Document:

Amended and Restated Pension Plan effective December 31, 2001

 Exhibit 10.2 
 CHITTENDEN PENSION ACCOUNT PLAN 
 Amended and Restated Effective January 1, 1997 
 (Including Amendments through January 2000) 
 December 2001 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Section
	 PREAMBLE
	  		  	
			
	 ARTICLE I
	  	DEFINITIONS	  	
			
		  	“Accrued Benefit”	  	I-1
		  	“Actuarial Equivalent”	  	I-1
		  	“Affiliated Company	  	I-2
		  	“Annual Pay Credit”	  	I-2
		  	“Annuity Starting Date”	  	I-3
			
		  	“Authorized Leave of Absence”	  	I-3
		  	“Beneficiary”	  	I-3
		  	“Benefit Service”	  	I-5
		  	“Board”	  	I-5
		  	“Cash Balance Account”	  	I-5
			
		  	“Code”	  	I-6
		  	“Compensation”	  	I-6
		  	“Disability”	  	I-7
		  	“Early Retirement Date”	  	I-8
		  	“Effective Date”	  	I-8
			
		  	“Eligibility Service”	  	I-8
		  	“Employee”	  	I-8
		  	“Employer”	  	I-8
		  	“Employment Date”	  	I-8
		  	“Enrolled Actuary”	  	I-9
			
		  	“ERISA”	  	I-9
		  	“Fiduciary”	  	I-9
		  	“Hour of Service”	  	I-9
		  	‘Interest Credit(s)”	  	I-11
		  	“Member”	  	I-11
			
		  	“Normal Retirement Age”	  	I-11
		  	“Normal Retirement Date”	  	I-11
		  	“Opening Balance Credit”	  	I-12
		  	“Participating Employer(s)”	  	I-12
		  	“Plan”	  	I-12

  

 (i) 

					
	 	  	 	  	Section
		  	“Plan Administrator”	  	I-12
		  	“Plan Year”	  	I-12
		  	“Postponed Retirement Date”	  	I-12
		  	“Principal Employer”	  	I-12
		  	“Prior Plan”	  	I-12
		  	“Service TermWination Date”	  	I-13
		  	“Spouse”	  	I-13
		  	‘Trust” or “Trust Fund”	  	I-13
		  	“Trust Agreement”	  	I-13
		  	“Trustee”	  	I-13
		  	“Wage Base”	  	I-13
			
	 ARTICLE II
	  	MEMBERSHIP AND SERVICE	  	
			
		  	Membership	  	II-1
		  	Participation Service	  	II-2
		  	Eligibility Service	  	II-4
		  	Benefit Service	  	II-7
		  	Break in Service	  	II-10
			
	 ARTICLE III
	  	CASH BALANCE ACCOUNT	  	
			
		  	In General	  	III-1
		  	Opening Balance Credit	  	III-1
		  	Annual Pay Credits	  	III-3
		  	Interest Credits	  	III-5
		  	Cash Balance Account	  	III-6
			
	 ARTICLE IV
	  	NORMAL RETIREMENT DATE AND	  	
		  	NORMAL RETIREMENT INCOME	  	
			
		  	Normal Retirement Date	  	IV-1
		  	Normal Retirement Income	  	IV-1
		  	Minimum Benefit	  	IV-1
		  	Maximum Overall Benefit	  	IV-2
		  	Continuing Employment	  	IV-8

  

 (ii) 

					
	 	  	 	  	Section
			
	 ARTICLE V
	  	EARLY RETIREMENT DATE AND	  	
		  	EARLY RETIREMENT INCOME	  	
			
		  	Early Retirement Date	  	V-1
		  	Early Retirement Income	  	V-1
		  	Minimum Early Retirement Benefits	  	V-2
			
	 ARTICLE VI
	  	POSTPONED RETIREMENT DATE AND	  	
		  	POSTPONED RETIREMENT INCOME	  	
			
		  	Postponed Retirement Date	  	VI-1
		  	Postponed Retirement Income	  	VI-1
		  	Death Prior to Postponed Retirement Date	  	VI-3
			
	 ARTICLE VII
	  	TERMINATION OF EMPLOYMENT	  	
			
		  	Non-Vested Termination	  	VII-1
		  	Vested Termination	  	VII-1
		  	Minimum Benefit	  	VII-3
		  	Maximum Benefit	  	VII-3
			
	 ARTICLE VIII
	  	REEMPLOYMENT	  	
			
		  	Reemployment Before Annuity Starting Date	  	VIII-1
		  	Reemployment After Annuity Starting Date	  	VIII-2
		  	Cash Balance Account After Annuity Starting Date	  	VIII-4
			
	 ARTICLE IX
	  	DEATH AND DISABILITY BENEFITS	  	
			
		  	Death Benefits Limited	  	IX-1
		  	Death Benefits Prior to Annuity Starting Date	  	IX-1
		  	Death Benefits After Annuity Starting Date	  	IX-2
		  	Lump Sum Death Benefit	  	IX-3
		  	Disability Retirement Income	  	IX-3

  

 (iii) 

					
	 	  	 	  	Section
	 ARTICLE X
	  	PAYMENT OF RETIREMENT BENEFITS	  	
			
		  	Automatic Form of Payment	  	X-1
		  	Election of Optional Forms	  	X-3
		  	Joint and Survivor Option	  	X-4
		  	Life Annuity Option	  	X-5
		  	Lump Sum Option	  	X-5
			
		  	Cash Refund Annuity	  	X-5
		  	Life Annuity with Guaranteed Payment Period	  	X-6
		  	Direct Rollovers from the Plan	  	X-6
		  	Small Payments	  	X-7
		  	General Provisions	  	X-8
			
		  	Restrictions on Distributions	  	X-10
			
	 ARTICLE XI
	  	ADMINISTRATION OF THE PLAN	  	
			
		  	Allocation of Responsibility Among Fiduciaries for Plan and Trust Administration	  	XI-1
		  	Records and Reports	  	XI-2
		  	Delegation to Individuals	  	XI-2
		  	Benefit Claims Procedures	  	XI-2
		  	Other Powers and Duties of the Principal Employer	  	XI-3
			
		  	Rules and Decisions	  	XI-4
		  	Authorization of Benefit Payments	  	XI-5
		  	Application and Forms for Benefits	  	XI-5
		  	Indemnification	  	XI-5
			
	 ARTICLE XII
	  	FUNDING AND CONTRIBUTIONS	  	
			
		  	Establishment of Trust Fund	  	XII-1
		  	Contributions to the Fund; Plan Expenses	  	XII-1
		  	Contributions Conditional	  	XII-2
		  	Employee Contributions	  	XII-2

  

 (iv) 

					
	 	  	 	  	Section
	 ARTICLE XIII
	  	FIDUCIARY RESPONSIBILITIES	  	
			
		  	Basic Responsibilities	  	XIII-1
		  	Actions of Fiduciaries	  	XIII-1
		  	Fiduciary Liability	  	XIII-2
			
	 ARTICLE XIV
	  	AMENDMENT AND TERMINATION	  	
			
		  	Right to Amend or Terminate	  	XIV-1
		  	Partial Termination	  	XIV-2
		  	Vesting and Distribution of Funds Upon Termination	  	XIV-2
		  	Determination of Funds Upon Termination	  	XIV-3
		  	Disabled Members	  	XIV-5
			
		  	Restrictions on Benefits	  	XIV-5
		  	Right to Accrued Benefits	  	XIV-5
			
	 ARTICLE XV
	  	GENERAL PROVISIONS	  	
			
		  	Plan Voluntary	  	XV-1
		  	Payments to Minors and Incompetents	  	XV-2
		  	Non-Alienation of Benefits	  	XV-2
		  	Evidence of Survival	  	XV-4
		  	Use of Masculine and Feminine; Singular and Plural	  	XV-5
			
		  	Merger, Consolidation or Transfer	  	XV-5
		  	Leased Employees	  	XV-5
		  	Veterans’ Reemployment Rights	  	XV-6
		  	Governing Law	  	XV-6
		  	Severability	  	XV-6
			
		  	Captions	  	XV-6

  

 (v) 

					
	 	  	 	  	Section
	 ARTICLE XVI
	  	TOP-HEAVY PLAN REQUIREMENTS	  	
			
		  	General Rule	  	XIV-1
		  	Vesting Provisions	  	XIV-1
		  	Minimum Benefit Provisions	  	XIV-1
		  	Limitation on Benefits	  	XIV-2
		  	Top-heavy Plan Definition	  	XIV-3
			
		  	Key Employee	  	XIV-7
		  	Non-Key Employee	  	XIV-9
			
	 APPENDICES
	  		  	

  

 (vi) 

 PREAMBLE 
 Chittenden Corporation (the “Principal Employer”) established the Pension Plan for Employees of the Chittenden Corporation (the “Plan”) effective December 1, 1946. The Plan has been previously amended from time to
time to reflect changing employee benefit objectives and to conform with ongoing changes in the qualification requirements for retirement plans under the Internal Revenue Code. 
 The Plan is intended to provide periodic retirement income to Eligible Employees who terminate employment generally with at least five years of Eligibility Service, in addition to retirement benefits provided under
the Social Security Act. Benefits under the Plan accumulate under Cash Balance Accounts. Plan assets are held and invested pursuant to a trust agreement (the “Trust Agreement”) which has been adopted by the Principal Employer and forms a
part of this Plan. 
 The Plan is hereby amended and restated, effective January 1, 1997 (except to the extent otherwise provided herein) to incorporate
previous Plan amendments and to reflect changes made under the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, and other related laws and governmental regulations. This amendment and restatement also documents the merger
of the SBERA Pension Plan as adopted by United Bank Corporation and the Retirement Plan for Employees of Vermont Financial Services Corporation into this Plan effective October 31, 1999, and December 31, 1999, respectively. 

 It is intended that the Plan, as embodied herein, will continue to meet the requirements for qualification under
Section 401(a) of the Internal Revenue Code of 1986 (the “Code”) as amended from time to time and that the Trust shall be exempt from taxation as provided under Code Section 501(a). 
 The provisions of this Plan shall apply only to an eligible employee who terminated employment with the Employer on or after January 1, 1997. Except as otherwise
specifically and expressly provided herein, a former employee’s eligibility for and amount of benefits, if any, payable to or on behalf of such former employee, shall be determined in accordance with the provisions of the Plan in effect on his
termination date. The benefit payable to or on behalf of a Member included under the Plan in accordance with the following provisions shall not be affected by the terms of any amendment to the Plan adopted after such Member’s employment
terminates, unless the amendment expressly provides otherwise. 

 ARTICLE I 
 DEFINITIONS 
  

	1.1	“Accrued Benefit” means the monthly life annuity payable at Normal Retirement Date (or Postponed Retirement Date for Eligible Employees who continue to work after
Normal Retirement Age) based on the Member’s current Cash Balance Account projected at the greater of 5% and the applicable interest rate as described in Section 1.2(b) less 50 basis points, compounded annually, for the number of years and
full months to the Member’s Normal Retirement Date or Postponed Retirement Date, as applicable. 

 For purposes of this
Section 1.1, the projected Cash Balance Account is converted to a monthly life annuity as described under Section 10.1. 
 Notwithstanding the foregoing, in no event shall a Member’s Accrued Benefit be less than such Member’s accrued benefit as of December 31, 1995, determined under the provisions of the Prior Plan. 
  

	1.2	“Actuarial Equivalent” means a benefit of equivalent value to another benefit, determined on the following bases: 

  

	 	(a)	for conversion of a life annuity to an optional form of payment other than a lump sum, the following: 

  

	 	(i)	Interest: 7.5% per year 

  

 I-1 

	 	(ii)	Mortality: 1983 Unisex Group Annuity Mortality (50% 1983 Group Annuity Mortality for males, 50% 1983 Group Annuity Mortality for females) 

  

	 	(b)	for purposes of determining the lump sum equivalent value of a Member’s Accrued Benefit, such lump sum value shall be calculated using the applicable mortality table and the
applicable interest rate promulgated by the IRS under Code Section 417(e)(3) as in effect for the November preceding the first day of the Plan Year in which the lump sum payment is made. 

  

	1.3	“Affiliated Company” means any corporation which is a member of a controlled group of corporations (as defined in Code Section 414(b)) which includes the
Employer; any other trade or business (whether or not incorporated) which is under common control (as defined in Code Sections 414(b) and 414(c)) with the Employer; but only for the period during which such other corporation or such other trade or
business and the Employer are members of such controlled group with the Employer; any organization (whether or not incorporated) which is a member of an Affiliated Company service group (as defined in Code Section 414(m)) which includes the
Employer; and any other entity required to be aggregated with the Employer pursuant to regulations under Code Section 414(o). 

  

	1.4	“Annual Pay Credit” means the notional amounts credited to a Member’s Cash Balance Account pursuant to Section 3.3. 

  

 I-2 

	1.5	“Annuity Starting Date” shall mean: 

  

	 	(a)	the first day of the first period for which a benefit is payable to the Member under the Plan as an annuity (or to the eligible Beneficiary in the case of death before retirement
income commences), or 

  

	 	(b)	in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitle the Member (or eligible Beneficiary) to such benefit.

  

	1.6	“Authorized Leave of Absence” shall mean any absence authorized by the Employer under the Employer’s standard personnel practices, provided that all persons
under similar circumstances are treated alike in the granting of such Authorized Leave of Absence, and provided further that the Member returns or retires within the period specified in the Authorized Leave of Absence. An absence due to service in
the Armed Forces of the United States shall be considered an Authorized Leave of Absence provided that the Employee complies with all of the requirements of Federal law in order to be entitled to reemployment and provided further that the Employee
returns to employment with the Employer within the period provided by such law. 

  

	1.7	“Beneficiary” means: 

  

	 	(a)	the person designated by the Member or former Member to receive benefits under the Plan in the event of the Member’s death after an Annuity Starting Date as provided in Article
X, or 

  

 I-3 

	 	(b)	the person, estate, trust or other entity designated by the Member (with Spouse’s consent, if applicable) to receive the pre-retirement death benefit in the event of death
prior to an Annuity Starting Date as provided in Article IX. 

 Each such designation shall be in writing filed with the Plan
Administrator and shall be in such form as the Plan Administrator may require. 
 With respect to the election of optional forms of payment
under Section 10.2, if the Member has a Spouse and designates someone other than such Spouse as his Beneficiary, his designation must include the written consent of his legal Spouse at the time the designation is made in order to be valid as
provided under Section 10.10(b). 
 With respect to the Beneficiary designation for the pre-retirement death benefit under
(b) above, the Member may, from time to time, change the Beneficiary designation in accordance with procedures the Plan Administrator may establish. However, if the Member is married and designates someone other than his legal Spouse, his
Beneficiary designation must include the written consent of his legal Spouse at the time the designation is made in order to be valid. Such designation must be made within the period which begins on the first day of the Plan Year in which the Member
attains age 35, or the date the Employee becomes a Member if later, and ends on the date of the Member’s death. Prior to such designation, the Member’s Spouse shall be the automatic Beneficiary. 
 Each active Member shall be furnished a written explanation of the terms and conditions of the pre-retirement death benefit and the rights of the Member
and the Member’s Spouse regarding the pre-retirement death benefit. Such explanation 

  

 I-4 

 
will be provided (i) within the period beginning with the first day of the Plan Year in which the Member attains age 32 and ending with the close of the
Plan Year preceding the Plan Year in which the Member attains age 35, (ii) if later, within the one-year period after an individual becomes a Member, or (iii) if earlier than (i) above, within the one-year period after a Member who
has a vested Accrued Benefit terminates employment. 
 In any event, the explanation described above shall be furnished, and any non-Spouse
Beneficiary designation shall be made, in accordance with the rules prescribed in Code Section 417 and applicable regulations thereunder. 
 In the event that no Beneficiary has been effectively designated, the Member’s Spouse shall be deemed the designated Beneficiary, or if the Member has no Spouse, his children, if any, per stirpes, and if none, the estate of the Member
shall be deemed the designated Beneficiary. A former Spouse’s consent shall not be binding on a subsequent Spouse. 
  

	1.8	“Benefit Service” means the period of a Member’s employment considered in accordance with Section 2.4 in the determination of the amount of benefits
payable to or on behalf of the Member. 

  

	1.9	“Board” means the Board of Directors of the Chittenden Corporation, except that any action which may be taken by the Board may also be taken by a duly authorized
Committee of the Board or by such other person or groups as may be designated by the Board (to the extent of such designation). 

  

	1.10	“Cash Balance Account” means the notional account described in Section 3.1 and maintained for each Member pursuant to Section 3.5.

  

 I-5 

	1.11	“Code” means the Internal Revenue Code of 1986, as amended from time to time and any regulations issued thereunder. Reference to any section of the Code shall
include any successor provision thereto. 

  

	1.12	“Compensation” means the entire amount of ail salaries, wages, overtime pay, commissions, bonuses and similar payments for services rendered to the Employer as
reported on the Employee’s federal Income Tax Withholding Statement (Form W-2), excluding any amounts contributed by the Employer under this Plan or under any other employee benefit plan of the Employer, any severance payments and taxable
income attributable to stock options, but including any pre-tax contributions made at the Member’s election to a qualified cash or deferred arrangement as defined in Code Section 401 (k), to a plan which meets the requirements of Code
Section 125, sponsored by the Employer, and, for Plan Years beginning on or after January 1, 2001, any elective amounts that are not includible in gross income of the Employee by reason of Code Section 132(f)(4).

 Notwithstanding the foregoing, Compensation for any Plan Year shall not include any amount in excess of $150,000, or such
other amount permitted under Code Section 401(a)(17) and related regulations. 
 For any Plan Year beginning on or after January 1,
2002, Compensation shall not include any amount in excess of $200,000. For purposes of determining benefit accruals in any Plan Year beginning prior to January 1, 2002, Compensation for any prior Plan Year shall be limited to $150,000 for any
Plan Year beginning prior to 1997; $160,000 for any Plan Year beginning on or after January 1,1997 and prior to January 1, 2000; and $170,000 for any Plan Year beginning on or after January 1, 2000, and prior to January 1, 2002.

  

 I-6 

 The $200,000 limit on annual Compensation in the above paragraph shall be adjusted for cost-of-living
increases in accordance with Code Section 401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to annual Compensation for the Plan Year that begins with such calendar year. 
 For Plan Years beginning prior to January 1, 1997, in determining the Compensation of an Employee for purposes of the Code Section 401(a)(17)
limitation above, the rules of Code Section 414(q)(6) shall apply; provided, however, that, in applying such rules, the term “family” shall include only the Spouse of the Employee and any lineal descendants of the Employee who have
not attained age 19 before the close of the Plan Year. If the Compensation of the Employee exceeds the Code Section 401(a)(17) limitation, then the Code Section 401(a)(17) limitation shall be pro rated among the Compensation of the
Employee and his family (as determined under this Section 1.12 prior to the application of the Code Section 401(a)(17) limitation) in proportion to each such individual’s Compensation (as determined under this Section 1.12 prior
to the application of the Code Section 401(a)(17) limitation). 
  

	1.13	“Disability” means a total and permanent disability which qualifies the Member to receive full Social Security disability benefits. 

 Notwithstanding the foregoing, no Member shall be deemed to have suffered a Disability if the Employer determines that his disability results from
self-inflicted injuries or illness, an injury suffered while engaged in a felonious or criminal act or enterprise, or service in the Armed Forces of the United States which entitled the Member to a veteran’s disability pension; but this
provision shall not prevent the Member from qualifying for a benefit under another provision of the Plan. 
  

 I-7 

	1.14	“Early Retirement Date” means the date on which a Member becomes eligible and elects to retire prior to Normal Retirement Date, as determined in accordance with
Section 5.1. 

  

	1.15	“Effective Date” means January 1, 1997, the effective date of the amendment and restatement of this Plan, unless otherwise stated herein.

  

	1.16	“Eligibility Service” means the period of a Member’s employment considered in accordance with Section 2.3 in determination of his eligibility for benefits
under the Plan. 

  

	1.17	“Employee” means any person who is receiving remuneration for personal services rendered to the Employer or an Affiliated Company (or would be receiving such
remuneration except for an Authorized Leave of Absence). Leased employees shall be considered Employees only to the extent provided under Section 15.7. 

  

	1.18	“Employer” means the Chittenden Corporation, the Chittenden Trust Company, or any other Affiliated Company that adopts the Plan with the consent of the Principal
Employer. Employer refers to all Employers collectively, or to each one individually, as the context may require. 

  

	1.19	“Employment Date” means the first day for which an Employee is credited with an Hour of Service. 

  

 I-8 

	1.20	“Enrolled Actuary” means an individual or firm of actuaries who shall be independent of the Employer, selected from time to time by the Plan Administrator who meets
the standards and qualifications established by the Joint Board for the Enrollment of Actuaries, or a firm of actuaries which has on staff such individual actuary, to perform all necessary actuarial services in connection with the operation of the
Plan. 

  

	1.21	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  

	1.22	“Fiduciary” means any person who exercises any discretionary authority or discretionary control respecting the management of the Plan, assets held under the Plan,
or disposition of Plan assets; who renders investment advice for a fee or other compensation, direct or indirect, with respect to assets held under the Plan or has any authority or responsibility to do so; or who has any discretionary authority or
discretionary responsibility in the administration of the Plan. Any person who exercises authority or has responsibility of a fiduciary nature as described above shall be considered a Fiduciary under the Plan. 

  

	1.23	“Hour of Service” means: 

  

	 	(a)	Each hour for which an Employee is directly or indirectly paid or entitled to payment by the Employer or any Affiliated Company for the performance of duties;

  

	 	(b)	 Each hour for which an individual is directly or indirectly paid or entitled to payment by the Employer and any Affiliated Company (including payments made or due
from a trust fund or insurer to which the Employer or 

  

 I-9 

	 	 
Affiliated Company contributes or pays premiums) on account of a period of time during which no duties are performed (irrespective of whether the employment
relationship has terminated) due to periods of vacation, holidays, illness, incapacity, disability, layoff, jury duty, military duty, or leave of absence (including a leave granted pursuant to the Family and Medical Leave Act of 1993), provided
that: 

  

	 	(i)	No more than 501 Hours of Service shall be credited under this paragraph (b) to an Employee on account of any single continuous period during which the Employee performs no
duties; and 

  

	 	(ii)	Hours of Service shall not be credited under this paragraph (b) to an Employee for a payment which solely reimburses the Employee for medically related expenses incurred by the
Employee or which is made or due under a plan maintained solely for the purpose of complying with applicable workers’ compensation, unemployment compensation or disability insurance laws; and 

  

	 	(c)	Each hour not already included under paragraph (a) or (b) above for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Employer
or by an Affiliated Company, provided that the crediting of Hours of Service under this paragraph with respect to periods described in paragraph (b) above shall be subject to the limitation therein set forth. 

 The number of Hours of Service to be credited under paragraph (b) or (c) above on account of a period during which an Employee performs no
duties, and the Plan Years to which Hours of Service shall be credited under paragraphs (a), (b), 

  

 I-10 

 
or (c) above shall be determined by the Plan Administrator in accordance with Sections 2530.200b-2(b) and (c) of the Regulations of the U.S.
Department of Labor. 
 To the extent not credited above, Hours of Service shall also be credited based on the customary work week of the
Employee for periods of military duty (as required by applicable law) and Authorized Leave of Absence. 
 In the case of Employees whose
Compensation is not determined on the basis of Compensation for each hour worked during a given period, Hours of Service shall be determined on the basis of 190 Hours of Service per month if under (a), (b), or (c) above, such Employee would be
credited with at least one Hour of Service during the month. 
  

	1.24	“Interest Credit(s)” means the interest amounts credited to a Member’s Cash Balance Account pursuant to Section 3.4. 

  

	1.25	“Member” means an Employee who participates in the Plan as provided in Article II, and further, shall include any Employee who has retired in accordance with
Article IV, V, or VI or has terminated employment with rights to a benefit in accordance with Article VII. 

  

	1.26	“Normal Retirement Age” means the Member’s 65th birthday. 

  

	1.27	“Normal Retirement Date” means the first day of the month coincident with or next following the month in which the Member attains Normal Retirement Age.

  

 I-11 

	1.28	“Opening Balance Credit” means those amounts credited to an Employee who was a Member under the Prior Plan pursuant to Section 3.2. 

 

	1.29	“Participating Employer(s)” means the Chittenden Corporation and each other Affiliated Company that has duly adopted the Plan and has been authorized by the Board
to participate in the Plan. 

  

	1.30	“Plan” means the Chittenden Pension Account Plan (formerly named the Pension Plan for Employees of the Chittenden Corporation) as set forth in this document and as
it may be amended from time to time. 

  

	1.31	“Plan Administrator” means, as that term is defined by ERISA, the Principal Employer. 

  

	1.32	“Plan Year” means each 12-month period beginning on January 1 and ending on the following December 31. 

  

	1.33	“Postponed Retirement Date” means the date after his Normal Retirement Date on which a Member retires with a postponed retirement benefit under the Plan, as
determined in accordance with Section 6.1. 

  

	1.34	“Principal Employer” means the Chittenden Corporation and any firm or corporation which may succeed to the business of Chittenden Corporation by merger,
consolidation or otherwise and by appropriate action shall adopt the Plan. 

  

	1.35	“Prior Plan” means the Chittenden Pension Account Plan as in effect immediately prior to January 1, 1996. 

  

 I-12 

	1.36	“Service Termination Date” means the latest of the date an Employee is discharged, dies, retires, or voluntarily terminates employment. 

  

	1.37	“Spouse” means the person to whom a Member is legally married as of his Annuity Starting Date. However, if a Member should die before his Annuity Starting Date,
then the Spouse shall be the legal Spouse to whom the Member was married on his date of death. Nothwithstanding the foregoing, a former spouse will be treated as a Spouse to the extent provided under a “qualified domestic relations order”
as described in Code Section 414(p). 

  

	1.38	“Trust” or “Trust Fund” means the fund established to accumulate assets out of which benefits under the Plan are paid, maintained in accordance with the
terms of the Trust Agreement, as from time to time amended, which constitutes a part of this Plan. 

  

	1.39	“Trust Agreement” means the agreement governing the investment of Plan assets, as amended from time to time, entered into between the Principal Employer and the
Trustee to carry out the purpose of the Plan. 

  

	1.40	“Trustee” means the trustee or trustees named under the Trust as duly appointed by the Board. 

  

	1.41	“Wage Base” means the maximum wages subject to FICA taxation for Old Age, Survivors and Disability Income (OASDI) benefits under the Social Security Act for any
particular Plan Year. 

  

 I-13 

 ARTICLE II 
 MEMBERSHIP AND SERVICE 
  

	2.1	Membership. 

  

	 	(a)	Each Employee who was a Member of the Prior Plan on December 31, 1996, shall continue as a Member of this Plan on January 1, 1997 provided he remains an Employee on
January 1, 1997. 

  

	 	(b)	Each other Employee shall become a Member of the Plan on the first day of the month coincident with or next following the date on which he has both: 

  

	 	(i)	attained age 21; and 

  

	 	(ii)	completed one year of Participation Service. 

  

	 	(c)	Notwithstanding the foregoing, an Employee who is a “leased employee” as defined in Section 414(n)(2) of the Code or an Employee who is classified as an independent
contractor shall not be eligible for membership hereunder, even if such individual is, for any reason, retroactively reclassified by a court of competent jurisdiction as a bona fide Employee of the Employer. 

  

	 	(d)	 Notwithstanding the foregoing, effective January 1, 2000, an Employee who was a participant of the SBERA Pension Plan as adopted by United Bank Corporation
immediately prior to November 1, 1999, shall become a Member of the Plan on January 1, 2000, provided he is an Employee on such January 1. Each other Employee shall become a Member of the Plan 

  

 II-1 

	 	 
upon satisfaction of the membership requirements set forth in paragraph (b) above. 

  

	 	(e)	Notwithstanding the foregoing, effective January 1, 2000, an Employee who was a participant of the Retirement Plan for Employees of Vermont Financial Services Corporation
immediately prior to January 1, 2000, shall become a Member of the Plan on January 1, 2000, provided he is an Employee on such January 1. Each other Employee shall become a Member of the Plan upon satisfaction of the membership
requirements set forth in paragraph (b) above. 

  

	 	(f)	Notwithstanding the foregoing, effective January 1, 2000, an Employee who is employed by the Bank of Western Massachusetts, Flagship Bank and Trust Company, or the Pomerleau
Agency shall be eligible for membership hereunder on and after January 1, 2000, only. 

  

	 	(g)	Notwithstanding the foregoing, an Employee who is employed by Maine Bank and Trust Company shall not be eligible for membership hereunder. 

  

	2.2	Participation Service. 

  

	 	(a)	Participation Service shall determine an Employee’s eligibility to participate in the Plan under Section 2.1. An Employee shall earn a year of Participation Service if he
is credited with at least 1,000 Hours of Service in the 12-month period commencing on his Employment Date. If an Employee fails to earn a year of Participation Service in this initial 12-month period, he shall earn a year of Participation Service in
the first calendar year commencing on or after his date of Employment Date during which he is credited with at least 1,000 Hours of Service. 

  

 II-2 

	 	(b)	Effective January 1, 2000, Employees who were employed by United Bank Corporation as of October 31, 1999, and who continue as Employees on November 1, 1999, shall
receive credit for purposes of this Section 2.2 for any service with United Bank Corporation which would have been considered Participation Service in accordance with this Section 2.2. 

  

	 	(c)	Effective January 1, 2000, Employees who were employed by Vermont Financial Services Corporation as of December 31, 1999, and who continue as Employees on January 1,
2000, shall receive credit for purposes of this Section 2.2 for any service credited under the terms of the Retirement Plan for Employees of Vermont Financial Services Corporation which would have been considered Participation Service in
accordance with this Section 2.2. 

  

	 	(d)	Effective January 1, 2000, Employees who were employed by the Pomerleau Agency as of December 31, 1999, and who continue as Employees on January 1, 2000, shall
receive credit for purposes of this Section 2.2 for any service with the Pomerleau Agency which would have been considered Participation Service in accordance with this Section 2.2. 

  

	 	(e)	Effective January 1, 2000, Employees who were employed by Flagship Bank and Trust Company as of December 31,1999, and who continue as Employees on January 1, 2000,
shall receive credit for purposes of this Section 2.2 for any service with Flagship Bank and Trust Company that would have been considered Participation Service in accordance with this Section 2.2. 

  

 II-3 

	 	(f)	Effective January 1, 2000, Employees who were employed by Bank of Western Massachusetts as of December 31,1999, and who continue as Employees on January 1, 2000,
shall receive credit for purposes of this Section 2.2 for any service with Bank of Western Massachusetts, that would have been considered Participation Service in accordance with this Section 2.2. 

  

	 	(g)	The rights of any former Member whose employment terminated prior to the Effective Date shall, unless the former Member is later reemployed by the Employer or unless otherwise
specifically provided in this Plan, be determined in accordance with the provisions of the Prior Plan in effect at the date of such former Member’s termination of employment. 

  

	2.3	Eligibility Service. 

  

	 	(a)	Eligibility Service shall determine a Member’s nonforfeitable right to benefits accrued under the Plan. Subject to the Break in Service provisions of Section 2.5, an
Employee shall receive a year of Eligibility Service for each calendar year in which he is credited with at least 1,000 Hours of Service subject to the provisions of Appendix A to this Plan. 

  

	 	(b)	An Employee of Mountain Trust Company who becomes a Member of this Plan shall receive credit for purposes of this Section 2.3 for any service with Mountain Trust Company before
it became an Affiliated Company if such service would have been considered Eligibility Service in accordance with paragraph (a) of this Section 2.3. 

  

 II-4 

	 	(c)	Notwithstanding anything herein to the contrary, an Employee of the Employer who was an Employee of the Rutland Savings Bank before it was acquired by the Principal Employer shall
receive credit for purposes of this Section 2.3 for any service with the former Rutland Savings Bank through December 31, 1982, which would have been credited under the Rutland Savings Bank Retirement Plan in the determination of the
nonforfeitable portion of his accrued benefit under the provisions of that former plan. 

  

	 	(d)	Employees of Electronic Data Systems Corporation who became Employees of the Employer on February 1, 1982 shall be credited with Eligibility Service for their period of
employment with Electronic Data Systems Corporation if such service would have been considered Eligibility Service determined in accordance with paragraph (a) of this Section 2.3. 

  

	 	(e)	Notwithstanding anything herein to the contrary, an Employee of the Employer who was an Employee of Bellows Falls Trust Company before it was acquired by the Employer shall receive
credit for purposes of this Section 2.3 for any service with Bellows Falls Trust Company which would have been considered Eligibility Service in accordance with paragraph (a) of this Section 2.3. 

  

	 	(f)	Notwithstanding anything herein to the contrary, an Employee of the Employer who was an Employee of the Bank of Western Massachusetts before it was acquired by the Employer shall
receive credit for purposes of this Section 2.3 for any service with the Bank of Western Massachusetts which would have been considered Eligibility Service in accordance with paragraph (a) of this Section 2.3.

  

 II-5 

	 	(g)	Notwithstanding anything herein to the contrary, an Employee who was an Employee of the Flagship Bank and Trust Company before it was acquired by the Employer shall receive credit
for purposes of this Section 2.3 for any service with the Flagship Bank and Trust Company which would have been considered Eligibility Service in accordance with paragraph (a) of this Section 2.3. 

  

	 	(h)	Notwithstanding anything herein to the contrary, an Employee who was an Employee of United Bank Corporation before it was acquired by the Employer, shall receive credit for purposes
of this Section 2.3 for any service with United Bank Corporation which would have been considered Eligibility Service in accordance with paragraph (a) of this Section 2.3. 

  

	 	(i)	Notwithstanding anything herein to the contrary, an Employee who was an Employee of Vermont Financial Services Corporation before it was acquired by the Employer, shall receive
credit for purposes of this Section 2.3 for any service credited under the terms of the Retirement Plan for Employees of Vermont Financial Services Corporation which would have been considered Eligibility Service in accordance with paragraph
(a) of this Section 2.3. 

  

	 	(j)	Notwithstanding anything herein to the contrary, an Employee who was an Employee of the Pomerleau Agency before it was acquired by the Employer, shall receive credit for purposes of
this Section 2.3 for any service with the Pomerleau Agency which would have been considered Eligibility Service in accordance with paragraph (a) of this Section 2.3. 

  

 II-6 

	 	(k)	Notwithstanding anything herein to the contrary, any Employee whose employment with the Employer terminated effective December 15, 2000, as a result of the sale of the Cambria
Trust Company shall be deemed to have completed the greater of his actual years of Eligibility Service and five years of Eligibility Service hereunder. 

  

	 	(1)	Notwithstanding anything herein to the contrary, an Employee of the Employer who was an Employee of Maine Bank and Trust Company before it was acquired by the Employer shall receive
credit for purposes of this Section 2.3 for any service with Maine Bank and Trust Company which would have been considered Eligibility in Service in accordance with paragraph (a) of this Section 2.3. 

  

	 	(m)	Subject to the Break in Service provisions of Section 2.5, an Employee who terminates employment with the Employer and all Affiliated Companies on or after January 1,
1995, shall be credited with Eligibility Service in accordance with the provisions set forth in this Section 2.3 for periods of employment with the Employer or an Affiliated Company prior to December 1, 1976. 

  

	2.4	Benefit Service. 

  

	 	(a)	The amount of benefit payable to or on behalf of a Member shall be determined on the basis of his Benefit Service. Subject to the Break in Service provisions of Section 2.5, an
Employee shall receive one year of Benefit Service for each calendar year on and after the Effective Date in which he is credited with 1,000 or more Hours of Service. In the calendar year of a Member’s initial employment (or return to
employment after a Break in Service) and the calendar year of a Member’s Service Termination Date, Benefit Service shall be equal to the ratio of actual Hours of Service credited in such fractional portion of a year over 1,000.

  

 II-7 

	 	(b)	An Employee’s Benefit Service hereunder shall include the benefit service he accumulated under the Prior Plan, subject to the provisions of Appendix A to this Plan.

  

	 	(c)	An Employee of the Employer who was an employee of the Rutland Savings Bank before it was acquired by the Principal Employer who becomes a Member of this Plan shall receive credit
for purposes of this Section 2.4 for all of his service with the former Rutland Savings Bank through December 31, 1982, which would have been credited under the Rutland Savings Bank Retirement Plan in the determination of the amount of his
accrued benefit under the provisions of that former plan. 

  

	 	(d)	An Employee of Mountain Trust Company who becomes a Member of this Plan shall receive credit for Benefit Service in accordance with paragraphs (a) and (b) of this
Section 2.4, provided that service prior to March 20, 1981, the date that Mountain Trust Company became an Affiliated Company, shall be disregarded. 

  

	 	(e)	Former employees of Electronic Data Systems Corporation who became Employees of the Employer on February 1,1982 shall receive credit for Benefit Service for employment
commencing on February 1, 1982, in accordance with paragraphs (a) and (b) of this Section 2.4. 

  

	 	(f)	An Employee of Bellows Falls Trust Company who becomes a Member of this Plan shall receive credit for purposes of this Section 2.4 for all service with the former Bellows Falls
Trust Company through June 30, 1993, which would have been considered Benefit Service in accordance with paragraph (b) of this Section 2.4. 

  

 II-8 

	 	(g)	An Employee who was employed by the Bank of Western Massachusetts and who becomes a Member of this Plan shall receive credit for purposes of this Section 2.4 for all service
with the Bank of Western Massachusetts which would have been considered Benefit Service in accordance with paragraphs (a) and (b) of this Section 2.4. 

  

	 	(h)	An Employee who was employed by the Flagship Bank and Trust Company and who becomes a Member of this Plan, shall receive credit for purposes of this Section 2.4 for all service
with the Flagship Bank and Trust Company which would have been considered Benefit Service in accordance with paragraphs (a) and (b) of this Section 2.4. 

  

	 	(i)	An Employee who was employed by United Bank Corporation on October 31, 1999, and who continues as an Employee on November 1, 1999, shall receive credit for purposes of
this Section 2.4 for all service with United Bank Corporation which would have been considered Benefit Service in accordance with paragraphs (a) and (b) of this Section 2.4. 

  

	 	(j)	An Employee who was employed by Vermont Financial Services Corporation on December 31, 1999, and who continues as an Employee on January 1, 2000, shall receive credit for
purposes of this Section 2.4 for all service credited under the terms of the Retirement Plan for Employees of Vermont Financial Services Corporation which would have been considered Benefit Service in accordance with paragraphs (a) and
(b) of this Section 2.4. 

  

 II-9 

	 	(k)	An Employee who was employed by the Pomerleau Agency on and who becomes a Member of this Plan, shall receive credit for purposes of this Section 2.4 for all service with the
Pomerleau Agency which would have been considered Benefit Service in accordance with paragraphs (a) and (b) of this Section 2.4. 

  

	 	(1)	An Employee of Maine Bank and Trust Company shall not be eligible to accumulate Benefit Service hereunder. 

  

	 	(m)	Subject to the Break in Service provisions of Section 2.5, a Member who terminates employment with the Employer on or after January 1, 1995, shall receive Benefit Service
in accordance with the provisions set forth in this Section 2.4 for periods of employment with the Employer prior to December 1, 1976. 

  

	 	(n)	Benefit Service shall include periods of employment on and after a Member’s Normal Retirement Date, provided that years of Benefit Service shall not be credited for any period
prior to January 1, 1988, for an Employee hired prior to such date and after his 65th birthday. 

  

	2.5	 Break in Service. A calendar year during which a Member is credited with less than 501 Hours of Service shall constitute a Break in Service. A Member who
incurs a Break in Service and who again is credited with at least 1,000 Hours of Service during a 12-month period, shall have his pre-break Eligibility Service and Benefit Service restored in determining his rights and benefits under the Plan.

  

 II-10 

	 	 
Solely for determining whether a Break in Service for membership and eligibility purposes has occurred in a Plan Year, an Employee who is absent from work
for maternity or paternity reasons shall receive credit for the Hours of Service which would otherwise have been credited to such Employee but for such absence, of, in any case in which such hours cannot be determined, 8 Hours of Service per day of
such absence. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence (1) by reason of the pregnancy of the Employee, (2) by reason of a birth of a child of the Employee, (3) by reason
of the placement of a child with the Employee in connection with the adoption of such child by the Employee, or (4) for purposes of caring for such child beginning immediately following such birth or placement. The Hours of Service credited
under this paragraph shall be credited in the Plan Year in which the absence begins if the crediting is necessary to prevent a Break in Service in that year, or in all other cases, in the following Plan Year. 

  

 II-11 

 ARTICLE III 
 CASH BALANCE ACCOUNT 
  

	3.1	In General. A notional account (hereinafter referred to as the Cash Balance Account) shall be established and maintained for each Member. A Member’s Cash Balance Account
shall be credited with an Opening Balance Credit in accordance with Section 3.2, Annual Pay Credits in accordance with Section 3.3 and Interest Credits in accordance with Section 3.4. 

  

	3.2	Opening Balance Credit. 

  

	 	(a)	The Opening Balance Credit for each Employee who was a Member in the Prior Plan on December 31, 1995, was determined as of January 1, 1996, based on the single sum
Actuarial Equivalent, described in Section 1.2, of the Accrued Benefit determined under the Prior Plan as of December 31, 1995, calculated on the basis of the Member’s attained age in years and completed months as of such date.

  

	 	(b)	Effective January 1, 2000, an Opening Balance Credit shall be determined for each Participant who was an active Employee of United Bank Corporation on October 31, 1999,
for whom a benefit was transferred from the SBERA Pension Plan as adopted by United Bank Corporation (the “SBERA Plan”) to this Plan on or about November 1, 1999, and who remains an active Employee as of January 1, 2000. Such
Opening Balance Credit as of January 1, 2000, shall be based on the single sum Actuarial Equivalent of the Participant’s accrued benefit determined as of October 31, 1999, under the terms of the SBERA Plan, calculated on the basis of
the Participant’s age in years and completed months as of December 31, 1999. The single sum Actuarial Equivalent for the purpose of this paragraph (b) is based on an interest rate of 6.5% per annum and the mortality assumption
described in Section 1.2. 

  

 III-1 

	 	(c)	Effective January 1, 2000, an Opening Balance Credit shall be determined for each Participant who was an active Employee of Vermont Financial Services Corporation on
December 31, 1999, for whom a benefit was transferred from the Retirement Plan for Employees of Vermont Financial Services Corporation (the “VFSC Plan”) to this Plan on or about January 1, 2000, and who remains an active Employee
as of January 1, 2000. Such Opening Balance Credit as of January 1, 2000, shall be based on the single sum Actuarial Equivalent of the Participant’s accrued benefit determined as of December 31, 1999, under the terms of the VFSC
Plan, calculated on the basis of the Participant’s age in years and completed months as of December 31, 1999. The single sum Actuarial Equivalent for the purpose of this paragraph (c) is based on an interest rate of 6.5% per
annum and the mortality assumption described in Section 1.2. 

  

 III-2 

	3.3	Annual Pay Credits. 

  

	 	(a)	Except as provided for special situations under (b) and (c) below, as of the last day of each Plan Year, an Annual Pay Credit shall be credited to the Cash Balance Account
of each Member who received Compensation and completed at least 1,000 Hours of Service during such Plan Year. The Annual Pay Credit shall be equal to the Compensation for such Plan Year while a Member, multiplied by an allocation percentage
determined in accordance with the following schedule: 

  

							
	  	  	Annual Pay Credit	 
	 Member’s Age plus Years of
 Benefit Service
 at Plan Year
End
	  	On Compensation
Up To The Wage
Base	 	 	On Compensation
Over The Wage
Base	 
	 Less than 35
	  	2.5	%	 	5.0	%
	 At least 35 but less than 45
	  	3.0	%	 	6.0	%
	 At least 45 but less than 55
	  	4.0	%	 	8.0	%
	 At least 55 but less than 65
	  	5.0	%	 	10.0	%
	 At least 65 but less than 75
	  	6.5	%	 	11.5	%
	 At least 75 but less than 85
	  	8.5	%	 	13.5	%
	 85 or more
	  	11.0	%	 	16.0	%

 Except as provided in (c) below, years of Benefit Service to be used in the above
calculation, is as defined in Section 2.4 as of the last day of the Plan Year and age means the Member’s attained age in whole years as of the last day of the Plan Year. 
 Notwithstanding the foregoing, for the Plan Year in which the Employee first becomes a Member or recommences membership after rehire, Compensation for the
purpose of determining the Annual Pay Credit for such Plan Year shall be prorated by the number of full months in which he was a Member for such Plan Year, if less than a full year. 
 Notwithstanding the foregoing, for any Plan Year in which a Member has less than a full year of participation, the Wage Base for such year for the purpose
of determining the Annual Pay Credit shall be prorated by the number of full and partial months in which he was a Member for such Plan Year. 
  

 III-3 

	 	(b)	Rule of 70. 

  

	 	(i)	For Members as of December 31, 1995. 

 If a
Member’s attained age plus years of Eligibility Service as of December 31, 1995, equals 70 or more, such Member shall receive an additional Annual Pay Credit equal to 8% of his Compensation for such Plan Year, provided he has completed at
least 1,000 Hour of Service during such Plan Year. 
 The additional 8% Annual Pay Credit will be credited for up to ten years following the
Member’s initial eligibility therefor, but in no event later than the 2005 Plan Year, or until such Member’s Service Termination Date, if earlier. 
  

	 	(ii)	For Members Who Formerly Participated in the SBERA Plan or the VFSC Plan. 

 If a Member participated in the SBERA Plan as of October 31, 1999, or the WSC Plan as of December 31, 1999, and is an Employee and participates in this Plan on January 1, 2000, then such Member shall be
entitled to the additional Annual Pay Credit below if his attained age plus years of Eligibility Service as of December 31, 1999, equals 70 or more. 
 Such additional Annual Pay Credit shall be equal to 8% of the Member’s Compensation for the Plan Year, provided he has completed at least 1,000 Hours of Service during such Plan Year. The additional 8% Annual Pay
Credit will be credited for up to ten years following the Member’s initial eligibility therefor (in this case the 2000 Plan Year), but in no event later than the 2009 Plan Year, or until such Member’s Service Termination Date, if earlier.

  

 III-4 

	 	(c)	The completion of 1,000 Hours of Service shall not be required to receive the Annual Pay Credit for the Plan Year in which termination of employment or death occurs. In the year of
retirement or other termination of employment, the Annual Pay Credit hereunder will be determined and credited as of the individual’s Service Termination Date based on Benefit Service and attained age as of such date. 

 

	3.4	Interest Credits. Interest Credits based on the amount of the Member’s Cash Balance Account as of the first day of each Plan Year shall be added to each Member’s
Cash Balance Account as of the last day of the Plan Year, prior to the crediting of any Annual Pay Credit for such Plan Year. However, for any year in which a Plan distribution is made to a Member, interest shall be credited on the amount of the
Member’s Cash Balance Account as of the first day of the Plan Year for the period from the first day of such Plan Year to the Member’s Annuity Starting Date. In no event will Interest Credits continue after benefits have commenced.

 The rate of interest used to determine the Interest Credit shall be the average one-year constant maturity Treasury Bill rate
in effect during December in the preceding Plan Year (as published in the Federal Reserve Statistical Release) plus .5%. In no event will the interest rate be less than 5% nor more than 8% for any 12-month Plan Year. 
 For the purposes of this Section 3.4, the constant maturity Treasury Bill rate shall be determined by calculating the yields on all actively traded
U.S. Treasury securities and interpolating the yield for a Treasury Bill with exactly one year to maturity. 
  

 III-5 

 If an active Member is currently receiving retirement benefits from the Plan pursuant to
Section 8.3(b), interest hereunder shall not be credited to his Cash Balance Account as long as such account continues to be automatically converted to a retirement benefit as provided in such Section. 
  

	3.5	Cash Balance Account. The Cash Balance Account shall be equal to the sum of the Opening Balance Credit, Annual Pay Credits, and the Interest Credits. Upon reemployment, the
Cash Balance Account is determined pursuant to Article VIII. 

 Upon the conversion of a Member’s Cash Balance Account to a
pension, or payment of such account as a lump sum, such Cash Balance Account shall cease to exist. However, a Member may have a new Cash Balance Account established after an Annuity Starting Date as provided in Section 8.3. 
  

 III-6 

 ARTICLE IV 
 NORMAL RETIREMENT DATE AND NORMAL RETIREMENT INCOME 
  

	4.1	Normal Retirement Date. The Normal Retirement Date is the first day of the month coincident with or next following the month in which the Member attains Normal Retirement
Age. 

  

	4.2	Normal Retirement Income. Subject to the minimum benefit provisions of Section 4.3 and the maximum overall benefit limitations of Section 4.4, a Member who retires
on his Normal Retirement Date will be entitled to a monthly annuity payable for his life and ending upon his death equal to his Cash Balance Account divided by 120. 

 The Cash Balance Account may also be paid in any optional form under the Plan provided the requirements of Article X are met. Optional forms shall be the
Actuarial Equivalent of the life annuity described under Section 10.1(b)(ii), except as provided in Section 10.5. 
 For those
Members who have incurred a Break in Service under this Plan, the retirement income payable to such Member shall be subject to the provisions of Article VIII. 
  

	4.3	Minimum Benefit. In no event shall the Accrued Benefit due any Member under this Plan be less than such Member’s accrued benefit as of December 31, 1995, determined
under the provisions of the Prior Plan. 

  

 IV-1 

 Notwithstanding the foregoing, for any Member who participated in the SBERA Pension Plan as adopted by
United Bank Corporation (the “SBERA Plan”), the Accrued Benefit due any such member under this Plan shall not be less than such Member’s accrued benefit, determined under the provisions of the SBERA Plan as in effect on
October 31, 1999. 
 Notwithstanding the foregoing, for any Member who participated in the Retirement Plan for Employees of Vermont
Financial Services Corporation (the “VFSC Plan”), the Accrued Benefit due any such member under this Plan shall not be less than the Accrued Benefit determined under the provisions of the VFSC Plan as in effect on December 31, 1999.

  

	4.4	Maximum Overall Benefit. Any other provision of the Plan to the contrary notwithstanding, in no event may a Member’s annual retirement benefit under the Plan and any
other defined benefit pension plan of the Employer or an Affiliated Company exceed the lesser of (a) or (b) below: 

  

	 	(a)	The lesser of (i) or (ii) below, but subject to subparagraphs (iii) through (x) below: 

  

	 	(i)	100.0 percent of his average compensation as defined in Code Section 415(b)(3) in the three consecutive highest paid calendar years while a Member in the Plan or Prior Plan.

  

	 	(ii)	$90,000 (as adjusted for increases in the cost of living as provided in rules and regulations adopted by the Secretary of the Treasury). 

  

 IV-2 

	 	(iii)	In the case where a benefit commences before the Member has attained his Social Security Retirement Age (as defined in (x) below), the dollar limitation in subparagraph
(ii) above shall be adjusted so that it is the actuarial equivalent of an annual benefit of $90,000 (as adjusted for increases in the cost of living as provided in rules and regulations adopted by the Secretary of the Treasury), beginning at
his Social Security Retirement Age, multiplied by an adjustment factor, as prescribed by the Secretary of the Treasury. The adjustment provided for in the preceding sentence shall be made in such manner as the Secretary of the Treasury may prescribe
which is consistent with the reduction for old-age insurance benefits commencing before the Social Security Retirement Age under the Social Security Act. For purposes of determining actuarial equivalence hereunder, the interest assumption shall not
be less than the greater of 5.0 percent per year or the underlying rate used to determine the reduction of benefits for early payment under Section 10.1. The mortality table for this purpose shall be the applicable mortality table promulgated
by the Internal Revenue Service pursuant to Code Section 415(b)(2) as in effect for the November preceding the Plan Year in which the Member’s Annuity Starting Date occurs. 

  

	 	(iv)	 In the case where a benefit commences after a Member has attained his Social Security Retirement Age, the dollar limitation in subparagraph (ii) above shall be
adjusted so that it is the actuarial equivalent of an annual benefit of $90,000 (as adjusted for increases in the cost of living as provided in rules and regulations adopted by the Secretary of the Treasury) beginning at his Social Security 

  

 IV-3 

	 	 
Retirement Age, multiplied by an adjustment factor as prescribed by the Secretary of the Treasury. For purposes of determining actuarial equivalence
hereunder, the interest assumption shall not be greater than the lesser of 5.0 percent per year or the interest rate specified in Section 1.2(a), and the mortality table shall be the applicable mortality table promulgated by the Internal
Revenue Service under Code Section 415(b)(2) as in effect for the November preceding the Plan Year in which the Member’s Annuity Starting Date occurs. 

  

	 	(v)	Unless subsection (vii) applies to a Member, the limits of subsections (i) and (ii) above shall be deemed met if: 

  

	 	(A)	the annual benefit payable to the Member from this Plan and all other qualified defined benefit plans of the Employer and Affiliated Companies does not exceed $10,000; and

  

	 	(B)	the individual has never participated in a qualified defined contribution plan sponsored by the Employer or an Affiliated Company. 

  

	 	(vi)	If a Member has completed less than ten years of participation in the combination of the Plan and the Prior Plan, the Member’s Accrued Benefit shall not exceed the dollar limit
in subparagraph (ii) above as adjusted by multiplying such amount by a fraction, the numerator of which is the Member’s number of years (or part thereof) of participation in the Plan and the Prior Plan, and the denominator of which is ten.

  

 IV-4 

	 	(vii)	If a Member has completed less than ten years of Eligibility Service with the Employer and its Affiliated Companies, the limitations described in (i) and (v) above shall
be adjusted by multiplying such amounts by a fraction, the numerator of which is the Member’s number of years of Eligibility Service (or part thereof), and the denominator of which is ten. 

  

	 	(viii)	In no event shall subparagraphs (vi) and (vii) above reduce the limitations described in (i), (ii) and (v) to an amount less than one-tenth of the applicable
limitation (as determined without regard to this paragraph). 

  

	 	(ix)	Except in the case where a benefit is payable pursuant to Section 10.1(b)(i), or pursuant to Section 10.3 with the Member’s Spouse as the Beneficiary, if a benefit is
payable in a benefit form other than a life annuity, the amount otherwise determined under this Section 4.4(a) shall be the actuarial equivalent of the amount payable as a life annuity. 

 For this purpose, the interest rate assumption shall not be less than the greater of 5.0 percent or the rate specified in Section 1.2(a) and the
mortality table shall be the applicable table promulgated by the Internal Revenue Service pursuant to Code Section 415(b)(2)(E) as in effect for the November preceding the first day of the Plan Year in which the Member’s Annuity Starting
Date occurs. Notwithstanding the preceding sentence, in the event that the benefit is payable in a form subject to Code Section 417(e)(3), the interest rate assumption shall be the applicable interest rate promulgated by the Internal Revenue
Service under Code Section 417(e)(3) as in effect for the November preceding the first day of the Plan Year in which the Member’s Annuity Starting Date occurs. 
  

 IV-5 

	 	(x)	For the purpose of this Section 4.4, Social Security Retirement Age shall mean such age as defined in Code Section 415(b)(8). 

  

	 	(b)	Effective for Plan Years beginning prior to January 1, 2000, in the case of a Member who has participated in a defined contribution plan (as defined in Code
Section 414(i)) maintained by the Employer or an Affiliated Company, the amount determined pursuant to Section 4.4(a) above shall be multiplied by 1.40 in the event (a)(i) applies or by 1.25 in the event (a)(ii) applies and shall further
be multiplied by a fraction equal to one minus a fraction with a numerator equal to (i) below and a denominator equal to (ii) below: 

  

	 	(i)	 the sum of the annual additions made to the Member’s account under all defined contribution plans maintained by the Employer and its Affiliate Companies, where
the annual additions are equal to the sum of (A) Employer contributions allocated to the Employee’s account, (B) any forfeitures allocated to the Employee’s account, (C) the portion of the Employee’s after-tax
contributions made prior to January 1, 1987, that represented the lesser of one-half of such contributions or the amount of such contributions in excess of 6% of his compensation, (D) all Employee after-tax contributions made after
December 31, 1986, (E) amounts described in Code Sections 415(1) (1) and 419A(d)(2), (F) excess contributions and excess aggregate contributions as defined in Code Section 401 (k) (8) (B) 

  

 IV-6 

	 	 
and 401(m)(6)(B), respectively, and (G) excess deferrals, as defined in Code Section 402 (g) which have not been returned to the Member by the
April 15 following the taxable year in which such excess deferral was made. 

  

	 	(ii)	the sum for each calendar year of the Member’s employment with the Employer or Affiliated Companies of the lesser of (a) 1.4 multiplied by 25.0 percent of the
Member’s compensation (as defined by Treasury Regulations under Code Section 415 (c)) for the calendar year, or (b) 1.25 multiplied by $30,000, as adjusted for increases in the cost of living as provided under rules and regulations
adopted by the Secretary of the Treasury. 

  

	 	(c)	Effective for Plan Years beginning prior to January 1, 2000, in the event that the sum of a Member’s defined benefit plan fraction plus his defined contribution Plan
fraction exceeds one, the Member’s benefit under the defined benefit plan shall be reduced to the extent necessary to reduce such sum to one. For purposes of this subsection (c), defined contribution plan shall include any such plan qualified
under Code Section 401 (a). 

 The above notwithstanding, in the event that the Member’s annual retirement benefit
under the Plan is limited by application of subsection (a) of this Section 4.4, such annual retirement benefit shall be increased annually by the cost-of-living adjustment provided under Code Section 415 (d). In no event, however, may
such increases result in the Member’s annual retirement benefit being greater than it otherwise would be without regard to this Section 4.4. 
  

 IV-7 

 For the purpose of this subsection, an Affiliated Company shall be determined by substituting the phrase
“more than 50.0 percent” for the phrase “at least 80.0 percent” wherever it appears in Code Section 1563, as it may be amended from time to time. 
  

	4.5	Continuing Employment. The retirement of any Member under this Article IV shall not become effective while he is in the service of the Employer or an Affiliated Company. If
an Employee continues to work for the Employer or an Affiliated Company beyond his Normal Retirement Date, the provisions of Section 6.2 and Section 10.10 shall be applicable. 

  

 IV-8 

 ARTICLE V 
 EARLY RETIREMENT DATE AND EARLY RETIREMENT INCOME 
  

	5.1	Early Retirement Date. A Member may retire prior to his Normal Retirement Date on the first day of any month coincident with or next following his attainment of age 55 and
completion of five years of Eligibility Service. 

 The date a Member elects to retire under this Section 5.1 shall be his
Early Retirement Date. 
  

	5.2	Early Retirement Income. Subject to the minimum benefit provisions of Section 5.3 and the maximum overall benefit limitations of Section 4.4, a Member who retires
on an Early Retirement Date may elect to receive either an immediate early retirement income or a deferred retirement income as indicated below. As of any Annuity Starting Date, the annual amount of early retirement income on the life annuity basis
described in Section 10.4 shall be equal to the Member’s Cash Balance Account on the Annuity Starting Date divided by the immediate annuity factor in Section 10.1(b)(ii) that corresponds to the Member’s age on the Annuity
Starting Date. Except as provided in Section 10.10, an individual eligible for Early Retirement hereunder, may also elect a single payment under Section 10.5, or any other optional form of payment under the Plan, provided the consent
requirements of Section 10.10 are met. For the purpose of determining the Member’s Cash Balance Account, interest shall be credited in accordance with Section 3.4 up to the Annuity Starting Date. 

  

 V-1 

	5.3	Minimum Early Retirement Benefits. In no event will a Member’s early retirement income payable as a life annuity under this Plan be less than his accrued benefit
determined under the provisions of the Prior Plan as of December 31, 1995, adjusted to reflect early receipt based on the early retirement reduction factors specified in such Prior Plan. 

 Notwithstanding the foregoing, for any Member who participated in the SBERA Plan, the early retirement income payable as a life annuity under this Plan
for any such Member shall not be less than his accrued benefit determined under the Provisions of the SBERA Plan, as in effect on October 31, 1999, adjusted to reflect early receipt based on the early retirement reduction factors specified in
the SBERA Plan as in effect October 31, 1999. 
 Notwithstanding the foregoing, for any Member who participated in the VFSC Plan, the
early retirement income payable as a life annuity under this Plan for any such Member shall not be less than his accrued benefit determined under the provisions of the VESC Plan, as in effect on December 31, 1999, adjusted to reflect early
receipt based on the early retirement reduction factors specified in the VFSC Plan as in effect December 31, 1999. 
  

 V-2 

 ARTICLE VI 
 POSTPONED RETIREMENT DATE AND POSTPONED RETIREMENT INCOME 
  

	6.1	Postponed Retirement Date. The Postponed Retirement Date of a Member will be the first day of the month coincident with or next following the Member’s actual retirement
after his Normal Retirement Date. 

  

	6.2	Postponed Retirement Income. 

  

	 	(a)	Subject to the provisions of Section 10.10, the Member’s Cash Balance Account will continue to receive Annual Pay Credits and Interest Credits pursuant to Article III
until his actual Postponed Retirement Date. 

  

	 	(b)	Subject to the age 70-1/2 mandatory commencement of benefits described in Section 10.10, a Member who retires on a Postponed Retirement Date will be entitled to receive his
Cash Balance Account as provided under the procedures in Article X. The benefit hereunder shall be payable in accordance with the provisions of such Article X, and, if paid as an annuity, shall be first converted to a monthly amount payable for life
under Section 10.1. Any other form of payment shall be the Actuarial Equivalent of such life annuity amount. 

  

	 	(c)	Any benefit payable hereunder shall be payable in accordance with the procedures and requirements of Article X and, if paid as an annuity, shall be converted to a monthly amount. As
an alternative to the automatic life annuity form of payment, a Member may elect (with the consent of his Spouse, if applicable) any optional form under Article X, in accordance with the provisions of such Article. 

  

 VI-1 

 If a Member’s Postponed Retirement Date occurs after the calendar year in which he attains age
70-1/2 and retirement income must commence pursuant to Section 10.10, then the amount of benefit on the life annuity-basis described in Section 10.4 shall be equal to (i) the Cash Balance Account divided by 9.0, or, if greater,
(ii) the minimum benefit described under Section 4.3. Each December 31 thereafter, while the Member remains an Employee and again as of his Postponed Retirement Date, the amount of his benefit shall be recalculated to reflect
additional benefit accruals, if any, as described in paragraph (d) below. 
  

	 	(d)	The recalculation of the Member’s Accrued Benefit under Paragraph 6.2(c) shall be performed as follows: 

  

	 	(i)	the retirement benefit already in pay status shall be unaffected; 

  

	 	(ii)	an additional Accrued Benefit shall be the Member’s Annual Pay Credit for the Plan Year as determined under Section 3.3 and, if the current benefit is being paid as an
annuity, the Annual Pay Credit shall be converted to a life annuity by dividing such pay credit by 9.0. 

  

	 	(iii)	unless payable as a single sum, the additional Accrued Benefit, determined under (ii) above shall be converted to the form of payment in which the current retirement benefit is
being paid using for such purpose the factors first employed when benefits under this Article originally became payable to the Member. This amount, if any, shall be added to the retirement benefit already in pay status; no change of payment form is
permitted. 

  

 VI-2 

	 	(d)	Notwithstanding any provisions contained herein to the contrary, distributions hereunder shall be made in accordance with Code Section 401(a)(9), including the incidental death
benefit requirements of such Code Section, and regulations thereunder, including proposed Treasury Regulation 1.401(a)(9)-2. Such regulations and applicable rulings or announcements are hereby incorporated by reference. The provisions of Code
Section 401(a)(9) override any distribution options under the Plan if inconsistent with the requirements of such Code Section. 

  

	6.3	Death Prior to Postponed Retirement Date. If a Member shall die after his Normal Retirement Date, but prior to retiring on his Postponed Retirement Date, his Beneficiary
shall be entitled to benefits under the Plan in accordance with Article IX. 

  

 VI-3 

 ARTICLE VII 
 TERMINATION OF EMPLOYMENT 
  

	7.1	Non-Vested Termination. Except as provided in Section 7.2, a Member whose employment is terminated with the Employer and all Affiliates before the earlier of Normal
Retirement Age or the completion of five years of Eligibility Service shall not be entitled to any benefits from the Plan. A Member who is not entitled to a benefit hereunder upon such termination of employment shall be deemed to have received a
cash out distribution of $0, his entire vested Accrued Benefit. Upon reemployment, such a Member shall be deemed to have repaid the cash out with interest and his Accrued Benefit will be restored, provided his Benefit and Eligibility Service are
reinstated pursuant to Article II. 

  

	7.2	Vested Termination. 

  

	 	(a)	A Member has a fully vested, nonforfeitable interest in his Accrued Benefit upon the earliest of: 

  

	 	(i)	the date he reaches Normal Retirement Age while an Employee; 

  

	 	(ii)	the date he completes five years of Eligibility Service; or 

  

	 	(iii)	the date the Plan is terminated or deemed to be partially terminated with respect to such individual. 

 Not withstanding the foregoing, any Member whose employment with the Employer or with Vermont Financial Services Corporation is involuntarily terminated
between the dates May 28, 1999, and May 28, 2000, as a result 

  

 VII-1 

 
of the acquisition of Vermont Financial Services Corporation by the Principal Employer, shall have a fully vested, nonforfeitable interest in his benefit
under this Plan or the VFSC Plan as determined in accordance with the provisions of the applicable plan. 
 Notwithstanding the foregoing, any
Member whose employment with the Principal Employer terminated, effective November 5, 1999, as a result of the divestiture of certain branch locations to Charter One in connection with the acquisition of Vermont Financial Services Corporation
shall have a fully vested, nonforfeitable interest in their benefit hereunder. 
 Notwithstanding the foregoing, any Member whose employment
with the Principal Employer terminated, effective October 28, 1999, as a result of employment with Merchants Bank, shall have a fully vested, nonforfeitable interest in their benefit hereunder. Further, any Member whose employment with the
Principal Employer terminated, effective September 24, 1999 or March 17, 2001, as a result of employment with Factory Point, shall have a fully vested, nonforfeitable interest in their benefit hereunder. 
 Notwithstanding the foregoing, any Member whose employment with the Principal Employer terminated effective December 15, 2000, as a result of the
sale of the Cambria Trust Company shall have a fully vested, nonforfeitable interest in his benefit hereunder. 
  

	 	(b)	A Member who terminates employment prior to eligibility for Early or Normal Retirement and has a vested Accrued Benefit hereunder shall be entitled to receive such benefit
commencing as early as the first of the month following attainment of age 55. 

  

 VII-2 

 If the Member elects an annuity payment, his Cash Balance Account will first be converted to a life
annuity according to the procedures described in Section 10.1. Such life annuity will not be less than the Actuarial Equivalent of the Member’s Accrued Benefit. Election of optional payment forms, the Annuity Starting Date and other
similar matters shall be governed by the further procedures and requirements of Article X. 
  

	7.3	Minimum Benefit. The amount of retirement income determined under this Article VII is subject to the minimum benefit provisions of Section 4.3, as applicable.

  

	7.4	Maximum Benefit. The maximum benefit limitation described in Section 4.4 shall apply to benefits determined under this Article VII. 

  

 VII-3 

 ARTICLE VIII 
 REEMPLOYMENT 
  

	8.1	Reemployment Before Annuity Starting Date. Upon reemployment before an Annuity Starting Date, the following rules shall apply: 

  

	 	(a)	The individual’s Years of Benefit Service and Years of Eligibility Service shall be determined under Article II; 

  

	 	(b)	The individual shall become a Participant on his reemployment date, if otherwise eligible as provided in Section 2.1. If he does not meet the requirements of Section 2.1
on his reemployment date, he shall become a Participant when he meets such requirements. 

 Further, if the individual
terminated employment prior to January 1, 1996, and has no Cash Balance Account as of his reemployment date, his Accrued Benefit determined under the terms of the Prior Plan in effect when his prior employment terminated shall be converted to
an Opening Balance Credit. The Opening Balance Credit shall be the single sum Actuarial Equivalent of the Accrued Benefit based on his age at his birthday in the calendar year he is reemployed. 
 Notwithstanding the foregoing, for any individual who first becomes a Member of this Plan and has no Cash Balance Account as of his Employment Date, the
accrued benefit of such member determined under the terms of the qualified plan, if any, of a Participating Employer as in effect when his employment with such Participating Employer terminated, 

  

 VIII-1 

 
shall, to the extent such accrued benefit has not been distributed to him, be converted to an Opening Balance Credit. The Opening Balance Credit shall be the
single sum Actuarial Equivalent of such accrued benefit based on his age at his birthday in the calendar year he is reemployed. 
 If the
individual terminated employment with a Cash Balance Account in effect, the Opening Balance Credit shall be equal to the Participant’s current Cash Balance Account. 
  

	 	(c)	If an Employee has a One-Year Break in Service and his prior Years of Benefit Service and Years of Service are subsequently reinstated in accordance with Article II, then his
retirement income, if any, related to employment prior to the One-Year Break in Service shall be based upon the Plan as in effect when his One-Year Break in Service commenced, and his retirement income, if any, related to employment after the
One-Year Break in Service shall be based upon the Plan in effect on his subsequent retirement or termination of employment. 

  

	8.2	Reemployment After Annuity Starting Date. If a former Participant returns to work with the Employer after his Annuity Starting Date, the following rules shall apply:

  

	 	(a)	If he is otherwise eligible to participate in the Plan under Section 2.1, he shall become a Participant on his reemployment date. 

  

	 	(b)	He shall be eligible for additional Years of Benefit Service and Years of Eligibility Service as a result of his reemployment in accordance with the provisions of the Plan.

  

 VIII-2 

	 	(c)	Retirement benefits being paid from the Plan shall continue uninterrupted. 

  

	 	(d)	His prior Cash Balance Account, if any, and Accrued Benefit shall not be restored. 

  

	 	(e)	A new Cash Balance Account, shall be established for the Participant under Section 8.3. Such Cash Balance Account shall not be paid out to the Participant until the earlier of:

  

	 	(i)	his subsequent termination of employment, and election to commence Plan benefits (or the date his benefit is cashed out under Section 10.9), and 

  

	 	(ii)	the date Plan benefits must commence, if applicable, under Section 10.10(a) due to the Participant’s attainment of age 70-1/2. 

  

	 	(f)	If he shall die during the period of subsequent or continuing employment, death benefits, if any, shall be payable in accordance with Section 9.2 with respect to the Cash
Balance Account established and maintained after reemployment under Section 8.3. Death benefits, if any, with respect to the benefit in pay status shall be determined under Section 9.3. 

 If an Employee has a One-Year Break in Service and his prior Years of Benefit Service and Years of Eligibility Service are subsequently reinstated in
accordance with Article II, then his retirement income, if any, based on his Years of Benefit Service and Years of Eligibility Service related to employment prior to the Break in Service shall be based upon the Plan as in effect when his Break in
Service commenced, and his retirement income, if any, related to employment after the Break in Service shall be based upon the Plan in effect on his subsequent retirement or termination of employment. 
  

 VIII-3 

	8.3	Cash Balance Account After Annuity Starting Date. Pursuant to Paragraph 8.2, if a Participant is or becomes an Eligible Employee after an Annuity Starting Date, a new Cash
Balance Account attributable to employment after the Annuity Starting Date shall be established and credited with Annual Pay Credits and Interest Credits as provided under Article III. In addition, the following shall be applicable:

  

	 	(a)	if he is a rehired former Employee: 

  

	 	(i)	his Accrued Benefit resulting from employment after the original Annuity Starting Date will be payable under the provisions of Article X upon subsequent termination of employment.
The Participant shall be permitted to make independent payment elections with respect to such Accrued Benefit, except as provided under Section 6.2(b); and 

  

	 	(ii)	with respect to employment after the first Annuity Starting Date, he shall not be eligible for the minimum benefit determined under Section 4.3. 

  

 VIII-4 

	 	(b)	if he is an Employee who continued to work after age 70-1/2 and his Plan benefits are payable to him under Section 6.2 because he is over age 70-1/2: 

 

	 	(i)	as of the last day of each Plan Year during which Plan benefits are paid, the Accrued Benefit of such Participant shall be recalculated as prescribed under Section 6.2(d).

  

	 	(ii)	if there is a net increase in the Participant’s Accrued Benefit as determined under Section 6.2(d)(ii), such additional Accrued Benefit shall be converted to the
“current form of payment” and commence to be paid as soon as practicable following the end of such Plan Year. 

 For
purposes of this paragraph, “current form of payment” means the form under which the retirement benefit is currently being paid. No change of payment form is permitted. 
  

 VIII-5 

 ARTICLE IX 
 DEATH AND DISABILITY BENEFITS 
  

	9.1	Death Benefits Limited. Except as otherwise provided herein, no death benefits will be payable hereunder to anyone following the death of the Member. Any benefit payable
under this Article IX must be applied for in writing by the Beneficiary before such benefit will be paid. 

  

	9.2	Death Benefits Prior to Annuity Starting Date. Subject to the provisions of Section 10.9(b), if a Member is vested in his Accrued Benefit under Section 7.2 and dies
prior to his Annuity Starting Date his designated Beneficiary shall be entitled to a death benefit hereunder. The death benefit shall be paid to the Beneficiary as a single lump sum payment or as a life annuity, as the Beneficiary elects in writing.
If the Beneficiary is the Member’s Spouse, the normal form of payment, in the absence of any written election to the contrary, is a life annuity. The annuity shall be payable to the Beneficiary for life only as a monthly income beginning on any
date up to the date the Member would have reached age 65 if the Beneficiary is the Member’s Spouse or if the Beneficiary is not the Member’s Spouse, beginning on any date within the one year period following the Member’s death. A lump
sum payable to a Beneficiary who is not the Member’s Spouse must be paid within the five-year period immediately following the Member’s death. 

  

 IX-1 

 The benefit hereunder shall be equal to either (a) or (b) but not less than (c) below, as
applicable: 
  

	 	(a)	If the Beneficiary elects a life annuity, the annual death benefit shall be equal to the Member’s Cash Balance Account determined as of the Annuity Starting Date, divided by
the factor under Section 10.1(b)(ii) corresponding to the Beneficiary’s age on the Annuity Starting Date for any Beneficiary age 55 or older on the date of payment. For a Beneficiary younger than 55, the life annuity shall be the Actuarial
Equivalent of the benefit that would have been payable to the Beneficiary at age 55. The annual amount hereunder shall be divided by 12 to convert to a monthly income. 

  

	 	(b)	If the Beneficiary elects a single lump sum payment, the death benefit shall be equal to the Member’s Cash Balance Account as of the Annuity Starting Date. A Beneficiary who is
a Spouse must specifically elect in writing to waive his right to the life annuity form of distribution under subsection (a) above. 

  

	 	(c)	For benefits payable to a Member’s Spouse under this Section 9.2, the Actuarial Equivalent of the benefit described in (a) and (b) above shall not be less than
the qualified preretirement survivor annuity required under Code Section 417(c). 

  

	9.3	Death Benefits After Annuity Starting Date. After retirement income has commenced to be paid to a Member, upon the Member’s subsequent death, benefits, if any, shall be
payable to the Member’s surviving Spouse or Beneficiary strictly in accordance with the form of benefit which had been in effect prior to the Member’s death. 

  

 IX-2 

	9.4	Lump Sum Death Benefit. Upon the death of a retired Member, a lump sum benefit in the amount of $3,000 shall be payable to the retired Member’s Beneficiary. This lump
sum death benefit shall be payable only on behalf of a Member who retired under the Prior Plan prior to January 1, 1996, with eligibility for Early, Normal, or Postponed Retirement. Such lump sum death benefit shall be payable in addition to
any other benefit payable upon the death of such Member under the terms of the Plan as in effect on his retirement date. 

  

	9.5	Disability Retirement Income. If a Member suffers a Disability prior to retirement, then such Member shall continue to be treated as though he were still actively employed.

 For the purpose of determining a disabled Member’s Annual Pay Credits for any Plan Year, such Member’s Compensation
for any period of Disability shall be his Compensation as in effect on the date immediately preceding the date of such Disability. Additionally, Benefit Service and Eligibility Service shall continue to be credited during any period of Disability
and shall be determined on the basis of the Member’s regularly scheduled Hours of Service as of the date immediately preceding the date of such Disability. For the purposes of this Section 9.5, a Member’s period of Disability shall be
the period beginning on the date of the commencement of his Disability, as defined herein, and ending on the earliest of (a) the last day of the month in which his Disability has ceased, (b) the day he dies, and (c) the date he begins
to receive benefit payments hereunder. 
  

 IX-3 

 ARTICLE X 
 PAYMENT OF RETIREMENT BENEFITS 
  

	10.1	Automatic Form of Payment. The automatic form of retirement income shall be as follows: 

  

	 	(a)	if the greater of the Member’s Cash Balance Account and the Actuarial Equivalent of his Accrued Benefit is $5,000 ($3,500 or less prior to January 1, 1998) or less prior
to payment from the Plan, a single sum payment shall be made pursuant to Section 10.9. 

  

	 	(b)	if subsection (a) above is inapplicable to the Member, then unless the Member elects an optional form of retirement income in accordance with Section 10.2, the following
shall apply: 

  

	 	(i)	a Member who has a Spouse on his Annuity Starting Date shall receive a reduced retirement benefit which shall be the Actuarial Equivalent of the life annuity amount described in
Section 10.1(b)(ii) below, payable monthly commencing on the Annuity Starting Date. If he shall die leaving such Spouse, a benefit shall continue in one-half the reduced amount to the Spouse commencing after the Member dies and ending with the
first day of the month in which the death of the Spouse occurs; 

  

 X-1 

	 	(ii)	a Member who does not have a Spouse on his Annuity Starting Date shall receive a life annuity described in Section 10.4 payable monthly commencing on the Annuity Starting Date
and ending with the first day of the month in which his death occurs. 

 The amount of the monthly life annuity shall be equal
to 1/12 of the Member’s Cash Balance Account as of the Annuity Starting Date divided by the factor from the table below corresponding to the Member’s age on the Annuity Starting Date: 
  

			
	 Age on Annuity
Starting
Date
	  	 Divisor to Convert
to a Life Annuity

	 55
	  	12.0
	 56
	  	11.8
	 57
	  	11.6
	 58
	  	11.4
	 59
	  	11.2
	 60
	  	11.0
	 61
	  	10.8
	 62
	  	10.6
	 63
	  	10.4
	 64
	  	10.2
	 65
	  	10.0
	 66
	  	9.8
	 67
	  	9.6
	 68
	  	9.4
	 69
	  	9.2
	 70 and over
	  	9.0

 For ages between whole ages, the factors in the table above shall be interpolated using the number
of full months of age attained and rounding to four places to 5the right of the decimal. 
  

 X-2 

 Notwithstanding the foregoing, the life annuity amount determined under this Section 10.1(b)(ii)
shall never be less than the Actuarial Equivalent of the Member’s Accrued Benefit for any Annuity Starting Date that occurs prior to the Member’s Normal Retirement Date. 
  

	10.2	Election of Optional Forms. The Plan Administrator shall make an election form available to each such Member no less than 30 days and no more than 90 days before the
Member’s Annuity Starting Date. Such form shall describe in plain language the terms and conditions of the normal form of payment described in Section 10.1 and the optional forms of benefit and shall provide for election of optional forms
of benefit and a benefit commencement date. The completed election form must be returned to the Plan Administrator within the ninety day period ending on the designated Annuity Starting Date. In addition, the form will provide a description of the
Member’s right to reinstate coverage under the normal form of benefit described in Section 10.1 prior to his benefit commencement date by revoking an election of an optional form of benefit. If a Member files a valid subsequent election
form, the prior form shall be of no effect. If no election has been made at the expiration of the election period, retirement benefits will be payable in accordance with Section 10.1. Election of optional forms of benefits under the following
Sections 10.3, 10.4, 10.5, 10.6, 10.7, and the Appendices attached hereto shall be subject to the restrictions of Section 10.10. Once benefit payments have commenced, no other option may be elected, changed or revoked with respect to those
payments. 

 The Plan Administrator may, on a uniform and nondiscriminatory basis, provide for such other election periods as
comply with regulations issued under Code Sections 401(a)(ll) and 417. Subject to the provisions of Section 10.10, the Plan Administrator shall defer a Member’s Annuity Starting Date for a period of 

  

 X-3 

 
up to 90 days if the Plan Administrator determines that the deferral is desirable in order to provide for an orderly election procedure or if it is necessary
to do so in order to comply with applicable regulations. 
  

	10.3	Joint and Survivor Option. Subject to Section 10.10: 

  

	 	(a)	A Member may elect, by submitting an election form to the Plan Administrator, to convert his retirement income to an Actuarial Equivalent of the life annuity amount described under
Section 10.1(b)(ii), payable monthly during his life with the provision that after his death, 100 percent, 75 percent or 50 percent of such reduced retirement income will be payable monthly to his Beneficiary during the remaining life of such
Beneficiary. 

  

	 	(b)	Any such election whenever made may be altered, amended, or revoked by the Member only prior to the Annuity Starting Date, provided the Member gives notice in writing to the Plan
Administrator. 

  

	 	(c)	If a Member elects a Joint and Survivor Option and his Beneficiary dies before the Member’s benefit actually commences, the Member may change his election in accordance with
Section 10.3(b). If no such change of election is made, the benefits will commence in the form originally elected by the Member. 

  

	 	(d)	If a Member elects a Joint and Survivor Option and dies before reaching his Annuity Starting Date, his Beneficiary will not be entitled to any rights or benefits under the Plan,
unless such person is also the designated Beneficiary entitled to pre-retirement death benefits under Article IX. 

  

 X-4 

	 	(e)	If a Member elects a Joint and Survivor Option and his Beneficiary dies before the death of such Member, but after the Annuity Starting Date, such Member will continue to receive
the reduced retirement income payable to him in accordance with such option. 

  

	10.4	Life Annuity Option. Subject to the provisions of Section 10.10, a Member may elect, by submitting a completed election form to the Plan Administrator, to have his
retirement income payable monthly during his life and ending with the first day of the month in which his death occurs. Any such election whenever made may be altered, amended, or revoked by the Member prior to the date when the first payment of his
retirement income would normally be made, provided the Member gives notice in writing to the Plan Administrator. The amount of the life annuity payment shall be determined under Section 10.1(b)(ii). 

  

	10.5	Lump Sum Option. Subject to the provisions of Section 10.10, a Member who is eligible to receive a single lump sum payment under Article IV, V, VI or VII may elect to do
so by submitting a completed election form to the Plan Administrator. If the Member elects to receive the value of his benefit in a single lump sum payment, this payment shall be in lieu of all other benefits under the Plan.

 The single sum payment shall be equal to the greater of: (a) his Cash Balance Account as of the Annuity Starting Date,
or (b) the Actuarial Equivalent of his Accrued Benefit. 
  

	10.6	 Cash Refund Annuity. Subject to the provisions of Section 10.10, a Member may elect, by submitting a completed election form to the Plan Administrator,
to have a reduced retirement income payable monthly during his life and ending 

  

 X-5 

	 	 
with the first day of the month in which his death occurs, provided, however, that if the sum of monthly payments received by the Member is less than the
Cash Balance Account on the Annuity Starting Date, the Member’s designated Beneficiary shall be entitled to a single sum payment. This single sum shall be equal to the value of the Member’s Cash Balance Account on the Annuity Starting Date
less the sum of all annuity payments made to the Member. 

 The Cash Refund Annuity shall be the Actuarial Equivalent of the
life annuity amount determined under Section 10.1(b)(ii). 
  

	10.7	Life Annuity with Guaranteed Payment Period. Subject to the provisions of Section 10.10, a Member may elect to have his Accrued Benefit under the Plan payable as a life
annuity, but guaranteed for a period of 120 months. Should the Member die before the minimum number of monthly payments is made, his designated Beneficiary shall receive the remaining payments. If the designated Beneficiary should die before the
guaranteed total of 120 monthly payments are made, any remaining payments shall be commuted to an Actuarial Equivalent single sum and paid to the Beneficiary’s estate. The Annuity option under this Section 10.7 shall be the Actuarial
Equivalent of the life annuity benefit described under Section 10.1(b)(ii). 

  

	10.8	Direct Rollovers from the Plan. If any Plan distribution is an “eligible rollover distribution” as defined in Code Section 402, a Member (or surviving Spouse)
may elect at the time and in the manner prescribed by the Plan Administrator, to directly rollover such distribution to one of the following: a retirement plan qualified under Code Section 401(a), an individual retirement annuity described in
Code Section 408(b), or an individual retirement account described under Code Section 408(a), or any other program deemed to be an eligible retirement plan under Code Section 402. 

  

 X-6 

 For purposes of this Section, the direct rollover rights of the Member shall also apply to the Spouse or
former Spouse of the Member if such person is an “alternate payee” of the Member as defined in Code Section 414(p). 
  

	10.9	Small Payments. Notwithstanding any other provision hereof the following shall apply: 

  

	 	(a)	if any periodic retirement benefit payable to a Member or other payee shall be less than $25.00 per month, payments may be made quarterly or annually in advance at the discretion of
the Plan Administrator; 

  

	 	(b)	if the greater of the Member’s Cash Balance Account and the Actuarial Equivalent present value of the Accrued Benefit payable to the Member, (or such other benefit payable to a
Spouse or Beneficiary) is $5,000 ($3,500 prior to January 1, 1998) or less prior to the commencement of such benefit, a lump sum payment of such Cash Balance Account or Actuarial Equivalent value (as applicable) shall automatically be made to
the Member (or his Spouse or Beneficiary, as applicable, in the case of the Member’s death), as soon as administratively practicable, in lieu of and in full satisfaction of all other benefits hereunder. 

 The consent of the Member, or his Spouse or Beneficiary, if applicable, shall not be necessary to make such payment. Such payment shall be made in full
satisfaction of any benefits payable under this Plan to the Member or his Spouse or Beneficiary. If a single lump sum may not be payable under the provisions of this Section immediately following the Participant’s termination of employment or a
surviving Spouse or Beneficiary’s 

  

 X-7 

 
entitlement to a death benefit hereunder, the Plan Administrator shall annually determine thereafter (on a date to be prescribed by the Plan Administrator)
whether a single lump sum payment may be made under this Section on any subsequent date prior to the date the retirement income would otherwise be paid to the Participant or his Spouse or his Beneficiary. 
  

	10.10 	General Provisions. 

  

	 	(a)	Anything in the foregoing to the contrary notwithstanding, no method of distribution of retirement income may be made under this Article which would result in the Actuarial
Equivalent of the interest of a Beneficiary (other than a Spouse) exceeding the minimum distribution incidental benefit rules of Code Section 401(a)(9). The provisions of Code Section 401(a)(9) shall override any distribution options under
the Plan if inconsistent with such Code Section. 

 Distribution to Members who attain age 70-1/2 in 1988 or 1989 must commence
by April 1, 1990. Distribution to Members who attained age 70-1/2 prior to January 1, 1988 may be deferred until the April 1 of the year next following the close of the calendar year in which the Member retires. 
 Distribution to Members who attain age 70-1/2 in any year, 1990 through 1998, must commence by the April 1 following the calendar year in which
70-1/2 is attained. 
 Distribution to Members who attains age 70-1/2 in 1999 or any calendar year thereafter must commence by the
April 1 following the calendar year of actual retirement. 
  

 X-8 

 The distribution of the benefits of any Member which does not commence by the April 1 following the
calendar year in which such Member attains age 70-1/2 shall reflect annual actuarial increases from such April 1 date to the extent such increases exceed each year’s benefit accrual as determined under Article III and Code
Section 401(a)(9) and regulations thereunder. 
 Upon the death of a Member, any remaining interest he may have in the Plan shall be
distributed within the later of five years after his death or the death of his Beneficiary, unless another form of payment was already in effect at the time of his death, in which case benefits may be made in accordance with such form of payment. If
the Beneficiary entitled to death benefits under Section 9.2 is not the Member’s Spouse, the single lump sum death benefit, if elected, must be made within five years of the Member’s death and life annuity benefits must commence
within one year following such death. 
 If the Actuarial Equivalent value of any Plan benefit is in excess of $5,000 ($3,500 prior to
January 1, 1998), such benefit may not be immediately distributed prior to the Member’s Normal Retirement Date unless the Member consents in writing. 
  

	 	(b)	If a Member has a Spouse on the Annuity Starting Date, he may elect, without his Spouse’s consent, to receive his Plan benefit under the normal form described in
Section 10.1(b)(i) or under one of the Joint and Survivor Options under Section 10.3 with the Spouse as the Beneficiary. The election of any other optional form of payment by such a Member will not take effect unless:

  

	 	(i)	the Member’s Spouse consents in writing to the Member’s election of a specific optional form of benefit and to a specific nonspouse Beneficiary or class of Beneficiaries
provided the Spouse’s consent acknowledges the effect of such election and is witnessed by a notary public or a Plan representative, or 

  

 X-9 

	 	(ii)	it is established to the satisfaction of the Plan Administrator that the Member has no Spouse, or that the Spouse’s consent cannot be obtained because the Spouse cannot be
located, or because of such other circumstances as may be prescribed in regulations issued pursuant to Code Section 417. 

  

	 	(c)	It is the intent of the Plan that all benefits be paid promptly when due. In the absence of any inability to determine the amount of benefit payable or the eligibility for a benefit
due to the lack of adequate information on the date of birth of the Member or Spouse, the first benefit shall be paid no later than the 60th day after the close of the latest Plan Year in which: 

  

	 	(i)	the Member attains Normal Retirement Age; 

  

	 	(ii)	the Member reaches the 10th anniversary of his date of commencement of participation in the Plan, or 

  

	 	(iii)	the Member’s termination of employment occurs. 

  

	10.11 	 Restrictions on Distributions. This Section shall apply to the amount of Annual Benefit (defined below) payable from this Plan for any Member who is 

  

 X-10 

	 	 
considered a Restricted Member (defined below). Such Annual Benefit shall be limited to an amount equal to the payments that would have been made on behalf
of the Restricted Member under the life annuity form of payment described in Section 10.4 that is the Actuarial Equivalent of the Restricted Member’s Accrued Benefit under the Plan. 

 For purposes of this Section 10.11, the term Restricted Member shall mean all highly compensated employees as defined in Code Section 414(q) and
highly compensated former employees. In any one Plan Year, the total number of Members whose benefits are subject to restriction under this Section 10.11 shall be limited by the Plan to a group of not less than 25 highly compensated employees
and highly compensated former employees with the greatest compensation. 
 For purposes of this Section 10.11, the term Annual Benefit
means the amount payable each year including retirement income provided by the Plan, any other periodic income, loans in excess of the amounts set forth in Code Section 72(p)(2)(A), any withdrawal values payable to a living Member and any death
benefits not provided for by insurance on the Member’s life. 
 The limitations set forth in this Section 10.11 shall not restrict
the current payment of the full amount of retirement income provided by the Plan if: 
  

	 	(a)	after payment to a Restricted Member of all of the Annual Benefits described above, the value of Plan assets equals or exceeds 110% of the value of current liabilities, as defined
in Code Section 412(1)(7), or 

  

 X-11 

	 	(b)	the value of the Annual Benefits described above for a Restricted Member is less than 1% of the value of current liabilities, as defined in Code Section 412(l)(7),or

  

	 	(c)	the value of the Annual Benefits described above for a Restricted Member does not exceed $3,500 or such higher amount described in Code Section 411(a)(11)(A).

  

 X-12 

 ARTICLE XI 
 ADMINISTRATION OF THE PLAN 
  

	11.1	Allocation of Responsibility Among Fiduciaries for Plan and Trust Administration. The Fiduciaries shall have only those specific powers, duties, responsibilities and
obligations as are specifically given them under this Plan or the Trust. 

 The Employers shall have the sole responsibility for
making the contributions necessary to provide benefits under the Plan as specified in Article XII. The Principal Employer shall have the sole authority to appoint and remove the Trustee and any investment manager which may be provided for under the
Trust, and to amend or terminate, in whole or in part, this Plan or the Trust. The Principal Employer shall also have the sole responsibility for the administration of this Plan, which responsibility is specifically described in this Plan and the
Trust. 
 The Trustee shall have the sole responsibility for the administration of the Trust and the management of the assets held under the
Trust, all as specifically provided in the Trust. 
 Each Fiduciary warrants that any directions given, information furnished, or action taken
by it shall be in accordance with the provisions of the Plan or the Trust, as the case may be, authorizing or providing for such direction, information or action. Furthermore, each Fiduciary may rely upon any such direction, information or action of
another Fiduciary as being proper under this Plan or the Trust, and is not required under this Plan or the Trust to inquire into the propriety of any such direction, information or action. It is intended under 

  

 XI-1 

 
this Plan and the Trust that each Fiduciary shall be responsible for the proper exercise of its own powers, duties, responsibilities and obligations under
this Plan and the Trust and shall not be responsible for any act or failure to act of another Fiduciary. No Fiduciary guarantees the Trust Fund in any manner against investment loss or depreciation in asset value. 
  

	11.2	Records and Reports. The Principal Employer shall exercise such authority and responsibility as it deems appropriate in order to comply with ERISA and governmental
regulations issued thereunder relating to records of Member’s Years of Service and Accrued Benefits under the Plan; notifications to Members; annual registration with the Internal Revenue Service; annual reports to the Department of Labor; and
reports to the Pension Benefit Guaranty Corporation. 

  

	11.3	Delegation to Individuals. The Plan Administrator may name an individual or a committee to oversee the day to day operations of the Plan with discretionary authority over the
operation of the Plan and such individual or the committee shall be Fiduciaries for purposes of plan administration. 

  

	11.4	Benefit Claims Procedures. All claims for benefits under the Plan shall be in writing and shall be submitted to the Plan Administrator. If any application for payment of a
benefit under the Plan shall be denied, the Plan Administrator shall notify the claimant within 90 days of such application setting forth the specific reasons therefor and shall afford such claimant a reasonable opportunity for a full and fair
review of the decision denying his claim. If special circumstances require an extension of time for processing the claim, the claimant will be furnished with a written notice of the extension prior to the termination of the initial 90-day period. In
no event shall such extension exceed a period of 90 days from the end of such initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render
its decision. 

  

 XI-2 

 Notice of such denial shall set forth, in addition to the specific reasons for the denial, the following:

  

	 	(a)	reference to pertinent provisions of the Plan; 

  

	 	(b)	such additional information as may be relevant to the denial of the claim; 

  

	 	(c)	an explanation of the claims review procedure; and 

  

	 	(d)	notice that such claimant may request the opportunity to review pertinent Plan documents and submit a statement of issues and comments. 

 Within 60 (which may be extended 120 days if circumstances so require) days following notice of denial of his claim, upon written request made by any
claimant for a review of such denial to the Plan Administrator, the Plan Administrator shall take appropriate steps to review its decision in light of any further information or comments submitted by such claimant. 
  

	11.5	Other Powers and Duties of the Principal Employer. The Principal Employer shall have such duties and powers as may be necessary to discharge its duties hereunder, including,
but not by way of limitation, the following: 

  

	 	(a)	construe and interpret the Plan, decide all questions of eligibility and determine the amount, manner and time of payment of any benefits hereunder; 

  

 XI-3 

	 	(b)	prescribe procedures to be followed by Members or Beneficiaries filing applications for benefits; 

  

	 	(c)	prepare and distribute, in such manner as the Principal Employer determines to be appropriate, information explaining the Plan; 

  

	 	(d)	receive from the Employers and from Members such information as shall be necessary for the proper administration of the Plan; 

  

	 	(e)	prepare annual reports with respect to the administration of the Plan as are reasonable and appropriate; 

  

	 	(f)	receive and review a copy of the periodic valuation of the Plan made by the Enrolled Actuary; 

  

	 	(g)	receive, review and keep on file (as it deems convenient and proper) reports of benefit payments by the Trustee and reports of disbursements for expenses; 

 

	 	(h)	to the extent not provided by the Principal Employer, appoint or employ individuals to assist in the administration of the Plan and any other agents it deems advisable, including
legal and actuarial counsel. 

  

	11.6	 Rules and Decisions. The Principal Employer may adopt such rules and actuarial tables as it deems necessary, desirable or appropriate. Except as otherwise
herein expressly provided, the Plan Administrator shall have the exclusive right and discretionary authority, to the fullest extent provided by law, to interpret the Plan and decide any matters arising hereunder in the administration and operation
of 

  

 XI-4 

	 	 
the Plan, and any interpretations or decisions so made will be conclusive and binding on all persons having an interest in the Plan; provided, however, that
all such interpretations and decisions will be applied in a uniform and nondiscriminatory manner to all Employees. When making a determination or calculation, the Principal Employer shall be entitled to rely upon information furnished by a Member or
Beneficiary, the Enrolled Actuary, or the Trustee. 

  

	11.7	Authorization of Benefit Payments. The Principal Employer shall issue directions to the Trustee concerning all benefits which are to be paid from the Trust Fund pursuant to
the provisions of the Plan, and warrants that all such directions are in accordance with this Plan. 

  

	11.8	Application and Forms for Benefits. The Principal Employer may require a Member to complete and file with the Principal Employer an application for benefits and all other
forms approved by the Principal Employer, and to furnish all pertinent information requested by the Principal Employer. The Principal Employer may rely upon all such information so furnished it, including the Member’s current mailing address.

  

	11.9	Indemnification. Any individual Employee who is assigned administrative responsibilities in accordance with this Article shall be indemnified by the Principal Employer
against any and all liabilities arising by reason of any act or failure to act made in good faith pursuant to the provisions of the Plan, including expenses reasonably incurred in the defense of any claim relating thereto. 

 

 XI-5 

 ARTICLE XII 
 FUNDING AND CONTRIBUTIONS 
  

	12.1	Establishment of Trust Fund. The Trust Fund shall be held and administered by the Trustee in accordance with the terms of the Trust Agreement. The Trust Fund shall hold all
contributions made by the Employer and earnings and other income attributable thereto. All benefits payable under the Plan shall be disbursed from the Trust Fund. 

  

	12.2	Contributions to the Fund; Plan Expenses. The Employer will contribute to the Trust Fund such sums and at such times as may be determined by the Board of Directors of the
Employer in accordance with the funding method and policy to be established by the Board which are consistent with Plan objectives. The Board of Directors of the Employer, in consultation with the Enrolled Actuary and the Plan Administrator, shall
have the right to change the method of funding, subject only to any contractual restrictions of the existing method of funding. Forfeitures arising from termination of service will be used to reduce Employer contributions and will not be applied to
increase any benefits under the Plan. Except as provided in Section 12.3 and Article XIV, all contributions when made to the Trust Fund and all property and assets of the Trust Fund, including income from investments and from all other sources,
will be retained for the exclusive benefit of Members, Spouses and Beneficiaries included in the Plan and will be used to pay benefits provided hereunder or to pay expenses of administration of the Plan and the Trust Fund to the extent not paid by
the Employer. 

  

 XII-1 

	12.3	Contributions Conditional. Each Employer contribution to the Plan is expressly conditioned on its deductibility. If any Employer contribution is deemed to be nondeductible or
made by the Employer by a mistake of fact, then upon request by the Employer, such contribution shall be returned to the Employer within one year of the date of the disallowance of such deduction or the date the contribution was made to the Trust
Fund, respectively. 

  

	12.4	Employee Contributions. No Employee will be required or permitted to make any contributions under this Plan. 

  

 XII-2 

 ARTICLE XIII 
 FIDUCIARY RESPONSIBILITIES 
  

	13.1	Basic Responsibilities. Any Fiduciary under the Plan, whether specifically designated or not, shall: 

  

	 	(a)	discharge all duties solely in the interest of Members, Spouses, and Beneficiaries and for the exclusive purpose of providing benefits and defraying reasonable administrative
expenses under the Plan; 

  

	 	(b)	discharge his responsibilities with the care, skill, prudence, and diligence a prudent man would use in similar circumstances; and 

  

	 	(c)	conform with the provisions of the Plan. No person who is ineligible by law will be permitted to serve as Fiduciary. 

  

	13.2	Actions of Fiduciaries. Any Fiduciary: 

  

	 	(a)	may serve in more than one fiduciary capacity with respect to the Plan; 

  

	 	(b)	may employ one or more persons to render advice with regard to or to carry out any responsibility that such Fiduciary has under the Plan; and 

  

	 	(c)	may rely upon any discretion, information, or action of any other Fiduciary, acting within the scope of its responsibilities under the Plan, as being proper under the Plan.

  

 XIII-1 

	13.3	Fiduciary Liability. No Fiduciary shall be personally liable for any losses resulting from his action except as provided by federal law. Each Fiduciary shall have only the
authority and duties which are specifically allocated to it, shall be responsible for the proper exercise of its own authority and duties. Except as provided under ERISA, a Fiduciary shall not be responsible for any act or failure to act of any
other Fiduciary. 

  

 XIII-2 

 ARTICLE XIV 
 AMENDMENT AND TERMINATION 
  

	14.1	Right to Amend or Terminate. The Principal Employer reserves the right to amend, modify, suspend, or terminate the Plan in whole or in part at any time by means of a
resolution of its Board of Directors or by any person or person duly authorized by resolution of the Board. Notwithstanding the preceding sentence, the Plan Administrator may adopt amendments to the Plan to ensure the continued qualification of the
Plan under Code Section 401(a), to comply with other applicable IRS, ERISA, or governmental requirements, or to make such other administrative or non-substantive changes as it deems appropriate, provided the amendment does not materially
increase the Employer’s liabilities under the Plan and meets such other guidelines as may be adopted by the Board. 

 No
amendment will be effective unless the Plan as so amended is for the exclusive benefit of Members, Spouses, and Beneficiaries, and no amendment will deprive any Member without his consent of any benefit to which he was theretofore entitled, provided
that any and all amendments may be made which are necessary to maintain the qualification of the Plan under the Code and provided further that such amendments may be retroactively effective. The Plan shall not be automatically terminated by the
Employer’s or any Affiliate’s acquisition by or merger or consolidation into any other Employer. In the event of a reorganization, consolidation, dissolution or merger of the Employer or an Affiliate, the Plan can be continued by the
successor, and the successor shall be substituted for the Employer or such Affiliated Company and shall assume all of the Plan liabilities and all of the powers, duties and responsibilities of the Employer or such Affiliated Company under the Plan.

  

 XIV-1 

	14.2	Partial Termination. Upon a partial termination of the Plan with respect to a group of Members, as determined by a ruling of the Internal Revenue Service as to which all
rights to appeal have expired, the Principal Employer shall direct the Enrolled Actuary to determine the proportionate share of the Members affected by such partial termination. After such proportionate share has been determined, the Trustees shall
segregate the assets of the Fund allocable to such group of Members for payment of benefits in accordance with the provisions of Section 14.3. 

  

	14.3	Vesting and Distribution of Funds Upon Termination. Upon termination of the Plan by the Principal Employer, in whole or in part, all affected Members will be entitled to
their Accrued Benefits under the Plan, and the assets in the Fund (or the portion of the Fund determined in accordance with Section 14.2) will be allocated as follows: 

  

	 	(a)	There shall first be credited to each Member who was receiving retirement income or who was eligible to receive retirement income at least three years prior to the date of Plan
termination and to each Spouse and Beneficiary who was receiving retirement income or who was eligible to receive retirement income at least three years prior to the date of Plan termination an amount which will provide for him the amount of
retirement income then accrued to him under the Plan, but not in excess of the benefit insured by the Pension Benefit Guaranty Corporation. 

  

	 	(b)	 There shall next be credited to each Member who was receiving retirement income or who was eligible to receive retirement income on the date of the Plan’s
termination and to each Spouse and Beneficiary who was receiving retirement income or who was eligible to receive retirement income on the 

  

 XIV-2 

	 	 
date of the Plan’s termination an amount which will provide for him the amount of retirement income then accrued to him under the Plan, but not in
excess of the benefit insured by the Pension Benefit Guaranty Corporation. 

  

	 	(c)	There shall next be credited to each other Member who, on the date on which the Plan shall terminate, is eligible for retirement income in accordance with Section 7.2 an amount
which will provide for him the amount of the retirement income then accrued to him under the Plan, but not in excess of the benefit insured by the Pension Benefit Guaranty Corporation. 

  

	 	(d)	There shall next be credited to each other Member who would be entitled to additional retirement income in accordance with (a), (b), and (c) above, were such additional income
not in excess of the amount insured by the Pension Benefit Guaranty Corporation, an amount which will provide for him the amount of retirement income then accrued to him under the Plan. 

  

	 	(e)	There shall next be credited to each other Member an amount which will provide for him the amount of retirement income then accrued to him under the Plan. 

Allocation in any of the above classes shall be adjusted for any allocation made to the same Member under a prior class. 
  

	14.4	Determination of Funds Upon Termination. 

  

	 	(a)	 The application of the Fund on the foregoing basis shall be calculated as of the date on which the Plan shall terminate. When the calculation shall be completed,
the respective interest in the Fund will be distributed to or on 

  

 XIV-3 

	 	 
behalf of the respective Members, Spouses, and Beneficiaries under the Plan in the order stated in Section 14.3 only after the Principal Employer has
sent written notice to the Trustee, that all of the applicable requirements governing the termination of qualified retirement plans have been, or are being complied with or that appropriate authorizations, waivers, exemptions or variances have been,
or are being, obtained. 

  

	 	(b)	If the assets in the Fund on the date the Plan is terminated are not sufficient to provide in full the amounts required within classes (a), (b), (c), and (d) of
Section 14.3, any benefit in excess of $10,000 paid within a 12-month period during the 36- month period immediately preceding the date of termination of the Plan to a Member, Spouse or Beneficiary who owns 10% or more of the outstanding voting
stock of any Employer may be deemed a part of the Fund for purposes of allocation. 

  

	 	(c)	If the assets are not sufficient to provide in full for the amounts required for a class in the order listed in Section 14.3, the balance of the assets shall be allocated to
each member of a class in the proportion which his amount bears to the total amount in such class. 

  

	 	(d)	Distribution may be in the form of an annuity contract, cash, or securities or other assets in kind as determined by the Principal Employer in a uniform nondiscriminatory manner and
applicable to all Members. 

  

	 	(e)	Any funds remaining after the satisfaction of all liabilities to Members, Spouses, and Beneficiaries under the Plan shall be deemed to be the result of actuarial error and shall be
returned to the Principal Employer or respective Affiliate. 

  

 XIV-4 

	14.5	Disabled Members. Any Member who has a Disability, on the date of termination or discontinuance but who has not on such date begun to receive retirement income, will
participate in the foregoing allocation of assets in the Fund as though he had been actively employed through the date of termination or discontinuance. 

  

	14.6	Restrictions on Benefits. In the event of plan termination, the benefit of any highly compensated employee as defined in Code Section 414(q) and highly compensated
former employee is limited to a benefit that is nondiscriminatory under Code Section 401(a)(4). 

  

	14.7	Right to Accrued Benefits. Any other provision of the Plan notwithstanding, upon termination or partial termination of the Plan, the right of each Member to benefits accrued
to the date of such termination or partial termination to the extent then funded or to the extent guaranteed by the Pension Benefit Guaranty Corporation shall be nonforfeitable. 

  

 XIV-5 

 ARTICLE XV 
 GENERAL PROVISIONS 
  

	15.1	Plan Voluntary. Although it is intended that the Plan shall be continued and that contributions shall be made as herein provided, this Plan is entirely voluntary on the part
of each Employer and each Affiliated Company and the continuance of this Plan and the payment of contributions hereunder are not to be regarded as contractual obligations of any Employer or any Affiliated Company. The Employer and each Affiliate,
does not guarantee or promise to pay or to cause to be paid any of the benefits provided by this Plan. Each person who shall claim the right to any payment or benefit under this Plan shall be entitled to look only to the Fund or the Pension Benefit
Guaranty Corporation for any such payment or benefit and shall not have any right, claim, or demand therefore against any Employer or any Affiliate, except as provided by federal law. The Plan shall not be deemed to constitute a contract between any
Employer or any Affiliated Company and any Employee or to be a consideration for, or an inducement for, the employment of any Employee by any Employer or any Affiliated Company. Nothing contained in the Plan shall be deemed to give any Employee the
right to be retained in the service of any Employer or any Affiliated Company or to interfere with the right of any Employer or any Affiliated Company to discharge or to terminate the service of any Employee at any time without regard to the effect
such discharge or termination may have on any rights under the Plan. 

  

 XV-1 

	15.2	Payments to Minor and Incompetents. If any Member, Spouse or Beneficiary entitled to receive any benefits hereunder is a minor or is deemed by the Plan Administrator or is
adjudged to be legally incapable of giving valid receipt and discharge for such benefits, they will be paid to such person or institution as the Plan Administrator may designate or to the duly appointed guardian. Such payment shall, to the extent
made, be deemed a complete discharge of any liability for such payment under the Plan. 

  

	15.3	Non-Alienation of Benefits. 

  

	 	(a)	Members and Beneficiaries are entitled to the benefits specifically set out under the terms of the Plan, but neither these benefits nor any of the property rights in the Plan are
assignable or distributable to any creditor or other claimant of a Member or Beneficiary. A Member will not have the right to anticipate, assign, pledge, accelerate, or in any way dispose of or encumber any of the monies or benefits or other
property that may be payable or become payable to such Member or his Beneficiary, provided, however, that the Plan Administrator shall recognize and comply with a Qualified Domestic Relations Order as defined in Code Section 414(p). Effective
with judgements, orders, decrees, and settlement agreements entered into on or after August 5, 1997, the first sentence of this Section 15.3 shall not apply with respect to any offset to a Member’s benefits expressly provided for in a
judgement, order, decree, or settlement agreement described in Code Section 401(a)(13)(c). 

  

	 	(b)	 Under a qualified domestic relations order, an alternate payee who had been married to the Member for at least one year may be treated as a Spouse with respect to
the portion of the Member’s benefit in which such alternate payee has an interest provided that the qualified domestic 

  

 XV-2 

	 	 
relations order provides for such treatment. However, under no circumstances may the spouse of any alternate payee (who is not a Member hereunder) be treated
as a Spouse under the terms of the Plan. 

 Upon receipt of any judgement, decree or order (including approval of a property
settlement agreement) relating to the provision of payment by the Plan to an alternate payee pursuant to a state domestic relations law, the Plan Administrator shall promptly notify the affected Member and any alternate payee of the receipt of such
judgement, decree or order and shall notify the affected Member and any alternate payee of the Plan Administrator’s procedure for determining whether or not the judgement, decree or order is a qualified domestic relations order. 
 The Plan Administrator shall establish a procedure to determine the status of a judgement, decree or order as a qualified domestic relations order and to
administer Plan distributions in accordance with qualified domestic relations orders. Such procedure shall be in writing, shall include a provision specifying the notification requirements enumerated in the preceding paragraph, shall permit an
alternate payee to designate a representative for receipt of communications from the Plan Administrator and shall include such other provisions as the Plan Administrator shall determine, including provisions describing the interest rate to be used
in making present value determinations as well as provisions required under regulations promulgated by the Secretary of the Treasury. 
 During any period in which the issue of whether a judgement, decree or order is a qualified domestic relations order is being determined (by the Plan Administrator, a court of competent jurisdiction or otherwise), the 

  

 XV-3 

 
Plan Administrator shall separately account for the amount, if any, which would have been payable to the alternate payee during such period if the judgement,
decree or order had been determined to be a qualified domestic relations order. 
 If the judgement, decree or order is determined by the Plan
Administrator to be a qualified domestic relations order before the first payments would otherwise be due under such order, then payment of the appropriate amount shall be paid to the alternate payee(s) as required under the order. If a
domestic relations order is determined by the Plan Administrator to be a qualified order within the 18 month period beginning on the date that the first payment would have been due under such order, the separately accounted for amounts (plus
reasonable interest thereon) shall be retroactively paid to the alternate payee(s) named in the order. Subsequent payments shall not include any interest component. If the Plan Administrator first determines that the order is a qualified domestic
relations order after the 18-month period beginning on the date on which the first payment would have been due under the order, then the provisions of such order shall be applied on a prospective basis only. 
  

	15.4	 Evidence of Survival. If the Plan Administrator, or the Trustees with the assistance of the Plan Administrator, cannot make payment of any amount to, or on
behalf of, a Member within five years after such amount becomes payable because the identity or whereabouts of such Member cannot be ascertained, the Plan Administrator, at the end of such five-year period, will direct that all unpaid amounts which
would have been payable to or on behalf of such Member be paid to the legal spouse of the Member if found and living at such time, or if such legal spouse cannot be found or is not living at such time, in 

  

 XV-4 

	 	 
equal shares to such of the children of the Member who can be found and are living at such time, or if none of such children can be found or if none are
living at such time, to such other relative or relatives of the Member as the Plan Administrator may deem proper. 

  

	15.5	Use of Masculine and Feminine; Singular and Plural. Wherever used in this Plan, the masculine gender will include the feminine gender and the singular will include the
plural, unless the context indicates otherwise. 

  

	15.6	Merger, Consolidation, or Transfer. In the event that the Plan is merged or consolidated with any other plan, or should the assets or liabilities of the Plan be transferred
to any other plan, each Member shall be entitled to a benefit immediately after such merger, consolidation, or transfer if the Plan should then terminate equal to or greater than the benefit he would have been entitled to receive immediately before
such merger, consolidation, or transfer if the Plan had then terminated. 

  

	15.7	Leased Employees. Any individual who performs services for the Employer and who, by application of Code Section 414(n)(2) and regulations issued pursuant thereto, would
be considered a “leased employee”, shall, for purposes of determining the number of highly compensated employees of the Employer and for purposes of the requirements enumerated in Code Section 414(n)(3), be considered an Employee of
the Employer with regard to services performed after December 31, 1986. 

 When the total of all leased employees
constitutes less than 20% of the Employer’s nonhighly compensated work force within the meaning of Code Section 414(n)(5)(C)(ii), however, a “leased employee” shall not be considered 

  

 XV-5 

 
an Employee of the Employer if the organization from which the individual is leased maintains a qualified safe harbor plan (as defined in Code
Section 414(n)(5)) in which such individual participates. 
 “Leased employees” who are deemed to be Employees of the Employer
for purposes of this Section 15.7 shall not be eligible to participate in the Plan unless specifically provided for in Section 2.1. 
  

	15.8	Veterans’ Reemployment Rights. Notwithstanding any provision of the Plan to the contrary, contributions, benefits, and service credit with respect to qualified military
service will be provided in accordance with Code Section 414(u). 

  

	15.9	Governing Law. The Plan shall be administered, construed and enforced according to the laws of the State of Vermont; provided, however, wherever applicable, the provisions of
ERISA shall govern and in such event the laws of the United States of America shall be applied, and, to the extent necessary, its courts shall have competent jurisdiction. 

  

	15.10 	Severability. If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the Plan, and the Plan
will be construed and enforced as if such provision had not been included. 

  

	15.11 	Captions. The captions contained in the Plan are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge, or describe the scope or
intent of the Plan nor in any way affect the construction of any provision of the Plan. 

  

 XV-6 

 ARTICLE XVI 
 TOP-HEAVY PLAN REQUIREMENTS 
  

	16.1	General Rule. For any Plan Year for which this Plan is a “top-heavy plan” as defined in Section 16.5, any other provisions of the Plan to the contrary
notwithstanding, the Plan shall be subject to the following provisions: 

  

	 	(a)	The vesting provisions of Section 16.2. 

  

	 	(b)	The minimum benefit provisions of Section 16.3. 

  

	 	(c)	The limitation on benefits set by Section 16.4. 

  

	16.2	Vesting Provisions. Each Member who (a) has completed at least three years of Eligibility Service and (b) has completed an Hour of Service during any Plan Year in
which the plan is “top-heavy”, shall have a nonforfeitable right to all of his Accrued Benefit under the Plan. 

 If
the Plan ceases to be “top-heavy”, each Member with three or more years of Eligibility Service, whether or not consecutive, shall remain under the vesting schedule hereunder. For all other Members, the vesting provisions of
Section 7.2 shall be applicable once the Plan ceases to be “top heavy”. This provision shall not cause a Member’s vested percentage to be reduced. 
  

	16.3	 Minimum Benefit Provisions. Each Member who (a) is a “non-key employee” (as defined in Section 16.7) and (b) has completed 1,000
Hours of Service in any Plan Year shall be entitled to an annual retirement income payable as a single life annuity equal to 2% of the Member’s average annual Compensation in the “testing period” multiplied by his years of Eligibility
Service during the 

  

 XVI-1 

	 	 
period in which the Plan is top heavy, up to a maximum of 20%. For purposes of this Section 16.3, “testing period” means the period of five
consecutive years during which the Member had the highest aggregate Compensation, provided that Compensation for any Plan Year after the close of the Plan Year in which the Plan was last top-heavy shall be disregarded. 

 

	16.4	Limitation on Benefits. In the event that the Employer also maintains a defined contribution plan providing contributions on behalf of Members in this Plan, one of the two
following provisions shall apply: 

  

	 	(a)	If for the Plan Year this Plan would not be a “top-heavy plan” (as defined in Section 16.5) if “90 percent” were substituted for “60 percent,”
then the minimum benefit described in Section 16.3 shall be determined by substituting “3%” for “2%” and “30%” for “20%”. 

  

	 	(b)	If for any Plan Year prior to January 1, 2000, this Plan would continue to be a “top-heavy plan” (as defined in Section 16.5) if “90 percent” were
substituted for “60 percent,” then the denominator of both the defined contribution plan fraction and the defined benefit plan fraction shall be calculated as set forth in Section 4.4 for such Plan Year by substituting “1.0”
for “1.25” in each place such figure appears, except with respect to any individual for whom there are no Employer contributions, forfeitures or voluntary contributions allocated or any accruals for such individual under the defined
benefit plan. 

  

 XVI-2 

	16.5	Top-heavy Plan Definition. This Plan shall be a “top-heavy plan” for any Plan Year if, as of the determination date, the present value of the Accrued Benefits under
the Plan for Members (including former Members) who are “key employees” (as defined in Section 16.6) exceeds 60 percent of the present value of Accrued Benefits for all Members (excluding former “key employees”), or if this
plan is required to be in an aggregation group which for such Plan Year is a “top-heavy group.” For purposes of this Article XVI, 

  

	 	(a)	“Determination Date” shall mean for any Plan Year the last day of the immediately preceding Plan Year (except that for the first Plan Year the determination date means the
last day of such Plan Year). 

  

	 	(b)	“Present value of Accrued Benefits” shall be determined as of the most recent valuation date that is within the 12-month period ending on the determination date and as
described under the Code. 

  

	 	(c)	“Aggregate of the accounts” shall mean the sum of (i) the accounts determined as of the most recent valuation date that is within the 12-month period ending on the
determination date, and (ii) the adjustment for contributions due as of the determination date, and as described in the regulations under the Code. 

  

	 	(d)	“Aggregation group” shall mean the group of plans, if any, that includes both the group of plans that are required to be aggregated and the group of plans that are
permitted to be aggregated. 

  

 XVI-3 

	 	(i)	The group of plans that are required to be aggregated (the “required aggregation group”) includes: each plan of the Employer in which a key employee is a Member, including
collectively-bargained plans; and each other plan of the Employer including collectively-bargained plans, which enables a plan in which a key employee is a Member to meet the requirements of Code Sections 401(a)(4) and 410(b).

  

	 	(ii)	The group of plans that are permitted to be aggregated (the “permissive aggregation group”) includes the required aggregation group plus one or more plans of the Employer
that is not part of the required aggregation group and that the Plan Administrator certifies as constituting a plan within the permissive aggregation group. Such plan or plans may be added to the permissive aggregation group only if, after the
addition, the aggregation group as a whole continues not to discriminate as to contributions or benefits in favor of officers, shareholders or the highly compensated and to meet the minimum participation standards under the Code.

  

	 	(e)	 “Top-heavy group” shall mean the aggregation group, if as of the applicable determination date, the sum of the present value of the cumulative accrued
benefits for “key employees” under all defined benefit plans included in the aggregation group plus the aggregate of the accounts of “key employees” under all defined contribution plans included in the aggregation group exceeds
60 percent of the sum of the present value of the cumulative accrued benefits for all employees, excluding former “key employees,” under all such defined benefit plans plus the 

  

 XVI-4 

	 	 
aggregate accounts for all employees, under such defined contribution plans. If the aggregation group that is a top-heavy group is a required aggregation
group, each plan in the group will be top-heavy. If the aggregation group that is a top-heavy group is a permissive aggregation group, only those plans that are part of the required aggregation group will be treated as top-heavy. If the aggregation
group is not a top-heavy group, no plan within such group will be top-heavy. 

  

	 	(f)	In determining whether this Plan constitutes a “top-heavy plan”, the Plan Administrator shall make the following adjustments in connection therewith:

  

	 	(i)	When more than one plan is aggregated, the Plan Administrator shall determine separately for each plan as of each plan’s determination date the present value of the accrued
benefits or account balance. The results shall then be aggregated by adding the results of each plan as of the determination dates for such plans that fall within the same calendar year. 

  

	 	(ii)	In determining the present value of the Accrued Benefit or the amount of the account of any Employee, such present value or account shall include the dollar value of the aggregate
distributions made to such Employee under the applicable plan during the five-year period ending on the determination date, unless reflected in the value of the accrued benefit or account balance as of the most recent valuation date. Such amounts
shall include distributions to Employees which represented the entire amount credited to their accounts under the applicable plan. 

  

 XVI-5 

	 	(iii)	Further, in making such determination, such present value or such account shall include any rollover contribution (or similar transfer), as follows: 

  

	 	(A)	If the rollover contribution (or similar transfer) is initiated by the Employee and made to or from a plan maintained by another employer, the plan providing the distribution shall
include such distribution in the value of such account; the plan accepting the distribution shall not include such distribution in the value of such account unless the plan accepted it before December 31,1983. 

  

	 	(B)	If the rollover contribution (or similar transfer) is not initiated by the Employee or made from a plan maintained by another employer, the plan accepting the distribution shall
include such distribution in the present value or such account, whether the plan accepted the distribution before or after December 31,1983; the plan making the distribution shall not include the distribution in the present value or such
account. 

  

	 	(iv)	 Further, in making such determination, in any case where an individual is a “non-key employee” (as defined in Section 16.7) with respect to an
applicable plan, but was a “key employee” with respect to such plan for any prior plan year, any Accrued Benefit and any account of such Employee shall be altogether disregarded. For this purpose, to the extent that a key employee 

  

 XVI-6 

	 	 
is deemed to be a “key employee” if he met the definition thereof within any of the four preceding plan years, this provision shall . apply
following the end of such period of time. 

  

	 	(v)	Further, in making such determination, the accrued benefit of an Employee other than a key employee shall be determined under (A) the method, if any, that uniformly applies for
accrual purposes under all plans maintained by the Employer and its Affiliates, or (B) if there is no such method, as if such benefit accrued not more rapidly than the slowest accrual rate permitted under the fractional accrual rule of Code
Section 411(b)(l)(C). 

  

	16.6	Key Employee. The term “key employee” shall mean any Employee or former Employee under this plan who, at any time during the Plan Year containing the determination
date or during any of the four preceding Plan Years, is or was one of the following: 

  

	 	(a)	An officer of the Employer having annual compensation for such Plan Year greater than 50 percent of the defined benefit dollar limit in effect under Code Section 415(b)(l)(A).
Whether an individual is an officer shall be determined by the Plan Administrator on the basis of all the facts and circumstances, such as an individual’s authority, duties and term of office, and not on the mere fact that the individual has
the title of an officer. For any such Plan Year, there shall be treated as officers no more than the lesser of: 

  

	 	(i)	50 employees, or 

  

 XVI-7 

	 	(ii)	the greater of three employees or 10% of the employees. 

  

	 	(b)	One of the ten Employees owning (or considered as owning, within the meaning of the constructive ownership rules of the Code) the largest interests in the Employer. However, an
Employee will not be considered a top ten owner for a Plan Year if the Employee earns less than the maximum dollar limitation under Code Section 415(c)(1)(A). 

  

	 	(c)	Any person who owns (or is considered as owning within the meaning of the constructive ownership rules of the Code) more than five percent of the outstanding stock of the Employer
or stock possessing more than five percent of the combined total voting power of all stock of the Employer. 

  

	 	(d)	Any person having annual compensation from the Employer of more than $150,000 and possessing more than one percent of the stock of the Employer or stock possessing more than one
percent of the combined total voting power of all stock of the Employer. 

 For purposes of this Section 16.6,
“compensation” shall mean all items includable as compensation for purposes of applying the limitations, contributions and other annual additions to a Member’s account in a defined contribution plan under the Code, and a beneficiary
of a “key employee” shall be treated as a “key employee”. An individual who has not performed services for the Employer or any of its Affiliated Company during the five-year period ending on a particular “determination
date”, however, shall not be considered a “key employee”. 
  

 XVI-8 

	16.7	Non-Key Employee. The term “non-key employee” shall mean any Employee (and any beneficiary of an Employee) who is not a “key employee”. An individual who
has not performed services for the Employer or any of its Affiliated Company during the five-year period ending on a particular “determination date”, however, shall not be considered a “non-key employee”.

 IN WITNESS WHEREOF, Chittenden Corporation has caused this instrument to be executed
by its officers duly authorized and its corporate seal to be hereunto affixed as of the 31st day of January, 2002.

  

			
	CHITTENDEN CORPORATION
		
	 By:
	 	/s/ F. Sheldon Prentice
		 	

  

	
	ATTEST:
	
	   
	(CORPORATE SEAL)

  

 XVI-9 

 CHITTENDEN PENSION ACCOUNT PLAN 
 APPENDIX A , SERVICE AND BENEFITS FOR 
 EMPLOYEES OF ACQUIRED COMPANIES

 Service Commencement Date 
  

					
	 	 	 Earliest Possible Service Date:

	 Former Company
	 	 Eligibility Service
	 	 Benefit Service

			
	 Swanton Savings Bank & Trust Company
	 	July 1, 1947	 	July 1, 1947
			
	 Orleans Trust Company
	 	October 11, 1954	 	October 11, 1954
			
	 Valley Savings Bank & Trust Company
	 	November 1, 1954	 	November 1, 1954
			
	 National Bank of Newport
	 	November 1, 1955	 	November 1, 1955
			
	 Addison County Trust Company
	 	 Last hire date prior to
 March 26, 1960
	 	 Last hire date prior to
 March 26,
1960

			
	 National Bank of Vergennes
	 	 Last hire date prior to
 June 30, 1962
	 	 Last hire date prior to
 June 30,
1962

			
	 Capital Savings Bank & Trust Company
	 	 Last hire date prior to
 October 1, 1962
	 	 Last hire date prior to
 October 1,
1962

			
	 First National Bank of Montpelier
	 	 Last hire date prior to
 February 21,
1963
	 	 Last hire date prior to
 February 21,
1963

			
	 County National Bank of Bennington
	 	 Last hire date prior to
 September 1,
1973
	 	 Last hire date prior to
 September 1,
1973

			
	 Mountain Trust Company
	 	 Last hire date prior to
 January 1, 1983
	 	March 20, 1981
			
	 Rutland Savings Bank
	 	See Section 2.3	 	See Section 2.4
			
	 Electronic Data Systems Corporation
	 	See Section 2.3	 	See Section 2.4
			
	 Bellows Falls Trust Company
	 	See Section 2.3	 	See Section 2.4
			
	 Bank of Western Massachusetts
	 	See Section 2.3	 	See Section 2.4

					
	 	 	 Earliest Possible Service Date:

	 Former Company
	 	 Eligibility Service
	 	 Benefit Service

			
	 The Pomerleau Agency
	 	See Section 2.3	 	See Section 2.4
			
	 United Bank Corporation
	 	See Section 2.3	 	See Section 2.4
			
	 Vermont Financial Services
	 		 	
	 Corporation
	 	See Section 2.3	 	See Section 2.4
			
	 Flagship Bank and Trust
	 	See Section 2.3	 	See Section 2.4
	 Company
	 		 	

 CHITTENDEN PENSION ACCOUNT PLAN 
 APPENDIX B – SPECIAL BENEFIT PROVISIONS 
 FOR EMPLOYEES WHO WERE ENTITLED TO
BENEFITS UNDER 
 THE BELLOWS FALLS TRUST COMPANY PENSION PLAN AS OF JUNE 30, 1993 
 Subject to the applicable provisions of this Plan, Employees who were entitled to benefits under the Bellows Falls Trust Company Pension Plan (the “Bellows
Plan”) shall be subject to the following provisions. These provisions shall be applicable only with respect to the portion of the Employee’s Accrued Benefit attributable to the benefit he accrued under the Bellows Plan as of June 30,
1993. 
  

	1.	Early Retirement 

 Subject to the provisions of
Article V, if payment of a Member’s retirement income commences prior to the Member’s Normal Retirement Date, the amount of such retirement income shall be reduced by 5/9 of 1% for each of the first 60 months by which his Annuity Starting
Date precedes his Normal Retirement Date and by 5/18 of 1% for each additional month by which his Annuity Starting Date precedes his Normal Retirement Date. 
  

	2.	Payment of Retirement Benefits 

  

	 	(a)	Subject to the provisions of Article X, a Member who was a Member of the Bellows Plan and entitled to a benefit thereunder as in effect on June 30, 1993, may elect, by
submitting an election form to the Plan Administrator, to receive a reduced benefit payable during his life with the provision that after his death, 50%, 66-2/3% or 100% of such reduced retirement income will be payable to his Spouse during the
remaining life of such Spouse. 

  

 B-1 

	 	(b)	Subject to the provisions of Article X, a Member who was a Member of the Bellows Plan and entitled to a benefit thereunder as in effect on June 30, 1993, may elect, by
submitting an election form to the Plan Administrator, to receive a reduced benefit during his lifetime with a provision that if he dies after his Normal Retirement Date or after commencement of his benefit payments but prior to receiving 60 monthly
retirement benefit payments, the balance of such 60 monthly retirement benefit payments shall be paid to his Beneficiary either by continuing the same monthly payments or by commuting to a single lump sum, as elected by the Beneficiary. If the
designated Beneficiary should die before the guaranteed total of 60 monthly payments are made, any remaining payments shall be commuted to an Actuarial Equivalent single sum and paid to the Beneficiary’s estate. 

  

 B-2 

 CHITTENDEN PENSION ACCOUNT PLAN 
 APPENDIX C – SPECIAL BENEFIT PROVISIONS 
 FOR CERTAIN EMPLOYEES WHO ARE ENTITLED

 TO BENEFITS UNDER THE SBERA PENSION PLAN AS  
 ADOPTED BY UNITED BANK CORPORATION 
 Prior to November 1,1999, employees of United Bank Corporation (hereinafter
referred to as “UBC”) were eligible to participate in the SBERA Pension Plan as adopted by United Bank Corporation (hereinafter referred to as the “SBERA Plan”). Effective October 31, 1999, benefit accruals for UBC employees
under the SBERA Plan ceased and all SBERA Plan benefits, assets, and liabilities for UBC employees were transferred to this Plan. 
 The purpose of this
Appendix is to document the aforementioned transaction and to describe certain provisions relating specifically to the participation of UBC employees. 
  

	1.	Effective Date and Transfer of Assets. 

 Effective
October 31, 1999, benefit accruals under the SBERA Plan ceased. All benefits, assets, and liabilities attributable to UBC employees, terminated vested employees, retirees and beneficiaries under such plan were transferred to and shall be
maintained under this Plan on (or about) and after October 31,1999, in accordance with the further provisions of this Appendix C and this Plan. 
  

	2.	Vesting and Early Retirement Eligibility. 

  

	 	(a)	For an Employee with respect to whom benefit accruals are transferred from the SBERA Plan to this Plan, such Employee shall have a nonforfeitable interest in his accrued benefit
earned under the SBERA Plan and any benefit earned under the terms of this Plan upon completion of three years of Eligibility Service. 

  

 C-1 

	 	(b)	For an Employee with respect to whom benefit accruals are transferred from the SBERA Plan to this Plan, such Employee shall be entitled to retire (with respect to such benefits
accruals transferred from the SBERA Plan) on an early retirement date upon the earliest of: 

  

	 	(i)	his attainment of age 62; 

  

	 	(ii)	his attainment of age 55 and 10 years of Eligibility Service; 

  

	 	(iii)	his attainment of age 50 and 15 years of Eligibility Service; 

  

	 	(iv)	the date his claim for Social Security disability income benefits is approved. 

  

	3.	Lump Sum Benefits. 

 Actuarial Equivalence for the
purpose of determining the lump sum value of an Employee’s October 31, 1999, accrued benefit under this Plan during the 12-month period beginning October 31, 1999, and ending October 31, 2000, shall be calculated on the basis of
the assumptions in (a) or (b) below, whichever produces the greater amount. Actuarial Equivalence shall otherwise be determined in accordance with the provisions of this Plan. 
  

	 	(a)	(i)       the applicable interest rate if the present value of the benefit (using such rate(s)) is not in excess of $25,000; or

  

	 	(ii)	120 percent of the applicable interest rate if the present value of the benefit exceeds $25,000 (as determined under clause (i) above). In no event shall the present value
determined under this clause (ii) be less than $25,000. 

  

 C-2 

 The applicable interest rate is the interest rate(s) which would be used (as of the first day of the
Plan Year which contains the Annuity Starting Date) by the Pension Benefit Guaranty Corporation for a trusteed single-employer plan to value a benefit upon termination of an insufficient trusteed single-employer plan. 
  

	 	(iii)	1971 Individual Annuity Mortality Table for males set back 3 years. 

  

	 	(b)	The applicable mortality table and the applicable interest rate promulgated by the IRS under Section 417(e) (3) of the Code as in effect for the November preceding the
calendar year in which the lump sum payment is made. 

  

	4.	SBERA Plan Benefits. 

  

	 	(a)	In the event that a participant or beneficiary of the SBERA Plan was receiving or was entitled to receive future benefits from the SBERA Plan as of October 31, 1999, any such
benefit payments due on or after November 1,1999, will be paid from this Plan. 

  

	 	(b)	The Board may direct the Plan Administrator to make a cost of living adjustment to any former participant or beneficiary whose benefits from the SBERA Plan are in pay status as of
October 31, 1999. Such adjustments, if any, shall be determined annually in accordance with the provisions of the SBERA Plan as in effect immediately prior to October 31, 1999. 

  

	5.	 Timing of Benefit Payments. An Employee with respect to whom benefit accruals are transferred from the SBERA Plan to this Plan, shall be entitled upon his
termination of employment with all Participating Employers, to payment of the portion of his vested retirement benefit attributable to the SBERA Plan at any time, 

  

 C-3 

	 	 
irrespective of his attained age or eligibility for retirement, subject to the provisions of Article X of this Plan. 

  

	6.	Miscellaneous. Notwithstanding any other provision of this Plan: 

  

	 	(a)	As of November 1, 1999, each employee, terminated employee, retiree, and beneficiary of the SBERA Plan shall be entitled to a benefit under this Plan equal to the accrued
benefit he would have been entitled to under the SBERA Plan immediately prior to November 1, 1999. 

  

	 	(b)	In no such event shall the Accrued Benefit due any Member under this Plan be less than such Member’s Accrued Benefit under the SBERA Plan as of October 31, 1999.

  

	 	(c)	To the extent required by Code Section 411(d)(6) and regulations thereunder, the benefits, rights, and features attributable to benefits transferred from the SBERA Plan to this
Plan shall be preserved hereunder in accordance with the provisions of this Appendix and the provisions of this Plan. 

  

	 	(d)	Unless specifically indicated otherwise, the terms of this Plan shall apply to all employees vested terminated employees, retirees, and beneficiaries with respect to whom benefits
were transferred from the SBERA Plan to this Plan on or about October 31, 1999. 

  

 C-4 

 CHITTENDEN PENSION ACCOUNT PLAN 
 APPENDIX D – SPECIAL BENEFIT PROVISIONS 
 FOR CERTAIN EMPLOYEES WHO ARE ENTITLED

 TO BENEFITS UNDER THE RETIREMENT PLAN FOR 
 EMPLOYEES OF VERMONT FINANCIAL SERVICES CORPORATION 
 Prior to January 1, 2000, employees of Vermont Financial
Service Corporation (hereinafter referred to as “VFSC”) were eligible to participate in the Retirement Plan for Employees of Vermont Financial Services Corporation (hereinafter referred to as the “VFSC Plan”). Effective
December 31, 1999, the VFSC Plan was merged into this plan. The purpose of this Appendix is to document the aforementioned transaction and to describe certain provisions relating specifically to the participation of VFSC employees. 

 

	1.	Effective Date and Transfer of Assets. 

 Effective
December 31, 1999, benefit accruals under the VFSC Plan ceased. All benefits, assets, and liabilities attributable to VFSC employees, terminated vested employees, retirees and beneficiaries under such plan were transferred to and shall be
maintained under this Plan on (or about) December 31, 1999 in accordance with the further provisions of this Appendix D and the Plan. 
  

	2.	Membership 

  

	 	(a)	An employee who was a participant in the VFSC Plan and who became employed by the Principal Employer prior to May 28, 1999, continued such participation in the VFSC Plan until
December 31, 1999, and became a Member of this Plan on January 1, 2000, in accordance with the provisions of this Plan. 

  

 D-1 

	 	(b)	Any other employee of VFSC shall become a Member of this Plan in accordance with the provisions of Article II. 

  

	3.	Payment of Retirement Benefits 

  

	 	(a)	In the event that a former participant or beneficiary of the VFSC Plan was receiving or was entitled to receive future benefits from the VFSC Plan as of December 31,1999, any
such benefits due on or after January 1, 2000, will be paid from this Plan. 

  

	 	(b)	Subject to the provisions of Article X, a Member who was a participant of the VFSC Plan as of December 31, 1999, and entitled to a benefit thereunder, may elect, by submitting
an election form to the Plan Administrator to receive a reduced benefit during his lifetime with a provision that if he dies prior to receiving 60 monthly retirement benefit payments, the balance of such 60 monthly retirement payments shall be paid
to his Beneficiary either by continuing the same monthly payments or by commuting to a single lump sum, as elected by the Beneficiary. If the designated Beneficiary should die before the guaranteed total of 60 monthly payments are made, any
remaining payments shall commuted to an Actuarial Equivalent lump sum and paid to the Beneficiary’s estate. 

 This form of
payment shall only be available with respect to the portion of a Member’s benefit that accrued under the VFSC Plan as of December 31, 1999. 
  

	 	(c)	 Subject to the provisions of Article X, a Member who was a participant of the VFSC Plan as of December 31, 1999, may elect, by submitting an election form to
the Plan Administrator to receive a reduced benefit payable during his life with the provision that after his death, 66-2/3% of such reduced 

  

 D-2 

	 	 
retirement income will be payable to his Beneficiary during the remaining life of such Beneficiary. 

 This form of payment shall be available with respect to a Member’s entire benefit as determined on his Annuity Starting Date. 
  

	4.	Miscellaneous 

  

	 	(a)	To the extent required by Code Section 411(d)(6) and regulations thereunder, the benefits, rights, and features attributable to benefits transferred from the VFSC Plan to this
Plan shall be preserved hereunder in accordance with the provisions of this Appendix and the provisions of this Plan. 

  

	 	(b)	Unless specifically indicated otherwise, the terms of this Plan shall apply to all employees, terminated vested employees, retirees, and beneficiaries with respect to whom benefits
were transferred from the VFSC Plan to this Plan on or about December 31,1999. 

  

 D-3Amendments No. 1,2,3,4,5,6,7,8 and 9 to Amended and Restated Pension Plan

 Exhibit 10.3 
 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 At a Board of Directors (the “Board”) meeting held on January 16, 2002, and at which a quorum was present and acting throughout, the Board
hereby authorizes Chittenden Corporation (the “Employer”) to take the following actions: 
  

	1.	To adopt an amended and restated Tax-Free Spending Account document, effective January 1, 2000, as attached hereto. Such document reflects: 

  

	 	(a)	increased contribution limit in the Health Care Spending Account from $1,500 to $2,000 ($2,500 for employees of Bank of Western Massachusetts); 

  

	 	(b)	the participation of the Pomerleau Agency, effective January 1, 1998; 

  

	 	(c)	the participation of the Bank of Western Massachusetts, effective January 1, 1999; 

  

	 	(d)	the participation of Flagship Bank and Trust Company, effective January 1, 2000; 

  

	 	(e)	legislative changes required under the Family and Medical Leave Act of 1993; and 

  

	 	(f)	modifications made as a result of new change in status regulations. 

	2.	To adopt an amended and restated Incentive Savings and Profit Sharing Plan document, and Pension Account Document, effective January 1, 1994 and January 1, 1992,
respectively, as attached hereto. Such documents reflect: 

  

	 	(a)	legislative (“GUST”) changes as required under: 

  

	 	(i)	the Retirement Protection Act of 1994; 

  

	 	(ii)	the Family and Medical Leave Act of 1993; 

  

	 	(iii)	the Small Business Jobs Protection Act of 1996; and 

  

	 	(iv)	the Taxpayer Relief Act of 1997. 

  

	 	(b)	Clarifying language to limit compensation under the plans to such amounts as permitted under the Economic Growth and Tax Relief Reconciliation Act of 2001 on a prospective basis
only; and 

  

	 	(c)	the participation of Vermont Financial Services Corporation. 

  

	3.	To submit the Incentive Savings and Profit Sharing Plan and the Pension Account Plan to the Internal Revenue Service for a determination letter by the end of the GUST remedial
amendment period, February 28, 2002. 

  

	4.	The Board authorizes the Employer or its duly authorized delegate to take whatever action it deems necessary and appropriate to effect the terms of this Resolution.

  

 2. 

 IN WITNESS WHEREOF, the Board has caused this instrument to be executed by its officer duly authorized
and its corporate seal to be hereunto affixed, as of the 16th day of January, 2002. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice

  

	
	ATTEST:
	
	   
	(Corporate Seal)

  

 3. 

 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 WHEREAS, Chittenden Corporation (the “Employer”) has
acquired Ocean National Bank “ONB”) effective February 28, 2002; and 
 WHEREAS, the Employer wishes to integrate ONB
employees into Chittenden Corporation Pension Account Plan (the “Pension Plan”), the Chittenden Corporation Incentive Savings and Profit Sharing Plan (the “Savings Plan”), and the Chittenden Corporation Tax-Free Spending Account
Plan (the “Spending Account Plan”); and 
 WHEREAS, the ONB Board of Directors has authorized the merger of the ONB Retirement
Savings Plan (the “ONB Plan”) into the Savings Plan and the participation of ONB employees in the Pension Plan and the Spending Account Plan; 
 NOW, THEREFORE, the Board, at a meeting held on June 19, 2002, and at which a quorum was present and acting throughout, hereby authorizes the Employer to take the following action: 
  

	 	1.	To authorize ONB as a Participating Employer under the Pension Plan effective July 1, 2002. Employees of ONB shall be eligible for membership in the Pension Plan effective
July 1, 2002. The determination of ONB employee’s eligibility for participation, eligibility for retirement income and the amount of retirement income shall include all service with ONB which would have been considered service for such
purposes in accordance with the provisions of the Pension Plan. 

  

 1. 

	 	2.	To authorize ONB as a participating Employer under the Spending Account Plan effective July 1, 2002. Employees of ONB shall be eligible to participant under the Spending
Account Plan on and after My 1, 2002, in accordance with the provisions thereof. 

  

	 	3.	To authorize (a) ONB as a Participating Employer under the Savings Plan and (b) the merger of the ONB Plan into the Savings Plan effective July 1, 2002, in accordance
with the further provisions of this Resolution. 

  

	 	4.	All account balances held under the ONB Plan which are attributable to employees, terminated vested employees, retirees, and beneficiaries under such plan shall be transferred to
the Savings Plan on or about July 1, 2002. 

  

	 	5.	As of July 1, 2002, each employee, terminated vested employee, retiree, and beneficiary of the ONB Plan shall be entitled to a benefit under the Savings Plan equal to the
benefit he would have been entitled to under the ONB Plan immediately prior to July 1, 2002, as if the ONB Plan had then terminated, in accordance with Section 401 (a)(12) of the Internal Revenue Code of 1986 (the “Code”).

  

	 	6.	Employees who are participants in the ONB Plan immediately prior to July 1, 2002, shall become Participants of the Savings Plan on July 1, 2002, provided they are
Employees as of such date. Each other employee of ONB shall become a Participant of the Savings Plan upon satisfaction of the participation requirements set forth in Article II of the Savings Plan. 

  

	 	7.	All amounts transferred from the ONB Plan to the Savings Plan shall be similarly invested in the available investment funds under the Savings Plan that have the same underlying
investment objectives as the investment funds offered under the ONB Plan, in accordance with procedures established by the Employer. Such investments shall be made effective on or around July 1, 2002, to the extent administratively possible.

	 	8.	Service to determine an Employee’s eligibility for participation and for determining vesting percentages under the Savings Plan shall include all such service credited to such
Employee under the ONB plan, as determined on June 30, 2002. 

  

	 	9.	In the event that a participant or beneficiary of the ONB Plan is receiving or is entitled to receive future benefit payments from the ONB Plan as of June 30, 2002, any such
benefit payments due on or after July 1, 2002 shall be paid from the Savings Plan. 

  

	 	10.	To the extent required by Section 411(d)(6) of the Code and regulations thereunder, the benefits, rights and features of accounts transferred from the ONB Plan shall be
preserved and maintained under the Savings Plan in accordance with the provisions of the Savings Plan. 

  

	 	11.	Unless specifically indicated otherwise, the terms of the Savings Plan shall apply to all Employees, Participants, Former Participants, Beneficiaries, and their accounts that are
transferred from the ONB Plan to the Savings Plan. 

  

	 	12.	The Employer or its duly authorized delegate is authorized to take whatever action it deems necessary and appropriate to effect the terms of this Board Resolution, including, but
not limited to, adopting plan amendments and making changes as may be necessary to this resolution or such amendments in order to maintain the qualified status of the Savings Plan. 

 IN WITNESS WHEREOF, the Board of Directors has caused this instrument to be executed by its officer duly
authorized and its corporate seal to be hereunto affixed, as of the 15 day of May, 2002. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin
	(Corporate Seal)

 AMENDMENT NUMBER ONE 
 TO THE 
 CHITTENDEN PENSION ACCOUNT PLAN  
 (As Amended and Restated Effective January L 1997) 
 WHEREAS, Chittenden
Corporation (the “Principal Employer”) established the Chittenden Pension Account Plan (the “Plan”); and 
 WHEREAS,
Section 14.1 of the Plan permits the Principal Employer to amend the Plan by means of a resolution of the Board of Directors (the “Board”); and 
 WHEREAS, the Board has authorized the amendment of the Plan to authorize the participation of employees of Ocean National Bank; 
 NOW, THEREFORE, the Plan is amended as follows, effective January 1, 2002: 
  

	 	1.	Section 2.1, “Membership”, shall be amended by adding the following paragraph (h) to the end thereof: 

  

	 	“(h)	Notwithstanding the foregoing, an Employee who is employed by Ocean National Bank shall be eligible for membership hereunder on and after July 1, 2002, only upon satisfaction
of the membership requirements set forth in paragraph (b) above.” 

  

	 	2.	Section 2.2, “Participation Service”, shall be amended by adding the following paragraph (h) to the end thereof: 

  

	 	“(h)	 Effective July 1, 2002, Employees who are employed by Ocean National Bank as of June 30, 2002, and who continue as Employees on July 1, 2002, shall
receive credit for any service with Ocean National Bank that 

  

 1. 

	 	 
would be considered Participation Service in accordance with the provision of this Section 2.2.” 

  

	 	3.	Section 2.3, “Eligibility Service”, shall be amended by adding the following paragraph (n) to the end thereof: 

  

	 	“(n)	Notwithstanding anything herein to the contrary, an Employee who was an employee of Ocean National Bank before it was acquired by the Employer shall receive credit for purposes of
this Section 2.3 for any service with Ocean National Bank which would have been considered Eligibility Service in accordance with paragraph (a) of this Section 2.3.” 

  

	 	4.	Section 2.4, “Benefit Service”, shall be amended by adding the following paragraph (o) to the end thereof: 

  

	 	“(o)	An Employee who is employed by Ocean National Bank who becomes a Member of this Plan, shall receive credit for purposes of this Section 2.4 for all service with Ocean National
Bank which would have been considered Benefit Service in accordance with paragraphs (a) and (b) of this Section 2.4.” 

  

	 	5.	Appendix A, “Service and Benefits for Employees of Acquired Companies”, shall be amended by adding the following to the end thereof: 

  

					
	 	  	 Earliest Possible Service Date

	 Former Company
	  	 Eligibility Date
	  	 Benefit Service

	 Ocean National Bank
	  	 See Section 2.3
	  	 See Section 2.4”

 IN WITNESS WHEREOF, the Principal Employer has caused this amendment to be executed by its officer
thereunto duly authorized and its corporate seal to be hereunto affixed as of the 15 day of May, 2002. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin
	(Corporate Seal)

 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 WHEREAS, Chittenden Corporation (the “Employer”) heretofore
adopted the Chittenden Corporation Pension Account Plan (the “Pension Plan”) and the Chittenden Corporation Incentive Savings and Investment Plan (the “Savings Plan”); and 
 WHEREAS, the Employer wishes to amend the Pension Plan and the Savings Plan to comply with recent legislation affecting such Plans and to make other
minor changes to the Plans for the benefit of participants (e.g., immediate vesting and eligibility under the Saving Plan); 
 NOW,
THEREFORE, the Board of Directors (the “Board”) at a meeting held on July 17, 2002, and at which a quorum was present and acting throughout, hereby authorizes the Employer to amend the Pension and Savings Plans as follows: 

 

	 	1.	To amend the Pension and Savings Plans to comply with the applicable requirements of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). Such changes
include: 

  

	 	(a)	increasing the maximum permissible annual benefits and contributions limitations under Internal Revenue Code Section 415; 

  

	 	(b)	modifying adjustments to be made under the Pension Plan with respect to the annual plan benefits limitation under Internal Revenue Code Section 415 in the case of commencement
of Plan benefits at ages other than normal retirement age; 

  

	 	(c)	modifying the Pension and Savings Plan provisions relative to the determination of top-heavy status and minimum benefit and/or contribution requirements, as applicable;

	 	(d)	expanding the direct rollover rules under the Plans to reflect the increased portability of plan benefits to a wider variety of retirement plans; 

  

	 	(e)	accepting rollovers from Internal Revenue Code Section 403(b) and 457 plans to the Savings Plan; 

  

	 	(f)	reducing the suspension period following hardship withdrawals under the Savings Plan from 12 months to six months and eliminating the post-hardship withdrawal limit on pre-tax
contributions in the Plan year following the year of the hardship withdrawal; 

  

	 	(g)	eliminating the multiple-use test for annual nondiscrimination testing purposes under the Savings Plan; and 

  

	 	(h)	repeal of the same desk rule which permits distributions from the Savings Plan to employees who are separated from employment with Chittenden as a result of an acquisition.

  

	 	2.	To further amend the Pension Plan to update the mortality table issued by the Internal Revenue Service for the purposes of determining minimum lump sum benefits and adjustments to
the maximum annual benefits. 

  

	 	3.	To further amend the Savings Plan to allow for immediate Plan eligibility and vesting and to increase the pre-tax contribution deferral opportunity under such Plan from 16% to 26%.

  

	 	4.	To further amend the Pension Plan and Savings Plan to reflect final Department of Labor regulations on benefit claims and appeals procedures. 

  

	 	5.	To further amend the Pension Plan to update applicable provisions relative to the calculation of minimum distribution benefits. 

  

	 	6.	 The Employer or its duly authorized delegate is authorized to take whatever action it deems necessary and appropriate to effect the terms of this Board Resolution,

	 	 
including, but not limited to, adopting the Plan amendments and making changes as may be necessary to this Resolution or such amendments in order to maintain
the qualified status of the Pension Plan and Savings Plan. 

 IN
WITNESS WHEREOF, the Board has caused this instrument to be executed by its officer duly authorized and its corporate seal to be hereunto affixed, as of the 17th day of July, 2002. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice

  

	
	ATTEST:
	
	/s/ Eugenie J.Fortin
	(Corporate Seal)

 AMENDMENT NUMBER TWO 
 TO THE 
 CHITTENDEN PENSION ACCOUNT PLAN  
 (As Amended and Restated Effective January 1, 1997) 
 WHEREAS, Chittenden
Corporation (the “Principal Employer”) established the Chittenden Pension Account Plan (the “Plan”); and 
 WHEREAS,
Section 14.1 of the Plan permits the Principal Employer to amend the Plan by means of a resolution of the Board of Directors (the “Board”); and 
 WHEREAS, the Board has authorized the amendment of the Plan to comply with the applicable requirements of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) and other recent
legislation; 
 NOW, THEREFORE, the Plan is amended as follows, effective January 1, 2002: 
  

	 	1.	The Preamble to the Plan shall be amended by adding the following paragraph after the third paragraph thereof: 

 “Effective January 1, 2002, the Plan is hereby amended to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of
2001 (“EGTRRA”). This amendment is intended as good faith compliance with the requirements of EGTRRA and is to be construed in accordance with EGTRRA and guidance issued thereunder. This EGTRRA amendment shall supersede the provisions of
the Plan to the extent those provisions are inconsistent with the provisions of this amendment.” 
  

 1. 

	 	2.	Section 1.2, “Actuarial Equivalent”, shall be amended by adding the following paragraph to the end thereof: 

 “This paragraph shall apply to distributions with payment dates on or after January 1, 2003. Notwithstanding any other provisions to the
contrary, the applicable mortality table used for adjusting any benefit or limitation under Code Section 415(b)(2)(B), (C), or (D) as referenced in Section 4.4 of the Plan and the applicable mortality table used for the purposes of
satisfying the requirements of Code Section 417(e) is the table prescribed in Internal Revenue Service Ruling 2001-62.” 
  

	 	3.	Section 4.4, “Maximum Overall Benefit”, shall be amended by replacing subparagraph (a)(ii) with the following: 

  

	 	“(ii)	$160,000 (as adjusted effective January 1 of each year under Code Section 415(d) in such manner as the Secretary of the Treasury shall prescribe).”

  

	 	4.	Section 4.4, “Maximum Overall Benefit”, shall be amended by replacing subparagraph (a)(iii) with the following: 

  

	 	“(iii)	 In the case where benefits commence prior to the Member’s attainment of age 62, the dollar limitation in subparagraph (ii) above applicable to the Member
at such earlier age is an annual benefit payable in the form of a straight life annuity beginning at an earlier age that is the actuarial equivalent of the dollar limitation above (adjusted under subparagraph (vi) below if required). The dollar
limitation in subparagraph (ii) above, applicable at an age prior to age 62 is determined as the lesser of (A) the actuarial equivalent (at such age) of the dollar limitation computed using the underlying interest rate used to determine
the reduction for early payment under Section 10.1 and mortality table (or other tabular factor) specified in Section 1.2 and (B) the actuarial equivalent (at such age) of the dollar limitation computed using a 5% interest rate and
the 

	 	 
applicable mortality table as defined in Section 1.2 of the Plan. Any decrease in the dollar limitation determined in accordance with this subparagraph
(iii) shall not reflect a mortality decrement if benefits are not forfeited upon the death of the Member.” 

  

	 	5.	Section 4.4, “Maximum Overall Benefit”, shall be amended by replacing subparagraph (a)(iv) with the following: 

  

	 	“(iv)	In the case where benefits commence after the Member attains age 65, the dollar limitation in subparagraph (ii) above applicable to the Member at the later age is the annual
benefit payable in the form of a straight life annuity beginning at the later age that is actuarially equivalent to the dollar limitation applicable to the participant at age 65 (adjusted under subparagraph (vi) below, if required). The
actuarial equivalent of the dollar limitation applicable at an age after age 65 is determined as the lesser of the actuarial equivalent (at such age) of the dollar limitation computed using (A) the interest rate and mortality table (or other
tabular factor) specified in Section 1.2 of the Plan and (B) a five percent interest rate assumption and the applicable mortality table as defined in Section 1.2 of the Plan. For these purposes, mortality between age 65 and the age at
which benefits commence shall be ignored.” 

	 	6.	Section 4.4, “Maximum Overall Benefit”, shall be amended by replacing subparagraph (a)(ix) with the following: 

  

	 	“(ix)	Except in the case where a benefit is payable pursuant to Section 10.1(b)(i), or pursuant to Section 10.3 with the Member’s Spouse as the Beneficiary, if a benefit is
payable in a form other than a life annuity, or if the Employee contributes to the Plan or makes rollover contributions (as defined in Code Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16)), the determination as to whether the
limitations of this Section 4.4 has been satisfied, shall be made in accordance with regulations prescribed by the Secretary of the Treasury by adjusting such benefit so that it is equivalent to the benefit in the form of a life annuity or the
50% joint and survivor form. Such adjustments shall be made on the basis of the interest rate and mortality table (or other tabular factor) specified in Section 1.2.” 

  

	 	7.	Section 6.2, “Postponed Retirement Benefit”, shall be amended by adding the following to the end of paragraph (e) thereof: 

 “With respect to distributions under the Plan made for calendar years beginning on or after January 1, 2002, the Plan will apply the minimum
distribution requirements of Code Section 401(a)(9) in accordance with the regulations under Code Section 401(a)(9) that were proposed on January 12, 2001, notwithstanding any provision of the Plan to the contrary. This amendment
shall continue in effect until the end of the last calendar year beginning before the effective date of final regulations under Code Section 401(a)(9) or such other date as may be specified in guidance published by the Internal Revenue
Service.” 

	 	8.	Section 10.8, “Direct Rollovers From the Plan”, shall be amended in its entirety and shall read as follows: 

  

	 	“10.8	Direct Rollover From the Plan. If any Plan distribution is an ‘eligible rollover distribution’ as defined in Code Section 402, a Member (or surviving Spouse)
may elect at the time and in the manner prescribed by the Plan Administrator, to directly rollover the entire amount of such distribution to one of the following or any other program deemed to be an eligible retirement plan under Code
Section 402: a retirement plan qualified under Code Section 401(a), an individual retirement annuity described in Code Section 408(b), or an individual retirement account described under Code Section 408(a), or an annuity
contract described in Code Section 403(b) or an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and
which agrees to separately account for amounts transferred into such plan from this Plan. 

 For purposes of this Section, the
direct rollover rights of the Member shall also apply to the Spouse or former Spouse of the Member who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p).” 
  

	 	9.	Section 16.3, “Minimum Benefit Provisions,” shall be amended by adding the following paragraph to the end thereof: 

 “For Plan Years beginning after December 31, 2001, for purpose of satisfying the minimum benefit requirements of Code Section 416(c)(1), in
determining years of Eligibility Service, any service with the Employer shall be disregarded to the extent that such service occurs during a Plan Year when the Plan benefits (within the meaning of Code Section 410(b)) no Key Employee or no
former Key Employee.” 

	 	10.	Section 16.5, “Top-Heavy Plan Definition”, shall be amended by replacing subparagraph f(ii) thereof with the following: 

  

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

  

	 	11.	Section 16.6, “Key Employee”, shall be amended in its entirety and shall read as follows: 

  

	 	“16.6	Key Employee. Key Employee means an Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the determination date
was an officer of the Employer having annual compensation greater than $130,000 (as adjusted under Code Section 416(i)(l) for Plan Years beginning after December 31, 2002), a five-percent owner of the Employer, or a one-percent owner of
the Employer having annual compensation of more than $150,000. For this purpose, annual compensation means compensation within the meaning of Code Section 415(c)(3). The determination of who is a Key Employee will be made in accordance with
Code Section 416(i)(l) and the applicable regulations and other guidance of general applicability issued thereunder.” 

	 	12.	Section 16.7, “Non-Key Employee”, shall be amended by deleting the second sentence thereof. 

  

	 	13.	Section 11.4, “Benefit Claims Procedures”. Shall be amended by adding the following to the end thereof: 

 “Notwithstanding the foregoing, the Plan shall comply with any subsequent claim and appeals regulations to the extent required by law. Effective
January 1, 2002, the Plan’s procedures for the denial of claims and for any appeal of such denials for benefits under this Plan shall be set forth in a separate document or in the Summary Plan Description for this Plan. Such procedures
shall comply with ERISA Section 503 and attendant regulations thereunder to the extent required by law.” 

 IN WITNESS WHEREOF, the Principal Employer has
caused this amendment to be executed by its officer thereunto duly authorized and its corporate seal to be hereunto affixed as of the 17th day of July, 2002. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin
	(Corporate Seal)

 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 WHEREAS, Chittenden Corporation (the “Employer”) has
acquired Maine Bank & Trust Company (“MBT”) effective March 30, 2001; and 
 WHEREAS, the Employer wishes to
integrate MBT employees into the Chittenden Corporation Pension Account Plan (the “Pension Plan”) and the Chittenden Corporation Incentive Savings and Profit Sharing Plan (the “Savings Plan”); and 
 WHEREAS, the MBT Board of Directors has authorized the merger of the Maine Bank & Trust Company 401(k) Profit Sharing Plan (the “MBT
Plan”) into the Savings Plan and the participation of MBT employees in the Pension and Savings Plans; and 
 WHEREAS, the Employer wishes to amend the
Savings Plan to permit “catch-up contributions” by eligible employees; 
 NOW, THEREFORE, the Board, at a meeting held on
November 20, 2002, and at which a quorum was present and acting throughout, hereby authorizes the Employer to take the following action: 
  

	 	1.	To authorize MBT as a Participating Employer under the Pension Plan effective January 1, 2003. Employees of MBT shall be eligible for membership in the Pension Plan effective
January 1, 2003 in accordance with the further provisions of this Resolution. 

	 	2.	Individuals who are employed by MBT as of December 31, 2002, and who continue as Employees of Chittenden Corporation on January 1, 2003, shall receive credit for MBT
service for purposes of determining eligibility for participation in the Pension Plan. The determination of MBT employee’s eligibility for retirement income and the amount of retirement income shall include all service with MBT which would have
been considered service for such purposes in accordance with the provisions of the Pension Plan. 

  

	 	3.	To authorize (a) MBT as a Participating Employer under the Savings Plan and (b) the merger of the MBT Plan into the Savings Plan effective January 1, 2003, in
accordance with the further provisions of this Resolution. 

  

	 	4.	All account balances held under the MBT Plan which are attributable to employees, terminated vested employees, retirees, and beneficiaries under such plan shall be transferred to
the Savings Plan on or about January 1, 2003. 

  

	 	5.	As of January 1, 2003, each employee, terminated vested employee, retiree, and beneficiary of the MBT Plan shall be entitled to a benefit under the Savings Plan equal to the
benefit he would have been entitled to under the MBT Plan immediately prior to January 1, 2003, as if the MBT Plan had then terminated, in accordance with Section 401(a)(12) of the Internal Revenue Code of 1986 (the “Code”).

  

	 	6.	Employees who are participants in the MBT Plan immediately prior to January 1, 2003, shall become Participants of the Savings Plan on January 1, 2003, provided they are
Employees as of such date. Each other employee of MBT shall become a Participant of the Savings Plan upon satisfaction of the participation requirements set forth in Article II of the Savings Plan. 

  

	 	7.	 All amounts transferred from the MBT Plan to the Savings Plan shall be similarly invested in the available investment funds under the Savings Plan that have the
same underlying investment objectives as the investment funds offered under the MBT Plan, in accordance with procedures established by the Employer. Such investments 

	 	 
shall be made effective on or around January 1, 2003, to the extent administratively possible. 

  

	 	8.	Service to determine an Employee’s eligibility for participation and for determining vesting percentages under the Savings Plan shall include all such service credited to such
Employee under the MBT plan, as determined on December 31, 2002. 

  

	 	9.	In the event that a Participant or Beneficiary of the MBT Plan is receiving or is entitled to receive future benefit payments from the MBT Plan as of December 31, 2002, any
such benefit payments due on or after January 1, 2003 shall be paid from the Savings Plan. 

  

	 	 10.
	 The installment form of payment available under the MBT Plan shall be maintained with respect to distributions made on
behalf of MBT employees which commence prior to March 1, 2003. Effective March 1, 2003, such installment form of payment shall be eliminated with respect to distributions which commence on or after February 28, 2003. Notwithstanding
the foregoing, in accordance with IRS regulations issued under Code Section 411(d)(6), in no event shall the elimination of such optional form of payment apply to any distribution which commences earlier than the 90th day after a Participant, Former Participant, or Beneficiary receives a summary of material modifications describing this
change in payment options. 

  

	 	11.	To the extent required by Section 41 l(d)(6) of the Code and regulations thereunder, the benefits, rights and features of accounts transferred from the MBT Plan shall be
preserved and maintained under the Savings Plan in accordance with the provisions of the Savings Plan. 

  

	 	12.	Unless specifically indicated otherwise, the terms of the Savings Plan shall apply to all Employees, Participants, Former Participants, Beneficiaries, and their accounts that are
transferred from the MBT Plan to the Savings Plan. 

  

	 	13.	 To authorize the future amendment of the Savings Plan to provide for “catch-up contributions” for eligible Employees, in accordance with and subject to
the 

	 	 
applicable provisions of the Code Section 414(v) and the Economic Growth and Tax Relief Reconciliation Act of 2001, for Plan Years beginning on and
after January 1, 2003. 

  

	 	14.	The Employer or its duly authorized delegate is authorized to take whatever action it deems necessary and appropriate to effect the terms of this Board Resolution, including, but
not limited to, adopting plan amendments and making changes as may be necessary to this resolution or such amendments in order to maintain the qualified status of the Pension and/or Savings Plan. 

 IN WITNESS WHEREOF, the Board of Directors has caused this instrument to be executed by its officer duly authorized and its corporate seal to be hereunto
affixed, as of the 20th day of November, 2002. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ Paul A. Perrault

  

	
	ATTEST:
	
	/s/ F. Sheldon Prentice
	(Corporate Seal)

 AMENDMENT NUMBER THREE 
 TO THE 
 CHITTENDEN PENSION ACCOUNT PLAN 
 (As Amended and Restated Effective January 1, 1997) 
 WHEREAS, Chittenden
Corporation (the “Trincipal Employer”) established the Chittenden Pension Account Plan (the “Plan”); and 
 WHEREAS,
Section 14.1 of the Plan permits the Principal Employer to amend the Plan by means of a resolution of the Board of Directors (the “Board”); and 
 WHEREAS, the Board has authorized the amendment of the Plan to permit the participation of employees of Maine Bank & Trust Company; 
 NOW, THEREFORE, the Plan is amended as follows, effective January 1, 2003: 
  

	 	1.	Section 2.1, “Membership”, shall be amended by deleting paragraph (g) thereof and replacing it with the following: 

  

	 	“(g)	Notwithstanding the foregoing, an Employee who is employed by Maine Bank & Trust Company shall be eligible for membership hereunder on and after January 1,2003, only
upon satisfaction of the membership requirements set forth in paragraph (b) above.” 

  

	 	2.	Section 2.2, “Participation Service”, shall be amended by adding the following paragraph (i) to the end thereof: 

  

	 	“(i)	 Effective January 1, 2003, Employees who are employed by Maine Bank & Trust Company as of December 31, 2002, and who continue as Employees of the
Employer on January 1, 2003, shall receive credit for any service with Maine Bank & Trust Company that would be 

	 	 
considered Participation Service in accordance with the provision of this Section 2.2.” 

  

	 	3.	Section 2.4, “Benefit Service”, shall be amended by deleting paragraph (1) thereof and replacing it with the following: 

  

	 	“(1)	An Employee who is employed by Maine Bank & Trust Company and who becomes a Member of this Plan, shall receive credit for purposes of this Section 2.4 for all service
with Maine Bank & Trust Company which would have been considered Benefit Service in accordance with paragraphs (a) and (b) of this Section 2.4.” 

  

	 	4.	Appendix A, “Service and Benefits for Employees of Acquired Companies”, shall be amended by adding the following to the end thereof: 

  

					
	 	  	 Earliest Possible Service Date

	 Former Company
	  	 Eligibility Date
	  	 Benefit Service

	 Maine Bank & Trust Company
	  	See Section 2.3	  	See Section 2.4”

 IN WITNESS WHEREOF, the Principal Employer has caused this amendment to be executed by its officer
thereunto duly authorized and its corporate seal to be hereunto affixed as of the 20th day of November, 2002. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ Paul A. Perrault

  

	
	ATTEST:
	
	/s/ F. Sheldon Prentice
	(Corporate Seal)

 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 WHEREAS, Chittenden Corporation (the “Employer”) and
Granite State Bankshares, Inc. have entered into an Agreement and Plan of Merger dated as of November 7, 2002; and 
 WHEREAS, the
Granite State Bankshares, Inc. 40I(k) Plan (the “Granite 401(k) Plan”) shall be frozen as of the date of closing (the “Close Date”), and no further contributions will be permitted to the Granite 401(k) Plan; and 
 WHEREAS, the Granite State Bankshares, Inc. Employees Stock Ownership Plan (the “Granite ESOP”) has been terminated effective February 1,
2003; and 
 WHEREAS, Granite State Bankshares, Inc. is a holding company for Granite Bank and GSBI Insurance Group, Inc.; and 
 WHEREAS, the Employer wishes to provide for the participation of Granite Bank and GSBI Insurance Group, Inc. employees in the Chittenden Corporation
Incentive Savings and Profit Sharing Plan (the “Chittenden Savings Plan”) as of the day after the Close Date; and 
 WHEREAS, the
Employer wishes to permit Granite Bank and GSBI Insurance Group, Inc. employees to continue participation in the Retirement Plan of Granite State Bankshares, Inc. in RSI Retirement Trust (the “Granite Pension Plan”) on and after the Close
Date; and 
 WHEREAS, Granite Bank and GSBI Insurance Group, Inc. employees shall not be considered employees eligible for participation in
the Chittenden Corporation Pension Account Plan (the “Chittenden Pension Plan”); 
  

 1 

 NOW, THEREFORE, the Board, at a meeting held on
February         , 2003, and at which a quorum was present and acting throughout, hereby authorizes the Employer to take the following action: 
  

	 	1.	To preclude the participation of Granite Bank and GSBI Insurance Group, Inc. employees in the Chittenden Pension Plan on and after the Close Date. 

  

	 	2.	To authorize Granite Bank and GSBI Insurance Group, Inc. as Participating Employers under the Chittenden Savings Plan effective the day after the Close Date. Employees of Granite
Bank and GSBI Insurance Group, Inc. shall be eligible for membership in the Chittenden Savings Plan effective the day after the Close Date in accordance with the further provisions of this Resolution. 

  

	 	3.	Employees who are participants in the Granite 401(k) Plan as of the Close Date, shall become Participants of the Chittenden Savings Plan on the day after Close Date, provided they
are Employees as of such date. Each other employee of Granite Bank and GSBI Insurance Group, Inc. shall become a Participant of the Chittenden Savings Plan upon satisfaction of the participation requirements set forth in Article II of the Savings
Plan. 

  

	 	4.	No account balances held under the Granite 401(k) Plan as of the Close Date shall be transferred to the Chittenden Savings Plan. Such account balances shall be maintained under the
Granite 401(k) Plan in accordance with the provisions thereof. 

  

 2 

	 	5.	Unless specifically indicated otherwise, the terms of the Chittenden Savings Plan shall apply to all employees of Granite Bank and GSBI Insurance Group, Inc. with respect to
benefits earned thereunder. 

  

	 	6.	The Employer or its duly authorized delegate is authorized to take whatever action it deems necessary and appropriate to effect the terms of this Board Resolution, including, but
not limited to, adopting plan amendments and making changes as may be necessary to this resolution or such amendments in order to maintain the qualified status of the Chittenden Pension and/or Chittenden Savings Plan. 

 IN WITNESS WHEREOF, the Board of Directors has caused this instrument to be executed by its officer duly authorized and its corporate seal to be hereunto
affixed, as of the 19 day of February, 2003. 
  

			
	CHITTENDEN CORPORATION
		
	 By:
	 	/s/ F. Sheldon Prentice
		 	

  

			
	ATTEST:
	
	/s/ Eugenie J. Fortin
	 (Corporate Seal)

  

 3 

 AMENDMENT NUMBER FOUR 
 TO THE 
 CHITTENDEN CORPORATION PENSION ACCOUNT PLAN  
 (As Amended and Restated Effective January 1, 1997) 
 WHEREAS, Chittenden Corporation (the “Principal Employer”) established the Pension Account Plan (the “Plan”); and 
 WHEREAS, Section 14.1 of the Plan permits the Principal Employer to amend the Plan by means of a resolution of the Board of Directors (the “Board”); and 
 WHEREAS, the Principal Employer has entered into an Agreement and Plan of Merger dated November 7, 2002 with Granite State Bankshares, Inc.; and

 WHEREAS, Granite State Bankshares, Inc. is a holding company for Granite Bank and GSBI Insurance Group, Inc.; and 
 WHEREAS, the Board has authorized the amendment of the Plan to specifically preclude the participation of Granite State Bankshares, Inc. employees in the Plan in
recognition of their continued participation in the Retirement Plan of Granite State Bankshares, Inc. in RSI Retirement Trust in accordance with its Resolution attached hereto; 
 NOW, THEREFORE, the Plan is amended as follows, effective as of the date of closing (the “Close Date”): 
  

	 	1.	Section 2.1, “Membership”, shall be amended by adding the following paragraph (h) at the end thereof: 

  

	 	“(h)	Notwithstanding the foregoing, an Employee who is employed by Granite Bank or GSBI Insurance Group, Inc., shall not be eligible for membership hereunder.”

  

 1 

	 	2.	Section 2.3, “Eligibility Service”, shall be amended by adding the following paragraph (o) to the end thereof: 

  

	 	“(o)	Notwithstanding anything herein to the contrary, an Employee of the Employer, who was an employee of Granite State Bankshares, Inc. before it was acquired by the Employer, shall
receive credit for purposes of (Ms Section 2.3 for any service with Granite State Bankshares, Inc. which would have been considered Eligibility Service in accordance with paragraph (a) of this Section 2.3.”

  

	 	3.	Section 2.4, “Benefit Service”, shall be amended by adding the following paragraph (p) to the end thereof: 

  

	 	“(p)	An Employee who is employed by Granite Bank or GSBI Insurance Group, Inc. shall not be eligible to accumulate Benefit Service hereunder.” 

 IN WITNESS WHEREOF, the Principal Employer has caused this amendment to be executed by its officer thereunto duly authorized and its corporate seal to be
hereunto affixed as of the 19 day of February, 2003. 
  

			
	CHITTENDEN CORPORATION
		
	 By:
	 	/s/ F. Sheldon Prentice
		 	

  

			
	ATTEST:
	
	/s/ Eugenie J. Fortin
	 (Corporate Seal)

  

 2 

 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 FOR THE  
 CHITTENDEN PENSION ACCOUNT PLAN 
 WHEREAS, Chittenden Corporation (the
“Principal Employer”) heretofore adopted the Chittenden Pension Account Plan (the “Plan”); and 
 WHEREAS, Article XIV
permits the Principal Employer to amend the Plan by resolution of the Board of Directors (the “Board”) from time to time; and 
 WHEREAS, the Principal Employer has acquired Granite State Bankshares, Inc. (“Granite Bank”) effective February 28, 2003; and 
 WHEREAS, the Principal Employer wishes to permit the participation of Granite Bank employees in this Plan; and 
 WHEREAS, the Board previously executed a resolution authorizing the merger of The Retirement Plan of Granite State Bankshares, Inc. in RSI Retirement Trust (the “Granite Plan”) into the Plan, effective January 1, 2004; and

 WHEREAS, the Board has subsequently been made aware of certain administrative issues with respect to the Granite Plan which preclude the
merger from occurring effective January 1, 2004; and 
 WHEREAS, the Granite Plan is in the process of filing an application for a
favorable determination letter from the IRS; 

 NOW, THEREFORE, the Board, at a meeting held on November 19, 2003 and at which a quorum was present
and acting throughout, hereby authorizes the Principal Employer to take the following action: 
  

	 	1.	To rescind the Board resolution and Amendment Number Five previously executed on October 15, 2003 in their entirety. 

  

	 	2.	To permit the participation of Granite Bank Employees in this Plan, effective January 1, 2004 as follows: 

  

	 	(a)	Employees who are participants of the Granite Plan immediately prior to January 1, 2004, shall become Members of the Plan on January 1, 2004, provided they are Employees
on such date. Further, any employees of Granite State Bankshares, Inc. who, as a result of the VCP filing for the Granite Plan which is under consideration by the Internal Revenue Service, are retroactively deemed to be participants of the Granite
Plan, shall become Members of the Plan on January 1, 2004, provided they are Employees on such date. 

  

	 	(b)	Each other Employee of Granite Bank shall become a Member of the Plan upon satisfaction of the membership requirements set forth in Article II of the Plan. 

 

	 	3.	Service to determine an Employee’s eligibility for participation, eligibility for retirement income and amount of retirement income in the Plan shall include all such service
credited to such Employee under the terms of the Granite Plan, as of December 31, 2003. 

  

	 	4.	 Beginning January 1, 2004, Annual Pay Credits and Interest Credits will be credited to a Member’s Cash Balance Account as described in Article III of the
Plan. Active Members of the Granite Plan who meet the Rule of 70 as of December 31, 2003, and who continue as active Employees on January 1, 2004, will be entitled to an 

	 	 
additional 8% Annual Pay Credit for up to ten years but in no event later than the 2013 Plan Year or until the Member’s Service Termination Date, if
earlier. 

  

	 	5.	The Principal Employer or its duly authorized delegate is authorized to take whatever action is necessary and appropriate to effect the terms of the Board Resolution, including, but
not limited to adopting plan amendments and making changes as may be necessary to this resolution or such amendments in order to maintain the qualified status of the Plan. 

 IN WITNESS WHEREOF, the Board of Directors has caused this instrument to be executed by its
officer duly authorized and its corporate seal to be hereunto affixed, as of the 19th day of November, 2003.

  

			
	CHITTENDEN CORPORATION
		
	 By:
	 	/s/ F. Sheldon Prentice
		 	

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin
	(Corporate Seal)

 AMENDMENT NUMBER FIVE 
 TO THE 
 CHITTENDEN PENSION ACCOUNT PLAN 
 (As Amended and Restated Effective January 1, 1997) 
 WHEREAS, Chittenden
Corporation (the “Principal Employer”) established the Chittenden Pension Account Plan (the “Plan”); and 
 WHEREAS,
Section 14.1 of the Plan permits the Principal Employer to amend the Plan by means of a resolution of the Board of Directors (the “Board”); and 
 WHEREAS, the Board has authorized the amendment of the Plan to permit the participation of employees of Granite State Bankshares, Inc.; 
 NOW, THEREFORE, the Plan shall be amended, as follows, effective January 1, 2004; 
  

	 	1.	Section 2.1, “Membership,” shall be amended by adding the following paragraph (h) to the end thereof: 

  

	 	“(h)	 Notwithstanding the foregoing, effective January 1, 2004, an Employee who was a participant of The Retirement Plan for Granite State Bankshares, Inc. in
RSI Retirement Trust immediately prior to January 1, 2004, shall become a Member of the Plan on January 1, 2004, provided he is an Employee on such date. Further, any employees of Granite State Bankshares, Inc. who, as a result of the VCP
filing for The Retirement Plan of Granite State Bankshares, Inc. in RSI Retirement Trust (the “Granite Plan”), which is under consideration by the Internal Revenue Service, are retroactively deemed to be participants of the Granite Plan,
shall become Members of the Plan on January 1, 2004, provided they are Employees on such date. Each other 

	 	 
Employee shall become a Member of the Plan upon satisfaction of the membership requirements set forth in paragraph (b) above.”

  

	 	2.	Section 2.2 , “Participation Service”, shall be amended by adding the following paragraph (j) to the end thereof: 

  

	 	“(j)	Effective January 1, 2004, Employees who were employed by Granite State Bankshares, Inc. as of December 31, 2003, and who continue as Employees on January 1, 2004,
shall receive credit for purposes of this Section 2.2 for any service credited under the terms of The Retirement Plan for Granite State Bankshares, Inc. in RSI Retirement Trust which would have been considered Participation Service in
accordance with this Section 2.2.” 

  

	 	3.	Section 2.3, “Eligibility Service”, shall be amended by adding the following paragraph (n) to the end thereof: 

  

	 	“(n)	Notwithstanding anything herein to the contrary, an Employee who was an employee of Granite State Bankshares, Inc. before it was acquired by the Employer, shall receive credit for
purposes of this Section 2.3 for any service credited under the terms of The Retirement Plan for Granite State Bankshares, Inc. in RSI Retirement Trust which would have been considered Eligibility Service in accordance with paragraph
(a) of this Section 2.3.” 

  

	 	4.	Section 2.4, “Benefit Service”, shall be amended by adding the following paragraph (o) to the end thereof: 

  

	 	“(o)	 An Employee who was employed by Granite State Bankshares, Inc. on December 31, 2003, and who continues as an Employee on January 1, 2004, shall receive
credit for purposes of this Section 2.4 for all service credited under the terms of The Retirement Plan 

	 	 
for Granite State Bankshares, Inc. in RSI Retirement Trust which would have been considered Benefit Service in accordance with paragraphs (a) and
(b) of this Section 2.4.” 

  

	 	5.	Section 3.3, “Annual Pay Credits”, shall be amended by adding the following subparagraph (b)(iii): 

  

	 	“(iii)	If a Member participated in The Retirement Plan of Granite State Bankshares, Inc. in RSI Retirement Trust as of December 31, 2003, and is an Employee and participates in this
Plan on January 1, 2004, then such Member shall be entitled to the additional Annual Pay Credit below if his attained age plus years of Eligibility Service as of December 31, 2003, equals 70 or more. 

 Such additional Annual Pay Credit shall be equal to 8% of the Member’s Compensation for the Plan Year, provided he has completed at least 1,000
Hours of Service during such Plan Year. The additional 8% Annual Pay Credit will be credited for up to ten years following the Member’s initial eligibility therefore (in this case the 2004 Plan Year), but in no event later than the 2013 Plan
Year, or until such Member’s Service Termination Date, if earlier.” 
 IN
WITNESS WHEREOF, the Principal Employer has caused this amendment to be executed this 19th day of November 2003.

  

			
	CHITTENDEN CORPORATION
		
	 By:
	 	/s/ F. Sheldon Prentice
		 	

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin

 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 FOR THE  
 CHITTENDEN PENSION ACCOUNT PLAN 
 WHEREAS, Chittenden Corporation (the
“Principal Employer”) heretofore adopted the Chittenden Pension Account Plan (the “Plan”); and 
 WHEREAS, Article XIV
permits the Principal Employer to amend the Plan by resolution of the Board of Directors (the “Board”) from time to time; and 
 WHEREAS, the Principal Employer has acquired National Pension Services, Inc. effective March 29, 2004; and 
 WHEREAS, the
Principal Employer wishes to permit participation in the Plan for individuals who were employed by National Pension Services, Inc. immediately prior to the aforementioned acquisition and who become employees of the Principal Employer as a result of
the acquisition; 
 NOW, THEREFORE, the Board, at a meeting held on April 21, 2004 and at which a quorum was present and acting
throughout, hereby authorizes the Principal Employer to take the following action: 
  

	 	1.	To permit the participation of individuals who were employed by National Pension Services, Inc. on March 29, 2004 and who become employees of the Principal Employer as a result
of the acquisition to participate in this Plan in accordance with the following: 

  

	 	(a)	Such individuals who become Employees as a result of the aforementioned acquisition shall have their service with National Pension Services, Inc. credited under this Plan for
purposes of determining their Participation Service, Eligibility Service and Benefit Service. 

	 	(b)	The Opening Balance Credit for individuals described in the preceding paragraph shall be zero dollars. 

  

	 	2.	The Principal Employer or its duly authorized delegate is authorized to take whatever action is necessary and appropriate to effect the terms of the Board Resolution, including, but
not limited to adopting Plan amendments and making changes as may be necessary to this resolution or such amendments in order to maintain the qualified status of the Plan. 

 IN WITNESS WHEREOF, the Board of Directors has caused this instrument to be executed by its
officer duly authorized and its corporate seal to be hereunto affixed, as of the 21st day of April, 2004.

  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice
		 	

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin
	(Corporate Seal)

 AMENDMENT NUMBER SIX 
 TO THE 
 CHITTENDEN PENSION ACCOUNT PLAN  
 Amended and Restated Effective January 1, 1997 
 (Including Amendments
through January 2000) 
 WHEREAS, Chittenden Corporation (the “Principal Employer”) established the Pension Account Plan (the
“Plan”); and 
 WHEREAS, Section 14.1 of the Plan permits the Principal Employer to amend the Plan by means of a resolution of
the Board of Directors (the “Board”); and 
 WHEREAS, the Principal Employer has entered into an agreement whereby the Principal
Employer acquired National Pension Services, Inc. as of March 29, 2004; and 
 WHEREAS, the Board has authorized the amendment of the
Plan to allow individuals employed by National Pension Services, Inc. as of the date of the aforementioned acquisition who become employees of the Principal Employer as a result of the acquisition to participate in the Plan once such individuals
satisfy the Plan’s eligibility requirements, in accordance with its Resolution attached hereto; 
 NOW, THEREFORE, the Plan is amended
as follows, effective as of March 29, 2004: 
  

	 	1.	Section 2.2, “Participation Service,” shall be amended by adding the following paragraph (k) at the end thereof: 

  

	 	“(k)	Individuals who were employed by National Pension Services, Inc. on March 29, 2004 and became Employees of the Employer on March 29, 2004 shall receive credit for any
service with National Pension Services, Inc. that would be considered Participation Service in accordance with the provision of this Section 2.2.” 

  

 1 

	 	2.	Section 2.3, “Eligibility Service,” shall be amended by adding the following paragraph (o) to the end thereof: 

  

	 	“(o)	Individuals who were employed by National Pension Services, Inc. on March 29, 2004 and became Employees of the Employer on March 29, 2004 shall receive credit for purposes
of this Section 2.3 for any service with National Pension Services, Inc. that would have been considered Eligibility Service in accordance with paragraph (a) of this Section 2.3.” 

  

	 	3.	Section 2.4, “Benefit Service,” shall be amended by adding the following paragraph (p) to the end thereof: 

  

	 	“(p)	Individuals who were employed by National Pension Services, Inc. on March 29, 2004 and became Employees of the Employer on March 29, 2004 shall receive credit for purposes
of this Section 2.4 for any service with National Pension Services, Inc. which would have been considered Benefit Service in accordance with paragraphs (a) and (b) of this Section 2.4.” 

  

	 	4.	Appendix A, “Service and Benefits for Employees of Acquired Companies,” shall be amended by adding the following to the end thereof: 

  

					
	  	  	 “Earliest Possible Service Date

	Former Company	  	Eligibility Date	  	Benefit Service
	 National Pension Services, Inc.
	  	 See Section 2.3
	  	 See Section 2.4”

  

 2 

 IN WITNESS WHEREOF, the Principal Employer has
caused this amendment to be executed by its officer thereunto duly authorized and its corporate seal to be hereunto affixed as of the 21st day of April 2004. 
  

			
	CHITTENDEN CORPORATION
		
	 By:
	 	/s/ F. Sheldon Prentice
		 	

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin
	(Corporate Seal)

  

 3 

 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 WHEREAS, Chittenden Corporation (the
“Corporation”) heretofore adopted the Chittenden Incentive Savings and Profit Sharing Plan (the “Savings Plan”), the Chittenden Pension Account Plan (the “Pension Account Plan”) and the Chittenden Corporation Tax Free
Spending Account Plan (the “TFSA Plan”); and 
 WHEREAS, Section 13.2 of the Savings Plan, Article XIV of the Pension Account
Plan, and Section 7.12 of the TFSA Plan permit the Corporation to amend the plans by resolution of the Board of Directors of the Corporation (the “Board”) from time to time; and 
 WHEREAS, the Corporation has previously adopted changes to its retirement program which included freezing the Pension Account Plan effective
December 31, 2005 and replacing future benefit accruals under such plan with additional core contributions under the Savings Plan effective January 1, 2006; and 
 WHEREAS, the Corporation now wishes to further amend the Savings Plan to add an Employee Stock Ownership Plan feature effective January 1, 2006; and 
 WHEREAS, the Corporation also wishes to formally appoint the Retirement Committee as “plan administrator” (as defined under the Employee
Retirement Income Security Act of 1974, “ERISA”) under the Savings Plan and Pension Account Plan, and also to delegate the authority to such committee as well as the administrative committee under the TFSA Plan to adopt future amendments
to such plans to ensure the continued qualification of the plans under Internal Revenue Code (“IRC”) Section 401 (a), as applicable, and to comply with such other IRC, ERISA or legal requirements as may apply, or to make such other
non-substantive or administrative changes as it deems appropriate, provided the amendments do not materially increase the Corporation’s liabilities under such plan and meet such other guidelines as may be adopted by the Board; 
  

 - 1 - 

 AMENDMENT NUMBER SEVEN 
 TO THE 
 CHITTENDEN PENSION ACCOUNT PLAN 
 Amended and Restated Effective January 1,1997  
 (Including Amendments
through January 2000) 
 WHEREAS, Chittenden Corporation (the “Principal Employer”) established the Pension Account Plan (the
“Plan”); and 
 WHEREAS, Section 14.1 of the Plan permits the Principal Employer to amend the Plan by means of a resolution of
the Board of Directors (the “Board”); and 
 WHEREAS, the Board has authorized the amendment of the Plan to provide cost of living
adjustments to members of the Plan who retired prior to 2004 and are currently receiving annuity payments; 
 NOW, THEREFORE, the Plan is
amended as follows, effective as of September 1, 2004: 
  

	1.	Article X (Payment of Retirement Benefits) is amended by adding the following new Section 10 12 to the end thereof: 

  

	 	“10.12	2004 Cost of Living Adjustment. The monthly retirement income payable to a Member (or such Member’s surviving Spouse or Beneficiary, if applicable) under the Plan:

  

	 	(a)	whose Annuity Starting Date was prior to January 1, 2004, 

  

 1 

	 	(b)	who retired from the Participating Employer and was entitled to normal, early or postponed retirement income under Article IV, V or VI, respectively, or whose surviving Spouse or
other Beneficiary was entitled to a pre-retirement death benefit under Section 9.2, and 

  

	 	(c)	whose retirement income was not paid as a single lump sum payment but is currently being paid as of September 1, 2004 under one of the life annuity forms of payment under the
Plan 

 shall be increased by 7% if the Member’s Annuity Starting Date was prior to January 1, 2000 or 3% if the
Member’s Annuity Starting Date was on or after January 1,2000 and prior to January 1,2004. The above increase shall be applied beginning with the monthly retirement income payable as of September 1, 2004 
 Notwithstanding the foregoing, with respect to a retired Member described above for whom an annuity was purchased from Manulife Insurance Company, the 3%
or 7% increase in the Member’s retirement income, as applicable, shall be paid to the retired Member from the Plan in one annual payment at the beginning of each year during which monthly annuity payments are due. However, for 2004, the
increase for the Member’s monthly retirement income for the period September 1, 2004 through December 31, 2004 shall be paid to the Member in September, 2004.” 
  

 2 

 IN WITNESS WHEREOF, the Principal Employer has caused this amendment to be executed by its officer
thereunto duly authorized and its corporate seal to be hereunto affixed as of the 27th day of August, 2004. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin
	(Corporate Seal)

  

 3 

 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 WHEREAS, Chittenden Corporation (the “Corporation”) heretofore
adopted the Chittenden Pension Account Plan (the “Chittenden Plan”); and 
 WHEREAS, the Corporation has acquired Granite State
Bankshares, Inc (“Granite Bank”) effective February 28, 2003; and 
 WHEREAS, as a result of such acquisition, the Corporation
has become the sponsoring employer of The Retirement Plan of Chittenden Corporation for Former Granite Bankshares, Inc. Participants, as amended and restated as of January 1, 2004 (the “Granite Plan”, formerly named The Retirement
Plan of Granite Bankshares, Inc in RSI Retirement Trust); and 
 WHEREAS, Article 14 1 of the Chittenden Plan and Section 13.1 of the
Granite Plan permits the Corporation to amend the Plan by resolution of the Board of Directors of the Corporation (the “Board”) from time to time; and 
 WHEREAS, the Corporation has previously authorized participation of former Granite Bank employees who became employees of the Corporation in the Chittenden Plan effective January 1, 2004; and 
 WHEREAS, as a result of an operational deficiency which was discovered under the Granite Plan, the Corporation submitted a proposed amendment to the
Internal Revenue Service (“IRS”) to voluntarily correct such deficiency by extending eligibility, retroactive to October 1, 1987, to hourly paid employees who satisfied the Granite Plan’s one year eligibility service requirement;
and 
 WHEREAS, the Corporation received a favorable compliance statement from the IRS approving the proposed correction, subject to the
adoption of the proposed amendment described above; 
  

 - 1 - 

 WHEREAS, the Corporation now wishes to approve such amendment and to also merge the Granite Plan into the
Plan, effective September 30, 2004; 
 NOW, THEREFORE, the Board, at a meeting held on September 15, 2004, and at which a quorum
was present and acting throughout, hereby authorizes the Corporation to take the following action: 
  

	 	1.	The Granite Plan shall be amended effective October 1, 1987 to permit hourly employees of Granite Bank who satisfy the Granite Plan’s one year of eligibility service
requirement to participate in the Granite Plan. 

  

	 	2.	The Granite shall be merged into the Chittenden Plan effective September 30, 2004. 

  

	 	3.	All accrued benefits and liabilities held under the Granite Plan which are attributable to participants and beneficiaries under such plan, and legal ownership of all assets held
under the Granite Plan shall be transferred to the Chittenden Plan as of September 30, 2004. 

  

	 	 4.
	 As of September 30, 2004, each participant and beneficiary under the Granite Plan shall be entitled to a benefit
under the Chittenden Plan at least equal to the accrued benefit he would have been entitled to under the Granite Plan immediately prior1 to September 30, 2004, as if the Granite Plan had then terminated, in accordance with Section 401(a)(12) of the Internal Revenue Code (the “Code”). 

  

	 	5.	The Granite Plan accrued benefit as of September 30, 2004 shall be determined for all active Participants in the Plan as of January 1, 2004 and actuarially converted to an
Opening Balance Credit under the Plan as of September 30, 2004 based on the Employee’s attained age in years and completed months as of September 30, 2004. This calculation will be performed using an interest rate of 6.5% per
annum and mortality assumption described in Section 1 2(b) of the Plan. 

  

 - 2 - 

	 	6.	Except for participants described in the preceding paragraph, for any terminated vested. participant, retiree, or beneficiary of the Granite Plan is receiving or will be entitled to
receive future benefit payments from the Granite Plan as of September 30, 2004, any such benefit payments due after October 1, 2004 will be paid from the Chittenden Plan. The final monthly benefit payment due for the month of October 2004
shall be paid from the Granite Plan as of September 30, 2004. 

  

	 	7.	Notwithstanding the foregoing, to the extent required by Code Section 411(d)(6) and regulations thereunder, the benefits, rights and features attributable to benefits
transferred from the Granite Plan to the Chittenden Plan shall be preserved and maintained under the Chittenden Plan. 

  

	 	8.	Unless specifically indicated otherwise, the terms of the Chittenden Plan shall apply to all participants, former participants, and beneficiaries with respect to their benefits that
are transferred from the Granite Plan to the Chittenden Plan. 

  

	 	9.	The Corporation or its duly authorized delegate is authorized to take whatever action is necessary and appropriate to effect the terms of the Board Resolution, including, but not
limited to executing amendments to the Granite Plan and the Chittenden Plan and making changes as may be necessary to such amendments in order to maintain the qualified status of the Granite Plan and Chittenden Plan. 

 IN WITNESS WHEREOF, the Board of Directors has caused this instrument to be executed by its officer duly authorized and its corporate seal to be hereunto
affixed, as of the 15th day of September, 2004. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin

  

 - 3 - 

 AMENDMENT NUMBER EIGHT 
 TO THE 
 CHITTENDEN PENSION ACCOUNT PLAN 
 As Amended and Restated Effective January 1, 1997 
 (Including Amendments through
January 1, 2000) 
 WHEREAS, Chittenden Corporation (the “Principal Employer”) established the Chittenden Pension Account
Plan (the “Plan”); and 
 WHEREAS, Section 14.1 of the Plan permits the Principal Employer to amend the Plan by means of a
resolution of the Board of Directors (the “Board”); and 
 WHEREAS, the Board has previously approved an amendment of the Plan to
permit the participation of former employees of Granite State Bankshares, Inc effective January 1, 2004; and 
 WHEREAS, the Board now
desires to authorize the merger of the Retirement Plan of Chittenden Corporation for Former Granite State Bankshares, Inc. Participants, as amended and restated as of January 1, 2004, (the “Granite Plan”) into the Plan effective
September 30, 2004; 
 NOW, THEREFORE, the Plan shall be amended, as follows, effective September 30, 2004; 
  

	1.	Section 3.2, “Opening Balance Credit”, shall be amended by adding the following paragraph (d) to the end thereof: 

  

	 	“(d)	 Effective September 30, 2004, an Opening Balance Credit shall be determined for each Participant who is an active Employee as of January 1, 2004, and for
whom a benefit was transferred from The Retirement Plan of Chittenden Corporation for Former Granite State Bankshares, Inc. Participants (the “Granite Plan”) to this Plan on or about September 30, 

	 	 
2004 Such Opening Balance Credit as of September 30, 2004, shall be based on the single sum Actuarial Equivalent of the Participant’s accrued
benefit determined as of September 30, 2004, under the terms of the Granite Plan, calculated on the basis of the Participant’s age in years and completed months as of September 30, 2004. The single sum Actuarial Equivalent for the
purpose of this paragraph (d) is based on an interest rate of 6.5% and the mortality assumption described in Section 1.2(b).” 

  

	2.	Section 3.4, “Interest Credits”, shall be amended by adding the following paragraph to the end thereof: 

 “Notwithstanding the foregoing, with respect to any former Granite Plan participant for whom an Opening Balance Credit was made as of
September 30, 2004 pursuant to Section 3.3(d), a partial year’s Interest Credit based on the Member’s Opening Balance Credit shall be added to the Member’s Cash Balance Account as of the last day of the Plan Year (or the
Member’s Annuity Starting Date, as applicable, if earlier) The interest rate used to determine the partial year’s Interest Credit shall equal one-fourth of the interest rate described above” 
  

	3.	Section 4.3, “Minimum Benefit”, shall be amended by adding the following paragraph to the end thereof 

 “Notwithstanding the foregoing, for any Member who participated in the Granite Plan, the Accrued Benefit due any such member under this Plan shall
not be less than the Member’s accrued benefit determined under the provisions of the Granite Plan as in effect on September 30, 2004.” 

	4.	Section 5.3, “Minimum Early Retirement Benefits,” shall be amended by adding the following paragraph to the end thereof: 

 “Notwithstanding the foregoing, for any Member who participated in the Granite Plan, the early retirement income payable as a life annuity under the
Plan for any such Member, shall not be less than his accrued benefit determined under the provisions of the Granite Plan, as in effect on September 30, 2004, adjusted to reflect early receipt of such benefits based on the early retirement
reduction factors specified in the Granite Plan as in effect on September 30, 2004” 
  

	5.	Appendix A, “Service and Benefits for Employees of Acquired Companies”, shall be amended by adding the following to the end thereof: 

  

					
	 	  	 “EARLIES POSSIBLE SERVICE DATE

	 FORMER COMPANY
	  	 ELIGIBILITY
 DATE
	  	 BENEFIT
 SERVICE

	 Granite State Bankshares, Inc.
	  	See Section 2.3	  	See Section 2.4”

  

	6	A new Appendix E shall be added as follows (see next page): 

 “CHITTENDEN PENSION ACCOUNT PLAN 
 APPENDIX E - SPECIAL BENEFIT PROVISIONS FOR 
 CERTAIN EMPLOYEES WHO ARE ENTITLED TO
BENEFITS UNDER 
 THE RETIREMENT PLAN OF CHITTENDEN CORPORATION FOR  
 FORMER GRANITE STATE BANKSHARES INC. PARTICIPANTS 
 Prior to January 1, 2004, employees of Granite State Bankshares, Inc. (hereinafter referred to as “Granite Bank”) were eligible to participate in The Retirement Plan of Chittenden Corporation for Former
Granite State Bankshare, Inc. Participants (hereinafter1 referred to as the “Granite Plan”, previously
named the Retirement Plan of Granite State Bankshares, Inc. in RSI Retirement Trust). Effective September 30, 2004, the Granite Plan will be merged into this plan The purpose of this Appendix is to document the aforementioned transaction and to
describe certain provisions relating specifically to the participation of Granite Bank employees. 
  

	1.	Effective Date and Transfer of Assets 

 Effective December 31, 2003, benefit accruals under the Granite Bank Plan ceased. All
benefits, assets, and liabilities attributable to former1 Granite Bank employees, terminated vested employees,
retirees and beneficiaries under such plan shall be transferred to and shall be maintained under this Plan on (or about) September 30, 2004 in accordance with the further provisions of this Appendix E and the Plan. 
  

	2.	Membership 

 Former employees of Granite Bank shall
become a Member of this Plan in accordance with the provisions of Article II, as amended. 
  

	3.	Early Retirement Eligibility 

 For an Employee with
respect to whom benefit accruals are transferred from the Granite Plan to this Plan, such Employee shall be entitled to retire (but only with respect to such benefit accruals transferred from the Granite Plan to this Plan) on an early retirement
date upon the earliest of: 
  

	 	(a)	the date on which his attained age and Eligibility Service equals or exceeds 75; and 

  

 E-1 

	 	(b)	for an Employee who was a participant of the First National Bank of Peterborough Pension Plan as of December 31, 1998, the date on which such Employee attains age 54.

  

	4.	Lump Sum Benefits Payable During 2004 and 2005 

 Actuarial equivalence for the purpose of determining the lump sum value of a Member’s Accrued Benefit under the Plan for the period beginning October 1, 2004 and ending September 30, 2005 shall be calculated on the basis of
the mortality assumption described in Section 1.2(b) and the interest rate assumption in (a) or (b) below, whichever produces the greatest amount: 
  

	 	(a)	the applicable interest rate promulgated by the IRS under Code Section 417(e)(3) as in effect for August 2004; and 

  

	 	(b)	the applicable interest rate described in Section 1.2(b) in effect as of the date the lump sum payment is made 

  

	5.	Payment of Retirement Benefits 

  

	 	(a)	Subject to Section 3 2(d), for a former participant or beneficiary of the Granite Plan who was receiving or was entitled to receive future benefits from the Granite Plan as of
September 30, 2004, any such benefits due after October 1, 2004, will be paid from this Plan. The final monthly benefit payment from the Granite Plan shall be the payment due for the month of October 2004, which shall be paid from the
Granite Plan as of September 30, 2004. 

  

	 	(b)	 Subject to the provisions of Article X, a Member who was a participant of the Granite Plan as of September 30, 2004, and entitled to a benefit thereunder, may
elect, in accordance with the applicable provisions of Article X to have his benefit under the Plan payable as a life annuity but guaranteed for a period of 60 or 180 months. Should the member die 

  

 E-2 

	 	 
before the minimum number of payments is made, the balance of such monthly retirement payments shall be paid to his Beneficiary either by continuing the same
monthly payments or by commuting to a single lump sum, as elected by the Beneficiary. If the designated Beneficiary should die before the guaranteed total of monthly payments are made, any remaining payments shall commuted to an Actuarial Equivalent
lump sum and paid to the Beneficiary’s estate. 

 This form of payment shall only be available with respect to the
portion of a Member’s benefit that accrued under the Granite Plan as of September 30, 2004. 
  

	6.	Miscellaneous 

  

	 	(a)	To the extent required by Code Section 411(d)(6) and regulations thereunder, the benefits, rights, and features attributable to benefits transferred from the Granite Plan to
this Plan shall be preserved hereunder in accordance with the provisions of this Appendix and the provisions of this Plan. 

  

	 	(b)	Unless specifically indicated otherwise, the terms of this Plan shall apply to all employees, terminated vested employees, retirees, and beneficiaries with respect to whom benefits
were transferred from the Granite Plan to this Plan on or about September 30, 2004. 

  

 E-3 

 IN WITNESS WHEREOF, the Principal Employer has caused this amendment to be executed this 15th day of
September, 2004. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin
	(Corporate Seal)

  

 57 

 CHITTENDEN CORPORATION 
 BOARD OF DIRECTORS RESOLUTION 
 WHEREAS, Chittenden Corporation (the “Corporation”) heretofore
adopted the Chittenden Pension Account Plan (the “Pension Plan”) and the Chittenden Incentive Savings and Profit Sharing Plan (the “Savings Plan”); and 
 WHEREAS, Article 14.1 of the Pension Plan and Section 13.2 of the Savings Plan permit the Corporation to amend the plans by resolution of the Board
of Directors of the Corporation (the “Board”) from time to time; and 
 WHEREAS, the Corporation has reviewed its retirement
program objectives and possible design alternatives intended to achieve such objectives; and 
 WHEREAS, as a result of such review, the
Corporation now wishes to freeze the Pension Plan effective December 31, 2005 and replace future benefit accruals under such plan with additional core contributions under the Savings Plan effective January 1, 2006 and to provide for
certain transition contributions to Pension Plan participants who have at least 5 years of benefit service as of such date; 
 NOW,
THEREFORE, the Board, at a meeting held on May 18, 2005 and at which a quorum was present and acting throughout, hereby authorizes the Corporation to take the following action: 
  

	 	1.	The Pension Plan shall be amended effective December 31, 2005 to freeze participation to those who are actively participating in such plan as of December 31, 2005 and to
discontinue all future Annual Pay Credits for Plan Year 2006 and thereafter. A Pension Plan Member’s Cash Balance Account shall continue to be credited with Interest Credits as provided therein, and all other Pension Plan provisions shall
continue to apply with respect to a Member’s Accrued Benefit thereunder. 

  

	 	2.	The Savings Plan shall be amended and restated effective January 1, 2006 to reflect the changes substantially in the form presented and as summarized on Exhibit 1 as attached
hereto and presented to the Board. 

  

 - 1 - 

	 	3.	The Corporation or its duly authorized delegate is authorized to take whatever action is necessary and appropriate to effect the terms of the Board Resolution, including, but not
limited to executing an amendment and/or restatement to the Pension Plan and Savings Plan, submitting an Application for determination of qualified status for the Savings Plan, making changes as may be necessary to such amendments or restatements in
order to maintain the qualified status of such plan, and communicating the retirement program changes to affected participants as appropriate and in accordance with applicable legal requirements. 

 IN WITNESS WHEREOF, the Board of Directors has caused this instrument to be executed by its
officer duly authorized and its corporate seal to be hereunto affixed, as of the 20th day of May, 2005. 

 

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice

  

	
	ATTEST:
	
	/s/ Mary E. Stanley
	(Corporate Seal)

  

 - 2 - 

 NOW, THEREFORE, the Board, at a meeting held on October 19, 2005 and at which a quorum was present
and acting throughout, hereby authorizes the Corporation to take the following action: 
  

	 	1.	The Savings Plan restatement, a draft of which is available to the Board and which reflects the changes previously adopted, shall be further amended effective January 1, 2006
to add an Employee Stock Ownership Plan (“ESOP”) feature which meets the applicable IRC requirements to qualify as an ESOP under IRC Section 4975(e)(7). The ESOP portion of the Savings Plan shall consist of the portion of each
participant’s vested account which is invested in shares of Corporation stock. It is intended that dividends paid in respect of shares of Corporation stock held by the ESOP shall be deductible by the Corporation pursuant to IRC
Section 404(k). Accordingly, a participant shall be permitted to elect to receive the dividend in cash or reinvest the dividend into shares of Corporation stock under the Savings Plan as prescribed under IRC Section 404(k).

  

	 	2.	The Savings Plan and Pension Account Plan shall be amended to designate the Retirement Committee of the Corporation as “plan administrator” (as defined under ERISA).
Furthermore, the plan administrator under such plans as well as the administrative committee under the TFSA Plan shall be hereby delegated with the authority to adopt future amendments to such plan to ensure the continued qualification of the plans
under Internal Revenue Code (“IRC”) Section 401(a), as applicable, and to comply with such other IRC, ERISA or legal requirements as may apply, or to make such other non-substantive or administrative changes as it deems appropriate,
provided the amendment does not materially increase the Corporation’s liabilities under such plan and meets such other guidelines as may be adopted by the Board. 

  

	 	3.	The Corporation or its duly authorized delegate is authorized to take whatever action is necessary and appropriate to effect the terms of the Board Resolution, including, but not
limited to executing the Savings Plan restatement and the amendments to the TFSA Plan and other employee benefit plans, as necessary, and making such changes to said restatement or amendments as deemed necessary and appropriate to reflect the
foregoing. 

  

 - 2 - 

 IN WITNESS WHEREOF, the Board of Directors has caused this instrument to be executed by its officer duly
authorized and its corporate seal to be hereunto affixed, as of the 19th day of October 2005. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice
		 	

  

	
	ATTEST:
	
	/s/ Eugenie J. Fortin
	(Corporate Seal)

  

 - 3 - 

 CHITTENDEN CORPORATION 
 RETIREMENT COMMITTEE RESOLUTION 
 WHEREAS, Chittenden Corporation (the “Corporation”)
heretofore adopted the Chittenden Pension Account Plan (the “Plan”); and 
 WHEREAS, Section 14.1 of the Plan permits the Plan
Administrator to adopt amendments to the Plan in certain circumstances including amendments to ensure the continued qualification of the Plan under Code Section 401(a); and 
 WHEREAS, the Corporation has previously appointed the Retirement Committee as Plan Administrator under the Plan; and 
 WHEREAS, the Retirement Committee or the Corporation desires to amend the Plan to comply with the with the new automatic rollover rules pursuant to the
requirements of Internal Revenue Code Section 401(a)(31)(B) effective March 28, 2005. 
 NOW, THEREFORE, the Retirement Committee,
by unanimous consent, hereby adopts the following amendment to the Plan: 
  

	 	1.	Pursuant to Code Section 401(a)(31)(B), the Plan shall be amended effective March 28, 2005 to provide for an automatic rollover to an IRA for a Member (or surviving
Spouse) who (a) has an eligible rollover distribution of greater than $1,000 but not more than $5,000 and (b) does not make an election to directly rollover the distribution or to receive the distribution directly within the time period
prescribed under the Plan. 

  

	 	2.	The Corporation or its duly authorized delegate is authorized to take whatever action is necessary and appropriate to effect the terms of the Resolution, including executing the
amendment to the Plan as necessary and appropriate to reflect the foregoing. 

  

 - 1 - 

 IN WITNESS WHEREOF, the Retirement Committee has
caused this instrument to be executed by its officer duly authorized and its corporate seal to be hereunto affixed, as of the 22nd day of December, 2005. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ Sarah P. Merritt
		
	By:	 	/s/ Debra S. Dayman

  

 - 2 - 

 AMENDMENT NUMBER NINE 
 TO THE 
 CHITTENDEN PENSION ACCOUNT PLAN 
 Amended and Restated Effective January 1, 1997 
 (Including Amendments through January 2000) 
 WHEREAS, Chittenden Corporation (the
“Principal Employer”) established the Pension Account Plan (the “Plan”); and 
 WHEREAS, Section 14.1 of the Plan
permits the Principal Employer to amend the Plan by means of a resolution of the Board of Directors (the “Board”); and 
 WHEREAS,
the Board has adopted changes to its retirement program which included freezing the Plan effective December 31, 2005; and 
 WHEREAS,
the Board has also formally appointed the Retirement Committee as “plan administrator” under the Plan which, pursuant to the terms of the Plan, has the authority to adopt amendments to the Plan in limited circumstances, as described
therein, including amendments necessary to ensure the continued qualification of the Plan under Internal Revenue Code (“IRC”) Section 401(a); and 
 WHEREAS, the Retirement Committee has approved an amendment to the Plan to comply with the new automatic rollover rules pursuant to the requirements of Internal Revenue Code Section 401(a)(31)(B). 
 NOW, THEREFORE, the Plan shall be amended as follows: 
  

	 	1.	The “Preamble” to the Plan shall be amended by adding the following paragraph to the end thereof: 

 “Effective December 31, 2005, the Plan is hereby amended to freeze participation to those who are actively Members as of December 31, 2005
and to discontinue all future Annual Pay Credits beginning with Plan Year 2006 and all Plan Years thereafter. However, all other Plan provisions shall continue to apply 

  

 1 

 
with respect to a Member’s Accrued Benefit. Accordingly, the Member’s Cash Balance Account shall continue to be credited with Interest Credits as
provided in Section 3.4, and the Member shall continue to earn Eligibility Service as provided in Section 2.3.” 
  

	 	2.	Section 1.31 (Plan Administrator) is amended effective October 19, 2005 by replacing “Principal Employer” with “Retirement Committee.”

  

	 	3.	Section 2.1 (Membership) shall be amended effective December 31, 2005 by adding the following paragraph (i) to the end thereof: 

 “(i) Notwithstanding any other provision of the Plan to the contrary, no Employee, who is not already an active Member as of December 31, 2005,
shall be eligible to participate in the Plan.” 
  

	 	4.	Section 3.3 (Annual Pay Credits) shall be amended effective December 31, 2005, by adding the following subsection (d) to the end thereof: 

 “(d) Notwithstanding any Plan provision to the contrary, effective with the Plan Year beginning January 1, 2006, there shall be no further
Annual Pay Credits made to any Member’s Cash Balance Account.” 
  

	 	5.	Article VIII (Reemployment) is amended by adding the following new Section 8.4 to the end thereof: 

 “8.4 Reemployment After December 31, 2005. Notwithstanding Sections, 8.1, 8.2 and 8.3, no Employee who is reemployed by an Employer after
December 31, 2005, whether before or after an Annuity Starting Date, shall accrue additional benefits with respect to such period of reemployment. Accordingly, no Opening Balance Credit or Cash Balance Account shall be established for such
Employee upon reemployment, and no future Annual Pay Credits shall be made on behalf of such Employee.” 
  

 2 

	 	6.	Section 10.9 (Direct Rollovers from the Plan) shall be amended by adding the following paragraph to the end thereof: 

 “Pursuant to Code Section 401(a)(31)(B), in the event of a mandatory cashout distribution under Section 10.9(b) which is an eligible
rollover distribution in an amount greater than $1,000 but not greater than $5,000, if the Member (or surviving Spouse) does not elect to have such distribution paid directly to an eligible retirement plan specified by the Member (or surviving
Spouse, if applicable) in a direct rollover or to receive the distribution directly in accordance with this Section, then the Plan Administrator will pay the distribution in a direct rollover to an individual retirement plan designated by the Plan
Administrator in accordance with Department of Labor Regulation Section 2550.404a-2.” 
  

	 	7.	Article XI (Administration of the Plan) is amended by replacing “Principal Employer” with “Plan Administrator” in each place such term appears in such Article,
except for the second sentence of the second paragraph of Section 11.1. 

 IN WITNESS WHEREOF, the Principal Employer has caused this amendment to be executed by its officer thereunto duly authorized and its corporate seal to be hereunto affixed as of the 23rd day of December 2005. 
  

			
	CHITTENDEN CORPORATION
		
	By:	 	/s/ F. Sheldon Prentice
		 	S.V.P., General Counsel & Secretary

  

 3

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