Document:

Plan Document

 Exhibit 10.13 
  
 [PLAN LOGO] 
  
 THE EXECUTIVE 
  
 NONQUALIFIED “EXCESS” PLANTM 
  
 Plan Document 
  
 [EXECUTIVE BENEFIT SERVICES LOGO] 
  
 © 2003 Executive Benefit Services, Inc. 
 4140 ParkLake Avenue, Suite 500 
 Raleigh, NC 27612 

 [PLAN LOGO] 
  
 THE EXECUTIVE 
 NONQUALIFIED “EXCESS” PLANTM 
  
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 Section 1.
	  	Purpose:	  	1
			
	 Section 2.
	  	Definitions:	  	1
	         2.1
	  	“Accrued Benefit”	  	1
	         2.2
	  	“Active Participant”	  	1
	         2.3
	  	“Adoption Agreement”	  	2
	         2.4
	  	“Beneficiary”	  	2
	         2.5
	  	“Board”	  	2
	         2.6
	  	“Committee”	  	2
	         2.7
	  	“Compensation” .	  	2
	         2.8
	  	“Crediting Date”	  	2
	         2.9
	  	“Deferred Compensation Account”	  	2
	         2.10
	  	“Disability”	  	2
	         2.11
	  	“Education Account”	  	3
	         2.12
	  	“Education Subaccount”	  	3
	         2.13
	  	“Education Recipient”	  	3
	         2.14
	  	“Effective Date”	  	3
	         2.15
	  	“Employee”	  	3
	         2.16
	  	“Employer”	  	4
	         2.17
	  	“Employer Credits”	  	4
	         2.18
	  	“Independent Contractor”	  	4
	         2.19
	  	“In-Service Account”	  	4
	         2.20
	  	“Normal Retirement Date”	  	4
	         2.21
	  	“Participant”	  	5
	         2.22
	  	“Participating Employer”	  	5
	         2.23
	  	“Plan”	  	5
	         2.24
	  	“Plan Administrator”	  	5
	         2.25
	  	“Plan Year”	  	5
	         2.26
	  	“Qualifying Distribution Event”	  	5
	         2.27
	  	“Retire” or “Retirement”	  	5
	         2.28
	  	“Retirement Account”	  	5
	         2.29
	  	“Salary Deferral Agreement”	  	6
	         2.30
	  	“Salary Deferral Credits”	  	6
	         2.31
	  	“Service”	  	6
	         2.32
	  	“Sponsor”	  	6
	         2.33
	  	“Spouse” or “Surviving Spouse”	  	6
	         2.34
	  	“Trust”	  	6
	         2.35
	  	“Trustee”	  	6
	         2.36
	  	“Years of Service”.	  	6

  

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	 Section 3.
	  	Participation:	  	7
			
	 Section 4.
	  	Credits to Deferred Compensation Account:	  	7
	         4.1
	  	Salary Deferral Credits.	  	7
	         4.2
	  	Employer Credits	  	8
	         4.3
	  	Deferred Compensation Account	  	8
			
	 Section 5.
	  	Qualifying Distribution Events:	  	8
	         5.1
	  	Death of a Participant	  	8
	         5.2
	  	Disability of a Participant	  	9
	         5.3
	  	Termination of Service	  	9
	         5.4
	  	Retirement	  	9
			
	 Section 6.
	  	Distributions While in Service:	  	9
	         6.1
	  	In-Service Withdrawals	  	9
	         6.2
	  	Financial Hardship Withdrawals	  	10
	         6.3
	  	“Haircut” Withdrawals	  	11
	         6.4
	  	Education Withdrawals	  	11
			
	 Section 7.
	  	Qualifying Distribution Events Payment Options:	  	12
	         7.1
	  	Payment Options	  	12
	         7.2
	  	Prepayment	  	13
			
	 Section 8.
	  	Vesting:	  	13
			
	 Section 9.
	  	Accounts; Deemed Investment; Adjustments to Account:	  	14
	         9.1
	  	Accounts	  	14
	         9.2
	  	Deemed Investments	  	14
	         9.3
	  	Adjustments to Deferred Compensation Account	  	14
			
	 Section 10.
	  	Benefit Exchange:	  	15
			
	 Section 11.
	  	Transfer to Qualified Plan:	  	15
	         11.1
	  	Maximize Qualified Plan Deferrals	  	15
	         11.2
	  	Maximize Qualified Plan Match	  	16
	         11.3
	  	Transfer Deferral to Qualified Plan.	  	16
	         11.4
	  	Credit Match to Qualified Plan	  	16
	         11.5
	  	Compliance with Qualified Plan	  	17
			
	 Section 12.
	  	Administration by Committee:	  	17
	         12.1
	  	Membership of Committee	  	17
	         12.2
	  	Committee Officers; Subcommittee	  	17
	         12.3
	  	Committee Meetings	  	17
	         12.4
	  	Transaction of Business	  	18
	         12.5
	  	Committee Records	  	18

  

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	         12.6
	  	Establishment of Rules	  	18
	         12.7
	  	Conflicts of Interest	  	18
	         12.8
	  	Correction of Errors	  	18
	         12.9
	  	Authority to Interpret Plan	  	19
	         12.10
	  	Third Party Advisors	  	19
	         12.11
	  	Compensation of Members	  	19
	         12.12
	  	Expense Reimbursement	  	19
	         12.13
	  	Indemnification	  	19
	 Section 13.
	  	Contractual Liability; Trust:	  	20
			
	         13.1
	  	Contractual Liability	  	20
	         13.2
	  	Trust	  	20
	 Section 14.
	  	Allocation of Responsibilities:	  	21
			
	         14.1
	  	Board.	  	21
	         14.2
	  	Committee.	  	21
	         14.3
	  	Plan Administrator	  	21
	 Section 15.
	  	Benefits Not Assignable; Facility of Payments:	  	21
			
	         15.1
	  	Benefits not Assignable	  	21
	         15.2
	  	Payments to Minors and Others	  	22
			
	 Section 16.
	  	Beneficiary:	  	22
			
	 Section 17.
	  	Amendment and Termination of Plan:	  	23
			
	 Section 18.
	  	Communication to Participants:	  	23
			
	 Section 19.
	  	Claims Procedure:	  	24
			
	         19.1
	  	Filing of a Claim for Benefits	  	24
	         19.2
	  	Notification to Claimant of Decision	  	24
	         19.3
	  	Procedure for Review	  	25
	         19.4
	  	Decision on Review	  	25
	         19.5
	  	Action by Authorized Representative of Claimant	  	25
	 Section 20.
	  	Miscellaneous Provisions:	  	26
	         20.1
	  	Set off	  	26
	         20.2
	  	Notices	  	26
	         20.3
	  	Lost Distributees	  	26
	         20.4
	  	Reliance on Data	  	27
	         20.5
	  	Receipt and Release for Payments	  	27
	         20.6
	  	Headings	  	27
	         20.7
	  	Continuation of Employment	  	27
	         20.8
	  	Merger or Consolidation; Assumption of Plan	  	28
	         20.9
	  	Construction	  	28

  
  

 iii 

 [PLAN LOGO] 
  
 THE EXECUTIVE 
 NONQUALIFIED “EXCESS” PLANTM 
  
 Section 1. Purpose: 
  
 By execution of the Adoption Agreement, the Employer has adopted the Plan set forth herein to provide a means by which certain management Employees and
Independent Contractors of the Employer may elect to defer receipt of current Compensation from the Employer in order to provide Retirement and other benefits on behalf of such Employees and Independent Contractors of the Employer, as selected in
the Adoption Agreement. The Plan is not intended to be a tax-qualified retirement plan under Section 401(a) of the Internal Revenue Code (the “Code”). The Plan is intended to be an unfunded plan maintained primarily for the purpose of
providing deferred compensation benefits for a select group of management or highly compensated employees under Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 and independent contractors. 

 
 Section 2. Definitions: 
  
 As used in the Plan, including this Section 2, references to one gender
shall include the other and, unless otherwise indicated by the context: 
  
 2.1 “Accrued Benefit” means, with respect to each Participant, the balance credited to his Deferred Compensation Account. 
  
 2.2 “Active Participant” means, with respect to any day or date, a Participant who is in Service on such
day or date; provided, that a Participant shall cease to be an Active Participant immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent Contractor, or that the Participant no longer meets
the eligibility requirements of the Plan. 

 2.3 “Adoption Agreement” means the written agreement pursuant to which the Employer
adopts the Plan. The Adoption Agreement is a part of the Plan as applied to the Employer. 
  
 2.4 “Beneficiary” means the person, persons, entity or entities designated or determined pursuant to the provisions of Section 16 of the Plan. 
  
 2.5 “Board” means the Board of Directors of the Employer, if
the Employer is a corporation. If the Employer is not a corporation, “Board” shall mean the Employer. 
  
 2.6 “Committee” means the administrative committee provided for in Section 12. 
  
 2.7 “Compensation” shall have the meaning designated in the
Adoption Agreement. 
  
 2.8 “Crediting Date”
means the date designated in the Adoption Agreement for crediting the amount of any Salary Deferral Credits to the Deferred Compensation Account of a Participant. Employer Credits may be credited to the Deferred Compensation Account of a Participant
on any day that securities are traded on a national securities exchange. 
  
 2.9 “Deferred Compensation Account” means the sum of the amounts credited to the Retirement Account, the In-Service Account and the Education Account of each Participant, as applicable. The Deferred
Compensation Account of each Participant shall be adjusted as provided in Section 9. 
  
 2.10 “Disability” means disability as defined in the Adoption Agreement. 
  

 2 

 2.11 “Education Account” means a separate account to be kept for each Participant that
can be divided into one or more Education Subaccounts as described in Section 6.4. The Education Account shall be established, adjusted for payments, credited with Salary Deferral Credits, and credited or debited for deemed investment gains or
losses in the same manner and at the same time as such adjustments are made to the Deferred Compensation Account under Section 9 and in accordance with the rules and elections in effect under Section 9. 
  
 2.12 “Education Subaccount” means the subaccount of the
Education Account which is maintained with respect to an Education Recipient. If the Participant does not designate more than one Education Recipient, the Education Account shall be the Education Subaccount with respect to such Education Recipient.

  
 2.13 “Education Recipient” means the
individual designated by the Participant in the Salary Deferral Agreement with respect to whom the Participant will create an Education Subaccount. 
  
 2.14 “Effective Date” shall be the date designated in the Adoption Agreement as of which the Plan first becomes effective. 
  
 2.15 “Employee” means an individual in the Service of the
Employer if the relationship between the individual and the Employer is the legal relationship of employer and employee and if the individual is a highly compensated or management employee of the Employer. An individual shall cease to be an Employee
upon the Employee’s termination of Service. 
  

 3 

 2.16 “Employer” means the Employer identified in the Adoption Agreement, and any
Participating Employer which adopts this Plan. The Employer may be a corporation, a limited liability company, a partnership or sole proprietorship. All references herein to the Employer shall be applied separately to each such Employer as if the
Plan were solely the Plan of that Employer. 
  
 2.17
“Employer Credits” means the amounts credited to the Participant’s Retirement Account by the Employer pursuant to the provisions of Section 4.2. 
  
 2.18 “Independent Contractor” means an individual in the Service of the Employer if the relationship
between the individual and the Employer is not the legal relationship of employer and employee. An individual shall cease to be an Independent Contractor upon the termination of the Independent Contractor’s Service. An Independent Contractor
shall include a director of the Employer who is not an Employee. 
  
 2.19 “In-Service Account” means a separate account to be kept for each Participant, as described in Section 6.1. The In-Service Account shall be established, adjusted for payments, credited with Salary Deferral Credits, and
credited or debited for deemed investment gains or losses in the same manner and at the same time as such adjustments are made to the Deferred Compensation Account under Section 9 and in accordance with the rules and elections in effect under
Section 9. 
  
 2.20 “Normal Retirement Date” of a
Participant is designated in the Adoption Agreement. The “Retirement Date” of a Participant means the date the Participant attains his Retirement Age. 
  

 4 

 2.21 “Participant” means with respect to any Plan Year an Employee or Independent
Contractor who has been designated by the Committee as a Participant and who has entered the Plan or who has an Accrued Benefit under the Plan. 
  
 2.22 “Participating Employer” means any trade or business (whether or not incorporated) which adopts this Plan with the consent of the
Employer identified in the Adoption Agreement. 
  
 2.23
“Plan” means The Executive Nonqualified Excess PlanTM, as herein set out or as duly amended. The name of the Plan as applied to the Employer shall be designated in the Adoption Agreement. 
  
 2.24 “Plan Administrator” means the person designated in the Adoption Agreement. If the Plan Administrator
designated in the Adoption Agreement is unable to serve, the Employer shall be the Plan Administrator. 
  
 2.25 “Plan Year” means the twelve-month period ending on the last day of the month designated in the Adoption Agreement. 
  
 2.26 “Qualifying Distribution Event” means the
Participant’s Retirement or the termination of Participant’s Service with the Employer for any reason, including as a result of his death or Disability, as described in Section 5. 
  
 2.27 “Retire” or “Retirement” means Retirement
within the meaning of Section 5.4. 
  
 2.28 “Retirement
Account” means a separate account to be kept for each Participant, as described in Section 4.3. The Retirement Account shall be established, adjusted for payments, credited with Salary Deferral Credits and Employer Credits, and credited or
debited for deemed investment gains or losses in the same manner and at the same time as such adjustments are made to the Deferred Compensation Account under Section 9 and in accordance with the rules and elections in effect under Section 9.

  

 5 

 2.29 “Salary Deferral Agreement” means a written agreement entered into between a
Participant and the Employer pursuant to the provisions of Section 4.1 
  
 2.30 “Salary Deferral Credits” means the amounts credited to the Participant’s Deferred Compensation Account by the Employer pursuant to the provisions of Section 4.1. 
  
 2.31 “Service” means employment by the Employer as an
Employee. If the Participant is an Independent Contractor, “Service” shall mean the period during which the contractual relationship exists between the Employer and the Participant. 
  
 2.32 “Sponsor” means Executive Benefit Services, Inc.

  
 2.33 “Spouse” or “Surviving
Spouse” means, except as otherwise provided in the Plan, the legally married spouse or surviving spouse of a Participant. 
  
 2.34 “Trust” means the trust fund established pursuant to Section 13.2, if designated by the Employer in the Adoption Agreement.

  
 2.35 “Trustee” means the trustee, if any,
named in the agreement establishing the Trust and such successor or additional trustee as may be named pursuant to the terms of the agreement establishing the Trust. 
  
 2.36 “Years of Service” means each Plan Year of Service completed by the Participant. For vesting purposes,
Years of Service shall be calculated from the date designated in the Adoption Agreement. 
  

 6 

 Section 3. Participation: 
  
 The Committee in its discretion shall designate each Employee or Independent
Contractor who is eligible to participate in the Plan. An Employee or Independent Contractor designated by the Committee as a Participant who has not otherwise entered the Plan shall enter the Plan and become a Participant as of the date determined
by the Committee. A Participant who separates from Service with the Employer and who later returns to Service will not be an Active Participant under the Plan except upon satisfaction of such terms and conditions as the Committee shall establish
upon the Participant’s return to Service, whether or not the Participant shall have an Accrued Benefit remaining under the Plan on the date of his return to Service. 
  
 Section 4. Credits to Deferred Compensation Account: 
  
 4.1 Salary Deferral Credits. To the extent provided in the Adoption
Agreement, each Active Participant may elect, by entering into a Salary Deferral Agreement with the Employer, to defer his Compensation from the Employer by a dollar amount or percentage specified in the Salary Deferral Agreement. The amount of the
Participant’s Salary Deferral Credit shall be credited by the Employer to the Deferred Compensation Account maintained for the Participant pursuant to Section 9. The following special provisions shall apply with respect to the Salary Deferral
Credits of a Participant: 
  
 4.1.1 The Employer
shall credit to the Participant’s Deferred Compensation Account on each Crediting Date an amount equal to the total Salary Deferral Credit for the period ending on such Crediting Date. 
  
 4.1.2 An election pursuant to Section 4.1 shall be made by
the Participant by executing and delivering a Salary Deferral Agreement to the Committee. The Salary Deferral Agreement shall become effective with respect to such Participant as of the first full payroll period commencing on or immediately
following the first day of the Plan Year which occurs after the date such Salary Deferral Agreement is received by the Committee; provided, that a Participant who first becomes a Participant in the Plan during a Plan Year may enter into a Salary
Deferral Agreement to be effective as of the first payroll period next following the date he enters the Plan. A Participant’s election shall continue 
  

 7 

 in effect, unless earlier modified by the Participant, until the Service of the Participant is
terminated, or, if earlier, until the Participant ceases to be an Active Participant under the Plan. 
  
 4.1.3 A Participant may unilaterally modify a Salary Deferral Agreement (either to increase or decrease the portion of his future
Compensation which is subject to salary deferral within the percentage limits set forth in Section 4.1 of the Adoption Agreement) by providing a written modification of the Salary Deferral Agreement to the Employer. The modification shall become
effective as of the first full payroll period commencing on or immediately following the first day of the Plan Year which occurs after the date such written modification is received by the Committee. The Participant may terminate the Salary Deferral
Agreement effective as of the date designated in the Adoption Agreement. 
  
 4.1.4 The Committee may from time to time establish policies or rules governing the manner in which Salary Deferral Credits may be made. 
  
 4.2 Employer Credits. If designated by the Employer in the Adoption Agreement, the Employer shall cause the Committee
to credit to the Deferred Compensation Account of each Active Participant an Employer Credit as determined in accordance with the Adoption Agreement. 
  
 4.3 Deferred Compensation Account. Unless otherwise designated by the Participant in the Salary Deferral Agreement, all Salary Deferral Credits
made pursuant to Section 4.1 shall be credited to the Retirement Account of the Participant. All Employer Credits made pursuant to Section 4.2 shall be made to the Retirement Account of the Participant. The Retirement Account is a part of the
Deferred Compensation Account of a Participant and shall be distributed upon a Qualifying Distribution Event. 
  
 Section 5. Qualifying Distribution Events: 
  

5.1 Death of a Participant. If a Participant dies while in Service, the Employer shall pay a benefit to the Participant’s Beneficiary in
the amount designated in the Adoption Agreement. Payment of such benefit shall be made by the Employer pursuant to Section 7. If a Participant dies following his Retirement or termination of Service for any 
  

 8 

 reason, including Disability, and before all payments to him under the Plan have been made, the balance of the
Participant’s vested Accrued Benefit shall be paid by the Employer to the Participant’s Beneficiary pursuant to Section 7, and such balance shall be determined as of the commencement date of the payments.  
  
 5.2 Disability of a Participant. If a Participant suffers a Disability
while in Service prior to his Normal Retirement Date, he shall terminate Service with the Employer as of the date of the establishment of his Disability, whereupon he shall commence receiving payment of his vested Accrued Benefit, determined as of
the commencement date of the payments. Such benefit shall be paid by the Employer as provided in Section 7. 
  
 5.3 Termination of Service. If the Service of a Participant with the Employer shall be terminated for any reason other than Retirement, Disability
or death, his vested Accrued Benefit shall be paid to him by the Employer as provided in Section 7, and such Accrued Benefit shall be determined as of the commencement date of the payments. If a Participant’s Accrued Benefit is not fully vested
at his termination of employment, he shall forfeit that portion of his Accrued Benefit that is not fully vested. If he subsequently returns to Service with the Employer, he shall be treated as a new Participant for purposes of determining the vested
portion of his Accrued Benefit. 
  
 5.4 Retirement. A
Participant who is in Service on or after his Normal Retirement Date shall be eligible to Retire and commence receiving payment of his Accrued Benefit. Payment of such benefit shall be made by the Employer pursuant to Section 7. 

 
 Section 6. Distributions While in Service:

  
 6.1 In-Service Withdrawals. If the Employer
designates in the Adoption Agreement that in-service withdrawals are permitted under the Plan, a Participant may elect in the Salary Deferral Agreement to withdraw a designated amount from his Deferred 
  

 9 

 Compensation Account at the specified time or times designated by the Participant in the Salary Deferral Agreement, and
the Participant’s In-Service Account shall be credited with the amount designated for in-service withdrawals. The following special provisions shall apply with respect to the In-Service Account: 
  
 6.1.1 Notwithstanding any provision in this Section 6 to the
contrary, if Participant incurs a Qualifying Distribution Event prior to the date on which the entire balance of his In-Service Account has been distributed to him, then the balance in the In-Service Account on the date of the Qualifying
Distribution Event shall be distributed to him in the same manner and at the same time as his Deferred Compensation Account is distributed to him under Section 7 and in accordance with the rules and elections in effect under Section 7. 

 
 6.1.2 If permitted by the Employer in the Adoption
Agreement, a Participant may defer the date of any withdrawal from the In-Service Account by giving notice of the new withdrawal date to the Committee within the time limits specified in the Adoption Agreement. 
  
 6.2 Financial Hardship Withdrawals. If the Employer designates in the
Adoption Agreement that financial hardship withdrawals are permitted under the Plan, a distribution of the Deferred Compensation Account may be made to a Participant on account of financial hardship, subject to the following provisions: 

 
 6.2.1 A Participant may, at any time prior to his
Retirement or termination of Service for any reason, including Disability, make application to the Committee to receive a distribution in a lump sum of all or a portion of the vested Accrued Benefit credited to his Deferred Compensation Account
(determined as of the date the distribution, if any, is made under this Section 6.2) because of an unforeseeable emergency that results in severe financial hardship to the Participant. A distribution because of an unforeseeable emergency shall not
exceed the amount required to meet the immediate financial need created by the unforeseeable emergency and not otherwise reasonably available from other resources of the Participant. Examples of an unforeseeable emergency shall include but shall not
be limited to those financial needs arising on account of a sudden or unexpected illness or accident of the Participant or of a dependent of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant. 
  

 10 

 6.2.2 The Participant’s request for a distribution on account of financial hardship
must be made in writing to the Committee. The request must specify the nature of the financial hardship, the total amount requested to be distributed from the Deferred Compensation Account, and the total amount of the actual expense incurred or to
be incurred on account of financial hardship. 
  
 6.2.3 If a distribution under this Section 6.2 is approved by the Committee, such distribution will be made as soon as practicable following the date it is approved. The processing of the request shall be completed as soon as practicable
from the date on which the Committee receives the properly completed written request for a distribution on account of a financial hardship. If a Participant’s termination of Service occurs after a request is approved in accordance with this
Section 6.2.3, but prior to distribution of the full amount approved, the approval of the request shall be automatically null and void and the benefits which the Participant is entitled to receive under the Plan shall be distributed in accordance
with the applicable distribution provisions of the Plan. Only one financial hardship distribution shall be made within any Plan Year. 
  
 6.2.4 The Committee may from time to time adopt additional policies or rules governing the manner in which such distributions may be made
so that the Plan may be conveniently administered. 
  
 6.3
“Haircut” Withdrawals. If the Employer designates in the Adoption Agreement that “haircut” withdrawals are permitted under the Plan, a Participant in Service may at his option make one or more withdrawals from his Deferred
Compensation Account by written request to the Committee; provided, however, that a Participant who requests a withdrawal under this Section 6.3 shall incur a penalty (the “haircut”) equal to a percentage (not less than 10%), as designated
by the Employer in the Adoption Agreement, of the amount withdrawn, and this penalty shall be forfeited from the Deferred Compensation Account of the Participant notwithstanding the provisions of Section 8. 
  
 6.4 Education Withdrawals. If the Employer designates in the Adoption
Agreement that education withdrawals are permitted under the Plan, a Participant may elect in the Salary Deferral Agreement for a designated percentage or dollar amount of the Salary Deferral Credits to be credited to the Education Account of the
Education Recipient designated by the Participant. If the Participant designates more than one Education Recipient, the 
  

 11 

 Education Account shall be divided into Education Subaccounts for each Education Recipient, and the Participant may
designate in the Salary Deferral Agreement the percentage or dollar amount of each Salary Deferral Credit to be credited to each Education Subaccount. In the absence of a clear designation, all credits made to the Education Account shall be equally
allocated to each Education Subaccount. As soon as practicable after the date designated by the Participant in the Salary Deferral Agreement, the Employer shall pay to the Participant the balance in the Education Subaccount with respect to such
Education Recipient in the manner designated by the Participant in the Salary Deferral Agreement and permitted by the Employer in the Adoption Agreement. The following special provisions shall apply with respect to the Education Account: 

 
 6.4.1 Notwithstanding any provision in this Section 6 to
the contrary, if a Participant incurs a Qualifying Distribution Event prior to the date on which the entire balance of the Education Account has been distributed to him, then the balance in the Education Account on the date of the Qualifying
Distribution Event shall be distributed to him in the same manner and at the same time as his Deferred Compensation Account is distributed to him under Section 7 and in accordance with the rules and elections in effect under Section 7. 

 
 6.4.2 If permitted by the Employer in the Adoption
Agreement, a Participant may defer the date of any withdrawal from the Education Account by giving notice of the new withdrawal date to the Committee within the time limits specified in the Adoption Agreement. 
  
 Section 7. Qualifying Distribution Events Payment Options:

  
 7.1 Payment Options. The Employer shall designate
in the Adoption Agreement the payment options available upon a Qualifying Distribution Event. Upon a Participant’s entry into the Plan, the Participant shall elect among these designated payment options the method under which his vested Accrued
Benefit or, in the event of his death, any benefit payable as a result, will be distributed; provided, however, that if permitted by the Employer in the Adoption Agreement, a Participant may change the method of payment by 
  

 12 

 giving notice of the new payment method to the Committee within the time limits specified in the Adoption Agreement. In
the event the Participant fails to make a valid designation of the payment method, the distribution will be made in a single lump sum payment. Notwithstanding any election made by the Participant, the vested Accrued Benefit of the Participant will
be distributed in a single lump sum payment if the amount of such benefit does not exceed the dollar limit specified by the Employer in the Adoption Agreement, if applicable. 
  
 7.2 Prepayment. Notwithstanding any other provisions of this Plan, if a Participant or any other person (a
“recipient”) is entitled to receive payments under the Plan, the Committee in its sole discretion may direct the Employer to prepay all or any part of the payments remaining to be made to or on behalf of the recipient, or to shorten the
payment period. The amount of such prepayment shall be in full satisfaction of the Employer’s obligations hereunder to the recipient and to all persons claiming under or through the recipient with respect to the payments being prepaid. In the
event of a partial prepayment, the Committee shall designate which installments are being prepaid and, if applicable, the accounts of the Participant from which such prepayments shall be debited. The Committee’s determinations under this
Section 7.2 shall be final and conclusive upon all parties claiming benefits under this Plan. 
  
 Section 8. Vesting: 
  
 A Participant shall be fully vested in the portion of his Deferred Compensation Account attributable to Salary Deferral Credits, and all income, gains and losses attributable thereto. A Participant shall become fully
vested in the portion of his Deferred Compensation Account attributable to Employer Credits, and income, gains and losses attributable thereto, in accordance with the vesting schedule and provisions designated by the Employer in the Adoption
Agreement. 
  

 13 

 Section 9. Accounts; Deemed Investment; Adjustments to Account: 
  
 9.1 Accounts. The Committee shall establish a book reserve account,
entitled the “Deferred Compensation Account,” on behalf of each Participant. The Committee shall also establish a Retirement Account, In-Service Account and Education Account as a part of the Deferred Compensation Account of each
Participant, if applicable. The amount credited to the Deferred Compensation Account shall be adjusted pursuant to the provisions of Section 9.3. 
  
 9.2 Deemed Investments. The Deferred Compensation Account of a Participant shall be credited with an investment return determined as if the account
were invested in one or more investment funds made available by the Committee. The Participant shall elect the investment funds in which his Deferred Compensation Account shall be deemed to be invested. Such election shall be made in the manner
prescribed by the Committee and shall take effect upon the entry of the Participant into the Plan. The investment election of the Participant shall remain in effect until a new election is made by the Participant. In the event the Participant fails
for any reason to make an effective election of the investment return to be credited to his account, the investment return shall be determined by the Committee. 
  

9.3 Adjustments to Deferred Compensation Account. With respect to each Participant who has a Deferred Compensation Account under the Plan, the
amount credited to such account shall be adjusted by the following debits and credits, at the times and in the order stated: 
  
 9.3.1 The Deferred Compensation Account shall be debited each business day with the total amount of any payments made from such account
since the last preceding business day to him or for his benefit. 
  
 9.3.2 The Deferred Compensation Account shall be credited on each Crediting Date with the total amount of any Salary Deferral Credits and Employer Credits to such account since the last preceding Crediting Date.

  

 14 

 9.3.3 The Deferred Compensation Account shall be credited or debited on each day
securities are traded on a national stock exchange with the amount of deemed investment gain or loss resulting from the performance of the investment funds elected by the Participant in accordance with Section 9.2. The amount of such deemed
investment gain or loss shall be determined by the Committee and such determination shall be final and conclusive upon all concerned. 
  
 Section 10. Benefit Exchange: 
  
 If elected by the Employer in the Adoption Agreement, the Employer and the Participant may enter into an agreement under which the
Participant’s vested Accrued Benefit may be exchanged for another nonqualified benefit in accordance with rules established by the Committee. 
  
 Section 11. Transfer to Qualified Plan: 
  
 If elected by the Employer in the Adoption Agreement and directed by the Participant in the Salary Deferral Agreement, the Employer shall transfer amounts
from the Deferred Compensation Account of the Participant to the account of the Participant under a tax-qualified retirement plan maintained by the Employer and identified in the Adoption Agreement (the “Qualified Plan”) in accordance with
the following procedures: 
  
 11.1 Maximize Qualified Plan
Deferrals. As soon as administratively feasible after the end of each Plan Year, the Employer shall determine the amount of Salary Deferral Credits made to the Deferred Compensation Account of the Participant for the Plan Year (excluding the
amount of deemed investment gain or loss with respect thereto) which is eligible for transfer to the Qualified Plan. Such amount shall be determined so as to permit the maximum allocation to the account of the Participant under the Qualified Plan
for the Plan Year without exceeding the limitations applicable to the Qualified Plan (including by way of illustration and not limitation, the limitations under Sections 402(g) and 401(k)(3) of the Code, and any successors thereto). 
  

 15 

 11.2 Maximize Qualified Plan Match. As soon as administratively feasible after the end of each
Plan Year, the Employer shall determine the amount of any Employer Credits made as a matching amount to the Deferred Compensation Account of the Participant for the Plan Year (excluding the amount of deemed investment gain or loss with respect
thereto) which is eligible for transfer to the Qualified Plan. Such amount shall be determined so as to permit the maximum allocation to the account of the Participant under the Qualified Plan for the Plan Year without exceeding the limitations
applicable to the Qualified Plan (including by way of illustration and not limitation, the limitation under Section 401(m)(2) of the Code, and any successors thereto). 
  
 11.3 Transfer Deferral to Qualified Plan. No later than two and one-half months following the end of the Plan Year,
the Employer shall debit the amount determined under Section 11.1 from the Deferred Compensation Account of the Participant. If the Participant has directed in the Salary Deferral Agreement that such transfer be made, the Employer shall allocate
such amount to the account of the Participant under the Qualified Plan. If the Participant has not directed such transfer, the Employer shall distribute such amount from the Deferred Compensation Account to the Participant. 
  
 11.4 Credit Match to Qualified Plan. No later than two and one-half
months following the end of the Plan Year, the Employer shall debit the amount determined under Section 11.2 from the Deferred Compensation Account of the Participant. If the transfer described in Section 11.3 is made, the Employer shall allocate
the amount determined under Section 11.2 to the account of the Participant under the Qualified Plan. If such transfer is not made and the Participant receives a distribution of the amount determined under Section 11.1, the Participant shall forfeit
the amount determined under Section 11.2. 
  

 16 

 11.5 Compliance with Qualified Plan. In its sole discretion, the Employer may make multiple
transfers or distributions under this Section 11 during the Plan Year; provided, however, that no transfers shall be made under this Section 11 if precluded by the terms of the Qualified Plan. 
  
 Section 12. Administration by Committee:

  
 12.1 Membership of Committee. The Committee shall
consist of at least three individuals who shall be appointed by the Board to serve at the pleasure of the Board. Any member of the Committee may resign, and his successor, if any, shall be appointed by the Board. The Committee shall be responsible
for the general administration and interpretation of the Plan and for carrying out its provisions, except to the extent all or any of such obligations are specifically imposed on the Board. 
  
 12.2 Committee Officers; Subcommittee. The members of the Committee
may elect Chairman and may elect an acting Chairman. They may also elect a Secretary and may elect an acting Secretary, either of whom may be but need not be a member of the Committee. The Committee may appoint from its membership such subcommittees
with such powers as the Committee shall determine, and may authorize one or more of its members or any agent to execute or deliver any instruments or to make any payment on behalf of the Committee. 
  
 12.3 Committee Meetings. The Committee shall hold such meetings upon
such notice, at such places and at such intervals as it may from time to time determine. Notice of meetings shall not be required if notice is waived in writing by all the members of the Committee at the time in office, or if all such members are
present at the meeting. 
  

 17 

 12.4 Transaction of Business. A majority of the members of the Committee at the time in office
shall constitute a quorum for the transaction of business. All resolutions or other actions taken by the Committee at any meeting shall be by vote of a majority of those present at any such meeting and entitled to vote. Resolutions may be adopted or
other action taken without a meeting upon written consent thereto signed by all of the members of the Committee. 
  
 12.5 Committee Records. The Committee shall maintain full and complete records of its deliberations and decisions. The minutes of its proceedings
shall be conclusive proof of the facts of the operation of the Plan. 
  
 12.6 Establishment of Rules. Subject to the limitations of the Plan, the Committee may from time to time establish rules or by-laws for the administration of the Plan and the transaction of its business. 
  
 12.7 Conflicts of Interest. No individual member of the Committee
shall have any right to vote or decide upon any matter relating solely to himself or to any of his rights or benefits under the Plan (except that such member may sign unanimous written consent to resolutions adopted or other action taken without a
meeting), except relating to the terms of his Salary Deferral Agreement. 
  
 12.8 Correction of Errors. The Committee may correct errors and, so far as practicable, may adjust any benefit or credit or payment accordingly. The Committee may in its discretion waive any notice requirements
in the Plan; provided, that a waiver of notice in one or more cases shall not be deemed to constitute a waiver of notice in any other case. With respect to any power or authority which the Committee has discretion to exercise under the Plan, such
discretion shall be exercised in a nondiscriminatory manner. 
  

 18 

 12.9 Authority to Interpret Plan. Subject to the claims procedure set forth in Section 18 the Plan
Administrator and the Committee shall have the duty and discretionary authority to interpret and construe the provisions of the Plan and to decide any dispute which may arise regarding the rights of Participants hereunder, including the
discretionary authority to construe the Plan and to make determinations as to eligibility and benefits under the Plan. Determinations by the Plan Administrator and the Committee shall apply uniformly to all persons similarly situated and shall be
binding and conclusive upon all interested persons. 
  
 12.10
Third Party Advisors. The Committee may engage an attorney, accountant, actuary or any other technical advisor on matters regarding the operation of the Plan and to perform such other duties as shall be required in connection therewith, and may
employ such clerical and related personnel as the Committee shall deem requisite or desirable in carrying out the provisions of the Plan. The Committee shall from time to time, but no less frequently than annually, review the financial condition of
the Plan and determine the financial and liquidity needs of the Plan. The Committee shall communicate such needs to the Employer so that its policies may be appropriately coordinated to meet such needs. 
  
 12.11 Compensation of Members. No fee or compensation shall be paid to
any member of the Committee for his Service as such. 
  
 12.12
Expense Reimbursement. The Committee shall be entitled to reimbursement by the Employer for its reasonable expenses properly and actually incurred in the performance of its duties in the administration of the Plan. 
  
 12.13 Indemnification. No member of the Committee shall be personally
liable by reason of any contract or other instrument executed by him or on his behalf as a member of the Committee nor for any mistake of judgment made in good faith, and the Employer shall 
  

 19 

 indemnify and hold harmless, directly from its own assets (including the proceeds of any insurance policy the premiums
for which are paid from the Employer’s own assets), each member of the Committee and each other officer, employee, or director of the Employer to whom any duty or power relating to the administration or interpretation of the Plan may be
delegated or allocated, against any unreimbursed or uninsured cost or expense (including any sum paid in settlement of a claim with the prior written approval of the Board) arising out of any act or omission to act in connection with the Plan unless
arising out of such person’s own fraud, bad faith, willful misconduct or gross negligence. 
  
 Section 13. Contractual Liability; Trust: 
  

13.1 Contractual Liability. The obligation of the Employer to make payments hereunder shall constitute a contractual liability of the Employer
to the Participant. Such payments shall be made from the general funds of the Employer, and the Employer shall not be required to establish or maintain any special or separate fund, or otherwise to segregate assets to assure that such payments shall
be made, and the Participant shall not have any interest in any particular assets of the Employer by reason of its obligations hereunder. To the extent that any person acquires a right to receive payment from the Employer, such right shall be no
greater than the right of an unsecured creditor of the Employer. 
  
 13.2 Trust. If so designated in Section 2.34 of the Adoption Agreement, the Employer may establish a Trust with the Trustee, pursuant to such terms and conditions as are set forth in the Trust Agreement. The Trust, if and when
established, is intended to be treated as a grantor trust for purposes of the Code. The establishment of the Trust is not intended to cause Participants to realize current income on amounts contributed thereto, and the Trust shall be so interpreted
and administered. 
  

 20 

 Section 14. Allocation of Responsibilities: 
  
 The persons responsible for the Plan and the duties and responsibilities
allocated to each are as follows: 
  
 14.1 Board.

  
 (i) To amend the Plan; 
  
 (ii) To appoint and remove members of the Committee; and

  
 (iii) To terminate the Plan. 
  
 14.2 Committee. 
  
 (i) To designate Participants; 
  
 (ii) To interpret the provisions of the Plan and to
determine the rights of the Participants under the Plan, except to the extent otherwise provided in Section 19 relating to claims procedure; 
  
 (iii) To administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are specifically delegated
to another person or persons as provided in the Plan; 
  
 (iv) To account for the Accrued Benefits of Participants; and 
  
 (v) To direct the Employer in the payment of benefits. 
  
 14.3 Plan Administrator. 
  
 (i) To file such reports as may be required with the United States Department of Labor, the Internal Revenue Service and any other government agency to which reports may be required to be submitted from time to time;
and 
  
 (ii) To administer the claims procedure
to the extent provided in Section 19. 
  
 Section 15.
Benefits Not Assignable; Facility of Payments: 
  
 15.1 Benefits not Assignable. No portion of any benefit credited or paid under the Plan with respect to any Participant shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or
charge, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void, nor shall any 
  

 21 

 portion of such benefit be in any manner payable to any assignee, receiver or any one trustee, or be liable for his
debts, contracts, liabilities, engagements or torts. Notwithstanding the foregoing, in the event that all or any portion of the benefit of a Participant is transferred to the former spouse of the Participant incident to a divorce, the Committee
shall maintain such amount for the benefit of the former spouse until distributed in the manner required by an order of any court having jurisdiction over the divorce, and the former spouse shall be entitled to the same rights as the Participant
with respect to such benefit. 
  
 15.2 Payments to Minors and
Others. If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his
incapacity and satisfactory evidence that another person or institution is maintaining him and that no guardian or committee has been appointed for him, may cause any payment otherwise payable to him to be made to such person or institution so
maintaining him. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof. 
  
 Section 16. Beneficiary: 
  
 The Participant’s Beneficiary shall be the person or persons designated by the Participant on the Beneficiary
designation form provided by and filed with the Committee or its designee. If the Participant does not designate a Beneficiary, the Beneficiary shall be his Surviving Spouse. If the Participant does not designate a Beneficiary and has no Surviving
Spouse, the Beneficiary shall be the Participant’s estate. The designation of a Beneficiary may be changed or revoked only by filing a new Beneficiary designation form with the Committee or its designee. If a Beneficiary (the “primary
Beneficiary”) is receiving or is entitled to receive payments under the Plan and dies before receiving all of the payments due him, the balance to 
  

 22 

 which he is entitled shall be paid to the contingent Beneficiary, if any, named in the Participant’s current
Beneficiary designation form. If there is no contingent Beneficiary, the balance shall be paid to the estate of the primary Beneficiary. Any Beneficiary may disclaim all or any part of any benefit to which such Beneficiary shall be entitled
hereunder by filing a written disclaimer with the Committee before payment of such benefit is to be made. Such a disclaimer shall be made in a form satisfactory to the Committee and shall be irrevocable when filed. Any benefit disclaimed shall be
payable from the Plan in the same manner as if the Beneficiary who filed the disclaimer had died on the date of such filing. 
  
 Section 17. Amendment and Termination of Plan: 
  
 The Board may amend any provision of the Plan or terminate the Plan at any time; provided, that in no event shall such
amendment or termination reduce any Participant’s Accrued Benefit as of the date of such amendment or termination, nor shall any such amendment affect the terms of the Plan relating to the payment of such Accrued Benefit. 
  
 Notwithstanding the foregoing, the Plan shall be terminated upon the
occurrence of one or more of the events designated in the Adoption Agreement. Upon the occurrence of a termination event, the Accrued Benefit of each Participant may become fully vested and payable to the Participant in a lump sum if designated by
the Employer in the Adoption Agreement. 
  
 Section 18.
Communication to Participants: 
  
 The Employer shall
make a copy of the Plan available for inspection by Participants and their beneficiaries during reasonable hours at the principal office of the Employer. 
  

 23 

 Section 19. Claims Procedure: 
  
 The following claims procedure shall apply with respect to the Plan:

  
 19.1 Filing of a Claim for Benefits. If a Participant
or Beneficiary (the “claimant”) believes that he is entitled to benefits under the Plan which are not being paid to him or which are not being accrued for his benefit, he shall file a written claim therefor with the Plan Administrator. In
the event the Plan Administrator shall be the claimant, all actions which are required to be taken by the Plan Administrator pursuant to this Section 19 shall be taken instead by another member of the Committee designated by the Committee.

  
 19.2 Notification to Claimant of Decision. Within 90
days after receipt of a claim by the Plan Administrator (or within 180 days if special circumstances require an extension of time), the Plan Administrator shall notify the claimant of his decision with regard to the claim. In the event of such
special circumstances requiring an extension of time, there shall be furnished to the claimant prior to expiration of the initial 90-day period written notice of the extension, which notice shall set forth the special circumstances and the date by
which the decision shall be furnished. If such claim shall be wholly or partially denied, notice thereof shall be in writing and worded in a manner calculated to be understood by the claimant, and shall set forth: (i) the specific reason or reasons
for the denial; (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 for the claimant to perfect the claim and an explanation of why such
material or information is necessary; and (iv) an explanation of the procedure for review of the denial and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under ERISA
following an adverse benefit determination on review. 
  

 24 

 19.3 Procedure for Review. Within 60 days following receipt by the claimant of notice denying his
claim, in whole or in part, or, if such notice shall not be given, within 60 days following the latest date on which such notice could have been timely given, the claimant shall appeal denial of the claim by filing a written application for review
with the Committee. Following such request for review, the Committee shall fully and fairly review the decision denying the claim. Prior to the decision of the Committee, the claimant shall be given an opportunity to review pertinent documents and
to submit issues and comments in writing. 
  
 19.4 Decision on
Review. The decision on review of a claim denied in whole or in part by the Plan Administrator shall be made in the following manner: 
  
 19.4.1 Within 60 days following receipt by the Committee of the request for review (or within 120 days if special circumstances require an
extension of time), the Committee shall notify the claimant in writing of its decision with regard to the claim. In the event of such special circumstances requiring an extension of time, written notice of the extension shall be furnished to the
claimant prior to the commencement of the extension. If the decision on review is not furnished in a timely manner, the claim shall be deemed denied as of the close of the initial 60-day period (or the close of the extension period, if applicable).

  
 19.4.2 With respect to a claim that is denied
in whole or in part, the decision on review shall set forth specific reasons for the decision, shall be written in a manner calculated to be understood by the claimant, and shall cite specific references to the pertinent Plan provisions on which the
decision is based. 
  
 19.4.3 The decision of the
Committee shall be final and conclusive. 
  
 19.5 Action by
Authorized Representative of Claimant. All actions set forth in this Section 19 to be taken by the claimant may likewise be taken by a representative of the claimant duly authorized by him to act in his behalf on such matters. The Plan
Administrator and the Committee may require such evidence as either may reasonably deem necessary or advisable of the authority to act of any such representative. 
  

 25 

 Section 20. Miscellaneous Provisions: 
  
 20.1 Set off. Notwithstanding any other provision of this Plan, the
Employer may reduce the amount of any payment otherwise payable to or on behalf of a Participant hereunder by the amount of any loan, cash advance, extension of credit or other obligation of the Participant to the Employer that is then due and
payable, and the Participant shall be deemed to have consented to such reduction. 
  
 20.2 Notices. Each Participant who is not in Service and each Beneficiary shall be responsible for furnishing the Committee or its designee with his current address for the mailing of notices and benefit
payments. Any notice required or permitted to be given to such Participant or Beneficiary shall be deemed given if directed to such address and mailed by regular United States mail, first class, postage prepaid. If any check mailed to such address
is returned as undeliverable to the addressee, mailing of checks will be suspended until the Participant or Beneficiary furnishes the proper address. This provision shall not be construed as requiring the mailing of any notice or notification
otherwise permitted to be given by posting or by other publication. 
  
 20.3 Lost Distributees. A benefit shall be deemed forfeited if the Plan Administrator is unable to locate the Participant or Beneficiary to whom payment is due on or before the fifth anniversary of the date payment is to be made or
commence; provided, that the deemed investment rate of return pursuant to Section 9.2 shall cease to be applied to the Participant’s account following the first anniversary of such date; provided further, however, that such benefit shall be
reinstated if a valid claim is made by or on behalf of the Participant or Beneficiary for all or part of the forfeited benefit. 
  

 26 

 20.4 Reliance on Data. The Employer, the Committee and the Plan Administrator shall have the right
to rely on any data provided by the Participant or by any Beneficiary. Representations of such data shall be binding upon any party seeking to claim a benefit through a Participant, and the Employer, the Committee and the Plan Administrator shall
have no obligation to inquire into the accuracy of any representation made at any time by a Participant or Beneficiary. 
  
 20.5 Receipt and Release for Payments. Subject to the provisions of Section 20.1, any payment made from the Plan to or with respect to any
Participant or Beneficiary, or pursuant to a disclaimer by a Beneficiary, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Plan and the Employer with respect to the Plan. The recipient of any payment from the
Plan may be required by the Committee, as a condition precedent to such payment, to execute a receipt and release with respect thereto in such form as shall be acceptable to the Committee. 
  
 20.6 Headings. The headings and subheadings of the Plan have been
inserted for convenience of reference and are to be ignored in any construction of the provisions hereof. 
  
 20.7 Continuation of Employment. The establishment of the Plan shall not be construed as conferring any legal or other rights upon any Employee or
any persons for continuation of employment, nor shall it interfere with the right of the Employer to discharge any Employee or to deal with him without regard to the effect thereof under the Plan. 
  

 27 

 20.8 Merger or Consolidation; Assumption of Plan. No employer-party to the Plan shall consolidate
or merge into or with another corporation or entity, or transfer all or substantially all of its assets to another corporation, partnership, trust or other entity (a “Successor Entity”) unless such Successor Entity shall assume the rights,
obligations and liabilities of the employer-party under the Plan and upon such assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan. Nothing herein shall prohibit the assumption of the obligations
and liabilities of the Employer under the Plan by any Successor Entity. 
  
 20.9 Construction. The Employer shall designate in the Adoption Agreement the state according to whose laws the provisions of the Plan shall be construed and enforced, except to the extent that such laws are superseded by ERISA.

  

 28Trust Agreement

 Exhibit 10.14 
  
 [EXECUTIVE BENEFIT SERVICES LOGO] 
  
 THE EXECUTIVE 
  
 NONQUALIFIED “EXCESS” PLANTM

  
 Semtech Corporation 
 Trust Agreement 
  
 © 2003 Executive Benefit Services, Inc. 

 TABLE OF CONTENTS 
  

					
	 	 	 	 	Page

	Section 1.    Trust Fund:	 	2
	 1.1
	 	 Definitions and Construction
	 	2
	 1.2
	 	 Trust Fund
	 	2
	 1.3
	 	 Non-diversion of Funds
	 	2
		
	Section 2.    Investment and Administration:	 	3
	 2.1
	 	 Collection of Contributions
	 	3
	 2.2
	 	 General
	 	3
	 2.3
	 	 Appointment of Investment Manager.
	 	3
	 2.4
	 	 Investment Decisions.
	 	4
	 2.5
	 	 Investment in Short-Term Obligation
	 	4
	 2.6
	 	 Trustee’s Administrative Authority.
	 	5
	 2.7
	 	 Substitution of Assets
	 	7
		
	Section 3.    Trustee and Committee:	 	7
	 3.1
	 	 Committee
	 	7
	 3.2
	 	 Trustee’s Reliance
	 	8
	 3.3
	 	 Legal Counsel
	 	8
	 3.4
	 	 Liability Under the Plan
	 	8
		
	Section 4.    Distributions from the Trust Fund:	 	9
	 4.1
	 	 General
	 	9
	 4.2
	 	 Direction by the Committee.
	 	9
	 4.3
	 	 Method of Payment
	 	9
	 4.4
	 	 Special Distributions
	 	10
	 4.5
	 	 Payments to Employer
	 	10
		
	Section 5.    Trustee’s and Committee’s Responsibilities:	 	10
	 5.1
	 	 General Standard of Care
	 	10
	 5.2
	 	 No Liability for Acts of Others
	 	11
		
	Section 6.    Trustee’s Accounts:	 	11
	 6.1
	 	 Accounts
	 	11
	 6.2
	 	 Valuation of Trust Fund
	 	11
	 6.3
	 	 Reports to the Committee.
	 	11
	 6.4
	 	 Right of Judicial Settlement
	 	12
	 6.5
	 	 Enforcement of Agreement
	 	12
		
	Section 7.    Taxes; Compensation of Trustee:	 	12
	 7.1
	 	 Taxes
	 	12
	 7.2
	 	 Compensation of Trustee; Expenses
	 	12
		
	Section 8.    Resignation and Removal of Trustee:	 	13
	 8.1
	 	 Resignation or Removal of Trustee
	 	13
	 8.2
	 	 Appointment of Successor
	 	14
	 8.3
	 	 Succession.
	 	14

					
	 8.4
	 	 Successor Bound by Agreement
	  	15
		
	Section 9.    Trustee Responsibility Regarding Payments to Trust Beneficiaries When Employer Is Insolvent:	  	15
	 9.1
	 	 Direction
	  	15
	 9.2
	 	 Insolvency
	  	15
	 9.3
	 	 Resumption of Payments
	  	15
		
	Section 10.    Amendment and Irrevocability:	  	16
		
	Section 11.    Miscellaneous:	  	16
	 11.1
	 	 Binding Effect; Assignability
	  	16
	 11.2
	 	 Governing Law
	  	17
	 11.3
	 	 Notices
	  	17
	 11.4
	 	 Severability
	  	18
	 11.5
	 	 Waiver
	  	18
	 11.6
	 	 Non-Alienation
	  	18
	 11.7
	 	 Headings
	  	18
	 11.8
	 	 Construction of Language
	  	18
	 11.9
	 	 Counterparts
	  	18

 THE EXECUTIVE NONQUALIFIED EXCESS PLANTM 
 TRUST AGREEMENT 
  
 THIS TRUST AGREEMENT, made as of the 1st day of January, 2004, by and between Semtech Corporation (“Employer”) and BANKERS TRUST COMPANY
(“Trustee”). 
  
 W I T N
E S S E T H : 
  
 WHEREAS, the Employer has adopted The Executive Nonqualified Excess PlanTM (the “Plan”) to provide benefits for certain participants of the Employer and its designated affiliates; and 
  

WHEREAS, the Employer wishes to establish a Trust Fund (as hereinafter defined) to aid it in accumulating the amounts necessary to satisfy its
contractual liability to pay benefits under the terms of the Plan; and 
  
 WHEREAS, the Employer presently intends to make contributions to this Trust Fund from time to time to be applied in payment of the Employer’s obligations under the Plan; and 
  
 WHEREAS, the Employer is obligated to pay all benefits from its general assets to the extent not paid by this Trust Fund,
and the establishment of this Trust Fund shall not reduce or otherwise affect the Employer’s continuing liability to pay benefits from such assets, except that the Employer’s liability shall be offset by actual benefit payments made from
this Trust Fund; 
  
 WHEREAS, the trust established by this
Agreement is intended to be a “grantor trust” with the result that the corpus and income of the trust be treated as assets and income of the Employer pursuant to Sections 671 through 679 of the Internal Revenue Code of 1986, as amended
(the “Code”); and 
  
 WHEREAS, the Employer intends that
the Trust Fund shall at all times be subject to the claims of its creditors as herein provided and that the Plan be deemed unfunded within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), solely by
virtue of the existence of this Trust; 

 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the Employer
and the Trustee hereby agree as follows: 
  
 Section 1.
Trust Fund: 
  
 1.1 Definitions and Construction.
Unless the context of this Agreement clearly indicates otherwise, the terms defined in the Plan shall, when used herein, have the same meaning as in the Plan. The headings in this Agreement are used for the convenience of reference only and are to
be ignored in any constructions of the provisions hereof. 
  
 1.2
Trust Fund. The Employer hereby establishes with the Trustee a trust, pursuant to the Plan, in which may be deposited such sums of money as shall from time to time be paid or delivered to or deposited with the Trustee by or with the approval
of the Employer in accordance with terms of the Plan. Neither the Trustee nor any Plan participant or beneficiary shall have the right to compel such deposits. All such deposits, all investments and reinvestments thereof and all earnings,
appreciation and additions allocable thereto, less losses, depreciation and expenses allocable thereto and any payments made therefrom as authorized under the Plan or this Agreement shall constitute the “Trust Fund.” The Trust Fund shall
be held, managed and administered by the Trustee, IN TRUST, and dealt with in accordance with the provisions of this Agreement and in accordance with any funding policy or guidelines established under the Plan that are communicated in writing to the
Trustee. 
  
 1.3 Non-diversion of Funds. Notwithstanding
anything to the contrary contained in this Agreement or any amendment thereto, no part of the Trust Fund other than such expenses, fees, indemnities and taxes properly charged to the Trust Fund under the Plan or this Agreement shall be used for or
diverted to purposes other than for the exclusive benefit of Plan participants and their beneficiaries; provided, however, that the Trust Fund shall at all times be subject to the claims of the general creditors of the Employer. Any rights created
under the Plan and this Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against the Employer. 
  

 2 

 Section 2. Investment and Administration: 
  
 2.1 Collection of Contributions. The Trustee shall have no authority
over and shall have no responsibility for the administration of the Plan. The Trustee shall be under no duty to enforce the payment of any contribution to the Trust Fund and shall not be responsible for the adequacy of the Trust Fund to satisfy any
obligations for benefits expenses and liabilities under the Plan. In addition to making contributions, the Employer, through the Committee, shall furnish the Trustee with such information and data relative to the Plan as is necessary for the proper
administration of the Trust Fund. 
  
 2.2 General. The
Trust Fund shall be held by the Trustee and shall be invested and reinvested as hereinafter provided in this Section 2, without distinction between principal and income and without regard to the restrictions of the laws of any jurisdiction relating
to the investment of trust funds. 
  
 2.3 Appointment of
Investment Manager. 
  
 (a) The Committee
may, in its discretion, appoint an investment manager (“Investment Manager”) to direct the investment and reinvestment of all or any portion of the Trust Fund. Any such Investment Manager shall either (i) be registered as an investment
adviser under the Investment Advisers Act of 1940, as amended (“Investment Advisers Act”); (ii) be a bank, as defined in the Investment Advisers Act; or (iii) be an insurance company qualified to perform investment services under the laws
of more than one state. 
  
 (b) The Committee
shall give written notice to the Trustee of the appointment of an Investment Manager pursuant to Section 2.3(a). Such notice shall include: (i) a specification of the portion of the Trust Fund to which the appointment applies; (ii) a certification
by the Committee that the Investment Manager satisfies the requirements of Section 2.3(a)(i), (ii) or (iii); (iii) a copy of the instruments appointing the Investment Manager and evidencing the Investment Manager’s acceptance of the
appointment; (iv) directions as to the manner in which the Investment Manager is authorized to give instructions to the Trustee, including the persons authorized to give instructions and the number of signatures required for any written instruction;
(v) an acknowledgment by the Investment Manager that it is a fiduciary of the Plan; and (vi) if applicable, a certificate evidencing the Investment Manager’s current registration under the Investment Advisers Act. For purposes of this
Agreement, the appointment of an Investment Manager pursuant to this Section 2.3 shall become effective as of the effective date specified in such notice, or, if later, as of the date on which the Trustee receives proper notice of such appointment.

  

 3 

 (c) The Committee shall give written notice to the Trustee of the resignation or removal
of an Investment Manager previously appointed pursuant to this Section 2.3. From and after the date on which the Trustee receives such notice, or, if later, the effective date of the resignation or removal specified in such notice, the Committee
shall be responsible, in accordance with Section 2.4, for the investment and reinvestment of the portion of the Trust Fund theretofore managed by such Investment Manager, until such time as a successor Investment Manager has been duly appointed
pursuant to this Section 2.3. 
  
 2.4 Investment Decisions.

  
 (a) The Trustee shall invest and reinvest the
Trust Fund in accordance with the directions of the Committee, or, to the extent provided in Section 2.3, in accordance with the directions of an Investment Manager. The Trustee shall be under no duty or obligation to review any investment to be
acquired, held or disposed of pursuant to such directions nor to make any recommendation with respect to the disposition or continued retention of any such investment. The Trustee shall have no liability or responsibility for its action or inaction
pursuant to the direction of, or its failure to act in the absence of directions from, the Committee or an Investment Manager, except to the extent provided in Section 5.2. The Employer hereby agrees to indemnify the Trustee and hold it harmless
from and defend it against any claim or liability which may be asserted against the Trustee by reason of any action or inaction by it pursuant to a direction by the Committee or by an Investment Manager or failing to act in the absence of any such
direction. 
  
 (b) The Committee or an Investment
Manager appointed pursuant to Section 2.3 may, at any time and from time to time, issue orders for the purchase or sale of securities directly to a broker; and in order to facilitate such transaction, the Trustee upon request shall execute and
deliver appropriate trading authorizations. Written notification of the issuance of each such order shall be given promptly to the Trustee by the Committee or the Investment Manager, and the execution of each such order shall be confirmed by written
advice to the Trustee by the broker. Such notification shall be authority for the Trustee to pay for securities purchased against receipt thereof and to deliver securities sold against payment therefor, as the case may be. 
  
 (c) To the extent that neither the Committee nor an
Investment Manager furnishes directions as to the investment of the Trust Fund, the Trustee shall invest and reinvest the Trust Fund in any savings account, time or other interest-bearing deposit in or other interest-bearing obligation of any one or
more savings banks, savings and loan associations, banks or other financial institutions. 
  
 2.5 Investment in Short-Term Obligation. Notwithstanding any provisions of this Section 2 to the contrary, the Trustee, in its sole discretion or in consultation with the Committee, may retain uninvested cash
or cash balances, in whatever portion of the Trust Fund that it may deem advisable, without being required to pay interest thereon. Pending investment, 
  

 4 

 the Trustee, in its sole discretion, may temporarily invest any funds held or received by it for investment in an
investment fund established to invest funds held thereunder in commercial paper or in obligations of, or guaranteed by, the United States government or any of its agencies. 
  
 2.6 Trustee’s Administrative Authority. 
  
 (a) In addition to and not by way of limitation of any other powers conferred upon the Trustee by law or by
other provisions of this Agreement, but subject to the provisions of Section 1.3 and this Section 2, the Trustee is authorized and empowered: 
  
 (i) to invest and reinvest part or all of the Trust Fund in accordance with funding policies which may be established by the Committee
from time to time in such assets as the Trustee deems appropriate (including common and preferred stocks of the Employer), bonds, debentures, mutual fund shares, notes, commercial paper, treasury bills, options, partnership interests, venture
capital investments, any common, commingled, collective trust funds or pooled investment funds (including such funds for which the Trustee serves as investment manager), contracts and policies issued by an insurance company, any interest bearing
deposits held by any bank of similar financial institution, and any other real or personal property; 
  
 (ii) in accordance with directions from the Committee, to apply for, pay premiums on and maintain in force on the lives of Plan
participants, individual ordinary or individual or group term or universal life insurance policies, variable universal life insurance policies, survivorship life insurance policies or annuity policies (“policies”) and to have with respect
to such policies all of the rights, powers, options, privileges and benefits usually comprised in the term “incidents of ownership” and normally vested in an owner of such policies, provided, however, that the Trustee has no power to name
beneficiaries of any such policies other than the Trust, no power to assign such policies other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policies; 
  
 (iii) to sell, exchange, convey, transfer or dispose of and
also to grant options with respect to any property, whether real or personal, at any time held by it, and any sale may be made by private contract or by public auction, and for cash or upon credit, or partly for cash and partly upon credit, and no
person dealing with the Trustee shall be bound to see the application of the purchase money or to inquire into the validity, expediency or propriety of any such sale or other disposition; 
  
 (iv) to retain, manage, operate, repair and rehabilitate and
to mortgage or lease for any period any real estate held by it and, in its discretion, cause to be formed any corporation or trust to hold tile to any such real property; 
  

 5 

 (v) to vote in person or by proxy on any stocks, bonds, or other securities held by it,
including any shares of mutual funds held by it, to exercise any options appurtenant to any stocks, bonds or other securities for the conversion thereof into other stocks, bonds or securities, or to exercise any rights to subscribe for additional
stocks, bonds or other securities and to make any and all necessary payment therefor and to enter into any voting trust; 
  
 (vi) with respect to any investment, to join in, dissent from, or oppose any action or inaction of any corporation, or of the directors,
officers or stockholders of any corporation, including, without limitation, any reorganization, recapitalization, consolidation, liquidation, sale or merger; 
  

(vii) to settle, adjust, compromise, or submit to arbitration any claims, debts or damages due or owing to or from the Trust Fund; and

  
 (viii) to deposit any property with any
protective, reorganization or similar committee, to delegate power thereto and to pay and agree to pay part of its expenses and compensation and any assessments levied with respect to any property so deposited. 
  
 In exercising such powers with respect to any portion of the Trust Fund that
is invested pursuant to directions of the Committee or of an Investment Manager, the Trustee shall act in accordance with directions provided by the Committee or Investment Manager. The Trustee shall be under no duty or obligation to review any
action to be taken, nor to recommend any action, pursuant to this Section 2.6(a) with respect to any portion of the Trust Fund that is under the direction of the Committee or an Investment Manager. The Trustee shall have no liability or
responsibility for its action or inaction pursuant to the direction of, or its failure to act in the absence of directions from, the Committee or an Investment Manager, except to the extent provided in Section 5.2. The Employer hereby agrees to
indemnify the Trustee and hold it harmless from and defend it against any claim or liability which may be asserted against the Trustee by reason of any action or inaction by it pursuant to a direction given by the Committee or failing to act in the
absence of any such direction. 
  
 (b) In
addition to and not by way of limitation of any other powers conferred upon the Trustee by law or other provisions of this Agreement, but subject to Section 1.3 and this Section 2, the Trustee is authorized and empowered, in its discretion:

  
 (i) to commence or defend suits or legal
proceedings, and to represent the Trust Fund in all suits or legal proceedings in any court or before any other body or tribunal; 
  
 (ii) to register securities in its name or in the name of any nominee or nominees with or without indication of the capacity in which the
securities shall be held, or to hold securities in bearer form; 
  

 6 

 (iii) to borrow or raise monies for the purposes of the Trust from any lender, except the
Trustee, in its individual capacity, and for any sum so borrowed to issue its promissory note as Trustee and to secure the repayment thereof by pledging all or any part of the Trust Fund, and no person lending money to the Trustee shall be bound to
see the application of the money loaned or to inquire into the validity, expediency of propriety of any such borrowing; 
  
 (iv) to make distributions in cash upon the direction of the Committee; 
  
 (v) to withhold the appropriate amount of taxes from a participant’s distribution as directed by the
Committee; 
  
 (vi) to employ such agents,
brokers, counsel and accountants as the Trustee shall deem advisable and to be reimbursed by the Employer for their reasonable expenses and compensation; 
  
 (vii) to make, execute, acknowledge, and deliver any and all deeds, leases, assignments and instruments; and 
  
 (viii) generally to do all acts which the Trustee may deem
necessary or desirable for the administration and protection of the Trust Fund. 
  
 Notwithstanding any powers granted to the Trustee pursuant to this Agreement or by applicable law, the Trustee shall not have any power that could give the Trust the objective of carrying on a business and dividing
the gains therefrom, within the meaning of Section 301.7701-2 of the Treasury Regulations promulgated pursuant to the Code. 
  
 2.7 Substitution of Assets. The Employer shall have the right at any time, in its sole discretion, to substitute assets of equal fair market value
for any asset held by the Trust. This right is exercisable by the Employer in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity. 
  
 Section 3. Trustee and Committee: 
  
 3.1 Committee. The Employer shall certify to the Trustee the names and specimen signatures of the members of the
Committee appointed by the Employer to administer the Plan and give directions to the Trustee. Such certification shall include directions as to the number of signatures required for any communication or direction to the Trustee. The Employer shall
promptly give notice to the Trustee of changes in the membership of the Committee. The Committee may also certify to the Trustee the name of any person, together with a specimen 
  

 7 

 signature of any such person who is not a member of the Committee, authorized to act for the Committee in relation to the
Trustee. The Committee shall promptly give notice to the Trustee of any change in any person authorized to act on behalf of the Committee. For all purposes under this Agreement, until any such notice is received by the Trustee, the Trustee shall be
fully protected in assuming that the membership of the committee and the authority of any person certified to act in its behalf remain unchanged. 
  
 3.2 Trustee’s Reliance. The Trustee may rely and act upon any certificate, notice or direction of the Committee, or of a person authorized to
act on its behalf, or of the Employer or of an Investment Manager which the Trustee believes to be genuine and to have been signed by the person or persons duly authorized to sign such certificate, notice, or direction. 
  
 3.3 Legal Counsel. The Trustee may consult with legal counsel (who may
be counsel to the Employer) and may charge the expense to the Employer concerning any questions which may arise under this Agreement, and the opinions of such counsel shall be full and complete protection with respect to any action taken, or
omitted, by the Trustee hereunder in good faith in accordance with the opinion of such counsel. 
  
 3.4 Liability Under the Plan. The duties and obligations of the Trustee shall be limited to those expressly set forth in this Agreement,
notwithstanding any reference herein to the Plan. Notwithstanding any other provision of this Trust Agreement, (i) the Trustee and its officers, directors and agents hereunder shall be indemnified and held harmless by the Employer and the Fund to
the fullest extent permitted by law against any and all costs, damages, expenses and liabilities including, but not limited to, attorneys’ fees and disbursements reasonably incurred by or imposed upon it in connection with any claim made
against it or in which it may be involved by reason of it being, or having been, a Trustee hereunder, to the extent such amounts are not satisfied by fiduciary liability insurance that may or may not be maintained by the Employer, unless such costs,
damages, expenses or liabilities are attributable to the negligence or willful misconduct of the Trustee; and (ii) the Employer and the Fund, and their respective 
  

 8 

 officers, directors, trustees, and agents hereunder shall be indemnified and held harmless by the Trustee to the fullest
extent permitted by law against any and all costs, damages, expenses and liabilities including, but not limited to, attorneys’ fees and disbursements reasonably incurred by or imposed upon any of them in connection with any claim made against
them or in which they may be involved pursuant to this Agreement, to the extent such amounts are not satisfied by fiduciary liability insurance that may or may not be maintained by the Trustee, provided such costs, damages, expenses or liabilities
are attributable to the negligence or willful misconduct of the Trustee. 
  
 Section 4. Distributions from the Trust Fund: 
  
 4.1 General. The Trustee shall make payments from the Trust Fund in such amounts, at such times, and to such persons as the Committee may, from time to time, direct. The Committee shall consider and review any
claim for benefits under the Plan in accordance with the procedures established in the Plan. 
  
 4.2 Direction by the Committee. 
  
 (a) A direction by the Committee to make a distribution from the Trust Fund shall: 
  
 (i) be made in writing; 
  
 (ii) specify the amount of the payment to be distributed, the date such payment is to be made, the person to whom payment is to be made,
and the address to which the payment is to be sent; and 
  
 (iii) be deemed to certify to the Trustee that such direction and any payment pursuant thereto are authorized under the terms of the Plan. 
  
 (b) The Trustee shall be entitled to rely conclusively on the Committee’s certification of its
authority to direct a payment without independent investigation. The Trustee shall have no liability to any person with respect to payments made in accordance with the provisions of this Section 4. 
  
 4.3 Method of Payment. Payments of money by the Trustee may be made by
its check payable to the order of the payee designated by the Committee and mailed to the payee 
  

 9 

 in care of the Employer. The Trustee shall provide for the reporting and withholding of any federal, state or local taxes
that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid
by the Employer. 
  
 4.4 Special Distributions.
Notwithstanding any other provision of this Trust Agreement to the contrary, if at any time (i) the Trust is finally determined by the Internal Revenue Service (the “IRS”) not to be a “grantor trust,” with the result that the
income of the Trust Fund is not treated as income of the Employer pursuant to Sections 671 through 679 of the Code, (ii) a federal tax is finally determined by the IRS to be payable by the Trust beneficiaries, or (iii) the Trustee receives an
opinion of counsel satisfactory to it to the effect that it is likely that the IRS will determine that a tax will be payable by the Trust beneficiaries as described in (ii) and it is likely that such determination will be upheld, then the Trust
shall immediately terminate and the assets paid as soon as practicable by the Trustee to the Trust beneficiary as directed by the Committee. 
  
 4.5 Payments to Employer. Except as expressly provided herein, the Employer shall have no right or power to direct the Trustee to return to the
Employer any of the Trust Fund before all payments of benefits have been made pursuant to the Plan. However, if the Trustee determines that the value of the assets of the Trust Fund are in excess of 100% of the amount required to pay the benefits
provided under the terms of the Plan, then such excess assets, including both principal and income, shall be returned to the Employer.  
  
 Section 5. Trustee’s and Committee’s Responsibilities: 
  
 5.1 General Standard of Care. The Trustee, the members of the Committee and any Investment Manager shall at all times
discharge their duties with respect to the Trust Fund solely in the interest of the Plan participants and their beneficiaries and with the care, skill, prudence, and diligence that, under the circumstances prevailing, a prudent man acting in a like
capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. 
  

 10 

 5.2 No Liability for Acts of Others. No “fiduciary” (as such term is defined in Section
3(21) of ERISA) under this Agreement shall be liable for an act or omission of another person in carrying out any fiduciary responsibility where such fiduciary responsibility is allocated to such other person by this Agreement or pursuant to a
procedure established in this Agreement. 
  
 Section 6.
Trustee’s Accounts: 
  
 6.1 Accounts. The
Trustee shall keep accurate and detailed accounts of all investments, reinvestments, receipts and disbursements, and other transactions hereunder, and all such accounts and the books and records relating thereto shall be open to inspection at all
reasonable times by the Employer or the Committee or persons designated by them. 
  
 6.2 Valuation of Trust Fund. The Trustee shall value or cause to be valued the Trust Fund as of the last business day of each calendar quarter (“Valuation Date”), and shall report to the Committee the
value of the Trust Fund as of such date, within a reasonable time after the first day of the month next succeeding each Valuation Date. 
  
 6.3 Reports to the Committee. 
  
 (a) Within sixty (60) days following the last day of each fiscal year of the Trust, and within sixty (60) days following the effective
date of the resignation or removal of the Trustee as provided in Section 8.1, the Trustee shall render to the Committee a written account setting forth all investments, receipts, disbursements and other transactions affecting the Trust Fund or any
investment fund, which account shall be signed by the Trustee and mailed to the Committee. 
  
 (b) The Committee shall notify the Trustee in writing of any objection or exception to an account so rendered not later than ninety (90)
days following the date on which the Account was mailed to the Committee, whereupon the Committee and the Trustee shall cooperate in resolving such objection or exception. 
  
 (c) If the Committee has not communicated in writing to the Trustee within ninety (90) days following the
mailing of the account to the Committee any exception or objection to the account, the account shall become an account stated at the end of such ninety (90) day period. If the Committee does communicate such an exception or 
  

 11 

 objection, as to which it later becomes satisfied, the Committee shall thereupon indicate in writing its
approval of the account, or of the account as amended, and the account shall thereupon become an account stated. 
  
 (d) Whenever an account shall have become an account stated as aforesaid, such account shall be deemed to be finally settled and shall be
conclusive upon the Trustee, the Employer and all persons having or claiming to have any interest in the Trust Fund or under the Plan, and the Trustee shall be fully and completely discharged and released to the same extent as if the account had
been settled and allowed by a judgment or decree of a court of competent jurisdiction in an action or proceeding in which the Trustee, the Employer, and all persons having or claiming to have any interest in the Trust Fund or under the Plan were
parties. 
  
 6.4 Right of Judicial Settlement.
Notwithstanding the provisions of Section 6.3, the Trustee, the Committee, and the Employer, or any of them, shall have the right to apply at any time to a court of competent jurisdiction for the judicial settlement of the Trustee’s account. In
any such case, it shall be necessary to join as parties thereto only the Trustee, the Committee and the Employer; and any judgment or decree which may be entered therein shall be conclusive upon all persons having or claiming to have any interest in
the Trust Fund or under the Plan. 
  
 6.5 Enforcement of
Agreement. To protect the Trust Fund from expenses which might otherwise be incurred, the Employer and the Committee shall have authority, either jointly or severally, to enforce this Agreement on behalf of all persons claiming any interest in
the Trust Fund or under the Plan, and no other person may institute or maintain any action or proceeding against the Trustee or the Trust Fund in the absence of written authority from the Committee or a judgment of a court of competent jurisdiction
that in refusing authority the Committee acted fraudulently or in bad faith. 
  
 Section 7. Taxes; Compensation of Trustee: 
  
 7.1 Taxes. Any taxes that may be imposed upon the Trust Fund or the income therefrom shall be deducted from and charged against the Trust Fund. 
  
 7.2 Compensation of Trustee; Expenses. The Trustee shall receive for its services hereunder such compensation as may
be agreed upon in writing from time to time by the 
  

 12 

 Employer and the Trustee and shall be reimbursed for its reasonable expenses, including counsel fees, incurred in the
performance of its duties hereunder. The Trustee shall deduct from and charge against the Trust Fund such compensation and all such expenses unless previously paid by the Employer. 
  
 Section 8. Resignation and Removal of Trustee: 
  
 8.1 Resignation or Removal of Trustee. The Trustee may resign as trustee hereunder at any time by giving sixty (60)
days prior written notice to the Employer. Notwithstanding the preceding, the Trustee may resign immediately upon the occurrence of an unusual event which in the sole discretion of the Trustee affects the viability of the Employer and in such event
the Employer shall promptly appoint a qualified successor trustee. The Employer may remove the Trustee as trustee hereunder at any time by giving the Trustee prior written notice of such removal, which shall include notice of the appointment of a
successor trustee. Such removal shall take effect not earlier than sixty (60) days following receipt of such notice by the Trustee unless otherwise agreed upon by the Trustee and the Employer. Notwithstanding the foregoing, the Employer may not
remove the Trustee following a Change in Control without the written consent of Participants then beneficially entitled to at least eighty percent (80%) of the assets of the Trust. “Change in Control” shall mean the occurrence of any of
the following events with respect to the Employer: (A) any consolidation or merger involving the Employer if the shareholders of the Employer immediately before such merger or consolidation do not own, directly or indirectly, immediately following
such merger or consolidation, more than fifty percent (50%) of the combined voting power of the outstanding voting securities or interests of the corporation (or its parent corporation) or other entity resulting from such merger or consolidation in
substantially the same proportion as their ownership of the shares of the common stock of the Employer immediately before such merger or consolidation; (B) any sale, lease, license, exchange or other transfer (in one transaction or a series of
related transactions) of all, or substantially all, of the business and/or assets of the Employer or assets representing over 50% of the operating revenue of the Employer; or (C) any person (as such term is used in 
  

 13 

 Sections 13(d) and 14(d) of the Exchange Act) who is not, on the effective date of this Trust Agreement, a Controlling
Person of the Employer shall become (x) the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of over 50% of the Employer’s outstanding common stock or the combined voting power of the Employer’s then
outstanding voting securities entitled to vote generally or (y) a Controlling Person of the Employer. 
  
 8.2 Appointment of Successor. In the event of the resignation or removal of the Trustee, a successor trustee shall be appointed by the Employer.
Except as is otherwise provided in Section 8.1, such appointment shall take effect upon delivery to the Trustee of an instrument so appointing the successor and an instrument of acceptance executed by such successor, both of which instruments shall
be duly acknowledged before a notary public. If within sixty (60) days after notice of resignation shall have been given by the Trustee a successor shall not have been appointed as aforesaid, the Trustee may apply to any court of competent
jurisdiction for the appointment of such successor. Notwithstanding the foregoing, any appointment of a successor trustee that occurs following a Change in Control (as defined above) shall be contingent on written consent by Participants then
beneficially entitled to at least eighty percent (80%) of the assets of the Trust. 
  
 8.3 Succession. 
  
 (a) Upon the appointment of a successor hereunder, the Trustee shall transfer and deliver the Trust Fund to such successor; provided, however, that the Trustee may reserve such sum of money as it shall in its sole and absolute discretion
deem advisable for payment of its fees and all expenses including counsel fees in connection with the settlement of its account, and any balance of such reserve remaining after the payment of such charges shall be paid over to the successor trustee.
If such reserve shall be insufficient to pay such charges, the Trustee shall be entitled to recover the amount of any deficiency from the Employer, from the successor trustee, or from both. 
  
 (b) Upon the completion of the succession and the rendering
of its final accounts, the Trustee shall have no further responsibilities whatsoever under this Agreement. 
  

 14 

 8.4 Successor Bound by Agreement. All the provisions of this Agreement shall apply to any
successor trustee with the same force and effect as if such successor had been originally named herein as the trustee hereunder. 
  
 Section 9. Trustee Responsibility Regarding Payments to Trust Beneficiaries When Employer Is Insolvent: 
  
 9.1 Direction. The Board of Directors and the chief executive officer
of the Employer shall have the duty to inform the Trustee in writing if the Employer becomes Insolvent, as hereinafter defined. If the Trustee receives any written certification signed under penalties of perjury by any person other than the Board of
Directors or the chief executive officer of the Employer that the Employer has become Insolvent, the Employer shall be deemed to be Insolvent for purposes of this Section 9. When the Trustee has been so informed by the Board of Directors or the
chief executive officer of the Employer, or has received such certification from another person, the Trustee shall immediately discontinue payments of benefits to Trust Beneficiaries and shall hold the assets of the Trust for the benefit of the
Employer’s general creditors. Nothing in this Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of the Employer with respect to benefits due under the Plan.
During the continuance of the Trust, the fees and expenses of the Trustee shall be paid from the Trust Fund if not paid by the Employer or any successor trustee (including a regulatory agency). 
  
 9.2 Insolvency. The Employer shall be considered Insolvent for
purposes of this Section 9 if: (i) the Employer is unable to pay its debts as they become due; (ii) the Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) the Employer is determined to be
insolvent by any agency having regulatory authority over the Employer. 
  
 9.3 Resumption of Payments. The Trustee shall resume the payment of benefits to Plan participants or their beneficiaries only after the Trustee has determined that the 
  

 15 

 Employer is not Insolvent (or is no longer Insolvent). If the Trustee discontinues the payment of benefits from the Trust
pursuant to Section 9.1 hereof, and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan,
less the aggregate amount of any payments made to Plan participants or their beneficiaries by the Employer in lieu of the payments provided for hereunder during any such period of discontinuance. 
  
 Section 10. Amendment and Irrevocability: 
  
 10.1 The Employer may, at any time and from time to time, by
instrument in writing executed pursuant to authorization of its Board of Directors, amend in whole or in part any or all of the provisions of this Agreement; provided, however, that: (i) no amendment which affects the rights, duties, fees or
responsibilities of the Trustee may be made without the Trustee’s consent; (ii) no amendment shall conflict with the terms of the Plan or alter the fact that the Trust is irrevocable pursuant to Section 10.1 hereof, and (iii) any amendment
following a Change in Control, as defined above, shall be contingent upon its receipt of written approval by Participants then beneficially entitled to at least eighty percent (80%) of the assets of the Trust. 
  
 10.2 Except as provided in Section 4.5, the Trust created
hereunder is irrevocable and shall terminate only upon the complete distribution of the assets of the Trust to the participants or their beneficiaries. In the event that Trust assets remain after the payment of all benefits to the participants or
their beneficiaries under the terms of the Plan, the Trust shall be terminated and any remaining assets shall be returned to the Employer. 
  
 10.3 Any such amendment shall become effective upon receipt by the Trustee of the instrument of amendment and endorsement thereon by the
Trustee of its consent thereto, if such consent is required; provided, however, no such amendment shall be permitted if, in the opinion of counsel to the Employer, any such amendment would cause the Trust to cease to constitute a grantor trust as
described in Section 4.4 of this Agreement. Following any such termination as provided in Section 10.1, the powers of the Trustee hereunder shall continue as long as any of the Trust Fund remains in its hands. 
  
 Section 11. Miscellaneous: 
  
 11.1 Binding Effect; Assignability. This Agreement shall be binding
upon, and the powers granted to the Employer and the Trustee, respectively, shall be exercisable by the respective successors and assigns of the Employer and the Trustee. Any entity which shall, by 
  

 16 

 merger, consolidation, purchase, or otherwise, succeed to substantially all the trust business of the Trustee shall, upon
such succession and without any appointment or other action by the Employer, be and become successor trustee hereunder. 
  
 11.2 Governing Law. This Agreement and the trust created and the Trust Fund held hereunder shall be interpreted in accordance with the laws of the
state designated by the Employer in Section 17.9 of the Adoption Agreement, except to the extent that such laws are preempted by the federal laws of the United States of America. All contributions to the Trust Fund shall be deemed to take place in
the state designated by the Employer in Section 17.9 of the Adoption Agreement. 
  
 11.3 Notices. Any communication to the Trustee, including any notice, direction, designation, certification, order, instruction, or objection shall be in writing and signed by the person authorized under the
Plan to give the communication. The Trustee shall be fully protected in acting in accordance with these written communications. Any notice required or permitted to be given to a party hereunder shall be deemed given if in writing and hand delivered
or mailed, postage prepaid, certified mail, return receipt requested, to such party at the following address or at such other address as such party may by notice specify: 
  
 If to the Employer: 
  
 Semtech Corporation 
 200 Flynn Rd. 
 Camarillo, CA 93012 
 Attention: Ken Bauer 
  
 If to the Trustee: 
  
 Bankers Trust Company 
 665 Locust 
 Des Moines, IA 50309 
 Attention: Anji Hayek 
  

 17 

 11.4 Severability. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity of enforceability of the remaining provisions. 
  
 11.5 Waiver. Failure of any party to insist at any time or times upon strict compliance with any provision of this Agreement shall not be a waiver of such provision at such time or any later time unless in a writing designated as a
waiver and signed by or on behalf of the party against whom enforcement of the waiver is sought. 
  
 11.6 Non-Alienation. No interest, right or claim in or to any part of the Trust Fund or any payment therefrom shall be assignable, transferable or
subject to sale, mortgage, pledge, hypothecation, commutation, anticipation, garnishment, attachment, execution, or levy of any kind, and the Trustee and the Committee shall not recognize any attempt to assign, transfer, sell, mortgage, pledge,
hypothecate, commute, or anticipate the same, except to the extent required by law. 
  
 11.7 Headings. The headings of sections are included solely for convenience of reference. If there is any conflict between such headings and the text of the Agreement, the text shall control. 
  
 11.8 Construction of Language. Whenever appropriate in this Agreement,
words used in the singular may be read in the plural; words used in the plural may be read in the singular; and words importing the masculine gender shall be deemed equally to refer to the female gender or the neuter. Any reference to a section
number shall refer to a section of this Agreement, unless otherwise indicated. 
  
 11.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 
  

 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	SEMTECH CORPORATION
		
	By:	 	 /s/ David G. Franz, Jr.

	 	 	Vice President and Chief Financial Officer
	 	 	Authorized Officer
	
	BANKERS TRUST COMPANY
		
	By:	 	  

	 	 	Trust Officer

  

 19

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