Document:

Exhibit
10.3

 

executive
MANAGEMENT CONSULTING AGREEMENT

 

This MANAGEMENT CONSULTING
AGREEMENT (this “Agreement”) is made and entered into as of December 19, 2017, by and between Robert Gayman
(“Advisor”), and LifeApps Brands Inc., a Delaware corporation, with its principal place of business at Polo
Plaza, 3790 Via De La Valle, #125E, Del Mar, CA 92014 (the “Company”). Advisor and the Company shall sometimes
be referred to herein singularly as a “Party” or collectively as the “Parties”.

 

RECITALS

 

WHEREAS, Advisor
has expertise in the areas of business management, finance, strategy, investment, acquisitions and other matters relating to the
Company and its business; and

 

WHEREAS, in accordance
with the terms of this Agreement the Company desires to retain Advisor to provide certain consulting services to the Company, and
Advisor desires to perform such services for the Company, on the terms and conditions hereinafter provided.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein and other consideration the receipt and sufficiency of which
are expressly acknowledged hereby, the Parties hereby agree as follows:

 

1.
Engagement. The Company agrees to engage Advisor, and Advisor agrees to be engaged, to become a strategic advisor to
the Company and to render advice, consultation, information, and certain services to the Company as set forth in Section 3
of this Agreement.

 

2.
Term. The term of this Agreement (the “Term”) shall begin on the date hereof (the “Effective
Date” and continue for a period of twenty- four (24) months, unless earlier terminated pursuant to Section 11
hereof. The Term shall automatically renew for successive periods of one (1) year each, unless either party shall have given the
other at least thirty (30) days’ prior written notice of their intention not to renew this Agreement prior to the end of
the initial Term or the then applicable renewal term as the case may be.

 

Notwithstanding anything in this Agreement
to the contrary,

 

	 	(a)	the provisions of Sections 6, 9 and 11 shall survive the termination of this Agreement; and
	 	 	 
	 	(b)	no termination of this Agreement will affect the Company’s obligation to promptly deliver the Stock Options (as defined herein), to make cash compensation payments for periods through the date of termination or to reimburse the Advisor for any cost or expense incurred, pursuant to the terms of this Agreement.

 

    

     

    

 

3.
Services. Advisor shall provide the Company with the services set forth on Schedule 1 hereto (the “Services”).

 

The Company shall
use the Services of Advisor and Advisor shall make itself available for the performance of the Services upon reasonable notice.

 

It is expressly understood
and agreed by the Company that, in reliance upon the Company’s representations, warranties and covenants contained herein,
immediately upon execution and delivery of this Agreement by the Company, the Advisor is setting aside and allocating for the benefit
of the Company valuable resources required to provide the Services. In doing so, the Advisor may be declining other opportunities
and commitments that would result in enrichment to the Advisor in order to be available to provide the Company the Services contemplated
by this Agreement.

 

The Advisor is not
(a) a registered “broker” (“Broker”) or “dealer” (“Dealer”), as such
terms are defined in Section 3(a)(4) and 3(a)(5) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or (b) an investment adviser (“Investment Advisor”), as such term is defined in Section 202(a)(11) of the Investment
Advisors Act of 1940, as amended, and will not act to effect any transactions in securities for the account of Company. With respect
thereto and notwithstanding anything set forth herein to the contrary, in connection with any proposed transaction, the Advisor
shall not carry out any activity or function that (a) may be traditionally performed by or otherwise be deemed to include those
of (i) a Broker, Dealer or Investment Adviser, or (ii) would require the Advisor to register itself as a Broker, Dealer, or Investment
Advisor.

 

4.
Independent Contractor. To the maximum extent permitted by law, Advisor shall be deemed an independent contractor in
the performance of Services under this Agreement. This Agreement does not nor shall at any time be deemed to create any fiduciary
or other implied duties or obligations whatsoever between Advisor and the Company, other than the duties and obligations expressly
set forth herein.

 

Nothing in this Agreement
shall prevent Advisor from rendering or performing services similar to those provided to the Company under this Agreement to or
for itself, affiliates or other persons, firms or companies. The Advisor acknowledges and agrees that the Company is free to engage
other parties to provide services similar to those Services being provided by the Advisor hereunder, or may conduct such services
on its own.

 

Nothing contained
herein shall create, or shall be construed as creating, a partnership or joint venture of any kind or as imposing upon any Party
any partnership duty, obligation or liability to any other Party.

 

5.
Other Activities of Advisor; Investment Opportunities. The Company expressly acknowledges and agrees that Advisor shall
not be required to devote his full time and business efforts to the Services of Advisor specified in this Agreement. Advisor shall
devote only so much of his time and effort as is reasonable and adequate, to perform the Services with a high standard of quality
and in a professional manner.

 

    

     

    

 

6.
Compensation. In consideration of the Services to be rendered by Advisor hereunder, the Company shall (i) pay Advisor
annual cash compensation of $150,000 payable in equal bi-weekly installments, (ii) issue to the Advisor upon execution of this
Agreement, 4,946,688 stock options under the Company’s 2012 Equity Incentive Plan which will be vested upon issuance, have
a term of five (5) years and an exercise price of $0.01 per share (the “Stock Options”), and (iii) issue to Advisor
50% of the shares of a class of the Company’s voting preferred stock to be authorized, approved and issued within 120 days
of the date of this Agreement.

 

Cash payments which
are not paid within 30 days of their respective due dates (“Deferred Cash Payments’) will accrue interest at the rate
of 10% per annum until paid.  Advisor shall have the right, in his sole discretion, to convert Deferred Cash Payments,
in whole or in part, into Company common stock at 50% of the value weighted average price (“VWAP”) for the Company’s
common stock during the 20 trading days immediately prior to the date on which the Advisor provides the Company with a written
notice of conversion.  For purposes of the foregoing, “VWAP” means, for any date, the price
determined by the first of the following clauses that applies: (a) if the Company’s common stock is then listed or quoted
on a National Securities Exchange, the daily volume weighted average price of the Company’s common stock for such date (or
the nearest preceding date) on the trading market on which the Company’s common stock is then listed or quoted as reported
by Bloomberg (based on a trading day from 9:30 a.m. New York City time to 4:00 p.m. New York City time); (b) if the Company’s
common stock is quoted on any one or more of the OTC Bulletin Board, or the other OTC markets, including the OTCQX, OTCQB and
OTC Pink Markets or in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding
to its functions of reporting prices), the volume weighted average price of the Company’s common stock for such date on
the OTC Bulletin Board; (c) if the Company’s common stock is not then listed or quoted for trading on the OTC Bulletin Board
and if prices for the Company’s common stock are then reported on OTC Markets, including the OTCQX, OTCQB and OTC Pink markets,
or in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions
of reporting prices), the average of the highest closing bid and the lowest closing ask price for the Company’s common stock
as reported by OTC Markets Group; (d) in all other cases, the fair market value of a share of Company’s common stock as
determined by an independent appraiser selected in good faith by the Advisor and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company; provided that in each case where Bloomberg data is being relied upon, the
Advisor shall supply the Company with a copy of such information for the Company’s records. 

The common stock
issuable to Advisor upon exercise of the Stock Options and payment of the exercise price, when issued to the Advisor, will be duly
authorized, validly issued and outstanding, fully paid and non-assessable, and will not be subject to any liens or encumbrances.
The Advisor makes the investor representations and warranties to the Company set forth in Schedule 2 hereto (which are incorporated
by reference herein), as of the date hereof, and as of the date of exercise of the Stock Options.

 

    

     

    

 

7.
Out-of-Pocket Expenses. All obligations or expenses incurred by Advisor in the performance of his obligations hereunder
shall be for the account of, on behalf of, and at the expense of the Company, and all such expenses shall be promptly reimbursed
by the Company; provided, however, that Advisor shall obtain Company’s written approval prior to knowingly
incurring any expense in excess of Five Hundred 00/100 Dollars ($500.00). Advisor shall not be obligated to make any advance to
or for the account of the Company or to pay any sums, except out of funds held in accounts maintained by the Company, nor shall
Advisor be obligated to incur any liability or obligation for the account of the Company. The Company shall promptly reimburse
Advisor for any amount paid by Advisor, which shall be in addition to any other amount payable to Advisor under this Agreement.

 

8.
Standard of Care; Disclaimer; Limitation of Liability.

 

	 	(a)	The Advisor makes no representations or warranties, express or implied, in respect of the Services to be provided hereunder. 
	 	 	 
	 	(b)	Neither Advisor nor any of his employees, agents, representatives, affiliates or consultants (each a “Related Party” and, collectively, the “Related Parties”) shall be liable to the Company or any of its affiliates for any loss, liability, damage or expense arising out of or in connection with the performance of any Services contemplated by this Agreement, unless such loss, liability, damage or expense shall be proven and confirmed by a non-appealable final judgment to result directly from the gross negligence or willful misconduct of such person. In no event will Advisor or any of his Related Parties be liable to the Company for special, indirect, punitive or consequential damages, including, without limitation, loss of profits or lost business, even if Advisor has been advised of the possibility of such.

 

9.
Non-Competition; Non-Solicitation

 

(a) For the duration
of the Term, or as such may be extended, (the “Non-Compete Period”), the Advisor shall not, directly or indirectly,
engage or invest in, own, manage, operate, finance, control or participate in the ownership, management, operation, financing,
or control of, be employed by, associated with, or in any manner connected with, lend any credit to, or render services or advice
to, any business, firm, corporation, partnership, association, joint venture or other entity that engages or conducts any business
the same as or substantially similar to the business or any other business engaged in or proposed to be engaged in or conducted
by the Company and/or any of its affiliates during the Non-Compete Period, or then included in the future strategic plan of the
Company and/or any of its affiliates, anywhere within the states in which the Company or any of its affiliates at that time is
operating; provided, however, that the Advisor may own less than 5% in the aggregate of the outstanding shares of
any class of securities of any enterprise (but without otherwise participating in the activities of such enterprise), other than
any such enterprise with which the Company competes or is currently engaged in a joint venture, if such securities are listed on
any national or regional securities exchange or have been registered under Section 12(b) or (g) of the Exchange Act.  Notwithstanding
the foregoing, if the Advisor shall present to the board any opportunity within the scope of the prohibited activities described
above, and the Company shall not elect to pursue such opportunity within a reasonable time, then the Advisor shall be permitted
to pursue such opportunity.

 

    

     

    

 

        (b)     During
the Non-Compete Period and for a period of twelve (12) months following termination of this Agreement, the Advisor shall not:

 

        (i)
persuade, solicit or hire, or attempt to recruit, persuade, solicit or hire, any employee, or independent contractor of, or consultant
to, the Company, or its affiliates, to leave the employment (or independent contractor relationship) thereof, whether or not any
such employee or independent contractor is party to an employment agreement; or 

        (ii)
attempt in any manner to solicit or accept from any customer or client of the Company or any of its affiliates, with whom the
Company or any of its affiliates had significant contact during the term of the Agreement, business of the kind or competitive
with the business done by the Company or any of its affiliates with such customer or to persuade or attempt to persuade any such
customer to cease to do business or to reduce the amount of business which such customer has customarily done or is reasonably
expected to do with the Company or any of its affiliates or if any such customer elects to move its business to a person other
than the Company or any of its affiliates, provide any services (of the kind or competitive with the business of the Company or
any of its affiliates) for such customer, or have any discussions regarding any such service with such customer, on behalf of
such other person. 

        The
Advisor recognizes and agrees that because a violation by the Advisor of his obligations under this Section 9 will cause irreparable
harm to the Company that would be difficult to quantify and for which money damages would be inadequate, the Company shall have
the right to injunctive relief to prevent or restrain any such violation, without the necessity of posting a bond. The Non-compete
Period will be extended by the duration of any violation by the Advisor of any of his obligations under this Section
9. 

The Advisor expressly
agrees that the character, duration and scope of the covenant not to compete are reasonable in light of the circumstances as they
exist at the date upon which this Agreement has been executed.  However, should a determination nonetheless be made
by a court of competent jurisdiction at a later date that the character, duration or geographical scope of the covenant not to
compete is unreasonable in light of the circumstances as they then exist, then it is the intention of the Advisor, on the one
hand, and the Company, on the other, that the covenant not to compete shall be construed by the court in such a manner as to impose
only those restrictions on the conduct of the Advisor which are reasonable in light of the circumstances as they then exist and
necessary to assure the Company of the intended benefit of the covenant not to compete. 

10. Indemnification.
To the fullest extent permitted by law, the Company shall indemnify and hold harmless Advisor from and against any and all losses,
claims (whether or not litigated), actions, damages and liabilities, joint or several, and expenses (including amounts paid in
satisfaction of judgments, in compromises and settlements, as fines and penalties and reasonable attorneys’ fees and other
legal or other costs and expenses of investigating or defending against any claim or alleged claim but excluding any liabilities
for taxes of Advisor, known or unknown, liquidated or unliquidated, to which Advisor may become subject under any applicable statute,
law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment or decree, made by any third party or
otherwise, relating to or arising out of the Services or other matters referred to in or contemplated by this Agreement or the
engagement of Advisor pursuant to, and the performance by Advisor, of the Services or other matters referred to or contemplated
by this Agreement, and the Company will reimburse Advisor for all costs and expenses (including, without limitation, reasonable
attorneys’ fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense of
any pending or threatening claim, or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party
thereto. The termination of any proceeding by settlement, judgment, order or upon a plea of nolo contendre or its equivalent shall
not, of itself, create a presumption that an Indemnified Party was engaged in willful misconduct or bad faith.

 

    

     

    

 

The Company will
not be liable under the foregoing indemnification provision to the extent that any loss, claim, damage, liability, cost or expense
is determined by a court, in a final judgment from which no further appeal may be taken, to have resulted solely from the gross
negligence or willful misconduct of Advisor.

 

The reimbursement
and indemnity obligations of the Company, under this Section 10 shall be in addition to any liability which the Company
may otherwise have and shall be binding upon any successors, assigns, heirs and personal representatives of the Company. The provisions
of this Section 10 shall survive the termination of this Agreement.

 

11.
Termination. Notwithstanding any termination of this Agreement, the Stock Options shall remain in full force and effect
unless it is determined by a court, in a final judgment from which no further appeal may be taken, that such termination resulted
solely from the gross negligence or willful misconduct of the Advisor. This Agreement may be terminated by the Parties as set forth
in this Section 11 as follows:

 

	 	(a)	At any time during the Term, the Company and Advisor will be entitled to terminate this Agreement by mutual agreement.  Upon any termination by mutual agreement, the Company shall have no obligation to make future cash payments to Advisor hereunder for periods subsequent to the Termination Date.
	 	 	 
	 	(b)	This Agreement shall terminate automatically if either Party files a petition for bankruptcy, reorganization or arrangement, makes an assignment for the benefit of creditors or otherwise becomes insolvent.

 

12.
Accuracy of Information. The Company and its subsidiaries shall furnish or cause to be furnished to Advisor such information
as Advisor believes reasonably appropriate to its Services hereunder. The Company and its subsidiaries recognize and confirm that
Advisor (a) will use and rely primarily on the information provided by the Company and on information available from generally
recognized public sources (all such information so furnished to Advisor, the “Information”) in performing the
Services contemplated by this Agreement without having independently verified the same; (b) does not assume responsibility for
the accuracy or completeness of the Information; and (c) is entitled to rely upon the Information without independent verification.

 

13.
Representations and Warranties. Each of the Parties represents and warrants to the other that:

 

	 	(a)	Such Party has all requisite power and authority to enter into this Agreement and to perform its obligations provided for in this Agreement.

 

	 	(b)	This Agreement has been duly authorized, executed and delivered by such Party and constitutes a valid and binding obligation enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

    

     

    

 

14. Work Product.
Advisor shall promptly and fully disclose to Company in writing all Work Product (as defined below), and the entire right,
title and interest to all such Work Product (including, without limitation the entire right, title and interest to any renewals,
reissues, extensions, substitutions, continuations, continuations in part, or divisions that may be filed with respect to the
Work Product) shall be Company’s exclusive property and all Work Product developed by Advisor are hereby assigned to Company.
Advisor will, at Company’s expense, give Company all assistance reasonably required to perfect, protect, and use the Work
Product. The obligations of Advisor pursuant to this Section 14 shall survive for the one (1) year period immediately following
the expiration or sooner termination of this Agreement. As used herein, “Work Product” means any work product,
improvement, discovery, design, work or idea (whether patentable or not and including those which may be subject to copyright
protection, trademark protection or other intellectual property rights protection) generated, conceived, created or reduced to
practice by the Advisor alone or in conjunction with others, during or after working hours, that relates directly or indirectly
to the Company’s or its subsidiaries’ businesses or to the Company’s actual research or development. 

 

15. Confidentiality.

 

(a)                 Restrictions on the Advisor. The Advisor recognizes that its relationship with Company will give it access to non-public
proprietary information, confidential information and trade secrets. Such information shall be deemed to be Confidential Information
until it is disclosed to the public by Company either via public filing or via press release. The Advisor will not use or disclose
such Confidential Information for itself or for others except (1) persons specifically designated by the Company and (2) persons
deemed in the Advisor’s sole judgment to be persons to whom it is appropriate to send the Confidential Information for the
purpose of developing a corporate opportunity. Company expressly delegates to Advisor the authority to determine, in the sole judgment
of Advisor, when such disclosure is appropriate and, in the event that Advisor so determines a disclosure to be appropriate or
helpful, to make such disclosure. “Confidential Information” shall include but not be limited to, any information
concerning the Company’s processes, products, services, inventions, purchasing, accounting, marketing, selling methods and
techniques, computer programs, purchasing information, ideas and plans for development, historical financial data and forecasts,
long range plans and strategies, customer lists, and any other information related to the Company’s customers, and any such
other information concerning the business of the Company or its manner of operation that is not generally known in the industry.
Confidential Information shall not include any information that: (a) is or subsequently becomes publicly available without the
Advisor’s breach of this Agreement; (b) was in the Advisor’s possession at the time of disclosure and was not acquired
from the Company; (c) is received from third parties, and is rightfully in the possession of such third parties and not subject
to a confidentiality obligation of third parties; (d) is required by law to be disclosed (with prior notice to the Company); or
(e) is intentionally disclosed without restriction by the Company to a third party.

 

    

     

    

 

(b)              
Restrictions on Company. The Company agrees that any advice or communication, written or oral, provided by the Advisor
pursuant to this Agreement will be treated by the Company as confidential, will be solely for the information and assistance of
the Company in connection with the provision of the Services by the Advisor and will not be used, circulated, quoted or otherwise
referred to for any other purpose, nor will it be filed with, included in or referred to, in whole or in part, in any registration
statement, proxy statement or any other communication, whether written or oral, prepared, issued or transmitted by the Company
or any affiliate, director, officer, employee, agent or representative of any thereof, without, in each instance, the Advisor’s
prior written consent. The Company further agrees that it will not disclose the identity of the Advisor with respect to any proposed
transaction without the prior written consent of the Advisor, other than as may be required by applicable law or regulations,
including any requirements imposed under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange
Act; provided, that in the event such disclosure is required under applicable law or regulation, the Company shall notify the
Advisor and provide the Advisor with an opportunity to review and provide comments with respect to such proposed disclosure not
less than two (2) business days prior to making such disclosure; provided, further, that if the Advisor fails to respond to the
Company within two (2) business days of receipt of such proposed disclosure, the Advisor shall be deemed to have consented to
such proposed disclosure and waived its right to review and provided comments with respect to such disclosure. 

 

(c)               Third Party Information. The Company recognizes that the Advisor has received, and in the future may receive, from third
parties their confidential or proprietary information subject to a duty on the Advisor’s part to maintain the confidentiality
of such information and to use it only for certain limited purposes. The Advisor agrees at all times during the Term of this Agreement,
not to commingle the Confidential Information with other third parties’ confidential or proprietary information. 

 

(d)              
Surrender of Material upon Termination of Agreement. Upon expiration or sooner termination of this Agreement, Company shall
have the right to demand, in writing, that the Advisor return to the Company or destroy all Work Product including, but not limited
to, books, records, notes, data and information relating to the Company or its business, and will so certify in writing that it
has done so. 

 

    

     

    

 

(e)               Advisor acknowledges that the Company has a class of securities registered under Section 12 of the Exchange Act, or is required
to file reports under Section 15(d) of the Exchange Act, and is therefore subject to the restrictions imposed by Regulation FD
thereunder. Advisor agrees that (a) it will not use the Confidential Information for the purpose of trading in the Company’s
Common Stock or any other securities, and will take all steps necessary to prevent use by its Related Parties of the Confidential
Information for such purpose, and (b) it will not disclose such Confidential Information to any other party for the purpose of
trading in the Company’s Common Stock.

 

16.
General Provisions.

 

	 	(a)	Entire Agreement; Amendment. This Agreement contains the entire agreement of the Parties hereto relating to the subject matter hereof, and there exists no further agreement between the Parties with respect to any aspect of the subject matter hereof. No amendment, waiver or modification of this Agreement shall be valid or binding unless made in writing and duly executed by each of the Parties hereto.
	 	 	 
	 	(b)	Notices. All notices which may be or are required to be given pursuant to this Agreement shall be:

 

	 	(i)	either delivered in person, sent via facsimile or e-mail or sent via postage prepaid, certified or registered mail, return receipt requested, and

 

	 	(ii)	addressed to the Party to whom sent or given at the address set forth on the signature page hereof or to such other address as any Party hereto may have given to the Party hereto in such manner.

 

	 	 	If delivered, such notice
shall be deemed given when received; if mailed, such notice shall be deemed made or given five (5) days after such notice has
been mailed, as provided above.

 

	 	(c)	Miscellaneous.

 

	 	(i)	This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to that body of laws pertaining to conflict of laws.  Each Party hereby irrevocably submits to the nonexclusive jurisdiction of the state and federal courts sitting in the city of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that is not personally subject to the jurisdiction of any such court and that such suit, action or proceeding is improper. Each Party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail, or overnight delivery (with evidence of delivery) to such Party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any rights to serve process in any manner permitted by law.  Each of the Company and the Holder hereby waives all rights to a trial by jury.

 

    

     

    

 

 

	 	(ii)	This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns.

 

	 	(iii)	No delay or failure (even if continuous or repeated) by any Party in exercising any of their rights, remedies, powers, or privileges hereunder, at law or in equity, and no course of dealing among the Parties or any other person shall be deemed to create any additional rights or duties or to be a waiver by any Party of any rights, remedies, powers, or privileges, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise thereof by any Party.

 

	 	(iv)	If any term or provision of this Agreement or any portion of a term or provision hereof or the application thereof to any individual or entity or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision or portion thereof to individuals or entities or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement and each portion thereof shall be valid and enforced to the fullest extent permitted by law.

 

	 	(v)	The headings in this Agreement are for convenience only and shall not affect its construction.

 

	 	(vi)	This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement.

 

	 	(vii)	This Agreement may be executed and delivered by electronic means including but not limited to scanning as a “.pdf” or telefacsimile with the same force and effect as if it were a manually executed and delivered counterpart.

 

	 	(viii)	Each Party upon the request of the other Party agrees to perform such further acts and execute and deliver such further documents as may be reasonably necessary to carry out the terms and intent of this Agreement.

 

    

     

    

 

[The remainder of this page is left blank
intentionally. Signature page follows.]

 

 

    

     

    

 

IN WITNESS WHEREOF,
the duly authorized representatives of the Parties hereto have executed this Agreement as of the day and year first above written.

 

	 	COMPANY:
	 	 	 
	 	LifeApps Brands, Inc.
	 	 	 
	 	/s/ Lawrence Roan
	 	By:	Lawrence Roan
	 	Title:	Director
	 	 	 
	 	/s/ Robert A. Blair
	 	By:	Robert A. Blair
	 	Title	Chief Executive Officer
	 	 	 
	 	ADVISOR:
	 	 	 
	 	/s/ Robert Gayman
	 	Robert Gayman

 

    

     

    

 

Schedule 1

 

Description of Services

 

		●	Assist with the Company’s SEC filings.

		●	Analyze the Company’s business, capital structure and financial
and marketing position.

		●	Provide advice with regard to capital structure and present strategies
to affect such changes.

		●	Provide advice with regard to potential sources of capital.

		●	Advise the company on appropriate corporate development strategies.

		●	Provide advice and negotiation assistance with relevant parties to
any proposed transaction, other than transactions related to the offering and/or sale of securities for the account of the Company.

		●	Provide advice with respect to private and/or public debt or equity
offerings.

		●	Advise the Company with respect to the Company’s management
and operations.

		●	Provide such other advice directly related to or ancillary to the
above advisory services as may be reasonably requested by the Company and agreed upon by the Advisor.

 

    

     

    

 

Schedule 2 

Representations and Warranties Relating
to 

the Stock Options and Underlying Common Stock

 

(a)       The
Advisor is acquiring the Stock Options, and upon exercise of the Stock Options, the common stock, for investment for its own account
and not with the view to, or for resale in connection with, any distribution thereof. The Advisor understands and acknowledges
that the Stock Options and underlying common stock have not been registered under the Securities Act, or any state or foreign securities
laws, by reason of a specific exemption from the registration provisions of the Securities Act and applicable state and foreign
securities laws, which depends upon, among other things, the bona fide nature of the investment intent as expressed herein. The
Advisor further represents that it does not have any contract, undertaking, agreement or arrangement with any person or entity
to sell, transfer or grant participation to any third person with respect to any of the Stock Options and underlying common stock.

 

(b)       The
Advisor understands that an active public market for the Company’s common stock does not now exist and that there may never
be an active public market such common stock.

 

(c)       The
Advisor is an “accredited investor” as defined in Rule 501 of Regulation D as promulgated by the Securities and Exchange
Commission (the “SEC”) under the Securities Act and shall submit to the Company such further assurances of such status
as may be reasonably requested by the Company.

 

(d)       The
Advisor or its duly authorized representative realizes that because of the inherently speculative nature of business activities
of the kind contemplated by the Company, the Company’s financial position and results of operations may be expected to fluctuate
from period to period and will, generally, involve a high degree of financial and market risk that can result in substantial or,
at times, even total loss of the value of the Stock Options and underlying common stock.Exhibit

    

FIRST COMMONWEALTH FINANCIAL CORPORATION
NON-QUALIFIED DEFERRED COMPENSATION PLAN

As Amended and Restated

Effective as of December 18, 2017

    

THIS PLAN, is amended and restated as of the 18th day of December, 2017.

WITNESSETH

RECITALS

The First Commonwealth Financial Corporation Supplemental Executive Retirement Plan (the “Plan”) was originally adopted as of January 1, 1998, by First Commonwealth Financial Corporation, a bank holding company organized and existing under the laws of the Commonwealth of Pennsylvania (the “Employer”) for certain Executive Employees (as defined herein) of the Employer.  Effective January 1, 2012, the name of the Plan was changed to the First Commonwealth Financial Corporation Nonqualified Deferred Compensation Plan.  The Plan is a nonqualified deferred compensation plan subject, since January 1, 2005, to the requirements of Section 409A of the Internal Revenue Code (“Code”). 

WHEREAS, pursuant to the authority reserved in Section 11.1 of the Plan, the Plan has been amended from time to time to incorporate changes that have been deemed appropriate; and

WHEREAS, the Plan was most recently amended and restated effective as of January 1, 2012; and 

WHEREAS, the Plan was amended, effective as of October 22, 2012 and again effective as of October 16, 2014, in certain respects and there are certain other changes that have been approved to be made to the Plan effective as of December 18, 2017, or as otherwise set forth herein, which have resulted in the decision to amend and restate the Plan as of that date or as otherwise set forth herein; and

WHEREAS, the Plan as amended and restated in 2012 contained certain amounts that had been contributed prior to January 1, 2005 (and earnings thereon), which were “grand-fathered” and were not subject to Section 409A; and

WHEREAS, as of the date of this amendment and restatement, the grandfathered amounts have been distributed, in accordance with the prior terms of the Plan and the Plan participants deferral elections so that the grandfathered provisions have been eliminated in this restatement.

Accordingly, the Plan, as amended and restated, is hereby adopted.

    

TABLE OF CONTENTS

ARTICLE I - DEFINITIONS1
ARTICLE II - INTRODUCTION AND PURPOSE6
2.1      Introduction6
2.2      Purpose7
ARTICLE III - PARTICIPATION8
3.1      Participation8
3.2      Termination Of Employment8
3.3      Termination Of Active Participation While Employed8
ARTICLE IV - CONTRIBUTIONS AND ALLOCATIONS8
4.1      Elective Contributions8
4.2      Non-Elective Contributions10
4.3      Termination of Employment During Year10
ARTICLE V - VESTING10
5.1      Vesting in Elective Contributions10
5.2      Vesting in Non-Elective Contributions10
ARTICLE VI - INVESTMENTS AND VALUATIONS10
6.1      Investment of Participant’s Aggregate Account10
6.2      Adjustment for Investment Earnings11
6.3      Valuation of the Investment Funds11
6.4      Right to Change Procedures11
6.5      Statement of Accounts11
ARTICLE VII - DETERMINATION AND DISTRIBUTION OF BENEFITS12
7.1      Distribution Events12
7.2      Distribution Forms for Executive Employees who were Plan Participants before
January 1, 2012    13
7.2A    Distribution Form for Executive Employees who become Plan Participants on
or after January 1, 2012 and prior to January 1, 2018    15
7.2B    Distribution Form for all Executive Employees for Elective Contributions and Non-
Elective Contributions, if any, Made on or after January 1, 2015 and Prior to 
January 1, 2018:    15
7.2C    Distribution Form for all Executive Employees Elective Contributions and Non-    
Elective Contributions, if any, made on or after January 1, 2018:    15
7.3      Distribution Timing16
7.4     Distribution Elections for Elective Contributions and Non-Elective Contributions (for
Plan Years for which Executive Employees are Permitted to Make Distrubution
Elections)      16
7.5      Post-December 31, 2007 Installment Payments Considered Separate Payments16
7.6      Making of Distribution17
7.7      Distribution on Termination of Employment Attributable to Aggregate Account
Attributable to Post-2004 Deferrals    17
ARTICLE VIII - BENEFICIARIES; PARTICIPANT DATA17
8.1      Beneficiary Designations17
8.2      Communications17
ARTICLE IX - ADMINISTRATION18
9.1      Powers and Responsibilities of Administrator18
9.2      Plan Sponsor18
9.3      Powers and Responsibilities of Committee18

    

9.4      Claims Procedure18
9.5      Section 409A Compliance19
ARTICLE X - TRUST FUND20
10.1    Establishment of Trust20
10.2    Right of Assignment and Transfer of Interest20
10.3    Unfunded Nature of Plan20
ARTICLE XI - AMENDMENT AND TERMINATION20
11.1    Amendment20
11.2    Termination of Plan20
ARTICLE XII - MISCELLANEOUS22
12.1    Limitation of Rights22
12.2    Headings22
12.3    Gender and Number22
12.4    Governing Law22

    

ARTICLE I - DEFINITIONS

As used in this Plan, the following words and phrases shall have the meaning forth below, unless a different meaning is clearly required by the context:

		
	1.1
	"Act" means the Employee Retirement Income Security Act of 1974 (P.L. 93‐406, 29 USC § 1001 et seq), as the same maybe amended from time to time.

		
	1.2
	“Active Participant” means a Participant who is an Executive Employee who has elected to participate in the Plan by completing a Salary Deferral Agreement, or commencing with the 2018 Plan Year, a Deferral Agreement.

		
	1.3
	“Administrator” means the Employer.

		
	1.4
	"Aggregate Account" means, with respect to each Participant, the value of all accounts maintained on behalf of that Participant.

		
	1.5
	"Anniversary Date" means December 31 of each Plan Year.

		
	1.6
	“Base Compensation” shall mean that portion of a Participant’s Compensation derived from his or her base salary.

		
	1.7
	"Beneficiary" means the person to whom, or the entity to which, a share of a deceased Participant's interest in the Plan is payable.

		
	1.8
	"Board of Directors" means the Board of Directors of the Employer.

		
	1.9
	“Change in Control” shall be defined and interpreted in accordance with Code Section 409A to mean the date any of the following occurs: (i) the acquisition, other than from the Employer, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the then outstanding shares of common stock of the Employer; (ii) a majority of the members who constitute the Board (the “Incumbent Board”) cease within a 12-month period to constitute at least a majority of the Board, provided that any individual becoming a director subsequent to the effective date of this Plan, whose election, or nomination for election by the Employer’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board will be considered as though such individual were a member of the Incumbent Board; or (iii) consummation of a reorganization, merger, consolidation, sale or other disposition of all or substantially all of the assets of the Employer (a “Business Combination”), in each case, with respect to which all or substantially all of the individuals and entities who were the beneficial owners of outstanding shares of the Employer’s common stock immediately prior to such Business Combination do not, following such Business Combination, beneficially own, directly or indirectly, more than fifty-percent (50%) of the then outstanding shares of common stock of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Employer or all or substantially all of the Employer’s assets either directly or through one or more subsidiaries).  With respect to a Participant who is an Executive Employee of a subsidiary or affiliate of the Employer, the term “Change in 

1

Control” shall also be interpreted to include the occurrence of an event set forth in sub-section (i) or (iii) hereof that occurs with respect to such subsidiary or affiliate.

Notwithstanding any other provision herein to the contrary, (i) the placement of the Employer into receivership or conservatorship by the Federal Deposit Insurance Corporation ("FDIC") or a state or federal banking regulatory agency with jurisdiction over any of the Employer, (ii) the acquisition of fifty-percent (50%) or more of any of the Employer’s assets or assumption of fifty-percent (50%) or more of the Employer’s deposit liabilities in an FDIC-assisted transaction, and (iii) a change in the Employer’s board of directors at the direction of a state or federal banking regulatory authority having jurisdiction over the Employer, will not constitute a Change in Control.  To the extent any provision of this definition violates the requirements of Code Section 409A, the requirements of Code Section 409A shall control. 

		
	1.10
	"Committee" means the Compensation and Human Resources Committee of the Board of Directors of the Employer, as the same shall from time to time be constituted.

		
	1.11
	“Compensation” on or after April 9, 2009 and prior to January 1, 2018, with respect to any Participant, means such Participant’s Base Compensation paid to him during the Plan Year excluding overtime pay, bonuses, commissions and incentive pay, income realized on or after January 1, 2012 from becoming vested in restricted stock awards, any non-qualified deferred compensation, income from exercise of stock options, separation pay, early retirement pay, any reimbursement or other expense allowances and other taxable fringe benefits.  On or after January 1, 2018, “Compensation” shall include Incentive Compensation paid under an applicable annual cash incentive plan as determined by the Employer from time to time.  

		
	1.12
	"Code" means the Internal Revenue Code of 1986 (26 USC), as amended from time to time.

		
	1.13
	 “Deferral Agreement” shall mean for Elective Contributions on or after January 1, 2018, an agreement or agreements on which an applicable Participant shall be entitled to defer Base Compensation and/or Incentive Compensation that is earned for the applicable Plan Year.

		
	1.14
	"Deferred Compensation" means, prior to January 1, 2018, that portion of a Participant's Base Compensation which he/she would have been entitled to receive in cash during a calendar year but for a Salary Reduction Agreement between such Participant and the Employer.  For Plan Years commencing on and after January 1, 2018, “Deferred Compensation” also includes that portion of a Participant’s Compensation that he/she would have earned for the calendar year under an applicable annual cash incentive plan (i.e., “Incentive Compensation”) that would have been paid to the Participant within the first two and one-half months after the end of such Plan Year but for a Deferral Agreement between such Participant and the Employer. 

		
	1.15
	“Distribution Event” means any event set forth in Section 7.1 hereof pursuant to which a Participant is entitled to a distribution of his/her Aggregate Account.

		
	1.16
	“Early Retirement Age” means age 55.

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	1.17
	"Effective Date" of this amendment and restatement means, unless otherwise set forth herein, December 18, 2017.  The original effective date of the Plan was January 1, 1998.

		
	1.18
	"Elective Contribution" means the Employer's contributions to this Plan that are made pursuant to the Participant's deferral election in accordance with Section 4.1 hereof.

		
	1.19
	"Employee" means any person employed by the Employer or of any subsidiaries or affiliates of which the Employer shall own a fifty percent (50%) or greater capital interest, but shall not include consultants, directors who are not also employed by the Employer and other persons not employed by the Employer.

		
	1.20
	"Employer" means First Commonwealth Financial Corporation, a bank holding company, and any successor or successors thereto.

		
	1.21
	"Executive Employee" means an Employee who is a member of the Employer's select group of management or highly compensated employees within the meaning of Section 201(2) of the Act (29 USC § 1051(2)).  For these purposes, commencing January 1, 2018, Employees who, in the immediately preceding Plan Year (i.e., the “look-back” year) were in the top seven percent (7%) of Employees as determined by Base Compensation, and who are reasonably expected to remain in such group during the current Plan Year, shall be considered a member of the “Employer’s select group of management or highly compensated employees.”

		
	1.22
	"Fiduciary" means any person who, or entity which, (a) exercises any discretionary authority or discretionary control respecting management of the Plan or exercises any authority or control respecting management or disposition of its assets, (b) renders investment advice for a fee or other compensation, direct or indirect, with respect to any moneys or other property of the Plan or has any authority or responsibility to do so, or (c) has any discretionary authority or discretionary responsibility in the administration of the Plan, including, but not limited to, the Trustee, the Employer and the Administrator.

		
	1.23
	"Former Participant" means a person who has once been a Participant hereunder but who is no longer an Employee and whose Vested Aggregate Account has not yet been fully distributed to him.

		
	1.24
	“Inactive Participant” means (i) an Employee with an Aggregate Account in the Plan who no longer qualifies as an Executive Employee for purposes of making Elective Contributions to the Plan, or (ii) an Executive Employee who has chosen not to participate for the Plan Year but who continues to have an Aggregate Account in the Plan.

		
	1.25
	“Incentive Compensation” means that portion of a Partcipant’s Compensation attributable to amounts earned under an annual cash incentive plan maintained by the Employer.

		
	1.26
	“Investment Funds” means the various investment funds established and maintained under the Trust which shall be identical, (to the extent possible), or similar to those maintained under the Basic 401(k) Plan.  To the extent a stable value fund is used as an investment option, the applicable rules under that fund for transferring out of such investment option shall apply to all monies invested therein.

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	1.27
	"Labor Regulations" means the regulations of the United States Department of Labor (29 CFR), and as amended periodically.

		
	1.28
	"Non-Elective Contribution" means a contribution made by the Employer on behalf of a Participant other than an Elective Contribution.  As of the Effective Date of this amendment and restatement, the Employer no longer contributes Non-Elective Contributions to this Plan.

		
	1.29
	“Normal Retirement Age” means age 62.

		
	1.30
	"Participant" means any Executive Employee who participates in this Plan (whether as an Active Participant or an Inactive Participant).  A Participant may be an Executive Employee of the Employer or of a subsidiary or affiliate of the Employer.

		
	1.31
	"Participant's Elective Account" means the account established and maintained by the Administrator for each Participant with respect to his interest in the Plan resulting from his Elective Contributions.

		
	1.32
	"Participant's Non‐Elective Account" means the account established and maintained by the Administrator for each Participant with respect to his interest in the Plan resulting from his Non‐Elective Contributions.

		
	1.33
	"Plan" means the First Commonwealth Financial Corporation Non-Qualified Deferred Compensation Plan as contained herein or as subsequently amended and/or restated.

		
	1.34
	"Plan Compensation" for all Participants as of January 1, 2013 and for all Executive Employees who become Participants on or after January 1, 2013, means a Participant’s Compensation for calendar years of at least $110,000.  Notwithstanding the foregoing, Plan Compensation shall have no meaning after December 31, 2017.  

		
	1.35
	"Plan Year" shall be the calendar year.

		
	1.36
	 “Retirement Plan Committee” means the Committee comprised of members of senior management in the Company’s Human Resources and Finance Departments, as selected from time to time by the Chief Executive Officer of the Company.

		
	1.37
	"Salary Reduction Agreement" means, with respect to Elective Contributions prior to January 1, 2018, an agreement between a Participant and the Employer, or, if applicable, with the subsidiary or affiliate employing the Participant, pursuant to which such Participant's Base Compensation shall be reduced and he shall be entitled to Deferred Compensation pursuant to Section 4.1 hereof.  

		
	1.38
	“Separation from Service” means, to the extent that an amount under the Plan is subject to Section 409A of the Code, a Participant’s termination of employment with the Employer, other than by reason of death or Disability that qualifies as a “separation from service” for purposes of Section 409A of the Code. A Separation from Service will be deemed to occur where the Participant and the Employer reasonably anticipate that the bona fide level of services the Participant will perform (whether as an employee or as an independent 

4

contractor) will be permanently reduced to a level that is less than twenty percent (20%) of the average level of bona fide services the Participant performed during the immediately preceding 36 months (or the entire period the Participant has provided services if the Participant has been providing services for less than 36 months.) A Participant shall not be considered to have had a Separation from Service as a result of a transfer from an affiliate or subsidiary of the Employer to another affiliate or subsidiary of the Employer.

		
	1.39
	“Specified Date” means a specific calendar date selected by a Participant in a Specified Date distribution election.

		
	1.40
	“Specified Employee” means a Participant who is a key employee as described in Code Section 416(i)(I)(A) without regard to paragraph 5 thereof). A Participant will not be considered a Specified Employee unless any stock of the Employer is publicly traded on an established securities market or otherwise and the Participant is a Specified Employee on the date of his/her termination of employment. If a Participant is a Specified Employee at any time during the 12 months ending on the Specified Employee identification date, the Participant is a Specified Employee for the twelve month period commencing on the Specified Employee effective date. The Specified Employee identification date is December 31. The Specified Employee effective date is the April 1st following the Specified Employee identification date. The Committee will determine whether the Employer has publicly traded stock as of the date of the Participant’s termination of employment. 

		
	1.41
	“Total Disability” means (a) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (b) the Participant is determined to be totally disabled by the Social Security Administration, or (c) the Participant is determined to be disable in accordance with the long term disability program sponsored by the Employer.  Evidence of Total Disability under sub-section (a) hereof will be conclusively determined to exist if such determination is made by the Social Security Administration or under the Employer’s long term disability program.  

		
	1.42
	"Treasury Regulation" means the income tax regulations as promulgated by the Secretary of the Treasury or his delegate (26 CFR), and as amended periodically.

		
	1.43
	"Trust Agreement" means that certain Agreement and Declaration of Trust made and entered into as of a given date with the Plan by and between the Employer, as settlor, and the Trustee used for funding the benefits accrued hereunder, and any amendments, substitutions or recodifications thereto.

		
	1.44
	"Trust Fund" means the assets held in trust by the Trustee from time to time pursuant to the Trust Agreement.

		
	1.45
	"Trustee" means Fidelity Management Trust Company and any successor or successors thereto.

		
	1.46
	“Unforeseeable Emergency” means a severe financial hardship resulting from an illness or accident of the Participant or the Participant is dependent (as defined in Section 152 of the Internal Revenue Code), loss of the Participant or the Participant’s beneficiaries 

5

property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance); or other similar extraordinary or unforeseeable circumstances arising as a result of events beyond the Participant’s control.  For example, the imminent foreclosure of or eviction from the Participant or the Participant’s beneficiaries primary residence may constitute an Unforeseeable Emergency.  In addition, the need to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication, may constitute an Unforeseeable Emergency.  Finally, the need to pay for the funeral expense of a spouse, or a dependent (as defined in Section 152 of the Internal Revenue Code) may also constitute an Unforeseeable Emergency.  Whether the Participant or the Participant’s beneficiary is faced with any Unforeseeable Emergency permitting a distribution is to be determined based on the relevant facts and circumstances of each case, but, in any case, a distribution on account of Unforeseeable Emergency may not be made to the extent that such emergency is or may be relieved through reimbursement of compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of deferrals under the Plan.

Distributions because of an Unforeseeable Emergency must be limited to the amount reasonable necessary to satisfy the emergency need (which may include amounts necessary to pay any Federal, State, Local, or foreign income taxes or penalties reasonably anticipated to result from the distribution).

Determination of amounts reasonably necessary to satisfy the emergency need must take into account any additional compensation that is available because the Plan provides for cancellation of a Base Compensation deferral election upon a payment due to an Unforeseeable Emergency.

		
	1.47
	“Valuation Date” means each day during the year in which the New York Stock Exchange is open for trading.

		
	1.48
	“Vested" means the non-forfeitable portion of any account maintained on behalf of a Participant.  As of the Effective Date of this amendment and restatement, all amounts under the Plan are Vested.  Accordingly, as of the Effective Date, Vested Aggregate Account and Aggregate Account are used interchangeably.

		
	1.49
	“Year of Service” means any calendar year of employment with the Employer in which an Executive Employee completes at least 1,000 Hours of Service.

ARTICLE II - INTRODUCTION AND PURPOSE

2.1    Introduction

This Plan was originally adopted as of January 1, 1998, and was amended and restated initially as of January 1, 2003. The Plan was amended and restated as of January 1, 2008 to comply with applicable provisions of Internal Revenue Code 409A, and was amended and restated again as of January 1, 2012, to incorporate changes made as of April 9, 2009 and January 1, 2010, as well as certain other changes that were initially effective as of January 1, 2012.  This Plan is being amended and restated again, effective December 31, 2017, to (i) incorporate certain 

6

changes made since the last restatement, (ii) to eliminate the provisions relating to amounts contributed prior to January 1, 2005 (the “grandfathered” amounts), which have been distributed prior to this restatement; (iii) to further clarify and refine certain terms required by Internal Revenue Code Section 409A, (iv) to correct the Change in Control definition to bring it into compliance with Internal Revenue Code Section 409A, (v) to add the ability to make installment distribution elections again for deferrals made on or after January 1, 2018, (vi) to allow participants to defer all or a portion of their earned annual cash incentive plan awards to this Plan and (vii) for certain other purposes.  

The Plan continues to constitute "a plan which is unfunded and maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees" within the meaning of Section 201(2) of the Act (29 USC § 1051(2)) and the Labor Regulations applicable thereto. Accordingly, it shall be exempt from Parts 2 and 3 of Title I of the Act and shall be subject to simplified reporting and disclosure under Part 1 of Title I of the Act as provided by the applicable Labor Regulations.

2.2    Purpose

Prior to January 1, 2013, the purpose of this Plan was to restore some of the equity to Participants as compared with other Employees that would otherwise be lost under certain provisions of the Employer’s tax-qualified plans, such as:

a.    The maximum compensation restrictions contained at Section 401(a)(17) of the Code.

b.    The Actual Deferral Percentage restrictions contained at Section 401(k)(3)(ii) of the Code.

c.    The Actual Contribution Percentage restrictions contained at Section 401(m)(2)(A) of the Code.

d.    The maximum contribution and forfeiture restrictions contained at Section 415 of the Code.
    
e.    The maximum salary reduction deferral restrictions contained at Section 402(g) of the Code.

Commencing January 1, 2013, Participants could defer on Base Compensation without regard to tax-qualified plan limits above.

For Plan Years commencing on or after January 1, 2018, this Plan is intended to permit eligible Participants to defer a portion of their Base Compensation and, to the extent applicable, Incentive Compensation earned under such annual cash incentive plan or plans as the Employer determines.

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ARTICLE III - PARTICIPATION

3.1    Participation

Prior to January 1, 2018, an Executive Employee will be eligible for participation in the Plan if his/her total annual or annualized applicable Plan Compensation for a calendar year is at least the amount specified in Section 1.34.  For Plan Years commencing on or after January 1, 2018, all Executive Employees shall be eligible for participation in the Plan in Plan Years for which they satisfy the definition of Executive Employee.

3.2    Termination Of Employment

A Participant who ceases being an Employee shall cease being a Participant hereunder and shall thereupon become a Former Participant. On or after January 1, 2018, if such a Former Participant shall thereafter again become an Executive Employee, he or she shall again be eligible to become a Participant as of the first day of the first Plan Year after again becoming an Executive Employee. 

3.3    Termination Of Active Participation While Employed

A Participant who ceases being an Executive Employee shall cease being an Active Participant at the end of the then Plan Year and shall thereafter be considered an Inactive Participant. If such an Inactive Participant shall thereafter again become an Executive Employee, he/she shall automatically be eligible to become an Active Participant in the Plan as if the first day of the first Plan Year after becoming an Executive Employee.  Notwithstanding anything herein to the contrary, if an Executive Employee no longer qualifies as an Executive Employee during the course of a Plan Year for which the Employee has elected to make deferrals (but remains the Employee of the Employer or an affiliate or subsidiary), the Employee shall continue to be required to make Elective Contributions for the remainder of such Plan Year.

ARTICLE IV - CONTRIBUTIONS AND ALLOCATIONS

4.1    Elective Contributions

(a)    Base Compensation Deferrals.  Any Participant who is a Participant on the first day of a Plan Year may enter into a Salary Reduction Agreement (or for Plan Years after the Effective Date, a Deferral Agreement) with the Employer, or if applicable, with the subsidiary or affiliate employing the Participant, but in any event is not required to enter into such an agreement, pursuant to which the Participant's Base Compensation shall be reduced by the percentage that such Participant elects, not less than one percent (1 %) nor more than twenty-five percent (25%), in whole integer percentages, such amount, along with a Participant’s Incentive Compensation deferrals under Section 4.1(b) below, to constitute the Participant's Deferred Compensation. For the purpose of assisting the Employer and the Administrator in recording the amount of Deferred Compensation, and for providing additional assurance to the Participant of his/her rights thereto under certain circumstances, all as provided herein and in the Trust Agreement, the Employer shall make an Elective Contribution on behalf of each such Participant, equal to the Participant's elected Deferred Compensation for the Plan Year, in the manner provided by the next sentence hereto. The amount of such Elective Contribution attributable to Base Compensation deferrals, as calculated at the beginning of each Plan Year, shall be conveyed and transferred to the Trustee 

8

in as level an amount as possible over the number of paychecks in that Plan Year to be held in trust for the benefit of the Participant, but subject in any event to the interest of the creditors of the Employer under certain circumstances, as provided in the Trust Agreement.

Any such election shall be made prior to the first day of the applicable Plan Year and shall thereafter be irrevocable with respect to that Plan Year (except in the case of an Unforseeable Emergency), but may be modified or revoked as it pertains to any future Plan Year. The Employer, or if applicable, the subsidiary or affiliate employing the Participant, shall thereupon cause the Participant's Compensation to be reduced in an amount equal to his/her Deferred Compensation for the Plan Year pursuant to such election, in as level an amount as possible over the number of paychecks in that Plan Year.

Notwithstanding anything to the contrary above, if an Executive Employee becomes initially eligible to participate during a Plan Year, he/she may elect to enter into a Salary Reduction Agreement/Deferral Agreement with the Employer for that initial Plan Year by reducing Compensation by any whole percentage necessary, if applicable, to achieve a deferral equal to up to twenty-five percent (25%) of Base Compensation for such Plan Year, provided such Salary Reduction Agreement is effective no sooner than thirty (30) days after it is completed and returned to the Employer and shall not be effective to defer any Base Compensation earned prior to the effective date of such Salary Reduction Agreement.  Such election shall constitute the Participant’s Deferred Compensation for the initial Plan Year and shall thereafter be irrevocable with respect to that Plan Year. 

(b)    Incentive Compensation Deferrals.  On or after the Plan Year commencing January 1, 2018, any Participant who is a Participant in an annual cash incentive plan from which the Employer permits Elective Contributions may enter into a Deferral Agreement prior to the first day of the Plan Year with the Employer, or if applicable, with the subsidiary or affiliate employing the Participant, under which the Participant's Incentive Compensation earned for such Plan Year may be reduced by the percentage that such Participant elects, but not less than ten percent (10%) nor more than one hundred percent (100%), in whole integer percentages, such amount, along with a Participant’s Base Compensation deferrals under Section 4.1(a), to constitute the Participant's Deferred Compensation. The Employer shall make an Elective Contribution on behalf of each such Participant, equal to the Participant's elected Deferred Compensation hereunder for the Plan Year, in the manner provided by the next sentence hereto. The amount of such Elective Contribution attributable to Incentive Compensation deferrals, as calculated at the time that the amount of the Incentive Compensation would be determined to have been earned, shall be conveyed and transferred to the Trustee on or no later than three (3) business days after the Incentive Compensation that is not deferred is transferred to participants in such annual cash incentive plan, but subject in any event to the interest of the creditors of the Employer under certain circumstances, as provided in the Trust Agreement.

Any election to defer shall be made prior to the first day of the applicable Plan Year and shall thereafter be irrevocable with respect to that Plan Year (except in the case of an Unforeseeable Emergency), but may be modified or revoked as it pertains to any future Plan Year. 

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4.2    Non-Elective Contributions

There shall be no Non-Elective Contributions made to the Plan by the Employer on or after April 9, 2009, (or the pay period ending after, but which includes, April 9, 2009). 

4.3    Termination of Employment During Year

If a Participant shall terminate his employment during a Plan Year, all contributions, Elective and Non-Elective, shall cease after the last paycheck received by the Participant as a result of such termination of employment, except to the extent set forth herein.  If a Participant earns Incentive Compensation for the year in which his or her employment terminates and the Participant elected to defer a portion of his or her Incentive Compensation for such Plan Year, then the applicable percentage of such Incentive Compensation shall be deferred to the Plan on the date that it otherwise have been deferred.

ARTICLE V - VESTING

		
	5.1
	Vesting in Elective Contributions

A Participant is always 100% vested in the Participant’s Elective Contributions and earnings thereon.

		
	5.2
	Vesting in Non-Elective Contributions

On or before April 9, 2009, the Employer made Non-Elective Contributions to the Plan that were subject to a vesting schedule, based on a Participant’s Years of Service.  Commencing April 9, 2009, the Employer eliminated Non-Elective Contributions to the Plan.  All Non-Elective Contributions previously made to the Plan are fully vested. 

ARTICLE VI - INVESTMENTS AND VALUATIONS

		
	6.1
	Investment of Participant’s Aggregate Account

a.    All contributions and earnings therein which are held in a Participant’s Elective Account or Non-Elective Account (which, in the aggregate, shall constitute a Participant’s Aggregate Account) shall be invested in the Investment Funds maintained under the Trust.  The Participant shall have the right to select the investment for his or her Aggregate Account, however, the Trustee reserves the right, in its sole discretion, to override the Participant’s investment election and invest the Participant’s Aggregate Account as it deems best.

b.    Effective October 16, 2014, or as soon thereafter as reasonably practicable, the Employer’s publicly traded common stock (“Employer Stock”) shall be added as an investment option under the Plan and an investment in such Employer Stock shall be deemed to be an investment in a separate Investment Fund.  In connection with the inclusion of this new Investment Fund, the Retirement Plan Committee shall establish procedures to ensure that no Participant who is deemed an “insider” under the laws and regulations of the Securities Exchange Commission shall transact in such Employer Stock during any black-out period established by the Employer.  The Retirement Plan Committee shall also 

10

establish rules and procedures to determine whether to permit Participants to vote any Employer Stock allocated to such Participant’s account.

		
	6.2
	Adjustment for Investment Earnings

The amounts credited to a Participant’s Aggregate Account shall be credited or debited with a proportionate share of any gains or losses resulting from the Investment Funds from time to time in accordance with uniform procedures established by the Retirement Plan Committee to reflect the values of an investment equal to the proportionate share of the Participant’s Aggregate Account balance in an Investment Fund.  The Investment Funds available may be added or eliminated from time to time by the Retirement Plan Committee, with the approval of the Trustee; provided however, that the Retirement Plan Committee may not retroactively eliminate any Investment Fund.

Notwithstanding anything to the contrary above, if a Participant does not make an investment election, the Retirement Plan Committee will invest all of the Participant’s Aggregate Account in a default investment fund, which shall be selected by the Retirement Plan Committee.  The initial default investment fund, and any change in the default investment fund shall be communicated to Participants from time to time by the Retirement Plan Committee by any reasonable method (i.e., inclusion of the name of the default investment fund on the website from which participants select their investment options shall be deemed a reasonable method).

		
	6.3
	Valuation of the Investment Funds

The Investment Funds shall be valued daily.  On each calendar quarter Valuation Date as provided in Section 6.5, there shall be allocated to the Aggregate Account of each Participant his proportionate share of the increase or decrease in the fair market value of his Aggregate Account in each of the Investment Funds.  In addition, whenever an event requires a determination of the value of the Participant’s Aggregate Account, the value shall be computed as of the Valuation Date on the date of determination, subject to the provisions of Section 6.2. 

		
	6.4
	Right to Change Procedures

The Trustee reserves the right to change from time to time the procedures used in valuing the Participant’s Aggregate Account or crediting (or debiting) these Accounts if it determines, after due deliberation and upon the advice of counsel and/or the current recordkeeper, that such an action is justified in that it results in a more accurate reflection of the fair market value of assets.  In the event of a conflict between the provisions of this Article and such new administrative procedures, those new administrative procedures shall prevail.

		
	6.5
	Statement of Accounts

As of the end of each calendar quarter Valuation Date (March 31, June 30, September 30, and December 31) each Participant shall be furnished with a statement setting forth the value of his Aggregate Account and the Vested portion of his Aggregate Account.

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ARTICLE VII - DETERMINATION AND DISTRIBUTION OF BENEFITS

7.1    Distribution Events

The events which will cause a distribution to be made from the Plan include the following:

a.    Termination of Employment.  A distribution will be triggered upon a Participant’s termination of employment for any reason for that portion of the Vested Aggregate Account attributable to Plan participation from January 1, 2005 through December 31, 2007.

b.    The Later of Termination of Employment or Attainment of Normal Retirement Age.  A distribution will be triggered upon the later of a Participant’s (i) termination of employment, or (ii) attainment of Normal Retirement Age for that portion of the Vested Aggregate Account attributable to Plan participation after December 31, 2007.  Notwithstanding the foregoing, for Plan Years commencing January 1, 2018 and thereafter, a Participant may alternatively elect for that one or more Plan Year’s Elective Contributions plus earnings thereon be distributed in accordance with Section 7.1.c or 7.1.h., in lieu of under this Section.

c.    The Later of Termination of Employment or Attainment of Early Retirement Age.  For amounts deferred on or after January 1, 2018, a Participant may elect in his/her Deferral Agreement for a Plan Year to receive the Elective Contributions and earnings attributable to such Plan Year on the later of termination of employment or Early Retirement Age.

d.    Total Disability.  A distribution will be triggered if a Participant incurs a Total Disability for that portion of his Vested Aggregate Account attributable to Plan participation after December 31, 2007.  In the case of the foregoing, a Participant’s Total Disability will override any contrary deferral election made by a Participant (including a Specified Date election) and the Participant’s Vested Aggregate Account will be distributed at his/her Total Disability.

e.    Change in Control.  A distribution will be triggered of a Participant’s Aggregate Account if there is a Change in Control in stock ownership of the Employer.

f.    Unforeseeable Emergency.  A distribution will be triggered if a Participant experiences an Unforeseeable Emergency that causes such Participant to request a distribution for any reason.  The distribution will be for that part of the Vested Aggregate Account attributable to Plan participation after December 31, 2007.  In order to request a distribution due to an Unforeseeable Emergency, the Participant shall make such request to the Committee and shall provide such documentation as reasonably requested by the Committee in support of such request.  For any Plan Year for which an Unforeseeable Emergency distribution is requested by the Participant and granted by the Committee, the Participant’s future Elective Contributions will be cancelled for the remainder of such Plan Year.

Distributions that are because of an Unforeseeable Emergency will be limited to the amount reasonably necessary to satisfy the emergency need (can include amounts 

12

necessary to satisfy the emergency need, which may include amounts necessary to pay any Federal, State, Local or foreign income taxes or penalties reasonably anticipated to result from the distribution).

Determination of amounts reasonably necessary to satisfy the emergency need must take into account any additional compensation that will be available since a Base Compensation deferral election must be cancelled when a payment due to an Unforeseeable Emergency is made.

g.    Death.  Upon the death of a Participant, his/her designated beneficiary(ies) will receive a distribution of the Aggregate Account (including amounts subject to a Specified Date election) or the remaining balance of his/her Aggregate Account under the Plan in one lump sum as soon as administratively practical after the Participant’s death, but in no event later than sixty (60) days following the Participant’s death.  

h.    Distribution on Specified Date.  For Elective Contributions for Plan Years commencing on or after January 1, 2018, a Participant may elect in his/her Deferral Agreement to receive that Plan Year’s deferrals and earnings thereon, on a Specified Date.  The payment of a Specified Date election shall be made on such date (or within five (5) business days of such date). A Specified Date election may only be made to request a distribution on a Specified Date occurring prior to the Participant’s Normal Retirement Age.

		
	7.2
	Distribution Forms for Executive Employees who were Plan Participants before January 1, 2012

Except to the extent set forth below in this Section 7.2 or in Sections 7.2B and 7.2C, for that portion of the Vested Aggregate Account attributable to post-December 31, 2004 Plan participation, the forms of distribution available include:

•    Lump sum, or

		
	•
	Installment payments from 2 to 10 years.  An election to receive installment payments shall be subject to the following:

i.    An election to receive installment payments must be made on a date that is at least one year prior to when the Aggregate Account would otherwise be paid in a lump sum.

ii.    The first installment shall be determined as of a Valuation Date immediately preceding the commencement date of the first payment.  Each installment shall be calculated by making each payment a fraction of the remaining Aggregate Account, the numerator of which is (1) and the denominator (‘n”) of which is the remaining payments due.

iii.    Until all installments have been paid, the balance of the Vested portion of the Participant’s Aggregate Account shall continue to be credited with earnings (and losses) in accordance with Section 6.2 of Article VI.

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iv.    In the event of the death of a Participant or Former Participant prior to his or her Aggregate Account being completely distributed, the remainder shall be distributed to his Beneficiary as soon as practicable after his death in a lump sum.

Any change to the elected form of distribution through December 31, 2008 will be subject to the following rules:

v.    The change will not be effective until one year following the date the completed and executed form is returned to the designated representative of the Administrator.

vi.    The anti-acceleration rule under Code Section 409A will not apply.  For example, the elected form of distribution can be changed from installment payments over a 4-year period to a lump sum payment.

vii.    The 5-year deferral rule under Code Section 409A will not apply.  This means that any change to a Participant’s elected form of distribution will not have to be delayed for 5 years following the originally scheduled commencement date.

viii.    The distribution will be delayed for 6 months following the Participant’s termination of employment.

Any change to the elected form of distribution on or after January 1, 2009 will be subject to the rules for “subsequent deferral elections” set forth below and in Treasury Regulation 1.409A-2(b)(1):

ix.    The change will not be effective until at least one year following the date the completed and executed form is returned to the designated representation of the Administrator.

x.    The change in the elected form of distribution is subject to the anti-acceleration rule of Code Section 409A.  For example, a Participant who elected installments over a 4-year period could not change to a lump sum payment or installments over a 2-year period, except in accordance with the subsequent deferral rules of Treasury Regulation Section 1.409A-2(b)(1).

xi.    Payments under the revised elected form of distribution (other than payments due to death or Disability) will be delayed for 5 years beyond the originally scheduled commencement date in accordance with the subsequent deferral rules of Treasury Regulation Section 1.409A-2(b)(1).  For example, if Participant elected installment payments to be made over a 4-year period beginning on his 62nd birthday and wanted to change to installment payments to be made over a 10-year period, the 10-year installment payments would not begin until the Participant’s 67th birthday.

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7.2A    Distribution Form for Executive Employees who become Plan Participants on or after 
January 1, 2012 and prior to January 1, 2018

Except to the extent set forth in Section 7.2C below, the distribution form for the Aggregate Account for all Executive Employees who become Plan Participants on or after January 1, 2012 shall be a lump sum.  

		
	7.2B
	Distribution Form for all Executive Employees for Elective Contributions and Non-Elective Contributions, if any, Made on or after January 1, 2015 and Prior to January 1, 2018:

Notwithstanding anything to the contrary in any other Section of this Plan, all amounts contributed to the Plan on or after January 1, 2015 and prior to January 1, 2018, whether by Elective Contribution or Non-Elective Contribution, if any, shall be distributed in a lump sum.

7.2C    Distribution Form for all Executive Employees Elective Contributions and Non-Elective     
Contributions, if any, made on or after January 1, 2018:

For that portion of the Vested Aggregate Account attributable to Elective Contributions and Non-Elective Contributions, if any, made on or after January 1, 2018, the forms of distribution available include (each Participant who defers both Base Compensation and Incentive Compensation is entitled to make a separate distribution election each Plan Year for each type of Compensation deferred):

		
	•
	Lump sum (which is the only distribution form for a Specified Date election), or

		
	•
	Installment payments from 2 to 10 years.  An election to receive installment payments shall be subject to the following:

i.    The first installment shall be determined as of a Valuation Date immediately preceding the commencement date of the first payment.  Each installment shall be calculated by making each payment a fraction of the remaining Aggregate Account, the numerator of which is (1) and the denominator (‘n”) of which is the remaining payments due.

ii.    Until all installments have been paid, the balance of the Vested portion of the Participant’s Aggregate Account shall continue to be credited with earnings (and losses) in accordance with Section 6.2 of Article VI.

iii.    In the event of the death of a Participant or Former Participant prior to the total Vested portion of his Participant’s Aggregate Account being distributed to him, the remainder shall be distributed to his Beneficiary as soon as practicable after his death in a lump sum.

iv.    Any subsequent change to the form of distribution will be made in accordance with the rules set forth in Section 7.2.b.ix. through 7.2.b.xi. and in accordance with the requirements of Code Section 409A.

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7.3    Distribution Timing

Except to the extent that a Participant made a Specified Date distribution election for one or more Plan Years, a Participant’s Vested Aggregate Account shall be distributed or commence to be distributed as soon as reasonably practical after the occurrence of the earliest Distribution Event set forth in Section 7.1.b. or 7.1.c. (depending on the Executive’s deferral election) through Section 7.1.(g) (other than Section 7.1.f. (Unforeseeable Emergency)), but in no event later than sixty (60) days following such Distribution Event.  If the Participant is determined to be a Specified Employee on the occurrence of the Distribution Event set forth in Section 7.1.b. or 7.1.c, as applicable, the distribution(s) will be postponed until 6 months after Separation from Service.  In the event of the occurrence of an Unforeseeable Emergency under Section 7.1.e., the distribution of the amount necessary to cover the Unforeseeable Emergency will be made in a lump sum as soon as practical following the Unforeseeable Emergency, but in no event later than forty-five (45) days following a determination by the Committee that the Executive Employee qualifies for the Unforeseeable Emergency.  If a Participant made a Specified Date election for one or more Plan Years, the Elective Contributions, and earnings thereon, for such Plan Year(s) shall be distributed on or within five (5) business days of the Specified Date.

		
	7.4
	Distribution Elections for Elective Contributions and Non-Elective Contributions (for Plan Years for which Executive Employees Are Permitted to Make Distribution Elections)

Distribution elections for post-December 31, 2007 Elective Contributions and Non-Elective Contributions will apply on a year-by-year basis.  That is, a Participant’s distribution election for 2008 Elective Contributions and Employer Non-Elective Contributions will apply for that year only, and a new separate election will apply for 2009 Elective Contributions and Employer Non-Elective Contributions, if any, for each subsequent Plan Year thereafter.  

To the extent that a Participant makes one or more subsequent deferral elections (within the meaning of Treasury Regulation 1.409A-2(b)(1)) on or after January 1, 2009 for any amount deferred after January 1, 2005, such subsequent deferral election shall be made separately with respect to each prior Plan Years deferrals for which such subsequent deferral election is desired.

7.5    Post-December 31, 2007 Installment Payments Considered Separate Payments

If a Participant elects installment payments for that portion of the Vested Aggregate Account attributable to post-December 31, 2007 participation, each installment payment will be considered a separate payment.  As an example, assume a Participant elects for payment of the 2008 Plan Year Base Compensation Deferrals, Employer Non-Elective Contributions and earnings to be made in a series of 5 equal annual installments, each of which is designated as a separate payment.  The first installment is scheduled to be paid on January 1, 2010.  On or before December 31, 2008, the Participant elects to receive the entire amount equal to the sum of all 5 of the installments in a lump sum payment.  Receipt of the lump sum payment cannot occur until January 1, 2019, 5 years from January 1, 2014.  Commencing with amounts deferred on or after January 1, 2018, an election to receive installment payments will be treated as an election for single sum distribution, within the meaning of Treasury Regulation Section 1.409A-2(b)(2)(iii).

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7.6    Making of Distribution

All distributions from this Plan, as provided herein, shall be made by the Trustee, from the Trust Fund, upon written authorization and direction by the Administrator to the Trustee, as long as the Employer shall not then be bankrupt or insolvent, as defined and provided in the Trust Agreement.  If payments to the Participants, Former Participants and Beneficiaries shall then be suspended or terminated because of the bankruptcy or insolvency of the Employer, in accordance with the provisions of the Trust Agreement, distributions shall then be made by the Employer, subject to any necessary approvals of a bankruptcy court or other supervising court; provided, however, if the suspension of payment from the Trust Fund shall later be discontinued, distributions shall again be made from the Trust Fund, all as more fully provided in the Trust Agreement.

7.7    Distribution on Termination of Employment Attributable to Aggregate Account     Attributable to Post-2004 Deferrals 

For distributions on termination of employment with respect to the Aggregate Account attributable to post-2004 deferrals, any reference to “termination of employment” in this Plan shall mean a Separation from Service. 

ARTICLE VIII - BENEFICIARIES; PARTICIPANT DATA

8.1    Beneficiary Designations

Each Participant from time to time may designate any person or persons (who may be named contingently or successively) to receive such benefits as may be payable under the Plan upon or after the Participant's death, and such designation may be changed from time to time by the Participant by filing a new designation. Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Employer, and will be effective only when filed in writing with the Employer during the Participant's lifetime.

In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due to a Beneficiary, there is no living Beneficiary validly named by the Participant, the Employer shall pay any such benefit payment to the Participant's spouse, if then living, but otherwise to the Participant's then living descendants, if any, per stirpes, but, if none, to the Participant's estate. In determining the existence or identity of anyone entitled to a benefit payment, the Employer may rely conclusively upon information supplied by the Participant's personal representative, or if a dispute arises with respect to any such payment, then notwithstanding the foregoing, the Employer, in its sole discretion, may distribute such payment to the Participant's estate without liability for any tax or other consequences which might flow therefrom, or may take such other action as the Employer deems to be appropriate.

8.2    Communications

Any communication, statement, or notice addressed to a Participant or to a Beneficiary at his last post office address as shown on the Employer's records shall be binding on the Participant or Beneficiary for all purposes of the Plan. The Employer shall not be obliged to search for any Participant or Beneficiary beyond the sending of a registered letter to such last known address.

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ARTICLE IX - ADMINISTRATION

9.1    Powers and Responsibilities of Administrator

The Administrator shall administer, construe, and interpret this Plan and shall, subject to its provisions, certify and direct the Trustee as to the making of distributions hereunder.  The Administrator shall have discretionary authority to exercise all powers and to make all determination, consist with the terms of the Plan, in all matters entrusted to it, and its determination shall be given deference and shall be final and binding on all interested parties.  The Administrator shall constitute the named administrator within the meaning of Section 3(16)(A) of the Act (29 USC § 1002(16)(A)).

9.2    Plan Sponsor 

The plan sponsor within the meaning of Section 3(15)(B) of the Act (29 USC § 1102(15)(B)) shall be the Employer.

9.3    Powers and Responsibilities of Committee

The Committee may permit additional Participants into the Plan from time to time and provide exceptions and waivers as to any provision thereof, provided no such exception or waiver shall reduce the benefit to which a Participant is otherwise entitled under any provision hereof. The Committee shall also have the power to amend and terminate the Plan to the extent provided by Article X hereof.

9.4    Claims Procedure

Any Participant, Inactive Participant, Former Participant or Beneficiary, or his duly authorized representative, may file with the Administrator a claim for a benefit under this Plan. Such a claim must be in writing, be on a form provided by the Administrator if the Administrator had previously issued such a form and made the same available to the Participant, Former Participant or Beneficiary, and must be delivered to 'the Administrator, in person or by mail, postage prepaid. Within ninety (90) days after the receipt of such a claim, the Administrator shall send to the claimant, by mail, postage prepaid, a notice of the granting or denying, in whole or in part, of such claim, unless special circumstances require an extension of time for the processing of the claim. In no event may the extension exceed ninety (90) days from the date of the initial period. If such an extension is necessary, the claimant will be given written notice to this effect prior to the expiration of the initial ninety (90) day period. The Administrator shall have full discretion to grant or deny a claim in whole or in part in accordance with the terms of this Plan. If notice of the denial of a claim is not furnished in accordance with this Section 9.4, the claim shall be deemed denied and the claimant shall be permitted to exercise his right of review as hereinafter provided.

The Administrator shall provide to every claimant who is denied a claim for benefits a written notice setting forth, in a manner calculated to be understood by the claimant the following information, viz.:

a.    The specific reason or reasons for the denial.

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b.    Specific references to the pertinent Plan provisions on which the denial is based, together with a copy of such Plan provisions.

c.    A description of any additional material or information necessary of the claimant to perfect the claim and an explanation of why such material or information is necessary, and

d.    An explanation of the Plan's claim review procedure.

Within sixty (60) days after the receipt by a claimant of written notification of the denial (in whole or in part) of a claim by the Administrator, the claimant or his duly authorized representative, upon written application to the Administrator, delivered in person or by certified mail, postage prepaid, may review pertinent documents and submit to the Administrator, in writing, his notice of appeal from the initial decision, together with a detailed statement of the basis and arguments upon which such appeal is based, including such statements of fact and conclusions of law, together with the justification therefor, as claimant or his authorized representative believe supports his appeal from the initial decision of the Administrator.

Upon the Administrator's receipt of a notice of a request for review, the Administrator shall make a prompt decision on the review and shall communicate the decision on review to the claimant or his authorized representative. The decision on review shall be written in a manner calculated to be understood by the claimant and shall (unless the decision shall fully reverse the denial of the claim and completely accept the claim of the claimant) include specific reasons for the decision and specific references to the pertinent Plan provisions upon which the decision is based. The decision on review shall be made not later than sixty (60) days after the Administrator's receipt of a request for a review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered not later than one-hundred-twenty (120) days after receipt of the request for review. If an extension is necessary, the claimant shall be given written notice of the extension by the Administrator prior to the expiration of the initial sixty (60) day period. If notice of the decision on review is not furnished in accordance with this Section 9.4, the claim shall be deemed denied on review.

9.5    Section 409A Compliance.

To the extent that rights or payments under this Plan are subject to Section 409A of the Code, this Plan shall be construed and administered in compliance with the conditions of Section 409A and regulations and other guidance issued pursuant to Section 409A for deferral of income taxation until the time the compensation is paid. Any distribution election that would not comply with Section 409A of the Code shall not be effective for purposes of this Plan. To the extent that a provision of this Plan does not comply with Section 409A of the Code, such provision shall be void and without effect. The Employer does not warrant that this Plan will comply with Section 409A of the Code with respect to any Participant or with respect to any payment. In no event shall the Employer; any director, officer, or employee of the Employer (other than the Participant); or any member of the Committee be liable for any additional tax, interest, or penalty incurred by a Participant or Beneficiary as a result of this Plan’s failure to satisfy the requirements of Section 409A of the Code, or as a result of this Plan’s failure to satisfy any other requirements of applicable tax laws. 

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ARTICLE X - TRUST FUND

10.1    Establishment of Trust

In order to assist the Employer in meeting its obligations hereunder and provide a more certain and regular procedure for receipt of benefits by the Participants, Former Participants and Beneficiaries, the Employer has entered into a Trust Agreement with the Trustee for the holding of the Trust Fund in trust in accordance with all of the provisions thereof contained. Such trust shall continue to be a grantor trust within the meaning of Section 671 of the Code and an accumulation trust within the meaning of Subpart C of Part 1 of Subchapter J of Chapter 1 of Subtitle A of the Code.

10.2    Right of Assignment and Transfer of Interest

No amounts payable hereunder may be assigned, pledged, mortgaged, hypothecated, sold or transferred nor may any such amounts be subject to lien, levy, distraint or other legal process or attachment. All right to benefits hereunder shall be personal to the Participant, Former Participant or Beneficiary and no such person shall have a right to the assets held in the Trust Fund, or any portion thereof, prior to the Administrator directing the Trustee to make payment therefrom in a particular instance.

10.3    Unfunded Nature of Plan

Since the rights of the Participants, Former Participants and Beneficiaries are not absolute but are defeasible in the event of the bankruptcy or insolvency of the Employer, as provided by the Trust Agreement, this Plan shall, notwithstanding the existence of the Trust Fund, be deemed unfunded for the purpose of Title I of the Act, in accordance with Department of Labor Regulations.

ARTICLE XI - AMENDMENT AND TERMINATION

11.1    Amendment

This Plan may be amended at any time and from time to time by the Committee; provided, however, no such amendment shall reduce the benefit hereunder accrued by any Participant, Former Participant or Beneficiary prior to the later of (a) the date that such amendment is to be effective or (b) the date that such amendment is so adopted by the Committee. The Committee may authorize and direct any officer of the Employer to take such action, and execute such documents as are necessary or appropriate to evidence the adoption of any amendment hereto.

11.2    Termination of Plan

a.    With respect to amounts deferred prior to January 1, 2005, plus earnings thereon, the Committee may cause and authorize this Plan to be terminated at any time; provided however, no such termination shall defease any right of a Participant, former Participant or Beneficiary to any benefit accrued prior to the date of such termination (whether such benefit shall otherwise be Vested or not under the terms of the Plan). The Committee may authorize and direct any officer of the Employer to take such action, and execute such documents, as are necessary or appropriate to effectuate any such decision of the Committee.  Any such termination with respect to deferrals on or after January 1, 2005 shall be considered a “freeze” of the Plan.  Account balances shall not be distributed on a “freeze” of the Plan except as provided for in Article VII.  In order for a 

20

termination of the Plan to result in the distribution of Participant’s Aggregate Accounts, the termination must satisfy the provisions of Section 11.2.b.  below.

b.    With respect to amounts deferred on or after January 1, 2005, plus earnings thereon, subject to the requirements of Section 409A of the Code, in the event of complete termination of the Plan, the Plan shall cease to operate and the Employer shall pay out to the Participant his or her entire Aggregate Account as of the date of termination of the Plan.   Such complete termination of the Plan shall occur only under the following circumstances and conditions:
(i)    The Employer may terminate the Plan within 12 months of a corporate dissolution taxed under Section 331 of the Code, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of: (A) the calendar year in which the Plan terminates; (B) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (C) the first calendar year in which the payment is administratively practicable.
(ii)    The Employer may terminate the Plan by irrevocable action within the 30 days preceding, or 12 months following, a Change in Control, provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Bank are terminated so that the Participant and all participants under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the irrevocable termination of the arrangements.  For these purposes, “Change in Control” shall be defined in accordance with the Treasury Regulations under Code Section 409A.
(iii)    The Employer may terminate the Plan provided that: (A) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (B) all arrangements sponsored by the Bank that would be aggregated with this Plan under Treasury Regulations Section 1.409A-1(c) if the Participant covered by this Plan was also covered by any of those other arrangements are also terminated (C) no payments other than payments that would be payable under the terms of the arrangement if the termination had not occurred are made within 12 months of the termination of the arrangement; (D) all payments are made within 24 months of the termination of the arrangements; and (E) the Employer does not adopt a new arrangement that would be aggregated with any terminated arrangement under Treasury Regulations Section 1.409A-1(c) if the Participant participated in both arrangements, at any time within three years following the date of termination of the arrangement.

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ARTICLE XII - MISCELLANEOUS

12.1     Limitation of Rights

Nothing contained in this Plan shall be construed to limit in any way the right of the Employer (or, if applicable, the subsidiary or affiliate employing the Employee) to terminate an Employee's or Participant's employment at any time or in. any way to constitute an agreement or understanding, express or implied, that the Employer (or, if applicable, the subsidiary or affiliate employing the Employee) will continue to employ Employee, or will employ, or continue to employ, the Employee in any particular position or under any particular circumstances.

12.2     Headings

The headings and subheading contained herein are for convenience of reference only and are to be ignored in any construction thereof.

12.3     Gender and Number

Whenever used in this Plan, the masculine shall be deemed to include the feminine and the singular shall be deemed to include the plural.

12.4     Governing Law

This Plan shall be construed in accordance with, and governed by, the laws of the Commonwealth of Pennsylvania, to the extent such laws are not preempted by the laws of the Untied States of America.

[Signature Page Follows]

22

IN WITNESS WHEREOF, the undersigned officers, being duly authorized, have caused this amended and restated Plan to be duly executed by, and on behalf of, FIRST COMMONWEALTH FINANCIAL CORPORATION, a corporation organized and existing pursuant to the laws of the Commonwealth of Pennsylvania, this 18th day of December, 2017,and effective as of such date, except to the extent otherwise set forth in the Plan.

(SEAL)     FIRST COMMONWEALTH
FINANCIAL CORPORATION

Attest:    
    
/s/ Matthew C. Tomb                                 By /s/ T. Michael Price                                 
Executive Vice President,    President and Chief
Secretary    Executive Officer

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