Document:

Exhibit 10.(v)(i)(ii)

 

AMENDMENT
1 TO FUND PARTICIPATION

 AGREEMENT

 

MEMBERS
Life Insurance Company (“Insurance Company”), the Lazard Retirement Series, Inc., (“Fund”), Lazard
Asset Management Securities LLC (“Lazard”), and CUNA Brokerage Services, Inc. (“Contract Distributor”)
entered into a certain participation agreement dated November 18, 2015 (“Participation Agreement”), as may be
amended. This Amendment (“Amendment”) to the Fund Participation Agreement is entered into as of January
[31], 2022, by and among the Insurance Company, on its own behalf and on behalf of each
separate account of the Insurance Company as set forth in the Participation Agreement, as may be amended from time to time
(individually and collectively the “Separate Accounts”), the Fund, Lazard and the Contract Distributor
(collectively, the “Parties”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to
them in the Participation Agreement (defined above).

 

RECITALS

 

WHEREAS,
pursuant to the Participation Agreement among the Parties, the Insurance Company invests in shares of certain of the portfolios
of the Fund (the “Portfolios”) as a funding vehicle for the Separate Accounts that issue variable annuity and/or life
insurance contracts (“Variable Contracts”) to persons that are registered owners of such Variable Contracts on the books
and records of the Insurance Company (“Contractholders”);

 

WHEREAS,
the Separate Accounts are registered as unit investment trusts under the Investment Company Act of 1940, as amended (the
“1940 Act”);

 

WHEREAS,
the Insurance Company, on behalf of the Separate Accounts, has certain obligations pursuant to Rule 30e-2 under the 1940 Act to
deliver Fund shareholder reports to Contractholders, which obligations may be satisfied by compliance with Rule 30e-3 under the
1940 Act (“Rule 30e-3”);

 

WHEREAS,
the Insurance Company intends to comply with the requirements, terms and conditions of Rule 30e-3 in order to satisfy its obligation
to deliver Fund shareholder reports to Contractholders, including hosting the website of certain fund materials required by Rule
30e-3; and

 

WHEREAS,
Section 5(b)(2) of the Securities Act of 1933, as amended (the “1933 Act”) may require that a Statutory Prospectus (as
defined in Rule 498A under the 1933 Act; “Rule 498A”) for the Portfolios be delivered to Contractholders under certain
circumstances;

 

WHEREAS,
the Parties intend to meet any such Portfolio Statutory Prospectus delivery requirement by relying on (and complying with the requirements,
terms and conditions of) paragraph (j) of Rule 498A for “on-line” delivery;

 

WHEREAS,
paragraph (j) of Rule 498A requires, inter alia, that some of the Fund Documents (defined below) be posted and maintained
on a website specified on the cover page of the Summary Prospectus for the Variable Contracts, and the Insurance Company intends
to host said website; and

 

WHEREAS,
the Insurance Company cannot host such website in compliance with Rules 30e-3 and 498A unless the Fund prepares and provides
the Fund Documents that are specified in Ru1es 30e-3 and 498A;

 

    1

     

    

 

NOW,
THEREFORE, in consideration of the mutual covenants herein contained, which consideration is full and complete, the Insurance Company,
the Fund, and Lazard hereby agree to supplement and amend the Participation Agreement as follows:

 

		1.	Provision of Fund Documents; Website Posting.

 

		(a)	Fund Documents. The Fund (and Lazard) is (are) responsible for preparing and providing
                                                                                        the following “Fund Documents,” as specified in paragraph (b)(1) of Rule 30e-3 and paragraph (j)(1)(iii) of
Rule 498A:

 

		(i)	Summary Prospectus for the Portfolios;

 

		(ii)	Statutory Prospectus for the Portfolios;

 

		(iii)	Statement of Additional Information (“SAI”)
for the Portfolios; and

 

		(iv)	Most Recent Annual and Semi-Annual Reports to Shareholders
(under Rule 30e-l under the 1940 Act) for the Portfolios (together, the “Shareholder Reports”) (referred to in Rule
30e-3 as the “Current” and “Prior” Report to Shareholders).

 

		(v)	Complete
                                         Portfolio Holdings From Shareholder Reports Containing a Summary Schedule of Investments;
                                         and

 

		(vi)	Portfolio Holdings For Most Recent First and Third
Fiscal Quarters (together with the complete portfolio holdings specified in (v) above, the “Portfolio Holdings”).

 

		(b)	Deadline for Providing, and Currentness of, Fund Documents.

 

		(i)	The Fund and Lazard shall provide or make available the
Summary_Prospectus, Statutory Prospectus, and SAI for the Portfolios to the Insurance Company (or its designee) on a timely basis
(to facilitate the required website posting) and provide updated versions as necessary, in order to facilitate a continuous offering
of the Portfolio Insurance Company’s securities and the Variable Contracts.

 

		(ii)	The Fund and Lazard shall provide or make available the
Shareholder Reports and  Portfolio Holdings on a timely basis (to facilitate the required website posting) but no later than
7 business days before the date each time that the Shareholder Reports and Portfolio Holdings are required to be posted by Rule
30e-3.

 

		(c)	Format of Fund Documents. The Fund and Lazard
shall provide or make available the Fund Documents to the Insurance Company (or its designee) in an electronic format that is
suitable for website posting, and in a format, or formats, that:

 

    2

     

    

 

		(i)	are both human-readable and capable of being printed on paper in human-readable format (in
                                                                                       accordance with paragraph (b)(3) of Rule 30e-3 and paragraph (h)(2)(i) of Rule 498A); and

 

		(ii)	permit
                                         persons accessing the Statutory Prospectus and SAI to move directly back and forth between
                                         each section heading in a table of contents of such document and the section of the document
                                         referenced in that section heading (that is, these documents must include linking,
                                         in accordance with paragraph (h)(2)(ii) of Rule 498A); and

 

		(iii)	permit persons accessing the Fund Documents to permanently
retain, free of charge, an electronic version of such materials that meet the requirements of subparagraphs (h)(2)(i) and (ii)
of Rule 498A (in accordance with paragraph (h)(3) of Rule 498A).

 

		(d)	Website Hosting.  The Insurance Company shall
host and maintain the website specified in paragraph (j)(l)(iii) of Rule 498A, so that the Fund Documents are publicly accessible,
free of charge, at that website, in accordance with the conditions set forth in that paragraph, provided that the Fund
and Lazard fulfill their obligations under this Amendment.

 

		(e)	Use of Summary Prospectuses.  The Insurance Company
shall ensure that an Summary Prospectus is used for the Portfolios, in accordance with paragraph (j)(l)(ii) of Rule 498A.

 

		(t)	Website Hosting and Notice Fee (Expense Allocation).
 The Fund and Lazard shall bear their proportional cost of (i) posting and maintaining the Fund Documents on the website hosted
by the Insurance Company and (ii) preparing and mailing notices as required by paragraph (c) of Rule 30e-3 of the availability
of certain Fund Documents to Contractholders. The Fund’s proportional cost is equal to the quotient of (a) divided by (b) multiplied
by (c) where (a) is the total hosting and mailing expenses incurred by Insurance Company for all funds offered in its Separate
Accounts, (b) is the total number of funds available across the Insurance Company’s Separate Accounts and (c) is the number of
funds available across the Insurance Company’s Separate Accounts that are part of the Fund’s family (the “Website Hosting
and Notice Fee”). The Insurance Company shall send the Fund and/or Lazard an invoice for the Website Hosting and Notice Fee
on a quarterly basis and the Fund and/or Lazard shall pay the Website Hosting and Notice Fee to the Insurance Company within 15
business days after receipt of the invoice. From time to time, the Parties shall review the Website Hosting and Notice Fee to
determine whether it reasonably approximates the Insurance Company’s incurred and anticipated costs of posting and maintaining
the Fund’s Required Materials on the website hosted by the Insurance Company and preparing and mailing notices of the availability
of the Fund’s Reports to Contractholders. The Parties agree to negotiate in good faith any change to the Website Hosting and Notice
Fee proposed by a Party in good faith.

 

    3

     

    

 

		2.	Content of Fund Documents.  The Fund and Lazard shall be responsible
for the content and substance of the Fund Documents as provided to the Insurance Company, including, but not limited to, the accuracy
and completeness of the Fund Documents. Without limiting the generality
of the foregoing in any manner, the Fund and Lazard shall be responsible for ensuring that the Fund Documents as provided to the
Insurance Company:

 

		(a)	Meet the applicable standards of the 1933 Act, the Securities
Exchange Act of 1934, as amended; the 1940 Act; and all rules and regulations under those Acts; and

 

		(b)	Do not contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they
are made, not misleading.

 

		3.	Provision of Fund Documents
for Paper Delivery. The Fund and Lazard shall:

 

		(a)	At their expense, as the Insurance Company may reasonably request from time to time, provide
                                                                                        the Insurance Company with sufficient paper copies of the then current Fund Documents, so that the Insurance Company may
                                                                                        maintain a supply of such current paper documents sufficient in its reasonable judgment to meet anticipated requests from
                                                                                        Contractholders (see paragraphs (e) and (f) of Rule 30e-3 and paragraphs (i)(l) and (j)(3) of Rule 498A). Such
                                                                                        Insurance Company requests shall be fulfilled reasonably promptly, but in no event more than 7 business days after the
                                                                                        request from the Insurance Company is received by either the Fund or Lazard.

 

		(b)	Alternatively, if requested by the Insurance Company
in lieu thereof, the Fund or its designee shall provide such electronic or other documentation (including “camera ready”
copies of the current Fund Documents as set in type, or at the request of the Insurance Company, a diskette in a form suitable
to be sent to a financial printer), and such other assistance as is reasonably necessary to have the then current Fund Documents
printed for distribution; the reasonable costs of providing the electronic documentation and of such printing to be borne by the
Fund.

 

		4.	Portfolio
Expense and Performance Data. The Fund shall provide such data regarding each Portfolio’s expense ratios and investment
performance as the Insurance Company shall reasonably request, to facilitate the registration and sale of the Variable Contracts.
Without limiting the generality of the forgoing, the Fund shall provide the following Portfolio expense and performance data on
a timely basis to facilitate the Insurance Company’s preparation of its annually updated registration statement for the
Variable Contracts (and as otherwise reasonably requested by the Insurance Company), but in no event later than 75 calendar
days after the close of each Portfolio’s fiscal year:

 

		(a)	the gross
                                         “Annual Portfolio Insurance Company Expenses” for each Portfolio calculated
                                         in accordance with Instruction 16 to Item 4 of Form N-4, and (ii) Instruction 4(a) to
                                         Item 4 of Form N-6); and

 

		(b)	the net
                                         “Annual Portfolio Insurance Company Expenses” (aka “Total Annual
                                         Fund Operating Expenses”) for each Portfolio calculated in accordance with Instruction
                                         17 to Item 4 of Form N-4, and (ii) Instruction 4 to Item 17 of Form N-4,and (iii) Instruction
                                         4(b) to Item 4 of Form N-6, and (iv) Instruction 4 to Item 18 of Form N-6), and the period
                                         for which the expense reimbursements or fee waiver arrangement is expected to continue
                                         and whether it can be terminated by the Portfolio (or Fund); and

 

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		(c)	the “Average Annual Total Returns” for each
Portfolio (before taxes) as calculated pursuant to Item 4(b)(2)(iii) of Form N-1A (for the 1, 5, and 10 year periods, and in accordance
with (i) Instruction 7 to Item 17 of Form N-4, and (ii) Instruction 7 to Item 18 of Form N-6).

 

		5.	Construction of this Amendment; Participation Agreement.

 

		(a)	This Amendment shall be interpreted to be consistent
with, and to facilitate compliance with and reliance on, Rule 30e-3 under the 1940 Act and Rule 498A (including paragraph (j) thereof)
under the 1933 Act and any interpretations of those Rules by the Securities and Exchange Commission, its staff, courts, or other
appropriate legal authorities.

 

		(b)	To the extent the terms of this Amendment conflict with
the terms of the Participation Agreement, the terms of this Amendment shall control; otherwise, and except as otherwise specifically
set forth in this Amendment, the terms of the Participation Agreement shall continue to apply, and shall apply to the duties,
responsibilities, rights and obligations of the Parties under and pursuant to this Amendment.

 

		6.	Termination. This Amendment shall terminate upon
the earlier of:

 

		(a)	termination of the Participation Agreement; or

 

		(b)	60 days written notice from any Party to the other Parties.

 

		7.	Indemnification. The Fund and Lazard specifically agree to indemnify
and hold harmless the Insurance Company (and its officers, directors, and employees) from any and all liability, claim, loss, demand,
damages, costs and expenses (including reasonable attorney’s fees) arising from or in connection with any claim or action of any
type whatsoever brought against the Insurance Company (or its officers, directors, and employees) as a result of any failure or
alleged failure by the Fund or Lazard to provide the Fund Documents in accordance with the terms of this Amendment or to fulfill
their other duties and responsibilities under this Amendment or for any other breach of this Amendment.

 

The
Insurance Company and the Contract Distributor specifically agree to indemnify and hold harmless the Fund and Lazard (and its officers,
directors, and employees) from any and all liability, claim, loss, demand, damages, costs and expenses (including reasonable attorneys’
fees) arising from or in connection with any claim or action of any type whatsoever brought against the Fund or Lazard (or its
officers, directors, and employees) as a result of any failure or alleged failure by the Insurance Company or Contract Distributor
to fulfill their duties and responsibilities under this Amendment or for any other breach of this Amendment.

 

This
indemnification shall be in addition to and not in lieu of the indemnification provided for in the Participation Agreement or any
other addendums or amendments thereto, but otherwise shall be subject to and in accordance with the terms and conditions of the
Participation Agreement.

 

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		8.	Counterparts and Delivery. This Amendment may be executed in two or
more counterparts, each of which shall be an original and all of which together shall constitute one instrument. A signed copy
of this Amendment delivered by facsimile or by emailing a copy in .pdf form shall be treated as an original and shall bind all
Parties just as would the exchange of originally signed copies.

 

		9.	Joint and Several Liability. The responsibilities,
obligations, duties and liabilities of the Fund and Lazard under this Amendment shall be joint and several.

 

    6

     

    

 

IN WITNESS WHEREOF, the
undersigned have caused this Amendment to be executed as of the date first above written.

 

MEMBERS
LIFE INSURANCE COMPANY

 

	By:		 

	Print
    Name:	David
    Hanzlik	 

	Title:	VP,
    Annuity + Retirement Solutions	 

  

CUNA
BROKERAGE SERVICES, INC.

 

	By:		 

	Print
    Name:	Rob
    Comfort	 

	Title:	President
    CBSI	 

 

LAZARD
RETIREMENT SERIES, INC.

 

	By:		 

	Print
    Name:	Nathan
    Paul	 

	Title:	President
    and CEO	 

 

LAZARD
ASSET MANAGEMENT SECURITIES LLC

 

	By:		 

	Print
    Name:	Nathan
    Paul	 

	Title:	CEO	 

 

    7Exhibit 4.4

 

long
term Incentive Plan

 

DETAILED
Plan rules

 

1.                      
Introduction 

 

The
present rules are the plan rules (the Plan Rules) for grants under the long
term incentive plan (the Plan) to United States participants for executives of such
grades in ABB’s grading system as the Compensation Committee (the CC) may from
time to time determine (such executives herein referred to as “Eligible
Executives”).

 

The
Plan has been approved by the board of directors of ABB Ltd (the ABB Board)
upon the recommendation of the CC. 

 

In the
Plan Rules the expression CC is for simplicity reasons used also in situations
where a decision or determination is made by the ABB Board or (with respect to participants
who are not on the Executive Committee) the CEO of ABB Ltd.

2.                      
General principles

2.1                  
The Plan is
offered by ABB Ltd to Eligible Executives as an incentive for them to maximize
long-term shareholder value of ABB Ltd. The Plan thus helps align the interests
of the Eligible Executives with those of ABB.

2.2                  
The Plan is
not part of the salary of the respective Eligible Executive and not part of their
employment contract but is a voluntary, separate and distinct opportunity
outside the scope and reach of the employment relation.

2.3                  
Each Eligible Executive (subject
to Section 3.1) will receive a written invitation to participate in a launch
under the Plan. Each Eligible Executive who decides to participate in a launch
under the Plan (Plan Participant) will be granted shares of ABB Ltd (each a Share)
on a conditional basis (Conditional Grant). The number of Shares granted
conditionally (Conditional Grant Size) and the grant date (Grant Date) will be
set forth in a separate communication to each Plan Participant.  Failure to
accept a Conditional Grant will result in it being forfeited.

2.4                  
Subject to what
the CC may determine with respect to any Conditional
Grant, the Shares to
be received by each individual Plan Participant in respect of any Conditional Grant
will vest on the first day (Vesting Date) following the end of the third year after
the Grant Date (such three-year period being the Vesting Period). 

 

For the purpose of the Plan Rules, a “Reference Period” shall mean the
period of time beginning 20 Trading Days prior to the date of publication of
the press release regarding ABB’s fourth quarter and full year financial
results (Press Release Date) and ending 20 Trading Days after the Press Release
Date but excluding the Press Release Date.

 

For the purpose of the Plan Rules, a “Trading Day” is a day when a
closing price for transactions in Shares on the SIX Swiss Exchange is
available.

 

 

 1

 

 

2.5                  
Unless
otherwise approved by the ABB Ltd Board, the Reference Price for all
Conditional Grants for any particular launch under the Plan will be the average
of the closing
prices of the Share on the SIX Swiss Exchange on each Trading Day during the
Reference Period in the year of the Conditional Grant.

2.6                  
The CC
reserves the right not to grant all or a portion of any Conditional Grants for any year or to
terminate the Plan at any time without prejudice to Conditional Grants that have not vested.  

3.                      
Eligibility 

3.1                  
Subject to
Section 3.2, participation in the Plan is restricted to employees who are
Eligible Executives on the Grant Date. No Eligible Executive who has submitted
a notice of termination of their employment or who has received a termination
notice from their employer or who has otherwise agreed to leave their employer
may participate in the Plan unless otherwise agreed by the CC. The foregoing
shall not apply if such Eligible Executive is or will be employed by ABB Ltd or
a subsidiary of ABB Ltd (collectively ABB).  Further, the CC may at any time at
its sole discretion determine that one or more Eligible Executives shall not
participate in the Plan. 

3.2                  
Notwithstanding
anything contained herein to the contrary, the CC may at its own discretion
decide to invite a new Eligible Executive to receive one or more Conditional
Grants at a later date than foreseen in Section 2.4 provided at least 6 months
remain of the corresponding Vesting Period. The Reference Price used to
determine such Conditional Grants will be the same as for the other Conditional
Grants for that launch under the Plan. Unless otherwise determined by the CC
the following shall apply to each such Conditional Grant:

 

(a) a
grant under this Section 3.2 shall be treated as a Conditional Grant for all
purposes of the Plan;

(b) the Grant
Date with respect to such Conditional Grant shall be the date set forth in the Grant
confirmation letter;

(c)  the
Conditional Grant Size will be reduced to take into consideration the shorter
period of service of the new Eligible Executive except that no such reduction
shall occur in respect of Conditional Grants for which less than 6 months of
the Vesting Period has lapsed at the time when the individual becomes an
Eligible Executive; and

(d) the
Vesting Period with respect to each relevant Conditional Grant will be the same
as for the other Conditional Grants for that launch under the Plan. 

4.                      
Conditional Grants

4.1                  
Conditional
Share Grant

The CC
will determine the criteria relating to Conditional Share Grants for Plan
Participants under this Plan, including grant size, any applicable performance
criteria (which may include earnings per share, relative total shareholder
return and/or such other performance metrics as may be determined by the CC in
its discretion), vesting, settlement, and treatment of leavers, which criteria
may vary from year to year and from Plan Participant to Plan Participant.  All
Conditional Share Grants and the criteria applicable thereto shall be approved
by the CC, and this information will be separately communicated to the Plan
Participants in writing as part of the grant materials related to the relevant
launch under this Plan. 

 

 

5.                     
Change of Control

5.1                  
For
the purpose of the Plan, a “Change of Control”  means the occurrence of
any of the following events:

(a) 
the acquisition in one or more transactions by
any person or group, directly or indirectly, of beneficial ownership of Shares
representing more than fifty percent (50%) of the voting rights pertaining to
the total number of outstanding Shares; provided, however, that any acquisition
of 

 2

 

 

Shares by ABB or any of its subsidiaries, or any
employee benefit plan (or related trust) sponsored or maintained by ABB or any
of its subsidiaries shall not constitute a Change of Control;

(b) 
the liquidation of ABB other than in
connection with the reorganization, merger or consolidation of ABB into or with
another person or entity, by which reorganization, merger or consolidation the
persons who held Shares representing one hundred per cent (100%) of the voting
rights pertaining to the total number of outstanding Shares prior to such
reorganization, merger or consolidation receive or continue to hold shares
representing more than fifty per cent (50%) of the voting rights pertaining to
the total number of outstanding shares of the new or continuing corporation; or

(c) 
the reorganization, merger or consolidation of
ABB into or with another person or entity, other than in circumstances
where as a result of such reorganization, merger or consolidation the persons
who held Shares representing one hundred percent (100%) of the voting rights
pertaining to the total number of outstanding Shares prior to such
reorganization, merger or consolidation receive or continue to hold shares
representing more than fifty per cent (50%) of the voting rights pertaining to
the total number of outstanding shares of the new or continuing corporation.

 

5.2             If a Change of
Control occurs, the terms and conditions of the Conditional Grant remain
unchanged. If, at the time of vesting, the performance conditions associated
with the Conditional Grant can no longer be applied, the Conditional Grant will
vest at the target achievement level. Furthermore, if, in connection with the
Change of Control, ABB Shares are exchanged for another security, then a
corresponding change will be made to the number and definition of shares under
the Conditional Grant.

6.                      
Forfeiture  

6.1             In addition to any applicable forfeiture or claw-back
policies adopted by ABB from time to time, if ABB reasonably believes that a
Plan Participant has engaged in any illegal activity relating to their
employment with ABB Ltd or one of its subsidiaries, or there is an error (including a
misstatement or omission)  found in any published financial statements of ABB
Ltd or one of its subsidiaries, requiring a material downward restatement or
which otherwise is material to ABB Ltd or the subsidiary, or a Plan Participant
has engaged in activity leading to material reputational damage to ABB Ltd or
one of its subsidiaries, then the ABB Ltd Board shall
have the right to determine, in its sole discretion, that some or all of such
Plan Participant’s Conditional  Grants under this Plan that have not yet vested
or have vested but not yet been delivered, including any Conditional Grants that
are to vest after the Plan Participant’s last day of employment, shall be
forfeited.  The ABB Ltd Board shall also have the right to require such Plan
Participant to pay to ABB Ltd an amount equal to the value, on delivery, of any
Shares (including any portion thereof settled in cash) delivered to such Plan
Participant under this Plan. ABB Ltd shall notify the relevant Plan Participant
of any such decision. This Section 6.1 shall apply for a period of up 5 years
following the originally scheduled Vesting Date.

7.                      
Employee Accounts and Trading

7.1                  
Vested
Award shares will be delivered to an employee account (Employee Account) with a
third-party service provider (Plan Administrator).

7.2                  
The
Plan Participant may keep the Vested Award shares in the Employee Account or
transfer them to their personal account.

7.3                  
The
trading platform connected with the Employee Account is the principal mechanism
to be used for the sale of Shares in the Employee Account.

7.4                  
Notwithstanding
Section 7.3, an authorized ABB representative may agree to facilitate the sale
or transfer of all or a portion of the holdings in the Employee Account. 
In such case, the ABB representative will accept verbal or written instructions
from the Plan Participant and communicate in 

 3

 

 

writing
such instruction to the Plan Administrator. ABB and the Plan Administrator will
be held harmless by the Plan Participant when acting in accordance with such
instructions. 

7.5                  
For
each Plan Participant other than an EC member, any dividends paid on any Vested
Award shares kept in the Employee Account shall be reinvested automatically in ABB
Ltd shares, including fractional shares, at market price. 

7.6                  
If a Plan
Participant ceases to be an ABB employee, then they must sell or transfer their
Vested Award shares from their Employee Account to their private account within
60 days of date on which they cease to be an ABB Employee.  If a Plan
Participant ceases to be an ABB employee and then subsequently receives Vested
Award shares, then they must sell or transfer such shares from their Employee
Account to their private account within 60 days of being notified that such
shares have been delivered to their Employee Account. If the Shares are not
sold or transferred within the 60 days period, a default sale on behalf of the
Plan Participant will be executed. 

8.                      
Legal and regulatory considerations

8.1                  
Each
Plan Participant must satisfy himself/herself that he/she is entitled to receive
and hold the Shares delivered hereunder as well as the related Conditional  Grants according to
the laws to which he/she is subject as resident and/or citizen. 

8.2                  
The
right to receive the Shares as well as the related Conditional  Grants and any
subsequent sale of any Shares received will be subject to such requirements,
conditions, restrictions, limitations or prohibitions as may be imposed for the
purpose of complying with mandatory laws (including but not limited to
securities laws and insider trading laws) and regulations of countries
concerned.

8.3                  
The
Shares issued pursuant to the Plan may not be sold in the United States, unless pursuant to a registration statement or pursuant to an exemption from
registration under United States Securities Act of 1933, as amended. Plan
Participants are advised to consult with legal advisors as to any other applicable restrictions with regard to selling the Shares.

8.4                  
The
Plan Participants may be subject to securities law and/or regulations on
insider dealings in the respective jurisdictions. Therefore, Plan Participants
are advised to consult with legal advisors in their jurisdiction as to any
restrictions with regard to participating in the Plan or dealing with Shares
conveyed under the Plan. For avoidance of doubt, Plan Participants are also
reminded that they are required to comply with ABB policies with respect to
insider trading. 

9.                      
Tax considerations

9.1                  
Neither
ABB Ltd nor any of its subsidiaries makes any representation as to the tax
consequences of participation in the Plan. Tax consequences are difficult to
predict and vary from country to country and from time to time. Each Plan
Participant therefore has to inform himself/herself of the tax consequences of their
participation in the Plan.

9.2                  
There are circumstances where an existing or former
employer of a Plan Participant may be obliged to account for tax for which the
Plan Participant in question is liable in connection with the Plan. The
employer of each Plan Participant shall have the right to undertake any
measures relating to the Vested
Award which it may consider suitable or required in order to
ensure that such tax is paid.  

9.3                  
Social security charges which may be levied on a Plan
Participant by reason of their participation in the Plan will be paid by the
employer of the Plan Participant.

10.                  
Variation of capital

10.1               
In
the event of (i) any variation of the share capital of ABB Ltd, (ii) a demerger
of any substantial business or direct or indirect subsidiary of ABB Ltd, (iii)
the payment of a special dividend by ABB Ltd, 

 4

 

 

or (iv)
another comparable event as determined by the CC which occurs prior to the
delivery of any Shares, the CC will, based on advice from a financial
institution, make such adjustments (if any) to the relevant Conditional Grant Size
of any current Conditional Grants to which a Plan Participant may be entitled as
it considers appropriate in light of the occurrence of such event.

11.                  
American Depository Shares

11.1               
For some Plan
Participant(s) the Shares may be replaced by American Depository Shares (ADS)
representing Shares to the extent deemed appropriate or necessary by ABB Ltd.
In such instances and for the Plan Participants concerned, “Shares” shall be
deemed to mean ADS except with respect to the definition of Change of Control
in Section 5.1 or as otherwise specified herein. Such ADS shall be subject to the
same selling restrictions as discussed in Section 8.3 above with respect to the
Shares.

12.                  
Implementation of and Amendments to the
present Plan Rules

12.1               
The
CC shall have the exclusive right to interpret the Plan Rules and make all
determinations foreseen to be made thereunder, including final performance
levels with respect to PSUs. In doing so, the CC may at any time deviate from any provisions of
the Plan Rules with respect to one or more individual Plan Participants in
connection with any unvested Conditional Grant.

12.2               
Except
to the extent permitted under Section 12.1, all conditions pertaining to the
present Plan Rules are subject to changes determined by the CC at any time
provided that no such changes can be made with respect to any unvested Conditional
Grant if they would materially and adversely affect the interests of the Plan
Participants generally.

13.                  
Data privacy

 

13.1          For the sole purpose of
administration and operation of the Plan and Plan Participant’s participation
in the Plan, personal data about the Plan Participant (including data about
transactions, shareholdings and benefits derived from the Plan) may without
prior notification to the Plan Participant: 

 

(a)     
be exchanged between their employing company and
ABB Ltd, Switzerland and any other party in any jurisdiction within or outside the
EU engaged by ABB Ltd for the administration and/or operation of the Plan; and 

 

(b)     
be processed and/or stored electronically or
using other media by ABB Ltd, Switzerland and any other party in any
jurisdiction within or outside the EU engaged by ABB Ltd for the administration
and/or operation of the Plan.

 

By deciding to
participate in the Plan, the Plan Participant consents to such exchange of and processing
and storing of personal data during and after termination of their employment.

 

In addition to the above, by deciding to participate in the Plan the Plan Participant agrees that, during and after termination of their
employment, personal data mentioned in this Section 13
may be disclosed at the request of tax- or other authorities in countries where
Plan Participants are or will be employed. 

 

For further general information about the processing of your
personal data, please read the employee data privacy notice (https://new.abb.com/privacy-notice/employee)

 

 

 

 

 

 5

 

 

14.                  
Plan Terms Applicable to US Plan Participants

 

14.1               
Any
Conditional Award granted under the Plan to a Plan Participant to whom Section
409A of the Internal Revenue Code of 1986, as amended, of the United States (the
 “Code”) may apply (a “US Plan Participant”) shall be subject to this Section
14.

14.2               
To
the extent applicable, this Plan and the Conditional Grant documentation
thereunder shall be interpreted in accordance with Section 409A of the Code and
the Department of Treasury and other interpretive guidance issued thereunder
(collectively, “Section 409A”). Notwithstanding any other provision of this
Plan or any Conditional Grant documentation, if at any time the CC determines
that any Conditional Grant or payment with respect thereto may be subject to
Section 409A, the CC shall have the right in its sole discretion (without any
obligation to do so or to indemnify the US Participant or any other person for
failure to do so) to adopt such amendments to the Plan or the applicable Conditional
Grant documentation, or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other
actions, as the CC determines are necessary or appropriate for the Conditional
Grants or any payment with respect thereto to be exempt from the application of
Section 409A or to comply with the requirements of Section 409A. ABB makes no
representations or warranties as to the tax treatment of Conditional Grants or
any payment with respect thereto under Section 409A or otherwise. ABB shall
have no obligation under this Section 14.2 or otherwise  to take any action
(whether or not described herein) to avoid the imposition of taxes, penalties
or interest under Section 409A with respect to the Conditional Grants or any
payment with respect thereto and shall have no liability to the US Participant
or any other person if any Conditional Grants or any payment with respect
thereto is determined to constitute non-compliant "nonqualified deferred
compensation" subject to the imposition of taxes, penalties and/or
interest under Section 409A. 

14.3               
Notwithstanding
anything in the Plan or any Conditional Grant documentation to the contrary,
the following provisions shall apply to each US Plan Participant: 

 

a)       
Vesting of any Conditional Award and payment of
any Shares shall be made in accordance with the Plan or any Conditional Grant
documentation thereunder upon and following a US Plan Participant’s termination
of employment only if such termination constitutes a "separation from
service" from ABB and its subsidiaries within the meaning of
Section 409A(a)(2)(A)(i) of the Code (a “Separation from Service”).  In the
event that a US Plan Participant's termination of employment does not
constitute a Separation from Service, all Conditional Awards for which the
Vesting Period has not been completed as of the date of termination of
employment shall be forfeited and cancelled as of the date of termination of
employment, regardless of whether any applicable performance or other vesting criteria
have been achieved. 

 

b)       
If a US Plan Participant is a "specified
employee" (within the meaning of Section 409A) at the time of such US Plan
Participant's Separation from Service, as determined by the CC in its sole
discretion, no amounts shall be paid to such US Plan Participant under this
Plan or any Conditional Grant documentation during the six (6)-month period
following such US Participant's Separation from Service to the extent that the
CC determines that payment of such amounts would constitute a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any
such amounts is delayed as a result of the previous sentence, then as soon as
practicable after the end of such six (6)-month period (or the date of the US Plan
Participant's death, if earlier) (the “Delayed Payment Date”), ABB shall pay to
the US Plan Participant in a lump-sum such amounts that would have otherwise
been payable to the US Plan Participant prior to the Delayed Payment Date. 

Any
acceleration of vesting or payment authorized by the CC pursuant to the Plan or
any Conditional Grant documentation in connection with a Change of Control shall
be provided to a US Plan 

 6

 

 

Participant only if such
Change of Control constitutes a "change in control event" within the
meaning of Section 409A. Any such acceleration of vesting or payment must occur
within the 30 day period prior to the Change of Control and the US Plan Participant
shall have no right to designate the taxable year of payment.  

15.                  
Governing Law and Dispute Resolution

15.1               
These
Plan Rules and any other agreements entered into and any documents issued or
delivered in connection with the implementation of this Plan are governed by
Swiss substantive law.

15.2               
Any
dispute, controversy or claim arising under, out of or relating to these Plan
Rules, in particular as to their existence, validity, interpretation,
performance, breach or termination, including tort claims, shall be decided by the
commercial court of the Canton of Zurich.

 

 7

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