Document:

Exhibit 10.10

 Exhibit 10.10 
 FEDERAL TRUST BANK 
 AMENDED SALARY CONTINUATION AGREEMENT 
 THIS AGREEMENT is made this 31st day of December, 2005, by and between Federal Trust Bank, a federal savings bank (“Bank”), and Jennifer B. Brodnax (“Executive”), as an amendment to that certain
agreement dated November 10, 2003. 
 INTRODUCTION 
 To encourage the Executive to remain an employee of the Bank, the Bank is willing to provide salary continuation benefits to the Executive. 
 AGREEMENT 
 The Executive and the Bank
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
	 “Anniversary Date” means the 31st day of December of each calendar year. 

  

	 	 1.1.2
	 “Change of Control” means a change in control with respect to either the Bank or its corporate parent, Federal Trust Corporation, as defined in
12 C.F.R. Section 574.4(a) or (b) of the OTS regulations, or as otherwise required by Section 409A of the Internal Revenue Code of 1986, as amended, and any Treasury Regulations promulgated thereunder. 

  

	 	 1.1.3
	 “Disability” means sickness, accident or injury which, in the judgment of a physician appointed by the Bank, prevents the Executive from
performing all of the Executive’s customary duties for the Bank, or as otherwise required by Section 409A of the Internal Revenue Code of 1986, as amended, and any Treasury Regulations promulgated thereunder. As a condition to any
benefits, the Bank may require the Executive to submit to such physical or mental evaluations and tests as the Bank’s Board of Directors deems appropriate. 

  

	 	 1.1.4
	 “Early Retirement Date” means the Executive attaining age sixty-two (62) and completing ten (10) Years of Service.

  

	 	 1.1.5
	 “Effective Date” means the 1st day of June, 2003. 

  

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	 	 1.1.6
	 “Month of Service” means each completed full month of a Year of Service. 

  

	 	 1.1.7
	 “Normal Retirement Date” means the Anniversary Date in the year the Executive attains age 65. 

  

	 	 1.1.8
	 “Termination of Employment” means the Executive’s ceasing to be employed by the Bank for any reason whatsoever, voluntary or involuntary,
other than by reason of an approved leave of absence. 

  

	 	 1.1.9
	 “Years of Service” means the total number of consecutive twelve-month periods during which the Executive is employed on a full-time or part-time
basis by the Bank, inclusive of any approved leaves of absence, from the Effective Date of this Agreement until Termination of Employment. 

 ARTICLE 2 
 LIFETIME BENEFITS 
  

	 2.1
	 Normal Retirement Benefit. If the Executive terminates employment on or after the Normal Retirement Date for reasons other than death, the Bank shall pay
to the Executive the benefit described in this Section 2.1. 

 2.1.1 Amount of Benefit. The
annual benefit under this Section 2.1 shall be twenty thousand dollars ($20,000) per year for life (“Normal Retirement Benefit”). 
 2.1.2 Payment of Benefit. The Bank shall pay one thousand six hundred sixty six and 66/100 dollars ($1,666.66), to the Executive on the first day of each month commencing with the month following the Normal
Retirement Date and continuing for life. 
 2.1.3 Change of Control. Upon a Change of Control after benefit payments
have commenced under Section 2.1.2, the Executive may elect to receive a present value lump sum payment within sixty (60) days of such Change of Control based on a discount rate of eight percent (8%) and a life expectancy of age 82.

  

	 2.2
	 Early Retirement Benefit. If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons
other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2. 

 2.2.1 Amount of Benefit. The Early Retirement Benefit under this Section 2.2 shall be an amount equal to the Normal Retirement Benefit reduced by five percent (5%) for each year (or part thereof)
prior to Executive’s Normal Retirement Date, determined as of the date of Termination of Employment. 
 2.2.2
Payment of Benefit. The Bank shall pay the Early Retirement Benefit to the Executive in equal consecutive monthly payments for life. 
  

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 2.2.3 Change of Control Upon a Change of Control after benefit payments have
commenced under Section 2.1.2, the Executive may elect to receive a present value lump sum payment within sixty (60) days of such Change of Control based on a discount rate of eight percent (8%) and a life expectancy of age 82.

  

	 2.3
	 Disability Benefit. If the Executive terminates employment because of Disability prior to the Normal Retirement Date, the Bank shall pay to the Executive
the benefit described in this Section 2.3. 

 2.3.1 Amount of Disability Benefit. The
Disability Benefit under this Section 2.3 is 100% of the Normal Retirement Benefit. 
 2.3.2 Payment of Benefit.
The Bank shall pay the benefit to the Executive, at the Bank’s discretion, in either a present value lump sum payment within sixty days of Termination of Employment due to Disability based on a discount rate of eight percent (8%) and a
life expectancy of age 82, or in equal consecutive monthly payments for life, beginning with the month following Disability. 
 2.3.3 Change of Control. Upon a Change of Control after benefit payments have commenced under Section 2.1.2, the Executive may elect to receive a present value lump sum payment within sixty (60) days of such Change of
Control based on a discount rate of eight percent (8%) and a life expectancy of age 82. 
  

	 2.4
	 Change of Control Benefit. Upon a Change of Control while the Executive is employed by the Bank, the Bank shall pay to the Executive the benefit described
in this Section 2.4 in lieu of any other benefit under this agreement. 

 2.4.1 Amount of Benefit.
The Change of Control benefit shall be an amount equal to 100% of the Normal Retirement Benefit in Section 2.1.1 as if the Executive worked until age 65. 
 2.4.2 Payment of Benefit. The Bank shall pay the benefit to the Executive as a present value lump sum payment within 60 days of Change of Control based on a discount rate of eight percent
(8%) and a life expectancy of age 82. 
 ARTICLE 3 
 DEATH BENEFITS 
  

	 3.1
	 Death During Employment. If the Executive dies while employed by the Bank, the Bank shall pay to the Executive’s beneficiary the benefit described in
this Section 3.1. 

 3.1.1. Computation of Benefit. The death benefit under this
Section 3.1 shall be computed by reference to the Annual Benefit, determined as of the date of Termination of Employment due to Executive’s death. 
  

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 3.1.2 Payment of Benefit. The Bank shall pay the death benefit to the
Executive’s beneficiary, at the discretion of the Personal Representative of Executive’s estate, in either a present value lump sum payment within 90 days of Executive’s death, based on a discount rate of eight percent (8%) and a
life expectancy of age 82, computed by reference to the Annual Benefit, or in 60 equal consecutive quarterly payments based on one-quarter (1/4) of the Annual Benefit determined as of the date of Termination of Employment due to
Executive’s death and beginning with the month following the Executive’s death. 
  

	 3.2
	 Death During Benefit Period. If the Executive’s beneficiary dies after death benefit payments have commenced under Section 3.1.2 of this
Agreement, but before receiving all such payments, the Bank shall pay the remaining benefits to the designated beneficiary of the Executive’s beneficiary at the same time and in the same amounts the benefit would have been paid to the
Executive’s beneficiary had he or she survived. 

 ARTICLE 4 
 BENEFICIARIES 
  

	 4.1
	 Beneficiary Designations. The Executive shall designate a “primary” and “contingent” beneficiary by filing a written designation with
the Bank. 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 Bank during the Executive’s lifetime. A
beneficiary’s 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 in equal shares per survivor, and if no survivors, to the Executive’s estate.

  

	 4.2
	 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or
her property, the Bank 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 Bank may require proof of incompetence, minority or guardianship as it
may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit. 

  

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 ARTICLE 5 
 GENERAL LIMITATIONS 
 Notwithstanding any provision of this Agreement to the contrary, the Bank shall
not pay any benefit under this Agreement for the following reasons: 
  

	 5.1
	 Termination for Cause. If the Bank terminates the Executive’s employment for: 

 5.1.1 Gross negligence or gross neglect of duties; 
 5.1.2 Commission of a felony; or 
 5.1.3 Fraud, disloyalty,
dishonesty or willful violation of any law or material Bank policy in connection with the Executive’s employment. 
 5.2 Suicide. No benefits shall be payable if the Executive commits suicide prior to August 31, 2005, or if the Executive has made any material misstatement of fact on any application for life insurance purchased by the Bank.

 ARTICLE 6 
 CLAIMS
AND REVIEW PROCEDURES 
  

	 6.1
	 Claims Procedure. The Bank shall notify the Executive or her successor in interest (“Claimant”) in writing, within ninety (90) days of the
Claimant’s written application for benefits, of eligibility or non eligibility for benefits under the Agreement. If the Bank determines that the Claimant 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 Claimant’s
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 Claimant wishes to have the claim reviewed. If the Bank
determines that there are special circumstances requiring additional time to make a decision, the Bank shall notify the Claimant 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. 

  

	 6.2
	 Review Procedure. If the Claimant is determined by the Bank not to be eligible for benefits, or if the Claimant believes that Claimant is entitled to
greater or different benefits, the Claimant shall have the opportunity to have such claim reviewed by the Bank by filing a petition for review with the Bank within sixty (60) days after receipt of the notice issued by the Bank. Said petition
shall state the specific reasons which the Claimant believes, entitles Claimant to benefits or to greater or different benefits. Within sixty (60) days after receipt by the Bank of the petition, the Bank shall afford the Claimant (and counsel,
if any) an opportunity to present Claimant’s position to the Bank 

  

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orally, or in writing, and the Claimant (or counsel) shall have the right to review the pertinent documents. The Bank shall notify the Claimant 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 Claimant and the specific provisions of the Agreement on which the decision is based. If, because
of the need for a hearing, the 60 day period is not sufficient, the decision may be deferred for up to another sixty-day period at the election of the Bank, but notice of this deferral shall be given to the Claimant. 

 ARTICLE 7 
 AMENDMENTS AND
TERMINATION 
 The Bank reserves the right to amend or terminate this Agreement at any time. In the event of termination of this
Agreement, the benefit to the Executive shall be based on the benefit determined as of the date of termination of this Agreement. The Bank shall pay the benefit to the Executive, at the Bank’s discretion, in either a present value lump sum
payment within 60 days of Executive’s Termination of Employment based on a discount rate of eight percent (8%) and a life expectancy of age 82, computed by reference to the benefit, or in equal consecutive quarterly payments based on
one-quarter (1/4) of the benefit, on the first day of each quarter commencing with the month following the Executive’s Termination of Employment and continuing for the remainder of her life. In the event of amendment, the nonforfeitable
benefit accrued as of the effective date of the amendment shall not be reduced by the amendment. 
 ARTICLE 8 
 MISCELLANEOUS 
  

	 8.1
	 Binding Effect. This Agreement shall bind the Executive and the Bank, and their beneficiaries, survivors, executors, administrators.

 8.2 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 Bank, nor does it interfere with the Bank’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. 
  

	 8.3
	 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

  

	 8.4
	 Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement.

  

	 8.5
	 Applicable Law. The Agreement and all rights thereunder shall be governed by the laws of Florida, except to the extent preempted by the laws of the United
States of America. 

  

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	 8.6
	 Unfunded Arrangement. The Executive and any beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The
benefits represent the mere promise by the Bank 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.
Insurance on the Executive’s life, if any, is a general asset of the Bank to which the Executive and any beneficiary shall have no preferred or secured claim. 

 IN WITNESS WHEREOF, the Executive and a duly authorized Bank officer have signed this agreement. 
  

							
	 EXECUTIVE:
	 		  		 	 FEDERAL TRUST BANK

				
	 /s/ Jennifer B. Brodnax
	 		  		 	 /s/ James V. Suskiewich

	 Jennifer B. Brodnax
	 		  	 By:
	 	 James V. Suskiewich

		 		  		 	 Chairman & Chief Executive Officer

  

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 FEDERAL TRUST BANK 
 SALARY CONTINUATION AGREEMENT 
 BENEFICIARY DESIGNATION 
 I designate the following as beneficiary of any death benefits under the Salary Continuation Agreement: 
  

					
	 Primary:
	  	             Charles E. Brodnax, III
	  	
			
	 Contingent A:
	  	             Daniel T. Coleman
	  	
		  	             Ashley E. Brodnax
	  	
			
	 Contingent B:
	  	             Janet Christenson
	  	
			
	 Contingent C:
	  	  
	  	

 Note: To name a Trust as beneficiary, please provide the name of the Trustee
and the exact date of the Trust Agreement. 
 I understand that I may change any beneficiary designations by filing a new written
designation with the Bank. This benefit designation shall be controlled by section 4.1 of the Salary Continuation Agreement. 
  

			
	 Signature:
	 	 /s/ Jennifer B. Brodnax

		
	 Date:
	 	 3/23/06

 Accepted by the Bank this 23 day March, 2006. 
  

			
	 By:
	 	 /s/ James V. Suskiewich

		
	 Title:
	 	 CHAIRMAN

  

 8Exhibit 10.11

 Exhibit 10.11 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 EMPLOYEE STOCK OWNERSHIP
PLAN FOR 
 FEDERAL TRUST CORPORATION AND ITS SUBSIDIARIES 

 TABLE OF CONTENTS 
  

					
		  	ARTICLE I	  	
		  	DEFINITIONS	  	
			
		  	ARTICLE II	  	
		  	ADMINISTRATION	  	
			
	2.1	  	POWERS AND RESPONSIBILITIES OF THE EMPLOYER	  	10
			
	2.2	  	DESIGNATION OF ADMINISTRATIVE AUTHORITY	  	11
			
	2.3	  	ALLOCATION AND DELEGATION OF RESPONSIBILITIES	  	11
			
	2.4	  	POWERS AND DUTIES OF THE ADMINISTRATOR	  	12
			
	2.5	  	RECORDS AND REPORTS	  	13
			
	2.6	  	APPOINTMENT OF ADVISERS	  	13
			
	2.7	  	PAYMENT OF EXPENSES	  	13
			
	2.8	  	CLAIMS PROCEDURE	  	13
			
	2.9	  	CLAIMS REVIEW PROCEDURE	  	14
			
		  	ARTICLE III	  	
		  	ELIGIBILITY	  	
			
	3.1	  	CONDITIONS OF ELIGIBILITY	  	14
			
	3.2	  	EFFECTIVE DATE OF PARTICIPATION	  	14
			
	3.3	  	DETERMINATION OF ELIGIBILITY	  	15
			
	3.4	  	TERMINATION OF ELIGIBILITY	  	15
			
	3.5	  	OMISSION OF ELIGIBLE EMPLOYEE	  	15
			
	3.6	  	INCLUSION OF INELIGIBLE EMPLOYEE	  	15
			
	3.7	  	REHIRED EMPLOYEES AND BREAKS IN SERVICE	  	15
			
	3.8	  	ELECTION NOT TO PARTICIPATE	  	17
			
		  	ARTICLE IV	  	
		  	CONTRIBUTION AND ALLOCATION	  	
			
	4.1	  	FORMULA FOR DETERMINING EMPLOYER CONTRIBUTION	  	17
			
	4.2	  	TIME OF PAYMENT OF EMPLOYER CONTRIBUTION	  	17
			
	4.3	  	ALLOCATION OF CONTRIBUTION, FORFEITURES AND EARNINGS	  	17
			
	4.4	  	MAXIMUM ANNUAL ADDITIONS	  	21
			
	4.5	  	ADJUSTMENT FOR EXCESSIVE ANNUAL ADDITIONS	  	23
			
	4.6	  	ROLLOVERS AND PLAN-TO-PLAN TRANSFERS FROM QUALIFIED PLANS	  	24
			
	4.7	  	DIRECTED INVESTMENT ACCOUNT	  	26
			
	4.8	  	QUALIFIED MILITARY SERVICE	  	27

					
		  	ARTICLE V	  	
		  	FUNDING AND INVESTMENT POLICY	  	
			
	5.1	  	INVESTMENT POLICY	  	27
			
	5.2	  	APPLICATION OF CASH	  	27
			
	5,3	  	TRANSACTIONS INVOLVING COMPANY STOCK	  	27
			
	5.4	  	LOANS TO THE TRUST	  	28
			
		  	ARTICLE VI	  	
		  	VALUATIONS	  	
			
	6.1	  	VALUATION OF THE TRUST FUND	  	30
			
	6.2	  	METHOD OF VALUATION	  	30
			
		  	ARTICLE VII	  	
		  	DETERMINATION AND DISTRIBUTION OF BENEFITS	  	
			
	7.1	  	DETERMINATION OF BENEFITS UPON RETIREMENT	  	30
			
	7.2	  	DETERMINATION OF BENEFITS UPON DEATH	  	30
			
	7.3	  	DETERMINATION OF BENEFITS IN EVENT OF DISABILITY	  	32
			
	7.4	  	DETERMINATION OF BENEFITS UPON TERMINATION	  	32
			
	7.5	  	DISTRIBUTION OF BENEFITS	  	34
			
	7.6	  	HOW PLAN BENEFIT WILL BE DISTRIBUTED	  	37
			
	7.7	  	DISTRIBUTION FOR MINOR OR INCOMPETENT BENEFICIARY	  	38
			
	7.8	  	LOCATION OF PARTICIPANT OR BENEFICIARY UNKNOWN	  	38
			
	7.9	  	RIGHT OF FIRST REFUSALS	  	38
			
	7.10	  	STOCK CERTIFICATE LEGEND	  	39
			
	7.11	  	PUT OPTION	  	40
			
	7.12	  	NONTERMINABLE PROTECTIONS AND RIGHTS	  	41
			
	7.13	  	QUALIFIED DOMESTIC RELATIONS ORDER DISTRIBUTION	  	41
			
		  	ARTICLE VIII	  	
		  	TRUSTEE	  	
			
	8.1	  	BASIC RESPONSIBILITIES OF THE TRUSTEE	  	42
			
	8.2	  	INVESTMENT POWERS AND DUTIES OF THE TRUSTEE	  	43
			
	8.3	  	OTHER POWERS OF THE TRUSTEE	  	43
			
	8.4	  	VOTING COMPANY STOCK	  	46
			
	8.5	  	DUTIES OF THE TRUSTEE REGARDING PAYMENTS	  	46
			
	8.6	  	TRUSTEE’S COMPENSATION AND EXPENSES AND TAXES	  	46
			
	8.7	  	ANNUAL REPORT OF THE TRUSTEE	  	46
			
	8.8	  	AUDIT	  	47

					
	8.9	  	RESIGNATION, REMOVAL AND SUCCESSION OF TRUSTEE	  	48
			
	8.10	  	TRANSFER OF INTEREST	  	48
			
	8.11	  	TRUSTEE INDEMNIFICATION	  	49
			
	8.12	  	DIRECT ROLLOVER	  	49
			
		  	ARTICLE IX	  	
		  	AMENDMENT, TERMINATION AND MERGERS	  	
			
	9.1	  	AMENDMENT	  	50
			
	9.2	  	TERMINATION	  	51
			
	9.3	  	MERGER, CONSOLIDATION OR TRANSFER OF ASSETS	  	51
			
		  	ARTICLE X	  	
		  	TOP HEAVY	  	
			
	10.1	  	TOP HEAVY PLAN REQUIREMENTS	  	51
			
	10.2	  	DETERMINATION OF TOP HEAVY STATUS	  	51
			
		  	ARTICLE XI	  	
		  	MISCELLANEOUS	  	
			
	11.1	  	PARTICIPANT’S RIGHTS	  	54
			
	11.2	  	ALIENATION	  	54
			
	11.3	  	CONSTRUCTION OF PLAN	  	55
			
	11.4	  	GENDER AND NUMBER	  	55
			
	11.5	  	LEGAL ACTION	  	55
			
	11.6	  	PROHIBITION AGAINST DIVERSION OF FUNDS	  	55
			
	11.7	  	EMPLOYER’S AND TRUSTEE’S PROTECTIVE CLAUSE	  	56
			
	11.8	  	INSURER’S PROTECTIVE CLAUSE	  	56
			
	11.9	  	RECEIPT AND RELEASE FOR PAYMENTS	  	56
			
	11.10	  	ACTION BY THE EMPLOYER	  	56
			
	11.11	  	NAMED FIDUCIARIES AND ALLOCATION OF RESPONSIBILITY	  	56
			
	11.12	  	HEADINGS	  	57
			
	11.13	  	APPROVAL BY INTERNAL REVENUE SERVICE	  	57
			
	11.14	  	UNIFORMITY	  	57
			
	11.15	  	SECURITIES AND EXCHANGE COMMISSION APPROVAL	  	57
			
		  	ARTICLE XII	  	
		  	PARTICIPATING EMPLOYERS	  	
			
	12.1	  	ADOPTION BY OTHER EMPLOYERS	  	58
			
	12.2	  	REQUIREMENTS OF PARTICIPATING EMPLOYERS	  	58

					
	12.3	  	DESIGNATION OF AGENT	  	58
			
	12.4	  	EMPLOYEE TRANSFERS	  	58
			
	12.5	  	PARTICIPATING EMPLOYER CONTRIBUTION AND FORFEITURES	  	58
			
	12.6	  	AMENDMENT	  	59
			
	12.7	  	DISCONTINUANCE OF PARTICIPATION	  	59
			
	12.8	  	ADMINISTRATOR’S AUTHORITY	  	59

 EMPLOYEE STOCK OWNERSHIP PLAN FOR 
 FEDERAL TRUST CORPORATION AND ITS SUBSIDIARIES 
 THIS AGREEMENT, hereby made and entered into this 28th day of February 2002,
by and between Federal Trust Corporation (herein referred to as the “Employer”) and James V. Suskiewick (herein referred to as the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Employer heretofore established an Employee Stock Ownership Plan effective
January 1,1990, (hereinafter called the “Effective Date”) known as Employee Stock Ownership Plan for Federal Trust Corporation and Its Subsidiaries (herein referred to as the “Plan”) in recognition of the contribution made
to its successful operation by its employees and for the exclusive benefit of its eligible employees; and 
 WHEREAS, under the terms of the Plan, the
Employer has the ability to amend the Plan, provided the Trustee joins in such amendment if the provisions of the Plan affecting the Trustee are amended; 
 WHEREAS, contributions to the Plan will be made by the Employer and such contributions made to the trust will be invested primarily in the capital stock of the Employer; 
 NOW, THEREFORE, effective January 1, 2002, except as otherwise provided, the Employer and the Trustee in accordance with the provisions of the Plan
pertaining to amendments thereof, hereby amend the Plan in its entirety and restate the Plan to provide as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1      “Act” means the Employee Retirement Income Security Act of 1974, as it may be amended from time to time, 
 1.2      “Administrator” means the Employer unless another person or entity has been designated by the Employer pursuant to Section 2.2 to administer the Plan on behalf of the
Employer. 
 1.3      “Affiliated Employer” means any corporation which is a member of a controlled group of
corporations (as defined in Code Section 414(b)) which includes the Employer; any trade or business (whether or not incorporated) which is under common control (as defined in Code Section 414(c)) with the Employer; any organization
(whether or not incorporated) which is a member of an affiliated service group (as defined in Code Section 414(m)) which includes the Employer; and any other entity required to be aggregated with the Employer pursuant to Regulations under Code
Section 414(o). 
 1.4      “Aggregate Account” means, with respect to each Participant, the value of all
accounts maintained on behalf of a Participant, whether attributable to Employer or Employee contributions, subject to the provisions of Section 10.2. 
 1.5      “Anniversary Date” means the last day of the Plan Year. 
 1.6      “Beneficiary” means the person (or entity) to whom the share of a deceased Participant’s total account is payable, subject to the restrictions of Sections 7.2 and 7.5. 
  

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 1.7      “Code” means the Internal Revenue Code of 1986, as amended or
replaced from time to time. 
 1.8      “Company Stock” means common stock issued by the Employer (or by a
corporation which is a member of the controlled group of corporations of which the Employer is a member) which is readily tradeable on an established securities market. If there is no common stock which meets the foregoing requirement, the term
“Company Stock” means common stock issued by the Employer (or by a corporation which is a member of the same controlled group) having a combination of voting power and dividend rights equal to or in excess of: (A) that class of common
stock of the Employer (or of any other such corporation) having the greatest voting power, and (B) that class of common stock of the Employer (or of any other such corporation) having the greatest dividend rights. Noncallable preferred stock
shall be deemed to be “Company Stock” if such stock is convertible at any time into stock which constitutes “Company Stock” hereunder and if such conversion is at a conversion price which (as of the date of the acquisition by the
Trust) is reasonable. For purposes of the preceding sentence, pursuant to Regulations, preferred stock shall be treated as noncallable if after the call there will be a reasonable opportunity for a conversion which meets the requirements of the
preceding sentence. 
 1.9      “Company Stock Account” means the account of a Participant which is credited
with the shares of Company Stock purchased and paid for by the Trust Fund or contributed to the Trust Fund. 
 1.10    “Compensation” with respect to any Participant means such Participant’s wages as defined in Code Section 3401 (a) and all other payments of compensation by the Employer (in the course of
the Employer’s trade or business) for a Plan Year for which the Employer is required to furnish the Participant a written statement under Code Sections 6041 (d), 6051 (a)(3) and 6052. Compensation must be determined without regard to any rules
under Code Section 3401 (a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code Section 3401 (a)(2)).

 For purposes of this Section, the determination of Compensation shall be made by: 
 (a)    excluding (even if includible in gross income) reimbursements or other expense allowances, fringe benefits (cash or
noncash), moving expenses, deferred compensation, and welfare benefits. 
 (b)    including amounts which are
contributed by the Employer pursuant to a salary reduction agreement and which are not includible in the gross income of the Participant under Code Sections 125, 132(f)(4) for Plan Years beginning after December 31, 2000, 402(e)(3),
402(h)(1)(B), 403(b) or 457(b), and Employee contributions described in Code Section 414(h)(2) that are treated as Employer contributions. 
 For
a Participant’s initial year of participation, Compensation shall be recognized as of such Employee’s effective date of participation pursuant to Section 3.2. 
 Compensation in excess of $150,000 (or such other amount provided in the Code) shall be disregarded. Such amount shall be adjusted for increases in the cost of
living in accordance with Code Section 401 (a)(17)(B), except that the dollar increase in effect on January 1 of any calendar year shall be effective for the Plan Year beginning with or within such 

  

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calendar year. For any short Plan Year the Compensation limit shall be an amount equal to the Compensation limit for the calendar year in which the Plan Year begins
multiplied by the ratio obtained by dividing the number of full months in the short Plan Year by twelve (12). 
 For Plan Years beginning after
December 31, 1996, for purposes of determining Compensation, the family member aggregation rules of Code Section 401(a)(17) and Code Section 414(q)(6) (as in effect prior to the Small Business Job Protection Act of 1996) are
eliminated. 
 For purposes of this Section, if the Plan is a plan described in Code Section 413(c) or 414(f) (a plan maintained by more than one
Employer), the limitation applies separately with respect to the Compensation of any Participant from each Employer maintaining the Plan. 
 1.11    “Contract” or “Policy” means any life insurance policy, retirement income policy or annuity policy (group or individual) issued pursuant to the terms of the Plan. In the event of any conflict
between the terms of this Plan and the terms of any contract purchased hereunder, the Plan provisions shall control. 
 1.12    “Current Obligations” means Trust obligations arising from extension of credit to the Trust and payable in cash within (1) year from the date an Employer contribution is due. 
 1.13    “Early Retirement Date.” This Plan does not provide for a retirement date prior to Normal Retirement Date. 
 1.14    “Eligible Employee” means any Employee. 
 Employees of Affiliated Employers shall not be eligible to participate in this Plan unless such Affiliated Employers have specifically adopted this Plan in writing. 
 Employees classified by the Employer as independent contractors who are subsequently determined by the Internal Revenue Service to be Employees shall not be
Eligible Employees. 
 1.15    “Employee” means any person who is employed by the Employer or Affiliated Employer, and
excludes any person who is employed as an independent contractor. Employee shall include Leased Employees within the meaning of Code Sections 414(n)(2) and 414(o)(2) unless such Leased Employees are covered by a plan described in Code
Section 414(n)(5) and such Leased Employees do not constitute more than 20% of the recipient’s non-highly compensated work force. 
 1.16    “Employer” means Federal Trust Corporation and any successor which shall maintain this Plan; and any predecessor which has maintained this Plan. The Employer is a corporation with principal offices in
the State of Florida. In addition, where appropriate, the term Employer shall include any Participating Employer (as defined in Section 12.1) which shall adopt this Plan. 
 1.17    “ESOP” means an employee stock ownership plan that meets the requirements of Code Section 4975(e)(7) and Regulation
54.4975-11. 
 1.18    “Exempt Loan” means a loan made to the Plan by a disqualified person or a loan to the Plan which
is guaranteed by a disqualified person and which satisfies the requirements of Section 2550.408b-3 of the Department of Labor Regulations, Section 54.4975-7(b) of the Treasury Regulations and Section 5.4 hereof. 
  

 3 

 1.19    “Fiduciary” means any person who (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 monies 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. 
 1.20    “Fiscal Year” means the Employer’s accounting year of 12 months commencing on January 1st of each year and ending
the following December 31st. 
 1.21    “Forfeiture” means that portion of a Participant’s Account that is not
Vested, and occurs on the earlier of: 
 (a)    the distribution of the entire Vested portion of the
Participant’s Account of a Former Participant who has severed employment with the Employer. For purposes of this provision, if the Former Participant has a Vested benefit of zero, then such Former Participant shall be deemed to have received a
distribution of such Vested benefit as of the year in which the severance of employment occurs, or 
 (b)    the
last day of the Plan Year in which a Former Participant who has severed employment with the Employer incurs five (5) consecutive 1-Year Breaks in Service. 
 Regardless of the preceding provisions, if a Former Participant is eligible to share in the allocation of Employer contributions or Forfeitures in the year in which the Forfeiture would otherwise occur, then the Forfeiture will
not occur until the end of the first Plan Year for which the Former Participant is not eligible to share in the allocation of Employer contributions or Forfeitures. Furthermore, the term “Forfeiture” shall also include amounts deemed to be
Forfeitures pursuant to any other provision of this Plan. 
 1.22    “Former Participant” means a person who has been a
Participant, but who has ceased to be a Participant for any reason. 
 1.23    “415 Compensation” with respect to any
Participant means such Participant’s wages as defined in Code Section 3401(a) and all other payments of compensation by the Employer (in the course of the Employer’s trade or business) for a Plan Year for which the Employer is
required to furnish the Participant a written statement under Code Sections 6041(d), 6051(a)(3) and 6052. “415 Compensation” must be determined without regard to any rules under Code Section 3401(a) that limit the
remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code Section 3401(a)(2)). 
 For “limitation years” beginning after December 31,1997, for purposes of this Section, the determination of “415 Compensation” shall
include any elective deferral (as defined in Code Section 401(g)(3)), and any amount which is contributed or deferred by the Employer at the election of the Participant and which is not includible in the gross income of the Participant by
reason of Code Sections 125, 132(f)(4) for “limitation years” beginning after December 31, 2000 and 457. 
 1.24    “Highly Compensated Employee” means, for Plan Years beginning after December 31,1996, an Employee described in Code Section 414(q) and the Regulations thereunder, and generally means any
Employee who: 
  

 4 

 (c)    was a “five percent owner” as defined in Section 1.29(c)
at any time during the “determination year” or the “look-back year”; or 
 (d)    for the
“look-back year” had “415 Compensation” from the Employer in excess of $80,000. The $80,000 amount is adjusted at the same time and in the same manner as under Code Section 415(d), except that the base period is the calendar
quarter ending September 30, 1996. 
 The “determination year” means the Plan Year for which testing is being performed, and the
“look back year” means the immediately preceding twelve (12) month period. 
 A highly compensated former Employee is based on the
rules applicable to determining Highly Compensated Employee status as in effect for the “determination year,” in accordance with Regulation 1.414(q)-1T, A-4 and IRS Notice 97-45 (or any superseding guidance). 
 In determining whether an Employee is a Highly Compensated Employee for a Plan Year beginning in 1997, the amendments to Code Section 414(q) stated above are
treated as having been in effect for years beginning in 1996. 
 For purposes of this Section, for Plan Years beginning prior to January 1, 1998,
the determination of “415 Compensation” shall be made by including amounts that would otherwise be excluded from a Participant’s gross income by reason of the application of Code Sections 125, 402(e)(3), 402(h)(1)(B) and, in the case
of Employer contributions made pursuant to a salary reduction agreement, Code Section 403(b). 
 In determining who is a Highly Compensated
Employee, Employees who are non-resident aliens and who received no earned income (within the meaning of Code Section 911(d)(2)) from the Employer constituting United States source income within the meaning of Code Section 861(a)(3) shall
not be treated as Employees. Additionally, all Affiliated Employers shall be taken into account as a single employer and Leased Employees within the meaning of Code Sections 414(n)(2) and 414(o)(2) shall be considered Employees unless such Leased
Employees are covered by a plan described in Code Section 414(n)(5) and are not covered in any qualified plan maintained by the Employer. The exclusion of Leased Employees for this purpose shall be applied on a uniform and consistent basis for
all of the Employer’s retirement plans. Highly Compensated Former Employees shall be treated as Highly Compensated Employees without regard to whether they performed services during the “determination year.” 
 1.25    “Highly Compensated Participant” means any Highly Compensated Employee who is eligible to participate in the component of the
Plan being tested. 
 1.26    “Hour of Service” means (1) each hour for which an Employee is directly or indirectly
compensated or entitled to compensation by the Employer for the performance of duties (these hours will be credited to the Employee for the computation period in which the duties are performed); (2) each hour for which an Employee is directly
or indirectly compensated or entitled to compensation by the Employer (irrespective of whether the employment relationship has terminated) for reasons other than performance of duties (such as vacation, holidays, sickness, jury duty, disability,
lay-off, military duty or leave of absence) during the applicable computation period (these hours will be calculated and credited pursuant to Department of Labor regulation 2530.200b-2 which is incorporated herein by reference); (3) each hour
for which back pay is awarded or agreed to by the Employer without regard to 

  

 5 

 
mitigation of damages (these hours will be credited to the Employee for the computation period or periods to which the award or agreement pertains rather than the
computation period in which the award, agreement or payment is made). The same Hours of Service shall not be credited both under (1) or (2), as the case may be, and under (3). 
 Notwithstanding (2) above, (i) no more than 501 Hours of Service are required to be credited to an Employee on account of any single continuous period
during which the Employee performs no duties (whether or not such period occurs in a single computation period); (ii) an hour for which an Employee is directly or indirectly paid, or entitled to payment, on account of a period during which no
duties are performed is not required to be credited to the Employee if such payment is made or due under a plan maintained solely for the purpose of complying with applicable worker’s compensation, or unemployment compensation or disability
insurance laws; and (iii) Hours of Service are not required to be credited for a payment which solely reimburses an Employee for medical or medically related expenses incurred by the Employee. 
 For purposes of (2) above, a payment shall be deemed to be made by or due from the Employer regardless of whether such payment is made by or due from the
Employer directly, or indirectly through, among others, a trust fund, or insurer, to which the Employer contributes or pays premiums and regardless of whether contributions made or due to the trust fund, insurer, or other entity are for the benefit
of particular Employees or are on behalf of a group of Employees in the aggregate. 
 For purposes of this Section, Hours of Service will be credited
for employment with other Affiliated Employers. The provisions of Department of Labor regulations 2530.200b-2(b) and (c) are incorporated herein by reference. 
 1.27    “Income” means the income or losses allocable to which amount shall be allocated in the same manner as income or losses are allocated pursuant to Section 4.3(d). 
 1.28    “Investment Manager” means an entity that (a) has the power to manage, acquire, or dispose of Plan assets and
(b) acknowledges fiduciary responsibility to the Plan in writing. Such entity must be a person, firm, or corporation registered as an investment adviser under the Investment Advisers Act of 1940, a bank, or an insurance company. 
 1.29    “Key Employee” means an Employee as defined in Code Section 416(i) and the Regulations thereunder. Generally, any
Employee or former Employee (as well as each of the Employee’s or former Employee’s Beneficiaries) is considered a Key Employee if the Employee’s or former Employee’s, at any time during the Plan Year that contains the
“Determination Date” or any of the preceding four (4) Plan Years, has been included in one of the following categories: 
 (a)    an officer of the Employer (as that term is defined within the meaning of the Regulations under Code Section 416) having annual “415 Compensation” greater than 50 percent of the amount in effect
under Code Section 415(b)(1)(A) for any such Plan Year. 
 (b)    one of the ten employees having annual
“415 Compensation” from the Employer for a Plan Year greater than the dollar limitation in effect under Code Section 415(c)(1)(A) for the calendar year in which such Plan Year ends and owning (or considered as owning within the
meaning of Code Section 318) both more than one-half percent interest and the largest interests in the Employer. 
  

 6 

 (c)    a “five percent owner” of the Employer. “Five percent
owner” means any person who owns (or is considered as owning within the meaning of Code Section 318) more than five percent (5%) of the outstanding stock of the Employer or stock possessing more than five percent (5%) of the
total combined voting power of all stock of the Employer or, in the case of an unincorporated business, any person who owns more than five percent (5%) of the capital or profits interest in the Employer. In determining percentage ownership
hereunder, employers that would otherwise be aggregated under Code Sections 414(b), (c), (m) and (o) shall be treated as separate employers. 
 (d)    a “one percent owner” of the Employer having an annual “415 Compensation” from the Employer of more than $150,000. “One percent owner” means any person who owns (or is
considered as owning within the meaning of Code Section 318) more than one percent (1%) of the outstanding stock of the Employer or stock possessing more than one percent (1%) of the total combined voting power of all stock of the Employer
or, in the case of an unincorporated business, any person who owns more than one percent (1%) of the capital or profits interest in the Employer. In determining percentage ownership hereunder, employers that would otherwise be aggregated under Code
Sections 414(b), (c), (m) and (o) shall be treated as separate employers. However, in determining whether an individual has “415 Compensation” of more than $150,000, “415 Compensation” from each employer required to be
aggregated under Code Sections 414(b), (c), (m) and (o) shall be taken into account. 
 For purposes of this Section, the determination of
“415 Compensation” shall be made by including amounts which are contributed by the Employer pursuant to a salary reduction agreement and which are not includible in the gross income of the Participant under Code Sections 125, 132(f)(4) for
Plan Years beginning after December 31, 2000, 402(e)(3), 402(h)(1)(B), 403(b) or 457(b), and Employee contributions described in Code Section 414(h)(2) that are treated as Employer contributions. 
 1.30    “Late Retirement Date” means the Anniversary Date coinciding with or next following a Participant’s actual Retirement
Date after having reached Normal Retirement Date. 
 1.31    “Leased Employee” means, for Plan Years beginning after
December 31,1996, any person (other than an Employee of the recipient Employer) who pursuant to an agreement between the recipient Employer and any other person or entity (“leasing organization”) has performed services for the
recipient (or for the recipient and related persons determined in accordance with Code Section 414(n)(6)) on a substantially full time basis for a period of at least one year, and such services are performed under primary direction or control
by the recipient Employer. Contributions or benefits provided a Leased Employee by the leasing organization which are attributable to services performed for the recipient Employer shall be treated as provided by the recipient Employer. Furthermore,
Compensation for a Leased Employee shall only include Compensation from the leasing organization that is attributable to services performed for the recipient Employer. A Leased Employee shall not be considered an Employee of the recipient Employer:

 (a)    if such employee is covered by a money purchase pension plan providing: 
 (1)    a nonintegrated employer contribution rate of at least 10% of compensation, as defined in Code Section 415(c)(3), but for Plan
Years beginning prior to January 1, 1998, including amounts which are contributed by the Employer pursuant to a salary reduction agreement 
  

 7 

 
and which are not includible in the gross income of the Participant under Code Sections 125, 402(e)(3), 402(h)(1)(B), 403(b) or 457(b), and Employee contributions
described in Code Section 414(h)(2) that are treated as Employer contributions, and for Plan Years beginning prior to January 1, 2001, excluding amounts that are not includible in gross income under Code Section 132(f)(4); 

(2)    immediate participation; 
 (3)    full and immediate vesting; and 
 (b)    if Leased Employees do not
constitute more than 20% of the recipient Employer’s nonhighly compensated work force. 
 1.32    “Non-Highly Compensated
Participant” means, for Plan Years beginning after December 31, 1996, any Participant who is not a Highly Compensated Employee. 
 1.33    “Non-Key Employee” means any Employee or former Employee (and such Employee’s or former Employee’s Beneficiaries) who is not, and has never been, a Key Employee. 
 1.34    “Normal Retirement Age” means the Participant’s 65th birthday, or the Participant’s 5th anniversary of joining the
Plan, if later. A Participant shall become fully Vested in the Participant’s Account upon attaining Normal Retirement Age. 
 1.35    “Normal Retirement Date” means the Anniversary Date coinciding with or next following the Participant’s Normal Retirement Age. 
 1.36    “1-Year Break in Service” means the applicable computation period during which an Employee has not completed more than 500
Hours of Service with the Employer. Further, solely for the purpose of determining whether a Participant has incurred a 1-Year Break in Service, Hours of Service shall be recognized for “authorized leaves of absence” and “maternity
and paternity leaves of absence.” Years of Service and 1-Year Breaks in Service shall be measured on the same computation period. 
 “Authorized leave of absence” means an unpaid, temporary cessation from active employment with the Employer pursuant to an established nondiscriminatory policy, whether occasioned by illness, military service, or any other reason.

 A “maternity or paternity leave of absence” means an absence from work for any period by reason of the Employee’s pregnancy, birth
of the Employee’s child, placement of a child with the Employee in connection with the adoption of such child, or any absence for the purpose of caring for such child for a period immediately following such birth or placement. For this purpose,
Hours of Service shall be credited for the computation period in which the absence from work begins, only if credit therefore is necessary to prevent the Employee from incurring a 1-Year Break in Service, or, in any other case, in the immediately
following computation period. The Hours of Service credited for a “maternity or paternity leave of absence” shall be those which would normally have been credited but for such absence, or, in any case in which the Administrator is unable
to determine such hours normally credited, eight (8) Hours of Service per day. The total Hours of Service required to be credited for a “maternity or paternity leave of absence” shall not exceed the number of Hours of Service needed
to prevent the Employee from incurring a 1-Year Break in Service. 
  

 8 

 1.37    “Other Investments Account” means the account of a Participant which is
credited with such Participant’s share of the net gain (or loss) of the Plan, Forfeitures and Employer contributions in other than Company Stock and which is debited with payments made to pay for Company Stock. 
 1.38    “Participant” means any Eligible Employee who participates in the Plan and has not for any reason become ineligible to
participate further in the Plan. 
 1.39    “Participant’s Account” means the account established and maintained by
the Administrator for each Participant with respect to such Participant’s total interest in the Plan and Trust resulting from the Employer contributions. 
 1.40    “Participant’s Transfer/Rollover Account” means the account established and maintained by the Administrator for each Participant with respect to the Participant’s total interest
in the Plan resulting from amounts transferred to this Plan from a direct plan-to-plan transfer and/or with respect to such Participant’s interest in the Plan resulting from amounts transferred from another qualified plan or “conduit”
Individual Retirement Account in accordance with Section 4.6. 
 A separate accounting shall be maintained with respect to that portion of the
Participant’s Transfer/Rollover Account attributable to transfers (within the meaning of Code Section 414(l)) and “rollovers.” 
 1.41    “Plan” means this instrument, including all amendments thereto. 
 1.42    “Plan Year” means the Plan’s accounting year of twelve (12) months commencing on January 1st of each year and ending the following December 31st. 
 1.43    “Regulation” means the Income Tax Regulations as promulgated by the Secretary of the Treasury or a delegate of the Secretary
of the Treasury, and as amended from time to time. 
 1.44    “Retired Participant” means a person who has been a
Participant, but who has become entitled to retirement benefits under the Plan. 
 1.45    “Retirement Date” means the
date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant’s Normal Retirement Date or Late Retirement Date (see Section 7.1). 
 1.46    “Terminated Participant” means a person who has been a Participant, but whose employment has been terminated other than by
death, Total and Permanent Disability or retirement. 
 1.47    “Top Heavy Plan” means a plan described in
Section 10.2(a). 
 1.48    “Top Heavy Plan Year” means a Plan Year during which the Plan is a Top Heavy Plan.

 1.49    “Total and Permanent Disability” means a physical or mental condition of a Participant resulting from bodily
injury, disease, or mental disorder which renders such Participant incapable of continuing usual and customary employment with the Employer. The disability of a Participant shall be determined by a licensed physician chosen by the Administrator. The
determination shall be applied uniformly to all Participants. 
  

 9 

 1.50    “Trustee” means the person or entity named as trustee herein or in any
separate trust forming a part of this Plan, and any successors. 
 1.51    “Trust Fund” means the assets of the Plan and
Trust as the same shall exist from time to time. 
 1.52    “Unallocated Company Stock Suspense Account” means an account
containing Company Stock acquired with the proceeds of an Exempt Loan and which has not been released from such account and allocated to the Participants’ Company Stock Accounts. 
 1.53    “Valuation Date” means the Anniversary Date and may include any other date or dates deemed necessary or appropriate by the
Administrator for the valuation of the Participant’s accounts during the Plan Year, which may include any day that the Trustee, any transfer agent appointed by the Trustee or the Employer or any stock exchange used by such agent, are open for
business. 
 1.54    “Vested” means the nonforfeitable portion of any account maintained on behalf of a Participant.

 1.55    “Year of Service” means the computation period of twelve (12) consecutive months, herein set forth,
during which an Employee has at least 1000 Hours of Service. 
 For purposes of eligibility for participation, the initial computation period shall
begin with the date on which the Employee first performs an Hour of Service. The participation computation period beginning after a 1-Year Break in Service shall be measured from the date on which an Employee again performs an Hour of Service. The
participation computation period shall shift to the Plan Year which includes the anniversary of the date on which the Employee first performed an Hour of Service. An Employee who is credited with the required Hours of Service in both the initial
computation period (or the computation period beginning after a 1-Year Break in Service) and the Plan Year which includes the anniversary of the date on which the Employee first performed an Hour of Service, shall be credited with two (2) Years
of Service for purposes of eligibility to participate. 
 For vesting purposes, the computation periods shall be the Plan Year, including periods
prior to the Effective Date of the Plan. 
 The computation period shall be the Plan Year if not otherwise set forth herein. 
 Notwithstanding the foregoing, for any short Plan Year, the determination of whether an Employee has completed a Year of Service shall be made in accordance with
Department of Labor regulation 2530.203-2(c). However, in determining whether an Employee has completed a Year of Service for benefit accrual purposes in the short Plan Year, the number of the Hours of Service required shall be proportionately
reduced based on the number of full months in the short Plan Year. 
 Years of Service with any Affiliated Employer shall be recognized. 

ARTICLE II 
 ADMINISTRATION 
  

	2.1	POWERS AND RESPONSIBILITIES OF THE EMPLOYER 

 (a) In addition
to the general powers and responsibilities otherwise 

  

 10 

 
provided for in this Plan, the Employer shall be empowered to appoint and remove the Trustee and the Administrator from time to time as it deems necessary for the
proper administration of the Plan to ensure that the Plan is being operated for the exclusive benefit of the Participants and their Beneficiaries in accordance with the terms of the Plan, the Code, and the Act. The Employer may appoint counsel,
specialists, advisers, agents (including any nonfiduciary agent) and other persons as the Employer deems necessary or desirable in connection with the exercise of its fiduciary duties under this Plan. The Employer may compensate such agents or
advisers from the assets of the Plan as fiduciary expenses (but not including any business (settlor) expenses of the Employer), to the extent not paid by the Employer. 
 (b)    The Employer may, by written agreement or designation, appoint at its option an Investment Manager (qualified under the
Investment Company Act of 1940 as amended), investment adviser, or other agent to provide direction to the Trustee with respect to any or all of the Plan assets. Such appointment shall be given by the Employer in writing in a form acceptable to the
Trustee and shall specifically identify the Plan assets with respect to which the Investment Manager or other agent shall have authority to direct the investment. 
 (c)    The Employer shall establish a “funding policy and method,” i.e., it shall determine whether the Plan has a
short run need for liquidity (e.g., to pay benefits) or whether liquidity is a long run goal and investment growth (and stability of same) is a more current need, or shall appoint a qualified person to do so. The Employer or its delegate shall
communicate such needs and goals to the Trustee, who shall coordinate such Plan needs with its investment policy. The communication of such a “funding policy and method” shall not, however, constitute a directive to the Trustee as to the
investment of the Trust Funds. Such “funding policy and method” shall be consistent with the objectives of this Plan and with the requirements of Title I of the Act. 
 (d)    The Employer shall periodically review the performance of any Fiduciary or other person to whom duties have been
delegated or allocated by it under the provisions of this Plan or pursuant to procedures established hereunder. This requirement may be satisfied by formal periodic review by the Employer or by a qualified person specifically designated by the
Employer, through day-to-day conduct and evaluation, or through other appropriate ways. 
 (e)    The Employer
will furnish Plan Fiduciaries and Participants with notices and information statements when voting rights must be exercised pursuant to Section 8.4. 
  

	2.2	DESIGNATION OF ADMINISTRATIVE AUTHORITY 

 The Employer shall be the
Administrator. The Employer may appoint any person, including, but not limited to, the Employees of the Employer, to perform the duties of the Administrator. Any person so appointed shall signify acceptance by filing written acceptance with the
Employer. Upon the resignation or removal of any individual performing the duties of the Administrator, the Employer may designate a successor. 
  

	2.3	ALLOCATION AND DELEGATION OF RESPONSIBILITIES 

 If more than one person is
appointed as Administrator, the responsibilities of each Administrator may be specified by the Employer and accepted in writing by each 

  

 11 

 
Administrator. In the event that no such delegation is made by the Employer, the Administrators may allocate the responsibilities among themselves, in which event the
Administrators shall notify the Employer and the Trustee in writing of such action and specify the responsibilities of each Administrator. The Trustee thereafter shall accept and rely upon any documents executed by the appropriate Administrator
until such time as the Employer or the Administrators file with the Trustee a written revocation of such designation. 
  

	2.4	POWERS AND DUTIES OF THE ADMINISTRATOR 

 The primary responsibility of the
Administrator is to administer the Plan for the exclusive benefit of the Participants and their Beneficiaries, subject to the specific terms of the Plan. The Administrator shall administer the Plan in accordance with its terms and shall have the
power and discretion to construe the terms of the Plan and to determine all questions arising in connection with the administration, interpretation, and application of the Plan. Any such determination by the Administrator shall be conclusive and
binding upon all persons. The Administrator may establish procedures, correct any defect, supply any information, or reconcile any inconsistency in such manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of
the Plan; provided, however, that any procedure, discretionary act, interpretation or construction shall be done in a nondiscriminatory manner based upon uniform principles consistently applied and shall be consistent with the intent that the Plan
shall continue to be deemed a qualified plan under the terms of Code Section 401(a), and shall comply with the terms of the Act and all regulations issued pursuant thereto. The Administrator shall have all powers necessary or appropriate to
accomplish the Administrator’s duties under the Plan. 
 The Administrator shall be charged with the duties of the general administration of the
Plan as set forth under the terms of the Plan, including, but not limited to, the following: 
 (a)    the
discretion to determine all questions relating to the eligibility of Employees to participate or remain a Participant hereunder and to receive benefits under the Plan; 
 (b)    to compute, certify, and direct the Trustee with respect to the amount and the kind of benefits to which any
Participant shall be entitled hereunder; 
 (c)    to authorize and direct the Trustee with respect to all
nondiscretionary or otherwise directed disbursements from the Trust; 
 (d)    to maintain all necessary records
for the administration of the Plan; 
 (e)    to interpret the provisions of the Plan and to make and publish such
rules for regulation of the Plan as are consistent with the terms hereof; 
 (f)    to determine the size and type
of any Contract to be purchased from any insurer, and to designate the insurer from which such Contract shall be purchased; 
 (g)    to compute and certify to the Employer and to the Trustee from time to time the sums of money necessary or desirable to be contributed to the Plan; 
  

 12 

 (h)    to consult with the Employer and the Trustee regarding the short and
long-term liquidity needs of the Plan in order that the Trustee can exercise any investment discretion in a manner designed to accomplish specific objectives; 
 (i)    to establish and communicate to Participants a procedure for allowing each Participant to direct the Trustee as to the
distribution of such Participant’s Company Stock Account pursuant to Section 4.7; 
 (j)    to establish
and communicate to Participants a procedure and method to insure that each Participant will vote Company Stock allocated to such Participant’s Company Stock Account pursuant to Section 8.4; 
 (k)    to determine the validity of, and take appropriate action with respect to, any qualified domestic relations order
received by it; and 
 (I)    to assist any Participant regarding the Participant’s rights, benefits, or
elections available under the Plan. 
  

	2.5	RECORDS AND REPORTS 

 The Administrator shall keep a record of all actions
taken and shall keep all other books of account, records, policies, and other data that may be necessary for proper administration of the Plan and shall be responsible for supplying all information and reports to the Internal Revenue Service,
Department of Labor, Participants, Beneficiaries and others as required by law. 
  

	2.6	APPOINTMENT OF ADVISERS 

 The Administrator, or the Trustee with the consent
of the Administrator, may appoint counsel, specialists, advisers, agents (including nonfiduciary agents) and other persons as the Administrator or the Trustee deems necessary or desirable in connection with the administration of this Plan, including
but not limited to agents and advisers to assist with the administration and management of the Plan, and thereby to provide, among such other duties as the Administrator may appoint, assistance with maintaining Plan records and the providing of
investment information to the Plan’s investment fiduciaries. 
  

	2.7	PAYMENT OF EXPENSES 

 All expenses of administration may be paid out of the
Trust Fund unless paid by the Employer. Such expenses shall include any expenses incident to the functioning of the Administrator, or any person or persons retained or appointed by any Named Fiduciary incident to the exercise of their duties under
the Plan, including, but not limited to, fees of accountants, counsel, Investment Managers, and other specialists and their agents, the costs of any bonds required pursuant to Act Section 412, and other costs of administering the Plan. Until
paid, the expenses shall constitute a liability of the Trust Fund. 
  

	2.8	CLAIMS PROCEDURE 

 Claims for benefits under the Plan may be filed in writing
with the Administrator. Written notice of the disposition of a claim shall be furnished to the claimant within 90 days after the application is filed, or such period as is required by applicable law or Department of Labor regulation. In the event
the claim is denied, the reasons for the denial shall be specifically set forth in the notice in language calculated to be understood by the claimant, pertinent provisions 

  

 13 

 
of the Plan shall be cited, and, where appropriate, an explanation as to how the claimant can perfect the claim will be provided. In addition, the claimant shall be
furnished with an explanation of the Plan’s claims review procedure. 
  

	2.9	CLAIMS REVIEW PROCEDURE 

 Any Employee, former Employee, or Beneficiary of
either, who has been denied a benefit by a decision of the Administrator pursuant to Section 2.8 shall be entitled to request the Administrator to give further consideration to a claim by filing with the Administrator a written request for a
hearing. Such request, together with a written statement of the reasons why the claimant believes the claim should be allowed, shall be filed with the Administrator no later than sixty (60) days after receipt of the written notification
provided for in Section 2.8. The Administrator shall then conduct a hearing within the next sixty (60) days, at which the claimant may be represented by an attorney or any other representative of such claimant’s choosing and expense
and at which the claimant shall have an opportunity to submit written and oral evidence and arguments in support of the claim. At the hearing (or prior thereto upon five (5) business days written notice to the Administrator) the claimant or the
claimant’s representative shall have an opportunity to review all documents in the possession of the Administrator which are pertinent to the claim at issue and its disallowance. Either the claimant or the Administrator may cause a court
reporter to attend the hearing and record the proceedings. In such event, a complete written transcript of the proceedings shall be furnished to both parties by the court reporter. The full expense of any such court reporter and such transcripts
shall be borne by the party causing the court reporter to attend the hearing. A final decision as to the allowance of the claim shall be made by the Administrator within sixty (60) days of receipt of the appeal (unless there has been an
extension of sixty (60) days due to special circumstances, provided the delay and the special circumstances occasioning it are communicated to the claimant within the sixty (60) day period). Such communication shall be written in a manner
calculated to be understood by the claimant and shall include specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision is based. 
 ARTICLE III 
 ELIGIBILITY 
  

	3.1	CONDITIONS OF ELIGIBILITY 

 Any Eligible Employee who was employed on the
last day of the first Plan Year shall be eligible to participate and shall enter the Plan as of the first day of such Plan Year. Any other Eligible Employee who has completed six (6) months of service and has attained age twenty and one-half
shall be eligible to participate hereunder as of the date such Employee has satisfied such requirements. However, any Employee who was a Participant in the Plan prior to the effective date of this amendment and restatement shall continue to
participate in the Plan. 
 For purposes of this Section, an Eligible Employee will be deemed to have completed the required number of months of
service if such Employee is in the employ of the Employer at any time after such months after the Employee’s employment commencement date. Employment commencement date shall be the first day that the Employee is entitled to be credited with an
Hour of Service for the performance of duty. 
  

	3.2	EFFECTIVE DATE OF PARTICIPATION 

 An Eligible Employee shall become a
Participant effective as of the first day of the Plan Year next following the date on which such Employee met the eligibility requirements of Section 3.1, provided said Employee was still employed as of such date (or if not employed on such
date, as of the date of rehire if a 1-Year Break in Service has not occurred or, if later, the 

  

 14 

 
date that the Employee would have otherwise entered the Plan had the Employee not terminated employment). 
  

	3.3	DETERMINATION OF ELIGIBILITY 

 The Administrator shall determine the
eligibility of each Employee for participation in the Plan based upon information furnished by the Employer. Such determination shall be conclusive and binding upon all persons, as long as the same is made pursuant to the Plan and the Act. Such
determination shall be subject to review pursuant to Section 2.9. 
  

	3.4	TERMINATION OF ELIGIBILITY 

 In the event a Participant shall go from a
classification of an Eligible Employee to an ineligible Employee, such Former Participant shall continue to vest in the Plan for each Year of Service completed while a noneligible Employee, until such time as the Participant’s Account shall be
forfeited or distributed pursuant to the terms of the Plan. Additionally, the Former Participant’s interest in the Plan shall continue to share in the earnings of the Trust Fund. 
  

	3.5	OMISSION OF ELIGIBLE EMPLOYEE 

 If, in any Plan Year, any Employee who should
be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer for the year has been made and allocated, then the Employer shall make a subsequent contribution,
if necessary after the application of Section 4.3(f), so that the omitted Employee receives a total amount which the Employee would have received (including both Employer contributions and earnings thereon) had the Employee not been omitted.
Such contribution shall be made regardless of whether it is deductible in whole or in part in any taxable year under applicable provisions of the Code. 
  

	3.6	INCLUSION OF INELIGIBLE EMPLOYEE 

 If, in any Plan Year, any person who
should not have been included as a Participant in the Plan is erroneously included and discovery of such inclusion is not made until after a contribution for the year has been made and allocated, the Employer shall be entitled to recover the
contribution made with respect to the ineligible person provided the error is discovered within twelve (12) months of the date on which it was made. Otherwise, the amount contributed with respect to the ineligible person shall constitute a
Forfeiture for the Plan Year in which the discovery is made. 
  

	3.7	REHIRED EMPLOYEES AND BREAKS IN SERVICE 

 (a)    If any Participant becomes a Former Participant due to severance from employment with the Employer and is reemployed by the Employer before a 1-Year Break in Service occurs, the Former Participant shall become a
Participant as of the reemployment date. 
 (b)    If any Participant becomes a Former Participant due to
severance from employment with the Employer and is reemployed after a 1-Year Break in Service has occurred, Years of Service shall include Years of Service prior to the 1-Year Break in Service subject to the following rules: 
 (1)    In the case of a Former Participant who under the Plan does not have a nonforfeitable right to any interest in the Plan resulting from
Employer contributions, Years of Service before a period of 1-Year Break 

  

 15 

 
in Service will not be taken into account if the number of consecutive 1-Year Breaks in Service equal or exceed the greater of (A) five (5) or (B) the
aggregate number of pre-break Years of Service. Such aggregate number of Years of Service will not include any Years of Service disregarded under the preceding sentence by reason of prior 1-Year Breaks in Service. 
 (2)    A Former Participant who has not had Years of Service before a 1-Year Break in Service disregarded pursuant to (1) above, and completes
a Year of Service for eligibility purposes shall participate in the Plan as of the date immediately following completion of a Year of Service. 
 (c)    After a Former Participant who has severed employment with the Employer incurs five (5) consecutive 1-Year Breaks in Service, the Vested portion of said Former Participant’s Account
attributable to pre-break service shall not be increased as a result of post-break service. In such case, separate accounts will be maintained as follows: 
 (1)    one account for nonforfeitable benefits attributable to pre-break service; and 
 (2)    one
account representing the Participant’s Employer derived account balance in the Plan attributable to post-break service. 
 (d)    If any Participant becomes a Former Participant due to severance of employment with the Employer and is reemployed by the Employer before five (5) consecutive 1-Year Breaks in Service, and such Former
Participant had received a distribution of the entire Vested interest prior to reemployment, then the forfeited account shall be reinstated only if the Former Participant repays the full amount which had been distributed. Such repayment must be made
before the earlier of five (5) years after the first date on which the Participant is subsequently reemployed by the Employer or the close of the first period of five (5) consecutive 1-Year Breaks in Service commencing after the
distribution. If a distribution occurs for any reason other than a severance of employment, the time for repayment may not end earlier than five (5) years after the date of distribution. In the event the Former Participant does repay the full
amount distributed, the undistributed forfeited portion of the Participant’s Account must be restored in full, unadjusted by any gains or losses occurring subsequent to the Valuation Date preceding the distribution. The source for such
reinstatement may be Forfeitures occurring during the Plan Year. If such source is insufficient, then the Employer will contribute an amount which is sufficient to restore any such forfeited Accounts provided, however, that if a discretionary
contribution is made for such year, such contribution shall first be applied to restore any such Accounts and the remainder shall be allocated in accordance with Section 4.3. 
 If a non-Vested Former Participant was deemed to have received a distribution and such Former Participant is reempioyed by the Employer before
five (5) consecutive 1-Year Breaks in Service, then such Participant will be deemed to have repaid the deemed distribution as of the date of reemployment. 
  

 16 

	3.8	ELECTION NOT TO PARTICIPATE 

 An Employee may, subject to the approval of the
Employer, elect voluntarily not to participate in the Plan. The election not to participate must be communicated to the Employer, in writing, within a reasonable period of time before the beginning of a Plan Year. 
 ARTICLE IV 
 CONTRIBUTION AND ALLOCATION 
  

	4.1	FORMULA FOR DETERMINING EMPLOYER CONTRIBUTION 

 (a)    For each Plan Year, the Employer shall contribute to the Plan such amount as shall be determined by the Employer. 
 (b)    The Employer contribution shall not be limited to years in which the Employer has current or accumulated net profit. Additionally, to the extent necessary, the Employer shall contribute to the Plan
the amount necessary to provide the top heavy minimum contribution. All contributions by the Employer shall be made in cash or in such property as is acceptable to the Trustee. 
  

	4.2	TIME OF PAYMENT OF EMPLOYER CONTRIBUTION 

 The Employer may make its
contribution to the Plan for a particular Plan Year at such time as the Employer, in its sole discretion, determines. If the Employer makes a contribution for a particular Plan Year after the close of that Plan Year, the Employer will designate to
the Trustee the Plan Year for which the Employer is making its contribution. 
  

	4.3	ALLOCATION OF CONTRIBUTION, FORFEITURES AND EARNINGS 

 (a)    The Administrator shall establish and maintain an account in the name of each Participant to which the Administrator shall credit as of each Anniversary Date, or other Valuation Date, all amounts allocated to each
such Participant as set forth herein. 
 (b)    The Employer shall provide the Administrator with all information
required by the Administrator to make a proper allocation of the Employer contributions for each Plan Year. Within a reasonable period of time after the date of receipt by the Administrator of such information, the Administrator shall allocate such
contribution to each Participant’s Account in the same proportion that each such Participant’s Compensation for the year bears to the total Compensation of all Participants for such year. 
 Only Participants who have completed a Year of Service during the Plan Year and are actively employed on the last day of the Plan Year shall be
eligible to share in the discretionary contribution for the year. 
 (c)    The Company Stock Account of each
Participant shall be credited as of each Anniversary Date with Forfeitures of Company Stock and the Participant’s allocable share of Company Stock (including fractional shares) purchased and paid for by the Plan or contributed in kind by the
Employer. Stock dividends on Company Stock held in the Participant’s Company Stock Account shall be credited to the Participant’s Company Stock Account when paid. Cash dividends on Company Stock held in the Participant’s Company Stock
Account shall, in the sole discretion of the Administrator, either be credited to the 

  

 17 

 
Participant’s Other Investments Account when paid or be used to repay an Exempt Loan; provided, however, that when cash dividends are used to repay an Exempt
Loan, Company Stock shall be released from the Unallocated Company Stock Suspense Account and allocated to the Participant’s Company Stock Account pursuant to Section 4.3(e) and, provided further, that Company Stock allocated to the
Participant’s Company Stock Account shall have a fair market value not less than the amount of cash dividends which would have been allocated to such Participant’s Other Investments Account for the year. 
 Company Stock acquired by the Plan with the proceeds of an Exempt Loan shall only be allocated to each Participant’s Company Stock Account
upon release from the Unallocated Company Stock Suspense Account as provided in Section 4.3(e) herein. Company Stock acquired with the proceeds of an Exempt Loan shall be an asset of the Trust Fund and maintained in the Unallocated Company
Stock Suspense Account. 
 (d)    As of each Valuation Date, before allocation of Employer contributions for the
entire Plan Year and after allocation of Forfeitures, any earnings or losses (net appreciation or net depreciation) of the Trust Fund shall be allocated in the same proportion that each Participant’s and Former Participant’s nonsegregated
accounts (other than each Participant’s Company Stock Account) bear to the total of all Participants’ and Former Participants’ nonsegregated accounts (other than each Participant’s Company Stock Account) as of such date.

 Earnings or losses do not include the interest paid under any installment contract for the purchase of Company Stock by the Trust
Fund or on any loan used by the Trust Fund to purchase Company Stock, nor does it include income received by the Trust Fund with respect to Company Stock acquired with the proceeds of an Exempt Loan; all income received by the Trust Fund from
Company Stock acquired with the proceeds of an Exempt Loan may, at the discretion of the Administrator, be used to repay such loan. 
 Participants’ transfers from other qualified plans deposited in the general Trust Fund shall share in any earnings and losses (net appreciation or net depreciation) of the Trust Fund in the same manner provided above. Each segregated
account maintained on behalf of a Participant shall be credited or charged with its separate earnings and losses. 
 (e)    All Company Stock acquired by the Plan with the proceeds of an Exempt Loan must be added to and maintained in the Unallocated Company Stock Suspense Account. Such Company Stock shall be released and withdrawn from
that account as if all Company Stock in that account were encumbered. For each Plan Year during the duration of the loan, the number of shares of Company Stock released shall equal the number of encumbered shares held immediately before release for
the current Plan Year multiplied by a fraction, the numerator of which is the amount of principal paid for the Plan Year and the denominator of which is the sum of the numerator plus the principal to be paid for all future Plan Years. As of each
Anniversary Date, the Plan must consistently allocate to each Participant’s Account, in the same manner as Employer discretionary contributions pursuant to Section 4.1(a) are allocated, non-monetary units (shares and fractional shares
of Company Stock) representing each Participant’s interest in Company Stock withdrawn from the Unallocated Company Stock Suspense Account. However, Company Stock 

  

 18 

 
released from the Unallocated Company Stock Suspense Account with cash dividends pursuant to Section 4.3(c) shall be allocated to each Participant’s Company
Stock Account in the same proportion that each such Participant’s number of shares of Company Stock sharing in such cash dividends bears to the total number of shares of all Participant’s Company Stock sharing in such cash dividends.
Income earned with respect to Company Stock in the Unallocated Company Stock Suspense Account shall be used, at the discretion of the Administrator, to repay the Exempt Loan used to purchase such Company Stock. Company Stock released from the
Unallocated Company Stock Suspense Account with such income, and any income which is not so used, shall be allocated as of each Anniversary Date in the same proportion that each Participant’s and Former Participant’s nonsegregated accounts
after the allocation of any earnings or losses pursuant to Section 4.3(d) bear to the total of all Participants’ and Former Participants’ nonsegregated accounts after the allocation of any earnings or losses pursuant to
Section 4.3(d). 
 (f)    On or before each Anniversary Date any amounts which became Forfeitures since the
last Anniversary Date may be made available to reinstate previously forfeited account balances of Former Participants, if any, in accordance with Section 3.7(d), be used to satisfy any contribution that may be required pursuant to
Section 3.5 and/or 7.8, or used to pay any administrative expenses of the Plan. The remaining Forfeitures, if any, shall be added to any Employer discretionary contribution made pursuant to Section 4.1(a) and for the Plan Year in
which such Forfeitures occur allocated among the Participants’ Accounts in the same manner as any Employer discretionary contribution for the current year. 
 Provided, however, that in the event the allocation of Forfeitures provided herein shall cause the “annual addition” (as defined in
Section 4.4) to any Participant’s Account to exceed the amount allowable by the Code, the excess shall be reallocated in accordance with Section 4.5. 
 (g)    For any Top Heavy Plan Year, Non-Key Employees not otherwise eligible to share in the allocation of contributions and
Forfeitures as provided above, shall receive the minimum allocation provided for in Section 4.3(i) if eligible pursuant to the provisions of Section 4.3(k). 
 (h)    Notwithstanding the foregoing, Participants who are not actively employed on the last day of the Plan Year due to
Retirement (Normal or Late), Total and Permanent Disability or death shall share in the allocation of contributions and Forfeitures for that Plan Year. 
 (i)    Minimum Allocations Required for Top Heavy Plan Years: Notwithstanding the foregoing, for any Top Heavy Plan Year, the sum of the Employer contributions and Forfeitures allocated to the
Participant’s Account of each Non-Key Employee shall be equal to at least three percent (3%) of such Non-Key Employee’s “415 Compensation” (reduced by contributions and forfeitures, if any, allocated to each Non-Key Employee
in any defined contribution plan included with this Plan in a Required Aggregation Group). However, if (1) the sum of the Employer contributions and Forfeitures allocated to the Participant’s Account of each Key Employee for such Top Heavy
Plan Year is less than three percent (3%) of each Key Employee’s “415 Compensation” and (2) this Plan is not required to be included in an Aggregation Group to enable a defined benefit plan to meet the requirements of Code
Section 401(a)(4) or 410, 

  

 19 

 
the sum of the Employer contributions and Forfeitures allocated to the Participant’s Account of each Non-Key Employee shall be equal to the largest percentage
allocated to the Participant’s Account of any Key Employee. 
 However, no such minimum allocation shall be required in this Plan
for any Non-Key Employee who participates in another defined contribution plan subject to Code Section 412 included with this Plan in a Required Aggregation Group. 
 (j)    For purposes of the minimum allocations set forth above, the percentage allocated to the Participant’s Account of
any Key Employee shall be equal to the ratio of the sum of the Employer contributions and Forfeitures allocated on behalf of such Key Employee divided by the “415 Compensation” for such Key Employee. 
 (k)    For any Top Heavy Plan Year, the minimum allocations set forth above shall be allocated to the Participant’s
Account of all Non-Key Employees who are Participants and who are employed by the Employer on the last day of the Plan Year, including Non-Key Employees who have (1) failed to complete a Year of Service; and (2) declined to make
mandatory contributions (if required) to the Plan. 
 (I)    For the purposes of this Section, “415
Compensation” in excess of $150,000 (or such other amount provided in the Code) shall be disregarded. Such amount shall be adjusted for increases in the cost of living in accordance with Code Section 401(a)(17)(B), except that the dollar
increase in effect on January 1 of any calendar year shall be effective for the Plan Year beginning with or within such calendar year. If “415 Compensation” for any prior determination period is taken into account in determining a
Participant’s minimum benefit for the current Plan Year, the “415 Compensation” for such determination period is subject to the applicable annual “415 Compensation” limit in effect for that prior period. For this purpose, in
determining the minimum benefit in Plan Years beginning on or after January 1, 1989, the annual “415 Compensation” limit in effect for determination periods beginning before that date is $200,000 (or such other amount as adjusted for
increases in the cost of living in accordance with Code Section 415(d) for determination periods beginning on or after January 1, 1989, and in accordance with Code Section 401(a)(17)(B) for determination periods beginning on or after
January 1, 1994). For determination periods beginning prior to January 1, 1989, the $200,000 limit shall apply only for Top Heavy Plan Years and shall not be adjusted. For any short Plan Year the “415 Compensation” limit shall be
an amount equal to the “415 Compensation” limit for the calendar year in which the Plan Year begins multiplied by the ratio obtained by dividing the number of full months in the short Plan Year by twelve (12). 
 (m)    Notwithstanding anything in this Section to the contrary, all information necessary to properly reflect a given
transaction may not be available until after the date specified herein for processing such transaction, in which case the transaction will be reflected when such information is received and processed. Subject to express limits that may be imposed
under the Code, the processing of any contribution, distribution or other transaction may be delayed for any legitimate business reason (including, but not limited to, failure of systems or computer programs, failure of the means of the transmission
of data, force majeure, the failure of a service provider to timely receive values or prices, and the correction for errors or omissions or the errors or omissions of any service 

  

 20 

 
provider). The processing date of a transaction will be binding for all purposes of the Plan. 
 (n)    Notwithstanding anything to the contrary, if this is a Plan that would otherwise fail to meet the requirements of Code
Section 410(b)(1) and the Regulations thereunder because Employer contributions would not be allocated to a sufficient number or percentage of Participants for a Plan Year, then the following rules shall apply: 
 (1)    The group of Participants eligible to share in the Employer’s contribution and Forfeitures for the Plan Year shall be expanded to
include the minimum number of Participants who would not otherwise be eligible as are necessary to satisfy the applicable test specified above. The specific Participants who shall become eligible under the terms of this paragraph shall be those who
have not separated from service prior to the last day of the Plan Year and have completed the greatest number of Hours of Service in the Plan Year. 
 (2)    If after application of paragraph (1) above, the applicable test is still not satisfied, then the group of Participants eligible to share in the Employer’s contribution and Forfeitures for the Plan Year
shall be further expanded to include the minimum number of Participants who have separated from service prior to the last day of the Plan Year as are necessary to satisfy the applicable test. The specific Participants who shall become eligible to
share shall be those Participants who have completed the greatest number of Hours of Service in the Plan Year before terminating employment. 
 (3)    Nothing in this Section shall permit the reduction of a Participant’s accrued benefit. Therefore any amounts that have previously been allocated to Participants may not be reallocated to satisfy these
requirements. In such event, the Employer shall make an additional contribution equal to the amount such affected Participants would have received had they been included in the allocations, even if it exceeds the amount which would be deductible
under Code Section 404. Any adjustment to the allocations pursuant to this paragraph shall be considered a retroactive amendment adopted by the last day of the Plan Year. 
 (4)    Notwithstanding the foregoing, if the portion of the Plan which is not a Code Section 401(k) plan would fail to satisfy Code
Section 410(b) if the coverage tests were applied by treating those Participants whose only allocation would otherwise be provided under the top heavy formula as if they were not currently benefiting under the Plan, then, for purposes of this
Section 4.3(n), such Participants shall be treated as not benefiting and shall therefore be eligible to be included in the expanded class of Participants who will share in the allocation provided under the Plan’s non top heavy formula.

  

	4.4	MAXIMUM ANNUAL ADDITIONS 

 (a)    Notwithstanding the foregoing, for “limitation year” beginning after December 31, 1994, the maximum “annual additions” credited to a Participant’s accounts for any “limitation
year” shall equal the lesser of: (1) $30,000 adjusted 

  

 21 

 
annually as provided in Code Section 415(d) pursuant to the Regulations, or (2) twenty-five percent (25%) of the Participant’s “415
Compensation” for such “limitation year.” If the Employer contribution that would otherwise be contributed or allocated to the Participant’s accounts would cause the “annual additions” for the “limitation
year” to exceed the maximum “annual additions,” the amount contributed or allocated will be reduced so that the “annual additions” for the “limitation year” will equal the maximum “annual additions,” and
any amount in excess of the maximum “annual additions,” which would have been allocated to such Participant may be allocated to other Participants. For any short “limitation year,” the dollar limitation in (1) above shall be
reduced by a fraction, the numerator of which is the number of full months in the short “limitation year” and the denominator of which is twelve (12). 
 (b)    For purposes of applying the limitations of Code Section 415, “annual additions” means the sum credited
to a Participant’s accounts for any “limitation year” of (1) Employer contributions, (2) Employee contributions, (3) forfeitures, (4) amounts allocated, after March 31,1984, to an individual medical account, as
defined in Code Section 415(l)(2) which is part of a pension or annuity plan maintained by the Employer and (5) amounts derived from contributions paid or accrued after December 31,1985, in taxable years ending after such date, which
are attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code Section 419A(d)(3)) under a welfare benefit plan (as defined in Code Section 419(e)) maintained by the Employer.
Except, however, the “415 Compensation” percentage limitation referred to in paragraph (a)(2) above shall not apply to: (1) any contribution for medical benefits (within the meaning of Code Section 419A(f)(2)) after separation
from service which is otherwise treated as an “annual addition,” or (2) any amount otherwise treated as an “annual addition” under Code Section 415(l)(1). 
 (c)    For purposes of applying the limitations of Code Section 415, the following are not “annual additions”:
(1) the transfer of funds from one qualified plan to another and (2) provided no more than one-third of the Employer contributions for the year are allocated to Highly Compensated Participants, Forfeitures of Company Stock purchased with
the proceeds of an Exempt Loan and Employer contributions applied to the payment of interest on an Exempt Loan, In addition, the following are not Employee contributions for the purposes of Section 4.4(b): (1) rollover contributions (as
defined in Code Sections 402(a)(5), 403(a)(4), 403(b)(8) and 408(d)(3)); (2) repayments of loans made to a Participant from the Plan; (3) repayments of distributions received by an Employee pursuant to Code Section 411(a)(7)(B)
(cash-outs); (4) repayments of distributions received by an Employee pursuant to Code Section 411(a)(3)(D) (mandatory contributions); and (5) Employee contributions to a simplified employee pension excludable from gross income under
Code Section 408(k)(6). 
 (d)    For purposes of applying the limitations of Code Section 415, the
“limitation year” shall be the Plan Year. 
 (e)    For the purpose of this Section, all qualified
defined contribution plans (whether terminated or not) ever maintained by the Employer shall be treated as one defined contribution plan. 
 (f)    For the purpose of this Section, if the Employer is a member of a controlled group of corporations, trades or businesses under common control (as 

  

 22 

 
defined by Code Section 1563(a) or Code Section 414(b) and (c) as modified by Code Section 415(h)), is a member of an affiliated service group (as
defined by Code Section 414(m)), or is a member of a group of entities required to be aggregated pursuant to Regulations under Code Section 414(o), all Employees of such Employers shall be considered to be employed by a single Employer.

 (g)    For the purpose of this Section, if this Plan is a Code Section 413(c) plan, each Employer who
maintains this Plan will be considered to be a separate Employer. 
 (h)(1)    If a Participant participates in
more than one defined contribution plan maintained by the Employer which have different Anniversary Dates, the maximum “annual additions” under this Plan shall equal the maximum “annual additions” for the “limitation
year” minus any “annual additions” previously credited to such Participant’s accounts during the “limitation year.” 
 (2)    If a Participant participates in both a defined contribution plan subject to Code Section 412 and a defined contribution plan not subject to Code Section 412 maintained by the Employer which have the
same Anniversary Date, “annual additions” will be credited to the Participant’s accounts under the defined contribution plan subject to Code Section 412 prior to crediting “annual additions” to the Participant’s
accounts under the defined contribution plan not subject to Code Section 412. 
 (3)    If a Participant participates in more
than one defined contribution plan not subject to Code Section 412 maintained by the Employer which have the same Anniversary Date, the maximum “annual additions” under this Plan shall equal the product of (A) the maximum
“annual additions” for the “limitation year” minus any “annual additions” previously credited under subparagraphs (1) or (2) above, multiplied by (B) a fraction (i) the numerator of which is the
“annual additions” which would be credited to such Participant’s accounts under this Plan without regard to the limitations of Code Section 415 and (ii) the denominator of which is such “annual additions” for all
plans described in this subparagraph. 
 (i)    Notwithstanding anything contained in this Section to the
contrary, the limitations, adjustments and other requirements prescribed in this Section shall at all times comply with the provisions of Code Section 415 and the Regulations thereunder. 
  

	4.5	ADJUSTMENT FOR EXCESSIVE ANNUAL ADDITIONS 

 (a)    If, as a result of the allocation of Forfeitures, a reasonable error in estimating a Participant’s Compensation, a reasonable error in determining the amount of elective deferrals (within the meaning of Code
Section 402(g)(3)) that may be made with respect to any Participant under the limits of Section 4.4 or other facts and circumstances to which Regulation 1.415-6(b)(6) shall be applicable, the “annual additions” under this Plan
would cause the maximum “annual additions” to be exceeded for any Participant, the “excess amount” will be disposed of in one of the following manners, as uniformly determined by the Administrator for all Participants similarly
situated. 
 (1)    If the Participant is covered by the Plan at the end of the “limitation year,” the “excess
amount” will be used to reduce the Employer 

  

 23 

 
contribution (including allocation of any Forfeitures) for such Participant in the next “limitation year,” and each succeeding “limitation year” if
necessary; 
 (2)    If, after the application of subparagraph (1) above, an “excess amount” still exists, and the
Participant is not covered by the Plan at the end of the “limitation year,” the “excess amount” will be held unallocated in a “Section 415 suspense account.” The “Section 415 suspense account” will be applied
to reduce future Employer contributions (including allocation of any Forfeitures) for all remaining Participants in the next “limitation year,” and each succeeding “limitation year” if necessary; 
 (3)    If a “Section 415 suspense account” is in existence at any time during the “limitation year” pursuant to this
Section, it will not participate in the allocation of investment gains and losses of the Trust Fund. If a “Section 415 suspense account” is in existence at any time during a particular “limitation year,” all amounts in the
“Section 415 suspense account” must be allocated and reallocated to Participants’ accounts before any Employer contributions or any Employee contributions may be made to the Plan for that “limitation year.” “Excess
amounts” may not be distributed to Participants or Former Participants. 
 (b)    For purposes of this
Article, “excess amount” for any Participant for a “limitation year” shall mean the excess, if any, of (1) the “annual additions” which would be credited to the Participant’s account under the terms of the
Plan without regard to the limitations of Code Section 415 over (2) the maximum “annual additions” determined pursuant to Section 4.4. 
 (c)    For purposes of this Section, “Section 415 suspense account” shall mean an unallocated account equal to the
sum of “excess amounts” for all Participants in the Plan during the “limitation year.” 
  

	4.6	ROLLOVERS AND PLAN-TO-PLAN TRANSFERS FROM QUALIFIED PLANS 

 (a)    With the consent of the Administrator, amounts may be transferred (within the meaning of Code Section 414(l)) to this Plan from other tax qualified plans under Code Section 401 (a) by Participants,
provided that the trust from which such funds are transferred permits the transfer to be made and the transfer will not jeopardize the tax exempt status of the Plan or Trust or create adverse tax consequences for the Employer. Prior to accepting any
transfers to which this Section applies, the Administrator may require an opinion of counsel that the amounts to be transferred meet the requirements of this Section. The amounts transferred shall be set up in a separate account herein referred to
as a Participant’s Transfer/Rollover Account. Furthermore, for vesting purposes, the Participant’s portion of the Participant’s Transfer/Rollover Account attributable to any transfer shall be subject to Section 7.4(b).

 Except as permitted by Regulations (including Regulation 1.411(d)-4), amounts attributable to elective contributions (as defined in
Regulation 1.401(k)-1(g)(3)), including amounts treated as elective contributions, which are transferred from another qualified plan in a plan-to-plan transfer (other than a direct rollover) shall be subject to the distribution limitations provided
for in Regulation 1.401(k)-1(d). 
  

 24 

 (b)    With the consent of the Administrator, the Plan may accept a
“rollover” by Participants, provided the “rollover” will not jeopardize the tax exempt status of the Plan or create adverse tax consequences for the Employer. Prior to accepting any “rollovers” to which this Section
applies, the Administrator may require the Employee to establish (by providing opinion of counsel or otherwise) that the amounts to be rolled over to this Plan meet the requirements of this Section. The amounts rolled over shall be set up in a
separate account herein referred to as a “Participant’s Transfer/Rollover Account.” Such account shall be fully Vested at all times and shall not be subject to Forfeiture for any reason. 
 For purposes of this Section, the term “qualified plan” shall mean any tax qualified plan under Code Section 401(a), or, any other
plans from which distributions are eligible to be rolled over into this Plan pursuant to the Code. The term “rollover” means: (i) amounts transferred to this Plan directly from another qualified plan; (ii) distributions received
by an Employee from other “qualified plans” which are eligible for tax-free rollover to a “qualified plan” and which are transferred by the Employee to this Plan within sixty (60) days following receipt thereof;
(iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another
“qualified plan” (B) were eligible for tax-free rollover to a “qualified plan” and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts
distributed to the Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such conduit individual
retirement account; and (v) any other amounts which are eligible to be rolled over to this Plan pursuant to the Code. 
 (c)    Amounts in a Participant’s Transfer/Rollover Account shall be held by the Trustee pursuant to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part,
except as provided in paragraph (d) of this Section. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such
assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Plan. 
 (d)    At such date when the Participant or the Participant’s Beneficiary shall be entitled to receive benefits, the Participant’s Transfer/Rollover Account shall be used to provide additional benefits to the
Participant or the Participant’s Beneficiary. Any distributions of amounts held in a Participant’s Transfer/Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Section 7.5, including,
but not limited to, all notice and consent requirements of Code Section 411(a)(11) and the Regulations thereunder. Furthermore, such amounts shall be considered as part of a Participant’s benefit in determining whether an involuntary
cash-out of benefits may be made without Participant consent. 
 (e)    The Administrator may direct that Employee
transfers and rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated or be invested as part
of the general Trust Fund. 
  

 25 

 (f)    This Plan shall not accept any direct or indirect transfers (as that
term is defined and interpreted under Code Section 401(a)(11) and the Regulations thereunder) from a defined benefit plan, money purchase plan (including a target benefit plan), stock bonus or profit sharing plan which would otherwise have
provided for a life annuity form of payment to the Participant. 
 (g)    Notwithstanding anything herein to the
contrary, a transfer directly to this Plan from another qualified plan (or a transaction having the effect of such a transfer) shall only be permitted if it will not result in the elimination or reduction of any “Section 411(d)(6) protected
benefit” as described in Section 9.1. 
  

	4.7	DIRECTED INVESTMENT ACCOUNT 

 (a)    Each
“Qualified Participant” may elect within ninety (90) days after the close of each Plan Year during the “Qualified Election Period” to direct the Trustee in writing as to the distribution in cash and/or Company Stock of 25
percent of the total number of shares of Company Stock acquired by or contributed to the Plan that have ever been allocated to such “Qualified Participant’s” Company Stock Account (reduced by the number of shares of Company Stock
previously distributed in cash and/or Company Stock pursuant to a prior election). In the case of the election year in which the last election can be made by the Participant, the preceding sentence shall be applied by substituting “50
percent” for “25 percent.” If the “Qualified Participant” elects to direct the Trustee as to the distribution of the Participant’s Company Stock Account, such direction shall be effective no later than 180 days after
the close of the Plan Year to which such direction applies. Any such distribution of Company Stock shall be subject to Section 7.11. 
 Notwithstanding the above, if the fair market value (determined pursuant to Section 6.1 at the Plan Valuation Date immediately preceding the first day on which a “Qualified Participant” is eligible to make an election) of
Company Stock acquired by or contributed to the Plan and allocated to a “Qualified Participant’s” Company Stock Account is $500 or less, then such Company Stock shall not be subject to this paragraph. For purposes of determining
whether the fair market value exceeds $500, Company Stock held in accounts of all employee stock ownership plans (as defined in Code Section 4975(e)(7)) and tax credit employee stock ownership plans (as defined in Code Section 409(a))
maintained by the Employer or any Affiliated Employer shall be considered as held by the Plan. 
 (b)    For the
purposes of this Section the following definitions shall apply: 
 (1)    “Qualified Participant” means any Participant
or Former Participant who has completed ten (10) Years of Service as a Participant and has attained age 55. 
 (2)    “Qualified Election Period” means the six (6) Plan Year period beginning with the later of (i) the first Plan Year in which the Participant first became a “Qualified Participant,” or
(ii) the first Plan Year beginning after December 31, 1986. 
  

 26 

	4.8	QUALIFIED MILITARY SERVICE 

 Notwithstanding any provision of this Plan to
the contrary, effective December 12, 1994, contributions, benefits and service will be provided in accordance with Code Section 414(u). 
 ARTICLE V 
 FUNDING AND INVESTMENT POLICY 
  

	5.1	INVESTMENT POLICY 

 (a)    The Plan is
designed to invest primarily in Company Stock. 
 (b)    With due regard to subparagraph (a) above, the
Administrator may also direct the Trustee to invest funds under the Plan in other property described in the Trust or in life insurance policies to the extent permitted by subparagraph (c) below, or the Trustee may hold such funds in cash or
cash equivalents. 
 (c)    With due regard to subparagraph (a) above, the Administrator may also direct the
Trustee to invest funds under the Plan in insurance policies on the life of any “keyman” Employee. The proceeds of a “keyman” insurance policy may not be used for the repayment of any indebtedness owed by the Plan which is
secured by Company Stock. In the event any “keyman” insurance is purchased by the Trustee, the premiums paid thereon during any Plan Year, net of any policy dividends and increases in cash surrender values, shall be treated as the cost of
Plan investment and any death benefit or cash surrender value received shall be treated as proceeds from an investment of the Plan. 
 (d)    The Plan may not obligate itself to acquire Company Stock from a particular holder thereof at an indefinite time determined upon the happening of an event such as the death of the holder. 
 (e)    The Plan may not obligate itself to acquire Company Stock under a put option binding upon the Plan. However, at the
time a put option is exercised, the Plan may be given an option to assume the rights and obligations of the Employer under a put option binding upon the Employer. 
 (f)    All purchases of Company Stock shall be made at a price which, in the judgment of the Administrator, does not exceed
the fair market value thereof. All sales of Company Stock shall be made at a price which, in the judgment of the Administrator, is not less than the fair market value thereof. The valuation rules set forth in Article VI shall be applicable.

  

	5.2	APPLICATION OF CASH 

 Employer contributions in cash, and any earnings on
such contributions, shall first be applied to pay any Current Obligations of the Trust Fund. 
  

	5.3	TRANSACTIONS INVOLVING COMPANY STOCK 

 (a)    No portion of the Trust Fund attributable to (or allocable in lieu of) Company Stock acquired by the Plan in a sale to which Code Section 1042 

  

 27 

 
applies may accrue or be allocated directly or indirectly under any plan maintained by the Employer meeting the requirements of Code Section 401 (a): 

(1)    during the “Nonallocation Period,” for the benefit of 
 (i)    any taxpayer who makes an election under Code Section 1042(a) with respect to Company Stock, 
 (ii)    any individual who is related to the taxpayer (within the meaning of Code Section 267(b)), or 
 (2)    for the benefit of any other person who owns (after application of Code Section 318(a) applied without regard to the employee
trust exception in Code Section 318(a)(2)(B)(i)) more than 25 percent of 
 (i)    any class of outstanding stock of the
Employer or Affiliated Employer which issued such Company Stock, or 
 (ii)    the total value of any class of outstanding stock
of the Employer or Affiliated Employer. 
 (b)    Except, however, subparagraph (a)(1)(ii) above shall not apply
to lineal descendants of the taxpayer, provided that the aggregate amount allocated to the benefit of all such lineal descendants during the “Nonallocation Period” does not exceed more than five (5) percent of the Company Stock (or
amounts allocated in lieu thereof) held by the Plan which are attributable to a sale to the Plan by any person related to such descendants (within the meaning of Code Section 267(c)(4)) in a transaction to which Code Section 1042 is
applied. 
 (c)    A person shall be treated as failing to meet the stock ownership limitation under paragraph
(a)(2) above if such person fails such limitation: 
 (1)    at any time during the one (1) year period ending on the date of
sale of Company Stock to the Plan, or 
 (2)    on the date as of which Company Stock is allocated to Participants in the Plan.

 (d)    For purposes of this Section, “Nonallocation Period” means the period beginning on the date of
the sale of the Company Stock and ending on the later of: 
 (1)    the date which is ten (10) years after the date of sale,
or 
 (2)    the date of the Plan allocation attributable to the final payment of the Exempt Loan incurred in connection with such
sale. 
  

	5.4	LOANS TO THE TRUST 

 (a)    The Plan may
borrow money for any lawful purpose, provided the proceeds of an Exempt Loan are used within a reasonable time after receipt only for any or all of the following purposes: 
 (1)    To acquire Company Stock. 
  

 28 

 (2)    To repay such loan. 
 (3)    To repay a prior Exempt Loan. 
 (b)    All loans to the Trust which are made or guaranteed by a disqualified person must satisfy all requirements applicable to Exempt Loans including but not limited to the following: 
 (1)    The loan must be at a reasonable rate of interest; 
 (2)    Any collateral pledged to the creditor by the Plan shall consist only of the Company Stock purchased with the borrowed funds; 
 (3)    Under the terms of the loan, any pledge of Company Stock shall provide for the release of shares so pledged on a pro-rata basis
pursuant to Section 4.3(e); 
 (4)    Under the terms of the loan, the creditor shall have no recourse against the Plan
except with respect to such collateral, earnings attributable to such collateral, Employer contributions (other than contributions of Company Stock) that are made to meet Current Obligations and earnings attributable to such contributions;

 (5)    The loan must be for a specific term and may not be payable at the demand of any person, except in the case of default;

 (6)    In the event of default upon an Exempt Loan, the value of the Trust Fund transferred in satisfaction of the Exempt Loan
shall not exceed the amount of default. If the lender is a disqualified person, an Exempt Loan shall provide for a transfer of Trust Funds upon default only upon and to the extent of the failure of the Plan to meet the payment schedule of the Exempt
Loan; 
 (7)    Exempt Loan payments during a Plan Year must not exceed an amount equal to: (A) the sum, over all Plan Years,
of all contributions and cash dividends paid by the Employer to the Plan with respect to such Exempt Loan and earnings on such Employer contributions and cash dividends, less (B) the sum of the Exempt Loan payments in all preceding Plan Years.
A separate accounting shall be maintained for such Employer contributions, cash dividends and earnings until the Exempt Loan is repaid. 
 (c)    For purposes of this Section, the term “disqualified person” means a person who is a Fiduciary, a person providing services to the Plan, an Employer any of whose Employees are covered by the Plan, an
employee organization any of whose members are covered by the Plan, an owner, direct or indirect, of 50% or more of the total combined voting power of all classes of voting stock or of the total value of all classes of the stock, or an officer,
director, 10% or more shareholder, or a highly compensated Employee. 
  

 29 

 ARTICLE VI 
 VALUATIONS 
  

	6.1	VALUATION OF THE TRUST FUND 

 The Administrator shall direct the Trustee, as
of each Valuation Date, to determine the net worth of the assets comprising the Trust Fund as it exists on the Valuation Date. In determining such net worth, the Trustee shall value the assets comprising the Trust Fund at their fair market value (or
their contractual value in the case of a Contract or Policy) as of the Valuation Date and shall deduct all expenses for which the Trustee has not yet obtained reimbursement from the Employer or the Trust Fund. 
  

	6.2	METHOD OF VALUATION 

 Valuations must be made in good faith and based on all
relevant factors for determining the fair market value of securities. In the case of a transaction between a Plan and a disqualified person, value must be determined as of the date of the transaction. For all other Plan purposes, value must be
determined as of the most recent Valuation Date under the Plan. An independent appraisal will not in itself be a good faith determination of value in the case of a transaction between the Plan and a disqualified person. However, in other cases, a
determination of fair market value based on at least an annual appraisal independently arrived at by a person who customarily makes such appraisals and who is independent of any party to the transaction will be deemed to be a good faith
determination of value. Company Stock not readily tradeable on an established securities market shall be valued by an independent appraiser meeting requirements similar to the requirements of the Regulations prescribed under Code
Section 170(a)(1). 
 ARTICLE VII 
 DETERMINATION
AND DISTRIBUTION OF BENEFITS 
  

	7.1	DETERMINATION OF BENEFITS UPON RETIREMENT 

 Every Participant may terminate
employment with the Employer and retire for the purposes hereof on the Participant’s Normal Retirement Date. However, a Participant may postpone the termination of employment with the Employer to a later date, in which event the participation
of such Participant in the Plan, including the right to receive allocations pursuant to Section 4.3, shall continue until such Participant’s Late Retirement Date. Upon a Participant’s Retirement Date, or as soon thereafter as is
practicable, the Trustee shall distribute, at the election of the Participant, all amounts credited to such Participant’s Account in accordance with Sections 7.5 and 7.6. 
  

	7.2	DETERMINATION OF BENEFITS UPON DEATH 

 (a)    Upon the death of a Participant before the Participant’s Retirement Date or other termination of employment, all amounts credited to such Participant’s Account shall become fully Vested. If
elected, distribution of the Participant’s Account shall commence not later than one (1) year after the close of the Plan Year in which such Participant’s death occurs. The Administrator shall direct the Trustee, in accordance with
the provisions of Sections 7.5 and 7.6, to distribute the value of the deceased Participant’s accounts to the Participant’s Beneficiary. 
 (b)    Upon the death of a Former Participant, the Administrator shall direct the Trustee, in accordance with the provisions of Sections 7.5 and 7.6, to 

  

 30 

 
distribute any remaining Vested amounts credited to the accounts of a deceased Former Participant to such Former Participant’s Beneficiary. 
 (c)    The Administrator may require such proper proof of death and such evidence of the right of any person to receive
payment of the value of the account of a deceased Participant or Former Participant as the Administrator may deem desirable. The Administrator’s determination of death and of the right of any person to receive payment shall be conclusive.

 (d)    The Beneficiary of the death benefit payable pursuant to this Section shall be the Participant’s
spouse. Except, however, the Participant may designate a Beneficiary other than the spouse if: 
 (1)    the spouse has waived the
right to be the Participant’s Beneficiary, or 
 (2)    the Participant is legally separated or has been abandoned (within
the meaning of local law) and the Participant has a court order to such effect (and there is no “qualified domestic relations order” as defined in Code Section 414(p) which provides otherwise), or 
 (3)    the Participant has no spouse, or 
 (4)    the spouse cannot be located. 
 In such event, the designation of a Beneficiary shall be made on
a form satisfactory to the Administrator. A Participant may at any time revoke a designation of a Beneficiary or change a Beneficiary by filing written (or in such other form as permitted by the Internal Revenue Service) notice of such revocation or
change with the Administrator. However, the Participant’s spouse must again consent in writing (or in such other form as permitted by the Internal Revenue Service) to any change in Beneficiary unless the original consent acknowledged that the
spouse had the right to limit consent only to a specific Beneficiary and that the spouse voluntarily elected to relinquish such right. 
 (e)    In the event no valid designation of Beneficiary exists, or if the Beneficiary is not alive at the time of the Participant’s death, the death benefit will be paid in the following order of priority to:

 (1)    the Participant’s surviving spouse; 
 (2)    the Participant’s children, including adopted children, per stirpes; 
 (3)    the Participant’s surviving parents in equal shares; or 
 (4)    the Participant’s estate. 
 If the Beneficiary does not predecease the Participant, but dies prior to distribution of the death benefit, the death benefit will be paid to the
Beneficiary’s estate. 
 (f)    Notwithstanding anything in this Section to the contrary, if a Participant
has designated the spouse as a Beneficiary, then a divorce decree or a legal separation that relates to such spouse shall revoke the Participant’s 

  

 31 

 
designation of the spouse as a Beneficiary unless the decree or a qualified domestic relations order (within the meaning of Code Section 414(p)) provides
otherwise. 
 (g)    Any consent by the Participant’s spouse to waive any rights to the death benefit must be
in writing (or in such other form as permitted by the Internal Revenue Service), must acknowledge the effect of such waiver, and be witnessed by a Plan representative or a notary public. Further, the spouse’s consent must be irrevocable and
must acknowledge the specific nonspouse Beneficiary. 
  

	7.3	DETERMINATION OF BENEFITS IN EVENT OF DISABILITY 

 In the event of a
Participant’s Total and Permanent Disability prior to the Participant’s Retirement Date or other termination of employment, all amounts credited to such Participant’s Account shall become fully Vested. In the event of a
Participant’s Total and Permanent Disability, the Administrator, in accordance with the provisions of Sections 7.5 and 7.6, shall direct the distribution to such Participant of all Vested amounts credited to such Participant’s Account. If
such Participant elects, distribution shall commence not later than one (1) year after the close of the Plan Year in which Total and Permanent Disability occurs. 
  

	7.4	DETERMINATION OF BENEFITS UPON TERMINATION 

 (a)    If a Participant’s employment with the Employer is terminated for any reason other than death, Total and Permanent Disability or retirement, then such Participant shall be entitled to such benefits as are
provided hereinafter pursuant to this Section 7.4. 
 If a portion of a Participant’s Account is forfeited, Company Stock
allocated to the Participant’s Company Stock Account must be forfeited only after the Participant’s Other Investments Account has been depleted. If interest in more than one class of Company Stock has been allocated to a Participant’s
Account, the Participant must be treated as forfeiting the same proportion of each such class. 
 Distribution of the funds due to a
Terminated Participant shall be made on the occurrence of an event which would result in the distribution had the Terminated Participant remained in the employ of the Employer (upon the Participant’s death, Total and Permanent Disability or
Normal Retirement). However, at the election of the Participant, the Administrator shall direct the Trustee that the entire Vested portion of the Terminated Participant’s Account to be payable to such Terminated Participant. Any distribution
under this paragraph shall be made in a manner which is consistent with and satisfies the provisions of Section 7.5 and 7.6, including, but not limited to, all notice and consent requirements of Code Section 411(a)(11) and the Regulations
thereunder. 
 If, for Plan Years beginning after August 5,1997, the value of a Terminated Participant’s Vested benefit
derived from Employer and Employee contributions does not exceed $5,000 ($3,500 for Plan Years beginning prior to August 6, 1997) and, if the distribution is made prior to March 22, 1999, has never exceeded $5,000 ($3,500 for Plan Years
beginning prior to August 6, 1997) at the time of any prior distribution, then the Administrator shall direct the Trustee to cause the entire Vested benefit to be paid to such Participant in a single lump sum. 
  

 32 

 For purposes of this Section 7.4, if the value of a Terminated Participant’s Vested
benefit is zero, the Terminated Participant shall be deemed to have received a distribution of such Vested benefit. 
 (b)    The Vested portion of any Participant’s Account shall be a percentage of the total amount credited to the Participant’s Account determined on the basis of the Participant’s number of Years of
Service according to the following schedule: 
 Vesting Schedule 
  

											
	Years of Service	 	 	 	 	 	 	 	 	  	Percentage
	Less than 5	 		 		 		 		  	    0%
	5	 		 		 		 		  	100%

 (c)    Notwithstanding the vesting schedule provided for in paragraph
(b) above, for any Top Heavy Plan Year, the Vested portion of the Participant’s Account of any Participant who has an Hour of Service after the Plan becomes top heavy shall be a percentage of the total amount credited to the
Participant’s Account determined on the basis of the Participant’s number of Years of Service according to the following schedule: 
 Vesting
Schedule 
  

											
	Years of Service	  	 	  	 	  	 	  	 	  	Percentage
	Less than 3	  		  		  		  		  	    0%
	3	  		  		  		  		  	100%

 If in any subsequent Plan Year, the Plan ceases to be a Top Heavy Plan, the Administrator
shall revert to the vesting schedule in effect before this Plan became a Top Heavy Plan. Any such reversion shall be treated as a Plan amendment pursuant to the terms of the Plan. 
 (d)    Notwithstanding the vesting schedule above, the Vested percentage of a Participant’s Account shall not be less
than the Vested percentage attained as of the later of the effective date or adoption date of this amendment and restatement. 
 (e)    Notwithstanding the vesting schedule above, upon the complete discontinuance of the Employer contributions to the Plan or upon any full or partial termination of the Plan, all amounts then credited to the account
of any affected Participant shall become 100% Vested and shall not thereafter be subject to Forfeiture. 
 (f)    The computation of a Participant’s nonforfeitable percentage of such Participant’s interest in the Plan shall not be reduced as the result of any direct or indirect amendment to this Plan. In the event
that the Plan is amended to change or modify any vesting schedule, or if the Plan is amended in any way that directly or indirectly affects the computation of the Participant’s nonforfeitable percentage, or if the Plan is deemed amended by an
automatic change to a top heavy vesting schedule then each Participant with at least three (3) Years of Service as of the expiration date of the election period may elect to have such Participant’s nonforfeitable percentage computed under
the Plan without regard 

  

 33 

 
to such amendment or change. If a Participant fails to make such election, then such Participant shall be subject to the new vesting schedule. The Participant’s
election period shall commence on the adoption date of the amendment and shall end sixty (60) days after the latest of: 
 (1)    the adoption date of the amendment, 
 (2)    the effective date of the
amendment, or 
 (3)    the date the Participant receives written notice of the amendment from the Employer or
Administrator. 
 (g)    In determining Years of Service for purposes of vesting under the Plan, Years of Service
prior to the vesting computation period in which an Employee attains age eighteen shall be excluded. 
  

	7.5	DISTRIBUTION OF BENEFITS 

 (a)    The
Administrator, pursuant to the election of the Participant, shall direct the Trustee to distribute to a Participant or such Participant’s Beneficiary any amount to which the Participant is entitled under the Plan in one lump-sum payment.

 (b)    Any distribution to a Participant, for Plan Years beginning after August 5, 1997, who has a benefit
which exceeds $5,000 ($3,500 for Plan Years beginning prior to August 6, 1997) or, if the distribution is made prior to March 22, 1999, has ever exceeded $5,000 ($3,500 for Plan Years beginning prior to August 6,1997) at the time of
any prior distribution, shall require such Participant’s written (or in such other form as permitted by the Internal Revenue Service) consent if such distribution occurs prior to the time the benefit is “immediately distributable.” A
benefit is “immediately distributable” if any part of the benefit could be distributed to the Participant (or surviving spouse) before the Participant attains (or would have attained if not deceased) the later of the Participant’s
Normal Retirement Age or age 62. With regard to this required consent: 
 (1)    The Participant must be informed of the right to
defer receipt of the distribution. If a Participant fails to consent, it shall be deemed an election to defer the distribution of any benefit. However, any election to defer the receipt of benefits shall not apply with respect to distributions which
are required under Section 7.5(e). 
 (2)    Notice of the rights specified under this paragraph shall be provided no less
than thirty (30) days and no more than ninety (90) days before the date the distribution commences. 
 (3)    Written
(or such other form as permitted by the Internal Revenue Service) consent of the Participant to the distribution must not be made before the Participant receives the notice and must not be made more than ninety (90) days before the date the
distribution commences. 
 (4)    No consent shall be valid if a significant detriment is imposed under the Plan on any
Participant who does not consent to the distribution. 
  

 34 

 Any such distribution may commence less than thirty (30) days after the notice required under
Regulation 1.411(a)-11(c) is given, provided that: (1) the Administrator clearly informs the Participant that the Participant has a right to a period of at least thirty (30) days after receiving the notice to consider the decision of
whether or not to elect a distribution (and, if applicable, a particular distribution option), and (2) the Participant, after receiving the notice, affirmatively elects a distribution. 
 (c)    Notwithstanding anything herein to the contrary, the Administrator may direct that cash dividends on shares of Company
Stock allocable to Participants’ or Former Participants’ Company Stock Accounts be distributed to such Participants or Former Participants within ninety (90) days after the close of the Plan Year in which the dividends are paid.

 (d)    Any part of a Participant’s benefit which is retained in the Plan after the Anniversary Date on
which the Participant’s participation ends will continue to be treated as a Company Stock Account or as an Other Investments Account (subject to Section 7.4(a)) as provided in Article IV. However, neither account will be credited with any
further Employer contributions or Forfeitures. 
 (e)    Notwithstanding any provision in the Plan to the
contrary, the distribution of a Participant’s benefits made on or after January 1,1997 shall be made in accordance with the following requirements and shall otherwise comply with Code Section 401(a)(9) and the Regulations thereunder
(including Regulation 1.401(a)(9)-2), the provisions of which are incorporated herein by reference: 
 (1)    A Participant’s
benefits shall be distributed or must begin to be distributed not later than April 1st of the calendar year following the later of (i) the calendar year in which the Participant attains age 70 1/2 or (ii) the calendar year in which the
Participant retires, provided, however, that this clause (ii) shall not apply in the case of a Participant who is a “five (5) percent owner” at any time during the Plan Year ending with or within the calendar year in which such
owner attains age 70 1/2. Such distributions shall be equal to or greater than any required distribution. 
 Any Participant attaining age 70 1/2 in
years after 1995 may elect by the April 1st of the calendar year following the year in which the Participant attained age 70 1/2 (or by December 31,1997 in the case of a Participant attaining age 70 1/2 in 1996), to defer distributions
until the calendar year following the calendar year in which the Participant retires. 
 (2)    Distributions to a Participant and
the Participant’s Beneficiaries shall only be made in accordance with the incidental death benefit requirements of Code Section 401(a)(9)(G) and the Regulations thereunder. 
 With respect to distributions under the Plan made for calendar years beginning on or after January 1, 2002, the Plan will apply the minimum
distribution requirements of Code Section 401(a)(9) in accordance with the Regulations under Code Section 401(a)(9) that were proposed on January 17, 2001, notwithstanding any provision of the Plan to the contrary. This amendment
shall continue in effect until the end of the last calendar year beginning before the effective date of final Regulations under Code Section 401(a)(9) or such other date specified in guidance published by the Internal Revenue Service.

  

 35 

 (f)    Notwithstanding any provision in the Plan to the contrary,
distributions upon the death of a Participant shall be made in accordance with the following requirements and shall otherwise comply with Code Section 401(a)(9) and the Regulations thereunder. If it is determined, pursuant to Regulations, that
the distribution of a Participant’s interest has begun and the Participant dies before the entire interest has been distributed, the remaining portion of such interest shall be distributed at least as rapidly as under the method of distribution
selected pursuant to Section 7.5 as of the date of death. If a Participant dies before receiving any distributions of the interest in the Plan or before distributions are deemed to have begun pursuant to Regulations, then the death benefit
shall be distributed to the Participant’s Beneficiaries by December 31st of the calendar year in which the fifth anniversary of the Participant’s date of death occurs. 
 However, in the event that the Participant’s spouse (determined as of the date of the Participant’s death) is the designated
Beneficiary, then in lieu of the preceding rules, distributions must be made over a period not extending beyond the life expectancy of such designated Beneficiary and must commence on or before the later of: (1) December 31st of the
calendar year immediately following the calendar year in which the Participant died; or (2) December 31st of the calendar year in which the Participant would have attained age 70 1/2. If the surviving spouse dies before distributions to
such spouse begin, then the 5-year distribution requirement of this Section shall apply as if the spouse was the Participant. 
 (g)    For purposes of this Section, the life expectancy of a Participant and a Participant’s spouse may, at the election of the Participant or the Participant’s spouse, be redetermined in accordance with
Regulations, The election, once made, shall be irrevocable. If no election is made by the time distributions must commence, then the life expectancy of the Participant and the Participant’s spouse shall not be subject to recalculation. Life
expectancy and joint and last survivor expectancy shall be computed using the return multiples in Tables V and VI of Regulation 1.72-9. 
 (h)    Except as limited by Sections 7.5 and 7.6, whenever the Trustee is to make a distribution, the distribution may be made on such date or as soon thereafter as is practicable. However, unless a Former Participant
elects in writing to defer the receipt of benefits (such election may not result in a death benefit that is more than incidental), the payment of benefits shall occur not later than the sixtieth (60th) day after the close of the Plan Year in
which the latest of the following events occurs: 
 (1)    the date on which the Participant attains the earlier
of age 65 or the Normal Retirement Age specified herein; 
 (2)    the tenth (10th) anniversary of the year
in which the Participant commenced participation in the Plan; or 
 (3)    the date the Participant terminates his
service with the Employer. 
  

 36 

 (i)    If a distribution is made to a Participant who has not severed
employment and who is not fully Vested in the Participant’s Account and the Participant may increase the Vested percentage in such account, then, at any relevant time the Participant’s Vested portion of the account will be equal to an
amount (“X”) determined by the formula: 
 X equals P(AB plus D) - D 
 For purposes of applying the formula: P is the Vested percentage at the relevant time, AB is the account balance at the relevant time, and D is
the amount of distribution. 
  

	7.6	HOW PLAN BENEFIT WILL BE DISTRIBUTED 

 (a)    Distribution of a Participant’s benefit may be made in cash or Company Stock or both, provided, however, that if a Participant or Beneficiary so demands, such benefit shall be distributed only in the form of
Company Stock. Prior to making a distribution of benefits, the Administrator shall advise the Participant or the Participant’s Beneficiary, in writing (or such other form as permitted by the Internal Revenue Service), of the right to demand
that benefits be distributed solely in Company Stock. 
 (b)    If a Participant or Beneficiary demands that
benefits be distributed solely in Company Stock, distribution of a Participant’s benefit will be made entirely in whole shares or other units of Company Stock. Any balance in a Participant’s Other Investments Account will be applied to
acquire for distribution the maximum number of whole shares or other units of Company Stock at the then fair market value. Any fractional unit value unexpended will be distributed in cash. If Company Stock is not available for purchase by the
Trustee, then the Trustee shall hold such balance until Company Stock is acquired and then make such distribution, subject to Sections 7.5(h) and 7.5(e). 
 (c)    The Trustee will make distribution from the Trust only on instructions from the Administrator. 
 (d)    Notwithstanding anything contained herein to the contrary, if the Employer charter or by-laws restrict ownership of substantially all shares of Company Stock to Employees and the Trust Fund, as
described in Code Section 409(h)(2)(B)(ii)(l), the Administrator shall distribute a Participant’s Account entirely in cash without granting the Participant the right to demand distribution in shares of Company Stock. 
 (e)    Except as otherwise provided herein, Company Stock distributed by the Trustee may be restricted as to sale or transfer
by the by-laws or articles of incorporation of the Employer, provided restrictions are applicable to all Company Stock of the same class. If a Participant is required to offer the sale of Company Stock to the Employer before offering to sell Company
Stock to a third party, in no event may the Employer pay a price less than that offered to the distributee by another potential buyer making a bona fide offer and in no event shall the Trustee pay a price less than the fair market value of the
Company Stock. 
 (f)    If Company Stock acquired with the proceeds of an Exempt Loan (described in
Section 5.4 hereof) is available for distribution and consists of more 

  

 37 

 
than one class, a Participant or the Participant’s Beneficiary must receive substantially the same proportion of each such class. 
  

	7.7	DISTRIBUTION FOR MINOR OR INCOMPETENT BENEFICIARY 

 In the event a
distribution is to be made to a minor or incompetent Beneficiary, then the Administrator may direct that such distribution be paid to the legal guardian, or if none in the case of a minor Beneficiary, to a parent of such Beneficiary or a responsible
adult with whom the Beneficiary maintains residence, or to the custodian for such Beneficiary under the Uniform Gift to Minors Act or Gift to Minors Act, if such is permitted by the laws of the state in which said Beneficiary resides. Such a payment
to the legal guardian, custodian or parent of a minor Beneficiary shall fully discharge the Trustee, Employer, and Plan from further liability on account thereof. 
  

	7.8	LOCATION OF PARTICIPANT OR BENEFICIARY UNKNOWN 

 In the event that all, or
any portion, of the distribution payable to a Participant or Beneficiary hereunder shall, at the later of the Participant’s attainment of age 62 or Normal Retirement Age, remain unpaid solely by reason of the inability of the Administrator,
after sending a registered letter, return receipt requested, to the last known address, and after further diligent effort, to ascertain the whereabouts of such Participant or Beneficiary, the amount so distributable shall be treated as a Forfeiture
pursuant to the Plan. Notwithstanding the foregoing, effective January 1, 2002, or if later, the adoption date of this amendment and restatement, if the value of a Participant’s Vested benefit derived from Employer and Employee
contributions does not exceed $5,000 ($3,500 for Plan Years beginning prior to August 6, 1997), then the amount distributable may, in the sole discretion of the Administrator, either be treated as a Forfeiture, or be paid directly to an
individual retirement account described in Code Section 408(a) or individual retirement annuity described in Code Section 408(b) at the time it is determined that the whereabouts of the Participant or the Participant’s Beneficiary
cannot be ascertained. In the event a Participant or Beneficiary is located subsequent to the Forfeiture, such benefit shall be restored, first from Forfeitures, if any, and then from an additional Employer contribution if necessary. However,
regardless of the preceding, a benefit which is lost by reason of escheat under applicable state law is not treated as a Forfeiture for purposes of this Section nor as an impermissible forfeiture under the Code. 
  

	7.9	RIGHT OF FIRST REFUSALS 

 (a)      If any Participant, the Participant’s Beneficiary or any other person to whom shares of Company Stock are distributed from the Plan (the “Selling Participant”) shall, at any time, desire
to sell some or all of such shares (the “Offered Shares”) to a third party (the “Third Party”), the Selling Participant shall give written notice of such desire to the Employer and the Administrator, which notice shall contain
the number of shares offered for sale, the proposed terms of the sale and the names and addresses of both the Selling Participant and Third Party. Both the Trust Fund and the Employer shall each have the right of first refusal for a period of
fourteen (14) days from the date the Selling Participant gives such written notice to the Employer and the Administrator (such fourteen (14) day period to run concurrently against the Trust Fund and the Employer) to acquire the Offered
Shares. As between the Trust Fund and the Employer, the Trust Fund shall have priority to acquire the shares pursuant to the right of first refusal. The selling price and terms shall be the same as offered by the Third Party. 
  

 38 

 (b)    If the Trust Fund and the Employer do not exercise their right of first
refusal within the required fourteen (14) day period provided above, the Selling Participant shall have the right, at any time following the expiration of such fourteen (14) day period, to dispose of the Offered Shares to the Third Party;
provided, however, that (i) no disposition shall be made to the Third Party on terms more favorable to the Third Party than those set forth in the written notice delivered by the Selling Participant above, and (ii) if such disposition
shall not be made to a third party on the terms offered to the Employer and the Trust Fund, the offered Shares shall again be subject to the right of first refusal set forth above. 
 (c)    The closing pursuant to the exercise of the right of first refusal under Section 7.9(a) above shall take place at
such place agreed upon between the Administrator and the Selling Participant, but not later than ten (10) days after the Employer or the Trust Fund shall have notified the Selling Participant of the exercise of the right of first refusal. At
such closing, the Selling Participant shall deliver certificates representing the Offered Shares duly endorsed in blank for transfer, or with stock powers attached duly executed in blank with all required transfer tax stamps attached or provided
for, and the Employer or the Trust Fund shall deliver the purchase price, or an appropriate portion thereof, to the Selling Participant. 
 (d)    Except as provided in this paragraph (d), no Company Stock acquired with the proceeds of an Exempt Loan complying with the requirements of Section 5.4 hereof shall be subject to a right of first refusal.
Company Stock acquired with the proceeds of an Exempt Loan, which is distributed to a Participant or Beneficiary, shall be subject to the right of first refusal provided for in paragraph (a) of this Section only so long as the Company Stock is
not publicly traded. The term “publicly traded” refers to a securities exchange registered under Section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f) or that is quoted on a system sponsored by a national securities
association registered under Section 15A(b) of the Securities Exchange Act (15 U.S.C. 780). In addition, in the case of Company Stock which was acquired with the proceeds of a loan described in Section 5.4, the selling price and other
terms under the right must not be less favorable to the seller than the greater of the value of the security determined under Section 6.2, or the purchase price and other terms offered by a buyer (other than the Employer or the Trust Fund),
making a good faith offer to purchase the security. The right of first refusal must lapse no later than fourteen (14) days after the security holder gives notice to the holder of the right that an offer by a third party to purchase the security
has been made. The right of first refusal shall comply with the provisions of paragraphs (a), (b) and (c) of this Section, except to the extent those provisions may conflict with the provisions of this paragraph. 
  

	7.10	STOCK CERTIFICATE LEGEND 

 Certificates for shares distributed pursuant to
the Plan shall contain the following legend: 
 “The shares represented by this certificate are transferable only upon compliance with the terms
of EMPLOYEE STOCK OWNERSHIP PLAN FOR FEDERAL TRUST CORPORATION AND ITS SUBSIDIARIES effective as of January 1, 2002, which grants to Federal Trust Corporation a right of first refusal, a copy of said Plan being on file in the office of the
Company.” 
  

 39 

	7.11	PUT OPTION 

 (a)    If Company Stock
which was not acquired with the proceeds of an Exempt Loan is distributed to a Participant and such Company Stock is not readily tradeable on an established securities market, a Participant has a right to require the Employer to repurchase the
Company Stock distributed to such Participant under a fair valuation formula. Such Stock shall be subject to the provisions of Section 7.11(c). 
 (b)    Company Stock which is acquired with the proceeds of an Exempt Loan and which is not publicly traded when distributed, or if it is subject to a trading limitation when distributed, must be subject to
a put option. For purposes of this paragraph, a “trading limitation” on a Company Stock is a restriction under any Federal or State securities law or any regulation thereunder, or an agreement (not prohibited by Section 7.12)
affecting the Company Stock which would make the Company Stock not as freely tradeable as stock not subject to such restriction. 
 (c)    The put option must be exercisable only by a Participant, by the Participant’s donees, or by a person (including an estate or its distributee) to whom the Company Stock passes by reason of a
Participant’s death. (Under this paragraph Participant or Former Participant means a Participant or Former Participant and the beneficiaries of the Participant or Former Participant under the Plan.) The put option must permit a Participant to
put the Company Stock to the Employer. Under no circumstances may the put option bind the Plan. However, it shall grant the Plan an option to assume the rights and obligations of the Employer at the time that the put option is exercised. If it is
known at the time a loan is made that Federal or State law will be violated by the Employer honoring such put option, the put option must permit the Company Stock to be put, in a manner consistent with such law, to a third party (e.g., an affiliate
of the Employer or a shareholder other than the Plan) that has substantial net worth at the time the loan is made and whose net worth is reasonably expected to remain substantial. 
 The put option shall commence as of the day following the date the Company Stock is distributed to the Former Participant and end sixty
(60) days thereafter and if not exercised within such sixty (60) day period, an additional sixty (60) day option shall commence on the first day of the fifth month of the Plan Year next following the date the stock was distributed to
the Former Participant (or such other sixty (60) day period as provided in Regulations). However, in the case of Company Stock that is publicly traded without restrictions when distributed but ceases to be so traded within either of the sixty
(60) day periods described herein after distribution, the Employer must notify each holder of such Company Stock in writing on or before the tenth day after the date the Company Stock ceases to be so traded that for the remainder of the
applicable sixty (60) day period the Company Stock is subject to the put option. The number of days between the tenth day and the date on which notice is actually given, if later than the tenth day, must be added to the duration of the put
option. The notice must inform distributees of the term of the put options that they are to hold. The terms must satisfy the requirements of this paragraph. 
 The put option is exercised by the holder notifying the Employer in writing that the put option is being exercised; the notice shall state the
name and 

  

 40 

 
address of the holder and the number of shares to be sold. The period during which a put option is exercisable does not include any time when a distributee is unable
to exercise it because the party bound by the put option is prohibited from honoring it by applicable Federal or State law. The price at which a put option must be exercisable is the value of the Company Stock determined in accordance with
Section 6.2. Payment under the put option involving a “Total Distribution” shall be paid in substantially equal monthly, quarterly, semiannual or annual installments over a period certain beginning not later than thirty (30) days
after the exercise of the put option and not extending beyond five (5) years. The deferral of payment is reasonable if adequate security and a reasonable interest rate on the unpaid amounts are provided. The amount to be paid under the put
option involving installment distributions must be paid not later than thirty (30) days after the exercise of the put option. Payment under a put option must not be restricted by the provisions of a loan or any other arrangement, including the
terms of the Employer articles of incorporation, unless so required by applicable state law. 
 For purposes of this Section,
“Total Distribution” means a distribution to a Participant or the Participant’s Beneficiary within one (1) taxable year of the entire Vested Participant’s Account. 
 (d)    An arrangement involving the Plan that creates a put option must not provide for the issuance of put options other than
as provided under this Section. The Plan (and the Trust Fund) must not otherwise obligate itself to acquire Company Stock from a particular holder thereof at an indefinite time determined upon the happening of an event such as the death of the
holder. 
  

	7.12	NONTERMINABLE PROTECTIONS AND RIGHTS 

 No Company Stock, except as provided
in Section 7.10 and Section 7.11(b), acquired with the proceeds of a loan described in Section 5.4 hereof may be subject to a put, call, or other option, or buy-sell or similar arrangement when held by and when distributed from the
Trust Fund, whether or not the Plan is then an ESOP. The protections and rights granted in this Section are nonterminable, and such protections and rights shall continue to exist under the terms of this Plan so long as any Company Stock acquired
with the proceeds of a loan described in Section 5.4 hereof is held by the Trust Fund or by any Participant or other person for whose benefit such protections and rights have been created, and neither the repayment of such loan nor the failure
of the Plan to be an ESOP, nor an amendment of the Plan shall cause a termination of said protections and rights. 
  

	7.13	QUALIFIED DOMESTIC RELATIONS ORDER DISTRIBUTION 

 All rights and benefits,
including elections, provided to a Participant in this Plan shall be subject to the rights afforded to any “alternate payee” under a “qualified domestic relations order.” Furthermore, a distribution to an “alternate
payee” shall be permitted if such distribution is authorized by a “qualified domestic relations order,” even if the affected Participant has not separated from service and has not reached the “earliest retirement age” under
the Plan. For the purposes of this Section, “alternate payee,” “qualified domestic relations order” and “earliest retirement age” shall have the meaning set forth under Code Section 414(p). 
  

 41 

 ARTICLE VIll 
 TRUSTEE 
  

	8.1	BASIC RESPONSIBILITIES OF THE TRUSTEE 

 (a)    The Trustee shall have the following categories of responsibilities: 
 (1)    Consistent with
the “funding policy and method” determined by the Employer, to invest, manage, and control the Plan assets subject, however, to the direction of the Employer or an Investment Manager appointed by the Employer or any agent of the Employer;

 (2)    At the direction of the Administrator, to pay benefits required under the Plan to be paid to Participants, or, in the
event of their death, to their Beneficiaries; and 
 (3)    To maintain records of receipts and disbursements and furnish to the
Employer and/or Administrator for each Plan Year a written annual report pursuant to Section 8.7. 
 (b)    In the event that the Trustee shall be directed by the Employer, or an Investment Manager or other agent appointed by the Employer with respect to the investment of any or all Plan assets, the Trustee shall have
no liability with respect to the investment of such assets, but shall be responsible only to execute such investment instructions as so directed. 
 (1)    The Trustee shall be entitled to rely fully on the written (or other form acceptable to the Administrator and the Trustee, including, but not limited to, voice recorded) instructions of the Employer, or any
Fiduciary or nonfiduciary agent of the Employer, in the discharge of such duties, and shall not be liable for any loss or other liability, resulting from such direction (or lack of direction) of the investment of any part of the Plan assets.

 (2)    The Trustee may delegate the duty of executing such instructions to any nonfiduciary agent, which may be an affiliate of
the Trustee or any Plan representative. 
 (c)    If there shall be more than one Trustee, they shall act by a
majority of their number, but may authorize one or more of them to sign papers on their behalf. 
  

 42 

	8.2	INVESTMENT POWERS AND DUTIES OF THE TRUSTEE 

 (a)    The Trustee shall invest and reinvest the Trust Fund to keep the Trust Fund invested without distinction between principal and income and in such securities or property, real or personal, wherever situated, as the
Trustee shall deem advisable, including, but not limited to, stocks, common or preferred, open-end or close-end mutual funds, bonds and other evidences of indebtedness or ownership, and real estate or any interest therein. The Trustee shall at all
times in making investments of the Trust Fund consider, among other factors, the short and long-term financial needs of the Plan on the basis of information furnished by the Employer. In making such investments, the Trustee shall not be restricted
to securities or other property of the character expressly authorized by the applicable law for trust investments; however, the Trustee shall give due regard to any limitations imposed by the Code or the Act so that at all times the Plan may qualify
as an Employee Stock Ownership Plan and Trust. 
 (b)    The Trustee may employ a bank or trust company pursuant
to the terms of its usual and customary bank agency agreement, under which the duties of such bank or trust company shall be of a custodial, clerical and record-keeping nature. 
 (c)    In the event the Trustee invests any part of the Trust Fund, pursuant to the directions of the Administrator, in any
shares of stock issued by the Employer, and the Administrator thereafter directs the Trustee to dispose of such investment, or any part thereof, under circumstances which, in the opinion of counsel for the Trustee, require registration of the
securities under the Securities Act of 1933 and/or qualification of the securities under the Blue Sky laws of any state or states, then the Employer at its own expense, will take or cause to be taken any and all such action as may be necessary or
appropriate to effect such registration and/or qualification. 
  

	8.3	OTHER POWERS OF THE TRUSTEE 

 The Trustee, in addition to all powers and
authorities under common law, statutory authority, including the Act, and other provisions of the Plan, shall have the following powers and authorities, to be exercised in the Trustee’s sole discretion: 
 (a)    To purchase, or subscribe for, any securities or other property and to retain the same. In conjunction with the
purchase of securities, margin accounts may be opened and maintained; 
 (b)    To sell, exchange, convey,
transfer, grant options to purchase, or otherwise dispose of any securities or other property held by the Trustee, by private contract or at public auction. No person dealing with the Trustee shall be bound to see to the application of the purchase
money or to inquire into the validity, expediency, or propriety of any such sale or other disposition, with or without advertisement; 
 (c)    To vote upon any stocks, bonds, or other securities; to give general or special proxies or powers of attorney with or without power of substitution; to exercise any conversion privileges, subscription rights or
other options, and to make any payments incidental thereto; to oppose, or to consent to, or otherwise participate in, corporate reorganizations or other changes affecting corporate securities, and to delegate discretionary powers, and to pay 

  

 43 

 
any assessments or charges in connection therewith; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities, or other
property. However, the Trustee shall not vote proxies relating to securities for which it has not been assigned full investment management responsibilities. In those cases where another party has such investment authority or discretion, the Trustee
will deliver all proxies to said party who will then have full responsibility for voting those proxies; 
 (d)    To cause any securities or other property to be registered in the Trustee’s own name or in the name of one or more of the Trustee’s nominees, in a clearing corporation, in a depository, or in entry form
or in bearer form, but the books and records of the Trustee shall at all times show that all such investments are part of the Trust Fund; 
 (e)    To borrow or raise money for the purposes of the Plan in such amount, and upon such terms and conditions, as the Trustee shall deem advisable; and for any sum so borrowed, to issue a promissory note as Trustee,
and to secure the repayment thereof by pledging all, or any part, of the Trust Fund; and no person lending money to the Trustee shall be bound to see to the application of the money lent or to inquire into the validity, expediency, or propriety of
any borrowing; 
 (f)    To keep such portion of the Trust Fund in cash or cash balances as the Trustee may, from
time to time, deem to be in the best interests of the Plan, without liability for interest thereon; 
 (g)    To
accept and retain for such time as the Trustee may deem advisable any securities or other property received or acquired as Trustee hereunder, whether or not such securities or other property would normally be purchased as investments hereunder;

 (h)    To make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and
all other instruments that may be necessary or appropriate to carry out the powers herein granted; 
 (i)    To
settle, compromise, or submit to arbitration any claims, debts, or damages due or owing to or from the Plan, to commence or defend suits or legal or administrative proceedings, and to represent the Plan in all suits and legal and administrative
proceedings; 
 (j)    To employ suitable agents and counsel and to pay their reasonable expenses and
compensation, and such agent or counsel may or may not be agent or counsel for the Employer; 
 (k)    To apply
for and procure from responsible insurance companies, to be selected by the Administrator, as an investment of the Trust Fund such annuity, or other Contracts (on the life of any Participant) as the Administrator shall deem proper; to exercise, at
any time or from time to time, whatever rights and privileges may be granted under such annuity, or other Contracts; to collect, receive, and settle for the proceeds of all such annuity or other Contracts as and when entitled to do so under the
provisions thereof; 
  

 44 

 (I)    To invest funds of the Trust in time deposits or savings accounts
bearing a reasonable rate of interest or in cash or cash balances without liability for interest thereon; 
 (m)    To invest in Treasury Bills and other forms of United States government obligations; 
 (n)    To invest in shares of investment companies registered under the Investment Company Act of 1940; 
 (o)    To deposit monies in federally insured savings accounts or certificates of deposit in banks or savings and loan associations; 
 (p)    To vote Company Stock as provided in Section 8.4; 
 (q)    To consent to or otherwise participate in reorganizations, recapitalizations, consolidations, mergers and similar
transactions with respect to Company Stock or any other securities and to pay any assessments or charges in connection therewith; 
 (r)    To deposit such Company Stock (but only if such deposit does not violate the provisions of Section 8.4 hereof) or other securities in any voting trust, or with any protective or like committee, or with a
trustee or with depositories designated thereby; 
 (s)    To sell or exercise any options, subscription rights
and conversion privileges and to make any payments incidental thereto; 
 (t)    To exercise any of the powers of
an owner, with respect to such Company Stock and other securities or other property comprising the Trust Fund. The Administrator, with the Trustee’s approval, may authorize the Trustee to act on any administrative matter or class of matters
with respect to which direction or instruction to the Trustee by the Administrator is called for hereunder without specific direction or other instruction from the Administrator; 
 (u)    To sell, purchase and acquire put or call options if the options are traded on and purchased through a national
securities exchange registered under the Securities Exchange Act of 1934, as amended, or, if the options are not traded on a national securities exchange, are guaranteed by a member firm of the New York Stock Exchange regardless of whether such
options are covered; 
 (v)    To do all such acts and exercise all such rights and privileges, although not
specifically mentioned herein, as the Trustee may deem necessary to carry out the purposes of the Plan. 
  

 45 

	8.4	VOTING COMPANY STOCK 

 The Trustee shall vote all Company Stock held by it as
part of the Plan assets. Provided, however, that if any agreement entered into by the Trust provides for voting of any shares of Company Stock pledged as security for any obligation of the Plan, then such shares of Company Stock shall be voted in
accordance with such agreement. If the Trustee does not timely receive voting directions from a Participant or Beneficiary with respect to any Company Stock allocated to that Participant’s or Beneficiary’s Company Stock Account, the
Trustee shall vote such Company Stock. 
 Notwithstanding the foregoing, if the Employer has a registration-type class of securities, each Participant
or Beneficiary shall be entitled to direct the Trustee as to the manner in which the Company Stock which is entitled to vote and which is allocated to the Company Stock Account of such Participant or Beneficiary is to be voted. If the Employer does
not have a registration-type class of securities, each Participant or Beneficiary in the Plan shall be entitled to direct the Trustee as to the manner in which voting rights on shares of Company Stock which are allocated to the Company Stock Account
of such Participant or Beneficiary are to be exercised with respect to any corporate matter which involves the voting of such shares with respect to the approval or disapproval of any corporate merger or consolidation, recapitalization,
reclassification, liquidation, dissolution, sale of substantially all assets of a trade or business, or such similar transaction as prescribed in Regulations. For purposes of this Section the term “registration-type class of securities”
means: (A) a class of securities required to be registered under Section 12 of the Securities Exchange Act of 1934; and (B) a class of securities which would be required to be so registered except for the exemption from registration
provided in subsection (g)(2)(H) of such Section 12. 
 If the Employer does not have a registration-type class of securities and the by-laws of
the Employer require the Plan to vote an issue in a manner that reflects a one-man, one-vote philosophy, each Participant or Beneficiary shall be entitled to cast one vote on an issue and the Trustee shall vote the shares held by the Plan in
proportion to the results of the votes cast on the issue by the Participants and Beneficiaries. 
  

	8.5	DUTIES OF THE TRUSTEE REGARDING PAYMENTS 

 At the direction of the
Administrator, the Trustee shall, from time to time, in accordance with the terms of the Plan, make payments out of the Trust Fund. The Trustee shall not be responsible in any way for the application of such payments. 
  

	8.6	TRUSTEE’S COMPENSATION AND EXPENSES AND TAXES 

 The Trustee shall be
paid such reasonable compensation as set forth in the Trustee’s fee schedule (if the Trustee has such a schedule) or as agreed upon in writing by the Employer and the Trustee. However, an individual serving as Trustee who already receives
full-time pay from the Employer shall not receive compensation from the Plan. In addition, the Trustee shall be reimbursed for any reasonable expenses, including reasonable counsel fees incurred by it as Trustee. Such compensation and expenses shall
be paid from the Trust Fund unless paid or advanced by the Employer. All taxes of any kind whatsoever that may be levied or assessed under existing or future laws upon, or in respect of, the Trust Fund or the income thereof, shall be paid from the
Trust Fund. 
  

	8.7	ANNUAL REPORT OF THE TRUSTEE 

 (a)    Within a reasonable period of time after the later of the Anniversary Date or receipt of the Employer contribution for each Plan Year, the 

  

 46 

 
Trustee, or its agent, shall furnish to the Employer and Administrator a written statement of account with respect to the Plan Year for which such contribution was
made setting forth: 
 (1)    the net income, or loss, of the Trust Fund; 
 (2)    the gains, or losses, realized by the Trust Fund upon sales or other disposition of the assets; 
 (3)    the increase, or decrease, in the value of the Trust Fund; 
 (4)    all payments and distributions made from the Trust Fund; and 
 (5)    such further information as the Trustee and/or Administrator deems appropriate. 
 (b)    The Employer, promptly upon its receipt of each such statement of account, shall acknowledge receipt thereof in writing
and advise the Trustee and/or Administrator of its approval or disapproval thereof. Failure by the Employer to disapprove any such statement of account within thirty (30) days after its receipt thereof shall be deemed an approval thereof. The
approval by the Employer of any statement of account shall be binding on the Employer and the Trustee as to all matters contained in the statement to the same extent as if the account of the Trustee had been settled by judgment or decree in an
action for a judicial settlement of its account in a court of competent jurisdiction in which the Trustee, the Employer and all persons having or claiming an interest in the Plan were parties. However, nothing contained in this Section shall deprive
the Trustee of its right to have its accounts judicially settled if the Trustee so desires. 
  

	8.8	AUDIT 

 (a)    If an audit of the
Plan’s records shall be required by the Act and the regulations thereunder for any Plan Year, the Administrator shall direct the Trustee to engage on behalf of all Participants an independent qualified public accountant for that purpose. Such
accountant shall, after an audit of the books and records of the Plan in accordance with generally accepted auditing standards, within a reasonable period after the close of the Plan Year, furnish to the Administrator and the Trustee a report of the
audit setting forth the accountant’s opinion as to whether any statements, schedules or lists that are required by Act Section 103 or the Secretary of Labor to be filed with the Plan’s annual report, are presented fairly in conformity
with generally accepted accounting principles applied consistently. 
 (b)    All auditing and accounting fees
shall be an expense of and may, at the election of the Employer, be paid from the Trust Fund. 
 (c)    If some or
all of the information necessary to enable the Administrator to comply with Act Section 103 is maintained by a bank, insurance company, or similar institution, regulated, supervised, and subject to periodic examination by a state or federal
agency, then it shall transmit and certify the accuracy of that information to the Administrator as provided in Act Section 103(b) within one hundred twenty (120) days after the end of the Plan Year or by such other date as may be
prescribed under regulations of the Secretary of Labor. 
  

 47 

	8.9	RESIGNATION, REMOVAL AND SUCCESSION OF TRUSTEE 

 (a)    Unless otherwise agreed to by both the Trustee and the Employer, a Trustee may resign at any time by delivering to the Employer, at least thirty (30) days before its effective date, a written notice of
resignation. 
 (b)    Unless otherwise agreed to by both the Trustee and the Employer, the Employer may remove a
Trustee at any time by delivering to the Trustee, at least thirty (30) days before its effective date, a written notice of such Trustee’s removal. 
 (c)    Upon the death, resignation, incapacity, or removal of any Trustee, a successor may be appointed by the Employer; and
such successor, upon accepting such appointment in writing and delivering same to the Employer, shall, without further act, become vested with all the powers and responsibilities of the predecessor as if such successor had been originally named as a
Trustee herein. Until such a successor is appointed, the remaining Trustee or Trustees shall have full authority to act under the terms of the Plan. 
 (d)    The Employer may designate one or more successors prior to the death, resignation, incapacity, or removal of a Trustee. In the event a successor is so designated by the Employer and accepts such
designation, the successor shall, without further act, become vested with all the powers and responsibilities of the predecessor as if such successor had been named as Trustee herein immediately upon the death, resignation, incapacity, or removal of
the predecessor. 
 (e)    Whenever any Trustee hereunder ceases to serve as such, the Trustee shall furnish to
the Employer and Administrator a written statement of account with respect to the portion of the Plan Year during which the individual or entity served as Trustee. This statement shall be either (i) included as part of the annual statement of
account for the Plan Year required under Section 8.7 or (ii) set forth in a special statement. Any such special statement of account should be rendered to the Employer no later than the due date of the annual statement of account for the Plan
Year. The procedures set forth in Section 8.7 for the approval by the Employer of annual statements of account shall apply to any special statement of account rendered hereunder and approval by the Employer of any such special statement in the
manner provided in Section 8.7 shall have the same effect upon the statement as the Employer’s approval of an annual statement of account. No successor to the Trustee shall have any duty or responsibility to investigate the acts or
transactions of any predecessor who has rendered all statements of account required by Section 8.7 and this subparagraph. 
 8.10    TRANSFER
OF INTEREST 
 Notwithstanding any other provision contained in this Plan, the Trustee at the direction of the Administrator shall transfer the Vested
interest, if any, of a Participant to another trust forming part of a pension, profit sharing or stock bonus plan maintained by such Participant’s new employer and represented by said employer in writing as meeting the requirements of Code
Section 401 (a), provided that the trust to which such transfers are made permits the transfer to be made. 
  

 48 

	8.11	TRUSTEE INDEMNIFICATION 

 The Employer agrees to indemnify and hold harmless
the Trustee against any and all claims, losses, damages, expenses and liabilities the Trustee may incur in the exercise and performance of the Trustee’s power and duties hereunder, unless the same are determined to be due to gross negligence or
willful misconduct. 
  

	8.12	DIRECT ROLLOVER 

 (a)    Notwithstanding
any provision of the Plan to the contrary that would otherwise limit a “distributee’s” election under this Section, a “distributee” may elect, at the time and in the manner prescribed by the Administrator, to have any
portion of an “eligible rollover distribution” that is equal to at least $500 paid directly to an “eligible retirement plan” specified by the “distributee” in a “direct rollover.” 
 (b)    For purposes of this Section the following definitions shall apply: 
 (1)    An “eligible rollover distribution” is any distribution of all or any portion of the balance to the credit of the
“distributee,” except that an “eligible rollover distribution” does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life
expectancy) of the “distributee” or the joint lives (or joint life expectancies) of the “distributee” and the “distributee’s” designated beneficiary, or for a specified period of ten years or more; any distribution
to the extent such distribution is required under Code Section 401(a)(9); the portion of any other distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to
employer securities); any hardship distribution described in Code Section 401(k)(2)(B)(i)(IV); and any other distribution that is reasonably expected to total less than $200 during a year. 
 (2)    An “eligible retirement plan” is an individual retirement account described in Code Section 408(a), an individual
retirement annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a), or a qualified trust described in Code Section 401(a), that accepts the “distributee’s” “eligible rollover
distribution.” However, in the case of an “eligible rollover distribution” to the surviving spouse, an “eligible retirement plan” is an individual retirement account or individual retirement annuity. 
 (3)    A “distributee” includes an Employee or former Employee. In addition, the Employee’s or former Employee’s surviving
spouse and the Employee’s or former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p), are “distributees” with regard to the interest
of the spouse or former spouse. 
 (4)    A “direct rollover” is a payment by the Plan to the “eligible retirement
plan” specified by the “distributee.” 
  

 49 

 ARTICLE IX 
 AMENDMENT, TERMINATION AND MERGERS 
  

	9.1	AMENDMENT 

 (a)    The Employer shall
have the right at any time to amend this Plan subject to the limitations of this Section, However, any amendment which affects the rights, duties or responsibilities of the Trustee or Administrator, may only be made with the Trustee’s or
Administrator’s written consent. Any such amendment shall become effective as provided therein upon its execution. The Trustee shall not be required to execute any such amendment unless the amendment affects the duties of the Trustee hereunder.

 (b)    No amendment to the Plan shall be effective if it authorizes or permits any part of the Trust Fund
(other than such part as is required to pay taxes and administration expenses) to be used for or diverted to any purpose other than for the exclusive benefit of the Participants or their Beneficiaries or estates; or causes any reduction in the
amount credited to the account of any Participant; or causes or permits any portion of the Trust Fund to revert to or become property of the Employer. 
 (c)    Except as permitted by Regulations (including Regulation 1.411(d)-4) or other IRS guidance, no Plan amendment or transaction having the effect of a Plan amendment (such as a merger, plan transfer or
similar transaction) shall be effective if it eliminates or reduces any “Section 411(d)(6) protected benefit” or adds or modifies conditions relating to “Section 411(d)(6) protected benefits” which results in a further
restriction on such benefit unless such “Section 411(d)(6) protected benefits” are preserved with respect to benefits accrued as of the later of the adoption date or effective date of the amendment. “Section 411(d)(6) protected
benefits” are benefits described in Code Section 411(d)(6)(A), early retirement benefits and retirement-type subsidies, and optional forms of benefit. A Plan amendment that eliminates or restricts the ability of a Participant to receive
payment of the Participant’s interest in the Plan under a particular optional form of benefit will be permissible if the amendment satisfies the conditions in (1) and (2) below: 
 (1)    The amendment provides a single-sum distribution form that is otherwise identical to the optional form of benefit eliminated or
restricted. For purposes of this condition (1), a single-sum distribution form is otherwise identical only if it is identical in all respects to the eliminated or restricted optional form of benefit (or would be identical except that it provides
greater rights to the Participant) except with respect to the timing of payments after commencement. 
 (2)    The amendment is
not effective unless the amendment provides that the amendment shall not apply to any distribution with an annuity starting date earlier than the earlier of: (i) the ninetieth (90th) day after the date the Participant receiving the
distribution has been furnished a summary that reflects the amendment and that satisfies the Act requirements at 29 CFR 2520.104b-3 (relating to a summary of material modifications) or (ii) the first day of the second Plan Year following the
Plan Year in which the amendment is adopted. 
  

 50 

 In addition, no such amendment shall have the effect of terminating the protections and rights set
forth in Section 7.12, unless such termination shall then be permitted under the applicable provisions of the Code and Regulations; such a termination is currently expressly prohibited by Regulation 54.4975-11(a)(3)(ii). 
  

	9.2	TERMINATION 

 (a)    The Employer shall
have the right at any time to terminate the Plan by delivering to the Trustee and Administrator written notice of such termination. Upon any full or partial termination, all amounts credited to the affected Participants’ Accounts shall become
100% Vested as provided in Section 7.4 and shall not thereafter be subject to forfeiture, and all unallocated amounts, including Forfeitures, shall be allocated to the accounts of all Participants in accordance with the provisions hereof.

 (b)    Upon the full termination of the Plan, the Employer shall direct the distribution of the assets of the
Trust Fund to Participants in a manner which is consistent with and satisfies the provisions of Sections 7.5 and 7.6. Except as permitted by Regulations, the termination of the Plan shall not result in the reduction of “Section 411(d)(6)
protected benefits” in accordance with Section 9.1(c). 
  

	9.3	MERGER, CONSOLIDATION OR TRANSFER OF ASSETS 

 This Plan and Trust may be
merged or consolidated with, or its assets and/or liabilities may be transferred to any other plan and trust only if the benefits which would be received by a Participant of this Plan, in the event of a termination of the Plan immediately after such
transfer, merger or consolidation, are at least equal to the benefits the Participant would have received if the Plan had terminated immediately before the transfer, merger or consolidation, and such transfer, merger or consolidation does not
otherwise result in the elimination or reduction of any “Section 411(d)(6) protected benefits” in accordance with Section 9.1(c). 
 ARTICLE X 
 TOP HEAVY 
  

	10.1	TOP HEAVY PLAN REQUIREMENTS 

 For any Top Heavy Plan Year, the Plan shall
provide the special vesting requirements of Code Section 416(b) pursuant to Section 7.4 of the Plan and the special minimum allocation requirements of Code Section 416(c) pursuant to Section 4.3 of the Plan. 
  

	10.2	DETERMINATION OF TOP HEAVY STATUS 

 (a)    This Plan shall be a Top Heavy Plan for any Plan Year in which, as of the Determination Date, (1) the Present Value of Accrued Benefits of Key Employees and (2) the sum of the Aggregate Accounts of Key
Employees under this Plan and all plans of an Aggregation Group, exceeds sixty percent (60%) of the Present Value of Accrued Benefits and the Aggregate Accounts of all Key and Non-Key Employees under this Plan and all plans of an Aggregation
Group. 
 If any Participant is a Non-Key Employee for any Plan Year, but such Participant was a Key Employee for any prior Plan Year,
such Participant’s 

  

 51 

 
Present Value of Accrued Benefit and/or Aggregate Account balance shall not be taken into account for purposes of determining whether this Plan is a Top Heavy Plan (or
whether any Aggregation Group which includes this Plan is a Top Heavy Group). In addition, if a Participant or Former Participant has not performed any services for any Employer maintaining the Plan at any time during the five year period ending on
the Determination Date, any accrued benefit for such Participant or Former Participant shall not be taken into account for the purposes of determining whether this Plan is a Top Heavy Plan. 
 (b)     Aggregate Account: A Participant’s Aggregate Account as of the Determination Date is the sum of: 
 (1)    the Participant’s Account balance as of the most recent valuation occurring within a twelve (12) month period ending on the
Determination Date. 
 (2)    an adjustment for any contributions due as of the Determination Date. Such adjustment shall be the
amount of any contributions actually made after the Valuation Date but due on or before the Determination Date, except for the first Plan Year when such adjustment shall also reflect the amount of any contributions made after the Determination Date
that are allocated as of a date in that first Plan Year. 
 (3)    any Plan distributions made within the Plan Year that includes
the Determination Date or within the four (4) preceding Plan Years. However, in the case of distributions made after the Valuation Date and prior to the Determination Date, such distributions are not included as distributions for top heavy
purposes to the extent that such distributions are already included in the Participant’s Aggregate Account balance as of the Valuation Date. Notwithstanding anything herein to the contrary, all distributions, including distributions under a
terminated plan which if it had not been terminated would have been required to be included in an Aggregation Group, will be counted. Further, distributions from the Plan (including the cash value of life insurance policies) of a Participant’s
account balance because of death shall be treated as a distribution for the purposes of this paragraph. 
 (4)    any
Employee contributions, whether voluntary or mandatory. However, amounts attributable to tax deductible qualified voluntary employee contributions shall not be considered to be a part of the Participant’s Aggregate Account balance. 

(5)    with respect to unrelated rollovers and plan-to-plan transfers (ones which are both initiated by the Employee and made from a plan
maintained by one employer to a plan maintained by another employer), if this Plan provides the rollovers or plan-to-plan transfers, it shall always consider such rollovers or plan-to-plan transfers as a distribution for the purposes of this
Section. If this Plan is the plan accepting such rollovers or plan-to-plan transfers, it shall not consider such rollovers or plan-to-plan transfers as part of the Participant’s Aggregate Account balance. 
 (6)    with respect to related rollovers and plan-to-plan transfers (ones either not initiated by the Employee or made to a plan maintained by
the 

  

 52 

 
same employer), if this Plan provides the rollover or plan-to-plan transfer, it shall not be counted as a distribution for purposes of this Section. If this Plan is
the plan accepting such rollover or plan-to-plan transfer, it shall consider such rollover or plan-to-plan transfer as part of the Participant’s Aggregate Account balance, irrespective of the date on which such rollover or plan-to-plan transfer
is accepted. 
 (7)    For the purposes of determining whether two employers are to be treated as the same employer in
(5) and (6) above, all employers aggregated under Code Section 414(b), (c), (m) and (o) are treated as the same employer. 
 (c)    “Aggregation Group” means either a Required Aggregation Group or a Permissive Aggregation Group as hereinafter determined. 
 (1)    Required Aggregation Group: In determining a Required Aggregation Group hereunder, each plan of the Employer in which a Key Employee is
a participant in the Plan Year containing the Determination Date or any of the four preceding Plan Years, and each other plan of the Employer which enables any plan in which a Key Employee participates to meet the requirements of Code Sections
401(a)(4) or 410, will be required to be aggregated. Such group shall be known as a Required Aggregation Group. 
 In the case of a Required
Aggregation Group, each plan in the group will be considered a Top Heavy Plan if the Required Aggregation Group is a Top Heavy Group. No plan in the Required Aggregation Group will be considered a Top Heavy Plan if the Required Aggregation Group is
not a Top Heavy Group. 
 (2)    Permissive Aggregation Group: The Employer may also include any other plan not required to be
included in the Required Aggregation Group, provided the resulting group, taken as a whole, would continue to satisfy the provisions of Code Sections 401(a)(4) and 410. Such group shall be known as a Permissive Aggregation Group. 
 In the case of a Permissive Aggregation Group, only a plan that is part of the Required Aggregation Group will be considered a Top Heavy Plan if the Permissive
Aggregation Group is a Top Heavy Group. No plan in the Permissive Aggregation Group will be considered a Top Heavy Plan if the Permissive Aggregation Group is not a Top Heavy Group. 
 (3)    Only those plans of the Employer in which the Determination Dates fall within the same calendar year shall be aggregated in order to
determine whether such plans are Top Heavy Plans. 
 (4)    An Aggregation Group shall include any terminated plan of the Employer
if it was maintained within the last five (5) years ending on the Determination Date. 
 (d)    “Determination Date” means (a) the last day of the preceding Plan Year, or (b) in the case of the first Plan Year, the last day of such Plan Year. 
  

 53 

 (e)    Present Value of Accrued Benefit: In the case of a defined benefit
plan, the Present Value of Accrued Benefit for a Participant other than a Key Employee, shall be as determined using the single accrual method used for all plans of the Employer and Affiliated Employers, or if no such single method exists, using a
method which results in benefits accruing not more rapidly than the slowest accrual rate permitted under Code Section 411(b)(1)(C). The determination of the Present Value of Accrued Benefit shall be determined as of the most recent valuation
date that falls within or ends with the 12-month period ending on the Determination Date except as provided in Code Section 416 and the Regulations thereunder for the first and second plan years of a defined benefit plan. 
 (f)    “Top Heavy Group” means an Aggregation Group in which, as of the Determination Date, the sum of: 

(1)    the Present Value of Accrued Benefits of Key Employees under all defined benefit plans included in the group, and 
 (2)    the Aggregate Accounts of Key Employees under all defined contribution plans included in the group, 
 exceeds sixty percent (60%) of a similar sum determined for all Participants. 
 ARTICLE XI 
 MISCELLANEOUS 
 11.1    PARTICIPANT’S RIGHTS 
 This Plan shall not be deemed to constitute a contract between the Employer and any
Participant or to be a consideration or an inducement for the employment of any Participant or Employee. Nothing contained in this Plan shall be deemed to give any Participant or Employee the right to be retained in the service of the Employer or to
interfere with the right of the Employer to discharge any Participant or Employee at any time regardless of the effect which such discharge shall have upon the Employee as a Participant of this Plan. 
 11.2    ALIENATION 
 (a)    Subject to the exceptions provided below, and as otherwise permitted by the Code and Act, no benefit which shall be payable out of the Trust Fund to any person (including a Participant or the Participant’s
Beneficiary) shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be void;
and no such benefit shall in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements, or torts of any such person, nor shall it be subject to attachment or legal process for or against such person, and the same shall
not be recognized by the Trustee, except to such extent as may be required by law. 
 (b)    Subsection
(a) shall not apply to a “qualified domestic relations order” defined in Code Section 414(p), and those other domestic relations orders permitted to be so treated by the Administrator under the provisions of the Retirement Equity
Act of 1984. The Administrator shall establish a written procedure to determine the qualified status of domestic relations orders and to 

  

 54 

 
administer distributions under such qualified orders. Further, to the extent provided under a “qualified domestic relations order,” a former spouse of a
Participant shall be treated as the spouse or surviving spouse for all purposes under the Plan. 
 (c)    Subsection (a) shall not apply to an offset to a Participant’s accrued benefit against an amount that the Participant is ordered or required to pay the Plan with respect to a judgment, order, or decree
issued, or a settlement entered into, on or after August 5, 1997, in accordance with Code Sections 401(a)(13)(C)and(D). 
  

	11.3	CONSTRUCTION OF PLAN 

 This Plan and Trust shall be construed and enforced
according to the Code, the Act and the laws of the State of Florida, other than its laws respecting choice of law, to the extent not pre-empted by the Act. 
  

	11.4	GENDER AND NUMBER 

 Wherever any words are used herein in the masculine,
feminine or neuter gender, they shall be construed as though they were also used in another gender in all cases where they would so apply, and whenever any words are used herein in the singular or plural form, they shall be construed as though they
were also used in the other form in all cases where they would so apply. 
  

	11.5	LEGAL ACTION 

 In the event any claim, suit, or proceeding is brought
regarding the Trust and/or Plan established hereunder to which the Trustee, the Employer or the Administrator may be a party, and such claim, suit, or proceeding is resolved in favor of the Trustee, the Employer or the Administrator, they shall be
entitled to be reimbursed from the Trust Fund for any and all costs, attorney’s fees, and other expenses pertaining thereto incurred by them for which they shall have become liable. 
  

	11.6	PROHIBITION AGAINST DIVERSION OF FUNDS 

 (a)    Except as provided below and otherwise specifically permitted by law, it shall be impossible by operation of the Plan or of the Trust, by termination of either, by power of revocation or amendment, by the
happening of any contingency, by collateral arrangement or by any other means, for any part of the corpus or income of any Trust Fund maintained pursuant to the Plan or any funds contributed thereto to be used for, or diverted to, purposes other
than the exclusive benefit of Participants, Former Participants, or their Beneficiaries. 
 (b)    In the event
the Employer shall make an excessive contribution under a mistake of fact pursuant to Act Section 403(c)(2)(A), the Employer may demand repayment of such excessive contribution at any time within one (1) year following the time of payment
and the Trustees shall return such amount to the Employer within the one (1) year period. Earnings of the Plan attributable to the contributions may not be returned to the Employer but any losses attributable thereto must reduce the amount so
returned. 
 (c)    Except for Sections 3.5, 3.6, and 4.1(b), any contribution by the Employer to the Trust Fund
is conditioned upon the deductibility of the 

  

 55 

 
contribution by the Employer under the Code and, to the extent any such deduction is disallowed, the Employer may, within one (1) year following the final
determination of the disallowance, whether by agreement with the Internal Revenue Service or by final decision of a competent jurisdiction, demand repayment of such disallowed contribution and the Trustee shall return such contribution within one
(1) year following the disallowance. Earnings of the Plan attributable to the contribution may not be returned to the Employer, but any losses attributable thereto must reduce the amount so returned. 
  

	11.7	EMPLOYER’S AND TRUSTEE’S PROTECTIVE CLAUSE 

 The Employer,
Administrator and Trustee, and their successors, shall not be responsible for the validity of any Contract issued hereunder or for the failure on the part of the insurer to make payments provided by any such Contract, or for the action of any person
which may delay payment or render a Contract null and void or unenforceable in whole or in part. 
  

	11.8	INSURER’S PROTECTIVE CLAUSE 

 Except as otherwise agreed upon in writing
between the Employer and the insurer, an insurer which issues any Contracts hereunder shall not have any responsibility for the validity of this Plan or for the tax or legal aspects of this Plan. The insurer shall be protected and held harmless in
acting in accordance with any written direction of the Trustee, and shall have no duty to see to the application of any funds paid to the Trustee, nor be required to question any actions directed by the Trustee. Regardless of any provision of this
Plan, the insurer shall not be required to take or permit any action or allow any benefit or privilege contrary to the terms of any Contract which it issues hereunder, or the rules of the insurer. 
  

	11.9	RECEIPT AND RELEASE FOR PAYMENTS 

 Any payment to any Participant, the
Participant’s legal representative, Beneficiary, or to any guardian or committee appointed for such Participant or Beneficiary in accordance with the provisions of the Plan, shall, to the extent thereof, be in full satisfaction of all claims
hereunder against the Trustee and the Employer, either of whom may require such Participant, legal representative, Beneficiary, guardian or committee, as a condition precedent to such payment, to execute a receipt and release thereof in such form as
shall be determined by the Trustee or Employer. 
  

	11.10	ACTION BY THE EMPLOYER 

 Whenever the Employer under the terms of the Plan is
permitted or required to do or perform any act or matter or thing, it shall be done and performed by a person duly authorized by its legally constituted authority. 
  

	11.11	NAMED FIDUCIARIES AND ALLOCATION OF RESPONSIBILITY 

 The “named
Fiduciaries” of this Plan are (1) the Employer, (2) the Administrator and (3) the Trustee, and (4) any Investment Manager appointed hereunder. The named Fiduciaries shall have only those specific powers, duties,
responsibilities, and obligations as are specifically given them under the Plan including, but not limited to, any agreement allocating or delegating their responsibilities, the terms of which are incorporated herein by reference. In general, the
Employer shall have the sole responsibility for making the contributions provided for under Section 4.1; and shall have the authority to appoint and remove the Trustee and the Administrator; to formulate the Plan’s “funding policy and
method”; and to amend or terminate, in whole or in part, the Plan. The Administrator shall have the sole responsibility for the 

  

 56 

 
administration of the Plan, including, but not limited to, the items specified in Article II of the Plan, as the same may be allocated or delegated thereunder. The
Trustee shall have the sole responsibility of management of the assets held under the Trust, except to the extent directed pursuant to Article II or with respect to those assets, the management of which has been assigned to an Investment Manager,
who shall be solely responsible for the management of the assets assigned to it, all as specifically provided in the Plan. Each named Fiduciary warrants that any directions given, information furnished, or action taken by it shall be in accordance
with the provisions of the Plan, authorizing or providing for such direction, information or action. Furthermore, each named Fiduciary may rely upon any such direction, information or action of another named Fiduciary as being proper under the Plan,
and is not required under the Plan to inquire into the propriety of any such direction, information or action. It is intended under the Plan that each named Fiduciary shall be responsible for the proper exercise of its own powers, duties,
responsibilities and obligations under the Plan as specified or allocated herein. No named Fiduciary shall guarantee the Trust Fund in any manner against investment loss or depreciation in asset value. Any person or group may serve in more than one
Fiduciary capacity. 
  

	11.12	HEADINGS 

 The headings and subheadings of this Plan have been inserted for
convenience of reference and are to be ignored in any construction of the provisions hereof. 
  

	11.13	APPROVAL BY INTERNAL REVENUE SERVICE 

 Notwithstanding anything herein to the
contrary, if, pursuant to an application for qualification filed by or on behalf of the Plan by the time prescribed by law for filing the Employer’s return for the taxable year in which the Plan is adopted, or such later date that the Secretary
of the Treasury may prescribe, the Commissioner of Internal Revenue Service or the Commissioner’s delegate should determine that the Plan does not initially qualify as a tax-exempt plan under Code Sections 401 and 501, and such determination is
not contested, or if contested, is finally upheld, then if the Plan is a new plan, it shall be void ab initio and all amounts contributed to the Plan by the Employer, less expenses paid, shall be returned within one (1) year and the Plan shall
terminate, and the Trustee shall be discharged from all further obligations. If the disqualification relates to an amended plan, then the Plan shall operate as if it had not been amended. 
  

	11.14	UNIFORMITY 

 All provisions of this Plan shall be interpreted and applied in
a uniform, nondiscriminatory manner. In the event of any conflict between the terms of this Plan and any Contract purchased hereunder, the Plan provisions shall control. 
  

	11.15	SECURITIES AND EXCHANGE COMMISSION APPROVAL 

 The Employer may request an
interpretative letter from the Securities and Exchange Commission stating that the transfers of Company Stock contemplated hereunder do not involve transactions requiring a registration of such Company Stock under the Securities Act of 1933. In the
event that a favorable interpretative letter is not obtained, the Employer reserves the right to amend the Plan and Trust retroactively to their Effective Dates in order to obtain a favorable interpretative letter or to terminate the Plan.

  

 57 

 ARTICLE XII 
 PARTICIPATING EMPLOYERS 
  

	12.1	ADOPTION BY OTHER EMPLOYERS 

 Notwithstanding anything herein to the
contrary, with the consent of the Employer and Trustee, any other corporation or entity, whether an affiliate or subsidiary or not, may adopt this Plan and all of the provisions hereof, and participate herein and be known as a Participating
Employer, by a properly executed document evidencing said intent and will of such Participating Employer. 
  

	12.2	REQUIREMENTS OF PARTICIPATING EMPLOYERS 

 (a)    Each such Participating Employer shall be required to use the same Trustee as provided in this Plan. 
 (b)    The Trustee may, but shall not be required to, commingle, hold and invest as one Trust Fund all contributions made by Participating Employers, as well as all increments thereof. 
 (c)    Any expenses of the Plan which are to be paid by the Employer or borne by the Trust Fund shall be paid by each
Participating Employer in the same proportion that the total amount standing to the credit of all Participants employed by such Employer bears to the total standing to the credit of all Participants. 
  

	12.3	DESIGNATION OF AGENT 

 Each Participating Employer shall be deemed to be a
party to this Plan; provided, however, that with respect to all of its relations with the Trustee and Administrator for the purpose of this Plan, each Participating Employer shall be deemed to have designated irrevocably the Employer as its agent.
Unless the context of the Plan clearly indicates the contrary, the word “Employer” shall be deemed to include each Participating Employer as related to its adoption of the Plan. 
  

	12.4	EMPLOYEE TRANSFERS 

 In the event an Employee is transferred between
Participating Employers, accumulated service and eligibility shall be carried with the Employee involved. No such transfer shall effect a termination of employment hereunder, and the Participating Employer to which the Employee is transferred shall
thereupon become obligated hereunder with respect to such Employee in the same manner as was the Participating Employer from whom the Employee was transferred. 
  

	12.5	PARTICIPATING EMPLOYER CONTRIBUTION AND FORFEITURES 

 Any contribution or
Forfeiture subject to allocation during each Plan Year shall be allocated only among those Participants of the Employer or Participating Employer making the contribution or by which the forfeiting Participant was employed. However, if the
contribution is made, or the forfeiting Participant was employed, by an Affiliated Employer, in which event such contribution or Forfeiture shall be allocated among all Participants of all Participating Employers who are Affiliated Employers in
accordance with the provisions of this Plan. On the basis of the information furnished by the Administrator, the Trustee may keep separate books and records concerning the affairs of each Participating Employer hereunder and as to the accounts and

  

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credits of the Employees of each Participating Employer. The Trustee may, but need not, register Contracts so as to evidence that a particular Participating Employer
is the interested Employer hereunder, but in the event of an Employee transfer from one Participating Employer to another, the employing Participating Employer shall immediately notify the Trustee thereof. 
  

	12.6	AMENDMENT 

 Amendment of this Plan by the Employer at any time when there
shall be a Participating Employer hereunder shall only be by the written action of each and every Participating Employer and with the consent of the Trustee where such consent is necessary in accordance with the terms of this Plan. 
  

	12.7	DISCONTINUANCE OF PARTICIPATION 

 Any Participating Employer shall be
permitted to discontinue or revoke its participation in the Plan at any time. At the time of any such discontinuance or revocation, satisfactory evidence thereof and of any applicable conditions imposed shall be delivered to the Trustee. The Trustee
shall thereafter transfer, deliver and assign Contracts and other Trust Fund assets allocable to the Participants of such Participating Employer to such new trustee as shall have been designated by such Participating Employer, in the event that it
has established a separate qualified retirement plan for its Employees provided, however, that no such transfer shall be made if the result is the elimination or reduction of any “Section 411(d)(6) protected benefits” as described in
Section 9.1(c). If no successor is designated, the Trustee shall retain such assets for the Employees of said Participating Employer pursuant to the provisions of Article VII hereof. In no such event shall any part of the corpus or income of
the Trust as it relates to such Participating Employer be used for or diverted for purposes other than for the exclusive benefit of the Employees of such Participating Employer. 
  

	12.8	ADMINISTRATOR’S AUTHORITY 

 The Administrator shall have authority to
make any and all necessary rules or regulations, binding upon all Participating Employers and all Participants, to effectuate the purpose of this Article. 
  

 59 

 IN WITNESS WHEREOF, this Plan has been executed the day and year first above written. 
  

			
	Federal Trust Corporation
		
	By	 	 

		 	EMPLOYER
	
	 

	TRUSTEE

  

 60 

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 AMENDMENT OF THE PLAN
FOR EGTRRA 
 AMENDMENT NUMBER ONE TO 
 EMPLOYEE STOCK
OWNERSHIP PLAN FOR 
 FEDERAL TRUST CORPORATION AND ITS SUBSIDIARIES 

 AMENDMENT OF THE PLAN FOR EGTRRA 
 AMENDMENT NUMBER ONE TO 
 EMPLOYEE STOCK OWNERSHIP PLAN FOR 
 FEDERAL TRUST CORPORATION AND ITS SUBSIDIARIES 
 BY THIS AGREEMENT, Employee Stock Ownership Plan for
Federal Trust Corporation and Its Subsidiaries (herein referred to as the Plan) is hereby amended as follows: 
 ARTICLE I 
 PREAMBLE 
 1.1    Adoption and effective date of amendment.
This amendment of the Plan is adopted to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (    EGTRRA    ). This amendment is intended as good faith
compliance with the requirements of EGTRRA and is to be construed in accordance with EGTRRA and guidance issued thereunder. Except as otherwise provided, this amendment shall be effective as of the first day of the first Plan Year beginning after
December 31, 2001. 
 1.2    Supersession of inconsistent provisions. This amendment shall supersede the provisions of the Plan to the extent
those provisions are inconsistent with the provisions of this amendment. 
 ARTICLE II 
 LIMITATIONS ON CONTRIBUTIONS 
 2.1    Effective date. This Article shall be effective for
“limitation years” beginning after December 31, 2001. 
 2.2    Maximum annual addition. The “annual addition” that may be
contributed or allocated to a Participant’s account under the Plan for any “limitation year” shall not exceed the lesser of: 
 (a)    $40,000, as adjusted for increases in the cost-of-living under Code Section 415(d), or 
 (b)    one-hundred percent (100%) of the Participant’s “415 Compensation” for the “limitation year.” 
 The “415 Compensation” limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service (within the meaning of Code Section 401(h) or Code
Section 419A(f)(2)) which is otherwise treated as an “annual addition.” 
 ARTICLE III 
 INCREASE IN COMPENSATION LIMIT 
 The annual Compensation of each
Participant taken into account in determining allocations for any Plan Year beginning after December 31, 2001, shall not exceed $200,000, as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). 

ARTICLE IV 
 MODIFICATION OF TOP-HEAVY RULES 
 4.1    Effective date. This Article shall apply for purposes of determining whether the Plan is a top-heavy plan under Code Section 416(g) for Plan Years
beginning after December 31,2001, 

  

 1 

 
and whether the Plan satisfies the minimum benefits requirements of Code Section 416(c) for such years. This Article amends Article X of the Plan. 
  

	4.2	Determination of top-heavy status. 

 (a)    Key employee. Key employee means any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the determination date was an officer of the Employer having
“415 Compensation” greater than $130,000 (as adjusted under Code Section 416(i)(1) for Plan Years beginning after December 31, 2002), a 5-percent owner of the Employer, or a 1-percent owner of the Employer having “415
Compensation” of more than $150,000. The determination of who is a key employee will be made in accordance with Code Section 416(i)(1) and the applicable regulations and other guidance of general applicability issued thereunder.

 (b)    Determination of present values and amounts. This section (b) shall apply for purposes of
determining the present values of accrued benefits and the amounts of account balances of Employees as of the determination date. 
 (1)    Distributions during year ending on the determination date. The present values of accrued benefits and the amounts of account balances of an Employee as of the determination date shall be increased by the
distributions made with respect to the Employee under the Plan and any plan aggregated with the Plan under Code Section 416(g)(2) during the 1-year period ending on the determination date. The preceding sentence shall also apply to
distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under Code Section 416(g)(2)(A)(i). In the case of a distribution made for a reason other than separation from service, death, or
disability, this provision shall be applied by substituting 5-year period for 1-year period. 
 (2)    Employees not performing
services during year ending on the determination date. The accrued benefits and accounts of any individual who has not performed services for the Employer during the 1-year period ending on the determination date shall not be taken into account.

 4.3    Minimum benefits. Employer matching contributions shall be taken into account for purposes of satisfying the minimum contribution
requirements of Code Section 416(c)(2) and the Plan. The preceding sentence shall apply with respect to matching contributions under the Plan or, if the Plan provides that the minimum contribution requirement shall be met in another plan, such
other plan. Employer matching contributions that are used to satisfy the minimum contribution requirements shall be treated as matching contributions for purposes of the actual contribution percentage test and other requirements of Code
Section 401(m). 
 ARTICLE V 
 DIRECT ROLLOVERS OF
PLAN DISTRIBUTIONS 
 5.1    Effective date. This Article shall apply to distributions made after December 31, 2001. 
 5.2    Modification of definition of eligible retirement plan. For purposes of the direct rollover provisions in Section 8.12 p.49 of the Plan, an
eligible retirement plan shall also mean an annuity contract described in Code Section 403(b) and an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality
of a state or political subdivision of a state and which agrees to separately 

  

 2 

 
account for amounts transferred into such plan from this Plan. The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving
spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in Code Section 414(p). 
 ARTICLE VI 
 ROLLOVERS FROM OTHER PLANS 
 The Administrator, operationally and on a nondiscriminatory basis, may limit the source of rollover contributions that may be accepted by this Plan. 
 ARTICLE VII 
 ROLLOVERS DISREGARDED IN INVOLUNTARY CASH-OUTS 
 7.1    Applicability and effective date. This Article applies to rollover contributions and involuntary cash-outs, and shall be effective with respect to distributions made on and after with respect to Participants who
separate from service on or after January 1, 2002. 
 7.2    Rollovers disregarded in determining value of account balance for involuntary
distributions. For purposes of Section 7.4(a) p.32 of the Plan, the value of a Participant’s nonforfeitable account balance shall be determined without regard to that portion of the account balance that is attributable to rollover
contributions (and earnings allocable thereto) within the meaning of Code Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16). If the value of the Participant’s nonforfeitable account balance as so determined is $5,000 or
less, the Plan shall immediately distribute the Participant’s entire nonforfeitable account balance. 
  

 3 

 IN WITNESS WHEREOF, this Amendment has been executed this 31st day of December, 2001. 
  

			
	Federal Trust Corporation
		
	By	 	 

		 	EMPLOYER
	
	 

	TRUSTEE

  

 4 

 Employee Stock Ownership Plan for Federal Trust Corporation and Its Subsidiaries 
 GOOD FAITH 
 MANDATORY DISTRIBUTION
AMENDMENT 
 (Code Section 401(a)(31)(B)) 
 ARTICLE I 
 APPLICATION OF AMENDMENT 
  

	1.1	Effective Date. The provisions of this Amendment will apply with respect to distributions made on or after March 28, 2005. 

  

	1.2	Precedence. This Amendment supersedes any inconsistent provision of the Plan. 

 ARTICLE II 
 DEFAULT PROVISION: AUTOMATIC ROLLOVER 
 OF AMOUNTS OVER $1,000 
 Unless the Employer otherwise
elects in Article III of this Amendment, the provisions of the Plan concerning mandatory distributions of amounts not exceeding $5,000 are amended as follows: 
 In the event of a mandatory distribution greater than $1,000 that is made in accordance with the provisions of the Plan providing for an automatic distribution to a Participant without the Participant’s consent,
if the Participant does not elect to have such distribution paid directly to an “eligible retirement plan” specified by the Participant in a direct rollover (in accordance with the direct rollover provisions of the Plan) or to receive the
distribution directly, then the Administrator shall pay the distribution in a direct rollover to an individual retirement plan designated by the Administrator. 
 ARTICLE III 
 EMPLOYER’S ALTERNATIVE ELECTIONS 
  

					
	3.1	  	(X)	  	In lieu of the default provision in Article II of this Amendment, the provisions of the Plan that provide for the involuntary distribution of vested accrued benefits of $5,000 or less, are
modified as follows:

 Reduction of $5,000 threshold to $1,000. The $5,000 threshold in such provisions is reduced
to $1,000 and the value of the Participant’s interest in the Plan for such purpose shall include any rollover contributions (and earnings thereon) within the meaning of Code Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and
457(e)(l6). 

 This Good Faith Mandatory Distribution Amendment is executed as follows: 
 Name of Plan: 
 Employee Stock Ownership Plan for Federal Trust Corporation
and Its Subsidiaries 
 Name of Employer: 
 Federal Trust
Corporation 
  

					
	By:	  		  	
	 

	EMPLOYER	  		  	
		
	12-31-05	  	
	DATE	  		  	
		
	Name of Participating Employer:	  	
	  

			
	By:	  		  	
	  
	  	
	PARTICIPATING EMPLOYER	  	
		
	  
	  	
	DATE	  		  	
		
	Name of Participating Employer:	  	
	  

			
	By:	  		  	
	  

	PARTICIPATING EMPLOYER	  	
		
	  
	  	
	DATE	  		  	

 Amendment for the Final 415 Regulations 
 For 
 Employee Stock Ownership Plan for Federal 
 Trust Corporation and Its Subsidiaries 
 ARTICLE I 
 PREAMBLE 
  

	1.1	Effective date of Amendment. This Amendment is effective for limitation years and plan years beginning on or after July 1, 2007, except as otherwise provided herein.

  

	1.2	Superseding of inconsistent provisions. This Amendment supersedes the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this
Amendment. 

  

	1.3	Construction. Except as otherwise provided in this Amendment, any reference to “Section” in this Amendment refers only to sections within this Amendment, and is not
a reference to the Plan. The Article and Section numbering in this Amendment is solely for purposes of this Amendment, and does not relate to any Plan article, section or other numbering designations. 

  

	1.4	Effect of restatement of Plan. If the Employer restates the Plan, then this Amendment shall remain in effect after such restatement unless the provisions in this Amendment
are restated or otherwise become obsolete (e.g., if the Plan is restated onto a plan document which incorporates the final Code §415 Regulation provisions). 

 ARTICLE II 
 FINAL SECTION 415 REGULATIONS 
  

	2.1	Effective date. The provisions of this Article II shall apply to limitation years beginning on and after July 1, 2007. 

  

	2.2	415 Compensation paid after severance from employment. 415 Compensation shall be adjusted for the following types of compensation paid after a Participant’s severance
from employment with the Employer maintaining the Plan (or any other entity that is treated as the Employer pursuant to Code § 4l4(b), (c), (m) or (o)). However, amounts described in subsections (a) and (b) below may only be
included in 415 Compensation to the extent such amounts are paid by the later of 2 1/2 months after severance from employment or by the end of the limitation year that includes the date of such severance from employment. Any other payment of
compensation paid after severance of employment that is not described in the following types of compensation is not considered 415 Compensation within the meaning of Code § 415(c)(3), even if payment is made within the time period specified
above. 

 (a)    Regular pay. 415 Compensation shall include regular pay after severance of
employment if: 
 (1)    The payment is regular compensation for services during the participant’s regular working
hours, or compensation for services outside the participant’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments; and 
 (2)    The payment would have been paid to the participant prior to a severance from employment if the participant had continued in
employment with the Employer. 
 (b)    Leave cashouts and deferred compensation. Leave cashouts shall be included
in 415 Compensation if those amounts would have been included in the definition of 415 Compensation if they were paid prior to the participant’s severance from employment, and the amounts are payment for unused accrued bona fide sick, vacation,
or other leave, but only if the participant would have been able to use the leave if employment had continued. In addition, deferred compensation shall be included in 415 Compensation if the compensation would have been included in the definition of
415 Compensation if it had been paid prior to the participant’s severance from employment, and the compensation is received pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been paid at the same
time if the participant had continued in employment with the Employer and only to the extent that the payment is includible in the participant’s gross income, 
 (c)    Salary continuation payments for military service participants. 415 Compensation does not include payments to an individual who does not currently perform services for the Employer by
reason of qualified military service (as that term is used in Code § 414(u)(l)) to the extent those payments do not exceed the amounts the individual would have received if the individual had continued to perform services for the Employer
rather than entering qualified military service. 
 (d)    Salary continuation payments for disabled Participants.
415 Compensation does not include compensation paid to a participant who is permanently and totally disabled (as defined in Code § 22(e)(3)). 
  

	2.3	 Administrative delay (“the first few weeks”) rule. 415 Compensation for a limitation year shall not include amounts earned but not paid during the
limitation year solely because of the timing of pay periods and pay dates. However, 415 Compensation for a limitation year shall include amounts earned but not paid during the limitation year solely because of the timing of pay periods and pay
dates, provided the amounts are paid during the first few weeks of the next limitation year, the amounts are included on a 

	 	 
uniform and consistent basis with respect to all similarly situated participants, and no compensation is included in more than one limitation year.

  

	2.4	Inclusion of certain nonqualified deferred compensation amounts. If the Plan’s definition of Compensation for purposes of Code § 415 is the definition in Regulation
Section 1.415(c)-2(b) (Regulation Section 1.415-2(d)(2) under the Regulations in effect for limitation years beginning prior to July 1, 2007) and the simplified compensation definition of Regulation 1.415(c)-2(d)(2) (Regulation
Section 1.415-2(d)(10) under the Regulations in effect for limitation years prior to July 1, 2007) is not used, then 415 Compensation shall include amounts that are includible in the gross income of a Participant under the rules of Code
§ 409A or Code § 457(f)(l)(A) or because the amounts are constructively received by the Participant. [Note if the Plan’s definition of Compensation is W-2 wages or wages for withholding purposes, then these amounts are already include
in Compensation,] 

  

	2.5	Definition of annual additions. The Plan’s definition of “annual additions” is modified as follows: 

 (a)    Restorative payments. Annual additions for purposes of Code § 415 shall not include restorative payments. A
restorative payment is a payment made to restore losses to a Plan resulting from actions by a fiduciary for which there is reasonable risk of liability for breach of a fiduciary duty under ERISA or under other applicable federal or state law, where
participants who are similarly situated are treated similarly with respect to the payments. Generally, payments are restorative payments only if the payments are made in order to restore some or all of the plan’s losses due to an action (or a
failure to act) that creates a reasonable risk of liability for such a breach of fiduciary duty (other than a breach of fiduciary duty arising from failure to remit contributions to the Plan). This includes payments to a plan made pursuant to a
Department of Labor order, the Department of Labor’s Voluntary Fiduciary Correction Program, or a court-approved settlement, to restore losses to a qualified defined contribution plan on account of the breach of fiduciary duty (other than a
breach of fiduciary duty arising from failure to remit contributions to the Plan). Payments made to the Plan to make up for losses due merely to market fluctuations and other payments that are not made on account of a reasonable risk of liability
for breach of a fiduciary duty under ERISA are not restorative payments and generally constitute contributions that are considered annual additions. 
 (b)    Other Amounts. Annual additions for purposes of Code § 415 shall not include: (1) The direct transfer of a benefit or employee contributions from a qualified plan to this
Plan; (2) Rollover contributions (as described in Code §§ 401(a)(31), 402(c)(l), 403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16)); (3) Repayments of loans made to a participant from the Plan; and (4) Repayments of amounts
described in Code § 41l(a)(7)(B) (in accordance with Code § 41l(a)(7)(C)) and Code § 41l(a)(3)(D) or repayment of contributions to a governmental plan (as defined in Code § 414(d)) as described in Code § 415(k)(3), as well
as Employer restorations of benefits that are required pursuant to such repayments. 
 (c)    Date of tax-exempt
Employer contributions. Notwithstanding anything in the Plan to the contrary, in the case of an Employer that is exempt from Federal income tax (including a governmental employer), Employer contributions are treated as credited to a
participant’s account for a particular limitation year only if the contributions are actually made to the plan no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable,
depending on the basis on which the employer keeps its books) with or within which the particular limitation year ends. 
  

	2.6	Change of limitation year. The limitation year may only be changed by a Plan amendment. Furthermore, if the Plan is terminated effective as of a date other than the last day
of the Plan’s limitation year, then the Plan is treated as if the Plan had been amended to change its limitation year. 

  

	2.7	Excess Annual Additions. Notwithstanding any provision of the Plan to the contrary, if the annual additions (within the meaning of Code § 415) are exceeded for any
participant, then the Plan may only correct such excess in accordance with the Employee Plans Compliance Resolution System (EPCRS) as set forth in Revenue Procedure 2006-27 or any superseding guidance, including, but not limited to, the preamble of
the final §415 regulations. 

  

	2.8	Aggregation and Disaggregation of Plans. 

 (a)    For purposes of applying the limitations of Code § 415, all defined contribution plans (without regard to whether a plan has been terminated) ever maintained by the Employer (or a “predecessor
employer”) under which the participant receives annual additions are treated as one defined contribution plan. The “Employer” means the Employer that adopts this Plan and all members of a controlled group or an affiliated service
group that includes the Employer (within the meaning of Code §§ 414(b), (c), (m) or (o)), except that for purposes of this Section, the determination shall be made by applying Code § 415(h), and shall take into account tax-exempt
organizations under Regulation Section 1.414(c)-5, as modified by Regulation Section 1.415(a)-l(f)(l). For purposes of this Section: 
 (1)        A former Employer is a “predecessor employer” with respect to a participant in a plan maintained by an Employer if the Employer maintains a plan under which the participant had
accrued a benefit while performing services for the former Employer, but only if that benefit is provided under the plan maintained by the Employer. For this purpose, the formerly affiliated plan rules in Regulation Section 1.415(f)-l(b)(2)
apply as if the Employer and predecessor Employer constituted a single employer under the rules described in Regulation Section 1.415(a)-1(f)(1) and (2) immediately prior to the cessation of affiliation (and as if they constituted two,
unrelated employers under the rules described in Regulation Section 1.415(a)-l(f)(l) and (2) immediately after the cessation of affiliation) and cessation of affiliation was the event that gives rise to the predecessor employer
relationship, such as a transfer of benefits or plan sponsorship. 

 (2)        With respect to an Employer of a participant, a former
entity that antedates the Employer is a “predecessor employer” with respect to the participant if, under the facts and circumstances, the employer constitutes a continuation of all or a portion of the trade or business of the former
entity. 
 (b)    Break-up of an affiliate employer or an affiliated service group. For purposes of aggregating
plans for Code § 415, a “formerly affiliated plan” of an employer is taken into account for purposes of applying the Code § 415 limitations to the employer, but the formerly affiliated plan is treated as if it had terminated
immediately prior to the “cessation of affiliation.” For purposes of this paragraph, a “formerly affiliated plan” of an employer is a plan that, immediately prior to the cessation of affiliation, was actually maintained by one or
more of the entities that constitute the employer (as determined under the employer affiliation rules described in Regulation Section 1.415(a)-l(f)(l) and (2)), and immediately after the cessation of affiliation, is not actually maintained by
any of the entities that constitute the employer (as determined under the employer affiliation rules described in Regulation Section 1.4l5(a)-l(f)(l) and (2)). For purposes of this paragraph, a “cessation of affiliation” means the
event that causes an entity to no longer be aggregated with one or more other entities as a single employer under the employer affiliation rules described in Regulation Section l.415(a)-l(f)(l) and (2) (such as the sale of a subsidiary outside
a controlled group), or that causes a plan to not actually be maintained by any of the entities that constitute the employer under the employer affiliation rules of Regulation Section 1.415(a)- l(f)(l) and (2) (such as a transfer of plan
sponsorship outside of a controlled group). 
 (c)    Midyear Aggregation. Two or more defined contribution plans
that are not required to be aggregated pursuant to Code § 415(f) and the Regulations thereunder as of the first day of a limitation year do not fail to satisfy the requirements of Code § 415 with respect to a participant for the limitation
year merely because they are aggregated later in that limitation year, provided that no annual additions are credited to the participant’s account after the date on which the plans are required to be aggregated. 
 ARTICLE III 
 PLAN COMPENSATION 

  

	3.1	Compensation limit. Notwithstanding Amendment Section 3.2, if the Plan is a 401(k) plan, then participants may not make elective deferrals with respect to
amounts that are not 415 Compensation. However, for this purpose, 415 Compensation is not limited to the annual compensation limit of Code § 401(a)(17). 

  

	3.2	Compensation paid after severance from employment. Compensation for purposes of allocations (hereinafter referred to as Plan Compensation) shall be adjusted in the same
manner as 415 Compensation pursuant to Article II of this Amendment, except in applying Article II, the term “limitation year” shall be replaced with the term “plan year” and the term “415 Compensation” shall be
replaced with the term “Plan Compensation.” 

  

	3.3	Option to apply Plan Compensation provisions early. The provisions of this Article shall apply for Plan Years beginning on and after July 1, 2007.

 This amendment has been executed this 31st day of December, 2007.

 Name of Plan: Employee Stock Ownership Plan for Federal Trust Corporation and Its Subsidiaries 
  

			
	Name of Employer: Federal Trust Corporation
		
	By:	 	 

		 	EMPLOYER
		
		 	 

		 	EMPLOYER
		
		 	  

		 	EMPLOYER

 CERTIFICATE OF ADOPTING RESOLUTION 
 The undersigned authorized representative of Federal Trust Corporation (the Employer) hereby certifies that the following resolutions were duly adopted
by Employer on December 31, 2007, and that such resolutions have not been modified or rescinded as of the date hereof; 
 RESOLVED, the
Amendment to the Employee Stock Ownership Plan for Federal Trust Corporation and Its Subsidiaries (the Amendment) generally effective for limitation years beginning on or after July 1, 2007, is hereby approved and adopted and that an authorized
representative of the Employer is hereby authorized and directed to execute and deliver to the Administrator of the Plan one or more counterparts of the amendment. 
 The undersigned further certifies that attached hereto is a copy of the Amendment approved and adopted in the foregoing resolution. 
  

			
	Date:	 	December 31, 2007
		
	Signed:	 	 

	
	     Dennis T. Ward President / CEO

	[print name/title]
	
	     

	[print name/title]
	
	     Gregory E. Smith EVP / CFO

	[print name/title]

 SUMMARY OF MATERIAL MODIFICATIONS 
 for the 
 Employee Stock Ownership Plan for Federal 
 Trust Corporation and Its Subsidiaries 
 (1)  General. This is a Summary of Material Modifications regarding the Employee Stock Ownership Plan for Federal Trust Corporation and Its Subsidiaries (“Plan”). This Summary of Material Modifications
supplements and amends the Summary Plan Description previously provided to you. You should retain this document with your copy of the SPD. 
 (2)  Identification of Employer. The legal name, address and Federal Employer identification number of the Employer are: 
 Federal Trust Corporation 
 P.O. Box 1867 
 Sanford, Florida 32772 
 EIN:
59-2935028 
 (3)  Description of Modifications. The Employer has amended the plan’s definition of compensation for allocations
to your account effective as of the first plan year beginning on or after July 1, 2007 [if applicable, enter alternative effective date] to (select all that apply): 
  

	 	[    ]	Exclude all Compensation paid after you terminate employment with the Employer. 

  

	 	[X]	Include the following amounts (to the extent they would otherwise be taken into account under the Plan’s definition of Compensation) that are paid after you terminate
employment with the Employer, provided the payments are made within the later of 2 1/2 months after you terminate employment or the end of the year that includes the date of the your termination of employment. Any other payment that is made after
termination of employment is not treated as Compensation. 

  

	 	[X]	Include compensation for services performed during your regular working hours, or compensation for services outside your regular working hours (such as overtime or shift
differential), commissions, bonuses, or other similar payments; and payments that would have been made to you had you continued employment. 

  

	 	[X]	Include amounts paid for unused accrued bona fide sick, vacation or other leave, if such amounts would have been included in Compensation had they been paid prior to your
termination of employment and you would have been able to use the leave if employment had continued. In addition, Compensation will also include nonqualified unfunded deferred Compensation if the payment is includible in gross income and would have
been paid to you had you continued employment. 

  

	 	[    ]	Including amounts paid to you if you do not currently perform services for the Employer by reason of qualified military service, provided the payments do not exceed the amounts you
would had have received had you remained employed, 

  

	 	[    ]	Including amounts paid to you if you are permanently and totally disabled (as defined in the Internal Revenue Code) provided: 

  

	 	[    ]	You are not a highly compensated employee (within the meaning of the Internal Revenue Code). 

	 	[    ]	The payments do not continue beyond the following period
                    .

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