Document:

EX-10.3

 Exhibit 10.3 

SUNSHINE STATE FEDERAL SAVINGS AND LOAN ASSOCIATION 

PLANT CITY, FLORIDA 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT 

THIS AGREEMENT is made this 1st day of January, 2002, by and between Sunshine State Federal Savings and
Loan Association of Plant City, Florida (the “Company”), and Paul J. Hackney (the “Executive”). 
 INTRODUCTION

 In consideration of the services performed and to be performed by the Executive and to encourage the Executive to remain an employee of the Company,
the Company is willing to provide to the Executive a deferred compensation opportunity, under the terms and conditions herein set forth, and agrees to provide the Executive and his beneficiary with certain benefits as described herein. 

AGREEMENT 
 The Executive and the Company
agree as follows: 
 Article 1 

Definitions 
 1.1 Definitions.
Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
 1.1.1 “Change of
Control” means any change in the membership of the Company’s Board of Directors during any period of twenty-four (24) consecutive calendar months which, in the aggregate, results in a change during such period of a majority of the
members of the Board of Directors who were serving at the beginning of such period. 
 1.1.2 “Code” means the Internal
Revenue Code of 1986, as amended. References to a Code section shall be deemed to be that section as it now exists and to any successor provision. 

1.1.3 “Compensation” means the total gross annual compensation from salary and bonus payable to the Executive. 

1.1.4 “Deferred Compensation Account” shall mean an account established on the books of the Company for the Executive as
provided in Article 3 hereof. 

 1.1.5 “Disability” means the Executive’s permanent inability to perform
substantially all normal duties of the Executive’s position, as determined by the Company’s Board of Directors in its sole discretion. As a condition to payment of any benefits hereunder, the Company may require the Executive to submit to
such physical or mental evaluations and tests as the Board of Directors deems appropriate. The Company shall pay the costs of such evaluations and tests. 

1.1.6 “Normal Retirement Date” means the date on which the Executive attains 65 years of age. 

1.1.7 “Termination of Employment” means the Executive’s ceasing to be employed by the Company on a full-time basis for
any reason whatsoever, voluntary or involuntary, other than by reason of a leave of absence, approved by the Company’s Board of Directors. 

Article 2 
 Deferral
Election 
 2.1 Initial Election. The Executive hereby elects, during the term hereof, to defer the amount of any annual Bonus
determined pursuant to Section 3.1.1 hereof, in the manner provided herein. The election applies to services to be performed by the Executive from and after the date of this election. No amount deferred hereunder represents compensation for
services rendered by the Executive prior to the date hereof. 
 Article 3 

Deferral Account 
 3.1
Establishing and Crediting. The Company shall establish a Bonus Deferral Account on its books for the Executive, and shall continue to credit to the account the following amounts: 

3.1.1. Amount of Bonus. The annual bonus will be eight and eighty hundredths percent (8.80%) of Compensation accrued monthly. In
addition, any shortfall in the Company’s matching portion of any 401(k) contributions on the Executive’s behalf due to ERISA or other Federal tax limitations will be added to the annual Bonus amount based on annual review. The Board
of Directors will retain the right to increase the Bonus amount in any given year at the Board’s discretion. 
 3.1.2. Interest.
On the first (1st) day of each month following the date of this Agreement, and immediately prior to the payment of any benefits, interest on the account balance since the preceding credit
under this Section 3.1.2, if any, shall accrue at an annual rate, compounded monthly, equal to eight percent (8%). The Board of Directors retains the right to increase the interest crediting rate in any given year at it’s discretion. 

  
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 3.2 Statement of Accounts. The Company shall provide to the Executive, within one hundred
twenty (120) days after each December 31, a statement setting forth the Deferred Account balance. 
 3.3 Accounting Device
Only. The Deferred Compensation Account is solely a device for measuring amounts to be paid under this Agreement. The Deferred Compensation Account is not a trust fund of any kind. The Executive is a general unsecured creditor of the Company for
the payment of benefits. The benefits represent the Company’s promise to pay such benefits. The Executive’s rights are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by the Executive’s creditors. 
 Article 4 

Lifetime Benefits 
 4.1
Normal Retirement Benefit. If the Executive terminates employment on or after the Normal Retirement Date for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 4.1. 

4.1.1 Amount of Benefit. The benefit under this Section 4.1 is the Deferred Compensation Account balance at the time of the
Executive’s Termination of Employment. 
 4.1.2 Payment of Benefit. The Company shall pay the benefit to the Executive in one
hundred eighty (180) equal monthly installments commencing on the first day of the calendar month following the Executive’s Termination of Employment. The Company shall continue to credit interest in the manner provided in
Section 3.1.2 on the remaining account balance during any applicable installment period. 
 4.2 Early Retirement Benefit. If the
Executive terminates employment prior to the Normal Retirement Date, and for reasons other than death or Disability, the Company shall pay to the Executive the benefit described in this Section 4.2. 

4.2.1 Amount of Benefit. The benefit under this Section 4.2 is the amount of the Deferred Compensation Account balance at the time
of the Executive’s Termination of Employment multiplied by the applicable vesting percentage. Vesting percentages are as follows: 
  

					
	 Executive’s Age
	  	Vested Percentage	 
	 Up to 55 years
	  	 	0	% 
	 55 up to 60 years
	  	 	50	% 
	 60 and up
	  	 	100	% 

  
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 4.2.2 Payment of Benefit. The Company shall pay the benefit to the Executive, at the
Company’s discretion, in either a lump sum payment within 60 days following the Executive’s Termination of Employment, or in one hundred eighty (180) equal monthly installments commencing on the first day of the month following the
Executive’s Termination of Employment. The Company shall continue to credit interest in the manner provided in Section 3.1.2 on the remaining account balance during any applicable installment period. 

4.3 Disability Benefit. If the Executive terminates employment for Disability prior to the Normal Retirement Date, the Company shall pay
to the Executive the benefit described in this Section 4.3. 
 4.3.1 Amount of Benefit. The benefit under this Section 4.3
is the Deferred Account balance at the time of the Executive’s Termination of Employment. 
 4.3.2 Payment of Benefit. The
Company shall pay the benefit to the Executive, in one hundred eighty (180) equal monthly installments, after the Executive’s Termination of Employment. Monthly payments shall commence on the first day of the month following the
Executive’s Termination of Employment. The Company shall continue to credit interest in the manner provided in Section 3.1.2 on the remaining account balance during any applicable installment period. 

4.4 Change of Control Benefit. Upon a Change of Control while the Executive is in the active service of the Company, the Executive shall
be 100 percent vested in the Deferred Compensation Account balance as of the effective date of the Change of Control, and 100 percent vested of all future bonus and interest additions to the Deferred Compensation Account balance. 

Article 5 
 Death
Benefits 
 5.1 Death During Active Service. If the Executive dies while in the active service of the Company, the Company shall
pay to the Executive’s beneficiary the benefit described in this Section 5.1. 
 5.1.1 Amount of Benefit. The benefit under
Section 5.1 is the sum of the Deferred Compensation Account balance as of the date of the Executive’s death plus six hundred sixty-five thousand dollars ($665,000). On or after the Executive’s Normal Retirement Date, the benefit under
Section 5.1 shall be the Deferred Compensation Account balance as of the date of the Executive’s death. 
 5.1.2 Payment of
Benefit. The Company shall pay the benefit to the beneficiary in a lump sum within 90 days following the Executive’s Death. 
 5.2
Death During Benefit Period. If the Executive dies after benefit payments have commenced under this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive’s beneficiary at the same
time and in the same amounts they would have been paid to the Executive had the Executive survived. 

  
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 Article 6 

Beneficiaries 
 6.1
Beneficiary Designations. The Executive shall designate a primary and contingent beneficiary by filing a written designation with the Company. The Executive may revoke or modify the designation at any time by filing a new designation.
However, designations will only be effective if signed by the Executive and accepted by the Company during the Executive’s lifetime. The Executive’s beneficiary designation shall be deemed automatically revoked if the beneficiary
predeceases the Executive, or if the executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive’s surviving
spouse, if any, and if none, to the Executive’s surviving children and the descendants of any deceased child by right of representation, and if no children or descendants survive, to the Executive’s estate. 

6.2 Facility of Payment. If a benefit is payable to a beneficiary who is a minor, to a person declared incompetent, or to a person
incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require
proof of incompetency, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. 

Article 7 
 General
Limitations 
 7.1 Excess Parachute Payment. To the extent any benefit permitted hereunder would be an excess parachute payment
under Section 280G of the Code, the excess parachute payment will not be paid to the Executive. 
 7.2 Termination for Cause. For
purposes hereof, if the Company terminates the Executive’s employment for: 
 7.2.1 Gross negligence or gross neglect of duties; or 

7.2.2 Commission of a felony or of a gross misdemeanor involving moral turpitude; then such termination shall be deemed to be for cause. 

7.2.3 Upon termination of the Executive’s employment for cause as defined herein, this Agreement shall terminate and the Executive shall
automatically forfeit all benefits and amounts due hereunder. 

  
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 7.3 Suicide. If the Executive commits suicide within two years after the date of this
Agreement, or if the Executive has made any material misstatement of fact on any application for life insurance purchased by the Company, then this Agreement shall terminate and the Executive shall automatically forfeit all benefits and amounts due
hereunder, except to the extent that he is vested. 
 7.4 Competition after Termination of Employment. The Company shall
not pay any benefit, or shall cease paying benefits, under this Agreement if the Executive, without the prior written consent of the Company, engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a
partnership, or as a shareholder in a corporation (other than the owner of less than two percent (2%) of the outstanding stock of a publicly-traded company), or becomes associated with, in the capacity of employee, director, officer, principal,
agent, trustee or in any other capacity whatsoever, any other federally insured depository institution headquartered or having a physical presence within a fifty (50) mile radius of any office of the Company or its affiliates, which institution
is, or may deemed to be, competitive with any business carried on by the Company, within a period of two (2) years following Termination of Employment. In the event the Company determines that the Executive has violated the conditions of this
Section 7.4 after receiving benefits under this Agreement, the Executive shall repay to the Company an amount equal to the benefits paid hereunder, with interest at rate provided per Section 3.1.2. This Section 7.4 shall not be
applicable following a Change of Control. 
 Article 8 

Claims and Review Procedures 

8.1 Claims Procedure. The Company shall notify the Executive’s beneficiary in writing, within ninety (90) days of his or her
written application for benefits, of his or her eligibility or non-eligibility for benefits under the Agreement. If the company determines that the beneficiary is not eligible for benefits or full benefits, the notice shall set forth (1) the
specific reasons for such denial, (2) a specific reference to the provisions of the Agreement on which the denial is based, (3) a description of any additional information or material necessary for the claimant to perfect his or her claim,
and a description of why it is needed, and (4) an explanation of the Agreement’s claims review procedure and other appropriate information as to the steps to be taken if the beneficiary wishes to have the claim reviewed. If the Company
determines that there are special circumstances requiring additional time to make a decision, the Company shall notify the beneficiary of the special circumstances and the date by which a decision is expected to be made, and may extend the time for
up to an additional ninety-day period. 
 8.2 Review Procedure. If the beneficiary is determined by the Company not to be eligible for
benefits, or if the beneficiary believes that he or she is entitled to greater or different benefits, the beneficiary shall have the opportunity to have such claim reviewed by the Company by filing a petition for review with the Company within sixty
(60) days after receipt of the notice issued by the Company. Said petition shall state the specific reasons which the beneficiary believes entitle him or her to benefits or to greater 

  
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or different benefits. Within sixty (60) days after receipt by the Company of the petition, the Company shall afford the beneficiary (and counsel, if any) an opportunity to present his or
her position to the Company orally or in writing, and the beneficiary (or counsel) shall have the right to review the pertinent documents. The Company shall notify the beneficiary of its decision in writing within the sixty-day period, stating
specifically the basis of its decision, written in a manner calculated to be understood by the beneficiary and the specific provisions of the Agreement on which the decision is based. If, because of the need for a hearing, the sixty-day period is
not sufficient, the decision may be deferred for up to another sixty-day period at the election of the Company, but notice of this deferral shall be given to the beneficiary. 

Article 9 
 Amendments
and Termination 
 The Company reserves the right to amend or terminate this Agreement at any time. In the event of an amendment or
termination of this Agreement by the Company, the Executive shall be 100 percent vested in the Deferred Compensation Account balance as of the effective date of the amendment or termination. In the event of an amendment or termination of this
Agreement by the Company, the Company, at its discretion, shall pay to the Executive the Deferred Compensation Account balance within 60 days following the amendment or termination of this Agreement, or as defined in 4.2.2 herein, provided that
interest shall continue to be credited as defined 3.1.2 herein. Nothing described herein is intended to preclude a mutually agreed upon amendment to this Agreement between the Company and the Executive which would not cause the above changes to
occur. 
 Article 10 

Miscellaneous 
 10.1
Binding Effect. This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors, administrators and transferees. 

10.2 No Guaranty of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to
remain an employee of the Company, nor does it interfere with the Company’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at
any time. 
 10.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or
encumbered in any manner. 
 10.4 Tax Withholding. The Company shall withhold any federal income, state, employment, or other taxes
that are required to be withheld from the benefits provided under this Agreement. 

  
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 10.5 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws
of Florida, except to the extent preempted by the laws of the United States of America. 
 10.6 Unfunded Arrangement. The Executive
and beneficiary are general unsecured creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Executive. Any insurance on the Executive’s life is a general asset of the Company to which the Executive and beneficiary
have no preferred or secured claim. 
 10.7 Prior Agreements. This Agreement sets forth the entire understanding of the parties hereto
with respect to the transactions contemplated hereby, and any previous agreements or understandings between the parties hereto regarding the subject matter hereof are merged into and superseded by this Agreement. 

IN WITNESS WHEREOF, the Executive and duly authorized Company officer have signed this Agreement. 

 

									
	WITNESSES:	 		 		 	COMPANY:
			
		 		 	SUNSHINE STATE FEDERAL SAVINGS AND LOAN ASSOCIATION

  
 

 

  
 8 

 FIRST AMENDMENT 

TO THE 
 SUNSHINE STATE
FEDERAL SAVINGS AND LOAN 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT 

DATED JANUARY 1, 2002 

FOR 
 PAUL J. HACKNEY

 THIS AMENDMENT is adopted this 20th day of December, 2006, effective as of the
first day of January, 2005, by and between Sunshine State Federal Savings and Loan Association, a federally-chartered savings and loan located in Plant City, Florida (the “Company”) and Paul J. Hackney (the “Executive”). 

The Company and the Executive executed the Supplemental Executive Retirement Plan Agreement on January 1, 2002 effective as of the first
day of January, 2002 (the “Agreement”). 
 The undersigned hereby amend the Agreement for the purpose of bringing the agreement
into compliance with Section 409A of the Internal Revenue Code. Therefore, the following changes shall be made: 
 The following
Section 1.1.6a shall be added to the Agreement immediately following Section 1.1.6: 
  

	1.1.6a	“Specified Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Company if any stock of the Company is publicly traded on an
established securities market or otherwise. 

 Section 1.1.7 of the Agreement shall be deleted in its entirety and
replaced by the following: 
  

	1.1.7	“Termination of Employment” means the termination of the Executive’s employment with the Company for reasons other than death or Disability. Whether a Termination of Employment takes place is determined
based on the facts and circumstances surrounding the termination of the Executive’s employment and whether the Company and the Executive intended for the Executive to provide significant services for the Company following such termination. A
change in the Executive’s employment status will not be considered a Termination of Employment if: 

  

	 	(a)	the Executive continues to provide services as an employee of the Company at an annual rate that is twenty percent (20%) or more of the services rendered, on average, during the immediately preceding three full
calendar years of employment (or, if employed less than three years, such lesser period) and the annual remuneration for such services is twenty percent (20%) or more of the average annual remuneration earned during the final three full
calendar years of employment (or, if less, such lesser period), or 

  
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	 	(b)	the Executive continues to provide services to the Company in a capacity other than as an employee of the Company at an annual rate that is fifty percent (50%) or more of the services rendered, on average, during
the immediately preceding three full calendar years of employment (or if employed less than three years, such lesser period) and the annual remuneration for such services is fifty percent (50%) or more of the average annual remuneration earned
during the final three full calendar years of employment (or if less, such lesser period). 

 Section 4.2.2 of the
Agreement shall be deleted in its entirety and replaced by the following: 
  

	4.2.2	Payment of Benefit. The Company shall pay the benefit to the Executive in one hundred eighty (180) equal monthly installments commencing on the first day of the month following the Executive’s
Termination of Employment. The Company shall continue to credit interest in the manner provided in Section 3.1.2 on the remaining account balance during any applicable installments period. 

The following Sections 4.5 and 4.6 shall be added to the Agreement immediately following Section 4.4: 

 

	4.5	Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as
established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment.
Therefore, in the event this Section 4.5 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be accumulated and paid to the
Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified. 

 

	4.6	Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any amount into the Executive’s income as a result of the failure of this nonqualified deferred compensation
plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Executive’s Deferred Compensation Account balance, a distribution shall be made as soon as is administratively
practicable following the discovery of the plan failure. 

 Article 8 of the Agreement shall be deleted in its entirety and
replaced by the following: 

  
 2 

 Article 8 

Claims and Review Procedures 
  

	8.1	Claims Procedure. The Director or Beneficiary (“claimant”) who has not received benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

  

	 	8.1.1	Initiation – Written Claim. The claimant initiates a claim by submitting to the Company a written claim for the benefits. If such a claim relates to the contents of a notice received by the claimant,
the claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred. The claim must state with
particularity the determination desired by the claimant. 

  

	 	8.1.2	Timing of Company Response. The Company shall respond to such claimant within 90 days after receiving the claim. If the Company determines that special circumstances require additional time for processing the
claim, the Company can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special
circumstances and the date by which the Company expects to render its decision. 

  

	 	8.1.3	Notice of Decision. If the Company denies part or all of the claim, the Company shall notify the claimant in writing of such denial. The Company shall write the notification in a manner calculated to be
understood by the claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial, 

  

	 	(b)	A reference to the specific provisions of the Agreement on which the denial is based, 

  

	 	(c)	A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed, and 

 

	 	(d)	An explanation of the Agreement’s review procedures and the time limits applicable to such procedures. 

  

	8.2	Review Procedure. If the Company denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 

 

	 	8.2.1	Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the Company’s notice of denial, must file with the Company a written request for review.

  

	 	8.2.2	Additional Submissions – Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Company shall
also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits. 

  
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	 	8.2.3	Considerations on Review. In considering the review, the Company shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was
submitted or considered in the initial benefit determination. 

  

	 	8.2.4	Timing of Company Response. The Company shall respond in writing to such claimant within 60 days after receiving the request for review. If the Company determines that special circumstances require
additional time for processing the claim, the Company can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of
extension must set forth the special circumstances and the date by which the Company expects to render its decision. 

  

	 	8.2.5	Notice of Decision. The Company shall notify the claimant in writing of its decision on review. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification
shall set forth: 

  

	 	(a)	The specific reasons for the denial, 

  

	 	(b)	A reference to the specific provisions of the Agreement on which the denial is based, and 

  

	 	(c)	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for
benefits. 

 Article 9 of the Agreement shall be deleted in its entirety and replaced by the following: 

Article 9 
 Amendments and
Termination 
  

	9.1	Amendments. This Agreement may be amended only by a written agreement signed by the Company and the Executive. However, the Company may unilaterally amend this Agreement to conform with written directives to the
Company from its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Section 409A of the Code and any and all Treasury regulations and guidance promulgated thereunder. 

 

	9.2	Plan Termination Generally. The Company may unilaterally terminate this Agreement at any time. Except as provided in Section 9.3, the termination of this Agreement shall not cause a distribution of benefits
under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 4 or Article 5. 

  

	9.3	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 9.2, if the Company terminates this Agreement in the following circumstances: 

  
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	 	(a)	Within thirty (30) days before, or twelve (12) months after a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company as described
in Section 409A(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Company’s arrangements which are
substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of
the termination of the arrangements; 

  

	 	(b)	Upon the Company’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the
calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical;
or 

  

	 	(c)	Upon the Company’s termination of this and all other non-account balance plans (as referenced in Section 409A of the Code or the regulations thereunder), provided that all distributions are made no earlier
than twelve (12) months and no later than twenty-four (24) months following such termination, and the Company does not adopt any new non-account balance plans for a minimum of five (5) years following the date of such termination;

 the Company may distribute the Deferred Compensation Account balance, determined as of the date of the termination of the
Agreement to the Executive, in a lump sum subject to the above terms. 
 The following Sections 10.8 and 10.9 shall be added to the
Agreement immediately following Section 10.7: 
  

	10.8	Compliance with Section 409A. This Agreement shall at all times be administered and the provisions of this Agreement shall be interpreted consistent with the requirements of Section 409A of the Code and
any and all regulations thereunder, including such regulations as may be promulgated after the Effective Date of this Agreement. 

  

	10.9	Rescission. Any modification to the terms of this Agreement that would inadvertently result in an additional tax liability on the part of the Executive, shall have no effect provided the change in the terms of
the plan is rescinded by the earlier of a date before the right is exercised (if the change grants a discretionary right) and the last day of the calendar year during which such change occurred. 

  
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 IN WITNESS OF THE ABOVE, the Executive and the Company hereby consent to this First Amendment. 

 

					
	Executive:	 		 	Sunshine State Federal Savings and Loan
			
	 /s/ Paul J. Hackney

Paul J. Hackney
	 		 	

  
 6 

 SECOND AMENDMENT TO THE 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT 

BETWEEN 
 SUNSHINE STATE
FEDERAL SAVINGS AND LOAN ASSOCIATION 
 AND 

PAUL J. HACKNEY 
 THIS
SECOND AMENDMENT (the “Amendment”) is adopted this 16th day of September, 2011, by and between Sunshine State Federal Savings And Loan Association, located in Plant City, Florida, (the
“Company”), and Paul J. Hackney (the “Executive”). 
 The Company and the Executive are parties to a certain
Supplemental Executive Retirement Plan Agreement dated January 1, 1995 and amended December 20, 2006 (collectively, the “Agreement”) in which the Company agrees to provide certain post-employment benefits to the Executive. The
Company and the Executive now wish to amend the terms of the Agreement. 
 Now, therefore, the Company and the Executive agree as follows.

 Section 3.1.2 of the Agreement is hereby amended to read as follows. 

3.1.2 Interest. On the first day of each month following this amendment, and immediately prior to the payment of any
benefits, interest on the account balance since the preceding credit under this Section 3.1.2, shall accrue at an annual rate, compounded monthly, equal to six percent (6%). The Board of Directors retains the right to increase the interest
crediting rate in any given year at its discretion. 
 IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Company
have signed this Amendment. 
  

							
	EXECUTIVE	 		 	COMPANY
				
	 /s/ Paul J. Hackney
	 		 	By:	 	 /s/ J. Floyd Hall

	Paul J. Hackney	 		 	Title:	 	PRESIDENTEX-4.15

 Exhibit 4.15 

FISCAL YEAR 2014 FORM OF 

AWARD AGREEMENT FOR PERFORMANCE SHARES 

UNDER THE 
 VASCO DATA
SECURITY INTERNATIONAL, INC. 
 2009 EQUITY INCENTIVE PLAN 

THIS AWARD AGREEMENT FOR RESTRICTED SHARES (this “Agreement”) is made as of January 6, 2014 (the
“Effective Date”), between VASCO DATA SECURITY INTERNATIONAL, INC. (the “Company”) and              (the “Grantee”). 

WHEREAS, the Company maintains the VASCO Data Security International, Inc. 2009 Equity Incentive Plan (as amended, the
“Plan”) for the benefit of its employees, directors, consultants, and other individuals who provide services to the Company; and 

WHEREAS, to compensate the Grantee for his service to the Company and to further align the Grantee’s personal financial interests
with those of the Company’s shareholders, the Company wishes to award the Grantee a number of shares of Common Stock (as defined below), subject to the restrictions, terms and conditions contained in the Plan and this Agreement. 

NOW, THEREFORE, in consideration of these premises and the agreements set forth herein, the parties, intending to be legally bound
hereby, agree as follows: 
 1.    Grant of Restricted Shares. The Company hereby grants to the Grantee an award of the
shares set forth on Exhibit A hereto (the “Awarded Shares”) of the Company’s common stock, par value of $0.001 per share (the “Common Stock”), subject to the terms and conditions set forth in this
Agreement and in the Plan. The terms of the Plan are hereby incorporated into this Agreement by this reference, as though fully set forth herein. Capitalized terms used but not defined in this Agreement have the meanings set forth in the Plan. 

2.    Vesting of Awarded Shares. Subject to Section 11, the Awarded Shares are subject to forfeiture to the
Company until they become vested in accordance with this Section 2. 
 (a)    Performance Periods. The
number of Awarded Shares that are earned and thereafter subject to vesting (the “Earned Shares”) shall be determined by the Compensation Committee, in its sole and absolute discretion, in accordance with Exhibit A, based
upon the Company’s achievement relative to the applicable Performance Targets (i) for fifty percent of the Awarded Shares (the “One Year Awarded Shares”) during the period commencing on January 1, 2014 and ending on
December 31, 2014, and (ii) for fifty percent of the Awarded Shares (the “Three Year Awarded Shares”) during the period commencing on January 1, 2014 and ending on December 31, 2016 (each a “Performance
Period”, and together the “Performance Periods”). Upon the determination that some number of the One Year Awarded Shares are Earned Shares, subject to Section 11, 25% of the Earned Shares that are One Year
Awarded Shares shall be vested, and upon the determination that some number of the Three Year Awarded Shares are Earned Shares, subject to Section 11, all of the Earned Shares that are Three Year Awarded Shares shall be vested. For the
avoidance of doubt, the One Year Awarded Shares and Three Year Awarded shall be automatically forfeited in their entirety if their respective Performance Target is not achieved at least at the minimum threshold level. 

 (b)    Time Vesting Period. Subject to Section 11, the
Earned Shares which are One Year Awarded Shares will be subject to additional vesting, in accordance with the following schedule (the “Time Vesting Period”), provided that on each vesting date, the Grantee has, from the Effective
Date, continuously provided services to the Company or a subsidiary: 
 (A)    An additional 25% of the Earned Shares
which are One Year Awarded Shares will vest on the second anniversary of the Effective Date; 
 (B)    An additional 25%
of the Earned Shares which are One Year Awarded Shares will vest on the third anniversary of the Effective Date; and 

(C)    The final 25% of the Earned Shares which are One Year Awarded Shares will vest on the fourth anniversary of the
Effective Date. 
 Any Awarded Shares which are One Year Awarded Shares that have not vested pursuant to this
Section 2 will be automatically forfeited. 
 (c)    In the event of the occurrence of a Change in Control
that is a Company Transaction prior to the expiration of the Performance Period, any remaining Awarded Shares outstanding as of the date of the Change in Control shall be prorated (based on the ratio of (x) the number of days that have elapsed
in the Performance Period to (y) the total number of days in the Performance Period) at the target (100%) performance level up to and including the date of such Change in Control (the “Prorated Shares”) and the Grantee
shall be vested in the Prorated Shares immediately prior to (and contingent on) the Change in Control; provided, however, that if the Company Transaction is a sale of assets or otherwise does not result in direct receipt of
consideration by the holders of Common Stock, the Grantee shall receive, in exchange for and in lieu of the Prorated Shares, a cash payment equal to the product of (1) the value of the deemed per share consideration received by the Company in
the Company Transaction, in each case as determined by the Compensation Committee, multiplied by (2) the number of Prorated Shares. 

(d)    In the event of (i) the occurrence of a Change in Control that is a Company Transaction during the Time Vesting
Period and (ii) the Grantee’s termination of employment for reasons other than (A) quit without Good Reason or (B) Cause, during the one-year period following the Change in Control, 100% of any Earned Shares that are then subject
to the Time Vesting Period will become vested immediately prior to (and contingent upon) such termination of employment. 

(e)    If the Grantee’s service with the Company ceases by reason of the Grantee’s death or Disability prior to
the expiration of the Performance Period, 100% of the Awarded Shares based upon the target (100%) performance level will become vested immediately prior to (and contingent on) the occurrence of such death or Disability. If the Grantee’s
service with the Company ceases by reason of the Grantee’s death or 

 
Disability during the Time Vesting Period, 100% of the Earned Shares that are then subject to the Time Vesting Period, will become vested immediately prior to (and contingent on) the occurrence
of such death or Disability. Notwithstanding the foregoing, a Disability will not qualify if it is the result of (A) a willfully self-inflicted injury or willfully self-induced sickness; or (B) an injury or disease contracted, suffered, or
incurred while participating in a criminal offense. The determination of Disability will be made by the Committee. The determination of Disability for purposes of this Agreement shall not be construed to be an admission of disability for any other
purpose. 
 (f)    Except as provided in Sections 2(c), 2(d) and 2(e), upon cessation of the
Grantee’s service with the Company for any reason or for no reason (and whether such cessation is initiated by the Company, the Grantee or otherwise): (i) any Awarded Shares that have not, prior to such cessation, become vested will
immediately and automatically, without any action on the part of the Company, be forfeited, and (ii) the Grantee shall have no further rights with respect to those Awarded Shares. 

(g)    Solely for purposes of this Agreement, service with the Company shall be deemed to include service with any
subsidiary of the Company (for only so long as such entity remains a subsidiary). 
 (h)    For purposes of this
Agreement, “Cause” and “Wrongful Act” mean: 
 (i)    Grantee materially breaches
Grantee’s obligations under any employment, consulting, or other agreement between the Grantee (or any entity of which Grantee is an affiliate) and the Company (each, a “Company Agreement”); 

(ii)    Grantee materially breaches Grantee’s obligations under the Company’s Code of Ethics and Conduct (or any
successor thereto) or an established policy of the Company; 
 (iii)    Grantee engages in conduct prohibited by law
(other than minor violations), commits an act of dishonesty, fraud, or serious or willful misconduct in connection with Grantee’s job duties, or engages in unethical or immoral conduct that, in the reasonable judgment of the Committee, could
injure the integrity, character or reputation of Company; 
 (iv)    Grantee fails or refuses to perform, or habitually
neglects, Grantee’s duties and responsibilities under any Company Agreement (other than on account of Disability), and continues such failure, refusal or neglect after having been given written notice by the Company that specifies what duties
Grantee failed to perform and an opportunity to cure of 30 days; 
 (v)    Use or disclosure by Grantee of
confidential information or trade secrets other than in the furtherance of the Company’s (or its subsidiaries’) business interests, or other violation of a fiduciary duty to the Company (including, without limitation, entering into any
transaction or contractual relationship causing diversion of business opportunity from the Company (other than with the prior written consent of the Board)); or 

 (vi)    Grantee fails to reasonably cooperate with any audit or investigation
involving the Company or its business practices after having been given written notice by the Company that specifies Grantee’s failure to cooperate and an opportunity to cure of 10 days. 

3.    Escrow of Shares. 

(a)    Certificates evidencing the Awarded Shares issued under this Agreement shall be held in escrow by the Secretary of
the Company or his or her designee (the “Escrow Holder”) (or, if the Awarded Shares are not certificated, shall be entered in the stock record books of the Company as held in escrow by the Escrow Holder) until such Awarded Shares
are earned and vested in accordance with Section 2, at which time, the Escrow Holder shall deliver such certificates representing the vested and earned Awarded Shares to the Grantee (or, if the Awarded Shares are not certificated, the
Awarded Shares shall be entered in the stock record books of the Company as held and owned by the Grantee); provided, however, that no certificates for Awarded Shares will be delivered to the Grantee (or, if the Awarded Shares are not
certificated, no transfer of the Awarded Shares will be entered in the stock record books of the Company) until appropriate arrangements have been made with the Company for the withholding or payment of any taxes that may be due with respect to such
Awarded Shares. 
 (b)    If any of the Awarded Shares are forfeited by the Grantee under Section 2, upon
request by the Company, the Escrow Holder will deliver any stock certificate(s) evidencing those Awarded Shares to the Company (or, if the Awarded Shares are not certificated, such forfeiture will be entered in the stock record books of the
Company), and the Company will then have the right to retain and transfer those Awarded Shares to its own name free and clear of any rights of the Grantee under this Agreement or otherwise. 

(c)    The Escrow Holder is hereby directed to permit transfer of the Awarded Shares only in accordance with this Agreement
or in accordance with instructions signed by both parties hereto. In the event further instructions are reasonably desired by the Escrow Holder, he or she will be entitled to conclusively rely upon directions executed by a majority of the members of
the Board. The Escrow Holder will have no liability for any act or omissions hereunder while acting in good faith in the exercise of his or her own judgment. 

4.    Stock Splits, etc. If, while any of the Awarded Shares remain subject to vesting under Section 2, there
occurs any merger, consolidation, reorganization, reclassification, recapitalization, stock split, stock dividend, or other similar change in the Common Stock, then any and all new, substituted or additional securities or other consideration to
which the Grantee is entitled by reason of the Grantee’s ownership of the Awarded Shares will be immediately subject to the escrow contemplated by Section 3, deposited with the Escrow Holder and will thereafter be included in the
term “Awarded Shares” for all purposes of the Plan and this Agreement. 

 5.    Dividends and Distributions During Performance Period. The Grantee will
have no rights to dividends or Dividend Equivalents with respect to any of the Awarded Shares until, and then only to the extent of, the determination under Section 2(a) that they are Earned Shares; provided, however, that
any cash dividends or distributions paid in respect of the Earned Shares during the Time Vesting Period and while those shares remain subject to forfeiture will become vested and delivered to the Grantee only if and when the Earned Shares giving
rise to such dividends or distributions become vested under Section 2. 
 6.    Tax Consequences. The Grantee
acknowledges that the Company has not advised the Grantee regarding the Grantee’s income tax liability in connection with the grant, receipt or vesting of the Awarded Shares. The Grantee has reviewed with the Grantee’s own tax advisors the
federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of its
agents. The Grantee understands that the Grantee (and not the Company) will be responsible for the Grantee’s own tax liability that may arise as a result of the transactions contemplated by this Agreement. 

7.    Restrictions on Unvested Awarded Shares. Except for the escrow described in Section 3 or the forfeiture of
Awarded Shares to the Company described in Section 2, the Grantee may not sell, pledge, assign, encumber, hypothecate, gift, transfer, bequeath, devise, donate or otherwise dispose of, in any way or manner whatsoever, whether voluntary
or involuntary, any legal or beneficial interest in any of the Awarded Shares until the Awarded Shares become vested in accordance with Section 2; provided, however, that the restrictions of this Section 7 shall
not apply to any transfer (i) pursuant to applicable laws of descent and distribution or (ii) among Grantee’s family group; provided that such restrictions will continue to be applicable to the Awarded Shares after any such transfer
and the transferees of such Awarded Shares have agreed in writing to be bound by the provisions of this Agreement. Grantee’s “family group” means Grantee’s spouse and descendants (whether natural or adopted) and any trust solely
for the benefit of Grantee and/or Grantee’s spouse and/or descendants during Grantee’s lifetime. 
 8.    Legend.
Share certificates evidencing Awarded Shares will bear the following legend to be placed on all certificates evidencing any Awarded Shares (in addition to any other legends that may be required to be placed on such certificates pursuant to the Plan,
applicable law or otherwise): 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT
TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE VASCO DATA SECURITY INTERNATIONAL, INC. 2009 EQUITY INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND VASCO DATA 

 SECURITY INTERNATIONAL, INC. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE IN
THE PRINCIPAL OFFICES OF VASCO DATA SECURITY INTERNATIONAL, INC. AND WILL BE MADE AVAILABLE TO ANY SHAREHOLDER WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE COMPANY. 

Upon request by the Grantee, following vesting of the Awarded Shares pursuant to Section 2, the Company will remove the legend from the
certificates evidencing such vested Awarded Shares. 
 9.    Rights of Grantee. Grantee shall have no voting rights or any
other rights of a shareholder of the Company in any Awarded Shares until, and then only to the extent of, the determination under Section 2(a) that they are Earned Shares. During the Time Vesting Period, Grantee will have all of the
rights of a shareholder of the Company with respect to the Earned Shares, including the right to vote such shares and, subject to Section 4 and Section 5 and the provisions of the Plan, the right to receive any distributions
or dividends payable on such shares. 
 10.    Securities Laws. The Company may from time to time impose any conditions on
the Awarded Shares as it deems necessary or advisable to ensure that the Plan satisfies the conditions of Rule 16b-3 adopted under the Securities and Exchange Act of 1934 and otherwise complies with
applicable rules and laws. 
 11.    Recoupment of Awarded Shares. Notwithstanding anything in this Agreement to the
contrary, if the Company determines that the Grantee’s Wrongful Act was a significant contributing factor to the Company or a subsidiary having to restate all or a portion of its financial statements, all outstanding Awarded Shares will
immediately and automatically be forfeited and the Grantee shall promptly repay to the Company any Common Stock, cash or other property paid in respect of any Awarded Share during the Recoupment Period. 

 

	12.    General	Provisions 

 (a)    This Agreement, together with the Plan,
represent the entire agreement between the parties with respect to the purchase of the Awarded Shares and may only be modified or amended in a writing signed by both parties. 

(b)    Any notice, demand or request required or permitted to be given by either the Company or the Grantee pursuant to the
terms of this Agreement must be in writing and will be deemed given (i) on the date and at the time delivered via personal, courier or recognized overnight delivery service, (ii) if sent via telecopier on the date and at the time
telecopied with confirmation of delivery, (iii) if sent via e-mail or other electronic delivery and receipt is confirmed, on the date and at the time received, or (iv) if mailed, on the date five days after the date of the mailing (which
must be by registered or certified mail). Delivery of a notice by telecopy (with confirmation) or by e-mail or other electronic delivery (with confirmation or receipt) will be permitted and will be considered delivery of a notice notwithstanding
that it is not an original that is received. Any notice to Grantee under this Agreement will be made to Grantee at the address (or telecopy number, email or other electronic address, as the case may be) listed in the Company’s personnel files.
If directed to the Company, any such notice, demand or request will be sent to the Chairman of the Committee at the Company’s principal executive office, or to such other address or person as the Company may hereafter specify in writing. Any
notice to the Escrow Holder will be sent to the Company’s address, with a copy to the other party not sending the notice. 

 (c)    The Company may condition delivery of certificates for Awarded Shares
(or, if the Awarded Shares are not certificated, the entry in the stock record books of the Company of the transfer to the Grantee of the Awarded Shares) upon the prior receipt from Grantee of any undertakings which it may determine are required to
assure that the certificates are being issued in compliance with federal and state securities laws. 
 (d)    The Grantee
has received a copy of the Plan, has read the Plan and is familiar with its terms, and hereby accepts the Awarded Shares subject to all of the terms and provisions of the Plan, as amended from time to time. Pursuant to the Plan, the Board and the
Committee are authorized to interpret the Plan and to adopt rules and regulations not inconsistent with the Plan as they deem appropriate. The Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the
Board or the Committee upon any questions arising under the Plan. 
 (e)    Neither this Agreement nor any rights or
interest hereunder will be assignable by the Grantee, the Grantee’s beneficiaries or legal representatives, and any purported assignment in violation hereof will be null and void. 

(f)    Either party’s failure to enforce any provision or provisions of this Agreement will not in any way be
construed as a waiver of any such provision or provisions, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted both parties herein are cumulative and will not constitute a waiver of
either party’s right to assert all other legal remedies available to it under the circumstances. 
 (g)    The grant
of Awarded Shares hereunder does not confer upon the Grantee any right to continue in service with the Company or any of its subsidiaries. 

(h)    The Awarded Shares and any related dividends or distributions are intended to be exempt from the requirements of
Internal Revenue Code Section 409A. 
 (i)    This Agreement shall be governed by, and enforced in accordance with,
the laws of the State of Delaware, without regard to the application of the principles of conflicts or choice of laws. 

(j)    This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of
which together shall be deemed to be one and the same instrument. In the event that any signature to this Agreement is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a
valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

[Signature Page Follows] 

 [SIGNATURE PAGE TO AWARD AGREEMENT FOR PERFORMANCE SHARES] 

IN WITNESS WHEREOF, the parties have duly executed this Award Agreement intending it to be effective as of the first date written
above. 
  

			
	VASCO DATA SECURITY INTERNATIONAL, INC.
		
	By:	 	 
		
	Its:	 	 
		
		 	
	
	  

	[GRANTEE]

 Exhibit A 

Performance Targets 
 The number of Earned Shares,
if any, will be dependent on the Company’s achievement of the Performance Targets as defined below: 
 The “Performance Target” for
the One Year Awarded Shares is $             of total revenue during 2014 excluding revenue during 2014 from all acquisitions closed after the Effective Date. Total revenue is
reported in the Company’s audited financial statements. Revenue from acquisitions closed after the Effective Date shall be determined by the Company in accordance with U.S. Generally Accepted Accounting Principles. 

The “Performance Target” for the Three Year Awarded Shares is
$             of total revenue during 2016 excluding revenue during 2016 from all acquisitions closed after the Effective Date. Total revenue is reported in the Company’s
audited financial statements. Revenue from acquisitions closed after the Effective Date shall be determined by the Company in accordance with U.S. Generally Accepted Accounting Principles. 

One Year Awarded Shares: 
 The target number of Awarded
Shares for 100% achievement of the Performance Target for the One Year Awarded Shares is: [            ] 

The following table shows the number of One Year Awarded Shares that will be earned (i.e. become Earned Shares) and will be payable to the Grantee (subject to
vesting as provided in Section 2 of the Award Agreement) based on achievement of the Performance Target at various levels: 
  

					
	 Actual Performance (millions)
	  	Percentage of One Year
Awarded Shares earned (as
a percentage of the target
number of Awarded
Shares)	 	Number of Earned
Shares
	 (minimum threshold) $xxx
	  	50%	 	
	 (target) $yyy
	  	100%	 	
	 (maximum) $zzz or higher
	  	150%	 	

  

	 	•	 	No shares are earned if actual performance is less than the minimum threshold level. 

  

	 	•	 	The maximum number of Earned Shares is 150% of the target number of Award Shares. 

  

	 	•	 	The number of Earned Shares that will be earned and payable for achievement of performance levels between the stated Performance Target achievement percentages shall be interpolated. 

 Three Year Awarded Shares: 

The target number of Awarded Shares for 100% achievement of the Performance Target for the Three Year Awarded Shares is:
[            ] 
 The following table shows the number of Three Year Awarded Shares that
will be earned (i.e. become Earned Shares) and will be payable to the Grantee (subject to vesting as provided in Section 2 of the Award Agreement) based on achievement of the Performance Target at various levels: 

 

					
	 Actual Performance (millions)
	  	Percentage of Awarded
Shares earned (as a
percentage of the target
number of Awarded
Shares)	  	Number of Earned
Shares
	 (minimum threshold) $xxx
	  	50%	  	
	 (target) $yyy
	  	100%	  	
	 (maximum) $zzz or higher
	  	150%	  	

  

	 	•	 	No shares are earned if actual performance is less than the minimum threshold level. 

  

	 	•	 	The maximum number of Earned Shares is 150% of the target number of Award Shares. 

  

	 	•	 	The number of Earned Shares that will be earned and payable for achievement of performance levels between the stated Performance Target achievement percentages shall be interpolated.

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