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EXHIBIT 10.4  

 
 

DANVERSBANK
  
    DEFERRED COMPENSATION PLAN
  
    Amended and Restated as of January 1, 2005    
    

        1.     Danversbank
(the "Bank"), a Massachusetts community bank, a wholly-owned subsidiary of Danvers Bancorp, Inc., a mutual form of organization (the "Company"),
previously established a Deferred Compensation Plan (the "Plan") for the benefit of specified officers of the Bank who are participants in the Danvers Savings Bank Phantom Stock Plan (the "Phantom
Stock Plan") as of January 1, 2003. The Plan is hereby amended and restated as of January 1, 2005. 

        2.     Eligibility
in the Plan shall be limited to participants in the Phantom Stock Plan and other individuals designated by the Committee from time to time (the
"Participants"). 

        3.     A
Participant who wishes to defer the receipt of the distribution of his vested shares from the Phantom Stock Plan must file a written deferral election with the
Bank no later than March 15, 2005 with respect to any phantom shares outstanding under the Phantom Stock Plan on March 15, 2005, and no later than December 31 of the calendar year
preceding the date of grant with respect to any phantom shares granted after March 15, 2005. Each Participant who is an employee who wishes to elect to defer the receipt of any
performance-based cash bonus must file a written deferral election with the Bank no later than June 30 of the calendar year in which the performance-based cash bonus is earned. Any bonus
deferral shall be in increments of 10 percent. Such election shall also indicate the timing and method of distribution from this Plan. The amount deferred by each Participant shall be credited
to a separate book account (a "Deferred Compensation Account") in his name as of January 1 of the calendar year in which the shares in the Phantom Stock Plan would have vested or as of the date
the cash bonus would otherwise have been paid. 

        4.     The
amount standing to the credit of a Participant's Deferred Compensation Account shall be deemed invested in a savings account earning interest per annum at the
"Subject Rate" which shall be the average yield rate on the Bank's portfolio for the preceding calendar year. At the end of each calendar quarter, the amount standing to the credit of a Participant's
Deferred Compensation Account shall be adjusted on an equitable basis for deemed interest at the Subject Rate. The reasonable determination of such adjustment by the Committee shall be conclusive and
binding on all Participants and their beneficiaries. 

        5.     A
Participant may elect to receive payment from his Deferred Compensation Account either at a date certain (for example, January 2010) which is at least five
(5) calendar years and no more than ten (10) calendar years after his deferral date or upon his termination of employment from the Bank. If there is no election on file, or if the
Participant's termination of employment occurs before the date certain, the distribution will be made within 60 days after the Participant's termination of employment from the Bank.
Distribution will be in cash and will be payable either in a lump sum or in annual installments over a period not exceeding ten (10) years, except that if the Participant has elected
distribution at a date certain, it will be paid only in a lump sum. If there is no election on file, distribution will be made in a lump sum. During the installment period, the Participant's Deferred
Compensation Account shall continue to receive interest credit pursuant to Paragraph 4. A Participant may change the form and timing of the distribution while employed by or performing service
for the Bank but such change (a) must be made at least 12 calendar months prior to the original distribution date, (b) may not take effect for at least 12 months, (c) must
defer the first payment for a period of not less than five years from the original distribution, and (d) may not result in the acceleration of any distribution. Notwithstanding the foregoing,
during 2005, a Participant may elect to receive payment of his Deferred Compensation Account in a lump sum, provided, however, that such payment shall be made in 2005. Notwithstanding the following,
if a Participant is a "specified employee" within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, any distribution to the Participant on account of the
Participant's separation from service must not be made before the earlier 

 

of
(i) six (6) months and a day after the Participant's separation from service, or (ii) the Participant's death. Any payments that would have been made after the Participant's
separation from service but for the operation of the preceding sentence shall be made in a lump sum on the date provided in the preceding sentence. 

        6.     During
his period of active employment, no Participant shall have any rights to the amounts which he has been awarded hereunder. Participation in the Plan, and any
actions taken pursuant to the Plan, shall not create or be deemed to create a trust or fiduciary relationship of any kind between the Bank and the Participant. The Bank may, but shall have no
obligation to, establish any separate fund, reserve, or escrow or to provide security with respect to any amounts awarded under the Plan. Any assets of the Bank which are set aside in any separate
fund, reserve or escrow shall continue for all purposes to be a part of the general assets of the Bank, with title to the beneficial ownership of any such assets remaining at all times in the Bank. No
Participant, his legal representatives, or any of his beneficiaries shall have any right, other than the right of an unsecured general creditor of the Bank, in respect of the Deferred Compensation
Account established hereunder, and such persons shall have no property interest whatsoever in any specific assets of the Bank. 

        7.     Any
distribution of deferred compensation payments will be reduced by the amounts required to be withheld pursuant to any governmental law or regulation with respect to
taxes or similar provisions. Deferred compensation shall be subject to employment taxes and the Participant shall make arrangements to provide any required withholding amount to the Bank. 

        8.     If
a Participant who has deferred compensation under the Plan dies before he has received full payment of the amount credited to his account, such unpaid portion shall be
paid to the Participant's beneficiary as designated by the Participant in writing. If no beneficiary has been designated or if a designated beneficiary has predeceased the Participant, such unpaid
portion shall be paid to the Participant's surviving spouse, if any; otherwise to the Participant's estate. 

        9.     The
deferred compensation payable under this Plan shall not be subject to alienation, assignment, garnishment, execution, or levy of any kind, and any attempt to cause
any compensation to be so subjected shall not be recognized. 

        10.   All
expenses incurred, or taxes paid by the Bank, and attributable to a Participant's Deferred Compensation Account shall be borne by the Bank and shall not reduce the
amount credited to such Deferred Compensation Account. 

        11.   Nothing
in this Plan shall be construed as giving any Participant the right to be retained in the employ of the Bank in any capacity. The Bank expressly reserves the
right to dismiss any employee, at any time, without liability for the effect which such dismissal may have upon such employee hereunder. 

        12.   This
Plan may be amended in any way or may be terminated, in whole or in part, at any time, and from time to time, by the Board. The foregoing provisions of this
paragraph notwithstanding, no amendment or termination of the Plan shall adversely affect the amounts payable hereunder on account of compensation awarded under the Plan prior to the effective date of
such amendment or termination or accelerate the time of any distribution under the Plan except to the extent permitted under Section 409A of the Internal Revenue Code of 1986, as amended. 

        13.   The
Plan shall be administered by the Committee appointed to administer the Phantom Stock Plan. The Committee shall have full power and authority to interpret, construe,
and administer this Plan, and the Committee's interpretations and construction thereof, and actions hereunder, including any determination of any amount credited or charged to the Participant's
Deferred Compensation Account or the amount or recipient of any payment to be made therefrom, shall be binding and conclusive on all persons for all purposes. 

2

 

        14.   All
notices, elections, or designations by a Participant to the Bank shall be delivered in person or by registered mail, postage prepaid, and noted to be brought to the
attention of the Committee. 

        15.   The
terms of this Plan shall be binding upon and shall inure to the benefit of the Bank and its successors or assigns and each Participant and his beneficiaries, heirs,
executors, and administrators. 

        16.   Subject
to its obligation to pay the amount credited to the Participant's Deferred Compensation Account at the time distribution is called, neither the Bank, any person
acting on behalf of the Bank nor the Committee shall be liable for any act performed or the failure to perform any act with respect to the terms of the Plan, except in the event that there has been a
judicial determination of willful misconduct on the part of the Bank, such person or the Committee. 

        17.   This
Plan, and all actions taken hereunder, shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, except as such laws may
be superseded by any applicable Federal laws. 

        18.   This
Plan shall be effective as of January 1, 2003. The amendment and restatement shall be effective as of January 1, 2005. 

        19.   (a)
If a Participant, Beneficiary or their authorized representative (hereinafter the "Claimant") asserts a right to a benefit under the Plan (other than a disability
benefit) which has not been received, the Claimant must file a claim for such benefit with the Committee on forms provided by the Committee. The Committee shall render its decision on the claim
within 90 days after its receipt of the claim. 

        If
special circumstances apply, the 90-day period may be extended by an additional 90 days, provided that written notice of the extension is provided to the Claimant
during the initial
90-day period and such notice indicates the special circumstances requiring an extension of time and the date by which the Committee expects to render its decision on the claim. 

        (b)   If
the Committee wholly or partially denies the claim, the Committee shall provide written notice to the Claimant within the time limitations of the immediately
preceding paragraph. Such notice shall set forth: 

        (i)    the
specific reasons for the denial of the claim; 

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

        (iii)    a
description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is
necessary; 

        (iv)  a
description of the Plan's claims review procedures, and the time limitations applicable to such procedures; and 

        (v)   a
statement of the Claimant's right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") if
the claim denial is appealed to the Committee and the Committee fully or partially denies the claim. 

        (c)   A
Claimant whose application for benefits is denied may request a full and fair review of the decision denying the claim by filing, in accordance with such procedures as
the Committee may establish, a written appeal which sets forth the documents, records and other information relating to the claim within 60 days after receipt of the notice of the denial from
the Committee. In connection with such appeal and upon request by the Claimant, a Claimant may review (or receive free copies of) all documents, records or other information relevant to the Claimant's
claim for benefit, all in accordance with such procedures as the Committee may establish. If a Claimant fails to file an appeal within such 60-day period, he shall have no further right to
appeal. 

3

 

        (d)   A
decision on the appeal by the Committee shall include a review by the Committee that takes into account all comments, documents, records and other information
submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial claim determination. The Committee shall render its decision on
the appeal not later than 60 days after the receipt by the Committee of the appeal. If special circumstances apply, the 60-day period may be extended by an additional
60 days, provided that written notice of the extension is provided to the Claimant during the initial 60-day period and such notice indicates the special circumstances requiring an
extension of time and the date by which the Committee expects to render its decision on the claim on appeal. 

        If
the Committee wholly or partly denies the claim on appeal, the Committee shall provide written notice to the Claimant within the time limitations of the immediately preceding
paragraph. Such notice shall set forth: 

        (i)    the
specific reasons for the denial of the claim; 

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

        (iii)    a
statement of the Claimant's right to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the Claimant's claim for benefits; and 

        (iv)  a
statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA. 

        The
foregoing claims procedures described in this Paragraph 19 shall be administered in accordance with Section 503 of ERISA and guidance issued thereunder. Any written
notice required to be given to the Claimant may, at the option of the Committee and in accordance with guidance issued under Section 503 of ERISA, be provided electronically. 

        Executed
this            day of                        , 2005 by a duly
authorized officer of Danversbank. 

	 	 	DANVERSBANK
	

 	
 	
By:	

 
	 	 	 	
 Title

4

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EXHIBIT 10.5  

 
 

NONSTANDARDIZED INTEGRATED ADOPTION AGREEMENT
  
    PROTOTYPE DEFINED BENEFIT PENSION PLAN AND TRUST
  
    Sponsored By
  
    SBERA    
    

The
Employer named below hereby establishes a Defined Benefit Pension Plan for eligible Employees as provided in this Adoption Agreement and the accompanying Basic Plan Document #02. 

I.     EMPLOYER INFORMATION  

If more than one Employer is adopting the Plan, complete this section based on the lead Employer. Additional Employers who are members of the same controlled group or
affiliated service group may adopt this Plan by completing and executing Section XXI of the Adoption Agreement.

	A.
	Name And Address:

	

	Danversbank

One Conant Street

Danvers, MA 01923

	B.
	Telephone Number:    978-777-2200

	C.
	Employer's Tax ID Number:    04-3458120

	D.
	Form Of Business:

	 	 	o    1.    Sole Proprietor	 	o    5.    Limited Liability Company
	 	 	o    2.    Partnership	 	o    6.    Limited Liability Partnership
	 	 	ý    3.    Corporation	 	o    7.    
	 	 	o    4.    S Corporation	 	 

	

 	

 	
 	

 	
 	

 	
 	

 
	 	E.	 	Is The Employer Part Of A Controlled Group?	 	ý YES	 	o NO
	 	 	 	Part Of An Affiliated Service Group?	 	o YES	 	ý NO

	F.
	Name Of Plan: SBERA Pension Plan as adopted by Danversbank

	G.
	Three Digit Plan Number:    001

	H.
	Employer's Tax Year End:    12/31

	I.
	Employer's Business Code:    522120 

II.    EFFECTIVE DATE  

	A.
	New Plans:

This
is a new Plan having an Effective Date of                        . 

	B.
	Amended and Restated Plans:

This
is an amendment or restatement of an existing Plan. The initial Effective Date of the Plan was 11/1/1981. The Effective Date of this amendment or
restatement is 5/1/2007. 

 

	C.
	Amended or Restated Plans for GUST:

This
is an amendment or restatement of an existing Plan to comply with GUST [The Uruguay Round Agreements, Pub. L. 103-465 (GATT); The Uniformed Services Employment and
Reemployment Rights Act of 1994, Pub. L. 103-353 (USERRA); The Small Business Job Protection Act of 1996, Pub. L. 104-188 (SBJPA) [including Section 414(u)
of the Internal Revenue Code]; The Taxpayer Relief Act of 1997, Pub. L. 105-34 (TRA'97); The Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L.
105-206 (IRSRRA); and The Community Renewal Tax Relief Act of 2000, Pub. L., 106-554 (CRA)]. The initial Effective Date of the Plan
was                        . Except as
provided for in the Plan, the Effective Date of this amendment or restatement is                        . (The restatement date
should be no earlier than the first day of the current Plan Year. The Plan
contains appropriate retroactive Effective Dates with respect to provisions for GUST.) 

Pursuant to Code Section 411(d)(6) and the Regulations issued thereunder, an Employer cannot reduce, eliminate or make subject to Employer discretion any Code
Section 411(d)(6) protected benefit. Where this Plan document is being adopted to amend another plan that contains a protected benefit not provided for in the Basic Plan Document #02, the
Employer may complete Schedule A as an addendum to this Adoption Agreement. Schedule A describes such protected benefits and shall become part of this Plan. If a prior plan document
contains a plan feature not provided for in the Basic Plan Document #02, the Employer may attach Schedule B describing such feature. Provisions listed on Schedule B are not covered by
the IRS Opinion Letter issued with respect to the Basic Plan Document #02.

III.  DEFINITIONS  

	A.
	"Accrued Benefit"  

A
Participant's Accrued Benefit shall be calculated: 

	o
	1.    Under
the fractional method on the basis of:

	o
	a.    Years
of Service.

	o
	b.    Years
and Months of Service.

	o
	c.    Years,
Months and Days of Service.

	o
	d.    Years
of Participation.

	o
	e.    Years
and Months of Participation.

	o
	f.    Years,
Months and Days of Participation.

Not
exceeding      Years, and (if applicable)      Months, and (if applicable)    Days (as specified above) for purposes of calculating the numerator and the
denominator of the accrual fraction.

If
using either the "Years and Months" or "Years, Months and Days" options, prior to adoption of this Prototype, "Months" may have been considered if the Employee would be credited within such month
with Hours of Service at an annualized rate of at least 1,000 Hours. After adoption of this Prototype, months may not be used if the Participant will be required to complete a specified number of
Hours of Service in order to receive credit for any fractional Year of Service. 

	ý
	2.    By
use of a stated dollar amount or percentage of Compensation per Year of ý
Service, o Participation, where the Normal Retirement Benefit is equal to the Accrued Benefit at 

2

 

the
Participant's Normal Retirement Date. This accrual method is subject to the 133% limitation set forth in paragraph 1.1(b) of Basic Plan Document #02. 

	o
	3.    By
use of the sum of all annual accruals up to the date of determination. This accrual method is subject to the
1331/3% limitation set forth in paragraph 1.1(b) of Basic Plan Document #02.

	o
	4.    By
use of the 3% rule set forth at paragraph 1.1(c) of Basic Plan Document #02.

	B.
	"Actuarial Equivalence"

If more than one set of factors has been used during the remedial amendment period under Code Section 401(b), indicate the final assumptions below and attach the other
applicable schedules in an attachment to this Adoption Agreement.

	1.
	Optional
Forms of Benefits: 

Actuarial
assumptions for purposes of determining the Present Value of optional forms of benefit shall be as follows: 

	 	Mortality	 	 
	 	Pre-retirement:	 	None
	 	Set Back:	 	None
	 	Interest:	 	7
	

 	

Mortality	
 	

 
	 	Post-retirement:	 	1971 Individual Annuity Mortality Table for Males
	 	Set Back:	 	3 Years
	 	Interest:	 	6

	2.
	Limitations
under Code Section 415: 

Actuarial
assumptions for calculating Maximum Permissible Amount under Code Section 415 shall be as follows: 

	 	Mortality	 	 
	 	Pre-retirement:	 	None
	 	Set Back:	 	None
	 	Interest:	 	7
	

 	

Mortality	
 	

 
	 	Post-retirement:	 	1971 Individual Annuity Mortality Table for Males
	 	Set Back:	 	3 Years
	 	Interest:	 	6

	3.
	Top
Heavy determination under Code Section 416: 

Actuarial
assumptions for purposes of determining the present value of cumulative benefits shall be as follows: 

	 	Mortality	 	 
	 	Pre-retirement:	 	None
	 	Set Back:	 	None
	 	Interest:	 	5
	

 	

Mortality	
 	

 
	 	Post-retirement:	 	1971 Individual Annuity Mortality Table for Males
	 	Set Back:	 	3 Years
	 	Interest:	 	5

3

 

	4.
	Early
Retirement and Disability Benefit Calculations: 

Actuarial
assumptions for purposes of determining early retirement or disability benefits shall be as follows: 

	 	Mortality	 	 
	 	Pre-retirement:	 	None
	 	Set Back:	 	None
	 	Interest:	 	7
	

 	

Mortality	
 	

 
	 	Post-retirement:	 	1971 Individual Annuity Mortality Table for Males
	 	Set Back:	 	3 Years
	 	Interest:	 	6

	5.
	Date
for applying Code Section 417 Interest Rates: 

If
the cash-out provisions under paragraph 5.7 of Basic Plan Document #02 apply using the above interest rate, the applicable date for determining such rate shall be: 

	ý
	a.    The
rate applicable on the first day of the Plan Year.

	o
	b.    Annuity
Starting Date.

	o
	c.    The
date which is (not to exceed 120) days prior to the Participant's Annuity Starting Date.

	6.
	Incorporation
of GATT Lump Sum Provisions:

	ý
	a.    The
1983 GAM mortality table (as gender neutralized) was implemented as of  11/1/2000.

	ý
	b.    The
30 year Treasury Security Rate became the interest factor for lump sum distributions as of  11/1/2000.

	ý
	c.    Stability
Period: The interest rate used to determine the lump sum distributions will remain constant for a period of:

	o
	i.    One
calendar month.

	o
	ii.    One
Plan quarter.

	ý
	iii.    One
Plan Year.

	ý
	d.    Lookback
Month: The interest rate used to determine the lump sum distributions will be determined as of the
o 1st ý 2nd o 3rd
o 4th o 5th full calendar month preceding the first day of the Stability Period indicated above. 

4

 

	ý
	e.    Calculation
of Lump Sum Distributions (select one):

	o
	i.    A
Participant's lump sum distribution shall be equal to the greater of (1) or (2) multiplied by the
Participant's Vested Percentage:

	1.
	The
then Present Value of the Accrued Benefit earned as of            calculated using the following assumptions: 

	 	 	Pre-Retirement	 	 
	 	 	Mortality:	 	 
	 	 	Set Back:	 	 
	 	 	Interest:	 	 
	

 	
 	
Post-Retirement

Mortality:

Set Back:

Interest:	
 	

 

	2.
	The
then Present Value of the Participant's total Accrued Benefit calculated using the Code Section 417(e) rates as implemented above.

	o
	ii.    A
Participant's lump sum distribution shall be equal to (1) plus (2), but not less than (3), multiplied by the
Participant's Vested Percentage:

	1.
	The
then Present Value of the Accrued Benefit earned as of            calculated using the following assumptions: 

	 	 	Pre-Retirement	 	 
	 	 	Mortality:	 	 
	 	 	Set Back:	 	 
	 	 	Interest:	 	 
	

 	
 	
Post-Retirement	
 	

 
	 	 	Mortality:	 	 
	 	 	Set Back:	 	 
	 	 	Interest:	 	 

	2.
	The
then Present Value of the Participant's total Accrued Benefit earned after                        calculated using the Code
Section 417(e) rates as implemented above.

	3.
	In
no event shall the Present Value be less than the Present Value of the Participant's total Accrued Benefit as of the payment date calculated using the Code Section 417(e)
rates as implemented above. 

5

 

	ý
	iii.    A
Participant's lump sum distribution shall be equal to the greater of (1) or (2) multiplied by the
Participant's Vested Percentage:

	1.
	The
then Present Value of the Participant's total Accrued Benefit calculated using the following assumptions: 

	 	 	Pre-Retirement	 	 
	

 	
 	

Mortality:	
 	
None
	 	 	Set Back:	 	None
	 	 	Interest:	 	7
	

 	
 	

Post-Retirement	
 	

 
	 	 	Mortality:	 	1971 Individual Annuity Mortality Table for Males
	 	 	Set Back:	 	3 Years
	 	 	Interest:	 	6

	2.
	The
then Present Value of the Participant's total Accrued Benefit calculated using the Code Section 417(e) rates as implemented above.

	C.
	"Average Annual Compensation"

The
average of a Participant's Compensation for the highest 3 consecutive [x]
Years [    ] Months of [x] Service [    ] Participation (not
less than 3 years or 36 months). In determining the average, the 12- month computation period which the Participant terminates employment
[x] will [    ] will not be considered.

Computation Period: 

	ý
	1.    Up
to Normal Retirement Age, or if different the last date of active Plan Participation.

	o
	2.    Of
the last            consecutive o Years
o Months of o Service o Participation prior to Normal
Retirement Age, or if different the last date of active Plan Participation. 

If
blank, the provision of paragraph 1.11 of Basic Plan Document #02 shall apply. 

	D.
	"Compensation"

	1.
	Shall
mean all of each Participant's:

	ý
	a.    Code
Sections 6041, 6051 and 6052 wages for tax reporting purposes.

	o
	b.    Code
Section 3401(a) wages.

	o
	c.    Code
Section 415 safe-harbor as set forth for limitations purposes.

	2.
	Shall
be determined on the basis of the:

	o
	a.    Plan
Year.

	o
	b.    Calendar
year.

	ý
	c.    The
consecutive 12-month period beginning  October 1–September 30. For Employees whose date of hire is less than 12 months before the end of the designated
period, Compensation will be determined over the Plan Year.

	o
	3.    Compensation
shall not include Employer contributions made pursuant to a salary reduction agreement to a qualified
retirement plan under Code Section 401(k), a tax-sheltered annuity plan under Code Section 403(b), a deferred compensation plan under Code Section 457, amounts
deferred under Code Section 132(f)(4), or a cafeteria plan under Code Section 125 that are not includible in the gross income of the Employee. 

6

  

	o
	4.    For
purposes of the Plan, Compensation shall be limited to $                        , the maximum amount which will be considered
for Plan purposes. [Completion of this section is not intended to coordinate with the $150,000, as adjusted for cost-of-living, of Code
Section 401(a)(17).]

	ý
	5.    Exclusions
from Compensation:

	o
	a.    overtime

	ý
	b.    bonuses

	ý
	c.    commissions

	ý
	d.    Payout of phantom stock, and car allowances.

	

	Any exclusion of Compensation must satisfy the requirements of Regulations Section 1.401(a)(4) and Code Section 414(s) and the
Regulations thereunder.

	E.
	"Entry Date"

	o
	1.    The
first day of the Plan Year during which an Employee meets the eligibility requirements.

	o
	2.    The
first day of the Plan Year nearest the date on which an Employee meets the eligibility requirements.

	o
	3.    The
first day of the month coinciding with or next following the date on which an Employee meets the eligibility
requirements.

	o
	4.    The
first day of the month following the date on which an Employee meets the eligibility requirements.

	o
	5.    The
earlier of the first day of the Plan Year or the first day of the seventh month of the Plan Year coinciding with or
next following the date on which an Employee meets the eligibility requirements.

	o
	6.    The
first day of the Plan Year following the date on which the Employee meets the eligibility requirements. If this
election is made, the Service waiting period cannot be greater than one-half year and the minimum age requirement may not be greater than age 201/2.

	o
	7.    The
day on which the Employee meets the eligibility requirements.

	F.
	"Fresh-Start Group"

Is
limited as specified below: 

	ý
	1.    Not
limited.

	o
	2.    Code
Section 401(a)(17) Participants. (May only be elected with respect to a TRA '86 Fresh-Start Date and/or an OBRA
'93 Fresh-Start Date. A TRA '86 Fresh-Start Date means a Fresh-Start Date that is not earlier than the last day of the last Plan Year beginning before the first Plan Year beginning on or after
January 1, 1989, and not later than the last day of the last Plan Year beginning before the first Plan Year beginning on or after January 1, 1994. An OBRA '93 Fresh-Start Date means the
last Plan Year beginning before the first Plan Year beginning on or after January 1, 1994.)

	o
	3.    Members
of an acquired group of Employees. (An acquired group of Employees means Employees of a prior employer who became
employed by the Employer in a transaction between the Employer and the prior employer that is a stock or asset acquisition, merger 

7

 

or
other similar transaction involving a change in the employer of the Employees of the trade or business.)

The
date of the transaction is                        . The date above is the Fresh-Start Date with respect to members of the acquired
group specified below: 

Specify
group:

 

	o
	4.    Employees
with a Frozen Accrued Benefit that is attributable to assets and liabilities transferred to the Plan as of a
Fresh-Start Date in connection with the transfer and for whom the current formula is different from the formula used to determine the Frozen Accrued Benefit. 

The
Fresh-Start Date in connection with the transfer is                        (must be the date as of which the Employees begin
accruing benefits under the Plan). 

The
group of Employees with a Frozen Accrued Benefit that is attributable to assets and liabilities transferred to the Plan is as specified below: 

Specify
group: 

	G.
	"Fresh-Start Rules"

The
formula with wear-away and formula with extended wear-away Fresh-Start rules below take into account an Employee's benefit accruals under the Plan; either of these rules
may cause the Plan to fail to satisfy the safe-harbor for past Service in the income tax regulations. In the case of a Plan that is exempt from Code Section 412 pursuant to Code
Section 412(i), the words "Projected Benefit" and "Frozen Projected Benefit" will be substituted for "Accrued Benefit" and "Frozen Accrued Benefit" respectively, wherever they appear in this
Section III(G). The Projected Benefit is the Participant's Normal (or Late, if the Participant has previously attained Normal Retirement Age) Retirement Benefit determined on the basis of
current Average Annual Compensation and all years of credited Service plus years of credited Service projected through the later of the Plan Year in which the Participant attains Normal Retirement Age
or the current year. 

	o
	1.    Not
applicable.

	ý
	2.    Formula
with wear-away using the greater of:

	a.
	the
Participant's Frozen Accrued Benefit, if any, and

	b.
	the
Participant's Accrued Benefit determined with respect to the current formula as applied to the Participant's total Years of Participation or Service.

	o
	3.    Formula
without wear-away using the sum of:

	a.
	the
Participant's Frozen Accrued Benefit, if any, and

	b.
	the
Participant's Accrued Benefit determined with respect to the current benefit formula as applied to the Participant's Years of Participation or Service beginning after
the Fresh-Start Date. 

If,
however, the Participant's benefit under the Plan is accrued under the fractional accrual rule or the 3% accrual rule in Section III(A) above, this formula without wear-away
will not apply, and the Participant's Accrued Benefit will be determined in accordance with the formula with wear-away above. 

8

 

	o
	4.    Formula
with extended wear-away using the greater of the Accrued Benefit determined for the Participant under
the formula with wear-away or the formula without wear-away above. 

If,
however, the Participant's benefit under the Plan is accrued under the 3% accrual rule in Section III(A) above, or if this Plan satisfies the safe harbor for insurance contract plans in the
Treasury Regulations, the formula with extended wear-away will not apply, and the Participant's Accrued Benefit will be determined in accordance with the formula with wear-away
above. 

	H.
	"Frozen Accrued Benefit"

The
Employer o shall ý shall not index Participants' Frozen Accrued Benefits in direct proportion to their
o Compensation o Average Annual Compensation. 

	I.
	"Highly Compensated Employees—Top-Paid Group Election" For Plans which are being amended and restated for GUST,
please complete Schedule C outlining the preamendment operation of the Plan as well as this section of the Adoption Agreement. The testing elections made below will apply to the future
operation of the Plan.

	o
	1.    Top-Paid
Group Election: 

In
determining who is a Highly Compensated Employee, the Employer makes the Top-Paid Group election. The effect of this election is that an Employee (who is not a 5% owner at any time
during the determination year or the look-back year) who earned more than $80,000, as indexed for the look-back year, is a Highly Compensated Employee if the Employee was in
the Top-Paid Group for the look-back year. This election is applicable for the Plan Year in which this Plan is effective. 

	o
	2.    Calendar
Year Data Election: 

If
the Plan Year is not calendar year, the prior year computation period for purposes of determining if an Employee earned more than $80,000, as indexed, is the calendar year beginning in the prior
Plan Year. This election is applicable for the Plan Year in which this Plan is effective. 

	J.
	"Hours of Service"

Hours
shall be determined by the method selected below. Only one method may be selected. The method selected shall be applied to all Employees covered under the Plan. 

	o
	1.    Not
applicable. For all purposes under the Plan, a Year of Service (Period of Service) is defined as Elapsed Time.

	o
	2.    On
the basis of actual hours for which an Employee is paid or entitled to payment.

	o
	3.    On
the basis of days worked. An Employee shall be credited with ten (10) Hours of Service if under
paragraph 1.48 of Basic Plan Document #02 such Employee would be credited with at least one (1) Hour of Service during the day.

	o
	4.    On
the basis of weeks worked. An Employee shall be credited with forty-five (45) Hours of Service if
under paragraph 1.48 of Basic Plan Document #02 such Employee would be credited with at least one (1) Hour of Service during the week.

	o
	5.    On
the basis of semi-monthly payroll periods. An Employee shall be credited with ninety-five
(95) Hours of Service if under paragraph 1.48 of Basic Plan Document #02 such Employee would be credited with at least one (1) Hour of Service during the semi-monthly
payroll period. 

9

 

	o
	6.    On
the basis of months worked. An Employee shall be credited with one-hundred-ninety (190) Hours of
Service if under paragraph 1.48 of Basic Plan Document #02 such Employee would be credited with at least one (1) Hour of Service during the month.

	K.
	"Limitation Year"

Unless
elected otherwise below, the Limitation Year shall be the Plan Year. 

The
12-consecutive month period commencing on October 1 and ending on  September 30.

If
applicable, there will be a short Limitation Year commencing on                        and ending
on                        . Thereafter, the Limitation Year shall end on the date specified above. 

	L.
	"Plan Year"

The
12-consecutive month period commencing on November 1 and ending on  October 31. 

If
applicable, there will be a short Plan Year commencing on                        and ending
on                        . Thereafter, the Plan Year shall end on the date specified above. 

	M.
	"QDRO Payment Date"

	ý
	1.    The
date the QDRO is determined to be qualified.

	o
	2.    The
statutory age 50 requirement applies for purposes of making distribution to an alternate payee under the provisions of
a QDRO.

	N.
	"Qualified Joint and Survivor Annuity"

The
survivor annuity shall be 100% (50%, 662/3%, 75% or 100%) of the annuity payable during the lives of the Participant and Spouse. If
an amount is not specified, 50% will be used. 

	O.
	"Year of Participation/Service"

	1.
	For
eligibility purposes:

	ý
	a.    Hours
of Service Plan. The 12-consecutive month period, commencing on the date an Employee first renders an
Hour of Service and anniversaries thereof, during which an Employee is credited with 1000 (not more than 1,000) Hours of Service.

	o
	b.    Elapsed
Time Plan.

	2.
	For
benefit accrual purposes:

	ý
	a.    Hours
of Service Plan. The 12-consecutive month period, defined at Section III(L) above, during which an
Employee is credited with 1000(not more than 2,080); however, if more than 1,000 is selected a minimum 50% accrual must be made for Employees credited
with 1,000 Hours of Service.

	o
	b.    Elapsed
Time Plan.

	3.
	For
vesting purposes:

	ý
	a.    Hours
of Service Plan. The 12-consecutive month period, measured in accordance with Section IX(A) of
this Adoption Agreement, during which an Employee is credited with 1000 (not more than 1,000) Hours of Service.

	o
	b.    Elapsed
Time Plan. 

10

 

IV.    ELIGIBILITY REQUIREMENTS

	A.
	Service:

	o
	1.    Not
applicable. There shall be no Service requirement in the Plan.

	ý
	2.    The
Service requirement shall be 1 Year(s) of Service (if hours counting
method is used) or Period of Service (if Elapsed Time method is used). The Service period may not be greater than 2 years. If a Service period greater than 1 year is elected,
Participants must be 100% vested upon entering the Plan. If the Hours of Service method is used and the period selected is less than 1 year, an Employee will not be required to complete any
specified number of Hours of Service to receive credit for such period.

	B.
	Age:

	ý
	1.    Not
applicable. There is no age requirement in the Plan.

	ý
	2.    Employees
under the age of 21 (not greater than 21) shall not be
permitted to participate in this Plan.

	C.
	Employee Class Exclusions:

	o
	1.    Employees
included in a unit of Employees covered by a collective bargaining agreement between the Employer and Employee
Representatives, if retirement benefits were the subject of good faith bargaining and if two percent or less of the Employees who are covered pursuant to that agreement are professionals as defined in
Regulations Section 1.410(b)-9. For this purpose, the term "employee representatives" does not include any organization more than half of whose members are Employees who are owners,
officers, or executives of the Employer.

	o
	2.    Employees
who are nonresident aliens [within the meaning of Code Section 7701(b)(1)(B)] and
who receive no Earned Income [within the meaning of Code Section 911(d)(2)] from the Employer which constitutes income from United States sources[within the
meaning of Code Section 861(a)(3)].

	o
	3.    Individuals
who became Employees as the result of a "Code Section 410(b)(6)(C) transaction". These Employees will be
excluded during the period beginning on the date of the transaction and ending on the last day of the first Plan Year beginning after the date of the transaction. A "Code Section 410(b)(6)(C)
transaction" is an asset or stock acquisition, merger, or similar transaction involving a change in the Employer or the Employees of a trade or business.

	o
	4.    The
Plan shall exclude from participation any nondiscriminatory classification of Employees determined as follows: 

Any individual who was not a participant as of 8/15/2003.

	D.
	Employees on Effective Date:

	ý
	1.    All
Employees will be required to satisfy both the age and Service requirements specified above.

	o
	2.    Employees
employed on the Plan's Effective Date do not have to satisfy the age requirement specified above.

	o
	3.    Employees
employed on the Plan's Effective Date do not have to satisfy the Service requirement specified above. 

11

  

	E.
	Special Waiver of Eligibility Requirements:

The
age and/or Service eligibility requirements specified above shall be waived for those eligible Employees who are employed on the following date for the contribution type(s) specified. This waiver
applies to either the age and/or Service requirement(s) as elected below. 

	Waiver Date
	 	Waiver of Age Requirement
	 	Waiver of Service Requirement

V.     NORMAL RETIREMENT AGE AND DATE  

	A.
	Normal Retirement Age:

If
the Employer imposes a requirement that Employees retire upon reaching a specified age, the Normal Retirement Age selected below may not exceed the Employer imposed mandatory retirement age. 

	ý
	1.    Normal
Retirement Age shall be 65 (not to exceed age 65).

	o
	2.    Normal
Retirement Age shall be the later of attaining age    (not to exceed age 65), or                        (not
to
exceed 5) o Years of Service o Years of Participation, but in no event later than age 65 and the
fifth anniversary of the first day of the first Plan Year in which the Participant commenced participation in the Plan.

	o
	3.    Normal
Retirement Age shall be the later of attaining age            (not to exceed age 65), or
the                        
anniversary of Plan participation. 

If the Plan had previously provided for any anniversary of participation greater than the fifth, language is provided in paragraph 1.57 of Basic Plan Document #02 for
Participants who first commenced participation prior to the 1988 Plan Year.

	B.
	Normal Retirement Date:

	o
	1.    The
first day of the Plan Year during which the Participant attains Normal Retirement Age. The first day of the month
during which the Participant attains Normal Retirement Age.

	o
	2.    The
first day of the month following the month during which the Participant attains Normal Retirement Age.

	o
	3.    The
first day of the month coinciding with or next following the date the Participant attains Normal Retirement Age.

	o
	4.    The
Anniversary Date nearest to the date the Participant attains Normal Retirement Age. The actual day on which the
Participant attains Normal Retirement Age. 

VI.   BENEFIT FORMULAS  

The
Basic Normal Retirement Benefit shall be any one or combination of the following alternatives subject to the Limitations on Benefits provided at Section VIII of this Adoption Agreement. 

If you had more than one benefit formula during the TRA "86 or GUST amendment period, list the appropriate benefit formulas on Schedule A.

	o
	A.    Flat Benefit:

	 	1.	 	        % (base benefit percentage) of each Participant's Average Annual Compensation, plus
	 	 	 	 

12

 

	

 	

2.	
 	

        % (excess benefit percentage—not to exceed (1) above by more than the maximum excess allowance) of such Participant's Average Annual Compensation in excess of the integration level for the
Plan Year.

For
purposes of the preceding paragraph, the maximum excess allowance is equal to the lesser of (i) the base benefit percentage or (ii) the applicable factor determined from Table I or
II at the end of this section, multiplied by 35. 

The
applicable factor is the factor derived from the applicable tables below based on the Normal Retirement Age under the Plan, as specified in Section V of this Adoption Agreement (determined
without regard to any Years of Participation requirement), and the Plan's Normal Form of Benefit, as specified in Section VII of this Adoption Agreement. If the Employer elects as an
integration level Section VI(C)(4) or (5), Table II shall apply; otherwise, Table I shall apply. 

	3.
	The
benefit calculated at (1) shall be reduced by (select one)

	o
	a.    a
fraction with a numerator of 1 and a denominator equal to the number of Years of
o Service o Participation next specified for each Year of Service/Participation less
than                        .

	o
	b.    the
same reduction as in (2) above (i.e. 3/4% for each year of credited Service less than 35). 

For
Participant's who are projected to have earned less than 35 years under this Plan as of the end of the Plan Year in which they attain Normal Retirement Age (or current age, if later), the
base percentage and the excess percentage will be reduced by multiplying them by a fraction, the numerator of which is the number of years the Participant is projected to have earned under this Plan
as of the end of the Plan Year in which the Participant attains Normal Retirement Age (or current age, if later), and the denominator of which is 35. 

If
the number of the Participant's cumulative permitted disparity years exceeds 35, the Participant's benefit will be further adjusted as provided below. A Participant's cumulative disparity years
consist of the sum of: (A) the total years a Participant is projected to have earned under this Plan by the end of the Plan Year containing the Participant's Normal Retirement Age, and
subsequent years, if any, (the total not to exceed 35), and (B) the number of years credited to the Participant for purposes of the benefit formula or the accrual method under the Plan under
one or more other qualified plans or Simplified Employee Pension Plans (whether or not terminated) ever maintained by the Employer [other than years counted in (A)], and not
including any years credited to
the Participant under such other qualified plans or Simplified Employee Pension Plans after the Participant has earned 35 years under this Plan. For purposes of determining the Participant's
cumulative permitted disparity limit, all years ending in the same calendar year are treated as the same year. 

If
the cumulative disparity adjustment is applicable, the Participant's benefit will be increased as follows:

	i.
	Subtract
the Participant's base benefit percentage from the Participant's excess benefit percentage (after modification in accordance with the paragraphs preceding this
cumulative disparity adjustment).

	ii.
	Divide
the result in (i) by the Participant's years under the Plan projected to the later of Normal Retirement Age or current age, not to exceed 35 years. 

13

 

	iii.
	Multiply
the result in (ii) by the number of years by which the Participant's cumulative disparity years exceed 35.

	iv.
	Add
the result in (iii) to the Participant's base benefit percentage determined prior to this cumulative disparity adjustment. 

For
any Plan Year this Plan benefits any Participant who benefits under another qualified plan or Simplified Employee Pension Plan maintained by the Employer that provides permitted disparity (or
imputes permitted disparity), the benefit for each Participant under this Plan will be equal to the base benefit percentage times the Participant's Average Annual Compensation. For Participants who
are projected to have earned less than 35 years under this Plan as of the end of the Plan Year in which they attain Normal Retirement Age, (or current age, if later), the percentage in the
preceding sentence will be multiplied by a fraction (not more than one), the numerator of which is the Participant's years that they are projected to have earned under this Plan as of the end of the
Plan Year in which they attain
Normal Retirement Age (or current age, if later), and the denominator of which is 35. If this paragraph is applicable, this Plan will have a Fresh-Start Date on the last day of the Plan Year preceding
the Plan Year in which this paragraph is first applicable. 

In
addition, if in any subsequent Plan Year this Plan no longer benefits any Participant who also benefits under another qualified plan or Simplified Employee Pension Plan maintained by the Employer
that provides for permitted disparity (or imputes permitted disparity), this Plan will have a Fresh-Start Date on the last day of the Plan Year preceding the Plan Year in which this paragraph is no
longer applicable. For purposes of determining the Participant's overall permitted disparity limit, all years ending in the same calendar year are treated as the same year. 

	o
	B.    Unit Benefit:

The
Employer will provide a life annuity commencing at Age 65 equal to the sum of (1) and (2) minus (3). 

	1.
	1.25% (base benefit percentage) times Average Annual Compensation up to the integration level times each Year of
o Participation ý Service (if applicable, limited to a maximum of  25 years) plus a benefit equal to 1.85% (excess benefit percentage—not to exceed the base
benefit percentage by more than the maximum excess allowance) times Average Annual Compensation in excess of the integration level times each year of credited Service. The maximum number of years of
credited Service during which permitted disparity is taken into account under this paragraph will be 25 (may not exceed 35, and, if benefits after the
latest Fresh-Start Date are determined under the fractional accrual rule in paragraph 1.1 of Basic Plan Document #02 or the Plan satisfies Code Section 411(b)(1)(F), may not be less than
25). 

The
number of years of credited Service taken into account under the paragraph above for any Participant will not exceed the Participant's cumulative permitted disparity limit. The Participant's
cumulative permitted disparity limit is equal to 35 minus the number of years credited to the Participant for purposes of the benefit formula or the accrual method under the Plan under one or more
qualified plans or Simplified Employee Pension Plans (whether or not terminated) ever maintained by the Employer, other than years for which a Participant earned a year of credited Service under the
formula above. For purposes of determining the Participant's cumulative permitted disparity limit, all years ending in the same calendar year are treated as the same year. If the Participant's
cumulative permitted disparity limit is less than the period specified in the paragraph above, then for years after the Participant reaches the cumulative permitted disparity limit and through the end
of the period specified in the above paragraph, the Participant's benefit will be equal to the excess benefit percentage, or, if 

14

 

the
Participant's benefit after the latest Fresh-Start Date is not accrued under the fractional rule and the Plan does not satisfy Code Section 411(b)(1)(F), 1331/3% of the base
benefit percentage, if lesser, times Average Annual Compensation. 

	 	2.	 	        % (not to exceed the lesser of (A) the excess benefit percentage, or (B) 133% of the base benefit percentage), times Average Annual Compensation for each Year of
[    ] Participation [    ] Service after the number of years taken into account in (1) above. If, however, benefits after the latest Fresh-Start Date are accrued under the fractional accrual rule or the
Plan satisfies Code Section 411(b)(1)(F), then for each year of credited Service after the years of credited Service taken into account in paragraph (1), this percentage will be equal to the excess benefit percentage. The maximum number of
years of credited Service taken into account under this paragraph (2) will be                        (if benefits after the
latest Fresh-Start Date are accrued under the fractional rule or the Plan satisfies Code Section 411(b)(1)(F), the number of years entered must be no less than 35 minus the number of years of credited Service taken into account in
paragraph (1).

	3.
	The
Actuarial Equivalent of the Participant's Discretionary Contribution Account in the Employer's Cash or Deferred Profit Sharing Plan converted to a life annuity at the Participant's
Retirement Date. The Participant's Discretionary Contribution Account shall include the Actuarial Equivalent of any prior distributions from such account converted to a life annuity. 

In no event will the Accrued Benefit of a Participant be less than the accrued benefit as of December 31, 1999.

For
purposes of the preceding paragraphs, the maximum excess allowance is, with respect to benefits under the Plan for any year, the lesser of (A) the base benefit percentage or (B) the
applicable factor determined from Table I or II at the end of this section. 

The
applicable factor is the factor derived from the applicable tables below based on the Normal Retirement Age under the Plan, as specified in Section V of this Adoption Agreement (determined
without regard to any Years of Participation requirement), and the Plan's Normal Form of Benefit, as specified in Section VII of this Adoption Agreement. If the Employer elects as an
integration level Section VI(C)(4) or (5), Table II shall apply; otherwise, Table I shall apply. 

For
any Plan Year this Plan benefits any Participant who benefits under another qualified plan or Simplified Employee Pension Plan maintained by the Employer that provides for permitted disparity (or
imputes permitted disparity), the benefit for each Participant under this Plan will be equal to the base benefit percentage times the Participant's Average Annual Compensation. If this paragraph is
applicable, this Plan will have a Fresh-Start Date on the last day of the Plan Year preceding the Plan Year in which this paragraph is first applicable. In addition, if in any subsequent Plan Year
this Plan no longer benefits any Participant who also benefits under another qualified plan or Simplified Employee Pension Plan maintained by the Employer that provides for permitted disparity (or
imputes permitted disparity), this Plan will have a Fresh-Start Date on the last day of the Plan Year preceding the Plan Year in which this paragraph is no longer applicable. For purposes of
determining the Participant's overall permitted disparity limit, all years ending in the same calendar year are treated as the same year. 

	C.
	Integration Level:

The
integration level for each Plan Year for each Participant will be an amount equal to: 

	ý
	1.    Such
Participant's Covered Compensation for the Plan Year. 

15

 

	o
	2.    The
greater of $10,000 or one-half of the Covered Compensation of any Participant who attains Social Security
Retirement Age during the calendar year in which the Plan Year begins.

	o
	3.    $                    
(a
single dollar amount not to exceed the greater of $10,000 or one-half of Covered
Compensation of any Participant who attains Social Security Retirement Age during the calendar year in which the Plan Year begins).

	o
	4.    $                    
(a
single dollar amount that exceeds the greater of $10,000 or one-half of Covered
Compensation of any Participant who attains Social Security Retirement Age during the calendar year in which the Plan Year begins, but not to exceed the greater of $25,450 or 150% of the Covered
Compensation of a Participant attaining Social Security Retirement Age in the current Plan Year).

	o
	5.    A
uniform percentage equal to        % (greater than 100% but not greater than 150% percent of each Participant's
Covered Compensation for the current year, and in no event in excess of Final Average Compensation).

	D.
	Covered Compensation:

Covered
Compensation will be determined as follows: 

	ý
	1.    Current
Plan Year Covered Compensation Table.

	o
	2.                            Plan
Year (may be Covered Compensation for a Plan Year earlier than the current Plan Year, provided the
earlier Plan Year is the same for all Employees and is not earlier than the later of (i) the Plan Year that begins five years before the current Plan Year, or (ii) the Plan Year
beginning in 1989). If the Plan Year entered is more than five years prior to the current Plan Year, the Participant's Covered Compensation will be that determined under the Covered Compensation table
for the Plan Year five years prior to the current Plan Year.

	o
	3.                            Plan
Year (may be Covered Compensation for a Plan Year earlier than the current Plan Year, provided the
earlier Plan Year is the same for all Employees and is not earlier than the later of (i) the Plan Year that begins five years before the current Plan Year, or (ii) the Plan Year
beginning in 1989). If the Plan Year entered is more than five years prior to the current Plan Year, the Participant's Covered Compensation will be that determined under the Covered Compensation table
for the Plan Year five years after the year entered. Such year will be held for five years until a year ten years after the one first specified is applied. The applicable year will then be changed
after every five year period.

	E.
	For all Plans and Plan Years:

	o
	1.    Notwithstanding
the benefit formula selected above, no Participant shall receive a Basic Normal Retirement Benefit of less
than $                        .

	o
	2.    Notwithstanding
the benefit formula selected above, no Participant shall receive a Basic Normal Retirement Benefit of
greater than $                        .

	o
	3.    Notwithstanding
the benefit formula selected above, no Participant shall receive a Basic Normal Retirement Benefit of less
than $                        for each o Year of Service o
Year of Participation, up to                        .

	o
	4.    If
the benefit formula specified above is an amendment of a prior formula, the minimum benefit at the Participant's Normal
Retirement Date with respect to such Plan shall not be less than the ý Accrued Benefit o Projected Benefit
determined as of 10/31/2002

16

 

(specify
date one day before the Effective Date of the amendment), under the provisions of the Plan as in effect on 11/1/1994 (specify date). The
Fresh-Start rules at Section III(G) above will apply. 

	ý
	5.    Service
prior to                        shall be disregarded for purposes of this Section VI, and Section III, if
applicable.

	ý
	6.    Benefit
accruals shall be frozen as of 8/15/2003 (indicate date). Frozen
Accrued Benefits may be indexed in accordance with Section III of this Adoption Agreement. 

Only one plan maintained by the Employer may be integrated with Social Security. 

 
 

Table I    
    

	Normal Form of Benefit

	Life Annuity
	 	Life Annuity +

5 year certain
	 	Life Annuity +

10 year certain
	 	Life Annuity +

15 year certain
	 	Life Annuity +

20 year certain

	Adjustment
	 	1.00
	 	0.97
	 	0.91
	 	0.84
	 	0.78

	Age at which benefits commence	 	 	 	 	 	 	 	 	 	 
	70	 	1.048	 	1.017	 	0.954	 	0.880	 	0.817
	69	 	0.950	 	0.922	 	0.865	 	0.798	 	0.741
	68	 	0.863	 	0.837	 	0.785	 	0.725	 	0.673
	67	 	0.784	 	0.760	 	0.713	 	0.659	 	0.612
	66	 	0.714	 	0.693	 	0.650	 	0.600	 	0.557
	65	 	0.650	 	0.631	 	0.592	 	0.546	 	0.507
	64	 	0.607	 	0.589	 	0.552	 	0.510	 	0.473
	63	 	0.563	 	0.546	 	0.512	 	0.473	 	0.439
	62	 	0.520	 	0.504	 	0.473	 	0.437	 	0.406
	61	 	0.477	 	0.463	 	0.434	 	0.401	 	0.372
	60	 	0.433	 	0.420	 	0.394	 	0.364	 	0.338
	59	 	0.412	 	0.400	 	0.375	 	0.346	 	0.321
	58	 	0.390	 	0.378	 	0.355	 	0.328	 	0.304
	57	 	0.368	 	0.357	 	0.335	 	0.309	 	0.287
	56	 	0.347	 	0.337	 	0.316	 	0.291	 	0.271
	55	 	0.325	 	0.315	 	0.296	 	0.273	 	0.254

17

  

 
 

Table II    
    

	Normal Form of Benefit

	 
	 	Life Annuity
	 	Life Annuity +

5 year certain
	 	Life Annuity +

10 year certain
	 	Life Annuity +

15 year certain
	 	Life Annuity +

20 year certain

	Adjustment
	 	1.00
	 	0.97
	 	0.91
	 	0.84
	 	0.78

	Age at which benefits commence	 	 	 	 	 	 	 	 	 	 
	70	 	0.838	 	0.813	 	0.763	 	0.704	 	0.654
	69	 	0.760	 	0.737	 	0.692	 	0.638	 	0.593
	68	 	0.690	 	0.670	 	0.628	 	0.580	 	0.539
	67	 	0.627	 	0.608	 	0.571	 	0.527	 	0.489
	66	 	0.571	 	0.554	 	0.520	 	0.480	 	0.446
	65	 	0.520	 	0.504	 	0.473	 	0.437	 	0.406
	64	 	0.486	 	0.471	 	0.442	 	0.408	 	0.379
	63	 	0.450	 	0.437	 	0.410	 	0.378	 	0.351
	62	 	0.416	 	0.404	 	0.379	 	0.349	 	0.324
	61	 	0.382	 	0.370	 	0.347	 	0.321	 	0.298
	60	 	0.346	 	0.336	 	0.315	 	0.291	 	0.270
	59	 	0.330	 	0.320	 	0.300	 	0.277	 	0.257
	58	 	0.312	 	0.303	 	0.284	 	0.262	 	0.243
	57	 	0.294	 	0.286	 	0.268	 	0.247	 	0.230
	56	 	0.278	 	0.269	 	0.253	 	0.233	 	0.217
	55	 	0.260	 	0.252	 	0.237	 	0.218	 	0.203

VII. FORM OF BENEFIT  

	A.
	The Normal Form of Benefit shall be:

	ý
	1.    Life
Annuity.

	o
	2.    Life
Annuity with payments guaranteed for [    ]
5 [    ] 10 [    ] 15 [    ] 20 [    ] other
                        (not to exceed 20 years).

	o
	3.    Joint
and Survivor Annuity with the Survivor Annuity equal to            % (50%, 66%, 75% or
100%).

	B.
	The optional forms of benefits available under the Plan are:

	ý
	1.    Lump
sum.

	o
	2.    Installment
payments.

	ý
	3.    Life
Annuity.

	ý
	4.    Life
Annuity with payments guaranteed for o 5
ý 10 o 15 o 20 other (not to exceed
20 years).

	ý
	5.    Joint
and Survivor Annuity with the Survivor Annuity equal to o 50%
ý 66%% o 75% ý 100% (specify all
applicable).

	ý
	6.    Joint
and Survivor Annuity guaranteed for ten (10) years with the Survivor Annuity equal to
o 50% ý 662/3% o 75%
ý 100% (specify all applicable). 

No amendment to the Plan may delete an optional form that has previously been offered under the Plan.

18

 

VIII. MULTIPLE PLANS MAINTAINED BY THE EMPLOYER, LIMITATIONS ON BENEFITS, AND TOP-HEAVY CONTRIBUTIONS

	A.
	Plans Maintained By The Employer:

	o
	1.    This
is the only Plan the Employer maintains, therefore this Section is not applicable.

	ý
	2.    The
Employer does maintain another Plan [including a Welfare Benefit Fund or an individual medical account as
defined in Code Section 415(l)(2)], under which amounts are treated as Annual Additions and has completed the proper sections below. 

If
the Participant is covered under another qualified Defined Benefit Plan maintained by the Employer, other than a Master or Prototype Plan: 

	o
	a.    The
provisions of Article IX of the Basic Plan Document #02 will apply as if the other plan were a Master or
Prototype Plan.

	o
	b.    The
Employer has attached provisions stating the method under which the plans will limit total Annual Additions to the
Maximum Permissible Amount, and will properly reduce any Excess Amounts in a manner that precludes Employer discretion.

	B.
	Top-Heavy Plans:

In
the event the Plan is or becomes Top-Heavy, the minimum contribution or benefit required under Code Section 416 relating to Top-Heavy Plans shall be satisfied in the
elected manner: 

	o
	1.    This
is the only Plan the Employer maintains. The minimum benefit will be satisfied by this Plan.

	ý
	2.    The
Employer maintains a Defined Contribution Plan. The minimum contribution or benefit will be satisfied by:

	ý
	a.    this
Plan.

	o
	b.    

(Name of other Qualified Plan) 

IX.   VESTING  

Each
Participant shall acquire a vested and nonforfeitable percentage in his or her Accrued Benefit attributable to Employer contributions under the table selected below, except with respect to any
Plan Year during which the Plan is Top-Heavy, in which case the Two-twenty
vesting schedule [option (B)(4)] (in the event of a Plan selecting a graded vesting schedule) or the three-year cliff schedule [option
(B)(4)] (in the event of a Plan selecting a cliff vesting schedule) shall automatically apply unless the Employer has already elected a faster vesting schedule. If the Plan is switched to
option (B)(4) or (B)(3) because of its Top-Heavy status, that vesting schedule will remain in effect even if the Plan later becomes non-Top-Heavy until the Employer
executes an amendment of this Adoption Agreement indicating otherwise. 

	A.
	Vesting Computation Period:

The
computation period for purposes of determining Years of Service and Breaks in Service for purposes of computing a Participant's nonforfeitable right to his or her Accrued Benefit derived from
Employer contributions: 

	o
	1.    shall
not be applicable since Participants are fully vested.

	o
	2.    shall
not be applicable, as the Plan is using Elapsed Time. 

19

 

	o
	3.    shall
commence on the date on which an Employee first performs an Hour of Service for the Employer and each subsequent
12-consecutive month period shall commence on the anniversary thereof.

	ý
	4.    shall
commence on the first day of the Plan Year during which an Employee first performs an Hour of Service for the
Employer and each subsequent 12-consecutive month period shall commence on the anniversary thereof.

	B.
	Vesting Schedules:

	 
	 	 
	 	Years of Service
	 
	 
	 	 
	 	1
	 	2
	 	3
	 	4
	 	5
	 	6
	 	7
	 
	o	 	1.	 	Full and immediate vesting	 
	o	 	2.	 	 	%	100	%	 	 	 	 	 	 	 	 	 	 
	ý	 	3.	 	0	%	0	%	100	%	 	 	 	 	 	 	 	 
	o	 	4.	 	 	%	20	%	40	%	60	%	80	%	100	%	 	 
	o	 	5.	 	 	%	 	%	20	%	40	%	60	%	80	%	100	%
	o	 	6.	 	10	%	20	%	30	%	40	%	60	%	80	%	100	%
	o	 	7.	 	 	%	 	%	 	%	 	%	100	%	 	 	 	 
	o	 	8.	 	 	%	 	%	 	%	 	%	 	%	 	%	100	%

The percentages selected for schedule (8) may not be less for any year than the percentages shown at schedule (5).

	C.
	Service Disregarded for Vesting:

	ý
	1.    Not
applicable. All Service is considered.

	o
	2.    Service
prior to the Effective Date of this Plan or a predecessor plan is disregarded when computing a Participant's vested
and nonforfeitable interest.

	o
	3.    Service
prior to a Participant having attained age 18 is disregarded when computing a Participant's vested and
nonforfeitable interest.

	D.
	Death Benefits:

	ý
	1.    A
Participant's Accrued Benefit shall become fully vested upon death.

	o
	2.    A
Participant shall continue to be subject to the Plan's vesting schedule upon death. 

X.    OPTIONAL BENEFITS

	A.
	Early Retirement:

	o
	1.    Early
retirement benefits are not provided.

	ý
	2.    Early
retirement benefits are available to Participants who have completed  0Years of ý Service o Participation and have attained age
 62.

	ý
	3.    Early
retirement benefits are available to Participants who have completed  10 Years of ý Service o Participation and have attained age
 55.

	ý
	4.    Early
retirement benefits are available to Participants who have completed  15 Years of [x] Service [    ] Participation
and have attained age 50. 

20

 

	o
	a.    As
provided at paragraph 1.54(b), (c) and (d) of the Basic Plan Document #02. The reduction shall be
calculated in the same manner as the Participant's Maximum Permissible Amount.

	o
	b.    The
early retirement benefit shall be the Actuarial Equivalent [based on the actuarial assumptions at
Section III(B)(4)] of the Participant's Accrued Benefit determined as of his or her early retirement date.

	o
	c.    The
early retirement benefit shall be the Participant's Accrued Benefit as of his or her early retirement date unless
reduction is required by Code Section 415.

	ý
	d.    The
early retirement benefit shall be the Participant's Accrued Benefit calculated as of his or her early retirement date
reduced by .07 for each of the first            months by which the early retirement date precedes the Normal Retirement Age and
by            
for each additional month. 

        The early retirement benefit shall be determined as follows: 

	Percentage of Accrued Normal Retirement Benefit

Payable at Application before Age 65
	 
	Age
	 	Participants Eligible for Early Retirement
	 	Participants Not Eligible for Early Retirement
	 
	65	 	100.00	%	100.00	%
	64	 	93.46	%	91.55	%
	63	 	87.34	%	83.90	%
	62	 	81.63	%	76.95	%
	61	 	76.29	%	70.64	%
	60	 	71.30	%	64.89	%
	59	 	66.63	%	59.65	%
	58	 	62.27	%	54.87	%
	57	 	58.20	%	50.50	%
	56	 	54.39	%	46.51	%
	55	 	50.83	%	42.85	%
	54	 	47.51	%	39.50	%
	53	 	44.40	%	36.43	%
	52	 	41.50	%	33.62	%
	51	 	38.78	%	31.03	%
	50	 	36.24	%	28.66	%

If early retirement benefits commence earlier than the Participant's Social Security Retirement Age, the Participant's Maximum Permissible Amount shall be adjusted as provided
at paragraph 1.54(b), (c) and (d) of Basic Plan Document #02.

	B.
	Disability Retirement:

	ý
	1.    Disability
benefits are not provided.

	o
	2.    Disability
benefits are available to disabled Participants who have completed            Years of Service and have
attained age            . The disability retirement benefit shall be determined as follows:

	o
	a.    As
provided at paragraph 1.54(b), (c) and (d) of the Basic Plan Document #02. The reduction shall be
calculated in the same manner as the Participant's Maximum Permissible Amount. 

21

 

	o
	b.    The
disability retirement benefit shall be the Actuarial Equivalent [based on the actuarial assumptions at
Section III(B)(4)] of the Participant's Accrued Benefit determined as of his or her disability retirement date.

	o
	c.    The
disability retirement benefit shall be the Participant's Accrued Benefit as of his or her disability retirement date
unless reduction is required by Code Section 415.

	o
	d.    The
disability retirement benefit shall be the Participant's Accrued Benefit calculated as of his or her disability
retirement date reduced by            for each of the first            months by which the disability retirement date precedes the
Normal Retirement Age and by            for each
additional month. 

If disability retirement benefits commence earlier than the Participant's Social Security Retirement Age, the Participant's Maximum Permissible Amount shall be adjusted as
provided at paragraph 1.54(b), (c) and (d) of Basic Plan Document #02.

	C.
	Death Benefits:

The
pre-retirement death benefit payable under this Plan is: 

	ý
	1.    Non-Insured
Plans:

	o
	a.    None,
other than the qualified pre-retirement survivor annuity.

	o
	b.    The
qualified pre-retirement survivor annuity plus the excess, if any, of the Present Value of the
Participant's Accrued Benefit minus the Present Value of the qualified pre-retirement survivor annuity.

	ý
	c.    The
qualified pre-retirement survivor annuity plus the excess, if any, of the Present Value of the
Participant's Vested Accrued Benefit minus the Present Value of the qualified pre-retirement survivor annuity.

	o
	d.    The
Theoretical ILP Reserve.

	o
	2.    Self-Insured
Plans: The qualified pre-retirement survivor annuity plus times the projected monthly
benefit, reduced by the Present Value of the qualified pre-retirement survivor annuity.

	o
	3.    Insured
Plans:

	o
	a.    The
qualified pre-retirement survivor annuity plus the proceeds of insurance policies purchased on the
Participant's life; provided that any death benefit in addition to the qualified pre-retirement survivor annuity shall be reduced to the extent necessary so that the sum of such additional
benefit and the Present Value of the qualified pre-retirement survivor annuity does not exceed 100 times the Participant's anticipated monthly benefit. For purposes of this requirement,
the total face amount of policies purchased will be            (fill in the amount) times the Participant's anticipated monthly benefit.

	o
	b.    The
qualified pre-retirement survivor annuity plus, if a positive amount, the proceeds of insurance policies
purchased on the Participant's life plus the Theoretical ILP Reserve minus the sum of the Present Value of the qualified pre-retirement survivor annuity and the cash value of the policies
purchased. For purposes of this requirement, the face amount of the insurance policies will be that purchasable by            (fill in the amount but not greater than 66% if whole life and
not
greater than 33% if term and/or universal life) percent of the Theoretical Contribution. 

22

 

	o
	c.    The
qualified pre-retirement survivor annuity plus the proceeds of insurance policies purchased on the
Participant's life, and the Present Value of the Participant's Accrued Benefit minus the sum of the Present Value of the qualified pre-retirement survivor annuity and the cash value of the
policies purchased.

	o
	d.    The
Theoretical ILP Reserve. 

For
purposes of the above, the calculations for Present Value of any benefit shall be determined in accordance with Section III(C) of this Adoption Agreement. 

	D.
	Late Retirement:

	o
	1.    The
late retirement benefit shall be the same amount as that payable at normal retirement. (The provisions of
paragraph 5.14 of Basic Plan Document #02 shall apply.)

	o
	2.    The
late retirement benefit shall be the Actuarial Equivalent (based on the actuarial assumption at
Section III(B)(1)) of the Basic Normal Retirement Benefit.

	o
	3.    The
late retirement benefit shall be the Actuarial Equivalent (based on the actuarial assumption at
Section III(B)(1)) of the Basic Normal Retirement Benefit plus credit for accruals after attainment of Normal Retirement Age. 

23

  

 
 

Percentage of Accrued Normal Retirement Benefit
  as of Normal Retirement Date Payable upon
  Application after Age 65    
    

	Age
	 	Late Retirement

Adjustment Factor

	65	 	100.00%
	66	 	107.29%
	67	 	115.24%
	68	 	123.92%
	69	 	133.42%
	70	 	143.82%
	71	 	155.23%
	72	 	167.76%
	73	 	181.55%
	74	 	196.75%
	75	 	213.52%
	76	 	232.06%
	77	 	252.59%
	78	 	275.36%
	79	 	300.66%
	80	 	328.81%

The result of any selection above, shall not be less than the retirement benefit calculated as of the actual retirement date in the same manner as the Basic Normal Retirement
Benefit is calculated, but based upon Years of Service or Participation and Compensation to actual retirement.

XI.   SERVICE WITH PREDECESSOR ORGANIZATION  

	o
	A.    Not
applicable. The Plan does not recognize Service with any predecessor organization.fm

	o
	B.    The
Plan will recognize Service with all predecessor organizations.

	ý
	C.    Service
with the following organization(s) will be recognized for the Plan purpose indicated: 

	 
	 	Eligibility
	 	Allocation

Accrual
	 	Vesting

	Revere Federal Savings Bank	 	ý	 	o	 	ý
	 	 	o	 	o	 	o

Attach
additional pages as necessary. 

XII. TOP-HEAVY RATIO AND CONTRIBUTION

	o
	A.    Top- Heavy Ratio:

For
purposes of establishing the Top-Heavy Ratio, benefits shall be discounted only for mortality and interest based on the following: 

	1.
	Pre-Retirement
Assumptions:

	a.
	Interest
rate 5%. 

24

 

	b.
	Mortality
table None.

	c.
	Set
back None.

	2.
	Post-Retirement
Assumptions:

	a.
	Interest
rate 5%.

	b.
	Mortality
table 1971 Individual Annuity Mortality Table for Males.

	c.
	Set
back 3 Years.

	B.
	For
purposes of computing the Top-Heavy Ratio, the Valuation Date shall be 10/31.

	C.
	Minimum Benefits Under Top-Heavy Plans:

Notwithstanding
any other provision herein, the Employer shall make a minimum benefit for each eligible Participant with respect to any Plan Year for which the Plan is Top-Heavy. The
minimum benefit shall be determined in accordance with paragraph 12.2 of Basic Plan Document #02 for: 

	o
	1.    all
eligible Participants.

	ý
	2.    only
eligible non-Key Employees who are Participants.

	D.
	Compensation used for Top-Heavy Testing Purposes:

For
the purpose of calculating the Top-Heavy Ratio, the Employer shall use one of the following definitions: Highest Average Compensation as defined in paragraph 1.46 of Basic Plan
Document #02. Average Annual Compensation as defined in Section III(C) of this Adoption Agreement. 

The
average of the Participant's Compensation for the highest 5 consecutive Years of Service (not to exceed five). 

XIII. ROLLOVER/TRANSFER CONTRIBUTIONS

	A.
	Rollover
Contributions:

	ý
	1.    The
Plan does not accept Rollover Contributions.

	o
	2.    Participants
may make Rollover Contributions after meeting the eligibility requirements for participation in the Plan.

	o
	3.    Employees
may make Rollover Contributions prior to meeting the eligibility requirements for participation in the Plan.

	B.
	Elective Plan to Plan Transfer Contributions:

	ý
	1.    The
Plan does not accept Transfer Contributions.

	o
	2.    Participants
may make Transfer Contributions after meeting the eligibility requirements for participation in the Plan.

	o
	3.    Employees
may make Transfer Contributions prior to meeting the eligibility requirements for participation in the Plan. 

XIV. LOAN PROVISIONS  

	o
	A.    Participant
loans are permitted in accordance with the Employer's established loan procedures. 

25

 

	o
	B.    Loan
repayments will be suspended as permitted under Code Section 414(u) in compliance with the Uniformed Services
Employment and Reemployment Rights Act of 1994. 

XV.  INSURANCE POLICIES  

	o
	The
insurance provisions of paragraph 10.8 of Basic Plan Document #02 shall be applicable. 

XVI. EMPLOYER INVESTMENT DIRECTION  

	o
	The
Employer will issue investment direction as set forth in Article X of Basic Plan Document #02. 

XVII. EARLY PAYMENT OPTION  

	o
	A.    A
Participant who separates from Service prior to satisfying the requirements for early retirement, if applicable, or
normal retirement if no early retirement exists may make application to the Employer requesting an early payment of his or her Vested Accrued Benefit.

	ý
	B.    Notwithstanding
any other provision, a Participant with a Vested Accrued Benefit not in excess of (fill in the amount)  $5000.00 will be paid out in a single-sum, as provided for in paragraph 5.7 of Basic Plan
Document #02. (If space above is left blank
but "will" is selected, the space will be deemed to be $5,000.) If an amount in excess of $5,000 is filled in, only Participants with Vested Accrued Benefits less than $5,000 may be
cashed-out involuntarily.

	o
	C.    A
Participant who has attained the Plan's Normal Retirement Age and who has not separated from Service may commence
distribution of his or her Vested Accrued Benefit. 

If the Participant has had a withdrawal right itemized above in the past, it may not be taken away.

XVIII. DISTRIBUTION OPTIONS  

	A.
	Timing of Distributions [both (1) and (2) must be
completed]:

	1.
	Distributions
payable as a result of termination for reasons other than death, Disability or retirement shall be paid c  [select from the list at (A)(3) below].

	2.
	Distributions
payable as a result of termination for death, Disability or retirement shall be paid c [select from the list
at (A)(3) below].

	3.
	Distribution
Options:

	a.
	As
soon as administratively feasible on or after the Valuation Date following the date on which a distribution is requested or is otherwise payable.

	b.
	As
soon as administratively feasible following the close of the Plan Year during which a distribution is requested or is otherwise payable.

	c.
	As
soon as administratively feasible following the date on which a distribution is requested or is otherwise payable. 

26

 

	d.
	As
soon as administratively feasible after the close of the Plan Year during which the Participant incurs                        
(cannot be more than 5) consecutive
one-year Breaks in Service. [This formula can only be used in (A)(1).]

	e.
	As
soon as administratively feasible after the close of the Plan Year during which the Participant incurs            (cannot be more than 5) consecutive
one-year Breaks in Service. [This formula can only be used in (A)(2).]

	f.
	Only
after the Participant has achieved the Plan's Normal Retirement Age or Early Retirement Age, if applicable.

	B.
	Recalculation of Life Expectancy:

	o
	1.    Recalculation
is not permitted.

	ý
	2.    Recalculation
is permitted. When determining payments in satisfying the minimum distribution requirements under the Plan
and life expectancy is being recalculated:

	o
	a.    only
the Participant's life expectancy shall be recalculated.

	ý
	b.    both
the Participant and Spouse's life expectancy shall be recalculated.

	o
	c.    the
Participant will determine whose life expectancy is recalculated.

	ý
	C.    Social Security Retirement Age:

The
Employer elects to amend the Plan effective for Plan Years beginning after December 31, 1996, for purposes of testing the Plan's satisfaction of discrimination under Code
Section 401(a)(4), the Social Security Retirement Age [as defined in Code Section 415(b)(8)] shall be treated as a uniform retirement age. Additionally,
subsidized early retirement benefits and Joint and Survivor Annuities shall not be treated as being unavailable to Employees on the same terms merely because such benefits or annuities are based in
whole or in part on the Employee's Social Security Retirement Age. 

	D.
	Required Beginning Date:

The
Required Beginning Date of a Participant with respect to a Plan is (select one from below): 

	o
	1.    The
April 1 of the calendar year following the calendar year in which the Participant attains age
701/2.

	o
	2.    The
April 1 of the calendar year following the calendar year in which the Participant attains age
701/2 except that distributions to a Participant (other than a 5% owner) with respect to benefits accrued after the later of the adoption of this Plan or Effective Date of the amendment
of this Plan must commence no later than the April 1 of the calendar year following the later of the calendar year in which the Participant attains age 701/2 or the calendar year
in which the Participant retires.

	ý
	3.    The
later of the April 1 of the calendar year following the calendar year in which the Participant attains age
701/2 or retires except that distributions to a 5% owner must commence by the April 1 of the calendar year following the calendar year in which the Participant attains age
701/2. 

Except
that such Participant [    ] may [x] may not elect to begin receiving distributions as of April 1 of the calendar year following
the calendar year in which the Participant attains age 701/2. Any distributions made pursuant to such an election will not be considered required minimum distributions. Such
distributions will be considered in-service distributions and as such, will be subject to applicable withholding. 

27

 

Plans which are an amendment or restatement of an existing Plan which provided for the provisions of Code Section 401(a)(9) currently in effect prior to the amendment of
the Small Business Job Protection Act of 1996 must complete Schedule C.

	E.
	PLAN TERMINATION

	F.
	If
the Plan is terminated with assets in excess of the amount necessary to satisfy all liabilities under the Plan, any excess will be [x] allocated to Plan
Participants [    ] returned to the Employer.

	G.
	If
the Plan is terminated when the restrictions on the highest 25 most Highly Compensated Employees apply, the early termination restrictions in paragraph 13.6 of Basic Plan
Document #02 will be effective 11/1/1994 (no later than the first day of the 1994 Plan Year). 

XIX. SPONSOR INFORMATION AND ACCEPTANCE  

This
Plan may not be used and shall not be deemed to be a Prototype Plan unless an authorized representative of the Sponsor has acknowledged the use of the Plan. Such acknowledgment that the Employer
is using the Plan does not represent that the Adoption Agreement (as completed) and Basic Plan Document #02 have been reviewed by a representative of the Sponsor or constitute a qualified
retirement plan. 

Acknowledged
and accepted by the Sponsor this    day of                        ,
            . 

	Name:	 	Thomas Forese, Jr.
	

Title:	
 	

Plan Administrator
	

Signature:	
 	

 

Questions
concerning the language contained in and the qualification of the Prototype should be addressed to: 

Savings
Banks Employees Retirement Association 

781-938-6559

In
the event that the Sponsor amends, discontinues or abandons this Prototype Plan, notification will be provided to the Employer's address provided on the first page of this Adoption Agreement. 

XX. SIGNATURES  

The Sponsor recommends that the Employer consult with its legal counsel and/or tax advisor before executing this Adoption Agreement. The Employer understands that its failure
to properly complete or amend this Adoption Agreement may result in failure of the Plan to qualify or disqualification of the Plan. The Employer by executing this Adoption Agreement acknowledges that
this is a legal document with significant tax and legal ramifications.

28

 

	A.
	Employer:

This
Adoption Agreement and the corresponding provisions of Basic Plan Document #02 are adopted by the Employer this            day
of                        ,            . 

	Name of Employer:	 	Danversbank
	

Executed on behalf of the Employer by:	
 	

 
	

Title:	
 	

 
	

Signature:	
 	

 
	
Participating Employer:
	

Name and address of any Participating Employer:
	

 	
 	

 
	

 	
 	

 
	

 	
 	

 
	

This Adoption Agreement and the corresponding provisions of Basic Plan Document #02 are adopted by the Participating Employer this            day
or                        ,            .
	

Executed on behalf of the Participating Employer by:	
 	

 
	

Title:	
 	

 
	

Signature:	
 	

 

Attach
additional signature pages as necessary. 

Employer's Reliance:  The adopting Employer may rely on an Opinion Letter issued by the National Office of the Internal Revenue Service as
evidence that the Plan is qualified under Code Section 401 of the Internal Revenue Code only to the extent provided in Announcement 2001-77, 2001-30 I.R.B. The Employer
may not rely on the Opinion Letter in certain other circumstances or with respect to certain qualification requirements, which are specified in the Opinion Letter issued with respect to the Plan and
in Announcement 2001-77. In order to obtain reliance in such circumstances or with respect to such qualifications, application for a determination letter must be made to Employee Plans
Determinations of the Internal Revenue Service. 

This
Adoption Agreement may only be used in conjunction with Basic Plan Document #02. 

	B.
	Trustee:

Trust
Agreement: 

	o
	Not
applicable. Plan assets will be invested in Group Annuity Contracts. There is no Trustee and the terms of the contract(s) will apply.

	ý
	The
Trust provisions used will be as contained in the Basic Plan Document #02. 

29

 

	o
	The
Trust provisions used will be as contained in the accompanying executed Trust Agreement between the Employer and the Trustee attached
hereto. 

Complete
the remainder of this section only if the Trust provisions used are as contained in the Basic Plan Document #02. 

Name
and address of Trustee: 

Savings
Banks Employees Retirement Association

4A Gill Street

Woburn, MA 01801 

The
assets of the Plan shall be invested in accordance with Article XI of the Basic Plan Document #02. The Employer's Plan and Trust as contained herein is accepted by the Trustee this
            day of                        ,
            . 

	Accepted on behalf of the Trustee by:	 	Thomas Forese, Jr.
	

Title: Plan	
 	

Administrator
	

Signature:	
 	

 
	

Accepted on behalf of the Trustee by:	
 	

 
	

Title:	
 	

 
	

Signature:	
 	

 
	

Accepted on behalf of the Trustee by:	
 	

 
	

Title:	
 	

 
	

Signature:	
 	

 

	C.
	Custodial Agreement:

Custodial
Agreement: 

	o
	Not
applicable. There is no Custodian.

	o
	Not
applicable. Plan assets will be invested in Group Annuity Contracts. There is no Custodian and the terms of the contract(s) will apply.

	o
	The
Custodial provisions used will be as contained in Basic Plan Document #02.

	ý
	The
Custodial provisions used will be as contained in the accompanying executed Custodial Agreement between the Sponsor and the Custodian
attached hereto. 

Complete
the remainder of this section only if the Custodial provisions used are as contained in the Basic Plan Document #02. 

30

 

Name
and address of Custodian: 

	 	 	 
	

 	
 	

 
	

 	
 	

 
	

The assets of the Plan shall be invested in accordance with Article XI of the Basic Plan Document #02. The Employer's Plan and Custodial Account as contained herein are accepted by the Custodian
this            day of                        ,
            .
	

Accepted on behalf of the Custodian by:	
 	

 
	

Title:	
 	

 
	

Signature:	
 	

 

31

QuickLinks

NONSTANDARDIZED INTEGRATED ADOPTION AGREEMENT PROTOTYPE DEFINED BENEFIT PENSION PLAN AND TRUST Sponsored By SBERA

Table I

Table II

Percentage of Accrued Normal Retirement Benefit as of Normal Retirement Date Payable upon Application after Age 65

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