee (the “30-day election
period”) to commence participation in the Plan (or to recommence active participation in the Plan, in the case of a former Employee who has an existing Account balance under the Plan) shall be deemed to have elected to commence participation
(or recommence active participation) in the Plan and shall be deemed to have elected to have Deferred Contributions contributed on his behalf pursuant to Section 3.3(d). Such deemed election shall commence as soon as administratively
practicable following the 30-day election period and shall remain effective unless and until such Participant affirmatively elects to contribute a different amount (including no amount) pursuant to
Section 3.4. 
 Each such Participant who has been deemed to have elected to commence participation (or recommence active participation)
in the Plan shall be provided with a comprehensive notice of the Participant’s rights and obligations under the Plan. Such notice shall be written in a manner calculated to be understood by the average Participant and shall be provided at least
30 days, but not more than 90 days, before the beginning of the Plan Year (or, in the case of an Eligible Employee who becomes a Participant during the Plan Year, by the day on which such Eligible Employee becomes a Participant, but not more than 90
days prior). The notice must accurately describe (i) the amount of Deferred Contributions that will be made on behalf of the Participant in the absence of an affirmative election by the Participant, (ii) the Participant’s right to
elect to have no Deferred Contributions or a different amount of Deferred Contributions made on his behalf, (iii) and how such automatic Deferred Contributions shall be invested in the absence of instructions by the Participant. A Participant
who makes an affirmative election to contribute a different amount (including no amount) shall no longer be covered by the Plan’s deemed election provisions and shall no longer be provided with such notice. 

2.3 Cessation of Participation. An Eligible Employee who becomes a Participant shall remain a Participant until his entire Account balance is
distributed to him. 

  
 7 

 2.4 Leased Employee. If an individual who performed services as a leased employee (as defined below)
of an Employer or an Affiliate becomes an Employee, or if an Employee becomes such a leased employee, then any period during which such services were so performed shall be taken into account solely for purposes of (i) determining whether and
when such individual is eligible to participate in the Plan under this Article 2, (ii) measuring such individual’s years of Service, and (iii) determining when such individual has retired or otherwise terminated his or her employment for
purposes of Article 9 to the same extent it would have been had such service been as an Employee. This Section shall not apply to any period of service during which such a leased employee was covered by a plan as described below. 

For purposes of this Section 2.4, the term “leased employee” means any person (other than an employee of the recipient) who pursuant to an
agreement between the recipient and any other person (“leasing organization”) has performed services for the recipient (or for the recipient and related persons determined in accordance with section 414(n)(6) of the Code) on a
substantially full time basis for a period of at least one year, and such services are performed under primary direction or control by the recipient. Contributions or benefits provided a leased employee by the leasing organization which are
attributable to services performed for the recipient employer shall be treated as provided by the recipient employer. 

  
 8 

 Article 3 - Participant Contributions and Deferred Contributions 

3.1 Participant Contributions. 
 (a)
Subject to the limitations prescribed in Article 5, an Eligible Employee may elect to make Participant Contributions under the Plan on an after-tax basis. Any such election shall be made in the manner
prescribed by the Plan Administrator. Such election shall be effective beginning on the first day of the payroll period which is at least one day following receipt by the Plan Administrator of the Participant’s election or as soon as
administratively possible. The Eligible Employee’s election shall authorize such individual’s Employer to deduct Participant Contributions through regular payroll deductions in the amount specified by the Participant according to the
provisions of subsection (b). An Eligible Employee who is not otherwise a Participant in the Plan shall become a Participant upon making an election to make Participant Contributions as described herein. No contributions shall be made by a
Participant subsequent to the Valuation Date coincident with or immediately preceding the date of his termination of employment. 
 (b) A
Participant’s Participant Contributions shall be designated by the Participant as a whole percentage not less than 1% nor more than 75% of his Compensation per pay period. Participant Contributions shall be effected by payroll deductions made
each pay period, on an after-tax basis. In no event shall the total of Participant Contributions under this Section 3.1 and Deferred Contributions under Section 3.3 be more than 75% of the
Participant’s Compensation during any period in which contributions are made. 
 3.2 Changes in and Terminations of Participant Contributions.
The contributions referred to in Section 3.1 shall be entirely voluntary on the part of a Participant. A Participant may revoke his election to contribute at any time or he may change the rate of his contributions within the percentage limits
permitted under Section 3.1 at any time by notifying the Plan Administrator in the manner specified by the Plan Administrator. A change in the rate of contributions or revocation of an election to contribute becomes effective on the first day
of the payroll period which is at least one day following the date on which the Plan Administrator has received notification of such change or as soon as administratively possible. Participant Contributions shall be suspended during any approved
unpaid leave of absence or any other period which is included in determining Hours of Employment under Section 1.20 and for which a Participant does not receive Compensation, other than a leave which has a duration of less than one full payroll
period. Such Participant may contribute under Section 3.1 as soon as administratively possible following the date on which he resumes receiving Compensation. 

3.3 Deferred Contributions. 
 (a)
Elections. An Eligible Employee may elect, in the same manner and within the same time periods set forth in Section 3.1 to have his Employer contribute Deferred Contributions on his behalf. 

  
 9 

 (b) Limitations. Subject to the limitations prescribed in Section 3.6 and
Article 5, each Employer shall contribute for each pay period on behalf of each of its Participants who has made an election to have Deferred Contributions made on his behalf a whole percentage not less than 1% nor more than 75% of the
Participant’s Compensation per pay period, as designated in such election. The amount of Compensation otherwise payable for the period for which each such contribution is made shall be reduced by the amount of such contribution by means of a
payroll deduction each pay period. In no event shall the total of Participant Contributions under Section 3.1 and Deferred Contributions under this Section 3.3 be more than 75% of the Participant’s Compensation during any period in
which such contributions are made. 
 (c) Catch-up Contributions. Each Participant who
pursuant to Section 3.3(a) is eligible to make Deferred Contributions for a payroll period, who has elected Deferred Contributions of at least 6% and who shall attain age 50 before the close of such taxable year shall be eligible to have
Deferred Contributions made in addition to those described in Section 3.3(a) (“additional Deferred Contributions”) if no other Deferred Contributions to be made pursuant to subsection (a) of this Section may be made to the Plan
for such payroll period by reason of the limitations of Section 3.6 or any comparable limitation or, if the Committee shall so determine, the 75% restriction contained in Section 3.3(b) of the Plan. Such additional Deferred Contributions
shall be elected, made, suspended, resumed and credited in a manner similar to that described in Sections 3.3(a) and 3.3(b) and in accordance with and subject to such additional rules and limitations of section 414(v) of the Code and otherwise as
the Committee determines; provided that such Catch-Up Contributions may not exceed 75% of such Participant’s Compensation. To the extent such additional Deferred Contributions are not “catch-up contributions” as defined for purposes of section 414(v) of the Code, they shall be taken into account, and to the extent such additional Deferred Contributions are
catch-up contributions they shall not be taken into account, for purposes of Section 3.6 or other provisions of the Plan implementing the required limitations of sections 401(k)(3), 401(k)(11),
401(k)(12), 402(g), 404, 410(b), 415 or 416 of the Code, as applicable. 
 (d) Deemed Elections. Subject to the limitations prescribed
in Section 3.6 and Article 5, each Employer shall contribute for each pay period on behalf of each of its Participants who has been deemed to have made an election to have Deferred Contributions made on his behalf, pursuant to
Section 2.2(b), 6% of the Participant’s Compensation per pay period. The amount of Compensation otherwise payable for the period for which each such contribution is made shall be reduced by the amount of such contribution by means of a
payroll deduction each pay period. 
 3.4 Changes in and Terminations of Deferred Contributions. Changes in and termination of Deferred Contributions
shall be made at the same time and in the same manner and subject to the same limitations as prescribed for Participant Contributions in Section 3.2. 

The Deferred Contribution election designated by a Participant shall continue in effect until the Participant changes or terminates such election (or until
the date the Participant terminates employment with his Employer) or, in the case of a change which the Participant elects to make effective at a later date (any such election, an “automatic escalation election”), until the date

  
 10 

 
elected by the Participant, all subject to the last sentence of this paragraph. Except as otherwise prescribed by the Plan Administrator, an election to change or terminate the Participant’s
Deferred Contributions shall be effective as soon as administratively practicable. The Plan Administrator shall prescribe uniform rules to govern the time at which such elections must be made, the date(s) on which automatic escalation elections may
be effective and any maximum amounts applicable to such automatic escalation elections. 
 3.5 Rollover Contributions. 

(a) Rollover from Employer Plan, Section 403(b) Annuity Contract or Section 403(a) or 457 Plan. If an Eligible Employee
receives, either before or after becoming an Employee, an eligible rollover distribution (within the meaning of section 402(c)(4) of the Code) from another employees’ trust described in section 401(a) or 403(a) of the Code, from an annuity
contract described in section 403(b) of the Code or from an eligible plan under section 457(b) of the Code, then such Eligible Employee may contribute to the Plan an amount which does not exceed the amount of such rollover distribution. 

(b) Rollover from IRA. If an Eligible Employee receives, either before or after becoming an Employee, a distribution or distributions
from an individual retirement account or individual retirement annuity (within the meaning of section 408 of the Code), then such Employee may contribute to the Plan the amount of such distribution. 

(c) Delivery of Rollover Contribution and Roth Rollover Contribution to Applicable Administrative Named Fiduciary and to Trustee. Any
Rollover Contribution pursuant to this Section shall be delivered by the Eligible Employee to the Plan Administrator on or before the 60th day after the day on which the Eligible Employee receives
the distribution (or on or before such other date as may be prescribed by law). The Plan Administrator shall deposit such Rollover Contribution with the Trustee. The Plan Administrator need not accept a Rollover Contribution if in its judgment
accepting such contribution could potentially cause the Plan to violate any provision of the Code, ERISA or Regulations or would be otherwise undesirable or difficult to administer. An Eligible Employee who is not otherwise a Participant in the Plan
shall become a Participant upon delivery of a Rollover Contribution to the Plan Administrator as described herein. 
 3.6 Annual Limit on Deferred
Contributions. 
 (a) Notwithstanding the provisions of Section 3.3, a Participant’s Deferred Contributions made pursuant to
such Section for any calendar year shall not exceed the dollar limit prescribed by section 402(g) of the Code (as adjusted for cost-of-living increases in accordance
with section 402(g)(5) of the Code) for such calendar year, except to the extent set forth in Section 3.3(c) and section 414(v) of the Code with respect to “catch-up” contributions made pursuant
to Section 3.3(c) and section 414(v) of the Code. 

  
 11 

 (b) Except to the extent set forth in Section 3.3(c) and section 414(v) of the Code
with respect to catch-up contributions described in Section 3.3(c), if for any calendar year the Deferred Contributions to this Plan or the aggregate of Deferred Contributions to this Plan plus amounts
contributed under other plans or arrangements described in sections 401(k), 403(b), 408(k) or 408(p) of the Code will exceed the limit imposed by subsection (a) of this Section for the calendar year in which such contributions were made
(“excess deferred contributions”), such excess deferred contributions plus any income and minus any loss allocable thereto shall be recharacterized as Participant Contributions made pursuant to Section 3.1(a). The amount of any income
or loss allocable to such excess Deferred Contributions shall be determined pursuant to section 402(g)(2)(A)(ii) of the Code and Treasury Regulation section 1.401(k)-1(f)(4)(ii)(C) and (D). Notwithstanding the
provisions of this paragraph, any such excess deferred contributions that are distributed in accordance with Regulation section 1.402(g)-1(e)(2) or (3) shall not be treated as “annual additions”
for purposes of Section 5.1. 

  
 12 

 Article 4 - Employer Contributions 

4.1 Matching Contributions. For each payroll period during a Plan Year an Employer shall contribute to the Plan on behalf of each Participant employed
by such Employer (other than a Participant subject to the suspension described in Section 8.1(a)) 100% of the Deferred Contributions or Participant Contributions made by and on behalf of the Participant that together do not exceed 6% of such
Participant’s Compensation for such payroll period during a Plan Year. Any contribution made pursuant to this Section shall be referred to hereinafter as a “Matching Contribution.” Notwithstanding anything herein to the contrary,
(a) no Participant shall be eligible to receive any Matching Contributions with respect to any portion of such Participant’s Catch-Up Contributions made pursuant to Section 3.3(c), and
(b) no Participant shall be eligible to receive any Matching Contributions if such Participant enters into an agreement not to be subject to such Matching Contributions or is in a class of Participants who are excluded from eligibility for
receiving the Matching Contributions. 
 4.2 Profit Sharing Contribution for Participants Hired or Transferred to Salaried Status After 2014. Each
Employer shall contribute to the Plan on behalf of (a) each Eligible Employee who was hired by an Employer on or after January 1, 2015, and (b) each Employee who becomes an Eligible Employee on or after January 1, 2015, an amount
determined by the Company in its discretion, which amount effective January 1, 2015 shall equal 3 percent of each such Eligible Employee’s Compensation. 

  
 13 

 Article 5 - Statutory Limitations on Benefits 

5.1 Maximum Annual Additions Under Section 415 of the Code. Notwithstanding any other provision of the Plan, the amounts allocated
to each Participant’s Account for any Plan Year shall be limited so that the aggregate annual additions for such Plan Year to the Participant’s Account in this Plan and in all other defined contribution plans in which he is a participant
shall not exceed the lesser of: 
 (I) $40,000 (as adjusted for increases in the cost-of-living pursuant to section 415(d) of the Code) and 
 (II) 100% of the Participant’s
compensation (as defined below). 
 If the amount to be allocated to a Participant’s Account under the Plan for such year exceeds the limitations set
forth in this Section, then the excess allocations shall be corrected in accordance with the Employee Plans Compliance Resolution System of the Internal Revenue Service. Such excess allocations shall be deemed: 

(a) first, Participant Contributions and corresponding Matching Contributions (if any), plus earnings on such contributions; and 

(b) second, Deferred Contributions and corresponding Matching Contributions (if any) plus earnings on such contributions. 

Any Matching Contributions reduced pursuant to subparagraphs (a) and (b) above in which a Participant is not vested shall be forfeited. 

The “annual additions” for a Plan Year to a Participant’s Account in this Plan and in any other defined contribution plan is the sum during
such Plan Year of— 
  

	 	(i)	 the amount of Employer contributions allocated to such Participant’s accounts, excluding, however, any
Deferred Contributions that are “catch-up” contributions made pursuant to Section 3.3(c) and section 414(v) of the Code. 

 

	 	(ii)	 the amount of forfeitures allocated to such Participant’s accounts, 

 

	 	(iii)	 the amount allocated to any individual medical benefit account (as defined in section 415(1) of the Code)
maintained on behalf of the Participant, the amount attributable to medical benefits allocated to a post-retirement medical account (as described in section 419(A)(d)(2) of the Code) and mandatory employee contributions (as defined in section
411(c)(2)(C) of the Code) to a defined benefit plan, regardless of whether such plan is subject to the requirements of section 411 of the Code, and 

  
 14 

	 	(iv)	 the amount of contributions by the Participant to such Plan but excluding any rollover contribution made to
such Plan. 

 For purposes of this Section, the “limitation year” shall be the Plan Year, the terms “compensation,”
“defined contribution plan,” and “year of service” shall have the meanings set forth in section 415 of the Code and the Regulations promulgated thereunder, and a Participant’s Employer shall include entities that are members
of the same controlled group (within the meaning of section 414(b) of the Code as modified by section 415(h) of the Code) or affiliated service group (within the meaning of section 414(m) of the Code) as his Employer or under common control (within
the meaning of section 414(c) of the Code as modified by section 415(h) of the Code) with his Employer or such entities. 
 5.2 Limitations on
Contributions for Highly Compensated Employees. 
 (a) Actual Deferral Percentage Test Imposed by Section 401(k)(3)
of the Code. Notwithstanding the provisions of Section 3.3, and except as provided in Section 414(v) of the Code, the Plan shall be administered so that the requirements of Section 401(k)(3) and Treasury regulations section 1.401(k)-2, using the prior year testing method, shall be met. 
 (b) Actual Contribution Percentage
Test Imposed by Section 401(m) of the Code. Notwithstanding the provisions of Sections 3.1 and 4.1, and except as provided in Section 414(v) of the Code, the Plan shall be administered so that the requirements of
Section 401(m)(2) and Treasure regulations section 1.401(m)-2, using the prior year testing method, shall be met. 

5.3 Limitation on Contributions. 
 (a)
Deductibility. Notwithstanding anything contained in the Plan to the contrary, contributions made to the Plan under Section 3.3 and Article 4 for any Plan Year shall not exceed the maximum amount for which a deduction is allowable to
such Employer for federal income tax purposes on account of such contributions for the fiscal year of the Employer which ends with or within a Plan Year. Any contribution which is determined by the Internal Revenue Service to be nondeductible by an
Employer shall be returned to such Employer within one year following the date on which such deduction is disallowed. 
 (b) Mistake of
Fact. Any contribution made by an Employer by reason of a good faith mistake of fact shall, upon the request of such Employer, be returned by the Trustee to such Employer. The Employer’s request and the return of any such contribution must
be made within one year after such contribution was mistakenly made. The amount to be returned to the Employer pursuant to this paragraph shall be the excess of the amount contributed over the amount which would have been contributed had there not
been a mistake of fact. If the return to the Employer of the amount attributable to the mistaken contribution would cause the amount credited to any Participant’s Account as of the date such amount is to be returned (as if such date were a
Valuation Date) to be reduced to less than what would have been the amount credited to such Account as of such date had the mistaken amount not been contributed, the amount to be returned to the Employer shall be limited so as to avoid such a
reduction. 

  
 15 

 Article 6 - Trust 

A Trust shall be created by the execution of a Trust Agreement between the Company (acting on behalf of the Employers) and the Trustee. All
contributions under the Plan shall be made to the Trustee. The Trustee shall hold all property received by it and invest the income and allocate the losses from all property held by it on behalf of the Participants collectively in accordance with
the provisions of the Plan and the Trust Agreement. The Trustee shall make distributions from the Trust Fund at such time or times to such person or persons (or such qualified plans or individual retirement accounts) and in such amounts as the
Committee shall direct in accordance with the Plan. 

  
 16 

 Article 7 - Investment Elections and Allocations to Participants’
Accounts 
 7.1 Separate Accounts and Investment Elections. 

(a) Accounts. The Committee shall establish and maintain, or cause the Trustee or such other agent as the Committee may select to
establish and maintain, a separate Account for each Participant. Such Accounts shall be solely for accounting purposes and no segregation of assets of the Trust among the separate Accounts shall be required. Each Account shall consist of (a) if
a Participant is making or has made Participant Contributions, a Participant Contribution Account, (b) if Deferred Contributions are being made or have been made for a Participant, a Deferred Contribution Account, (c) if Matching
Contributions are being made or have been made for a Participant, a Matching Contribution Account, (d) if Profit Sharing Contributions have been made, a Profit Sharing Account, (e) if Service Award Contributions have been made, a Service
Award Contribution Account, and (f) if a Participant has made a rollover contribution, a Rollover Account. 
 (b) Investment
Funds. (1) In General. The Committee shall establish and maintain, or shall cause to be established and maintained, three or more investment funds, the type and number of such funds to be determined by the Company, to which all
amounts contributed under the Plan shall be credited according to each Participant’s investment elections pursuant to subsection (c) of this Section. The Trustee shall establish and maintain, or cause to be established or maintained,
investment subaccounts with respect to each such investment fund to which amounts contributed under the Plan shall be credited according to each Participant’s investment elections pursuant to subsection (c) of this Section. All such
subaccounts shall be for accounting purposes only, and there shall be no segregation of assets within the investment funds among the separate subaccounts. 

(2) Company Stock Fund. The Committee shall establish or shall cause to be established a Company Stock Fund. The assets of the Company
Stock Fund shall be invested primarily in shares of Company Stock and short-term liquid investments in a commingled money-market fund maintained by the Trustee, to the extent determined by the Trustee to be necessary to satisfy such fund’s cash
needs. Each Participant’s proportional interest in the Company Stock Fund shall be represented by units of participation, each such unit representing a proportionate interest in all the assets of such fund. In making purchases or sales of
shares of Company Stock for the Company Stock Fund, the Trustee shall purchase or sell shares of Company Stock in the manner and in the proportion as prescribed by the Company in accordance with rules adopted for such purpose. Notwithstanding
anything herein to the contrary, any Participant’s investment election relating to the Company Stock Fund shall be effective only to the extent such election complies with the restrictions on transactions in Company Stock contained in the
Company’s Insider Trading Policy and applicable law. 

  
 17 

 (c) Investment Elections. Each Participant shall make an investment election which
shall apply to the investment of his Account balance and any earnings thereon and shall make an election which shall apply to future contributions which will be made to such Participant’s Account pursuant to Sections 3.1, 3.3, 4.1 and 4.2 and
to the loan payments made pursuant to Section 8.2(e). Such election shall specify that such contributions be invested either (i) wholly in one fund maintained pursuant to subsection (b) or (ii) divided among such funds in multiples
established by the Committee from time to time. During any period in which no direction as to the investment of a Participant’s Account is on file with the Committee, contributions made by him or on his behalf to the Plan shall be invested in
such manner as the Committee shall determine. 
 With respect to the allocation of the Participant’s existing Account balances among the
available investment funds, a Participant may elect to change his investment election effective as of any Valuation Date. The Committee may prescribe uniform rules which shall govern the time by which any such election shall be made in order to be
effective for a Valuation Date. A Participant may change his investment elections only once during any one day. 
 With respect to the
investment of future contributions to the Participant’s Account among the available investment funds, a Participant may elect to change his investment election effective as of the date the change is elected. The Committee may prescribe uniform
rules which shall govern the date and time by which any such election shall be made in order to be effective for a calendar month. Such an election may be made as of any Valuation Date, provided that in the event a Participant makes more than one
election with respect to a calendar month, the last such election made by the Participant shall control. 
 (d) Applicability. For
purposes of this Section, the term “Participant” shall include any beneficiary of a deceased Participant and any alternate payee under a qualified domestic relations order on whose behalf an account has been established under this Plan.

 7.2 Allocation of Contributions and Withdrawals to Accounts. 

(a) Allocations of Deferred Contributions. As soon as administratively feasible, but in no event any later than the 15th business day following the end of the payroll month, the Committee shall deposit the Deferred Contributions made via payroll reduction during such semi-monthly period with the Trustee. Such
contributions shall be allocated to the Deferred Contribution Account of each Participant on whose behalf such contributions were made as soon as practicable after such date. 

(b) Allocations of Participant Contributions. Twice per calendar month (or at such other frequency prescribed by the Committee), the
Committee shall deposit the Participant Contributions made during such semi-monthly period (or other period prescribed by the Committee) with the Trustee. Such contributions shall be allocated to the Participant Contribution Account of each
Participant who made such contributions as soon as practicable after such date. 

  
 18 

 (c) Allocations of Matching Contributions. Twice per calendar month, but in no event
later than the due date of the Employer’s tax return for the year, Matching Contributions made during such month shall be deposited with the Trustee. Such contributions shall be allocated to the Matching Contribution Account of each Participant
for whom such contributions are made as soon as practicable after such date. 
 (d) Allocations of Profit Sharing Contributions. As of
the end of each pay period, after the adjustments described in Section 7.3 have been made, the Committee shall allocate the Profit Sharing Contributions made pursuant to Section 4.2 since the preceding pay period to the Profit Sharing
Account of each Eligible Employee who was hired by an Employer on or after January 1, 2015 and each Employee who becomes an Eligible Employee on or after January 1, 2015. Such Profit Sharing Contributions shall be allocated on a pro-rata basis to each Participant based on each such Participant’s Compensation at the end of each pay period. 

(e) Allocations of Rollover Contributions. As soon as administratively practicable after a Participant delivers a rollover contribution
to the Trustee/Recordkeeper, the Trustee/Recordkeeper shall deposit such contribution with the Trustee. Such contribution shall be allocated to the Participant’s Rollover Account as soon as practicable after such date. Any such contribution
must be accompanied by such information and certifications that the Trustee/Recordkeeper may require. Notwithstanding the foregoing, the Trustee/Recordkeeper shall not accept a rollover contribution if in its judgment accepting such contribution
would cause the Plan to violate any provision of the Code or Regulations. 
 (f) Allocation of Loan Repayments. As soon as
administratively feasible, but in no event later than the 15th business day following the end of the payroll month, the Committee shall deposit the loan repayments during such semi-monthly period
with the Trustee. Such repayments shall be allocated to the Deferred Contribution Account or Rollover Account, as applicable, of each Participant who made such repayments as soon as practicable after such date. The Committee shall reduce the
Participant’s loan subaccount (as defined in Section 8.2(e)) by the principal portion of such loan repayments. 
 (g) Allocation
of Withdrawals. As of each Valuation Date, after making the adjustments described in Section 7.3, a Participant’s Account shall be reduced by the amount of any withdrawals or distributions from such Account made after the immediately
preceding Valuation Date. 
 (h) Allocation of Forfeitures. Forfeitures arising under this Plan pursuant to Section 9.1(b) shall
be applied to fund Employer Matching Contributions or pay proper expenses of the Plan during the Plan Year during which, but nor prior to the date on which, such forfeitures occur pursuant to Section 9.1(b). 

  
 19 

 7.3 Valuation of Participants’ Accounts. 

(a) Value of Investment Funds. Except for the Company Stock Fund, as of each Valuation Date, the value of the portion of
Participants’ Accounts that is invested in each investment fund shall be determined based upon the number of units invested in each such fund and the net asset value of each such fund, as determined by the Trustee. 

(b) Valuation of Portion of Accounts Invested in Company Stock. As of each Valuation Date, which shall occur at least annually, the
value of Participants’ Accounts that is invested in Company Stock, including any accumulated cash, shall be determined by the Trustee, taking into account any cash dividends, shares received as a stock split or dividend or as a result of a
reorganization or other recapitalization of the Company, or other distributions paid to shareholders of Company Stock, since the preceding Valuation Date. 

(c) Value of Total Account. The valuation of a Participant’s Account as of any Valuation Date shall be the sum of the values of his
Participant Contribution Account, Deferred Contribution Account, Matching Contribution Account, Profit Sharing Account, Service Award Contribution Account and Rollover Account. A Participant’s Account shall be further reduced or increased in
such manner as the Committee determines in its discretion to be necessary to provide an equitable allocation of any change in the value of the net worth of the Trust Fund. 

7.4 Correction of Error. If it shall come to the attention of the Committee that an error has been made in any of the allocations prescribed by this
Plan, appropriate adjustment shall be made to the Accounts of all Participants and Beneficiaries that are affected by such error, except that no adjustment need be made with respect to the Account of any Participant which has been distributed in
full prior to the discovery of such error. 

  
 20 

 Article 8 - Withdrawals and Loans 

8.1 Withdrawals Prior to Termination of Employment. 

(a) Withdrawals from Participant Contribution Account. A Participant who is an Employee may elect to withdraw all or any portion of the
balance of his Participant Contribution Account. Amounts withdrawn from a Participant’s Participant Contribution Account shall be debited first from Participant Contributions the Participant made prior to January 1, 1987 and next shall be
debited from the Participant’s Plan Accounts in the manner determined by the Plan Administrator. If a Participant withdraws any amounts attributable to Participant Contributions made during the two-year
period ending on the date of withdrawal which were matched by Matching Contributions as described in Section 4.1, the Participant shall be suspended from receiving allocations of Matching Contributions for a period of 6 months from the date
such amount is withdrawn. Notwithstanding the foregoing, in the case of a Participant who makes a withdrawal pursuant to this subsection while on an approved leave of absence, such 6-month suspension shall
begin on the date of such withdrawal. 
 (b) Withdrawals After Age 591⁄2. Upon attaining age 591⁄2, a Participant who is an Employee may withdraw all or any part of the balances of his Deferred
Contribution Account, Matching Contribution Account and Rollover Account. 
 (c) Hardship Withdrawals. A Participant who is an
Employee may, prior to attainment of age 591⁄2, withdraw a portion of the balance of the Participant’s Deferred Contribution Account and Service Award
Contribution Account, but only on account of a financial hardship. No amount may be withdrawn from a Participant’s Matching Contribution Account or Profit Sharing Account under this subsection on account of financial hardship. No financial
hardship withdrawal shall be permitted (1) while any amounts remain in such Participant’s Participant Contribution Account or Rollover Account or (2) if the Participant is currently eligible to borrow from the Plan pursuant to
Section 8.2, unless the Participant attests that making loan payments on amounts borrowed from the Plan will cause a financial hardship. 

Financial hardship shall be deemed to exist only if the distribution is necessary because of immediate and heavy financial need of the
Participant under the following circumstances: 
 (1) to pay expenses for (or necessary to obtain) medical care that would be deductible
under section 213(d) of the Code (determined without regard to whether the expenses exceed 7.5% of adjusted gross income) incurred by the Participant or the Participant’s spouse, children, dependents (as defined in section 152 of the Code, and,
for taxable years beginning on or after January 1, 2005, without regard to section 152(b)(1), (b)(2) and (d)(1)(B) of the Code) or primary beneficiary; 

  
 21 

 (2) to pay costs directly related to the purchase of the Participant’s principal
residence (excluding periodic mortgage payments); 
 (3) to pay tuition, related educational fees, and room and board expenses, for the next
twelve (12) months of post-secondary education for the Participant or the Participant’s spouse, children, dependents (as defined in section 152 of the Code, and, for taxable years beginning on or after January 1, 2005, without regard
to section 152(b)(1), (b)(2) and (d)(1)(B) of the Code) or primary beneficiary; 
 (4) to prevent eviction from, or foreclosure on, the
Participant’s principal residence; or 
 (5) to pay for burial or funeral expenses for the Participant’s deceased parent, spouse,
children or dependents (as defined in section 152 of the Code), and, for taxable years beginning on or after January 1, 2005, without regard to section 152(d)(1)(B) of the Code) or primary beneficiary; or 

(6) to pay expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under
section 165 of the Code (determined without regard to whether the loss exceeds 10% of adjusted gross income). 
 For purposes of this
Section 8.1(c), the term “primary beneficiary” shall mean any individual who is named as a beneficiary and has an unconditional right to all or a portion of the Participant’s Account balance under the Plan upon the death of the
Participant. 
 For purposes of this subsection, a distribution shall be deemed necessary to satisfy an immediate and heavy financial need
only if: 
 (1) the Trustee/Recordkeeper receives from the Participant a representation that the need cannot be relieved: 

(i) by cessation of Deferred Contributions and Participant Contributions under the Plan; or 

(ii) by other distributions or nontaxable loans (at the time of the loan) from plans maintained by the Company or any other Employer, or by
borrowing from commercial sources on reasonable commercial terms, in an amount sufficient to satisfy the need, and 
 (2) the
Trustee/Recordkeeper reasonably relies on the accuracy of such representation. The Trustee/Recordkeeper may rely upon the Participant’s representation unless it has actual knowledge to the contrary. 

  
 22 

 (3) For purposes of paragraph (1) above, a need cannot reasonably be relieved by one of
the actions listed therein if the effect would be to increase the amount of the need. 
 In no event may the amount withdrawn pursuant to
this subsection (c) exceed the amount of the Participant’s Deferred Contributions not previously withdrawn plus the income credited on the Participant’s Deferred Contributions as of December 31, 1988. The amount of an immediate
and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution. The Trustee/Recordkeeper shall determine whether the criteria for
hardship withdrawal have been satisfied and has the right to refuse a hardship withdrawal request if it finds that such criteria have not been satisfied. 

Notwithstanding any provision of the Plan to the contrary, a Participant who receives a hardship distribution hereunder shall be prohibited
from making any Deferred Contributions under Section 3.3 and any Participant Contributions under Section 3.1 until the first payroll period commencing coincident with or next following the date which is six months after the date the
hardship distribution was processed (or such earlier date as may be permitted by applicable Regulations). Such Participants, including those who had been deemed to have elected to participate in the Plan pursuant to Section 2.2(b), may elect to
resume making Deferred Contributions in accordance with the procedures set forth in Section 3.3 and Participant Contributions in accordance with procedures set forth in Section 3.1. Notwithstanding the foregoing, in the case of a
Participant who makes a withdrawal pursuant to this subsection while on an approved leave of absence, such six-month suspension shall begin on the date of such withdrawal. 

(d) Rollover Withdrawals. While an Employee, a Participant may at any time withdraw all or any portion of the balance of his Rollover
Account. 
 (e) Qualified Reservist Withdrawals. A Participant who is a Qualified Reservist may, subject to subsection (h) of
this Section, make a request while on active duty as a Qualified Reservist, by instructions at the time and in the manner prescribed by the Committee, to withdraw any portion not attributable to outstanding loans of the balance of the
Participant’s Participant Contribution Account. For a period of two years after the end of the active duty period, the Participant may repay the withdrawal by making contributions outside of the Plan to an individual retirement account (within
the meaning of section 408 of the Code) in accordance with section 72(t)(2)(G) of the Code. 
 (f) Military Service Withdrawals. A
Participant who (i) is performing service in the uniformed services (as defined in 38 U.S.C. Chapter 43) while on active duty, and (ii) has been so performing such services while on active duty for a period of more than thirty
(30) days, may elect to withdraw an amount from his Deferred Contribution Account; provided the Participant ceases making any Participant Contributions under Section 3.1 and any Deferred Contributions under Section 3.3 until the first
pay period of the calendar month which begins with or next follows the six-month anniversary of the military service withdrawal. 

  
 23 

 (g) Other Withdrawals. A Participant who, on April 1, 1979, had an account
balance under the CPC Plan may elect to withdraw (i) the portion of his Participant Contribution Account which is equal to the value of such account on April 1, 1979 plus the value of amounts attributable to any Employer contributions
(other than elective deferrals described in section 401(k) of the Code) made during the two-year period ending on April 1, 1979 reduced by (ii) the aggregate amount of prior withdrawals made on or
after April 1, 1979 of such contributions. In no event shall a withdrawal made pursuant to this subsection exceed (i) with respect to the portion attributable to Participant Contributions, the total balance of the Participant’s
Participant Contribution Account and (ii) with respect to the remaining portion, the total balance of the Participant’s Matching Contribution Account, Service Award Contribution Account and Profit Sharing Account. 

(h) Miscellaneous Rules Relating to Withdrawals. A Participant may request a withdrawal pursuant to this Section in the manner and
subject to the timing limitations and minimum amounts prescribed by the Committee. For purposes of determining the balance of a Participant’s Accounts under the Plan for purposes of this Section, such balances shall be valued as of the date the
Participant’s request has been approved for processing by the Trustee/Recordkeeper. All withdrawals under this Section shall be paid in cash. For purposes of this subsection, the value of a Participant’s Accounts shall be determined by
excluding the portion credited to the Participant’s loan subaccount under Section 8.2(e), if any. In addition, such withdrawal shall be prorated among the Participant’s investment funds. Notwithstanding anything herein to the
contrary, any withdrawals under Section 8.1 may be made from the portion of the Participant’s Account invested in the Company Stock Fund only in accordance with the restrictions on transactions in Company Stock contained in the
Company’s Insider Trading Policy and applicable law. Amounts withdrawn shall be debited from the Participant’s Accounts in the manner determined by the Plan Administrator. 

8.2 Loans to Participants. 
 (a) Making
of Loans. Subject to the restrictions set forth in this Section, the Committee shall establish a loan program whereby any Participant who is an Employee may request to borrow funds from the Plan. The principal balance of such loan shall be not
less than $500 and shall not exceed the lesser of (1) 50% of the aggregate of the Participant’s vested Account balance under the Plan as of the Valuation Date coinciding with or immediately preceding the day on which the loan is made, and (2)
$50,000, reduced by the excess, if any, of the highest outstanding loan balance of the Participant under all plans maintained by the Employer during the period of time beginning one year and one day prior to the date such loan is to be made and
ending on the date such loan is to be made over the outstanding balance of loans from all such plans on the date on which such loan was made. 

(b) Restrictions. No Participant may have more than two loans outstanding at any time. Amounts equal to any such loan (or loans, as the
case may be) shall be debited from the Participant’s Plan Accounts in the manner determined by the Plan Administrator. Such amounts shall be debited from the investment fund or funds on a pro rata basis; provided, however, that
amounts may be debited from the portion of a 

  
 24 

 
Participant’s Account invested in the Company Stock Fund only in accordance with the restrictions on transactions in Company Stock contained in the Company’s Insider Trading Policy and
applicable law. Any loan approved by the Committee pursuant to the preceding paragraph (a) shall be made only upon the following terms and conditions: 

(1) The period for repayment of the loan shall be determined by the Participant, but such period shall not exceed five years
from the date of the loan; provided, however, that if the purpose of the loan, as determined by the Committee, is to acquire any dwelling unit that within a reasonable period of time is to be used as the principal residence of the
Participant, then such period for repayment shall not exceed fifteen years. Such loan may be prepaid, without penalty, by delivery to the Trustee/Recordkeeper of cash in an amount equal to the entire unpaid balance of such loan. Any loan is due in
full upon termination of employment. Notwithstanding anything herein to the contrary, period for repayment of any loan transferred to the Plan pursuant to the merger of the Retirement Savings Plan for Salaried Employees of National Starch LLC into
the Plan effective December 3, 2012 or the merger of the Penford Corporation Savings and Stock Ownership Plan into the Plan effective January 15, 2016 shall be determined by the terms of such loan as in effect as of such date. 

(2) No loan shall be made unless the Participant consents to have such loan repaid in substantially equal installments deducted
from the regular payments of the Participant’s compensation during the term of the loan. Notwithstanding the foregoing, loan repayments under this Plan may be suspended with respect to a Participant in military service to the extent required by
USERRA and in accordance with section 414(u)(4) of the Code. 
 (3) Each loan shall be evidenced by the Participant’s
collateral promissory note for the amount of the loan, with interest, payable to the order of the Trustee, and shall be secured by an assignment of a portion of the Participant’s vested benefit under the Plan equal to the initial principal
amount of such loan and such other collateral as may be required by the Committee. 
 (4) Each loan shall bear a fixed
interest rate which shall be equal to the prime rate on the last Valuation Date of the month preceding the date the loan is applied for as published in Reuters on the business day following such Valuation Date, plus 1%. 

(5) Each Participant requesting a loan shall, as a condition of receiving such loan, pay such reasonable loan processing fee as
shall be set from time to time by the Committee. To the extent permitted by the Committee, such fee may be paid from the loan proceeds. 

(6) The Committee may, in its sole discretion, restrict the amount to be disbursed pursuant to any loan request to the extent
it deems necessary to take into account any fluctuations in the value of a Participant’s Accounts since the date on which the Participant filed a request for a loan. 

  
 25 

 (7) The Committee may, in its sole discretion, cause a charge as an expense
to the Accounts of any Participant receiving a loan any reasonable administrative fee for processing or annual maintenance of such loan. 

(c) Loan Default. In the event a Participant defaults on a Plan loan, the entire unpaid balance of the loan shall become due and payable
immediately. The Committee may declare a loan to be in default if any of the following events occur: 
 (1) the termination
of his employment with his Employer for any reason (including death); 
 (2) failure of the Participant to make any payment
of principal or interest on the loan on or before the date such payment is due (subject to any grace period established by the Committee in accordance with Treasury regulations); 

(3) the Participant’s net paycheck (after all other payroll deductions) decreases to an amount lower than his payroll
deduction loan repayment amount; 
 (4) failure of the Participant to perform or observe any of his covenants, duties or
agreements under the promissory note executed by the Participant with respect to the loan; 
 (5) receipt by the Plan of
opinion of counsel to the effect that (1) the Plan will, or could, lose its status as a qualified plan under section 401(a) of the Code unless the loan is repaid or (2) the loan violates, or may violate, any provision of ERISA; 

(6) any portion of the Participant’s Account that is not in excess of the amount that has been pledged as security for the
loan becomes payable from the Plan to the Participant, to any beneficiary of the Participant, or to any “alternate payee” of the Participant pursuant to any qualified domestic relations order (as defined in section 414(p) of the Code); or

 (7) the Participant makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated
insolvent or bankrupt, or becomes a subject of any wage earner plan under the federal Bankruptcy Code or under any applicable state insolvency law, or there is commenced against the Participant any bankruptcy, insolvency, or other similar proceeding
which remains undismissed for a period of 60 days (or the Participant by an act indicates his consent to, approval of, or acquiescence in any such proceeding). 

Notwithstanding the foregoing, loan repayments may be suspended for (i) any period during which a Participant takes an authorized unpaid
sick leave from his Employer and (ii) any period of a Participant’s unpaid authorized leave of absence, but in no 

  
 26 

 
event for a period exceeding one year; provided however, that such suspension may not extend the term beyond five years after the date of the loan in the case of any Participant on a non-military leave of absence, or, in the case of any loan used to acquire the principal residence of the Participant, shall not exceed fifteen years. A default shall occur upon the Participant’s resumption of
active employment unless the Participant pays all outstanding amounts in arrears upon such resumption, or upon the expiration of such one-year period, if earlier. 

In the event a default on a Participant loan occurs and the Participant does not pay the entire unpaid balance of the loan (with accrued unpaid
interest) within five business days after the date the default occurs, the Participant’s vested interest under the Plan that has been pledged as security for repayment of the Plan loan shall be applied immediately, to the extent required, to
pay the entire unpaid balance of the loan (and all accrued unpaid interest thereon); provided, however, that in the case of a default described in subparagraph (7) above, the Plan may distribute the Participant’s promissory
note to the Participant (or if the Participant has died, to his beneficiary) in full satisfaction of the Plan’s liability to the Participant (or if the Participant has died, to his beneficiary) with respect to that portion of the
Participant’s vested Account equal to the outstanding loan amount (including accrued unpaid interest). Notwithstanding the foregoing, no portion of the Participant’s Account consisting of, or attributable to, the Participant’s
elective deferrals (as defined in section 402(g) of the Code) shall be applied to pay an outstanding loan before the date the Participant terminates employment or, if earlier, attains age 591⁄2. 
 Failure by the Committee to enforce strictly Plan rights with respect to a default on a Plan loan
shall not constitute a waiver of such rights. 
 (d) Applicability. The provisions of this Section 8.2 shall apply to any person
who is a Participant but who is not an Employee and any beneficiary of a deceased Participant if such Participant or beneficiary is a “party in interest” as defined in section 3(14) of ERISA. The grant of a loan pursuant to this
Section 8.2 and the terms and conditions thereof shall apply to any such Participant or beneficiary in the same manner as to a Participant who is an Employee, except that the requirements of Section 8.2(b)(2) shall be met with respect to
each such Participant and beneficiary if such Participant or beneficiary consents to have such loan repaid in substantially equal installments as determined by the Committee, but not less frequently than quarterly. 

(e) Loan Subaccount. The Committee shall cause to be maintained a loan subaccount for the receipt of amounts debited from a
Participant’s accounts attributable to any loan made pursuant to this Section 8.2. Appropriate accounting entries reflecting such transfers shall be concurrent with the disbursement to the Participant of amounts borrowed. A repayment of
interest or principal received in respect of amounts borrowed by a Participant shall be credited to the loan subaccount of such Participant as soon as practicable after the Valuation Date coinciding with or next following the date on which such
payment is made. Such repayments shall be credited to the Participant’s Deferred Contribution Account, Rollover Account, Profit Sharing Account, Service Award Contribution Account and Matching Contribution Account in the same proportion as such

  
 27 

 
accounts were charged with the loan. Repayments so allocated to a Participant shall then be allocated among such Participant’s investment fund subaccounts in accordance with such
Participant’s investment direction in effect at the time that such repayments are credited to the Participant’s Accounts. 

  
 28 

 Article 9 - Distributions Upon Termination of Employment 

9.1 Entitlement to Distribution Upon Termination of Employment. 

(a) Vesting. A Participant or his designated beneficiary, as the case may be, shall be entitled to receive his or her entire Account
balance as soon as administratively practicable following the date on which the Participant’s termination of employment occurs if the Participant terminates employment after completing at least three years of Service, on account of death, after
attainment of age 65 or if such Participant becomes a Disabled Participant. If a Participant terminates employment for any other reason before completing three years of Service, he shall be entitled to receive a percentage of his Matching
Contribution Account and Profit Sharing Account to be determined pursuant to the following table by reference to the Participant’s years of Service as of his date of termination: 

 

			
	 Years of Service
	  	Vesting
Percentage
	 Less than 1
	  	0
	 1 but less than 2
	  	34
	 2 but less than 3
	  	67
	 3 or more
	  	100

 Notwithstanding anything herein to the contrary, (a) the vesting of any Participant who has incurred a
break in Service of five (5) of more years of Service and who does not have an Hour of Service on or after January 1, 2011 shall be determined under the applicable prior Plan document, the Retirement Savings Plan for Salaried Employees of
National Starch LLC or the Penford Corporation Savings and Stock Ownership Plan document as in effect on the date of such Participant’s termination of employment, and (b) a Participant is always fully vested in the balance of such
Participant’s Participant Contribution Account, Deferred Contribution Account, Service Award Contribution Account and Rollover Account (if any). 

(b) Forfeitures. If upon a Participant’s termination of employment the Participant is not fully vested in his Matching Contribution
Account and Profit Sharing Account as described in subsection (a) above, the unvested balances of such Accounts shall be charged to such Accounts and shall be forfeited on the date that is the earlier of (i) in the case of a Participant
who takes a distribution of the vested portion of the Participant’s interest in the Trust Fund as provided in Section 9.2, the date of such distribution and (ii) the date as of which the Participant incurs 5 consecutive Break in
Service Years. Such forfeitures shall be applied as provided in Section 7.2(h) after such date. If such Participant is reemployed prior to taking a distribution and prior to incurring 5 consecutive Break in Service Years, such balances shall
not be forfeited and the distribution of such balances, along with any subsequent amounts consisting of allocations of contributions credited to such Accounts and changes in investment value as determined pursuant to Article 7, shall be paid
pursuant to this Article 9 upon the Participant’s subsequent termination of employment. If upon his or her termination of 

  
 29 

 employment any such Participant received a lump-sum
distribution pursuant to section 9.2 and is reemployed prior to incurring 5 consecutive Break in Service Years, then he or she shall have the right to pay to the Trustee by the fifth anniversary of the Participant’s date of reemployment an
amount equal to such distribution. If the Participant makes such a payment, then the previously forfeited balances of his Matching Contribution Account and Profit Sharing Account shall be restored, and the distribution of such balances, along with
any subsequent amounts consisting of allocations of contributions credited to such Accounts and changes in investment value as determined pursuant to Article 7, shall be paid pursuant to this Article 9 upon the Participant’s subsequent
termination of employment. If pursuant to this paragraph the forfeited portion of a Participant’s Matching Contribution Account or Profit Sharing Account is to be restored, the amount restored shall be obtained from the total amount of
forfeitures held under this Plan. If the aggregate amount to be so restored to the Accounts of Participants who are employees of a particular Employer exceeds the amount of such forfeitures, such Employer shall make a contribution in an amount equal
to such excess. 
 9.2 Form of Distribution. 

(a) Normal Form. Any distribution to which a Participant or beneficiary becomes entitled upon termination of employment shall be
distributed by the Trustee upon the approval performed by the Trustee/Recordkeeper based upon a Participant’s or beneficiary’s termination of employment information provided to the Trustee/Recordkeeper by the Company by payment in a single
lump sum in cash. Notwithstanding the preceding sentence, a Participant or beneficiary, as the case may be, may elect to receive distribution of the portion of such Participant’s Account that is invested in Company Stock in the form of whole
shares of Company Stock with cash in lieu of fractional shares. Any distribution made to a Participant or beneficiary of cash and/or Company Stock may be delivered to such Participant or beneficiary, if elected, via electronic delivery. 

(b) Optional Benefit Forms. Notwithstanding paragraph (a) above and subject to Section 9.3(c) and Section 10.2, in the
case of a (A) Disabled Participant, (B) a Participant who separates from service (other than by death) after having attained age 50 and completion of three (3) years of Service or (C) a Beneficiary of a Participant described in
(A) or (B), such Participant or Beneficiary may elect to receive one of the following: 
 (i) Decremental Installment
Option. Under this option, the Participant selects the number of payments but not a dollar amount. Payments may be monthly, quarterly, or annual. The amount of each installment is determined by dividing the entire value of the Account at time of
distribution by the number of remaining payments; or 
 (ii) Fixed Dollar Installment Option. Under this option, the
Participant selects a fixed dollar amount. Payments may be monthly, quarterly, or annual. The installments continue at the selected dollar amount until the entire Account is distributed or the Section 9.3(c) applies. The Plan Administrator may
impose a minimum payment requirement. 

  
 30 

 Once per calendar month within the time and in the manner prescribed by the Plan
Administrator, the Participant may change the amount of a Fixed Dollar Installment, change the period of a Decremental Installment, stop all payments, or change from one form of installment to the other. 

In addition, a Participant described in this Section 9.2(b) may elect a Retirement Withdrawal which is a partial single sum distribution
of his Account. A Retirement Withdrawal may be made while the Participant is receiving a distribution pursuant to Section 9.2(b). A Participant is restricted to one Retirement Withdrawal per calendar month. The minimum Retirement Withdrawal is
$500. The election of a Retirement Withdrawal must be made within the time and in the manner prescribed by the Plan Administrator. 
 9.3 Time of
Distribution. Any distribution to which a Participant or his beneficiary becomes entitled upon termination of employment shall be made as soon as administratively practicable following the date elected by the Participant or the
Participant’s designated beneficiary, as the case may be, provided, however, that: 
 (a) subject to Section 10.2, if
a Participant fails to make any election, the Participant’s Account shall be distributed in a single lump sum cash payment no later than 60 days after the end of the Plan Year in which the Participant attains age 65 (or terminates employment,
if later); provided that, the Participant may make an affirmative election to defer distribution to a later date, but in no event later than April 1 of the calendar year following the calendar year in which the Participant’s attains age 701⁄2; 
 (b) distributions to a Participant’s beneficiary
on account of the Participant’s death shall be made no later than December 31 of the calendar year in which occurs the fifth anniversary of the Participant’s death; 

(c) with respect to a Participant who continues in employment after attaining age 701⁄2, distribution of the Participant’s Account balance shall commence no later than the Participant’s required beginning date. For purposes of this paragraph, the term “required beginning date”
shall mean (i) with respect to a Participant who is a 5%-owner (within the meaning of section 416(i) of the Code) in the calendar year in which he attains age
701⁄2, April 1 of the calendar year following the calendar year in which the Participant attains age 701⁄2 and (ii) with respect to any other Participant, April 1 of the calendar year following the calendar year in which the Participant retires. Notwithstanding the foregoing, to the extent required by the
Secretary of the Treasury, a Participant who is not a 5%-owner shall be permitted to elect that distributions commence no later than April 1 of the calendar year following the calendar year in which the Participant attains age 701⁄2. All distributions shall be made in accordance with section 401(a)(9) of the Code, including the incidental death benefit requirement of section 401(a)(9)(G),
Treasury regulation sections 1.409(a)(9)-2 through 1.401(a)(9)-9, and any Plan provisions reflecting the requirements of section 401(a)(9) of the Code shall override any
distribution option in the Plan which is inconsistent with section 401(a)(9) of the Code. 

  
 31 

 9.4 Valuation of Accounts. For purposes of determining the value of a Participant’s Account
balance under the Plan for purposes of this Article, the Participant’s Account balance shall be valued as of the date the distribution is approved by the Trustee/Recordkeeper. 

  
 32 

 Article 10 - Special Participation and Distribution Rules 

10.1 Direct Rollover Option. 
 (a) In the
case of any distribution (including any withdrawal) that is an “eligible rollover distribution” within the meaning of section 402(c)(4) of the Code, a distributee may elect that all or any portion of such distribution to which he is
entitled shall be directly transferred from the Plan to (i) an individual retirement account or annuity described in section 408 (a)( or (b) or 408A of the Code, (ii) to this Plan or another employer’s retirement plan qualified
under section 401(a) of the Code (the terms of which permit the acceptance of rollover distributions), (iii) to an annuity plan described in section 403(a) of the Code, (iv) an annuity contract described in section 403(b) of the Code or
(v) to an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or an 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; provided, however, that in the case of any eligible rollover distribution that includes any non-taxable distributions, a distributee may elect
to transfer the nontaxable portion of such eligible rollover distribution only to any individual retirement account or annuity described in section 408 (a) or (b) or 408A of the Code, or to a qualified plan described in section 401(a) or 403(b)
of the Code that agrees to account separately for amounts directly transferred into such plan from this Plan, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such
distribution which is not so includible. Notwithstanding the foregoing, a distributee shall not be entitled to elect to have an eligible rollover distribution transferred pursuant to this subsection if the total of all eligible rollover
distributions with respect to such distributee for the Plan Year is not reasonably expected to equal at least $200, or in the case of a partial direct rollover, the portion so rolled over equals at least $500. A “distributee” includes an
Employee or former Employee, the Employee’s or former Employee’s surviving spouse and the Employee’s or former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined
in section 414(p) of the Code. The term “distribute” shall also include the non-spouse beneficiary of a Participant; provided, however, that a surviving
non-spouse beneficiary may elect to roll over all or any portion of a distribution to which he or she is entitled under the plan that is an “eligible rollover distribution” only to an individual
retirement account or annuity and only if: (i) such transfer is a direct trustee-to-trustee transfer and (ii) such account or annuity has been established for
the purpose of receiving such distribution on behalf of the surviving non-spouse beneficiary (such account or annuity so established shall be treated as an inherited account or annuity within the meaning of
Section 408(d)(3)(C) of the Code and shall be subject to the requirements of Section 401(a)(9)(B) of the Code (other than clause (iv) thereof)). 

(b) Notwithstanding the foregoing, no amount that is distributed on account of hardship shall be an eligible rollover distribution, and the
distributee may not elect to have any portion of such a distribution paid directly to an eligible retirement plan. 

  
 33 

 10.2 Distribution of Small Account Balances. If the balance of the Participant’s Account to be
distributed under this Section does not exceed $5,000 (or such other amount prescribed by section 411(a)(11) of the Code) (such amount referred to herein as the “small benefit amount”), such balance shall be distributed as soon as
administratively practicable after the end of the calendar quarter in which the Participant’s termination of employment occurs (or such other time prescribed by the Committee) in a single lump sum cash payment. For purposes of determining
whether a Participant’s Account exceeds $5,000, the value of the Participant’s Account shall be determined without regard to that portion of the Account balance that is attributable to rollover contributions and earnings thereon. In the
event of a mandatory distribution greater than $1,000 in accordance with the provisions of this Section 10.2, if the Participant does not elect to have such distribution paid directly to an eligible retirement plan specified by the Participant
in a direct rollover or to receive the distribution directly in accordance with this Section 10.2, then the Plan Administrator shall pay the distribution in a direct rollover to an individual retirement plan designated by the Plan
Administrator. 
 10.3 Designation of Beneficiary. Each Participant shall have the right to designate a beneficiary or beneficiaries (who may be
designated contingently or successively and that may be an entity other than a natural person) to receive any distribution to which the Participant is entitled upon his death pursuant to Section 9.1, provided, however, that no
such designation (or change thereof) shall be effective if the Participant was married throughout the one-year period ending on the date of the Participant’s death unless such designation (or change
thereof) was consented to at the time of such designation (or change thereof) by the person who was the Participant’s spouse during such period, in writing, acknowledging the effect of such consent and witnessed by a notary public or a Plan
representative, or it is established to the satisfaction of the Committee that such consent could not be obtained because the Participant’s spouse cannot be located or such other circumstances as may be prescribed in Regulations. Subject to the
preceding sentence, a Participant may from time to time, without the consent of any beneficiary, change or cancel any such designation. Such designation and each change therein shall be made in the form prescribed by the Committee and shall be filed
with the Committee. If (i) no beneficiary has been named by a deceased Participant, (ii) such designation is not effective pursuant to the proviso contained in the first sentence of this Section, or (iii) the designated beneficiary
has predeceased the Participant, any undistributed balance, of the deceased Participant’s Account shall be distributed by the Trustee at the direction of the Committee: 

(a) to the surviving spouse of such deceased Participant, if any, or 

(b) if there is no surviving spouse, to the surviving children of such deceased Participant, if any, in equal shares, or 

(c) if there is no surviving spouse and there are no surviving children, to the person or persons entitled to benefits under any group term
life insurance plan maintained by the Participant’s Employer on account of the Participant’s death, in the shares prescribed by such plan, if any, or 

(d) if there is no surviving spouse, there are no surviving children and there are no benefits payable under any such group term life insurance
plan, to the Participant’s estate. 

  
 34 

 The marriage of a Participant shall be deemed to revoke any prior designation of a beneficiary made by him
and a divorce shall be deemed to revoke any prior designation of the Participant’s divorced spouse if written evidence of such marriage or divorce shall be received by the Committee before distribution of the Participant’s Account balance
has been made in accordance with such designation. If within a period of three years following the death or other termination of employment of any Participant the Committee in the exercise of reasonable diligence has been unable to locate the person
or persons entitled to benefits under this Article 10, the rights of such person or persons shall be forfeited, provided, however, that the Plan shall reinstate and pay to such person or persons the amount of the benefits so forfeited
upon a claim for such benefits made by such person or persons. The amount to be so reinstated shall be obtained from the total amount that shall have been forfeited pursuant to this Section 10.3 during the Plan Year that the claim for such
forfeited benefit is made. If the amount to be reinstated exceeds the amount of such forfeitures, the Employer in respect of whose Employee the claim for forfeited benefit is made shall make a contribution in an amount equal to the remainder of such
excess. Any such contribution shall be made without regard to whether or not the limitations set forth in Section 5.3 will be exceeded by such contribution. 

If there is doubt as to the right of any beneficiary to receive any amount, the Trustee on instructions of the Plan Administrator may retain such amount until
the rights thereto are determined, or it may pay such amount into any court of appropriate jurisdiction, and none of the Plan Administrator, the Committee, the Trustee, the Company or any Employer shall be liable for any interest on such amount or
shall be under any other liability to any person in respect of such amount. 
 10.4 Distributions to Minor or Disabled Beneficiaries. Any
distribution which is payable to a person who is a minor or to a person who, in the opinion of the Committee, is unable to manage his affairs by reason of illness or mental incompetency may be made to or for the benefit of any such person in such of
the following ways as the Committee shall direct: 
 (a) directly to any such minor if, in the opinion of the Committee, he is able to manage
his affairs, 
 (b) to the legal representative of any such person, 

(c) to a custodian under a Uniform Gifts to Minors Act for any such minor, or 

(d) to some near relative of any such person to be used for the latter’s benefit. 

Neither the Committee nor the Trustee shall be required to review the application by any third party of any distribution made to or for the benefit of a
person pursuant to this Section. 
 10.5 Non-Assignability. 

(a) In General. It is a condition of the Plan, and all rights of each Participant and beneficiary shall be subject thereto, that no
right or interest of any Participant or beneficiary in the Plan shall be assignable or transferable in whole or in part, either directly or by operation of law or otherwise, including, but not by way of limitation,

  
 35 

 
execution, levy, garnishment, attachment, pledge or bankruptcy, but excluding devolution by death or mental incompetency, and no right or interest of any Participant or beneficiary in the Plan
shall be liable for, or subject to, any obligation or liability of such Participant or beneficiary, including claims for alimony or the support of any spouse, except as provided below. 

(b) Exception for Qualified Domestic Relations Orders. Notwithstanding any provision of the Plan to the contrary, if the Plan
Administrator shall receive any written judgment, decree or order (including approval of a property settlement agreement) pursuant to State domestic relations or community property law relating to the provision of child support, alimony or marital
property rights of a spouse, former spouse, child or other dependent of a Participant and purporting to provide for the payment of all or a portion of the Participant’s Account to or on behalf of one or more of such persons (such judgment,
decree or order being hereinafter called a “domestic relations order”), the Plan Administrator shall arrange to determine whether such order constitutes a “qualified domestic relations order,” as defined in section 414(p) of the
Code and section 206(d)(3) of ERISA. If the order is determined to be a qualified domestic relations order, all or a portion of the Participant’s Account, as specified in the order, shall be assigned to the person or persons named therein, and
shall be payable in accordance with the terms of such order. 
 The manner in which all or any portion of a Participant’s Account under
the Plan may be assigned and paid to any other person pursuant to the terms of a domestic relations order (“DRO”) shall be governed by procedures adopted by the Plan Administrator for this purpose, section 414(p) of the Code, section
206(d)(3) of ERISA and Regulations issued thereunder. Such procedures shall provide that payments under a domestic relations order applicable to a Participant’s Account under the Plan may commence as soon as administratively practicable after
such order is determined by the Plan Administrator (or its delegate) to constitute a “qualified domestic relations order” (“QDRO”) under section 414(p) of the Code and section 206(d)(3) of ERISA, if the terms of the order so
provide. A DRO shall not fail to be a QDRO solely because of the time at which it is issued or because it is issued after or revises another DRO or QDRO. 

(c) Reduction for Certain Liabilities. Notwithstanding anything herein to the contrary, however, a Participant’s benefit in the
Plan may be reduced to satisfy liabilities of the Participant to the Plan due to (i) the Participant being convicted of committing a crime involving the Plan, (ii) a civil judgment (or consent order or decree) entered by a court in an
action brought in connection with a violation of the fiduciary provisions of ERISA, or (iii) a settlement agreement between the Secretary of Labor or the Pension Benefit Guaranty Corporation and the Participant in connection with a violation of
the fiduciary provisions. Any such reduction shall be consistent with the provisions of Sections 401(a)(13)(C) and (D) of the Code in all respects, including the provisions regarding the Participant’s spouse. 

  
 36 

 10.6 Reemployment of Veterans and Benefits with Respect to Military Service. The provisions of
Subsections (a) and (b) of this Section 10.6 shall apply in the case of the reemployment by an Employer of an Eligible Employee, within the period prescribed by USERRA, after the Eligible Employee’s completion of a period of qualified
military service (as defined in section 414(u)(5) of the Code) and Subsections (c) and (d) of this Section 10.6 shall apply during such Eligible Employee’s period of qualified military service. The provisions of this section are
intended to provide such Eligible Employees with the rights required by USERRA and section 414(u) of the Code and shall be interpreted in accordance with such intent. 

(a) Make Up of Participant Contributions and Deferred Contributions. Such Eligible Employee shall be entitled to make contributions
under the Plan in addition to any Participant Contributions which the Eligible Employee elects to have made under the Plan pursuant to Section 3.1 (such contributions referred to herein as “Make Up Participant Contributions”), and
shall be entitled to make contributions under the Plan in addition to any Deferred Contributions which the Eligible Employee elects to have made under the Plan pursuant to Section 3.3 (such contributions referred to herein as “Make Up
Deferred Contributions”). From time to time while employed by an Employer, such Employee may elect to make such Make Up Participant Contributions and Make Up Deferred Contributions during the period beginning on the date of such Employee’s
reemployment and ending on the earlier of: 
 (i) the end of the period equal to the product of three and such Employee’s period of
qualified military service, and 
 (ii) the 5th anniversary of the date of such reemployment. 

Such Employee shall not be permitted to contribute Make Up Participant Contributions and Make Up Deferred Contributions to the Plan in excess
of the amount which the Employee could have elected to have made under the Plan in the form of Participant Contributions or Deferred Contributions, as the case may be, if the Eligible Employee had continued in employment with his Employer during
such period of qualified military service. Such Eligible Employee shall be deemed to have earned “Compensation” from his Employer during such period of qualified military service for this purpose in the amount prescribed by sections
414(u)(2)(B) and 414(u)(7) of the Code. The manner in which an Eligible Employee may elect to make Make Up Participant Contributions and Make Up Deferred Contributions pursuant to this subsection (a) shall be prescribed by the Committee. 

(b) Make Up of Matching Contributions. An Eligible Employee who makes Make Up Participant Contributions or Make Up Deferred
Contributions as described in subsection (a) shall be entitled to an allocation of Matching Contributions (“Make Up Matching Contributions”) in an amount equal to the amount of Matching Contributions which would have been allocated to
the Matching Contribution Account of such Eligible Employee under the Plan if such Make Up Participant Contributions or Make Up Deferred Contributions had been made in the form of Participant Contributions or Deferred Contributions, as the case may
be, during the period of such Employee’s qualified military service (as determined pursuant to section 414(u) of the Code). The Eligible Employee’s Employer shall make a special contribution to the Plan which shall be utilized solely for
purposes of such allocation. 

  
 37 

 Any contributions made by an Eligible Employee or an Employer pursuant to this Section on
account of a period of qualified military service in a prior Plan Year shall not be subject to the limitations prescribed by Sections 3.6, 5.3 and 5.1 of the Plan (relating to sections 402(g), 404 and 415 of the Code, respectively) for the Plan Year
in which such contributions are made. The Plan shall not be treated as failing to satisfy the nondiscrimination rules of Section 5.2 of the Plan (relating to sections 401(k)(3) and 401(m) of the Code) for any Plan Year solely on account of any
make up contributions made by an Eligible Employee or an Employer pursuant to this Section. 
 (c) Benefit in Case of Death. Effective
as of January 1, 2007, in the case of a Participant who dies while performing qualified military service, such Participant’s beneficiaries shall be entitled to such additional benefits (other than benefit accruals relating to the period of
qualified military service), if any, provided under the Plan as if the Participant had resumed and then terminated employment on account of death. 

(d) Treatment of Differential Wages. Effective January 1, 2009, during any period that a Participant is performing service in the
uniformed services (as defined in section 3401(h)(2)(A) of the Code) while on active duty for more than 30 days and such Participant is receiving differential wage payments (as defined in section 3401(h)(2) of the Code), such Participant shall be
treated as an Employee of the Employer making the payments and the differential wage payments shall be treated as compensation to the extent required by section 414(u) of the Code. 

  
 38 

 Article 11 - Shareholder Rights with Respect to Company Stock 

11.1 Voting Rights. Each Participant who participates in the Company Stock Fund (or, in the event of the Participant’s death, his beneficiary
under the Plan) is, for purposes of this Section, hereby designated as a “named fiduciary” (within the meaning of Section 403(a)(1) of ERISA) with respect to a pro rata portion (as hereinafter determined) of the unallocated shares of
Company Stock in the Company Stock Fund (and certain allocated shares of Company Stock in the Company Stock Fund as to which timely directions are not received by the Trustee). Such Participant shall have the right to direct the Trustee as to the
manner in which shares of Company Stock allocated to his Accounts under the Plan and such other shares of common stock are to be voted on each matter brought before a meeting of the stockholders of the Company as set forth below. 

When the Company files preliminary proxy solicitation materials with the Securities and Exchange Commission, the Company shall cause a copy of all materials
to be sent simultaneously to the Trustee. Based on these materials the Trustee shall prepare a voting instruction form. At the time of mailing of notice of each annual or special stockholders’ meeting of the Company, the Company shall cause a
copy of the notice and all proxy solicitation materials to be sent to, each Participant with an interest in the Company Stock Fund, together with the foregoing voting instruction form to be returned to the Trustee or its designee. The form shall
show the number of full and fractional shares of Company Stock allocated to the Participant’s respective Accounts. The Company shall provide the Trustee with a copy of any materials provided to Participants and shall certify to the Trustee that
the materials have been mailed or otherwise sent to Participants. Upon timely receipt of directions from each Participant, the Trustee shall vote as directed, on each such matter, the number of shares (including fractional shares) of Company Stock
allocated to such Participant’s Accounts, and the Trustee shall have no discretion in such matter. If the Trustee shall not receive timely direction from a Participant as to how shares of common stock allocated to such Participant’s
Account in the Company Stock Fund shall be voted, the Trustee shall vote such shares in the same proportion in which the shares held in the Company Stock Fund for which it received timely directions were voted, and the Trustee shall have no
discretion in such matter. 
 For purposes of this Section the shares of Company Stock held in the Company Stock Fund shall be treated as allocated to the
Accounts of Participants in proportion to their respective interests in the Company Stock Fund as of the immediately preceding record date for ownership of Company Stock for stockholders entitled to vote. If any shares held in the Company Stock Fund
are not allocated to the Accounts of Participants when a matter is brought to the stockholders of the Company for voting, the Trustee shall vote such unallocated shares in the same proportion on each issue in which responding Participants voted the
shares allocated to their Accounts in the Company Stock Fund, and the Trustee shall have no discretion in such matter. Directions from a Participant pursuant to this Section shall be held in confidence by the Trustee and shall not be divulged or
released to the Company, or any officer or employee thereof, or any other person. 
 11.2 Shareholder Rights in the Event of a Tender Offer. In the
event a tender or exchange offer is made for any shares of Company Stock, each Participant who participates in the Company Stock Fund is, for purposes of this Section, hereby designated as a “named fiduciary” 

  
 39 

 (within the meaning of section 403(a)(1) of ERISA) with respect to a pro rata portion (as hereinafter
determined) of the unallocated shares of Company Stock in the Company Stock Fund. Such Participant shall have the right to direct the Trustee in writing as to the manner in which to respond to such tender or exchange offer with respect to the shares
of Company Stock allocated to his Account in the Company Stock Fund and with respect to a portion of the unallocated shares of Company Stock as set forth below. 

Upon commencement of a tender or exchange offer for any securities held in the Trust that are Company Stock, the Company shall notify each Participant with an
interest in such securities of the tender or exchange offer and utilize its best efforts to distribute timely or cause to be distributed to the Participant the same information that is distributed to shareholders of the Company in connection with
the tender or exchange offer and, after consulting with the Trustee, shall provide and pay for a means by which the Participant may direct the Trustee whether to tender the Company Stock allocated to the Participant’s Accounts. The Company
shall provide the Trustee with a copy of any material provided to Participants and shall certify to the Trustee that the materials have been mailed or otherwise sent to Participants. Upon timely receipt of directions from each Participant, the
Trustee shall respond as directed with respect to such shares of Company Stock allocated to the Participant’s Account in the Company Stock Fund. The directions received by the Trustee from Participants and beneficiaries shall be held by the
Trustee in confidence and shall not be divulged or released to any person, including officers or employees of the Company or any affiliate thereof, except to the extent that the consequences of such directions are reflected in reports regularly
communicated to any such persons. If the Trustee shall not receive timely direction from a Participant as to the manner in which to respond to such tender or exchange offer with respect to shares of Company Stock allocated to the Participant’s
Account in the Company Stock Fund, the Trustee shall not tender or exchange such shares of Company Stock, as the case may be, and the Trustee shall have no discretion in such matter. 

For purposes of this Section, the shares of Company Stock held in the Company Stock Fund shall be treated as allocated to the Accounts of Participants in
proportion to their respective interests in the Company Stock Fund as of the immediately preceding record date for ownership of Company Stock for stockholders entitled to tender. The Committee may direct the Trustee to make a special valuation of
the Company Stock Fund in connection with such tender or exchange offer. If, for any reason, there are any shares of Company Stock held in the Company Stock Fund which are not allocated to the Accounts of Participants at the applicable time, the
Trustee shall respond to such tender or exchange offer with respect to such unallocated shares by tendering or exchanging unallocated shares in the same proportion as the allocated shares held under the Company Stock Fund for which directions were
received from Participants are tendered or exchanged, and by not tendering or exchanging the balance of such unallocated shares, and the Trustee shall have no discretion in such matter. 

A Participant who has directed the Trustee to tender or exchange some or all of the shares of Company Stock allocated to his Accounts may, at any time prior
to the tender or exchange offer withdrawal date, direct the Trustee to withdraw some or all of such tendered or exchanged shares, and the Trustee shall withdraw the directed number of shares from the tender or exchange offer prior to the offer
withdrawal deadline. Prior to the withdrawal deadline, if any shares of Company Stock not allocated to Participants’ Accounts have been tendered or exchanged, the 

  
 40 

 Trustee shall redetermine the number of such securities that would be tendered or exchanged under this
section if the date of the foregoing withdrawal were the date of determination, and withdraw from the tender or exchange offer the number of shares of Company Stock to the extent necessary to reduce the amount of such tendered or exchanged
securities not allocated to Participant’s Accounts to the amount so redetermined. A Participant shall not be limited as to the number of directions to tender or exchange or withdraw that the Participant may give the Trustee. 

A direction by a Participant to the Trustee to tender or exchange shares of Company Stock allocated to his Accounts shall not be considered a written election
under the Plan by the Participant to withdraw, or have distributed, any or all of his withdrawable shares. The Trustee shall credit to the Account of the Participant from which the tendered or exchanged shares were taken the proceeds received by the
Trustee in exchange for the shares of Company Stock tendered or exchanged from that Account. Pending receipt of directions (through the Plan Administrator) from the Participant or the Company as to which of the remaining investment options the
proceeds should be invested in, the Trustee shall invest the proceeds in such investment fund as specified by the Committee. 
 11.3 Applicability.
For purposes of this Article, the term “Participant” shall include any beneficiary of a deceased Participant and any alternate payee under a qualified domestic relations order on whose behalf an Account has been established under this
Plan. 

  
 41 

 Article 12 - Administration 

12.1 The Committee. The Board of Directors shall appoint the Committee which shall consist of at least three members. The Committee shall be the
“administrator” of the Plan within the meaning of section 3(16) of ERISA, and the Company and the Committee each shall be a “named fiduciary” of the Plan under ERISA. Administration of the Plan shall be the responsibility of the
Committee except to the extent that authority to hold the Trust Fund of the Plan has been delegated to the Trustee, in accordance with Section 12.2, and authority to direct the investment and reinvestment of the Trust Fund has been delegated to
the Committee. 
 12.2 Investment Committee. The Committee may appoint an investment committee of at least three members, to invest, or direct the
investment of, such portion of the Trust Fund as the Committee may direct. If so appointed, the investment committee shall be a “named fiduciary” within the meaning of ERISA to the extent of its responsibilities under the Plan. 

12.3 Authority and Duties of the Committee. The Committee may in its discretion appoint, use or employ accountants, counsel, financial specialists
(including investment advisors and investment managers, as defined in ERISA) and such other person or persons (who may be employees of an Employer) as it deems necessary or desirable in connection with the administration or management of this Plan
and the Trust Fund. The reasonable fees of such persons, and any other necessary and proper expenses of the Committee, shall be paid out of the Trust Fund unless such amounts are paid by the Employers. 

The Committee shall have the power and discretionary authority to: 
  

	 	(a)	 Adopt rules, regulations and procedures with respect to the administration of the Plan; 

 

	 	(b)	 Construe this document, the Committee’s interpretation of which in good faith shall be final and binding;

  

	 	(c)	 Correct any defect, supply any omission, or reconcile any inconsistency in this document in that manner and to
that extent which the Committee believes is necessary; and 

  

	 	(d)	 Resolve all questions which arise under this document, including directions to and questions submitted by the
Trustee, any insurer or any other entity holding the assets of the Plan on all matters necessary for it to discharge its powers and duties, and any questions relating to the eligibility of one or more Participants for benefits from the Plan and the
amount of such benefits and the manner and form in which such benefits may be paid. 

 The Committee also shall have sole discretion to
delegate (with written notice to the Company and the Trustee) any fiduciary responsibilities to another person, such as the Plan Administrator or an investment manager. To the extent those responsibilities are delegated, the Committee shall be
relieved of liability for acts or omissions of the person or persons to whom responsibilities are delegated, to the fullest extent permitted by law. 

  
 42 

 Except as it may delegate the power of interpretation as provided herein, the Committee shall have the
exclusive authority to interpret the Plan provisions and to exercise discretion where necessary or appropriate in the interpretation and administration of the Plan and to decide any and all matters arising thereunder or in connection with the
administration of the Plan. Subject to the claims review procedure established by the Committee, the decisions, actions and records of the Committee shall be conclusive and binding upon the Employers, Participants, and their estates, and any and all
persons having, or claiming to have, any rights or interest in or under the Plan. 
 The Committee shall adopt and implement a policy for the investment of
the Trust Fund, including notification to the Trustee (or the investment committee or investment manager, if appointed) of such policy and periodic review of the performance of the Trustee (or the investment committee or investment manager, if
appointed) to assure investments consistent with such policy. 
 12.4 Plan Administrator. The Committee shall appoint a Plan Administrator who shall
be responsible for the daily operation of the Plan within the policies, interpretations and rules made by the Committee. The Plan Administrator shall also perform such ministerial functions with respect to the Plan as the Committee shall from time
to time designate. The Plan Administrator may (but need not) be a member of the Committee. The Plan Administrator may resign upon 45 days written notice to the Committee (or shorter notice acceptable to the Committee). The Committee may, in its sole
discretion, remove the Plan Administrator. The Committee shall have the power to fill a vacancy created by the resignation, removal or death of the Plan Administrator. The reasonable fees of accountants, counsel or other consultants, the expenses of
clerical help, and any other necessary and proper expenses of the Plan Administrator, shall be paid out of the Trust Fund unless such amounts are paid by the Employers. The Plan Administrator shall report to the Committee from time to time in order
that the Plan Administrator’s performance of his duties may be reviewed. 
 12.5 Review of Fiduciary Responsibility Designations or Allocations.
Each designation or allocation made under Section 12.3 shall also provide that the Committee shall periodically meet with the person or persons to whom the delegation was made to review the performance of the person to whom duties have been
delegated. This review, which may be conducted by all Committee members or by a designated review subcommittee, will permit the Committee to determine whether it should continue the allocation or designation. 

12.6 Reliance on Others. The members of the Committee, the Plan Administrator and the officers and directors of the Company shall be entitled to rely
upon all certificates and reports made by any duly appointed accountant, upon all opinions given by any duly appointed legal counsel, and upon such staff or specialists as they may deem necessary or desirable to employ with respect to their
responsibilities pursuant to the Plan. Any one or all of the foregoing appointees may also be currently serving or have served in a similar capacity for an Employer. 

12.7 Liability. Neither the Plan Administrator nor any member of the Committee shall be liable for any act or omission of any other person, nor for any
act or omission on his own part, excepting only his own willful misconduct or except as otherwise expressly provided in ERISA. To the extent permitted by applicable law, each Employer shall indemnify and save harmless

  
 43 

 
each employee, officer or director of such Employer acting as a fiduciary (other than the Trustee) against any and all expenses and liabilities arising out of his fiduciary responsibilities,
excepting only expenses and liabilities arising out of his own willful misconduct; and the Company shall indemnify and hold harmless the Plan Administrator for all acts and omissions relating to his duties as Plan Administrator, except those arising
out of his willful misconduct. Expenses against which such person may be indemnified hereunder include, without limitation, the amount of any settlement or judgment, costs, counsel fees and related charges reasonably incurred in connection with a
claim asserted or a proceeding brought or settlement thereof. The Committee, at an Employer’s expense, may settle any such claim asserted or proceeding brought against such person when such settlement appears to be in the best interest of such
Employer. The foregoing right of indemnification shall be in addition to any other rights to which any such person may be entitled as a matter of law. 

12.8 Claims Procedure. If any Participant or distributee believes he or she is entitled to benefits in an amount greater than those which he or she is
receiving or has received, he or she may file a claim with the Committee (“a claimant”). Such a claim shall be in writing and state the nature of the claim, the facts supporting the claim, the amount claimed and the address of the
claimant. The Committee shall review the claim and, unless special circumstances require an extension of time, within 90 days after receipt of the claim, give written or electronic notice to the claimant of its decision with respect to the claim. If
special circumstances require an extension of time, the claimant shall be notified in writing or electronically (in accordance with the requirements of Department of Labor Regulation section 2520.104b-1(c)(1)
or other applicable Regulations), within the initial 90-day period of the extension, and such notice shall describe the circumstances requiring the extension and the expected date by which the Committee will
make its determination. In no event shall such an extension exceed 90 days. The notice of the decision of the Committee with respect to the claim shall be written in a manner calculated to be understood by the claimant and, if the claim is wholly or
partially denied, set forth the specific reasons for the denial, specific references to the pertinent Plan provisions on which the denial is based, a description of any additional material or information necessary for the claimant to perfect the
claim, an explanation of why such material or information is necessary and an explanation of the claim review procedure under the Plan (including a statement of the claimant’s right to bring a civil action under section 502(a) of ERISA
following the final denial of the claim). 
 The claimant (or his or her duly authorized representative) may request a review by the Committee of any denial
of his or her claim by filing with the Committee within 60 days after notice of the denial has been received by the claimant, a written request for such review. Within the same 60 day period, the claimant may submit to the Committee written
comments, documents, records and other information relating to the claim. Upon request and free of charge, the claimant also may have reasonable access to, and copies of, documents, records and other information relative to the claim. If a request
for review is so filed, review of the denial shall be made by the Committee within, unless special circumstances require an extension of time, 60 days after receipt of such request. If special circumstances require an extension of time, the claimant
shall be notified in writing or electronically (in accordance with the requirements of Department of Labor Regulation section 2520.104b-1(c)(1) or other applicable Regulations) within the initial 60-day period of the extension, and such notice shall describe the circumstances requiring the extension and the expected date by which the Committee will make its 

  
 44 

 
determination. In no event shall such an extension exceed 60 days. If the appeal is wholly or partially denied, the notice of the final decision of the Committee shall be provided to the claimant
and shall include specific reasons for the decision, specific references to the pertinent Plan provisions on which the decision is based and a statement that the claimant is entitled, upon request and free of charge, to reasonable access to, and
copies of, all relevant documents, records and information. The notice shall be written in a manner calculated to be understood by the claimant and shall notify the claimant of his or her right to bring a civil action under section 502(a) of ERISA.

 In making determinations as regarding claims for benefits, the Committee shall consider all of the relevant facts and circumstances, including, without
limitation, governing Plan documents, consistent application of Plan provisions with respect to similarly situated claimants and any comments, documents, records and other information with respect to a claim submitted by a claimant (a
“claimant’s submissions”). A claimant’s submissions shall be considered by the Committee upon review of any initially denied claim without regard to whether the claimant’s submissions were submitted or considered by the
Committee in the initial benefit determination. 
 12.9 Litigation/Statute of Limitations. Except for actions to which the statute of limitations
prescribed by section 413 of ERISA applies, (a) no legal or equitable action under section 502 of ERISA may be commenced later than one year after the claimant receives a final decision from the Committee in response to the claimant’s
request for review of the denied claim pursuant to Section 12.8 (or, if later, one year after the effective date of this provision, which is January 1, 2011) and (b) no other legal or equitable action involving the Plan may be
commenced later than two years from the time the person bringing an action knew, or had reason to know, of the circumstances giving rise to the action (or, if later, two years after the effective date of this provision, which is January 1,
2011). This provision shall not bar the Plan or its fiduciaries from (x) recovering overpayments of benefits or other amounts incorrectly paid to any person under the Plan at any time or (y) bringing any legal or equitable action against
any party. Furthermore, no legal or equitable action under section 502 of ERISA may be commenced prior to exhaustion of the process described in Section 12.8. 

12.10 Litigation/Forum. Any legal action involving the Plan that is brought by any Participant, beneficiary or other person must be brought in the
United States District Court for the Northern District of Illinois and no other federal or state court. 

  
 45 

 Article 13 - Participation in Plan by Affiliate 

13.1 Adoption by Participating Employers. Any entity which is an Affiliate may, with the consent of the Company, become a participating Employer in
this Plan by adopting the Plan for its Eligible Employees, and by taking such other action as the Company deems necessary or appropriate to become a party to this Plan and trust established hereunder. The Company and any other participating Employer
may, through an amendment to the Plan, designate particular divisions or units thereof which shall be eligible to participate in this Plan. 
 13.2
Special Provisions for Employees of Acquired Companies. 
 (a) In approving the adoption of the Plan or its extension to employees of
any organization all or a part of whose business or assets, or both, are acquired by an Employer by merger, purchase or otherwise, the Company shall, subject to applicable law, designate the extent, if any, to which the employees’ employment
with predecessor companies prior to the date of such adoption or extension shall be considered in determining their years of Service and the extent, if any, to which benefits with respect to employment prior to the date of such adoption or extension
shall be provided under the Plan. Such designations shall be indicated in the applicable schedule of any appendices to this Plan. 
 (b) The
special provisions referred to in subsection (a) above shall, to the extent applicable, govern as to eligibility for, and amounts of, benefits payable hereunder, the regular provisions of the Plan notwithstanding. 

  
 46 

 Article 14 - Amendment and Termination 

14.1 Amendment. The Board of Directors or the Committee (through action taken by the Board of Directors in accordance with its By-laws) reserves the right at any time to amend, modify or suspend the Plan, any contributions thereunder, the Trust Fund or any contract forming a part of the Plan in whole or in part and for any reason and
without the consent of any Participant or beneficiary. 
 14.2 Termination. The Plan may be terminated in its entirety at any time by resolution
adopted by the Board of Directors. Any participating Employer may terminate the Plan with respect to its Eligible Employees by withdrawing from participation in the Plan. 

14.3 Full Vesting Upon Termination. Upon a full termination or partial termination of the Plan, each affected Participant shall become 100% vested in
the balance of such Participant’s Accounts under the Plan. 
 14.4 Segregation of Trust. In the event of a partial termination of the Plan, or
the withdrawal therefrom by a participating Employer, the Committee shall determine the portion of the Trust Fund allocable to the affected Participants. The Trustee shall select the assets to be withdrawn or segregated and its valuation of them for
that purpose shall be conclusive. All assets of the Plan withdrawn or segregated under this provision shall be placed in a separate trust fund as directed by the Committee. 

14.5 Committee Determination Conclusive. The Committee’s determination as to the persons to be provided for, the amounts allocated, or any other
material facts shall be conclusive and binding upon the Trustee and all claimants to any interest in the Plan. 

  
 47 

 Article 15 - Top-Heavy Provisions 

15.1 Definitions. For purposes of this Article 15, the following terms shall have the following meanings: 

(a) “Determination Date” means, with respect to any Plan Year, the last Valuation Date of the preceding Plan Year. 

(b) “Key Employee” means a Participant or former Participant who is a “key employee” as defined in section 416(i) of the
Code. Effective for Plan Years beginning after December 31, 2001, “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 an Employer having annual compensation greater than $150,000 (as adjusted under section 416(i)(l) of the Code for Plan Years beginning after December 31, 2008), a 5-percent owner of an
Employer, or a 1-percent owner of an 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;
provided, however, with respect to a nonresident alien who is not a Participant in the Plan, annual compensation shall not include any amounts paid to such nonresident alien which are (i) excludable from gross income and
(ii) not effectively connected with the conduct of a trade or business within the United States. The determination of who is a key employee will be made in accordance with section 416(i)(l) of the Code and the applicable regulations and other
guidance of general applicability issued thereunder. 
 (c) “Permissive Aggregation Group” means, with respect to a given Plan
Year, this Plan and all other plans of the Company which may be aggregated in accordance with section 416(g)(2)(A)(ii) of the Code. 
 (d)
“Present Value of Accounts” means, as of a given Determination Date, a Participant’s Account balance under the Plan as of such Valuation Date. The determination of the Present Value of Accounts shall take into consideration
distributions made during the Plan Year ending on the Determination Date and the four preceding years. 
 (e) “Required Aggregation
Group” means with respect to a given Plan Year, this Plan and all other plans of the Company which, in the aggregate, meet the requirements of the definition contained in section 416(g)(2)(A)(i) of the Code. 

(f) “Top-Heavy” means, with respect to the Plan for a Plan Year: 

 

	 	(1)	 that the Present Value of Accounts of Key Employees exceeds 60% of the Present Value of Accounts of all
Participants; or 

  

	 	(2)	 the Plan is part of a Required Aggregation Group and such Required Aggregation Group is a Top-Heavy Group, unless the Plan or such Top-Heavy Group is itself part of a Permissive Aggregation Group which is not a Top-Heavy
Group. 

  
 48 

 (g) “Top-Heavy Group” means, with respect
to a given Plan Year, a group of Plans of the Company which, in the aggregate, meet the requirements of the definition contained in section 416(g)(2)(B) of the Code. 

15.2 Adjustments for Top-Heavy Years. Notwithstanding any other provision of the Plan to the contrary, the
following provisions of this Section shall automatically become operative and shall supersede any conflicting provisions of the Plan if, in any Plan Year, the Plan is Top-Heavy. 

(a) The minimum Employer contribution during the Plan Year on behalf of a Participant who is not a Key Employee shall be equal to the lesser of
(1) 3% of such Participant’s compensation (within the meaning of section 415 of the Code); or (2) the percentage of compensation at which Company contributions (including Company contributions attributable to a salary reduction
arrangement) are made (or required to be made) under the Plan on behalf of the Key Employee for whom such percentage is the highest. 
 (b)
In the case of a Participant under this Plan who is not a Key Employee and who also participates in a defined benefit pension plan of the Company which is included in the Aggregation Group, the provisions of subsection (a) above shall be
inapplicable, and such defined benefit pension plan shall provide for a defined benefit minimum pension benefit in accordance with section 416(c)(1) of the Code. 

(c) In the event that Congress should provide by statute, or the Treasury Department should provide by regulation or ruling, that the
limitations provided in this Article 15 are no longer necessary for the Plan to meet the requirements of section 401 (a) of the Code or other applicable law then in effect, such limitations shall become void and shall no longer apply, without
requiring amendment of the Plan. 
 15.3 This section shall apply effective January 1, 2002 for purposes of determining the present value of accrued
benefits and the amounts of account balances of Employees as of the Determination Date. 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 reason other than severance
from employment, death, or disability, this provision shall be applied by substituting “five-year period” for “1-year period.” The accrued benefits and accounts of any individual who has
not performed services for an Employer during the 1-year period ending on the Determination Date shall not be taken into account. Matching Contributions shall be taken into account for purposes of satisfying
the minimum contribution requirements of section 416(c)(2) of the Code and the Plan. The preceding sentence shall apply with respect to Matching Contributions under the Plan. Matching 

  
 49 

 
Contributions that are used to satisfy the minimum contribution requirements shall be treated as matching contributions for purposes of the actual contribution percentage test and other
requirements of section 401(m) of the Code. 

  
 50 

 Article 16 - General Provisions 

16.1 Limitation of Rights. The Trust Fund shall be the sole source of benefits under this Plan, and each Participant or any other person who shall
claim the right to any payment or benefit under this Plan shall be entitled to look only to the Trust Fund for such payment or benefit, and shall not have any right, claim or demand therefor against the Company, an Employer, or any officer or
director of the Company or an Employer. 
 16.2 No Right to Employment. Nothing herein contained shall be deemed to constitute a contract of
employment between any Employer and any Employee, to give any Employee the right to be retained in the employment of any Employer, or to interfere with the rights of an Employer to discharge any Employee at any time. 

16.3 Payments Due to Missing Participants. If the Trustee or the Company is unable to make payment to any person to whom a payment is due under the
Plan because it cannot ascertain the identity or whereabouts of such person, and if more than six years after such payment is due, a notice of payment so due is mailed by the Company to the last known address of such person as shown on the records
of the Company and within three months after such mailing such person has not made written claim therefor, the Company may direct that such payment and all remaining payments otherwise due to such person be cancelled. Furthermore, no amount shall be
cancelled under this Section unless the Plan Administrator verifies to the Committee that he has furnished to such Participant, when the Participant first became entitled to receive a distribution from his Account, an individual statement setting
forth the nature, amount and form of the nonforfeitable amounts to which the Participant is entitled. Any amount so cancelled shall be restored by the Company if and when the same shall be claimed by such person entitled to receive it. 

16.4 Transfer to an Affiliate. In the case of any individual who becomes a Participant and who was an employee of an Affiliate, the Plan and the
Trustee may permit a transfer of such individual’s accrued benefit, if any, directly into the Trust from such other trust. 
 16.5 Election Made
Through Telephone System or Website. Unless otherwise specified herein, any election or consent permitted or required to be made or given by any Participant and any permitted modification or revocation thereof, shall be made in writing or shall
be given by means of such interactive telephone system or website as the Committee may designate from time to time. Each Participant shall have a personal identification number or “PIN” for purposes of executing transactions through such
Benefits Express interactive telephone system or website, and entry by a Participant of his PIN shall constitute his valid signature for purposes of any transaction the Committee determines should be executed by means of such interactive telephone
system or website, including but not limited to enrolling in the Plan, electing contribution rates, making investment choices, executing loan documents, and consenting to a withdrawal or distribution. Any election made through such interactive
telephone system or website shall be considered submitted to the Committee on the date it is electronically transmitted. 
 16.6 Merger or Consolidation
with Another Plan. The Plan shall not merge or consolidate with, or transfer its assets or liabilities to any other plan or entity unless each Participant would, 

  
 51 

 if the surviving plan or entity were then terminated, receive a benefit immediately after the merger,
consolidation or transfer which is equal to or greater than the benefit which he would have been entitled to receive if the Plan had terminated immediately before the merger, consolidation or transfer. 

16.7 Company Action. Any action to be taken hereunder by the Company shall be taken by the Board of Directors, or by such officer or officers of the
Company which power to take action under this Plan has been delegated by the Board of Directors. 
 16.8 Headings. The headings of the Sections in
this Plan are used for reference only and in the case of any conflict the text of the Plan, rather than such headings, shall control. 
 16.9 Gender and
Plurals. Masculine pronouns include the feminine as well as the masculine gender, and words used in the singular include the plural, wherever appropriate. 

16.10 Construction. The Plan shall be construed, regulated, and administered in accordance with the laws of the State of Illinois, except to the extent
superseded by the Code or ERISA. 

  
 52 

 
			
	Executed on the 10th day of December, 2015
	
	INGREDION INCORPORATED
		
	By:	 	/s/ Diane J. Frisch
	Title:	 	SVP, HR

  

			
	ATTEST:
		
	By:	 	/s/ Colleen Houlihan
	Title:	 	Director Global Benefits & Payroll

  
 53 

 Ingredion Incorporated 

Retirement Savings Plan for Salaried Employees 

(As Amended and Restated Effective January 1, 2016) 

Amendment No. 1 

WHEREAS, Ingredion Incorporated (the “Company”) has adopted and maintains for the benefit of certain of its employees the Ingredion
Incorporated Retirement Savings Plan for Salaried Employees (the “Plan”); 
 WHEREAS, the Company desires to amend the Plan to
provide for the merger into the Plan of the Kerr Concentrates, Inc. 401(k) Plan effective December 31, 2016 and to allow terminated participants to roll over eligible rollover contributions from other
tax-qualified plans and from individual retirement accounts into the Plan effective January 1, 2017; and 

WHEREAS, the Committee appointed by the Board of Directors of the Company is authorized under Section 14.1 of the Plan to amend the Plan.

 NOW, THEREFORE, pursuant to the power of amendment contained in Section 14.1 of the Plan, the Plan is hereby amended, effective as of the
dates set forth below, as follows: 
 1. The Plan is hereby amended to merge the Kerr Concentrates, Inc. 401(k) Plan (the “Kerr
Plan”), together with its assets and liabilities, into the Plan effective December 31, 2016, and all accounts maintained for participants under the Kerr Plan are merged into the Plan effective December 31, 2016. Notwithstanding
anything in the Plan to the contrary, all deemed enrollment and contribution elections to participate in the Kerr Plan shall transfer along with the transfers of such accounts from the Kerr Plan to the Plan so that effective upon the date of such
transfer such participants subject to such deemed enrollment and contribution elections shall continue to be subject to automatic enrollment under the Plan. 

2. Section 3.5(a) of the Plan is hereby amended in its entirety, effective January 1, 2016, to read as follows: 

(a) Rollover from Employer Plan, Section 403(b) Annuity Contract or Section 403(a) or 457 Plan. If an
Eligible Employee, either before or after becoming an Employee, or a Participant receives an eligible rollover distribution (within the meaning of section 402(c)(4) of the Code) from another employees’ trust described in section 401(a) or
403(a) of the Code, from an annuity contract described in section 403(b) of the Code or from an eligible plan under section 457(b) of the Code, then such Eligible Employee or Participant may contribute to the Plan an amount which does not exceed the
amount of such rollover distribution. 

 3. Section 3.5(b) of the Plan is hereby amended in its entirety, effective
January 1, 2016, to read as follows: 
 (b) Rollover from IRA. If an Eligible Employee, either before or after becoming an
Employee, or a Participant receives a distribution or distributions from an individual retirement account or individual retirement annuity (within the meaning of section 408 of the Code), then such Eligible Employee or Participant may contribute to
the Plan the amount of such distribution. 
 4. Section 3.5(c) of the Plan is hereby amended in its entirety, effective January 1,
2016, to read as follows: 
 (c) Delivery of Rollover Contribution and Roth Rollover Contribution to Applicable Administrative
Named Fiduciary and to Trustee. Any Rollover Contribution pursuant to this Section shall be delivered by the Eligible Employee or Participant to the Plan Administrator on or before the 60th
day after the day on which the Eligible Employee or Participant receives the distribution (or on or before such other date as may be prescribed by law). The Plan Administrator shall deposit such Rollover Contribution with the Trustee. The Plan
Administrator need not accept a Rollover Contribution if in its judgment accepting such contribution could potentially cause the Plan to violate any provision of the Code, ERISA or Regulations or would be otherwise undesirable or difficult to
administer. An Eligible Employee who is not otherwise a Participant in the Plan shall become a Participant upon delivery of a Rollover Contribution to the Plan Administrator as described herein. 

5. Section 3.5 of the Plan is hereby amended, effective January 1, 2017, to add the following subsection at the end thereof: 

(d) Applicability. For purposes of this Section 3.5, the term “Participant” shall include any Participant who has
terminated employment with the Employer but who still has a balance remaining in the Plan. 
 IN WITNESS WHEREOF, the Committee has caused
this instrument to be executed by its duly authorized agent on this 16th day of December, 2016. 
  

			
	INGREDION INCORPORATED
		
	By:	 	/s/ Diane J. Frisch
		 	Chairman, Benefits Committee

  
 2 

 Ingredion Incorporated 

Retirement Savings Plan for Salaried Employees 

(As Amended and Restated Effective January 1, 2016) 

Amendment No. 2 

WHEREAS, Ingredion Incorporated (the “Company”) has adopted and maintains for the benefit of certain of its employees the Ingredion
Incorporated Retirement Savings Plan for Salaried Employees (the “Plan”); 
 WHEREAS, the Company desires to amend the Plan to
provide for the merger into the Plan of the TIC Gums, Inc. Employees Retirement Plan effective as of 11:59 p.m. on December 31, 2017; and 

WHEREAS, the Committee appointed by the Board of Directors of the Company is authorized under Section 14.1 of the Plan to amend the Plan.

 NOW, THEREFORE, pursuant to the power of amendment contained in Section 14.1 of the Plan, the Plan is hereby amended, effective as of the
dates set forth below, as follows: 
 1. The Plan is hereby amended to merge the TIC Gums, Inc. Employees Retirement Plan (the “TIC
Plan”), together with its assets and liabilities, into the Plan effective as of 11:59 p.m. on December 31, 2017, and all accounts maintained for participants under the TIC Plan are merged into the Plan effective as of 11:59 p.m. on
December 31, 2017. Notwithstanding anything in the Plan to the contrary, all deemed enrollment and contribution elections to participate in the TIC Plan shall transfer along with the transfers of such accounts from the TIC Plan to the Plan so
that effective upon the date of such transfer such participants subject to such deemed enrollment and contribution elections shall continue to be subject to automatic enrollment under the Plan. 

IN WITNESS WHEREOF, the Committee has caused this instrument to be executed by its duly authorized agent on this 8th day of December, 2017. 
  

			
	INGREDION INCORPORATED
		
	By:	 	/s/ Diane J. Frisch
		 	Chairman, Benefits Committee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]