Document:

exv4w2

 

Exhibit 4.2

SUBSCRIPTION

AGREEMENT

 

 

SUBSCRIPTION AGREEMENT

IMH Secured Loan Fund, LLC

11333 N. Scottsdale Road, Suite 160

Scottsdale, Arizona 85254

Attn: William Meris

     This Subscription Agreement (“Agreement”) for a subscription to purchase ownership interests
(the “Units”) in IMH Secured Loan Fund, LLC (the “Fund”), which Units are offered pursuant to the
Confidential Private Placement Memorandum dated March 31, 2006 (such Confidential Private Placement
Memorandum, together with any supplements delivered to the undersigned, is called the
“Memorandum”), is entered into by and among the undersigned subscribing investor (“Investor”, “he”,
“she”, or words of similar import as the context requires), and the Fund, acting through its
manager, Investors Mortgage Holdings, Inc. (“Manager”). An Investor hereunder also becomes a member
of the Fund pursuant to the Restated Operating Agreement of the Fund (the “Operating Agreement”) by
signing the Operating Agreement Signature Page attached hereto. Capitalized terms used but not
defined in this Agreement shall have the respective meanings given them in the Memorandum or the
Operating Agreement.

A. Verification of Status as “Accredited Investor” under Regulation D.

     The Investor represents and warrants that he or she is an “accredited investor” within the
meaning of Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended, (the
“Securities Act”), and has initialed the statements below which apply to the Investor.

Please Initial Applicable Statements Below:

	 	 	 	 	 	 	 	 	 
	 

	 	 	1.	 	 	____	 	The Investor is a natural person whose own net worth, or joint net worth
with the Investor’s spouse, exceeds $1,000,000.
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	2.	 	 	____	 	The Investor is a natural person who had an individual income in excess of
$200,000 (or joint income with the Investor’s spouse in excess of $300,000) in each of
the two previous years and who reasonably expects a gross income at the same level or
greater in the current year.
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	3.	 	 	____	 	The Investor is an employee benefit plan (under Title I of ERISA) whose
investment decision is made by a qualified plan fiduciary or registered investment
advisor, or whose total assets exceed $5,000,000, or is a self-directed plan where all
investment decisions are made solely by accredited investors.
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	4.	 	 	____	 	The Investor is a partnership, corporation, trust or other entity where
all equity owners are accredited investors.
	 

	 	 	 	 	 	 	 	 
	 
	 

	 	 	5.	 	 	____	 	The Investor is a corporation, partnership, Massachusetts business or
similar trust, or 501(c)(3) organization, with assets in excess of $5,000,000, not
formed for the specific purpose of investing in the Fund.
	 

	 	 	 	 	 	 	 	 
	 
	 

	 	 	6.	 	 	____	 	The Investor is a trust with assets in excess of $5,000,000, not formed
for the specific purpose of investing in the Fund and whose purchase is directed by a
person capable of evaluating the merits and risks of the Fund.
	 

	 	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	 	7.	 	 	____	 	The Investor is a director, executive officer, or Manager of the Fund or a
director or executive officer of the Manager.
	 

	 	 	 	 	 	 	 	 
	 
	 

	 	 	8.	 	 	____	 	The Investor is a bank, savings and loan, registered broker/dealer,
insurance company, registered investment company, business development company, or
small business investment company.
	 

	 	 	 	 	 	 	 	 

     If the Investor elects at any time to reinvest distributions from the Fund in additional
Units, the Investor represents and warrants that the Investor will continue to qualify as an
accredited investor at the time any such reinvestment is made, and agrees to immediately notify the
Fund if the Investor is no longer an accredited investor under the above definitions.

     B. Agreement. The Investor agrees as follows:

     1. Subscription for the Units.

          (a) The Investor agrees to become a Member in the Fund, and subscribes for and agrees to make
a capital contribution to the Fund in the amount set forth below, on the terms and conditions
described herein and in the Memorandum.

          (b) The Investor acknowledges and agrees that he is not entitled to cancel, terminate or
revoke this Agreement or the subscription hereunder, except as otherwise set forth in the
Memorandum or applicable law; that this Agreement, the subscription, and the power of attorney
granted herein shall survive (i) changes in the transaction, documents and instruments described in
the Memorandum that in the aggregate are not material or that are contemplated by the Memorandum,
and (ii) the death or disability of the Investor.

          (c) The Investor hereby irrevocably constitutes and appoints the Manager (and any substitute
or successor acting in such capacity) his true and lawful attorney in his name, place and stead,
(a) to receive and pay over to the Fund on behalf of the Investor, to the extent set forth in this
Agreement, all funds received hereunder, (b) to execute, complete or correct, on behalf of the
Investor, all documents to be executed by the Investor in connection with the Investor’s
subscription for Units, including, without limitation, filling in or amending amounts, dates, and
other pertinent information, and (c) to execute, acknowledge, swear to and file: (i) any
counterparts of the Operating Agreement to be entered into pursuant to this Agreement and any
amendments thereto to which the Investor is a signatory, (ii) any agreements or other documents
relating to the obligations of the Fund, as limited and defined in the Operating Agreement, (iii)
any certificates of formation required by law and all amendments thereto, (iv) all certificates and
other instruments necessary to qualify or continue the qualification of, the Fund in the states
where it may be doing business, (v) all assignments, conveyances or other instruments or documents
necessary to effect the dissolution of the Fund, and (vi) all other filings with agencies of the
federal government, of any state or local government, or of any other jurisdiction, which the
Manager considers necessary or desirable to carry out the purposes of this Agreement, the Operating
Agreement and the business of the Fund. This power of attorney shall be deemed coupled with an
interest, shall be irrevocable and shall survive the transfer of the Investor’s Unit.

     2. Certain Acknowledgments and Agreements of the Investor.

     The Investor understands, agrees, and acknowledges that:

          (a) The subscription for the Units contained herein may be accepted or rejected, in whole or
in part, by the Fund in its sole and absolute discretion. No subscription shall be deemed accepted
until the Investor has been admitted as a Member in the Fund; such admission shall be deemed an
acceptance of this Agreement by the Fund for all purposes.

 

 

          (b) Except as provided under applicable securities laws, this subscription is and shall be
irrevocable, except that the Investor shall have no obligations hereunder if this subscription is
for any reason rejected or this offering is for any reason cancelled.

          (c) All documents pertaining to this investment have been made available for inspection by the
Investor, and the books and records of the Fund shall be available for inspection by Members during
reasonable business hours at the Fund’s principal place of business, upon reasonable prior notice
to the Manager as provided for in the Operating Agreement.

          (d) No foreign, federal or state authority has made any finding or determination as to the
fairness of investment of the Units and no foreign, federal or state authority has recommended or
endorsed or shall recommend or endorse this offering.

     3. Representations and Warranties of the Investor.

     The Investor understands that the Units are being sold in reliance upon the exemptions from
registration provided for in the Securities Act and/or Regulation D promulgated thereunder, for
transactions involving limited offers and sales, and the Investor, for himself and for his heirs,
personal representatives, successors and assigns, makes the following representations, declarations
and warranties with the intent that the same may be relied upon in determining the suitability of
the undersigned as an investor in the Fund:

          (a) The Investor has received, carefully read, and understands the Memorandum and all exhibits
thereto and has consulted, or had the opportunity to consult, his own attorney, accountant or
investment advisor with respect to the investment contemplated hereby and its suitability for the
Investor. Any special acknowledgment set forth below with respect to any statement contained in the
Memorandum shall not be deemed to limit the generality of this representation and warranty.

          (b) During the course of this transaction, and prior to the purchase of any of the Units, the
Investor has had the opportunity to ask questions of and receive answers from the Fund or the
Manager, or any of its principals, concerning the terms and conditions of the offering described in
the Memorandum, and to obtain any additional information necessary to verify the information
contained in the Memorandum or otherwise relative to the financial data and business of the Fund,
to the extent that such parties possess such information or can acquire it without unreasonable
effort or expense, and all such questions, if asked, have been answered satisfactorily and all such
documents, if examined, have been found to be fully satisfactory.

          (c) The Investor understands and acknowledges that (i) that the Investor must bear the
economic risk of his investment in the Units until the termination of the Fund or until the
Investor withdraws from the Fund, (ii) the Units have not been registered under the Securities Act
or any state securities laws and are being offered and sold in reliance upon exemptions provided in
the Securities Act and state securities laws for transactions not involving any public offering
and, therefore, cannot be resold or transferred unless they are subsequently registered under the
Securities Act and applicable state laws or unless an exemption from such registration is
available, (iii) the Investor is purchasing the Units for investment purposes only for the account
of the Investor and not with any view toward a distribution thereof, (iv) the Investor is investing
in the Fund as a common investment vehicle rather than as a means to facilitate the individual or
separate investment decisions of holders of interests in the Investor, (v) the Investor has no
contract, undertaking, agreement or arrangement with any person to sell, transfer or pledge to such
person or anyone else any of the Units that the Investor hereby subscribes to purchase or any part
thereof, and the Investor has no present plans to enter into any such contract, undertaking,
agreement or arrangement, (vi) the Investor understands that the Units cannot be sold or
transferred without the prior written consent of the Manager, which may be withheld in its sole
discretion and shall

 

 

be withheld if such transfer could cause the Fund to become subject to regulation under
federal law as an investment company or would subject the Fund to adverse tax consequences, (vii)
there shall be no public market for the Units, (viii) any disposition of the Units may result in
unfavorable tax consequences to the Investor, (ix) the Fund does not have any obligation or
intention to register the Units or the offering thereof under the Securities Act or any state
securities laws, or of supplying the information that may be necessary to enable the Investor to
sell Units, and (x) Investors have no right to require the registration of the Units under the
Securities Act or state securities laws or other applicable securities regulations.

          (d) The Investor is aware and acknowledges that (i) the Units involve a substantial degree of
risk and there is no assurance of any income from such investment, (ii) any federal and/or state
income tax benefits that may be available to the Investor may be lost through the adoption of new
laws or regulations or changes to existing laws and regulations or changes in the interpretation of
existing laws and regulations, (iii) the Investor, in making his investment, is relying, if at all,
solely upon the advice of his personal tax advisor with respect to the tax aspects of an investment
in the Fund, and (iv) because there are substantial restrictions on the transferability of the
Units, it may not be possible for the undersigned to liquidate his investment readily in case of an
emergency, or at all.

          (e) All information provided to the Manager as to net worth and annual income or assets of the
Investor and the other information about the Investor are true, correct and complete in all
material respects. In connection with any reinvestments, investor agrees to advise the Fund if
his/her accredited status changes. Further, at the time of reinvestment, Investor reaffirms and
agrees to all of the terms of this subscription agreement and reaffirms all warranties contained
herein, as evidenced by such reinvestment.

          (f) The Investor is at least 21 years of age and the Investor has adequate means of providing
for all his current and foreseeable needs and personal contingencies and has no need for liquidity
in this investment, and if the Investor is an unincorporated association, all of its members who
are U.S. Persons are at least 21 years of age.

          (g) The Investor has evaluated the risks of investing in the Units, and has determined that
the Units are a suitable investment for the Investor. The Investor can bear the economic risk of
this investment and can afford a complete loss of his investment. In evaluating the suitability of
an investment in the Units, the Investor has not relied upon any representations or other
information (whether oral or written) other than as set forth in the Memorandum and Exhibits
thereto, and independent investigations made by the Investor or representative(s) of the Investor.

          (h) The Investor is knowledgeable and experienced in evaluating investments and experienced in
financial and business matters and is capable of evaluating the merits and risks of investing in
the Units. The aggregate amount of the investments of the Investor in, and his commitments to, all
similar investments that are illiquid is reasonable in relation to his net worth.

          (i) The Investor maintains his domicile, and is not merely a transient or temporary resident,
at the residence address shown on the signature page of this Agreement.

          (j) Any information that the Investor has heretofore furnished to the Fund or the Manager with
respect to the Investor is correct and complete as of the date of this Agreement and if there
should be any material change in such information prior to the purchase of Units the Investor shall
immediately furnish such revised or corrected information to the Fund.

          (k) The representations, warranties, agreements, undertakings and acknowledgments made by the
Investor in this Agreement are made with the intent that they be relied upon by the Fund and the
Manager in determining the Investor’s suitability as a purchaser of the Units, and shall survive
the

 

 

purchase. In addition, the Investor undertakes to notify the Fund immediately of any change in
any representation, warranty or other information relating to the Investor set forth herein.

     4. Indemnification. The Investor recognizes that the offer of the Units to him was
made in reliance upon his representations and warranties set forth in Paragraph 3 and the
acknowledgments and agreements set forth in Paragraph 2 above. The Investor agrees to provide, if
requested, any additional information that may reasonably be required to determine the eligibility
of the Investor to purchase the Units. The Investor hereby agrees to indemnify the Fund, the
Manager, and any of their affiliates and to hold each of them harmless from and against any loss,
damage or liability due to or arising out of a breach of any representation, warranty or agreement
of the Investor contained in this Agreement or in any other document provided by the Investor to
the Fund or the Manager in connection with the Investor’s investment in the Units. The Investor
hereby agrees to indemnify the Fund, the Manager, and any of their affiliates against, and to hold
them harmless from, all liabilities, lawsuits, costs or expenses (including reasonable attorneys’
fees) arising as a result of the sale or distribution of the interests by the Investor in violation
of the Securities Act or other applicable law, or any misrepresentation or breach by the Investor
with respect to the matters set forth herein. In addition, the Investor agrees to indemnify the
Fund and any affiliates against, and to hold such persons and firms harmless from, any and all
loss, damage, liability or expense, including costs and reasonable attorneys’ fees, to which they
may be put or that they may incur or sustain by reason of or in connection with any
misrepresentation made by the Investor with respect to the matters about which representations and
warranties are required by the terms of this Agreement, or any breach of any such warranties or any
failure to fulfill any covenants or agreements set forth herein or included in and as defined in
the Memorandum.

     5. Arbitration. Any claim, controversy, dispute or deadlock arising under this
Agreement (collectively, a “Dispute”) shall be settled by arbitration in Maricopa County, Arizona
administered under the rules of the American Arbitration Association (“AAA”). Any arbitration and
award of the arbitrators, or a majority of them, shall be final and the judgment upon the award
rendered may be entered in any state or federal court having jurisdiction. No punitive damages
are to be awarded.

     Any Dispute shall be heard by three arbitrators of which each party shall select one within 10
days of the demand for arbitration. The two party-appointed arbitrators shall select a third
arbitrator to serve as chair of the tribunal within 10 days of the selection of the second
arbitrator. If any arbitrator has not been appointed within the time limits specified herein, such
appointment shall be made by the AAA upon the written request of either party within 10 days of the
request.

	 	 	 	 	 
	 

	 	Accepted and agreed:	 	 
	 

	 	 	 	 
	 

	 	 	 	Signature of Investor

Investors need not sign this arbitration agreement to invest in the fund.

     6. General. This Agreement (i) shall be binding upon the Investor and the heirs,
personal representatives, successors and assigns of the Investor, (ii) shall be governed, construed
and enforced in accordance with the laws of the State of Delaware, without reference to any
principles of conflicts of law (except insofar as affected by the state securities or “blue sky”
laws of the jurisdiction in which the offering described herein has been made to the Investor),
(iii) shall survive the admission of the Investor to the Fund, and (iv) shall, if the Investor
consists of more than one person, be the joint and several obligation of all such persons.

     7. Assignment. The Investor agrees that neither this Agreement nor any rights that may
accrue to him hereunder may be transferred or assigned.

 

 

     8. Investor Name and Subscription Amount. The name and other identifying information
of the Investor, and the amount of the Investor’s subscription is:

	 	 	 	 	 
	 
	 

	 	 
	 

	 	Subscriber Name (Please print as you wish it to appear on your official records)

	 
	 	 	 	 
	 

	 	 
	 

	 	Residence or Office Address
	 
	 	 	 	 
	 

	 	 
	 

	 	City, State, Zip Code
	 
	 	 	 	 
	 

	 	Social Security or Taxpayer I.D. No.:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Business Telephone:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Facsimile (Home/Business):	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Internet Email Address:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Total capital contribution: $                                         Paid by ___ check or ___wire (please check one)

Please make all checks payable to: IMH Secured Loan Fund, LLC

     Please initial the appropriate statement below:

	 	___	 	Dividends to be reinvested in the Fund.
	 
	 	___	 	Dividends to be paid in cash to the Investor (or Custodian of Record for IRA accounts)

 

 

SIGNATURES

	 	 	 	 	 
	 	 	 
	 

	 	Signature of Investor
	 	Date     
	 
	 	 	 	 
	 	 	 
	 

	 	Printed Name of Signer	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	Title or Capacity	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	Additional Signature of Investor	 	 
	 

	 	(If Applicable)	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	Printed Name of Signer	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	Title or Capacity	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	Additional Signature of Investor	 	 
	 

	 	(If Applicable)	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	Printed Name of Signer	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	Title or Capacity	 	 

The above and foregoing subscription is accepted this                      day of                                         , 2007.

	 	 	 	 	 
	IMH Secured Loan Fund, LLC	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

William Meris, President
	 	 
	 

	 	Investors Mortgage Holdings, Inc.	 	 

 

 

Operating Agreement — Signature Page

     IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the date set forth
below.

	 	 	 	 	 	 	 	 	 	 	 
	MANAGER:	 	 	 	MEMBER:
	 
	 	 	 	 	 	 	 	 	 	 
	INVESTORS

	 	MORTGAGE HOLDINGS, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	William Meris, President	 	 	 	Print Name of Member(s)
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Printed
	 	name of signer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Printed
	 	name of signer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Printed
	 	name of signer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date:Exhibit 10.8 NQ Deferred Compensation Plan

    

       

      

       

       

      

       

       

      

       

       

      

       

      

      

      NONQUALIFIED
        DEFERRED COMPENSATION PLAN

      

      

      

      BASIC
        PLAN DOCUMENT

      

      

      

      SPONSORED
        BY

      

      

      

      

      

      GREAT-WEST
        LIFE & ANNUITY 

      

      INSURANCE
        COMPANY

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

        
          	 	 	
                  TABLE
                    OF CONTENTS

                	 
	 	 	 	 
	
                  Paragraph

                	 	 	
                  Page

                
	
                  PREAMBLE

                	 	 	
                  4

                
	 	 	 	 
	 	 	
                  ARTICLE
                    I

                	 
	 	 	
                  DEFINITIONS

                	 
	 	
                  1.1

                	
                  Administrator

                	
                  5

                
	 	
                  1.2

                	
                  Adoption
                    Agreement

                	
                  5

                
	 	
                  1.3

                	
                  Beneficiary

                	
                  5

                
	 	
                  1.4

                	
                  Benefit
                    Distribution Date

                	
                  5

                
	 	
                  1.5

                	
                  Change
                    Of Control

                	
                  5

                
	 	
                  1.6

                	
                  Code

                	
                  5

                
	 	
                  1.7

                	
                  Company

                	
                  5

                
	 	
                  1.8

                	
                  Compensation

                	
                  6

                
	 	
                  1.9

                	
                  Deferral
                    Agreement

                	
                  6

                
	 	
                  1.1

                	
                  Deferrals

                	
                  6

                
	 	
                  1.1

                	
                  Distributable
                    Event

                	
                  6

                
	 	
                  1.1

                	
                  Effective
                    Date

                	
                  6

                
	 	
                  1.1

                	
                  Employee

                	
                  6

                
	 	
                  1.1

                	
                  Entry
                    Date

                	
                  6

                
	 	
                  1.2

                	
                  ERISA

                	
                  6

                
	 	
                  1.2

                	
                  Independent
                    Contractor

                	
                  6

                
	 	
                  1.2

                	
                  Nonqualified
                    Deferred Compensation Plan

                	
                  6

                
	 	
                  1.2

                	
                  Participant

                	
                  6

                
	 	
                  1.2

                	
                  Plan

                	
                  7

                
	 	
                  1.2

                	
                  Plan
                    Year

                	
                  7

                
	 	
                  1.2

                	
                  Separation
                    From Service

                	
                  7

                
	 	
                  1.2

                	
                  Sponsor

                	
                  7

                
	 	
                  1.2

                	
                  Trust
                    

                	
                  7

                
	 	
                  1.2

                	
                  Trustee

                	
                  7

                
	 	
                  1.3

                	
                  Valuation
                    Date

                	
                  7

                
	 	 	 	 
	 	 	 	 
	 	 	
                  ARTICLE
                    II 

                	 
	 	 	
                  ELIGIBILITY
                    REQUIREMENTS

                	 
	 	
                  2.1

                	
                  Participation

                	
                  8

                
	 	
                  2.2

                	
                  Change
                    In Classification Of Employment

                	
                  8

                
	 	
                  2.3

                	
                  Computation
                    Period

                	
                  8

                
	 	
                  2.4

                	
                  Service
                    With Controlled Groups

                	
                  8

                

        

      

       

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

        
          	
                  Paragraph

                	 	 	
                  Page

                
	 	 	 	 
	 	 	
                  ARTICLE
                    III

                	 
	 	 	
                  DEFERRAL
                    OF COMPENSATION

                	 
	 	
                  3.1

                	
                  Deferral
                    Agreement

                	
                  9

                
	 	
                  3.2

                	
                  Deferral
                    Procedure

                	
                  9

                
	 	
                  3.3

                	
                  Amending
                    Deferral Agreement

                	
                  9

                
	 	
                  3.4

                	
                  Termination
                    Of Deferral Agreement

                	
                  9

                
	 	 	 	 
	 	 	 	 
	 	 	
                  ARTICLE
                    IV

                	 
	 	 	
                  COMPANY
                    CONTRIBUTIONS

                	 
	 	
                  4.1

                	
                  Employee
                    Deferrals

                	
                  10

                
	 	
                  4.2

                	
                  Company
                    Contributions

                	
                  10

                
	 	
                  4.3

                	
                  Responsibility
                    For Contributions

                	
                  10

                
	 	 	 	 
	 	 	 	 
	 	 	
                  ARTICLE
                    V

                	 
	 	 	
                  PARTICIPANT
                    ACCOUNTS AND REPORTS

                	 
	 	
                  5.1

                	
                  Establishment
                    Of Accounts

                	
                  11

                
	 	
                  5.2

                	
                  Account
                    Maintenance

                	
                  11

                
	 	
                  5.3

                	
                  Valuation
                    Of Assets

                	
                  11

                
	 	
                  5.4

                	
                  Allocation
                    Methods

                	
                  11

                
	 	
                  5.5

                	
                  Valuation
                    Date

                	
                  11

                
	 	
                  5.6

                	
                  Participant
                    Statements

                	
                  12

                
	 	
                  5.7

                	
                  Investment
                    Preference

                	
                  12

                
	 	 	 	 
	 	 	 	 
	 	 	
                  ARTICLE
                    VI

                	 
	 	 	
                  BENEFIT
                    AND DISTRIBUTIONS

                	 
	 	
                  6.1

                	
                  Benefits

                	
                  13

                
	 	
                  6.2

                	
                  Distributable
                    Event

                	
                  13

                
	 	
                  6.3

                	
                  Form
                    Of Payment

                	
                  13

                
	 	
                  6.4

                	
                  Payment
                    Medium

                	
                  13

                
	 	
                  6.5

                	
                  Death
                    Benefits

                	
                  13

                
	 	
                  6.6

                	
                  Beneficiary
                    Designation

                	
                  13

                
	 	
                  6.7

                	
                  No
                    Beneficiary

                	
                  13

                
	 	
                  6.8

                	
                  Hardship
                    Withdrawal

                	
                  14

                
	 	
                  6.9

                	
                  Claims
                    Procedure

                	
                  14

                

        

      

       

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      

        
          	
                  Paragraph

                	 	 	
                  Page

                
	 	 	 	 
	 	 	
                  ARTICLE
                    VII

                	 
	 	 	
                  VESTING

                	 
	 	
                  7.1

                	
                  Deferrals

                	
                  15

                
	 	
                  7.2

                	
                  Company
                    Contributions

                	
                  15

                
	 	
                  7.3

                	
                  Computation
                    Period

                	
                  15

                
	 	
                  7.4

                	
                  Assets

                	
                  15

                
	 	 	 	 
	 	 	 	 
	 	 	
                  ARTICLE
                    VIII 

                	 
	 	 	
                  PLAN
                    ADMINISTRATION

                	 
	 	
                  8.1

                	
                  Administrator

                	
                  16

                
	 	
                  8.2

                	
                  Duties
                    Of Administrator

                	
                  16

                
	 	
                  8.3

                	
                  Delegation
                    of Duties and Employment of Agents

                	
                  16

                
	 	
                  8.4

                	
                  Company

                	
                  16

                
	 	
                  8.5

                	
                  Administrative
                    Fees And Expenses

                	
                  16

                
	 	 	 	 
	 	 	 	 
	 	 	
                  ARTICLE
                    IX 

                	 
	 	 	
                  AMENDMENT
                    AND TERMINATION

                	 
	 	
                  9.1

                	
                  Amendment

                	
                  17

                
	 	
                  9.2

                	
                  Termination

                	
                  17

                
	 	 	 	 
	 	 	 	 
	 	 	
                  ARTICLE
                    X

                	 
	 	 	
                  MISCELLANEOUS

                	 
	 	
                  10

                	
                  Total
                    Agreement

                	
                  18

                
	 	
                  10

                	
                  Employment
                    Rights

                	
                  18

                
	 	
                  10

                	
                  Governing
                    Law

                	
                  18

                

        

      

       

      
 

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      PREAMBLE

      

      

      The
        Company, by executing the attached Adoption Agreement, hereby establishes
        an
        unfunded Nonqualified Deferred Compensation Plan for a select group of
        management or highly compensated Employees. Under Plan terms, eligible
        management or highly compensated Employees will be permitted to defer a portion
        of their Compensation not yet earned until they attain their Benefit
        Distribution Date defined under paragraph 1.4 of the Plan. Participants shall
        have no right, either directly or indirectly, to anticipate, sell, assign
        or
        otherwise transfer any benefit accrued under the Plan. In addition, no
        Participant shall have any interest in any Company assets set aside as a
        source
        of funds to satisfy its benefit obligations under the Plan, including the
        establishment of any trust under the terms of Revenue Procedure 92-64 or
        under
        the terms of any amendment thereof or successor thereto. Participants shall
        have
        the status of general unsecured creditors of the employer and the Plan
        constitutes an unsecured promise by the employer to make benefit payments
        in the
        future.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      ARTICLE
        I

      DEFINITIONS

      

      
        	
                1.1

              	
                Administrator 

              	
                The
                  individual or committee appointed by the Company to administer
                  the Plan as
                  provided herein. If no such appointment is made, the Compensation
                  Committee ("Compensation Committee") of the Board Of Directors
                  ("Board")
                  of the Company shall serve as the Administrator. If a Compensation
                  Committee does not exist and no appointment is made by the Board,
                  then the
                  Board shall serve as the Administrator.

              
	 	 	 
	
                1.2

              	
                Adoption
                  Agreement 

              	
                The
                  written instrument attached to this Basic Plan Document by which
                  the
                  Company elects to establish a Nonqualified Deferred Compensation
                  Plan for
                  eligible Employees.

              
	 	 	 
	
                1.3

              	
                Beneficiary
                  

              	
                An
                  individual, individuals or trust designated by the Participant
                  to receive
                  his or her benefit in the event of the Participant's death. If
                  more than
                  one Beneficiary survives the Participant, payments shall be made
                  equally
                  to all such beneficiaries, unless otherwise provided in the Beneficiary
                  form. Nothing herein shall prevent the Participant from designating
                  primary and secondary Beneficiaries. Elections made by a Participant
                  as to
                  the timing and method of payment shall be binding on all Beneficiaries
                  named by the Participant in his or her most recently dated Beneficiary
                  form.

              
	 	 	 
	
                1.4

              	
                Benefit
                  Distribution Date  

              	
                The
                  date on which a Participant's benefit is payable under the Plan
                  as elected
                  by the Participant in his or her initial Deferral Agreement. A
                  Participant
                  shall have no right to receive payment of his or her benefit until
                  reaching his or her Benefit Distribution Date.

              
	 	 	 
	
                1.5

              	
                Change
                  of Control 

              	
                The
                  purchase or other acquisition by any person, entity or group of
                  persons
                  within the meaning of Section 13(d) or 14(d) of the Securities
                  Exchange
                  Act of 1934 ("ACT"), (or any comparable successor provisions, of
                  beneficial ownership within the meaning of Rule 13d-3 promulgated
                  under
                  the ACT) of 50 percent or more of either the outstanding shares
                  of common
                  stock or the combined voting power of the Company's then outstanding
                  voting securities entitled to vote generally, or the approval by
                  the
                  stockholders of the Company of a reorganization, merger or consolidation,
                  in each case, with respect to which persons who were stockholders
                  of the
                  Company immediately prior to such reorganization, merger or consolidation
                  do not, immediately thereafter, own more than 50 percent of the
                  combined
                  voting power entitled to vote generally in the election of directors
                  of
                  the reorganized, merged or consolidated Company's then outstanding
                  securities, or a liquidation or dissolution of the Company or of
                  the sale
                  of all or substantially all of the Company's assets.

              
	 	 	 
	
                1.6

              	
                Code 

              	
                The
                  Internal Revenue Code of 1986, as amended.

              
	 	 	 
	
                1.7

              	
                Company
                  

              	
                The
                  corporation or business entity which adopts this Plan and any member
                  of a
                  controlled group of corporations, all commonly controlled trades
                  or
                  businesses and any member of an affiliated service
                  group.

              
	 	 	 

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      

      
        	
                1.8

              	
                Compensation 

              	
                The
                  total annual remuneration for employment or contracted services
                  received
                  by an Employee or Independent Contractor from the Company and reported
                  on
                  his or her tax Form W-2 and/or Form 1099. Compensation shall also
                  include
                  amounts deferred under this Plan, under a Cafeteria Plan described
                  at Code
                  §125, under a Cash or Deferred Plan described at Code §401(k) and under
                  any other Company plan qualified under Code §401(a) sponsored by the
                  Company. Compensation shall only include remuneration earned while
                  an
                  individual is an Employee or Independent Contractor of the
                  Company.

              
	 	 	 
	
                1.9

              	
                Deferral
                  Agreement 

              	
                The
                  written agreement between an eligible Employee and the Company
                  to defer
                  receipt by the Employee of Compensation not yet earned. Such agreement
                  shall state the deferral amount or percentage of Compensation to
                  be
                  withheld from the Employee's Compensation and shall state the date
                  on
                  which the agreement is effective as provided at paragraph
                  3.1.

              
	 	 	 
	
                1.10

              	
                Deferrals
                  

              	
                That
                  portion of an Employee's Compensation which is deferred under the
                  terms of
                  this Plan. Such Compensation cannot yet have been earned by the
                  Employee
                  at the time of the Participant's election to defer.

              
	 	 	 
	
                1.11

              	
                Distributable
                  Event 

              	
                An
                  event described at paragraph 6.2 of the Plan and at section II
                  (a) of the
                  Adoption Agreement which will cause a Participant's benefit to
                  be payable
                  on the next following Benefit Distribution Date.

              
	 	 	 
	
                1.12

              	
                Effective
                  Date 

              	
                The
                  date on which the Company's Nonqualified Deferred Compensation
                  Plan or any
                  amendment thereto becomes effective.

              
	 	 	 
	
                1.13

              	
                Employee
                  

              	
                Any
                  person employed by the Company as a common-law employee, a member
                  of the
                  board of directors of the Company or an Independent Contractor
                  deemed to
                  be an Employee by the Company. Individuals who shall be treated
                  as
                  Employees for purposes of the Plan shall be limited to those individuals
                  who are within a select group of management or highly compensated
                  Employees as determined by the Company in its sole
                  discretion.

              
	 	 	 
	
                1.14

              	
                Entry
                  Date 

              	
                The
                  date on which an Employee commences participation in the Plan as
                  determined by the Company in the Adoption Agreement.

              
	 	 	 
	
                1.15

              	
                ERISA 

              	
                The
                  Employee Retirement Income Security Act of 1974, as
                  amended.

              
	 	 	 
	
                1.16

              	
                Independent
                  Contractor 

              	
                Individuals
                  other than partnerships or corporations who perform services on
                  a
                  contractual basis for the Company. Independent Contractors may
                  be deemed
                  to be Employees for purposes of this Plan if so elected by the
                  Company.
                  The Company, in its sole discretion shall determine whether any
                  Independent Contractor shall be treated as an Employee for purposes
                  of
                  this Plan only.

              
	 	 	 
	
                1.17

              	
                Nonqualified
                  Deferred Compensation Plan 

              	
                A
                  plan, within the meaning of ERISA §201(2), the purpose of which is to
                  permit a select group of management or highly compensated Employees
                  to
                  defer receipt of a portion of their Compensation to a future
                  date.

              
	 	 	 
	
                1.18

              	
                Participant
                  

              	
                An
                  Employee who is eligible to participate in the Plan and who is
                  currently
                  deferring a portion of his or her Compensation under this Plan.
                  An
                  Employee or former Employee who has previously deferred a portion
                  of his
                  or her Compensation under the Plan and who is still entitled to
                  the
                  payment of benefits under the Plan shall also be considered a
                  Participant.

              
	 	 	 

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      

      
        	
                1.19

              	
                Plan
                  

              	
                The
                  Nonqualified Deferred Compensation Plan established by the Company
                  under
                  the terms of this document and the accompanying Adoption
                  Agreement.

              
	 	 	 
	
                1.20

              	
                Plan
                  Year 

              	
                The
                  12 consecutive month period as defined by the Company in the Adoption
                  Agreement.

              
	 	 	 
	
                1.21

              	
                Separation
                  From Service 

              	
                The
                  severance of an Employee's employment with the Company for any
                  reason.

              
	 	 	 
	
                1.22

              	
                Sponsor
                  

              	
                Great-West
                  Life & Annuity Insurance Company and any member of the same controlled
                  group of corporations and any corporation which succeeds the Sponsor
                  by
                  merger or by acquisition of assets. The term Sponsor shall apply
                  to the
                  organization sponsoring this document and supporting administrative
                  forms
                  and not to a Company who may utilize this document and supporting
                  administrative forms to establish a nonqualified deferred compensation
                  plan for a select group of management or highly compensated
                  employees.

              
	 	 	 
	
                1.23

              	
                Trust
                  

              	
                The
                  agreement, if any, between the Company and the Trustee under which
                  any
                  assets delivered by the Company to the Trustee will be held and
                  managed.
                  Any assets held under the terms of the Trust shall be the exclusive
                  property of the Company and shall be subject to creditor claims
                  of the
                  Company. Participants shall have no right secured or unsecured
                  to any
                  assets held under the terms of any Trust which may be adopted by
                  the
                  Company.

              
	 	 	 
	
                1.24

              	
                Trustee
                  

              	
                If
                  the Company adopts a Trust, the institution named by the Company
                  in the
                  Trust agreement and any corporation which succeeds the Trustee
                  by merger
                  or by acquisition of assets.

              
	 	 	 
	
                1.25

              	
                Valuation
                  Date 

              	
                The
                  date on which Participant accounts are valued
                  hereunder.

              
	 	 	 

      

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      ARTICLE
        II

      ELIGIBILITY
        REQUIREMENTS

      

      
        	
                2.1

              	
                Participation

              	
                Employees
                  who meet the eligibility requirements set forth in the Adoption
                  Agreement
                  on the date the Plan is adopted by the Company shall become Participants
                  on the first Entry Date following the date of adoption. Employees
                  who have
                  not satisfied the eligibility requirements on the date of adoption
                  shall
                  become Participants on the Entry Date immediately following the
                  date on
                  which they meet the eligibility requirements. In the event an Employee
                  who
                  is not a member of the eligible class of Employees becomes a member
                  of the
                  eligible class, such Employee shall be eligible to participate
                  on the
                  Entry Date immediately following the date on which the Employee
                  becomes a
                  member of the eligible class.

              
	 	 	 
	
                2.2

              	
                Change
                  In Classification

              	
                Of
                  Employment
                  In
                  the event a Participant becomes ineligible to participate because
                  he or
                  she is no longer a member of an eligible class of Employees, such
                  Employee
                  shall be eligible to participate on the Entry Date which follows
                  his or
                  her return to an eligible class of Employees.

              
	 	 	 
	
                2.3

              	
                Computation
                  Period

              	
                To
                  determine Years of Service for eligibility purposes, the 12-consecutive
                  month period shall commence on the date on which an Employee first
                  performs an hour of service for the Company and each anniversary
                  thereof,
                  such that the succeeding 12-consecutive month period commences
                  with the
                  employee's first anniversary of employment and so on. An hour of
                  service
                  shall mean each hour for which an Employee is paid, or entitled
                  to
                  payment, for the performance of duties for the Company.

              
	 	 	 
	
                2.4

              	
                Service
                  With Controlled Groups

              	
                All
                  Years of Service with other members of a controlled group of corporations
                  as defined in Code §414(b), trades or businesses under common control as
                  defined in Code §414(c), or members of an affiliated service group as
                  defined in Code §414(m), if applicable, shall be credited for purposes of
                  determining an Employee's eligibility to participate.

              
	 	 	 

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      ARTICLE
        III

      DEFERRAL
        OF COMPENSATION

      

      
        	
                3.1

              	
                Deferral
                  Agreement

              	
                The
                  Participant shall enter into a Deferral Agreement with the Company
                  authorizing the deferral of all or part of the Participant's Compensation
                  under the Plan earned during the period in which the individual
                  participates in the Plan. The Participant's initial Deferral Agreement
                  shall also specify the Distributable Events elected by the Participant,
                  the Benefit Distribution Date and the method of payment with respect
                  to
                  benefits attributable to Deferrals and Company contributions, if
                  any, for
                  the initial Plan Year and for each year thereafter. The election
                  with
                  respect to the Distributable Events, Benefit Distribution Date
                  and method
                  of payment shall be irrevocable. Employees who are eligible on
                  the date
                  the Plan is first effective may make an election to defer Compensation
                  within 30 days after the Effective Date for services to be performed
                  after
                  the Entry Date. Notwithstanding the preceding sentence, if the
                  Company
                  selects the Effective Date as the Entry Date, then the period of
                  service
                  upon which deferrals are based shall commence after the date the
                  Employee
                  elects to defer Compensation. Employees first becoming eligible
                  after the
                  date the Plan is effective may make an election to defer Compensation
                  within 30 days after the Participant's initial eligibility date
                  for
                  services to be performed after the Entry Date. In no event shall
                  an
                  Employee be permitted to defer Compensation for a pay period which
                  has
                  commenced prior to the date on which the Deferral Agreement is
                  signed by
                  the Employee and accepted by the Plan Administrator.

              
	 	 	 
	
                3.2

              	
                Deferral
                  Procedure

              	
                Upon
                  receipt of a properly completed and executed Deferral Agreement
                  the
                  Administrator shall notify the Company to commence to withhold
                  that
                  portion of the Participant's Compensation specified in the agreement.
                  In
                  no event will the Participant be permitted to defer more than the
                  amount
                  specified by the Company in the Adoption Agreement.

              
	 	 	 
	
                3.3

              	
                Amending
                  Deferral Agreement

              	
                A
                  Participant shall be permitted to increase or decrease his or her
                  Deferrals by filing an amended Deferral Agreement with the Administrator.
                  Such amendment shall be effective on the first day of the first
                  payroll
                  period beginning in the next Plan Year which follows the date on
                  which the
                  amended Deferral Agreement is received by the Administrator.
                  

              
	 	 	 
	
                3.4

              	
                Termination
                  Of Deferral Agreement

              	
                The
                  Company shall have the right to terminate an Employee's Deferral
                  Agreement
                  at any time upon written notice to the Employee. Such termination
                  shall be
                  effective on the first day of the next payroll period. In no event
                  shall
                  the Company have the right to terminate a Deferral Agreement with
                  respect
                  to Compensation already deferred. The Employee shall also have
                  the right
                  to terminate his or her Deferral Agreement upon written notice
                  to the Plan
                  Administrator. Such termination shall be effective on the first
                  day of the
                  first payroll period following the date on which the termination
                  request
                  is received by the Administrator. The Employee shall not be permitted
                  to
                  reinstate a new Deferral Agreement until the first day of the first
                  payroll period beginning in the Plan Year following the date on
                  which a
                  new Deferral Agreement is received by the
                  Administrator.

              
	 	 	 

      

      

      
        
           

        

        
          9

          
            

          

        

        
           

          
          

        

      

      ARTICLE
        IV

      COMPANY
        CONTRIBUTIONS

      

      

      
        	
                4.1

              	
                Employee
                  Deferrals

              	
                The
                  Company shall remit to the Sponsor all amounts deferred by Participants
                  under the terms of their respective Deferral Agreements. Remittance
                  by the
                  Company shall be made as soon as administratively feasible following
                  the
                  date the funds were withheld from the Participant's Compensation
                  but not
                  later than 30 business days following the date withheld. Any such
                  Deferrals held by the Sponsor plus any investment earnings thereon
                  shall
                  remain the property of the Company and shall be subject to the
                  claims of
                  the Company's creditors.

              
	 	 	 
	
                4.2

              	
                Company
                  Contributions 

              	
                The
                  Company may make matching or discretionary contributions under
                  the terms
                  of the Plan. The amount of the Company's discretionary and/or matching
                  contribution and the formula(s) for allocating such contributions
                  will be
                  determined by the Company in the Adoption Agreement. Any such
                  contributions plus the earnings thereon shall be held by the Sponsor
                  but
                  shall remain the property of the Company and shall be subject to
                  the
                  claims of the Company's creditors. Any Company contributions made
                  under
                  the Plan shall be transmitted to the Sponsor not less frequently
                  than
                  annually.

              
	 	 	 
	
                4.3

              	
                Responsibility
                  For Contributions 

              	
                The
                  Company has sole responsibility for remitting Employee Deferrals
                  and
                  Company contributions to the Sponsor for investment purposes. The
                  Sponsor
                  shall have no duty to determine whether the funds paid by the Company
                  are
                  the correct amount or that they have been transmitted in a timely
                  manner.

              

      

      

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      ARTICLE
        V

      PARTICIPANT
        ACCOUNTS AND REPORTS

      

      
        	
                5.1

              	
                Establishment
                  Of Accounts

              	
                The
                  Administrator shall establish and maintain individual bookkeeping
                  accounts
                  on behalf of each Participant for purposes of determining each
                  Participant's benefits under the Plan. Separate sub-accounts shall
                  be
                  established for each Participant with respect to each different
                  type of
                  contribution elected in the Adoption Agreement and for each Deferral
                  Agreement for which a different form of payment has been
                  elected.

              
	
                5.2

              	
                Account
                  Maintenance

              	
                The
                  Administrator shall add to each Participant's account amounts
                  representing:

                ·  Employee
                  Deferrals,

                ·  Company
                  matching or discretionary contributions, if applicable, and

                ·  Investment
                  earnings. 

                The
                  Administrator shall deduct from each Participant's account amounts
                  representing: 

                ·  Distributions
                  to the Participant or Beneficiary,

                ·  Investment
                  losses, 

                ·  and
                  any Plan administrative expenses attributable to the Participant's
                  benefits under the Plan which are paid from funds accumulated by
                  the
                  Company in trust or otherwise as a reserve to satisfy the Company's
                  liabilities under the Plan.

                Investment
                  gains and losses will be determined on the basis of the performance
                  of
                  investment preferences selected by each Participant from such investment
                  options as the Administrator may specify from time to time. The
                  Administrator is not, however, required to purchase or hold assets
                  in
                  accordance with Participant’s investment preferences.

              
	
                5.3

              	
                Valuation
                  Of Assets

              	
                As
                  of each Valuation Date the Administrator shall determine the fair
                  market
                  value of all assets held under the terms of the Plan. The valuation
                  of
                  securities traded on a national securities exchange shall be determined
                  on
                  the last business day of the valuation period in accordance with
                  established or recognized industry standards for the valuation
                  of traded
                  securities.

              
	
                5.4

              	
                Allocation
                  Methods

              	
                The
                  Company's matching contributions, if any, shall be allocated to
                  eligible
                  Participants in accordance with the allocation formula elected
                  in the
                  Adoption Agreement. The Company's discretionary contribution, if
                  any,
                  shall be allocated to eligible Participants in proportion to each
                  such
                  Participant's compensation as a percentage of the aggregate compensation
                  paid to all such eligible Participants. If contributions are invested
                  in
                  mutual funds or other pooled investment fund, the investment earnings
                  allocable to each such Participant shall be determined by reference
                  to the
                  value of the applicable fund.

              
	
                5.5

              	
                Valuation
                  Date

              	
                The
                  fair market value of each Participant's benefit shall be valued
                  as of the
                  close of business each day on which securities are traded on a
                  national
                  securities market. If securities are not traded on a national securities
                  market on the last day of the Plan Year, the fair market value
                  of a
                  Participant's benefit shall be determined with reference to the
                  value of
                  securities traded on the most recent day preceding the last day
                  of the
                  Plan Year.

              

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      

      
        	
                5.6

              	
                Participant
                  Statements

              	
                The
                  Administrator shall provide Participants with a statement of his
                  or her
                  account showing the additions to and deductions from such account
                  during
                  the period from the last statement date. Such statement shall be
                  provided
                  to Participants as soon as administratively feasible following
                  the end of
                  each Plan Year and on such other dates as agreed to by the Company
                  and the
                  party maintaining Participant records.

              
	
                5.7

              	
                Investment
                  Preference

              	
                Participants
                  shall have the opportunity to state an investment preference with
                  respect
                  to the deemed investment of any Deferrals and Company contributions,
                  if
                  any, made under the terms of the Plan. A Participant's investment
                  preference shall be communicated to the Administrator by completion
                  and
                  delivery to the Administrator of an Investment Preference Form.
                  The
                  Administrator shall review the form and may in its sole discretion
                  implement a program reflecting the Participant's investment preferences.
                  Participants shall indicate their initial investment preferences
                  by filing
                  an investment preference form with the Administrator prior to the
                  date on
                  which Deferrals commence under the terms of the Participant's Deferral
                  Agreement. Participants shall have the opportunity to change their
                  investment preferences with respect to new Deferrals and/or Company
                  contributions or with respect to existing balances upon notice
                  to the
                  Administrator. The Administrator shall establish procedures with
                  respect
                  to the implementation of Participant investment
                  preferences.

              
	 	 	 

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      ARTICLE
        VI

      BENEFITS
        AND DISTRIBUTIONS

      

      
        	
                6.1

              	
                Benefits

              	
                A
                  Participant's or Beneficiary's benefit payable under the Plan shall
                  be
                  determined by reference to the value of the Participant's account
                  balance
                  at the time of a Distributable Event under the Plan. Such benefit
                  shall be
                  payable from the general assets of the Company which includes any
                  assets
                  which may be held in trust. In no event will a Participant's right
                  to a
                  benefit under this Plan give such Participant a secured right or
                  claim on
                  any assets held by the Company in trust or otherwise as a reserve
                  to
                  fulfill its obligations under the Plan.

              
	
                6.2

              	
                Distributable
                  Event

              	
                A
                  Participant's benefit shall be payable as soon as administratively
                  feasible following the Benefit Distribution Date coincident with
                  or first
                  following the earlier of the date on which: 

                ·  The
                  Participant attains his or her normal retirement age,

                ·  The
                  Participant terminates employment with the Company,

                ·  The
                  Participant dies,

                ·  Termination
                  of the Plan under paragraph 9.2 hereof, and

                ·  As
                  otherwise provided in the Adoption Agreement and elected by a Participant
                  in his or her initial Deferral Agreement.

                No
                  Participant shall have any right to receive payment of his or her
                  benefit
                  under the Plan prior to the Benefit Distribution Date.

              
	
                6.3

              	
                Form
                  Of Payment

              	
                A
                  Participant's benefit shall be paid in the form of a lump sum or
                  installments. If Installment payments are elected by the Participant
                  in
                  his or her initial Deferral Election, such payments shall be made
                  monthly.
                  Installment payments may be made over any period not in excess
                  of the life
                  expectancy of the Participant. Any election of a form of payment
                  must be
                  made by the Participant prior to the first period of service for
                  which a
                  Deferral is made. Such election as to the form of payment may not
                  be
                  changed in connection with a future deferral election by a Participant
                  under the Plan.

              
	
                6.4

              	
                Payment
                  Medium

              	
                The
                  Company will pay a lump sum distribution in the form of cash or
                  in kind.
                  Installment payments will always be paid in the form of
                  cash.

              
	
                6.5

              	
                Death
                  Benefits

              	
                Any
                  benefit to which a deceased Participant is entitled to receive
                  under the
                  Plan shall be paid to such Participant's Beneficiary. Such death
                  benefit
                  shall be paid in accordance with the form of payment elected by
                  the
                  Participant as provided at paragraph 6.3 hereof.

              
	
                6.6

              	
                Beneficiary
                  Designation

              	
                A
                  Participant shall have the right to designate a beneficiary and
                  to amend
                  or revoke such designation at any time in writing. Such designation,
                  amendment or revocation shall be effective upon receipt by the
                  Administrator. A Participant may not, however, change his or her
                  Beneficiary (during the life of such Beneficiary) after payments
                  have
                  commenced under an installment payment option where the payment
                  period is
                  determined by reference to the life expectancy of the Participant
                  and his
                  or her Beneficiary.

              
	
                6.7

              	
                No
                  Beneficiary

              	
                If
                  no beneficiary designation is made, or if the beneficiary designation
                  is
                  held invalid, or if no Beneficiary survives the Participant and
                  benefits
                  remain payable following the 

                Participant's
                  death, the Administrator shall direct that payment of benefits
                  be made
                  to

              

      

      

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      

      
        	 	 	
                the
                  person or persons in the first category in which there is a survivor.
                  The
                  categories of successor beneficiaries, in order, are as
                  follows:

                ·  Participant's
                  spouse;

                ·  Participant's
                  descendants, per stirpes (eligible descendants shall be determined
                  by the
                  intestacy laws of the state in which the decedent is
                  domiciled);

                ·  Participant's
                  parents;

                ·  Participant's
                  brothers and sisters (including step brothers and step sisters);
                  and
                  

                ·  Participant's
                  estate.

              
	
                6.8

              	
                Hardship
                  Withdrawal

              	
                A
                  Participant who incurs a severe financial hardship resulting from
                  an
                  unforeseeable emergency may request a hardship withdrawal of his
                  or her
                  Deferrals and Company related vested contributions and any investment
                  earnings on such Deferrals or Company related contributions. An
                  unforeseeable emergency is a sudden and unexpected illness or accident
                  of
                  the Participant or of a dependent of the Participant as defined
                  at Code
                  §152(a), a loss of the Participant's property due to casualty, or
                  other
                  similar extraordinary and unforeseeable circumstances arising as
                  a result
                  of events beyond the control of the participant. An unforeseeable
                  emergency shall not include the need to send a Participant's child
                  to
                  college or the desire to purchase a home. A request for hardship
                  withdrawal shall be submitted to the Administrator in writing and
                  shall
                  describe the unforeseeable emergency and state that the hardship
                  cannot be
                  relieved:

                ·  Through
                  reimbursement or compensation by insurance or otherwise,

                ·  By
                  liquidation of the Participant's assets, to the extent the liquidation
                  of
                  such assets would not itself cause severe financial hardship,
                  or

                ·  By
                  cessation of deferrals under the Plan.

                ·  The
                  Administrator shall have sole authority to approve or disapprove
                  of all
                  requests for a hardship withdrawal and shall evaluate all such
                  requests in
                  a uniform and nondiscriminatory manner.

              
	
                6.9

              	
                Claims
                  Procedure

              	
                A
                  Participant or authorized representative of a Participant may submit
                  to
                  the Plan Administrator questions regarding Plan Benefits or a claim
                  for
                  the payment of benefits. Such question or claim may be submitted
                  at any
                  time. However, benefit payments shall not be payable earlier than
                  permitted by the Plan. The Administrator shall accept, reject,
                  or modify
                  such request and shall send written notification to the Participant
                  setting forth the response of the Administrator and in the case
                  of a
                  denial or modification the Administrator shall:

                state
                  the specific reason or reasons for the denial,

                provide
                  specific reference to pertinent Plan provisions on which the denial
                  is
                  based,

                provide
                  a description of any additional material, data or information necessary
                  for the Participant or his representative to perfect the claim
                  and an
                  explanation of why such material or information is necessary,
                  and

                explain
                  the Plan's claim review procedure.

                 

                In
                  the event the request is rejected or modified, the Participant
                  or his
                  representative may appeal within 60 days following receipt by the
                  Participant or representative of such rejection or modification,
                  by
                  submitting a written request for review by the administrator of
                  its
                  initial decision. Within 60 days following such request for review,
                  the
                  Administrator shall render its final decision in writing to the
                  Participant or representative stating specific reasons for such
                  decision.
                  If the Participant or representative is not satisfied with the
                  Administrator's final decision, the Participant or representative
                  can
                  institute an action in a court of competent
                  jurisdiction.

              

      

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      ARTICLE
        VII

      VESTING

      

      
        	
                7.1

              	
                Deferrals

              	
                Benefits
                  attributable to Compensation deferred under the terms of this Plan
                  shall
                  be nonforfeitable. However, such benefits shall not be payable
                  to or for
                  the benefit of a Participant until there is a Distributable Event
                  under
                  the Plan.

              
	 	 	 
	
                7.2

              	
                Company
                  Contributions

              	
                Benefits
                  attributable to Company discretionary and matching contributions
                  shall
                  become nonforfeitable upon the earlier of the Participant completing
                  the
                  Service requirement in the Adoption Agreement, upon reaching normal
                  retirement age or upon death. A Participant's benefits shall also
                  become
                  fully vested in the event the Plan is terminated in accordance
                  with
                  paragraph 9.2 and in the event of a Change Of Control as defined
                  at
                  paragraph 1.5. All other distributable events will vest according
                  to the
                  terms elected in the Adoption Agreement.

              
	
                7.3

              	
                Computation
                  Period

              	
                A
                  Participant's Service for purposes of vesting is determined with
                  reference
                  to the Plan Year. A Participant shall be credited with one year
                  of service
                  with respect to each Plan Year during which the Participant completes
                  at
                  least 1,000 hours of service.

              
	 	 	 
	
                7.4

              	
                Assets

              	
                Regardless
                  of a Participant's vested status, no Participant shall have any
                  vested
                  interest in or claim on any assets held in trust or otherwise either
                  before or after the Participant attains his or her Benefit Distribution
                  Date. A Participant's vested interest in benefits payable under
                  the Plan
                  shall be determined in accordance with paragraph 7.1, 7.2 and the
                  election
                  made by the Company in the Adoption Agreement. A Participant's
                  option to
                  state an investment preference under paragraph 5.7 hereof shall
                  not give a
                  Participant or Beneficiary any ownership right or interest in any
                  asset
                  held in trust or otherwise by the Company as a reserve to satisfy
                  its
                  obligations under the Plan.

                 

                All
                  amounts deferred under the Plan, all property and right purchased
                  with
                  such amounts, and all income attributable to such amounts, property
                  or
                  rights will remain (until made available to Participant s and
                  Beneficiaries) solely the property of the Company, subject only
                  to the
                  claims of the Company’s general creditors. Participants and Beneficiaries
                  have only the status of general unsecured creditors of the Company
                  with
                  respect to Plan payments, and the Plan is only a contractual agreement
                  by
                  the Company to make Plan payments in the future.

              
	
                7.5

              	
                Unfunded
                  Plan

              	
                In
                  no event will the assets accumulated by the Company in Trust or
                  otherwise
                  be construed as creating a funded Plan under the applicable provisions
                  of
                  the Employee Retirement Income Security Act, as amended, or under
                  the
                  Internal Revenue Code of 1986, as amended, or under the provisions
                  of any
                  other applicable statute or regulation. In this connection, any
                  funds set
                  aside by the Company in trust shall be administered in accordance
                  with the
                  terms of the Trust.

              
	
                7.6

              	
                Assignment
                  And Alienation

              	
                No
                  Participant or Beneficiary of a deceased Participant shall have
                  the right
                  to anticipate, assign, transfer, sell, mortgage, pledge or hypothecate
                  any
                  benefit under this Plan. The Administrator shall not recognize
                  any attempt
                  by a third party to attach, garnish or levy upon any benefit under
                  the
                  Plan except as provided by law or under the terms of a domestic
                  relations
                  order as described at Code §414(p).

              
	 	 	 

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      ARTICLE
        VIII

      PLAN
        ADMINISTRATION

      

      
        	
                8.1

              	
                Administrator

              	
                The
                  Plan shall be administered by the individual selected by the Company.
                  If
                  no Administrator is named by the Company or the named Administrator
                  has
                  resigned or otherwise cannot perform the administrative duties
                  under the
                  Plan, the Compensation Committee of the Board Of Directors of the
                  Company
                  shall serve as Administrator. If no Compensation Committee exists,
                  then
                  the Board of Directors of the Company shall serve as the Administrator.
                  However, in no event shall any Participant who sits on the Compensation
                  Committee or Board participate in any decision concerning his or
                  her
                  benefit under the Plan. The Administrator shall serve at the pleasure
                  of
                  the Company who shall have the right to remove the Administrator
                  at any
                  time upon 30 days written notice. The Administrator shall have
                  the right
                  to resign upon 30 days written notice to the Company.

              
	
                8.2

              	
                Duties
                  Of Administrator

              	
                The
                  Administrator shall be responsible to perform all administrative
                  functions
                  of the Plan. These duties include but are not limited to:

                Communicating
                  with Participants in connection with their rights and benefits
                  under the
                  Plan.

                Reviewing
                  investment preferences received from Participants.

                Arranging
                  for the payment of taxes (including income tax withholding), expenses
                  and
                  benefit payments to Participants under the Plan.

                Filing
                  any returns and reports due with respect to the Plan.

                Interpreting
                  and construing Plan provisions and settling claims and domestic
                  relations
                  orders in connection with Plan benefits.

                Serving
                  as the Plan's designed representative for the service of advises,
                  reports,
                  claims or legal process.

              
	
                8.3

              	
                Delegation
                  of Duties and Employment of Agents

              	
                The
                  Administrator shall retain the right to delegate some or all of
                  its
                  ministerial duties required for the proper administration of the
                  Plan to
                  third parties. The Administrator shall also have the right and
                  authority
                  to employ agents such as accountants, auditors, attorneys, actuaries
                  or
                  any other professionals it deems necessary in the performance of
                  any of
                  its duties required under Plan terms.

              
	
                8.4

              	
                Company

              	
                The
                  Company has sole responsibility for the adoption and maintenance
                  of the
                  Plan. The Company through its Board shall have the power and authority
                  to
                  appoint the Plan's Administrator and any other professionals, including
                  a
                  Trustee, as may be required for the administration of the Plan
                  or the
                  Trust. The Company shall also have the right to remove any individual
                  or
                  party appointed to perform administrative, investment, fiduciary
                  or other
                  functions under the Plan. The Company may delegate any of its powers
                  to
                  the Plan Administrator, Board Member or Committee of the
                  Board.

              
	
                8.5

              	
                Administrative
                  Fees And Expenses

              	
                All
                  reasonable costs, charges and expenses incurred by the Administrator
                  or
                  the Trustee in connection with the administration of the Plan or
                  the Trust
                  shall be paid by the Company. Any fees due the Sponsor shall either
                  be
                  billed to the Company by the Sponsor or will be charged against
                  assets
                  held by the Sponsor as agreed between the Company and the Sponsor.
                  Notwithstanding the foregoing, no Compensation other than reimbursement
                  for expenses shall be paid to an Administrator who is an Employee
                  of the
                  Company.

              

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      ARTICLE
        IX

      AMENDMENT
        AND TERMINATION

      

      

      
        	
                9.1

              	
                Amendment

              	
                The
                  Company may at any time amend this Plan without the consent of
                  any
                  Participant or Beneficiary hereunder. No amendment shall deprive
                  a
                  Participant or Beneficiary of any of the benefits which he or she
                  has
                  accrued under the Plan.

              
	 	 	 
	
                9.2

              	
                Termination

              	
                Although
                  the Company has established this Plan with a bona fide intention
                  and
                  expectation to maintain the Plan indefinitely, the Company may
                  terminate
                  or discontinue the Plan in whole or in part on the earlier of the
                  date on
                  which there is a Change of Control or as of the first business
                  day in the
                  Plan Year following the date on which the Company elects to terminate.
                  Upon Plan termination, no further Deferrals or Company contributions
                  shall
                  be made except that the Company shall be responsible to pay any
                  benefit
                  attributable to Deferrals and Company contributions accrued as
                  of the day
                  preceding the effective date of termination plus investment earnings
                  and
                  less investment losses, taxes and expenses chargeable to the Participant's
                  account up to the Benefit Distribution Date. The Administrator
                  shall make
                  distribution of the Participant's benefit as of the next Benefit
                  Distribution Date.

              
	 	 	 

      

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      ARTICLE
        X

      MISCELLANEOUS

      

      

      
        	
                10.1

              	
                Total
                  Agreement

              	
                This
                  Plan, the executed Adoption Agreement and related administrative
                  forms
                  shall constitute the total agreement or contract between the Company
                  and
                  the Participant regarding the Plan. No oral statement regarding
                  the Plan
                  may be relied upon by the Participant.

              
	 	 	 
	
                10.2

              	
                Employment
                  Rights

              	
                Neither
                  the establishment of this Plan nor any modification thereof, nor
                  the
                  creation of any Trust or account, nor the payment of any benefits,
                  shall
                  be construed as giving a Participant or other person a right to
                  employment
                  with the Company or any other legal or equitable right against
                  the Company
                  except as provided in the Plan. In no event shall the terms of
                  employment
                  of any Employee be modified or in any way be affected by the
                  Plan.

              
	 	 	 
	
                10.3

              	
                Governing
                  Law

              	
                Construction,
                  validity and administration of this Plan including the accompanying
                  Adoption Agreement and administrative forms shall be governed by
                  applicable Federal law and applicable state law in which the principal
                  office of the Company is located.

              

      

      

      

      
        
           

        

        
          18

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