Document:

The PMI Group, Inc. Retirement Plan

 Exhibit 10.7 
 EXECUTION COPY 
 THE PMI GROUP, INC. RETIREMENT PLAN 
 (September 1, 2007 Restatement) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	INTRODUCTION	  	1
		
	ARTICLE 1 DEFINITIONS	  	2
			
	 1.01
	  	“Account”	  	2
	 1.02
	  	“Accrued Benefit”	  	2
	 1.03
	  	“Active Participant”	  	3
	 1 04
	  	“Actuarial Equivalent”	  	3
	 1.05
	  	“Actuary”	  	3
	 1.06
	  	“Adjustment Factor”	  	3
	 1.07
	  	“Affiliated Employer”	  	4
	 1.08
	  	“Annual Allocation”	  	4
	 1.09
	  	“Applicable Interest Rate” ,	  	4
	 1.10
	  	“Applicable Mortality Table”	  	4
	 1.11
	  	“Beneficiary”	  	4
	 1.12
	  	“Benefit Accrual Service”	  	5
	 1.13
	  	“Benefit Commencement Date”	  	5
	 1.14
	  	“Board” or “Board of Directors”	  	5
	 1.15
	  	“Break in Service”	  	5
	 1.16
	  	“Code”	  	5
	 1.17
	  	“Committee”	  	5
	 1.18
	  	“Compensation”	  	5
	 1.19
	  	“Compensation Limit”	  	6
	 1.20
	  	“Covered Compensation”	  	6
	 1.21
	  	“Deferred Vested Benefit”	  	6
	 1.22
	  	“Early Retirement Benefit”	  	6
	 1.23
	  	“Early Retirement Date”	  	6
	 1.24
	  	“Effective Date”	  	6
	 1.25
	  	“Eligible Employee”	  	7
	 1.26
	  	“Employee”	  	7
	 1.27
	  	“Employee’s Age”	  	7
	 1.28
	  	“Employer”	  	7
	 1.29
	  	“Employment Commencement Date”	  	7
	 1.30
	  	“ERISA”	  	7
	 1.31
	  	“Final Average Compensation”	  	7
	 1.32
	  	“Fund”	  	8
	 1.33
	  	“Funding Agent”	  	8
	 1.34
	  	“Highly Compensated Employee” and “Highly Compensated Former Employee”	  	8
	 1.35
	  	“Hour of Service”	  	8
	 1.36
	  	“Interest Credits”	  	8
	 1.37
	  	“Joint Annuitant”	  	8
	 1.38
	  	“Joint & Survivor Annuity”	  	8
	 1.39
	  	“Leased Employee”	  	9
	 1.40
	  	“Limitation Year”	  	9

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 1.41
	  	“Maternity or Paternity Absence”	  	9
	 1.42
	  	“Named Fiduciary”	  	9
	 1.43
	  	“Normal Retirement Age”	  	9
	 1.44
	  	“Normal Retirement Benefit”	  	9
	 1.45
	  	“Normal Retirement Date”	  	9
	 1.46
	  	“One-Year Break in Service”	  	9
	 1.47
	  	“Participant”	  	9
	 1.48
	  	“Participating Employer”	  	9
	 1.49
	  	“Participation”	  	9
	 1.50
	  	“PBGC”	  	9
	 1.51
	  	“Period of Benefit Accrual Service”	  	10
	 1.52
	  	“Period of Service”	  	10
	 1.53
	  	“PIN”	  	10
	 1.54
	  	“Plan”	  	10
	 1.55
	  	“Plan Sponsor”	  	10
	 1.56
	  	“Plan Year”	  	10
	 1.57
	  	“Postponed Retirement Benefit”	  	10
	 1.58
	  	“Postponed Retirement Date”	  	10
	 1.59
	  	“Predecessor Employer”	  	10
	 1.60
	  	“Predecessor to this Plan”	  	10
	 1.61
	  	“Qualified Election”	  	10
	 1.62
	  	“Qualified Joint & Survivor Annuity”	  	11
	 1.63
	  	“Qualified Preretirement Survivor Annuity”	  	11
	 1.64
	  	“Reemployment Date”	  	11
	 1.65
	  	“Retirement Date”	  	11
	 1.66
	  	“Severance Period”	  	11
	 1.67
	  	“Spouse”	  	12
	 1.68
	  	“Termination”	  	12
	 1.69
	  	“Termination Date”	  	12
	 1.70
	  	“Trust”	  	12
	 1.71
	  	“Trustee”	  	12
	 1.72
	  	“Year of Benefit Accrual Service”	  	12
	 1.73
	  	“Year of Vesting Service”	  	12
		
	ARTICLE 2 SERVICE COUNTING RULES	  	14
			
	 2.01
	  	Period of Service — General Rule	  	14
	 2.02
	  	Period of Service — Computation	  	14
	 2.03
	  	Benefit Accrual Service	  	15
	 2.04
	  	Service — General Rule	  	15
		
	ARTICLE 3 ELIGIBILITY FOR PARTICIPATION AND TRANSFERS	  	16
			
	 3.01
	  	Eligibility to Become a Participant	  	16

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	  	  	 	  	Page
	 3.02
	  	Transfer to Another Plan	  	16
		
	ARTICLE 4 RETIREMENT ELIGIBILITY AND SUSPENSION OF BENEFITS	  	17
			
	 4.01
	  	Retirement	  	17
	 4.02
	  	Suspension of Benefits — Postponed Retirement	  	17
	 4.03
	  	Suspension of Benefits — Rehires	  	17
	 4.04
	  	Suspension of Benefit Notice	  	17
	 4.05
	  	Section 203(a)(3)(B) Service	  	17
	 4.06
	  	Recommencement of Benefits	  	18
	 4.07
	  	Required Commencement at Age 70 1/2	  	18
	 4.08
	  	Required Commencement — Conditions	  	18
	 4.09
	  	Blocking	  	18
		
	ARTICLE 5 FINAL AVERAGE COMPENSATION AMOUNT OF RETIREMENT BENEFIT	  	19
			
	 5.01
	  	Normal Retirement Benefit	  	19
	 5.02
	  	Postponed Retirement Benefit	  	20
	 5.03
	  	Early Retirement Benefit	  	20
	 5.04
	  	Accrued Benefit — Participant Who Has Attained Retirement Age	  	22
	 5.05
	  	Accrued Benefit — Participant Who has Not Attained Normal Retirement Age	  	22
	 5.06
	  	Adjustment for Suspension of Benefits	  	23
	 5.07
	  	Freeze of Article 5 Benefit Accrual	  	23
		
	ARTICLE 6 CASH BALANCE AMOUNT OF RETIREMENT BENEFIT	  	24
			
	 6.01
	  	Cash Balance Accounts	  	24
	 6.02
	  	Annual Allocation to Accounts	  	24
	 6.03
	  	Interest Credits	  	24
	 6.04
	  	Normal Retirement Benefit	  	24
	 6.05
	  	Postponed Retirement Benefit	  	25
	 6.06
	  	Early Retirement Benefit	  	25
	 6.07
	  	Participant Who has Not Attained Normal Retirement Age	  	25
		
	ARTICLE 7 REQUIRED BENEFIT LIMITATIONS	  	26
			
	 7.01
	  	Code Section 415 Limits	  	26
	 7.02
	  	Special Limitation for 25 Highest-Paid Employees	  	28
	 7.03
	  	Exceptions to Special Limitation	  	28
	 7.04
	  	Distributions Allowed if Security Furnished	  	28
	 7.05
	  	Plan Termination Limit	  	29
	 7.06
	  	Highly Compensated Employee or Former Employee	  	29
	 7.07
	  	Definitions	  	29

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	ARTICLE 8 VESTING	  	31
			
	 8.01
	  	General Rule	  	31
	 8.02
	  	Vesting at Normal Retirement Age	  	31
	 8.03
	  	Vesting Before Normal Retirement Age	  	31
	 8.04
	  	Vesting Upon Plan Termination	  	31
	 8.05
	  	Vesting Service Disregarded	  	31
	 8.06
	  	Repayment of Cash-Out	  	32
	 8.07
	  	Vesting Service	  	33
		
	ARTICLE 9 QUALIFIED PRERETIREMENT SURVIVOR ANNUITY	  	34
			
	 9.01
	  	Preretirement Spousal Death Benefit	  	34
		
	ARTICLE 10 FORMS OF BENEFIT	  	36
			
	 10.01
	  	Qualified Joint & Survivor Annuity	  	36
	 10.02
	  	Involuntary Lump Sum Payment	  	36
	 10.03
	  	Right to Elect	  	36
	 10.04
	  	Election of Forms	  	36
	 10.05
	  	Benefit Commencement	  	37
	 10.06
	  	Optional Forms of Retirement Benefit	  	37
	 10.07
	  	Beneficiary	  	39
	 10.08
	  	Eligible Rollover Distributions	  	39
	 10.09
	  	Minimum Distribution Requirements	  	40
		
	ARTICLE 11 FUNDING	  	47
			
	 11.01
	  	Funding Agreement	  	47
	 11.02
	  	Non-Diversion of the Fund	  	47
		
	ARTICLE 12 PLAN ADMINISTRATION	  	48
			
	 12.01
	  	Appointment of Committee	  	48
	 12.02
	  	Powers and Duties	  	48
	 12.03
	  	Actions by the Committee	  	49
	 12.04
	  	Interested Committee Members	  	50
	 12.05
	  	Indemnification	  	50
	 12.06
	  	Conclusiveness of Action	  	50
	 12.07
	  	Payment of Expenses	  	50
		
	ARTICLE 13 FUNDING POLICY AND CONTRIBUTIONS	  	51
			
	 13.01
	  	Employer Contributions	  	51
	 13.02
	  	Participant Contributions	  	51
	 13.03
	  	Contingent Nature of Contributions	  	51

  

 -iv- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	ARTICLE 14 AMENDMENT, TERMINATION AND MERGER OF THE PLAN	  	52
			
	 14.01
	  	Right to Amend the Plan	  	52
	 14.02
	  	Right to Terminate the Plan	  	52
	 14.03
	  	Allocation of Assets and Surplus	  	52
	 14.04
	  	Plan Mergers, Consolidations, and Transfers	  	52
	 14.05
	  	Amendment of Vesting Schedule	  	53
		
	ARTICLE 15 TOP-HEAVY PLAN PROVISIONS	  	54
			
	 15.01
	  	General Rule	  	54
	 15.02
	  	Vesting Provision	  	54
	 15.03
	  	Minimum Benefit Provision	  	54
	 15.04
	  	Coordination With Other Plans	  	55
	 15.05
	  	Top-Heavy Plan Defined	  	55
	 15.06
	  	Key Employee	  	57
	 15.07
	  	Non-Key Employee	  	57
	 15.08
	  	Collective Bargaining Rules	  	57
		
	ARTICLE 16 MISCELLANEOUS	  	58
			
	 16.01
	  	Limitation on Distributions	  	58
	 16.02
	  	Limitation on Reversion of Contributions	  	58
	 16.03
	  	Voluntary Plan	  	58
	 16.04
	  	Nonalienation of Benefits	  	58
	 16.05
	  	Inability to Receive Benefits	  	59
	 16.06
	  	Missing Persons	  	59
	 16.07
	  	Military Service	  	59
	 16.08
	  	Limitation of Third-Party Rights	  	59
	 16.09
	  	Invalid Provisions	  	59
	 16.10
	  	One Plan	  	59
	 16.11
	  	Use and Form of Words	  	59
	 16.12
	  	Headings	  	60
	 16.13
	  	Governing Law	  	60

  

 -v- 

 INTRODUCTION 
 The PMI Group, Inc., having established The PMI Group, Inc. Retirement Plan (the “Plan”) effective as of April 1, 1995, and having amended and/or restated the Plan on several subsequent occasions,
hereby amends and restates the Plan in its entirety, effective as of September 1, 2007 (except as otherwise provided herein). This amended and restated Plan converts the Plan into a cash balance plan and in addition, is intended as good faith
compliance with the requirements of the Pension Protection Act of 2006 (the “PPA”) and is to be construed in accordance with the PPA and applicable guidance issued thereunder. The Plan is intended to qualify under
Section 401(a) of the Internal Revenue Code of 1986, as amended. 

 ARTICLE 1  
 DEFINITIONS 
  

	1.01	“Account”. shall mean a hypothetical account balance established and maintained for each Participant under the provisions of Article 6. A Participant’s Account
is a nominal account, and is used to determine the amount of retirement benefits payable under Article 6. The Participant shall have no actual individual account, and shall have no claim to any particular assets of the Plan. The Participant’s
Account will be charged with the amount of any distributions paid to him or her under the Plan based on benefits payable under Article 6. 

  

	1.02	“Accrued Benefit”. shall mean the amount of annual pension benefit, payable as a straight life annuity, commencing at Normal Retirement Age, as shall be considered
accrued at any time for a Participant in accordance with the provisions of Article 5, plus the Actuarial Equivalent of the Participant’s Account as shall be considered accrued at any time for a Participant under the provisions of Article 6, if
applicable. 

  

	 	(a)	For a Participant who is an Active Participant on September 1, 2007, and who does not terminate his or her employment on or before December 31, 2010, then pursuant to
Section 5.07 and Section 6.02, the Participant’s Accrued Benefit shall not be less than the sum of: 

  

	 	(1)	The Participant’s Accrued Benefit ending on or before December 31, 2010, as determined in accordance with Article 5 of the Plan, plus 

  

	 	(2)	The Participant’s Accrued Benefit beginning after December 31, 2010, as determined in accordance with Article 6 of the Plan. 

  

	 	(b)	For a Participant who is an Active Participant on September 1, 2007, and who does terminate his or her employment on or after September 1, 2007 and is subsequently rehired
and becomes an Active Participant, the Participant’s Accrued Benefit shall not be less than the sum of: 

  

	 	(1)	The Participant’s Accrued Benefit as determined in accordance with Article 5 of the Plan, plus 

  

	 	(2)	The Participant’s Accrued Benefit as determined in accordance with Article 6 of the Plan beginning on and after the Participant’s date of re-eligibility to participate in
the Plan. 

  

	 	(c)	For a Participant who is an Active Participant on September 1, 2007, who does terminate his or her employment on or after September 1, 2007 but before January 1,
2011, and who is not subsequently rehired, the Participant’s Accrued Benefit shall be determined only in accordance with Article 5 of the Plan. 

  

 -2- 

	 	(d)	For a Participant who is not an Active Participant on September 1, 2007 and becomes an Active Participant, the Participant’s Accrued Benefit shall be determined only in
accordance with Article 6 of the Plan. 

  

	 	(e)	For new hires and re-hires, a Participant’s Accrued Benefit under Article 6 shall only take into account participation on or after September 1, 2007. For Active
Participants who do not terminate his or her employment on or before December 31, 2010, a Participant’s Accrued Benefit under Article 6 shall begin January 1, 2011. 

  

	 	(f)	Notwithstanding the foregoing, any determination with respect to a Participant’s Accrued Benefit shall be made in conformance with Code Section 41 l(b)(5)(B)(iii) and any
successor provision thereto. 

  

	1.03	“Active Participant”. shall mean a Participant who also is an Eligible Employee. 

  

	1.04	“Actuarial Equivalent”. shall mean: 

  

	 	(a)	In the case of a benefit accrued under Article 5 of the Plan, the equivalent present value of the benefit that would otherwise have been provided to the Participant, determined on
the basis of appropriate actuarial assumptions and methods that may differ from those used in establishing Plan costs and liabilities. Interest shall be calculated using the Applicable Interest Rate and mortality shall be calculated using the
Applicable Mortality Table, and 

  

	 	(b)	In the case of a benefit accrued under Article 6 of the Plan, the present value of the Accrued Benefit of any Participant shall be equal to the amount determined as the balance of
the Participant’s Account, determined on the basis of appropriate actuarial assumptions and methods that may differ from those used in establishing Plan costs and liabilities. 

 The actuarial assumptions may be changed from time to time by an amendment to the Plan. No Participant shall be deemed to have any right,
vested or nonvested, regarding the continued use of previously adopted actuarial assumptions, except as may be required by Code Section 41 l(d)(6) and the regulations thereunder. 
 For all purposes except where specifically defined to the contrary, Actuarial Equivalence will be based on the “Applicable Interest
Rate” and the “Applicable Mortality Table” as those terms are defined herein and in Section 417(e) of the Code as updated from time to time. Notwithstanding the foregoing, the determination of present value shall be made in
conformance with Code Section 417(e)(3) and any successor provision thereto. 
  

	1.05	“Actuary”. shall mean that individual who is an “enrolled actuary” as defined in Section 7701(a)(35) of the Code or that firm of actuaries that has
on its staff such an actuary, appointed by the Committee. 

  

	1.06	 “Adjustment Factor”. shall mean the cost of living adjustment factor prescribed by the Secretary of the Treasury under Section 415(d) of the
Code for years beginning after 

  

 -3- 

	 	 
December 31, 1987, applied to such items and in such manner as the Secretary of the Treasury shall prescribe from time to time.

  

	1.07	“Affiliated Employer”. shall mean any corporation, trade, or business, which, together with the Plan Sponsor, is a member of a “controlled group of
corporations,” a group under “common control,” or an “affiliated service group,” all as determined under Sections 414(b), (c), (m), (o) of the Code, provided that solely for purposes of Section 7.01, the rule set
forth in Section 415(h) of the Code also shall apply. 

  

	1.08	“Annual Allocation”. shall mean a credit to the Participant’s Account as a percentage of Compensation. The Annual Allocation shall be credited to a
Participant’s Account as of the last day of the Plan Year. The credit shall be equal to eight (8) percent, multiplied by the Compensation earned by the Participant for that Plan Year. If a Participant terminates employment with the
Employer prior to the end of the Plan Year, the Annual Allocation for such Participant for such Plan Year shall be equal to eight (8) percent multiplied by the Compensation earned by the Participant through the end of the month during which the
Participant’s employment is terminated. 

  

	1.09	“Applicable Interest Rate”. shall mean the rate of interest described in Code Section 417(e) as specified by the Commissioner of the Internal Revenue Service,
for the fifth month preceding the start of the Plan Year or such other time as the Secretary of the Treasury shall prescribe. 

  

	1.10	“Applicable Mortality Table”. shall mean for Plan Years beginning on or before December 31, 2007, the applicable mortality table described in Code
Section 417(e)(3)(A)(ii)(I) and for Plan Years beginning after December 31, 2007, the applicable mortality table described in Code Section 417(e)(3)(B). 

  

	1.11	“Beneficiary”. shall mean the individual person, or persons, or entity (including a trust), or estate that is determined in accordance with the rules set forth
below: 

  

	 	(a)	A Participant’s Beneficiary is the person, entity or trust that a Participant designated most recently to the Committee on such form and in such manner as is reasonably
required by the Committee. Except as limited by the Qualified Election rules set forth in Section 1.61, a Participant may change his or her Beneficiary at any time by providing a new written election to the Committee on such form and in such
manner as is reasonably required by the Committee. 

  

	 	(b)	If, subsequent to the death of a Participant, the Participant’s Beneficiary dies while entitled to receive benefits under the Plan, the contingent Beneficiary shall succeed to
such rights, if any. 

  

	 	(c)	If a Participant has failed to make a Beneficiary designation or no Beneficiary or contingent Beneficiary has been designated who is alive, the term “Beneficiary” means:

  

	 	(1)	the Participant’s Spouse, or 

  

 -4- 

	 	(2)	if no Spouse is alive or no other person is designated, the deceased Participant’s estate. 

  

	 	(d)	Notwithstanding the foregoing, the Spouse of a Participant shall be his or her Beneficiary, unless that Spouse has consented to the designation of another as the Participant’s
Beneficiary pursuant to a Qualified Election. 

  

	 	(e)	The marriage of a Participant to a Spouse shall nullify and invalidate any prior Beneficiary designation. 

  

	1.12	“Benefit Accrual Service”. shall mean the period of service of a Participant that is used to calculate the amount of the Participant’s Accrued Benefit,
determined in accordance with Article 2. 

  

	1.13	“Benefit Commencement Date”. shall mean the first day of the month coincident with or following the Participant’s Termination Date or the date when the
Participant first becomes eligible to begin to receive benefits, unless the Participant elects to postpone receiving benefits until a later date, even though the first payment may not actually have been made at that date. 

 

	1.14	“Board” or “Board of Directors”. shall mean the Board of Directors of the Plan Sponsor, except that any action that could be taken by the Board may
also be taken by a duly authorized Committee of the Board. 

  

	1.15	“Break in Service”. shall mean a Termination followed by the completion of a One-Year Break in Service. 

  

	1.16	“Code”. shall mean the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code shall include such section, any valid regulation
promulgated, or official guidance issued thereunder, and any comparable provision of any future legislation amending, supplementing or superseding such section. 

  

	1.17	“Committee”. shall mean the committee of individuals appointed by the Board to be responsible for the operation and administration of the Plan in accordance with
the provisions of Article 12. 

  

	1.18	“Compensation”. shall mean an Employee’s wages, salaries, fees for professional services, and other amounts received (without regard to whether or not an
amount is paid in cash) for services actually rendered in the course of employment with the Employer to the extent that amounts are includable in gross income (including overtime pay, bonuses, commissions, tips, or expense reimbursements from a
nonaccountable plan (as described in Treasury Regulation 1.62-2(c)). Compensation shall also include any remuneration that is currently excluded from the Participant’s gross income by reason of the application of Sections 125(a), 402(e)(3),
402(h)(1)(B), 401(k), or 132(f)(4) of the Code. Notwithstanding the foregoing, Compensation with respect to any Employee shall exclude: 

  

	 	(a)	Any compensation directly paid or payable as fringe benefits; 

  

 -5- 

	 	(b)	Any contributions made by the Employer for or on account of the Employees under this Plan, or under any other employee benefit plan other than as specifically excepted herein;

  

	 	(c)	Any compensation paid or payable by reason of services performed prior to the date the Employee becomes a Participant; 

  

	 	(d)	Any compensation paid or payable by reason of services performed after the date the Employee ceased to be a Participant; 

  

	 	(e)	Any compensation paid as part of a severance plan or agreement; 

  

	 	(f)	Amounts in excess of the Compensation Limit; and 

  

	 	(g)	Any equity-based compensation (including, but not limited to, stock options, restricted or unrestricted stock and performance shares) under the Plan Sponsor’s Equity Incentive
Plan or any similar equity-based plan or arrangement sponsored by an Affiliated Employer, whether such compensation is paid in shares of stock or cash. 

 Notwithstanding the foregoing, the term Compensation shall be at all times consistently interpreted to mean the “safe harbor” simplified definition of compensation set forth in Treasury Regulation
1.415-2(d)(2) and any successor provision or official interpretation therefor. 
  

	1.19	“Compensation Limit”. shall mean the dollar limit prescribed in Section 401(a)(17) of the Code (e.g., $225,000 for 2007), as adjusted pursuant to Sections
401(a)(17)(B) and 415(d) of the Code. Notwithstanding the foregoing, in determining benefit accruals in Plan Years beginning after December 31, 2001, the Compensation Limit for determination periods beginning before January 1, 2002 shall
be $200,000. 

  

	1.20	“Covered Compensation”. shall mean, with respect to any Participant, the average of the contribution and benefit bases in effect under Section 230 of the
Social Security Act for each year in the 35-year period ending with the year in which the Participant attains Social Security retirement age, as calculated under Section 401(l)(5)(e)(i) of the Code using the unrounded values.

  

	1.21	“Deferred Vested Benefit”. shall mean the benefit to which a vested Participant would be entitled after a Break in Service, as calculated in accordance with Article
5 and Article 6. 

  

	1.22	“Early Retirement Benefit”. shall mean the benefit to which a Participant would be entitled in the event of his or her retirement at his or her Early Retirement
Date, as calculated in accordance with Article 5 and Article 6. 

  

	1.23	“Early Retirement Date”. shall mean the date on which a Participant becomes eligible and elects to retire with an early retirement benefit under the Plan, as
determined in accordance with Section 5.03. 

  

 -6- 

	1.24	“Effective Date”. shall mean September 1, 2007, except as otherwise provided herein; provided, however, that any provision of the Plan necessary or appropriate
to comply with the Pension Protection Act of 2006 or any other applicable legislation shall be effective as of the date specified in such legislation. 

  

	1.25	“Eligible Employee”. shall mean every Employee of the Employer, except for an individual who is: 

  

	 	(a)	an individual included in a unit of Employees whose compensation and conditions of employment are established by the terms of a collective bargaining agreement between an Employer
and employee representatives, as described in Section 7701(a)(46) of the Code, where retirement benefits were the subject of good faith bargaining, unless and until such collective bargaining agreement provides that the Plan will apply to such
individual, 

  

	 	(b)	as to any period of time, classified or treated by an Employer as an independent contractor, a consultant, a Leased Employee, or an employee of an employment agency or any entity
other than an Employer, even if such individual is subsequently determined to have been a common-law employee of an Employer during such period. 

  

	1.26	“Employee”. shall mean an individual who is (a) employed by the Employer or an Affiliated Employer as a common-law employee, or (b) a Leased Employee.
However, if Leased Employees constitute less than twenty (20) percent of the nonhighly compensated work force (within the meaning of Section 414(n)(5)(c)(ii) of the Code), the term “Employee” shall not include those Leased
Employees who are covered by a plan described in Section 414(n)(5) of the Code. 

  

	1.27	“Employee’s Age”. shall mean the number of months following the Employee’s date of birth and ending on his or her death, divided by 12 and rounded to
three decimal places. For the purposes of calculations involving the age of the Employee, the Employee shall be assumed to have been born on the first day of the month coincident with or following the Employee’s date of birth and shall be
assumed to have lived through the last day of the month in which the date of the event for which the Employee’s age is being calculated occurs. Linear interpolation shall be used, where necessary, in calculations involving the Employee’s
Age. 

  

	1.28	“Employer”. shall mean the Plan Sponsor and any Participating Employer. “Employer” when used in this Plan shall refer to such designated entities either
individually or collectively, as the context may require. 

  

	1.29	“Employment Commencement Date”. shall mean the date on which the Employee first is credited with an Hour of Service. 

  

	1.30	“ERISA”. shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. Reference to a specific section of ERISA shall include such
section, any valid regulation promulgated or official guidance issued thereunder, and any comparable provision of any future legislation amending, supplementing or superseding such section. 

  

 -7- 

	1.31	“Final Average Compensation”. shall mean the highest amount obtainable by averaging the annual Compensation of a Participant paid in any five (5) consecutive
calendar years out of the last ten (10) calendar years, but in no event, later than December 31, 2010, which is the last calendar year. In calculating Final Average Compensation for a Participant who is being credited with Service under
Section 2.01(d) of this Plan (relating to a Participant receiving benefits under a long-term disability plan), it shall be assumed that such Participant continued to earn at the rate equal to his or her Final Average Compensation as calculated
under this Section on the date he first commenced to receive Service credit under Section 2.01(d). 

  

	1.32	“Fund”. shall mean any fund provided for in a trust arrangement or an insurance contract or a combination of both, which is held by a Funding Agent, to which
contributions under the Plan on and after the Effective Date will be made, and out of which benefits are paid to the Participants or otherwise provided for, and, in each case, pursuant to the Plan’s terms. 

  

	1.33	“Funding Agent”. shall mean a Trustee or insurance company or any duly appointed successor or successors selected to hold a Fund. 

  

	1.34	“Highly Compensated Employee” and “Highly Compensated Former Employee”. shall mean an Employee who is determined to be a Highly Compensated
Employee or Highly Compensated Former Employee under the provisions of Article 7 of the Plan. 

  

	1.35	“Hour of Service”. shall mean each hour for which an Employee is directly or indirectly paid or entitled to payment by Employer or Affiliated Employer for the
performance of duties in accordance with Department of Labor Regulation Section 2530.200b-2(a)(l). 

  

	1.36	“Interest Credits”. shall mean the amount credited to a Participant’s Account as interest in a Plan Year. Such amount shall be credited as of the last day of
each Plan Year, and shall be equal to: 

  

	 	(a)	the rate of interest on 30-year Treasury securities as specified by the Commissioner of the Internal Revenue Service for the month of November preceding the Plan Year, multiplied by

  

	 	(b)	the sum of: 

  

	 	(1)	the Participant’s Account as of the first day of the Plan Year, minus 

  

	 	(2)	any distributions credited against the Participant’s Account during the Plan Year. 

 Notwithstanding the foregoing, such amount for any Plan Year shall be calculated at a rate that is not greater than the market rate of
return, as defined in Section 41 l(b)(5)(b)(i) and Section 41 l(b)(5)(b)(vi) of the Code and any successor provisions thereto. 
  

	1.37	“Joint Annuitant”. shall mean the Beneficiary who will receive retirement benefits after the death of the Participant on the basis of the provisions of a
Joint & Survivor Annuity, as described in Article 10. 

  

 -8- 

	1.38	“Joint & Survivor Annuity”. shall mean a retirement benefit under which equal monthly installments are payable during the joint lifetimes of the retired
Participant and the Joint Annuitant, and under which, upon the earlier death of the retired Participant, the same amount, or fifty (50) percent as elected by the Participant prior to his or her Benefit Commencement Date, continues to be paid to
the Joint Annuitant for the Joint Annuitant’s lifetime. 

  

	1.39	“Leased Employee”. shall mean any individual who, pursuant to an agreement between the Employer or an Affiliated Employer and any other individual, has performed
services for the Employer or Affiliated Employer (or for such Employer or Affiliated Employer and related individuals determined in accordance with Section 414(n)(6) of the Code) (the “Recipient Employer”) on a substantially full-time
basis for a period of at least one (1) year, and such services are performed under the primary direction of or control by the Recipient Employer. 

  

	1.40	“Limitation Year”. shall mean the twelve (12)-month period beginning on each January 1 and ending on each December 31. 

  

	1.41	“Maternity or Paternity Absence”. means an absence from employment by reason of the pregnancy of an Employee, the birth of a child of the Employee, the placement of
a child in connection with the child’s adoption by the Employee, or the caring for a child during the period immediately following the birth or adoption, which the Employee certifies to the Employer. 

  

	1.42	“Named Fiduciary”. shall mean a fiduciary designated as such under the provisions of Article 12. 

  

	1.43	“Normal Retirement Age”. shall mean the age at which the Employee reaches his or her Normal Retirement Date as defined in Section 1.45.

  

	1.44	“Normal Retirement Benefit”. shall mean the benefit to which a Participant would be entitled, as calculated in accordance with Article 5 and Article 6, in the event
of the Participant’s retirement on the Participant’s Normal Retirement Date. 

  

	 1.45
	 “Normal Retirement Date”. shall mean the first day of the month coincident with or next following the
Participant’s sixty-fifth (65th) birthday. 

  

	1.46	“One-Year Break in Service”. shall mean a Severance Period of twelve (12) consecutive months. 

  

	1.47	“Participant”. shall mean any Eligible Employee who becomes a Participant in the Plan pursuant to Article 3 and shall include any individual who has separated from
Service or ceased to be an Eligible Employee who has not received a full distribution from the Plan of his or her Accrued Benefit. 

  

	1.48	“Participating Employer”. shall mean any Affiliated Employer that an officer of the Plan Sponsor designates in writing as an Employer under the Plan.

  

	1.49	“Participation”. shall mean Service while an Active Participant. 

  

 -9- 

	1.50	“PBGC”. shall mean the Pension Benefit Guaranty Corporation. 

  

	1.51	“Period of Benefit Accrual Service”. shall mean as to each Participant, each period beginning on the date of his or her commencement as an Eligible Employee and
ending on his or her next Termination Date. 

  

	1.52	“Period of Service”. shall mean as to each Employee (a) each period beginning on his or her Employment Commencement Date or Reemployment Date and ending on his
or her next Termination Date, and (b) to the extent not counted under (a), each absence of twelve (12) months or less from service with the Employer and all Affiliated Employers, which began by reason of, or within which occurred, such
Employee’s resignation, retirement, discharge, or death. For purposes of applying this Section 1.52, an Employee’s Period of Service shall include periods of employment with any other employer which is a “predecessor
employer” of an Affiliated Employer (within the meaning of Section 414(a) of the Code). 

  

	1.53	“PIN”. shall mean the number (if any) assigned to a Participant by the Committee (or its delegate) pursuant to Section 12.02(a)(12) for purposes of identifying
his or her Minimum Benefit. 

  

	1.54	“Plan”. shall mean The PMI Group, Inc. Retirement Plan, as set forth in this document and as heretofore or hereafter amended from time to time.

  

	1.55	“Plan Sponsor”. shall mean The PMI Group, Inc. 

  

	1.56	“Plan Year”. shall mean the twelve (12) consecutive month period beginning each January 1 and ending on each December 31. 

 

	1.57	“Postponed Retirement Benefit”. shall mean the benefit to which a Participant would be entitled in the event of his or her retirement after his or her Normal
Retirement Date, as calculated in accordance with Article 5 and Article 6. 

  

	1.58	“Postponed Retirement Date”. shall mean the first day of the calendar month coincident with or next following the Participant’s Termination Date, if such date
is later than the Participant’s Normal Retirement Date. 

  

	1.59	“Predecessor Employer”. shall mean, with respect to an Employee, one or more of the following organizations or units, if the Employee was previously employed by
them: PMI Mortgage Insurance Company, American Pioneer Title Insurance Company, PMI Mortgage Services Company, and PMI Reinsurance Company. 

  

	1.60	“Predecessor to this Plan”. shall mean any plan for which this Plan is a restatement, any plan that has been merged into this Plan or any predecessor to this Plan,
or any other plan sponsored by an entity that became a Participating Employer or a predecessor to this Plan for any of its employees who had been participants in such other plan. 

  

	1.61	“Qualified Election”. shall mean an election that must satisfy the following requirements: 

  

	 	(a)	it must be in writing, 

  

 -10- 

	 	(b)	it must be consented to in writing by the Participant’s Spouse, 

  

	 	(c)	it must designate a Beneficiary (or a form of benefits) which may not be changed without the consent of the Spouse (or the consent the Participant’s Spouse must expressly
permit the Participant to designate a Beneficiary without requiring further consent from the Participant’s Spouse), 

  

	 	(d)	such Spouse’s consent must acknowledge the effect of the election, and 

  

	 	(e)	such Spouse’s consent must be witnessed by an authorized Plan representative or notary public. 

 Spousal consent is not required if the Participant establishes to the satisfaction of an authorized Plan representative that such consent
is not necessary because there is no Spouse, or cannot be obtained because the Spouse cannot be located, or because the Participant has a court order indicating that he or she has been abandoned (within the meaning of local law), or is legally
separated, unless a “qualified domestic relations order” (as defined in Code Section 414(p)) provides otherwise, or because of other circumstances as the Secretary of the Treasury may prescribe by regulation. 
 Any consent by a Spouse (or establishment that the consent of a Spouse is not necessary or cannot be obtained) shall be effective only as
to such Spouse. 
 If the Participant’s Spouse is legally incompetent to give consent, consent by the Spouse’s legal
guardian shall be deemed to be consent by the Spouse upon a written showing of such legal rights by the guardian (or by the legal representative to the guardian) that is satisfactory to the Committee or a designee thereof. 
  

	1.62	“Qualified Joint & Survivor Annuity”. shall mean, for a Participant with a Spouse, a Joint and Survivor Annuity with the Participant’s Spouse as Joint
Annuitant and a fifty (50) percent survivor benefit. For a Participant with no Spouse, it shall mean a benefit payable in the form of an annuity for the life of the Participant. The Qualified Joint & Survivor Annuity for a Participant
with a Spouse shall be at least the Actuarial Equivalent, determined under the applicable factors of Article 10 of the Participant’s Accrued Benefit or, if greater in Actuarial Equivalent value, any optional form of benefit then available to
the Participant under the Plan. 

  

	1.63	“Qualified Preretirement Survivor Annuity”. shall mean the benefit payable under the terms of Sections 9.01(a) or 9.0l(b). 

  

	1.64	“Reemployment Date”. shall mean the date on which an Employee first completes one (1) Hour of Service after a Termination Date. 

  

	1.65	“Retirement Date”. shall mean a Participant’s Normal, Early or Postponed Retirement Date. 

  

	1.66	“Severance Period”. shall mean each period beginning on an Employee’s Termination Date and ending on his or her next Reemployment Date.

  

 -11- 

	1.67	“Spouse”. shall mean the person to whom the Participant is legally married on the date the Participant receives the Participant’s benefit payment from the
Plan, or the Participant’s date of death, if earlier. 

  

	1.68	“Termination”. shall mean the cessation of active employment with the Employer or an Affiliated Employer. Transfer of an Employee from the Employer to an Affiliated
Employer, from an Affiliated Employer to the Employer, or from the Employer or Affiliated Employer to or another Affiliated Employer, or to a purchaser of stock (or other ownership interest) or assets, shall not be deemed for any purpose under the
Plan to be a Termination, unless specifically prescribed by Internal Revenue Service rules and other official guidance. 

  

	1.69	“Termination Date”. shall mean the date that is the earlier of (a) the date on which an Employee dies, resigns, retires or is discharged from employment with
the Employer and Affiliated Employers, or (b) the first anniversary of the first date of a period in which an Employee remains absent from service with the Employer and all Affiliated Employers for any reason other than his or her death,
resignation, retirement or discharge, or if the absence is on account of a Maternity or Paternity Absence, the second anniversary of the first date of the Employee’s absence from service with the Employer and all Affiliated Employers. In
accordance with Treasury Regulation Section 1.410(a)-9, the period between the first and second anniversaries of absence from service as the result of Maternity or Paternity Absence (the “Second Year”) is neither a Period of Service
nor a Severance Period. Accordingly, an Employee shall receive no credit for a Year of Benefit Accrual Service or a Year of Vesting Service during the Employee’s Second Year, but the Employee’s Severance Period shall not commence until the
end of the Second Year. 

  

	1.70	“Trust”. shall mean any trust established under an agreement between the Employer and a Trustee under which any portion of the Fund is held, and shall include any
and all amendments to the Trust agreement, or any successor agreement. 

  

	1.71	“Trustee”. shall mean any trustee holding any portion of the Fund under a Trust agreement forming a part of the Plan. 

  

	1.72	“Year of Benefit Accrual Service”. shall mean a twelve (12)-month Period of Benefit Accrual Service. Subject to Section 2.04, an Employee’s total number
of Years of Benefit Accrual Service shall be calculated by assuming that the Employee (a) was hired on the first day of the month coincident with or following the Employee’s actual date of hire, and (b) incurred a Termination Date on
the last day of the month in which the Employee’s actual Termination Date occurs. Years of Benefit Accrual Service shall be calculated by dividing the number of months determined in the preceding sentence by twelve (12), and rounded to three
(3) decimal places. Linear interpolation shall be used where necessary. 

  

	1.73	 “Year of Vesting Service”. shall mean a twelve (12)-month Period of Service. Subject to Section 8.05, an Employee’s total number of Years
of Vesting Service shall be calculated by assuming that the Employee (a) was hired on the first day of the month coincident with or following the Employee’s actual date of hire, and (b) incurred a Termination Date on the last day of
the month in which the Employee’s actual Termination Date occurs. Years of Vesting Service shall be calculated by dividing the number of months determined in the preceding 

  

 -12- 

	 	 
sentence by twelve (12), and rounded to three (3) decimal places. Linear interpolation shall be used where necessary. 

  

 -13- 

 ARTICLE 2 
 SERVICE COUNTING RULES 
  

	2.01	Period of Service — General Rule. An Employee shall be credited with a Period of Service for: 

  

	 	(a)	Each period for which a person is directly or indirectly paid, or entitled to payment, by the Employer, an Affiliated Employer or a Predecessor Employer for the performance of
duties. This Service shall be credited to the person during the appropriate Computation Period in which the duties are performed; 

  

	 	(b)	Each period for which a person is directly or indirectly paid, or entitled to payment, by the Employer, an Affiliated Employer or a Predecessor Employer for reasons other than for
the performance of duties (such as vacation, holiday, illness, incapacity including disability, jury duty, military duty, leave of absence, or a leave of absence pursuant to the Family Leave Act, or layoff). This Service shall be credited to the
Employee during the Computation Period in which the nonperformance of duties occurs, but the total credit for any single continuous period during which the employee performs no duties (whether or not in a single Computation Period) of such Service
shall not exceed 501 hours. The computation of non-work hours described in this sub-paragraph will be computed in accordance with the provisions of the Department of Labor Regulation Section 2530.200b-2; 

  

	 	(c)	Each period for which back pay, irrespective of mitigation of damages, has been either awarded or agreed to by the Employer, an Affiliated Employer or Predecessor Employer. This
Service will be credited to the person for the Plan Year to which the award or agreement pertains to the extent service for any such period to which the back pay award relates has not already been credited by the Employer; 

 

	 	(d)	Each period for which an Employee is not paid or entitled to payment but during which he normally would have performed duties for the Employer or an Affiliated Employer during any
period for which he is eligible to receive benefits under the long-term disability plan of the Employer or an Affiliated Employer; and 

  

	 	(e)	Each period for which an Employee is not paid or entitled to pay but during which the Employee is absent for a period of military service for which reemployment rights are protected
by law, but only if the Employee returns to employment within the time required by law. 

  

	2.02	 Period of Service — Computation. For the purpose of calculating Service under the Plan, an Employee shall be assumed to have been hired on the first day
of the month coincident with or following the Employee’s date of hire and shall be assumed to have been terminated on the last day of the month in which the Employee’s Termination Date occurs. Using the above assumptions, Service shall be
defined to be the number of months of Service divided 

  

 -14- 

	 	 
by twelve (12) and rounded to three (3) decimal places. Linear interpolation shall be used, where necessary, in calculations involving Service.

  

	2.03	Benefit Accrual Service. Benefit Accrual Service shall include any Period of Service except in the case of an employee who was a participant in the Allstate Retirement Plan
on April 1, 1995. Such prior Allstate Retirement Plan participant shall not receive any Benefit Accrual Service prior to May 1, 1995. Employees hired by the Employer between May 2, 1994 and April 30, 1995 shall begin receiving
Benefit Accrual Service on their original hire date with the Employer and will participate in the Plan one year from their original hire date with the Employer. 

  

	2.04	Service — General Rule. A Participant shall be credited with a Year of Service for purposes of this Plan if the Participant performs twelve (12) months of Service
during a Plan Year, except that a Year of Service shall not be credited for any Plan Years prior to a Break in Service in any of the following cases: 

  

	 	(a)	Cash-Out Rule — The Participant has previously received a distribution of the present value of his or her entire nonforfeitable benefit, following his or her Termination
Date and the Participant has not repaid in full the distribution, with interest in accordance with Section 8.06 of this Plan. For the purposes of this rule, a Participant who is not entitled to a Deferred Vested Benefit upon his or her
Termination Date shall be considered to be cashed-out upon his or her Termination Date, or 

  

	 	(b)	Rule of Parity — The Participant was not entitled to a Deferred Vested Benefit at his or her Termination Date and has incurred a number of consecutive One-Year Breaks in
Service equal to the greater of five (5) or the number of Years of Service credited to him prior to the first of such consecutive One-Year Breaks in Service. 

  

 -15- 

 ARTICLE 3 
 ELIGIBILITY FOR PARTICIPATION AND TRANSFERS 
  

	3.01	Eligibility to Become a Participant. Each individual who was a Participant in the Plan on the day before the Effective Date and is an Eligible Employee on the Effective Date,
shall automatically continue as a Participant on the Effective Date. Each other Eligible Employee shall become a Participant in the Plan on the first day of the calendar month that next follows the first date on which he or she becomes an Eligible
Employee. 

  

	3.02	Transfer to Another Plan. A Participant who ceases to be an Eligible Employee without incurring a Termination shall cease to accrue benefits under Article 5 and shall cease
to receive an Annual Allocation under Section 6.02 of this Plan as of the date on which he or she ceased to be an Eligible Employee. Such Accrued Benefits will be frozen as of the close of the Plan Year in which he or she ceases to be an
Eligible Employee, but he or she shall continue to be a Participant for other purposes under the Plan and, if the Participant continues to remain in the employ of an Affiliated Employer, he or she shall continue to earn Vesting Service.

  

 -16- 

 ARTICLE 4 
 RETIREMENT ELIGIBILITY AND SUSPENSION OF BENEFITS 
  

	4.01	Retirement. A Participant who reaches his or her Retirement Date shall be entitled to retire from employment with the Employer and Affiliated Employers and receive benefits
in accordance with Article 5 and Article 6. 

  

	4.02	Suspension of Benefits — Postponed Retirement. If a Participant’s Service continues after his or her Normal Retirement Age and such Service after Normal Retirement
Age constitutes Section 203(a)(3)(B) Service (as defined in Section 4.05), such Participant’s benefits will be suspended, provided that the Committee notifies the Participant that his or her benefits have been suspended in the manner
provided by Section 4.04 of this Article. 

  

	4.03	Suspension of Benefits — Rehires. If a person receiving benefits hereunder is rehired by the Employer or an Affiliated Employer, payment of those benefits will be
suspended as long as the rehired Employee remains employed with the Employer or the Affiliated Employer, provided such Service constitutes Section 203(a)(3)(B) Service (as defined in Section 4.05) and provided that the Committee notifies
him that benefits have been suspended, in the manner provided by Section 4.04 of this Article. 

  

	4.04	Suspension of Benefit Notice. The notice required under Sections 4.02 or 4.03 of this Article shall contain: 

  

	 	(a)	a description of the specific reasons for the suspension of benefit payments, 

  

	 	(b)	a general description of the Plan’s provisions relating to the suspension, 

  

	 	(c)	a copy of such provisions, 

  

	 	(d)	a statement to the effect that applicable Department of Labor regulations may be found in Section 2530.203-3 of the Code of Federal Regulations, and 

 

	 	(e)	a description of the Plan’s procedure for affording a review of such suspension. 

 Such notice shall be furnished by personal delivery or first-class mail during the first calendar month in which payments are discontinued. 
  

	4.05	 Section 203(a)(3)(B) Service. In accordance with Department of Labor Regulations Section 2530.203-3, “Section 203(a)(3)(B) Service” shall
be determined on a monthly basis and an Employee shall be deemed to be in Section 203(a)(3)(B) Service in any month in which he shall perform forty (40) or more Hours of Service as defined in Department of Labor Regulations
Section 2530.200b-2(a)(l) and (2). An Employee shall have the right to 

  

 -17- 

	 	 
contest the determination of his or her status in accordance with the Plan’s Claims Procedures (as defined in Section 12.02(a)).

  

	4.06	Recommencement of Benefits. Benefits that are suspended in accordance with Section 4.02 or 4.03 of this Article shall be paid in any month in which the Participant is
not considered to be in Section 203(a)(3)(B) Service. If an Employee whose benefits are suspended continues or recommences Participation in this Plan and thereafter again becomes entitled to benefits hereunder by virtue of a new Early, Normal,
or Postponed Retirement, previously suspended benefits shall not be recommenced, and the Participant shall be entitled only to his or her Early, Normal, or Postponed Retirement Benefit, as of the Participant’s new Early, Normal, or Postponed
Retirement Date, adjusted as provided in Section 5.06. 

  

	4.07	Required Commencement at Age 70 1/2. A Participant not currently receiving benefits under this Plan who attains age 70 1/2 shall commence receiving benefits as if the
Participant had retired on December 31 of the calendar year in which the Participant attains age 70 1/2, and had a Benefit Commencement Date of April 1 of the following calendar year. Each December 31 thereafter, and upon the
Participant’s later actual Postponed Retirement Date, the Participant benefit payment shall be recalculated. 

  

	4.08	Required Commencement — Conditions. Notwithstanding any provision of this Plan to the contrary, all distributions under the Plan shall be made in accordance with the
requirements of Section 401(a)(9) of the Code and the regulations thereunder, including the incidental death benefit requirements of Treasury Regulation Section 1.401(a)(9)-2 as provided in Section 10.09 of the Plan.

  

	4.09	Blocking. In the event of a sale of a division or subsidiary of the Employer, a Participant shall not be considered to have attained his or her Early, Normal or Deferred
Retirement Date until he shall have separated from service from the division or subsidiary that was sold by the Employer. In such event, Service with the division or subsidiary that was sold shall be considered Service with the Employer but shall
not be Benefit Accrual Service, and all provisions of this Plan shall apply accordingly. 

  

 -18- 

 ARTICLE 5 
 FINAL AVERAGE COMPENSATION AMOUNT OF RETIREMENT BENEFIT 
  

	5.01	Normal Retirement Benefit. 

  

	 	(a)	A Participant’s Normal Retirement Benefit under Article 5 shall be equal to an annual annuity for the life of the Participant, payable monthly, commencing upon the
Participant’s Normal Retirement Date. This annuity will be equal to the Participant’s Base Benefit plus the Participant’s Additional Benefit plus the Participant’s Allstate Benefit (if any); provided, however, that such annuity
will not be less than the Participant’s Minimum Benefit, as described below: 

  

	 	(1)	“Base Benefit” means an amount equal to one and fifty-five hundredths of one (1.55) percent of a Participant’s Final Average Compensation multiplied by
the Participant’s Years of Benefit Accrual Service. 

  

	 	(2)	“Additional Benefit” means an amount equal to sixty-five hundredths of one (0.65) percent of the excess of the Final Average Compensation over the
Participant’s Covered Compensation, multiplied by the Participant’s Years of Benefit Accrual Service up to a maximum of thirty-five (35) years. 

  

	 	(3)	“Allstate Benefit” means, in the case of a Participant with a frozen benefit from the Allstate Retirement Plan (the “Allstate Plan”), an amount equal to
the Participant’s Final Average Compensation under this Plan at the time of termination divided by the Participant’s Average Annual Allstate Compensation, minus one, times the frozen Allstate Plan benefit. 

  

	 	(4)	“Minimum Benefit” means $ 1,200; provided, however, that in the case of a Participant who has a PIN, “Minimum Benefit” means the Participant’s
Minimum Base Benefit plus the Participant’s Minimum Additional Benefit plus the Participant’s Minimum Allstate Benefit (if any) as set forth next to such Participant’s PIN in Appendix A to the Plan. 

  

	 	(b)	Bridge Benefit. The benefit described in this Section 5.01(b) is applicable to a Participant (if at all) only if the Participant is neither a Highly Compensated Employee
nor a Highly Compensated Former Employee. If a Participant retires from employment with the Employer and Affiliated Employers after attaining at least age fifty-five (55) and with twenty (20) years of combined service with the Employer and
Allstate, but did not have twenty (20) years of service with Allstate on April 1, 1995, the Participant shall be entitled to a temporary annuity equal to: (1) as reduced in (2) payable for the period described in (3) below:

  

	 	(1)	 The monthly life annuity payable from the Allstate Retirement Plan starting at the Participant’s Normal Retirement Date under the Allstate Retirement 

  

 -19- 

	 	 
Plan. (This is the accrued Allstate benefit on April 1, 1995, as communicated by Allstate.) 

  

	 	(2)	The monthly life annuity will be reduced by one half of one (.5) percent per month (six (6) percent per year) for each month the Participant’s retirement precedes his or
her Base Age under the Allstate Retirement Plan. 

  

	 	(3)	The monthly life annuity will be paid starting on the first day of the month following retirement under the Plan until the earlier of the Participant’s death or the date on
which the Participant becomes eligible to receive his or her benefit from the Allstate Retirement Plan. Alternatively, the Participant may elect to have, in the event of his or her death, the monthly life annuity continue to his or her surviving
Spouse but not beyond the date when the Participant would have become eligible to receive his or her benefit from the Allstate Retirement Plan. If the Participant elects to have the full benefit continue to his or her Spouse, then the benefit in
(2) will be further reduced two (2) percent. If the Participant elects to have half of the benefit continue to his or her Spouse, then the benefit in (2) will be further reduced one (1) percent. 

  

	5.02	Postponed Retirement Benefit. A participant who retires on the Postponed Retirement Date shall receive a Postponed Retirement Benefit that, subject to the provisions of the
optional retirement benefit and the Joint & Survivor Annuity, shall consist of a monthly payment on the first day of each calendar month commencing with the Participant’s Postponed Benefit Date, and ending with the last such payment
before the Participant’s death, equal to the greater of (a) and (b) below: 

  

	 	(a)	the Participant’s Normal Retirement Benefit, but with Benefit Accrual Service, Compensation, and Final Average Compensation determined as of the Participant’s Postponed
Retirement Date, and 

  

	 	(b)	if no suspension of benefit notice has been issued under Article 4.02, the Participant’s Normal Retirement Benefit with Benefit Accrual Service, Compensation, and Final Average
Compensation determined as of the Participant’s Normal Retirement Date with an actuarial increase from Normal Retirement Date to Postponed Retirement Date made using assumptions under Code Section 417(e)(3) to comply with Code section
41l(b)(l)(H). 

  

	5.03	 Early Retirement Benefit. A Participant who retires from employment with the Employer and Affiliated Employers prior to the Participant’s Normal
Retirement Date, but on or after attaining age fifty-five (55), and who has completed at such time ten (10) Years of Vesting Service, shall be entitled to an Early Retirement Benefit of an annual annuity for life, payable monthly, commencing at
the date that would have been the Participant’s Normal Retirement Date. At the election of the Participant, the Participant may receive the Participant’s Early Retirement Benefit as an annuity commencing at the Participant’s Early
Retirement Date, or at any date thereafter, in a reduced amount calculated by multiplying the Normal Retirement Benefit (based upon the Participant’s years of credit Service and Final Average 

  

 -20- 

	 	 
Compensation as of the Participant’s Early Retirement Date) calculated under Section 5.01 by the appropriate factor as defined below and using
linear interpolation for partial years as necessary. 

 The Base Benefit as described in Section 5.01
will be reduced by four and eight tenths of one (4.8) percent for each year before the Base Retirement Age as defined in the following table: 
  

			
	 Year of Birth
	  	 Base Retirement Age

	 Before 1942
	  	Age 60
	 1942-1944
	  	Age 61
	 1945-1947
	  	Age 62
	 1948-1950
	  	Age 63
	 1951-1953
	  	Age 64
	 After 1953
	  	Age 65

 The Additional Benefit as described in Section 5.01 will be reduced by eight
(8) percent for each year of early retirement from age sixty-two (62) to age sixty-five (65) and by four (4) percent for each year of early retirement from age fifty-five (55) to age sixty-two (62). 
 Notwithstanding the foregoing, Participants electing early retirement prior to
December 31,1999, and prior to their sixtieth (60th) birthday will be eligible for the “Beefed Up” provision. Under this provision, a
Participant is eligible for a “Beefed Up” benefit if the Participant’s date of retirement is one (1) or more calendar years earlier than the earlier of (a) the Participant’s sixtieth (60th) birthday, or (b) December 31, 1999. Under the provision, the Participant’s Final Average Compensation will be the greater of that which is calculated under
Section 1.31 or that which would be calculated under Section 1.31 if the Participant continued to work until the earlier of the Participant’s sixtieth (60th) birthday or December 31, 1999, and earned in each future year the same as that which the Participant earned in his or her final full year of employment. 
 Notwithstanding any contrary Plan provision, in the case of a Participant who elects early retirement on or after January 1, 2002,
his or her Early Retirement Benefit will be determined as follows: he or she will receive the greater of: 
  

	 	(a)	the sum of: 

  

	 	(1)	the Base Benefit (accrued as of January 1, 2002) reduced by four and eight tenths of one (4.8) percent for each year before the Base Retirement Age as defined in the table
above (the “Base Benefit Reduction Factor”), 

  

 -21- 

	 	(2)	the Additional Benefit (accrued as of January 1, 2002) reduced by eight (8) percent for each year of early retirement from age sixty-two (62) to age sixty-five
(65) and by four (4) percent for each year of early retirement from age fifty-five (55) to age sixty-two (62) (the “Additional Benefit Reduction Factor”), and 

  

	 	(3)	the Allstate Benefit (accrued as of January 1, 2002) reduced by the Base Benefit Reduction Factor, or 

  

	 	(b)	the sum of: 

  

	 	(1)	the Base Benefit reduced by the Base Benefit Reduction Factor, 

  

	 	(2)	the Additional Benefit reduced by the Additional Benefit Reduction Factor, and 

  

	 	(3)	the Allstate Benefit reduced by a blended factor equal to the benefit weighted average of the Base Benefit and Additional Benefit Reduction Factors (the “Blended Factor”).

 Notwithstanding the foregoing, (x) in the case of a Participant who has a PIN and who elects early
retirement on or after July 30, 2002, his or her Early Retirement Benefit will not be less than the sum of (i) the Minimum Base Benefit reduced by the Base Benefit Reduction Factor, (ii) the Minimum Additional Benefit reduced by the
Additional Benefit Reduction Factor, and (iii) the Minimum Allstate Benefit (if any) reduced by the Blended Factor, and (y) in the case of a Participant whose Minimum Benefit pursuant to Section 5.01(a)(4) is $1,200 and who elects
early retirement on or after July 30, 2002, his or her Early Retirement Benefit will not be less than $1,200 reduced by the Base Benefit Reduction Factor. 
  

	5.04	Accrued Benefit — Participant Who Has Attained Retirement Age. The Participant’s Accrued Benefit under this Article 5 for a Participant who has attained Retirement
Age shall be the Early, Normal, or Postponed Retirement Benefit to which the Participant would be entitled if he were to retire at such time, payable as an annuity for life commencing at Normal Retirement Age or, if the Participant has attained his
or her Normal Retirement Age, as of the first of the calendar month coincident with or next following the date of calculation. 

  

	5.05	Accrued Benefit — Participant Who has Not Attained Normal Retirement Age. The Participant’s Accrued Benefit under this Article 5 for a Participant who has not
attained Normal Retirement Age shall be: 

  

	 	(a)	Deferred Vested Benefit. A Participant who has incurred a Break in Service shall be entitled to an annual pension benefit, payable as a straight life annuity commencing at
Normal Retirement Date equal to the Participant’s Accrued Benefit on his or her Termination Date, provided that the Participant is vested under the provisions of Article 8, unless such Participant has been cashed-out pursuant to
Section 10.02. 

  

 -22- 

	 	(b)	Deferred Vested Benefit — Early Commencement. A Participant entitled to a Deferred Vested Benefit who has satisfied the Service requirement for entitlement to an Early
Retirement Benefit and who subsequently satisfies the age requirements for entitlement to an Early Retirement Benefit shall be entitled to elect to receive his or her Deferred Vested Benefit at a date prior to the date on which it otherwise would be
payable, in an Actuarial Equivalent amount calculated in accordance with the factors defined below and using linear interpolation for partial years as necessary: 

 The Base Benefit and Additional Benefit as described in Section 5.01 will be reduced by eight (8) percent for each year the benefit commences
prior to age sixty-five (65) but after age sixty (60), and an additional four (4) percent for each year the benefit commences prior to age sixty (60). 
  

	5.06	Adjustment for Suspension of Benefits. The otherwise payable Early, Normal, or Postponed Retirement Benefit of any Participant who had previously become entitled to an Early,
Normal, or Postponed Retirement Benefit, but whose benefit payments were suspended pursuant to the provisions of Article 4, shall be reduced by the Actuarial Equivalent of any payments previously made to him. 

  

	5.07	Freeze of Article 5 Benefit Accrual. Beginning on and after September 1, 2007, any individual who is an Active Participant on September 1, 2007, shall be eligible
to accrue benefits under this Article 5 until December 31, 2010, subject to meeting the requirements of this Plan for any such benefit accruals. Any individual who is not an Active Participant on September 1, 2007, shall not be eligible to
accrue benefits under this Article 5. Any individual who terminates his or her employment on and after September 1, 2007 shall no longer be eligible to accrue any benefits upon rehire under this Article 5 as of his or her Termination Date.
After December 31, 2010, there shall be no accrual of benefits under this Article 5 under any circumstances by anyone, including any Active Participant, any Employee of the Employer or any Affiliated Employer, or any other person.

  

 -23- 

 ARTICLE 6 
 CASH BALANCE AMOUNT OF RETIREMENT BENEFIT 
  

	6.01	Cash Balance Accounts. Beginning on September 1, 2007, an Account shall be established and maintained in the name of each Active Participant eligible for an Annual
Allocation under Section 6.02, Interest Credits under Section 6.03 and in the case of a Participant who has a PIN, an additional annual addition (if any) as set forth next to such Participant’s PIN in Appendix B to the Plan. Upon the
Retirement Date of the Participant and the selection of a form of benefit by the Participant, the Participant’s Account shall be converted into such benefit form based on the Actuarial Equivalent form of payment defined in the Plan. Thereafter,
the Participant’s Account shall be closed, and the sole benefit shall be in the form selected by the Participant. 

  

	6.02	Annual Allocation to Accounts. Annual Allocations shall be credited to the Account maintained for each Active Participant to the extent that the Participant is eligible to
participate in the Plan under Section 3.01 and is no longer accruing benefits or entitled to accrue benefits under Article 5. 

  

	 	(a)	For a Participant who is an Active Participant on September 1, 2007, and who does not incur a Termination on or before December 31, 2010, such Participant shall be
eligible to receive an Annual Allocation for Plan Years beginning after December 31, 2010. 

  

	 	(b)	For a Participant who is an Active Participant on September 1, 2007, and who does incur a Termination on or before December 31, 2010, but is subsequently rehired and
becomes an Active Participant thereafter, such Active Participant shall be eligible to receive an Annual Allocation for Plan Years on or after his or her date of re-eligibility to participate in the Plan. 

  

	 	(c)	For a Participant who is not an Active Participant on September 1, 2007, such Active Participant shall be eligible to receive an Annual Allocation to the extent the Participant
is eligible to participate in the Plan under Section 3.01. 

  

	6.03	Interest Credits. The Account of each Participant shall be credited with an Interest Credit annually, even though he or she may no longer be an Employee.

  

	6.04	Normal Retirement Benefit. A Participant, upon reaching his or her Normal Retirement Age, shall be entitled to a distribution of the benefit accrued under this Article 6
commencing upon the Participant’s Normal Retirement Date, but only to the extent that this benefit is paid with his or her benefit accrued under Section 5.01, if any. If there is no Accrued Benefit payable to the Participant under
Section 5.01, then the retirement benefit under this Section 6 shall be an amount that is equal to the Actuarial Equivalent of the balance of the Participant’s Account. 

  

 -24- 

	6.05	Postponed Retirement Benefit. A Participant may elect to delay commencement of the benefit accrued under this Article 6 until his or her Postponed Retirement Date, but only
to the extent that this benefit is paid with his or her benefit accrued under Section 5.02, if any. If there is no Accrued Benefit payable to the Participant under Section 5.02, then the Postponed Retirement Benefit under this
Section 6 shall be payable on the first day of the calendar month commencing with the Participant’s Postponed Retirement Date equal to an amount that is the Actuarial Equivalent of the balance of the Participant’s Account.

  

	6.06	Early Retirement Benefit. A Participant, upon reaching his or her Early Retirement Date, may elect to receive a distribution of the benefit accrued under this Article 6, but
only to the extent that this benefit is paid with his or her benefit accrued under Section 5.03, if any. If there is no Accrued Benefit payable to the Participant under Section 5.03, then the Early Retirement Benefit under this
Section 6 shall be paid at the election of the Participant, commencing at the Participant’s Early Retirement Date, or at any date thereafter, equal to the Actuarial Equivalent of the balance of the Participant’s Account.

  

	6.07	Participant Who has Not Attained Normal Retirement Age. If a Participant has not attained Normal Retirement Age and who has incurred a Break in Service shall be entitled to a
distribution of the benefit accrued under this Article 6, commencing at Normal Retirement Date equal to the Actuarial Equivalent of the balance of the Participant’s Account (“Cash Balance Vested Benefit”) on his or her Termination
Date, provided that the Participant is vested under the provisions of Article 8, unless such Participant has been cashed-out pursuant to Section 10.02. Such Cash Balance Vested Benefit will only be paid with his or her Deferred Vested Benefit
accrued under Section 5.05, if any. If there is no Accrued Benefit payable to the Participant under Section 5.05, then the Cash Balance Vested Benefit under this Section 6 shall be paid at the election of the Participant, commencing
at Normal Retirement Date, equal to the Actuarial Equivalent of the balance of the Participant’s Account. 

  

 -25- 

 ARTICLE 7 
 REQUIRED BENEFIT LIMITATIONS 
  

	7.01	Code Section 415 Limits. This Article 7 shall be effective for Limitation Years ending after December 31, 2001 (except as otherwise provided below). The benefits
otherwise payable to a Participant, or a Beneficiary under this Plan and, where relevant, the Accrued Benefit of a Participant, shall be limited to the extent required, and only to the extent required, by the provisions of Section 415 of the
Code and rulings, notices and regulations issued thereunder. To the extent applicable, Section 415 of the Code and rulings, notices, and regulations issued thereunder are hereby incorporated by reference into this Plan. Any benefit increases
resulting from the increase in the limitations of Section 415(b) of the Code will be provided to all Employees participating in the Plan who have one (1) Hour of Service on or after the first day of the first Limitation Year ending after
December 31, 2001. In calculating these limits, the following rules shall apply: 

  

	 	(a)	Section 415 Limitation. A Participant’s annual benefit (a benefit payable annually in the form of a straight life annuity) from the Plan is limited to the lesser
of: 

  

	 	(1)	$180,000, (for 2007, as adjusted by the Code), or 

  

	 	(2)	One hundred (100) percent of the Participant’s average Compensation for his or her high three (3) years. 

  

	 	(b)	Actuarial Equivalencies: 

  

	 	(1)	Adjustment to Section 415 Limitation Where Benefit Begins Before Age 62. For purposes of determining the actuarial equivalent of the limitation described in
Section 415(b)(2)(C) of the Code (and, except as provided in sub-paragraph (a)(2) of this Section, for purposes of determining the actuarial equivalent of the benefit as described in Section 415(b)(2)(B) of the Code), the mortality
assumption used shall be the applicable mortality table based on the Internal Revenue Service Commissioner’s prevailing standard table (described in Section 807(d)(5)(A) of the Code used to determine reserves for group annuity contracts
issued on the date the adjustment is being made (without regard to any other sub-paragraph of Section 807(d)(5) of the Code) and the interest rate assumption used shall be not less than the greater of five (5) percent or the interest rate
specified in the Plan’s definition of Actuarial Equivalent. 

  

	 	(2)	 Adjustment For Certain Other Form of Benefit. For purposes of determining the actuarial equivalent of the benefit described in Section 415(b)(2)(B) of
the Code for any form of benefit subject to Section 417(e)(3) of the Code, the mortality assumption used shall be the applicable mortality table based on the Internal Revenue Service Commissioner’s 

  

 -26- 

	 	 
prevailing standard table (described in Section 807(d)(5)(A) of the Code used to determine reserves for group annuity contracts issued on the date the
adjustment is being made (without regard to any other sub-paragraph of Section 807(d)(5) of the Code) and the interest rate assumption used shall be not less than the greatest of five and one-half (5.5) percent, the rate that provides a
benefit of not more than one hundred and five (105) percent of the benefit that would be provided if the Applicable Interest Rate were the interest rate of assumption, or the interest rate specified in the Plan’s definition of Actuarial
Equivalent. 

  

	 	(3)	Adjustment to Section 415 Limitation Where Benefit Begins After Age 65. For purposes of determining the actuarial equivalent of the limitation described in
Section 415(b)(2)(D) of the Code, the mortality assumption used shall be the applicable mortality table based on the Internal Revenue Service Commissioner’s prevailing standard table (described in Section 807(d)(5)(A) of the Code used
to determine reserves for group annuity contracts issued on the date the adjustment is being made (without regard to any other sub-paragraph of Section 807(d)(5) of the Code and the interest rate assumption used shall be not greater than the
lesser of five (5) percent or the interest rate specified in the Plan’s definition of Actuarial Equivalent. 

  

	 	(c)	Cost-of-Living Adjustments — If the applicable Section 415 limits described in 7.01 (a) are increased by Section 415(d) of the Code after a benefit is in
pay status by virtue of an adjustment to those limits reflecting a change in the cost-of-living index, benefit payments to a Participant or his or her Beneficiary shall be increased to the maximum extent permitted under the revised limits. However,
no adjustment shall be taken into account before the year for which such adjustment takes effect. This increase shall occur only to the extent it would not cause the benefit to exceed the benefit to which the Participant or Beneficiary would have
been entitled in the absence of the Section 415 limits. 

  

	 	(d)	Surviving Spouse Payments — If, upon the death of a Participant whose benefits were limited under this Section 7.01, the Participant’s surviving Spouse shall
be entitled to a benefit payment smaller than that which was payable while the Participant was alive, the benefit payments to the spouse shall equal the lesser of (1) and (2) below, where: 

  

	 	(1)	is the benefit payment that would be payable to the surviving Spouse if benefits under this Plan had not been limited by this Section 7.01, and 

  

	 	(2)	is the benefit payment that would be payable to the surviving Spouse if the benefit provided under this plan had been a Joint & Survivor Annuity with survivor benefits
equal to fifty (50) percent of the amount payable while the Participant was alive, in an amount equal to the maximum limitations provided under this Section 7.01. 

  

 -27- 

	 	(e)	Reduction for Participation in Defined Benefit Plans — If the Participant is entitled to a benefit under any defined benefit plan that is, or ever has been, maintained
by the Employer or an Affiliated Employer, the limits under this Section 7.01 shall be applied to the combined benefits payable and the benefit payable hereunder shall be reduced to the extent necessary to make the combined benefits meet the
limits under this Section 7.01. 

  

	 	(f)	Average Compensation — To calculate Average Compensation for an Employee’s high three (3) years of service, compensation shall be the Employee’s
Compensation as defined in Section 1.18, and the three (3) years’ average shall be calculated using consecutive calendar years during which the Participant had the greatest aggregate Compensation from the Employer. After
January 1, 2008, the average Compensation shall be limited by the Compensation Limit in effect for the particular Compensation period, pursuant to the final Section 415 regulations effective for Limitation Years beginning on or after
July 1, 2007. 

  

	7.02	Special Limitation for 25 Highest-Paid Employees. The provisions of this Section 7.02 shall apply to the 25 highest-paid Highly Compensated Employees or Highly
Compensated Former Employees for a Plan Year. Subject to Section 7.03, if a benefit becomes or is payable for a Plan Year to such an Employee, it cannot exceed an amount equal to the payments that would be made during the Plan Year on behalf of
the Employee under a straight life annuity that is the Actuarial Equivalent of the Accrued Benefit, any other benefits under the Plan (other than a social security supplement), and a social security supplement, if any, that the Employee is entitled
to receive. 

  

	7.03	Exceptions to Special Limitation. The provisions of Section 7.02 shall not apply if any one of the following requirements is satisfied: 

  

	 	(a)	immediately after payment of the benefit described in Section 7.02, the value of the plan assets equals or exceeds one hundred and ten (110) percent of the value of
current liabilities, as defined in Section 412(1)(7) of the Code and Treasury Regulation 1.401(a)(4)-5(b); 

  

	 	(b)	the value of the benefits that would be payable to or on behalf of the Restricted Employee are less than one (1) percent of the value of current liabilities before
distribution; or 

  

	 	(c)	the value of the benefits payable or on behalf of the Restricted Employee do not exceed the amount described in Section 41l(a)(l1)(A) of the Code (for 2007 $5,000).

  

	7.04	 Distributions Allowed if Security Furnished. A benefit that is otherwise restricted pursuant to Section 7.02 may be nevertheless distributed, pursuant
to Internal Revenue Service Revenue Ruling 92-76, if, in the event of a termination of the Plan, the Employee is obligated to repay the Plan any amount necessary for the distribution of assets to satisfy the requirements of Section 401(a)(4)
and Treasury Regulation 1.401-4(c) of the Code. The amount the Employee shall be obligated to repay as of any measurement date shall not exceed the excess of the distributions the Employee has actually received over the amount 

  

 -28- 

	 	 
that the Employee would have received had distributions commenced in a manner that would have not violated the provisions of Section 7.02 (the
“Restricted Amount”), with both amounts increased by a reasonable rate of interest from the date payment was (or would have been) made to the measurement date. The Employee’s obligation to repay must be secured by either: (a) an
escrow account with an initial value at the date of distribution of at least one hundred and twenty-five (125) percent of the Restricted Amount, and at all times thereafter a value of at least one hundred and ten (110) percent of the
Restricted Amount, (b) a bond furnished by an insurance company, bonding company or other surety approved by the U.S. Treasury Department as an acceptable surety for federal bonds, of at least one hundred (100) percent of the Restricted
Amount, or (c) a letter of credit in an amount equal to at least one hundred (100) percent of the Restricted Amount. 

  

	7.05	Plan Termination Limit. In the event of Plan termination, the benefit of any Restricted Employee shall be limited to a benefit that is nondiscriminatory under Code
Section 401(a)(4). 

  

	7.06	Highly Compensated Employee or Former Employee. The term “Highly Compensated Employee” shall mean an Employee who performs service during the Determination Year and
is described in one or more of the following groups in accordance with IRS regulations: 

  

	 	(a)	was a five (5) percent owner at any time during the Determination Year or the Look-Back Year; or 

  

	 	(b)	for the Look-Back Year had Compensation from the Employer in excess of $ 100,000 (which shall be adjusted in the same manner as Code Section 415(d)) and was in the Top-Paid
Group of Employees for such Look-Back Year. 

 The term “Highly Compensated Former Employee” shall mean a former
Employee who has a separation year prior to the Determination Year and was a Highly Compensated active Employee for either: (1) such Employee’s Separation Year or (2) any Determination Year ending on or after the Employee’s 55th
birthday. 
 A “Separation Year” is the Determination Year in which the Employee separates from Service. Notwithstanding anything to
the contrary in this Plan, Sections 414(b), (c), (m), (n), and (o) of the Code are applied prior to determining whether an Employee is a Highly Compensated Employee. 
  

	7.07	Definitions. For purposes of this Section and Section 7.06, 

  

	 	(a)	“Compensation” shall be defined in Section 414(q)(4), which refers to meaning given such term under Code Section 415(c)(3). 

  

	 	(b)	A “Determination Year” shall mean the Plan Year for which the determination of who is Highly Compensated is being made. 

  

	 	(c)	A “five (5) percent owner” shall be determined within the meaning of Section 414(q)(2) of the Code. 

  

 -29- 

	 	(d)	A “Look-Back Year” shall mean the twelve (12)-month period preceding the Determination Year. 

  

	 	 (e)
	 The “Top-Paid Group” shall mean the top twenty (20) percent of all Employees when ranked on the basis of
Compensation paid to such Employees during the year under consideration, excluding Employees who have not competed six (6) month of service, Employees who normally work less than 17 1/2 hours per week, Employees who normally work during not more than six (6) months during any year, Employees who have not attained age twenty-one (21),
and Employees covered by an agreement which the Labor Secretary finds to be a collective bargaining agreements between Employee representatives and the Employer. 

  

	 	(f)	The Employer shall have the right to elect to determine Highly Compensated Employees by reference to calendar-year Compensation, in accordance with IRS regulations. If the Employer
so elects, the Employer must make such election with respect to all qualified plans it or any Affiliated Employer maintains. 

  

 -30- 

 ARTICLE 8  
 VESTING 
  

	8.01	General Rule. A Participant who incurs a Break in Service at a time when he or she is not entitled to an Early, Normal or Postponed Retirement Benefit under the provisions of
Article 5 and Article 6 shall not be entitled to benefits under this Plan, except as provided under the provisions of this Article. 

  

	8.02	Vesting at Normal Retirement Age. A Participant who has attained Normal Retirement Age shall be fully vested in his or her Accrued Benefit. 

  

	8.03	Vesting Before Normal Retirement Age. A Participant who incurs a Termination at a time when he or she is not entitled to an Early, Normal or Postponed Retirement Benefit
under the provision of Article 5, shall be entitled to a Deferred Vested Benefit, payable as provided under Article 5, provided the Participant has attained five (5) Years of Vesting Service at the time of such Termination.

 A Participant who incurs a Termination at a time when he or she is not entitled to an Early, Normal or
Postponed Retirement Benefit under the provision of Article 6, shall be entitled to the Cash Balance Vested Benefit in the Participant’s Account, payable as provided under Article 6, provided the Participant has attained three (3) Years of
Vesting Service at the time of such Termination. 
 For each Participant who both (a) became an Eligible Employee after April 1,
1995, and (b) prior to April 1, 1995, was employed by the Plan Sponsor for at least twelve (12) months, his or her Period of Service for such employment also shall be counted for purposes of determining his or her Years of Vesting
Service. 
  

	8.04	Vesting Upon Plan Termination. In the event of termination or partial termination of this Plan, each affected Participant shall be one hundred (100) percent vested in
his or her Accrued Benefit, but only to the extent the Plan is funded on a termination basis. The foregoing sentence shall not apply to a former Participant who has been cashed-out (including those deemed cashed-out under Section 8.05(c)) or
who has incurred five (5) consecutive One-Year Breaks in Service after his or her Termination Date. Such a former Participant shall not be entitled to any additional vested benefit upon termination or partial termination of this Plan.

  

	8.05	Vesting Service Disregarded. The Years of Vesting Service of a terminated Participant who is reemployed shall be determined in accordance with the following rules.

  

	 	(a)	 Prior Service Disregarded. If a Participant incurs a One-Year Break in Service, and his or her vested percentage interest in his or her Accrued Benefit under
the Plan was zero (0) percent when the One-Year Break in Service began, and the number of his or her consecutive One-Year Breaks in Service exceeds the greater of (1) the number of 

  

 -31- 

	 	 
his or her Years of Vesting Service, or (2) five (5), then his or her Years of Vesting Service credited before the One-Year Break in Service shall be
disregarded. 

  

	 	(b)	Prior Service Counted. The Years of Vesting Service credited before a Participant’s Termination Date shall be reinstated, effective as of his or her Reemployment Date,
if a Participant does not incur a One-Year Break in Service, or incurs a One-Year Break in Service, and: 

  

	 	(1)	the Participant’s vested percentage interest in his or her Accrued Benefit under the Plan was greater than zero (0) percent when the One-Year Break in Service began, or

  

	 	(2)	the number of the Participant’s consecutive One-Year Breaks in Service does not exceed the greater of (A) the number of his or her Years of Vesting Service, or
(B) five (5). 

  

	 	(c)	Future Service Disregarded. In determining a Participant’s Accrued Benefit and Years of Vesting Service for purposes of the Plan, if the Participant incurs a Termination
Date and the nonforfeitable percentage of his or her Accrued Benefit at that time is zero (0), he shall be deemed to have received a complete distribution of the nonforfeitable portion of his or her Accrued Benefit at the time of his or her
Termination Date, and shall immediately forfeit his or her Accrued Benefit. However, such forfeited Accrued Benefit shall be restored if the Participant has a Reemployment Date within five (5) consecutive One-Year Breaks in Service following
such Termination Date. The portion of a Participant’s Accrued Benefit and Years of Vesting Service previously disregarded by a prior application of this paragraph shall not be counted for the purpose of the preceding sentences.

  

	8.06	Repayment of Cash-Out. If an Employee shall have received a full distribution of his or her nonforfeitable interest in this Plan following his Termination Date, he or she
shall be entitled to repay the amount of that distribution to the Plan together with compound interest at the rate of five percent per annum for any period prior to the first day of the Plan Year beginning on or after January 1, 1988, and at
the rate of one hundred and twenty (120) percent of the applicable federal midterm rate as in effect for the first month of the Plan Year for any Plan Year or portion of a Plan Year that commences on or after January 1, 1988. Any such
repayment shall be made prior to the earlier of: 

  

	 	(a)	The fifth (5th) anniversary of the date on which the Employee was rehired by the Employer, or 

  

	 	(b)	The close of the first period of five (5) consecutive One-Year Breaks in Service following the Participant’s Termination Date. 

 A Participant who is deemed to have been cashed out under Section 8.05(c) because he was not entitled to a Deferred Vested Benefit on his or her
Termination Date shall be deemed to have properly made a repayment upon again becoming a Participant. 

  

 -32- 

 
Such a deemed repayment will not restore Years of Vesting Service which would not be counted under the provisions of Section 8.05(c) (the Rule of
Parity). 
  

	8.07	Vesting Service. A Participant shall be credited with a Year of Vesting Service as provided in Sections 1.73, 8.05 and 8.06, except that Vesting Service shall not include any
Year of Service as defined in Section 2.04, completed prior to the date of establishment of this Plan or the Predecessor to this Plan other than a Participant’s service completed with Allstate prior to April 1, 1995, if the
Participant was employed by Allstate on March 31, 1995 and by the Employer or an Affiliated Employer on April 1,1995. 

  

 -33- 

 ARTICLE 9  
 QUALIFIED PRERETIREMENT SURVIVOR ANNUITY 
  

	9.01	Preretirement Spousal Death Benefit. 

  

	 	(a)	Except as provided in sub-paragraph (b) below, and absent a Qualified Election to the contrary by the Participant pursuant to sub-paragraph (c) below, in the event a
Participant with a vested right to his or her Accrued Benefit under the Plan dies before his or her Benefit Commencement Date, a death benefit shall be provided to the Participant’s Spouse (“Preretirement Spousal Death Benefit”) as
follows: 

  

	 	 (1)
	 If the Participant at the date of death was eligible to retire and receive a benefit under the Plan at an Early, Normal
or Postponed Retirement Date, then the Participant’s surviving Spouse shall automatically receive a death benefit in an amount equal to one-half of the amount of the retirement benefit that would have been payable to the Spouse if the
Participant had retired on the day preceding his or her death, receiving a benefit in the form of a Joint & Survivor Annuity with a fifty (50) percent survivor annuity to the Spouse. The benefit payable under this
Section 9.01(a)(l) shall commence to be paid to the Spouse, unless the Spouse elects otherwise, as of the first (1st) day of the month coinciding
with or next following the Participant’s death and shall be paid up to the first day of the month in which such Spouse dies. 

  

	 	(2)	If the Participant at the date of death was not eligible to retire under the Plan and receive a benefit under the Plan at an Early, Normal, or Postponed Retirement Date, then the
Participant’s surviving Spouse shall receive a death benefit in an amount equal to the amount that would have been payable to the Spouse under the normal form of payment under Section 10.01, assuming: 

  

	 	(A)	the Participant had separated from service on the earlier of his or her Termination Date or date of his or her death; 

  

	 	(B)	the Participant had survived to the earliest date he could have retired and received a benefit under the Plan pursuant to Article 5 and Article 6; 

  

	 	(C)	 the Participant retired on such date with a benefit in the form of a Joint & Survivor Annuity with a fifty (50) percent survivor annuity to the
Spouse, but calculated using only actual Benefit Accrual Service as of the Participant’s date of death (and if the Participant was only partially vested on his or her date of death, multiplied by the 

  

 -34- 

	 	 
Participant’s vested percentage as determined under Section 8.03 on the date of death); and 

  

	 	(D)	the Participant died on the day after his or her Benefit Commencement Date. 

 The benefit payable under this Section 9.01(a)(2) shall commence to be paid to the Spouse,
unless the Spouse elects otherwise, as of the first (1st) day of the month coinciding with or next following the Participant’s death and shall be
paid up to the first day of the month in which such Spouse dies. The Spouse may not delay commencement of this benefit beyond the Participant’s Normal Retirement Date. 
  

	(b)	One-Year Rule. Notwithstanding the forgoing, the Preretirement Spousal Death Benefit described in Section 9.01 (a) shall be payable after the death of the
Participant only if the Spouse had been married to the Participant throughout the one (l)-year period ending on the date of the Participant’s death. 

  

	(c)	Qualified Optional Survivor Annuity. Generally, effective for Plan Years beginning after December 31, 2007, a Participant may elect to waive his or her Preretirement
Spousal Death Benefit and choose a qualified optional survivor annuity, which is: (1) for the life of the Participant with a survivor annuity for the life of his or her Spouse which is equal to seventy-five (75) percent of the amount of
the annuity which is payable during the joint lives of the Participant and the Spouse; and (2) the Actuarial Equivalent of a single annuity for the life of the Participant. 

  

	(d)	Cash Lump Sum Option. Notwithstanding the foregoing, a Participant may elect at any time that in the event he or she dies before his or her Benefit Commencement Date, a cash
lump sum equal to the Actuarial Equivalent of the Participant’s Accrued Benefit will be paid to his or her Beneficiary pursuant to a Qualified Election. In the event a Participant elects the cash lump sum benefit provided in this sub-paragraph
before he or she reaches age thirty-five (35), the Participant must again make a Qualified Election after reaching such age to maintain such benefits. Any prior election will be invalid after reaching age thirty-five (35), regardless of whether or
not a subsequent Qualified Election is made by the Participant. Alternatively, the Spouse or Beneficiary may elect to receive a cash lump sum equal to the Actuarial Equivalent of the Participant’s Accrued Benefit in lieu of a benefit described
in Sections 9.01(a)(l), 9.01 (a)(2) or 9.01(c) above. 

  

 -35- 

 ARTICLE 10 
 FORMS OF BENEFIT 
  

	10.01	Qualified Joint & Survivor Annuity. At the earliest time a Participant could become entitled to commence receiving payments of an Early, Normal or Postponed
Retirement Benefit or of a Deferred Vested Benefit, other than an involuntary lump sum payment under the provisions of Section 10.02, benefits shall commence in the form of a Qualified Joint & Survivor Annuity (which, for a Participant
who has no Spouse, includes a single life annuity) unless the Participant elects otherwise pursuant to a Qualified Election. 

  

	10.02	Involuntary Lump Sum Payment. If at any time a Participant has incurred a Termination, but has not begun to receive benefit payments, and is entitled to a benefit (whether
Early, Normal, or Postponed) or to a Deferred Vested Benefit, or a Beneficiary is entitled to a death benefit hereunder, that has an Actuarial Equivalent value of $ 1,000 or less, the Actuarial Equivalent value shall be paid to such Participant or
Beneficiary in a lump sum in lieu of, and in full satisfaction of, his benefit under this Plan. Neither the consent of the Beneficiary, the Participant nor of his or her Spouse shall be necessary to make such payment. Upon the making of such
payment, neither the Beneficiary, the Participant nor his or her Spouse shall have any further benefit under this Plan. Participants deemed to have a zero accrued account benefit at Termination shall be deemed to have been cashed out under this
Section 10.02. 

  

	10.03	Right to Elect. In lieu of the benefits provided by Section 10.01, the Participant shall have the right to elect, prior to his or her Benefit Commencement Date, an
alternate form of benefit provided under the terms of this Article 10. If the Participant is married, any such election must be a Qualified Election, and processed as provided under Section 10.04 below. Any alternative form of benefit shall be
the Actuarial Equivalent of the Participant’s Accrued Benefit. 

  

	10.04	Election of Forms. 

  

	 	 (a)
	 The Committee shall furnish to each Participant a general written explanation in non-technical terms of the availability
of the various optional forms of payment under the Plan within a reasonable period of time prior to the earliest date the Participant could retire under the Plan. A Participant has a right to receive, within thirty (30) days after filing a
written request with the Committee, a written explanation of the terms and conditions of the Qualified Joint & Survivor Annuity, the Participant’s right to make and the effect of an election to waive the Qualified Joint &
Survivor Annuity, the rights of the Participant’s Spouse (if any), the right to make, and the effect of, a revocation of a previous election to waive the Qualified Joint & Survivor Annuity, the right to elect, prior to his or her
Benefit Commencement Date, an alternate form of benefit, and the financial effect upon the Participant, given in terms of dollars per annuity payment. Requests for additional information may be made by the Participant at any time before the
ninetieth (90th) day prior to the Benefit Commencement Date. 

  

 -36- 

	 	(b)	An election to receive an optional form of benefit may be made at any time during the election period. The election period is a period of ninety (90) days prior to the
Participant’s Benefit Commencement Date. Subject to sub-paragraph (c) below, a Participant may make an election not to receive the Qualified Joint & Survivor Annuity, revoke any previous election, and if the Participant so
desires, make a new election, until the expiration of the election period, pursuant to a Qualified Election. 

  

	 	(c)	If a Participant is married, an election of a form of benefit other than the Qualified Joint & Survivor Annuity will require the written consent of the Spouse which shall
be made within ninety (90) days of the date the Qualified Joint & Survivor Annuity would otherwise commence pursuant to a Qualified Election. 

  

	10.05	Benefit Commencement. Notwithstanding any pro vision of the Plan to the contrary, a Participant’s Benefit Commencement Date may be less than thirty (30) days after
the written explanation described in Section 10.04 is furnished to the Participant, provided that: 

  

	 	(a)	the Participant has been provided with information that clearly indicates that the Participant has at least thirty (30) days to consider whether to waive the Qualified
Joint & Survivor Annuity and elect (with Spousal consent, if applicable) a form of distribution other than a Qualified Joint & Survivor Annuity; 

  

	 	(b)	the Participant is permitted to revoke any affirmative distribution election at least until the Benefit Commencement Date or, if later, at any time prior to the expiration of the
seven (7)-day period that begins the day after the explanation of the Qualified Joint & Survivor Annuity is provided to the Participant; 

  

	 	(c)	the Benefit Commencement Date is a date after the date that the written explanation was provided to the Participant, but may be a date before the date that an affirmative
distribution election is made by the Participant; and 

  

	 	(d)	the distribution must not actually commence before the expiration of the foregoing seven (7)-day period. 

  

	10.06	Optional Forms of Retirement Benefit. The optional forms which a Participant may elect are any one of the following: 

  

	 	(a)	50 Percent or 100 Percent Joint & Survivor Annuitant Option. An Actuarial Equivalent monthly benefit payable to the Participant for life, and after his or her death
in the amount of fifty (50) percent or one hundred (100) percent of such amount (as specified by the Participant prior to commencement of benefits) to the Joint Annuitant for life. Should the Joint Annuitant die prior to the
Participant’s Benefit Commencement Date, any election of this option shall be automatically canceled. If the Participant should die prior to the Benefit Commencement Date, no payments shall be made under this option to the Joint Annuitant, but
if the Joint Annuitant is the Spouse of the Participant, such Spouse will be entitled to the death benefit provided under Article 9. 

  

 -37- 

 For Accrued Benefits provided under Article 5, the factor to convert the life annuity to
the fifty (50) percent Joint & Survivor Annuitant Option above is ninety-four (94) percent plus three tenths of one (0.3) percent for each full year that the Joint Annuitant is more than five (5) years older than the
Participant not to exceed ninety-nine (99) percent or minus three tenths of one (0.3) percent for each full year that the Joint Annuitant is more than five years younger than the Participant. The factor to convert the life annuity to the one
hundred (100) percent Joint & Survivor Annuitant Option above is 89) percent plus one-half of one (0.5) percent for each full year that the Joint Annuitant is more than five (5) years older than the Participant not to exceed
ninety-nine (99) percent or minus one-half of one (0.5) percent for each full year that the Joint Annuitant is more than five (5) years younger than the Participant. 
 For Accrued Benefits provided under Article 6, the factor to convert the life annuity to any Joint and Survivor Annuitant Option shall be
made in conformance with Code Section 417(e) and any successor provisions thereto. 
  

	 	(b)	75 Percent Joint & Survivor Annuitant Option. Generally, effective for Plan Years beginning after December 31, 2007, a Participant may elect to waive his or her
Qualified Joint & Survivor Annuity and choose a qualified optional survivor annuity, defined as an annuity, which is: (1) for the life of the Participant with a survivor annuity for the life of his or her Spouse which is equal to
seventy-five (75) percent of the amount of the annuity which is payable during the joint lives of the Participant and the Spouse; and (2) the Actuarial Equivalent of a single annuity for the life of the Participant.

 The factor to convert the life annuity to the seventy-five (75) percent Joint & Survivor Annuitant Option
above will be an Actuarial Equivalent factor as provided in section 1.03 in effect on the annuity start date. 
  

	 	(c)	Ten-Year Certain and Life Income Option. An Actuarial Equivalent monthly benefit that provides payments to the Participant for his or her lifetime with a guaranteed minimum
period of at least ten (10). In the event of the death of the Participant after the Benefit Commencement Date, but prior to the Participant’s receiving for the whole Ten-Year Certain period, the remaining payments for the minimum term of years
will be paid to the Participant’s Beneficiary. In the event of the death of the Participant prior to the Participant’s Benefit Commencement Date, the election of this option shall be void and of no effect. 

 The factor to convert the life annuity to the above option will be ninety-five (95) percent at age sixty-five (65) plus four tenths of one
(0.4) percent for each full year that the benefit commencement date precedes age sixty-five (65) or minus seven tenths of one (0.7) percent for each full year that the benefit commencement date is postponed past age sixty-five (65). 

 

	 	(d)	 Straight Life Annuity Option. A Participant who has a Spouse may elect to have the Participant’s Accrued Benefit payable in equal, unreduced monthly
payments during the Participant’s lifetime, with no further payments to any other person after the 

  

 -38- 

	 	 
Participant’s death. If this option is elected, the retirement benefit payable to the Participant shall be the amount of retirement benefit determined
under the applicable Section(s) of Article 5 and Article 6. 

  

	 	(e)	Lump Sum Payment Option. A Participant may elect to receive a cash lump sum equal to the Actuarial Equivalent of the Participant’s vested Accrued Benefit payable to the
Participant, his or her Spouse, or his or her Beneficiary pursuant to a Qualified Election. 

  

	10.07	Beneficiary. A Participant may name a Joint Annuitant who is an individual for a Joint & Survivor Annuity option. For a Ten-Year Certain and Life Income Option, the
Participant may elect, in writing, an individual or individuals, or any entity or entities, including corporations, partnerships or trusts, provided that such individuals and entities are ascertainable, and the shares of each are clearly set forth.

  

	10.08	Eligible Rollover Distributions. 

  

	 	(a)	The following provisions of this Section 10.08 shall apply to distributions made after December 31, 2001. 

  

	 	(b)	Notwithstanding any provision of the Plan to the contrary that would otherwise limit a Distributee’s election under this Section, a Distributee may elect, at the time and in
the manner prescribed by the Committee, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover. 

  

	 	(c)	Notwithstanding the above, effective for distributions after December 31, 2006, a nonspouse beneficiary may elect to have all or a specified portion of an Eligible Rollover
Distribution paid directly to an individual retirement account or individual retirement annuity established for the purpose of receiving such distribution as an inherited individual retirement account or annuity, in accordance with the Pension
Protection Act of 2006 and applicable rules and regulations. 

  

	(d)	Definitions. 

  

	 	(1)	Eligible rollover distribution — An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the Distributee, except that
an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives
(or joint life expectancies) of the Distributee and the Distributee’s designated Beneficiary, or for a specified period often years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code;
and the portion of any distribution that is not includable in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to Employer securities). 

  

 -39- 

	 	(2)	Eligible retirement plan — An eligible retirement plan is an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity
described in Section 408(b) of the Code, an annuity plan described in Section 403 (a) of the Code, a qualified trust described in Section 401 (a) of the Code, that accepts the Distributee’s eligible rollover
distribution, an annuity contract described in Section 403(b) of the Code and an eligible plan under Section 457(b) of the Code 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. The foregoing definition of eligible retirement plan shall also apply in the case of a distribution to a surviving
spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order as defined in Section 414(p) of the Code. 

  

	 	(3)	Distributee — A distributee includes an Employee or former Employee. In addition, the Employee’s or former Employee’s surviving Spouse and the Employee’s
or former Employee’s Spouse or former Spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are Distributees with regard to the interest of the Spouse or former Spouse.

  

	 	(4)	Direct rollover — A direct rollover is a payment by the Plan to the eligible retirement plan specified by the Distributee. 

  

	10.09	Minimum Distribution Requirements. 

  

	 	(a)	General Rules. 

  

	 	(1)	Effective Date. The provisions of this Section 10.09 will apply for purposes of determining required minimum distributions for calendar years beginning with the 2004
calendar year. 

  

	 	(2)	Precedence. The requirements of this Section 10.09 will take precedence over any inconsistent provisions of the Plan. 

  

	 	(3)	Requirements of Treasury Regulations Incorporated. All distributions required under this Section 10.09 will be determined and made in accordance with sections 1.401
(a)(9)-1 through 1.401 (a)(9)-9 of the Treasury Regulations under section 401(a)(9) of the Code. 

  

	 	(4)	TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this Section 10.09, other than subsection 10.09(a)(3) above, distributions may be made
under a designation made before January 1, 1984, in accordance with section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of the Plan that relate to section 242(b)(2) of TEFRA. 

  

 -40- 

	 	(b)	Time and Manner of Distribution. 

  

	 	(1)	Required Beginning Date. The Participant’s entire interest will be distributed, or begin to be distributed, to the Participant no later than the Participant’s
Required Beginning Date, as defined in the Income Tax Regulations under Section 401(a)(9) of the Code. 

  

	 	(2)	Death of Participant Before Distributions Begin. If the Participant dies before distributions begin, the Participant’s entire interest will be distributed, or begin to
be distributed, no later than as follows: 

  

	 	 (A)
	 If the Participant’s surviving Spouse is the Participant’s sole Designated Beneficiary as defined in
subsection (f) below, then distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the
Participant would have attained age 70 1/2, if later. 

  

	 	(B)	If the Participant’s surviving Spouse is not the Participant’s sole Designated Beneficiary as of September 30 of the year following the year of the Participant’s
death, then distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died. 

  

	 	(C)	If there is no Designated Beneficiary as of September 30 of the year following the year of the Participant’s death, the Participant’s entire interest will be
distributed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 

  

	 	(D)	If the Participant’s surviving Spouse is the Participant’s sole Designated Beneficiary as of September 30 of the year following the year of the Participant’s
death, and the surviving Spouse dies after the Participant but before distributions to the surviving Spouse begin, this subsection 10.09(b)(2), other than subsection 10.09(b)(2)(A), will apply as if the surviving Spouse were the Participant.

 For purposes of this Section 10.09(b)(2) and Section 10.09(e), distributions are considered to
begin on the Participant’s Required Beginning Date (or, if Section 10.09(b)(2)(D) applies, the date distributions are required to begin to the surviving spouse under Section 10.09(b)(2)(A)). If annuity payments irrevocably commence to
the Participant before the Participant’s Required Beginning Date (or to the Participant’s surviving spouse before the date distributions are required to begin to the surviving spouse under Section 10.09(b)(2)(A), the date
distributions are considered to begin is the date distributions actually commence. 
 Any amount payable to the surviving
child of the Participant in accordance with the requirements of Q& A-15 of section 1.401 (a)(9)-6 of the Treasury 
  

 -41- 

 
Regulations shall be treated for purposes of this Section 10.09 as if it had been paid to such Participant’s surviving Spouse to the extent such
amount that is payable to the child will become payable to the Participant’s surviving Spouse upon such child’s reaching the age of majority (or upon the occurrence of such other event specified in Q&A-15 of section 1.401(a)(9)-6 of
the Treasury Regulations or otherwise specified in IRS guidance under section 401 (a)(9) of the Code). 
  

	 	(3)	Form of Distribution. Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the
Required Beginning Date, as of the first Distribution Calendar Year distributions will be made in accordance with subsections 10.09(c), (d), and (e) hereof. If the Participant’s interest is distributed in the form of an annuity purchased
from an insurance company, distributions thereunder will be made in accordance with the requirements of section 401(a)(9) of the Code and the Treasury Regulations. Any part of the Participant’s interest which is in the form of an individual
account described in section 414(k) of the Code will be distributed in a manner satisfying the requirements of section 401(a)(9) of the Code and the Treasury Regulations that apply to individual accounts. 

  

	 	(4)	Change in Annuity Payment Period. Once payments have commenced over a period, the period may only be changed in accordance with Q&A-13 of section 1.401(a)(9)-6 of the
Treasury Regulations under the following circumstances, or as may be expressly permitted in other IRS guidance under section 401(a)(9) of the Code, if permitted under applicable provisions of the Plan: 

  

	 	(A)	at the time the Participant retires or in connection with the termination of the Plan; 

  

	 	(B)	where distribution prior to the change is being made in the form of a period-certain-only annuity without life contingencies; or 

  

	 	(C)	where the annuity payments after the change are paid under a Qualified Joint and Survivor Annuity over the joint lives of the Participant and a Designated Beneficiary, the
Participant’s Spouse is the sole Designated Beneficiary, and the change occurs in connection with the Participant’s becoming married to such Spouse. 

 In order to modify a stream of annuity payments in accordance with subsections 10.09(b)(iv)(A), (B), or (C) above, the conditions
under Q&-A-13(c) of section 1.401(a)(9)-6 of the Treasury Regulations must be satisfied. 
  

	 	(c)	Determination of Amount to be Distributed Each Year. 

  

 -42- 

	 	(1)	General Annuity Requirements. If the Participant’s interest is paid in the form of annuity distributions under the Plan, payments under the annuity will satisfy the
following requirements: 

  

	 	(A)	the annuity distributions will be paid in periodic payments made at intervals not longer than one year; 

  

	 	(B)	the distribution period will be over a life (or lives) or over a period certain not longer than the period described in subsections 10.09(d) or (e) below;

  

	 	(C)	once payments have begun over a period certain, the period certain will not be changed even if the period certain is shorter than the maximum permitted; and

  

	 	(D)	payments will either be nonincreasing or increase only as follows: 

  

	 	(i)	by an annual percentage increase that does not exceed the annual percentage increase in an eligible cost-of-living index, as defined in Q&A-14(b) of section 1.401 (a)(9)-6 of
the Treasury Regulations, for 12-month period ending in the year during which the increase occurs or the prior year; 

  

	 	(ii)	by a percentage increase that occurs at specified times, such as at specified ages, and does not exceed the cumulative total of annual percentage increases in an eligible
cost-of-living index as defined in clause (1) above since the annuity starting date or, if later, the date of the most recent percentage increase, provided that in cases providing such a cumulative increase an actuarial increase may not be
provided to reflect the fact that increases were not provided in the interim year 

  

	 	(iii)	to the extent of the reduction in the amount of the Participant’s payments to provide for a survivor benefit upon death, but only if the Designated Beneficiary whose life was
being used to determine the distribution period described in subsection 10.09(d) dies or is no longer the Participant’s Designated Beneficiary pursuant to a qualified domestic relations order within the meaning of section 414(p) of the Code;

  

	 	(iv)	to pay increased benefits that result from a Plan amendment; 

  

	 	(v)	to allow a Designated Beneficiary to convert the survivor portion of a joint and survivor annuity into a single-sum distribution upon the employee’s death; or

  

	 	(vi)	to the extent increases are permitted in accordance with paragraph (c or (d) of Q&A-14 of section 1.401 (a)(9)-6 of the Treasury Regulations. 

  

 -43- 

	 	(2)	Amount Required to be Distributed by Required Beginning Date. The amount that must be distributed on or before the Participant’s Required Beginning Date (or, if the
Participant dies before distributions begin, the date distributions are required to begin under subsection 10.09(b)(2)(A) or (B)) is the payment that is required for one payment interval. The second payment need not be made until the end of the next
payment interval even if that payment interval ends in the next calendar year. Payment intervals are the periods for which payments are received, e.g., bi-monthly, monthly, semi-annually, or annually. All of the Participant’s benefit accruals
as of the last day of the first Distribution Calendar Year (as defined in subsection (f) below) will be included in the calculation of the amount of the annuity payments for payment intervals ending on or after the Participant’s Required
Beginning Date. 

  

	 	(3)	Additional Accruals After First Distribution Calendar Year. Any additional benefits accruing to the Participant in a calendar year after the first Distribution Calendar Year
will be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues. 

  

	 	(d)	Requirements for Annuity Distributions That Commence During Participant’s Lifetime. 

  

	 	(1)	Joint Life Annuities Where the Beneficiary Is Not the Participant’s Spouse. If the Participant’s interest is being distributed in the form of a joint and survivor
annuity for the joint lives of the Participant and a nonspouse Beneficiary, annuity payments to be made on or after the Participant’s Required Beginning Date to the Designated Beneficiary after the Participant’s death shall not at any time
exceed the applicable percentage of the annuity payment for such period that would have been payable to the Participant using the table set forth in Q&A-2 of section 1.401(a)(9)-6 of the Treasury Regulations. If the form of distribution combines
a joint and survivor annuity for the joint lives of the Participant and a nonspouse Beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity payments to be made to the Designated Beneficiary after the
expiration of the period certain. 

  

	 	(2)	 Period Certain Annuities. Unless the Participant’s Spouse is the sole designated Beneficiary and me form of distribution is a period certain and no life
annuity, the period certain for an annuity distribution commencing during the Participant’s lifetime shall not exceed the applicable distribution period for the Participant under the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of
the Treasury Regulations for the calendar year that contains the Annuity Starting Date. If the Annuity Starting Date precedes the year in which the Participant reaches age 70, the applicable distribution period for the Participant is the
distribution period for age 70 under the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury 

  

 -44- 

	 	 
Regulations plus the excess of 70 over the age of the Participant as of the Participant’s birthday in the year that contains the Annuity Starting Date.
If the Participant’s Spouse is the Participant’s sole Designated Beneficiary and the form of distribution is a period certain and no life annuity, the period certain may not exceed the longer of the Participant’s applicable
distribution period, as determined under this subsection 10.09(d)(2), or the joint life and last survivor expectancy of the Participant and the Participant’s Spouse as determined under the Joint and Last Survivor Table set forth in section
1.401(a)(9)-9 of the Treasury Regulations, using the Participant’s and Spouse’s attained ages as of the Participant’s and Spouse’s birthdays in the calendar year that contains the Annuity Starting Date.

  

	 	(e)	Requirements for Minimum Distributions Where Participant Dies Before Date Distributions Begin. 

  

	 	(1)	Participant Survived by Designated Beneficiary. If the Participant dies before the date distribution of his or her interest begins and there is a Designated Beneficiary, the
Participant’s entire interest will be distributed, beginning no later than the time described in subsection 10.09(b)(2), over the life of the Designated Beneficiary or over a period certain not exceeding: 

  

	 	(A)	unless the Benefit Commencement Date is before the first distribution calendar year, the Life Expectancy (as defined in subsection (f) below) of the Designated Beneficiary
determined using the Designated Beneficiary’s age as of the Designated Beneficiary’s birthday in the calendar year immediately following the calendar year of the Participant’s death; or 

  

	 	(B)	if the Benefit Commencement Date is before the first distribution calendar year, the Life Expectancy of the Designated Beneficiary determined using the Designated Beneficiary’s
age as of the Designated Beneficiary’s birthday in the calendar year that contains the Benefit Commencement Date. 

  

	 	(2)	No Designated Beneficiary. If the Participant dies before the date distributions begin and there is no Designated Beneficiary as of September 30 of the year following
the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 

 

	 	(3)	 Death of Surviving Spouse Before Distributions to Surviving Spouse Begin. If the Participant dies before the date distribution of his or her interest begins,
the Participant’s surviving Spouse is the Participant’s sole Designated Beneficiary, and the surviving Spouse dies before distributions to the surviving Spouse begin, this subsection 10.09(e) will apply as if the surviving Spouse were the
Participant, except that the time by which 

  

 -45- 

	 	 
distributions must begin will be determined without regard to subsection 10.09(b)(2)(A). 

  

	 	(f)	Definitions. 

  

	 	(1)	“Designated Beneficiary.” The individual who is designated as the Beneficiary under Section 1.11 of the Plan and is the designated beneficiary under section
401(a)(9) of the Code and section 1.401(a)(9)-4, Q&A-l, of the Treasury Regulations. 

  

	 	(2)	“Distribution Calendar Year.” A calendar year for which a minimum distribution is required. For distributions beginning before the Participant’s death, the
first Distribution Calendar Year is the calendar year immediately preceding the calendar year which contains the Participant’s Required Beginning Date. For distributions beginning after the Participant’s death, the first Distribution
Calendar Year is the calendar year in which distributions are required to begin pursuant to subsection 10.09(b)(2). 

  

	 	(3)	“Life Expectancy.” Life Expectancy as computed by use of the Single Life Table in section 1.401(a)(9)-9 of the Treasury Regulations. 

  

	 	(4)	“Required Beginning Date.” The date specified in the Treasury Regulations under Section 401(a)(9) of the Code. 

  

 -46- 

 ARTICLE 11  
 FUNDING 
  

	11.01	Funding Agreement. The Employer has entered into a funding arrangement with one or more Funding Agents providing for the administration of the Fund or Funds in which the
assets of this Plan are held. The Employer may at any time or from time to time appoint one (1) or more investment managers, as defined under Section 3(38) of ERISA, each of which shall direct the Funding Agent in the investment or
reinvestment of all or part of the Fund. 

  

	11.02	Non-Diversion of the Fund. To the extent required by law, the principal or income of any Fund shall be used solely for the exclusive benefit of Participants or Beneficiaries,
or to meet the necessary expenses of the Plan, except that upon termination of the Plan, after all the liabilities under the Plan have been satisfied, any property remaining in a Fund after satisfaction of all liabilities under this Plan shall be
considered the result of erroneous actuarial computation and shall be distributed by the Funding Agent to the Employer. 

  

 -47- 

 ARTICLE 12  
 PLAN ADMINISTRATION 
  

	12.01	Appointment of Committee. A Committee consisting of at least three (3) members of management shall be appointed by the Board to administer the Plan on behalf of the
Board. Vacancies in the Committee shall be filled from time to time by appointment of a new Committee member by the Board. A member of the Committee shall hold office until he gives written notice of his or her resignation to the Board, until death,
or until removal by the Board. 

  

	12.02	Powers and Duties. The Committee shall have full power and discretion to administer the Plan and to construe and apply all of its provisions on behalf of the Employer. The
Committee is the Named Fiduciary within the meaning of Section 402(a) of ERISA for purposes of Plan administration. 

  

	 	(a)	The Committee’s powers and duties, unless properly delegated, shall include, but shall not be limited to: 

  

	 	(1)	Designating agents to carry out responsibilities relating to the Plan, other than fiduciary responsibilities. 

  

	 	(2)	Deciding questions relating to eligibility, continuity of employment, and amounts of benefits, including annually updating the respective Appendices A and B.

  

	 	(3)	Deciding disputes that may arise with regard to the rights of Employees, Participants and their legal representatives, or Beneficiaries under the terms of the Plan. Decisions by the
Committee will be deemed final in each case. 

  

	 	(4)	Obtaining information from the Employer with respect to its Employees as necessary to determine the rights and benefits of Participants under the Plan. The Committee may rely
conclusively on such information furnished by the Employer. 

  

	 	(5)	Compiling and maintaining all records necessary for the Plan. 

  

	 	(6)	Authorizing the Funding Agent to make payment of all benefits as they become payable under the Plan. 

  

	 	(7)	Engaging such legal, administrative, consulting, actuarial, investment, accounting, and other professional services as the Committee deems proper. 

  

	 	(8)	 Adopting rules and regulations for the administration of the Plan that are not inconsistent with the Plan’s terms. The Committee may, in a nondiscriminatory
manner, waive the timing requirements of any notice or 

  

 -48- 

	 	 
other requirements described in the Plan. Any such waiver will not obligate the Committee to waive any subsequent timing or other requirements for other
Participants. 

  

	 	(9)	Interpreting and approving qualified domestic relations orders, as defined in Section 414(p) of the Code. 

  

	 	(10)	Making nonsubstantive amendments for the purpose of maintaining the qualified status of the Plan only. 

  

	 	(11)	Establishing a claims and appeal procedure satisfying the minimum standards of Section 503 of ERISA (the “Claims Procedure”) pursuant to which Participants or their
Spouses, Beneficiaries or estates may claim Plan benefits and appeal denials of such claims. 

  

	 	(12)	Assigning PINs to those Participants who also are participants in the Company’s Supplemental Employee Retirement Plan. 

  

	 	(13)	Making amendments to Appendices A and B to the Plan from time to time to any extent that it may deem advisable, provided that any such amendments shall comply with the requirements
of Section 401(a)(4) of the Code. 

  

	 	(14)	Performing other actions provided for in other parts of this Plan. 

  

	 	(b)	The Plan Sponsor shall have responsibility for, and shall be the Named Fiduciary for, the following purposes: 

  

	 	(1)	Selection of the funding media for the Plan, including the power to direct investments and to appoint an investment manager or managers pursuant to Section 402(c) of ERISA.

  

	 	(2)	Allocating fiduciary responsibilities, other than trustee responsibilities as defined in Section 405(c) of ERISA, among fiduciaries, and designation of additional fiduciaries.

  

	 	(3)	Selection of insurance contracts to provide benefits hereunder, or, if all assets are not held under insurance contracts, the Trustee. 

  

	 	(c)	The Trustee, if any, shall have responsibility for, and shall be the Named Fiduciary for the care and custody of, and, to the extent investment managers are not appointed by the
Plan Sponsor, management of Plan assets held by such Trustee other than insurance contracts. 

  

	12.03	 Actions by the Committee. A majority of the members composing the Committee at any time will constitute a quorum. The Committee may act at a meeting, or in
writing without a meeting, by the vote or assent of a majority of its members. The Committee will appoint a Committee Chairperson and a Secretary. The Secretary will record all action taken by the 

  

 -49- 

	 	 
Committee. The Committee will have authority to designate in writing one of its members or any other person as the person authorized to execute papers and
perform other ministerial duties on behalf of the Committee. 

  

	12.04	Interested Committee Members. No member of the Committee will participate in an action of the Committee on a matter that applies solely to that member. Such matters will be
determined by a majority of the remainder of the Committee. 

  

	12.05	Indemnification. The Employers indemnify and hold the members of the Committee, jointly and severally, harmless from the effects and consequences of their acts, omissions,
and conduct in their official capacities, except to the extent that the effects and consequences result from their own willful misconduct, breach of good faith, or gross negligence in the performance of their duties. The foregoing right of
indemnification will not be exclusive of other rights to which each such member may be entitled by any contract or other instrument or as a matter of law. 

  

	12.06	Conclusiveness of Action. Any action on matters within the discretion of the Committee will be conclusive, final, and binding upon all Participants in the Plan and upon all
persons claiming any rights, including Beneficiaries. 

  

	12.07	Payment of Expenses. The members of the Committee will serve without compensation for their services. The compensation or fees of consultants, actuaries, accountants, counsel
and other specialists and any other costs of administering the Plan or Fund, including any premiums due to the PBGC, will be paid by the Fund unless, at the discretion of the Employer, paid by the Employer. 

  

 -50- 

 ARTICLE 13  
 FUNDING POLICY AND CONTRIBUTIONS 
  

	13.01	Employer Contributions. The Employer intends to make contributions to fund this Plan at such times and in such amounts as the Actuary shall certify to the Employer as being
no less than the amounts required to be contributed under Section 412 of the Code. Any actuarial gains arising under the Plan shall be used to reduce future Employer contributions to the Plan and shall not be applied to increase retirement
benefits with respect to remaining Participants. 

  

	13.02	Participant Contributions. Participant contributions to the Fund are not permitted. 

  

	13.03	Contingent Nature of Contributions. Unless the Employer notifies the Committee and the Funding Agent in writing to the contrary, all contributions made to this Plan are
conditioned upon their deductibility under Section 404 of the Code. 

  

 -51- 

 ARTICLE 14  
 AMENDMENT TERMINATION AND MERGER OF THE PLAN 
  

	14.01	Right to Amend the Plan. The Board or its delegate reserves the right to modify, alter or amend this Plan from time to time to any extent that it may deem advisable
including, but without limiting the generality of the foregoing, any amendment deemed necessary to ensure the continued qualification of the Plan under Section 401(a) of the Code or the appropriate provisions of any subsequent revenue law.
No such amendment shall increase the duties or responsibilities of a Funding Agent without its consent thereto in writing. No such amendment(s) shall have the effect of reinvesting in the Employer the whole or any part of the principal or income of
the Fund or to allow any portion of the principal or income of the Fund to be used for any purposes other than for the exclusive benefit of Participants or Beneficiaries at any time prior to the satisfaction of all the liabilities under the Plan
with respect to such persons. No amendment shall (a) reduce a Participant’s Accrued Benefit on the effective date of the Plan amendment, (b) eliminate or reduce an Early Retirement Benefit, retirement-type subsidy or an optional form
of benefit under the Plan with respect to the Participant’s Accrued Benefit on the date of the amendment, or (c) reduce a retired Participant’s retirement benefit as of the effective date of the amendment. 

  

	14.02	Right to Terminate the Plan. The Board of Directors of the Plan Sponsor or its delegate shall have the right to terminate this Plan at any time. In the event of such
termination all affected Participants shall be vested as provided in Section 8.04. 

  

	14.03	Allocation of Assets and Surplus. In the event the Plan shall be terminated as provided in Section 14.02 above, the then present value of retirement benefits vested in
each Participant shall be determined as of the discontinuance date, and the assets then held by the Funding Agents as reserves for benefits for Participants, Joint Annuitants or Beneficiaries under this Plan shall, subject to any necessary approval
by the PBGC be allocated, to the extent that they shall be sufficient, after providing for expenses of administration, in the order of precedence provided for under Section 4044 of ERISA, as modified by the provisions of Treasury Regulation
Section 1.414(l)-l(f) or (h) if a special schedule of benefits (as defined in such regulations) is in effect as a result of a plan merger within the five (5)-year period prior to the date of termination. The retirement benefits for which
funds have been allocated in accordance with Section 4044 of ERISA shall be provided through the continuance of the existing Fund arrangements or through a new instrument entered into for that purpose and shall be paid either in a lump sum or
in equal monthly installments through the purchase of a nontransferable annuity contract(s). After all liabilities of the Plan have been satisfied with respect to all Participants so affected by the Plan’s termination, the Employer shall be
entitled to any balance of Plan assets that shall remain. 

  

	14.04	 Plan Mergers, Consolidations, and Transfers. The Plan shall not be automatically terminated by the Employer’s acquisition by or merger into any other
company, trade or business, but the Plan shall be continued after such merger provided either the successor employer agrees to continue the Plan with respect to affected Participants herein or as required by applicable 

  

 -52- 

	 	 
law. All rights to amend, modify, suspend or terminate the Plan with respect to Participants of the Employer shall be transferred to the successor employer,
effective as of the date of the merger or acquisition. The merger or consolidation with, or transfer of the allocable portion of the assets and liabilities of the Fund to any other qualified retirement plan trust shall be permitted only if the
benefit each Plan Participant would receive, if the Plan were terminated immediately after such merger or consolidation, or transfer of the allocable portion of the assets and liabilities, would be at least as great as the benefit he would have
received had this Plan been terminated immediately before the date of merger, consolidation, or transfer. 

  

	14.05	Amendment of Vesting Schedule. If the vesting pro visions of this Plan are amended, including an amendment caused by the expiration of top-heavy status under the terms of
Article 15, Participants with three (3) or more Years of Vesting Service, whether or not consecutive, at the later of the date the amendment is adopted or becomes effective, shall automatically be vested, from that point forward, in the greater
of the amount vested under the vesting schedule as amended or the amount vested under the vesting schedule prior to amendment. 

  

 -53- 

 ARTICLE 15  
 TOP-HEAVY PLAN PROVISIONS 
  

	15.01	General Rule. For any Plan Year beginning after December 31, 2001 for which this Plan is a “Top-Heavy Plan” as defined in Section 15.05 below, this Plan
shall be subject to the provisions of this Article 15. 

  

	15.02	Vesting Provision. Each Participant who has completed an Hour of Service during the Plan Year in which the Plan is a Top-Heavy Plan and has completed the number of Years of
Vesting Service specified in the following table, shall have a vested right to the percentage of his or her Accrued Benefit under the Plan, correspondingly shown in the following tables: 

  

				
	 Years of Vesting Service
	  	Percentage of
Accrued Benefit	 
	 Less than 1 years
	  	0	%
	 1 year
	  	0	%
	 2 years
	  	0	%
	 3 years or more
	  	100	%

 Each Participant’s Deferred Vested Benefit shall not be less than his or her
vested Accrued Benefit determined as of the last day of the last Plan Year in which the Plan was not a Top-Heavy Plan. If the Plan ceases to be a Top-Heavy Plan, an Employee with three or more years of employment, whether or not consecutive, shall
have his Deferred Vested Benefit determined either in accordance with this Section 15.02 or Section 8.03, as provided in Section 14.05. Each such Participant shall have the right to elect the applicable schedule within 60 days after
the day he is issued written notice by the Committee, or as otherwise provided in accordance with regulations issued under the provisions of the Code relating to changes in the vesting schedule. 
  

	15.03	Minimum Benefit Provision. If the Plan is a Top-Heavy Plan in any Plan Year, each Participant who is a Non-Key Employee shall, as of the end of that Plan Year, be entitled to
an Accrued Benefit that is at least equal to the Applicable Percentage of the Participant’s Average Compensation for Years in the Testing Period. For purposes of this Section: 

  

	 	(a)	“Applicable Percentage” shall mean the lesser of two (2) percent multiplied by Years of Service of the Participant, or twenty (20) percent,

  

	 	(b)	 “Average Compensation for Years in the Testing Period” shall mean average annual compensation for that period of five (5) consecutive years that had
the greatest aggregate compensation from the Employer. In determining consecutive years, any 

  

 -54- 

	 	 
year not included as a Year of Service under the provisions of Article 2 shall be ignored. 

  

	 	(c)	For purposes of satisfying the minimum benefit requirements of Section 416(c)(l) of the Code and the Plan, in determining Years of Service as defined in Section 2.04, with
the Employer and Affiliated Employers, any service with the Employer and Affiliated Employers shall be disregarded to the extent that such service occurs during a Plan Year when the Plan benefits (within the meaning of Section 410(b) of the
Code) no Key Employee or former Key Employee. 

  

	15.04	Coordination With Other Plans. In the event that another defined contribution or defined benefit plan maintained by the Employer or an Affiliated Employer
provides contributions or benefits on behalf of Participants in this Plan, such other plan may be treated as part of this Plan pursuant to applicable principles under Section 416(f) of the Code in determining whether this Plan satisfies the
requirements of Section 15.02. Such determination shall be made upon the advice of counsel by the Committee. 

  

	15.05	Top-Heavy Plan Defined. This Plan shall be a “Top-Heavy Plan” for any Plan Year if, as of the determination date (as defined in sub-paragraph 15.05(a)) the present
value of the cumulative Accrued Benefits under the Plan for Key Employees (as defined in Section 15.06) exceeds sixty (60) percent of the present value of the cumulative Accrued Benefits under the Plan for all employees. Each plan of the
employer required to be included in an aggregation group (as defined below) shall be treated as a top-heavy plan if such group is a top-heavy group (as defined below). 

  

	 	(a)	“Determination date” means for any Plan Year the last day of the immediately preceding Plan Year. 

  

	 	(1)	The present value shall be determined as of the most recent valuation date that is within the twelve (12)-month period ending on the determination date and as described in the
regulations under the Code. Present values for purposes of determining whether this Plan is a Top-Heavy Plan shall be made in conformance with Code Section 417(e) and any successor provision thereto. 

  

	 	(b)	“Aggregation group” means 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. 

  

	 	(1)	The group of plans that are required to be aggregated (the “required aggregation group”) includes: 

  

	 	(A)	Each plan of an Employer and Affiliated Employer in which a Key Employee is a participant, 

  

	 	(B)	 Each other plan which enables a plan in which a Key Employee is a participant to meet the requirements of the Code prohibiting discrimination as to contributions or
benefits in favor of Employees 

  

 -55- 

	 	 
who are officers, shareholders or the highly compensated or prescribing the minimum participation standards. 

  

	 	(2)	The Employer may treat any plan not in the required aggregation group as being part of such group if such group would continue to meet the requirements of the Code prohibiting
discrimination as to contributions or benefits in favor of employees who are officers, shareholders or the highly compensated or prescribing the minimum participation standards with such plan being taken into account. 

  

	 	(c)	“Top-heavy group” means any aggregation group, if the sum (as of the applicable determination date) 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 sixty (60) percent of the sum of the
present value of the cumulative accrued benefits for all employees. 

  

	 	(d)	In determining whether this Plan constitutes a Top-Heavy Plan, the Committee (or its agent) shall make the following adjustments in connection therewith: 

 

	 	(1)	When more than one plan is aggregated, the Committee 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 adding the results of each plan as of the determination dates for such plans that fall within the same calendar year. 

  

	 	(2)	The present value 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 Section 416(g)(2) of the Code during the one (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 Section 416(g)(2)(A)(i) of the Code. 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 five (5)-year period for one-year period. 

  

	 	(3)	The accrued benefits and accounts of any individual who has not performed services for the Employer during the one (1)-year period ending on the determination date shall not be
taken into account. 

  

	 	(4)	 Except to the extent provided by the Treasury Department and Internal Revenue Service regulations under Code Section 416, any rollover contribution (or similar
transfer) initiated by the employee and made after December 31, 1983 to this Plan shall not be taken into account with respect to this Plan for purposes of determining whether this Plan is a top-heavy 

  

 -56- 

	 	 
plan (or whether any aggregation group which includes this Plan is a top-heavy group). 

  

	 	(5)	If an individual is a “Non-Key Employee,” as defined in Section 15.07 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 not be taken into account. 

  

	15.06	Key Employee. The term “Key Employee” means any Employee or former Employee (including any deceased employee) who at any time during the Plan Year that includes the
determination date was an officer having annual compensation greater than $145,000 (for 2007, as adjusted by the Code), a five (5) percent owner of the Employer, or a one (1) percent owner of the Employer having annual compensation of more
than $150,000. For this purpose, (i) no more than fifty (50) employees (or, if lesser, the greater of three (3) employees, or ten (10) percent of the employees) shall be treated as officers. For this purpose, annual compensation
means compensation within the meaning of Section 414(q)(4) of the Code, which refers to meaning given such term under Section 415(c)(3) of the Code, and it shall be adjusted at the same time and the same manner as under Section 415(d)
of the Code, with certain exceptions provided under Code Section 416(i)(l) of the Code. Not withstanding the foregoing, the determination of who is a Key Employee will be made in accordance with Section 416(i)(l) of the Code and the
applicable regulations and other guidance of general applicability issued thereunder. 

  

	15.07	Non-Key Employee. The term “Non-Key Employee” means any Participant who is not a Key Employee. 

  

	15.08	Collective Bargaining Rules. The provisions of Sections 15.02 and 15.03 do not apply with respect to any employee included in a unit of employees covered by an agreement
which the Labor Secretary finds to be a collective bargaining agreement between employee representatives and one (1) or more employers if there is evidence that retirement benefits were the subject of good faith bargaining between such employee
representatives and such employer or employers. 

  

 -57- 

 ARTICLE 16 
 MISCELLANEOUS 
  

	16.01	Limitation on Distributions. Notwithstanding any provision of this Plan regarding payment to Beneficiaries or Participants, or any other person, the Committee may withhold
payment to any person if the Committee determines that such payment may expose the Plan to conflicting claims for payment. As a condition for any payments, the Committee may require such consent, representations, releases, waivers or other
information as it deems appropriate. The Committee may, in its discretion, comply with the terms of any judgment or other judicial decree, order, settlement or agreement including, but not limited to, a qualified domestic relations order as defined
in Section 414(p) of the Code. 

  

	16.02	Limitation on Reversion of Contributions. Except as provided in sub-paragraphs (a) or (b) below, Employer contributions made under the Plan will be held for the
exclusive benefit of Participants, Joint Annuitants or Beneficiaries and may not revert to the Employer. 

  

	 	(a)	A contribution made by the Employer under a mistake of fact may be returned to the Employer within one year after it is contributed to the Plan, to the extent that it exceeds the
amount that would have been contributed, absent the mistake in fact. 

  

	 	(b)	A contribution conditioned upon its deductibility under Section 404 of the Code, may be returned, to the extent the deduction is disallowed, to the Employer within one year
after the disallowance. 

 Compensation attributable to amounts that may be returned to the Employer pursuant to
this Section may not be distributed, but, in the event that there are losses attributable to such amounts, the amount returned to the Employer shall be reduced by the amount of such losses. 
  

	16.03	Voluntary Plan. The Plan is purely voluntary on the part of the Employer and neither the establishment of the Plan nor any Plan amendment nor the creation of any fund or
account, nor the payment of any benefits will be construed as giving any Employee or any person legal or equitable right against the Employer, any trustee or other Funding Agent, or the Committee unless specifically provided for in this Plan or
conferred by affirmative action of the Committee or the Employer according to the terms and provisions of this Plan. Such actions will not be construed as giving any Employee or Participant the right to be retained in the service of the Employer.
All Employees and/or Participants will remain subject to discharge to the same extent as though this Plan had not been established. 

  

	16.04	 Nonalienation of Benefits. Participants and Beneficiaries are entitled to all the benefits specifically set out under the terms of the Plan, but neither
those benefits nor any of the property rights in the Plan are assignable or distributable to any creditor or other claimant of a Participant or Beneficiary. A Participant 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 

  

 -58- 

	 	 
other property that may be payable or become payable to such Participant or his or her Beneficiary pursuant to Code Section 401(a)(13), provided,
however, the Committee shall recognize and comply with a valid qualified domestic relations order as defined in Section 414(p) of the Code and other exceptions to this rule existing under applicable law. 

  

	16.05	Inability to Receive Benefits. If the Committee receives evidence that a person entitled to receive any payment under the Plan is physically or mentally incompetent to
receive payment and to give a valid release, and another person or any institution is maintaining or has custody of such person, and no guardian, committee, or other representative of the estate of such person has been duly appointed by a court of
competent jurisdiction, then any distribution made under the Plan may be made to such other person or institution. The release of such other person or institution will be a valid and complete discharge for the payment of such distribution.

  

	16.06	Missing Persons. If the Committee is unable, after reasonable and diligent effort, to locate a Participant, Joint Annuitant, or Beneficiary where no contingent beneficiary is
provided under the Plan, who is entitled to a distribution under the Plan, the distribution due such person will be forfeited after five years. If, however, such a person later files a claim for such benefit, it will be reinstated without any
interest earned thereon. In the event that a distribution is due to a Beneficiary where a contingent beneficiary is provided under the Plan (including the situation in which the contingent beneficiary is the Participant’s estate), and the
Committee is unable, after reasonable and diligent effort, to locate the Beneficiary, the benefit shall be payable to the contingent beneficiary, and such nonlocatable Beneficiary shall have no further claim or interest hereunder. Notification by
certified or registered mail to the last known address of the Participant or Beneficiary will be deemed a reasonable and diligent effort to locate such person. 

  

	16.07	Military Service. Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be
provided in accordance with Section 414(u) of the Code. 

  

	16.08	Limitation of Third-Party Rights. Nothing expressed or implied in the Plan is intended or will be construed to confer upon or give to any person, firm, or association other
than the Employer, the Participants or Beneficiaries, and their successors in interest, any right, remedy, or claim under or by reason of this Plan except pursuant to a qualified domestic relations order as defined in Section 414(p) of the
Code. 

  

	16.09	Invalid Provisions. In case any provision of this Plan is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the
Plan. The Plan will be construed and enforced as if the illegal and invalid provisions had never been included. 

  

	16.10	One Plan. This Plan may be executed in any number of counterparts, each of which will be deemed an original and the counterparts will constitute one and the same instrument
and may be sufficiently evidenced by any one counterpart. 

  

	16.11	 Use and Form of Words. Whenever any words are used herein in the masculine gender, they will be construed as though they were also used in the feminine
gender in all cases where that 

  

 -59- 

	 	 
gender would apply, and vice versa. Whenever any words are used herein in the singular form, they will be construed as though they were also used in the
plural form in all cases where the plural form would apply, and vice versa. 

  

	16.12	Headings. Headings to Articles and Sections are inserted solely for convenience and reference, and in the case of any conflict, the text, rather than the headings, shall
control. 

  

	16.13	Governing Law. The Plan will be governed by and construed according to the federal laws governing employee benefit plans qualified under the Code and according to the laws of
the state of California where such laws are not in conflict with the federal laws. 

  

 -60- 

 EXECUTION 
 IN WITNESS WHEREOF, The PMI Group, Inc., by its duly authorized officer, has executed this amended and restated Plan document on the date indicated below. 
  

			
	THE PMI GROUP, INC.
		
	By:	 	 /s/ Charles E. Broom

	Name:	 	Charles E. Broom
	Title:	 	SVP/HR
	Dated:	 	August 28, 2007Form of Indemnity Agreement

 Exhibit 10.1 
 FORM OF INDEMNITY AGREEMENT 
 This Agreement is made and entered into this ____ day of _________,
20__ by and between Verenium Corporation, a Delaware corporation (the “Corporation”), and ________________ (“Agent”). 
 Recitals 
 Whereas, Agent performs a valuable service to the Corporation in his or her capacity as ______________________ of
the Corporation; 
 Whereas, the stockholders of the Corporation have adopted bylaws (the “Bylaws”) providing for the
indemnification of the directors, officers, employees and other agents of the Corporation, including persons serving at the request of the Corporation in such capacities with other corporations or enterprises, as authorized by the Delaware General
Corporation Law, as amended (the “Code”); 
 Whereas, the Bylaws and the Code, by their non-exclusive nature, permit contracts
between the Corporation and its agents, officers, employees and other agents with respect to indemnification of such persons; and 
 Whereas,
in order to induce Agent to continue to serve as a director and/or officer of the Corporation, the Corporation has determined and agreed to enter into this Agreement with Agent; 
 Now, therefore, in consideration of Agent’s continued service as a director and/or officer of the Corporation after the date hereof, the parties
hereto agree as follows: 
 Agreement 
 1. Services to the Corporation. Agent will serve, at the will of the Corporation or under separate contract, if any such contract exists, as a director and/or officer of the Corporation or as a director,
officer or other fiduciary of an affiliate of the Corporation (including any employee benefit plan of the Corporation) faithfully and to the best of his or her ability so long as he or she is duly elected and qualified in accordance with the
provisions of the Bylaws or other applicable charter documents of the Corporation or such affiliate; provided, however, that Agent may at any time and for any reason resign from such position (subject to any contractual obligation that Agent may
have assumed apart from this Agreement) and that the Corporation or any affiliate shall have no obligation under this Agreement to continue Agent in any such position. 
 2. Indemnity of Agent. The Corporation hereby agrees to hold harmless and indemnify Agent to the fullest extent authorized or permitted by the provisions of the Bylaws and the Code, as the same may be amended
from time to time (but, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than the Bylaws or the Code permitted prior to adoption of such amendment). 

 3. Additional Indemnity. In addition to and not in limitation of the indemnification otherwise
provided for herein, and subject only to the exclusions set forth in Section 4 hereof, the Corporation hereby further agrees to hold harmless and indemnify Agent: 
 (a) against any and all expenses (including attorneys’ fees), witness fees, damages, judgments, fines and amounts paid in settlement
and any other amounts that Agent becomes legally obligated to pay because of any claim or claims made against or by him or her in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
arbitrational, administrative or investigative (including an action by or in the right of the Corporation) to which Agent is, was or at any time becomes a party, or is threatened to be made a party, by reason of the fact that Agent is, was or at any
time becomes a director, officer, employee or other agent of Corporation, or is or was serving or at any time serves at the request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise; and 
 (b) otherwise to the fullest extent as may be provided to
Agent by the Corporation under the non-exclusivity provisions of the Code and Section 43 of the Bylaws. 
 4. Limitations on
Additional Indemnity. No indemnity pursuant to Section 3 hereof shall be paid by the Corporation: 
 (a) on account
of any claim against Agent solely for an accounting of profits made from the purchase or sale by Agent of securities of the Corporation pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or
similar provisions of any federal, state or local statutory law; 
 (b) on account of Agent’s conduct that is established
by a final judgment as knowingly fraudulent or deliberately dishonest or that constituted willful misconduct; 
 (c) on
account of Agent’s conduct that is established by a final judgment as constituting a breach of Agent’s duty of loyalty to the Corporation or resulting in any personal profit or advantage to which Agent was not legally entitled; 

(d) for which payment is actually made to Agent under a valid and collectible insurance policy or under a valid and enforceable
indemnity clause, bylaw or agreement, except in respect of any excess beyond payment under such insurance, clause, bylaw or agreement; 
 (e) if indemnification is not lawful (and, in this respect, both the Corporation and Agent have been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the
federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication); or 

 (f) in connection with any proceeding (or part thereof) initiated by Agent, or any
proceeding by Agent against the Corporation or its directors, officers, employees or other agents, unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the
Corporation, (iii) such indemnification is provided by the Corporation, in its sole discretion, pursuant to the powers vested in the Corporation under the Code, or (iv) the proceeding is initiated pursuant to Section 9 hereof.

 5. Continuation of Indemnity. All agreements and obligations of the Corporation contained herein shall begin when the Agent is
elected or appointed as a director, officer, employee or other agent of the Corporation (or began serving at the request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise) and continue during the period Agent is a director, officer, employee or other agent of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or other
agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise) and shall continue thereafter so long as Agent shall be subject to any possible claim or threatened, pending or completed action, suit or
proceeding, whether civil, criminal, arbitrational, administrative or investigative, by reason of the fact that Agent was serving in the capacity referred to herein. 
 6. Partial Indemnification. Agent shall be entitled under this Agreement to indemnification by the Corporation for a portion of the expenses (including attorneys’ fees), witness fees, damages, judgments,
fines and amounts paid in settlement and any other amounts that Agent becomes legally obligated to pay in connection with any action, suit or proceeding referred to in Section 3 hereof even if not entitled hereunder to indemnification for the
total amount thereof, and the Corporation shall indemnify Agent for the portion thereof to which Agent is entitled. 
 7. Notification and
Defense of Claim. Not later than thirty (30) days after receipt by Agent of notice of the commencement of any action, suit or proceeding, Agent will, if a claim in respect thereof is to be made against the Corporation under this Agreement,
notify the Corporation of the commencement thereof; but the omission to so notify the Corporation will not relieve it from any liability which it may have to Agent otherwise than under this Agreement. With respect to any such action, suit or
proceeding as to which Agent notifies the Corporation of the commencement thereof: 
 (a) the Corporation will be entitled to
participate therein at its own expense; 
 (b) except as otherwise provided below, the Corporation may, at its option and
jointly with any other indemnifying party similarly notified and electing to assume such defense, assume the defense thereof, with counsel reasonably satisfactory to 

 
Agent. After notice from the Corporation to Agent of its election to assume the defense thereof, the Corporation will not be liable to Agent under this
Agreement for any legal or other expenses subsequently incurred by Agent in connection with the defense thereof except for reasonable costs of investigation or otherwise as provided below. Agent shall have the right to employ separate counsel in
such action, suit or proceeding but the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Agent unless (i) the employment of counsel by Agent has
been authorized by the Corporation, (ii) Agent shall have reasonably concluded, and so notified the Corporation, that there is an actual conflict of interest between the Corporation and Agent in the conduct of the defense of such action or
(iii) the Corporation shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and expenses of Agent’s separate counsel shall be at the expense of the Corporation. The Corporation shall
not be entitled to assume the defense of any action, suit or proceeding brought by or on behalf of the Corporation or as to which Agent shall have made the conclusion provided for in clause (ii) above; and 
 (c) the Corporation shall not be liable to indemnify Agent under this Agreement for any amounts paid in settlement of any action or claim
effected without its written consent, which shall not be unreasonably withheld. The Corporation shall be permitted to settle any action except that it shall not settle any action or claim in any manner which would impose any penalty or limitation on
Agent without Agent’s written consent, which may be given or withheld in Agent’s sole discretion. 
 8. Expenses. The
Corporation shall advance, prior to the final disposition of any proceeding, promptly following request therefor, all expenses incurred by Agent in connection with such proceeding upon receipt of an undertaking by or on behalf of Agent to repay said
amounts if it shall be determined ultimately that Agent is not entitled to be indemnified under the provisions of this Agreement, the Bylaws, the Code or otherwise. 
 9. Enforcement. Any right to indemnification or advances granted by this Agreement to Agent shall be enforceable by or on behalf of Agent in any court of competent jurisdiction if (i) the claim for
indemnification or advances is denied, in whole or in part, or (ii) no disposition of such claim is made within ninety (90) days of request therefor. Agent, in such enforcement action, if successful in whole or in part, shall be entitled
to be paid also the expense of prosecuting his or her claim. It shall be a defense to any action for which a claim for indemnification is made under Section 3 hereof (other than an action brought to enforce a claim for expenses pursuant to
Section 8 hereof, provided that the required undertaking has been tendered to the Corporation) that Agent is not entitled to indemnification because of the limitations set forth in Section 4 hereof. Neither the failure of the Corporation
(including its Board of Directors or its stockholders) to have made a determination prior to the commencement of such enforcement action that indemnification of Agent is proper in the circumstances, nor an actual determination by the Corporation
(including its Board of Directors or its stockholders) that such indemnification is improper shall be a defense to the action or create a presumption that Agent is not entitled to indemnification under this Agreement or otherwise. 

 10. Subrogation. In the event of payment under this Agreement, the Corporation shall be subrogated
to the extent of such payment to all of the rights of recovery of Agent, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Corporation effectively to bring suit to enforce
such rights. 
 11. Non-Exclusivity of Rights. The rights conferred on Agent by this Agreement shall not be exclusive of any other
right which Agent may have or hereafter acquire under any statute, provision of the Corporation’s Certificate of Incorporation or Bylaws, agreement, vote of stockholders or directors, or otherwise, both as to action in his or her official
capacity and as to action in another capacity while holding office. 
 12. Survival of Rights. 
 (a) The rights conferred on Agent by this Agreement shall continue after Agent has ceased to be a director, officer, employee or other
agent of the Corporation or to serve at the request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and shall inure to the
benefit of Agent’s heirs, executors and administrators. 
 (b) The Corporation shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Corporation would be required to perform if no such succession had taken place. 
 13. Separability. Each of the provisions of this
Agreement is a separate and distinct agreement and independent of the others, so that if any provision hereof shall be held to be invalid for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the
other provisions hereof. Furthermore, if this Agreement shall be invalidated in its entirety on any ground, then the Corporation shall nevertheless indemnify Agent to the fullest extent provided by the Bylaws, the Code or any other applicable law.

 14. Governing Law. This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware.

 15. Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless
in writing signed by both parties hereto. 
 16. Identical Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the existence of this Agreement. 

 17. Headings. The headings of the sections of this Agreement are inserted for convenience only and
shall not be deemed to constitute part of this Agreement or to affect the construction hereof. 
 18. Notices. All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) upon delivery if delivered by hand to the party to whom such communication was directed or (ii) upon the third business day
after the date on which such communication was mailed if mailed by certified or registered mail with postage prepaid: 
 (a)
If to Agent, at the address indicated on the signature page hereof. 
 (b) If to the Corporation, to: 
 Verenium Corporation 
 55 Cambridge Parkway 
 Cambridge, MA 02142 
 or to such other address as may have been furnished to Agent by the Corporation. 

 In Witness Whereof, the parties hereto have executed this Agreement on and as of the day and year first
above written. 
  

			
	VERENIUM CORPORATION
		
	By:	 	 
	Title:	 	 
	
	AGENT
	
	 
	
	Address:

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