Document:

Sonoco Investment Retirement Plan, effective January 1, 2004

 EXHIBIT 10.15 
 SONOCO INVESTMENT AND RETIREMENT PLAN 
 Effective January 1, 2004 
  

 i 

 SONOCO INVESTMENT AND RETIREMENT PLAN 
 Table of Contents 
  

					
	 	 	 	  	Page
	ARTICLE 1	 	DESCRIPTION AND PURPOSE	  	
	 1.1
	 	Plan Name	  	1
	 1.2
	 	 Plan Description
	  	1
	 1.3
	 	 Plan Purpose
	  	1
			
	ARTICLE 2	 	DEFINITIONS	  	
	 2.1
	 	 Account
	  	1
	 2.2
	 	 Addendum
	  	2
	 2.3
	 	 Adoption Agreement
	  	2
	 2.4
	 	 Beneficiary
	  	2
	 2.5
	 	 Board
	  	2
	 2.6
	 	 Break in Service
	  	2
	 2.7
	 	 Code
	  	2
	 2.8
	 	 Committee
	  	2
	 2.9
	 	 Company
	  	2
	 2.10
	 	 Compensation
	  	3
		 	 (a)    Employer Contributions
	  	3
		 	 (b)    Compensation for Determining Limit on Annual Additions
	  	3
		 	 (c)    Statutory Limit
	  	4
	 2.11
	 	 Controlled Group
	  	4
	 2.12
	 	 Disability
	  	4
	 2.13
	 	 Effective Date
	  	5
	 2.14
	 	 Eligibility
	  	5
	 2.15
	 	 Employee
	  	5
	 2.16
	 	 Employer
	  	6
	 2.17
	 	 Employer Contributions
	  	6
	 2.18
	 	 Employment
	  	6
	 2.19
	 	 Employment Date
	  	6
	 2.20
	 	 ERISA
	  	6
	 2.21
	 	 Fair Market Value
	  	6
	 2.22
	 	 Five-Year Break in Service
	  	6
	 2.23
	 	 Investment Council
	  	6
	 2.24
	 	 Investment Funds
	  	7
	 2.25
	 	 One-Year Break in Service
	  	7
	 2.26
	 	 Participant
	  	7
	 2.27
	 	 Personal Identification Number (PIN)
	  	7
	 2.28
	 	 Plan
	  	7
	 2.29
	 	 Plan Administrator
	  	7
	 2.30
	 	 Plan Year
	  	8
	 2.31
	 	 Recordkeeper
	  	8
	 2.32
	 	 Social Security Wage Base
	  	8

  

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	 2.33
	 	 Spouse
	  	8
	 2.34
	 	 Termination Date
	  	8
	 2.35
	 	 Trust (or Trust Fund)
	  	9
	 2.36
	 	 Trustee
	  	9
	 2.37
	 	 Unit
	  	9
	 2.38
	 	 Valuation Date
	  	9
	 2.39
	 	 Vested Percentage
	  	9
	 2.40
	 	 Vesting Service
	  	10
	 2.41
	 	 Voice Response Unit (VRU)
	  	10
	 2.42
	 	 Website
	  	10
	 2.43
	 	 Years of Vesting Service (or Vesting Service)
	  	11
		 	 (a)    Computation
	  	11
		 	 (b)    Leaves of Absence
	  	11
		 	 (c)    Employment With a Controlled Group Member
	  	12
		 	 (d)    Re-Employment Following a Break in Service
	  	12
		 	 (e)    Service Spanning
	  	12
			
	ARTICLE 3	 	ELIGIBILITY	  	
	 3.1
	 	 Eligibility
	  	13
	 3.2
	 	 Participation Upon Reemployment
	  	13
		 	 (a)    Reemployment of Employees Who Were Not Eligible Employees
	  	13
		 	 (b)    Reemployment of Eligible Employees
	  	14
	 3.3
	 	 Leased Employees and Independent Contractors
	  	15
	 3.4
	 	 Transfer to this Plan Document
	  	15
		 	 (a)    From Coverage Under Another Document
	  	15
		 	 (b)    From a Non-covered Group
	  	16
	 3.5
	 	 Acquired Group
	  	16
	 3.6
	 	 Transfer from this Plan Document to an Ineligible Position
	  	16
	 3.7
	 	 Adoption of the Plan by a Controlled Group Member
	  	16
			
	ARTICLE 4	 	CONTRIBUTIONS	  	
	 4.1
	 	 Employer Contributions
	  	17
		 	 (a)    Eligibility
	  	17
		 	 (b)    Amount
	  	17
		 	 (c)    Vesting
	  	17
		 	 (d)    Forfeiture
	  	18
		 	 (e)    Reinstatement of Forfeitures
	  	18
		 	 (f)     Exclusive Benefit of Participants
	  	18
		 	 (g)    Payment to the Trustee
	  	19
		 	 (h)    Return of Employer Contributions
	  	19
	 4.2
	 	 Rollover Contributions
	  	19
			
	ARTICLE 5	 	ALLOCATIONS	  	
	 5.1
	 	 Adjustments to Account Balances
	  	

  

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		 	 (a)    Regular Valuation Dates
	  	20
		 	 (b)    Recordkeeping Fee
	  	20
		 	 (c)    Valuations Binding
	  	20
		 	 (d)    Statement of Account Balances
	  	20
		 	 (e)    Correction of Mistakes
	  	21
	 5.2
	 	 Investment Elections
	  	21
		 	 (a)    Investment Funds
	  	21
		 	 (b)    Liquidity
	  	22
		 	 (c)    Participant Elections
	  	22
		 	 (d)    Reinvestment of Earnings
	  	24
		 	 (e)    Investment Expenses
	  	24
		 	 (f)     Special Election Rules
	  	24
			
	ARTICLE 6	 	POST-EMPLOYMENT DISTRIBUTIONS	  	
	 6.1
	 	 Payment Events
	  	24
		 	 (a)    Participant’s Termination of Employment
	  	25
		 	 (b)    Participant’s Death
	  	25
	 6.2
	 	 Amount, Form and Timing of Payment
	  	25
		 	 (a)    Application for Payment
	  	25
		 	 (b)    Time of Payment
	  	25
		 	 (c)    Amount and Forms of Payment
	  	26
		 	 (d)    Automatic Cash-Out
	  	26
		 	 (e)    Medium of Payment
	  	27
		 	 (f)     Distribution Fee
	  	27
		 	 (g)    Order of Payment from Accounts
	  	27
		 	 (h)    Investment Elections During Installment Period
	  	27
	 6.3
	 	 Required Distribution Rules
	  	27
		 	 (a)    General Rule
	  	27
		 	 (b)    Participant’s Required Beginning Date
	  	28
		 	 (c)    Participant’s Death Before Required Beginning Date
	  	28
		 	 (d)    Participant’s Death After Required Beginning Date
	  	28
		 	 (e)    Compliance with Code Section 401(a)(9)
	  	29
	 6.4
	 	 Designation of and Payment to Beneficiaries
	  	29
		 	 (a)    Procedure
	  	29
		 	 (b)    Waiver of Spouse’s Rights
	  	29
		 	 (c)    Payment to Minor or Incompetent Beneficiaries
	  	30
		 	 (d)    Judicial Determination
	  	30
	 6.5
	 	 Payment to the Participant’s Representative
	  	30
	 6.6
	 	 Unclaimed Benefits
	  	30
			
	ARTICLE 7	 	LIMITATIONS ON CONTRIBUTIONS	  	
	 7.1
	 	 Code Section 415 Limitation
	  	31
		 	 (a)    Applicable Definitions
	  	31
		 	 (b)    Excess Annual Additions
	  	32
		 	 (c)    Combining of Plans
	  	33

  

 iv 

					
	 7.2
	 	Top-Heavy Rules	  	33
		 	 (a)    Top-Heavy Determination
	  	33
		 	 (b)    Definitions
	  	35
		 	 (c)    Vesting Requirements
	  	36
		 	 (d)    Minimum Contribution
	  	37
	ARTICLE 8	 	AMENDMENT, TERMINATION, AND MERGER	  	
	 8.1
	 	Amendment	  	39
		 	 (a)    Procedure
	  	39
		 	 (b)    Prohibited Amendments
	  	39
		 	 (c)    Limited to Active Participants
	  	40
		 	 (d)    Administrative Changes Without Plan Amendments
	  	40
	 8.2
	 	Termination of the Plan	  	40
		 	 (a)    Right to Terminate
	  	40
		 	 (b)    Full Vesting
	  	41
		 	 (c)    Provision for Benefits Upon Plan Termination
	  	41
	 8.3
	 	Plan Merger, Transfer of Plan Assets and Liabilities, Acceptance of Transfers	  	42
	 8.4
	 	Distribution on Termination and Partial Termination	  	42
	 8.5
	 	Notice of Amendment, Termination or Partial Termination	  	42
			
	ARTICLE 9	 	ADMINISTRATION	  	
	 9.1
	 	Delegation of Authority	  	43
	 9.2
	 	Allocation of Fiduciary Responsibilities	  	43
		 	 (a)    The Board
	  	43
		 	 (b)    The Company and the Employers
	  	43
		 	 (c)    The Committee
	  	44
		 	 (d)    The Investment Council
	  	47
		 	 (e)    The Trustee(s)
	  	49
	 9.3
	 	Expenses	  	50
	 9.4
	 	Indemnification	  	50
	 9.5
	 	Claims Procedure	  	51
		 	 (a)    Application for Benefits
	  	51
		 	 (b)    Decision on Claim
	  	51
		 	 (c)    Appeal
	  	51
			
	ARTICLE 10	 	MISCELLANEOUS	  	
	 10.1
	 	Headings	  	53
	 10.2
	 	Construction	  	53
	 10.3
	 	Qualification for Continued Tax-Exempt Status	  	53
	 10.4
	 	Non-alienation	  	53
	 10.5
	 	No Employment Rights	  	54
	 10.6
	 	No Enlargement of Rights	  	54
	 10.7
	 	Direct Rollover	  	54
		 	 (a)    General Rule
	  	54

  

 v 

					
		 	 (b)    Definitions
	  	54
	 10.8
	 	Withholding for Taxes	  	55
	 10.9
	 	Notices	  	56
	 10.10
	 	Evidence	  	56
	 10.11
	 	Action by Employers	  	56
	 10.12
	 	Plan Not Contract of Employment	  	56
	 10.13
	 	Absence of Guaranty	  	56
	 10.14
	 	Company’s Decision Final	  	56

					
			
	ADDENDUM A	  	Qualified Domestic Relations Orders	  	
			
	ADDENDUM B	  	Schedule of Administrative Fees	  	

  

 vi 

 SONOCO INVESTMENT AND RETIREMENT PLAN 
 ARTICLE 1 
 Description and Purpose 
  

	1.1	Plan Name. The name of the Plan is the “Sonoco Investment and Retirement Plan”. 

  

	1.2	Plan Description. The Plan is a defined contribution pension plan providing for Company contributions that are made on a (fixed formula) basis, and is intended to qualify
under Code section 401(a). 

  

	1.3	Plan Purpose. The purpose of the Plan is to provide a measure of economic security to each eligible Employee by accumulating contributions for distribution upon retirement,
as a supplement to other resources then available. 

 ARTICLE 2 
 Definitions 
 As used in the Plan, the following words and phrases and any derivatives thereof
will have the meanings set forth below unless the context clearly indicates otherwise. Definitions of other words and phrases are set forth throughout the Plan. Section references indicate sections of the Plan unless otherwise stated. The masculine
pronoun includes the feminine, and the singular number includes the plural and the plural the singular, whenever applicable. 
  

	2.1	Account means the separate account maintained under the Plan for each Participant which represents the Participant’s total proportionate interest in the Trust Fund as of
any Valuation Date. It is comprised of Employer Contributions made on the Participant’s behalf under Section 4.1(a), including any gains and losses of the Trust Fund attributable thereto. 

  

 1 

	2.2	Addendum. The provisions of the Plan as applied to any Employer or any group of Employees of any Employer may be modified or supplemented from time to time by the Company by
the adoption of one or more “Addenda”. Each Addendum will form a part of the Plan as of the Addendum’s effective date. In the event of any inconsistency between an Addendum and the Plan document, the terms of the Addendum will govern.

  

	2.3	Adoption Agreement means the document by which an Employer adopts the plan and which specifies any provisions that apply only to its Employees. 

  

	2.4	Beneficiary means the person(s) or entity(s) named by the Participant under Section 6.4 to receive any Account balances remaining in the Plan after his death. The
surviving Spouse will be the primary Beneficiary unless the Spouse has waived that right under Subsection 6.4. The Beneficiary will have the right to make investment elections under Section 6.4, and to elect timing and form of payment under
Section 6.4. Each alternate payee named in a qualified domestic relation's order is a Beneficiary for purposes of the awarded amount. 

  

	2.5	Board means the Board of Directors of the Company. 

  

	2.6	Break in Service. See Section 2.22 Five-Year Break in Service and Section 2.25 One-Year Break in Service. 

  

	2.7	Code means the Internal Revenue Code of 1986 as amended from time to time, and regulations and rulings issued under the Code. 

  

	2.8	Committee means the Benefits Committee, which will serve as the Plan Administrator (as that term is defined in Section 3(16)(A) of ERISA), and will have primary
responsibility for administering the Plan under Article 9. 

  

	2.9	 Company means Sonoco Products Company, a corporation organized and existing under the laws of the State of South Carolina, or its successor or assign that
adopts the Plan. The 

  

 2 

	 	 
authority to control and manage the non-investment operations of the Plan is vested in the Company, to the extent the Company has not delegated all or any
part of its responsibilities and powers to the Committee. Any such allocation or delegation may be revoked at any time. 

  

	2.10	Compensation. Compensation will have the following meanings for the following purposes: 

  

	 	(a)	Employer Contributions. For purposes of determining the percentages that each Participant will receive as an Employer Contribution, Compensation is the taxable earnings paid
by the Employer to the Participant and reported on his Form W2 for the Plan Year, plus amounts deferred under Code Sections 401(k) and 125 pursuant to the Participant’s salary reduction agreement, and excluding (1) bonuses,
vacation pay and other payments made after the calendar year in which the Termination Date occurs, (2) severance pay, (3) reimbursement for moving expenses, (4) reimbursement for educational expenses, (5) automobile allowance,
(6) tax counsel allowance, (7) compensation related to the exercise of stock option grants or to any other stock related compensation program, (8) expatriate-related expenses, (9) any form of imputed income, (10) Employer
Contributions to this Plan and to any other benefit plan, and (11) in-service payments and all other benefits provided under this Plan or under any deferred compensation plan or other benefit plan. Compensation for the Participant who enters
the Plan after the beginning of a Plan Year will include only amounts earned after he enters the Plan. 

  

	 	(b)	Compensation for Determining Limit on Annual Additions. For purposes of calculating limits on annual additions under Section 7.3, Compensation means a Participant’s
wages, tips, and other compensation which are required to be reported on a Federal Wage and Tax Statement (Form W2), and shall also include a Participant’s salary reduction contributions made during the Plan Year under any plan or program
maintained by the Company or a Controlled Group member under Code Section 125, 132(f)(4), or 401(k). 

  

 3 

	 	(c)	Statutory Limit. The Compensation of each Participant taken into account under the Plan for any Plan Year shall not exceed $205,000, as adjusted for cost-of-living increases
in accordance with Code Section 401(a)(17)(B). 

  

	2.11	Controlled Group means the Company and 

  

	 	(a)	any corporation while it is a member of the same controlled group of corporations (within the meaning of Code Section 414(b)) as the Company; 

  

	 	(b)	any other trade or business (whether or not incorporated) while it is under common control with the Company within the meaning of Code Section 414(c); 

 

	 	(c)	any organization while it (along with the Company) is a member of an affiliated service group (within the meaning of Code Section 414(m)); and 

  

	 	(d)	any other entity while it is required to be aggregated with the Company under Code Section 414(o). 

  

	2.12	Disability means a physical or mental impairment incurred while the Participant is in active Employment which permanently disables him from engaging in substantial gainful
employment, and which qualifies him to receive either (a) benefits under Sonoco’s Long-Term Disability Plan, (b) Social Security disability benefits, or (c) Workers’ Compensation disability benefits due to an occupational
illness or injury. The impairment must not have occurred because of the Participant’s involvement in military service, war or similar hostilities, insurrection, rebellion, revolution, felony, or employment with another employer. The term
Disabled Participant refers to the Participant who has incurred a Disability. 

  

 4 

	2.13	Effective Date means January 1, 2004, the date as of which the plan was first established. 

  

	2.14	Eligibility means the January 1 or July 1 coincident with or following the date when the Participant has both reached age 21 and completed a twelve-month period of
Employment during which he earned at least 1,000 Hours of Service. 

  

	2.15	Employee means an individual who (a) is regularly employed by an Employer as a common-law employee, and (b) has FICA taxes withheld by an Employer.

 The group of eligible Employees generally includes each individual who became an Employee of an Employer in connection with a
merger or acquisition having a transaction closing date on or after October 15, 2003, each Employee whose first day of active Employment with an Employer is on or after January 1, 2004, and each other Employee who is treated as an eligible
Employee under Section 3.2 (related to rehired Employees). However, the group of eligible Employees excludes (a) those individuals for any period in which they are eligible to participate under the Sonoco Products Company Retirement Plan A
for Designated Hourly Employees, the Soncoco Products Company Retirement Plan B for Designated Hourly Employees, or the Sonoco Products Company Retirement Plan C for Designated Hourly Employees; (b) those individuals who are members of a
bargaining unit for which coverage under this Plan is not expressly provided by a bargaining agreement between an Employer and a bargaining representative; (c) independent contractors; (d) leased employees within the meaning of Code
section 414(n); (e) non-U.S. citizens employed outside the United States; (f) non-resident aliens with no U.S. source income; and (g) individuals who are classified as temporary or seasonal employees. 
 Notwithstanding any provision in this Plan to the contrary, if an individual is classified by the Company or any other entity within the Controlled Group
as a leased employee or an independent contractor, and is later determined by a court or federal, state, or local regulatory or administrative authority to have provided services as a common-law Employee, such determination shall not alter such
person’s exclusion from the group of Employees who are eligible to participate under this Plan. 
  

 5 

	2.16	Employer means the Company at each location covered under this Plan, and each Controlled Group member that adopts the Plan, and each Employer’s successor or assigns that
adopts the Plan. 

  

	2.17	Employer Contributions mean the contributions made by an Employer under Section 4.1(a). 

  

	2.18	Employment means the period during which an Employee is regularly employed by an Employer, including periods of Disability and approved leaves of absence for which Vesting
Service is granted under Section 2.43. 

  

	2.19	Employment Date means the date on which an individual completes his first Hour of Service as an eligible Employee. However, the Employment Date of the non-vested Employee who
resumes Employment after he incurs a Five-Year Break in Service will be the date on which he earns his first Hour of Service after he resumes Employment. 

  

	2.20	ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time, and regulations and rulings issued under ERISA. 

  

	2.21	Fair Market Value means the cash value established by an independent appraiser as of the date of determination, using a reasonable method of valuation.

  

	2.22	Five-Year Break in Service means five consecutive One-Year Breaks in Service, which will cause the non-vested Participant to lose his pre-break Vesting Service.

  

	2.23	Investment Council means the group of individuals appointed by the Board from time to time, who will have the investment powers and responsibilities described in Article 9.

  

 6 

	2.24	Investment Funds means the various funds that are available for the investment of Accounts. The Investment Council has the discretion to add or delete any Investment Fund and
to change the investment strategy or categories of permitted investments of any Investment Fund without prior notice to Employees. 

  

	2.25	One-Year Break in Service means a twelve-consecutive-month period beginning on the Participant’s Termination Date and ending on the first anniversary of that date,
during which he does not earn any Hours of Service. For purposes of determining whether an Employee has had a One-Year Break, the Committee will treat a leave protected under the Family and Medical Leave Act of 1993 as a period of active Employment.
An individual who is absent because of military service will begin a One-Year Break in Service on the day after his statutory reemployment rights expire if his leave was covered under the Uniformed Services Employment and Reemployment Rights Act of
1994 and he failed to resume employment before his rights expired. 

  

	2.26	Participant means an Employee participating in the Plan under Section 3.1. The term vested Participant is sometimes used to refer to the Participant whose Vested
Percentage is greater than 0 percent. The term non-vested Participant is sometimes used to refer to the Participant whose Vested Percentage is 0 percent. 

  

	2.27	Personal Identification Number (“PIN”) means the individual and unique number that is provided to each Participant for purposes of executing transactions through
the VRU and Website. Any entry by a Participant of his PIN, together with his Social Security Number, will constitute his valid signature for purposes of any transaction executed through the VRU or the Website. 

  

	2.28	Plan means the Sonoco Investment and Retirement Plan, as amended from time to time. As indicated by the context, the term Plan is sometimes used to refer to this Plan
document. 

  

	2.29	Plan Administrator means the Committee. 

  

 7 

	2.30	Plan Year means the twelve-consecutive-month period beginning January 1 and ending December 31 of each year. 

  

	2.31	Recordkeeper means the entity retained from time to time to provide administrative services for the Plan, including (to the extent delegated by the Committee) but not limited
to, (a) allocating Contributions, investment gains and losses, expenses and fees to Accounts, (b) processing investment elections and modifications, (c) processing lump sum and installment payments, (d) performing
nondiscrimination testing, and (e) maintaining the Plan’s compliance with all relevant qualification requirements. 

  

	2.32	Social Security Wage Base means, for any Plan Year, the maximum wages on which Social Security taxes are assessed for old age, survivors, and disability insurance benefits
for such Plan Year. 

  

	2.33	Spouse means the person to whom the Participant is legally married. The surviving Spouse is the person to whom the Participant is legally married on his date of death. In the
event of a dispute, such status will be determined in accordance with the applicable laws of descent and distribution of the Participant’s state of domicile. The surviving Spouse is sometimes referred to as a Beneficiary.

  

	2.34	Termination Date means the earlier of (a) the date the Employee resigns, retires, dies or is discharged from the Controlled Group; or (b) the first anniversary of
the beginning date of a paid or unpaid absence for any reason other than resignation, retirement, discharge or death; provided that a Termination Date will not occur prior to the end of an authorized leave of absence that is included in Vesting
Service under Section 2.43. The Termination Date of the Employee who resigns, retires, is discharged or dies before the first anniversary of his absence (or the second anniversary for a parental leave) will be the date such event occurs.
Vesting Service will cease on the Termination Date except as otherwise provided under Section 2.43. 

  

 8 

	2.35	Trust (or Trust Fund) means the fund or funds maintained under the trust agreement executed between the Company and the Trustee, as amended from time to time, to receive and
invest the amounts contributed on behalf of participants, and from which distributions will be made. 

  

	2.36	Trustee means the corporation(s), individual(s) or other entity(ies) appointed by the Company, pursuant to a trust agreement, to hold and manage the Trust Fund.

  

	2.37	Unit means a group of Employees employed in a division or geographic location of the Company for which special provisions of this Plan document apply.

  

	2.38	Valuation Date means each business day on which the New York Stock Exchange is open during each Plan Year, as of which date the Trustee will determine the Fair Market Value
of the Trust Fund and of each Account, and will make allocations to Accounts as provided in Section 4.1. The Plan will use a daily valuation system, which generally will mean that Accounts will be updated each business day to reflect activity
for that day, such as new contributions received by the Trustee, changes in Participants’ investment elections, and changes in the unit value of the Investment Funds under the Plan. Such daily valuation is dependent upon the Plan’s
Recordkeeper receiving complete and accurate information from a variety of sources on a timely basis. Since events may occur that cause an interruption in this process, affecting a single Participant or a group of Participants, there will be no
guarantee by the Plan that any given transaction will be processed on the anticipated day. In the event of any such interruption, any affected transaction will be processed as soon as administratively feasible and no attempt will be made to
reconstruct events as they would have occurred absent the interruption, regardless of the cause, unless the Company in its sole discretion directs the Plan’s Recordkeeper to do so. 

  

	2.39	Vested Percentage means the percentage of the Participant’s Account that is vested under the rules set forth in Subsection 4.1(c). 

  

 9 

	2.40	Vesting Service. See Section 2.43. 

  

	2.41	Voice Response Unit (VRU) means the interactive telephone system that the recordkeeper will make available for Participants and Beneficiaries to use to access plan and
account information and process transactions in their accounts. To the extent that for any reason the VRU is not available from time to time for any such use, the recordkeeper or the Employer will provide the affected Participant or Beneficiary a
written form (that has been approved by the Committee) to use to request the desired transaction. As used in this Plan document, the term VRU includes such written forms to the extent applicable. 

  

	2.42	Website means the Internet Website that the Recordkeeper will make available for Participants and Beneficiaries to use to access plan and account information and process
transactions in their accounts. To the extent that for any reason the Website is not available from time to time for any such use, the Recordkeeper or the Employer will provide the affected Participant or Beneficiary a written form (that has been
approved by the Committee) to use to execute the desired transaction, as soon as practicable after it receives the request for such written form. As used in this Plan document, the term Website includes such written forms to the extent applicable.

  

	2.43	Years of Vesting Service (or Vesting Service) means the period beginning on the Participant's Employment Date and ending on his Termination Date. Vesting Service will be
determined subject to the rules set forth below: 

  

	 	 (a)
	 Computation. The Committee will compute Vesting Service in whole and partial years, by measuring months from the
Employment Date, counting each month as  1/12 year, aggregating non-continuous partial months into whole 30 day months, and
ignoring remaining days. 

  

 10 

	 	(b)	Leaves of Absence. Except as otherwise provided in this Subsection, each Participant will be credited with Vesting Service as if his status as an Employee had continued
during the period of his approved leave of absence granted under his Employer's standard, uniformly-applied human resources policies, but only if he resumes active Employment promptly upon the expiration of his approved leave. The maximum credit for
each such leave will be twelve months. 

  

	 	(1)	Military Leave. Each Participant will receive credit for eligibility and Vesting Service as if his active full-time Employment had continued during the period of his military
duty covered under the Uniformed Services Employment and Reemployment Rights Act of 1994, but only if he retains statutory reemployment rights and resumes Employment within the period prescribed under Section 414(u) of the Code.

  

	 	(2)	Parental Leave. Each Participant will receive credit for Vesting Service for the period of a parental leave, for a maximum of twelve months. If the leave extends beyond
twelve months, the first anniversary of the date the leave began will be the Termination Date for purposes of crediting Vesting Service, but the second anniversary will be the Termination Date for purposes of determining when a Break in Service
begins. The Plan will credit Vesting Service for the period between the first anniversary of the leave date and the date when the Participant resumes active Employment only if that date occurs before the second anniversary. The Termination Date of
the Participant who resigns, retires, is discharged or dies before the second anniversary of the leave date will be the date such event occurs. A parental leave is an absence from active Employment by reason of pregnancy, childbirth, child adoption,
and/or childcare immediately following birth or adoption. The leave will be treated as any other absence unless the Employee timely provides to the Committee all information reasonably required to establish that the absence constitutes a parental
leave. 

  

 11 

	 	(c)	Employment With a Controlled Group Member. Each individual who transfers into covered Employee status will receive credit for Vesting Service for the period of his service
with any Controlled Group member, whether or not it has adopted the Plan, beginning on the date the member becomes part of the Controlled Group, under the rules that apply to Employment under this Plan. Each individual who transfers from covered
Employee status to non-covered service with a Controlled Group member will continue to receive credit for Vesting Service, under the rules that apply to Employment under this Plan. An individual who transfers into covered Employee status, after
being excluded under Section 2.15 as a non-U.S. citizen employed outside the United States, or a non-resident alien with no U.S. source income, will receive credit for Vesting Service beginning on the later of his first day of service with his
foreign employer, or the date when his foreign employer becomes part of the Controlled Group. 

  

	 	(d)	Re-Employment Following a Break in Service. If a former Participant is reemployed by the Company or a Controlled Group member after an earlier Termination Date, Vesting
Service earned by such Participant prior to the earlier Termination Date— 

  

	 	(1)	shall be reinstated immediately upon reemployment if the Participant was either a vested Participant as of the earlier Termination Date or is reemployed before incurring a Five-Year
Break in Service; and 

  

	 	(2)	shall be forfeited in the event of reemployment that is not described in Subsection (d)(1) above. 

  

	 	(e)	Service Spanning. If an Employee terminates Employment for any reason and resumes Employment within twelve months, the Plan will include his period of termination in his
Vesting Service. 

  

 12 

 ARTICLE 3 
 Eligibility 
  

	3.1	Eligibility. Each Employee will become a Participant in the Plan on the January 1 or July 1 following the date on which he both reaches age 21 and completes a
twelve-month period of Employment during which he earns at least 1,000 Hours of Service. The Plan will recognize prior service with the Company and any acquired company for this purpose. 

  

	3.2	Participation Upon Reemployment. 

  

	 	(a)	Reemployment of Employees Who Were Not Eligible Employees. If a former Employee who did not qualify as an eligible Employee under this Plan as of his Termination Date
is subsequently reemployed by an Employer, the Employee shall be treated as an eligible Employee under this Plan as of his reemployment date unless: 

  

	 	(1)	He was a Participant under the Sonoco Pension Plan upon his earlier Termination Date, and either had a fully vested benefit under the Sonoco Pension Plan upon the earlier
termination date or is reemployed before incurring a Five-Year Break in Service; or 

  

	 	(2)	Such individual is reemployed in a position in which he is eligible to participate under the Sonoco Products Company Retirement Plan A for Designated Hourly Employees, the Sonoco
Products Company Retirement Plan B for Designated Hourly Employees, or the Sonoco Products Company Retirement Plan C for Designated Hourly Employees. 

 A rehired Employee who is treated as an eligible Employee under this Subsection (a) shall become a Participant on the January 1 or July 1 following the date he resumes Employment if (i) he is
reemployed by an Employer before incurring a Five-Year Break in Service and (ii) he satisfied the eligibility requirements under Section 3.1 as of his earlier Termination Date. In all other cases, such rehired Employee shall be treated as
a new Employee under Section 3.1. 
  

 13 

	 	(b)	Reemployment of Eligible Employees. If a former Employee who did qualify as an eligible Employee under the Plan as of his Termination Date is subsequently reemployed
by an Employer in a position in which he still qualifies as an eligible Employee hereunder, such Employee shall resume participation in this Plan in accordance with the following rules: 

  

	 	(1)	Vested Participant. If such Employee was a vested Participant as of his earlier Termination Date, he will resume participation in the Plan as of the date he resumes
Employment. 

  

	 	(2)	Non-vested Participant. If such Employee was a non-vested Participant in the Plan as of the date he resumes Employment: 

  

	 	(i)	he will resume participation in the Plan as of the date he resumes Employment, provided he resumes Employment before incurring a Five-Year Break in Service; or

  

	 	(ii)	he will be treated as a new Employee under Section 3.1 if he resumes Employment after he has incurred a Five-Year Break in Service. 

 However, notwithstanding the above, if any such Employee is reemployed in a position in which he qualifies as an eligible Employee under the Sonoco
Products Company Retirement Plan A for Designated Hourly Employees, the Sonoco Products Company Retirement Plan B for Designated Hourly Employees, or the Sonoco Products Company Retirement Plan C for Designated Hourly Employees, he shall not be
treated as an eligible Employee under this Plan during the period of reemployment. 
  

 14 

	3.3	Leased Employees and Independent Contractors. A leased employee is an individual who has performed services for an Employer on a substantially full-time basis for at least
one year, under the primary direction and control of the Employer and pursuant to an agreement between the Employer and a leasing organization. Leased employees will be treated as Employees to the extent required under Code Section 414(n), but
will not be eligible to participate in this Plan. If a leased employee becomes an eligible Employee, the Plan will give him credit for eligibility and vesting for the period when he worked as a leased employee, under the rules described in Sections
2.43 and 3.1 applied as if he had been an Employee during that period. However, the Plan will not give such credit if (a) the leased employee was covered by a money purchase plan sponsored by the leasing organization, with 10 percent
contributions and immediate participation and vesting, and (b) leased employees constitute no more than 20 percent of the Controlled Group’s non-highly compensated employees. If an individual who has worked for an Employer as an
independent contractor becomes a common-law employee, or if a court or administrative agency determines that an individual whom an Employer has designated as an independent contractor is in fact a common-law employee, he will not receive credit for
any purpose until the date when an Employer designates him as an eligible Employee under this Plan. 

  

	3.4	Transfer to this Plan Document. 

  

	 	(a)	From Coverage Under Another Document. When an Employee transfers to covered status under this Plan document from coverage under a qualified defined benefit Plan document
sponsored by the Company, the Committee will credit him with Vesting Service for the period of his Employment before his transfer, on the same basis that he would have received credit if he actually had been covered under this Plan document during
that period, except to the extent otherwise provided in the Addendum for his Unit. 

  

 15 

	 	(b)	From a Non-covered Group. When an Employee transfers to covered status under this Plan document from any group in which he did not qualify as an eligible Employee under this
Plan, the Committee will credit him with Employment for purposes of Eligibility and with Vesting Service for the period before his transfer, on the same basis that he would have received credit if he actually had been covered under this Plan
document during that period. 

  

	3.5	Acquired Group. When an Employee becomes covered under this Plan document following the Company’s acquisition of his employer, the Committee will credit him with
Employment for purposes of Eligibility and with Vesting Service beginning as of his employment date with the acquired employer. 

  

	3.6	Transfer from this Plan Document to an Ineligible Position. When an Employee transfers from a position in which he is an eligible Employee under the Plan into a
position in which he is not an Eligible Employee under the Plan, he shall not be entitled to Employer Contributions under Section 4.1 with respect to Compensation earned after the date of transfer. However, such Employee will continue to earn
Vesting Service for employment with the Controlled Group member under the rules described in Section 2.43. If the Controlled Group member maintains a similar qualified retirement plan under Code Section 401(a) that will accept a transfer
of the Participant’s Account balances from this Plan, the Committee may in its sole discretion direct the Trustee to transfer the Participant’s Account balances to the other plan. The Trustee will execute the transfer as soon as
practicable after receiving appropriate directions from the Committee. 

  

	3.7	Adoption of the Plan By a Controlled Group Member. A Controlled Group member may adopt this Plan document for one or more of its locations, by appropriate action of its board
of directors or authorized officer(s) or representative(s), subject to the Committee’s approval. The adopting resolution must delegate authority to the Committee and the Investment Council to administer the Plan and Trust, to enter into
investment and funding arrangements selected by the Investment Council, to amend the Plan, and to take such other actions as they consider appropriate. 

  

 16 

 ARTICLE 4 
 Contributions 
  

	4.1	Employer Contributions. 

  

	 	(a)	Eligibility. A Participant shall be entitled to an Employer Contribution for the Plan Year if the Participant (i) is actively employed by an Employer on the last
day of the Plan Year; or (ii) terminates employment before the last day of the Plan Year on account of death or termination of employment after reaching age 55. 

  

	 	(b)	Amount. For each Plan Year, the Employers shall make an Employer Contribution to the Account of each Participant who meets the eligibility requirements described in
Subsection 4.1(a) equal to the sum of (i) 4% of eligible Compensation for the Plan Year and (ii) 4% of eligible Compensation for the Plan Year in excess of the Social Security Wage Base. 

  

	 	(c)	Vesting. Employees will vest in Employer Contributions under the Plan in accordance with the following schedule: 

  

				
	 Years of Vesting Service
	  	Vested Percentage	 
	 Less than 5
	  	0	%
	 5 or more
	  	100	%

  

 17 

 However, notwithstanding the above, an Employee’s Vested Percentage shall be 100% if the
Participant is age 55 or older as of his Termination Date. 
  

	 	(d)	Forfeiture. If a Participant’s Vested Percentage is 0 percent upon his Termination Date, the nonvested portion of his Account will be forfeited by the Participant as
soon as administratively feasible upon receipt of termination status. Any forfeitures under this Subsection 4.1(d) will be used to defray reasonable administrative costs, to restore previous forfeitures to the Accounts of reemployed Participants
under Subsection 4.1(e) below, and/or to reduce future contributions required by the Employer under this Section 4.1, as determined by the Committee in its sole and absolute discretion. 

  

	 	(e)	Reinstatement of Forfeitures. This Subsection 4.1(e) applies only to a Participant who experienced forfeiture under Subsection 4.1(d). 

  

	 	(1)	Before a Five-Year Break. If a terminated Participant incurs a forfeiture under Subsection 4.1(d), and is reemployed by the Company or a Controlled Group member before
incurring a Five-Year Break in Service, the portion of the Account forfeited under Subsection 4.1(d) shall be restored when the Participant resumes Employment. (Forfeitures restored under this Subsection 4.1(e)(1) shall be restored without
adjustment for earnings.) 

  

	 	(2)	After a Five-Year Break. If a terminated Participant is not reemployed by the Company or a Controlled Group member before incurring a Five-Year Break in Service, amounts
forfeited under Subsection 4.1(d) will not be restored to the Participant’s Account under any circumstances. 

  

	 	(f)	Exclusive Benefit of Participants. All Employer Contributions will be irrevocable when made and will not revert to the Employers, except as provided in Subsection 4.1(h)
below. All Employer Contributions and attributable earnings will be used for the exclusive benefit of Participants and their Beneficiaries and for paying the reasonable expenses of administering the Plan. 

  

 18 

	 	(g)	Payment to the Trustee. Each Employer will transfer its Employer Contributions to the Trustee as soon as practicable after they are made, but no later than the extended due
date of the Employer’s federal income tax return for the fiscal year that ends in the Plan Year for which the Contribution is made. 

  

	 	(h)	Return of Employer Contributions. Employer Contributions will be returned to the affected Employer(s) under the following circumstances: 

  

	 	(1)	Mistake of Fact. Employer Contributions made by a mistake of fact will be returned to the affected Employer(s), reduced by the amount of any losses thereon, within one year
after the date of payment. 

  

	 	(2)	Nondeductible. All Employer Contributions are conditioned upon their deductibility under Code Section 404 and will be returned to the affected Employer(s), to the extent
disallowed and reduced by the amount of any losses thereon, within one year after any such disallowance. 

  

	 	(3)	Plan Qualification. If the Internal Revenue Service initially determines that the Plan does not meet the requirements of Code Section 401, the Plan shall be null
and void from the Effective Date, and any contributions shall be returned to all contributing Employers within one year following such determination unless the Company elects, in its sole and absolute discretion, to make the changes to the Plan
necessary to receive a determination from the Internal Revenue Service that the requirements of Code Section 401 are met. 

  

	4.2	Rollover Contributions. Participants will not be permitted to roll over distributions from other plans or from IRAs into this Plan. 

  

 19 

 ARTICLE 5 
 Allocations 
  

	5.1	Adjustments to Account Balances. 

  

	 	(a)	Regular Valuation Dates. As of each Valuation Date, the Trustee will determine the Fair Market Value of the Trust Fund and the value of each Participant Account. As soon as
practicable after the end of the Plan Year, the Recordkeeper will calculate the Employer Contributions. Thereafter, the Trustee will adjust each Participant’s Account balances to reflect his allocation of Employer Contributions, payments from
his Accounts, investment gains or losses, and expenses. 

  

	 	(b)	Recordkeeping Fee. The Recordkeeper will deduct a recordkeeping fee in the amount set forth in the Schedule of Administrative Fees under Addendum B as in effect from time to
time, pro rata from each of the Participant’s Account. This deduction shall be taken on a pro rata basis from the Investment Funds in which the Participant’s Account is invested. 

  

	 	(c)	Valuations Binding. In determining the value of the Trust Fund and each individual Account, the Trustee and the Committee will exercise their best judgment and all
determinations of value will be binding upon all Participants and their Beneficiaries. 

  

	 	(d)	Statement of Account Balances. As soon as practicable after the end of each calendar quarter, the Committee will provide to each Participant and Beneficiary for whom an
Account is maintained a statement showing all allocations to, and distributions from, each of his Accounts, and the current value of each of his Accounts. For any Plan Year, the Committee may provide statements more frequently than quarterly.

  

 20 

	 	(e)	Correction of Mistakes. In the event the Committee discovers that a mistake has been made in an allocation to or distribution from any Participant’s Account balance, or
any other mistake that affects an Account balance, it will correct the mistake as soon as practicable. If an overpayment has been made, the Committee will seek cash reimbursement. If an underpayment has been made, the Committee will pay the amount
of the underpayment in a single sum. The Committee will treat any other addition to the Account as an expense of the Plan, and will treat any other subtraction from the Account as a forfeiture and will use it to reduce the affected Employer’s
Employer Contributions for the same or the next Plan Year. To the extent necessary to correct errors in allocations that result from Contributions, including Contributions that would have been made except for the error, the Committee will permit or
require adjustments to the Employer Contributions otherwise described in the Plan, including make-up Employer Contributions, accelerated Employer Contributions, suspensions of Employer Contributions, and similar adjustments. The Committee will
correct all other administrative errors in the manner that it considers appropriate under the circumstances. However, if the Committee determines that the burden or expense of seeking recovery of any overpayment or correcting any other mistake
(except corrections that are necessary to make a Participant or Beneficiary whole) would be greater than is warranted under the circumstances, it may in its discretion forego recovery or other correction efforts. If a mistake in any communication
creates a risk of loss to any Participant or Beneficiary, the Committee will take reasonable steps to mitigate such risk, such as making de minimus variances from Plan provisions (including but not limited to medium and timing of payment), to the
extent any such variance would comply with applicable qualification requirements if it were set forth in a written provision of the Plan. 

  

	5.2	Investment Elections. 

  

	 	(a)	 Investment Funds. From time to time, the Committee will direct the Trustee to maintain one or more Investment Funds for the investment of Accounts, as
elected by 

  

 21 

	 	 
each Participant. The Committee in its sole discretion may add additional Investment Funds, may delete any Investment Fund or may change the investment
strategy or categories of permitted investments of any Investment Fund without prior notice to Participants. The Committee will timely describe the Investment Funds that are available from time to time, in written notices to Participants.

  

	 	(b)	Liquidity. Each fund may hold cash and other liquid investments in such amounts as the Committee and/or the Trustee consider necessary to meet the Plan’s liquidity
requirements and to pay administrative expenses. The percentage of assets held in each Investment Fund in cash or cash equivalents may differ from Fund to Fund and from time to time, as considered appropriate by the Investment Council. The rate of
return of each Investment Fund will be a combination of the short term earnings (or losses) on the cash portion of the Fund and the earnings (or losses) of the securities or other investments in which such Fund is primarily invested, determined in
accordance with uniform rules established by the Investment Council. 

  

	 	(c)	Participant Elections. The Committee will make the VRU and the Website available for Participants to make their investment elections. The Committee will confirm the elections
by Participant PIN numbers. 

  

	 	(1)	Initial Election. As of the date he enters the Plan, the Participant may elect to have the aggregate balances in his Accounts invested among the Investment Funds in whole, 1
percent increments. Notwithstanding the above, 25% of the amount contributed as Employer Contributions shall be invested automatically in the Stable Value Fund (or a similar fund as determined by the Company in its sole discretion) and may not be
transferred from such fund into any other Investment Fund. 

  

 22 

	 	(2)	Failure to Elect. The Account balances of any Participant who fails to timely complete his election will be invested in the Investment Fund that has the lowest risk of loss.

  

	 	(3)	Change in Investment Election. As of any Valuation Date, the Participant may elect to change his investment election for the aggregate balances in his existing Accounts
and/or for future allocations to his Accounts, in 1 percent increments. Reinvestment elections for existing balances will become effective as of the Valuation Date when made if the Participant completes his investment election no later than the
daily time deadline; otherwise the election will become effective as of the next following Valuation Date. The investment elections for future allocations that are made during each payroll period will become effective as of the first Valuation Date
in the following payroll period or as soon thereafter as practicable. 

 Notwithstanding the above, the portion of the
Participant’s Account that is invested automatically in the Stable Value Fund sunder Subsection (c)(1) above shall remain invested in the Stable Value Fund until such amounts are distributed from the Plan. 
 The Recordkeeper or the Committee will establish and publish to Participants from time to time the daily time deadlines by which elections must be
completed. The Plan is intended to satisfy the requirements of Section 404(c) of ERISA with respect to Participants’ investment elections. To the extent permitted by law, neither the Company, the Investment Council, the Trustee nor any
other fiduciary of the Plan will be liable for any loss resulting from a Participant’s exercise of his right to direct the investment of his Accounts. 
  

 23 

	 	(4)	Insider Trading Rules. The Committee will assist Participants who are insiders under Rule 16b-3 of Section 16 of the Securities Exchange Act of 1934, to avoid
discretionary transactions that would trigger the short-swing profit recovery rules. 

  

	 	(5)	Transaction Fee. The Committee reserves the right to direct the Trustee and/or Recordkeeper to deduct from affected Accounts a transaction fee, in an amount set forth in the
Schedule of Administrative Fees in Addendum B, for processing each investment election. 

  

	 	(d)	Reinvestment of Earnings. Except as otherwise provided in Subsection 5.1(c) above, all dividends, capital gains distributions and other earnings attributable to the
Account balances invested in each Investment Fund will be reinvested in that Investment Fund. 

  

	 	(e)	Investment Expenses. All expenses of each Investment Fund will be paid from that fund, to the extent not paid directly by the Employers. 

  

	 	(f)	Special Election Rules. The Committee may permit (1) investments in increments greater than or less than 1 percent, (2) other Investment Funds, (3) other
election filing dates, and/or (4) any other variance from these rules as it considers proper, under regulations adopted by the Committee, published to Employees, and uniformly applied. 

 ARTICLE 6 
 Post-Employment
Distributions 
  

	6.1	Payment Events. The Participant or Beneficiary who has a payment event described in this Section may elect to receive or begin receiving payment of his Account balances in a
form and amount described in Section 6.2 as of any date on or after the Termination Date, but not later than the Required Beginning Date under Section 6.3. 

  

 24 

	 	(a)	Participant’s Termination of Employment. Upon a Participant’s termination of Employment for any reason (including Disability) other than death, such
Participant shall be entitled to elect to receive a distribution of the vested balance of his Accounts at a time, and in a form, specified in Section 6.2 below. 

  

	 	(b)	Participant’s Death. If the Participant dies before the complete distribution of the vested balance of his Accounts, the Beneficiary designated by the Participant
shall be entitled to receive the remaining portion of the vested balance of the Participant’s Accounts at a time, and in a form, specified in Section 6.2. 

  

	6.2	Amount, Form and Timing of Payment. Each payment of a Participant’s Account balances will be subject to the following rules and any other rules adopted by the Committee
from time to time and uniformly applied: 

  

	 	(a)	Application for Payment. The Participant or Beneficiary must apply for a payment via the VRU or via the Website and may elect either income tax withholding or a direct
rollover. The Committee will direct the Trustee or other payor to issue the payment as soon as practicable after the election is made. 

  

	 	(b)	Time of Payment. Except as otherwise provided in Subsection 6.2(d), distribution to a Participant may commence as of the earliest practicable Valuation Date
following the Participant’s Termination Date, or any later Valuation Date, as elected by the Participant. In no event, however, may a Participant delay distribution beyond his Required Beginning Date, as determined under Section 6.3.

 In addition, except as otherwise provided in Subsection 6.2(d), distribution to a Beneficiary may commence as of the
earliest practicable Valuation Date following the Participant’s death, or any later Valuation Date, as elected by the Beneficiary. In no event, however, may a Beneficiary delay payment beyond the Beneficiary’s Required Beginning Date, as
determined under Subsection 6.3(c) or 6.3(d). 
  

 25 

	 	(c)	Amount and Forms of Payment. Except as otherwise provided in Subsection 6.2(d) below, a Participant or Beneficiary who is entitled to a distribution under this
Article 6 may elect to receive payment in one of the following forms: 

  

	 	(1)	Lump sum payment in the amount of his aggregate vested Account balances as of the date on which the payment is made; 

  

	 	(2)	Partial Withdrawal to be elected on an as-needed basis, not more frequently than quarterly, in amounts of at least $1,000. Elections are not required for each quarter. The final
installment may be less than $1,000 but not less than the aggregate Account balances; 

  

	 	(3)	Up to five substantially equal annual installments, each to be in an amount equal to the aggregate vested Account balances as of the payment date, divided by the remaining number of
payments; 

  

	 	(4)	An annual distribution equal to a percentage of the Account balances as specified by the Participant, the amount of which must equal at least $1,000; or 

  

	 	(5)	Quarterly installment payments equal to a dollar amount as specified by the Participant, which amount may be no less than $1,000. 

 The Participant or Beneficiary who initially elects installment payments may elect to receive a lump sum payment of the remaining Account balances at any
time. In addition, if the Participant was receiving installment payments, but then died before receiving a complete distribution of his vested Accounts, the Beneficiary may either continue those installment payments or elect any other form of
payment available under this Subsection 6.2(c). 
  

	 	(d)	Automatic Cash-Out. Notwithstanding any other provision in this Article 6, if the vested balance of the Participant’s Accounts does not exceed $5,000 as of the Valuation
Date coinciding with or next following a Participant’s Termination Date or death (as applicable), the Committee will automatically make a cash, lump sum payment to such Participant (or Beneficiary) as soon as practicable following such
Termination Date or date of death. 

  

 26 

	 	(e)	Medium of Payment. The Participant or Beneficiary shall receive his Account balances entirely in cash. 

  

	 	(f)	Distribution Fee. The Recordkeeper will deduct from the amount of each lump sum payment, or from the first installment payment if that option is elected, a processing fee in
the amount set forth in the Schedule of Administrative Fees under Addendum B as in effect from time to time. The Recordkeeper will reflect the deduction on the statement that it issues with the payment. 

  

	 	(g)	Order of Payment from Accounts. The Recordkeeper will deduct installment payments pro rata from the Participant’s Accounts and from the Investment Funds in which his
Accounts are invested. 

  

	 	(h)	Investment Elections During Installment Period. The Participant or Beneficiary will be permitted to make investment elections during the installment period on the same basis
as active Participants. 

  

	6.3	Required Distribution Rules. 

  

	 	(a)	General Rule. Unless the Participant or Beneficiary elects later payment, the Committee will distribute each Participant’s aggregate Account balances no later than the
60th day after the end of the Plan Year in which the latest of the following events occurs: (1) the Participant reaches age 65; (2) the tenth anniversary of the date the Participant began participating in the Plan; or (3) the
Participant’s Termination Date. The failure of a Participant to consent to a distribution is deemed to be an election to defer commencement of payment for purposes of the preceding sentence. 

  

 27 

	 	 (b)
	 Participant’s Required Beginning Date. An inactive Participant must begin taking a distribution from his
Account no later than the last day of the calendar year in which he reaches age 70 1/2. If a distribution is required under this
Section 6.3(b), the minimum amount that must be distributed in each calendar year shall be determined under Code Section 401(a)(9), including Treasury Regulation Section 1.401(a)(9)-5. 

  

	 	 (c)
	 Participant’s Death Before Required Beginning Date. If the Participant dies with an Account balance and
before his Required Beginning Date under Subsection (b), the Committee will ignore any payment made before the Required Beginning Date for purposes of the Beneficiary’s Required Beginning Date, (i.e., the Committee will treat the Beneficiary as
if the Participant had died before payments began, even if the Participant had received his first required minimum distribution before his death). If the Beneficiary is the surviving Spouse, the Committee will begin payments to the Spouse no later
than the last day of the calendar year in which the deceased Participant would have reached age 70 1/2, and will calculate each
required minimum distribution on the basis of the Spouse’s life expectancy as recalculated each year. 

 If the
Beneficiary is not the Spouse, the Committee will begin payments no later than the last day of the calendar year following the year in which the Participant died and will calculate each required minimum distribution on the basis of the
Beneficiary’s life expectancy as recalculated each year. If the Committee does not begin payments by such date, the Committee will pay the entire balance no later than the end of the calendar year that coincides with the fifth anniversary of
the Participant’s death. 
  

	 	(d)	Participant’s Death After Required Beginning Date. If the Participant dies after his Required Beginning Date, the Committee will pay out his remaining Account balances
in an annual amount at least as great as the Participant received each year between his Required Beginning Date and his date of death, regardless of the identity of his Beneficiary(s). 

  

 28 

	 	(e)	Compliance with Code Section 401(a)(9). The intent of this Section is that the distribution date for each Participant and Beneficiary will be within the limitations
permitted under Code Section 401(a)(9) and applicable regulations thereunder that were published in the Federal Register on April 17, 2002. If there is any discrepancy between this Section and the Code Sections, the Code Sections will
prevail. 

  

	6.4	Designation of and Payment to Beneficiaries. 

  

	 	(a)	Procedure. Each Participant, with the written consent of his Spouse (if any), may designate one or more Beneficiary(s) to receive any balance in his Accounts that may be
payable upon his death. The Participant may change his designation from time to time by filing the proper form with the Committee, and each change will revoke all his prior designations. To be effective, each designation or revocation must be made
in writing on a form provided by the Committee and must be signed and filed with the Committee before the Participant’s death. The Participant may name one or more primary Beneficiaries and one or more contingent Beneficiaries. If he names more
than one Beneficiary, he must designate the percentage payable to each. If, upon the Participant’s death, his Spouse has not consented to his Beneficiary designation or if no designated Beneficiary survives him, the Committee will direct the
payment of his benefits to his surviving Spouse, if any, or if none then to the Participant’s estate. 

  

	 	(c)	 Waiver of Spouse’s Rights. Each married Participant may elect to have all or any part of his Account balances that would otherwise be payable to his
surviving Spouse in the event of his death, payable instead to one or more Beneficiary(s) designated under Subsection (a). Each election must be in writing and (1) must be signed by the Participant and his Spouse; (2) the Spouse’s
consent must acknowledge the effect of the election and that he/she cannot later revoke the waiver; (3) the Spouse’s consent must either specifically approve each named Beneficiary and the elected form of payment, or must permit the
Participant to name any Beneficiary and elect any form of payment; and (4) the Spouse’s consent must be witnessed by a notary public. Spousal 

  

 29 

	 	 
consent will not be required if the Participant provides the Committee with a decree of abandonment or legal separation, or with satisfactory evidence that
he cannot obtain consent because he has been unable to locate his Spouse after reasonable effort. If the Spouse is legally incompetent, the Spouse’s court-appointed guardian may give consent, even if the guardian is the Participant.

  

	 	(c)	Payment to Minor or Incompetent Beneficiaries. In the event the deceased Participant’s Beneficiary is a minor, is legally incompetent, or cannot be located after
reasonable effort, the Committee will make payment to the court-appointed guardian or representative of such Beneficiary, or to a trust established for the benefit of such Beneficiary, as applicable. 

  

	 	(d)	Judicial Determination. In the event the Committee for any reason considers it improper to direct any payment as specified in this Section, it may have a court of applicable
jurisdiction determine to whom payments should be made. 

  

	6.5	Payment to the Participant’s Representative. If the Participant is incompetent to handle his affairs at any time while he is eligible to receive a payment from the Plan,
or cannot be located after reasonable effort, the Committee will make payment to his court-appointed personal representative, or if none is appointed the Committee may in its discretion make payment to his next-of-kin for the benefit of the
Participant. The Committee may request a court of competent jurisdiction to determine the payee. 

  

	6.6	 Unclaimed Benefits. In the event the Committee cannot locate, with reasonable effort and after a period of five years, any person entitled to receive the
Participant’s Account balances, his balances will be forfeited but will be reinstated, as required under Treasury Regulations Section 1.401(a)-14(d) or any other applicable law, in the event a valid claim for benefits is subsequently made.
Each Participant and each designated Beneficiary must file with the Recordkeeper from time to time in writing his post office address and each change of post office address. Any communication, statement or notice addressed to a Participant or

  

 30 

	 	 
designated Beneficiary at his last post office address filed with the Recordkeeper, or, in the case of a Participant, if no address is filed with the
Recordkeeper, then at his last post office address as shown on the Company’s records, will be binding on the Participant and his designated Beneficiary for all purposes of the Plan. None of the Company, the Committee, or the Trustee will be
required to search for or locate a Participant or designated Beneficiary. 

 ARTICLE 7 
 Limitations on Contributions 
  

	7.1	Code Section 415 Limitation. In no event will the Maximum Annual Addition for any Participant exceed the Code Section 415 Limit described in this Section.

  

	 	(a)	Applicable Definitions. For purposes of this Section, the following terms will have the meanings set forth below. 

  

	 	(1)	Annual Addition means the aggregate amount of Employer Contributions and Forfeitures allocated to each Participant under the Plan for the Limitation Year and employer
contributions, employee contributions, and forfeitures allocated to each Participant’s account under any other qualified defined contribution plan maintained by the Employer or a Controlled Group member for the Limitation Year.

  

	 	(2)	Controlled Group means, for purposes of this Section, all controlled group members that have at least 50 percent common ownership, within the meaning of Code Sections 414(b)
and 415(h), which will be considered to be a single employer. 

  

	 	(3)	Excess Annual Addition means any allocation of Contributions that exceeds the Participant’s Maximum Annual Addition for the Plan Year. 

  

 31 

	 	(4)	Limitation Year means the Plan Year. 

  

	 	(5)	Maximum Annual Addition means an amount that does not exceed the lesser of (A) $40,000 as indexed under Code Section 415, or (B) 100% of his Compensation for
the Limitation Year. 

  

	 	(b)	Excess Annual Additions. If in any Plan Year a Participant’s Annual Additions exceed the limitation determined under Subsection (a)(6), such excess shall not be
allocated to the Participant’s accounts under any defined contribution plan. Instead, the excess shall be handled in the following manner and order until it is eliminated: 

  

	 	(1)	The Participant’s unmatched employee contributions under any other defined contribution plan, or any part thereof, shall be refunded to the Participant;

  

	 	(2)	The Participant’s matched employee contributions under any other defined contribution plan, or any part thereof, shall be refunded to the Participant; 

 

	 	(3)	The employer matching contributions allocated to the Participant under any other defined contribution plan, or any part thereof, shall be placed in a suspense account; and

  

	 	(4)	The Employer Contributions allocated to the Participant under this Plan, or any part thereof, shall be placed in a suspense account. 

 The amount held in a suspense account under Subsection (b)(3) or (b)(4) shall be used to reduce contributions by the Employer of the affected Participant
for the next Plan Year. Any such suspense account shall share in the gains and losses of the Trust Fund on the same basis as other accounts. 
  

 32 

	 	(c)	Combining of Plans. For purposes of applying the limitations described in this Section, all defined contribution plans maintained by Controlled Group members will be treated
as a single defined contribution plan. 

  

	7.2	Top Heavy Rules. 

  

	 	(a)	Top-Heavy Determination. The top-heavy provisions of this Section 7.2 shall be applied as follows. 

  

	 	(1)	Single Plan Determination. Except as provided in Subsection (a)(2)(B) below, if as of the Applicable Determination Date the aggregate of the Account balances of Key Employees
under the Plan exceeds 60 percent of the aggregate amount of the Account balances of all Employees (other than former Key Employees) under the Plan, the Plan will be top-heavy, and the provisions of this Section 7.2 shall become
applicable. For the purposes of this Section 7.2— 

  

	 	(A)	Account balances shall include the aggregate amount of any distributions made with respect to the Employee during the one-year period ending on the Applicable Determination Date and
any contribution due but unpaid as of said Applicable Determination Date; and 

  

	 	(B)	the Account balance of any individual who has not performed services for the Company or Controlled Group members at any time during the five-year period (or one-year period for Plan
Years beginning after December 31, 2001) ending on the Applicable Determination Date shall not be taken into account. 

 The determination of the foregoing ratio, including the extent to which distributions, rollovers, and transfers shall be taken into account, shall be made in accordance with Code section 416 and the regulations thereunder which are
incorporated herein by this reference. 
  

 33 

	 	(2)	Aggregation Group Determination. 

  

	 	(A)	If as of the Applicable Determination Date, the Plan is a member of a Required Aggregation Group which is top-heavy, the provisions of this Section 7.2 shall become applicable.
For purposes of this Subsection (a)(2), an Aggregation Group shall be top-heavy, as of the Applicable Determination Date, if the sum of— 

  

	 	(i)	the aggregate of account balances of Key Employees under all defined contribution plans in such group, and 

  

	 	(ii)	the present value of accrued benefits for Key Employees under all defined benefit plans in such group 

 exceeds 60 percent of the same amounts determined for all Employees (other than former Key Employees) under all plans included within the Aggregation
Group. Account balances and accrued benefits shall be adjusted for any distribution made in the five-year period (or one-year period for distributions made on account of separation from service, death, or Disability) ending on the Applicable
Determination Date and any contribution due but unpaid as of the Applicable Determination Date. The account balance of any individual who has not performed services for the Company or the Controlled Group members at any time during the one-year
period ending on the Applicable Determination Date shall not be taken into account. The determination of the foregoing ratio, including the extent to which distributions (including distributions from terminated plans), rollovers, and transfers are
taken into account, shall be made in accordance with Code section 416. 
  

 34 

	 	(B)	If the Plan is top-heavy under Subsection (a)(2)(A) above, but the Aggregation Group is not top-heavy, this Section 7.2 shall not be applicable. 

  

	 	(3)	The Committee. The Committee shall have responsibility to make all calculations to determine whether the Plan is top-heavy. 

  

	 	(b)	Definitions. For purposes of this Section 7.2, the following definitions apply: 

  

	 	(1)	Aggregation Group means a required aggregation group or a permissive aggregation group as follows. 

  

	 	(A)	Required Aggregation Group. All plans maintained by the Company and Controlled Group members in which a Key Employee participates shall be aggregated to determine whether or
not the plans, as a group, are top-heavy. Each other plan of the Company and the Controlled Group members which enables this Plan to meet the requirements of Code Section 401(a) or Section 410 shall also be aggregated.

  

	 	(B)	Permissive Aggregation Group. One or more plans maintained by the Company and the Controlled Group members which are not required to be aggregated may be aggregated with each
other or with plans under Subsection (b)(1)(A) if such group would continue to meet the requirements of Code Sections 401(a)(4) and 410 with such plan(s) being taken into account. 

  

	 	(2)	Applicable Determination Date shall mean, with respect to the Plan, the Determination Date for the Plan Year of reference and, with respect to any other plan, the
Determination Date for any plan year of such plan which falls within such calendar year as the Applicable Determination Date of the Plan. 

  

 35 

	 	(3)	Determination Date shall mean, with respect to the initial plan year of a plan, the last day of such plan year and, with respect to any other plan year of a plan, the last
day of the preceding plan year of such plan. 

  

	 	(4)	Key Employee shall mean a Participant or Beneficiary of such Participant if such Participant, for the Plan Year containing the Determination Date is—

  

	 	(A)	an officer of the Company or a Controlled Group member who has annual Compensation greater than $130,000 (as indexed from time to time in accordance with Code section 416(i));

  

	 	(B)	a 5-percent owner of the Company or a Controlled Group member; or 

  

	 	(C)	a 1-percent owner of the Company or a Controlled Group member having annual Compensation of more than $150,000. 

 Ownership shall be determined in accordance with Code section 416(i)(1)(B) and (C). Any Employee who is not a Key Employee shall be a “non-key
Employee” for purposes of applying this Section 7.2. 
  

	 	(5)	Compensation means, for all purposes under this Section 7.2, an Employee’s wages, tips, and other compensation for a Plan Year which are required to be reported on
a Federal Wage and Tax Statement (Form W-2), plus amounts contributed on an Employee’s behalf by the Company or a Controlled Group member under a plan maintained pursuant to Code Section 125, 401(k), or 132(f)(4). In no event
shall an Employee’s Compensation under this Section 7.2 exceed the limit described in Section 2.10(c). 

  

	 	(c)	Vesting Requirements. If the Plan is determined to be top-heavy with respect to a Plan Year, then a Participant’s interest in his Account shall vest in accordance with
the following schedule: 

  

 36 

				
	 Years of Vesting Service
	  	Vested
Percentage	 
	 Less than 2
	  	0	%
	 2
	  	20	%
	 3
	  	40	%
	 4
	  	60	%
	 5 or more
	  	100	%

 If in a subsequent Plan Year, the Plan is no longer top-heavy, the vesting provisions that were
in effect prior to the time the Plan became top-heavy shall be reinstated. However, the Participant’s Vested Percentage following such reinstatement (with respect to the Participant’s Account both before and after the reinstatement) shall
not be reduced below the Participant’s Vested Percentage immediately before such reinstatement. 
 Additionally, any Participant who has
at least three years of Vesting Service prior to the end of the 60-day election period described below shall have the option of remaining under the vesting schedule in effect while the Plan was top-heavy. A Participant may elect this option within
the 60-day period beginning on the date the Participant receives notice that the vesting schedule under this Subsection (c) no longer applies. 
  

	 	(d)	Minimum Contribution. For each Plan Year with respect to which the Plan is top-heavy, the minimum amount contributed by the Company under the Plan, when added to amounts
contributed by the Company and all other Controlled Group members under all other defined contribution plans, for the benefit of each Participant who is not a Key Employee and who is otherwise eligible for such a contribution shall be the lesser
of— 

  

 37 

	 	(1)	3 percent of the non-key Participant’s Compensation for the Plan Year, or 

  

	 	(2)	the non-key Participant’s Compensation times a percentage equal to the largest percentage of such Compensation allocated under such plans with respect to any Key Employee for
the Plan Year. 

 Matching contributions shall be taken into account in determining whether the Plan has satisfied the minimum
contribution requirements under this Subsection (d). Matching contributions that are used to satisfy the requirements of this Subsection (d) shall be treated as matching contributions for purposes of meeting the nondiscrimination
requirements under Code Section 401(a)(4). 
 This minimum contribution is determined without regard to any Social Security
contribution. This minimum contribution shall be made on behalf of each non-key Employee who has not separated from service before the end of the Plan Year, without regard to whether the non-key Employee declines to make any mandatory contributions
that may be required by the Plan. Contributions attributable to a salary reduction or similar arrangement shall be taken into account only with respect to contributions made on behalf of Key Employees. The minimum contribution provisions stated
above shall not apply to any Participant who was not employed by the Company or a Controlled Group member on the last day of the Plan Year. 
 This Subsection (d) shall not apply to a Participant covered under a qualified defined benefit plan or a qualified defined contribution plan maintained by the Company or a Controlled Group member if the Participant’s vested
benefit thereunder satisfies the requirements of Code Section 416(c). 
  

 38 

 ARTICLE 8 
 Amendment, Termination, Merger 
  

	8.1	Amendment. 

  

	 	(a)	Procedure. The Company will have the right to amend the Plan from time to time by action of the Committee or the Board, as provided in this Subsection 8.1(a). The Committee
will determine that an amendment is appropriate, and will determine whether the amendment may significantly alter the Plan’s contribution requirements or expense provisions. The Committee or its agent will draft the amendment. Each amendment
must be approved and executed by a majority of the Committee members then in office. If the amendment may significantly alter the Plan’s contribution requirements or expense provisions, the Board of Directors must approve it by resolution and a
duly authorized officer of the Company must execute it. Within 30 days after the adoption of each amendment, the Committee will provide a copy to each Employer. 

  

	 	(b)	Prohibited Amendments. The Company will not adopt any amendment that would have the effect of any of the following: 

  

	 	(1)	Exclusive Benefit. No amendment will permit any part of the Trust Fund to be used for purposes other than the exclusive benefit of Participants and Beneficiaries, or to
defray the reasonable expenses of Plan administration. 

  

	 	(2)	Non-reversion. No amendment will revert to any Employer any portion of the Trust Fund. 

  

	 	(3)	No Cutback. No amendment will eliminate or reduce any Participant’s vested Account balance accrued before the amendment, and no amendment will eliminate an optional form
of benefit with respect to a participant who has already made his election, except as otherwise permitted by law. 

  

 39 

	 	(c)	Limited to Active Participants. Except as specifically stated in the amendment, no amendment that improves benefits will apply to any Employee whose Termination Date occurred
before the effective date of the amendment. 

  

	 	(d)	Administrative Changes Without Plan Amendment. The Committee reserves authority to make administrative changes to this Plan document that do not alter the minimum
qualification requirements, without formal amendment to the Plan. The Committee may effect such changes by substituting pages in the Plan document with corrected pages. Administrative changes include, but are not limited to, (1) changes in the
Recordkeeping fees for maintaining Accounts and processing distributions under Addendum B; (2) corrections of typographical errors and similar errors; (3) conforming provisions for administrative procedures to actual practice and changes
in practice; and (4) deleting or correcting language that fails to accurately reflect the intended provisions of the Plan. The Committee will timely notify affected Participants of such changes. 

  

	8.2	Termination of the Plan. 

  

	 	(a)	Right to Terminate. The Company expects this Plan to be continued indefinitely but necessarily reserves the right to terminate the Plan and all contributions at any time, and
to terminate the participation of any Employer at any time, subject to approval by the Board. Each Employer reserves the right to terminate its participation in the Plan at any time by appropriate action of its board of directors. Participants will
cease active participation in the Plan on the first to occur of the following: 

  

	 	(1)	the date on which that Employer ceases to be an Employer by appropriate action taken by the Company or by such Employer; or 

  

 40 

	 	(2)	the dissolution, merger, consolidation, reorganization or sale of that Employer, or the sale of all or substantially all of the assets of an Employer, except that, subject to the
provisions of Section 8.3, with the consent of the Company, in any such event arrangements may be made whereby the Plan will be continued by any successor to that Employer or any purchaser of all or substantially all of that Employer’s
assets, in which case the successor or purchaser will be substituted for the Employer under the Plan. 

  

	 	(b)	Full Vesting. In the event of termination, partial termination or a complete discontinuance of contributions that is determined to be a termination of the entire Plan, the
non-vested balance in each affected Participant’s affected Accounts, to the extent funded, will become fully vested as of the date of termination or partial termination. For purposes of accelerated vesting, affected Participants will include
only those who are in active Employment as of the Plan termination date. All non-vested Participants who terminated Employment before the Plan termination date will be considered to have received constructive cash-outs of their entire Account
balances under Section 6.2(e). 

  

	 	(c)	Provision for Benefits Upon Plan Termination. In the event of termination, the Company may either: 

  

	 	(1)	Maintain the Trust. The Committee may continue the Trust for so long as it considers advisable and so long as permitted by law, either through the existing trust
agreement(s), or through successor funding media; or 

  

	 	(2)	Terminate the Trust. The Committee may terminate the Trust, pay all expenses, and direct the payment of the benefits, either in the form of lump-sum distributions,
installment payments, annuity contracts, transfer to another qualified plan, or any other form selected by the Committee, to the extent not prohibited by law. 

  

 41 

	8.3	Plan Merger, Transfer of Plan Assets and Liabilities, Acceptance of Transfers. The Company in its discretion may direct the Trustee to transfer all or a portion of the assets
of this Plan to another defined contribution plan of the Employers that is qualified under Section 401(a) of the Code or, in the event of the sale of stock of an Employer of all or a portion of the assets of an Employer, to a qualified plan of
an employer that is not an Employer. The Committee by written resolution may permit the Plan to accept a transfer of assets and liabilities to this Plan from another defined contribution plan that is qualified under Section 401(a) of the Code,
may direct the Trustee accordingly, and may adopt such amendment or Addendum to the Plan as the Committee considers necessary to reflect the terms of such transfer, including provision for any protected rights that may not be eliminated by reason of
such transfer under Section 411(d)(6) of the Code. In the case of any merger or consolidation with, or transfer of assets and liabilities to or from any other plan, provisions shall be made so that each affected Participant in the Plan on the
date thereof would receive a benefit immediately after the merger, consolidation or transfer, if the Plan then terminated, which is equal to or greater than the benefit he would have been entitled to receive immediately before the merger,
consolidation, or transfer if the Plan had then terminated. 

  

	8.4	Distribution on Termination and Partial Termination. Upon termination or partial termination of the Plan, all benefits under the Plan will continue to be paid in accordance
with Section 6, as that section may be amended from time to time, and in accordance with applicable IRS regulations. 

  

	8.5	Notice of Amendment, Termination or Partial Termination. Affected Participants will be notified of an amendment, termination or partial termination of the Plan as required by
law. 

  

 42 

 ARTICLE 9 
 Administration 
  

	9.1	Delegation of Authority. The Company is the Plan Sponsor and the agent for service of legal process. In exercising its authority to control and manage the operation and
administration of the Plan, the Company may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked at any time. The Company has delegated its
administrative authority to the Committee. 

  

	9.2	Allocation of Fiduciary Responsibilities. The Plan fiduciaries will have the powers and duties described below, and may delegate their duties to the extent permitted under
ERISA Section 402. Notwithstanding any other provision of the Plan, the Plan’s fiduciaries will discharge their duties hereunder for the exclusive purpose of providing benefits to Participants and other persons entitled to benefits under
the Plan; and with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with
like aims. 

  

	 	(a)	The Board. The Board members’ status as Plan fiduciaries, and their fiduciary duties, will be limited to (1) the adoption of a resolution that Employees holding
certain job titles will serve as Committee members and (2) the adoption of a resolution that Employees holding certain job titles will serve as Investment Council members. To the extent provided in the Board resolution, an Employee can serve
both as a member of the Committee and as a member of the Investment Council. 

  

	 	(b)	 The Company and the Employers. The Company’s and each Employer’s status as a Plan fiduciary, and its fiduciary duties, will be limited to
(1) making contributions to the Plan in the amounts determined by the Committee and (2) executing documents by which the Plan is governed. The Company reserves the right to terminate the Plan, 

  

 43 

	 	 
subject to Board approval. Officers of the Company will act on its behalf as specified in the Company’s by-laws, and officers of each Employer will act
on its behalf as specified in the Employer’s by-laws. 

  

	 	(c)	The Committee. The Committee will serve as Plan Administrator, as that term is defined in Section 414(g) of the Code. 

  

	 	(1)	Appointment and Termination of Office. The Committee will consist of not less than 3 nor more than 7 individuals who, by authority of the Board resolution described in
Subsection (a), will serve as such by virtue of their job titles. A Committee member will lose his status as such when he ceases to hold a job title by virtue of which he is a Committee member. A member may resign at any time by written resignation
from his job title, submitted to the Company and to the Committee. The successor to such job title will also be the successor Committee member. 

  

	 	(2)	Organization of Committee. The Committee will elect a Chairman from among its members, and will appoint a Secretary who may or may not be a Committee member. The Committee
may appoint agents who may or may not be Committee members, as it considers necessary for the effective performance of its duties, and may delegate to the agents administrative powers and duties as it considers expedient or appropriate. The
Committee will fix the compensation of the agents. Employee Committee members will serve as such without additional compensation. 

  

	 	(3)	Committee Meetings. The Committee will hold meetings at least annually. A majority of the members then in office will constitute a quorum. Each action of the Committee will
be taken by a majority vote of all members then in office. The Committee will establish procedures for taking written votes without a meeting. 

  

 44 

	 	(4)	Powers and Duties. The Committee will have primary responsibility for administering the Plan, except for the investment-related duties reserved by the Investment Council
under Subsection (d). The Committee and the Company employees and other agents to whom it delegates non-discretionary duties will have all powers necessary to enable it to properly perform its duties, including, but not limited to, the following
powers and duties: 

  

	 	(A)	Plan Amendments and Rules. The Committee will be responsible for amending the Plan (subject to the Board’s approval to the extent specified in Subsection
(a) above), and for adopting rules of procedure and regulations necessary for the performance of its duties under the Plan. 

  

	 	(B)	Construction. The Committee will have the power to construe the Plan, to enforce the Plan in accordance with its terms and with such applicable rules and regulations it may
adopt, and to decide all questions arising under the Plan. 

  

	 	(C)	Individual Accounts. The committee or its agent will maintain individual Accounts for each Participant, and will allocate Employer contributions, expenses and investment
earnings/losses to the proper Accounts. 

  

	 	(D)	Rights to Benefits. The Committee will have discretionary authority to (1) determine the eligibility of any individual to participate in the Plan, (2) determine the
eligibility of any Participant or Beneficiary to receive benefits under the Plan, (3) determine the amount of benefits to which any Participant or Beneficiary may be entitled under the Plan, and (4) enforce the claims procedure described
in Section 9.5. Benefits under this Plan will be paid only if the Committee decides in its discretion that a Participant or Beneficiary is entitled to them. 

  

 45 

	 	(E)	Employee Data. The Committee will request from the Company and the Employers complete information regarding the Compensation and Employment of each Participant and other
facts as it considers necessary from time to time, and will treat Company and Employer records as conclusive with respect to such information. The Committee will maintain records showing the fiscal operations of the Plan. 

 

	 	(F)	Payments. The Committee will direct the payment of Account balances from the Trust, (or may appoint a disbursing agent), and will specify the payee, the amount and the
conditions of each payment. 

  

	 	(G)	Disclosure. The Committee will prepare and distribute to the Employees plan summaries, notices and other information about the Plan in such manner as it deems proper and in
compliance with applicable laws. 

  

	 	(H)	Application Forms. To the extent that elections and applications are not executed via the VRU or the Website, the Recordkeeper or the Committee will provide forms for use by
Participants in making investment elections and applying for benefits. 

  

	 	(I)	Agents. The Committee may delegate any of its administrative duties to Company employees and other agents, and may retain legal counsel, accountants, actuaries, consultants
and such other agents as it considers necessary to properly administer the Plan. 

  

	 	(J)	Financial Statements. The Committee will periodically prepare reports of the Plan’s operation, showing its assets and liabilities in reasonable detail, and will submit a
copy of each report to the Board and cause a copy to be maintained in the office of the secretary of the Committee. 

  

 46 

	 	(K)	Reporting. The Committee will cause to be filed all reports required under ERISA and the Code. 

  

	 	(d)	The Investment Council. The Investment Council will have primary responsibility for the investment of Plan assets. 

  

	 	(1)	Appointment and Termination of Office. The Investment Council will consist of not less than 3 nor more than 7 individuals, none of whom will be a Trustee and who, by
authority of the Board resolution described in Subsection (a), will serve as such by virtue of their job titles. An Investment Council member will lose his status as such when he ceases to hold a job title by virtue of which he is an Investment
Council member. A member may resign at any time by written resignation from his job title, submitted to the Company and to the Investment Council. The successor to such job title will also be the successor Investment Council member.

  

	 	(2)	Organization of Investment Council. The Investment Council will elect a Chairman from among its members, and will appoint a Secretary who may or may not be an Investment
Council member. The Investment Council may appoint agents who may or may not be Investment Council members, as it considers necessary for the effective performance of its duties, and may delegate to the agents nondiscriminatory powers and duties as
it considers expedient or appropriate. The Investment Council will fix the compensation of the agents. Employee Investment Council members will serve as such without additional compensation. 

  

	 	(3)	Investment Council Meetings. The Investment Council will hold meetings at least annually. A majority of the members then in office will constitute a quorum. Each action of
the Investment Council will be taken by a majority vote of all members then in office. The Investment Council may establish procedures for taking written votes without a meeting. 

  

 47 

	 	(4)	Powers and Duties. The Investment Council will have primary responsibility for investment of Plan assets, and all powers necessary to enable it to properly perform its
duties, including but not limited to the following powers and duties: 

  

	 	(A)	Appointment of Trustee. The Investment Council will select and appoint the Trustee, and may remove and replace the Trustee from time to time as it considers appropriate. The
Investment Council will determine the portion of Plan assets to be invested by the Trustee instead of the investment manager(s). 

  

	 	(B)	Appoint of Investment Managers. The Investment Council may select and appoint one or more investment managers, as defined in Section 3(38) of ERISA, from time to time,
and may remove any investment manager at any time. The Investment Council will determine the portion of Plan assets to be invested be each investment manager. To the extent it considers appropriate, the Investment Council will direct the investment
manager(s) regarding the allocation of assets among investment categories and the maintenance of asset balancing. 

  

	 	(C)	Investment Policy. The Investment Council will maintain and execute written investment objectives and guidelines. 

  

	 	(D)	Investment Funds. To the extent it does not delegate such authority to the Trustee and/or the investment manger(s), the Investment Council will determine the Investment Funds
that will be available for the investment of Account balances. The Investment Council may direct transfers of Plan assets between the Trustee and/or the investment managers accordingly. 

  

 48 

	 	(E)	Investment Performance. The Investment Council will establish written procedures for reviewing and evaluating investment performance of the various Investment Funds, and will
regularly review and evaluate the performance of the investment manager(s) and the Investment Funds. 

  

	 	(F)	Records. The Investment Council will maintain records of investments and will keep in convenient form the investment data required for communicating with Participants and for
government reports. 

  

	 	(G)	Agents. The Investment Council may delegate any of its non-discretionary duties to Company employees and other agents, and may retain legal counsel, accountants, actuaries,
consultants and such other agents as it considers necessary to properly administer the Plan. 

  

	 	(e)	The Trustee(s). 

  

	 	(1)	Appointment and Termination. The Investment Council will appoint one or more Trustees who will have the duties and responsibilities described in the trust agreement executed
by the Company and each Trustee. The trust agreement will be an integral part of this Plan. 

  

	 	(2)	Powers and Duties. Each Trustee will have all powers necessary to enable it to properly perform its duties, including but not limited to the following powers and duties:

  

	 	(A)	The Trustee(s) will hold legal title to Plan assets. 

  

	 	(B)	The Trustee(s) will pay expenses and benefits as directed by the Committee, and will pay investment expenses as directed by the Investment Council. 

  

 49 

	 	(C)	The Trustee(s) will perform any investment functions directed by the Investment Council and/or the investment manager(s). 

  

	 	(D)	Each Trustee will exercise any discretionary investment authority expressly delegated to it by the Investment Council. 

  

	 	(E)	The Trustee(s) will perform all other duties inherent in administering the trust, as described in the trust agreement. 

  

	9.3	Expenses. The Committee will determine, in its sole discretion, whether the expenses incurred in administering the Plan and Trust will be paid by the Company or by the
Trustee from the Trust Fund. Plan expenses include, but are not limited to, fees and charges of attorneys, accountants, consultants, investment managers, and the Trustee, and the salary and related costs of any person who provides administrative
services to the Plan. The Trustee will pay from the Trust Fund the expenses incurred in connection with the investment of Plan assets and/or administration of the Plan. The Committee may direct the Trustee to reimburse the Employers for expenses
they have paid directly on behalf of the Plan. No Employee will receive any additional Compensation for services performed in connection with the Plan. 

  

	9.4	Indemnification. The Company will indemnify and hold harmless the Committee and the Investment Council and each member and each Employee to whom the Committee and the
Investment Council has delegated responsibility under this Article, from all joint and several liability for their acts and omissions and for the acts and omissions of their duly appointed agents in the administration of the Plan, except for their
own breach of fiduciary duty and willful misconduct. 

  

 50 

	9.5	Claims Procedure. The individual(s), committee, corporation or other entity that the Committee designates from time to time as being responsible for claims administration
will be identified in the Summary Plan Description by entity, address and telephone number. 

  

	 	(a)	Application for Benefits. Each Participant or Beneficiary must submit a written application for payment with such documentation as the claims administrator considers
necessary to process the claim. 

  

	 	(b)	Decision on Claim. Within 90 days after receipt of a claim and all necessary information, the claims administrator will issue a written decision. If the claim is denied in
whole or in part, the notice will set forth (1) specific reasons for the denial and references to Plan provisions upon which the denial is based; (2) a description of any additional information necessary to process the claim and an
explanation of why this material is necessary; (3) an explanation that a full and fair review by the Committee of the decision denying the claim may be requested by the claimant or his authorized representative by filing with the Committee,
within 60 days after notice has been received, a written request for review; and (4) a statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse decision upon review. If special
circumstances require an extension of time, the claims administrator will furnish the claimant, before the end of the initial 90-day period, written notice of the extension that includes an explanation why it is necessary and the date by which the
benefit determination is expected (which may not be more than 90 days after the end of the initial 90-day period). 

  

	 	(c)	 Appeal. If the claimant files a written request for a review of a denied claim within the 60-day period described above, the claimant or his authorized
representative may request, free of charge, reasonable access to all documents that are reasonably pertinent to his case, but may not inspect confidential information concerning any other person. In addition, within the 60-day period described
above, the claimant or his authorized representative may also submit written comments, documents, records, and other 

  

 51 

	 	 
information relevant to his claim. The review by the Committee shall take into account all comments, documents, records, and other information submitted by
the claimant relating to the claim without regard to whether such material was submitted or considered as part of the initial determination. The decision of the Committee upon review shall be made promptly, and not later than 60 days after the
Committee’s receipt of the request for review. However, if the Committee determines that special circumstances require an extension of time, this period may be extended up to an additional 60 days. Written notice of the extension shall be
furnished to the claimant prior to termination of the initial 60-day period, and it shall indicate the special circumstances requiring an extension of time and the date by which the decision on review is expected. 

  

 52 

 ARTICLE 10 
 Miscellaneous 
  

	10.1	Headings. The headings and subheadings in this Plan have been inserted for convenient reference, and to the extent any heading or subheading conflicts with the text, the text
will govern. 

  

	10.2	Construction. The Plan will be construed in accordance with the laws of the State of South Carolina, except to the extent such laws are preempted by ERISA and the Code.

  

	10.3	Qualification for Continued Tax-Exempt Status. Notwithstanding any other provision of the Plan, the amendment and restatement of the Plan is adopted on the condition that it
will be approved by the Internal Revenue Service as meeting the requirements of the Code and ERISA for tax-exempt status, and in the event continued qualification is denied and cannot be obtained by revisions satisfactory to the Committee, this
amendment and restatement will be null and void. 

  

	10.4	Non-alienation. No benefits payable under the Plan will be subject to the claim or legal process of any creditor of any Participant or Beneficiary, and no Participant or
Beneficiary will alienate, transfer, anticipate or assign any benefits under the Plan, except that distributions will be made pursuant to (a) qualified domestic relations orders issued in accordance with Code Section 414(p);
(b) judgments and levies resulting from federal tax assessments; (c) agreements between a Participant or Beneficiary and an Employer under Treasury Regulations 1.401(a)-(13)(e) for the use of all or part of his benefits under the Plan
to repay his indebtedness to the Employer, which amount of benefits will be paid in a lump sum as soon as practicable after the agreement is executed and will be subject to the withholding requirements set forth in Section 10.8; and (d) as
otherwise required by law. The Committee will offset the Account balances of any Participant or Beneficiary if required under a judgment of conviction for a crime involving the Plan, or under a civil judgment or a consent order, or settlement
agreement with a governmental agency, in an action brought in connection with a violation of fiduciary duty under the Plan. 

  

 53 

	10.5	No Employment Rights. Participation in the Plan will not give any Employee the right to be retained in the employ of any Employer, or upon termination any right or interest
in the Plan except as provided in the Plan. 

  

	10.6	No Enlargement of Rights. No person will have any right to or interest in any portion of the Plan except as specifically provided in the Plan. 

  

	10.7	Direct Rollover. 

  

	 	(a)	General Rule. Notwithstanding any provision of the Plan to the contrary, 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. 

  

	 	(b)	Definitions. 

  

	 	(1)	“Eligible rollover distribution” means 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— 

  

	 	(A)	any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or
the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; 

  

	 	(B)	any distribution to the extent such distribution is required under Code Section 401(a)(9); 

  

 54 

	 	(C)	the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer
securities); 

  

	 	(2)	“Eligible retirement plan” means an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code
Section 408(b), an annuity plan described in Code Section 403(a), or a qualified trust described in Code Section 401(a), that accepts the distributee‘s eligible rollover distribution. “Eligible retirement plan” also
means an annuity contract described in Code Section 403(b) and an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political
subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan. 

  

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

  

	 	(4)	“Direct rollover” means a payment by the Plan to the eligible retirement plan specified by the distributee. 

  

	10.8	Withholding for Taxes. Payments under the Plan will be subject to withholding for payroll taxes as required by law. Each Employer will withhold 20 percent federal income tax
from each “eligible rollover distribution” (as defined in Subsection 10.7(b)(1)) over $200 that is not rolled over directly into another qualified retirement plan or individual retirement account under Section 10.7.

  

 55 

	10.9	Notices. Any notice or document required to be filed with the Company under the Plan will be properly filed if delivered or mailed, postage prepaid, to the Company (or its
delegate), at its principal executive offices. Any notice required under the Plan may be waived by the person entitled to notice. 

  

	10.10	Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document or other information that the person acting on it considers pertinent and
reliable, and signed, made or presented by the proper party or parties. 

  

	10.11	Action by Employers. Any action required or permitted to be taken by the Company will be by resolution of its Board of Directors or a duly authorized committee thereof, or by
a duly authorized officer or designated representative of the Company. 

  

	10.12	Plan Not Contract of Employment. The Plan does not constitute a contract of employment, and participation in the Plan will not give any Employee or Participant the right to
be retained in the employ of the Employer nor any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan. 

  

	10.13	Absence of Guaranty. Neither the Company nor the Trustee in any way guarantees the assets of the Plan from loss or depreciation, or guarantees any payment to any person. The
liability of the Trustee to make any payment is limited to the available assets of the Plan held under the Trust. 

  

	10.14	Company’s Decision Final. Any interpretation of the Plan and any decision on any matter within the discretion of the Company made by the Company (or its delegate) will
be binding on all persons. A misstatement or other mistake of fact will be corrected when it becomes known, and the Company will make such adjustment on account thereof as it considers equitable and practicable. 

  

 56 

 IN WITNESS WHEREOF, Sonoco Products Company has caused this amendment and restatement of the Sonoco
Pension Plan to be executed by its duly authorized officer this day      of             , 2003, to be effective as of January 1, 2004.

  

			
	SONOCO PRODUCTS COMPANY
		
	By:	 	
	Title:	 	  

  

	
	ATTEST:
	
	Secretary
	
	Corporate Seal:

  

 57 

 SONOCO INVESTMENT AND RETIREMENT PLAN 
 ADDENDUM A 
 QUALIFIED DOMESTIC RELATIONS ORDER PROCEDURES 
 Table of Contents 
  

					
	  	  	 	  	 Page

			
	1.	  	Determination Whether a Domestic Relations Order is Qualified	  	A-1
			
	2.	  	The Award	  	A-1
			
	3.	  	Identification	  	A-1
			
	4.	  	Awarded Amount	  	A-2
			
	5.	  	Form of Payment and Payment Date	  	A-2
		  	(a) Separate Interest Award	  	A-2
		  	(b) Shared Payment Award	  	A-3
			
	6.	  	Rights of Alternate Payee	  	A-3
			
	7.	  	Investment Elections	  	A-3
			
	8.	  	Alternate Payee’s Death	  	A-3
			
	9.	  	Holding Account Balances	  	A-4
			
	10.	  	Notification of Parties	  	A-4
			
	11.	  	Separate Account Until Determination is Made	  	A-4
			
	12.	  	Separate Account After Committee Approves QDRO	  	A-5
			
	13.	  	Notice of Favorable Tax Treatment	  	A-5
			
	14.	  	Fiduciary Responsibility	  	A-5
			
	15.	  	Internal Revenue Service Approval of QDRO Procedures	  	A-6

 SONOCO INVESTMENT AND RETIREMENT PLAN 
 ADDENDUM A 
 QUALIFIED DOMESTIC RELATIONS ORDERS PROCEDURES 
 The Sonoco Investment and Retirement Plan (the Plan) is required by federal law to pay benefits earned by a Participant under the Plan to his or her Spouse, former
Spouse, child(ren) or other dependents, to the extent awarded under a Qualified Domestic Relations Order (a “QDRO”). This law is set forth in Section 414(p) of the Internal Revenue Code (the “Code”). Each Spouse or dependent
who is entitled to benefits under a QDRO is called an Alternate Payee. The Code requires the Plan to provide the following procedures to assist eligible individuals to obtain a QDRO from a state court under the state’s domestic relations laws:

  

	1.	Determination Whether a Domestic Relations Order is Qualified. The Plan’s Benefits Committee will determine whether a domestic relations order is qualified under Code
Section 414(p), i.e., whether it is a QDRO. The Code prohibits the Plan from making any payment under any order until the Committee has determined that it is a QDRO. 

  

	2.	The Award. A QDRO must award to the Alternate Payee(s) the right to receive all or part of the benefits that would otherwise be payable to a Participant under the Plan. The
only persons who can be Alternate Payees or contingent Alternate Payees are the current or former Spouse, child(ren) or other dependents of the Participant. Under no circumstance can a QDRO result in the Plan paying a greater amount than it would
have paid to or on behalf of the Participant if the QDRO had not been issued. 

  

	3.	Identification. The QDRO must clearly state (a) the name of the Plan, and (b) the name and last known mailing address of the Participant and each Alternate Payee,
unless the Committee has records of the address(es). 

  

 A-1 

	4.	Awarded Amount. The QDRO must state the amount or percentage of the Participant’s Account balances to be paid to each Alternate Payee, or a method to calculate the
awarded amount, and the date as of which the Plan must make the calculation. 

  

	5.	Form of Payment and Payment Date. The QDRO can award either a separate interest or a shared interest in the Participant’s Account balances. The forms of payment from the
Plan are (a) single lump sum, (b) five substantially equal annual installments, (c) installments elected on an as-needed basis, (d) an annual percentage election or (d) an annual dollar election. The awarded amount can be
paid in only in cash. 

  

	 	(a)	Separate-Interest Award. If the QDRO awards the Alternate Payee a separate interest in the Participant’s Account balances, the Plan will pay the award in the form
specified in the QDRO, or if the QDRO so provides, in the form elected by the Alternate Payee within the 90-day election period before the payment date. After the awarded amount is paid in full, the Alternate Payee will have no further interest in
the Plan. 

  

	 	(1)	Current Interest. If the separate interest relates only to the Participant’s Account balances already earned, the Plan will pay the entire amount awarded in a single
lump sum as soon as practicable after the Committee determines that the order is a QDRO and calculates the amount of the awarded benefit, unless the QDRO specifies another form and time for payment permitted under the Plan. 

 

	 	(2)	Future Interest. If the QDRO award includes a portion of the Participant’s Account balances to be earned in the future, the Plan will not calculate the awarded amount
until the earlier of the calculation date specified in the QDRO, or the Participant’s distribution date, after which date no additional amount can accrue in favor of the Alternate Payee. 

  

	 	(b)	Shared Payment Award. A QDRO can grant a shared payment award to a Spousal or non-Spousal Alternate Payee, in which event payment will be made on the date(s) elected by the
Participant. The Plan will pay to the Alternate Payee the amount or percentage of each payment actually made to the Participant, as specified in the QDRO. 

  

 A-2 

	6.	Rights of Alternate Payee. The Alternate Payee has the legal status of a beneficiary under the Plan. The QDRO cannot give the Alternate Payee certain rights that the
Participant has. A QDRO cannot give the Alternate Payee the right to make a hardship withdrawal, or to name a beneficiary other than an individual who is the current or former Spouse of the Participant, or child or other dependent of the
Participant. 

  

	7.	Investment Elections. Unless a QDRO states otherwise, the Committee will permit the Alternate Payee to direct the investment of the amount awarded under a separate interest
QDRO while it is retained under the Plan. The Alternate Payee under a shared interest QDRO will have no right to make investment elections. 

  

	8.	Alternate Payee’s Death. Federal law does not permit any individual to be awarded the status of an Alternate Payee or contingent Alternate Payee unless that individual
is a Spouse, former Spouse, child or other dependent of the Participant. Therefore, the QDRO may neither name the Alternate Payee’s beneficiary to receive the awarded benefit in the event of his/her death before the payment date nor permit the
Alternate Payee to name his or her own beneficiary, unless such contingent Alternate Payee is also a Spouse, former Spouse, child or other dependent of the Participant. In the event an Alternate Payee dies before the payment date and there is no
surviving contingent Alternate Payee, the amount awarded to the Alternate Payee will revert to the Participant. 

  

	9.	 Holding Account Balances. After the Committee has received written notice that all or part of a Participant’s Account balances are or will become
subject to a QDRO, it will not pay to or on behalf of the Participant any part of the Account balances to which the notice applies. For example, if a written notice states that a Spouse or former Spouse has obtained or will seek to obtain a QDRO for
half the Participant’s Account balances as of a stated date, the Committee will not pay that portion of the Account balance to anyone other than such Alternate Payee 

  

 A-3 

	 	 
unless and until it has determined that the domestic relations court with jurisdiction over the matter has not and will not issue a QDRO directing payment to
such Alternate Payee. Between the date when the Committee receives written notice of a pending QDRO and the date when it approves the QDRO, the Committee will permit the Participant to continue making investment elections for all his Account
balances, unless the putative Alternate Payee provides the Committee a written direction concerning investment of the amount sought to be awarded by the QDRO. 

  

	10.	Notification of Parties. The Committee will promptly notify the affected Participant and each Alternate Payee when it receives a domestic relations order, and will provide a
copy of these Procedures to assist them in obtaining a QDRO. Within a reasonable period after receiving the order, but no later than 18 months after the payment date specified in the order, the Committee will determine whether the order is qualified
and will notify the Participant and each Alternate Payee of the determination. The parties may designate representatives to receive the notices. 

  

	11.	Separate Account Until Determination is Made. During any period in which the issue of the qualified status of a domestic relations order is being determined, the Committee
will separately account for the amounts that would have been payable to the Alternate Payee (if any) if the order had already been determined to be qualified. If within 18 months the Committee determines the order to be qualified, it will transfer
any required amounts to each Alternate Payee’s separate Account under Section 12 below. If the Committee determines that the order is not qualified, it will merge the separate accountings and will pay benefits to the persons who would have
received them if the order had not been issued. If within 18 months the Committee has not been able to determine whether the order is qualified, after reasonable effort and due to circumstances beyond its control, it will merge the separate
accountings and will pay benefits to the persons who would have received them if the order had not been issued. If after the expiration of 18 months the Committee determines that the order is qualified, it will apply the determination prospectively
only, and the Plan will not have any liability for failing to make payment to the Alternate Payee for the period before it determined that the order is qualified. 

  

 A-4 

	12.	Separate Account After Committee Approves QDRO. After the Committee approves a QDRO, it will pay the awarded amount to the Alternate Payee if the payment date has occurred
under Section 5. If the QDRO awards a separate interest and the payment date has not yet occurred, the Committee will establish a separate Account for the Alternate Payee and will transfer the awarded amount into the separate Account as of the
date required under the QDRO. The Committee will allocate all subsequent investment gains/losses to that Account, using the same method as for Participants. The Committee will maintain the separate Account until the payment date.

  

	13.	Notice of Favorable Tax Treatment. When the Committee makes a lump sum payment of the awarded amount to a Spousal Alternate Payee, it will notify the Alternate Payee that the
payment can be rolled over to an individual retirement account or to another employer’s qualified plan. 

  

	14.	Fiduciary Responsibility. All plan representatives will have an equal fiduciary responsibility to the Participant and to the Alternate Payee, who has the legal status of a
beneficiary under the Plan. 

  

	15.	Internal Revenue Service Approval of QDRO Procedures. The Procedures stated in this Addendum B to the Plan for payments of Account balances under QDROs, and restrictions on
payments, are conditioned upon approval by the Internal Revenue Service, and will be revised from time to time to the extent necessary to maintain such approval. 

  

 A-5 

 SONOCO INVESTMENT AND RETIREMENT PLAN 
 ADDENDUM B 
 SCHEDULE OF ADMINISTRATIVE FEES 
  

						
	 Plan Section
	  	Amount of Fee	  	 Administrative Service

	5.1(b)	  	$	0.00	  	Recordkeeping for allocations to and deductions from Accounts.
	5.2(c)(3)	  	$	0.00	  	Transaction fee for processing investment elections.
	5.2(f)	  	$	25.00 each	  	Processing fee to be deducted from each age 70 1/2 or termination
withdrawal.
	6.2(g)	  	$	25.00	  	Processing fee for post-termination payments, to be deducted from either the lump sum payment or from the first payment in any series of installment payments.

 The Committee reserves the right to revise this schedule of administrative fees from time to time as necessary to
reflect changes in the amounts charged by the recordkeeper, without formal amendment. 
  

 B-1Amended and Restated Change in Control Agreement - Stephen P. Davey

 Exhibit 10B.1 
 AMENDED AND RESTATED 
 CHANGE-IN-CONTROL AGREEMENT 
 STEPHEN P. DAVEY 
 THIS
AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (this “Agreement”), is made as of this 11th day of February, 2008, among VALLEY
NATIONAL BANK (“Bank”), a national banking association with its principal office at 1455 Valley Road, Wayne, New Jersey, VALLEY NATIONAL BANCORP (“Valley”), a New Jersey corporation which maintains its principal
office at 1455 Valley Road, Wayne, New Jersey (Valley and the Bank collectively are the “Company”) and STEPHEN P. DAVEY the “Executive”). 
 BACKGROUND 
 WHEREAS, the Executive has been continuously employed by the Bank for at least three
full years; 
 WHEREAS, the Boards of Directors of the Bank and Valley (either one, the “Board of Directors” and, together,
the “Company Boards”) believe that the future services of the Executive are of great value to the Bank and Valley and that it is important for the growth and development of the Bank that the Executive continue in the
Executive’s position; 
 WHEREAS, if the Company receives any proposal from a third person concerning a possible business combination
with, or acquisition of equities securities of, the Company, the Company Boards believe it is imperative that the Company and the Company Boards be able to rely 

  

 1 

 
upon the Executive to continue in the Executive’s position, and that they be able to receive and rely upon the Executive’s advice, if they request
it, as to the best interests of the Company and its shareholders, without concern that the Executive might be distracted by the personal uncertainties and risks created by such a proposal; 
 WHEREAS, to achieve that goal, and to retain the Executive’s services prior to any such activity, the Company Boards and the Executive have agreed
to enter into this Agreement to govern the Executive’s termination benefits in the event of a Change in Control of the Company, as hereinafter defined. 
 NOW, THEREFORE, to assure the Company that it will have the continued dedication of the Executive and the availability of the Executive’s advice and counsel notwithstanding the possibility, threat or occurrence
of a bid to take over control of the Company, and to induce the Executive to remain in the employ of the Company, and for other good and valuable consideration, the Company and the Executive, each intending to be legally bound hereby agree as
follows: 
 1. Definitions 
 a. Base Salary. “Base Salary”, as used in Section 9 hereof, means the annual cash base salary (excluding any bonus and the value of any fringe benefits) paid to the Executive at the time
of the termination of employment unless such amount has been reduced after a Change in Control, in which case such amount shall be the highest base salary in effect during the 18 months prior to the Change in Control. 
  

 2 

 b. Cause. For purposes of this Agreement “Cause” with respect to
the termination by the Company of Executive’s employment shall mean (i) willful and continued failure by the Executive to perform the duties for the Company contemplated under this Agreement after at least one warning in writing from the
Board of Directors identifying specifically any such failure; (ii) the willful engaging by the Executive in misconduct which causes material injury to the Company as specified in a written notice to the Executive from the Board of Directors; or
(iii) conviction of a crime, other than a traffic violation, habitual drunkenness, drug abuse, or excessive absenteeism other than for illness, after a warning (with respect to drunkenness or absenteeism only) in writing from the Board of
Directors to refrain from such behavior. No act or failure to act on the part of the Executive shall be considered willful unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or
omission was in the best interest of the Company. 
 c. Change in Control. “Change in Control” means
any of the following events: (i) when Valley or a Valley Subsidiary acquires actual knowledge that any person (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act), other than an affiliate of Valley or a Valley Subsidiary or
an employee benefit plan established or maintained by Valley, a Valley Subsidiary or any of their respective affiliates, is or becomes the beneficial owner (as defined in Rule 13d-3 of the Exchange Act) directly or indirectly, of securities of
Valley representing more than twenty-five percent (25%) of the combined voting power of Valley’s then outstanding securities (a “Control Person”); (ii) upon the first purchase of Valley’s common stock pursuant to
a tender or exchange offer (other than a tender or exchange offer made by Valley, a Valley Subsidiary 

  

 3 

 
or an employee benefit plan established or maintained by Valley, a Valley Subsidiary or any of their respective affiliates); (iii) the consummation of
(A) a transaction, other than a Non-Control Transaction, pursuant to which Valley is merged with or into, or is consolidated with, or becomes the subsidiary of another corporation, (B) a sale or disposition of all or substantially all of
Valley’s assets or (C) a plan of liquidation or dissolution of Valley; (iv) if during any period of two (2) consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period
constitute the Board of Directors of Valley (the “Valley Board”) cease for any reason to constitute at least 60% thereof or, following a Non-Control Transaction, 60% of the board of directors of the Surviving Corporation;
provided that any individual whose election or nomination for election as a member of the Valley Board (or, following a Non-Control Transaction, the board of directors of the Surviving Corporation) was approved by a vote of at least
two-thirds of the Continuing Directors then in office shall be considered a Continuing Director; or (v) upon a sale of (A) common stock of the Bank if after such sale any person (as such term is used in Section 13(d) and 14(d)(2) of
the Exchange Act) other than Valley, an employee benefit plan established or maintained by Valley or a Valley Subsidiary, or an affiliate of Valley or a Valley Subsidiary, owns a majority of the Bank’s common stock or (B) all or
substantially all of the Bank’s assets (other than in the ordinary course of business). For purposes of this paragraph: (I) Valley will be deemed to have become a subsidiary of another corporation if any other corporation (which term shall
include, in addition to a corporation, a limited liability company, partnership, trust, or other organization) owns, directly or indirectly, 50 percent or more of the total combined outstanding voting power of all classes of stock of Valley or any
successor to Valley; (II) “Non-Control Transaction” means a 

  

 4 

 
transaction in which Valley is merged with or into, or is consolidated with, or becomes the subsidiary of another corporation pursuant to a definitive
agreement providing that at least 60% of the directors of the Surviving Corporation immediately after the transaction are persons who were directors of Valley on the day before the first public announcement relating to the transaction;
(III) the “Surviving Corporation” in a transaction in which Valley becomes the subsidiary of another corporation is the ultimate parent entity of Valley or Valley’s successor; (IV) the “Surviving
Corporation” in any other transaction pursuant to which Valley is merged with or into another corporation is the surviving or resulting corporation in the merger or consolidation; and (V) “Valley Subsidiary” means any
corporation in an unbroken chain of corporations, beginning with Valley, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain. 
 d. Continuously Employed. “Continuously employed”,
as used in Section 9, means continuously employed by the Bank but excludes any period of employment by a bank or financial institution acquired by or merged into the Bank and excludes any period of employment by the Bank if such period is
separated from the current employment with the Bank by a break in service (other a break in service resulting solely from illness, disability or family leave). 
 e. Contract Period. “Contract Period” shall mean the period commencing the day immediately preceding a Change in
Control and ending on the earlier of (i) the first anniversary of the Change in Control or (ii) the death of the Executive. For the purpose of this Agreement, a Change in Control shall be deemed to have occurred at the date specified in
the definition of Change-in-Control. 
  

 5 

 f. Exchange Act. “Exchange Act” means the Securities Exchange Act
of 1934, as amended. 
 g. Good Reason. When used with reference to a voluntary termination by Executive of employment
with the Company, “Good Reason” shall mean any of the following, if taken without Executive’s express written consent: 
 (1) The assignment to Executive of any duties inconsistent with, or the reduction of powers or functions associated with, Executive’s position, duties, responsibilities and status with the Company immediately
prior to a Change in Control. A change in title or positions resulting merely from a merger of the Bank or Valley into or with another bank or company which does not downgrade in any way the Executive’s powers, duties and responsibilities shall
not meet the requirements of this paragraph; 
 (2) A reduction by the Company in Executive’s annual base compensation as
in effect immediately prior to a Change in Control or the failure to award Executive annual increases in accordance herewith; 
 (3) A failure by the Company to continue any bonus plan in which Executive participated immediately prior to the Change in control or a failure by the Company to continue Executive as a participant in such plan on at least the same basis as
Executive participated in such plan prior to the Change in Control; 
 (4) The Company’s transfer of Executive to another
geographic location more than 35 miles from the Executive’s present office location, except for required travel on the Company’s business to an extent substantially consistent with Executive’s business travel obligations immediately
prior to such Change in Control; 
  

 6 

 (5) The failure by the Company to continue in effect any employee benefit plan, program
or arrangement (including, without limitation the Company’s retirement plan, life insurance plan, health and accident plan, disability plan, or long term stock incentive plan) in which Executive is participating immediately prior to a Change in
Control (except that the Company may institute or continue plans, programs or arrangements providing Executive with substantially similar benefits); the taking of any action by the Company which would adversely affect Executive’s participation
in or materially reduce Executive’s benefits under, any of such plans, programs or arrangements; the failure to continue, or the taking of any action which would deprive Executive, of any material fringe benefit enjoyed by Executive immediately
prior to such Change in Control; or the failure by the Company to provide Executive with the number of paid vacation days to which Executive was entitled immediately prior to such Change in Control; 
 (6) The failure by the Company to obtain an assumption in writing of the obligations of the Company to perform this Agreement by any
successor to the Company and to provide such assumption to the Executive prior to any Change in Control; or 
 (7) Any
purported termination of Executive’s employment by the Company during the term of this Agreement which is not effected pursuant to all of the requirements of this Agreement; and, for purposes of this Agreement, no such purported termination
shall be effective. 
  

 7 

 h. Pro-rata Bonus Amount. “Pro-rata Bonus Amount”, as used in
Section 9, means an amount equal to a “portion” of the highest cash bonus paid to the Executive in the three calendar years immediately prior to the Change in Control. The “portion” of such cash bonus shall be a fraction,
the numerator of which is the number of calendar months or part thereof which the Executive has worked in the calendar year in which the termination occurs and the denominator of which is 12. 
 2. Employment. The Company hereby agrees to employ the Executive, and the Executive hereby accepts employment, during the Contract Period upon the
terms and conditions set forth herein. 
 3. Position. During the Contract Period the Executive shall be employed as a Senior Officer
by the bank, or such other corporate or divisional profit center as shall then be the principal successor to the business, assets and properties of the Company, with substantially the same title and the same duties and responsibilities as before the
Change in Control. The Executive shall devote full time and attention to the business of the Company, and shall not during the Contract Period be engaged in any other business activity. This paragraph shall not be construed as preventing the
Executive from managing any investments which do not require any service on the Executive’s part in the operation of such investments. 
 4. Cash Compensation. The Company shall pay to the Executive compensation for services during the Contract Period as follows: 
 a. Base Salary. A base annual salary equal to the annual salary in effect as of the Change in Control. The annual salary shall be payable in installments in accordance with the Company’s usual payroll
method. 
  

 8 

 b. Annual Bonus. An annual cash bonus equal to at least the average of the bonuses
paid to the Executive in the three years prior to the Change in Control. The bonus shall be payable at the time and in the manner which the Company paid such bonuses prior to the Change in Control. 
 c. Annual Review. The Board of Directors during the Contract Period shall review annually, or at more frequent intervals which the
Board of Directors determines is appropriate, the Executive’s compensation and shall award the Executive additional compensation to reflect the Executive’s performance, the performance of the Company and competitive compensation levels,
all as determined in the discretion of the Board of Directors. 
 5. Expenses and Fringe Benefits. 
 a. Expenses. During the Contract Period, the Executive shall be entitled to reimbursement for all business expenses incurred by the
Executive with respect to the business of the Company in the same manner and to the same extent as such expenses were previously reimbursed to the Executive immediately prior to the Change in Control. 
 b. Other Benefits. The Executive also shall be entitled to vacations and sick days, in accordance with the practices and procedures
of the Company, as such existed immediately prior to the Change in Control. During the Contract Period, the Executive also shall be entitled to hospital, health, medical and life insurance, and any other benefits enjoyed, from time to time, by
senior officers of the Company, all upon terms as favorable as those enjoyed by other senior officers of the Company. Notwithstanding anything in this paragraph 5(b) to the contrary, if the 

  

 9 

 
Company adopts any change in the benefits provided for senior officers of the Company, and such policy is uniformly applied to all officers of the Company
(and any successor or acquiror of the Company, if any), then no such change shall be deemed to be contrary to this paragraph. 
 6.
Termination for Cause. The Company shall have the right to terminate the Executive for Cause, upon written notice to the Executive of the termination which notice shall specify the reasons for the termination. In the event of termination for
Cause the Executive shall not be entitled to any further benefits under this Agreement. 
 7. Disability. During the Contract Period
if the Executive becomes permanently disabled, or is unable to perform the Executive’s duties hereunder for 4 consecutive months in any 12 month period, the Company may terminate the employment of the Executive. In such event, the Executive
shall not be entitled to any further benefits under this Agreement. 
 8. Death Benefits. Upon the Executive’s death during the
Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement. 
 9. Termination Without
Cause or Resignation for Good Reason. The Company may terminate the Executive without Cause during the Contract Period by written notice to the Executive providing four weeks notice. The Executive may resign for Good Reason during the Contract
Period upon four weeks’ written notice to the Company specifying facts and circumstances claimed to support the Good Reason. The Executive shall be entitled to give a Notice of Termination that his or her employment is being terminated for Good
Reason at any time during the Contract Period, not later than twelve months after any occurrence of an event stated to constitute Good Reason. If the Company terminates the Executive’s employment during the Contract Period without Cause or if
the Executive Resigns for Good Reason, the Company shall, subject to section 12 hereof: 
 a. Within 20 business days of the
termination of employment pay the Executive a lump sum equal to: (i), if the Executive has been continuously employed by the Bank for less than 6 full years but more than 3 years, then six (6) months of Base Salary plus a Pro-rata Bonus Amount;
or (ii), if the Executive has been continuously employed by the Bank for 6 full years or more, one (1) year of Base Salary plus a Pro-rata Bonus Amount; 
  

 10 

 b. the Company shall, within 20 business days of the termination of employment with the
Company, pay the Executive a lump sum amount equal to one hundred percent (100%) of the premium of the life insurance coverage provided to a similarly situated active employee (based upon the coverage and rates in effect on the date the
Executive terminates employment) for the equivalent period of the lump sum severance payment (i.e. one (1) year or two (2) years); and 
 c. the Company shall, within 20 business days of the termination of employment, pay the Executive a lump sum amount equal to one hundred twenty-five percent (125%) of (A) the aggregate COBRA premium amounts
(based upon COBRA rates then in effect) for the equivalent period of the lump sum payment (i.e. six (6) months or one (1) year) of the medical and dental coverage that was being provided to the Executive (and his spouse) at the time of
termination of employment with the Company, minus (B) the aggregate amount of any employee contribution that would have been required of the Executive (determined as of the termination of employment) for such period. 
  

 11 

 The Executive shall not have a duty to mitigate the damages suffered by the Executive in connection with
the termination by the Company of the Executive’s employment without Cause or a resignation for Good Reason during the Contract Period. If the Company fails to pay the Executive any lump sum amounts due the Executive hereunder, the Executive,
after giving 10 days’ written notice to the Company identifying the Company’s failure, shall be entitled to recover from the Company all of the Executive’s reasonable legal fees and expenses incurred in connection with the enforcement
against the Company of the terms of this Agreement. The Executive shall be denied payment of his or her legal fees and expenses only if a court finds that the Executive sought payment of such fees without reasonable cause. 
 10. Resignation Without Good Reason. The Executive shall be entitled to resign from the employment of the Company at any time during the Contact
Period without Good Reason, but upon such resignation the Executive shall not be entitled to any additional compensation for the time after which the Executive ceases to be employed by the Company, and shall not be entitled to any of the other
benefits provided hereunder. No such resignation shall be effective unless in writing with four weeks’ notice thereof. 
 11.
Non-Disclosure of Confidential Information. 
 a. Non-Disclosure of Confidential Information. Except in the
course of the Executive’s employment with the Company and in the pursuit of the business of the Company or any of its subsidiaries or affiliates, the Executive shall not, at any time during or following the Contract Period, disclose or use, any
confidential information or proprietary data of the Company or any of its subsidiaries or affiliates. The Executive agrees that, among other things, all information concerning the identity of and the Company’s relations with its customers is
confidential information. 
  

 12 

 b. Specific Performance. Executive agrees that the Company does not have an
adequate remedy at law for the breach of this section and agrees that the Executive shall be subject to injunctive relief and equitable remedies as a result of the breach of this section. The invalidity or unenforceability of any provision of this
Agreement shall not affect the force and effect of the remaining valid portions. 
 c. Survival. This section shall
survive the termination of the Executive’s employment hereunder and the expiration of this Agreement. 
 12. Certain Reduction of
Payments by the Company. 
 a. Anything in this Agreement to the contrary notwithstanding, prior to the payment of any
lump sum amount payable hereunder, the certified public accountants of the Company immediately prior to a Change of Control (the “Certified Public Accountants) shall determine as promptly as practical and in any event within 20 business
days following the termination of employment of Executive whether any payment or distribution by the Company to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise) (a “Payment”) would more likely than not be nondeductible by the Company for Federal income purposes because of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and if it
is then the aggregate present value of amounts payable or distributable to or for the benefit of Executive pursuant to this Agreement (such payments or distributions pursuant to this Agreement are thereinafter referred to 

  

 13 

 
as “Agreement Payments”) shall be reduced (but not below zero) to the reduced Amount. For purposes of this paragraph, the “Reduced
Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Agreement Payments without causing any Payment to be nondeductible by the Company because of said Section 280G of the Code.

 b. If under paragraph (a) of this section the Certified Public Accountants determine that any Payment would more
likely than not be nondeductible by the Company because of Section 280G of the Code, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive
may then elect, in the Executive’s sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount),
and shall advise the Company in writing of his or her election within 20 business days of the receipt of notice. If no such election is made by the Executive within such 20-day period, the Company may elect which and how much of the Agreement
Payments shall be eliminated or reduced (as long as after such election the Aggregate present Value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph,
present Value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon the Company and Executive shall be made within 20 business days of a
termination of employment of Executive. With the consent of the Executive, the Company may suspend part or all of the lump sum payment due under Section 9 hereof and any other payments due to the Executive hereunder until the Certified Public

  

 14 

 
Accountants finish the determination and the Executive (or the Company, as the case may be) elect how to reduce the Agreement Payments, if necessary. As
promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of Executive such amounts as are then due to Executive under this Agreement and shall promptly pay to or
distribute for the benefit of Executive in the future such amounts as become due to Executive under this Agreement. 
 c. As a
result of the uncertainty in the application of Section 280G of the Code, it is possible that Agreement Payments may have been made by the Company which should not have been made (“Overpayment”) or that additional Agreement
Payments which will have not been made by the Company could have been made (“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Certified Public Accountants, based
upon the assertion of a deficiency by the Internal Revenue Service against the Company or Executive which said Certified Public Accountants believe has a high probability of success, determines that an Overpayment has been made, any such Overpayment
shall be treated for all purposes as a loan to Executive which Executive shall repay to the Company together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code; provided, however, that no amount shall
be payable by Executive to the Company in and for the extent such payment would not reduce the amount which is subject to taxation under Section 4999 of the Code. In the event that the Certified Public Accountants, based upon controlling
precedent, determine that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive together with interest at the applicable Federal rate provided for in
Section 7872(f)(2)(A) of the Code. 
  

 15 

 13. Term and Effect Prior to Change in Control. 
 a. Term. Except as otherwise provided for hereunder, this Agreement shall commence on the date hereof and shall remain in effect
for a period of 3 years from the date hereof (the “Initial Term”) or until the end of the Contract Period, whichever is later. The Initial Term shall be automatically extended for an additional one year period on the anniversary
date hereof (so that the Initial Term is always 3 years) unless, prior to a Change in Control, the Personnel and Compensation Committee of the Bank notifies the Executive in writing at any time that the Contract is not so extended, in which case the
Initial Term shall end upon the later of (i) 3 years after the date hereof, or (ii) nine months after the date of such written notice. 
 b. No Effect Prior to Change in Control. This Agreement shall not effect any rights of the Company to terminate the Executive prior to a Change in Control or any rights of the Executive granted in any other
agreement or contract or plan with the Company. The rights, duties and benefits provided hereunder shall only become effective upon and after a Change in Control. If the full-time employment of the Executive by the Company is ended for any reason
prior to a Change in Control, this Agreement shall thereafter be of no further force and effect. 
 14. Severance Compensation and
Benefits Not in Derogation of Other Benefits. Anything to the contrary herein contained notwithstanding, the payment or obligation to pay any monies, or granting of any benefits, rights or privileges to Executive as provided in this Agreement
shall not be in lieu or derogation of the rights and privileges that the Executive now has or will have under any plans or programs of or agreements with the Company, except that if the Executive received any payment hereunder, the Executive shall
not be entitled to any payment under the Company’s severance policy for officers and directors. 
  

 16 

 15. Delay in Payment. Notwithstanding anything else to the contrary in this Agreement, the BEP, or
any other plan, contract, program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the BEP, and any other plan, contract, program or otherwise, as such payments relate to
the Executive, if the Company (or its affiliate) determines that such delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue Code. No such payment may be delayed beyond the date that is six
(6) months following the Executive’s separation from service (as defined in Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For
purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury Bill rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under
Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the
severance exception. 
 16. Miscellaneous. This Agreement is the joint and several obligation of the Bank and Valley. The terms of
this Agreement shall be governed by, and interpreted and construed in accordance with the provisions of, the laws of New Jersey. This Agreement supersedes all prior agreements and understandings with respect to the matters covered hereby, including
expressly any prior agreement with the Company concerning change in control benefits. The amendment or 

  

 17 

 
termination of this Agreement may be made only in a writing executed by the Company and the Executive, and no amendment or termination of this Agreement
shall be effective unless and until made in such a writing. This Agreement shall be binding upon any successor (whether direct or indirect, by purchase, merge, consolidation, liquidation or otherwise) to all or substantially all of the assets of the
Company. This Agreement is personal to the Executive and the Executive may not assign any of the Executive’s rights or duties hereunder but this Agreement shall be enforceable by the Executive’s legal representatives, executors or
administrators. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

  

 18 

 IN WITNESS WHEREOF, Valley National Bank and Valley National Bancorp each have caused this Agreement to
be signed by their duly authorized representatives pursuant to the authority of their Boards of Directors, and the Executive has personally executed this Agreement, all as of the day and year first written above. 
  

							
	ATTEST:	 		 	VALLEY NATIONAL BANCORP
				
	/s/ ALAN D. ESKOW	 		 	By:	 	/s/ GERALD H. LIPKIN
	Alan D. Eskow, Secretary	 		 		 	 Gerald H. Lipkin, Chairman
 and Chief Executive
Officer

  

							
	ATTEST:	 		 	VALLEY NATIONAL BANK
				
	/s/ ALAN D. ESKOW	 		 	By:	 	/s/ GERALD H. LIPKIN
	Alan D. Eskow, Secretary	 		 		 	 Gerald H. Lipkin, Chairman
 and Chief Executive
Officer

  

					
	WITNESS:	 		 	
			
	/s/ JANET M. MALOY	 		 	/s/ STEPHEN P. DAVEY
	Janet M. Maloy	 		 	Stephen P. Davey, Executive

  

 19

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